Cadiz Inc (CDZI) — 13F Holders Deep Dive (Q2 2026)

Cadiz's subsidiary, Fenner Gap Mutual Water Company, signed two fixed-price construction contracts on July 27 totaling about $273.8 million — one with W.M. Lyles Co. for pump-station work and another with Mike Bubalo Construction Co. for pipeline replacement. These are the main packages for the Northern Pipeline project, which has a total capital budget of roughly $403.3 million and is expected to deliver around 21,275 acre-feet of water per year once operational.

Cadiz Inc. announced a CFO transition. Stanley E. Speer will retire as CFO on September 1, 2026, but will remain as an advisor through the end of the year. Jacinto J. Hernandez, a former Capital Group analyst with 22 years of investment experience and multiple public board seats, will immediately become Executive VP of Finance and then take over as CFO on September 1. The company disclosed Hernandez's compensation package, including a $400,000 base salary, and a separation agreement for Speer that includes milestone-based vesting tied to the Northern Pipeline project financing.

Cadiz Inc. received a Right-of-Way Grant from the Bureau of Land Management that allows it to convert a 220-mile natural gas pipeline into a water conveyance pipeline. The company paid about $2.5 million in fees and bonds to secure the grant, clearing the way for construction to start. The Northern Pipeline, acquired in 2021, is expected to deliver up to 25,000 acre-feet of water per year, and Cadiz already has contracts for 85% of that capacity. The grant was issued after the BLM completed environmental and species reviews.