Permanens Capital L.P. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IAUM	ISHARES GOLD TR	152,381	$6,551	0.9%	$42.99	—	SHARES REPRESENT	46436F103
COP	CONOCOPHILLIPS	34,632	$3,242	0.4%	$90.02	0.0%	COM	20825C104
GOOG	ALPHABET INC	9,363	$2,938	0.4%	$286.33	0.0%	CAP STK CL C	02079K107
WDAY	WORKDAY INC	13,510	$2,902	0.4%	$227.21	0.0%	CL A	98138H101
TSM	TAIWAN SEMICONDUCTOR MFG LTD	9,083	$2,767	0.4%	$304.69	—	SPONSORED ADS	874039100
COF	CAPITAL ONE FINL CORP	11,278	$2,733	0.4%	$222.19	0.0%	COM	14040H105
AER	AERCAP HOLDINGS NV	17,516	$2,518	0.3%	$132.45	0.0%	SHS	N00985106
DHR	DANAHER CORPORATION	10,598	$2,429	0.3%	$219.54	0.0%	COM	235851102
WWD	WOODWARD INC	7,437	$2,248	0.3%	$274.80	0.0%	COM	980745103
CMCSA	COMCAST CORP NEW	71,047	$2,124	0.3%	$28.53	0.0%	CL A	20030N101
LEN	LENNAR CORP	18,917	$1,945	0.3%	$120.70	0.0%	CL A	526057104
SAP	SAP SE	7,535	$1,830	0.2%	$242.91	—	SPON ADR	803054204
ASML	ASML HOLDING N V	1,531	$1,638	0.2%	$1069.86	—	N Y REGISTRY SHS	N07059210
EL	LAUDER ESTEE COS INC	14,792	$1,549	0.2%	$96.82	0.0%	CL A	518439104
AA	ALCOA CORP	27,511	$1,462	0.2%	$40.88	0.0%	COM	013872106
HUM	HUMANA INC	5,474	$1,407	0.2%	$261.32	0.0%	COM	444859102
AON	AON PLC	3,877	$1,368	0.2%	$349.16	0.0%	SHS CL A	G0403H108
SHEL	SHELL PLC	15,210	$1,118	0.1%	$73.48	—	SPON ADS	780259305
ELV	ELEVANCE HEALTH INC FORMERLY	2,546	$893	0.1%	$336.70	0.0%	COM	036752103
HLT	HILTON WORLDWIDE HLDGS INC	3,035	$872	0.1%	$272.20	0.0%	COM	43300A203
PTC	PTC INC	4,173	$727	0.1%	$185.83	0.0%	COM	69370C100
INTU	INTUIT	914	$605	0.1%	$660.69	0.0%	COM	461202103
LBRDK	LIBERTY BROADBAND CORP	12,406	$603	0.1%	$52.01	0.0%	COM SER C	530307305
MLM	MARTIN MARIETTA MATLS INC	608	$379	0.0%	$621.36	0.0%	COM	573284106
VMC	VULCAN MATLS CO	1,208	$345	0.0%	$293.14	0.0%	COM	929160109
UVXY	PROSHARES TR II	9,000	$323	0.0%	$35.93	—	ULTRA VIX SHORT	74347Y680
OPEN	OPENDOOR TECHNOLOGIES INC	10,000	$58	0.0%	$7.30	0.0%	COM	683712103

Increased Positions (32)

BBEU J P MORGAN EXCHANGE TRADED F 5.4%

Value ($000) $41,068 (+10142.7%) Shares 560,278 (+9627.0%) Est. Cost $73.26 Unrealized —

IAU ISHARES GOLD TR 11.9%

Value ($000) $91,110 (+40.6%) Shares 1,122,462 (+26.1%) Est. Cost $52.34 Unrealized —

BIL SPDR SERIES TRUST 7.9%

Value ($000) $60,687 (+49.8%) Shares 664,112 (+50.4%) Est. Cost $91.63 Unrealized —

MSFT MICROSOFT CORP 1.6%

Value ($000) $12,199 (+79.2%) Shares 25,224 (+91.9%) Est. Cost $425.45 Unrealized +17.7%

AMZN AMAZON COM INC 0.8%

Value ($000) $6,201 (+486.6%) Shares 26,864 (+458.0%) Est. Cost $222.49 Unrealized +2.8%

PREF PRINCIPAL EXCHANGE TRADED FD 4.3%

Value ($000) $32,720 (+16.4%) Shares 1,715,767 (+16.8%) Est. Cost $18.77 Unrealized —

UBS UBS GROUP AG 1.3%

Value ($000) $9,605 (+54.2%) Shares 207,412 (+36.5%) Est. Cost $34.99 Unrealized +15.5%

ULTA ULTA BEAUTY INC 1.2%

Value ($000) $9,055 (+47.4%) Shares 14,966 (+33.2%) Est. Cost $444.90 Unrealized +23.6%

WMT WALMART INC 1.3%

Value ($000) $9,646 (+40.6%) Shares 86,403 (+29.8%) Est. Cost $77.69 Unrealized +38.0%

SCHW SCHWAB CHARLES CORP 1.1%

Value ($000) $8,538 (+42.9%) Shares 85,461 (+36.5%) Est. Cost $71.48 Unrealized +32.5%

SHYG ISHARES TR 4.7%

Value ($000) $36,311 (+6.7%) Shares 847,010 (+7.8%) Est. Cost $43.12 Unrealized —

JPM JPMORGAN CHASE & CO. 1.2%

Value ($000) $8,840 (+32.7%) Shares 27,436 (+29.9%) Est. Cost $198.88 Unrealized +55.6%

MUFG MITSUBISHI UFJ FINL GROUP IN 1.1%

Value ($000) $8,457 (+34.2%) Shares 533,233 (+34.9%) Est. Cost $15.92 Unrealized —

EAGL 2023 ETF SERIES TRUST 3.4%

Value ($000) $25,990 (+8.8%) Shares 800,671 (+4.8%) Est. Cost $28.62 Unrealized —

CCJ CAMECO CORP 2.1%

Value ($000) $15,936 (+14.0%) Shares 174,183 (+4.5%) Est. Cost $50.28 Unrealized +78.9%

META META PLATFORMS INC 0.4%

Value ($000) $3,005 (+150.3%) Shares 4,553 (+178.5%) Est. Cost $616.11 Unrealized +8.3%

MELI MERCADOLIBRE INC 0.2%

Value ($000) $1,684 (+510.6%) Shares 836 (+608.5%) Est. Cost $2142.81 Unrealized -2.0%

JPY LAZARD ACTIVE ETF TR 2.4%

Value ($000) $18,641 (+6.9%) Shares 582,605 (+4.9%) Est. Cost $31.42 Unrealized —

GOOGL ALPHABET INC 0.2%

Value ($000) $1,912 (+80.1%) Shares 6,110 (+39.8%) Est. Cost $230.97 Unrealized +23.7%

SHOP SHOPIFY INC 0.2%

Value ($000) $1,615 (+37.1%) Shares 10,030 (+26.5%) Est. Cost $140.81 Unrealized +14.0%

SPY SPDR S&P 500 ETF TR 0.4%

Value ($000) $3,219 (+11.6%) Shares 4,707 (+9.0%) Est. Cost $534.82 Unrealized —

MA MASTERCARD INCORPORATED 0.2%

Value ($000) $1,439 (+28.6%) Shares 2,521 (+28.2%) Est. Cost $570.28 Unrealized -2.0%

AAPL APPLE INC 0.2%

Value ($000) $1,578 (+22.1%) Shares 5,803 (+14.3%) Est. Cost $230.95 Unrealized +16.2%

QLD PROSHARES TR 0.2%

Value ($000) $1,461 (+23.8%) Shares 20,750 (+141.1%) Est. Cost $98.11 Unrealized —

NFLX NETFLIX INC 0.3%

Value ($000) $2,466 (+6.2%) Shares 26,296 (+1258.3%) Est. Cost $108.86 Unrealized -1.0%

IEI ISHARES TR 0.3%

Value ($000) $1,970 (+5.7%) Shares 16,508 (+5.8%) Est. Cost $119.50 Unrealized —

IGSB ISHARES TR 0.3%

Value ($000) $1,967 (+5.6%) Shares 37,203 (+5.9%) Est. Cost $53.02 Unrealized —

BP BP PLC 0.1%

Value ($000) $426 (+30.5%) Shares 12,266 (+29.5%) Est. Cost $34.52 Unrealized —

KWEB KRANESHARES TRUST 0.1%

Value ($000) $946 (+10.8%) Shares 27,792 (+36.7%) Est. Cost $39.87 Unrealized —

RC READY CAPITAL CORP 0.0%

Value ($000) $142 (+137.5%) Shares 65,000 (+333.3%) Est. Cost $2.61 Unrealized —

NVDA NVIDIA CORPORATION 0.1%

Value ($000) $387 (+9.3%) Shares 2,076 (+9.4%) Est. Cost $143.53 Unrealized +29.7%

IVV ISHARES TR 0.1%

Value ($000) $421 (+5.8%) Shares 614 (+3.4%) Est. Cost $569.27 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BBEU	J P MORGAN EXCHANGE TRADED F	560,278 (+9627.0%)	$41,068 (+10142.7%)	5.4%	$73.26	—	BETABUILDERS EUR	46641Q191
IAU	ISHARES GOLD TR	1,122,462 (+26.1%)	$91,110 (+40.6%)	11.9%	$52.34	—	ISHARES NEW	464285204
BIL	SPDR SERIES TRUST	664,112 (+50.4%)	$60,687 (+49.8%)	7.9%	$91.63	—	STATE STREET SPD	78468R663
MSFT	MICROSOFT CORP	25,224 (+91.9%)	$12,199 (+79.2%)	1.6%	$425.45	+17.7%	COM	594918104
AMZN	AMAZON COM INC	26,864 (+458.0%)	$6,201 (+486.6%)	0.8%	$222.49	+2.8%	COM	023135106
PREF	PRINCIPAL EXCHANGE TRADED FD	1,715,767 (+16.8%)	$32,720 (+16.4%)	4.3%	$18.77	—	SPECTRUM PFD	74255Y888
UBS	UBS GROUP AG	207,412 (+36.5%)	$9,605 (+54.2%)	1.3%	$34.99	+15.5%	SHS	H42097107
ULTA	ULTA BEAUTY INC	14,966 (+33.2%)	$9,055 (+47.4%)	1.2%	$444.90	+23.6%	COM	90384S303
WMT	WALMART INC	86,403 (+29.8%)	$9,646 (+40.6%)	1.3%	$77.69	+38.0%	COM	931142103
SCHW	SCHWAB CHARLES CORP	85,461 (+36.5%)	$8,538 (+42.9%)	1.1%	$71.48	+32.5%	COM	808513105
SHYG	ISHARES TR	847,010 (+7.8%)	$36,311 (+6.7%)	4.7%	$43.12	—	0-5YR HI YL CP	46434V407
JPM	JPMORGAN CHASE & CO.	27,436 (+29.9%)	$8,840 (+32.7%)	1.2%	$198.88	+55.6%	COM	46625H100
MUFG	MITSUBISHI UFJ FINL GROUP IN	533,233 (+34.9%)	$8,457 (+34.2%)	1.1%	$15.92	—	SPONSORED ADS	606822104
EAGL	2023 ETF SERIES TRUST	800,671 (+4.8%)	$25,990 (+8.8%)	3.4%	$28.62	—	EAGLE CAPITAL SE	88339Y102
CCJ	CAMECO CORP	174,183 (+4.5%)	$15,936 (+14.0%)	2.1%	$50.28	+78.9%	COM	13321L108
META	META PLATFORMS INC	4,553 (+178.5%)	$3,005 (+150.3%)	0.4%	$616.11	+8.3%	CL A	30303M102
MELI	MERCADOLIBRE INC	836 (+608.5%)	$1,684 (+510.6%)	0.2%	$2142.81	-2.0%	COM	58733R102
JPY	LAZARD ACTIVE ETF TR	582,605 (+4.9%)	$18,641 (+6.9%)	2.4%	$31.42	—	JAPANESE EQUITY	52110K103
GOOGL	ALPHABET INC	6,110 (+39.8%)	$1,912 (+80.1%)	0.2%	$230.97	+23.7%	CAP STK CL A	02079K305
SHOP	SHOPIFY INC	10,030 (+26.5%)	$1,615 (+37.1%)	0.2%	$140.81	+14.0%	CL A SUB VTG SHS	82509L107
SPY	SPDR S&P 500 ETF TR	4,707 (+9.0%)	$3,219 (+11.6%)	0.4%	$534.82	—	TR UNIT	78462F103
MA	MASTERCARD INCORPORATED	2,521 (+28.2%)	$1,439 (+28.6%)	0.2%	$570.28	-2.0%	CL A	57636Q104
AAPL	APPLE INC	5,803 (+14.3%)	$1,578 (+22.1%)	0.2%	$230.95	+16.2%	COM	037833100
QLD	PROSHARES TR	20,750 (+141.1%)	$1,461 (+23.8%)	0.2%	$98.11	—	PSHS ULTRA QQQ	74347R206
NFLX	NETFLIX INC	26,296 (+1258.3%)	$2,466 (+6.2%)	0.3%	$108.86	-1.0%	COM	64110L106
IEI	ISHARES TR	16,508 (+5.8%)	$1,970 (+5.7%)	0.3%	$119.50	—	3 7 YR TREAS BD	464288661
IGSB	ISHARES TR	37,203 (+5.9%)	$1,967 (+5.6%)	0.3%	$53.02	—	ISHS 1-5YR INVS	464288646
BP	BP PLC	12,266 (+29.5%)	$426 (+30.5%)	0.1%	$34.52	—	SPONSORED ADR	055622104
KWEB	KRANESHARES TRUST	27,792 (+36.7%)	$946 (+10.8%)	0.1%	$39.87	—	CSI CHI INTERNET	500767306
RC	READY CAPITAL CORP	65,000 (+333.3%)	$142 (+137.5%)	0.0%	$2.61	—	COM	75574U101
NVDA	NVIDIA CORPORATION	2,076 (+9.4%)	$387 (+9.3%)	0.1%	$143.53	+29.7%	COM	67066G104
IVV	ISHARES TR	614 (+3.4%)	$421 (+5.8%)	0.1%	$569.27	—	CORE S&P500 ETF	464287200

Exited Positions (9)

DBEU DBX ETF TR 4.9%

Value ($000) $37,938 Shares 823,835 Est. Cost $43.17 Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 0.5%

Value ($000) $3,502 Shares 53,878 Est. Cost $65.00 Unrealized —

ETHA ISHARES ETHEREUM TR 0.2%

Value ($000) $1,204 Shares 38,220 Est. Cost $31.51 Unrealized —

DELL DELL TECHNOLOGIES INC 0.1%

Value ($000) $577 Shares 4,067 Est. Cost $129.18 Unrealized +9.0%

WULF TERAWULF INC 0.1%

Value ($000) $514 Shares 45,000 Est. Cost $7.64 Unrealized +75.4%

— PROSHARES TR II 0.0%

Value ($000) $261 Shares 25,000 Est. Cost $10.44 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.0%

Value ($000) $222 Shares 441 Est. Cost $408.38 Unrealized +21.8%

NNDM NANO DIMENSION LTD 0.0%

Value ($000) $79 Shares 50,000 Est. Cost $1.62 Unrealized —

HYS PIMCO ETF TR 0.0%

Value ($000) $49 Shares 513 Est. Cost $95.68 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DBEU	DBX ETF TR	823,835	$37,938	4.9%	$43.17	—	—	233051853
IBIT	ISHARES BITCOIN TRUST ETF	53,878	$3,502	0.5%	$65.00	—	—	46438F101
ETHA	ISHARES ETHEREUM TR	38,220	$1,204	0.2%	$31.51	—	—	46438R105
DELL	DELL TECHNOLOGIES INC	4,067	$577	0.1%	$129.18	+9.0%	—	24703L202
WULF	TERAWULF INC	45,000	$514	0.1%	$7.64	+75.4%	—	88080T104
—	PROSHARES TR II	25,000	$261	0.0%	$10.44	—	—	74347Y755
BRK/B	BERKSHIRE HATHAWAY INC DEL	441	$222	0.0%	$408.38	+21.8%	—	084670702
NNDM	NANO DIMENSION LTD	50,000	$79	0.0%	$1.62	—	—	63008G203
HYS	PIMCO ETF TR	513	$49	0.0%	$95.68	—	—	72201R783

Decreased Positions (8)

VUG VANGUARD INDEX FDS 10.3%

Value ($000) $78,812 (-35.3%) Shares 161,547 (-36.3%) Est. Cost $339.41 Unrealized —

SLV ISHARES SILVER TR 7.6%

Value ($000) $57,994 (+46.9%) Shares 900,242 (-3.4%) Est. Cost $36.02 Unrealized —

VTV VANGUARD INDEX FDS 14.0%

Value ($000) $107,201 (-12.9%) Shares 561,293 (-14.5%) Est. Cost $143.51 Unrealized —

UNH UNITEDHEALTH GROUP INC 0.4%

Value ($000) $3,351 (-51.0%) Shares 10,150 (-48.7%) Est. Cost $343.41 Unrealized -1.8%

BAC BANK AMERICA CORP 0.0%

Value ($000) $228 (-25.6%) Shares 4,149 (-30.2%) Est. Cost $48.34 Unrealized +8.9%

PODC PODCASTONE INC 0.0%

Value ($000) $248 (+39.2%) Shares 100,238 (-5.3%) Est. Cost $1.94 Unrealized +8.5%

LVO LIVEONE INC 0.0%

Value ($000) $372 (+7.6%) Shares 78,823 (-5.9%) Est. Cost $6.20 Unrealized -23.6%

QQQ INVESCO QQQ TR 0.1%

Value ($000) $679 (-2.5%) Shares 1,105 (-4.6%) Est. Cost $513.12 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VUG	VANGUARD INDEX FDS	161,547 (-36.3%)	$78,812 (-35.3%)	10.3%	$339.41	—	GROWTH ETF	922908736
SLV	ISHARES SILVER TR	900,242 (-3.4%)	$57,994 (+46.9%)	7.6%	$36.02	—	ISHARES	46428Q109
VTV	VANGUARD INDEX FDS	561,293 (-14.5%)	$107,201 (-12.9%)	14.0%	$143.51	—	VALUE ETF	922908744
UNH	UNITEDHEALTH GROUP INC	10,150 (-48.7%)	$3,351 (-51.0%)	0.4%	$343.41	-1.8%	COM	91324P102
BAC	BANK AMERICA CORP	4,149 (-30.2%)	$228 (-25.6%)	0.0%	$48.34	+8.9%	COM	060505104
PODC	PODCASTONE INC	100,238 (-5.3%)	$248 (+39.2%)	0.0%	$1.94	+8.5%	COM	22275C105
LVO	LIVEONE INC	78,823 (-5.9%)	$372 (+7.6%)	0.0%	$6.20	-23.6%	COM NEW	53814X300
QQQ	INVESCO QQQ TR	1,105 (-4.6%)	$679 (-2.5%)	0.1%	$513.12	—	UNIT SER 1	46090E103

Unchanged Positions (13)

DXJ WISDOMTREE TR 5.5%

Value ($000) $42,204 Shares 292,755 Est. Cost $105.89 Unrealized —

BRT BRT APARTMENTS CORP 0.4%

Value ($000) $2,999 Shares 201,264 Est. Cost $16.00 Unrealized —

BGC BGC GROUP INC 0.2%

Value ($000) $1,518 Shares 170,000 Est. Cost $9.13 Unrealized -1.5%

ALTI ALTI GLOBAL INC 0.0%

Value ($000) $361 Shares 77,817 Est. Cost $3.45 Unrealized +19.7%

TCPC BLACKROCK TCP CAPITAL CORP 0.0%

Value ($000) $117 Shares 21,406 Est. Cost $7.18 Unrealized -19.7%

ARCC ARES CAPITAL CORP 0.2%

Value ($000) $1,326 Shares 65,544 Est. Cost $19.97 Unrealized -0.9%

IWD ISHARES TR 0.0%

Value ($000) $306 Shares 1,456 Est. Cost $194.28 Unrealized —

QXO QXO INC 0.1%

Value ($000) $849 Shares 44,000 Est. Cost $17.39 Unrealized +10.2%

FSK FS KKR CAP CORP 0.0%

Value ($000) $179 Shares 12,058 Est. Cost $17.44 Unrealized -15.7%

— ABRDN INCOME CREDIT STRATEGI 0.0%

Value ($000) $151 Shares 27,500 Est. Cost $5.90 Unrealized —

MFIC MIDCAP FINANCIAL INVSTMNT CO 0.0%

Value ($000) $126 Shares 11,029 Est. Cost $12.08 Unrealized -4.1%

IWF ISHARES TR 0.0%

Value ($000) $380 Shares 803 Est. Cost $424.48 Unrealized —

CCAP CRESCENT CAP BDC INC 0.0%

Value ($000) $145 Shares 10,000 Est. Cost $14.11 Unrealized -2.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DXJ	WISDOMTREE TR	292,755	$42,204	5.5%	$105.89	—	JAPN HEDGE EQT	97717W851
BRT	BRT APARTMENTS CORP	201,264	$2,999	0.4%	$16.00	—	COM	055645303
BGC	BGC GROUP INC	170,000	$1,518	0.2%	$9.13	-1.5%	CL A	088929104
ALTI	ALTI GLOBAL INC	77,817	$361	0.0%	$3.45	+19.7%	CL A	02157E106
TCPC	BLACKROCK TCP CAPITAL CORP	21,406	$117	0.0%	$7.18	-19.7%	COM	09259E108
ARCC	ARES CAPITAL CORP	65,544	$1,326	0.2%	$19.97	-0.9%	COM	04010L103
IWD	ISHARES TR	1,456	$306	0.0%	$194.28	—	RUS 1000 VAL ETF	464287598
QXO	QXO INC	44,000	$849	0.1%	$17.39	+10.2%	COM NEW	82846H405
FSK	FS KKR CAP CORP	12,058	$179	0.0%	$17.44	-15.7%	COM	302635206
—	ABRDN INCOME CREDIT STRATEGI	27,500	$151	0.0%	$5.90	—	COM	003057106
MFIC	MIDCAP FINANCIAL INVSTMNT CO	11,029	$126	0.0%	$12.08	-4.1%	COM NEW	03761U502
IWF	ISHARES TR	803	$380	0.0%	$424.48	—	RUS 1000 GRW ETF	464287614
CCAP	CRESCENT CAP BDC INC	10,000	$145	0.0%	$14.11	-2.1%	COM	225655109