Westwood Holdings Group Inc.

Name: WESTWOOD HOLDINGS GROUP INC 13F holdings, Q2 2025
Creator: WESTWOOD HOLDINGS GROUP INC
Published: 2025-10-08

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

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed October 8, 2025), Westwood Holdings Group Inc. reported 419 stock positions worth $13.7 billion. Its top holding was Energy Transfer (ET) at 2.2% of the portfolio, followed by Williams Cos (WMB, 1.9%) and Vanguard Ftse Developed ETF (VEA, 1.6%). Compared with Q1 2025, it opened 49 new positions, sold out of 46, added to 155 and reduced 187. The biggest buy was Texas Instruments (TXN, shares +327%) and the biggest sale Unitedhealth (UNH, shares −100%).

Most Recent 13F: Q2 2026
Location: DALLAS, TX
CIK: 0001165002
Portfolio Value: $13.7B (Q2 2025)
SEC Filing: 0001085146-25-005822 ↗ filed Oct 8, 2025

Holdings Value

Holdings 419 stocks · $13.7B


ET Energy Transfer LP	2.21%	16,679,980	$302.4M	Reduce -0.6%
WMB Williams Cos Inc.	1.89%	4,111,607	$258.3M	Add +1.0%
VEA Vanguard Ftse Developed ETF	1.65%	3,955,066	$225.5M	Add +25.1%
MSFT Microsoft Corp.	1.62%	445,453	$221.6M	Reduce -20.5%
KMI Kinder Morgan Inc.	1.52%	7,058,772	$207.5M	Add +9.6%
LNG Cheniere Energy Inc.	1.43%	806,148	$196.3M	Reduce -1.3%
JPM JPMorgan Chase & Co.	1.43%	676,264	$196.1M	Reduce -8.7%
EPD Enterprise Products Partners	1.28%	5,642,994	$175.0M	Reduce -1.9%
TRGP Targa Resources Corp.	1.21%	953,969	$166.1M	Reduce -12.8%
OKE Oneok Inc.	1.15%	1,936,535	$158.1M	Reduce -18.6%
ABT Abbott Laboratories	1.06%	1,069,745	$145.5M	Reduce -9.7%
BCC Boise Cascade Co.	1.04%	1,645,026	$142.8M	Add +9.7%
AMZN Amazon.com Inc.	1.02%	633,909	$139.1M	Add +176.8%
GS Goldman Sachs Group Inc.	1.01%	194,769	$137.8M	Reduce -0.8%
UNP Union Pacific Corp.	0.97%	574,798	$132.2M	Reduce -2.9%
GOOGL Alphabet Inc. Class A	0.93%	723,005	$127.4M	Reduce -2.1%
HUBB Hubbell Inc.	0.88%	294,685	$120.4M	Reduce -1.0%
DIS The Walt Disney Co. filed as DISNEY WALT CO	0.87%	963,969	$119.5M	Add +9.5%
DTM DT Midstream Inc.	0.87%	1,086,517	$119.4M	Add +2.9%
TXN Texas Instruments Inc.	0.87%	573,043	$119.0M	Add +327.2%
BAC Bank of America Corp. filed as BANK AMERICA CORP	0.85%	2,457,892	$116.3M	Reduce -9.6%
GD General Dynamics Corp.	0.85%	398,358	$116.2M	Add +41.4%
VRRM Verra Mobility Corp.	0.84%	4,541,025	$115.3M	Reduce -6.8%
MPLX MPLX LP	0.83%	2,205,946	$113.6M	Add +1.5%
RMBS Rambus Inc.	0.81%	1,737,062	$111.2M	Add +41.0%
JNJ Johnson & Johnson	0.81%	726,257	$110.9M	Reduce -15.5%
PCH Potlatchdeltic Corp.	0.78%	2,792,075	$107.1M	Add +19.8%
AIR Aar Corp.	0.78%	1,555,465	$107.0M	Reduce -2.1%
ENB Enbridge Inc.	0.76%	2,301,067	$104.3M	Add +83.1%
WEC WEC Energy Group Inc.	0.75%	987,623	$102.9M	Reduce -6.0%
IPAR Interparfums Inc.	0.74%	775,590	$101.8M	Add +66.8%
CDP Copt Defense Properties	0.73%	3,621,591	$99.9M	Reduce -0.1%
ICE Intercontinental Exchange Inc.	0.72%	538,101	$98.7M	Add +13.4%
TRP TC Energy Corp.	0.72%	2,010,769	$98.1M	Reduce -0.1%
BLD Topbuild Corp.	0.71%	302,416	$97.9M	Add +10.2%
TMUS T-Mobile US Inc.	0.71%	409,306	$97.5M	Reduce -11.5%
WFC Wells Fargo & Co.	0.71%	1,217,182	$97.5M	Add +2.5%
BLBD Blue Bird Corp.	0.70%	2,234,878	$96.5M	Reduce -7.0%
PIPR Piper Sandler Cos	0.70%	343,809	$95.6M	Reduce -3.7%
ASO Academy Sports & Outdoors Inc.	0.69%	2,110,172	$94.6M	Add +5.9%
BWXT BWX Technologies Inc.	0.69%	654,645	$94.3M	Reduce -31.7%
SM SM Energy Co.	0.67%	3,731,350	$92.2M	Add +16.3%
SXT Sensient Technologies Corp.	0.67%	926,516	$91.3M	New
V Visa Inc. Class A	0.66%	254,527	$90.4M	Reduce -1.7%
XOM Exxon Mobil Corp.	0.65%	830,480	$89.5M	Add +0.5%
CVX Chevron Corp.	0.65%	623,595	$89.3M	Add +0.0%
CRM Salesforce Inc.	0.65%	324,960	$88.6M	Add +8.3%
MOG.A Moog Inc. Class A	0.64%	485,150	$87.8M	Reduce -4.3%
PGR Progressive Corp.	0.61%	314,738	$84.0M	Add +14.2%
WMT Walmart Inc.	0.61%	849,668	$83.1M	Reduce -6.1%
BWIN Baldwin Insurance Group Inc./ filed as THE BALDWIN INSURANCE GRP IN	0.60%	1,920,530	$82.2M	Add +8.0%
HESM Hess Midstream LP Class A	0.59%	2,096,560	$80.7M	Add +92.4%
AVA Avista Corp.	0.58%	2,110,711	$80.1M	Add +52.7%
MRVL Marvell Technology Inc.	0.58%	1,033,966	$80.0M	Add +17.9%
CAKE The Cheesecake Factory Inc.	0.58%	1,274,487	$79.9M	Reduce -18.2%
CHD Church & Dwight Co. Inc.	0.58%	830,875	$79.9M	Reduce -6.7%
YETI Yeti Holdings Inc. filed as YETI HLDGS INC	0.58%	2,507,921	$79.0M	Add +110.2%
SBCF Seacoast Banking Corp.	0.56%	2,800,157	$77.3M	Reduce -2.4%
FBNC First Bancorp	0.56%	1,741,463	$76.8M	Add +11353.2%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO	0.55%	236,565	$75.7M	Reduce -0.6%
BANR Banner Corporation	0.55%	1,179,927	$75.7M	Add +3.2%
CCS Century Communities Inc.	0.55%	1,341,781	$75.6M	Add +26.6%
CHCO City Holding Co. filed as CITY HLDG CO	0.55%	616,151	$75.4M	Reduce -2.4%
ECG Everus Construction Group	0.55%	1,184,219	$75.2M	Reduce -41.5%
BL Blackline Inc.	0.54%	1,314,731	$74.4M	Add +10.8%
RNST Renasant Corp.	0.54%	2,069,920	$74.4M	Reduce -2.5%
AUB Atlantic Union Bankshares Co.	0.54%	2,376,734	$74.3M	Add +10.4%
ALG Alamo Group Inc.	0.54%	340,363	$74.3M	Reduce -15.1%
UE Urban Edge Properties	0.54%	3,943,404	$73.6M	Reduce -0.1%
ORLY O'reilly Automotive Inc.	0.54%	816,156	$73.6M	Reduce -11.5%
PLD Prologis Inc.	0.53%	696,705	$73.2M	Add +5.2%
SCL Stepan Co.	0.53%	1,336,855	$73.0M	Add +6.7%
PLYM Plymouth Industrial REIT Inc.	0.53%	4,525,181	$72.7M	Add +0.1%
NEE Nextera Energy Inc.	0.53%	1,045,840	$72.6M	Reduce -11.3%
MMSI Merit Medical Systems Inc.	0.52%	768,970	$71.9M	Add +11.8%
GMS GMS Inc.	0.52%	660,082	$71.8M	Reduce -29.3%
FCPT Four Corners Property Trust	0.52%	2,664,363	$71.7M	Add +12829.4%
SFNC Simmons First Natl Corp. Class A	0.52%	3,737,214	$70.9M	Add +7.3%
PBH Prestige Consumer Healthcare	0.51%	881,908	$70.4M	Add +2.4%
WES Western Midstream Partners L	0.51%	1,808,402	$70.0M	Reduce -3.4%
VLTO Veralto Corp.	0.51%	691,817	$69.8M	New
SO The Southern Co.	0.50%	750,229	$68.9M	Reduce -13.7%
NOG Northern Oil and Gas Inc.	0.50%	2,426,373	$68.8M	Reduce -18.5%
WM Waste Management Inc.	0.50%	300,600	$68.8M	Reduce -4.2%
VRTX Vertex Pharmaceuticals Inc.	0.50%	154,217	$68.7M	Add +108.5%
DRI Darden Restaurants Inc.	0.50%	314,564	$68.6M	Reduce -14.5%
HSY The Hershey Co.	0.50%	409,107	$67.9M	Reduce -4.4%
ACN Accenture PLC Class A	0.49%	223,984	$66.9M	Reduce -1.5%
ADC Agree Realty Corp.	0.48%	894,825	$65.4M	New
BRK.B Berkshire Hathaway Inc. Class B	0.47%	132,939	$64.6M	Reduce -44.7%
CNMD Conmed Corp.	0.47%	1,237,251	$64.4M	Reduce -0.0%
PAGP Plains GP Holdings LP	0.45%	3,173,030	$61.7M	Reduce -13.8%
PBA Pembina Pipeline Corp.	0.45%	1,629,929	$61.1M	Add +14.1%
GPOR Gulfport Energy Corp.	0.44%	297,939	$59.9M	Add +16461.4%
NBHC National Bank Hold Class A	0.43%	1,570,981	$59.1M	Add +8.3%
NVDA Nvidia Corp.	0.42%	365,136	$57.7M	Reduce -2.8%
ARCB Arcbest Corp.	0.42%	749,093	$57.7M	Reduce -13.8%
NWE Northwestern Energy Group Inc.	0.42%	1,118,650	$57.4M	Add +11.7%
AZZ Azz Inc.	0.42%	604,002	$57.1M	Reduce -7.1%
CFR Cullen/Frost Bankers Inc.	0.41%	439,893	$56.5M	Add +1.6%
AAPL Apple Inc.	0.41%	274,881	$56.4M	Add +43.0%
EOG EOG Resources Inc.	0.41%	469,535	$56.2M	Reduce -0.1%
TXNM TXNM Energy Inc.	0.41%	986,505	$55.6M	Reduce -46.3%
VECO Veeco Instruments Inc.	0.40%	2,725,594	$55.4M	Add +16700.8%
HWKN Hawkins Inc.	0.40%	384,604	$54.7M	Reduce -35.8%
KNTK Kinetik Holdings Inc.	0.38%	1,178,890	$51.9M	Add +4.6%
DE Deere & Co.	0.36%	97,590	$49.6M	Add +215.7%
GOOG Alphabet Inc. Class C	0.33%	253,957	$45.0M	Add +23.1%
IVV iShares Core S&P 500 ETF	0.33%	71,942	$44.7M	Add +2.2%
DPZ Domino's Pizza Inc.	0.32%	96,756	$43.6M	Reduce -61.7%
MDST Westwd Sat Encd Mdstr in ETF	0.32%	1,599,743	$43.3M	Add +0.8%
SEI Solaris Energy Infrastructur	0.31%	1,504,738	$42.6M	Add +11.8%
AM Antero Midstream Corp.	0.31%	2,238,752	$42.4M	Reduce -8.8%
IJH iShares Core S&P Midcap ETF	0.30%	669,107	$41.5M	Add +13.3%
HON Honeywell International Inc.	0.30%	176,798	$41.2M	Add +0.0%
CCB Coastal Financial Corp.	0.30%	424,967	$41.2M	Reduce -5.4%
NTB Bank of N.T. Butterfield&son	0.29%	892,376	$39.5M	Reduce -10.2%
SAH Sonic Automotive Inc. Class A	0.29%	493,125	$39.4M	Reduce -23.1%
MCK McKesson Corp.	0.29%	53,690	$39.3M	Add +778.7%
BIL SS SPDR BB 1-3M T-Bill ETF	0.28%	423,765	$38.9M	Reduce -2.8%
HAYW Hayward Holdings Inc.	0.28%	2,807,378	$38.7M	New
MCY Mercury General Corp.	0.28%	560,670	$37.8M	Add +14.0%
DFIN Donnelley Financial Solution	0.27%	609,939	$37.6M	New
IDA Idacorp Inc.	0.27%	321,537	$37.1M	Add +10.8%
GILD Gilead Sciences Inc.	0.27%	334,052	$37.0M	Add +3.5%
THR Thermon Group Holdings Inc.	0.27%	1,317,236	$37.0M	Add +15981.5%
AMT American Tower Corp.	0.26%	163,249	$36.1M	Add +829.0%
INR Infinity Natural Resour Class A	0.26%	1,959,747	$35.9M	Add +11720.7%
CENTA Central Garden and Pet Co. Class A	0.26%	1,140,937	$35.7M	Reduce -2.0%
LFUS Littelfuse Inc.	0.26%	155,512	$35.3M	Reduce -56.5%
JJSF J & J Snack Foods Corp.	0.26%	310,509	$35.2M	Reduce -49.1%
SPY SS SPDR S&P 500 ETF Trust-US	0.26%	56,887	$35.1M	Add +185.2%
GEL Genesis Energy L.P.	0.26%	2,033,940	$35.0M	Reduce -8.6%
BOOT Boot Barn Holdings Inc.	0.25%	228,879	$34.8M	New
IOSP Innospec Inc.	0.25%	412,310	$34.7M	Add +7.8%
SHO Sunstone Hotel Investors Inc.	0.25%	3,961,174	$34.4M	Add +10.7%
PEP Pepsico Inc.	0.25%	258,949	$34.2M	Reduce -28.2%
ETN Eaton Corp. PLC	0.24%	93,659	$33.4M	Reduce -3.7%
ADBE Adobe Inc.	0.24%	85,875	$33.2M	Add +1166.8%
CACI Caci International Inc. Class A	0.24%	68,684	$32.7M	Reduce -73.1%
CCK Crown Holdings Inc.	0.23%	311,126	$32.0M	Add +3.4%
CRWD CrowdStrike Holdings Inc. Class A	0.23%	62,146	$31.7M	Reduce -8.7%
VTWG Vanguard Russell 2000 Growth	0.23%	150,143	$31.3M	Reduce -0.9%
PSA Public Storage	0.23%	105,052	$30.8M	Add +0.2%
PAA Plains All Amer Pipeline LP	0.22%	1,645,511	$30.1M	Reduce -3.1%
HD Home Depot Inc.	0.21%	80,231	$29.4M	Reduce -3.8%
GBCI Glacier Bancorp Inc.	0.21%	675,369	$29.1M	Add +8.3%
B Barrick Mining Corp.	0.21%	1,393,527	$29.0M	Add +152.8%
ITGR Integer Holdings Corp.	0.21%	235,221	$28.9M	Add +14.0%
WMS Advanced Drainage Systems Inc.	0.21%	251,483	$28.9M	Add +38.6%
SOBO South Bow Corp.	0.21%	1,109,346	$28.7M	Add +15.0%
LAD Lithia Motors Inc.	0.21%	84,587	$28.6M	Add +9.3%
PWP Perella Weinberg Partners	0.20%	1,442,796	$28.0M	New
MSA Msa Safety Inc.	0.20%	167,061	$28.0M	New
WTFC Wintrust Financial Corp.	0.20%	225,183	$27.9M	Add +12.1%
TSM Taiwan Semiconductor-SP ADR	0.20%	123,190	$27.9M	Reduce -5.1%
VTLE Vital Energy Inc.	0.20%	1,723,206	$27.7M	Reduce -47.5%
CMG Chipotle Mexican Grill Inc.	0.19%	458,442	$25.7M	Reduce -3.8%
XPO Xpo Inc.	0.18%	191,730	$24.2M	Add +4.0%
TLT iShares 20+ Year Treasury BD	0.17%	267,940	$23.6M	Reduce -0.6%
TJX TJX Companies Inc. filed as TJX COS INC NEW	0.17%	189,797	$23.4M	Reduce -5.2%
KTOS Kratos Defense & Security	0.17%	503,348	$23.4M	Reduce -76.9%
REXR Rexford Industrial Realty Inc.	0.17%	649,966	$23.1M	Add +10.1%
PR Permian Resources Corp. Class A	0.17%	1,689,122	$23.0M	Add +72.5%
COF Capital One Financial Corp.	0.16%	105,383	$22.4M	New
EVR Evercore Inc. Class A	0.16%	82,846	$22.4M	New
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS	0.16%	75,370	$22.2M	Reduce -16.9%
COO The Cooper Cos Inc.	0.16%	311,745	$22.2M	Add +23.4%
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC	0.16%	204,077	$22.0M	Add +1.8%
TKR Timken Co.	0.16%	302,997	$22.0M	Add +14.7%
TXRH Texas Roadhouse Inc.	0.16%	116,876	$21.9M	Add +4711.7%
MLM Martin Marietta Materials	0.16%	39,731	$21.8M	Reduce -3.9%
FRT Federal Realty Invs Trust	0.16%	226,615	$21.5M	Reduce -77.2%
MOD Modine Manufacturing Co.	0.16%	218,454	$21.5M	New
EXP Eagle Materials Inc.	0.16%	106,258	$21.5M	Add +85.9%
AHR American Healthcare REIT Inc.	0.16%	582,530	$21.4M	Add +3949.3%
AXTA Axalta Coating Systems Ltd.	0.16%	717,059	$21.3M	Add +22.2%
MSI Motorola Solutions Inc.	0.15%	50,171	$21.1M	Reduce -6.8%
MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC	0.15%	533,696	$21.1M	New
PNFP Pinnacle Financial Partners	0.15%	189,586	$20.9M	New
CHRD Chord Energy Corp.	0.15%	214,680	$20.8M	Add +22.9%
DOX Amdocs Ltd.	0.15%	227,561	$20.8M	Reduce -0.8%
HSIC Henry Schein Inc.	0.15%	282,420	$20.6M	New
ZTS Zoetis Inc.	0.15%	130,852	$20.4M	Reduce -3.0%
STR Sitio Royalties Corp. Class A	0.15%	1,110,103	$20.4M	Reduce -41.1%
DUOL Duolingo	0.14%	48,083	$19.7M	Reduce -4.0%
PEGA Pegasystems Inc.	0.14%	363,988	$19.7M	Add +116.0%
QQQ Invesco QQQ Trust Series 1	0.14%	35,625	$19.7M	Reduce -5.3%
RNR Renaissancere Holdings Ltd.	0.14%	78,769	$19.1M	Reduce -5.0%
WAL Western Alliance Bancorp	0.14%	242,237	$18.9M	Reduce -5.8%
MKTX Marketaxess Holdings Inc.	0.14%	83,495	$18.6M	Reduce -4.7%
J Jacobs Solutions Inc.	0.13%	138,435	$18.2M	Reduce -3.0%
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F	0.13%	320,418	$17.4M	Add +7.4%
APTV Aptiv PLC	0.12%	248,232	$16.9M	Reduce -6.7%
LOW Lowe's Cos Inc.	0.12%	76,206	$16.9M	Add +8.3%
VTR Ventas Inc.	0.12%	264,886	$16.7M	Add +5.3%
OWL Blue Owl Capital Inc.	0.12%	866,873	$16.7M	Reduce -3.4%
TSN Tyson Foods Inc. Class A	0.12%	294,198	$16.5M	New
INTC Intel Corp.	0.12%	728,929	$16.3M	Add +0.8%
CSCO Cisco Systems Inc.	0.12%	228,963	$15.9M	Add +5.3%
PAAS Pan American Silver Corp.	0.11%	553,795	$15.7M	New
IWD iShares Russell 1000 Value E	0.11%	78,882	$15.3M	Reduce -6.5%
BRX Brixmor Property Group Inc.	0.11%	579,142	$15.1M	Add +27.2%
ESS Essex Property Trust Inc.	0.11%	52,601	$14.9M	Add +51.8%
USFD US Foods Holding Corp.	0.11%	189,331	$14.6M	New
TFX Teleflex Inc.	0.10%	121,534	$14.4M	Add +10.2%
CCJ Cameco Corp.	0.10%	192,260	$14.3M	New
ELS Equity Lifestyle Properties	0.10%	229,092	$14.1M	Add +23.2%
RGLD Royal Gold Inc.	0.10%	78,219	$13.9M	Reduce -12.3%
DTE DTE Energy Company	0.10%	104,307	$13.8M	Reduce -1.3%
JEPI JPMorgan Equity Premium Inco	0.10%	241,892	$13.8M	New
FDX FedEx Corp.	0.10%	59,958	$13.6M	Add +8.1%
XLU St Sr Utl SL SE SPDR ETF-Usd	0.10%	163,786	$13.4M	Reduce -1.7%
AGG iShares Core U.S. Aggregate	0.10%	131,825	$13.1M	Add +8.1%
MU Micron Technology Inc.	0.09%	104,904	$12.9M	Add +69.1%
CL Colgate-Palmolive Co.	0.09%	141,982	$12.9M	Add +3198.1%
PM Philip Morris International	0.09%	67,717	$12.3M	Add +295.8%
TPG TPG Inc.	0.09%	235,115	$12.3M	New
ATMU Atmus Filtration Technologie	0.09%	335,305	$12.2M	New
VUG Vanguard Mrngstar GR ETF-Sui	0.09%	27,303	$12.0M	Reduce -5.7%
MDT Medtronic PLC	0.09%	134,161	$11.7M	Add +8.3%
NEXT Nextdecade Corp.	0.08%	1,255,874	$11.2M	Add +6.5%
XLI SS Industrial Select Sector	0.08%	75,028	$11.1M	New
WEEI Wstwd Sal Enhnc Engy Inm ETF	0.08%	531,050	$11.0M	Reduce -0.5%
AVGO Broadcom Inc.	0.08%	39,530	$10.9M	Reduce -11.2%
CTVA Corteva Inc.	0.08%	142,671	$10.6M	Reduce -5.9%
DKL Delek Logistics Partners LP	0.07%	231,169	$9.9M	Add +5.6%
COST Costco Wholesale Corp.	0.07%	9,052	$9.0M	Reduce -10.9%
NNN NNN REIT Inc.	0.06%	204,236	$8.8M	Add +8.2%
LNT Alliant Energy Corp.	0.06%	142,780	$8.6M	Add +8.2%
CMS CMS Energy Corp.	0.06%	120,698	$8.4M	Reduce -2.9%
VONV Vanguard Russell 1000 Value	0.06%	92,213	$7.9M	Reduce -6.0%
MPWR Monolithic Power Systems Inc.	0.06%	10,558	$7.7M	Add +0.9%
BXMT Blackstone Mortgage Tru Class A	0.06%	400,000	$7.7M	Reduce -5.9%
ARIS WATER SOLUTIONS INC-A	0.05%	314,306	$7.4M	Add +1.1%
EXR Extra Space Storage Inc.	0.05%	50,032	$7.4M	New
REGN Regeneron Pharmaceuticals	0.05%	13,556	$7.1M	Add +17.0%
BDX Becton Dickinson and Co.	0.05%	39,218	$6.8M	Reduce -51.5%
MCHP Microchip Technology Inc.	0.05%	95,442	$6.7M	Reduce -87.4%
COP Conocophillips	0.05%	73,886	$6.6M	Reduce -12.3%
CSR Centerspace	0.05%	110,000	$6.6M	No change
VB Vanguard Most SM-Cap ETF-Usd	0.05%	27,903	$6.6M	Reduce -0.6%
HCA HCA Healthcare Inc.	0.05%	17,047	$6.5M	Reduce -2.8%
HES Hess Corp.	0.05%	46,699	$6.5M	New
TYL Tyler Technologies Inc.	0.05%	10,890	$6.5M	Add +48.8%
MZTI The Marzetti Company filed as LANCASTER COLONY CORP	0.05%	36,524	$6.3M	New
CDNS Cadence Design SYS Inc.	0.05%	20,120	$6.2M	Reduce -7.6%
MKC McCormick & Co.-Non VTG SHRS	0.04%	80,534	$6.1M	Reduce -21.6%
SHW The Sherwin-Williams Co.	0.04%	16,970	$5.8M	Reduce -10.6%
WY Weyerhaeuser Co.	0.04%	226,761	$5.8M	No change
IUSG iShares Core S&P U.S. Growth	0.04%	38,421	$5.8M	Reduce -1.9%
XLP SS Consumer Staples Sel Sect	0.04%	71,250	$5.8M	Reduce -1.7%
DHR Danaher Corp.	0.04%	29,127	$5.8M	Reduce -0.1%
WCN Waste Connections Inc.	0.04%	30,292	$5.7M	Reduce -19.2%
RVTY Revvity Inc.	0.04%	57,927	$5.6M	No change
STE Steris PLC	0.04%	23,046	$5.5M	No change
VICI Vici Properties Inc. filed as VICI PPTYS INC	0.04%	158,264	$5.2M	New
SJM The JM Smucker Co. filed as SMUCKER J M CO	0.04%	52,416	$5.1M	Reduce -7.7%
XLV SS Health Care Select Sector	0.04%	37,795	$5.1M	Reduce -1.6%
ARE Alexandria Real Estate Equit	0.04%	70,139	$5.1M	New
RHP Ryman Hospitality Properties	0.04%	50,047	$4.9M	New
WELL Welltower Inc.	0.04%	31,248	$4.8M	New
MGV Vngrd Mrgstr MG CP VL ETF-Ui	0.03%	36,450	$4.8M	Add +1.7%
DELL Dell Technologies -C	0.03%	36,761	$4.5M	Reduce -11.3%
VST Vistra Corp.	0.03%	23,254	$4.5M	Add +19.0%
WPC WP Carey Inc.	0.03%	70,176	$4.4M	New
BRK.A Berkshire Hathaway Inc. Class A	0.03%	6	$4.4M	No change
FANG Diamondback Energy Inc.	0.03%	31,781	$4.4M	Add +5.6%
T AT&T Inc.	0.03%	149,755	$4.3M	Reduce -4.0%
AVB Avalonbay Communities Inc.	0.03%	20,168	$4.1M	Add +0.8%
APLE Apple Hospitality REIT Inc.	0.03%	350,182	$4.1M	Add +0.1%
GEV GE Vernova Inc.	0.03%	7,343	$3.9M	Reduce -0.3%
CB Chubb Ltd.	0.03%	13,065	$3.8M	Add +101.4%
LAMR Lamar Advertising Co. Class A	0.03%	30,000	$3.6M	New
AMGN Amgen Inc.	0.03%	12,873	$3.6M	Reduce -17.5%
LLY Eli Lilly & Co.	0.03%	4,600	$3.6M	Reduce -9.4%
APO Apollo Global Management Inc.	0.03%	24,933	$3.5M	Add +7.3%
ALC Alcon Inc. filed as ALCON AG	0.03%	38,933	$3.4M	Add +39.8%
ORCL Oracle Corp.	0.03%	15,670	$3.4M	Reduce -12.0%
LQD Ishr Ibx Usd Invgd CB ETF-Ui	0.02%	30,866	$3.4M	Reduce -4.5%
EGP Eastgroup Properties Inc.	0.02%	19,891	$3.3M	Reduce -2.8%
IGIC International General Insura filed as INTL GNRL INSURANCE HLDNGS L	0.02%	131,991	$3.2M	Reduce -84.3%
CDW CDW Corp.	0.02%	17,711	$3.2M	Reduce -11.6%
KO The Coca-Cola Co.	0.02%	44,409	$3.1M	Reduce -9.1%
META Meta Platforms Inc. Class A	0.02%	3,917	$2.9M	Reduce -69.0%
PWR Quanta Services Inc.	0.02%	7,496	$2.8M	Add +1.3%
GE General Electric filed as GE AEROSPACE	0.02%	10,935	$2.8M	Reduce -2.4%
CWEN Clearway Energy Inc. Class C	0.02%	84,141	$2.7M	New
EMR Emerson Electric Co.	0.02%	20,119	$2.7M	Add +12.4%
CAT Caterpillar Inc.	0.02%	6,807	$2.6M	Add +16.4%
EQT Eqt Corp.	0.02%	44,486	$2.6M	Add +7.7%
MDLZ Mondelez International Inc. Class A	0.02%	36,716	$2.5M	Add +706.8%
VZ Verizon Communications Inc.	0.02%	54,752	$2.4M	Add +9.0%
MRK Merck & Co. Inc.	0.02%	29,359	$2.3M	Reduce -79.6%
BIV Vanguard Intermediate-Term B	0.02%	27,878	$2.2M	Reduce -4.4%
WSM Williams-Sonoma Inc.	0.02%	12,662	$2.1M	Reduce -1.8%
ARLO Arlo Technologies Inc.	0.01%	118,062	$2.0M	Reduce -25.6%
IWF iShares Russell 1000 Growth	0.01%	4,190	$1.8M	Reduce -12.6%
BA The Boeing Co.	0.01%	8,272	$1.7M	New
ACIC American Coastal Insurance C	0.01%	150,735	$1.7M	No change
POOL Pool Corp.	0.01%	5,704	$1.7M	New
ABBV Abbvie Inc.	0.01%	8,581	$1.6M	Reduce -2.5%
SUN Sunoco LP	0.01%	29,030	$1.6M	Add +13.4%
CRSP Crispr Therapeutics AG	0.01%	30,514	$1.5M	Reduce -21.9%
TSLA Tesla Inc.	0.01%	4,588	$1.5M	Reduce -24.1%
NET Cloudflare Inc. Class A	0.01%	7,112	$1.4M	Reduce -23.4%
COIN Coinbase Global Inc. Class A	0.01%	3,957	$1.4M	Add +13.2%
SW Smurfit Westrock PLC	0.01%	30,652	$1.3M	Reduce -2.1%
AVNT Avient Corp.	0.01%	40,801	$1.3M	No change
PG The Procter & Gamble Co.	0.01%	7,898	$1.3M	Reduce -0.7%
ILMN Illumina Inc.	0.01%	13,128	$1.3M	Add +15.3%
IWM iShares Russell 2000 ETF	0.01%	5,544	$1.2M	Reduce -0.1%
ROK Rockwell Automation Inc.	0.01%	3,575	$1.2M	Reduce -26.7%
PFF iShares Preferred & Income S	0.01%	38,444	$1.2M	Reduce -3.4%
HOOD Robinhood Markets Inc. Class A	0.01%	12,406	$1.2M	Reduce -29.8%
TGT Target Corp.	0.01%	11,437	$1.1M	Reduce -85.2%
LHX L3HARRIS Technologies Inc.	0.01%	4,485	$1.1M	Reduce -5.9%
VOO Vanguard S&P 500 ETF	0.01%	1,969	$1.1M	Reduce -5.3%
PANW Palo Alto Networks Inc.	0.01%	5,304	$1.1M	Reduce -23.0%
NFLX Netflix Inc.	0.01%	799	$1.1M	Add +11.4%
SNOW Snowflake Inc.	0.01%	4,553	$1.0M	Reduce -24.8%
SSB Southstate Bank Corp.	0.01%	10,585	$974K	Reduce -98.9%
DKS Dick's Sporting Goods Inc.	0.01%	4,919	$973K	Add +0.4%
PSX Phillips 66	0.01%	8,140	$971K	Add +0.8%
GRAL Grail Inc.	0.01%	17,475	$899K	Reduce -46.4%
RIVN Rivian Automotive Inc. Class A	0.01%	62,671	$861K	Reduce -28.4%
TMO Thermo Fisher Scientific Inc.	0.01%	2,123	$861K	Reduce -4.5%
IEMG iShares Core MSCI Emerging	0.01%	13,808	$829K	Reduce -44.1%
CME Cme Group Inc.	0.01%	2,824	$778K	Reduce -13.2%
TPR Tapestry Inc.	0.01%	8,602	$755K	Reduce -13.4%
MP MP Materials Corp.	0.01%	22,505	$749K	Reduce -51.8%
UBER Uber Technologies Inc.	0.01%	7,907	$738K	New
VRT Vertiv Holdings Co. Class A	0.01%	5,636	$724K	Add +3.8%
CADE Cadence Bank	0.01%	22,456	$718K	New
DOC Healthpeak Properties Inc.	0.01%	40,814	$715K	Reduce -3.1%
BP BP PLC-Spons ADR	0.01%	23,872	$714K	Reduce -11.3%
RBLX Roblox Corp. Class A	0.01%	6,723	$707K	Reduce -25.4%
MPC Marathon Petroleum Corp.	0.01%	4,229	$702K	Add +5.6%
SLB SLB Ltd. filed as SCHLUMBERGER LTD	0.01%	20,627	$697K	Reduce -91.4%
THRM Gentherm Inc.	0.01%	24,635	$697K	Add +4.9%
MCD McDonald's Corp.	0.01%	2,327	$680K	Add +9.7%
SPGI S&P Global Inc.	0.00%	1,245	$656K	Add +1.4%
MA Mastercard Inc. Class A	0.00%	1,160	$652K	Add +4.6%
CQP Cheniere Energy Partners LP	0.00%	11,245	$630K	No change
MO Altria Group Inc.	0.00%	10,661	$625K	Reduce -4.7%
VLO Valero Energy Corp.	0.00%	4,451	$598K	Add +12.4%
REG Regency Centers Corp.	0.00%	8,164	$582K	New
TRI Thomson Reuters Corp.	0.00%	2,889	$581K	Reduce -0.6%
MEOH Methanex Corp.	0.00%	17,115	$567K	No change
SMFG Sumitomo Mitsui-Spons ADR	0.00%	36,940	$558K	Reduce -4.4%
MBB iShares MBS ETF	0.00%	5,943	$558K	Add +144.6%
BKR Baker Hughes Co.	0.00%	13,771	$528K	Add +13.3%
IJR iShares Core S&P Small-Cap E	0.00%	4,822	$527K	Reduce -31.8%
LIN Linde PLC	0.00%	1,103	$518K	Add +78.8%
TFC Truist Financial Corp.	0.00%	11,945	$514K	Reduce -5.1%
VXUS Vanguard Total Intl Stock	0.00%	7,202	$498K	Add +2.2%
DVN Devon Energy Corp.	0.00%	15,174	$483K	Add +6.6%
CNI Canadian Natl Railway Co.	0.00%	4,619	$481K	Add +14.7%
OXY Occidental Petroleum Corp.	0.00%	11,398	$479K	Add +10.9%
QCOM Qualcomm Inc.	0.00%	3,003	$478K	Reduce -6.6%
BOKF Bok Financial Corporation	0.00%	4,639	$453K	No change
XYZ Block Inc.	0.00%	6,485	$441K	Reduce -24.6%
BN Brookfield Corp.	0.00%	6,950	$430K	Add +0.4%
SCHD Schwab US DVD Equity ETF	0.00%	16,163	$428K	No change
ZK Zeekr Intelligent Techno-ADR	0.00%	16,122	$411K	Reduce -27.4%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui	0.00%	4,952	$399K	Add +0.1%
AIG American International Group	0.00%	4,627	$396K	Add +2.9%
IVW iShares S&P 500 Growth ETF	0.00%	3,586	$395K	Reduce -8.5%
HTH Hilltop Holdings Inc.	0.00%	12,959	$393K	Reduce -0.1%
VGT Vanguard Info Tech ETF	0.00%	578	$383K	Reduce -52.4%
NOW ServiceNow Inc.	0.00%	367	$377K	Add +2.8%
RY Royal Bank of Canada	0.00%	2,829	$372K	No change
BX Blackstone Inc.	0.00%	2,415	$361K	Add +2.2%
SBR Sabine Royalty Trust	0.00%	5,325	$355K	Add +0.4%
AMKR Amkor Technology Inc.	0.00%	16,450	$345K	Reduce -31.0%
MMM 3M Co.	0.00%	2,215	$337K	No change
AEP American Electric Power	0.00%	3,164	$328K	Add +10.4%
EPS Wisdomtree US Large Cap Fund	0.00%	5,113	$327K	No change
SMCI Super Micro Computer Inc.	0.00%	6,604	$324K	Reduce -33.2%
CRGY Crescent Energy Inc. Class A	0.00%	37,593	$323K	No change
PB Prosperity Bancshares Inc.	0.00%	4,586	$322K	Reduce -14.7%
BKNG Booking Holdings Inc.	0.00%	55	$318K	New
RIOT Riot Platforms Inc.	0.00%	28,099	$318K	Reduce -24.3%
NOC Northrop Grumman Corp.	0.00%	609	$304K	No change
MSTR Strategy Inc. filed as MICROSTRATEGY INC	0.00%	749	$303K	New
MFC Manulife Financial Corp.	0.00%	9,343	$299K	No change
PSEC Prospect Capital Corp.	0.00%	93,246	$297K	No change
VERV Verve Therapeutics Inc.	0.00%	26,097	$293K	No change
EFA iShares MSCI Eafe ETF	0.00%	3,270	$292K	Reduce -2.2%
CTRA Coterra Energy Inc.	0.00%	11,268	$286K	Add +18.9%
IJK iShares S&P Mid-Cap 400 Grow	0.00%	2,993	$272K	No change
SPFI South Plains Financial Inc.	0.00%	7,507	$271K	Reduce -30.1%
USMV iShares MSCI USA Min Vol Fac	0.00%	2,875	$270K	No change
APH Amphenol Corp. Class A	0.00%	2,693	$266K	New
BND Vanguard Total Bond Market	0.00%	3,536	$260K	New
BMO Bank of Montreal filed as BANK MONTREAL QUE	0.00%	2,336	$258K	No change
HAL Halliburton Co.	0.00%	12,546	$256K	Add +13.3%
MS Morgan Stanley	0.00%	1,793	$253K	New
BMY Bristol-Myers Squibb Co.	0.00%	5,293	$245K	Reduce -87.5%
AROC Archrock Inc.	0.00%	9,815	$244K	No change
UNH Unitedhealth Group Inc.	0.00%	778	$243K	Reduce -99.7%
YUM Yum! Brands Inc.	0.00%	1,600	$237K	No change
C Citigroup Inc.	0.00%	2,769	$236K	Reduce -11.2%
TT Trane Technologies PLC	0.00%	529	$231K	New
EFAV iShares MSCI Eafe Min Vol Fa	0.00%	2,724	$229K	No change
VTI VG Morningstar TS MKT ETF-US	0.00%	753	$229K	New
FNX First Trust Mid Cap Core Alp	0.00%	1,987	$228K	Reduce -26.4%
TPL Texas Pacific Land Corp.	0.00%	216	$228K	Reduce -12.9%
CMCSA Comcast Corp. Class A	0.00%	6,220	$222K	Add +7.2%
BBJP JPMorgan Betabuilders Japan	0.00%	3,559	$220K	Reduce -13.7%
IJJ iShares S&P Mid-Cap 400 Valu	0.00%	1,770	$219K	No change
DD Dupont DE Nemours Inc.	0.00%	3,063	$210K	Reduce -1.4%
BBCA JPMorgan Betabuilders Canada	0.00%	2,599	$210K	New
FTI Technipfmc PLC	0.00%	6,000	$207K	New
BBVA Banco Bilbao Vizcaya-SP ADR	0.00%	12,785	$197K	No change
KRP Kimbell Royalty Partners LP	0.00%	10,000	$140K	New
LIEN Chicago Atlantic BDC Inc.	0.00%	10,737	$111K	New
PAYS Paysign Inc.	0.00%	11,945	$86K	New
LPRO Open Lending Corp.	0.00%	10,000	$19K	No change

Other holdings (60): bonds, preferreds, convertibles and warrants · $197.1M (not counted above)

Security	Class	Shares / Principal	Value	Change
BOEING CO/THE (BA 6 10/15/27)	DEP CONV PFD A	180,000	$12.2M	No change
HP ENTERPRISE CO (HPE 7.625 09/01/27)	7.625 MAND CONV	195,150	$11.5M	Reduce -24.9%
RLJ LODGING TRUST (RLJ 1.95 PERP A)	CUM CONV PFD A	375,000	$8.9M	No change
EPR PROPERTIES (EPR 9 PERP E)	CONV PFD 9% SR E	283,506	$8.8M	Add +1.3%
LXP INDUSTRIAL TRUST (LXP 6.5 PERP C)	PFD CONV SER C	190,000	$8.8M	New
BLACKLINE INC (BL 1 06/01/29)	NOTE 1.000% 6/0 · principal	7,600,000	$7.6M	New
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29)	NOTE 3.625% 4/1 · principal	6,515,000	$6.5M	No change
EXACT SCIENCES CORP (EXAS 0.375 03/15/27)	NOTE 0.375% 3/1 · principal	6,385,000	$6.4M	No change
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26)	NOTE 4.250% 8/1 · principal	6,180,000	$6.2M	No change
MERITAGE HOMES CORP (MTH 1.75 05/15/28)	NOTE 1.750% 5/1 · principal	6,140,000	$6.1M	New
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27)	NOTE 3.000% 3/0 · principal	6,100,000	$6.1M	No change
INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28)	NOTE 2.125% 2/1 · principal	4,915,000	$4.9M	No change
PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F)	6.3 CUM PFD SR F	242,066	$4.2M	No change
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31)	NOTE 1.500% 3/0 · principal	3,500,000	$3.5M	No change
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28)	6 SER A CNV PREF	30,000	$3.5M	New
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31)	NOTE 0.500% 6/0 · principal	3,000,000	$3.0M	New
BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27)	NOTE 5.500% 3/1 · principal	3,000,000	$3.0M	No change
DEXCOM INC (DXCM 0.375 05/15/28)	NOTE 0.375% 5/1 · principal	3,000,000	$3.0M	No change
EXPEDIA GROUP INC (EXPE 0 02/15/26)	NOTE 2/1 · principal	3,000,000	$3.0M	No change
ITRON INC (ITRI 1.375 07/15/30)	NOTE 1.375% 7/1 · principal	3,000,000	$3.0M	New
PARSONS CORP (PSN 2.625 03/01/29)	NOTE 2.625% 3/0 · principal	3,000,000	$3.0M	New
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27)	NOTE 0.500% 8/0 · principal	2,800,000	$2.8M	Add +40.0%
ADVANCED ENERGY IND (AEIS 2.5 09/15/28)	NOTE 2.500% 9/1 · principal	2,750,000	$2.8M	Add +10.0%
FLUOR CORP (FLR 1.125 08/15/29)	NOTE 1.125% 8/1 · principal	2,750,000	$2.8M	New
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27)	NOTE 1.000% 9/1 · principal	2,500,000	$2.5M	New
BURLINGTON STORES INC (BURL 1.25 12/15/27)	NOTE 1.250%12/1 · principal	2,500,000	$2.5M	New
FIVE9 INC (FIVN 1 03/15/29)	NOTE 1.000% 3/1 · principal	2,500,000	$2.5M	No change
JD.COM INC (JD 0.25 06/01/29)	NOTE 0.250% 6/0 · principal	2,500,000	$2.5M	New
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27)	NOTE 2.625%12/1 · principal	2,500,000	$2.5M	No change
MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30)	NOTE 0.750% 6/0 · principal	2,500,000	$2.5M	New
SNAP INC (SNAP 0.5 05/01/30)	NOTE 0.500% 5/0 · principal	2,500,000	$2.5M	New
CMS ENERGY CORP (CMS 3.375 05/01/28)	NOTE 3.375% 5/0 · principal	2,250,000	$2.3M	Add +12.5%
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28)	NOTE 1.000% 8/1 · principal	2,250,000	$2.3M	No change
MKS INC (MKSI 1.25 06/01/30)	NOTE 1.250% 6/0 · principal	2,200,000	$2.2M	New
DROPBOX INC (DBX 0 03/01/28)	NOTE 3/0 · principal	2,000,000	$2.0M	No change
GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30)	NOTE 3.250% 6/1 · principal	2,000,000	$2.0M	New
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28)	NOTE 1.750% 6/1 · principal	2,000,000	$2.0M	Add +100.0%
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29)	NOTE 3.125% 1/1 · principal	2,000,000	$2.0M	Reduce -66.6%
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29)	NOTE 1.500%12/1 · principal	2,000,000	$2.0M	No change
NUTANIX INC (NTNX 0.25 10/01/27)	NOTE 0.250%10/0 · principal	2,000,000	$2.0M	New
POST HOLDINGS INC (POST 2.5 08/15/27)	NOTE 2.500% 8/1 · principal	2,000,000	$2.0M	No change
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29)	NOTE 0.750% 6/1 · principal	2,000,000	$2.0M	New
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	2,000,000	$2.0M	New
VEECO INSTRUMENTS INC (VECO 2.875 06/01/29)	NOTE 2.875% 6/0 · principal	2,000,000	$2.0M	No change
ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27)	NOTE 2.500% 7/1 · principal	1,750,000	$1.8M	New
PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E)	6.375 PFD SER E	98,002	$1.7M	No change
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27)	NOTE 2.250% 8/1 · principal	1,500,000	$1.5M	No change
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28)	NOTE 2.875% 3/1 · principal	1,500,000	$1.5M	No change
RWT HOLDINGS INC (RWT 5.75 10/01/25)	NOTE 5.750%10/0 · principal	1,500,000	$1.5M	New
SEAGATE HDD CAYMAN (STX 3.5 06/01/28)	NOTE 3.500% 6/0 · principal	1,500,000	$1.5M	New
TETRA TECH INC (TTEK 2.25 08/15/28)	DBCV 2.250% 8/1 · principal	1,500,000	$1.5M	No change
VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30)	NOTE 2.250% 9/1 · principal	1,500,000	$1.5M	No change
WORKIVA INC (WK 1.25 08/15/28)	NOTE 1.250% 8/1 · principal	1,500,000	$1.5M	No change
CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28)	NOTE 2.375%12/1 · principal	1,470,000	$1.5M	New
WESTERN DIGITAL CORP (WDC 3 11/15/28)	NOTE 3.000%11/1 · principal	1,100,000	$1.1M	Add +10.0%
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26)	NOTE 12/0 · principal	1,000,000	$1.0M	No change
PENNYMAC CORP (PMT 5.5 03/15/26)	NOTE 5.500% 3/1 · principal	1,000,000	$1.0M	New
RAPID7 INC (RPD 1.25 03/15/29)	NOTE 1.250% 3/1 · principal	1,000,000	$1.0M	No change
REDWOOD TRUST INC (RWT 7.75 06/15/27)	NOTE 7.750% 6/1 · principal	1,000,000	$1.0M	New
EPR PROPERTIES (EPR 5.75 PERP C)	PFD C CV 5.75%	31,000	$777K	New

Total filed on the 13F, all lines: $13.9B.

Portfolio Sells Q1 2025 → Q2 2025


UNH Unitedhealth Group Inc.	Reduce -99.7%	0.00%	−1.12
SSB Southstate Bank Corp.	Reduce -98.9%	0.01%	−0.70
OKE Oneok Inc.	Reduce -18.6%	1.15%	−0.65
FRT Federal Realty Invs Trust	Reduce -77.2%	0.16%	−0.59
DPZ Domino's Pizza Inc.	Reduce -61.7%	0.32%	−0.57
BRK.B Berkshire Hathaway Inc. Class B	Reduce -44.7%	0.47%	−0.51
CSTM Constellium SE	Sold out	0.00%	−0.50
CACI Caci International Inc. Class A	Reduce -73.1%	0.24%	−0.48
TRGP Targa Resources Corp.	Reduce -12.8%	1.21%	−0.47
JJSF J & J Snack Foods Corp.	Reduce -49.1%	0.26%	−0.36
HPQ HP Inc.	Sold out	0.00%	−0.36
TXNM TXNM Energy Inc.	Reduce -46.3%	0.41%	−0.35
VTLE Vital Energy Inc.	Reduce -47.5%	0.20%	−0.33
KTOS Kratos Defense & Security	Reduce -76.9%	0.17%	−0.32
CCOI Cogent Communications Holdin	Sold out	0.00%	−0.32
PZZA Papa John's Intl Inc.	Sold out	0.00%	−0.29
VIAV Viavi Solutions Inc.	Sold out	0.00%	−0.28
JNJ Johnson & Johnson	Reduce -15.5%	0.81%	−0.28
LFUS Littelfuse Inc.	Reduce -56.5%	0.26%	−0.28
AMSF Amerisafe Inc.	Sold out	0.00%	−0.28
MCHP Microchip Technology Inc.	Reduce -87.4%	0.05%	−0.23
TMUS T-Mobile US Inc.	Reduce -11.5%	0.71%	−0.23
EPD Enterprise Products Partners	Reduce -1.9%	1.28%	−0.23
RSP Invesco S&P 500 Equal Weight	Sold out	0.00%	−0.21
NOG Northern Oil and Gas Inc.	Reduce -18.5%	0.50%	−0.19
AVTR Avantor Inc.	Sold out	0.00%	−0.18
ET Energy Transfer LP	Reduce -0.6%	2.21%	−0.18
CHD Church & Dwight Co. Inc.	Reduce -6.7%	0.58%	−0.17
PEP Pepsico Inc.	Reduce -28.2%	0.25%	−0.16
PAGP Plains GP Holdings LP	Reduce -13.8%	0.45%	−0.15
IGIC International General Insura	Reduce -84.3%	0.02%	−0.15
ABT Abbott Laboratories	Reduce -9.7%	1.06%	−0.14
XLC SS Comm Select Sector SPDR	Sold out	0.00%	−0.14
LPLA LPL Financial Holdings Inc.	Sold out	0.00%	−0.14
STR Sitio Royalties Corp. Class A	Reduce -41.1%	0.15%	−0.14
ORLY O'reilly Automotive Inc.	Reduce -11.5%	0.54%	−0.14
HXL Hexcel Corp.	Sold out	0.00%	−0.13
DFS Discover Financial Services	Sold out	0.00%	−0.13
WEC WEC Energy Group Inc.	Reduce -6.0%	0.75%	−0.12
NEE Nextera Energy Inc.	Reduce -11.3%	0.53%	−0.11
SO The Southern Co.	Reduce -13.7%	0.50%	−0.11
UNP Union Pacific Corp.	Reduce -2.9%	0.97%	−0.10
CNMD Conmed Corp.	Reduce -0.0%	0.47%	−0.10
LULU Lululemon Athletica Inc.	Sold out	0.00%	−0.10
XLF SS Financial Select Sector	Sold out	0.00%	−0.09
BDX Becton Dickinson and Co.	Reduce -51.5%	0.05%	−0.09
COLD Americold Realty Trust Inc.	Sold out	0.00%	−0.09
AGCO Agco Corp.	Sold out	0.00%	−0.09
HWKN Hawkins Inc.	Reduce -35.8%	0.40%	−0.09
ARM Arm Holdings PLC-ADR	Sold out	0.00%	−0.08

Portfolio Buys Q1 2025 → Q2 2025


TXN Texas Instruments Inc.	Add +327.2%	0.87%	+0.68
AMZN Amazon.com Inc.	Add +176.8%	1.02%	+0.68
SXT Sensient Technologies Corp.	New	0.67%	+0.67
FBNC First Bancorp	Add +11353.2%	0.56%	+0.56
FCPT Four Corners Property Trust	Add +12829.4%	0.52%	+0.52
VLTO Veralto Corp.	New	0.51%	+0.51
ADC Agree Realty Corp.	New	0.48%	+0.48
GPOR Gulfport Energy Corp.	Add +16461.4%	0.44%	+0.44
VEA Vanguard Ftse Developed ETF	Add +25.1%	1.65%	+0.42
VECO Veeco Instruments Inc.	Add +16700.8%	0.40%	+0.40
IPAR Interparfums Inc.	Add +66.8%	0.74%	+0.34
ENB Enbridge Inc.	Add +83.1%	0.76%	+0.34
RMBS Rambus Inc.	Add +41.0%	0.81%	+0.32
HAYW Hayward Holdings Inc.	New	0.28%	+0.28
YETI Yeti Holdings Inc.	Add +110.2%	0.58%	+0.28
DFIN Donnelley Financial Solution	New	0.27%	+0.27
THR Thermon Group Holdings Inc.	Add +15981.5%	0.27%	+0.27
GD General Dynamics Corp.	Add +41.4%	0.85%	+0.26
INR Infinity Natural Resour Class A	Add +11720.7%	0.26%	+0.26
MCK McKesson Corp.	Add +778.7%	0.29%	+0.26
BOOT Boot Barn Holdings Inc.	New	0.25%	+0.25
DE Deere & Co.	Add +215.7%	0.36%	+0.25
HESM Hess Midstream LP Class A	Add +92.4%	0.59%	+0.24
AMT American Tower Corp.	Add +829.0%	0.26%	+0.23
VRTX Vertex Pharmaceuticals Inc.	Add +108.5%	0.50%	+0.23
ADBE Adobe Inc.	Add +1166.8%	0.24%	+0.22
DIS The Walt Disney Co.	Add +9.5%	0.87%	+0.21
PWP Perella Weinberg Partners	New	0.20%	+0.20
MSA Msa Safety Inc.	New	0.20%	+0.20
MRVL Marvell Technology Inc.	Add +17.9%	0.58%	+0.17
SPY SS SPDR S&P 500 ETF Trust-US	Add +185.2%	0.26%	+0.17
COF Capital One Financial Corp.	New	0.16%	+0.16
EVR Evercore Inc. Class A	New	0.16%	+0.16
MOD Modine Manufacturing Co.	New	0.16%	+0.16
TXRH Texas Roadhouse Inc.	Add +4711.7%	0.16%	+0.16
MRX Marex UK Holdings Ltd.	New	0.15%	+0.15
AHR American Healthcare REIT Inc.	Add +3949.3%	0.16%	+0.15
PNFP Pinnacle Financial Partners	New	0.15%	+0.15
HSIC Henry Schein Inc.	New	0.15%	+0.15
AVA Avista Corp.	Add +52.7%	0.58%	+0.14
B Barrick Mining Corp.	Add +152.8%	0.21%	+0.13
TSN Tyson Foods Inc. Class A	New	0.12%	+0.12
PAAS Pan American Silver Corp.	New	0.11%	+0.11
KMI Kinder Morgan Inc.	Add +9.6%	1.52%	+0.11
USFD US Foods Holding Corp.	New	0.11%	+0.11
CCJ Cameco Corp.	New	0.10%	+0.10
BL Blackline Inc.	Add +10.8%	0.54%	+0.10
JEPI JPMorgan Equity Premium Inco	New	0.10%	+0.10
ICE Intercontinental Exchange Inc.	Add +13.4%	0.72%	+0.09
DTM DT Midstream Inc.	Add +2.9%	0.87%	+0.09

Notes & Other Activity Q1 2025 → Q2 2025


HP ENTERPRISE CO (HPE 7.625 09/01/27)	7.625 MAND CONV	Reduce -24.9%	195,150	$11.5M
EPR PROPERTIES (EPR 9 PERP E)	CONV PFD 9% SR E	Add +1.3%	283,506	$8.8M
LXP INDUSTRIAL TRUST (LXP 6.5 PERP C)	PFD CONV SER C	New	190,000	$8.8M
AKAMAI TECHNOLOGIES INC (AKAM 0.125 05/01/25)	NOTE 0.125% 5/0 · principal	Sold out	8,113,000	$8.1Mbefore exit
BLACKLINE INC (BL 1 06/01/29)	NOTE 1.000% 6/0 · principal	New	7,600,000	$7.6M
MERITAGE HOMES CORP (MTH 1.75 05/15/28)	NOTE 1.750% 5/1 · principal	New	6,140,000	$6.1M
NEXTERA ENERGY INC (NEE 7.234 11/01/27)	UNIT 11/01/2027	Sold out	113,150	$5.2Mbefore exit
ROYAL CARIBBEAN CRUISES (RCL 6 08/15/25)	NOTE 6.000% 8/1 · principal	Sold out	1,000,000	$4.1Mbefore exit
ALBEMARLE CORP (ALB 7.25 03/01/27)	7.25% DEP SHS A	Sold out	100,000	$3.6Mbefore exit
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28)	6 SER A CNV PREF	New	30,000	$3.5M
TYLER TECHNOLOGIES INC (TYL 0.25 03/15/26)	NOTE 0.250% 3/1 · principal	Sold out	2,500,000	$3.0Mbefore exit
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31)	NOTE 0.500% 6/0 · principal	New	3,000,000	$3.0M
ITRON INC (ITRI 1.375 07/15/30)	NOTE 1.375% 7/1 · principal	New	3,000,000	$3.0M
PARSONS CORP (PSN 2.625 03/01/29)	NOTE 2.625% 3/0 · principal	New	3,000,000	$3.0M
SUNRUN INC (RUN 4 03/01/30)	NOTE 4.000% 3/0 · principal	Sold out	3,900,000	$2.8Mbefore exit
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27)	NOTE 0.500% 8/0 · principal	Add +40.0%	2,800,000	$2.8M
FLUOR CORP (FLR 1.125 08/15/29)	NOTE 1.125% 8/1 · principal	New	2,750,000	$2.8M
ADVANCED ENERGY IND (AEIS 2.5 09/15/28)	NOTE 2.500% 9/1 · principal	Add +10.0%	2,750,000	$2.8M
JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26)	NOTE 2.000% 6/1 · principal	Sold out	2,500,000	$2.6Mbefore exit
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27)	NOTE 1.000% 9/1 · principal	New	2,500,000	$2.5M
BURLINGTON STORES INC (BURL 1.25 12/15/27)	NOTE 1.250%12/1 · principal	New	2,500,000	$2.5M
JD.COM INC (JD 0.25 06/01/29)	NOTE 0.250% 6/0 · principal	New	2,500,000	$2.5M
MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30)	NOTE 0.750% 6/0 · principal	New	2,500,000	$2.5M
SNAP INC (SNAP 0.5 05/01/30)	NOTE 0.500% 5/0 · principal	New	2,500,000	$2.5M
AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27)	NOTE 0.375% 9/0 · principal	Sold out	2,500,000	$2.4Mbefore exit
CMS ENERGY CORP (CMS 3.375 05/01/28)	NOTE 3.375% 5/0 · principal	Add +12.5%	2,250,000	$2.3M
MKS INC (MKSI 1.25 06/01/30)	NOTE 1.250% 6/0 · principal	New	2,200,000	$2.2M
PROGRESS SOFTWARE CORP (PRGS 1 04/15/26)	NOTE 1.000% 4/1 · principal	Sold out	2,000,000	$2.1Mbefore exit
ZTO EXPRESS KY INC (ZTO 1.5 09/01/27)	NOTE 1.500% 9/0 · principal	Sold out	2,000,000	$2.0Mbefore exit
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29)	NOTE 3.125% 1/1 · principal	Reduce -66.6%	2,000,000	$2.0M
GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30)	NOTE 3.250% 6/1 · principal	New	2,000,000	$2.0M
NUTANIX INC (NTNX 0.25 10/01/27)	NOTE 0.250%10/0 · principal	New	2,000,000	$2.0M
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29)	NOTE 0.750% 6/1 · principal	New	2,000,000	$2.0M
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028)	NOTE 0.875%12/0 · principal	New	2,000,000	$2.0M
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28)	NOTE 1.750% 6/1 · principal	Add +100.0%	2,000,000	$2.0M
EXACT SCIENCES CORP (EXAS 0.375 03/01/28)	NOTE 0.375% 3/0 · principal	Sold out	2,000,000	$1.8Mbefore exit
ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27)	NOTE 2.500% 7/1 · principal	New	1,750,000	$1.8M
RWT HOLDINGS INC (RWT 5.75 10/01/25)	NOTE 5.750%10/0 · principal	New	1,500,000	$1.5M
SEAGATE HDD CAYMAN (STX 3.5 06/01/28)	NOTE 3.500% 6/0 · principal	New	1,500,000	$1.5M
CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28)	NOTE 2.375%12/1 · principal	New	1,470,000	$1.5M
SAREPTA THERAPEUTICS INC (SRPT 1.25 09/15/27)	NOTE 1.250% 9/1 · principal	Sold out	1,500,000	$1.4Mbefore exit
WESTERN DIGITAL CORP (WDC 3 11/15/28)	NOTE 3.000%11/1 · principal	Add +10.0%	1,100,000	$1.1M
PENNYMAC CORP (PMT 5.5 03/15/26)	NOTE 5.500% 3/1 · principal	New	1,000,000	$1.0M
REDWOOD TRUST INC (RWT 7.75 06/15/27)	NOTE 7.750% 6/1 · principal	New	1,000,000	$1.0M
EPR PROPERTIES (EPR 5.75 PERP C)	PFD C CV 5.75%	New	31,000	$777K

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	617	$13.2B	WMB, VEA, ET, BIL, KMI
Q1 2026	452	$13.7B	WMB, ET, BIL, VEA, KMI
Q4 2025	426	$12.1B	VEA, WMB, KMI, LNG, TRGP
Q3 2025	433	$13.8B	ET, WMB, VEA, KMI, LNG
Q2 2025Amended	419	$13.7B	ET, WMB, VEA, MSFT, KMI
Q1 2025	416	$13.1B	ET, WMB, OKE, TRGP, MSFT
Q4 2024	439	$12.8B	ET, WMB, MSFT, JPM, TRGP
Q3 2024	424	$12.9B	ET, MSFT, WMB, JPM, WES
Q2 2024	412	$12.1B	ET, MSFT, LNG, AAPL, JPM
Q1 2024Amended	414	$12.6B	ET, MSFT, JPM, LNG, OKE