Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Cedar Creek Partners Tim Eriksen | “ENDI Corp - we profiled ENDI in our 2024 first quarter letter. The share price increased during the second quarter from $15.00 per share to $15.20 per share. ENDI owns CrossingBridge Advisors, which manages fixed income mutual funds and a few managed accounts. Assets under management (AUM) for CrossingBridge grew over 19% in 2025 and 30% in 2024. AUM increased between 5-6% in the first half of 2026. We think the current interest rate environment is fairly attractive for short term bonds versus money markets. ENDI has approximately 6.67 million shares outstanding, resulting in a market cap of ~$100 million. Cash and investments were $55 million as of March 2026, and the only debt was a $10 million note. Adjusted EBITDA annual run rate as of the March 2026 quarter was $11 million. We expect them to introduce some additional products in the next year which should help AUM growth to continue. We expect 2026 GAAP earnings of roughly $0.95 per share for 2026, but that fails to factor in non-cash amortization charges and deferred tax assets. We project cash earnings of $1.45 per share for 2026. Our fair value estimate keeps rising as the company continues to execute, which is what you ideally want in all your equity investments. We look forward to what 2026 will bring.” | NEUTRAL | Q2 2026 Jul 29, 2026 | View Pitch |
Arquitos Capital Management Steven Kiel | “The company recently reported excellent full-year results for 2025, showing significant growth in assets under management and revenue. Its adjusted EBITDA and total cash and investments also increased dramatically year-over-year, despite a minor decline in share price during the first quarter.” | BULL | Q1 2026 Apr 30, 2026 | View Pitch |
Cedar Creek Partners Tim Eriksen | “we profiled ENDI in our 2024 first quarter letter. The share price declined during the first quarter from $16.75 per share to $15.00 per share. ENDI owns CrossingBridge Advisors, which manages fixed i” | BULL | Q1 2026 Apr 18, 2026 | View Pitch |
Cedar Creek Partners Tim Eriksen | “ENDI Corp (otc: ENDI) – we profiled ENDI in our 2024 first quarter letter when the share price was around $6.50 per share. The share price declined during the fourth quarter from $17.55 per share to $16.75 per share. ENDI owns CrossingBridge Advisors which manages fixed income mutual funds and a few managed accounts. Assets under management (AUM) for CrossingBridge grew over 30% in 2024, from $2.6 billion at the beginning of 2024, adjusted for the acquisition of the RiverPark Short Term High Yield Fund, to $3.4 billion at the end of 2024. According to their website, as of the end of December 2025, AUM was in excess of $4.1 billion, an increase of over 19% in 2025, despite a modest decrease in Q4. While not a central component of our thesis, with short term rates falling, we think investors may move into the short-term bond category to gain higher yield than money markets. ENDI's reported earnings and operating margins do not reflect what is happening at the company. The first issue is the accounting treatment for the change in warrant liability. The company issued warrants as part of the CrossingBridge acquisition. Under accounting rules, the change in value is run through the income statement, such that when the company's price increases they are hit with a charge, and vice versa. We think it is one of the dumber accounting rules since it makes earnings improve when their stock price decreases and decline when their stock price increases. Thankfully, right before yearend, ENDI reached an agreement for an early cashless exercise. The second issue is amortization of purchased management contracts. ENDI purchased management contracts on some of the funds it advises for, which created intangible amortization. These are non-cash charges and only reflect reality if the value of the management contract was declining at the amortization rate, which is not the case. The value, in our opinion, is actually increasing. Regardless, it hurts operating income and reported earnings. The Company helps investors understand this by reporting adjusted operating margins and adjusted EBITDA. Adjusted operating margins are in excess of 50%, which is excellent. A third issue, is the presence of non-controlling interest which is how accounting rules treat ENDI's decision to sell 25% of CrossingBridge in 2025 for $25.9 million. The sale involved cash coming to the company in exchange for what is essentially a revenue royalty to the minority investors (CBE LLC). The fund, and other entities affiliated with the fund manager, including Solitron, participated in the transaction. We think it is a win-win deal. It shows the value of CrossingBridge and provides additional capital to good capital allocators to grow assets under management. We discussed that transaction in our second quarter letter. The end result is that we have to make a number of accounting adjustments to arrive at what we think is a clearer picture of true economic reality for ENDI. After the warrant exercise, ENDI has approximately 6.65 million shares outstanding, resulting in a market cap of ~$105 million. Cash and investments were $55 million as of September 2025, and the only debt was a $10 million note. Adjusted EBITDA was $3.1 million in the September quarter, or $12.5 million annualized. We expect them to introduce some additional products in the next year which should help AUM growth to continue. Our fair value estimate keeps rising as the company continues to execute, which is what you ideally want in all your equity investments. We look forward to what 2026 will bring. BSD Analysis: ENDI is a deeply speculative microcap where outcomes are driven more by balance-sheet events and execution credibility than operating momentum. The company's relevance hinges on its ability to stabilize operations and access capital on survivable terms. Investors should assume dilution, restructuring risk, or asset sales are part of the path. Any upside is asymmetric but entirely conditional on management delivery. Liquidity constraints matter more than market opportunity at this stage. The stock trades on optionality, not fundamentals. This is not a compounding story. It's a high-risk turnaround lottery ticket. Size accordingly or not at all.” | BULL | Q4 2025 Jan 21, 2026 | View Pitch |
Cedar Creek Partners Tim Eriksen | “ENDI's share price rose from $15.65 to $17.55 during Q3 as AUM grew over 22% to $4.2 billion. Adjusted operating margins of 46–48% reflect strong underlying performance. The company sold a 25% interest in CrossingBridge for $25.9 million, increasing liquidity for acquisitions. Management forecasts continued AUM growth amid demand for short-term bond strategies. BSD Analysis: ENDI's strong AUM momentum and high-margin model make it an attractive compounder. The CrossingBridge stake sale enhances balance sheet flexibility, while valuation at under 10× normalized earnings remains appealing.” | BULL | Q3 2025 Oct 21, 2025 | View Pitch |
Arquitos Capital Management Steven Kiel | “ENDI's share price rose to $17.50 at the end of the third quarter, up from $11.43 at the start of the year. The company is essentially composed of two primary components: Its CrossingBridge asset management subsidiary, and a portfolio of cash and investments. CrossingBridge continues to perform exceptionally well. Assets under management grew to $4.2 billion at the end of the third quarter, up from $3.4 billion at the beginning of the year. Over the past twelve months, EBITDA totaled $9.2 million, with $3 million generated in the most recent quarter alone. On the balance sheet, ENDI holds approximately $53 million in cash and investments and $10 million in debt. At the current share price, ENDI's market capitalization is about $95 million. Adjusting for net cash and investments and applying a forward annualized EBITDA run rate, the implied EBITDA multiple is roughly 4x. As you know, ENDI remains a highly concentrated position for us, though it now represents a smaller allocation than earlier in the year. I'm comfortable with this exposure for several reasons: • My direct involvement as a board member, • The company's clear undervaluation, and • Its built-in diversification at the corporate level. On that last point, a look-through analysis shows that, at the end of ENDI's most recent publicly reported quarter, it was as if Arquitos held roughly 38% of its portfolio in cash and highly liquid short-term investments, a meaningful buffer that reduces overall portfolio risk. BSD Analysis: The thesis is straightforward value: a cash-rich holdco with a growing, profitable asset-manager (AUM +24% YTD; TTM EBITDA $9.2M) trading near ~4x look-through EBITDA after net cash. Capital-light economics at CrossingBridge can compound as AUM scales, while balance-sheet liquidity (~$53M vs. $10M debt) provides downside protection and optionality. Key drivers are fee growth, margin expansion, and capital allocation (buybacks/specials or acquisitions). Governance alignment (PM on board) is a positive but concentrate risk warrants sizing discipline.” | BULL | Q3 2025 Oct 20, 2025 | View Pitch |
Arquitos Capital Management Steven Kiel | “ENDI's operational performance continues to be exceptionally strong, particularly within its CrossingBridge subsidiary. As of June 30, CrossingBridge's Assets Under Management (AUM) surpassed $4 billion, a substantial increase from $3.4 billion at the start of the year. Earlier this year, ENDI sold 25% of CrossingBridge at a $104 million valuation. Consequently, you can think of ENDI's share of that current AUM to be $3 billion (75% of $4 billion). ENDI also has approximately $52 million in cash and investments and carries $10 million of debt. Their current market cap is $85 million. At the current stock price of $16 per share, the market is valuing that $3 billion of growing AUM at $43 million. If we adjust for the partial subsidiary sale, the market is pricing the CrossingBridge asset significantly lower than what third-party investors paid earlier this year when AUM was 15% lower. The bottom line is that we continue to have a long way to go for ENDI to get to fair value. BSD Analysis: ENDI trades at a deep discount to the implied valuation of its asset-management subsidiary CrossingBridge, whose AUM growth and external valuation provide strong anchors for intrinsic value. Even applying discounted cash-flow or peer multiple frameworks, ENDI appears materially undervalued versus asset-light public managers. With meaningful cash, low debt, and continued AUM compounding, normalized earnings power is likely understated. Key catalysts include additional AUM inflows, further monetization of ownership stakes, and greater investor awareness of the valuation gap.” | BULL | Q2 2025 Jul 24, 2025 | View Pitch |
Cedar Creek Partners Tim Eriksen | “ENDI Corp (otc: ENDI) – we profiled ENDI in our 2024 first quarter letter when the share price was around $6.50 per share. The share price rose during the second quarter from $12.00 per share to $15.65 per share. ENDI owns CrossingBridge Advisors which manages fixed income mutual funds and a few managed accounts. Assets under management (AUM) for CrossingBridge grew over 30% in 2024, from $2.6 billion at the beginning of 2024, adjusted for the acquisition of the RiverPark Short Term High Yield Fund, to $3.4 billion at the end of 2024. According to their website, as of the end of June 2025, AUM was in excess of $4.0 billion, an increase of over 16% in the first half alone. We think the current interest rate environment is attractive for short term bonds. ENDI's operating margins in each of the last three quarters were 32% but that is misleading. ENDI incurs significant amortization charges related to its acquisition of CrossingBridge and other investment management contracts. Adjusted operating margin was 46 to 48%. First quarter cash earnings were $0.39 per share, or $1.56 per share annualized. Net cash and investments at the end of the first quarter of 2025 were approximately $3.00 per share, meaning the stock was trading at roughly eight times earnings, net of cash, at quarter end. Our fair value estimate just keeps rising as the company continues to execute. We wrote in our 2024 yearend letter that, based on their recent growth, a valuation of 12 to 15 times cash earnings plus net cash seems more reasonable. Using 12 to 15 times the current run rate of cash earnings plus net cash would result in a value between $21.85 and $26.50 per share versus the current $16 share price. BSD Analysis: ENDI is a classic micro-cap conglomerate arbitrage opportunity, trading on the low-liquidity OTC market and consistently mispriced by virtue of its complexity and obscurity. The true value driver is the high-growth CrossingBridge Advisors asset management segment, which is scaling its corporate credit AUM ($4.2 billion+)—a pure fee-based revenue stream—that is structurally undervalued by the market cap. Past failures in real estate and other ventures have been largely scrubbed, making this a cleaner holding company now focused on capital deployment and opportunistic M&A in the financial and consumer sectors. The investment is a bet that the concentrated insider ownership and activist management team will successfully realize the intrinsic value of its profitable advisory business through either a conventional listing upgrade or a private market transaction. Buying ENDI is a high-alpha strategy that exploits the immense illiquidity discount and favorable ownership structure common in underfollowed holding companies.” | BULL | Q2 2025 Jul 23, 2025 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
