Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (19 quarters reported)
$399M in Q4 2021 → $1.31B 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 |
|---|---|---|---|---|
| DH Diversified Healthcare Tr | 16.7% | Unchanged | 23,487,002 | $218M |
| IT Ishares Tr Put | 13.5% | Trimmed 15% | 2,210,000 | $177M |
| Core Natural Resources Inc | 7.1% | Added 2493% | 1,165,762 | $93.3M |
| SP Service Pptys Tr | 6.6% | Added 5884% | 51,012,447 | $86.2M |
| RB Royal Bk Cda Put | 6.1% | Added 28% | 385,000 | $79.7M |
| CI Canadian Imperial Bank Of Co Put | 5.1% | Added 29% | 582,500 | $67M |
| TD Toronto Dominion Bk Ont Put | 4.3% | Added 53% | 462,500 | $56.2M |
| MI Marriott Intl Inc New Put | 3.5% | Unchanged | 121,900 | $45.2M |
| BM Bank Montreal Medium Put | 3.4% | Added 49% | 252,000 | $44.5M |
| Howard Hughes Holdings Inc | 3.4% | Added 188% | 620,418 | $44.4M |
| Carvana Co Put | 3.1% | Added 751% | 618,000 | $40.7M |
| HW Hilton Worldwide Hldgs Inc Put | 2.9% | Unchanged | 115,500 | $38.2M |
| AH Affirm Hldgs Inc Put | 2.4% | New | 390,000 | $31.8M |
| GS Grifols S A | 2.4% | Added 217% | 4,349,708 | $30.8M |
| SS SPDR Series Trust Put | 1.9% | Added 36% | 403,300 | $24.6M |
| IT Ishares Tr Put | 1.8% | Added 109% | 230,000 | $23.5M |
| RC Royal Caribbean Group Put | 1.7% | Trimmed 20% | 72,000 | $22.9M |
| BN Bank Nova Scotia B C Put | 1.5% | New | 232,500 | $20.2M |
| Teekay Corporation Ltd | 1.4% | Added 9.0% | 1,768,915 | $17.7M |
| Rmr Group Inc | 1.4% | Added 7.3% | 861,507 | $17.7M |
| Mgm Resorts International Put | 1.3% | Unchanged | 360,000 | $17.2M |
| Ardmore Shipping Corp | 1.0% | Trimmed 5.6% | 948,865 | $13.3M |
| Fiserv Inc | 0.9% | New | 240,000 | $11.8M |
| Welltower Inc Put | 0.7% | Unchanged | 41,300 | $9.37M |
| Transocean Ltd | 0.6% | New | 1,603,778 | $7.84M |
| Eqt Corp | 0.6% | New | 145,000 | $7.71M |
| Core Natural Resources Inc Call | 0.6% | Unchanged | 95,000 | $7.6M |
| Fmc Corp | 0.6% | New | 647,672 | $7.45M |
| Marriott Vacations Worldwide Put | 0.5% | New | 70,000 | $7.13M |
| Performance Food Group Co Put | 0.5% | Trimmed 45% | 55,000 | $6.15M |
| Ventas Inc Put | 0.5% | Unchanged | 66,500 | $5.91M |
| SM Seacor Marine Hldgs Inc | 0.4% | New | 683,777 | $5.23M |
| Summit Midstream Corporation | 0.3% | Added 28% | 158,517 | $4.51M |
| RH Ryman Hospitality Pptys Inc Put | 0.3% | Unchanged | 32,500 | $4.18M |
| IL Industrial Logistics Pptys T | 0.3% | Trimmed 74% | 371,191 | $3.29M |
| I-80 Gold Corp | 0.2% | Trimmed 67% | 1,807,864 | $2.6M |
| PE Peabody Engr Corp | 0.1% | New | 74,502 | $1.72M |
| OB Orchestra Biomed Hldgs Inc | 0.1% | New | 251,372 | $1.08M |
| PL Pangaea Logistics Solution L | 0.1% | New | 149,806 | $974K |
| PE Perdoceo Ed Corp Put | 0.1% | Trimmed 60% | 29,800 | $954K |
| Seven Hills Realty Trust | 0.1% | Trimmed 81% | 83,043 | $700K |
| BS Brookdale Sr Living Inc | 0.0% | Unchanged | 315,000 | $626K |
| SE Strategic Ed Inc Put | 0.0% | Trimmed 73% | 5,500 | $421K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Core Natural Resources Inc | Added | +1,120,797 | +$89.7M | 7.1% |
| SP Service Pptys Tr | Added | +50,159,957 | +$84.8M | 6.6% |
| Pepsico Inc | Exited | −295,000 | −$45.8M | — |
| Carvana Co | Added | +545,400 | +$35.9M | 3.1% |
| BS Brookdale Sr Living Inc | Exited | −2,391,526 | −$32.7M | — |
| IT Ishares Tr | Trimmed | −400,700 | −$32M | 13.5% |
| AH Affirm Hldgs Inc | New | +390,000 | +$31.8M | 2.4% |
| Howard Hughes Holdings Inc | Added | +405,130 | +$29M | 3.4% |
| GS Grifols S A | Added | +2,977,314 | +$21.1M | 2.4% |
| BN Bank Nova Scotia B C | New | +232,500 | +$20.2M | 1.5% |
Showing the 10 largest of 41 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Core Natural Resources Inc | Trimmed | −1,342,146 | −$141M | 0.5% |
| IT Ishares Tr | Added | +1,165,900 | +$92.8M | 22.6% |
| BS Brookdale Sr Living Inc | Trimmed | −6,106,035 | −$83.5M | 3.6% |
| Tesla Inc | Trimmed | −192,000 | −$71.4M | 1.3% |
| RB Royal Bk Cda | New | +300,000 | +$48.5M | 5.3% |
| Pepsico Inc | New | +295,000 | +$45.8M | 5.0% |
| BS Brookdale Sr Living Inc | Exited | −30,834,000 | −$42.9M | — |
| CI Canadian Imperial Bank Of Co | New | +452,500 | +$42.9M | 4.7% |
| TD Toronto Dominion Bk Ont | New | +302,500 | +$28.2M | 3.1% |
| Welltower Inc | Trimmed | −123,700 | −$24.5M | 0.9% |
Showing the 10 largest of 37 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Trimmed | −743,600 | −$60M | 12.7% |
| BS Brookdale Sr Living Inc | Trimmed | −4,208,035 | −$45.4M | 10.0% |
| Carvana Co | New | +106,500 | +$44.9M | 4.9% |
| BS Brookdale Sr Living Inc | New | +30,834,000 | +$42.9M | 4.7% |
| Core Natural Resources Inc | Trimmed | −451,010 | −$39.9M | 13.4% |
| MI Marriott Intl Inc New | New | +121,900 | +$37.8M | 4.1% |
| HW Hilton Worldwide Hldgs Inc | New | +115,500 | +$33.2M | 3.6% |
| Matson Inc | Exited | −314,076 | −$31M | — |
| RC Royal Caribbean Group | New | +92,100 | +$25.7M | 2.8% |
| JN Jbs N.v. | Exited | −1,531,689 | −$22.9M | — |
Showing the 10 largest of 33 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Added | +1,506,200 | +$122M | 21.9% |
| Tesla Inc | Added | +163,000 | +$72.5M | 10.5% |
| Core Natural Resources Inc | Added | +683,390 | +$57M | 18.9% |
| AH Affirm Hldgs Inc | Trimmed | −601,300 | −$43.9M | 1.3% |
| BS Brookdale Sr Living Inc | Trimmed | −32,519,000 | −$37.7M | — |
| Matson Inc | New | +314,076 | +$31M | 3.8% |
| Core Natural Resources Inc | Trimmed | −339,500 | −$28.3M | 1.5% |
| BS Brookdale Sr Living Inc | Trimmed | −2,791,301 | −$23.6M | 13.3% |
| Welltower Inc | Trimmed | −100,000 | −$17.8M | 3.6% |
| JN Jbs N.v. | Added | +643,263 | +$9.6M | 2.8% |
Showing the 10 largest of 24 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AH Affirm Hldgs Inc | New | +750,300 | +$51.9M | 9.1% |
| Core Natural Resources Inc | Added | +683,774 | +$47.7M | 14.1% |
| IT Ishares Tr | Added | +450,000 | +$36.3M | 9.6% |
| Welltower Inc | Trimmed | −174,400 | −$26.8M | 7.1% |
| BS Brookdale Sr Living Inc | Trimmed | −2,404,505 | −$16.7M | 18.9% |
| JN Jbs N.v. | New | +888,426 | +$13M | 2.3% |
| Teekay Corporation Ltd | New | +1,563,303 | +$12.9M | 2.3% |
| AP A-mark Precious Metals Inc | New | +470,180 | +$10.4M | 1.8% |
| Eversource Energy | Exited | −139,934 | −$8.69M | — |
| Tesla Inc | Added | +20,000 | +$6.01M | 1.5% |
Showing the 10 largest of 22 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VE Vaneck ETF Trust | Exited | −2,352,100 | −$79.8M | — |
| Welltower Inc | Trimmed | −293,800 | −$45M | 16.9% |
| BS Brookdale Sr Living Inc | Added | +6,499,645 | +$40.7M | 28.2% |
| Core Natural Resources Inc | New | +470,957 | +$36.3M | 9.1% |
| Core Natural Resources Inc | New | +422,900 | +$32.6M | 8.2% |
| BS Brookdale Sr Living Inc | Exited | −336,378 | −$23.2M | — |
| IT Ishares Tr | New | +232,200 | +$18.3M | 4.6% |
| Tegna Inc | Exited | −774,800 | −$14.2M | — |
| GS Grifols S A | New | +1,765,077 | +$12.5M | 3.2% |
| TN Tidewater Inc New | Exited | −186,329 | −$10.2M | — |
Showing the 10 largest of 20 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Tr | Exited | −554,000 | −$318M | — |
| Tesla Inc | Exited | −702,700 | −$184M | — |
| Blackstone Inc | Exited | −767,500 | −$118M | — |
| Welltower Inc | Trimmed | −506,500 | −$63.8M | 23.5% |
| IT Ishares Tr | Exited | −275,500 | −$60.9M | — |
| Valero Energy Corp | Exited | −284,800 | −$38.5M | — |
| Kkr & Co Inc | Exited | −219,300 | −$28.6M | — |
| MP Marathon Pete Corp | Exited | −169,300 | −$27.6M | — |
| Phillips 66 | Exited | −204,200 | −$26.8M | — |
| BS Brookdale Sr Living Inc | Added | +5,235,078 | +$26.3M | 14.6% |
Showing the 10 largest of 23 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | New | +275,500 | +$60.9M | 4.7% |
| GS Grifols S A | Exited | −8,976,421 | −$56.6M | — |
| AG Apollo Global Mgmt Inc | Exited | −360,000 | −$42.5M | — |
| Tesla Inc | Added | +132,000 | +$34.5M | 14.3% |
| Welltower Inc | Added | +250,100 | +$32M | 12.3% |
| Phillips 66 | New | +204,200 | +$26.8M | 2.1% |
| Valero Energy Corp | Added | +184,800 | +$25M | 3.0% |
| IT Ishares Tr | Exited | −276,500 | −$24.3M | — |
| VE Vaneck ETF Trust | Added | +496,500 | +$19.8M | 6.1% |
| MP Marathon Pete Corp | Added | +94,300 | +$15.4M | 2.1% |
Showing the 10 largest of 28 changes.
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