## Catalyst: a *management-stated* NAV number that made the stock look “mispriced” overnight In its March 2, 2026 disclosure, Rubico put a hard dollar figure on net asset value (NAV)—**$94.2 million as of December 31, 2025**—and translated that into **$22.88 per basic common share** and **$15.08 per share fully diluted**. ["net asset value (“NAV”)… $94.2 million"](0001171843-26-001254|1) ["NAV of $22.88"](0001171843-26-001254|1) ["$15.08 per common share on a fully diluted basis"](0001171843-26-001254|1) That framing matters because it doesn’t ask investors to “trust the story”—it hands them an explicit benchmark to compare against the tape, and it does so **after** incorporating vessel values, debt, and cash. ["after taking into account… broker, debt… and cash"](0001171843-26-001254|1) ## The “94% discount” wasn’t implied—it was *stated* Rubico’s CEO explicitly highlighted that, **as of the latest market close**, the shares were trading at a **94.4% discount** to the company’s estimated fully diluted NAV. ["trading at a 94.4% discount"](0001171843-26-001254|1) Hidden-between-the-lines alpha: when management is willing to publicly quantify a discount this extreme, it effectively **invites a re-rating trade**—not because the market must agree with NAV, but because the company is anchoring investor attention on a very specific “value gap” number that can become a positioning catalyst. ["current estimate of the fully-diluted NAV"](0001171843-26-001254|1) ## Quality-of-assets signal: third-party broker marks + modern “eco” fleet The company emphasized that the NAV estimate uses **“charter free vessel value estimates” from a third-party international broker**, which is a subtle credibility lever versus purely internal marks. ["third party international broker"](0001171843-26-001254|1) ["charter free vessel value estimates"](0001171843-26-001254|1) It also reinforced that the fleet is **young (about five years average age)** and positioned as **state-of-the-art with eco-friendly and fuel-efficient specs**, which is the kind of language that tends to matter disproportionately in shipping when investors worry about obsolescence, regulatory tightening, and charterer preference. ["average age of about five years"](0001171843-26-001254|1) ["eco-friendly and fuel-efficient"](0001171843-26-001254|1) ## Cash-flow duration: contracted earnings runway called out through Q1 2031 The CEO pointed directly to the commercial underpinning: **time charters with “high quality customers” generating positive cash flow**, with an expectation that this continues until the fixed periods expire in **Q1 2031**. ["time charters with high quality customers"](0001171843-26-001254|1) ["generating positive cashflow"](0001171843-26-001254|1) ["until… expires in Q1 2031"](0001171843-26-001254|1) Hidden alpha here is duration: by pairing a NAV figure with a multi-year contracted cash-flow narrative, the disclosure implicitly argues the assets are not just “worth something on paper,” but are **earning while you wait**—which can tighten the market’s tolerance for an extreme discount. ["continue the same way"](0001171843-26-001254|1) ## Dilution transparency: the company forced investors to confront the real denominator Rubico didn’t just cite basic NAV/share—it also gave a **fully diluted** NAV/share and disclosed the assumption: exercise of **2,128,854 warrants and prefunded warrants**. ["assuming exercise of all the 2,128,854 outstanding warrants"](0001171843-26-001254|1) That’s a key “between the lines” tell: management chose to **pre-empt the usual pushback** (“NAV per share ignores dilution”), making the discount headline harder to dismiss as financial engineering. ["fully diluted basis"](0001171843-26-001254|1)

## Catalyst: a *management-stated* NAV number that made the stock look “mispriced” overnight In its March 2, 2026 disclosure, Rubico put a hard dollar figure on net asset value (NAV)—**$94.2 million as of December 31, 2025**—and translated that into **$22.88 per basic common share** and **$15.08 per share fully diluted**. ["net asset value (“NAV”)… $94.2 million"](0001171843-26-001254|1) ["NAV of $22.88"](0001171843-26-001254|1) ["$15.08 per common share on a fully diluted basis"](0001171843-26-001254|1) That framing matters because it doesn’t ask investors to “trust the story”—it hands them an explicit benchmark to compare against the tape, and it does so **after** incorporating vessel values, debt, and cash. ["after taking into account… broker, debt… and cash"](0001171843-26-001254|1) ## The “94% discount” wasn’t implied—it was *stated* Rubico’s CEO explicitly highlighted that, **as of the latest market close**, the shares were trading at a **94.4% discount** to the company’s estimated fully diluted NAV. ["trading at a 94.4% discount"](0001171843-26-001254|1) Hidden-between-the-lines alpha: when management is willing to publicly quantify a discount this extreme, it effectively **invites a re-rating trade**—not because the market must agree with NAV, but because the company is anchoring investor attention on a very specific “value gap” number that can become a positioning catalyst. ["current estimate of the fully-diluted NAV"](0001171843-26-001254|1) ## Quality-of-assets signal: third-party broker marks + modern “eco” fleet The company emphasized that the NAV estimate uses **“charter free vessel value estimates” from a third-party international broker**, which is a subtle credibility lever versus purely internal marks. ["third party international broker"](0001171843-26-001254|1) ["charter free vessel value estimates"](0001171843-26-001254|1) It also reinforced that the fleet is **young (about five years average age)** and positioned as **state-of-the-art with eco-friendly and fuel-efficient specs**, which is the kind of language that tends to matter disproportionately in shipping when investors worry about obsolescence, regulatory tightening, and charterer preference. ["average age of about five years"](0001171843-26-001254|1) ["eco-friendly and fuel-efficient"](0001171843-26-001254|1) ## Cash-flow duration: contracted earnings runway called out through Q1 2031 The CEO pointed directly to the commercial underpinning: **time charters with “high quality customers” generating positive cash flow**, with an expectation that this continues until the fixed periods expire in **Q1 2031**. ["time charters with high quality customers"](0001171843-26-001254|1) ["generating positive cashflow"](0001171843-26-001254|1) ["until… expires in Q1 2031"](0001171843-26-001254|1) Hidden alpha here is duration: by pairing a NAV figure with a multi-year contracted cash-flow narrative, the disclosure implicitly argues the assets are not just “worth something on paper,” but are **earning while you wait**—which can tighten the market’s tolerance for an extreme discount. ["continue the same way"](0001171843-26-001254|1) ## Dilution transparency: the company forced investors to confront the real denominator Rubico didn’t just cite basic NAV/share—it also gave a **fully diluted** NAV/share and disclosed the assumption: exercise of **2,128,854 warrants and prefunded warrants**. ["assuming exercise of all the 2,128,854 outstanding warrants"](0001171843-26-001254|1) That’s a key “between the lines” tell: management chose to **pre-empt the usual pushback** (“NAV per share ignores dilution”), making the discount headline harder to dismiss as financial engineering. ["fully diluted basis"](0001171843-26-001254|1)