Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +29.6%
S&P 500 total return (same window) +37.0%
Excess return -7.4%

Annualized: +23.1% · S&P 500: +28.7%

Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.

Priceable coverage: 96.5% · Options excluded: 29.7%

Sector breakdown

04
Technology 36.1%
Real Estate 32.3%
Financials 6.6%
Industrials 4.8%
Energy 4.1%
Materials 3.9%
Consumer Discretionary 2.4%
Communication Services 2.1%
Other/Unmapped 7.7%

Full portfolio 31 positions

05
Type Streak 8Q trend
AEHR Aehr Test Systems - Common Stock $55,282,530 33.43% 575,500 Call option $29,437,770 Down ×1
TRTX TPG RE Finance Trust, Inc. Common Stock $17,303,577 10.46% 2,067,333 $-3,797,083 Down ×1
FBRT Franklin BSP Realty Trust, Inc. Common Stock $14,402,672 8.71% 1,769,370 $-4,943,491 Down ×1
LODE CUSIP: 205750409 $7,772,224 4.70% 1,868,323 $4,397,640 Up ×1
HPP Hudson Pacific Properties, Inc. Common Stock $7,595,000 4.59% 500,000 Call option $1,685,000 Down ×1
WD Walker & Dunlop, Inc Common Stock $6,361,610 3.85% 116,300 Call option $-295,390 Down ×1
WY Weyerhaeuser Company Common Stock $5,520,564 3.34% 230,600 Call option $-1,808,436 Down ×1
MCFT MasterCraft Boat Holdings, Inc. - Common Stock $3,974,137 2.40% 153,917 $-26,133 Down ×2
NMM Navios Maritime Partners LP Common Units Representing Limited Partner Interests $3,711,398 2.24% 52,967 $-3,161,845 Down ×3
ADTN ADTRAN Holdings, Inc. - Common Stock $3,481,839 2.11% 250,492 Up ×1
SHIM Shimmick Corporation - Common Stock $3,322,098 2.01% 726,936 Up ×1
DUOT Duos Technologies Group, Inc. - Common Stock $3,243,300 1.96% 270,275 $-735,500 Down ×1
CMTG Claros Mortgage Trust, Inc. Common Stock $3,057,848 1.85% 1,301,212 $-988,352 Down ×1
BETR Better Home & Finance Holding Company - Class A Common Stock $2,762,595 1.67% 100,458 $-1,168,179 Down ×1
SUNS Sunrise Realty Trust, Inc. - Common Stock $2,680,904 1.62% 339,355 $-684,815 Down ×2
MAGN Magnera Corporation Common Stock $2,642,246 1.60% 224,872 $-207,207 Down ×2
GPMT Granite Point Mortgage Trust Inc. Common Stock $2,608,816 1.58% 1,739,211 $-638,182 Down ×1
KOS Kosmos Energy Ltd. Common Shares (DE) $2,399,703 1.45% 1,137,300 Call option $-1,770,297 Down ×1
TEN Tsakos Energy Navigation Ltd Common Shares $2,307,256 1.40% 65,232 $-1,639,849 Down ×3
UHALB CUSIP: 023586506 $2,081,066 1.26% 36,067 $3,911 Down ×1
KOS Kosmos Energy Ltd. Common Shares (DE) $2,033,361 1.23% 963,678 $32,317 Up ×1
TGEN CUSIP: 87876P201 $2,028,805 1.23% 388,660 Up ×1
NB NioCorp Developments Ltd. - Common Stock $1,976,200 1.19% 410,000 Up ×1
METC Ramaco Resources, Inc. - Class A Common Stock $1,825,740 1.10% 138,000 Up ×1
AKAM Akamai Technologies, Inc. - Common Stock $1,182,100 0.71% 10,000 Call option Up ×1
ACHR Archer Aviation Inc. Class A Common Stock $911,911 0.55% 192,793 $-84,829
WD Walker & Dunlop, Inc Common Stock $909,059 0.55% 16,619 $-4,105,881 Down ×1
HFRO Highland Opportunities and Income Fund Common Shares of Beneficial Interest $889,289 0.54% 124,725 Up ×1
ONIT Onity Group Inc. Common Stock $834,750 0.50% 21,000 Up ×1
ACRE Ares Commercial Real Estate Corporation Common Stock $247,752 0.15% 55,056 Up ×1
HPAIW Helport AI Limited - Warrants $32,606 0.02% 994,071 $-110,874 Down ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
ADTN $3,481,839 250,492 2.11%
SHIM $3,322,098 726,936 2.01%
TGEN $2,028,805 388,660 1.23%
NB $1,976,200 410,000 1.19%
METC $1,825,740 138,000 1.10%
AKAM $1,182,100 10,000 0.71%
HFRO $889,289 124,725 0.54%
ONIT $834,750 21,000 0.50%
ACRE $247,752 55,056 0.15%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
AEHR Trimmed -122K +$29.4M
FBRT Trimmed -509K -$4.9M
LODE Bought more +762K +$4.4M
TRTX Trimmed -634K -$3.8M
NMM Trimmed -49K -$3.2M
WY Trimmed -69K -$1.8M
KOS Trimmed -363K -$1.8M
HPP Trimmed -500K +$1.7M
TEN Trimmed -35K -$1.6M
BETR Trimmed -10K -$1.2M

1 position hidden — reported move looks larger than the position itself (data completeness check)

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
IWM June 30, 2026 200,000 $49,600,000 -6.4%
IWM June 30, 2025 125,000 $24,936,250 30.4%
ATEX June 30, 2026 287,500 $10,979,625 -17.9%
DAVE June 30, 2026 34,225 $5,958,230 -7.9%
ABX June 30, 2025 627,402 $4,699,241 63.2%
BYD March 31, 2026 46,389 $3,954,198 -14.3%
XPOF Dec. 31, 2025 475,140 $3,701,341 -41.3%
LSEA June 30, 2025 570,000 $3,659,400 No longer tracked
DUOT Dec. 31, 2025 495,590 $3,647,542 -18.0%
BZH Sept. 30, 2025 161,400 $3,610,518 36.1%
WULF March 31, 2026 304,038 $3,493,397 3.7%
JAKK March 31, 2026 179,520 $3,030,298 39.7%
FCFS June 30, 2025 24,907 $2,996,810 56.0%
BRSP March 31, 2026 501,585 $2,808,876 -32.3%
AZ March 31, 2026 395,410 $2,574,119 -8.1%
CDZI June 30, 2026 510,956 $2,508,794 -16.3%
MFA March 31, 2026 225,469 $2,099,116 -23.3%
DHT June 30, 2026 100,000 $1,827,000 42.3%
WW Dec. 31, 2025 63,241 $1,730,274 -46.3%
ACR Dec. 31, 2025 72,543 $1,535,010 -51.7%
NCMI June 30, 2026 318,000 $969,900 -43.6%
BZH March 31, 2026 46,131 $935,075 73.6%
DDI March 31, 2026 90,870 $784,208 58.6%
SNYR June 30, 2026 550,000 $709,500 No longer tracked
ARQ March 31, 2026 155,000 $506,850 -19.9%
SNYR June 30, 2025 105,944 $248,968 No longer tracked
CBUS Dec. 31, 2025 167,245 $215,746 -9.8%
UAMY June 30, 2026 900 $7,857 -45.0%