Triad Investment Management Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MAC	MACERICH CO	206,916	$3,820	3.9%	$18.46	—	COM	554382101
ASML	ASML HOLDING N V	3,040	$3,252	3.3%	$1069.86	—	N Y REGISTRY SHS	N07059210
HEI/A	HEICO CORP NEW	12,522	$3,161	3.2%	$246.96	0.0%	CL A	422806208
NXPI	NXP SEMICONDUCTORS N V	12,586	$2,732	2.8%	$213.68	0.0%	COM	N6596X109
MTBA	SIMPLIFY EXCHANGE TRADED FUN	51,809	$2,612	2.6%	$50.41	—	MBS ETF	82889N525
BINC	BLACKROCK ETF TRUST II	29,193	$1,541	1.6%	$52.77	—	ISHARES FLEXIBLE	092528603
ARCC	ARES CAPITAL CORP	29,458	$596	0.6%	$19.79	0.0%	COM	04010L103
TSLX	SIXTH STREET SPECIALTY LENDI	26,602	$578	0.6%	$21.81	0.0%	COM	83012A109
SIRI	SIRIUSXM HOLDINGS INC	13,104	$262	0.3%	$21.49	0.0%	COMMON STOCK	829933100

Increased Positions (18)

WBD WARNER BROS DISCOVERY INC 9.5%

Value ($000) $9,383 (+361.5%) Shares 325,574 (+39.8%) Est. Cost $17.65 Unrealized +32.4%

GOOG ALPHABET INC 6.6%

Value ($000) $6,479 (+2006.7%) Shares 20,648 (+922.2%) Est. Cost $267.70 Unrealized +7.0%

DHR DANAHER CORPORATION 5.0%

Value ($000) $4,931 (+604.5%) Shares 21,540 (+668.5%) Est. Cost $218.55 Unrealized +0.5%

ROP ROPER TECHNOLOGIES INC 5.5%

Value ($000) $5,406 (+144.4%) Shares 12,144 (+208.0%) Est. Cost $462.89 Unrealized -0.2%

V VISA INC 4.5%

Value ($000) $4,456 (+89.4%) Shares 12,705 (+50.7%) Est. Cost $249.44 Unrealized +36.5%

WTM WHITE MTNS INS GROUP LTD 5.4%

Value ($000) $5,294 (+65.5%) Shares 2,548 (+42.9%) Est. Cost $1345.84 Unrealized +45.3%

INTU INTUIT 2.5%

Value ($000) $2,513 (+489.2%) Shares 3,793 (+478.2%) Est. Cost $616.16 Unrealized +7.2%

IT GARTNER INC 2.8%

Value ($000) $2,751 (-42.4%) Shares 10,906 (+8.9%) Est. Cost $173.08 Unrealized +39.1%

MAX MEDIAALPHA INC 3.6%

Value ($000) $3,567 (-29.6%) Shares 275,437 (+10.7%) Est. Cost $9.70 Unrealized +26.0%

BRO BROWN & BROWN INC 4.4%

Value ($000) $4,314 (+35.2%) Shares 54,122 (+48.5%) Est. Cost $69.22 Unrealized +20.4%

OCSL OAKTREE SPECIALTY LENDING CO 2.6%

Value ($000) $2,559 (-29.8%) Shares 200,853 (+8.4%) Est. Cost $19.48 Unrealized -31.4%

BRK/B BERKSHIRE HATHAWAY INC DEL 2.0%

Value ($000) $1,948 (+74.4%) Shares 3,876 (+45.9%) Est. Cost $336.79 Unrealized +47.7%

VGSH VANGUARD SCOTTSDALE FDS 5.2%

Value ($000) $5,159 (+18.7%) Shares 87,845 (+17.4%) Est. Cost $58.11 Unrealized —

THO THOR INDS INC 4.3%

Value ($000) $4,276 (+13.5%) Shares 41,652 (+29.7%) Est. Cost $81.66 Unrealized +26.5%

WSO WATSCO INC 0.8%

Value ($000) $824 (+145.8%) Shares 2,445 (+215.1%) Est. Cost $339.40 Unrealized +5.2%

SLRC SLR INVESTMENT CORP 2.0%

Value ($000) $1,930 (+33.8%) Shares 124,814 (+32.9%) Est. Cost $11.10 Unrealized +34.5%

MHK MOHAWK INDS INC 1.9%

Value ($000) $1,869 (+11.3%) Shares 17,102 (+33.2%) Est. Cost $120.23 Unrealized -4.5%

CDW CDW CORP 3.0%

Value ($000) $2,940 (-3.4%) Shares 21,585 (+81.5%) Est. Cost $136.40 Unrealized +7.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WBD	WARNER BROS DISCOVERY INC	325,574 (+39.8%)	$9,383 (+361.5%)	9.5%	$17.65	+32.4%	COM SER A	934423104
GOOG	ALPHABET INC	20,648 (+922.2%)	$6,479 (+2006.7%)	6.6%	$267.70	+7.0%	CAP STK CL C	02079K107
DHR	DANAHER CORPORATION	21,540 (+668.5%)	$4,931 (+604.5%)	5.0%	$218.55	+0.5%	COM	235851102
ROP	ROPER TECHNOLOGIES INC	12,144 (+208.0%)	$5,406 (+144.4%)	5.5%	$462.89	-0.2%	COM	776696106
V	VISA INC	12,705 (+50.7%)	$4,456 (+89.4%)	4.5%	$249.44	+36.5%	COM CL A	92826C839
WTM	WHITE MTNS INS GROUP LTD	2,548 (+42.9%)	$5,294 (+65.5%)	5.4%	$1345.84	+45.3%	COM	G9618E107
INTU	INTUIT	3,793 (+478.2%)	$2,513 (+489.2%)	2.5%	$616.16	+7.2%	COM	461202103
IT	GARTNER INC	10,906 (+8.9%)	$2,751 (-42.4%)	2.8%	$173.08	+39.1%	COM	366651107
MAX	MEDIAALPHA INC	275,437 (+10.7%)	$3,567 (-29.6%)	3.6%	$9.70	+26.0%	CL A	58450V104
BRO	BROWN & BROWN INC	54,122 (+48.5%)	$4,314 (+35.2%)	4.4%	$69.22	+20.4%	COM	115236101
OCSL	OAKTREE SPECIALTY LENDING CO	200,853 (+8.4%)	$2,559 (-29.8%)	2.6%	$19.48	-31.4%	COM	67401P405
BRK/B	BERKSHIRE HATHAWAY INC DEL	3,876 (+45.9%)	$1,948 (+74.4%)	2.0%	$336.79	+47.7%	CL B NEW	084670702
VGSH	VANGUARD SCOTTSDALE FDS	87,845 (+17.4%)	$5,159 (+18.7%)	5.2%	$58.11	—	SHORT TERM TREAS	92206C102
THO	THOR INDS INC	41,652 (+29.7%)	$4,276 (+13.5%)	4.3%	$81.66	+26.5%	COM	885160101
WSO	WATSCO INC	2,445 (+215.1%)	$824 (+145.8%)	0.8%	$339.40	+5.2%	COM	942622200
SLRC	SLR INVESTMENT CORP	124,814 (+32.9%)	$1,930 (+33.8%)	2.0%	$11.10	+34.5%	COM	83413U100
MHK	MOHAWK INDS INC	17,102 (+33.2%)	$1,869 (+11.3%)	1.9%	$120.23	-4.5%	COM	608190104
CDW	CDW CORP	21,585 (+81.5%)	$2,940 (-3.4%)	3.0%	$136.40	+7.8%	COM	12514G108

Exited Positions (15)

CNNE CANNAE HLDGS INC 4.5%

Value ($000) $4,467 Shares 200,870 Est. Cost $25.70 Unrealized -34.3%

SLB SCHLUMBERGER LTD 4.2%

Value ($000) $4,113 Shares 75,037 Est. Cost $36.47 Unrealized -1.1%

KMX CARMAX INC 3.5%

Value ($000) $3,453 Shares 39,637 Est. Cost $89.93 Unrealized -55.5%

SSNC SS&C TECHNOLOGIES HLDGS INC 3.5%

Value ($000) $3,425 Shares 53,204 Est. Cost $59.88 Unrealized +42.4%

KFY KORN FERRY 3.3%

Value ($000) $3,290 Shares 50,035 Est. Cost $35.44 Unrealized +88.7%

FIS FIDELITY NATL INFORMATION SV 2.9%

Value ($000) $2,903 Shares 39,134 Est. Cost $59.92 Unrealized +9.5%

VAC MARRIOTT VACATIONS WORLDWIDE 2.3%

Value ($000) $2,282 Shares 21,179 Est. Cost $104.56 Unrealized -43.5%

ENTG ENTEGRIS INC 1.6%

Value ($000) $1,572 Shares 11,184 Est. Cost $94.44 Unrealized -8.1%

WFC WELLS FARGO CO NEW 0.3%

Value ($000) $290 Shares 5,000 Est. Cost $42.03 Unrealized +106.1%

— ALTUS POWER INC 0.3%

Value ($000) $277 Shares 58,023 Est. Cost $5.62 Unrealized —

GNRC GENERAC HLDGS INC 0.2%

Value ($000) $232 Shares 1,836 Est. Cost $117.30 Unrealized +37.6%

RIG TRANSOCEAN LTD 0.2%

Value ($000) $194 Shares 30,888 Est. Cost $3.38 Unrealized +14.9%

PR PERMIAN RESOURCES CORP 0.2%

Value ($000) $182 Shares 10,294 Est. Cost $6.91 Unrealized +94.4%

CLAR CLARUS CORP NEW 0.1%

Value ($000) $121 Shares 17,891 Est. Cost $8.85 Unrealized -61.7%

— QURATE RETAIL INC 0.0%

Value ($000) $12 Shares 10,000 Est. Cost $1.23 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CNNE	CANNAE HLDGS INC	200,870	$4,467	4.5%	$25.70	-34.3%	—	13765N107
SLB	SCHLUMBERGER LTD	75,037	$4,113	4.2%	$36.47	-1.1%	—	806857108
KMX	CARMAX INC	39,637	$3,453	3.5%	$89.93	-55.5%	—	143130102
SSNC	SS&C TECHNOLOGIES HLDGS INC	53,204	$3,425	3.5%	$59.88	+42.4%	—	78467J100
KFY	KORN FERRY	50,035	$3,290	3.3%	$35.44	+88.7%	—	500643200
FIS	FIDELITY NATL INFORMATION SV	39,134	$2,903	2.9%	$59.92	+9.5%	—	31620M106
VAC	MARRIOTT VACATIONS WORLDWIDE	21,179	$2,282	2.3%	$104.56	-43.5%	—	57164Y107
ENTG	ENTEGRIS INC	11,184	$1,572	1.6%	$94.44	-8.1%	—	29362U104
WFC	WELLS FARGO CO NEW	5,000	$290	0.3%	$42.03	+106.1%	—	949746101
—	ALTUS POWER INC	58,023	$277	0.3%	$5.62	—	—	02217A102
GNRC	GENERAC HLDGS INC	1,836	$232	0.2%	$117.30	+37.6%	—	368736104
RIG	TRANSOCEAN LTD	30,888	$194	0.2%	$3.38	+14.9%	—	H8817H100
PR	PERMIAN RESOURCES CORP	10,294	$182	0.2%	$6.91	+94.4%	—	71424F105
CLAR	CLARUS CORP NEW	17,891	$121	0.1%	$8.85	-61.7%	—	18270P109
—	QURATE RETAIL INC	10,000	$12	0.0%	$1.23	—	—	74915M100

Decreased Positions (7)

FISV FISERV INC 0.6%

Value ($000) $637 (-84.1%) Shares 9,490 (-62.2%) Est. Cost $103.68 Unrealized -19.1%

MSFT MICROSOFT CORP 0.6%

Value ($000) $551 (-19.6%) Shares 1,139 (-30.0%) Est. Cost $119.88 Unrealized +317.6%

MRK MERCK & CO INC 0.2%

Value ($000) $234 (-33.6%) Shares 2,225 (-16.8%) Est. Cost $56.97 Unrealized +63.7%

CMCSA COMCAST CORP NEW 0.2%

Value ($000) $206 (-31.9%) Shares 6,882 (-1.2%) Est. Cost $30.61 Unrealized -6.8%

SPGI S&P GLOBAL INC 0.3%

Value ($000) $291 (-20.5%) Shares 557 (-35.3%) Est. Cost $417.12 Unrealized +18.5%

CBRE CBRE GROUP INC 1.7%

Value ($000) $1,644 (+4.0%) Shares 10,226 (-37.1%) Est. Cost $44.60 Unrealized +252.5%

HTGC HERCULES CAPITAL INC 2.0%

Value ($000) $1,958 (-2.8%) Shares 104,063 (-4.7%) Est. Cost $13.47 Unrealized +33.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FISV	FISERV INC	9,490 (-62.2%)	$637 (-84.1%)	0.6%	$103.68	-19.1%	COM	337738108
MSFT	MICROSOFT CORP	1,139 (-30.0%)	$551 (-19.6%)	0.6%	$119.88	+317.6%	COM	594918104
MRK	MERCK & CO INC	2,225 (-16.8%)	$234 (-33.6%)	0.2%	$56.97	+63.7%	COM	58933Y105
CMCSA	COMCAST CORP NEW	6,882 (-1.2%)	$206 (-31.9%)	0.2%	$30.61	-6.8%	CL A	20030N101
SPGI	S&P GLOBAL INC	557 (-35.3%)	$291 (-20.5%)	0.3%	$417.12	+18.5%	COM	78409V104
CBRE	CBRE GROUP INC	10,226 (-37.1%)	$1,644 (+4.0%)	1.7%	$44.60	+252.5%	CL A	12504L109
HTGC	HERCULES CAPITAL INC	104,063 (-4.7%)	$1,958 (-2.8%)	2.0%	$13.47	+33.9%	COM	427096508

Unchanged Positions (2)

AXP AMERICAN EXPRESS CO 3.0%

Value ($000) $3,011 Shares 8,138 Est. Cost $96.20 Unrealized +271.1%

JNJ JOHNSON & JOHNSON 1.1%

Value ($000) $1,048 Shares 5,064 Est. Cost $113.58 Unrealized +73.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AXP	AMERICAN EXPRESS CO	8,138	$3,011	3.0%	$96.20	+271.1%	COM	025816109
JNJ	JOHNSON & JOHNSON	5,064	$1,048	1.1%	$113.58	+73.5%	COM	478160104