Punch & Associates Investment Management, Inc.

Name: PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. 13F holdings, Q4 2024
Creator: PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.
Published: 2025-02-14

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

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Punch & Associates Investment Management, Inc. reported 163 stock positions worth $1.8 billion. Its top holding was Stonex (SNEX) at 4.2% of the portfolio, followed by Radnet (RDNT, 2.6%) and Universal Technical Institut (UTI, 2.3%). Compared with Q3 2024, it opened 9 new positions, sold out of 10, added to 49 and reduced 91. The biggest buy was Universal Technical Institut (UTI, shares +35%) and the biggest sale Green Brick Partners (GRBK, shares −1%).

Most Recent 13F: Q2 2026
Location: EDINA, MN
CIK: 0001238990
Portfolio Value: $1.8B (Q4 2024)
SEC Filing: 0001398344-25-002773 ↗ filed Feb 14, 2025

Holdings Value

Holdings 163 stocks · $1.8B


SNEX Stonex Group Inc.	4.19%	775,777	$76.0M	Reduce -4.9%
RDNT Radnet Inc.	2.56%	664,844	$46.4M	Reduce -1.9%
UTI Universal Technical Institut	2.26%	1,593,283	$41.0M	Add +35.4%
BXC Bluelinx Holdings Inc.	2.13%	377,957	$38.6M	Add +0.2%
SFM Sprouts Farmers Market Inc.	2.03%	289,737	$36.8M	Reduce -11.3%
CDMO Avid Bioservices Inc.	1.97%	2,884,154	$35.6M	Reduce -1.7%
ACA Arcosa Inc.	1.88%	351,745	$34.0M	Reduce -2.1%
PDX PIMCO Dynamic Income Strat	1.84%	1,274,792	$33.3M	Reduce -4.8%
GSL Global Ship Lease Inc. Class A	1.68%	1,392,620	$30.4M	Add +2.1%
VTS Vitesse Energy Inc.	1.53%	1,111,862	$27.8M	Add +16.9%
WTTR Select Water Solutions Inc.	1.49%	2,037,334	$27.0M	Reduce -11.8%
VRRM Verra Mobility Corp.	1.46%	1,095,664	$26.5M	Add +0.3%
LAUR Laureate Education Inc.	1.43%	1,415,197	$25.9M	Add +7.1%
GOOGL Alphabet Inc. Class A	1.42%	135,519	$25.7M	Reduce -0.9%
FC Franklin Covey Co.	1.41%	679,100	$25.5M	Add +7.8%
HSTM Healthstream Inc.	1.39%	794,694	$25.3M	Reduce -7.7%
ATEN A10 Networks Inc.	1.36%	1,335,279	$24.6M	Reduce -0.5%
KKR KKR & Co. Inc.	1.34%	163,890	$24.2M	Reduce -1.2%
CLMB Climb Global Solutions Inc.	1.32%	188,459	$23.9M	Reduce -6.0%
SILA Sila Realty Trust Inc.	1.25%	929,634	$22.6M	Add +66.5%
EFC Ellington Financial Inc.	1.24%	1,855,114	$22.5M	Reduce -14.0%
FISV Fiserv Inc.	1.22%	107,874	$22.2M	Reduce -1.3%
GRBK Green Brick Partners Inc.	1.19%	382,656	$21.6M	Reduce -0.8%
CVCO Cavco Industries Inc.	1.03%	41,889	$18.7M	Reduce -0.3%
TDW Tidewater Inc.	0.97%	321,987	$17.6M	Add +37.7%
PLOW Douglas Dynamics Inc.	0.95%	728,569	$17.2M	Add +7.6%
BV Brightview Holdings Inc.	0.94%	1,065,356	$17.0M	Reduce -1.1%
CSW CSW Industrials Inc.	0.92%	47,253	$16.7M	Reduce -2.7%
MDXG Mimedx Group Inc.	0.92%	1,726,264	$16.6M	Reduce -1.2%
HLMN Hillman Solutions Corp.	0.91%	1,701,002	$16.6M	Reduce -0.3%
BLDR Builders Firstsource Inc.	0.91%	115,591	$16.5M	Reduce -1.0%
BRK.B Berkshire Hathaway Inc. Class B	0.91%	36,239	$16.4M	Reduce -1.0%
LQDT Liquidity Services Inc.	0.89%	498,358	$16.1M	Add +4.0%
CMCO Columbus McKinnon Corp.	0.88%	425,963	$15.9M	Reduce -0.7%
LEGH Legacy Housing Corp.	0.87%	638,020	$15.7M	Add +5.8%
PARR Par Pacific Holdings Inc.	0.84%	931,343	$15.3M	Add +1.5%
MSFT Microsoft Corp.	0.83%	35,770	$15.1M	Reduce -0.0%
ORCL Oracle Corp.	0.82%	89,616	$14.9M	Reduce -15.2%
CSWC Capital Southwest Corp.	0.81%	672,367	$14.7M	Reduce -0.5%
KMI Kinder Morgan Inc.	0.81%	533,041	$14.6M	Reduce -1.1%
RTO Rentokil Initial PLC-SP ADR	0.79%	568,036	$14.4M	Add +54.9%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.79%	127,979	$14.3M	Reduce -0.8%
NEOG Neogen Corp.	0.78%	1,171,140	$14.2M	Add +26.2%
SKY Champion Homes Inc.	0.78%	160,342	$14.1M	Reduce -0.4%
AMP Ameriprise Financial Inc.	0.77%	26,263	$14.0M	Reduce -26.4%
JPM JPMorgan Chase & Co.	0.76%	57,370	$13.8M	Reduce -1.3%
DSP Viant Technology Inc. Class A	0.76%	722,445	$13.7M	Add +6.8%
LINC Lincoln Educational Services	0.75%	856,800	$13.6M	Reduce -7.3%
ADUS Addus Homecare Corp.	0.75%	108,026	$13.5M	Reduce -0.3%
GRSD Grandstand Ltd. filed as GAMBLING COM GROUP LIMITED	0.74%	953,280	$13.4M	Add +2.2%
AGYS Agilysys Inc.	0.73%	99,960	$13.2M	Add +0.3%
ALG Alamo Group Inc.	0.72%	70,503	$13.1M	Reduce -0.2%
NPKI NPK International Inc.	0.70%	1,653,000	$12.7M	Add +17.5%
KW Kennedy-Wilson Holdings Inc.	0.69%	1,258,503	$12.6M	Add +17.5%
BRSP Brightspire Capital Inc.	0.69%	2,227,213	$12.6M	Add +17.4%
HCKT The Hackett Group Inc.	0.68%	404,106	$12.4M	Reduce -1.1%
PBPB Potbelly Corp.	0.67%	1,287,355	$12.1M	Reduce -0.2%
RPRX Royalty Pharma PLC Class A	0.66%	472,213	$12.0M	Add +2.4%
RSG Republic Services Inc.	0.66%	59,033	$11.9M	Reduce -1.0%
BBDC Barings BDC Inc.	0.64%	1,213,601	$11.6M	Reduce -3.6%
IQV Iqvia Holdings Inc.	0.64%	58,974	$11.6M	New
ULTA Ulta Beauty Inc.	0.64%	26,628	$11.6M	Add +17.9%
TMO Thermo Fisher Scientific Inc.	0.64%	22,142	$11.5M	Reduce -0.9%
ACN Accenture PLC Class A	0.62%	32,034	$11.3M	Reduce -1.8%
CIVI Civitas Resources Inc.	0.62%	243,069	$11.1M	Reduce -13.5%
DHIL Diamond Hill Investment Grp	0.59%	68,940	$10.7M	Add +6.1%
RMT Royce Micro-Cap Trust Inc.	0.58%	1,086,335	$10.6M	Reduce -0.0%
WM Waste Management Inc.	0.57%	50,960	$10.3M	Reduce -1.2%
MTCH Match Group Inc.	0.57%	313,154	$10.2M	Reduce -2.6%
TRNS Transcat Inc.	0.55%	93,530	$9.9M	No change
CVEO Civeo Corp.	0.54%	434,300	$9.9M	Add +4.6%
DEA Easterly Govt Pptys Inc.	0.54%	866,567	$9.8M	Add +5.8%
ARHS Arhaus Inc.	0.54%	1,045,664	$9.8M	Add +57.5%
HYI Western Asset High Yield Opp	0.54%	828,233	$9.8M	Reduce -6.1%
PHX PHX Minerals Inc.	0.54%	2,443,884	$9.8M	Reduce -4.1%
CALY Callaway Golf Company filed as TOPGOLF CALLAWAY BRANDS CORP	0.54%	1,237,044	$9.7M	Reduce -10.1%
RSSS Research Solutions Inc.	0.53%	2,330,120	$9.7M	Add +231.4%
DE Deere & Co.	0.52%	22,374	$9.5M	Reduce -0.8%
CARR Carrier Global Corp.	0.51%	135,813	$9.3M	Reduce -1.3%
TTGT Techtarget Inc.	0.51%	465,983	$9.2M	Add +21.8%
EOG EOG Resources Inc.	0.51%	75,276	$9.2M	Reduce -2.0%
UFPT Ufp Technologies Inc.	0.50%	37,200	$9.1M	Reduce -3.6%
GLRE Greenlight Capital Re Ltd. Class A	0.49%	640,081	$9.0M	Reduce -2.2%
PHLT Performant Healthcare Inc.	0.49%	2,940,100	$8.9M	Add +1.9%
SSNC Ss&c Technologies Holdings	0.48%	115,462	$8.7M	Reduce -1.0%
BXSL Blackstone Secured Lending F	0.48%	269,781	$8.7M	Reduce -0.1%
BWB Bridgewater Bancshares Inc.	0.47%	635,000	$8.6M	Add +3.9%
DSGR Distribution Solutions Group	0.47%	246,986	$8.5M	Reduce -24.3%
T AT&T Inc.	0.47%	372,474	$8.5M	Reduce -5.6%
AGNC AGNC Investment Corp.	0.46%	906,634	$8.4M	Add +5.7%
AMLP Alerian MLP ETF	0.46%	172,785	$8.3M	Reduce -1.2%
SHOO Steven Madden Ltd. filed as MADDEN STEVEN LTD	0.46%	195,140	$8.3M	Reduce -1.1%
ELV Elevance Health Inc.	0.46%	22,394	$8.3M	Reduce -0.8%
FTHY First Trust Hi YLD Opp 2027	0.45%	565,754	$8.2M	Reduce -2.5%
INFU Infusystem Holdings Inc.	0.45%	959,656	$8.1M	No change
ELMD Electromed Inc.	0.44%	270,795	$8.0M	Reduce -24.8%
DCGO Docgo Inc.	0.44%	1,875,907	$8.0M	Add +12.5%
CLFD Clearfield Inc.	0.44%	256,000	$7.9M	Add +17.2%
SAMG Silvercrest Asset Manageme-A	0.44%	429,880	$7.9M	Reduce -5.2%
JNJ Johnson & Johnson	0.43%	53,899	$7.8M	Reduce -0.8%
TGT Target Corp.	0.42%	56,861	$7.7M	Reduce -1.1%
FIBK First Interstate Bancsys-A	0.42%	235,060	$7.6M	New
BG Bunge Global SA	0.42%	97,644	$7.6M	Reduce -27.5%
NVEC Nve Corp.	0.42%	92,475	$7.5M	Add +1.5%
ACIC American Coastal Insurance C	0.41%	551,347	$7.4M	Add +23.0%
AVNW Aviat Networks Inc.	0.40%	398,877	$7.2M	Reduce -28.5%
MYFW First Western Financial Inc.	0.38%	355,475	$6.9M	Add +2.2%
LADR Ladder Capital Corp.-REIT	0.38%	619,358	$6.9M	Add +44.9%
VMD Viemed Healthcare Inc.	0.37%	845,651	$6.8M	Add +6.2%
HBIO Harvard Bioscience Inc.	0.32%	2,755,600	$5.8M	Reduce -0.6%
ALOT Astronova Inc.	0.32%	483,808	$5.8M	Reduce -1.0%
UHAL.B U-Haul Holding Co.-Non Voting	0.31%	88,265	$5.7M	Reduce -45.4%
LRFC Logan Ridge Finance Corp.	0.31%	225,964	$5.6M	Reduce -1.6%
BXMT Blackstone Mortgage Tru Class A	0.30%	307,615	$5.4M	New
ETSY Etsy Inc.	0.29%	99,434	$5.3M	Add +2.5%
ALNT Allient Inc.	0.28%	208,000	$5.1M	Reduce -3.3%
HGBL Heritage Global Inc.	0.26%	2,501,000	$4.6M	Reduce -0.8%
ADM Archer-Daniels-Midland Co.	0.25%	90,623	$4.6M	New
DLHC DLH Holdings Corp. filed as DLH HLDGS CORP	0.25%	563,652	$4.5M	Reduce -0.6%
ALEX Alexander & Baldwin Inc.	0.25%	252,054	$4.5M	Reduce -0.1%
RFIL RF Industries Ltd. filed as RF INDS LTD	0.22%	1,014,604	$4.0M	Add +1.6%
XPEL Xpel Inc.	0.20%	92,000	$3.7M	No change
FLXS Flexsteel Inds	0.20%	66,685	$3.6M	Reduce -18.7%
TCMD Tactile Systems Technology I	0.20%	210,000	$3.6M	New
GHM Graham Corp.	0.19%	76,255	$3.4M	Add +1.5%
NTIC Northern Technologies Intl	0.18%	247,376	$3.3M	Reduce -1.0%
CCB Coastal Financial Corp.	0.18%	39,000	$3.3M	Reduce -31.2%
LUMENT FINANCE TRUST INC	0.18%	1,282,045	$3.3M	Reduce -8.8%
BCIC BCP Investment Corp. filed as PORTMAN RIDGE FIN CORP	0.17%	189,923	$3.1M	Reduce -10.1%
PDEX Pro-Dex Inc.	0.17%	64,000	$3.0M	Reduce -5.9%
TURN 180 Degree Capital Corp.	0.14%	714,156	$2.6M	No change
OPXS Optex Systems Holdings Inc.	0.14%	372,500	$2.6M	Reduce -8.3%
QRHC Quest Resource Holding Corp.	0.12%	337,250	$2.2M	Reduce -1.5%
HCI Hci Group Inc.	0.12%	18,291	$2.1M	Add +12.6%
TAYD Taylor Devices Inc.	0.11%	50,000	$2.1M	Reduce -2.5%
PLBC Plumas Bancorp	0.11%	43,940	$2.1M	No change
EPSN Epsilon Energy Ltd.	0.09%	265,855	$1.7M	Reduce -12.7%
KRT Karat Packaging Inc.	0.09%	53,500	$1.6M	No change
IWV iShares Russell 3000 ETF	0.09%	4,722	$1.6M	Add +24.7%
IA Innovative Solutions & Supp	0.06%	125,000	$1.1M	No change
MAMA Mama's Creations Inc.	0.06%	130,000	$1.0M	No change
NBN Northeast Bank	0.06%	11,050	$1.0M	Reduce -4.3%
ACCS Access Newswire Inc. filed as ISSUER DIRECT CORP	0.06%	111,500	$997K	Add +24.0%
IVAC Intevac Inc.	0.04%	228,000	$775K	Reduce -4.4%
VOO Vanguard S&P 500 ETF	0.03%	1,173	$632K	Add +853.7%
APAM Artisan Partners Asset Ma -A	0.03%	12,622	$543K	New
UHAL U-Haul Holding Co.	0.03%	6,671	$461K	Reduce -50.2%
VBR Vngrd Mrngst SL-CP Val ETF-U	0.01%	1,212	$240K	Reduce -5.5%
IWM iShares Russell 2000 ETF	0.01%	490	$108K	Add +250.0%
VTI VG Morningstar TS MKT ETF-US	0.01%	324	$94K	Add +11.7%
FFWM First Foundation Inc.	0.00%	14,250	$88K	New
TTSH Tile Shop Hldgs Inc.	0.00%	10,677	$74K	Reduce -98.4%
VB Vanguard Most SM-Cap ETF-Usd	0.00%	305	$73K	Reduce -90.9%
AGG iShares Core U.S. Aggregate	0.00%	605	$59K	No change
CLVT Clarivate PLC	0.00%	10,820	$55K	New
IWC iShares Micro-Cap ETF	0.00%	354	$46K	No change
SUSA iShares ESG Optimized MSCI U	0.00%	190	$23K	Reduce -30.9%
IVV iShares Core S&P 500 ETF	0.00%	24	$14K	Add +4.3%
IJR iShares Core S&P Small-Cap E	0.00%	75	$9K	No change
HYG Ishr Ibx Usd Hiyld CB ETF-Ui	0.00%	78	$6K	No change
IEFA iShares Core MSCI Eafe ETF	0.00%	57	$4K	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	No change

Other holdings (4): bonds, preferreds, convertibles and warrants · $19.7M (not counted above)

Security	Class	Shares / Principal	Value	Change
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	105,335	$6.4M	New
WAYFAIR INC (W 0.625 10/01/25)	NOTE 0.625%10/0 · principal	5,588,000	$5.4M	New
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	NOTE 1.250% 6/0 · principal	5,077,000	$4.4M	New
LENDINGTREE INC (TREE 0.5 07/15/25)	NOTE 0.500% 7/1 · principal	3,642,000	$3.5M	New

Lines left out (1) · $10 — a value with no share or principal amount

Security	Class	Shares	Value
VNQ Vanguard Real Estate ETF	REAL ESTATE ETF	0	$10

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 Q3 2024 → Q4 2024


GRBK Green Brick Partners Inc.	Reduce -0.8%	1.19%	−0.60
BC Brunswick Corp.	Sold out	0.00%	−0.52
GDO Western Ast GLB Corp. Opprnty	Sold out	0.00%	−0.49
ESGR Enstar Group Ltd.	Sold out	0.00%	−0.48
EQC Equity Commonwealth	Sold out	0.00%	−0.46
BLDR Builders Firstsource Inc.	Reduce -1.0%	0.91%	−0.35
UHAL.B U-Haul Holding Co.-Non Voting	Reduce -45.4%	0.31%	−0.33
BCE Bce Inc.	Sold out	0.00%	−0.32
EFC Ellington Financial Inc.	Reduce -14.0%	1.24%	−0.31
BG Bunge Global SA	Reduce -27.5%	0.42%	−0.30
CALY Callaway Golf Company	Reduce -10.1%	0.54%	−0.30
AVNW Aviat Networks Inc.	Reduce -28.5%	0.40%	−0.27
TTSH Tile Shop Hldgs Inc.	Reduce -98.4%	0.00%	−0.23
DSGR Distribution Solutions Group	Reduce -24.3%	0.47%	−0.23
ELV Elevance Health Inc.	Reduce -0.8%	0.46%	−0.20
OCSL Oaktree Specialty Lending Co.	Sold out	0.00%	−0.18
UFPT Ufp Technologies Inc.	Reduce -3.6%	0.50%	−0.18
ORCL Oracle Corp.	Reduce -15.2%	0.82%	−0.18
CIVI Civitas Resources Inc.	Reduce -13.5%	0.62%	−0.18
AMP Ameriprise Financial Inc.	Reduce -26.4%	0.77%	−0.16
DHX Dhi Group Inc.	Sold out	0.00%	−0.16
CSWC Capital Southwest Corp.	Reduce -0.5%	0.81%	−0.14
TMO Thermo Fisher Scientific Inc.	Reduce -0.9%	0.64%	−0.13
MTCH Match Group Inc.	Reduce -2.6%	0.57%	−0.11
CARR Carrier Global Corp.	Reduce -1.3%	0.51%	−0.10
ALTG Alta Equipment Group Inc.	Sold out	0.00%	−0.10
HBIO Harvard Bioscience Inc.	Reduce -0.6%	0.32%	−0.09
HLMN Hillman Solutions Corp.	Reduce -0.3%	0.91%	−0.09
SHOO Steven Madden Ltd.	Reduce -1.1%	0.46%	−0.08
TGT Target Corp.	Reduce -1.1%	0.42%	−0.07
SKY Champion Homes Inc.	Reduce -0.4%	0.78%	−0.07
CSW CSW Industrials Inc.	Reduce -2.7%	0.92%	−0.07
HYI Western Asset High Yield Opp	Reduce -6.1%	0.54%	−0.07
JNJ Johnson & Johnson	Reduce -0.8%	0.43%	−0.06
ADUS Addus Homecare Corp.	Reduce -0.3%	0.75%	−0.05
RDNT Radnet Inc.	Reduce -1.9%	2.56%	−0.05
BCIC BCP Investment Corp.	Reduce -10.1%	0.17%	−0.05
BBDC Barings BDC Inc.	Reduce -3.6%	0.64%	−0.05
DLHC DLH Holdings Corp.	Reduce -0.6%	0.25%	−0.05
ALOT Astronova Inc.	Reduce -1.0%	0.32%	−0.05
VB Vanguard Most SM-Cap ETF-Usd	Reduce -90.9%	0.00%	−0.04
LUNA Luna Innovations Inc.	Sold out	0.00%	−0.04
FTHY First Trust Hi YLD Opp 2027	Reduce -2.5%	0.45%	−0.04
UHAL U-Haul Holding Co.	Reduce -50.2%	0.03%	−0.03
OPXS Optex Systems Holdings Inc.	Reduce -8.3%	0.14%	−0.03
QRHC Quest Resource Holding Corp.	Reduce -1.5%	0.12%	−0.03
BRK.B Berkshire Hathaway Inc. Class B	Reduce -1.0%	0.91%	−0.03
WM Waste Management Inc.	Reduce -1.2%	0.57%	−0.03
TAYD Taylor Devices Inc.	Reduce -2.5%	0.11%	−0.03
MSFT Microsoft Corp.	Reduce -0.0%	0.83%	−0.02

Portfolio Buys Q3 2024 → Q4 2024


UTI Universal Technical Institut	Add +35.4%	2.26%	+1.20
IQV Iqvia Holdings Inc.	New	0.64%	+0.64
SILA Sila Realty Trust Inc.	Add +66.5%	1.25%	+0.46
RSSS Research Solutions Inc.	Add +231.4%	0.53%	+0.43
FIBK First Interstate Bancsys-A	New	0.42%	+0.42
DSP Viant Technology Inc. Class A	Add +6.8%	0.76%	+0.34
BXMT Blackstone Mortgage Tru Class A	New	0.30%	+0.30
RTO Rentokil Initial PLC-SP ADR	Add +54.9%	0.79%	+0.29
LQDT Liquidity Services Inc.	Add +4.0%	0.89%	+0.28
VTS Vitesse Energy Inc.	Add +16.9%	1.53%	+0.26
ADM Archer-Daniels-Midland Co.	New	0.25%	+0.25
GRSD Grandstand Ltd.	Add +2.2%	0.74%	+0.22
LAUR Laureate Education Inc.	Add +7.1%	1.43%	+0.21
TCMD Tactile Systems Technology I	New	0.20%	+0.20
NPKI NPK International Inc.	Add +17.5%	0.70%	+0.16
ULTA Ulta Beauty Inc.	Add +17.9%	0.64%	+0.15
DCGO Docgo Inc.	Add +12.5%	0.44%	+0.13
ACIC American Coastal Insurance C	Add +23.0%	0.41%	+0.13
AGYS Agilysys Inc.	Add +0.3%	0.73%	+0.12
LADR Ladder Capital Corp.-REIT	Add +44.9%	0.38%	+0.11
BRSP Brightspire Capital Inc.	Add +17.4%	0.69%	+0.10
ARHS Arhaus Inc.	Add +57.5%	0.54%	+0.09
GHM Graham Corp.	Add +1.5%	0.19%	+0.06
VMD Viemed Healthcare Inc.	Add +6.2%	0.37%	+0.05
TDW Tidewater Inc.	Add +37.7%	0.97%	+0.04
KW Kennedy-Wilson Holdings Inc.	Add +17.5%	0.69%	+0.04
VOO Vanguard S&P 500 ETF	Add +853.7%	0.03%	+0.03
APAM Artisan Partners Asset Ma -A	New	0.03%	+0.03
HCI Hci Group Inc.	Add +12.6%	0.12%	+0.02
IWV iShares Russell 3000 ETF	Add +24.7%	0.09%	+0.02
NVEC Nve Corp.	Add +1.5%	0.42%	+0.01
DHIL Diamond Hill Investment Grp	Add +6.1%	0.59%	+0.01
FFWM First Foundation Inc.	New	0.00%	+0.00
IWM iShares Russell 2000 ETF	Add +250.0%	0.01%	+0.00
CLVT Clarivate PLC	New	0.00%	+0.00
VTI VG Morningstar TS MKT ETF-US	Add +11.7%	0.01%	+0.00
IEFA iShares Core MSCI Eafe ETF	New	0.00%	+0.00
IVV iShares Core S&P 500 ETF	Add +4.3%	0.00%	0.00
MYFW First Western Financial Inc.	Add +2.2%	0.38%	−0.00
ACCS Access Newswire Inc.	Add +24.0%	0.06%	−0.00
RFIL RF Industries Ltd.	Add +1.6%	0.22%	−0.01
BWB Bridgewater Bancshares Inc.	Add +3.9%	0.47%	−0.01
ETSY Etsy Inc.	Add +2.5%	0.29%	−0.01
TTGT Techtarget Inc.	Add +21.8%	0.51%	−0.01
FC Franklin Covey Co.	Add +7.8%	1.41%	−0.03
CLFD Clearfield Inc.	Add +17.2%	0.44%	−0.04
AGNC AGNC Investment Corp.	Add +5.7%	0.46%	−0.04
LEGH Legacy Housing Corp.	Add +5.8%	0.87%	−0.05
PARR Par Pacific Holdings Inc.	Add +1.5%	0.84%	−0.06
RPRX Royalty Pharma PLC Class A	Add +2.4%	0.66%	−0.06

Options Activity Q3 2024 → Q4 2024


WAYFAIR INC (W 0.625 10/01/25)	put	Sold out	5,618,000	$5.3Mbefore exit
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	put	Sold out	4,957,000	$4.3Mbefore exit
LENDINGTREE INC (TREE 0.5 07/15/25)	put	Sold out	3,522,000	$3.3Mbefore 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 2024 → Q4 2024


BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	New	105,335	$6.4M
WAYFAIR INC (W 0.625 10/01/25)	NOTE 0.625%10/0 · principal	New	5,588,000	$5.4M
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	NOTE 1.250% 6/0 · principal	New	5,077,000	$4.4M
LENDINGTREE INC (TREE 0.5 07/15/25)	NOTE 0.500% 7/1 · principal	New	3,642,000	$3.5M
EQUITY COMMONWEALTH (EQC 6.5 PERP D)	6.5% CNV PFD D	Sold out	75,450	$1.9Mbefore 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	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