Baugh & Associates, LLC Concentrated Active

Period: Q4 2025 (← Previous)

Filing Date: Jan 14, 2026

Total Value ($000): $203,364 (100.0% shares, 0.0% debt)

Holdings (41)

New Positions (1)

Value ($000) $4,013 Shares 192,550 Est. Cost $22.99 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WY	WEYERHAEUSER CO MTN BE	192,550	$4,013	2.0%	$22.99	0.0%	COM NEW	962166104

Increased Positions (3)

PFE PFIZER INC 2.4%

Value ($000) $4,881 (+16.3%) Shares 212,290 (+19.6%) Est. Cost $25.40 Unrealized -1.4%

SPY SPDR S&P 500 ETF TR 0.2%

Value ($000) $438 (+3.0%) Shares 719 (+8.0%) Est. Cost $405.30 Unrealized —

QQQ INVESCO QQQ TR 0.2%

Value ($000) $484 (+1.9%) Shares 814 (+1.1%) Est. Cost $360.53 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PFE	PFIZER INC	212,290 (+19.6%)	$4,881 (+16.3%)	2.4%	$25.40	-1.4%	COM	717081103
SPY	SPDR S&P 500 ETF TR	719 (+8.0%)	$438 (+3.0%)	0.2%	$405.30	—	TR UNIT	78462F103
QQQ	INVESCO QQQ TR	814 (+1.1%)	$484 (+1.9%)	0.2%	$360.53	—	UNIT SER 1	46090E103

Exited Positions (1)

NVDA NVIDIA CORPORATION 0.1%

Value ($000) $281 Shares 4,287 Est. Cost $125.82 Unrealized +47.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NVDA	NVIDIA CORPORATION	4,287	$281	0.1%	$125.82	+47.9%	—	67066G104

Decreased Positions (32)

MSFT MICROSOFT CORP 8.7%

Value ($000) $17,761 (-8.6%) Shares 39,275 (-3.1%) Est. Cost $87.26 Unrealized +473.7%

HD HOME DEPOT INC 3.9%

Value ($000) $7,878 (-16.6%) Shares 24,490 (-3.0%) Est. Cost $173.72 Unrealized +109.9%

MRK MERCK & CO INC 2.9%

Value ($000) $5,934 (+22.9%) Shares 61,245 (-2.8%) Est. Cost $58.33 Unrealized +59.8%

MS MORGAN STANLEY 5.0%

Value ($000) $10,139 (+9.3%) Shares 62,022 (-3.0%) Est. Cost $41.82 Unrealized +298.0%

COST COSTCO WHSL CORP NEW 4.1%

Value ($000) $8,238 (-8.6%) Shares 10,252 (-2.8%) Est. Cost $334.27 Unrealized +171.0%

GOOG ALPHABET INC 1.7%

Value ($000) $3,555 (+26.3%) Shares 12,511 (-1.8%) Est. Cost $164.85 Unrealized +73.7%

AAPL APPLE INC 7.7%

Value ($000) $15,729 (+4.5%) Shares 62,248 (-3.8%) Est. Cost $93.44 Unrealized +187.2%

ABT ABBOTT LABS 2.8%

Value ($000) $5,752 (-10.4%) Shares 51,223 (-3.3%) Est. Cost $56.98 Unrealized +123.4%

WMT WALMART INC 4.7%

Value ($000) $9,527 (+6.5%) Shares 91,199 (-2.8%) Est. Cost $47.23 Unrealized +127.0%

JNJ JOHNSON & JOHNSON 2.7%

Value ($000) $5,541 (+9.8%) Shares 29,083 (-1.7%) Est. Cost $120.17 Unrealized +63.9%

VZ VERIZON COMMUNICATIONS INC 2.1%

Value ($000) $4,324 (-9.7%) Shares 114,511 (-3.6%) Est. Cost $31.28 Unrealized +29.4%

SO SOUTHERN CO 2.3%

Value ($000) $4,583 (-9.0%) Shares 56,410 (-2.0%) Est. Cost $39.62 Unrealized +129.4%

LOW LOWES COS INC 3.8%

Value ($000) $7,674 (-5.5%) Shares 34,243 (-3.0%) Est. Cost $84.99 Unrealized +182.2%

O REALTY INCOME CORP 1.8%

Value ($000) $3,669 (-9.0%) Shares 70,411 (-1.7%) Est. Cost $42.30 Unrealized +35.6%

INTC INTEL CORP 3.2%

Value ($000) $6,601 (+5.3%) Shares 193,422 (-4.8%) Est. Cost $30.48 Unrealized +23.9%

TFC TRUIST FINL CORP 2.8%

Value ($000) $5,610 (+5.8%) Shares 122,567 (-2.8%) Est. Cost $27.85 Unrealized +64.5%

SVC SERVICE PPTYS TR 0.2%

Value ($000) $331 (-45.7%) Shares 193,767 (-19.4%) Est. Cost $13.16 Unrealized —

ABBV ABBVIE INC 4.3%

Value ($000) $8,649 (-2.9%) Shares 40,511 (-3.0%) Est. Cost $69.09 Unrealized +229.3%

XOM EXXON MOBIL CORP 2.5%

Value ($000) $5,184 (+5.0%) Shares 46,762 (-2.4%) Est. Cost $75.45 Unrealized +53.1%

BAC BANK AMERICA CORP 3.3%

Value ($000) $6,696 (+3.7%) Shares 134,166 (-3.3%) Est. Cost $23.96 Unrealized +119.8%

NEE NEXTERA ENERGY INC 3.1%

Value ($000) $6,278 (+3.8%) Shares 86,250 (-3.4%) Est. Cost $57.82 Unrealized +42.7%

ASML ASML HOLDING N V 1.5%

Value ($000) $2,964 (+8.2%) Shares 3,002 (-1.8%) Est. Cost $624.80 Unrealized —

COP CONOCOPHILLIPS 2.3%

Value ($000) $4,728 (-3.7%) Shares 55,407 (-2.8%) Est. Cost $70.74 Unrealized +27.3%

CVX CHEVRON CORP NEW 2.3%

Value ($000) $4,604 (-3.7%) Shares 32,764 (-2.6%) Est. Cost $99.89 Unrealized +51.6%

ARCC ARES CAPITAL CORP 2.1%

Value ($000) $4,293 (-3.0%) Shares 230,450 (-2.7%) Est. Cost $9.59 Unrealized +106.5%

ET ENERGY TRANSFER L P 1.2%

Value ($000) $2,365 (-5.1%) Shares 157,863 (-1.0%) Est. Cost $15.20 Unrealized —

JPM JPMORGAN CHASE & CO. 4.7%

Value ($000) $9,559 (+0.4%) Shares 31,512 (-3.1%) Est. Cost $85.26 Unrealized +263.1%

SDY SPDR SERIES TRUST 0.1%

Value ($000) $264 (-8.8%) Shares 1,900 (-11.0%) Est. Cost $129.14 Unrealized —

IWF ISHARES TR 0.1%

Value ($000) $218 (-8.9%) Shares 460 (-9.8%) Est. Cost $244.33 Unrealized —

QCOM QUALCOMM INC 2.3%

Value ($000) $4,645 (+0.4%) Shares 29,331 (-2.2%) Est. Cost $134.73 Unrealized +26.8%

PEP PEPSICO INC 1.8%

Value ($000) $3,573 (+0.2%) Shares 26,867 (-2.4%) Est. Cost $98.84 Unrealized +47.6%

KO COCA COLA CO 0.1%

Value ($000) $294 (-0.3%) Shares 4,280 (-5.4%) Est. Cost $45.07 Unrealized +54.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	39,275 (-3.1%)	$17,761 (-8.6%)	8.7%	$87.26	+473.7%	COM	594918104
HD	HOME DEPOT INC	24,490 (-3.0%)	$7,878 (-16.6%)	3.9%	$173.72	+109.9%	COM	437076102
MRK	MERCK & CO INC	61,245 (-2.8%)	$5,934 (+22.9%)	2.9%	$58.33	+59.8%	COM	58933Y105
MS	MORGAN STANLEY	62,022 (-3.0%)	$10,139 (+9.3%)	5.0%	$41.82	+298.0%	COM NEW	617446448
COST	COSTCO WHSL CORP NEW	10,252 (-2.8%)	$8,238 (-8.6%)	4.1%	$334.27	+171.0%	COM	22160K105
GOOG	ALPHABET INC	12,511 (-1.8%)	$3,555 (+26.3%)	1.7%	$164.85	+73.7%	CAP STK CL C	02079K107
AAPL	APPLE INC	62,248 (-3.8%)	$15,729 (+4.5%)	7.7%	$93.44	+187.2%	COM	037833100
ABT	ABBOTT LABS	51,223 (-3.3%)	$5,752 (-10.4%)	2.8%	$56.98	+123.4%	COM	002824100
WMT	WALMART INC	91,199 (-2.8%)	$9,527 (+6.5%)	4.7%	$47.23	+127.0%	COM	931142103
JNJ	JOHNSON & JOHNSON	29,083 (-1.7%)	$5,541 (+9.8%)	2.7%	$120.17	+63.9%	COM	478160104
VZ	VERIZON COMMUNICATIONS INC	114,511 (-3.6%)	$4,324 (-9.7%)	2.1%	$31.28	+29.4%	COM	92343V104
SO	SOUTHERN CO	56,410 (-2.0%)	$4,583 (-9.0%)	2.3%	$39.62	+129.4%	COM	842587107
LOW	LOWES COS INC	34,243 (-3.0%)	$7,674 (-5.5%)	3.8%	$84.99	+182.2%	COM	548661107
O	REALTY INCOME CORP	70,411 (-1.7%)	$3,669 (-9.0%)	1.8%	$42.30	+35.6%	COM	756109104
INTC	INTEL CORP	193,422 (-4.8%)	$6,601 (+5.3%)	3.2%	$30.48	+23.9%	COM	458140100
TFC	TRUIST FINL CORP	122,567 (-2.8%)	$5,610 (+5.8%)	2.8%	$27.85	+64.5%	COM	89832Q109
SVC	SERVICE PPTYS TR	193,767 (-19.4%)	$331 (-45.7%)	0.2%	$13.16	—	COM SH BEN INT	81761L102
ABBV	ABBVIE INC	40,511 (-3.0%)	$8,649 (-2.9%)	4.3%	$69.09	+229.3%	COM	00287Y109
XOM	EXXON MOBIL CORP	46,762 (-2.4%)	$5,184 (+5.0%)	2.5%	$75.45	+53.1%	COM	30231G102
BAC	BANK AMERICA CORP	134,166 (-3.3%)	$6,696 (+3.7%)	3.3%	$23.96	+119.8%	COM	060505104
NEE	NEXTERA ENERGY INC	86,250 (-3.4%)	$6,278 (+3.8%)	3.1%	$57.82	+42.7%	COM	65339F101
ASML	ASML HOLDING N V	3,002 (-1.8%)	$2,964 (+8.2%)	1.5%	$624.80	—	N Y REGISTRY SHS	N07059210
COP	CONOCOPHILLIPS	55,407 (-2.8%)	$4,728 (-3.7%)	2.3%	$70.74	+27.3%	COM	20825C104
CVX	CHEVRON CORP NEW	32,764 (-2.6%)	$4,604 (-3.7%)	2.3%	$99.89	+51.6%	COM	166764100
ARCC	ARES CAPITAL CORP	230,450 (-2.7%)	$4,293 (-3.0%)	2.1%	$9.59	+106.5%	COM	04010L103
ET	ENERGY TRANSFER L P	157,863 (-1.0%)	$2,365 (-5.1%)	1.2%	$15.20	—	COM UT LTD PTN	29273V100
JPM	JPMORGAN CHASE & CO.	31,512 (-3.1%)	$9,559 (+0.4%)	4.7%	$85.26	+263.1%	COM	46625H100
SDY	SPDR SERIES TRUST	1,900 (-11.0%)	$264 (-8.8%)	0.1%	$129.14	—	STATE STREET SPD	78464A763
IWF	ISHARES TR	460 (-9.8%)	$218 (-8.9%)	0.1%	$244.33	—	RUS 1000 GRW ETF	464287614
QCOM	QUALCOMM INC	29,331 (-2.2%)	$4,645 (+0.4%)	2.3%	$134.73	+26.8%	COM	747525103
PEP	PEPSICO INC	26,867 (-2.4%)	$3,573 (+0.2%)	1.8%	$98.84	+47.6%	COM	713448108
KO	COCA COLA CO	4,280 (-5.4%)	$294 (-0.3%)	0.1%	$45.07	+54.0%	COM	191216100

Unchanged Positions (5)

MO ALTRIA GROUP INC 2.5%

Value ($000) $5,071 Shares 96,645 Est. Cost $36.00 Unrealized +64.9%

CAT CATERPILLAR INC 0.1%

Value ($000) $286 Shares 500 Est. Cost $425.39 Unrealized +30.6%

PGR PROGRESSIVE CORP 0.2%

Value ($000) $359 Shares 1,575 Est. Cost $115.68 Unrealized +83.6%

IBM INTERNATIONAL BUSINESS MACHS 0.2%

Value ($000) $452 Shares 1,527 Est. Cost $175.87 Unrealized +69.9%

QTEC FIRST TR EXCHANGE-TRADED FD 0.1%

Value ($000) $220 Shares 992 Est. Cost $205.13 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MO	ALTRIA GROUP INC	96,645	$5,071	2.5%	$36.00	+64.9%	COM	02209S103
CAT	CATERPILLAR INC	500	$286	0.1%	$425.39	+30.6%	COM	149123101
PGR	PROGRESSIVE CORP	1,575	$359	0.2%	$115.68	+83.6%	COM	743315103
IBM	INTERNATIONAL BUSINESS MACHS	1,527	$452	0.2%	$175.87	+69.9%	COM	459200101
QTEC	FIRST TR EXCHANGE-TRADED FD	992	$220	0.1%	$205.13	—	SHS	337345102