Letters by company
Net Lease Office Properties
12 letters discussing NLOP. Everything written about it on this site is on its ticker page.
- Alluvial Capital Management Q4 2024 Letter to Limited Partners Alluvial Fund centers its case on Net Lease Office Properties’ liquidation, expecting debt repayment and property-sale distributions to narrow a large discount to asset value. New holdings Titan Cement and CBL & Associates pair discounted tangible assets with catalysts including a US listing, debt reduction, asset sales and reinvestment in stronger properties. Fourth Quarter 2024 NLOP $142MCBL $1.5BGTX $4.9B
- Kingdom Capital Advisors Q3 2026 Investor Letter Kingdom Capital Advisors attributes the drawdown chiefly to Entravision and Beasley Broadcasting, arguing that Smadex’s ad-tech franchise is misunderstood and that Beasley must still monetize assets. The portfolio retains positions in UNFI, Magnera and NLOP, while awaiting catalysts at Enviri, Monro and Harbor Diversified. Q3 2026 BBGI $19MEVC $634MMAGN $419M
- Kingdom Capital Advisors Q2 2026 Investor Letter Kingdom Capital built a major Beasley Broadcasting stake, arguing its recapitalization pressures the founding family to sell assets and preserve control. The portfolio re-entered Entravision on Smadex’s growth and valuation, added Core Natural Resources, and pursued event-driven opportunities in Agility Robotics, Elme Communities and Scully Royalty. Q2 2026 BBGI $19MCNR $4.4BEVC $634M
- Kingdom Capital Advisors Q1 2026 Investor Letter Kingdom Capital Advisors exited TSS, Energous and SunOpta after operating catalysts, contract wins and an acquisition crystallized gains. The portfolio added Alliance Entertainment after an earnings dislocation, while retaining Net Lease Office Properties, United Natural Foods, Magnera and Enviri on asset monetization, capital-allocation and earnings theses. Q1 2026 AENT $237MMAGN $419MNLOP $142M
- Kingdom Capital Advisors Q4 2025 Investor Letter Kingdom Capital exited Superior Industries after its customer losses, doubled its United Natural Foods position after a cyber-attack, and used common stock and call options to capitalize on Enviri’s Clean Earth sale. The portfolio enters 2026 concentrated in liquidation situations including Net Lease Office Properties and Apartment Investment and Management, alongside discounted operating businesses such as UNFI, AKA Brands, Magnera and WeightWatchers. Q4 2025 AIV $256MMAGN $419MNLOP $142M
- Alluvial Capital Management Letter to Limited Partners Fourth Quarter 2025 Zegona Communications monetized fiber assets, cut debt and repurchased shares following its Vodafone Spain acquisition, while Alluvial retained the position despite its rerating. The fund added Sylvamo, Itafos and McDermott International, citing temporary paper-market pressure, structurally tight phosphate supply and McDermott’s operational recovery. Crawford United agreed to sell to SPX Technologies, a deal Alluvial views as undervaluing parts of the business. Fourth Quarter 2025 ZEG $5.3BGTX $4.9BITFS $297M
- Alluvial Capital Management Third Quarter 2025 Letter to Limited Partners Alluvial Fund trimmed Zegona Communications for risk control while retaining conviction in asset sales, deleveraging and operating improvements. The portfolio added to PHI Group and backed FitLife Brands’ Irwin Naturals acquisition, while awaiting property sales, refinancing and earnings growth at several out-of-favor holdings. Third Quarter 2025 ZEG $5.3BCBL $1.5BFTLF $85M
- Alluvial Capital Management Q2 2025 Letter to Limited Partners Alluvial added NewPrinces and SigmaRoc, backing their acquisition-led consolidation strategies and durable regional industrial economics. The fund added Talen after its data-center power agreements, trimmed Zegona after its advance, sold Titan, and increased special-situations exposure through ContextLogic and liquidation scenarios. Second Quarter 2025 LOGC $691MMCB $401MNLOP $142M
- Alluvial Capital Management Q1 2025 Letter to Limited Partners Alluvial Fund credited its London-listed Zegona Communications and McBride holdings for offsetting a weak small-cap backdrop, while arguing that both remain undervalued. The fund backed cement producers, discounted real estate and office assets, sold Supremex and BankFirst to fund better opportunities, and expects asset sales and portfolio upgrades at Net Lease, Peakstone and CBL to unlock value. First Quarter 2025 BFCC $334MCBL $1.5BGTX $4.9B
- Alluvial Capital Management Letter to Limited Partners Third Quarter 2024 Alluvial Fund added Zegona Communications for its Vodafone Spain turnaround and Bahnhof AB for its capital-light, negative-working-capital internet model. The fund retained conviction in Net Lease Office Properties, McBride, FitLife Brands and Talen Energy, while exiting Butler National, Hammond Manufacturing and Scandic Hotels over governance, capital-allocation and valuation concerns. Third Quarter 2024 ZEG $5.3B0RD7 BAHN-B $458M
- Alluvial Capital Management Second Quarter 2024 Letter to Limited Partners Alluvial Fund retained Net Lease Office Properties as its largest position, arguing that asset sales and debt reduction should narrow its steep valuation discount. The fund added conviction to McBride’s turnaround and Talen Energy’s asset-sale strategy, while exiting Harbor Diversified after its arbitration claim failed and financial statements required restatement. Second Quarter 2024 HRBR $129MMCB $401MNLOP $142M
- Alluvial Capital Management First Quarter 2024 Letter to Limited Partners Alluvial Fund sold its entire P10 position after missed margin targets, limited acquisition progress and management turnover eroded its risk-adjusted case. It bought McBride and Scandic Hotels, added Mexican holdings Grupo Herdez and Corporativo Fragua, and closed to new limited partners as it prepares a tangible-assets-focused fund. First Quarter 2024 0RD7 CGSBF $42BFTLF $85M
