Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (6 quarters reported)
$189M in Q4 2018 → $21.5M now. Hover for any quarter.
As reported for the quarter ended March 31, 2020. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Trust Put | 54.4% | New | 17,500 | $11.7M |
| JC Jernigan Capital Inc | 45.6% | Trimmed 19% | 894,861 | $9.81M |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 5 quarters.
quarter ended March 31, 2020 · filed May 13, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR S&P 500 ETF Trust | New | +17,500 | +$11.7M | 54.4% |
| C Cyrusone Inc | Exited | −160,000 | −$10.5M | — |
| Popular Inc | Exited | −170,000 | −$9.99M | — |
| GA Great Ajax Corp | Exited | −650,000 | −$9.63M | — |
| II Innovative Indl Pptys Inc | Exited | −6,500 | −$8.3M | — |
| Oaktree Specialty Lending Corp | Exited | −1,505,016 | −$8.22M | — |
| Hancock Whitney Corp | Exited | −185,000 | −$8.12M | — |
| LR Lexington Realty Trust | Exited | −760,000 | −$8.07M | — |
| FB First Bancorp P R | Exited | −750,000 | −$7.94M | — |
| QR Qts Realty Trust Inc | Exited | −50,000 | −$6.46M | — |
Showing the 10 largest of 16 changes.
quarter ended December 31, 2019 · filed February 12, 2020
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| C Cyrusone Inc | New | +160,000 | +$10.5M | 10.2% |
| FY Front Yd Residential Corp | Exited | −902,232 | −$10.4M | — |
| LW Lyon William Homes | Exited | −425,000 | −$8.65M | — |
| II Innovative Indl Pptys Inc | New | +6,500 | +$8.3M | 8.1% |
| Oaktree Specialty Lending Corp | New | +1,505,016 | +$8.22M | 8.0% |
| Hancock Whitney Corp | New | +185,000 | +$8.12M | 7.9% |
| LR Lexington Realty Trust | New | +760,000 | +$8.07M | 7.9% |
| FB First Bancorp P R | New | +750,000 | +$7.94M | 7.8% |
| V Vereit Inc | Exited | −800,000 | −$7.82M | — |
| LP Liberty Ppty Tr | Exited | −135,000 | −$6.93M | — |
Showing the 10 largest of 21 changes.
quarter ended September 30, 2019 · filed November 14, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| NR Northstar Realty Europe Corp | Exited | −1,325,000 | −$21.8M | — |
| Cousins Properties Inc | Exited | −330,030 | −$11.9M | — |
| Redwood Trust Inc | Exited | −600,000 | −$9.92M | — |
| LW Lyon William Homes | New | +425,000 | +$8.65M | 11.9% |
| WC Wp Carey Inc | Exited | −100,000 | −$8.12M | — |
| V Vereit Inc | New | +800,000 | +$7.82M | 10.8% |
| Century Communities Inc | Exited | −274,000 | −$7.28M | — |
| Essent Group Ltd | Exited | −150,000 | −$7.05M | — |
| LP Liberty Ppty Tr | New | +135,000 | +$6.93M | 9.5% |
| JC Jernigan Capital Inc | Added | +225,000 | +$4.33M | 21.2% |
Showing the 10 largest of 21 changes.
quarter ended June 30, 2019 · filed August 13, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Cousins Properties Inc | Trimmed | −419,970 | −$15.2M | 10.9% |
| Century Communities Inc | Trimmed | −526,000 | −$14M | 6.6% |
| FY Front Yard Residential Corp | New | +900,000 | +$11M | 10.0% |
| OB Opus Bank | Exited | −400,090 | −$7.92M | — |
| Essent Group Ltd | Trimmed | −140,000 | −$6.58M | 6.4% |
| Redwood Trust Inc | Trimmed | −350,000 | −$5.79M | 9.0% |
| EF Ellington Financial LLC | Exited | −275,000 | −$4.92M | — |
| NR Northstar Realty Europe Corp | Added | +287,039 | +$4.72M | 19.8% |
| QR Qts Realty Trust Inc | Added | +37,500 | +$4.15M | 5.0% |
| Popular Inc | New | +75,000 | +$4.07M | 3.7% |
Showing the 10 largest of 19 changes.
quarter ended March 31, 2019 · filed May 14, 2019
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IB Investors Bancorp Inc | Exited | −1,750,000 | −$18.2M | — |
| Century Communities Inc | Trimmed | −645,000 | −$15.5M | 16.9% |
| Essent Group Ltd | Trimmed | −322,500 | −$14M | 11.1% |
| Bankunited Inc | Exited | −425,000 | −$12.7M | — |
| Mgic Investment Corp | Exited | −1,150,000 | −$12M | — |
| Texas Capital Bancshares Inc | Exited | −227,246 | −$11.6M | — |
| NR Northstar Realty Europe Corp | Trimmed | −474,539 | −$8.24M | 15.9% |
| WC Wp Carey Inc | New | +100,000 | +$7.83M | 6.9% |
| Lennar Corp | Exited | −200,000 | −$7.83M | — |
| Banc Of California Inc | Exited | −575,000 | −$7.65M | — |
Showing the 10 largest of 24 changes.
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