Performance vs S&P 500

03
Tracked Q1 2025–Q2 2026 +4.4%
S&P 500 total return (same window) +37.0%
Excess return -32.6%

Annualized: +3.5% · 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: 92.1% · Options excluded: 0.0%

Sector breakdown

04
Financials 38.8%
Real Estate 24.2%
Other/Unmapped 37.0%

Full portfolio 33 positions

05
Type Streak 8Q trend
FSSL FS Specialty Lending Fund Common Shares of Beneficial Interest $9,116,240 10.94% 817,600 $5,988,740 Up ×2
CGBD Carlyle Secured Lending, Inc. - Closed End Fund $6,486,480 7.78% 616,000 $2,247,033 Up ×1
MSIF MSC Income Fund, Inc. Common Stock $6,220,032 7.46% 537,600 $752,199 Up ×1
BRSP BrightSpire Capital, Inc. Class A Common Stock $5,951,400 7.14% 1,092,000 $-3,008,600 Down ×2
CCAP Crescent Capital BDC, Inc. - Common Stock $5,687,136 6.82% 520,800 $1,569,416 Up ×1
ACRE Ares Commercial Real Estate Corporation Common Stock $5,544,000 6.65% 1,232,000 $168,000 Up ×1
MRP Millrose Properties, Inc. Class A Common Stock $5,384,960 6.46% 179,200 $1,744,960 Up ×2
GLO CUSIP: 18914E106 $4,455,360 5.35% 728,000 $1,505,928 Up ×1
RWAY Runway Growth Finance Corp. - Common Stock $4,084,080 4.90% 728,000 $-2,520,230 Down ×2
NRK Nuveen New York AMT-Free Quality Municipal Income Fund $3,469,850 4.16% 323,680 $-148,717 Down ×2
MXF Mexico Fund, Inc. (The) Common Stock $2,981,931 3.58% 136,348 $1,488,178 Up ×1
OTF Blue Owl Technology Finance Corp. Common Stock $2,871,783 3.45% 277,467 $534,112 Up ×1
BCSF Bain Capital Specialty Finance, Inc. Common Stock $2,804,480 3.36% 224,000 $-1,336,897 Down ×2
SLRC SLR Investment Corp. - Closed End Fund $2,078,160 2.49% 168,000 Up ×1
GLAD Gladstone Capital Corporation - Closed End Fund $2,044,538 2.45% 105,280 $-434,708 Down ×1
TYG Tortoise Energy Infrastructure Corporation Common Stock $1,920,576 2.30% 44,800
BXMT Blackstone Mortgage Trust, Inc. Common Stock $1,803,480 2.16% 106,400 Up ×1
JFR Nuveen Floating Rate Income Fund Common Stock $1,706,583 2.05% 222,501
AOMR Angel Oak Mortgage REIT, Inc. Common Stock $1,492,471 1.79% 164,369 $371,066 Up ×1
NFJ Virtus Dividend, Interest & Premium Strategy Fund Common Shares of Beneficial Interest $1,357,789 1.63% 89,387 Up ×1
IQI Invesco Quality Municipal Income Trust Common Stock $1,214,582 1.46% 120,018 $-39,876 Down ×2
NMZ Nuveen Municipal High Income Opportunity Fund Common Stock, $0.01 par value, per share $947,072 1.14% 89,600 Up ×1
GLQ CUSIP: 18914C100 $767,990 0.92% 89,094 $500,268 Up ×1
GLV CUSIP: 18913Y103 $607,560 0.73% 91,500 $327,195 Up ×1
FSCO FS Credit Opportunities Corp. Common Stock $447,104 0.54% 89,600 $-2,230,396 Down ×1
ECAT BlackRock ESG Capital Allocation Term Trust Common Shares of Beneficial Interest $440,160 0.53% 28,000 $-917,840 Down ×5
BRW Saba Capital Income & Opportunities Fund SBI $367,920 0.44% 56,000 $-268,552 Down ×2
JQC Nuveen Credit Strategies Income Fund Shares of Beneficial Interest $364,019 0.44% 74,901 Up ×1
DMA Destra Multi-Alternative Fund Common Stock $224,400 0.27% 30,000 $-222,128 Down ×2
FMN Federated Hermes Premier Municipal Income Fund $181,749 0.22% 15,818 $-4,258 Down ×2
HFRO Highland Opportunities and Income Fund Common Shares of Beneficial Interest $176,332 0.21% 24,731 $50,249 Up ×1
JOF Japan Smaller Capitalization Fund Inc Common Stock $117,800 0.14% 10,000 Up ×1
ICMB Investcorp Credit Management BDC, Inc. - Common Stock $32,760 0.04% 28,000 $-8,365 Up ×1

Biggest new bets

09

New positions opened this quarter, largest first.

SecurityValueShares% of portfolio
SLRC $2,078,160 168,000 2.49%
TYG $1,920,576 44,800 2.30%
BXMT $1,803,480 106,400 2.16%
JFR $1,706,583 222,501 2.05%
NFJ $1,357,789 89,387 1.63%
NMZ $947,072 89,600 1.14%
JQC $364,019 74,901 0.44%
JOF $117,800 10,000 0.14%

Top movers (QoQ)

10
SecurityActionShares ΔValue Δ
FSSL Bought more +568K +$6.0M
BRSP Trimmed -508K -$3.0M
RWAY Trimmed -233K -$2.5M
CGBD Bought more +228K +$2.2M
MRP Bought more +49K +$1.7M
CCAP Bought more +182K +$1.6M
GLO Bought more +198K +$1.5M
MXF Bought more +65K +$1.5M
BCSF Trimmed -110K -$1.3M
ECAT Trimmed -72K -$918K

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
MFIC March 31, 2026 651,326 $7,451,169 -24.3%
XFLT March 31, 2026 1,482,418 $7,115,606 12.3%
EIC Dec. 31, 2025 422,222 $6,454,218 -20.4%
JAAA Dec. 31, 2025 126,667 $6,432,150
GBDC June 30, 2026 478,894 $6,062,798 -3.9%
MRP Sept. 30, 2025 166,750 $4,764,881 -33.0%
BTX Sept. 30, 2025 566,000 $4,143,686 40.0%
TCPC June 30, 2026 850,000 $3,068,500 18.5%
GSBD June 30, 2025 280,000 $2,996,364 -19.6%
NZF March 31, 2026 223,536 $2,812,083 -11.7%
TCPC June 30, 2025 365,000 $2,549,525 -48.3%
MFIC June 30, 2025 190,000 $2,268,600 -32.6%
ECC March 31, 2026 390,468 $2,249,096 -9.3%
NMCO Dec. 31, 2025 206,380 $2,241,287 -15.8%
BSTZ June 30, 2025 84,374 $1,498,491 49.4%
ZTR March 31, 2026 222,186 $1,399,772 -10.1%
NVG June 30, 2026 113,390 $1,398,099 -18.5%
KBDC Dec. 31, 2025 100,000 $1,332,000 -11.3%
TYG Dec. 31, 2025 28,932 $1,246,680 -5.5%
VTN Dec. 31, 2025 106,729 $1,176,154 -18.2%
AEF March 31, 2026 152,370 $1,066,590 No longer tracked
NQP June 30, 2026 85,044 $1,014,575 No longer tracked
NEA March 31, 2026 76,342 $887,857 -12.6%
VKI March 31, 2026 95,443 $870,440 No longer tracked
NXJ June 30, 2026 62,639 $770,460 No longer tracked
AOD Dec. 31, 2025 80,974 $766,014 3.4%
EMO Dec. 31, 2025 16,446 $738,754 12.6%
BXSL June 30, 2026 27,041 $640,601 -0.8%
RWT Dec. 31, 2025 95,000 $550,050 -37.8%
VPV June 30, 2026 49,775 $526,122 -5.8%
CION June 30, 2026 75,000 $513,000 11.2%
ACP June 30, 2026 100,000 $510,000 -16.0%
JFR Sept. 30, 2025 60,460 $509,980 -11.6%
VVR Sept. 30, 2025 126,360 $479,536 -17.1%
HIX Sept. 30, 2025 89,829 $386,714 -19.3%
FGB June 30, 2025 96,932 $381,553 No longer tracked
ACRE June 30, 2025 93,469 $371,072 -22.4%
ENX Dec. 31, 2025 36,942 $364,248 No longer tracked
ARCC June 30, 2026 17,757 $319,981 1.6%
SWZ June 30, 2026 47,591 $282,215 -3.0%
ARI June 30, 2026 25,000 $264,000 -41.7%
FSK June 30, 2026 25,000 $254,500 4.7%
OXLC June 30, 2026 25,000 $244,500 1.9%
NMFC June 30, 2026 25,000 $194,000 -4.5%
EVM Dec. 31, 2025 17,623 $167,242 No longer tracked
WIA March 31, 2026 10,892 $90,077 -5.4%
OXSQ Dec. 31, 2025 50,000 $79,500 -27.8%