Gruss & Co., LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	2,500	$719	1.7%	$323.29	0.0%	CAP STK CL A	02079K305
EXE	EXPAND ENERGY CORPORATION	3,000	$329	0.8%	$105.80	0.0%	COM	165167735
UBER	UBER TECHNOLOGIES INC	4,500	$324	0.8%	$78.72	0.0%	COM	90353T100
EVR	EVERCORE INC	1,000	$299	0.7%	$351.86	0.0%	CLASS A	29977A105
EQT	EQT CORP	4,000	$255	0.6%	$55.27	0.0%	COM	26884L109
GDXJ	VANECK ETF TRUST	2,000	$240	0.6%	$120.04	—	JUNIOR GOLD MINE	92189F791
SPHR	SPHERE ENTERTAINMENT CO	2,000	$235	0.5%	$99.94	0.0%	CL A	55826T102

Increased Positions (7)

RSVR RESERVOIR MEDIA INC 11.7%

Value ($000) $5,011 (+149.8%) Shares 511,834 (+93.1%) Est. Cost $7.51 Unrealized +0.2%

VIXY PROSHARES TR II 2.4%

Value ($000) $1,031 (+167.9%) Shares 30,000 (+100.0%) Est. Cost $30.00 Unrealized —

AAPL APPLE INC 2.5%

Value ($000) $1,066 (+45.2%) Shares 4,200 (+55.6%) Est. Cost $219.57 Unrealized +19.7%

FRMI FERMI INC 0.5%

Value ($000) $219 (+173.8%) Shares 37,500 (+275.0%) Est. Cost $12.06 Unrealized -22.5%

GDX VANECK ETF TRUST 1.6%

Value ($000) $688 (+23.5%) Shares 7,500 (+15.4%) Est. Cost $54.77 Unrealized —

JPM JPMORGAN CHASE & CO 1.0%

Value ($000) $441 (+36.9%) Shares 1,500 (+50.0%) Est. Cost $282.27 Unrealized +10.3%

XBI SPDR SERIES TRUST 1.2%

Value ($000) $511 (+19.7%) Shares 4,000 (+14.3%) Est. Cost $103.64 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RSVR	RESERVOIR MEDIA INC	511,834 (+93.1%)	$5,011 (+149.8%)	11.7%	$7.51	+0.2%	COM	76119X105
VIXY	PROSHARES TR II	30,000 (+100.0%)	$1,031 (+167.9%)	2.4%	$30.00	—	VIX SHT TERM FUT	74347Y730
AAPL	APPLE INC	4,200 (+55.6%)	$1,066 (+45.2%)	2.5%	$219.57	+19.7%	COM	037833100
FRMI	FERMI INC	37,500 (+275.0%)	$219 (+173.8%)	0.5%	$12.06	-22.5%	COM	314911108
GDX	VANECK ETF TRUST	7,500 (+15.4%)	$688 (+23.5%)	1.6%	$54.77	—	GOLD MINERS ETF	92189F106
JPM	JPMORGAN CHASE & CO	1,500 (+50.0%)	$441 (+36.9%)	1.0%	$282.27	+10.3%	COM	46625H100
XBI	SPDR SERIES TRUST	4,000 (+14.3%)	$511 (+19.7%)	1.2%	$103.64	—	STATE STREET SPD	78464A870

Exited Positions (7)

EEM ISHARES TR 4.7%

Value ($000) $2,024 Shares 37,000 Est. Cost $54.71 Unrealized —

WBD WARNER BROS DISCOVERY INC 2.5%

Value ($000) $1,081 Shares 37,500 Est. Cost $23.37 Unrealized +20.8%

SLV ISHARES SILVER TR 1.9%

Value ($000) $805 Shares 12,500 Est. Cost $64.42 Unrealized —

GEV GE VERNOVA INC 0.8%

Value ($000) $327 Shares 500 Est. Cost $609.04 Unrealized +21.0%

IGV ISHARES TR 0.7%

Value ($000) $317 Shares 3,000 Est. Cost $132.81 Unrealized —

XLU SELECT SECTOR SPDR TR 0.5%

Value ($000) $213 Shares 5,000 Est. Cost $42.69 Unrealized —

EL LAUDER ESTEE COS INC 0.5%

Value ($000) $209 Shares 2,000 Est. Cost $96.82 Unrealized +15.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EEM	ISHARES TR	37,000	$2,024	4.7%	$54.71	—	—	464287234
WBD	WARNER BROS DISCOVERY INC	37,500	$1,081	2.5%	$23.37	+20.8%	—	934423104
SLV	ISHARES SILVER TR	12,500	$805	1.9%	$64.42	—	—	46428Q109
GEV	GE VERNOVA INC	500	$327	0.8%	$609.04	+21.0%	—	36828A101
IGV	ISHARES TR	3,000	$317	0.7%	$132.81	—	—	464287515
XLU	SELECT SECTOR SPDR TR	5,000	$213	0.5%	$42.69	—	—	81369Y886
EL	LAUDER ESTEE COS INC	2,000	$209	0.5%	$96.82	+15.6%	—	518439104

Decreased Positions (10)

AMZN AMAZON COM INC 3.9%

Value ($000) $1,666 (-44.5%) Shares 8,000 (-38.5%) Est. Cost $211.28 Unrealized +7.4%

GLD SPDR GOLD TR 42.7%

Value ($000) $18,287 (-5.8%) Shares 42,500 (-13.3%) Est. Cost $302.58 Unrealized —

MSFT MICROSOFT CORP 4.3%

Value ($000) $1,851 (-36.2%) Shares 5,000 (-16.7%) Est. Cost $446.27 Unrealized -2.6%

XLEI SELECT SECTOR SPDR TR 0.6%

Value ($000) $276 (-64.8%) Shares 4,500 (-74.3%) Est. Cost $44.71 Unrealized —

META META PLATFORMS INC 1.3%

Value ($000) $572 (-42.2%) Shares 1,000 (-33.3%) Est. Cost $557.11 Unrealized +17.7%

NG NOVAGOLD RESOURCES INC 0.5%

Value ($000) $202 (-56.6%) Shares 22,500 (-55.0%) Est. Cost $9.27 Unrealized +10.8%

BE BLOOM ENERGY CORP 1.6%

Value ($000) $677 (+41.8%) Shares 5,000 (-9.1%) Est. Cost $51.77 Unrealized +179.4%

NVDA NVIDIA CORPORATION 2.2%

Value ($000) $959 (-14.3%) Shares 5,500 (-8.3%) Est. Cost $127.62 Unrealized +46.2%

AAXJ ISHARES TR 4.9%

Value ($000) $2,118 (-5.2%) Shares 22,000 (-8.3%) Est. Cost $83.79 Unrealized —

ET ENERGY TRANSFER L P 1.1%

Value ($000) $463 (+12.4%) Shares 24,000 (-4.0%) Est. Cost $16.49 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	8,000 (-38.5%)	$1,666 (-44.5%)	3.9%	$211.28	+7.4%	COM	023135106
GLD	SPDR GOLD TR	42,500 (-13.3%)	$18,287 (-5.8%)	42.7%	$302.58	—	GOLD SHS	78463V107
MSFT	MICROSOFT CORP	5,000 (-16.7%)	$1,851 (-36.2%)	4.3%	$446.27	-2.6%	COM	594918104
XLEI	SELECT SECTOR SPDR TR	4,500 (-74.3%)	$276 (-64.8%)	0.6%	$44.71	—	STATE STREET ENE	81369Y829
META	META PLATFORMS INC	1,000 (-33.3%)	$572 (-42.2%)	1.3%	$557.11	+17.7%	CL A	30303M102
NG	NOVAGOLD RESOURCES INC	22,500 (-55.0%)	$202 (-56.6%)	0.5%	$9.27	+10.8%	COM NEW	66987E206
BE	BLOOM ENERGY CORP	5,000 (-9.1%)	$677 (+41.8%)	1.6%	$51.77	+179.4%	COM CL A	093712107
NVDA	NVIDIA CORPORATION	5,500 (-8.3%)	$959 (-14.3%)	2.2%	$127.62	+46.2%	COM	67066G104
AAXJ	ISHARES TR	22,000 (-8.3%)	$2,118 (-5.2%)	4.9%	$83.79	—	MSCI AC ASIA ETF	464288182
ET	ENERGY TRANSFER L P	24,000 (-4.0%)	$463 (+12.4%)	1.1%	$16.49	—	COM UT LTD PTN	29273V100

Unchanged Positions (11)

BSM BLACK STONE MINERALS L P 2.5%

Value ($000) $1,074 Shares 71,016 Est. Cost $12.11 Unrealized —

EPD ENTERPRISE PRODS PARTNERS L 1.5%

Value ($000) $624 Shares 16,500 Est. Cost $31.44 Unrealized —

QQQ INVESCO QQQ TR 1.3%

Value ($000) $577 Shares 1,000 Est. Cost $450.67 Unrealized —

HSAI HESAI GROUP 0.4%

Value ($000) $191 Shares 10,000 Est. Cost $22.40 Unrealized —

— KAYNE ANDERSON ENERGY INFRST 0.5%

Value ($000) $215 Shares 15,086 Est. Cost $12.38 Unrealized —

SMH VANECK ETF TRUST 0.9%

Value ($000) $383 Shares 1,000 Est. Cost $227.81 Unrealized —

XLK SELECT SECTOR SPDR TR 0.6%

Value ($000) $266 Shares 2,000 Est. Cost $237.91 Unrealized —

DECK DECKERS OUTDOOR CORP 0.5%

Value ($000) $225 Shares 2,250 Est. Cost $93.73 Unrealized +16.9%

TMUS T-MOBILE US INC 0.5%

Value ($000) $210 Shares 1,000 Est. Cost $187.42 Unrealized +6.9%

ACWI ISHARES TR 0.6%

Value ($000) $277 Shares 2,000 Est. Cost $138.24 Unrealized —

ITA ISHARES TR 0.8%

Value ($000) $328 Shares 1,500 Est. Cost $149.64 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BSM	BLACK STONE MINERALS L P	71,016	$1,074	2.5%	$12.11	—	COM UNIT	09225M101
EPD	ENTERPRISE PRODS PARTNERS L	16,500	$624	1.5%	$31.44	—	COM	293792107
QQQ	INVESCO QQQ TR	1,000	$577	1.3%	$450.67	—	UNIT SER 1	46090E103
HSAI	HESAI GROUP	10,000	$191	0.4%	$22.40	—	SPONSORED ADS	428050108
—	KAYNE ANDERSON ENERGY INFRST	15,086	$215	0.5%	$12.38	—	COM	486606106
SMH	VANECK ETF TRUST	1,000	$383	0.9%	$227.81	—	SEMICONDUCTR ETF	92189F676
XLK	SELECT SECTOR SPDR TR	2,000	$266	0.6%	$237.91	—	STATE STREET TEC	81369Y803
DECK	DECKERS OUTDOOR CORP	2,250	$225	0.5%	$93.73	+16.9%	COM	243537107
TMUS	T-MOBILE US INC	1,000	$210	0.5%	$187.42	+6.9%	COM	872590104
ACWI	ISHARES TR	2,000	$277	0.6%	$138.24	—	MSCI ACWI ETF	464288257
ITA	ISHARES TR	1,500	$328	0.8%	$149.64	—	US AER DEF ETF	464288760