13F COMBINATION REPORT
IAT REINSURANCE CO LTD.
Quarter ended Q4 2025 · Filed February 10, 2026 · Accession 0001214659-26-001387
Total Value
$341.5M
Positions
71
Other Managers
10
Confidential Omitted
No
Holdings (71)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | MERCER INTERNATIONAL INC SBI | 588056101 | 17,220,000 | $34.1M | 9.98% |
| 2 | CORNING INC | GLW | 368,350 | $32.3M | 9.45% |
| 3 | AMGEN INC | AMGN | 92,500 | $30.3M | 8.87% |
| 4 | SCULLY ROYALTY LTD | SRL | 3,416,664 | $29.2M | 8.55% |
| 5 | NAM TAI PROPERTY INC | NTPIF | 5,774,800 | $24.8M | 7.27% |
| 6 | NAM TAI G63907-10-2 PRIVATE | G63907PP1 | 5,336,452 | $22.9M | 6.72% |
| 7 | GOLDMAN SACHS GROUP INC | GSCE | 21,050 | $18.5M | 5.42% |
| 8 | HELIOS TECHNOLOGIES INC | HLIO | 300,000 | $16.0M | 4.70% |
| 9 | ARGONAUT GROUP STATUTORY TR - CALL | 8AMCSFQW9 | 12,000 | $12.0M | 3.51% |
| 10 | VAIL RESORTS INC. | MTN | 84,000 | $11.2M | 3.27% |
| 11 | EXXON MOBIL CORP | XOM | 79,600 | $9.6M | 2.81% |
| 12 | DELPHI FINANCIAL GROUP - CALLABLE | 247131303 | 328,790 | $8.1M | 2.36% |
| 13 | ADVANCED MICRO DEVICES INC | AMD | 33,936 | $7.3M | 2.13% |
| 14 | TENNESSEE VALLEY AUTHORITY | TVC | 260,000 | $6.4M | 1.87% |
| 15 | WINTRUST FINANCIAL CORP-CALL | WTFCN | 220,000 | $5.7M | 1.68% |
| 16 | ALGONQUIN POWER & UTILITIES CORP | AQNB | 200,000 | $5.1M | 1.50% |
| 17 | GENERAL ELECTRIC CO | 369604301 | 15,125 | $4.7M | 1.36% |
| 18 | KKR & CO INC | KKRT | 180,000 | $4.6M | 1.36% |
| 19 | WESBANCO INC - CALLABLE | WSBCO | 130,000 | $3.4M | 0.98% |
| 20 | TENNESSEE VALLEY AUTHORITY PARRS | 880591300 | 120,000 | $2.9M | 0.84% |
| 21 | TE CONNECTIVITY COM | TEL | 12,500 | $2.8M | 0.83% |
| 22 | EAGLE POINT CREDIT CO-CALLABLE | ECCW | 120,000 | $2.8M | 0.83% |
| 23 | F&G ANNUITIES & LIFE INC - CALLABL | FGSN | 120,000 | $2.6M | 0.77% |
| 24 | OXFORD LANE CAP CORP | OXLCZ | 100,000 | $2.5M | 0.74% |
| 25 | GE VERNOVA INC | GEV | 3,780 | $2.5M | 0.72% |
| 26 | PARTNERRE LTD - CALLABLE | PREJF | 120,000 | $2.1M | 0.60% |
| 27 | OXFORD LANE CAP CORP | OXLCZ | 80,000 | $2.1M | 0.60% |
| 28 | TRITON INTL LTD-CALLABLE | G9078F164 | 80,000 | $2.0M | 0.59% |
| 29 | RAMCO RES INC-CALLABLE | METCZ | 80,000 | $2.0M | 0.59% |
| 30 | XCEL ENERGY INC-CALLABLE | XELLL | 80,000 | $2.0M | 0.59% |
| 31 | ASPEN INSURANCE HOLDINGS-CALL | AHL-PF | 80,000 | $2.0M | 0.58% |
| 32 | TANSCANADA PIPELINE STR | 893526681 | 80,000 | $2.0M | 0.57% |
| 33 | AFFILIATED MANAGERS GROUP INC-CALL | MGRE | 80,000 | $1.9M | 0.57% |
| 34 | COREBRIDGE FINL INC-CALLABLE | 21871X208 | 80,000 | $1.9M | 0.54% |
| 35 | NEWTEKONE INC-CALLABLE | NEWTP | 80,000 | $1.8M | 0.54% |
| 36 | B RILEY FINANCIAL INC - CALLABLE | 05580M819 | 140,000 | $1.7M | 0.50% |
| 37 | JOHNSON CTLS INTL PLC | G51502105 | 11,937 | $1.4M | 0.42% |
| 38 | AXIS CAPITAL HOLDINGS-CALLABLE | AXS-PE | 70,000 | $1.4M | 0.41% |
| 39 | PHI GROUP INC | 69360B104 | 39,712 | $1.3M | 0.37% |
| 40 | US BANCORP -CALLABLE | 902973668 | 60,000 | $1.1M | 0.32% |
| 41 | BANK OZK | OZKAP | 60,000 | $996,600 | 0.29% |
| 42 | AMERICAN FINL GROUP INC OHIO-CALL | AFGE | 50,000 | $948,000 | 0.28% |
| 43 | CUSTOMERS BANCORP INC | CUBB | 40,000 | $891,200 | 0.26% |
| 44 | HUDSON PACIFIC PROPERTIES INC-CALL | HPP-PC | 55,000 | $848,650 | 0.25% |
| 45 | GLOBE LIFE INC - CALLABLE | GL-PD | 50,000 | $841,500 | 0.25% |
| 46 | PROCTER & GAMBLE CO | 742718109 | 5,700 | $816,867 | 0.24% |
| 47 | SPECTRUM BRANDS HOLDINGS INC | SPB | 12,799 | $756,165 | 0.22% |
| 48 | BERKSHIRE HATHAWAY INC DEL CL A | BRK-A | 1 | $754,800 | 0.22% |
| 49 | ARCH CAPITAL GROUP LTD | 03939A404 | 40,000 | $664,000 | 0.19% |
| 50 | COMERICA INC-CALLABLE | 200340701 | 20,000 | $523,400 | 0.15% |
| 51 | AMERICAN FINANCIAL GR INC OH-CALL | 025932864 | 30,000 | $506,700 | 0.15% |
| 52 | BROOKFIELD BRP HLDGS INC-CALLABLE | 11259P307 | 20,000 | $502,202 | 0.15% |
| 53 | ATLANTICUS HOLDINS CORP - CALL | ATLCZ | 20,000 | $495,954 | 0.15% |
| 54 | PROSPECT CAP CORP | PSEC-PA | 30,000 | $495,600 | 0.15% |
| 55 | SCE TR VIII-CALLABLE | 80620A208 | 20,000 | $482,000 | 0.14% |
| 56 | ABBVIE INC | ABBV | 1,948 | $445,099 | 0.13% |
| 57 | READY CAPITAL CORP | RC-PE | 20,000 | $416,000 | 0.12% |
| 58 | GE HEALTHCARE TECHNOLOGIES INC | GEHC | 5,040 | $413,381 | 0.12% |
| 59 | SLM CORP PFD SERIES B | SLMBP | 4,500 | $326,970 | 0.10% |
| 60 | CONIFER HOLDINGS INC | PRHIZ | 250,000 | $178,175 | 0.05% |
| 61 | LADENBURG THALMAN FIN SVCS INC | 50575Q300 | 5,000 | $112,500 | 0.03% |
| 62 | OFFICE PPTYS INCOME TR | 67623C208 | 40,000 | $74,800 | 0.02% |
| 63 | CBL & ASSOC PPTYS INC | 124830878 | 658 | $24,346 | 0.01% |
| 64 | ADIENT LTD | ADNT | 1,193 | $22,870 | 0.01% |
| 65 | SVB FINL TR | 78500B403 | 240,000 | $19,200 | 0.01% |
| 66 | KAISER ALUM CORP DEPOSITARY S CMN | KALU | 70 | $8,040 | 0.00% |
| 67 | BB LIQUIDATING INC - CLASS A | 05532D107 | 54,211 | $813 | 0.00% |
| 68 | BB LIQUIDATING INC - CLASS B | 05532D206 | 54,211 | $434 | 0.00% |
| 69 | CAL DIVE INTERNATIONAL INC | 12802T101 | 500,000 | $50 | 0.00% |
| 70 | ROOMSTORE INC - CMN | 77638R108 | 43,661 | $4 | 0.00% |
| 71 | CORSA COAL CORP | 22041E609 | 2,226,000 | $2 | 0.00% |