Springhouse Capital Management, LP

WESTPORT, CT · CIK 1660086 · 13F filing filed 2023-11-14

SEC-registered investment adviser since 2014 · limited partnership

Assets managed$196.6m
Staff2 · 2 in investment roles
Main clients (by assets)Private funds 100%
Private funds1 (1 hedge) · $196.6m gross assets
Form ADV · 2026-03-30SEC adviser record

Legal entitySpringhouse Capital Management, L.P. (US)

$54.7m reported value -8.1% vs Q2 2023

21positions

93.0%in top 10

2 new 2 added 4 reduced 3 sold out vs Q2 2023

Options: 0 call positions (— notional), 1 put positions ($559.3k notional) – listed below, not included above.

Holdings, Q3 2023

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	THE REALREAL INC NOTE 1.000% 3/0 · principal REAL 1 03.01.28 · principal	REAL 1 03.01.28	37,342,000	$17.3m31.57%	31.57%	Added +7.7m	+7,654,000 25.8%
2	CITIGROUP INC COM NEW C	C	213,797	$8.8m16.08%	16.08%	Unchanged
3	G WILLI FOOD INTL LTD ORD WILCF	WILCF	635,654	$6.6m12.01%	12.01%	Unchanged
4	THE REALREAL INC NOTE 3.000% 6/1 · principal REAL 3 06.15.25 · principal	REAL 3 06.15.25	7,449,000	$5.2m9.53%	9.53%	Added +4.8m	+4,850,000 186.6%
5	EXPEDIA GROUP INC COM NEW EXPE	EXPE	34,000	$3.5m6.41%	6.41%	Unchanged
6	GLOBAL INDEMNITY GROUP LLC COM CL A GBLI	GBLI	101,622	$3.5m6.38%	6.38%	Reduced -38.3k	-38,288 -27.4%
7	BURFORD CAP LTD ORD SHS BUR	BUR	142,147	$2.0m3.64%	3.64%	Reduced -16.7k	-16,665 -10.5%
8	ENERGY TRANSFER L P COM UT LTD PTN ET	ET	107,700	$1.5m2.76%	2.76%	Unchanged
9	ALIBABA GROUP HLDG LTD SPONSORED ADS BABA	BABA	17,000	$1.5m2.70%	2.70%	Unchanged
10	GENESIS ENERGY L P UNIT LTD PARTN GEL	GEL	103,948	$1.1m1.96%	1.96%	Reduced -34.8k	-34,814 -25.1%
11	VIPSHOP HLDGS LTD SPONSORED ADS A VIPS	VIPS	56,810	$909.5k1.66%	1.66%	Unchanged
12	VIATRIS INC COM VTRS	VTRS	70,000	$690.2k1.26%	1.26%	Unchanged
13	TENCENT MUSIC ENTMT GROUP SPON ADS TME	TME	82,200	$524.4k0.96%	0.96%	Unchanged
14	UBS GROUP AG SHS UBS	UBS	20,500	$505.3k0.92%	0.92%	Unchanged
15	THE REALREAL INC COM REAL	REAL	171,146	$361.1k0.66%	0.66%	Reduced -727.2k	-727,179 -81.0%
16	THE BEAUTY HEALTH COMPANY COM CL A COM CL A		48,118	$289.7k0.53%	0.53%	New
17	ALTISOURCE PORTFOLIO SOLNS S REG SHS REG SHS		43,211	$172.4k0.32%	0.32%	Unchanged
18	BRIGHTCOVE INC COM BCOV	BCOV	43,100	$141.8k0.26%	0.26%	Unchanged
19	FARMER BROS CO COM FARM	FARM	34,155	$88.1k0.16%	0.16%	Unchanged
20	ICAD INC COM NEW ICAD	ICAD	39,505	$83.4k0.15%	0.15%	Unchanged
21	PURPLE INNOVATION INC COM PRPL	PRPL	25,623	$43.8k0.08%	0.08%	New

Sold out since Q2 2023

Security	Ticker	Shares held before	Value then
SIRIUSPOINT LTD SPNT	SPNT	663,336	$6.0m663.3k shares
CALUMET SPECIALTY PRODS PART CLMT	CLMT	134,734	$2.1m134.7k shares
A K A BRANDS HLDG CORP		304,771	$131.1k304.8k shares

Options (notional value)

Underlying	Ticker	Type	Shares controlled	Notional	Change
AMC ENTMT HLDGS INC AMC · Put	AMC	Put	70,000	$559.3k70.0k shares	New

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
BARNES & NOBLE ED INC BNED · 13G · filed 2026-02-24	BNED	6.8%≈ $29.3m	+1.2 pts	13G	2026-02-24
LOVESAC COMPANY LOVE · 13G · filed 2026-02-24	LOVE	6.3%≈ $15.3m	new	13G	2026-02-24