Punch & Associates Investment Management, Inc.

Name: PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. 13F holdings, Q1 2025
Creator: PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.
Published: 2025-05-15

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

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Punch & Associates Investment Management, Inc. reported 159 stock positions worth $1.5 billion. Its top holding was Stonex (SNEX) at 4.3% of the portfolio, followed by Radnet (RDNT, 2.3%) and PIMCO Dynamic Income Strat (PDX, 2.0%). Compared with Q4 2024, it opened 9 new positions, sold out of 13, added to 55 and reduced 86. The biggest buy was Artisan Partners Asset Ma -A (APAM, shares +3363%) and the biggest sale an exit from Avid Bioservices (CDMO).

Most Recent 13F: Q2 2026
Location: EDINA, MN
CIK: 0001238990
Portfolio Value: $1.5B (Q1 2025)
SEC Filing: 0001398344-25-009452 ↗ filed May 15, 2025

Holdings Value

Holdings 159 stocks · $1.5B


SNEX Stonex Group Inc.	4.29%	843,524	$64.4M	Reduce -27.5%
RDNT Radnet Inc.	2.30%	694,243	$34.5M	Add +4.4%
PDX PIMCO Dynamic Income Strat	2.05%	1,255,780	$30.8M	Reduce -1.5%
LAUR Laureate Education Inc.	2.03%	1,489,257	$30.5M	Add +5.2%
SFM Sprouts Farmers Market Inc.	1.93%	189,863	$29.0M	Reduce -34.5%
SILA Sila Realty Trust Inc.	1.89%	1,064,088	$28.4M	Add +14.5%
ACA Arcosa Inc.	1.85%	361,582	$27.9M	Add +2.8%
UTI Universal Technical Institut	1.85%	1,085,072	$27.9M	Reduce -31.9%
GSL Global Ship Lease Inc. Class A	1.82%	1,196,892	$27.3M	Reduce -14.1%
VRRM Verra Mobility Corp.	1.68%	1,121,731	$25.3M	Add +2.4%
VTS Vitesse Energy Inc.	1.67%	1,020,442	$25.1M	Reduce -8.2%
BXC Bluelinx Holdings Inc.	1.62%	324,985	$24.4M	Reduce -14.0%
GRBK Green Brick Partners Inc.	1.51%	389,910	$22.7M	Add +1.9%
ATEN A10 Networks Inc.	1.48%	1,362,331	$22.3M	Add +2.0%
CVCO Cavco Industries Inc.	1.47%	42,522	$22.1M	Add +1.5%
GOOGL Alphabet Inc. Class A	1.38%	134,299	$20.8M	Reduce -0.9%
HSTM Healthstream Inc.	1.31%	613,971	$19.8M	Reduce -22.7%
FISV Fiserv Inc.	1.26%	85,885	$19.0M	Reduce -20.4%
WTTR Select Water Solutions Inc.	1.23%	1,765,582	$18.5M	Reduce -13.3%
RPRX Royalty Pharma PLC Class A	1.19%	573,603	$17.9M	Add +21.5%
KKR KKR & Co. Inc.	1.17%	152,777	$17.7M	Reduce -6.8%
APAM Artisan Partners Asset Ma -A	1.14%	437,067	$17.1M	Add +3362.7%
FIBK First Interstate Bancsys-A	1.12%	588,427	$16.9M	Add +150.3%
FC Franklin Covey Co.	1.08%	586,071	$16.2M	Reduce -13.7%
BRK.B Berkshire Hathaway Inc. Class B	1.05%	29,546	$15.7M	Reduce -18.5%
SKY Champion Homes Inc.	1.03%	163,635	$15.5M	Add +2.0%
CSWC Capital Southwest Corp.	1.02%	686,513	$15.3M	Add +2.1%
BLDR Builders Firstsource Inc.	1.02%	122,462	$15.3M	Add +5.9%
HLMN Hillman Solutions Corp.	1.01%	1,730,251	$15.2M	Add +1.7%
CLMB Climb Global Solutions Inc.	0.96%	130,250	$14.4M	Reduce -30.9%
CSW CSW Industrials Inc.	0.95%	48,833	$14.2M	Add +3.3%
TDW Tidewater Inc.	0.95%	336,282	$14.2M	Add +4.4%
PLOW Douglas Dynamics Inc.	0.94%	608,664	$14.1M	Reduce -16.5%
JPM JPMorgan Chase & Co.	0.93%	57,239	$14.0M	Reduce -0.2%
BG Bunge Global SA	0.93%	182,934	$14.0M	Add +87.3%
BV Brightview Holdings Inc.	0.93%	1,086,366	$13.9M	Add +2.0%
EFC Ellington Financial Inc.	0.91%	1,031,915	$13.7M	Reduce -44.4%
MDXG Mimedx Group Inc.	0.88%	1,738,678	$13.2M	Add +0.7%
RTO Rentokil Initial PLC-SP ADR	0.88%	576,890	$13.2M	Add +1.6%
MSFT Microsoft Corp.	0.88%	35,103	$13.2M	Reduce -1.9%
MELI MercadoLibre Inc.	0.87%	6,722	$13.1M	New
PSMT Pricesmart Inc.	0.87%	149,222	$13.1M	New
TMO Thermo Fisher Scientific Inc.	0.87%	26,292	$13.1M	Add +18.7%
ALG Alamo Group Inc.	0.85%	71,964	$12.8M	Add +2.1%
AMP Ameriprise Financial Inc.	0.84%	26,159	$12.7M	Reduce -0.4%
ORCL Oracle Corp.	0.84%	90,037	$12.6M	Add +0.5%
SPNT Siriuspoint Ltd.	0.83%	724,110	$12.5M	New
DSP Viant Technology Inc. Class A	0.82%	989,771	$12.3M	Add +37.0%
IQV Iqvia Holdings Inc.	0.81%	68,765	$12.1M	Add +16.6%
PARR Par Pacific Holdings Inc.	0.80%	848,290	$12.1M	Reduce -8.9%
HCKT The Hackett Group Inc.	0.80%	410,741	$12.0M	Add +1.6%
RSG Republic Services Inc.	0.80%	49,542	$12.0M	Reduce -16.1%
KMI Kinder Morgan Inc.	0.77%	406,263	$11.6M	Reduce -23.8%
ULTA Ulta Beauty Inc.	0.77%	31,559	$11.6M	Add +18.5%
IIIV I3 Verticals Inc. Class A	0.75%	454,272	$11.2M	New
KW Kennedy-Wilson Holdings Inc.	0.75%	1,291,042	$11.2M	Add +2.6%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.73%	110,576	$10.9M	Reduce -13.6%
ADUS Addus Homecare Corp.	0.73%	110,286	$10.9M	Add +2.1%
NEOG Neogen Corp.	0.71%	1,224,898	$10.6M	Add +4.6%
LEGH Legacy Housing Corp.	0.70%	419,520	$10.6M	Reduce -34.3%
DE Deere & Co.	0.69%	22,223	$10.4M	Reduce -0.7%
BRSP Brightspire Capital Inc.	0.68%	1,836,035	$10.2M	Reduce -17.6%
CIVI Civitas Resources Inc.	0.66%	286,014	$10.0M	Add +17.7%
ACN Accenture PLC Class A	0.66%	31,906	$10.0M	Reduce -0.4%
WM Waste Management Inc.	0.66%	42,811	$9.9M	Reduce -16.0%
MTCH Match Group Inc.	0.65%	314,094	$9.8M	Add +0.3%
EOG EOG Resources Inc.	0.65%	75,854	$9.7M	Add +0.8%
ELV Elevance Health Inc.	0.64%	22,233	$9.7M	Reduce -0.7%
SSNC Ss&c Technologies Holdings	0.64%	114,572	$9.6M	Reduce -0.8%
HYI Western Asset High Yield Opp	0.64%	806,469	$9.5M	Reduce -2.6%
LQDT Liquidity Services Inc.	0.63%	303,358	$9.4M	Reduce -39.1%
ARHS Arhaus Inc.	0.62%	1,079,256	$9.4M	Add +3.2%
JNJ Johnson & Johnson	0.59%	53,749	$8.9M	Reduce -0.3%
TGT Target Corp.	0.58%	84,190	$8.8M	Add +48.1%
T AT&T Inc.	0.58%	309,417	$8.8M	Reduce -16.9%
SHOO Steven Madden Ltd. filed as MADDEN STEVEN LTD	0.58%	327,422	$8.7M	Add +67.8%
AGNC AGNC Investment Corp.	0.57%	896,626	$8.6M	Reduce -1.1%
CARR Carrier Global Corp.	0.57%	135,158	$8.6M	Reduce -0.5%
FTHY First Trust Hi YLD Opp 2027	0.53%	555,898	$8.0M	Reduce -1.7%
GLRE Greenlight Capital Re Ltd. Class A	0.53%	588,464	$8.0M	Reduce -8.1%
PBPB Potbelly Corp.	0.53%	837,355	$8.0M	Reduce -35.0%
LINC Lincoln Educational Services	0.52%	488,800	$7.8M	Reduce -43.0%
AMLP Alerian MLP ETF	0.50%	144,436	$7.5M	Reduce -16.4%
GRSD Grandstand Ltd. filed as GAMBLING COM GROUP LIMITED	0.49%	580,900	$7.3M	Reduce -39.1%
BXMT Blackstone Mortgage Tru Class A	0.49%	365,164	$7.3M	Add +18.7%
TTGT Techtarget Inc.	0.47%	477,370	$7.1M	Add +2.4%
NPKI NPK International Inc.	0.47%	1,207,100	$7.0M	Reduce -27.0%
LADR Ladder Capital Corp.-REIT	0.47%	614,505	$7.0M	Reduce -0.8%
LZ Legalzoomcom Inc.	0.46%	801,080	$6.9M	New
CVEO Civeo Corp.	0.42%	273,470	$6.3M	Reduce -37.0%
PHX PHX Minerals Inc.	0.42%	1,582,234	$6.2M	Reduce -35.3%
RSSS Research Solutions Inc.	0.41%	2,367,771	$6.2M	Add +1.6%
PHLT Performant Healthcare Inc.	0.41%	2,062,100	$6.1M	Reduce -29.9%
DCGO Docgo Inc.	0.39%	2,201,667	$5.8M	Add +17.4%
DHIL Diamond Hill Investment Grp	0.38%	39,955	$5.7M	Reduce -42.0%
HGBL Heritage Global Inc.	0.36%	2,454,467	$5.4M	Reduce -1.9%
BWB Bridgewater Bancshares Inc.	0.35%	382,500	$5.3M	Reduce -39.8%
ACIC American Coastal Insurance C	0.35%	455,400	$5.3M	Reduce -17.4%
CLFD Clearfield Inc.	0.35%	177,000	$5.3M	Reduce -30.9%
RMT Royce Micro-Cap Trust Inc.	0.34%	610,323	$5.1M	Reduce -43.8%
LRFC Logan Ridge Finance Corp.	0.33%	227,960	$5.0M	Add +0.9%
BXSL Blackstone Secured Lending F	0.33%	154,704	$5.0M	Reduce -42.7%
ETSY Etsy Inc.	0.32%	102,005	$4.8M	Add +2.6%
UFPT Ufp Technologies Inc.	0.30%	22,700	$4.6M	Reduce -39.0%
AGYS Agilysys Inc.	0.30%	61,440	$4.5M	Reduce -38.5%
ALEX Alexander & Baldwin Inc.	0.29%	251,390	$4.3M	Reduce -0.3%
TRNS Transcat Inc.	0.28%	57,530	$4.3M	Reduce -38.5%
VMD Viemed Healthcare Inc.	0.28%	580,000	$4.2M	Reduce -31.4%
MYFW First Western Financial Inc.	0.28%	210,475	$4.1M	Reduce -40.8%
AVNW Aviat Networks Inc.	0.27%	214,619	$4.1M	Reduce -46.2%
ELMD Electromed Inc.	0.26%	163,594	$3.9M	Reduce -39.6%
DSGR Distribution Solutions Group	0.25%	133,976	$3.8M	Reduce -45.8%
SAMG Silvercrest Asset Manageme-A	0.25%	229,211	$3.7M	Reduce -46.7%
TCMD Tactile Systems Technology I	0.25%	282,000	$3.7M	Add +34.3%
CSV Carriage Services Inc.	0.24%	91,500	$3.5M	New
NVEC Nve Corp.	0.23%	55,055	$3.5M	Reduce -40.5%
INFU Infusystem Holdings Inc.	0.22%	614,656	$3.3M	Reduce -36.0%
RFIL RF Industries Ltd. filed as RF INDS LTD	0.21%	678,797	$3.2M	Reduce -33.1%
TURN 180 Degree Capital Corp.	0.19%	714,156	$2.8M	No change
ALOT Astronova Inc.	0.18%	301,429	$2.8M	Reduce -37.7%
PDEX Pro-Dex Inc.	0.18%	54,000	$2.7M	Reduce -15.6%
LUMENT FINANCE TRUST INC	0.17%	996,819	$2.6M	Reduce -22.3%
ALNT Allient Inc.	0.17%	118,000	$2.6M	Reduce -43.3%
GHM Graham Corp.	0.15%	76,255	$2.2M	No change
OPXS Optex Systems Holdings Inc.	0.14%	372,500	$2.1M	No change
PLBC Plumas Bancorp	0.13%	43,940	$1.9M	No change
HCI Hci Group Inc.	0.12%	12,000	$1.8M	Reduce -34.4%
TAYD Taylor Devices Inc.	0.10%	48,864	$1.6M	Reduce -2.3%
FLXS Flexsteel Inds	0.10%	42,863	$1.6M	Reduce -35.7%
EPSN Epsilon Energy Ltd.	0.10%	211,200	$1.5M	Reduce -20.6%
IWV iShares Russell 3000 ETF	0.10%	4,614	$1.5M	Reduce -2.3%
KRT Karat Packaging Inc.	0.09%	53,500	$1.4M	No change
IA Innovative Solutions & Supp	0.09%	210,000	$1.3M	Add +68.0%
RCMT RCM Technologies Inc.	0.08%	75,000	$1.2M	New
DLHC DLH Holdings Corp. filed as DLH HLDGS CORP	0.08%	284,289	$1.2M	Reduce -49.6%
XPEL Xpel Inc.	0.08%	38,500	$1.1M	Reduce -58.1%
ACCS Access Newswire Inc.	0.07%	125,000	$1.1M	Add +12.1%
NTIC Northern Technologies Intl	0.07%	97,452	$1.0M	Reduce -60.6%
NBN Northeast Bank	0.07%	10,700	$979K	Reduce -3.2%
QRHC Quest Resource Holding Corp.	0.06%	337,250	$877K	No change
MAMA Mama's Creations Inc.	0.06%	130,000	$846K	No change
KEQU Kewaunee Scientific CP	0.05%	20,000	$788K	New
LGCY Legacy Education Inc.	0.04%	85,000	$609K	New
VBR Vngrd Mrngst SL-CP Val ETF-U	0.01%	1,152	$215K	Reduce -5.0%
VTI VG Morningstar TS MKT ETF-US	0.01%	412	$113K	Add +27.2%
FFWM First Foundation Inc.	0.01%	15,790	$82K	Add +10.8%
CLVT Clarivate PLC	0.00%	16,540	$65K	Add +52.9%
IWC iShares Micro-Cap ETF	0.00%	366	$41K	Add +3.4%
VOO Vanguard S&P 500 ETF	0.00%	62	$32K	Reduce -94.7%
AGG iShares Core U.S. Aggregate	0.00%	300	$30K	Reduce -50.4%
IWM iShares Russell 2000 ETF	0.00%	140	$28K	Reduce -71.4%
SUSA iShares ESG Optimized MSCI U	0.00%	190	$22K	No change
IVV iShares Core S&P 500 ETF	0.00%	28	$16K	Add +16.7%
HBIO Harvard Bioscience Inc.	0.00%	25,586	$14K	Reduce -99.1%
IJR iShares Core S&P Small-Cap E	0.00%	93	$10K	Add +24.0%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui	0.00%	96	$8K	Add +23.1%
IEFA iShares Core MSCI Eafe ETF	0.00%	67	$5K	Add +17.5%
LQD Ishr Ibx Usd Invgd CB ETF-Ui	0.00%	45	$5K	Add +21.6%
IVE iShares S&P 500 Value ETF	0.00%	15	$3K	No change

Other holdings (5): bonds, preferreds, convertibles and warrants · $22.7M (not counted above)

Security	Class	Shares / Principal	Value	Change
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	104,265	$6.2M	Reduce -1.0%
WAYFAIR INC (W 0.625 10/01/25)	NOTE 0.625%10/0 · principal	5,563,000	$5.4M	Reduce -0.5%
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	NOTE 1.250% 6/0 · principal	5,032,000	$4.6M	Reduce -0.9%
LENDINGTREE INC (TREE 0.5 07/15/25)	NOTE 0.500% 7/1 · principal	3,637,000	$3.6M	Reduce -0.1%
KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	58,595	$2.9M	New

Total filed on the 13F, all lines: $1.5B.

Portfolio Sells Q4 2024 → Q1 2025


CDMO Avid Bioservices Inc.	Sold out	0.00%	−1.97
CMCO Columbus McKinnon Corp.	Sold out	0.00%	−0.88
BBDC Barings BDC Inc.	Sold out	0.00%	−0.64
DEA Easterly Govt Pptys Inc.	Sold out	0.00%	−0.54
CALY Callaway Golf Company	Sold out	0.00%	−0.54
BXC Bluelinx Holdings Inc.	Reduce -14.0%	1.62%	−0.51
AGYS Agilysys Inc.	Reduce -38.5%	0.30%	−0.43
UTI Universal Technical Institut	Reduce -31.9%	1.85%	−0.41
CLMB Climb Global Solutions Inc.	Reduce -30.9%	0.96%	−0.36
FC Franklin Covey Co.	Reduce -13.7%	1.08%	−0.33
EFC Ellington Financial Inc.	Reduce -44.4%	0.91%	−0.33
HBIO Harvard Bioscience Inc.	Reduce -99.1%	0.00%	−0.32
UHAL.B U-Haul Holding Co.-Non Voting	Sold out	0.00%	−0.31
LQDT Liquidity Services Inc.	Reduce -39.1%	0.63%	−0.26
TRNS Transcat Inc.	Reduce -38.5%	0.28%	−0.26
WTTR Select Water Solutions Inc.	Reduce -13.3%	1.23%	−0.26
GRSD Grandstand Ltd.	Reduce -39.1%	0.49%	−0.25
ADM Archer-Daniels-Midland Co.	Sold out	0.00%	−0.25
RMT Royce Micro-Cap Trust Inc.	Reduce -43.8%	0.34%	−0.24
NPKI NPK International Inc.	Reduce -27.0%	0.47%	−0.23
LINC Lincoln Educational Services	Reduce -43.0%	0.52%	−0.23
INFU Infusystem Holdings Inc.	Reduce -36.0%	0.22%	−0.23
DSGR Distribution Solutions Group	Reduce -45.8%	0.25%	−0.22
DHIL Diamond Hill Investment Grp	Reduce -42.0%	0.38%	−0.21
UFPT Ufp Technologies Inc.	Reduce -39.0%	0.30%	−0.20
SAMG Silvercrest Asset Manageme-A	Reduce -46.7%	0.25%	−0.19
CCB Coastal Financial Corp.	Sold out	0.00%	−0.18
NVEC Nve Corp.	Reduce -40.5%	0.23%	−0.18
ELMD Electromed Inc.	Reduce -39.6%	0.26%	−0.18
DLHC DLH Holdings Corp.	Reduce -49.6%	0.08%	−0.17
BCIC BCP Investment Corp.	Sold out	0.00%	−0.17
LEGH Legacy Housing Corp.	Reduce -34.3%	0.70%	−0.17
KKR KKR & Co. Inc.	Reduce -6.8%	1.17%	−0.16
BXSL Blackstone Secured Lending F	Reduce -42.7%	0.33%	−0.15
PBPB Potbelly Corp.	Reduce -35.0%	0.53%	−0.14
ALOT Astronova Inc.	Reduce -37.7%	0.18%	−0.14
XPEL Xpel Inc.	Reduce -58.1%	0.08%	−0.13
CVEO Civeo Corp.	Reduce -37.0%	0.42%	−0.13
AVNW Aviat Networks Inc.	Reduce -46.2%	0.27%	−0.12
PHX PHX Minerals Inc.	Reduce -35.3%	0.42%	−0.12
BWB Bridgewater Bancshares Inc.	Reduce -39.8%	0.35%	−0.12
NTIC Northern Technologies Intl	Reduce -60.6%	0.07%	−0.12
MYFW First Western Financial Inc.	Reduce -40.8%	0.28%	−0.11
ALNT Allient Inc.	Reduce -43.3%	0.17%	−0.11
SFM Sprouts Farmers Market Inc.	Reduce -34.5%	1.93%	−0.10
FLXS Flexsteel Inds	Reduce -35.7%	0.10%	−0.10
VMD Viemed Healthcare Inc.	Reduce -31.4%	0.28%	−0.09
CLFD Clearfield Inc.	Reduce -30.9%	0.35%	−0.09
PHLT Performant Healthcare Inc.	Reduce -29.9%	0.41%	−0.08
HSTM Healthstream Inc.	Reduce -22.7%	1.31%	−0.08

Portfolio Buys Q4 2024 → Q1 2025


APAM Artisan Partners Asset Ma -A	Add +3362.7%	1.14%	+1.11
MELI MercadoLibre Inc.	New	0.87%	+0.87
PSMT Pricesmart Inc.	New	0.87%	+0.87
SPNT Siriuspoint Ltd.	New	0.83%	+0.83
IIIV I3 Verticals Inc. Class A	New	0.75%	+0.75
FIBK First Interstate Bancsys-A	Add +150.3%	1.12%	+0.70
SILA Sila Realty Trust Inc.	Add +14.5%	1.89%	+0.64
LAUR Laureate Education Inc.	Add +5.2%	2.03%	+0.60
RPRX Royalty Pharma PLC Class A	Add +21.5%	1.19%	+0.52
BG Bunge Global SA	Add +87.3%	0.93%	+0.51
LZ Legalzoomcom Inc.	New	0.46%	+0.46
CVCO Cavco Industries Inc.	Add +1.5%	1.47%	+0.44
GRBK Green Brick Partners Inc.	Add +1.9%	1.51%	+0.32
SKY Champion Homes Inc.	Add +2.0%	1.03%	+0.25
CSV Carriage Services Inc.	New	0.24%	+0.24
TMO Thermo Fisher Scientific Inc.	Add +18.7%	0.87%	+0.23
VRRM Verra Mobility Corp.	Add +2.4%	1.68%	+0.22
CSWC Capital Southwest Corp.	Add +2.1%	1.02%	+0.21
BXMT Blackstone Mortgage Tru Class A	Add +18.7%	0.49%	+0.19
IQV Iqvia Holdings Inc.	Add +16.6%	0.81%	+0.17
TGT Target Corp.	Add +48.1%	0.58%	+0.16
EOG EOG Resources Inc.	Add +0.8%	0.65%	+0.14
ULTA Ulta Beauty Inc.	Add +18.5%	0.77%	+0.13
ALG Alamo Group Inc.	Add +2.1%	0.85%	+0.13
ATEN A10 Networks Inc.	Add +2.0%	1.48%	+0.13
SHOO Steven Madden Ltd.	Add +67.8%	0.58%	+0.12
HCKT The Hackett Group Inc.	Add +1.6%	0.80%	+0.11
BLDR Builders Firstsource Inc.	Add +5.9%	1.02%	+0.11
HLMN Hillman Solutions Corp.	Add +1.7%	1.01%	+0.10
MTCH Match Group Inc.	Add +0.3%	0.65%	+0.09
RTO Rentokil Initial PLC-SP ADR	Add +1.6%	0.88%	+0.09
ARHS Arhaus Inc.	Add +3.2%	0.62%	+0.08
RCMT RCM Technologies Inc.	New	0.08%	+0.08
DSP Viant Technology Inc. Class A	Add +37.0%	0.82%	+0.06
KEQU Kewaunee Scientific CP	New	0.05%	+0.05
KW Kennedy-Wilson Holdings Inc.	Add +2.6%	0.75%	+0.05
TCMD Tactile Systems Technology I	Add +34.3%	0.25%	+0.05
CIVI Civitas Resources Inc.	Add +17.7%	0.66%	+0.05
LGCY Legacy Education Inc.	New	0.04%	+0.04
ETSY Etsy Inc.	Add +2.6%	0.32%	+0.03
IA Innovative Solutions & Supp	Add +68.0%	0.09%	+0.03
CSW CSW Industrials Inc.	Add +3.3%	0.95%	+0.03
LRFC Logan Ridge Finance Corp.	Add +0.9%	0.33%	+0.02
ACCS Access Newswire Inc.	Add +12.1%	0.07%	+0.02
ORCL Oracle Corp.	Add +0.5%	0.84%	+0.01
VTI VG Morningstar TS MKT ETF-US	Add +27.2%	0.01%	+0.00
CLVT Clarivate PLC	Add +52.9%	0.00%	+0.00
FFWM First Foundation Inc.	Add +10.8%	0.01%	+0.00
IVV iShares Core S&P 500 ETF	Add +16.7%	0.00%	+0.00
IJR iShares Core S&P Small-Cap E	Add +24.0%	0.00%	+0.00

Notes & Other Activity Q4 2024 → Q1 2025


BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	Reduce -1.0%	104,265	$6.2M
WAYFAIR INC (W 0.625 10/01/25)	NOTE 0.625%10/0 · principal	Reduce -0.5%	5,563,000	$5.4M
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	NOTE 1.250% 6/0 · principal	Reduce -0.9%	5,032,000	$4.6M
LENDINGTREE INC (TREE 0.5 07/15/25)	NOTE 0.500% 7/1 · principal	Reduce -0.1%	3,637,000	$3.6M
KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	New	58,595	$2.9M
VNQ Vanguard Real Estate ETF	REAL ESTATE ETF	Sold out	0	$10before 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