INVESTMENT MANAGEMENT ASSOCIATES INC /ADV Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MOH	MOLINA HEALTHCARE INC	225,536 (+113.2%)	$39,140 (+93.3%)	10.8%	$173.61	-5.3%	COM	60855R100
TFIN	TRIUMPH FINANCIAL INC	340,161 (+34.2%)	$21,304 (+68.0%)	5.9%	$62.43	-10.3%	COM	89679E300
NU	NU HLDGS LTD	928,723 (+86.4%)	$15,547 (+94.9%)	4.3%	$14.93	+7.6%	ORD SHS CL A	G6683N103
CMCSA	COMCAST CORP NEW	558,367 (+65.3%)	$16,690 (+57.3%)	4.6%	$30.86	-7.5%	CL A	20030N101
LBRDK	LIBERTY BROADBAND CORP	429,284 (+61.4%)	$20,863 (+23.5%)	5.8%	$61.47	-15.4%	COM SER C	530307305
CNQ	CANADIAN NAT RES LTD	358,299 (+6.9%)	$12,128 (+13.2%)	3.3%	$32.96	-1.6%	COM	136385101
SHV	ISHARES TR	33,065 (+29.2%)	$3,642 (+28.8%)	1.0%	$110.42	—	TRUST ISHARE 0-1	464288679

Exited Positions (4)

HUM HUMANA INC 1.4%

Value ($000) $5,195 Shares 19,966 Est. Cost $261.21 Unrealized +0.0%

ELV ELEVANCE HEALTH INC FORMERLY 1.2%

Value ($000) $4,235 Shares 13,108 Est. Cost $308.14 Unrealized +9.3%

MUB ISHARES TR 1.0%

Value ($000) $3,535 Shares 33,191 Est. Cost $107.17 Unrealized —

SPY SPDR S&P 500 ETF TR 0.2%

Value ($000) $551 Shares 296,900 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HUM	HUMANA INC	19,966	$5,195	1.4%	$261.21	+0.0%	—	444859102
ELV	ELEVANCE HEALTH INC FORMERLY	13,108	$4,235	1.2%	$308.14	+9.3%	—	036752103
MUB	ISHARES TR	33,191	$3,535	1.0%	$107.17	—	—	464288414
SPY	SPDR S&P 500 ETF TR	296,900	$551	0.2%	—	—	PUT	78462F103

Decreased Positions (6)

MCK MCKESSON CORP 2.5%

Value ($000) $9,060 (-35.1%) Shares 11,045 (-38.9%) Est. Cost $174.69 Unrealized +366.9%

BTI BRITISH AMERN TOB PLC 7.1%

Value ($000) $25,695 (-15.6%) Shares 453,806 (-20.9%) Est. Cost $34.91 Unrealized —

SOLV SOLVENTUM CORP 3.9%

Value ($000) $14,271 (-24.5%) Shares 180,097 (-30.5%) Est. Cost $66.68 Unrealized +14.9%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.3%

Value ($000) $1,074 (-77.2%) Shares 2,136 (-77.2%) Est. Cost $281.10 Unrealized +77.0%

QVCGA QVC GROUP INC 0.1%

Value ($000) $224 (-65.9%) Shares 21,369 (-56.0%) Est. Cost $5.74 Unrealized +89.6%

BSM BLACK STONE MINERALS L P 7.0%

Value ($000) $25,283 (-0.5%) Shares 1,902,421 (-1.7%) Est. Cost $13.76 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MCK	MCKESSON CORP	11,045 (-38.9%)	$9,060 (-35.1%)	2.5%	$174.69	+366.9%	COM	58155Q103
BTI	BRITISH AMERN TOB PLC	453,806 (-20.9%)	$25,695 (-15.6%)	7.1%	$34.91	—	SPONSORED ADR	110448107
SOLV	SOLVENTUM CORP	180,097 (-30.5%)	$14,271 (-24.5%)	3.9%	$66.68	+14.9%	COM SHS	83444M101
BRK/B	BERKSHIRE HATHAWAY INC DEL	2,136 (-77.2%)	$1,074 (-77.2%)	0.3%	$281.10	+77.0%	CL B NEW	084670702
QVCGA	QVC GROUP INC	21,369 (-56.0%)	$224 (-65.9%)	0.1%	$5.74	+89.6%	COM SER A NEW	74915M605
BSM	BLACK STONE MINERALS L P	1,902,421 (-1.7%)	$25,283 (-0.5%)	7.0%	$13.76	—	COM UNIT	09225M101

Unchanged Positions (13)

UBER UBER TECHNOLOGIES INC 10.0%

Value ($000) $36,435 Shares 445,912 Est. Cost $39.72 Unrealized +126.7%

HII HUNTINGTON INGALLS INDS INC 10.8%

Value ($000) $39,236 Shares 115,377 Est. Cost $191.70 Unrealized +61.4%

GLD SPDR GOLD TR 1.3%

Value ($000) $4,779 Shares 65,100 Est. Cost — Unrealized —

INVX INNOVEX INTERNATIONAL INC 3.8%

Value ($000) $13,815 Shares 631,686 Est. Cost $16.35 Unrealized +27.7%

CACI CACI INTL INC 1.8%

Value ($000) $6,602 Shares 12,391 Est. Cost $443.01 Unrealized +27.6%

PM PHILIP MORRIS INTL INC 5.3%

Value ($000) $19,342 Shares 120,586 Est. Cost $82.83 Unrealized +85.4%

EPD ENTERPRISE PRODS PARTNERS L 4.7%

Value ($000) $17,002 Shares 530,324 Est. Cost $23.01 Unrealized —

SII SPROTT INC 0.3%

Value ($000) $1,014 Shares 10,357 Est. Cost $55.52 Unrealized +59.7%

TLT ISHARES TR 0.1%

Value ($000) $250 Shares 460,500 Est. Cost — Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 0.1%

Value ($000) $326 Shares 563 Est. Cost $539.78 Unrealized +4.7%

GDX VANECK ETF TRUST 0.1%

Value ($000) $300 Shares 3,500 Est. Cost $76.40 Unrealized —

PHG KONINKLIJKE PHILIPS N V 3.8%

Value ($000) $13,737 Shares 507,264 Est. Cost $23.98 Unrealized —

NVDA NVIDIA CORPORATION 0.1%

Value ($000) $373 Shares 2,000 Est. Cost $118.07 Unrealized +57.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UBER	UBER TECHNOLOGIES INC	445,912	$36,435	10.0%	$39.72	+126.7%	COM	90353T100
HII	HUNTINGTON INGALLS INDS INC	115,377	$39,236	10.8%	$191.70	+61.4%	COM	446413106
GLD	SPDR GOLD TR	65,100	$4,779	1.3%	—	—	CALL	78463V107
INVX	INNOVEX INTERNATIONAL INC	631,686	$13,815	3.8%	$16.35	+27.7%	COM	457651107
CACI	CACI INTL INC	12,391	$6,602	1.8%	$443.01	+27.6%	CL A	127190304
PM	PHILIP MORRIS INTL INC	120,586	$19,342	5.3%	$82.83	+85.4%	COM	718172109
EPD	ENTERPRISE PRODS PARTNERS L	530,324	$17,002	4.7%	$23.01	—	COM	293792107
SII	SPROTT INC	10,357	$1,014	0.3%	$55.52	+59.7%	COM NEW	852066208
TLT	ISHARES TR	460,500	$250	0.1%	—	—	PUT	464287432
TMO	THERMO FISHER SCIENTIFIC INC	563	$326	0.1%	$539.78	+4.7%	COM	883556102
GDX	VANECK ETF TRUST	3,500	$300	0.1%	$76.40	—	GOLD MINERS ETF	92189F106
PHG	KONINKLIJKE PHILIPS N V	507,264	$13,737	3.8%	$23.98	—	NY REGIS SHS NEW	500472303
NVDA	NVIDIA CORPORATION	2,000	$373	0.1%	$118.07	+57.6%	COM	67066G104