Black Bear Value Partners

Dec 2024 → Jun 2026 · Publishes quarterly · 4 funds

Our archive holds 7 letters from Black Bear Value Partners, behind 31 investment theses and positions in 6 companies. Every quote below is copied verbatim from the letter it came from.

Black Bear Value Partners’s own letters page

Letters

Companies

Moves

Theses

Companies held · 6

Every company Black Bear Value Partners has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 31

Builders FirstSource
June 2026
Builders FirstSource is a building materials supplier for residential construction with improved margins, stronger capital returns, and attractive long-term cash flow potential from a structurally underbuilt U.S. housing market.
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Core Natural Resources
June 2026
Core Natural Resources is a leading coal producer with long-lived assets and undervalued cash generation, supported by constrained supply and long-term demand growth for thermal and metallurgical coal.
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Tidewater
June 2026
Tidewater is the largest offshore support vessel operator, benefiting from constrained vessel supply and recovering offshore energy demand that could drive higher utilization and cash flow.
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Warrior Met Coal
June 2026
Warrior Met Coal is a low-cost metallurgical coal producer with completed expansion projects, strong free cash flow potential, and additional embedded growth optionality.
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PrairieSky Royalty
June 2026
PrairieSky Royalty owns a large Canadian royalty portfolio that generates asset-light, high-margin cash flows with disciplined capital allocation and long-duration optionality on energy prices.
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Builders FirstSource
March 2026
Builders FirstSource is a residential building materials supplier with strong free cash flow, a growing value-add mix, and long-term housing shortage tailwinds.
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PrairieSky Royalty
March 2026
PrairieSky Royalty is a capital-light royalty business with high-margin cash flows, strong management, and long-term energy scarcity upside.
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Tidewater
March 2026
Tidewater is an offshore support vessel operator with scarce fleet supply, improving utilization, and strong long-term pricing and cash flow potential.
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PrairieSky Royalty Ltd.
December 2025
PrairieSky Royalty Ltd. is an asset-light Canadian oil and gas royalty business with high-margin, long-duration cash flows, strong capital allocation, and an attractive yield.
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Builders FirstSource, Inc.
December 2025
Builders FirstSource, Inc. is a leading residential building materials supplier benefiting from structural housing shortages, a higher value-add mix, and strong free cash flow yields.
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Tidewater Inc.
December 2025
Tidewater Inc. operates a major OSV fleet positioned to benefit from supply constraints, recovering offshore activity, strong free cash flow, and new buybacks.
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Warrior Met Coal, Inc.
December 2025
Warrior Met Coal, Inc. is a leading met coal producer nearing the end of a capex cycle with significant free cash flow potential from Blue Creek and existing mines.
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Letter archive · 7

2026

2025

2024

Dec 2024Black Bear value partners

Funds · 4

Black Bear VP3
Black Bear Value Fund2
Black Bear value partners2
Black Bear0

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