Acacia Research (ACTG $32.00) sold 5.0 million new common shares in a public offering. The deal was completed in a single day after it was announced. Acacia received $31.50 a share, less expenses, netting the company approximately $150 million in fresh capital. An additional 750,000 shares could be sold if the underwriter exercises its over-allotment option. Acacia historically has earned a superior rate of return on capital. If it keeps it up income promises to benefit by $.50 a share or more once the capital is deployed, even allowing for the dilution caused by the new shares. Separately, Q1 results are likely to be robust. Our fully year earnings estimate likely will be realized despite the extra shares, as well. We'll issue a more detailed financial outlook after Q1 results are issued and the over-allotment option is settled.