Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.
Reported portfolio value by quarter (50 quarters reported)
$135M in Q2 2013 → $45.2M now. Hover for any quarter.
As reported for the quarter ended September 30, 2025. Activity is the change in share count since the prior quarter's filing.
| Holding | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|
| TH Two Harbors Inventment Corpo | 35.4% | Unchanged | 16,055,000 | $16M |
| SS SPDR Series Trust | 14.2% | Added 14% | 251,330 | $6.43M |
| WF Wells Fargo Co New | 13.6% | Unchanged | 4,965 | $6.13M |
| IT Ishares Tr | 10.9% | Trimmed 31% | 113,400 | $4.91M |
| WI Ww Intl Inc | 8.7% | New | 143,989 | $3.94M |
| Echostar Corp | 5.4% | Trimmed 81% | 1,000,000 | $2.46M |
| BM Blackstone Mortgage Trust In | 4.3% | Unchanged | 2,000,000 | $1.94M |
| N Ncl Corp Ltd | 3.4% | New | 1,500,000 | $1.54M |
| Aerovironment Inc | 3.3% | New | 1,200,000 | $1.49M |
| Chord Energy Corporation | 0.8% | Unchanged | 3,805 | $378K |
What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.
quarter ended September 30, 2025 · filed November 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | Exited | −208,047 | −$20.6M | — |
| Echostar Corp | Trimmed | −4,358,830 | −$10.7M | 5.4% |
| SA Spirit Aviation Hldgs Inc | Exited | −1,456,966 | −$7.27M | — |
| DN Draftkings Inc New | Exited | −4,700,000 | −$4.23M | — |
| WI Ww Intl Inc | New | +143,989 | +$3.94M | 8.7% |
| IT Ishares Tr | Trimmed | −51,900 | −$2.25M | 10.9% |
| N Ncl Corp Ltd | New | +1,500,000 | +$1.54M | 3.4% |
| Aerovironment Inc | New | +1,200,000 | +$1.49M | 3.3% |
| SS SPDR Series Trust | Added | +29,980 | +$767K | 14.2% |
| Bloom Energy Corp | Exited | −430,000 | −$607K | — |
Showing the 10 largest of 11 changes.
quarter ended June 30, 2025 · filed August 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| IT Ishares Tr | New | +208,047 | +$20.6M | 27.0% |
| SA Spirit Aviation Hldgs Inc | New | +1,456,966 | +$7.27M | 9.5% |
| IT Ishares Tr | New | +165,300 | +$7.13M | 9.3% |
| Echostar Corp | Trimmed | −4,411,256 | −$5.21M | 8.3% |
| P Pennymac Corp | Exited | −1,930,000 | −$1.92M | — |
| DN Draftkings Inc New | Trimmed | −990,000 | −$891K | 5.5% |
| SS SPDR Series Trust | Added | +28,700 | +$731K | 7.4% |
| Bloom Energy Corp | New | +430,000 | +$607K | 0.8% |
| IE Invesco Exch Traded Fd Tr Ii | Exited | −14,000 | −$290K | — |
quarter ended March 31, 2025 · filed May 13, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Echostar Corp | Trimmed | −10,683,194 | −$12M | 22.9% |
| IE Invesco Exch Traded Fd Tr Ii | Trimmed | −186,000 | −$3.85M | 0.6% |
| TH Two Harbors Inventment Corpo | Added | +2,000,000 | +$1.99M | 33.6% |
| DN Draftkings Inc New | Trimmed | −2,040,000 | −$1.79M | 10.4% |
| Chord Energy Corporation | Trimmed | −10,955 | −$1.23M | 0.9% |
quarter ended December 31, 2024 · filed February 12, 2025
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Dish Network Corporation | Exited | −41,533,000 | −$36.6M | — |
| Echostar Corp | New | +20,453,280 | +$21.6M | 34.3% |
| Dish Network Corporation | Exited | −22,260,000 | −$18.5M | — |
| IE Invesco Exch Traded Fd Tr Ii | New | +200,000 | +$4.21M | 6.7% |
| DN Draftkings Inc New | Trimmed | −2,470,000 | −$2.11M | 10.5% |
| P Pennymac Corp | Trimmed | −1,070,000 | −$1.05M | 3.0% |
| TH Two Harbors Inventment Corpo | Trimmed | −440,000 | −$433K | 22.0% |
| Chord Energy Corporation | Trimmed | −1,800 | −$210K | 2.7% |
| Flyexclusive Inc | Exited | −192,049 | −$65.9K | — |
quarter ended September 30, 2024 · filed November 12, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| SS SPDR Ser Tr | New | +192,650 | +$4.96M | 5.1% |
| TH Two Harbors Inventment Corpo | Trimmed | −2,050,000 | −$2.02M | 14.7% |
| BM Blackstone Mortgage Trust In | New | +2,000,000 | +$1.93M | 2.0% |
| Flyexclusive Inc | Trimmed | −71,536 | −$24.5K | 0.1% |
quarter ended June 30, 2024 · filed August 14, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| DN Draftkings Inc New | Trimmed | −10,530,000 | −$8.78M | 10.5% |
| B Berry Corp | Exited | −914,022 | −$7.36M | — |
| SA Ssga Active ETF Tr | Exited | −57,974 | −$2.44M | — |
| P Pennymac Corp | Exited | −1,500,000 | −$1.48M | — |
| SA Spirit Airls Inc | Exited | −1,970,000 | −$928K | — |
| IT Ishares Tr | Exited | −11,200 | −$871K | — |
| Chord Energy Corporation | Trimmed | −1,883 | −$316K | 3.4% |
| Dish Network Corporation | Trimmed | −490,000 | −$306K | 17.1% |
| TH Two Harbors Inventment Corpo | Trimmed | −290,000 | −$281K | 19.7% |
quarter ended March 31, 2024 · filed May 13, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| Dish Network Corporation | Exited | −46,197,000 | −$45.9M | — |
| IT Ishares Tr | Exited | −65,325 | −$6.48M | — |
| Dish Network Corporation | Trimmed | −5,520,000 | −$3.46M | 13.7% |
| Dish Network Corporation | Added | +3,500,000 | +$2.57M | 29.2% |
| SA Spirit Airls Inc | Trimmed | −4,070,000 | −$1.92M | 0.9% |
| Chord Energy Corporation | Trimmed | −2,150 | −$383K | 3.1% |
| B Berry Corp | Trimmed | −34,126 | −$275K | 7.0% |
| TH Two Harbors Inventment Corpo | Trimmed | −120,000 | −$114K | 15.3% |
quarter ended December 31, 2023 · filed February 09, 2024
| Company | Action | Shares changed | Value of change | % of portfolio |
|---|---|---|---|---|
| VE Vaneck ETF Trust | Trimmed | −2,000,000 | −$50.7M | 0.3% |
| IQ Invesco Qqq Tr | Exited | −29,152 | −$10.4M | — |
| IT Ishares Tr | Added | +59,090 | +$5.86M | 4.3% |
| SA Spirit Airls Inc | Trimmed | −5,000,000 | −$3.49M | 2.8% |
| AC Apollo Coml Real Estate Fin | Exited | −3,385,000 | −$3.38M | — |
| SS SPDR S&P 500 ETF Tr | Exited | −7,236 | −$3.09M | — |
| WF Wells Fargo Co New | Trimmed | −900 | −$1.08M | 3.9% |
| EA Eg Acquisition Corp | Exited | −78,150 | −$872K | — |
| IT Ishares Tr | New | +11,200 | +$867K | 0.6% |
| Dish Network Corporation | Trimmed | −710,000 | −$706K | 30.2% |
Showing the 10 largest of 16 changes.
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