CIK 2055446
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 | 76.68% | 35 |
| Equity Real Estate Investment Trusts (REITs) | 17.59% | 3 |
| Real Estate Management & Development | 5.74% | 2 |
| # | Ticker | Name | Sector | Weight |
|---|---|---|---|---|
| 1 | BRSP | BrightSpire Capital, Inc. | Real Estate | 10.79% |
| 2 | RWAY | RUNWAY GROWTH FINANCE CORP | Unclassified | 7.96% |
| 3 | GBDC | GOLUB CAP BDC INC | Unclassified | 7.30% |
| 4 | MSIF | MSC INCOME FUND INC | Unclassified | 6.59% |
| 5 | ACRE | Ares Commercial Real Estate Corp | Real Estate | 6.48% |
| 6 | CGBD | CARLYLE SECURED LENDING INC | Unclassified | 5.11% |
| 7 | BCSF | BAIN CAP SPECIALTY FIN INC | Unclassified | 4.99% |
| 8 | CCAP | CRESCENT CAP BDC INC | Unclassified | 4.96% |
| 9 | MRP | Millrose Properties, Inc. | Real Estate | 4.38% |
| 10 | NRK | NUVEEN NEW YORK AMT QLT MUNI | Unclassified | 4.36% |
5/40 names classified · sector 23.3% of weight · industry 23.3% · mkt cap 23.3%; 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: 23.3% of the book is sector-classified (unclassified names shown, never dropped).
Only 0% of book weight classified — the grid is NOT representative of the whole book.
Classified: 0.3% of book weight (1/40 names) · unclassified 99.7%: BRSP, RWAY, GBDC, MSIF, ACRE, CGBD, BCSF, CCAP, MRP, NRK +29 more. 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 | BRSPBRIGHTSPIRE CAPITAL INC | 1,600,000 | $9M | 10.8% | TRIM −48% |
| 2 | RWAYRUNWAY GROWTH FINANCE CORP | 961,326 | $7M | 8.0% | TRIM −39% |
| 3 | GBDCGOLUB CAP BDC INC | 478,894 | $6M | 7.3% | ADD 47% |
| 4 | MSIFMSC INCOME FUND INC | 448,919 | $5M | 6.6% | TRIM −11% |
| 5 | ACREARES COML REAL ESTATE CORP | 1,120,000 | $5M | 6.5% | TRIM −28% |
| 6 | CGBDCARLYLE SECURED LENDING INC | 387,518 | $4M | 5.1% | TRIM −58% |
| 7 | BCSFBAIN CAP SPECIALTY FIN INC | 333,982 | $4M | 5.0% | TRIM −47% |
| 8 | CCAPCRESCENT CAP BDC INC | 338,907 | $4M | 5.0% | TRIM −59% |
| 9 | MRPMILLROSE PPTYS INC | 130,000 | $4M | 4.4% | ADD 2% |
| 10 | NRKNUVEEN NEW YORK AMT QLT MUNI | 354,414 | $4M | 4.4% | TRIM −41% |
| 11 | FSSLFS SPECIALTY LENDING FD | 250,000 | $3M | 3.8% | ADD 85% |
| 12 | TCPCBLACKROCK TCP CAPITAL CORP | 850,000 | $3M | 3.7% | ADD 8% |
| 13 | GLOCLOUGH GLOBAL OPPORTUNITIES | 529,521 | $3M | 3.6% | TRIM −52% |
| 14 | FSCOFS CREDIT OPPORTUNITIES CORP | 525,000 | $3M | 3.2% | ADD 1821% |
| 15 | GLADGLADSTONE CAPITAL CORP | 142,896 | $2M | 3.0% | NEW |
| 16 | OTFBLUE OWL TECHNOLOGY FINANCE | 188,674 | $2M | 2.8% | TRIM −31% |
| 17 | MXFMEXICO FD INC | 71,369 | $1M | 1.8% | TRIM −43% |
| 18 | NVGNUVEEN AMT FREE MUN CR INC F | 113,390 | $1M | 1.7% | TRIM −63% |
| 19 | ECATBLACKROCK ESG CAP ALLC TERM | 100,000 | $1M | 1.6% | TRIM −55% |
| 20 | IQIINVESCO QUALITY MUN INCOME T | 130,401 | $1M | 1.5% | TRIM −45% |
| 21 | AOMRANGEL OAK MORTGAGE REIT INC | 136,424 | $1M | 1.4% | TRIM −45% |
| 22 | XNQPXNUVEEN PENNSYLVANIA QLT MUN | 85,044 | $1M | 1.2% | TRIM −44% |
| 23 | XNXJXNUVEEN NEW JERSEY QULT MUN F | 62,639 | $770,460 | 0.9% | TRIM −44% |
| 24 | BXSLBLACKSTONE SECD LENDING FD | 27,041 | $640,601 | 0.8% | NEW |
| 25 | BRWSABA CAPITAL INCOME & OPRNT | 94,432 | $636,472 | 0.8% | TRIM −42% |
| 26 | VPVINVESCO PA VALUE MUN INC TR | 49,775 | $526,122 | 0.6% | TRIM −47% |
| 27 | CIONCION INVT CORP | 75,000 | $513,000 | 0.6% | TRIM −93% |
| 28 | ACPABRDN INCOME CREDIT STRATEGI | 100,000 | $510,000 | 0.6% | TRIM −70% |
| 29 | DMADESTRA MULTI-ALTERNATIVE FD | 55,059 | $446,528 | 0.5% | TRIM −29% |
| 30 | ARCCARES CAPITAL CORP | 17,757 | $319,981 | 0.4% | NEW |
| 31 | SWZTOTAL RETURN SECURITIES FUND | 47,591 | $282,215 | 0.3% | TRIM −93% |
| 32 | GLVCLOUGH GLOBAL DIVID & INCOME | 47,359 | $280,365 | 0.3% | TRIM −81% |
| 33 | XGLQXCLOUGH GLOBAL EQUITY FD | 35,554 | $267,722 | 0.3% | TRIM −51% |
| 34 | ARIAPOLLO COML REAL EST FIN INC | 25,000 | $264,000 | 0.3% | TRIM −58% |
| 35 | FSKFS KKR CAP CORP | 25,000 | $254,500 | 0.3% | TRIM −97% |
| 36 | OXLCOXFORD LANE CAP CORP | 25,000 | $244,500 | 0.3% | TRIM −98% |
| 37 | NMFCNEW MTN FIN CORP | 25,000 | $194,000 | 0.2% | NEW |
| 38 | FMNFEDERATED HERMES PREM MUNI I | 17,018 | $186,007 | 0.2% | TRIM −56% |
| 39 | HFROHIGHLAND OPPS & INCOME FD | 22,081 | $126,083 | 0.2% | TRIM −89% |
| 40 | ICMBINVESTCORP CR MGMT BDC INC | 25,386 | $41,125 | 0.0% | TRIM −53% |
| Security | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| BRSPBRIGHTSPIRE CAPITAL INC | 770K | 1.5M | 1.3M | 2.5M | 3.1M | 1.6M | $9M |
| RWAYRUNWAY GROWTH FINANCE CORP | 848K | 1.1M | 522K | 775K | 1.6M | 961K | $7M |
| GBDCGOLUB CAP BDC INC | — | — | — | 50K | 326K | 479K | $6M |
| MSIFMSC INCOME FUND INC | — | — | — | 320K | 502K | 449K | $5M |
| ACREARES COML REAL ESTATE CORP | — | 93K | — | 1.2M | 1.6M | 1.1M | $5M |
| CGBDCARLYLE SECURED LENDING INC | — | — | — | 476K | 912K | 388K | $4M |
| BCSFBAIN CAP SPECIALTY FIN INC | — | — | — | 175K | 627K | 334K | $4M |
| CCAPCRESCENT CAP BDC INC | — | — | 311K | 418K | 835K | 339K | $4M |
| MRPMILLROSE PPTYS INC | — | 324K | 167K | — | 127K | 130K | $4M |
| NRKNUVEEN NEW YORK AMT QLT MUNI | 330K | 356K | 321K | 539K | 601K | 354K | $4M |
| FSSLFS SPECIALTY LENDING FD | — | — | — | — | 135K | 250K | $3M |
| TCPCBLACKROCK TCP CAPITAL CORP | 28K | 365K | — | 500K | 788K | 850K | $3M |
| GLOCLOUGH GLOBAL OPPORTUNITIES | 328K | 466K | 433K | 947K | 1.1M | 530K | $3M |
| FSCOFS CREDIT OPPORTUNITIES CORP | — | — | — | — | 27K | 525K | $3M |
| GLADGLADSTONE CAPITAL CORP | — | — | — | — | — | 143K | $2M |
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.
Where this firm's principals came from and which firms its alumni went on to found.
