Barton Investment Management Long-Term Concentrated

Period: Q4 2025 (← Previous)

Filing Date: Jan 21, 2026

Total Value ($000): $928,110 (100.0% shares, 0.0% debt)

Holdings (52)

New Positions (1)

Value ($000) $208 Shares 1,460 Est. Cost $123.87 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TWLO	TWILIO INC	1,460	$208	0.0%	$123.87	0.0%	CL A	90138F102

Increased Positions (5)

NFLX NETFLIX INC 24.0%

Value ($000) $222,372 (-23.5%) Shares 2,371,717 (+878.8%) Est. Cost $97.83 Unrealized +10.2%

KVYO KLAVIYO INC 2.3%

Value ($000) $21,756 (+98.9%) Shares 670,042 (+69.6%) Est. Cost $30.54 Unrealized -8.3%

OWL BLUE OWL CAPITAL INC 3.1%

Value ($000) $29,135 (-10.4%) Shares 1,950,164 (+1.6%) Est. Cost $12.48 Unrealized +25.2%

META META PLATFORMS INC 0.1%

Value ($000) $514 (-8.5%) Shares 779 (+1.8%) Est. Cost $252.64 Unrealized +164.1%

NVDA NVIDIA CORPORATION 0.1%

Value ($000) $749 (+2.4%) Shares 4,016 (+2.4%) Est. Cost $102.03 Unrealized +82.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NFLX	NETFLIX INC	2,371,717 (+878.8%)	$222,372 (-23.5%)	24.0%	$97.83	+10.2%	COM	64110L106
KVYO	KLAVIYO INC	670,042 (+69.6%)	$21,756 (+98.9%)	2.3%	$30.54	-8.3%	COM SER A	49845K101
OWL	BLUE OWL CAPITAL INC	1,950,164 (+1.6%)	$29,135 (-10.4%)	3.1%	$12.48	+25.2%	COM CL A	09581B103
META	META PLATFORMS INC	779 (+1.8%)	$514 (-8.5%)	0.1%	$252.64	+164.1%	CL A	30303M102
NVDA	NVIDIA CORPORATION	4,016 (+2.4%)	$749 (+2.4%)	0.1%	$102.03	+82.4%	COM	67066G104

Decreased Positions (15)

SHOP SHOPIFY INC 28.5%

Value ($000) $264,059 (+5.5%) Shares 1,640,426 (-2.6%) Est. Cost $38.98 Unrealized +311.9%

AL AIR LEASE CORP 2.8%

Value ($000) $25,900 (-14.0%) Shares 403,246 (-14.8%) Est. Cost $29.85 Unrealized +113.4%

AMZN AMAZON COM INC 12.6%

Value ($000) $116,720 (+3.7%) Shares 505,676 (-1.4%) Est. Cost $120.83 Unrealized +89.3%

AMT AMERICAN TOWER CORP NEW 1.5%

Value ($000) $13,907 (-10.8%) Shares 79,208 (-2.3%) Est. Cost $62.28 Unrealized +189.5%

MSFT MICROSOFT CORP 1.3%

Value ($000) $11,830 (-11.4%) Shares 24,461 (-5.1%) Est. Cost $27.16 Unrealized +1742.8%

PYPL PAYPAL HLDGS INC 0.7%

Value ($000) $6,840 (-17.8%) Shares 117,171 (-5.6%) Est. Cost $39.84 Unrealized +62.7%

EQIX EQUINIX INC 2.9%

Value ($000) $27,012 (-3.8%) Shares 35,256 (-1.7%) Est. Cost $218.62 Unrealized +257.3%

ORCL ORACLE CORP 0.1%

Value ($000) $1,128 (-35.2%) Shares 5,785 (-6.5%) Est. Cost $27.58 Unrealized +763.0%

AAPL APPLE INC 0.7%

Value ($000) $6,906 (-4.3%) Shares 25,402 (-10.3%) Est. Cost $107.85 Unrealized +148.8%

BL BLACKLINE INC 1.0%

Value ($000) $8,858 (+3.1%) Shares 160,204 (-1.0%) Est. Cost $40.26 Unrealized +36.8%

EA ELECTRONIC ARTS INC 1.1%

Value ($000) $10,025 (-0.7%) Shares 49,065 (-2.0%) Est. Cost $37.83 Unrealized +433.2%

BILL BILL HOLDINGS INC 0.1%

Value ($000) $824 (-1.6%) Shares 15,117 (-4.5%) Est. Cost $89.43 Unrealized -42.6%

VRT VERTIV HOLDINGS CO 0.0%

Value ($000) $358 (+3.9%) Shares 2,210 (-3.3%) Est. Cost $97.15 Unrealized +78.7%

AVGO BROADCOM INC 0.0%

Value ($000) $344 (+1.6%) Shares 995 (-3.1%) Est. Cost $215.92 Unrealized +65.3%

AXP AMERICAN EXPRESS CO 0.1%

Value ($000) $571 (-0.9%) Shares 1,544 (-11.0%) Est. Cost $60.98 Unrealized +485.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SHOP	SHOPIFY INC	1,640,426 (-2.6%)	$264,059 (+5.5%)	28.5%	$38.98	+311.9%	CL A SUB VTG SHS	82509L107
AL	AIR LEASE CORP	403,246 (-14.8%)	$25,900 (-14.0%)	2.8%	$29.85	+113.4%	CL A	00912X302
AMZN	AMAZON COM INC	505,676 (-1.4%)	$116,720 (+3.7%)	12.6%	$120.83	+89.3%	COM	023135106
AMT	AMERICAN TOWER CORP NEW	79,208 (-2.3%)	$13,907 (-10.8%)	1.5%	$62.28	+189.5%	COM	03027X100
MSFT	MICROSOFT CORP	24,461 (-5.1%)	$11,830 (-11.4%)	1.3%	$27.16	+1742.8%	COM	594918104
PYPL	PAYPAL HLDGS INC	117,171 (-5.6%)	$6,840 (-17.8%)	0.7%	$39.84	+62.7%	COM	70450Y103
EQIX	EQUINIX INC	35,256 (-1.7%)	$27,012 (-3.8%)	2.9%	$218.62	+257.3%	COM	29444U700
ORCL	ORACLE CORP	5,785 (-6.5%)	$1,128 (-35.2%)	0.1%	$27.58	+763.0%	COM	68389X105
AAPL	APPLE INC	25,402 (-10.3%)	$6,906 (-4.3%)	0.7%	$107.85	+148.8%	COM	037833100
BL	BLACKLINE INC	160,204 (-1.0%)	$8,858 (+3.1%)	1.0%	$40.26	+36.8%	COM	09239B109
EA	ELECTRONIC ARTS INC	49,065 (-2.0%)	$10,025 (-0.7%)	1.1%	$37.83	+433.2%	COM	285512109
BILL	BILL HOLDINGS INC	15,117 (-4.5%)	$824 (-1.6%)	0.1%	$89.43	-42.6%	COM	090043100
VRT	VERTIV HOLDINGS CO	2,210 (-3.3%)	$358 (+3.9%)	0.0%	$97.15	+78.7%	COM CL A	92537N108
AVGO	BROADCOM INC	995 (-3.1%)	$344 (+1.6%)	0.0%	$215.92	+65.3%	COM	11135F101
AXP	AMERICAN EXPRESS CO	1,544 (-11.0%)	$571 (-0.9%)	0.1%	$60.98	+485.3%	COM	025816109

Unchanged Positions (31)

GTLB GITLAB INC 2.3%

Value ($000) $20,964 Shares 558,603 Est. Cost $53.56 Unrealized -19.2%

GLBE GLOBAL E ONLINE LTD 4.6%

Value ($000) $42,425 Shares 1,079,254 Est. Cost $30.85 Unrealized +20.2%

GFL GFL ENVIRONMENTAL INC 1.9%

Value ($000) $18,045 Shares 420,150 Est. Cost $33.62 Unrealized +32.9%

GOOGL ALPHABET INC 0.7%

Value ($000) $6,075 Shares 19,410 Est. Cost $107.83 Unrealized +164.9%

OKTA OKTA INC 2.3%

Value ($000) $21,694 Shares 250,886 Est. Cost $121.63 Unrealized -28.3%

GOOG ALPHABET INC 0.4%

Value ($000) $3,337 Shares 10,635 Est. Cost $107.65 Unrealized +166.0%

JNJ JOHNSON & JOHNSON 0.3%

Value ($000) $3,066 Shares 14,817 Est. Cost $60.81 Unrealized +224.0%

DASH DOORDASH INC 0.1%

Value ($000) $1,359 Shares 6,000 Est. Cost $81.41 Unrealized +188.1%

QCOM QUALCOMM INC 0.9%

Value ($000) $8,053 Shares 47,081 Est. Cost $45.05 Unrealized +279.2%

SYM SYMBOTIC INC 0.2%

Value ($000) $1,824 Shares 30,658 Est. Cost $50.54 Unrealized +30.7%

MRK MERCK & CO INC 0.1%

Value ($000) $859 Shares 8,158 Est. Cost $33.83 Unrealized +175.6%

ABT ABBOTT LABS 0.1%

Value ($000) $1,240 Shares 9,894 Est. Cost $38.98 Unrealized +226.5%

XOM EXXON MOBIL CORP 0.2%

Value ($000) $1,496 Shares 12,434 Est. Cost $54.77 Unrealized +110.9%

VTI VANGUARD INDEX FDS 0.4%

Value ($000) $3,605 Shares 10,752 Est. Cost $140.98 Unrealized —

COST COSTCO WHSL CORP NEW 0.1%

Value ($000) $883 Shares 1,024 Est. Cost $385.04 Unrealized +135.2%

ADP AUTOMATIC DATA PROCESSING IN 0.0%

Value ($000) $360 Shares 1,400 Est. Cost $147.45 Unrealized +79.6%

CSCO CISCO SYS INC 0.0%

Value ($000) $329 Shares 4,265 Est. Cost $55.37 Unrealized +33.3%

ABBV ABBVIE INC 0.2%

Value ($000) $2,197 Shares 9,614 Est. Cost $31.40 Unrealized +624.7%

WMT WALMART INC 0.0%

Value ($000) $282 Shares 2,535 Est. Cost $72.48 Unrealized +47.9%

CI THE CIGNA GROUP 0.0%

Value ($000) $297 Shares 1,080 Est. Cost $190.77 Unrealized +46.4%

SPY SPDR S&P 500 ETF TR 0.1%

Value ($000) $572 Shares 839 Est. Cost $382.43 Unrealized —

SCHX SCHWAB STRATEGIC TR 0.0%

Value ($000) $452 Shares 16,800 Est. Cost $26.34 Unrealized —

ADBE ADOBE INC 0.1%

Value ($000) $1,120 Shares 3,200 Est. Cost $64.14 Unrealized +430.3%

— BERKSHIRE HATHAWAY INC Cl B 0.6%

Value ($000) $5,260 Shares 10,465 Est. Cost $271.90 Unrealized —

BRK/A BERKSHIRE HATHAWAY INC DEL 0.8%

Value ($000) $7,548 Shares 10 Est. Cost $330761.80 Unrealized +125.7%

VTV VANGUARD INDEX FDS 0.0%

Value ($000) $236 Shares 1,235 Est. Cost $174.57 Unrealized —

PFE PFIZER INC 0.0%

Value ($000) $244 Shares 9,803 Est. Cost $18.14 Unrealized +38.0%

DIS DISNEY WALT CO 0.1%

Value ($000) $716 Shares 6,289 Est. Cost $60.46 Unrealized +81.2%

NTRS NORTHERN TR CORP 0.0%

Value ($000) $307 Shares 2,250 Est. Cost $84.00 Unrealized +55.6%

TROW PRICE T ROWE GROUP INC 0.2%

Value ($000) $1,683 Shares 16,440 Est. Cost $48.19 Unrealized +112.0%

VGSH VANGUARD SCOTTSDALE FDS 0.2%

Value ($000) $1,562 Shares 26,589 Est. Cost $58.70 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GTLB	GITLAB INC	558,603	$20,964	2.3%	$53.56	-19.2%	CLASS A COM	37637K108
GLBE	GLOBAL E ONLINE LTD	1,079,254	$42,425	4.6%	$30.85	+20.2%	SHS	M5216V106
GFL	GFL ENVIRONMENTAL INC	420,150	$18,045	1.9%	$33.62	+32.9%	SUB VTG SHS	36168Q104
GOOGL	ALPHABET INC	19,410	$6,075	0.7%	$107.83	+164.9%	CAP STK CL A	02079K305
OKTA	OKTA INC	250,886	$21,694	2.3%	$121.63	-28.3%	CL A	679295105
GOOG	ALPHABET INC	10,635	$3,337	0.4%	$107.65	+166.0%	CAP STK CL C	02079K107
JNJ	JOHNSON & JOHNSON	14,817	$3,066	0.3%	$60.81	+224.0%	COM	478160104
DASH	DOORDASH INC	6,000	$1,359	0.1%	$81.41	+188.1%	CL A	25809K105
QCOM	QUALCOMM INC	47,081	$8,053	0.9%	$45.05	+279.2%	COM	747525103
SYM	SYMBOTIC INC	30,658	$1,824	0.2%	$50.54	+30.7%	CLASS A COM	87151X101
MRK	MERCK & CO INC	8,158	$859	0.1%	$33.83	+175.6%	COM	58933Y105
ABT	ABBOTT LABS	9,894	$1,240	0.1%	$38.98	+226.5%	COM	002824100
XOM	EXXON MOBIL CORP	12,434	$1,496	0.2%	$54.77	+110.9%	COM	30231G102
VTI	VANGUARD INDEX FDS	10,752	$3,605	0.4%	$140.98	—	TOTAL STK MKT	922908769
COST	COSTCO WHSL CORP NEW	1,024	$883	0.1%	$385.04	+135.2%	COM	22160K105
ADP	AUTOMATIC DATA PROCESSING IN	1,400	$360	0.0%	$147.45	+79.6%	COM	053015103
CSCO	CISCO SYS INC	4,265	$329	0.0%	$55.37	+33.3%	COM	17275R102
ABBV	ABBVIE INC	9,614	$2,197	0.2%	$31.40	+624.7%	COM	00287Y109
WMT	WALMART INC	2,535	$282	0.0%	$72.48	+47.9%	COM	931142103
CI	THE CIGNA GROUP	1,080	$297	0.0%	$190.77	+46.4%	COM	125523100
SPY	SPDR S&P 500 ETF TR	839	$572	0.1%	$382.43	—	TR UNIT	78462F103
SCHX	SCHWAB STRATEGIC TR	16,800	$452	0.0%	$26.34	—	US LRG CAP ETF	808524201
ADBE	ADOBE INC	3,200	$1,120	0.1%	$64.14	+430.3%	COM	00724F101
—	BERKSHIRE HATHAWAY INC Cl B	10,465	$5,260	0.6%	$271.90	—	Cl B	084670207
BRK/A	BERKSHIRE HATHAWAY INC DEL	10	$7,548	0.8%	$330761.80	+125.7%	CL A	084670108
VTV	VANGUARD INDEX FDS	1,235	$236	0.0%	$174.57	—	VALUE ETF	922908744
PFE	PFIZER INC	9,803	$244	0.0%	$18.14	+38.0%	COM	717081103
DIS	DISNEY WALT CO	6,289	$716	0.1%	$60.46	+81.2%	COM	254687106
NTRS	NORTHERN TR CORP	2,250	$307	0.0%	$84.00	+55.6%	COM	665859104
TROW	PRICE T ROWE GROUP INC	16,440	$1,683	0.2%	$48.19	+112.0%	COM	74144T108
VGSH	VANGUARD SCOTTSDALE FDS	26,589	$1,562	0.2%	$58.70	—	SHORT TERM TREAS	92206C102