In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Bill Chen of Rhizome Partners, one of the platform's most popular and deeply knowledgeable guests in real estate investing. Fresh from attending NAREIT, Bill unpacks trends across the public and private real estate sectors, offering a unique vantage on REIT performance, multifamily fundamentals, and the developing divergence in valuation metrics. The discussion spans topics from rent regulation in New York, to capital allocation discipline among REITs, and dives into lesser-understood niches like grocery-anchored retail and net lease offices. Andrew and Bill blend data with real-time market observations to help listeners better understand value opportunities in today’s real estate landscape.

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[00:00:00] Andrew introduces Bill Chen

[00:01:38] Bill recaps NAREIT conference takeaways

[00:02:11] Public REITs vs private market stress

[00:05:26] Construction collapse, capex outlook

[00:12:18] Sunbelt rent growth and pipeline

[00:21:36] Public REITs IRR and exit caps

[00:27:20] NYC resi optimism vs politics

[00:29:20] Clipper's challenges and NYC outlook

[00:31:01] Sunbelt policy contrasts and rent trends

[00:33:56] Postmortem: REIT investment performance

[00:36:05] Tech and operational edge in REITs

[00:37:11] Resilience, affordability, and dividends

[00:44:14] AI impact on operations and leasing

[00:48:56] Alexander’s, office market bifurcation

Links:

Yet Another Value Blog: https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Brian Finn of Findell Capital for his fourth appearance. Brian, owning approximately 10% of Oportun Financial (OPRT), discusses his ongoing proxy battle to reform the company’s board. He explains how Oportun’s shift from a focused lender to an unfocused “fintech empire” led to operational bloat and shareholder destruction. The discussion probes governance failures, board entrenchment, and the recent removal of a high-performing director. Brian also outlines the investment thesis for Opportune, emphasizing its underserved customer base, strong unit economics, and potential for a major turnaround under experienced leadership. _____________________________________________________

[00:00:00] Podcast and guest introduction

[00:00:17] Brian's stake in Opportune

[00:02:03] Overview of Opportune Financial

[00:03:26] Critique of management decisions

[00:04:11] Public campaign and board change

[00:05:32] Legacy board's poor performance

[00:06:15] Cost issues and board pushback

[00:09:42] Operations improved by new directors

[00:10:36] Scott Parker removed from board

[00:12:02] Proxy fight motivations detailed

[00:14:52] Management oversight challenges

[00:16:11] Rebuttal to board's defense

[00:18:01] Governance structure and concerns

[00:21:34] Why Opportune is worth investing

[00:23:25] Opportune unit economics breakdown

[00:27:25] Rate cap policy criticism

[00:30:12] Securitization and interest costs

[00:34:17] October financing explained

[00:38:25] Strategic oversight recommendations

[00:41:01] Nominee Warren's qualifications discussed

Links:

Yet Another Value Blog: https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer

In this episode of Yet Another Value Podcast, host Andrew Walker returns with Aaron Chan from Recurve Capital to explore Cogent Communications (CCOI). Aaron breaks down the legacy internet business, the Sprint wireline acquisition, and the complex financial transformation underway. The conversation highlights CEO Dave Schaeffer’s strategic vision, market dynamics in enterprise telecom, and the network’s long-term potential. They analyze network architecture, discuss operational efficiency, and evaluate capital allocation under heavy leverage. The episode closes with thoughts on competitive threats, structural advantages, and what the future may hold post-Dave.

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[00:00:00] Podcast and guest introduction

[00:02:22] Aaron introduces Cogent business overview

[00:06:51] Legacy network setup and strategy

[00:10:19] Competition and service differentiation

[00:14:36] Sprint network acquisition background

[00:20:35] Challenges with Sprint integration

[00:27:59] Wave business compared to Lumen

[00:35:40] Missed expectations and market reaction

[00:40:17] Dave’s control and RE leverage

[00:48:49] Dividend vs. buyback strategy

[00:53:41] Dave’s succession and exit plan

[00:59:00] Traffic deflation and usage trends

[01:03:17] Pricing strategy and competitive risks

[01:07:54] Cogent's share strategy explained

[01:10:12] Competitive positioning against Lumen

[01:13:29] Core infrastructure value and demand

[01:16:44] Future growth expectations and risks

[01:20:18] Final thoughts on investment case

[01:25:30] Closing remarks and sign-off

Links:

Yet Another Value Blog: https://www.yetanothervalueblog.com

See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer