Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (9 quarters reported)
$137M in Q4 2013 → $65.9M now. Hover for any quarter.
As reported for the quarter ended December 31, 2015. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| NY New York REIT Inc | 10.9% | New | 325,100 | $7.2M |
| CB Centerstate Banks Inc | 10.6% | New | 98,767 | $6.99M |
| Xenia Hotels & Resorts Inc | 6.4% | Added 82% | 53,444 | $4.23M |
| EP Epr Pptys | 6.0% | Trimmed 85% | 7,921 | $3.96M |
| SR Spirit Rlty Cap Inc New | 5.5% | New | 234,204 | $3.62M |
| QR Qts Rlty Tr Inc | 5.2% | New | 54,728 | $3.4M |
| H Hff Inc | 4.6% | New | 123,386 | $3.01M |
| PB Pacwest Bancorp Del | 4.5% | Trimmed 47% | 36,979 | $3M |
| Equinix Inc | 4.5% | New | 3,917 | $2.99M |
| FI First Industrial Realty Trus | 4.3% | New | 61,398 | $2.86M |
| Green Brick Partners Inc | 4.1% | Trimmed 72% | 186,726 | $2.72M |
| SP Simon Ppty Group Inc New | 4.1% | New | 4,500 | $2.7M |
| CP Camden Ppty Tr | 4.0% | New | 25,000 | $2.64M |
| RP Retail Pptys Amer Inc | 4.0% | New | 78,400 | $2.62M |
| PR Pennsylvania Rl Estate Invt | 3.7% | Trimmed 10% | 108,853 | $2.41M |
| DR Diamond Resorts Intl Inc | 3.6% | Trimmed 64% | 44,122 | $2.36M |
| FF Franklin Finl Network Inc | 3.6% | New | 27,603 | $2.34M |
| KF Kearny Finl Corp Md | 3.1% | New | 193,848 | $2.05M |
| AH Av Homes Inc | 2.2% | Trimmed 54% | 238,723 | $1.48M |
| AH Aac Hldgs Inc | 2.0% | Added 262% | 210,150 | $1.29M |
| PP Post Pptys Inc | 1.6% | Trimmed 49% | 29,800 | $1.03M |
| FL Felcor Lodging Tr Inc | 1.6% | Trimmed 79% | 90,045 | $1.03M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended December 31, 2015 · filed February 12, 2016
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| EP Epr Pptys | Trimmed | −44,762 | −$22.4M | 6.0% |
| NY New York REIT Inc | New | +325,100 | +$7.2M | 10.9% |
| CB Centerstate Banks Inc | New | +98,767 | +$6.99M | 10.6% |
| Green Brick Partners Inc | Trimmed | −477,990 | −$6.96M | 4.1% |
| WA Western Alliance Bancorp | Exited | −137,657 | −$4.23M | — |
| DR Diamond Resorts Intl Inc | Trimmed | −78,076 | −$4.17M | 3.6% |
| Cubesmart | Exited | −145,688 | −$3.96M | — |
| FL Felcor Lodging Tr Inc | Trimmed | −335,036 | −$3.83M | 1.6% |
| SS Sovran Self Storage Inc | Exited | −38,397 | −$3.62M | — |
| SR Spirit Rlty Cap Inc New | New | +234,204 | +$3.62M | 5.5% |
Showing the 10 largest of 35 changes.
quarter ended September 30, 2015 · filed November 13, 2015
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AR American Residential Pptys I | Exited | −187,939 | −$3.48M | — |
| PP Post Pptys Inc | New | +58,300 | +$3.4M | 5.1% |
| Green Brick Partners Inc | Added | +312,229 | +$3.38M | 10.8% |
| NR Northstar Rlty Fin Corp | Exited | −202,903 | −$3.23M | — |
| CH Community Health Sys Inc New | New | +70,000 | +$2.99M | 4.5% |
| C Cabelas Inc | Exited | −59,000 | −$2.95M | — |
| LQ La Quinta Hldgs Inc | Exited | −128,902 | −$2.95M | — |
| DR Diamond Resorts Intl Inc | New | +122,198 | +$2.86M | 4.3% |
| EP Epr Pptys | New | +52,683 | +$2.72M | 4.1% |
| Sabra Health Care REIT Inc | New | +116,604 | +$2.7M | 4.1% |
Showing the 10 largest of 36 changes.
quarter ended June 30, 2015 · filed August 12, 2015
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AH Av Homes Inc | New | +457,200 | +$6.57M | 10.2% |
| H Hff Inc | Exited | −108,065 | −$4.06M | — |
| Green Brick Partners Inc | New | +352,487 | +$3.86M | 6.0% |
| KH Kennedy-wilson Hldgs Inc | Exited | −145,000 | −$3.79M | — |
| AT American Tower Corp New | Exited | −33,691 | −$3.17M | — |
| Equinix Inc | Exited | −13,121 | −$3.06M | — |
| C Cabelas Inc | New | +59,000 | +$2.95M | 4.6% |
| ER Equity Residential | New | +38,000 | +$2.67M | 4.1% |
| TR Terreno Rlty Corp | Exited | −112,606 | −$2.57M | — |
| GP Gramercy Ppty Tr Inc | New | +105,908 | +$2.48M | 3.8% |
Showing the 10 largest of 30 changes.
quarter ended March 31, 2015 · filed May 13, 2015
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| B Belmond Ltd | Exited | −495,077 | −$6.12M | — |
| GP Gramercy Ppty Tr Inc | Exited | −885,445 | −$6.11M | — |
| CL Chatham Lodging Tr | Exited | −205,295 | −$5.95M | — |
| IM Iron Mtn Inc | Exited | −143,796 | −$5.56M | — |
| FL Felcor Lodging Tr Inc | New | +408,577 | +$4.7M | 7.1% |
| LQ La Quinta Hldgs Inc | New | +189,902 | +$4.5M | 6.8% |
| LC Ladder Cap Corp | Trimmed | −242,619 | −$4.49M | 3.2% |
| Xenia Hotels & Resorts Inc | New | +194,638 | +$4.43M | 6.7% |
| GB Green Bancorp Inc | Exited | −353,270 | −$4.25M | — |
| PE Pinnacle Entmt Inc | Exited | −181,500 | −$4.04M | — |
Showing the 10 largest of 32 changes.
quarter ended December 31, 2014 · filed February 13, 2015
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| GP Gramercy Ppty Tr Inc | New | +885,445 | +$6.11M | 7.2% |
| B Belmond Ltd | Added | +489,077 | +$6.05M | 7.2% |
| Ashford Hospitality Trust Inc | Exited | −520,729 | −$5.32M | — |
| National Cinemedia Inc | Exited | −345,556 | −$5.01M | — |
| Vector Group Ltd | Exited | −207,572 | −$4.6M | — |
| Cbre Group Inc | Exited | −154,774 | −$4.6M | — |
| GG Geo Group Inc/the | Exited | −113,329 | −$4.33M | — |
| UH Umpqua Holdings Corp | Exited | −250,894 | −$4.13M | — |
| HB Home Bancshares Inc/ar | Exited | −138,700 | −$4.08M | — |
| NA Northstar Asset Mgmt Group I | Trimmed | −179,463 | −$4.05M | 5.9% |
Showing the 10 largest of 32 changes.
quarter ended September 30, 2014 · filed November 12, 2014
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NR Northstar Realty Finance Corp | Exited | −518,350 | −$9.01M | — |
| SE Seaworld Entertainment Inc | Exited | −280,925 | −$7.96M | — |
| NR Northstar Realty Finance Corp | New | +438,323 | +$7.75M | 7.6% |
| CS Capital Senior Living Corp | Exited | −309,365 | −$7.38M | — |
| NA Northstar Asset Management Group | New | +399,479 | +$7.36M | 7.2% |
| Iron Mountain Inc | New | +215,670 | +$7.04M | 6.9% |
| H Hff Inc | New | +241,842 | +$7M | 6.9% |
| Vail Resorts Inc | Exited | −89,306 | −$6.89M | — |
| FN First Nbc Bank Holding Company | Exited | −197,172 | −$6.61M | — |
| Chatham Lodging Trust | New | +278,632 | +$6.43M | 6.3% |
Showing the 10 largest of 40 changes.
quarter ended June 30, 2014 · filed August 12, 2014
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NR Northstar Realty Finance Corp | New | +518,350 | +$9.01M | 8.4% |
| OB Omniamerican Bancorp Inc | Exited | −370,349 | −$8.44M | — |
| Oil States International | Exited | −85,000 | −$8.38M | — |
| SE Seaworld Entertainment Inc | New | +280,925 | +$7.96M | 7.4% |
| Forestar Group Inc | Exited | −426,267 | −$7.59M | — |
| CS Capital Senior Living Corp | New | +309,365 | +$7.38M | 6.8% |
| Independent Bank Group Inc | Trimmed | −126,840 | −$7.06M | 4.7% |
| GG Geo Group Inc/the | Exited | −202,606 | −$6.53M | — |
| CF Cedar Fair LP | Exited | −119,852 | −$6.1M | — |
| AI Apartment Investment & Managem | New | +180,633 | +$5.83M | 5.4% |
Showing the 10 largest of 33 changes.
quarter ended March 31, 2014 · filed April 25, 2014
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Summit Hotel Properties Inc | Exited | −1,006,316 | −$9.06M | — |
| AR Altisource Residenti-cl B- | Exited | −290,661 | −$8.75M | — |
| Oil States International | New | +85,000 | +$8.38M | 6.9% |
| Vail Resorts Inc | New | +106,755 | +$7.44M | 6.2% |
| DR Diamond Resorts Internationa | Exited | −393,768 | −$7.27M | — |
| Bankunited Inc | Exited | −204,220 | −$6.72M | — |
| GG Geo Group Inc/the | New | +202,606 | +$6.53M | 5.4% |
| CB Capital Bank Financial-cl A | Exited | −286,323 | −$6.51M | — |
| CS Capital Senior Living Corp | Exited | −265,510 | −$6.37M | — |
| IB Investors Bancorp Inc | Exited | −244,600 | −$6.26M | — |
Showing the 10 largest of 35 changes.
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