Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (54 quarters reported)
$266M in Q2 2013 → $229M now. Hover for any quarter.
As reported for the quarter ended September 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| VF Velocity Finl Inc | 45.2% | Added 4.5% | 6,876,912 | $103M |
| Diebold Nixdorf Inc | 17.9% | Trimmed 3.4% | 666,931 | $40.8M |
| Claritev Corporation | 6.9% | Trimmed 2.6% | 750,599 | $15.9M |
| Ziff Davis Inc | 5.9% | New | 236,427 | $13.4M |
| FO Finance Of America Compan | 4.9% | Trimmed 3.9% | 891,993 | $11.3M |
| GS Guggenheim Strategic Opportu | 3.9% | New | 1,041,150 | $8.86M |
| PM Pennymac Mtg Invt Tr | 2.9% | New | 850,483 | $6.7M |
| BP Bausch Plus Lomb Corp | 2.6% | New | 346,019 | $5.88M |
| CC Crescent Cap Bdc Inc | 2.1% | Added 1301% | 515,892 | $4.74M |
| IT Ishares Tr Put | 2.1% | Unchanged | 1,574 | $4.73M |
| CI Ccc Intelligent Solutions Hl | 1.8% | New | 608,022 | $4.05M |
| FK Fs Kkr Cap Corp | 1.7% | Trimmed 71% | 358,670 | $3.94M |
| MF Midcap Financial Invstmnt Co | 0.9% | Trimmed 45% | 240,361 | $2.1M |
| Goldman Sachs Bdc Inc | 0.3% | New | 78,988 | $718K |
| KR Kkr Real Estate Fin Tr Inc | 0.3% | Unchanged | 115,016 | $714K |
| Invitation Homes Inc Put | 0.2% | Unchanged | 2,984 | $537K |
| WI Ww Intl Inc | 0.2% | Unchanged | 31,152 | $482K |
| AI Agnc Invt Corp Put | 0.2% | New | 7,658 | $412K |
| VF Velocity Finl Inc Call | 0.1% | Added 11% | 4,316 | $139K |
| IT Ishares Tr Put | 0.0% | Unchanged | 31,178 | $31.2K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2026 · filed October 20, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Ziff Davis Inc | New | +236,427 | +$13.4M | 5.9% |
| FK Fs Kkr Cap Corp | Trimmed | −862,445 | −$9.48M | 1.7% |
| GS Guggenheim Strategic Opportu | New | +1,041,150 | +$8.86M | 3.9% |
| PM Pennymac Mtg Invt Tr | New | +850,483 | +$6.7M | 2.9% |
| BP Bausch Plus Lomb Corp | New | +346,019 | +$5.88M | 2.6% |
| Oaktree Specialty Lending | Exited | −453,524 | −$5.42M | — |
| IT Ishares Tr | Added | +1,574 | +$4.73M | 2.1% |
| VF Velocity Finl Inc | Added | +294,532 | +$4.42M | 45.2% |
| CC Crescent Cap Bdc Inc | Added | +479,075 | +$4.4M | 2.1% |
| CI Ccc Intelligent Solutions Hl | New | +608,022 | +$4.05M | 1.8% |
Showing the 10 largest of 17 changes.
quarter ended June 30, 2026 · filed July 22, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| FK Fs Kkr Cap Corp | Trimmed | −1,908,672 | −$20M | 5.0% |
| Diebold Nixdorf Inc | Trimmed | −110,000 | −$9.35M | 22.8% |
| Oaktree Specialty Lending | Trimmed | −658,035 | −$7.86M | 2.1% |
| MF Midcap Financial Invstmnt Co | New | +440,361 | +$4.44M | 1.7% |
| Claritev Corporation | Trimmed | −24,734 | −$844K | 10.2% |
| VF Velocity Finl Inc | Added | +23,868 | +$441K | 47.1% |
| CC Crescent Cap Bdc Inc | New | +36,817 | +$402K | 0.2% |
| Invitation Homes Inc | New | +2,984 | +$346K | 0.1% |
| VF Velocity Finl Inc | Added | +717 | +$153K | 0.3% |
| IT Ishares Tr | Added | +1,042 | +$8.34K | 0.1% |
quarter ended March 31, 2026 · filed April 20, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VF Velocity Finl Inc | Trimmed | −948,926 | −$114M | 0.2% |
| FK Fs Kkr Cap Corp | New | +3,129,787 | +$31.9M | 12.5% |
| IT Ishares Tr | Trimmed | −1,596,864 | −$25.5M | 0.2% |
| Diebold Nixdorf Inc | Trimmed | −298,841 | −$22.5M | 23.8% |
| Oaktree Specialty Lending | New | +1,111,559 | +$12.6M | 4.9% |
| VF Velocity Finl Inc | Added | +563,046 | +$10.2M | 46.7% |
| FO Finance Of America Compan | Added | +138,438 | +$2.3M | 6.1% |
| Claritev Corporation | Added | +40,344 | +$659K | 5.1% |
| KR Kkr Real Estate Fin Tr Inc | Trimmed | −83,727 | −$512K | 0.3% |
| IT Ishares Tr | Exited | −6,910,500 | −$465K | — |
Showing the 10 largest of 18 changes.
quarter ended December 31, 2025 · filed February 10, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Diebold Nixdorf Inc | Trimmed | −257,275 | −$17.5M | 28.9% |
| FO Finance Of America Compan | Added | +669,336 | +$16.2M | 7.4% |
| Claritev Corporation | Added | +329,424 | +$14.1M | 12.5% |
| VF Velocity Finl Inc | Added | +618,015 | +$12.8M | 48.2% |
| AH Acadia Healthcare Company In | Exited | −355,540 | −$8.8M | — |
| Global Business Travel Group | Exited | −483,197 | −$3.9M | — |
| VF Velocity Finl Inc | New | +952,100 | +$2.1M | 0.8% |
| KR Kkr Real Estate Fin Tr Inc | New | +198,743 | +$1.63M | 0.6% |
| IT Ishares Tr | Trimmed | −3,235,800 | −$1.37M | 0.8% |
| RP Rithm Ppty Tr Inc | Exited | −494,985 | −$1.25M | — |
Showing the 10 largest of 21 changes.
quarter ended September 30, 2025 · filed October 22, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Diebold Nixdorf Inc | Trimmed | −213,753 | −$12.2M | 35.0% |
| FO Finance Of America Compan | Trimmed | −349,327 | −$7.84M | 1.2% |
| RP Rithm Ppty Tr Inc | Trimmed | −2,019,696 | −$5.09M | 0.6% |
| Global Business Travel Group | Trimmed | −286,946 | −$2.32M | 1.8% |
| Slm Corp | Added | +556,700 | +$2.09M | 1.2% |
| VF Velocity Finl Inc | Added | +76,592 | +$1.39M | 44.1% |
| IT Ishares Tr | Added | +3,399,200 | +$1.18M | 1.3% |
| WI Ww Intl Inc | New | +31,152 | +$852K | 0.4% |
| IT Ishares Tr | Exited | −7,716,800 | −$530K | — |
| Claritev Corporation | Added | +7,497 | +$398K | 10.2% |
Showing the 10 largest of 13 changes.
quarter ended June 30, 2025 · filed July 30, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| RG Realogy Grp Llc/realogy Co | Exited | −48,050,000 | −$44.6M | — |
| Diebold Nixdorf Inc | Trimmed | −317,399 | −$17.6M | 36.3% |
| Global Business Travel Group | Trimmed | −1,313,322 | −$8.27M | 2.0% |
| VF Velocity Finl Inc | Trimmed | −190,878 | −$3.54M | 41.0% |
| IT Ishares Tr | Added | +4,467,500 | +$2.92M | 1.3% |
| Claritev Corporation | Added | +29,428 | +$1.33M | 7.9% |
| AI Agnc Invt Corp | New | +5,579,400 | +$665K | 0.3% |
| JD Janus Detroit Str Tr | Exited | −690,300 | −$484K | — |
| Slm Corp | Trimmed | −138,300 | −$257K | 0.1% |
| RP Rithm Ppty Tr Inc | Trimmed | −92,293 | −$249K | 2.8% |
Showing the 10 largest of 14 changes.
quarter ended March 31, 2025 · filed May 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Carvana Co | Exited | −1,029,500 | −$209M | — |
| SS Select Sector SPDR Tr | Exited | −1,900,000 | −$91.8M | — |
| Sofi Technologies Inc | Exited | −3,899,600 | −$60.1M | — |
| Ares Capital Corp | Exited | −2,200,200 | −$48.2M | — |
| MC Mr Cooper Group Inc | Exited | −300,000 | −$28.8M | — |
| AH Affirm Hldgs Inc | Exited | −217,200 | −$13.2M | — |
| UH Upstart Hldgs Inc | Exited | −200,000 | −$12.3M | — |
| Arbor Realty Trust Inc | Exited | −850,300 | −$11.8M | — |
| FO Finance Of America Compan | New | +475,882 | +$10.1M | 3.6% |
| BS Blackstone Secd Lending Fd | Exited | −249,000 | −$8.05M | — |
Showing the 10 largest of 27 changes.
quarter ended December 31, 2024 · filed January 30, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Carvana Co | New | +1,029,500 | +$209M | 22.2% |
| SS Select Sector SPDR Tr | New | +1,900,000 | +$91.8M | 9.8% |
| Sofi Technologies Inc | New | +3,899,600 | +$60.1M | 6.4% |
| SS SPDR S&P 500 ETF Tr | New | +100,000 | +$58.6M | 6.2% |
| Ares Capital Corp | New | +2,200,200 | +$48.2M | 5.1% |
| IT Ishares Tr | New | +500,000 | +$39.3M | 4.2% |
| MC Mr Cooper Group Inc | New | +300,000 | +$28.8M | 3.1% |
| IQ Invesco Qqq Tr | New | +50,000 | +$25.6M | 2.7% |
| Global Business Travel Group | Trimmed | −2,310,104 | −$21.4M | 2.7% |
| IT Ishares Tr | New | +271,400 | +$21.3M | 2.3% |
Showing the 10 largest of 32 changes.
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