Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FYX	FIRST TR EXCHANGE-TRADED ALP	32,447	$4.682M	4.5%	$144.30	—	COM SHS	33734Y109
GYLD	ARROW ETF TR	285,605	$4.07M	3.9%	$14.25	—	ARROW DJ GLB YLD	04273H104
EWT	ISHARES INC	4,848	$527K	0.5%	$108.61	—	MSCI TAIWAN ETF	46434G772
RHI	ROBERT HALF INC.	11,010	$338K	0.3%	$30.70	—	COM	770323103
RLJ	RLJ LODGING TR	27,614	$327K	0.3%	$11.85	—	COM	74965L101
CALM	CAL MAINE FOODS INC	3,527	$284K	0.3%	$80.56	—	COM NEW	128030202
APLE	APPLE HOSPITALITY REIT INC	16,068	$270K	0.3%	$16.81	—	COM NEW	03784Y200
HIW	HIGHWOODS PPTYS INC	8,782	$265K	0.3%	$30.16	—	COM	431284108
HST	HOST HOTELS & RESORTS INC	11,098	$263K	0.3%	$23.71	—	COM	44107P104
SLG	SL GREEN RLTY CORP	5,022	$260K	0.3%	$51.77	—	COM	78440X887
IIPR	INNOVATIVE INDL PPTYS INC	3,915	$243K	0.2%	$61.98	—	COM	45781V101
DEA	EASTERLY GOVT PPTYS INC	9,465	$236K	0.2%	$24.93	—	COM SHS	27616P301
EPR	EPR PPTYS	4,062	$236K	0.2%	$58.01	—	COM SH BEN INT	26884U109
TU	TELUS CORPORATION	22,168	$234K	0.2%	$10.57	—	COM	87971M103
XRN	CHIRON REAL ESTATE INC	6,232	$234K	0.2%	$37.52	—	COM NEW	37954A303
WU	WESTERN UN CO	29,343	$226K	0.2%	$7.70	—	COM	959802109
WES	WESTERN MIDSTREAM PARTNERS L	5,084	$222K	0.2%	$43.76	—	COM UNIT LP INT	958669103
DKL	DELEK LOGISTICS PARTNERS LP	4,245	$219K	0.2%	$51.54	—	COM UNT RP INT	24664T103
MPLX	MPLX LP	3,864	$218K	0.2%	$56.33	—	COM UNIT REP LTD	55336V100
DEI	DOUGLAS EMMETT INC	18,334	$216K	0.2%	$11.80	—	COM	25960P109
NXRT	NEXPOINT RESIDENTIAL TR INC	7,570	$211K	0.2%	$27.92	—	COM	65341D102
GOOD	GLADSTONE COMMERCIAL CORP	17,146	$211K	0.2%	$12.30	—	COM	376536108
GLP	GLOBAL PARTNERS LP	4,410	$205K	0.2%	$46.59	—	COM UNITS	37946R109
USAC	USA COMPRESSION PARTNERS LP	7,749	$204K	0.2%	$26.39	—	COM UNIT LTDPAR	90290N109
WLKP	WESTLAKE CHEM PARTNERS LP	9,084	$202K	0.2%	$22.26	—	COM UNIT RP LP	960417103
SPH	SUBURBAN PROPANE PARTNERS L	11,291	$193K	0.2%	$17.10	—	UNIT LTD PARTN	864482104

Increased Positions (20)

SHY ISHARES TR 2.2%

Value $2.243M (+129.9%) Shares 27,311 (+131.2%) Est. Cost $82.31 Unrealized —

PK PARK HOTELS & RESORTS INC 0.3%

Value $279K (+42.7%) Shares 19,592 (+5.4%) Est. Cost $10.52 Unrealized —

CHCT COMMUNITY HEALTHCARE TR INC 0.2%

Value $237K (+27.6%) Shares 12,978 (+10.9%) Est. Cost $16.62 Unrealized —

BDN BRANDYWINE RLTY TR 0.2%

Value $226K (+27.8%) Shares 71,199 (+9.3%) Est. Cost $5.14 Unrealized —

EPU ISHARES TR 0.5%

Value $467K (+9.8%) Shares 5,592 (+6.2%) Est. Cost $73.00 Unrealized —

TX TERNIUM SA 0.2%

Value $243K (+15.3%) Shares 5,697 (+8.4%) Est. Cost $31.08 Unrealized —

IEP ICAHN ENTERPRISES LP 0.2%

Value $192K (+20.1%) Shares 26,659 (+25.8%) Est. Cost $8.37 Unrealized —

FCX FREEPORT MCMORAN INC 0.2%

Value $247K (+11.9%) Shares 3,922 (+4.6%) Est. Cost $61.19 Unrealized —

BSM BLACK STONE MINERALS L P 0.2%

Value $216K (+11.7%) Shares 15,460 (+20.8%) Est. Cost $13.24 Unrealized —

GEL GENESIS ENERGY L P 0.2%

Value $185K (-8.2%) Shares 13,061 (+15.5%) Est. Cost $11.22 Unrealized —

MNR MACH NATURAL RESOURCES LP 0.2%

Value $211K (-4.9%) Shares 16,730 (+5.3%) Est. Cost $14.14 Unrealized —

ET ENERGY TRANSFER L P 0.2%

Value $208K (+3.9%) Shares 10,866 (+4.9%) Est. Cost $19.29 Unrealized —

GNL GLOBAL NET LEASE INC 0.2%

Value $219K (+3.2%) Shares 24,478 (+8.1%) Est. Cost $10.51 Unrealized —

HESM HESS MIDSTREAM LP 0.2%

Value $210K (+3.2%) Shares 5,594 (+6.7%) Est. Cost $35.34 Unrealized —

HAS HASBRO INC 0.2%

Value $247K (+2.0%) Shares 2,991 (+15.6%) Est. Cost $77.31 Unrealized —

CQP CHENIERE ENERGY PARTNERS L P 0.2%

Value $206K (-2.2%) Shares 3,382 (+3.7%) Est. Cost $64.50 Unrealized —

EPD ENTERPRISE PRODS PARTNERS L 0.2%

Value $206K (-1.8%) Shares 5,592 (+1.0%) Est. Cost $37.83 Unrealized —

DMLP DORCHESTER MINERALS L P 0.2%

Value $205K (-1.3%) Shares 8,113 (+6.0%) Est. Cost $27.00 Unrealized —

UAN CVR PARTNERS LP/CVR NITROGEN 0.2%

Value $202K (-0.6%) Shares 1,815 (+12.9%) Est. Cost $124.93 Unrealized —

ARLP ALLIANCE RESOURCE PARTNERS L 0.2%

Value $202K (-0.0%) Shares 8,431 (+15.3%) Est. Cost $27.16 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SHY	ISHARES TR	27,311 (+131.2%)	$2.243M (+129.9%)	2.2%	$82.31	—	1 3 YR TREAS BD	464287457
PK	PARK HOTELS & RESORTS INC	19,592 (+5.4%)	$279K (+42.7%)	0.3%	$10.52	—	COM	700517105
CHCT	COMMUNITY HEALTHCARE TR INC	12,978 (+10.9%)	$237K (+27.6%)	0.2%	$16.62	—	COM	20369C106
BDN	BRANDYWINE RLTY TR	71,199 (+9.3%)	$226K (+27.8%)	0.2%	$5.14	—	SH BEN INT NEW	105368203
EPU	ISHARES TR	5,592 (+6.2%)	$467K (+9.8%)	0.5%	$73.00	—	MSCI PERU GL ETF	464289842
TX	TERNIUM SA	5,697 (+8.4%)	$243K (+15.3%)	0.2%	$31.08	—	SPONSORED ADS	880890108
IEP	ICAHN ENTERPRISES LP	26,659 (+25.8%)	$192K (+20.1%)	0.2%	$8.37	—	DEPOSITARY UNIT	451100101
FCX	FREEPORT MCMORAN INC	3,922 (+4.6%)	$247K (+11.9%)	0.2%	$61.19	—	CL B	35671D857
BSM	BLACK STONE MINERALS L P	15,460 (+20.8%)	$216K (+11.7%)	0.2%	$13.24	—	COM UNIT	09225M101
GEL	GENESIS ENERGY L P	13,061 (+15.5%)	$185K (-8.2%)	0.2%	$11.22	—	UNIT LTD PARTN	371927104
MNR	MACH NATURAL RESOURCES LP	16,730 (+5.3%)	$211K (-4.9%)	0.2%	$14.14	—	COM UN LT PA IN	55445L100
ET	ENERGY TRANSFER L P	10,866 (+4.9%)	$208K (+3.9%)	0.2%	$19.29	—	COM UT LTD PTN	29273V100
GNL	GLOBAL NET LEASE INC	24,478 (+8.1%)	$219K (+3.2%)	0.2%	$10.51	—	COM NEW	379378201
HESM	HESS MIDSTREAM LP	5,594 (+6.7%)	$210K (+3.2%)	0.2%	$35.34	—	CL A SHS	428103105
HAS	HASBRO INC	2,991 (+15.6%)	$247K (+2.0%)	0.2%	$77.31	—	COM	418056107
CQP	CHENIERE ENERGY PARTNERS L P	3,382 (+3.7%)	$206K (-2.2%)	0.2%	$64.50	—	COM UNIT	16411Q101
EPD	ENTERPRISE PRODS PARTNERS L	5,592 (+1.0%)	$206K (-1.8%)	0.2%	$37.83	—	COM	293792107
DMLP	DORCHESTER MINERALS L P	8,113 (+6.0%)	$205K (-1.3%)	0.2%	$27.00	—	COM UNIT	25820R105
UAN	CVR PARTNERS LP/CVR NITROGEN	1,815 (+12.9%)	$202K (-0.6%)	0.2%	$124.93	—	COM	126633205
ARLP	ALLIANCE RESOURCE PARTNERS L	8,431 (+15.3%)	$202K (-0.0%)	0.2%	$27.16	—	UT LTD PART	01877R108

Exited Positions (10)

IVW ISHARES TR 4.0%

Value $4.171M Shares 36,872 Est. Cost $120.19 Unrealized —

MTUM ISHARES TR 3.4%

Value $3.529M Shares 14,705 Est. Cost $156.89 Unrealized —

TLT ISHARES TR 1.2%

Value $1.255M Shares 14,474 Est. Cost $89.37 Unrealized —

COLO GLOBAL X FDS 0.5%

Value $554K Shares 14,009 Est. Cost $35.94 Unrealized —

LB LANDBRIDGE COMPANY LLC 0.2%

Value $249K Shares 3,613 Est. Cost $57.91 Unrealized —

BCE BCE INC 0.2%

Value $235K Shares 9,316 Est. Cost $23.52 Unrealized —

DE DEERE & CO 0.2%

Value $233K Shares 414 Est. Cost $551.35 Unrealized —

NEM NEWMONT CORP 0.2%

Value $224K Shares 2,068 Est. Cost $52.90 Unrealized —

NRP NATURAL RESOURCE PARTNERS LP 0.2%

Value $200K Shares 1,653 Est. Cost $121.00 Unrealized —

HR HEALTHCARE RLTY TR 0.2%

Value $199K Shares 11,693 Est. Cost $15.94 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IVW	ISHARES TR	36,872	$4.171M	4.0%	$120.19	—	—	464287309
MTUM	ISHARES TR	14,705	$3.529M	3.4%	$156.89	—	—	46432F396
TLT	ISHARES TR	14,474	$1.255M	1.2%	$89.37	—	—	464287432
COLO	GLOBAL X FDS	14,009	$554K	0.5%	$35.94	—	—	37954Y327
LB	LANDBRIDGE COMPANY LLC	3,613	$249K	0.2%	$57.91	—	—	514952100
BCE	BCE INC	9,316	$235K	0.2%	$23.52	—	—	05534B760
DE	DEERE & CO	414	$233K	0.2%	$551.35	—	—	244199105
NEM	NEWMONT CORP	2,068	$224K	0.2%	$52.90	—	—	651639106
NRP	NATURAL RESOURCE PARTNERS LP	1,653	$200K	0.2%	$121.00	—	—	63900P608
HR	HEALTHCARE RLTY TR	11,693	$199K	0.2%	$15.94	—	—	42226K105

Decreased Positions (20)

VLUE ISHARES TR 6.2%

Value $6.383M (+38.1%) Shares 31,947 (-1.7%) Est. Cost $142.19 Unrealized —

EEM ISHARES TR 5.2%

Value $5.4M (+18.4%) Shares 78,931 (-1.7%) Est. Cost $56.79 Unrealized —

XLI SELECT SECTOR SPDR TR 4.8%

Value $5M (+12.6%) Shares 26,996 (-1.7%) Est. Cost $101.18 Unrealized —

EZU ISHARES INC 4.6%

Value $4.755M (+9.0%) Shares 68,419 (-1.8%) Est. Cost $59.61 Unrealized —

HYG ISHARES TR 0.7%

Value $753K (-27.9%) Shares 9,412 (-28.3%) Est. Cost $81.19 Unrealized —

EWY ISHARES INC 0.7%

Value $693K (+50.5%) Shares 3,433 (-8.3%) Est. Cost $97.22 Unrealized —

IEV ISHARES TR 3.9%

Value $4.059M (+5.4%) Shares 55,717 (-1.7%) Est. Cost $63.25 Unrealized —

DBC INVESCO DB COMMDY INDX TRCK 1.2%

Value $1.237M (-9.2%) Shares 46,410 (-1.4%) Est. Cost $28.95 Unrealized —

VBK VANGUARD INDEX FDS 0.8%

Value $807K (+18.3%) Shares 2,206 (-2.3%) Est. Cost $302.11 Unrealized —

VTV VANGUARD INDEX FDS 0.7%

Value $750K (+9.4%) Shares 3,441 (-1.5%) Est. Cost $196.20 Unrealized —

GREK GLOBAL X FDS 0.4%

Value $423K (+14.4%) Shares 5,608 (-3.3%) Est. Cost $65.91 Unrealized —

KNTK KINETIK HOLDINGS INC 0.2%

Value $221K (-10.7%) Shares 4,573 (-10.6%) Est. Cost $40.27 Unrealized —

EWP ISHARES INC 0.4%

Value $446K (+5.3%) Shares 7,515 (-3.7%) Est. Cost $32.11 Unrealized —

EPOL ISHARES TR 0.4%

Value $442K (+3.4%) Shares 11,447 (-2.5%) Est. Cost $32.36 Unrealized —

EIS ISHARES INC 0.5%

Value $535K (+2.6%) Shares 4,435 (-1.4%) Est. Cost $77.06 Unrealized —

EWS ISHARES INC 0.4%

Value $439K (+2.0%) Shares 14,821 (-2.8%) Est. Cost $26.17 Unrealized —

KRP KIMBELL RTY PARTNERS LP 0.2%

Value $211K (-3.7%) Shares 14,493 (-4.1%) Est. Cost $14.02 Unrealized —

SUN SUNOCO LP/SUNOCO FIN CORP 0.2%

Value $213K (+2.4%) Shares 3,159 (-1.4%) Est. Cost $64.97 Unrealized —

TXO TXO PARTNERS LP 0.2%

Value $212K (-2.0%) Shares 16,961 (-1.4%) Est. Cost $13.57 Unrealized —

PAGP PLAINS GP HLDGS L P 0.2%

Value $215K (-1.5%) Shares 8,867 (-1.5%) Est. Cost $24.28 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VLUE	ISHARES TR	31,947 (-1.7%)	$6.383M (+38.1%)	6.2%	$142.19	—	MSCI USA VALUE	46432F388
EEM	ISHARES TR	78,931 (-1.7%)	$5.4M (+18.4%)	5.2%	$56.79	—	MSCI EMG MKT ETF	464287234
XLI	SELECT SECTOR SPDR TR	26,996 (-1.7%)	$5M (+12.6%)	4.8%	$101.18	—	ST STR INDL ETF	81369Y704
EZU	ISHARES INC	68,419 (-1.8%)	$4.755M (+9.0%)	4.6%	$59.61	—	MSCI EURZONE ETF	464286608
HYG	ISHARES TR	9,412 (-28.3%)	$753K (-27.9%)	0.7%	$81.19	—	IBOXX HI YD ETF	464288513
EWY	ISHARES INC	3,433 (-8.3%)	$693K (+50.5%)	0.7%	$97.22	—	MSCI STH KOR ETF	464286772
IEV	ISHARES TR	55,717 (-1.7%)	$4.059M (+5.4%)	3.9%	$63.25	—	EUROPE ETF	464287861
DBC	INVESCO DB COMMDY INDX TRCK	46,410 (-1.4%)	$1.237M (-9.2%)	1.2%	$28.95	—	UNIT	46138B103
VBK	VANGUARD INDEX FDS	2,206 (-2.3%)	$807K (+18.3%)	0.8%	$302.11	—	SML CP GRW ETF	922908595
VTV	VANGUARD INDEX FDS	3,441 (-1.5%)	$750K (+9.4%)	0.7%	$196.20	—	VALUE ETF	922908744
GREK	GLOBAL X FDS	5,608 (-3.3%)	$423K (+14.4%)	0.4%	$65.91	—	MSCI GREECE ETF	37954Y319
KNTK	KINETIK HOLDINGS INC	4,573 (-10.6%)	$221K (-10.7%)	0.2%	$40.27	—	COM NEW CL A	02215L209
EWP	ISHARES INC	7,515 (-3.7%)	$446K (+5.3%)	0.4%	$32.11	—	MSCI SPAIN ETF	464286764
EPOL	ISHARES TR	11,447 (-2.5%)	$442K (+3.4%)	0.4%	$32.36	—	MSCI POLAND ETF	46429B606
EIS	ISHARES INC	4,435 (-1.4%)	$535K (+2.6%)	0.5%	$77.06	—	MSCI ISRAEL ETF	464286632
EWS	ISHARES INC	14,821 (-2.8%)	$439K (+2.0%)	0.4%	$26.17	—	MSCI SINGPOR ETF	46434G780
KRP	KIMBELL RTY PARTNERS LP	14,493 (-4.1%)	$211K (-3.7%)	0.2%	$14.02	—	UNIT	49435R102
SUN	SUNOCO LP/SUNOCO FIN CORP	3,159 (-1.4%)	$213K (+2.4%)	0.2%	$64.97	—	COM UT REP LP	86765K109
TXO	TXO PARTNERS LP	16,961 (-1.4%)	$212K (-2.0%)	0.2%	$13.57	—	COM UNIT	87313P103
PAGP	PLAINS GP HLDGS L P	8,867 (-1.5%)	$215K (-1.5%)	0.2%	$24.28	—	LTD PARTNR INT A	72651A207

Unchanged Positions (9)

CWB SPDR SERIES TRUST 1.3%

Value $1.307M Shares 12,123 Est. Cost $90.50 Unrealized —

ORO ARROW INVTS TR 2.7%

Value $2.761M Shares 155,000 Est. Cost $18.06 Unrealized —

EWI ISHARES INC 0.4%

Value $437K Shares 7,373 Est. Cost $37.99 Unrealized —

EZA ISHARES INC 0.4%

Value $380K Shares 6,010 Est. Cost $48.52 Unrealized —

TIP ISHARES TR 1.2%

Value $1.273M Shares 11,631 Est. Cost $111.09 Unrealized —

ARCM ARROW INVTS TR 39.6%

Value $40.92M Shares 409,003 Est. Cost $99.97 Unrealized —

AM ANTERO MIDSTREAM CORP 0.2%

Value $233K Shares 10,237 Est. Cost $19.08 Unrealized —

LQD ISHARES TR 1.1%

Value $1.185M Shares 10,860 Est. Cost $112.98 Unrealized —

PAA PLAINS ALL AMERN PIPELINE L 0.2%

Value $214K Shares 9,618 Est. Cost $22.33 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CWB	SPDR SERIES TRUST	12,123	$1.307M	1.3%	$90.50	—	ST STR CONV ETF	78464A359
ORO	ARROW INVTS TR	155,000	$2.761M	2.7%	$18.06	—	VALTORO ETF	042765651
EWI	ISHARES INC	7,373	$437K	0.4%	$37.99	—	MSCI ITALY ETF	46434G830
EZA	ISHARES INC	6,010	$380K	0.4%	$48.52	—	MSCI STH AFR ETF	464286780
TIP	ISHARES TR	11,631	$1.273M	1.2%	$111.09	—	TIPS BD ETF	464287176
ARCM	ARROW INVTS TR	409,003	$40.92M	39.6%	$99.97	—	RESV CAP ETF	042765719
AM	ANTERO MIDSTREAM CORP	10,237	$233K	0.2%	$19.08	—	COM	03676B102
LQD	ISHARES TR	10,860	$1.185M	1.1%	$112.98	—	IBOXX INV CP ETF	464287242
PAA	PLAINS ALL AMERN PIPELINE L	9,618	$214K	0.2%	$22.33	—	UNIT LTD PARTN	726503105