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Livermore
Livermore
ZHEN

Summit Trail Advisors, LLC

SEC CIK
0001698478
Latest filing
Aug 11, 2026

Holdings in Q4 2025

Holdings as of Dec 31, 2025, filed Feb 17, 2026. Long positions only; changes compare share counts with Q3 2025.

Institution overview
Positions
1,303
−25 vs. Q3 2025
Portfolio value
$5.78B
−$1.45B (−20.0%) vs. Q3 2025
Filed
Feb 17, 2026
SEC
Holdings of Summit Trail Advisors, LLC in Q4 2025
SecurityClassSharesValue% of portfolioShare changeActionHistory
VEEAWVeea Inc.*W EXP 03/18/20225,000$2.00K<0.1%00.0%UnchangedHistory
UPWheels Up Experience Inc.COM CL A10,228$6.71K<0.1%00.0%UnchangedHistory
GGTGabelli Multimedia Trust Inc.COM10,000$42.0K<0.1%00.0%UnchangedHistory
BLZEBackblaze, Inc.COM CL A10,000$46.6K<0.1%00.0%UnchangedHistory
BLNDBlend Labs, Inc.CL A18,863$57.3K<0.1%−2,515−11.8%ReducedHistory
PTENPatterson Uti Energy IncCOM11,100$67.8K<0.1%+11,100NewHistory
TONXTON Strategy CoCOM36,090$71.8K<0.1%−20,593−36.3%ReducedHistory
TACTTransact Technologies IncCOM18,983$75.9K<0.1%00.0%UnchangedHistory
GRSDGRANDSTAND LtdORDINARY SHARES14,032$76.6K<0.1%00.0%UnchangedHistory
LYGLloyds Banking Group plcSPONSORED ADR15,412$81.7K<0.1%−13,011−45.8%ReducedHistory
GALTGalectin Therapeutics IncCOM NEW20,000$83.2K<0.1%00.0%UnchangedHistory
SGSweetgreen, Inc.COM CL A12,443$84.1K<0.1%00.0%UnchangedHistory
RZLVRezolve AI PLCORD SHS33,853$87.0K<0.1%00.0%UnchangedHistory
IHSIHS Holding LtdORD SHS11,680$87.1K<0.1%00.0%UnchangedHistory
TMCTMC the metals Co Inc.COM15,050$92.9K<0.1%−1,950−11.5%ReducedHistory
MFGMizuho Financial Group IncSPONSORED ADR13,627$99.8K<0.1%−12,827−48.5%ReducedHistory
BFLYButterfly Network, Inc.COM CL A26,786$101.8K<0.1%00.0%UnchangedHistory
PMLPIMCO Municipal Income Fund IICOM14,177$107.5K<0.1%−6,314−30.8%ReducedHistory
NRKNuveen New York Amt-Free Quality Municipal Income FundCOM10,722$108.2K<0.1%+10,722NewHistory
MUCBlackRock Muniholdings California Quality Fund, Inc.CEF10,253$108.7K<0.1%+10,253NewHistory
MMUWestern Asset Managed Municipals Fund Inc.COM10,474$109.3K<0.1%+10,474NewHistory
PGENPrecigen, Inc.COM30,357$126.9K<0.1%+1,124+3.8%AddedHistory
AMPLAmplitude, Inc.Stock11,379$131.8K<0.1%−503−4.2%ReducedHistory
BlackRock New York Municipal Income Trust09248L106SH BEN INT13,973$141.7K<0.1%−1,665−10.6%Reduced–
KRMDKORU Medical Systems, Inc.COM25,000$145.3K<0.1%00.0%UnchangedHistory
CLVTClarivate PLCORD SHS45,200$151.0K<0.1%−13,299−22.7%ReducedHistory
JPCNuveen Preferred & Income Opportunities FundCOM19,365$157.0K<0.1%+610+3.3%AddedHistory
FFCFlaherty & Crumrine PREFERRED & INCOME SECURITIES FUND INCCOM10,711$176.8K<0.1%00.0%UnchangedHistory
HCMHUTCHMED (China) LtdSPONSORED ADS14,094$187.9K<0.1%00.0%UnchangedHistory
FSPFranklin Street Properties CorpCOM201,311$190.4K<0.1%−918−0.5%ReducedHistory
BTCGrayscale Bitcoin Mini Trust ETFETF5,197$201.3K<0.1%00.0%UnchangedHistory
iShares S&P 100 ETF464287101ETF601$206.1K<0.1%+601New–
Global X FDS37954Y483NASDAQ 100 COVER11,695$206.7K<0.1%+1,695+17.0%Added–
CRSCarpenter Technology CorpCOM660$207.8K<0.1%−1,106−62.6%ReducedHistory
UBSUBS Group AGStock4,489$207.9K<0.1%−4,413−49.6%ReducedHistory
iShares Tr46435G326CORE MSCI INTL2,526$208.3K<0.1%00.0%Unchanged–
ARWRArrowhead Pharmaceuticals, Inc.COM3,164$210.1K<0.1%+3,164NewHistory
SEVAptera Motors CorpCOM CL B49,029$210.3K<0.1%+49,029NewHistory
Capital Group GBL Growth EQT14020X104SHS CREAT UNIT6,075$210.5K<0.1%00.0%Unchanged–
Roundhill ETF Trust77926X304INNOVATION 100 O6,500$211.6K<0.1%+6,500New–
AEOAmerican Eagle Outfitters IncCOM8,028$211.7K<0.1%+8,028NewHistory
Thornburg ETF Tr88521L306INTL EQUITY ETF6,870$215.4K<0.1%+6,870New–
AMTMAmentum Holdings, Inc.COM7,444$215.9K<0.1%+7,444NewHistory
CMCanadian Imperial Bank of CommerceCOM2,388$218.2K<0.1%+2,388NewHistory
Vanguard Energy ETF92204A306ETF1,741$219.2K<0.1%00.0%Unchanged–
RYAAYRyanair Holdings PLCSPONSORED ADR3,039$219.4K<0.1%+3,039NewHistory
HMCHonda Motor Co LtdADR ECH CNV IN 37,465$220.1K<0.1%−5,390−41.9%ReducedHistory
HRHealthcare Realty Trust IncCL A COM13,045$221.1K<0.1%+1,833+16.3%AddedHistory
IRDMIridium Communications Inc.COM12,833$223.0K<0.1%+2,059+19.1%AddedHistory
RRyder System IncCOM1,181$226.1K<0.1%+1,181NewHistory
State Street Energy Select Sector SPDR ETF81369Y506ETF5,058$226.1K<0.1%−308−5.7%ReducedConverted for a 2-for-1 split–
FIVNFive9, Inc.COM11,304$226.6K<0.1%−2,797−19.8%ReducedHistory
ARMArm Holdings PLCADR2,101$229.7K<0.1%−3,226−60.6%ReducedHistory
MYIBlackRock Muniyield Quality Fund III, Inc.COM21,253$231.0K<0.1%+21,253NewHistory
Tidal ETF Tr886364835GOTHAM ENHNCD6,366$234.4K<0.1%00.0%Unchanged–
FRGEForge Global Holdings, Inc.Stock5,268$234.7K<0.1%−5,963−53.1%ReducedHistory
FRAFFranklin Financial Services CorpCOM4,680$234.9K<0.1%−10−0.2%ReducedHistory
ENPHEnphase Energy, Inc.Stock7,359$235.9K<0.1%+7,359NewHistory
MLIMueller Industries IncCOM2,083$239.1K<0.1%+2,083NewHistory
BA.PABoeing CoDEP CONV PFD A3,500$244.3K<0.1%+250+7.7%AddedHistory
Schwab US Tips ETF808524870ETF9,229$244.5K<0.1%−1,559−14.5%Reduced–
BURBurford Capital LtdORD SHS27,430$244.7K<0.1%+146+0.5%AddedHistory
EVTLVertical Aerospace Ltd.SHS NEW46,418$247.4K<0.1%+46,418NewHistory
IPXIPERIONX LtdSPONSORED ADS6,862$248.3K<0.1%00.0%UnchangedHistory
ESNTEssent Group Ltd.COM3,820$248.3K<0.1%−245−6.0%ReducedHistory
QSRRestaurant Brands International Inc.COM3,648$250.0K<0.1%−8,460−69.9%ReducedHistory
CAICaris Life Sciences, Inc.COM9,292$250.7K<0.1%+9,292NewHistory
AURAurora Innovation, Inc.CLASS A COM66,253$254.4K<0.1%−240−0.4%ReducedHistory
MELIMercadolibre IncCOM127$255.8K<0.1%−24−15.9%ReducedHistory
RBCRBC Bearings INCCOM572$256.5K<0.1%−396−40.9%ReducedHistory
GRNBarclays Bank PLCETN 497,500$256.6K<0.1%00.0%UnchangedHistory
SSBSouthState Bank CorpCOM2,733$257.2K<0.1%+169+6.6%AddedHistory
FTAIFTAI Aviation Ltd.SHS1,314$258.7K<0.1%+1,314NewHistory
NBISNebius Group N.V.Stock3,110$260.3K<0.1%+984+46.3%AddedHistory
MRVIMaravai Lifesciences Holdings, Inc.COM CL A80,449$261.5K<0.1%−4,926−5.8%ReducedHistory
ALABAstera Labs, Inc.Stock1,590$264.5K<0.1%−128−7.5%ReducedHistory
KOPNKopin CorpCOM114,500$267.9K<0.1%00.0%UnchangedHistory
Invesco Exchange Traded FD T46137V233S&P 500 TOP 504,530$268.6K<0.1%−30−0.7%Reduced–
MWAMueller Water Products, Inc.COM SER A11,359$270.6K<0.1%+11,359NewHistory
UIUbiquiti Inc.COM490$271.1K<0.1%−39−7.4%ReducedHistory
DEODiageo PLCSPON ADR NEW3,224$278.1K<0.1%−168−5.0%ReducedHistory
NOVNOV Inc.COM17,828$278.7K<0.1%−7,007−28.2%ReducedHistory
FMSFresenius Medical Care AGSPONSORED ADR11,760$280.1K<0.1%−614−5.0%ReducedHistory
BIDUBaidu, Inc.ADR2,155$281.6K<0.1%−4,000−65.0%ReducedHistory
PSKYParamount Skydance CorpCOM CL B20,986$281.7K<0.1%−6,231−22.9%ReducedHistory
ECGEverus Construction Group, Inc.Stock3,315$283.6K<0.1%−676−16.9%ReducedHistory
DIASPDR Dow Jones Industrial Average ETF TrustUT SER 1590$284.3K<0.1%00.0%UnchangedHistory
AGNCAGNC Investment Corp.REIT26,229$284.3K<0.1%+1,590+6.5%AddedHistory
CNTNCanton Strategic Holdings, Inc.COM95,000$287.9K<0.1%+95,000NewHistory
State Street SPDR Portfolio S&P 600 Small Cap ETF78468R853ETF6,206$290.8K<0.1%−1,570−20.2%Reduced–
GLIBKLiberty Capital CorpSER C GCI GROUP7,816$290.8K<0.1%+7,816NewHistory
WINGWingstop Inc.COM1,220$291.0K<0.1%−41−3.3%ReducedHistory
JLLJones Lang Lasalle IncCOM865$291.0K<0.1%+865NewHistory
ProShares Tr74347X864ULTRPRO S&P5002,518$291.5K<0.1%00.0%Unchanged–
CAMTCamtek LtdORD2,750$292.4K<0.1%00.0%UnchangedHistory
EXPEagle Materials IncCOM1,421$294.0K<0.1%+375+35.9%AddedHistory
ASBAssociated Banc-CorpCOM11,438$294.6K<0.1%−180−1.5%ReducedHistory
CPRICapri Holdings LtdSHS12,145$296.3K<0.1%−433−3.4%ReducedHistory
iShares Inc464286632MSCI ISRAEL ETF2,700$297.1K<0.1%00.0%Unchanged–
iShares Core S&P US Value ETF464287663ETF2,923$299.7K<0.1%00.0%Unchanged–

Sold out since Q3 2025 (76)

Positions held at the end of Q3 2025 that are gone from this filing.

Positions of Summit Trail Advisors, LLC sold out since Q3 2025
SecurityClassShares in Q3 2025Value in Q3 2025% of portfolio in Q3 2025History
JDJD.com, Inc.SPON ADS CL A143,704$5.03M0.1%History
WisdomTree Tr97717X669US QTLY DIV GRT51,540$4.59M0.1%–
Kraneshares Trust500767306CSI CHI INTERNET84,824$3.56M<0.1%–
SPRSpirit AeroSystems Holdings, Inc.COM CL A68,817$2.66M<0.1%History
FROGJFrog LtdStock53,920$2.55M<0.1%History
KKellanovaStock30,840$2.53M<0.1%History
First Tr Exchange-Traded FD33734X846NASDAQ CYB ETF30,290$2.30M<0.1%–
GBTCGrayscale Bitcoin Trust ETFETF23,545$2.11M<0.1%History
CGBDCarlyle Secured Lending, Inc.COM146,027$1.88M<0.1%History
SPDR Index Shs FDS78463X400SP CHINA ETF16,954$1.78M<0.1%–
YEXTYext, Inc.COM191,500$1.63M<0.1%History
TENBTenable Holdings, Inc.COM51,203$1.49M<0.1%History
IPGInterpublic Group of Companies, Inc.COM53,485$1.49M<0.1%History
PINCPremier, Inc.CL A45,715$1.27M<0.1%History
KRYSKrystal Biotech, Inc.COM6,464$1.14M<0.1%History
ULUnilever PLCSPON ADR NEW17,547$1.04M<0.1%History
STWDStarwood Property Trust, Inc.COM50,524$1.00M<0.1%History
SLViShares Silver TrustETF21,150$896.1K<0.1%History
ETHAiShares Ethereum Trust ETFSHS24,894$784.4K<0.1%History
Vanguard Intl Equity Index F922042874FTSE EUROPE ETF9,044$721.7K<0.1%–
INFAInformatica Inc.COM CL A25,598$635.9K<0.1%History
SESea LtdSPONSORD ADS2,762$493.7K<0.1%History
iShares Tr464288885EAFE GRWTH ETF4,201$478.4K<0.1%–
DKDelek US Holdings, Inc.COM13,393$432.2K<0.1%History
BIPCBrookfield Infrastructure CorpCOM SUB VTG A9,774$401.9K<0.1%History
BBVABanco Bilbao Vizcaya Argentaria, S.A.SPONSORED ADR19,289$371.3K<0.1%History
OPENOpendoor Technologies Inc.COM44,647$355.8K<0.1%History
RACEFerrari N.V.COM687$333.1K<0.1%History
BEBloom Energy CorpCOM CL A3,853$325.8K<0.1%History
TMToyota Motor CorpADS1,664$318.0K<0.1%History
Invesco Nasdaq 100 ETF46138G649ETF1,284$317.3K<0.1%–
RALRalliant CorpStock7,144$312.4K<0.1%History
WFRDWeatherford International plcORD SHS4,313$295.1K<0.1%History
OSCROscar Health, Inc.CL A15,467$292.8K<0.1%History
UPSTUpstart Holdings, Inc.COM5,688$288.9K<0.1%History
WCNWaste Connections, Inc.COM1,625$285.7K<0.1%History
ESLTElbit Systems LtdStock559$284.7K<0.1%History
CORTCorcept Therapeutics IncCOM3,148$261.6K<0.1%History
BHPBHP Group LtdADR4,566$254.6K<0.1%History
IBNIcici Bank LtdADR7,853$237.4K<0.1%History
SMFGSumitomo Mitsui Financial Group, Inc.SPONSORED ADR14,055$235.3K<0.1%History
LNWOLight & Wonder, Inc.COM2,788$234.0K<0.1%History
SNYSanofiSPONSORED ADR4,933$232.8K<0.1%History
BPBP PLCADR6,671$229.9K<0.1%History
State Street Materials Select Sector SPDR ETF81369Y100ETF2,404$215.4K<0.1%–
COOPMaverick Merger Sub 2, LLCCOM1,018$215.1K<0.1%History
Neuberger Berman ETF Trust64135A705OPT STRATEGY ETF7,962$213.9K<0.1%–
CNXCNX Resources CorpCOM6,622$212.7K<0.1%History
ARGXArgenx SESPONSORED ADR286$210.9K<0.1%History
GRABGrab Holdings LtdCLASS A ORD34,970$210.5K<0.1%History
BTIBritish American Tobacco p.l.c.SPONSORED ADR3,951$209.7K<0.1%History
GLXYGalaxy Digital Inc.CL A6,200$209.6K<0.1%History
CHWYChewy, Inc.CL A5,122$207.2K<0.1%History
HQYHealthequity, Inc.COM2,170$205.7K<0.1%History
INGING Groep NVSPONSORED ADR7,861$205.0K<0.1%History
BUDAnheuser-Busch InBev SA/NVADR3,411$203.3K<0.1%History
RIORio Tinto PLCADR3,047$201.2K<0.1%History
MQTBlackRock Muniyield Quality Fund II, Inc.COM17,649$196.5K<0.1%History
RPCRidgepost Capital, Inc.CL A COM13,859$150.8K<0.1%History
HLNHaleon plcADR16,542$148.4K<0.1%History
NZFNuveen Municipal Credit Income FundCOM SH BEN INT10,991$138.9K<0.1%History
VGMInvesco Trust for Investment Grade MunicipalsCOM13,644$138.1K<0.1%History
NEANuveen AMT-Free Quality Municipal Income FundCOM11,993$137.4K<0.1%History
NADNuveen Quality Municipal Income FundCOM11,601$136.5K<0.1%History
VMOInvesco Municipal Opportunity TrustCOM14,063$136.0K<0.1%History
VKQInvesco Municipal TrustCOM14,083$135.9K<0.1%History
MHDBlackRock Muniholdings Fund, Inc.COM11,350$134.1K<0.1%History
MQYBlackRock Muniyield Quality Fund, Inc.COM11,294$132.2K<0.1%History
HPPHudson Pacific Properties, Inc.COM39,188$108.2K<0.1%History
VSTSVestis CorpCOM SHS22,781$103.2K<0.1%History
NOKNokia CorpSPONSORED ADR19,791$95.2K<0.1%History
PCQPIMCO California Municipal Income FundCOM10,305$90.2K<0.1%History
ICLICL Group Ltd.SHS10,968$68.7K<0.1%History
COTYCoty Inc.COM CL A14,078$56.9K<0.1%History
XRXXerox Holdings CorpCOM NEW13,525$51.1K<0.1%History
BTBTBit Digital, IncSHS10,000$30.0K<0.1%History