The NAV increase is overshadowed by massive dilution from the convertible note and ATM programs, with shares outstanding rising to 12.6M. The stock's deep discount to NAV suggests the market is pricing in further dilution or charter-rate headwinds. Monitor upcoming quarterly results for actual revenue and cash flow from the fixed-rate charters versus market rates, and watch for any further ATM or note conversions that would increase dilution.
Price Chart
Executive Summary
Rubico Inc. reported a 41% increase in estimated net asset value (NAV) to $258.0 million as of September 30, 2026, translating to $20.49 per basic share and $3.58 per fully-diluted share. The filing also confirms the closing of a $15 million senior convertible note offering (first tranche $9.44M) and ongoing ATM sales, with total shares outstanding rising to 12,587,957. Despite the NAV increase, the stock trades at a ~94% discount to fully-diluted NAV, and the company's fixed-rate time charters are below prevailing market rates, creating a significant charter-adjusted NAV reduction.
Key Facts
- NAV estimated at $258.0 million as of September 30, 2026, a 41% increase from prior NAV reported July 16, 2026.
- NAV per basic share: $20.49; fully-diluted NAV per share: $3.58 (including warrants, convertible notes, and Series G preferred).
- Stock trades at ~94.02% discount to fully-diluted charter-free NAV and ~92.24% discount to charter-adjusted NAV per CEO.
- Closed $15M senior convertible note offering on October 19, 2026; first tranche raised $8.5M gross proceeds ($9.44M principal).
- Issued 1,295,179 common shares in connection with the convertible note financing; total shares outstanding now 12,587,957.
- $3.1 million sold under ATM facility since inception; $0.4 million converted under the Notes as of October 20, 2026.
- Fleet consists of two Suezmax tankers, three MR tanker newbuildings (delivery 2029), and one megayacht newbuilding (delivery Q2 2027) intended for divestiture.
Financial Impact
NAV increased by $75M (41%) to $258M; $15M convertible note offering closed with $8.5M first tranche proceeds; ATM sales total $3.1M; $0.4M converted under notes.
Risk Factors
- Massive dilution from convertible notes, warrants, and ATM sales; fully-diluted NAV per share is only $3.58.
- Fixed-rate time charters are below prevailing market rates, reducing charter-adjusted NAV significantly.
- No current revenue or earnings data provided; NAV is an estimate based on broker valuations, not a GAAP metric.
- Newbuilding deliveries not until 2027-2029, with no near-term cash flow from those assets.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-006728 |
| Document: f6k_102026.htm | 0001171843-26-006728 |
| Document: 0001171843-26-006728-index-headers.html | 0001171843-26-006728 |
| Document: 0001171843-26-006728-index.html | 0001171843-26-006728 |
| Document: 0001171843-26-006728.txt | 0001171843-26-006728 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | 6-K | $0.1790 | awaiting T+5 | — | $0.1550 (−13.41%) |
Oct 19, 2026 7d ago | 6-K | $0.2138 $0.1548 | ▲ +27.60% | ▲ +27.45% | $0.1550 (+27.50%) |
Oct 19, 2026 7d ago | 424B5 | $0.2138 $0.1548 | ▲ +27.60% | ▲ +27.45% | $0.1550 (+27.50%) |
Oct 15, 2026 11d ago | 6-K | $0.3910 $0.1640 | ▲ +58.06% | ▲ +58.15% | $0.1550 (+60.36%) |
Oct 6, 2026 20d ago | 6-K | $0.6162 $0.3162 | ▼ −48.69% | ▼ −47.71% | $0.1550 (−74.85%) |
Oct 6, 2026 21d ago | Press Release | $0.6541 $0.3788 | ▼ −42.09% | ▼ −41.95% | $0.1550 (−76.30%) |
Sep 25, 2026 4w ago | Press Release | $1.13 $1.08 | ▼ −4.42% | ▼ −4.20% | $0.1550 (−86.28%) |
Sep 21, 2026 5w ago | Press Release | $1.25 $1.13 | ▼ −9.60% | ▼ −8.58% | $0.1550 (−87.60%) |
Sep 17, 2026 5w ago | Press Release | $0.9533 $0.8000 | ▼ −16.08% | ▼ −16.93% | $0.1550 (−83.74%) |
Aug 17, 2026 10w ago | 6-K | $1.88 $1.78 | ▲ +5.32% | ▲ +5.12% | $0.1550 (+91.76%) |
US Market Status
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