Raymond James Financial Inc.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 18, 2026), Raymond James Financial Inc. reported 4,986 stock positions worth $321.2 billion. Its top holding was Vanguard S&P 500 ETF (VOO) at 5.7% of the portfolio, followed by iShares Core U.S. Aggregate (AGG, 2.6%) and Microsoft (MSFT, 2.6%). Compared with Q3 2025, it opened 328 new positions, sold out of 167, added to 2,479 and reduced 2,104. The biggest buy was Eli Lilly (LLY, shares +8%) and the biggest sale Meta Platforms Class A (META, shares −5%).

Most Recent 13F
Q2 2026
Location
ST. PETERSBURG, FL
CIK
0000720005
Portfolio Value
$321.2B (Q4 2025)
SEC Filing
0000720005-26-000036 ↗ filed Feb 18, 2026

Holdings Value

0$100.0B$200.0B$300.0B$400.0B Q4 2024: $270.7B Q4 2024 Q1 2025: $265.5B Q1 2025 Q2 2025: $290.3B Q2 2025 Q3 2025: $310.9B Q3 2025 Q4 2025: $321.2B $321.2B Q4 2025 Q1 2026: $324.2B Q1 2026 Q2 2026: $368.6B Q2 2026

Holdings 4,986 stocks · $321.2B
VOO Vanguard S&P 500 ETF 5.73% 29,347,563 $18.4B Add +3.6%
AGG iShares Core U.S. Aggregate 2.64% 84,760,819 $8.5B Add +7.0%
MSFT Microsoft Corp. 2.60% 17,255,907 $8.3B Add +0.9%
AAPL Apple Inc. 2.54% 30,054,951 $8.2B Add +1.0%
NVDA Nvidia Corp. 2.01% 34,553,046 $6.4B Add +0.9%
AVGO Broadcom Inc. 1.74% 16,116,942 $5.6B Reduce -1.4%
AMZN Amazon.com Inc. 1.50% 20,929,816 $4.8B Add +0.6%
JPM JPMorgan Chase & Co. 1.45% 14,448,443 $4.7B Add +0.0%
GOOGL Alphabet Inc. Class A 1.30% 13,312,835 $4.2B Reduce -0.3%
IEFA iShares Core MSCI Eafe ETF 1.20% 43,144,722 $3.9B Add +15.0%
SPY SS SPDR S&P 500 ETF Trust-US 1.10% 5,166,926 $3.5B Add +11.8%
IVV iShares Core S&P 500 ETF 0.93% 4,369,066 $3.0B Add +8.5%
WMT Walmart Inc. 0.86% 24,712,775 $2.8B Reduce -1.1%
META Meta Platforms Inc. Class A 0.75% 3,671,295 $2.4B Reduce -5.0%
QQQ Invesco QQQ Trust Series 1 0.75% 3,909,737 $2.4B Reduce -0.5%
IJH iShares Core S&P Midcap ETF 0.74% 35,824,382 $2.4B Reduce -7.3%
GOOG Alphabet Inc. Class C 0.73% 7,508,531 $2.4B Reduce -0.2%
BRK.B Berkshire Hathaway Inc. Class B 0.67% 4,289,930 $2.2B Add +6.1%
ABBV Abbvie Inc. 0.67% 9,397,734 $2.1B Reduce -1.7%
JNJ Johnson & Johnson 0.67% 10,358,905 $2.1B Add +2.2%
VO Vngrd Mrngstr MD-Cap ETF-Usd 0.65% 7,143,783 $2.1B Add +6.0%
HD Home Depot Inc. 0.61% 5,736,050 $2.0B Add +1.6%
V Visa Inc. Class A 0.60% 5,503,895 $1.9B Reduce -4.2%
ETN Eaton Corp. PLC 0.53% 5,332,986 $1.7B Reduce -1.0%
IJR iShares Core S&P Small-Cap E 0.53% 14,095,517 $1.7B Add +2.7%
VTV Vanguard Mrngstr Val ETF-Aui 0.52% 8,759,680 $1.7B Add +10.6%
IWF iShares Russell 1000 Growth 0.51% 3,470,027 $1.6B Add +2.6%
VUG Vanguard Mrngstar GR ETF-Sui 0.51% 3,328,639 $1.6B Add +30.9%
LLY Eli Lilly & Co. 0.50% 1,489,958 $1.6B Add +7.9%
ADI Analog Devices Inc. 0.41% 4,844,037 $1.3B Add +0.3%
IEMG iShares Core MSCI Emerging 0.41% 19,550,576 $1.3B Add +5.3%
USMV iShares MSCI USA Min Vol Fac 0.40% 13,773,118 $1.3B Add +1.9%
MSI Motorola Solutions Inc. 0.40% 3,363,507 $1.3B Reduce -2.0%
CB Chubb Ltd. 0.40% 4,119,863 $1.3B Reduce -1.0%
VTEB Vanguard Tax-Exempt Bond ETF 0.39% 24,614,196 $1.2B Add +10.8%
VIG Vanguard Dividend Apprec ETF 0.38% 5,591,809 $1.2B Add +4.9%
COST Costco Wholesale Corp. 0.37% 1,372,191 $1.2B Add +2.2%
CME Cme Group Inc. 0.37% 4,319,763 $1.2B Add +5.4%
XLK SS Technology Select Sector 0.36% 8,118,848 $1.2B Reduce -0.3%
VZ Verizon Communications Inc. 0.36% 28,467,498 $1.2B Reduce -7.9%
IWD iShares Russell 1000 Value E 0.35% 5,379,206 $1.1B Add +4.3%
VYM Vanguard High DVD Yield ETF 0.34% 7,720,006 $1.1B Add +3.7%
TSLA Tesla Inc. 0.34% 2,447,967 $1.1B Add +4.6%
XOM Exxon Mobil Corp. 0.34% 9,039,540 $1.1B Reduce -3.0%
MDT Medtronic PLC 0.34% 11,253,611 $1.1B Add +0.4%
CVX Chevron Corp. 0.33% 6,887,326 $1.0B Reduce -3.0%
NEE Nextera Energy Inc. 0.32% 12,872,039 $1.0B Add +2.9%
CGDV Cap Group Dividend Value filed as CAPITAL GROUP DIVIDEND VALUE 0.32% 23,591,243 $1.0B Add +6.6%
UNH Unitedhealth Group Inc. 0.32% 3,098,564 $1.0B Reduce -5.8%
VTI VG Morningstar TS MKT ETF-US 0.31% 3,013,092 $1.0B Add +5.7%
CRM Salesforce Inc. 0.31% 3,730,824 $988.4M Reduce -4.1%
GLD SPDR Gold Shares 0.30% 2,468,969 $978.5M Add +4.0%
RTX RTX Corp. 0.30% 5,331,288 $978.3M Add +1.5%
UNP Union Pacific Corp. 0.30% 4,143,845 $958.9M Reduce -0.9%
WFC Wells Fargo & Co. 0.30% 10,196,170 $951.8M Add +46.1%
MPC Marathon Petroleum Corp. 0.29% 5,815,034 $945.8M Reduce -3.4%
ORCL Oracle Corp. 0.29% 4,741,734 $925.0M Add +3.4%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.29% 6,010,324 $924.9M Add +0.9%
XLF SS Financial Select Sector 0.28% 16,288,590 $892.1M Add +20.3%
VEA Vanguard Ftse Developed ETF 0.28% 14,278,396 $892.0M Add +6.1%
PG The Procter & Gamble Co. 0.28% 6,205,836 $890.0M Add +0.3%
MA Mastercard Inc. Class A 0.27% 1,536,283 $877.3M Reduce -2.5%
KO The Coca-Cola Co. 0.26% 12,121,617 $847.8M Reduce -2.0%
JCI Johnson Controls Internation 0.26% 7,037,826 $842.9M Reduce -1.5%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.26% 2,820,494 $838.2M Add +6.8%
GS Goldman Sachs Group Inc. 0.26% 940,940 $828.2M Add +0.5%
TSM Taiwan Semiconductor-SP ADR 0.25% 2,677,162 $813.6M Add +3.8%
MTUM iShares MSCI USA Momentum Fa 0.25% 3,215,974 $805.0M Add +5.0%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.25% 14,527,953 $799.6M Reduce -0.1%
CMI Cummins Inc. 0.25% 1,555,541 $794.5M Add +2.6%
RDVY First Trust Rising Dividend 0.24% 11,285,710 $784.0M Add +2.2%
NFLX Netflix Inc. 0.24% 8,227,450 $771.4M Add +1.4%
XLV SS Health Care Select Sector 0.24% 4,974,099 $770.0M Add +1.7%
CSCO Cisco Systems Inc. 0.24% 9,824,315 $756.9M Add +2.4%
DGRO iShares Core Dividend Growth 0.23% 10,746,195 $746.0M Add +2.7%
QQQM Invesco Nasdaq 100 ETF 0.23% 2,936,996 $742.8M Add +11.9%
MCD McDonald's Corp. 0.23% 2,426,060 $742.5M Reduce -2.6%
PM Philip Morris International 0.23% 4,624,367 $741.9M Reduce -2.8%
APD Air Products & Chemicals Inc. 0.23% 2,987,420 $738.0M Reduce -2.9%
MRK Merck & Co. Inc. 0.23% 6,928,656 $729.4M Reduce -1.1%
AMD Advanced Micro Devices 0.23% 3,394,647 $727.1M Add +1.6%
RSP Invesco S&P 500 Equal Weight 0.22% 3,700,072 $708.8M Reduce -0.5%
DIVO Amplify CWP Enhan Divid ETF 0.22% 15,586,010 $693.6M Add +5.2%
USHY iShares Broad Usd High Yield 0.21% 18,341,550 $685.9M Add +9.0%
XLC SS Comm Select Sector SPDR 0.21% 5,768,478 $679.1M Add +8.9%
ABT Abbott Laboratories 0.21% 5,406,562 $677.8M Reduce -2.3%
O Realty Income Corp. 0.21% 11,974,571 $675.2M Reduce -1.7%
T AT&T Inc. 0.20% 26,353,459 $654.5M Reduce -7.6%
DRI Darden Restaurants Inc. 0.20% 3,481,748 $640.7M Reduce -0.7%
PLTR Palantir Technologies Inc. Class A 0.20% 3,591,912 $638.7M Reduce -0.7%
TT Trane Technologies PLC 0.19% 1,594,845 $620.7M Reduce -2.9%
VGT Vanguard Info Tech ETF 0.19% 799,090 $602.3M Add +0.3%
DUK Duke Energy Corp. 0.19% 5,128,690 $601.7M Reduce -3.5%
IEF iShares 7-10 Year Treasury B 0.19% 6,204,714 $596.6M Add +0.5%
QCOM Qualcomm Inc. 0.19% 3,477,330 $595.0M Add +0.8%
VB Vanguard Most SM-Cap ETF-Usd 0.19% 2,304,605 $594.5M Add +3.7%
CAT Caterpillar Inc. 0.18% 1,019,075 $583.9M Reduce -0.4%
BND Vanguard Total Bond Market 0.18% 7,735,108 $572.9M Add +12.6%
ALL Allstate Corp. 0.18% 2,744,349 $571.2M Add +0.2%
GEV GE Vernova Inc. 0.18% 861,574 $563.2M Reduce -7.8%

Show all 4,986 holdings

Options reported separately and not counted above: SPY puts ($95.8M), QQQ puts ($27.4M), AAPL puts ($5.9M), NVDA puts ($4.3M), MSFT puts ($1.9M), GIS calls ($1.8M), ITA calls ($1.6M), AMZN puts ($1.4M), MSFT calls ($1.4M), TRVI calls ($1.3M), RSP puts ($1.2M), SPY calls ($1.2M), and 84 more.

Other holdings (74): bonds, preferreds, convertibles and warrants · $57.7M (not counted above)
SecurityClassShares / PrincipalValueChange
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 221,955$14.8MReduce -4.5%
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A 8,360$10.1MReduce -0.3%
NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 206,341$10.0MNew
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L 7,251$9.1MAdd +6.0%
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 34,494$2.4MAdd +58.5%
QXO INC (QXO 5.5 05/15/28 B) 5.50 DEP PFD 37,164$2.0MAdd +1.1%
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 36,797$1.9MAdd +708.7%
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 21,164$1.3MReduce -12.6%
EL PASO ENERGY CAP TRST (KMI 4.75 03/31/28) PFD CV TR SEC 28 18,738$921KAdd +0.1%
KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D 16,045$832KAdd +37.7%
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A 31,467$784KReduce -0.2%
REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal 475,000$473KAdd +53.2%
DISH NETWORK CORP (DISH 3.375 08/15/26) NOTE 3.375% 8/1 · principal 445,000$428KNo change
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 22,034$425KAdd +6.5%
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD 5,367$270KAdd +5.9%
PENNYMAC CORP (PMT 5.5 03/15/26) NOTE 5.500% 3/1 · principal 146,000$145KAdd +46.0%
JBT MAREL CORP (JBTM 0.25 05/15/26) NOTE 0.250% 5/1 · principal 98,000$100KAdd +444.4%
ALARM.COM HLDGS INC (ALRM 0 01/15/26) NOTE 1/1 · principal 100,000$100KNo change
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal 94,000$94KAdd +683.3%
BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) NOTE 1.250% 5/1 · principal 96,000$92KAdd +104.3%
CORZW Core Scientific Inc. - 27 *W EXP 01/23/202 10,296$87KReduce -79.2%
RAPID7 INC (RPD 1.25 03/15/29) NOTE 1.250% 3/1 · principal 82,000$75KNew
RINGCENTRAL INC (RNG 0 03/15/26) NOTE 3/1 · principal 70,000$69KNo change
FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal 62,000$64KAdd +121.4%
BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) NOTE 5.500% 3/1 · principal 58,000$57KNo change
BLACKLINE INC (BL 1 06/01/29) NOTE 1.000% 6/0 · principal 54,000$57KNew
GREENBRIER COS INC (GBX 2.875 04/15/28) NOTE 2.875% 4/1 · principal 52,000$56KAdd +333.3%
OIL STATES INTL INC (OIS 4.75 04/01/26) NOTE 4.750% 4/0 · principal 50,000$50KNew
SUMMIT HOTEL PROPERTIES (INN 1.5 02/15/26) NOTE 1.500% 2/1 · principal 50,000$50KNo change
BOX INC (BOX 1.5 09/15/29) NOTE 1.500% 9/1 · principal 50,000$49KNew
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal 49,000$46KNew
CERENCE INC (CRNC 1.5 07/01/28) NOTE 1.500% 7/0 · principal 50,000$45KNew
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal 36,000$37KNew
LIVANOVA PLC (LIVN 2.5 03/15/29) NOTE 2.500% 3/1 · principal 32,000$37KNew
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) NOTE 0.250% 3/0 · principal 34,000$37KNew
PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) NOTE 1.750%12/1 · principal 37,000$36KNo change
AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) NOTE 2.000% 3/1 · principal 38,000$35KAdd +171.4%
VAIL RESORTS INC (MTN 0 01/01/26) NOTE 1/0 · principal 33,000$33KNo change
IMAX CORP (IMAX 0.5 04/01/26) NOTE 0.500% 4/0 · principal 25,000$32KNew
JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) CONVERTIBLE BOND · principal 25,000$24KNew
ITRON INC (ITRI 1.375 07/15/30) NOTE 1.375% 7/1 · principal 24,000$24KNew
EURONET WORLDWIDE INC (EEFT 0.75 03/15/49) NOTE 0.750% 3/1 · principal 28,000$24KAdd +33.3%
SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal 18,000$20KNew
ITRON INC (ITRI 0 03/15/26) NOTE 3/1 · principal 20,000$20KNo change
CHEESECAKE FACTORY (THE) (CAKE 0.375 06/15/26) NOTE 0.375% 6/1 · principal 20,000$20KNo change
STRIDE INC (LRN 1.125 09/01/27) NOTE 1.125% 9/0 · principal 14,000$19KNo change
REPLIGEN CORP (RGEN 1 12/15/28) NOTE 1.000%12/1 · principal 17,000$19KNew
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) NOTE 3/1 · principal 20,000$18KNew
COINBASE GLOBAL INC (COIN 0.5 06/01/26) NOTE 0.500% 6/0 · principal 18,000$18KNew
NCL CORPORATION LTD (NCLH 1.125 02/15/27) NOTE 1.125% 2/1 · principal 18,000$18KNew
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) NOTE 0.250% 3/1 · principal 17,000$17KNew
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) NOTE 3.500% 3/0 · principal 17,000$17KNew
HAEMONETICS CORP (HAE 2.5 06/01/29) NOTE 2.500% 6/0 · principal 15,000$16KNew
ETSY INC (ETSY 0.125 09/01/27) NOTE 0.125% 9/0 · principal 16,000$15KAdd +60.0%
SUPER MICRO COMPUTER INC (SMCI 3.5 03/01/29) NOTE 3.500% 3/0 · principal 15,000$13KNew
AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal 13,000$13KReduce -7.1%
INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) NOTE 2.125% 2/1 · principal 11,000$12KNew
FIRSTENERGY CORP (FE 4 05/01/26) NOTE 4.000% 5/0 · principal 12,000$12KNew
VARONIS SYSTEM INC (VRNS 1 09/15/29) NOTE 1.000% 9/1 · principal 13,000$12KNew
AKAMAI TECHNOLOGIES INC (AKAM 1.125 02/15/29) NOTE 1.125% 2/1 · principal 12,000$12KNew
WORKIVA INC (WK 1.25 08/15/28) NOTE 1.250% 8/1 · principal 12,000$12KNew
LCI INDUSTRIES (LCII 1.125 05/15/26) NOTE 1.125% 5/1 · principal 12,000$12KNo change
FIVE9 INC (FIVN 1 03/15/29) NOTE 1.000% 3/1 · principal 13,000$12KNew
MARRIOTT VACATION WORLDW (VAC 3.25 12/15/27) NOTE 3.250%12/1 · principal 12,000$11KNew
ENPHASE ENERGY INC (ENPH 0 03/01/28) NOTE 3/0 · principal 13,000$11KNew
ETSY INC (ETSY 0.125 10/01/26) NOTE 0.125%10/0 · principal 11,000$11KNew
Q2 HOLDINGS INC (QTWO 0.75 06/01/26) NOTE 0.750% 6/0 · principal 10,000$10KNew
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) NOTE 1.500% 3/0 · principal 11,000$10KNew
UPSTART HOLDINGS INC (UPST 1 11/15/30) NOTE 1.000%11/1 · principal 11,000$10KNew
TELADOC HEALTH INC (TDOC 1.25 06/01/27) NOTE 1.250% 6/0 · principal 10,000$10KNew
WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) NOTE 3.250% 1/1 · principal 10,000$9KNew
SNAP INC (SNAP 0.5 05/01/30) NOTE 0.500% 5/0 · principal 10,000$9KNew
LIBERTY INTERACTIVE LLC (LINTA 4 11/15/29) DEB 4.000%11/1 · principal 34,000$2KNo change
SQFTW Presidio Property TRST -CW27 *W EXP 01/24/202 10,993$330Reduce -42.9%

Total filed on the 13F, all lines: $321.2B.

Portfolio Sells Q3 2025 → Q4 2025
META Meta Platforms Inc. Class A Reduce -5.0% 0.75% −0.16
ETN Eaton Corp. PLC Reduce -1.0% 0.53% −0.12
MSI Motorola Solutions Inc. Reduce -2.0% 0.40% −0.10
MPC Marathon Petroleum Corp. Reduce -3.4% 0.29% −0.08
VZ Verizon Communications Inc. Reduce -7.9% 0.36% −0.08
IJH iShares Core S&P Midcap ETF Reduce -7.3% 0.74% −0.08
FISV Fiserv Inc. Reduce -45.4% 0.03% −0.07
PEG Public Service Enterprise GP Reduce -58.0% 0.04% −0.06
T AT&T Inc. Reduce -7.6% 0.20% −0.06
CMCSA Comcast Corp. Class A Reduce -18.4% 0.14% −0.05
UNH Unitedhealth Group Inc. Reduce -5.8% 0.32% −0.05
IGM iShares Expanded Tech Sector Reduce -38.4% 0.07% −0.05
ABBV Abbvie Inc. Reduce -1.7% 0.67% −0.04
RBLX Roblox Corp. Class A Reduce -11.6% 0.04% −0.04
APD Air Products & Chemicals Inc. Reduce -2.9% 0.23% −0.04
XLY SS Consumer Disc Select Sect Reduce -23.6% 0.11% −0.04
UBER Uber Technologies Inc. Reduce -7.3% 0.11% −0.04
TMUS T-Mobile US Inc. Reduce -5.3% 0.11% −0.03
V Visa Inc. Class A Reduce -4.2% 0.60% −0.03
TT Trane Technologies PLC Reduce -2.9% 0.19% −0.03
MDLZ Mondelez International Inc. Class A Reduce -15.4% 0.07% −0.03
DTE DTE Energy Company Reduce -60.5% 0.02% −0.03
NOW ServiceNow Inc. Reduce -5.4% 0.09% −0.03
O Realty Income Corp. Reduce -1.7% 0.21% −0.03
VST Vistra Corp. Reduce -10.9% 0.07% −0.03
CVX Chevron Corp. Reduce -3.0% 0.33% −0.03
ABT Abbott Laboratories Reduce -2.3% 0.21% −0.03
BLK BlackRock Inc. Reduce -4.3% 0.15% −0.03
RCL Royal Caribbean Cruises Ltd. Reduce -9.1% 0.08% −0.03
PINS Pinterest Inc. Class A Reduce -67.0% 0.01% −0.03
DUK Duke Energy Corp. Reduce -3.5% 0.19% −0.02
COWZ Pacer US Cash Cows 100 ETF Reduce -13.9% 0.17% −0.02
CTVA Corteva Inc. Reduce -36.4% 0.04% −0.02
BBY Best Buy Co. Inc. Reduce -7.3% 0.09% −0.02
DEO Diageo PLC-Sponsored ADR Reduce -33.5% 0.03% −0.02
CI The Cigna Group Reduce -10.9% 0.10% −0.02
DASH DoorDash Inc. Class A Reduce -26.8% 0.03% −0.02
DXCM Dexcom Inc. Reduce -26.6% 0.05% −0.02
ITOT iShares Core S&P Total U.S. Reduce -16.8% 0.10% −0.02
ORLY O'reilly Automotive Inc. Reduce -9.1% 0.06% −0.02
POOL Pool Corp. Reduce -39.2% 0.02% −0.02
ENB Enbridge Inc. Reduce -10.7% 0.09% −0.02
UNP Union Pacific Corp. Reduce -0.9% 0.30% −0.02
PPL PPL Corp. Reduce -21.8% 0.05% −0.02
MUB iShares National Muni Bond E Reduce -21.9% 0.06% −0.02
MPWR Monolithic Power Systems Inc. Reduce -20.9% 0.06% −0.02
EFX Equifax Inc. Reduce -31.6% 0.02% −0.02
IBDQ iShares Ibonds Dec 2025 Term Sold out 0.00% −0.02
APP AppLovin Corp. Class A Reduce -17.8% 0.05% −0.02
BAH Booz Allen Hamilton Holdings Reduce -56.8% 0.01% −0.02

Portfolio Buys Q3 2025 → Q4 2025
LLY Eli Lilly & Co. Add +7.9% 0.50% +0.16
VOO Vanguard S&P 500 ETF Add +3.6% 5.73% +0.15
IEFA iShares Core MSCI Eafe ETF Add +15.0% 1.20% +0.15
VUG Vanguard Mrngstar GR ETF-Sui Add +30.9% 0.51% +0.11
WFC Wells Fargo & Co. Add +46.1% 0.30% +0.11
AAPL Apple Inc. Add +1.0% 2.54% +0.11
SPY SS SPDR S&P 500 ETF Trust-US Add +11.8% 1.10% +0.11
AGG iShares Core U.S. Aggregate Add +7.0% 2.64% +0.08
IVV iShares Core S&P 500 ETF Add +8.5% 0.93% +0.07
JNJ Johnson & Johnson Add +2.2% 0.67% +0.06
AMD Advanced Micro Devices Add +1.6% 0.23% +0.05
ETR Entergy Corp. Add +89.6% 0.11% +0.05
VTV Vanguard Mrngstr Val ETF-Aui Add +10.6% 0.52% +0.05
XLF SS Financial Select Sector Add +20.3% 0.28% +0.04
CMI Cummins Inc. Add +2.6% 0.25% +0.04
IBB iShares Biotechnology ETF Add +286.3% 0.05% +0.04
GILD Gilead Sciences Inc. Add +50.6% 0.10% +0.04
AMZN Amazon.com Inc. Add +0.6% 1.50% +0.04
GLD SPDR Gold Shares Add +4.0% 0.30% +0.03
ISRG Intuitive Surgical Inc. Add +14.4% 0.10% +0.03
ADI Analog Devices Inc. Add +0.3% 0.41% +0.03
VTEB Vanguard Tax-Exempt Bond ETF Add +10.8% 0.39% +0.03
VT Vanguard Tot World STK ETF Add +91.3% 0.06% +0.03
CSCO Cisco Systems Inc. Add +2.4% 0.24% +0.02
AKRE Akre Focus ETF New 0.02% +0.02
QQQM Invesco Nasdaq 100 ETF Add +11.9% 0.23% +0.02
RTX RTX Corp. Add +1.5% 0.30% +0.02
ACN Accenture PLC Class A Add +10.3% 0.16% +0.02
MTSI Macom Technology Solutions H Add +122.1% 0.03% +0.02
TSM Taiwan Semiconductor-SP ADR Add +3.8% 0.25% +0.02
CGDV Cap Group Dividend Value Add +6.6% 0.32% +0.02
SLV iShares Silver Trust Add +6.2% 0.06% +0.02
ROK Rockwell Automation Inc. Add +29.6% 0.07% +0.02
IBM Intl Business Machines Corp. Add +6.8% 0.26% +0.02
XLV SS Health Care Select Sector Add +1.7% 0.24% +0.02
FENI Fidelity Enhanced Intl ETF Add +79.4% 0.05% +0.02
TMO Thermo Fisher Scientific Inc. Add +1.4% 0.14% +0.02
BKDV BNY Mellon Dynamic Value Add +298.6% 0.03% +0.02
BMY Bristol-Myers Squibb Co. Add +22.6% 0.07% +0.02
USIG iShares Broad Usd Investment Add +191.5% 0.03% +0.02
SUSA iShares ESG Optimized MSCI U Add +237.0% 0.03% +0.02
VEA Vanguard Ftse Developed ETF Add +6.1% 0.28% +0.02
NEE Nextera Energy Inc. Add +2.9% 0.32% +0.02
AZN Astrazeneca PLC-Spons ADR Add +0.4% 0.13% +0.02
GS Goldman Sachs Group Inc. Add +0.5% 0.26% +0.02
VNOM Viper Energy Inc. Class A Add +199.5% 0.03% +0.02
ORI Old Republic Intl Corp. Add +55.0% 0.05% +0.02
BRK.B Berkshire Hathaway Inc. Class B Add +6.1% 0.67% +0.02
C Citigroup Inc. Add +4.5% 0.12% +0.02
IEMG iShares Core MSCI Emerging Add +5.3% 0.41% +0.02

Options Activity Q3 2025 → Q4 2025
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -0.7% 161,100 $95.8M
QQQ Invesco QQQ Trust Series 1 put Add +339.8% 54,100 $27.4M
AAPL Apple Inc. put Add +148.5% 25,600 $5.9M
NVDA Nvidia Corp. put Add +73.1% 27,700 $4.3M
MSFT Microsoft Corp. put Add +214.3% 4,400 $1.9M
IAU iShares Gold Trust put Sold out 22,800 $1.5Mbefore exit
AMZN Amazon.com Inc. put Add +184.6% 7,400 $1.4M
MSFT Microsoft Corp. call New 3,000 $1.4M
LASR Nlight Inc. put Sold out 57,400 $1.4Mbefore exit
TRVI Trevi Therapeutics Inc. call New 150,000 $1.3M
RSP Invesco S&P 500 Equal Weight put Reduce -51.7% 7,000 $1.2M
SPY SS SPDR S&P 500 ETF Trust-US call New 1,800 $1.2M
NSC Norfolk Southern Corp. put New 5,700 $1.1M
NEM Newmont Corp. put Sold out 23,800 $1.1Mbefore exit
GOOG Alphabet Inc. Class C put Reduce -54.4% 3,600 $936K
LEN Lennar Corp. Class A put New 8,600 $903K
AMZN Amazon.com Inc. call New 4,000 $900K
INTC Intel Corp. call Add +765.4% 22,500 $863K
FCX Freeport-McMoran Inc. put Sold out 18,800 $846Kbefore exit
GLD SPDR Gold Shares put Sold out 2,800 $840Kbefore exit
PFE Pfizer Inc. put Sold out 32,100 $835Kbefore exit
GDX Vaneck Gold Miners ETF call Reduce -66.2% 10,600 $774K
ORCL Oracle Corp. call Sold out 2,400 $648Kbefore exit
SARO Standardaero Inc. put Add +50.0% 30,000 $600K
GDX Vaneck Gold Miners ETF put Sold out 10,800 $594Kbefore exit
BJ Bj's Wholesale Club Holdings put Reduce -49.2% 6,500 $586K
QCOM Qualcomm Inc. call New 3,000 $525K
KHC The Kraft Heinz Co. put Sold out 18,400 $506Kbefore exit
PFE Pfizer Inc. call New 14,000 $490K
META Meta Platforms Inc. Class A put Add +14.3% 800 $484K
BRK.B Berkshire Hathaway Inc. Class B put New 1,000 $470K
IRM Iron Mountain Inc. put New 5,200 $468K
AVGO Broadcom Inc. put Add +100.0% 1,400 $406K
SAIC Science Applications Inte put New 3,500 $315K
QBTS D-Wave Quantum Inc. call New 10,100 $283K
GOOGL Alphabet Inc. Class A put New 1,200 $280K
PYPL PayPal Holdings Inc. call New 4,000 $280K
BTG B2GOLD Corp. call New 69,800 $279K
MCD McDonald's Corp. put New 900 $279K
FIS Fidelity National Info Serv put Sold out 3,800 $276Kbefore exit
LLY Eli Lilly & Co. put New 300 $270K
FTAI Ftai Aviation Ltd. put Sold out 2,500 $263Kbefore exit
ERO Ero Copper Corp. call New 10,000 $250K
IBIT iShares Bitcoin Trust ETF call Sold out 3,000 $225Kbefore exit
CL Colgate-Palmolive Co. put Sold out 3,000 $218Kbefore exit
OGN Organon & Co. call New 35,400 $212K
LMT Lockheed Martin Corp. put New 500 $210K
GD General Dynamics Corp. put New 700 $203K
INTU Intuit Inc. put New 300 $186K
JNJ Johnson & Johnson put New 1,000 $180K

Showing the first 50 of 100.

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

Notes & Other Activity Q3 2025 → Q4 2025
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV Reduce -4.5% 221,955 $14.8M
WELLS FARGO & COMPANY (WFC 7.5 PERP L) PERP PFD CNV A Reduce -0.3% 8,360 $10.1M
NEXTERA ENERGY INC (NEE 7.234 11/01/27) UNIT 11/01/2027 New 206,341 $10.0M
BANK OF AMERICA CORP (BAC 7.25 PERP L) 7.25%CNV PFD L Add +6.0% 7,251 $9.1M
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A Add +58.5% 34,494 $2.4M
QXO INC (QXO 5.5 05/15/28 B) 5.50 DEP PFD Add +1.1% 37,164 $2.0M
NEXTERA ENERGY INC (NEE 7.299 06/01/27) UNIT 06/01/2027 Add +708.7% 36,797 $1.9M
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A Reduce -12.6% 21,164 $1.3M
EL PASO ENERGY CAP TRST (KMI 4.75 03/31/28) PFD CV TR SEC 28 Add +0.1% 18,738 $921K
KKR & CO INC (KKR 6.25 03/01/28 D) 6.25 CON SER D Add +37.7% 16,045 $832K
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A Reduce -0.2% 31,467 $784K
REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal Add +53.2% 475,000 $473K
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 Add +6.5% 22,034 $425K
APOLLO GLOBAL MANAGEMENT (APO 6.75 07/31/26) SER A MAND CNV Sold out 4,220 $297Kbefore exit
ARES MANAGEMENT CORP (ARES 6.75 10/01/27 B) 6.75 SE B PFD Add +5.9% 5,367 $270K
CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) 6.75DP CNV PFD B Sold out 2,925 $208Kbefore exit
PENNYMAC CORP (PMT 5.5 03/15/26) NOTE 5.500% 3/1 · principal Add +46.0% 146,000 $145K
JBT MAREL CORP (JBTM 0.25 05/15/26) NOTE 0.250% 5/1 · principal Add +444.4% 98,000 $100K
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) NOTE 0.375% 9/0 · principal Add +683.3% 94,000 $94K
BIOMARIN PHARMACEUTICAL (BMRN 1.25 05/15/27) NOTE 1.250% 5/1 · principal Add +104.3% 96,000 $92K
CORZW Core Scientific Inc. - 27 *W EXP 01/23/202 Reduce -79.2% 10,296 $87K
RAPID7 INC (RPD 1.25 03/15/29) NOTE 1.250% 3/1 · principal New 82,000 $75K
FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal Add +121.4% 62,000 $64K
COHEN & STEERS INFRASTRU RIGHT 10/16/2025 Sold out 811,962 $63Kbefore exit
BLACKLINE INC (BL 1 06/01/29) NOTE 1.000% 6/0 · principal New 54,000 $57K
GREENBRIER COS INC (GBX 2.875 04/15/28) NOTE 2.875% 4/1 · principal Add +333.3% 52,000 $56K
OIL STATES INTL INC (OIS 4.75 04/01/26) NOTE 4.750% 4/0 · principal New 50,000 $50K
BOX INC (BOX 1.5 09/15/29) NOTE 1.500% 9/1 · principal New 50,000 $49K
ON SEMICONDUCTOR CORP (ON 0.5 03/01/29) NOTE 0.500% 3/0 · principal New 49,000 $46K
CERENCE INC (CRNC 1.5 07/01/28) NOTE 1.500% 7/0 · principal New 50,000 $45K
PG&E CORP (PCG 4.25 12/01/27) NOTE 4.250%12/0 · principal New 36,000 $37K
LIVANOVA PLC (LIVN 2.5 03/15/29) NOTE 2.500% 3/1 · principal New 32,000 $37K
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) NOTE 0.250% 3/0 · principal New 34,000 $37K
AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) NOTE 2.000% 3/1 · principal Add +171.4% 38,000 $35K
IMAX CORP (IMAX 0.5 04/01/26) NOTE 0.500% 4/0 · principal New 25,000 $32K
DEXCOM INC (DXCM 0.25 11/15/25) NOTE 0.250%11/1 · principal Sold out 30,000 $30Kbefore exit
JETBLUE AIRWAYS CORP (JBLU 0.5 04/01/26) CONVERTIBLE BOND · principal New 25,000 $24K
ITRON INC (ITRI 1.375 07/15/30) NOTE 1.375% 7/1 · principal New 24,000 $24K
EURONET WORLDWIDE INC (EEFT 0.75 03/15/49) NOTE 0.750% 3/1 · principal Add +33.3% 28,000 $24K
SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal New 18,000 $20K
UBER TECHNOLOGIES INC (UBER 0 12/15/25) NOTE 12/1 · principal Sold out 16,000 $19Kbefore exit
REPLIGEN CORP (RGEN 1 12/15/28) NOTE 1.000%12/1 · principal New 17,000 $19K
DRAFTKINGS HOLDINGS INC (DKNG 0 03/15/28) NOTE 3/1 · principal New 20,000 $18K
MICROCHIP TECHNOLOGY INC (MCHP 1.625 02/15/27) NOTE 1.625% 2/1 · principal Sold out 10,000 $18Kbefore exit
COINBASE GLOBAL INC (COIN 0.5 06/01/26) NOTE 0.500% 6/0 · principal New 18,000 $18K
NCL CORPORATION LTD (NCLH 1.125 02/15/27) NOTE 1.125% 2/1 · principal New 18,000 $18K
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26) NOTE 0.250% 3/1 · principal New 17,000 $17K
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) NOTE 3.500% 3/0 · principal New 17,000 $17K
HAEMONETICS CORP (HAE 2.5 06/01/29) NOTE 2.500% 6/0 · principal New 15,000 $16K
ETSY INC (ETSY 0.125 09/01/27) NOTE 0.125% 9/0 · principal Add +60.0% 16,000 $15K

Showing the first 50 of 72.

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 5,207$368.6BVOO, AGG, AAPL, NVDA, MSFT
Q1 2026 5,106$324.2BVOO, AGG, AAPL, MSFT, NVDA
Q4 2025 4,986$321.2BVOO, AGG, MSFT, AAPL, NVDA
Q3 2025 4,822$310.9BVOO, MSFT, AGG, AAPL, NVDA
Q2 2025 6,753$290.3BVOO, MSFT, AGG, AAPL, NVDA
Q1 2025 4,691$265.5BVOO, AGG, AAPL, MSFT, AMZN
Q4 2024Amended 4,643$270.7BVOO, AGG, AAPL, MSFT, NVDA