Punch & Associates Investment Management, Inc.

Name: PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. 13F holdings, Q3 2024
Creator: PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.
Published: 2024-11-14

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

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 14, 2024), Punch & Associates Investment Management, Inc. reported 164 stock positions worth $1.8 billion. Its top holding was Stonex (SNEX) at 3.7% of the portfolio, followed by Radnet (RDNT, 2.6%) and Bluelinx (BXC, 2.2%). Compared with Q2 2024, it opened 10 new positions, sold out of 16, added to 71 and reduced 68. The biggest buy was a new position in Sila Realty Trust (SILA) and the biggest sale an exit from BRC (RILY).

Most Recent 13F: Q2 2026
Location: EDINA, MN
CIK: 0001238990
Portfolio Value: $1.8B (Q3 2024)
SEC Filing: 0001398344-24-020792 ↗ filed Nov 14, 2024

Holdings Value

Holdings 164 stocks · $1.8B


SNEX Stonex Group Inc.	3.71%	815,611	$66.8M	Add +0.9%
RDNT Radnet Inc.	2.61%	677,430	$47.0M	Reduce -8.6%
BXC Bluelinx Holdings Inc.	2.21%	377,253	$39.8M	Reduce -3.1%
GSL Global Ship Lease Inc. Class A	2.02%	1,363,704	$36.3M	Reduce -1.6%
SFM Sprouts Farmers Market Inc.	2.01%	326,534	$36.1M	Add +0.5%
ACA Arcosa Inc.	1.89%	359,335	$34.1M	Add +1.4%
CDMO Avid Bioservices Inc.	1.86%	2,933,533	$33.4M	Add +0.6%
GRBK Green Brick Partners Inc.	1.79%	385,817	$32.2M	Reduce -14.2%
PDX PIMCO Dynamic Income Strat	1.76%	1,339,669	$31.6M	Add +1.1%
VRRM Verra Mobility Corp.	1.69%	1,092,089	$30.4M	Add +1.2%
EFC Ellington Financial Inc.	1.55%	2,156,546	$27.8M	Reduce -1.3%
FC Franklin Covey Co.	1.44%	629,666	$25.9M	Add +1.6%
WTTR Select Water Solutions Inc.	1.43%	2,310,316	$25.7M	Reduce -0.8%
HSTM Healthstream Inc.	1.38%	860,709	$24.8M	Add +1.0%
VTS Vitesse Energy Inc.	1.27%	950,769	$22.8M	Add +7.7%
GOOGL Alphabet Inc. Class A	1.26%	136,692	$22.7M	Add +11.4%
BLDR Builders Firstsource Inc.	1.26%	116,710	$22.6M	Add +1.4%
LAUR Laureate Education Inc.	1.22%	1,321,888	$22.0M	Add +51.8%
KKR KKR & Co. Inc.	1.20%	165,879	$21.7M	Reduce -0.1%
CLMB Climb Global Solutions Inc.	1.11%	200,519	$20.0M	Reduce -8.2%
FISV Fiserv Inc.	1.09%	109,259	$19.6M	Add +1.0%
ATEN A10 Networks Inc.	1.08%	1,341,824	$19.4M	Add +4.3%
UTI Universal Technical Institut	1.06%	1,177,000	$19.1M	Reduce -0.6%
PLOW Douglas Dynamics Inc.	1.04%	676,956	$18.7M	Add +0.7%
HLMN Hillman Solutions Corp.	1.00%	1,706,174	$18.0M	Add +0.7%
ORCL Oracle Corp.	1.00%	105,719	$18.0M	Reduce -0.8%
CVCO Cavco Industries Inc.	1.00%	42,012	$18.0M	Add +2.5%
CSW CSW Industrials Inc.	0.99%	48,563	$17.8M	Reduce -21.1%
CSWC Capital Southwest Corp.	0.95%	675,583	$17.1M	Add +0.9%
BV Brightview Holdings Inc.	0.94%	1,077,250	$17.0M	Add +0.7%
BRK.B Berkshire Hathaway Inc. Class B	0.94%	36,597	$16.8M	Reduce -12.5%
TDW Tidewater Inc.	0.93%	233,798	$16.8M	Add +21.4%
AMP Ameriprise Financial Inc.	0.93%	35,682	$16.8M	Add +0.8%
LEGH Legacy Housing Corp.	0.92%	603,008	$16.5M	Reduce -1.6%
PARR Par Pacific Holdings Inc.	0.90%	917,533	$16.1M	Add +2.0%
NEOG Neogen Corp.	0.87%	928,200	$15.6M	Add +59.2%
CMCO Columbus McKinnon Corp.	0.86%	429,038	$15.4M	Add +1.9%
MSFT Microsoft Corp.	0.86%	35,783	$15.4M	Reduce -0.5%
SKY Champion Homes Inc.	0.85%	161,018	$15.3M	Add +1.3%
CALY Callaway Golf Company filed as TOPGOLF CALLAWAY BRANDS CORP	0.84%	1,375,794	$15.1M	Reduce -0.1%
ADUS Addus Homecare Corp.	0.80%	108,387	$14.4M	Reduce -9.1%
CIVI Civitas Resources Inc.	0.79%	281,133	$14.2M	Add +20.0%
SILA Sila Realty Trust Inc.	0.79%	558,366	$14.1M	New
TMO Thermo Fisher Scientific Inc.	0.77%	22,338	$13.8M	Add +2.0%
RPRX Royalty Pharma PLC Class A	0.73%	461,051	$13.0M	Add +8.6%
BG Bunge Global SA	0.72%	134,606	$13.0M	Add +10.1%
ALG Alamo Group Inc.	0.71%	70,635	$12.7M	Add +1.5%
DSGR Distribution Solutions Group	0.70%	326,388	$12.6M	Reduce -5.8%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.69%	129,042	$12.4M	Add +1.2%
BBDC Barings BDC Inc.	0.69%	1,259,431	$12.3M	Reduce -0.2%
JPM JPMorgan Chase & Co.	0.68%	58,130	$12.3M	Reduce -18.8%
UFPT Ufp Technologies Inc.	0.68%	38,600	$12.2M	Reduce -3.7%
MTCH Match Group Inc.	0.68%	321,422	$12.2M	Add +11.8%
AVNW Aviat Networks Inc.	0.67%	557,671	$12.1M	Add +1.3%
RSG Republic Services Inc.	0.67%	59,608	$12.0M	Reduce -0.3%
KMI Kinder Morgan Inc.	0.66%	539,183	$11.9M	Reduce -0.9%
KW Kennedy-Wilson Holdings Inc.	0.66%	1,071,005	$11.8M	Add +33.8%
ELV Elevance Health Inc.	0.65%	22,577	$11.7M	Reduce -1.2%
UHAL.B U-Haul Holding Co.-Non Voting	0.65%	161,518	$11.6M	Add +0.9%
ACN Accenture PLC Class A	0.64%	32,616	$11.5M	Reduce -0.8%
CVEO Civeo Corp.	0.63%	415,352	$11.4M	Add +2.8%
TRNS Transcat Inc.	0.63%	93,530	$11.3M	Reduce -4.6%
DEA Easterly Govt Pptys Inc.	0.62%	818,690	$11.1M	Add +0.3%
CARR Carrier Global Corp.	0.62%	137,563	$11.1M	Reduce -0.7%
LINC Lincoln Educational Services	0.61%	923,800	$11.0M	Reduce -0.1%
LQDT Liquidity Services Inc.	0.61%	479,020	$10.9M	Add +2.5%
HYI Western Asset High Yield Opp	0.61%	881,648	$10.9M	Reduce -1.2%
AGYS Agilysys Inc.	0.60%	99,640	$10.9M	Reduce -19.3%
PHLT Performant Healthcare Inc.	0.60%	2,885,200	$10.8M	No change
PBPB Potbelly Corp.	0.60%	1,290,355	$10.8M	Add +3.8%
HCKT The Hackett Group Inc.	0.60%	408,711	$10.7M	Reduce -1.3%
WM Waste Management Inc.	0.60%	51,582	$10.7M	Reduce -1.0%
BRSP Brightspire Capital Inc.	0.59%	1,897,373	$10.6M	Add +16.3%
DHIL Diamond Hill Investment Grp	0.58%	65,000	$10.5M	Add +1.6%
RMT Royce Micro-Cap Trust Inc.	0.58%	1,086,464	$10.4M	Reduce -1.5%
MDXG Mimedx Group Inc.	0.57%	1,747,524	$10.3M	Add +52.1%
NPKI NPK International Inc. filed as NEWPARK RES INC	0.54%	1,407,100	$9.8M	New
SHOO Steven Madden Ltd. filed as MADDEN STEVEN LTD	0.54%	197,380	$9.7M	Add +0.4%
EOG EOG Resources Inc.	0.53%	76,842	$9.4M	Reduce -0.5%
DE Deere & Co.	0.52%	22,549	$9.4M	Reduce -0.9%
TTGT Techtarget Holdings Inc.	0.52%	382,498	$9.4M	Add +5.8%
GRSD Grandstand Ltd. filed as GAMBLING COM GROUP LIMITED	0.52%	932,900	$9.3M	Add +2.2%
BC Brunswick Corp.	0.52%	110,914	$9.3M	Reduce -2.2%
RTO Rentokil Initial PLC-SP ADR	0.51%	366,710	$9.1M	Add +28.0%
AGNC AGNC Investment Corp.	0.50%	858,185	$9.0M	Add +17.8%
TGT Target Corp.	0.50%	57,501	$9.0M	Reduce -0.9%
GLRE Greenlight Capital Re Ltd. Class A	0.50%	654,580	$8.9M	Reduce -3.1%
JNJ Johnson & Johnson	0.49%	54,343	$8.8M	Reduce -1.1%
ULTA Ulta Beauty Inc.	0.49%	22,578	$8.8M	New
FTHY First Trust Hi YLD Opp 2027	0.49%	580,521	$8.8M	Reduce -4.4%
GDO Western Ast GLB Corp. Opprnty	0.49%	678,556	$8.7M	Reduce -16.7%
ESGR Enstar Group Ltd.	0.48%	27,049	$8.7M	Reduce -40.7%
T AT&T Inc.	0.48%	394,565	$8.7M	Add +0.7%
BWB Bridgewater Bancshares Inc.	0.48%	611,212	$8.7M	Reduce -0.6%
SSNC Ss&c Technologies Holdings	0.48%	116,628	$8.7M	Reduce -0.6%
PHX PHX Minerals Inc.	0.48%	2,549,293	$8.6M	Reduce -6.5%
CLFD Clearfield Inc.	0.47%	218,480	$8.5M	Add +14.1%
EQC Equity Commonwealth	0.46%	419,383	$8.3M	Reduce -26.4%
AMLP Alerian MLP ETF	0.46%	174,847	$8.2M	Add +1.1%
ARHS Arhaus Inc.	0.45%	663,866	$8.2M	Add +1.0%
BXSL Blackstone Secured Lending F	0.44%	269,961	$7.9M	Add +0.8%
SAMG Silvercrest Asset Manageme-A	0.43%	453,500	$7.8M	Add +0.3%
ELMD Electromed Inc.	0.43%	360,244	$7.7M	Add +3.1%
DSP Viant Technology Inc. Class A	0.42%	676,422	$7.5M	Add +87.9%
HBIO Harvard Bioscience Inc.	0.41%	2,772,700	$7.5M	Add +0.0%
NVEC Nve Corp.	0.40%	91,100	$7.3M	No change
MYFW First Western Financial Inc.	0.39%	347,915	$7.0M	Add +2.7%
ALOT Astronova Inc.	0.37%	488,531	$6.6M	No change
INFU Infusystem Holdings Inc.	0.36%	959,656	$6.4M	No change
VMD Viemed Healthcare Inc.	0.32%	796,025	$5.8M	No change
BCE Bce Inc.	0.32%	167,538	$5.8M	Add +0.7%
LRFC Logan Ridge Finance Corp.	0.32%	229,614	$5.7M	Add +2.7%
DCGO Docgo Inc.	0.31%	1,667,006	$5.5M	Add +0.6%
ETSY Etsy Inc.	0.30%	97,049	$5.4M	Add +2.1%
DLHC DLH Holdings Corp. filed as DLH HLDGS CORP	0.30%	567,100	$5.3M	Reduce -1.2%
ACIC American Coastal Insurance C	0.28%	448,298	$5.1M	New
LADR Ladder Capital Corp.-REIT	0.28%	427,332	$5.0M	Add +35.4%
ALEX Alexander & Baldwin Inc.	0.27%	252,221	$4.8M	Add +1.5%
HGBL Heritage Global Inc.	0.24%	2,521,335	$4.3M	Reduce -0.6%
TTSH Tile Shop Hldgs Inc.	0.24%	649,492	$4.3M	Reduce -14.8%
ALNT Allient Inc.	0.23%	215,000	$4.1M	Reduce -23.5%
RFIL RF Industries Ltd. filed as RF INDS LTD	0.23%	998,404	$4.1M	No change
XPEL Xpel Inc.	0.22%	92,000	$4.0M	Reduce -8.2%
BCIC BCP Investment Corp. filed as PORTMAN RIDGE FIN CORP	0.22%	211,139	$3.9M	Reduce -6.3%
FLXS Flexsteel Inds	0.20%	82,000	$3.6M	Reduce -4.7%
LUMENT FINANCE TRUST INC	0.20%	1,406,562	$3.6M	Reduce -2.8%
OCSL Oaktree Specialty Lending Co.	0.18%	198,764	$3.2M	Reduce -54.6%
OPXS Optex Systems Holdings Inc.	0.17%	406,000	$3.1M	Reduce -0.9%
NTIC Northern Technologies Intl	0.17%	249,857	$3.1M	Reduce -0.9%
CCB Coastal Financial Corp.	0.17%	56,700	$3.1M	No change
DHX Dhi Group Inc.	0.16%	1,539,429	$2.8M	Reduce -25.5%
QRHC Quest Resource Holding Corp.	0.15%	342,450	$2.7M	No change
TAYD Taylor Devices Inc.	0.14%	51,270	$2.6M	No change
TURN 180 Degree Capital Corp.	0.13%	714,156	$2.4M	Reduce -0.3%
GHM Graham Corp.	0.12%	75,106	$2.2M	Add +30.6%
PDEX Pro-Dex Inc.	0.11%	68,000	$2.0M	Reduce -9.9%
RSSS Research Solutions Inc.	0.11%	703,176	$1.9M	Add +14.6%
ALTG Alta Equipment Group Inc.	0.10%	271,600	$1.8M	Reduce -62.7%
PLBC Plumas Bancorp	0.10%	43,940	$1.8M	No change
EPSN Epsilon Energy Ltd.	0.10%	304,355	$1.8M	Reduce -7.6%
HCI Hci Group Inc.	0.10%	16,238	$1.7M	New
KRT Karat Packaging Inc.	0.08%	53,500	$1.4M	No change
IWV iShares Russell 3000 ETF	0.07%	3,787	$1.2M	Add +41.6%
ACCS Access Newswire Inc. filed as ISSUER DIRECT CORP	0.06%	89,900	$1.1M	Add +2.2%
UHAL U-Haul Holding Co.	0.06%	13,388	$1.0M	Reduce -4.0%
MAMA Mama's Creations Inc.	0.05%	130,000	$949K	Add +0.5%
NBN Northeast Bank	0.05%	11,550	$891K	Add +27.6%
IA Innovative Solutions & Supp	0.05%	125,000	$815K	No change
IVAC Intevac Inc.	0.05%	238,500	$811K	Add +4.6%
VB Vanguard Most SM-Cap ETF-Usd	0.04%	3,340	$792K	New
LUNA Luna Innovations Inc.	0.04%	285,000	$670K	Reduce -9.5%
VBR Vngrd Mrngst SL-CP Val ETF-U	0.01%	1,283	$258K	Reduce -0.2%
VTI VG Morningstar TS MKT ETF-US	0.00%	290	$82K	Add +6.2%
VOO Vanguard S&P 500 ETF	0.00%	123	$65K	Reduce -83.1%
AGG iShares Core U.S. Aggregate	0.00%	605	$61K	No change
IWC iShares Micro-Cap ETF	0.00%	354	$44K	New
SUSA iShares ESG Optimized MSCI U	0.00%	275	$33K	New
IWM iShares Russell 2000 ETF	0.00%	140	$31K	Reduce -2.1%
ITB iShares U.S. Home Constructi	0.00%	145	$18K	New
IVV iShares Core S&P 500 ETF	0.00%	23	$13K	No change
IJR iShares Core S&P Small-Cap E	0.00%	75	$9K	Reduce -23.5%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui	0.00%	78	$6K	New
LQD Ishr Ibx Usd Invgd CB ETF-Ui	0.00%	37	$4K	No change
IVE iShares S&P 500 Value ETF	0.00%	15	$3K	Reduce -99.8%

Options reported separately and not counted above: WAYFAIR INC (W 0.625 10/01/25) puts ($5.3M), TELADOC HEALTH INC (TDOC 1.25 06/01/27) puts ($4.3M), LENDINGTREE INC (TREE 0.5 07/15/25) puts ($3.3M).

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	75,450	$1.9M	Add +0.9%

Lines left out (1) · $11 — a value with no share or principal amount

Security	Class	Shares	Value
VNQ Vanguard Real Estate ETF	REAL ESTATE ETF	0	$11

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: $1.8B.

Portfolio Sells Q2 2024 → Q3 2024


RILY BRC Group Holdings Inc.	Sold out	0.00%	−0.69
CBH Virtus Convertible & Income	Sold out	0.00%	−0.63
XJPIX Nuveen Preferred Securities	Sold out	0.00%	−0.52
THRM Gentherm Inc.	Sold out	0.00%	−0.45
DGII Digi International Inc.	Sold out	0.00%	−0.41
CALY Callaway Golf Company	Reduce -0.1%	0.84%	−0.40
ESGR Enstar Group Ltd.	Reduce -40.7%	0.48%	−0.34
GSL Global Ship Lease Inc. Class A	Reduce -1.6%	2.02%	−0.33
OCSL Oaktree Specialty Lending Co.	Reduce -54.6%	0.18%	−0.31
CVS CVS Health Corp.	Sold out	0.00%	−0.28
ALTG Alta Equipment Group Inc.	Reduce -62.7%	0.10%	−0.24
ALNT Allient Inc.	Reduce -23.5%	0.23%	−0.19
EQC Equity Commonwealth	Reduce -26.4%	0.46%	−0.19
JPM JPMorgan Chase & Co.	Reduce -18.8%	0.68%	−0.17
QIPT Quipt Home Medical Corp.	Sold out	0.00%	−0.16
AGYS Agilysys Inc.	Reduce -19.3%	0.60%	−0.16
HGBL Heritage Global Inc.	Reduce -0.6%	0.24%	−0.13
GDO Western Ast GLB Corp. Opprnty	Reduce -16.7%	0.49%	−0.10
DHX Dhi Group Inc.	Reduce -25.5%	0.16%	−0.10
IVE iShares S&P 500 Value ETF	Reduce -99.8%	0.00%	−0.10
IVW iShares S&P 500 Growth ETF	Sold out	0.00%	−0.09
MSFT Microsoft Corp.	Reduce -0.5%	0.86%	−0.09
CTAS Cintas Corp.	Sold out	0.00%	−0.09
ELV Elevance Health Inc.	Reduce -1.2%	0.65%	−0.08
NTIC Northern Technologies Intl	Reduce -0.9%	0.17%	−0.08
TTSH Tile Shop Hldgs Inc.	Reduce -14.8%	0.24%	−0.07
BRK.B Berkshire Hathaway Inc. Class B	Reduce -12.5%	0.94%	−0.07
STEW SRH Total Return Fund Inc.	Sold out	0.00%	−0.07
TRNS Transcat Inc.	Reduce -4.6%	0.63%	−0.06
DLHC DLH Holdings Corp.	Reduce -1.2%	0.30%	−0.06
WM Waste Management Inc.	Reduce -1.0%	0.60%	−0.06
EOG EOG Resources Inc.	Reduce -0.5%	0.53%	−0.05
IEMG iShares Core MSCI Emerging	Sold out	0.00%	−0.05
PHX PHX Minerals Inc.	Reduce -6.5%	0.48%	−0.05
BCIC BCP Investment Corp.	Reduce -6.3%	0.22%	−0.04
RVT Royce Small-Cap Trust Inc.	Sold out	0.00%	−0.04
IEUR iShares Core MSCI Europe ETF	Sold out	0.00%	−0.04
WTTR Select Water Solutions Inc.	Reduce -0.8%	1.43%	−0.04
BBDC Barings BDC Inc.	Reduce -0.2%	0.69%	−0.04
UTI Universal Technical Institut	Reduce -0.6%	1.06%	−0.03
LINC Lincoln Educational Services	Reduce -0.1%	0.61%	−0.03
IJS iShares S&P Small-Cap 600 Va	Sold out	0.00%	−0.03
TURN 180 Degree Capital Corp.	Reduce -0.3%	0.13%	−0.03
GLRE Greenlight Capital Re Ltd. Class A	Reduce -3.1%	0.50%	−0.03
FTHY First Trust Hi YLD Opp 2027	Reduce -4.4%	0.49%	−0.02
EPM Evolution Petroleum Corp.	Sold out	0.00%	−0.02
LUNA Luna Innovations Inc.	Reduce -9.5%	0.04%	−0.02
RSG Republic Services Inc.	Reduce -0.3%	0.67%	−0.02
VOO Vanguard S&P 500 ETF	Reduce -83.1%	0.00%	−0.02
BANX Arrowmark Financial Corp.	Sold out	0.00%	−0.02

Portfolio Buys Q2 2024 → Q3 2024


SILA Sila Realty Trust Inc.	New	0.79%	+0.79
CDMO Avid Bioservices Inc.	Add +0.6%	1.86%	+0.63
NPKI NPK International Inc.	New	0.54%	+0.54
ULTA Ulta Beauty Inc.	New	0.49%	+0.49
LAUR Laureate Education Inc.	Add +51.8%	1.22%	+0.45
SFM Sprouts Farmers Market Inc.	Add +0.5%	2.01%	+0.40
NEOG Neogen Corp.	Add +59.2%	0.87%	+0.33
BLDR Builders Firstsource Inc.	Add +1.4%	1.26%	+0.32
ACIC American Coastal Insurance C	New	0.28%	+0.28
SKY Champion Homes Inc.	Add +1.3%	0.85%	+0.21
DSP Viant Technology Inc. Class A	Add +87.9%	0.42%	+0.21
KW Kennedy-Wilson Holdings Inc.	Add +33.8%	0.66%	+0.20
CVCO Cavco Industries Inc.	Add +2.5%	1.00%	+0.16
MTCH Match Group Inc.	Add +11.8%	0.68%	+0.16
ACA Arcosa Inc.	Add +1.4%	1.89%	+0.15
FISV Fiserv Inc.	Add +1.0%	1.09%	+0.14
SNEX Stonex Group Inc.	Add +0.9%	3.71%	+0.12
ELMD Electromed Inc.	Add +3.1%	0.43%	+0.12
HLMN Hillman Solutions Corp.	Add +0.7%	1.00%	+0.12
PLOW Douglas Dynamics Inc.	Add +0.7%	1.04%	+0.11
MDXG Mimedx Group Inc.	Add +52.1%	0.57%	+0.10
BV Brightview Holdings Inc.	Add +0.7%	0.94%	+0.10
HCI Hci Group Inc.	New	0.10%	+0.10
AGNC AGNC Investment Corp.	Add +17.8%	0.50%	+0.09
UHAL.B U-Haul Holding Co.-Non Voting	Add +0.9%	0.65%	+0.08
GRSD Grandstand Ltd.	Add +2.2%	0.52%	+0.08
LADR Ladder Capital Corp.-REIT	Add +35.4%	0.28%	+0.07
RPRX Royalty Pharma PLC Class A	Add +8.6%	0.73%	+0.07
LQDT Liquidity Services Inc.	Add +2.5%	0.61%	+0.06
TMO Thermo Fisher Scientific Inc.	Add +2.0%	0.77%	+0.05
DHIL Diamond Hill Investment Grp	Add +1.6%	0.58%	+0.05
FC Franklin Covey Co.	Add +1.6%	1.44%	+0.05
MYFW First Western Financial Inc.	Add +2.7%	0.39%	+0.05
SHOO Steven Madden Ltd.	Add +0.4%	0.54%	+0.05
VB Vanguard Most SM-Cap ETF-Usd	New	0.04%	+0.04
BRSP Brightspire Capital Inc.	Add +16.3%	0.59%	+0.04
T AT&T Inc.	Add +0.7%	0.48%	+0.04
AMP Ameriprise Financial Inc.	Add +0.8%	0.93%	+0.04
CVEO Civeo Corp.	Add +2.8%	0.63%	+0.04
CLFD Clearfield Inc.	Add +14.1%	0.47%	+0.04
VTS Vitesse Energy Inc.	Add +7.7%	1.27%	+0.04
GHM Graham Corp.	Add +30.6%	0.12%	+0.03
ATEN A10 Networks Inc.	Add +4.3%	1.08%	+0.03
DEA Easterly Govt Pptys Inc.	Add +0.3%	0.62%	+0.02
LRFC Logan Ridge Finance Corp.	Add +2.7%	0.32%	+0.02
ALEX Alexander & Baldwin Inc.	Add +1.5%	0.27%	+0.02
IWV iShares Russell 3000 ETF	Add +41.6%	0.07%	+0.02
SAMG Silvercrest Asset Manageme-A	Add +0.3%	0.43%	+0.02
ACCS Access Newswire Inc.	Add +2.2%	0.06%	+0.02
NBN Northeast Bank	Add +27.6%	0.05%	+0.02

Options Activity Q2 2024 → Q3 2024


WAYFAIR INC (W 0.625 10/01/25)	put	Add +0.6%	5,618,000	$5.3M
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	put	Reduce -0.5%	4,957,000	$4.3M
LENDINGTREE INC (TREE 0.5 07/15/25)	put	Add +1.5%	3,522,000	$3.3M

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

Notes & Other Activity Q2 2024 → Q3 2024


EQUITY COMMONWEALTH (EQC 6.5 PERP D)	6.5% CNV PFD D	Add +0.9%	75,450	$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