Graham Capital Wealth Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), Graham Capital Wealth Management, LLC reported 65 stock positions worth $89.2 million. Its top holding was Cheniere Energy (LNG) at 6.8% of the portfolio, followed by Aldel Financial II (ALDFU, 5.2%) and Eagle Financial Services (EFSI, 4.2%). Compared with Q1 2025, it opened 7 new positions, sold out of 5, added to 25 and reduced 30. The biggest buy was a new position in Eagle Financial Services (EFSI) and the biggest sale an exit from Navigator (NVGS).
- Most Recent 13F
- Q2 2026
- Location
- WASHINGTON, DC
- CIK
- 0001907528
- Portfolio Value
- $89.2M (Q2 2025)
- SEC Filing
- 0001951757-25-001059 ↗ filed Aug 12, 2025
Holdings Value
Holdings 65 stocks · $89.2M
| LNG Cheniere Energy Inc. | 6.85% | 25,086 | $6.1M | Add +1.3% |
| ALDFU Aldel Financial II Inc. | 5.19% | 441,132 | $4.6M | Reduce -1.2% |
| EFSI Eagle Financial Services Inc. | 4.23% | 123,338 | $3.8M | New |
| PEG Public Service Enterprise GP | 4.11% | 43,556 | $3.7M | New |
| CFBK CF Bankshares Inc. | 3.91% | 145,515 | $3.5M | Add +0.5% |
| VTOL Bristow Group Inc. | 3.66% | 99,080 | $3.3M | Add +0.1% |
| EOG EOG Resources Inc. | 3.41% | 25,407 | $3.0M | Add +2.4% |
| BRBS Blue Ridge Bankshares Inc. | 3.36% | 835,896 | $3.0M | Add +9.1% |
| HSPTU Horizon Space Acquisition II | 3.27% | 282,641 | $2.9M | Reduce -1.4% |
| D Dominion Energy Inc. | 3.07% | 48,482 | $2.7M | Add +3.0% |
| ENB Enbridge Inc. | 3.01% | 59,192 | $2.7M | Reduce -1.9% |
| UDR Udr Inc. | 2.99% | 65,277 | $2.7M | Add +2.5% |
| CPT Camden Property Trust | 2.83% | 22,437 | $2.5M | Reduce -0.6% |
| CLST Catalyst Bancorp Inc. | 2.76% | 198,940 | $2.5M | Add +8.9% |
| CTRA Coterra Energy Inc. | 2.64% | 92,741 | $2.4M | Add +1.4% |
| WPC WP Carey Inc. | 2.55% | 36,464 | $2.3M | Reduce -1.5% |
| ASPCU A Spac III Acquisition Corp. | 2.53% | 221,936 | $2.3M | No change |
| HCC Warrior Met Coal Inc. | 2.33% | 45,395 | $2.1M | Reduce -2.8% |
| CI The Cigna Group | 2.29% | 6,185 | $2.0M | Reduce -37.2% |
| NLOP Net Lease Office Property | 2.22% | 60,795 | $2.0M | New |
| AMT American Tower Corp. | 2.07% | 8,348 | $1.8M | Reduce -28.2% |
| CHCT Community Healthcare Trust I | 2.03% | 108,918 | $1.8M | Reduce -28.9% |
| SILA Sila Realty Trust Inc. | 1.88% | 70,785 | $1.7M | Reduce -24.8% |
| MAA Mid-America Apartment Comm | 1.83% | 11,002 | $1.6M | Reduce -0.7% |
| CEPO Cantor Equity Partners I-A | 1.79% | 134,224 | $1.6M | Add +229.1% |
| SMC Summit Midstream Corp. | 1.63% | 59,167 | $1.5M | Add +3.5% |
| FACTU Fact II Acquisition Corp. | 1.61% | 140,284 | $1.4M | Reduce -0.7% |
| KOS Kosmos Energy Ltd. | 1.39% | 719,306 | $1.2M | Reduce -1.3% |
| KNTK Kinetik Holdings Inc. | 1.14% | 23,101 | $1.0M | Reduce -0.6% |
| IAU iShares Gold Trust | 0.87% | 12,432 | $775K | Reduce -74.2% |
| AAPL Apple Inc. | 0.86% | 3,718 | $763K | Add +12.3% |
| MSFT Microsoft Corp. | 0.84% | 1,503 | $748K | Add +14.2% |
| GOOGL Alphabet Inc. Class A | 0.83% | 4,210 | $742K | Reduce -60.2% |
| WLACU Willow Lane Acquisition Corp. | 0.76% | 65,121 | $677K | Reduce -1.0% |
| CAEP Cantor Equity Partners III-A | 0.74% | 62,300 | $657K | New |
| FTW.U Eqv Ventures Acquisition Cor | 0.71% | 60,574 | $636K | Reduce -3.2% |
| JPM JPMorgan Chase & Co. | 0.70% | 2,152 | $624K | Add +25.6% |
| JAAA Janus Henderson Aaa Clo ETF | 0.67% | 11,690 | $593K | Add +15.3% |
| META Meta Platforms Inc. Class A | 0.63% | 762 | $562K | Add +92.4% |
| NTWOU Newbury Street II Acquisitio | 0.59% | 50,453 | $522K | Reduce -3.4% |
| NEE Nextera Energy Inc. | 0.57% | 7,279 | $505K | Reduce -0.5% |
| PM Philip Morris International | 0.56% | 2,750 | $501K | Reduce -1.1% |
| DYNCU Dynamix Corp. | 0.54% | 48,000 | $478K | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.53% | 766 | $473K | Add +0.5% |
| CPBI Central Plains Bancshares Inc. | 0.52% | 30,943 | $468K | New |
| CLOA iShares Aaa Clo Act ETF-Usdi | 0.49% | 8,466 | $440K | Add +20.1% |
| NVDA Nvidia Corp. | 0.48% | 2,715 | $429K | Add +7.0% |
| VACHU Voyager Acquisition Corp. | 0.48% | 41,339 | $426K | Reduce -0.5% |
| AMZN Amazon.com Inc. | 0.47% | 1,903 | $417K | Add +34.5% |
| VOO Vanguard S&P 500 ETF | 0.39% | 619 | $352K | Reduce -19.0% |
| KTF DWS Municipal Income Trust | 0.39% | 39,099 | $346K | Reduce -10.5% |
| HD Home Depot Inc. | 0.38% | 932 | $342K | Reduce -3.1% |
| WRB WR Berkley Corp. filed as BERKLEY W R CORP | 0.35% | 4,277 | $314K | Reduce -24.7% |
| NFLX Netflix Inc. | 0.35% | 232 | $311K | Add +3.1% |
| PEP Pepsico Inc. | 0.34% | 2,268 | $299K | Add +23.7% |
| WMT Walmart Inc. | 0.31% | 2,827 | $276K | Add +2.0% |
| IVV iShares Core S&P 500 ETF | 0.30% | 428 | $266K | Reduce -35.1% |
| SFBC Sound Financial Bancorp Inc. | 0.27% | 5,259 | $242K | Reduce -1.7% |
| TIP iShares Tips Bond ETF | 0.27% | 2,195 | $242K | Reduce -5.1% |
| PG The Procter & Gamble Co. | 0.25% | 1,418 | $226K | Add +2.5% |
| V Visa Inc. Class A | 0.23% | 572 | $203K | New |
| RTX RTX Corp. | 0.23% | 1,384 | $202K | New |
| PDBC Invesco Optimum Yield Divers | 0.22% | 14,856 | $194K | Add +0.2% |
| LPAAU Launch One Acquisition Corp. | 0.21% | 17,754 | $187K | Reduce -0.3% |
| TAVIU Tavia Acquisition Corp. | 0.11% | 10,000 | $102K | No change |
Other holdings (5): bonds, preferreds, convertibles and warrants · $829K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SPECIAL OPPORTUNITY FUND (SPE 2.75 01/27/27 C) | 2.75% CNV PFD C | 24,662 | $612K | Reduce -0.5% |
| OKTA INC (OKTA 0.125 09/01/25) | NOTE 0.125% 9/0 · principal | 132,000 | $131K | Reduce -3.6% |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | 44,000 | $42K | No change |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | 25,000 | $22K | No change |
| OKTA INC (OKTA 0.375 06/15/26) | NOTE 0.375% 6/1 · principal | 23,000 | $22K | No change |
Total filed on the 13F, all lines: $90.0M.
Portfolio Sells Q1 2025 → Q2 2025
| NVGS Navigator Holdings Ltd. | Sold out | 0.00% | −3.08 |
| INSW International Seaways Inc. | Sold out | 0.00% | −2.62 |
| DVN Devon Energy Corp. | Sold out | 0.00% | −2.56 |
| IAU iShares Gold Trust | Reduce -74.2% | 0.87% | −2.20 |
| XIFR XPLR Infrastructure LP | Sold out | 0.00% | −1.73 |
| CI The Cigna Group | Reduce -37.2% | 2.29% | −1.20 |
| CHCT Community Healthcare Trust I | Reduce -28.9% | 2.03% | −0.97 |
| GOOGL Alphabet Inc. Class A | Reduce -60.2% | 0.83% | −0.94 |
| SILA Sila Realty Trust Inc. | Reduce -24.8% | 1.88% | −0.84 |
| AMT American Tower Corp. | Reduce -28.2% | 2.07% | −0.66 |
| KOS Kosmos Energy Ltd. | Reduce -1.3% | 1.39% | −0.41 |
| TJX TJX Companies Inc. | Sold out | 0.00% | −0.27 |
| MAA Mid-America Apartment Comm | Reduce -0.7% | 1.83% | −0.18 |
| KNTK Kinetik Holdings Inc. | Reduce -0.6% | 1.14% | −0.16 |
| CPT Camden Property Trust | Reduce -0.6% | 2.83% | −0.14 |
| IVV iShares Core S&P 500 ETF | Reduce -35.1% | 0.30% | −0.10 |
| WRB WR Berkley Corp. | Reduce -24.7% | 0.35% | −0.08 |
| HCC Warrior Met Coal Inc. | Reduce -2.8% | 2.33% | −0.07 |
| KTF DWS Municipal Income Trust | Reduce -10.5% | 0.39% | −0.05 |
| VOO Vanguard S&P 500 ETF | Reduce -19.0% | 0.39% | −0.03 |
| SFBC Sound Financial Bancorp Inc. | Reduce -1.7% | 0.27% | −0.02 |
| TIP iShares Tips Bond ETF | Reduce -5.1% | 0.27% | −0.01 |
| HD Home Depot Inc. | Reduce -3.1% | 0.38% | +0.00 |
| NEE Nextera Energy Inc. | Reduce -0.5% | 0.57% | +0.01 |
| LPAAU Launch One Acquisition Corp. | Reduce -0.3% | 0.21% | +0.01 |
| NTWOU Newbury Street II Acquisitio | Reduce -3.4% | 0.59% | +0.02 |
| VACHU Voyager Acquisition Corp. | Reduce -0.5% | 0.48% | +0.02 |
| FTW.U Eqv Ventures Acquisition Cor | Reduce -3.2% | 0.71% | +0.02 |
| WPC WP Carey Inc. | Reduce -1.5% | 2.55% | +0.03 |
| WLACU Willow Lane Acquisition Corp. | Reduce -1.0% | 0.76% | +0.04 |
| FACTU Fact II Acquisition Corp. | Reduce -0.7% | 1.61% | +0.08 |
| PM Philip Morris International | Reduce -1.1% | 0.56% | +0.09 |
| HSPTU Horizon Space Acquisition II | Reduce -1.4% | 3.27% | +0.12 |
| ENB Enbridge Inc. | Reduce -1.9% | 3.01% | +0.12 |
| ALDFU Aldel Financial II Inc. | Reduce -1.2% | 5.19% | +0.25 |
Portfolio Buys Q1 2025 → Q2 2025
| EFSI Eagle Financial Services Inc. | New | 4.23% | +4.23 |
| PEG Public Service Enterprise GP | New | 4.11% | +4.11 |
| NLOP Net Lease Office Property | New | 2.22% | +2.22 |
| CEPO Cantor Equity Partners I-A | Add +229.1% | 1.79% | +1.34 |
| CAEP Cantor Equity Partners III-A | New | 0.74% | +0.74 |
| BRBS Blue Ridge Bankshares Inc. | Add +9.1% | 3.36% | +0.67 |
| LNG Cheniere Energy Inc. | Add +1.3% | 6.85% | +0.66 |
| CPBI Central Plains Bancshares Inc. | New | 0.52% | +0.52 |
| CLST Catalyst Bancorp Inc. | Add +8.9% | 2.76% | +0.47 |
| CFBK CF Bankshares Inc. | Add +0.5% | 3.91% | +0.47 |
| META Meta Platforms Inc. Class A | Add +92.4% | 0.63% | +0.38 |
| MSFT Microsoft Corp. | Add +14.2% | 0.84% | +0.30 |
| VTOL Bristow Group Inc. | Add +0.1% | 3.66% | +0.29 |
| JPM JPMorgan Chase & Co. | Add +25.6% | 0.70% | +0.25 |
| V Visa Inc. Class A | New | 0.23% | +0.23 |
| RTX RTX Corp. | New | 0.23% | +0.23 |
| D Dominion Energy Inc. | Add +3.0% | 3.07% | +0.22 |
| NVDA Nvidia Corp. | Add +7.0% | 0.48% | +0.18 |
| AMZN Amazon.com Inc. | Add +34.5% | 0.47% | +0.18 |
| NFLX Netflix Inc. | Add +3.1% | 0.35% | +0.12 |
| JAAA Janus Henderson Aaa Clo ETF | Add +15.3% | 0.67% | +0.11 |
| CLOA iShares Aaa Clo Act ETF-Usdi | Add +20.1% | 0.49% | +0.10 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +0.5% | 0.53% | +0.07 |
| AAPL Apple Inc. | Add +12.3% | 0.86% | +0.06 |
| WMT Walmart Inc. | Add +2.0% | 0.31% | +0.05 |
| PEP Pepsico Inc. | Add +23.7% | 0.34% | +0.04 |
| PDBC Invesco Optimum Yield Divers | Add +0.2% | 0.22% | −0.00 |
| PG The Procter & Gamble Co. | Add +2.5% | 0.25% | −0.00 |
| EOG EOG Resources Inc. | Add +2.4% | 3.41% | −0.03 |
| UDR Udr Inc. | Add +2.5% | 2.99% | −0.12 |
| CTRA Coterra Energy Inc. | Add +1.4% | 2.64% | −0.21 |
| SMC Summit Midstream Corp. | Add +3.5% | 1.63% | −0.46 |
Notes & Other Activity Q1 2025 → Q2 2025
| SPECIAL OPPORTUNITY FUND (SPE 2.75 01/27/27 C) | 2.75% CNV PFD C | Reduce -0.5% | 24,662 | $612K |
| OKTA INC (OKTA 0.125 09/01/25) | NOTE 0.125% 9/0 · principal | Reduce -3.6% | 132,000 | $131K |
| LYFT INC (LYFT 1.5 05/15/25) | NOTE 1.500% 5/1 · principal | Sold out | 12,000 | $12Kbefore exit |
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 |