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

0$100.0M$200.0M$300.0M Q1 2024: $230.9M Q1 2024 Q2 2024: $235.7M Q2 2024 Q3 2024: $246.2M Q3 2024 Q4 2024: $244.9M Q4 2024 Q1 2025: $222.5M Q1 2025 Q2 2025: $232.8M $232.8M Q2 2025 Q3 2025: $233.1M Q3 2025 Q4 2025: $231.6M Q4 2025 Q1 2026: $224.6M Q1 2026 Q2 2026: $278.1M Q2 2026

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
GOOGL Alphabet Inc. Class A 0.20% 2,625 $463K No change
SPOT Spotify Technology SA 0.20% 600 $460K No change
JOBY Joby Aviation Inc. 0.20% 43,500 $459K No change
DOCU Docusign Inc. 0.19% 5,687 $443K Add +4.6%
SYK Stryker Corp. 0.19% 1,115 $441K Add +4.5%
ORCL Oracle Corp. 0.19% 2,000 $437K No change
DFP Flaherty & Crumrine DYN Pref 0.18% 20,500 $421K No change
DMB BNY Mellon Muni BND Infra 0.18% 40,250 $411K No change
TYL Tyler Technologies Inc. 0.17% 684 $406K Add +4.6%
EAF Graftech International Ltd. 0.17% 410,000 $399K No change
MHD BlackRock Muniholdings Fund 0.17% 34,737 $389K Reduce -8.5%
LOB Live Oak Bancshares Inc. 0.16% 12,500 $373K New
MRK Merck & Co. Inc. 0.16% 4,571 $362K Add +7.5%
RF Regions Financial Corp. 0.15% 15,000 $353K No change
FISV Fiserv Inc. 0.15% 2,039 $352K Add +4.7%
ZBRA Zebra Technologies Corp. Class A 0.14% 1,079 $333K Add +8.6%
DLB Dolby Laboratories Inc. Class A 0.14% 4,378 $325K Add +6.0%
BTZ BlackRock Credit Allocation 0.14% 29,366 $321K Reduce -5.5%
EFX Equifax Inc. 0.14% 1,227 $318K Add +6.8%
NBB Nuveen Taxable Municipal Inc. 0.14% 20,000 $316K No change
XBTAX BlackRock LNG-TRM Muni Adv 0.13% 34,024 $312K Reduce -5.5%
MA Mastercard Inc. Class A 0.13% 549 $309K Add +6.2%
FIS Fidelity National Info Serv 0.13% 3,768 $307K Add +7.2%
XLK SS Technology Select Sector 0.13% 1,190 $301K No change
XBXMX Nuveen S&P 500 Buy-WR Inc. 0.13% 21,371 $297K Reduce -2.3%
CODI Compass Diversified Holdings 0.12% 45,000 $283K New
CMG Chipotle Mexican Grill Inc. 0.12% 5,000 $281K No change
QTEC First Trust Nasdq 100 Tech I 0.12% 1,277 $272K No change
DSM BNYM Strat Muni BND filed as BNY MELLON STRATEGIC MUN BD 0.12% 48,475 $271K No change
NFLX Netflix Inc. 0.12% 200 $268K New
CZR Caesars Entertainment Inc. 0.11% 9,307 $264K Add +11.6%
JNJ Johnson & Johnson 0.11% 1,679 $256K No change
BP BP PLC-Spons ADR 0.11% 8,558 $256K Add +10.0%
NSC Norfolk Southern Corp. 0.10% 900 $230K No change
PLD Prologis Inc. 0.10% 2,130 $224K Add +4.7%
EXP Eagle Materials Inc. 0.10% 1,100 $222K No change
COST Costco Wholesale Corp. 0.09% 223 $221K No change
CPAY Corpay Inc. 0.09% 665 $221K Add +9.2%
LVS Las Vegas Sands Corp. 0.09% 5,000 $218K New
DD Dupont DE Nemours Inc. 0.09% 2,963 $203K No change
GPMT Granite Point Mortgage Trust 0.08% 79,000 $195K No change
BFK BlackRock Municipal Inc. TRST 0.08% 20,000 $192K No change
MUE BlackRock Munihold QLT FD II 0.08% 19,000 $182K No change
BBN BlackRock Taxable Muni BND 0.07% 10,500 $169K No change
BLE BlackRock Muni Inc. TR II 0.06% 15,000 $151K No change
MQY BlackRock Muniyield Quality 0.06% 12,748 $142K Reduce -32.9%
XMVFX BlackRock Munivest Fund 0.06% 20,000 $132K No change
PML PIMCO Municipal Income FD II 0.06% 17,400 $130K Reduce -23.0%
CHI Calamos Convert Opport & Inc. 0.05% 12,000 $126K No change
CHW Calamos Global Dynamic Incom 0.03% 11,000 $78K 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)
SecurityClassShares / PrincipalValueChange
LIVEPERSON INC (LPSN 0 12/15/26) NOTE 12/1 · principal 9,793,000$3.8MNo change
BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) 5.5 CUM CV PFD B 82,661$1.1MAdd +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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026Amended 178$278.1MAAPL, GOOG, BIL, AVGO, HCAT
Q1 2026 162$224.6MAAPL, GOOG, AVGO, XOM, SRLN
Q4 2025 149$231.6MAAPL, GOOG, AVGO, MSFT, SRLN
Q3 2025 148$233.1MAAPL, AVGO, LPRO, GOOG, MSFT
Q2 2025 150$232.8MLPRO, AAPL, BIL, AVGO, MSFT
Q1 2025Amended 152$222.5MAAPL, BIL, AVGO, MSFT, GOOG
Q4 2024Amended 156$244.9MAAPL, AVGO, BIL, MSFT, GOOG
Q3 2024Amended 161$246.2MAAPL, AVGO, BIL, MSFT, GOOG
Q2 2024 159$235.7MAAPL, BIL, AVGO, MSFT, GOOG
Q1 2024 160$230.9MAAPL, AVGO, MSFT, GOOG, XOM