Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
RAAX	VANECK ETF TRUST	323,122	$12.82M	6.0%	$39.67	—	REAL ASSETS ETF	92189F130
URA	GLOBAL X FDS	93,000	$4.064M	1.9%	$43.70	—	GLOBAL X URANIUM	37954Y871
GPIX	GOLDMAN SACHS ETF TR	20,000	$1.111M	0.5%	$55.57	—	S&P 500 PREMIUM	38149W622
GPIQ	GOLDMAN SACHS ETF TR	14,500	$860K	0.4%	$59.31	—	NASDA 100 ETF	38149W630
VDC	VANGUARD WORLD FD	2,140	$483K	0.2%	$225.49	—	CONSUM STP ETF	92204A207
AMZN	AMAZON COM INC	878	$209K	0.1%	$238.34	—	COM	023135106

Increased Positions (14)

FBTC FIDELITY WISE ORIGIN BITCOIN 4.0%

Value $8.551M (+251.8%) Shares 167,499 (+306.8%) Est. Cost $57.24 Unrealized —

COPX GLOBAL X FDS 2.7%

Value $5.763M (+362.2%) Shares 74,877 (+358.5%) Est. Cost $76.83 Unrealized —

IWB ISHARES TR 3.5%

Value $7.558M (+33.5%) Shares 18,456 (+16.3%) Est. Cost $378.49 Unrealized —

OTF BLUE OWL TECHNOLOGY FIN CORP 2.9%

Value $6.116M (+22.2%) Shares 590,905 (+46.3%) Est. Cost $12.39 Unrealized —

GBDC GOLUB CAP BDC INC 0.9%

Value $1.866M (+145.7%) Shares 144,908 (+141.5%) Est. Cost $12.98 Unrealized —

BXSL BLACKSTONE SECD LENDING FD 0.7%

Value $1.444M (+143.8%) Shares 60,893 (+143.6%) Est. Cost $24.43 Unrealized —

OBDC BLUE OWL CAPITAL CORPORATION 2.4%

Value $5.082M (+17.8%) Shares 467,505 (+19.9%) Est. Cost $12.08 Unrealized —

VGT VANGUARD WORLD FD 1.2%

Value $2.672M (+37.0%) Shares 22,352 (+700.0%) Est. Cost $198.80 Unrealized —

CSWC CAPITAL SOUTHWEST CORP 0.5%

Value $1.149M (+153.3%) Shares 48,320 (+135.7%) Est. Cost $23.38 Unrealized —

GLD SPDR GOLD TR 12.9%

Value $27.68M (+2.2%) Shares 75,138 (+19.4%) Est. Cost $391.78 Unrealized —

MFIC MIDCAP FINANCIAL INVSTMNT CO 0.5%

Value $984K (+118.8%) Shares 97,580 (+143.9%) Est. Cost $10.57 Unrealized —

FSK FS KKR CAP CORP 0.3%

Value $735K (+149.0%) Shares 70,020 (+141.4%) Est. Cost $11.87 Unrealized —

NLR VANECK ETF TRUST 0.7%

Value $1.501M (+25.6%) Shares 12,941 (+44.3%) Est. Cost $127.91 Unrealized —

FHLC FIDELITY COVINGTON TRUST 0.3%

Value $618K (+83.0%) Shares 7,997 (+66.7%) Est. Cost $75.47 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FBTC	FIDELITY WISE ORIGIN BITCOIN	167,499 (+306.8%)	$8.551M (+251.8%)	4.0%	$57.24	—	SHS	315948109
COPX	GLOBAL X FDS	74,877 (+358.5%)	$5.763M (+362.2%)	2.7%	$76.83	—	GLOBAL X COPPER	37954Y830
IWB	ISHARES TR	18,456 (+16.3%)	$7.558M (+33.5%)	3.5%	$378.49	—	RUS 1000 ETF	464287622
OTF	BLUE OWL TECHNOLOGY FIN CORP	590,905 (+46.3%)	$6.116M (+22.2%)	2.9%	$12.39	—	COMMON STOCK	095924106
GBDC	GOLUB CAP BDC INC	144,908 (+141.5%)	$1.866M (+145.7%)	0.9%	$12.98	—	COM	38173M102
BXSL	BLACKSTONE SECD LENDING FD	60,893 (+143.6%)	$1.444M (+143.8%)	0.7%	$24.43	—	COMMON STOCK	09261X102
OBDC	BLUE OWL CAPITAL CORPORATION	467,505 (+19.9%)	$5.082M (+17.8%)	2.4%	$12.08	—	COM	69121K104
VGT	VANGUARD WORLD FD	22,352 (+700.0%)	$2.672M (+37.0%)	1.2%	$198.80	—	INF TECH ETF	92204A702
CSWC	CAPITAL SOUTHWEST CORP	48,320 (+135.7%)	$1.149M (+153.3%)	0.5%	$23.38	—	COM	140501107
GLD	SPDR GOLD TR	75,138 (+19.4%)	$27.68M (+2.2%)	12.9%	$391.78	—	GOLD SHS	78463V107
MFIC	MIDCAP FINANCIAL INVSTMNT CO	97,580 (+143.9%)	$984K (+118.8%)	0.5%	$10.57	—	COM NEW	03761U502
FSK	FS KKR CAP CORP	70,020 (+141.4%)	$735K (+149.0%)	0.3%	$11.87	—	COM	302635206
NLR	VANECK ETF TRUST	12,941 (+44.3%)	$1.501M (+25.6%)	0.7%	$127.91	—	URANI NUCLE ETF	92189F601
FHLC	FIDELITY COVINGTON TRUST	7,997 (+66.7%)	$618K (+83.0%)	0.3%	$75.47	—	MSCI HLTH CARE I	316092600

Exited Positions (5)

INFL LISTED FDS TR 8.0%

Value $17.21M Shares 330,506 Est. Cost $45.33 Unrealized —

ARKB ARK 21SHARES BITCOIN ETF 1.9%

Value $4.019M Shares 178,708 Est. Cost $26.16 Unrealized —

IAU ISHARES GOLD TR 1.2%

Value $2.501M Shares 28,370 Est. Cost $88.16 Unrealized —

GDX VANECK ETF TRUST 0.1%

Value $241K Shares 2,622 Est. Cost $85.77 Unrealized —

BWXT BWX TECHNOLOGIES INC 0.1%

Value $204K Shares 1,000 Est. Cost $202.99 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
INFL	LISTED FDS TR	330,506	$17.21M	8.0%	$45.33	—	—	53656F623
ARKB	ARK 21SHARES BITCOIN ETF	178,708	$4.019M	1.9%	$26.16	—	—	040919102
IAU	ISHARES GOLD TR	28,370	$2.501M	1.2%	$88.16	—	—	464285204
GDX	VANECK ETF TRUST	2,622	$241K	0.1%	$85.77	—	—	92189F106
BWXT	BWX TECHNOLOGIES INC	1,000	$204K	0.1%	$202.99	—	—	05605H100

Decreased Positions (4)

USAR USA RARE EARTH INC 44.7%

Value $95.79M (-27.6%) Shares 4,438,785 (-49.2%) Est. Cost $19.07 Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 3.5%

Value $7.585M (-29.3%) Shares 227,859 (-18.4%) Est. Cost $45.30 Unrealized —

SHV ISHARES TR 0.2%

Value $442K (-10.0%) Shares 4,009 (-10.0%) Est. Cost $110.15 Unrealized —

IEF ISHARES TR 0.4%

Value $821K (-4.2%) Shares 8,685 (-3.3%) Est. Cost $96.16 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
USAR	USA RARE EARTH INC	4,438,785 (-49.2%)	$95.79M (-27.6%)	44.7%	$19.07	—	COM	91733P107
IBIT	ISHARES BITCOIN TRUST ETF	227,859 (-18.4%)	$7.585M (-29.3%)	3.5%	$45.30	—	SHS BEN INT	46438F101
SHV	ISHARES TR	4,009 (-10.0%)	$442K (-10.0%)	0.2%	$110.15	—	TRUST ISHARE 0-1	464288679
IEF	ISHARES TR	8,685 (-3.3%)	$821K (-4.2%)	0.4%	$96.16	—	7-10 YR TRSY BD	464287440

Unchanged Positions (18)

GLXY GALAXY DIGITAL INC. 2.0%

Value $4.284M Shares 156,705 Est. Cost $30.98 Unrealized —

SLV ISHARES SILVER TR 0.6%

Value $1.377M Shares 25,750 Est. Cost $64.42 Unrealized —

SPY STATE STR SPDR S&P 500 ETF T 1.1%

Value $2.356M Shares 3,155 Est. Cost $681.92 Unrealized —

QQQ INVESCO QQQ TR 0.6%

Value $1.306M Shares 1,773 Est. Cost $614.31 Unrealized —

SGDM SPROTT ETF TRUST 0.5%

Value $1.031M Shares 16,400 Est. Cost $71.92 Unrealized —

IWV ISHARES TR 0.5%

Value $981K Shares 2,301 Est. Cost $386.85 Unrealized —

FIDU FIDELITY COVINGTON TRUST 0.4%

Value $843K Shares 8,467 Est. Cost $82.48 Unrealized —

UUUU ENERGY FUELS INC 0.2%

Value $419K Shares 28,900 Est. Cost $16.97 Unrealized —

TSLA TESLA INC 0.4%

Value $803K Shares 1,910 Est. Cost $443.29 Unrealized —

SPPP SPROTT ASSET MANAGEMENT LP 0.2%

Value $334K Shares 26,800 Est. Cost $16.84 Unrealized —

FDIS FIDELITY COVINGTON TRUST 0.4%

Value $797K Shares 7,751 Est. Cost $102.16 Unrealized —

FNCL FIDELITY COVINGTON TRUST 0.3%

Value $736K Shares 9,610 Est. Cost $77.74 Unrealized —

VDE VANGUARD WORLD FD 0.2%

Value $379K Shares 2,522 Est. Cost $125.92 Unrealized —

AAPL APPLE INC 0.1%

Value $236K Shares 815 Est. Cost $268.34 Unrealized —

FCOM FIDELITY COVINGTON TRUST 0.3%

Value $565K Shares 8,136 Est. Cost $73.28 Unrealized —

MSFT MICROSOFT CORP 0.4%

Value $794K Shares 2,129 Est. Cost $434.61 Unrealized —

AGG ISHARES TR 0.4%

Value $775K Shares 7,827 Est. Cost $99.83 Unrealized —

IGSB ISHARES TR 0.1%

Value $281K Shares 5,361 Est. Cost $52.88 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GLXY	GALAXY DIGITAL INC.	156,705	$4.284M	2.0%	$30.98	—	CL A	36317J209
SLV	ISHARES SILVER TR	25,750	$1.377M	0.6%	$64.42	—	ISHARES	46428Q109
SPY	STATE STR SPDR S&P 500 ETF T	3,155	$2.356M	1.1%	$681.92	—	TR UNIT	78462F103
QQQ	INVESCO QQQ TR	1,773	$1.306M	0.6%	$614.31	—	UNIT SER 1	46090E103
SGDM	SPROTT ETF TRUST	16,400	$1.031M	0.5%	$71.92	—	GOLD MINERS ETF	85210B102
IWV	ISHARES TR	2,301	$981K	0.5%	$386.85	—	RUSSELL 3000 ETF	464287689
FIDU	FIDELITY COVINGTON TRUST	8,467	$843K	0.4%	$82.48	—	MSCI INDL INDX	316092709
UUUU	ENERGY FUELS INC	28,900	$419K	0.2%	$16.97	—	COM NEW	292671708
TSLA	TESLA INC	1,910	$803K	0.4%	$443.29	—	COM	88160R101
SPPP	SPROTT ASSET MANAGEMENT LP	26,800	$334K	0.2%	$16.84	—	PHYSICAL PLATINU	85207Q104
FDIS	FIDELITY COVINGTON TRUST	7,751	$797K	0.4%	$102.16	—	MSCI CONSM DIS	316092204
FNCL	FIDELITY COVINGTON TRUST	9,610	$736K	0.3%	$77.74	—	MSCI FINLS IDX	316092501
VDE	VANGUARD WORLD FD	2,522	$379K	0.2%	$125.92	—	ENERGY ETF	92204A306
AAPL	APPLE INC	815	$236K	0.1%	$268.34	—	COM	037833100
FCOM	FIDELITY COVINGTON TRUST	8,136	$565K	0.3%	$73.28	—	MSCI COMMNTN SVC	316092873
MSFT	MICROSOFT CORP	2,129	$794K	0.4%	$434.61	—	COM	594918104
AGG	ISHARES TR	7,827	$775K	0.4%	$99.83	—	CORE US AGGBD ET	464287226
IGSB	ISHARES TR	5,361	$281K	0.1%	$52.88	—	ISHS 1-5YR INVS	464288646