Toms River, NJ, 24th June 2025, ZEX PR WIRE, Judah Spinner, Founder and Chief Investment Officer of BlackBird Financial LP, has disclosed a significant stake in Natural Alternatives International, Inc. (NASDAQ: NAII), and is calling on the company’s leadership to stop destroying shareholder value and start acting like fiduciaries.
“NAII sits on over $80 million in tangible equity, yet year after year, management has failed to deliver anything remotely resembling an acceptable return for shareholders,” Spinner said. “Instead of aggressively returning capital to shareholders, management has spent years retaining and redeploying shareholder funds to expand a low-margin, commodity-type operation, including the ill-advised purchase of a new facility. The result? The stock trades at just a quarter of book value. That’s not good stewardship—that’s a textbook case of shareholder neglect.”
Spinner, known for his Graham-and-Dodd investment approach and no-nonsense style, said BlackBird Financial is pushing for major changes, including the possibility of a full-scale liquidation.
“When a company consistently fails to earn an acceptable return on capital, the free market is signaling that the resources tied up in that business could be far better deployed elsewhere. It’s time for NAI to start winding things down. Redeploy the capital. Return it to shareholders. That’s how capitalism is supposed to work.”
Strategic Realignment: Shrink to Unlock Value
Based in Carlsbad, California, Natural Alternatives International operates manufacturing facilities across the U.S., Switzerland, and Japan. Spinner says the company is sitting on valuable real estate and underutilized assets that could—and should—be monetized.
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Monetize Underutilized Assets: The company’s Carlsbad and Vista facilities are worth north of $30 million combined. They should be sold to unlock capital that is currently underutilized and generating suboptimal returns for shareholders.
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Improve Profitability or Exit the Business: If management cannot chart a credible path to materially higher returns on capital, the only responsible course is to pursue an full-scale, orderly, liquidation and return the proceeds to shareholders. Continuing to operate without generating acceptable returns would constitute a fundamental breach of the board’s fiduciary duty.
“It’s time to start acting like true stewards of shareholder capital,” Spinner said. “Continuing to operate a business that fails to generate acceptable returns is a disservice to the very people you’re entrusted to serve. If management and the board intend to honor their fiduciary duty, the path forward is clear: liquidate the assets and return the capital to shareholders” Spinner said.
Board Refresh and Shareholder Representation
BlackBird Financial intends to nominate independent directors with relevant experience to NAII’s board. These nominees will support a comprehensive review of operations and explore all strategic alternatives—including liquidation—if that’s what delivers the best outcome for shareholders.
“We’re not looking for a fight. We’re looking for accountability,” Spinner added. “This board needs to start living up to their obligations. We will work constructively with management—but we won’t sit back while shareholder’s capital is squandered.”
Next Steps and SEC Disclosure
If Spinner’s stake crosses the 5% threshold, BlackBird Financial LP will file a Schedule 13D with the Securities and Exchange Commission to outline its strategic intentions in greater detail.
About Judah Spinner and BlackBird Financial LP
Judah Spinner is the Founder and Chief Investment Officer of BlackBird Financial LP, a value-oriented hedge fund based in Toms River, New Jersey. Under his leadership, BlackBird has delivered exceptional returns, with year-to-date performance in 2025 exceeding 35%, dramatically outperforming the S&P 500’s 3%.
Spinner is a Chartered Financial Analyst (CFA), having passed all three levels on his first attempt—a distinction earned by only a small percentage of candidates. He also holds the Financial Modeling & Valuation Analyst (FMVA) certification.
Spinner’s life reflects both discipline and adventure. He earned his FAA private pilot license in just 30 days and named his firm after the SR-71 Blackbird, the legendary reconnaissance jet. A passionate traveler and car enthusiast, he has visited all 50 U.S. states and collects both exotic and classic automobiles.
Beyond finance, Spinner is deeply committed to charitable and community work. He supports a wide range of organizations, including Yeshiva Day School of Las Vegas, Las Vegas Community Kollel, American Friends of Lubavitch in Washington D.C., YJP Las Vegas, RCCS, Yeshiva Heichal Hatalmud, among others. He also serves as a mentor with Big Brother Big Sister.
About Natural Alternatives International, Inc.
Founded in 1980, Natural Alternatives International, Inc. (NAI) is a contract manufacturer of premium nutritional supplements with operations in North America, Europe, and Asia. The company partners with globally recognized health brands to produce science-backed vitamins, minerals, and performance supplements in GMP-certified facilities.
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