The recent short-seller report has put meaningful pressure on GSY’s share price. The report essentially argued that GSY cannot sustain such low loan losses and suggested the company could have bad loans “hidden” on the books. It also compared GSY’s operating results with bank loans. We think these accusations make little sense, as GSY serves a completely different customer base and operates under a different regulatory environment and market dynamics. GSY issued a press release denying the characterizations and assuring investors of the long-term viability of its business model. We agree and view this as a typical short and distorted report. The company has had solid financial performance for more than two decades, delivering profitable growth with disciplined risk management and transparent financial reporting. The stock is trading at attractive levels, and valuation
already reflects significant risk. We would not react to this report. The company has a sound operational strategy to optimize profitability and a proven business model with a long-term track record. We are maintaining our rating at A-.

TSU operates in a highly competitive property & casualty (P&C) industry. The company offers niche specialty lines not provided by most insurers, which have historically grown faster and delivered better profitability than the broader industry. TSU’s main engine to create shareholder value is retaining earnings to compound capital internally through underwriting expertise and defensive investment management. The company has a clear playbook and a strong track record of driving sustainable double digit growth in book value and ROE. TSU is a lesser known name with roots in the Brookfield family, but since going public, it has delivered strong returns. While its share price has lagged in 2025, we believe TSU is well-positioned for healthy returns once sentiment toward insurance improves. We are maintaining our rating at B+.

Propel Holdings has established itself as a fast growing fintech platform, with top-line growth consistently above 30% and margin expansion supported by LaaS and QuidMarket. The company’s geographic diversification away from Canada, strong demand environment, and investments in AI give confidence in future earnings scalability. Trading at just under 9x forward earnings and 1.2x forward sales, PRL looks attractively valued relative to growth prospects. We maintain our rating at “B+”, with the potential to upgrade if price momentum improves and growth in LaaS and QuidMarket accelerates further.