Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
KD	KYNDRYL HLDGS INC COMMON STOCK	3,273,430 (+85.8%)	$36.86M (+85.0%)	5.3%	$11.26	$18.14	-37.9%	com	50155Q100
BRO	BROWN & BROWN INC COM	353,820 (+98.1%)	$21.55M (+88.0%)	3.1%	$60.90	$74.62	-18.4%	com	115236101
—	MERCK & CO INC NEW	3,875 (+4.4%)	$563K (+18.0%)	0.1%	$145.29	$70.50	—	com	58933y105
AMGN	AMGEN INCORPORATED	700 (+16.7%)	$295K (+35.9%)	0.0%	$421.43	$361.57	+16.6%	com	031162100
MO	ALTRIA GROUP INC COM	11,079 (+1.2%)	$746K (-5.3%)	0.1%	$67.33	$35.26	+91.0%	com	02209S103
PG	PROCTER & GAMBLE	4,539 (+5.1%)	$659K (+4.1%)	0.1%	$145.19	$78.62	+84.8%	com	742718109

Exited Positions (1)

DOO BRP INC COM SUN VTG 0.0%

Value $262K Shares 4,298 Share Price $60.96 * Est. Cost/Share $55.98 Unrealized @ Report Date +0.3%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
DOO	BRP INC COM SUN VTG	4,298	$262K	0.0%	$60.96 *	$55.98	+0.3%	—	05577W200

Decreased Positions (27)

LB LANDBRIDGE COMPANY LLC CL A 2.1%

Value $14.6M (-52.1%) Shares 179,842 (-53.2%) Share Price $81.17 Est. Cost/Share $56.96 Unrealized @ Report Date +42.5%

RYAAY RYANAIR HOLDINGS PLC SPONSORED 5.0%

Value $34.79M (-17.7%) Shares 632,351 (-3.1%) Share Price $55.01 Est. Cost/Share $46.12 Unrealized @ Report Date +19.3%

OWL BLUE OWL CAPITAL INC COM CL A 0.6%

Value $4.019M (-64.1%) Shares 442,100 (-65.5%) Share Price $9.09 Est. Cost/Share $13.21 Unrealized @ Report Date -31.2%

BKNG BOOKING HOLDINGS INC 6.6%

Value $45.33M (-11.4%) Shares 278,275 (-3.0%) Share Price $162.91 Est. Cost/Share $256.36 Unrealized @ Report Date -36.5%

META META PLATFORMS INC 3.2%

Value $22.13M (+23.2%) Shares 30,520 (-4.3%) Share Price $725.16 Est. Cost/Share $611.48 Unrealized @ Report Date +18.6%

TPL TEXAS PACIFIC LAND CORP 1.3%

Value $8.812M (-27.8%) Shares 27,045 (-3.1%) Share Price $325.83 Est. Cost/Share $247.57 Unrealized @ Report Date +31.6%

BDX BECTON DICKINSON & CO 3.8%

Value $25.93M (+15.0%) Shares 144,871 (-2.8%) Share Price $179.00 Est. Cost/Share $165.73 Unrealized @ Report Date +8.0%

WTW WILLIS TOWERS WATSON 7.1%

Value $48.71M (+6.8%) Shares 168,986 (-3.1%) Share Price $288.23 Est. Cost/Share $190.72 Unrealized @ Report Date +51.1%

— INTERCONTINENTAL EXCHANGE 2.6%

Value $17.66M (+20.6%) Shares 116,177 (-2.4%) Share Price $152.03 Est. Cost/Share $109.06 Unrealized @ Report Date —

DHR DANAHER CORP 4.7%

Value $32.39M (+8.1%) Shares 146,216 (-7.1%) Share Price $221.55 Est. Cost/Share $82.02 Unrealized @ Report Date +170.1%

GOOG ALPHABET INC CLASS C 3.8%

Value $26.25M (-8.0%) Shares 77,048 (-4.6%) Share Price $340.74 Est. Cost/Share $107.00 Unrealized @ Report Date +218.4%

GOOGL ALPHABET INC CLASS A 2.9%

Value $20.16M (-6.7%) Shares 58,600 (-3.1%) Share Price $344.08 Est. Cost/Share $102.44 Unrealized @ Report Date +235.9%

MCK MC KESSON CORP 2.2%

Value $14.95M (+10.6%) Shares 17,511 (-2.1%) Share Price $853.81 Est. Cost/Share $792.84 Unrealized @ Report Date +7.7%

CI CIGNA GROUP 4.5%

Value $30.72M (-4.4%) Shares 113,001 (-3.0%) Share Price $271.83 Est. Cost/Share $205.64 Unrealized @ Report Date +32.2%

FCNCA FIRST CTZNS BANCSHARES CL A 3.3%

Value $22.78M (-4.8%) Shares 11,055 (-3.9%) Share Price $2060.24 Est. Cost/Share $777.50 Unrealized @ Report Date +165.0%

KKR KKR & CO LP 3.5%

Value $24.29M (-3.6%) Shares 266,022 (-3.0%) Share Price $91.30 Est. Cost/Share $114.70 Unrealized @ Report Date -20.4%

PM PHILIP MORRIS INTL INC 5.2%

Value $35.57M (+2.5%) Shares 186,384 (-2.9%) Share Price $190.82 Est. Cost/Share $139.94 Unrealized @ Report Date +36.4%

COF CAPITAL ONE FINANCIAL 1.7%

Value $11.98M (-6.3%) Shares 62,064 (-2.6%) Share Price $193.07 Est. Cost/Share $217.80 Unrealized @ Report Date -11.4%

V VISA INC 8.0%

Value $55.11M (+1.4%) Shares 153,366 (-3.2%) Share Price $359.33 Est. Cost/Share $73.33 Unrealized @ Report Date +390.0%

AMZN AMAZON.COM INC 7.5%

Value $51.94M (+1.4%) Shares 208,466 (-3.0%) Share Price $249.15 Est. Cost/Share $111.30 Unrealized @ Report Date +123.9%

EADSY AIRBUS SE UNSPONSORED ADR 1.6%

Value $10.92M (-5.8%) Shares 203,545 (-2.4%) Share Price $53.66 Est. Cost/Share $51.16 Unrealized @ Report Date +4.9%

TCEHY TENCENT HLDGS LTD ADR 1.5%

Value $10.12M (-4.0%) Shares 186,645 (-2.2%) Share Price $54.22 Est. Cost/Share $43.73 Unrealized @ Report Date +24.0%

— FIRST ADVANTAGE CORP 2.2%

Value $15.5M (-2.5%) Shares 870,864 (-1.2%) Share Price $17.80 Est. Cost/Share $18.66 Unrealized @ Report Date —

AAPL APPLE INC 1.0%

Value $6.953M (+4.9%) Shares 20,878 (-8.9%) Share Price $333.03 Est. Cost/Share $103.05 Unrealized @ Report Date +223.2%

IVV S&P 500 INDEX 0.2%

Value $1.532M (-10.6%) Shares 2,000 (-12.5%) Share Price $766.00 Est. Cost/Share $458.11 Unrealized @ Report Date +67.2%

ARES ARES MANAGEMENT CORP 1.5%

Value $10.18M (+1.6%) Shares 87,619 (-2.7%) Share Price $116.17 Est. Cost/Share $119.97 Unrealized @ Report Date -3.2%

IDXX IDEXX LABS INC 0.4%

Value $2.595M (-4.2%) Shares 4,969 (-3.5%) Share Price $522.24 Est. Cost/Share $79.98 Unrealized @ Report Date +552.9%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
LB	LANDBRIDGE COMPANY LLC CL A	179,842 (-53.2%)	$14.6M (-52.1%)	2.1%	$81.17	$56.96	+42.5%	com	514952100
RYAAY	RYANAIR HOLDINGS PLC SPONSORED	632,351 (-3.1%)	$34.79M (-17.7%)	5.0%	$55.01	$46.12	+19.3%	com	783513203
OWL	BLUE OWL CAPITAL INC COM CL A	442,100 (-65.5%)	$4.019M (-64.1%)	0.6%	$9.09	$13.21	-31.2%	com	09581B103
BKNG	BOOKING HOLDINGS INC	278,275 (-3.0%)	$45.33M (-11.4%)	6.6%	$162.91	$256.36	-36.5%	com	09857L108
META	META PLATFORMS INC	30,520 (-4.3%)	$22.13M (+23.2%)	3.2%	$725.16	$611.48	+18.6%	com	30303M102
TPL	TEXAS PACIFIC LAND CORP	27,045 (-3.1%)	$8.812M (-27.8%)	1.3%	$325.83	$247.57	+31.6%	com	88262P102
BDX	BECTON DICKINSON & CO	144,871 (-2.8%)	$25.93M (+15.0%)	3.8%	$179.00	$165.73	+8.0%	com	075887109
WTW	WILLIS TOWERS WATSON	168,986 (-3.1%)	$48.71M (+6.8%)	7.1%	$288.23	$190.72	+51.1%	com	G96629103
—	INTERCONTINENTAL EXCHANGE	116,177 (-2.4%)	$17.66M (+20.6%)	2.6%	$152.03	$109.06	—	com	45866f104
DHR	DANAHER CORP	146,216 (-7.1%)	$32.39M (+8.1%)	4.7%	$221.55	$82.02	+170.1%	com	235851102
GOOG	ALPHABET INC CLASS C	77,048 (-4.6%)	$26.25M (-8.0%)	3.8%	$340.74	$107.00	+218.4%	com	02079K107
GOOGL	ALPHABET INC CLASS A	58,600 (-3.1%)	$20.16M (-6.7%)	2.9%	$344.08	$102.44	+235.9%	com	02079K305
MCK	MC KESSON CORP	17,511 (-2.1%)	$14.95M (+10.6%)	2.2%	$853.81	$792.84	+7.7%	com	58155Q103
CI	CIGNA GROUP	113,001 (-3.0%)	$30.72M (-4.4%)	4.5%	$271.83	$205.64	+32.2%	com	125523100
FCNCA	FIRST CTZNS BANCSHARES CL A	11,055 (-3.9%)	$22.78M (-4.8%)	3.3%	$2060.24	$777.50	+165.0%	com	31946M103
KKR	KKR & CO LP	266,022 (-3.0%)	$24.29M (-3.6%)	3.5%	$91.30	$114.70	-20.4%	com	48251W104
PM	PHILIP MORRIS INTL INC	186,384 (-2.9%)	$35.57M (+2.5%)	5.2%	$190.82	$139.94	+36.4%	com	718172109
COF	CAPITAL ONE FINANCIAL	62,064 (-2.6%)	$11.98M (-6.3%)	1.7%	$193.07	$217.80	-11.4%	com	14040H105
V	VISA INC	153,366 (-3.2%)	$55.11M (+1.4%)	8.0%	$359.33	$73.33	+390.0%	com	92826C839
AMZN	AMAZON.COM INC	208,466 (-3.0%)	$51.94M (+1.4%)	7.5%	$249.15	$111.30	+123.9%	com	023135106
EADSY	AIRBUS SE UNSPONSORED ADR	203,545 (-2.4%)	$10.92M (-5.8%)	1.6%	$53.66	$51.16	+4.9%	com	009279100
TCEHY	TENCENT HLDGS LTD ADR	186,645 (-2.2%)	$10.12M (-4.0%)	1.5%	$54.22	$43.73	+24.0%	com	88032Q109
—	FIRST ADVANTAGE CORP	870,864 (-1.2%)	$15.5M (-2.5%)	2.2%	$17.80	$18.66	—	com	31846b108
AAPL	APPLE INC	20,878 (-8.9%)	$6.953M (+4.9%)	1.0%	$333.03	$103.05	+223.2%	com	037833100
IVV	S&P 500 INDEX	2,000 (-12.5%)	$1.532M (-10.6%)	0.2%	$766.00	$458.11	+67.2%	com	464287200
ARES	ARES MANAGEMENT CORP	87,619 (-2.7%)	$10.18M (+1.6%)	1.5%	$116.17	$119.97	-3.2%	com	03990B101
IDXX	IDEXX LABS INC	4,969 (-3.5%)	$2.595M (-4.2%)	0.4%	$522.24	$79.98	+552.9%	com	45168D104

Unchanged Positions (28)

MSFT MICROSOFT CORP 0.5%

Value $3.122M Shares 6,086 Share Price $512.98 Est. Cost/Share $107.21 Unrealized @ Report Date +378.4%

CAT CATERPILLAR INC 0.2%

Value $1.696M Shares 2,091 Share Price $811.10 Est. Cost/Share $228.76 Unrealized @ Report Date +254.4%

FNV FRANCO NEV CORP COM 0.1%

Value $942K Shares 3,956 Share Price $238.12 Est. Cost/Share $128.42 Unrealized @ Report Date +85.4%

CMI CUMMINS INC 0.0%

Value $273K Shares 528 Share Price $517.05 Est. Cost/Share $199.25 Unrealized @ Report Date +159.3%

SHW SHERWIN-WILLIAMS 0.2%

Value $1.261M Shares 3,900 Share Price $323.33 Est. Cost/Share $193.12 Unrealized @ Report Date +67.4%

CSCO CISCO SYSTEMS INC 0.1%

Value $729K Shares 6,773 Share Price $107.63 Est. Cost/Share $33.59 Unrealized @ Report Date +220.4%

BN BROOKFIELD CORP 0.0%

Value $323K Shares 8,851 Share Price $36.49 Est. Cost/Share $30.10 Unrealized @ Report Date +21.1%

IWM I SHARES RUSL 2000 0.1%

Value $600K Shares 2,160 Share Price $277.78 Est. Cost/Share $217.03 Unrealized @ Report Date +28.0%

HD HOME DEPOT INC 0.0%

Value $203K Shares 713 Share Price $284.71 Est. Cost/Share $270.67 Unrealized @ Report Date +5.1%

MDY SPDR S&P MIDCAP 400 ETF 0.1%

Value $405K Shares 617 Share Price $656.40 Est. Cost/Share $479.46 Unrealized @ Report Date +37.0%

CTTOF CTT CORREIOS DE PORTUG SHS 0.1%

Value $591K Shares 84,925 Share Price $6.96 * Est. Cost/Share $2.94 Unrealized @ Report Date +146.2%

DE DEERE & CO 0.1%

Value $407K Shares 606 Share Price $671.62 Est. Cost/Share $369.25 Unrealized @ Report Date +81.9%

WMT WALMART INC 0.0%

Value $226K Shares 2,172 Share Price $104.05 Est. Cost/Share $100.75 Unrealized @ Report Date +3.1%

PBA PEMBINA PIPELINE CORP F 0.1%

Value $532K Shares 11,939 Share Price $44.56 Est. Cost/Share $16.65 Unrealized @ Report Date +167.7%

IWB ISHARES TR RUSSELL 1000 RUSSEL 0.2%

Value $1.264M Shares 3,038 Share Price $416.06 Est. Cost/Share $106.27 Unrealized @ Report Date +291.6%

IYY ISHARES TR DJ TOTAL MKT US TOT 0.2%

Value $1.205M Shares 6,502 Share Price $185.33 Est. Cost/Share $68.45 Unrealized @ Report Date +170.9%

JNJ JOHNSON & JOHNSON 0.1%

Value $395K Shares 1,491 Share Price $264.92 Est. Cost/Share $103.92 Unrealized @ Report Date +154.7%

PGR PROGRESSIVE CORP OHIO 0.0%

Value $294K Shares 1,419 Share Price $207.19 Est. Cost/Share $94.85 Unrealized @ Report Date +118.6%

PEP PEPSICO INCORPORATED 0.0%

Value $208K Shares 1,640 Share Price $126.83 Est. Cost/Share $112.84 Unrealized @ Report Date +12.3%

ADT ADT INC DEL COM 0.0%

Value $199K Shares 32,649 Share Price $6.10 Est. Cost/Share $6.60 Unrealized @ Report Date -7.8%

EFG ISHARES MSCI GWTH IDX FD 0.0%

Value $313K Shares 2,614 Share Price $119.74 Est. Cost/Share $83.45 Unrealized @ Report Date +43.6%

BRK/B BERKSHIRE HATHAWAY B NEW CLASS 0.3%

Value $2.401M Shares 4,821 Share Price $498.03 Est. Cost/Share $165.25 Unrealized @ Report Date +201.3%

BRK/A BERKSHIRE HATHAWAY INC (D 0.5%

Value $3.735M Shares 5 Share Price $747000.00 Est. Cost/Share $729330.75 Unrealized @ Report Date +2.4%

OEF S&P 100 INDEX 0.0%

Value $212K Shares 555 Share Price $381.98 Est. Cost/Share $358.19 Unrealized @ Report Date +6.7%

MDLZ MONDELEZ INTL INC 0.1%

Value $351K Shares 6,062 Share Price $57.90 Est. Cost/Share $37.64 Unrealized @ Report Date +53.6%

EFA ISHARES TR MSCI EAFE FD MSCI E 0.1%

Value $431K Shares 4,151 Share Price $103.83 Est. Cost/Share $73.65 Unrealized @ Report Date +41.1%

UNP UNION PACIFIC CORP 0.0%

Value $300K Shares 1,103 Share Price $271.99 Est. Cost/Share $191.32 Unrealized @ Report Date +42.2%

— RICHARDS PACKAGING 0.0%

Value $332K Shares 16,300 Share Price $20.37 Est. Cost/Share $20.12 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
MSFT	MICROSOFT CORP	6,086	$3.122M	0.5%	$512.98	$107.21	+378.4%	com	594918104
CAT	CATERPILLAR INC	2,091	$1.696M	0.2%	$811.10	$228.76	+254.4%	com	149123101
FNV	FRANCO NEV CORP COM	3,956	$942K	0.1%	$238.12	$128.42	+85.4%	com	351858105
CMI	CUMMINS INC	528	$273K	0.0%	$517.05	$199.25	+159.3%	com	231021106
SHW	SHERWIN-WILLIAMS	3,900	$1.261M	0.2%	$323.33	$193.12	+67.4%	com	824348106
CSCO	CISCO SYSTEMS INC	6,773	$729K	0.1%	$107.63	$33.59	+220.4%	com	17275R102
BN	BROOKFIELD CORP	8,851	$323K	0.0%	$36.49	$30.10	+21.1%	com	11271J107
IWM	I SHARES RUSL 2000	2,160	$600K	0.1%	$277.78	$217.03	+28.0%	com	464287655
HD	HOME DEPOT INC	713	$203K	0.0%	$284.71	$270.67	+5.1%	com	437076102
MDY	SPDR S&P MIDCAP 400 ETF	617	$405K	0.1%	$656.40	$479.46	+37.0%	com	78467Y107
CTTOF	CTT CORREIOS DE PORTUG SHS	84,925	$591K	0.1%	$6.96 *	$2.94	+146.2%	com	X1R05J122
DE	DEERE & CO	606	$407K	0.1%	$671.62	$369.25	+81.9%	com	244199105
WMT	WALMART INC	2,172	$226K	0.0%	$104.05	$100.75	+3.1%	com	931142103
PBA	PEMBINA PIPELINE CORP F	11,939	$532K	0.1%	$44.56	$16.65	+167.7%	com	706327103
IWB	ISHARES TR RUSSELL 1000 RUSSEL	3,038	$1.264M	0.2%	$416.06	$106.27	+291.6%	com	464287622
IYY	ISHARES TR DJ TOTAL MKT US TOT	6,502	$1.205M	0.2%	$185.33	$68.45	+170.9%	com	464287846
JNJ	JOHNSON & JOHNSON	1,491	$395K	0.1%	$264.92	$103.92	+154.7%	com	478160104
PGR	PROGRESSIVE CORP OHIO	1,419	$294K	0.0%	$207.19	$94.85	+118.6%	com	743315103
PEP	PEPSICO INCORPORATED	1,640	$208K	0.0%	$126.83	$112.84	+12.3%	com	713448108
ADT	ADT INC DEL COM	32,649	$199K	0.0%	$6.10	$6.60	-7.8%	com	00090Q103
EFG	ISHARES MSCI GWTH IDX FD	2,614	$313K	0.0%	$119.74	$83.45	+43.6%	com	464288885
BRK/B	BERKSHIRE HATHAWAY B NEW CLASS	4,821	$2.401M	0.3%	$498.03	$165.25	+201.3%	com	084670702
BRK/A	BERKSHIRE HATHAWAY INC (D	5	$3.735M	0.5%	$747000.00	$729330.75	+2.4%	com	084670108
OEF	S&P 100 INDEX	555	$212K	0.0%	$381.98	$358.19	+6.7%	com	464287101
MDLZ	MONDELEZ INTL INC	6,062	$351K	0.1%	$57.90	$37.64	+53.6%	com	609207105
EFA	ISHARES TR MSCI EAFE FD MSCI E	4,151	$431K	0.1%	$103.83	$73.65	+41.1%	com	464287465
UNP	UNION PACIFIC CORP	1,103	$300K	0.0%	$271.99	$191.32	+42.2%	com	907818108
—	RICHARDS PACKAGING	16,300	$332K	0.0%	$20.37	$20.12	—	com	763102100