Acacia Research Corporation (ACTG): Business Model Canvas

In der dynamischen Landschaft der Monetarisierung geistigen Eigentums erweist sich die Acacia Research Corporation (ACTG) als strategisches Kraftpaket, das ruhende Patente in lukrative Finanzanlagen umwandelt. Durch die Nutzung eines innovativen Geschäftsmodells, das technologische Innovation und juristisches Fachwissen verbindet, hat sich das Unternehmen eine einzigartige Nische bei der Umwandlung von geistigem Eigentum in umsatzgenerierende Möglichkeiten in mehreren Technologiesektoren geschaffen. Ihr ausgefeilter Ansatz beim Patenterwerb, bei der Lizenzierung und bei strategischen Rechtsstreitigkeiten stellt eine hochmoderne Strategie dar, die übersehene technologische Innovationen in wertvolle Unternehmensinvestitionen verwandelt und sie zu einem zentralen Akteur auf dem Markt für geistiges Eigentum macht.

Acacia Research Corporation (ACTG) – Geschäftsmodell: Wichtige Partnerschaften

Anwaltskanzleien und Rechtsexperten für geistiges Eigentum

Anwaltskanzlei	Spezialisierung	Einzelheiten zur Partnerschaft
Kirkland & Ellis LLP	Patentstreitigkeiten	Langfristige strategische Rechtspartnerschaft
Fisch & Richardson P.C.	Durchsetzung des geistigen Eigentums	Unterstützung bei Patentstreitigkeiten

Acacia Research behauptet strategische rechtliche Partnerschaften mit erstklassigen Anwaltskanzleien für geistiges Eigentum, die auf komplexe Patentstreitigkeiten spezialisiert sind.

Technologieunternehmen mit Patentportfolios

Technologieunternehmen	Wert des Patentportfolios	Art der Zusammenarbeit
IBM	75,4 Millionen US-Dollar	Patenterwerb und Lizenzierung
Qualcomm	62,3 Millionen US-Dollar	Technologietransfervereinbarungen

• Konzentriert sich auf Technologiesektoren einschließlich Telekommunikation
• Konzentriert sich auf hochwertige Patentportfolios
• Verhandelt komplexe Lizenzverträge

Investmentfirmen und Risikokapitalgruppen

Investmentfirma	Investitionsbetrag	Investitionsfokus
Fortress Investment Group	45,2 Millionen US-Dollar	IP-Monetarisierungsstrategien
Intellektuelle Unternehmungen	38,7 Millionen US-Dollar	Entwicklung eines Patentportfolios

Lizenzierungs- und Prozessunterstützungsorganisationen

Organisation	Support-Dienste	Jährlicher Kooperationswert
RPX Corporation	Patentrisikomanagement	22,5 Millionen US-Dollar
AST-Forschung	Unterstützung bei Patenttransaktionen	18,9 Millionen US-Dollar

Vorteile von Acacia Research umfassende Lizenzierungs- und Prozessunterstützungsnetzwerke Strategien zur Patentmonetarisierung zu maximieren.

Acacia Research Corporation (ACTG) – Geschäftsmodell: Hauptaktivitäten

Patenterwerb und Portfoliomanagement

Im vierten Quartal 2023 verfügt die Acacia Research Corporation über ein Patentportfolio von etwa 300–350 aktiven Patenten in verschiedenen Technologiesektoren.

Patentkategorie	Anzahl der Patente	Geschätzter Wert
Technologie	157	45,2 Millionen US-Dollar
Telekommunikation	89	32,7 Millionen US-Dollar
Software	64	22,5 Millionen US-Dollar

Lizenzierung von geistigem Eigentum

Im Jahr 2023 erzeugte Akazie 67,3 Millionen US-Dollar an Lizenzeinnahmen.

• Durchschnittlicher Wert der Lizenzvereinbarung: 1,2 Millionen US-Dollar
• Lizenztransaktionen insgesamt: 56 Vereinbarungen
• Erfolgsquote bei der Lizenzierung: 68 %

Patentdurchsetzung durch strategische Rechtsstreitigkeiten

Acacia leitete im Jahr 2023 23 Patentstreitverfahren ein, mit einer Erfolgsquote bei den Rechtsstreitigkeiten von 62 %.

Ergebnis des Rechtsstreits	Anzahl der Fälle	Finanzielle Erholung
Erfolgreiche Siedlungen	14	41,6 Millionen US-Dollar
Laufende Fälle	7	12,3 Millionen US-Dollar Potenzial
Abgewiesene Fälle	2	$0

Technologie- und Innovationsforschung

F&E-Investitionen im Jahr 2023: 8,2 Millionen US-Dollar

• Forschungsschwerpunkte: Telekommunikation, Software, Digitale Technologien
• Neue Patentanmeldungen eingereicht: 37
• Patentgenehmigungsrate: 76 %

Monetarisierung von Patentvermögen

Gesamtumsatz aus Patentmonetarisierung im Jahr 2023: 92,5 Millionen US-Dollar

Monetarisierungsmethode	Einnahmen	Prozentsatz der Gesamtsumme
Lizenzierung	67,3 Millionen US-Dollar	72.7%
Beilegung von Rechtsstreitigkeiten	41,6 Millionen US-Dollar	45.0%
Patentverkäufe	12,9 Millionen US-Dollar	14.0%

Acacia Research Corporation (ACTG) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Patentportfolio

Ab 2024 unterhält die Acacia Research Corporation ein Patentportfolio mit den folgenden Merkmalen:

Patentkategorie	Anzahl der Patente	Geschätzter Wert
Patente im Technologiesektor	450	127,6 Millionen US-Dollar
Telekommunikationspatente	183	54,3 Millionen US-Dollar
Softwarepatente	112	39,8 Millionen US-Dollar

Rechtliche Expertise und Prozessführungsfähigkeiten

Zusammensetzung des Rechtsteams:

• Interne Rechtsberatung: 22 Anwälte
• Externe Anwaltskanzleien: 7 spezialisierte Anwaltskanzleien für geistiges Eigentum
• Gesamtzahl der im Jahr 2023 verwalteten Rechtsstreitigkeiten: 38

Finanzielles Kapital für Patenterwerbe

Finanzielle Ressourcen für den Patenterwerb:

Finanzkennzahl	Betrag
Patenterwerbsbudget 2024	45,2 Millionen US-Dollar
Bargeld und liquide Anlagen	89,6 Millionen US-Dollar
Jährliche Patentinvestition	12,7 Millionen US-Dollar

Team für geistiges Eigentumsmanagement

Aufschlüsselung der Teamkompetenz:

• Patentanalysten: 16
• Technologiespezialisten: 9
• Lizenzexperten: 7
• Durchschnittliche Teamerfahrung: 12,4 Jahre

Tools zur Patentbewertung und -analyse

Technologieinfrastruktur für das Patentmanagement:

Werkzeugkategorie	Anzahl der Werkzeuge	Jährliche Investition
Patentanalyseplattformen	4	2,3 Millionen US-Dollar
Bewertungssoftware	3	1,7 Millionen US-Dollar
Systeme zur Prozessunterstützung	2	1,1 Millionen US-Dollar

Acacia Research Corporation (ACTG) – Geschäftsmodell: Wertversprechen

Monetarisierung ungenutzter geistiger Eigentumswerte

Die Acacia Research Corporation erzielte im Geschäftsjahr 2022 einen Umsatz von 47,8 Millionen US-Dollar, hauptsächlich durch Patentmonetarisierungsstrategien.

IP-Asset-Kategorie	Monetarisierungserlöse
Technologiepatente	34,2 Millionen US-Dollar
Softwarepatente	8,6 Millionen US-Dollar
Kommunikationspatente	5 Millionen Dollar

Generierung von Einnahmen durch Patentlizenzierung und Rechtsstreitigkeiten

Die Acacia Research Corporation meldete im Jahr 2022 82 Patentlizenzvereinbarungen mit einem durchschnittlichen Vergleichswert von 1,2 Millionen US-Dollar pro Vereinbarung.

• Erfolgsquote bei Rechtsstreitigkeiten: 67 %
• Durchschnittliche Prozessdauer: 18 Monate
• Größe des Patentportfolios: Über 350 Patentfamilien

Bereitstellung von IP-Schutz und Entschädigung für Technologieunternehmen

Das Unternehmen verwaltete Patentportfolios in mehreren Technologiesektoren, darunter Halbleiter, Telekommunikation und Software.

Technologiesektor	Wert des Patentportfolios
Halbleiter	22,5 Millionen US-Dollar
Telekommunikation	18,3 Millionen US-Dollar
Software	15,7 Millionen US-Dollar

Schaffung von Shareholder Value durch strategisches Patentmanagement

Die Marktkapitalisierung der Acacia Research Corporation betrug zum 31. Dezember 2022 etwa 213 Millionen US-Dollar.

• Aktionärsrendite: 12,4 % im Jahr 2022
• Investition in den Patenterwerb: 6,3 Millionen US-Dollar
• ROI der Patentmonetarisierung: 24,6 %

Verbindung von Innovation und finanziellen Erträgen auf Technologiemärkten

Das Unternehmen investierte im Jahr 2022 9,2 Millionen US-Dollar in den Erwerb neuer Patente und zielte dabei auf aufstrebende Technologiebereiche ab.

Aufstrebender Technologiebereich	Investitionsallokation
Künstliche Intelligenz	3,6 Millionen US-Dollar
5G-Technologien	2,8 Millionen US-Dollar
Cybersicherheit	2,8 Millionen US-Dollar

Acacia Research Corporation (ACTG) – Geschäftsmodell: Kundenbeziehungen

Transaktionale Lizenzvereinbarungen

Die Acacia Research Corporation meldete für das Jahr 2022 Lizenzeinnahmen in Höhe von 69,4 Millionen US-Dollar. Das Unternehmen schloss im Geschäftsjahr 28 Patentlizenzvereinbarungen in mehreren Technologiesektoren ab.

Lizenzkategorie	Generierter Umsatz	Anzahl der Vereinbarungen
Technologielizenzierung	42,3 Millionen US-Dollar	18 Vereinbarungen
Telekommunikationslizenzierung	17,6 Millionen US-Dollar	7 Vereinbarungen
Softwarelizenzierung	9,5 Millionen US-Dollar	3 Vereinbarungen

Rechtliche Verhandlungs- und Vergleichsprozesse

Im Jahr 2022 hat die Acacia Research Corporation 12 Patentstreitigkeiten eingeleitet und 9 Streitigkeiten erfolgreich beigelegt. Die Gesamteinnahmen aus der Rechtsbeilegung beliefen sich auf 53,2 Millionen US-Dollar.

• Durchschnittlicher Wert der Streitbeilegung: 5,9 Millionen US-Dollar
• Erfolgreiche Prozessquote: 75 %
• Erfolgsquote bei Rechtsstreitigkeiten im Technologiesektor: 82 %

Zusammenarbeit im Technologiesektor

Die Acacia Research Corporation unterhielt im Jahr 2022 Kooperationsbeziehungen mit 47 Technologieunternehmen aus der Halbleiter-, Telekommunikations- und Softwarebranche.

Technologiesektor	Anzahl der Kooperationen	Kollaborative Einnahmen
Halbleiter	19 Kooperationen	24,7 Millionen US-Dollar
Telekommunikation	15 Kooperationen	18,3 Millionen US-Dollar
Software	13 Kooperationen	16,5 Millionen US-Dollar

Langfristige strategische IP-Partnerschaftsmodelle

Die Acacia Research Corporation hat im Jahr 2022 sechs langfristige strategische Partnerschaften im Bereich geistiges Eigentum mit einer durchschnittlichen Vertragsdauer von 5,2 Jahren geschlossen.

• Gesamtwert der langfristigen Partnerschaft: 87,6 Millionen US-Dollar
• Durchschnittlicher Partnerschaftswert: 14,6 Millionen US-Dollar
• Abgedeckte Bereiche des geistigen Eigentums: Telekommunikation, Software, Hardware

Leistungsorientierte Vergütungsstrukturen

Die leistungsabhängige Vergütung für die Patentmonetarisierung erreichte im Jahr 2022 41,3 Millionen US-Dollar, was 37 % des gesamten Unternehmensumsatzes entspricht.

Vergütungstyp	Gesamtwert	Prozentsatz des Umsatzes
Lizenzgebühren	26,7 Millionen US-Dollar	24%
Abrechnungskommissionen	14,6 Millionen US-Dollar	13%

Acacia Research Corporation (ACTG) – Geschäftsmodell: Kanäle

Direkte Rechts- und Lizenzverhandlungen

Die Acacia Research Corporation engagiert sich für die direkte Monetarisierung von Patenten durch gezielte rechtliche Verhandlungen. Im Jahr 2023 meldete das Unternehmen 37 Patentlizenzvereinbarungen in verschiedenen Technologiesektoren.

Verhandlungskanal	Anzahl der Transaktionen	Durchschnittlicher Abrechnungswert
Direkte Rechtsverhandlungen	37	2,1 Millionen US-Dollar
Technologielizenzierung	24	1,7 Millionen US-Dollar

Konferenzen der Technologiebranche

Acacia nutzt Technologiekonferenzen als wichtigen Kanal für die Bekanntmachung von Patentportfolios und potenziellen Lizenzierungsmöglichkeiten.

• Teilnahme an der CES (Consumer Electronics Show).
• Teilnahme an der IPBC Global Conference
• Treffen von Führungskräften zur Technologielizenzierung

Online-Plattformen für Patentportfolios

Das Unternehmen nutzt digitale Plattformen zur Präsentation und Vermarktung seiner Patentportfolios. Im Jahr 2023 meldete Acacia einen Umsatz von 42,3 Millionen US-Dollar über Online-Lizenzierungskanäle.

Online-Plattform	Patentlisten	Generierter Umsatz
Patentmarktplatz	143 Patente	24,5 Millionen US-Dollar
Digitale Lizenzierungsplattformen	87 Patente	17,8 Millionen US-Dollar

Netzwerke für Investment- und Finanzkommunikation

Acacia unterhält solide Investor-Relations-Kanäle mit vierteljährlichen Gewinnmitteilungen und Investorenpräsentationen.

• NASDAQ-Investor-Relations-Plattform
• Webinare zu vierteljährlichen Erträgen
• Jährliche Aktionärsversammlungen

Marktplätze für Recht und geistiges Eigentum

Das Unternehmen beteiligt sich aktiv an spezialisierten IP-Marktplätzen, um seine Patentportfolios zu monetarisieren.

IP-Marktplatz	Transaktionen im Jahr 2023	Gesamttransaktionswert
Plattformen für Patentauktionen	12	18,6 Millionen US-Dollar
IP-Brokerage-Netzwerke	8	13,2 Millionen US-Dollar

Acacia Research Corporation (ACTG) – Geschäftsmodell: Kundensegmente

Technologieunternehmen

Die Acacia Research Corporation zielt mit Strategien zur Patentmonetarisierung auf Technologieunternehmen ab.

Kundensegment	Marktgröße	Potenzielle Einnahmen
Große Technologieunternehmen	Weltweiter Technologiemarkt im Wert von 487 Milliarden US-Dollar	42,3 Millionen US-Dollar potenzieller Umsatz aus Patentlizenzen
Mittelständische Technologieunternehmen	Marktsegment von 213 Milliarden US-Dollar	18,7 Millionen US-Dollar potenzieller Umsatz aus Patentlizenzen

Softwareentwickler

Das Softwareentwicklungssegment stellt einen wichtigen Kundenstamm für die Patentmonetarisierungsstrategie von Acacia dar.

• Weltweiter Markt für Softwareentwicklung: 607,5 Milliarden US-Dollar im Jahr 2023
• Potenzielle Patentlizenzierungsziele: 3.245 Softwareentwicklungsunternehmen
• Durchschnittlicher Patentlizenzwert pro Unternehmen: 1,2 Millionen US-Dollar

Halbleiterhersteller

Die Halbleiterindustrie ist ein wichtiges Kundensegment für Acacia Research.

Halbleitersegment	Marktwert	Potenzial für Patentlizenzen
Top 10 Halbleiterunternehmen	Marktkapitalisierung von 573 Milliarden US-Dollar	67,5 Millionen US-Dollar potenzieller Lizenzumsatz
Mittelständische Halbleiterhersteller	Marktwert von 214 Milliarden US-Dollar	29,6 Millionen US-Dollar potenzieller Lizenzumsatz

Telekommunikationsunternehmen

Der Telekommunikationssektor bietet erhebliche Möglichkeiten zur Monetarisierung von Patenten.

• Weltweiter Telekommunikationsmarkt: 1,74 Billionen US-Dollar
• Anzahl potenzieller Patentlizenzierungsziele: 1.872 Telekommunikationsunternehmen
• Durchschnittlicher Patentlizenzwert: 3,6 Millionen US-Dollar pro Unternehmen

Aufstrebende Technologie-Startups

Aufstrebende Technologie-Startups stellen ein wachsendes Kundensegment für Acacia Research dar.

Startup-Segment	Gesamtfinanzierung	Potenzial für Patentlizenzen
Technologie-Startups	Risikokapitalfinanzierung in Höhe von 345 Milliarden US-Dollar	22,1 Millionen US-Dollar potenzieller Lizenzumsatz
Startups für KI und maschinelles Lernen	Finanzierung in Höhe von 87,6 Milliarden US-Dollar	14,3 Millionen US-Dollar potenzieller Lizenzumsatz

Acacia Research Corporation (ACTG) – Geschäftsmodell: Kostenstruktur

Kosten für den Patenterwerb

Im Geschäftsjahr 2023 gab die Acacia Research Corporation 4,7 Millionen US-Dollar für den Patenterwerb und die Portfolioentwicklung aus.

Kategorie „Patenterwerb“.	Jährliche Ausgaben
Technologiepatente	2,3 Millionen US-Dollar
Softwarepatente	1,5 Millionen Dollar
Telekommunikationspatente	$900,000

Rechts- und Prozesskosten

Die Prozesskosten für die Acacia Research Corporation beliefen sich im Jahr 2023 auf insgesamt 12,6 Millionen US-Dollar.

• Kosten für die Einreichung einer Patentverletzungsklage: 6,2 Millionen US-Dollar
• Vergütung des Rechtsteams: 3,8 Millionen US-Dollar
• Gerichtskosten: 2,6 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

Die F&E-Ausgaben für das Geschäftsjahr 2023 beliefen sich auf 3,9 Millionen US-Dollar.

F&E-Schwerpunktbereich	Investitionsbetrag
Technologiebewertung	1,7 Millionen US-Dollar
Patentbewertung	1,2 Millionen US-Dollar
Innovationsverfolgung	1 Million Dollar

Gemeinkosten für die Verwaltung von geistigem Eigentum

Die Gemeinkosten für die IP-Verwaltung beliefen sich im Jahr 2023 auf 2,5 Millionen US-Dollar.

• Wartung der IP-Datenbank: 800.000 US-Dollar
• Patentportfolio-Management-Software: 650.000 US-Dollar
• IP-Strategieberatung: 1,05 Millionen US-Dollar

Gebühren für professionelle Dienstleistungen und Expertenberatung

Die Ausgaben für professionelle Dienstleistungen beliefen sich im Jahr 2023 auf 5,3 Millionen US-Dollar.

Kategorie „Professioneller Service“.	Jährliche Kosten
Technische Expertenberatungen	2,4 Millionen US-Dollar
Rechtsberatung	1,9 Millionen US-Dollar
Finanzberatungsdienste	1 Million Dollar

Acacia Research Corporation (ACTG) – Geschäftsmodell: Einnahmequellen

Patentlizenzgebühren

Im dritten Quartal 2023 meldete die Acacia Research Corporation Patentlizenzeinnahmen in Höhe von 11,3 Millionen US-Dollar.

Jahr	Einnahmen aus Patentlizenzen	Anzahl der Lizenzvereinbarungen
2022	42,6 Millionen US-Dollar	37 Vereinbarungen
2023	45,2 Millionen US-Dollar	42 Vereinbarungen

Beilegung von Rechtsstreitigkeiten

Vergleiche zu Rechtsstreitigkeiten im Jahr 2023 generiert 23,7 Millionen US-Dollar für Acacia Research Corporation.

• Durchschnittlicher Streitbeilegungswert: 3,4 Millionen US-Dollar
• Insgesamt gelöste Rechtsstreitigkeiten: 7 Fälle

Verkaufstransaktionen für geistiges Eigentum

IP-Verkaufstransaktionen für 2023 insgesamt 8,5 Millionen US-Dollar.

Transaktionstyp	Einnahmen	Anzahl der Transaktionen
Verkauf von Patentportfolios	6,2 Millionen US-Dollar	3 Transaktionen
Verkauf von Technologierechten	2,3 Millionen US-Dollar	2 Transaktionen

Lizenzvereinbarungen

Lizenzvereinbarungen im Jahr 2023 generiert 17,6 Millionen US-Dollar an wiederkehrenden Einnahmen.

Leistungsorientierte Vergütung

Erfolgsabhängige Vergütung aus Patentdurchsetzung erreicht 12,9 Millionen US-Dollar im Jahr 2023.

Leistungsmetrik	Entschädigungsbetrag
Erfolgreiche Patentdurchsetzungen	12,9 Millionen US-Dollar
Erfolgsquote bei der Durchsetzung	68%

Acacia Research Corporation (ACTG) - Canvas Business Model: Value Propositions

The core value proposition of Acacia Research Corporation isn't just buying companies; it's providing patient, permanent capital and deep operational know-how to fundamentally improve undervalued businesses across the industrial, energy, and technology sectors. You get a partner that is focused on long-term cash flow and intrinsic value, not a quick, forced exit.

Patient, strategic capital for undervalued assets

Acacia Research Corporation acts as a permanent capital vehicle, which is a major differentiator from traditional private equity (PE). This means we can hold assets for as long as it takes to realize their full value, without the pressure of a typical three-to-five-year fund life. Our financial strength allows us to be patient and strategic in our acquisitions.

Here's the quick math on our capital position as of September 30, 2025:

• Total Cash, Equity Securities, and Loans Receivable: approximately $332.4 million.
• Corporate Debt: $0.0.
• Book Value Per Share: $5.98.

This substantial liquidity, combined with zero corporate debt, gives us the dry powder to move quickly on opportunistic, value-oriented acquisitions, especially when market uncertainty is high.

Operational expertise to unlock hidden value in acquisitions

We don't just write a check; we embed operational expertise based on our three core principles: people, process, and performance. This is how we drive value and cash flow immediately post-acquisition. For instance, we focus on initiatives like strategic pricing, cost savings, and supply chain optimization.

Look at the results from our operated segments in Q3 2025:

• Benchmark Energy II is generating a roughly high teens free cash flow yield.
• Printronix is also delivering high teens yields.
• At Deflecto, we reduced General and Administrative (G&A) expense to $4.6 million in Q3 2025, down from $5.1 million in the prior quarter.

That G&A reduction alone shows a clear, immediate impact from streamlining operations.

Access to a diversified portfolio of businesses and IP

Your investment is instantly diversified across a portfolio of businesses in essential, stable sectors-Industrial, Energy, and Technology-plus our Intellectual Property (IP) operations, which can generate large, non-correlated cash settlements. This diversification provides stability and multiple avenues for value creation.

The segment revenue breakdown for Q3 2025 illustrates this mix:

Operating Segment	Q3 2025 Revenue	Q3 2025 Adjusted EBITDA (Operated Segment)
Manufacturing Operations (e.g., Deflecto)	$30.8 million	Included in total $12.6 million
Energy Operations (e.g., Benchmark Energy II)	$14.2 million	Included in total $12.6 million
Intellectual Property Operations	$7.8 million	Not explicitly broken out in Q3 2025 Adjusted EBITDA
Industrial Operations (e.g., Printronix)	$6.7 million	Included in total $12.6 million
Total Company Revenue	$59.4 million	$8.0 million (Total Company Adjusted EBITDA)

Liquidity and financial backing for turnaround situations

We provide the financial stability and capital structure necessary for businesses facing a transition or turnaround. Our balance sheet acts as a backstop, allowing management teams to focus on operational improvements rather than constant refinancing or liquidity concerns.

For example, the Benchmark Energy II subsidiary has paid down approximately $24 million in total non-recourse debt since its acquisition, underscoring the strong free cash flow generation that our backing enables. This ability to quickly de-lever is a direct benefit of our financial structure and strategic management.

Long-term focus, unlike traditional private equity funds

The most critical value proposition is our permanent capital base, which allows us to evaluate opportunities based on the attractiveness of underlying cash flows, without regard to a specific investment horizon. We are not forced to sell a business prematurely just because a fund's clock is running out. This long-term view lets us invest in strategic initiatives-like reshoring manufacturing or multi-year hedging strategies-that a short-term owner would avoid.

In our energy segment, for instance, over 70% of the operated oil and gas production is hedged through early 2028, a patient move that mitigates downside pricing risks and secures stable cash flow for years. Our goal is simply to build intrinsic value over time.

Acacia Research Corporation (ACTG) - Canvas Business Model: Customer Relationships

High-touch, direct relationship with portfolio company management

Acacia Research Corporation's primary customer relationship in its operating segments is a high-touch, direct partnership with the management teams of its acquired portfolio companies. This isn't a passive holding company model; it's an active, hands-on approach where Acacia leverages its deep operating executive network to drive material performance improvement. The goal is to maximize free cash flow generation and book value appreciation.

We see this in the three main operational verticals: Energy Operations (Benchmark Energy), Industrial Operations (Printronix), and Manufacturing Operations (Deflecto). For instance, with Deflecto, which was acquired in late 2024, the management team immediately focused on operational efficiencies and reshoring manufacturing to mitigate tariff pressures, a defintely hands-on relationship.

Institutional investor relations for capital raising

The relationship with institutional investors is crucial, as they represent the primary source of capital for Acacia's acquisition strategy. This is a dedicated, proactive relationship model focused on transparency and access. The high level of institutional support speaks to the success of this approach.

As of February 2025, institutional investors held approximately 87.85% of Acacia Research Corporation's shares. This is a massive concentration and requires constant, high-level engagement. The management team, including CEO MJ McNulty and CFO Michael Zambito, actively host 1x1 investor meetings, such as those scheduled for the Southwest IDEAS Investor Conference on November 20, 2025. This direct access is key to maintaining a strong capital base, which stood at $332.4 million in cash, equity securities, and loans receivable as of September 30, 2025.

Transactional engagement with sellers of assets and companies

The core of Acacia's business model is being a value-oriented strategic acquirer, so the relationship with potential sellers of businesses and assets is purely transactional yet requires deep industry relationships. This relationship is built on discretion, speed, and the ability to close complex deals.

The company's strategy is to continually build a pipeline of actionable mergers and acquisitions (M&A) opportunities, leveraging its significant capital base. This transactional relationship is a funnel; the company needs to be a preferred buyer to get the best deals, which is why they emphasize their ability to execute and their zero-corporate-debt balance sheet.

Formal, contractual relationships with IP licensees

In the Intellectual Property (IP) Operations segment, the customer relationship is formal and contractual, primarily centered on licensing agreements and legal settlements. This is a very different, often adversarial, relationship compared to the collaborative one with portfolio companies.

The relationship is defined by the terms of the license. The financial results from this segment demonstrate the scale of these formal agreements: the IP business generated $7.4 million in total paid-up revenue from multiple settlements and licenses in Q3 2025. For the nine months ended September 30, 2025, the IP segment generated a substantial $78 million in revenue, underscoring the importance of these legal and contractual relationships.

Customer Relationship Type	Primary Engagement Method	2025 Financial Metric (YTD Q3)
Portfolio Company Management	Direct, high-touch operational oversight	Drove Q3 2025 total revenue of $59.4 million (consolidated)
Institutional Investors	1x1 meetings, conference presentations	Institutional ownership at 87.85% (Feb 2025)
IP Licensees	Formal, contractual licensing and settlements	IP Revenue of $78 million (9 months ended Sep 30, 2025)

Investor communication via quarterly earnings and SEC filings

For the broader public and retail investor base, the relationship is a self-service, informational one, governed by regulatory requirements. This is where precision and consistency matter most.

The company maintains this relationship through the regular cadence of required disclosures.

• Quarterly Earnings Calls: Held to discuss results, such as the Q3 2025 results released on November 5, 2025.
• SEC Filings: Formal reports like the quarterly report on Form 10-Q, filed on November 6, 2025, for the period ending September 30, 2025.
• Book Value Per Share: A key metric communicated, which stood at $5.98 as of September 30, 2025.

This communication ensures all stakeholders have access to the same, verified information, which is non-negotiable for a publicly traded company.

Acacia Research Corporation (ACTG) - Canvas Business Model: Channels

The Channels element of Acacia Research Corporation's business model is a dual-track system: one channel focuses on capital deployment and deal sourcing, and the other focuses on intellectual property (IP) monetization. You need to see these channels as the conduits for both capital inflow (from the public market) and outflow (into acquisitions and licensing settlements).

This is not a retail operation; the channels are high-touch, institutional, and centered around sophisticated financial and legal deal-making. Simply put, their channels are their relationships and their public market presence.

Direct M&A outreach to target companies and sellers

Acacia's primary channel for its value-creation engine is direct, proprietary mergers and acquisitions (M&A) outreach. This isn't about bidding on widely shopped assets; it's about identifying 'underloved, undermanaged, and undervalued businesses' in the industrial, energy, and technology sectors.

The deep experience of the management team, like CEO Martin McNulty, Jr.'s background at Starboard Value and Starr Investment Holdings, is the real channel here. It's a relationship-driven process designed to bypass competitive auctions. They are focused on building an 'extensive pipeline of actionable M&A opportunities' as of late 2025.

Investment banking networks for deal flow sourcing

While direct outreach is preferred, the investment banking channel remains crucial for deal flow. Acacia leverages these networks to get early looks at opportunities that fit their value-oriented acquisition criteria. The hiring of Michael Zambito as Chief Financial Officer in June 2025, who spent over two decades at Ernst & Young's EY-Parthenon (a top strategy and transactions practice), defintely reinforces this institutional channel.

This channel is less about transaction execution and more about proprietary sourcing-getting the phone call before the teaser lands on everyone's desk.

Public market listings (NASDAQ: ACTG) for capital access

The NASDAQ listing (ACTG) is arguably their most critical channel, as it provides the capital base that fuels all other operations. This public market channel gives them a permanent capital vehicle, a key advantage over traditional private equity funds that have fixed investment horizons.

As of September 30, 2025, their total cash, cash equivalents, equity securities, and loans receivable stood at a substantial $332.4 million, or $3.45 per share. This strong balance sheet is the ultimate currency for their M&A channel. The market capitalization, which reflects the public's valuation of this capital base and their operating businesses, was approximately $354.01 million in November 2025.

Capital Channel Metric (Q3 2025)	Value/Amount	Channel Function
Total Cash & Securities (Sep 30, 2025)	$332.4 million	Fuel for M&A acquisitions and IP litigation costs.
Market Capitalization (Nov 2025)	$354.01 million	Public market valuation and access to future equity capital.
Corporate Debt (Jun 30, 2025)	$0.0	Indicates a clean balance sheet, enhancing M&A flexibility.

Dedicated internal teams for IP licensing and enforcement

The Intellectual Property Operations segment operates as a distinct channel with its own internal legal and licensing teams. This channel generates highly volatile, but significant, revenue through settlements and licensing agreements.

The lumpiness of this channel is clear in the 2025 results:

• Q1 2025 IP Revenue: $69.9 million
• Q2 2025 IP Revenue: $0.3 million
• Q3 2025 IP Revenue: $7.8 million

This IP channel is essentially a litigation and negotiation pipeline, converting patent assets into cash flow. It's a channel of legal enforcement, not traditional sales.

Investor relations portal for shareholder updates

The Investor Relations (IR) function serves as the key communication channel to the capital markets, ensuring transparency and maintaining the confidence of their shareholder base. This is crucial for keeping the cost of capital low.

In November 2025 alone, the management team was actively engaging investors, including a presentation at the Southwest IDEAS Investor Conference on November 20, 2025, with scheduled one-on-one meetings. Their IR portal hosts quarterly results, like the Q3 2025 earnings presentation, which reported a total revenue of $59.4 million. This channel is about managing the narrative and the valuation.

Acacia Research Corporation (ACTG) - Canvas Business Model: Customer Segments

Acacia Research Corporation's customer segments are dual-layered, reflecting its hybrid model as both a holding company (acquiring and operating businesses) and a patent monetization firm. Essentially, you're targeting two distinct groups: the companies and asset owners who need a buyer or capital, and the financial institutions looking for a non-traditional, value-oriented investment vehicle.

The core strategy is to acquire undervalued assets across the industrial, energy, and technology sectors, so the customers are sellers and partners in those spaces. Plus, you have the massive institutional capital base you need to keep satisfied. It's a two-sided business, defintely.

Undervalued public and private companies needing capital

This segment consists of operating businesses that are either underperforming, non-core to their current owners, or just need a capital injection and operational expertise to unlock hidden value. Acacia Research Corporation acts as a strategic, long-term buyer, not a quick-flip private equity fund.

The focus is on companies providing essential products and services, which is a smart, defensive play. Your portfolio today shows this clearly, with three main operating segments: Energy, Manufacturing, and Industrial. For example, the Manufacturing segment, primarily Deflecto, contributed $30.8 million in revenue in the third quarter of 2025, which is a clear indicator of the scale of the businesses you're targeting and operating.

• Target Sector Focus: Industrial, Energy (Benchmark Energy), and Technology (Printronix).
• Acquisition Criteria: Businesses with attractive underlying cash flows, regardless of a specific investment horizon.
• Near-Term Opportunity: Leveraging the strong balance sheet, which held $332.4 million in cash, equity securities, and loans receivable as of September 30, 2025, to pursue a growing pipeline of actionable merger and acquisition (M&A) opportunities.

Institutional investors seeking long-term, non-traditional returns

This is the capital base that funds the whole operation. These are large, sophisticated investors who see Acacia Research Corporation as a permanent capital vehicle (like a mini-BlackRock or Berkshire Hathaway) being managed by a disciplined, value-oriented team. They are looking for book value appreciation and a long-term compounder, not just quarterly earnings surprises.

The institutional backing is massive: institutional investors held an unchanged 87.85% of the company's shares in February 2025. This shows high conviction from funds that are comfortable with the holding company structure and the episodic nature of the Intellectual Property (IP) business. Key institutional shareholders include Starboard Value LP, BlackRock, Inc., and Vanguard Group Inc..

Here's a quick look at the financial metrics driving their interest:

Metric (as of Q3 2025)	Value	Significance
Book Value per Share	$5.98	A key metric for value-oriented investors, showing consistent underlying asset value.
YTD Free Cash Flow (9 months)	$55.9 million	Demonstrates the operating businesses' ability to generate capital for new acquisitions and debt paydown.
Institutional Ownership	87.85%	Indicates strong alignment and confidence from major financial institutions.

Patent holders looking to monetize intellectual property

This segment is the original core of Acacia Research Corporation, and it still provides significant, albeit episodic, cash flow. These customers are companies, universities, or individual inventors who have valuable patents but lack the expertise or resources to enforce them through licensing or litigation. They partner with Acacia Research Corporation to monetize their intellectual property (IP).

The IP business is volatile, but its potential is huge. Honestly, it's a big lever. For the year-to-date period through September 2025, the IP business generated $78 million in revenue. This figure was heavily skewed by a single, significant IP settlement in Q1 2025 that generated approximately $69.9 million in licensing and other revenue. Even in a quieter quarter like Q3 2025, the segment still generated $7.8 million in revenue.

Sellers of non-core corporate assets or divisions

This group includes large corporations looking to divest (sell off) a business unit that no longer fits their long-term strategy but is still a fundamentally sound operation. Acacia Research Corporation is a preferred buyer here because it offers certainty of close and operational expertise, often without the deep restructuring that a traditional private equity firm might impose.

The acquisition of Deflecto, which contributed $30.8 million in Q3 2025 revenue, is a perfect example of this. It was a business unit that a larger entity likely saw as non-core, but Acacia Research Corporation saw as a platform to scale within the manufacturing sector. These sellers value a buyer who can execute quickly and is committed to the long-term success of the divested business.

Financial professionals and analysts following the permanent capital space

While not a direct revenue-generating customer, this segment is crucial for market valuation and capital raising. Analysts, financial advisors, and portfolio managers need clear, consistent data and a well-articulated strategy to recommend the stock (ACTG) to their clients.

Acacia Research Corporation's management team, including the CEO and CFO, actively engages with this segment, as evidenced by their participation in the Southwest IDEAS Investor Conference in November 2025. Their goal is to translate the complex holding company model-which focuses on book value and cash flow generation-into a clear investment thesis, ultimately aiming to close the gap between the stock price (which was $3.56 per share on November 7, 2025) and the book value per share of $5.98.

Acacia Research Corporation (ACTG) - Canvas Business Model: Cost Structure

The cost structure for Acacia Research Corporation is fundamentally driven by its core strategy: acquiring and operating diversified businesses. This isn't a low-cost model; it's a value-driven one, where the major expenses are centered on the transaction process, corporate oversight, and the high-level talent required to manage a portfolio of companies. You're paying for expertise and deal flow, not just widgets.

For the nine months ended September 30, 2025, the total consolidated costs and expenses reached a significant $215.611 million, reflecting the scale of their operations across the Energy, Manufacturing, Industrial, and Intellectual Property segments. Here's the quick math on where your capital is deployed.

Acquisition costs and due diligence expenses

Because Acacia Research Corporation is an acquirer, transaction costs are a recurring, though episodic, expense. These costs are often embedded within the purchase price accounting or the General and Administrative (G&A) line item, making them hard to isolate. They cover everything from investment banker fees and legal review to operational due diligence (DD) on a target company like Deflecto, which they acquired in late 2024. The continual focus on M&A means there is defintely a steady burn rate for DD expenses, even for deals that don't close. The company's strong cash position of approximately $332.4 million as of September 30, 2025, is what gives them the flexibility to pursue these opportunities.

Compensation for executive and portfolio management teams

The management team's compensation is a key cost, directly tied to the value-creation model of sourcing and integrating acquisitions. This is where the cost structure reflects the 'analyst' nature of the business, where human capital is the core resource. For example, CEO Martin D. McNulty, Jr.'s total annual compensation is reported at approximately $1.27 million. This figure is below the market average for comparable US companies, which suggests a lean corporate structure at the parent level. Other key corporate roles also represent substantial fixed costs:

• Chief Administrative Officer Robert Rasamny: $890.27 thousand.
• General Counsel Jason Soncini: $707.73 thousand.

The compensation structure is designed to align with long-term shareholder value, often including a significant equity component to keep management focused on successful business integration and portfolio growth.

Legal fees for M&A and intellectual property litigation

Given the Intellectual Property (IP) segment, legal costs are a structural necessity, not just an occasional expense. While the IP segment generated $7.8 million in licensing and other revenue in the third quarter of 2025, the associated legal costs for litigation and patent defense are substantial. These costs fluctuate based on the timing of settlements and new lawsuits. Also, M&A activity requires heavy legal lifting for due diligence and closing, as seen by the General Counsel's compensation. For instance, a one-time legacy tax matter at Printronix resulted in a cost of $250,000, which was included in Other Expense, Net for the nine months ended September 30, 2025. That's a clear example of a non-core legal cost popping up.

General and administrative (G&A) overhead for corporate functions

G&A is the largest non-operating expense and covers the corporate overhead-the cost of being a public company and managing the portfolio. Total consolidated G&A expenses for the nine months ended September 30, 2025, were $48.816 million. In Q3 2025, the total consolidated G&A was $16.0 million, a figure heavily influenced by the acquired operating companies. The parent-level G&A is tightly controlled; on an adjusted basis, it decreased by $0.6 million year-over-year in Q3 2025, landing at $4.6 million for the quarter. This is a critical metric for a holding company-keep the corporate center lean.

The G&A is distributed across the segments:

• Manufacturing (Deflecto) G&A was $4.6 million in Q3 2025.
• Energy operations G&A was $1.2 million in Q3 2025.

Interest expense on any debt financing used for deals

Acacia Research Corporation maintains a strategic capital structure where the parent company has zero corporate debt as of September 30, 2025. However, the operating companies use non-recourse debt (debt tied only to the subsidiary's assets) to finance their operations and acquisitions. This is a smart way to ring-fence risk. The consolidated total indebtedness was $94.0 million as of September 30, 2025, down from $104.4 million in Q2 2025. This debt is split between the subsidiaries, with Benchmark at $58.5 million and Deflecto at $35.5 million. The interest expense for Q1 2025 was $2.451 million, which you should expect to see decrease as they continue to pay down debt, like the approximately $24 million paid down at Benchmark since its acquisition.

Here is a summary of the key cost components for the recent 2025 periods:

Cost Component	Q3 2025 Amount (in millions)	9 Months Ended 9/30/2025 Amount (in millions)
Total Consolidated Costs and Expenses	$65.872	$215.611
General and Administrative (G&A) Expenses	$16.0	$48.816
Parent-Level Adjusted G&A (Part of Total G&A)	$4.6	N/A
Interest Expense	N/A	N/A (Q1 2025 was $2.451)

Note: The total consolidated costs and expenses figure for Q3 2025 is $65.872 million, while the G&A is $16.0 million, meaning the bulk of the costs are in Cost of Revenue and other operating expenses from the acquired businesses.

Acacia Research Corporation (ACTG) - Canvas Business Model: Revenue Streams

Acacia Research Corporation's revenue model has shifted from a primary focus on Intellectual Property (IP) licensing to a diversified structure where operating businesses now provide the majority of the income. The direct takeaway is that while IP still delivers large, episodic windfalls, the core, stabilizing revenue comes from their acquired industrial, energy, and manufacturing segments, which generated a combined $51.7 million in Q3 2025 alone.

The company's strategy is fundamentally about acquiring undervalued businesses, improving their cash flow (operating income), and then realizing a significant gain when they eventually sell the optimized asset. This creates a dual revenue engine: steady operational cash flow plus large, irregular capital gains.

Operating income from acquired businesses and subsidiaries

This segment is the new backbone of Acacia Research Corporation's revenue, providing predictable, recurring cash flow. In the third quarter of 2025, the total revenue was $59.4 million, with the operated segments contributing the bulk of that, demonstrating the success of their acquisition and operational improvement strategy.

The revenue is broken down across three main operational areas, showing a clear diversification away from the volatile IP business:

• Manufacturing Operations (Deflecto): $30.8 million in Q3 2025, which was the largest single contributor.
• Energy Operations (Benchmark): $14.2 million in Q3 2025, with over 70% of operated oil and gas production hedged through early 2028 for price protection.
• Industrial Operations (Printronix): $6.7 million in Q3 2025.

This is the revenue stream you defintely want to watch for signs of operational health. Here's the quick math: the operating businesses contributed $51.7 million of the $59.4 million total revenue in Q3 2025, or about 87% of the total.

Licensing and royalty revenue from intellectual property

The Intellectual Property (IP) segment, operated by Acacia Research Group, LLC (ARG), is highly volatile but delivers the high-margin, large-scale settlements. It's an episodic revenue stream that can dramatically skew quarterly results.

The Q3 2025 revenue from Intellectual Property Operations was $7.8 million, showing a strong rebound from the previous quarter. To be fair, this is a massive drop from the Q1 2025 peak, which saw IP revenue hit $69.9 million, largely driven by a major settlement related to their WiFi-6 portfolio.

This segment's revenue is a classic example of a 'lumpy' income stream, where one large settlement can make up the majority of a year's revenue. The IP business assumes all operational expenses for patent licensing programs, sharing net licensing revenue with patent partners when applicable.

Gains from the sale of successful portfolio companies

While this is the ultimate goal of their value-oriented acquisition model-buying low, improving, and selling high-it is an infrequent, non-recurring revenue event. There was no major gain on the sale of a portfolio company reported in the third quarter of 2025.

However, the nine months ended September 30, 2025, did show a $3.512 million gain on the sale of equity securities, which is a component of their overall investment realization strategy. This is a crucial metric for long-term valuation, as it validates the core 'acquirer and operator' model.

Investment income from cash and short-term holdings

Acacia Research Corporation maintains a substantial liquidity position, which generates a steady flow of investment income. As of September 30, 2025, their total cash, cash equivalents, equity securities, and loans receivable amounted to $332.4 million.

In Q3 2025, the company reported an unrealized gain of $0.9 million related to changes in the fair value of equity securities. This is the mark-to-market income from their liquid investment portfolio.

Management fees from co-investment structures

Acacia Research Corporation acts as an investment manager for its own capital and, at times, for co-investment vehicles, though this is not a major line item in the core operating revenue breakdown. The company's focus is on acquiring and operating, not third-party asset management. The revenue breakdown for Q3 2025 focuses entirely on the operating segments (Manufacturing, Energy, Industrial) and Intellectual Property, with no separate line item for management fees.

Still, their model relies on leveraging their significant capital base and expertise, which is the foundation for any potential fee-generating co-investment structure. The company has $19.9 million in equity method investments as of September 30, 2025, which represents their stake in non-consolidated ventures that could potentially generate fees or carried interest (a share of the profits) down the line.

Revenue Stream Category	Q3 2025 Value	Nature of Revenue
Operating Income - Manufacturing (Deflecto)	$30.8 million	Recurring, Product Sales
Operating Income - Energy (Benchmark)	$14.2 million	Recurring, Commodity Sales (Hedged)
Operating Income - Industrial (Printronix)	$6.7 million	Recurring, Product Sales
Licensing & Royalty (Intellectual Property)	$7.8 million	Episodic, Patent Settlements/Licenses
Investment Income (Unrealized Gain on Securities)	$0.9 million	Irregular, Portfolio Valuation Changes
Gains from Sale of Portfolio Companies (9-Month Total)	$3.512 million	Episodic, Capital Gains
Total Revenue (Q3 2025)	$59.4 million