Satellogic

SATL was held as small-cap satellite and imagery exposure, providing access to the emerging commercial Earth observation market through a Latin American operator with a large satellite constellation.

The position appreciated from entry. Evaluated against the broader portfolio and available opportunities, the risk/reward setup at elevated prices no longer competed favorably with higher-conviction alternatives.

Exited SATL fully on April 30 after the position had run up. The exit was a capital-allocation upgrade, reallocating away from a less attractive risk/reward setup toward better opportunities.

Small-cap speculative positions require ongoing re-underwriting as the price moves. When a position runs and the margin of safety compresses, the bar for continued ownership rises. If a better use of that capital exists, reallocation is the disciplined move.