Kestra Advisory Services, LLC
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Kestra Advisory Services, LLC reported 4,505 stock positions worth $24.2 billion. Its top holding was Apple (AAPL) at 3.2% of the portfolio, followed by Nvidia (NVDA, 2.3%) and Parker Hannifin (PH, 2.2%). Compared with Q3 2025, it opened 1,659 new positions, sold out of 31, added to 1,820 and reduced 951. The biggest buy was Alphabet Class A (GOOGL, shares +11%) and the biggest sale Berkshire Hathaway Class B (BRK.B, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- AUSTIN, TX
- CIK
- 0001830819
- Portfolio Value
- $24.2B (Q4 2025)
- SEC Filing
- 0001830819-26-000002 ↗ filed Feb 13, 2026
Holdings Value
Holdings 4,505 stocks · $24.2B
| AAPL Apple Inc. | 3.17% | 2,829,676 | $769.3M | Add +6.7% |
| NVDA Nvidia Corp. | 2.27% | 2,953,224 | $550.8M | Add +4.9% |
| PH Parker Hannifin Corp. | 2.25% | 619,041 | $544.1M | Add +0.9% |
| IVV iShares Core S&P 500 ETF | 1.96% | 694,671 | $475.8M | Add +5.2% |
| MSFT Microsoft Corp. | 1.93% | 969,065 | $468.7M | Add +8.1% |
| QQQ Invesco QQQ Trust Series 1 | 1.71% | 675,125 | $414.7M | Add +8.1% |
| SPY SS SPDR S&P 500 ETF Trust-US | 1.43% | 508,077 | $346.5M | Add +10.0% |
| AMZN Amazon.com Inc. | 1.40% | 1,466,197 | $338.4M | Add +7.2% |
| VUG Vanguard Mrngstar GR ETF-Sui | 1.16% | 574,349 | $280.2M | Add +13.7% |
| VOO Vanguard S&P 500 ETF | 1.15% | 445,834 | $279.6M | Add +6.7% |
| GOOGL Alphabet Inc. Class A | 0.94% | 725,595 | $227.1M | Add +10.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.93% | 449,537 | $226.0M | Reduce -5.9% |
| CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE | 0.92% | 5,096,745 | $222.4M | Add +15.3% |
| VTI VG Morningstar TS MKT ETF-US | 0.79% | 572,413 | $191.9M | Add +8.5% |
| RDVY First Trust Rising Dividend | 0.79% | 2,756,341 | $191.5M | Add +4.3% |
| GOOG Alphabet Inc. Class C | 0.75% | 579,771 | $181.9M | Reduce -0.1% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.73% | 931,476 | $177.9M | Add +17.6% |
| JPM JPMorgan Chase & Co. | 0.72% | 539,571 | $173.9M | Add +2.3% |
| FBND Fidelity Total Bond ETF | 0.70% | 3,674,421 | $169.2M | Add +12.9% |
| VYM Vanguard High DVD Yield ETF | 0.65% | 1,095,800 | $157.3M | Add +2.1% |
| GLD SPDR Gold Shares | 0.62% | 381,799 | $151.3M | Add +5.6% |
| QUAL iShares MSCI USA Quality Fac | 0.60% | 727,584 | $144.5M | Add +32.2% |
| AVGO Broadcom Inc. | 0.56% | 394,855 | $136.7M | Add +15.2% |
| JAAA Janus Henderson Aaa Clo ETF | 0.56% | 2,688,788 | $136.0M | Add +21.9% |
| META Meta Platforms Inc. Class A | 0.52% | 191,019 | $126.1M | Add +15.7% |
| VIG Vanguard Dividend Apprec ETF | 0.49% | 541,017 | $118.9M | Add +35.8% |
| TSLA Tesla Inc. | 0.48% | 260,508 | $117.2M | Add +5.8% |
| LLY Eli Lilly & Co. | 0.48% | 108,124 | $116.2M | Add +19.7% |
| CAT Caterpillar Inc. | 0.48% | 202,090 | $115.8M | Add +9.3% |
| CGGR Cap Group Growth Equity | 0.47% | 2,576,150 | $114.6M | Add +14.1% |
| JEPI JPMorgan Equity Premium Inco | 0.47% | 1,980,485 | $113.4M | Add +3.9% |
| RSP Invesco S&P 500 Equal Weight | 0.46% | 578,600 | $110.8M | Reduce -5.0% |
| BUFR FT Vest Lad Buffervetf-Usd I | 0.46% | 3,220,487 | $110.3M | Add +0.4% |
| FENI Fidelity Enhanced Intl ETF | 0.45% | 3,003,617 | $109.9M | Add +23.3% |
| COWZ Pacer US Cash Cows 100 ETF | 0.41% | 1,645,618 | $99.0M | Add +5.6% |
| WMT Walmart Inc. | 0.40% | 869,454 | $96.9M | Add +2.1% |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | 0.40% | 333,407 | $96.8M | Add +3.9% |
| XLK SS Technology Select Sector | 0.40% | 670,020 | $96.5M | Add +0.7% |
| IWF iShares Russell 1000 Growth | 0.40% | 202,918 | $96.0M | Add +15.6% |
| IVW iShares S&P 500 Growth ETF | 0.39% | 775,929 | $95.6M | Add +12.5% |
| BND Vanguard Total Bond Market | 0.39% | 1,282,232 | $95.0M | Add +3.5% |
| SPYM Ste STR SPDR PT S&P 500 ETF | 0.39% | 1,177,467 | $94.5M | Reduce -3.5% |
| ABBV Abbvie Inc. | 0.39% | 410,867 | $93.9M | Add +4.9% |
| SCHD Schwab US DVD Equity ETF | 0.38% | 3,396,225 | $93.2M | Reduce -1.4% |
| COST Costco Wholesale Corp. | 0.37% | 104,328 | $90.0M | Add +9.8% |
| IYW iShares Ustechnology ETF | 0.37% | 446,419 | $89.1M | Add +16.0% |
| V Visa Inc. Class A | 0.36% | 250,979 | $88.0M | Add +10.3% |
| VEA Vanguard Ftse Developed ETF | 0.36% | 1,383,454 | $86.4M | Add +15.6% |
| DFAC Dimensional US Core Equity 2 | 0.35% | 2,172,109 | $86.0M | Reduce -0.4% |
| IJR iShares Core S&P Small-Cap E | 0.35% | 698,563 | $84.0M | Add +1.1% |
| JNJ Johnson & Johnson | 0.34% | 400,516 | $82.9M | Add +11.6% |
| SPYG SS SPDR P S&P 500 Growth ETF | 0.33% | 745,120 | $79.5M | Add +19.9% |
| XOM Exxon Mobil Corp. | 0.32% | 650,932 | $78.3M | Add +6.8% |
| IVE iShares S&P 500 Value ETF | 0.31% | 350,736 | $74.4M | Add +2.1% |
| IEFA iShares Core MSCI Eafe ETF | 0.29% | 797,439 | $71.3M | Add +8.7% |
| GS Goldman Sachs Group Inc. | 0.29% | 79,628 | $70.0M | Add +9.0% |
| SCHG Schwab US Large-Cap Growth | 0.28% | 2,112,917 | $68.9M | Add +16.0% |
| DGRW Wisdomtree U.S. Quality Divi | 0.28% | 766,564 | $68.6M | Add +35.0% |
| JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F | 0.28% | 1,148,691 | $66.8M | Add +5.4% |
| IJH iShares Core S&P Midcap ETF | 0.27% | 981,437 | $64.8M | Add +15.0% |
| PG The Procter & Gamble Co. | 0.27% | 449,860 | $64.5M | Add +7.2% |
| QQQM Invesco Nasdaq 100 ETF | 0.26% | 252,396 | $63.8M | Add +20.8% |
| TSM Taiwan Semiconductor-SP ADR | 0.26% | 209,278 | $63.6M | Add +32.8% |
| VGT Vanguard Info Tech ETF | 0.25% | 81,807 | $61.7M | Add +4.3% |
| IUSB Ishr CR Unvrse Usd BD ETF-Ui | 0.25% | 1,318,414 | $61.4M | Add +7.6% |
| AIRR First Trust Rba American Ind | 0.25% | 618,766 | $60.8M | Add +6.7% |
| SDVY First Trust Smid Cap Rising | 0.25% | 1,572,429 | $60.3M | Add +12.4% |
| MCD McDonald's Corp. | 0.25% | 195,733 | $59.8M | Add +15.5% |
| HD Home Depot Inc. | 0.24% | 166,498 | $57.3M | Add +7.7% |
| IWM iShares Russell 2000 ETF | 0.24% | 232,228 | $57.2M | Reduce -13.3% |
| USFR Wisdomtree Floating Rate Tre | 0.23% | 1,127,022 | $56.7M | Reduce -13.0% |
| PLTR Palantir Technologies Inc. Class A | 0.23% | 316,259 | $56.2M | Add +1.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.23% | 187,553 | $55.6M | Add +3.1% |
| FMDE Fidelity Enhanced Mid Cap Co. | 0.23% | 1,525,235 | $55.5M | Add +17.6% |
| MU Micron Technology Inc. | 0.23% | 194,047 | $55.4M | Add +14.8% |
| ETN Eaton Corp. PLC | 0.23% | 171,376 | $54.6M | Add +3.2% |
| VB Vanguard Most SM-Cap ETF-Usd | 0.22% | 210,019 | $54.2M | Add +4.0% |
| NFLX Netflix Inc. | 0.22% | 575,257 | $53.9M | Add +20.7% |
| AGG iShares Core U.S. Aggregate | 0.22% | 538,966 | $53.8M | Add +16.2% |
| ITOT iShares Core S&P Total U.S. | 0.22% | 360,661 | $53.6M | Add +1.8% |
| RTX RTX Corp. | 0.22% | 287,672 | $52.8M | Add +3.7% |
| ORCL Oracle Corp. | 0.22% | 270,352 | $52.7M | Add +16.8% |
| CSCO Cisco Systems Inc. | 0.22% | 680,531 | $52.4M | Reduce -2.0% |
| FDVV Fidelity High Dividend ETF | 0.22% | 923,778 | $52.4M | Add +38.7% |
| FQAL Fidelity Quality Factor ETF | 0.21% | 673,383 | $50.9M | Add +6.3% |
| FFLG Fidelity Fndmntl L/C GRW ETF | 0.21% | 1,687,498 | $50.5M | Add +5.2% |
| CVX Chevron Corp. | 0.21% | 326,405 | $49.7M | Add +3.7% |
| RWL Invesco S&P 500 Revenue ETF | 0.20% | 428,682 | $49.1M | Add +29.1% |
| CGGO Cap Group Global Growth filed as CAPITAL GROUP GBL GROWTH EQT | 0.20% | 1,410,915 | $48.9M | Add +5.0% |
| MGV Vngrd Mrgstr MG CP VL ETF-Ui | 0.20% | 341,825 | $48.3M | Add +3.2% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.20% | 437,794 | $48.2M | Add +10.1% |
| DGRO iShares Core Dividend Growth | 0.20% | 685,366 | $47.6M | Add +73.7% |
| JQUA JPMorgan US Quality Factor | 0.20% | 749,525 | $47.4M | Add +3.8% |
| DUSA Davis Select US Equity ETF | 0.19% | 921,862 | $47.1M | Add +2.1% |
| JMTG Mortgage-Backed Securities filed as J P MORGAN EXCHANGE TRADED F | 0.19% | 909,428 | $46.4M | Add +9.1% |
| UNH Unitedhealth Group Inc. | 0.19% | 139,443 | $46.0M | Reduce -3.1% |
| CGBL Cap Group Core Balanced filed as CAPITAL GROUP CORE BALANCED | 0.19% | 1,302,345 | $46.0M | Add +20.6% |
| IAU iShares Gold Trust | 0.19% | 562,014 | $45.6M | Add +5.8% |
| DFUS Dimensional US Eq MKT ETF | 0.19% | 613,074 | $45.5M | Add +2.7% |
| DE Deere & Co. | 0.19% | 96,777 | $45.1M | Add +4.4% |
Options reported separately and not counted above: SPY calls ($12.6M), NVDA calls ($2.6M), QQQ puts ($1.9M), AAPL calls ($1.5M), SPY puts ($1.5M), AVGO calls ($1.4M), FCX calls ($1.4M), SLV calls ($1.3M), META calls ($1.3M), MSFT calls ($1.0M), UNG calls ($950K), PLTR puts ($889K), and 14 more.
Other holdings (10): bonds, preferreds, convertibles and warrants · $15.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 6,671 | $8.1M | Reduce -3.7% |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 3,352 | $4.2M | Reduce -2.5% |
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 | 29,664 | $1.2M | Reduce -0.8% |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 24,507 | $610K | Add +0.4% |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | 26,280 | $501K | Reduce -5.4% |
| STRATEGY INC (MSTR 8 PERP) | SERIES A PERP PF | 5,990 | $472K | Reduce -7.8% |
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B | 7,400 | $110K | New |
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 3,717 | $72K | New |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | 1,100 | $21K | New |
| SQFTW Presidio Property TRST -CW27 | *W EXP 01/24/202 | 20,434 | $613 | No change |
Total filed on the 13F, all lines: $24.2B.
Portfolio Sells Q3 2025 → Q4 2025
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -5.9% | 0.93% | −0.17 |
| FTEC Fidelity MSCI Info Tech Indx | Reduce -42.6% | 0.16% | −0.15 |
| VXUS Vanguard Total Intl Stock | Reduce -24.0% | 0.19% | −0.08 |
| UBER Uber Technologies Inc. | Reduce -23.5% | 0.10% | −0.07 |
| FTGS First Trust Grwth Strgth ETF | Reduce -41.6% | 0.08% | −0.07 |
| SLV iShares Silver Trust | Reduce -54.4% | 0.12% | −0.07 |
| CBRE CBRE Group Inc. Class A | Reduce -88.7% | 0.01% | −0.07 |
| RSP Invesco S&P 500 Equal Weight | Reduce -5.0% | 0.46% | −0.07 |
| IBDQ iShares Ibonds Dec 2025 Term | Sold out | 0.00% | −0.07 |
| USFR Wisdomtree Floating Rate Tre | Reduce -13.0% | 0.23% | −0.06 |
| VCLT Vanguard Long-Term Corp. Bond | Reduce -96.5% | 0.00% | −0.06 |
| IWM iShares Russell 2000 ETF | Reduce -13.3% | 0.24% | −0.06 |
| BSCP Invesco Bulletshares 2025 CB | Sold out | 0.00% | −0.06 |
| MSTR Strategy Inc. | Reduce -3.0% | 0.03% | −0.05 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Reduce -3.5% | 0.39% | −0.05 |
| IGSB iShares 1-5Y Inv Grade Corp. | Reduce -35.7% | 0.06% | −0.05 |
| SCHD Schwab US DVD Equity ETF | Reduce -1.4% | 0.38% | −0.05 |
| CGUS Cap Group Core Equity | Reduce -15.3% | 0.15% | −0.04 |
| NFTY First Trust India Nifty 50 E | Reduce -91.1% | 0.00% | −0.04 |
| DBA Invesco DB Agriculture Fund | Reduce -68.6% | 0.01% | −0.04 |
| WMB Williams Cos Inc. | Reduce -22.9% | 0.07% | −0.04 |
| UNH Unitedhealth Group Inc. | Reduce -3.1% | 0.19% | −0.04 |
| DES Wisdomtree US Smallcap Divid | Reduce -48.1% | 0.03% | −0.04 |
| BIZD Vaneck BDC Income ETF | Reduce -65.1% | 0.01% | −0.04 |
| FDLO Fidelity Low Volat Fact ETF | Reduce -25.6% | 0.07% | −0.03 |
| BUCK Simplify Treasury Option Inc. | Reduce -71.2% | 0.01% | −0.03 |
| DFAC Dimensional US Core Equity 2 | Reduce -0.4% | 0.35% | −0.03 |
| CTRA Coterra Energy Inc. | Reduce -78.0% | 0.01% | −0.03 |
| MDY State Street SPDR S&P Midcap | Reduce -25.2% | 0.07% | −0.03 |
| YEAR AB Ultra Short Income ETF | Reduce -54.7% | 0.02% | −0.03 |
| LOW Lowe's Cos Inc. | Reduce -9.7% | 0.09% | −0.03 |
| FSK FS KKR Capital Corp. | Reduce -29.1% | 0.04% | −0.03 |
| ACWX iShares MSCI Acwi Ex US ETF | Reduce -10.4% | 0.13% | −0.03 |
| MPC Marathon Petroleum Corp. | Reduce -22.5% | 0.04% | −0.03 |
| LVS Las Vegas Sands Corp. | Reduce -86.6% | 0.00% | −0.02 |
| PEP Pepsico Inc. | Reduce -8.2% | 0.13% | −0.02 |
| SMCI Super Micro Computer Inc. | Reduce -72.3% | 0.00% | −0.02 |
| FVD First Trust Value Line DVD | Reduce -2.1% | 0.17% | −0.02 |
| PSX Phillips 66 | Reduce -21.1% | 0.05% | −0.02 |
| LMT Lockheed Martin Corp. | Reduce -1.5% | 0.14% | −0.02 |
| IBTP iShares Ibonds Dec 2034 ETF | Sold out | 0.00% | −0.02 |
| EFA iShares MSCI Eafe ETF | Reduce -11.7% | 0.10% | −0.02 |
| NEE Nextera Energy Inc. | Reduce -7.8% | 0.17% | −0.02 |
| UBS UBS Group AG-Reg | Reduce -90.8% | 0.00% | −0.02 |
| BAC Bank of America Corp. | Reduce -11.2% | 0.12% | −0.02 |
| UAE iShares MSCI Uae ETF | Sold out | 0.00% | −0.02 |
| CMCSA Comcast Corp. Class A | Reduce -27.3% | 0.03% | −0.02 |
| ORI Old Republic Intl Corp. | Reduce -89.9% | 0.00% | −0.02 |
| UNP Union Pacific Corp. | Reduce -8.5% | 0.08% | −0.02 |
| FTCS First Trust Capital Strength | Reduce -0.7% | 0.15% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| GOOGL Alphabet Inc. Class A | Add +10.7% | 0.94% | +0.21 |
| LLY Eli Lilly & Co. | Add +19.7% | 0.48% | +0.16 |
| LVHI Franklin International Low V | Add +779.4% | 0.13% | +0.12 |
| PH Parker Hannifin Corp. | Add +0.9% | 2.25% | +0.11 |
| FLCG Fed Hermes Large Cap Growth | New | 0.11% | +0.11 |
| QUAL iShares MSCI USA Quality Fac | Add +32.2% | 0.60% | +0.11 |
| CGMM Cap Group Small and Mid Cap | Add +2797.0% | 0.11% | +0.10 |
| MU Micron Technology Inc. | Add +14.8% | 0.23% | +0.10 |
| FHI Federated Hermes Inc. | New | 0.10% | +0.10 |
| VIG Vanguard Dividend Apprec ETF | Add +35.8% | 0.49% | +0.10 |
| AVDE Avantis International Equity | Add +124.8% | 0.17% | +0.09 |
| AAPL Apple Inc. | Add +6.7% | 3.17% | +0.08 |
| PSLV Sprott Physical Silver Trust | Add +45.4% | 0.15% | +0.08 |
| CAT Caterpillar Inc. | Add +9.3% | 0.48% | +0.07 |
| DGRO iShares Core Dividend Growth | Add +73.7% | 0.20% | +0.07 |
| WTV Wisdomtree U.S. Value Fund | Add +104.2% | 0.16% | +0.07 |
| CGDV Cap Group Dividend Value | Add +15.3% | 0.92% | +0.07 |
| TSM Taiwan Semiconductor-SP ADR | Add +32.8% | 0.26% | +0.06 |
| FENI Fidelity Enhanced Intl ETF | Add +23.3% | 0.45% | +0.06 |
| VTV Vanguard Mrngstr Val ETF-Aui | Add +17.6% | 0.73% | +0.06 |
| PVAL Putnam Focused LRG Cap Value | Add +51.2% | 0.18% | +0.06 |
| DGRW Wisdomtree U.S. Quality Divi | Add +35.0% | 0.28% | +0.05 |
| FESM Fidelity Enhanced Small Cap | Add +244.8% | 0.07% | +0.05 |
| JAAA Janus Henderson Aaa Clo ETF | Add +21.9% | 0.56% | +0.05 |
| VUG Vanguard Mrngstar GR ETF-Sui | Add +13.7% | 1.16% | +0.05 |
| FDVV Fidelity High Dividend ETF | Add +38.7% | 0.22% | +0.05 |
| AVGO Broadcom Inc. | Add +15.2% | 0.56% | +0.05 |
| CGMS Cap Group US Multi-Sect Bond | Add +108.6% | 0.10% | +0.04 |
| SHW The Sherwin-Williams Co. | Add +145.8% | 0.08% | +0.04 |
| AVEM Avantis Emerging Markets Eq | Add +122.8% | 0.08% | +0.04 |
| IDMO Invesco S&P International DE | Add +360.4% | 0.05% | +0.04 |
| JNJ Johnson & Johnson | Add +11.6% | 0.34% | +0.04 |
| AAAU Goldman Sachs Physical Gold | Add +263.6% | 0.05% | +0.04 |
| GLD SPDR Gold Shares | Add +5.6% | 0.62% | +0.04 |
| AKRE Akre Focus ETF | New | 0.03% | +0.03 |
| REMX Vaneck Rar Earth ND STG-Usdi | Add +2480.4% | 0.04% | +0.03 |
| RWL Invesco S&P 500 Revenue ETF | Add +29.1% | 0.20% | +0.03 |
| ROAM Hartford Multifact Emrg MRKT | New | 0.03% | +0.03 |
| AMAT Applied Materials Inc. | Add +20.6% | 0.12% | +0.03 |
| SPYG SS SPDR P S&P 500 Growth ETF | Add +19.9% | 0.33% | +0.03 |
| VCSH Vanguard S/T Corp. Bond ETF | Add +184.8% | 0.05% | +0.03 |
| BSCU Invesco Bulletshares 2030 CB | Add +1286.2% | 0.03% | +0.03 |
| VEA Vanguard Ftse Developed ETF | Add +15.6% | 0.36% | +0.03 |
| RKLB Rocket Lab Corp. | Add +156.0% | 0.04% | +0.03 |
| WINN Harbor Long-Term Growers ETF | Add +618.9% | 0.03% | +0.03 |
| QQQM Invesco Nasdaq 100 ETF | Add +20.8% | 0.26% | +0.03 |
| JBND JPMorgan Active Bond ETF | Add +1322.2% | 0.03% | +0.03 |
| IDEV iShares Core MSCI Dev MKTS | Add +117.5% | 0.05% | +0.03 |
| BSCS Invesco Bulletshares 2028 CB | Add +322.0% | 0.04% | +0.03 |
| IYF iShares US Financials ETF | Add +43.3% | 0.10% | +0.02 |
Options Activity Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | call | New | 18,500 | $12.6M |
| NVDA Nvidia Corp. | put | Sold out | 17,000 | $3.2Mbefore exit |
| NVDA Nvidia Corp. | call | Add +204.4% | 13,700 | $2.6M |
| QQQ Invesco QQQ Trust Series 1 | put | Reduce -68.0% | 3,100 | $1.9M |
| AAPL Apple Inc. | call | New | 5,700 | $1.5M |
| SPY SS SPDR S&P 500 ETF Trust-US | put | Reduce -83.9% | 2,200 | $1.5M |
| AVGO Broadcom Inc. | call | New | 4,100 | $1.4M |
| FCX Freeport-McMoran Inc. | call | Add +178.0% | 27,800 | $1.4M |
| SLV iShares Silver Trust | call | New | 20,500 | $1.3M |
| META Meta Platforms Inc. Class A | call | Add +58.3% | 1,900 | $1.3M |
| MSFT Microsoft Corp. | call | New | 2,100 | $1.0M |
| UNG US Natural Gas Fund LP | call | New | 77,500 | $950K |
| PLTR Palantir Technologies Inc. Class A | call | Add +61.3% | 5,000 | $889K |
| AMZN Amazon.com Inc. | call | New | 3,700 | $854K |
| SIL Global X Silver Miners ETF | call | New | 8,600 | $718K |
| MSTR Strategy Inc. | call | Sold out | 2,200 | $709Kbefore exit |
| COST Costco Wholesale Corp. | call | New | 500 | $431K |
| GOOGL Alphabet Inc. Class A | call | New | 1,300 | $407K |
| JPM JPMorgan Chase & Co. | call | New | 1,200 | $387K |
| BA The Boeing Co. | call | New | 1,200 | $261K |
| MU Micron Technology Inc. | call | New | 900 | $257K |
| ORCL Oracle Corp. | call | New | 1,300 | $253K |
| GOOG Alphabet Inc. Class C | call | New | 800 | $251K |
| PCT Purecycle Technologies Inc. | call | New | 25,000 | $215K |
| NFLX Netflix Inc. | call | New | 2,200 | $206K |
| PANW Palo Alto Networks Inc. | call | New | 1,100 | $203K |
| BYND Beyond Meat Inc. | call | Sold out | 15,000 | $28Kbefore exit |
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
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Reduce -3.7% | 6,671 | $8.1M |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Reduce -2.5% | 3,352 | $4.2M |
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 | Reduce -0.8% | 29,664 | $1.2M |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | Add +0.4% | 24,507 | $610K |
| PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) | 6.375 PFD SER E | Reduce -5.4% | 26,280 | $501K |
| STRATEGY INC (MSTR 8 PERP) | SERIES A PERP PF | Reduce -7.8% | 5,990 | $472K |
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B | New | 7,400 | $110K |
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | New | 3,717 | $72K |
| PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) | 6.3 CUM PFD SR F | New | 1,100 | $21K |
| COHEN & STEERS INFRASTRU | RIGHT 10/16/2025 | Sold out | 141,428 | $11Kbefore 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 | 3,239 | $30.9B | AAPL, NVDA, PH, QQQ, IVV |
| Q1 2026 | 3,094 | $26.4B | AAPL, PH, NVDA, IVV, QQQ |
| Q4 2025 | 4,505 | $24.2B | AAPL, NVDA, PH, IVV, MSFT |
| Q3 2025 | 2,874 | $21.8B | AAPL, NVDA, PH, MSFT, IVV |
| Q2 2025 | 2,799 | $20.5B | BRK.A, AAPL, IVV, NVDA, PH |
| Q1 2025 | 2,734 | $20.6B | BRK.A, AAPL, PH, IVV, VOO |
| Q4 2024 | 2,626 | $18.2B | AAPL, IVV, PH, NVDA, MSFT |
| Q3 2024 | 2,527 | $18.1B | AAPL, PH, MSFT, IVV, NVDA |
| Q2 2024 | 2,599 | $17.9B | AAPL, MSFT, NVDA, IVV, PH |
| Q1 2024 | 2,443 | $14.9B | AAPL, PH, MSFT, IVV, VOO |