Private Capital Management, LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Private Capital Management, LLC reported 164 stock positions worth $1.1 billion. Its top holding was Harrow (HROW) at 8.6% of the portfolio, followed by Quinstreet (QNST, 5.7%) and KKR (KKR, 3.8%). Compared with Q3 2025, it opened 28 new positions, sold out of 11, added to 64 and reduced 53. The biggest buy was Matthews Intl Class A (MATW, shares +201%) and the biggest sale an exit from Ecn Capital (ECNCF).

Most Recent 13F
Q2 2026
Location
NAPLES, FL
CIK
0001588456
Portfolio Value
$1.1B (Q4 2025)
SEC Filing
0001214659-26-001995 ↗ filed Feb 17, 2026

Holdings Value

0$500.0M$1.0B$1.5B Q1 2024: $885.4M Q1 2024 Q2 2024: $843.2M Q2 2024 Q3 2024: $912.9M Q3 2024 Q4 2024: $937.3M Q4 2024 Q1 2025: $894.0M Q1 2025 Q2 2025: $985.6M Q2 2025 Q3 2025: $1.1B Q3 2025 Q4 2025: $1.1B $1.1B Q4 2025 Q1 2026: $979.0M Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 164 stocks · $1.1B
HROW Harrow Inc. 8.59% 1,843,091 $90.3M Reduce -0.7%
QNST Quinstreet Inc. 5.70% 4,171,946 $60.0M Add +0.4%
KKR KKR & Co. Inc. 3.84% 316,978 $40.4M Add +1.0%
AIOT Powerfleet Inc. 3.84% 7,584,853 $40.4M Add +3.1%
LGND Ligand Pharmaceuticals 3.76% 208,891 $39.5M Reduce -8.0%
ASUR Asure Software Inc. 3.62% 4,041,819 $38.1M Add +0.7%
LNTH Lantheus Holdings Inc. 3.54% 558,824 $37.2M Reduce -0.3%
BGC BGC Group Inc. Class A 3.53% 4,150,877 $37.1M Reduce -0.2%
BBSI Barrett Business SVCS Inc. 3.44% 999,371 $36.2M Add +1.2%
JPM JPMorgan Chase & Co. 3.43% 111,985 $36.1M Add +0.4%
TH Target Hospitality Corp. 3.43% 4,504,638 $36.1M Reduce -0.1%
PERI Perion Network Ltd. 3.42% 3,752,003 $35.9M Add +0.0%
SECYF Secure Waste Infrastructure 3.14% 2,618,620 $33.0M Reduce -0.5%
ATRO Astronics Corp. 2.87% 555,434 $30.1M Reduce -1.0%
MPAA Motorcar Parts of America Inc. 2.63% 2,239,422 $27.6M Add +0.2%
III Information Services Group 2.63% 4,777,596 $27.6M Reduce -15.2%
MATW Matthews Intl Corp. Class A 2.53% 1,018,587 $26.6M Add +201.1%
JEF Jefferies Financial Group Inc. 2.47% 419,429 $26.0M Add +0.2%
IWGFF International Workplace Grou 2.36% 7,966,970 $24.9M Add +2.3%
SNV Synovus Financial Corp. 1.71% 358,880 $18.0M Reduce -8.4%
ACNB Acnb Corp. 1.70% 370,742 $17.9M Add +7.3%
SMBK Smartfinancial Inc. 1.67% 475,601 $17.6M Reduce -10.9%
FAF First American Financial 1.59% 271,863 $16.7M Reduce -0.3%
SNEX Stonex Group Inc. 1.51% 167,186 $15.9M Reduce -0.7%
ASLE Aersale Corp. 1.11% 1,642,977 $11.7M Reduce -0.1%
GOOGL Alphabet Inc. Class A 1.05% 35,241 $11.0M Reduce -10.8%
HTB Hometrust Bancshares Inc. 1.01% 248,485 $10.7M Add +55.7%
LAKE Lakeland Industries Inc. 1.01% 1,202,433 $10.6M Add +2.8%
RJF Raymond James Financial Inc. 0.84% 55,268 $8.9M Reduce -2.9%
PLTR Palantir Technologies Inc. Class A 0.77% 45,702 $8.1M Reduce -1.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.75% 26,779 $7.9M Reduce -6.0%
TROX Tronox Holdings PLC 0.71% 1,795,079 $7.5M Reduce -24.9%
GOOG Alphabet Inc. Class C 0.67% 22,597 $7.1M Reduce -7.0%
SPY SS SPDR S&P 500 ETF Trust-US 0.62% 9,585 $6.5M Add +0.2%
AAPL Apple Inc. 0.61% 23,447 $6.4M Add +38.3%
FBK FB Financial Corp. filed as FB FINL CORP 0.60% 112,164 $6.3M Reduce -0.6%
MSFT Microsoft Corp. 0.48% 10,381 $5.0M Add +20.9%
PBFS Pioneer Bancorp Inc. 0.46% 362,433 $4.9M Reduce -0.8%
VIG Vanguard Dividend Apprec ETF 0.44% 21,170 $4.7M Add +1.1%
NOBL Proshares S&P 500 Dividend A 0.43% 43,677 $4.5M Add +0.9%
CEFS Saba Opport Hedg Cef ETF-Usd 0.43% 194,618 $4.5M Add +11.3%
DON Wisdomtree US Midcap Dividen 0.42% 86,558 $4.5M Reduce -0.6%
AMZN Amazon.com Inc. 0.35% 15,944 $3.7M Add +21.8%
WTPI Wisdomtree Equity Premium Inc. 0.33% 104,415 $3.4M Add +2.8%
IVV iShares Core S&P 500 ETF 0.32% 4,912 $3.4M Reduce -0.9%
IJH iShares Core S&P Midcap ETF 0.31% 49,602 $3.3M Add +1.9%
PYPL PayPal Holdings Inc. 0.25% 45,415 $2.7M Add +78.5%
TGT Target Corp. 0.24% 25,401 $2.5M Reduce -14.8%
CVX Chevron Corp. 0.23% 15,909 $2.4M Reduce -0.1%
CC The Chemours Co. 0.22% 196,600 $2.3M Add +107.0%
KDP Keurig Dr Pepper Inc. 0.21% 80,100 $2.2M Add +24.2%
PFE Pfizer Inc. 0.21% 89,909 $2.2M Reduce -13.4%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.21% 51,336 $2.2M Add +11.7%
HP Helmerich & Payne 0.20% 74,000 $2.1M Reduce -15.5%
FNWB First Northwest Bancorp 0.18% 202,726 $1.9M Reduce -52.9%
CTOS Custom Truck One Source Inc. 0.18% 327,500 $1.9M Reduce -0.8%
CPB The Campbell's Company 0.18% 67,300 $1.9M Reduce -2.5%
CLX Clorox Company 0.17% 18,200 $1.8M Add +184.4%
SCHF Schwab Intl Equity ETF 0.17% 72,767 $1.7M Reduce -0.3%
PSX Phillips 66 0.16% 13,402 $1.7M Add +0.0%
MA Mastercard Inc. Class A 0.16% 3,016 $1.7M Add +5.2%
TAP Molson Coors Beverage Co. Class B 0.16% 36,700 $1.7M Add +58.2%
XLE SS Energy Select Sector 0.16% 37,180 $1.7M Reduce -1.4%
QQQ Invesco QQQ Trust Series 1 0.16% 2,696 $1.7M Reduce -2.3%
QCOM Qualcomm Inc. 0.15% 9,455 $1.6M Add +1.9%
PZZA Papa John's Intl Inc. 0.15% 41,775 $1.6M Add +17.4%
TSCO Tractor Supply Company 0.15% 32,100 $1.6M Add +71.7%
KLAC KLA Corp. 0.15% 1,300 $1.6M New
CF CF Industries Holdings Inc. filed as CF INDS HLDGS INC 0.14% 19,547 $1.5M Add +62.3%
DGX Quest Diagnostics Inc. 0.14% 8,700 $1.5M No change
VZ Verizon Communications Inc. 0.14% 36,705 $1.5M Add +0.6%
EQWL Invesco S&P 100 Equal Weight 0.14% 12,061 $1.4M Add +5.0%
QQQE Dirx Nasdaq-100EQ Wi ETF-Usd 0.13% 13,856 $1.4M Add +1.6%
BND Vanguard Total Bond Market 0.13% 18,829 $1.4M Add +0.5%
FE Firstenergy Corp. 0.13% 29,528 $1.3M Reduce -0.3%
NVDA Nvidia Corp. 0.12% 6,800 $1.3M Reduce -0.2%
NTR Nutrien Ltd. 0.12% 20,287 $1.3M Reduce -18.1%
RRC Range Resources Corp. 0.12% 34,500 $1.2M No change
TQQQ Proshares Ultrapro QQQ 0.12% 23,000 $1.2M No change
FAS Dirx DLY Finacial B3X ETF-Ui 0.11% 7,000 $1.2M No change
PSA Public Storage 0.11% 4,500 $1.2M Add +200.0%
PAYX Paychex Inc. 0.11% 9,875 $1.1M Add +197.6%
JNJ Johnson & Johnson 0.10% 5,155 $1.1M Add +297.8%
HD Home Depot Inc. 0.10% 3,017 $1.0M Add +3.5%
WMT Walmart Inc. 0.09% 8,457 $942K Add +46.9%
PEP Pepsico Inc. 0.09% 6,360 $913K Add +80.7%
VUG Vanguard Mrngstar GR ETF-Sui 0.09% 1,870 $912K Reduce -14.1%
VYM Vanguard High DVD Yield ETF 0.09% 6,339 $910K Add +2.3%
META Meta Platforms Inc. Class A 0.09% 1,369 $904K No change
TMO Thermo Fisher Scientific Inc. 0.08% 1,396 $809K No change
XOM Exxon Mobil Corp. 0.07% 6,546 $788K Add +53.1%
VEU Vanguard Ftse All-World Ex-U 0.07% 10,251 $754K Add +0.0%
NTRS Northern Trust Corp. 0.07% 5,400 $738K New
BRK.B Berkshire Hathaway Inc. Class B 0.07% 1,416 $712K Add +51.3%
CAT Caterpillar Inc. 0.07% 1,220 $699K New
SO The Southern Co. 0.06% 7,622 $665K Reduce -6.2%
IWM iShares Russell 2000 ETF 0.06% 2,664 $656K Reduce -7.6%
WM Waste Management Inc. 0.06% 2,925 $643K Add +52.0%
VOO Vanguard S&P 500 ETF 0.06% 979 $614K Reduce -2.8%
IJR iShares Core S&P Small-Cap E 0.06% 4,946 $594K Reduce -2.0%
DIA SS SPDR Dow Jones Indus Avg filed as SPDR DOW JONES INDL AVERAGE 0.05% 1,200 $577K No change
ACN Accenture PLC Class A 0.05% 2,132 $572K Add +88.3%
PGR Progressive Corp. 0.05% 2,510 $572K New
MCK McKesson Corp. 0.05% 687 $564K New
BTU Peabody Energy Corp. 0.05% 18,188 $540K Reduce -76.6%
XLV SS Health Care Select Sector 0.05% 3,460 $536K Reduce -2.1%
VTI VG Morningstar TS MKT ETF-US 0.05% 1,554 $521K Reduce -10.1%
VCIT Vanguard Int-Term Corporate 0.05% 6,215 $520K Reduce -0.2%
BLK BlackRock Inc. 0.05% 475 $508K Add +46.1%
CSCO Cisco Systems Inc. 0.05% 6,500 $501K New
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.05% 8,954 $492K Add +0.0%
LIN Linde PLC 0.05% 1,136 $484K New
ADP Automatic Data Processing 0.04% 1,750 $450K New
TXN Texas Instruments Inc. 0.04% 2,527 $438K New
XLF SS Financial Select Sector 0.04% 7,810 $428K Reduce -2.6%
IEMG iShares Core MSCI Emerging 0.04% 6,363 $428K Add +0.9%
LMT Lockheed Martin Corp. 0.04% 878 $425K No change
NFG National Fuel Gas Co. 0.04% 5,300 $424K New
ZBRA Zebra Technologies Corp. Class A 0.04% 1,725 $419K No change
IXUS iShares Core Intl Stock ETF 0.04% 4,854 $411K Add +0.5%
APH Amphenol Corp. Class A 0.04% 3,000 $405K Add +66.7%
HON Honeywell International Inc. 0.04% 2,046 $399K No change
MCD McDonald's Corp. 0.04% 1,306 $399K New
LOW Lowe's Cos Inc. 0.04% 1,652 $398K New
DMAC Diamedica Therapeutics Inc. 0.04% 50,000 $398K No change
TT Trane Technologies PLC 0.04% 1,019 $397K New
CB Chubb Ltd. 0.04% 1,257 $392K New
ABT Abbott Laboratories 0.03% 2,903 $364K New
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.03% 2,350 $361K New
TRV The Travelers Cos Inc. 0.03% 1,244 $361K New
KRE SS SPDR S&P Regional Bank 0.03% 5,500 $356K No change
DGRO iShares Core Dividend Growth 0.03% 5,093 $354K Add +4.6%
LLY Eli Lilly & Co. 0.03% 327 $351K New
NEE Nextera Energy Inc. 0.03% 4,257 $342K New
ABBV Abbvie Inc. 0.03% 1,491 $341K No change
BIL SS SPDR BB 1-3M T-Bill ETF 0.03% 3,722 $340K New
DUK Duke Energy Corp. 0.03% 2,737 $321K No change
SJM The JM Smucker Co. filed as SMUCKER J M CO 0.03% 3,250 $318K Reduce -65.0%
MAR Marriott International Class A 0.03% 1,009 $313K New
AVGO Broadcom Inc. 0.03% 878 $304K No change
SCHE Schwab Emrg Mrkts Eqty ETF 0.03% 9,045 $296K Add +3.9%
IHE iShares US Pharmaceuticals E 0.03% 3,425 $291K No change
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.03% 979 $284K Add +0.7%
VWO Vanguard Ftse Emerging Marke 0.03% 5,175 $278K Add +2.2%
IEFA iShares Core MSCI Eafe ETF 0.03% 3,080 $276K Add +1.9%
IWB iShares Russell 1000 ETF 0.03% 708 $265K No change
NKE Nike Inc. Class B 0.02% 4,114 $262K New
XLK SS Technology Select Sector 0.02% 1,800 $259K Reduce -4.3%
V Visa Inc. Class A 0.02% 723 $254K Reduce -1.5%
MRK Merck & Co. Inc. 0.02% 2,325 $245K New
WEST Westrock Coffee Co. 0.02% 60,000 $244K Add +100.0%
AMJB Alerian MLP ETN2044 filed as JPMORGAN CHASE FINL CO LLC 0.02% 7,852 $235K Add +1.0%
CNI Canadian Natl Railway Co. 0.02% 2,360 $233K New
MDY State Street SPDR S&P Midcap 0.02% 385 $232K No change
RMT Royce Micro-Cap Trust Inc. 0.02% 21,700 $226K Add +1.3%
CIBR First Trust Nasdaq Cybersecu 0.02% 3,100 $221K Reduce -1.1%
PG The Procter & Gamble Co. 0.02% 1,532 $220K New
TNA Dir Dai SML Ca Bul 3X Et-Usd 0.02% 4,700 $214K Reduce -6.0%
WFC Wells Fargo & Co. 0.02% 2,277 $212K New
STZ Constellation Brands Inc. Class A 0.02% 1,472 $203K No change
TSLA Tesla Inc. 0.02% 448 $201K New
SELF Global Self Storage Inc. 0.01% 12,000 $61K New
CUBE Cubesmart 0.00% 300 $11K Reduce -94.8%
NSA National Storage Affiliates 0.00% 100 $3K Reduce -98.8%

Options reported separately and not counted above: PFE calls ($8.3M), PYPL calls ($6.5M), GOOGL puts ($5.8M), CUBE calls ($3.2M), TGT calls ($2.5M), HROW calls ($2.0M), PAYX calls ($1.7M), TQQQ puts ($1.5M), CC calls ($1.3M), FMC calls ($1.2M), CLX puts ($1.1M), PSA calls ($1.0M), and 5 more.

Other holdings (1): bonds, preferreds, convertibles and warrants · $1.9M (not counted above)
SecurityClassShares / PrincipalValueChange
HIGHLAND OPP & INC FUND (HFRO 5.375 PERP A) PFD 120,000$1.9MAdd +13.4%

Total filed on the 13F, all lines: $1.1B.

Portfolio Sells Q3 2025 → Q4 2025
ECNCF Ecn Capital Corp. Sold out 0.00% −3.70
SEAT Vivid Seats Inc. Class A Sold out 0.00% −0.43
III Information Services Group Reduce -15.2% 2.63% −0.37
SECYF Secure Waste Infrastructure Reduce -0.5% 3.14% −0.33
TROX Tronox Holdings PLC Reduce -24.9% 0.71% −0.18
BTU Peabody Energy Corp. Reduce -76.6% 0.05% −0.14
ASLE Aersale Corp. Reduce -0.1% 1.11% −0.14
FNWB First Northwest Bancorp Reduce -52.9% 0.18% −0.13
BGC BGC Group Inc. Class A Reduce -0.2% 3.53% −0.11
TH Target Hospitality Corp. Reduce -0.1% 3.43% −0.11
SMBK Smartfinancial Inc. Reduce -10.9% 1.67% −0.09
SNV Synovus Financial Corp. Reduce -8.4% 1.71% −0.07
RJF Raymond James Financial Inc. Reduce -2.9% 0.84% −0.06
SJM The JM Smucker Co. Reduce -65.0% 0.03% −0.06
SNEX Stonex Group Inc. Reduce -0.7% 1.51% −0.06
TREE Lendingtree Inc. Sold out 0.00% −0.04
FAF First American Financial Reduce -0.3% 1.59% −0.03
PFE Pfizer Inc. Reduce -13.4% 0.21% −0.03
EXR Extra Space Storage Inc. Sold out 0.00% −0.03
TTE Totalenergies SE -Spon ADR Sold out 0.00% −0.03
CPB The Campbell's Company Reduce -2.5% 0.18% −0.02
SHEL Shell PLC-ADR Sold out 0.00% −0.02
NSA National Storage Affiliates Reduce -98.8% 0.00% −0.02
KHC The Kraft Heinz Co. Sold out 0.00% −0.02
IBIT iShares Bitcoin Trust ETF Sold out 0.00% −0.02
CUBE Cubesmart Reduce -94.8% 0.00% −0.02
UNH Unitedhealth Group Inc. Sold out 0.00% −0.02
CTOS Custom Truck One Source Inc. Reduce -0.8% 0.18% −0.02
NTR Nutrien Ltd. Reduce -18.1% 0.12% −0.02
TGT Target Corp. Reduce -14.8% 0.24% −0.01
VUG Vanguard Mrngstar GR ETF-Sui Reduce -14.1% 0.09% −0.01
PLTR Palantir Technologies Inc. Class A Reduce -1.3% 0.77% −0.01
SO The Southern Co. Reduce -6.2% 0.06% −0.01
RKT Rocket Cos Inc. Class A Sold out 0.00% −0.00
VTI VG Morningstar TS MKT ETF-US Reduce -10.1% 0.05% −0.00
CTRA Coterra Energy Inc. Sold out 0.00% −0.00
IWM iShares Russell 2000 ETF Reduce -7.6% 0.06% −0.00
CIBR First Trust Nasdaq Cybersecu Reduce -1.1% 0.02% −0.00
TNA Dir Dai SML Ca Bul 3X Et-Usd Reduce -6.0% 0.02% −0.00
FE Firstenergy Corp. Reduce -0.3% 0.13% +0.00
XLK SS Technology Select Sector Reduce -4.3% 0.02% +0.00
XLF SS Financial Select Sector Reduce -2.6% 0.04% +0.00
V Visa Inc. Class A Reduce -1.5% 0.02% +0.00
IJR iShares Core S&P Small-Cap E Reduce -2.0% 0.06% +0.00
VCIT Vanguard Int-Term Corporate Reduce -0.2% 0.05% +0.00
VOO Vanguard S&P 500 ETF Reduce -2.8% 0.06% +0.00
CVX Chevron Corp. Reduce -0.1% 0.23% +0.00
XLE SS Energy Select Sector Reduce -1.4% 0.16% +0.00
NVDA Nvidia Corp. Reduce -0.2% 0.12% +0.00
DON Wisdomtree US Midcap Dividen Reduce -0.6% 0.42% +0.00

Portfolio Buys Q3 2025 → Q4 2025
MATW Matthews Intl Corp. Class A Add +201.1% 2.53% +1.77
ASUR Asure Software Inc. Add +0.7% 3.62% +0.58
HTB Hometrust Bancshares Inc. Add +55.7% 1.01% +0.41
ACNB Acnb Corp. Add +7.3% 1.70% +0.30
AIOT Powerfleet Inc. Add +3.1% 3.84% +0.27
IWGFF International Workplace Grou Add +2.3% 2.36% +0.24
AAPL Apple Inc. Add +38.3% 0.61% +0.21
JPM JPMorgan Chase & Co. Add +0.4% 3.43% +0.18
KLAC KLA Corp. New 0.15% +0.15
CLX Clorox Company Add +184.4% 0.17% +0.10
PYPL PayPal Holdings Inc. Add +78.5% 0.25% +0.09
PERI Perion Network Ltd. Add +0.0% 3.42% +0.09
AMZN Amazon.com Inc. Add +21.8% 0.35% +0.08
CC The Chemours Co. Add +107.0% 0.22% +0.08
JNJ Johnson & Johnson Add +297.8% 0.10% +0.08
PSA Public Storage Add +200.0% 0.11% +0.07
NTRS Northern Trust Corp. New 0.07% +0.07
KKR KKR & Co. Inc. Add +1.0% 3.84% +0.07
CAT Caterpillar Inc. New 0.07% +0.07
PAYX Paychex Inc. Add +197.6% 0.11% +0.07
MSFT Microsoft Corp. Add +20.9% 0.48% +0.07
TAP Molson Coors Beverage Co. Class B Add +58.2% 0.16% +0.07
KDP Keurig Dr Pepper Inc. Add +24.2% 0.21% +0.06
CEFS Saba Opport Hedg Cef ETF-Usd Add +11.3% 0.43% +0.06
PGR Progressive Corp. New 0.05% +0.05
TSCO Tractor Supply Company Add +71.7% 0.15% +0.05
MCK McKesson Corp. New 0.05% +0.05
CSCO Cisco Systems Inc. New 0.05% +0.05
LIN Linde PLC New 0.05% +0.05
CF CF Industries Holdings Inc. Add +62.3% 0.14% +0.04
ADP Automatic Data Processing New 0.04% +0.04
TXN Texas Instruments Inc. New 0.04% +0.04
PEP Pepsico Inc. Add +80.7% 0.09% +0.04
NFG National Fuel Gas Co. New 0.04% +0.04
MCD McDonald's Corp. New 0.04% +0.04
LOW Lowe's Cos Inc. New 0.04% +0.04
TT Trane Technologies PLC New 0.04% +0.04
CB Chubb Ltd. New 0.04% +0.04
WMT Walmart Inc. Add +46.9% 0.09% +0.03
ABT Abbott Laboratories New 0.03% +0.03
TJX TJX Companies Inc. New 0.03% +0.03
TRV The Travelers Cos Inc. New 0.03% +0.03
LLY Eli Lilly & Co. New 0.03% +0.03
NEE Nextera Energy Inc. New 0.03% +0.03
BIL SS SPDR BB 1-3M T-Bill ETF New 0.03% +0.03
SPY SS SPDR S&P 500 ETF Trust-US Add +0.2% 0.62% +0.03
XOM Exxon Mobil Corp. Add +53.1% 0.07% +0.03
MAR Marriott International Class A New 0.03% +0.03
ACN Accenture PLC Class A Add +88.3% 0.05% +0.03
NKE Nike Inc. Class B New 0.02% +0.02

Options Activity Q3 2025 → Q4 2025
PFE Pfizer Inc. call Add +39.6% 335,000 $8.3M
STZ Constellation Brands Inc. Class A call Sold out 50,000 $6.7Mbefore exit
PYPL PayPal Holdings Inc. call Add +70.8% 111,000 $6.5M
GOOGL Alphabet Inc. Class A put New 18,500 $5.8M
KDP Keurig Dr Pepper Inc. call Sold out 150,000 $3.8Mbefore exit
CUBE Cubesmart call New 90,000 $3.2M
TAP Molson Coors Beverage Co. Class B call Sold out 70,000 $3.2Mbefore exit
CTRA Coterra Energy Inc. call Sold out 120,000 $2.8Mbefore exit
TGT Target Corp. call Add +30.8% 25,500 $2.5M
HROW Harrow Inc. call Add +84.4% 41,500 $2.0M
PAYX Paychex Inc. call New 15,000 $1.7M
TQQQ Proshares Ultrapro QQQ put New 28,000 $1.5M
CC The Chemours Co. call Add +75.6% 108,000 $1.3M
FMC FMC Corp. call New 85,000 $1.2M
BF.B Brown-Forman Corp. Class B call Sold out 43,000 $1.2Mbefore exit
CLX Clorox Company put New 10,500 $1.1M
PSA Public Storage call New 4,000 $1.0M
HP Helmerich & Payne call Sold out 45,000 $994Kbefore exit
PFE Pfizer Inc. put Sold out 35,500 $905Kbefore exit
TTE Totalenergies SE -Spon ADR call Sold out 15,000 $895Kbefore exit
NSA National Storage Affiliates call New 30,000 $846K
BTU Peabody Energy Corp. call Reduce -77.1% 15,500 $460K
TROX Tronox Holdings PLC call Sold out 60,000 $241Kbefore exit
RKT Rocket Cos Inc. Class A call Sold out 7,500 $145Kbefore exit
WEST Westrock Coffee Co. call Sold out 15,000 $73Kbefore 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
HIGHLAND OPP & INC FUND (HFRO 5.375 PERP A) PFD Add +13.4% 120,000 $1.9M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 175$1.1BQNST, HROW, TH, LGND, PERI
Q1 2026 173$979.0MHROW, QNST, PERI, TH, KKR
Q4 2025 164$1.1BHROW, QNST, KKR, AIOT, LGND
Q3 2025 147$1.1BHROW, QNST, BBSI, KKR, LGND
Q2 2025 137$985.6MQNST, HROW, BBSI, LNTH, BGC
Q1 2025 130$894.0MQNST, LNTH, HROW, BBSI, AIOT
Q4 2024 125$937.3MQNST, HROW, BBSI, TH, AIOT
Q3 2024 122$912.9MHROW, QNST, LNTH, KKR, BBSI
Q2 2024 128$843.2MQNST, HROW, TH, KKR, LNTH
Q1 2024 126$885.4MQNST, TH, KKR, BBSI, HROW