Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	6,635 (+482.5%)	$2.475M (+487.0%)	2.7%	$329.56	—	COM	594918104
MAX	MEDIAALPHA INC	368,731 (+10.4%)	$4.635M (+49.3%)	5.1%	$10.00	—	CL A	58450V104
BRK/B	BERKSHIRE HATHAWAY INC DEL	6,332 (+63.4%)	$3.168M (+70.6%)	3.5%	$400.24	—	CL B NEW	084670702
AKRE	PROFESIONALLY MANAGED PORTFO	36,586 (+174.1%)	$1.946M (+175.9%)	2.1%	$53.07	—	AKRE FOCUS ETF	74316P579
CDW	CDW CORP	30,540 (+20.3%)	$4.295M (+39.8%)	4.7%	$136.32	—	COM	12514G108
V	VISA INC	15,189 (+6.1%)	$5.211M (+20.4%)	5.7%	$263.27	—	COM CL A	92826C839
SPGI	S&P GLOBAL INC	5,857 (+61.3%)	$2.385M (+54.4%)	2.6%	$449.14	—	COM	78409V104
FISV	FISERV INC	71,706 (+37.9%)	$3.517M (+21.2%)	3.9%	$65.11	—	COM	337738108
BINC	BLACKROCK ETF TRUST II	39,738 (+36.0%)	$2.08M (+37.1%)	2.3%	$52.66	—	ISHA FLEX IN ETF	092528603
HTGC	HERCULES CAPITAL INC	125,009 (+19.6%)	$1.971M (+27.6%)	2.2%	$13.85	—	COM	427096508
INTU	INTUIT	8,559 (+39.4%)	$2.234M (-15.8%)	2.5%	$483.21	—	COM	461202103
IT	GARTNER INC	30,530 (+29.4%)	$3.957M (+5.9%)	4.4%	$173.60	—	COM	366651107
THO	THOR INDS INC	51,900 (+10.9%)	$3.901M (+4.3%)	4.3%	$84.15	—	COM	885160101
SLRC	SLR INVESTMENT CORP	152,053 (+20.9%)	$1.881M (+4.5%)	2.1%	$11.32	—	COM	83413U100

Exited Positions (4)

DHR DANAHER CORP DEL 4.5%

Value $4.123M Shares 21,748 Est. Cost $218.55 Unrealized —

MTBA SIMPLIFY EXCHANGE TRADED FUN 2.8%

Value $2.563M Shares 51,829 Est. Cost $50.41 Unrealized —

WBD WARNER BROS DISCOVERY INC 0.4%

Value $330K Shares 12,009 Est. Cost $17.65 Unrealized —

MRK MERCK & CO INC 0.3%

Value $268K Shares 2,225 Est. Cost $56.97 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DHR	DANAHER CORP DEL	21,748	$4.123M	4.5%	$218.55	—	—	235851102
MTBA	SIMPLIFY EXCHANGE TRADED FUN	51,829	$2.563M	2.8%	$50.41	—	—	82889N525
WBD	WARNER BROS DISCOVERY INC	12,009	$330K	0.4%	$17.65	—	—	934423104
MRK	MERCK & CO INC	2,225	$268K	0.3%	$56.97	—	—	58933Y105

Decreased Positions (16)

VGSH VANGUARD SCOTTSDALE FDS 2.3%

Value $2.067M (-47.0%) Shares 35,516 (-46.6%) Est. Cost $58.11 Unrealized —

ASML ASML HLDG NV 4.9%

Value $4.415M (+42.2%) Shares 2,219 (-5.6%) Est. Cost $1069.86 Unrealized —

MAC MACERICH CO 3.0%

Value $2.693M (-31.1%) Shares 106,916 (-48.3%) Est. Cost $18.46 Unrealized —

OCSL OAKTREE SPECIALTY LENDING 1.2%

Value $1.057M (-52.6%) Shares 88,563 (-55.1%) Est. Cost $19.48 Unrealized —

ROP ROPER TECHNOLOGIES INC 4.6%

Value $4.182M (-14.3%) Shares 12,358 (-10.4%) Est. Cost $452.79 Unrealized —

NXPI NXP SEMICONDUCTORS N V 2.0%

Value $1.841M (-23.1%) Shares 6,552 (-46.1%) Est. Cost $213.68 Unrealized —

GOOG ALPHABET INC 5.8%

Value $5.257M (-8.5%) Shares 14,879 (-25.7%) Est. Cost $267.70 Unrealized —

BRO BROWN & BROWN INC 4.6%

Value $4.145M (-10.3%) Shares 64,611 (-8.9%) Est. Cost $70.40 Unrealized —

HEI/A HEICO CORP NEW 3.3%

Value $3.018M (+17.9%) Shares 11,702 (-3.5%) Est. Cost $246.96 Unrealized —

WTM WHITE MTNS INS GROUP LTD 5.6%

Value $5.123M (-7.2%) Shares 2,471 (-1.7%) Est. Cost $1345.84 Unrealized —

TSLX SIXTH STREET SPECIALTY LENDI 0.3%

Value $242K (-50.6%) Shares 14,080 (-47.1%) Est. Cost $21.81 Unrealized —

ARCC ARES CAPITAL CORP 0.4%

Value $361K (-32.0%) Shares 19,474 (-33.9%) Est. Cost $19.79 Unrealized —

JNJ JOHNSON & JOHNSON 0.7%

Value $613K (-16.8%) Shares 2,415 (-19.9%) Est. Cost $113.58 Unrealized —

INFL LISTED FDS TR 1.1%

Value $960K (-8.1%) Shares 19,241 (-4.0%) Est. Cost $52.06 Unrealized —

SIRI SIRIUSXM HOLDINGS INC 0.4%

Value $372K (+23.1%) Shares 12,602 (-3.8%) Est. Cost $21.49 Unrealized —

CBRE CBRE GROUP INC 0.3%

Value $249K (-21.7%) Shares 1,852 (-21.3%) Est. Cost $44.60 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VGSH	VANGUARD SCOTTSDALE FDS	35,516 (-46.6%)	$2.067M (-47.0%)	2.3%	$58.11	—	SHORT TERM TREAS	92206C102
ASML	ASML HLDG NV	2,219 (-5.6%)	$4.415M (+42.2%)	4.9%	$1069.86	—	N Y REGISTRY SHS	N07059210
MAC	MACERICH CO	106,916 (-48.3%)	$2.693M (-31.1%)	3.0%	$18.46	—	COM	554382101
OCSL	OAKTREE SPECIALTY LENDING	88,563 (-55.1%)	$1.057M (-52.6%)	1.2%	$19.48	—	COM	67401P405
ROP	ROPER TECHNOLOGIES INC	12,358 (-10.4%)	$4.182M (-14.3%)	4.6%	$452.79	—	COM	776696106
NXPI	NXP SEMICONDUCTORS N V	6,552 (-46.1%)	$1.841M (-23.1%)	2.0%	$213.68	—	COM	N6596X109
GOOG	ALPHABET INC	14,879 (-25.7%)	$5.257M (-8.5%)	5.8%	$267.70	—	CAP STK CL C	02079K107
BRO	BROWN & BROWN INC	64,611 (-8.9%)	$4.145M (-10.3%)	4.6%	$70.40	—	COM	115236101
HEI/A	HEICO CORP NEW	11,702 (-3.5%)	$3.018M (+17.9%)	3.3%	$246.96	—	CL A	422806208
WTM	WHITE MTNS INS GROUP LTD	2,471 (-1.7%)	$5.123M (-7.2%)	5.6%	$1345.84	—	COM	G9618E107
TSLX	SIXTH STREET SPECIALTY LENDI	14,080 (-47.1%)	$242K (-50.6%)	0.3%	$21.81	—	COM	83012A109
ARCC	ARES CAPITAL CORP	19,474 (-33.9%)	$361K (-32.0%)	0.4%	$19.79	—	COM	04010L103
JNJ	JOHNSON & JOHNSON	2,415 (-19.9%)	$613K (-16.8%)	0.7%	$113.58	—	COM	478160104
INFL	LISTED FDS TR	19,241 (-4.0%)	$960K (-8.1%)	1.1%	$52.06	—	HORI KI INFL ETF	53656F623
SIRI	SIRIUSXM HOLDINGS INC	12,602 (-3.8%)	$372K (+23.1%)	0.4%	$21.49	—	COMMON STOCK	829933100
CBRE	CBRE GROUP INC	1,852 (-21.3%)	$249K (-21.7%)	0.3%	$44.60	—	CL A	12504L109

Unchanged Positions (2)

AXP AMERICAN EXPRESS CO 1.6%

Value $1.453M Shares 4,296 Est. Cost $96.20 Unrealized —

WSO WATSCO INC 1.1%

Value $1.019M Shares 2,445 Est. Cost $339.40 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AXP	AMERICAN EXPRESS CO	4,296	$1.453M	1.6%	$96.20	—	COM	025816109
WSO	WATSCO INC	2,445	$1.019M	1.1%	$339.40	—	COM	942622200