TIDAL TRUST II

Ticker: HBDC CUSIP: 88636V744 Class: HILTON BDC CORP

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (5)

GTS SECURITIES LLC

Value ($000) $689 Shares 27,376

PRIVATE TRUST CO NA

Value ($000) $106 Shares 4,231

LPL Financial LLC

Value ($000) $2,809 Shares 111,705

RAYMOND JAMES FINANCIAL INC

Value ($000) $668 Shares 26,568

Farther Finance Advisors, LLC

Value ($000) $28 Shares 1,112

Institution	Shares	Value ($000)
GTS SECURITIES LLC	27,376	$689
PRIVATE TRUST CO NA	4,231	$106
LPL Financial LLC	111,705	$2,809
RAYMOND JAMES FINANCIAL INC	26,568	$668
Farther Finance Advisors, LLC	1,112	$28

Increased Positions (4)

Hilton Capital Management, LLC

Value ($000) $7,049 (+644.8%) Shares 280,287 (+647.3%)

Value ($000) $9,312 (+5.8%) Shares 370,152 (+6.2%)

STIFEL FINANCIAL CORP

Value ($000) $926 (+142.7%) Shares 36,813 (+143.5%)

Value ($000) $49 (+337.0%) Shares 1,947 (+338.5%)

Institution	Prev Shares	Curr Shares	Change
Hilton Capital Management, LLC	37,505	280,287	+242,782 (+647.3%)
&PARTNERS	348,514	370,152	+21,638 (+6.2%)
STIFEL FINANCIAL CORP	15,119	36,813	+21,694 (+143.5%)
UBS Group AG	444	1,947	+1,503 (+338.5%)

Exited Positions (1)

JANE STREET GROUP, LLC

Value ($000) $1,089 Shares 43,141

Institution	Prev Shares	Prev Value ($000)
JANE STREET GROUP, LLC	43,141	$1,089