Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XOM	EXXONMOBIL HOLDINGS CORP COM SHS	14,230	$2.203M	1.3%	$154.84	—	COM	30233Q108
VSAT	VIASAT INC COM	4,000	$328K	0.2%	$81.99	—	COM	92552V100
CAT	CATERPILLAR INC COM	263	$225K	0.1%	$856.96	—	COM	149123101
MS	MORGAN STANLEY	1,000	$214K	0.1%	$213.75	—	COM	617446448
CI	THE CIGNA GROUP	736	$203K	0.1%	$275.25	—	COM	125523100

Increased Positions (12)

IGV ISHARES EXPANDED TECH-SOFTWARE SECTOR ETF 4.7%

Value $8.185M (+93.1%) Shares 82,327 (+55.5%) Est. Cost $86.96 Unrealized —

MSFT MICROSOFT CORP COM 4.1%

Value $7.23M (+60.9%) Shares 14,464 (+55.7%) Est. Cost $241.13 Unrealized —

COP CONOCOPHILLIPS COM 2.7%

Value $4.791M (+128.3%) Shares 41,037 (+83.0%) Est. Cost $102.15 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 3.0%

Value $5.225M (+42.0%) Shares 9,959 (+36.0%) Est. Cost $355.37 Unrealized —

TPL TEXAS PACIFIC LAND CORPORATION COM 3.0%

Value $5.273M (+34.7%) Shares 14,826 (+8.8%) Est. Cost $295.28 Unrealized —

HD HOME DEPOT INC COM 3.1%

Value $5.343M (+11.7%) Shares 15,286 (+10.0%) Est. Cost $326.49 Unrealized —

ELS EQUITY LIFESTYLE PROPERTIES COM 2.9%

Value $5.044M (+12.1%) Shares 78,013 (+5.1%) Est. Cost $78.79 Unrealized —

MCK MCKESSON CORP COM 3.1%

Value $5.328M (+8.7%) Shares 6,114 (+2.3%) Est. Cost $172.66 Unrealized —

CPT CAMDEN PPTY TR SH BEN INT 0.9%

Value $1.646M (+21.7%) Shares 14,866 (+21.0%) Est. Cost $109.71 Unrealized —

WFC WELLS FARGO CO NEW 1.8%

Value $3.206M (-4.7%) Shares 36,604 (+1.5%) Est. Cost $34.73 Unrealized —

SCHA SCHWAB ETFS- US SMALL-CAP ETF 0.2%

Value $377K (+41.6%) Shares 10,962 (+17.1%) Est. Cost $36.05 Unrealized —

KKR KKR & CO INC COM 0.2%

Value $276K (-4.7%) Shares 2,675 (+17.6%) Est. Cost $93.40 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IGV	ISHARES EXPANDED TECH-SOFTWARE SECTOR ETF	82,327 (+55.5%)	$8.185M (+93.1%)	4.7%	$86.96	—	ETF	464287515
MSFT	MICROSOFT CORP COM	14,464 (+55.7%)	$7.23M (+60.9%)	4.1%	$241.13	—	COM	594918104
COP	CONOCOPHILLIPS COM	41,037 (+83.0%)	$4.791M (+128.3%)	2.7%	$102.15	—	COM	20825C104
BRK/B	BERKSHIRE HATHAWAY INC DEL	9,959 (+36.0%)	$5.225M (+42.0%)	3.0%	$355.37	—	CL B NEW	084670702
TPL	TEXAS PACIFIC LAND CORPORATION COM	14,826 (+8.8%)	$5.273M (+34.7%)	3.0%	$295.28	—	COM	88262P102
HD	HOME DEPOT INC COM	15,286 (+10.0%)	$5.343M (+11.7%)	3.1%	$326.49	—	COM	437076102
ELS	EQUITY LIFESTYLE PROPERTIES COM	78,013 (+5.1%)	$5.044M (+12.1%)	2.9%	$78.79	—	COM	29472R108
MCK	MCKESSON CORP COM	6,114 (+2.3%)	$5.328M (+8.7%)	3.1%	$172.66	—	COM	58155Q103
CPT	CAMDEN PPTY TR SH BEN INT	14,866 (+21.0%)	$1.646M (+21.7%)	0.9%	$109.71	—	COM	133131102
WFC	WELLS FARGO CO NEW	36,604 (+1.5%)	$3.206M (-4.7%)	1.8%	$34.73	—	COM	949746101
SCHA	SCHWAB ETFS- US SMALL-CAP ETF	10,962 (+17.1%)	$377K (+41.6%)	0.2%	$36.05	—	ETF	808524607
KKR	KKR & CO INC COM	2,675 (+17.6%)	$276K (-4.7%)	0.2%	$93.40	—	COM	48251W104

Exited Positions (4)

XOM EXXON MOBIL CORP COM 1.0%

Value $1.74M Shares 14,460 Est. Cost $69.15 Unrealized —

TSLA TESLA INC COM 0.2%

Value $302K Shares 672 Est. Cost $303.77 Unrealized —

BIL STATE STREET SPDR BLOOMBERG 1-3 MONTH T-BILL ETF 0.2%

Value $292K Shares 3,189 Est. Cost $91.64 Unrealized —

EXR EXTRA SPACE STORAGE INC COM 0.1%

Value $207K Shares 1,580 Est. Cost $130.97 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XOM	EXXON MOBIL CORP COM	14,460	$1.74M	1.0%	$69.15	—	—	30231G102
TSLA	TESLA INC COM	672	$302K	0.2%	$303.77	—	—	88160R101
BIL	STATE STREET SPDR BLOOMBERG 1-3 MONTH T-BILL ETF	3,189	$292K	0.2%	$91.64	—	—	78468R663
EXR	EXTRA SPACE STORAGE INC COM	1,580	$207K	0.1%	$130.97	—	—	30225T102

Decreased Positions (26)

NOBL PROSHARES S&P 500 DIVIDEND ARISTOCRATS ETF 2.0%

Value $3.424M (-55.2%) Shares 58,919 (-19.8%) Est. Cost $102.32 Unrealized —

OXY OCCIDENTAL PETE CORP COM 0.2%

Value $319K (-87.4%) Shares 5,688 (-90.7%) Est. Cost $55.13 Unrealized —

RGLD ROYAL GOLD INC COM 0.8%

Value $1.455M (-58.5%) Shares 6,672 (-57.7%) Est. Cost $103.22 Unrealized —

CMI CUMMINS INC COM 3.7%

Value $6.429M (-19.5%) Shares 9,983 (-36.2%) Est. Cost $134.24 Unrealized —

WPM WHEATON PRECIOUS METALS CORP COM 1.9%

Value $3.28M (-31.8%) Shares 26,176 (-36.1%) Est. Cost $34.64 Unrealized —

CVX CHEVRON CORP NEW 2.7%

Value $4.706M (+18.3%) Shares 24,870 (-4.7%) Est. Cost $114.86 Unrealized —

ETN EATON CORP PLC SHS 2.3%

Value $4.076M (+21.5%) Shares 9,094 (-13.6%) Est. Cost $93.37 Unrealized —

KMI KINDER MORGAN INC DEL COM 2.0%

Value $3.436M (-13.6%) Shares 109,846 (-24.0%) Est. Cost $14.11 Unrealized —

GOOG ALPHABET INC CAP STK CL C 0.6%

Value $961K (-32.3%) Shares 2,696 (-40.4%) Est. Cost $166.77 Unrealized —

TXN TEXAS INSTRS INC COM 3.3%

Value $5.735M (-6.8%) Shares 20,599 (-41.9%) Est. Cost $170.93 Unrealized —

MAA MID-AMER APT CMNTYS INC 2.8%

Value $4.841M (-7.7%) Shares 36,229 (-4.1%) Est. Cost $132.19 Unrealized —

FNV FRANCO-NEVADA CORP COM 0.9%

Value $1.507M (-16.5%) Shares 6,521 (-25.1%) Est. Cost $118.11 Unrealized —

SGOV ISHARES 0-3 MONTH TREASURY BOND ETF 0.1%

Value $201K (-58.4%) Shares 2,000 (-58.3%) Est. Cost $100.66 Unrealized —

IDA IDACORP INC COM 1.7%

Value $3.009M (+8.1%) Shares 21,354 (-2.9%) Est. Cost $104.77 Unrealized —

CLX CLOROX CO DEL COM 0.1%

Value $226K (-28.6%) Shares 2,142 (-31.8%) Est. Cost $136.38 Unrealized —

CHD CHURCH & DWIGHT CO INC COM 0.2%

Value $315K (+21.5%) Shares 3,045 (-1.5%) Est. Cost $87.00 Unrealized —

MRK MERCK & CO 0.4%

Value $727K (+6.4%) Shares 5,659 (-12.7%) Est. Cost $70.42 Unrealized —

CHH CHOICE HOTELS INTL INC COM 0.6%

Value $1.093M (+4.1%) Shares 9,961 (-9.6%) Est. Cost $113.62 Unrealized —

SPY STATE STREET SPDR S&P 500 ETF 0.2%

Value $264K (-12.7%) Shares 344 (-22.5%) Est. Cost $360.60 Unrealized —

LLY ELI LILLY & CO COM 0.2%

Value $436K (+9.4%) Shares 366 (-1.3%) Est. Cost $364.37 Unrealized —

AMZN AMAZON.COM INC 0.2%

Value $262K (+13.7%) Shares 964 (-3.6%) Est. Cost $197.89 Unrealized —

VZ VERIZON COMMUNICATIONS INC COM 0.1%

Value $203K (-10.4%) Shares 4,317 (-4.3%) Est. Cost $43.82 Unrealized —

ATO ATMOS ENERGY CORP COM 2.2%

Value $3.892M (-0.5%) Shares 22,633 (-3.0%) Est. Cost $87.09 Unrealized —

AAPL APPLE INC 1.4%

Value $2.495M (+0.4%) Shares 7,986 (-12.6%) Est. Cost $126.03 Unrealized —

PWR QUANTA SVCS INC COM 0.1%

Value $207K (+1.9%) Shares 309 (-16.3%) Est. Cost $486.21 Unrealized —

PM PHILIP MORRIS INTL INC 0.1%

Value $258K (-0.7%) Shares 1,370 (-15.3%) Est. Cost $91.29 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NOBL	PROSHARES S&P 500 DIVIDEND ARISTOCRATS ETF	58,919 (-19.8%)	$3.424M (-55.2%)	2.0%	$102.32	—	ETF	74348A467
OXY	OCCIDENTAL PETE CORP COM	5,688 (-90.7%)	$319K (-87.4%)	0.2%	$55.13	—	COM	674599105
RGLD	ROYAL GOLD INC COM	6,672 (-57.7%)	$1.455M (-58.5%)	0.8%	$103.22	—	COM	780287108
CMI	CUMMINS INC COM	9,983 (-36.2%)	$6.429M (-19.5%)	3.7%	$134.24	—	COM	231021106
WPM	WHEATON PRECIOUS METALS CORP COM	26,176 (-36.1%)	$3.28M (-31.8%)	1.9%	$34.64	—	COM	962879102
CVX	CHEVRON CORP NEW	24,870 (-4.7%)	$4.706M (+18.3%)	2.7%	$114.86	—	COM	166764100
ETN	EATON CORP PLC SHS	9,094 (-13.6%)	$4.076M (+21.5%)	2.3%	$93.37	—	COM	G29183103
KMI	KINDER MORGAN INC DEL COM	109,846 (-24.0%)	$3.436M (-13.6%)	2.0%	$14.11	—	COM	49456B101
GOOG	ALPHABET INC CAP STK CL C	2,696 (-40.4%)	$961K (-32.3%)	0.6%	$166.77	—	CAP STK CL C	02079K107
TXN	TEXAS INSTRS INC COM	20,599 (-41.9%)	$5.735M (-6.8%)	3.3%	$170.93	—	COM	882508104
MAA	MID-AMER APT CMNTYS INC	36,229 (-4.1%)	$4.841M (-7.7%)	2.8%	$132.19	—	COM	59522J103
FNV	FRANCO-NEVADA CORP COM	6,521 (-25.1%)	$1.507M (-16.5%)	0.9%	$118.11	—	COM	351858105
SGOV	ISHARES 0-3 MONTH TREASURY BOND ETF	2,000 (-58.3%)	$201K (-58.4%)	0.1%	$100.66	—	ETF	46436E718
IDA	IDACORP INC COM	21,354 (-2.9%)	$3.009M (+8.1%)	1.7%	$104.77	—	COM	451107106
CLX	CLOROX CO DEL COM	2,142 (-31.8%)	$226K (-28.6%)	0.1%	$136.38	—	COM	189054109
CHD	CHURCH & DWIGHT CO INC COM	3,045 (-1.5%)	$315K (+21.5%)	0.2%	$87.00	—	COM	171340102
MRK	MERCK & CO	5,659 (-12.7%)	$727K (+6.4%)	0.4%	$70.42	—	COM	58933Y105
CHH	CHOICE HOTELS INTL INC COM	9,961 (-9.6%)	$1.093M (+4.1%)	0.6%	$113.62	—	COM	169905106
SPY	STATE STREET SPDR S&P 500 ETF	344 (-22.5%)	$264K (-12.7%)	0.2%	$360.60	—	ETF	78462F103
LLY	ELI LILLY & CO COM	366 (-1.3%)	$436K (+9.4%)	0.2%	$364.37	—	COM	532457108
AMZN	AMAZON.COM INC	964 (-3.6%)	$262K (+13.7%)	0.2%	$197.89	—	COM	023135106
VZ	VERIZON COMMUNICATIONS INC COM	4,317 (-4.3%)	$203K (-10.4%)	0.1%	$43.82	—	COM	92343V104
ATO	ATMOS ENERGY CORP COM	22,633 (-3.0%)	$3.892M (-0.5%)	2.2%	$87.09	—	COM	049560105
AAPL	APPLE INC	7,986 (-12.6%)	$2.495M (+0.4%)	1.4%	$126.03	—	COM	037833100
PWR	QUANTA SVCS INC COM	309 (-16.3%)	$207K (+1.9%)	0.1%	$486.21	—	COM	74762E102
PM	PHILIP MORRIS INTL INC	1,370 (-15.3%)	$258K (-0.7%)	0.1%	$91.29	—	COM	718172109

Unchanged Positions (30)

ORCL ORACLE CORPORATION 2.8%

Value $4.878M Shares 34,002 Est. Cost $82.88 Unrealized —

UNP UNION PAC CORP COM 3.5%

Value $6.075M Shares 20,567 Est. Cost $118.79 Unrealized —

PSA PUBLIC STORAGE COM 3.6%

Value $6.28M Shares 19,205 Est. Cost $209.78 Unrealized —

SCCO SOUTHERN PERU COPPER CORP 2.8%

Value $4.912M Shares 25,446 Est. Cost $97.73 Unrealized —

BAC BANK AMERICA CORP COM 3.2%

Value $5.571M Shares 88,429 Est. Cost $34.74 Unrealized —

SCHW CHARLES SCHWAB CORP 4.6%

Value $8.078M Shares 75,036 Est. Cost $71.78 Unrealized —

RTX RTX CORPORATION COM 1.7%

Value $3.003M Shares 13,450 Est. Cost $83.89 Unrealized —

PLD PROLOGIS INC. COM 3.9%

Value $6.738M Shares 48,428 Est. Cost $111.17 Unrealized —

GEV GE VERNOVA INC COM 0.8%

Value $1.448M Shares 1,448 Est. Cost $158.10 Unrealized —

AXP AMERICAN EXPRESS CO COM 3.3%

Value $5.787M Shares 16,891 Est. Cost $142.37 Unrealized —

GE GENERAL ELECTRIC CO COM NEW 1.1%

Value $1.98M Shares 5,287 Est. Cost $59.11 Unrealized —

AMP AMERIPRISE FINL INC COM 1.0%

Value $1.778M Shares 3,176 Est. Cost $251.95 Unrealized —

JNJ JOHNSON & JOHNSON COM 0.7%

Value $1.153M Shares 4,486 Est. Cost $145.97 Unrealized —

CSCO CISCO SYS INC COM 0.3%

Value $544K Shares 4,501 Est. Cost $24.55 Unrealized —

CARR CARRIER GLOBAL CORPORATION COM 0.6%

Value $969K Shares 15,150 Est. Cost $41.49 Unrealized —

META META PLATFORMS INC CL A 0.7%

Value $1.308M Shares 2,218 Est. Cost $212.60 Unrealized —

OTIS OTIS WORLDWIDE CORP COM 0.3%

Value $559K Shares 7,575 Est. Cost $70.16 Unrealized —

TSM TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 0.2%

Value $335K Shares 800 Est. Cost $279.29 Unrealized —

GIS GENERAL MILLS INC COM 0.2%

Value $289K Shares 8,000 Est. Cost $65.06 Unrealized —

DRI DARDEN RESTAURANTS INC 0.4%

Value $633K Shares 3,000 Est. Cost $126.33 Unrealized —

EME EMCOR GROUP INC COM 0.2%

Value $324K Shares 401 Est. Cost $440.85 Unrealized —

KO COCA COLA CO COM 0.2%

Value $355K Shares 4,093 Est. Cost $35.39 Unrealized —

ALL ALLSTATE CORP 0.2%

Value $275K Shares 1,000 Est. Cost $191.27 Unrealized —

JPM JPMORGAN CHASE & CO COM 0.3%

Value $465K Shares 1,305 Est. Cost $178.28 Unrealized —

EMR EMERSON ELEC CO COM 0.1%

Value $252K Shares 1,606 Est. Cost $81.85 Unrealized —

ROK ROCKWELL AUTOMATION INC COM 0.1%

Value $247K Shares 560 Est. Cost $375.21 Unrealized —

PSX PHILLIPS 66 0.1%

Value $235K Shares 1,141 Est. Cost $147.11 Unrealized —

GPC GENUINE PARTS CO COM 0.1%

Value $259K Shares 1,950 Est. Cost $117.98 Unrealized —

PG PROCTER & GAMBLE CO COM 0.4%

Value $706K Shares 4,803 Est. Cost $136.80 Unrealized —

SRE SEMPRA COM 0.2%

Value $287K Shares 3,400 Est. Cost $68.21 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ORCL	ORACLE CORPORATION	34,002	$4.878M	2.8%	$82.88	—	COM	68389X105
UNP	UNION PAC CORP COM	20,567	$6.075M	3.5%	$118.79	—	COM	907818108
PSA	PUBLIC STORAGE COM	19,205	$6.28M	3.6%	$209.78	—	COM	74460D109
SCCO	SOUTHERN PERU COPPER CORP	25,446	$4.912M	2.8%	$97.73	—	COM	84265V105
BAC	BANK AMERICA CORP COM	88,429	$5.571M	3.2%	$34.74	—	COM	060505104
SCHW	CHARLES SCHWAB CORP	75,036	$8.078M	4.6%	$71.78	—	COM	808513105
RTX	RTX CORPORATION COM	13,450	$3.003M	1.7%	$83.89	—	COM	75513E101
PLD	PROLOGIS INC. COM	48,428	$6.738M	3.9%	$111.17	—	COM	74340W103
GEV	GE VERNOVA INC COM	1,448	$1.448M	0.8%	$158.10	—	COM	36828A101
AXP	AMERICAN EXPRESS CO COM	16,891	$5.787M	3.3%	$142.37	—	COM	025816109
GE	GENERAL ELECTRIC CO COM NEW	5,287	$1.98M	1.1%	$59.11	—	COM	369604301
AMP	AMERIPRISE FINL INC COM	3,176	$1.778M	1.0%	$251.95	—	COM	03076C106
JNJ	JOHNSON & JOHNSON COM	4,486	$1.153M	0.7%	$145.97	—	COM	478160104
CSCO	CISCO SYS INC COM	4,501	$544K	0.3%	$24.55	—	COM	17275R102
CARR	CARRIER GLOBAL CORPORATION COM	15,150	$969K	0.6%	$41.49	—	COM	14448C104
META	META PLATFORMS INC CL A	2,218	$1.308M	0.7%	$212.60	—	CL A	30303M102
OTIS	OTIS WORLDWIDE CORP COM	7,575	$559K	0.3%	$70.16	—	COM	68902V107
TSM	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS	800	$335K	0.2%	$279.29	—	SPONSORED ADS	874039100
GIS	GENERAL MILLS INC COM	8,000	$289K	0.2%	$65.06	—	COM	370334104
DRI	DARDEN RESTAURANTS INC	3,000	$633K	0.4%	$126.33	—	COM	237194105
EME	EMCOR GROUP INC COM	401	$324K	0.2%	$440.85	—	COM	29084Q100
KO	COCA COLA CO COM	4,093	$355K	0.2%	$35.39	—	COM	191216100
ALL	ALLSTATE CORP	1,000	$275K	0.2%	$191.27	—	COM	020002101
JPM	JPMORGAN CHASE & CO COM	1,305	$465K	0.3%	$178.28	—	COM	46625H100
EMR	EMERSON ELEC CO COM	1,606	$252K	0.1%	$81.85	—	COM	291011104
ROK	ROCKWELL AUTOMATION INC COM	560	$247K	0.1%	$375.21	—	COM	773903109
PSX	PHILLIPS 66	1,141	$235K	0.1%	$147.11	—	COM	718546104
GPC	GENUINE PARTS CO COM	1,950	$259K	0.1%	$117.98	—	COM	372460105
PG	PROCTER & GAMBLE CO COM	4,803	$706K	0.4%	$136.80	—	COM	742718109
SRE	SEMPRA COM	3,400	$287K	0.2%	$68.21	—	COM	816851109