Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KNSL	Kinsale Cap Group Inc	11,387 (+357.3%)	$3.89M (+299.5%)	2.6%	—	—	COM	49714P108
MKL	Markel Group Inc	9,389 (+4.4%)	$17.97M (-7.1%)	12.1%	—	—	COM	570535104
CPRT	Copart Inc	275,992 (+5.7%)	$9.163M (-10.3%)	6.2%	—	—	COM	217204106
CCC	CCC Intelligent Solutions Hld	1,063,655 (+47.4%)	$6.382M (+11.3%)	4.3%	—	—	COM	12510Q100
V	Visa Inc Cl A	24,620 (+22.9%)	$7.441M (+5.9%)	5.0%	—	—	COM	92826C839
AKRE	Akre Focus ETF	6,687 (+13.6%)	$353K (-8.4%)	0.2%	—	—	COM	74316P579

Exited Positions (5)

OLED Universal Display Corp 0.9%

Value $1.372M Shares 11,748 Est. Cost — Unrealized —

KMX Carmax Inc 0.5%

Value $727K Shares 18,806 Est. Cost — Unrealized —

MRP Millrose Properties Inc Cl A 0.3%

Value $384K Shares 12,851 Est. Cost — Unrealized —

DBRG DigitalBridge Group Inc Cl A N 0.2%

Value $286K Shares 18,623 Est. Cost — Unrealized —

AES Aes Corp 0.1%

Value $143K Shares 10,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
OLED	Universal Display Corp	11,748	$1.372M	0.9%	—	—	—	91347P105
KMX	Carmax Inc	18,806	$727K	0.5%	—	—	—	143130102
MRP	Millrose Properties Inc Cl A	12,851	$384K	0.3%	—	—	—	601137102
DBRG	DigitalBridge Group Inc Cl A N	18,623	$286K	0.2%	—	—	—	25401T603
AES	Aes Corp	10,000	$143K	0.1%	—	—	—	00130H105

Decreased Positions (11)

MSFT Microsoft Corp 7.7%

Value $11.42M (-29.9%) Shares 30,849 (-8.5%) Est. Cost — Unrealized —

AMZN Amazon.Com Inc 8.6%

Value $12.76M (-24.8%) Shares 61,260 (-16.7%) Est. Cost — Unrealized —

MA Mastercard Incorporated Cl A 5.6%

Value $8.268M (-20.3%) Shares 16,548 (-9.0%) Est. Cost — Unrealized —

BRK/B Berkshire Hathaway Inc Cl B Ne 7.4%

Value $10.95M (-10.6%) Shares 22,860 (-6.2%) Est. Cost — Unrealized —

ORLY O'Reilly Automotive Inc 9.0%

Value $13.47M (-8.8%) Shares 145,884 (-9.9%) Est. Cost — Unrealized —

LMT Lockheed Martin Corp 6.5%

Value $9.63M (+15.4%) Shares 15,933 (-7.7%) Est. Cost — Unrealized —

AAPL Apple Inc 5.8%

Value $8.575M (-12.8%) Shares 33,788 (-6.6%) Est. Cost — Unrealized —

AMT American Tower Corp 9.6%

Value $14.33M (-7.7%) Shares 83,010 (-6.1%) Est. Cost — Unrealized —

BLDR Builders Firstsource Inc 1.8%

Value $2.709M (-26.3%) Shares 32,909 (-7.9%) Est. Cost — Unrealized —

GOOGL Alphabet Inc Cap Stock Cl A 4.0%

Value $5.915M (-12.8%) Shares 20,568 (-5.1%) Est. Cost — Unrealized —

SBAC SBA Communications Corp Cl A 0.6%

Value $820K (-16.0%) Shares 4,763 (-5.6%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	Microsoft Corp	30,849 (-8.5%)	$11.42M (-29.9%)	7.7%	—	—	COM	594918104
AMZN	Amazon.Com Inc	61,260 (-16.7%)	$12.76M (-24.8%)	8.6%	—	—	COM	023135106
MA	Mastercard Incorporated Cl A	16,548 (-9.0%)	$8.268M (-20.3%)	5.6%	—	—	COM	57636Q104
BRK/B	Berkshire Hathaway Inc Cl B Ne	22,860 (-6.2%)	$10.95M (-10.6%)	7.4%	—	—	COM	084670702
ORLY	O'Reilly Automotive Inc	145,884 (-9.9%)	$13.47M (-8.8%)	9.0%	—	—	COM	67103H107
LMT	Lockheed Martin Corp	15,933 (-7.7%)	$9.63M (+15.4%)	6.5%	—	—	COM	539830109
AAPL	Apple Inc	33,788 (-6.6%)	$8.575M (-12.8%)	5.8%	—	—	COM	037833100
AMT	American Tower Corp	83,010 (-6.1%)	$14.33M (-7.7%)	9.6%	—	—	COM	03027X100
BLDR	Builders Firstsource Inc	32,909 (-7.9%)	$2.709M (-26.3%)	1.8%	—	—	COM	12008R107
GOOGL	Alphabet Inc Cap Stock Cl A	20,568 (-5.1%)	$5.915M (-12.8%)	4.0%	—	—	COM	02079K305
SBAC	SBA Communications Corp Cl A	4,763 (-5.6%)	$820K (-16.0%)	0.6%	—	—	COM	78410G104

Unchanged Positions (9)

CVX Chevron Corp 0.4%

Value $558K Shares 2,695 Est. Cost — Unrealized —

JPM JPMorgan Chase & Co 0.5%

Value $713K Shares 2,424 Est. Cost — Unrealized —

AEP American Electric Power Co Inc 0.2%

Value $277K Shares 2,116 Est. Cost — Unrealized —

SPY State Street Spdr S&P 500 Etf 0.4%

Value $650K Shares 1,000 Est. Cost — Unrealized —

AVGO Broadcom Inc 0.1%

Value $217K Shares 700 Est. Cost — Unrealized —

GE Ge Aerospace 0.2%

Value $248K Shares 875 Est. Cost — Unrealized —

MPLX MPLX LP Unit Rep Ltd 0.2%

Value $307K Shares 5,381 Est. Cost — Unrealized —

ISOU Isoenergy Ltd New 0.1%

Value $105K Shares 10,000 Est. Cost — Unrealized —

PG Procter And Gamble Co 0.2%

Value $249K Shares 1,721 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CVX	Chevron Corp	2,695	$558K	0.4%	—	—	COM	166764100
JPM	JPMorgan Chase & Co	2,424	$713K	0.5%	—	—	COM	46625H100
AEP	American Electric Power Co Inc	2,116	$277K	0.2%	—	—	COM	025537101
SPY	State Street Spdr S&P 500 Etf	1,000	$650K	0.4%	—	—	PUT	78462F103
AVGO	Broadcom Inc	700	$217K	0.1%	—	—	COM	11135F101
GE	Ge Aerospace	875	$248K	0.2%	—	—	COM	369604301
MPLX	MPLX LP Unit Rep Ltd	5,381	$307K	0.2%	—	—	COM	55336V100
ISOU	Isoenergy Ltd New	10,000	$105K	0.1%	—	—	COM	46500E867
PG	Procter And Gamble Co	1,721	$249K	0.2%	—	—	COM	742718109