SHEPHERD KAPLAN KROCHUK, LLC Diversified Active

CIK: 0001218583 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 13, 2026

Total Value ($000): $121,088 (100.0% shares, 0.0% debt)

Holdings (64)

New Positions (6)

FDL FIRST TR EXCHANGE-TRADED FD 1.5%

Value ($000) $1,777 Shares 40,068 Est. Cost $44.34 Unrealized —

RSP INVESCO EXCHANGE TRADED FD T 0.8%

Value ($000) $965 Shares 5,040 Est. Cost $191.55 Unrealized —

— INVESCO QQQ TR 0.5%

Value ($000) $565 Shares 920 Est. Cost $614.16 Unrealized —

ABBV ABBVIE INC 0.4%

Value ($000) $438 Shares 1,916 Est. Cost $227.54 Unrealized 0.0%

PRU PRUDENTIAL FINL INC 0.4%

Value ($000) $436 Shares 3,861 Est. Cost $106.51 Unrealized 0.0%

GOOGL ALPHABET INC 0.2%

Value ($000) $221 Shares 706 Est. Cost $285.60 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FDL	FIRST TR EXCHANGE-TRADED FD	40,068	$1,777	1.5%	$44.34	—	SHS	336917109
RSP	INVESCO EXCHANGE TRADED FD T	5,040	$965	0.8%	$191.55	—	S&P500 EQL WGT	46137V357
—	INVESCO QQQ TR	920	$565	0.5%	$614.16	—	UNIT SER 1	46090e103
ABBV	ABBVIE INC	1,916	$438	0.4%	$227.54	0.0%	COM	00287Y109
PRU	PRUDENTIAL FINL INC	3,861	$436	0.4%	$106.51	0.0%	COM	744320102
GOOGL	ALPHABET INC	706	$221	0.2%	$285.60	0.0%	CAP STK CL A	02079K305

Increased Positions (15)

VTI VANGUARD INDEX FDS 8.4%

Value ($000) $10,147 (+29.8%) Shares 30,266 (+27.1%) Est. Cost $281.81 Unrealized —

ZROZ PIMCO ETF TR 3.1%

Value ($000) $3,705 (+81.8%) Shares 57,658 (+92.3%) Est. Cost $67.46 Unrealized —

USMV ISHARES TR 6.1%

Value ($000) $7,446 (+13.8%) Shares 79,079 (+15.0%) Est. Cost $85.80 Unrealized —

CORP PIMCO ETF TR 3.0%

Value ($000) $3,596 (+9.8%) Shares 36,753 (+10.7%) Est. Cost $94.33 Unrealized —

BIV VANGUARD BD INDEX FDS 0.9%

Value ($000) $1,131 (+29.6%) Shares 14,519 (+30.0%) Est. Cost $77.61 Unrealized —

JMBS JANUS DETROIT STR TR 3.2%

Value ($000) $3,860 (+6.5%) Shares 84,486 (+6.4%) Est. Cost $47.98 Unrealized —

NRGV ENERGY VAULT HOLDINGS INC 0.3%

Value ($000) $310 (+117.6%) Shares 67,246 (+40.2%) Est. Cost $2.20 Unrealized +73.8%

TBF PROSHARES TR 0.5%

Value ($000) $559 (+37.3%) Shares 23,181 (+35.1%) Est. Cost $23.82 Unrealized —

VNQ VANGUARD INDEX FDS 1.9%

Value ($000) $2,273 (+6.4%) Shares 25,687 (+9.9%) Est. Cost $84.97 Unrealized —

GOOG ALPHABET INC 0.3%

Value ($000) $342 (+51.1%) Shares 1,089 (+17.2%) Est. Cost $221.16 Unrealized +29.5%

VIOO VANGUARD ADMIRAL FDS INC 1.2%

Value ($000) $1,475 (+5.9%) Shares 13,294 (+5.5%) Est. Cost $127.61 Unrealized —

VO VANGUARD INDEX FDS 2.3%

Value ($000) $2,728 (+2.4%) Shares 9,401 (+3.6%) Est. Cost $205.41 Unrealized —

MSFT MICROSOFT CORP 0.2%

Value ($000) $249 (+11.4%) Shares 514 (+19.3%) Est. Cost $446.37 Unrealized +12.1%

PGX INVESCO EXCH TRADED FD TR II 1.4%

Value ($000) $1,752 (-1.4%) Shares 155,834 (+1.8%) Est. Cost $13.82 Unrealized —

OSEA HARBOR ETF TRUST 0.3%

Value ($000) $356 (+3.6%) Shares 11,778 (+1.2%) Est. Cost $28.95 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VTI	VANGUARD INDEX FDS	30,266 (+27.1%)	$10,147 (+29.8%)	8.4%	$281.81	—	TOTAL STK MKT	922908769
ZROZ	PIMCO ETF TR	57,658 (+92.3%)	$3,705 (+81.8%)	3.1%	$67.46	—	25YR+ ZERO U S	72201R882
USMV	ISHARES TR	79,079 (+15.0%)	$7,446 (+13.8%)	6.1%	$85.80	—	MSCI USA MIN VOL	46429B697
CORP	PIMCO ETF TR	36,753 (+10.7%)	$3,596 (+9.8%)	3.0%	$94.33	—	INV GRD CRP BD	72201R817
BIV	VANGUARD BD INDEX FDS	14,519 (+30.0%)	$1,131 (+29.6%)	0.9%	$77.61	—	INTERMED TERM	921937819
JMBS	JANUS DETROIT STR TR	84,486 (+6.4%)	$3,860 (+6.5%)	3.2%	$47.98	—	HENDERSON MTG	47103U852
NRGV	ENERGY VAULT HOLDINGS INC	67,246 (+40.2%)	$310 (+117.6%)	0.3%	$2.20	+73.8%	COM	29280W109
TBF	PROSHARES TR	23,181 (+35.1%)	$559 (+37.3%)	0.5%	$23.82	—	SHRT 20+YR TRE	74347X849
VNQ	VANGUARD INDEX FDS	25,687 (+9.9%)	$2,273 (+6.4%)	1.9%	$84.97	—	REAL ESTATE ETF	922908553
GOOG	ALPHABET INC	1,089 (+17.2%)	$342 (+51.1%)	0.3%	$221.16	+29.5%	CAP STK CL C	02079K107
VIOO	VANGUARD ADMIRAL FDS INC	13,294 (+5.5%)	$1,475 (+5.9%)	1.2%	$127.61	—	SMLLCP 600 IDX	921932828
VO	VANGUARD INDEX FDS	9,401 (+3.6%)	$2,728 (+2.4%)	2.3%	$205.41	—	MID CAP ETF	922908629
MSFT	MICROSOFT CORP	514 (+19.3%)	$249 (+11.4%)	0.2%	$446.37	+12.1%	COM	594918104
PGX	INVESCO EXCH TRADED FD TR II	155,834 (+1.8%)	$1,752 (-1.4%)	1.4%	$13.82	—	PFD ETF	46138E511
OSEA	HARBOR ETF TRUST	11,778 (+1.2%)	$356 (+3.6%)	0.3%	$28.95	—	INTERNATNAL COMP	41151J885

Exited Positions (3)

PNC PNC FINL SVCS GROUP INC 0.5%

Value ($000) $568 Shares 2,825 Est. Cost $181.77 Unrealized +6.1%

QQQ INVESCO QQQ TR 0.5%

Value ($000) $552 Shares 919 Est. Cost $551.41 Unrealized —

CMCSA COMCAST CORP NEW 0.3%

Value ($000) $393 Shares 12,505 Est. Cost $35.04 Unrealized -18.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PNC	PNC FINL SVCS GROUP INC	2,825	$568	0.5%	$181.77	+6.1%	—	693475105
QQQ	INVESCO QQQ TR	919	$552	0.5%	$551.41	—	—	46090E103
CMCSA	COMCAST CORP NEW	12,505	$393	0.3%	$35.04	-18.6%	—	20030N101

Decreased Positions (29)

SCHD SCHWAB STRATEGIC TR 0.2%

Value ($000) $277 (-90.1%) Shares 10,097 (-90.2%) Est. Cost $42.80 Unrealized —

MTUM ISHARES TR 3.5%

Value ($000) $4,181 (-27.7%) Shares 16,705 (-25.9%) Est. Cost $166.74 Unrealized —

SPDN DIREXION SHS ETF TR 1.1%

Value ($000) $1,303 (-45.2%) Shares 138,165 (-44.2%) Est. Cost $11.20 Unrealized —

ANGL VANECK ETF TRUST 7.2%

Value ($000) $8,759 (-8.9%) Shares 298,270 (-7.8%) Est. Cost $29.64 Unrealized —

JEPI J P MORGAN EXCHANGE TRADED F 2.3%

Value ($000) $2,747 (-16.8%) Shares 47,991 (-17.0%) Est. Cost $56.07 Unrealized —

JQUA J P MORGAN EXCHANGE TRADED F 3.9%

Value ($000) $4,759 (-8.6%) Shares 75,321 (-9.0%) Est. Cost $33.42 Unrealized —

IJR ISHARES TR 2.6%

Value ($000) $3,133 (-11.7%) Shares 26,066 (-12.7%) Est. Cost $96.11 Unrealized —

SCHV SCHWAB STRATEGIC TR 4.3%

Value ($000) $5,150 (-6.8%) Shares 173,917 (-8.4%) Est. Cost $36.31 Unrealized —

SHV ISHARES TR 2.2%

Value ($000) $2,636 (-12.3%) Shares 23,932 (-12.1%) Est. Cost $110.31 Unrealized —

JPEM J P MORGAN EXCHANGE TRADED F 0.4%

Value ($000) $495 (-42.4%) Shares 8,145 (-44.0%) Est. Cost $49.55 Unrealized —

ET ENERGY TRANSFER L P 2.8%

Value ($000) $3,372 (-9.7%) Shares 204,491 (-6.0%) Est. Cost $7.48 Unrealized —

SSPY EXCHANGE LISTED FDS TR 0.9%

Value ($000) $1,075 (-23.7%) Shares 12,375 (-23.8%) Est. Cost $79.03 Unrealized —

SGOV ISHARES TR 1.8%

Value ($000) $2,198 (-9.0%) Shares 21,893 (-8.7%) Est. Cost $100.63 Unrealized —

GSIE GOLDMAN SACHS ETF TR 0.4%

Value ($000) $481 (-30.7%) Shares 11,203 (-33.7%) Est. Cost $28.93 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 2.3%

Value ($000) $2,805 (-3.9%) Shares 5,580 (-3.9%) Est. Cost $187.69 Unrealized +165.1%

KMI KINDER MORGAN INC DEL 1.5%

Value ($000) $1,789 (-5.4%) Shares 65,086 (-2.6%) Est. Cost $13.41 Unrealized +100.6%

VOO VANGUARD INDEX FDS 0.6%

Value ($000) $762 (-10.3%) Shares 1,215 (-12.4%) Est. Cost $520.50 Unrealized —

DUK DUKE ENERGY CORP NEW 0.6%

Value ($000) $772 (-9.1%) Shares 6,590 (-4.0%) Est. Cost $85.23 Unrealized +42.6%

HDEF DBX ETF TR 1.7%

Value ($000) $2,066 (+3.8%) Shares 66,665 (-1.5%) Est. Cost $24.77 Unrealized —

DOW DOW INC 0.6%

Value ($000) $694 (-9.8%) Shares 29,687 (-11.6%) Est. Cost $33.07 Unrealized -31.1%

PFE PFIZER INC 0.7%

Value ($000) $854 (-7.4%) Shares 34,310 (-5.2%) Est. Cost $24.71 Unrealized +1.3%

AMLP ALPS ETF TR 0.4%

Value ($000) $442 (-13.3%) Shares 9,403 (-13.5%) Est. Cost $43.22 Unrealized —

VZ VERIZON COMMUNICATIONS INC 0.4%

Value ($000) $431 (-13.4%) Shares 10,582 (-6.6%) Est. Cost $39.58 Unrealized +2.3%

MDST ULTIMUS MANAGERS TR 0.2%

Value ($000) $270 (-11.1%) Shares 10,206 (-10.1%) Est. Cost $26.71 Unrealized —

BEN FRANKLIN RESOURCES INC 0.5%

Value ($000) $557 (-3.8%) Shares 23,331 (-6.8%) Est. Cost $18.92 Unrealized +19.8%

MGA MAGNA INTL INC 0.8%

Value ($000) $921 (+1.8%) Shares 17,288 (-9.5%) Est. Cost $36.91 Unrealized +32.4%

GILD GILEAD SCIENCES INC 0.7%

Value ($000) $790 (+1.9%) Shares 6,436 (-7.8%) Est. Cost $100.53 Unrealized +20.2%

GLD SPDR GOLD TR 0.3%

Value ($000) $333 (-2.2%) Shares 841 (-12.3%) Est. Cost $213.12 Unrealized —

IBM INTERNATIONAL BUSINESS MACHS 0.6%

Value ($000) $745 (+0.9%) Shares 2,515 (-3.9%) Est. Cost $178.57 Unrealized +67.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SCHD	SCHWAB STRATEGIC TR	10,097 (-90.2%)	$277 (-90.1%)	0.2%	$42.80	—	US DIVIDEND EQ	808524797
MTUM	ISHARES TR	16,705 (-25.9%)	$4,181 (-27.7%)	3.5%	$166.74	—	MSCI USA MMENTM	46432F396
SPDN	DIREXION SHS ETF TR	138,165 (-44.2%)	$1,303 (-45.2%)	1.1%	$11.20	—	DLY S&P500 BR 1X	25460E869
ANGL	VANECK ETF TRUST	298,270 (-7.8%)	$8,759 (-8.9%)	7.2%	$29.64	—	FALLEN ANGEL HG	92189F437
JEPI	J P MORGAN EXCHANGE TRADED F	47,991 (-17.0%)	$2,747 (-16.8%)	2.3%	$56.07	—	EQUITY PREMIUM	46641Q332
JQUA	J P MORGAN EXCHANGE TRADED F	75,321 (-9.0%)	$4,759 (-8.6%)	3.9%	$33.42	—	US QUALTY FCTR	46641Q761
IJR	ISHARES TR	26,066 (-12.7%)	$3,133 (-11.7%)	2.6%	$96.11	—	CORE S&P SCP ETF	464287804
SCHV	SCHWAB STRATEGIC TR	173,917 (-8.4%)	$5,150 (-6.8%)	4.3%	$36.31	—	US LCAP VA ETF	808524409
SHV	ISHARES TR	23,932 (-12.1%)	$2,636 (-12.3%)	2.2%	$110.31	—	TRUST ISHARE 0-1	464288679
JPEM	J P MORGAN EXCHANGE TRADED F	8,145 (-44.0%)	$495 (-42.4%)	0.4%	$49.55	—	DIV RTN EM EQT	46641Q308
ET	ENERGY TRANSFER L P	204,491 (-6.0%)	$3,372 (-9.7%)	2.8%	$7.48	—	COM UT LTD PTN	29273V100
SSPY	EXCHANGE LISTED FDS TR	12,375 (-23.8%)	$1,075 (-23.7%)	0.9%	$79.03	—	STRATIFIED LARGE	30151E533
SGOV	ISHARES TR	21,893 (-8.7%)	$2,198 (-9.0%)	1.8%	$100.63	—	0-3 MNTH TREASRY	46436E718
GSIE	GOLDMAN SACHS ETF TR	11,203 (-33.7%)	$481 (-30.7%)	0.4%	$28.93	—	ACTIVEBETA INT	381430107
BRK/B	BERKSHIRE HATHAWAY INC DEL	5,580 (-3.9%)	$2,805 (-3.9%)	2.3%	$187.69	+165.1%	CL B NEW	084670702
KMI	KINDER MORGAN INC DEL	65,086 (-2.6%)	$1,789 (-5.4%)	1.5%	$13.41	+100.6%	COM	49456B101
VOO	VANGUARD INDEX FDS	1,215 (-12.4%)	$762 (-10.3%)	0.6%	$520.50	—	S&P 500 ETF SHS	922908363
DUK	DUKE ENERGY CORP NEW	6,590 (-4.0%)	$772 (-9.1%)	0.6%	$85.23	+42.6%	COM NEW	26441C204
HDEF	DBX ETF TR	66,665 (-1.5%)	$2,066 (+3.8%)	1.7%	$24.77	—	XTRACK MSCI EAFE	233051630
DOW	DOW INC	29,687 (-11.6%)	$694 (-9.8%)	0.6%	$33.07	-31.1%	COM	260557103
PFE	PFIZER INC	34,310 (-5.2%)	$854 (-7.4%)	0.7%	$24.71	+1.3%	COM	717081103
AMLP	ALPS ETF TR	9,403 (-13.5%)	$442 (-13.3%)	0.4%	$43.22	—	ALERIAN MLP	00162Q452
VZ	VERIZON COMMUNICATIONS INC	10,582 (-6.6%)	$431 (-13.4%)	0.4%	$39.58	+2.3%	COM	92343V104
MDST	ULTIMUS MANAGERS TR	10,206 (-10.1%)	$270 (-11.1%)	0.2%	$26.71	—	WESTWOOD SALIENT	90386K589
BEN	FRANKLIN RESOURCES INC	23,331 (-6.8%)	$557 (-3.8%)	0.5%	$18.92	+19.8%	COM	354613101
MGA	MAGNA INTL INC	17,288 (-9.5%)	$921 (+1.8%)	0.8%	$36.91	+32.4%	COM	559222401
GILD	GILEAD SCIENCES INC	6,436 (-7.8%)	$790 (+1.9%)	0.7%	$100.53	+20.2%	COM	375558103
GLD	SPDR GOLD TR	841 (-12.3%)	$333 (-2.2%)	0.3%	$213.12	—	GOLD SHS	78463V107
IBM	INTERNATIONAL BUSINESS MACHS	2,515 (-3.9%)	$745 (+0.9%)	0.6%	$178.57	+67.3%	COM	459200101

Unchanged Positions (14)

AAPL APPLE INC 6.8%

Value ($000) $8,262 Shares 30,392 Est. Cost $104.19 Unrealized +157.5%

CPB THE CAMPBELLS COMPANY 2.5%

Value ($000) $3,035 Shares 108,905 Est. Cost $40.44 Unrealized -25.7%

IBIT ISHARES BITCOIN TRUST ETF 0.5%

Value ($000) $660 Shares 13,284 Est. Cost $34.14 Unrealized —

NEM NEWMONT CORP 0.9%

Value ($000) $1,090 Shares 10,921 Est. Cost $49.71 Unrealized +81.4%

ACWI ISHARES TR 3.2%

Value ($000) $3,866 Shares 27,320 Est. Cost $101.77 Unrealized —

T AT&T INC 0.2%

Value ($000) $266 Shares 10,714 Est. Cost $15.50 Unrealized +63.2%

IVV ISHARES TR 0.8%

Value ($000) $921 Shares 1,344 Est. Cost $450.29 Unrealized —

IVW ISHARES TR 0.8%

Value ($000) $979 Shares 7,939 Est. Cost $89.02 Unrealized —

EPD ENTERPRISE PRODS PARTNERS L 0.6%

Value ($000) $723 Shares 22,538 Est. Cost $16.30 Unrealized —

SPY SPDR S&P 500 ETF TR 0.3%

Value ($000) $406 Shares 596 Est. Cost $573.76 Unrealized —

VUG VANGUARD INDEX FDS 0.4%

Value ($000) $509 Shares 1,043 Est. Cost $282.99 Unrealized —

— NUVEEN MUN VALUE FD INC 0.4%

Value ($000) $544 Shares 60,045 Est. Cost $11.53 Unrealized —

VTEB VANGUARD MUN BD FDS 0.4%

Value ($000) $494 Shares 9,827 Est. Cost $51.05 Unrealized —

SPGP INVESCO EXCHANGE TRADED FD T 0.2%

Value ($000) $205 Shares 1,797 Est. Cost $113.62 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC	30,392	$8,262	6.8%	$104.19	+157.5%	COM	037833100
CPB	THE CAMPBELLS COMPANY	108,905	$3,035	2.5%	$40.44	-25.7%	COM	134429109
IBIT	ISHARES BITCOIN TRUST ETF	13,284	$660	0.5%	$34.14	—	SHS BEN INT	46438F101
NEM	NEWMONT CORP	10,921	$1,090	0.9%	$49.71	+81.4%	COM	651639106
ACWI	ISHARES TR	27,320	$3,866	3.2%	$101.77	—	MSCI ACWI ETF	464288257
T	AT&T INC	10,714	$266	0.2%	$15.50	+63.2%	COM	00206R102
IVV	ISHARES TR	1,344	$921	0.8%	$450.29	—	CORE S&P500 ETF	464287200
IVW	ISHARES TR	7,939	$979	0.8%	$89.02	—	S&P 500 GRWT ETF	464287309
EPD	ENTERPRISE PRODS PARTNERS L	22,538	$723	0.6%	$16.30	—	COM	293792107
SPY	SPDR S&P 500 ETF TR	596	$406	0.3%	$573.76	—	TR UNIT	78462F103
VUG	VANGUARD INDEX FDS	1,043	$509	0.4%	$282.99	—	GROWTH ETF	922908736
—	NUVEEN MUN VALUE FD INC	60,045	$544	0.4%	$11.53	—	COM	670928100
VTEB	VANGUARD MUN BD FDS	9,827	$494	0.4%	$51.05	—	TAX EXEMPT BD	922907746
SPGP	INVESCO EXCHANGE TRADED FD T	1,797	$205	0.2%	$113.62	—	S&P 500 GARP ETF	46137V431