Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
USB	US BANCORP	1,028,382	$280M	27.0%	$272.00	—	COM NEW	902973304
—	PIMCO DYNAMIC INCOME OPRNTS	783,312	$10.36M	1.0%	$13.22	—	COM BEN SHS	69355M107
MDY	STATE STR SPDR S&P MIDCAP 40	174,939	$8.346M	0.8%	$47.71	—	UTSER1 S&PDCRP	78467Y107
MU	MICRON TECHNOLOGY INC	6,704	$7.738M	0.7%	$1154.29	—	COM	595112103
VMC	VULCAN MATLS CO	18,998	$5.605M	0.5%	$295.01	—	COM	929160109
DASH	DOORDASH INC	23,927	$4.415M	0.4%	$184.53	—	CL A	25809K105
JAZZ	JAZZ PHARMACEUTICALS PLC	17,331	$4.176M	0.4%	$240.97	—	SHS USD	G50871105
TMUS	T-MOBILE US INC	401,607	$3.361M	0.3%	$8.37	—	COM	872590104
XBI	SPDR SERIES TRUST	3,636	$2.557M	0.2%	$703.34	—	ST STR SP BIOT	78464A870
WEC	WEC ENERGY GROUP INC	20,219	$2.29M	0.2%	$113.26	—	COM	92939U106
RDDT	REDDIT INC	10,270	$1.783M	0.2%	$173.58	—	CL A	75734B100
ASML	ASML HLDG NV	710	$1.413M	0.1%	$1989.44	—	N Y REGISTRY SHS	N07059210
GLD	SPDR GOLD TR	8,549	$1.353M	0.1%	$158.25	—	GOLD SHS	78463V107
TRGP	TARGA RES CORP	3,048	$1.282M	0.1%	$420.60	—	COM	87612G101
CG	CARLYLE GROUP INC	27,589	$1.162M	0.1%	$42.11	—	COM	14316J108
RGEN	REPLIGEN CORP	7,856	$1.072M	0.1%	$136.44	—	COM	759916109
LITE	LUMENTUM HLDGS INC	976	$837K	0.1%	$858.06	—	COM	55024U109
VTRS	VIATRIS INC	1,787	$613K	0.1%	$343.09	—	COM	92556V106
AMD	ADVANCED MICRO DEVICES INC	948	$551K	0.1%	$580.91	—	COM	007903107
VLO	VALERO ENERGY CORP	4,610	$409K	0.0%	$88.80	—	COM	91913Y100
WAT	WATERS CORP	1,736	$394K	0.0%	$226.97	—	COM	941848103
VSNT	VERSANT MEDIA GROUP INC	780	$387K	0.0%	$496.73	—	COM CL A	925283103
TOST	TOAST INC	2,107	$347K	0.0%	$164.75	—	CL A	888787108
LUV	SOUTHWEST AIRLS CO	2,980	$305K	0.0%	$102.19	—	COM	844741108
GNRC	GENERAC HLDGS INC	942	$276K	0.0%	$292.81	—	COM	368736104
SYY	SYSCO CORP	1,660	$251K	0.0%	$151.50	—	COM	871829107
SYK	STRYKER CORPORATION	7,960	$233K	0.0%	$29.33	—	COM	863667101
CVS	CVS HEALTH CORP	2,155	$223K	0.0%	$103.45	—	COM	126650100
A	AGILENT TECHNOLOGIES INC	1,666	$221K	0.0%	$132.83	—	COM	00846U101
CSCO	CISCO SYS INC	1,840	$216K	0.0%	$117.46	—	COM	17275R102
HON	HONEYWELL INTL INC	950	$213K	0.0%	$223.90	—	COM	438516205
HONA	HONEYWELL AEROSPACE INC	950	$210K	0.0%	$221.08	—	COM	43849R105
MO	ALTRIA GROUP INC	2,886	$208K	0.0%	$71.95	—	COM	02209S103
SPY	STATE STR SPDR S&P 500 ETF T	63	$68,292	0.0%	$552.18	—	CALL	78462F103
PWR	QUANTA SVCS INC	22	$61,380	0.0%	$288.64	—	PUT	74762E102
RDDT	REDDIT INC	100	$9,000	0.0%	$173.58	—	PUT	75734B100

Increased Positions (8)

VTR VENTAS INC 1.5%

Value $15.06M (+3895.5%) Shares 69,120 (+1399.3%) Est. Cost $207.13 Unrealized —

XLV SELECT SECTOR SPDR TR 0.8%

Value $7.896M (-61.8%) Shares 148,672 (+5.5%) Est. Cost $139.58 Unrealized —

SHW SHERWIN WILLIAMS CO 0.8%

Value $8.344M (-47.1%) Shares 482,875 (+881.8%) Est. Cost $51.09 Unrealized —

JHX JAMES HARDIE INDS PLC 0.9%

Value $8.864M (+145.5%) Shares 338,568 (+77.6%) Est. Cost $24.81 Unrealized —

WLK WESTLAKE CORPORATION 0.2%

Value $1.598M (+591.4%) Shares 21,491 (+986.5%) Est. Cost $75.72 Unrealized —

SBUX STARBUCKS CORP 0.1%

Value $1.294M (+384.9%) Shares 79,029 (+2552.0%) Est. Cost $19.38 Unrealized —

ISRG INTUITIVE SURGICAL INC 0.1%

Value $744K (+159.8%) Shares 1,870 (+201.1%) Est. Cost $448.69 Unrealized —

TSLA TESLA INC 0.1%

Value $1.062M (-6.3%) Shares 3,563 (+16.9%) Est. Cost $239.11 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
VTR	VENTAS INC	69,120 (+1399.3%)	$15.06M (+3895.5%)	1.5%	$207.13	—	COM	92276F100
XLV	SELECT SECTOR SPDR TR	148,672 (+5.5%)	$7.896M (-61.8%)	0.8%	$139.58	—	ST STR CARE ETF	81369Y209
SHW	SHERWIN WILLIAMS CO	482,875 (+881.8%)	$8.344M (-47.1%)	0.8%	$51.09	—	COM	824348106
JHX	JAMES HARDIE INDS PLC	338,568 (+77.6%)	$8.864M (+145.5%)	0.9%	$24.81	—	ORD SHS	G4253H101
WLK	WESTLAKE CORPORATION	21,491 (+986.5%)	$1.598M (+591.4%)	0.2%	$75.72	—	COM	960413102
SBUX	STARBUCKS CORP	79,029 (+2552.0%)	$1.294M (+384.9%)	0.1%	$19.38	—	COM	855244109
ISRG	INTUITIVE SURGICAL INC	1,870 (+201.1%)	$744K (+159.8%)	0.1%	$448.69	—	COM NEW	46120E602
TSLA	TESLA INC	3,563 (+16.9%)	$1.062M (-6.3%)	0.1%	$239.11	—	COM	88160R101

Exited Positions (42)

QXO QXO INC 9.0%

Value $93.47M Shares 4,813,158 Est. Cost $23.66 Unrealized —

HYMB SPDR SERIES TRUST 3.3%

Value $34.42M Shares 1,387,825 Est. Cost $25.45 Unrealized —

BLDR BUILDERS FIRSTSOURCE INC 3.1%

Value $31.8M Shares 386,254 Est. Cost $119.53 Unrealized —

GEV GE VERNOVA INC 2.8%

Value $28.98M Shares 33,199 Est. Cost $415.97 Unrealized —

QQQ INVESCO QQQ TR 2.7%

Value $28.13M Shares 48,739 Est. Cost $551.64 Unrealized —

SPEM SPDR INDEX SHS FDS 2.5%

Value $25.75M Shares 548,897 Est. Cost $46.81 Unrealized —

UNH UNITEDHEALTH GROUP INC 2.4%

Value $24.6M Shares 90,927 Est. Cost $471.63 Unrealized —

IAU ISHARES GOLD TR 2.2%

Value $22.42M Shares 254,300 Est. Cost $77.36 Unrealized —

XLK SELECT SECTOR SPDR TR 2.1%

Value $21.54M Shares 162,055 Est. Cost $194.65 Unrealized —

BA BOEING CO 2.1%

Value $21.48M Shares 107,941 Est. Cost $220.36 Unrealized —

TIC TIC SOLUTIONS INC 1.8%

Value $19.1M Shares 2,902,230 Est. Cost $11.40 Unrealized —

VTV VANGUARD INDEX FDS 1.3%

Value $13.56M Shares 69,120 Est. Cost $174.57 Unrealized —

FLKR FRANKLIN TEMPLETON ETF TR 1.0%

Value $10.51M Shares 263,694 Est. Cost $26.99 Unrealized —

SPYD SPDR SERIES TRUST 1.0%

Value $9.919M Shares 217,913 Est. Cost $43.24 Unrealized —

SHM SPDR SERIES TRUST 1.0%

Value $9.88M Shares 206,569 Est. Cost $47.60 Unrealized —

AGG ISHARES TR 0.9%

Value $9.84M Shares 99,128 Est. Cost $96.90 Unrealized —

VNQ VANGUARD INDEX FDS 0.9%

Value $9.419M Shares 106,191 Est. Cost $88.70 Unrealized —

LPX LOUISIANA PAC CORP 0.8%

Value $8.288M Shares 113,924 Est. Cost $92.32 Unrealized —

COPX GLOBAL X FDS 0.8%

Value $7.992M Shares 104,678 Est. Cost $71.79 Unrealized —

WMS ADVANCED DRAIN SYS INC DEL 0.7%

Value $6.859M Shares 50,016 Est. Cost $137.93 Unrealized —

FLJP FRANKLIN TEMPLETON ETF TR 0.5%

Value $5.304M Shares 146,612 Est. Cost $34.56 Unrealized —

MLM MARTIN MARIETTA MATLS INC 0.5%

Value $4.949M Shares 8,407 Est. Cost $494.92 Unrealized —

SPYM SPDR SERIES TRUST 0.3%

Value $3.456M Shares 45,151 Est. Cost $78.34 Unrealized —

TRTX TPG RE FIN TR INC 0.3%

Value $3.137M Shares 401,607 Est. Cost $8.64 Unrealized —

VOO VANGUARD INDEX FDS 0.2%

Value $2.355M Shares 3,941 Est. Cost $480.70 Unrealized —

STWD STARWOOD PPTY TR INC 0.1%

Value $1.361M Shares 79,029 Est. Cost $18.85 Unrealized —

CGIC CAPITAL GROUP INTERNATIONAL 0.1%

Value $1.084M Shares 32,733 Est. Cost $30.81 Unrealized —

SPTI SPDR SERIES TRUST 0.1%

Value $1.009M Shares 35,199 Est. Cost $28.58 Unrealized —

XLC SELECT SECTOR SPDR TR 0.0%

Value $473K Shares 4,267 Est. Cost $118.37 Unrealized —

HON HONEYWELL INTL INC 0.0%

Value $429K Shares 1,900 Est. Cost $188.34 Unrealized —

— VULCAN MATLS CO 0.0%

Value $429K Shares 378 Est. Cost — Unrealized —

VRTX VERTEX PHARMACEUTICALS INC 0.0%

Value $348K Shares 780 Est. Cost $307.11 Unrealized —

WELL WELLTOWER INC 0.0%

Value $343K Shares 1,736 Est. Cost $128.69 Unrealized —

CVX CHEVRON CORPORATION 0.0%

Value $314K Shares 1,518 Est. Cost $171.87 Unrealized —

DIS DISNEY WALT CO 0.0%

Value $294K Shares 3,050 Est. Cost $109.45 Unrealized —

TOL TOLL BROTHERS INC 0.0%

Value $288K Shares 2,107 Est. Cost $135.60 Unrealized —

INTU INTUIT 0.0%

Value $268K Shares 619 Est. Cost $632.98 Unrealized —

TJX TJX COS INC NEW 0.0%

Value $265K Shares 1,660 Est. Cost $117.72 Unrealized —

TMO THERMO FISHER SCIENTIFIC INC 0.0%

Value $261K Shares 531 Est. Cost $589.13 Unrealized —

— AMAZON COM INC 0.0%

Value $216K Shares 148 Est. Cost — Unrealized —

CME CME GROUP INC 0.0%

Value $202K Shares 683 Est. Cost $289.33 Unrealized —

XLE SELECT SECTOR SPDR TR 0.0%

Value $168K Shares 691 Est. Cost $66.25 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
QXO	QXO INC	4,813,158	$93.47M	9.0%	$23.66	—	—	82846H405
HYMB	SPDR SERIES TRUST	1,387,825	$34.42M	3.3%	$25.45	—	—	78464A284
BLDR	BUILDERS FIRSTSOURCE INC	386,254	$31.8M	3.1%	$119.53	—	—	12008R107
GEV	GE VERNOVA INC	33,199	$28.98M	2.8%	$415.97	—	—	36828A101
QQQ	INVESCO QQQ TR	48,739	$28.13M	2.7%	$551.64	—	—	46090E103
SPEM	SPDR INDEX SHS FDS	548,897	$25.75M	2.5%	$46.81	—	—	78463X509
UNH	UNITEDHEALTH GROUP INC	90,927	$24.6M	2.4%	$471.63	—	—	91324P102
IAU	ISHARES GOLD TR	254,300	$22.42M	2.2%	$77.36	—	—	464285204
XLK	SELECT SECTOR SPDR TR	162,055	$21.54M	2.1%	$194.65	—	—	81369Y803
BA	BOEING CO	107,941	$21.48M	2.1%	$220.36	—	—	097023105
TIC	TIC SOLUTIONS INC	2,902,230	$19.1M	1.8%	$11.40	—	—	00510N102
VTV	VANGUARD INDEX FDS	69,120	$13.56M	1.3%	$174.57	—	—	922908744
FLKR	FRANKLIN TEMPLETON ETF TR	263,694	$10.51M	1.0%	$26.99	—	—	35473P710
SPYD	SPDR SERIES TRUST	217,913	$9.919M	1.0%	$43.24	—	—	78468R788
SHM	SPDR SERIES TRUST	206,569	$9.88M	1.0%	$47.60	—	—	78468R739
AGG	ISHARES TR	99,128	$9.84M	0.9%	$96.90	—	—	464287226
VNQ	VANGUARD INDEX FDS	106,191	$9.419M	0.9%	$88.70	—	—	922908553
LPX	LOUISIANA PAC CORP	113,924	$8.288M	0.8%	$92.32	—	—	546347105
COPX	GLOBAL X FDS	104,678	$7.992M	0.8%	$71.79	—	—	37954Y830
WMS	ADVANCED DRAIN SYS INC DEL	50,016	$6.859M	0.7%	$137.93	—	—	00790R104
FLJP	FRANKLIN TEMPLETON ETF TR	146,612	$5.304M	0.5%	$34.56	—	—	35473P744
MLM	MARTIN MARIETTA MATLS INC	8,407	$4.949M	0.5%	$494.92	—	—	573284106
SPYM	SPDR SERIES TRUST	45,151	$3.456M	0.3%	$78.34	—	—	78464A854
TRTX	TPG RE FIN TR INC	401,607	$3.137M	0.3%	$8.64	—	—	87266M107
VOO	VANGUARD INDEX FDS	3,941	$2.355M	0.2%	$480.70	—	—	922908363
STWD	STARWOOD PPTY TR INC	79,029	$1.361M	0.1%	$18.85	—	—	85571B105
CGIC	CAPITAL GROUP INTERNATIONAL	32,733	$1.084M	0.1%	$30.81	—	—	14021T102
SPTI	SPDR SERIES TRUST	35,199	$1.009M	0.1%	$28.58	—	—	78464A672
XLC	SELECT SECTOR SPDR TR	4,267	$473K	0.0%	$118.37	—	—	81369Y852
HON	HONEYWELL INTL INC	1,900	$429K	0.0%	$188.34	—	—	438516106
—	VULCAN MATLS CO	378	$429K	0.0%	—	—	CALL	929160909
VRTX	VERTEX PHARMACEUTICALS INC	780	$348K	0.0%	$307.11	—	—	92532F100
WELL	WELLTOWER INC	1,736	$343K	0.0%	$128.69	—	—	95040Q104
CVX	CHEVRON CORPORATION	1,518	$314K	0.0%	$171.87	—	—	166764100
DIS	DISNEY WALT CO	3,050	$294K	0.0%	$109.45	—	—	254687106
TOL	TOLL BROTHERS INC	2,107	$288K	0.0%	$135.60	—	—	889478103
INTU	INTUIT	619	$268K	0.0%	$632.98	—	—	461202103
TJX	TJX COS INC NEW	1,660	$265K	0.0%	$117.72	—	—	872540109
TMO	THERMO FISHER SCIENTIFIC INC	531	$261K	0.0%	$589.13	—	—	883556102
—	AMAZON COM INC	148	$216K	0.0%	—	—	CALL	023135906
CME	CME GROUP INC	683	$202K	0.0%	$289.33	—	—	12572Q105
XLE	SELECT SECTOR SPDR TR	691	$168K	0.0%	$66.25	—	CALL	81369Y506

Decreased Positions (42)

MSFT MICROSOFT CORP 0.7%

Value $7.738M (-96.6%) Shares 6,704 (-98.9%) Est. Cost $255.68 Unrealized —

XPO XPO INC 0.6%

Value $5.97M (-95.9%) Shares 29,081 (-96.2%) Est. Cost $38.36 Unrealized —

LLY ELI LILLY & CO 0.6%

Value $6.421M (-94.9%) Shares 5,353 (-96.1%) Est. Cost $774.15 Unrealized —

RSP INVESCO EXCHANGE TRADED FD T 4.5%

Value $47.03M (-66.9%) Shares 221,055 (-70.2%) Est. Cost $180.98 Unrealized —

NVDA NVIDIA CORPORATION 1.7%

Value $17.57M (-83.8%) Shares 87,813 (-85.9%) Est. Cost $118.88 Unrealized —

NFLX NETFLIX INC. 0.1%

Value $738K (-98.8%) Shares 10,330 (-98.3%) Est. Cost $84.17 Unrealized —

AMZN AMAZON COM INC 1.3%

Value $13.26M (-77.9%) Shares 55,622 (-80.7%) Est. Cost $158.59 Unrealized —

META META PLATFORMS INC 4.3%

Value $44.63M (-48.1%) Shares 79,237 (-47.3%) Est. Cost $543.25 Unrealized —

SCHW SCHWAB CHARLES CORP 0.4%

Value $4.487M (-87.8%) Shares 28,280 (-92.8%) Est. Cost $63.72 Unrealized —

SPY STATE STR SPDR S&P 500 ETF T 0.7%

Value $7.214M (-80.1%) Shares 9,660 (-82.7%) Est. Cost $552.18 Unrealized —

COF CAPITAL ONE FINL CORP 0.6%

Value $6.301M (-80.1%) Shares 31,409 (-81.9%) Est. Cost $209.45 Unrealized —

UNP UNION PAC CORP 27.0%

Value $280M (+9.7%) Shares 1,028,382 (-2.1%) Est. Cost $191.94 Unrealized —

MCO MOODYS CORP 0.0%

Value $303K (-98.8%) Shares 670 (-98.8%) Est. Cost $281.54 Unrealized —

CEG CONSTELLATION ENERGY CORP 0.2%

Value $1.665M (-93.6%) Shares 6,702 (-92.8%) Est. Cost $263.84 Unrealized —

SPGI S&P GLOBAL INC 0.0%

Value $358K (-98.4%) Shares 880 (-98.3%) Est. Cost $325.64 Unrealized —

GOOG ALPHABET INC 0.4%

Value $4.65M (-81.5%) Shares 13,160 (-85.0%) Est. Cost $161.76 Unrealized —

GOOGL ALPHABET INC 0.7%

Value $6.788M (-73.5%) Shares 18,993 (-78.6%) Est. Cost $154.65 Unrealized —

V VISA INC 0.5%

Value $5.605M (-76.1%) Shares 18,998 (-75.5%) Est. Cost $209.88 Unrealized —

APO APOLLO GLOBAL MGMT INC 0.0%

Value $267K (-98.4%) Shares 2,259 (-98.5%) Est. Cost $155.67 Unrealized —

LIN LINDE PLC 0.2%

Value $1.99M (-89.0%) Shares 3,834 (-89.5%) Est. Cost $427.28 Unrealized —

PWR QUANTA SVCS INC 0.3%

Value $2.657M (-85.2%) Shares 3,690 (-88.7%) Est. Cost $288.64 Unrealized —

EWW ISHARES INC 0.5%

Value $4.81M (-73.3%) Shares 63,900 (-73.3%) Est. Cost $60.56 Unrealized —

EWZ ISHARES INC 0.4%

Value $4.201M (-74.8%) Shares 121,776 (-72.0%) Est. Cost $31.77 Unrealized —

LRCX LAM RESEARCH CORP 0.6%

Value $6.548M (-57.2%) Shares 15,110 (-78.9%) Est. Cost $145.85 Unrealized —

COST COSTCO WHOLESALE CORPORATION 0.2%

Value $2.329M (-78.0%) Shares 2,490 (-76.6%) Est. Cost $906.81 Unrealized —

EWY ISHARES INC 0.8%

Value $8.722M (-46.6%) Shares 43,201 (-67.5%) Est. Cost $77.39 Unrealized —

XLE SELECT SECTOR SPDR TR 1.6%

Value $16.56M (+81.9%) Shares 86,935 (-41.5%) Est. Cost $66.25 Unrealized —

AAPL APPLE INC 0.9%

Value $9.003M (-44.5%) Shares 31,112 (-51.3%) Est. Cost $200.05 Unrealized —

JPM JPMORGAN CHASE & CO 0.3%

Value $2.626M (-68.6%) Shares 8,022 (-71.7%) Est. Cost $252.67 Unrealized —

HD HOME DEPOT INC 0.2%

Value $2.055M (-73.4%) Shares 5,826 (-75.1%) Est. Cost $363.37 Unrealized —

MS MORGAN STANLEY 0.2%

Value $1.912M (-73.5%) Shares 9,147 (-79.1%) Est. Cost $174.35 Unrealized —

BKSY BLACKSKY TECHNOLOGY INC 2.5%

Value $26.05M (-16.8%) Shares 932,982 (-25.0%) Est. Cost $7.92 Unrealized —

DHR DANAHER CORP DEL 0.1%

Value $1.312M (-79.5%) Shares 6,890 (-79.6%) Est. Cost $219.54 Unrealized —

WMT WALMART INC 0.2%

Value $2.29M (-68.9%) Shares 20,219 (-65.9%) Est. Cost $100.38 Unrealized —

BAC BANK OF AMER CORP 0.3%

Value $2.688M (-63.1%) Shares 47,170 (-68.5%) Est. Cost $41.30 Unrealized —

MCD MCDONALDS CORP 0.0%

Value $251K (-94.5%) Shares 927 (-93.7%) Est. Cost $314.05 Unrealized —

DELL DELL TECHNOLOGIES INC 0.0%

Value $349K (-91.4%) Shares 808 (-96.7%) Est. Cost $101.32 Unrealized —

URI UNITED RENTALS INC 0.2%

Value $1.879M (-64.6%) Shares 1,659 (-77.2%) Est. Cost $867.68 Unrealized —

CINF CINCINNATI FINL CORP 0.1%

Value $906K (-78.5%) Shares 4,896 (-81.7%) Est. Cost $162.86 Unrealized —

XOM EXXON MOBIL CORP 0.0%

Value $312K (-61.6%) Shares 2,280 (-52.3%) Est. Cost $123.72 Unrealized —

TXN TEXAS INSTRS INC 0.0%

Value $266K (-61.5%) Shares 531 (-85.1%) Est. Cost $192.96 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.1%

Value $685K (-36.1%) Shares 1,369 (-38.8%) Est. Cost $472.48 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	6,704 (-98.9%)	$7.738M (-96.6%)	0.7%	$255.68	—	COM	594918104
XPO	XPO INC	29,081 (-96.2%)	$5.97M (-95.9%)	0.6%	$38.36	—	COM	983793100
LLY	ELI LILLY & CO	5,353 (-96.1%)	$6.421M (-94.9%)	0.6%	$774.15	—	COM	532457108
RSP	INVESCO EXCHANGE TRADED FD T	221,055 (-70.2%)	$47.03M (-66.9%)	4.5%	$180.98	—	S&P500 EQL WGT	46137V357
NVDA	NVIDIA CORPORATION	87,813 (-85.9%)	$17.57M (-83.8%)	1.7%	$118.88	—	COM	67066G104
NFLX	NETFLIX INC.	10,330 (-98.3%)	$738K (-98.8%)	0.1%	$84.17	—	COM	64110L106
AMZN	AMAZON COM INC	55,622 (-80.7%)	$13.26M (-77.9%)	1.3%	$158.59	—	COM	023135106
META	META PLATFORMS INC	79,237 (-47.3%)	$44.63M (-48.1%)	4.3%	$543.25	—	CL A	30303M102
SCHW	SCHWAB CHARLES CORP	28,280 (-92.8%)	$4.487M (-87.8%)	0.4%	$63.72	—	COM	808513105
SPY	STATE STR SPDR S&P 500 ETF T	9,660 (-82.7%)	$7.214M (-80.1%)	0.7%	$552.18	—	TR UNIT	78462F103
COF	CAPITAL ONE FINL CORP	31,409 (-81.9%)	$6.301M (-80.1%)	0.6%	$209.45	—	COM	14040H105
UNP	UNION PAC CORP	1,028,382 (-2.1%)	$280M (+9.7%)	27.0%	$191.94	—	COM	907818108
MCO	MOODYS CORP	670 (-98.8%)	$303K (-98.8%)	0.0%	$281.54	—	COM	615369105
CEG	CONSTELLATION ENERGY CORP	6,702 (-92.8%)	$1.665M (-93.6%)	0.2%	$263.84	—	COM	21037T109
SPGI	S&P GLOBAL INC	880 (-98.3%)	$358K (-98.4%)	0.0%	$325.64	—	COM	78409V104
GOOG	ALPHABET INC	13,160 (-85.0%)	$4.65M (-81.5%)	0.4%	$161.76	—	CAP STK CL C	02079K107
GOOGL	ALPHABET INC	18,993 (-78.6%)	$6.788M (-73.5%)	0.7%	$154.65	—	CAP STK CL A	02079K305
V	VISA INC	18,998 (-75.5%)	$5.605M (-76.1%)	0.5%	$209.88	—	COM CL A	92826C839
APO	APOLLO GLOBAL MGMT INC	2,259 (-98.5%)	$267K (-98.4%)	0.0%	$155.67	—	COM	03769M106
LIN	LINDE PLC	3,834 (-89.5%)	$1.99M (-89.0%)	0.2%	$427.28	—	SHS	G54950103
PWR	QUANTA SVCS INC	3,690 (-88.7%)	$2.657M (-85.2%)	0.3%	$288.64	—	COM	74762E102
EWW	ISHARES INC	63,900 (-73.3%)	$4.81M (-73.3%)	0.5%	$60.56	—	MSCI MEXICO ETF	464286822
EWZ	ISHARES INC	121,776 (-72.0%)	$4.201M (-74.8%)	0.4%	$31.77	—	MSCI BRAZIL ETF	464286400
LRCX	LAM RESEARCH CORP	15,110 (-78.9%)	$6.548M (-57.2%)	0.6%	$145.85	—	COM NEW	512807306
COST	COSTCO WHOLESALE CORPORATION	2,490 (-76.6%)	$2.329M (-78.0%)	0.2%	$906.81	—	COM	22160K105
EWY	ISHARES INC	43,201 (-67.5%)	$8.722M (-46.6%)	0.8%	$77.39	—	MSCI STH KOR ETF	464286772
XLE	SELECT SECTOR SPDR TR	86,935 (-41.5%)	$16.56M (+81.9%)	1.6%	$66.25	—	ST STR ENERG ETF	81369Y506
AAPL	APPLE INC	31,112 (-51.3%)	$9.003M (-44.5%)	0.9%	$200.05	—	COM	037833100
JPM	JPMORGAN CHASE & CO	8,022 (-71.7%)	$2.626M (-68.6%)	0.3%	$252.67	—	COM	46625H100
HD	HOME DEPOT INC	5,826 (-75.1%)	$2.055M (-73.4%)	0.2%	$363.37	—	COM	437076102
MS	MORGAN STANLEY	9,147 (-79.1%)	$1.912M (-73.5%)	0.2%	$174.35	—	COM NEW	617446448
BKSY	BLACKSKY TECHNOLOGY INC	932,982 (-25.0%)	$26.05M (-16.8%)	2.5%	$7.92	—	CL A NEW	09263B207
DHR	DANAHER CORP DEL	6,890 (-79.6%)	$1.312M (-79.5%)	0.1%	$219.54	—	COM	235851102
WMT	WALMART INC	20,219 (-65.9%)	$2.29M (-68.9%)	0.2%	$100.38	—	COM	931142103
BAC	BANK OF AMER CORP	47,170 (-68.5%)	$2.688M (-63.1%)	0.3%	$41.30	—	COM	060505104
MCD	MCDONALDS CORP	927 (-93.7%)	$251K (-94.5%)	0.0%	$314.05	—	COM	580135101
DELL	DELL TECHNOLOGIES INC	808 (-96.7%)	$349K (-91.4%)	0.0%	$101.32	—	CL C	24703L202
URI	UNITED RENTALS INC	1,659 (-77.2%)	$1.879M (-64.6%)	0.2%	$867.68	—	COM	911363109
CINF	CINCINNATI FINL CORP	4,896 (-81.7%)	$906K (-78.5%)	0.1%	$162.86	—	COM	172062101
XOM	EXXON MOBIL CORP	2,280 (-52.3%)	$312K (-61.6%)	0.0%	$123.72	—	COM	30231G102
TXN	TEXAS INSTRS INC	531 (-85.1%)	$266K (-61.5%)	0.0%	$192.96	—	COM	882508104
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,369 (-38.8%)	$685K (-36.1%)	0.1%	$472.48	—	CL B NEW	084670702

Unchanged Positions (50)

NAUT NAUTILUS BIOTECHNOLOGY INC 1.3%

Value $13.41M Shares 7,172,985 Est. Cost $1.93 Unrealized —

DNLI DENALI THERAPEUTICS INC 1.5%

Value $16.07M Shares 625,000 Est. Cost $29.75 Unrealized —

AMAT APPLIED MATLS INC 0.2%

Value $2.094M Shares 2,896 Est. Cost $202.36 Unrealized —

IWM ISHARES TR 0.5%

Value $5.449M Shares 18,137 Est. Cost $220.89 Unrealized —

AVGO BROADCOM INC 0.4%

Value $4.656M Shares 12,325 Est. Cost $158.01 Unrealized —

CAT CATERPILLAR INC 0.2%

Value $2.321M Shares 2,180 Est. Cost $338.69 Unrealized —

IBIT ISHARES BITCOIN TRUST ETF 0.4%

Value $3.9M Shares 117,140 Est. Cost $53.05 Unrealized —

INTC INTEL CORP 0.1%

Value $649K Shares 4,648 Est. Cost $46.43 Unrealized —

HAFN HAFNIA LTD 0.2%

Value $1.727M Shares 264,379 Est. Cost $5.96 Unrealized —

INSW INTERNATIONAL SEAWAYS INC 0.5%

Value $5.602M Shares 73,147 Est. Cost $48.84 Unrealized —

GRAB GRAB HOLDINGS LIMITED 0.6%

Value $6.032M Shares 1,600,000 Est. Cost $5.53 Unrealized —

ETN EATON CORP PLC 0.1%

Value $1.087M Shares 2,550 Est. Cost $267.60 Unrealized —

EPD ENTERPRISE PRODS PARTNERS L 0.4%

Value $4.412M Shares 120,021 Est. Cost $28.49 Unrealized —

PSX PHILLIPS 66 0.2%

Value $1.588M Shares 9,396 Est. Cost $134.01 Unrealized —

INDA ISHARES TR 0.2%

Value $2.295M Shares 46,470 Est. Cost $55.68 Unrealized —

TT TRANE TECHNOLOGIES PLC 0.1%

Value $745K Shares 1,517 Est. Cost $413.59 Unrealized —

BSX BOSTON SCIENTIFIC CORP 0.0%

Value $235K Shares 5,517 Est. Cost $97.35 Unrealized —

T AT&T INC 0.0%

Value $208K Shares 10,032 Est. Cost $15.77 Unrealized —

HCA HCA HEALTHCARE INC 0.0%

Value $378K Shares 970 Est. Cost $362.13 Unrealized —

FANG DIAMONDBACK ENERGY INC 0.1%

Value $627K Shares 3,566 Est. Cost $185.12 Unrealized —

NEM NEWMONT CORP 0.0%

Value $478K Shares 5,118 Est. Cost $43.49 Unrealized —

NOC NORTHROP GRUMMAN CORP 0.0%

Value $223K Shares 437 Est. Cost $470.07 Unrealized —

PLTR PALANTIR TECHNOLOGIES INC 0.0%

Value $297K Shares 2,542 Est. Cost $87.82 Unrealized —

IRWD IRONWOOD PHARMACEUTICALS INC 0.0%

Value $427K Shares 101,378 Est. Cost $5.38 Unrealized —

GE GE AEROSPACE 0.0%

Value $287K Shares 769 Est. Cost $272.69 Unrealized —

EQT EQT CORP 0.0%

Value $347K Shares 6,518 Est. Cost $33.40 Unrealized —

CMI CUMMINS INC 0.0%

Value $272K Shares 382 Est. Cost $575.50 Unrealized —

ABBV ABBVIE INC 0.0%

Value $450K Shares 1,789 Est. Cost $177.43 Unrealized —

MRK MERCK & CO INC 0.1%

Value $920K Shares 7,156 Est. Cost $112.96 Unrealized —

ADBE ADOBE INC 0.0%

Value $289K Shares 1,412 Est. Cost $548.46 Unrealized —

LMT LOCKHEED MARTIN CORP 0.0%

Value $248K Shares 486 Est. Cost $516.36 Unrealized —

HAL HALLIBURTON CO 0.0%

Value $274K Shares 8,064 Est. Cost $26.29 Unrealized —

MA MASTERCARD INCORPORATED 0.1%

Value $1.322M Shares 2,574 Est. Cost $332.83 Unrealized —

ALL ALLSTATE CORP 0.0%

Value $266K Shares 1,118 Est. Cost $175.61 Unrealized —

WMB WILLIAMS COS INC 0.2%

Value $1.598M Shares 21,491 Est. Cost $60.06 Unrealized —

ABT ABBOTT LABORATORIES 0.0%

Value $237K Shares 2,607 Est. Cost $107.07 Unrealized —

NSC NORFOLK SOUTHN CORP 0.0%

Value $336K Shares 1,069 Est. Cost $233.00 Unrealized —

PM PHILIP MORRIS INTL INC 0.0%

Value $334K Shares 1,847 Est. Cost $116.29 Unrealized —

NEE NEXTERA ENERGY INC 0.0%

Value $423K Shares 4,824 Est. Cost $74.86 Unrealized —

MUNI PIMCO ETF TR 0.3%

Value $3.047M Shares 57,919 Est. Cost $52.09 Unrealized —

PRU PRUDENTIAL FINL INC 0.0%

Value $237K Shares 2,196 Est. Cost $110.56 Unrealized —

JNJ JOHNSON & JOHNSON 0.0%

Value $489K Shares 1,925 Est. Cost $151.81 Unrealized —

ITW ILLINOIS TOOL WKS INC 0.0%

Value $452K Shares 1,670 Est. Cost $237.29 Unrealized —

LOW LOWES COS INC 0.0%

Value $201K Shares 910 Est. Cost $195.57 Unrealized —

OKE ONEOK INC NEW 0.0%

Value $257K Shares 2,957 Est. Cost $75.06 Unrealized —

PG PROCTER & GAMBLE CO 0.1%

Value $626K Shares 4,272 Est. Cost $164.23 Unrealized —

AMGN AMGEN INC 0.0%

Value $225K Shares 620 Est. Cost $315.95 Unrealized —

KKR KKR & CO INC 0.0%

Value $327K Shares 3,560 Est. Cost $117.42 Unrealized —

ORLY OREILLY AUTOMOTIVE INC 0.0%

Value $294K Shares 3,195 Est. Cost $91.16 Unrealized —

NRG NRG ENERGY INC 0.0%

Value $335K Shares 2,295 Est. Cost $78.00 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NAUT	NAUTILUS BIOTECHNOLOGY INC	7,172,985	$13.41M	1.3%	$1.93	—	COM	63909J108
DNLI	DENALI THERAPEUTICS INC	625,000	$16.07M	1.5%	$29.75	—	COM	24823R105
AMAT	APPLIED MATLS INC	2,896	$2.094M	0.2%	$202.36	—	COM	038222105
IWM	ISHARES TR	18,137	$5.449M	0.5%	$220.89	—	RUSSELL 2000 ETF	464287655
AVGO	BROADCOM INC	12,325	$4.656M	0.4%	$158.01	—	COM	11135F101
CAT	CATERPILLAR INC	2,180	$2.321M	0.2%	$338.69	—	COM	149123101
IBIT	ISHARES BITCOIN TRUST ETF	117,140	$3.9M	0.4%	$53.05	—	SHS BEN INT	46438F101
INTC	INTEL CORP	4,648	$649K	0.1%	$46.43	—	COM	458140100
HAFN	HAFNIA LTD	264,379	$1.727M	0.2%	$5.96	—	SHS	Y2990R101
INSW	INTERNATIONAL SEAWAYS INC	73,147	$5.602M	0.5%	$48.84	—	COM	Y41053102
GRAB	GRAB HOLDINGS LIMITED	1,600,000	$6.032M	0.6%	$5.53	—	CLASS A ORD	G4124C109
ETN	EATON CORP PLC	2,550	$1.087M	0.1%	$267.60	—	SHS	G29183103
EPD	ENTERPRISE PRODS PARTNERS L	120,021	$4.412M	0.4%	$28.49	—	COM	293792107
PSX	PHILLIPS 66	9,396	$1.588M	0.2%	$134.01	—	COM	718546104
INDA	ISHARES TR	46,470	$2.295M	0.2%	$55.68	—	MSCI INDIA ETF	46429B598
TT	TRANE TECHNOLOGIES PLC	1,517	$745K	0.1%	$413.59	—	SHS	G8994E103
BSX	BOSTON SCIENTIFIC CORP	5,517	$235K	0.0%	$97.35	—	COM	101137107
T	AT&T INC	10,032	$208K	0.0%	$15.77	—	COM	00206R102
HCA	HCA HEALTHCARE INC	970	$378K	0.0%	$362.13	—	COM	40412C101
FANG	DIAMONDBACK ENERGY INC	3,566	$627K	0.1%	$185.12	—	COM	25278X109
NEM	NEWMONT CORP	5,118	$478K	0.0%	$43.49	—	COM	651639106
NOC	NORTHROP GRUMMAN CORP	437	$223K	0.0%	$470.07	—	COM	666807102
PLTR	PALANTIR TECHNOLOGIES INC	2,542	$297K	0.0%	$87.82	—	CL A	69608A108
IRWD	IRONWOOD PHARMACEUTICALS INC	101,378	$427K	0.0%	$5.38	—	COM CL A	46333X108
GE	GE AEROSPACE	769	$287K	0.0%	$272.69	—	COM NEW	369604301
EQT	EQT CORP	6,518	$347K	0.0%	$33.40	—	COM	26884L109
CMI	CUMMINS INC	382	$272K	0.0%	$575.50	—	COM	231021106
ABBV	ABBVIE INC	1,789	$450K	0.0%	$177.43	—	COM	00287Y109
MRK	MERCK & CO INC	7,156	$920K	0.1%	$112.96	—	COM	58933Y105
ADBE	ADOBE INC	1,412	$289K	0.0%	$548.46	—	COM	00724F101
LMT	LOCKHEED MARTIN CORP	486	$248K	0.0%	$516.36	—	COM	539830109
HAL	HALLIBURTON CO	8,064	$274K	0.0%	$26.29	—	COM	406216101
MA	MASTERCARD INCORPORATED	2,574	$1.322M	0.1%	$332.83	—	CL A	57636Q104
ALL	ALLSTATE CORP	1,118	$266K	0.0%	$175.61	—	COM	020002101
WMB	WILLIAMS COS INC	21,491	$1.598M	0.2%	$60.06	—	COM	969457100
ABT	ABBOTT LABORATORIES	2,607	$237K	0.0%	$107.07	—	COM	002824100
NSC	NORFOLK SOUTHN CORP	1,069	$336K	0.0%	$233.00	—	COM	655844108
PM	PHILIP MORRIS INTL INC	1,847	$334K	0.0%	$116.29	—	COM	718172109
NEE	NEXTERA ENERGY INC	4,824	$423K	0.0%	$74.86	—	COM	65339F101
MUNI	PIMCO ETF TR	57,919	$3.047M	0.3%	$52.09	—	INTER MUN BD ACT	72201R866
PRU	PRUDENTIAL FINL INC	2,196	$237K	0.0%	$110.56	—	COM	744320102
JNJ	JOHNSON & JOHNSON	1,925	$489K	0.0%	$151.81	—	COM	478160104
ITW	ILLINOIS TOOL WKS INC	1,670	$452K	0.0%	$237.29	—	COM	452308109
LOW	LOWES COS INC	910	$201K	0.0%	$195.57	—	COM	548661107
OKE	ONEOK INC NEW	2,957	$257K	0.0%	$75.06	—	COM	682680103
PG	PROCTER & GAMBLE CO	4,272	$626K	0.1%	$164.23	—	COM	742718109
AMGN	AMGEN INC	620	$225K	0.0%	$315.95	—	COM	031162100
KKR	KKR & CO INC	3,560	$327K	0.0%	$117.42	—	COM	48251W104
ORLY	OREILLY AUTOMOTIVE INC	3,195	$294K	0.0%	$91.16	—	COM	67103H107
NRG	NRG ENERGY INC	2,295	$335K	0.0%	$78.00	—	COM NEW	629377508