CIK 1607203
Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q4. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.
As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).
Computing…
Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.
| Industry group | Weight | Names |
|---|---|---|
| Unclassified | 64.44% | 8 |
| Equity Real Estate Investment Trusts (REITs) | 35.56% | 3 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | ACR | ACRES Commercial Realty Corp. | Real Estate | 35.21% |
| 2 | RITHM PPTY TR INC | Unclassified | 19.14% | |
| 3 | TRIN | TRINITY CAP INC | Unclassified | 16.57% |
| 4 | OXLC | OXFORD LANE CAP CORP | Unclassified | 12.64% |
| 5 | XFLT | XAI OCTAGN FLT RAT & ALT INM T COM SHS BENF INT | Unclassified | 11.70% |
| 6 | HRZN | HORIZON TECHNOLOGY FIN CORP | Unclassified | 2.39% |
| 7 | BRAEMAR HOTELS & RESORTS INC | Unclassified | 1.19% | |
| 8 | CCIF | CARLYLE CREDIT INCOME FUND | Unclassified | 0.77% |
| 9 | GPMT | Granite Point Mortgage Trust Inc. | Real Estate | 0.18% |
| 10 | RC | Ready Capital Corp | Real Estate | 0.17% |
3/11 names classified · sector 35.6% of weight · industry 35.6% · mkt cap 35.6%; unclassified names shown, never dropped.
Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 35.6% of the book is sector-classified (unclassified names shown, never dropped).
Only 35% of book weight classified — the grid is NOT representative of the whole book.
Classified: 35.2% of book weight (1/10 names) · unclassified 64.8%: , TRIN, OXLC, XFLT, HRZN, CCIF, GPMT, RC, BCIC. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.
No contribution data for this period.
| # | Security | Shares | Value | Weight | Δ QoQ |
|---|---|---|---|---|---|
| 1 | ACRACRES COMMERCIAL REALTY CORP | 1,177,060 | $23M | 35.2% | HOLD |
| 2 | RITHM PPTY TR INC | 496,581 | $12M | 19.1% | NEW |
| 3 | TRINTRINITY CAP INC | 727,439 | $11M | 16.6% | HOLD |
| 4 | OXLCOXFORD LANE CAP CORP | 834,459 | $8M | 12.6% | ADD 68% |
| 5 | XFLTXAI OCTAGN FLT RAT & ALT INM T COM SHS BENF INT | 439,852 | $8M | 11.7% | NEW |
| 6 | HRZNHORIZON TECHNOLOGY FIN CORP | 366,194 | $2M | 2.4% | HOLD |
| 7 | BRAEMAR HOTELS & RESORTS INC | 52,740 | $766,840 | 1.2% | NEW |
| 8 | CCIFCARLYLE CREDIT INCOME FUND | 155,393 | $498,811 | 0.8% | HOLD |
| 9 | GPMTGRANITE PT MTG TR INC | 80,666 | $116,966 | 0.2% | HOLD |
| 10 | RCREADY CAPITAL CORP | 67,920 | $110,030 | 0.2% | HOLD |
| 11 | BCICBCP INVESTMENT CORPORATION | 3,634 | $27,328 | 0.0% | HOLD |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| ACRACRES COMMERCIAL REALTY CORP | — | — | — | — | 1.2M | 1.2M | $23M |
| RITHM PPTY TR INC | — | — | — | — | — | 497K | $12M |
| TRINTRINITY CAP INC | — | — | — | — | 727K | 727K | $11M |
| OXLCOXFORD LANE CAP CORP | — | — | — | — | 497K | 834K | $8M |
| XFLTXAI OCTAGN FLT RAT & ALT INM T COM SHS BENF INT | — | — | — | — | — | 440K | $8M |
| HRZNHORIZON TECHNOLOGY FIN CORP | — | — | — | — | 370K | 366K | $2M |
| BRAEMAR HOTELS & RESORTS INC | — | — | — | — | — | 53K | $766,840 |
| CCIFCARLYLE CREDIT INCOME FUND | — | — | — | — | 155K | 155K | $498,811 |
| GPMTGRANITE PT MTG TR INC | — | — | — | — | 81K | 81K | $116,966 |
| RCREADY CAPITAL CORP | — | — | — | — | 68K | 68K | $110,030 |
| BCICBCP INVESTMENT CORPORATION | — | — | — | — | 4K | 4K | $27,328 |
Shares reported each quarter by the largest current holdings. Green = added vs the prior filing of that name, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.
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