Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (51 quarters reported)
$123M in Q4 2013 → $165M 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 |
|---|---|---|---|---|
| AT Aehr Test Sys Call | 33.4% | Trimmed 17% | 575,500 | $55.3M |
| TR Tpg Re Fin Tr Inc | 10.5% | Trimmed 23% | 2,067,333 | $17.3M |
| FB Franklin Bsp Rlty Tr Inc | 8.7% | Trimmed 22% | 1,769,370 | $14.4M |
| Comstock Inc | 4.7% | Added 69% | 1,868,323 | $7.77M |
| HP Hudson Pacific Properties In Call | 4.6% | Trimmed 50% | 500,000 | $7.6M |
| Walker & Dunlop Inc Call | 3.8% | Trimmed 22% | 116,300 | $6.36M |
| Weyerhaeuser Co Call | 3.3% | Trimmed 23% | 230,600 | $5.52M |
| MB Mastercraft Boat Hldgs Inc | 2.4% | Trimmed 21% | 153,917 | $3.97M |
| NM Navios Maritime Partners LP | 2.2% | Trimmed 48% | 52,967 | $3.71M |
| Adtran Holdings Inc | 2.1% | New | 250,492 | $3.48M |
| Shimmick Corporation | 2.0% | New | 726,936 | $3.32M |
| Duos Technologies Group Inc | 2.0% | Trimmed 53% | 270,275 | $3.24M |
| CM Claros Mtg Tr Inc | 1.8% | Trimmed 23% | 1,301,212 | $3.06M |
| BH Better Home & Finance Holdin | 1.7% | Trimmed 9.0% | 100,458 | $2.76M |
| SR Sunrise Rlty Tr Inc | 1.6% | Trimmed 23% | 339,355 | $2.68M |
| Magnera Corp | 1.6% | Trimmed 25% | 224,872 | $2.64M |
| GP Granite Pt Mtg Tr Inc | 1.6% | Trimmed 22% | 1,739,211 | $2.61M |
| Kosmos Energy Ltd Call | 1.5% | Trimmed 24% | 1,137,300 | $2.4M |
| Tsakos Energy Navigation Ltd | 1.4% | Trimmed 35% | 65,232 | $2.31M |
| U Haul Holding Company | 1.3% | Trimmed 22% | 36,067 | $2.08M |
| Kosmos Energy Ltd | 1.2% | Added 34% | 963,678 | $2.03M |
| TN Tecogen Inc New | 1.2% | New | 388,660 | $2.03M |
| ND Niocorp Devs Ltd | 1.2% | New | 410,000 | $1.98M |
| RR Ramaco Res Inc | 1.1% | New | 138,000 | $1.83M |
| Akamai Technologies Inc Call | 0.7% | New | 10,000 | $1.18M |
| Archer Aviation Inc | 0.6% | Unchanged | 192,793 | $912K |
| Walker & Dunlop Inc | 0.5% | Trimmed 85% | 16,619 | $909K |
| HO Highland Opps & Income Fd | 0.5% | New | 124,725 | $889K |
| Onity Group Inc | 0.5% | New | 21,000 | $835K |
| AC Ares Coml Real Estate Corp | 0.1% | New | 55,056 | $248K |
| Helport Ai Ltd | 0.0% | Trimmed 24% | 994,071 | $32.6K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 14, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Exited | −200,000 | −$49.6M | — |
| TR Tpg Re Fin Tr Inc | Exited | −1,600,000 | −$12.5M | — |
| AT Aehr Test Sys | Trimmed | −121,500 | −$11.7M | 33.4% |
| Anterix Inc | Exited | −200,000 | −$7.64M | — |
| HP Hudson Pacific Properties In | Trimmed | −500,000 | −$7.6M | 4.6% |
| D Dave Inc | Exited | −34,225 | −$5.96M | — |
| TR Tpg Re Fin Tr Inc | Trimmed | −634,416 | −$5.31M | 10.5% |
| Walker & Dunlop Inc | Trimmed | −96,381 | −$5.27M | 0.5% |
| FB Franklin Bsp Rlty Tr Inc | Trimmed | −509,330 | −$4.15M | 8.7% |
| Duos Technologies Group Inc | Trimmed | −309,725 | −$3.72M | 2.0% |
Showing the 10 largest of 42 changes.
quarter ended March 31, 2026 · filed May 15, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | New | +200,000 | +$49.6M | 21.8% |
| TR Tpg Re Fin Tr Inc | New | +1,600,000 | +$12.5M | 5.5% |
| FB Franklin Bsp Rlty Tr Inc | Added | +1,415,778 | +$12M | 8.5% |
| AT Aehr Test Sys | Added | +297,000 | +$11M | 11.4% |
| Anterix Inc | New | +200,000 | +$7.64M | 3.4% |
| Weyerhaeuser Co | New | +300,000 | +$7.33M | 3.2% |
| Walker & Dunlop Inc | New | +150,000 | +$6.66M | 2.9% |
| TR Tpg Re Fin Tr Inc | Added | +670,381 | +$5.24M | 9.3% |
| Walker & Dunlop Inc | New | +113,000 | +$5.01M | 2.2% |
| Cadiz Inc | Trimmed | −990,538 | −$4.86M | 1.1% |
Showing the 10 largest of 38 changes.
quarter ended December 31, 2025 · filed February 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| HP Hudson Pac Pptys Inc | New | +1,000,000 | +$10.8M | 8.1% |
| D Dave Inc | New | +29,625 | +$6.56M | 4.9% |
| TR Tpg Re Fin Tr Inc | Exited | −500,000 | −$4.28M | — |
| Cadiz Inc | Added | +667,828 | +$3.75M | 6.3% |
| Xponential Fitness Inc | Exited | −475,140 | −$3.7M | — |
| Duos Technologies Group Inc | Exited | −495,590 | −$3.65M | — |
| Terawulf Inc | New | +304,038 | +$3.49M | 2.6% |
| HP Hudson Pac Pptys Inc | Exited | −1,000,000 | −$2.76M | — |
| Cadiz Inc | Exited | −500,000 | −$2.36M | — |
| WI Ww Intl Inc | Exited | −63,241 | −$1.73M | — |
Showing the 10 largest of 28 changes.
quarter ended September 30, 2025 · filed November 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| AT Aehr Test Sys | New | +400,000 | +$12M | 8.6% |
| BH Better Home & Finance Holdin | Trimmed | −84,300 | −$4.73M | 2.4% |
| TR Tpg Re Fin Tr Inc | Trimmed | −505,802 | −$4.33M | 13.3% |
| AT Aehr Test Sys | New | +139,560 | +$4.2M | 3.0% |
| Duos Technologies Group Inc | New | +495,590 | +$3.65M | 2.6% |
| Beazer Homes Usa Inc | Exited | −161,400 | −$3.61M | — |
| A2z Cust2mate Solutions Corp | New | +422,000 | +$3.37M | 2.4% |
| Comstock Inc | New | +957,423 | +$3.27M | 2.3% |
| GP Granite Pt Mtg Tr Inc | Added | +1,042,043 | +$3.13M | 3.7% |
| Arq Inc | Trimmed | −415,942 | −$2.98M | 2.3% |
Showing the 10 largest of 28 changes.
quarter ended June 30, 2025 · filed August 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr Russell 2000 ETF | Exited | −125,000 | −$24.9M | — |
| AG Abacus Global Mgmt Inc | Exited | −627,402 | −$4.7M | — |
| Xponential Fitness Inc | Trimmed | −600,000 | −$4.49M | 1.5% |
| TR Tpg Re Fin Tr Inc | Added | +567,733 | +$4.38M | 20.1% |
| MB Mastercraft Boat Hldgs Inc | New | +230,000 | +$4.27M | 4.2% |
| TR Tpg Re Fin Tr Inc | New | +500,000 | +$3.86M | 3.8% |
| Xponential Fitness Inc | Added | +507,200 | +$3.8M | 5.6% |
| Landsea Homes Corp | Exited | −570,000 | −$3.66M | — |
| HP Hudson Pac Pptys Inc | Exited | −1,223,500 | −$3.61M | — |
| JP Jakks Pac Inc | New | +149,970 | +$3.12M | 3.0% |
Showing the 10 largest of 27 changes.
quarter ended March 31, 2025 · filed May 15, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr Russell 2000 ETF | New | +125,000 | +$24.9M | 20.4% |
| TR Tpg Re Fin Tr Inc | Added | +904,079 | +$7.37M | 14.0% |
| TR Tpg Re Fin Tr Inc | Exited | −614,400 | −$5.22M | — |
| C& Cbl & Assoc Pptys Inc | Exited | −172,353 | −$5.07M | — |
| CM Claros Mtg Tr Inc | New | +1,335,801 | +$4.98M | 4.1% |
| NH Navigator Hldgs Ltd | Exited | −295,000 | −$4.53M | — |
| SR Sunrise Rlty Tr Inc | New | +372,527 | +$4.12M | 3.4% |
| Firstcash Holdings Inc | Trimmed | −33,102 | −$3.98M | 2.5% |
| HP Hudson Pac Pptys Inc | New | +1,223,500 | +$3.61M | 3.0% |
| Leggett & Platt Inc | Exited | −350,000 | −$3.36M | — |
Showing the 10 largest of 28 changes.
quarter ended December 31, 2024 · filed February 14, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Magnera Corp | New | +293,227 | +$5.33M | 5.2% |
| C& Cbl & Assoc Pptys Inc | New | +172,353 | +$5.07M | 5.0% |
| FB Franklin Bsp Rlty Tr Inc | Added | +326,122 | +$4.09M | 7.6% |
| Archer Aviation Inc | Trimmed | −401,923 | −$3.92M | 4.8% |
| Brightspire Capital Inc | New | +600,000 | +$3.38M | 3.3% |
| Leggett & Platt Inc | New | +350,000 | +$3.36M | 3.3% |
| Leggett & Platt Inc | New | +350,000 | +$3.36M | 3.3% |
| TR Tpg Re Fin Tr Inc | Trimmed | −385,600 | −$3.28M | 5.1% |
| Arq Inc | Exited | −490,000 | −$2.88M | — |
| Landsea Homes Corp | New | +320,000 | +$2.72M | 2.7% |
Showing the 10 largest of 25 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Exited | −50,000 | −$10.1M | — |
| Beazer Homes Usa Inc | Trimmed | −169,851 | −$5.8M | 0.6% |
| IE Inspired Entmt Inc | Exited | −500,000 | −$4.58M | — |
| KR Kkr Real Estate Fin Tr Inc | New | +330,000 | +$4.08M | 4.6% |
| FB Franklin Bsp Rlty Tr Inc | New | +296,500 | +$3.87M | 4.4% |
| Xponential Fitness Inc | Trimmed | −300,000 | −$3.72M | 11.2% |
| Arq Inc | New | +490,000 | +$2.88M | 3.3% |
| PA Proficient Auto Logistics In | Exited | −151,921 | −$2.44M | — |
| Scorpio Tankers Inc | Added | +31,000 | +$2.21M | 5.3% |
| Boyd Gaming Corp | Trimmed | −32,991 | −$2.13M | 6.7% |
Showing the 10 largest of 19 changes.
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