Kingdom Capital

Dec 2024 → Jun 2026 · Publishes quarterly · 3 funds

Our archive holds 6 letters from Kingdom Capital, behind 7 investment theses and positions in 12 companies. Every quote below is copied verbatim from the letter it came from.

Kingdom Capital’s own letters page

Letters

Companies

Moves

Theses

What they bought and sold · 6 moves

AddedScully Royalty
June 2026
“We began building a position in Scully Royalty (SRL) earlier this year after an activist group took over management.”
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AddedCore Natural Resources
June 2026
“Core Natural Resources (CNR) also reentered the portfolio after previously being a top holding in 2022 under the Arch Resources banner.”
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AddedElme Communities
June 2026
“we dipped into Elme Communities (ELME) at the end of Q2, as their ongoing efforts to sell their final multi-family apartment building hit a snag and the stock sold off aggressively.”
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AddedEntravision Communications
June 2026
“We made a notable re-entry into Entravision (EVC) during Q2 after spending the past year on the sidelines.”
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AddedNet Lease Office Properties
June 2026
“we expect it to take place at a nice premium to where we recently began adding shares again.”
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AddedBeasley Broadcasting Group
June 2026
“we were able to establish our position under $6/share in April, before increasing the stake as we gained confidence in the aligned incentives.”
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Companies held · 12

Every company Kingdom Capital has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 7

Beasley Broadcast Group
June 2026
Beasley Broadcast Group is presented as a deeply undervalued asset play where a new capital structure aligns the family with shareholders and could unlock significant value from real estate and radio assets.
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Entravision Communications
June 2026
Entravision Communications is viewed as undervalued because its Smadex ad-tech platform is growing rapidly, earns strong operating income, and may be worth far more than the market implies.
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Alliance Entertainment
March 2026
Alliance Entertainment is a physical media distributor with strong insider ownership, attractive valuation, exclusive studio deals, and potential upside from warrant capital and short-interest dynamics.
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Net Lease Office Properties
March 2026
Net Lease Office Properties is monetizing suburban office assets with remaining upside potential and has already returned cumulative dividends exceeding the initial cost basis.
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Unit Corp
March 2025
Unit Corporation is a promising investment due to its disciplined management, strong cash flows from drilling rigs, and a potential liquidation value of $400 million, while currently trading at an enterprise value of around $200 million.
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Galaxy Gaming
December 2024
Galaxy Gaming (GLXZ) is expected to provide a 33% IRR from its acquisition by Evolution, with minimal counter-party risk and a potential break payment.
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Magnera Corporation
December 2024
Magnera Corporation is an expected turnaround investment with a potential 120% upside over three years, driven by debt management and recovery in EBITDA.
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Letter archive · 6

2026

2025

2024

Dec 2024Kingdom Capital

Funds · 3

Kingdom Capital Advisors3
Kingdom Capital2
Kingdom Capital Advisors KCA Value Composite1

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