Sage Investment Advisers LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LQD	ISHARES TR	33,991	$3,746	2.8%	$110.19	—	IBOXX INV CP ETF	464287242
BND	VANGUARD BD INDEX FDS	49,609	$3,675	2.8%	$74.07	—	TOTAL BND MRKT	921937835
SCHO	SCHWAB STRATEGIC TR	92,506	$2,254	1.7%	$24.37	—	SHT TM US TRES	808524862
SJNK	SPDR SERIES TRUST	65,123	$1,649	1.2%	$25.32	—	STATE STREET SPD	78468R408
FDX	FEDEX CORP	4,360	$1,259	0.9%	$261.56	0.0%	COM	31428X106
DE	DEERE & CO	2,330	$1,085	0.8%	$467.69	0.0%	COM	244199105
KTOS	KRATOS DEFENSE & SEC SOLUTIO	14,012	$1,064	0.8%	$81.87	0.0%	COM NEW	50077B207
UNP	UNION PAC CORP	4,310	$997	0.7%	$227.32	0.0%	COM	907818108
PFF	ISHARES TR	28,578	$885	0.7%	$30.96	—	PFD AND INCM SEC	464288687
XLV	SELECT SECTOR SPDR TR	5,384	$833	0.6%	$154.80	—	STATE STREET HEA	81369Y209
XLE	SELECT SECTOR SPDR TR	15,838	$708	0.5%	$44.71	—	STATE STREET ENE	81369Y506
C	CITIGROUP INC	5,220	$609	0.5%	$103.64	0.0%	COM NEW	172967424
CARR	CARRIER GLOBAL CORPORATION	10,300	$544	0.4%	$55.53	0.0%	COM	14448C104
FSTA	FIDELITY COVINGTON TRUST	9,105	$448	0.3%	$49.19	—	CONSMR STAPLES	316092303
VNQ	VANGUARD INDEX FDS	4,995	$442	0.3%	$88.48	—	REAL ESTATE ETF	922908553
SLV	ISHARES SILVER TR	6,730	$434	0.3%	$64.42	—	ISHARES	46428Q109
BK	BANK NEW YORK MELLON CORP	3,677	$427	0.3%	$110.50	0.0%	COM	064058100
TSLA	TESLA INC	809	$364	0.3%	$443.29	0.0%	COM	88160R101
META	META PLATFORMS INC	477	$315	0.2%	$667.32	0.0%	CL A	30303M102
PANW	PALO ALTO NETWORKS INC	1,686	$311	0.2%	$201.75	0.0%	COM	697435105
EMB	ISHARES TR	3,038	$293	0.2%	$96.28	—	JPMORGAN USD EMG	464288281
GDX	VANECK ETF TRUST	3,334	$286	0.2%	$85.77	—	GOLD MINERS ETF	92189F106
AIQ	GLOBAL X FDS	4,418	$225	0.2%	$50.86	—	ARTIFICIAL ETF	37954Y632
CSCO	CISCO SYS INC	2,788	$215	0.2%	$73.79	0.0%	COM	17275R102
OEF	ISHARES TR	600	$206	0.2%	$342.97	—	S&P 100 ETF	464287101
XOM	EXXON MOBIL CORP	1,709	$206	0.2%	$115.49	0.0%	COM	30231G102

Increased Positions (28)

VOO VANGUARD INDEX FDS 13.8%

Value ($000) $18,396 (+74.6%) Shares 29,334 (+46.9%) Est. Cost $501.78 Unrealized —

GLD SPDR GOLD TR 2.7%

Value ($000) $3,591 (+67.0%) Shares 9,060 (+2.4%) Est. Cost $178.05 Unrealized —

GOOG ALPHABET INC 2.0%

Value ($000) $2,681 (+94.3%) Shares 8,543 (+3.5%) Est. Cost $141.20 Unrealized +102.8%

IBM INTERNATIONAL BUSINESS MACHS 3.1%

Value ($000) $4,101 (+41.8%) Shares 13,846 (+5.8%) Est. Cost $128.27 Unrealized +132.9%

VXUS VANGUARD STAR FDS 2.7%

Value ($000) $3,611 (+50.0%) Shares 47,861 (+28.7%) Est. Cost $59.94 Unrealized —

SCHD SCHWAB STRATEGIC TR 2.1%

Value ($000) $2,793 (+68.8%) Shares 101,817 (+420.2%) Est. Cost $36.78 Unrealized —

QQQ INVESCO QQQ TR 2.5%

Value ($000) $3,384 (+46.1%) Shares 5,508 (+16.1%) Est. Cost $366.01 Unrealized —

IVE ISHARES TR 3.0%

Value ($000) $3,969 (+34.0%) Shares 18,715 (+24.6%) Est. Cost $168.10 Unrealized —

GOOGL ALPHABET INC 1.3%

Value ($000) $1,789 (+116.1%) Shares 5,715 (+14.5%) Est. Cost $135.44 Unrealized +110.9%

BA BOEING CO 1.3%

Value ($000) $1,741 (+61.7%) Shares 8,019 (+13.2%) Est. Cost $205.08 Unrealized +0.3%

VIG VANGUARD SPECIALIZED FUNDS 1.8%

Value ($000) $2,442 (+33.9%) Shares 11,113 (+20.7%) Est. Cost $172.75 Unrealized —

BSV VANGUARD BD INDEX FDS 2.8%

Value ($000) $3,723 (+19.3%) Shares 47,242 (+19.1%) Est. Cost $76.11 Unrealized —

NVDA NVIDIA CORPORATION 0.6%

Value ($000) $752 (+147.2%) Shares 4,033 (+60.9%) Est. Cost $130.16 Unrealized +43.0%

MLM MARTIN MARIETTA MATLS INC 1.9%

Value ($000) $2,544 (+19.6%) Shares 4,085 (+3.4%) Est. Cost $402.49 Unrealized +54.4%

VYM VANGUARD WHITEHALL FDS 1.0%

Value ($000) $1,388 (+30.5%) Shares 9,671 (+16.5%) Est. Cost $111.30 Unrealized —

SPY SPDR S&P 500 ETF TR 0.9%

Value ($000) $1,239 (+34.4%) Shares 1,817 (+13.1%) Est. Cost $514.58 Unrealized —

CVX CHEVRON CORP NEW 2.7%

Value ($000) $3,654 (+6.8%) Shares 23,973 (+3.2%) Est. Cost $98.50 Unrealized +53.7%

PEP PEPSICO INC 0.3%

Value ($000) $446 (+100.7%) Shares 3,108 (+137.8%) Est. Cost $145.07 Unrealized +0.6%

RTX RTX CORPORATION 0.4%

Value ($000) $491 (+82.3%) Shares 2,678 (+20.5%) Est. Cost $121.65 Unrealized +42.5%

VTI VANGUARD INDEX FDS 0.8%

Value ($000) $1,126 (+23.2%) Shares 3,359 (+4.0%) Est. Cost $224.61 Unrealized —

UNH UNITEDHEALTH GROUP INC 0.4%

Value ($000) $535 (+61.5%) Shares 1,619 (+186.0%) Est. Cost $391.31 Unrealized -13.8%

MGK VANGUARD WORLD FD 0.5%

Value ($000) $683 (+41.1%) Shares 1,654 (+10.1%) Est. Cost $233.85 Unrealized —

AMZN AMAZON COM INC 0.3%

Value ($000) $388 (+28.2%) Shares 1,681 (+3.5%) Est. Cost $124.20 Unrealized +84.2%

HD HOME DEPOT INC 0.4%

Value ($000) $492 (-12.5%) Shares 1,430 (+3.0%) Est. Cost $344.62 Unrealized +5.8%

T AT&T INC 0.2%

Value ($000) $257 (+27.8%) Shares 10,346 (+13.2%) Est. Cost $19.54 Unrealized +29.4%

NAK NORTHERN DYNASTY MINERALS LT 0.0%

Value ($000) $51 (+1088.4%) Shares 26,000 (+100.0%) Est. Cost $1.16 Unrealized +65.7%

PG PROCTER AND GAMBLE CO 0.4%

Value ($000) $481 (-7.3%) Shares 3,360 (+12.0%) Est. Cost $135.93 Unrealized +8.3%

PFE PFIZER INC 0.2%

Value ($000) $276 (-1.2%) Shares 11,069 (+14.8%) Est. Cost $26.03 Unrealized -3.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VOO	VANGUARD INDEX FDS	29,334 (+46.9%)	$18,396 (+74.6%)	13.8%	$501.78	—	S&P 500 ETF SHS	922908363
GLD	SPDR GOLD TR	9,060 (+2.4%)	$3,591 (+67.0%)	2.7%	$178.05	—	GOLD SHS	78463V107
GOOG	ALPHABET INC	8,543 (+3.5%)	$2,681 (+94.3%)	2.0%	$141.20	+102.8%	CAP STK CL C	02079K107
IBM	INTERNATIONAL BUSINESS MACHS	13,846 (+5.8%)	$4,101 (+41.8%)	3.1%	$128.27	+132.9%	COM	459200101
VXUS	VANGUARD STAR FDS	47,861 (+28.7%)	$3,611 (+50.0%)	2.7%	$59.94	—	VG TL INTL STK F	921909768
SCHD	SCHWAB STRATEGIC TR	101,817 (+420.2%)	$2,793 (+68.8%)	2.1%	$36.78	—	US DIVIDEND EQ	808524797
QQQ	INVESCO QQQ TR	5,508 (+16.1%)	$3,384 (+46.1%)	2.5%	$366.01	—	UNIT SER 1	46090E103
IVE	ISHARES TR	18,715 (+24.6%)	$3,969 (+34.0%)	3.0%	$168.10	—	S&P 500 VAL ETF	464287408
GOOGL	ALPHABET INC	5,715 (+14.5%)	$1,789 (+116.1%)	1.3%	$135.44	+110.9%	CAP STK CL A	02079K305
BA	BOEING CO	8,019 (+13.2%)	$1,741 (+61.7%)	1.3%	$205.08	+0.3%	COM	097023105
VIG	VANGUARD SPECIALIZED FUNDS	11,113 (+20.7%)	$2,442 (+33.9%)	1.8%	$172.75	—	DIV APP ETF	921908844
BSV	VANGUARD BD INDEX FDS	47,242 (+19.1%)	$3,723 (+19.3%)	2.8%	$76.11	—	SHORT TRM BOND	921937827
NVDA	NVIDIA CORPORATION	4,033 (+60.9%)	$752 (+147.2%)	0.6%	$130.16	+43.0%	COM	67066G104
MLM	MARTIN MARIETTA MATLS INC	4,085 (+3.4%)	$2,544 (+19.6%)	1.9%	$402.49	+54.4%	COM	573284106
VYM	VANGUARD WHITEHALL FDS	9,671 (+16.5%)	$1,388 (+30.5%)	1.0%	$111.30	—	HIGH DIV YLD	921946406
SPY	SPDR S&P 500 ETF TR	1,817 (+13.1%)	$1,239 (+34.4%)	0.9%	$514.58	—	TR UNIT	78462F103
CVX	CHEVRON CORP NEW	23,973 (+3.2%)	$3,654 (+6.8%)	2.7%	$98.50	+53.7%	COM	166764100
PEP	PEPSICO INC	3,108 (+137.8%)	$446 (+100.7%)	0.3%	$145.07	+0.6%	COM	713448108
RTX	RTX CORPORATION	2,678 (+20.5%)	$491 (+82.3%)	0.4%	$121.65	+42.5%	COM	75513E101
VTI	VANGUARD INDEX FDS	3,359 (+4.0%)	$1,126 (+23.2%)	0.8%	$224.61	—	TOTAL STK MKT	922908769
UNH	UNITEDHEALTH GROUP INC	1,619 (+186.0%)	$535 (+61.5%)	0.4%	$391.31	-13.8%	COM	91324P102
MGK	VANGUARD WORLD FD	1,654 (+10.1%)	$683 (+41.1%)	0.5%	$233.85	—	MEGA GRWTH IND	921910816
AMZN	AMAZON COM INC	1,681 (+3.5%)	$388 (+28.2%)	0.3%	$124.20	+84.2%	COM	023135106
HD	HOME DEPOT INC	1,430 (+3.0%)	$492 (-12.5%)	0.4%	$344.62	+5.8%	COM	437076102
T	AT&T INC	10,346 (+13.2%)	$257 (+27.8%)	0.2%	$19.54	+29.4%	COM	00206R102
NAK	NORTHERN DYNASTY MINERALS LT	26,000 (+100.0%)	$51 (+1088.4%)	0.0%	$1.16	+65.7%	COM NEW	66510M204
PG	PROCTER AND GAMBLE CO	3,360 (+12.0%)	$481 (-7.3%)	0.4%	$135.93	+8.3%	COM	742718109
PFE	PFIZER INC	11,069 (+14.8%)	$276 (-1.2%)	0.2%	$26.03	-3.8%	COM	717081103

Exited Positions (14)

VGSH VANGUARD SCOTTSDALE FDS 2.7%

Value ($000) $3,542 Shares 60,007 Est. Cost $58.52 Unrealized —

SCHM SCHWAB STRATEGIC TR 0.6%

Value ($000) $745 Shares 8,962 Est. Cost $73.35 Unrealized —

CPER UNITED STS COMMODITY INDEX F 0.5%

Value ($000) $669 Shares 23,600 Est. Cost $27.45 Unrealized —

ABT ABBOTT LABS 0.2%

Value ($000) $323 Shares 2,835 Est. Cost $113.66 Unrealized +12.0%

DEO DIAGEO PLC 0.2%

Value ($000) $278 Shares 1,984 Est. Cost $126.08 Unrealized —

COST COSTCO WHSL CORP NEW 0.2%

Value ($000) $272 Shares 307 Est. Cost $580.06 Unrealized +56.1%

ABBV ABBVIE INC 0.2%

Value ($000) $257 Shares 1,302 Est. Cost $178.69 Unrealized +27.3%

PM PHILIP MORRIS INTL INC 0.2%

Value ($000) $255 Shares 2,097 Est. Cost $109.82 Unrealized +39.8%

CAT CATERPILLAR INC 0.2%

Value ($000) $241 Shares 617 Est. Cost $208.21 Unrealized +166.8%

LLY ELI LILLY & CO 0.2%

Value ($000) $236 Shares 266 Est. Cost $334.75 Unrealized +185.5%

LDOS LEIDOS HOLDINGS INC 0.2%

Value ($000) $210 Shares 1,288 Est. Cost $149.09 Unrealized +26.8%

FICO FAIR ISAAC CORP 0.2%

Value ($000) $204 Shares 105 Est. Cost $1292.47 Unrealized +33.2%

— GRAYSCALE BITCOIN MINI TR BT 0.0%

Value ($000) $59 Shares 10,500 Est. Cost $5.63 Unrealized —

NOK NOKIA CORP 0.0%

Value ($000) $46 Shares 10,558 Est. Cost $4.37 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VGSH	VANGUARD SCOTTSDALE FDS	60,007	$3,542	2.7%	$58.52	—	—	92206C102
SCHM	SCHWAB STRATEGIC TR	8,962	$745	0.6%	$73.35	—	—	808524508
CPER	UNITED STS COMMODITY INDEX F	23,600	$669	0.5%	$27.45	—	—	911718104
ABT	ABBOTT LABS	2,835	$323	0.2%	$113.66	+12.0%	—	002824100
DEO	DIAGEO PLC	1,984	$278	0.2%	$126.08	—	—	25243Q205
COST	COSTCO WHSL CORP NEW	307	$272	0.2%	$580.06	+56.1%	—	22160K105
ABBV	ABBVIE INC	1,302	$257	0.2%	$178.69	+27.3%	—	00287Y109
PM	PHILIP MORRIS INTL INC	2,097	$255	0.2%	$109.82	+39.8%	—	718172109
CAT	CATERPILLAR INC	617	$241	0.2%	$208.21	+166.8%	—	149123101
LLY	ELI LILLY & CO	266	$236	0.2%	$334.75	+185.5%	—	532457108
LDOS	LEIDOS HOLDINGS INC	1,288	$210	0.2%	$149.09	+26.8%	—	525327102
FICO	FAIR ISAAC CORP	105	$204	0.2%	$1292.47	+33.2%	—	303250104
—	GRAYSCALE BITCOIN MINI TR BT	10,500	$59	0.0%	$5.63	—	—	389930108
NOK	NOKIA CORP	10,558	$46	0.0%	$4.37	—	—	654902204

Decreased Positions (28)

IAU ISHARES GOLD TR 4.7%

Value ($000) $6,317 (+38.0%) Shares 77,830 (-15.5%) Est. Cost $34.97 Unrealized —

CHDN CHURCHILL DOWNS INC 1.7%

Value ($000) $2,314 (-36.6%) Shares 20,335 (-24.6%) Est. Cost $124.37 Unrealized -16.8%

LMT LOCKHEED MARTIN CORP 1.0%

Value ($000) $1,368 (-47.7%) Shares 2,829 (-36.8%) Est. Cost $378.38 Unrealized +25.8%

SCHA SCHWAB STRATEGIC TR 0.2%

Value ($000) $331 (-78.3%) Shares 11,627 (-60.8%) Est. Cost $55.97 Unrealized —

JPM JPMORGAN CHASE & CO. 3.0%

Value ($000) $3,979 (+33.5%) Shares 12,349 (-12.6%) Est. Cost $146.41 Unrealized +111.4%

SII SPROTT INC 0.6%

Value ($000) $830 (-30.9%) Shares 8,475 (-69.4%) Est. Cost $38.33 Unrealized +131.4%

IVW ISHARES TR 2.6%

Value ($000) $3,451 (+10.8%) Shares 28,001 (-13.9%) Est. Cost $74.84 Unrealized —

AMD ADVANCED MICRO DEVICES INC 0.8%

Value ($000) $1,129 (-17.3%) Shares 5,270 (-36.7%) Est. Cost $110.39 Unrealized +103.5%

PENN PENN ENTERTAINMENT INC 0.2%

Value ($000) $209 (-52.1%) Shares 14,190 (-38.8%) Est. Cost $50.70 Unrealized -69.2%

IBIT ISHARES BITCOIN TRUST ETF 0.8%

Value ($000) $1,119 (+25.1%) Shares 22,535 (-8.9%) Est. Cost $34.20 Unrealized —

V VISA INC 4.3%

Value ($000) $5,691 (+3.5%) Shares 16,228 (-18.8%) Est. Cost $208.13 Unrealized +63.5%

PLTR PALANTIR TECHNOLOGIES INC 0.6%

Value ($000) $762 (+22.6%) Shares 4,285 (-74.3%) Est. Cost $11.37 Unrealized +1492.9%

ESP ESPEY MFG & ELECTRS CORP 0.5%

Value ($000) $680 (+17.3%) Shares 14,434 (-25.1%) Est. Cost $13.03 Unrealized +205.2%

AAPL APPLE INC 1.8%

Value ($000) $2,465 (+4.0%) Shares 9,067 (-10.9%) Est. Cost $159.82 Unrealized +67.9%

MSFT MICROSOFT CORP 1.1%

Value ($000) $1,444 (+6.3%) Shares 2,987 (-5.4%) Est. Cost $298.36 Unrealized +67.8%

WMT WALMART INC 0.2%

Value ($000) $296 (+35.6%) Shares 2,661 (-1.7%) Est. Cost $72.48 Unrealized +47.9%

EVGO EVGO INC 0.0%

Value ($000) $36 (-67.7%) Shares 12,400 (-54.1%) Est. Cost $9.49 Unrealized -61.7%

O REALTY INCOME CORP 0.3%

Value ($000) $351 (-17.5%) Shares 6,232 (-7.1%) Est. Cost $48.62 Unrealized +18.0%

VZ VERIZON COMMUNICATIONS INC 0.3%

Value ($000) $385 (-14.7%) Shares 9,447 (-5.9%) Est. Cost $37.97 Unrealized +6.6%

NOBL PROSHARES TR 0.2%

Value ($000) $281 (-18.0%) Shares 2,705 (-15.8%) Est. Cost $96.60 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.7%

Value ($000) $947 (-4.6%) Shares 1,885 (-12.7%) Est. Cost $292.18 Unrealized +70.3%

MO ALTRIA GROUP INC 0.2%

Value ($000) $226 (-14.8%) Shares 3,915 (-24.6%) Est. Cost $34.81 Unrealized +70.5%

NSC NORFOLK SOUTHN CORP 0.5%

Value ($000) $645 (+5.6%) Shares 2,235 (-9.1%) Est. Cost $255.22 Unrealized +13.1%

SPG SIMON PPTY GROUP INC NEW 0.3%

Value ($000) $462 (-6.0%) Shares 2,495 (-14.2%) Est. Cost $115.86 Unrealized +55.4%

BATRK ATLANTA BRAVES HLDGS INC 0.3%

Value ($000) $398 (-3.4%) Shares 10,080 (-2.5%) Est. Cost $37.00 Unrealized +6.9%

BAC BANK AMERICA CORP 0.2%

Value ($000) $307 (-3.3%) Shares 5,580 (-30.2%) Est. Cost $39.49 Unrealized +33.4%

MCD MCDONALDS CORP 0.2%

Value ($000) $275 (-2.8%) Shares 900 (-3.1%) Est. Cost $249.20 Unrealized +22.4%

CSX CSX CORP 0.7%

Value ($000) $872 (+0.8%) Shares 24,061 (-3.9%) Est. Cost $33.29 Unrealized +7.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IAU	ISHARES GOLD TR	77,830 (-15.5%)	$6,317 (+38.0%)	4.7%	$34.97	—	ISHARES NEW	464285204
CHDN	CHURCHILL DOWNS INC	20,335 (-24.6%)	$2,314 (-36.6%)	1.7%	$124.37	-16.8%	COM	171484108
LMT	LOCKHEED MARTIN CORP	2,829 (-36.8%)	$1,368 (-47.7%)	1.0%	$378.38	+25.8%	COM	539830109
SCHA	SCHWAB STRATEGIC TR	11,627 (-60.8%)	$331 (-78.3%)	0.2%	$55.97	—	US SML CAP ETF	808524607
JPM	JPMORGAN CHASE & CO.	12,349 (-12.6%)	$3,979 (+33.5%)	3.0%	$146.41	+111.4%	COM	46625H100
SII	SPROTT INC	8,475 (-69.4%)	$830 (-30.9%)	0.6%	$38.33	+131.4%	COM NEW	852066208
IVW	ISHARES TR	28,001 (-13.9%)	$3,451 (+10.8%)	2.6%	$74.84	—	S&P 500 GRWT ETF	464287309
AMD	ADVANCED MICRO DEVICES INC	5,270 (-36.7%)	$1,129 (-17.3%)	0.8%	$110.39	+103.5%	COM	007903107
PENN	PENN ENTERTAINMENT INC	14,190 (-38.8%)	$209 (-52.1%)	0.2%	$50.70	-69.2%	COM	707569109
IBIT	ISHARES BITCOIN TRUST ETF	22,535 (-8.9%)	$1,119 (+25.1%)	0.8%	$34.20	—	SHS BEN INT	46438F101
V	VISA INC	16,228 (-18.8%)	$5,691 (+3.5%)	4.3%	$208.13	+63.5%	COM CL A	92826C839
PLTR	PALANTIR TECHNOLOGIES INC	4,285 (-74.3%)	$762 (+22.6%)	0.6%	$11.37	+1492.9%	CL A	69608A108
ESP	ESPEY MFG & ELECTRS CORP	14,434 (-25.1%)	$680 (+17.3%)	0.5%	$13.03	+205.2%	COM	296650104
AAPL	APPLE INC	9,067 (-10.9%)	$2,465 (+4.0%)	1.8%	$159.82	+67.9%	COM	037833100
MSFT	MICROSOFT CORP	2,987 (-5.4%)	$1,444 (+6.3%)	1.1%	$298.36	+67.8%	COM	594918104
WMT	WALMART INC	2,661 (-1.7%)	$296 (+35.6%)	0.2%	$72.48	+47.9%	COM	931142103
EVGO	EVGO INC	12,400 (-54.1%)	$36 (-67.7%)	0.0%	$9.49	-61.7%	CL A COM	30052F100
O	REALTY INCOME CORP	6,232 (-7.1%)	$351 (-17.5%)	0.3%	$48.62	+18.0%	COM	756109104
VZ	VERIZON COMMUNICATIONS INC	9,447 (-5.9%)	$385 (-14.7%)	0.3%	$37.97	+6.6%	COM	92343V104
NOBL	PROSHARES TR	2,705 (-15.8%)	$281 (-18.0%)	0.2%	$96.60	—	S&P 500 DV ARIST	74348A467
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,885 (-12.7%)	$947 (-4.6%)	0.7%	$292.18	+70.3%	CL B NEW	084670702
MO	ALTRIA GROUP INC	3,915 (-24.6%)	$226 (-14.8%)	0.2%	$34.81	+70.5%	COM	02209S103
NSC	NORFOLK SOUTHN CORP	2,235 (-9.1%)	$645 (+5.6%)	0.5%	$255.22	+13.1%	COM	655844108
SPG	SIMON PPTY GROUP INC NEW	2,495 (-14.2%)	$462 (-6.0%)	0.3%	$115.86	+55.4%	COM	828806109
BATRK	ATLANTA BRAVES HLDGS INC	10,080 (-2.5%)	$398 (-3.4%)	0.3%	$37.00	+6.9%	COM SER C	047726302
BAC	BANK AMERICA CORP	5,580 (-30.2%)	$307 (-3.3%)	0.2%	$39.49	+33.4%	COM	060505104
MCD	MCDONALDS CORP	900 (-3.1%)	$275 (-2.8%)	0.2%	$249.20	+22.4%	COM	580135101
CSX	CSX CORP	24,061 (-3.9%)	$872 (+0.8%)	0.7%	$33.29	+7.2%	COM	126408103

Unchanged Positions (4)

IYY ISHARES TR 1.5%

Value ($000) $2,002 Shares 12,071 Est. Cost $117.87 Unrealized —

JNJ JOHNSON & JOHNSON 0.8%

Value ($000) $1,052 Shares 5,081 Est. Cost $145.25 Unrealized +35.6%

GBTC GRAYSCALE BITCOIN TRUST ETF 0.5%

Value ($000) $718 Shares 10,500 Est. Cost $53.24 Unrealized —

WM WASTE MGMT INC DEL 1.2%

Value ($000) $1,554 Shares 7,072 Est. Cost $150.67 Unrealized +41.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IYY	ISHARES TR	12,071	$2,002	1.5%	$117.87	—	DOW JONES US ETF	464287846
JNJ	JOHNSON & JOHNSON	5,081	$1,052	0.8%	$145.25	+35.6%	COM	478160104
GBTC	GRAYSCALE BITCOIN TRUST ETF	10,500	$718	0.5%	$53.24	—	SHS REP COM UT	389637109
WM	WASTE MGMT INC DEL	7,072	$1,554	1.2%	$150.67	+41.1%	COM	94106L109