Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (15 quarters reported)
$146M in Q4 2022 → $480M now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Geo Group Inc | 30.4% | Trimmed 14% | 4,925,578 | $146M |
| AM Alpha Metallurgical Resour I | 22.2% | Unchanged | 644,025 | $106M |
| Daqo New Energy Corp | 18.6% | Unchanged | 6,644,786 | $89M |
| Groupon Inc | 12.4% | Trimmed 32% | 2,479,085 | $59.6M |
| Sable Offshore Corp | 9.1% | Added 3.2% | 14,139,408 | $43.5M |
| Citizens Inc | 3.2% | Added 3.8% | 2,647,918 | $15.2M |
| JR James Riv Group Holdings Inc | 2.4% | Added 3.5% | 2,607,587 | $11.5M |
| BA Bleichroeder Acquisiti Corp | 1.6% | Trimmed 64% | 725,139 | $7.48M |
| BA Bleichroeder Acquisiti Corp | 0.3% | Unchanged | 666,666 | $1.45M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Groupon Inc | Trimmed | −1,141,505 | −$27.5M | 12.4% |
| Geo Group Inc | Trimmed | −783,724 | −$23.2M | 30.4% |
| BA Bleichroeder Acquisiti Corp | Trimmed | −1,274,861 | −$13.2M | 1.6% |
| B Bitfarms Ltd | Exited | −1,650,152 | −$3.22M | — |
| Merlin Inc | Exited | −239,872 | −$1.76M | — |
| Sable Offshore Corp | Added | +434,298 | +$1.34M | 9.1% |
| Citizens Inc | Added | +96,269 | +$553K | 3.2% |
| JR James Riv Group Holdings Inc | Added | +87,345 | +$384K | 2.4% |
quarter ended March 31, 2026 · filed May 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Sable Offshore Corp | Added | +13,065,004 | +$216M | 32.7% |
| BA Bleichroeder Acquisiti Corp | New | +2,000,000 | +$20M | 2.9% |
| Geo Group Inc | Added | +1,024,828 | +$17.2M | 13.8% |
| JR James Riv Group Holdings Inc | New | +2,520,242 | +$15.9M | 2.3% |
| Groupon Inc | Added | +690,758 | +$8.22M | 6.2% |
| B Bitfarms Ltd | New | +1,650,152 | +$3.22M | 0.5% |
| Citizens Inc | Added | +374,955 | +$1.89M | 1.9% |
| IP Inflection Point Acquisition | Exited | −2,398,726 | −$1.76M | — |
| Merlin Inc | New | +239,872 | +$1.76M | 0.3% |
| BA Bleichroeder Acquisiti Corp | New | +666,666 | +$634K | 0.1% |
quarter ended December 31, 2025 · filed February 13, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| B2gold Corp | Exited | −5,964,422 | −$29.5M | — |
| AF Ambac Finl Group Inc | Exited | −2,068,349 | −$17.3M | — |
| FA Freightcar Amer Inc | Exited | −979,256 | −$9.58M | — |
| AM Alpha Metallurgical Resour I | Added | +38,576 | +$7.71M | 27.4% |
| B Bitfarms Ltd | Exited | −2,695,233 | −$7.6M | — |
| GG Geo Group Inc New | Added | +430,000 | +$6.93M | 16.1% |
| Sable Offshore Corp | New | +640,106 | +$5.77M | 1.2% |
| Citizens Inc | Added | +562,419 | +$2.72M | 2.2% |
| IP Inflection Point Acquisition | Added | +136,641 | +$100K | 0.4% |
| Daqo New Energy Corp | Added | +2,800 | +$82.6K | 41.7% |
quarter ended September 30, 2025 · filed November 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| B2gold Corp | New | +5,964,422 | +$29.5M | 5.7% |
| Daqo New Energy Corp | Added | +675,784 | +$19M | 36.2% |
| Dole PLC | Exited | −700,654 | −$9.8M | — |
| GG Geo Group Inc New | Added | +350,000 | +$7.17M | 16.9% |
| AF Ambac Finl Group Inc | Added | +850,000 | +$7.09M | 3.3% |
| Citizens Inc | Added | +1,182,902 | +$6.21M | 1.6% |
| BA Bleichroeder Acquisition Cor | Exited | −402,789 | −$4.15M | — |
| FA Freightcar Amer Inc | Trimmed | −268,720 | −$2.63M | 1.9% |
| TM Trump Media & Technology Gro | Exited | −101,956 | −$1.84M | — |
| BA Bleichroeder Acquisition Cor | Added | +262,085 | +$178K | 0.3% |
quarter ended June 30, 2025 · filed August 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| GG Geo Group Inc New | Added | +3,521,589 | +$84.3M | 24.0% |
| Groupon Inc | Added | +647,100 | +$21.6M | 25.1% |
| BA Bleichroeder Acquisition Cor | Trimmed | −1,597,211 | −$16.5M | 1.1% |
| AF Ambac Finl Group Inc | New | +1,218,349 | +$8.65M | 2.2% |
| Dole PLC | Trimmed | −441,102 | −$6.17M | 2.5% |
| Vacasa Inc | Exited | −771,777 | −$4.15M | — |
| TM Trump Media & Technology Gro | New | +101,956 | +$1.84M | 0.5% |
| FA Freightcar Amer Inc | Trimmed | −195,222 | −$1.68M | 2.8% |
| Citizens Inc | New | +431,373 | +$1.51M | 0.4% |
quarter ended March 31, 2025 · filed May 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Groupon Inc | New | +2,282,732 | +$42.8M | 14.8% |
| BA Bleichroeder Acquisition Cor | Exited | −2,000,000 | −$20.1M | — |
| BA Bleichroeder Acquisition Cor | New | +2,000,000 | +$20M | 6.9% |
| Dole PLC | New | +1,141,756 | +$16.5M | 5.7% |
| GG Geo Group Inc New | New | +382,885 | +$11.2M | 3.9% |
| Vacasa Inc | New | +771,777 | +$4.15M | 1.4% |
| B Bitfarms Ltd | New | +2,695,233 | +$2.12M | 0.7% |
| Daqo New Energy Corp | Added | +50,000 | +$906K | 37.4% |
| FA Freightcar Amer Inc | Trimmed | −140,335 | −$776K | 2.8% |
| BA Bleichroeder Acquisition Cor | New | +2,000,000 | +$362K | 0.1% |
Showing the 10 largest of 11 changes.
quarter ended December 31, 2024 · filed February 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Powerschool Holdings Inc | Exited | −2,776,601 | −$63.3M | — |
| BA Bleichroeder Acquisition Cor | New | +2,000,000 | +$20.1M | 7.4% |
| Daqo New Energy Corp | Added | +322,084 | +$6.26M | 42.5% |
| Mach Natural Resources LP | Exited | −357,292 | −$5.72M | — |
| AG Alibaba Group Hldg Ltd | Exited | −39,822 | −$4.23M | — |
| 2H 23andme Holding Co | New | +48,622 | +$158K | 0.1% |
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Powerschool Holdings Inc | New | +2,776,601 | +$63.3M | 18.2% |
| Daqo New Energy Corp | Added | +458,789 | +$9.35M | 32.8% |
| Mach Natural Resources LP | Added | +261,009 | +$4.18M | 1.6% |
| SD Stronghold Digital Mining In | Exited | −121,224 | −$520K | — |
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