New Positions
21 managers initiated
Top five by reported value
- CDC Financial, Inc.$1.5M
- CITADEL ADVISORS LLC$986.5K
- JANE STREET GROUP, LLC$747.3K
- Sentinus, LLC$447.5K
- Brevan Howard Capital Management LP$297.3K
Chicago Atlantic Real Estate Finance Inc NASDAQ NMS - GLOBAL MARKET:REFI
Institutional holders, quarter-over-quarter share deltas, and new and closed positions disclosed in Form 13F. Period 2025-12-31 · prior 2025-09-30.
21 new36 added43 reduced17 exited
Total Institutional Holders
100
as of 2025-12-31
Top Holder
BlackRock, Inc.
$17.7M
Largest QoQ Increase
CDC Financial, Inc.
+121,300 sh
Largest QoQ Decrease
VAN ECK ASSOCIATES CORP
-198,812 sh
New Positions(21)
Added To(36)
| Manager | Shares | Δ Shares | Value | Δ Value | % Δ |
|---|---|---|---|---|---|
| Clayton Partners LLC | 211,000 | +73,037 | $2.6M | +$822.3K | 52.9% |
| COMMONWEALTH EQUITY SERVICES, LLC | 49,895 | +897 | $611.7K | +$611.1K | 1.8% |
| VANGUARD GROUP INC | 942,423 | +1,426 | $11.6M | -$481.2K | 0.1% |
| BlackRock, Inc. | 1,440,771 | +24,130 | $17.7M | -$455.0K | 1.7% |
| Quantinno Capital Management LP | 47,802 | +29,613 | $586.1K | +$353.4K | 162.8% |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | 72,662 | +25,062 | $890.8K | +$282.0K | 52.6% |
| Fielder Capital Group LLC | 832,168 | +22,743 | $10.2M | -$150.2K | 2.8% |
| FMR LLC | 15,760 | +9,486 | $193.2K | +$113.0K | 151.2% |
| PERRITT CAPITAL MANAGEMENT INC | 36,498 | +10,000 | $447.5K | +$108.6K | 37.7% |
| Qube Research & Technologies Ltd | 47,569 | +9,063 | $583.2K | +$90.7K | 23.5% |
| BANK OF AMERICA CORP /DE/ | 13,495 | +6,657 | $165.4K | +$78.0K | 97.3% |
| BARCLAYS PLC | 28,863 | +3,293 | $402.9K | +$75.9K | 12.9% |
| WELLS FARGO & COMPANY/MN | 20,352 | +6,433 | $249.5K | +$71.5K | 46.2% |
| Invesco Ltd. | 30,833 | +4,700 | $378.0K | +$43.8K | 18.0% |
| ADVISOR GROUP HOLDINGS, INC. | 84,478 | +862 | $1.0M | -$38.6K | 1.0% |
| DEUTSCHE BANK AG\ | 12,954 | +3,397 | $158.8K | +$36.6K | 35.5% |
| Connor, Clark & Lunn Investment Management Ltd. | 130,114 | +8,168 | $1.6M | +$35.5K | 6.7% |
| JPMORGAN CHASE & CO | 52,081 | +4,172 | $638.5K | +$25.8K | 8.7% |
| Bank of New York Mellon Corp | 48,283 | +82 | $592.0K | -$24.5K | 0.2% |
| DOLIVER ADVISORS, LP | 106,308 | +2,550 | $1.3M | -$23.7K | 2.5% |
| AlphaQuest LLC | 2,221 | +1,920 | $27.2K | +$23.4K | 637.9% |
| PNC Financial Services Group, Inc. | 1,584 | +1,178 | $19.4K | +$14.2K | 290.1% |
| Tower Research Capital LLC (TRC) | 2,037 | +638 | $25.0K | +$7.1K | 45.6% |
| HighTower Advisors, LLC | 97,258 | +3,570 | $1.2M | -$5.9K | 3.8% |
| Versant Capital Management, Inc | 473 | +344 | $5.8K | +$4.1K | 266.7% |
| GEODE CAPITAL MANAGEMENT, LLC | 21,620 | +787 | $265.5K | -$1.4K | 3.8% |
| AlTi Global, Inc. | 16,733 | +611 | $213.0K | -$770 | 3.8% |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 8,433 | +298 | $103.4K | -$658 | 3.7% |
| MAI Capital Management | 1,516 | +16 | $18.6K | -$598 | 1.1% |
| GAMMA Investing LLC | 160 | +23 | $2.0K | +$210 | 16.8% |
| Penserra Capital Management LLC | 92,123 | +18,912 | $1.1K | +$193 | 25.8% |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | 1,116 | +35 | $13.7K | -$144 | 3.2% |
| PRICE T ROWE ASSOCIATES INC /MD/ | 52,196 | +11,875 | $640 | +$124 | 29.4% |
| ROTHSCHILD INVESTMENT LLC | 10 | +8 | $123 | +$97 | 400.0% |
| Covestor Ltd | 111 | +8 | $1 | $0 | 7.8% |
| AMALGAMATED BANK | 570 | +11 | $7 | $0 | 2.0% |
Reduced(43)
| Manager | Shares | Δ Shares | Value | Δ Value | % Δ |
|---|---|---|---|---|---|
| INTREPID CAPITAL MANAGEMENT INC | 73,922 | -140,905 | $906.3K | -$1.8M | -65.6% |
| Sage Mountain Advisors LLC | 121,400 | -42,408 | $1.5M | -$606.7K | -25.9% |
| RENAISSANCE TECHNOLOGIES LLC | 55,600 | -39,400 | $681.7K | -$533.4K | -41.5% |
| MILLENNIUM MANAGEMENT LLC | 159,287 | -25,410 | $2.0M | -$409.4K | -13.8% |
| Royal Bank of Canada | 516 | -26,940 | $6.0K | -$387.0K | -98.1% |
| CI Private Wealth, LLC | 202,802 | -19,331 | $2.5M | -$354.7K | -8.7% |
| STATE STREET CORP | 528,226 | -4,302 | $6.7M | -$336.5K | -0.8% |
| MORGAN STANLEY | 36,744 | -17,029 | $450.5K | -$237.3K | -31.7% |
| UBS Group AG | 5,398 | -14,384 | $66.2K | -$186.8K | -72.7% |
| AQR CAPITAL MANAGEMENT LLC | 25,075 | -13,552 | $307.4K | -$186.6K | -35.1% |
| NORTHERN TRUST CORP | 135,700 | -6,258 | $1.7M | -$152.0K | -4.4% |
| TWO SIGMA INVESTMENTS, LP | 10,632 | -5,466 | $130.3K | -$75.5K | -34.0% |
| EverSource Wealth Advisors, LLC | 40 | -4,493 | $491 | -$57.5K | -99.1% |
| Russell Investments Group, Ltd. | 2,230 | -4,313 | $27.3K | -$56.4K | -65.9% |
| Magnus Financial Group LLC | 32,626 | -2,188 | $400.0K | -$45.3K | -6.3% |
| Quadrature Capital Ltd | 28,391 | -2,202 | $348.1K | -$43.5K | -7.2% |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 54,896 | -74 | $673.0K | -$30.0K | -0.1% |
| RHUMBLINE ADVISERS | 23,404 | -1,293 | $286.9K | -$28.9K | -5.2% |
| CITIGROUP INC | 10,997 | -1,328 | $134.8K | -$22.8K | -10.8% |
| AdvisorShares Investments LLC | 25,533 | -700 | $313.0K | -$22.5K | -2.7% |
| United Advisor Group, LLC | 23,950 | -600 | $293.6K | -$20.4K | -2.4% |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE | 22,172 | -442 | $271.8K | -$17.4K | -1.9% |
| NISA INVESTMENT ADVISORS, LLC | 2,524 | -786 | $32.5K | -$13.3K | -23.7% |
| Nuveen, LLC | 22,675 | 0 | $278.0K | -$12.0K | 0.0% |
| BNP PARIBAS ARBITRAGE, SNC | 4,126 | -720 | $50.6K | -$11.4K | -14.8% |
| ALLIANCEBERNSTEIN L.P. | 21,410 | 0 | $262.5K | -$11.3K | 0.0% |
| EVERETT HARRIS & CO /CA/ | 18,500 | 0 | $226.8K | -$9.8K | 0.0% |
| Triumph Capital Management | 250 | -500 | $3.1K | -$6.5K | -66.7% |
| MetLife Investment Management, LLC | 9,960 | 0 | $122.1K | -$5.3K | 0.0% |
| NEW YORK STATE COMMON RETIREMENT FUND | 6,038 | 0 | $74.0K | -$3.2K | 0.0% |
| Sterling Capital Management LLC | 1,046 | -206 | $12.8K | -$3.2K | -16.4% |
| Police & Firemen's Retirement System of New Jersey | 4,346 | 0 | $53.3K | -$2.3K | 0.0% |
| STRS OHIO | 3,200 | 0 | $39.2K | -$1.7K | 0.0% |
| Larson Financial Group LLC | 112 | -115 | $1.4K | -$1.5K | -50.7% |
| Geneos Wealth Management Inc. | 2,330 | 0 | $28.6K | -$1.2K | 0.0% |
| Legal & General Group Plc | 1,638 | 0 | $20.1K | -$868 | 0.0% |
| Ameritas Investment Partners, Inc. | 1,352 | 0 | $16.6K | -$716 | 0.0% |
| Sunbelt Securities, Inc. | 879 | 0 | $10.8K | -$465 | 0.0% |
| Westside Investment Management, Inc. | 500 | 0 | $6.1K | -$265 | 0.0% |
| True Wealth Design, LLC | 1 | -15 | $13 | -$192 | -93.8% |
| Atlantic Union Bankshares Corp | 352 | 0 | $4.3K | -$186 | 0.0% |
| CWM, LLC | 1,165 | -995 | $14 | -$14 | -46.1% |
| HARBOR CAPITAL ADVISORS, INC. | 211 | -4 | $3 | $0 | -1.9% |
Sold Out(17)
| Manager | Shares | Δ Shares | Value | Δ Value | % Δ |
|---|---|---|---|---|---|
| Toroso Investments, LLC | 0 | -45,085 | $0 | -$576.6K | — |
| PBMares Wealth Management LLC | 0 | -30,160 | $0 | -$385.7K | — |
| Gladstone Institutional Advisory LLC | 0 | -21,435 | $0 | -$274.2K | — |
| Mariner, LLC | 0 | -20,483 | $0 | -$262.0K | — |
| MARTINGALE ASSET MANAGEMENT L P | 0 | -20,222 | $0 | -$258.6K | — |
| HB Wealth Management, LLC | 0 | -12,498 | $0 | -$159.8K | — |
| MML INVESTORS SERVICES, LLC | 0 | -11,438 | $0 | -$146.3K | — |
| DUMONT & BLAKE INVESTMENT ADVISORS LLC | 0 | -11,217 | $0 | -$143.5K | — |
| ENVESTNET ASSET MANAGEMENT INC | 0 | -10,650 | $0 | -$136.2K | — |
| State of Wyoming | 0 | -8,631 | $0 | -$110.4K | — |
| SRS Capital Advisors, Inc. | 0 | -1,313 | $0 | -$16.8K | — |
| Federation des caisses Desjardins du Quebec | 0 | -500 | $0 | -$6.4K | — |
| VAN ECK ASSOCIATES CORP | 0 | -198,812 | $0 | -$2.5K | — |
| Smartleaf Asset Management LLC | 0 | -71 | $0 | -$929 | — |
| ACADIAN ASSET MANAGEMENT LLC | 0 | -3,027 | $0 | -$38 | — |
| SIMPLEX TRADING, LLC | 0 | -1,651 | $0 | -$21 | — |
| Clearstead Advisors, LLC | 0 | -1 | $0 | -$13 | — |
Top Holders by reported value
Ranked by the dollar value reported on the latest Form 13F. Share counts reflect long positions as of 2025-12-31.
| Manager | Shares | $ Value | Δ Shares | QoQ % |
|---|---|---|---|---|
| BlackRock, Inc. | 1,440,771 | $17.7M | +24,130 | 1.7% |
| VANGUARD GROUP INC | 942,423 | $11.6M | +1,426 | 0.1% |
| Fielder Capital Group LLC | 832,168 | $10.2M | +22,743 | 2.8% |
| STATE STREET CORP | 528,226 | $6.7M | -4,302 | -0.8% |
| Clayton Partners LLC | 211,000 | $2.6M | +73,037 | 52.9% |
| CI Private Wealth, LLC | 202,802 | $2.5M | -19,331 | -8.7% |
| MILLENNIUM MANAGEMENT LLC | 159,287 | $2.0M | -25,410 | -13.8% |
| NORTHERN TRUST CORP | 135,700 | $1.7M | -6,258 | -4.4% |
| Connor, Clark & Lunn Investment Management Ltd. | 130,114 | $1.6M | +8,168 | 6.7% |
| Sage Mountain Advisors LLC | 121,400 | $1.5M | -42,408 | -25.9% |
| CDC Financial, Inc. | 121,300 | $1.5M | +121,300 | — |
| DOLIVER ADVISORS, LP | 106,308 | $1.3M | +2,550 | 2.5% |
| HighTower Advisors, LLC | 97,258 | $1.2M | +3,570 | 3.8% |
| ADVISOR GROUP HOLDINGS, INC. | 84,478 | $1.0M | +862 | 1.0% |
| CITADEL ADVISORS LLC | 80,463 | $986.5K | +80,463 | — |
| INTREPID CAPITAL MANAGEMENT INC | 73,922 | $906.3K | -140,905 | -65.6% |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | 72,662 | $890.8K | +25,062 | 52.6% |
| JANE STREET GROUP, LLC | 60,954 | $747.3K | +60,954 | — |
| RENAISSANCE TECHNOLOGIES LLC | 55,600 | $681.7K | -39,400 | -41.5% |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 54,896 | $673.0K | -74 | -0.1% |
New & Closed Positions this quarter
Closed Positions
17 managers exited
Top five by prior-quarter value
- Toroso Investments, LLC$576.6K
- PBMares Wealth Management LLC$385.7K
- Gladstone Institutional Advisory LLC$274.2K
- Mariner, LLC$262.0K
- MARTINGALE ASSET MANAGEMENT L P$258.6K
Methodology
Form 13F is the SEC's quarterly disclosure for institutional investment managers exercising discretion over $100 million or more in qualifying U.S. equity securities. Managers must file within 45 days of each calendar quarter end, which is why holdings shown here reflect a snapshot at the period date — not real-time positioning.
Quarter-over-quarter deltas compare each manager's most recently reported share count for REFI against its prior-quarter count. New positions are entries where the prior count was zero; closed positions are entries where the current count is zero. Amendments (13F-HR/A) replace prior filings for the same period.
Source: SEC EDGAR Form 13F (XML information tables). Dollar values are as reported by the manager and may use mid-quarter pricing conventions. CUSIP-to-ticker resolution is best-effort.