Recurrent Investment Advisors LLC Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KEY	KEYCORP	1,920,957	$84,522	6.2%	$18.49	0.0%	COM	493267108
LYB	LYONDELLBASELL INDUSTRIES N	59,619	$2,582	0.2%	$44.45	0.0%	SHS - A -	N53745100
EMN	EASTMAN CHEM CO	39,831	$2,542	0.2%	$60.99	0.0%	COM	277432100
HUN	HUNTSMAN CORP	246,276	$2,463	0.2%	$9.16	0.0%	COM	447011107
TTE	TOTALENERGIES SE	14,988	$833	0.1%	$63.23	0.0%	ACT	F92124100
IP	INTERNATIONAL PAPER CO	13,990	$551	0.0%	$40.85	0.0%	COM	460146103
SUNC	SUNOCOCORP LLC	10,800	$532	0.0%	$49.49	0.0%	COM SHS LLC	86765Q106
SW	SMURFIT WESTROCK PLC	12,221	$473	0.0%	$38.13	0.0%	SHS	G8267P108
KNTK	KINETIK HOLDINGS INC	11,700	$422	0.0%	$36.12	0.0%	COM NEW CL A	02215L209
AM	ANTERO MIDSTREAM CORP	15,000	$267	0.0%	$17.75	0.0%	COM	03676B102

Increased Positions (12)

VNOM VIPER ENERGY INC 2.1%

Value ($000) $27,915 (+111.1%) Shares 722,615 (+108.8%) Est. Cost $37.98 Unrealized -0.3%

TRGP TARGA RES CORP 7.2%

Value ($000) $97,517 (+14.8%) Shares 528,546 (+4.2%) Est. Cost $83.54 Unrealized +101.2%

MUSA MURPHY USA INC 3.5%

Value ($000) $47,749 (+21.8%) Shares 118,606 (+17.5%) Est. Cost $392.57 Unrealized -2.3%

DOW DOW INC 0.4%

Value ($000) $5,048 (+679.0%) Shares 215,916 (+664.0%) Est. Cost $25.51 Unrealized -10.7%

WLK WESTLAKE CORPORATION 0.4%

Value ($000) $5,592 (+300.8%) Shares 75,633 (+317.7%) Est. Cost $77.84 Unrealized -9.1%

OKE ONEOK INC NEW 6.3%

Value ($000) $84,731 (+4.1%) Shares 1,152,806 (+3.4%) Est. Cost $70.27 Unrealized +0.3%

ET ENERGY TRANSFER L P 6.5%

Value ($000) $88,244 (+3.1%) Shares 5,351,355 (+7.3%) Est. Cost $12.32 Unrealized —

RIO RIO TINTO PLC 0.2%

Value ($000) $2,085 (+103.5%) Shares 26,047 (+67.9%) Est. Cost $67.81 Unrealized —

VALE VALE S A 0.2%

Value ($000) $2,442 (+72.5%) Shares 187,430 (+43.7%) Est. Cost $11.63 Unrealized —

MTDR MATADOR RES CO 0.2%

Value ($000) $2,854 (+49.3%) Shares 67,246 (+58.0%) Est. Cost $48.20 Unrealized -12.9%

MOS MOSAIC CO NEW 0.1%

Value ($000) $1,254 (+44.9%) Shares 52,047 (+108.5%) Est. Cost $31.92 Unrealized -16.2%

BP BP PLC 0.0%

Value ($000) $514 (+3.1%) Shares 118,388 (+1.4%) Est. Cost $4.27 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VNOM	VIPER ENERGY INC	722,615 (+108.8%)	$27,915 (+111.1%)	2.1%	$37.98	-0.3%	CL A	64361Q101
TRGP	TARGA RES CORP	528,546 (+4.2%)	$97,517 (+14.8%)	7.2%	$83.54	+101.2%	COM	87612G101
MUSA	MURPHY USA INC	118,606 (+17.5%)	$47,749 (+21.8%)	3.5%	$392.57	-2.3%	COM	626755102
DOW	DOW INC	215,916 (+664.0%)	$5,048 (+679.0%)	0.4%	$25.51	-10.7%	COM	260557103
WLK	WESTLAKE CORPORATION	75,633 (+317.7%)	$5,592 (+300.8%)	0.4%	$77.84	-9.1%	COM	960413102
OKE	ONEOK INC NEW	1,152,806 (+3.4%)	$84,731 (+4.1%)	6.3%	$70.27	+0.3%	COM	682680103
ET	ENERGY TRANSFER L P	5,351,355 (+7.3%)	$88,244 (+3.1%)	6.5%	$12.32	—	COM UT LTD PTN	29273V100
RIO	RIO TINTO PLC	26,047 (+67.9%)	$2,085 (+103.5%)	0.2%	$67.81	—	SPONSORED ADR	767204100
VALE	VALE S A	187,430 (+43.7%)	$2,442 (+72.5%)	0.2%	$11.63	—	SPONSORED ADS	91912E105
MTDR	MATADOR RES CO	67,246 (+58.0%)	$2,854 (+49.3%)	0.2%	$48.20	-12.9%	COM	576485205
MOS	MOSAIC CO NEW	52,047 (+108.5%)	$1,254 (+44.9%)	0.1%	$31.92	-16.2%	COM	61945C103
BP	BP PLC	118,388 (+1.4%)	$514 (+3.1%)	0.0%	$4.27	—	SPONSORED ADR	055622104

Exited Positions (3)

ARLP ALLIANCE RESOURCE PARTNERS L 1.2%

Value ($000) $16,367 Shares 647,283 Est. Cost $18.92 Unrealized —

— TOTALENERGIES SE 0.1%

Value ($000) $898 Shares 15,038 Est. Cost $45.65 Unrealized —

FMC FMC CORP 0.0%

Value ($000) $455 Shares 13,515 Est. Cost $94.34 Unrealized -79.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ARLP	ALLIANCE RESOURCE PARTNERS L	647,283	$16,367	1.2%	$18.92	—	—	01877R108
—	TOTALENERGIES SE	15,038	$898	0.1%	$45.65	—	—	89151E109
FMC	FMC CORP	13,515	$455	0.0%	$94.34	-79.9%	—	302491303

Decreased Positions (21)

PBF PBF ENERGY INC 2.5%

Value ($000) $33,925 (-36.5%) Shares 1,250,915 (-29.4%) Est. Cost $25.73 Unrealized +24.5%

PBA PEMBINA PIPELINE CORP 4.2%

Value ($000) $56,951 (-17.5%) Shares 1,490,143 (-12.3%) Est. Cost $29.69 Unrealized +29.5%

LNG CHENIERE ENERGY INC 3.8%

Value ($000) $51,411 (-18.5%) Shares 264,474 (-1.5%) Est. Cost $140.28 Unrealized +49.7%

TRP TC ENERGY CORP 0.1%

Value ($000) $691 (-94.4%) Shares 12,555 (-94.5%) Est. Cost $38.03 Unrealized +40.3%

SUN SUNOCO LP/SUNOCO FIN CORP 2.6%

Value ($000) $35,567 (-23.9%) Shares 678,623 (-27.4%) Est. Cost $52.08 Unrealized —

SOBO SOUTH BOW CORP 2.8%

Value ($000) $37,787 (-17.1%) Shares 1,370,635 (-14.7%) Est. Cost $24.96 Unrealized +8.8%

PSX PHILLIPS 66 4.3%

Value ($000) $58,680 (-7.1%) Shares 454,741 (-2.1%) Est. Cost $90.67 Unrealized +47.8%

SU SUNCOR ENERGY INC NEW 5.9%

Value ($000) $79,174 (+4.4%) Shares 1,760,388 (-1.5%) Est. Cost $27.72 Unrealized +52.4%

SEE SEALED AIR CORP NEW 0.0%

Value ($000) $553 (-82.6%) Shares 13,350 (-85.2%) Est. Cost $33.62 Unrealized +14.7%

MT ARCELORMITTAL SA LUXEMBOURG 0.0%

Value ($000) $574 (-64.9%) Shares 14,669 (-72.6%) Est. Cost $25.32 Unrealized —

FCX FREEPORT-MCMORAN INC 0.3%

Value ($000) $4,455 (+27.3%) Shares 87,720 (-1.7%) Est. Cost $32.72 Unrealized +32.4%

VLO VALERO ENERGY CORP 0.1%

Value ($000) $982 (-48.8%) Shares 6,035 (-46.4%) Est. Cost $81.24 Unrealized +107.8%

WES WESTERN MIDSTREAM PARTNERS L 3.9%

Value ($000) $52,877 (-0.9%) Shares 1,338,654 (-1.4%) Est. Cost $24.28 Unrealized —

NUE NUCOR CORP 0.2%

Value ($000) $2,645 (+16.9%) Shares 16,215 (-2.9%) Est. Cost $114.35 Unrealized +31.0%

VST VISTRA CORP 0.0%

Value ($000) $650 (-23.3%) Shares 4,032 (-6.8%) Est. Cost $141.04 Unrealized +29.0%

EPD ENTERPRISE PRODS PARTNERS L 4.0%

Value ($000) $54,523 (+0.3%) Shares 1,700,650 (-2.1%) Est. Cost $25.78 Unrealized —

TECK TECK RESOURCES LTD 0.2%

Value ($000) $2,321 (-6.9%) Shares 39,294 (-16.7%) Est. Cost $41.20 Unrealized +5.1%

ALB ALBEMARLE CORP 0.1%

Value ($000) $1,094 (-11.6%) Shares 7,738 (-49.3%) Est. Cost $79.81 Unrealized +41.9%

AA ALCOA CORP 0.1%

Value ($000) $1,862 (+6.0%) Shares 35,032 (-34.4%) Est. Cost $29.87 Unrealized +36.9%

BHP BHP GROUP LTD 0.1%

Value ($000) $1,574 (+3.1%) Shares 26,071 (-4.8%) Est. Cost $54.21 Unrealized —

CEG CONSTELLATION ENERGY CORP 0.1%

Value ($000) $678 (-4.4%) Shares 1,919 (-11.0%) Est. Cost $252.05 Unrealized +44.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PBF	PBF ENERGY INC	1,250,915 (-29.4%)	$33,925 (-36.5%)	2.5%	$25.73	+24.5%	CL A	69318G106
PBA	PEMBINA PIPELINE CORP	1,490,143 (-12.3%)	$56,951 (-17.5%)	4.2%	$29.69	+29.5%	COM	706327103
LNG	CHENIERE ENERGY INC	264,474 (-1.5%)	$51,411 (-18.5%)	3.8%	$140.28	+49.7%	COM NEW	16411R208
TRP	TC ENERGY CORP	12,555 (-94.5%)	$691 (-94.4%)	0.1%	$38.03	+40.3%	COM	87807B107
SUN	SUNOCO LP/SUNOCO FIN CORP	678,623 (-27.4%)	$35,567 (-23.9%)	2.6%	$52.08	—	COM UT REP LP	86765K109
SOBO	SOUTH BOW CORP	1,370,635 (-14.7%)	$37,787 (-17.1%)	2.8%	$24.96	+8.8%	COM	83671M105
PSX	PHILLIPS 66	454,741 (-2.1%)	$58,680 (-7.1%)	4.3%	$90.67	+47.8%	COM	718546104
SU	SUNCOR ENERGY INC NEW	1,760,388 (-1.5%)	$79,174 (+4.4%)	5.9%	$27.72	+52.4%	COM	867224107
SEE	SEALED AIR CORP NEW	13,350 (-85.2%)	$553 (-82.6%)	0.0%	$33.62	+14.7%	COM	81211K100
MT	ARCELORMITTAL SA LUXEMBOURG	14,669 (-72.6%)	$574 (-64.9%)	0.0%	$25.32	—	NY REGISTRY SH	03938L203
FCX	FREEPORT-MCMORAN INC	87,720 (-1.7%)	$4,455 (+27.3%)	0.3%	$32.72	+32.4%	CL B	35671D857
VLO	VALERO ENERGY CORP	6,035 (-46.4%)	$982 (-48.8%)	0.1%	$81.24	+107.8%	COM	91913Y100
WES	WESTERN MIDSTREAM PARTNERS L	1,338,654 (-1.4%)	$52,877 (-0.9%)	3.9%	$24.28	—	COM UNIT LP INT	958669103
NUE	NUCOR CORP	16,215 (-2.9%)	$2,645 (+16.9%)	0.2%	$114.35	+31.0%	COM	670346105
VST	VISTRA CORP	4,032 (-6.8%)	$650 (-23.3%)	0.0%	$141.04	+29.0%	COM	92840M102
EPD	ENTERPRISE PRODS PARTNERS L	1,700,650 (-2.1%)	$54,523 (+0.3%)	4.0%	$25.78	—	COM	293792107
TECK	TECK RESOURCES LTD	39,294 (-16.7%)	$2,321 (-6.9%)	0.2%	$41.20	+5.1%	CL B	878742204
ALB	ALBEMARLE CORP	7,738 (-49.3%)	$1,094 (-11.6%)	0.1%	$79.81	+41.9%	COM	012653101
AA	ALCOA CORP	35,032 (-34.4%)	$1,862 (+6.0%)	0.1%	$29.87	+36.9%	COM	013872106
BHP	BHP GROUP LTD	26,071 (-4.8%)	$1,574 (+3.1%)	0.1%	$54.21	—	SPONSORED ADS	088606108
CEG	CONSTELLATION ENERGY CORP	1,919 (-11.0%)	$678 (-4.4%)	0.1%	$252.05	+44.1%	COM	21037T109

Unchanged Positions (28)

MPC MARATHON PETE CORP 3.4%

Value ($000) $45,802 Shares 281,631 Est. Cost $97.48 Unrealized +91.2%

B BARRICK MNG CORP 0.9%

Value ($000) $11,733 Shares 229,715 Est. Cost $19.64 Unrealized +90.5%

DTM DT MIDSTREAM INC 3.1%

Value ($000) $42,341 Shares 353,786 Est. Cost $64.84 Unrealized +76.3%

WMB WILLIAMS COS INC 3.4%

Value ($000) $45,721 Shares 760,627 Est. Cost $23.34 Unrealized +157.4%

PAGP PLAINS GP HLDGS L P 3.4%

Value ($000) $46,587 Shares 2,432,797 Est. Cost $11.81 Unrealized —

NEM NEWMONT CORP 0.7%

Value ($000) $9,460 Shares 94,745 Est. Cost $46.43 Unrealized +94.2%

CVE CENOVUS ENERGY INC 8.2%

Value ($000) $111,062 Shares 6,363,516 Est. Cost $13.38 Unrealized +29.8%

ENB ENBRIDGE INC 1.6%

Value ($000) $22,156 Shares 463,219 Est. Cost $29.51 Unrealized +59.6%

KMI KINDER MORGAN INC DEL 3.0%

Value ($000) $40,836 Shares 1,485,473 Est. Cost $14.29 Unrealized +88.3%

XOM EXXON MOBIL CORP 0.5%

Value ($000) $6,908 Shares 57,400 Est. Cost $102.35 Unrealized +12.8%

HAL HALLIBURTON CO 0.2%

Value ($000) $2,047 Shares 72,448 Est. Cost $29.79 Unrealized -11.7%

CVX CHEVRON CORP NEW 0.5%

Value ($000) $6,518 Shares 42,763 Est. Cost $148.94 Unrealized +1.7%

DAR DARLING INGREDIENTS INC 0.1%

Value ($000) $1,086 Shares 30,165 Est. Cost $49.41 Unrealized -31.5%

NTR NUTRIEN LTD 0.3%

Value ($000) $4,238 Shares 50,060 Est. Cost $49.03 Unrealized +20.0%

CNQ CANADIAN NAT RES LTD 0.1%

Value ($000) $2,005 Shares 59,242 Est. Cost $32.47 Unrealized -0.1%

PKX POSCO HOLDINGS INC 0.1%

Value ($000) $1,328 Shares 24,960 Est. Cost $52.88 Unrealized —

CF CF INDS HLDGS INC 0.0%

Value ($000) $600 Shares 7,763 Est. Cost $75.03 Unrealized +9.2%

FANG DIAMONDBACK ENERGY INC 0.1%

Value ($000) $1,767 Shares 11,756 Est. Cost $164.75 Unrealized -10.7%

SHEL SHELL PLC 0.1%

Value ($000) $1,473 Shares 53,641 Est. Cost $27.93 Unrealized —

CCK CROWN HLDGS INC 0.1%

Value ($000) $969 Shares 9,406 Est. Cost $91.39 Unrealized +6.5%

CCJ CAMECO CORP 0.0%

Value ($000) $618 Shares 6,757 Est. Cost $54.31 Unrealized +65.6%

EXE EXPAND ENERGY CORPORATION 0.1%

Value ($000) $1,069 Shares 9,689 Est. Cost $92.72 Unrealized +19.3%

EOG EOG RES INC 0.0%

Value ($000) $487 Shares 4,637 Est. Cost $123.33 Unrealized -13.1%

COP CONOCOPHILLIPS 0.2%

Value ($000) $3,115 Shares 33,272 Est. Cost $81.03 Unrealized +11.1%

CRH CRH PLC 0.1%

Value ($000) $773 Shares 6,192 Est. Cost $91.00 Unrealized +30.9%

WY WEYERHAEUSER CO MTN BE 0.0%

Value ($000) $570 Shares 24,044 Est. Cost $25.77 Unrealized -10.8%

ADM ARCHER DANIELS MIDLAND CO 0.0%

Value ($000) $408 Shares 7,096 Est. Cost $46.33 Unrealized +28.4%

MLM MARTIN MARIETTA MATLS INC 0.0%

Value ($000) $628 Shares 1,008 Est. Cost $563.61 Unrealized +10.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MPC	MARATHON PETE CORP	281,631	$45,802	3.4%	$97.48	+91.2%	COM	56585A102
B	BARRICK MNG CORP	229,715	$11,733	0.9%	$19.64	+90.5%	COM SHS	06849F108
DTM	DT MIDSTREAM INC	353,786	$42,341	3.1%	$64.84	+76.3%	COMMON STOCK	23345M107
WMB	WILLIAMS COS INC	760,627	$45,721	3.4%	$23.34	+157.4%	COM	969457100
PAGP	PLAINS GP HLDGS L P	2,432,797	$46,587	3.4%	$11.81	—	LTD PARTNR INT A	72651A207
NEM	NEWMONT CORP	94,745	$9,460	0.7%	$46.43	+94.2%	COM	651639106
CVE	CENOVUS ENERGY INC	6,363,516	$111,062	8.2%	$13.38	+29.8%	COM	15135U109
ENB	ENBRIDGE INC	463,219	$22,156	1.6%	$29.51	+59.6%	COM	29250N105
KMI	KINDER MORGAN INC DEL	1,485,473	$40,836	3.0%	$14.29	+88.3%	COM	49456B101
XOM	EXXON MOBIL CORP	57,400	$6,908	0.5%	$102.35	+12.8%	COM	30231G102
HAL	HALLIBURTON CO	72,448	$2,047	0.2%	$29.79	-11.7%	COM	406216101
CVX	CHEVRON CORP NEW	42,763	$6,518	0.5%	$148.94	+1.7%	COM	166764100
DAR	DARLING INGREDIENTS INC	30,165	$1,086	0.1%	$49.41	-31.5%	COM	237266101
NTR	NUTRIEN LTD	50,060	$4,238	0.3%	$49.03	+20.0%	COM	67077M108
CNQ	CANADIAN NAT RES LTD	59,242	$2,005	0.1%	$32.47	-0.1%	COM	136385101
PKX	POSCO HOLDINGS INC	24,960	$1,328	0.1%	$52.88	—	SPONSORED ADR	693483109
CF	CF INDS HLDGS INC	7,763	$600	0.0%	$75.03	+9.2%	COM	125269100
FANG	DIAMONDBACK ENERGY INC	11,756	$1,767	0.1%	$164.75	-10.7%	COM	25278X109
SHEL	SHELL PLC	53,641	$1,473	0.1%	$27.93	—	SPON ADS	780259305
CCK	CROWN HLDGS INC	9,406	$969	0.1%	$91.39	+6.5%	COM	228368106
CCJ	CAMECO CORP	6,757	$618	0.0%	$54.31	+65.6%	COM	13321L108
EXE	EXPAND ENERGY CORPORATION	9,689	$1,069	0.1%	$92.72	+19.3%	COM	165167735
EOG	EOG RES INC	4,637	$487	0.0%	$123.33	-13.1%	COM	26875P101
COP	CONOCOPHILLIPS	33,272	$3,115	0.2%	$81.03	+11.1%	COM	20825C104
CRH	CRH PLC	6,192	$773	0.1%	$91.00	+30.9%	ORD	G25508105
WY	WEYERHAEUSER CO MTN BE	24,044	$570	0.0%	$25.77	-10.8%	COM NEW	962166104
ADM	ARCHER DANIELS MIDLAND CO	7,096	$408	0.0%	$46.33	+28.4%	COM	039483102
MLM	MARTIN MARIETTA MATLS INC	1,008	$628	0.0%	$563.61	+10.2%	COM	573284106