Regency Capital Management Inc.\DE Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HUBB	HUBBELL INC	14,182	$6,298	2.6%	$437.22	0.0%	COM	443510607
AXP	AMERICAN EXPRESS CO	14,992	$5,546	2.3%	$356.97	0.0%	COM	025816109
FAST	FASTENAL CO	88,546	$3,553	1.5%	$42.03	0.0%	COM	311900104
VPL	VANGUARD INTL EQUITY INDEX F	30,809	$2,785	1.2%	$90.40	—	FTSE PACIFIC ETF	922042866
GRMN	GARMIN LTD	13,462	$2,731	1.1%	$216.69	0.0%	SHS	H2906T109
EMXC	ISHARES INC	30,876	$2,244	0.9%	$72.68	—	MSCI EMRG CHN	46434G764
ADBE	ADOBE INC	4,031	$1,411	0.6%	$340.09	0.0%	COM	00724F101
GOOG	ALPHABET INC	4,020	$1,262	0.5%	$286.33	0.0%	CAP STK CL C	02079K107
NVR	NVR INC	159	$1,160	0.5%	$7476.40	0.0%	COM	62944T105
HD	HOME DEPOT INC	1,854	$638	0.3%	$364.59	0.0%	COM	437076102
IEFA	ISHARES TR	5,287	$473	0.2%	$89.46	—	CORE MSCI EAFE	46432F842
IWR	ISHARES TR	4,000	$385	0.2%	$96.27	—	RUS MID CAP ETF	464287499
IEMG	ISHARES INC	3,000	$202	0.1%	$67.22	—	CORE MSCI EMKT	46434G103
IRD	OPUS GENETICS INC	46,000	$92	0.0%	$2.03	0.0%	COM	67577R102

Increased Positions (20)

GOOGL ALPHABET INC 2.6%

Value ($000) $6,172 (+321.5%) Shares 19,719 (+227.4%) Est. Cost $234.61 Unrealized +21.7%

ALLE ALLEGION PLC 2.9%

Value ($000) $7,091 (+83.5%) Shares 44,536 (+104.3%) Est. Cost $154.81 Unrealized +7.7%

WTM WHITE MTNS INS GROUP LTD 1.4%

Value ($000) $3,398 (+150.6%) Shares 1,635 (+101.6%) Est. Cost $1870.59 Unrealized +4.5%

IAU ISHARES GOLD TR 5.9%

Value ($000) $14,257 (+13.4%) Shares 175,642 (+1.6%) Est. Cost $43.17 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 6.9%

Value ($000) $16,556 (+8.9%) Shares 32,937 (+8.9%) Est. Cost $298.29 Unrealized +66.8%

CB CHUBB LIMITED 5.2%

Value ($000) $12,572 (+11.7%) Shares 40,280 (+1.0%) Est. Cost $254.46 Unrealized +14.9%

NVDA NVIDIA CORPORATION 3.5%

Value ($000) $8,503 (+13.6%) Shares 45,591 (+13.7%) Est. Cost $128.53 Unrealized +44.8%

VEA VANGUARD TAX-MANAGED FDS 2.6%

Value ($000) $6,284 (+16.5%) Shares 100,591 (+11.7%) Est. Cost $60.19 Unrealized —

AME AMETEK INC 3.0%

Value ($000) $7,132 (+10.4%) Shares 34,740 (+1.1%) Est. Cost $166.71 Unrealized +16.6%

ITOT ISHARES TR 1.0%

Value ($000) $2,451 (+37.9%) Shares 16,486 (+35.1%) Est. Cost $125.79 Unrealized —

WCC WESCO INTL INC 1.6%

Value ($000) $3,757 (+16.8%) Shares 15,358 (+1.0%) Est. Cost $209.67 Unrealized +16.8%

CNM CORE & MAIN INC 0.6%

Value ($000) $1,490 (+51.9%) Shares 28,675 (+57.4%) Est. Cost $51.63 Unrealized -0.7%

META META PLATFORMS INC 2.0%

Value ($000) $4,755 (+11.9%) Shares 7,203 (+24.4%) Est. Cost $644.12 Unrealized +3.6%

SPY SPDR S&P 500 ETF TR 0.7%

Value ($000) $1,698 (+23.0%) Shares 2,489 (+20.1%) Est. Cost $615.10 Unrealized —

IVV ISHARES TR 0.5%

Value ($000) $1,134 (+22.3%) Shares 1,656 (+19.6%) Est. Cost $434.76 Unrealized —

V VISA INC 1.6%

Value ($000) $3,829 (+4.5%) Shares 10,917 (+1.7%) Est. Cost $271.42 Unrealized +25.4%

GOVT ISHARES TR 0.8%

Value ($000) $1,859 (+9.6%) Shares 80,734 (+10.0%) Est. Cost $23.13 Unrealized —

SGOV ISHARES TR 0.2%

Value ($000) $596 (+11.9%) Shares 5,940 (+12.3%) Est. Cost $100.64 Unrealized —

TSLA TESLA INC 0.3%

Value ($000) $755 (+5.3%) Shares 1,679 (+4.1%) Est. Cost $326.52 Unrealized +35.8%

XLK SELECT SECTOR SPDR TR 0.1%

Value ($000) $346 (+6.7%) Shares 2,407 (+108.9%) Est. Cost $186.97 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	19,719 (+227.4%)	$6,172 (+321.5%)	2.6%	$234.61	+21.7%	CAP STK CL A	02079K305
ALLE	ALLEGION PLC	44,536 (+104.3%)	$7,091 (+83.5%)	2.9%	$154.81	+7.7%	ORD SHS	G0176J109
WTM	WHITE MTNS INS GROUP LTD	1,635 (+101.6%)	$3,398 (+150.6%)	1.4%	$1870.59	+4.5%	COM	G9618E107
IAU	ISHARES GOLD TR	175,642 (+1.6%)	$14,257 (+13.4%)	5.9%	$43.17	—	ISHARES NEW	464285204
BRK/B	BERKSHIRE HATHAWAY INC DEL	32,937 (+8.9%)	$16,556 (+8.9%)	6.9%	$298.29	+66.8%	CL B NEW	084670702
CB	CHUBB LIMITED	40,280 (+1.0%)	$12,572 (+11.7%)	5.2%	$254.46	+14.9%	COM	H1467J104
NVDA	NVIDIA CORPORATION	45,591 (+13.7%)	$8,503 (+13.6%)	3.5%	$128.53	+44.8%	COM	67066G104
VEA	VANGUARD TAX-MANAGED FDS	100,591 (+11.7%)	$6,284 (+16.5%)	2.6%	$60.19	—	VAN FTSE DEV MKT	921943858
AME	AMETEK INC	34,740 (+1.1%)	$7,132 (+10.4%)	3.0%	$166.71	+16.6%	COM	031100100
ITOT	ISHARES TR	16,486 (+35.1%)	$2,451 (+37.9%)	1.0%	$125.79	—	CORE S&P TTL STK	464287150
WCC	WESCO INTL INC	15,358 (+1.0%)	$3,757 (+16.8%)	1.6%	$209.67	+16.8%	COM	95082P105
CNM	CORE & MAIN INC	28,675 (+57.4%)	$1,490 (+51.9%)	0.6%	$51.63	-0.7%	CL A	21874C102
META	META PLATFORMS INC	7,203 (+24.4%)	$4,755 (+11.9%)	2.0%	$644.12	+3.6%	CL A	30303M102
SPY	SPDR S&P 500 ETF TR	2,489 (+20.1%)	$1,698 (+23.0%)	0.7%	$615.10	—	TR UNIT	78462F103
IVV	ISHARES TR	1,656 (+19.6%)	$1,134 (+22.3%)	0.5%	$434.76	—	CORE S&P500 ETF	464287200
V	VISA INC	10,917 (+1.7%)	$3,829 (+4.5%)	1.6%	$271.42	+25.4%	COM CL A	92826C839
GOVT	ISHARES TR	80,734 (+10.0%)	$1,859 (+9.6%)	0.8%	$23.13	—	US TREAS BD ETF	46429B267
SGOV	ISHARES TR	5,940 (+12.3%)	$596 (+11.9%)	0.2%	$100.64	—	0-3 MNTH TREASRY	46436E718
TSLA	TESLA INC	1,679 (+4.1%)	$755 (+5.3%)	0.3%	$326.52	+35.8%	COM	88160R101
XLK	SELECT SECTOR SPDR TR	2,407 (+108.9%)	$346 (+6.7%)	0.1%	$186.97	—	STATE STREET TEC	81369Y803

Exited Positions (10)

LII LENNOX INTL INC COM 1.3%

Value ($000) $3,064 Shares 5,788 Est. Cost $559.45 Unrealized -10.7%

UNP UNION PACIFIC CORP 1.2%

Value ($000) $2,793 Shares 11,815 Est. Cost $223.15 Unrealized +1.9%

JAAA JANUS HENDERSON AAA CLO ETF 1.1%

Value ($000) $2,698 Shares 53,126 Est. Cost $50.72 Unrealized —

AMRZ AMRIZE LTD SHS 0.9%

Value ($000) $2,193 Shares 45,233 Est. Cost $50.99 Unrealized +0.1%

MRSH MARSH & MCLENNAN COS INC 0.3%

Value ($000) $606 Shares 3,008 Est. Cost $223.19 Unrealized -16.5%

— VECTIVBIO HOLDING 0.2%

Value ($000) $510 Shares 510,000 Est. Cost $1.44 Unrealized —

ETHA ISHARES ETHEREUM TRUST ETF 0.1%

Value ($000) $272 Shares 8,630 Est. Cost $31.51 Unrealized —

FBTC FIDELITY WISE ORIGIN BITCOIN FUND 0.1%

Value ($000) $255 Shares 2,550 Est. Cost $93.99 Unrealized —

XLU UTILITIES SELECT SECTOR SPDR ETF 0.1%

Value ($000) $233 Shares 2,675 Est. Cost $87.21 Unrealized —

NFLX NETFLIX INC 0.1%

Value ($000) $217 Shares 181 Est. Cost $114.16 Unrealized -5.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LII	LENNOX INTL INC COM	5,788	$3,064	1.3%	$559.45	-10.7%	—	526107107
UNP	UNION PACIFIC CORP	11,815	$2,793	1.2%	$223.15	+1.9%	—	907818108
JAAA	JANUS HENDERSON AAA CLO ETF	53,126	$2,698	1.1%	$50.72	—	—	47103U845
AMRZ	AMRIZE LTD SHS	45,233	$2,193	0.9%	$50.99	+0.1%	—	H2927K103
MRSH	MARSH & MCLENNAN COS INC	3,008	$606	0.3%	$223.19	-16.5%	—	571748102
—	VECTIVBIO HOLDING	510,000	$510	0.2%	$1.44	—	—	H9060V101
ETHA	ISHARES ETHEREUM TRUST ETF	8,630	$272	0.1%	$31.51	—	—	46438R105
FBTC	FIDELITY WISE ORIGIN BITCOIN FUND	2,550	$255	0.1%	$93.99	—	—	315948109
XLU	UTILITIES SELECT SECTOR SPDR ETF	2,675	$233	0.1%	$87.21	—	—	81369Y886
NFLX	NETFLIX INC	181	$217	0.1%	$114.16	-5.6%	—	64110L106

Decreased Positions (20)

AMLP ALPS ETF TR 0.9%

Value ($000) $2,203 (-61.1%) Shares 46,843 (-61.2%) Est. Cost $47.37 Unrealized —

XOM EXXON MOBIL CORP 0.3%

Value ($000) $833 (-76.9%) Shares 6,921 (-78.4%) Est. Cost $108.78 Unrealized +6.2%

PSLV SPROTT ASSET MANAGEMENT LP 2.3%

Value ($000) $5,415 (+47.6%) Shares 228,974 (-2.0%) Est. Cost $12.05 Unrealized —

MKL MARKEL GROUP INC 6.0%

Value ($000) $14,459 (+10.8%) Shares 6,726 (-1.5%) Est. Cost $1407.67 Unrealized +43.9%

AURA AURA BIOSCIENCES INC 1.2%

Value ($000) $2,935 (-22.5%) Shares 538,584 (-12.1%) Est. Cost $11.45 Unrealized -48.2%

CSX CSX CORP 0.2%

Value ($000) $394 (-68.2%) Shares 10,870 (-68.9%) Est. Cost $33.93 Unrealized +5.2%

MSFT MICROSOFT CORP 3.1%

Value ($000) $7,498 (-7.8%) Shares 15,504 (-1.3%) Est. Cost $257.26 Unrealized +94.6%

ALEX ALEXANDER & BALDWIN INC NEW 0.2%

Value ($000) $565 (-44.1%) Shares 27,391 (-50.7%) Est. Cost $17.69 Unrealized —

APH AMPHENOL CORP NEW 4.7%

Value ($000) $11,401 (+3.9%) Shares 84,366 (-4.9%) Est. Cost $47.32 Unrealized +182.2%

RJF RAYMOND JAMES FINL INC 1.8%

Value ($000) $4,362 (-8.4%) Shares 27,165 (-1.5%) Est. Cost $141.83 Unrealized +13.5%

IBIT ISHARES BITCOIN TRUST ETF 0.1%

Value ($000) $219 (-59.2%) Shares 4,410 (-46.6%) Est. Cost $57.87 Unrealized —

AON AON PLC 1.8%

Value ($000) $4,305 (-6.1%) Shares 12,201 (-5.1%) Est. Cost $315.82 Unrealized +10.6%

TMO THERMO FISHER SCIENTIFIC INC 1.2%

Value ($000) $2,974 (+10.3%) Shares 5,133 (-7.6%) Est. Cost $545.31 Unrealized +3.6%

ASML ASML HOLDING N V 1.9%

Value ($000) $4,642 (+5.5%) Shares 4,339 (-4.5%) Est. Cost $691.96 Unrealized —

CLS CELESTICA INC 0.5%

Value ($000) $1,163 (+16.7%) Shares 3,933 (-2.7%) Est. Cost $106.30 Unrealized +183.5%

SMH VANECK ETF TRUST 0.7%

Value ($000) $1,631 (-5.8%) Shares 4,530 (-14.6%) Est. Cost $300.85 Unrealized —

AEP AMERICAN ELEC PWR CO INC 2.3%

Value ($000) $5,478 (-1.5%) Shares 47,503 (-3.9%) Est. Cost $108.19 Unrealized +8.8%

SHEL SHELL PLC 2.2%

Value ($000) $5,312 (+0.9%) Shares 72,293 (-1.8%) Est. Cost $54.44 Unrealized —

MATX MATSON INC 0.1%

Value ($000) $241 (+19.2%) Shares 1,950 (-4.9%) Est. Cost $92.45 Unrealized +15.8%

SPXC SPX TECHNOLOGIES INC 0.1%

Value ($000) $306 (+5.9%) Shares 1,529 (-1.1%) Est. Cost $167.68 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMLP	ALPS ETF TR	46,843 (-61.2%)	$2,203 (-61.1%)	0.9%	$47.37	—	ALERIAN MLP	00162Q452
XOM	EXXON MOBIL CORP	6,921 (-78.4%)	$833 (-76.9%)	0.3%	$108.78	+6.2%	COM	30231G102
PSLV	SPROTT ASSET MANAGEMENT LP	228,974 (-2.0%)	$5,415 (+47.6%)	2.3%	$12.05	—	PHYSICAL SILVER	85207K107
MKL	MARKEL GROUP INC	6,726 (-1.5%)	$14,459 (+10.8%)	6.0%	$1407.67	+43.9%	COM	570535104
AURA	AURA BIOSCIENCES INC	538,584 (-12.1%)	$2,935 (-22.5%)	1.2%	$11.45	-48.2%	COM	05153U107
CSX	CSX CORP	10,870 (-68.9%)	$394 (-68.2%)	0.2%	$33.93	+5.2%	COM	126408103
MSFT	MICROSOFT CORP	15,504 (-1.3%)	$7,498 (-7.8%)	3.1%	$257.26	+94.6%	COM	594918104
ALEX	ALEXANDER & BALDWIN INC NEW	27,391 (-50.7%)	$565 (-44.1%)	0.2%	$17.69	—	COM	014491104
APH	AMPHENOL CORP NEW	84,366 (-4.9%)	$11,401 (+3.9%)	4.7%	$47.32	+182.2%	CL A	032095101
RJF	RAYMOND JAMES FINL INC	27,165 (-1.5%)	$4,362 (-8.4%)	1.8%	$141.83	+13.5%	COM	754730109
IBIT	ISHARES BITCOIN TRUST ETF	4,410 (-46.6%)	$219 (-59.2%)	0.1%	$57.87	—	SHS BEN INT	46438F101
AON	AON PLC	12,201 (-5.1%)	$4,305 (-6.1%)	1.8%	$315.82	+10.6%	SHS CL A	G0403H108
TMO	THERMO FISHER SCIENTIFIC INC	5,133 (-7.6%)	$2,974 (+10.3%)	1.2%	$545.31	+3.6%	COM	883556102
ASML	ASML HOLDING N V	4,339 (-4.5%)	$4,642 (+5.5%)	1.9%	$691.96	—	N Y REGISTRY SHS	N07059210
CLS	CELESTICA INC	3,933 (-2.7%)	$1,163 (+16.7%)	0.5%	$106.30	+183.5%	COM	15101Q207
SMH	VANECK ETF TRUST	4,530 (-14.6%)	$1,631 (-5.8%)	0.7%	$300.85	—	SEMICONDUCTR ETF	92189F676
AEP	AMERICAN ELEC PWR CO INC	47,503 (-3.9%)	$5,478 (-1.5%)	2.3%	$108.19	+8.8%	COM	025537101
SHEL	SHELL PLC	72,293 (-1.8%)	$5,312 (+0.9%)	2.2%	$54.44	—	SPON ADS	780259305
MATX	MATSON INC	1,950 (-4.9%)	$241 (+19.2%)	0.1%	$92.45	+15.8%	COM	57686G105
SPXC	SPX TECHNOLOGIES INC	1,529 (-1.1%)	$306 (+5.9%)	0.1%	$167.68	—	COM	78473E103

Unchanged Positions (8)

COST COSTCO WHSL CORP NEW 5.1%

Value ($000) $12,235 Shares 14,188 Est. Cost $378.20 Unrealized +139.5%

AAPL APPLE INC 3.0%

Value ($000) $7,165 Shares 26,356 Est. Cost $184.64 Unrealized +45.3%

AMZN AMAZON COM INC 2.0%

Value ($000) $4,856 Shares 21,037 Est. Cost $178.18 Unrealized +28.4%

AFL AFLAC INC 1.6%

Value ($000) $3,804 Shares 34,500 Est. Cost $80.83 Unrealized +35.9%

VTI VANGUARD INDEX FDS 0.6%

Value ($000) $1,424 Shares 4,247 Est. Cost $231.59 Unrealized —

IWN ISHARES TR 0.2%

Value ($000) $362 Shares 2,000 Est. Cost $140.80 Unrealized —

ZNTL ZENTALIS PHARMACEUTICALS INC 0.0%

Value ($000) $40 Shares 29,500 Est. Cost $20.02 Unrealized -92.7%

BRK/A BERKSHIRE HATHAWAY INC DEL 0.3%

Value ($000) $755 Shares 1 Est. Cost $366657.40 Unrealized +103.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
COST	COSTCO WHSL CORP NEW	14,188	$12,235	5.1%	$378.20	+139.5%	COM	22160K105
AAPL	APPLE INC	26,356	$7,165	3.0%	$184.64	+45.3%	COM	037833100
AMZN	AMAZON COM INC	21,037	$4,856	2.0%	$178.18	+28.4%	COM	023135106
AFL	AFLAC INC	34,500	$3,804	1.6%	$80.83	+35.9%	COM	001055102
VTI	VANGUARD INDEX FDS	4,247	$1,424	0.6%	$231.59	—	TOTAL STK MKT	922908769
IWN	ISHARES TR	2,000	$362	0.2%	$140.80	—	RUS 2000 VAL ETF	464287630
ZNTL	ZENTALIS PHARMACEUTICALS INC	29,500	$40	0.0%	$20.02	-92.7%	COM	98943L107
BRK/A	BERKSHIRE HATHAWAY INC DEL	1	$755	0.3%	$366657.40	+103.6%	CL A	084670108