CERTUITY, LLC

Where did the freed capital go? Mostly toward broadening the portfolio rather than making another concentrated bet. Vanguard's developed-international ETF (VEA) grew 77% in shares, iShares' small-cap fund (IJR) grew 66%, and Schwab's large-cap growth ETF (SCHG) grew 28% — three separate additions to diversified sleeves the firm already held. New money also opened positions in emerging markets (Vanguard's VWO), large-cap value (Schwab's SCHV), and North American energy infrastructure (First Trust's EMLP), rounding out exposure across styles, geographies, and asset classes that a single oversized consumer-lending bet doesn't provide.

The one exception to that diversification theme is a new $5.2 million direct stake in Petroleo Brasileiro — Petrobras — bought via US-listed ADR. It's a specific, single-country, single-stock bet on Brazil's state oil company sitting inside a portfolio that otherwise reads as a broad, financials-and-technology-tilted core book. On the exit side, Certuity fully sold Northrop Grumman, Palo Alto Networks, JPMorgan Chase, Uber, and Bitmine Immersion Technologies — five clean full exits spanning defense, cybersecurity, banking, ride-hailing, and crypto-infrastructure, none large enough individually to be the story, but collectively freeing up more room for the fund additions above.