Sector breakdown

04
Energy 10.5%
Technology 7.0%
Financials 1.4%
Retail 1.0%
Real Estate 0.3%
Consumer Staples 0.2%
Communication Services 0.1%
Other/Unmapped 79.6%

Full portfolio 66 positions

05
Type Streak 8Q trend
VOO Vanguard S&P 500 ETF $15,493,682 9.21% 22,559 $2,368,173 Up ×4
IBTK iShares iBonds Dec 2030 Term Treasury ETF $10,116,953 6.02% 517,756 $196,373 Up ×1
IBTI iShares iBonds Dec 2028 Term Treasury ETF $9,486,238 5.64% 428,466 $190,372 Up ×1
IBTJ iShares iBonds Dec 2029 Term Treasury ETF $9,451,589 5.62% 436,563 $169,864 Up ×1
IBDS iShares Trust $8,151,992 4.85% 336,581 $174,002 Up ×1
IBTH iShares iBonds Dec 2027 Term Treasury ETF $8,137,043 4.84% 363,748 $159,678 Up ×1
IBDT iShares Trust $8,102,725 4.82% 320,900 $157,210 Up ×1
IBDV iShares iBonds Dec 2030 Term Corporate ETF $8,058,610 4.79% 369,661 $151,394 Up ×1
AOR iShares Trust $7,757,660 4.61% 111,621 $671,952 Up ×4
XOM Exxon Mobil Corporation Common Stock $7,422,569 4.41% 54,290 $-1,786,715 Up ×1
IDEV iShares Core MSCI International Developed Markets ETF $7,319,916 4.35% 82,237 $625,123 Up ×2
AAPL Apple Inc. - Common Stock $6,922,649 4.12% 23,924 $353,041 Down ×1
TFIN TFIN $6,831,653 4.06% 89,525 $1,490,591
IUSB iShares Core Universal USD Bond ETF $6,099,092 3.63% 132,158 $65,985 Up ×1
AGG iShares Trust $5,672,049 3.37% 57,305 $252,701 Up ×1
IBDU iShares Trust $4,037,483 2.40% 174,330 $74,490 Up ×1
IEMG iShares, Inc. $3,001,542 1.78% 36,233 $514,954 Up ×4
IBHG iShares Trust $2,366,270 1.41% 107,168 $57,181 Up ×1
HPK HighPeak Energy, Inc. - Common Stock $2,341,811 1.39% 335,023 $30,152
IBHF iShares iBonds 2026 Term High Yield and Income ETF $2,339,111 1.39% 103,272 $33,163 Up ×1
MSFT Microsoft Corporation - Common Stock $2,331,592 1.39% 6,251 $-185,423 Down ×1
VNOM Viper Energy, Inc. - Class A Common Stock $2,169,724 1.29% 51,173 $-232,695 Up ×3
NVDA NVIDIA Corporation - Common Stock $2,062,961 1.23% 10,310 $113,169 Down ×2
EOG EOG Resources, Inc. Common Stock $1,477,366 0.88% 11,388 $-168,998
IBTL iShares iBonds Dec 2031 Term Treasury ETF $1,384,126 0.82% 68,555 $54,566 Up ×2
CFR Cullen/Frost Bankers, Inc. Common Stock $1,291,942 0.77% 8,361 $87,282 Down ×2
IWF iShares Russell 1000 Growth Fund $1,106,479 0.66% 8,911 $199,526 Up ×1
ACWI iShares MSCI ACWI ETF $1,065,827 0.63% 6,790 $186,762 Up ×6
IAGG iShares International Aggregate Bond Fund $1,046,054 0.62% 20,673 $24,437 Up ×1
AOM iShares Trust $1,040,856 0.62% 20,863 $52,575
IWD iShares Russell 1000 Value ETF $915,174 0.54% 3,775 $44,041 Down ×1
FANG Diamondback Energy, Inc. - Common Stock $896,127 0.53% 5,098 $-130,008 Down ×2
IJH iShares Trust $884,838 0.53% 11,475 $130,257 Up ×6
EFA iShares Trust $838,104 0.50% 8,068 $31,245 Down ×1
CVX Chevron Corporation Common Stock $693,373 0.41% 4,183 $-195,261 Down ×6
WMT Walmart Inc. - Common Stock $679,560 0.40% 6,000 $-66,120
IWS iShares Russell Mid-Cap Value ETF $646,714 0.38% 3,929 $25,715 Down ×1
AOA iShares Trust $632,351 0.38% 6,479 $82,208 Up ×5
COP ConocoPhillips Common Stock $581,395 0.35% 5,592 $-156,044 Up ×5
KRP Kimbell Royalty Partners Common Units Representing Limited Partner Interests $505,172 0.30% 34,767 $4,781 Up ×2
AMZN Amazon.com, Inc. - Common Stock $476,680 0.28% 2,000 $-200,198 Down ×1
COST Costco Wholesale Corporation - Common Stock $467,735 0.28% 500 $-55,391 Down ×1
SHEL Shell PLC American Depositary Shares (each representing two (2) Ordinary Shares) $454,031 0.27% 5,855 $-123,653 Down ×2
ARCC Ares Capital Corporation - Closed End Fund $425,975 0.25% 22,988 $39,316 Up ×6
DVN Devon Energy Corporation Common Stock $419,027 0.25% 10,141 $-87,746 Up ×1
IJR iShares Trust $403,552 0.24% 2,721 $74,006 Up ×6
SPY SPY $365,918 0.22% 490 $-67,859 Down ×1
IWO iShares Russell 2000 Growth Fund $339,988 0.20% 863 $56,931 Down ×1
IWN iShares Russell 2000 Value ETF $328,040 0.20% 1,483 $11,993 Down ×1
EPD Enterprise Products Partners L.P. Common Stock $296,249 0.18% 8,059 $-8,704
AVGO Broadcom Inc. - Common Stock $285,579 0.17% 756 $44,161 Down ×1
KO Coca-Cola Company (The) Common Stock $262,828 0.16% 3,234 $16,882
VEA Vanguard FTSE Developed Markets ETF $247,235 0.15% 3,470 $25,491 Up ×3
AGNC AGNC Investment Corp. - Common Stock $238,781 0.14% 21,906 $66,048 Up ×4
WMB Williams Companies, Inc. (The) Common Stock $238,734 0.14% 3,211 $5,720 Up ×1
DX Dynex Capital, Inc. Common Stock $226,778 0.13% 17,298 $63,803 Up ×4
TXN Texas Instruments Incorporated - Common Stock $222,211 0.13% 745 Up ×1
OXLC Oxford Lane Capital Corp. - Closed End Fund $221,220 0.13% 25,253 $-10,786 Up ×3
CSWC Capital Southwest Corporation - Common Stock $207,997 0.12% 8,750 Up ×1
TRIN Trinity Capital Inc. - Common Stock $188,879 0.11% 10,558 $38,225 Up ×1
OBDC Blue Owl Capital Corporation Common Stock $112,449 0.07% 10,345 $1,671 Up ×1
DJT Trump Media & Technology Group Corp. - Common Stock $106,944 0.06% 13,817 $-21,278
BRSP BrightSpire Capital, Inc. Class A Common Stock $99,408 0.06% 18,240 $14,288 Up ×1
PTEN Patterson-UTI Energy, Inc. - Common Stock $92,616 0.06% 10,089 $-91,165 Down ×2
TCPC BlackRock TCP Capital Corp. - Closed End Fund $69,986 0.04% 20,829 $-1,517 Up ×4
PNNT PennantPark Investment Corporation Common Stock $35,837 0.02% 10,327 Up ×1

Conviction holdings

08

Positions increased for 3+ consecutive quarters.

Share counts are as reported in 13F filings (not split-adjusted)

SecurityValue% of portfolioStreak
VOO $15,493,682 9.21% up ×4
AOR $7,757,660 4.61% up ×4
IEMG $3,001,542 1.78% up ×4
VNOM $2,169,724 1.29% up ×3
ACWI $1,065,827 0.63% up ×6
IJH $884,838 0.53% up ×6
AOA $632,351 0.38% up ×5
COP $581,395 0.35% up ×5
ARCC $425,975 0.25% up ×6
IJR $403,552 0.24% up ×6
VEA $247,235 0.15% up ×3
AGNC $238,781 0.14% up ×4
DX $226,778 0.13% up ×4
OXLC $221,220 0.13% up ×3
TCPC $69,986 0.04% up ×4

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
TXN $222,211 745 0.13%
CSWC $207,997 8,750 0.12%
PNNT $35,837 10,327 0.02%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
VOO Bought more +593 +$2.4M
XOM Bought more +9 -$1.8M
TFIN Price move only +0 +$1.5M
AOR Bought more +2K +$672K
IDEV Bought more +2K +$625K
IEMG Bought more +583 +$515K
AAPL Trimmed -2K +$353K
AGG Bought more +3K +$253K
VNOM Bought more +47 -$233K
AMZN Trimmed -1K -$200K

Exited positions

11

Includes corporate events (mergers, delistings) — not all exits are sells

Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.

SecurityQuarterShares beforeValue beforePrice since exit
IBDR Sept. 30, 2025 254,196 $6,164,253
IBTG Sept. 30, 2025 267,196 $6,126,805 -0.6%
SHV Sept. 30, 2025 27,797 $3,069,345
VNOM (filed as VNOMXXXX) Sept. 30, 2025 51,034 $1,945,930 8.8%
IBHE Sept. 30, 2025 77,894 $1,811,426
PR June 30, 2025 74,510 $1,031,964 64.1%
OXY June 30, 2026 11,283 $733,421 20.1%
GOOGL June 30, 2026 1,931 $555,279 -2.7%
META June 30, 2026 875 $500,614 31.2%
OXLC (filed as OXLCXXXX) Sept. 30, 2025 90,163 $378,685 -48.7%
NFLX June 30, 2026 3,500 $336,525 -3.8%
BLOK March 31, 2026 5,547 $315,569
BRK-B (filed as BRKB) June 30, 2026 636 $304,772 No longer tracked
VRT June 30, 2026 1,127 $282,404 -24.4%
CRWD June 30, 2026 701 $273,678 46.2%
WMB Dec. 31, 2025 4,247 $269,074 20.4%
BP June 30, 2025 7,907 $267,168 50.4%
AEM June 30, 2026 1,300 $263,874 19.9%
DMLP Dec. 31, 2025 9,767 $252,856 30.2%
TSLA June 30, 2026 675 $250,932 -9.5%
NOW Dec. 31, 2025 250 $230,070 -9.9%
UBER March 31, 2026 2,750 $224,703 -4.0%
FISV June 30, 2025 1,000 $220,830 -73.6%
PB Dec. 31, 2025 3,301 $219,022 -2.9%
PANW Dec. 31, 2025 1,044 $212,580 128.0%
BRK-B (filed as BRKB) June 30, 2025 379 $201,848 No longer tracked
HPKEW Sept. 30, 2025 308,104 $64,856 No longer tracked