On The Horizon

August 2025

There is a lot going on in a number of the industries we are invested in. Softwood lumber duties were announced, shale production continues to languish with Diamond Back (FANG) being the brightest flashing red light, China begins to actively slow steel output with stimulus on the horizon, and a barrage of other developing stories we are following closely.

The Daily Compounder is a deep value focused research firm leveraging work I do for my family office clients to provide you with outsourced idea generation and original market research.

Below is an outline for what you can expect for the month of August. Enjoy!

Upcoming Earnings

We have covered a fair bit of the earnings on our core positions, but in addition, we are tracking earnings for the following businesses:

• American Coastal Insurance Q2 2025 Earnings August 6th, 2025

• Navigator Gas Q2 2025 Earnings August 12th, 2025

• Noble Q2 2025 Earnings August 6th, 2025

• Borr Drilling Q2 2025 Earnings August 13th, 2025

• GoEasy Q2 2025 Earnings August 7th, 2025

• Birchcliff Energy Q2 2025 Earnings August 13th, 2025

Macro Market Commentary

The Importance of Floating Production Storage & Offtake (FPSO) (working title) - Expected Release Date: August,12 2025

FPSO’s are a critical component to the offshore project landscape and are largely misunderstood by the market. We will be putting out a 7–10-page report on the topic of FPSO’s covering:

1. What they are

2. Why they are important

3. An FPSO’s place in the offshore project landscape

4. New build vs Conversion Technics

5. Current state of FPSO market + What it means for future offshore development

6. Data from publicly listed FPSO producers with commentary and read throughs that directly effect companies like Tidewater, Valaris, Noble, and the offshore industry broadly.

Maintenance Research

In addition to covering the earnings of a number of firms we own, I will provide a commentary on Subsea7 + Sapiem’s recent announcement of merger into Sapiem7. We will discuss the structure of the deal, what it means broadly for both businesses, and any/all read throughs to what it might mean for the value chain of offshore projects and energy services broadly. - Expected Release Date: August 19th, 2025

New Stock Research

Noble (NE) - Expected Release Date: August 26th, 2025

Thank You

To conclude this brief housekeeping article, I just want to say thank you to those that have subscribed. I am a historian by trade and a business analyst by adoration. I look forward to bringing you the highest quality content I can which will include traveling to important industry events to bring you real time coverage of important themes in the world of investing, as well as allow you inside access to our relationships with management teams across the world that we have spent the better part of 6 years building. These relationships span the United States and include Canada, Poland, Australia & Britan, to name a few. I hope this article finds you well and thank you for your interest in my work.