KIM, LLC

2. Key Holdings

The portfolio is dominated by a mix of broad market exposure and highly concentrated, idiosyncratic bets.

• SPDR S&P 500 ETF (SPY): This is the largest holding at $199.85M (19.35%). This represents a substantial liquidity position and a beta play on the broader US equity market. It serves as a stable core amidst higher-risk positions.
• Sound Point Meridian Cap Inc: The second largest holding at $187.11M (18.11%). This is a closed-end business development company (BDC). The large stake suggests a yield-focused or credit-oriented strategy, as BDCs typically invest in private middle-market companies.
• Tidal Trust II (Positions 4 & 5): There are two distinct positions in Tidal Trust II totaling approximately $163.7M (15.85%). Tidal Trusts are often used as vehicles for niche or leveraged ETF strategies (often Bitcoin or other thematic exposures). The fact that there are two separate entries suggests they may track different underlying assets or strategies within the same trust structure.
• Aspen Aerogels Inc: A significant position at $85.47M (8.27%). This indicates a strong conviction bet on the industrial/materials sector, likely related to energy efficiency or infrastructure.
• Vail Resorts Inc: Comprising $24.94M (2.41%), this is the largest traditional equity holding outside of the top three, showing a tilt toward the consumer discretionary/travel sector.