In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Phase 2 Partners, LLC reported 26 stock positions worth $169.1 million . Its top holding was Mercury General (MCY) at 10.2% of the portfolio, followed by Kemper (KMPR, 7.2% ) and Encore Capital (ECPG, 6.8% ). Compared with Q2 2024, it opened 11 new positions, sold out of 11, added to 7 and reduced 8. The biggest buy was Mercury General (MCY, shares +142% ) and the biggest sale an exit from Ezcorp Class A (EZPW).
Location San Francisco, CA
CIK 0001841126
Portfolio Value $169.1M (Q3 2024) Holdings 26 stocks · $169.1M Holdings quarter Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q2 2024 MCY Mercury General Corp. 273,955 $17.3M Add +142.1% KMPR Kemper Corp. 197,394 $12.1M Add +16.9% ECPG Encore Capital Group Inc. 241,509 $11.4M Add +219.9% KRC Kilroy Realty Corp. 250,949 $9.7M Reduce -15.1% WLFC Willis Lease Finance Corp. 52,428 $7.8M Reduce -25.5% RPC Ridgepost Capital Inc. Class A filed as P10 INC 704,728 $7.5M Add +8.6% CG The Carlyle Group Inc. 171,910 $7.4M New MTH Meritage Homes Corp. 33,299 $6.8M New DFS Discover Financial Services 45,875 $6.4M Reduce -31.2% WT Wisdomtree Inc. 632,513 $6.3M Reduce -4.9% PAX Patria Investments Ltd. Class A 541,602 $6.0M Add +57.7% BLK BlackRock Finance Inc. 5,992 $5.7M New CME Cme Group Inc. 25,756 $5.7M New SKWD Skyward Specialty Insurance 139,447 $5.7M New FUTU Futu Holdings Ltd.-ADR filed as FUTU HLDGS LTD 59,355 $5.7M Reduce -57.4% VIRT Virtu Financial Inc. Class A 185,979 $5.7M Add +34.2% Z Zillow Group Inc. Class C 88,000 $5.6M Reduce -50.4% GCMG GCM Grosvenor Inc. Class A 427,394 $4.8M Reduce -45.1% WAL Western Alliance Bancorp 52,837 $4.6M New HCI Hci Group Inc. 42,474 $4.5M New HHH Howard Hughes Holdings Inc. 58,221 $4.5M Reduce -60.0% AER Aercap Holdings NV 47,270 $4.5M New LINE Lineage Inc. 50,000 $3.9M New BOW Bowhead Specialty Holdings I 136,697 $3.8M Add +9.3% ICE Intercontinental Exchange Inc. 21,219 $3.4M New AB Alliancebernstein Holding LP 60,905 $2.1M New
Other holdings (1): bonds, preferreds, convertibles and warrants · $239K (not counted above) Security Class Shares / Principal Value Change GCMGW GCM Grosvenor Inc. A -CW25 *W EXP 11/17/202 · principal 271,048 $239K New
Total filed on the 13F, all lines: $169.3M.
Portfolio Sells Q2 2024 → Q3 2024 Portfolio Sells quarter Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2024 % Of Portfolio Change To Portfolio ▲ EZPW Ezcorp Inc. Class A Sold out 0.00% −5.74 BILL Bill Holdings Inc. Sold out 0.00% −5.36 DEI Douglas Emmett Inc. Sold out 0.00% −4.53 RPAY Repay Holdings Corp. Sold out 0.00% −4.13 RELY Remitly Global Inc. Sold out 0.00% −3.94 NOAH Noah Holdings Ltd.-Spon ADS Sold out 0.00% −3.61 CBOE Cboe Global Markets Inc. Sold out 0.00% −3.55 GRBK Green Brick Partners Inc. Sold out 0.00% −3.12 HHH Howard Hughes Holdings Inc. Reduce -60.0% 2.67% −3.01 NMRK Newmark Group Inc. Class A Sold out 0.00% −2.66 AL Sumisho Air Lease Corp. Sold out 0.00% −2.53 FUTU Futu Holdings Ltd.-ADR Reduce -57.4% 3.36% −2.14 GCMG GCM Grosvenor Inc. Class A Reduce -45.1% 2.86% −1.71 Z Zillow Group Inc. Class C Reduce -50.4% 3.32% −1.63 DFS Discover Financial Services Reduce -31.2% 3.81% −1.44 IMXI International Money Express Sold out 0.00% −1.28 WT Wisdomtree Inc. Reduce -4.9% 3.74% −0.23 KRC Kilroy Realty Corp. Reduce -15.1% 5.74% +0.20 WLFC Willis Lease Finance Corp. Reduce -25.5% 4.61% +1.68
Portfolio Buys Q2 2024 → Q3 2024 Portfolio Buys quarter Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q2 2024 % Of Portfolio Change To Portfolio ▼ MCY Mercury General Corp. Add +142.1% 10.20% +6.58 ECPG Encore Capital Group Inc. Add +219.9% 6.75% +4.85 CG The Carlyle Group Inc. New 4.38% +4.38 MTH Meritage Homes Corp. New 4.04% +4.04 BLK BlackRock Finance Inc. New 3.36% +3.36 CME Cme Group Inc. New 3.36% +3.36 SKWD Skyward Specialty Insurance New 3.36% +3.36 WAL Western Alliance Bancorp New 2.70% +2.70 HCI Hci Group Inc. New 2.69% +2.69 AER Aercap Holdings NV New 2.65% +2.65 LINE Lineage Inc. New 2.32% +2.32 ICE Intercontinental Exchange Inc. New 2.02% +2.02 VIRT Virtu Financial Inc. Class A Add +34.2% 3.35% +1.48 AB Alliancebernstein Holding LP New 1.26% +1.26 RPC Ridgepost Capital Inc. Class A Add +8.6% 4.46% +1.15 KMPR Kemper Corp. Add +16.9% 7.15% +1.12 PAX Patria Investments Ltd. Class A Add +57.7% 3.58% +1.08 BOW Bowhead Specialty Holdings I Add +9.3% 2.26% +0.36
Notes & Other Activity Q2 2024 → Q3 2024 Security Class Change vs Q2 2024 Shares / Principal Value ▼ GCMGW GCM Grosvenor Inc. A -CW25 *W EXP 11/17/202 · principal New 271,048 $239K GCMGW GCM Grosvenor Inc. A -CW25 *W EXP 11/17/202 Sold out 271,048 $133Kbefore exit
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