Black Cypress Capital Management, LLC Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FND	FLOOR & DECOR HLDGS INC	201,673 (+135.0%)	$12,280 (+94.2%)	8.6%	$74.65	-13.2%	CL A	339750101
SLB	SCHLUMBERGER LTD	298,162 (+24.8%)	$11,443 (+39.4%)	8.0%	$41.89	-13.9%	COM STK	806857108
USB	US BANCORP DEL	344,130 (+6.5%)	$18,363 (+17.5%)	12.8%	$40.21	+21.2%	COM NEW	902973304
META	META PLATFORMS INC	14,045 (+30.3%)	$9,271 (+17.1%)	6.5%	$495.80	+34.6%	CL A	30303M102
FBIN	FORTUNE BRANDS INNOVATIONS I	150,825 (+22.6%)	$7,544 (+14.9%)	5.3%	$51.43	-3.2%	COM	34964C106
STZ	CONSTELLATION BRANDS INC	6,076 (+10026.7%)	$838 (+10274.3%)	0.6%	$137.05	-0.1%	CL A	21036P108
LOW	LOWES COS INC	17,434 (+9.7%)	$4,204 (+5.3%)	2.9%	$225.59	+6.3%	COM	548661107
IBDS	ISHARES TR	3,300 (+65.0%)	$80 (+64.6%)	0.1%	$24.32	—	IBONDS 27 ETF	46435UAA9
IBTH	ISHARES TR	3,300 (+65.0%)	$74 (+64.6%)	0.1%	$22.50	—	IBONDS 27 TRM TS	46436E841
IBTG	ISHARES TR	5,100 (+1.6%)	$117 (+1.3%)	0.1%	$22.94	—	IBONDS 26 TRM TS	46436E858
IBDR	ISHARES TR	3,500 (+2.0%)	$85 (+1.7%)	0.1%	$24.24	—	IBONDS DEC2026	46435GAA0

Exited Positions (4)

OIH VANECK ETF TRUST 0.4%

Value ($000) $623 Shares 2,397 Est. Cost $259.91 Unrealized —

— ISHARES TR 0.2%

Value ($000) $259 Shares 11,096 Est. Cost $23.25 Unrealized —

BKR BAKER HUGHES COMPANY 0.1%

Value ($000) $114 Shares 2,335 Est. Cost $29.80 Unrealized +58.8%

— ISHARES TR 0.1%

Value ($000) $109 Shares 4,310 Est. Cost $24.86 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OIH	VANECK ETF TRUST	2,397	$623	0.4%	$259.91	—	—	92189H607
—	ISHARES TR	11,096	$259	0.2%	$23.25	—	—	46436E866
BKR	BAKER HUGHES COMPANY	2,335	$114	0.1%	$29.80	+58.8%	—	05722G100
—	ISHARES TR	4,310	$109	0.1%	$24.86	—	—	46434VBD1

Decreased Positions (13)

WCC WESCO INTL INC 23.2%

Value ($000) $33,273 (-9.6%) Shares 136,006 (-21.8%) Est. Cost $163.19 Unrealized +50.1%

WFC WELLS FARGO CO NEW 2.8%

Value ($000) $4,047 (-43.6%) Shares 43,427 (-49.3%) Est. Cost $50.27 Unrealized +72.3%

BF/B BROWN FORMAN CORP 3.4%

Value ($000) $4,822 (-17.0%) Shares 185,022 (-13.7%) Est. Cost $37.64 Unrealized -25.7%

UAL UNITED AIRLS HLDGS INC 3.5%

Value ($000) $5,031 (+14.2%) Shares 44,994 (-1.5%) Est. Cost $52.44 Unrealized +92.7%

JCI JOHNSON CTLS INTL PLC 0.0%

Value ($000) $23 (-80.2%) Shares 188 (-81.8%) Est. Cost $56.62 Unrealized +102.8%

VWO VANGUARD INTL EQUITY INDEX F 0.4%

Value ($000) $544 (-4.8%) Shares 10,115 (-4.0%) Est. Cost $42.11 Unrealized —

VEA VANGUARD TAX-MANAGED FDS 0.7%

Value ($000) $945 (+2.7%) Shares 15,121 (-1.5%) Est. Cost $50.42 Unrealized —

IEMG ISHARES INC 0.4%

Value ($000) $610 (-3.9%) Shares 9,070 (-5.8%) Est. Cost $52.00 Unrealized —

IVW ISHARES TR 0.1%

Value ($000) $103 (-16.7%) Shares 839 (-18.4%) Est. Cost $85.15 Unrealized —

IVE ISHARES TR 0.1%

Value ($000) $114 (-15.2%) Shares 539 (-17.5%) Est. Cost $186.28 Unrealized —

SCHF SCHWAB STRATEGIC TR 0.7%

Value ($000) $947 (+1.6%) Shares 39,386 (-1.6%) Est. Cost $29.58 Unrealized —

DIS DISNEY WALT CO 0.0%

Value ($000) $17 (-25.6%) Shares 152 (-25.1%) Est. Cost $102.38 Unrealized +7.0%

IEFA ISHARES TR 1.0%

Value ($000) $1,370 (-0.4%) Shares 15,314 (-2.8%) Est. Cost $74.68 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WCC	WESCO INTL INC	136,006 (-21.8%)	$33,273 (-9.6%)	23.2%	$163.19	+50.1%	COM	95082P105
WFC	WELLS FARGO CO NEW	43,427 (-49.3%)	$4,047 (-43.6%)	2.8%	$50.27	+72.3%	COM	949746101
BF/B	BROWN FORMAN CORP	185,022 (-13.7%)	$4,822 (-17.0%)	3.4%	$37.64	-25.7%	CL B	115637209
UAL	UNITED AIRLS HLDGS INC	44,994 (-1.5%)	$5,031 (+14.2%)	3.5%	$52.44	+92.7%	COM	910047109
JCI	JOHNSON CTLS INTL PLC	188 (-81.8%)	$23 (-80.2%)	0.0%	$56.62	+102.8%	SHS	G51502105
VWO	VANGUARD INTL EQUITY INDEX F	10,115 (-4.0%)	$544 (-4.8%)	0.4%	$42.11	—	FTSE EMR MKT ETF	922042858
VEA	VANGUARD TAX-MANAGED FDS	15,121 (-1.5%)	$945 (+2.7%)	0.7%	$50.42	—	VAN FTSE DEV MKT	921943858
IEMG	ISHARES INC	9,070 (-5.8%)	$610 (-3.9%)	0.4%	$52.00	—	CORE MSCI EMKT	46434G103
IVW	ISHARES TR	839 (-18.4%)	$103 (-16.7%)	0.1%	$85.15	—	S&P 500 GRWT ETF	464287309
IVE	ISHARES TR	539 (-17.5%)	$114 (-15.2%)	0.1%	$186.28	—	S&P 500 VAL ETF	464287408
SCHF	SCHWAB STRATEGIC TR	39,386 (-1.6%)	$947 (+1.6%)	0.7%	$29.58	—	INTL EQTY ETF	808524805
DIS	DISNEY WALT CO	152 (-25.1%)	$17 (-25.6%)	0.0%	$102.38	+7.0%	COM	254687106
IEFA	ISHARES TR	15,314 (-2.8%)	$1,370 (-0.4%)	1.0%	$74.68	—	CORE MSCI EAFE	46432F842

Unchanged Positions (4)

HAL HALLIBURTON CO 8.6%

Value ($000) $12,301 Shares 435,271 Est. Cost $27.16 Unrealized -3.2%

DAL DELTA AIR LINES INC DEL 4.4%

Value ($000) $6,333 Shares 91,247 Est. Cost $43.92 Unrealized +42.2%

CCL CARNIVAL CORP 3.3%

Value ($000) $4,751 Shares 155,582 Est. Cost $17.04 Unrealized +63.6%

SBUX STARBUCKS CORP 2.6%

Value ($000) $3,732 Shares 44,315 Est. Cost $79.06 Unrealized +6.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HAL	HALLIBURTON CO	435,271	$12,301	8.6%	$27.16	-3.2%	COM	406216101
DAL	DELTA AIR LINES INC DEL	91,247	$6,333	4.4%	$43.92	+42.2%	COM NEW	247361702
CCL	CARNIVAL CORP	155,582	$4,751	3.3%	$17.04	+63.6%	UNIT 99/99/9999	143658300
SBUX	STARBUCKS CORP	44,315	$3,732	2.6%	$79.06	+6.3%	COM	855244109