NLOP Archives

NLOP

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Aug 6, 2025	O’Keefe Stevens Advisory, Inc	-	-	3133.T, 3201.T, 6249.T, 7952.T, 8291.T, 9312.T, CPH.TO, FILA.MI, LNF.TO, NLOP	Japan, liquidation, real estate, small cap, Specialty Pharma, value	Japan offers compelling value opportunities with companies trading at significant discounts to book value while maintaining profitability. Corporate reforms underway over the past 2 years are helping unlock value, and many companies provide downside protection through excess cash or undervalued real estate. The manager has identified approximately 400 Japanese equities on his watchlist, with many trading under book value.		View
2025 Q2	Jul 27, 2025	Alluvial Capital Management	8.5%	15.6%	CBL, CUC, FITB, GTX, MCB.L, MCEM, NEWP.MI, NLOP, PKST, SENEA, SRC.L, TLN, WISH, ZEGN.L	energy, Europe, Food, real estate, small caps, special situations, value	Talen Energy announced a major agreement with Amazon to provide 1,920 megawatts of nuclear power to Amazon datacenters through 2042, providing highly valuable long-term earnings stream. The company is shifting from merchant power production toward providing clean energy to datacenters on long-term contracts, with investors valuing shares more like a quasi-regulated utility.	WISH CBL PKST NLOP SRC LN SENEA MCB LN ZEG LN TLNE	View
2025 Q2	Jul 22, 2025	Curreen Capital	14.1%	8.7%	3133.T, 3201.T, 6249.T, 7952.T, 8291.T, 9312.T, CPH.TO, FILA.MI, LNF.TO, NLOP	Japan, liquidation, real estate, small cap, Specialty Pharma, value	Japan offers compelling value opportunities with companies trading at significant discounts to book value, often with substantial cash positions and real estate holdings. Corporate reforms over the past two years are helping unlock value, and many companies pay dividends while investors wait for market recognition.	VFC ENR GR GETB LN FTDR FTRE CACC AAP	View
2025 Q2	Jul 14, 2025	Kingdom Capital Advisors	-	-10.7%	AACT, AKA, CCCM, CLBR, LION, MAGN, NLOP, OACC, STRZ, SUP, TACO, UNFI, X	Microcap, real estate, SPACs, tariffs, value, volatility	Manager actively traded pre-deal SPACs in Q2, generating profitable returns from Colombier, Columbus Circle, Berto, and Oaktree positions. Currently holds Ares Acquisition Corporation set to merge with Kodiak Robotics. SPACs provided roughly 3% boost to Q2 returns and represent a proven fertile hunting ground for the strategy.	NLOP MAGN UNFI AKA SUP NLOP MAGN UNFI AKA	View
2025 Q2	Jul 11, 2025	HalvioCapital	6.7%	-	3133.T, 3201.T, 6249.T, 7952.T, 8291.T, 9312.T, CPH.TO, FILA.MI, LNF.TO, NLOP	Japan, REITs, small caps, Specialty Pharma, spinoffs, value	Japan offers compelling value opportunities with companies trading at significant discounts to book value, often with diverse business segments and strong cash positions. Corporate reforms underway over the past 2 years are helping unlock value, while companies maintain profitability and pay dividends during the value realization period.	NLOP CPH CN 6249 JP 7952 JP 8291 JP	View
2025 Q2	Jun 30, 2025	Distillate Capital Large Cap Value	-	1.9%	3133.T, 3201.T, 6249.T, 7952.T, 8291.T, 9312.T, CPH.TO, FILA.MI, LNF.TO, NLOP	Japan, liquidation, real estate, REIT, small cap, Specialty Pharma, spinoffs, value	Japan offers compelling value opportunities with companies trading at significant discounts to book value, often with substantial cash positions and real estate holdings. Corporate reforms over the past two years are helping unlock value, and many companies pay dividends while investors wait for market recognition.		View
2024 Q1	May 9, 2024	Alluvium Global Fund	0.0%	0.0%	CRAWA, FRAG.MX, FTLF, GTX, HERDEZ.MX, HMM.TO, MCB.L, MRC, NLOP, SCAB.ST, SENEA, TLN	Buybacks, Europe, Hotels, Mexico, small caps, value	Scandic Hotels operates 280 hotels with 58,000 rooms in Scandinavia using a variable lease model that reduces operating leverage compared to traditional hotel companies. The company has recovered to record revenues and profits post-COVID while maintaining lower leverage than historically, yet trades below pre-COVID highs offering a double-digit free cash flow yield.	FRAGUA.MX HERDEZ.MX SCAB.ST MCB.L	View
2024 Q1	May 14, 2024	Alluvial Capital Management	4.8%	15.7%	CRAWA, FRAG.MX, FTLF, GTX, HERDEZ.MX, HMM.TO, MCB.L, MRC, NLOP, SCAB.ST, SENEA, TLN, UNI.MI	Buybacks, Europe, Hotels, Mexico, small caps, value	Manager focuses on undervalued opportunities across multiple holdings including McBride trading at 4.4x EBITDA, Scandic Hotels offering double-digit free cash flow yield, and Hammond Manufacturing at 6.4x earnings. Portfolio emphasizes companies trading below intrinsic value with clear catalysts for revaluation.	SCAB.ST MCB.L	View
2026 Q1	Apr 8, 2026	Kingdom Capital Advisors	8.0%	8.0%	AENT, KODK, MAGN, MLCI, NLOP, NVRI, STKL, TSSI, UNFI, WATT, WBD, WW, ZD	Distribution, Media, real estate, small caps, special situations, value		NVRI MAGN UNFI NLOP AENT	View
2024 Q1	Apr 26, 2024	Kingdom Capital Advisors	2.5%	15.9%	ABL, CRSXF, EVC, GENK, HBI, NLOP, PLCE, RGS, TDW, VNTRF	distressed, Media, real estate, SmallCap, turnaround, value	Manager focuses on vetting ideas most ignore rather than predicting the next big thing. Portfolio includes distressed situations like Children's Place and undervalued assets like Entravision's spectrum holdings. Emphasis on finding mispriced opportunities with significant torque potential.	EVC	View
2025 Q4	Feb 2, 2026	Alluvial Capital Management	0.0%	41.2%	CRAW, EAC, FTLF, GTX, IFOS, MBR.L, MDR, NLOP, SLVM, TLN	Buybacks, dividends, Europe, industrials, materials, small caps, Telecommunications, value	The fund earned returns from boring companies in defensive industries using plain vanilla value investing principles while ignoring the market's shiny objects. The portfolio represents a collection of good quality, deeply undervalued companies trading at significant discounts to intrinsic value. Multiple portfolio companies executed aggressive share repurchase programs including Zegona with €200 million reserved for buybacks, Garrett Motion repurchasing 9% of shares, and McBride implementing an aggressive share repurchase plan. These capital return programs drove significant stock price appreciation. Several holdings initiated or resumed dividend payments as part of capital return strategies. Garrett Motion initiated a dividend and committed to returning 75% of free cash flow to shareholders, while McBride reinitiated its dividend alongside share buybacks. The fund initiated a position in Itafos, a phosphate fertilizer producer, based on structural undersupply dynamics. American phosphate production has declined by more than half since 1980, Florida reserves are dwindling, and China is reducing exports to ensure domestic availability for agriculture and lithium battery production. The fund purchased Sylvamo Corp, a manufacturer of uncoated freesheet paper, facing short-term headwinds from expiring supply agreements and weak European demand. Industry supply reduction from mill conversions and closures should support pricing recovery as the company invests in South Carolina capacity expansion. Net Lease Office Properties continues its liquidation process with multiple property sales and large distributions to shareholders. While recent sale prices have been underwhelming, the current share price represents a large discount to remaining property values with liquidation expected to complete by end of 2026.	MCDIF SLVM NLOP MCB LN GTX CRAWA ZEG LN	View
2025 Q4	Dec 31, 2025	Clark Street Value	-	-	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	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, and idiosyncratic balance sheet mispricings where catalysts such as sales processes, buyouts, or capital returns can unlock value. Value investing is framed as lumpy and uncomfortable, with long-term success dependent on patience, downside analysis, and selective conviction rather than benchmark alignment.	TURN SOHOO LNW JEF FI GDEN FWRD BHR	View
2025 Q3	Oct 9, 2025	Kingdom Capital Advisors	20.8%	7.9%	AIV, AKA, FGF, GCO, HRBR, MAGN, NLOP, UNFI, UNTC, VNTRF, WW	cybersecurity, Liquidations, real estate, small caps, special situations, tariffs, value	The fund focuses on overlooked companies trading at significant discounts to intrinsic value. Traditional holdings trade at about 10x estimated forward earnings versus 30x trailing twelve months earnings, with most trading below book value and less than 10x estimated cash flow.	AKA US MAGN US WW US GCO US AIV US UNFI US	View
2024 Q3	Oct 8, 2024	Kingdom Capital Advisors	2.5%	15.9%	ECRO, GENK, GLXZ, GTIM, HCC, NLOP, RRGB, SCOR, SUP, UNFI, VAL	Coal, Microcap, real estate, Restaurants, small caps, value	Premium metallurgical coal market is undersupplied with major steel producers paying $300m+ per million tons of annual production. Japanese and Indian steel companies are aggressively acquiring coal assets at valuations exceeding current Warrior Met Coal pricing.	ECRO UNFI HCC NLOP	View
2024 Q2	Oct 7, 2022	Kingdom Capital Advisors	2.5%	15.9%	ABLLW, EVC, HBI, NLOP, RGS, SUP	Debt, liquidation, Refinancing, small caps, value	The fund focuses on small cap stocks despite their underperformance relative to mega-cap technology stocks. The manager notes that small caps struggle to garner interest while the S&P 500 and NASDAQ continue to reach new highs. The fund eagerly awaits an investing environment where small caps experience relative strength.	SUP NLOP	View
2025 Q4	Jan 7, 2026	HalvioCapital	5.6%	0.0%	BKM.SI, CPH.TO, EDU.AX, FILA.MI, LNF.TO, MCCK, MYX.AX, NLOP	international, Japan, Merger Arbitrage, real estate, small caps, value	Manager focuses on undervalued securities across multiple markets, highlighting companies trading below intrinsic value such as TOC Co. with real estate worth ¥184B against ¥75B market cap, and FILA trading at attractive enterprise value multiples. The approach emphasizes finding bargains in less picked-over international markets. Japan basket represents a significant holding with focus on corporate governance reforms under new Prime Minister Sanae Takaichi. Manager sees opportunity in companies with excess cash being forced to improve capital allocation, with ¥83 trillion in corporate cash providing catalyst for shareholder returns. Portfolio concentrated in smaller companies across multiple geographies including Australian micro-caps, Canadian small caps, and niche industrial businesses. Manager seeks opportunities in less efficient markets where smaller companies may be mispriced or overlooked by institutional investors.		View
2025 Q4	Jan 7, 2026	Kingdom Capital Advisors	8.9%	17.5%	AIV, AKA, CRSXF, HRBR, MAGN, NLOP, NVRI, SUP, TSSI, UNFI, WW	concentrated, Liquidations, Microcap, special situations, Turnarounds, value	Kingdom Capital focuses on overlooked microcap companies trading at significant discounts to intrinsic value. The portfolio includes businesses like UNFI trading below 4x EV/EBITDA and generating substantial free cash flow, demonstrating the manager's value-oriented approach. The fund specializes in microcap investing with a concentrated, research-intensive approach. Despite significant challenges including bankruptcies and customer losses, the strategy delivered strong returns by exploiting inefficiencies in overlooked areas of the market. 2025 tested the fund's thesis severely with a bankruptcy, major customer losses, and cyber-attacks, yet delivered 17.45% net returns. The manager emphasizes that edge comes from exploiting inefficiency rather than avoiding adversity, demonstrating portfolio resilience through active management.		View
2023 Q4	May 1, 2024	Kingdom Capital Advisors	2.5%	15.9%	ABL, ABLLW, AMRK, ARCH, CRSXF, HCC, NLOP, PLCE, SCOR, UNTC	Coal, contrarian, energy, real estate, small caps, special situations, value	Manager holds positions in Corsa Coal and previously Arch Resources, rotating into Warrior Met Coal. Coal was both a top contributor (Warrior Met) and detractor (Corsa Coal) during the period. Manager views coal as part of their value-oriented approach to out-of-favor sectors.	NLOP	View
2025 Q1	Apr 14, 2025	Kingdom Capital Advisors	-7.1%	-7.1%	AKA, CLBR, CRSXF, HCC, IPI, MAGN, NLOP, NVRI, OACC, SUP, UNFI, UNTC, VNTRF	Autos, Coal, Natural Gas, real estate, small caps, tariffs, Trade Policy, value	Q1 was dominated by tariff discussions as Trump's administration demonstrates more follow-through than his first term. The manager analyzes specific impacts on portfolio holdings, particularly auto tariffs affecting Superior Industries, and expects policy adjustments due to consumer cost concerns.		View
2023 Q4	Jan 25, 2024	Alluvial Capital Management	4.8%	15.7%	CRAWA, FITL, LGT.TO, MRC, NLOP, SENEA	banks, REITs, small caps, special situations, Spin-Offs, value	Manager invested heavily in Net Lease Office Properties (NLOP), a spin-off REIT designed to liquidate office assets. Despite office market pressures from work-from-home policies, NLOP trades at significant discount to conservative asset values and has built-in liquidation catalyst.	AMRC CRAWA FTLF NLOP	View
2024 Q4	Jan 24, 2025	Alluvial Capital Management	-	16.4%	CBL, CRAWA, CSOL, FITB, GTX, MCB.L, MRC, NLOP, SENEA, TITC.AT, TLN, UBAL, ZEGN.L	Buybacks, Cement, Commercial real estate, international, small caps, value	Manager holds Net Lease Office Properties in ongoing liquidation, CBL & Associates Properties as mall operator recovery play, and views these as expressions of long-term commercial property recovery theme. Despite office market headwinds and interest rate challenges, expects value realization through asset sales and improving sentiment.	CBL TITC.AT MCB.L ZEG.L NLOP	View
2024 Q4	Jan 21, 2025	Kingdom Capital Advisors	2.1%	18.3%	ENZ, GLXZ, HCC, MAGN, NLOP, NPK, RGS, SCOR, SUP, TSSI, UNFI, UNTC	AI, Coal, Concentration, defense, Distribution, small caps, turnaround, value	KCA applies a concentrated approach to small cap investing, with the Russell 2000 serving as their benchmark. The manager notes that small cap stocks experienced a Trump rally in November that reversed by year-end. Since inception, small caps have returned about 7% cumulatively versus 89% for KCA.	TSSI NPK MAGN SUP UNFI NLOP	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Apr 28, 2026	Fund Letters	Kingdom Capital Advisors	Net Lease Office Properties	Real Estate	Specialized REITs	Bull	NYSE	asset liquidation, contrarian, Investment-grade tenants, Liquidation, Net Lease, Office Real Estate, REIT, spinoff, Value	View Pitch
Apr 28, 2026	Fund Letters	Alluvial Capital Management	Net Lease Office Properties	Real Estate	Office REITs	Bull	NYSE	asset sales, contrarian, debt reduction, Liquidation, Office, Real Estate, REIT, spin-off, Value	View Pitch
Apr 13, 2026	Fund Letters	Alluvial Capital Management	Net Lease Office Properties	Real Estate	Office REITs	Bull	NASDAQ	asset sales, Cash distribution, deleveraging, Google Tenant, Liquidation Strategy, NAV discount, Office REIT, Real Estate	View Pitch
Apr 13, 2026	Fund Letters	Kingdom Capital Advisors	Net Lease Office Properties	Real Estate	Office REITs	Bull	NASDAQ	asset sales, debt reduction, Liquidation, Office Buildings, REIT, Special Distributions, turnaround, Value	View Pitch
Apr 13, 2026	Fund Letters	Alluvial Capital Management	Net Lease Office Properties	Real Estate	Office REITs	Bull	NASDAQ	asset sales, cap rate, debt reduction, Liquidation, office properties, Real Estate, REIT, Value	View Pitch
Apr 13, 2026	Fund Letters	Kingdom Capital Advisors	Net Lease Office Properties	Real Estate	Office REITs	Bull	NYSE	asset sales, cap rate, Liquidation, NAV discount, Office REIT, Real Estate Monetization, Share Buyback	View Pitch
Apr 13, 2026	Fund Letters	Kingdom Capital Advisors	Net Lease Office Properties	Real Estate	Office REITs	Bull	NASDAQ	asset sales, cap rate, dividend, Liquidation, Net Lease, office properties, Real Estate, REIT	View Pitch
Apr 13, 2026	Fund Letters	Kingdom Capital Advisors	Net Lease Office Properties	Real Estate	Office REITs	Bull	NASDAQ	Liquidation, Net Lease, office properties, Property Sales, Real Estate, REIT, Uncorrelated Returns	View Pitch
Apr 13, 2026	Fund Letters	Alluvial Capital Management	Net Lease Office Properties	Real Estate	Office REITs	Bull	NASDAQ	asset sales, Cash distribution, debt reduction, Liquidation, Net Lease, office properties, Real Estate, REIT	View Pitch
Apr 9, 2026	Fund Letters	Kingdom Capital Advisors	Net Lease Office Properties	REIT - Office	Office REITs	Bull	New York Stock Exchange	asset monetization, dividend income, Liquidation Play, office properties, Real Estate, REIT, Special Situation, Suburban Office	View Pitch
Feb 4, 2026	Fund Letters	Dave Waters	Net Lease Office Properties	Real Estate	Office REITs	Bull	New York Stock Exchange	Cap rates, capital returns, Liquidation, NAV discount, Property-Dispositions	View Pitch
Jan 24, 2026	Seeking Alpha	Seeking Alpha	Net Lease Office Properties	Real Estate	Office REITs	Bull	New York Stock Exchange	enterprise value, Investment Returns, Liquidation, net asset value, Net Lease Office Properties, Office REITs, Property Sales, Real Estate, real estate investment trust, special dividends	View Pitch
Jan 8, 2026	Fund Letters	Anthony	Net Lease Office Properties	Real Estate	Office REITs	Bull	New York Stock Exchange	cashflow, leverage, Liquidation, NAV, realestate	View Pitch
Jan 8, 2026	Fund Letters	David Bastian	Net Lease Office Properties	Real Estate	Office REITs	Bull	New York Stock Exchange	Assetsales, buybacks, Caprate, Offices, REIT	View Pitch
Dec 3, 2025	Fund Letters	Dave Waters	Net Lease Office Properties	Real Estate	Office REITs	Bull	NYSE	asset sales, cap rate, Liquidation, Office, REIT	View Pitch
Nov 29, 2025	Fund Letters	Dave Waters	Net Lease Office Properties	Real Estate	Office REIT	Bull	NYSE	asset sales, cap rate, deleveraging, Dispositions, NAV discount, Office, REIT	View Pitch
Nov 29, 2025	Fund Letters	Dave Waters	Net Lease Office Properties	Real Estate	Office REIT	Bull	NYSE	asset sales, cap rate, deleveraging, Dispositions, NAV discount, Office, REIT	View Pitch

BSD Shareholders of NLOP

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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Letters With This Ticker

Pitches With This Ticker

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