Gruss & Co., LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EEM	ISHARES TR	37,000	$2,024	4.5%	$54.71	—	MSCI EMG MKT ETF	464287234
RSVR	RESERVOIR MEDIA INC	265,000	$2,006	4.4%	$7.49	0.0%	COM	76119X105
WBD	WARNER BROS DISCOVERY INC	37,500	$1,081	2.4%	$23.37	0.0%	COM SER A	934423104
SLV	ISHARES SILVER TR	12,500	$805	1.8%	$64.42	—	ISHARES	46428Q109
XLEI	SELECT SECTOR SPDR TR	17,500	$782	1.7%	$44.71	—	STATE STREET ENE	81369Y829
NG	NOVAGOLD RES INC	50,000	$466	1.0%	$9.27	0.0%	COM NEW	66987E206
ET	ENERGY TRANSFER L P	25,000	$412	0.9%	$16.49	—	COM UT LTD PTN	29273V100
VIXY	PROSHARES TR II	15,000	$385	0.8%	$25.64	—	VIX SHT TERM FUT	74347Y730
GEV	GE VERNOVA INC	500	$327	0.7%	$609.04	0.0%	COM	36828A101
DECK	DECKERS OUTDOOR CORP	2,250	$233	0.5%	$93.73	0.0%	COM	243537107
HSAI	HESAI GROUP	10,000	$224	0.5%	$22.40	—	SPONSORED ADS	428050108
XLU	SELECT SECTOR SPDR TR	5,000	$213	0.5%	$42.69	—	STATE STREET UTI	81369Y886
EL	LAUDER ESTEE COS INC	2,000	$209	0.5%	$96.82	0.0%	CL A	518439104
—	KAYNE ANDERSON ENERGY INFRST	15,086	$187	0.4%	$12.38	—	COM	486606106
FRMI	FERMI INC	10,000	$80	0.2%	$19.51	0.0%	COM	314911108

Increased Positions (7)

AMZN AMAZON COM INC 6.6%

Value ($000) $3,001 (+110.2%) Shares 13,000 (+100.0%) Est. Cost $211.28 Unrealized +8.3%

AAXJ ISHARES TR 4.9%

Value ($000) $2,235 (+19.5%) Shares 24,000 (+17.1%) Est. Cost $83.79 Unrealized —

META META PLATFORMS INC 2.2%

Value ($000) $990 (+34.8%) Shares 1,500 (+50.0%) Est. Cost $557.11 Unrealized +19.8%

GDX VANECK ETF TRUST 1.2%

Value ($000) $558 (+62.2%) Shares 6,500 (+44.4%) Est. Cost $49.08 Unrealized —

EPD ENTERPRISE PRODS PARTNERS L 1.2%

Value ($000) $529 (+30.1%) Shares 16,500 (+26.9%) Est. Cost $31.44 Unrealized —

NVDA NVIDIA CORPORATION 2.5%

Value ($000) $1,119 (+9.0%) Shares 6,000 (+9.1%) Est. Cost $127.62 Unrealized +45.8%

BE BLOOM ENERGY CORP 1.1%

Value ($000) $478 (+13.0%) Shares 5,500 (+10.0%) Est. Cost $51.77 Unrealized +103.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	13,000 (+100.0%)	$3,001 (+110.2%)	6.6%	$211.28	+8.3%	COM	023135106
AAXJ	ISHARES TR	24,000 (+17.1%)	$2,235 (+19.5%)	4.9%	$83.79	—	MSCI AC ASIA ETF	464288182
META	META PLATFORMS INC	1,500 (+50.0%)	$990 (+34.8%)	2.2%	$557.11	+19.8%	CL A	30303M102
GDX	VANECK ETF TRUST	6,500 (+44.4%)	$558 (+62.2%)	1.2%	$49.08	—	GOLD MINERS ETF	92189F106
EPD	ENTERPRISE PRODS PARTNERS L	16,500 (+26.9%)	$529 (+30.1%)	1.2%	$31.44	—	COM	293792107
NVDA	NVIDIA CORPORATION	6,000 (+9.1%)	$1,119 (+9.0%)	2.5%	$127.62	+45.8%	COM	67066G104
BE	BLOOM ENERGY CORP	5,500 (+10.0%)	$478 (+13.0%)	1.1%	$51.77	+103.0%	COM CL A	093712107

Exited Positions (12)

AMD ADVANCED MICRO DEVICES INC 1.2%

Value ($000) $566 Shares 3,500 Est. Cost $161.38 Unrealized +39.2%

FNV FRANCO NEV CORP 1.2%

Value ($000) $557 Shares 2,500 Est. Cost $180.19 Unrealized +12.5%

TBT PROSHARES TR 0.7%

Value ($000) $338 Shares 10,000 Est. Cost $21.10 Unrealized —

EXE EXPAND ENERGY CORPORATION 0.7%

Value ($000) $319 Shares 3,000 Est. Cost $99.11 Unrealized +11.6%

CVX CHEVRON CORP NEW 0.7%

Value ($000) $311 Shares 2,000 Est. Cost $152.28 Unrealized -0.6%

VG VENTURE GLOBAL INC 0.6%

Value ($000) $284 Shares 20,000 Est. Cost $14.20 Unrealized -41.5%

GDXJ VANECK ETF TRUST 0.5%

Value ($000) $248 Shares 2,500 Est. Cost $99.03 Unrealized —

GOOGL ALPHABET INC 0.5%

Value ($000) $243 Shares 1,000 Est. Cost $209.20 Unrealized +36.5%

XLC SELECT SECTOR SPDR TR 0.5%

Value ($000) $237 Shares 2,000 Est. Cost $118.37 Unrealized —

BLCO BAUSCH PLUS LOMB CORP 0.3%

Value ($000) $151 Shares 10,000 Est. Cost $12.03 Unrealized +31.8%

BORR BORR DRILLING LTD 0.3%

Value ($000) $135 Shares 50,000 Est. Cost $2.49 Unrealized +33.2%

— STRIVE INC 0.1%

Value ($000) $38 Shares 15,000 Est. Cost $2.50 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMD	ADVANCED MICRO DEVICES INC	3,500	$566	1.2%	$161.38	+39.2%	—	007903107
FNV	FRANCO NEV CORP	2,500	$557	1.2%	$180.19	+12.5%	—	351858105
TBT	PROSHARES TR	10,000	$338	0.7%	$21.10	—	—	74347B201
EXE	EXPAND ENERGY CORPORATION	3,000	$319	0.7%	$99.11	+11.6%	—	165167735
CVX	CHEVRON CORP NEW	2,000	$311	0.7%	$152.28	-0.6%	—	166764100
VG	VENTURE GLOBAL INC	20,000	$284	0.6%	$14.20	-41.5%	—	92333F101
GDXJ	VANECK ETF TRUST	2,500	$248	0.5%	$99.03	—	—	92189F791
GOOGL	ALPHABET INC	1,000	$243	0.5%	$209.20	+36.5%	—	02079K305
XLC	SELECT SECTOR SPDR TR	2,000	$237	0.5%	$118.37	—	—	81369Y852
BLCO	BAUSCH PLUS LOMB CORP	10,000	$151	0.3%	$12.03	+31.8%	—	071705107
BORR	BORR DRILLING LTD	50,000	$135	0.3%	$2.49	+33.2%	—	G1466R173
—	STRIVE INC	15,000	$38	0.1%	$2.50	—	—	862945102

Decreased Positions (4)

GLD SPDR GOLD TR 42.7%

Value ($000) $19,419 (-2.4%) Shares 49,000 (-12.5%) Est. Cost $302.58 Unrealized —

AAPL APPLE INC 1.6%

Value ($000) $734 (-31.4%) Shares 2,700 (-35.7%) Est. Cost $195.54 Unrealized +37.2%

JPM JPMORGAN CHASE & CO. 0.7%

Value ($000) $322 (-48.9%) Shares 1,000 (-50.0%) Est. Cost $267.70 Unrealized +15.6%

XBI SPDR SERIES TRUST 0.9%

Value ($000) $427 (+6.5%) Shares 3,500 (-12.5%) Est. Cost $100.20 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLD	SPDR GOLD TR	49,000 (-12.5%)	$19,419 (-2.4%)	42.7%	$302.58	—	GOLD SHS	78463V107
AAPL	APPLE INC	2,700 (-35.7%)	$734 (-31.4%)	1.6%	$195.54	+37.2%	COM	037833100
JPM	JPMORGAN CHASE & CO.	1,000 (-50.0%)	$322 (-48.9%)	0.7%	$267.70	+15.6%	COM	46625H100
XBI	SPDR SERIES TRUST	3,500 (-12.5%)	$427 (+6.5%)	0.9%	$100.20	—	STATE STREET SPD	78464A870

Unchanged Positions (9)

XLK SELECT SECTOR SPDR TR 0.6%

Value ($000) $288 Shares 2,000 Est. Cost $237.91 Unrealized —

MSFT MICROSOFT CORP 6.4%

Value ($000) $2,902 Shares 6,000 Est. Cost $446.27 Unrealized +12.2%

TMUS T-MOBILE US INC 0.4%

Value ($000) $203 Shares 1,000 Est. Cost $187.42 Unrealized +12.8%

SMH VANECK ETF TRUST 0.8%

Value ($000) $360 Shares 1,000 Est. Cost $227.81 Unrealized —

IGV ISHARES TR 0.7%

Value ($000) $317 Shares 3,000 Est. Cost $132.81 Unrealized —

QQQ INVESCO QQQ TR 1.4%

Value ($000) $614 Shares 1,000 Est. Cost $450.67 Unrealized —

BSM BLACK STONE MINERALS L P 2.1%

Value ($000) $944 Shares 71,016 Est. Cost $12.11 Unrealized —

ITA ISHARES TR 0.7%

Value ($000) $322 Shares 1,500 Est. Cost $149.64 Unrealized —

ACWI ISHARES TR 0.6%

Value ($000) $283 Shares 2,000 Est. Cost $138.24 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XLK	SELECT SECTOR SPDR TR	2,000	$288	0.6%	$237.91	—	STATE STREET TEC	81369Y803
MSFT	MICROSOFT CORP	6,000	$2,902	6.4%	$446.27	+12.2%	COM	594918104
TMUS	T-MOBILE US INC	1,000	$203	0.4%	$187.42	+12.8%	COM	872590104
SMH	VANECK ETF TRUST	1,000	$360	0.8%	$227.81	—	SEMICONDUCTR ETF	92189F676
IGV	ISHARES TR	3,000	$317	0.7%	$132.81	—	EXPANDED TECH	464287515
QQQ	INVESCO QQQ TR	1,000	$614	1.4%	$450.67	—	UNIT SER 1	46090E103
BSM	BLACK STONE MINERALS L P	71,016	$944	2.1%	$12.11	—	COM UNIT	09225M101
ITA	ISHARES TR	1,500	$322	0.7%	$149.64	—	US AER DEF ETF	464288760
ACWI	ISHARES TR	2,000	$283	0.6%	$138.24	—	MSCI ACWI ETF	464288257