SKY-MOUNTAIN CAPITAL MANAGEMENT, INC. Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLD	SPDR GOLD TR	60,526 (+9.3%)	$28,126 (+34.6%)	18.7%	$306.70	—	GOLD SHS	78463V107
USFR	WISDOMTREE TR	1,242,649 (+2.0%)	$62,729 (+2.2%)	41.7%	$50.34	—	FLOATNG RAT TREA	97717Y527
VYM	VANGUARD WHITEHALL FDS	30,077 (+4.2%)	$4,464 (+10.0%)	3.0%	$129.75	—	HIGH DIV YLD	921946406
AMZN	AMAZON COM INC	4,625 (+34.9%)	$1,103 (+47.6%)	0.7%	$220.05	+4.0%	COM	023135106
GOOG	ALPHABET INC	2,784 (+10.6%)	$929 (+46.1%)	0.6%	$217.23	+31.8%	CAP STK CL C	02079K107
VBR	VANGUARD INDEX FDS	7,827 (+9.3%)	$1,756 (+18.1%)	1.2%	$189.52	—	SM CP VAL ETF	922908611
BRK/B	BERKSHIRE HATHAWAY INC DEL	2,785 (+22.1%)	$1,347 (+20.0%)	0.9%	$488.21	+1.9%	CL B NEW	084670702
VWO	VANGUARD INTL EQUITY INDEX F	10,884 (+40.1%)	$620 (+46.3%)	0.4%	$48.60	—	FTSE EMR MKT ETF	922042858
VEA	VANGUARD TAX-MANAGED FDS	10,266 (+23.1%)	$678 (+34.0%)	0.5%	$53.69	—	VAN FTSE DEV MKT	921943858
VXUS	VANGUARD STAR FDS	14,988 (+5.1%)	$1,197 (+13.0%)	0.8%	$63.51	—	VG TL INTL STK F	921909768
VUG	VANGUARD INDEX FDS	5,745 (+1.8%)	$2,797 (+3.0%)	1.9%	$372.85	—	GROWTH ETF	922908736
META	META PLATFORMS INC	417 (+29.9%)	$280 (+19.0%)	0.2%	$648.79	+2.9%	CL A	30303M102
MSFT	MICROSOFT CORP	619 (+12.1%)	$291 (+1.3%)	0.2%	$415.42	+20.5%	COM	594918104

Exited Positions (3)

VNQ VANGUARD INDEX FDS 0.3%

Value ($000) $403 Shares 4,372 Est. Cost $90.54 Unrealized —

ORCL ORACLE CORP 0.1%

Value ($000) $225 Shares 827 Est. Cost $160.80 Unrealized +48.0%

— RITHM PPTY TR INC 0.0%

Value ($000) $36 Shares 14,956 Est. Cost $2.87 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VNQ	VANGUARD INDEX FDS	4,372	$403	0.3%	$90.54	—	—	922908553
ORCL	ORACLE CORP	827	$225	0.1%	$160.80	+48.0%	—	68389X105
—	RITHM PPTY TR INC	14,956	$36	0.0%	$2.87	—	—	38983D300

Decreased Positions (8)

FBTC FIDELITY WISE ORIGIN BITCOIN 8.4%

Value ($000) $12,556 (-24.8%) Shares 164,646 (-7.3%) Est. Cost $73.74 Unrealized —

MSTR STRATEGY INC 1.4%

Value ($000) $2,171 (-48.1%) Shares 13,517 (-9.3%) Est. Cost $318.13 Unrealized -27.6%

AAPL APPLE INC 2.6%

Value ($000) $3,926 (-5.6%) Shares 15,371 (-4.5%) Est. Cost $230.77 Unrealized +16.3%

RWO SPDR INDEX SHS FDS 0.1%

Value ($000) $217 (-46.3%) Shares 4,706 (-46.1%) Est. Cost $43.64 Unrealized —

NVDA NVIDIA CORPORATION 1.3%

Value ($000) $1,997 (-8.3%) Shares 10,710 (-11.3%) Est. Cost $125.82 Unrealized +47.9%

TJX TJX COS INC NEW 0.3%

Value ($000) $427 (-14.6%) Shares 2,846 (-18.6%) Est. Cost $120.10 Unrealized +23.0%

GRID FIRST TR EXCHANGE TRADED FD 3.7%

Value ($000) $5,599 (+1.3%) Shares 34,785 (-4.1%) Est. Cost $143.21 Unrealized —

AMD ADVANCED MICRO DEVICES INC 0.3%

Value ($000) $391 (-8.5%) Shares 1,556 (-16.2%) Est. Cost $108.87 Unrealized +106.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FBTC	FIDELITY WISE ORIGIN BITCOIN	164,646 (-7.3%)	$12,556 (-24.8%)	8.4%	$73.74	—	SHS	315948109
MSTR	STRATEGY INC	13,517 (-9.3%)	$2,171 (-48.1%)	1.4%	$318.13	-27.6%	CL A NEW	594972408
AAPL	APPLE INC	15,371 (-4.5%)	$3,926 (-5.6%)	2.6%	$230.77	+16.3%	COM	037833100
RWO	SPDR INDEX SHS FDS	4,706 (-46.1%)	$217 (-46.3%)	0.1%	$43.64	—	DJ GLB RL ES ETF	78463X749
NVDA	NVIDIA CORPORATION	10,710 (-11.3%)	$1,997 (-8.3%)	1.3%	$125.82	+47.9%	COM	67066G104
TJX	TJX COS INC NEW	2,846 (-18.6%)	$427 (-14.6%)	0.3%	$120.10	+23.0%	COM	872540109
GRID	FIRST TR EXCHANGE TRADED FD	34,785 (-4.1%)	$5,599 (+1.3%)	3.7%	$143.21	—	NASDQ CLN EDGE	33737A108
AMD	ADVANCED MICRO DEVICES INC	1,556 (-16.2%)	$391 (-8.5%)	0.3%	$108.87	+106.3%	COM	007903107

Unchanged Positions (14)

NKE NIKE INC 3.6%

Value ($000) $5,444 Shares 83,764 Est. Cost $72.05 Unrealized -9.9%

GOOGL ALPHABET INC 0.6%

Value ($000) $920 Shares 2,761 Est. Cost $180.70 Unrealized +58.1%

BA BOEING CO 1.0%

Value ($000) $1,497 Shares 6,025 Est. Cost $173.09 Unrealized +18.8%

SBUX STARBUCKS CORP 0.5%

Value ($000) $806 Shares 8,372 Est. Cost $100.99 Unrealized -16.8%

RTX RTX CORPORATION 0.7%

Value ($000) $1,076 Shares 5,542 Est. Cost $124.76 Unrealized +38.9%

EFAV ISHARES TR 0.6%

Value ($000) $868 Shares 9,805 Est. Cost $77.92 Unrealized —

CVX CHEVRON CORP NEW 0.3%

Value ($000) $429 Shares 2,559 Est. Cost $150.48 Unrealized +0.6%

SPY SPDR S&P 500 ETF TR 0.5%

Value ($000) $685 Shares 989 Est. Cost $559.39 Unrealized —

MPC MARATHON PETE CORP 0.2%

Value ($000) $239 Shares 1,384 Est. Cost $145.16 Unrealized +28.4%

VOO VANGUARD INDEX FDS 0.2%

Value ($000) $226 Shares 355 Est. Cost $613.97 Unrealized —

SCHX SCHWAB STRATEGIC TR 0.1%

Value ($000) $214 Shares 7,842 Est. Cost $26.40 Unrealized —

CARR CARRIER GLOBAL CORPORATION 0.2%

Value ($000) $290 Shares 5,059 Est. Cost $65.78 Unrealized -15.6%

OTIS OTIS WORLDWIDE CORP 0.2%

Value ($000) $230 Shares 2,540 Est. Cost $96.18 Unrealized -7.2%

NSC NORFOLK SOUTHN CORP 0.2%

Value ($000) $368 Shares 1,278 Est. Cost $239.35 Unrealized +20.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NKE	NIKE INC	83,764	$5,444	3.6%	$72.05	-9.9%	CL B	654106103
GOOGL	ALPHABET INC	2,761	$920	0.6%	$180.70	+58.1%	CAP STK CL A	02079K305
BA	BOEING CO	6,025	$1,497	1.0%	$173.09	+18.8%	COM	097023105
SBUX	STARBUCKS CORP	8,372	$806	0.5%	$100.99	-16.8%	COM	855244109
RTX	RTX CORPORATION	5,542	$1,076	0.7%	$124.76	+38.9%	COM	75513E101
EFAV	ISHARES TR	9,805	$868	0.6%	$77.92	—	MSCI EAFE MIN VL	46429B689
CVX	CHEVRON CORP NEW	2,559	$429	0.3%	$150.48	+0.6%	COM	166764100
SPY	SPDR S&P 500 ETF TR	989	$685	0.5%	$559.39	—	TR UNIT	78462F103
MPC	MARATHON PETE CORP	1,384	$239	0.2%	$145.16	+28.4%	COM	56585A102
VOO	VANGUARD INDEX FDS	355	$226	0.2%	$613.97	—	S&P 500 ETF SHS	922908363
SCHX	SCHWAB STRATEGIC TR	7,842	$214	0.1%	$26.40	—	US LRG CAP ETF	808524201
CARR	CARRIER GLOBAL CORPORATION	5,059	$290	0.2%	$65.78	-15.6%	COM	14448C104
OTIS	OTIS WORLDWIDE CORP	2,540	$230	0.2%	$96.18	-7.2%	COM	68902V107
NSC	NORFOLK SOUTHN CORP	1,278	$368	0.2%	$239.35	+20.6%	COM	655844108