Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BRK/B	BERKSHIRE HATHAWAY INC DEL	58,483 (+2.4%)	$29.26M (+6.9%)	8.9%	$147.74	—	CL B NEW	084670702
SPYV	SPDR SERIES TRUST	185,397 (+4.5%)	$11.27M (+12.3%)	3.4%	$43.76	—	ST STR P500VAL	78464A508
VCSH	VANGUARD SCOTTSDALE FDS	316,064 (+2.0%)	$24.98M (+1.7%)	7.6%	$79.27	—	SHRT TRM CORP BD	92206C409
VUG	VANGUARD INDEX FDS	27,432 (+495.3%)	$2.363M (+17.4%)	0.7%	$123.21	—	GROWTH ETF	922908736
BILS	SPDR SERIES TRUST	259,692 (+1.4%)	$25.81M (+1.4%)	7.9%	$99.45	—	ST STR BL 12 ETF	78468R523
VEA	VANGUARD TAX-MANAGED FDS	30,802 (+1.8%)	$2.195M (+13.2%)	0.7%	$52.31	—	VAN FTSE DEV MKT	921943858
BIL	SPDR SERIES TRUST	38,396 (+6.4%)	$3.519M (+6.4%)	1.1%	$91.55	—	ST STR BLO 1 ETF	78468R663
SGOV	ISHARES TR	163,019 (+1.1%)	$16.41M (+1.1%)	5.0%	$100.54	—	0-3 MTH TREASURY	46436E718
INFL	LISTED FDS TR	152,906 (+2.3%)	$7.627M (-1.9%)	2.3%	$44.30	—	HORI KI INFL ETF	53656F623
VO	VANGUARD INDEX FDS	12,336 (+305.7%)	$994K (+13.8%)	0.3%	$120.47	—	MID CAP ETF	922908629
ESGD	ISHARES TR	4,481 (+1.6%)	$461K (+9.2%)	0.1%	$81.37	—	ESG AW MSCI EAFE	46435G516
IWF	ISHARES TR	2,259 (+294.2%)	$281K (+14.8%)	0.1%	$193.09	—	RUS 1000 GRW ETF	464287614
HE	HAWAIIAN ELEC INDS INC MTN B	41,300 (+3.3%)	$559K (-5.9%)	0.2%	$10.53	—	COM	419870100
—	SOURCE CAPITAL	13,601 (+1.1%)	$625K (+0.3%)	0.2%	$41.68	—	COM SHS OF BEN I	836144303

Exited Positions (1)

NKE NIKE INC 0.2%

Value $544K Shares 10,302 Est. Cost $74.82 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NKE	NIKE INC	10,302	$544K	0.2%	$74.82	—	—	654106103

Decreased Positions (17)

EMXC ISHARES INC 6.3%

Value $20.67M (+28.7%) Shares 202,039 (-1.0%) Est. Cost $58.50 Unrealized —

GOOG ALPHABET INC 5.7%

Value $18.7M (+20.2%) Shares 52,934 (-2.4%) Est. Cost $107.35 Unrealized —

GRID FIRST TR EXCHANGE-TRADED FD 2.9%

Value $9.465M (+15.8%) Shares 49,362 (-1.2%) Est. Cost $133.55 Unrealized —

BRK/A BERKSHIRE HATHAWAY INC DEL 1.8%

Value $5.991M (-16.6%) Shares 8 (-20.0%) Est. Cost $289457.53 Unrealized —

AAPL APPLE INC 3.1%

Value $10.31M (+11.8%) Shares 35,616 (-2.0%) Est. Cost $88.29 Unrealized —

ICE INTERCONTINENTAL EXCHANGE IN 0.6%

Value $2.024M (-25.6%) Shares 16,444 (-4.9%) Est. Cost $99.24 Unrealized —

AN AUTONATION INC 1.3%

Value $4.379M (-11.8%) Shares 23,570 (-7.3%) Est. Cost $117.02 Unrealized —

SPSM SPDR SERIES TRUST 1.2%

Value $3.814M (+18.0%) Shares 66,143 (-1.1%) Est. Cost $41.83 Unrealized —

LOW LOWES COS INC 1.2%

Value $4.094M (-12.1%) Shares 18,567 (-5.8%) Est. Cost $117.25 Unrealized —

WTM WHITE MTNS INS GROUP LTD 0.7%

Value $2.368M (-8.0%) Shares 1,142 (-2.6%) Est. Cost $875.58 Unrealized —

BWXT BWX TECHNOLOGIES INC 0.5%

Value $1.545M (-7.2%) Shares 7,935 (-2.5%) Est. Cost $78.21 Unrealized —

ESGV VANGUARD WORLD FD 0.3%

Value $941K (+14.1%) Shares 7,118 (-3.1%) Est. Cost $90.96 Unrealized —

JMST J P MORGAN EXCHANGE TRADED F 0.6%

Value $2.131M (-4.9%) Shares 41,785 (-4.9%) Est. Cost $50.93 Unrealized —

FND FLOOR & DECOR HLDGS INC 0.2%

Value $813K (+12.7%) Shares 13,700 (-3.5%) Est. Cost $83.57 Unrealized —

UNP UNION PAC CORP 0.3%

Value $1.126M (+5.9%) Shares 4,139 (-5.5%) Est. Cost $77.69 Unrealized —

KNF KNIFE RIVER CORP 1.3%

Value $4.194M (+1.1%) Shares 50,140 (-1.3%) Est. Cost $45.25 Unrealized —

ESGU ISHARES TR 0.1%

Value $308K (+14.5%) Shares 1,879 (-1.1%) Est. Cost $138.67 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EMXC	ISHARES INC	202,039 (-1.0%)	$20.67M (+28.7%)	6.3%	$58.50	—	MSCI EMRG CHN	46434G764
GOOG	ALPHABET INC	52,934 (-2.4%)	$18.7M (+20.2%)	5.7%	$107.35	—	CAP STK CL C	02079K107
GRID	FIRST TR EXCHANGE-TRADED FD	49,362 (-1.2%)	$9.465M (+15.8%)	2.9%	$133.55	—	NASDQ CLN EDGE	33737A108
BRK/A	BERKSHIRE HATHAWAY INC DEL	8 (-20.0%)	$5.991M (-16.6%)	1.8%	$289457.53	—	CL A	084670108
AAPL	APPLE INC	35,616 (-2.0%)	$10.31M (+11.8%)	3.1%	$88.29	—	COM	037833100
ICE	INTERCONTINENTAL EXCHANGE IN	16,444 (-4.9%)	$2.024M (-25.6%)	0.6%	$99.24	—	COM	45866F104
AN	AUTONATION INC	23,570 (-7.3%)	$4.379M (-11.8%)	1.3%	$117.02	—	COM	05329W102
SPSM	SPDR SERIES TRUST	66,143 (-1.1%)	$3.814M (+18.0%)	1.2%	$41.83	—	ST STR SP600 SML	78468R853
LOW	LOWES COS INC	18,567 (-5.8%)	$4.094M (-12.1%)	1.2%	$117.25	—	COM	548661107
WTM	WHITE MTNS INS GROUP LTD	1,142 (-2.6%)	$2.368M (-8.0%)	0.7%	$875.58	—	COM	G9618E107
BWXT	BWX TECHNOLOGIES INC	7,935 (-2.5%)	$1.545M (-7.2%)	0.5%	$78.21	—	COM	05605H100
ESGV	VANGUARD WORLD FD	7,118 (-3.1%)	$941K (+14.1%)	0.3%	$90.96	—	ESG US STK ETF	921910733
JMST	J P MORGAN EXCHANGE TRADED F	41,785 (-4.9%)	$2.131M (-4.9%)	0.6%	$50.93	—	ULTRA SHT MUNCPL	46641Q654
FND	FLOOR & DECOR HLDGS INC	13,700 (-3.5%)	$813K (+12.7%)	0.2%	$83.57	—	CL A	339750101
UNP	UNION PAC CORP	4,139 (-5.5%)	$1.126M (+5.9%)	0.3%	$77.69	—	COM	907818108
KNF	KNIFE RIVER CORP	50,140 (-1.3%)	$4.194M (+1.1%)	1.3%	$45.25	—	COMMON STOCK	498894104
ESGU	ISHARES TR	1,879 (-1.1%)	$308K (+14.5%)	0.1%	$138.67	—	ESG AWR MSCI USA	46435G425

Unchanged Positions (34)

SPYG SPDR SERIES TRUST 5.7%

Value $18.55M Shares 155,879 Est. Cost $64.97 Unrealized —

SPDW SPDR INDEX SHS FDS 4.6%

Value $15.04M Shares 298,409 Est. Cost $38.29 Unrealized —

VIG VANGUARD SPECIALIZED FUNDS 4.2%

Value $13.63M Shares 57,622 Est. Cost $187.46 Unrealized —

AIRR FIRST TR EXCHANGE TRADED FD 2.2%

Value $7.31M Shares 54,856 Est. Cost $98.64 Unrealized —

SPMD SPDR SERIES TRUST 2.2%

Value $7.124M Shares 105,452 Est. Cost $47.32 Unrealized —

TPL TEXAS PACIFIC LAND CORPORATI 2.7%

Value $8.996M Shares 20,556 Est. Cost $254.29 Unrealized —

WBI WATERBRIDGE INFRASTRUCTURE L 0.9%

Value $2.981M Shares 87,000 Est. Cost $23.25 Unrealized —

URI UNITED RENTALS INC 0.5%

Value $1.59M Shares 1,403 Est. Cost $307.46 Unrealized —

COST COSTCO WHOLESALE CORPORATION 2.0%

Value $6.62M Shares 7,077 Est. Cost $126.77 Unrealized —

GLDM WORLD GOLD TR 0.5%

Value $1.769M Shares 22,268 Est. Cost $52.83 Unrealized —

SBUX STARBUCKS CORP 0.6%

Value $2.115M Shares 20,700 Est. Cost $93.62 Unrealized —

WPM WHEATON PRECIOUS METALS CORP 0.4%

Value $1.297M Shares 11,550 Est. Cost $41.69 Unrealized —

MSB MESABI TR 0.3%

Value $859K Shares 33,963 Est. Cost $20.57 Unrealized —

NRP NATURAL RESOURCE PARTNERS LP 0.2%

Value $783K Shares 8,075 Est. Cost $109.94 Unrealized —

BLDR BUILDERS FIRSTSOURCE INC 0.7%

Value $2.404M Shares 26,865 Est. Cost $99.22 Unrealized —

NVDA NVIDIA CORPORATION 0.5%

Value $1.479M Shares 7,391 Est. Cost $92.49 Unrealized —

CASY CASEYS GEN STORES INC 0.6%

Value $2.066M Shares 2,600 Est. Cost $311.80 Unrealized —

AXP AMERICAN EXPRESS CO 0.5%

Value $1.696M Shares 5,015 Est. Cost $79.34 Unrealized —

LB LANDBRIDGE COMPANY LLC 0.4%

Value $1.259M Shares 15,894 Est. Cost $35.95 Unrealized —

TDW TIDEWATER INC NEW 0.2%

Value $633K Shares 9,500 Est. Cost $48.60 Unrealized —

LXU LSB INDS INC 0.1%

Value $395K Shares 36,500 Est. Cost $8.32 Unrealized —

WMT WALMART INC 0.4%

Value $1.373M Shares 12,123 Est. Cost $49.09 Unrealized —

VB VANGUARD INDEX FDS 0.3%

Value $1.021M Shares 3,367 Est. Cost $217.28 Unrealized —

VTV VANGUARD INDEX FDS 0.4%

Value $1.407M Shares 6,454 Est. Cost $148.41 Unrealized —

FWONA LIBERTY MEDIA CORP DEL 0.3%

Value $1.064M Shares 12,158 Est. Cost $56.54 Unrealized —

OR OR ROYALTIES INC. 0.1%

Value $253K Shares 8,000 Est. Cost $41.88 Unrealized —

PHYS SPROTT ASSET MANAGEMENT LP 0.1%

Value $262K Shares 8,700 Est. Cost $24.06 Unrealized —

CNI CANADIAN NATL RY CO 0.1%

Value $320K Shares 2,684 Est. Cost $46.44 Unrealized —

SPY STATE STR SPDR S&P 500 ETF T 0.1%

Value $291K Shares 390 Est. Cost $479.16 Unrealized —

IWD ISHARES TR 0.1%

Value $280K Shares 1,156 Est. Cost $188.10 Unrealized —

TFPM TRIPLE FLAG PRECIOUS METAL 0.1%

Value $210K Shares 7,000 Est. Cost $25.85 Unrealized —

— RENN FD INC 0.1%

Value $278K Shares 93,099 Est. Cost $1.82 Unrealized —

JNJ JOHNSON & JOHNSON 0.2%

Value $541K Shares 2,130 Est. Cost $86.23 Unrealized —

MSFT MICROSOFT CORP 0.9%

Value $3.096M Shares 8,301 Est. Cost $282.24 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPYG	SPDR SERIES TRUST	155,879	$18.55M	5.7%	$64.97	—	ST STR P500GRW	78464A409
SPDW	SPDR INDEX SHS FDS	298,409	$15.04M	4.6%	$38.29	—	ST STR PO EX ETF	78463X889
VIG	VANGUARD SPECIALIZED FUNDS	57,622	$13.63M	4.2%	$187.46	—	DIV APP ETF	921908844
AIRR	FIRST TR EXCHANGE TRADED FD	54,856	$7.31M	2.2%	$98.64	—	RBA INDL ETF	33738R704
SPMD	SPDR SERIES TRUST	105,452	$7.124M	2.2%	$47.32	—	ST STR P400MID	78464A847
TPL	TEXAS PACIFIC LAND CORPORATI	20,556	$8.996M	2.7%	$254.29	—	COM	88262P102
WBI	WATERBRIDGE INFRASTRUCTURE L	87,000	$2.981M	0.9%	$23.25	—	CL A SHS REPSTG	940923105
URI	UNITED RENTALS INC	1,403	$1.59M	0.5%	$307.46	—	COM	911363109
COST	COSTCO WHOLESALE CORPORATION	7,077	$6.62M	2.0%	$126.77	—	COM	22160K105
GLDM	WORLD GOLD TR	22,268	$1.769M	0.5%	$52.83	—	SPDR GLD MINIS	98149E303
SBUX	STARBUCKS CORP	20,700	$2.115M	0.6%	$93.62	—	COM	855244109
WPM	WHEATON PRECIOUS METALS CORP	11,550	$1.297M	0.4%	$41.69	—	COM	962879102
MSB	MESABI TR	33,963	$859K	0.3%	$20.57	—	CTF BEN INT	590672101
NRP	NATURAL RESOURCE PARTNERS LP	8,075	$783K	0.2%	$109.94	—	COM UNIT LTD PAR	63900P608
BLDR	BUILDERS FIRSTSOURCE INC	26,865	$2.404M	0.7%	$99.22	—	COM	12008R107
NVDA	NVIDIA CORPORATION	7,391	$1.479M	0.5%	$92.49	—	COM	67066G104
CASY	CASEYS GEN STORES INC	2,600	$2.066M	0.6%	$311.80	—	COM	147528103
AXP	AMERICAN EXPRESS CO	5,015	$1.696M	0.5%	$79.34	—	COM	025816109
LB	LANDBRIDGE COMPANY LLC	15,894	$1.259M	0.4%	$35.95	—	CL A	514952100
TDW	TIDEWATER INC NEW	9,500	$633K	0.2%	$48.60	—	COM	88642R109
LXU	LSB INDS INC	36,500	$395K	0.1%	$8.32	—	COM	502160104
WMT	WALMART INC	12,123	$1.373M	0.4%	$49.09	—	COM	931142103
VB	VANGUARD INDEX FDS	3,367	$1.021M	0.3%	$217.28	—	SMALL CP ETF	922908751
VTV	VANGUARD INDEX FDS	6,454	$1.407M	0.4%	$148.41	—	VALUE ETF	922908744
FWONA	LIBERTY MEDIA CORP DEL	12,158	$1.064M	0.3%	$56.54	—	COM LBTY ONE S A	531229771
OR	OR ROYALTIES INC.	8,000	$253K	0.1%	$41.88	—	COM SHS	68390D106
PHYS	SPROTT ASSET MANAGEMENT LP	8,700	$262K	0.1%	$24.06	—	PHYSICAL GOLD TR	85207H104
CNI	CANADIAN NATL RY CO	2,684	$320K	0.1%	$46.44	—	COM	136375102
SPY	STATE STR SPDR S&P 500 ETF T	390	$291K	0.1%	$479.16	—	TR UNIT	78462F103
IWD	ISHARES TR	1,156	$280K	0.1%	$188.10	—	RUS 1000 VAL ETF	464287598
TFPM	TRIPLE FLAG PRECIOUS METAL	7,000	$210K	0.1%	$25.85	—	COM	89679M104
—	RENN FD INC	93,099	$278K	0.1%	$1.82	—	COM	759720105
JNJ	JOHNSON & JOHNSON	2,130	$541K	0.2%	$86.23	—	COM	478160104
MSFT	MICROSOFT CORP	8,301	$3.096M	0.9%	$282.24	—	COM	594918104