Arkhouse Management Co. LP

Key computed flows and P/L this quarter (approximate, based on 13F line items):

• Gross value of positions exited reported in the filing: ~$3.693M (8 positions).
• Gross value of reported increases / new buys: ~$4.517M (including the $2.53M added to IAC and increases in smaller names).
• Net purchases (buys minus sells): ≈ +$0.824M (meaning Arkhouse deployed about $824K of additional capital into positions).
• Implied market-driven loss ≈ -$5.41M (ending value $33.23M vs starting $37.82M after net flows), or roughly -14.3% attributable to market moves across remaining holdings.

Key Holdings

• IAC (IAC Inc.) — $27.26M, 800k shares, 82.02% of the portfolio: This is an outsized single-name concentration. The manager added approximately $2.53M this quarter to increase the stake further. Owning more than four-fifths of the portfolio in one equity creates very high idiosyncratic risk; portfolio returns will be driven almost entirely by IAC’s price action and corporate developments.
• CSR (Centerspace) — $1.14M, 19k shares, 3.42%: The position was increased materially this quarter (+201.9%, ~$751.5K added), making it the second-largest holding by weight. Still small relative to IAC but notable as the largest “satellite” overweight.
• FRONTVIEW REIT, COLD (Americold Realty Trust), IRT (Independence Realty Trust), PKST (Peakstone Realty Trust), ELS (Equity Lifestyle Properties), WH (Wyndham Hotels & Resorts), AMH (American Homes 4 Rent), AHH (Armada Hoffler): These ten holdings (including IAC) sum to essentially 100% of the reported portfolio weight (rounding of reported percentages). Excluding IAC, the remainder is a mix of REITs and real-estate related equities, and one consumer-cyclical (WYNDHAM), creating a satellite sleeve focused on real estate exposure. New positions PKST ($501K, 1.51%) and AHH ($289K, 0.87%) were initiated this quarter.