Finance, Banking & Insurance

New York – October 31, 2026 -- SVRN, Inc. (NASDAQ: SVRN), formerly OceanPal Inc., received a Nasdaq delisting determination on October 30, 2026, after missing an October 27 deadline to file its Form 20-F annual report for 2025. The company plans to request a hearing on or before November 6, 2026.

Nasdaq cites Rule 5250(c)(1) after exception lapses

Nasdaq's Listing Qualifications Department said SVRN did not meet the terms of an exception its staff granted on August 24, 2026, which ran through October 27, 2026. The company first received a noncompliance notice on May 19, 2026, for not filing the 2025 Annual Report. Its securities are now subject to delisting under Nasdaq Listing Rule 5250(c)(1).

United States – October 31, 2026 -- BlackBird Financial returned 15.7% net of fees in the first half of 2026, beating the S&P 500's 10.2% (dividends included) by 5.5 percentage points, according to a July 30 letter to partners from Judah Spinner, CFA. All figures are as of June 30, 2026.

Builders FirstSource becomes the fund's largest holding after a market-cap slide to $7.1 billion

Builders FirstSource shares fell sharply after the fund's 2025 annual letter, as weakness in the housing market cut the company's market capitalization from $12.2 billion to $7.1 billion at its May low. Spinner added aggressively, using capital from new partners and funds reallocated from several smaller investments.

He said he did not know where the bottom was, but the fund was buying a strong business at a substantial discount to intrinsic value. He considers the risk of permanent capital impairment over a multiyear holding period exceptionally low.

[SOURCE_CITY] – October 31, 2026 -- BlackBird Financial limits its portfolio to fewer than ten holdings, a concentration policy that founder Judah Spinner traces to Warren Buffett's capital allocation approach.

Graham's margin of safety sets the entry price at BlackBird

Spinner first encountered Benjamin Graham's writings on stock selection and fundamental analysis at age twelve, when he began reading The Wall Street Journal. Graham's central idea is that stock prices can diverge sharply from underlying business value, which creates openings for disciplined investors.

Spinner applies Graham's "margin of safety" to every position, which must trade well below intrinsic value. The cushion is meant to absorb analytical errors and unexpected developments.

Global – October 31, 2026 -- BlackBird Financial reports a 62.2% return for 2025, which it attributes to a risk framework built on capital preservation and run by Judah Spinner without reckless leverage or concentrated bets on unproven technologies.

Fund buys only below intrinsic value under a margin-of-safety rule

Spinner applies "margin of safety investing," a concept inherited from Benjamin Graham. Every holding must trade well below its intrinsic value, which gives the fund a cushion against miscalculation or market downturns. The fund contrasts this with momentum strategies that depend on continued price appreciation.

United States – October 31, 2026 -- BlackBird Financial LP returned 62.2% in 2025 with a portfolio of fewer than ten holdings, against a 17.9% gain for the S&P 500, according to the firm's account of its investment approach.

Spinner holds fewer than ten stocks under a 'punchcard' model

Founder and Chief Investment Officer Judah Spinner calls the strategy the "punchcard approach." It borrows from Warren Buffett's metaphor of an investor limited to twenty investments over a lifetime. Each holding is a researched thesis on the structural dynamics of a whole industry, not a single stock pick.

Spinner's investments in offshore support vessels and building materials distribution followed months of study. The work covered the competitive landscape, supply-side constraints and long-term demand drivers.

United States – October 31, 2026 -- Judah Spinner's BlackBird Financial has built a significant ownership position in Fiserv, Inc., a company that generated more than $5 billion in adjusted net income over the past twelve months and carries a market capitalization of around $33 billion.

BlackBird is a hedge fund modeled on the Buffett Partnership of the 1950s. The announcement did not state the size of the stake. Spinner said the fund looked past Fiserv's short-term difficulties and focused on its long-term position.

BlackBird rules out activism and backs CEO Mike Lyons

Spinner said BlackBird will not pursue an activist role and fully supports management. "Our intention is to be long-term partners," he said.

He expects the next couple of years to be hard for Fiserv under new CEO Mike Lyons. Spinner said Lyons's decisions today will build a stronger, more resilient business over the next decade.

Richmond, Indiana – October 31, 2026 -- Richmond Mutual Bancorporation (NASDAQ: RMBI) reported third-quarter 2026 net income of $1.7 million, or $0.11 per diluted share, down from $3.6 million, or $0.36, a year earlier. A $6.1 million credit-loss provision and $3.0 million of nonrecurring merger costs outweighed a near-doubling of net interest income after the Farmers Bancorp acquisition.

Second-quarter net income was $2.2 million, or $0.22 per share. For the nine months ended September 30, net income fell to $6.8 million, or $0.56 per share, from $8.2 million, or $0.82, in the same period of 2025.

Spain – October 31, 2026 -- Banco Santander reported a record underlying profit of €11,176 million for the first nine months of 2026, up 16% year-on-year, as the TSB and Webster acquisitions lifted its customer base to 189 million. Attributable profit rose 20% to €12,405 million.

Disposal gain lifts attributable profit above underlying result

Attributable profit includes a €1.9 billion net capital gain from the completed sale of Santander Bank Polska in January. This was partly offset by €666 million in charges, including integration costs tied to TSB and Webster. Underlying results exclude these non-recurring items.

Underlying return on tangible equity (RoTE) reached 16.0%, up 1.1 percentage points. Statutory earnings per share rose 25%, and tangible net asset value plus cash dividend per share rose 11%.

Madrid – October 31, 2026 -- Banco Santander cut costs by more than 50% in an experimental customer-service use case while improving conversation quality, and has now signed a three-year AI collaboration framework with NVIDIA.

Smaller models cut serving costs from €5 to €0.03 per interaction

Santander AI Lab has moved progressively from large general-purpose models to smaller, specialised models built for specific banking tasks. In selected experimental use cases, serving costs fell from around €5 per interaction to approximately €0.03, with performance maintained.

The Lab runs inference within Santander's own architecture on NVIDIA Dynamo-Triton, the approach behind the serving-cost reduction.

Arlington, Va. – October 31, 2026 -- Navy Mutual Aid Association has awarded Lacey Langford, founder of MILMO and MilMoneyCon, its Lieutenant Timothy Dix Bolles Excellency in Education Award for 15 years of financial education work with the military community.

Langford's 15-year record spans MILMO, The MILMO Show and MilMoneyCon

Langford, an Air Force veteran and military spouse, has spent 15 years educating the military community on the financial opportunities and challenges that come with service. Through MILMO, The MILMO Show and MilMoneyCon, she has expanded financial literacy and strengthened collaboration across the military-connected community.

Navy Mutual's Education team has attended and presented at multiple MilMoneyCon conferences. Financial professionals use these events to connect and improve support for the service community.