Ehrenkranz Partners L.P. Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AKRE	PROFESIONALLY MANAGED PORTFO	93,942	$6,154	7.0%	$65.51	—	AKRE FOCUS ETF	74316P579
EFA	ISHARES TR	28,918	$2,777	3.1%	$96.03	—	MSCI EAFE ETF	464287465
NVDA	NVIDIA CORPORATION	7,089	$1,322	1.5%	$186.13	0.0%	COM	67066G104
LLY	ELI LILLY & CO	701	$753	0.9%	$955.55	0.0%	COM	532457108
ORCL	ORACLE CORP	2,422	$472	0.5%	$238.05	0.0%	COM	68389X105
GE	GE AEROSPACE	1,243	$383	0.4%	$300.80	0.0%	COM NEW	369604301
TMO	THERMO FISHER SCIENTIFIC INC	599	$347	0.4%	$565.16	0.0%	COM	883556102
AON	AON PLC	881	$311	0.4%	$349.16	0.0%	SHS CL A	G0403H108
MLM	MARTIN MARIETTA MATLS INC	492	$306	0.3%	$621.36	0.0%	COM	573284106
APO	APOLLO GLOBAL MGMT INC	1,940	$281	0.3%	$132.57	0.0%	COM	03769M106
UBER	UBER TECHNOLOGIES INC	3,424	$280	0.3%	$90.05	0.0%	COM	90353T100
MSI	MOTOROLA SOLUTIONS INC	712	$274	0.3%	$400.79	0.0%	COM NEW	620076307
MA	MASTERCARD INCORPORATED	449	$256	0.3%	$558.95	0.0%	CL A	57636Q104
TMUS	T-MOBILE US INC	1,184	$240	0.3%	$211.32	0.0%	COM	872590104
ADI	ANALOG DEVICES INC	879	$238	0.3%	$250.62	0.0%	COM	032654105
GEV	GE VERNOVA INC	343	$224	0.3%	$609.04	0.0%	COM	36828A101
RTX	RTX CORPORATION	1,146	$210	0.2%	$173.32	0.0%	COM	75513E101
UNP	UNION PAC CORP	897	$207	0.2%	$227.32	0.0%	COM	907818108

Increased Positions (14)

IWF ISHARES TR 5.1%

Value ($000) $4,516 (+41.3%) Shares 9,541 (+39.9%) Est. Cost $469.81 Unrealized —

GOOG ALPHABET INC 1.6%

Value ($000) $1,391 (+419.2%) Shares 4,433 (+303.0%) Est. Cost $267.37 Unrealized +7.1%

MSFT MICROSOFT CORP 1.6%

Value ($000) $1,424 (+266.6%) Shares 2,945 (+292.7%) Est. Cost $502.65 Unrealized -0.4%

AMZN AMAZON COM INC 1.1%

Value ($000) $985 (+163.8%) Shares 4,266 (+150.9%) Est. Cost $227.82 Unrealized +0.4%

AAPL APPLE INC 0.9%

Value ($000) $817 (+244.9%) Shares 3,004 (+223.0%) Est. Cost $255.10 Unrealized +5.2%

BRK/B BERKSHIRE HATHAWAY INC DEL 1.8%

Value ($000) $1,629 (+40.9%) Shares 3,241 (+40.9%) Est. Cost $488.18 Unrealized +1.9%

JPM JPMORGAN CHASE & CO. 0.9%

Value ($000) $792 (+128.2%) Shares 2,457 (+123.4%) Est. Cost $303.44 Unrealized +2.0%

BX BLACKSTONE INC 0.6%

Value ($000) $536 (+141.4%) Shares 3,478 (+167.5%) Est. Cost $158.19 Unrealized -4.3%

META META PLATFORMS INC 0.5%

Value ($000) $476 (+85.2%) Shares 721 (+106.0%) Est. Cost $704.17 Unrealized -5.2%

APH AMPHENOL CORP NEW 0.5%

Value ($000) $478 (+60.6%) Shares 3,527 (+47.0%) Est. Cost $117.11 Unrealized +14.0%

V VISA INC 0.4%

Value ($000) $330 (+24.9%) Shares 942 (+21.5%) Est. Cost $344.30 Unrealized -1.1%

KO COCA COLA CO 0.3%

Value ($000) $238 (+11.4%) Shares 3,407 (+6.5%) Est. Cost $68.01 Unrealized +2.0%

VEU VANGUARD INTL EQUITY INDEX F 0.5%

Value ($000) $425 (+4.8%) Shares 5,779 (+1.7%) Est. Cost $71.40 Unrealized —

GBDC GOLUB CAP BDC INC 0.9%

Value ($000) $768 (+0.6%) Shares 56,609 (+1.5%) Est. Cost $14.00 Unrealized -3.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IWF	ISHARES TR	9,541 (+39.9%)	$4,516 (+41.3%)	5.1%	$469.81	—	RUS 1000 GRW ETF	464287614
GOOG	ALPHABET INC	4,433 (+303.0%)	$1,391 (+419.2%)	1.6%	$267.37	+7.1%	CAP STK CL C	02079K107
MSFT	MICROSOFT CORP	2,945 (+292.7%)	$1,424 (+266.6%)	1.6%	$502.65	-0.4%	COM	594918104
AMZN	AMAZON COM INC	4,266 (+150.9%)	$985 (+163.8%)	1.1%	$227.82	+0.4%	COM	023135106
AAPL	APPLE INC	3,004 (+223.0%)	$817 (+244.9%)	0.9%	$255.10	+5.2%	COM	037833100
BRK/B	BERKSHIRE HATHAWAY INC DEL	3,241 (+40.9%)	$1,629 (+40.9%)	1.8%	$488.18	+1.9%	CL B NEW	084670702
JPM	JPMORGAN CHASE & CO.	2,457 (+123.4%)	$792 (+128.2%)	0.9%	$303.44	+2.0%	COM	46625H100
BX	BLACKSTONE INC	3,478 (+167.5%)	$536 (+141.4%)	0.6%	$158.19	-4.3%	COM	09260D107
META	META PLATFORMS INC	721 (+106.0%)	$476 (+85.2%)	0.5%	$704.17	-5.2%	CL A	30303M102
APH	AMPHENOL CORP NEW	3,527 (+47.0%)	$478 (+60.6%)	0.5%	$117.11	+14.0%	CL A	032095101
V	VISA INC	942 (+21.5%)	$330 (+24.9%)	0.4%	$344.30	-1.1%	COM CL A	92826C839
KO	COCA COLA CO	3,407 (+6.5%)	$238 (+11.4%)	0.3%	$68.01	+2.0%	COM	191216100
VEU	VANGUARD INTL EQUITY INDEX F	5,779 (+1.7%)	$425 (+4.8%)	0.5%	$71.40	—	ALLWRLD EX US	922042775
GBDC	GOLUB CAP BDC INC	56,609 (+1.5%)	$768 (+0.6%)	0.9%	$14.00	-3.3%	COM	38173M102

Exited Positions (3)

EAGL 2023 ETF SERIES TRUST 26.4%

Value ($000) $23,270 Shares 744,416 Est. Cost $31.26 Unrealized —

XBI SPDR SERIES TRUST 18.5%

Value ($000) $16,352 Shares 163,193 Est. Cost $100.20 Unrealized —

CLOA BLACKROCK ETF TRUST II 3.6%

Value ($000) $3,201 Shares 61,601 Est. Cost $51.97 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EAGL	2023 ETF SERIES TRUST	744,416	$23,270	26.4%	$31.26	—	—	88339Y102
XBI	SPDR SERIES TRUST	163,193	$16,352	18.5%	$100.20	—	—	78464A870
CLOA	BLACKROCK ETF TRUST II	61,601	$3,201	3.6%	$51.97	—	—	092528504

Decreased Positions (1)

JAAA JANUS DETROIT STR TR 0.3%

Value ($000) $267 (-96.7%) Shares 5,282 (-96.7%) Est. Cost $50.78 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JAAA	JANUS DETROIT STR TR	5,282 (-96.7%)	$267 (-96.7%)	0.3%	$50.78	—	HENDRSON AAA CL	47103U845

Unchanged Positions (14)

EWY ISHARES INC 17.5%

Value ($000) $15,468 Shares 159,100 Est. Cost $80.10 Unrealized —

ACWX ISHARES TR 5.4%

Value ($000) $4,789 Shares 71,338 Est. Cost $65.01 Unrealized —

SPY SPDR S&P 500 ETF TR 7.7%

Value ($000) $6,818 Shares 9,976 Est. Cost $668.01 Unrealized —

VOO VANGUARD INDEX FDS 7.4%

Value ($000) $6,496 Shares 10,358 Est. Cost $614.10 Unrealized —

GLD SPDR GOLD TR 1.6%

Value ($000) $1,369 Shares 3,455 Est. Cost $355.47 Unrealized —

QUAL ISHARES TR 6.2%

Value ($000) $5,460 Shares 27,490 Est. Cost $194.50 Unrealized —

VO VANGUARD INDEX FDS 6.0%

Value ($000) $5,311 Shares 18,302 Est. Cost $294.77 Unrealized —

RSP INVESCO EXCHANGE TRADED FD T 6.7%

Value ($000) $5,909 Shares 30,845 Est. Cost $189.70 Unrealized —

VTV VANGUARD INDEX FDS 2.8%

Value ($000) $2,484 Shares 13,004 Est. Cost $187.43 Unrealized —

TSLX SIXTH STREET SPECIALTY LENDI 0.9%

Value ($000) $814 Shares 37,474 Est. Cost $24.05 Unrealized -9.3%

MS MORGAN STANLEY 0.4%

Value ($000) $355 Shares 2,000 Est. Cost $146.45 Unrealized +13.7%

VTI VANGUARD INDEX FDS 0.5%

Value ($000) $437 Shares 1,304 Est. Cost $328.94 Unrealized —

VCIT VANGUARD SCOTTSDALE FDS 1.2%

Value ($000) $1,095 Shares 13,075 Est. Cost $84.11 Unrealized —

IWR ISHARES TR 1.5%

Value ($000) $1,342 Shares 13,935 Est. Cost $96.55 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EWY	ISHARES INC	159,100	$15,468	17.5%	$80.10	—	MSCI STH KOR ETF	464286772
ACWX	ISHARES TR	71,338	$4,789	5.4%	$65.01	—	MSCI ACWI EX US	464288240
SPY	SPDR S&P 500 ETF TR	9,976	$6,818	7.7%	$668.01	—	TR UNIT	78462F103
VOO	VANGUARD INDEX FDS	10,358	$6,496	7.4%	$614.10	—	S&P 500 ETF SHS	922908363
GLD	SPDR GOLD TR	3,455	$1,369	1.6%	$355.47	—	GOLD SHS	78463V107
QUAL	ISHARES TR	27,490	$5,460	6.2%	$194.50	—	MSCI USA QLT FCT	46432F339
VO	VANGUARD INDEX FDS	18,302	$5,311	6.0%	$294.77	—	MID CAP ETF	922908629
RSP	INVESCO EXCHANGE TRADED FD T	30,845	$5,909	6.7%	$189.70	—	S&P500 EQL WGT	46137V357
VTV	VANGUARD INDEX FDS	13,004	$2,484	2.8%	$187.43	—	VALUE ETF	922908744
TSLX	SIXTH STREET SPECIALTY LENDI	37,474	$814	0.9%	$24.05	-9.3%	COM	83012A109
MS	MORGAN STANLEY	2,000	$355	0.4%	$146.45	+13.7%	COM NEW	617446448
VTI	VANGUARD INDEX FDS	1,304	$437	0.5%	$328.94	—	TOTAL STK MKT	922908769
VCIT	VANGUARD SCOTTSDALE FDS	13,075	$1,095	1.2%	$84.11	—	INT-TERM CORP	92206C870
IWR	ISHARES TR	13,935	$1,342	1.5%	$96.55	—	RUS MID CAP ETF	464287499