AVENIR CORP Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OLED	UNIVERSAL DISPLAY CORP	230,181 (+6.5%)	$26,880 (-13.4%)	2.9%	$58.15	+122.3%	COM	91347P105
WAY	WAYSTAR HLDG CORP	746,467 (+3.5%)	$24,447 (-10.7%)	2.7%	$30.61	+16.4%	COM	946784105
ADBE	ADOBE INC	114,324 (+6.3%)	$40,012 (+5.5%)	4.3%	$375.21	-9.4%	COM	00724F101
CTSO	CYTOSORBENTS CORP	5,230,099 (+2.9%)	$3,343 (-29.6%)	0.4%	$3.58	-78.5%	COM NEW	23283X206
ATOM	ATOMERA INC	614,385 (+1.7%)	$1,358 (-49.2%)	0.1%	$5.65	-46.5%	COM	04965B100
V	VISA INC	41,492 (+2.5%)	$14,552 (+5.3%)	1.6%	$152.18	+123.7%	COM CL A	92826C839
SBAC	SBA COMMUNICATIONS CORP NEW	62,909 (+2.3%)	$12,169 (+2.3%)	1.3%	$205.61	-6.3%	CL A	78410G104
LAMR	LAMAR ADVERTISING CO NEW	6,780 (+16.3%)	$858 (+20.2%)	0.1%	$122.40	—	CL A	512816109
BAC	BANK AMERICA CORP	24,690 (+1.0%)	$1,358 (+7.7%)	0.1%	$16.61	+217.1%	COM	060505104
STWD	STARWOOD PPTY TR INC	136,758 (+7.0%)	$2,463 (-0.5%)	0.3%	$20.32	—	COM	85571B105
BN	BROOKFIELD CORP	22,500 (+50.0%)	$1,033 (+0.4%)	0.1%	$29.78	+52.9%	CL A LTD VT SH	11271J107

Exited Positions (3)

ABT ABBOTT LABS 0.0%

Value ($000) $208 Shares 1,553 Est. Cost $125.54 Unrealized +1.4%

ENB ENBRIDGE INC 0.0%

Value ($000) $201 Shares 3,975 Est. Cost $46.12 Unrealized +2.2%

— DENNYS CORP 0.0%

Value ($000) $157 Shares 30,040 Est. Cost $5.94 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ABT	ABBOTT LABS	1,553	$208	0.0%	$125.54	+1.4%	—	002824100
ENB	ENBRIDGE INC	3,975	$201	0.0%	$46.12	+2.2%	—	29250N105
—	DENNYS CORP	30,040	$157	0.0%	$5.94	—	—	24869P104

Decreased Positions (11)

MSFT MICROSOFT CORP 12.9%

Value ($000) $118,692 (-9.2%) Shares 245,425 (-2.8%) Est. Cost $29.12 Unrealized +1619.1%

KMX CARMAX INC 0.2%

Value ($000) $1,457 (-85.2%) Shares 37,701 (-82.8%) Est. Cost $48.23 Unrealized -17.1%

AMTM AMENTUM HOLDINGS INC 2.7%

Value ($000) $24,677 (+19.5%) Shares 850,944 (-1.3%) Est. Cost $21.54 Unrealized +18.7%

LMT LOCKHEED MARTIN CORP 3.4%

Value ($000) $31,118 (-10.8%) Shares 64,336 (-7.9%) Est. Cost $326.62 Unrealized +45.8%

AAPL APPLE INC 6.8%

Value ($000) $62,679 (+5.3%) Shares 230,558 (-1.4%) Est. Cost $87.48 Unrealized +206.8%

AMZN AMAZON COM INC 9.5%

Value ($000) $87,420 (+3.6%) Shares 378,735 (-1.4%) Est. Cost $118.89 Unrealized +92.4%

ERII ENERGY RECOVERY INC 1.4%

Value ($000) $13,080 (-17.3%) Shares 969,580 (-5.5%) Est. Cost $9.69 Unrealized +56.5%

AES AES CORP 0.1%

Value ($000) $1,373 (-24.9%) Shares 95,722 (-31.1%) Est. Cost $8.40 Unrealized +67.0%

AIG AMERICAN INTL GROUP INC 0.2%

Value ($000) $1,726 (+4.0%) Shares 20,180 (-4.5%) Est. Cost $32.93 Unrealized +142.0%

WMT WALMART INC 0.0%

Value ($000) $390 (+5.5%) Shares 3,501 (-2.4%) Est. Cost $56.04 Unrealized +91.3%

LULU LULULEMON ATHLETICA INC 0.0%

Value ($000) $340 (+4.1%) Shares 1,637 (-10.9%) Est. Cost $309.99 Unrealized -41.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	245,425 (-2.8%)	$118,692 (-9.2%)	12.9%	$29.12	+1619.1%	COM	594918104
KMX	CARMAX INC	37,701 (-82.8%)	$1,457 (-85.2%)	0.2%	$48.23	-17.1%	COM	143130102
AMTM	AMENTUM HOLDINGS INC	850,944 (-1.3%)	$24,677 (+19.5%)	2.7%	$21.54	+18.7%	COM	023939101
LMT	LOCKHEED MARTIN CORP	64,336 (-7.9%)	$31,118 (-10.8%)	3.4%	$326.62	+45.8%	COM	539830109
AAPL	APPLE INC	230,558 (-1.4%)	$62,679 (+5.3%)	6.8%	$87.48	+206.8%	COM	037833100
AMZN	AMAZON COM INC	378,735 (-1.4%)	$87,420 (+3.6%)	9.5%	$118.89	+92.4%	COM	023135106
ERII	ENERGY RECOVERY INC	969,580 (-5.5%)	$13,080 (-17.3%)	1.4%	$9.69	+56.5%	COM	29270J100
AES	AES CORP	95,722 (-31.1%)	$1,373 (-24.9%)	0.1%	$8.40	+67.0%	COM	00130H105
AIG	AMERICAN INTL GROUP INC	20,180 (-4.5%)	$1,726 (+4.0%)	0.2%	$32.93	+142.0%	COM NEW	026874784
WMT	WALMART INC	3,501 (-2.4%)	$390 (+5.5%)	0.0%	$56.04	+91.3%	COM	931142103
LULU	LULULEMON ATHLETICA INC	1,637 (-10.9%)	$340 (+4.1%)	0.0%	$309.99	-41.6%	COM	550021109

Unchanged Positions (48)

ORLY OREILLY AUTOMOTIVE INC 7.5%

Value ($000) $69,104 Shares 757,632 Est. Cost $85.76 Unrealized +13.9%

MKL MARKEL GROUP INC 10.8%

Value ($000) $99,684 Shares 46,372 Est. Cost $681.53 Unrealized +197.3%

AMT AMERICAN TOWER CORP NEW 8.0%

Value ($000) $73,338 Shares 417,712 Est. Cost $74.61 Unrealized +141.6%

CPRT COPART INC 4.7%

Value ($000) $43,703 Shares 1,116,292 Est. Cost $34.53 Unrealized +20.1%

BOKF BOK FINL CORP 1.6%

Value ($000) $14,807 Shares 124,997 Est. Cost $52.46 Unrealized +112.2%

GOOG ALPHABET INC 0.4%

Value ($000) $3,380 Shares 10,770 Est. Cost $113.37 Unrealized +152.6%

MPLX MPLX LP 1.1%

Value ($000) $9,974 Shares 186,892 Est. Cost $38.01 Unrealized —

OPRX OPTIMIZERX CORP 0.1%

Value ($000) $947 Shares 77,260 Est. Cost $11.20 Unrealized +45.9%

BRK/B BERKSHIRE HATHAWAY INC DEL 6.0%

Value ($000) $55,165 Shares 109,748 Est. Cost $173.81 Unrealized +186.3%

COHR COHERENT CORP 0.1%

Value ($000) $1,128 Shares 6,110 Est. Cost $74.72 Unrealized +100.2%

MA MASTERCARD INCORPORATED 3.9%

Value ($000) $36,015 Shares 63,087 Est. Cost $242.12 Unrealized +130.9%

ET ENERGY TRANSFER LP 0.8%

Value ($000) $7,442 Shares 451,327 Est. Cost $14.79 Unrealized —

DBRG DIGITALBRIDGE GROUP INC 0.1%

Value ($000) $1,122 Shares 73,139 Est. Cost $12.86 Unrealized -6.6%

PHYS SPROTT PHYSICAL GOLD TRUST 0.2%

Value ($000) $1,991 Shares 60,310 Est. Cost $16.73 Unrealized —

ENVX ENOVIX CORPORATION 0.0%

Value ($000) $459 Shares 62,828 Est. Cost $10.96 Unrealized -11.6%

KMI KINDER MORGAN INC DEL 0.4%

Value ($000) $3,991 Shares 145,185 Est. Cost $15.28 Unrealized +76.1%

ORCL ORACLE CORP 0.0%

Value ($000) $263 Shares 1,350 Est. Cost $160.80 Unrealized +48.0%

GOOD GLADSTONE COMMERCIAL CORP 0.1%

Value ($000) $715 Shares 66,988 Est. Cost $18.50 Unrealized —

EPD ENTERPRISE PRODS PARTNERS LP 0.4%

Value ($000) $4,023 Shares 125,478 Est. Cost $45.48 Unrealized —

ADPT ADAPTIVE BIOTECHNOLOGIES COR 0.1%

Value ($000) $1,240 Shares 76,365 Est. Cost $11.86 Unrealized +37.6%

GLD SPDR GOLD TRUST 0.1%

Value ($000) $838 Shares 2,114 Est. Cost $135.59 Unrealized —

DLTR DOLLAR TREE INC 0.0%

Value ($000) $352 Shares 2,860 Est. Cost $59.91 Unrealized +78.8%

CCC CCC INTELLIGENT SOLUTIONS HL 0.1%

Value ($000) $523 Shares 65,772 Est. Cost $11.41 Unrealized -28.7%

XOM EXXON MOBIL CORP 0.1%

Value ($000) $1,004 Shares 8,345 Est. Cost $51.22 Unrealized +125.5%

ANET ARISTA NETWORKS INC 0.0%

Value ($000) $442 Shares 3,370 Est. Cost $101.39 Unrealized +35.8%

EQIX EQUINIX INC 0.2%

Value ($000) $2,100 Shares 2,741 Est. Cost $295.95 Unrealized +164.0%

PRVA PRIVIA HEALTH GROUP INC 0.1%

Value ($000) $871 Shares 36,745 Est. Cost $25.41 Unrealized -4.2%

BIP BROOKFIELD INFRAST PARTNERS 0.1%

Value ($000) $801 Shares 23,071 Est. Cost $35.74 Unrealized —

INTC INTEL CORP 0.0%

Value ($000) $420 Shares 11,393 Est. Cost $26.27 Unrealized +43.8%

BRSP BRIGHTSPIRE CAPITAL INC 0.1%

Value ($000) $1,243 Shares 221,900 Est. Cost $7.64 Unrealized —

COST COSTCO WHSL CORP NEW 0.0%

Value ($000) $431 Shares 500 Est. Cost $359.04 Unrealized +152.3%

AX AXOS FINANCIAL INC. 0.2%

Value ($000) $1,791 Shares 20,790 Est. Cost $41.73 Unrealized +97.4%

VOO VANGUARD INDEX FDS 0.1%

Value ($000) $1,210 Shares 1,930 Est. Cost $314.71 Unrealized —

TRGP TARGA RES CORP 0.0%

Value ($000) $296 Shares 1,602 Est. Cost $113.18 Unrealized +48.5%

RTX RTX CORPORATION 0.0%

Value ($000) $300 Shares 1,634 Est. Cost $124.76 Unrealized +38.9%

PCAR PACCAR INC 0.0%

Value ($000) $246 Shares 2,250 Est. Cost $100.80 Unrealized +0.4%

CCI CROWN CASTLE INC 0.0%

Value ($000) $288 Shares 3,240 Est. Cost $90.81 Unrealized +0.3%

LHX L3HARRIS TECHNOLOGIES INC 0.0%

Value ($000) $398 Shares 1,357 Est. Cost $207.74 Unrealized +38.8%

VABK VIRGINIA NATL BANKSHARES CORP 0.0%

Value ($000) $430 Shares 10,800 Est. Cost $33.89 Unrealized +18.0%

BSM BLACK STONE MINERALS LP 0.1%

Value ($000) $982 Shares 73,900 Est. Cost $15.96 Unrealized —

PNC PNC FINL SVCS GROUP INC 0.0%

Value ($000) $264 Shares 1,266 Est. Cost $167.50 Unrealized +15.1%

TPVG TRIPLEPOINT VENTURE GROWTH B 0.0%

Value ($000) $72 Shares 11,000 Est. Cost $7.29 Unrealized -17.8%

GE GE AEROSPACE 0.0%

Value ($000) $285 Shares 925 Est. Cost $218.59 Unrealized +37.6%

QQQ INVESCO QQQ TR 0.0%

Value ($000) $211 Shares 344 Est. Cost $600.37 Unrealized —

ABBV ABBVIE INC 0.0%

Value ($000) $334 Shares 1,462 Est. Cost $135.33 Unrealized +68.1%

NEWT NEWTEK BUSINESS SVCS CORP 0.1%

Value ($000) $463 Shares 40,800 Est. Cost $17.68 Unrealized -38.3%

BRK/A BERKSHIRE HATHAWAY INC DEL 0.5%

Value ($000) $4,529 Shares 6 Est. Cost $165023.42 Unrealized +352.3%

DIS DISNEY WALT CO 0.0%

Value ($000) $301 Shares 2,646 Est. Cost $155.53 Unrealized -29.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORLY	OREILLY AUTOMOTIVE INC	757,632	$69,104	7.5%	$85.76	+13.9%	COM	67103H107
MKL	MARKEL GROUP INC	46,372	$99,684	10.8%	$681.53	+197.3%	COM	570535104
AMT	AMERICAN TOWER CORP NEW	417,712	$73,338	8.0%	$74.61	+141.6%	CL A	03027X100
CPRT	COPART INC	1,116,292	$43,703	4.7%	$34.53	+20.1%	COM	217204106
BOKF	BOK FINL CORP	124,997	$14,807	1.6%	$52.46	+112.2%	COM NEW	05561Q201
GOOG	ALPHABET INC	10,770	$3,380	0.4%	$113.37	+152.6%	CAP STK CL C	02079K107
MPLX	MPLX LP	186,892	$9,974	1.1%	$38.01	—	COM UNIT REP LTD	55336V100
OPRX	OPTIMIZERX CORP	77,260	$947	0.1%	$11.20	+45.9%	COM NEW	68401U204
BRK/B	BERKSHIRE HATHAWAY INC DEL	109,748	$55,165	6.0%	$173.81	+186.3%	CL B NEW	084670702
COHR	COHERENT CORP	6,110	$1,128	0.1%	$74.72	+100.2%	COM	19247G107
MA	MASTERCARD INCORPORATED	63,087	$36,015	3.9%	$242.12	+130.9%	CL A	57636Q104
ET	ENERGY TRANSFER LP	451,327	$7,442	0.8%	$14.79	—	COM UT LTD PTN	29273V100
DBRG	DIGITALBRIDGE GROUP INC	73,139	$1,122	0.1%	$12.86	-6.6%	CL A NEW	25401T603
PHYS	SPROTT PHYSICAL GOLD TRUST	60,310	$1,991	0.2%	$16.73	—	UNIT	85207H104
ENVX	ENOVIX CORPORATION	62,828	$459	0.0%	$10.96	-11.6%	COM	293594107
KMI	KINDER MORGAN INC DEL	145,185	$3,991	0.4%	$15.28	+76.1%	COM	49456B101
ORCL	ORACLE CORP	1,350	$263	0.0%	$160.80	+48.0%	COM	68389X105
GOOD	GLADSTONE COMMERCIAL CORP	66,988	$715	0.1%	$18.50	—	COM	376536108
EPD	ENTERPRISE PRODS PARTNERS LP	125,478	$4,023	0.4%	$45.48	—	COM	293792107
ADPT	ADAPTIVE BIOTECHNOLOGIES COR	76,365	$1,240	0.1%	$11.86	+37.6%	COM	00650F109
GLD	SPDR GOLD TRUST	2,114	$838	0.1%	$135.59	—	GOLD SHS	78463V107
DLTR	DOLLAR TREE INC	2,860	$352	0.0%	$59.91	+78.8%	COM	256746108
CCC	CCC INTELLIGENT SOLUTIONS HL	65,772	$523	0.1%	$11.41	-28.7%	COM	12510Q100
XOM	EXXON MOBIL CORP	8,345	$1,004	0.1%	$51.22	+125.5%	COM	30231G102
ANET	ARISTA NETWORKS INC	3,370	$442	0.0%	$101.39	+35.8%	COM SHS	040413205
EQIX	EQUINIX INC	2,741	$2,100	0.2%	$295.95	+164.0%	COM	29444U700
PRVA	PRIVIA HEALTH GROUP INC	36,745	$871	0.1%	$25.41	-4.2%	COM	74276R102
BIP	BROOKFIELD INFRAST PARTNERS	23,071	$801	0.1%	$35.74	—	LP INT UNIT	G16252101
INTC	INTEL CORP	11,393	$420	0.0%	$26.27	+43.8%	COM	458140100
BRSP	BRIGHTSPIRE CAPITAL INC	221,900	$1,243	0.1%	$7.64	—	COM CL A	10949T109
COST	COSTCO WHSL CORP NEW	500	$431	0.0%	$359.04	+152.3%	COM	22160K105
AX	AXOS FINANCIAL INC.	20,790	$1,791	0.2%	$41.73	+97.4%	COM	05465C100
VOO	VANGUARD INDEX FDS	1,930	$1,210	0.1%	$314.71	—	S&P 500 ETF SHS	922908363
TRGP	TARGA RES CORP	1,602	$296	0.0%	$113.18	+48.5%	COM	87612G101
RTX	RTX CORPORATION	1,634	$300	0.0%	$124.76	+38.9%	COM	75513E101
PCAR	PACCAR INC	2,250	$246	0.0%	$100.80	+0.4%	COM	693718108
CCI	CROWN CASTLE INC	3,240	$288	0.0%	$90.81	+0.3%	COM	22822V101
LHX	L3HARRIS TECHNOLOGIES INC	1,357	$398	0.0%	$207.74	+38.8%	COM	502431109
VABK	VIRGINIA NATL BANKSHARES CORP	10,800	$430	0.0%	$33.89	+18.0%	COM	928031103
BSM	BLACK STONE MINERALS LP	73,900	$982	0.1%	$15.96	—	COM UNIT	09225M101
PNC	PNC FINL SVCS GROUP INC	1,266	$264	0.0%	$167.50	+15.1%	COM	693475105
TPVG	TRIPLEPOINT VENTURE GROWTH B	11,000	$72	0.0%	$7.29	-17.8%	COM	89677Y100
GE	GE AEROSPACE	925	$285	0.0%	$218.59	+37.6%	COM NEW	369604301
QQQ	INVESCO QQQ TR	344	$211	0.0%	$600.37	—	UNIT SER 1	46090E103
ABBV	ABBVIE INC	1,462	$334	0.0%	$135.33	+68.1%	COM	00287Y109
NEWT	NEWTEK BUSINESS SVCS CORP	40,800	$463	0.1%	$17.68	-38.3%	COM NEW	652526203
BRK/A	BERKSHIRE HATHAWAY INC DEL	6	$4,529	0.5%	$165023.42	+352.3%	CL A	084670108
DIS	DISNEY WALT CO	2,646	$301	0.0%	$155.53	-29.6%	COM	254687106