Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MIAX	MIAMI INTL HLDGS INC	57,800	$2.148M	0.3%	$37.16	—	COM	59356Q108
HON	HONEYWELL INTL INC	5,999	$1.343M	0.2%	$223.90	—	COM	438516205
HONA	HONEYWELL AEROSPACE INC	5,999	$1.326M	0.2%	$221.08	—	COM	43849R105
FDXF	FEDEX FGHT HLDG CO INC	8,594	$1.298M	0.2%	$151.00	—	COMMON STOCK	314352105
CRSP	CRISPR THERAPEUTICS AG	17,050	$930K	0.1%	$54.54	—	NAMEN AKT	H17182108
QQQE	DIREXION SHARES ETF TRUST	4,645	$567K	0.1%	$122.01	—	NASDAQ 100 EQ WT	25459Y207
BIIB	BIOGEN INC	1,079	$233K	0.0%	$216.06	—	COM	09062X103
MCD	MCDONALDS CORP	857	$232K	0.0%	$270.31	—	COM	580135101
TER	TERADYNE INC	450	$218K	0.0%	$483.84	—	COM	880770102
REPL	REPLIMUNE GROUP INC	10,000	$111K	0.0%	$11.07	—	COM	76029N106

Increased Positions (29)

TPL TEXAS PACIFIC LAND CORPORATI 9.0%

Value $67.23M (-6.7%) Shares 153,629 (+1.1%) Est. Cost $262.15 Unrealized —

ISRG INTUITIVE SURGICAL INC 0.7%

Value $4.872M (+371.8%) Shares 12,250 (+446.9%) Est. Cost $382.36 Unrealized —

XYL XYLEM INC 0.8%

Value $5.846M (+100.7%) Shares 49,455 (+102.9%) Est. Cost $127.20 Unrealized —

MDT MEDTRONIC PLC 0.7%

Value $5.308M (+87.0%) Shares 67,845 (+107.2%) Est. Cost $79.79 Unrealized —

AJG GALLAGHER ARTHUR J & CO 1.0%

Value $7.182M (+48.7%) Shares 31,285 (+40.3%) Est. Cost $241.67 Unrealized —

WBI WATERBRIDGE INFRASTRUCTURE L 0.9%

Value $6.979M (+30.1%) Shares 203,650 (+1.7%) Est. Cost $23.21 Unrealized —

MSFT MICROSOFT CORP 1.6%

Value $11.78M (+13.1%) Shares 31,573 (+12.3%) Est. Cost $239.90 Unrealized —

HD HOME DEPOT INC 2.1%

Value $15.79M (+9.0%) Shares 44,769 (+1.6%) Est. Cost $129.06 Unrealized —

MKC MCCORMICK & CO INC 0.4%

Value $3.349M (+56.1%) Shares 66,430 (+56.2%) Est. Cost $58.44 Unrealized —

BTC GRAYSCALE BITCOIN MINI TR ET 1.1%

Value $8.327M (-11.5%) Shares 320,872 (+2.3%) Est. Cost $43.26 Unrealized —

INTC INTEL CORP 0.2%

Value $1.42M (+237.1%) Shares 10,167 (+6.5%) Est. Cost $33.92 Unrealized —

BKNG BOOKING HOLDINGS INC 1.4%

Value $10.73M (+8.8%) Shares 60,210 (+2470.9%) Est. Cost $247.67 Unrealized —

FDX FEDEX CORP 0.8%

Value $6.213M (-11.1%) Shares 19,842 (+1.1%) Est. Cost $159.84 Unrealized —

SYY SYSCO CORP 0.5%

Value $3.777M (+21.2%) Shares 45,185 (+3.4%) Est. Cost $71.98 Unrealized —

PFE PFIZER INC 0.5%

Value $3.694M (+18.5%) Shares 153,401 (+38.1%) Est. Cost $25.82 Unrealized —

RSP INVESCO EXCHANGE TRADED FD T 0.4%

Value $2.614M (+22.3%) Shares 12,285 (+10.3%) Est. Cost $165.38 Unrealized —

VRTX VERTEX PHARMACEUTICALS INC 0.5%

Value $3.743M (+13.5%) Shares 7,535 (+2.0%) Est. Cost $210.17 Unrealized —

HE HAWAIIAN ELEC INDS INC MTN B 0.8%

Value $5.882M (+6.9%) Shares 434,750 (+17.3%) Est. Cost $11.07 Unrealized —

EMR EMERSON ELEC CO 0.5%

Value $3.815M (+11.0%) Shares 26,651 (+1.6%) Est. Cost $64.64 Unrealized —

LOW LOWES COS INC 1.2%

Value $8.776M (-4.0%) Shares 39,802 (+2.9%) Est. Cost $92.33 Unrealized —

CL COLGATE PALMOLIVE CO 0.5%

Value $3.367M (+9.5%) Shares 36,729 (+1.8%) Est. Cost $57.30 Unrealized —

WMB WILLIAMS COS INC 1.0%

Value $7.45M (+3.9%) Shares 100,220 (+1.7%) Est. Cost $35.91 Unrealized —

CSCO CISCO SYS INC 0.1%

Value $655K (+63.1%) Shares 5,575 (+7.7%) Est. Cost $32.40 Unrealized —

SPY STATE STR SPDR S&P 500 ETF T 0.2%

Value $1.372M (+20.7%) Shares 1,837 (+5.2%) Est. Cost $421.61 Unrealized —

VO VANGUARD INDEX FDS 0.2%

Value $1.471M (+12.2%) Shares 18,260 (+300.0%) Est. Cost $92.07 Unrealized —

PBT PERMIAN BASIN RTY TR 0.1%

Value $916K (+20.1%) Shares 36,600 (+3.2%) Est. Cost $21.27 Unrealized —

INFL LISTED FDS TR 0.6%

Value $4.449M (-3.2%) Shares 89,202 (+1.0%) Est. Cost $31.31 Unrealized —

BCDF LISTED FDS TR 0.1%

Value $946K (+4.6%) Shares 31,760 (+7.9%) Est. Cost $28.85 Unrealized —

IEP ICAHN ENTERPRISES LP 0.0%

Value $107K (+8.7%) Shares 14,870 (+13.8%) Est. Cost $7.94 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TPL	TEXAS PACIFIC LAND CORPORATI	153,629 (+1.1%)	$67.23M (-6.7%)	9.0%	$262.15	—	COM	88262P102
ISRG	INTUITIVE SURGICAL INC	12,250 (+446.9%)	$4.872M (+371.8%)	0.7%	$382.36	—	COM NEW	46120E602
XYL	XYLEM INC	49,455 (+102.9%)	$5.846M (+100.7%)	0.8%	$127.20	—	COM	98419M100
MDT	MEDTRONIC PLC	67,845 (+107.2%)	$5.308M (+87.0%)	0.7%	$79.79	—	SHS	G5960L103
AJG	GALLAGHER ARTHUR J & CO	31,285 (+40.3%)	$7.182M (+48.7%)	1.0%	$241.67	—	COM	363576109
WBI	WATERBRIDGE INFRASTRUCTURE L	203,650 (+1.7%)	$6.979M (+30.1%)	0.9%	$23.21	—	CL A SHS REPSTG	940923105
MSFT	MICROSOFT CORP	31,573 (+12.3%)	$11.78M (+13.1%)	1.6%	$239.90	—	COM	594918104
HD	HOME DEPOT INC	44,769 (+1.6%)	$15.79M (+9.0%)	2.1%	$129.06	—	COM	437076102
MKC	MCCORMICK & CO INC	66,430 (+56.2%)	$3.349M (+56.1%)	0.4%	$58.44	—	COM NON VTG	579780206
BTC	GRAYSCALE BITCOIN MINI TR ET	320,872 (+2.3%)	$8.327M (-11.5%)	1.1%	$43.26	—	SHS NEW	389930207
INTC	INTEL CORP	10,167 (+6.5%)	$1.42M (+237.1%)	0.2%	$33.92	—	COM	458140100
BKNG	BOOKING HOLDINGS INC	60,210 (+2470.9%)	$10.73M (+8.8%)	1.4%	$247.67	—	COM	09857L108
FDX	FEDEX CORP	19,842 (+1.1%)	$6.213M (-11.1%)	0.8%	$159.84	—	COM	31428X106
SYY	SYSCO CORP	45,185 (+3.4%)	$3.777M (+21.2%)	0.5%	$71.98	—	COM	871829107
PFE	PFIZER INC	153,401 (+38.1%)	$3.694M (+18.5%)	0.5%	$25.82	—	COM	717081103
RSP	INVESCO EXCHANGE TRADED FD T	12,285 (+10.3%)	$2.614M (+22.3%)	0.4%	$165.38	—	S&P500 EQL WGT	46137V357
VRTX	VERTEX PHARMACEUTICALS INC	7,535 (+2.0%)	$3.743M (+13.5%)	0.5%	$210.17	—	COM	92532F100
HE	HAWAIIAN ELEC INDS INC MTN B	434,750 (+17.3%)	$5.882M (+6.9%)	0.8%	$11.07	—	COM	419870100
EMR	EMERSON ELEC CO	26,651 (+1.6%)	$3.815M (+11.0%)	0.5%	$64.64	—	COM	291011104
LOW	LOWES COS INC	39,802 (+2.9%)	$8.776M (-4.0%)	1.2%	$92.33	—	COM	548661107
CL	COLGATE PALMOLIVE CO	36,729 (+1.8%)	$3.367M (+9.5%)	0.5%	$57.30	—	COM	194162103
WMB	WILLIAMS COS INC	100,220 (+1.7%)	$7.45M (+3.9%)	1.0%	$35.91	—	COM	969457100
CSCO	CISCO SYS INC	5,575 (+7.7%)	$655K (+63.1%)	0.1%	$32.40	—	COM	17275R102
SPY	STATE STR SPDR S&P 500 ETF T	1,837 (+5.2%)	$1.372M (+20.7%)	0.2%	$421.61	—	TR UNIT	78462F103
VO	VANGUARD INDEX FDS	18,260 (+300.0%)	$1.471M (+12.2%)	0.2%	$92.07	—	MID CAP ETF	922908629
PBT	PERMIAN BASIN RTY TR	36,600 (+3.2%)	$916K (+20.1%)	0.1%	$21.27	—	UNIT BEN INT	714236106
INFL	LISTED FDS TR	89,202 (+1.0%)	$4.449M (-3.2%)	0.6%	$31.31	—	HORI KI INFL ETF	53656F623
BCDF	LISTED FDS TR	31,760 (+7.9%)	$946K (+4.6%)	0.1%	$28.85	—	HORZN KINTCS BL	53656G209
IEP	ICAHN ENTERPRISES LP	14,870 (+13.8%)	$107K (+8.7%)	0.0%	$7.94	—	DEPOSITARY UNIT	451100101

Exited Positions (10)

HON HONEYWELL INTL INC 0.4%

Value $2.84M Shares 12,566 Est. Cost $96.58 Unrealized —

HOLX HOLOGIC INC 0.3%

Value $2.418M Shares 31,984 Est. Cost $28.04 Unrealized —

APTV APTIV PLC 0.2%

Value $1.74M Shares 25,057 Est. Cost $61.22 Unrealized —

GEN GEN DIGITAL INC 0.2%

Value $1.279M Shares 67,950 Est. Cost $20.86 Unrealized —

WAT WATERS CORP 0.1%

Value $789K Shares 2,650 Est. Cost $367.10 Unrealized —

PYPL PAYPAL HLDGS INC 0.1%

Value $458K Shares 10,125 Est. Cost $47.08 Unrealized —

SAFT SAFETY INS GROUP INC 0.0%

Value $272K Shares 3,750 Est. Cost $72.66 Unrealized —

TMUS T-MOBILE US INC 0.0%

Value $252K Shares 1,200 Est. Cost $133.84 Unrealized —

BSY BENTLEY SYS INC 0.0%

Value $220K Shares 6,275 Est. Cost $35.68 Unrealized —

KMI KINDER MORGAN INC DEL 0.0%

Value $201K Shares 6,000 Est. Cost $29.74 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HON	HONEYWELL INTL INC	12,566	$2.84M	0.4%	$96.58	—	—	438516106
HOLX	HOLOGIC INC	31,984	$2.418M	0.3%	$28.04	—	—	436440101
APTV	APTIV PLC	25,057	$1.74M	0.2%	$61.22	—	—	G3265R107
GEN	GEN DIGITAL INC	67,950	$1.279M	0.2%	$20.86	—	—	668771108
WAT	WATERS CORP	2,650	$789K	0.1%	$367.10	—	—	941848103
PYPL	PAYPAL HLDGS INC	10,125	$458K	0.1%	$47.08	—	—	70450Y103
SAFT	SAFETY INS GROUP INC	3,750	$272K	0.0%	$72.66	—	—	78648T100
TMUS	T-MOBILE US INC	1,200	$252K	0.0%	$133.84	—	—	872590104
BSY	BENTLEY SYS INC	6,275	$220K	0.0%	$35.68	—	—	08265T208
KMI	KINDER MORGAN INC DEL	6,000	$201K	0.0%	$29.74	—	—	49456B101

Decreased Positions (54)

PANW PALO ALTO NETWORKS INC 3.6%

Value $26.93M (+109.6%) Shares 78,978 (-1.4%) Est. Cost $136.50 Unrealized —

CAT CATERPILLAR INC 2.6%

Value $19.44M (+46.8%) Shares 18,255 (-2.4%) Est. Cost $171.48 Unrealized —

NVDA NVIDIA CORPORATION 4.9%

Value $36.7M (+11.1%) Shares 183,401 (-3.2%) Est. Cost $93.08 Unrealized —

GOOG ALPHABET INC 2.5%

Value $18.45M (+21.4%) Shares 52,222 (-1.4%) Est. Cost $113.08 Unrealized —

CVX CHEVRON CORPORATION 1.5%

Value $10.9M (-21.1%) Shares 65,781 (-1.6%) Est. Cost $98.08 Unrealized —

BDX BECTON DICKINSON & CO 0.1%

Value $640K (-77.6%) Shares 4,232 (-76.7%) Est. Cost $204.79 Unrealized —

AAPL APPLE INC 3.7%

Value $27.32M (+8.5%) Shares 94,398 (-4.9%) Est. Cost $116.03 Unrealized —

QCOM QUALCOMM INC 0.9%

Value $6.502M (+33.2%) Shares 35,188 (-7.2%) Est. Cost $70.90 Unrealized —

DVN DEVON ENERGY CORP NEW 0.1%

Value $738K (-67.0%) Shares 17,850 (-59.8%) Est. Cost $51.87 Unrealized —

GOOGL ALPHABET INC 0.7%

Value $5.515M (+20.2%) Shares 15,432 (-3.3%) Est. Cost $126.64 Unrealized —

UNP UNION PAC CORP 1.2%

Value $8.953M (+10.3%) Shares 32,915 (-1.6%) Est. Cost $189.39 Unrealized —

BMY BRISTOL-MYERS SQUIBB CO 0.2%

Value $1.423M (-36.1%) Shares 24,691 (-32.7%) Est. Cost $43.64 Unrealized —

COP CONOCOPHILLIPS 0.3%

Value $2.474M (-22.7%) Shares 23,802 (-1.9%) Est. Cost $68.08 Unrealized —

CI THE CIGNA GROUP 0.2%

Value $1.534M (-31.8%) Shares 5,565 (-34.0%) Est. Cost $199.86 Unrealized —

GEOS GEOSPACE TECHNOLOGIES CORP 0.0%

Value $339K (-66.2%) Shares 50,015 (-39.0%) Est. Cost $12.88 Unrealized —

TXN TEXAS INSTRS INC 0.2%

Value $1.793M (+49.8%) Shares 6,015 (-2.4%) Est. Cost $85.60 Unrealized —

MAR MARRIOTT INTL INC NEW 0.9%

Value $6.704M (+9.5%) Shares 18,090 (-3.4%) Est. Cost $111.67 Unrealized —

SNY SANOFI SA 0.3%

Value $1.937M (-20.9%) Shares 45,410 (-10.7%) Est. Cost $52.86 Unrealized —

LLY ELI LILLY & CO 0.3%

Value $2.125M (+28.6%) Shares 1,772 (-1.4%) Est. Cost $343.37 Unrealized —

CSGP COSTAR GROUP INC 0.1%

Value $913K (-32.9%) Shares 32,250 (-4.4%) Est. Cost $84.82 Unrealized —

BAC BANK OF AMER CORP 0.3%

Value $2.046M (-17.9%) Shares 35,900 (-29.8%) Est. Cost $21.42 Unrealized —

GILD GILEAD SCIENCES INC 0.1%

Value $865K (-32.4%) Shares 6,850 (-25.5%) Est. Cost $64.79 Unrealized —

NVS NOVARTIS AG 0.5%

Value $3.716M (-9.3%) Shares 23,712 (-11.6%) Est. Cost $92.44 Unrealized —

AIG AMERICAN INTL GROUP INC 0.0%

Value $276K (-52.9%) Shares 3,700 (-52.4%) Est. Cost $48.63 Unrealized —

XOM EXXON MOBIL CORP 0.2%

Value $1.125M (-21.3%) Shares 8,230 (-2.4%) Est. Cost $81.92 Unrealized —

RYN RAYONIER INC 0.1%

Value $947K (-21.4%) Shares 44,492 (-23.8%) Est. Cost $20.62 Unrealized —

NEE NEXTERA ENERGY INC 0.2%

Value $1.575M (-12.6%) Shares 17,945 (-7.5%) Est. Cost $62.29 Unrealized —

PEP PEPSICO INC 0.1%

Value $974K (-16.5%) Shares 7,195 (-4.2%) Est. Cost $92.71 Unrealized —

CLNE CLEAN ENERGY FUELS CORP 0.1%

Value $693K (-20.3%) Shares 337,850 (-3.6%) Est. Cost $3.17 Unrealized —

UPS UNITED PARCEL SVCS INC 0.3%

Value $2.531M (-6.5%) Shares 23,543 (-14.4%) Est. Cost $86.95 Unrealized —

MSGS MADISON SQUARE GRDN SPRT COR 0.5%

Value $4.045M (+4.0%) Shares 10,065 (-16.8%) Est. Cost $144.61 Unrealized —

CMI CUMMINS INC 0.1%

Value $713K (+26.2%) Shares 1,000 (-4.8%) Est. Cost $145.39 Unrealized —

SLB SLB LIMITED 0.1%

Value $931K (-13.5%) Shares 20,034 (-4.4%) Est. Cost $44.62 Unrealized —

BBSI BARRETT BUSINESS SVCS INC 0.0%

Value $320K (-27.9%) Shares 9,000 (-40.8%) Est. Cost $32.64 Unrealized —

ORCL ORACLE CORP 1.1%

Value $8.567M (-1.4%) Shares 58,457 (-1.0%) Est. Cost $78.31 Unrealized —

BXP BXP INC 0.1%

Value $534K (+25.4%) Shares 8,050 (-1.8%) Est. Cost $57.48 Unrealized —

QQQ INVESCO QQQ TR 0.1%

Value $530K (+25.0%) Shares 720 (-2.0%) Est. Cost $368.83 Unrealized —

AGX ARGAN INC 0.1%

Value $479K (+25.7%) Shares 600 (-14.3%) Est. Cost $370.57 Unrealized —

AFL AFLAC INC 0.2%

Value $1.529M (-5.9%) Shares 13,038 (-12.0%) Est. Cost $32.09 Unrealized —

DRI DARDEN RESTAURANTS INC 0.1%

Value $458K (-15.0%) Shares 2,225 (-19.1%) Est. Cost $94.23 Unrealized —

KO COCA COLA CO 0.2%

Value $1.29M (+5.5%) Shares 15,879 (-1.2%) Est. Cost $32.94 Unrealized —

GD GENERAL DYNAMICS CORP 0.1%

Value $620K (-9.7%) Shares 1,750 (-12.5%) Est. Cost $255.81 Unrealized —

MRK MERCK & CO INC 0.5%

Value $3.866M (+1.6%) Shares 30,088 (-4.9%) Est. Cost $53.59 Unrealized —

HAL HALLIBURTON CO 0.0%

Value $231K (-20.0%) Shares 6,800 (-8.1%) Est. Cost $21.87 Unrealized —

MTG MGIC INVT CORP WIS 0.3%

Value $2.396M (+1.9%) Shares 84,950 (-5.1%) Est. Cost $16.17 Unrealized —

WTRG ESSENTIAL UTILS INC 0.1%

Value $407K (-8.5%) Shares 10,627 (-3.8%) Est. Cost $44.79 Unrealized —

CHD CHURCH & DWIGHT CO INC 0.0%

Value $354K (-8.7%) Shares 3,658 (-12.0%) Est. Cost $37.62 Unrealized —

MPC MARATHON PETE CORP 0.0%

Value $320K (-9.4%) Shares 1,250 (-13.4%) Est. Cost $145.16 Unrealized —

OKE ONEOK INC NEW 0.1%

Value $568K (-5.3%) Shares 6,534 (-1.5%) Est. Cost $83.76 Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 0.4%

Value $2.747M (-0.7%) Shares 5,479 (-2.7%) Est. Cost $163.31 Unrealized —

RTX RTX CORPORATION 0.1%

Value $509K (-3.4%) Shares 2,682 (-1.8%) Est. Cost $132.84 Unrealized —

PEG PUBLIC SVC ENTERPRISE GROUP 0.0%

Value $292K (-5.0%) Shares 3,600 (-5.3%) Est. Cost $44.15 Unrealized —

BLK BLACKROCK INC 0.0%

Value $368K (-3.8%) Shares 383 (-3.8%) Est. Cost $991.05 Unrealized —

RIO RIO TINTO PLC 0.6%

Value $4.448M (+0.3%) Shares 46,860 (-1.5%) Est. Cost $65.88 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PANW	PALO ALTO NETWORKS INC	78,978 (-1.4%)	$26.93M (+109.6%)	3.6%	$136.50	—	COM	697435105
CAT	CATERPILLAR INC	18,255 (-2.4%)	$19.44M (+46.8%)	2.6%	$171.48	—	COM	149123101
NVDA	NVIDIA CORPORATION	183,401 (-3.2%)	$36.7M (+11.1%)	4.9%	$93.08	—	COM	67066G104
GOOG	ALPHABET INC	52,222 (-1.4%)	$18.45M (+21.4%)	2.5%	$113.08	—	CAP STK CL C	02079K107
CVX	CHEVRON CORPORATION	65,781 (-1.6%)	$10.9M (-21.1%)	1.5%	$98.08	—	COM	166764100
BDX	BECTON DICKINSON & CO	4,232 (-76.7%)	$640K (-77.6%)	0.1%	$204.79	—	COM	075887109
AAPL	APPLE INC	94,398 (-4.9%)	$27.32M (+8.5%)	3.7%	$116.03	—	COM	037833100
QCOM	QUALCOMM INC	35,188 (-7.2%)	$6.502M (+33.2%)	0.9%	$70.90	—	COM	747525103
DVN	DEVON ENERGY CORP NEW	17,850 (-59.8%)	$738K (-67.0%)	0.1%	$51.87	—	COM	25179M103
GOOGL	ALPHABET INC	15,432 (-3.3%)	$5.515M (+20.2%)	0.7%	$126.64	—	CAP STK CL A	02079K305
UNP	UNION PAC CORP	32,915 (-1.6%)	$8.953M (+10.3%)	1.2%	$189.39	—	COM	907818108
BMY	BRISTOL-MYERS SQUIBB CO	24,691 (-32.7%)	$1.423M (-36.1%)	0.2%	$43.64	—	COM	110122108
COP	CONOCOPHILLIPS	23,802 (-1.9%)	$2.474M (-22.7%)	0.3%	$68.08	—	COM	20825C104
CI	THE CIGNA GROUP	5,565 (-34.0%)	$1.534M (-31.8%)	0.2%	$199.86	—	COM	125523100
GEOS	GEOSPACE TECHNOLOGIES CORP	50,015 (-39.0%)	$339K (-66.2%)	0.0%	$12.88	—	COM	37364X109
TXN	TEXAS INSTRS INC	6,015 (-2.4%)	$1.793M (+49.8%)	0.2%	$85.60	—	COM	882508104
MAR	MARRIOTT INTL INC NEW	18,090 (-3.4%)	$6.704M (+9.5%)	0.9%	$111.67	—	CL A	571903202
SNY	SANOFI SA	45,410 (-10.7%)	$1.937M (-20.9%)	0.3%	$52.86	—	SPONSORED ADR	80105N105
LLY	ELI LILLY & CO	1,772 (-1.4%)	$2.125M (+28.6%)	0.3%	$343.37	—	COM	532457108
CSGP	COSTAR GROUP INC	32,250 (-4.4%)	$913K (-32.9%)	0.1%	$84.82	—	COM	22160N109
BAC	BANK OF AMER CORP	35,900 (-29.8%)	$2.046M (-17.9%)	0.3%	$21.42	—	COM	060505104
GILD	GILEAD SCIENCES INC	6,850 (-25.5%)	$865K (-32.4%)	0.1%	$64.79	—	COM	375558103
NVS	NOVARTIS AG	23,712 (-11.6%)	$3.716M (-9.3%)	0.5%	$92.44	—	SPONSORED ADR	66987V109
AIG	AMERICAN INTL GROUP INC	3,700 (-52.4%)	$276K (-52.9%)	0.0%	$48.63	—	COM NEW	026874784
XOM	EXXON MOBIL CORP	8,230 (-2.4%)	$1.125M (-21.3%)	0.2%	$81.92	—	COM	30231G102
RYN	RAYONIER INC	44,492 (-23.8%)	$947K (-21.4%)	0.1%	$20.62	—	COM	754907103
NEE	NEXTERA ENERGY INC	17,945 (-7.5%)	$1.575M (-12.6%)	0.2%	$62.29	—	COM	65339F101
PEP	PEPSICO INC	7,195 (-4.2%)	$974K (-16.5%)	0.1%	$92.71	—	COM	713448108
CLNE	CLEAN ENERGY FUELS CORP	337,850 (-3.6%)	$693K (-20.3%)	0.1%	$3.17	—	COM	184499101
UPS	UNITED PARCEL SVCS INC	23,543 (-14.4%)	$2.531M (-6.5%)	0.3%	$86.95	—	CL B	911312106
MSGS	MADISON SQUARE GRDN SPRT COR	10,065 (-16.8%)	$4.045M (+4.0%)	0.5%	$144.61	—	CL A	55825T103
CMI	CUMMINS INC	1,000 (-4.8%)	$713K (+26.2%)	0.1%	$145.39	—	COM	231021106
SLB	SLB LIMITED	20,034 (-4.4%)	$931K (-13.5%)	0.1%	$44.62	—	COM STK	806857108
BBSI	BARRETT BUSINESS SVCS INC	9,000 (-40.8%)	$320K (-27.9%)	0.0%	$32.64	—	COM	068463108
ORCL	ORACLE CORP	58,457 (-1.0%)	$8.567M (-1.4%)	1.1%	$78.31	—	COM	68389X105
BXP	BXP INC	8,050 (-1.8%)	$534K (+25.4%)	0.1%	$57.48	—	COM	101121101
QQQ	INVESCO QQQ TR	720 (-2.0%)	$530K (+25.0%)	0.1%	$368.83	—	UNIT SER 1	46090E103
AGX	ARGAN INC	600 (-14.3%)	$479K (+25.7%)	0.1%	$370.57	—	COM	04010E109
AFL	AFLAC INC	13,038 (-12.0%)	$1.529M (-5.9%)	0.2%	$32.09	—	COM	001055102
DRI	DARDEN RESTAURANTS INC	2,225 (-19.1%)	$458K (-15.0%)	0.1%	$94.23	—	COM	237194105
KO	COCA COLA CO	15,879 (-1.2%)	$1.29M (+5.5%)	0.2%	$32.94	—	COM	191216100
GD	GENERAL DYNAMICS CORP	1,750 (-12.5%)	$620K (-9.7%)	0.1%	$255.81	—	COM	369550108
MRK	MERCK & CO INC	30,088 (-4.9%)	$3.866M (+1.6%)	0.5%	$53.59	—	COM	58933Y105
HAL	HALLIBURTON CO	6,800 (-8.1%)	$231K (-20.0%)	0.0%	$21.87	—	COM	406216101
MTG	MGIC INVT CORP WIS	84,950 (-5.1%)	$2.396M (+1.9%)	0.3%	$16.17	—	COM	552848103
WTRG	ESSENTIAL UTILS INC	10,627 (-3.8%)	$407K (-8.5%)	0.1%	$44.79	—	COM	29670G102
CHD	CHURCH & DWIGHT CO INC	3,658 (-12.0%)	$354K (-8.7%)	0.0%	$37.62	—	COM	171340102
MPC	MARATHON PETE CORP	1,250 (-13.4%)	$320K (-9.4%)	0.0%	$145.16	—	COM	56585A102
OKE	ONEOK INC NEW	6,534 (-1.5%)	$568K (-5.3%)	0.1%	$83.76	—	COM	682680103
TMO	THERMO FISHER SCIENTIFIC INC	5,479 (-2.7%)	$2.747M (-0.7%)	0.4%	$163.31	—	COM	883556102
RTX	RTX CORPORATION	2,682 (-1.8%)	$509K (-3.4%)	0.1%	$132.84	—	COM	75513E101
PEG	PUBLIC SVC ENTERPRISE GROUP	3,600 (-5.3%)	$292K (-5.0%)	0.0%	$44.15	—	COM	744573106
BLK	BLACKROCK INC	383 (-3.8%)	$368K (-3.8%)	0.0%	$991.05	—	COM	09290D101
RIO	RIO TINTO PLC	46,860 (-1.5%)	$4.448M (+0.3%)	0.6%	$65.88	—	SPONSORED ADR	767204100

Unchanged Positions (52)

NKE NIKE INC 2.1%

Value $16.01M Shares 390,091 Est. Cost $95.33 Unrealized —

WPM WHEATON PRECIOUS METALS CORP 2.2%

Value $16.57M Shares 147,484 Est. Cost $25.89 Unrealized —

CME CME GROUP INC 1.2%

Value $8.67M Shares 39,260 Est. Cost $153.20 Unrealized —

ETN EATON CORP PLC 2.2%

Value $16.72M Shares 39,233 Est. Cost $66.38 Unrealized —

GBTC GRAYSCALE BITCOIN TRUST ETF 2.2%

Value $16.31M Shares 358,216 Est. Cost $62.50 Unrealized —

ABBV ABBVIE INC 2.4%

Value $18.06M Shares 71,774 Est. Cost $62.10 Unrealized —

ICE INTERCONTINENTAL EXCHANGE IN 1.2%

Value $8.586M Shares 69,745 Est. Cost $93.77 Unrealized —

LB LANDBRIDGE COMPANY LLC 2.2%

Value $16.7M Shares 210,805 Est. Cost $55.70 Unrealized —

JPM JPMORGAN CHASE & CO 2.3%

Value $17.32M Shares 52,906 Est. Cost $70.18 Unrealized —

FNV FRANCO NEV CORP 1.3%

Value $9.938M Shares 47,679 Est. Cost $129.26 Unrealized —

CACI CACI INTL INC 1.3%

Value $9.854M Shares 21,270 Est. Cost $270.37 Unrealized —

LMT LOCKHEED MARTIN CORP 1.0%

Value $7.198M Shares 14,128 Est. Cost $324.08 Unrealized —

AMZN AMAZON COM INC 1.6%

Value $11.66M Shares 48,936 Est. Cost $125.63 Unrealized —

PH PARKER-HANNIFIN CORP 1.9%

Value $14.26M Shares 14,575 Est. Cost $288.82 Unrealized —

MSB MESABI TR 0.6%

Value $4.316M Shares 170,575 Est. Cost $20.66 Unrealized —

V VISA INC 1.1%

Value $8.217M Shares 23,949 Est. Cost $128.19 Unrealized —

CRDO CREDO TECHNOLOGY GROUP HOLDI 0.2%

Value $1.464M Shares 5,385 Est. Cost $131.33 Unrealized —

MSTR STRATEGY INC 0.3%

Value $2.088M Shares 24,015 Est. Cost $135.58 Unrealized —

IBM INTERNATIONAL BUSINESS MACHS 0.7%

Value $5.491M Shares 19,526 Est. Cost $120.02 Unrealized —

NVO NOVO-NORDISK A S 0.4%

Value $3.051M Shares 63,650 Est. Cost $71.65 Unrealized —

LIN LINDE PLC 2.0%

Value $14.86M Shares 28,635 Est. Cost $341.05 Unrealized —

BA BOEING CO 0.9%

Value $6.43M Shares 29,705 Est. Cost $182.94 Unrealized —

FCX FREEPORT MCMORAN INC 1.2%

Value $9.119M Shares 145,000 Est. Cost $30.72 Unrealized —

TJX TJX COS INC NEW 1.3%

Value $10.02M Shares 66,140 Est. Cost $65.14 Unrealized —

VTI VANGUARD INDEX FDS 0.4%

Value $3.231M Shares 8,732 Est. Cost $215.53 Unrealized —

VOO VANGUARD INDEX FDS 0.2%

Value $1.761M Shares 2,564 Est. Cost $204.06 Unrealized —

JNJ JOHNSON & JOHNSON 0.8%

Value $5.659M Shares 22,283 Est. Cost $114.94 Unrealized —

WTTR SELECT WATER SOLUTIONS INC 0.1%

Value $739K Shares 37,000 Est. Cost $9.95 Unrealized —

DE DEERE & CO 0.2%

Value $1.5M Shares 2,365 Est. Cost $228.11 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.6%

Value $4.275M Shares 8,543 Est. Cost $158.23 Unrealized —

CP CANADIAN PACIFIC KANSAS CITY 0.2%

Value $1.511M Shares 17,442 Est. Cost $79.31 Unrealized —

WM WASTE MGMT INC DEL 0.5%

Value $4.072M Shares 18,271 Est. Cost $63.63 Unrealized —

IJH ISHARES TR 0.1%

Value $925K Shares 11,990 Est. Cost $80.97 Unrealized —

APD AIR PRODUCTS AND CHEMICALS I 1.6%

Value $11.94M Shares 40,732 Est. Cost $177.75 Unrealized —

VEU VANGUARD INTL EQUITY INDEX F 0.1%

Value $729K Shares 8,700 Est. Cost $46.23 Unrealized —

IBN ICICI BANK LIMITED 0.1%

Value $559K Shares 19,250 Est. Cost $29.98 Unrealized —

VB VANGUARD INDEX FDS 0.1%

Value $409K Shares 1,350 Est. Cost $123.07 Unrealized —

ABT ABBOTT LABORATORIES 0.1%

Value $422K Shares 4,648 Est. Cost $78.05 Unrealized —

MCK MCKESSON CORP 0.0%

Value $344K Shares 455 Est. Cost $161.42 Unrealized —

ARKK ARK ETF TR 0.0%

Value $271K Shares 3,352 Est. Cost $67.59 Unrealized —

RPM RPM INTL INC 0.0%

Value $333K Shares 3,000 Est. Cost $97.10 Unrealized —

TRV TRAVELERS COMPANIES INC 0.0%

Value $264K Shares 800 Est. Cost $166.66 Unrealized —

VWO VANGUARD INTL EQUITY INDEX F 0.0%

Value $303K Shares 5,084 Est. Cost $46.30 Unrealized —

LTRX LANTRONIX INC 0.0%

Value $249K Shares 42,400 Est. Cost $3.74 Unrealized —

AMGN AMGEN INC 0.1%

Value $760K Shares 2,100 Est. Cost $200.51 Unrealized —

PG PROCTER & GAMBLE CO 0.2%

Value $1.239M Shares 8,447 Est. Cost $107.05 Unrealized —

SCHD SCHWAB STRATEGIC TR 0.0%

Value $372K Shares 11,740 Est. Cost $27.32 Unrealized —

MCO MOODYS CORP 0.0%

Value $272K Shares 600 Est. Cost $341.78 Unrealized —

WSBK WINCHESTER BANCORP INC 0.0%

Value $210K Shares 16,000 Est. Cost $9.20 Unrealized —

DHR DANAHER CORP DEL 0.1%

Value $462K Shares 2,425 Est. Cost $35.96 Unrealized —

ET ENERGY TRANSFER L P 0.0%

Value $220K Shares 11,500 Est. Cost $19.59 Unrealized —

ENB ENBRIDGE INC 0.1%

Value $394K Shares 7,273 Est. Cost $41.39 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NKE	NIKE INC	390,091	$16.01M	2.1%	$95.33	—	CL B	654106103
WPM	WHEATON PRECIOUS METALS CORP	147,484	$16.57M	2.2%	$25.89	—	COM	962879102
CME	CME GROUP INC	39,260	$8.67M	1.2%	$153.20	—	COM	12572Q105
ETN	EATON CORP PLC	39,233	$16.72M	2.2%	$66.38	—	SHS	G29183103
GBTC	GRAYSCALE BITCOIN TRUST ETF	358,216	$16.31M	2.2%	$62.50	—	SHS REP COM UT	389637109
ABBV	ABBVIE INC	71,774	$18.06M	2.4%	$62.10	—	COM	00287Y109
ICE	INTERCONTINENTAL EXCHANGE IN	69,745	$8.586M	1.2%	$93.77	—	COM	45866F104
LB	LANDBRIDGE COMPANY LLC	210,805	$16.7M	2.2%	$55.70	—	CL A	514952100
JPM	JPMORGAN CHASE & CO	52,906	$17.32M	2.3%	$70.18	—	COM	46625H100
FNV	FRANCO NEV CORP	47,679	$9.938M	1.3%	$129.26	—	COM	351858105
CACI	CACI INTL INC	21,270	$9.854M	1.3%	$270.37	—	CL A	127190304
LMT	LOCKHEED MARTIN CORP	14,128	$7.198M	1.0%	$324.08	—	COM	539830109
AMZN	AMAZON COM INC	48,936	$11.66M	1.6%	$125.63	—	COM	023135106
PH	PARKER-HANNIFIN CORP	14,575	$14.26M	1.9%	$288.82	—	COM	701094104
MSB	MESABI TR	170,575	$4.316M	0.6%	$20.66	—	CTF BEN INT	590672101
V	VISA INC	23,949	$8.217M	1.1%	$128.19	—	COM CL A	92826C839
CRDO	CREDO TECHNOLOGY GROUP HOLDI	5,385	$1.464M	0.2%	$131.33	—	ORDINARY SHARES	G25457105
MSTR	STRATEGY INC	24,015	$2.088M	0.3%	$135.58	—	CL A NEW	594972408
IBM	INTERNATIONAL BUSINESS MACHS	19,526	$5.491M	0.7%	$120.02	—	COM	459200101
NVO	NOVO-NORDISK A S	63,650	$3.051M	0.4%	$71.65	—	ADR	670100205
LIN	LINDE PLC	28,635	$14.86M	2.0%	$341.05	—	SHS	G54950103
BA	BOEING CO	29,705	$6.43M	0.9%	$182.94	—	COM	097023105
FCX	FREEPORT MCMORAN INC	145,000	$9.119M	1.2%	$30.72	—	CL B	35671D857
TJX	TJX COS INC NEW	66,140	$10.02M	1.3%	$65.14	—	COM	872540109
VTI	VANGUARD INDEX FDS	8,732	$3.231M	0.4%	$215.53	—	TOTAL STK MKT	922908769
VOO	VANGUARD INDEX FDS	2,564	$1.761M	0.2%	$204.06	—	S&P 500 ETF SHS	922908363
JNJ	JOHNSON & JOHNSON	22,283	$5.659M	0.8%	$114.94	—	COM	478160104
WTTR	SELECT WATER SOLUTIONS INC	37,000	$739K	0.1%	$9.95	—	CL A COM	81617J301
DE	DEERE & CO	2,365	$1.5M	0.2%	$228.11	—	COM	244199105
BRK/B	BERKSHIRE HATHAWAY INC DEL	8,543	$4.275M	0.6%	$158.23	—	CL B NEW	084670702
CP	CANADIAN PACIFIC KANSAS CITY	17,442	$1.511M	0.2%	$79.31	—	COM	13646K108
WM	WASTE MGMT INC DEL	18,271	$4.072M	0.5%	$63.63	—	COM	94106L109
IJH	ISHARES TR	11,990	$925K	0.1%	$80.97	—	CORE S&P MCP ETF	464287507
APD	AIR PRODUCTS AND CHEMICALS I	40,732	$11.94M	1.6%	$177.75	—	COM	009158106
VEU	VANGUARD INTL EQUITY INDEX F	8,700	$729K	0.1%	$46.23	—	ALLWRLD EX US	922042775
IBN	ICICI BANK LIMITED	19,250	$559K	0.1%	$29.98	—	ADR	45104G104
VB	VANGUARD INDEX FDS	1,350	$409K	0.1%	$123.07	—	SMALL CP ETF	922908751
ABT	ABBOTT LABORATORIES	4,648	$422K	0.1%	$78.05	—	COM	002824100
MCK	MCKESSON CORP	455	$344K	0.0%	$161.42	—	COM	58155Q103
ARKK	ARK ETF TR	3,352	$271K	0.0%	$67.59	—	INNOVATION ETF	00214Q104
RPM	RPM INTL INC	3,000	$333K	0.0%	$97.10	—	COM	749685103
TRV	TRAVELERS COMPANIES INC	800	$264K	0.0%	$166.66	—	COM	89417E109
VWO	VANGUARD INTL EQUITY INDEX F	5,084	$303K	0.0%	$46.30	—	FTSE EMR MKT ETF	922042858
LTRX	LANTRONIX INC	42,400	$249K	0.0%	$3.74	—	COM NEW	516548203
AMGN	AMGEN INC	2,100	$760K	0.1%	$200.51	—	COM	031162100
PG	PROCTER & GAMBLE CO	8,447	$1.239M	0.2%	$107.05	—	COM	742718109
SCHD	SCHWAB STRATEGIC TR	11,740	$372K	0.0%	$27.32	—	US DIVIDEND EQ	808524797
MCO	MOODYS CORP	600	$272K	0.0%	$341.78	—	COM	615369105
WSBK	WINCHESTER BANCORP INC	16,000	$210K	0.0%	$9.20	—	COM	97269D103
DHR	DANAHER CORP DEL	2,425	$462K	0.1%	$35.96	—	COM	235851102
ET	ENERGY TRANSFER L P	11,500	$220K	0.0%	$19.59	—	COM UT LTD PTN	29273V100
ENB	ENBRIDGE INC	7,273	$394K	0.1%	$41.39	—	COM	29250N105