Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
ARCC	ARES CAPITAL CORP	246,000	$4.699M	2.4%	$19.10	$19.37	-1.4%	COM	04010L103
SPCX	SPACE EXPLORATION TECHN CORP	12,215	$1.843M	1.0%	$150.86	$138.41	+9.0%	CLASS A COM STK	84615Q103
VOO	VANGUARD INDEX FDS	1,321	$926K	0.5%	$700.86	$698.45	+0.3%	S&P 500 ETF SHS	922908363
IUSB	ISHARES TR	10,423	$460K	0.2%	$44.09	$45.32	-2.7%	CORE UNIVRSL USD	46434V613
IVV	ISHARES TR	569	$436K	0.2%	$765.85	$763.10	+0.4%	CORE S&P500 ETF	464287200
BOXX	EA SERIES TRUST	2,550	$302K	0.2%	$118.39	$117.84	+0.5%	ALPHA ARCH 1-3	02072L565

Increased Positions (7)

FBTC FIDELITY WISE ORIGIN BITCOIN 6.6%

Value $12.82M (+49.9%) Shares 176,419 (+5.3%) Share Price $72.64 Est. Cost/Share $68.24 Unrealized @ Report Date +6.4%

NLR VANECK ETF TRUST 2.6%

Value $5.126M (+241.6%) Shares 49,550 (+282.9%) Share Price $103.46 Est. Cost/Share $120.10 Unrealized @ Report Date -13.9%

GLD SPDR GOLD TR 15.0%

Value $29.09M (+5.1%) Shares 76,371 (+1.6%) Share Price $380.84 Est. Cost/Share $387.22 Unrealized @ Report Date -1.6%

BXSL BLACKSTONE SECD LENDING FD 1.0%

Value $1.844M (+27.7%) Shares 76,893 (+26.3%) Share Price $23.98 Est. Cost/Share $24.27 Unrealized @ Report Date -1.2%

GBDC GOLUB CAP BDC INC 1.1%

Value $2.203M (+18.0%) Shares 174,408 (+20.4%) Share Price $12.63 Est. Cost/Share $12.94 Unrealized @ Report Date -2.4%

SLV ISHARES SILVER TR 0.9%

Value $1.675M (+21.6%) Shares 30,725 (+19.3%) Share Price $54.51 Est. Cost/Share $51.13 Unrealized @ Report Date +6.6%

CSWC CAPITAL SOUTHWEST CORP 0.7%

Value $1.418M (+23.5%) Shares 61,320 (+26.9%) Share Price $23.13 Est. Cost/Share $23.27 Unrealized @ Report Date -0.6%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
FBTC	FIDELITY WISE ORIGIN BITCOIN	176,419 (+5.3%)	$12.82M (+49.9%)	6.6%	$72.64	$68.24	+6.4%	SHS	315948109
NLR	VANECK ETF TRUST	49,550 (+282.9%)	$5.126M (+241.6%)	2.6%	$103.46	$120.10	-13.9%	URANI NUCLE ETF	92189F601
GLD	SPDR GOLD TR	76,371 (+1.6%)	$29.09M (+5.1%)	15.0%	$380.84	$387.22	-1.6%	GOLD SHS	78463V107
BXSL	BLACKSTONE SECD LENDING FD	76,893 (+26.3%)	$1.844M (+27.7%)	1.0%	$23.98	$24.27	-1.2%	COMMON STOCK	09261X102
GBDC	GOLUB CAP BDC INC	174,408 (+20.4%)	$2.203M (+18.0%)	1.1%	$12.63	$12.94	-2.4%	COM	38173M102
SLV	ISHARES SILVER TR	30,725 (+19.3%)	$1.675M (+21.6%)	0.9%	$54.51	$51.13	+6.6%	ISHARES	46428Q109
CSWC	CAPITAL SOUTHWEST CORP	61,320 (+26.9%)	$1.418M (+23.5%)	0.7%	$23.13	$23.27	-0.6%	COM	140501107

Exited Positions (3)

URA GLOBAL X FDS 2.1%

Value $4.064M Shares 93,000 Share Price $43.70 * Est. Cost/Share $50.65 Unrealized @ Report Date -21.3%

QQQ INVESCO QQQ TR 0.7%

Value $1.306M Shares 1,773 Share Price $736.40 Est. Cost/Share $613.63 Unrealized @ Report Date +20.6%

MSFT MICROSOFT CORP 0.4%

Value $794K Shares 2,129 Share Price $373.02 * Est. Cost/Share $417.92 Unrealized @ Report Date +22.7%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
URA	GLOBAL X FDS	93,000	$4.064M	2.1%	$43.70 *	$50.65	-21.3%	—	37954Y871
QQQ	INVESCO QQQ TR	1,773	$1.306M	0.7%	$736.40	$613.63	+20.6%	—	46090E103
MSFT	MICROSOFT CORP	2,129	$794K	0.4%	$373.02 *	$417.92	+22.7%	—	594918104

Decreased Positions (6)

OBDC BLUE OWL CAPITAL CORPORATION 2.0%

Value $3.813M (-25.0%) Shares 363,505 (-22.2%) Share Price $10.49 Est. Cost/Share $12.12 Unrealized @ Report Date -13.4%

MFIC MIDCAP FINANCIAL INVSTMNT CO 0.1%

Value $99,461 (-89.9%) Shares 11,380 (-88.3%) Share Price $8.74 Est. Cost/Share $11.00 Unrealized @ Report Date -20.6%

RAAX VANECK ETF TRUST 6.4%

Value $12.32M (-3.9%) Shares 309,203 (-4.3%) Share Price $39.83 Est. Cost/Share $41.23 Unrealized @ Report Date -3.4%

SPPP SPROTT ASSET MANAGEMENT LP 0.1%

Value $145K (-56.5%) Shares 10,800 (-59.7%) Share Price $13.43 Est. Cost/Share $16.84 Unrealized @ Report Date —

VGT VANGUARD WORLD FD 1.4%

Value $2.707M (+1.3%) Shares 21,544 (-3.6%) Share Price $125.67 Est. Cost/Share $107.69 Unrealized @ Report Date +16.7%

FSK FS KKR CAP CORP 0.4%

Value $722K (-1.7%) Shares 65,740 (-6.1%) Share Price $10.99 Est. Cost/Share $11.48 Unrealized @ Report Date -4.3%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
OBDC	BLUE OWL CAPITAL CORPORATION	363,505 (-22.2%)	$3.813M (-25.0%)	2.0%	$10.49	$12.12	-13.4%	COM	69121K104
MFIC	MIDCAP FINANCIAL INVSTMNT CO	11,380 (-88.3%)	$99,461 (-89.9%)	0.1%	$8.74	$11.00	-20.6%	COM NEW	03761U502
RAAX	VANECK ETF TRUST	309,203 (-4.3%)	$12.32M (-3.9%)	6.4%	$39.83	$41.23	-3.4%	REAL ASSETS ETF	92189F130
SPPP	SPROTT ASSET MANAGEMENT LP	10,800 (-59.7%)	$145K (-56.5%)	0.1%	$13.43	$16.84	—	PHYSICAL PLATINU	85207Q104
VGT	VANGUARD WORLD FD	21,544 (-3.6%)	$2.707M (+1.3%)	1.4%	$125.67	$107.69	+16.7%	INF TECH ETF	92204A702
FSK	FS KKR CAP CORP	65,740 (-6.1%)	$722K (-1.7%)	0.4%	$10.99	$11.48	-4.3%	COM	302635206

Unchanged Positions (26)

USAR USA RARE EARTH INC 32.1%

Value $62.28M Shares 4,423,028 Share Price $14.08 Est. Cost/Share $19.05 Unrealized @ Report Date -26.1%

IBIT ISHARES BITCOIN TRUST ETF 5.6%

Value $10.8M Shares 228,200 Share Price $47.34 Est. Cost/Share $51.57 Unrealized @ Report Date -8.2%

GLXY GALAXY DIGITAL INC. 1.8%

Value $3.563M Shares 156,705 Share Price $22.74 Est. Cost/Share $30.98 Unrealized @ Report Date -26.6%

COPX GLOBAL X FDS 3.3%

Value $6.364M Shares 75,138 Share Price $84.70 Est. Cost/Share $83.15 Unrealized @ Report Date +1.9%

OTF BLUE OWL TECHNOLOGY FIN CORP 3.0%

Value $5.797M Shares 590,905 Share Price $9.81 Est. Cost/Share $12.47 Unrealized @ Report Date -21.3%

SGDM SPROTT ETF TRUST 0.6%

Value $1.215M Shares 16,400 Share Price $74.08 Est. Cost/Share $70.73 Unrealized @ Report Date +4.7%

TSLA TESLA INC 0.3%

Value $678K Shares 1,910 Share Price $354.81 Est. Cost/Share $443.29 Unrealized @ Report Date -20.0%

IWB ISHARES TR 4.0%

Value $7.682M Shares 18,461 Share Price $416.13 Est. Cost/Share $374.03 Unrealized @ Report Date +11.3%

UUUU ENERGY FUELS INC 0.2%

Value $319K Shares 28,900 Share Price $11.03 Est. Cost/Share $16.97 Unrealized @ Report Date -35.0%

FIDU FIDELITY COVINGTON TRUST 0.4%

Value $750K Shares 8,467 Share Price $88.58 Est. Cost/Share $82.07 Unrealized @ Report Date +7.9%

FDIS FIDELITY COVINGTON TRUST 0.4%

Value $734K Shares 7,751 Share Price $94.71 Est. Cost/Share $101.54 Unrealized @ Report Date -6.7%

VDE VANGUARD WORLD FD 0.2%

Value $434K Shares 2,522 Share Price $172.16 Est. Cost/Share $125.61 Unrealized @ Report Date +37.1%

SPY STATE STR SPDR S&P 500 ETF T 1.2%

Value $2.406M Shares 3,155 Share Price $762.63 Est. Cost/Share $675.88 Unrealized @ Report Date +12.8%

IEF ISHARES TR 0.4%

Value $776K Shares 8,685 Share Price $89.31 Est. Cost/Share $96.76 Unrealized @ Report Date -7.7%

FHLC FIDELITY COVINGTON TRUST 0.3%

Value $653K Shares 7,997 Share Price $81.70 Est. Cost/Share $71.93 Unrealized @ Report Date +13.6%

AAPL APPLE INC 0.1%

Value $271K Shares 815 Share Price $333.02 Est. Cost/Share $268.34 Unrealized @ Report Date +24.1%

AGG ISHARES TR 0.4%

Value $740K Shares 7,827 Share Price $94.54 Est. Cost/Share $100.32 Unrealized @ Report Date -5.8%

FCOM FIDELITY COVINGTON TRUST 0.3%

Value $586K Shares 8,136 Share Price $72.01 Est. Cost/Share $70.97 Unrealized @ Report Date +1.5%

GPIQ GOLDMAN SACHS ETF TR 0.4%

Value $841K Shares 14,500 Share Price $57.98 Est. Cost/Share $56.18 Unrealized @ Report Date +3.2%

VDC VANGUARD WORLD FD 0.2%

Value $467K Shares 2,140 Share Price $218.21 Est. Cost/Share $227.90 Unrealized @ Report Date -4.3%

IWV ISHARES TR 0.5%

Value $993K Shares 2,301 Share Price $431.66 Est. Cost/Share $383.75 Unrealized @ Report Date +12.5%

FNCL FIDELITY COVINGTON TRUST 0.4%

Value $725K Shares 9,581 Share Price $75.72 Est. Cost/Share $75.56 Unrealized @ Report Date +0.2%

AMZN AMAZON COM INC 0.1%

Value $219K Shares 878 Share Price $249.15 Est. Cost/Share $251.01 Unrealized @ Report Date -0.7%

IGSB ISHARES TR 0.1%

Value $275K Shares 5,361 Share Price $51.23 Est. Cost/Share $52.95 Unrealized @ Report Date -3.2%

GPIX GOLDMAN SACHS ETF TR 0.6%

Value $1.117M Shares 20,000 Share Price $55.83 Est. Cost/Share $54.20 Unrealized @ Report Date +3.0%

SHV ISHARES TR 0.2%

Value $442K Shares 4,009 Share Price $110.32 Est. Cost/Share $110.27 Unrealized @ Report Date +0.0%

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
USAR	USA RARE EARTH INC	4,423,028	$62.28M	32.1%	$14.08	$19.05	-26.1%	COM	91733P107
IBIT	ISHARES BITCOIN TRUST ETF	228,200	$10.8M	5.6%	$47.34	$51.57	-8.2%	SHS BEN INT	46438F101
GLXY	GALAXY DIGITAL INC.	156,705	$3.563M	1.8%	$22.74	$30.98	-26.6%	CL A	36317J209
COPX	GLOBAL X FDS	75,138	$6.364M	3.3%	$84.70	$83.15	+1.9%	GLOBAL X COPPER	37954Y830
OTF	BLUE OWL TECHNOLOGY FIN CORP	590,905	$5.797M	3.0%	$9.81	$12.47	-21.3%	COMMON STOCK	095924106
SGDM	SPROTT ETF TRUST	16,400	$1.215M	0.6%	$74.08	$70.73	+4.7%	GOLD MINERS ETF	85210B102
TSLA	TESLA INC	1,910	$678K	0.3%	$354.81	$443.29	-20.0%	COM	88160R101
IWB	ISHARES TR	18,461	$7.682M	4.0%	$416.13	$374.03	+11.3%	RUS 1000 ETF	464287622
UUUU	ENERGY FUELS INC	28,900	$319K	0.2%	$11.03	$16.97	-35.0%	COM NEW	292671708
FIDU	FIDELITY COVINGTON TRUST	8,467	$750K	0.4%	$88.58	$82.07	+7.9%	MSCI INDL INDX	316092709
FDIS	FIDELITY COVINGTON TRUST	7,751	$734K	0.4%	$94.71	$101.54	-6.7%	MSCI CONSM DIS	316092204
VDE	VANGUARD WORLD FD	2,522	$434K	0.2%	$172.16	$125.61	+37.1%	ENERGY ETF	92204A306
SPY	STATE STR SPDR S&P 500 ETF T	3,155	$2.406M	1.2%	$762.63	$675.88	+12.8%	TR UNIT	78462F103
IEF	ISHARES TR	8,685	$776K	0.4%	$89.31	$96.76	-7.7%	7-10 YR TRSY BD	464287440
FHLC	FIDELITY COVINGTON TRUST	7,997	$653K	0.3%	$81.70	$71.93	+13.6%	MSCI HLTH CARE I	316092600
AAPL	APPLE INC	815	$271K	0.1%	$333.02	$268.34	+24.1%	COM	037833100
AGG	ISHARES TR	7,827	$740K	0.4%	$94.54	$100.32	-5.8%	CORE US AGGBD ET	464287226
FCOM	FIDELITY COVINGTON TRUST	8,136	$586K	0.3%	$72.01	$70.97	+1.5%	MSCI COMMNTN SVC	316092873
GPIQ	GOLDMAN SACHS ETF TR	14,500	$841K	0.4%	$57.98	$56.18	+3.2%	NASDA 100 ETF	38149W630
VDC	VANGUARD WORLD FD	2,140	$467K	0.2%	$218.21	$227.90	-4.3%	CONSUM STP ETF	92204A207
IWV	ISHARES TR	2,301	$993K	0.5%	$431.66	$383.75	+12.5%	RUSSELL 3000 ETF	464287689
FNCL	FIDELITY COVINGTON TRUST	9,581	$725K	0.4%	$75.72	$75.56	+0.2%	MSCI FINLS IDX	316092501
AMZN	AMAZON COM INC	878	$219K	0.1%	$249.15	$251.01	-0.7%	COM	023135106
IGSB	ISHARES TR	5,361	$275K	0.1%	$51.23	$52.95	-3.2%	ISHS 1-5YR INVS	464288646
GPIX	GOLDMAN SACHS ETF TR	20,000	$1.117M	0.6%	$55.83	$54.20	+3.0%	S&P 500 PREMIUM	38149W622
SHV	ISHARES TR	4,009	$442K	0.2%	$110.32	$110.27	+0.0%	TRUST ISHARE 0-1	464288679