Pinnacle Holdings, LLC

Name: Pinnacle Holdings, LLC 13F holdings, Q1 2024
Creator: Pinnacle Holdings, LLC
Published: 2024-05-09

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 9, 2024), Pinnacle Holdings, LLC reported 214 stock positions worth $242.1 million. Its top holding was SS SPDR Dow Jones Indus Avg (DIA) at 4.9% of the portfolio, followed by Microsoft (MSFT, 2.1%) and QCR (QCRH, 2.0%). Compared with Q4 2023, it opened 47 new positions, sold out of 19, added to 21 and reduced 109. The biggest buy was a new position in Forum Energy Technologie (fet 9 08/04/25) and the biggest sale SS SPDR Dow Jones Indus Avg (DIA, shares −9%).

Most Recent 13F: Q2 2026
Location: TULSA, OK
CIK: 0001411784
Portfolio Value: $242.1M (Q1 2024)
SEC Filing: 0001411784-24-000005 ↗ filed May 9, 2024

Holdings Value

Holdings 214 stocks · $242.1M


DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE	4.88%	29,683	$11.8M	Reduce -9.1%
MSFT Microsoft Corp.	2.11%	12,160	$5.1M	Reduce -6.1%
QCRH QCR Holdings Inc.	2.03%	80,860	$4.9M	Reduce -1.5%
OKE Oneok Inc.	1.99%	60,244	$4.8M	Reduce -1.4%
UNH Unitedhealth Group Inc.	1.99%	9,719	$4.8M	Reduce -7.5%
TRGP Targa Resources Corp.	1.86%	40,126	$4.5M	Reduce -2.7%
AMGN Amgen Inc.	1.70%	14,461	$4.1M	Reduce -4.7%
AM Antero Midstream Corp.	1.69%	290,650	$4.1M	Reduce -1.1%
KNTK Kinetik Holdings Inc.	1.67%	101,107	$4.0M	Reduce -1.7%
GS Goldman Sachs Group Inc.	1.64%	9,479	$4.0M	Reduce -7.7%
HD Home Depot Inc.	1.60%	10,111	$3.9M	Reduce -7.3%
CAT Caterpillar Inc.	1.46%	9,676	$3.5M	Reduce -7.5%
MPLX MPLX LP	1.40%	81,764	$3.4M	Reduce -0.6%
Homestreet Inc	1.37%	220,251	$3.3M	Reduce -2.5%
UNTC Unit Corp.	1.37%	89,357	$3.3M	Reduce -1.1%
WMB Williams Cos Inc.	1.33%	82,470	$3.2M	Reduce -22.3%
HESM Hess Midstream LP Class A	1.30%	86,888	$3.1M	Reduce -1.6%
ET Energy Transfer LP	1.24%	190,171	$3.0M	No change
FORUM ENERGY TECHNOLOGIE (FET 9 08/04/25)	1.23%	3,017,000	$3.0M	New
MCD McDonald's Corp.	1.22%	10,500	$3.0M	Reduce -7.0%
NAVIOS MARITIME PARTNERS L P	1.17%	66,179	$2.8M	Reduce -2.2%
AAPL Apple Inc.	1.12%	15,745	$2.7M	Reduce -9.3%
ARLP Alliance Resource Partners	1.09%	132,106	$2.6M	Reduce -0.7%
V Visa Inc. Class A	1.09%	9,469	$2.6M	Reduce -7.7%
CRM Salesforce Inc.	1.08%	8,657	$2.6M	Reduce -7.6%
JPM JPMorgan Chase & Co.	1.04%	12,519	$2.5M	Reduce -5.9%
WES Western Gas Equity Partners	1.01%	68,969	$2.5M	Reduce -0.9%
EPD Enterprise Products Partners	0.99%	82,173	$2.4M	No change
JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26)	0.99%	2,745,000	$2.4M	New
SMMF Summit Financial Group Inc.	0.96%	86,002	$2.3M	Reduce -0.5%
GEL Genesis Energy L.P.	0.96%	209,675	$2.3M	Add +1.0%
ETRN Equitrans Midstream Corp.	0.92%	177,816	$2.2M	Reduce -1.7%
SFM Sprouts Farmers Market Inc.	0.92%	34,400	$2.2M	Reduce -4.5%
SBFG SB Financial Group Inc. filed as SB FINL GROUP INC	0.90%	157,705	$2.2M	Reduce -0.5%
TRV The Travelers Cos Inc.	0.89%	9,412	$2.2M	Reduce -7.7%
BHF Brighthouse Financial Inc.	0.89%	41,875	$2.2M	Add +0.0%
MICROSTRATEGY INC (MSTR 0.75 12/15/25)	0.88%	500,000	$2.1M	New
CVX Chevron Corp.	0.88%	13,560	$2.1M	Reduce -5.0%
AXP American Express Co.	0.88%	9,351	$2.1M	Reduce -7.7%
CLF Cleveland-Cliffs Inc.	0.88%	93,491	$2.1M	Reduce -3.6%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.86%	10,967	$2.1M	Reduce -6.7%
AMZN Amazon.com Inc.	0.84%	11,285	$2.0M	New
HON Honeywell International Inc.	0.83%	9,834	$2.0M	Reduce -6.8%
ENLC Enlink Midstream LLC	0.83%	146,887	$2.0M	Reduce -0.4%
BA The Boeing Co.	0.83%	10,356	$2.0M	Reduce -7.0%
PG The Procter & Gamble Co.	0.82%	12,196	$2.0M	Reduce -6.0%
NMIH Nmi Holdings Inc. filed as NMI HLDGS INC	0.82%	61,083	$2.0M	Reduce -4.0%
JNJ Johnson & Johnson	0.82%	12,480	$2.0M	Reduce -5.9%
MOFG Midwestone Financial Group I	0.77%	79,015	$1.9M	Add +9.1%
C Citigroup Inc.	0.76%	29,110	$1.8M	Reduce -0.7%
WISDOMTREE INVESTMENTS (WT 3.25 06/15/26)	0.76%	1,750,000	$1.8M	New
VISHAY INTERTECHNOLOGY (VSH 2.25 06/15/25)	0.74%	1,820,000	$1.8M	New
ASO Academy Sports & Outdoors Inc.	0.74%	26,477	$1.8M	Reduce -3.9%
ZILLOW GROUP INC (Z 2.75 05/15/25)	0.72%	1,660,000	$1.8M	New
ARCB Arcbest Corp.	0.71%	12,137	$1.7M	Reduce -3.2%
M D C HLDGS INC	0.69%	26,659	$1.7M	Reduce -6.2%
TALO Talos Energy Inc.	0.69%	119,936	$1.7M	Add +2.7%
JBLU Jetblue Airways Corp.	0.69%	224,606	$1.7M	Reduce -2.4%
NFE New Fortress Energy Inc.	0.68%	54,066	$1.7M	Reduce -1.9%
SHAKE SHACK INC (SHAK 0 03/01/28)	0.68%	1,809,000	$1.7M	New
CHEESECAKE FACTORY (THE) (CAKE 0.375 06/15/26)	0.65%	1,765,000	$1.6M	New
MRK Merck & Co. Inc.	0.62%	11,444	$1.5M	Reduce -6.4%
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.61%	38,693	$1.5M	No change
EGY Vaalco Energy Inc.	0.59%	205,117	$1.4M	No change
JXN Jackson Financial Inc. Class A	0.59%	21,585	$1.4M	No change
KE Kimball Electronics Inc.	0.56%	63,103	$1.4M	Add +10.1%
FUNC First United Corp.	0.56%	59,266	$1.4M	Reduce -0.6%
AGX Argan Inc.	0.53%	25,619	$1.3M	Reduce -2.8%
XPRO Expro Group Holdings NV	0.53%	64,367	$1.3M	Reduce -0.0%
EZCORP INC (EZPW 2.375 05/01/25)	0.53%	1,311,000	$1.3M	New
YELP Yelp Inc.	0.51%	31,321	$1.2M	Add +5.7%
LCI INDUSTRIES (LCII 1.125 05/15/26)	0.50%	1,230,000	$1.2M	New
XIFR XPLR Infrastructure LP filed as NEXTERA ENERGY PARTNERS LP	0.49%	39,365	$1.2M	Add +255.1%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.48%	9,461	$1.2M	Reduce -7.7%
FBMS First Bancshares Inc.	0.46%	43,216	$1.1M	Reduce -0.4%
CZWI Citizens Community Bancorp I	0.46%	91,665	$1.1M	Reduce -0.4%
PEBO Peoples Bancorp Inc.	0.45%	37,180	$1.1M	Reduce -0.6%
LZB La-Z-Boy Inc.	0.45%	29,165	$1.1M	Reduce -3.8%
ESSA Essa Bancorp Inc.	0.45%	59,656	$1.1M	Reduce -0.6%
INNOVIVA INC (INVA 2.125 03/15/28)	0.45%	1,240,000	$1.1M	New
DKL Delek Logistics Partners LP	0.45%	26,310	$1.1M	Add +7.1%
DATADOG INC (DDOG 0.125 06/15/25)	0.44%	750,000	$1.1M	New
PFBX Peoples Financial Corp.	0.44%	68,588	$1.1M	Reduce -0.3%
VTLE Vital Energy Inc.	0.43%	19,931	$1.0M	Add +9.8%
TBCH Turtle Beach Corp.	0.43%	60,318	$1.0M	Reduce -3.4%
ZSCALER INC. (ZS 0.125 07/01/25)	0.42%	750,000	$1.0M	New
MMM 3M Co.	0.41%	9,351	$992K	Reduce -7.7%
ONB Old National Bancorp	0.41%	56,933	$991K	No change
HWBK Hawthorn Bancshares Inc.	0.40%	47,823	$977K	Reduce -0.6%
PEBK Peoples Bancorp of NC	0.40%	34,889	$972K	No change
CUBI Customers Bancorp Inc.	0.38%	17,495	$928K	Reduce -1.2%
WLKP Westlake Chemical Partners L	0.38%	41,491	$921K	Add +0.0%
CIVB Civista Bancshares Inc.	0.38%	59,140	$910K	Reduce -0.7%
KMI Kinder Morgan Inc.	0.37%	49,001	$899K	Reduce -1.9%
NKE Nike Inc. Class B	0.36%	9,226	$867K	Reduce -7.8%
PKBK Parke Bancorp Inc.	0.36%	50,192	$865K	Reduce -0.5%
OCFC Oceanfirst Financial Corp.	0.35%	51,497	$845K	Reduce -1.1%
FRST Primis Financial Corp.	0.34%	68,626	$835K	Reduce -0.5%
HMNF HMN Financial Inc.	0.34%	39,200	$827K	No change
WMT Walmart Inc.	0.34%	13,699	$824K	Reduce -60.5%
FCCO First Community Corp.	0.34%	47,065	$820K	Reduce -0.6%
HTZ Hertz Global Hldgs Inc.	0.34%	104,636	$819K	Add +13.2%
CVLY Codorus Valley Bancorp Inc.	0.34%	35,964	$819K	Reduce -0.5%
HOPE Hope Bancorp Inc.	0.34%	71,067	$818K	Reduce -0.6%
LGIH Lgi Homes Inc.	0.33%	6,939	$807K	Reduce -2.9%
PAMT Pamt Corp. filed as P A M TRANSN SVCS INC	0.33%	49,060	$795K	Add +12.4%
NTGR Netgear Inc.	0.32%	48,624	$767K	Add +28.9%
CSCO Cisco Systems Inc.	0.29%	14,093	$703K	Reduce -5.3%
UIS Unisys Corp.	0.29%	140,836	$692K	Add +16.8%
SLYV SS SPDR S&P 600 SC Val ETF	0.27%	7,948	$659K	Reduce -0.2%
XOM Exxon Mobil Corp.	0.27%	5,643	$656K	Reduce -2.0%
DOW Dow Inc.	0.27%	11,316	$656K	Reduce -6.5%
KO The Coca-Cola Co.	0.27%	10,623	$650K	Reduce -6.9%
INTC Intel Corp.	0.27%	14,567	$643K	Reduce -5.1%
FMCC Freddie Mac filed as FEDERAL HOME LN MTG CORP COM	0.25%	456,140	$616K	Reduce -1.3%
ZION Zions Bancorp NA	0.24%	13,299	$577K	Reduce -1.3%
VZ Verizon Communications Inc.	0.23%	13,219	$555K	Reduce -5.6%
SSUP Superior Industries Intl	0.22%	183,562	$532K	Add +6.8%
TFC Truist Financial Corp.	0.22%	13,520	$527K	Reduce -3.8%
FUSB First US Bancshares Inc.	0.22%	56,246	$521K	Reduce -1.0%
COUPA SOFTWARE INC (COUP 0.375 06/15/26)	0.20%	500,000	$477K	New
Nextera Energy	0.20%	7,435	$475K	New
FIVE9 INC (FIVN 0.5 06/01/25)	0.19%	500,000	$471K	New
MESA AIR GROUP INC	0.19%	534,745	$470K	Add +62.1%
CLOUDFLARE INC (NET 0 08/15/26)	0.19%	500,000	$468K	New
ORCL Oracle Corp.	0.19%	3,719	$467K	Reduce -0.8%
OKTA INC (OKTA 0.375 06/15/26)	0.19%	500,000	$458K	New
BLACKLINE INC (BL 0 03/15/26)	0.19%	500,000	$452K	New
CENTRAL VALLEY COMM BANCORP	0.18%	21,906	$436K	Reduce -1.1%
FITB Fifth Third Bancorp	0.18%	11,625	$433K	No change
UBOH United Bancshares Inc.	0.18%	22,859	$432K	Reduce -26.7%
CFG Citizens Financial Group	0.18%	11,895	$432K	Reduce -1.1%
BILL HOLDINGS INC (BILL 0 04/01/27)	0.18%	500,000	$428K	New
FLG New York Community Bancorp	0.18%	131,760	$424K	Add +13.9%
DB Deutsche Bank AG-Registered	0.16%	24,900	$393K	No change
SBT Sterling Bancorp Inc.	0.16%	75,869	$391K	Reduce -1.7%
BANC Banc of California Inc.	0.15%	24,347	$370K	Reduce -2.4%
AMR Alpha Metallurgical Resource	0.15%	1,086	$360K	Reduce -75.2%
EZCORP INC (EZPW 2.875 07/01/24)	0.15%	310,000	$359K	New
EBMT Eagle Bancorp Montana Inc.	0.14%	26,054	$335K	Reduce -26.2%
THFF First Financial Corp.	0.13%	8,252	$316K	No change
SFBC Sound Financial Bancorp Inc.	0.13%	7,750	$315K	Reduce -2.4%
EAF Graftech International Ltd.	0.12%	212,381	$293K	Reduce -2.4%
HWC Hancock Whitney Corp.	0.12%	6,257	$288K	No change
NOBL Proshares S&P 500 Dividend A	0.11%	2,621	$266K	Add +0.0%
AAL American Airlines Group Inc.	0.10%	16,546	$254K	No change
MAMA Mama's Creations Inc.	0.10%	48,000	$240K	No change
WFC Wells Fargo & Co.	0.10%	4,133	$240K	Reduce -2.2%
MA Mastercard Inc. Class A	0.09%	456	$220K	No change
TIP iShares Tips Bond ETF	0.08%	1,841	$198K	Reduce -0.2%
HGTXU Hugoton Royalty Trust	0.08%	369,194	$193K	No change
PFE Pfizer Inc.	0.07%	6,507	$181K	Reduce -3.0%
DVN Devon Energy Corp.	0.07%	3,386	$170K	No change
LBAI Lakeland Bancorp Inc.	0.07%	13,895	$168K	Reduce -1.4%
FNMA Fannie Mae filed as FEDERAL NATL MTG ASSN COM	0.07%	102,988	$162K	Reduce -12.7%
CVBF CVB Financial Corp.	0.06%	7,803	$139K	Reduce -5.1%
ICVT iShares Convertible Bond ETF	0.06%	1,693	$135K	No change
WIRE Encore Wire Corp.	0.04%	400	$105K	No change
SD Sandridge Energy Inc.	0.04%	7,140	$104K	Reduce -9.4%
MO Altria Group Inc.	0.04%	2,319	$101K	New
FNB FNB Corp.	0.04%	7,068	$100K	Reduce -7.6%
PAA Plains All Amer Pipeline LP	0.04%	5,612	$99K	No change
F Ford Motor Co. filed as FORD MTR CO DEL	0.04%	6,697	$89K	Add +0.1%
UPS United Parcel Service Class B	0.04%	595	$88K	Reduce -31.1%
BG Bunge Ltd.	0.04%	832	$85K	Reduce -39.3%
PAGP Plains GP Holdings LP	0.03%	4,450	$81K	No change
Microchip Technology	0.03%	850	$76K	New
JEPI JPMorgan Equity Premium Inco	0.03%	1,205	$70K	New
TNK Teekay Tankers Ltd. Class A	0.03%	1,173	$69K	Add +349.4%
TSM Taiwan Semiconductor-SP ADR	0.03%	500	$68K	No change
DIV Global X Superdividend Use	0.03%	3,895	$68K	New
GNK Genco Shipping & Trading Ltd.	0.03%	3,000	$61K	No change
AZN Astrazeneca PLC-Spons ADR	0.03%	900	$61K	No change
AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25)	0.02%	50,000	$58K	New
UBER Uber Technologies Inc.	0.02%	754	$58K	No change
TEEKAY CORPORATION	0.02%	7,639	$56K	Add +536.6%
T AT&T Inc.	0.02%	3,054	$54K	No change
ASC Ardmore Shipping Corp.	0.02%	3,240	$53K	New
ACT Enact Holdings Inc.	0.02%	1,569	$49K	New
BCS Barclays PLC-Spons ADR	0.02%	5,096	$48K	New
BFH Bread Financial Holdings Inc.	0.02%	1,261	$47K	Reduce -50.0%
RYAM Rayonier Advanced Materials	0.02%	9,295	$44K	New
RNGR Ranger Energy Services Class A	0.02%	3,850	$43K	New
DAC Danaos Corp.	0.02%	594	$43K	Reduce -50.0%
GASS Stealthgas Inc.	0.02%	7,049	$42K	New
UNIT Uniti Group LLC Com SHS	0.02%	6,995	$41K	Reduce -15.3%
BDN Brandywine Realty Trust	0.02%	8,447	$41K	New
IRDM Iridium Communications Inc.	0.02%	1,528	$40K	No change
McDermott International	0.02%	199,566	$40K	Reduce -48.6%
PDM Piedmont Realty Trust Inc.	0.02%	5,345	$38K	New
CALF PCR US SM CP CSH CWS ETF-Usd	0.02%	750	$37K	New
Palantir Technologies	0.02%	1,600	$37K	No change
Financial Sector SPDR	0.01%	810	$34K	Reduce -50.1%
TOST Toast Inc. Class A	0.01%	1,241	$31K	New
NYT New York Times Co. Class A	0.01%	661	$29K	New
OZK Bank Ozk	0.01%	625	$28K	New
TATT Tat Technologies Ltd.	0.01%	2,346	$28K	New
EOG EOG Resources Inc.	0.01%	210	$27K	No change
AMJ JPMorgan Alerian MLP Index	0.01%	929	$26K	No change
Marathon Oil	0.01%	881	$25K	Reduce -58.7%
DHI D.R. Horton Inc.	0.01%	150	$25K	No change
ITRI Itron Inc.	0.01%	266	$25K	New
SWN Southwestern Energy Co.	0.01%	3,000	$23K	No change
SNDR Schneider National Inc. Class B	0.01%	1,000	$23K	New
SE Sea Ltd.-ADR	0.01%	394	$21K	No change
KTOS Kratos Defense & Security	0.01%	1,000	$18K	New
HA Hawaiian Holdings Inc.	0.01%	1,231	$16K	No change
CDNA Caredx Inc.	0.01%	1,292	$14K	No change
BBT Beacon Financial Corp. filed as BERKSHIRE HILLS BANCORP INC	0.01%	540	$12K	New
COLB Columbia Banking System Inc.	0.00%	592	$11K	No change
EZPW Ezcorp Inc. Class A	0.00%	1,000	$11K	No change
SCHP Schwab U.S. Tips ETF	0.00%	202	$11K	New
M Macy's Inc.	0.00%	400	$8K	New
OSG Octave Specialty Group Inc. filed as AMBAC FINL GROUP INC	0.00%	197	$3K	New

Other holdings (11): bonds, preferreds, convertibles and warrants · $6.8M (not counted above)

Security	Class	Shares / Principal	Value	Change
FLAGSTAR BANK NA (FLG 6 11/01/51)	UNIT 05/07/2051	47,930	$1.6M	Add +22.0%
AMG CAPITAL TRUST II (AMG 5.15 10/15/37)	CONV PRF	29,410	$1.5M	Reduce -3.6%
BANC OF CALIFORNIA INC (BANC V7.75 PERP F)	NON 13F SECURITY	54,484	$1.3M	No change
BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	1,044	$1.2M	Reduce -4.0%
FREDDIE MAC (FMCC 6.55 PERP Y)	PREF STK	179,580	$566K	Add +4.4%
HTZWW Hertz Global Hldgs Inc. -CW51	*W EXP 06/30/205	99,075	$440K	Add +112.7%
UNTCW Unit Corp.-CW27	WARRANT	137,769	$101K	Add +48.4%
JACKSON FINANCIAL INC (JXN V8 PERP)	PFD	3,000	$80K	No change
FANNIE MAE (FNMA V8.25 PERP S)	Preferred Stock	6,000	$24K	No change
MCDBF McDermott Inter TR B -CW27	WARRANT	72,441	$72	No change
MCDTF McDermott Inter TR A -CW27	WARRANT	65,197	$65	No change

Total filed on the 13F, all lines: $248.9M.

Portfolio Sells Q4 2023 → Q1 2024


DIA SS SPDR Dow Jones Indus Avg	Reduce -9.1%	4.88%	−0.87
UNH Unitedhealth Group Inc.	Reduce -7.5%	1.99%	−0.60
AMR Alpha Metallurgical Resource	Reduce -75.2%	0.15%	−0.55
BA The Boeing Co.	Reduce -7.0%	0.83%	−0.53
WMT Walmart Inc.	Reduce -60.5%	0.34%	−0.51
UNTC Unit Corp.	Reduce -1.1%	1.37%	−0.46
AAPL Apple Inc.	Reduce -9.3%	1.12%	−0.45
WMB Williams Cos Inc.	Reduce -22.3%	1.33%	−0.40
AMGN Amgen Inc.	Reduce -4.7%	1.70%	−0.34
MCD McDonald's Corp.	Reduce -7.0%	1.22%	−0.34
NFE New Fortress Energy Inc.	Reduce -1.9%	0.68%	−0.29
SMMF Summit Financial Group Inc.	Reduce -0.5%	0.96%	−0.28
SBFG SB Financial Group Inc.	Reduce -0.5%	0.90%	−0.25
ARLP Alliance Resource Partners	Reduce -0.7%	1.09%	−0.22
GS Goldman Sachs Group Inc.	Reduce -7.7%	1.64%	−0.21
QCRH QCR Holdings Inc.	Reduce -1.5%	2.03%	−0.21
HON Honeywell International Inc.	Reduce -6.8%	0.83%	−0.20
HWBK Hawthorn Bancshares Inc.	Reduce -0.6%	0.40%	−0.17
HD Home Depot Inc.	Reduce -7.3%	1.60%	−0.16
MSFT Microsoft Corp.	Reduce -6.1%	2.11%	−0.16
JNJ Johnson & Johnson	Reduce -5.9%	0.82%	−0.16
V Visa Inc. Class A	Reduce -7.7%	1.09%	−0.16
NKE Nike Inc. Class B	Reduce -7.8%	0.36%	−0.15
WBA Walgreens Boots Alliance Inc.	Sold out	0.00%	−0.14
FCCO First Community Corp.	Reduce -0.6%	0.34%	−0.14
CIVB Civista Bancshares Inc.	Reduce -0.7%	0.38%	−0.14
PEBO Peoples Bancorp Inc.	Reduce -0.6%	0.45%	−0.14
FBMS First Bancshares Inc.	Reduce -0.4%	0.46%	−0.13
SPY SS SPDR S&P 500 ETF Trust-US	Sold out	0.00%	−0.13
EBMT Eagle Bancorp Montana Inc.	Reduce -26.2%	0.14%	−0.12
PKBK Parke Bancorp Inc.	Reduce -0.5%	0.36%	−0.12
ESSA Essa Bancorp Inc.	Reduce -0.6%	0.45%	−0.11
CVX Chevron Corp.	Reduce -5.0%	0.88%	−0.11
LGIH Lgi Homes Inc.	Reduce -2.9%	0.33%	−0.11
ASO Academy Sports & Outdoors Inc.	Reduce -3.9%	0.74%	−0.11
MMM 3M Co.	Reduce -7.7%	0.41%	−0.11
GE General Electric Company	Sold out	0.00%	−0.11
UBOH United Bancshares Inc.	Reduce -26.7%	0.18%	−0.10
EAF Graftech International Ltd.	Reduce -2.4%	0.12%	−0.10
IYF iShares US Financials ETF	Sold out	0.00%	−0.10
PFBX Peoples Financial Corp.	Reduce -0.3%	0.44%	−0.10
CVLY Codorus Valley Bancorp Inc.	Reduce -0.5%	0.34%	−0.10
INTC Intel Corp.	Reduce -5.1%	0.27%	−0.09
FUNC First United Corp.	Reduce -0.6%	0.56%	−0.09
CUBI Customers Bancorp Inc.	Reduce -1.2%	0.38%	−0.09
EEM iShares MSCI Emerging Market	Sold out	0.00%	−0.09
CRM Salesforce Inc.	Reduce -7.6%	1.08%	−0.07
OCFC Oceanfirst Financial Corp.	Reduce -1.1%	0.35%	−0.07
PG The Procter & Gamble Co.	Reduce -6.0%	0.82%	−0.07
LZB La-Z-Boy Inc.	Reduce -3.8%	0.45%	−0.07

Portfolio Buys Q4 2023 → Q1 2024


FORUM ENERGY TECHNOLOGIE (FET 9 08/04/25)	New	1.23%	+1.23
JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26)	New	0.99%	+0.99
MICROSTRATEGY INC (MSTR 0.75 12/15/25)	New	0.88%	+0.88
AMZN Amazon.com Inc.	New	0.84%	+0.84
WISDOMTREE INVESTMENTS (WT 3.25 06/15/26)	New	0.76%	+0.76
VISHAY INTERTECHNOLOGY (VSH 2.25 06/15/25)	New	0.74%	+0.74
ZILLOW GROUP INC (Z 2.75 05/15/25)	New	0.72%	+0.72
SHAKE SHACK INC (SHAK 0 03/01/28)	New	0.68%	+0.68
CHEESECAKE FACTORY (THE) (CAKE 0.375 06/15/26)	New	0.65%	+0.65
EZCORP INC (EZPW 2.375 05/01/25)	New	0.53%	+0.53
LCI INDUSTRIES (LCII 1.125 05/15/26)	New	0.50%	+0.50
INNOVIVA INC (INVA 2.125 03/15/28)	New	0.45%	+0.45
DATADOG INC (DDOG 0.125 06/15/25)	New	0.44%	+0.44
ZSCALER INC. (ZS 0.125 07/01/25)	New	0.42%	+0.42
XIFR XPLR Infrastructure LP	Add +255.1%	0.49%	+0.33
COUPA SOFTWARE INC (COUP 0.375 06/15/26)	New	0.20%	+0.20
Nextera Energy	New	0.20%	+0.20
FIVE9 INC (FIVN 0.5 06/01/25)	New	0.19%	+0.19
CLOUDFLARE INC (NET 0 08/15/26)	New	0.19%	+0.19
OKTA INC (OKTA 0.375 06/15/26)	New	0.19%	+0.19
BLACKLINE INC (BL 0 03/15/26)	New	0.19%	+0.19
BILL HOLDINGS INC (BILL 0 04/01/27)	New	0.18%	+0.18
EZCORP INC (EZPW 2.875 07/01/24)	New	0.15%	+0.15
NTGR Netgear Inc.	Add +28.9%	0.32%	+0.06
VTLE Vital Energy Inc.	Add +9.8%	0.43%	+0.05
MO Altria Group Inc.	New	0.04%	+0.04
MESA AIR GROUP INC	Add +62.1%	0.19%	+0.04
Microchip Technology	New	0.03%	+0.03
JEPI JPMorgan Equity Premium Inco	New	0.03%	+0.03
DIV Global X Superdividend Use	New	0.03%	+0.03
AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25)	New	0.02%	+0.02
TNK Teekay Tankers Ltd. Class A	Add +349.4%	0.03%	+0.02
ASC Ardmore Shipping Corp.	New	0.02%	+0.02
ACT Enact Holdings Inc.	New	0.02%	+0.02
BCS Barclays PLC-Spons ADR	New	0.02%	+0.02
TEEKAY CORPORATION	Add +536.6%	0.02%	+0.02
RYAM Rayonier Advanced Materials	New	0.02%	+0.02
RNGR Ranger Energy Services Class A	New	0.02%	+0.02
GASS Stealthgas Inc.	New	0.02%	+0.02
BDN Brandywine Realty Trust	New	0.02%	+0.02
PDM Piedmont Realty Trust Inc.	New	0.02%	+0.02
CALF PCR US SM CP CSH CWS ETF-Usd	New	0.02%	+0.02
TOST Toast Inc. Class A	New	0.01%	+0.01
NYT New York Times Co. Class A	New	0.01%	+0.01
OZK Bank Ozk	New	0.01%	+0.01
TATT Tat Technologies Ltd.	New	0.01%	+0.01
ITRI Itron Inc.	New	0.01%	+0.01
SNDR Schneider National Inc. Class B	New	0.01%	+0.01
KTOS Kratos Defense & Security	New	0.01%	+0.01
BBT Beacon Financial Corp.	New	0.01%	+0.01

Notes & Other Activity Q4 2023 → Q1 2024


FORUM ENERGY TECHNOLOGIE (FET 9 08/04/25)	NOTE 9.000% 8/0 · principal	Sold out	2,572,000	$2.5Mbefore exit
JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26)	CONVERTIBLE BOND · principal	Sold out	2,795,000	$2.0Mbefore exit
ZILLOW GROUP INC (Z 2.75 05/15/25)	NOTE 2.750% 5/1 · principal	Sold out	1,705,000	$1.9Mbefore exit
VISHAY INTERTECHNOLOGY (VSH 2.25 06/15/25)	NOTE 2.250% 6/1 · principal	Sold out	1,865,000	$1.8Mbefore exit
WISDOMTREE INVESTMENTS (WT 3.25 06/15/26)	NOTE 3.250% 6/1 · principal	Sold out	1,770,000	$1.7Mbefore exit
GREENBRIER COS INC (GBX 2.875 02/01/24)	NOTE 2.875% 2/0 · principal	Sold out	1,655,000	$1.6Mbefore exit
FLAGSTAR BANK NA (FLG 6 11/01/51)	UNIT 05/07/2051	Add +22.0%	47,930	$1.6M
CHEESECAKE FACTORY (THE) (CAKE 0.375 06/15/26)	NOTE 0.375% 6/1 · principal	Sold out	1,785,000	$1.5Mbefore exit
SHAKE SHACK INC (SHAK 0 03/01/28)	NOTE 3/0 · principal	Sold out	1,849,000	$1.5Mbefore exit
AMG CAPITAL TRUST II (AMG 5.15 10/15/37)	CONV PRF	Reduce -3.6%	29,410	$1.5M
EZCORP INC (EZPW 2.375 05/01/25)	NOTE 2.375% 5/0 · principal	Sold out	1,356,000	$1.3Mbefore exit
LCI INDUSTRIES (LCII 1.125 05/15/26)	NOTE 1.125% 5/1 · principal	Sold out	1,280,000	$1.3Mbefore exit
BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	Reduce -4.0%	1,044	$1.2M
ZSCALER INC. (ZS 0.125 07/01/25)	NOTE 0.125% 7/0 · principal	Sold out	750,000	$1.1Mbefore exit
INNOVIVA INC (INVA 2.125 03/15/28)	NOTE 2.125% 3/1 · principal	Sold out	1,260,000	$1.1Mbefore exit
FREDDIE MAC (FMCC 6.55 PERP Y)	PREF STK	Add +4.4%	179,580	$566K
COUPA SOFTWARE INC (COUP 0.375 06/15/26)	NOTE 0.375% 6/1 · principal	Sold out	500,000	$500Kbefore exit
FIVE9 INC (FIVN 0.5 06/01/25)	NOTE 0.500% 6/0 · principal	Sold out	500,000	$478Kbefore exit
CLOUDFLARE INC (NET 0 08/15/26)	NOTE 8/1 · principal	Sold out	500,000	$449Kbefore exit
BLACKLINE INC (BL 0 03/15/26)	NOTE 3/1 · principal	Sold out	500,000	$444Kbefore exit
OKTA INC (OKTA 0.375 06/15/26)	NOTE 0.375% 6/1 · principal	Sold out	500,000	$442Kbefore exit
HTZWW Hertz Global Hldgs Inc. -CW51	*W EXP 06/30/205	Add +112.7%	99,075	$440K
BILL HOLDINGS INC (BILL 0 04/01/27)	NOTE 4/0 · principal	Sold out	500,000	$414Kbefore exit
EZCORP INC (EZPW 2.875 07/01/24)	NOTE 2.875% 7/0 · principal	Sold out	310,000	$316Kbefore exit
UNTCW Unit Corp.-CW27	WARRANT	Add +48.4%	137,769	$101K
AMERICAN AIRLINES GROUP (AAL 6.5 07/01/25)	NOTE 6.500% 7/0 · principal	Sold out	50,000	$56Kbefore 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	219	$303.7M	DIA, CAT, GS, TRGP, WMB
Q1 2026	210	$280.5M	DIA, GS, CAT, AM, WMB
Q4 2025	223	$263.5M	DIA, GS, FMCC, CAT, AAPL
Q3 2025	221	$254.7M	DIA, GS, FMCC, MSFT, AM
Q2 2025	199	$240.0M	DIA, GS, MSFT, AM, WMB
Q1 2025	204	$226.6M	DIA, OKE, AM, WMB, KNTK
Q4 2024	202	$230.0M	DIA, TRGP, OKE, KNTK, AAPL
Q3 2024	204	$225.6M	DIA, QCRH, UNH, TRGP, OKE
Q2 2024	202	$214.0M	DIA, MSFT, TRGP, UNH, OKE
Q1 2024	214	$242.1M	DIA, MSFT, QCRH, OKE, UNH