Stock Analyses

BRLS

Borealis Foods Inc.

Valuation N/A

Consumer Defensive

Price$1.40

Model IV—

P/IV—

Market implies +1.6%/yr vs model +15.0% · below model

BRLSW

Borealis Foods Inc.

Valuation N/A

Consumer Defensive

Price$0.06

Model IV—

P/IV—

Market implies -31.3%/yr vs model +15.0% · below model

BRLT

Brilliant Earth Group, Inc.

Valuation N/A

Consumer Cyclical

Price$1.41

Model IV—

P/IV—

Owner yield 52.4% 10-yr IRR 64.1% · steady

Market implies -30.9%/yr vs model +4.9% · below model

BRN

BARNWELL INDUSTRIES INC

Deeply overvalued

Energy

Price$1.03

Model IV$0.75

P/IV1.39

Premium +37% Return to IV: -27.2%

Market implies -2.7%/yr vs model +0.0% · in line

BRNS

Barinthus Biotherapeutics plc.

Valuation N/A

Healthcare

Price$0.74

Model IV—

P/IV—

Market implies +5.3%/yr vs model +15.0% · below model

BRO

BROWN & BROWN, INC.

Valuation N/A

Financial Services

Price$65.02

Model IV—

P/IV—

Owner yield 5.6% 10-yr IRR 16.6% · grower

Market implies -1.5%/yr vs model +15.0% · below model

BROS

Dutch Bros Inc.

Deeply overvalued

Consumer Cyclical

Price$43.90

Model IV$33.02

P/IV1.76

Premium +33% Return to IV: -24.8%

Market implies +6.6%/yr vs model +34.7% · below model

BRR

ProCap Financial, Inc.

Valuation N/A

Financial Services

Price$3.22

Model IV—

P/IV—

BRRR

CoinShares Bitcoin ETF

Fairly valued

Financial Services

Price$21.79

Model IV$22.23

P/IV0.93

Discount 2% Return to IV: +2.0%

BRRWW

ProCap Financial, Inc.

Valuation N/A

Financial Services

Price$0.39

Model IV—

P/IV—

BRSL

Brightstar Lottery PLC

Undervalued

Communication Services

Price$10.58

Model IV$13.04

P/IV0.86

Discount 19% Return to IV: +23.3%

Market implies -4.9%/yr vs model +2.0% · below model

BRSP

BrightSpire Capital, Inc.

Deeply undervalued

Financial Services

Price$4.45

Model IV$11.82

P/IV0.49

Discount 62% Return to IV: +165.6%

BRT

BRT Apartments Corp.

Undervalued

Financial Services

Price$14.19

Model IV$17.81

P/IV0.81

Discount 20% Return to IV: +25.5%

BRTX

BioRestorative Therapies, Inc.

Valuation N/A

Healthcare

Price$2.67

Model IV—

P/IV—

Market implies +49.8%/yr vs model +50.0% · in line

BRUN

Boost Run Inc.

Valuation N/A

Technology

Price$16.63

Model IV—

P/IV—

BRUNW

Boost Run Inc.

Valuation N/A

Technology

Price$6.68

Model IV—

P/IV—

BRW

Saba Capital Income & Opportunities Fund

Valuation N/A

Unknown

Price$6.40

Model IV—

P/IV—

BRX

Brixmor Property Group Inc.

Deeply overvalued

Financial Services

Price$28.36

Model IV$17.86

P/IV1.71

Premium +59% Return to IV: -37.0%

BRZE

Braze, Inc.

Deeply undervalued

Technology

Price$23.94

Model IV$39.57

P/IV0.65

Discount 39% Return to IV: +65.3%

Market implies -8.8%/yr vs model +32.7% · below model

BSAA

BEST SPAC I Acquisition Corp.

Valuation N/A

Consumer Defensive

Price$11.10

Model IV—

P/IV—

BSAAR

BEST SPAC I Acquisition Corp.

Valuation N/A

Consumer Defensive

Price$0.10

Model IV—

P/IV—

BSAAU

BEST SPAC I Acquisition Corp.

Valuation N/A

Consumer Defensive

Price$10.50

Model IV—

P/IV—

BSAC

BANCO SANTANDER CHILE

Valuation N/A

Financial Services

Price$35.19

Model IV—

P/IV—

BSBK

Bogota Financial Corp.

Deeply overvalued

Financial Services

Price$9.21

Model IV$6.23

P/IV1.35

Premium +48% Return to IV: -32.3%

BSBR

Banco Santander (Brasil) S.A.

Valuation N/A

Financial Services

Price$6.02

Model IV—

P/IV—

BSET

BASSETT FURNITURE INDUSTRIES INC

Deeply overvalued

Consumer Cyclical

Price$17.69

Model IV$12.38

P/IV1.21

Premium +43% Return to IV: -30.0%

Owner yield 2.0% 10-yr IRR -6.5% · steady

Market implies +3.6%/yr vs model +1.3% · in line

BSL

Blackstone Senior Floating Rate 2027 Term Fund

Valuation N/A

Unknown

Price$12.96

Model IV—

P/IV—

BSM

Black Stone Minerals, L.P.

Valuation N/A

Energy

Price$14.99

Model IV—

P/IV—

BSOL

Bitwise Solana Staking ETF

Valuation N/A

Financial Services

Price$14.21

Model IV—

P/IV—

BSRR

SIERRA BANCORP

Deeply overvalued

Financial Services

Price$40.84

Model IV$30.00

P/IV1.27

Premium +36% Return to IV: -26.5%

BST

BlackRock Science & Technology Trust

Valuation N/A

Unknown

Price$50.33

Model IV—

P/IV—

BSTZ

BlackRock Science & Technology Term Trust

Valuation N/A

Unknown

Price$31.04

Model IV—

P/IV—

BSVN

Bank7 Corp.

Fairly valued

Financial Services

Price$55.13

Model IV$51.30

P/IV0.86

Premium +7% Return to IV: -6.9%

BSX

BOSTON SCIENTIFIC CORP

Deeply undervalued

Healthcare

Price$43.34

Model IV$105.68

P/IV0.46

Discount 59% Return to IV: +143.8%

Owner yield 4.2% 10-yr IRR 10.7% · grower

Market implies -0.6%/yr vs model +12.8% · below model

BSY

BENTLEY SYSTEMS INC

Fairly valued

Technology

Price$31.70

Model IV$36.78

P/IV0.89

Discount 14% Return to IV: +16.0%

Owner yield 4.2% 10-yr IRR 10.1% · moderate

Market implies +7.7%/yr vs model +11.8% · below model

BTAI

BioXcel Therapeutics, Inc.

Valuation N/A

Healthcare

Price$0.05

Model IV—

P/IV—

Market implies +12.5%/yr vs model +15.0% · in line

BTBD

BT Brands, Inc.

Deeply undervalued

Consumer Cyclical

Price$1.74

Model IV$1.89

P/IV0.60

Discount 8% Return to IV: +8.6%

Market implies +0.0%/yr vs model +32.4% · below model

BTBDW

BT Brands, Inc.

Valuation N/A

Consumer Cyclical

Price$0.05

Model IV—

P/IV—

Market implies -50.0%/yr vs model +15.0% · below model

BTBT

Bit Digital, Inc

Valuation N/A

Financial Services

Price$1.59

Model IV—

P/IV—

Market implies +90.6%/yr vs model +4.3% · above model

BTC

Grayscale Bitcoin Mini Trust ETF

Valuation N/A

Financial Services

Price$34.91

Model IV—

P/IV—

BTCO

Invesco Galaxy Bitcoin ETF

Deeply undervalued

Financial Services

Price$76.86

Model IV$116.18

P/IV0.63

Discount 34% Return to IV: +51.2%

BTCS

BTCS Inc.

Deeply overvalued

Financial Services

Price$1.32

Model IV$0.76

P/IV2.08

Premium +74% Return to IV: -42.7%

Market implies +13.9%/yr vs model +50.0% · below model

BTCT

BTC Digital Ltd.

Valuation N/A

Financial Services

Price$1.45

Model IV—

P/IV—

Market implies +8.0%/yr vs model +2.0% · above model

BTCW

WisdomTree Bitcoin Fund

Valuation N/A

Financial Services

Price$83.49

Model IV—

P/IV—

BTDR

Bitdeer Technologies Group

Valuation N/A

Financial Services

Price$11.96

Model IV—

P/IV—

BTE

BAYTEX ENERGY CORP.

Valuation N/A

Energy

Price$5.17

Model IV—

P/IV—

BTG

B2GOLD CORP

Valuation N/A

Basic Materials

Price$5.38

Model IV—

P/IV—

BTGO

BITGO HOLDINGS, INC.

Valuation N/A

Financial Services

Price$7.65

Model IV—

P/IV—

BTI

British American Tobacco p.l.c.

Fairly valued

Consumer Defensive

Price$57.29

Model IV$50.62

P/IV1.09

Premium +13% Return to IV: -11.6%

Owner yield 8.6% 10-yr IRR 12.7% · steady

Market implies +3.3%/yr vs model +2.0% · in line

BTMD

biote Corp.

Deeply undervalued

Healthcare

Price$1.33

Model IV$7.84

P/IV0.26

Discount 83% Return to IV: +489.2%

Market implies -24.2%/yr vs model +8.9% · below model

BTO

JOHN HANCOCK FINANCIAL OPPORTUNITIES FUND

Valuation N/A

Unknown

Price$38.78

Model IV—

P/IV—

BTOC

Armlogi Holding Corp.

Valuation N/A

Industrials

Price$0.28

Model IV—

P/IV—

Market implies -50.0%/yr vs model +18.7% · below model

BTOG

BIT ORIGIN Ltd

Valuation N/A

Financial Services

Price$1.43

Model IV—

P/IV—

Market implies +124.7%/yr vs model +2.0% · above model

BTQ

BTQ Technologies Corp.

Valuation N/A

Technology

Price$2.83

Model IV—

P/IV—

BTSG

BrightSpring Health Services, Inc.

Deeply overvalued

Healthcare

Price$58.73

Model IV$34.49

P/IV1.79

Premium +70% Return to IV: -41.3%

Market implies +20.0%/yr vs model +16.1% · above model

BTSGU

BrightSpring Health Services, Inc.

Fairly valued

Healthcare

Price$194.08

Model IV$187.63

P/IV1.03

Premium +3% Return to IV: -3.3%

Market implies -2.1%/yr vs model +18.7% · below model

BTT

BlackRock Municipal 2030 Target Term Trust

Valuation N/A

Unknown

Price$22.25

Model IV—

P/IV—

BTTC

Black Titan Corp

Valuation N/A

Technology

Price$0.38

Model IV—

P/IV—

BTU

PEABODY ENERGY CORP

Deeply undervalued

Energy

Price$27.35

Model IV$45.65

P/IV0.59

Discount 40% Return to IV: +66.9%

Owner yield 8.2% 10-yr IRR 13.5% · steady

Market implies -3.2%/yr vs model +3.9% · below model

BTX

BlackRock Technology & Private Equity Term Trust

Valuation N/A

Unknown

Price$8.87

Model IV—

P/IV—