KARPUS MANAGEMENT, INC.

Filed: 2/13/2026ACC: 0001072613-26-000174

📋 What this filing means

KARPUS MANAGEMENT, INC. filed this quarterly 13F‑HR report disclosing 100 equity positions with a total reported market value of $489.03M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

100

Positions

$489.03M

Total AUM (reported)

20.49M

Total Shares

Allocation by class

PREFERRED$474.32M97.0%

COMMON$11.32M2.3%

UNIT$2.09M0.4%

COM$668.1K0.1%

TRUST ISHARE 0-1$110.2K0.0%

MSCI JAPAN ETF$80.7K0.0%

VANECK SHRT MUNI$60.9K0.0%

Portfolio Concentration

Top 3$128.04M26.2%

4–10$129.69M26.5%

11–25$154.57M31.6%

Rest$76.74M15.7%

Top 3 weight

26.2%

Top 10 weight

52.7%

Voting Authority Distribution

Total shares with voting rights: 20.49M

Sole

Full voting authority

20.49M

% of voting shares100.0%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

0.00

% of voting shares0.0%

Investment Discretion (by position count)

Sole100

Shared0

Other0

Dominant voting typeSole · 100.0% of voting shares

Institutional Holdings100

Rows:

EAGLE POINT CREDIT 7.75 percent DUE 06/30/2030

SOLE

Preferred

Shares2.57M

TypeSH

Market value$64.61M

13.21%

Sole

2.57M

Shared

0.00

None

0.00

OFS CAPITAL CORP 7.5 percent DUE 7/31/2058

SOLE

Preferred

Shares1.26M

TypeSH

Market value$32.33M

6.61%

Sole

1.26M

Shared

0.00

None

0.00

SOUND POINT MERIDIAN CAPITAL 7.875 percent DUE 7/31/2030

SOLE

Preferred

Shares1.23M

TypeSH

Market value$31.10M

6.36%

Sole

1.23M

Shared

0.00

None

0.00

SARATOGA INVESTMENT CORP 6.00 percent DUE 04/30/2027

SOLE

Preferred

Shares1.01M

TypeSH

Market value$25.11M

5.14%

Sole

1.01M

Shared

0.00

None

0.00

OXFORD SQUARE CAPITAL CORP 7.75 percent DUE 7/31/2030

SOLE

Preferred

Shares867.12K

TypeSH

Market value$22.09M

4.52%

Sole

867.12K

Shared

0.00

None

0.00

OXFORD LANE CAPITAL CORP. 7.95 percent 2/29/2032

SOLE

Preferred

Shares853.68K

TypeSH

Market value$21.57M

4.41%

Sole

853.68K

Shared

0.00

None

0.00

OXFORD LANE CAPITAL CORP, 5 percent, DUE 1/31/2027

SOLE

Preferred

Shares669.34K

TypeSH

Market value$16.31M

3.34%

Sole

669.34K

Shared

0.00

None

0.00

NEWTEK BUSINESS SERVICES 5.5 percent DUE 2/1/2026

SOLE

Preferred

Shares595.19K

TypeSH

Market value$14.99M

3.07%

Sole

595.19K

Shared

0.00

None

0.00

GREAT ELM CAPITAL CORP 5 7/8 percent DUE 6/30/2026

SOLE

Preferred

Shares592.73K

TypeSH

Market value$14.82M

3.03%

Sole

592.73K

Shared

0.00

None

0.00

TERRA INCOME 6 7 percent DUE 3/31/2026

SOLE

Preferred

Shares594.05K

TypeSH

Market value$14.78M

3.02%

Sole

594.05K

Shared

0.00

None

0.00

OXFORD LANE CAPITAL CORP. 7.125 percent 6/30/2029

SOLE

Preferred

Shares603.27K

TypeSH

Market value$14.66M

3.00%

Sole

603.27K

Shared

0.00

None

0.00

GLADSTONE INVESTMENT CORP 5 percent DUE 5/1/2026

SOLE

Preferred

Shares537.85K

TypeSH

Market value$13.53M

2.77%

Sole

537.85K

Shared

0.00

None

0.00

GLADSTONE INVESTMENT CORP 7.875 percent 02/01/2023

SOLE

Preferred

Shares480.02K

TypeSH

Market value$12.31M

2.52%

Sole

480.02K

Shared

0.00

None

0.00

OXFORD LANE CAPITAL CORP 6 percent DUE 8/31/2029

SOLE

Preferred

Shares516.39K

TypeSH

Market value$12.09M

2.47%

Sole

516.39K

Shared

0.00

None

0.00

GREAT ELM CAPITAL CORP 7.75 percent DUE 12/31/2030

SOLE

Preferred

Shares480.61K

TypeSH

Market value$12.03M

2.46%

Sole

480.61K

Shared

0.00

None

0.00

OFS CAPITAL CORP 4.95 percent DUE 10/31/2028

SOLE

Preferred

Shares479.88K

TypeSH

Market value$11.37M

2.32%

Sole

479.88K

Shared

0.00

None

0.00

OFS CREDIT CO 5.25 percent DUE 12/31/2026

SOLE

Preferred

Shares452.35K

TypeSH

Market value$11.17M

2.28%

Sole

452.35K

Shared

0.00

None

0.00

EAGLE POINT CREDIT 5.375 percent DUE 1/31/2029

SOLE

Preferred

Shares443.72K

TypeSH

Market value$10.60M

2.17%

Sole

443.72K

Shared

0.00

None

0.00

SOUND POINT MERIDIAN CAPITAL, INC. 8 percent 11/30/2029

SOLE

Preferred

Shares402.90K

TypeSH

Market value$10.15M

2.08%

Sole

402.90K

Shared

0.00

None

0.00

PEARL DIVER CREDIT COMPANY INC. 8 percent 12/31/2029

SOLE

Preferred

Shares362.37K

TypeSH

Market value$9.15M

1.87%

Sole

362.37K

Shared

0.00

None

0.00

GREAT ELM CAPITAL CORP 8.125 percent DUE 12/31/2029

SOLE

Preferred

Shares322.01K

TypeSH

Market value$8.10M

1.66%

Sole

322.01K

Shared

0.00

None

0.00

SARATOGA INVESTMENT CORP 8.50 percent DUE 04/15/2028

SOLE

Preferred

Shares315.61K

TypeSH

Market value$7.99M

1.63%

Sole

315.61K

Shared

0.00

None

0.00

CRESCENT CAPITAL BDC INC

SOLE

Preferred

Shares317.67K

TypeSH

Market value$7.96M

1.63%

Sole

317.67K

Shared

0.00

None

0.00

OFS CREDIT CO 7 7/8 percent DUE 10/31/2029

SOLE

Preferred

Shares269.15K

TypeSH

Market value$6.77M

1.39%

Sole

269.15K

Shared

0.00

None

0.00

CARLYLE CREDIT INCOME FUND 7.375 percent DUE 10/30/2028

SOLE

Preferred

Shares264.15K

TypeSH

Market value$6.69M

1.37%

Sole

264.15K

Shared

0.00

None

0.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole
EAGLE POINT CREDIT 7.75 percent DUE 06/30/2030SOLE	Preferred	2.57M	SH	$64.61M 13.21%	2.57M
OFS CAPITAL CORP 7.5 percent DUE 7/31/2058SOLE	Preferred	1.26M	SH	$32.33M 6.61%	1.26M
SOUND POINT MERIDIAN CAPITAL 7.875 percent DUE 7/31/2030SOLE	Preferred	1.23M	SH	$31.10M 6.36%	1.23M
SARATOGA INVESTMENT CORP 6.00 percent DUE 04/30/2027SOLE	Preferred	1.01M	SH	$25.11M 5.14%	1.01M
OXFORD SQUARE CAPITAL CORP 7.75 percent DUE 7/31/2030SOLE	Preferred	867.12K	SH	$22.09M 4.52%	867.12K
OXFORD LANE CAPITAL CORP. 7.95 percent 2/29/2032SOLE	Preferred	853.68K	SH	$21.57M 4.41%	853.68K
OXFORD LANE CAPITAL CORP, 5 percent, DUE 1/31/2027SOLE	Preferred	669.34K	SH	$16.31M 3.34%	669.34K
NEWTEK BUSINESS SERVICES 5.5 percent DUE 2/1/2026SOLE	Preferred	595.19K	SH	$14.99M 3.07%	595.19K
GREAT ELM CAPITAL CORP 5 7/8 percent DUE 6/30/2026SOLE	Preferred	592.73K	SH	$14.82M 3.03%	592.73K
TERRA INCOME 6 7 percent DUE 3/31/2026SOLE	Preferred	594.05K	SH	$14.78M 3.02%	594.05K
OXFORD LANE CAPITAL CORP. 7.125 percent 6/30/2029SOLE	Preferred	603.27K	SH	$14.66M 3.00%	603.27K
GLADSTONE INVESTMENT CORP 5 percent DUE 5/1/2026SOLE	Preferred	537.85K	SH	$13.53M 2.77%	537.85K
GLADSTONE INVESTMENT CORP 7.875 percent 02/01/2023SOLE	Preferred	480.02K	SH	$12.31M 2.52%	480.02K
OXFORD LANE CAPITAL CORP 6 percent DUE 8/31/2029SOLE	Preferred	516.39K	SH	$12.09M 2.47%	516.39K
GREAT ELM CAPITAL CORP 7.75 percent DUE 12/31/2030SOLE	Preferred	480.61K	SH	$12.03M 2.46%	480.61K
OFS CAPITAL CORP 4.95 percent DUE 10/31/2028SOLE	Preferred	479.88K	SH	$11.37M 2.32%	479.88K
OFS CREDIT CO 5.25 percent DUE 12/31/2026SOLE	Preferred	452.35K	SH	$11.17M 2.28%	452.35K
EAGLE POINT CREDIT 5.375 percent DUE 1/31/2029SOLE	Preferred	443.72K	SH	$10.60M 2.17%	443.72K
SOUND POINT MERIDIAN CAPITAL, INC. 8 percent 11/30/2029SOLE	Preferred	402.90K	SH	$10.15M 2.08%	402.90K
PEARL DIVER CREDIT COMPANY INC. 8 percent 12/31/2029SOLE	Preferred	362.37K	SH	$9.15M 1.87%	362.37K
GREAT ELM CAPITAL CORP 8.125 percent DUE 12/31/2029SOLE	Preferred	322.01K	SH	$8.10M 1.66%	322.01K
SARATOGA INVESTMENT CORP 8.50 percent DUE 04/15/2028SOLE	Preferred	315.61K	SH	$7.99M 1.63%	315.61K
CRESCENT CAPITAL BDC INCSOLE	Preferred	317.67K	SH	$7.96M 1.63%	317.67K
OFS CREDIT CO 7 7/8 percent DUE 10/31/2029SOLE	Preferred	269.15K	SH	$6.77M 1.39%	269.15K
CARLYLE CREDIT INCOME FUND 7.375 percent DUE 10/30/2028SOLE	Preferred	264.15K	SH	$6.69M 1.37%	264.15K

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