Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ARMSTRONG WORLD INDUSTRIES INC	784,126 (+39.2%)	$126M (+35.5%)	4.6%	—	—	COM	04247x102
KNSL	KINSALE CAPITAL GROUP INC	285,392 (+57.6%)	$94.13M (+52.2%)	3.5%	—	—	COM	49714P108
SGI	SOMNIGROUP INTERNATIONAL	2,975,857 (+1.2%)	$233M (+7.3%)	8.6%	—	—	COM	88023U101
—	BOOKING HLDGS INC	1,181,664 (+2395.8%)	$211M (+5.7%)	7.8%	—	—	COM	09857l108
NVR	NVR INC	11,583 (+1.6%)	$78.92M (+5.0%)	2.9%	—	—	COM	62944T105
PATK	PATRICK INDUSTRIES INC	156,000 (+6.8%)	$14.01M (-13.6%)	0.5%	—	—	COM	703343103

Exited Positions (2)

BUR BURFORD CAPITAL LTD 0.2%

Value $4.986M Shares 1,103,016 Est. Cost — Unrealized —

IESC IES HOLDINGS INC 0.1%

Value $2.382M Shares 5,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BUR	BURFORD CAPITAL LTD	1,103,016	$4.986M	0.2%	—	—	—	G17977110
IESC	IES HOLDINGS INC	5,000	$2.382M	0.1%	—	—	—	44951W106

Decreased Positions (4)

ADI ANALOG DEVICES INC 3.2%

Value $88.09M (-59.3%) Shares 221,787 (-67.4%) Est. Cost — Unrealized —

IBP INSTALLED BUILDING PRODUCTS IN 5.5%

Value $150M (-31.6%) Shares 652,368 (-21.1%) Est. Cost — Unrealized —

BRK/A BERKSHIRE HATHAWAY INC DEL CL 4.4%

Value $120M (+1.7%) Shares 160 (-2.4%) Est. Cost — Unrealized —

IP INTERNATIONAL PAPER 0.0%

Value $1.143M (+5.3%) Shares 30,000 (-1.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ADI	ANALOG DEVICES INC	221,787 (-67.4%)	$88.09M (-59.3%)	3.2%	—	—	COM	032654105
IBP	INSTALLED BUILDING PRODUCTS IN	652,368 (-21.1%)	$150M (-31.6%)	5.5%	—	—	COM	45780R101
BRK/A	BERKSHIRE HATHAWAY INC DEL CL	160 (-2.4%)	$120M (+1.7%)	4.4%	—	—	COM	084670108
IP	INTERNATIONAL PAPER	30,000 (-1.3%)	$1.143M (+5.3%)	0.0%	—	—	COM	460146103

Unchanged Positions (16)

ANET ARISTA NETWORKS INC 5.7%

Value $155M Shares 912,952 Est. Cost — Unrealized —

FND FLOOR AND DECOR HOLDINGS INC 5.6%

Value $153M Shares 2,585,135 Est. Cost — Unrealized —

AXP AMERICAN EXPRESS CO COM 7.0%

Value $192M Shares 566,262 Est. Cost — Unrealized —

PGR PROGRESSIVE CORPORATION 7.3%

Value $199M Shares 908,992 Est. Cost — Unrealized —

MC MOELIS AND COMPANY 3.6%

Value $98.35M Shares 1,503,334 Est. Cost — Unrealized —

THO THOR INDS INC COM 7.1%

Value $192M Shares 2,560,247 Est. Cost — Unrealized —

SCHW CHARLES SCHWAB CORPORATION 10.0%

Value $271M Shares 2,936,893 Est. Cost — Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL CL 5.6%

Value $151M Shares 302,128 Est. Cost — Unrealized —

ABG ASBURY AUTOMOTIVE GROUP 5.2%

Value $142M Shares 706,608 Est. Cost — Unrealized —

GOOS CANADA GOOSE HOLDINGS INC 0.6%

Value $16.72M Shares 1,758,525 Est. Cost — Unrealized —

LKFN LAKELAND FINANCIAL CORPORATION 0.5%

Value $12.99M Shares 210,411 Est. Cost — Unrealized —

CLVT CLARIVATE PLC 0.2%

Value $4.86M Shares 2,250,000 Est. Cost — Unrealized —

WHR WHIRLPOOL CORP 0.1%

Value $2.07M Shares 52,500 Est. Cost — Unrealized —

SW SMURFIT WESTROCK PLC 0.2%

Value $4.857M Shares 105,000 Est. Cost — Unrealized —

GABC GERMAN AMERICAN BANCORP INC 0.0%

Value $712K Shares 15,000 Est. Cost — Unrealized —

KMB KIMBERLY-CLARK CORP COM 0.0%

Value $549K Shares 5,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ANET	ARISTA NETWORKS INC	912,952	$155M	5.7%	—	—	COM	040413205
FND	FLOOR AND DECOR HOLDINGS INC	2,585,135	$153M	5.6%	—	—	COM	339750101
AXP	AMERICAN EXPRESS CO COM	566,262	$192M	7.0%	—	—	COM	025816109
PGR	PROGRESSIVE CORPORATION	908,992	$199M	7.3%	—	—	COM	743315103
MC	MOELIS AND COMPANY	1,503,334	$98.35M	3.6%	—	—	COM	60786M105
THO	THOR INDS INC COM	2,560,247	$192M	7.1%	—	—	COM	885160101
SCHW	CHARLES SCHWAB CORPORATION	2,936,893	$271M	10.0%	—	—	COM	808513105
BRK/B	BERKSHIRE HATHAWAY INC DEL CL	302,128	$151M	5.6%	—	—	COM	084670702
ABG	ASBURY AUTOMOTIVE GROUP	706,608	$142M	5.2%	—	—	COM	043436104
GOOS	CANADA GOOSE HOLDINGS INC	1,758,525	$16.72M	0.6%	—	—	COM	135086106
LKFN	LAKELAND FINANCIAL CORPORATION	210,411	$12.99M	0.5%	—	—	COM	511656100
CLVT	CLARIVATE PLC	2,250,000	$4.86M	0.2%	—	—	COM	G21810109
WHR	WHIRLPOOL CORP	52,500	$2.07M	0.1%	—	—	COM	963320106
SW	SMURFIT WESTROCK PLC	105,000	$4.857M	0.2%	—	—	COM	G8267P108
GABC	GERMAN AMERICAN BANCORP INC	15,000	$712K	0.0%	—	—	COM	373865104
KMB	KIMBERLY-CLARK CORP COM	5,000	$549K	0.0%	—	—	COM	494368103