Cadiz

CDZI and CDZIP • NASDAQ

Cadiz is a regulated water company in the utilities sector on NASDAQ, led by Susan Kennedy, with a market cap of $471.2M. As of Q3 2025, 44% of shares are held by 108 institutional investors, with Whitefort Capital Management, LP as the largest holder at 4.86%.

Chief Executive OfficerSusan Kennedy

Market Cap$471.2M

Regulated Water

Utilities

Employees18.0

Websitecadizinc.com

Country

United States of America

Overview

Overview of institutional ownership in CDZI and CDZIP as of Q3 2025 with a market cap of $387.1M

All Institutions

Institutions: 108
Value Held: $168.7M
Shares Held: 35.7M
Avg Position: $1.6M
Median Position: $171.8K

Hedge Funds

Hedge Funds: 15
Value Held: $55.4M
Shares Held: 11.7M
Avg Position: $3.7M
Median Position: $741.1K

Ownership Breakdown

Institutional (non-HF)

29.27%

$113.3M

Hedge Funds

14.31%

$55.4M

Retail & Other

56.42%

$218.4M

Based on market cap of $387.1M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in CDZI and CDZIP as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
W Whitefort Capital Management, LP Hedge Fund•Event Driven	David Lorin Salanic Managing Partner	$18.8M 6.54% of portfolio	4.86% 4.0M shares	Q4 2024 Held for 11 months	$287.7M
LEVIN CAPITAL STRATEGIES, L.P. Hedge Fund•Multi-Strategy	John Andrew Levin CEO	$17.3M 1.59% of portfolio	4.46% 3.7M shares	Q1 2022 Held for 3y 8m	$1.1B
B BlackRock, Inc. Institution	-	$17.0M 0.00% of portfolio	4.40% 3.6M shares	Q1 2017 Held for 8y 8m	$5.67T
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$16.5M 0.00% of portfolio	4.26% 3.5M shares	Q2 2015 Held for 10y 5m	$1.33T
BARCLAYS PLC Institution	-	$15.5M 0.01% of portfolio	4.01% 3.3M shares	Q1 2023 Held for 2y 8m	$271.65B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$14.3M 0.00% of portfolio	3.70% 3.0M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
A Alyeska Investment Group, L.P. Hedge Fund•Multi-Strategy	Anand Christopher Parekh CEO	$7.1M 0.02% of portfolio	1.82% 1.5M shares	Q1 2025 Held for 8 months	$33.0B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$6.2M 0.00% of portfolio	1.59% 1.3M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$5.9M 0.00% of portfolio	1.51% 1.2M shares	Q2 2017 Held for 8y 5m	$2.88T
G GRATIA CAPITAL, LLC Hedge Fund•Multi-Strategy	Pei Yu-Tsung Steven Managing Partner	$3.9M 3.57% of portfolio	1.01% 828.7K shares	Q4 2024 Held for 11 months	$109.5M

Net Capital Flow

Institutional buying and selling activity for CDZI and CDZIP in Q3 2025

Traded: +$15.4M
Buyers: 61
Sellers: 31
Total Bought: +$26.8M
Total Sold: −$11.5M
Avg Position: $1.5M

Biggest Buyers

Institution	Net Bought	Current Position
BANK OF AMERICA CORP /DE/ Institution	+$9.3M +2.0M shares	$16.5M 3.5M shares
BARCLAYS PLC Institution	+$5.6M +1.2M shares	$15.5M 3.3M shares
LEVIN CAPITAL STRATEGIES, L.P. Hedge Fund•Multi-Strategy	+$2.0M +419.0K shares	$17.3M 3.7M shares
H Hartree Partners, LP Institution	+$944.0K +200.0K shares	$944.0K 200.0K shares
P Permanent Capital Management, LP RIA/Wealth	+$828.3K +175.5K shares	$2.3M 496.5K shares
Caption Management, LLC Hedge Fund•Long/Short	+$741.1K +157.0K shares	$741.1K 157.0K shares
STATE STREET CORP Institution	+$693.2K +146.9K shares	$5.9M 1.2M shares
VANGUARD GROUP INC Institution	+$638.8K +135.3K shares	$14.3M 3.0M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	+$618.0K +130.9K shares	$2.1M 453.9K shares
S SIMPLEX TRADING, LLC Institution	+$498.5K +105.6K shares	$1.2M 246.1K shares

Biggest Sellers

Institution	Net Sold	Current Position
A Alyeska Investment Group, L.P. Hedge Fund•Multi-Strategy	−$4.6M −983.9K shares	$7.1M 1.5M shares
American Assets Capital Advisers Real Assets	−$1.8M −378.4K shares	$2.8M 601.1K shares
N Nokomis Capital, L.L.C. Hedge Fund•Long/Short	−$1.2M −405.0K shares	Sold Off 0 shares
MORGAN STANLEY RIA/Wealth	−$833.4K −176.6K shares	$3.6M 769.3K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$508.3K −170.0K shares	Sold Off 0 shares
BOOTHBAY FUND MANAGEMENT, LLC Fund of Funds	−$370.4K −78.5K shares	$54.1K 11.5K shares
E EQUITEC PROPRIETARY MARKETS, LLC Institution	−$355.5K −75.3K shares	$154.5K 32.7K shares
S Squarepoint Ops LLC Hedge Fund•Quant	−$319.4K −106.8K shares	Sold Off 0 shares
B B. Riley Asset Management, LLC Hedge Fund•Long/Short	−$268.9K −89.9K shares	Sold Off 0 shares
LOS ANGELES CAPITAL MANAGEMENT & EQUITY RESEARCH INC Long Only Manager	−$210.2K −44.5K shares	$437.6K 92.7K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited CDZI and CDZIP in Q3 2025

New Positions: 15
New Value: $3.3M
Exited Positions: 8
Exited Value: $2.6M

New Positions

Institution	Position Value
H Hartree Partners, LP Institution	$944.0K 200.0K shares
Caption Management, LLC Hedge Fund•Long/Short	$741.1K 157.0K shares
Cinctive Capital Management LP Hedge Fund•Multi-Strategy	$490.4K 103.9K shares
P PharVision Advisers, LLC Hedge Fund•Long/Short	$237.9K 50.4K shares
MIRABELLA FINANCIAL SERVICES LLP Institution	$236.0K 50.0K shares
F Financial Engines Advisors L.L.C. Institution	$188.2K 39.9K shares
F FourWorld Capital Management LLC Institution	$151.2K 32.0K shares
C CREDIT AGRICOLE S A Institution	$72.3K 15.3K shares
LDR Capital Management LLC Hedge Fund•Sector	$71.3K 15.1K shares
Sontag Advisory, LLC RIA/Wealth	$60.6K 12.8K shares

Exited Positions

Institution	Previous Position
N Nokomis Capital, L.L.C. Hedge Fund•Long/Short	$1.2M 405.0K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	$508.3K 170.0K shares
S Squarepoint Ops LLC Hedge Fund•Quant	$319.4K 106.8K shares
B B. Riley Asset Management, LLC Hedge Fund•Long/Short	$268.9K 89.9K shares
X XTX Topco Ltd Institution	$144.4K 48.3K shares
C CANTOR FITZGERALD, L. P. Institution	$121.6K 40.7K shares
P ProShare Advisors LLC Institution	$33.7K 11.3K shares
N Neuberger Berman Group LLC Institution	$31.5K 10.5K shares

Options Activity

Institutions with the largest Call and Put options positions in CDZI and CDZIP as of Q3 2025

Call Positions: 7
Call Value: $8.9M
Put Positions: 4
Put Value: $124.6K

Call Positions

Institution	Position Value
BARCLAYS PLC Institution	$3.3M 7.0K contracts
G GRATIA CAPITAL, LLC Hedge Fund•Multi-Strategy	$2.4M 5.0K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.4M 2.9K contracts
Caption Management, LLC Hedge Fund•Long/Short	$1.1M 2.3K contracts
J JANE STREET GROUP, LLC Institution	$592.4K 1.3K contracts
W WOLVERINE TRADING, LLC Institution	$134.0K 282.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$102.4K 217.0 contracts

Put Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$63.7K 135.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$60.9K 129.0 contracts
Crawford Fund Management, LLC Hedge Fund•Long/Short	- - contracts
W WOLVERINE TRADING, LLC Institution	- - contracts

Most Committed Institutions

Institutions with CDZI and CDZIP as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
W Whitefort Capital Management, LP Hedge Fund•Event Driven	David Lorin Salanic Managing Partner	6.54% $18.8M	4.86% 4.0M shares	Q4 2024 Held for 11 months	$287.7M
G GRATIA CAPITAL, LLC Hedge Fund•Multi-Strategy	Pei Yu-Tsung Steven Managing Partner	3.57% $3.9M	1.01% 828.7K shares	Q4 2024 Held for 11 months	$109.5M
American Assets Capital Advisers Real Assets	Burland Bland East CEO	2.99% $2.8M	0.73% 601.1K shares	Q4 2022 Held for 2y 11m	$94.7M
R Rangeley Capital, LLC Hedge Fund•Event Driven	Christopher Clay Demuth Jr. Managing Partner	2.31% $2.4M	0.63% 516.0K shares	Q4 2024 Held for 11 months	$105.5M
E ELKHORN PARTNERS LIMITED PARTNERSHIP Institution	-	2.19% $3.2M	0.83% 683.2K shares	≤ Q2 2013 Held for 12y 5m+	$147.3M
LEVIN CAPITAL STRATEGIES, L.P. Hedge Fund•Multi-Strategy	John Andrew Levin CEO	1.59% $17.3M	4.46% 3.7M shares	Q1 2022 Held for 3y 8m	$1.1B
E EQUITEC PROPRIETARY MARKETS, LLC Institution	-	0.92% $154.5K	0.04% 32.7K shares	Q3 2023 Held for 2y 2m	$16.8M
Parkshore Wealth Management, Inc. RIA/Wealth	Harold Craig Anderson President	0.49% $1.2M	0.31% 255.6K shares	Q4 2024 Held for 11 months	$245.4M
P Permanent Capital Management, LP RIA/Wealth	Meghan Desmond Koeppel Director	0.44% $2.3M	0.61% 496.5K shares	Q3 2025 Held for 2 months	$534.8M
F FourWorld Capital Management LLC Institution	-	0.37% $151.2K	0.04% 32.0K shares	Q3 2025 Held for 2 months	$41.3M

Hedge Fund Spotlight

Discover hedge funds investing in CDZI and CDZIP

GRATIA CAPITAL, LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerPei Yu-Tsung Steven

Portfolio Value: $109.5M
Positions: 27
Last Reported: Q3 2025

Sector Allocation

Position in Cadiz

CDZI and CDZIP

Market Value: $13.0M
Shares Held: 3.1M
Portfolio Weight: 13.77%
Owned Since: 2013-Q4

Top Holding	Sector	Market Value	Weight
1 TPG RE Finance Trust, Inc. TRTX	REIT - Mortgage Real Estate	$18.5M	16.88%
2 Franklin BSP Realty Trust FBRT	REIT - Mortgage Real Estate	$8.7M	7.94%
3 Navios Maritime Partners NMM	Marine Shipping Industrials	$6.4M	5.85%