Bard Associates Inc.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Bard Associates Inc. reported 233 stock positions worth $388.9 million. Its top holding was iShares Preferred & Income S (PFF) at 5.5% of the portfolio, followed by Flaherty & Crumrine Pref (XFFCX, 5.2%) and Janus Henderson Aaa Clo ETF (JAAA, 4.3%). Compared with Q3 2025, it opened 98 new positions, sold out of 17, added to 20 and reduced 108. The biggest buy was Janus Henderson Aaa Clo ETF (JAAA, shares +89%) and the biggest sale Tecogen Inc./Waltham Ma (TGEN, shares −0%).

Most Recent 13F
Q2 2026
Location
CHICAGO, IL
CIK
0001105907
Portfolio Value
$388.9M (Q4 2025)
SEC Filing
0001105907-26-000003 ↗ filed Feb 13, 2026

Holdings Value

0$100.0M$200.0M$300.0M$400.0M$500.0M Q1 2024: $277.6M Q1 2024 Q2 2024: $261.0M Q2 2024 Q3 2024: $293.2M Q3 2024 Q4 2024: $294.0M Q4 2024 Q1 2025: $267.9M Q1 2025 Q2 2025: $310.9M Q2 2025 Q3 2025: $375.9M Q3 2025 Q4 2025: $388.9M $388.9M Q4 2025 Q1 2026: $398.2M Q1 2026 Q2 2026: $450.2M Q2 2026

Holdings 233 stocks · $388.9M

PFF iShares Preferred & Income S 5.52% 693,974 $21.5M Add +47.9%
XFFCX Flaherty & Crumrine Pref Inc. 5.18% 1,219,924 $20.1M Add +42.7%
JAAA Janus Henderson Aaa Clo ETF 4.27% 328,256 $16.6M Add +89.2%
COHR Coherent Corp. 3.68% 77,499 $14.3M Reduce -5.3%
VNQ Vanguard Real Estate ETF 3.16% 138,935 $12.3M Add +102.9%
REZ Ishars Res and Multi Reales 3.10% 146,052 $12.1M Add +86.6%
BIZD Vaneck BDC Income ETF 2.73% 749,444 $10.6M Add +12.1%
MAMA Mama's Creations Inc. 2.43% 700,788 $9.5M Reduce -2.9%
ENSG The Ensign Group Inc. 2.36% 52,780 $9.2M Reduce -1.3%
AMLP Alerian MLP ETF 2.09% 172,527 $8.1M Add +70.7%
TYG Tortoise Energy Infrastruct 2.06% 195,725 $8.0M Add +71.1%
WLDN Willdan Group Inc. 1.96% 73,367 $7.6M Reduce -1.5%
KYN Kayne Anderson Energy Infra 1.87% 587,428 $7.3M Add +49.5%
SCHO Schwab Short-Term US Treas 1.74% 277,747 $6.8M Add +0.5%
NEE Nextera Energy Inc. 1.60% 77,714 $6.2M Add +34.6%
OSS One Stop Systems Inc. 1.57% 850,858 $6.1M Reduce -7.2%
OR Or Royalties Inc. 1.51% 165,965 $5.9M Reduce -6.6%
FIP Ftai Infrastructure Inc. 1.43% 1,206,042 $5.6M Reduce -1.0%
EQX Equinox Gold Corp. 1.42% 394,522 $5.5M Reduce -5.0%
GPGI Gpgi Inc. filed as COMPOSECURE INC 1.42% 286,311 $5.5M Reduce -0.9%
KTOS Kratos Defense & Security 1.38% 70,698 $5.4M Reduce -13.5%
TPZ Tort Electf Infra ETF-Usd Inc. filed as TORTOISE CAPITAL SERIES TRUS 1.37% 260,081 $5.3M Reduce -9.2%
ACNT Ascent Industries Co. 1.36% 326,123 $5.3M Reduce -0.3%
BKTI BK Technologies Corp. 1.33% 69,391 $5.2M Reduce -1.2%
VPU Vanguard Utilities ETF 1.28% 26,886 $5.0M Add +24.8%
ODC Oil-Dri Corp. of America 1.28% 101,585 $5.0M Reduce -1.7%
WPM Wheaton Precious Metals Corp. 1.26% 41,722 $4.9M Reduce -15.4%
AMPG Amplitech Group Inc. 1.23% 1,600,729 $4.8M Reduce -1.4%
GDXJ Vaneck Junior Gold Miners 1.22% 41,789 $4.8M Reduce -14.7%
AROC Archrock Inc. 1.22% 182,391 $4.7M Reduce -0.0%
MPTI M-Tron Industries Inc. 1.18% 86,129 $4.6M Reduce -1.0%
LGCY Legacy Education Inc. 1.18% 449,380 $4.6M Reduce -1.2%
ACU Acme United Corp. filed as ACME UTD CORP 1.13% 109,303 $4.4M Reduce -1.0%
USAC USA Compression Partners LP 1.09% 184,346 $4.2M Reduce -1.6%
CSV Carriage Services Inc. 1.08% 99,655 $4.2M Reduce -2.3%
CXDO Crexendo Inc. 1.00% 602,540 $3.9M Reduce -2.0%
KWY Kingsway Corp. 0.97% 279,074 $3.8M Reduce -0.5%
AEHR Aehr Test Systems 0.93% 179,793 $3.6M Reduce -1.0%
PCYO Pure Cycle Corp. 0.91% 321,258 $3.5M Reduce -5.1%
LEGH Legacy Housing Corp. 0.90% 179,903 $3.5M Reduce -1.3%
TGEN Tecogen Inc./Waltham Ma 0.88% 689,107 $3.4M Reduce -0.2%
USPH U.S. Physical Therapy Inc. 0.87% 43,268 $3.4M Reduce -6.1%
BOF Branchout Food Inc. 0.85% 1,034,600 $3.3M New
FTK Flotek Industries Inc. 0.84% 190,316 $3.3M New
RGLD Royal Gold Inc. 0.82% 14,343 $3.2M Reduce -11.0%
GOLD Gold.com Inc. 0.79% 90,398 $3.1M Reduce -4.0%
ASM Avino Silver & Gold Mines 0.76% 478,246 $3.0M Reduce -17.4%
SMID Smith-Midland Corp. 0.75% 80,531 $2.9M Reduce -1.0%
CMT Core Molding Technologies Inc. 0.75% 145,515 $2.9M Add +11.2%
LGL The LGL Group Inc. 0.73% 491,832 $2.8M Reduce -3.2%
INLX Intellinetics Inc. 0.68% 332,447 $2.7M Add +51.3%
MOB Mobilicom Ltd./Australia 0.68% 431,626 $2.6M Reduce -6.2%
VMD Viemed Healthcare Inc. 0.65% 339,344 $2.5M Reduce -0.5%
KWR Quaker Chemical Corporation 0.60% 16,912 $2.3M Reduce -1.2%
ALCO Alico Inc. 0.52% 55,523 $2.0M Reduce -1.0%
FNV Franco-Nevada Corp. 0.51% 9,645 $2.0M Reduce -10.3%
HROW Harrow Inc. 0.51% 40,697 $2.0M Reduce -3.0%
PMNT Perfect Moment Ltd. 0.46% 4,321,871 $1.8M Reduce -1.3%
RSSS Research Solutions Inc. 0.46% 610,384 $1.8M Add +0.3%
CELH Celsius Holdings Inc. 0.46% 38,800 $1.8M Reduce -6.7%
GDX Vaneck Gold Miners ETF 0.45% 20,405 $1.8M Reduce -8.9%
INTT Intest Corp. 0.40% 210,113 $1.6M Reduce -0.3%
VENU Venu Holding Corp. filed as VENU HLDG CORP 0.40% 184,607 $1.6M Reduce -6.2%
AIOT Powerfleet Inc. 0.40% 290,558 $1.5M Reduce -8.1%
BRK.B Berkshire Hathaway Inc. Class B 0.39% 3,037 $1.5M No change
NEM Newmont Corp. 0.39% 14,999 $1.5M Reduce -11.7%
TRGP Targa Resources Corp. 0.37% 7,773 $1.4M Reduce -5.3%
NEUROONE MED TECHNOLOGIES CO 0.36% 1,846,996 $1.4M Reduce -0.2%
PSCU Invesco S&P S C U&C Ser ETF 0.35% 23,675 $1.4M Reduce -16.1%
ELWT Elauwit Connection Inc. 0.32% 246,444 $1.2M New
ACCS Access Newswire Inc. 0.31% 128,729 $1.2M Reduce -4.3%
IEX Idex Corp. 0.30% 6,593 $1.2M No change
DTST Data Storage Corp. 0.30% 228,496 $1.2M Reduce -18.6%
MODULAR MED INC 0.27% 2,928,168 $1.1M Reduce -6.4%
UTMD Utah Medical Products Inc. 0.26% 18,200 $1.0M Reduce -12.4%
GWRS Global Water Resources Inc. 0.26% 118,332 $1000K Reduce -13.8%
BLIN Bridgeline Digital Inc. 0.25% 1,159,328 $962K Reduce -16.5%
JKHY Jack Henry & Associates Inc. filed as HENRY JACK & ASSOC INC 0.24% 5,150 $940K Reduce -1.9%
RMNI Rimini Street Inc. 0.24% 240,916 $935K Reduce -2.5%
RMT Royce Micro-Cap Trust Inc. 0.24% 89,463 $933K Reduce -25.4%
WELL Welltower Inc. 0.21% 4,432 $823K Reduce -7.4%
INDS Pacer Industrial Real Estate 0.21% 21,923 $821K Reduce -21.2%
PAVE Global X US Infrastructure 0.20% 16,203 $776K Reduce -21.0%
UWM Proshares Ultra RUSSELL2000 0.19% 15,675 $737K Reduce -11.2%
PNTG The Pennant Group Inc. 0.18% 25,096 $706K Reduce -5.3%
ABCB Ameris Bancorp 0.18% 9,369 $698K Reduce -4.2%
WFCF Where Food Comes From Inc. 0.17% 58,059 $667K Reduce -8.0%
SLV iShares Silver Trust 0.15% 9,260 $597K Reduce -51.5%
NEPH Nephros Inc. 0.15% 121,619 $594K Reduce -4.3%
POLA Polar Power Inc. 0.15% 338,766 $566K Reduce -11.1%
HBM Hudbay Minerals Inc. 0.15% 28,449 $565K Reduce -10.4%
PBA Pembina Pipeline Corp. 0.14% 14,778 $562K Reduce -11.1%
NEO Neogenomics Inc. 0.14% 47,385 $557K No change
MLR Miller Industries Inc. 0.14% 14,527 $543K Reduce -1.5%
CDE Coeur Mining Inc. 0.14% 29,482 $526K Reduce -39.4%
IRT Independence Realty Trust Inc. 0.12% 27,496 $485K Reduce -62.2%
EPM Evolution Petroleum Corp. 0.12% 134,561 $476K Reduce -21.3%
RDVT Red Violet Inc. 0.11% 7,764 $442K Add +0.4%
JOF Japan Smaller Capitalization 0.11% 39,292 $435K Reduce -17.7%
TACT Transact Technologies Inc. 0.11% 108,475 $434K Reduce -2.7%

Show all 233 holdings

Options reported separately and not counted above: YINN calls ($13K).

Other holdings (6): bonds, preferreds, convertibles and warrants · $533K (not counted above)
SecurityClassShares / PrincipalValueChange
MOBBW Mobilicom Ltd. -27 *W EXP 08/31/202 144,650$466KNo change
DTSTW Data Storage Corp. -CW26 *W EXP 05/18/202 143,021$33KReduce -1.4%
EDBLW Edible Garden AG Inc.-CW27 *W EXP 99/99/999 142,025$14KReduce -1.7%
BFRIW Biofrontera Inc. -CW26 *W EXP 10/27/202 154,900$14KNo change
NCPLW Netcapital Inc. -27 *W EXP 07/12/202 199,684$6KReduce -1.7%
AMPGW Amplitech Group Inc.-CW26 *W EXP 02/26/202 930$75Reduce -98.9%
Lines left out (1) · $1 — a value with no share or principal amount
SecurityClassSharesValue
CMCSA Comcast Corp. Class A CL A0$1

Filed with a value but no share or principal amount (a cash line, a holding rounded to 0 shares), so they are kept out of the holdings, totals and percentages.

Total filed on the 13F, all lines: $389.5M.

Portfolio Sells Q3 2025 → Q4 2025

TGEN Tecogen Inc./Waltham Ma Reduce -0.2% 0.88% −0.74
KTOS Kratos Defense & Security Reduce -13.5% 1.38% −0.61
AEHR Aehr Test Systems Reduce -1.0% 0.93% −0.52
MOB Mobilicom Ltd./Australia Reduce -6.2% 0.68% −0.46
AMPG Amplitech Group Inc. Reduce -1.4% 1.23% −0.45
CJMB Callan JMB Inc. Reduce -29.1% 0.08% −0.43
LEGH Legacy Housing Corp. Reduce -1.3% 0.90% −0.43
SELF Global Self Storage Inc. Reduce -93.4% 0.03% −0.42
ODC Oil-Dri Corp. of America Reduce -1.7% 1.28% −0.40
OR Or Royalties Inc. Reduce -6.6% 1.51% −0.38
RWAY Runway Growth Finance Corp. Sold out 0.00% −0.38
FSK FS KKR Capital Corp. Sold out 0.00% −0.38
NEWT Newtekone Inc. Sold out 0.00% −0.37
PSTL Postal Realty Trust Inc. Class A Reduce -98.8% 0.00% −0.37
BXSL Blackstone Secured Lending F Sold out 0.00% −0.37
VICI Vici Properties Inc. Reduce -97.4% 0.01% −0.36
PCH Potlatchdeltic Corp. Reduce -95.7% 0.01% −0.33
MODULAR MED INC Reduce -6.4% 0.27% −0.31
LOAN Manhattan Bridge Capital Inc. Reduce -99.7% 0.00% −0.29
VENU Venu Holding Corp. Reduce -6.2% 0.40% −0.27
BRT BRT Apartments Corp. Reduce -98.7% 0.00% −0.26
BKTI BK Technologies Corp. Reduce -1.2% 1.33% −0.25
BLIN Bridgeline Digital Inc. Reduce -16.5% 0.25% −0.24
TPZ Tort Electf Infra ETF-Usd Inc. Reduce -9.2% 1.37% −0.23
INUV Inuvo Inc. Sold out 0.00% −0.23
WPM Wheaton Precious Metals Corp. Reduce -15.4% 1.26% −0.21
MDV Modiv Industrial Inc. Reduce -98.4% 0.00% −0.20
IRT Independence Realty Trust Inc. Reduce -62.2% 0.12% −0.20
POLA Polar Power Inc. Reduce -11.1% 0.15% −0.19
GPGI Gpgi Inc. Reduce -0.9% 1.42% −0.18
CELH Celsius Holdings Inc. Reduce -6.7% 0.46% −0.18
LGL The LGL Group Inc. Reduce -3.2% 0.73% −0.17
USPH U.S. Physical Therapy Inc. Reduce -6.1% 0.87% −0.17
ATOM Atomera Inc. Reduce -99.9% 0.00% −0.17
VMBS Vanguard Mortgage-Backed Sec Reduce -88.4% 0.02% −0.17
BANX Arrowmark Financial Corp. Reduce -98.6% 0.00% −0.16
LAND Gladstone Land Corp. Reduce -99.5% 0.00% −0.15
JYNT The Joint Corp. Reduce -99.7% 0.00% −0.14
BBDC Barings BDC Inc. Sold out 0.00% −0.13
KWY Kingsway Corp. Reduce -0.5% 0.97% −0.13
CSV Carriage Services Inc. Reduce -2.3% 1.08% −0.12
FNV Franco-Nevada Corp. Reduce -10.3% 0.51% −0.12
PLYM Plymouth Industrial REIT Inc. Reduce -97.3% 0.00% −0.12
GWRS Global Water Resources Inc. Reduce -13.8% 0.26% −0.12
INFU Infusystem Holdings Inc. Reduce -94.4% 0.01% −0.12
OBDC Blue Owl Capital Corp. Sold out 0.00% −0.11
CDE Coeur Mining Inc. Reduce -39.4% 0.14% −0.11
MPTI M-Tron Industries Inc. Reduce -1.0% 1.18% −0.11
USAC USA Compression Partners LP Reduce -1.6% 1.09% −0.11
BBCP Concrete Pumping Holdings Inc. Reduce -95.6% 0.00% −0.10

Portfolio Buys Q3 2025 → Q4 2025

JAAA Janus Henderson Aaa Clo ETF Add +89.2% 4.27% +1.93
PFF iShares Preferred & Income S Add +47.9% 5.52% +1.58
VNQ Vanguard Real Estate ETF Add +102.9% 3.16% +1.50
XFFCX Flaherty & Crumrine Pref Inc. Add +42.7% 5.18% +1.34
REZ Ishars Res and Multi Reales Add +86.6% 3.10% +1.33
BOF Branchout Food Inc. New 0.85% +0.85
FTK Flotek Industries Inc. New 0.84% +0.84
AMLP Alerian MLP ETF Add +70.7% 2.09% +0.82
TYG Tortoise Energy Infrastruct Add +71.1% 2.06% +0.75
KYN Kayne Anderson Energy Infra Add +49.5% 1.87% +0.58
NEE Nextera Energy Inc. Add +34.6% 1.60% +0.44
ELWT Elauwit Connection Inc. New 0.32% +0.32
VPU Vanguard Utilities ETF Add +24.8% 1.28% +0.19
META Meta Platforms Inc. Class A New 0.08% +0.08
BIZD Vaneck BDC Income ETF Add +12.1% 2.73% +0.07
ESBA Empire State Realty Op LP-Es New 0.05% +0.05
QCOM Qualcomm Inc. New 0.04% +0.04
JJSF J & J Snack Foods Corp. New 0.04% +0.04
VRTX Vertex Pharmaceuticals Inc. New 0.04% +0.04
MOAT Vaneck Morningstar Wide Moat New 0.04% +0.04
CMT Core Molding Technologies Inc. Add +11.2% 0.75% +0.03
RHLD Resolute Holdings Manag New 0.03% +0.03
AAPL Apple Inc. New 0.03% +0.03
ITW Illinois Tool Works New 0.03% +0.03
PM Philip Morris International New 0.02% +0.02
INLX Intellinetics Inc. Add +51.3% 0.68% +0.02
HD Home Depot Inc. New 0.02% +0.02
BX Blackstone Inc. New 0.02% +0.02
CEF Sprott Physical Gold and Sil New 0.02% +0.02
IGSB iShares 1-5Y Inv Grade Corp. New 0.02% +0.02
SMIN iShares MSCI India Small-Cap New 0.02% +0.02
UPS United Parcel Service Class B New 0.02% +0.02
IBM Intl Business Machines Corp. New 0.02% +0.02
AEF Abrdn Emerging Markets Ex CH New 0.01% +0.01
EFT Eaton Vance Fltng RT Inc. TR New 0.01% +0.01
CLMB Climb Global Solutions Inc. New 0.01% +0.01
AG First Majestic Silver Corp. New 0.01% +0.01
GOOGL Alphabet Inc. Class A New 0.01% +0.01
MO Altria Group Inc. New 0.01% +0.01
BBSI Barrett Business SVCS Inc. New 0.01% +0.01
CHRW C.H. Robinson Worldwide Inc. New 0.01% +0.01
PII Polaris Inc. New 0.01% +0.01
TSM Taiwan Semiconductor-SP ADR New 0.01% +0.01
GOOG Alphabet Inc. Class C New 0.01% +0.01
ALLE Allegion PLC New 0.01% +0.01
TJX TJX Companies Inc. New 0.01% +0.01
BKNG Booking Holdings Inc. New 0.01% +0.01
BODI The Beachbody Co. Inc. New 0.01% +0.01
EXPD Expeditors Intl Wash Inc. New 0.01% +0.01
ROST Ross Stores Inc. New 0.01% +0.01

Options Activity Q3 2025 → Q4 2025

YINN Direxion DLY Ftse CH BL3X-Ui call New 300 $13K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q3 2025 → Q4 2025

MPTI.WS M-Tron Industries Inc. -28 *W EXP 04/25/202 Sold out 87,280 $153Kbefore exit
DTSTW Data Storage Corp. -CW26 *W EXP 05/18/202 Reduce -1.4% 143,021 $33K
EDBLW Edible Garden AG Inc.-CW27 *W EXP 99/99/999 Reduce -1.7% 142,025 $14K
NCPLW Netcapital Inc. -27 *W EXP 07/12/202 Reduce -1.7% 199,684 $6K
PXSAW Pyxis Tankers Inc. -CW25 *W EXP 10/13/202 Sold out 70,800 $539before exit
AMPGW Amplitech Group Inc.-CW26 *W EXP 02/26/202 Reduce -98.9% 930 $75
CMCSA Comcast Corp. Class A CL A New 0 $1

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 287$450.2MJAAA, PFF, COHR, XFFCX, SCHO
Q1 2026 287$398.2MJAAA, PFF, XFFCX, COHR, SCHO
Q4 2025 233$388.9MPFF, XFFCX, JAAA, COHR, VNQ
Q3 2025 152$375.9MPFF, XFFCX, BIZD, ENSG, COHR
Q2 2025 164$310.9MENSG, BIZD, WLDN, COHR, XFFCX
Q1 2025 171$267.9MENSG, TPZ, COHR, BKTI, WLDN
Q4 2024 172$294.0MENSG, TPZ, COHR, AMPG, FIP
Q3 2024 169$293.2MENSG, FIP, COHR, MAMA, WLDN
Q2 2024 164$261.0MENSG, FIP, COHR, MAMA, AROC
Q1 2024 167$277.6MENSG, FIP, COHR, USPH, ACU