Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PSN	PARSONS CORP DEL	70,000	$3.667M	0.8%	$52.39	—	COM	70202L102
EMB	ISHARES TR	34,750	$3.351M	0.7%	$96.44	—	JPMORGAN USD EMG	464288281
ALM	ALMONTY INDS INC	20,000	$331K	0.1%	$16.56	—	COM NEW	020398707
SLDB	SOLID BIOSCIENCES INC	31,326	$313K	0.1%	$9.99	—	COM NEW	83422E204
BTI	BRITISH AMERN TOB PLC	3,326	$205K	0.0%	$61.76	—	SPONSORED ADR	110448107
FRMI	FERMI INC	10,500	$96,180	0.0%	$9.16	—	COM	314911108
IVVD	INVIVYD INC	23,000	$20,065	0.0%	$0.87	—	COM	00534A102

Increased Positions (9)

IRDM IRIDIUM COMMUNICATIONS INC 2.7%

Value $12.66M (+131.6%) Shares 230,796 (+17.1%) Est. Cost $29.64 Unrealized —

VOO VANGUARD INDEX FDS 4.4%

Value $20.68M (+43.1%) Shares 30,110 (+24.5%) Est. Cost $527.33 Unrealized —

VOOG VANGUARD ADMIRAL FDS INC 4.8%

Value $22.51M (+21.6%) Shares 272,490 (+500.0%) Est. Cost $119.64 Unrealized —

VTV VANGUARD INDEX FDS 2.2%

Value $10.63M (+56.7%) Shares 48,767 (+41.1%) Est. Cost $182.38 Unrealized —

BXSL BLACKSTONE SECD LENDING FD 0.5%

Value $2.578M (+401.8%) Shares 105,300 (+401.4%) Est. Cost $22.91 Unrealized —

SPUS TIDAL TRUST I 0.9%

Value $4.255M (+26.8%) Shares 73,996 (+6.2%) Est. Cost $41.15 Unrealized —

CLYM CLIMB BIO INC 0.4%

Value $1.681M (+102.1%) Shares 128,900 (+6.2%) Est. Cost $3.02 Unrealized —

VUG VANGUARD INDEX FDS 0.8%

Value $3.732M (+18.3%) Shares 43,320 (+500.0%) Est. Cost $129.15 Unrealized —

META META PLATFORMS INC 0.4%

Value $1.746M (+28.5%) Shares 3,100 (+30.5%) Est. Cost $290.03 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IRDM	IRIDIUM COMMUNICATIONS INC	230,796 (+17.1%)	$12.66M (+131.6%)	2.7%	$29.64	—	COM	46269C102
VOO	VANGUARD INDEX FDS	30,110 (+24.5%)	$20.68M (+43.1%)	4.4%	$527.33	—	S&P 500 ETF SHS	922908363
VOOG	VANGUARD ADMIRAL FDS INC	272,490 (+500.0%)	$22.51M (+21.6%)	4.8%	$119.64	—	500 GRTH IDX F	921932505
VTV	VANGUARD INDEX FDS	48,767 (+41.1%)	$10.63M (+56.7%)	2.2%	$182.38	—	VALUE ETF	922908744
BXSL	BLACKSTONE SECD LENDING FD	105,300 (+401.4%)	$2.578M (+401.8%)	0.5%	$22.91	—	COMMON STOCK	09261X102
SPUS	TIDAL TRUST I	73,996 (+6.2%)	$4.255M (+26.8%)	0.9%	$41.15	—	SP FDS S&P 500	886364801
CLYM	CLIMB BIO INC	128,900 (+6.2%)	$1.681M (+102.1%)	0.4%	$3.02	—	COM	28658R106
VUG	VANGUARD INDEX FDS	43,320 (+500.0%)	$3.732M (+18.3%)	0.8%	$129.15	—	GROWTH ETF	922908736
META	META PLATFORMS INC	3,100 (+30.5%)	$1.746M (+28.5%)	0.4%	$290.03	—	CL A	30303M102

Exited Positions (5)

MPLX MPLX LP 0.8%

Value $3.594M Shares 62,977 Est. Cost $23.59 Unrealized —

ET ENERGY TRANSFER L P 0.7%

Value $3.496M Shares 181,126 Est. Cost $10.08 Unrealized —

DHS WISDOMTREE TR 0.2%

Value $1.136M Shares 10,400 Est. Cost $91.51 Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 0.0%

Value $215K Shares 5,589 Est. Cost $49.65 Unrealized —

BORR BORR DRILLING LTD 0.0%

Value $72,125 Shares 12,500 Est. Cost $2.49 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MPLX	MPLX LP	62,977	$3.594M	0.8%	$23.59	—	—	55336V100
ET	ENERGY TRANSFER L P	181,126	$3.496M	0.7%	$10.08	—	—	29273V100
DHS	WISDOMTREE TR	10,400	$1.136M	0.2%	$91.51	—	—	97717W208
IBIT	ISHARES BITCOIN TRUST ETF	5,589	$215K	0.0%	$49.65	—	—	46438F101
BORR	BORR DRILLING LTD	12,500	$72,125	0.0%	$2.49	—	—	G1466R173

Decreased Positions (12)

DMLP DORCHESTER MINERALS L P 1.7%

Value $7.933M (-41.4%) Shares 314,184 (-37.2%) Est. Cost $14.57 Unrealized —

CSCO CISCO SYS INC 3.2%

Value $15.11M (+49.2%) Shares 128,650 (-1.5%) Est. Cost $43.99 Unrealized —

EPD ENTERPRISE PRODS PARTNERS L 0.8%

Value $3.68M (-43.5%) Shares 100,100 (-41.8%) Est. Cost $24.38 Unrealized —

OKE ONEOK INC NEW 0.4%

Value $2M (-39.1%) Shares 23,010 (-36.6%) Est. Cost $57.97 Unrealized —

BX BLACKSTONE INC 0.2%

Value $1.153M (-48.8%) Shares 9,800 (-50.0%) Est. Cost $140.88 Unrealized —

SPY STATE STR SPDR S&P 500 ETF T 1.8%

Value $8.522M (+12.3%) Shares 11,386 (-2.1%) Est. Cost $567.34 Unrealized —

CMI CUMMINS INC 0.8%

Value $3.566M (+28.4%) Shares 5,000 (-3.2%) Est. Cost $193.91 Unrealized —

MO ALTRIA GROUP INC 0.3%

Value $1.337M (-33.8%) Shares 18,317 (-39.2%) Est. Cost $34.56 Unrealized —

MSFT MICROSOFT CORP 1.9%

Value $8.977M (-2.9%) Shares 24,067 (-3.7%) Est. Cost $428.83 Unrealized —

LZB LA Z BOY INC 2.4%

Value $11.15M (-1.8%) Shares 277,796 (-21.3%) Est. Cost $20.99 Unrealized —

JNJ JOHNSON & JOHNSON 1.4%

Value $6.391M (+2.7%) Shares 25,165 (-1.1%) Est. Cost $151.71 Unrealized —

VNQ VANGUARD INDEX FDS 0.6%

Value $2.943M (-2.8%) Shares 30,522 (-10.6%) Est. Cost $86.48 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DMLP	DORCHESTER MINERALS L P	314,184 (-37.2%)	$7.933M (-41.4%)	1.7%	$14.57	—	COM UNIT	25820R105
CSCO	CISCO SYS INC	128,650 (-1.5%)	$15.11M (+49.2%)	3.2%	$43.99	—	COM	17275R102
EPD	ENTERPRISE PRODS PARTNERS L	100,100 (-41.8%)	$3.68M (-43.5%)	0.8%	$24.38	—	COM	293792107
OKE	ONEOK INC NEW	23,010 (-36.6%)	$2M (-39.1%)	0.4%	$57.97	—	COM	682680103
BX	BLACKSTONE INC	9,800 (-50.0%)	$1.153M (-48.8%)	0.2%	$140.88	—	COM	09260D107
SPY	STATE STR SPDR S&P 500 ETF T	11,386 (-2.1%)	$8.522M (+12.3%)	1.8%	$567.34	—	TR UNIT	78462F103
CMI	CUMMINS INC	5,000 (-3.2%)	$3.566M (+28.4%)	0.8%	$193.91	—	COM	231021106
MO	ALTRIA GROUP INC	18,317 (-39.2%)	$1.337M (-33.8%)	0.3%	$34.56	—	COM	02209S103
MSFT	MICROSOFT CORP	24,067 (-3.7%)	$8.977M (-2.9%)	1.9%	$428.83	—	COM	594918104
LZB	LA Z BOY INC	277,796 (-21.3%)	$11.15M (-1.8%)	2.4%	$20.99	—	COM	505336107
JNJ	JOHNSON & JOHNSON	25,165 (-1.1%)	$6.391M (+2.7%)	1.4%	$151.71	—	COM	478160104
VNQ	VANGUARD INDEX FDS	30,522 (-10.6%)	$2.943M (-2.8%)	0.6%	$86.48	—	REAL ESTATE ETF	922908553

Unchanged Positions (52)

GOOGL ALPHABET INC 25.4%

Value $120M Shares 336,735 Est. Cost $159.96 Unrealized —

AMZN AMAZON COM INC 7.0%

Value $32.94M Shares 138,210 Est. Cost $182.23 Unrealized —

VTI VANGUARD INDEX FDS 5.1%

Value $24.32M Shares 65,721 Est. Cost $259.90 Unrealized —

CW CURTISS WRIGHT CORP 5.4%

Value $25.39M Shares 33,500 Est. Cost $77.18 Unrealized —

CSGP COSTAR GROUP INC 0.8%

Value $3.568M Shares 126,000 Est. Cost $56.92 Unrealized —

LNG CHENIERE ENERGY INC 1.6%

Value $7.636M Shares 31,950 Est. Cost $156.99 Unrealized —

PHYS SPROTT ASSET MANAGEMENT LP 1.6%

Value $7.518M Shares 249,200 Est. Cost $27.71 Unrealized —

QLTY GMO ETF TRUST 1.8%

Value $8.485M Shares 203,500 Est. Cost $31.73 Unrealized —

XBI SPDR SERIES TRUST 1.0%

Value $4.728M Shares 29,875 Est. Cost $94.49 Unrealized —

NVDA NVIDIA CORPORATION 1.4%

Value $6.401M Shares 31,992 Est. Cost $166.24 Unrealized —

CVX CHEVRON CORPORATION 0.7%

Value $3.251M Shares 19,610 Est. Cost $73.61 Unrealized —

RGNX REGENXBIO INC 0.6%

Value $2.663M Shares 222,278 Est. Cost $30.49 Unrealized —

JHX JAMES HARDIE INDS PLC 0.6%

Value $2.618M Shares 100,000 Est. Cost $20.06 Unrealized —

IEFA ISHARES TR 2.4%

Value $11.37M Shares 117,752 Est. Cost $74.25 Unrealized —

XOP SPDR SERIES TRUST 0.8%

Value $3.846M Shares 24,933 Est. Cost $125.43 Unrealized —

PSLV SPROTT ASSET MANAGEMENT LP 0.5%

Value $2.347M Shares 124,364 Est. Cost $6.96 Unrealized —

BABA ALIBABA GROUP HLDG LTD 0.4%

Value $1.732M Shares 17,850 Est. Cost $123.26 Unrealized —

ABCL ABCELLERA BIOLOGICS INC 0.2%

Value $903K Shares 115,055 Est. Cost $15.21 Unrealized —

GLD SPDR GOLD TR 0.6%

Value $2.712M Shares 7,362 Est. Cost $237.32 Unrealized —

KWEB KRANESHARES TRUST 0.5%

Value $2.468M Shares 100,875 Est. Cost $34.33 Unrealized —

IBB ISHARES TR 0.7%

Value $3.186M Shares 16,750 Est. Cost $136.80 Unrealized —

QQQ INVESCO QQQ TR 0.3%

Value $1.563M Shares 2,120 Est. Cost $321.95 Unrealized —

ARM ARM HOLDINGS PLC 0.1%

Value $567K Shares 1,600 Est. Cost $151.28 Unrealized —

GPC GENUINE PARTS CO 0.5%

Value $2.148M Shares 18,040 Est. Cost $63.12 Unrealized —

AAPL APPLE INC 0.3%

Value $1.616M Shares 5,586 Est. Cost $240.76 Unrealized —

POOL POOL CORP 0.5%

Value $2.552M Shares 11,875 Est. Cost $259.46 Unrealized —

FCX FREEPORT MCMORAN INC 0.5%

Value $2.214M Shares 35,212 Est. Cost $27.89 Unrealized —

XOM EXXON MOBIL CORP 0.1%

Value $595K Shares 4,350 Est. Cost $52.06 Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 1.5%

Value $7.073M Shares 14,095 Est. Cost $140.39 Unrealized —

SPRE TIDAL TRUST I 0.3%

Value $1.464M Shares 69,220 Est. Cost $19.69 Unrealized —

IWY ISHARES TR 0.2%

Value $712K Shares 2,450 Est. Cost $195.10 Unrealized —

— TORTOISE ENERGY INFRSTRCTR C 0.1%

Value $571K Shares 13,329 Est. Cost $43.05 Unrealized —

MSOS ADVISORSHARES TR 0.1%

Value $259K Shares 51,050 Est. Cost $17.20 Unrealized —

IWM ISHARES TR 0.1%

Value $418K Shares 1,390 Est. Cost $241.96 Unrealized —

ETHA ISHARES ETHEREUM TR 0.0%

Value $210K Shares 17,692 Est. Cost $22.43 Unrealized —

BIDU BAIDU INC 0.5%

Value $2.514M Shares 22,000 Est. Cost $131.77 Unrealized —

S SENTINELONE INC 0.0%

Value $209K Shares 12,322 Est. Cost $21.70 Unrealized —

V VISA INC 0.1%

Value $343K Shares 1,000 Est. Cost $196.98 Unrealized —

XLE SELECT SECTOR SPDR TR 0.1%

Value $244K Shares 4,600 Est. Cost $60.67 Unrealized —

GLIN VANECK ETF TRUST 0.1%

Value $289K Shares 6,225 Est. Cost $47.13 Unrealized —

AMLP ALPS ETF TR 0.5%

Value $2.402M Shares 46,325 Est. Cost $22.45 Unrealized —

VEU VANGUARD INTL EQUITY INDEX F 0.1%

Value $335K Shares 4,000 Est. Cost $73.56 Unrealized —

XLV SELECT SECTOR SPDR TR 0.1%

Value $436K Shares 2,750 Est. Cost $154.80 Unrealized —

CPNG COUPANG INC 0.1%

Value $347K Shares 20,000 Est. Cost $26.44 Unrealized —

VIG VANGUARD SPECIALIZED FUNDS 0.1%

Value $247K Shares 1,043 Est. Cost $195.83 Unrealized —

— DOUBLELINE OPPORTUNISTIC CR 0.3%

Value $1.452M Shares 100,964 Est. Cost $19.20 Unrealized —

SFIX STITCH FIX INC 0.0%

Value $78,090 Shares 19,000 Est. Cost $3.53 Unrealized —

VTIP VANGUARD MALVERN FDS 0.4%

Value $1.739M Shares 34,614 Est. Cost $52.58 Unrealized —

ORBS EIGHTCO HOLDINGS INC 0.0%

Value $24,343 Shares 35,000 Est. Cost $1.45 Unrealized —

WMB WILLIAMS COS INC 0.1%

Value $312K Shares 4,200 Est. Cost $51.72 Unrealized —

— DOUBLELINE INCOME SOLUTIONS 0.0%

Value $166K Shares 15,000 Est. Cost $17.94 Unrealized —

VCSH VANGUARD SCOTTSDALE FDS 0.1%

Value $609K Shares 7,700 Est. Cost $77.31 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	336,735	$120M	25.4%	$159.96	—	CAP STK CL A	02079K305
AMZN	AMAZON COM INC	138,210	$32.94M	7.0%	$182.23	—	COM	023135106
VTI	VANGUARD INDEX FDS	65,721	$24.32M	5.1%	$259.90	—	TOTAL STK MKT	922908769
CW	CURTISS WRIGHT CORP	33,500	$25.39M	5.4%	$77.18	—	COM	231561101
CSGP	COSTAR GROUP INC	126,000	$3.568M	0.8%	$56.92	—	COM	22160N109
LNG	CHENIERE ENERGY INC	31,950	$7.636M	1.6%	$156.99	—	COM NEW	16411R208
PHYS	SPROTT ASSET MANAGEMENT LP	249,200	$7.518M	1.6%	$27.71	—	PHYSICAL GOLD TR	85207H104
QLTY	GMO ETF TRUST	203,500	$8.485M	1.8%	$31.73	—	US QUALITY ETF	90139K100
XBI	SPDR SERIES TRUST	29,875	$4.728M	1.0%	$94.49	—	ST STR SP BIOT	78464A870
NVDA	NVIDIA CORPORATION	31,992	$6.401M	1.4%	$166.24	—	COM	67066G104
CVX	CHEVRON CORPORATION	19,610	$3.251M	0.7%	$73.61	—	COM	166764100
RGNX	REGENXBIO INC	222,278	$2.663M	0.6%	$30.49	—	COM	75901B107
JHX	JAMES HARDIE INDS PLC	100,000	$2.618M	0.6%	$20.06	—	ORD SHS	G4253H101
IEFA	ISHARES TR	117,752	$11.37M	2.4%	$74.25	—	CORE MSCI EAFE	46432F842
XOP	SPDR SERIES TRUST	24,933	$3.846M	0.8%	$125.43	—	SP O&G EXPL PRO	78468R556
PSLV	SPROTT ASSET MANAGEMENT LP	124,364	$2.347M	0.5%	$6.96	—	PHYSICAL SILVER	85207K107
BABA	ALIBABA GROUP HLDG LTD	17,850	$1.732M	0.4%	$123.26	—	SPONSORED ADS	01609W102
ABCL	ABCELLERA BIOLOGICS INC	115,055	$903K	0.2%	$15.21	—	COM	00288U106
GLD	SPDR GOLD TR	7,362	$2.712M	0.6%	$237.32	—	GOLD SHS	78463V107
KWEB	KRANESHARES TRUST	100,875	$2.468M	0.5%	$34.33	—	CSI CHI INTERNET	500767306
IBB	ISHARES TR	16,750	$3.186M	0.7%	$136.80	—	ISHARES BIOTECH	464287556
QQQ	INVESCO QQQ TR	2,120	$1.563M	0.3%	$321.95	—	UNIT SER 1	46090E103
ARM	ARM HOLDINGS PLC	1,600	$567K	0.1%	$151.28	—	SPONSORED ADS	042068205
GPC	GENUINE PARTS CO	18,040	$2.148M	0.5%	$63.12	—	COM	372460105
AAPL	APPLE INC	5,586	$1.616M	0.3%	$240.76	—	COM	037833100
POOL	POOL CORP	11,875	$2.552M	0.5%	$259.46	—	COM	73278L105
FCX	FREEPORT MCMORAN INC	35,212	$2.214M	0.5%	$27.89	—	CL B	35671D857
XOM	EXXON MOBIL CORP	4,350	$595K	0.1%	$52.06	—	COM	30231G102
TMO	THERMO FISHER SCIENTIFIC INC	14,095	$7.073M	1.5%	$140.39	—	COM	883556102
SPRE	TIDAL TRUST I	69,220	$1.464M	0.3%	$19.69	—	SP FUNDS S&P GBL	886364769
IWY	ISHARES TR	2,450	$712K	0.2%	$195.10	—	RUS TP200 GR ETF	464289438
—	TORTOISE ENERGY INFRSTRCTR C	13,329	$571K	0.1%	$43.05	—	COM	89147L886
MSOS	ADVISORSHARES TR	51,050	$259K	0.1%	$17.20	—	PURE US CANN ETF	00768Y453
IWM	ISHARES TR	1,390	$418K	0.1%	$241.96	—	RUSSELL 2000 ETF	464287655
ETHA	ISHARES ETHEREUM TR	17,692	$210K	0.0%	$22.43	—	SHS	46438R105
BIDU	BAIDU INC	22,000	$2.514M	0.5%	$131.77	—	SPON ADR REP A	056752108
S	SENTINELONE INC	12,322	$209K	0.0%	$21.70	—	CL A	81730H109
V	VISA INC	1,000	$343K	0.1%	$196.98	—	COM CL A	92826C839
XLE	SELECT SECTOR SPDR TR	4,600	$244K	0.1%	$60.67	—	ST STR ENERG ETF	81369Y506
GLIN	VANECK ETF TRUST	6,225	$289K	0.1%	$47.13	—	INDIA GROWTH LDR	92189F767
AMLP	ALPS ETF TR	46,325	$2.402M	0.5%	$22.45	—	ALERIAN MLP	00162Q452
VEU	VANGUARD INTL EQUITY INDEX F	4,000	$335K	0.1%	$73.56	—	ALLWRLD EX US	922042775
XLV	SELECT SECTOR SPDR TR	2,750	$436K	0.1%	$154.80	—	ST STR CARE ETF	81369Y209
CPNG	COUPANG INC	20,000	$347K	0.1%	$26.44	—	CL A	22266T109
VIG	VANGUARD SPECIALIZED FUNDS	1,043	$247K	0.1%	$195.83	—	DIV APP ETF	921908844
—	DOUBLELINE OPPORTUNISTIC CR	100,964	$1.452M	0.3%	$19.20	—	COM	258623107
SFIX	STITCH FIX INC	19,000	$78,090	0.0%	$3.53	—	COM CL A	860897107
VTIP	VANGUARD MALVERN FDS	34,614	$1.739M	0.4%	$52.58	—	STRM INFPROIDX	922020805
ORBS	EIGHTCO HOLDINGS INC	35,000	$24,343	0.0%	$1.45	—	COM	22890A302
WMB	WILLIAMS COS INC	4,200	$312K	0.1%	$51.72	—	COM	969457100
—	DOUBLELINE INCOME SOLUTIONS	15,000	$166K	0.0%	$17.94	—	COM	258622109
VCSH	VANGUARD SCOTTSDALE FDS	7,700	$609K	0.1%	$77.31	—	SHRT TRM CORP BD	92206C409