PECAUT & CO. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BILS	SPDR SERIES TRUST	461,402 (+6.7%)	$45,780 (+6.3%)	14.8%	$99.45	—	STATE STREET SPD	78468R523
EMXC	ISHARES INC	158,364 (+6.6%)	$11,510 (+14.8%)	3.7%	$52.67	—	MSCI EMRG CHN	46434G764
SPDW	SPDR INDEX SHS FDS	219,357 (+7.8%)	$9,742 (+11.9%)	3.1%	$35.73	—	PORTFOLIO DEVLPD	78463X889
AAPL	APPLE INC	37,598 (+3.6%)	$10,222 (+10.6%)	3.3%	$88.29	+204.0%	COM	037833100
BIL	SPDR SERIES TRUST	36,570 (+41.3%)	$3,342 (+40.7%)	1.1%	$91.55	—	STATE STREET SPD	78468R663
SPYV	SPDR SERIES TRUST	188,666 (+2.2%)	$10,718 (+4.9%)	3.5%	$42.99	—	STATE STREET SPD	78464A508
TPL	TEXAS PACIFIC LAND CORPORATI	20,605 (+200.0%)	$5,918 (-7.7%)	1.9%	$254.29	+20.0%	COM	88262P102
VIG	VANGUARD SPECIALIZED FUNDS	58,437 (+1.3%)	$12,843 (+3.2%)	4.1%	$187.46	—	DIV APP ETF	921908844
CIBR	FIRST TR EXCHANGE TRADED FD	90,213 (+1.1%)	$6,446 (-5.0%)	2.1%	$55.63	—	NASDAQ CYB ETF	33734X846
GLDM	WORLD GOLD TR	21,381 (+2.0%)	$1,825 (+13.9%)	0.6%	$51.21	—	SPDR GLD MINIS	98149E303
INFL	LISTED FDS TR	52,153 (+8.3%)	$2,319 (+7.7%)	0.7%	$29.45	—	HORIZON KINETICS	53656F623
LOW	LOWES COS INC	20,148 (+1.3%)	$4,859 (-2.8%)	1.6%	$117.25	+104.6%	COM	548661107
CASY	CASEYS GEN STORES INC	2,625 (+12.9%)	$1,451 (+10.4%)	0.5%	$311.80	+76.3%	COM	147528103
MSFT	MICROSOFT CORP	10,699 (+9.8%)	$5,174 (+2.5%)	1.7%	$282.24	+77.4%	COM	594918104
VEA	VANGUARD TAX-MANAGED FDS	22,288 (+5.3%)	$1,392 (+9.8%)	0.4%	$47.65	—	VAN FTSE DEV MKT	921943858
ESGV	VANGUARD WORLD FD	8,395 (+7.5%)	$1,015 (+9.8%)	0.3%	$90.96	—	ESG US STK ETF	921910733
ESGU	ISHARES TR	1,960 (+32.6%)	$292 (+35.7%)	0.1%	$138.67	—	ESG AWR MSCI USA	46435G425
USMV	ISHARES TR	42,198 (+2.5%)	$3,973 (+1.5%)	1.3%	$93.68	—	MSCI USA MIN VOL	46429B697
VTV	VANGUARD INDEX FDS	6,355 (+1.3%)	$1,214 (+3.8%)	0.4%	$147.76	—	VALUE ETF	922908744
ESGD	ISHARES TR	3,763 (+6.2%)	$358 (+8.7%)	0.1%	$78.52	—	ESG AW MSCI EAFE	46435G516
—	SOURCE CAPITAL	13,311 (+1.1%)	$609 (+2.8%)	0.2%	$41.58	—	COM SHS OF BEN I	836144303
VO	VANGUARD INDEX FDS	2,951 (+2.9%)	$856 (+1.7%)	0.3%	$241.07	—	MID CAP ETF	922908629

Exited Positions (9)

ORCL ORACLE CORP 0.7%

Value ($000) $2,075 Shares 7,378 Est. Cost $112.35 Unrealized +111.9%

PVH PVH CORPORATION 0.3%

Value ($000) $1,056 Shares 12,600 Est. Cost $72.49 Unrealized +7.9%

KMX CARMAX INC 0.2%

Value ($000) $586 Shares 13,050 Est. Cost $59.71 Unrealized -33.0%

TSLA TESLA INC 0.1%

Value ($000) $369 Shares 829 Est. Cost $228.05 Unrealized +94.4%

OXY/WS OCCIDENTAL PETE CORP 0.1%

Value ($000) $268 Shares 10,507 Est. Cost $12.88 Unrealized —

BOC BOSTON OMAHA CORP 0.1%

Value ($000) $228 Shares 17,400 Est. Cost $15.17 Unrealized -14.2%

SLB SCHLUMBERGER LTD 0.1%

Value ($000) $223 Shares 6,500 Est. Cost $28.71 Unrealized +25.6%

PGR PROGRESSIVE CORP 0.1%

Value ($000) $222 Shares 900 Est. Cost $214.15 Unrealized -0.8%

ADP AUTOMATIC DATA PROCESSING IN 0.1%

Value ($000) $205 Shares 700 Est. Cost $287.90 Unrealized -8.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORCL	ORACLE CORP	7,378	$2,075	0.7%	$112.35	+111.9%	—	68389X105
PVH	PVH CORPORATION	12,600	$1,056	0.3%	$72.49	+7.9%	—	693656100
KMX	CARMAX INC	13,050	$586	0.2%	$59.71	-33.0%	—	143130102
TSLA	TESLA INC	829	$369	0.1%	$228.05	+94.4%	—	88160R101
OXY/WS	OCCIDENTAL PETE CORP	10,507	$268	0.1%	$12.88	—	—	674599162
BOC	BOSTON OMAHA CORP	17,400	$228	0.1%	$15.17	-14.2%	—	101044105
SLB	SCHLUMBERGER LTD	6,500	$223	0.1%	$28.71	+25.6%	—	806857108
PGR	PROGRESSIVE CORP	900	$222	0.1%	$214.15	-0.8%	—	743315103
ADP	AUTOMATIC DATA PROCESSING IN	700	$205	0.1%	$287.90	-8.0%	—	053015103

Decreased Positions (17)

GOOG ALPHABET INC 6.1%

Value ($000) $18,979 (+24.6%) Shares 60,480 (-3.3%) Est. Cost $107.35 Unrealized +166.7%

NVDA NVIDIA CORPORATION 0.5%

Value ($000) $1,677 (-55.2%) Shares 8,991 (-55.2%) Est. Cost $92.49 Unrealized +101.2%

BRK/B BERKSHIRE HATHAWAY INC DEL 9.5%

Value ($000) $29,294 (-5.5%) Shares 58,279 (-5.5%) Est. Cost $139.21 Unrealized +257.4%

BRK/A BERKSHIRE HATHAWAY INC DEL 2.4%

Value ($000) $7,548 (-16.6%) Shares 10 (-16.7%) Est. Cost $289457.53 Unrealized +157.9%

FND FLOOR & DECOR HLDGS INC 0.3%

Value ($000) $865 (-48.8%) Shares 14,200 (-38.0%) Est. Cost $83.57 Unrealized -22.4%

KNF KNIFE RIVER CORP 1.2%

Value ($000) $3,573 (-12.8%) Shares 50,790 (-4.7%) Est. Cost $45.25 Unrealized +55.2%

BLDR BUILDERS FIRSTSOURCE INC 0.6%

Value ($000) $2,010 (-16.4%) Shares 19,535 (-1.5%) Est. Cost $92.34 Unrealized +21.7%

ICE INTERCONTINENTAL EXCHANGE IN 0.9%

Value ($000) $2,802 (-10.1%) Shares 17,302 (-6.5%) Est. Cost $99.24 Unrealized +57.4%

SPYG SPDR SERIES TRUST 5.3%

Value ($000) $16,516 (-1.5%) Shares 154,790 (-3.6%) Est. Cost $64.97 Unrealized —

NKE NIKE INC 0.2%

Value ($000) $656 (-11.2%) Shares 10,302 (-2.8%) Est. Cost $74.82 Unrealized -13.2%

WMT WALMART INC 0.4%

Value ($000) $1,355 (+4.2%) Shares 12,164 (-3.6%) Est. Cost $49.09 Unrealized +118.4%

RLI RLI CORP 0.1%

Value ($000) $205 (-21.0%) Shares 3,209 (-19.5%) Est. Cost $59.37 Unrealized +3.5%

UNP UNION PAC CORP 0.3%

Value ($000) $1,014 (-4.0%) Shares 4,382 (-1.9%) Est. Cost $77.69 Unrealized +192.6%

SHV ISHARES TR 0.2%

Value ($000) $489 (-5.9%) Shares 4,437 (-5.7%) Est. Cost $110.51 Unrealized —

AIRR FIRST TR EXCHANGE TRADED FD 1.5%

Value ($000) $4,655 (+0.5%) Shares 47,347 (-1.2%) Est. Cost $96.68 Unrealized —

SPY SPDR S&P 500 ETF TR 0.1%

Value ($000) $266 (-6.0%) Shares 390 (-8.2%) Est. Cost $479.16 Unrealized —

SPSM SPDR SERIES TRUST 1.0%

Value ($000) $3,214 (-0.3%) Shares 68,583 (-1.4%) Est. Cost $41.83 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET INC	60,480 (-3.3%)	$18,979 (+24.6%)	6.1%	$107.35	+166.7%	CAP STK CL C	02079K107
NVDA	NVIDIA CORPORATION	8,991 (-55.2%)	$1,677 (-55.2%)	0.5%	$92.49	+101.2%	COM	67066G104
BRK/B	BERKSHIRE HATHAWAY INC DEL	58,279 (-5.5%)	$29,294 (-5.5%)	9.5%	$139.21	+257.4%	CL B NEW	084670702
BRK/A	BERKSHIRE HATHAWAY INC DEL	10 (-16.7%)	$7,548 (-16.6%)	2.4%	$289457.53	+157.9%	CL A	084670108
FND	FLOOR & DECOR HLDGS INC	14,200 (-38.0%)	$865 (-48.8%)	0.3%	$83.57	-22.4%	CL A	339750101
KNF	KNIFE RIVER CORP	50,790 (-4.7%)	$3,573 (-12.8%)	1.2%	$45.25	+55.2%	COMMON STOCK	498894104
BLDR	BUILDERS FIRSTSOURCE INC	19,535 (-1.5%)	$2,010 (-16.4%)	0.6%	$92.34	+21.7%	COM	12008R107
ICE	INTERCONTINENTAL EXCHANGE IN	17,302 (-6.5%)	$2,802 (-10.1%)	0.9%	$99.24	+57.4%	COM	45866F104
SPYG	SPDR SERIES TRUST	154,790 (-3.6%)	$16,516 (-1.5%)	5.3%	$64.97	—	STATE STREET SPD	78464A409
NKE	NIKE INC	10,302 (-2.8%)	$656 (-11.2%)	0.2%	$74.82	-13.2%	CL B	654106103
WMT	WALMART INC	12,164 (-3.6%)	$1,355 (+4.2%)	0.4%	$49.09	+118.4%	COM	931142103
RLI	RLI CORP	3,209 (-19.5%)	$205 (-21.0%)	0.1%	$59.37	+3.5%	COM	749607107
UNP	UNION PAC CORP	4,382 (-1.9%)	$1,014 (-4.0%)	0.3%	$77.69	+192.6%	COM	907818108
SHV	ISHARES TR	4,437 (-5.7%)	$489 (-5.9%)	0.2%	$110.51	—	TRUST ISHARE 0-1	464288679
AIRR	FIRST TR EXCHANGE TRADED FD	47,347 (-1.2%)	$4,655 (+0.5%)	1.5%	$96.68	—	RBA INDL ETF	33738R704
SPY	SPDR S&P 500 ETF TR	390 (-8.2%)	$266 (-6.0%)	0.1%	$479.16	—	TR UNIT	78462F103
SPSM	SPDR SERIES TRUST	68,583 (-1.4%)	$3,214 (-0.3%)	1.0%	$41.83	—	STATE STREET SPD	78468R853

Unchanged Positions (31)

COST COSTCO WHSL CORP NEW 2.0%

Value ($000) $6,068 Shares 7,037 Est. Cost $116.07 Unrealized +680.3%

WTM WHITE MTNS INS GROUP LTD 0.8%

Value ($000) $2,425 Shares 1,167 Est. Cost $875.58 Unrealized +123.3%

WBI WATERBRIDGE INFRASTRUCTURE L 0.4%

Value ($000) $1,331 Shares 66,500 Est. Cost $23.45 Unrealized -1.0%

MSB MESABI TR 0.4%

Value ($000) $1,308 Shares 33,963 Est. Cost $20.57 Unrealized —

AN AUTONATION INC 1.7%

Value ($000) $5,249 Shares 25,420 Est. Cost $117.02 Unrealized +77.8%

URI UNITED RENTALS INC 0.4%

Value ($000) $1,136 Shares 1,403 Est. Cost $307.46 Unrealized +182.0%

AXP AMERICAN EXPRESS CO 0.6%

Value ($000) $1,868 Shares 5,050 Est. Cost $79.34 Unrealized +349.9%

BWXT BWX TECHNOLOGIES INC 0.5%

Value ($000) $1,406 Shares 8,135 Est. Cost $78.21 Unrealized +139.6%

GRID FIRST TR EXCHANGE TRADED FD 2.4%

Value ($000) $7,533 Shares 49,231 Est. Cost $133.10 Unrealized —

SGOV ISHARES TR 8.1%

Value ($000) $25,137 Shares 250,422 Est. Cost $100.54 Unrealized —

FWONA LIBERTY MEDIA CORP DEL 0.3%

Value ($000) $1,082 Shares 12,108 Est. Cost $56.54 Unrealized —

LB LANDBRIDGE COMPANY LLC 0.3%

Value ($000) $783 Shares 15,992 Est. Cost $35.95 Unrealized +61.8%

WPM WHEATON PRECIOUS METALS CORP 0.4%

Value ($000) $1,357 Shares 11,550 Est. Cost $41.69 Unrealized +156.8%

HE HAWAIIAN ELEC INDUSTRIES 0.2%

Value ($000) $492 Shares 40,000 Est. Cost $10.43 Unrealized +11.1%

JNJ JOHNSON & JOHNSON 0.1%

Value ($000) $460 Shares 2,222 Est. Cost $86.23 Unrealized +128.5%

VUG VANGUARD INDEX FDS 0.8%

Value ($000) $2,333 Shares 4,783 Est. Cost $306.85 Unrealized —

TDW TIDEWATER INC NEW 0.2%

Value ($000) $631 Shares 12,500 Est. Cost $48.60 Unrealized +8.7%

PHYS SPROTT ASSET MANAGEMENT LP 0.1%

Value ($000) $287 Shares 8,700 Est. Cost $24.06 Unrealized —

TFPM TRIPLE FLAG PRECIOUS METAL 0.1%

Value ($000) $233 Shares 7,000 Est. Cost $25.85 Unrealized +21.0%

LXU LSB INDS INC 0.1%

Value ($000) $327 Shares 38,500 Est. Cost $8.32 Unrealized +6.1%

SPMD SPDR SERIES TRUST 2.1%

Value ($000) $6,368 Shares 109,970 Est. Cost $47.32 Unrealized —

IHAK ISHARES TR 0.1%

Value ($000) $220 Shares 4,581 Est. Cost $37.99 Unrealized —

SJT SAN JUAN BASIN RTY TR 0.1%

Value ($000) $169 Shares 30,000 Est. Cost $5.26 Unrealized —

CNI CANADIAN NATL RY CO 0.1%

Value ($000) $265 Shares 2,684 Est. Cost $46.44 Unrealized +107.0%

CINF CINCINNATI FINL CORP 0.1%

Value ($000) $270 Shares 1,653 Est. Cost $125.08 Unrealized +28.9%

IWD ISHARES TR 0.1%

Value ($000) $258 Shares 1,228 Est. Cost $188.10 Unrealized —

VB VANGUARD INDEX FDS 0.3%

Value ($000) $880 Shares 3,410 Est. Cost $217.28 Unrealized —

NRP NATURAL RESOURCE PARTNERS L 0.3%

Value ($000) $814 Shares 7,800 Est. Cost $109.55 Unrealized —

JMST J P MORGAN EXCHANGE TRADED F 0.6%

Value ($000) $1,795 Shares 35,232 Est. Cost $50.92 Unrealized —

— RENN FD INC 0.1%

Value ($000) $221 Shares 86,066 Est. Cost $1.71 Unrealized —

IWF ISHARES TR 0.1%

Value ($000) $271 Shares 573 Est. Cost $395.86 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
COST	COSTCO WHSL CORP NEW	7,037	$6,068	2.0%	$116.07	+680.3%	COM	22160K105
WTM	WHITE MTNS INS GROUP LTD	1,167	$2,425	0.8%	$875.58	+123.3%	COM	G9618E107
WBI	WATERBRIDGE INFRASTRUCTURE L	66,500	$1,331	0.4%	$23.45	-1.0%	CL A SHS REPSTG	940923105
MSB	MESABI TR	33,963	$1,308	0.4%	$20.57	—	CTF BEN INT	590672101
AN	AUTONATION INC	25,420	$5,249	1.7%	$117.02	+77.8%	COM	05329W102
URI	UNITED RENTALS INC	1,403	$1,136	0.4%	$307.46	+182.0%	COM	911363109
AXP	AMERICAN EXPRESS CO	5,050	$1,868	0.6%	$79.34	+349.9%	COM	025816109
BWXT	BWX TECHNOLOGIES INC	8,135	$1,406	0.5%	$78.21	+139.6%	COM	05605H100
GRID	FIRST TR EXCHANGE TRADED FD	49,231	$7,533	2.4%	$133.10	—	NASDQ CLN EDGE	33737A108
SGOV	ISHARES TR	250,422	$25,137	8.1%	$100.54	—	0-3 MNTH TREASRY	46436E718
FWONA	LIBERTY MEDIA CORP DEL	12,108	$1,082	0.3%	$56.54	—	COM LBTY ONE S A	531229771
LB	LANDBRIDGE COMPANY LLC	15,992	$783	0.3%	$35.95	+61.8%	CL A	514952100
WPM	WHEATON PRECIOUS METALS CORP	11,550	$1,357	0.4%	$41.69	+156.8%	COM	962879102
HE	HAWAIIAN ELEC INDUSTRIES	40,000	$492	0.2%	$10.43	+11.1%	COM	419870100
JNJ	JOHNSON & JOHNSON	2,222	$460	0.1%	$86.23	+128.5%	COM	478160104
VUG	VANGUARD INDEX FDS	4,783	$2,333	0.8%	$306.85	—	GROWTH ETF	922908736
TDW	TIDEWATER INC NEW	12,500	$631	0.2%	$48.60	+8.7%	COM	88642R109
PHYS	SPROTT ASSET MANAGEMENT LP	8,700	$287	0.1%	$24.06	—	PHYSICAL GOLD TR	85207H104
TFPM	TRIPLE FLAG PRECIOUS METAL	7,000	$233	0.1%	$25.85	+21.0%	COM	89679M104
LXU	LSB INDS INC	38,500	$327	0.1%	$8.32	+6.1%	COM	502160104
SPMD	SPDR SERIES TRUST	109,970	$6,368	2.1%	$47.32	—	STATE STREET SPD	78464A847
IHAK	ISHARES TR	4,581	$220	0.1%	$37.99	—	CYBERSECURITY	46435U135
SJT	SAN JUAN BASIN RTY TR	30,000	$169	0.1%	$5.26	—	UNIT BEN INT	798241105
CNI	CANADIAN NATL RY CO	2,684	$265	0.1%	$46.44	+107.0%	COM	136375102
CINF	CINCINNATI FINL CORP	1,653	$270	0.1%	$125.08	+28.9%	COM	172062101
IWD	ISHARES TR	1,228	$258	0.1%	$188.10	—	RUS 1000 VAL ETF	464287598
VB	VANGUARD INDEX FDS	3,410	$880	0.3%	$217.28	—	SMALL CP ETF	922908751
NRP	NATURAL RESOURCE PARTNERS L	7,800	$814	0.3%	$109.55	—	COM UNIT LTD PAR	63900P608
JMST	J P MORGAN EXCHANGE TRADED F	35,232	$1,795	0.6%	$50.92	—	ULTRA SHT MUNCPL	46641Q654
—	RENN FD INC	86,066	$221	0.1%	$1.71	—	COM	759720105
IWF	ISHARES TR	573	$271	0.1%	$395.86	—	RUS 1000 GRW ETF	464287614