Graham Capital Wealth Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 7, 2025), Graham Capital Wealth Management, LLC reported 63 stock positions worth $92.7 million. Its top holding was Cheniere Energy (LNG) at 6.2% of the portfolio, followed by Aldel Financial II (ALDFU, 4.9%) and Cigna (CI, 3.5%). Compared with Q4 2024, it opened 6 new positions, sold out of 15, added to 13 and reduced 40. The biggest buy was Cigna (CI, shares +721%) and the biggest sale an exit from Rexford Industrial Realty (REXR).
- Most Recent 13F
- Q2 2026
- Location
- WASHINGTON, DC
- CIK
- 0001907528
- Portfolio Value
- $92.7M (Q1 2025)
- SEC Filing
- 0001951757-25-000524 ↗ filed May 7, 2025
Holdings Value
Holdings 63 stocks · $92.7M
| LNG Cheniere Energy Inc. | 6.19% | 24,774 | $5.7M | Reduce -15.3% |
| ALDFU Aldel Financial II Inc. | 4.94% | 446,402 | $4.6M | Reduce -1.7% |
| CI The Cigna Group | 3.50% | 9,844 | $3.2M | Add +721.0% |
| CFBK CF Bankshares Inc. | 3.44% | 144,817 | $3.2M | Reduce -2.3% |
| EOG EOG Resources Inc. | 3.43% | 24,803 | $3.2M | Reduce -0.9% |
| VTOL Bristow Group Inc. | 3.37% | 98,979 | $3.1M | Add +14.3% |
| HSPTU Horizon Space Acquisition II | 3.15% | 286,689 | $2.9M | Reduce -1.6% |
| UDR Udr Inc. | 3.11% | 63,707 | $2.9M | Add +0.7% |
| NVGS Navigator Holdings Ltd. | 3.08% | 214,393 | $2.9M | Reduce -1.6% |
| IAU iShares Gold Trust | 3.07% | 48,224 | $2.8M | Reduce -56.8% |
| CHCT Community Healthcare Trust I | 3.00% | 153,260 | $2.8M | Reduce -20.3% |
| CPT Camden Property Trust | 2.98% | 22,565 | $2.8M | Reduce -3.1% |
| ENB Enbridge Inc. | 2.88% | 60,323 | $2.7M | Reduce -3.1% |
| CTRA Coterra Energy Inc. | 2.85% | 91,431 | $2.6M | Reduce -2.4% |
| D Dominion Energy Inc. | 2.85% | 47,053 | $2.6M | Reduce -1.1% |
| AMT American Tower Corp. | 2.73% | 11,622 | $2.5M | Reduce -18.6% |
| SILA Sila Realty Trust Inc. | 2.71% | 94,132 | $2.5M | Reduce -44.5% |
| BRBS Blue Ridge Bankshares Inc. | 2.70% | 766,322 | $2.5M | Add +46.7% |
| INSW International Seaways Inc. | 2.62% | 73,065 | $2.4M | New |
| DVN Devon Energy Corp. | 2.56% | 63,448 | $2.4M | Reduce -0.8% |
| WPC WP Carey Inc. | 2.52% | 37,004 | $2.3M | Reduce -30.3% |
| ASPCU A Spac III Acquisition Corp. | 2.44% | 221,936 | $2.3M | Reduce -0.8% |
| HCC Warrior Met Coal Inc. | 2.40% | 46,683 | $2.2M | Reduce -2.4% |
| CLST Catalyst Bancorp Inc. | 2.30% | 182,616 | $2.1M | Add +0.1% |
| SMC Summit Midstream Corp. | 2.09% | 57,150 | $1.9M | Reduce -29.5% |
| MAA Mid-America Apartment Comm | 2.00% | 11,082 | $1.9M | Reduce -50.4% |
| KOS Kosmos Energy Ltd. | 1.79% | 728,530 | $1.7M | Reduce -2.4% |
| GOOGL Alphabet Inc. Class A | 1.77% | 10,587 | $1.6M | Reduce -1.4% |
| XIFR XPLR Infrastructure LP | 1.73% | 168,279 | $1.6M | Reduce -0.3% |
| FACTU Fact II Acquisition Corp. | 1.53% | 141,222 | $1.4M | Reduce -1.6% |
| KNTK Kinetik Holdings Inc. | 1.30% | 23,228 | $1.2M | Reduce -52.4% |
| AAPL Apple Inc. | 0.79% | 3,311 | $735K | Add +5.1% |
| WLACU Willow Lane Acquisition Corp. | 0.72% | 65,757 | $666K | Reduce -0.1% |
| FTW.U Eqv Ventures Acquisition Cor | 0.69% | 62,574 | $641K | Reduce -4.3% |
| NTWOU Newbury Street II Acquisitio | 0.57% | 52,201 | $527K | Reduce -5.5% |
| NEE Nextera Energy Inc. | 0.56% | 7,314 | $518K | Add +1.3% |
| JAAA Janus Henderson Aaa Clo ETF | 0.56% | 10,140 | $514K | New |
| MSFT Microsoft Corp. | 0.53% | 1,316 | $494K | Reduce -23.3% |
| DYNCU Dynamix Corp. | 0.52% | 48,000 | $483K | Add +57.4% |
| PM Philip Morris International | 0.48% | 2,780 | $441K | Reduce -5.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.46% | 762 | $426K | Add +27.0% |
| VACHU Voyager Acquisition Corp. | 0.46% | 41,565 | $426K | Reduce -1.2% |
| JPM JPMorgan Chase & Co. | 0.45% | 1,713 | $420K | Add +2.3% |
| CEPO Cantor Equity Partners I-A | 0.45% | 40,787 | $418K | New |
| KTF DWS Municipal Income Trust | 0.44% | 43,697 | $410K | New |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.44% | 5,677 | $404K | No change |
| VOO Vanguard S&P 500 ETF | 0.42% | 764 | $393K | Reduce -8.9% |
| IVV iShares Core S&P 500 ETF | 0.40% | 660 | $371K | Add +2.8% |
| CLOA iShares Aaa Clo Act ETF-Usdi | 0.39% | 7,050 | $365K | New |
| HD Home Depot Inc. | 0.38% | 962 | $353K | Reduce -23.2% |
| NVDA Nvidia Corp. | 0.30% | 2,538 | $275K | Add +33.5% |
| PEP Pepsico Inc. | 0.30% | 1,833 | $275K | No change |
| AMZN Amazon.com Inc. | 0.29% | 1,415 | $269K | Reduce -3.5% |
| SFBC Sound Financial Bancorp Inc. | 0.29% | 5,351 | $268K | Reduce -1.6% |
| TIP iShares Tips Bond ETF | 0.28% | 2,312 | $257K | Reduce -2.2% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.27% | 2,035 | $248K | Reduce -4.8% |
| WMT Walmart Inc. | 0.26% | 2,772 | $243K | New |
| PG The Procter & Gamble Co. | 0.25% | 1,384 | $236K | No change |
| META Meta Platforms Inc. Class A | 0.25% | 396 | $228K | Reduce -0.5% |
| NFLX Netflix Inc. | 0.23% | 225 | $210K | Reduce -0.9% |
| PDBC Invesco Optimum Yield Divers | 0.22% | 14,832 | $202K | Add +0.6% |
| LPAAU Launch One Acquisition Corp. | 0.20% | 17,815 | $183K | Reduce -1.1% |
| TAVIU Tavia Acquisition Corp. | 0.11% | 10,000 | $102K | No change |
Other holdings (6): bonds, preferreds, convertibles and warrants · $830K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SPECIAL OPPORTUNITY FUND (SPE 2.75 01/27/27 C) | 2.75% CNV PFD C | 24,783 | $599K | Reduce -1.1% |
| OKTA INC (OKTA 0.125 09/01/25) | NOTE 0.125% 9/0 · principal | 137,000 | $134K | New |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | 44,000 | $42K | New |
| OKTA INC (OKTA 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 23,000 | $22K | New |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | 25,000 | $22K | New |
| LYFT INC (LYFT 1.5 05/15/25) | NOTE 1.500% 5/1 · principal | 12,000 | $12K | New |
Total filed on the 13F, all lines: $93.5M.
Portfolio Sells Q4 2024 → Q1 2025
| REXR Rexford Industrial Realty Inc. | Sold out | 0.00% | −2.71 |
| FNV Franco-Nevada Corp. | Sold out | 0.00% | −2.24 |
| COOP Mr Cooper Group Inc. | Sold out | 0.00% | −1.97 |
| SITC Site Centers Corp. | Sold out | 0.00% | −1.93 |
| USMV iShares MSCI USA Min Vol Fac | Sold out | 0.00% | −1.75 |
| IAU iShares Gold Trust | Reduce -56.8% | 3.07% | −1.72 |
| CCIRU Cohen Circle Acquisition Cor | Sold out | 0.00% | −1.49 |
| KNTK Kinetik Holdings Inc. | Reduce -52.4% | 1.30% | −1.10 |
| MAA Mid-America Apartment Comm | Reduce -50.4% | 2.00% | −0.99 |
| VET Vermilion Energy Inc. | Sold out | 0.00% | −0.90 |
| XIFR XPLR Infrastructure LP | Reduce -0.3% | 1.73% | −0.88 |
| SILA Sila Realty Trust Inc. | Reduce -44.5% | 2.71% | −0.86 |
| SMC Summit Midstream Corp. | Reduce -29.5% | 2.09% | −0.56 |
| BNIX Bannix Acquisition Corp. | Sold out | 0.00% | −0.56 |
| BKNG Booking Holdings Inc. | Sold out | 0.00% | −0.47 |
| KOS Kosmos Energy Ltd. | Reduce -2.4% | 1.79% | −0.42 |
| BTU Peabody Energy Corp. | Sold out | 0.00% | −0.22 |
| CHCT Community Healthcare Trust I | Reduce -20.3% | 3.00% | −0.20 |
| EQT Eqt Corp. | Sold out | 0.00% | −0.19 |
| PROSPECT CAPITAL CORP (PSEC 6.375 03/01/25) | Sold out | 0.00% | −0.15 |
| OKTA INC (OKTA 0.125 09/01/25) | Sold out | 0.00% | −0.11 |
| MSFT Microsoft Corp. | Reduce -23.3% | 0.53% | −0.09 |
| HD Home Depot Inc. | Reduce -23.2% | 0.38% | −0.04 |
| OKTA INC (OKTA 0.375 06/15/26) | Sold out | 0.00% | −0.02 |
| NUVASIVE INC (GMED 0.375 03/15/25) | Sold out | 0.00% | −0.01 |
| GOOGL Alphabet Inc. Class A | Reduce -1.4% | 1.77% | +0.01 |
| AMZN Amazon.com Inc. | Reduce -3.5% | 0.29% | +0.01 |
| WPC WP Carey Inc. | Reduce -30.3% | 2.52% | +0.02 |
| VOO Vanguard S&P 500 ETF | Reduce -8.9% | 0.42% | +0.03 |
| LPAAU Launch One Acquisition Corp. | Reduce -1.1% | 0.20% | +0.04 |
| SFBC Sound Financial Bancorp Inc. | Reduce -1.6% | 0.29% | +0.04 |
| TJX TJX Companies Inc. | Reduce -4.8% | 0.27% | +0.04 |
| META Meta Platforms Inc. Class A | Reduce -0.5% | 0.25% | +0.04 |
| NFLX Netflix Inc. | Reduce -0.9% | 0.23% | +0.05 |
| TIP iShares Tips Bond ETF | Reduce -2.2% | 0.28% | +0.06 |
| NTWOU Newbury Street II Acquisitio | Reduce -5.5% | 0.57% | +0.09 |
| VACHU Voyager Acquisition Corp. | Reduce -1.2% | 0.46% | +0.09 |
| FTW.U Eqv Ventures Acquisition Cor | Reduce -4.3% | 0.69% | +0.12 |
| WLACU Willow Lane Acquisition Corp. | Reduce -0.1% | 0.72% | +0.15 |
| HCC Warrior Met Coal Inc. | Reduce -2.4% | 2.40% | +0.16 |
| CFBK CF Bankshares Inc. | Reduce -2.3% | 3.44% | +0.17 |
| PM Philip Morris International | Reduce -5.3% | 0.48% | +0.17 |
| NVGS Navigator Holdings Ltd. | Reduce -1.6% | 3.08% | +0.18 |
| FACTU Fact II Acquisition Corp. | Reduce -1.6% | 1.53% | +0.29 |
| AMT American Tower Corp. | Reduce -18.6% | 2.73% | +0.46 |
| ASPCU A Spac III Acquisition Corp. | Reduce -0.8% | 2.44% | +0.49 |
| ENB Enbridge Inc. | Reduce -3.1% | 2.88% | +0.60 |
| HSPTU Horizon Space Acquisition II | Reduce -1.6% | 3.15% | +0.62 |
| D Dominion Energy Inc. | Reduce -1.1% | 2.85% | +0.63 |
| CPT Camden Property Trust | Reduce -3.1% | 2.98% | +0.64 |
Portfolio Buys Q4 2024 → Q1 2025
| CI The Cigna Group | Add +721.0% | 3.50% | +3.21 |
| INSW International Seaways Inc. | New | 2.62% | +2.62 |
| BRBS Blue Ridge Bankshares Inc. | Add +46.7% | 2.70% | +1.24 |
| VTOL Bristow Group Inc. | Add +14.3% | 3.37% | +0.80 |
| UDR Udr Inc. | Add +0.7% | 3.11% | +0.73 |
| JAAA Janus Henderson Aaa Clo ETF | New | 0.56% | +0.56 |
| CEPO Cantor Equity Partners I-A | New | 0.45% | +0.45 |
| KTF DWS Municipal Income Trust | New | 0.44% | +0.44 |
| CLST Catalyst Bancorp Inc. | Add +0.1% | 2.30% | +0.43 |
| CLOA iShares Aaa Clo Act ETF-Usdi | New | 0.39% | +0.39 |
| WMT Walmart Inc. | New | 0.26% | +0.26 |
| DYNCU Dynamix Corp. | Add +57.4% | 0.52% | +0.26 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +27.0% | 0.46% | +0.16 |
| NEE Nextera Energy Inc. | Add +1.3% | 0.56% | +0.11 |
| AAPL Apple Inc. | Add +5.1% | 0.79% | +0.11 |
| JPM JPMorgan Chase & Co. | Add +2.3% | 0.45% | +0.11 |
| NVDA Nvidia Corp. | Add +33.5% | 0.30% | +0.08 |
| IVV iShares Core S&P 500 ETF | Add +2.8% | 0.40% | +0.07 |
| PDBC Invesco Optimum Yield Divers | Add +0.6% | 0.22% | +0.05 |
Notes & Other Activity Q4 2024 → Q1 2025
| SPECIAL OPPORTUNITY FUND (SPE 2.75 01/27/27 C) | 2.75% CNV PFD C | Reduce -1.1% | 24,783 | $599K |
| OKTA INC (OKTA 0.125 09/01/25) | NOTE 0.125% 9/0 · principal | New | 137,000 | $134K |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | New | 44,000 | $42K |
| OKTA INC (OKTA 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | New | 23,000 | $22K |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | New | 25,000 | $22K |
| LYFT INC (LYFT 1.5 05/15/25) | NOTE 1.500% 5/1 · principal | New | 12,000 | $12K |
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 | 61 | $129.3M | AEXA, RSPT, EFSI, CEPF, RSPC |
| Q1 2026 | 54 | $112.6M | AEXA, RSPT, RSPC, CMBT, EFSI |
| Q4 2025 | 59 | $108.2M | RSPT, RSP, EFSI, LNG, BRBS |
| Q3 2025 | 70 | $97.5M | RSPT, LNG, EFSI, BRBS, PEG |
| Q2 2025 | 65 | $89.2M | LNG, ALDFU, EFSI, PEG, CFBK |
| Q1 2025 | 63 | $92.7M | LNG, ALDFU, CI, CFBK, EOG |
| Q4 2024 | 72 | $115.4M | LNG, IAU, ALDFU, SILA, CFBK |
| Q3 2024 | 57 | $94.5M | IAU, USMV, LNG, SILA, EQC |
| Q2 2024Amended | 46 | $70.9M | IAU, USMV, LNG, EQC, MAA |
| Q1 2024Amended | 39 | $55.3M | IAU, LNG, EQC, USMV, HCC |