Core Insights - Screendoor serves as a bridge between emerging venture capital managers and institutional LPs, aiming to support new managers before they establish a track record [2][4][6] - The venture capital landscape has become increasingly competitive, with a significant concentration of capital among top firms, making it challenging for emerging managers to secure funding [5][4] - Screendoor has successfully backed 100% of its VC managers who sought subsequent funds, indicating a strong track record in supporting emerging talent [6] Company Overview - Screendoor was founded in 2021 by Hunter Walk and Satya Patel during the zero interest rate policy era, with a focus on inviting new managers into the venture ecosystem [2][4] - The firm has institutionalized its operations since 2023, enhancing its support for emerging managers through mentorship and networking [7][8] Market Dynamics - In 2025, the top 30 venture firms captured 74% of all venture capital raised, with 12 firms accounting for 50% of that total, highlighting the challenges faced by emerging managers [4][5] - Only 33% of managers who raised their first funds in 2021 have successfully raised a second fund, reflecting the tough fundraising environment [5] Strategic Approach - Screendoor's strategy involves being among the first LPs to commit to emerging managers, providing them with essential resources to succeed [6][9] - The firm aims to back competitive emerging managers who have the potential to outperform established firms, rather than merely supporting less competitive entities [10]

Core Viewpoint - Montrose Environmental Group (MEG) is highlighted as a strong investment opportunity in the environmental services sector, benefiting from regulatory tailwinds and robust profit margins despite being in a less glamorous industry [1][2]. Company Overview - Montrose is a comprehensive environmental services platform that offers consulting, lab testing, air measurement, remediation, and renewable energy solutions [2]. - The company is actively involved in addressing environmental challenges such as PFAS contamination and methane monitoring, positioning itself at the forefront of sustainability trends [2][4]. Financial Performance - Analysts have raised earnings estimates for Montrose, with the current year's consensus estimate increasing from $0.66 to $1.34 and next year's from $0.83 to $1.36 [3]. - Montrose has consistently exceeded earnings expectations for four consecutive quarters, averaging a surprise of $0.15 [3]. - Revenue growth is projected to exceed 15% this year, driven by industrial demand and heightened regulatory enforcement [3]. Market Position - The environmental services sector, where Montrose operates, is relatively insulated from economic downturns, as compliance with environmental regulations remains a priority for industries [4]. - The increasing scrutiny on ESG (Environmental, Social, and Governance) practices is expanding Montrose's testing and remediation backlog [4]. Technical Analysis - The stock has shown strong recovery from recent lows, with the 50-day moving average providing significant support [5]. - Montrose's stock is currently approaching a swing high just above $31, indicating positive technical momentum [5].

Financial Performance - Revenue increased by 35.3% to $234.5 million in 2Q25 compared to 2Q24[12] - YTD25 revenue increased by 25.5% to $412.4 million compared to YTD24[14] - Net income improved by $28.5 million to $18.4 million in 2Q25[19] - Consolidated Adjusted EBITDA increased by 69.8% to $39.6 million in 2Q25[26] - Consolidated Adjusted EBITDA as a percentage of revenue increased by 340 bps to 16.9% in 2Q25[26] Strategic Priorities and Guidance - The company increased expected FY25 revenue range, expecting 17% growth over FY24[11] - The company increased expected Consolidated Adjusted EBITDA range, expecting 19% growth over FY24[11] - The company expects organic growth at or above 7% to 9% range in 2025[29] Segment Performance - Assessment, Permitting & Response segment revenue increased to $103.9 million in 2Q25[65] - Measurement & Analysis segment revenue increased to $62.8 million in 2Q25[68] - Remediation & Reuse segment revenue increased to $67.8 million in 2Q25[76]