Punch & Associates Investment Management, Inc.

Name: PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. 13F holdings, Q2 2026
Creator: PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.
Published: 2026-08-14

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

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Punch & Associates Investment Management, Inc. reported 160 stock positions worth $2.0 billion. Its top holding was Stonex (SNEX) at 4.1% of the portfolio, followed by Arcosa (ACA, 2.5%) and Universal Technical Institut (UTI, 2.3%). Compared with Q1 2026, it opened 12 new positions, sold out of 10, added to 81 and reduced 51. The biggest buy was Trimas (TRS, shares +230%) and the biggest sale an exit from Sila Realty Trust (SILA).

Most Recent 13F: Q2 2026
Location: EDINA, MN
CIK: 0001238990
Portfolio Value: $2.0B (Q2 2026)
SEC Filing: 0001398344-26-014516 ↗ filed Aug 14, 2026

Holdings Value

Holdings 160 stocks · $2.0B


SNEX Stonex Group Inc.	4.10%	694,090	$82.2M	Reduce -26.4%
ACA Arcosa Inc.	2.52%	347,540	$50.5M	Reduce -4.1%
UTI Universal Technical Institut	2.34%	1,096,078	$46.9M	Add +1.8%
LAUR Laureate Education Inc.	2.25%	1,240,072	$45.0M	Add +5.7%
ATEN A10 Networks Inc.	2.22%	1,188,747	$44.4M	Reduce -18.6%
MRVL Marvell Technology Inc.	2.09%	140,873	$42.0M	Add +0.5%
ENVA Enova International Inc.	1.95%	162,629	$39.1M	Add +6.0%
RDNT Radnet Inc.	1.95%	633,272	$39.1M	Add +6.4%
GOOGL Alphabet Inc. Class A	1.92%	107,628	$38.5M	Add +0.3%
LQDT Liquidity Services Inc.	1.86%	954,735	$37.3M	Add +3.7%
TRS Trimas Corp.	1.81%	807,292	$36.4M	Add +229.9%
SPNT Siriuspoint Ltd.	1.80%	1,501,976	$36.0M	Add +6.1%
PLOW Douglas Dynamics Inc.	1.78%	659,319	$35.6M	Add +6.0%
RPRX Royalty Pharma PLC Class A	1.67%	597,938	$33.5M	Reduce -0.1%
PSMT Pricesmart Inc.	1.67%	171,348	$33.5M	Add +5.6%
CVCO Cavco Industries Inc.	1.65%	53,930	$33.1M	Add +5.8%
TREE Lendingtree Inc.	1.60%	725,675	$32.1M	Add +12.2%
GRBK Green Brick Partners Inc.	1.52%	380,387	$30.4M	Add +6.2%
FIBK First Interstate Bancsys-A	1.50%	778,006	$30.0M	Add +5.8%
WTTR Select Water Solutions Inc.	1.43%	1,435,415	$28.7M	Reduce -6.1%
GSL Global Ship Lease Inc. Class A	1.43%	761,080	$28.6M	Add +6.0%
JCAP Jefferson Capital Inc.	1.41%	1,446,818	$28.2M	Add +29.7%
NPKI NPK International Inc.	1.38%	1,738,857	$27.7M	Reduce -4.4%
VTS Vitesse Energy Inc.	1.25%	1,586,924	$25.0M	Add +19.0%
JOE The St Joe Co.	1.18%	376,859	$23.6M	New
IIIV I3 Verticals Inc. Class A	1.17%	1,099,486	$23.5M	Add +6.5%
TDW Tidewater Inc.	1.14%	342,356	$22.8M	Reduce -1.6%
ADUS Addus Homecare Corp.	1.04%	208,135	$20.9M	Add +7.3%
BXC Bluelinx Holdings Inc.	1.04%	336,308	$20.8M	Add +4.5%
SFM Sprouts Farmers Market Inc.	1.04%	245,608	$20.8M	Add +12.9%
APAM Artisan Partners Asset Ma -A	1.02%	594,780	$20.5M	Add +7.9%
PARR Par Pacific Holdings Inc.	0.97%	345,115	$19.4M	Reduce -8.5%
DSP Viant Technology Inc. Class A	0.95%	1,501,487	$19.0M	Add +11.5%
CNS Cohen & Steers Inc.	0.91%	240,160	$18.3M	New
LZ Legalzoomcom Inc.	0.87%	2,850,501	$17.5M	Add +6.0%
RTO Rentokil Initial PLC-SP ADR	0.86%	603,739	$17.3M	Add +0.5%
PAYS Paysign Inc.	0.85%	2,073,580	$17.0M	Add +0.8%
BV Brightview Holdings Inc.	0.84%	1,184,042	$16.8M	Add +6.0%
AGYS Agilysys Inc.	0.83%	159,080	$16.6M	Add +153.7%
IQV Iqvia Holdings Inc.	0.81%	84,013	$16.2M	Reduce -5.1%
MSFT Microsoft Corp.	0.80%	43,112	$16.1M	Add +0.3%
HLMN Hillman Solutions Corp.	0.79%	1,880,839	$15.9M	Add +6.0%
MELI MercadoLibre Inc.	0.79%	9,288	$15.8M	Reduce -0.8%
BRK.B Berkshire Hathaway Inc. Class B	0.78%	31,198	$15.6M	Add +0.2%
CSW CSW Industrials Inc.	0.75%	54,288	$15.1M	Add +6.5%
SHOO Steven Madden Ltd. filed as MADDEN STEVEN LTD	0.75%	357,620	$15.1M	Add +6.1%
AMRZ Amrize Ltd.	0.75%	280,902	$15.0M	Add +77.5%
KKR KKR & Co. Inc.	0.74%	161,910	$14.9M	Add +0.2%
JPM JPMorgan Chase & Co.	0.73%	44,647	$14.6M	Add +0.4%
PDX PIMCO Dynamic Income Strat	0.73%	701,289	$14.6M	Reduce -17.7%
ALX Alexander's Inc.	0.71%	51,409	$14.2M	Add +151.8%
BG Bunge Global SA	0.70%	131,519	$14.0M	Reduce -27.8%
TMO Thermo Fisher Scientific Inc.	0.68%	27,170	$13.6M	Reduce -0.6%
FTHY First Trust Hi YLD Opp 2027	0.66%	966,836	$13.2M	Add +9.0%
MTCH Match Group Inc.	0.66%	346,382	$13.2M	Reduce -8.8%
BRSP Brightspire Capital Inc.	0.65%	2,395,950	$13.1M	Add +3.7%
CLMB Climb Global Solutions Inc.	0.64%	551,910	$12.8M	Add +0.0%
SE Sea Ltd.-ADR	0.63%	132,705	$12.7M	Reduce -0.1%
RFIL RF Industries Ltd. filed as RF INDS LTD	0.62%	588,115	$12.5M	Reduce -28.5%
ALG Alamo Group Inc.	0.62%	75,589	$12.4M	Add +6.6%
EOG EOG Resources Inc.	0.59%	90,539	$11.7M	Add +0.2%
CRM Salesforce Inc.	0.59%	74,875	$11.7M	New
APO Apollo Global Management Inc.	0.58%	98,139	$11.6M	Add +0.3%
LEGH Legacy Housing Corp.	0.56%	427,665	$11.2M	No change
UNH Unitedhealth Group Inc.	0.56%	27,021	$11.2M	Add +0.2%
TGT Target Corp.	0.56%	85,963	$11.2M	Add +0.2%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.56%	116,186	$11.2M	Add +0.1%
CLFD Clearfield Inc.	0.55%	277,610	$11.0M	Reduce -4.1%
KMI Kinder Morgan Inc.	0.53%	331,678	$10.6M	Add +0.2%
PDM Piedmont Realty Trust Inc.	0.53%	1,153,153	$10.6M	Add +109.7%
APEI American Public Education	0.52%	195,000	$10.5M	No change
IA Innovative Solutions & Supp	0.51%	569,963	$10.3M	Add +9.9%
WM Waste Management Inc.	0.51%	45,755	$10.2M	Add +0.1%
LINC Lincoln Educational Services	0.50%	200,550	$10.0M	Reduce -20.5%
CSV Carriage Services Inc.	0.48%	249,404	$9.6M	Reduce -5.4%
NRIM Northrim Bancorp Inc.	0.47%	342,960	$9.5M	Add +5.1%
TCMD Tactile Systems Technology I	0.47%	315,000	$9.4M	Add +5.0%
ARHS Arhaus Inc.	0.47%	1,110,755	$9.4M	Reduce -0.4%
ELMD Electromed Inc.	0.46%	218,520	$9.2M	Reduce -2.7%
BWB Bridgewater Bancshares Inc.	0.46%	434,660	$9.1M	No change
ELV Elevance Health Inc.	0.45%	23,223	$9.0M	Reduce -0.0%
ACIC American Coastal Insurance C	0.45%	808,705	$9.0M	No change
BLDR Builders Firstsource Inc.	0.45%	100,211	$9.0M	Reduce -22.0%
ULTA Ulta Beauty Inc.	0.44%	19,723	$8.9M	Add +0.3%
DE Deere & Co.	0.44%	13,825	$8.8M	Add +0.1%
ORCL Oracle Corp.	0.44%	59,742	$8.8M	Add +0.2%
NVEC Nve Corp.	0.42%	81,215	$8.5M	Reduce -21.6%
RSG Republic Services Inc.	0.41%	38,646	$8.2M	Reduce -8.1%
BXMT Blackstone Mortgage Tru Class A	0.40%	476,188	$8.1M	Reduce -1.5%
INFU Infusystem Holdings Inc.	0.40%	834,750	$8.1M	Reduce -0.4%
CASS Cass Information Systems Inc.	0.40%	156,527	$8.0M	Add +38.5%
MDXG Mimedx Group Inc.	0.40%	2,058,089	$7.9M	Add +1.9%
ARCC Ares Capital Corp.	0.39%	425,878	$7.9M	Add +8.8%
MLR Miller Industries Inc.	0.39%	153,070	$7.8M	Add +38.5%
RMT Royce Micro-Cap Trust Inc.	0.38%	522,665	$7.7M	Reduce -4.2%
TRNS Transcat Inc.	0.37%	80,087	$7.4M	Add +23.6%
NATR Natures Sunshine Prods Inc.	0.37%	340,000	$7.4M	No change
IDR Idaho Strategic Resources Inc.	0.36%	222,220	$7.3M	Add +7.2%
SSNC Ss&c Technologies Holdings	0.34%	111,173	$6.9M	Reduce -25.3%
FLXS Flexsteel Inds	0.34%	91,525	$6.8M	No change
SMRT Smartrent Inc.	0.31%	5,292,880	$6.3M	Add +5.2%
MYFW First Western Financial Inc.	0.31%	195,000	$6.3M	Reduce -21.4%
VMD Viemed Healthcare Inc.	0.30%	533,466	$6.1M	Reduce -0.7%
UFPT Ufp Technologies Inc.	0.30%	22,700	$6.0M	No change
RSSS Research Solutions Inc.	0.30%	2,552,455	$5.9M	No change
DUK Duke Energy Corp.	0.29%	46,677	$5.9M	Reduce -1.9%
GHM Graham Corp.	0.28%	44,605	$5.5M	Reduce -21.9%
HCKT The Hackett Group Inc.	0.26%	474,707	$5.1M	Add +6.5%
CVEO Civeo Corp.	0.25%	145,000	$5.1M	Reduce -8.4%
HTLD Heartland Express Inc.	0.25%	331,765	$5.0M	Add +0.3%
OPXS Optex Systems Holdings Inc.	0.24%	339,740	$4.8M	Add +5.0%
LYTS Lsi Industries Inc.	0.22%	167,579	$4.5M	New
OXM Oxford Industries Inc.	0.21%	122,447	$4.3M	Reduce -0.8%
RCMT RCM Technologies Inc.	0.20%	145,180	$4.1M	Reduce -5.4%
PLBC Plumas Bancorp	0.19%	65,528	$3.8M	Reduce -5.4%
DERM Journey Medical Corp.	0.19%	536,000	$3.8M	New
KEQU Kewaunee Scientific CP	0.19%	105,545	$3.7M	Add +4.8%
AMLP Alerian MLP ETF	0.18%	68,913	$3.6M	Reduce -1.4%
SAMG Silvercrest Asset Manageme-A	0.16%	325,921	$3.3M	Add +33.0%
KRT Karat Packaging Inc.	0.16%	98,320	$3.3M	Add +42.3%
PDEX Pro-Dex Inc.	0.15%	52,735	$3.1M	Reduce -14.6%
EPSN Epsilon Energy Ltd.	0.14%	506,880	$2.7M	Add +6.3%
MAMA Mama's Creations Inc.	0.13%	150,000	$2.7M	Reduce -9.1%
FSUN Firstsun Capital Bancorp	0.12%	64,332	$2.5M	New
HGBL Heritage Global Inc.	0.12%	2,021,458	$2.4M	Reduce -9.9%
IWV iShares Russell 3000 ETF	0.12%	5,566	$2.4M	Add +1.4%
HCI Hci Group Inc.	0.10%	12,000	$2.1M	No change
SJT San Juan Basin Royalty TR	0.10%	641,414	$2.1M	Reduce -31.7%
IRMD Iradimed Corp.	0.10%	20,000	$1.9M	Add +17.6%
OFLX Omega Flex Inc.	0.09%	60,515	$1.9M	Add +39.1%
TAYD Taylor Devices Inc.	0.09%	32,300	$1.9M	No change
NBN Northeast Bank	0.09%	14,000	$1.9M	Reduce -5.0%
PARK Park Dental Partners Inc.	0.07%	67,020	$1.4M	New
ACR Acres Commercial Realty Corp.	0.06%	72,265	$1.3M	New
LGCY Legacy Education Inc.	0.06%	100,000	$1.2M	Reduce -46.0%
AMP Ameriprise Financial Inc.	0.06%	2,507	$1.2M	Add +0.7%
ACCS Access Newswire Inc.	0.05%	150,950	$981K	Reduce -1.0%
MLCI Mount Logan Capital Inc.	0.03%	184,592	$635K	Reduce -15.7%
TALK Talkspace Inc.	0.02%	80,674	$420K	Reduce -82.1%
ARCO Arcos Dorados Holdings Inc. Class A	0.02%	47,295	$381K	Add +166.4%
PDFS PDF Solutions Inc.	0.02%	5,175	$366K	Reduce -20.1%
MMED Minimed Group Inc.	0.01%	19,550	$292K	New
TLN Talen Energy Corp.	0.01%	710	$273K	Reduce -5.3%
KN Knowles Corp.	0.01%	5,980	$248K	New
BTX BlackRock Tech & Priv Eqty	0.01%	24,905	$225K	No change
CHE Chemed Corp.	0.01%	470	$219K	New
LAMR Lamar Advertising Co. Class A	0.01%	1,305	$204K	Reduce -19.4%
TFSL TFS Financial Corp.	0.01%	11,020	$195K	No change
WDI Western Asset Divers Inc.	0.01%	11,855	$161K	No change
CION Cion Investment Corp.	0.01%	18,920	$118K	Add +27.4%
IWC iShares Micro-Cap ETF	0.00%	398	$80K	No change
IWM iShares Russell 2000 ETF	0.00%	185	$56K	No change
IVV iShares Core S&P 500 ETF	0.00%	59	$44K	Add +40.5%
AGG iShares Core U.S. Aggregate	0.00%	300	$30K	No change
IJR iShares Core S&P Small-Cap E	0.00%	164	$24K	Add +7.9%
IVW iShares S&P 500 Growth ETF	0.00%	146	$20K	Reduce -19.8%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui	0.00%	192	$15K	Add +14.3%
IEFA iShares Core MSCI Eafe ETF	0.00%	111	$11K	Add +6.7%
LQD Ishr Ibx Usd Invgd CB ETF-Ui	0.00%	96	$10K	Add +15.7%
IXUS iShares Core Intl Stock ETF	0.00%	42	$4K	New

Other holdings (4): bonds, preferreds, convertibles and warrants · $17.1M (not counted above)

Security	Class	Shares / Principal	Value	Change
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	104,145	$7.0M	Reduce -1.6%
WHIRLPOOL CORP (WHR 8.5 02/15/29 A)	8.5 DEP SR A CNV	99,335	$3.5M	Reduce -0.9%
KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	85,775	$3.4M	Reduce -1.2%
QXO INC (QXO 5.5 05/15/28 B)	5.50 DEP PFD	65,060	$3.2M	Reduce -1.9%

Total filed on the 13F, all lines: $2.0B.

Portfolio Sells Q1 2026 → Q2 2026


SILA Sila Realty Trust Inc.	Sold out	0.00%	−1.86
VRRM Verra Mobility Corp.	Sold out	0.00%	−0.96
BG Bunge Global SA	Reduce -27.8%	0.70%	−0.65
TDW Tidewater Inc.	Reduce -1.6%	1.14%	−0.56
JNJ Johnson & Johnson	Sold out	0.00%	−0.53
PARR Par Pacific Holdings Inc.	Reduce -8.5%	0.97%	−0.41
PDX PIMCO Dynamic Income Strat	Reduce -17.7%	0.73%	−0.37
AVNS Avanos Medical Inc.	Sold out	0.00%	−0.36
SNEX Stonex Group Inc.	Reduce -26.4%	4.10%	−0.34
SSNC Ss&c Technologies Holdings	Reduce -25.3%	0.34%	−0.24
CSV Carriage Services Inc.	Reduce -5.4%	0.48%	−0.23
BLDR Builders Firstsource Inc.	Reduce -22.0%	0.45%	−0.17
SJT San Juan Basin Royalty TR	Reduce -31.7%	0.10%	−0.16
MELI MercadoLibre Inc.	Reduce -0.8%	0.79%	−0.16
NPKI NPK International Inc.	Reduce -4.4%	1.38%	−0.16
BXMT Blackstone Mortgage Tru Class A	Reduce -1.5%	0.40%	−0.14
FFWM First Foundation Inc.	Sold out	0.00%	−0.14
RSG Republic Services Inc.	Reduce -8.1%	0.41%	−0.13
TALK Talkspace Inc.	Reduce -82.1%	0.02%	−0.12
TMO Thermo Fisher Scientific Inc.	Reduce -0.6%	0.68%	−0.11
LINC Lincoln Educational Services	Reduce -20.5%	0.50%	−0.10
GLRE Greenlight Capital Re Ltd. Class A	Sold out	0.00%	−0.08
LGCY Legacy Education Inc.	Reduce -46.0%	0.06%	−0.08
IQV Iqvia Holdings Inc.	Reduce -5.1%	0.81%	−0.07
DUK Duke Energy Corp.	Reduce -1.9%	0.29%	−0.07
OXM Oxford Industries Inc.	Reduce -0.8%	0.21%	−0.06
HGBL Heritage Global Inc.	Reduce -9.9%	0.12%	−0.06
BCIC BCP Investment Corp.	Sold out	0.00%	−0.05
INFU Infusystem Holdings Inc.	Reduce -0.4%	0.40%	−0.05
MYFW First Western Financial Inc.	Reduce -21.4%	0.31%	−0.04
AMLP Alerian MLP ETF	Reduce -1.4%	0.18%	−0.04
ACCS Access Newswire Inc.	Reduce -1.0%	0.05%	−0.03
MTCH Match Group Inc.	Reduce -8.8%	0.66%	−0.02
PDEX Pro-Dex Inc.	Reduce -14.6%	0.15%	−0.02
MAMA Mama's Creations Inc.	Reduce -9.1%	0.13%	−0.01
MLCI Mount Logan Capital Inc.	Reduce -15.7%	0.03%	−0.01
LOPE Grand Canyon Education Inc.	Sold out	0.00%	−0.01
SE Sea Ltd.-ADR	Reduce -0.1%	0.63%	−0.01
PLBC Plumas Bancorp	Reduce -5.4%	0.19%	−0.01
RPRX Royalty Pharma PLC Class A	Reduce -0.1%	1.67%	−0.01
NBN Northeast Bank	Reduce -5.0%	0.09%	−0.00
LAMR Lamar Advertising Co. Class A	Reduce -19.4%	0.01%	−0.00
TELADOC HEALTH INC (TDOC 1.25 06/01/27)	Sold out	0.00%	−0.00
SUSA iShares ESG Optimized MSCI U	Sold out	0.00%	−0.00
TLN Talen Energy Corp.	Reduce -5.3%	0.01%	−0.00
IVW iShares S&P 500 Growth ETF	Reduce -19.8%	0.00%	−0.00
PDFS PDF Solutions Inc.	Reduce -20.1%	0.02%	+0.01
CVEO Civeo Corp.	Reduce -8.4%	0.25%	+0.01
GHM Graham Corp.	Reduce -21.9%	0.28%	+0.01
VMD Viemed Healthcare Inc.	Reduce -0.7%	0.30%	+0.01

Portfolio Buys Q1 2026 → Q2 2026


TRS Trimas Corp.	Add +229.9%	1.81%	+1.30
MRVL Marvell Technology Inc.	Add +0.5%	2.09%	+1.28
JOE The St Joe Co.	New	1.18%	+1.18
CNS Cohen & Steers Inc.	New	0.91%	+0.91
ENVA Enova International Inc.	Add +6.0%	1.95%	+0.74
CRM Salesforce Inc.	New	0.59%	+0.59
AGYS Agilysys Inc.	Add +153.7%	0.83%	+0.57
ALX Alexander's Inc.	Add +151.8%	0.71%	+0.43
PDM Piedmont Realty Trust Inc.	Add +109.7%	0.53%	+0.32
PLOW Douglas Dynamics Inc.	Add +6.0%	1.78%	+0.25
PSMT Pricesmart Inc.	Add +5.6%	1.67%	+0.24
AMRZ Amrize Ltd.	Add +77.5%	0.75%	+0.23
LYTS Lsi Industries Inc.	New	0.22%	+0.22
LQDT Liquidity Services Inc.	Add +3.7%	1.86%	+0.22
CVCO Cavco Industries Inc.	Add +5.8%	1.65%	+0.21
DERM Journey Medical Corp.	New	0.19%	+0.19
GRBK Green Brick Partners Inc.	Add +6.2%	1.52%	+0.17
JCAP Jefferson Capital Inc.	Add +29.7%	1.41%	+0.15
PAYS Paysign Inc.	Add +0.8%	0.85%	+0.14
UNH Unitedhealth Group Inc.	Add +0.2%	0.56%	+0.13
FSUN Firstsun Capital Bancorp	New	0.12%	+0.12
GOOGL Alphabet Inc. Class A	Add +0.3%	1.92%	+0.12
CASS Cass Information Systems Inc.	Add +38.5%	0.40%	+0.11
MLR Miller Industries Inc.	Add +38.5%	0.39%	+0.10
TRNS Transcat Inc.	Add +23.6%	0.37%	+0.09
SHOO Steven Madden Ltd.	Add +6.1%	0.75%	+0.08
PARK Park Dental Partners Inc.	New	0.07%	+0.07
BV Brightview Holdings Inc.	Add +6.0%	0.84%	+0.07
UTI Universal Technical Institut	Add +1.8%	2.34%	+0.07
DSP Viant Technology Inc. Class A	Add +11.5%	0.95%	+0.07
ACR Acres Commercial Realty Corp.	New	0.06%	+0.06
FIBK First Interstate Bancsys-A	Add +5.8%	1.50%	+0.06
SFM Sprouts Farmers Market Inc.	Add +12.9%	1.04%	+0.06
KRT Karat Packaging Inc.	Add +42.3%	0.16%	+0.05
HTLD Heartland Express Inc.	Add +0.3%	0.25%	+0.05
NRIM Northrim Bancorp Inc.	Add +5.1%	0.47%	+0.04
BXC Bluelinx Holdings Inc.	Add +4.5%	1.04%	+0.02
SPNT Siriuspoint Ltd.	Add +6.1%	1.80%	+0.02
OFLX Omega Flex Inc.	Add +39.1%	0.09%	+0.02
MMED Minimed Group Inc.	New	0.01%	+0.01
KN Knowles Corp.	New	0.01%	+0.01
CHE Chemed Corp.	New	0.01%	+0.01
ARCO Arcos Dorados Holdings Inc. Class A	Add +166.4%	0.02%	+0.01
TCMD Tactile Systems Technology I	Add +5.0%	0.47%	+0.01
RDNT Radnet Inc.	Add +6.4%	1.95%	+0.00
IVV iShares Core S&P 500 ETF	Add +40.5%	0.00%	+0.00
CLMB Climb Global Solutions Inc.	Add +0.0%	0.64%	+0.00
IXUS iShares Core Intl Stock ETF	New	0.00%	+0.00
IJR iShares Core S&P Small-Cap E	Add +7.9%	0.00%	+0.00
LQD Ishr Ibx Usd Invgd CB ETF-Ui	Add +15.7%	0.00%	0.00

Notes & Other Activity Q1 2026 → Q2 2026


BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	Reduce -1.6%	104,145	$7.0M
ORACLE CORP (ORCL 6.5 01/15/29 D)	6.5 DEP CUM SR D	Sold out	83,465	$3.8Mbefore exit
WHIRLPOOL CORP (WHR 8.5 02/15/29 A)	8.5 DEP SR A CNV	Reduce -0.9%	99,335	$3.5M
KKR & CO INC (KKR 6.25 03/01/28 D)	6.25 CON SER D	Reduce -1.2%	85,775	$3.4M
QXO INC (QXO 5.5 05/15/28 B)	5.50 DEP PFD	Reduce -1.9%	65,060	$3.2M

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