* National Healthcare Properties offered to repurchase $100M of preferred shares ($NHPAP/$NHPBP) at $22.50 each, with priority for odd-lot holders * Tender offer is well funded, with the recent IPO of the company's common stock generating $531.3M in proceeds * Current prices offer a spread of 0.67%
* TTSH has received approval from shareholders on 12/3/25 to go private by eliminating smaller shareholders, expected to cost $8.6M and save the company $2.4M annually following delisting. * TTSH announced a 3,000 to 1 reverse stock split, and will repurchase would-be fractional shares at $6.60/
* Strong portfolio of over 20 brands, including Dixon Ticonderoga * Well positioned for tariff offsetting, with 22 factories spanning six continents * 26% stake in DOMS worth €396M, €91M of which is unrestricted * Art supplies brands less vulnerable to obsolescence than traditional stationery Thesis Founded in 1920 and best known for its
Introduction This post is a simple introduction to my investment philosophy. I hope to provide some context regarding the nature of my analysis, my areas of interest, and the perspective behind my investment theses. Non-indexed companies I prefer to look at small to mid-sized companies which are not listed on