ENDI Archives

ENDI

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 24, 2025	Arquitos Capital Management	13.1%	28.8%	ENDI, LQDA	Biotechnology, FDA approval, Patent Disputes, small caps, Specialty Finance, value	Liquidia Therapeutics represents a significant biotech investment focused on Yutrepia, a treprostinil inhaler for PAH treatment. The drug received FDA approval in May 2025 and launched with strong initial prescription numbers exceeding expectations. The company faces ongoing patent disputes with United Therapeutics and potential future competition from Insmed's once-daily treatment, though that competitor is years away from market entry.	ENDI LQDA ENDI LQDA	View
2025 Q2	Jul 23, 2025	Cedar Creek Partners	5.8%	15.1%	ENDI, IQV, MCBS, PCHM, SLRC, SODI	Asset Management, defense, Expert Market, Microcap, OTC, value	Solitron Devices received significant defense orders including $5+ million from RTX for AMRAAM components and orders from L3Harris for HIMARS components. Strong domestic and foreign demand continues for both HIMARS and AMRAAM systems. Military has submitted unfunded priorities list for doubling AMRAAM production by 2028.	ENDI PCHM SODI PROM ENDI PROM	View
2024 Q1	May 20, 2024	Cedar Creek Partners	-0.1%	4.8%	CZBS, ENDI, IQV, PCHM, PDRX, PROM, ROYTL, SKAS, SODI	Asset Management, Banking, energy, Microcap, OTC, value	Cedar Creek focuses primarily on microcap stocks and over-the-counter stocks, with fund holdings trading at attractive valuations of 7.9 times estimated forward earnings. The manager notes that smaller companies lagged in Q1 with Russell 2000 up 5.2% and Russell MicroCap up 4.7%, while Cedar Creek's microcap focus delivered 2.4% returns.	ENDI	View
2026 Q1	Apr 30, 2026	Arquitos Capital Management	-7.2%	-7.2%	ENDI, FNCH, LQDA	activism, Biotechnology, liquidation, Patent litigation, SmallCap, special situations, value		LQDA FNCH ENDI	View
2026 Q1	Apr 18, 2026	Cedar Creek Partners	6.8%	6.8%	ENDI, RVRF, SLBK, SODI, STLE	Community Banks, defense, Microcap, OTC, value		RVRF SLBK STLE ENDI SODI HRBR PHIG EXCE	View
2024 Q3	Oct 23, 2024	Cedar Creek Partners	-0.1%	4.8%	CZBS, ENDI, FIEB, IQV, PCHM, PDRX, PROM, ROYTL, SODI	concentrated, Expert Market, Microcap, OTC, value	Fund holdings trading at 8 times estimated forward earnings and 6.5 times earnings net of cash, with weighted price-to-book of 1.3. Manager emphasizes finding undervalued securities through concentrated portfolio approach versus broad index holdings.		View
2025 Q3	Oct 21, 2025	Cedar Creek Partners	9.9%	26.5%	CZBS, ENDI, FIEB, MCBS, PCHM, PDRX, PHIG, PROM, ROYTL, RTX, SLBK, SODI	Community Banks, defense, Expert Market, Microcap, OTC, small caps, undervalued, value	The fund is particularly attracted to smaller community banks trading at 5-6 times forward earnings estimates. These banks are similar to Skyline Bankshares, featuring growing earnings and extremely low valuations. The manager sees significant value in this sector with banks trading at under six times earnings despite strong fundamentals.	PHIG ENDI SODI PHIG ENDI SODI	View
2025 Q3	Oct 20, 2025	Arquitos Capital Management	29.6%	66.8%	ENDI, FNCH, LQDA	Biotechnology, FDA, Litigation, Patents, small caps, special situations, value	Portfolio heavily concentrated in biotech companies with significant patent litigation and FDA approval catalysts. Liquidia received FDA approval for Yutrepia and launched successfully, while Finch won patent infringement case against Ferring with potential for enhanced damages.	FNCH ENDI LQDA	View
2024 Q3	Oct 20, 2024	Arquitos Capital Management	-15.5%	4.5%	ENDI, LFCR, LQDA	Biotechnology, FDA, Patent litigation, small caps, value	Liquidia continues to face FDA delays for their PAH and PH-ILD drug Yutrepia until May 2025, despite having a superior product with better patient tolerance. The manager believes Liquidia can capture 50% market share given the 50-60% dropout rate for the competitor's drug.	LFCR LQDA ENDI	View
2025 Q4	Jan 22, 2026	Arquitos Capital Management	0.0%	0.0%	ENDI, FNCH, LQDA, MRK, UTHR	Biotechnology, Concentration, Patents, SmallCap, special situations, value	Portfolio concentrated in biotech companies including Liquidia Corporation with successful drug launch capturing 25% market share, Finch Therapeutics with patent litigation victory, and focus on companies with unique drug delivery technologies and patent protection. Merck identified as logical buyer for Liquidia given their ownership of complementary drug Winrevair and active M&A strategy. Combination therapy potential creates strategic value for potential acquirers.	FNCH ENDI LQDA	View
2025 Q4	Jan 21, 2026	Cedar Creek Partners	2.4%	29.6%	ENDI, MCBS, SLBK, SODI, SPY	Community Banks, defense, Expert Market, Microcap, Natural Gas, OTC, value	Manager added major position in Exco Resources, an independent oil and gas company focused on onshore US shale development with 90% natural gas production. Production increased significantly from 22 Bcfe in March to 36 Bcfe in September 2025, with capex budget increasing from $185 million in 2025 to $430 million in 2026. At current two-year strip pricing of $3.75 per mcf, Exco could generate substantial cash flows. Fund allocated 20% to community banks trading at attractive valuations below six times earnings. Manager believes these modestly growing banks should trade at higher valuations and would be attractive acquisition candidates. ECIP banks are expected to screen better once they can repurchase outstanding preferred stock at deep discounts. Solitron Devices, where the manager serves as CEO, saw material uptick in defense orders beginning November 2024. Large orders included HIMARS components from L3Harris and AMRAAM components from RTX, with November 2025 bookings reaching highest ever at $13.9 million. Backlog exceeded $27 million, positioning for improved revenue and earnings.	SLBK ENDI SODI EXCE FLFG PHIG MCBS	View
2024 Q2	Jul 30, 2024	Cedar Creek Partners	-0.1%	4.8%	CZBS, ENDI, FIEB, IQV, LNF.TO, MFBP, PCHM, PDRX, PROM, ROYTL, SODI	Community Banks, Expert Market, Microcap, OTC, value	The fund holds multiple community bank positions including First IC Corporation, Citizens Bancshares, and exited M&F Bancorp. These banks offer attractive valuations with strong fundamentals, though management quality varies significantly across holdings.	CZBS ROYTL PROM PCHM ENDI FIEB	View
2025 Q1	Apr 22, 2025	JDP Capital	-2.0%	-2.0%	CZR, ENDI, RDFN, RKT, SPOT	China, gaming, Streaming, tariffs, Trade Policy, value, volatility	The manager extensively discusses the 2025 Tariff Tank and its impact on markets, analyzing both bear and bull cases for MAGA trade policies. He views tariff uncertainty as creating extreme volatility but believes the ultimate outcome will be somewhere between extremes and not as disruptive as either side predicts.	RDFN SPOT CZR ENDI	View
2024 Q4	Jan 26, 2025	Arquitos Capital Management	-	29.6%	ENDI, FNCH, LQDA, MSTR, NTPIF, UTHR	Biotechnology, concentrated, FDA approval, Patent litigation, Pharmaceuticals, small caps	Two major biotech positions dominate the portfolio. Finch Therapeutics won a patent infringement case against Ferring with potential for enhanced damages up to 3x the $30M jury award. Liquidia Therapeutics awaits FDA approval in May 2025 for its inhaler product Yutrepia, which could capture 80-90% market share due to superior delivery technology.		View
2023 Q4	Jan 18, 2024	Arquitos Capital Management	-15.5%	4.5%	ENDI, LFCR, LQDA, MNKD, NTP, UTHR, VTY.L	activism, Biotechnology, Buybacks, Homebuilders, Skin in Game, small caps, value	Liquidia won patent litigation against United Therapeutics for PAH treatment, with CEO making $1M share purchase before decision. Product expected to launch April 2024 with potential to capture significant market share from United Therapeutics through superior delivery technology.	NTP ENDP LFCR VTY.L LQDA	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
May 1, 2026	Fund Letters	Arquitos Capital Management	ENDI Corp.	Asset Management	Asset Management & Custody Banks	Bull	NASDAQ	asset management, AUM growth, cash position, EBITDA, financials, Revenue Growth	View Pitch
Apr 23, 2026	Fund Letters	Cedar Creek Partners	ENDI Corp	Asset Management	Asset Management & Custody Banks	Bull		asset management, AUM growth, cash-rich, CrossingBridge Advisors, fixed income, Interest rates, product launch	View Pitch
Apr 13, 2026	Fund Letters	JDP Capital	Endi Corp	Financials	Asset Management & Custody Banks	Bull	NASDAQ	asset management, AUM growth, Bond Funds, Credit Products, financial services, Institutional Clients, subsidiary valuation, Value	View Pitch
Apr 13, 2026	Fund Letters	Cedar Creek Partners	ENDI Corp	Financials	Asset Management & Custody Banks	Bull	OTC	asset management, AUM growth, cash generation, fixed income, high yield, Interest rates, short-term bonds, Value	View Pitch
Apr 13, 2026	Fund Letters	Cedar Creek Partners	ENDI Corp	Financials	Asset Management & Custody Banks	Bull	OTC	asset management, AUM growth, Execution, net cash, portfolio optimization, scalable business model, Value	View Pitch
Apr 13, 2026	Fund Letters	Cedar Creek Partners	ENDI Corp	Financials	Asset Management & Custody Banks	Bull	OTC	Acquisitions, asset management, AUM growth, cash generation, financial services, microcap, turnaround, Value	View Pitch
Apr 13, 2026	Fund Letters	Arquitos Capital Management	ENDI Corp	Financials	Asset Management & Custody Banks	Bull	OTC	asset management, AUM growth, CrossingBridge, fee income, Operational Performance, Sum-of-Parts Valuation, Third-Party Transaction, undervaluation, Value Disconnect	View Pitch
Apr 13, 2026	Fund Letters	Arquitos Capital Management	ENDI Corp.	Financials	Asset Management & Custody Banks	Bull	NASDAQ	asset management, AUM growth, Bull, fixed income, Mutual Funds, Nordic Markets	View Pitch
Jan 24, 2026	Fund Letters	Steven L. Kiel	ENDI Corp.	Financials	Asset Management	Bull	NASDAQ	Assetmanagement, AUM, EBITDA, rerating, valuation	View Pitch
Jan 24, 2026	Fund Letters	Tim Eriksen	ENDI Corp.	Financials	Asset Management & Custody Banks	Bull	Dubai Financial Market	Accounting, AUM, EBITDA, Fixedincome, Margins	View Pitch
Dec 5, 2025	Fund Letters	Tim Eriksen	ENDI Corp.	Financials	Asset Management & Custody Banks	Bull		asset management, AUM growth, cash flow, Margins, valuation	View Pitch
Dec 3, 2025	Fund Letters	Steven L. Kiel	ENDI Corp.	Financials	Asset Management	Bull	Dubai Financial Market	Assetmanagement, AUM, cashflow, discount, growth, valuation	View Pitch
Nov 29, 2025	Fund Letters	Steven L. Kiel	ENDI Corp	Financials	Asset Management	Bull	Dubai Financial Market	AUM, capital allocation, downside protection, EBITDA, Holdco, Liquidity, undervaluation	View Pitch
Nov 29, 2025	Fund Letters	Tim Eriksen	ENDI Corp.	Financials	Asset Management & Custody Banks	Bull		asset management, AUM, fixed income, Liquidity, Margins, valuation	View Pitch
Nov 28, 2025	Fund Letters	Tim Eriksen	ENDI Corp.	Financials	Asset Management & Custody Banks	Bull		asset management, AUM, fixed income, Liquidity, Margins, valuation	View Pitch

BSD Shareholders of ENDI

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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Letters With This Ticker

Pitches With This Ticker

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