In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Phase 2 Partners, LLC reported 26 stock positions worth $166.1 million . Its top holding was Kemper (KMPR) at 6.0% of the portfolio, followed by Ezcorp Class A (EZPW, 5.7% ) and Howard Hughes (HHH, 5.7% ). Compared with Q1 2024, it opened 11 new positions, sold out of 12, added to 6 and reduced 9. The biggest buy was a new position in Ezcorp Class A (EZPW) and the biggest sale an exit from Flywire Corp.-Voting (FLYW).
Location San Francisco, CA
CIK 0001841126
Portfolio Value $166.1M (Q2 2024) Holdings 26 stocks · $166.1M Holdings quarter Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2024 KMPR Kemper Corp. 168,881 $10.0M Reduce -4.3% EZPW Ezcorp Inc. Class A 911,453 $9.5M New HHH Howard Hughes Holdings Inc. 145,444 $9.4M New KRC Kilroy Realty Corp. 295,527 $9.2M Reduce -16.9% FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 139,276 $9.1M Reduce -26.1% BILL Bill Holdings Inc. 169,317 $8.9M Reduce -9.8% DFS Discover Financial Services 66,660 $8.7M Add +46.3% Z Zillow Group Inc. Class C 177,490 $8.2M Reduce -8.5% GCMG GCM Grosvenor Inc. Class A 778,633 $7.6M Add +110.9% DEI Douglas Emmett Inc. 565,736 $7.5M Reduce -20.1% RPAY Repay Holdings Corp. 649,840 $6.9M Reduce -7.0% WT Wisdomtree Inc. 665,395 $6.6M Reduce -45.4% RELY Remitly Global Inc. 540,244 $6.5M Add +94.1% MCY Mercury General Corp. 113,147 $6.0M Add +128.1% NOAH Noah Holdings Ltd.-Spon ADS filed as NOAH HLDGS LTD 622,110 $6.0M New CBOE Cboe Global Markets Inc. 34,645 $5.9M Reduce -2.9% RPC Ridgepost Capital Inc. Class A filed as P10 INC 649,232 $5.5M Add +12.4% GRBK Green Brick Partners Inc. 90,437 $5.2M New WLFC Willis Lease Finance Corp. 70,393 $4.9M New NMRK Newmark Group Inc. Class A 431,637 $4.4M Add +14.2% AL Sumisho Air Lease Corp. filed as AIR LEASE CORP 88,531 $4.2M New PAX Patria Investments Ltd. Class A 343,377 $4.1M New BOW Bowhead Specialty Holdings I 125,049 $3.2M New ECPG Encore Capital Group Inc. 75,495 $3.2M New VIRT Virtu Financial Inc. Class A 138,599 $3.1M New IMXI International Money Express 101,665 $2.1M New
Other holdings (1): bonds, preferreds, convertibles and warrants · $133K (not counted above) Security Class Shares / Principal Value Change GCMGW GCM Grosvenor Inc. A -CW25 *W EXP 11/17/202 271,048 $133K New
Total filed on the 13F, all lines: $166.3M.
Portfolio Sells Q1 2024 → Q2 2024 Portfolio Sells quarter Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2024 % Of Portfolio Change To Portfolio ▲ FLYW Flywire Corp.-Voting Sold out 0.00% −5.46 BXP BXP Inc. Sold out 0.00% −5.02 FHI Federated Hermes Inc. Sold out 0.00% −4.23 ENV Envestnet Inc. Sold out 0.00% −3.38 ALL Allstate Corp. Sold out 0.00% −3.23 FCFS Firstcash Holdings Inc. Sold out 0.00% −3.15 TMHC Taylor Morrison Home Corp. Sold out 0.00% −2.84 NLY Annaly Capital Management Inc. Sold out 0.00% −2.68 CG The Carlyle Group Inc. Sold out 0.00% −2.64 AB Alliancebernstein Holding LP Sold out 0.00% −2.48 WT Wisdomtree Inc. Reduce -45.4% 3.97% −1.89 BRDG Bridge Investment Grp HDS-A Sold out 0.00% −1.46 LAZ Lazard Inc. Sold out 0.00% −1.42 BILL Bill Holdings Inc. Reduce -9.8% 5.36% −1.38 KRC Kilroy Realty Corp. Reduce -16.9% 5.55% −1.23 DEI Douglas Emmett Inc. Reduce -20.1% 4.53% −0.60 Z Zillow Group Inc. Class C Reduce -8.5% 4.96% +0.01 RPAY Repay Holdings Corp. Reduce -7.0% 4.13% +0.11 CBOE Cboe Global Markets Inc. Reduce -2.9% 3.55% +0.12 FUTU Futu Holdings Ltd.-ADR Reduce -26.1% 5.50% +0.17 KMPR Kemper Corp. Reduce -4.3% 6.03% +0.32
Portfolio Buys Q1 2024 → Q2 2024 Portfolio Buys quarter Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2024 % Of Portfolio Change To Portfolio ▼ EZPW Ezcorp Inc. Class A New 5.74% +5.74 HHH Howard Hughes Holdings Inc. New 5.68% +5.68 NOAH Noah Holdings Ltd.-Spon ADS New 3.61% +3.61 GRBK Green Brick Partners Inc. New 3.12% +3.12 WLFC Willis Lease Finance Corp. New 2.94% +2.94 GCMG GCM Grosvenor Inc. Class A Add +110.9% 4.57% +2.71 AL Sumisho Air Lease Corp. New 2.53% +2.53 PAX Patria Investments Ltd. Class A New 2.49% +2.49 MCY Mercury General Corp. Add +128.1% 3.62% +2.28 DFS Discover Financial Services Add +46.3% 5.25% +2.13 BOW Bowhead Specialty Holdings I New 1.91% +1.91 ECPG Encore Capital Group Inc. New 1.90% +1.90 VIRT Virtu Financial Inc. Class A New 1.87% +1.87 IMXI International Money Express New 1.28% +1.28 RELY Remitly Global Inc. Add +94.1% 3.94% +0.92 RPC Ridgepost Capital Inc. Class A Add +12.4% 3.31% +0.77 NMRK Newmark Group Inc. Class A Add +14.2% 2.66% +0.47
Notes & Other Activity Q1 2024 → Q2 2024 Security Class Change vs Q1 2024 Shares / Principal Value ▼ GCMGW GCM Grosvenor Inc. A -CW25 *W EXP 11/17/202 New 271,048 $133K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q4 2024 25 $132.9M ECPG, MCY, KMPR, WLFC, HCI Q3 2024 26 $169.1M MCY, KMPR, ECPG, KRC, WLFC Q2 2024 26 $166.1M KMPR, EZPW, HHH, KRC, FUTU Q1 2024 27 $191.3M KRC, BILL, WT, KMPR, FLYW