Comprehensive Financial Management LLC Long-Term Concentrated

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $3,316,949 (100.0% shares, 0.0% debt)

Holdings (38)

New Positions (1)

Value ($000) $16,818 Shares 212,082 Est. Cost $103.35 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CRCL	CIRCLE INTERNET GROUP INC	212,082	$16,818	0.5%	$103.35	0.0%	COM CL A	172573107

Increased Positions (1)

VTI VANGUARD INDEX FDS 0.6%

Value ($000) $18,336 (+122.2%) Shares 54,691 (+118.1%) Est. Cost $259.20 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VTI	VANGUARD INDEX FDS	54,691 (+118.1%)	$18,336 (+122.2%)	0.6%	$259.20	—	TOTAL STK MKT	922908769

Exited Positions (3)

MLP MAUI LD & PINEAPPLE INC 0.2%

Value ($000) $6,428 Shares 344,828 Est. Cost $10.65 Unrealized +51.4%

DELL DELL TECHNOLOGIES INC 0.1%

Value ($000) $3,133 Shares 22,096 Est. Cost $23.85 Unrealized +490.3%

VCTR VICTORY CAP HLDGS INC 0.0%

Value ($000) $785 Shares 12,119 Est. Cost $67.78 Unrealized -6.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MLP	MAUI LD & PINEAPPLE INC	344,828	$6,428	0.2%	$10.65	+51.4%	—	577345101
DELL	DELL TECHNOLOGIES INC	22,096	$3,133	0.1%	$23.85	+490.3%	—	24703L202
VCTR	VICTORY CAP HLDGS INC	12,119	$785	0.0%	$67.78	-6.6%	—	92645B103

Decreased Positions (4)

PYPL PAYPAL HLDGS INC 46.1%

Value ($000) $1,530,672 (-15.8%) Shares 26,219,118 (-3.3%) Est. Cost $105.79 Unrealized -38.7%

GLD SPDR GOLD TR 13.7%

Value ($000) $454,777 (+0.9%) Shares 1,147,529 (-9.5%) Est. Cost $152.39 Unrealized —

META META PLATFORMS INC 0.1%

Value ($000) $4,532 (-46.9%) Shares 6,865 (-40.9%) Est. Cost $616.61 Unrealized +8.2%

PDD PDD HOLDINGS INC 0.0%

Value ($000) $883 (-17.9%) Shares 7,789 (-4.3%) Est. Cost $104.66 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PYPL	PAYPAL HLDGS INC	26,219,118 (-3.3%)	$1,530,672 (-15.8%)	46.1%	$105.79	-38.7%	COM	70450Y103
GLD	SPDR GOLD TR	1,147,529 (-9.5%)	$454,777 (+0.9%)	13.7%	$152.39	—	GOLD SHS	78463V107
META	META PLATFORMS INC	6,865 (-40.9%)	$4,532 (-46.9%)	0.1%	$616.61	+8.2%	CL A	30303M102
PDD	PDD HOLDINGS INC	7,789 (-4.3%)	$883 (-17.9%)	0.0%	$104.66	—	SPONSORED ADS	722304102

Unchanged Positions (32)

EBAY EBAY INC. 26.3%

Value ($000) $873,961 Shares 10,034,000 Est. Cost $32.64 Unrealized +164.6%

ZM ZOOM COMMUNICATIONS INC 3.0%

Value ($000) $101,062 Shares 1,171,195 Est. Cost $68.82 Unrealized +22.3%

NU NU HLDGS LTD 1.9%

Value ($000) $64,527 Shares 3,854,648 Est. Cost $5.97 Unrealized +169.4%

CHYM CHIME FINL INC 0.4%

Value ($000) $13,913 Shares 552,751 Est. Cost $32.95 Unrealized -35.5%

WDAY WORKDAY INC 0.6%

Value ($000) $20,661 Shares 96,194 Est. Cost $225.08 Unrealized +0.9%

NAUT NAUTILUS BIOTECHNOLOGY INC 0.1%

Value ($000) $4,305 Shares 2,207,619 Est. Cost $10.83 Unrealized -84.9%

BIOA BIOAGE LABS INC 0.1%

Value ($000) $3,596 Shares 271,842 Est. Cost $20.04 Unrealized -55.8%

IWD ISHARES TR 1.3%

Value ($000) $44,220 Shares 210,233 Est. Cost $136.48 Unrealized —

GOOGL ALPHABET INC 0.1%

Value ($000) $4,692 Shares 14,951 Est. Cost $163.29 Unrealized +74.9%

IWN ISHARES TR 1.3%

Value ($000) $41,765 Shares 230,481 Est. Cost $128.58 Unrealized —

VNQ VANGUARD INDEX FDS 0.9%

Value ($000) $29,055 Shares 328,338 Est. Cost $92.79 Unrealized —

AUR AURORA INNOVATION INC 0.1%

Value ($000) $2,185 Shares 569,036 Est. Cost $11.09 Unrealized -58.7%

RXRX RECURSION PHARMACEUTICALS IN 0.1%

Value ($000) $3,852 Shares 941,895 Est. Cost $29.60 Unrealized -83.3%

JOBY JOBY AVIATION INC 0.1%

Value ($000) $3,010 Shares 228,067 Est. Cost $10.08 Unrealized +52.2%

BABA ALIBABA GROUP HLDG LTD 0.1%

Value ($000) $1,852 Shares 12,634 Est. Cost $134.19 Unrealized —

VBR VANGUARD INDEX FDS 1.2%

Value ($000) $39,049 Shares 184,376 Est. Cost $165.26 Unrealized —

PANW PALO ALTO NETWORKS INC 0.1%

Value ($000) $3,464 Shares 18,804 Est. Cost $134.81 Unrealized +49.6%

SNOW SNOWFLAKE INC 0.4%

Value ($000) $11,984 Shares 54,631 Est. Cost $275.64 Unrealized -11.4%

SPY SPDR S&P 500 ETF TR 0.4%

Value ($000) $14,417 Shares 21,142 Est. Cost $323.43 Unrealized —

NOTE FISCALNOTE HOLDINGS INC 0.0%

Value ($000) $124 Shares 84,248 Est. Cost $4.63 Unrealized —

RBOT VICARIOUS SURGICAL INC 0.0%

Value ($000) $150 Shares 69,043 Est. Cost $8.95 Unrealized -54.6%

CPNG COUPANG INC 0.0%

Value ($000) $485 Shares 20,571 Est. Cost $46.22 Unrealized -38.5%

DNA GINKGO BIOWORKS HOLDINGS INC 0.0%

Value ($000) $147 Shares 17,656 Est. Cost $10.02 Unrealized +7.4%

TWST TWIST BIOSCIENCE CORP 0.0%

Value ($000) $833 Shares 26,273 Est. Cost $23.40 Unrealized +33.3%

TTAN SERVICETITAN INC 0.0%

Value ($000) $1,623 Shares 15,236 Est. Cost $104.38 Unrealized -6.4%

VXUS VANGUARD STAR FDS 0.1%

Value ($000) $2,910 Shares 38,568 Est. Cost $55.68 Unrealized —

UNH UNITEDHEALTH GROUP INC 0.0%

Value ($000) $1,015 Shares 3,074 Est. Cost $374.94 Unrealized -10.1%

DOCU DOCUSIGN INC 0.0%

Value ($000) $451 Shares 6,593 Est. Cost $68.71 Unrealized +0.6%

CMRC COMMERCE.COM INC 0.0%

Value ($000) $72 Shares 17,500 Est. Cost $18.29 Unrealized -74.8%

AON AON PLC 0.0%

Value ($000) $1,128 Shares 3,197 Est. Cost $361.30 Unrealized -3.4%

JPM JPMORGAN CHASE & CO. 0.0%

Value ($000) $339 Shares 1,053 Est. Cost $173.61 Unrealized +78.3%

SNAP SNAP INC 0.0%

Value ($000) $83 Shares 10,301 Est. Cost $56.28 Unrealized -85.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EBAY	EBAY INC.	10,034,000	$873,961	26.3%	$32.64	+164.6%	COM	278642103
ZM	ZOOM COMMUNICATIONS INC	1,171,195	$101,062	3.0%	$68.82	+22.3%	CL A	98980L101
NU	NU HLDGS LTD	3,854,648	$64,527	1.9%	$5.97	+169.4%	ORD SHS CL A	G6683N103
CHYM	CHIME FINL INC	552,751	$13,913	0.4%	$32.95	-35.5%	COM SHS CL A	16935C109
WDAY	WORKDAY INC	96,194	$20,661	0.6%	$225.08	+0.9%	CL A	98138H101
NAUT	NAUTILUS BIOTECHNOLOGY INC	2,207,619	$4,305	0.1%	$10.83	-84.9%	COM	63909J108
BIOA	BIOAGE LABS INC	271,842	$3,596	0.1%	$20.04	-55.8%	COM	09077V100
IWD	ISHARES TR	210,233	$44,220	1.3%	$136.48	—	RUS 1000 VAL ETF	464287598
GOOGL	ALPHABET INC	14,951	$4,692	0.1%	$163.29	+74.9%	CAP STK CL A	02079K305
IWN	ISHARES TR	230,481	$41,765	1.3%	$128.58	—	RUS 2000 VAL ETF	464287630
VNQ	VANGUARD INDEX FDS	328,338	$29,055	0.9%	$92.79	—	REAL ESTATE ETF	922908553
AUR	AURORA INNOVATION INC	569,036	$2,185	0.1%	$11.09	-58.7%	CLASS A COM	051774107
RXRX	RECURSION PHARMACEUTICALS IN	941,895	$3,852	0.1%	$29.60	-83.3%	CL A	75629V104
JOBY	JOBY AVIATION INC	228,067	$3,010	0.1%	$10.08	+52.2%	COMMON STOCK	G65163100
BABA	ALIBABA GROUP HLDG LTD	12,634	$1,852	0.1%	$134.19	—	SPONSORED ADS	01609W102
VBR	VANGUARD INDEX FDS	184,376	$39,049	1.2%	$165.26	—	SM CP VAL ETF	922908611
PANW	PALO ALTO NETWORKS INC	18,804	$3,464	0.1%	$134.81	+49.6%	COM	697435105
SNOW	SNOWFLAKE INC	54,631	$11,984	0.4%	$275.64	-11.4%	COM SHS	833445109
SPY	SPDR S&P 500 ETF TR	21,142	$14,417	0.4%	$323.43	—	TR UNIT	78462F103
NOTE	FISCALNOTE HOLDINGS INC	84,248	$124	0.0%	$4.63	—	CL A NEW	337655302
RBOT	VICARIOUS SURGICAL INC	69,043	$150	0.0%	$8.95	-54.6%	COM CL A NEW	92561V208
CPNG	COUPANG INC	20,571	$485	0.0%	$46.22	-38.5%	CL A	22266T109
DNA	GINKGO BIOWORKS HOLDINGS INC	17,656	$147	0.0%	$10.02	+7.4%	CL A NEW	37611X209
TWST	TWIST BIOSCIENCE CORP	26,273	$833	0.0%	$23.40	+33.3%	COM	90184D100
TTAN	SERVICETITAN INC	15,236	$1,623	0.0%	$104.38	-6.4%	SHS CL A	81764X103
VXUS	VANGUARD STAR FDS	38,568	$2,910	0.1%	$55.68	—	VG TL INTL STK F	921909768
UNH	UNITEDHEALTH GROUP INC	3,074	$1,015	0.0%	$374.94	-10.1%	COM	91324P102
DOCU	DOCUSIGN INC	6,593	$451	0.0%	$68.71	+0.6%	COM	256163106
CMRC	COMMERCE.COM INC	17,500	$72	0.0%	$18.29	-74.8%	COM SER 1	08975P108
AON	AON PLC	3,197	$1,128	0.0%	$361.30	-3.4%	SHS CL A	G0403H108
JPM	JPMORGAN CHASE & CO.	1,053	$339	0.0%	$173.61	+78.3%	COM	46625H100
SNAP	SNAP INC	10,301	$83	0.0%	$56.28	-85.9%	CL A	83304A106