10Elms LLP Q4 2025 Filing

Filed February 13, 2026

Portfolio Value

$109.0M

Holdings

468

Report Date

Q4 2025

Filing Type

13F-HR

All Holdings (468 positions)

#StockSharesValue% PortfolioType
101
PM 1.75 11/01/30PHILIP MORRIS IN 1 75 30 DUE 11/01/30
135,000$120K0.11%
102
VBRVANGUARD SMALL CAP VALUEETF
562$119K0.11%
103
GMGENERAL MTRS CO
1,459$118K0.11%
104
GILD 1.2 10/01/27GILEAD SCIENCES, 1 2 27 DUE 10/01/27
124,000$118K0.11%
105
SUSUNCOR ENERGY INC NEW F
2,650$117K0.11%
106
TD 5.156 01/10/28THE TORONTO-DO5 156 28F DUE 01/10/28
115,000$117K0.11%
107
IBHGISHS IBND 2027 TRM HGH YLD INCM ETF
5,257$117K0.11%
108
PSA 5.125 01/15/29PUBLIC STORAGE 5 125 29 DUE 01/15/29
110,000$113K0.10%
109
WMTWALMART INC
990$110K0.10%
110
TMUST-MOBILE US INC
532$108K0.10%
111
LNGCHENIERE ENERGY INC
541$105K0.10%
112
MMM 2.375 08/26/293M CO 2 375 29 DUE 08/26/29
110,000$103K0.09%
113
QCOMQUALCOMM INC
603$103K0.09%
114
TX SNFSCD 4 08/15/2032SAN FELIPE DEL RIO 4 32GO UTX DUE 08/15/32
100,000$101K0.09%
115
IL AUR 3.12 12/30/2032AURORA ILL 3 125 32GO UTX DUE 12/30/32OID
100,000$100K0.09%
116
TX KAUUTL 4 09/01/2035KAUFMAN CNTY TEX MU 4 35GO UTX DUE 09/01/35OID
100,000$100K0.09%
117
OK CLIUTL 4 12/01/2034CLINTON OKLA PUB WK 4 34COMB TAX DUE 12/01/34XTRO BUILD AMERICA MUTUA
100,000$100K0.09%
118
TX HARMED 4 02/15/2031HARRIS CNTY TEX HOS 4 31DIST HLTH DUE 02/15/31
100,000$100K0.09%
119
TX DALGEN 4 08/15/2035DALLAS TEX HOTEL OC 4 35SERV TAX DUE 08/15/35
100,000$100K0.09%
120
TX PRTGEN 4.12 06/01/2031PORT FREEPORT T 4 125 31PA TRAN DUE 06/01/31OID
100,000$100K0.09%
121
TX ARLEDU 4 08/15/2039ARLINGTON TEX HIGHE 4 39CHAR EDUC DUE 08/15/39OID XTRO
100,000$100K0.09%
122
KS JOHFAC 3.62 09/01/2034JOHNSON CNTY KA 3 625 34MUNI BLDG DUE 09/01/34OID XTRO
100,000$100K0.09%
123
NY NYSHGR 4.62 06/01/2027NEW YORK ST DOR 4 625 27POOL EDR DUE 06/01/27OID XTRO
100,000$100K0.09%
124
NY RAMDEV 5 03/15/2041RAMAPO N Y LOC DEV 5 41REV LTX DUE 03/15/41
100,000$99K0.09%
125
NY NYTTRN 4 07/01/2035NEW YORK TRANSN DEV 4 35AIR TRAN DUE 07/01/35XTRO
100,000$99K0.09%
126
PSX 4.65 11/15/34PHILLIPS 66 4 65 34 DUE 11/15/34
100,000$97K0.09%
127
TVA V2.134 06/01/28 DTVA VAR 06/01/ 2 134 PFD DUE 06/01/28SUBJ TO XTRO REDEMPTION
4,037$97K0.09%
128
TRPCN 4.625 03/01/34TRANSCANADA PI4 625 34F DUE 03/01/34
100,000$97K0.09%
129
TX TAREDU 4 11/15/2042TARRANT CNTY TEX CU 4 42SYST HLTH DUE 11/15/42XTRO
100,000$96K0.09%
130
NVSNNOVARTIS AG FSPONSORED ADR 1 ADR REPS 1 ORD SHS
700$96K0.09%
131
IL COOSCD 3 12/01/2035COOK CNTY ILL SCH D 3 35GO LTX DUE 12/01/35
100,000$96K0.09%
132
UBERUBER TECHNOLOGIES INC
1,150$93K0.09%
133
IL KANHGR 1.5 12/15/2029KANE COOK & DU PA 1 5 29GO UTX DUE 12/15/29
100,000$92K0.08%
134
CO ARAUTL 2.25 12/01/2034ARAPAHOE CNTY CO 2 25 34GO UTX DUE 12/01/34OID
100,000$91K0.08%
135
IL EVA 2 12/01/2031EVANSTON ILL 2 31GO UTX DUE 12/01/31
100,000$91K0.08%
136
IL CHASCD 3 12/01/2033CHAMPAIGN & VERMILL 3 33GO UTX DUE 12/01/33
90,000$89K0.08%
137
SRE 1.7 10/01/30 VVVSAN DIEGO GAS & E 1 7 30 DUE 10/01/30
100,000$89K0.08%
138
FBRT 7.5 PERP EFRANKLIN BSP R 7 5 PFDPFD SER E
4,200$89K0.08%
139
BMO 1.25 09/15/26 MTNBANK OF MONTREA1 25 26F DUE 09/15/26
90,000$88K0.08%
140
ETR 1.75 03/15/31ENTERGY TEXAS, I 1 75 31 DUE 03/15/31
100,000$88K0.08%
141
NEE 5 02/28/30NEXTERA ENERGY CAPI 5 30 DUE 02/28/30
85,000$87K0.08%
142
CA LEADEV 3.62 12/01/2027SAN LEANDRO CAL 3 625 27MUNI BLDG DUE 12/01/27OID XTRO
85,000$85K0.08%
143
TX VIRGEN 2 12/01/2034VIRIDIAN MUN MGMT D 2 34DB UTX DUE 12/01/34OID
100,000$85K0.08%
144
LOW 1.7 09/15/28LOWE'S COMPANIES, 1 7 28 DUE 09/15/28
90,000$84K0.08%
145
ACP 5.25 PERP AABRDN ASSET M 5 25 PFDPFD SER A
4,200$83K0.08%
146
O 1.8 03/15/33REALTY INCOME COR 1 8 33 DUE 03/15/33
100,000$83K0.08%
147
PSA 5.15 PERP FPUBLIC STORAG 5 15 PFDPFD SER F
4,000$82K0.08%
148
PM 5.125 11/17/27PHILIP MORRIS I 5 125 27 DUE 11/17/27
80,000$81K0.07%
149
HPQ 6 09/15/41HP INC 6 41 DUE 09/15/41
80,000$80K0.07%
150
IL MCHENV 1.5 12/30/2026MC HENRY CNTY ILL 1 5 26GO UTX DUE 12/30/26
80,000$78K0.07%
151
INTFISHARES INTERNATIONAL EQUITY FCT ETF
2,069$78K0.07%
152
IL ORL 3 12/01/2046ORLAND PARK ILL 3 46DB UTX DUE 12/01/46
100,000$77K0.07%
153
IL CSMFAC 5 01/01/2037CAROL STREAM ILL PK 5 37 CALLED @100 EFF: 01/16/2026
75,000$75K0.07%
154
IL CNNFAC 3 01/01/2032CHANNAHON ILL FIRE 3 32DB UTX DUE 01/01/32
75,000$74K0.07%
155
CMDYISHRS BLMBRG RL SEL CMDTSTRG ETF
1,500$73K0.07%
156
OKEONEOK INC NEW
1,000$73K0.07%
157
IL LAKUTL 2 12/01/2031LAKE CNTY ILL WTR & 2 31WRSR UTIL DUE 12/01/31
80,000$72K0.07%
158
TX MONUTL 3 09/01/2032MONTGOMERY CNTY TEX 3 32GO UTX DUE 09/01/32OID
75,000$72K0.07%
159
EEEXCELERATE ENERGY INC CLASS A
2,500$70K0.06%
160
VVISA INC CLASS CLASS A
200$70K0.06%
161
IL ILSHSG 0.9 10/01/2028ILLINOIS HSG DEV 0 9 28SING HSG DUE 10/01/28XTRO
75,000$69K0.06%
162
NEMNEWMONT CORP
700$69K0.06%
163
FFORD MTR CO DEL
5,242$68K0.06%
164
NC CHA 2 06/01/2034CHARLOTTE N C 2 34GO UTX DUE 06/01/34
75,000$67K0.06%
165
TX VIRGEN 1 12/01/2029VIRIDIAN MUN MGMT D 1 29DB UTX DUE 12/01/29OID
75,000$67K0.06%
166
BUDANHEUSER BUSCH INBEV S FSPONSORED ADR 1 ADR REPS 1 ORD SHS
1,042$66K0.06%
167
AAPLAPPLE INC
243$66K0.06%
168
SPHDINVESCO S&P 500 HIGH DIVIDEND LOW VOLATILITY ETF
1,363$65K0.06%
169
TX TXSHGR 3 03/15/2034TEXAS ST UNIV SYS F 3 34PUB EDUC DUE 03/15/34
65,000$63K0.06%
170
TX LWCGEN 4 05/15/2040LOWER COLO RIV AUTH 4 40ELEC UTIL DUE 05/15/40OID ASSURED GUARANTY MUN
62,000$62K0.06%
171
ACWXISHARES MSCI ACWI EX US ETF
933$62K0.06%
172
TX NRTTRN 0 01/01/2028NORTH TEX TWY AUTH 0 28TOLL TRAN DUE 01/01/28OID ASSURED GUARANTY COR
65,000$61K0.06%
173
ACWIISHARES MSCI ACWI ETF
432$61K0.06%
174
SFMSPROUTS FMRS MKT INC
759$60K0.06%
175
GS 4.75 08/15/33 NOTzTHE GOLDMAN SACH 4 75 33 DUE 08/15/33
57,000$57K0.05%
176
SPLLLC 5 03/15/27SABINE PASS LIQUEFA 5 27 DUE 03/15/27
55,000$55K0.05%
177
WMB 5.4 03/02/26THE WILLIAMS COMP 5 4 26 DUE 03/02/26
55,000$55K0.05%
178
CEGCONSTELLATION ENERGY COR
156$55K0.05%
179
AMLPALPS ALERIAN MLP ETF
1,150$54K0.05%
180
MI BRAFAC 4 05/01/2032BRANCH CNTY MICH BL 4 32REV UTX DUE 05/01/32
50,000$52K0.05%
181
NEE 1.9 06/15/28NEXTERA ENERGY CA 1 9 28 DUE 06/15/28
55,000$52K0.05%
182
TX CHAGEN 4 09/01/2029CHAMBERS CNTY TEX I 4 29GO UTX DUE 09/01/29
50,000$51K0.05%
183
OKE 5.55 11/01/26ONEOK, INC 5 55 26 DUE 11/01/26
50,000$50K0.05%
184
WA KINHSG 4 08/01/2027KING CNTY WASH HSG 4 27MULT HSG DUE 08/01/27
50,000$50K0.05%
185
WI FONWTR 4 09/01/2026FOND DU LAC WIS WTR 4 26WTR UTIL DUE 09/01/26
50,000$50K0.05%
186
IL ILSGEN 5 12/01/2036ILLINOIS FIN AUTH R 5 36EXCISE TAX DUE 12/01/36
50,000$50K0.05%
187
IBDZISHS IBND DEC 2034 TRM CORPRT ETF
1,900$50K0.05%
188
TX HARMED 4 02/15/2034HARRIS CNTY TEX HOS 4 34DIST HLTH DUE 02/15/34
50,000$50K0.05%
189
KY KYSPWR 4 08/01/2029KENTUCKY INC KY PUB 4 29OILG IDR DUE 08/01/29XTRO
50,000$50K0.05%
190
TX HOUSCD 4 02/15/2038HOUSTON TEX INDPT S 4 38GO LTX DUE 02/15/38
50,000$50K0.05%
191
AZ AZSEDU 4 11/01/2028ARIZONA INDL DEV AU 4 28CHAR EDUC DUE 11/01/28XTRO
50,000$50K0.05%
192
FL SOUMED 3.25 05/01/2031SOUTH BROWARD HO 3 25 31SYST HLTH DUE 05/01/31OID XTRO
50,000$50K0.05%
193
TX GRASCD 3.12 02/15/2030GRAND PRAIRIE T 3 125 30GO LTX DUE 02/15/30OID
50,000$50K0.05%
194
TX KRV 3.38 08/15/2032KERRVILLE TEX 3 375 32DB LTX DUE 08/15/32
50,000$50K0.05%
195
TX TXSPWR 3 09/01/2030TEXAS MUN PWR AGY R 3 30PWR UTIL DUE 09/01/30
50,000$50K0.05%
196
TX LUBSCD 2 02/15/2027LUBBOCK COOPER TEX 2 27GO UTX DUE 02/15/27
50,000$49K0.04%
197
BPLN 3.723 11/28/28BP CAPITAL MAR3 723 28F DUE 11/28/28
50,000$49K0.04%
198
OK OKSDEV 4.85 02/01/2045OKLAHOMA DEV FI 4 851 45COMB IDR DUE 02/01/45TAXBL
50,000$49K0.04%
199
BHI 3.337 12/15/27BAKER HUGHES HO 3 337 27 DUE 12/15/27
50,000$49K0.04%
200
TX RKTWTR 3.1 07/10/2030ROCKETT TEX SPL U 3 1 30WTR UTIL DUE 07/10/30ASSURED GUARANTY MUN
50,000$49K0.04%
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