Managers / Q4 2019 · view latest →
Shoals Capital Management LP
CIK 0001727709 · 1010 N. GLEBE ROAD, SUITE 730, ARLINGTON, VA, 22201 · 7037630925
Summary
Shoals Capital Management LP reported $102M in U.S.-listed holdings across 15 positions for Q4 2019.
The portfolio is heavily concentrated: Jernigan Capital alone accounts for 20.6% of reported value.
Compared with Q3 2019, the fund opened 9 new positions and exited 6.
Portfolio Metrics
Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.
Reported Value by Quarter
Portfolio Composition
- REIT · 38.7% · $40M
- Common Stock · 36.7% · $37M
- Other · 9.4% · $10M
- PRIV PLACEMENT · 8.1% · $8M
- PUBLIC · 6.3% · $6M
- ETP · 0.7% · $719,000
Quarter-over-Quarter Changes full breakdown →
vs Q3 2019 (amended baseline)
| Issuer | Move | Share Δ | Shares now | Value Δ | Value now |
|---|---|---|---|---|---|
| CYRUSONE INC | NEW | +160.0K | 160.0K | +$10M | $10M |
| INNOVATIVE INDL PPTYS INC | NEW | +6.5K | 6.5K | +$8M | $8M |
| OAKTREE SPECIALTY LENDING CORP | NEW | +1.51M | 1.51M | +$8M | $8M |
| HWCHANCOCK WHITNEY CORP | NEW | +185.0K | 185.0K | +$8M | $8M |
| LEXINGTON REALTY TRUST | NEW | +760.0K | 760.0K | +$8M | $8M |
| FBPFIRST BANCORP P R | NEW | +750.0K | 750.0K | +$8M | $8M |
| COWEN INC | NEW | +184.1K | 184.1K | +$3M | $3M |
| MEDLEY MANAGEMENT INC | NEW | +112.0K | 112.0K | +$332,000 | $332,000 |
Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.
Holdings — Q4 2019
| # | Issuer | Class | % Portfolio | Value ↓ | Shares |
|---|---|---|---|---|---|
| 1 | JERNIGAN CAPITAL INC | COM | 20.60% | $21M | 1.10M |
| 2 | CYRUSONE INC | COM | 10.24% | $10M | 160.0K |
| 3 | BPOPPOPULAR INChistory → | COM NEW | 9.77% | $10M | 170.0K |
| 4 | GREAT AJAX CORP | COM | 9.42% | $10M | 650.0K |
| 5 | INNOVATIVE INDL PPTYS INC | IIPR US EQUITY | 8.13% | $8M | 6.5K |
| 6 | OAKTREE SPECIALTY LENDING CORP | COM | 8.04% | $8M | 1.51M |
| 7 | HWCHANCOCK WHITNEY CORPhistory → | COM | 7.94% | $8M | 185.0K |
| 8 | LEXINGTON REALTY TRUST | COM | 7.90% | $8M | 760.0K |
| 9 | FBPFIRST BANCORP P Rhistory → | COM NEW | 7.77% | $8M | 750.0K |
| 10 | QTS REALTY TRUST INC | 6.50% CON PFD B | 6.32% | $6M | 50.0K |
| 11 | COWEN INC | CL A NEW | 2.84% | $3M | 184.1K |
| 12 | MEDLEY MANAGEMENT INC | CL A COM | 0.32% | $332,000 | 112.0K |
Filing History
13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.