| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 18.5% | - | -5.9% |
| 2025 | 2024 |
|---|---|
| -5.9% | -6.4% |
Clark Street Value posted a disappointing -5.93% return in 2025 versus +17.91% for the S&P 500, marking three underperforming years in the last four. Long-term annualized performance declined to 18.49%, below the 20% target. The portfolio maintains a value-oriented approach concentrated in special situations, particularly small-cap REITs and companies undergoing corporate actions. Key holdings include hotel REITs like Braemar Hotels and Sotherly Hotels in sales processes, office REITs Franklin Street Properties and Net Lease Office Properties pursuing liquidation strategies, and Golden Entertainment in a PropCo OpCo split transaction. The manager expects 2026 to see increased commercial real estate transaction activity as bid-ask spreads narrow. Due to an expanded day job role, the manager plans to scale back blog frequency and focus on higher conviction ideas while continuing to post selectively. Despite recent underperformance, the manager expresses optimism about 2026 prospects.
Value-oriented approach focused on special situations, particularly REITs and small-cap companies undergoing corporate actions, sales processes, or trading at significant discounts to intrinsic value.
Manager expresses optimism about 2026 despite poor 2025 performance. Plans to scale back blog frequency and focus on higher conviction ideas due to expanded day job responsibilities.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Dec 31 2025 | 2025 Q4 | BHR, BRSL, FI, FSP, FWRD, FWRD. GDEN, GLIBA, GRBK, IOR, JEF, LNW, MCHB, MLCI CN, MREO, NLOP, NSTS, SEG, SOHOO, TURN | Capitalreturns, catalysts, distressed, specialsituations, value |
BHR FWRD GDEN FI JEF LNW SOHOO TURN |
The year-end review reflects a contrarian, special-situations-driven value approach amid significant underperformance versus the S&P 500. The portfolio focuses on distressed equities, REIT liquidations, take-privates,… |
| Jun 30 2025 | 2025 Q2 | ACR, ATHA, CKX, CMCT, CRGX, DNB, EHAB, ELEV, ENZ, EPIX, GRBK, HHH, HLVX, IGT, IKNA, INBX, IOR, KRON, KROS, LMNR, ME, MREO, MURA, NSTS, PARR, RPTX, SEG, SHCO, THRD | activism, catalysts, Event-Driven, liquidation, special situations |
ATHA EPIX MURA RPTX THRD CKX IOR NSTS SHCO EHAB IGT |
The portfolio review centers on special situations such as liquidations, strategic alternatives, spinoffs, and activist-driven outcomes. The manager focuses on downside-protected setups where cash, assets,… |
| Dec 31 2024 | 2024 Q4 | ACR, ALVR, ATHA, AVTE, CKX, CMCT, EHAB, ENZC, EPIX, HHH, HLVX, HMST, IKNA, INBX, LMNR, SEG MM | - | - | - |
| Dec 29 2023 | 2023 Q4 | 35OB GR, ACR, AVRO, BANC, CCIFU, CKX, CYT, DBRG, ESPR, FHN, FIXX, GRBK, GRPH, HHH, HMST, JXN, KNTE, MANU, MBI, MRC, MREO, NXDT, PARR, PIRS, SIOX, TCI | - | - | - |
| Dec 31 2022 | 2022 Q4 | 2248031D, ACR, ADES, ARGO CN, BBXIA, BLYQ, DBRG, DMS IN, GRBK, HHC IN, JXN, LMPX, MREO, NXDT, PARR, PFSW IN, RADI, RBCN, SNDA, TCI, TPFG LN, WMC IN | - | - | - |
| Dec 31 2021 | 2021 Q4 | AAMCF, ACEL, ADES LN, BBXIA, CDOR, CPLG, ECTM, FBRT, HHC, HMG, INDT, JCS, JXN, LAUR, LBRDK, LGL, LRFC, LUB, LYLT, MPC, NTPIF, NXDT, ONL, PFSW IN, PFX, RHEP, RVI, SNDA, THNPY | - | - | - |
| Dec 31 2020 | 2020 Q4 | ACEL, ATXI, CLNY, ECTM, FVE, GBRK, GLPI, HGV, HHC, MCHX, MMAC, PRSP, PSTH, RESI, STAY, WH | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q2 |
SpecialSituations |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jun 30, 2025 | Fund Letters | Pearu Põld | CKX | CKX Lands, Inc. | Energy | Real Estate Management & Development | Bull | NYSE | land, Louisiana, microcap, Real Estate, Strategic | Login |
| Jun 30, 2025 | Fund Letters | Pearu Põld | IOR | Income Opportunity Realty Investors, Inc. | Financials | Real Estate Operating Companies | Bull | NYSE | Book Value, Control, Real Estate, Squeeze-Out, Tender | Login |
| Jun 30, 2025 | Fund Letters | Pearu Põld | NSTS | NSTS Bancorp, Inc. | Financials | Thrifts & Mortgage Finance | Bull | NASDAQ | Banks, Illinois, M&A, tangible book, Thrift | Login |
| Jun 30, 2025 | Fund Letters | Pearu Põld | SHCO | Soho House & Co Inc. | Consumer Discretionary | Hotels, Resorts & Cruise Lines | Bull | NYSE | — | Login |
| Jun 30, 2025 | Fund Letters | Pearu Põld | EHAB | Enhabit, Inc. | Health Care | Health Care Services | Bull | NYSE | deleveraging, Home-Health, Hospice, Reimbursement, spinoff | Login |
| Jun 30, 2025 | Fund Letters | Pearu Põld | IGT | International Game Technology PLC | Real Estate | Casinos & Gaming | Bull | NYSE | capital returns, Gaming, Lottery, restructuring, Transaction | Login |
| Dec 31, 2025 | Fund Letters | Pearu Põld | BHR | Braemar Hotels & Resorts Inc | Real Estate | Hotel & Resort REITs | Bull | New York Stock Exchange | Governance, Hotels, Liquidation, REITs, Special_Situations | Login |
| Dec 31, 2025 | Fund Letters | Pearu Põld | FWRD | Forward Air Corp | Industrials | Air Freight & Logistics | Bull | NASDAQ | leverage, Logistics, Mna, turnaround, valuation | Login |
| Dec 31, 2025 | Fund Letters | Pearu Põld | GDEN | Golden Entertainment Inc | Consumer Discretionary | Casinos & Gaming | Bear | NASDAQ | Activism, Casinos, Governance, Takeprivate, valuation | Login |
| Dec 31, 2025 | Fund Letters | Pearu Põld | FI | Fiserv Inc | Financials | Data Processing & Outsourced Services | Bull | New York Stock Exchange | buybacks, Fintech, Payments, turnaround, valuation | Login |
| Dec 31, 2025 | Fund Letters | Pearu Põld | JEF | Jefferies Financial Group Inc | Financials | Investment Banking & Brokerage | Bull | New York Stock Exchange | Creditmarkets, Cycles, Investmentbanking, Mna, valuation | Login |
| Jun 30, 2025 | Fund Letters | Pearu Põld | ATHA | Athira Pharma, Inc. | Health Care | Biotechnology | Bull | NASDAQ | Activists, Als, Biotech, cash, Liquidation | Login |
| Dec 31, 2025 | Fund Letters | Pearu Põld | LNW | Light & Wonder Inc | Consumer Discretionary | Gaming | Bull | NASDAQ | buybacks, Gaming, Listings, Multipleexpansion, valuation | Login |
| Jun 30, 2025 | Fund Letters | Pearu Põld | EPIX | ESSA Pharma Inc. | Health Care | Biotechnology | Bull | NASDAQ | Activists, Biotech, cash, Liquidation, Oncology | Login |
| Dec 31, 2025 | Fund Letters | Pearu Põld | SOHOO | Sotherly Hotels Inc | Real Estate | Hotel & Resort REITs | Bull | New York Stock Exchange | arbitrage, Eventdriven, mergers, Preferreds, REITs | Login |
| Jun 30, 2025 | Fund Letters | Pearu Põld | MURA | Mural Oncology plc | Health Care | Biotechnology | Bull | NASDAQ | Biotech, cash, Liquidation, spin-off, takeover | Login |
| Dec 31, 2025 | Fund Letters | Pearu Põld | TURN | 180 Degree Capital Corp | Financials | Asset Management | Bull | NASDAQ | Assetmanagement, Closedendfund, merger, Optionality, Tenderoffer | Login |
| Jun 30, 2025 | Fund Letters | Pearu Põld | RPTX | Repare Therapeutics Inc. | Health Care | Biotechnology | Bull | NASDAQ | Biotech, Liquidation, Oncology, Partnerships, Strategic | Login |
| Jun 30, 2025 | Fund Letters | Pearu Põld | THRD | Third Harmonic Bio, Inc. | Other | Biotechnology | Bull | NASDAQ | Biotech, Cash-Return, Governance, Liquidation, Special Situation | Login |
| TICKER | COMMENTARY |
|---|---|
| BHR | Braemar Hotels (BHR) is an externally managed (Ashford Inc) lodging REIT focused on luxury hotels and resorts, back in August, BHR announced the initiation of a sales process. In keeping with the K-shaped economy theme, BHR's high end luxury resorts have performed well on an individual basis, but the REIT's abusive external management agreement and conflicts of interest have kept the stock from performing. |
| BRSL | Brightstar Lottery (BRSL) is a pure play lottery operator following the sale of their IGT gaming terminal business to Apollo (APO). Brightstar trades cheap at just ~6x EBITDA for a fairly high quality business with clear revenue line of sight. Brightstar is returning cash to shareholders via a large buyback plan and an above average dividend yield. |
| FI | Notable detractors from performance came from Fiserv (-43bps absolute and -39bps relative) |
| FSP | Franklin Street Properties (FSP) is an office REIT in the midst of a sales process, shares have traded down significantly since my original post. FSP's debt (combination of two term loans and senior notes) is likely the reason, their debt matures on 4/1/26, the company issued a press release on 11/21, FSP is currently in active negotiations with a potential lender to refinance all of its existing indebtness. At a current price of $0.90/share, I have the implied cap rate at 14-15%. |
| FWRD | Forward Air (FWRD) is primarily an asset-lite less-than-truckload transportation services provider that historically had a nice niche in airport-to-airport routes. They're almost a year into a strategic review that has had a few twists and turns. There's a lot of debt here, but FWRD insists the process is ongoing, with potential proxy fight / director nominations around the corner, the company might end up taking the best offer on the table sooner than later. |
| GLIBA | 95 percent of GLIBA right holders exercised their basic rights, and therefore our overallocation was relatively modest. The rights offering increased our weighting to the name at a highly attractive price that allows considerable upside to GLIBA's Alaska cable properties alone. At Liberty Media's analyst day this past November, Dr. Malone sounded bullish on GLIBA and expressed confidence that this company could evolve into the next Liberty Media vehicle. GLIBA has likely identified a couple of targets, but it is a crapshoot on when any acquisition closes. |
| GRBK | Green Brick Partners faced strong cyclical headwinds, but the stock still managed to gain 11%, while most other homebuilders were flat or down. |
| JEF | questions emerged around Jefferies' potential exposure to the First Brands bankruptcy, and we exited the remainder of the position that we began trimming in January |
| LNW | We re-entered LNW again this year in a meaningful way as the shares dropped on the news of the company re-listing from the Nasdaq to the Australian Securities Exchange (ASX). We thought the ~30% share decline was vastly overdone and took the opportunity to make LNW a high single-digit position size. The shares have rallied over 50% since our entry, and we have trimmed the position some, though it still represents a 5% position. As a reminder, LNW is a very high-quality business that is essentially a duopoly with Aristocrat, manufacturing and distributing slot machines on a global basis. |
| MREO | Mereo BioPharma Group (MREO) earlier this week announced their two phase 3 trials for Setrusumab with partner Ultragenyx (RARE) did not meet their primary endpoints. That news sent the stock down 90%. I had coffee canned this position for several years, fully aware that it was a science based biotech which is generally against my rules when turning over rocks in the sector. |
| NLOP | Net Lease Office Properties, our largest portfolio position, advanced their liquidation plan and yet the stock had minimal price appreciation in 2025. NLOP and AIV continued to sell properties and move toward full liquidation. NLOP has now declared $12.30 of dividends per share in 2025 and should be able to return another $10/share in early 2026 once pending sales close. We expect dividends in FY26 to fully cover our cost basis on both names. NLOP and AIV expect to return substantial capital to shareholders as property sales finalize. We anticipate receiving dividends equal to or exceeding our entire cost basis in both positions during H1 2026. |
| SEG | SEG is a holding company with a variety of assets spun out of Howard Hughes (HHH) as a 'bad bank.' The two most important developments were the sale of 250 Water Street and the signing of Meow Wolf as an anchor tenant. I believe the opening of Meow Wolf, slated for H2 2027, will be a transformational event for SEG. Once Meow Wolf opens and the surrounding properties are fully leased, I believe SEG can drive rental income of ~$50MM. A 6.5% cap rate, plus credit for cash and other assets, would support a share price of $70 or better. |
| SOHOO | Sotherly Hotels (SOHOO) is a small lodging REIT that is being taken private by Kemmons Wilson Hospitality Partners and Ascendant Capital for $2.25/share. SOHO has a three classes of preferred stock, each of these classes features a conversion option to common in the case of a change of control, but the number of shares has a cap. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
