Meixler Investment Management, Ltd. Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MUSA	MURPHY USA INC	3,970	$1,602	1.0%	$383.35	0.0%	COM	626755102
BRK/A	BERKSHIRE HATHAWAY INC DEL	2	$1,510	0.9%	$746423.56	0.0%	CL A	084670108
DIN	DINE BRANDS GLOBAL INC	34,168	$1,098	0.7%	$28.90	0.0%	COM	254423106
MDV	MODIV INDUSTRIAL INC	71,086	$1,023	0.6%	$14.39	—	COM STK CL C	60784B101
SOLS	SOLSTICE ADVANCED MATLS INC	11,270	$547	0.3%	$47.08	0.0%	COM SHS	83443Q103
FVR	FRONTVIEW REIT INC	28,525	$421	0.3%	$14.76	—	COM	35922N100
DIN	DINE BRANDS GLOBAL INC	2,500	$80	0.0%	$28.90	0.0%	CALL	254423106
SFM	SPROUTS FMRS MKT INC	300	$24	0.0%	$124.24	-27.8%	CALL	85208M102
RGLD	ROYAL GOLD INC	100	$22	0.0%	$192.69	+2.9%	CALL	780287108
SKYH/WS	SKY HARBOUR GROUP CORPORATIO	30,488	$20	0.0%	$0.65	—	*W EXP 01/25/202	83085C115

Increased Positions (34)

RGLD ROYAL GOLD INC 1.8%

Value ($000) $2,992 (+396.0%) Shares 13,459 (+347.6%) Est. Cost $192.69 Unrealized +2.9%

NRP NATURAL RESOURCE PARTNERS L 6.0%

Value ($000) $9,866 (+20.5%) Shares 94,506 (+21.2%) Est. Cost $87.62 Unrealized —

OKE ONEOK INC NEW 1.8%

Value ($000) $3,004 (+30.1%) Shares 40,870 (+29.2%) Est. Cost $75.97 Unrealized -7.2%

EPD ENTERPRISE PRODS PARTNERS L 2.8%

Value ($000) $4,582 (+17.4%) Shares 142,925 (+14.5%) Est. Cost $26.86 Unrealized —

QCOM QUALCOMM INC 0.7%

Value ($000) $1,124 (+96.3%) Shares 6,571 (+90.9%) Est. Cost $152.56 Unrealized +11.9%

KNF KNIFE RIVER CORP 1.3%

Value ($000) $2,129 (+32.3%) Shares 30,262 (+44.6%) Est. Cost $78.15 Unrealized -10.1%

KMI KINDER MORGAN INC DEL 1.4%

Value ($000) $2,375 (+26.2%) Shares 86,385 (+29.9%) Est. Cost $26.96 Unrealized -0.2%

FERG FERGUSON ENTERPRISES INC 0.4%

Value ($000) $661 (+170.2%) Shares 2,968 (+172.5%) Est. Cost $217.44 Unrealized +9.4%

CP CANADIAN PACIFIC KANSAS CITY 1.2%

Value ($000) $2,032 (+23.6%) Shares 27,599 (+25.0%) Est. Cost $75.71 Unrealized -2.8%

HON HONEYWELL INTL INC 2.5%

Value ($000) $4,117 (+9.5%) Shares 21,101 (+18.2%) Est. Cost $200.61 Unrealized -2.8%

OUNZ VANECK MERK GOLD ETF 1.8%

Value ($000) $3,011 (+12.9%) Shares 72,587 (+1.2%) Est. Cost $30.96 Unrealized —

NEM NEWMONT CORP 0.6%

Value ($000) $950 (+27.6%) Shares 9,511 (+7.7%) Est. Cost $48.96 Unrealized +84.2%

PAG PENSKE AUTOMOTIVE GRP INC 0.8%

Value ($000) $1,350 (+17.0%) Shares 8,530 (+28.5%) Est. Cost $175.19 Unrealized -6.1%

SKYH SKY HARBOUR GROUP CORPORATIO 1.4%

Value ($000) $2,368 (+8.5%) Shares 264,010 (+19.4%) Est. Cost $9.95 Unrealized -4.0%

LEGH LEGACY HOUSING CORP 1.6%

Value ($000) $2,646 (-6.1%) Shares 135,560 (+32.4%) Est. Cost $21.37 Unrealized +0.2%

AMRZ AMRIZE LTD 0.5%

Value ($000) $879 (+20.0%) Shares 16,260 (+7.7%) Est. Cost $51.00 Unrealized +0.1%

SFM SPROUTS FMRS MKT INC 0.5%

Value ($000) $809 (+21.2%) Shares 10,156 (+65.5%) Est. Cost $124.24 Unrealized -27.8%

BRK/B BERKSHIRE HATHAWAY INC DEL 8.7%

Value ($000) $14,331 (+1.0%) Shares 28,511 (+1.0%) Est. Cost $293.94 Unrealized +69.3%

EXP EAGLE MATLS INC 2.9%

Value ($000) $4,807 (+2.7%) Shares 23,259 (+15.8%) Est. Cost $229.12 Unrealized -3.8%

MELI MERCADOLIBRE INC 0.4%

Value ($000) $610 (+19.8%) Shares 303 (+39.0%) Est. Cost $2063.98 Unrealized +1.8%

ALTG ALTA EQUIPMENT GROUP INC 0.3%

Value ($000) $426 (-18.4%) Shares 92,717 (+28.4%) Est. Cost $7.09 Unrealized -22.5%

— TORTOISE ENERGY INFRA CORP 2.4%

Value ($000) $3,934 (-1.6%) Shares 96,186 (+3.6%) Est. Cost $41.96 Unrealized —

UMH UMH PPTYS INC 0.2%

Value ($000) $336 (+17.3%) Shares 21,100 (+9.5%) Est. Cost $15.35 Unrealized —

WPC WP CAREY INC 1.5%

Value ($000) $2,436 (-1.8%) Shares 37,844 (+3.1%) Est. Cost $58.95 Unrealized —

HE HAWAIIAN ELEC INDUSTRIES 0.1%

Value ($000) $151 (+37.0%) Shares 12,300 (+23.0%) Est. Cost $11.43 Unrealized +1.4%

TRMB TRIMBLE INC 0.6%

Value ($000) $950 (+3.8%) Shares 12,124 (+8.2%) Est. Cost $58.71 Unrealized +35.7%

XOM EXXON MOBIL CORP 0.2%

Value ($000) $378 (+9.7%) Shares 3,145 (+2.8%) Est. Cost $58.34 Unrealized +98.0%

OC OWENS CORNING NEW 0.2%

Value ($000) $271 (-9.1%) Shares 2,422 (+15.0%) Est. Cost $137.15 Unrealized -14.4%

VLTO VERALTO CORP 0.2%

Value ($000) $319 (-5.1%) Shares 3,197 (+1.4%) Est. Cost $97.17 Unrealized +4.0%

GSHD GOOSEHEAD INS INC 0.2%

Value ($000) $321 (+4.2%) Shares 4,355 (+5.3%) Est. Cost $99.85 Unrealized -28.6%

REXR REXFORD INDL RLTY INC 0.3%

Value ($000) $440 (+2.0%) Shares 11,364 (+8.3%) Est. Cost $39.00 Unrealized —

PSX PHILLIPS 66 0.2%

Value ($000) $256 (+3.0%) Shares 1,984 (+8.6%) Est. Cost $111.41 Unrealized +20.3%

SJT SAN JUAN BASIN RTY TR 0.2%

Value ($000) $293 (-2.3%) Shares 52,100 (+5.0%) Est. Cost $5.76 Unrealized —

ENB ENBRIDGE INC 1.1%

Value ($000) $1,780 (-0.1%) Shares 37,205 (+5.4%) Est. Cost $38.29 Unrealized +23.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RGLD	ROYAL GOLD INC	13,459 (+347.6%)	$2,992 (+396.0%)	1.8%	$192.69	+2.9%	COM	780287108
NRP	NATURAL RESOURCE PARTNERS L	94,506 (+21.2%)	$9,866 (+20.5%)	6.0%	$87.62	—	COM UNIT LTD PAR	63900P608
OKE	ONEOK INC NEW	40,870 (+29.2%)	$3,004 (+30.1%)	1.8%	$75.97	-7.2%	COM	682680103
EPD	ENTERPRISE PRODS PARTNERS L	142,925 (+14.5%)	$4,582 (+17.4%)	2.8%	$26.86	—	COM	293792107
QCOM	QUALCOMM INC	6,571 (+90.9%)	$1,124 (+96.3%)	0.7%	$152.56	+11.9%	COM	747525103
KNF	KNIFE RIVER CORP	30,262 (+44.6%)	$2,129 (+32.3%)	1.3%	$78.15	-10.1%	COMMON STOCK	498894104
KMI	KINDER MORGAN INC DEL	86,385 (+29.9%)	$2,375 (+26.2%)	1.4%	$26.96	-0.2%	COM	49456B101
FERG	FERGUSON ENTERPRISES INC	2,968 (+172.5%)	$661 (+170.2%)	0.4%	$217.44	+9.4%	COMMON STOCK NEW	31488V107
CP	CANADIAN PACIFIC KANSAS CITY	27,599 (+25.0%)	$2,032 (+23.6%)	1.2%	$75.71	-2.8%	COM	13646K108
HON	HONEYWELL INTL INC	21,101 (+18.2%)	$4,117 (+9.5%)	2.5%	$200.61	-2.8%	COM	438516106
OUNZ	VANECK MERK GOLD ETF	72,587 (+1.2%)	$3,011 (+12.9%)	1.8%	$30.96	—	GOLD SHS	921078101
NEM	NEWMONT CORP	9,511 (+7.7%)	$950 (+27.6%)	0.6%	$48.96	+84.2%	COM	651639106
PAG	PENSKE AUTOMOTIVE GRP INC	8,530 (+28.5%)	$1,350 (+17.0%)	0.8%	$175.19	-6.1%	COM	70959W103
SKYH	SKY HARBOUR GROUP CORPORATIO	264,010 (+19.4%)	$2,368 (+8.5%)	1.4%	$9.95	-4.0%	COM CL A	83085C107
LEGH	LEGACY HOUSING CORP	135,560 (+32.4%)	$2,646 (-6.1%)	1.6%	$21.37	+0.2%	COM	52472M101
AMRZ	AMRIZE LTD	16,260 (+7.7%)	$879 (+20.0%)	0.5%	$51.00	+0.1%	SHS	H2927K103
SFM	SPROUTS FMRS MKT INC	10,156 (+65.5%)	$809 (+21.2%)	0.5%	$124.24	-27.8%	COM	85208M102
BRK/B	BERKSHIRE HATHAWAY INC DEL	28,511 (+1.0%)	$14,331 (+1.0%)	8.7%	$293.94	+69.3%	CL B NEW	084670702
EXP	EAGLE MATLS INC	23,259 (+15.8%)	$4,807 (+2.7%)	2.9%	$229.12	-3.8%	COM	26969P108
MELI	MERCADOLIBRE INC	303 (+39.0%)	$610 (+19.8%)	0.4%	$2063.98	+1.8%	COM	58733R102
ALTG	ALTA EQUIPMENT GROUP INC	92,717 (+28.4%)	$426 (-18.4%)	0.3%	$7.09	-22.5%	COMMON STOCK	02128L106
—	TORTOISE ENERGY INFRA CORP	96,186 (+3.6%)	$3,934 (-1.6%)	2.4%	$41.96	—	COM	89147L886
UMH	UMH PPTYS INC	21,100 (+9.5%)	$336 (+17.3%)	0.2%	$15.35	—	COM	903002103
WPC	WP CAREY INC	37,844 (+3.1%)	$2,436 (-1.8%)	1.5%	$58.95	—	COM	92936U109
HE	HAWAIIAN ELEC INDUSTRIES	12,300 (+23.0%)	$151 (+37.0%)	0.1%	$11.43	+1.4%	COM	419870100
TRMB	TRIMBLE INC	12,124 (+8.2%)	$950 (+3.8%)	0.6%	$58.71	+35.7%	COM	896239100
XOM	EXXON MOBIL CORP	3,145 (+2.8%)	$378 (+9.7%)	0.2%	$58.34	+98.0%	COM	30231G102
OC	OWENS CORNING NEW	2,422 (+15.0%)	$271 (-9.1%)	0.2%	$137.15	-14.4%	COM	690742101
VLTO	VERALTO CORP	3,197 (+1.4%)	$319 (-5.1%)	0.2%	$97.17	+4.0%	COM SHS	92338C103
GSHD	GOOSEHEAD INS INC	4,355 (+5.3%)	$321 (+4.2%)	0.2%	$99.85	-28.6%	COM CL A	38267D109
REXR	REXFORD INDL RLTY INC	11,364 (+8.3%)	$440 (+2.0%)	0.3%	$39.00	—	COM	76169C100
PSX	PHILLIPS 66	1,984 (+8.6%)	$256 (+3.0%)	0.2%	$111.41	+20.3%	COM	718546104
SJT	SAN JUAN BASIN RTY TR	52,100 (+5.0%)	$293 (-2.3%)	0.2%	$5.76	—	UNIT BEN INT	798241105
ENB	ENBRIDGE INC	37,205 (+5.4%)	$1,780 (-0.1%)	1.1%	$38.29	+23.0%	COM	29250N105

Exited Positions (20)

— SANDSTORM GOLD LTD 1.3%

Value ($000) $2,177 Shares 173,913 Est. Cost $7.43 Unrealized —

NE NOBLE CORP PLC 0.4%

Value ($000) $694 Shares 24,530 Est. Cost $41.49 Unrealized -29.5%

SOBO SOUTH BOW CORP 0.4%

Value ($000) $682 Shares 24,125 Est. Cost $22.97 Unrealized +18.3%

TPL TEXAS PACIFIC LAND CORPORATI 0.3%

Value ($000) $527 Shares 564 Est. Cost $166.16 Unrealized +83.6%

TIPT TIPTREE INC 0.3%

Value ($000) $512 Shares 26,711 Est. Cost $20.93 Unrealized -13.0%

MOS MOSAIC CO NEW 0.3%

Value ($000) $414 Shares 11,944 Est. Cost $34.99 Unrealized -23.5%

BG BUNGE GLOBAL SA 0.2%

Value ($000) $380 Shares 4,680 Est. Cost $93.71 Unrealized -2.0%

ALEX ALEXANDER & BALDWIN INC NEW 0.2%

Value ($000) $316 Shares 17,350 Est. Cost $16.59 Unrealized —

EMX EMX RTY CORP 0.2%

Value ($000) $264 Shares 51,250 Est. Cost $1.88 Unrealized —

NTR NUTRIEN LTD 0.2%

Value ($000) $261 Shares 4,440 Est. Cost $54.65 Unrealized +7.7%

PLYM PLYMOUTH INDL REIT INC 0.2%

Value ($000) $252 Shares 11,265 Est. Cost $19.08 Unrealized —

ALNT ALLIENT INC 0.1%

Value ($000) $214 Shares 4,782 Est. Cost $28.49 Unrealized +83.5%

ZIG ETF SER SOLUTIONS 0.1%

Value ($000) $209 Shares 5,540 Est. Cost $31.38 Unrealized —

SHW SHERWIN WILLIAMS CO 0.1%

Value ($000) $207 Shares 598 Est. Cost $267.81 Unrealized +24.8%

CLF CLEVELAND-CLIFFS INC NEW 0.1%

Value ($000) $156 Shares 12,763 Est. Cost $15.61 Unrealized -19.1%

BTU PEABODY ENERGY CORP 0.0%

Value ($000) $33 Shares 8,700 Est. Cost $24.47 Unrealized +20.0%

CLF CLEVELAND-CLIFFS INC NEW 0.0%

Value ($000) $24 Shares 4,200 Est. Cost $15.61 Unrealized -19.1%

SU SUNCOR ENERGY INC NEW 0.0%

Value ($000) $22 Shares 2,100 Est. Cost $21.95 Unrealized +92.6%

CNQ CANADIAN NAT RES LTD 0.0%

Value ($000) $20 Shares 3,300 Est. Cost $30.03 Unrealized +8.0%

TIPT TIPTREE INC 0.0%

Value ($000) $1 Shares 300 Est. Cost $20.93 Unrealized -13.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	SANDSTORM GOLD LTD	173,913	$2,177	1.3%	$7.43	—	—	80013R206
NE	NOBLE CORP PLC	24,530	$694	0.4%	$41.49	-29.5%	—	G65431127
SOBO	SOUTH BOW CORP	24,125	$682	0.4%	$22.97	+18.3%	—	83671M105
TPL	TEXAS PACIFIC LAND CORPORATI	564	$527	0.3%	$166.16	+83.6%	—	88262P102
TIPT	TIPTREE INC	26,711	$512	0.3%	$20.93	-13.0%	—	88822Q103
MOS	MOSAIC CO NEW	11,944	$414	0.3%	$34.99	-23.5%	—	61945C103
BG	BUNGE GLOBAL SA	4,680	$380	0.2%	$93.71	-2.0%	—	H11356104
ALEX	ALEXANDER & BALDWIN INC NEW	17,350	$316	0.2%	$16.59	—	—	014491104
EMX	EMX RTY CORP	51,250	$264	0.2%	$1.88	—	—	26873J107
NTR	NUTRIEN LTD	4,440	$261	0.2%	$54.65	+7.7%	—	67077M108
PLYM	PLYMOUTH INDL REIT INC	11,265	$252	0.2%	$19.08	—	—	729640102
ALNT	ALLIENT INC	4,782	$214	0.1%	$28.49	+83.5%	—	019330109
ZIG	ETF SER SOLUTIONS	5,540	$209	0.1%	$31.38	—	—	26922A263
SHW	SHERWIN WILLIAMS CO	598	$207	0.1%	$267.81	+24.8%	—	824348106
CLF	CLEVELAND-CLIFFS INC NEW	12,763	$156	0.1%	$15.61	-19.1%	—	185899101
BTU	PEABODY ENERGY CORP	8,700	$33	0.0%	$24.47	+20.0%	CALL	704551100
CLF	CLEVELAND-CLIFFS INC NEW	4,200	$24	0.0%	$15.61	-19.1%	CALL	185899101
SU	SUNCOR ENERGY INC NEW	2,100	$22	0.0%	$21.95	+92.6%	CALL	867224107
CNQ	CANADIAN NAT RES LTD	3,300	$20	0.0%	$30.03	+8.0%	CALL	136385101
TIPT	TIPTREE INC	300	$1	0.0%	$20.93	-13.0%	CALL	88822Q103

Decreased Positions (44)

SU SUNCOR ENERGY INC NEW 4.8%

Value ($000) $7,894 (-23.7%) Shares 177,948 (-28.1%) Est. Cost $21.95 Unrealized +92.6%

PHYS SPROTT ASSET MANAGEMENT LP 11.9%

Value ($000) $19,580 (+8.2%) Shares 592,961 (-2.9%) Est. Cost $14.38 Unrealized —

CNQ CANADIAN NAT RES LTD 2.9%

Value ($000) $4,777 (-22.0%) Shares 141,124 (-26.3%) Est. Cost $30.03 Unrealized +8.0%

VAL VALARIS LTD 0.7%

Value ($000) $1,155 (-40.4%) Shares 22,917 (-42.4%) Est. Cost $62.40 Unrealized -14.0%

FNV FRANCO NEV CORP 2.2%

Value ($000) $3,599 (-14.2%) Shares 17,363 (-7.8%) Est. Cost $120.49 Unrealized +68.3%

OR OR ROYALTIES INC. 1.2%

Value ($000) $2,007 (-19.9%) Shares 56,701 (-9.2%) Est. Cost $24.09 Unrealized +45.4%

IMO IMPERIAL OIL LTD 0.5%

Value ($000) $744 (-29.5%) Shares 8,625 (-25.9%) Est. Cost $46.01 Unrealized +97.1%

CAAP CORPORACION AMER ARPTS S A 0.8%

Value ($000) $1,369 (+29.3%) Shares 52,652 (-9.9%) Est. Cost $17.29 Unrealized +29.6%

HD HOME DEPOT INC 0.7%

Value ($000) $1,119 (-16.7%) Shares 3,252 (-1.9%) Est. Cost $316.47 Unrealized +15.2%

FRPH FRP HLDGS INC 0.9%

Value ($000) $1,549 (-12.5%) Shares 67,987 (-6.5%) Est. Cost $29.78 Unrealized -20.6%

ARW ARROW ELECTRS INC 0.1%

Value ($000) $220 (-46.3%) Shares 2,001 (-41.1%) Est. Cost $121.11 Unrealized -6.2%

GBTC GRAYSCALE BITCOIN TRUST ETF 0.2%

Value ($000) $359 (-33.1%) Shares 5,249 (-12.2%) Est. Cost $63.17 Unrealized —

LOW LOWES COS INC 1.0%

Value ($000) $1,728 (-9.0%) Shares 7,164 (-5.2%) Est. Cost $207.34 Unrealized +15.7%

BTU PEABODY ENERGY CORP 0.2%

Value ($000) $358 (-31.8%) Shares 12,039 (-39.1%) Est. Cost $24.47 Unrealized +20.0%

AEM AGNICO EAGLE MINES LTD 0.6%

Value ($000) $910 (-15.5%) Shares 5,369 (-15.9%) Est. Cost $62.09 Unrealized +170.3%

CRESY CRESUD S A C I F Y A 0.4%

Value ($000) $645 (+30.9%) Shares 51,062 (-4.6%) Est. Cost $9.20 Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 0.2%

Value ($000) $311 (-32.6%) Shares 6,271 (-11.8%) Est. Cost $36.32 Unrealized —

HCC WARRIOR MET COAL INC 0.2%

Value ($000) $286 (-34.3%) Shares 3,242 (-52.6%) Est. Cost $39.98 Unrealized +88.0%

PSLV SPROTT ASSET MANAGEMENT LP 0.4%

Value ($000) $591 (+33.6%) Shares 24,975 (-11.3%) Est. Cost $9.59 Unrealized —

LMT LOCKHEED MARTIN CORP 1.8%

Value ($000) $2,961 (-4.7%) Shares 6,122 (-1.6%) Est. Cost $312.79 Unrealized +52.2%

SNX TD SYNNEX CORPORATION 0.4%

Value ($000) $606 (-16.9%) Shares 4,033 (-9.5%) Est. Cost $105.95 Unrealized +44.2%

BRKR BRUKER CORP 0.3%

Value ($000) $540 (+28.1%) Shares 11,468 (-11.7%) Est. Cost $51.12 Unrealized -17.4%

BOC BOSTON OMAHA CORP 0.8%

Value ($000) $1,305 (-8.1%) Shares 105,472 (-2.8%) Est. Cost $14.22 Unrealized -8.4%

NEM NEWMONT CORP 0.1%

Value ($000) $210 (+119.7%) Shares 2,100 (-43.2%) Est. Cost $48.96 Unrealized +84.2%

ISSC INNOVATIVE SOLUTIONS & SUPPO 0.2%

Value ($000) $314 (+49.4%) Shares 16,575 (-1.5%) Est. Cost $9.21 Unrealized +23.7%

GOOGL ALPHABET INC 0.6%

Value ($000) $926 (+10.9%) Shares 2,958 (-13.9%) Est. Cost $141.16 Unrealized +102.3%

LAMR LAMAR ADVERTISING CO NEW 0.5%

Value ($000) $790 (-8.4%) Shares 6,240 (-11.4%) Est. Cost $107.26 Unrealized —

GOOG ALPHABET INC 0.3%

Value ($000) $452 (+18.6%) Shares 1,441 (-7.9%) Est. Cost $149.26 Unrealized +91.8%

JOE ST JOE CO 0.6%

Value ($000) $967 (-4.7%) Shares 16,296 (-20.6%) Est. Cost $49.79 Unrealized +12.5%

LECO LINCOLN ELEC HLDGS INC 0.7%

Value ($000) $1,228 (-3.7%) Shares 5,125 (-5.2%) Est. Cost $192.15 Unrealized +23.3%

XAR SPDR SERIES TRUST 0.7%

Value ($000) $1,220 (-3.2%) Shares 5,059 (-5.7%) Est. Cost $140.39 Unrealized —

VOXR VOX ROYALTY CORP 0.5%

Value ($000) $892 (-3.4%) Shares 188,279 (-12.3%) Est. Cost $2.34 Unrealized +93.0%

MXC MEXCO ENERGY CORP 0.1%

Value ($000) $155 (-14.6%) Shares 15,651 (-21.1%) Est. Cost $9.71 Unrealized -3.9%

OMAB GRUPO AEROPORTUARIO DEL CENT 0.4%

Value ($000) $607 (+3.2%) Shares 5,585 (-1.4%) Est. Cost $61.75 Unrealized —

ILPT INDUSTRIAL LOGISTICS PPTYS T 0.0%

Value ($000) $70 (-21.1%) Shares 12,700 (-17.0%) Est. Cost $2.89 Unrealized —

AAPL APPLE INC 0.2%

Value ($000) $363 (+4.8%) Shares 1,337 (-1.8%) Est. Cost $160.95 Unrealized +66.7%

WPM WHEATON PRECIOUS METALS CORP 0.4%

Value ($000) $717 (-2.2%) Shares 6,098 (-6.9%) Est. Cost $36.80 Unrealized +190.9%

TFPM TRIPLE FLAG PRECIOUS METAL 0.4%

Value ($000) $624 (+2.5%) Shares 18,774 (-9.7%) Est. Cost $14.14 Unrealized +121.3%

SSNC SS&C TECHNOLOGIES HLDGS INC 0.2%

Value ($000) $329 (-3.7%) Shares 3,764 (-2.2%) Est. Cost $77.64 Unrealized +9.8%

SII SPROTT INC 0.3%

Value ($000) $472 (-1.7%) Shares 4,824 (-16.5%) Est. Cost $43.32 Unrealized +104.7%

CVX CHEVRON CORP NEW 0.1%

Value ($000) $215 (-3.3%) Shares 1,407 (-1.5%) Est. Cost $97.55 Unrealized +55.2%

ATKR ATKORE INC 0.3%

Value ($000) $476 (-1.5%) Shares 7,524 (-2.3%) Est. Cost $100.25 Unrealized -35.5%

WCC WESCO INTL INC 0.4%

Value ($000) $694 (-0.8%) Shares 2,837 (-14.2%) Est. Cost $170.38 Unrealized +43.8%

AIG AMERICAN INTL GROUP INC 0.4%

Value ($000) $676 (+0.3%) Shares 7,897 (-8.0%) Est. Cost $69.27 Unrealized +15.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SU	SUNCOR ENERGY INC NEW	177,948 (-28.1%)	$7,894 (-23.7%)	4.8%	$21.95	+92.6%	COM	867224107
PHYS	SPROTT ASSET MANAGEMENT LP	592,961 (-2.9%)	$19,580 (+8.2%)	11.9%	$14.38	—	PHYSICAL GOLD TR	85207H104
CNQ	CANADIAN NAT RES LTD	141,124 (-26.3%)	$4,777 (-22.0%)	2.9%	$30.03	+8.0%	COM	136385101
VAL	VALARIS LTD	22,917 (-42.4%)	$1,155 (-40.4%)	0.7%	$62.40	-14.0%	CL A	G9460G101
FNV	FRANCO NEV CORP	17,363 (-7.8%)	$3,599 (-14.2%)	2.2%	$120.49	+68.3%	COM	351858105
OR	OR ROYALTIES INC.	56,701 (-9.2%)	$2,007 (-19.9%)	1.2%	$24.09	+45.4%	COM SHS	68390D106
IMO	IMPERIAL OIL LTD	8,625 (-25.9%)	$744 (-29.5%)	0.5%	$46.01	+97.1%	COM NEW	453038408
CAAP	CORPORACION AMER ARPTS S A	52,652 (-9.9%)	$1,369 (+29.3%)	0.8%	$17.29	+29.6%	COM	L1995B107
HD	HOME DEPOT INC	3,252 (-1.9%)	$1,119 (-16.7%)	0.7%	$316.47	+15.2%	COM	437076102
FRPH	FRP HLDGS INC	67,987 (-6.5%)	$1,549 (-12.5%)	0.9%	$29.78	-20.6%	COM	30292L107
ARW	ARROW ELECTRS INC	2,001 (-41.1%)	$220 (-46.3%)	0.1%	$121.11	-6.2%	COM	042735100
GBTC	GRAYSCALE BITCOIN TRUST ETF	5,249 (-12.2%)	$359 (-33.1%)	0.2%	$63.17	—	SHS REP COM UT	389637109
LOW	LOWES COS INC	7,164 (-5.2%)	$1,728 (-9.0%)	1.0%	$207.34	+15.7%	COM	548661107
BTU	PEABODY ENERGY CORP	12,039 (-39.1%)	$358 (-31.8%)	0.2%	$24.47	+20.0%	COM	704551100
AEM	AGNICO EAGLE MINES LTD	5,369 (-15.9%)	$910 (-15.5%)	0.6%	$62.09	+170.3%	COM	008474108
CRESY	CRESUD S A C I F Y A	51,062 (-4.6%)	$645 (+30.9%)	0.4%	$9.20	—	SPONSORED ADR	226406106
IBIT	ISHARES BITCOIN TRUST ETF	6,271 (-11.8%)	$311 (-32.6%)	0.2%	$36.32	—	SHS BEN INT	46438F101
HCC	WARRIOR MET COAL INC	3,242 (-52.6%)	$286 (-34.3%)	0.2%	$39.98	+88.0%	COM	93627C101
PSLV	SPROTT ASSET MANAGEMENT LP	24,975 (-11.3%)	$591 (+33.6%)	0.4%	$9.59	—	PHYSICAL SILVER	85207K107
LMT	LOCKHEED MARTIN CORP	6,122 (-1.6%)	$2,961 (-4.7%)	1.8%	$312.79	+52.2%	COM	539830109
SNX	TD SYNNEX CORPORATION	4,033 (-9.5%)	$606 (-16.9%)	0.4%	$105.95	+44.2%	COM	87162W100
BRKR	BRUKER CORP	11,468 (-11.7%)	$540 (+28.1%)	0.3%	$51.12	-17.4%	COM	116794108
BOC	BOSTON OMAHA CORP	105,472 (-2.8%)	$1,305 (-8.1%)	0.8%	$14.22	-8.4%	CL A COM STK	101044105
NEM	NEWMONT CORP	2,100 (-43.2%)	$210 (+119.7%)	0.1%	$48.96	+84.2%	CALL	651639106
ISSC	INNOVATIVE SOLUTIONS & SUPPO	16,575 (-1.5%)	$314 (+49.4%)	0.2%	$9.21	+23.7%	COM	45769N105
GOOGL	ALPHABET INC	2,958 (-13.9%)	$926 (+10.9%)	0.6%	$141.16	+102.3%	CAP STK CL A	02079K305
LAMR	LAMAR ADVERTISING CO NEW	6,240 (-11.4%)	$790 (-8.4%)	0.5%	$107.26	—	CL A	512816109
GOOG	ALPHABET INC	1,441 (-7.9%)	$452 (+18.6%)	0.3%	$149.26	+91.8%	CAP STK CL C	02079K107
JOE	ST JOE CO	16,296 (-20.6%)	$967 (-4.7%)	0.6%	$49.79	+12.5%	COM	790148100
LECO	LINCOLN ELEC HLDGS INC	5,125 (-5.2%)	$1,228 (-3.7%)	0.7%	$192.15	+23.3%	COM	533900106
XAR	SPDR SERIES TRUST	5,059 (-5.7%)	$1,220 (-3.2%)	0.7%	$140.39	—	STATE STREET SPD	78464A631
VOXR	VOX ROYALTY CORP	188,279 (-12.3%)	$892 (-3.4%)	0.5%	$2.34	+93.0%	COM	92919F103
MXC	MEXCO ENERGY CORP	15,651 (-21.1%)	$155 (-14.6%)	0.1%	$9.71	-3.9%	COM	592770101
OMAB	GRUPO AEROPORTUARIO DEL CENT	5,585 (-1.4%)	$607 (+3.2%)	0.4%	$61.75	—	SPON ADR	400501102
ILPT	INDUSTRIAL LOGISTICS PPTYS T	12,700 (-17.0%)	$70 (-21.1%)	0.0%	$2.89	—	COM SHS BEN INT	456237106
AAPL	APPLE INC	1,337 (-1.8%)	$363 (+4.8%)	0.2%	$160.95	+66.7%	COM	037833100
WPM	WHEATON PRECIOUS METALS CORP	6,098 (-6.9%)	$717 (-2.2%)	0.4%	$36.80	+190.9%	COM	962879102
TFPM	TRIPLE FLAG PRECIOUS METAL	18,774 (-9.7%)	$624 (+2.5%)	0.4%	$14.14	+121.3%	COM	89679M104
SSNC	SS&C TECHNOLOGIES HLDGS INC	3,764 (-2.2%)	$329 (-3.7%)	0.2%	$77.64	+9.8%	COM	78467J100
SII	SPROTT INC	4,824 (-16.5%)	$472 (-1.7%)	0.3%	$43.32	+104.7%	COM NEW	852066208
CVX	CHEVRON CORP NEW	1,407 (-1.5%)	$215 (-3.3%)	0.1%	$97.55	+55.2%	COM	166764100
ATKR	ATKORE INC	7,524 (-2.3%)	$476 (-1.5%)	0.3%	$100.25	-35.5%	COM	047649108
WCC	WESCO INTL INC	2,837 (-14.2%)	$694 (-0.8%)	0.4%	$170.38	+43.8%	COM	95082P105
AIG	AMERICAN INTL GROUP INC	7,897 (-8.0%)	$676 (+0.3%)	0.4%	$69.27	+15.0%	COM NEW	026874784

Unchanged Positions (7)

DMLP DORCHESTER MINERALS LP 5.6%

Value ($000) $9,269 Shares 414,544 Est. Cost $19.79 Unrealized —

PKST PEAKSTONE REALTY TRUST 1.4%

Value ($000) $2,363 Shares 164,653 Est. Cost $12.34 Unrealized —

HGTY HAGERTY INC 0.2%

Value ($000) $391 Shares 29,100 Est. Cost $9.00 Unrealized +38.6%

NPK NATIONAL PRESTO INDS INC 0.2%

Value ($000) $313 Shares 2,931 Est. Cost $87.38 Unrealized +19.9%

BAC BANK AMERICA CORP 0.1%

Value ($000) $231 Shares 4,200 Est. Cost $48.34 Unrealized +8.9%

GRID FIRST TR EXCHANGE TRADED FD 0.9%

Value ($000) $1,490 Shares 9,735 Est. Cost $131.15 Unrealized —

TRP TC ENERGY CORP 0.3%

Value ($000) $520 Shares 9,458 Est. Cost $39.45 Unrealized +35.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DMLP	DORCHESTER MINERALS LP	414,544	$9,269	5.6%	$19.79	—	COM UNIT	25820R105
PKST	PEAKSTONE REALTY TRUST	164,653	$2,363	1.4%	$12.34	—	COMMON SHARES	39818P799
HGTY	HAGERTY INC	29,100	$391	0.2%	$9.00	+38.6%	CL A COM	405166109
NPK	NATIONAL PRESTO INDS INC	2,931	$313	0.2%	$87.38	+19.9%	COM	637215104
BAC	BANK AMERICA CORP	4,200	$231	0.1%	$48.34	+8.9%	COM	060505104
GRID	FIRST TR EXCHANGE TRADED FD	9,735	$1,490	0.9%	$131.15	—	NASDQ CLN EDGE	33737A108
TRP	TC ENERGY CORP	9,458	$520	0.3%	$39.45	+35.2%	COM	87807B107