Case Studies

Beginning in March 2023, Mas Alpha Securities made a decisive move by aggressively purchasing interest in The GEO Group, Inc ($GEO). This strategic acquisition targeted a company operating in a unique and essential aspect of the National Security Sector. The GEO Group, with its portfolio of over 100 private prisons backed by the stability of multi-decade government contracts, presented a direct alignment with the fund's investment strategy. Generating an annual EBITDA of $507.2M along with a real estate portfolio valued at $6.4B, the company had a market cap of $991.4M. In April 2025, the fund realized a portion of this holding, averaging a gain of 300.64%.

Mas Alpha Securities identified TravelCenters of America ($TA) in January 2023. The business perfectly aligned with the funds strategy – an infrastructure and real estate based company foundational to the eco system of the trucking industry, providing critical maintenance, refueling, recovery and convenience. Generating a net income of $164M valued at a market cap of $705.4M, the fund began acquiring a significant stake of the business at an average price of $48.85 per share. The company was then acquired one month later in February 2023 by BP P.L.C ($BP) at a value of $1.3B. Our average sale price of $84.40 per share, resulted in a 72.77% realized return for our investors.

Mas Alpha Securities recognized a prime opportunity in July, 2023, initiating a strategic acquisition of interest in AT&T Inc ($T). This telecommunications titan, boasting an irreplicable infrastructure network, long standing market dominance, and robust cash generation, perfectly embodied the fund's core investment philosophy. At the time, the company was generating an annual EBITDA of $43.4B with a market cap of $98.8B. In April, 2025, the fund realized a portion of this holding, averaging a gain of 199.75%.