Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SHC	SOTERA HEALTH CO	800,396	$14.21M	2.9%	$17.75	—	COM	83601L102
OCTV	OCTAVE INTELLIGENCE PLC	28,261	$461K	0.1%	$16.30	—	ORD SHS CL B	G22845104
AMAT	APPLIED MATLS INC	500	$362K	0.1%	$723.00	—	COM	038222105
GEV	GE VERNOVA INC	226	$266K	0.1%	$1175.50	—	COM	36828A101
MU	MICRON TECHNOLOGY INC	200	$231K	0.0%	$1154.29	—	COM	595112103
VOO	VANGUARD INDEX FDS	321	$220K	0.0%	$686.39	—	S&P 500 ETF SHS	922908363
EBAY	EBAY INC.	1,809	$202K	0.0%	$111.75	—	COM	278642103
GD	GENERAL DYNAMICS CORP	567	$201K	0.0%	$354.24	—	COM	369550108

Increased Positions (34)

CALY CALLAWAY GOLF CO 4.6%

Value $22.34M (+36.9%) Shares 1,188,723 (+1.2%) Est. Cost $10.25 Unrealized —

CMP COMPASS MINERALS INTL INC 4.0%

Value $19.65M (+37.9%) Shares 631,272 (+3.4%) Est. Cost $14.87 Unrealized —

BAX BAXTER INTL INC 2.9%

Value $14.33M (+51.1%) Shares 672,101 (+19.1%) Est. Cost $20.60 Unrealized —

FPH FIVE POINT HOLDINGS LLC 3.0%

Value $14.61M (+20.9%) Shares 2,771,620 (+11.0%) Est. Cost $6.23 Unrealized —

AER AERCAP HOLDINGS NV 4.6%

Value $22.41M (+11.2%) Shares 153,702 (+4.7%) Est. Cost $97.99 Unrealized —

BGC BGC GROUP INC 4.0%

Value $19.6M (+11.0%) Shares 1,833,931 (+1.6%) Est. Cost $5.79 Unrealized —

UNP UNION PAC CORP 2.0%

Value $9.613M (+23.7%) Shares 35,341 (+10.3%) Est. Cost $204.37 Unrealized —

MTB M & T BK CORP 2.4%

Value $11.51M (+16.6%) Shares 48,367 (+1.3%) Est. Cost $122.36 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 3.3%

Value $15.93M (+10.8%) Shares 31,830 (+6.1%) Est. Cost $295.98 Unrealized —

L LOEWS CORP 4.0%

Value $19.45M (+8.3%) Shares 171,820 (+2.2%) Est. Cost $48.17 Unrealized —

SCL STEPAN CO 1.1%

Value $5.325M (+25.3%) Shares 95,560 (+12.4%) Est. Cost $74.21 Unrealized —

WY WEYERHAEUSER CO 3.1%

Value $15.19M (+6.2%) Shares 634,302 (+8.4%) Est. Cost $24.42 Unrealized —

PRGO PERRIGO CO PLC 1.8%

Value $8.682M (+10.2%) Shares 835,655 (+14.0%) Est. Cost $16.80 Unrealized —

HII HUNTINGTON INGALLS INDS INC 0.4%

Value $1.848M (-23.5%) Shares 6,603 (+3.9%) Est. Cost $237.14 Unrealized —

JPM JPMORGAN CHASE & CO 0.7%

Value $3.527M (+13.0%) Shares 10,776 (+1.5%) Est. Cost $172.48 Unrealized —

SEG SEAPORT ENTMT GROUP INC 0.3%

Value $1.306M (+27.5%) Shares 49,085 (+3.0%) Est. Cost $20.35 Unrealized —

ARCO ARCOS DORADOS HLDGS INC 1.1%

Value $5.454M (+4.7%) Shares 676,719 (+7.1%) Est. Cost $7.27 Unrealized —

SBUX STARBUCKS CORP 0.3%

Value $1.495M (+18.3%) Shares 14,634 (+3.7%) Est. Cost $89.89 Unrealized —

UPS UNITED PARCEL SVCS INC 0.3%

Value $1.413M (+13.8%) Shares 13,143 (+4.2%) Est. Cost $112.75 Unrealized —

LMT LOCKHEED MARTIN CORP 0.2%

Value $1.16M (-12.7%) Shares 2,277 (+3.6%) Est. Cost $483.79 Unrealized —

GPC GENUINE PARTS CO 0.3%

Value $1.251M (+15.4%) Shares 10,602 (+3.4%) Est. Cost $126.79 Unrealized —

KO COCA COLA CO 0.3%

Value $1.538M (+9.7%) Shares 18,929 (+2.6%) Est. Cost $64.93 Unrealized —

PSX PHILLIPS 66 0.9%

Value $4.491M (-2.5%) Shares 26,568 (+5.1%) Est. Cost $72.80 Unrealized —

SWX SOUTHWEST GAS HLDGS INC 0.4%

Value $2.002M (+4.7%) Shares 22,572 (+2.6%) Est. Cost $74.81 Unrealized —

HD HOME DEPOT INC 0.2%

Value $818K (+9.8%) Shares 2,321 (+2.4%) Est. Cost $376.42 Unrealized —

MDT MEDTRONIC PLC 0.2%

Value $1.074M (-6.2%) Shares 13,724 (+3.9%) Est. Cost $84.75 Unrealized —

WMB WILLIAMS COS INC 0.3%

Value $1.666M (+4.0%) Shares 22,409 (+1.9%) Est. Cost $47.26 Unrealized —

APD AIR PRODUCTS AND CHEMICALS I 0.3%

Value $1.546M (+4.0%) Shares 5,274 (+3.0%) Est. Cost $269.15 Unrealized —

TKO TKO GROUP HOLDINGS INC 0.4%

Value $2.032M (+2.6%) Shares 10,095 (+2.8%) Est. Cost $161.11 Unrealized —

ENB ENBRIDGE INC 0.4%

Value $2.008M (+2.5%) Shares 37,048 (+2.4%) Est. Cost $39.07 Unrealized —

BLK BLACKROCK INC 0.3%

Value $1.473M (+3.1%) Shares 1,532 (+3.1%) Est. Cost $995.30 Unrealized —

CLMT CALUMET INC 0.2%

Value $1.044M (+2.2%) Shares 28,975 (+1.9%) Est. Cost $19.65 Unrealized —

OMC OMNICOM GROUP INC 0.2%

Value $1.016M (-1.3%) Shares 13,956 (+2.1%) Est. Cost $81.99 Unrealized —

DUK DUKE ENERGY CORP NEW 0.3%

Value $1.519M (-0.2%) Shares 11,998 (+3.3%) Est. Cost $106.90 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
CALY	CALLAWAY GOLF CO	1,188,723 (+1.2%)	$22.34M (+36.9%)	4.6%	$10.25	—	COM	131193104
CMP	COMPASS MINERALS INTL INC	631,272 (+3.4%)	$19.65M (+37.9%)	4.0%	$14.87	—	COM	20451N101
BAX	BAXTER INTL INC	672,101 (+19.1%)	$14.33M (+51.1%)	2.9%	$20.60	—	COM	071813109
FPH	FIVE POINT HOLDINGS LLC	2,771,620 (+11.0%)	$14.61M (+20.9%)	3.0%	$6.23	—	COM CL A	33833Q106
AER	AERCAP HOLDINGS NV	153,702 (+4.7%)	$22.41M (+11.2%)	4.6%	$97.99	—	SHS	N00985106
BGC	BGC GROUP INC	1,833,931 (+1.6%)	$19.6M (+11.0%)	4.0%	$5.79	—	CL A	088929104
UNP	UNION PAC CORP	35,341 (+10.3%)	$9.613M (+23.7%)	2.0%	$204.37	—	COM	907818108
MTB	M & T BK CORP	48,367 (+1.3%)	$11.51M (+16.6%)	2.4%	$122.36	—	COM	55261F104
BRK/B	BERKSHIRE HATHAWAY INC DEL	31,830 (+6.1%)	$15.93M (+10.8%)	3.3%	$295.98	—	CL B NEW	084670702
L	LOEWS CORP	171,820 (+2.2%)	$19.45M (+8.3%)	4.0%	$48.17	—	COM	540424108
SCL	STEPAN CO	95,560 (+12.4%)	$5.325M (+25.3%)	1.1%	$74.21	—	COM	858586100
WY	WEYERHAEUSER CO	634,302 (+8.4%)	$15.19M (+6.2%)	3.1%	$24.42	—	COM NEW	962166104
PRGO	PERRIGO CO PLC	835,655 (+14.0%)	$8.682M (+10.2%)	1.8%	$16.80	—	SHS	G97822103
HII	HUNTINGTON INGALLS INDS INC	6,603 (+3.9%)	$1.848M (-23.5%)	0.4%	$237.14	—	COM	446413106
JPM	JPMORGAN CHASE & CO	10,776 (+1.5%)	$3.527M (+13.0%)	0.7%	$172.48	—	COM	46625H100
SEG	SEAPORT ENTMT GROUP INC	49,085 (+3.0%)	$1.306M (+27.5%)	0.3%	$20.35	—	COMMON STOCK	812215200
ARCO	ARCOS DORADOS HLDGS INC	676,719 (+7.1%)	$5.454M (+4.7%)	1.1%	$7.27	—	SHS CLASS -A -	G0457F107
SBUX	STARBUCKS CORP	14,634 (+3.7%)	$1.495M (+18.3%)	0.3%	$89.89	—	COM	855244109
UPS	UNITED PARCEL SVCS INC	13,143 (+4.2%)	$1.413M (+13.8%)	0.3%	$112.75	—	CL B	911312106
LMT	LOCKHEED MARTIN CORP	2,277 (+3.6%)	$1.16M (-12.7%)	0.2%	$483.79	—	COM	539830109
GPC	GENUINE PARTS CO	10,602 (+3.4%)	$1.251M (+15.4%)	0.3%	$126.79	—	COM	372460105
KO	COCA COLA CO	18,929 (+2.6%)	$1.538M (+9.7%)	0.3%	$64.93	—	COM	191216100
PSX	PHILLIPS 66	26,568 (+5.1%)	$4.491M (-2.5%)	0.9%	$72.80	—	COM	718546104
SWX	SOUTHWEST GAS HLDGS INC	22,572 (+2.6%)	$2.002M (+4.7%)	0.4%	$74.81	—	COM	844895102
HD	HOME DEPOT INC	2,321 (+2.4%)	$818K (+9.8%)	0.2%	$376.42	—	COM	437076102
MDT	MEDTRONIC PLC	13,724 (+3.9%)	$1.074M (-6.2%)	0.2%	$84.75	—	SHS	G5960L103
WMB	WILLIAMS COS INC	22,409 (+1.9%)	$1.666M (+4.0%)	0.3%	$47.26	—	COM	969457100
APD	AIR PRODUCTS AND CHEMICALS I	5,274 (+3.0%)	$1.546M (+4.0%)	0.3%	$269.15	—	COM	009158106
TKO	TKO GROUP HOLDINGS INC	10,095 (+2.8%)	$2.032M (+2.6%)	0.4%	$161.11	—	CL A	87256C101
ENB	ENBRIDGE INC	37,048 (+2.4%)	$2.008M (+2.5%)	0.4%	$39.07	—	COM	29250N105
BLK	BLACKROCK INC	1,532 (+3.1%)	$1.473M (+3.1%)	0.3%	$995.30	—	COM	09290D101
CLMT	CALUMET INC	28,975 (+1.9%)	$1.044M (+2.2%)	0.2%	$19.65	—	COM	131428104
OMC	OMNICOM GROUP INC	13,956 (+2.1%)	$1.016M (-1.3%)	0.2%	$81.99	—	COM	681919106
DUK	DUKE ENERGY CORP NEW	11,998 (+3.3%)	$1.519M (-0.2%)	0.3%	$106.90	—	COM NEW	26441C204

Exited Positions (3)

ROKU ROKU INC 0.1%

Value $683K Shares 7,214 Est. Cost $74.39 Unrealized —

BABA ALIBABA GROUP HLDG LTD 0.1%

Value $361K Shares 2,880 Est. Cost $85.20 Unrealized —

RTX RTX CORPORATION 0.0%

Value $218K Shares 1,129 Est. Cost $173.32 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ROKU	ROKU INC	7,214	$683K	0.1%	$74.39	—	—	77543R102
BABA	ALIBABA GROUP HLDG LTD	2,880	$361K	0.1%	$85.20	—	—	01609W102
RTX	RTX CORPORATION	1,129	$218K	0.0%	$173.32	—	—	75513E101

Decreased Positions (5)

GLW CORNING INC 8.1%

Value $39.3M (+61.3%) Shares 153,868 (-14.1%) Est. Cost $24.74 Unrealized —

QCOM QUALCOMM INC 4.8%

Value $23.33M (+23.8%) Shares 126,261 (-13.7%) Est. Cost $78.41 Unrealized —

XOM EXXON MOBIL CORP 0.8%

Value $4.14M (-21.1%) Shares 30,281 (-2.1%) Est. Cost $78.81 Unrealized —

PFE PFIZER INC 0.4%

Value $1.94M (-16.9%) Shares 80,568 (-3.1%) Est. Cost $25.33 Unrealized —

EFV ISHARES TR 0.1%

Value $325K (+1.7%) Shares 4,240 (-1.2%) Est. Cost $74.35 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GLW	CORNING INC	153,868 (-14.1%)	$39.3M (+61.3%)	8.1%	$24.74	—	COM	219350105
QCOM	QUALCOMM INC	126,261 (-13.7%)	$23.33M (+23.8%)	4.8%	$78.41	—	COM	747525103
XOM	EXXON MOBIL CORP	30,281 (-2.1%)	$4.14M (-21.1%)	0.8%	$78.81	—	COM	30231G102
PFE	PFIZER INC	80,568 (-3.1%)	$1.94M (-16.9%)	0.4%	$25.33	—	COM	717081103
EFV	ISHARES TR	4,240 (-1.2%)	$325K (+1.7%)	0.1%	$74.35	—	EAFE VALUE ETF	464288877

Unchanged Positions (34)

SPHR SPHERE ENTERTAINMENT CO 6.0%

Value $29.25M Shares 169,033 Est. Cost $33.02 Unrealized —

NVDA NVIDIA CORPORATION 14.8%

Value $72.31M Shares 361,379 Est. Cost $86.35 Unrealized —

HCC WARRIOR MET COAL INC 4.8%

Value $23.58M Shares 290,569 Est. Cost $24.11 Unrealized —

IVV ISHARES TR 1.0%

Value $4.686M Shares 6,257 Est. Cost $653.21 Unrealized —

AMGN AMGEN INC 3.8%

Value $18.74M Shares 51,752 Est. Cost $155.07 Unrealized —

APA APA CORPORATION 0.2%

Value $1.035M Shares 31,776 Est. Cost $17.11 Unrealized —

ROK ROCKWELL AUTOMATION INC 0.2%

Value $792K Shares 1,600 Est. Cost $253.98 Unrealized —

AAPL APPLE INC 0.3%

Value $1.453M Shares 5,020 Est. Cost $184.09 Unrealized —

IJR ISHARES TR 0.2%

Value $756K Shares 5,099 Est. Cost $124.31 Unrealized —

IEMG ISHARES INC 0.2%

Value $746K Shares 9,010 Est. Cost $69.75 Unrealized —

IJH ISHARES TR 0.2%

Value $882K Shares 11,432 Est. Cost $67.53 Unrealized —

GOOG ALPHABET INC 0.1%

Value $541K Shares 1,531 Est. Cost $147.03 Unrealized —

IEFA ISHARES TR 0.3%

Value $1.463M Shares 15,151 Est. Cost $90.53 Unrealized —

GE GE AEROSPACE 0.1%

Value $345K Shares 924 Est. Cost $218.59 Unrealized —

BK BANK OF NY MELLON CORP 0.1%

Value $456K Shares 3,154 Est. Cost $53.02 Unrealized —

CVX CHEVRON CORPORATION 0.0%

Value $222K Shares 1,337 Est. Cost $152.28 Unrealized —

PAYX PAYCHEX INC 0.2%

Value $858K Shares 8,722 Est. Cost $53.25 Unrealized —

ADI ANALOG DEVICES INC 0.1%

Value $267K Shares 673 Est. Cost $316.17 Unrealized —

MCD MCDONALDS CORP 0.1%

Value $351K Shares 1,300 Est. Cost $217.67 Unrealized —

ATRO ASTRONICS CORP 0.1%

Value $291K Shares 3,584 Est. Cost $73.42 Unrealized —

BNL BROADSTONE NET LEASE INC 0.1%

Value $333K Shares 16,128 Est. Cost $15.87 Unrealized —

JNJ JOHNSON & JOHNSON 0.2%

Value $943K Shares 3,712 Est. Cost $117.03 Unrealized —

SPYV SPDR SERIES TRUST 0.1%

Value $476K Shares 7,830 Est. Cost $56.58 Unrealized —

DGX QUEST DIAGNOSTICS INC 0.1%

Value $397K Shares 1,875 Est. Cost $89.87 Unrealized —

MDYV SPDR SERIES TRUST 0.1%

Value $277K Shares 2,925 Est. Cost $85.15 Unrealized —

PM PHILIP MORRIS INTL INC 0.1%

Value $276K Shares 1,524 Est. Cost $96.85 Unrealized —

MRK MERCK & CO INC 0.1%

Value $327K Shares 2,544 Est. Cost $48.69 Unrealized —

BMY BRISTOL-MYERS SQUIBB CO 0.0%

Value $240K Shares 4,170 Est. Cost $47.53 Unrealized —

ITW ILLINOIS TOOL WKS INC 0.1%

Value $254K Shares 940 Est. Cost $197.50 Unrealized —

PG PROCTER & GAMBLE CO 0.1%

Value $407K Shares 2,778 Est. Cost $123.63 Unrealized —

NVS NOVARTIS AG 0.0%

Value $215K Shares 1,373 Est. Cost $152.75 Unrealized —

SCHW SCHWAB CHARLES CORP 0.1%

Value $246K Shares 2,665 Est. Cost $77.67 Unrealized —

MSFT MICROSOFT CORP 0.1%

Value $511K Shares 1,371 Est. Cost $277.33 Unrealized —

DIS DISNEY WALT CO 0.0%

Value $236K Shares 2,449 Est. Cost $102.60 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPHR	SPHERE ENTERTAINMENT CO	169,033	$29.25M	6.0%	$33.02	—	CL A	55826T102
NVDA	NVIDIA CORPORATION	361,379	$72.31M	14.8%	$86.35	—	COM	67066G104
HCC	WARRIOR MET COAL INC	290,569	$23.58M	4.8%	$24.11	—	COM	93627C101
IVV	ISHARES TR	6,257	$4.686M	1.0%	$653.21	—	CORE S&P500 ETF	464287200
AMGN	AMGEN INC	51,752	$18.74M	3.8%	$155.07	—	COM	031162100
APA	APA CORPORATION	31,776	$1.035M	0.2%	$17.11	—	COM	03743Q108
ROK	ROCKWELL AUTOMATION INC	1,600	$792K	0.2%	$253.98	—	COM	773903109
AAPL	APPLE INC	5,020	$1.453M	0.3%	$184.09	—	COM	037833100
IJR	ISHARES TR	5,099	$756K	0.2%	$124.31	—	CORE S&P SCP ETF	464287804
IEMG	ISHARES INC	9,010	$746K	0.2%	$69.75	—	CORE MSCI EMKT	46434G103
IJH	ISHARES TR	11,432	$882K	0.2%	$67.53	—	CORE S&P MCP ETF	464287507
GOOG	ALPHABET INC	1,531	$541K	0.1%	$147.03	—	CAP STK CL C	02079K107
IEFA	ISHARES TR	15,151	$1.463M	0.3%	$90.53	—	CORE MSCI EAFE	46432F842
GE	GE AEROSPACE	924	$345K	0.1%	$218.59	—	COM NEW	369604301
BK	BANK OF NY MELLON CORP	3,154	$456K	0.1%	$53.02	—	COM	064058100
CVX	CHEVRON CORPORATION	1,337	$222K	0.0%	$152.28	—	COM	166764100
PAYX	PAYCHEX INC	8,722	$858K	0.2%	$53.25	—	COM	704326107
ADI	ANALOG DEVICES INC	673	$267K	0.1%	$316.17	—	COM	032654105
MCD	MCDONALDS CORP	1,300	$351K	0.1%	$217.67	—	COM	580135101
ATRO	ASTRONICS CORP	3,584	$291K	0.1%	$73.42	—	COM	046433108
BNL	BROADSTONE NET LEASE INC	16,128	$333K	0.1%	$15.87	—	COM	11135E203
JNJ	JOHNSON & JOHNSON	3,712	$943K	0.2%	$117.03	—	COM	478160104
SPYV	SPDR SERIES TRUST	7,830	$476K	0.1%	$56.58	—	ST STR P500VAL	78464A508
DGX	QUEST DIAGNOSTICS INC	1,875	$397K	0.1%	$89.87	—	COM	74834L100
MDYV	SPDR SERIES TRUST	2,925	$277K	0.1%	$85.15	—	ST STR SP400VAL	78464A839
PM	PHILIP MORRIS INTL INC	1,524	$276K	0.1%	$96.85	—	COM	718172109
MRK	MERCK & CO INC	2,544	$327K	0.1%	$48.69	—	COM	58933Y105
BMY	BRISTOL-MYERS SQUIBB CO	4,170	$240K	0.0%	$47.53	—	COM	110122108
ITW	ILLINOIS TOOL WKS INC	940	$254K	0.1%	$197.50	—	COM	452308109
PG	PROCTER & GAMBLE CO	2,778	$407K	0.1%	$123.63	—	COM	742718109
NVS	NOVARTIS AG	1,373	$215K	0.0%	$152.75	—	SPONSORED ADR	66987V109
SCHW	SCHWAB CHARLES CORP	2,665	$246K	0.1%	$77.67	—	COM	808513105
MSFT	MICROSOFT CORP	1,371	$511K	0.1%	$277.33	—	COM	594918104
DIS	DISNEY WALT CO	2,449	$236K	0.0%	$102.60	—	COM	254687106