Palogic Value Management, L.P.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Palogic Value Management, L.P. reported 148 stock positions worth $233.1 million. Its top holding was Apple (AAPL) at 5.0% of the portfolio, followed by Broadcom (AVGO, 4.5%) and Open Lending (LPRO, 3.7%). Compared with Q2 2025, it opened 15 new positions, sold out of 17, added to 50 and reduced 26. The biggest buy was a new position in Confluent Class A (CFLT) and the biggest sale an exit from SS SPDR BB 1-3M T-Bill ETF (BIL).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001532943
- Portfolio Value
- $233.1M (Q3 2025)
- SEC Filing
- 0001214659-25-016499 ↗ filed Nov 14, 2025
Holdings Value
Holdings 148 stocks · $233.1M
| AAPL Apple Inc. | 5.00% | 45,794 | $11.7M | Reduce -1.9% |
| AVGO Broadcom Inc. | 4.49% | 31,707 | $10.5M | Reduce -3.7% |
| LPRO Open Lending Corp. | 3.65% | 4,035,477 | $8.5M | Reduce -31.6% |
| GOOG Alphabet Inc. Class C | 3.54% | 33,845 | $8.2M | Reduce -2.9% |
| MSFT Microsoft Corp. | 3.50% | 15,766 | $8.2M | Reduce -5.4% |
| SRLN SS Blackstone Sr Loan ETF | 2.90% | 162,486 | $6.8M | Add +9.8% |
| XOM Exxon Mobil Corp. | 2.37% | 48,893 | $5.5M | Add +0.1% |
| BHP BHP Group Ltd.-Spon ADR | 2.04% | 85,473 | $4.8M | Add +0.4% |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | 2.03% | 58,159 | $4.7M | Add +6.1% |
| PEB Pebblebrook Hotel Trust | 1.95% | 400,000 | $4.6M | Add +11.4% |
| ABBV Abbvie Inc. | 1.91% | 19,180 | $4.4M | No change |
| SHEL Shell PLC-ADR | 1.89% | 61,463 | $4.4M | Add +0.3% |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | 1.72% | 352,546 | $4.0M | Add +11.2% |
| AMZN Amazon.com Inc. | 1.70% | 18,081 | $4.0M | No change |
| FLYW Flywire Corp.-Voting | 1.64% | 283,000 | $3.8M | No change |
| SLND Southland Holdings Inc. | 1.58% | 870,305 | $3.7M | Reduce -22.3% |
| BAND Bandwidth Inc. Class A | 1.43% | 200,000 | $3.3M | Reduce -6.9% |
| HCAT Health Catalyst Inc. | 1.34% | 1,091,819 | $3.1M | Add +49.5% |
| NVG Nuveen Amt-FR Muni CRDT | 1.32% | 250,201 | $3.1M | Add +11.6% |
| NAD Nuveen Quality Municipal Inc. | 1.27% | 253,645 | $3.0M | Reduce -3.9% |
| CNNE Cannae Holdings Inc. | 1.24% | 157,990 | $2.9M | Reduce -11.2% |
| VCLT Vanguard Long-Term Corp. Bond | 1.23% | 36,766 | $2.9M | Add +6.4% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.09% | 49,464 | $2.6M | Add +0.5% |
| TAP Molson Coors Beverage Co. Class B | 1.06% | 54,840 | $2.5M | Add +23.0% |
| VRRM Verra Mobility Corp. | 1.06% | 100,000 | $2.5M | No change |
| ARCC Ares Capital Corp. | 0.96% | 109,952 | $2.2M | Add +1.7% |
| AMGN Amgen Inc. | 0.93% | 7,664 | $2.2M | Add +1.8% |
| JPM JPMorgan Chase & Co. | 0.90% | 6,624 | $2.1M | No change |
| PSEC Prospect Capital Corp. | 0.88% | 745,831 | $2.1M | Add +103.0% |
| CFLT Confluent Inc. Class A | 0.85% | 100,000 | $2.0M | New |
| VYX NCR Voyix Corp. | 0.84% | 155,097 | $1.9M | New |
| ALIT Alight Inc. Class A | 0.82% | 589,000 | $1.9M | Add +20.4% |
| LBRT Liberty Energy Inc. | 0.82% | 155,000 | $1.9M | Add +3.3% |
| OBDC Blue Owl Capital Corp. | 0.81% | 147,920 | $1.9M | Add +6.5% |
| PG The Procter & Gamble Co. | 0.80% | 12,126 | $1.9M | No change |
| EB Eventbrite Inc. Class A | 0.79% | 726,662 | $1.8M | Reduce -12.1% |
| BC Brunswick Corp. | 0.75% | 27,582 | $1.7M | Add +0.0% |
| LSPD Lightspeed Commerce Inc. | 0.74% | 150,000 | $1.7M | Reduce -6.3% |
| EXFY Expensify Inc. Class A | 0.74% | 932,987 | $1.7M | Add +86.1% |
| CMCO Columbus McKinnon Corp. | 0.74% | 120,000 | $1.7M | Reduce -1.3% |
| SPG Simon Property Group Inc. | 0.73% | 9,029 | $1.7M | Add +2.5% |
| HUCK Huckleberry AI Inc. filed as DOMO INC | 0.71% | 105,000 | $1.7M | Reduce -22.2% |
| SAP Sap SE-Sponsored ADR | 0.69% | 6,013 | $1.6M | No change |
| LADR Ladder Capital Corp.-REIT | 0.68% | 145,924 | $1.6M | Add +2.6% |
| PFF iShares Preferred & Income S | 0.68% | 50,293 | $1.6M | Add +146.1% |
| MQ Marqeta Inc. | 0.68% | 300,000 | $1.6M | Add +11.1% |
| ONTF ON24 Inc. | 0.66% | 270,000 | $1.5M | Reduce -0.6% |
| VERX Vertex Inc. Class A | 0.64% | 60,000 | $1.5M | New |
| FDUS Fidus Investment Corp. | 0.63% | 72,673 | $1.5M | Add +5.2% |
| AESI Atlas Energy Solutions Inc. | 0.62% | 126,300 | $1.4M | No change |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 0.61% | 43,900 | $1.4M | No change |
| CSCO Cisco Systems Inc. | 0.61% | 20,773 | $1.4M | No change |
| FNF Fidelity National Financial | 0.61% | 23,393 | $1.4M | Add +3.0% |
| ABR Arbor Realty Trust Inc. | 0.60% | 114,490 | $1.4M | Add +4.5% |
| NMZ Nuveen Muni Hi Inc. Opport | 0.60% | 131,700 | $1.4M | Add +7.3% |
| ASPN Aspen Aerogels Inc. | 0.60% | 200,000 | $1.4M | Reduce -67.2% |
| DHI D.R. Horton Inc. | 0.59% | 8,066 | $1.4M | Add +1.1% |
| GSAT Globalstar Inc. | 0.59% | 37,500 | $1.4M | Reduce -25.0% |
| CMBS iShares CMBS ETF | 0.58% | 27,382 | $1.3M | Add +15.8% |
| ARI Apollo Commercial Real Estat | 0.57% | 130,933 | $1.3M | Add +2.4% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.57% | 38,417 | $1.3M | Add +0.5% |
| PDO PIMCO Dynamic Income Opport | 0.55% | 90,184 | $1.3M | Add +4.8% |
| BILL Bill Holdings Inc. | 0.53% | 23,500 | $1.2M | Add +17.5% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.53% | 1,855 | $1.2M | Add +2.4% |
| PANW Palo Alto Networks Inc. | 0.52% | 5,919 | $1.2M | Add +31.5% |
| CALY Callaway Golf Company filed as TOPGOLF CALLAWAY BRANDS CORP | 0.51% | 126,000 | $1.2M | No change |
| GPN Global Payments Inc. | 0.50% | 13,905 | $1.2M | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.49% | 10,067 | $1.2M | Add +1.0% |
| SAR Saratoga Investment Corp. | 0.49% | 46,680 | $1.1M | No change |
| SMWB Similarweb Ltd. | 0.47% | 117,423 | $1.1M | No change |
| PAR Par Technology Corp. | 0.42% | 25,000 | $990K | New |
| HON Honeywell International Inc. | 0.42% | 4,666 | $982K | Add +3.3% |
| VZ Verizon Communications Inc. | 0.41% | 21,651 | $952K | No change |
| FCX Freeport-McMoran Inc. | 0.40% | 23,947 | $939K | Add +1.2% |
| FOR Forestar Group Inc. | 0.40% | 35,000 | $931K | Reduce -58.6% |
| STWD Starwood Property Trust Inc. | 0.39% | 47,195 | $914K | Reduce -2.0% |
| VBTX Veritex Holdings Inc. | 0.39% | 27,000 | $905K | No change |
| FSLR First Solar Inc. | 0.39% | 4,087 | $901K | New |
| TXN Texas Instruments Inc. | 0.38% | 4,779 | $878K | Add +1.2% |
| OKE Oneok Inc. | 0.37% | 11,750 | $857K | No change |
| YEXT Yext Inc. | 0.37% | 100,000 | $852K | New |
| BXP BXP Inc. | 0.37% | 11,454 | $851K | New |
| ADBE Adobe Inc. | 0.36% | 2,387 | $842K | Reduce -2.3% |
| AXP American Express Co. | 0.36% | 2,506 | $832K | No change |
| V Visa Inc. Class A | 0.35% | 2,417 | $825K | No change |
| JPC Nuveen Prefered & Income Opp | 0.35% | 100,317 | $823K | No change |
| UNP Union Pacific Corp. | 0.35% | 3,469 | $820K | Add +5.0% |
| FDX FedEx Corp. | 0.34% | 3,356 | $791K | New |
| AVB Avalonbay Communities Inc. | 0.33% | 3,998 | $772K | New |
| OZK Bank Ozk | 0.33% | 15,000 | $765K | New |
| CSQ Calamos Strat TTL RTRN FND | 0.32% | 38,800 | $748K | No change |
| CRMT America's Car-Mart Inc. | 0.31% | 25,000 | $730K | New |
| SBUX Starbucks Corp. | 0.30% | 8,368 | $708K | Reduce -1.4% |
| KHC The Kraft Heinz Co. | 0.30% | 27,081 | $705K | Add +6.7% |
| DUK Duke Energy Corp. | 0.29% | 5,537 | $685K | No change |
| VNOM Viper Energy Inc. Class A | 0.29% | 17,657 | $675K | New |
| CAT Caterpillar Inc. | 0.29% | 1,408 | $672K | Add +0.1% |
| GOOGL Alphabet Inc. Class A | 0.27% | 2,625 | $638K | No change |
| TCBI Texas Capital Bancshares Inc. | 0.27% | 7,500 | $634K | New |
| ORCL Oracle Corp. | 0.24% | 2,000 | $562K | No change |
Options reported separately and not counted above: QQQ puts ($6.0M), MPT calls ($761K), CRK calls ($694K), CBRL calls ($661K), APLD calls ($574K), QBTS calls ($494K), IREN calls ($469K), NFE calls ($442K), MP calls ($369K), STRL calls ($340K), TBBK calls ($300K), WULF calls ($286K), and 5 more.
Other holdings (2): bonds, preferreds, convertibles and warrants · $3.0M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| LIVEPERSON INC (LPSN 0 12/15/26) | NOTE 12/1 · principal | 3,900,000 | $1.6M | Reduce -60.2% |
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B | 84,161 | $1.4M | Add +1.8% |
Total filed on the 13F, all lines: $236.1M.
Portfolio Sells Q2 2025 → Q3 2025
| BIL SS SPDR BB 1-3M T-Bill ETF | Sold out | 0.00% | −3.94 |
| IIIV I3 Verticals Inc. Class A | Sold out | 0.00% | −1.42 |
| LPRO Open Lending Corp. | Reduce -31.6% | 3.65% | −1.26 |
| ASPN Aspen Aerogels Inc. | Reduce -67.2% | 0.60% | −0.95 |
| BMY Bristol-Myers Squibb Co. | Sold out | 0.00% | −0.66 |
| TRIP Tripadvisor Inc. | Sold out | 0.00% | −0.48 |
| SLND Southland Holdings Inc. | Reduce -22.3% | 1.58% | −0.45 |
| VMEO Vimeo Inc. | Sold out | 0.00% | −0.43 |
| HD Home Depot Inc. | Sold out | 0.00% | −0.36 |
| CNNE Cannae Holdings Inc. | Reduce -11.2% | 1.24% | −0.35 |
| NEE Nextera Energy Inc. | Sold out | 0.00% | −0.34 |
| FOR Forestar Group Inc. | Reduce -58.6% | 0.40% | −0.33 |
| KVHI KVH Industries Inc. | Sold out | 0.00% | −0.26 |
| JOBY Joby Aviation Inc. | Sold out | 0.00% | −0.20 |
| EAF Graftech International Ltd. | Sold out | 0.00% | −0.17 |
| LOB Live Oak Bancshares Inc. | Sold out | 0.00% | −0.16 |
| EB Eventbrite Inc. Class A | Reduce -12.1% | 0.79% | −0.15 |
| CODI Compass Diversified Holdings | Sold out | 0.00% | −0.12 |
| CMG Chipotle Mexican Grill Inc. | Sold out | 0.00% | −0.12 |
| CZR Caesars Entertainment Inc. | Sold out | 0.00% | −0.11 |
| HUCK Huckleberry AI Inc. | Reduce -22.2% | 0.71% | −0.10 |
| CPAY Corpay Inc. | Sold out | 0.00% | −0.09 |
| BLE BlackRock Muni Inc. TR II | Sold out | 0.00% | −0.06 |
| LSPD Lightspeed Commerce Inc. | Reduce -6.3% | 0.74% | −0.06 |
| CMCO Columbus McKinnon Corp. | Reduce -1.3% | 0.74% | −0.06 |
| MSFT Microsoft Corp. | Reduce -5.4% | 3.50% | −0.06 |
| XMVFX BlackRock Munivest Fund | Sold out | 0.00% | −0.06 |
| ADBE Adobe Inc. | Reduce -2.3% | 0.36% | −0.04 |
| BFK BlackRock Municipal Inc. TRST | Reduce -50.0% | 0.04% | −0.04 |
| BAND Bandwidth Inc. Class A | Reduce -6.9% | 1.43% | −0.04 |
| SBUX Starbucks Corp. | Reduce -1.4% | 0.30% | −0.03 |
| STWD Starwood Property Trust Inc. | Reduce -2.0% | 0.39% | −0.02 |
| TYL Tyler Technologies Inc. | Reduce -1.3% | 0.15% | −0.02 |
| DOCU Docusign Inc. | Reduce -0.8% | 0.17% | −0.02 |
| MQY BlackRock Muniyield Quality | Reduce -15.7% | 0.05% | −0.01 |
| MUE BlackRock Munihold QLT FD II | Reduce -13.2% | 0.07% | −0.01 |
| NAD Nuveen Quality Municipal Inc. | Reduce -3.9% | 1.27% | −0.01 |
| MRK Merck & Co. Inc. | Reduce -3.9% | 0.16% | +0.00 |
| ONTF ON24 Inc. | Reduce -0.6% | 0.66% | +0.03 |
| GSAT Globalstar Inc. | Reduce -25.0% | 0.59% | +0.08 |
| AVGO Broadcom Inc. | Reduce -3.7% | 4.49% | +0.59 |
| GOOG Alphabet Inc. Class C | Reduce -2.9% | 3.54% | +0.88 |
| AAPL Apple Inc. | Reduce -1.9% | 5.00% | +0.89 |
Portfolio Buys Q2 2025 → Q3 2025
| CFLT Confluent Inc. Class A | New | 0.85% | +0.85 |
| VYX NCR Voyix Corp. | New | 0.84% | +0.84 |
| VERX Vertex Inc. Class A | New | 0.64% | +0.64 |
| PAR Par Technology Corp. | New | 0.42% | +0.42 |
| PEB Pebblebrook Hotel Trust | Add +11.4% | 1.95% | +0.41 |
| PFF iShares Preferred & Income S | Add +146.1% | 0.68% | +0.41 |
| FSLR First Solar Inc. | New | 0.39% | +0.39 |
| PSEC Prospect Capital Corp. | Add +103.0% | 0.88% | +0.38 |
| YEXT Yext Inc. | New | 0.37% | +0.37 |
| BXP BXP Inc. | New | 0.37% | +0.37 |
| FDX FedEx Corp. | New | 0.34% | +0.34 |
| AVB Avalonbay Communities Inc. | New | 0.33% | +0.33 |
| OZK Bank Ozk | New | 0.33% | +0.33 |
| CRMT America's Car-Mart Inc. | New | 0.31% | +0.31 |
| VNOM Viper Energy Inc. Class A | New | 0.29% | +0.29 |
| BHP BHP Group Ltd.-Spon ADR | Add +0.4% | 2.04% | +0.29 |
| TCBI Texas Capital Bancshares Inc. | New | 0.27% | +0.27 |
| SRLN SS Blackstone Sr Loan ETF | Add +9.8% | 2.90% | +0.26 |
| XNEAX Nuveen Amt-FR QLTY Muni Inc. | Add +11.2% | 1.72% | +0.24 |
| EXFY Expensify Inc. Class A | Add +86.1% | 0.74% | +0.18 |
| NVG Nuveen Amt-FR Muni CRDT | Add +11.6% | 1.32% | +0.17 |
| HCAT Health Catalyst Inc. | Add +49.5% | 1.34% | +0.15 |
| DHI D.R. Horton Inc. | Add +1.1% | 0.59% | +0.14 |
| TAP Molson Coors Beverage Co. Class B | Add +23.0% | 1.06% | +0.14 |
| BILL Bill Holdings Inc. | Add +17.5% | 0.53% | +0.14 |
| HYG Ishr Ibx Usd Hiyld CB ETF-Ui | Add +6.1% | 2.03% | +0.13 |
| PANW Palo Alto Networks Inc. | Add +31.5% | 0.52% | +0.12 |
| SPG Simon Property Group Inc. | Add +2.5% | 0.73% | +0.12 |
| XOM Exxon Mobil Corp. | Add +0.1% | 2.37% | +0.10 |
| VCLT Vanguard Long-Term Corp. Bond | Add +6.4% | 1.23% | +0.10 |
| ABR Arbor Realty Trust Inc. | Add +4.5% | 0.60% | +0.10 |
| BAC Bank of America Corp. | Add +0.5% | 1.09% | +0.09 |
| BC Brunswick Corp. | Add +0.0% | 0.75% | +0.09 |
| HCA HCA Healthcare Inc. | New | 0.09% | +0.09 |
| CMBS iShares CMBS ETF | Add +15.8% | 0.58% | +0.08 |
| LBRT Liberty Energy Inc. | Add +3.3% | 0.82% | +0.08 |
| ASUR Asure Software Inc. | New | 0.07% | +0.07 |
| FNF Fidelity National Financial | Add +3.0% | 0.61% | +0.06 |
| CAT Caterpillar Inc. | Add +0.1% | 0.29% | +0.05 |
| NMZ Nuveen Muni Hi Inc. Opport | Add +7.3% | 0.60% | +0.05 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +2.4% | 0.53% | +0.05 |
| PDO PIMCO Dynamic Income Opport | Add +4.8% | 0.55% | +0.05 |
| ARI Apollo Commercial Real Estat | Add +2.4% | 0.57% | +0.04 |
| SHEL Shell PLC-ADR | Add +0.3% | 1.89% | +0.03 |
| FDUS Fidus Investment Corp. | Add +5.2% | 0.63% | +0.03 |
| LADR Ladder Capital Corp.-REIT | Add +2.6% | 0.68% | +0.03 |
| UNP Union Pacific Corp. | Add +5.0% | 0.35% | +0.03 |
| AMGN Amgen Inc. | Add +1.8% | 0.93% | +0.02 |
| XBTAX BlackRock LNG-TRM Muni Adv | Add +11.8% | 0.16% | +0.02 |
| KHC The Kraft Heinz Co. | Add +6.7% | 0.30% | +0.02 |
Options Activity Q2 2025 → Q3 2025
| QQQ Invesco QQQ Trust Series 1 | put | New | 10,000 | $6.0M |
| NET Cloudflare Inc. Class A | call | Sold out | 5,000 | $979Kbefore exit |
| TPC Tutor Perini Corp. | call | Sold out | 20,500 | $959Kbefore exit |
| MPT Medical Properties Trust Inc. | call | New | 150,000 | $761K |
| CRK Comstock Resources Inc. | call | Reduce -30.0% | 35,000 | $694K |
| CBRL Cracker Barrel Old Country | call | Reduce -14.3% | 15,000 | $661K |
| QBTS D-Wave Quantum Inc. | call | Reduce -20.0% | 20,000 | $494K |
| IREN Iren Ltd. | call | Reduce -75.0% | 10,000 | $469K |
| VNO Vornado Realty Trust | call | Sold out | 10,000 | $382Kbefore exit |
| MP MP Materials Corp. | call | New | 5,500 | $369K |
| STRL Sterling Infrastructure Inc. | call | Reduce -50.0% | 1,000 | $340K |
| TBBK The Bancorp Inc. | call | New | 4,000 | $300K |
| WULF Terawulf Inc. | call | New | 25,000 | $286K |
| BMNR Bitmine Immersion Technologi | call | New | 5,000 | $260K |
| RCAT Red Cat Holdings Inc. | call | New | 25,000 | $259K |
| USAR USA Rare Earth Inc. | call | New | 15,000 | $258K |
| OLLI Ollie's Bargain Outlet Holdi | call | New | 2,000 | $257K |
| MSTR Strategy Inc. | call | New | 600 | $193K |
| ORN Orion Group Holdings Inc. | call | Sold out | 10,000 | $91Kbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| LIVEPERSON INC (LPSN 0 12/15/26) | NOTE 12/1 · principal | Reduce -60.2% | 3,900,000 | $1.6M |
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B | Add +1.8% | 84,161 | $1.4M |
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 |