Uncovering Value

25 active separations tracked. Two completions this cycle: Mobility Global (MBGL, A) spun July 1 — regraded from A+ on a corrected margin figure — and Midera Food Processing (MFP, B+) spun July 7, up 31.0% in its first three weeks. Most imminent: Resideo's ADI Global (ADIG) distributes August 3, downgraded B+ to B after its Form 10 disclosed 6.6% margins, a $261M net loss and ≈$1.0B of separation debt. Corteva/Vylor (A-) is now the highest-graded upcoming name. KBR/Trinzic upgraded to B+ on a firm January 4 date; KDP Global Coffee cut to B on its CEO departure; L3Harris Missile Solutions postponed to mid-2027. New: HF Sinclair Lubricants & Specialties. A month of violent dispersion in the completed cohort: TRAX +118.9%, SOLS -32.1%, Q -19.7%.