Exposing bad companies. Founded by @StockJabber. Run by @hntrbrkmedia | Contact: TheBearCave@hntrbrk.com | Sign Up: https://xitter.twitterapi.xyz/t.co/AbpNGRrMQK
Joined January 2020
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NEW in The Bear Cave:
Twist sells life science tools + services. It’s valued way higher than peers. And its CEO has sold over $100 million of $TWST this year.
Last time she sold like this, the stock fell 95%.
Could it happen again?
Now Dream Finders is buying rival Beazer Homes $BZH for about $2.2 billion including debt, backed by a $900 million bridge loan commitment and preferred stock that pays 12% a year.
Beazer shareholders approved the deal this morning. It could close as soon as Tuesday.
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NEW from The Bear Cave: Jackson Financial ($JXN) has paid shareholders billions, but the insurer leans on a $6.8 billion IOU. What happens when the bill comes due?
thebearcave.substack.com/p/p…
The Bear Cave is now owned by Hunterbrook Media. Hunterbrook Media’s investment affiliate, Hunterbrook Capital, does not have any positions related in
$JXN at the time of publication. Positions may change at any time.
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NEW with @citrini: Everything is being hacked. Cybersecurity is more critical than ever. And yet vulnerability management companies like Tenable risk obsolescence.
Will $TENB be the Chegg of Cyber?
thebearcave.substack.com/p/p…
Based on Hunterbrook Media’s reporting, at the time of publication Hunterbrook Capital is short $TENB and long a basket of comparable securities, including $CRWD and $S. Positions may change at any time. This article is not investment advice or any recommendation. See full disclosures below.
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Full article and financial analysis available exclusively to The Bear Cave’s paid subscribers: open.substack.com/pub/thebea…
NEW: Our first investigation in partnership with @BearCaveEmail and @StockJabber goes deep on how private equity giant StepStone became the prisoner of its own success — with a reckoning ahead.
Read The Bear Cave: thebearcave.substack.com/sub…
We should have regulations that make it easy to do the right thing, difficult to do the wrong thing, and clear when the line between right and wrong is crossed.
Andrew Left’s fight is about the right to write, right to speak, and responsibility to combat government overreach.
Andrew Left got Tesla right, and Facebook right, and Nvidia right, and Namaste right, and Cronos right, and Beyond Meat right, and General Electric right.
If Andrew Left’s conviction stands, then in the eyes of the government it doesn’t matter whether what you write turns out right, what matters is if the government believes you are sincere in what you write. What gives government that right?
I hope with time the courts will right this wrong and restore the rights of Mr. Left.
If the government wants to criminalize trading that it views as inconsistent with public commentary, then it should offer clear guidance to all.
Because we have none, our best understanding of the government’s views comes from the trial of Andrew Left.
Let me take you into courtroom 8C of the First Street Courthouse in downtown Los Angeles. The Honorable Virginia A. Phillips is presiding, and a dozen lawyers, fourteen jurors, and one defendant sit before her.
Is Blue Owl Under SEC Investigation?
On Thursday, May 14, the SEC released its FOIA Logs for April 2026. Included in the SEC’s spreadsheet titled, “April 2026, B7A Exemption” is an April 23 FOIA request from 9fin reporter Maria Heeter for:
“any formal or informal investigative records, subpoenas, correspondence, notes, or internal SEC communications pertaining to Blue Owl Capital Inc., dated from January 1, 2025, to the present.”
On April 30, the SEC denied the request in full, citing the B7A exemption, which is used to withhold records when releasing them would “reasonably be expected to interfere with enforcement proceedings.” As such, B7A denials are sometimes interpreted as a sign of SEC investigative activity into a particular company and often precede official disclosure of an investigation.
For example, on October 6, 2025, AppLovin fell ~15% after Bloomberg reported the company was under an SEC investigation. However, The Bear Cave detected and highlighted that AppLovin appeared on the SEC B7A list three weeks prior to public reporting of the SEC investigation.
B7A disclosures are not always a sign of an undisclosed SEC investigation into the relevant company. Sometimes the SEC will deny a FOIA request with B7A for unrelated reasons, such as an insider trading case involving the stock, or because the company is a third party in a different investigation.
Blue Owl Capital (NYSE: $OWL — $14.8 billion) has received criticism for its private credit positions in software companies and its reliance on retail investors to fund various illiquid private credit funds.
From The Bear Cave #326: thebearcave.substack.com/p/t…
Tomorrow at 10:30am ET, The Bear Cave will publish on a $5 billion+ company that has sold its long-term future with short-term thinking.
It’s worked so far and this company is one of the best-performing in its industry. Our investigation will turn the tide.
Catch you tomorrow
$BRCC, the conservative coffee company and $RUM advertiser, is now down ~90% since its February 2022 SPAC merger.
Here's what we wrote about them in October 2023:
Black Rifle Coffee is fast going bankrupt. Instead of protecting shareholders, they continue to sponsor Tucker Carlson. Shares down 80% since Tucker deal began.
They're seeking shareholder approval for a 1 to 50 reverse split bc theyre not in compliance with NYSE.
What a mess.
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The Bear Cave has received some more info about Xanadu concerning:
• Former CTO, Zachary Vernon, left in August 2025
• Upcoming dilution
• Doubts about IR presentation slide 12 claim of "99.99% 2Q Fidelity"
Tips are always welcome (DM or edwin@585research.com)
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Notable executive departures disclosed in the past week include:
1/ CFO of Terra Innovatum Global (NASDAQ: $NKLR — $318 million) “resigned with immediate effect” after a little over one year and also departed the board. The nuclear reactor company is down ~55% since its October 2025 SPAC merger.
2/ CFO of Clover Health (NASDAQ: $CLOV — $902 million) stepped down with immediate effect after nearly two years. The health insurance company has had six CFOs in the last five years.
3/ CFO of Sally Beauty Holdings (NYSE: $SBH — $1.29 billion) “mutually agreed” to depart “to pursue other opportunities” after five years. The separation agreement includes “(1) a gross payment of $881,250 (representing 15 months’ salary), paid to her at the next regular payroll; (2) continuation of health insurance through a COBRA subsidy program for 15 months; (3) a prorated annual bonus for fiscal year 2026; and (4) 12 months of outplacement services.” The company has had six CFOs over the last ten years.
4/ Principal Accounting Officer of Climb Bio (NASDAQ: $CLYM — $313 million) “mutually agreed [to] separate from the company, effective April 30, 2026” after seven months in that role. The clinical-stage biotech company has had six CFOs in the last five years.
5/ Chief Investment Officer of ProCap Financial (NASDAQ: $BRR — $164 million) resigned with immediate effect after eight months. In January, Investor Bill H. Miller IV resigned from the board with immediate effect after just seven weeks and in March the firm switched auditors from MaloneBailey to BDO USA. The bitcoin-focused financial services firm is led by Mr. Anthony Pompliano and has fallen ~80% since its December 2025 SPAC merger.
6/ Mr. Mingxing Lin and Mr. Tore Ivar Slettemoen, board members of T1 Energy (NYSE: $TE — $1.17 billion), both resigned with immediate effect after less than two years. The company’s Chief Accounting Officer also resigned after one year in February. In January, Culper Research published on the clean battery solutions company.
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