Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (7 quarters reported)
$75.2M in Q4 2024 → $79.3M now. Hover for any quarter.
As reported for the quarter ended June 30, 2026. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| IE Invesco Exch Traded Fd Tr Ii | 45.9% | Trimmed 7.2% | 1,787,193 | $36.4M |
| AO Angel Oak Funds Trust | 8.2% | Trimmed 14% | 590,973 | $6.5M |
| AO Angel Oak Funds Trust | 5.9% | Added 38% | 95,400 | $4.71M |
| IT Ishares Tr | 4.4% | Trimmed 41% | 93,670 | $3.47M |
| AO Angel Oak Funds Trust | 4.1% | Trimmed 49% | 374,667 | $3.23M |
| PN Patriot Natl Bancorp Inc | 3.2% | Trimmed 16% | 2,662,136 | $2.55M |
| GC Greene Cnty Bancorp Inc | 2.6% | Unchanged | 61,000 | $2.05M |
| UF Umb Finl Corp | 2.4% | Unchanged | 13,600 | $1.94M |
| PB Preferred Bk Los Angeles Ca | 2.1% | Unchanged | 15,500 | $1.65M |
| Ellington Financial Inc | 2.0% | Unchanged | 119,250 | $1.62M |
| FC First Ctzns Bancshares Inc D | 2.0% | Unchanged | 750 | $1.56M |
| M& M & T Bk Corp | 1.8% | Trimmed 19% | 6,000 | $1.43M |
| Plumas Bancorp | 1.7% | Trimmed 7.8% | 23,700 | $1.39M |
| Bank7 Corp | 1.4% | Unchanged | 22,000 | $1.08M |
| Prosperity Bancshares Inc | 1.3% | Unchanged | 13,900 | $1.02M |
| PM Pennymac Mtg Invt Tr | 1.2% | Unchanged | 81,182 | $916K |
| Citigroup Inc | 1.1% | Trimmed 45% | 6,000 | $840K |
| CB Columbia Bkg Sys Inc | 1.0% | Unchanged | 25,000 | $801K |
| SB Southstate Bk Corp | 1.0% | Unchanged | 8,000 | $799K |
| FU First Utd Corp | 0.9% | Trimmed 28% | 17,000 | $750K |
| PF Pinnacle Finl Partners Inc | 0.9% | Unchanged | 7,000 | $706K |
| Servisfirst Bancshares Inc | 0.9% | Unchanged | 8,000 | $694K |
| Fs Bancorp Inc | 0.7% | Trimmed 13% | 13,000 | $564K |
| EB Eagle Bancorp Inc Md | 0.6% | Trimmed 15% | 17,000 | $483K |
| SY Stock Yds Bancorp Inc | 0.6% | Added 20% | 6,000 | $459K |
| NB Northeast Bk Portland Me | 0.5% | Trimmed 14% | 3,000 | $398K |
| FF Flagstar Financial Inc | 0.5% | Trimmed 17% | 25,000 | $374K |
| AI Agnc Invt Corp | 0.4% | Unchanged | 30,500 | $332K |
| Nicolet Bankshares Inc | 0.4% | Trimmed 33% | 2,000 | $331K |
| IT Ishares Tr | 0.3% | Trimmed 69% | 2,140 | $233K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 6 quarters.
quarter ended June 30, 2026 · filed August 12, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AO Angel Oak Funds Trust | Trimmed | −360,051 | −$3.11M | 4.1% |
| IE Invesco Exch Traded Fd Tr Ii | Trimmed | −139,203 | −$2.84M | 45.9% |
| IT Ishares Tr | Trimmed | −65,266 | −$2.42M | 4.4% |
| KC Kingstone Cos Inc | Exited | −108,249 | −$1.58M | — |
| AO Angel Oak Funds Trust | Added | +26,300 | +$1.3M | 5.9% |
| AO Angel Oak Funds Trust | Trimmed | −100,000 | −$1.1M | 8.2% |
| Citigroup Inc | Trimmed | −5,000 | −$700K | 1.1% |
| IT Ishares Tr | Trimmed | −4,731 | −$516K | 0.3% |
| PN Patriot Natl Bancorp Inc | Trimmed | −504,123 | −$483K | 3.2% |
| FF Flushing Finl Corp | Exited | −30,000 | −$461K | — |
Showing the 10 largest of 20 changes.
quarter ended March 31, 2026 · filed May 12, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IE Invesco Exch Traded Fd Tr Ii | New | +1,926,396 | +$39.3M | 43.7% |
| IT Ishares Tr | Trimmed | −202,956 | −$7.48M | 6.5% |
| AO Angel Oak Funds Trust | Trimmed | −279,952 | −$3.06M | 8.4% |
| AO Angel Oak Funds Trust | Trimmed | −335,872 | −$2.91M | 7.1% |
| AC Annaly Capital Management In | Exited | −99,833 | −$2.23M | — |
| AO Angel Oak Funds Trust | Added | +38,000 | +$1.88M | 3.8% |
| Redwood Trust Inc | Exited | −264,257 | −$1.46M | — |
| PB Preferred Bk Los Angeles Ca | Added | +10,500 | +$952K | 1.6% |
| IT Ishares Tr | New | +6,871 | +$749K | 0.8% |
| East West Bancorp Inc | Exited | −6,500 | −$731K | — |
Showing the 10 largest of 26 changes.
quarter ended December 31, 2025 · filed February 10, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Trimmed | −1,493,908 | −$55.9M | 19.7% |
| AO Angel Oak Funds Trust | Trimmed | −728,932 | −$6.37M | 13.6% |
| PN Patriot Natl Bancorp Inc | Added | +3,143,069 | +$5.72M | 8.7% |
| AO Angel Oak Funds Trust | Trimmed | −399,941 | −$4.44M | 15.7% |
| AO Angel Oak Funds Trust | New | +31,100 | +$1.55M | 2.3% |
| M& M & T Bk Corp | Added | +2,900 | +$584K | 2.0% |
| FC First Ctzns Bancshares Inc D | Added | +200 | +$429K | 3.1% |
| Nicolet Bankshares Inc | New | +3,000 | +$364K | 0.5% |
| NB Northeast Bk Portland Me | New | +3,000 | +$312K | 0.5% |
| Rithm Capital Corp | Exited | −25,000 | −$285K | — |
Showing the 10 largest of 21 changes.
quarter ended September 30, 2025 · filed November 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Added | +1,807,300 | +$68.3M | 55.1% |
| IT Ishares Tr | Exited | −47,400 | −$3.82M | — |
| SS SPDR Series Trust | Exited | −38,800 | −$3.77M | — |
| AO Angel Oak Funds Trust | Added | +402,990 | +$3.52M | 12.3% |
| AO Angel Oak Funds Trust | Trimmed | −305,009 | −$3.42M | 12.1% |
| Rithm Capital Corp | Trimmed | −258,870 | −$2.95M | 0.2% |
| PN Patriot Natl Bancorp Inc | Trimmed | −1,039,395 | −$1.35M | 0.2% |
| SB Southstate Bk Corp | New | +5,200 | +$514K | 0.4% |
| SC Southstate Corporation | Exited | −5,200 | −$479K | — |
| PB Preferred Bk Los Angeles Ca | New | +5,000 | +$452K | 0.4% |
Showing the 10 largest of 21 changes.
quarter ended June 30, 2025 · filed August 08, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AO Angel Oak Funds Trust | Trimmed | −629,790 | −$5.44M | 17.0% |
| AO Angel Oak Funds Trust | Trimmed | −400,041 | −$4.45M | 26.4% |
| IT Ishares Tr | New | +47,400 | +$3.82M | 5.4% |
| SS SPDR Series Trust | New | +38,800 | +$3.77M | 5.3% |
| PN Patriot Natl Bancorp Inc | Trimmed | −2,144,220 | −$3.26M | 2.6% |
| KC Kingstone Cos Inc | Trimmed | −84,990 | −$1.31M | 3.0% |
| IB Independent Bk Corp Mass | Exited | −7,000 | −$439K | — |
| UF Umb Finl Corp | Added | +3,900 | +$410K | 2.0% |
| FC First Ctzns Bancshares Inc N | Added | +185 | +$362K | 2.1% |
| GC Greene Cnty Bancorp Inc | Added | +15,000 | +$333K | 1.8% |
Showing the 10 largest of 22 changes.
quarter ended March 31, 2025 · filed May 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AO Angel Oak Funds Trust | Trimmed | −547,560 | −$4.75M | 23.5% |
| PN Patriot Natl Bancorp Inc | New | +3,333,386 | +$3.87M | 5.2% |
| AO Angel Oak Funds Trust | Trimmed | −284,324 | −$3.12M | 30.4% |
| Citigroup Inc | New | +14,000 | +$994K | 1.3% |
| UF Umb Finl Corp | New | +9,700 | +$981K | 1.3% |
| GC Greene Cnty Bancorp Inc | Added | +34,000 | +$820K | 1.4% |
| M& M & T Bk Corp | New | +4,000 | +$715K | 1.0% |
| PB Prosperity Bancshares Inc C | New | +10,000 | +$714K | 1.0% |
| PF Pinnacle Finl Partners Inc | Trimmed | −4,800 | −$509K | 0.6% |
| SC Southstate Corporation | New | +5,200 | +$483K | 0.6% |
Showing the 10 largest of 24 changes.
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