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Disclosery

Waterstone Capital Management, L.P.

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13F filer, CIK 1512370, ST. LOUIS PARK, MN

Waterstone Capital Management, L.P. reported $110,444,000 across 16 holdings for the quarter ended 2018-03-31, in a 13F-HR filed 2018-05-14. Its ten largest share positions make up 89.23% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0000919574-18-003507

Period
2018-03-31
Reported value
$110M
Holdings
16
Top 10 weight
89.23%
New
4
Sold out
3

Largest buys vs the previous quarter

SecurityShares changeApprox. value
ESNTnew+108,000$4.6M
NMIHnew+134,301$2.22M
BANK OF THE OZARKSadded+38,700$1.87M
CENTERSTATE BK CORPnew+63,627$1.69M
NRG YIELD INCadded+26,517$436K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
HOLXexited-446,800-$19.1M
ELEVANCE HEALTH INCexited-305,572-$17.1M
WELLTOWER INC 6.50 PFD PREP…exited-114,440-$6.89M
NABORS INDUSTRIES LTDreduced-17,200-$120K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2018

Share positions as resolved from 13F-HR 0000919574-18-003507, largest first. % of portfolio is the value over $110,444,000, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
FLG-PUFLAGSTAR BANK NATIONAL ASSOCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2016Q2: restricted; 2016Q3: restricted; 2016Q4: restricted; 2017Q1: restricted; 2017Q2: restricted; 2017Q3: restricted; 2017Q4: restricted; 2018Q1: 485,137 shares 485,137$24.3M21.96%0Timeline
TERTERADYNE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2016Q2: restricted; 2016Q3: restricted; 2016Q4: restricted; 2017Q1: restricted; 2017Q2: restricted; 2017Q3: restricted; 2017Q4: restricted; 2018Q1: 255,900 shares 255,900$11.7M10.59%0Timeline
CITRIX SYSTEMS INCCITRIX SYSTEMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2016Q2: restricted; 2016Q3: restricted; 2016Q4: restricted; 2017Q1: restricted; 2017Q2: restricted; 2017Q3: restricted; 2017Q4: restricted; 2018Q1: 68,200 shares 68,200$6.33M5.73%0
STATE BANK FINL CORP COMSTATE BANK FINL CORP COMQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2016Q2: restricted; 2016Q3: restricted; 2016Q4: restricted; 2017Q1: restricted; 2017Q2: restricted; 2017Q3: restricted; 2017Q4: restricted; 2018Q1: 198,135 shares 198,135$5.95M5.38%0
ESNTESSENT GROUP LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2016Q2: restricted; 2016Q3: restricted; 2016Q4: restricted; 2017Q1: restricted; 2017Q2: restricted; 2017Q3: restricted; 2017Q4: restricted; 2018Q1: 108,000 shares 108,000$4.6M4.16%newTimeline
NRG YIELD INCNRG YIELD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2016Q2: restricted; 2016Q3: restricted; 2016Q4: restricted; 2017Q1: restricted; 2017Q2: restricted; 2017Q3: restricted; 2017Q4: restricted; 2018Q1: 217,076 shares 217,076$3.57M3.23%+26,517
BANK OF THE OZARKSBANK OF THE OZARKSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2016Q2: restricted; 2016Q3: restricted; 2016Q4: restricted; 2017Q1: restricted; 2017Q2: restricted; 2017Q3: restricted; 2017Q4: restricted; 2018Q1: 66,700 shares 66,700$3.22M2.92%+38,700
ILMNILLUMINA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2016Q2: restricted; 2016Q3: restricted; 2016Q4: restricted; 2017Q1: restricted; 2017Q2: restricted; 2017Q3: restricted; 2017Q4: restricted; 2018Q1: 10,161 shares 10,161$2.4M2.17%+1,000Timeline
NMIHNMI HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2016Q2: restricted; 2016Q3: restricted; 2016Q4: restricted; 2017Q1: restricted; 2017Q2: restricted; 2017Q3: restricted; 2017Q4: restricted; 2018Q1: 134,301 shares 134,301$2.22M2.01%newTimeline
NABORS INDUSTRIES LTDNABORS INDUSTRIES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2016Q2: restricted; 2016Q3: restricted; 2016Q4: restricted; 2017Q1: restricted; 2017Q2: restricted; 2017Q3: restricted; 2017Q4: restricted; 2018Q1: 297,380 shares 297,380$2.08M1.88%-17,200
KRKROGER COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2016Q2: restricted; 2016Q3: restricted; 2016Q4: restricted; 2017Q1: restricted; 2017Q2: restricted; 2017Q3: restricted; 2017Q4: restricted; 2018Q1: 82,500 shares 82,500$1.98M1.79%0Timeline
CENTERSTATE BK CORPCENTERSTATE BK CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2016Q2: restricted; 2016Q3: restricted; 2016Q4: restricted; 2017Q1: restricted; 2017Q2: restricted; 2017Q3: restricted; 2017Q4: restricted; 2018Q1: 63,627 shares 63,627$1.69M1.53%new
SFMSPROUTS FMRS MKT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2016Q2: restricted; 2016Q3: restricted; 2016Q4: restricted; 2017Q1: restricted; 2017Q2: restricted; 2017Q3: restricted; 2017Q4: restricted; 2018Q1: 65,000 shares 65,000$1.53M1.38%0Timeline

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

SecurityTypeAmountValueChange
WORKDAY INCWORKDAY INC NOTE 0.750% 7/1principal18,000,000$27.4M0
CTRIP COM INTL LTDCTRIP COM INTL LTD NOTE 1.000% 7/0principal6,768,000$7.29M-4,189,000
CTRIP COM INTL LTDCTRIP COM INTL LTD NOTE 1.250%10/1principal3,500,000$4.27Mnew

Sold out in Q1 2018

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
HOLXHOLOGIC INC446,800$19.1Mshares
ELEVANCE HEALTH INCELEVANCE HEALTH INC305,572$17.1Mshares
WELLTOWER INC 6.50 PFD PREP…WELLTOWER INC 6.50 PFD PREPET114,440$6.89Mshares

How Q1 2018 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0000919574-18-003507 base2018-05-14acceptance time not in the bulk data set