Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (11 quarters reported)
$190M in Q4 2023 → $174M 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 |
|---|---|---|---|---|
| ES Etfis Ser Tr I | 17.3% | Added 89% | 1,461,685 | $30.1M |
| TC Trinity Cap Inc | 13.9% | Added 4.4% | 1,353,898 | $24.2M |
| JP J P Morgan Exchange Traded F | 13.2% | Added 0.4% | 404,606 | $22.9M |
| RE Roundhill ETF Trust | 6.3% | Added 10% | 663,883 | $11M |
| BC Bain Cap Specialty Fin Inc | 6.3% | Trimmed 25% | 872,753 | $10.9M |
| GI Gladstone Invt Corp | 5.8% | Trimmed 39% | 656,313 | $10.1M |
| Capital Southwest Corp | 5.2% | Trimmed 27% | 377,760 | $8.98M |
| Hercules Capital Inc | 5.0% | Trimmed 31% | 553,874 | $8.73M |
| Oaktree Specialty Lending | 5.0% | Trimmed 41% | 729,243 | $8.71M |
| Ares Capital Corp | 4.9% | Trimmed 44% | 460,440 | $8.53M |
| Blue Owl Capital Corporation | 4.9% | Trimmed 36% | 778,167 | $8.46M |
| SS Sixth Street Specialty Lendi | 4.8% | Trimmed 20% | 486,337 | $8.35M |
| SC Sachem Cap Corp | 1.5% | Trimmed 0.7% | 2,806,935 | $2.64M |
| Rithm Capital Corp | 1.4% | Added 1.4% | 254,370 | $2.39M |
| MB Manhattan Brdg Cap Inc | 1.1% | Trimmed 1.0% | 436,642 | $1.97M |
| JP J P Morgan Exchange Traded F | 1.0% | Added 8.3% | 29,228 | $1.8M |
| Lument Finance Trust Inc | 0.8% | Added 2.8% | 1,421,909 | $1.31M |
| Microsoft Corp | 0.5% | New | 2,500 | $933K |
| Exxon Mobil Corp | 0.3% | Trimmed 0.8% | 4,020 | $550K |
| SA Sprott Asset Management LP | 0.2% | Unchanged | 19,623 | $370K |
| ON Oneok Inc New | 0.2% | Unchanged | 4,198 | $365K |
| OH Omega Healthcare Invs Inc | 0.2% | Trimmed 98% | 5,670 | $270K |
| Arbor Realty Trust Inc | 0.1% | Trimmed 97% | 24,172 | $131K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended June 30, 2026 · filed August 17, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| ES Etfis Ser Tr I | Added | +686,954 | +$14.1M | 17.3% |
| OH Omega Healthcare Invs Inc | Trimmed | −238,008 | −$11.3M | 0.2% |
| Ares Capital Corp | Trimmed | −355,452 | −$6.59M | 4.9% |
| GI Gladstone Invt Corp | Trimmed | −413,173 | −$6.39M | 5.8% |
| Oaktree Specialty Lending | Trimmed | −511,858 | −$6.11M | 5.0% |
| Arbor Realty Trust Inc | Trimmed | −934,116 | −$5.06M | 0.1% |
| Blue Owl Capital Corporation | Trimmed | −435,314 | −$4.73M | 4.9% |
| Hercules Capital Inc | Trimmed | −245,834 | −$3.88M | 5.0% |
| BC Bain Cap Specialty Fin Inc | Trimmed | −290,335 | −$3.63M | 6.3% |
| Capital Southwest Corp | Trimmed | −137,718 | −$3.27M | 5.2% |
Showing the 10 largest of 21 changes.
quarter ended March 31, 2026 · filed May 08, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| RE Roundhill ETF Trust | Added | +185,939 | +$3.92M | 6.1% |
| TC Trinity Cap Inc | Added | +103,854 | +$1.53M | 9.2% |
| GI Gladstone Invt Corp | Trimmed | −57,810 | −$821K | 7.4% |
| JP J P Morgan Exchange Traded F | Added | +12,053 | +$683K | 11.1% |
| ES Etfis Ser Tr I | Added | +28,724 | +$585K | 7.6% |
| Lument Finance Trust Inc | Added | +395,601 | +$498K | 0.8% |
| BC Bain Cap Specialty Fin Inc | Added | +28,877 | +$358K | 7.0% |
| Blue Owl Capital Corporation | Added | +25,776 | +$285K | 6.5% |
| Capital Southwest Corp | Added | +12,490 | +$276K | 5.5% |
| IB Ishares Bitcoin Trust ETF | Exited | −5,151 | −$256K | — |
Showing the 10 largest of 21 changes.
quarter ended December 31, 2025 · filed February 09, 2026
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| GI Gladstone Invt Corp | Trimmed | −70,298 | −$982K | 7.3% |
| RE Roundhill ETF Trust | Added | +27,489 | +$782K | 5.5% |
| SA Sprott Asset Management LP | New | +19,623 | +$464K | 0.2% |
| ES Etfis Ser Tr I | Added | +21,292 | +$459K | 7.4% |
| JP J P Morgan Exchange Traded F | Added | +6,111 | +$350K | 10.3% |
| Apple Inc | Exited | −1,100 | −$280K | — |
| Capital Southwest Corp | Added | +12,537 | +$278K | 5.2% |
| RE Roundhill ETF Trust | Exited | −9,686 | −$258K | — |
| IB Ishares Bitcoin Trust ETF | New | +5,151 | +$256K | 0.1% |
| JP J P Morgan Exchange Traded F | Added | +4,234 | +$246K | 0.7% |
Showing the 10 largest of 24 changes.
quarter ended September 30, 2025 · filed November 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| RE Roundhill ETF Trust | Added | +383,178 | +$17.2M | 7.6% |
| JP J P Morgan Exchange Traded F | Trimmed | −260,389 | −$14.9M | 9.6% |
| ES Etfis Ser Tr I | Added | +277,450 | +$6.02M | 6.9% |
| Oaktree Specialty Lending Co | Added | +225,384 | +$2.94M | 6.9% |
| BC Bain Cap Specialty Fin Inc | Added | +132,497 | +$1.89M | 7.0% |
| Blue Owl Capital Corporation | Added | +114,731 | +$1.47M | 6.6% |
| Arbor Realty Trust Inc | Added | +80,632 | +$985K | 5.2% |
| GI Gladstone Invt Corp | Added | +64,564 | +$892K | 7.2% |
| Capital Southwest Corp | Added | +25,478 | +$557K | 4.7% |
| TC Trinity Cap Inc | Added | +30,360 | +$470K | 8.0% |
Showing the 10 largest of 22 changes.
quarter ended June 30, 2025 · filed July 28, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| ES Etfis Ser Tr I | New | +447,265 | +$9.32M | 4.5% |
| JP J P Morgan Exchange Traded F | Added | +33,358 | +$1.9M | 17.6% |
| Oaktree Specialty Lending Co | Added | +110,938 | +$1.52M | 6.5% |
| Arbor Realty Trust Inc | Added | +112,763 | +$1.21M | 4.6% |
| Capital Southwest Corp | Added | +42,665 | +$940K | 4.9% |
| BC Bain Cap Specialty Fin Inc | Added | +58,815 | +$885K | 7.1% |
| Blue Owl Capital Corporation | Added | +57,128 | +$819K | 7.3% |
| TC Trinity Cap Inc | Added | +44,987 | +$633K | 7.7% |
| GI Gladstone Invt Corp | Added | +44,232 | +$631K | 7.7% |
| Ares Capital Corp | Added | +27,041 | +$594K | 8.2% |
Showing the 10 largest of 19 changes.
quarter ended March 31, 2025 · filed May 07, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Oaktree Specialty Lending Co | Added | +78,304 | +$1.2M | 7.0% |
| JP J P Morgan Exchange Traded F | Added | +11,048 | +$631K | 18.0% |
| GI Gladstone Invt Corp | Added | +44,377 | +$593K | 7.5% |
| Capital Southwest Corp | Added | +20,727 | +$463K | 4.9% |
| Blue Owl Capital Corporation | Added | +27,540 | +$404K | 7.6% |
| Arbor Realty Trust Inc | Added | +22,173 | +$261K | 4.7% |
| SS Sixth Street Specialty Lendi | Added | +10,272 | +$230K | 6.9% |
| BC Bain Cap Specialty Fin Inc | Added | +12,538 | +$208K | 8.0% |
| SC Sachem Cap Corp | Trimmed | −158,190 | −$184K | 1.9% |
| Ares Capital Corp | Added | +5,586 | +$124K | 8.6% |
Showing the 10 largest of 17 changes.
quarter ended December 31, 2024 · filed February 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| JP J P Morgan Exchange Traded F | Added | +13,776 | +$793K | 18.0% |
| Oaktree Specialty Lending Co | Added | +39,414 | +$602K | 6.4% |
| GI Gladstone Invt Corp | Added | +36,298 | +$481K | 7.2% |
| BB Bitwise Bitcoin ETF Tr | Exited | −13,437 | −$465K | — |
| TC Trinity Cap Inc | Added | +32,107 | +$465K | 8.3% |
| BC Bain Cap Specialty Fin Inc | Added | +25,185 | +$441K | 8.4% |
| Blue Owl Capital Corporation | Added | +28,185 | +$426K | 7.7% |
| SS Sixth Street Specialty Lendi | Added | +19,034 | +$405K | 6.5% |
| Ares Capital Corp | Added | +17,771 | +$389K | 8.5% |
| JP J P Morgan Exchange Traded F | New | +6,696 | +$378K | 0.2% |
Showing the 10 largest of 21 changes.
quarter ended September 30, 2024 · filed November 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SC Sachem Cap Corp | Added | +749,348 | +$1.89M | 4.3% |
| JP J P Morgan Exchange Traded F | Added | +24,524 | +$1.46M | 18.1% |
| Oaktree Specialty Lending Co | Added | +75,358 | +$1.23M | 6.4% |
| GI Gladstone Invt Corp | Added | +38,937 | +$563K | 7.5% |
| BB Bitwise Bitcoin ETF Tr | New | +13,437 | +$465K | 0.2% |
| Blue Owl Capital Corporation | Added | +31,315 | +$456K | 7.1% |
| Lument Finance Trust Inc | Added | +170,791 | +$432K | 0.9% |
| MB Manhattan Brdg Cap Inc | Added | +73,192 | +$408K | 1.0% |
| Ares Capital Corp | Added | +19,329 | +$405K | 7.9% |
| TC Trinity Cap Inc | Added | +27,855 | +$378K | 7.5% |
Showing the 10 largest of 20 changes.
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