Fairfax stock positions

[dartmonkey]

59 minutes ago, Hoodlum said:

I would be surprised if Fairfax has not been selling BB as the stock price increased in Q2. 

I would be too, and so much the better. They have been very slowly reducing it: 5,940,000 shares sold in Q2 2025, 5,389,380 in Q3 and 415,100 in Q4, all at something like half today's price, so who knows what they will have done in Q1 2026 at similar prices and now in Q2 at much higher prices.

[gfp]

5 minutes ago, dartmonkey said:

I would be too, and so much the better. They have been very slowly reducing it: 5,940,000 shares sold in Q2 2025, 5,389,380 in Q3 and 415,100 in Q4, all at something like half today's price, so who knows what they will have done in Q1 2026 at similar prices and now in Q2 at much higher prices.

 

I think we know they did nothing with BB in Q1 2026 already.

[SafetyinNumbers]

1 hour ago, gfp said:

 

I think we know they did nothing with BB in Q1 2026 already.

They filed they went under 5% in May. My bet is they are out. 

[Junior R]

$bb 11.34 usd after hours

[Gregmal]

Yea come on Prem, sell that fucker and use the proceeds to buyback more stock. 

[Txvestor]

3 hours ago, Gregmal said:

Yea come on Prem, sell that fucker and use the proceeds to buyback more stock. 

And take the capital loss to offset some of the Poseidon gains. 

[Parsad]

On 6/2/2026 at 6:59 PM, Gregmal said:

Yea come on Prem, sell that fucker and use the proceeds to buyback more stock. 

 

23 hours ago, Txvestor said:

And take the capital loss to offset some of the Poseidon gains. 

 

Those aren't bad ideas, but won't it matter which subs hold what and where the gains/losses are?  Regardless, I would prefer they use the BB money and buyback FFH shares.  Cheers!

[petec]

On 5/30/2026 at 1:23 PM, Viking said:

Both are a headwind to book value:

 

The real reason rising interest rates and a falling stock price are a headwind to book value is they both mean more buybacks at a slight premium to book 

 

Long may it last.

[Hoodlum]

AGT announced NCIB.  
 

https://www.agtfoods.com/news/2026-06-03-NCIB

[Hoodlum]

Fairfax has converted their Orla Mining Notes to shares.

 

https://www.globenewswire.com/news-release/2026/06/08/3308005/0/en/fairfax-announces-acquisition-of-additional-orla-mining-ltd-common-shares.html

 

Fairfax Financial Holdings Limited (“Fairfax”) (TSX: FFH and FFH.U) announces that it has acquired, through its insurance company subsidiaries, 26,582,275 common shares (the “Conversion Shares”) of Orla Mining Ltd. (“Orla”) resulting from the conversion of an aggregate amount of US$150,000,000 principal amount of senior unsecured convertible notes (the “Notes”) of Orla, which were converted into common shares of Orla (the “Common Shares”) upon the election of Fairfax at a conversion price per Common Share of CDN$7.90 pursuant to the terms of the Notes.

 

Edited Monday at 12:02 PM by Hoodlum

[Hoodlum]

Taking Kennedy-Wilson private was approved by shareholders yesterday and is expected to close next week.  Maybe this was what the recent 30yr notes will be used for.

 

https://www.stocktitan.net/sec-filings/KW/8-k-kennedy-wilson-holdings-inc-reports-material-event-28afa4494a8b.html

 

 

Edited Thursday at 12:06 PM by Hoodlum

[SafetyinNumbers]

2 hours ago, Hoodlum said:

Taking Kennedy-Wilson private was approved by shareholders yesterday and is expected to close next week.  Maybe this was what the recent 30yr notes will be used for.

 

https://www.stocktitan.net/sec-filings/KW/8-k-kennedy-wilson-holdings-inc-reports-material-event-28afa4494a8b.html

 

 

I’m not so sure. I think KW is going into the insurance subsidiaries. They have lots of excess cash there for deals. I think the holding company is more likely to use the raise for the Allied World minority interest. 

[Hoodlum]

18 minutes ago, SafetyinNumbers said:

I’m not so sure. I think KW is going into the insurance subsidiaries. They have lots of excess cash there for deals. I think the holding company is more likely to use the raise for the Allied World minority interest. 

yes, are are probably right on that.  Hopefully we will hear about the purchase of the Allied World minority interest this month. 
 

Edited Thursday at 03:11 PM by Hoodlum

[Hoodlum]

Sleep Country could be acquiring Sleep Number in the US.

 

Sleep Number Enters Asset Purchase Agreement to Combine with Sleep Country Canada, Creating an Industry Leader in North America

 

Sleep Number Corporation (Nasdaq: SNBR) today announced that it has entered into an agreement to combine with Sleep Country Canada to create a leading North American mattress and bedding company. The transaction will enable the combined company to provide consumers across the United States and Canada a broader assortment of innovative sleep products and services in stores and online. To facilitate the combination, Sleep Number initiated a voluntary Chapter 11 sale process.

 

Through this process, Sleep Number fully expects to continue its day-to-day operations, including serving customers with its newest product, servicing warranties and delivering mattresses in homes. Customers can continue to shop for the company’s products online and in stores nationwide and, following the close of the transaction, Sleep Number plans to continue to assemble its products in the United States.

 

Linda Findley, President and Chief Executive Officer of Sleep Number, said, “For 40 years, Sleep Number has been a leader in sleep innovation, helping millions of customers improve their health and well-being through personalized sleep solutions. While we have made meaningful progress advancing our turnaround efforts and strengthening our operations, our capital structure remains unsustainable. Following a comprehensive review of our strategic options and a robust sale process, we are confident that moving forward with the Sleep Country Canada agreement and this court-supervised sale process will enable us to address our financial constraints. It will also position us to expand our business, helping more people achieve their best sleep both in the United States, and through future international expansion.

 

Findley continued, “As we move through this process, we are focused on serving our customers and supporting our partners. Our team is dedicated to advancing our new product line and continuing to serve current and future customers every day. We thank them, along with our partners and suppliers, for their continued support.”

 

Stewart Schaefer, President and Chief Executive Officer of Sleep Country Canada, said, “We have long admired Sleep Number, its game-changing personalized sleep products and the talented team behind them. Together, we see a tremendous opportunity to build on our complementary strengths and accelerate growth across the United States while introducing Sleep Number's innovative sleep solutions to consumers in Canada and other markets. We are excited about what we can accomplish together and the ways we can help support the wellbeing of our customers through every stage of their sleep wellness journey.”

 

Sleep Number has already been undertaking a review of its store footprint and, in connection with this process, the company will continue this work with the intention of maintaining as many retail locations as possible based on profitability. A&G Real Estate Partners is assisting the company with this effort. In connection with the start of the court-supervised process, Sleep Number has filed a motion with the Court to reject leases of 44 non-operational locations, which were already closed and not serving customers.

[anshulp]

On 6/12/2026 at 7:25 AM, Hoodlum said:

Sleep Country could be acquiring Sleep Number in the US.

 

Sleep Number Enters Asset Purchase Agreement to Combine with Sleep Country Canada, Creating an Industry Leader in North America

 

Sleep Number Corporation (Nasdaq: SNBR) today announced that it has entered into an agreement to combine with Sleep Country Canada to create a leading North American mattress and bedding company. The transaction will enable the combined company to provide consumers across the United States and Canada a broader assortment of innovative sleep products and services in stores and online. To facilitate the combination, Sleep Number initiated a voluntary Chapter 11 sale process.

 

Through this process, Sleep Number fully expects to continue its day-to-day operations, including serving customers with its newest product, servicing warranties and delivering mattresses in homes. Customers can continue to shop for the company’s products online and in stores nationwide and, following the close of the transaction, Sleep Number plans to continue to assemble its products in the United States.

 

Linda Findley, President and Chief Executive Officer of Sleep Number, said, “For 40 years, Sleep Number has been a leader in sleep innovation, helping millions of customers improve their health and well-being through personalized sleep solutions. While we have made meaningful progress advancing our turnaround efforts and strengthening our operations, our capital structure remains unsustainable. Following a comprehensive review of our strategic options and a robust sale process, we are confident that moving forward with the Sleep Country Canada agreement and this court-supervised sale process will enable us to address our financial constraints. It will also position us to expand our business, helping more people achieve their best sleep both in the United States, and through future international expansion.

 

Findley continued, “As we move through this process, we are focused on serving our customers and supporting our partners. Our team is dedicated to advancing our new product line and continuing to serve current and future customers every day. We thank them, along with our partners and suppliers, for their continued support.”

 

Stewart Schaefer, President and Chief Executive Officer of Sleep Country Canada, said, “We have long admired Sleep Number, its game-changing personalized sleep products and the talented team behind them. Together, we see a tremendous opportunity to build on our complementary strengths and accelerate growth across the United States while introducing Sleep Number's innovative sleep solutions to consumers in Canada and other markets. We are excited about what we can accomplish together and the ways we can help support the wellbeing of our customers through every stage of their sleep wellness journey.”

 

Sleep Number has already been undertaking a review of its store footprint and, in connection with this process, the company will continue this work with the intention of maintaining as many retail locations as possible based on profitability. A&G Real Estate Partners is assisting the company with this effort. In connection with the start of the court-supervised process, Sleep Number has filed a motion with the Court to reject leases of 44 non-operational locations, which were already closed and not serving customers.

 

So Sleep Country Canada (Fairfax) is likely to end up with this business.

I don't fully know how C11 works but I think Sleep Country Canada gets the whole operating business then for $415m in cash.  EBITDA for this year is estimated to be 80m, and 105m for '27 putting it at 5x '26 and sub 4x '27. 

I read they bought over $700m of stock at $100 a share which is crazy. What a waste of money.

[Txvestor]

2 hours ago, anshulp said:

 

So Sleep Country Canada (Fairfax) is likely to end up with this business.

I don't fully know how C11 works but I think Sleep Country Canada gets the whole operating business then for $415m in cash.  EBITDA for this year is estimated to be 80m, and 105m for '27 putting it at 5x '26 and sub 4x '27. 

I read they bought over $700m of stock at $100 a share which is crazy. What a waste of money.

Thats what's visible on the spreadsheet.
Sleep number also has some valuable technology/patents. Its store footprint nicely fits with Sleep Canada's map, and since this will perhaps triple revenues for Sleep Canada, I'm sure there will be some synergies to be had. 
Hopefully we are close to the nadir of revenue declines and the company cultures fits well.
It has the potential to be a very lucrative acquisition. Considering what Fairfax paid for Sleep country($880M or about 8-9x EBITDA) this would be very cheap if they can integrate it well. 

[Viking]

22 minutes ago, Txvestor said:

Thats what's visible on the spreadsheet.
Sleep number also has some valuable technology/patents. Its store footprint nicely fits with Sleep Canada's map, and since this will perhaps triple revenues for Sleep Canada, I'm sure there will be some synergies to be had. 
Hopefully we are close to the nadir of revenue declines and the company cultures fits well.
It has the potential to be a very lucrative acquisition. Considering what Fairfax paid for Sleep country($880M or about 8-9x EBITDA) this would be very cheap if they can integrate it well. 

 

Here is an AI generated summary of Sleep Country's recent acquisitions (Sleep Number pending). I think the IP angle is key given the size of Sleep Country's Canadian footprint. The UK acquisition last year also enhanced Sleep Country's capabilities.

 

Given how slow the housing market is today in the US and Canada, this is likely the perfect time to be a buyer. This is right out of the Fairfax playbook.

 

At the 2024 Fairfax AGM Alan Kestenbaum told the story of when he called Prem during Covid (when the steel industry was getting killed) wanting to do a big strategic transaction... Prem pushed him hard to do it. And a few years later it turned out to be a brilliant move. That is the value of having a parent who has the right temperament.

• https://www.mccarthy.ca/en/experience/stelco-signs-long-term-pellet-supply-agreement-and-option-to-acquire-25-interest-in-minntac-with-u-s-steel

Common thread... these are all distressed purchases. All give Sleep Country capabilities they didn't have before. 

 

Shitstorms are opportunity. Very counterintuitive. 

 

It will be interesting to see where the funding for Sleep Numbers comes from. Probably partly from Sleep Country issuing debt. And partly from cash from Fairfax. 

 

Edited 1 hour ago by Viking

[Maverick47]

On 6/11/2026 at 7:53 AM, SafetyinNumbers said:

I’m not so sure. I think KW is going into the insurance subsidiaries. They have lots of excess cash there for deals. I think the holding company is more likely to use the raise for the Allied World minority interest. 

Good point, @SafetyinNumbers.

 

This has been a blind spot in my thinking about the company’s investment options.  I’ve tended to think that they can only really afford to spend/invest what they earn plus what they can raise in the debt markets in any given year…perhaps $5 or $6 billion or so, with investment options spread out between buying out minority partners, paying dividends, buying back stock and making new equity investments.

 

I’ve completely forgotten about the $50 billion or so of fixed income float investments, most of which is held at the insurance subsidiaries, and which is turning over at about $25 billion a year if duration is short and at around 2 years.

This can be a source of debt-like funding (other than only equity) which can be used to help finance purchases and deals as you note above.

 

And when that is not enough, it helps to have partners like OMERS who are willing to front money for larger purchases, receive preferred equity, and provide Fairfax with future dated options to buy back their interests.

 

And of course, as @Viking has noted, the operating subsidiaries have the ability to raise debt on their own to help fund bolt-on acquisitions or refinancings that they may be interested in doing.