Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SFM	SPROUTS FMRS MKT INC	63,282 (+1482.0%)	$4.881M (+1431.6%)	2.8%	—	—	COM	85208M102
EWZS	ISHARES TR	584,432 (+3.4%)	$8.655M (+18.5%)	4.9%	—	—	BRAZIL SM-CP ETF	464289131
TSLX	SIXTH STREET SPECIALTY LENDI	97,416 (+77.5%)	$1.791M (+50.2%)	1.0%	—	—	COM	83012A109
EWZ	ISHARES INC	51,832 (+5.6%)	$1.99M (+27.6%)	1.1%	—	—	MSCI BRAZIL ETF	464286400
COAL	EXCHANGE TRADED CONCEPTS TRU	67,018 (+4.1%)	$1.839M (+25.2%)	1.0%	—	—	RANGE GLOBAL COA	301505467
BIL	SPDR SERIES TRUST	114,650 (+2.8%)	$10.51M (+3.1%)	6.0%	—	—	STATE STREET SPD	78468R663
MTBA	SIMPLIFY EXCHANGE TRADED FUN	60,229 (+12.2%)	$2.979M (+10.0%)	1.7%	—	—	MBS ETF	82889N525
AVUV	AMERICAN CENTY ETF TR	13,370 (+7.7%)	$1.477M (+16.7%)	0.8%	—	—	US SML CP VALU	025072877
BTI	BRITISH AMERN TOB PLC	73,287 (+1.6%)	$4.285M (+4.9%)	2.4%	—	—	SPONSORED ADR	110448107
AUSF	GLOBAL X FDS	41,044 (+6.5%)	$1.984M (+11.0%)	1.1%	—	—	ADAPTIVE US	37954Y574
QQQ	INVESCO QQQ TR	8,280 (+2.4%)	$4.779M (-3.8%)	2.7%	—	—	UNIT SER 1	46090E103
KMLM	KRANESHARES TRUST	45,858 (+6.5%)	$1.293M (+15.7%)	0.7%	—	—	MOUNT LUCAS ETF	500767652
AVDV	AMERICAN CENTY ETF TR	16,025 (+5.5%)	$1.6M (+12.1%)	0.9%	—	—	INTL SMCP VLU	025072802
LVHI	LEGG MASON ETF INVT	28,834 (+4.7%)	$1.169M (+15.3%)	0.7%	—	—	FRANKLIN INTL LW	52468L505
BCD	ABRDN ETFS	22,443 (+5.0%)	$803K (+21.4%)	0.5%	—	—	BBRG ALL COMMDY	003261203
FYLD	CAMBRIA ETF TR	21,126 (+3.2%)	$789K (+18.6%)	0.4%	—	—	CAMBRIA FGN SHR	132061300
IQLT	ISHARES TR	43,785 (+4.6%)	$2.024M (+6.4%)	1.2%	—	—	MSCI INTL QUALTY	46434V456
DGS	WISDOMTREE TR	22,629 (+4.7%)	$1.36M (+9.9%)	0.8%	—	—	EMG MKTS SMCAP	97717W281
AVLV	AMERICAN CENTY ETF TR	12,185 (+5.6%)	$982K (+12.4%)	0.6%	—	—	US LARGE CAP VLU	025072349
KSPI	KASPI KZ JSC	117,329 (+6.7%)	$8.691M (+1.1%)	4.9%	—	—	SPONSORED ADS	48581R205
GTIP	GOLDMAN SACHS ETF TR	22,280 (+8.7%)	$1.1M (+9.2%)	0.6%	—	—	ACCESS INFLATI	381430362
WIP	SPDR SERIES TRUST	77,391 (+2.2%)	$3.065M (+2.7%)	1.7%	—	—	FTSE INT GVT ETF	78464A490
IDMO	INVESCO EXCH TRADED FD TR II	29,551 (+6.6%)	$1.621M (+5.2%)	0.9%	—	—	S&P INTL MOMNT	46138E222
IEF	ISHARES TR	11,088 (+6.2%)	$1.058M (+5.4%)	0.6%	—	—	7-10 YR TRSY BD	464287440
T	AT&T INC	9,352 (+2.6%)	$271K (+19.7%)	0.2%	—	—	COM	00206R102
FLSP	FRANKLIN TEMPLETON ETF TR	44,701 (+2.5%)	$1.216M (+3.6%)	0.7%	—	—	SYSTMTC STYL PRE	35473P546
TIP	ISHARES TR	25,242 (+1.0%)	$2.786M (+1.4%)	1.6%	—	—	TIPS BD ETF	464287176
GOAU	ETF SER SOLUTIONS	7,282 (+8.1%)	$323K (+12.7%)	0.2%	—	—	US GBL GLD PRE	26922A719
EDV	VANGUARD WORLD FD	22,890 (+2.2%)	$1.487M (+2.1%)	0.8%	—	—	EXTENDED DUR	921910709
GSPY	TIDAL TRUST I	26,534 (+2.5%)	$939K (-1.6%)	0.5%	—	—	GOTHAM ENHNCD	886364835
MMTM	SPDR SERIES TRUST	6,906 (+3.8%)	$1.935M (-0.5%)	1.1%	—	—	STATE STREET SPD	78468R705
TLT	ISHARES TR	7,216 (+1.4%)	$626K (+0.9%)	0.4%	—	—	20 YR TR BD ETF	464287432
BBLU	EA SERIES TRUST	85,292 (+3.1%)	$1.259M (-0.3%)	0.7%	—	—	BRIDGEWAY BLUE	02072L714
SPMO	INVESCO EXCH TRADED FD TR II	16,553 (+6.3%)	$1.856M (-0.1%)	1.1%	—	—	S&P 500 MOMNTM	46138E339

Exited Positions (5)

GOOGL ALPHABET INC 0.2%

Value $368K Shares 1,175 Est. Cost — Unrealized —

META META PLATFORMS INC 0.2%

Value $335K Shares 508 Est. Cost — Unrealized —

IBM INTERNATIONAL BUSINESS 0.1%

Value $235K Shares 794 Est. Cost — Unrealized —

JPM JPMORGAN CHASE & CO. 0.1%

Value $208K Shares 647 Est. Cost — Unrealized —

GOOG ALPHABET INC 0.1%

Value $208K Shares 662 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	1,175	$368K	0.2%	—	—	—	02079K305
META	META PLATFORMS INC	508	$335K	0.2%	—	—	—	30303M102
IBM	INTERNATIONAL BUSINESS	794	$235K	0.1%	—	—	—	459200101
JPM	JPMORGAN CHASE & CO.	647	$208K	0.1%	—	—	—	46625H100
GOOG	ALPHABET INC	662	$208K	0.1%	—	—	—	02079K107

Decreased Positions (27)

PBR/A PETROLEO BRASILEIRO S A 7.0%

Value $12.32M (+63.4%) Shares 656,972 (-1.8%) Est. Cost — Unrealized —

CNQ CANADIAN NAT RES LTD MED TER 5.2%

Value $9.131M (+40.8%) Shares 187,376 (-2.2%) Est. Cost — Unrealized —

NE NOBLE CORP PLC 3.4%

Value $6.002M (+68.9%) Shares 122,320 (-2.8%) Est. Cost — Unrealized —

JXN JACKSON FINANCIAL INC 0.2%

Value $269K (-86.7%) Shares 2,544 (-86.6%) Est. Cost — Unrealized —

NAMS NEWAMSTERDAM PHARMA COMPANY 0.4%

Value $752K (-63.8%) Shares 23,500 (-60.3%) Est. Cost — Unrealized —

XOM EXXON MOBIL CORP 2.3%

Value $3.973M (+38.3%) Shares 23,420 (-1.9%) Est. Cost — Unrealized —

VALE VALE S A 4.8%

Value $8.453M (+14.7%) Shares 531,278 (-6.1%) Est. Cost — Unrealized —

ULTA ULTA BEAUTY INC 1.4%

Value $2.445M (-23.5%) Shares 4,677 (-11.5%) Est. Cost — Unrealized —

BLDG CAMBRIA ETF TR 0.9%

Value $1.531M (-24.5%) Shares 63,868 (-22.9%) Est. Cost — Unrealized —

MSFT MICROSOFT CORP 0.4%

Value $666K (-33.7%) Shares 1,799 (-13.4%) Est. Cost — Unrealized —

CPA COPA HOLDINGS SA 2.3%

Value $3.976M (-7.8%) Shares 35,000 (-2.2%) Est. Cost — Unrealized —

NVDA NVIDIA CORPORATION 0.2%

Value $338K (-49.0%) Shares 1,940 (-45.5%) Est. Cost — Unrealized —

AAPL APPLE INC 0.6%

Value $1.03M (-20.8%) Shares 4,058 (-15.1%) Est. Cost — Unrealized —

LEMB ISHARES INC 2.6%

Value $4.553M (-4.9%) Shares 111,602 (-3.1%) Est. Cost — Unrealized —

ABBV ABBVIE INC 1.9%

Value $3.331M (-6.5%) Shares 15,314 (-1.7%) Est. Cost — Unrealized —

ABT ABBOTT LABORATORIES 0.5%

Value $863K (-20.1%) Shares 8,402 (-2.6%) Est. Cost — Unrealized —

HON HONEYWELL INTL INC 0.3%

Value $478K (-25.0%) Shares 2,114 (-35.2%) Est. Cost — Unrealized —

AMZN AMAZON COM INC 0.2%

Value $359K (-28.3%) Shares 1,722 (-20.5%) Est. Cost — Unrealized —

GSL GLOBAL SHIP LEASE INC 0.3%

Value $582K (-19.5%) Shares 15,623 (-24.2%) Est. Cost — Unrealized —

WMT WALMART INC 0.8%

Value $1.338M (-7.0%) Shares 10,769 (-16.6%) Est. Cost — Unrealized —

AVGO BROADCOM INC 0.1%

Value $218K (-28.1%) Shares 705 (-19.6%) Est. Cost — Unrealized —

— NUVEEN AMT FREE QLTY MUN INC 0.3%

Value $601K (-7.8%) Shares 53,500 (-4.5%) Est. Cost — Unrealized —

XLF SELECT SECTOR SPDR TR 0.2%

Value $267K (-15.6%) Shares 5,409 (-6.4%) Est. Cost — Unrealized —

OHI OMEGA HEALTHCARE INVS INC 0.3%

Value $556K (-7.3%) Shares 12,681 (-6.2%) Est. Cost — Unrealized —

HCC WARRIOR MET COAL INC 1.9%

Value $3.324M (+0.7%) Shares 35,687 (-4.7%) Est. Cost — Unrealized —

CVX CHEVRON CORPORATION 0.2%

Value $282K (+7.7%) Shares 1,365 (-20.6%) Est. Cost — Unrealized —

PEY INVESCO EXCHANGE TRADED FD T 0.2%

Value $288K (+3.4%) Shares 13,428 (-1.6%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PBR/A	PETROLEO BRASILEIRO S A	656,972 (-1.8%)	$12.32M (+63.4%)	7.0%	—	—	SP ADR NON VTG	71654V101
CNQ	CANADIAN NAT RES LTD MED TER	187,376 (-2.2%)	$9.131M (+40.8%)	5.2%	—	—	COM	136385101
NE	NOBLE CORP PLC	122,320 (-2.8%)	$6.002M (+68.9%)	3.4%	—	—	ORD SHS A	G65431127
JXN	JACKSON FINANCIAL INC	2,544 (-86.6%)	$269K (-86.7%)	0.2%	—	—	COM CL A	46817M107
NAMS	NEWAMSTERDAM PHARMA COMPANY	23,500 (-60.3%)	$752K (-63.8%)	0.4%	—	—	ORDINARY SHARES	N62509109
XOM	EXXON MOBIL CORP	23,420 (-1.9%)	$3.973M (+38.3%)	2.3%	—	—	COM	30231G102
VALE	VALE S A	531,278 (-6.1%)	$8.453M (+14.7%)	4.8%	—	—	SPONSORED ADS	91912E105
ULTA	ULTA BEAUTY INC	4,677 (-11.5%)	$2.445M (-23.5%)	1.4%	—	—	COM	90384S303
BLDG	CAMBRIA ETF TR	63,868 (-22.9%)	$1.531M (-24.5%)	0.9%	—	—	GBL REAL EST ETF	132061813
MSFT	MICROSOFT CORP	1,799 (-13.4%)	$666K (-33.7%)	0.4%	—	—	COM	594918104
CPA	COPA HOLDINGS SA	35,000 (-2.2%)	$3.976M (-7.8%)	2.3%	—	—	CL A	P31076105
NVDA	NVIDIA CORPORATION	1,940 (-45.5%)	$338K (-49.0%)	0.2%	—	—	COM	67066G104
AAPL	APPLE INC	4,058 (-15.1%)	$1.03M (-20.8%)	0.6%	—	—	COM	037833100
LEMB	ISHARES INC	111,602 (-3.1%)	$4.553M (-4.9%)	2.6%	—	—	JP MORGAN EM ETF	464286517
ABBV	ABBVIE INC	15,314 (-1.7%)	$3.331M (-6.5%)	1.9%	—	—	COM	00287Y109
ABT	ABBOTT LABORATORIES	8,402 (-2.6%)	$863K (-20.1%)	0.5%	—	—	COM	002824100
HON	HONEYWELL INTL INC	2,114 (-35.2%)	$478K (-25.0%)	0.3%	—	—	COM	438516106
AMZN	AMAZON COM INC	1,722 (-20.5%)	$359K (-28.3%)	0.2%	—	—	COM	023135106
GSL	GLOBAL SHIP LEASE INC	15,623 (-24.2%)	$582K (-19.5%)	0.3%	—	—	COM CL A	Y27183600
WMT	WALMART INC	10,769 (-16.6%)	$1.338M (-7.0%)	0.8%	—	—	COM	931142103
AVGO	BROADCOM INC	705 (-19.6%)	$218K (-28.1%)	0.1%	—	—	COM	11135F101
—	NUVEEN AMT FREE QLTY MUN INC	53,500 (-4.5%)	$601K (-7.8%)	0.3%	—	—	COM	670657105
XLF	SELECT SECTOR SPDR TR	5,409 (-6.4%)	$267K (-15.6%)	0.2%	—	—	STATE STREET FIN	81369Y605
OHI	OMEGA HEALTHCARE INVS INC	12,681 (-6.2%)	$556K (-7.3%)	0.3%	—	—	COM	681936100
HCC	WARRIOR MET COAL INC	35,687 (-4.7%)	$3.324M (+0.7%)	1.9%	—	—	COM	93627C101
CVX	CHEVRON CORPORATION	1,365 (-20.6%)	$282K (+7.7%)	0.2%	—	—	COM	166764100
PEY	INVESCO EXCHANGE TRADED FD T	13,428 (-1.6%)	$288K (+3.4%)	0.2%	—	—	HIG YLD EQ DIV	46137V563

Unchanged Positions (23)

NE/WS NOBLE CORP PLC 2.0%

Value $3.59M Shares 117,429 Est. Cost — Unrealized —

PHYS SPROTT ASSET MANAGEMENT LP 4.0%

Value $6.972M Shares 196,727 Est. Cost — Unrealized —

EPD ENTERPRISE PRODS PARTNERS L 1.2%

Value $2.171M Shares 57,386 Est. Cost — Unrealized —

SU SUNCOR ENERGY INC NEW 0.3%

Value $510K Shares 7,715 Est. Cost — Unrealized —

EYLD CAMBRIA ETF TR 0.9%

Value $1.525M Shares 36,832 Est. Cost — Unrealized —

NRP NATURAL RESOURCE PARTNERS LP 0.4%

Value $644K Shares 5,325 Est. Cost — Unrealized —

OEF ISHARES TR 0.6%

Value $990K Shares 3,112 Est. Cost — Unrealized —

UAN CVR PARTNERS LP/CVR NITROGEN 0.2%

Value $310K Shares 2,450 Est. Cost — Unrealized —

UAL UNITED AIRLS HLDGS INC 0.1%

Value $256K Shares 2,782 Est. Cost — Unrealized —

VOO VANGUARD INDEX FDS 0.5%

Value $935K Shares 1,565 Est. Cost — Unrealized —

MPLX MPLX LP 0.4%

Value $628K Shares 11,000 Est. Cost — Unrealized —

AB ALLIANCEBERNSTEIN HLDG L P 0.6%

Value $990K Shares 26,450 Est. Cost — Unrealized —

VNQI VANGUARD INTL EQUITY INDEX F 0.7%

Value $1.214M Shares 27,313 Est. Cost — Unrealized —

NXE NEXGEN ENERGY LTD 0.1%

Value $116K Shares 10,000 Est. Cost — Unrealized —

SBEV SPLASH BEVERAGE GROUP INC 0.0%

Value $23,728 Shares 66,050 Est. Cost — Unrealized —

GE GE AEROSPACE 0.1%

Value $213K Shares 750 Est. Cost — Unrealized —

GVAL CAMBRIA ETF TR 0.2%

Value $339K Shares 10,212 Est. Cost — Unrealized —

EMLC VANECK ETF TRUST 0.3%

Value $590K Shares 23,489 Est. Cost — Unrealized —

LTPZ PIMCO ETF TR 0.5%

Value $835K Shares 16,357 Est. Cost — Unrealized —

FBT FIRST TR EXCHANGE-TRADED FD 0.1%

Value $206K Shares 1,026 Est. Cost — Unrealized —

TBH BRAG HSE HLDGS INC 0.0%

Value $8,798 Shares 33,000 Est. Cost — Unrealized —

— BLACKROCK TAX MUNICPAL BD TR 0.6%

Value $999K Shares 61,809 Est. Cost — Unrealized —

— BRAEMAR HOTELS & RESORTS INC 0.1%

Value $167K Shares 11,500 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NE/WS	NOBLE CORP PLC	117,429	$3.59M	2.0%	—	—	*W EXP 02/04/202	G65431135
PHYS	SPROTT ASSET MANAGEMENT LP	196,727	$6.972M	4.0%	—	—	PHYSICAL GOLD TR	85207H104
EPD	ENTERPRISE PRODS PARTNERS L	57,386	$2.171M	1.2%	—	—	COM	293792107
SU	SUNCOR ENERGY INC NEW	7,715	$510K	0.3%	—	—	COM	867224107
EYLD	CAMBRIA ETF TR	36,832	$1.525M	0.9%	—	—	EMRG SHAREHLDR	132061706
NRP	NATURAL RESOURCE PARTNERS LP	5,325	$644K	0.4%	—	—	COM UNIT LTD PAR	63900P608
OEF	ISHARES TR	3,112	$990K	0.6%	—	—	S&P 100 ETF	464287101
UAN	CVR PARTNERS LP/CVR NITROGEN	2,450	$310K	0.2%	—	—	COM	126633205
UAL	UNITED AIRLS HLDGS INC	2,782	$256K	0.1%	—	—	COM	910047109
VOO	VANGUARD INDEX FDS	1,565	$935K	0.5%	—	—	S&P 500 ETF SHS	922908363
MPLX	MPLX LP	11,000	$628K	0.4%	—	—	COM UNIT REP LTD	55336V100
AB	ALLIANCEBERNSTEIN HLDG L P	26,450	$990K	0.6%	—	—	UNIT LTD PARTN	01881G106
VNQI	VANGUARD INTL EQUITY INDEX F	27,313	$1.214M	0.7%	—	—	GLB EX US ETF	922042676
NXE	NEXGEN ENERGY LTD	10,000	$116K	0.1%	—	—	COM	65340P106
SBEV	SPLASH BEVERAGE GROUP INC	66,050	$23,728	0.0%	—	—	COM SHS	84862C302
GE	GE AEROSPACE	750	$213K	0.1%	—	—	COM NEW	369604301
GVAL	CAMBRIA ETF TR	10,212	$339K	0.2%	—	—	GLOBAL VALUE ETF	132061409
EMLC	VANECK ETF TRUST	23,489	$590K	0.3%	—	—	JP MRGAN EM LOC	92189H300
LTPZ	PIMCO ETF TR	16,357	$835K	0.5%	—	—	15+ YR US TIPS	72201R304
FBT	FIRST TR EXCHANGE-TRADED FD	1,026	$206K	0.1%	—	—	NY ARCA BIOTECH	33733E203
TBH	BRAG HSE HLDGS INC	33,000	$8,798	0.0%	—	—	COM	104813209
—	BLACKROCK TAX MUNICPAL BD TR	61,809	$999K	0.6%	—	—	SHS	09248X100
—	BRAEMAR HOTELS & RESORTS INC	11,500	$167K	0.1%	—	—	5.5 CUM CV PFD B	10482B200