Palogic Value Management, L.P.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 5, 2025), Palogic Value Management, L.P. reported 150 stock positions worth $232.8 million. Its top holding was Open Lending (LPRO) at 4.9% of the portfolio, followed by Apple (AAPL, 4.1%) and SS SPDR BB 1-3M T-Bill ETF (BIL, 3.9%). Compared with Q1 2025, it opened 8 new positions, sold out of 10, added to 66 and reduced 29. The biggest buy was Open Lending (LPRO, shares +440%) and the biggest sale an exit from Intevac (IVAC).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001532943
- Portfolio Value
- $232.8M (Q2 2025)
- SEC Filing
- 0001214659-25-011486 ↗ filed Aug 5, 2025
Holdings Value
Holdings 150 stocks · $232.8M
| LPRO Open Lending Corp. | 4.92% | 5,900,000 | $11.4M | Add +440.0% |
| AAPL Apple Inc. | 4.11% | 46,669 | $9.6M | Add +0.1% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 3.94% | 100,098 | $9.2M | No change |
| AVGO Broadcom Inc. | 3.90% | 32,912 | $9.1M | Reduce -11.1% |
| MSFT Microsoft Corp. | 3.56% | 16,666 | $8.3M | Add +1.5% |
| GOOG Alphabet Inc. Class C | 2.66% | 34,845 | $6.2M | Reduce -5.2% |
| SRLN SS Blackstone Sr Loan ETF | 2.64% | 147,942 | $6.2M | Add +12.0% |
| XOM Exxon Mobil Corp. | 2.26% | 48,867 | $5.3M | Add +2.1% |
| SLND Southland Holdings Inc. | 2.02% | 1,119,313 | $4.7M | Reduce -10.6% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 1.90% | 54,810 | $4.4M | Add +0.9% |
| SHEL Shell PLC-ADR | 1.85% | 61,294 | $4.3M | Add +1.1% |
| BHP BHP Group Ltd.-Spon ADR | 1.76% | 85,132 | $4.1M | Add +0.3% |
| AMZN Amazon.com Inc. | 1.70% | 18,081 | $4.0M | Add +0.9% |
| CNNE Cannae Holdings Inc. | 1.59% | 177,990 | $3.7M | Add +1.7% |
| ASPN Aspen Aerogels Inc. | 1.55% | 610,000 | $3.6M | Add +43.5% |
| PEB Pebblebrook Hotel Trust | 1.54% | 359,206 | $3.6M | Add +19.7% |
| ABBV Abbvie Inc. | 1.53% | 19,180 | $3.6M | Reduce -0.1% |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 1.49% | 317,146 | $3.5M | Add +12.0% |
| BAND Bandwidth Inc. Class A | 1.47% | 214,779 | $3.4M | Reduce -2.4% |
| FLYW Flywire Corp.-Voting | 1.42% | 283,000 | $3.3M | Reduce -15.0% |
| IIIV I3 Verticals Inc. Class A | 1.42% | 120,000 | $3.3M | Reduce -7.7% |
| NAD Nuveen Quality Municipal Inc. | 1.28% | 263,795 | $3.0M | Add +12.5% |
| ALIT Alight Inc. Class A | 1.19% | 489,000 | $2.8M | Add +4.0% |
| HCAT Health Catalyst Inc. | 1.18% | 730,100 | $2.8M | Add +12.3% |
| NVG Nuveen Amt-FR Muni CRDT | 1.15% | 224,241 | $2.7M | Add +4.8% |
| VCLT Vanguard Long-Term Corp. Bond | 1.13% | 34,565 | $2.6M | Reduce -3.2% |
| VRRM Verra Mobility Corp. | 1.09% | 100,000 | $2.5M | Reduce -33.3% |
| ARCC Ares Capital Corp. | 1.02% | 108,124 | $2.4M | Add +1.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.00% | 49,211 | $2.3M | Add +0.1% |
| EB Eventbrite Inc. Class A | 0.93% | 826,662 | $2.2M | Reduce -5.5% |
| TAP Molson Coors Beverage Co. Class B | 0.92% | 44,592 | $2.1M | Add +6.8% |
| AMGN Amgen Inc. | 0.90% | 7,532 | $2.1M | Reduce -0.2% |
| OBDC Blue Owl Capital Corp. | 0.86% | 138,912 | $2.0M | Add +0.3% |
| PG The Procter & Gamble Co. | 0.83% | 12,126 | $1.9M | Add +5.1% |
| JPM JPMorgan Chase & Co. | 0.82% | 6,624 | $1.9M | No change |
| HUCK Huckleberry AI Inc. filed as DOMO INC | 0.81% | 135,000 | $1.9M | Reduce -51.8% |
| LSPD Lightspeed Commerce Inc. | 0.80% | 160,000 | $1.9M | Reduce -33.3% |
| CMCO Columbus McKinnon Corp. | 0.80% | 121,585 | $1.9M | No change |
| SAP Sap SE-Sponsored ADR | 0.79% | 6,013 | $1.8M | Add +0.8% |
| LBRT Liberty Energy Inc. | 0.74% | 150,000 | $1.7M | Add +29.7% |
| FOR Forestar Group Inc. | 0.73% | 84,612 | $1.7M | Add +30.2% |
| AESI Atlas Energy Solutions Inc. | 0.73% | 126,300 | $1.7M | Add +33.0% |
| MQ Marqeta Inc. | 0.68% | 270,000 | $1.6M | Reduce -28.9% |
| BMY Bristol-Myers Squibb Co. | 0.66% | 33,415 | $1.5M | Add +0.4% |
| LADR Ladder Capital Corp.-REIT | 0.66% | 142,275 | $1.5M | Add +3.4% |
| BC Brunswick Corp. | 0.65% | 27,577 | $1.5M | Add +9.1% |
| ONTF ON24 Inc. | 0.63% | 271,693 | $1.5M | Reduce -15.1% |
| CSCO Cisco Systems Inc. | 0.62% | 20,773 | $1.4M | Reduce -5.0% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 0.61% | 43,900 | $1.4M | No change |
| SPG Simon Property Group Inc. | 0.61% | 8,807 | $1.4M | Add +0.1% |
| FDUS Fidus Investment Corp. | 0.60% | 69,101 | $1.4M | Add +2.6% |
| EXFY Expensify Inc. Class A | 0.56% | 501,420 | $1.3M | Add +24.0% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.56% | 38,244 | $1.3M | Add +4.5% |
| FNF Fidelity National Financial | 0.55% | 22,718 | $1.3M | Reduce -0.3% |
| NMZ Nuveen Muni Hi Inc. Opport | 0.55% | 122,700 | $1.3M | Add +3.1% |
| ARI Apollo Commercial Real Estat | 0.53% | 127,846 | $1.2M | Add +0.0% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.53% | 9,969 | $1.2M | Add +3.3% |
| GSAT Globalstar Inc. | 0.51% | 50,000 | $1.2M | New |
| ABR Arbor Realty Trust Inc. | 0.50% | 109,579 | $1.2M | Add +2.5% |
| PSEC Prospect Capital Corp. | 0.50% | 367,397 | $1.2M | Add +0.6% |
| PDO PIMCO Dynamic Income Opport | 0.50% | 86,026 | $1.2M | Reduce -1.4% |
| SAR Saratoga Investment Corp. | 0.50% | 46,680 | $1.2M | No change |
| CMBS iShares CMBS ETF | 0.49% | 23,654 | $1.2M | Reduce -0.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.48% | 1,812 | $1.1M | No change |
| GPN Global Payments Inc. | 0.48% | 13,905 | $1.1M | Add +7.8% |
| TRIP Tripadvisor Inc. | 0.48% | 85,000 | $1.1M | New |
| HON Honeywell International Inc. | 0.45% | 4,516 | $1.1M | Add +0.2% |
| DHI D.R. Horton Inc. | 0.44% | 7,981 | $1.0M | Add +0.1% |
| FCX Freeport-McMoran Inc. | 0.44% | 23,671 | $1.0M | Add +0.4% |
| CALY Callaway Golf Company filed as TOPGOLF CALLAWAY BRANDS CORP | 0.44% | 126,000 | $1.0M | New |
| VMEO Vimeo Inc. | 0.43% | 250,000 | $1.0M | New |
| TXN Texas Instruments Inc. | 0.42% | 4,724 | $981K | Add +6.2% |
| STWD Starwood Property Trust Inc. | 0.41% | 48,143 | $966K | Add +3.9% |
| OKE Oneok Inc. | 0.41% | 11,750 | $959K | No change |
| ADBE Adobe Inc. | 0.41% | 2,442 | $945K | Reduce -12.5% |
| VZ Verizon Communications Inc. | 0.40% | 21,651 | $937K | Add +3.9% |
| BILL Bill Holdings Inc. | 0.40% | 20,000 | $925K | No change |
| PANW Palo Alto Networks Inc. | 0.40% | 4,500 | $921K | No change |
| SMWB Similarweb Ltd. | 0.40% | 117,423 | $921K | Add +12.4% |
| V Visa Inc. Class A | 0.37% | 2,417 | $858K | Reduce -7.6% |
| HD Home Depot Inc. | 0.36% | 2,301 | $844K | Add +0.2% |
| JPC Nuveen Prefered & Income Opp | 0.35% | 100,317 | $805K | Reduce -1.0% |
| AXP American Express Co. | 0.34% | 2,506 | $799K | No change |
| NEE Nextera Energy Inc. | 0.34% | 11,467 | $796K | Add +4.0% |
| SBUX Starbucks Corp. | 0.33% | 8,483 | $777K | No change |
| UNP Union Pacific Corp. | 0.33% | 3,303 | $760K | Add +0.2% |
| CSQ Calamos Strat TTL RTRN FND | 0.30% | 38,800 | $708K | No change |
| VBTX Veritex Holdings Inc. | 0.30% | 27,000 | $705K | No change |
| KHC The Kraft Heinz Co. | 0.28% | 25,393 | $656K | Add +5.1% |
| DUK Duke Energy Corp. | 0.28% | 5,537 | $653K | No change |
| PFF iShares Preferred & Income S | 0.27% | 20,440 | $627K | No change |
| KVHI KVH Industries Inc. | 0.26% | 113,869 | $607K | Reduce -65.7% |
| EOG EOG Resources Inc. | 0.26% | 4,968 | $594K | Add +3.3% |
| CPRT Copart Inc. | 0.25% | 12,000 | $589K | No change |
| CAT Caterpillar Inc. | 0.23% | 1,406 | $546K | Add +38.5% |
| VRSK Verisk Analytics Inc. | 0.23% | 1,719 | $535K | No change |
| RITM Rithm Capital Corp. | 0.22% | 45,200 | $510K | No change |
| BDJ BlackRock Enhanced Eqty DVD | 0.22% | 57,000 | $507K | No change |
| NZF Nuveen Municipal Credit Inc. | 0.21% | 41,710 | $497K | No change |
| ETG Eaton Vance T/A GL DVD Incm | 0.21% | 23,500 | $492K | No change |
Options reported separately and not counted above: CRK calls ($1.4M), CBRL calls ($1.1M), NET calls ($979K), TPC calls ($959K), NFE calls ($664K), IREN calls ($583K), STRL calls ($461K), VNO calls ($382K), QBTS calls ($366K), APLD calls ($252K), ORN calls ($91K).
Other holdings (2): bonds, preferreds, convertibles and warrants · $4.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| LIVEPERSON INC (LPSN 0 12/15/26) | NOTE 12/1 · principal | 9,793,000 | $3.8M | No change |
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B | 82,661 | $1.1M | Add +16.6% |
Total filed on the 13F, all lines: $237.7M.
Portfolio Sells Q1 2025 → Q2 2025
| IVAC Intevac Inc. | Sold out | 0.00% | −1.89 |
| OLO Olo Inc. Class A | Sold out | 0.00% | −0.68 |
| NFE New Fortress Energy Inc. | Sold out | 0.00% | −0.60 |
| KVHI KVH Industries Inc. | Reduce -65.7% | 0.26% | −0.53 |
| LZ Legalzoomcom Inc. | Sold out | 0.00% | −0.49 |
| VRRM Verra Mobility Corp. | Reduce -33.3% | 1.09% | −0.43 |
| WTTR Select Water Solutions Inc. | Sold out | 0.00% | −0.31 |
| ABBV Abbvie Inc. | Reduce -0.1% | 1.53% | −0.28 |
| TTD Trade Desk Inc./the Class A | Sold out | 0.00% | −0.25 |
| LYB Lyondellbasell Indu Class A | Sold out | 0.00% | −0.22 |
| HUCK Huckleberry AI Inc. | Reduce -51.8% | 0.81% | −0.17 |
| AMGN Amgen Inc. | Reduce -0.2% | 0.90% | −0.15 |
| LSPD Lightspeed Commerce Inc. | Reduce -33.3% | 0.80% | −0.14 |
| FNF Fidelity National Financial | Reduce -0.3% | 0.55% | −0.12 |
| ONTF ON24 Inc. | Reduce -15.1% | 0.63% | −0.11 |
| PFE Pfizer Inc. | Sold out | 0.00% | −0.10 |
| VCLT Vanguard Long-Term Corp. Bond | Reduce -3.2% | 1.13% | −0.09 |
| ADBE Adobe Inc. | Reduce -12.5% | 0.41% | −0.08 |
| XPMFX PIMCO Municipal Income Fund | Sold out | 0.00% | −0.07 |
| DMF BNYM Municipal Income | Sold out | 0.00% | −0.06 |
| PDO PIMCO Dynamic Income Opport | Reduce -1.4% | 0.50% | −0.05 |
| V Visa Inc. Class A | Reduce -7.6% | 0.37% | −0.04 |
| MQY BlackRock Muniyield Quality | Reduce -32.9% | 0.06% | −0.04 |
| MHD BlackRock Muniholdings Fund | Reduce -8.5% | 0.17% | −0.03 |
| MQ Marqeta Inc. | Reduce -28.9% | 0.68% | −0.03 |
| PML PIMCO Municipal Income FD II | Reduce -23.0% | 0.06% | −0.03 |
| IIIV I3 Verticals Inc. Class A | Reduce -7.7% | 1.42% | −0.03 |
| XBTAX BlackRock LNG-TRM Muni Adv | Reduce -5.5% | 0.13% | −0.02 |
| CMBS iShares CMBS ETF | Reduce -0.7% | 0.49% | −0.02 |
| JPC Nuveen Prefered & Income Opp | Reduce -1.0% | 0.35% | −0.02 |
| BTZ BlackRock Credit Allocation | Reduce -5.5% | 0.14% | −0.01 |
| XBXMX Nuveen S&P 500 Buy-WR Inc. | Reduce -2.3% | 0.13% | −0.00 |
| FLYW Flywire Corp.-Voting | Reduce -15.0% | 1.42% | +0.00 |
| CSCO Cisco Systems Inc. | Reduce -5.0% | 0.62% | +0.01 |
| GOOG Alphabet Inc. Class C | Reduce -5.2% | 2.66% | +0.07 |
| EB Eventbrite Inc. Class A | Reduce -5.5% | 0.93% | +0.10 |
| BAND Bandwidth Inc. Class A | Reduce -2.4% | 1.47% | +0.17 |
| SLND Southland Holdings Inc. | Reduce -10.6% | 2.02% | +0.27 |
| AVGO Broadcom Inc. | Reduce -11.1% | 3.90% | +1.11 |
Portfolio Buys Q1 2025 → Q2 2025
| LPRO Open Lending Corp. | Add +440.0% | 4.92% | +3.56 |
| MSFT Microsoft Corp. | Add +1.5% | 3.56% | +0.79 |
| GSAT Globalstar Inc. | New | 0.51% | +0.51 |
| TRIP Tripadvisor Inc. | New | 0.48% | +0.48 |
| CALY Callaway Golf Company | New | 0.44% | +0.44 |
| VMEO Vimeo Inc. | New | 0.43% | +0.43 |
| ASPN Aspen Aerogels Inc. | Add +43.5% | 1.55% | +0.33 |
| SRLN SS Blackstone Sr Loan ETF | Add +12.0% | 2.64% | +0.20 |
| PEB Pebblebrook Hotel Trust | Add +19.7% | 1.54% | +0.18 |
| AMZN Amazon.com Inc. | Add +0.9% | 1.70% | +0.17 |
| LOB Live Oak Bancshares Inc. | New | 0.16% | +0.16 |
| CNNE Cannae Holdings Inc. | Add +1.7% | 1.59% | +0.15 |
| CODI Compass Diversified Holdings | New | 0.12% | +0.12 |
| NFLX Netflix Inc. | New | 0.12% | +0.12 |
| FOR Forestar Group Inc. | Add +30.2% | 0.73% | +0.11 |
| DIS The Walt Disney Co. | Add +3.3% | 0.53% | +0.10 |
| LVS Las Vegas Sands Corp. | New | 0.09% | +0.09 |
| CAT Caterpillar Inc. | Add +38.5% | 0.23% | +0.08 |
| BAC Bank of America Corp. | Add +0.1% | 1.00% | +0.08 |
| SAP Sap SE-Sponsored ADR | Add +0.8% | 0.79% | +0.07 |
| NAD Nuveen Quality Municipal Inc. | Add +12.5% | 1.28% | +0.07 |
| TXN Texas Instruments Inc. | Add +6.2% | 0.42% | +0.06 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Add +12.0% | 1.49% | +0.06 |
| BC Brunswick Corp. | Add +9.1% | 0.65% | +0.04 |
| FCX Freeport-McMoran Inc. | Add +0.4% | 0.44% | +0.04 |
| HON Honeywell International Inc. | Add +0.2% | 0.45% | +0.02 |
| CZR Caesars Entertainment Inc. | Add +11.6% | 0.11% | +0.02 |
| ZBRA Zebra Technologies Corp. Class A | Add +8.6% | 0.14% | +0.02 |
| FIS Fidelity National Info Serv | Add +7.2% | 0.13% | +0.01 |
| SYK Stryker Corp. | Add +4.5% | 0.19% | +0.01 |
| EFX Equifax Inc. | Add +6.8% | 0.14% | +0.01 |
| SMWB Similarweb Ltd. | Add +12.4% | 0.40% | +0.01 |
| EXFY Expensify Inc. Class A | Add +24.0% | 0.56% | +0.01 |
| MA Mastercard Inc. Class A | Add +6.2% | 0.13% | +0.01 |
| TYL Tyler Technologies Inc. | Add +4.6% | 0.17% | +0.00 |
| STWD Starwood Property Trust Inc. | Add +3.9% | 0.41% | +0.00 |
| CPAY Corpay Inc. | Add +9.2% | 0.09% | −0.00 |
| PLD Prologis Inc. | Add +4.7% | 0.10% | −0.01 |
| BP BP PLC-Spons ADR | Add +10.0% | 0.11% | −0.01 |
| DOCU Docusign Inc. | Add +4.6% | 0.19% | −0.01 |
| NEE Nextera Energy Inc. | Add +4.0% | 0.34% | −0.01 |
| DLB Dolby Laboratories Inc. Class A | Add +6.0% | 0.14% | −0.01 |
| DHI D.R. Horton Inc. | Add +0.1% | 0.44% | −0.01 |
| HD Home Depot Inc. | Add +0.2% | 0.36% | −0.02 |
| MRK Merck & Co. Inc. | Add +7.5% | 0.16% | −0.02 |
| FDUS Fidus Investment Corp. | Add +2.6% | 0.60% | −0.02 |
| ARI Apollo Commercial Real Estat | Add +0.0% | 0.53% | −0.02 |
| EOG EOG Resources Inc. | Add +3.3% | 0.26% | −0.02 |
| VZ Verizon Communications Inc. | Add +3.9% | 0.40% | −0.02 |
| UNP Union Pacific Corp. | Add +0.2% | 0.33% | −0.02 |
Options Activity Q1 2025 → Q2 2025
| NET Cloudflare Inc. Class A | call | New | 5,000 | $979K |
| TPC Tutor Perini Corp. | call | New | 20,500 | $959K |
| MPT Medical Properties Trust Inc. | call | Sold out | 100,000 | $603Kbefore exit |
| IREN Iren Ltd. | call | New | 40,000 | $583K |
| STRL Sterling Infrastructure Inc. | call | New | 2,000 | $461K |
| VNO Vornado Realty Trust | call | New | 10,000 | $382K |
| QBTS D-Wave Quantum Inc. | call | New | 25,000 | $366K |
| APLD Applied Digital Corp. | call | New | 25,000 | $252K |
| HIMS Hims & Hers Health Inc. | call | Sold out | 5,000 | $148Kbefore exit |
| ORN Orion Group Holdings Inc. | call | New | 10,000 | $91K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2025 → Q2 2025
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B | Add +16.6% | 82,661 | $1.1M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026Amended | 178 | $278.1M | AAPL, GOOG, BIL, AVGO, HCAT |
| Q1 2026 | 162 | $224.6M | AAPL, GOOG, AVGO, XOM, SRLN |
| Q4 2025 | 149 | $231.6M | AAPL, GOOG, AVGO, MSFT, SRLN |
| Q3 2025 | 148 | $233.1M | AAPL, AVGO, LPRO, GOOG, MSFT |
| Q2 2025 | 150 | $232.8M | LPRO, AAPL, BIL, AVGO, MSFT |
| Q1 2025Amended | 152 | $222.5M | AAPL, BIL, AVGO, MSFT, GOOG |
| Q4 2024Amended | 156 | $244.9M | AAPL, AVGO, BIL, MSFT, GOOG |
| Q3 2024Amended | 161 | $246.2M | AAPL, AVGO, BIL, MSFT, GOOG |
| Q2 2024 | 159 | $235.7M | AAPL, BIL, AVGO, MSFT, GOOG |
| Q1 2024 | 160 | $230.9M | AAPL, AVGO, MSFT, GOOG, XOM |