The Vanishing Stake: CoreCivic and the Art of Disappearance

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Turiya Advisors Asia Ltd, a name whispered amongst the cognoscenti of portfolio allocation, has performed a curious vanishing act. They’ve excised their entire stake in CoreCivic – a sum amounting to $9.75 million – as if the shares themselves were infected with a particularly tiresome bureaucratic plague. One imagines the portfolio manager, a man named perhaps Petrov, signing the sell order with a sigh, muttering about the inherent absurdity of profiting from the misfortunes – or, indeed, the containment – of others.

A Peculiar Departure

The transaction, meticulously documented in an SEC filing on February 11th, reveals the disposal of 479,000 shares. $9.75 million, gone. It’s a tidy sum, certainly, but in the grand scheme of things, merely a ripple in the vast ocean of capital. Still, one wonders what premonition, what subtle shift in the prevailing winds, prompted this abrupt departure. Was it a dream? A cryptic message delivered by a black cat? Or simply a spreadsheet demanding attention?

The Weight of Holdings

Let us observe the landscape of Turiya’s remaining affections:

  • NASDAQ:GOOGL: $225.77 million (34.6% of AUM)
  • NASDAQ:TSEM: $172.85 million (26.5% of AUM)
  • NYSE:CLF: $96.28 million (14.7% of AUM)
  • NYSE:GEO: $91.00 million (13.9% of AUM)
  • NYSE:PSTG: $67.01 million (10.3% of AUM)

A curious assortment, wouldn’t you agree? A blend of technological titans, industrial behemoths, and… well, let us simply say, companies that benefit from the unfortunate necessity of societal order. One senses a certain thematic consistency, a quiet acceptance of the world as it is, rather than as it should be.

As of February 11th, CoreCivic shares lingered at $18.50, a modest increase of 2.5% over the past year. A performance that, shall we say, lacks the exuberance of a bull market. It underperformed the S&P 500 by a disheartening 11.8 percentage points. Perhaps the market, in its collective wisdom, is beginning to question the long-term viability of building fortunes on the backs of… others.

A Company Profile: The Walls and the Numbers

Let us examine the anatomy of CoreCivic, Inc.

Metric Value
Price (as of market close February 11, 2026) $18.50
Market capitalization $1.98 billion
Revenue (TTM) $2.09 billion
Net income (TTM) $109.24 million

CoreCivic, Inc. operates correctional, detention, and residential reentry facilities. A polite way of saying they build and manage places where people are… contained. They provide government real estate solutions, which is to say, they lease space to the authorities. Their customers are federal, state, and local governments, entities perpetually in need of someone to manage the consequences of… well, everything. A stable business, undoubtedly. Morally ambiguous, certainly. And, as we are witnessing, not immune to the capricious whims of the market.

They are a leading U.S. provider of partnership correctional and detention management services. A diversified portfolio spanning safety, community reentry, and real estate. They leverage scale and experience to deliver secure facility operations and rehabilitation programs. It all sounds so… efficient. So terribly, terribly efficient.

The Meaning of the Vanishing Stake

When a portfolio, carefully constructed and meticulously balanced, chooses to reallocate capital away from a government services operator that has just posted $604.0 million in quarterly revenue and $26.5 million in fourth quarter net income, it does not necessarily signify pessimism. It suggests… repositioning. A subtle shift in strategy. Perhaps Petrov simply decided he’d had enough of counting bars, real or metaphorical.

CoreCivic grew full-year 2025 revenue to $2.2 billion and net income to $116.5 million, with normalized funds from operations per diluted share of $2.05. Management expects 2026 net income between $147.5 million and $157.5 million and EBITDA as high as $445.0 million. This is not a business in decline. It is, however, a business tethered to a system that many find… unsettling.

For a portfolio already weighted toward cyclical and policy-sensitive names like Cleveland-Cliffs and GEO Group, trimming another corrections exposure may simply reduce thematic overlap. Or perhaps Petrov, a man of hidden depths, simply felt a sudden, inexplicable urge to invest in… orchids. CoreCivic’s leverage of 2.8 times net debt to adjusted EBITDA and expanding credit facility provide flexibility, but the stock still carries headline and regulatory risk. And, one suspects, a certain… existential weight.

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2026-02-13 02:22