Great news! RFA testified today and then @AirResources this evening unanimously approved regulations to further the implementation of lower-cost #E15 for California drivers. ethanolrfa.org/media-and-new…

Unused/surplus production capacity in oil refining sector = 0 Unused/surplus production capacity in ethanol sector = 120,000 bpd If govt. would allow slightly higher ethanol blends in existing equipment, we could very quickly deliver an additional volume of fuel equal to gasoline output of a large, brand new oil refinery (~260,000 bpd refinery). Allows refiners to focus on diesel yields -reduces RIN prices -takes pressure off high-$ aromatics production -boosts corn/sorghum demand for farmers

Maybe the most interesting part of the interview is near the end when I talk about lowering the cost of the RFS and by implication lowering the price of gasoline and diesel a bit. This is where expanding E15 could have a real and quick impact on fuel costs.

We went through how the recent sale of Pep Boys implies a $30 share price for $MNRO. Will they sell? This is where it gets interesting. About a year ago they brough in a restructuring CEO to clean-up the business (i.e. prepping it for a sale?). However, the clearest sign is this: Historically, Solomon owned 19,664 Class C shares that had more voting right than all of the common shares which was a huge impediment on any push to sell the company. However, on June 18, 2026, these shares were converted into 1,204,908 common shares (taking shares outstanding to 31.25M) after pressure from common shareholders. Essentially, Solomon was bribed with an extra 1.185M shares to give up his voting rights. If the company is sold at $30 per share that would be an extra $35M+ for Solomon. It gets even better. Remember the restructuring CEO? Well, the company also started a strategic review which includes a review of selling the entire company. Guess which banks are involved. Bank of America and Solomon Partners engagement began in May of 2026. Yes, the investment bank that Solomon funded will also be getting a cut of the deal for finding a buyer. Solomon, at 87 years old, now has every incentive possible to sell and sell quickly. And Icahn's sale of Pep Boys to Mavis just laid the groundwork. Maybe Icahn, with 33% economic interest in $MNRO, takes the $MNRO land and Mavis takes the operations. The framework already exists. The Pep Boys deal already closed. Icahn has the cash he needs to buy the land. Mavis has the cash to buy the operations.... Meanwhile.... shorts are shorting 40%+ of the float hoping for a dividend cut. The cut isn't happening, because the company is being sold...

The public markets are really sleeping on $MNRO as the recent closing of the Pep Boys sale in the private markets provides direct, concrete, and indisputable math on how to value $MNRO publicly. Here's the math: Mavis bought Pep Boys for $875,000 per store while Icahn retained ownership of the real estate. $MNRO is, without question, a better operational business than Pep Boys. If we just use $875k/store; however, we get to $975.6M. Subtract net debt of $320M gets you to a valuation of $655.6M. Just like Pep Boys, $MNRO owns its own real estate on about 290 out of its 1,115 stores. The real estate is very lucrative which is why Icahn wanted to keep it in the deal with Mavis. It's likely that the real estate is valued around $1M per store or $290M. Put it all together.... $MNRO is conservatively valued at $945.6M or $30 per share. The market is SLEEPING. It gets better....

What makes $MNRO even more interesting is that short interest is ~22.5% of shares outstanding and 41% of the float as not only does Icahn have ~32% of shares tied up, but Gabelli (GAMCO) is also involved. This is probably why cost to borrow is so cheap. Shorts are betting on a dividend cut, but completely ignoring the fact that Icahn/Gabelli and others have 40%+ of the shares. Icahn is now flush with cash from the sale of Pep Boys to Mavis. He can either offer similar terms for $MNRO and buy the remaining shares for $25/share and come away with a superior asset vs Pep Boys or he can push for a sale of the entire company at a similar price or even more. Poison pill expires November 6th... going to get interesting. If there ends up being a proxy battle then all of these shares would have to be called back which would significantly increase short borrowing costs....

Wrote about this one recently and own some $MNRO shares + calls... Would be surprised if this isn't sold within next 12 months...

Local oil change companies using vendors like Halron which get their supply from Shell are running out of OW-20 (includes Walmart / CostCo). Huge benefit to $MNRO who sources directly from Valvoline through an exclusive retail partnership. Soon places like TiresPlus, etc will have to implement massive price hikes that will drive market share for $MNRO. Really interesting situation especially since Ichan has economic interest of 33% in the company (16% share ownership / 16% swap agreement) and recently sold the inferior Pep Boys for a valuation that would price $MNRO at $25+. Now that Pep Boys has closed - wouldn't be surprised to see $MNRO get an offer very soon especially given their prime opportunity to take advantage of coming motor oil shortage.

ICYMI over the weekend: Thanks to @CAgovernor Newsom's leadership and decisive action on #E15, California is closer than ever to lower gas prices and a cleaner future for families across the state. ethanolrfa.org/media-and-new…

Thanks to Gov. Newsom’s leadership and decisive action on E15, California is closer than ever to lower gas prices and a cleaner future for families across the state. ethanolrfa.org/media-and-new…

Small refiners said SREs would lower fuel prices and stimulate capacity expansion. In reality, the opposite has happened. Gas prices up 36 cpg, diesel up 80 cpg & no new refinery capacity. Want lower fuel prices? More E15 and strong RFS are the answer!

The Trump administration, following up on its efforts to boost domestic biofuels production, is taking the next step to help the industry: targeting policies abroad that limit uptake of fuels made from US crops bloomberg.com/news/articles/…

usda.gov/sites/default/files… $ALTO $GPRE

Today’s passage of the #farmbill by the Senate Agriculture Committee represents an important step toward finally securing nationwide, year-round sales of the lower-cost #E15 #ethanol fuel blend. ethanolrfa.org/media-and-new…

👀Sen. Fetterman positioning himself as a potential swing vote on the floor on farm bill Farmers are “begging” for it “I’ve held the like here as a loyal Democrat. And my vote doesn’t really matter because it’s not anywhere close to 60” “We gotta find a way to pass this thing”

Farm Bill with year-round #E15 advances out of Senate Ag Committee $ALTO $GPRE

Sen. John Boozman just told me he expects the farm bill to advance out of committee this week with McConnell likely back on Wednesday

Another 10,000 share buy from the $ALTO Chairman 👀 sec.gov/Archives/edgar/data/…

News - Sen. Mitch McConnell’s staff have told senior Senate Republicans he will be back at the Capitol this week — by Senate Ag’s Wednesday meeting to advance the farm bill, per three people There’s been no official announcement from McConnell’s office. politico.com/news/2026/09/14…

RFA’s Geoff Cooper in Ethanol Producer magazine: For both American consumers and fuel suppliers, now is the time for Congress to pass legislation unleashing E15. ethanolproducer.com/articles…