Night Owl Capital Management, LLC Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC CAP STK CL C	324,613 (+1.7%)	$101,864 (+31.0%)	11.2%	$118.28	+142.1%	COM	02079K107
WWD	WOODWARD	124,385 (+1.6%)	$37,604 (+21.6%)	4.1%	$220.34	+24.7%	COM	980745103
MSFT	MICROSOFT CORP COM	171,942 (+16.0%)	$83,154 (+8.3%)	9.1%	$192.44	+160.1%	COM	594918104
NFLX	NETFLIX INC COM	242,732 (+916.1%)	$22,759 (-20.5%)	2.5%	$100.84	+6.9%	COM	64110L106
META	META PLATFORMS INC CL A	81,123 (+24.4%)	$53,548 (+11.8%)	5.9%	$540.86	+23.4%	COM	30303M102
SAP	SAP SE SPON ADR	247,552 (+1.0%)	$60,133 (-8.2%)	6.6%	$151.50	—	COM	803054204
TSM	TAIWAN SEMICONDUCTOR MFG CO SP	159,593 (+1.5%)	$48,499 (+10.4%)	5.3%	$131.47	—	COM	874039100
GEV	GE VERNOVA	90,403 (+1.6%)	$59,085 (+8.0%)	6.5%	$221.23	+175.3%	COM	36828A101
AMZN	AMAZON COM INC COM	262,874 (+1.7%)	$60,677 (+6.9%)	6.6%	$132.59	+72.6%	COM	023135106
CRS	CARPENTER TECHNOLOGY	52,084 (+1.5%)	$16,398 (+30.1%)	1.8%	$174.95	+71.8%	COM	144285103
BIL	SPDR BLOOMBERG 1-3 MONTH T-BIL	227,208 (+21.9%)	$20,762 (+21.4%)	2.3%	$91.63	—	TR UNIT	78468R663
SPOT	SPOTIFY TECHNOLOGY SA	30,862 (+1.7%)	$17,922 (-15.4%)	2.0%	$673.96	-7.2%	COM	L8681T102
LIN	LINDE PLC	51,644 (+1.1%)	$22,020 (-9.3%)	2.4%	$425.50	+0.4%	COM	G54950103
GWRE	GUIDEWIRE SOFTWARE	80,920 (+1.7%)	$16,266 (-11.1%)	1.8%	$214.97	+2.9%	COM	40171V100
GE	GE AEROSPACE	154,584 (+1.1%)	$47,617 (+3.5%)	5.2%	$129.40	+132.4%	COM	369604301
AVGO	BROADCOM	66,938 (+1.3%)	$23,167 (+6.3%)	2.5%	$162.81	+119.3%	COM	11135F101
V	VISA INC COM CL A	95,262 (+1.5%)	$33,409 (+4.3%)	3.7%	$112.80	+201.8%	COM	92826C839
—	MERCADOLIBRE	3,951 (+1.6%)	$7,958 (-12.4%)	0.9%	$2601.19	—	COM	58733r102
HWM	HOWMET AEROSPACE	81,703 (+1.5%)	$16,751 (+6.0%)	1.8%	$112.58	+76.8%	COM	443201108
MA	MASTERCARD INC CL A	53,902 (+1.5%)	$30,772 (+1.8%)	3.4%	$160.54	+248.2%	COM	57636Q104
UNP	UNION PACIFIC CORP.	184,768 (+1.6%)	$42,741 (-0.5%)	4.7%	$218.62	+4.0%	COM	907818108
AON	AON PLC REGISTERED SHS CL A	108,774 (+1.6%)	$38,384 (+0.6%)	4.2%	$300.52	+16.2%	COM	G0403H108

Exited Positions (2)

UBER UBER TECHNOLOGIES 4.7%

Value ($000) $43,293 Shares 441,903 Est. Cost $45.24 Unrealized +99.0%

VST VISTRA CORP 2.5%

Value ($000) $22,758 Shares 116,161 Est. Cost $56.73 Unrealized +220.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UBER	UBER TECHNOLOGIES	441,903	$43,293	4.7%	$45.24	+99.0%	—	90353T100
VST	VISTRA CORP	116,161	$22,758	2.5%	$56.73	+220.7%	—	92840M102

Decreased Positions (2)

CEG CONSTELLATION ENERGY 1.4%

Value ($000) $12,793 (-40.9%) Shares 36,212 (-44.9%) Est. Cost $153.92 Unrealized +136.0%

SGOV ISHARES 0-3 MONTH TREASURY BON 0.6%

Value ($000) $5,834 (-3.3%) Shares 58,124 (-3.0%) Est. Cost $100.65 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CEG	CONSTELLATION ENERGY	36,212 (-44.9%)	$12,793 (-40.9%)	1.4%	$153.92	+136.0%	COM	21037T109
SGOV	ISHARES 0-3 MONTH TREASURY BON	58,124 (-3.0%)	$5,834 (-3.3%)	0.6%	$100.65	—	TR UNIT	46436E718

Unchanged Positions (4)

CSGP COSTAR GROUP INC COM 0.8%

Value ($000) $7,303 Shares 108,615 Est. Cost $80.18 Unrealized -11.7%

GOOGL ALPHABET INC. CL A 0.1%

Value ($000) $1,064 Shares 3,400 Est. Cost $110.35 Unrealized +158.8%

BRK/A BERKSHIRE HATHAWAY INC CL A 0.1%

Value ($000) $755 Shares 1 Est. Cost $275226.66 Unrealized +171.2%

BRK/B BERKSHIRE HATHAWAY INC CL B 0.1%

Value ($000) $503 Shares 1,000 Est. Cost $207.14 Unrealized +140.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CSGP	COSTAR GROUP INC COM	108,615	$7,303	0.8%	$80.18	-11.7%	COM	22160N109
GOOGL	ALPHABET INC. CL A	3,400	$1,064	0.1%	$110.35	+158.8%	COM	02079K305
BRK/A	BERKSHIRE HATHAWAY INC CL A	1	$755	0.1%	$275226.66	+171.2%	COM	084670108
BRK/B	BERKSHIRE HATHAWAY INC CL B	1,000	$503	0.1%	$207.14	+140.2%	COM	084670702