Sippican Capital Advisors Diversified Active

CIK: 0001557406 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Jan 23, 2026

Total Value ($000): $155,629 (100.0% shares, 0.0% debt)

Holdings (113)

New Positions (4)

— Total SA Act 0.2%

Value ($000) $265 Shares 4,048 Est. Cost $65.42 Unrealized —

— Invesco Exchange Traded Fd Tr 0.1%

Value ($000) $206 Shares 1,076 Est. Cost $191.55 Unrealized —

— Blend Laboratories Inc Cl A 0.0%

Value ($000) $55 Shares 18,000 Est. Cost $3.04 Unrealized —

— Strive Inc Cl A 0.0%

Value ($000) $11 Shares 14,500 Est. Cost $0.74 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Total SA Act	4,048	$265	0.2%	$65.42	—	COM	f92124100
—	Invesco Exchange Traded Fd Tr	1,076	$206	0.1%	$191.55	—	ETF	46137v357
—	Blend Laboratories Inc Cl A	18,000	$55	0.0%	$3.04	—	COM	09352u108
—	Strive Inc Cl A	14,500	$11	0.0%	$0.74	—	COM	862945102

Increased Positions (27)

— Alpha Architect 1-3 Month Box 2.9%

Value ($000) $4,446 (+121.4%) Shares 38,628 (+119.0%) Est. Cost $114.18 Unrealized —

EGBN Eagle Bancorp Inc MD 1.4%

Value ($000) $2,114 (+176.8%) Shares 98,680 (+161.3%) Est. Cost $19.14 Unrealized +0.6%

— Triumph Financial Inc 2.9%

Value ($000) $4,569 (+33.6%) Shares 72,948 (+6.7%) Est. Cost $63.54 Unrealized —

FLG Flagstar Financial Inc Com New 1.2%

Value ($000) $1,873 (+118.1%) Shares 148,805 (+100.1%) Est. Cost $11.91 Unrealized +0.3%

AMZN Amazon.com Inc 0.8%

Value ($000) $1,300 (+329.1%) Shares 5,633 (+308.2%) Est. Cost $207.08 Unrealized +10.5%

GT Goodyear Tire & Rubber Co 1.8%

Value ($000) $2,769 (+55.8%) Shares 316,130 (+33.0%) Est. Cost $8.89 Unrealized -11.4%

BMY Bristol-Myers Squibb Co 2.2%

Value ($000) $3,347 (+27.8%) Shares 62,052 (+6.9%) Est. Cost $43.04 Unrealized +10.4%

— Cipher Mining Inc 0.5%

Value ($000) $779 (+194.5%) Shares 52,750 (+151.2%) Est. Cost $10.43 Unrealized —

VFC VF Corp 1.2%

Value ($000) $1,905 (+36.8%) Shares 105,370 (+9.2%) Est. Cost $15.69 Unrealized +3.3%

— Terawulf Inc 0.5%

Value ($000) $823 (+114.2%) Shares 71,650 (+112.9%) Est. Cost $8.22 Unrealized —

— IREN LIMITED 1.1%

Value ($000) $1,712 (+28.1%) Shares 45,330 (+59.2%) Est. Cost $23.42 Unrealized —

— Oracle Corp 0.9%

Value ($000) $1,390 (-15.2%) Shares 7,134 (+22.4%) Est. Cost $92.97 Unrealized —

WSFS WSFS Financial Corp 0.4%

Value ($000) $588 (+56.9%) Shares 10,638 (+53.2%) Est. Cost $55.86 Unrealized -2.0%

CF CF Industries Holdings Inc 0.8%

Value ($000) $1,191 (-12.1%) Shares 15,405 (+2.0%) Est. Cost $44.60 Unrealized +83.7%

MCB Metropolitan Bank Holding Corp 1.4%

Value ($000) $2,145 (+5.9%) Shares 28,097 (+3.7%) Est. Cost $53.47 Unrealized +38.1%

BAC Bank America Corp 0.9%

Value ($000) $1,388 (+8.2%) Shares 25,229 (+1.5%) Est. Cost $19.98 Unrealized +163.6%

— GE Vernova Inc 0.9%

Value ($000) $1,331 (+7.6%) Shares 2,037 (+1.2%) Est. Cost $177.43 Unrealized —

— Alerus Financial Corp 1.6%

Value ($000) $2,564 (+3.5%) Shares 113,841 (+1.8%) Est. Cost $20.25 Unrealized —

OKE Oneok Inc 0.2%

Value ($000) $340 (+32.1%) Shares 4,626 (+31.2%) Est. Cost $64.11 Unrealized +9.9%

— Draftkings Inc Cl A 0.7%

Value ($000) $1,042 (-6.9%) Shares 30,249 (+1.1%) Est. Cost $12.84 Unrealized —

PAA Plains All American Pipeline L 0.4%

Value ($000) $589 (+7.8%) Shares 32,800 (+2.4%) Est. Cost $19.12 Unrealized —

IBM Intl Business Machines 0.2%

Value ($000) $245 (+19.4%) Shares 828 (+13.7%) Est. Cost $259.25 Unrealized +15.2%

MRP Millrose Property Inc 0.2%

Value ($000) $262 (-10.2%) Shares 8,771 (+1.0%) Est. Cost $26.54 Unrealized —

PRUFX Price T Rowe Growth Stock Fund 1.0%

Value ($000) $1,485 (-1.7%) Shares 13,715 (+10.3%) Est. Cost $111.40 Unrealized —

PFE Pfizer Inc 1.6%

Value ($000) $2,512 (-0.5%) Shares 100,867 (+1.8%) Est. Cost $23.83 Unrealized +5.1%

DIS Disney Walt Co Disney 0.4%

Value ($000) $690 (+0.6%) Shares 6,066 (+1.2%) Est. Cost $97.18 Unrealized +12.7%

BF/B Brown Forman Corp Cl B 0.3%

Value ($000) $422 (-0.7%) Shares 16,195 (+3.2%) Est. Cost $39.37 Unrealized -28.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Alpha Architect 1-3 Month Box	38,628 (+119.0%)	$4,446 (+121.4%)	2.9%	$114.18	—	ETF	02072l565
EGBN	Eagle Bancorp Inc MD	98,680 (+161.3%)	$2,114 (+176.8%)	1.4%	$19.14	+0.6%	COM	268948106
—	Triumph Financial Inc	72,948 (+6.7%)	$4,569 (+33.6%)	2.9%	$63.54	—	COM	89679e300
FLG	Flagstar Financial Inc Com New	148,805 (+100.1%)	$1,873 (+118.1%)	1.2%	$11.91	+0.3%	COM	649445400
AMZN	Amazon.com Inc	5,633 (+308.2%)	$1,300 (+329.1%)	0.8%	$207.08	+10.5%	COM	023135106
GT	Goodyear Tire & Rubber Co	316,130 (+33.0%)	$2,769 (+55.8%)	1.8%	$8.89	-11.4%	COM	382550101
BMY	Bristol-Myers Squibb Co	62,052 (+6.9%)	$3,347 (+27.8%)	2.2%	$43.04	+10.4%	COM	110122108
—	Cipher Mining Inc	52,750 (+151.2%)	$779 (+194.5%)	0.5%	$10.43	—	COM	17253j106
VFC	VF Corp	105,370 (+9.2%)	$1,905 (+36.8%)	1.2%	$15.69	+3.3%	COM	918204108
—	Terawulf Inc	71,650 (+112.9%)	$823 (+114.2%)	0.5%	$8.22	—	COM	88080t104
—	IREN LIMITED	45,330 (+59.2%)	$1,712 (+28.1%)	1.1%	$23.42	—	COM	q4982l109
—	Oracle Corp	7,134 (+22.4%)	$1,390 (-15.2%)	0.9%	$92.97	—	COM	68389x105
WSFS	WSFS Financial Corp	10,638 (+53.2%)	$588 (+56.9%)	0.4%	$55.86	-2.0%	COM	929328102
CF	CF Industries Holdings Inc	15,405 (+2.0%)	$1,191 (-12.1%)	0.8%	$44.60	+83.7%	COM	125269100
MCB	Metropolitan Bank Holding Corp	28,097 (+3.7%)	$2,145 (+5.9%)	1.4%	$53.47	+38.1%	COM	591774104
BAC	Bank America Corp	25,229 (+1.5%)	$1,388 (+8.2%)	0.9%	$19.98	+163.6%	COM	060505104
—	GE Vernova Inc	2,037 (+1.2%)	$1,331 (+7.6%)	0.9%	$177.43	—	COM	36828a101
—	Alerus Financial Corp	113,841 (+1.8%)	$2,564 (+3.5%)	1.6%	$20.25	—	COM	01446u103
OKE	Oneok Inc	4,626 (+31.2%)	$340 (+32.1%)	0.2%	$64.11	+9.9%	COM	682680103
—	Draftkings Inc Cl A	30,249 (+1.1%)	$1,042 (-6.9%)	0.7%	$12.84	—	COM	26142v105
PAA	Plains All American Pipeline L	32,800 (+2.4%)	$589 (+7.8%)	0.4%	$19.12	—	ML	726503105
IBM	Intl Business Machines	828 (+13.7%)	$245 (+19.4%)	0.2%	$259.25	+15.2%	COM	459200101
MRP	Millrose Property Inc	8,771 (+1.0%)	$262 (-10.2%)	0.2%	$26.54	—	RE	601137102
PRUFX	Price T Rowe Growth Stock Fund	13,715 (+10.3%)	$1,485 (-1.7%)	1.0%	$111.40	—	MF	741479406
PFE	Pfizer Inc	100,867 (+1.8%)	$2,512 (-0.5%)	1.6%	$23.83	+5.1%	COM	717081103
DIS	Disney Walt Co Disney	6,066 (+1.2%)	$690 (+0.6%)	0.4%	$97.18	+12.7%	COM	254687106
BF/B	Brown Forman Corp Cl B	16,195 (+3.2%)	$422 (-0.7%)	0.3%	$39.37	-28.9%	COM	115637209

Exited Positions (5)

— Veritex Holdings Inc 0.6%

Value ($000) $894 Shares 26,655 Est. Cost $19.24 Unrealized —

— GE Healthcare Technologies Inc 0.4%

Value ($000) $698 Shares 9,289 Est. Cost $76.88 Unrealized —

VMC Vulcan Materials Co 0.3%

Value ($000) $421 Shares 1,370 Est. Cost $158.20 Unrealized +85.3%

— Central Securities Corp 0.2%

Value ($000) $308 Shares 6,000 Est. Cost $22.98 Unrealized —

— Total SA Sp ADS 0.2%

Value ($000) $242 Shares 4,048 Est. Cost $61.74 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Veritex Holdings Inc	26,655	$894	0.6%	$19.24	—	—	923451108
—	GE Healthcare Technologies Inc	9,289	$698	0.4%	$76.88	—	—	36266g107
VMC	Vulcan Materials Co	1,370	$421	0.3%	$158.20	+85.3%	—	929160109
—	Central Securities Corp	6,000	$308	0.2%	$22.98	—	—	155123102
—	Total SA Sp ADS	4,048	$242	0.2%	$61.74	—	—	89151e109

Decreased Positions (37)

C Citigroup Inc 1.1%

Value ($000) $1,661 (-41.2%) Shares 14,237 (-48.8%) Est. Cost $43.36 Unrealized +139.0%

— Davita Inc 0.2%

Value ($000) $377 (-71.4%) Shares 3,322 (-66.6%) Est. Cost $98.53 Unrealized —

MOFG MidWestOne Financial Group Inc 0.6%

Value ($000) $989 (-46.7%) Shares 25,684 (-60.8%) Est. Cost $22.44 Unrealized +62.4%

LLY Lilly Eli & Co 2.1%

Value ($000) $3,223 (+33.6%) Shares 2,999 (-5.2%) Est. Cost $154.44 Unrealized +518.7%

LKFN Lakeland Financial Corp 0.6%

Value ($000) $979 (-35.5%) Shares 17,164 (-27.5%) Est. Cost $59.18 Unrealized -0.7%

— Iron Mountain Inc 1.2%

Value ($000) $1,931 (-19.5%) Shares 23,277 (-1.1%) Est. Cost $29.24 Unrealized —

— Merck & Co Inc 1.5%

Value ($000) $2,366 (+21.9%) Shares 22,476 (-2.8%) Est. Cost $84.51 Unrealized —

MSFT Microsoft Corp 0.3%

Value ($000) $417 (-47.6%) Shares 863 (-43.9%) Est. Cost $328.22 Unrealized +52.5%

BRK/B Berkshire Hathaway Inc Cl B 1.4%

Value ($000) $2,227 (-12.7%) Shares 4,430 (-12.7%) Est. Cost $191.30 Unrealized +160.1%

— Banc Of California Inc 1.5%

Value ($000) $2,403 (+14.3%) Shares 124,595 (-2.0%) Est. Cost $11.30 Unrealized —

— Pinnacle Financial Partners In 0.4%

Value ($000) $564 (-34.7%) Shares 5,915 (-35.8%) Est. Cost $63.57 Unrealized —

MGM MGM Resorts International 0.4%

Value ($000) $607 (-29.3%) Shares 16,641 (-32.8%) Est. Cost $35.33 Unrealized -3.9%

SYBT Stock Yds Bancorp Inc 0.7%

Value ($000) $1,097 (-12.9%) Shares 16,889 (-6.1%) Est. Cost $49.22 Unrealized +36.5%

— AbbVie Inc 2.0%

Value ($000) $3,075 (-4.7%) Shares 13,459 (-3.4%) Est. Cost $88.99 Unrealized —

— Exxon Mobil Corp 2.2%

Value ($000) $3,384 (+4.5%) Shares 28,119 (-2.1%) Est. Cost $82.83 Unrealized —

HD Home Depot Inc 0.3%

Value ($000) $516 (-16.0%) Shares 1,500 (-1.1%) Est. Cost $157.22 Unrealized +131.9%

— Chubb Limited 0.7%

Value ($000) $1,100 (+9.3%) Shares 3,525 (-1.1%) Est. Cost $153.11 Unrealized —

CVX Chevron Corp 1.8%

Value ($000) $2,854 (-3.0%) Shares 18,727 (-1.2%) Est. Cost $81.84 Unrealized +85.0%

JNJ Johnson & Johnson 0.4%

Value ($000) $553 (-12.9%) Shares 2,674 (-21.9%) Est. Cost $102.54 Unrealized +92.1%

AXP American Express Co 0.5%

Value ($000) $745 (-9.7%) Shares 2,014 (-18.9%) Est. Cost $117.05 Unrealized +205.0%

— JPMorgan Chase & Co 1.3%

Value ($000) $2,091 (-3.7%) Shares 6,490 (-5.7%) Est. Cost $127.20 Unrealized —

FXAIX Fidelity Tr 500 Index Ins Prem 1.5%

Value ($000) $2,380 (-3.2%) Shares 10,010 (-5.2%) Est. Cost $128.86 Unrealized —

— Rtx Corporation Com 1.9%

Value ($000) $2,892 (+2.8%) Shares 15,769 (-6.2%) Est. Cost $77.44 Unrealized —

AAPL Apple Inc 1.2%

Value ($000) $1,810 (-3.7%) Shares 6,658 (-9.8%) Est. Cost $94.52 Unrealized +183.9%

BA Boeing Co 0.4%

Value ($000) $689 (-7.5%) Shares 3,172 (-8.1%) Est. Cost $185.23 Unrealized +11.0%

ABT Abbott Laboratories 0.3%

Value ($000) $429 (-10.8%) Shares 3,425 (-4.6%) Est. Cost $41.27 Unrealized +208.5%

— ConocoPhillips 0.2%

Value ($000) $246 (-16.2%) Shares 2,628 (-15.3%) Est. Cost $56.72 Unrealized —

GIS General Mills Inc 0.2%

Value ($000) $326 (-10.0%) Shares 7,005 (-2.4%) Est. Cost $42.33 Unrealized +12.1%

ITW Illinois Tool Works Inc 0.1%

Value ($000) $228 (-8.0%) Shares 925 (-2.6%) Est. Cost $197.98 Unrealized +25.0%

— 3M Co 1.9%

Value ($000) $3,030 (-0.6%) Shares 18,927 (-3.7%) Est. Cost $111.76 Unrealized —

CL Colgate Palmolive Co 0.4%

Value ($000) $553 (-3.0%) Shares 6,997 (-1.9%) Est. Cost $58.37 Unrealized +34.2%

PEP PepsiCo Inc 0.4%

Value ($000) $654 (-1.6%) Shares 4,554 (-3.7%) Est. Cost $97.04 Unrealized +50.4%

GE Ge Aerospace 3.1%

Value ($000) $4,772 (+0.2%) Shares 15,492 (-2.2%) Est. Cost $60.44 Unrealized +397.6%

WFC Wells Fargo & Co 0.4%

Value ($000) $687 (+1.1%) Shares 7,375 (-9.1%) Est. Cost $38.27 Unrealized +126.4%

CINF Cincinnati Financial Corp 0.2%

Value ($000) $310 (-1.1%) Shares 1,900 (-4.3%) Est. Cost $50.01 Unrealized +222.4%

— Synovus Financial Corp 0.2%

Value ($000) $244 (+0.9%) Shares 4,875 (-1.0%) Est. Cost $31.27 Unrealized —

MVBF MVB Financial Corp 0.7%

Value ($000) $1,068 (-0.2%) Shares 41,353 (-3.2%) Est. Cost $19.26 Unrealized +37.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
C	Citigroup Inc	14,237 (-48.8%)	$1,661 (-41.2%)	1.1%	$43.36	+139.0%	COM	172967424
—	Davita Inc	3,322 (-66.6%)	$377 (-71.4%)	0.2%	$98.53	—	COM	23918k108
MOFG	MidWestOne Financial Group Inc	25,684 (-60.8%)	$989 (-46.7%)	0.6%	$22.44	+62.4%	COM	598511103
LLY	Lilly Eli & Co	2,999 (-5.2%)	$3,223 (+33.6%)	2.1%	$154.44	+518.7%	COM	532457108
LKFN	Lakeland Financial Corp	17,164 (-27.5%)	$979 (-35.5%)	0.6%	$59.18	-0.7%	COM	511656100
—	Iron Mountain Inc	23,277 (-1.1%)	$1,931 (-19.5%)	1.2%	$29.24	—	RE	46284v101
—	Merck & Co Inc	22,476 (-2.8%)	$2,366 (+21.9%)	1.5%	$84.51	—	COM	58933y105
MSFT	Microsoft Corp	863 (-43.9%)	$417 (-47.6%)	0.3%	$328.22	+52.5%	COM	594918104
BRK/B	Berkshire Hathaway Inc Cl B	4,430 (-12.7%)	$2,227 (-12.7%)	1.4%	$191.30	+160.1%	COM	084670702
—	Banc Of California Inc	124,595 (-2.0%)	$2,403 (+14.3%)	1.5%	$11.30	—	COM	05990k106
—	Pinnacle Financial Partners In	5,915 (-35.8%)	$564 (-34.7%)	0.4%	$63.57	—	COM	72346q104
MGM	MGM Resorts International	16,641 (-32.8%)	$607 (-29.3%)	0.4%	$35.33	-3.9%	COM	552953101
SYBT	Stock Yds Bancorp Inc	16,889 (-6.1%)	$1,097 (-12.9%)	0.7%	$49.22	+36.5%	COM	861025104
—	AbbVie Inc	13,459 (-3.4%)	$3,075 (-4.7%)	2.0%	$88.99	—	COM	00287y109
—	Exxon Mobil Corp	28,119 (-2.1%)	$3,384 (+4.5%)	2.2%	$82.83	—	COM	30231g102
HD	Home Depot Inc	1,500 (-1.1%)	$516 (-16.0%)	0.3%	$157.22	+131.9%	COM	437076102
—	Chubb Limited	3,525 (-1.1%)	$1,100 (+9.3%)	0.7%	$153.11	—	COM	h1467j104
CVX	Chevron Corp	18,727 (-1.2%)	$2,854 (-3.0%)	1.8%	$81.84	+85.0%	COM	166764100
JNJ	Johnson & Johnson	2,674 (-21.9%)	$553 (-12.9%)	0.4%	$102.54	+92.1%	COM	478160104
AXP	American Express Co	2,014 (-18.9%)	$745 (-9.7%)	0.5%	$117.05	+205.0%	COM	025816109
—	JPMorgan Chase & Co	6,490 (-5.7%)	$2,091 (-3.7%)	1.3%	$127.20	—	COM	46625h100
FXAIX	Fidelity Tr 500 Index Ins Prem	10,010 (-5.2%)	$2,380 (-3.2%)	1.5%	$128.86	—	MF	315911750
—	Rtx Corporation Com	15,769 (-6.2%)	$2,892 (+2.8%)	1.9%	$77.44	—	COM	75513e101
AAPL	Apple Inc	6,658 (-9.8%)	$1,810 (-3.7%)	1.2%	$94.52	+183.9%	COM	037833100
BA	Boeing Co	3,172 (-8.1%)	$689 (-7.5%)	0.4%	$185.23	+11.0%	COM	097023105
ABT	Abbott Laboratories	3,425 (-4.6%)	$429 (-10.8%)	0.3%	$41.27	+208.5%	COM	002824100
—	ConocoPhillips	2,628 (-15.3%)	$246 (-16.2%)	0.2%	$56.72	—	COM	20825c104
GIS	General Mills Inc	7,005 (-2.4%)	$326 (-10.0%)	0.2%	$42.33	+12.1%	COM	370334104
ITW	Illinois Tool Works Inc	925 (-2.6%)	$228 (-8.0%)	0.1%	$197.98	+25.0%	COM	452308109
—	3M Co	18,927 (-3.7%)	$3,030 (-0.6%)	1.9%	$111.76	—	COM	88579y101
CL	Colgate Palmolive Co	6,997 (-1.9%)	$553 (-3.0%)	0.4%	$58.37	+34.2%	COM	194162103
PEP	PepsiCo Inc	4,554 (-3.7%)	$654 (-1.6%)	0.4%	$97.04	+50.4%	COM	713448108
GE	Ge Aerospace	15,492 (-2.2%)	$4,772 (+0.2%)	3.1%	$60.44	+397.6%	COM	369604301
WFC	Wells Fargo & Co	7,375 (-9.1%)	$687 (+1.1%)	0.4%	$38.27	+126.4%	COM	949746101
CINF	Cincinnati Financial Corp	1,900 (-4.3%)	$310 (-1.1%)	0.2%	$50.01	+222.4%	COM	172062101
—	Synovus Financial Corp	4,875 (-1.0%)	$244 (+0.9%)	0.2%	$31.27	—	COM	87161c501
MVBF	MVB Financial Corp	41,353 (-3.2%)	$1,068 (-0.2%)	0.7%	$19.26	+37.2%	COM	553810102

Unchanged Positions (45)

— Bancorp Inc 6.7%

Value ($000) $10,362 Shares 153,461 Est. Cost $9.29 Unrealized —

— Alphabet Inc Cap Stock Cl C 2.1%

Value ($000) $3,309 Shares 10,545 Est. Cost $178.52 Unrealized —

LEN Lennar Corp Cl A 1.1%

Value ($000) $1,750 Shares 17,022 Est. Cost $33.61 Unrealized +259.1%

— NVR Inc 2.4%

Value ($000) $3,697 Shares 507 Est. Cost $4083.46 Unrealized —

— Onemain Holdings Inc 1.4%

Value ($000) $2,216 Shares 32,806 Est. Cost $36.19 Unrealized —

— Customers Bancorp Inc 1.9%

Value ($000) $2,967 Shares 40,580 Est. Cost $48.20 Unrealized —

COLB Columbia Banking Systems Inc 2.0%

Value ($000) $3,077 Shares 110,077 Est. Cost $18.57 Unrealized +44.6%

CAT Caterpillar Inc 0.9%

Value ($000) $1,432 Shares 2,500 Est. Cost $83.48 Unrealized +565.4%

— First Western Financial Inc 0.8%

Value ($000) $1,282 Shares 47,825 Est. Cost $20.22 Unrealized —

CTRA Coterra Energy Inc 1.1%

Value ($000) $1,643 Shares 62,415 Est. Cost $16.96 Unrealized +48.0%

— Blackstone Group Inc Cl A 0.7%

Value ($000) $1,113 Shares 7,219 Est. Cost $52.24 Unrealized —

— Equity Bancshares Inc Cl A 0.8%

Value ($000) $1,270 Shares 28,445 Est. Cost $37.87 Unrealized —

— QCR Holdings Inc 0.8%

Value ($000) $1,262 Shares 15,155 Est. Cost $51.95 Unrealized —

— SM Energy Co 0.2%

Value ($000) $296 Shares 15,831 Est. Cost $1.59 Unrealized —

MS Morgan Stanley 0.6%

Value ($000) $993 Shares 5,593 Est. Cost $67.29 Unrealized +147.4%

— EOG Resources Inc 0.8%

Value ($000) $1,267 Shares 12,065 Est. Cost $44.98 Unrealized —

— Alphabet Inc Cap Stock Cl A 0.2%

Value ($000) $347 Shares 1,110 Est. Cost $243.10 Unrealized —

— Diamondback Energy Inc 1.1%

Value ($000) $1,639 Shares 10,903 Est. Cost $31.25 Unrealized —

WAL Western Alliance Bancorp 1.1%

Value ($000) $1,767 Shares 21,015 Est. Cost $20.53 Unrealized +292.8%

— Pathward Financial Inc 1.0%

Value ($000) $1,536 Shares 21,640 Est. Cost $24.69 Unrealized —

— Kinder Morgan Inc 1.0%

Value ($000) $1,479 Shares 53,814 Est. Cost $15.73 Unrealized —

LMT Lockheed Martin Corp 1.0%

Value ($000) $1,493 Shares 3,086 Est. Cost $347.17 Unrealized +37.2%

— Enbridge Inc 0.5%

Value ($000) $847 Shares 17,701 Est. Cost $30.87 Unrealized —

— Banner Corp 0.5%

Value ($000) $774 Shares 12,360 Est. Cost $33.03 Unrealized —

— Taylor Morrison Home Corp Cl A 0.1%

Value ($000) $206 Shares 3,500 Est. Cost $70.26 Unrealized —

USB US Bancorp Del 0.2%

Value ($000) $259 Shares 4,857 Est. Cost $41.12 Unrealized +18.5%

PG Procter And Gamble Co 0.2%

Value ($000) $260 Shares 1,816 Est. Cost $105.42 Unrealized +39.6%

HON Honeywell Intl Inc 0.2%

Value ($000) $251 Shares 1,288 Est. Cost $70.79 Unrealized +175.5%

DE Deere & Co 0.7%

Value ($000) $1,089 Shares 2,340 Est. Cost $69.38 Unrealized +574.1%

KO Coca-Cola Co 0.2%

Value ($000) $376 Shares 5,373 Est. Cost $34.98 Unrealized +98.4%

EPD Enterprise Products Partners L 0.4%

Value ($000) $657 Shares 20,485 Est. Cost $32.58 Unrealized —

GD General Dynamics Corp 0.6%

Value ($000) $1,001 Shares 2,972 Est. Cost $161.26 Unrealized +111.4%

— Visa Inc Cl A 0.4%

Value ($000) $554 Shares 1,580 Est. Cost $200.00 Unrealized —

— Eastern Bankshares Inc 0.5%

Value ($000) $770 Shares 41,806 Est. Cost $16.39 Unrealized —

ZION Zions Bancorporation 0.2%

Value ($000) $296 Shares 5,050 Est. Cost $36.12 Unrealized +50.8%

— Star Bulk Carriers Corp Par 0.3%

Value ($000) $417 Shares 21,677 Est. Cost $15.79 Unrealized —

HSY Hershey Co 0.2%

Value ($000) $337 Shares 1,850 Est. Cost $70.60 Unrealized +157.9%

— Travelers Companies Inc 0.2%

Value ($000) $326 Shares 1,125 Est. Cost $190.49 Unrealized —

VFIAX Vanguard 500 Index Admir 0.2%

Value ($000) $350 Shares 554 Est. Cost $572.47 Unrealized —

BWB Bridgewater Bancshares Inc Acc 1.1%

Value ($000) $1,706 Shares 97,310 Est. Cost $11.67 Unrealized +48.7%

TXT Textron Inc 0.1%

Value ($000) $218 Shares 2,500 Est. Cost $72.30 Unrealized +15.7%

UNP Union Pacific Corp 0.2%

Value ($000) $272 Shares 1,174 Est. Cost $141.44 Unrealized +60.7%

BF/A Brown Forman Corp Cl A 0.2%

Value ($000) $260 Shares 9,866 Est. Cost $43.49 Unrealized -36.2%

— Tesla Inc 0.2%

Value ($000) $356 Shares 791 Est. Cost $261.63 Unrealized —

ERNA Ernexa Therapeutics Inc 0.0%

Value ($000) $12 Shares 10,000 Est. Cost $2.88 Unrealized -52.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Bancorp Inc	153,461	$10,362	6.7%	$9.29	—	COM	05969a105
—	Alphabet Inc Cap Stock Cl C	10,545	$3,309	2.1%	$178.52	—	COM	02079k107
LEN	Lennar Corp Cl A	17,022	$1,750	1.1%	$33.61	+259.1%	COM	526057104
—	NVR Inc	507	$3,697	2.4%	$4083.46	—	COM	62944t105
—	Onemain Holdings Inc	32,806	$2,216	1.4%	$36.19	—	COM	68268w103
—	Customers Bancorp Inc	40,580	$2,967	1.9%	$48.20	—	COM	23204g100
COLB	Columbia Banking Systems Inc	110,077	$3,077	2.0%	$18.57	+44.6%	COM	197236102
CAT	Caterpillar Inc	2,500	$1,432	0.9%	$83.48	+565.4%	COM	149123101
—	First Western Financial Inc	47,825	$1,282	0.8%	$20.22	—	COM	33751l105
CTRA	Coterra Energy Inc	62,415	$1,643	1.1%	$16.96	+48.0%	COM	127097103
—	Blackstone Group Inc Cl A	7,219	$1,113	0.7%	$52.24	—	COM	09260d107
—	Equity Bancshares Inc Cl A	28,445	$1,270	0.8%	$37.87	—	COM	29460x109
—	QCR Holdings Inc	15,155	$1,262	0.8%	$51.95	—	COM	74727a104
—	SM Energy Co	15,831	$296	0.2%	$1.59	—	COM	78454l100
MS	Morgan Stanley	5,593	$993	0.6%	$67.29	+147.4%	COM	617446448
—	EOG Resources Inc	12,065	$1,267	0.8%	$44.98	—	COM	26875p101
—	Alphabet Inc Cap Stock Cl A	1,110	$347	0.2%	$243.10	—	COM	02079k305
—	Diamondback Energy Inc	10,903	$1,639	1.1%	$31.25	—	COM	25278x109
WAL	Western Alliance Bancorp	21,015	$1,767	1.1%	$20.53	+292.8%	COM	957638109
—	Pathward Financial Inc	21,640	$1,536	1.0%	$24.69	—	COM	59100u108
—	Kinder Morgan Inc	53,814	$1,479	1.0%	$15.73	—	COM	49456b101
LMT	Lockheed Martin Corp	3,086	$1,493	1.0%	$347.17	+37.2%	COM	539830109
—	Enbridge Inc	17,701	$847	0.5%	$30.87	—	COM	29250n105
—	Banner Corp	12,360	$774	0.5%	$33.03	—	COM	06652v208
—	Taylor Morrison Home Corp Cl A	3,500	$206	0.1%	$70.26	—	COM	87724p106
USB	US Bancorp Del	4,857	$259	0.2%	$41.12	+18.5%	COM	902973304
PG	Procter And Gamble Co	1,816	$260	0.2%	$105.42	+39.6%	COM	742718109
HON	Honeywell Intl Inc	1,288	$251	0.2%	$70.79	+175.5%	COM	438516106
DE	Deere & Co	2,340	$1,089	0.7%	$69.38	+574.1%	COM	244199105
KO	Coca-Cola Co	5,373	$376	0.2%	$34.98	+98.4%	COM	191216100
EPD	Enterprise Products Partners L	20,485	$657	0.4%	$32.58	—	ML	293792107
GD	General Dynamics Corp	2,972	$1,001	0.6%	$161.26	+111.4%	COM	369550108
—	Visa Inc Cl A	1,580	$554	0.4%	$200.00	—	COM	92826c839
—	Eastern Bankshares Inc	41,806	$770	0.5%	$16.39	—	COM	27627n105
ZION	Zions Bancorporation	5,050	$296	0.2%	$36.12	+50.8%	COM	989701107
—	Star Bulk Carriers Corp Par	21,677	$417	0.3%	$15.79	—	COM	y8162k204
HSY	Hershey Co	1,850	$337	0.2%	$70.60	+157.9%	COM	427866108
—	Travelers Companies Inc	1,125	$326	0.2%	$190.49	—	COM	89417e109
VFIAX	Vanguard 500 Index Admir	554	$350	0.2%	$572.47	—	MF	922908710
BWB	Bridgewater Bancshares Inc Acc	97,310	$1,706	1.1%	$11.67	+48.7%	COM	108621103
TXT	Textron Inc	2,500	$218	0.1%	$72.30	+15.7%	COM	883203101
UNP	Union Pacific Corp	1,174	$272	0.2%	$141.44	+60.7%	COM	907818108
BF/A	Brown Forman Corp Cl A	9,866	$260	0.2%	$43.49	-36.2%	COM	115637100
—	Tesla Inc	791	$356	0.2%	$261.63	—	COM	88160r101
ERNA	Ernexa Therapeutics Inc	10,000	$12	0.0%	$2.88	-52.7%	COM	114082308