LOB vs LAC Comparison

Live Oak Bancshares Inc operates as the bank holding company for the Live Oak Banking Company. The company specializes in lending and deposit-related services to small businesses nationwide. The company identifies and extends lending to credit-worthy borrowers both within specific industries, also called verticals, through expertise within those industries, and more broadly to select borrowers outside of those industries. A portion of the loans originated by the Bank are partially guaranteed by the Small Business Administration under the 7(a) Loan Program and the U.S. Department of Agriculture Rural Energy for America Program, Water and Environmental Program, Business and Industry and Community Facilities loan programs.

Lithium Americas is a pure-play lithium producer. Following a deal with the US government, the firm will own 59% of one resource, Thacker Pass, which is located in northwest Nevada, with automaker General Motors owning 36% and the US government owning 5%. Thacker Pass is under construction and expected to begin production in 2028. Thacker Pass is one of the largest known lithium resources in the world. The project would be the first clay-based asset to enter production, and we estimate it will be in bottom half of the global cost curve. Management plans to develop Thacker Pass into a fully integrated lithium production site, with downstream refining capabilities on site, and will sell into the lithium chemical market.