In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), CDC Financial, Inc. reported 37 stock positions worth $120.3 million . Its top holding was Amplify Energy (AMPY) at 13.4% of the portfolio, followed by Century Aluminum (CENX, 12.0% ) and Vox Royalty (VOXR, 7.2% ). Compared with Q4 2025, it opened 12 new positions, sold out of 1, added to 14 and reduced 8. The biggest buy was Advanced Flower Capital (AFCG, shares +139% ) and the biggest sale Amplify Energy (AMPY, shares −28% ).
Location CHICAGO, IL
CIK 0002077836
Portfolio Value $120.3M (Q1 2026) Holdings 37 stocks · $120.3M Holdings quarter Q2 2026 Q1 2026 Q4 2025
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2025 AMPY Amplify Energy Corp. 2,587,347 $16.1M Reduce -27.9% CENX Century Aluminum Company 246,680 $14.5M Reduce -28.3% VOXR Vox Royalty Corp. 1,657,304 $8.7M Add +31.0% INBX Inhibrx Biosciences Inc. 124,530 $8.4M Add +12.4% HCAT Health Catalyst Inc. 6,307,054 $8.0M Add +57.6% IMMR Immersion Corporation 1,437,397 $7.8M No change AESI Atlas Energy Solutions Inc. 518,091 $6.8M Reduce -12.5% ASTL Algoma Steel Group Inc. 1,613,749 $6.7M Add +2.1% REI Ring Energy Inc. 3,459,562 $5.3M Reduce -17.2% AFCG Advanced Flower Capital Inc. 1,473,178 $4.2M Add +138.7% INSE Inspired Entertainment Inc. 452,445 $3.2M Add +41.8% THRY Thryv Holdings Inc. 1,083,751 $3.0M Add +72.0% RYZ Ryerson Holding Corp. 114,160 $2.6M Reduce -14.9% CRON Cronos Group Inc. 926,832 $2.3M Reduce -2.1% LZ Legalzoomcom Inc. 392,065 $2.2M Add +366.7% ASLE Aersale Corp. 302,495 $1.9M Reduce -11.5% VNT Vontier Corp. 52,000 $1.8M Reduce -19.3% SMWB Similarweb Ltd. 639,014 $1.7M Add +350.9% REFI Chicago Atlantic Real Estate 141,550 $1.6M Add +16.7% TBCH Turtle Beach Corp. 153,982 $1.6M Add +70.1% LIEN Chicago Atlantic BDC Inc. 159,618 $1.5M Add +25.6% NOW ServiceNow Inc. 13,000 $1.4M New RSKD Riskified Ltd. Class A 321,155 $1.3M Add +120.5% GOCOQ Gohealth Inc. Class A 753,033 $1.1M Add +6.8% CRM Salesforce Inc. 6,000 $1.1M New WLTH Wealthfront Corp. 99,523 $921K New URNJ Sprott Jr Uranium Miners ETF 31,300 $917K No change MTCH Match Group Inc. 29,500 $906K New ZNTL Zentalis Pharmaceuticals Inc. 283,762 $664K New OPRA Opera Ltd.-ADR 41,000 $585K New INTA Intapp Inc. 20,918 $537K New UPWK Upwork Inc. 47,000 $515K New SHEN Shenandoah Telecommunication 13,300 $205K New TECK Teck Resources Ltd.-CLS B 3,550 $184K No change SNWV Sanuwave Health Inc. 6,500 $112K New VFF Village Farms International 27,000 $77K New CVGI Commercial Vehicle Group Inc. 4,653 $16K New
Options reported separately and not counted above: SPY puts ($9.9M), AAPL puts ($8.2M), AESI calls ($4.3M), INBX calls ($4.2M), CRM calls ($2.4M), NOW calls ($2.2M), QQQ puts ($2.0M), CTAS puts ($1.2M), IIPR puts ($1.0M), ASTL calls ($578K), UPWK puts ($515K).
Other holdings (1): bonds, preferreds, convertibles and warrants · $413K (not counted above) Security Class Shares / Principal Value Change ASTLW Algoma Steel Group Inc. -CW26 *W EXP 10/19/202 4,153,996 $413K Add +0.0%
Total filed on the 13F, all lines: $120.7M.
Portfolio Sells Q4 2025 → Q1 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▲ AMPY Amplify Energy Corp. Reduce -27.9% 13.42% −1.73 RYZ Ryerson Holding Corp. Reduce -14.9% 2.13% −0.99 ASLE Aersale Corp. Reduce -11.5% 1.56% −0.68 VNT Vontier Corp. Reduce -19.3% 1.53% −0.68 CENX Century Aluminum Company Reduce -28.3% 12.03% −0.43 CRON Cronos Group Inc. Reduce -2.1% 1.93% −0.37 ISPO Inspirato Inc. Sold out 0.00% −0.14 AESI Atlas Energy Solutions Inc. Reduce -12.5% 5.65% +0.50 REI Ring Energy Inc. Reduce -17.2% 4.40% +1.04
Portfolio Buys Q4 2025 → Q1 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025
Stock Change vs Q4 2025 % Of Portfolio Change To Portfolio ▼ AFCG Advanced Flower Capital Inc. Add +138.7% 3.45% +1.83 VOXR Vox Royalty Corp. Add +31.0% 7.22% +1.68 NOW ServiceNow Inc. New 1.13% +1.13 LZ Legalzoomcom Inc. Add +366.7% 1.85% +1.08 CRM Salesforce Inc. New 0.93% +0.93 WLTH Wealthfront Corp. New 0.77% +0.77 MTCH Match Group Inc. New 0.75% +0.75 ZNTL Zentalis Pharmaceuticals Inc. New 0.55% +0.55 OPRA Opera Ltd.-ADR New 0.49% +0.49 INTA Intapp Inc. New 0.45% +0.45 UPWK Upwork Inc. New 0.43% +0.43 SMWB Similarweb Ltd. Add +350.9% 1.39% +0.41 RSKD Riskified Ltd. Class A Add +120.5% 1.05% +0.38 SHEN Shenandoah Telecommunication New 0.17% +0.17 TBCH Turtle Beach Corp. Add +70.1% 1.30% +0.12 SNWV Sanuwave Health Inc. New 0.09% +0.09 VFF Village Farms International New 0.06% +0.06 LIEN Chicago Atlantic BDC Inc. Add +25.6% 1.24% +0.03 CVGI Commercial Vehicle Group Inc. New 0.01% +0.01 REFI Chicago Atlantic Real Estate Add +16.7% 1.33% −0.04 INSE Inspired Entertainment Inc. Add +41.8% 2.68% −0.08 ASTL Algoma Steel Group Inc. Add +2.1% 5.54% −0.45 GOCOQ Gohealth Inc. Class A Add +6.8% 0.94% −0.46 THRY Thryv Holdings Inc. Add +72.0% 2.47% −1.05 INBX Inhibrx Biosciences Inc. Add +12.4% 6.96% −1.13 HCAT Health Catalyst Inc. Add +57.6% 6.66% −2.18
Options Activity Q4 2025 → Q1 2026 Security Type Change vs Q4 2025 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put Sold out 52,800 $13.4Mbefore exit SPY SS SPDR S&P 500 ETF Trust-US put Reduce -67.2% 15,200 $9.9M AESI Atlas Energy Solutions Inc. call Add +17.9% 330,000 $4.3M INBX Inhibrx Biosciences Inc. call New 62,000 $4.2M TFC Truist Financial Corp. put Sold out 65,000 $3.2Mbefore exit CRM Salesforce Inc. call New 12,800 $2.4M NOW ServiceNow Inc. call New 21,000 $2.2M QQQ Invesco QQQ Trust Series 1 put Reduce -92.6% 3,500 $2.0M SBUX Starbucks Corp. put Sold out 17,300 $1.7Mbefore exit CTAS Cintas Corp. put New 7,000 $1.2M CENX Century Aluminum Company call Sold out 22,600 $1.2Mbefore exit LOGI Logitech International-Reg put Sold out 10,100 $1.0Mbefore exit ASTL Algoma Steel Group Inc. call Reduce -84.9% 140,000 $578K THRY Thryv Holdings Inc. call Sold out 11,000 $67Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q4 2025 → Q1 2026 Security Class Change vs Q4 2025 Shares / Principal Value ▼ ASTLW Algoma Steel Group Inc. -CW26 *W EXP 10/19/202 Add +0.0% 4,153,996 $413K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 37 $130.0M HCAT, INBX, AMPY, LZ, AESI Q1 2026 37 $120.3M AMPY, CENX, VOXR, INBX, HCAT Q4 2025 26 $108.2M AMPY, CENX, IMMR, HCAT, INBX