Punch & Associates Investment Management, Inc.

Name: PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. 13F holdings, Q2 2024
Creator: PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.
Published: 2024-08-14

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

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Punch & Associates Investment Management, Inc. reported 170 stock positions worth $1.7 billion. Its top holding was Stonex (SNEX) at 3.6% of the portfolio, followed by Radnet (RDNT, 2.6%) and Global Ship Lease Class A (GSL, 2.4%). Compared with Q1 2024, it opened 5 new positions, sold out of 6, added to 99 and reduced 50. The biggest buy was a new position in Neogen (NEOG) and the biggest sale Bluelinx (BXC, shares −1%).

Most Recent 13F: Q2 2026
Location: EDINA, MN
CIK: 0001238990
Portfolio Value: $1.7B (Q2 2024)
SEC Filing: 0001398344-24-014600 ↗ filed Aug 14, 2024

Holdings Value

Holdings 170 stocks · $1.7B


SNEX Stonex Group Inc.	3.59%	808,541	$60.9M	Reduce -2.7%
RDNT Radnet Inc.	2.58%	741,302	$43.7M	Reduce -13.5%
GSL Global Ship Lease Inc. Class A	2.35%	1,386,483	$39.9M	Reduce -26.4%
BXC Bluelinx Holdings Inc.	2.14%	389,155	$36.2M	Reduce -0.5%
ACA Arcosa Inc.	1.74%	354,324	$29.6M	Add +0.4%
PDX PIMCO Dynamic Income Strat	1.74%	1,324,619	$29.5M	Add +3.0%
VRRM Verra Mobility Corp.	1.73%	1,078,669	$29.3M	Add +0.4%
SFM Sprouts Farmers Market Inc.	1.60%	324,823	$27.2M	Reduce -22.5%
EFC Ellington Financial Inc.	1.56%	2,183,965	$26.4M	Add +11.5%
GRBK Green Brick Partners Inc.	1.52%	449,905	$25.8M	Add +0.6%
WTTR Select Water Solutions Inc.	1.47%	2,328,287	$24.9M	Reduce -0.0%
HSTM Healthstream Inc.	1.40%	852,365	$23.8M	Reduce -1.9%
FC Franklin Covey Co.	1.39%	619,696	$23.5M	Add +1.4%
PARR Par Pacific Holdings Inc.	1.34%	899,692	$22.7M	Reduce -2.9%
GOOGL Alphabet Inc. Class A	1.32%	122,713	$22.4M	Add +1.5%
CALY Callaway Golf Company filed as TOPGOLF CALLAWAY BRANDS CORP	1.24%	1,377,641	$21.1M	Add +0.5%
VTS Vitesse Energy Inc.	1.23%	883,152	$20.9M	Add +20.9%
CDMO Avid Bioservices Inc.	1.23%	2,917,040	$20.8M	Add +51.0%
UTI Universal Technical Institut	1.10%	1,183,960	$18.6M	Add +0.7%
TDW Tidewater Inc.	1.08%	192,559	$18.3M	Add +0.9%
ATEN A10 Networks Inc.	1.05%	1,286,721	$17.8M	Add +9.1%
CSWC Capital Southwest Corp.	1.03%	669,838	$17.5M	Add +0.1%
KKR KKR & Co. Inc.	1.03%	166,057	$17.5M	Reduce -14.0%
BRK.B Berkshire Hathaway Inc. Class B	1.00%	41,812	$17.0M	Add +0.5%
CSW CSW Industrials Inc.	0.96%	61,508	$16.3M	Reduce 0.0%
CIVI Civitas Resources Inc.	0.95%	234,244	$16.2M	Add +0.9%
FISV Fiserv Inc.	0.95%	108,173	$16.1M	Add +1.2%
MSFT Microsoft Corp.	0.95%	35,947	$16.1M	Reduce -14.6%
BLDR Builders Firstsource Inc.	0.94%	115,160	$15.9M	Add +12.2%
AVNW Aviat Networks Inc.	0.93%	550,539	$15.8M	Add +0.6%
PLOW Douglas Dynamics Inc.	0.93%	671,999	$15.7M	Add +0.2%
AMP Ameriprise Financial Inc.	0.89%	35,402	$15.1M	Add +1.1%
ORCL Oracle Corp.	0.89%	106,606	$15.1M	Add +0.5%
HLMN Hillman Solutions Corp.	0.88%	1,694,055	$15.0M	Reduce -0.1%
CMCO Columbus McKinnon Corp.	0.86%	421,069	$14.5M	Add +0.7%
JPM JPMorgan Chase & Co.	0.85%	71,556	$14.5M	Add +0.3%
BV Brightview Holdings Inc.	0.84%	1,069,748	$14.2M	Add +0.2%
CVCO Cavco Industries Inc.	0.84%	40,966	$14.2M	Add +51.8%
LEGH Legacy Housing Corp.	0.83%	613,008	$14.1M	Add +1.7%
ESGR Enstar Group Ltd.	0.82%	45,610	$13.9M	Reduce -0.1%
ADUS Addus Homecare Corp.	0.82%	119,182	$13.8M	Reduce -8.2%
CLMB Climb Global Solutions Inc.	0.81%	218,312	$13.7M	Add +34.5%
BG Bunge Global SA	0.77%	122,277	$13.1M	Add +1.9%
LAUR Laureate Education Inc.	0.77%	870,696	$13.0M	Add +34.3%
AGYS Agilysys Inc.	0.76%	123,530	$12.9M	No change
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.75%	127,483	$12.7M	Add +1.2%
ELV Elevance Health Inc.	0.73%	22,841	$12.4M	Add +0.4%
BBDC Barings BDC Inc.	0.72%	1,261,863	$12.3M	Add +0.1%
TMO Thermo Fisher Scientific Inc.	0.71%	21,905	$12.1M	Add +1.7%
ALG Alamo Group Inc.	0.71%	69,591	$12.0M	Add +0.3%
TRNS Transcat Inc.	0.69%	98,030	$11.7M	Reduce -3.8%
RILY BRC Group Holdings Inc. filed as B. RILEY FINANCIAL INC	0.69%	660,920	$11.7M	Add +10.4%
RSG Republic Services Inc.	0.69%	59,796	$11.6M	Add +0.8%
TTGT Techtarget Holdings Inc.	0.67%	361,695	$11.3M	Add +0.8%
RPRX Royalty Pharma PLC Class A	0.66%	424,541	$11.2M	Add +15.1%
ARHS Arhaus Inc.	0.66%	657,155	$11.1M	Add +0.1%
WM Waste Management Inc.	0.66%	52,090	$11.1M	Add +0.3%
EQC Equity Commonwealth	0.65%	569,647	$11.1M	Add +28.1%
LINC Lincoln Educational Services	0.65%	924,526	$11.0M	Add +10.1%
KMI Kinder Morgan Inc.	0.64%	544,000	$10.8M	Add +0.5%
SKY Champion Homes Inc. filed as SKYLINE CHAMPION CORPORATION	0.64%	158,997	$10.8M	Add +56.9%
CBH Virtus Convertible & Income	0.63%	1,188,298	$10.7M	Reduce -0.4%
UFPT Ufp Technologies Inc.	0.62%	40,100	$10.6M	Reduce -8.9%
DSGR Distribution Solutions Group	0.61%	346,358	$10.4M	Reduce -0.4%
HYI Western Asset High Yield Opp	0.61%	892,164	$10.3M	Add +1.1%
RMT Royce Micro-Cap Trust Inc.	0.60%	1,102,614	$10.1M	Add +4.3%
DEA Easterly Govt Pptys Inc.	0.60%	816,207	$10.1M	Add +2.2%
CVEO Civeo Corp.	0.59%	404,030	$10.1M	Add +2.8%
PBPB Potbelly Corp.	0.59%	1,243,130	$10.0M	Add +0.6%
ACN Accenture PLC Class A	0.59%	32,882	$10.0M	No change
GDO Western Ast GLB Corp. Opprnty	0.59%	814,268	$9.9M	Add +1.6%
EOG EOG Resources Inc.	0.57%	77,263	$9.7M	Add +0.6%
UHAL.B U-Haul Holding Co.-Non Voting	0.57%	160,076	$9.6M	Add +1.2%
LQDT Liquidity Services Inc.	0.55%	467,524	$9.3M	Add +5.5%
BRSP Brightspire Capital Inc.	0.55%	1,631,030	$9.3M	Add +214.8%
NEOG Neogen Corp.	0.54%	583,193	$9.1M	New
DHIL Diamond Hill Investment Grp	0.53%	63,984	$9.0M	Add +20.0%
HCKT The Hackett Group Inc.	0.53%	413,939	$9.0M	Reduce -0.1%
PHX PHX Minerals Inc.	0.52%	2,727,230	$8.9M	No change
GLRE Greenlight Capital Re Ltd. Class A	0.52%	675,780	$8.9M	No change
XJPIX Nuveen Preferred Securities	0.52%	450,411	$8.8M	Add +2.9%
MTCH Match Group Inc.	0.52%	287,533	$8.7M	Reduce -8.2%
CARR Carrier Global Corp.	0.52%	138,469	$8.7M	Add +0.5%
FTHY First Trust Hi YLD Opp 2027	0.51%	607,187	$8.7M	Add +25.0%
TGT Target Corp.	0.51%	58,038	$8.6M	Add +0.7%
DE Deere & Co.	0.50%	22,745	$8.5M	Add +0.4%
RTO Rentokil Initial PLC-SP ADR	0.50%	286,545	$8.5M	New
PHLT Performant Healthcare Inc.	0.49%	2,885,200	$8.4M	No change
SHOO Steven Madden Ltd. filed as MADDEN STEVEN LTD	0.49%	196,583	$8.3M	Add +0.0%
AMLP Alerian MLP ETF	0.49%	173,013	$8.3M	Reduce -12.7%
BC Brunswick Corp.	0.49%	113,436	$8.3M	Add +0.5%
OCSL Oaktree Specialty Lending Co.	0.49%	437,698	$8.2M	Reduce -37.4%
BXSL Blackstone Secured Lending F	0.48%	267,937	$8.2M	Reduce -5.2%
JNJ Johnson & Johnson	0.47%	54,967	$8.0M	Add +0.8%
MDXG Mimedx Group Inc.	0.47%	1,149,094	$8.0M	Add +84.1%
HBIO Harvard Bioscience Inc.	0.47%	2,772,339	$7.9M	No change
KW Kennedy-Wilson Holdings Inc.	0.46%	800,320	$7.8M	Add +47.3%
THRM Gentherm Inc.	0.45%	154,782	$7.6M	Reduce -0.3%
ALOT Astronova Inc.	0.45%	488,531	$7.5M	No change
GRSD Grandstand Ltd. filed as GAMBLING COM GROUP LIMITED	0.44%	913,095	$7.5M	Add +8.4%
T AT&T Inc.	0.44%	391,668	$7.5M	Add +3.6%
CLFD Clearfield Inc.	0.44%	191,480	$7.4M	Add +335.2%
SSNC Ss&c Technologies Holdings	0.43%	117,307	$7.4M	Add +0.4%
BWB Bridgewater Bancshares Inc.	0.42%	615,000	$7.1M	Add +5.7%
ALNT Allient Inc.	0.42%	280,967	$7.1M	Add +6.0%
SAMG Silvercrest Asset Manageme-A	0.42%	451,955	$7.0M	Add +0.8%
DGII Digi International Inc.	0.41%	305,860	$7.0M	Reduce -31.3%
AGNC AGNC Investment Corp.	0.41%	728,425	$6.9M	Add +1.5%
NVEC Nve Corp.	0.40%	91,100	$6.8M	No change
INFU Infusystem Holdings Inc.	0.39%	959,656	$6.6M	No change
HGBL Heritage Global Inc.	0.37%	2,535,292	$6.2M	No change
DLHC DLH Holdings Corp. filed as DLH HLDGS CORP	0.36%	574,100	$6.1M	No change
ALTG Alta Equipment Group Inc.	0.35%	728,100	$5.9M	Reduce -10.4%
MYFW First Western Financial Inc.	0.34%	338,837	$5.8M	Reduce -2.3%
ETSY Etsy Inc.	0.33%	95,089	$5.6M	Add +1.2%
BCE Bce Inc.	0.32%	166,338	$5.4M	Add +8.2%
TTSH Tile Shop Hldgs Inc.	0.31%	762,400	$5.3M	Reduce -1.3%
ELMD Electromed Inc.	0.31%	349,442	$5.3M	Reduce -6.6%
VMD Viemed Healthcare Inc.	0.31%	796,025	$5.2M	Add +6.8%
DCGO Docgo Inc.	0.30%	1,657,937	$5.1M	Add +0.0%
LRFC Logan Ridge Finance Corp.	0.30%	223,493	$5.0M	Add +3.9%
CVS CVS Health Corp.	0.28%	81,316	$4.8M	Add +0.1%
BCIC BCP Investment Corp. filed as PORTMAN RIDGE FIN CORP	0.26%	225,220	$4.4M	Add +114.0%
DHX Dhi Group Inc.	0.25%	2,065,173	$4.3M	Add +5.9%
ALEX Alexander & Baldwin Inc.	0.25%	248,592	$4.2M	Add +5.0%
NTIC Northern Technologies Intl	0.25%	252,034	$4.2M	Reduce -48.7%
XPEL Xpel Inc.	0.21%	100,230	$3.6M	Reduce -15.1%
LADR Ladder Capital Corp.-REIT	0.21%	315,585	$3.6M	New
DSP Viant Technology Inc. Class A	0.21%	360,000	$3.6M	New
RFIL RF Industries Ltd. filed as RF INDS LTD	0.21%	998,404	$3.5M	Add +0.4%
LUMENT FINANCE TRUST INC	0.20%	1,447,062	$3.5M	Add +6.4%
QRHC Quest Resource Holding Corp.	0.18%	342,450	$3.0M	Reduce -5.0%
OPXS Optex Systems Holdings Inc.	0.17%	409,768	$3.0M	Reduce -1.4%
QIPT Quipt Home Medical Corp.	0.16%	861,900	$2.8M	Add +6.2%
TURN 180 Degree Capital Corp.	0.16%	715,981	$2.7M	Reduce -2.5%
FLXS Flexsteel Inds	0.16%	86,000	$2.7M	Add +7.5%
CCB Coastal Financial Corp.	0.15%	56,700	$2.6M	No change
TAYD Taylor Devices Inc.	0.14%	51,270	$2.3M	Reduce -1.3%
EPSN Epsilon Energy Ltd.	0.11%	329,255	$1.8M	Reduce -0.0%
IVE iShares S&P 500 Value ETF	0.10%	9,005	$1.6M	Reduce -33.8%
GHM Graham Corp.	0.10%	57,501	$1.6M	Add +10.6%
KRT Karat Packaging Inc.	0.09%	53,500	$1.6M	Reduce -3.4%
PLBC Plumas Bancorp	0.09%	43,940	$1.6M	No change
IVW iShares S&P 500 Growth ETF	0.09%	17,082	$1.6M	Reduce -34.1%
RSSS Research Solutions Inc.	0.09%	613,500	$1.6M	Add +35.9%
PDEX Pro-Dex Inc.	0.09%	75,500	$1.5M	No change
CTAS Cintas Corp.	0.09%	2,060	$1.4M	Reduce -85.4%
STEW SRH Total Return Fund Inc.	0.07%	75,839	$1.1M	Reduce -33.1%
LUNA Luna Innovations Inc.	0.06%	315,000	$1.0M	Reduce -74.2%
IVAC Intevac Inc.	0.05%	228,000	$880K	Add +20.0%
MAMA Mama's Creations Inc.	0.05%	129,325	$872K	Add +29.3%
UHAL U-Haul Holding Co.	0.05%	13,948	$861K	Reduce -0.8%
IWV iShares Russell 3000 ETF	0.05%	2,674	$825K	Add +20.4%
IEMG iShares Core MSCI Emerging	0.05%	14,641	$784K	Reduce -33.7%
IA Innovative Solutions & Supp	0.04%	125,000	$750K	Add +38.1%
RVT Royce Small-Cap Trust Inc.	0.04%	48,680	$704K	Reduce -29.5%
ACCS Access Newswire Inc. filed as ISSUER DIRECT CORP	0.04%	88,000	$690K	No change
IEUR iShares Core MSCI Europe ETF	0.04%	12,033	$685K	Reduce -33.6%
NBN Northeast Bank	0.03%	9,050	$551K	New
IJS iShares S&P Small-Cap 600 Va	0.03%	4,948	$481K	Reduce -36.4%
EPM Evolution Petroleum Corp.	0.02%	73,062	$385K	Reduce -84.1%
VOO Vanguard S&P 500 ETF	0.02%	728	$364K	Add +1155.2%
BANX Arrowmark Financial Corp.	0.02%	15,815	$292K	Reduce -70.7%
VBR Vngrd Mrngst SL-CP Val ETF-U	0.01%	1,285	$235K	Reduce -14.5%
VTI VG Morningstar TS MKT ETF-US	0.00%	273	$73K	Add +6.6%
AGG iShares Core U.S. Aggregate	0.00%	605	$59K	Add +101.7%
IWM iShares Russell 2000 ETF	0.00%	143	$29K	Add +2.1%
IVV iShares Core S&P 500 ETF	0.00%	23	$13K	No change
IJR iShares Core S&P Small-Cap E	0.00%	98	$10K	Add +1.0%
LQD Ishr Ibx Usd Invgd CB ETF-Ui	0.00%	37	$4K	Add +2.8%

Options reported separately and not counted above: WAYFAIR INC (W 0.625 10/01/25) puts ($5.2M), TELADOC HEALTH INC (TDOC 1.25 06/01/27) puts ($4.1M), LENDINGTREE INC (TREE 0.5 07/15/25) puts ($3.2M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $1.9M (not counted above)

Security	Class	Shares / Principal	Value	Change
EQUITY COMMONWEALTH (EQC 6.5 PERP D)	6.5% CNV PFD D	74,795	$1.9M	Add +2.2%

Lines left out (1) · $9 — a value with no share or principal amount

Security	Class	Shares	Value
VNQ Vanguard Real Estate ETF	REAL ESTATE ETF	0	$9

Filed with a value but no share or principal amount (a cash line, a holding rounded to 0 shares), so they are kept out of the holdings, totals and percentages.

Total filed on the 13F, all lines: $1.7B.

Portfolio Sells Q1 2024 → Q2 2024


BXC Bluelinx Holdings Inc.	Reduce -0.5%	2.14%	−0.79
PARR Par Pacific Holdings Inc.	Reduce -2.9%	1.34%	−0.63
CTAS Cintas Corp.	Reduce -85.4%	0.09%	−0.47
MODN Model N Inc.	Sold out	0.00%	−0.45
DGII Digi International Inc.	Reduce -31.3%	0.41%	−0.40
CION Cion Investment Corp.	Sold out	0.00%	−0.35
WMB Williams Cos Inc.	Sold out	0.00%	−0.32
OCSL Oaktree Specialty Lending Co.	Reduce -37.4%	0.49%	−0.30
ALTG Alta Equipment Group Inc.	Reduce -10.4%	0.35%	−0.26
LUNA Luna Innovations Inc.	Reduce -74.2%	0.06%	−0.17
XPEL Xpel Inc.	Reduce -15.1%	0.21%	−0.16
HLMN Hillman Solutions Corp.	Reduce -0.1%	0.88%	−0.15
EPM Evolution Petroleum Corp.	Reduce -84.1%	0.02%	−0.14
MTCH Match Group Inc.	Reduce -8.2%	0.52%	−0.14
NTIC Northern Technologies Intl	Reduce -48.7%	0.25%	−0.13
DSGR Distribution Solutions Group	Reduce -0.4%	0.61%	−0.10
KKR KKR & Co. Inc.	Reduce -14.0%	1.03%	−0.08
MSFT Microsoft Corp.	Reduce -14.6%	0.95%	−0.07
THRM Gentherm Inc.	Reduce -0.3%	0.45%	−0.06
AMLP Alerian MLP ETF	Reduce -12.7%	0.49%	−0.05
IVE iShares S&P 500 Value ETF	Reduce -33.8%	0.10%	−0.05
HCKT The Hackett Group Inc.	Reduce -0.1%	0.53%	−0.05
BANX Arrowmark Financial Corp.	Reduce -70.7%	0.02%	−0.04
ELMD Electromed Inc.	Reduce -6.6%	0.31%	−0.04
STEW SRH Total Return Fund Inc.	Reduce -33.1%	0.07%	−0.03
IVW iShares S&P 500 Growth ETF	Reduce -34.1%	0.09%	−0.03
NDLS Noodles & Co.	Sold out	0.00%	−0.03
ACR Acres Commercial Realty Corp.	Sold out	0.00%	−0.03
BXSL Blackstone Secured Lending F	Reduce -5.2%	0.48%	−0.02
TURN 180 Degree Capital Corp.	Reduce -2.5%	0.16%	−0.02
IEUR iShares Core MSCI Europe ETF	Reduce -33.6%	0.04%	−0.02
IEMG iShares Core MSCI Emerging	Reduce -33.7%	0.05%	−0.02
RVT Royce Small-Cap Trust Inc.	Reduce -29.5%	0.04%	−0.02
IJS iShares S&P Small-Cap 600 Va	Reduce -36.4%	0.03%	−0.02
UFPT Ufp Technologies Inc.	Reduce -8.9%	0.62%	−0.01
TAYD Taylor Devices Inc.	Reduce -1.3%	0.14%	−0.01
NVR NVR Inc.	Sold out	0.00%	−0.01
OPXS Optex Systems Holdings Inc.	Reduce -1.4%	0.17%	−0.01
UHAL U-Haul Holding Co.	Reduce -0.8%	0.05%	−0.00
VBR Vngrd Mrngst SL-CP Val ETF-U	Reduce -14.5%	0.01%	−0.00
TTSH Tile Shop Hldgs Inc.	Reduce -1.3%	0.31%	+0.00
QRHC Quest Resource Holding Corp.	Reduce -5.0%	0.18%	+0.00
EPSN Epsilon Energy Ltd.	Reduce -0.0%	0.11%	+0.00
KRT Karat Packaging Inc.	Reduce -3.4%	0.09%	+0.00
ESGR Enstar Group Ltd.	Reduce -0.1%	0.82%	+0.01
CBH Virtus Convertible & Income	Reduce -0.4%	0.63%	+0.03
TRNS Transcat Inc.	Reduce -3.8%	0.69%	+0.04
ADUS Addus Homecare Corp.	Reduce -8.2%	0.82%	+0.05
MYFW First Western Financial Inc.	Reduce -2.3%	0.34%	+0.05
SFM Sprouts Farmers Market Inc.	Reduce -22.5%	1.60%	+0.05

Portfolio Buys Q1 2024 → Q2 2024


NEOG Neogen Corp.	New	0.54%	+0.54
RTO Rentokil Initial PLC-SP ADR	New	0.50%	+0.50
CDMO Avid Bioservices Inc.	Add +51.0%	1.23%	+0.49
CLFD Clearfield Inc.	Add +335.2%	0.44%	+0.36
BRSP Brightspire Capital Inc.	Add +214.8%	0.55%	+0.34
GOOGL Alphabet Inc. Class A	Add +1.5%	1.32%	+0.27
VTS Vitesse Energy Inc.	Add +20.9%	1.23%	+0.24
EFC Ellington Financial Inc.	Add +11.5%	1.56%	+0.23
LAUR Laureate Education Inc.	Add +34.3%	0.77%	+0.23
CVCO Cavco Industries Inc.	Add +51.8%	0.84%	+0.22
LADR Ladder Capital Corp.-REIT	New	0.21%	+0.21
DSP Viant Technology Inc. Class A	New	0.21%	+0.21
MDXG Mimedx Group Inc.	Add +84.1%	0.47%	+0.19
KW Kennedy-Wilson Holdings Inc.	Add +47.3%	0.46%	+0.19
VRRM Verra Mobility Corp.	Add +0.4%	1.73%	+0.19
PDX PIMCO Dynamic Income Strat	Add +3.0%	1.74%	+0.18
EQC Equity Commonwealth	Add +28.1%	0.65%	+0.17
LINC Lincoln Educational Services	Add +10.1%	0.65%	+0.15
CLMB Climb Global Solutions Inc.	Add +34.5%	0.81%	+0.15
BCIC BCP Investment Corp.	Add +114.0%	0.26%	+0.15
SKY Champion Homes Inc.	Add +56.9%	0.64%	+0.14
ATEN A10 Networks Inc.	Add +9.1%	1.05%	+0.12
ORCL Oracle Corp.	Add +0.5%	0.89%	+0.12
BV Brightview Holdings Inc.	Add +0.2%	0.84%	+0.11
FTHY First Trust Hi YLD Opp 2027	Add +25.0%	0.51%	+0.11
LEGH Legacy Housing Corp.	Add +1.7%	0.83%	+0.09
LQDT Liquidity Services Inc.	Add +5.5%	0.55%	+0.08
ARHS Arhaus Inc.	Add +0.1%	0.66%	+0.08
TDW Tidewater Inc.	Add +0.9%	1.08%	+0.07
CSWC Capital Southwest Corp.	Add +0.1%	1.03%	+0.07
DEA Easterly Govt Pptys Inc.	Add +2.2%	0.60%	+0.07
KMI Kinder Morgan Inc.	Add +0.5%	0.64%	+0.07
BG Bunge Global SA	Add +1.9%	0.77%	+0.06
T AT&T Inc.	Add +3.6%	0.44%	+0.06
DHIL Diamond Hill Investment Grp	Add +20.0%	0.53%	+0.06
CARR Carrier Global Corp.	Add +0.5%	0.52%	+0.06
ELV Elevance Health Inc.	Add +0.4%	0.73%	+0.05
BBDC Barings BDC Inc.	Add +0.1%	0.72%	+0.05
RSG Republic Services Inc.	Add +0.8%	0.69%	+0.03
XJPIX Nuveen Preferred Securities	Add +2.9%	0.52%	+0.03
JPM JPMorgan Chase & Co.	Add +0.3%	0.85%	+0.03
BWB Bridgewater Bancshares Inc.	Add +5.7%	0.42%	+0.03
NBN Northeast Bank	New	0.03%	+0.03
RFIL RF Industries Ltd.	Add +0.4%	0.21%	+0.03
ALEX Alexander & Baldwin Inc.	Add +5.0%	0.25%	+0.03
RMT Royce Micro-Cap Trust Inc.	Add +4.3%	0.60%	+0.02
UTI Universal Technical Institut	Add +0.7%	1.10%	+0.02
MAMA Mama's Creations Inc.	Add +29.3%	0.05%	+0.02
WM Waste Management Inc.	Add +0.3%	0.66%	+0.02
VOO Vanguard S&P 500 ETF	Add +1155.2%	0.02%	+0.02

Options Activity Q1 2024 → Q2 2024


WAYFAIR INC (W 0.625 10/01/25)	put	New	5,585,000	$5.2M
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	put	New	4,980,000	$4.1M
LENDINGTREE INC (TREE 0.5 07/15/25)	put	New	3,470,000	$3.2M

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q1 2024 → Q2 2024


WAYFAIR INC (W 0.625 10/01/25)	NOTE 0.625%10/0 · principal	Sold out	5,480,000	$5.1Mbefore exit
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	NOTE 1.250% 6/0 · principal	Sold out	4,695,000	$4.0Mbefore exit
LENDINGTREE INC (TREE 0.5 07/15/25)	NOTE 0.500% 7/1 · principal	Sold out	3,600,000	$3.3Mbefore exit
EQUITY COMMONWEALTH (EQC 6.5 PERP D)	6.5% CNV PFD D	Add +2.2%	74,795	$1.9M

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	160	$2.0B	SNEX, ACA, UTI, LAUR, ATEN
Q1 2026	158	$1.7B	SNEX, LAUR, UTI, ACA, ATEN
Q4 2025	152	$1.7B	SNEX, RDNT, LAUR, GOOGL, ACA
Q3 2025	156	$1.7B	SNEX, RDNT, LAUR, UTI, ACA
Q2 2025	157	$1.6B	SNEX, RDNT, LAUR, UTI, GSL
Q1 2025	159	$1.5B	SNEX, RDNT, PDX, LAUR, SFM
Q4 2024	163	$1.8B	SNEX, RDNT, UTI, BXC, SFM
Q3 2024	164	$1.8B	SNEX, RDNT, BXC, GSL, SFM
Q2 2024	170	$1.7B	SNEX, RDNT, GSL, BXC, ACA
Q1 2024	171	$1.7B	SNEX, BXC, RDNT, GSL, PARR