Boreal Capital Management LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Boreal Capital Management LLC reported 459 stock positions worth $109.2 million. Its top holding was Nvidia (NVDA) at 5.4% of the portfolio, followed by Amazon.com (AMZN, 4.5%) and Apple (AAPL, 4.2%). Compared with Q3 2025, it opened 11 new positions, sold out of 20, added to 88 and reduced 35. The biggest buy was JPM Nasdaq Equity Premium (JEPQ, shares +231%) and the biggest sale iShares MSCI USA Quality Fac (QUAL, shares −32%).
- Most Recent 13F
- Q2 2026
- Location
- MIAMI, FL
- CIK
- 0002080094
- Portfolio Value
- $109.2M (Q4 2025)
- SEC Filing
- 0002080094-26-000004 ↗ filed Feb 17, 2026
Holdings Value
Holdings 459 stocks · $109.2M
| NVDA Nvidia Corp. | 5.36% | 31,373 | $5.9M | Add +2.6% |
| AMZN Amazon.com Inc. | 4.48% | 21,197 | $4.9M | Add +26.6% |
| AAPL Apple Inc. | 4.18% | 16,792 | $4.6M | Reduce -5.2% |
| MSFT Microsoft Corp. | 3.49% | 7,875 | $3.8M | Add +15.3% |
| QQQ Invesco QQQ Trust Series 1 | 3.49% | 6,199 | $3.8M | Reduce -8.7% |
| IEF iShares 7-10 Year Treasury B | 3.42% | 38,835 | $3.7M | Add +38.8% |
| GOOGL Alphabet Inc. Class A | 3.33% | 11,606 | $3.6M | Reduce -12.9% |
| VOO Vanguard S&P 500 ETF | 3.14% | 5,473 | $3.4M | Add +8.4% |
| QUAL iShares MSCI USA Quality Fac | 2.70% | 14,871 | $3.0M | Reduce -32.0% |
| AVGO Broadcom Inc. | 2.28% | 7,198 | $2.5M | Add +16.3% |
| V Visa Inc. Class A | 2.14% | 6,680 | $2.3M | Add +23.6% |
| ASML ASML Holding NV-NY Reg SHS | 2.03% | 2,076 | $2.2M | Add +0.0% |
| META Meta Platforms Inc. Class A | 2.02% | 3,347 | $2.2M | Add +48.5% |
| JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F | 1.93% | 36,180 | $2.1M | Add +231.1% |
| JEPI JPMorgan Equity Premium Inco | 1.88% | 35,774 | $2.1M | Add +67.4% |
| XLK SS Technology Select Sector | 1.52% | 11,565 | $1.7M | Add +1.6% |
| MA Mastercard Inc. Class A | 1.43% | 2,736 | $1.6M | Reduce -0.2% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 1.40% | 13,850 | $1.5M | Add +34.0% |
| IBIT iShares Bitcoin Trust ETF | 1.37% | 30,212 | $1.5M | Add +7.4% |
| TSM Taiwan Semiconductor-SP ADR | 1.35% | 4,826 | $1.5M | No change |
| SPGI S&P Global Inc. | 1.23% | 2,574 | $1.3M | Add +64.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.17% | 2,537 | $1.3M | Add +11.4% |
| FICO Fair Isaac Corp. | 1.13% | 731 | $1.2M | Add +25.8% |
| UNH Unitedhealth Group Inc. | 1.10% | 3,633 | $1.2M | Add +54.0% |
| PGR Progressive Corp. | 1.08% | 5,178 | $1.2M | Add +15.7% |
| MSCI MSCI Inc. | 0.98% | 1,862 | $1.1M | Add +26.4% |
| DHR Danaher Corp. | 0.97% | 4,635 | $1.1M | Add +7.1% |
| WCN Waste Connections Inc. | 0.97% | 6,025 | $1.1M | Add +21.6% |
| DPZ Domino's Pizza Inc. | 0.89% | 2,338 | $975K | Add +25.4% |
| VCSH Vanguard S/T Corp. Bond ETF | 0.84% | 11,494 | $916K | Reduce -15.8% |
| IVV iShares Core S&P 500 ETF | 0.84% | 1,335 | $914K | No change |
| PLTR Palantir Technologies Inc. Class A | 0.78% | 4,810 | $855K | No change |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.78% | 15,393 | $847K | No change |
| JPM JPMorgan Chase & Co. | 0.77% | 2,602 | $838K | Add +2.3% |
| PANW Palo Alto Networks Inc. | 0.75% | 4,447 | $819K | Add +32.8% |
| EWL iShares MSCI Switzerland ETF | 0.75% | 13,596 | $815K | No change |
| NDAQ Nasdaq Inc. | 0.73% | 8,161 | $793K | Add +39.6% |
| IYH iShares U.S. Healthcare ETF | 0.70% | 11,695 | $761K | Reduce -3.9% |
| CPRT Copart Inc. | 0.65% | 18,178 | $712K | Add +33.6% |
| IDXX Idexx Laboratories Inc. | 0.65% | 1,047 | $708K | Add +15.7% |
| ORLY O'reilly Automotive Inc. | 0.63% | 7,550 | $689K | Reduce -0.1% |
| AZO AutoZone Inc. | 0.60% | 192 | $651K | Add +15.0% |
| AAON Aaon Inc. | 0.59% | 8,430 | $643K | Add +0.0% |
| QQQM Invesco Nasdaq 100 ETF | 0.56% | 2,415 | $611K | No change |
| BRO Brown & Brown Inc. | 0.54% | 7,399 | $590K | Add +30.8% |
| SAP Sap SE-Sponsored ADR | 0.52% | 2,343 | $569K | No change |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.50% | 3,537 | $543K | Add +7.7% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.49% | 1,106 | $540K | No change |
| VGT Vanguard Info Tech ETF | 0.49% | 712 | $537K | No change |
| IUSV iShares Core S&P U.S. Value | 0.48% | 5,143 | $527K | No change |
| POOL Pool Corp. | 0.47% | 2,265 | $518K | Add +8.3% |
| WSO Watsco Inc. | 0.47% | 1,513 | $510K | Add +14.3% |
| XLE SS Energy Select Sector | 0.47% | 11,380 | $509K | Add +6.4% |
| CIBR First Trust Nasdaq Cybersecu | 0.45% | 6,875 | $491K | No change |
| UBER Uber Technologies Inc. | 0.45% | 5,994 | $490K | Add +100.9% |
| USMV iShares MSCI USA Min Vol Fac | 0.45% | 5,177 | $487K | No change |
| SHW The Sherwin-Williams Co. | 0.44% | 1,479 | $479K | Add +10.7% |
| QCOM Qualcomm Inc. | 0.43% | 2,759 | $472K | Add +2.0% |
| SLV iShares Silver Trust | 0.42% | 7,090 | $457K | Add +37.9% |
| PFF iShares Preferred & Income S | 0.41% | 14,597 | $452K | Reduce -71.4% |
| ABBV Abbvie Inc. | 0.41% | 1,969 | $450K | No change |
| IQLT iShares MSCI International Q | 0.40% | 9,504 | $432K | Reduce -12.8% |
| MELI MercadoLibre Inc. | 0.39% | 210 | $423K | Add +2.4% |
| GEV GE Vernova Inc. | 0.38% | 629 | $411K | Add +838.8% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.33% | 1,910 | $365K | No change |
| AGG iShares Core U.S. Aggregate | 0.32% | 3,520 | $352K | Reduce -29.9% |
| IYY iShares Dow Jones U.S. ETF | 0.32% | 2,112 | $350K | Add +7.2% |
| DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE | 0.31% | 710 | $342K | No change |
| NVO Novo-Nordisk A/S-Spons ADR | 0.31% | 6,638 | $338K | Add +6.5% |
| XLV SS Health Care Select Sector | 0.31% | 2,156 | $334K | Add +36.5% |
| JNJ Johnson & Johnson | 0.30% | 1,608 | $333K | Reduce -37.8% |
| SPOT Spotify Technology SA | 0.30% | 559 | $325K | Add +0.0% |
| MTA Metalla Royalty & Streaming | 0.30% | 41,630 | $324K | No change |
| ADBE Adobe Inc. | 0.29% | 911 | $319K | Reduce -1.2% |
| COST Costco Wholesale Corp. | 0.29% | 367 | $316K | Add +20.3% |
| IWD iShares Russell 1000 Value E | 0.29% | 1,500 | $316K | No change |
| ISRG Intuitive Surgical Inc. | 0.29% | 555 | $314K | Add +16.4% |
| ORCL Oracle Corp. | 0.28% | 1,591 | $310K | Add +97.9% |
| EFA iShares MSCI Eafe ETF | 0.28% | 3,176 | $305K | No change |
| MRK Merck & Co. Inc. | 0.27% | 2,732 | $290K | Reduce -18.5% |
| CVX Chevron Corp. | 0.26% | 1,876 | $286K | No change |
| PM Philip Morris International | 0.26% | 1,749 | $283K | Add +8.6% |
| SHV iShares 0-1 Year Treasury Bo | 0.24% | 2,366 | $261K | Add +2266.0% |
| MRVL Marvell Technology Inc. | 0.24% | 3,064 | $260K | No change |
| SLQD iShares 0-5 YR Inv GRD Corp. | 0.23% | 5,060 | $257K | No change |
| EZU iShares MSCI Eurozone ETF | 0.23% | 4,000 | $256K | No change |
| CHD Church & Dwight Co. Inc. | 0.23% | 2,970 | $249K | Add +8.2% |
| NOW ServiceNow Inc. | 0.23% | 1,610 | $247K | Add +163.9% |
| SPLV Invesco S&P 500 Low Volatili | 0.22% | 3,407 | $243K | No change |
| SHY iShares 1-3 Year Treasury Bo | 0.22% | 2,933 | $243K | No change |
| IWM iShares Russell 2000 ETF | 0.21% | 925 | $228K | No change |
| FHN First Horizon Corp. | 0.21% | 9,414 | $226K | New |
| BPRE Bluerock Private Real Estate | 0.20% | 14,744 | $221K | New |
| HD Home Depot Inc. | 0.20% | 634 | $218K | Add +20.5% |
| ECAT BlackRock ESG Cap All TRM TR | 0.19% | 13,702 | $211K | Reduce -6.5% |
| BCAT BlackRock Capital Alloc TR | 0.19% | 14,414 | $204K | Reduce -8.2% |
| PAVE Global X US Infrastructure | 0.18% | 4,000 | $192K | No change |
| HACK Amplify Cybersecurity ETF | 0.17% | 2,275 | $183K | No change |
| TMO Thermo Fisher Scientific Inc. | 0.17% | 315 | $183K | No change |
| BMY Bristol-Myers Squibb Co. | 0.17% | 3,385 | $183K | No change |
Lines left out (56) · $23.3M — a value with no share or principal amount
| Security | Class | Shares | Value |
|---|---|---|---|
| SPY SS SPDR S&P 500 ETF Trust-US | TR UNIT | 0 | $2.7M |
| GLD SPDR Gold Shares | GOLD SHS | 0 | $1.7M |
| USHY iShares Broad Usd High Yield | BROAD USD HIGH | 0 | $1.4M |
| XAWFX Alliancebernstein GL Hi Inc. | COM | 0 | $1.3M |
| PTY PIMCO Corporate & Income Opp | COM | 0 | $1.3M |
| PDO PIMCO Dynamic Income Opport | COM BEN SHS | 0 | $1.0M |
| XCHYX Calamos Convert & High Inc. | COM SHS | 0 | $901K |
| CHI Calamos Convert Opport & Inc. | SH BEN INT | 0 | $880K |
| KNSL Kinsale Capital Group Inc. | COM | 0 | $877K |
| MUSA Murphy USA Inc. | COM | 0 | $831K |
| PGX Invesco Preferred ETF | PFD ETF | 0 | $786K |
| CCD Calamos DYN Convert & Inc. | COM | 0 | $774K |
| PDI PIMCO Dynamic Income Fund | SHS | 0 | $769K |
| ODFL Old Dominion Freight Line | COM | 0 | $755K |
| NFLX Netflix Inc. | COM | 0 | $633K |
| TDG Transdigm Group Inc. | COM | 0 | $617K |
| TSCO Tractor Supply Company | COM | 0 | $586K |
| RYAN Ryan Specialty Holdings Inc. | CL A | 0 | $431K |
| XLF SS Financial Select Sector | ST STR FINL ETF | 0 | $428K |
| BIT BlackRock Multi-Sector Inc. | COM | 0 | $407K |
| XOM Exxon Mobil Corp. | COM | 0 | $395K |
| IBHG iShares Ibonds 2027 HY Inc. | IBON 2027 TE ETF | 0 | $366K |
| SPYD SS SPDR P S&P 500 Hi Div ETF | ST STR SP500DIV | 0 | $311K |
| HEDJ Wisdomtree Europe Hedged Equ | EUROPE HEDGED EQ | 0 | $289K |
| IBHH iShares Ibonds 2028 TM HY Inc. | IBONDS 28 TR HI | 0 | $286K |
| PREF Pri Spe Pre Sec Acti-Usd Inc. | SPECTRUM PFD | 0 | $284K |
| JNK SS SPDR BB High Yield Bond | ST BLOO HIGH ETF | 0 | $244K |
| IBHF iShares Ibond 2026 HY & Inc. | IBON 2026 TE ETF | 0 | $226K |
| FALN iShares Fallen Angels ETF | FALN ANGLS USD | 0 | $224K |
| ULTA Ulta Beauty Inc. | COM | 0 | $214K |
| ROL Rollins Inc. | COM | 0 | $187K |
| TSLA Tesla Inc. | COM | 0 | $173K |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | IBOXX HI YD ETF | 0 | $149K |
| UL Unilever PLC-Sponsored ADR | SPON ADR NEW | 0 | $106K |
| IBDW iShares Ibonds Dec 2031 Corp. | IBONDS DEC 2031 | 0 | $85K |
| IBDS Ishrs Ibnds Dec 27 Corp. ETF | IBONDS 27 ETF | 0 | $66K |
| IBDR iShares Ibonds Dec 2026 Term | IBONDS DEC2026 | 0 | $63K |
| PG The Procter & Gamble Co. | COM | 0 | $63K |
| EMB iShares JP Morgan Usd Emergi | JPMORGAN USD EMG | 0 | $45K |
| ICLN iShares Global Clean Energy | GL CLEAN ENE ETF | 0 | $35K |
| ETN Eaton Corp. PLC | SHS | 0 | $29K |
| BX Blackstone Inc. | COM | 0 | $28K |
| PHO Invesco Water Resources ETF | WATER RES ETF | 0 | $25K |
| SAN Banco Santander SA-Spon ADR | ADR | 0 | $23K |
| PWR Quanta Services Inc. | COM | 0 | $21K |
| STIP iShares 0-5 Year Tips Bond E | 0-5 YR TIPS ETF | 0 | $20K |
| VMBS Vanguard Mortgage-Backed Sec | MTG-BKD SECS ETF | 0 | $19K |
| LYFT LYFT Inc. Class A | CL A COM | 0 | $18K |
| EDV Vanguard Extended Dur Treas | EXTENDED DUR | 0 | $15K |
| LSTR Landstar System Inc. | COM | 0 | $14K |
| USA Liberty All Star Equity Fund | SH BEN INT | 0 | $9K |
| IR Ingersoll-Rand Inc. | COM | 0 | $6K |
| VGIT Vanguard Intermediate-Term T | INTER TERM TREAS | 0 | $5K |
| TM Toyota Motor Corp. -Spon ADR | ADS | 0 | $5K |
| PJT PJT Partners Inc. Class A | COM CL A | 0 | $3K |
| EVRG Evergy Inc. | COM | 0 | $3K |
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: $132.6M.
Portfolio Sells Q3 2025 → Q4 2025
| QUAL iShares MSCI USA Quality Fac | Reduce -32.0% | 2.70% | −1.38 |
| PFF iShares Preferred & Income S | Reduce -71.4% | 0.41% | −1.14 |
| NOBL Proshares S&P 500 Dividend A | Sold out | 0.00% | −0.82 |
| IBM Intl Business Machines Corp. | Reduce -97.5% | 0.01% | −0.49 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -8.7% | 3.49% | −0.43 |
| SHYG iShares 0-5 YR HY Corp. Bond | Sold out | 0.00% | −0.35 |
| MBB iShares MBS ETF | Reduce -93.8% | 0.02% | −0.30 |
| VCIT Vanguard Int-Term Corporate | Sold out | 0.00% | −0.29 |
| T AT&T Inc. | Reduce -84.8% | 0.03% | −0.24 |
| VCSH Vanguard S/T Corp. Bond ETF | Reduce -15.8% | 0.84% | −0.21 |
| GOOG Alphabet Inc. Class C | Reduce -71.0% | 0.11% | −0.20 |
| EFAV iShares MSCI Eafe Min Vol Fa | Reduce -92.8% | 0.01% | −0.17 |
| AGG iShares Core U.S. Aggregate | Reduce -29.9% | 0.32% | −0.16 |
| MCD McDonald's Corp. | Reduce -80.8% | 0.04% | −0.16 |
| JNJ Johnson & Johnson | Reduce -37.8% | 0.30% | −0.16 |
| STWD Starwood Property Trust Inc. | Sold out | 0.00% | −0.15 |
| ORLY O'reilly Automotive Inc. | Reduce -0.1% | 0.63% | −0.15 |
| AAPL Apple Inc. | Reduce -5.2% | 4.18% | −0.15 |
| SDY SS SPDR S&P Dividend ETF | Sold out | 0.00% | −0.14 |
| KO The Coca-Cola Co. | Reduce -72.4% | 0.05% | −0.13 |
| WMT Walmart Inc. | Reduce -48.5% | 0.14% | −0.13 |
| ACWI iShares MSCI Acwi ETF | Reduce -90.5% | 0.01% | −0.11 |
| IGF iShares Global Infrastructur | Reduce -84.0% | 0.02% | −0.10 |
| ACWV iShares MSCI Global Min Vol | Sold out | 0.00% | −0.09 |
| UPS United Parcel Service Class B | Reduce -53.0% | 0.09% | −0.08 |
| UCO Proshares Ultra Bloomberg CR | Sold out | 0.00% | −0.08 |
| IQLT iShares MSCI International Q | Reduce -12.8% | 0.40% | −0.07 |
| MA Mastercard Inc. Class A | Reduce -0.2% | 1.43% | −0.07 |
| COP Conocophillips | Reduce -24.9% | 0.14% | −0.06 |
| IAU iShares Gold Trust | Reduce -29.2% | 0.16% | −0.05 |
| FDX FedEx Corp. | Sold out | 0.00% | −0.05 |
| ETHA iShares Ethereum Trust ETF | Sold out | 0.00% | −0.04 |
| PSP Invesco Global Listed Privat | Sold out | 0.00% | −0.04 |
| ECAT BlackRock ESG Cap All TRM TR | Reduce -6.5% | 0.19% | −0.04 |
| BCAT BlackRock Capital Alloc TR | Reduce -8.2% | 0.19% | −0.04 |
| NLY Annaly Capital Management Inc. | Sold out | 0.00% | −0.03 |
| CMG Chipotle Mexican Grill Inc. | Reduce -29.5% | 0.04% | −0.02 |
| ADBE Adobe Inc. | Reduce -1.2% | 0.29% | −0.02 |
| AOM iShares Core 40/60 Moderate | Sold out | 0.00% | −0.02 |
| PALL Abrdn Physical Palladium SHS | Sold out | 0.00% | −0.02 |
| IEMG iShares Core MSCI Emerging | Reduce -9.5% | 0.11% | −0.01 |
| SPYV SS SPDR P S&P 500 Value ETF | Sold out | 0.00% | −0.01 |
| DKNG Draftkings Inc. Class A | Reduce -80.0% | 0.00% | −0.01 |
| MRK Merck & Co. Inc. | Reduce -18.5% | 0.27% | −0.01 |
| SNPS Synopsys Inc. | Sold out | 0.00% | −0.00 |
| NUE Nucor Corp. | Sold out | 0.00% | −0.00 |
| TPL Texas Pacific Land Corp. | Sold out | 0.00% | −0.00 |
| VRT Vertiv Holdings Co. Class A | Sold out | 0.00% | −0.00 |
| TEVA Teva Pharmaceutical-SP ADR | Reduce -62.1% | 0.00% | −0.00 |
| CRM Salesforce Inc. | Reduce -7.5% | 0.11% | −0.00 |
Portfolio Buys Q3 2025 → Q4 2025
| JEPQ JPM Nasdaq Equity Premium | Add +231.1% | 1.93% | +1.33 |
| AMZN Amazon.com Inc. | Add +26.6% | 4.48% | +0.95 |
| IEF iShares 7-10 Year Treasury B | Add +38.8% | 3.42% | +0.83 |
| JEPI JPMorgan Equity Premium Inco | Add +67.4% | 1.88% | +0.71 |
| SPGI S&P Global Inc. | Add +64.7% | 1.23% | +0.50 |
| META Meta Platforms Inc. Class A | Add +48.5% | 2.02% | +0.43 |
| V Visa Inc. Class A | Add +23.6% | 2.14% | +0.37 |
| GEV GE Vernova Inc. | Add +838.8% | 0.38% | +0.34 |
| AVGO Broadcom Inc. | Add +16.3% | 2.28% | +0.32 |
| UNH Unitedhealth Group Inc. | Add +54.0% | 1.10% | +0.32 |
| FICO Fair Isaac Corp. | Add +25.8% | 1.13% | +0.30 |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | Add +34.0% | 1.40% | +0.29 |
| NDAQ Nasdaq Inc. | Add +39.6% | 0.73% | +0.23 |
| SHV iShares 0-1 Year Treasury Bo | Add +2266.0% | 0.24% | +0.23 |
| SLV iShares Silver Trust | Add +37.9% | 0.42% | +0.21 |
| FHN First Horizon Corp. | New | 0.21% | +0.21 |
| BPRE Bluerock Private Real Estate | New | 0.20% | +0.20 |
| MSCI MSCI Inc. | Add +26.4% | 0.98% | +0.18 |
| VOO Vanguard S&P 500 ETF | Add +8.4% | 3.14% | +0.17 |
| UBER Uber Technologies Inc. | Add +100.9% | 0.45% | +0.17 |
| ASML ASML Holding NV-NY Reg SHS | Add +0.0% | 2.03% | +0.16 |
| DHR Danaher Corp. | Add +7.1% | 0.97% | +0.15 |
| WCN Waste Connections Inc. | Add +21.6% | 0.97% | +0.13 |
| DPZ Domino's Pizza Inc. | Add +25.4% | 0.89% | +0.12 |
| NOW ServiceNow Inc. | Add +163.9% | 0.23% | +0.12 |
| ABT Abbott Laboratories | New | 0.11% | +0.11 |
| PANW Palo Alto Networks Inc. | Add +32.8% | 0.75% | +0.10 |
| XLV SS Health Care Select Sector | Add +36.5% | 0.31% | +0.09 |
| IDXX Idexx Laboratories Inc. | Add +15.7% | 0.65% | +0.09 |
| MSFT Microsoft Corp. | Add +15.3% | 3.49% | +0.09 |
| ISRG Intuitive Surgical Inc. | Add +16.4% | 0.29% | +0.08 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +11.4% | 1.17% | +0.07 |
| ORCL Oracle Corp. | Add +97.9% | 0.28% | +0.07 |
| CPRT Copart Inc. | Add +33.6% | 0.65% | +0.06 |
| EWP iShares MSCI Spain ETF | Add +76.0% | 0.13% | +0.06 |
| STX Seagate Technology Holdings | Add +0.0% | 0.07% | +0.05 |
| SSO Proshares Ultra S&P500 | New | 0.05% | +0.05 |
| QLD Proshares Ultra QQQ | New | 0.04% | +0.04 |
| FXI iShares China Large-Cap ETF | Add +200.0% | 0.07% | +0.04 |
| TJX TJX Companies Inc. | Add +7.7% | 0.50% | +0.04 |
| XBI SS SPDR S&P Biotech ETF | Add +197.5% | 0.05% | +0.04 |
| BRO Brown & Brown Inc. | Add +30.8% | 0.54% | +0.03 |
| EUAD Select Stoxx Eur Aer DE ETF | Add +55.9% | 0.12% | +0.03 |
| CQQQ Invesco China Technology ETF | Add +100.0% | 0.06% | +0.03 |
| LULU Lululemon Athletica Inc. | Add +203.7% | 0.03% | +0.02 |
| INDY iShares India 50 ETF | Add +100.0% | 0.04% | +0.02 |
| GS Goldman Sachs Group Inc. | Add +30.4% | 0.07% | +0.02 |
| PGR Progressive Corp. | Add +15.7% | 1.08% | +0.02 |
| COST Costco Wholesale Corp. | Add +20.3% | 0.29% | +0.02 |
| SOFI Sofi Technologies Inc. | New | 0.01% | +0.01 |
Notes & Other Activity Q3 2025 → Q4 2025
| GLD SPDR Gold Shares | GOLD SHS | Reduce -100.0% | 0 | $1.7M |
| XCHYX Calamos Convert & High Inc. | COM SHS | New | 0 | $901K |
| CHI Calamos Convert Opport & Inc. | SH BEN INT | New | 0 | $880K |
| CCD Calamos DYN Convert & Inc. | COM | New | 0 | $774K |
| NFLX Netflix Inc. | COM | Reduce -100.0% | 0 | $633K |
| RYAN Ryan Specialty Holdings Inc. | CL A | Reduce -100.0% | 0 | $431K |
| XLF SS Financial Select Sector | ST STR FINL ETF | Reduce -100.0% | 0 | $428K |
| IBTH iShares Ibonds Dec 2027 Term | IBONDS 27 TRM TS | Sold out | 0 | $405Kbefore exit |
| SPYD SS SPDR P S&P 500 Hi Div ETF | ST STR SP500DIV | Reduce -100.0% | 0 | $311K |
| PREF Pri Spe Pre Sec Acti-Usd Inc. | SPECTRUM PFD | Reduce -100.0% | 0 | $284K |
| IBHE iShares Ibonds 2025 H/Y Inc. | IBONDS 25 TRM HG | Sold out | 0 | $274Kbefore exit |
| GSY Invesco Ultra Short Duration | ULTRA SHRT DUR | Sold out | 0 | $251Kbefore exit |
| ULTA Ulta Beauty Inc. | COM | Reduce -100.0% | 0 | $214K |
| IBTF iShares Ibonds Dec 2025 Term | IBONDS 25 TRM TS | Sold out | 0 | $117Kbefore exit |
| UL Unilever PLC-Sponsored ADR | SPON ADR NEW | Reduce -100.0% | 0 | $106K |
| IBDQ iShares Ibonds Dec 2025 Term | IBONDS DEC25 ETF | Sold out | 0 | $63Kbefore exit |
| TLT iShares 20+ Year Treasury BD | 20 YR TR BD ETF | Sold out | 0 | $45Kbefore exit |
| ICLN iShares Global Clean Energy | GL CLEAN ENE ETF | Reduce -100.0% | 0 | $35K |
| ETN Eaton Corp. PLC | SHS | Reduce -100.0% | 0 | $29K |
| PHO Invesco Water Resources ETF | WATER RES ETF | Reduce -100.0% | 0 | $25K |
| PWR Quanta Services Inc. | COM | Reduce -100.0% | 0 | $21K |
| LYFT LYFT Inc. Class A | CL A COM | Reduce -100.0% | 0 | $18K |
| LSTR Landstar System Inc. | COM | Reduce -100.0% | 0 | $14K |
| SRLN SS Blackstone Sr Loan ETF | ST STR BL LN ETF | Sold out | 0 | $14Kbefore exit |
| IR Ingersoll-Rand Inc. | COM | Reduce -100.0% | 0 | $6K |
| TM Toyota Motor Corp. -Spon ADR | ADS | Reduce -100.0% | 0 | $5K |
| PJT PJT Partners Inc. Class A | COM CL A | New | 0 | $3K |
| EVRG Evergy Inc. | COM | Reduce -100.0% | 0 | $3K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.