STANSBERRY ASSET MANAGEMENT, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BDX	BECTON DICKINSON & CO	36,252	$7,036	0.7%	$189.55	0.0%	COM	075887109
NOG	NORTHERN OIL & GAS INC	203,631	$4,372	0.4%	$22.43	0.0%	COM	665531307
UBER	UBER TECHNOLOGIES INC	51,968	$4,246	0.4%	$90.05	0.0%	COM	90353T100
CMG	CHIPOTLE MEXICAN GRILL INC	65,801	$2,435	0.2%	$36.17	0.0%	COM	169656105
PSA	PUBLIC STORAGE OPER CO	4,533	$1,176	0.1%	$277.29	0.0%	COM	74460D109
AGI	ALAMOS GOLD INC NEW	29,074	$1,124	0.1%	$34.84	0.0%	COM CL A	011532108
PM	PHILIP MORRIS INTL INC	5,911	$948	0.1%	$153.57	0.0%	COM	718172109
APPF	APPFOLIO INC	3,168	$737	0.1%	$237.64	0.0%	COM CL A	03783C100
AG	FIRST MAJESTIC SILVER CORP	30,205	$503	0.1%	$13.89	0.0%	COM	32076V103
RKLB	ROCKET LAB CORP	6,587	$460	0.0%	$57.32	0.0%	COM	773121108
SII	SPROTT INC	2,506	$246	0.0%	$88.68	0.0%	COM NEW	852066208
TMDX	TRANSMEDICS GROUP INC	2,016	$245	0.0%	$125.49	0.0%	COM	89377M109

Increased Positions (62)

GOOGL ALPHABET INC 5.2%

Value ($000) $51,136 (+30.4%) Shares 163,375 (+1.3%) Est. Cost $131.58 Unrealized +117.1%

KVUE KENVUE INC 1.5%

Value ($000) $14,939 (+329.9%) Shares 866,021 (+304.4%) Est. Cost $17.31 Unrealized -6.1%

LLY ELI LILLY & CO 2.3%

Value ($000) $23,034 (+90.7%) Shares 21,433 (+35.4%) Est. Cost $781.86 Unrealized +22.2%

JMBS JANUS DETROIT STR TR 1.8%

Value ($000) $18,141 (+95.3%) Shares 397,054 (+95.2%) Est. Cost $45.17 Unrealized —

DHR DANAHER CORPORATION 1.9%

Value ($000) $18,923 (+67.3%) Shares 82,664 (+44.9%) Est. Cost $214.62 Unrealized +2.3%

C CITIGROUP INC 1.0%

Value ($000) $9,862 (+301.9%) Shares 84,511 (+249.6%) Est. Cost $87.88 Unrealized +17.9%

BXSL BLACKSTONE SECD LENDING FD 0.8%

Value ($000) $7,833 (+708.9%) Shares 297,483 (+700.9%) Est. Cost $26.49 Unrealized -1.5%

SHEL SHELL PLC 1.6%

Value ($000) $15,331 (+66.9%) Shares 208,643 (+62.5%) Est. Cost $65.57 Unrealized —

AAPL APPLE INC 1.2%

Value ($000) $12,099 (+91.1%) Shares 44,506 (+79.0%) Est. Cost $208.49 Unrealized +28.7%

XYL XYLEM INC 1.0%

Value ($000) $10,078 (+109.9%) Shares 74,002 (+127.4%) Est. Cost $132.25 Unrealized +8.6%

GNRC GENERAC HLDGS INC 0.5%

Value ($000) $4,905 (+822.9%) Shares 35,970 (+1032.9%) Est. Cost $159.78 Unrealized +1.0%

CRH CRH PLC 2.4%

Value ($000) $23,403 (+17.4%) Shares 187,522 (+12.8%) Est. Cost $87.03 Unrealized +36.9%

MKL MARKEL GROUP INC 2.7%

Value ($000) $26,860 (+13.9%) Shares 12,495 (+1.2%) Est. Cost $1841.47 Unrealized +10.0%

RGLD ROYAL GOLD INC 1.5%

Value ($000) $14,993 (+25.6%) Shares 67,449 (+13.3%) Est. Cost $175.07 Unrealized +13.3%

AMZN AMAZON COM INC 3.2%

Value ($000) $31,468 (+9.7%) Shares 136,330 (+4.4%) Est. Cost $159.35 Unrealized +43.6%

VRSK VERISK ANALYTICS INC 0.9%

Value ($000) $9,056 (+38.9%) Shares 40,485 (+56.1%) Est. Cost $215.25 Unrealized +4.7%

TFPM TRIPLE FLAG PRECIOUS METAL 1.5%

Value ($000) $14,498 (+15.4%) Shares 436,418 (+1.6%) Est. Cost $14.78 Unrealized +111.6%

KGC KINROSS GOLD CORP 1.1%

Value ($000) $10,809 (+19.4%) Shares 383,857 (+5.3%) Est. Cost $8.38 Unrealized +210.2%

GLDM WORLD GOLD TR 0.6%

Value ($000) $6,300 (+36.4%) Shares 73,802 (+22.2%) Est. Cost $57.33 Unrealized —

KO COCA COLA CO 2.2%

Value ($000) $21,887 (+8.2%) Shares 313,072 (+2.6%) Est. Cost $57.60 Unrealized +20.5%

BTI BRITISH AMERN TOB PLC 0.7%

Value ($000) $6,824 (+28.2%) Shares 120,517 (+20.2%) Est. Cost $53.67 Unrealized —

UGI UGI CORP NEW 0.8%

Value ($000) $8,164 (+22.1%) Shares 218,103 (+8.5%) Est. Cost $34.49 Unrealized +2.7%

MSFT MICROSOFT CORP 2.5%

Value ($000) $24,691 (-5.3%) Shares 51,055 (+1.4%) Est. Cost $256.30 Unrealized +95.3%

JKHY HENRY JACK & ASSOC INC 0.6%

Value ($000) $5,435 (+27.0%) Shares 29,781 (+3.6%) Est. Cost $173.73 Unrealized -4.3%

V VISA INC 2.6%

Value ($000) $25,960 (+4.4%) Shares 74,020 (+1.6%) Est. Cost $236.00 Unrealized +44.2%

AIR AAR CORP 1.6%

Value ($000) $16,018 (+7.1%) Shares 193,476 (+16.0%) Est. Cost $67.47 Unrealized +22.6%

B BARRICK MNG CORP 0.3%

Value ($000) $3,052 (+47.3%) Shares 70,073 (+10.8%) Est. Cost $21.06 Unrealized +77.7%

TRV TRAVELERS COMPANIES INC 1.2%

Value ($000) $12,128 (+7.2%) Shares 41,812 (+3.2%) Est. Cost $180.33 Unrealized +55.6%

NEM NEWMONT CORP 0.2%

Value ($000) $2,249 (+46.4%) Shares 22,523 (+23.6%) Est. Cost $55.85 Unrealized +61.5%

AVGO BROADCOM INC 0.9%

Value ($000) $9,302 (+7.4%) Shares 26,877 (+2.4%) Est. Cost $300.62 Unrealized +18.8%

CGAU CENTERRA GOLD INC 0.2%

Value ($000) $1,597 (+67.0%) Shares 110,750 (+24.1%) Est. Cost $8.86 Unrealized +41.3%

SGDJ SPROTT ETF TRUST 0.2%

Value ($000) $1,982 (+46.2%) Shares 23,555 (+24.7%) Est. Cost $48.42 Unrealized —

CME CME GROUP INC 2.3%

Value ($000) $22,393 (+2.9%) Shares 82,001 (+1.8%) Est. Cost $218.41 Unrealized +24.0%

CBOE CBOE GLOBAL MKTS INC 1.4%

Value ($000) $13,582 (+4.6%) Shares 54,110 (+2.2%) Est. Cost $122.78 Unrealized +102.6%

— PG&E CORP 1.2%

Value ($000) $11,675 (+5.4%) Shares 284,768 (+1.2%) Est. Cost $38.32 Unrealized —

EQX EQUINOX GOLD CORP 0.2%

Value ($000) $1,694 (+54.6%) Shares 120,382 (+23.1%) Est. Cost $7.36 Unrealized +71.4%

GDX VANECK ETF TRUST 0.2%

Value ($000) $1,856 (+41.5%) Shares 21,640 (+26.0%) Est. Cost $48.44 Unrealized —

PAAS PAN AMERN SILVER CORP 0.2%

Value ($000) $1,877 (+35.7%) Shares 36,219 (+1.5%) Est. Cost $21.88 Unrealized +91.4%

SA SEABRIDGE GOLD INC 0.2%

Value ($000) $1,491 (+48.7%) Shares 50,401 (+21.4%) Est. Cost $17.09 Unrealized +53.8%

RNR RENAISSANCERE HLDGS LTD 0.3%

Value ($000) $3,038 (+14.9%) Shares 10,804 (+3.8%) Est. Cost $173.40 Unrealized +51.8%

FBTC FIDELITY WISE ORIGIN BITCOIN 0.2%

Value ($000) $1,791 (-17.9%) Shares 23,491 (+7.5%) Est. Cost $63.05 Unrealized —

NVR NVR INC 0.4%

Value ($000) $4,171 (-8.1%) Shares 572 (+1.2%) Est. Cost $4852.87 Unrealized +54.1%

PSMT PRICESMART INC 1.6%

Value ($000) $15,852 (+2.4%) Shares 129,227 (+1.1%) Est. Cost $90.10 Unrealized +34.8%

MCD MCDONALDS CORP 0.7%

Value ($000) $7,073 (+3.7%) Shares 23,144 (+3.1%) Est. Cost $288.75 Unrealized +5.7%

HODL VANECK BITCOIN ETF 0.2%

Value ($000) $2,297 (+9.6%) Shares 92,877 (+43.5%) Est. Cost $30.05 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.3%

Value ($000) $2,891 (+5.8%) Shares 5,752 (+5.8%) Est. Cost $462.01 Unrealized +7.7%

FNV FRANCO NEV CORP 0.5%

Value ($000) $4,649 (+3.4%) Shares 22,427 (+11.2%) Est. Cost $135.78 Unrealized +49.3%

DBMF LITMAN GREGORY FDS TR 0.3%

Value ($000) $3,306 (+4.6%) Shares 117,811 (+1.8%) Est. Cost $30.02 Unrealized —

OR OR ROYALTIES INC. 0.1%

Value ($000) $1,408 (-9.3%) Shares 39,695 (+2.5%) Est. Cost $24.36 Unrealized +43.8%

CTAS CINTAS CORP 0.2%

Value ($000) $2,140 (-6.3%) Shares 11,379 (+2.2%) Est. Cost $179.60 Unrealized +4.8%

LAMR LAMAR ADVERTISING CO NEW 0.2%

Value ($000) $1,977 (+7.4%) Shares 15,619 (+3.8%) Est. Cost $89.35 Unrealized —

VNOM VIPER ENERGY INC 0.3%

Value ($000) $3,255 (+3.8%) Shares 84,270 (+2.7%) Est. Cost $38.09 Unrealized -0.6%

IBM INTERNATIONAL BUSINESS MACHS 0.2%

Value ($000) $1,962 (+6.3%) Shares 6,624 (+1.2%) Est. Cost $134.12 Unrealized +122.8%

AOS SMITH A O CORP 0.1%

Value ($000) $1,140 (-7.9%) Shares 17,050 (+1.0%) Est. Cost $64.76 Unrealized +4.2%

AFG AMERICAN FINL GROUP INC OHIO 0.1%

Value ($000) $1,290 (-4.5%) Shares 9,437 (+1.8%) Est. Cost $121.10 Unrealized +10.3%

GD GENERAL DYNAMICS CORP 0.7%

Value ($000) $7,196 (+0.7%) Shares 21,375 (+2.0%) Est. Cost $302.38 Unrealized +12.7%

XOM EXXON MOBIL CORP 0.0%

Value ($000) $346 (+9.9%) Shares 2,875 (+2.9%) Est. Cost $110.30 Unrealized +4.7%

ABBV ABBVIE INC 0.0%

Value ($000) $435 (+5.5%) Shares 1,904 (+6.9%) Est. Cost $180.65 Unrealized +26.0%

ITB ISHARES TR 0.3%

Value ($000) $2,793 (-0.8%) Shares 29,004 (+10.5%) Est. Cost $101.20 Unrealized —

LMT LOCKHEED MARTIN CORP 0.1%

Value ($000) $1,236 (-1.1%) Shares 2,556 (+2.0%) Est. Cost $352.78 Unrealized +35.0%

CDE COEUR MNG INC 0.0%

Value ($000) $218 (-3.1%) Shares 12,253 (+2.0%) Est. Cost $12.34 Unrealized +40.9%

BN BROOKFIELD CORP 0.1%

Value ($000) $814 (+0.5%) Shares 17,698 (+50.0%) Est. Cost $44.65 Unrealized +2.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	163,375 (+1.3%)	$51,136 (+30.4%)	5.2%	$131.58	+117.1%	CAP STK CL A	02079K305
KVUE	KENVUE INC	866,021 (+304.4%)	$14,939 (+329.9%)	1.5%	$17.31	-6.1%	COM	49177J102
LLY	ELI LILLY & CO	21,433 (+35.4%)	$23,034 (+90.7%)	2.3%	$781.86	+22.2%	COM	532457108
JMBS	JANUS DETROIT STR TR	397,054 (+95.2%)	$18,141 (+95.3%)	1.8%	$45.17	—	HENDERSON MTG	47103U852
DHR	DANAHER CORPORATION	82,664 (+44.9%)	$18,923 (+67.3%)	1.9%	$214.62	+2.3%	COM	235851102
C	CITIGROUP INC	84,511 (+249.6%)	$9,862 (+301.9%)	1.0%	$87.88	+17.9%	COM NEW	172967424
BXSL	BLACKSTONE SECD LENDING FD	297,483 (+700.9%)	$7,833 (+708.9%)	0.8%	$26.49	-1.5%	COMMON STOCK	09261X102
SHEL	SHELL PLC	208,643 (+62.5%)	$15,331 (+66.9%)	1.6%	$65.57	—	SPON ADS	780259305
AAPL	APPLE INC	44,506 (+79.0%)	$12,099 (+91.1%)	1.2%	$208.49	+28.7%	COM	037833100
XYL	XYLEM INC	74,002 (+127.4%)	$10,078 (+109.9%)	1.0%	$132.25	+8.6%	COM	98419M100
GNRC	GENERAC HLDGS INC	35,970 (+1032.9%)	$4,905 (+822.9%)	0.5%	$159.78	+1.0%	COM	368736104
CRH	CRH PLC	187,522 (+12.8%)	$23,403 (+17.4%)	2.4%	$87.03	+36.9%	ORD	G25508105
MKL	MARKEL GROUP INC	12,495 (+1.2%)	$26,860 (+13.9%)	2.7%	$1841.47	+10.0%	COM	570535104
RGLD	ROYAL GOLD INC	67,449 (+13.3%)	$14,993 (+25.6%)	1.5%	$175.07	+13.3%	COM	780287108
AMZN	AMAZON COM INC	136,330 (+4.4%)	$31,468 (+9.7%)	3.2%	$159.35	+43.6%	COM	023135106
VRSK	VERISK ANALYTICS INC	40,485 (+56.1%)	$9,056 (+38.9%)	0.9%	$215.25	+4.7%	COM	92345Y106
TFPM	TRIPLE FLAG PRECIOUS METAL	436,418 (+1.6%)	$14,498 (+15.4%)	1.5%	$14.78	+111.6%	COM	89679M104
KGC	KINROSS GOLD CORP	383,857 (+5.3%)	$10,809 (+19.4%)	1.1%	$8.38	+210.2%	COM	496902404
GLDM	WORLD GOLD TR	73,802 (+22.2%)	$6,300 (+36.4%)	0.6%	$57.33	—	SPDR GLD MINIS	98149E303
KO	COCA COLA CO	313,072 (+2.6%)	$21,887 (+8.2%)	2.2%	$57.60	+20.5%	COM	191216100
BTI	BRITISH AMERN TOB PLC	120,517 (+20.2%)	$6,824 (+28.2%)	0.7%	$53.67	—	SPONSORED ADR	110448107
UGI	UGI CORP NEW	218,103 (+8.5%)	$8,164 (+22.1%)	0.8%	$34.49	+2.7%	COM	902681105
MSFT	MICROSOFT CORP	51,055 (+1.4%)	$24,691 (-5.3%)	2.5%	$256.30	+95.3%	COM	594918104
JKHY	HENRY JACK & ASSOC INC	29,781 (+3.6%)	$5,435 (+27.0%)	0.6%	$173.73	-4.3%	COM	426281101
V	VISA INC	74,020 (+1.6%)	$25,960 (+4.4%)	2.6%	$236.00	+44.2%	COM CL A	92826C839
AIR	AAR CORP	193,476 (+16.0%)	$16,018 (+7.1%)	1.6%	$67.47	+22.6%	COM	000361105
B	BARRICK MNG CORP	70,073 (+10.8%)	$3,052 (+47.3%)	0.3%	$21.06	+77.7%	COM SHS	06849F108
TRV	TRAVELERS COMPANIES INC	41,812 (+3.2%)	$12,128 (+7.2%)	1.2%	$180.33	+55.6%	COM	89417E109
NEM	NEWMONT CORP	22,523 (+23.6%)	$2,249 (+46.4%)	0.2%	$55.85	+61.5%	COM	651639106
AVGO	BROADCOM INC	26,877 (+2.4%)	$9,302 (+7.4%)	0.9%	$300.62	+18.8%	COM	11135F101
CGAU	CENTERRA GOLD INC	110,750 (+24.1%)	$1,597 (+67.0%)	0.2%	$8.86	+41.3%	COM	152006102
SGDJ	SPROTT ETF TRUST	23,555 (+24.7%)	$1,982 (+46.2%)	0.2%	$48.42	—	JR GOLD MINERS E	85210B201
CME	CME GROUP INC	82,001 (+1.8%)	$22,393 (+2.9%)	2.3%	$218.41	+24.0%	COM	12572Q105
CBOE	CBOE GLOBAL MKTS INC	54,110 (+2.2%)	$13,582 (+4.6%)	1.4%	$122.78	+102.6%	COM	12503M108
—	PG&E CORP	284,768 (+1.2%)	$11,675 (+5.4%)	1.2%	$38.32	—	PFD CONV SER A	69331C306
EQX	EQUINOX GOLD CORP	120,382 (+23.1%)	$1,694 (+54.6%)	0.2%	$7.36	+71.4%	COM	29446Y502
GDX	VANECK ETF TRUST	21,640 (+26.0%)	$1,856 (+41.5%)	0.2%	$48.44	—	GOLD MINERS ETF	92189F106
PAAS	PAN AMERN SILVER CORP	36,219 (+1.5%)	$1,877 (+35.7%)	0.2%	$21.88	+91.4%	COM	697900108
SA	SEABRIDGE GOLD INC	50,401 (+21.4%)	$1,491 (+48.7%)	0.2%	$17.09	+53.8%	COM	811916105
RNR	RENAISSANCERE HLDGS LTD	10,804 (+3.8%)	$3,038 (+14.9%)	0.3%	$173.40	+51.8%	COM	G7496G103
FBTC	FIDELITY WISE ORIGIN BITCOIN	23,491 (+7.5%)	$1,791 (-17.9%)	0.2%	$63.05	—	SHS	315948109
NVR	NVR INC	572 (+1.2%)	$4,171 (-8.1%)	0.4%	$4852.87	+54.1%	COM	62944T105
PSMT	PRICESMART INC	129,227 (+1.1%)	$15,852 (+2.4%)	1.6%	$90.10	+34.8%	COM	741511109
MCD	MCDONALDS CORP	23,144 (+3.1%)	$7,073 (+3.7%)	0.7%	$288.75	+5.7%	COM	580135101
HODL	VANECK BITCOIN ETF	92,877 (+43.5%)	$2,297 (+9.6%)	0.2%	$30.05	—	SH BEN INT	92189K105
BRK/B	BERKSHIRE HATHAWAY INC DEL	5,752 (+5.8%)	$2,891 (+5.8%)	0.3%	$462.01	+7.7%	CL B NEW	084670702
FNV	FRANCO NEV CORP	22,427 (+11.2%)	$4,649 (+3.4%)	0.5%	$135.78	+49.3%	COM	351858105
DBMF	LITMAN GREGORY FDS TR	117,811 (+1.8%)	$3,306 (+4.6%)	0.3%	$30.02	—	IMGP DBI MANAGED	53700T827
OR	OR ROYALTIES INC.	39,695 (+2.5%)	$1,408 (-9.3%)	0.1%	$24.36	+43.8%	COM SHS	68390D106
CTAS	CINTAS CORP	11,379 (+2.2%)	$2,140 (-6.3%)	0.2%	$179.60	+4.8%	COM	172908105
LAMR	LAMAR ADVERTISING CO NEW	15,619 (+3.8%)	$1,977 (+7.4%)	0.2%	$89.35	—	CL A	512816109
VNOM	VIPER ENERGY INC	84,270 (+2.7%)	$3,255 (+3.8%)	0.3%	$38.09	-0.6%	CL A	64361Q101
IBM	INTERNATIONAL BUSINESS MACHS	6,624 (+1.2%)	$1,962 (+6.3%)	0.2%	$134.12	+122.8%	COM	459200101
AOS	SMITH A O CORP	17,050 (+1.0%)	$1,140 (-7.9%)	0.1%	$64.76	+4.2%	COM	831865209
AFG	AMERICAN FINL GROUP INC OHIO	9,437 (+1.8%)	$1,290 (-4.5%)	0.1%	$121.10	+10.3%	COM	025932104
GD	GENERAL DYNAMICS CORP	21,375 (+2.0%)	$7,196 (+0.7%)	0.7%	$302.38	+12.7%	COM	369550108
XOM	EXXON MOBIL CORP	2,875 (+2.9%)	$346 (+9.9%)	0.0%	$110.30	+4.7%	COM	30231G102
ABBV	ABBVIE INC	1,904 (+6.9%)	$435 (+5.5%)	0.0%	$180.65	+26.0%	COM	00287Y109
ITB	ISHARES TR	29,004 (+10.5%)	$2,793 (-0.8%)	0.3%	$101.20	—	US HOME CONS ETF	464288752
LMT	LOCKHEED MARTIN CORP	2,556 (+2.0%)	$1,236 (-1.1%)	0.1%	$352.78	+35.0%	COM	539830109
CDE	COEUR MNG INC	12,253 (+2.0%)	$218 (-3.1%)	0.0%	$12.34	+40.9%	COM NEW	192108504
BN	BROOKFIELD CORP	17,698 (+50.0%)	$814 (+0.5%)	0.1%	$44.65	+2.0%	CL A LTD VT SH	11271J107

Exited Positions (15)

FISV FISERV INC 1.1%

Value ($000) $10,615 Shares 82,335 Est. Cost $106.18 Unrealized -21.0%

MTN VAIL RESORTS INC 0.5%

Value ($000) $5,206 Shares 34,803 Est. Cost $232.03 Unrealized -36.6%

EZBC FRANKLIN TEMPLETON DIGITAL H 0.5%

Value ($000) $4,513 Shares 68,169 Est. Cost $48.72 Unrealized —

— SANDSTORM GOLD LTD 0.1%

Value ($000) $1,000 Shares 79,840 Est. Cost $6.97 Unrealized —

ABEV AMBEV SA 0.1%

Value ($000) $995 Shares 446,302 Est. Cost $2.48 Unrealized —

— WESTERN AST INFL LKD OPP & I 0.1%

Value ($000) $768 Shares 86,419 Est. Cost $8.91 Unrealized —

SNAP SNAP INC 0.1%

Value ($000) $661 Shares 85,739 Est. Cost $9.89 Unrealized -20.0%

CWH CAMPING WORLD HLDGS INC 0.1%

Value ($000) $565 Shares 35,781 Est. Cost $27.14 Unrealized -54.8%

ADBE ADOBE INC 0.0%

Value ($000) $392 Shares 1,110 Est. Cost $385.32 Unrealized -11.7%

KD KYNDRYL HLDGS INC 0.0%

Value ($000) $313 Shares 10,425 Est. Cost $36.16 Unrealized -25.0%

WING WINGSTOP INC 0.0%

Value ($000) $283 Shares 1,126 Est. Cost $295.94 Unrealized -16.3%

OR OR ROYALTIES INC. 0.0%

Value ($000) $23 Shares 1,000 Est. Cost $24.36 Unrealized +43.8%

PAAS PAN AMERN SILVER CORP 0.0%

Value ($000) $16 Shares 1,200 Est. Cost $21.88 Unrealized +91.4%

KGC KINROSS GOLD CORP 0.0%

Value ($000) $7 Shares 500 Est. Cost $8.38 Unrealized +210.2%

RGLD ROYAL GOLD INC 0.0%

Value ($000) $4 Shares 100 Est. Cost $175.07 Unrealized +13.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FISV	FISERV INC	82,335	$10,615	1.1%	$106.18	-21.0%	—	337738108
MTN	VAIL RESORTS INC	34,803	$5,206	0.5%	$232.03	-36.6%	—	91879Q109
EZBC	FRANKLIN TEMPLETON DIGITAL H	68,169	$4,513	0.5%	$48.72	—	—	354921108
—	SANDSTORM GOLD LTD	79,840	$1,000	0.1%	$6.97	—	—	80013R206
ABEV	AMBEV SA	446,302	$995	0.1%	$2.48	—	—	02319V103
—	WESTERN AST INFL LKD OPP & I	86,419	$768	0.1%	$8.91	—	—	95766R104
SNAP	SNAP INC	85,739	$661	0.1%	$9.89	-20.0%	—	83304A106
CWH	CAMPING WORLD HLDGS INC	35,781	$565	0.1%	$27.14	-54.8%	—	13462K109
ADBE	ADOBE INC	1,110	$392	0.0%	$385.32	-11.7%	—	00724F101
KD	KYNDRYL HLDGS INC	10,425	$313	0.0%	$36.16	-25.0%	—	50155Q100
WING	WINGSTOP INC	1,126	$283	0.0%	$295.94	-16.3%	—	974155103
OR	OR ROYALTIES INC.	1,000	$23	0.0%	$24.36	+43.8%	CALL	68390D106
PAAS	PAN AMERN SILVER CORP	1,200	$16	0.0%	$21.88	+91.4%	CALL	697900108
KGC	KINROSS GOLD CORP	500	$7	0.0%	$8.38	+210.2%	CALL	496902404
RGLD	ROYAL GOLD INC	100	$4	0.0%	$175.07	+13.3%	CALL	780287108

Decreased Positions (41)

VICI VICI PPTYS INC 0.2%

Value ($000) $2,069 (-89.6%) Shares 73,582 (-88.0%) Est. Cost $29.58 Unrealized -0.9%

FIX COMFORT SYS USA INC 0.6%

Value ($000) $5,493 (-65.6%) Shares 5,886 (-69.6%) Est. Cost $252.63 Unrealized +265.4%

TLT ISHARES TR 0.6%

Value ($000) $5,683 (-60.5%) Shares 65,198 (-59.5%) Est. Cost $88.25 Unrealized —

VRSN VERISIGN INC 0.4%

Value ($000) $4,079 (-61.2%) Shares 16,788 (-55.4%) Est. Cost $238.63 Unrealized +5.1%

VRRM VERRA MOBILITY CORP 0.8%

Value ($000) $7,467 (-44.6%) Shares 333,217 (-39.0%) Est. Cost $23.71 Unrealized -3.7%

META META PLATFORMS INC 0.5%

Value ($000) $4,810 (-53.8%) Shares 7,287 (-48.6%) Est. Cost $411.04 Unrealized +62.3%

RITM RITHM CAPITAL CORP 0.1%

Value ($000) $1,382 (-80.2%) Shares 126,799 (-79.3%) Est. Cost $11.20 Unrealized —

AMLP ALPS ETF TR 0.4%

Value ($000) $3,530 (-60.7%) Shares 75,074 (-60.7%) Est. Cost $50.23 Unrealized —

ICE INTERCONTINENTAL EXCHANGE IN 1.5%

Value ($000) $14,778 (-24.9%) Shares 91,242 (-21.9%) Est. Cost $135.21 Unrealized +15.5%

SPGI S&P GLOBAL INC 0.7%

Value ($000) $6,540 (-40.5%) Shares 12,514 (-44.6%) Est. Cost $393.57 Unrealized +25.6%

KNSL KINSALE CAP GROUP INC 0.1%

Value ($000) $691 (-86.5%) Shares 1,767 (-85.4%) Est. Cost $465.81 Unrealized -12.5%

MELI MERCADOLIBRE INC 1.6%

Value ($000) $15,536 (-17.0%) Shares 7,713 (-3.7%) Est. Cost $1829.20 Unrealized +14.8%

WRB BERKLEY W R CORP 2.1%

Value ($000) $21,116 (-11.7%) Shares 301,143 (-3.5%) Est. Cost $43.46 Unrealized +67.4%

AEM AGNICO EAGLE MINES LTD 1.4%

Value ($000) $13,361 (-15.6%) Shares 78,811 (-16.1%) Est. Cost $80.29 Unrealized +109.1%

— KAYNE ANDERSON ENERGY INFRST 0.8%

Value ($000) $7,805 (-23.5%) Shares 630,469 (-23.6%) Est. Cost $9.38 Unrealized —

COCO VITA COCO CO INC 2.1%

Value ($000) $21,173 (+11.9%) Shares 399,411 (-10.3%) Est. Cost $21.33 Unrealized +119.9%

ALLE ALLEGION PLC 1.4%

Value ($000) $14,250 (-11.4%) Shares 89,502 (-1.4%) Est. Cost $141.47 Unrealized +17.8%

HD HOME DEPOT INC 0.4%

Value ($000) $3,967 (-26.7%) Shares 11,528 (-13.7%) Est. Cost $315.31 Unrealized +15.6%

MBB ISHARES TR 1.5%

Value ($000) $14,528 (-7.8%) Shares 152,572 (-7.9%) Est. Cost $93.89 Unrealized —

HSY HERSHEY CO 0.5%

Value ($000) $4,899 (-11.5%) Shares 26,923 (-9.0%) Est. Cost $154.44 Unrealized +17.9%

GBTC GRAYSCALE BITCOIN TRUST ETF 0.1%

Value ($000) $1,299 (-25.9%) Shares 19,009 (-2.7%) Est. Cost $62.80 Unrealized —

AXP AMERICAN EXPRESS CO 1.3%

Value ($000) $13,242 (+2.3%) Shares 35,794 (-8.2%) Est. Cost $149.04 Unrealized +139.5%

FLUT FLUTTER ENTMT PLC 0.1%

Value ($000) $677 (-24.0%) Shares 3,146 (-10.2%) Est. Cost $244.13 Unrealized -7.9%

CSGP COSTAR GROUP INC 0.1%

Value ($000) $538 (-28.1%) Shares 8,002 (-9.7%) Est. Cost $72.98 Unrealized -2.9%

SELF GLOBAL SELF STORAGE INC 0.0%

Value ($000) $242 (-43.8%) Shares 47,388 (-44.5%) Est. Cost $4.55 Unrealized —

GOOG ALPHABET INC 0.1%

Value ($000) $800 (+25.8%) Shares 2,549 (-2.3%) Est. Cost $173.78 Unrealized +64.8%

VGIT VANGUARD SCOTTSDALE FDS 0.0%

Value ($000) $204 (-40.6%) Shares 3,401 (-40.5%) Est. Cost $59.41 Unrealized —

ZETA ZETA GLOBAL HOLDINGS CORP 1.1%

Value ($000) $10,434 (+1.2%) Shares 512,751 (-1.2%) Est. Cost $10.79 Unrealized +73.2%

HROW HARROW INC 0.2%

Value ($000) $1,822 (-5.9%) Shares 37,183 (-7.5%) Est. Cost $30.08 Unrealized +39.6%

GSHD GOOSEHEAD INS INC 0.1%

Value ($000) $582 (-15.3%) Shares 7,903 (-14.5%) Est. Cost $88.10 Unrealized -19.1%

HQY HEALTHEQUITY INC 0.1%

Value ($000) $820 (-11.1%) Shares 8,949 (-8.0%) Est. Cost $93.54 Unrealized +2.3%

ABNB AIRBNB INC 0.2%

Value ($000) $1,633 (+6.7%) Shares 12,031 (-4.6%) Est. Cost $118.46 Unrealized +5.1%

SNOW SNOWFLAKE INC 0.1%

Value ($000) $811 (-10.1%) Shares 3,699 (-7.5%) Est. Cost $178.18 Unrealized +37.0%

CEF SPROTT ASSET MANAGEMENT LP 0.1%

Value ($000) $498 (+21.9%) Shares 10,874 (-2.3%) Est. Cost $31.36 Unrealized —

SOFI SOFI TECHNOLOGIES INC 0.1%

Value ($000) $1,327 (-5.9%) Shares 50,691 (-5.1%) Est. Cost $23.73 Unrealized +17.4%

SSD SIMPSON MFG INC 0.1%

Value ($000) $623 (-10.8%) Shares 3,858 (-7.5%) Est. Cost $121.81 Unrealized +38.5%

PHYS SPROTT ASSET MANAGEMENT LP 0.0%

Value ($000) $462 (+10.2%) Shares 14,000 (-1.1%) Est. Cost $29.62 Unrealized —

BILL BILL HOLDINGS INC 0.1%

Value ($000) $537 (-7.0%) Shares 9,841 (-9.6%) Est. Cost $80.67 Unrealized -36.3%

SHLS SHOALS TECHNOLOGIES GROUP IN 0.1%

Value ($000) $653 (+4.8%) Shares 76,860 (-8.6%) Est. Cost $15.63 Unrealized -42.5%

FANG DIAMONDBACK ENERGY INC 0.1%

Value ($000) $611 (+3.7%) Shares 4,065 (-1.3%) Est. Cost $185.33 Unrealized -20.7%

SN SHARKNINJA INC 0.1%

Value ($000) $567 (+0.7%) Shares 5,068 (-7.2%) Est. Cost $114.21 Unrealized -13.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VICI	VICI PPTYS INC	73,582 (-88.0%)	$2,069 (-89.6%)	0.2%	$29.58	-0.9%	COM	925652109
FIX	COMFORT SYS USA INC	5,886 (-69.6%)	$5,493 (-65.6%)	0.6%	$252.63	+265.4%	COM	199908104
TLT	ISHARES TR	65,198 (-59.5%)	$5,683 (-60.5%)	0.6%	$88.25	—	20 YR TR BD ETF	464287432
VRSN	VERISIGN INC	16,788 (-55.4%)	$4,079 (-61.2%)	0.4%	$238.63	+5.1%	COM	92343E102
VRRM	VERRA MOBILITY CORP	333,217 (-39.0%)	$7,467 (-44.6%)	0.8%	$23.71	-3.7%	CL A COM STK	92511U102
META	META PLATFORMS INC	7,287 (-48.6%)	$4,810 (-53.8%)	0.5%	$411.04	+62.3%	CL A	30303M102
RITM	RITHM CAPITAL CORP	126,799 (-79.3%)	$1,382 (-80.2%)	0.1%	$11.20	—	COM NEW	64828T201
AMLP	ALPS ETF TR	75,074 (-60.7%)	$3,530 (-60.7%)	0.4%	$50.23	—	ALERIAN MLP	00162Q452
ICE	INTERCONTINENTAL EXCHANGE IN	91,242 (-21.9%)	$14,778 (-24.9%)	1.5%	$135.21	+15.5%	COM	45866F104
SPGI	S&P GLOBAL INC	12,514 (-44.6%)	$6,540 (-40.5%)	0.7%	$393.57	+25.6%	COM	78409V104
KNSL	KINSALE CAP GROUP INC	1,767 (-85.4%)	$691 (-86.5%)	0.1%	$465.81	-12.5%	COM	49714P108
MELI	MERCADOLIBRE INC	7,713 (-3.7%)	$15,536 (-17.0%)	1.6%	$1829.20	+14.8%	COM	58733R102
WRB	BERKLEY W R CORP	301,143 (-3.5%)	$21,116 (-11.7%)	2.1%	$43.46	+67.4%	COM	084423102
AEM	AGNICO EAGLE MINES LTD	78,811 (-16.1%)	$13,361 (-15.6%)	1.4%	$80.29	+109.1%	COM	008474108
—	KAYNE ANDERSON ENERGY INFRST	630,469 (-23.6%)	$7,805 (-23.5%)	0.8%	$9.38	—	COM	486606106
COCO	VITA COCO CO INC	399,411 (-10.3%)	$21,173 (+11.9%)	2.1%	$21.33	+119.9%	COM	92846Q107
ALLE	ALLEGION PLC	89,502 (-1.4%)	$14,250 (-11.4%)	1.4%	$141.47	+17.8%	ORD SHS	G0176J109
HD	HOME DEPOT INC	11,528 (-13.7%)	$3,967 (-26.7%)	0.4%	$315.31	+15.6%	COM	437076102
MBB	ISHARES TR	152,572 (-7.9%)	$14,528 (-7.8%)	1.5%	$93.89	—	MBS ETF	464288588
HSY	HERSHEY CO	26,923 (-9.0%)	$4,899 (-11.5%)	0.5%	$154.44	+17.9%	COM	427866108
GBTC	GRAYSCALE BITCOIN TRUST ETF	19,009 (-2.7%)	$1,299 (-25.9%)	0.1%	$62.80	—	SHS REP COM UT	389637109
AXP	AMERICAN EXPRESS CO	35,794 (-8.2%)	$13,242 (+2.3%)	1.3%	$149.04	+139.5%	COM	025816109
FLUT	FLUTTER ENTMT PLC	3,146 (-10.2%)	$677 (-24.0%)	0.1%	$244.13	-7.9%	SHS	G3643J108
CSGP	COSTAR GROUP INC	8,002 (-9.7%)	$538 (-28.1%)	0.1%	$72.98	-2.9%	COM	22160N109
SELF	GLOBAL SELF STORAGE INC	47,388 (-44.5%)	$242 (-43.8%)	0.0%	$4.55	—	COM	37955N106
GOOG	ALPHABET INC	2,549 (-2.3%)	$800 (+25.8%)	0.1%	$173.78	+64.8%	CAP STK CL C	02079K107
VGIT	VANGUARD SCOTTSDALE FDS	3,401 (-40.5%)	$204 (-40.6%)	0.0%	$59.41	—	INTER TERM TREAS	92206C706
ZETA	ZETA GLOBAL HOLDINGS CORP	512,751 (-1.2%)	$10,434 (+1.2%)	1.1%	$10.79	+73.2%	CL A	98956A105
HROW	HARROW INC	37,183 (-7.5%)	$1,822 (-5.9%)	0.2%	$30.08	+39.6%	COM	415858109
GSHD	GOOSEHEAD INS INC	7,903 (-14.5%)	$582 (-15.3%)	0.1%	$88.10	-19.1%	COM CL A	38267D109
HQY	HEALTHEQUITY INC	8,949 (-8.0%)	$820 (-11.1%)	0.1%	$93.54	+2.3%	COM	42226A107
ABNB	AIRBNB INC	12,031 (-4.6%)	$1,633 (+6.7%)	0.2%	$118.46	+5.1%	COM CL A	009066101
SNOW	SNOWFLAKE INC	3,699 (-7.5%)	$811 (-10.1%)	0.1%	$178.18	+37.0%	COM SHS	833445109
CEF	SPROTT ASSET MANAGEMENT LP	10,874 (-2.3%)	$498 (+21.9%)	0.1%	$31.36	—	PHYSICAL GOLD AN	85208R101
SOFI	SOFI TECHNOLOGIES INC	50,691 (-5.1%)	$1,327 (-5.9%)	0.1%	$23.73	+17.4%	COM	83406F102
SSD	SIMPSON MFG INC	3,858 (-7.5%)	$623 (-10.8%)	0.1%	$121.81	+38.5%	COM	829073105
PHYS	SPROTT ASSET MANAGEMENT LP	14,000 (-1.1%)	$462 (+10.2%)	0.0%	$29.62	—	PHYSICAL GOLD TR	85207H104
BILL	BILL HOLDINGS INC	9,841 (-9.6%)	$537 (-7.0%)	0.1%	$80.67	-36.3%	COM	090043100
SHLS	SHOALS TECHNOLOGIES GROUP IN	76,860 (-8.6%)	$653 (+4.8%)	0.1%	$15.63	-42.5%	CL A	82489W107
FANG	DIAMONDBACK ENERGY INC	4,065 (-1.3%)	$611 (+3.7%)	0.1%	$185.33	-20.7%	COM	25278X109
SN	SHARKNINJA INC	5,068 (-7.2%)	$567 (+0.7%)	0.1%	$114.21	-13.7%	COM SHS	G8068L108

Unchanged Positions (30)

AXS AXIS CAP HLDGS LTD 3.1%

Value ($000) $30,258 Shares 282,547 Est. Cost $42.11 Unrealized +135.9%

TKR TIMKEN CO 1.3%

Value ($000) $13,036 Shares 154,947 Est. Cost $79.85 Unrealized -0.4%

PH PARKER-HANNIFIN CORP 0.8%

Value ($000) $8,125 Shares 9,244 Est. Cost $671.29 Unrealized +21.8%

VZ VERIZON COMMUNICATIONS INC 0.6%

Value ($000) $6,333 Shares 155,487 Est. Cost $39.40 Unrealized +2.8%

DPZ DOMINOS PIZZA INC 1.5%

Value ($000) $14,371 Shares 34,477 Est. Cost $371.26 Unrealized +11.9%

CRM SALESFORCE INC 0.4%

Value ($000) $3,555 Shares 13,419 Est. Cost $262.21 Unrealized -5.4%

PSLV SPROTT ASSET MANAGEMENT LP 0.1%

Value ($000) $1,049 Shares 44,349 Est. Cost $14.80 Unrealized —

TXNM TXNM ENERGY INC 0.8%

Value ($000) $7,737 Shares 131,406 Est. Cost $56.75 Unrealized +1.7%

DDOG DATADOG INC 0.7%

Value ($000) $7,275 Shares 53,493 Est. Cost $129.62 Unrealized +21.9%

PLNT PLANET FITNESS INC 0.6%

Value ($000) $6,321 Shares 58,276 Est. Cost $92.74 Unrealized +11.0%

SGOV ISHARES TR 2.6%

Value ($000) $26,160 Shares 260,614 Est. Cost $100.64 Unrealized —

DOCS DOXIMITY INC 0.0%

Value ($000) $392 Shares 8,858 Est. Cost $55.79 Unrealized +0.6%

CSL CARLISLE COS INC 0.6%

Value ($000) $6,056 Shares 18,934 Est. Cost $215.47 Unrealized +49.7%

INTU INTUIT 0.8%

Value ($000) $7,559 Shares 11,411 Est. Cost $566.74 Unrealized +16.6%

TTD THE TRADE DESK INC 0.1%

Value ($000) $593 Shares 15,626 Est. Cost $63.76 Unrealized -30.5%

VEEV VEEVA SYS INC 0.0%

Value ($000) $466 Shares 2,088 Est. Cost $281.43 Unrealized -5.7%

ASML ASML HOLDING N V 0.1%

Value ($000) $1,352 Shares 1,264 Est. Cost $759.90 Unrealized —

GRAB GRAB HOLDINGS LIMITED 0.0%

Value ($000) $432 Shares 86,577 Est. Cost $4.66 Unrealized +18.5%

NVDA NVIDIA CORPORATION 1.4%

Value ($000) $13,588 Shares 72,858 Est. Cost $103.46 Unrealized +79.9%

DASH DOORDASH INC 0.0%

Value ($000) $379 Shares 1,673 Est. Cost $200.58 Unrealized +16.9%

NKE NIKE INC 0.1%

Value ($000) $536 Shares 8,412 Est. Cost $59.08 Unrealized +9.9%

GLPI GAMING & LEISURE PPTYS INC 0.1%

Value ($000) $1,173 Shares 26,247 Est. Cost $46.61 Unrealized —

TSM TAIWAN SEMICONDUCTOR MFG LTD 0.1%

Value ($000) $548 Shares 1,802 Est. Cost $197.49 Unrealized —

U UNITY SOFTWARE INC 0.0%

Value ($000) $420 Shares 9,500 Est. Cost $37.08 Unrealized +9.9%

BEPC BROOKFIELD RENEWABLE CORP 0.0%

Value ($000) $356 Shares 9,280 Est. Cost $28.39 Unrealized +40.9%

CRWD CROWDSTRIKE HLDGS INC 0.1%

Value ($000) $596 Shares 1,272 Est. Cost $454.77 Unrealized +12.0%

TSLA TESLA INC 0.1%

Value ($000) $1,341 Shares 2,982 Est. Cost $315.07 Unrealized +40.7%

SMG SCOTTS MIRACLE-GRO CO 0.1%

Value ($000) $828 Shares 14,187 Est. Cost $61.29 Unrealized -10.0%

DFAC DIMENSIONAL ETF TRUST 0.0%

Value ($000) $299 Shares 7,546 Est. Cost $31.95 Unrealized —

SBUX STARBUCKS CORP 0.2%

Value ($000) $2,293 Shares 27,234 Est. Cost $82.93 Unrealized +1.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AXS	AXIS CAP HLDGS LTD	282,547	$30,258	3.1%	$42.11	+135.9%	SHS	G0692U109
TKR	TIMKEN CO	154,947	$13,036	1.3%	$79.85	-0.4%	COM	887389104
PH	PARKER-HANNIFIN CORP	9,244	$8,125	0.8%	$671.29	+21.8%	COM	701094104
VZ	VERIZON COMMUNICATIONS INC	155,487	$6,333	0.6%	$39.40	+2.8%	COM	92343V104
DPZ	DOMINOS PIZZA INC	34,477	$14,371	1.5%	$371.26	+11.9%	COM	25754A201
CRM	SALESFORCE INC	13,419	$3,555	0.4%	$262.21	-5.4%	COM	79466L302
PSLV	SPROTT ASSET MANAGEMENT LP	44,349	$1,049	0.1%	$14.80	—	PHYSICAL SILVER	85207K107
TXNM	TXNM ENERGY INC	131,406	$7,737	0.8%	$56.75	+1.7%	COM	69349H107
DDOG	DATADOG INC	53,493	$7,275	0.7%	$129.62	+21.9%	CL A COM	23804L103
PLNT	PLANET FITNESS INC	58,276	$6,321	0.6%	$92.74	+11.0%	CL A	72703H101
SGOV	ISHARES TR	260,614	$26,160	2.6%	$100.64	—	0-3 MNTH TREASRY	46436E718
DOCS	DOXIMITY INC	8,858	$392	0.0%	$55.79	+0.6%	CL A	26622P107
CSL	CARLISLE COS INC	18,934	$6,056	0.6%	$215.47	+49.7%	COM	142339100
INTU	INTUIT	11,411	$7,559	0.8%	$566.74	+16.6%	COM	461202103
TTD	THE TRADE DESK INC	15,626	$593	0.1%	$63.76	-30.5%	COM CL A	88339J105
VEEV	VEEVA SYS INC	2,088	$466	0.0%	$281.43	-5.7%	CL A COM	922475108
ASML	ASML HOLDING N V	1,264	$1,352	0.1%	$759.90	—	N Y REGISTRY SHS	N07059210
GRAB	GRAB HOLDINGS LIMITED	86,577	$432	0.0%	$4.66	+18.5%	CLASS A ORD	G4124C109
NVDA	NVIDIA CORPORATION	72,858	$13,588	1.4%	$103.46	+79.9%	COM	67066G104
DASH	DOORDASH INC	1,673	$379	0.0%	$200.58	+16.9%	CL A	25809K105
NKE	NIKE INC	8,412	$536	0.1%	$59.08	+9.9%	CL B	654106103
GLPI	GAMING & LEISURE PPTYS INC	26,247	$1,173	0.1%	$46.61	—	COM	36467J108
TSM	TAIWAN SEMICONDUCTOR MFG LTD	1,802	$548	0.1%	$197.49	—	SPONSORED ADS	874039100
U	UNITY SOFTWARE INC	9,500	$420	0.0%	$37.08	+9.9%	COM	91332U101
BEPC	BROOKFIELD RENEWABLE CORP	9,280	$356	0.0%	$28.39	+40.9%	CL A EX SUB VTG	11285B108
CRWD	CROWDSTRIKE HLDGS INC	1,272	$596	0.1%	$454.77	+12.0%	CL A	22788C105
TSLA	TESLA INC	2,982	$1,341	0.1%	$315.07	+40.7%	COM	88160R101
SMG	SCOTTS MIRACLE-GRO CO	14,187	$828	0.1%	$61.29	-10.0%	CL A	810186106
DFAC	DIMENSIONAL ETF TRUST	7,546	$299	0.0%	$31.95	—	US CORE EQUITY 2	25434V708
SBUX	STARBUCKS CORP	27,234	$2,293	0.2%	$82.93	+1.4%	COM	855244109