CALIFORNIA FIRST LEASING CORP Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TWLO	TWILIO INC	44,000 (+21.5%)	$6,259 (+72.7%)	2.0%	$103.71	+19.4%	CL A	90138F102
ALGN	ALIGN TECHNOLOGY INC	44,925 (+8.9%)	$7,015 (+35.8%)	2.3%	$178.52	-19.7%	COM	016255101
ZETA	ZETA GLOBAL HOLDINGS CORP	253,163 (+25.8%)	$5,152 (+28.9%)	1.7%	$18.03	+3.6%	CL A	98956A105
META	META PLATFORMS INC	18,164 (+2.4%)	$11,990 (-8.0%)	3.9%	$335.72	+98.8%	CL A	30303M102
NFLX	NETFLIX INC	26,500 (+900.0%)	$2,485 (-21.8%)	0.8%	$99.25	+8.6%	COM	64110L106

Exited Positions (1)

ITRI ITRON INC 1.1%

Value ($000) $3,357 Shares 26,950 Est. Cost $106.91 Unrealized +1.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ITRI	ITRON INC	26,950	$3,357	1.1%	$106.91	+1.9%	—	465741106

Decreased Positions (1)

LRN STRIDE INC 0.1%

Value ($000) $289 (-88.5%) Shares 4,455 (-73.6%) Est. Cost $144.79 Unrealized -37.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LRN	STRIDE INC	4,455 (-73.6%)	$289 (-88.5%)	0.1%	$144.79	-37.3%	COM	86333M108

Unchanged Positions (37)

MU MICRON TECHNOLOGY INC 8.0%

Value ($000) $24,659 Shares 86,400 Est. Cost $79.52 Unrealized +188.4%

GOOGL ALPHABET INC 10.7%

Value ($000) $32,896 Shares 105,100 Est. Cost $111.63 Unrealized +155.8%

AMAT APPLIED MATLS INC 7.7%

Value ($000) $23,858 Shares 92,836 Est. Cost $139.59 Unrealized +71.6%

AMD ADVANCED MICRO DEVICES INC 3.8%

Value ($000) $11,565 Shares 54,000 Est. Cost $97.20 Unrealized +131.1%

DD DUPONT DE NEMOURS INC 0.7%

Value ($000) $2,168 Shares 53,940 Est. Cost $29.23 Unrealized +27.9%

GS GOLDMAN SACHS GROUP INC 6.6%

Value ($000) $20,393 Shares 23,200 Est. Cost $348.33 Unrealized +133.5%

ETHA ISHARES ETHEREUM TR 1.4%

Value ($000) $4,327 Shares 192,900 Est. Cost $31.51 Unrealized —

DOCN DIGITALOCEAN HLDGS INC 1.4%

Value ($000) $4,215 Shares 87,600 Est. Cost $29.77 Unrealized +47.9%

XOM EXXON MOBIL CORP 6.3%

Value ($000) $19,351 Shares 160,800 Est. Cost $53.90 Unrealized +114.2%

WFC WELLS FARGO CO NEW 3.2%

Value ($000) $9,916 Shares 106,400 Est. Cost $44.20 Unrealized +96.0%

FIX COMFORT SYS USA INC 2.6%

Value ($000) $8,138 Shares 8,720 Est. Cost $405.24 Unrealized +127.8%

TSM TAIWAN SEMICONDUCTOR MFG LTD 3.6%

Value ($000) $11,107 Shares 36,550 Est. Cost $112.04 Unrealized —

CHTR CHARTER COMMUNICATIONS INC N 0.8%

Value ($000) $2,585 Shares 12,382 Est. Cost $356.47 Unrealized -36.9%

IBIT ISHARES BITCOIN TRUST ETF 0.7%

Value ($000) $2,234 Shares 45,000 Est. Cost $65.00 Unrealized —

ALSN ALLISON TRANSMISSION HLDGS I 1.3%

Value ($000) $4,140 Shares 42,290 Est. Cost $45.30 Unrealized +93.2%

SLB SLB LIMITED 1.6%

Value ($000) $4,951 Shares 129,000 Est. Cost $28.71 Unrealized +25.6%

PYPL PAYPAL HLDGS INC 1.1%

Value ($000) $3,243 Shares 55,550 Est. Cost $69.00 Unrealized -6.0%

BAC BANK AMERICA CORP 2.1%

Value ($000) $6,463 Shares 117,500 Est. Cost $41.02 Unrealized +28.4%

CI THE CIGNA GROUP 2.7%

Value ($000) $8,452 Shares 30,710 Est. Cost $197.24 Unrealized +41.6%

MTN VAIL RESORTS INC 1.0%

Value ($000) $3,148 Shares 23,708 Est. Cost $177.25 Unrealized -17.0%

FVRR FIVERR INTL LTD 0.5%

Value ($000) $1,573 Shares 79,610 Est. Cost $23.79 Unrealized -9.5%

QCOM QUALCOMM INC 3.3%

Value ($000) $10,032 Shares 58,650 Est. Cost $146.98 Unrealized +16.2%

ONON ON HLDG AG 1.0%

Value ($000) $2,933 Shares 63,100 Est. Cost $30.11 Unrealized +43.1%

BTI BRITISH AMERN TOB PLC 1.0%

Value ($000) $2,973 Shares 52,500 Est. Cost $39.46 Unrealized —

TBBK BANCORP INC DEL 0.5%

Value ($000) $1,668 Shares 24,701 Est. Cost $69.71 Unrealized -1.0%

EME EMCOR GROUP INC 0.9%

Value ($000) $2,905 Shares 4,748 Est. Cost $464.49 Unrealized +39.4%

LAD LITHIA MTRS INC 1.2%

Value ($000) $3,576 Shares 10,759 Est. Cost $261.54 Unrealized +21.4%

LDOS LEIDOS HOLDINGS INC 1.1%

Value ($000) $3,469 Shares 19,231 Est. Cost $145.14 Unrealized +30.3%

BABA ALIBABA GROUP HLDG LTD 0.2%

Value ($000) $718 Shares 4,900 Est. Cost $80.00 Unrealized —

CNR CORE NATURAL RESOURCES INC 0.8%

Value ($000) $2,496 Shares 28,200 Est. Cost $70.86 Unrealized +20.2%

IWM ISHARES TR 2.4%

Value ($000) $7,312 Shares 29,705 Est. Cost $220.90 Unrealized —

MRVL MARVELL TECHNOLOGY INC 3.6%

Value ($000) $11,115 Shares 130,800 Est. Cost $73.04 Unrealized +19.8%

EG EVEREST GROUP LTD 0.9%

Value ($000) $2,627 Shares 7,740 Est. Cost $370.53 Unrealized -10.9%

UNH UNITEDHEALTH GROUP INC 0.3%

Value ($000) $822 Shares 2,489 Est. Cost $422.19 Unrealized -20.1%

JPM JPMORGAN CHASE & CO. 0.5%

Value ($000) $1,411 Shares 4,380 Est. Cost $105.62 Unrealized +193.1%

CACC CREDIT ACCEP CORP MICH 0.2%

Value ($000) $541 Shares 1,220 Est. Cost $607.01 Unrealized -23.6%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.5%

Value ($000) $1,691 Shares 3,364 Est. Cost $284.56 Unrealized +74.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MU	MICRON TECHNOLOGY INC	86,400	$24,659	8.0%	$79.52	+188.4%	COM	595112103
GOOGL	ALPHABET INC	105,100	$32,896	10.7%	$111.63	+155.8%	CAP STK CL A	02079K305
AMAT	APPLIED MATLS INC	92,836	$23,858	7.7%	$139.59	+71.6%	COM	038222105
AMD	ADVANCED MICRO DEVICES INC	54,000	$11,565	3.8%	$97.20	+131.1%	COM	007903107
DD	DUPONT DE NEMOURS INC	53,940	$2,168	0.7%	$29.23	+27.9%	COM	26614N102
GS	GOLDMAN SACHS GROUP INC	23,200	$20,393	6.6%	$348.33	+133.5%	COM	38141G104
ETHA	ISHARES ETHEREUM TR	192,900	$4,327	1.4%	$31.51	—	SHS	46438R105
DOCN	DIGITALOCEAN HLDGS INC	87,600	$4,215	1.4%	$29.77	+47.9%	COM	25402D102
XOM	EXXON MOBIL CORP	160,800	$19,351	6.3%	$53.90	+114.2%	COM	30231G102
WFC	WELLS FARGO CO NEW	106,400	$9,916	3.2%	$44.20	+96.0%	COM	949746101
FIX	COMFORT SYS USA INC	8,720	$8,138	2.6%	$405.24	+127.8%	COM	199908104
TSM	TAIWAN SEMICONDUCTOR MFG LTD	36,550	$11,107	3.6%	$112.04	—	SPONSORED ADS	874039100
CHTR	CHARTER COMMUNICATIONS INC N	12,382	$2,585	0.8%	$356.47	-36.9%	CL A	16119P108
IBIT	ISHARES BITCOIN TRUST ETF	45,000	$2,234	0.7%	$65.00	—	SHS BEN INT	46438F101
ALSN	ALLISON TRANSMISSION HLDGS I	42,290	$4,140	1.3%	$45.30	+93.2%	COM	01973R101
SLB	SLB LIMITED	129,000	$4,951	1.6%	$28.71	+25.6%	COM STK	806857108
PYPL	PAYPAL HLDGS INC	55,550	$3,243	1.1%	$69.00	-6.0%	COM	70450Y103
BAC	BANK AMERICA CORP	117,500	$6,463	2.1%	$41.02	+28.4%	COM	060505104
CI	THE CIGNA GROUP	30,710	$8,452	2.7%	$197.24	+41.6%	COM	125523100
MTN	VAIL RESORTS INC	23,708	$3,148	1.0%	$177.25	-17.0%	COM	91879Q109
FVRR	FIVERR INTL LTD	79,610	$1,573	0.5%	$23.79	-9.5%	ORD SHS	M4R82T106
QCOM	QUALCOMM INC	58,650	$10,032	3.3%	$146.98	+16.2%	COM	747525103
ONON	ON HLDG AG	63,100	$2,933	1.0%	$30.11	+43.1%	NAMEN AKT A	H5919C104
BTI	BRITISH AMERN TOB PLC	52,500	$2,973	1.0%	$39.46	—	SPONSORED ADR	110448107
TBBK	BANCORP INC DEL	24,701	$1,668	0.5%	$69.71	-1.0%	COM	05969A105
EME	EMCOR GROUP INC	4,748	$2,905	0.9%	$464.49	+39.4%	COM	29084Q100
LAD	LITHIA MTRS INC	10,759	$3,576	1.2%	$261.54	+21.4%	COM	536797103
LDOS	LEIDOS HOLDINGS INC	19,231	$3,469	1.1%	$145.14	+30.3%	COM	525327102
BABA	ALIBABA GROUP HLDG LTD	4,900	$718	0.2%	$80.00	—	SPONSORED ADS	01609W102
CNR	CORE NATURAL RESOURCES INC	28,200	$2,496	0.8%	$70.86	+20.2%	COM SHS	218937100
IWM	ISHARES TR	29,705	$7,312	2.4%	$220.90	—	RUSSELL 2000 ETF	464287655
MRVL	MARVELL TECHNOLOGY INC	130,800	$11,115	3.6%	$73.04	+19.8%	COM	573874104
EG	EVEREST GROUP LTD	7,740	$2,627	0.9%	$370.53	-10.9%	COM	G3223R108
UNH	UNITEDHEALTH GROUP INC	2,489	$822	0.3%	$422.19	-20.1%	COM	91324P102
JPM	JPMORGAN CHASE & CO.	4,380	$1,411	0.5%	$105.62	+193.1%	COM	46625H100
CACC	CREDIT ACCEP CORP MICH	1,220	$541	0.2%	$607.01	-23.6%	COM	225310101
BRK/B	BERKSHIRE HATHAWAY INC DEL	3,364	$1,691	0.5%	$284.56	+74.8%	CL B NEW	084670702