Richmond Brothers, Inc. Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
QQQ	INVESCO QQQ TR	76,170 (+13.5%)	$46,790 (+16.1%)	29.8%	$528.71	—	UNIT SER 1	46090E103
VHT	VANGUARD WORLD FD	24,367 (+76.2%)	$7,014 (+95.3%)	4.5%	$284.09	—	HEALTH CAR ETF	92204A504
SSO	PROSHARES TR	35,941 (+409.5%)	$2,082 (+163.2%)	1.3%	$68.56	—	PSHS ULT S&P 500	74347R107
QLD	PROSHARES TR	29,152 (+394.9%)	$2,053 (+154.0%)	1.3%	$83.91	—	PSHS ULTRA QQQ	74347R206
—	GUGGENHEIM STRATEGIC OPPORTU	240,545 (+4.9%)	$3,098 (-9.8%)	2.0%	$15.79	—	COM SBI	40167F101
GOOGL	ALPHABET INC	1,328 (+5.1%)	$416 (+35.3%)	0.3%	$212.88	+34.2%	CAP STK CL A	02079K305
TQQQ	PROSHARES TR	20,952 (+97.9%)	$1,105 (+0.9%)	0.7%	$60.41	—	ULTRAPRO QQQ	74347X831
OPTT	OCEAN PWR TECHNOLOGIES INC	18,358 (+31.4%)	$6 (-21.7%)	0.0%	$0.61	-26.9%	COM NEW	674870506

Decreased Positions (18)

BSV VANGUARD BD INDEX FDS 1.7%

Value ($000) $2,726 (-64.2%) Shares 34,594 (-64.2%) Est. Cost $78.08 Unrealized —

BLV VANGUARD BD INDEX FDS 3.5%

Value ($000) $5,457 (-28.1%) Shares 78,488 (-26.7%) Est. Cost $70.30 Unrealized —

BIV VANGUARD BD INDEX FDS 3.5%

Value ($000) $5,575 (-26.1%) Shares 71,581 (-25.9%) Est. Cost $76.74 Unrealized —

VTIP VANGUARD MALVERN FDS 1.9%

Value ($000) $2,918 (-33.5%) Shares 59,000 (-31.9%) Est. Cost $49.60 Unrealized —

VPU VANGUARD WORLD FD 4.3%

Value ($000) $6,794 (-13.2%) Shares 36,718 (-11.1%) Est. Cost $173.01 Unrealized —

VGT VANGUARD WORLD FD 4.4%

Value ($000) $6,955 (-11.1%) Shares 9,227 (-11.9%) Est. Cost $618.35 Unrealized —

VIS VANGUARD WORLD FD 4.4%

Value ($000) $6,864 (-9.0%) Shares 23,004 (-9.7%) Est. Cost $259.08 Unrealized —

VCR VANGUARD WORLD FD 4.3%

Value ($000) $6,724 (-9.1%) Shares 17,071 (-8.6%) Est. Cost $350.23 Unrealized —

VOX VANGUARD WORLD FD 4.7%

Value ($000) $7,325 (-8.1%) Shares 37,828 (-10.9%) Est. Cost $146.04 Unrealized —

VDC VANGUARD WORLD FD 4.1%

Value ($000) $6,399 (-7.4%) Shares 30,298 (-6.3%) Est. Cost $217.63 Unrealized —

VDE VANGUARD WORLD FD 4.2%

Value ($000) $6,537 (-7.0%) Shares 51,914 (-7.0%) Est. Cost $124.20 Unrealized —

VFH VANGUARD WORLD FD 4.4%

Value ($000) $6,926 (-6.6%) Shares 51,883 (-8.2%) Est. Cost $110.51 Unrealized —

VAW VANGUARD WORLD FD 4.3%

Value ($000) $6,730 (-6.0%) Shares 32,424 (-7.2%) Est. Cost $207.54 Unrealized —

VNQ VANGUARD INDEX FDS 2.0%

Value ($000) $3,172 (-9.8%) Shares 35,842 (-6.8%) Est. Cost $96.17 Unrealized —

MDXG MIMEDX GROUP INC 0.4%

Value ($000) $624 (-23.7%) Shares 92,188 (-21.3%) Est. Cost $6.94 Unrealized +0.9%

AAPL APPLE INC 2.2%

Value ($000) $3,452 (+5.6%) Shares 12,697 (-1.1%) Est. Cost $154.71 Unrealized +73.5%

BRK/B BERKSHIRE HATHAWAY INC DEL 1.9%

Value ($000) $2,932 (-1.1%) Shares 5,832 (-1.1%) Est. Cost $287.16 Unrealized +73.3%

AMZN AMAZON COM INC 0.1%

Value ($000) $229 (-9.5%) Shares 991 (-13.9%) Est. Cost $197.89 Unrealized +15.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BSV	VANGUARD BD INDEX FDS	34,594 (-64.2%)	$2,726 (-64.2%)	1.7%	$78.08	—	SHORT TRM BOND	921937827
BLV	VANGUARD BD INDEX FDS	78,488 (-26.7%)	$5,457 (-28.1%)	3.5%	$70.30	—	LONG TERM BOND	921937793
BIV	VANGUARD BD INDEX FDS	71,581 (-25.9%)	$5,575 (-26.1%)	3.5%	$76.74	—	INTERMED TERM	921937819
VTIP	VANGUARD MALVERN FDS	59,000 (-31.9%)	$2,918 (-33.5%)	1.9%	$49.60	—	STRM INFPROIDX	922020805
VPU	VANGUARD WORLD FD	36,718 (-11.1%)	$6,794 (-13.2%)	4.3%	$173.01	—	UTILITIES ETF	92204A876
VGT	VANGUARD WORLD FD	9,227 (-11.9%)	$6,955 (-11.1%)	4.4%	$618.35	—	INF TECH ETF	92204A702
VIS	VANGUARD WORLD FD	23,004 (-9.7%)	$6,864 (-9.0%)	4.4%	$259.08	—	INDUSTRIAL ETF	92204A603
VCR	VANGUARD WORLD FD	17,071 (-8.6%)	$6,724 (-9.1%)	4.3%	$350.23	—	CONSUM DIS ETF	92204A108
VOX	VANGUARD WORLD FD	37,828 (-10.9%)	$7,325 (-8.1%)	4.7%	$146.04	—	COMM SRVC ETF	92204A884
VDC	VANGUARD WORLD FD	30,298 (-6.3%)	$6,399 (-7.4%)	4.1%	$217.63	—	CONSUM STP ETF	92204A207
VDE	VANGUARD WORLD FD	51,914 (-7.0%)	$6,537 (-7.0%)	4.2%	$124.20	—	ENERGY ETF	92204A306
VFH	VANGUARD WORLD FD	51,883 (-8.2%)	$6,926 (-6.6%)	4.4%	$110.51	—	FINANCIALS ETF	92204A405
VAW	VANGUARD WORLD FD	32,424 (-7.2%)	$6,730 (-6.0%)	4.3%	$207.54	—	MATERIALS ETF	92204A801
VNQ	VANGUARD INDEX FDS	35,842 (-6.8%)	$3,172 (-9.8%)	2.0%	$96.17	—	REAL ESTATE ETF	922908553
MDXG	MIMEDX GROUP INC	92,188 (-21.3%)	$624 (-23.7%)	0.4%	$6.94	+0.9%	COM	602496101
AAPL	APPLE INC	12,697 (-1.1%)	$3,452 (+5.6%)	2.2%	$154.71	+73.5%	COM	037833100
BRK/B	BERKSHIRE HATHAWAY INC DEL	5,832 (-1.1%)	$2,932 (-1.1%)	1.9%	$287.16	+73.3%	CL B NEW	084670702
AMZN	AMAZON COM INC	991 (-13.9%)	$229 (-9.5%)	0.1%	$197.89	+15.6%	COM	023135106

Unchanged Positions (8)

MSFT MICROSOFT CORP 0.7%

Value ($000) $1,096 Shares 2,265 Est. Cost $313.41 Unrealized +59.7%

GOOG ALPHABET INC 0.2%

Value ($000) $280 Shares 891 Est. Cost $209.93 Unrealized +36.4%

ALVO ALVOTECH 0.0%

Value ($000) $72 Shares 13,966 Est. Cost $13.36 Unrealized -52.7%

HRTX HERON THERAPEUTICS INC 0.5%

Value ($000) $744 Shares 572,118 Est. Cost $1.77 Unrealized -30.4%

RMTI ROCKWELL MED INC 0.0%

Value ($000) $26 Shares 30,611 Est. Cost $2.65 Unrealized -61.9%

IVV ISHARES TR 0.2%

Value ($000) $381 Shares 556 Est. Cost $474.98 Unrealized —

— NUVEEN AMT FREE MUN CR INC F 0.1%

Value ($000) $188 Shares 14,839 Est. Cost $17.64 Unrealized —

BIL SPDR SERIES TRUST 0.2%

Value ($000) $250 Shares 2,731 Est. Cost $91.75 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	2,265	$1,096	0.7%	$313.41	+59.7%	COM	594918104
GOOG	ALPHABET INC	891	$280	0.2%	$209.93	+36.4%	CAP STK CL C	02079K107
ALVO	ALVOTECH	13,966	$72	0.0%	$13.36	-52.7%	ORDINARY SHARES	L01800108
HRTX	HERON THERAPEUTICS INC	572,118	$744	0.5%	$1.77	-30.4%	COM	427746102
RMTI	ROCKWELL MED INC	30,611	$26	0.0%	$2.65	-61.9%	COM NEW	774374300
IVV	ISHARES TR	556	$381	0.2%	$474.98	—	CORE S&P500 ETF	464287200
—	NUVEEN AMT FREE MUN CR INC F	14,839	$188	0.1%	$17.64	—	COM	67071L106
BIL	SPDR SERIES TRUST	2,731	$250	0.2%	$91.75	—	STATE STREET SPD	78468R663