In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Phase 2 Partners, LLC reported 25 stock positions worth $132.9 million . Its top holding was Encore Capital (ECPG) at 12.1% of the portfolio, followed by Mercury General (MCY, 7.1% ) and Kemper (KMPR, 6.0% ). Compared with Q3 2024, it opened 9 new positions, sold out of 10, added to 5 and reduced 11. The biggest buy was Encore Capital (ECPG, shares +39% ) and the biggest sale an exit from Kilroy Realty (KRC).
Location San Francisco, CA
CIK 0001841126
Portfolio Value $132.9M (Q4 2024) Holdings 25 stocks · $132.9M Holdings quarter Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2024 ECPG Encore Capital Group Inc. 336,193 $16.1M Add +39.2% MCY Mercury General Corp. 142,899 $9.5M Reduce -47.8% KMPR Kemper Corp. 120,441 $8.0M Reduce -39.0% WLFC Willis Lease Finance Corp. 37,455 $7.8M Reduce -28.6% HCI Hci Group Inc. 61,265 $7.1M Add +44.2% DESP Despegar.com Corp. 359,765 $6.9M New DFIN Donnelley Financial Solution 102,586 $6.4M New WT Wisdomtree Inc. 591,129 $6.2M Reduce -6.5% CCS Century Communities Inc. 83,282 $6.1M New RPC Ridgepost Capital Inc. Class A filed as P10 INC 457,585 $5.8M Reduce -35.1% MTH Meritage Homes Corp. 35,436 $5.5M Add +6.4% MCHB Mechanics Bancorp Class A filed as HOMESTREET INC 432,514 $4.9M New SKWD Skyward Specialty Insurance 95,500 $4.8M Reduce -31.5% WAL Western Alliance Bancorp 55,258 $4.6M Add +4.6% FHI Federated Hermes Inc. 109,981 $4.5M New DFS Discover Financial Services 22,285 $3.9M Reduce -51.4% BOW Bowhead Specialty Holdings I 92,294 $3.3M Reduce -32.5% CG The Carlyle Group Inc. 63,887 $3.2M Reduce -62.8% SEIC Sei Investments Company 38,418 $3.2M New BLK BlackRock Inc. 2,996 $3.1M Reduce -50.0% AB Alliancebernstein Holding LP 75,743 $2.8M Add +24.4% HHH Howard Hughes Holdings Inc. 36,069 $2.8M Reduce -38.0% HOV Hovnanian Enterprises-A 17,897 $2.4M New RKT Rocket Cos Inc. Class A 211,880 $2.4M New MQ Marqeta Inc. 436,793 $1.7M New
Other holdings (1): bonds, preferreds, convertibles and warrants · $329K (not counted above) Security Class Shares / Principal Value Change GCMGW GCM Grosvenor Inc. A -CW25 *W EXP 11/17/202 261,072 $329K New
Total filed on the 13F, all lines: $133.2M.
Portfolio Sells Q3 2024 → Q4 2024 Portfolio Sells quarter Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▲ KRC Kilroy Realty Corp. Sold out 0.00% −5.74 PAX Patria Investments Ltd. Class A Sold out 0.00% −3.58 CME Cme Group Inc. Sold out 0.00% −3.36 FUTU Futu Holdings Ltd.-ADR Sold out 0.00% −3.36 VIRT Virtu Financial Inc. Class A Sold out 0.00% −3.35 Z Zillow Group Inc. Class C Sold out 0.00% −3.32 MCY Mercury General Corp. Reduce -47.8% 7.15% −3.06 GCMG GCM Grosvenor Inc. Class A Sold out 0.00% −2.86 AER Aercap Holdings NV Sold out 0.00% −2.65 LINE Lineage Inc. Sold out 0.00% −2.32 ICE Intercontinental Exchange Inc. Sold out 0.00% −2.02 CG The Carlyle Group Inc. Reduce -62.8% 2.43% −1.95 KMPR Kemper Corp. Reduce -39.0% 6.02% −1.13 BLK BlackRock Inc. Reduce -50.0% 2.31% −1.05 DFS Discover Financial Services Reduce -51.4% 2.90% −0.90 HHH Howard Hughes Holdings Inc. Reduce -38.0% 2.09% −0.58 RPC Ridgepost Capital Inc. Class A Reduce -35.1% 4.34% −0.12 BOW Bowhead Specialty Holdings I Reduce -32.5% 2.47% +0.20 SKWD Skyward Specialty Insurance Reduce -31.5% 3.63% +0.27 WT Wisdomtree Inc. Reduce -6.5% 4.67% +0.93 WLFC Willis Lease Finance Corp. Reduce -28.6% 5.85% +1.24
Portfolio Buys Q3 2024 → Q4 2024 Portfolio Buys quarter Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2024 % Of Portfolio Change To Portfolio ▼ ECPG Encore Capital Group Inc. Add +39.2% 12.08% +5.33 DESP Despegar.com Corp. New 5.21% +5.21 DFIN Donnelley Financial Solution New 4.84% +4.84 CCS Century Communities Inc. New 4.60% +4.60 MCHB Mechanics Bancorp Class A New 3.72% +3.72 FHI Federated Hermes Inc. New 3.40% +3.40 HCI Hci Group Inc. Add +44.2% 5.37% +2.68 SEIC Sei Investments Company New 2.38% +2.38 HOV Hovnanian Enterprises-A New 1.80% +1.80 RKT Rocket Cos Inc. Class A New 1.80% +1.80 MQ Marqeta Inc. New 1.25% +1.25 AB Alliancebernstein Holding LP Add +24.4% 2.11% +0.86 WAL Western Alliance Bancorp Add +4.6% 3.47% +0.77 MTH Meritage Homes Corp. Add +6.4% 4.10% +0.06
Notes & Other Activity Q3 2024 → Q4 2024 Security Class Change vs Q3 2024 Shares / Principal Value ▼ GCMGW GCM Grosvenor Inc. A -CW25 *W EXP 11/17/202 New 261,072 $329K GCMGW GCM Grosvenor Inc. A -CW25 *W EXP 11/17/202 · principal Sold out 271,048 $239Kbefore 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