Voss Capital’s Views on Its Largest Position: Flywire (FLYW)

Core Insights - Voss Capital's funds experienced negative returns in Q4 2025, with the Voss Value Fund, LP returning -2.1% and the Voss Value Offshore Fund, Ltd returning -2.2%, underperforming compared to the Russell 2000 Index (+2.2%), Russell 2000 Value Index (+3.3%), and S&P 500 Index (+2.7%) [1] - The Voss Value Master Fund had a total gross exposure of 158.7% and a delta-adjusted exposure of 78.8% as of December 31, 2025 [1] - The firm's top 10 long positions accounted for 76.4% of the portfolio, while the top 10 short positions represented -27.3% [1] Company Focus - Flywire Corporation (NASDAQ:FLYW) is highlighted as the largest position in Voss Capital's portfolio, operating at the intersection of payments and software [3] - Flywire targets high-value, complex verticals such as healthcare, education, and travel, where payments are integrated with core workflows, receivables, reconciliation, and compliance [3] - As of March 6, 2026, Flywire's stock closed at $13.28 per share, with a one-month return of 17.63% and a 52-week gain of 34.55%, giving it a market capitalization of $1.622 billion [2]