MIDLAND WEALTH ADVISORS LLC

The largest dollar decreases were in JPMorgan U.S. Quality Factor (JQUA), which shed $29.8 million, and iShares MBS (MBB), which reduced by $28.3 million. iShares S&P 500 Growth (IVW) cut $20.8 million, iShares Core MSCI EAFE (IEFA) reduced by $20.2 million, and Vanguard Value (VTV) trimmed $17.4 million. On the increase side, iShares Core MSCI EM (IEMG) added $21.2 million, iShares Core S&P 500 (IVV) increased by $14.1 million, and American Beacon Select (MGNR) grew by $11.9 million. Janus Detroit Short Duration Bond (JAAA) and iShares S&P Mid-Cap (IJH) also added meaningfully.

Among individual stocks, Microsoft was the only name with a material change among the top holdings, cutting $3.6 million. The portfolio initiated four new positions in the quarter: VanEck Emerging Markets Bond (EMBX) at $52.0 million, Bluerock Private Real Estate (BPRE) at $41.5 million, Vanguard FTSE Developed Markets (VEA) at $1.7 million, and Invesco QQQ Trust (QQQ) at $1.7 million. The QQQ entry is paired with an exit of the prior QQQ CUSIP at nearly the same dollar size — a likely ticker conversion rather than a genuine trade, so it is excluded from the net-inflow tally. Sold outright were IBM, Eli Lilly, the prior QQQ CUSIP, and Procter & Gamble. The EMBX and BPRE entries are the only lines that look like deliberate active decisions; both are satellite tilts away from the core ETF sleeve.