RB Capital Management, LLC

Name: RB Capital Management, LLC 13F holdings, Q2 2025
Creator: RB Capital Management, LLC
Published: 2025-07-07

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

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 7, 2025), RB Capital Management, LLC reported 174 stock positions worth $423.6 million. Its top holding was Apple (AAPL) at 13.5% of the portfolio, followed by Berkshire Hathaway Class B (BRK.B, 5.1%) and Nvidia (NVDA, 4.2%). Compared with Q1 2025, it opened 6 new positions, sold out of 5, added to 100 and reduced 58. The biggest buy was Nvidia (NVDA, shares +3%) and the biggest sale Unitedhealth (UNH, shares −15%).

Most Recent 13F: Q2 2026
Location: RENO, NV
CIK: 0001695582
Portfolio Value: $423.6M (Q2 2025)
SEC Filing: 0001095449-25-000051 ↗ filed Jul 7, 2025

Holdings Value

Holdings 174 stocks · $423.6M


AAPL Apple Inc.	13.51%	278,958	$57.2M	Add +0.2%
BRK.B Berkshire Hathaway Inc. Class B	5.11%	44,601	$21.7M	Add +0.8%
NVDA Nvidia Corp.	4.16%	111,571	$17.6M	Add +2.7%
COST Costco Wholesale Corp.	3.98%	17,014	$16.8M	Add +0.1%
MSFT Microsoft Corp.	3.28%	27,909	$13.9M	Add +3.2%
META Meta Platforms Inc. Class A	2.69%	15,414	$11.4M	Add +2.1%
SPY SS SPDR S&P 500 ETF Trust-US	2.38%	16,298	$10.1M	Add +3.8%
AMZN Amazon.com Inc.	2.36%	45,475	$10.0M	Add +3.7%
V Visa Inc. Class A	2.25%	26,863	$9.5M	Add +1.1%
GOOG Alphabet Inc. Class C	2.24%	53,529	$9.5M	Reduce -0.2%
AVGO Broadcom Inc.	2.04%	31,367	$8.6M	Add +1.4%
JPM JPMorgan Chase & Co.	1.88%	27,396	$7.9M	Add +2.0%
JAAA Janus Henderson Aaa Clo ETF	1.83%	152,613	$7.7M	Reduce -0.8%
GOOGL Alphabet Inc. Class A	1.45%	34,742	$6.1M	Add +4.0%
CRM Salesforce Inc.	1.37%	21,282	$5.8M	Add +1.2%
MA Mastercard Inc. Class A	1.31%	9,879	$5.6M	Add +2.9%
ABT Abbott Laboratories	1.31%	40,683	$5.5M	Add +1.3%
SBUX Starbucks Corp.	1.19%	54,974	$5.0M	Reduce -2.8%
IRM Iron Mountain Inc. filed as IRON MTN INC DEL	1.10%	45,619	$4.7M	Add +1.2%
CVX Chevron Corp.	1.07%	31,654	$4.5M	Add +6.3%
ADX Adams Diversified Equity	1.04%	202,109	$4.4M	Reduce -2.9%
AMGN Amgen Inc.	1.03%	15,595	$4.4M	Add +2.1%
PEP Pepsico Inc.	0.99%	31,860	$4.2M	Reduce -0.0%
VGIT Vanguard Intermediate-Term T	0.95%	67,502	$4.0M	Add +0.3%
CAT Caterpillar Inc.	0.91%	9,961	$3.9M	Add +2.7%
WM Waste Management Inc.	0.91%	16,761	$3.8M	Add +0.8%
CTAS Cintas Corp.	0.86%	16,371	$3.6M	Reduce -0.8%
WMT Walmart Inc.	0.85%	36,759	$3.6M	Add +7.2%
LLY Eli Lilly & Co.	0.83%	4,504	$3.5M	Add +6.8%
HD Home Depot Inc.	0.82%	9,480	$3.5M	Add +1.6%
BSVO EA Bridgeway Omni Sm-Cp Val	0.78%	161,888	$3.3M	Add +11.3%
NKE Nike Inc. Class B	0.78%	46,327	$3.3M	Add +0.4%
IWM iShares Russell 2000 ETF	0.76%	14,853	$3.2M	Add +0.5%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.75%	25,562	$3.2M	Reduce -3.0%
NFLX Netflix Inc.	0.74%	2,345	$3.1M	Add +15.6%
FTNT Fortinet Inc.	0.72%	28,675	$3.0M	No change
GS Goldman Sachs Group Inc.	0.71%	4,278	$3.0M	Add +2.4%
AXP American Express Co.	0.68%	9,050	$2.9M	Add +18.5%
ABBV Abbvie Inc.	0.62%	14,253	$2.6M	Add +1.4%
XOM Exxon Mobil Corp.	0.60%	23,595	$2.5M	Add +1.8%
AZO AutoZone Inc.	0.60%	684	$2.5M	Add +2.7%
INTU Intuit Inc.	0.59%	3,189	$2.5M	Add +2.4%
RVT Royce Small-Cap Trust Inc.	0.58%	164,625	$2.5M	Reduce -3.3%
KO The Coca-Cola Co.	0.58%	34,606	$2.4M	Reduce -2.6%
CMG Chipotle Mexican Grill Inc.	0.57%	42,823	$2.4M	Add +4.4%
DFAC Dimensional US Core Equity 2	0.57%	66,864	$2.4M	Add +3.9%
URI United Rentals Inc.	0.51%	2,895	$2.2M	Add +4.4%
LMT Lockheed Martin Corp.	0.50%	4,545	$2.1M	Add +3.1%
PM Philip Morris International	0.49%	11,435	$2.1M	Reduce -2.9%
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.49%	43,651	$2.1M	Add +3.6%
LULU Lululemon Athletica Inc.	0.48%	8,614	$2.0M	Add +1.0%
PG The Procter & Gamble Co.	0.48%	12,735	$2.0M	Reduce -1.4%
NOC Northrop Grumman Corp.	0.46%	3,865	$1.9M	Add +2.8%
TY Tri-Continental Corp.	0.46%	60,993	$1.9M	Reduce -3.2%
ADBE Adobe Inc.	0.45%	4,927	$1.9M	Add +2.1%
BLK BlackRock Inc.	0.45%	1,816	$1.9M	Add +66.5%
MCD McDonald's Corp.	0.45%	6,479	$1.9M	Reduce -3.0%
VICI Vici Properties Inc. filed as VICI PPTYS INC	0.43%	55,753	$1.8M	Reduce -0.0%
UBER Uber Technologies Inc.	0.40%	18,217	$1.7M	Add +54.7%
JNJ Johnson & Johnson	0.40%	10,972	$1.7M	Reduce -1.5%
ONON On Holding AG Class A filed as ON HLDG AG	0.39%	31,988	$1.7M	Add +9.7%
ZM Zoom Communications Inc.	0.36%	19,711	$1.5M	New
AVB Avalonbay Communities Inc.	0.36%	7,409	$1.5M	Add +1.0%
YUM Yum! Brands Inc.	0.36%	10,172	$1.5M	Add +5.9%
UNH Unitedhealth Group Inc.	0.34%	4,584	$1.4M	Reduce -14.8%
ORCL Oracle Corp.	0.33%	6,382	$1.4M	Add +3.5%
ROL Rollins Inc.	0.33%	24,503	$1.4M	Add +0.3%
VOO Vanguard S&P 500 ETF	0.32%	2,395	$1.4M	Reduce -0.4%
PANW Palo Alto Networks Inc.	0.32%	6,618	$1.4M	Add +8.4%
NOW ServiceNow Inc.	0.32%	1,300	$1.3M	Add +3.6%
GNRC Generac Holdings Inc.	0.30%	8,982	$1.3M	Reduce -1.7%
TXN Texas Instruments Inc.	0.30%	6,155	$1.3M	Add +0.7%
RTX RTX Corp.	0.29%	8,466	$1.2M	Add +3.3%
HCA HCA Healthcare Inc.	0.29%	3,220	$1.2M	Add +6.9%
QQQ Invesco QQQ Trust Series 1	0.29%	2,220	$1.2M	Reduce -0.4%
PSA Public Storage	0.28%	4,078	$1.2M	Add +0.1%
GE General Electric filed as GE AEROSPACE	0.28%	4,611	$1.2M	Add +15.9%
MDLZ Mondelez International Inc. Class A	0.27%	17,147	$1.2M	Reduce -1.9%
TJX TJX Companies Inc. filed as TJX COS INC NEW	0.27%	9,112	$1.1M	Add +4.3%
DE Deere & Co.	0.26%	2,185	$1.1M	Add +4.7%
DECK Deckers Outdoor Corp.	0.26%	10,569	$1.1M	Add +7.8%
AMT American Tower Corp.	0.25%	4,853	$1.1M	Reduce -3.5%
HSY The Hershey Co.	0.24%	6,241	$1.0M	Add +0.2%
CBOE Cboe Global Markets Inc.	0.24%	4,344	$1.0M	Add +11.5%
DFIV Dimensional International Va	0.24%	23,488	$1.0M	Add +7.0%
USA Liberty All Star Equity Fund	0.23%	143,094	$974K	Reduce -1.4%
O Realty Income Corp.	0.23%	16,596	$956K	Add +1.1%
WFC Wells Fargo & Co.	0.22%	11,694	$937K	Add +0.3%
VMRK Vivmark Residential filed as EQUITY RESIDENTIAL	0.21%	13,230	$893K	Reduce -1.1%
ISRG Intuitive Surgical Inc.	0.20%	1,597	$868K	Add +0.3%
ICE Intercontinental Exchange Inc.	0.20%	4,584	$841K	Add +1.3%
MSCI MSCI Inc.	0.20%	1,444	$833K	Reduce -2.1%
TSLA Tesla Inc.	0.19%	2,599	$826K	Reduce -5.1%
PLTR Palantir Technologies Inc. Class A	0.19%	6,000	$818K	Add +10.3%
WPC WP Carey Inc.	0.19%	12,947	$808K	Reduce -1.1%
SNA Snap-on Inc.	0.19%	2,573	$801K	Reduce -4.5%
EMR Emerson Electric Co.	0.19%	5,887	$785K	Add +0.6%
BKNG Booking Holdings Inc.	0.18%	130	$754K	New
SWK Stanley Black & Decker Inc.	0.18%	11,026	$747K	Add +11.0%
AZN Astrazeneca PLC-Spons ADR	0.17%	10,535	$736K	Reduce -5.4%
BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP	0.17%	7,990	$728K	Add +1.6%
GEV GE Vernova Inc.	0.17%	1,366	$723K	Add +5.9%
DLR Digital Realty Trust Inc.	0.17%	4,041	$704K	Reduce -3.4%
HON Honeywell International Inc.	0.16%	2,958	$689K	Reduce -2.9%
VGT Vanguard Info Tech ETF	0.16%	1,019	$676K	No change
ESS Essex Property Trust Inc.	0.15%	2,317	$657K	Reduce -0.5%
DISV Dimensional International SM	0.15%	19,585	$645K	Add +7.2%
CME Cme Group Inc.	0.15%	2,246	$619K	Reduce -0.2%
VZ Verizon Communications Inc.	0.14%	14,180	$614K	Reduce -2.6%
DUK Duke Energy Corp.	0.14%	5,111	$603K	Reduce -4.9%
GLD SPDR Gold Shares	0.14%	1,925	$587K	Add +8.6%
ALL Allstate Corp.	0.14%	2,890	$582K	Add +3.6%
BCX BlackRock Resources & Commod	0.14%	61,045	$577K	Reduce -7.2%
CSCO Cisco Systems Inc.	0.13%	8,238	$572K	Reduce -7.2%
SHAK Shake Shack Inc. Class A	0.13%	3,935	$553K	Add +19.8%
ETN Eaton Corp. PLC	0.13%	1,541	$550K	Add +10.1%
L Loews Corp.	0.13%	6,000	$550K	No change
DFAX Dimensional World Ex US Core	0.12%	17,985	$528K	Reduce -4.1%
XRNPX Cohen & Steers REIT and Pref	0.12%	22,783	$519K	Reduce -4.1%
VTI VG Morningstar TS MKT ETF-US	0.12%	1,704	$518K	Add +4.3%
PLD Prologis Inc.	0.12%	4,914	$517K	Reduce -1.0%
AMAT Applied Materials Inc.	0.12%	2,766	$506K	Add +0.1%
T AT&T Inc.	0.12%	16,914	$490K	Reduce -11.9%
SOXX iShares Semiconductor ETF	0.11%	2,033	$485K	Add +2.7%
BX Blackstone Inc.	0.10%	2,889	$432K	Add +0.5%
GEHC GE Healthcare Technology	0.10%	5,741	$425K	Add +16.6%
SO The Southern Co.	0.10%	4,600	$422K	Reduce -2.7%
EQIX Equinix Inc.	0.10%	510	$405K	Add +0.8%
TMDX Transmedics Group Inc.	0.09%	2,988	$400K	No change
FIS Fidelity National Info Serv	0.09%	4,872	$397K	Add +0.5%
MRK Merck & Co. Inc.	0.09%	4,844	$383K	Reduce -12.8%
SPYM Ste STR SPDR PT S&P 500 ETF	0.09%	5,250	$382K	Add +9.6%
CCI Crown Castle Inc.	0.09%	3,677	$378K	Reduce -18.2%
DFUV Dimensional US Marketwide Va	0.09%	8,878	$375K	Add +6.2%
ELS Equity Lifestyle Properties	0.09%	5,938	$366K	Reduce -1.2%
IGV iShares Expanded Tech-Softwa	0.09%	3,300	$361K	No change
BA The Boeing Co.	0.08%	1,710	$358K	Add +4.0%
SYK Stryker Corp.	0.08%	877	$347K	Add +0.2%
PAYX Paychex Inc.	0.08%	2,343	$341K	Reduce -0.8%
IWF iShares Russell 1000 Growth	0.08%	781	$332K	Reduce -10.2%
DFLV Dim US Large Cap Value ETF	0.08%	10,528	$327K	Add +4.3%
CB Chubb Ltd.	0.08%	1,124	$326K	Add +2.5%
MMM 3M Co.	0.08%	2,126	$324K	Add +0.4%
ED Consolidated Edison Inc.	0.08%	3,171	$318K	Add +0.6%
DFEM Dimensional Emrg MRKT Core	0.07%	10,638	$316K	Add +25.4%
SUI Sun Communities Inc. filed as SUN CMNTYS INC	0.07%	2,491	$315K	Reduce -8.7%
IBB iShares Biotechnology ETF	0.07%	2,471	$313K	No change
MUC BlackRock Munihold Ca QLTY	0.07%	28,740	$297K	Reduce -1.1%
ESGV Vanguard ESG US Stock ETF	0.07%	2,709	$297K	No change
CSX CSX Corp.	0.07%	9,000	$294K	No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.07%	980	$289K	Reduce -10.6%
RFI Cohen & Steers Tot Ret RLTY	0.07%	23,548	$284K	Reduce -3.0%
CMCSA Comcast Corp. Class A	0.07%	7,934	$283K	Reduce -0.5%
EOD Allspring Global Dividend Op	0.06%	50,311	$271K	Add +1.5%
LOW Lowe's Cos Inc.	0.06%	1,217	$270K	Reduce -0.7%
NOBL Proshares S&P 500 Dividend A	0.06%	2,674	$269K	Add +8.3%
F Ford Motor Co. filed as FORD MTR CO	0.06%	24,754	$269K	Reduce -8.5%
RACE Ferrari NV	0.06%	517	$253K	New
MS Morgan Stanley	0.06%	1,792	$252K	New
OKE Oneok Inc.	0.06%	3,033	$248K	No change
PFE Pfizer Inc.	0.06%	10,139	$246K	Reduce -14.2%
COF Capital One Financial Corp.	0.06%	1,137	$242K	New
GRMN Garmin Ltd.	0.06%	1,146	$239K	Add +0.4%
DFUS Dimensional US Eq MKT ETF	0.05%	3,270	$219K	Reduce -12.1%
PRU Prudential Financial Inc.	0.05%	2,020	$217K	Reduce -8.0%
SRE Sempra	0.05%	2,857	$217K	Add +0.1%
LAMR Lamar Advertising Co. Class A	0.05%	1,783	$216K	Add +0.7%
NVO Novo-Nordisk A/S-Spons ADR	0.05%	3,119	$215K	Reduce -80.8%
KIM Kimco Realty Corp.	0.05%	10,066	$212K	Reduce -2.3%
CMI Cummins Inc.	0.05%	631	$207K	New
NAC Nuveen Ca QLTY Muni Inc.	0.04%	15,785	$176K	Add +1.6%
VCV Invesco Ca Val Muni Inc. TR	0.03%	12,134	$126K	Add +1.9%
NCA Nuveen California Muni Val	0.03%	12,781	$111K	Add +0.4%
AMTX Aemetis Inc.	0.01%	10,000	$25K	No change

Other holdings (3): bonds, preferreds, convertibles and warrants · $18.0M (not counted above)

Security	Class	Shares / Principal	Value	Change
WELLS FARGO & COMPANY (WFC 7.5 PERP L)	PERP PFD CNV A	8,119	$9.5M	Add +0.8%
BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	6,801	$8.2M	Add +1.9%
PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E)	6.375 PFD SER E	14,600	$256K	Reduce -5.2%

Total filed on the 13F, all lines: $441.6M.

Portfolio Sells Q1 2025 → Q2 2025


UNH Unitedhealth Group Inc.	Reduce -14.8%	0.34%	−0.38
NVO Novo-Nordisk A/S-Spons ADR	Reduce -80.8%	0.05%	−0.24
PEP Pepsico Inc.	Reduce -0.0%	0.99%	−0.22
SBUX Starbucks Corp.	Reduce -2.8%	1.19%	−0.22
JAAA Janus Henderson Aaa Clo ETF	Reduce -0.8%	1.83%	−0.16
FDX FedEx Corp.	Sold out	0.00%	−0.09
MCD McDonald's Corp.	Reduce -3.0%	0.45%	−0.08
PG The Procter & Gamble Co.	Reduce -1.4%	0.48%	−0.08
TTD Trade Desk Inc./the Class A	Sold out	0.00%	−0.08
JNJ Johnson & Johnson	Reduce -1.5%	0.40%	−0.07
KO The Coca-Cola Co.	Reduce -2.6%	0.58%	−0.07
BDX Becton Dickinson and Co.	Sold out	0.00%	−0.06
HPQ HP Inc.	Sold out	0.00%	−0.06
SLV iShares Silver Trust	Sold out	0.00%	−0.05
SNA Snap-on Inc.	Reduce -4.5%	0.19%	−0.04
MRK Merck & Co. Inc.	Reduce -12.8%	0.09%	−0.04
TY Tri-Continental Corp.	Reduce -3.2%	0.46%	−0.04
AZN Astrazeneca PLC-Spons ADR	Reduce -5.4%	0.17%	−0.03
VICI Vici Properties Inc.	Reduce -0.0%	0.43%	−0.03
VMRK Vivmark Residential	Reduce -1.1%	0.21%	−0.03
RVT Royce Small-Cap Trust Inc.	Reduce -3.3%	0.58%	−0.03
CCI Crown Castle Inc.	Reduce -18.2%	0.09%	−0.03
MDLZ Mondelez International Inc. Class A	Reduce -1.9%	0.27%	−0.03
ESS Essex Property Trust Inc.	Reduce -0.5%	0.15%	−0.03
AMT American Tower Corp.	Reduce -3.5%	0.25%	−0.03
DUK Duke Energy Corp.	Reduce -4.9%	0.14%	−0.02
VZ Verizon Communications Inc.	Reduce -2.6%	0.14%	−0.02
T AT&T Inc.	Reduce -11.9%	0.12%	−0.02
BCX BlackRock Resources & Commod	Reduce -7.2%	0.14%	−0.02
WPC WP Carey Inc.	Reduce -1.1%	0.19%	−0.02
PLD Prologis Inc.	Reduce -1.0%	0.12%	−0.02
PFE Pfizer Inc.	Reduce -14.2%	0.06%	−0.02
ELS Equity Lifestyle Properties	Reduce -1.2%	0.09%	−0.02
MSCI MSCI Inc.	Reduce -2.1%	0.20%	−0.02
SUI Sun Communities Inc.	Reduce -8.7%	0.07%	−0.01
PAYX Paychex Inc.	Reduce -0.8%	0.08%	−0.01
USA Liberty All Star Equity Fund	Reduce -1.4%	0.23%	−0.01
PRU Prudential Financial Inc.	Reduce -8.0%	0.05%	−0.01
XRNPX Cohen & Steers REIT and Pref	Reduce -4.1%	0.12%	−0.01
SO The Southern Co.	Reduce -2.7%	0.10%	−0.01
MUC BlackRock Munihold Ca QLTY	Reduce -1.1%	0.07%	−0.01
LOW Lowe's Cos Inc.	Reduce -0.7%	0.06%	−0.01
CMCSA Comcast Corp. Class A	Reduce -0.5%	0.07%	−0.01
RFI Cohen & Steers Tot Ret RLTY	Reduce -3.0%	0.07%	−0.01
CME Cme Group Inc.	Reduce -0.2%	0.15%	−0.01
F Ford Motor Co.	Reduce -8.5%	0.06%	−0.01
KIM Kimco Realty Corp.	Reduce -2.3%	0.05%	−0.01
DFUS Dimensional US Eq MKT ETF	Reduce -12.1%	0.05%	−0.01
CSCO Cisco Systems Inc.	Reduce -7.2%	0.13%	−0.00
CTAS Cintas Corp.	Reduce -0.8%	0.86%	−0.00

Portfolio Buys Q1 2025 → Q2 2025


NVDA Nvidia Corp.	Add +2.7%	4.16%	+1.17
AVGO Broadcom Inc.	Add +1.4%	2.04%	+0.72
MSFT Microsoft Corp.	Add +3.2%	3.28%	+0.69
META Meta Platforms Inc. Class A	Add +2.1%	2.69%	+0.47
ZM Zoom Communications Inc.	New	0.36%	+0.36
NFLX Netflix Inc.	Add +15.6%	0.74%	+0.26
AMZN Amazon.com Inc.	Add +3.7%	2.36%	+0.23
JPM JPMorgan Chase & Co.	Add +2.0%	1.88%	+0.20
BLK BlackRock Inc.	Add +66.5%	0.45%	+0.19
UBER Uber Technologies Inc.	Add +54.7%	0.40%	+0.18
BKNG Booking Holdings Inc.	New	0.18%	+0.18
AXP American Express Co.	Add +18.5%	0.68%	+0.16
SPY SS SPDR S&P 500 ETF Trust-US	Add +3.8%	2.38%	+0.14
GS Goldman Sachs Group Inc.	Add +2.4%	0.71%	+0.13
GOOGL Alphabet Inc. Class A	Add +4.0%	1.45%	+0.13
IRM Iron Mountain Inc.	Add +1.2%	1.10%	+0.12
ORCL Oracle Corp.	Add +3.5%	0.33%	+0.11
INTU Intuit Inc.	Add +2.4%	0.59%	+0.11
CAT Caterpillar Inc.	Add +2.7%	0.91%	+0.10
WMT Walmart Inc.	Add +7.2%	0.85%	+0.08
GE General Electric	Add +15.9%	0.28%	+0.08
PLTR Palantir Technologies Inc. Class A	Add +10.3%	0.19%	+0.08
URI United Rentals Inc.	Add +4.4%	0.51%	+0.07
GEV GE Vernova Inc.	Add +5.9%	0.17%	+0.07
ONON On Holding AG Class A	Add +9.7%	0.39%	+0.07
NOW ServiceNow Inc.	Add +3.6%	0.32%	+0.06
RACE Ferrari NV	New	0.06%	+0.06
MS Morgan Stanley	New	0.06%	+0.06
BSVO EA Bridgeway Omni Sm-Cp Val	Add +11.3%	0.78%	+0.06
COF Capital One Financial Corp.	New	0.06%	+0.06
SHAK Shake Shack Inc. Class A	Add +19.8%	0.13%	+0.06
PANW Palo Alto Networks Inc.	Add +8.4%	0.32%	+0.05
CMI Cummins Inc.	New	0.05%	+0.05
CMG Chipotle Mexican Grill Inc.	Add +4.4%	0.57%	+0.04
BAC Bank of America Corp.	Add +3.6%	0.49%	+0.04
ETN Eaton Corp. PLC	Add +10.1%	0.13%	+0.03
NKE Nike Inc. Class B	Add +0.4%	0.78%	+0.03
HCA HCA Healthcare Inc.	Add +6.9%	0.29%	+0.03
DFAC Dimensional US Core Equity 2	Add +3.9%	0.57%	+0.03
TXN Texas Instruments Inc.	Add +0.7%	0.30%	+0.02
EMR Emerson Electric Co.	Add +0.6%	0.19%	+0.02
SOXX iShares Semiconductor ETF	Add +2.7%	0.11%	+0.02
AMAT Applied Materials Inc.	Add +0.1%	0.12%	+0.02
DFIV Dimensional International Va	Add +7.0%	0.24%	+0.02
DFEM Dimensional Emrg MRKT Core	Add +25.4%	0.07%	+0.02
DISV Dimensional International SM	Add +7.2%	0.15%	+0.02
RTX RTX Corp.	Add +3.3%	0.29%	+0.02
CBOE Cboe Global Markets Inc.	Add +11.5%	0.24%	+0.01
BA The Boeing Co.	Add +4.0%	0.08%	+0.01
DE Deere & Co.	Add +4.7%	0.26%	+0.01

Options Activity Q1 2025 → Q2 2025


AAPL Apple Inc.	put	Sold out	90,000	$20.0Mbefore exit

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

Notes & Other Activity Q1 2025 → Q2 2025


WELLS FARGO & COMPANY (WFC 7.5 PERP L)	PERP PFD CNV A	Add +0.8%	8,119	$9.5M
BANK OF AMERICA CORP (BAC 7.25 PERP L)	7.25%CNV PFD L	Add +1.9%	6,801	$8.2M
PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E)	6.375 PFD SER E	Reduce -5.2%	14,600	$256K

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	196	$492.7M	AAPL, BRK.B, NVDA, GOOG, COST
Q1 2026	181	$452.1M	AAPL, BRK.B, NVDA, COST, GOOG
Q4 2025	189	$473.9M	AAPL, BRK.B, NVDA, GOOG, COST
Q3 2025	182	$460.3M	AAPL, BRK.B, NVDA, COST, MSFT
Q2 2025	174	$423.6M	AAPL, BRK.B, NVDA, COST, MSFT
Q1 2025	173	$393.0M	AAPL, BRK.B, COST, NVDA, MSFT
Q4 2024	184	$409.8M	AAPL, BRK.B, COST, NVDA, MSFT
Q3 2024	181	$405.1M	AAPL, BRK.B, COST, NVDA, MSFT
Q2 2024	173	$374.2M	AAPL, BRK.B, NVDA, COST, MSFT
Q1 2024	177	$355.8M	AAPL, BRK.B, COST, NVDA, MSFT