Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (10 quarters reported)
$104M in Q4 2021 → $43.2M now. Hover for any quarter.
As reported for the quarter ended December 31, 2025. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| Brandywine Realty Trust | 36.4% | Unchanged | 3,923,145 | $15.7M |
| Orion Properties Inc | 29.0% | Unchanged | 5,474,027 | $12.5M |
| Alexandria Real Estate Equities Inc | 18.3% | New | 160,000 | $7.93M |
| Vale Sa | 16.3% | Trimmed 49% | 520,000 | $7.05M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended December 31, 2025 · filed January 21, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Alexandria Real Estate Equities Inc | New | +160,000 | +$7.93M | 18.3% |
| Vale Sa | Trimmed | −500,000 | −$6.78M | 16.3% |
| Gerdau Sa | Exited | −2,094,404 | −$6.49M | — |
| Delek Us Holdings Inc | Exited | −200,000 | −$6.45M | — |
quarter ended September 30, 2025 · filed October 06, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BF Brighthouse Finl Inc | Exited | −150,000 | −$8.07M | — |
| Delek Us Holdings Inc | Trimmed | −150,000 | −$4.84M | 11.7% |
| Vale Sa | Added | +340,000 | +$3.69M | 20.1% |
| Brandywine Realty Trust | Added | +423,145 | +$1.76M | 29.7% |
quarter ended June 30, 2025 · filed July 10, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BF Brighthouse Finl Inc | New | +150,000 | +$8.07M | 14.7% |
| I Ishares Inc | Exited | −300,000 | −$7.84M | — |
| Orion Properties Inc | Added | +2,946,989 | +$6.28M | 21.2% |
| BR Brandywine Rlty Tr | Added | +500,000 | +$2.15M | 27.4% |
| DU Delek Us Hldgs Inc New | Trimmed | −50,000 | −$1.06M | 13.5% |
| VS Vale S A | Added | +80,000 | +$777K | 12.0% |
quarter ended March 31, 2025 · filed June 02, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| GS Gerdau S A | New | +2,094,404 | +$6.01M | 13.4% |
| Orion Properties Inc | New | +2,527,038 | +$5.18M | 11.6% |
| VS Vale S A | Trimmed | −400,000 | −$4.04M | 13.5% |
| I Ishares Inc | Trimmed | −100,000 | −$2.61M | 17.5% |
| DU Delek Us Hldgs Inc New | Added | +167,750 | +$2.6M | 13.8% |
| BR Brandywine Rlty Tr | Added | +372,649 | +$1.67M | 30.1% |
quarter ended December 31, 2024 · filed February 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| BR Brandywine Rlty Tr | New | +2,627,351 | +$14.7K | 39.9% |
| I Ishares Inc | New | +400,000 | +$9K | 24.4% |
| VS Vale S A | New | +1,000,000 | +$8.87K | 24.0% |
| DU Delek Us Hldgs Inc New | New | +232,250 | +$4.3K | 11.7% |
| N N/a | Exited | +0 | — | — |
quarter ended December 31, 2022 · filed February 01, 2023
No position changes this quarter.
quarter ended September 30, 2022 · filed November 08, 2022
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| PS Pershing Square Tontine Hldg | Exited | −120,496 | −$2.41M | — |
| FC Fortress Capital Acquisition | Exited | −193,164 | −$1.9M | — |
| AS Apollo Strategic Growth Capt | Exited | −192,000 | −$1.89M | — |
| MI Mason Industrial Technolgy I | Exited | −184,563 | −$1.81M | — |
| KA Kl Acquisition Corp | Exited | −134,855 | −$1.33M | — |
| RA Ross Acquisition Corp Ii | Exited | −113,871 | −$1.12M | — |
| FS Fortistar Sustainable Sol Co | Exited | −113,870 | −$1.12M | — |
| SC Stratim Cloud Acquisition Co | Exited | −113,871 | −$1.11M | — |
| KS Kadem Sustainable Impact Cor | Exited | −113,870 | −$1.11M | — |
| KV Khosla Ventures Acqut Co Iii | Exited | −113,870 | −$1.11M | — |
Showing the 10 largest of 25 changes.
quarter ended June 30, 2022 · filed August 11, 2022
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Berenson Acquisition Corp I | Exited | −1,225,000 | −$11.9M | — |
| Prime Impact Acquisition I | Exited | −349,417 | −$3.46M | — |
| JM Jaws Mustang Acquisition Cor | Exited | −227,000 | −$2.23M | — |
| SX Sandbridge X2 Corp | Exited | −224,964 | −$2.19M | — |
| PS Pershing Square Tontine Hldg | Trimmed | −108,008 | −$2.16M | 11.2% |
| TA Tcv Acquisition Corp | Exited | −174,132 | −$1.7M | — |
| KA Kkr Acquisition Holding I Co | Exited | −148,872 | −$1.46M | — |
| PA Plum Acquisition Corp I | Exited | −113,870 | −$1.11M | — |
| AA Accelerate Acquisition Corp | Exited | −113,868 | −$1.11M | — |
| FA Fast Acquisition Corp Ii | Exited | −113,872 | −$1.11M | — |
Showing the 10 largest of 39 changes.
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