Westwood Holdings Group Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Westwood Holdings Group Inc. reported 433 stock positions worth $13.8 billion. Its top holding was Energy Transfer (ET) at 2.1% of the portfolio, followed by Williams Cos (WMB, 1.9%) and Vanguard Ftse Developed ETF (VEA, 1.9%). Compared with Q2 2025, it opened 47 new positions, sold out of 33, added to 146 and reduced 203. The biggest buy was Southstate Bank (SSB, shares +11992%) and the biggest sale Union Pacific (UNP, shares −85%).

Most Recent 13F
Q2 2026
Location
DALLAS, TX
CIK
0001165002
Portfolio Value
$13.8B (Q3 2025)
SEC Filing
0001165002-25-000061 ↗ filed Nov 14, 2025

Holdings Value

0$5.0B$10.0B$15.0B Q1 2024: $12.6B Q1 2024 Q2 2024: $12.1B Q2 2024 Q3 2024: $12.9B Q3 2024 Q4 2024: $12.8B Q4 2024 Q1 2025: $13.1B Q1 2025 Q2 2025: $13.7B Q2 2025 Q3 2025: $13.8B $13.8B Q3 2025 Q4 2025: $12.1B Q4 2025 Q1 2026: $13.7B Q1 2026 Q2 2026: $13.2B Q2 2026

Holdings 433 stocks · $13.8B
ET Energy Transfer LP 2.10% 16,926,370 $290.5M Add +1.5%
WMB Williams Cos Inc. 1.90% 4,143,648 $262.5M Add +0.8%
VEA Vanguard Ftse Developed ETF 1.88% 4,325,714 $259.2M Add +9.4%
KMI Kinder Morgan Inc. 1.72% 8,396,884 $237.7M Add +19.0%
LNG Cheniere Energy Inc. 1.37% 805,377 $189.2M Reduce -0.1%
MSFT Microsoft Corp. 1.28% 341,494 $176.9M Reduce -23.3%
EPD Enterprise Products Partners 1.26% 5,584,415 $174.6M Reduce -1.0%
AMZN Amazon.com Inc. 1.15% 725,085 $159.2M Add +14.4%
GOOGL Alphabet Inc. Class A 1.14% 646,854 $157.3M Reduce -10.5%
AAPL Apple Inc. 1.10% 596,995 $152.0M Add +117.2%
TRGP Targa Resources Corp. 1.01% 830,023 $139.1M Reduce -13.0%
JPM JPMorgan Chase & Co. 0.96% 421,572 $133.0M Reduce -37.7%
OKE Oneok Inc. 0.93% 1,757,631 $128.3M Reduce -9.2%
SSB Southstate Bank Corp. 0.92% 1,279,956 $126.5M Add +11992.2%
CFR Cullen/Frost Bankers Inc. 0.91% 996,401 $126.3M Add +126.5%
DTM DT Midstream Inc. 0.91% 1,109,447 $125.4M Add +2.1%
ENB Enbridge Inc. 0.90% 2,449,648 $123.6M Add +6.5%
JNJ Johnson & Johnson 0.87% 649,503 $120.4M Reduce -10.6%
ABT Abbott Laboratories 0.86% 881,996 $118.1M Reduce -17.6%
GD General Dynamics Corp. 0.85% 343,618 $117.2M Reduce -13.7%
TRP TC Energy Corp. 0.82% 2,080,366 $113.2M Add +3.5%
VRRM Verra Mobility Corp. 0.81% 4,553,928 $112.5M Add +0.3%
MPLX MPLX LP 0.81% 2,238,864 $111.8M Add +1.5%
META Meta Platforms Inc. Class A 0.79% 148,792 $109.3M Add +3698.6%
HD Home Depot Inc. 0.78% 266,031 $107.8M Add +231.6%
AIR Aar Corp. 0.77% 1,191,649 $106.9M Reduce -23.4%
AVA Avista Corp. 0.77% 2,806,191 $106.1M Add +33.0%
PKG Packaging Corp. of America 0.77% 485,976 $105.9M New
PCH Potlatchdeltic Corp. 0.76% 2,581,597 $105.2M Reduce -7.5%
HUBB Hubbell Inc. 0.75% 241,785 $104.0M Reduce -17.9%
CDP Copt Defense Properties 0.75% 3,574,133 $103.9M Reduce -1.3%
WEC WEC Energy Group Inc. 0.74% 891,004 $102.1M Reduce -9.8%
PIPR Piper Sandler Cos 0.71% 281,858 $97.8M Reduce -18.0%
IPAR Interparfums Inc. 0.70% 976,557 $96.1M Add +25.9%
ASO Academy Sports & Outdoors Inc. 0.69% 1,917,085 $95.9M Reduce -9.2%
BLBD Blue Bird Corp. 0.69% 1,659,675 $95.5M Reduce -25.7%
SXT Sensient Technologies Corp. 0.68% 1,003,271 $94.2M Add +8.3%
MOG.A Moog Inc. Class A 0.68% 452,803 $94.0M Reduce -6.7%
EXP Eagle Materials Inc. 0.68% 401,189 $93.5M Add +277.6%
TXN Texas Instruments Inc. 0.66% 494,967 $90.9M Reduce -13.6%
SM SM Energy Co. 0.66% 3,637,348 $90.8M Reduce -2.5%
TMUS T-Mobile US Inc. 0.65% 372,342 $89.1M Reduce -9.0%
CVX Chevron Corp. 0.64% 566,370 $88.0M Reduce -9.2%
WFC Wells Fargo & Co. 0.64% 1,049,137 $87.9M Reduce -13.8%
XOM Exxon Mobil Corp. 0.62% 764,599 $86.2M Reduce -7.9%
BCC Boise Cascade Co. 0.62% 1,113,726 $86.1M Reduce -32.3%
PGR Progressive Corp. 0.59% 332,657 $82.2M Add +5.7%
BLD Topbuild Corp. 0.58% 205,677 $80.4M Reduce -32.0%
DE Deere & Co. 0.58% 174,787 $79.9M Add +79.1%
ECG Everus Construction Group 0.57% 911,413 $78.2M Reduce -23.0%
ORLY O'reilly Automotive Inc. 0.57% 724,550 $78.1M Reduce -11.2%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.56% 676,753 $77.5M Reduce -29.8%
CSX CSX Corp. 0.56% 2,180,265 $77.4M New
CAKE The Cheesecake Factory Inc. 0.56% 1,411,081 $77.1M Add +10.7%
CRM Salesforce Inc. 0.56% 324,765 $77.0M Reduce -0.1%
VECO Veeco Instruments Inc. 0.56% 2,522,914 $76.8M Reduce -7.4%
CCS Century Communities Inc. 0.55% 1,199,270 $76.0M Reduce -10.6%
HAYW Hayward Holdings Inc. 0.55% 5,025,913 $76.0M Add +79.0%
BANR Banner Corporation 0.55% 1,153,240 $75.5M Reduce -2.3%
UE Urban Edge Properties 0.55% 3,678,020 $75.3M Reduce -6.7%
SBCF Seacoast Banking Corp. 0.54% 2,447,924 $74.5M Reduce -12.6%
AUB Atlantic Union Bankshares Co. 0.54% 2,106,756 $74.3M Reduce -11.4%
ATMU Atmus Filtration Technologie 0.53% 1,638,389 $73.9M Add +388.6%
BL Blackline Inc. 0.53% 1,385,983 $73.6M Add +5.4%
FBNC First Bancorp 0.53% 1,387,545 $73.4M Reduce -20.3%
NEE Nextera Energy Inc. 0.53% 971,550 $73.3M Reduce -7.1%
YETI Yeti Holdings Inc. filed as YETI HLDGS INC 0.53% 2,208,119 $73.3M Reduce -11.9%
BRK.B Berkshire Hathaway Inc. Class B 0.53% 145,712 $73.3M Add +9.6%
MMSI Merit Medical Systems Inc. 0.53% 878,398 $73.1M Add +14.2%
ALG Alamo Group Inc. 0.53% 381,576 $72.8M Add +12.1%
CHCO City Holding Co. filed as CITY HLDG CO 0.53% 587,634 $72.8M Reduce -4.6%
SCL Stepan Co. 0.53% 1,525,114 $72.7M Add +14.1%
WES Western Midstream Partners L 0.53% 1,848,305 $72.6M Add +2.2%
HESM Hess Midstream LP Class A 0.52% 2,097,814 $72.5M Add +0.1%
FCPT Four Corners Property Trust 0.52% 2,961,317 $72.3M Add +11.2%
MCK McKesson Corp. 0.52% 93,012 $71.9M Add +73.2%
RNST Renasant Corp. 0.52% 1,937,109 $71.5M Reduce -6.4%
WMS Advanced Drainage Systems Inc. 0.52% 515,173 $71.5M Add +104.8%
PBH Prestige Consumer Healthcare 0.52% 1,141,817 $71.2M Add +29.5%
PLD Prologis Inc. 0.51% 617,815 $70.8M Reduce -11.3%
BWIN Baldwin Insurance Group Inc./ filed as THE BALDWIN INSURANCE GRP IN 0.51% 2,489,064 $70.2M Add +29.6%
CHD Church & Dwight Co. Inc. 0.50% 788,285 $69.1M Reduce -5.1%
ICE Intercontinental Exchange Inc. 0.50% 409,680 $69.0M Reduce -23.9%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.50% 221,751 $68.7M Reduce -6.3%
SFNC Simmons First Natl Corp. Class A 0.49% 3,553,456 $68.1M Reduce -4.9%
NOG Northern Oil and Gas Inc. 0.48% 2,686,095 $66.6M Add +10.7%
VLTO Veralto Corp. 0.48% 624,388 $66.6M Reduce -9.8%
HSY The Hershey Co. 0.48% 355,266 $66.5M Reduce -13.2%
TMO Thermo Fisher Scientific Inc. 0.48% 136,567 $66.2M Add +6332.7%
SO The Southern Co. 0.47% 690,201 $65.4M Reduce -8.0%
MCD McDonald's Corp. 0.47% 213,999 $65.0M Add +9096.4%
V Visa Inc. Class A 0.47% 188,981 $64.5M Reduce -25.8%
NVDA Nvidia Corp. 0.46% 340,670 $63.6M Reduce -6.7%
LPLA LPL Financial Holdings Inc. 0.46% 190,089 $63.2M New
WM Waste Management Inc. 0.45% 283,230 $62.5M Reduce -5.8%
CNMD Conmed Corp. 0.45% 1,329,787 $62.5M Add +7.5%
PBA Pembina Pipeline Corp. 0.44% 1,507,375 $61.0M Reduce -7.5%
ADC Agree Realty Corp. 0.43% 841,997 $59.8M Reduce -5.9%
KKR KKR & Co. Inc. 0.43% 459,422 $59.7M New
NMRK Newmark Group Inc. Class A 0.43% 3,189,670 $59.5M New
GOOG Alphabet Inc. Class C 0.42% 239,155 $58.2M Reduce -5.8%
HWKN Hawkins Inc. 0.42% 318,609 $58.2M Reduce -17.2%
SPY SS SPDR S&P 500 ETF Trust-US 0.42% 87,246 $58.1M Add +53.4%
NWE Northwestern Energy Group Inc. 0.42% 981,250 $57.5M Reduce -12.3%
GPOR Gulfport Energy Corp. 0.42% 316,895 $57.4M Add +6.4%
NBHC National Bank Hold Class A 0.41% 1,481,148 $57.2M Reduce -5.7%
ARCB Arcbest Corp. 0.41% 813,859 $56.9M Add +8.7%
AZZ Azz Inc. 0.41% 519,193 $56.7M Reduce -14.0%
KNF Knife River Corp. 0.40% 716,573 $55.1M New
AM Antero Midstream Corp. 0.36% 2,532,193 $49.2M Add +13.1%
PAGP Plains GP Holdings LP 0.35% 2,634,238 $48.0M Reduce -17.0%
WMT Walmart Inc. 0.34% 451,903 $46.6M Reduce -46.8%
IVV iShares Core S&P 500 ETF 0.34% 69,192 $46.3M Reduce -3.8%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.33% 893,504 $46.1M Reduce -63.6%
MCY Mercury General Corp. 0.32% 527,714 $44.7M Reduce -5.9%
MDST Westwd Sat Encd Mdstr in ETF 0.31% 1,599,798 $42.7M Add +0.0%
KNTK Kinetik Holdings Inc. 0.31% 986,659 $42.2M Reduce -16.3%
IDA Idacorp Inc. 0.30% 310,067 $41.0M Reduce -3.6%
SXI Standex International Corp. 0.30% 192,614 $40.8M New
QQQ Invesco QQQ Trust Series 1 0.29% 66,648 $40.0M Add +87.1%
PLYM Plymouth Industrial REIT Inc. 0.29% 1,785,921 $39.9M Reduce -60.5%
THR Thermon Group Holdings Inc. 0.29% 1,487,163 $39.7M Add +12.9%
IJH iShares Core S&P Midcap ETF 0.28% 597,364 $39.0M Reduce -10.7%
CCB Coastal Financial Corp. 0.28% 354,643 $38.4M Reduce -16.6%
SAH Sonic Automotive Inc. Class A 0.28% 501,181 $38.1M Add +1.6%
PWP Perella Weinberg Partners 0.27% 1,770,764 $37.8M Add +22.7%
DFIN Donnelley Financial Solution 0.27% 725,514 $37.3M Add +18.9%
GILD Gilead Sciences Inc. 0.27% 332,255 $36.9M Reduce -0.5%
JJSF J & J Snack Foods Corp. 0.26% 380,517 $36.6M Add +22.6%
SHO Sunstone Hotel Investors Inc. 0.26% 3,889,641 $36.4M Reduce -1.8%
ACN Accenture PLC Class A 0.26% 143,564 $35.4M Reduce -35.9%
IOSP Innospec Inc. 0.25% 447,962 $34.6M Add +8.7%
HON Honeywell International Inc. 0.25% 173,858 $34.5M Reduce -1.7%
SEI Solaris Energy Infrastructur 0.25% 861,121 $34.4M Reduce -42.8%
B Barrick Mining Corp. 0.25% 1,045,059 $34.2M Reduce -25.0%
CENTA Central Garden and Pet Co. Class A 0.24% 1,138,043 $33.6M Reduce -0.3%
BOOT Boot Barn Holdings Inc. 0.24% 202,765 $33.6M Reduce -11.4%
PEP Pepsico Inc. 0.24% 236,360 $33.2M Reduce -8.7%
ETN Eaton Corp. PLC 0.24% 87,724 $32.8M Reduce -6.3%
GBCI Glacier Bancorp Inc. 0.24% 670,138 $32.6M Reduce -0.8%
CACI Caci International Inc. Class A 0.24% 65,287 $32.6M Reduce -5.0%
TSM Taiwan Semiconductor-SP ADR 0.23% 113,875 $31.8M Reduce -7.6%
GEL Genesis Energy L.P. 0.23% 1,894,663 $31.7M Reduce -6.8%
LFUS Littelfuse Inc. 0.23% 120,586 $31.2M Reduce -22.5%
KTOS Kratos Defense & Security 0.22% 338,921 $31.0M Reduce -32.7%
NTB Bank of N.T. Butterfield&son 0.22% 720,031 $30.9M Reduce -19.3%
PSA Public Storage 0.22% 104,172 $30.1M Reduce -0.8%
CCK Crown Holdings Inc. 0.22% 308,404 $29.8M Reduce -0.9%
ITGR Integer Holdings Corp. 0.21% 285,601 $29.5M Add +21.4%
SOBO South Bow Corp. 0.21% 1,043,039 $29.5M Reduce -6.0%
DPZ Domino's Pizza Inc. 0.21% 67,532 $29.2M Reduce -30.2%
CRWD CrowdStrike Holdings Inc. Class A 0.21% 59,285 $29.1M Reduce -4.6%
TKR Timken Co. 0.21% 385,031 $28.9M Add +27.1%
MSA Msa Safety Inc. 0.21% 167,371 $28.8M Add +0.2%
WTFC Wintrust Financial Corp. 0.21% 216,957 $28.7M Reduce -3.6%
REXR Rexford Industrial Realty Inc. 0.21% 694,657 $28.6M Add +6.9%
LAD Lithia Motors Inc. 0.21% 90,079 $28.5M Add +6.5%
PAA Plains All Amer Pipeline LP 0.20% 1,619,400 $27.6M Reduce -1.6%
NRG NRG Energy Inc. 0.20% 170,562 $27.6M New
MRVL Marvell Technology Inc. 0.20% 327,702 $27.6M Reduce -68.3%
MOD Modine Manufacturing Co. 0.20% 192,290 $27.3M Reduce -12.0%
GS Goldman Sachs Group Inc. 0.20% 34,055 $27.1M Reduce -82.5%
BJ Bj's Wholesale Club Holdings filed as BJS WHSL CLUB HLDGS INC 0.19% 283,918 $26.5M Add +39.1%
AVGO Broadcom Inc. 0.19% 79,981 $26.4M Add +102.3%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.19% 92,323 $26.1M Add +22.5%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.19% 179,857 $26.0M Reduce -5.2%
INR Infinity Natural Resour Class A 0.18% 1,932,340 $25.3M Reduce -1.4%
WMG Warner Music Group Corp. Class A 0.18% 742,727 $25.3M New
EVR Evercore Inc. Class A 0.18% 73,015 $24.6M Reduce -11.9%
RMBS Rambus Inc. 0.18% 235,057 $24.5M Reduce -86.5%
XPO Xpo Inc. 0.17% 182,344 $23.6M Reduce -4.9%
NFG National Fuel Gas Co. 0.17% 249,032 $23.0M New
GDX Vaneck Gold Miners ETF 0.17% 300,933 $23.0M New
TXRH Texas Roadhouse Inc. 0.17% 138,177 $23.0M Add +18.2%
FRT Federal Realty Invs Trust 0.16% 223,668 $22.7M Reduce -1.3%
EZU iShares MSCI Eurozone ETF 0.16% 365,700 $22.7M New
RNR Renaissancere Holdings Ltd. 0.16% 88,530 $22.5M Add +12.4%
COO The Cooper Cos Inc. 0.16% 320,696 $22.0M Add +2.9%
MSI Motorola Solutions Inc. 0.16% 47,721 $21.8M Reduce -4.9%
AHR American Healthcare REIT Inc. 0.16% 519,370 $21.8M Reduce -10.8%
IWD iShares Russell 1000 Value E 0.16% 106,179 $21.6M Add +34.6%
CHRD Chord Energy Corp. 0.15% 214,037 $21.3M Reduce -0.3%
UNP Union Pacific Corp. 0.15% 89,116 $21.1M Reduce -84.5%
PEGA Pegasystems Inc. 0.15% 365,263 $21.0M Add +0.3%
PR Permian Resources Corp. Class A 0.15% 1,635,979 $20.9M Reduce -3.1%
AXTA Axalta Coating Systems Ltd. 0.15% 726,746 $20.8M Add +1.4%
COF Capital One Financial Corp. 0.15% 95,789 $20.4M Reduce -9.1%
WAL Western Alliance Bancorp 0.15% 231,772 $20.1M Reduce -4.3%
J Jacobs Solutions Inc. 0.15% 134,077 $20.1M Reduce -3.1%
MRX Marex UK Holdings Ltd. filed as MAREX GROUP PLC 0.15% 596,785 $20.1M Add +11.8%
APTV Aptiv PLC 0.14% 232,262 $20.0M Reduce -6.4%
JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F 0.14% 334,577 $19.2M Add +4.4%
HSIC Henry Schein Inc. 0.14% 285,548 $19.0M Add +1.1%
DOX Amdocs Ltd. 0.14% 229,913 $18.9M Add +1.0%
ZTS Zoetis Inc. 0.13% 126,710 $18.5M Reduce -3.2%
VTR Ventas Inc. 0.13% 264,111 $18.5M Reduce -0.3%
FBK FB Financial Corp. filed as FB FINL CORP 0.13% 331,198 $18.5M New
MPWR Monolithic Power Systems Inc. 0.13% 19,815 $18.2M Add +87.7%
ESS Essex Property Trust Inc. 0.13% 67,874 $18.2M Add +29.0%
PAAS Pan American Silver Corp. 0.13% 459,310 $17.8M Reduce -17.1%
RGLD Royal Gold Inc. 0.12% 84,212 $16.9M Add +7.7%
TFX Teleflex Inc. 0.12% 131,728 $16.1M Add +8.4%
BRX Brixmor Property Group Inc. 0.11% 573,396 $15.9M Reduce -1.0%
BWXT BWX Technologies Inc. 0.11% 85,945 $15.8M Reduce -86.9%
CSCO Cisco Systems Inc. 0.11% 230,076 $15.7M Add +0.5%
CCJ Cameco Corp. 0.11% 184,938 $15.5M Reduce -3.8%
WBI Waterbridge Infrastruc Class A 0.11% 600,000 $15.1M New
VTWG Vanguard Russell 2000 Growth 0.11% 64,220 $15.0M Reduce -57.2%
MU Micron Technology Inc. 0.11% 89,163 $14.9M Reduce -15.0%
USFD US Foods Holding Corp. 0.10% 187,402 $14.4M Reduce -1.0%
OWL Blue Owl Capital Inc. 0.10% 839,848 $14.2M Reduce -3.1%
FDX FedEx Corp. 0.10% 60,169 $14.2M Add +0.3%
DTE DTE Energy Company 0.10% 99,810 $14.1M Reduce -4.3%
XLU St Sr Utl SL SE SPDR ETF-Usd 0.10% 160,671 $14.0M Reduce -1.9%
JEPI JPMorgan Equity Premium Inco 0.10% 241,275 $13.8M Reduce -0.3%
ALC Alcon Inc. filed as ALCON AG 0.10% 184,557 $13.8M Add +374.0%
TPG TPG Inc. 0.10% 234,050 $13.4M Reduce -0.5%
AGG iShares Core U.S. Aggregate 0.10% 132,100 $13.2M Add +0.2%
MDT Medtronic PLC 0.09% 136,358 $13.0M Add +1.6%
PM Philip Morris International 0.09% 79,601 $12.9M Add +17.6%
BIL SS SPDR BB 1-3M T-Bill ETF 0.09% 140,478 $12.9M Reduce -66.8%
VUG Vanguard Mrngstar GR ETF-Sui 0.09% 26,656 $12.8M Reduce -2.4%
TSLA Tesla Inc. 0.09% 28,631 $12.7M Add +524.0%
CDW CDW Corp. 0.09% 76,594 $12.2M Add +332.5%
XLC SS Comm Select Sector SPDR 0.09% 101,463 $12.0M New
XLI SS Industrial Select Sector 0.08% 73,564 $11.3M Reduce -1.9%
LHX L3HARRIS Technologies Inc. 0.08% 36,834 $11.2M Add +721.3%
MLM Martin Marietta Materials 0.08% 17,585 $11.1M Reduce -55.7%
EOG EOG Resources Inc. 0.08% 98,612 $11.1M Reduce -79.0%
WEEI Wstwd Sal Enhnc Engy Inm ETF 0.08% 518,509 $11.0M Reduce -2.4%
XLE SS Energy Select Sector 0.08% 122,845 $11.0M New
DKL Delek Logistics Partners LP 0.08% 235,761 $10.7M Add +2.0%
HYD Vaneck High Yield Muni ETF 0.07% 201,968 $10.3M New
TSN Tyson Foods Inc. Class A 0.07% 180,934 $9.8M Reduce -38.5%
LNT Alliant Energy Corp. 0.07% 143,508 $9.7M Add +0.5%
CTVA Corteva Inc. 0.07% 134,562 $9.1M Reduce -5.7%
NEXT Nextdecade Corp. 0.07% 1,330,525 $9.0M Add +5.9%
NOC Northrop Grumman Corp. 0.06% 13,992 $8.5M Add +2197.5%
VONV Vanguard Russell 1000 Value 0.06% 93,005 $8.3M Add +0.9%
COST Costco Wholesale Corp. 0.06% 8,892 $8.2M Reduce -1.8%
POOL Pool Corp. 0.06% 25,086 $7.8M Add +339.8%
SMMD iShares Russell 2500 ETF 0.06% 104,512 $7.7M New
COP Conocophillips 0.05% 79,717 $7.5M Add +7.9%
EEM iShares MSCI Emerging Market 0.05% 138,837 $7.4M New
BXMT Blackstone Mortgage Tru Class A 0.05% 400,001 $7.4M Add +0.0%
CSR Centerspace 0.05% 125,000 $7.4M Add +13.6%
HCA HCA Healthcare Inc. 0.05% 17,049 $7.3M Add +0.0%
RSP Invesco S&P 500 Equal Weight 0.05% 38,299 $7.3M New
BDX Becton Dickinson and Co. 0.05% 38,547 $7.2M Reduce -1.7%
EXR Extra Space Storage Inc. 0.05% 50,747 $7.2M Add +1.4%
VB Vanguard Most SM-Cap ETF-Usd 0.05% 27,761 $7.1M Reduce -0.5%
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.05% 213,644 $7.0M Add +35.0%
HRL Hormel Foods Corp. 0.05% 278,657 $6.9M New
CDNS Cadence Design SYS Inc. 0.05% 19,569 $6.9M Reduce -2.7%
VG Venture Global Inc. Class A 0.05% 471,261 $6.7M New
MZTI The Marzetti Company 0.05% 36,524 $6.3M No change
IUSG iShares Core S&P U.S. Growth 0.05% 37,940 $6.2M Reduce -1.3%
SHW The Sherwin-Williams Co. 0.04% 16,970 $5.9M No change
STE Steris PLC 0.04% 23,046 $5.7M No change
TYL Tyler Technologies Inc. 0.04% 10,890 $5.7M No change
WY Weyerhaeuser Co. 0.04% 226,911 $5.6M Add +0.1%
TLT iShares 20+ Year Treasury BD 0.04% 61,448 $5.5M Reduce -77.1%
MCHP Microchip Technology Inc. 0.04% 85,326 $5.5M Reduce -10.6%
MKC McCormick & Co.-Non VTG SHRS 0.04% 80,607 $5.4M Add +0.1%
WCN Waste Connections Inc. 0.04% 30,289 $5.3M Reduce -0.0%
RVTY Revvity Inc. 0.04% 57,927 $5.1M No change
INVH Invitation Homes Inc. 0.04% 172,056 $5.0M New
MGV Vngrd Mrgstr MG CP VL ETF-Ui 0.04% 36,450 $5.0M No change
CCI Crown Castle Inc. 0.04% 51,226 $4.9M New
DELL Dell Technologies -C 0.04% 34,119 $4.8M Reduce -7.2%
PECO Phillips Edison & Company Inc. 0.03% 140,416 $4.8M New
FANG Diamondback Energy Inc. 0.03% 33,588 $4.8M Add +5.7%
RHP Ryman Hospitality Properties 0.03% 50,206 $4.5M Add +0.3%
AMGN Amgen Inc. 0.03% 15,066 $4.3M Add +17.0%
APLE Apple Hospitality REIT Inc. 0.03% 350,746 $4.2M Add +0.2%
PWR Quanta Services Inc. 0.03% 9,969 $4.1M Add +33.0%
T AT&T Inc. 0.03% 142,527 $4.0M Reduce -4.8%
LQD Ishr Ibx Usd Invgd CB ETF-Ui 0.03% 35,259 $3.9M Add +14.2%
AMT American Tower Corp. 0.03% 20,040 $3.9M Reduce -87.7%
BRK.A Berkshire Hathaway Inc. Class A 0.03% 5 $3.8M Reduce -16.7%
CB Chubb Ltd. 0.03% 13,157 $3.7M Add +0.7%
LAMR Lamar Advertising Co. Class A 0.03% 30,000 $3.7M No change
VST Vistra Corp. 0.02% 17,133 $3.4M Reduce -26.3%
EGP Eastgroup Properties Inc. 0.02% 19,530 $3.3M Reduce -1.8%
APO Apollo Global Management Inc. 0.02% 24,656 $3.3M Reduce -1.1%
EQT Eqt Corp. 0.02% 57,275 $3.1M Add +28.8%
IGIC International General Insura filed as INTL GNRL INSURANCE HLDNGS L 0.02% 129,695 $3.0M Reduce -1.7%
ORCL Oracle Corp. 0.02% 10,632 $3.0M Reduce -32.1%
CMS CMS Energy Corp. 0.02% 40,064 $2.9M Reduce -66.8%
KO The Coca-Cola Co. 0.02% 42,958 $2.8M Reduce -3.3%
LLY Eli Lilly & Co. 0.02% 3,621 $2.8M Reduce -21.3%
BA The Boeing Co. 0.02% 12,489 $2.7M Add +51.0%
MRK Merck & Co. Inc. 0.02% 29,219 $2.5M Reduce -0.5%
CWEN Clearway Energy Inc. Class C 0.02% 84,115 $2.4M Reduce -0.0%
EMR Emerson Electric Co. 0.02% 17,994 $2.4M Reduce -10.6%
CAT Caterpillar Inc. 0.02% 4,914 $2.3M Reduce -27.8%
GE General Electric filed as GE AEROSPACE 0.02% 7,612 $2.3M Reduce -30.4%
DUK Duke Energy Corp. 0.02% 18,051 $2.2M New
WSM Williams-Sonoma Inc. 0.02% 11,324 $2.2M Reduce -10.6%
VZ Verizon Communications Inc. 0.02% 49,965 $2.2M Reduce -8.7%
MDLZ Mondelez International Inc. Class A 0.02% 34,053 $2.1M Reduce -7.3%
IWF iShares Russell 1000 Growth 0.02% 4,471 $2.1M Add +6.7%
ABBV Abbvie Inc. 0.01% 8,447 $2.0M Reduce -1.6%
REG Regency Centers Corp. 0.01% 26,349 $1.9M Add +222.8%
INTC Intel Corp. 0.01% 57,044 $1.9M Reduce -92.2%
HOOD Robinhood Markets Inc. Class A 0.01% 12,402 $1.8M Reduce -0.0%
SUN Sunoco LP 0.01% 34,335 $1.7M Add +18.3%
ACIC American Coastal Insurance C 0.01% 150,735 $1.7M No change
BRO Brown & Brown Inc. 0.01% 18,141 $1.7M New
CRSP Crispr Therapeutics AG 0.01% 25,119 $1.6M Reduce -17.7%
PSX Phillips 66 0.01% 11,464 $1.6M Add +40.8%
MP MP Materials Corp. 0.01% 22,989 $1.5M Add +2.1%
VLO Valero Energy Corp. 0.01% 8,393 $1.4M Add +88.6%
PFF iShares Preferred & Income S 0.01% 44,869 $1.4M Add +16.7%
TGT Target Corp. 0.01% 15,745 $1.4M Add +37.7%
AVNT Avient Corp. 0.01% 42,180 $1.4M Add +3.4%
COIN Coinbase Global Inc. Class A 0.01% 4,008 $1.4M Add +1.3%
IWM iShares Russell 2000 ETF 0.01% 5,544 $1.3M No change
WELL Welltower Inc. 0.01% 7,504 $1.3M Reduce -76.0%
SW Smurfit Westrock PLC 0.01% 31,120 $1.3M Add +1.5%
MPC Marathon Petroleum Corp. 0.01% 6,649 $1.3M Add +57.2%
ROK Rockwell Automation Inc. 0.01% 3,607 $1.3M Add +0.9%
ILMN Illumina Inc. 0.01% 12,790 $1.2M Reduce -2.6%
VOO Vanguard S&P 500 ETF 0.01% 1,948 $1.2M Reduce -1.1%
PANW Palo Alto Networks Inc. 0.01% 5,448 $1.1M Add +2.7%
PG The Procter & Gamble Co. 0.01% 7,213 $1.1M Reduce -8.7%
LIN Linde PLC 0.01% 2,258 $1.1M Add +104.7%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.01% 30,756 $1.1M Add +49.1%
SNOW Snowflake Inc. 0.01% 4,621 $1.0M Add +1.5%
BKR Baker Hughes Co. 0.01% 21,312 $1.0M Add +54.8%
DKS Dick's Sporting Goods Inc. 0.01% 4,490 $998K Reduce -8.7%
RBLX Roblox Corp. Class A 0.01% 7,164 $992K Add +6.6%
AVAV Aerovironment Inc. 0.01% 3,009 $948K New
REGN Regeneron Pharmaceuticals 0.01% 1,658 $932K Reduce -87.8%
IEMG iShares Core MSCI Emerging 0.01% 14,001 $923K Add +1.4%
ARIS WATER SOLUTIONS INC-A 0.01% 37,324 $920K Reduce -88.1%
OXY Occidental Petroleum Corp. 0.01% 19,288 $911K Add +69.2%
RIVN Rivian Automotive Inc. Class A 0.01% 62,047 $911K Reduce -1.0%
CADE Cadence Bank 0.01% 23,317 $875K Add +3.8%
NFLX Netflix Inc. 0.01% 727 $872K Reduce -9.0%
THRM Gentherm Inc. 0.01% 25,368 $864K Add +3.0%
UEC Uranium Energy Corp. 0.01% 62,089 $828K New
UBER Uber Technologies Inc. 0.01% 8,126 $796K Add +2.8%
CME Cme Group Inc. 0.01% 2,929 $791K Add +3.7%
BP BP PLC-Spons ADR 0.01% 22,667 $781K Reduce -5.0%
ARLO Arlo Technologies Inc. 0.01% 44,344 $752K Reduce -62.4%
HYG Ishr Ibx Usd Hiyld CB ETF-Ui 0.01% 9,043 $734K Add +82.6%
TEM Tempus AI Inc. Class A 0.01% 9,094 $734K New
NET Cloudflare Inc. Class A 0.01% 3,384 $726K Reduce -52.4%
DVN Devon Energy Corp. 0.01% 20,463 $717K Add +34.9%
MEOH Methanex Corp. 0.00% 17,115 $680K No change
MO Altria Group Inc. 0.00% 9,539 $630K Reduce -10.5%
MA Mastercard Inc. Class A 0.00% 1,102 $627K Reduce -5.0%
KYMR Kymera Therapeutics Inc. 0.00% 10,926 $618K New
TPR Tapestry Inc. 0.00% 5,441 $616K Reduce -36.8%
CQP Cheniere Energy Partners LP 0.00% 11,245 $605K No change
IJR iShares Core S&P Small-Cap E 0.00% 5,028 $597K Add +4.3%
SPGI S&P Global Inc. 0.00% 1,223 $595K Reduce -1.8%
CSW CSW Industrials Inc. 0.00% 2,400 $583K New
SMFG Sumitomo Mitsui-Spons ADR 0.00% 32,820 $549K Reduce -11.2%
BSV Vanguard Short-Term Bond ETF 0.00% 6,853 $541K New
CNI Canadian Natl Railway Co. 0.00% 5,715 $539K Add +23.7%
RIOT Riot Platforms Inc. 0.00% 28,099 $535K No change
VXUS Vanguard Total Intl Stock 0.00% 7,202 $529K No change
EXE Expand Energy Corp. 0.00% 4,778 $508K New
QCOM Qualcomm Inc. 0.00% 3,010 $501K Add +0.2%
ZK Zeekr Intelligent Techno-ADR 0.00% 16,367 $499K Add +1.5%
HAL Halliburton Co. 0.00% 20,182 $496K Add +60.9%
TFC Truist Financial Corp. 0.00% 10,629 $486K Reduce -11.0%
AEP American Electric Power 0.00% 4,222 $475K Add +33.4%
TRI Thomson Reuters Corp. 0.00% 2,890 $449K Add +0.0%
SCHD Schwab US DVD Equity ETF 0.00% 16,163 $441K No change
CTRA Coterra Energy Inc. 0.00% 18,366 $434K Add +63.0%
HTH Hilltop Holdings Inc. 0.00% 12,959 $433K No change
IVW iShares S&P 500 Growth ETF 0.00% 3,586 $433K No change
SBR Sabine Royalty Trust 0.00% 5,349 $425K Add +0.5%
RY Royal Bank of Canada 0.00% 2,829 $417K No change
BX Blackstone Inc. 0.00% 2,411 $412K Reduce -0.2%
CMG Chipotle Mexican Grill Inc. 0.00% 10,520 $412K Reduce -97.7%
ADBE Adobe Inc. 0.00% 1,124 $396K Reduce -98.7%
EPS Wisdomtree US Large Cap Fund 0.00% 5,113 $352K No change
FBND Fidelity Total Bond ETF 0.00% 7,500 $347K New
CL Colgate-Palmolive Co. 0.00% 4,306 $344K Reduce -97.0%
MMM 3M Co. 0.00% 2,215 $344K No change
NOW ServiceNow Inc. 0.00% 367 $338K No change
APD Air Products & Chemicals Inc. 0.00% 1,237 $337K New
CRGY Crescent Energy Inc. Class A 0.00% 37,593 $335K No change
SCCO Southern Copper Corp. 0.00% 2,762 $335K New
VBTX Veritex Holdings Inc. 0.00% 10,000 $335K New
NEM Newmont Corp. 0.00% 3,906 $329K New
DUOL Duolingo 0.00% 999 $322K Reduce -97.9%
TPL Texas Pacific Land Corp. 0.00% 342 $319K Add +58.3%
BN Brookfield Corp. 0.00% 6,943 $317K Reduce -0.1%
LOW Lowe's Cos Inc. 0.00% 1,230 $309K Reduce -98.4%
EFA iShares MSCI Eafe ETF 0.00% 3,270 $305K No change
BMO Bank of Montreal filed as BANK MONTREAL QUE 0.00% 2,336 $304K No change
AEM Agnico Eagle Mines Ltd. 0.00% 1,792 $302K New
VGT Vanguard Info Tech ETF 0.00% 399 $298K Reduce -31.0%
BOKF Bok Financial Corporation 0.00% 2,635 $294K Reduce -43.2%
MFC Manulife Financial Corp. 0.00% 9,343 $291K No change
SPFI South Plains Financial Inc. 0.00% 7,507 $290K No change
IJK iShares S&P Mid-Cap 400 Grow 0.00% 2,993 $287K No change
APA Apa Corp. 0.00% 11,737 $285K New
PB Prosperity Bancshares Inc. 0.00% 4,293 $285K Reduce -6.4%
C Citigroup Inc. 0.00% 2,786 $283K Add +0.6%
SMCI Super Micro Computer Inc. 0.00% 5,900 $283K Reduce -10.7%
TXNM TXNM Energy Inc. 0.00% 4,907 $277K Reduce -99.5%
USMV iShares MSCI USA Min Vol Fac 0.00% 2,875 $274K No change
EQIX Equinix Inc. 0.00% 340 $266K New
MS Morgan Stanley 0.00% 1,653 $263K Reduce -7.8%
AROC Archrock Inc. 0.00% 9,815 $258K No change
PSEC Prospect Capital Corp. 0.00% 93,246 $256K No change
BLV Vanguard Long-Term Bond ETF 0.00% 3,612 $256K New
FNX First Trust Mid Cap Core Alp 0.00% 1,987 $249K No change
BBVA Banco Bilbao Vizcaya-SP ADR 0.00% 12,785 $246K No change
KRP Kimbell Royalty Partners LP 0.00% 18,100 $244K Add +81.0%
YUM Yum! Brands Inc. 0.00% 1,603 $244K Add +0.2%
FTI Technipfmc PLC 0.00% 6,000 $237K No change
EFAV iShares MSCI Eafe Min Vol Fa 0.00% 2,724 $231K No change
AMKR Amkor Technology Inc. 0.00% 8,112 $230K Reduce -50.7%
IJJ iShares S&P Mid-Cap 400 Valu 0.00% 1,770 $230K No change
VNOM Viper Energy Inc. Class A 0.00% 6,007 $230K New
MBB iShares MBS ETF 0.00% 2,410 $229K Reduce -59.5%
BBCA JPMorgan Betabuilders Canada 0.00% 2,599 $227K No change
BBJP JPMorgan Betabuilders Japan 0.00% 3,402 $226K Reduce -4.4%
DHR Danaher Corp. 0.00% 1,103 $219K Reduce -96.2%
VTI VG Morningstar TS MKT ETF-US 0.00% 668 $219K Reduce -11.3%
TT Trane Technologies PLC 0.00% 515 $217K Reduce -2.6%
FCX Freeport-McMoran Inc. 0.00% 5,494 $215K New
SPG Simon Property Group Inc. 0.00% 1,092 $205K New
DLR Digital Realty Trust Inc. 0.00% 1,169 $202K New
LIEN Chicago Atlantic BDC Inc. 0.00% 10,737 $113K No change
LPRO Open Lending Corp. 0.00% 10,000 $21K No change
Other holdings (56): bonds, preferreds, convertibles and warrants · $200.6M (not counted above)
SecurityClassShares / PrincipalValueChange
HP ENTERPRISE CO (HPE 7.625 09/01/27) 7.625 MAND CONV 195,150$13.3MNo change
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A 184,550$12.8MAdd +2.5%
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A 375,000$9.5MNo change
LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) PFD CONV SER C 190,000$9.1MNo change
EPR PROPERTIES (EPR 9 PERP E) CONV PFD 9% SR E 283,506$8.9MNo change
BLACKLINE INC (BL 1 06/01/29) NOTE 1.000% 6/0 · principal 7,600,000$7.9MNo change
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal 6,400,000$7.6MAdd +4.9%
CENTERPOINT ENERGY INC (CNP 4.25 08/15/26) NOTE 4.250% 8/1 · principal 6,180,000$6.9MNo change
NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) NOTE 3.625% 4/1 · principal 6,515,000$6.7MNo change
INTEGER HOLDINGS CORP (ITGR 2.125 02/15/28) NOTE 2.125% 2/1 · principal 4,915,000$6.4MNo change
MERITAGE HOMES CORP (MTH 1.75 05/15/28) NOTE 1.750% 5/1 · principal 6,140,000$6.3MNo change
PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) 6.3 CUM PFD SR F 242,066$4.9MNo change
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal 2,500,000$4.6MReduce -16.7%
SEAGATE HDD CAYMAN (STX 3.5 06/01/28) NOTE 3.500% 6/0 · principal 1,500,000$4.3MNo change
ADVANCED ENERGY IND (AEIS 2.5 09/15/28) NOTE 2.500% 9/1 · principal 2,750,000$3.8MNo change
REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal 3,500,000$3.6MAdd +250.0%
WESTERN DIGITAL CORP (WDC 3 11/15/28) NOTE 3.000%11/1 · principal 1,100,000$3.5MNo change
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) NOTE 1.000% 9/1 · principal 2,100,000$3.5MReduce -16.0%
PARSONS CORP (PSN 2.625 03/01/29) NOTE 2.625% 3/0 · principal 3,000,000$3.4MNo change
LIVE NATION ENTERTAINMEN (LYV 3.125 01/15/29) NOTE 3.125% 1/1 · principal 2,000,000$3.3MNo change
SNOWFLAKE INC (SNOW 0 10/01/29) NOTE 10/0 · principal 2,000,000$3.1MNew
GRANITE CONSTRUCTION INC (GVA 3.25 06/15/30) NOTE 3.250% 6/1 · principal 2,000,000$3.1MNo change
BLACKSTONE MORTGAGE TR (BXMT 5.5 03/15/27) NOTE 5.500% 3/1 · principal 3,000,000$3.0MNo change
UBER TECHNOLOGIES INC (UBER 0.875 12/01/28 2028) NOTE 0.875%12/0 · principal 2,000,000$3.0MNo change
OSI SYSTEMS INC (OSIS 2.25 08/01/29) NOTE 2.250% 8/0 · principal 2,000,000$2.9MNew
SHIFT4 PAYMENTS INC (FOUR 6 05/01/28) 6 SER A CNV PREF 30,000$2.8MNo change
NUTANIX INC (NTNX 0.25 10/01/27) NOTE 0.250%10/0 · principal 2,000,000$2.8MNo change
IONIS PHARMACEUTICALS IN (IONS 1.75 06/15/28) NOTE 1.750% 6/1 · principal 2,000,000$2.8MNo change
SHIFT4 PAYMENTS INC (FOUR 0.5 08/01/27) NOTE 0.500% 8/0 · principal 2,800,000$2.8MNo change
JD.COM INC (JD 0.25 06/01/29) NOTE 0.250% 6/0 · principal 2,500,000$2.7MNo change
FLUOR CORP (FLR 1.125 08/15/29) NOTE 1.125% 8/1 · principal 2,250,000$2.7MReduce -18.2%
TRIP.COM GROUP LTD (TCOM 0.75 06/15/29) NOTE 0.750% 6/1 · principal 2,000,000$2.6MNo change
CMS ENERGY CORP (CMS 3.375 05/01/28) NOTE 3.375% 5/0 · principal 2,250,000$2.5MNo change
MKS INC (MKSI 1.25 06/01/30) NOTE 1.250% 6/0 · principal 2,200,000$2.4MNo change
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) NOTE 1.500%12/1 · principal 1,000,000$2.4MReduce -50.0%
ITRON INC (ITRI 1.375 07/15/30) NOTE 1.375% 7/1 · principal 2,000,000$2.3MReduce -33.3%
CHEFS' WAREHOUSE THE (CHEF 2.375 12/15/28) NOTE 2.375%12/1 · principal 1,470,000$2.1MNo change
ORMAT TECHNOLOGIES INC (ORA 2.5 07/15/27) NOTE 2.500% 7/1 · principal 1,750,000$2.1MNo change
DROPBOX INC (DBX 0 03/01/28) NOTE 3/0 · principal 2,000,000$2.1MNo change
BOX INC (BOX 1.5 09/15/29) NOTE 1.500% 9/1 · principal 2,000,000$2.0MNew
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) NOTE 2.250% 8/1 · principal 1,500,000$2.0MNo change
PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) 6.375 PFD SER E 98,002$2.0MNo change
TETRA TECH INC (TTEK 2.25 08/15/28) DBCV 2.250% 8/1 · principal 1,500,000$1.6MNo change
MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) NOTE 0.750% 6/0 · principal 1,500,000$1.5MReduce -40.0%
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) NOTE 1.000% 8/1 · principal 1,000,000$1.4MReduce -55.6%
DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal 1,500,000$1.4MReduce -50.0%
VEECO INSTRUMENTS INC (VECO 2.875 06/01/29) NOTE 2.875% 6/0 · principal 1,000,000$1.3MReduce -50.0%
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) NOTE 2.625%12/1 · principal 1,000,000$1.1MReduce -60.0%
RWT HOLDINGS INC (RWT 5.75 10/01/25) NOTE 5.750%10/0 · principal 1,000,000$1.0MReduce -33.3%
RAPID7 INC (RPD 1.25 03/15/29) NOTE 1.250% 3/1 · principal 1,000,000$893KNo change
FIVE9 INC (FIVN 1 03/15/29) NOTE 1.000% 3/1 · principal 1,000,000$888KReduce -60.0%
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% 31,000$785KNo change
PEABODY ENERGY CORP (BTU 3.25 03/01/28) NOTE 3.250% 3/0 · principal 500,000$753KNew
WISDOMTREE INC (WT 3.25 08/15/29) NOTE 3.250% 8/1 · principal 500,000$655KNew
PENNYMAC CORP (PMT 5.5 03/15/26) NOTE 5.500% 3/1 · principal 500,000$501KReduce -50.0%
VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) NOTE 2.250% 9/1 · principal 500,000$455KReduce -66.7%

Total filed on the 13F, all lines: $14.0B.

Portfolio Sells Q2 2025 → Q3 2025
UNP Union Pacific Corp. Reduce -84.5% 0.15% −0.81
GS Goldman Sachs Group Inc. Reduce -82.5% 0.20% −0.81
RMBS Rambus Inc. Reduce -86.5% 0.18% −0.63
BWXT BWX Technologies Inc. Reduce -86.9% 0.11% −0.57
GMS GMS Inc. Sold out 0.00% −0.52
BAC Bank of America Corp. Reduce -63.6% 0.33% −0.52
VRTX Vertex Pharmaceuticals Inc. Sold out 0.00% −0.50
DRI Darden Restaurants Inc. Sold out 0.00% −0.50
JPM JPMorgan Chase & Co. Reduce -37.7% 0.96% −0.47
BCC Boise Cascade Co. Reduce -32.3% 0.62% −0.42
TXNM TXNM Energy Inc. Reduce -99.5% 0.00% −0.40
MRVL Marvell Technology Inc. Reduce -68.3% 0.20% −0.38
MSFT Microsoft Corp. Reduce -23.3% 1.28% −0.34
EOG EOG Resources Inc. Reduce -79.0% 0.08% −0.33
DIS The Walt Disney Co. Reduce -29.8% 0.56% −0.31
WMT Walmart Inc. Reduce -46.8% 0.34% −0.27
PLYM Plymouth Industrial REIT Inc. Reduce -60.5% 0.29% −0.24
ADBE Adobe Inc. Reduce -98.7% 0.00% −0.24
AMT American Tower Corp. Reduce -87.7% 0.03% −0.24
ACN Accenture PLC Class A Reduce -35.9% 0.26% −0.23
OKE Oneok Inc. Reduce -9.2% 0.93% −0.23
ICE Intercontinental Exchange Inc. Reduce -23.9% 0.50% −0.22
TXN Texas Instruments Inc. Reduce -13.6% 0.66% −0.21
ABT Abbott Laboratories Reduce -17.6% 0.86% −0.21
TRGP Targa Resources Corp. Reduce -13.0% 1.01% −0.21
VTLE Vital Energy Inc. Sold out 0.00% −0.20
V Visa Inc. Class A Reduce -25.8% 0.47% −0.19
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -66.8% 0.09% −0.19
CMG Chipotle Mexican Grill Inc. Reduce -97.7% 0.00% −0.18
PNFP Pinnacle Financial Partners Sold out 0.00% −0.15
STR Sitio Royalties Corp. Class A Sold out 0.00% −0.15
DUOL Duolingo Reduce -97.9% 0.00% −0.14
MKTX Marketaxess Holdings Inc. Sold out 0.00% −0.14
TLT iShares 20+ Year Treasury BD Reduce -77.1% 0.04% −0.13
BLD Topbuild Corp. Reduce -32.0% 0.58% −0.13
HUBB Hubbell Inc. Reduce -17.9% 0.75% −0.13
LOW Lowe's Cos Inc. Reduce -98.4% 0.00% −0.12
VTWG Vanguard Russell 2000 Growth Reduce -57.2% 0.11% −0.12
DPZ Domino's Pizza Inc. Reduce -30.2% 0.21% −0.11
INTC Intel Corp. Reduce -92.2% 0.01% −0.11
ELS Equity Lifestyle Properties Sold out 0.00% −0.10
PAGP Plains GP Holdings LP Reduce -17.0% 0.35% −0.10
CL Colgate-Palmolive Co. Reduce -97.0% 0.00% −0.09
CRM Salesforce Inc. Reduce -0.1% 0.56% −0.09
CHD Church & Dwight Co. Inc. Reduce -5.1% 0.50% −0.08
MLM Martin Marietta Materials Reduce -55.7% 0.08% −0.08
INR Infinity Natural Resour Class A Reduce -1.4% 0.18% −0.08
WFC Wells Fargo & Co. Reduce -13.8% 0.64% −0.08
KNTK Kinetik Holdings Inc. Reduce -16.3% 0.31% −0.07
TMUS T-Mobile US Inc. Reduce -9.0% 0.65% −0.07

Portfolio Buys Q2 2025 → Q3 2025
SSB Southstate Bank Corp. Add +11992.2% 0.92% +0.91
META Meta Platforms Inc. Class A Add +3698.6% 0.79% +0.77
PKG Packaging Corp. of America New 0.77% +0.77
AAPL Apple Inc. Add +117.2% 1.10% +0.69
HD Home Depot Inc. Add +231.6% 0.78% +0.57
CSX CSX Corp. New 0.56% +0.56
EXP Eagle Materials Inc. Add +277.6% 0.68% +0.52
CFR Cullen/Frost Bankers Inc. Add +126.5% 0.91% +0.50
TMO Thermo Fisher Scientific Inc. Add +6332.7% 0.48% +0.47
MCD McDonald's Corp. Add +9096.4% 0.47% +0.47
LPLA LPL Financial Holdings Inc. New 0.46% +0.46
ATMU Atmus Filtration Technologie Add +388.6% 0.53% +0.45
KKR KKR & Co. Inc. New 0.43% +0.43
NMRK Newmark Group Inc. Class A New 0.43% +0.43
KNF Knife River Corp. New 0.40% +0.40
WMS Advanced Drainage Systems Inc. Add +104.8% 0.52% +0.31
SXI Standex International Corp. New 0.30% +0.30
HAYW Hayward Holdings Inc. Add +79.0% 0.55% +0.27
MCK McKesson Corp. Add +73.2% 0.52% +0.23
VEA Vanguard Ftse Developed ETF Add +9.4% 1.88% +0.23
DE Deere & Co. Add +79.1% 0.58% +0.22
KMI Kinder Morgan Inc. Add +19.0% 1.72% +0.21
NRG NRG Energy Inc. New 0.20% +0.20
AVA Avista Corp. Add +33.0% 0.77% +0.18
WMG Warner Music Group Corp. Class A New 0.18% +0.18
NFG National Fuel Gas Co. New 0.17% +0.17
GDX Vaneck Gold Miners ETF New 0.17% +0.17
SPY SS SPDR S&P 500 ETF Trust-US Add +53.4% 0.42% +0.16
EZU iShares MSCI Eurozone ETF New 0.16% +0.16
QQQ Invesco QQQ Trust Series 1 Add +87.1% 0.29% +0.15
AMZN Amazon.com Inc. Add +14.4% 1.15% +0.14
ENB Enbridge Inc. Add +6.5% 0.90% +0.13
FBK FB Financial Corp. New 0.13% +0.13
AVGO Broadcom Inc. Add +102.3% 0.19% +0.11
WBI Waterbridge Infrastruc Class A New 0.11% +0.11
TRP TC Energy Corp. Add +3.5% 0.82% +0.10
XLC SS Comm Select Sector SPDR New 0.09% +0.09
TSLA Tesla Inc. Add +524.0% 0.09% +0.08
XLE SS Energy Select Sector New 0.08% +0.08
MPWR Monolithic Power Systems Inc. Add +87.7% 0.13% +0.08
ALC Alcon Inc. Add +374.0% 0.10% +0.07
HYD Vaneck High Yield Muni ETF New 0.07% +0.07
LHX L3HARRIS Technologies Inc. Add +721.3% 0.08% +0.07
PWP Perella Weinberg Partners Add +22.7% 0.27% +0.07
CDW CDW Corp. Add +332.5% 0.09% +0.07
NOC Northrop Grumman Corp. Add +2197.5% 0.06% +0.06
BRK.B Berkshire Hathaway Inc. Class B Add +9.6% 0.53% +0.06
SMMD iShares Russell 2500 ETF New 0.06% +0.06
EEM iShares MSCI Emerging Market New 0.05% +0.05
RSP Invesco S&P 500 Equal Weight New 0.05% +0.05

Notes & Other Activity Q2 2025 → Q3 2025
BOEING CO/THE (BA 6 10/15/27) DEP CONV PFD A Add +2.5% 184,550 $12.8M
NEXTERA ENERGY CAPITAL (NEE 3 03/01/27) NOTE 3.000% 3/0 · principal Add +4.9% 6,400,000 $7.6M
EXACT SCIENCES CORP (EXAS 0.375 03/15/27) NOTE 0.375% 3/1 · principal Sold out 6,385,000 $6.4Mbefore exit
ALIBABA GROUP HOLDING (BABA 0.5 06/01/31) NOTE 0.500% 6/0 · principal Reduce -16.7% 2,500,000 $4.6M
REDWOOD TRUST INC (RWT 7.75 06/15/27) NOTE 7.750% 6/1 · principal Add +250.0% 3,500,000 $3.6M
GLOBAL PAYMENTS INC (GPN 1.5 03/01/31) NOTE 1.500% 3/0 · principal Sold out 3,500,000 $3.5Mbefore exit
ALNYLAM PHARMACEUTICALS (ALNY 1 09/15/27) NOTE 1.000% 9/1 · principal Reduce -16.0% 2,100,000 $3.5M
SNOWFLAKE INC (SNOW 0 10/01/29) NOTE 10/0 · principal New 2,000,000 $3.1M
EXPEDIA GROUP INC (EXPE 0 02/15/26) NOTE 2/1 · principal Sold out 3,000,000 $3.0Mbefore exit
OSI SYSTEMS INC (OSIS 2.25 08/01/29) NOTE 2.250% 8/0 · principal New 2,000,000 $2.9M
FLUOR CORP (FLR 1.125 08/15/29) NOTE 1.125% 8/1 · principal Reduce -18.2% 2,250,000 $2.7M
BURLINGTON STORES INC (BURL 1.25 12/15/27) NOTE 1.250%12/1 · principal Sold out 2,500,000 $2.5Mbefore exit
SNAP INC (SNAP 0.5 05/01/30) NOTE 0.500% 5/0 · principal Sold out 2,500,000 $2.5Mbefore exit
LUMENTUM HOLDINGS INC (LITE 1.5 12/15/29) NOTE 1.500%12/1 · principal Reduce -50.0% 1,000,000 $2.4M
ITRON INC (ITRI 1.375 07/15/30) NOTE 1.375% 7/1 · principal Reduce -33.3% 2,000,000 $2.3M
BOX INC (BOX 1.5 09/15/29) NOTE 1.500% 9/1 · principal New 2,000,000 $2.0M
POST HOLDINGS INC (POST 2.5 08/15/27) NOTE 2.500% 8/1 · principal Sold out 2,000,000 $2.0Mbefore exit
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) NOTE 2.875% 3/1 · principal Sold out 1,500,000 $1.5Mbefore exit
WORKIVA INC (WK 1.25 08/15/28) NOTE 1.250% 8/1 · principal Sold out 1,500,000 $1.5Mbefore exit
MICROCHIP TECHNOLOGY INC (MCHP 0.75 06/01/30) NOTE 0.750% 6/0 · principal Reduce -40.0% 1,500,000 $1.5M
HALOZYME THERAPEUTICS IN (HALO 1 08/15/28) NOTE 1.000% 8/1 · principal Reduce -55.6% 1,000,000 $1.4M
DEXCOM INC (DXCM 0.375 05/15/28) NOTE 0.375% 5/1 · principal Reduce -50.0% 1,500,000 $1.4M
VEECO INSTRUMENTS INC (VECO 2.875 06/01/29) NOTE 2.875% 6/0 · principal Reduce -50.0% 1,000,000 $1.3M
LANTHEUS HOLDINGS INC (LNTH 2.625 12/15/27) NOTE 2.625%12/1 · principal Reduce -60.0% 1,000,000 $1.1M
RWT HOLDINGS INC (RWT 5.75 10/01/25) NOTE 5.750%10/0 · principal Reduce -33.3% 1,000,000 $1.0M
DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) NOTE 12/0 · principal Sold out 1,000,000 $1.0Mbefore exit
FIVE9 INC (FIVN 1 03/15/29) NOTE 1.000% 3/1 · principal Reduce -60.0% 1,000,000 $888K
PEABODY ENERGY CORP (BTU 3.25 03/01/28) NOTE 3.250% 3/0 · principal New 500,000 $753K
WISDOMTREE INC (WT 3.25 08/15/29) NOTE 3.250% 8/1 · principal New 500,000 $655K
PENNYMAC CORP (PMT 5.5 03/15/26) NOTE 5.500% 3/1 · principal Reduce -50.0% 500,000 $501K
VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) NOTE 2.250% 9/1 · principal Reduce -66.7% 500,000 $455K

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

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 617$13.2BWMB, VEA, ET, BIL, KMI
Q1 2026 452$13.7BWMB, ET, BIL, VEA, KMI
Q4 2025 426$12.1BVEA, WMB, KMI, LNG, TRGP
Q3 2025 433$13.8BET, WMB, VEA, KMI, LNG
Q2 2025Amended 419$13.7BET, WMB, VEA, MSFT, KMI
Q1 2025 416$13.1BET, WMB, OKE, TRGP, MSFT
Q4 2024 439$12.8BET, WMB, MSFT, JPM, TRGP
Q3 2024 424$12.9BET, MSFT, WMB, JPM, WES
Q2 2024 412$12.1BET, MSFT, LNG, AAPL, JPM
Q1 2024Amended 414$12.6BET, MSFT, JPM, LNG, OKE