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Laughing Water Capital highlights NextNav amid FCC 5G spectrum delay
In its Q2 2026 investor letter, the fund cited progress on NextNav’s balance sheet, including a SPAC warrant call and a conversion of convertible debt into equity.
Laughing Water Capital said its Q2 2026 portfolio was among its strongest periods, reporting Class A investment returns of about 39.8% net of fees and expenses and about 33.6% year to date, according to the firm’s second-quarter investor letter published by Yahoo Finance.
The letter also pointed to NextNav Inc. as a key holding, describing the company as a provider of positioning, navigation, and timing solutions, including Pinnacle, an altitude service aimed at public safety use.
In the update, Laughing Water Capital said NextNav remains in limbo while it awaits a Federal Communications Commission Notice of Proposed Rule Making that would allow Nextnav to use its wireless spectrum for 5G communication, a delay the firm said can pressure the stock near term due to hedging and arbitrage dynamics.
The letter added that NextNav made progress cleaning up its balance sheet during the quarter, with SPAC warrants called and convertible debt converted to equity. Yahoo Finance also reported NextNav closed at $15.30 per share on July 14, 2026, giving it a market capitalization of about $2.09 billion.