Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CLDT	CHATHAM LODGING TR	398,085	$3.133M	0.4%	$7.87	—	COM	16208T102
AES	AES CORP	75,000	$1.057M	0.1%	—	—	CALL	00130H105
VTEB	VANGUARD MUN BD FDS	19,840	$990K	0.1%	$49.89	—	TAX EXEMPT BD	922907746
WAY	WAYSTAR HLDG CORP	35,705	$861K	0.1%	$27.49	0.0%	COM	946784105
HYMB	SPDR SERIES TRUST	23,886	$592K	0.1%	$24.80	—	STATE STREET SPD	78464A284
VBR	VANGUARD INDEX FDS	2,154	$468K	0.1%	$217.25	—	SM CP VAL ETF	922908611
ILF	ISHARES TR	12,482	$443K	0.1%	$35.52	—	LATN AMER 40 ETF	464287390
FLKR	FRANKLIN TEMPLETON ETF TR	11,088	$442K	0.1%	$39.87	—	FTSE SOUTH KOREA	35473P710
EMLP	FIRST TR EXCHANGE-TRADED FD	6,877	$300K	0.0%	$43.62	—	NO AMER ENERGY	33738D101
VEA	VANGUARD TAX-MANAGED FDS	4,288	$275K	0.0%	$64.08	—	VAN FTSE DEV MKT	921943858
SLV	ISHARES SILVER TR	4,000	$273K	0.0%	$68.14	—	CALL	46428Q109
ARM	ARM HOLDINGS PLC	1,743	$264K	0.0%	$151.28	—	SPONSORED ADS	042068205
MPC	MARATHON PETE CORP	1,000	$244K	0.0%	$184.70	0.0%	COM	56585A102
XLU	SELECT SECTOR SPDR TR	4,730	$217K	0.0%	$45.89	—	STATE STREET UTI	81369Y886
CPNG	COUPANG INC	11,198	$211K	0.0%	$19.86	0.0%	CL A	22266T109
SLV	ISHARES SILVER TR	884	$60,236	0.0%	$68.14	—	ISHARES	46428Q109

Increased Positions (27)

LPRE EXCHANGE LISTED FDS TR 2.6%

Value $18.36M (+78.3%) Shares 705,000 (+82.8%) Est. Cost $26.30 Unrealized —

IJR ISHARES TR 4.0%

Value $28.21M (+27.4%) Shares 226,915 (+23.2%) Est. Cost $111.90 Unrealized —

BCSF BAIN CAP SPECIALTY FIN INC 2.1%

Value $15.18M (+34.6%) Shares 1,224,490 (+51.0%) Est. Cost $11.19 Unrealized +20.8%

SPY STATE STR SPDR S&P 500 ETF T 16.0%

Value $114M (-2.9%) Shares 175,214 (+1.8%) Est. Cost $362.44 Unrealized —

EFA ISHARES TR 2.0%

Value $14.34M (+26.6%) Shares 147,640 (+25.1%) Est. Cost $77.79 Unrealized —

IWM ISHARES TR 2.5%

Value $18.01M (+16.2%) Shares 72,613 (+15.3%) Est. Cost $198.95 Unrealized —

BBDC BARINGS BDC INC 1.1%

Value $8.108M (+16.4%) Shares 985,162 (+29.8%) Est. Cost $7.20 Unrealized +26.2%

RSP INVESCO EXCHANGE TRADED FD T 3.5%

Value $24.79M (+3.2%) Shares 129,148 (+3.0%) Est. Cost $162.11 Unrealized —

XBI SPDR SERIES TRUST 0.5%

Value $3.571M (+15.6%) Shares 27,959 (+10.4%) Est. Cost $90.97 Unrealized —

VGK VANGUARD INTL EQUITY INDEX F 1.4%

Value $10.19M (+4.5%) Shares 123,620 (+6.0%) Est. Cost $64.06 Unrealized —

TSLA TESLA INC 0.1%

Value $693K (+155.9%) Shares 1,864 (+209.6%) Est. Cost $385.71 Unrealized +10.4%

TRTX TPG RE FIN TR INC 0.8%

Value $5.628M (-5.7%) Shares 720,597 (+4.0%) Est. Cost $8.05 Unrealized —

EWJ ISHARES INC 0.1%

Value $656K (+83.8%) Shares 7,766 (+75.7%) Est. Cost $74.81 Unrealized —

SGRY SURGERY PARTNERS INC 0.9%

Value $6.325M (+4.9%) Shares 530,606 (+36.0%) Est. Cost $20.07 Unrealized -24.0%

ACWX ISHARES TR 0.1%

Value $708K (+60.4%) Shares 10,345 (+57.3%) Est. Cost $56.92 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 0.1%

Value $620K (+46.9%) Shares 11,474 (+46.1%) Est. Cost $45.18 Unrealized —

INDA ISHARES TR 0.1%

Value $1.057M (+22.9%) Shares 22,569 (+41.8%) Est. Cost $47.10 Unrealized —

APO APOLLO GLOBAL MGMT INC 0.3%

Value $2.199M (+7.7%) Shares 19,740 (+39.9%) Est. Cost $99.22 Unrealized +34.5%

XLF SELECT SECTOR SPDR TR 0.4%

Value $2.59M (-5.4%) Shares 52,462 (+4.9%) Est. Cost $37.72 Unrealized —

XLV SELECT SECTOR SPDR TR 0.1%

Value $514K (+39.2%) Shares 3,508 (+47.0%) Est. Cost $139.50 Unrealized —

CART MAPLEBEAR INC 0.1%

Value $580K (+24.6%) Shares 15,480 (+49.6%) Est. Cost $35.27 Unrealized +8.4%

IBIT ISHARES BITCOIN TRUST ETF 0.1%

Value $944K (-10.2%) Shares 24,572 (+16.1%) Est. Cost $51.08 Unrealized —

DBEF DBX ETF TR 0.2%

Value $1.499M (+7.1%) Shares 30,349 (+4.3%) Est. Cost $31.55 Unrealized —

MCHI ISHARES TR 0.4%

Value $3.044M (-3.0%) Shares 54,186 (+3.7%) Est. Cost $71.04 Unrealized —

SHOP SHOPIFY INC 0.1%

Value $405K (-18.4%) Shares 3,417 (+10.7%) Est. Cost $103.55 Unrealized +31.8%

AVGO BROADCOM INC 0.1%

Value $410K (-8.6%) Shares 1,324 (+2.2%) Est. Cost $266.14 Unrealized +25.6%

LLY ELI LILLY & CO 0.0%

Value $204K (-11.6%) Shares 222 (+3.3%) Est. Cost $958.43 Unrealized +9.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LPRE	EXCHANGE LISTED FDS TR	705,000 (+82.8%)	$18.36M (+78.3%)	2.6%	$26.30	—	LONG POND REAL E	30151E517
IJR	ISHARES TR	226,915 (+23.2%)	$28.21M (+27.4%)	4.0%	$111.90	—	CORE S&P SCP ETF	464287804
BCSF	BAIN CAP SPECIALTY FIN INC	1,224,490 (+51.0%)	$15.18M (+34.6%)	2.1%	$11.19	+20.8%	COM STK	05684B107
SPY	STATE STR SPDR S&P 500 ETF T	175,214 (+1.8%)	$114M (-2.9%)	16.0%	$362.44	—	TR UNIT	78462F103
EFA	ISHARES TR	147,640 (+25.1%)	$14.34M (+26.6%)	2.0%	$77.79	—	MSCI EAFE ETF	464287465
IWM	ISHARES TR	72,613 (+15.3%)	$18.01M (+16.2%)	2.5%	$198.95	—	RUSSELL 2000 ETF	464287655
BBDC	BARINGS BDC INC	985,162 (+29.8%)	$8.108M (+16.4%)	1.1%	$7.20	+26.2%	COM	06759L103
RSP	INVESCO EXCHANGE TRADED FD T	129,148 (+3.0%)	$24.79M (+3.2%)	3.5%	$162.11	—	S&P500 EQL WGT	46137V357
XBI	SPDR SERIES TRUST	27,959 (+10.4%)	$3.571M (+15.6%)	0.5%	$90.97	—	STATE STREET SPD	78464A870
VGK	VANGUARD INTL EQUITY INDEX F	123,620 (+6.0%)	$10.19M (+4.5%)	1.4%	$64.06	—	FTSE EUROPE ETF	922042874
TSLA	TESLA INC	1,864 (+209.6%)	$693K (+155.9%)	0.1%	$385.71	+10.4%	COM	88160R101
TRTX	TPG RE FIN TR INC	720,597 (+4.0%)	$5.628M (-5.7%)	0.8%	$8.05	—	COM	87266M107
EWJ	ISHARES INC	7,766 (+75.7%)	$656K (+83.8%)	0.1%	$74.81	—	MSCI JAPAN ETF	46434G822
SGRY	SURGERY PARTNERS INC	530,606 (+36.0%)	$6.325M (+4.9%)	0.9%	$20.07	-24.0%	COM	86881A100
ACWX	ISHARES TR	10,345 (+57.3%)	$708K (+60.4%)	0.1%	$56.92	—	MSCI ACWI EX US	464288240
VWO	VANGUARD INTL EQUITY INDEX F	11,474 (+46.1%)	$620K (+46.9%)	0.1%	$45.18	—	FTSE EMR MKT ETF	922042858
INDA	ISHARES TR	22,569 (+41.8%)	$1.057M (+22.9%)	0.1%	$47.10	—	MSCI INDIA ETF	46429B598
APO	APOLLO GLOBAL MGMT INC	19,740 (+39.9%)	$2.199M (+7.7%)	0.3%	$99.22	+34.5%	COM	03769M106
XLF	SELECT SECTOR SPDR TR	52,462 (+4.9%)	$2.59M (-5.4%)	0.4%	$37.72	—	STATE STREET FIN	81369Y605
XLV	SELECT SECTOR SPDR TR	3,508 (+47.0%)	$514K (+39.2%)	0.1%	$139.50	—	STATE STREET HEA	81369Y209
CART	MAPLEBEAR INC	15,480 (+49.6%)	$580K (+24.6%)	0.1%	$35.27	+8.4%	COM	565394103
IBIT	ISHARES BITCOIN TRUST ETF	24,572 (+16.1%)	$944K (-10.2%)	0.1%	$51.08	—	SHS BEN INT	46438F101
DBEF	DBX ETF TR	30,349 (+4.3%)	$1.499M (+7.1%)	0.2%	$31.55	—	XTRACK MSCI EAFE	233051200
MCHI	ISHARES TR	54,186 (+3.7%)	$3.044M (-3.0%)	0.4%	$71.04	—	MSCI CHINA ETF	46429B671
SHOP	SHOPIFY INC	3,417 (+10.7%)	$405K (-18.4%)	0.1%	$103.55	+31.8%	CL A SUB VTG SHS	82509L107
AVGO	BROADCOM INC	1,324 (+2.2%)	$410K (-8.6%)	0.1%	$266.14	+25.6%	COM	11135F101
LLY	ELI LILLY & CO	222 (+3.3%)	$204K (-11.6%)	0.0%	$958.43	+9.2%	COM	532457108

Exited Positions (7)

APLE APPLE HOSPITALITY REIT INC 0.3%

Value $2.429M Shares 205,000 Est. Cost $11.85 Unrealized —

AES AES CORP 0.2%

Value $1.075M Shares 75,000 Est. Cost — Unrealized —

COIN COINBASE GLOBAL INC 0.1%

Value $514K Shares 2,274 Est. Cost $110.29 Unrealized +81.9%

FOR FORESTAR GROUP INC 0.0%

Value $334K Shares 13,578 Est. Cost $19.76 Unrealized +38.8%

LQD ISHARES TR 0.0%

Value $266K Shares 2,416 Est. Cost $102.04 Unrealized —

IGV ISHARES TR 0.0%

Value $260K Shares 2,464 Est. Cost $109.50 Unrealized —

SPHY SPDR SERIES TRUST 0.0%

Value $233K Shares 9,829 Est. Cost $22.42 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
APLE	APPLE HOSPITALITY REIT INC	205,000	$2.429M	0.3%	$11.85	—	—	03784Y200
AES	AES CORP	75,000	$1.075M	0.2%	—	—	PUT	00130H105
COIN	COINBASE GLOBAL INC	2,274	$514K	0.1%	$110.29	+81.9%	—	19260Q107
FOR	FORESTAR GROUP INC	13,578	$334K	0.0%	$19.76	+38.8%	—	346232101
LQD	ISHARES TR	2,416	$266K	0.0%	$102.04	—	—	464287242
IGV	ISHARES TR	2,464	$260K	0.0%	$109.50	—	—	464287515
SPHY	SPDR SERIES TRUST	9,829	$233K	0.0%	$22.42	—	—	78468R606

Decreased Positions (40)

GLD SPDR GOLD TR 9.8%

Value $69.84M (-6.6%) Shares 162,310 (-14.0%) Est. Cost $176.02 Unrealized —

ACWI ISHARES TR 16.3%

Value $116M (-3.6%) Shares 840,939 (-1.4%) Est. Cost $79.84 Unrealized —

IVV ISHARES TR 2.2%

Value $15.45M (-19.8%) Shares 23,647 (-15.8%) Est. Cost $261.81 Unrealized —

AAPL APPLE INC 0.6%

Value $4.068M (-31.1%) Shares 16,028 (-26.2%) Est. Cost $146.80 Unrealized +79.0%

AMZN AMAZON COM INC 1.1%

Value $7.665M (-18.9%) Shares 36,801 (-10.1%) Est. Cost $197.38 Unrealized +14.9%

BIL SPDR SERIES TRUST 5.8%

Value $41.28M (-4.1%) Shares 450,415 (-4.3%) Est. Cost $91.45 Unrealized —

MSFT MICROSOFT CORP 0.7%

Value $4.696M (-26.7%) Shares 12,685 (-4.3%) Est. Cost $372.81 Unrealized +16.6%

GOOG ALPHABET INC 0.4%

Value $2.544M (-38.8%) Shares 8,869 (-33.1%) Est. Cost $131.69 Unrealized +145.8%

IWF ISHARES TR 1.0%

Value $6.876M (-14.9%) Shares 16,126 (-5.6%) Est. Cost $211.52 Unrealized —

BX BLACKSTONE INC 0.1%

Value $1.05M (-49.6%) Shares 9,127 (-32.5%) Est. Cost $103.74 Unrealized +35.8%

ORCL ORACLE CORP 0.1%

Value $733K (-54.3%) Shares 4,985 (-39.5%) Est. Cost $123.03 Unrealized +37.9%

NVDA NVIDIA CORPORATION 0.2%

Value $1.666M (-27.0%) Shares 9,555 (-21.9%) Est. Cost $93.96 Unrealized +98.6%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.6%

Value $4.157M (-11.9%) Shares 8,675 (-7.6%) Est. Cost $398.36 Unrealized +23.9%

SPGI S&P GLOBAL INC 0.1%

Value $556K (-47.2%) Shares 1,307 (-35.2%) Est. Cost $394.53 Unrealized +23.0%

META META PLATFORMS INC 0.4%

Value $2.93M (-14.2%) Shares 5,121 (-1.0%) Est. Cost $588.31 Unrealized +11.4%

MCO MOODYS CORP 0.1%

Value $434K (-46.4%) Shares 995 (-37.3%) Est. Cost $461.00 Unrealized +6.2%

CVS CVS HEALTH CORP 0.1%

Value $500K (-40.0%) Shares 6,967 (-33.7%) Est. Cost $54.91 Unrealized +42.0%

V VISA INC 0.1%

Value $885K (-27.0%) Shares 2,929 (-15.3%) Est. Cost $220.79 Unrealized +49.1%

IEF ISHARES TR 1.1%

Value $7.564M (-4.1%) Shares 79,256 (-3.4%) Est. Cost $96.52 Unrealized —

ETN EATON CORP PLC 0.1%

Value $782K (-26.1%) Shares 2,185 (-34.2%) Est. Cost $223.83 Unrealized +58.0%

SPOT SPOTIFY TECHNOLOGY S A 0.1%

Value $1.032M (-17.6%) Shares 2,128 (-1.3%) Est. Cost $135.22 Unrealized +267.8%

PLTR PALANTIR TECHNOLOGIES INC 0.1%

Value $776K (-22.1%) Shares 5,302 (-5.4%) Est. Cost $48.58 Unrealized +217.3%

SJNK SPDR SERIES TRUST 0.1%

Value $370K (-35.9%) Shares 14,823 (-35.1%) Est. Cost $27.34 Unrealized —

ASML ASML HLDG NV 0.1%

Value $835K (-19.6%) Shares 632 (-34.8%) Est. Cost $740.72 Unrealized —

IGSB ISHARES TR 1.2%

Value $8.491M (-2.3%) Shares 161,544 (-1.7%) Est. Cost $56.78 Unrealized —

EEM ISHARES TR 2.1%

Value $14.98M (+1.4%) Shares 263,831 (-2.4%) Est. Cost $43.37 Unrealized —

XOM EXXON MOBIL CORP 0.1%

Value $678K (+36.7%) Shares 3,994 (-3.0%) Est. Cost $115.49 Unrealized +20.1%

SHY ISHARES TR 0.0%

Value $355K (-33.0%) Shares 4,300 (-32.7%) Est. Cost $84.77 Unrealized —

VB VANGUARD INDEX FDS 0.2%

Value $1.644M (-9.4%) Shares 6,275 (-10.8%) Est. Cost $200.76 Unrealized —

EXPE EXPEDIA GROUP INC 0.1%

Value $390K (-30.4%) Shares 1,688 (-14.6%) Est. Cost $97.23 Unrealized +160.7%

H HYATT HOTELS CORP 0.0%

Value $216K (-43.2%) Shares 1,499 (-36.7%) Est. Cost $115.63 Unrealized +42.3%

IWD ISHARES TR 1.1%

Value $7.671M (-1.7%) Shares 35,903 (-3.3%) Est. Cost $152.93 Unrealized —

VOO VANGUARD INDEX FDS 0.2%

Value $1.168M (-8.5%) Shares 1,955 (-3.9%) Est. Cost $431.12 Unrealized —

HYG ISHARES TR 0.2%

Value $1.199M (-7.4%) Shares 15,073 (-6.1%) Est. Cost $77.53 Unrealized —

MKL MARKEL GROUP INC 0.0%

Value $230K (-28.8%) Shares 120 (-20.0%) Est. Cost $1237.05 Unrealized +68.0%

TSM TAIWAN SEMICONDUCTOR MANUFAC 0.1%

Value $357K (+7.5%) Shares 1,056 (-3.3%) Est. Cost $198.34 Unrealized —

RTX RTX CORPORATION 0.1%

Value $715K (+2.8%) Shares 3,705 (-2.2%) Est. Cost $65.87 Unrealized +198.5%

IYR ISHARES TR 0.1%

Value $587K (-1.2%) Shares 6,206 (-1.9%) Est. Cost $102.27 Unrealized —

TXN TEXAS INSTRS INC 0.0%

Value $251K (+2.6%) Shares 1,291 (-8.3%) Est. Cost $170.73 Unrealized +20.8%

HEFA ISHARES TR 0.2%

Value $1.191M (+0.3%) Shares 28,025 (-2.4%) Est. Cost $31.81 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GLD	SPDR GOLD TR	162,310 (-14.0%)	$69.84M (-6.6%)	9.8%	$176.02	—	GOLD SHS	78463V107
ACWI	ISHARES TR	840,939 (-1.4%)	$116M (-3.6%)	16.3%	$79.84	—	MSCI ACWI ETF	464288257
IVV	ISHARES TR	23,647 (-15.8%)	$15.45M (-19.8%)	2.2%	$261.81	—	CORE S&P500 ETF	464287200
AAPL	APPLE INC	16,028 (-26.2%)	$4.068M (-31.1%)	0.6%	$146.80	+79.0%	COM	037833100
AMZN	AMAZON COM INC	36,801 (-10.1%)	$7.665M (-18.9%)	1.1%	$197.38	+14.9%	COM	023135106
BIL	SPDR SERIES TRUST	450,415 (-4.3%)	$41.28M (-4.1%)	5.8%	$91.45	—	STATE STREET SPD	78468R663
MSFT	MICROSOFT CORP	12,685 (-4.3%)	$4.696M (-26.7%)	0.7%	$372.81	+16.6%	COM	594918104
GOOG	ALPHABET INC	8,869 (-33.1%)	$2.544M (-38.8%)	0.4%	$131.69	+145.8%	CAP STK CL C	02079K107
IWF	ISHARES TR	16,126 (-5.6%)	$6.876M (-14.9%)	1.0%	$211.52	—	RUS 1000 GRW ETF	464287614
BX	BLACKSTONE INC	9,127 (-32.5%)	$1.05M (-49.6%)	0.1%	$103.74	+35.8%	COM	09260D107
ORCL	ORACLE CORP	4,985 (-39.5%)	$733K (-54.3%)	0.1%	$123.03	+37.9%	COM	68389X105
NVDA	NVIDIA CORPORATION	9,555 (-21.9%)	$1.666M (-27.0%)	0.2%	$93.96	+98.6%	COM	67066G104
BRK/B	BERKSHIRE HATHAWAY INC DEL	8,675 (-7.6%)	$4.157M (-11.9%)	0.6%	$398.36	+23.9%	CL B NEW	084670702
SPGI	S&P GLOBAL INC	1,307 (-35.2%)	$556K (-47.2%)	0.1%	$394.53	+23.0%	COM	78409V104
META	META PLATFORMS INC	5,121 (-1.0%)	$2.93M (-14.2%)	0.4%	$588.31	+11.4%	CL A	30303M102
MCO	MOODYS CORP	995 (-37.3%)	$434K (-46.4%)	0.1%	$461.00	+6.2%	COM	615369105
CVS	CVS HEALTH CORP	6,967 (-33.7%)	$500K (-40.0%)	0.1%	$54.91	+42.0%	COM	126650100
V	VISA INC	2,929 (-15.3%)	$885K (-27.0%)	0.1%	$220.79	+49.1%	COM CL A	92826C839
IEF	ISHARES TR	79,256 (-3.4%)	$7.564M (-4.1%)	1.1%	$96.52	—	7-10 YR TRSY BD	464287440
ETN	EATON CORP PLC	2,185 (-34.2%)	$782K (-26.1%)	0.1%	$223.83	+58.0%	SHS	G29183103
SPOT	SPOTIFY TECHNOLOGY S A	2,128 (-1.3%)	$1.032M (-17.6%)	0.1%	$135.22	+267.8%	SHS	L8681T102
PLTR	PALANTIR TECHNOLOGIES INC	5,302 (-5.4%)	$776K (-22.1%)	0.1%	$48.58	+217.3%	CL A	69608A108
SJNK	SPDR SERIES TRUST	14,823 (-35.1%)	$370K (-35.9%)	0.1%	$27.34	—	STATE STREET SPD	78468R408
ASML	ASML HLDG NV	632 (-34.8%)	$835K (-19.6%)	0.1%	$740.72	—	N Y REGISTRY SHS	N07059210
IGSB	ISHARES TR	161,544 (-1.7%)	$8.491M (-2.3%)	1.2%	$56.78	—	ISHS 1-5YR INVS	464288646
EEM	ISHARES TR	263,831 (-2.4%)	$14.98M (+1.4%)	2.1%	$43.37	—	MSCI EMG MKT ETF	464287234
XOM	EXXON MOBIL CORP	3,994 (-3.0%)	$678K (+36.7%)	0.1%	$115.49	+20.1%	COM	30231G102
SHY	ISHARES TR	4,300 (-32.7%)	$355K (-33.0%)	0.0%	$84.77	—	1 3 YR TREAS BD	464287457
VB	VANGUARD INDEX FDS	6,275 (-10.8%)	$1.644M (-9.4%)	0.2%	$200.76	—	SMALL CP ETF	922908751
EXPE	EXPEDIA GROUP INC	1,688 (-14.6%)	$390K (-30.4%)	0.1%	$97.23	+160.7%	COM NEW	30212P303
H	HYATT HOTELS CORP	1,499 (-36.7%)	$216K (-43.2%)	0.0%	$115.63	+42.3%	COM CL A	448579102
IWD	ISHARES TR	35,903 (-3.3%)	$7.671M (-1.7%)	1.1%	$152.93	—	RUS 1000 VAL ETF	464287598
VOO	VANGUARD INDEX FDS	1,955 (-3.9%)	$1.168M (-8.5%)	0.2%	$431.12	—	S&P 500 ETF SHS	922908363
HYG	ISHARES TR	15,073 (-6.1%)	$1.199M (-7.4%)	0.2%	$77.53	—	IBOXX HI YD ETF	464288513
MKL	MARKEL GROUP INC	120 (-20.0%)	$230K (-28.8%)	0.0%	$1237.05	+68.0%	COM	570535104
TSM	TAIWAN SEMICONDUCTOR MANUFAC	1,056 (-3.3%)	$357K (+7.5%)	0.1%	$198.34	—	SPONSORED ADS	874039100
RTX	RTX CORPORATION	3,705 (-2.2%)	$715K (+2.8%)	0.1%	$65.87	+198.5%	COM	75513E101
IYR	ISHARES TR	6,206 (-1.9%)	$587K (-1.2%)	0.1%	$102.27	—	U.S. REAL ES ETF	464287739
TXN	TEXAS INSTRS INC	1,291 (-8.3%)	$251K (+2.6%)	0.0%	$170.73	+20.8%	COM	882508104
HEFA	ISHARES TR	28,025 (-2.4%)	$1.191M (+0.3%)	0.2%	$31.81	—	HDG MSCI EAFE	46434V803

Unchanged Positions (40)

DJP BARCLAYS BANK PLC 3.3%

Value $23.38M Shares 485,709 Est. Cost $24.49 Unrealized —

NMFC NEW MTN FIN CORP 1.3%

Value $8.975M Shares 1,156,541 Est. Cost $7.40 Unrealized +16.9%

QQQ INVESCO QQQ TR 2.5%

Value $17.5M Shares 30,317 Est. Cost $348.67 Unrealized —

CEG CONSTELLATION ENERGY CORP 0.5%

Value $3.696M Shares 13,235 Est. Cost $263.84 Unrealized +14.1%

GLBE GLOBAL E ONLINE LTD 0.4%

Value $2.552M Shares 82,709 Est. Cost $33.75 Unrealized +7.3%

SMRT SMARTRENT INC 0.2%

Value $1.739M Shares 1,159,135 Est. Cost $0.89 Unrealized +92.6%

FNV FRANCO NEV CORP 0.5%

Value $3.533M Shares 14,300 Est. Cost $180.19 Unrealized +36.4%

MS MORGAN STANLEY 0.6%

Value $4.325M Shares 26,281 Est. Cost $68.71 Unrealized +161.5%

AHCO ADAPTHEALTH CORP 0.2%

Value $1.534M Shares 128,947 Est. Cost $16.76 Unrealized -39.0%

BRK/A BERKSHIRE HATHAWAY INC DEL 0.6%

Value $4.309M Shares 6 Est. Cost $328868.84 Unrealized +125.1%

UDR UDR INC 0.3%

Value $2.219M Shares 65,700 Est. Cost $35.52 Unrealized +3.3%

GOOGL ALPHABET INC 0.3%

Value $1.896M Shares 6,594 Est. Cost $136.84 Unrealized +136.2%

UYG PROSHARES TR 0.1%

Value $367K Shares 5,000 Est. Cost $91.78 Unrealized —

LMT LOCKHEED MARTIN CORP 0.1%

Value $425K Shares 704 Est. Cost $274.68 Unrealized +118.8%

ETHA ISHARES ETHEREUM TR 0.0%

Value $169K Shares 10,695 Est. Cost $22.43 Unrealized —

IVW ISHARES TR 0.1%

Value $734K Shares 6,490 Est. Cost $79.82 Unrealized —

BSOL BITWISE SOLANA STAKING ETF 0.0%

Value $136K Shares 12,263 Est. Cost $16.40 Unrealized —

JBGS JBG SMITH PPTYS 0.1%

Value $379K Shares 25,934 Est. Cost $22.25 Unrealized —

MRK MERCK & CO INC 0.1%

Value $446K Shares 3,704 Est. Cost $93.24 Unrealized +22.6%

XLI SELECT SECTOR SPDR TR 0.1%

Value $992K Shares 6,133 Est. Cost $106.50 Unrealized —

QSR RESTAURANT BRANDS INTL INC 0.0%

Value $259K Shares 3,501 Est. Cost $61.45 Unrealized +11.3%

DBP INVESCO DB MULTI-SECTOR COMM 0.0%

Value $256K Shares 2,330 Est. Cost $88.93 Unrealized —

DOO BRP INC 0.2%

Value $1.115M Shares 15,521 Est. Cost $61.96 Unrealized +24.9%

SRLN SSGA ACTIVE ETF TR 0.1%

Value $530K Shares 13,213 Est. Cost $41.73 Unrealized —

IWN ISHARES TR 0.0%

Value $296K Shares 1,560 Est. Cost $158.59 Unrealized —

WHF WHITEHORSE FIN INC 0.0%

Value $210K Shares 28,337 Est. Cost $15.54 Unrealized -56.8%

BKLN INVESCO EXCH TRADED FD TR II 0.1%

Value $364K Shares 17,840 Est. Cost $21.07 Unrealized —

BBJP J P MORGAN EXCHANGE TRADED F 0.0%

Value $235K Shares 3,406 Est. Cost $65.91 Unrealized —

EMB ISHARES TR 0.0%

Value $346K Shares 3,687 Est. Cost $101.96 Unrealized —

IJH ISHARES TR 0.1%

Value $365K Shares 5,400 Est. Cost $83.37 Unrealized —

PWZ INVESCO EXCH TRADED FD TR II 0.1%

Value $626K Shares 26,232 Est. Cost $23.47 Unrealized —

SMMD ISHARES TR 0.0%

Value $280K Shares 3,665 Est. Cost $68.00 Unrealized —

MDY STATE STR SPDR S&P MIDCAP 40 0.0%

Value $216K Shares 351 Est. Cost $596.03 Unrealized —

BBEU J P MORGAN EXCHANGE TRADED F 0.0%

Value $293K Shares 4,040 Est. Cost $73.30 Unrealized —

IVE ISHARES TR 0.1%

Value $818K Shares 3,873 Est. Cost $116.97 Unrealized —

STPZ PIMCO ETF TR 0.1%

Value $405K Shares 7,483 Est. Cost $52.13 Unrealized —

BIV VANGUARD BD INDEX FDS 0.0%

Value $206K Shares 2,668 Est. Cost $76.57 Unrealized —

HLN HALEON PLC 0.0%

Value $155K Shares 15,533 Est. Cost $8.68 Unrealized —

BND VANGUARD BD INDEX FDS 0.0%

Value $260K Shares 3,530 Est. Cost $81.34 Unrealized —

HEZU ISHARES TR 0.1%

Value $653K Shares 14,953 Est. Cost $29.39 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DJP	BARCLAYS BANK PLC	485,709	$23.38M	3.3%	$24.49	—	DJUBS CMDT ETN36	06738C778
NMFC	NEW MTN FIN CORP	1,156,541	$8.975M	1.3%	$7.40	+16.9%	COM	647551100
QQQ	INVESCO QQQ TR	30,317	$17.5M	2.5%	$348.67	—	UNIT SER 1	46090E103
CEG	CONSTELLATION ENERGY CORP	13,235	$3.696M	0.5%	$263.84	+14.1%	COM	21037T109
GLBE	GLOBAL E ONLINE LTD	82,709	$2.552M	0.4%	$33.75	+7.3%	SHS	M5216V106
SMRT	SMARTRENT INC	1,159,135	$1.739M	0.2%	$0.89	+92.6%	COM CL A	83193G107
FNV	FRANCO NEV CORP	14,300	$3.533M	0.5%	$180.19	+36.4%	COM	351858105
MS	MORGAN STANLEY	26,281	$4.325M	0.6%	$68.71	+161.5%	COM NEW	617446448
AHCO	ADAPTHEALTH CORP	128,947	$1.534M	0.2%	$16.76	-39.0%	COMMON STOCK	00653Q102
BRK/A	BERKSHIRE HATHAWAY INC DEL	6	$4.309M	0.6%	$328868.84	+125.1%	CL A	084670108
UDR	UDR INC	65,700	$2.219M	0.3%	$35.52	+3.3%	COM	902653104
GOOGL	ALPHABET INC	6,594	$1.896M	0.3%	$136.84	+136.2%	CAP STK CL A	02079K305
UYG	PROSHARES TR	5,000	$367K	0.1%	$91.78	—	ULTRA FNCLS NEW	74347X633
LMT	LOCKHEED MARTIN CORP	704	$425K	0.1%	$274.68	+118.8%	COM	539830109
ETHA	ISHARES ETHEREUM TR	10,695	$169K	0.0%	$22.43	—	SHS	46438R105
IVW	ISHARES TR	6,490	$734K	0.1%	$79.82	—	S&P 500 GRWT ETF	464287309
BSOL	BITWISE SOLANA STAKING ETF	12,263	$136K	0.0%	$16.40	—	COM SHS OF BENEF	091948109
JBGS	JBG SMITH PPTYS	25,934	$379K	0.1%	$22.25	—	COM	46590V100
MRK	MERCK & CO INC	3,704	$446K	0.1%	$93.24	+22.6%	COM	58933Y105
XLI	SELECT SECTOR SPDR TR	6,133	$992K	0.1%	$106.50	—	STATE STREET IND	81369Y704
QSR	RESTAURANT BRANDS INTL INC	3,501	$259K	0.0%	$61.45	+11.3%	COM	76131D103
DBP	INVESCO DB MULTI-SECTOR COMM	2,330	$256K	0.0%	$88.93	—	PRECIOUS METAL	46140H502
DOO	BRP INC	15,521	$1.115M	0.2%	$61.96	+24.9%	COM SUN VTG	05577W200
SRLN	SSGA ACTIVE ETF TR	13,213	$530K	0.1%	$41.73	—	STATE STREET BLA	78467V608
IWN	ISHARES TR	1,560	$296K	0.0%	$158.59	—	RUS 2000 VAL ETF	464287630
WHF	WHITEHORSE FIN INC	28,337	$210K	0.0%	$15.54	-56.8%	COM	96524V106
BKLN	INVESCO EXCH TRADED FD TR II	17,840	$364K	0.1%	$21.07	—	SR LN ETF	46138G508
BBJP	J P MORGAN EXCHANGE TRADED F	3,406	$235K	0.0%	$65.91	—	BETABULDRS JAPAN	46641Q217
EMB	ISHARES TR	3,687	$346K	0.0%	$101.96	—	JPMORGAN USD EMG	464288281
IJH	ISHARES TR	5,400	$365K	0.1%	$83.37	—	CORE S&P MCP ETF	464287507
PWZ	INVESCO EXCH TRADED FD TR II	26,232	$626K	0.1%	$23.47	—	CALIF AMT MUN	46138E206
SMMD	ISHARES TR	3,665	$280K	0.0%	$68.00	—	RUSEL 2500 ETF	46435G268
MDY	STATE STR SPDR S&P MIDCAP 40	351	$216K	0.0%	$596.03	—	UTSER1 S&PDCRP	78467Y107
BBEU	J P MORGAN EXCHANGE TRADED F	4,040	$293K	0.0%	$73.30	—	BETABUILDERS EUR	46641Q191
IVE	ISHARES TR	3,873	$818K	0.1%	$116.97	—	S&P 500 VAL ETF	464287408
STPZ	PIMCO ETF TR	7,483	$405K	0.1%	$52.13	—	1-5 US TIP IDX	72201R205
BIV	VANGUARD BD INDEX FDS	2,668	$206K	0.0%	$76.57	—	INTERMED TERM	921937819
HLN	HALEON PLC	15,533	$155K	0.0%	$8.68	—	SPON ADS	405552100
BND	VANGUARD BD INDEX FDS	3,530	$260K	0.0%	$81.34	—	TOTAL BND MRKT	921937835
HEZU	ISHARES TR	14,953	$653K	0.1%	$29.39	—	CUR HD EURZN ETF	46434V639