Cercano Management LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LIN	LINDE PLC	36,908	$15,737	0.6%	$427.28	0.0%	SHS	G54950103
EWZ	ISHARES INC	490,980	$15,598	0.6%	$31.77	—	MSCI BRAZIL ETF	464286400
DHR	DANAHER CORPORATION	56,232	$12,873	0.5%	$219.54	0.0%	COM	235851102
AON	AON PLC	30,352	$10,711	0.4%	$349.16	0.0%	SHS CL A	G0403H108
GRAB	GRAB HOLDINGS LIMITED	1,600,000	$7,984	0.3%	$5.53	0.0%	CLASS A ORD	G4124C109
COPX	GLOBAL X FDS	107,493	$7,717	0.3%	$71.79	—	GLOBAL X COPPER	37954Y830
INSW	INTERNATIONAL SEAWAYS INC	85,219	$4,137	0.2%	$48.84	0.0%	COM	Y41053102
WMB	WILLIAMS COS INC	23,863	$1,434	0.1%	$60.06	0.0%	COM	969457100
HAFN	HAFNIA LTD	264,379	$1,426	0.1%	$5.96	0.0%	SHS	Y2990R101
PSX	PHILLIPS 66	10,522	$1,358	0.1%	$134.01	0.0%	COM	718546104
TT	TRANE TECHNOLOGIES PLC	1,517	$590	0.0%	$413.59	0.0%	SHS	G8994E103
—	LINDE PLC	256	$586	0.0%	—	—	CALL	G54950903
FISV	FISERV INC	4,367	$293	0.0%	$83.87	0.0%	COM	337738108
CSGP	COSTAR GROUP INC	3,637	$245	0.0%	$70.84	0.0%	COM	22160N109
HAL	HALLIBURTON CO	8,064	$228	0.0%	$26.29	0.0%	COM	406216101
JLL	JONES LANG LASALLE INC	630	$212	0.0%	$313.44	0.0%	COM	48020Q107
LPLA	LPL FINL HLDGS INC	570	$204	0.0%	$353.69	0.0%	COM	50212V100
AMD	ADVANCED MICRO DEVICES INC	948	$203	0.0%	$224.60	0.0%	COM	007903107
AMGN	AMGEN INC	620	$203	0.0%	$315.95	0.0%	COM	031162100

Increased Positions (22)

IAU ISHARES GOLD TR 1.5%

Value ($000) $40,384 (+826.9%) Shares 497,522 (+731.0%) Est. Cost $77.36 Unrealized —

SPEM SPDR INDEX SHS FDS 1.1%

Value ($000) $30,057 (+1889.5%) Shares 642,100 (+1889.5%) Est. Cost $46.81 Unrealized —

NVDA NVIDIA CORPORATION 4.4%

Value ($000) $116,778 (+22.0%) Shares 626,158 (+22.0%) Est. Cost $118.88 Unrealized +56.6%

PANW PALO ALTO NETWORKS INC 1.3%

Value ($000) $35,151 (+79.7%) Shares 190,830 (+98.6%) Est. Cost $193.45 Unrealized +4.3%

BSX BOSTON SCIENTIFIC CORP 0.6%

Value ($000) $14,677 (+2625.0%) Shares 153,931 (+2690.1%) Est. Cost $97.35 Unrealized +0.7%

COST COSTCO WHSL CORP NEW 0.6%

Value ($000) $14,780 (+2142.6%) Shares 17,139 (+2307.2%) Est. Cost $906.81 Unrealized -0.1%

LRCX LAM RESEARCH CORP 0.5%

Value ($000) $12,387 (+980.7%) Shares 72,360 (+745.3%) Est. Cost $145.85 Unrealized +6.5%

COF CAPITAL ONE FINL CORP 0.9%

Value ($000) $22,920 (+74.5%) Shares 94,570 (+53.1%) Est. Cost $197.93 Unrealized +12.3%

BA BOEING CO 0.7%

Value ($000) $19,758 (+76.1%) Shares 91,002 (+75.0%) Est. Cost $216.98 Unrealized -5.2%

HD HOME DEPOT INC 0.3%

Value ($000) $8,215 (+734.3%) Shares 23,874 (+882.5%) Est. Cost $363.37 Unrealized +0.3%

QXO QXO INC 7.9%

Value ($000) $208,637 (+3.4%) Shares 10,815,832 (+2.2%) Est. Cost $23.66 Unrealized -19.0%

GOOGL ALPHABET INC 1.1%

Value ($000) $28,119 (+30.6%) Shares 89,837 (+1.5%) Est. Cost $154.65 Unrealized +84.7%

XLK SELECT SECTOR SPDR TR 0.5%

Value ($000) $14,174 (-31.4%) Shares 98,448 (+34.4%) Est. Cost $234.55 Unrealized —

WMT WALMART INC 0.3%

Value ($000) $7,730 (+450.1%) Shares 69,379 (+408.8%) Est. Cost $100.38 Unrealized +6.8%

URI UNITED RENTALS INC 0.2%

Value ($000) $6,036 (+2910.7%) Shares 7,458 (+3451.4%) Est. Cost $867.68 Unrealized -0.1%

UNH UNITEDHEALTH GROUP INC 1.1%

Value ($000) $30,016 (+13.5%) Shares 90,927 (+18.7%) Est. Cost $471.63 Unrealized -28.5%

SPY SPDR S&P 500 ETF TR 1.4%

Value ($000) $38,043 (+9.4%) Shares 55,788 (+6.9%) Est. Cost $552.18 Unrealized —

META META PLATFORMS INC 3.8%

Value ($000) $99,678 (+2.6%) Shares 151,007 (+14.1%) Est. Cost $543.25 Unrealized +22.8%

SHW SHERWIN WILLIAMS CO 0.8%

Value ($000) $21,319 (+6.7%) Shares 65,792 (+14.0%) Est. Cost $349.27 Unrealized -4.3%

NFLX NETFLIX INC 0.0%

Value ($000) $969 (-21.8%) Shares 10,330 (+900.0%) Est. Cost $103.72 Unrealized +3.9%

UNP UNION PAC CORP 9.9%

Value ($000) $260,607 (+0.0%) Shares 1,126,608 (+2.2%) Est. Cost $191.94 Unrealized +18.4%

XLE SELECT SECTOR SPDR TR 0.3%

Value ($000) $6,647 (+0.1%) Shares 148,672 (+100.0%) Est. Cost $66.25 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IAU	ISHARES GOLD TR	497,522 (+731.0%)	$40,384 (+826.9%)	1.5%	$77.36	—	ISHARES NEW	464285204
SPEM	SPDR INDEX SHS FDS	642,100 (+1889.5%)	$30,057 (+1889.5%)	1.1%	$46.81	—	PORTFOLIO EMG MK	78463X509
NVDA	NVIDIA CORPORATION	626,158 (+22.0%)	$116,778 (+22.0%)	4.4%	$118.88	+56.6%	COM	67066G104
PANW	PALO ALTO NETWORKS INC	190,830 (+98.6%)	$35,151 (+79.7%)	1.3%	$193.45	+4.3%	COM	697435105
BSX	BOSTON SCIENTIFIC CORP	153,931 (+2690.1%)	$14,677 (+2625.0%)	0.6%	$97.35	+0.7%	COM	101137107
COST	COSTCO WHSL CORP NEW	17,139 (+2307.2%)	$14,780 (+2142.6%)	0.6%	$906.81	-0.1%	COM	22160K105
LRCX	LAM RESEARCH CORP	72,360 (+745.3%)	$12,387 (+980.7%)	0.5%	$145.85	+6.5%	COM NEW	512807306
COF	CAPITAL ONE FINL CORP	94,570 (+53.1%)	$22,920 (+74.5%)	0.9%	$197.93	+12.3%	COM	14040H105
BA	BOEING CO	91,002 (+75.0%)	$19,758 (+76.1%)	0.7%	$216.98	-5.2%	COM	097023105
HD	HOME DEPOT INC	23,874 (+882.5%)	$8,215 (+734.3%)	0.3%	$363.37	+0.3%	COM	437076102
QXO	QXO INC	10,815,832 (+2.2%)	$208,637 (+3.4%)	7.9%	$23.66	-19.0%	COM NEW	82846H405
GOOGL	ALPHABET INC	89,837 (+1.5%)	$28,119 (+30.6%)	1.1%	$154.65	+84.7%	CAP STK CL A	02079K305
XLK	SELECT SECTOR SPDR TR	98,448 (+34.4%)	$14,174 (-31.4%)	0.5%	$234.55	—	STATE STREET TEC	81369Y803
WMT	WALMART INC	69,379 (+408.8%)	$7,730 (+450.1%)	0.3%	$100.38	+6.8%	COM	931142103
URI	UNITED RENTALS INC	7,458 (+3451.4%)	$6,036 (+2910.7%)	0.2%	$867.68	-0.1%	COM	911363109
UNH	UNITEDHEALTH GROUP INC	90,927 (+18.7%)	$30,016 (+13.5%)	1.1%	$471.63	-28.5%	COM	91324P102
SPY	SPDR S&P 500 ETF TR	55,788 (+6.9%)	$38,043 (+9.4%)	1.4%	$552.18	—	TR UNIT	78462F103
META	META PLATFORMS INC	151,007 (+14.1%)	$99,678 (+2.6%)	3.8%	$543.25	+22.8%	CL A	30303M102
SHW	SHERWIN WILLIAMS CO	65,792 (+14.0%)	$21,319 (+6.7%)	0.8%	$349.27	-4.3%	COM	824348106
NFLX	NETFLIX INC	10,330 (+900.0%)	$969 (-21.8%)	0.0%	$103.72	+3.9%	COM	64110L106
UNP	UNION PAC CORP	1,126,608 (+2.2%)	$260,607 (+0.0%)	9.9%	$191.94	+18.4%	COM	907818108
XLE	SELECT SECTOR SPDR TR	148,672 (+100.0%)	$6,647 (+0.1%)	0.3%	$66.25	—	STATE STREET ENE	81369Y506

Exited Positions (24)

— MR COOPER GROUP INC 2.3%

Value ($000) $60,145 Shares 285,331 Est. Cost $83.03 Unrealized —

GLD SPDR GOLD TR 1.3%

Value ($000) $34,235 Shares 96,309 Est. Cost $243.06 Unrealized —

— PIMCO DYNAMIC INCOME OPRNTS 0.9%

Value ($000) $23,533 Shares 1,666,651 Est. Cost $13.75 Unrealized —

STX SEAGATE TECHNOLOGY HLDNGS PL 0.6%

Value ($000) $15,071 Shares 63,842 Est. Cost $169.71 Unrealized +52.6%

UBER UBER TECHNOLOGIES INC 0.5%

Value ($000) $13,128 Shares 133,997 Est. Cost $71.78 Unrealized +25.4%

SLV ISHARES SILVER TR 0.4%

Value ($000) $11,476 Shares 270,859 Est. Cost $27.86 Unrealized —

ANET ARISTA NETWORKS INC 0.4%

Value ($000) $11,273 Shares 77,364 Est. Cost $128.77 Unrealized +6.9%

WAL WESTERN ALLIANCE BANCORP 0.3%

Value ($000) $7,872 Shares 90,774 Est. Cost $70.68 Unrealized +14.1%

DAL DELTA AIR LINES INC DEL 0.3%

Value ($000) $7,359 Shares 129,666 Est. Cost $45.56 Unrealized +37.1%

DASH DOORDASH INC 0.3%

Value ($000) $7,019 Shares 25,807 Est. Cost $250.83 Unrealized -6.5%

LION LIONSGATE STUDIOS CORP 0.3%

Value ($000) $6,718 Shares 973,567 Est. Cost $6.69 Unrealized +6.3%

IBKR INTERACTIVE BROKERS GROUP IN 0.2%

Value ($000) $5,350 Shares 77,749 Est. Cost $45.37 Unrealized +47.4%

XLP SELECT SECTOR SPDR TR 0.2%

Value ($000) $5,104 Shares 65,127 Est. Cost $81.67 Unrealized —

XLU SELECT SECTOR SPDR TR 0.2%

Value ($000) $4,944 Shares 56,688 Est. Cost $75.69 Unrealized —

— QXO INC 0.2%

Value ($000) $4,651 Shares 24,850 Est. Cost — Unrealized —

JHX JAMES HARDIE INDS PLC 0.2%

Value ($000) $4,565 Shares 237,647 Est. Cost $23.95 Unrealized -16.3%

— XPO INC 0.1%

Value ($000) $3,153 Shares 2,840 Est. Cost — Unrealized —

— SANDSTORM GOLD LTD 0.1%

Value ($000) $2,832 Shares 226,238 Est. Cost $5.59 Unrealized —

IYK ISHARES TR 0.1%

Value ($000) $1,740 Shares 25,446 Est. Cost $71.57 Unrealized —

SLM SLM CORP 0.0%

Value ($000) $554 Shares 20,000 Est. Cost $31.21 Unrealized -12.1%

— JOHNSON & JOHNSON 0.0%

Value ($000) $264 Shares 777 Est. Cost — Unrealized —

ORCL ORACLE CORP 0.0%

Value ($000) $260 Shares 926 Est. Cost $254.17 Unrealized -6.3%

VZ VERIZON COMMUNICATIONS INC 0.0%

Value ($000) $228 Shares 5,193 Est. Cost $41.82 Unrealized -3.2%

DOC HEALTHPEAK PROPERTIES INC 0.0%

Value ($000) $200 Shares 10,451 Est. Cost $17.00 Unrealized +2.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	MR COOPER GROUP INC	285,331	$60,145	2.3%	$83.03	—	—	62482R107
GLD	SPDR GOLD TR	96,309	$34,235	1.3%	$243.06	—	—	78463V107
—	PIMCO DYNAMIC INCOME OPRNTS	1,666,651	$23,533	0.9%	$13.75	—	—	69355M107
STX	SEAGATE TECHNOLOGY HLDNGS PL	63,842	$15,071	0.6%	$169.71	+52.6%	—	G7997R103
UBER	UBER TECHNOLOGIES INC	133,997	$13,128	0.5%	$71.78	+25.4%	—	90353T100
SLV	ISHARES SILVER TR	270,859	$11,476	0.4%	$27.86	—	—	46428Q109
ANET	ARISTA NETWORKS INC	77,364	$11,273	0.4%	$128.77	+6.9%	—	040413205
WAL	WESTERN ALLIANCE BANCORP	90,774	$7,872	0.3%	$70.68	+14.1%	—	957638109
DAL	DELTA AIR LINES INC DEL	129,666	$7,359	0.3%	$45.56	+37.1%	—	247361702
DASH	DOORDASH INC	25,807	$7,019	0.3%	$250.83	-6.5%	—	25809K105
LION	LIONSGATE STUDIOS CORP	973,567	$6,718	0.3%	$6.69	+6.3%	—	53626N102
IBKR	INTERACTIVE BROKERS GROUP IN	77,749	$5,350	0.2%	$45.37	+47.4%	—	45841N107
XLP	SELECT SECTOR SPDR TR	65,127	$5,104	0.2%	$81.67	—	—	81369Y308
XLU	SELECT SECTOR SPDR TR	56,688	$4,944	0.2%	$75.69	—	—	81369Y886
—	QXO INC	24,850	$4,651	0.2%	—	—	PUT	82846H955
JHX	JAMES HARDIE INDS PLC	237,647	$4,565	0.2%	$23.95	-16.3%	—	G4253H101
—	XPO INC	2,840	$3,153	0.1%	—	—	PUT	983793950
—	SANDSTORM GOLD LTD	226,238	$2,832	0.1%	$5.59	—	—	80013R206
IYK	ISHARES TR	25,446	$1,740	0.1%	$71.57	—	—	464287812
SLM	SLM CORP	20,000	$554	0.0%	$31.21	-12.1%	—	78442P106
—	JOHNSON & JOHNSON	777	$264	0.0%	—	—	CALL	478160904
ORCL	ORACLE CORP	926	$260	0.0%	$254.17	-6.3%	—	68389X105
VZ	VERIZON COMMUNICATIONS INC	5,193	$228	0.0%	$41.82	-3.2%	—	92343V104
DOC	HEALTHPEAK PROPERTIES INC	10,451	$200	0.0%	$17.00	+2.7%	—	42250P103

Decreased Positions (14)

LLY ELI LILLY & CO 5.8%

Value ($000) $153,092 (+34.3%) Shares 142,454 (-4.6%) Est. Cost $774.15 Unrealized +23.4%

MSFT MICROSOFT CORP 11.1%

Value ($000) $294,643 (-10.8%) Shares 542,736 (-14.9%) Est. Cost $234.05 Unrealized +113.9%

RSP INVESCO EXCHANGE TRADED FD T 3.9%

Value ($000) $102,385 (-13.5%) Shares 534,478 (-14.4%) Est. Cost $176.74 Unrealized —

MELI MERCADOLIBRE INC 0.0%

Value ($000) $401 (-96.7%) Shares 199 (-96.2%) Est. Cost $2335.36 Unrealized -10.1%

NOC NORTHROP GRUMMAN CORP 0.0%

Value ($000) $249 (-96.1%) Shares 437 (-95.9%) Est. Cost $470.07 Unrealized +23.1%

QQQ INVESCO QQQ TR 1.1%

Value ($000) $29,941 (-12.4%) Shares 48,739 (-14.4%) Est. Cost $551.64 Unrealized —

ISRG INTUITIVE SURGICAL INC 0.0%

Value ($000) $352 (-91.5%) Shares 621 (-93.3%) Est. Cost $551.29 Unrealized -3.4%

AAPL APPLE INC 0.7%

Value ($000) $17,629 (-15.0%) Shares 64,847 (-20.4%) Est. Cost $200.05 Unrealized +34.1%

BLDR BUILDERS FIRSTSOURCE INC 0.2%

Value ($000) $5,261 (-28.0%) Shares 51,128 (-15.2%) Est. Cost $132.67 Unrealized -15.3%

GPOR GULFPORT ENERGY CORP 0.0%

Value ($000) $586 (-70.4%) Shares 2,819 (-74.2%) Est. Cost $162.22 Unrealized +22.9%

XLV SELECT SECTOR SPDR TR 0.3%

Value ($000) $7,975 (-2.6%) Shares 51,519 (-12.4%) Est. Cost $140.48 Unrealized —

PM PHILIP MORRIS INTL INC 0.0%

Value ($000) $296 (-24.6%) Shares 1,847 (-23.8%) Est. Cost $116.29 Unrealized +32.1%

EXPE EXPEDIA GROUP INC 0.0%

Value ($000) $327 (+20.6%) Shares 1,154 (-9.0%) Est. Cost $200.25 Unrealized +23.3%

CVS CVS HEALTH CORP 0.0%

Value ($000) $248 (-2.9%) Shares 3,119 (-7.8%) Est. Cost $64.19 Unrealized +22.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LLY	ELI LILLY & CO	142,454 (-4.6%)	$153,092 (+34.3%)	5.8%	$774.15	+23.4%	COM	532457108
MSFT	MICROSOFT CORP	542,736 (-14.9%)	$294,643 (-10.8%)	11.1%	$234.05	+113.9%	COM	594918104
RSP	INVESCO EXCHANGE TRADED FD T	534,478 (-14.4%)	$102,385 (-13.5%)	3.9%	$176.74	—	S&P500 EQL WGT	46137V357
MELI	MERCADOLIBRE INC	199 (-96.2%)	$401 (-96.7%)	0.0%	$2335.36	-10.1%	COM	58733R102
NOC	NORTHROP GRUMMAN CORP	437 (-95.9%)	$249 (-96.1%)	0.0%	$470.07	+23.1%	COM	666807102
QQQ	INVESCO QQQ TR	48,739 (-14.4%)	$29,941 (-12.4%)	1.1%	$551.64	—	UNIT SER 1	46090E103
ISRG	INTUITIVE SURGICAL INC	621 (-93.3%)	$352 (-91.5%)	0.0%	$551.29	-3.4%	COM NEW	46120E602
AAPL	APPLE INC	64,847 (-20.4%)	$17,629 (-15.0%)	0.7%	$200.05	+34.1%	COM	037833100
BLDR	BUILDERS FIRSTSOURCE INC	51,128 (-15.2%)	$5,261 (-28.0%)	0.2%	$132.67	-15.3%	COM	12008R107
GPOR	GULFPORT ENERGY CORP	2,819 (-74.2%)	$586 (-70.4%)	0.0%	$162.22	+22.9%	COMMON SHARES	402635502
XLV	SELECT SECTOR SPDR TR	51,519 (-12.4%)	$7,975 (-2.6%)	0.3%	$140.48	—	STATE STREET HEA	81369Y209
PM	PHILIP MORRIS INTL INC	1,847 (-23.8%)	$296 (-24.6%)	0.0%	$116.29	+32.1%	COM	718172109
EXPE	EXPEDIA GROUP INC	1,154 (-9.0%)	$327 (+20.6%)	0.0%	$200.25	+23.3%	COM NEW	30212P303
CVS	CVS HEALTH CORP	3,119 (-7.8%)	$248 (-2.9%)	0.0%	$64.19	+22.6%	COM	126650100

Unchanged Positions (91)

XPO XPO INC 10.0%

Value ($000) $264,480 Shares 1,945,996 Est. Cost $38.36 Unrealized +255.2%

TIC TIC SOLUTIONS INC 1.1%

Value ($000) $29,342 Shares 2,902,230 Est. Cost $11.40 Unrealized -2.4%

NAUT NAUTILUS BIOTECHNOLOGY INC 0.5%

Value ($000) $13,987 Shares 7,172,985 Est. Cost $1.93 Unrealized -15.1%

GOOG ALPHABET INC 0.7%

Value ($000) $19,687 Shares 62,738 Est. Cost $97.21 Unrealized +194.6%

AMZN AMAZON COM INC 2.2%

Value ($000) $58,060 Shares 251,539 Est. Cost $148.64 Unrealized +53.9%

CEG CONSTELLATION ENERGY CORP 1.3%

Value ($000) $35,650 Shares 100,915 Est. Cost $263.84 Unrealized +37.7%

EWY ISHARES INC 0.5%

Value ($000) $12,907 Shares 132,765 Est. Cost $77.39 Unrealized —

MCO MOODYS CORP 1.1%

Value ($000) $29,306 Shares 57,368 Est. Cost $281.54 Unrealized +73.1%

SPGI S&P GLOBAL INC 1.0%

Value ($000) $27,193 Shares 52,035 Est. Cost $325.64 Unrealized +51.8%

IBIT ISHARES BITCOIN TRUST ETF 0.2%

Value ($000) $5,816 Shares 117,140 Est. Cost $53.05 Unrealized —

BKSY BLACKSKY TECHNOLOGY INC 0.9%

Value ($000) $23,325 Shares 1,243,976 Est. Cost $7.92 Unrealized +157.5%

SCHW SCHWAB CHARLES CORP 1.5%

Value ($000) $38,987 Shares 390,217 Est. Cost $63.72 Unrealized +48.7%

APO APOLLO GLOBAL MGMT INC 0.8%

Value ($000) $21,366 Shares 147,599 Est. Cost $155.67 Unrealized -14.8%

ORLY OREILLY AUTOMOTIVE INC 0.3%

Value ($000) $8,705 Shares 95,435 Est. Cost $91.16 Unrealized +7.2%

FLKR FRANKLIN TEMPLETON ETF TR 0.3%

Value ($000) $8,451 Shares 263,694 Est. Cost $26.99 Unrealized —

GEV GE VERNOVA INC 0.8%

Value ($000) $21,698 Shares 33,199 Est. Cost $415.97 Unrealized +46.4%

DNLI DENALI THERAPEUTICS INC 0.4%

Value ($000) $10,319 Shares 625,000 Est. Cost $29.75 Unrealized -43.3%

LPX LOUISIANA PAC CORP 0.4%

Value ($000) $9,321 Shares 115,410 Est. Cost $92.32 Unrealized -8.5%

DELL DELL TECHNOLOGIES INC 0.3%

Value ($000) $6,808 Shares 54,087 Est. Cost $101.32 Unrealized +38.9%

BAC BANK AMERICA CORP 0.5%

Value ($000) $12,165 Shares 221,184 Est. Cost $41.30 Unrealized +27.5%

V VISA INC 1.0%

Value ($000) $27,018 Shares 77,039 Est. Cost $209.88 Unrealized +62.2%

WMS ADVANCED DRAIN SYS INC DEL 0.5%

Value ($000) $14,515 Shares 100,224 Est. Cost $137.93 Unrealized +4.9%

JPM JPMORGAN CHASE & CO. 0.6%

Value ($000) $15,903 Shares 49,354 Est. Cost $252.67 Unrealized +22.5%

VTV VANGUARD INDEX FDS 0.5%

Value ($000) $13,201 Shares 69,120 Est. Cost $174.57 Unrealized —

EWW ISHARES INC 0.6%

Value ($000) $16,613 Shares 239,617 Est. Cost $60.56 Unrealized —

PWR QUANTA SVCS INC 0.5%

Value ($000) $13,954 Shares 33,062 Est. Cost $288.64 Unrealized +52.2%

IRWD IRONWOOD PHARMACEUTICALS INC 0.0%

Value ($000) $342 Shares 101,378 Est. Cost $5.38 Unrealized -51.7%

CAT CATERPILLAR INC 0.0%

Value ($000) $1,249 Shares 2,180 Est. Cost $338.69 Unrealized +64.0%

AVGO BROADCOM INC 0.2%

Value ($000) $4,457 Shares 12,877 Est. Cost $158.01 Unrealized +125.9%

SPYD SPDR SERIES TRUST 0.4%

Value ($000) $9,425 Shares 217,913 Est. Cost $43.24 Unrealized —

MRK MERCK & CO INC 0.0%

Value ($000) $753 Shares 7,156 Est. Cost $112.96 Unrealized -17.5%

AMAT APPLIED MATLS INC 0.0%

Value ($000) $744 Shares 2,896 Est. Cost $202.36 Unrealized +18.3%

ETN EATON CORP PLC 0.0%

Value ($000) $812 Shares 2,550 Est. Cost $267.60 Unrealized +32.4%

MLM MARTIN MARIETTA MATLS INC 0.4%

Value ($000) $10,687 Shares 17,164 Est. Cost $494.92 Unrealized +25.5%

STWD STARWOOD PPTY TR INC 0.1%

Value ($000) $1,423 Shares 79,029 Est. Cost $18.85 Unrealized —

EPD ENTERPRISE PRODS PARTNERS L 0.1%

Value ($000) $3,848 Shares 120,021 Est. Cost $28.49 Unrealized —

INDA ISHARES TR 0.1%

Value ($000) $2,512 Shares 46,470 Est. Cost $55.68 Unrealized —

SPYM SPDR SERIES TRUST 0.1%

Value ($000) $3,622 Shares 45,151 Est. Cost $78.34 Unrealized —

NEM NEWMONT CORP 0.0%

Value ($000) $511 Shares 5,118 Est. Cost $43.49 Unrealized +107.4%

IWM ISHARES TR 0.2%

Value ($000) $4,465 Shares 18,137 Est. Cost $220.89 Unrealized —

SHM SPDR SERIES TRUST 0.6%

Value ($000) $15,079 Shares 314,202 Est. Cost $47.60 Unrealized —

VOO VANGUARD INDEX FDS 0.1%

Value ($000) $2,472 Shares 3,941 Est. Cost $480.70 Unrealized —

AGG ISHARES TR 0.6%

Value ($000) $15,139 Shares 151,570 Est. Cost $96.90 Unrealized —

CGIC CAPITAL GROUP INTERNATIONAL 0.0%

Value ($000) $1,064 Shares 32,733 Est. Cost $30.81 Unrealized —

MS MORGAN STANLEY 0.0%

Value ($000) $499 Shares 2,812 Est. Cost $96.90 Unrealized +71.8%

TMO THERMO FISHER SCIENTIFIC INC 0.0%

Value ($000) $308 Shares 531 Est. Cost $589.13 Unrealized -4.1%

VRTX VERTEX PHARMACEUTICALS INC 0.0%

Value ($000) $354 Shares 780 Est. Cost $307.11 Unrealized +40.4%

PG PROCTER AND GAMBLE CO 0.0%

Value ($000) $612 Shares 4,272 Est. Cost $164.23 Unrealized -10.4%

FLJP FRANKLIN TEMPLETON ETF TR 0.5%

Value ($000) $13,747 Shares 399,037 Est. Cost $34.56 Unrealized —

JNJ JOHNSON & JOHNSON 0.0%

Value ($000) $398 Shares 1,925 Est. Cost $151.81 Unrealized +29.8%

HCA HCA HEALTHCARE INC 0.0%

Value ($000) $453 Shares 970 Est. Cost $362.13 Unrealized +28.1%

TXN TEXAS INSTRS INC 0.0%

Value ($000) $618 Shares 3,563 Est. Cost $192.96 Unrealized -11.5%

T AT&T INC 0.0%

Value ($000) $249 Shares 10,032 Est. Cost $15.77 Unrealized +60.3%

VTR VENTAS INC 0.0%

Value ($000) $357 Shares 4,610 Est. Cost $55.96 Unrealized +34.0%

FOXA FOX CORP 0.0%

Value ($000) $235 Shares 3,218 Est. Cost $57.68 Unrealized +13.3%

HON HONEYWELL INTL INC 0.0%

Value ($000) $371 Shares 1,900 Est. Cost $188.34 Unrealized +3.6%

FANG DIAMONDBACK ENERGY INC 0.0%

Value ($000) $536 Shares 3,566 Est. Cost $185.12 Unrealized -20.6%

ITW ILLINOIS TOOL WKS INC 0.0%

Value ($000) $411 Shares 1,670 Est. Cost $237.29 Unrealized +4.3%

NEE NEXTERA ENERGY INC 0.0%

Value ($000) $387 Shares 4,824 Est. Cost $74.86 Unrealized +10.2%

ABT ABBOTT LABS 0.0%

Value ($000) $327 Shares 2,607 Est. Cost $107.07 Unrealized +18.9%

TRTX TPG RE FIN TR INC 0.1%

Value ($000) $3,458 Shares 401,607 Est. Cost $8.64 Unrealized —

PRU PRUDENTIAL FINL INC 0.0%

Value ($000) $248 Shares 2,196 Est. Cost $110.56 Unrealized -3.7%

ACN ACCENTURE PLC IRELAND 0.0%

Value ($000) $234 Shares 871 Est. Cost $260.61 Unrealized -2.5%

XOM EXXON MOBIL CORP 0.0%

Value ($000) $274 Shares 2,280 Est. Cost $107.24 Unrealized +7.7%

TSLA TESLA INC 0.1%

Value ($000) $1,371 Shares 3,048 Est. Cost $229.15 Unrealized +93.5%

TJX TJX COS INC NEW 0.0%

Value ($000) $255 Shares 1,660 Est. Cost $117.72 Unrealized +25.5%

HYMB SPDR SERIES TRUST 1.3%

Value ($000) $34,612 Shares 1,387,825 Est. Cost $25.45 Unrealized —

WELL WELLTOWER INC 0.0%

Value ($000) $322 Shares 1,736 Est. Cost $128.69 Unrealized +44.9%

A AGILENT TECHNOLOGIES INC 0.0%

Value ($000) $227 Shares 1,666 Est. Cost $120.55 Unrealized +19.2%

INTU INTUIT 0.0%

Value ($000) $410 Shares 619 Est. Cost $632.98 Unrealized +4.4%

NSC NORFOLK SOUTHN CORP 0.0%

Value ($000) $309 Shares 1,069 Est. Cost $233.00 Unrealized +23.9%

PLTR PALANTIR TECHNOLOGIES INC 0.0%

Value ($000) $452 Shares 2,542 Est. Cost $87.82 Unrealized +106.1%

SYK STRYKER CORPORATION 0.0%

Value ($000) $210 Shares 598 Est. Cost $340.46 Unrealized +6.8%

LOW LOWES COS INC 0.0%

Value ($000) $219 Shares 910 Est. Cost $195.57 Unrealized +22.6%

KKR KKR & CO INC 0.0%

Value ($000) $454 Shares 3,560 Est. Cost $117.42 Unrealized +5.8%

LMT LOCKHEED MARTIN CORP 0.0%

Value ($000) $235 Shares 486 Est. Cost $516.36 Unrealized -7.8%

MUNI PIMCO ETF TR 0.1%

Value ($000) $3,036 Shares 57,919 Est. Cost $52.09 Unrealized —

ALL ALLSTATE CORP 0.0%

Value ($000) $233 Shares 1,118 Est. Cost $175.61 Unrealized +16.2%

NRG NRG ENERGY INC 0.0%

Value ($000) $365 Shares 2,295 Est. Cost $78.00 Unrealized +111.9%

TOL TOLL BROTHERS INC 0.0%

Value ($000) $285 Shares 2,107 Est. Cost $135.60 Unrealized +0.1%

GE GE AEROSPACE 0.0%

Value ($000) $237 Shares 769 Est. Cost $272.69 Unrealized +10.3%

ABBV ABBVIE INC 0.0%

Value ($000) $409 Shares 1,789 Est. Cost $177.43 Unrealized +28.2%

EQT EQT CORP 0.0%

Value ($000) $349 Shares 6,518 Est. Cost $33.40 Unrealized +68.1%

MA MASTERCARD INCORPORATED 0.1%

Value ($000) $1,469 Shares 2,574 Est. Cost $332.83 Unrealized +67.9%

ADBE ADOBE INC 0.0%

Value ($000) $494 Shares 1,412 Est. Cost $548.46 Unrealized -38.0%

XLC SELECT SECTOR SPDR TR 0.0%

Value ($000) $502 Shares 4,267 Est. Cost $118.37 Unrealized —

SPTI SPDR SERIES TRUST 0.0%

Value ($000) $1,015 Shares 35,199 Est. Cost $28.58 Unrealized —

MCD MCDONALDS CORP 0.0%

Value ($000) $283 Shares 927 Est. Cost $266.70 Unrealized +14.4%

OKE ONEOK INC NEW 0.0%

Value ($000) $217 Shares 2,957 Est. Cost $75.06 Unrealized -6.1%

SBUX STARBUCKS CORP 0.0%

Value ($000) $251 Shares 2,980 Est. Cost $95.99 Unrealized -12.4%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.0%

Value ($000) $688 Shares 1,369 Est. Cost $459.16 Unrealized +8.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XPO	XPO INC	1,945,996	$264,480	10.0%	$38.36	+255.2%	COM	983793100
TIC	TIC SOLUTIONS INC	2,902,230	$29,342	1.1%	$11.40	-2.4%	COM	00510N102
NAUT	NAUTILUS BIOTECHNOLOGY INC	7,172,985	$13,987	0.5%	$1.93	-15.1%	COM	63909J108
GOOG	ALPHABET INC	62,738	$19,687	0.7%	$97.21	+194.6%	CAP STK CL C	02079K107
AMZN	AMAZON COM INC	251,539	$58,060	2.2%	$148.64	+53.9%	COM	023135106
CEG	CONSTELLATION ENERGY CORP	100,915	$35,650	1.3%	$263.84	+37.7%	COM	21037T109
EWY	ISHARES INC	132,765	$12,907	0.5%	$77.39	—	MSCI STH KOR ETF	464286772
MCO	MOODYS CORP	57,368	$29,306	1.1%	$281.54	+73.1%	COM	615369105
SPGI	S&P GLOBAL INC	52,035	$27,193	1.0%	$325.64	+51.8%	COM	78409V104
IBIT	ISHARES BITCOIN TRUST ETF	117,140	$5,816	0.2%	$53.05	—	SHS BEN INT	46438F101
BKSY	BLACKSKY TECHNOLOGY INC	1,243,976	$23,325	0.9%	$7.92	+157.5%	CL A NEW	09263B207
SCHW	SCHWAB CHARLES CORP	390,217	$38,987	1.5%	$63.72	+48.7%	COM	808513105
APO	APOLLO GLOBAL MGMT INC	147,599	$21,366	0.8%	$155.67	-14.8%	COM	03769M106
ORLY	OREILLY AUTOMOTIVE INC	95,435	$8,705	0.3%	$91.16	+7.2%	COM	67103H107
FLKR	FRANKLIN TEMPLETON ETF TR	263,694	$8,451	0.3%	$26.99	—	FTSE SOUTH KOREA	35473P710
GEV	GE VERNOVA INC	33,199	$21,698	0.8%	$415.97	+46.4%	COM	36828A101
DNLI	DENALI THERAPEUTICS INC	625,000	$10,319	0.4%	$29.75	-43.3%	COM	24823R105
LPX	LOUISIANA PAC CORP	115,410	$9,321	0.4%	$92.32	-8.5%	COM	546347105
DELL	DELL TECHNOLOGIES INC	54,087	$6,808	0.3%	$101.32	+38.9%	CL C	24703L202
BAC	BANK AMERICA CORP	221,184	$12,165	0.5%	$41.30	+27.5%	COM	060505104
V	VISA INC	77,039	$27,018	1.0%	$209.88	+62.2%	COM CL A	92826C839
WMS	ADVANCED DRAIN SYS INC DEL	100,224	$14,515	0.5%	$137.93	+4.9%	COM	00790R104
JPM	JPMORGAN CHASE & CO.	49,354	$15,903	0.6%	$252.67	+22.5%	COM	46625H100
VTV	VANGUARD INDEX FDS	69,120	$13,201	0.5%	$174.57	—	VALUE ETF	922908744
EWW	ISHARES INC	239,617	$16,613	0.6%	$60.56	—	MSCI MEXICO ETF	464286822
PWR	QUANTA SVCS INC	33,062	$13,954	0.5%	$288.64	+52.2%	COM	74762E102
IRWD	IRONWOOD PHARMACEUTICALS INC	101,378	$342	0.0%	$5.38	-51.7%	COM CL A	46333X108
CAT	CATERPILLAR INC	2,180	$1,249	0.0%	$338.69	+64.0%	COM	149123101
AVGO	BROADCOM INC	12,877	$4,457	0.2%	$158.01	+125.9%	COM	11135F101
SPYD	SPDR SERIES TRUST	217,913	$9,425	0.4%	$43.24	—	STATE STREET SPD	78468R788
MRK	MERCK & CO INC	7,156	$753	0.0%	$112.96	-17.5%	COM	58933Y105
AMAT	APPLIED MATLS INC	2,896	$744	0.0%	$202.36	+18.3%	COM	038222105
ETN	EATON CORP PLC	2,550	$812	0.0%	$267.60	+32.4%	SHS	G29183103
MLM	MARTIN MARIETTA MATLS INC	17,164	$10,687	0.4%	$494.92	+25.5%	COM	573284106
STWD	STARWOOD PPTY TR INC	79,029	$1,423	0.1%	$18.85	—	COM	85571B105
EPD	ENTERPRISE PRODS PARTNERS L	120,021	$3,848	0.1%	$28.49	—	COM	293792107
INDA	ISHARES TR	46,470	$2,512	0.1%	$55.68	—	MSCI INDIA ETF	46429B598
SPYM	SPDR SERIES TRUST	45,151	$3,622	0.1%	$78.34	—	STATE STREET SPD	78464A854
NEM	NEWMONT CORP	5,118	$511	0.0%	$43.49	+107.4%	COM	651639106
IWM	ISHARES TR	18,137	$4,465	0.2%	$220.89	—	RUSSELL 2000 ETF	464287655
SHM	SPDR SERIES TRUST	314,202	$15,079	0.6%	$47.60	—	STATE STREET SPD	78468R739
VOO	VANGUARD INDEX FDS	3,941	$2,472	0.1%	$480.70	—	S&P 500 ETF SHS	922908363
AGG	ISHARES TR	151,570	$15,139	0.6%	$96.90	—	CORE US AGGBD ET	464287226
CGIC	CAPITAL GROUP INTERNATIONAL	32,733	$1,064	0.0%	$30.81	—	SHS	14021T102
MS	MORGAN STANLEY	2,812	$499	0.0%	$96.90	+71.8%	COM NEW	617446448
TMO	THERMO FISHER SCIENTIFIC INC	531	$308	0.0%	$589.13	-4.1%	COM	883556102
VRTX	VERTEX PHARMACEUTICALS INC	780	$354	0.0%	$307.11	+40.4%	COM	92532F100
PG	PROCTER AND GAMBLE CO	4,272	$612	0.0%	$164.23	-10.4%	COM	742718109
FLJP	FRANKLIN TEMPLETON ETF TR	399,037	$13,747	0.5%	$34.56	—	FTSE JAPAN ETF	35473P744
JNJ	JOHNSON & JOHNSON	1,925	$398	0.0%	$151.81	+29.8%	COM	478160104
HCA	HCA HEALTHCARE INC	970	$453	0.0%	$362.13	+28.1%	COM	40412C101
TXN	TEXAS INSTRS INC	3,563	$618	0.0%	$192.96	-11.5%	COM	882508104
T	AT&T INC	10,032	$249	0.0%	$15.77	+60.3%	COM	00206R102
VTR	VENTAS INC	4,610	$357	0.0%	$55.96	+34.0%	COM	92276F100
FOXA	FOX CORP	3,218	$235	0.0%	$57.68	+13.3%	CL A COM	35137L105
HON	HONEYWELL INTL INC	1,900	$371	0.0%	$188.34	+3.6%	COM	438516106
FANG	DIAMONDBACK ENERGY INC	3,566	$536	0.0%	$185.12	-20.6%	COM	25278X109
ITW	ILLINOIS TOOL WKS INC	1,670	$411	0.0%	$237.29	+4.3%	COM	452308109
NEE	NEXTERA ENERGY INC	4,824	$387	0.0%	$74.86	+10.2%	COM	65339F101
ABT	ABBOTT LABS	2,607	$327	0.0%	$107.07	+18.9%	COM	002824100
TRTX	TPG RE FIN TR INC	401,607	$3,458	0.1%	$8.64	—	COM	87266M107
PRU	PRUDENTIAL FINL INC	2,196	$248	0.0%	$110.56	-3.7%	COM	744320102
ACN	ACCENTURE PLC IRELAND	871	$234	0.0%	$260.61	-2.5%	SHS CLASS A	G1151C101
XOM	EXXON MOBIL CORP	2,280	$274	0.0%	$107.24	+7.7%	COM	30231G102
TSLA	TESLA INC	3,048	$1,371	0.1%	$229.15	+93.5%	COM	88160R101
TJX	TJX COS INC NEW	1,660	$255	0.0%	$117.72	+25.5%	COM	872540109
HYMB	SPDR SERIES TRUST	1,387,825	$34,612	1.3%	$25.45	—	STATE STREET SPD	78464A284
WELL	WELLTOWER INC	1,736	$322	0.0%	$128.69	+44.9%	COM	95040Q104
A	AGILENT TECHNOLOGIES INC	1,666	$227	0.0%	$120.55	+19.2%	COM	00846U101
INTU	INTUIT	619	$410	0.0%	$632.98	+4.4%	COM	461202103
NSC	NORFOLK SOUTHN CORP	1,069	$309	0.0%	$233.00	+23.9%	COM	655844108
PLTR	PALANTIR TECHNOLOGIES INC	2,542	$452	0.0%	$87.82	+106.1%	CL A	69608A108
SYK	STRYKER CORPORATION	598	$210	0.0%	$340.46	+6.8%	COM	863667101
LOW	LOWES COS INC	910	$219	0.0%	$195.57	+22.6%	COM	548661107
KKR	KKR & CO INC	3,560	$454	0.0%	$117.42	+5.8%	COM	48251W104
LMT	LOCKHEED MARTIN CORP	486	$235	0.0%	$516.36	-7.8%	COM	539830109
MUNI	PIMCO ETF TR	57,919	$3,036	0.1%	$52.09	—	INTER MUN BD ACT	72201R866
ALL	ALLSTATE CORP	1,118	$233	0.0%	$175.61	+16.2%	COM	020002101
NRG	NRG ENERGY INC	2,295	$365	0.0%	$78.00	+111.9%	COM NEW	629377508
TOL	TOLL BROTHERS INC	2,107	$285	0.0%	$135.60	+0.1%	COM	889478103
GE	GE AEROSPACE	769	$237	0.0%	$272.69	+10.3%	COM NEW	369604301
ABBV	ABBVIE INC	1,789	$409	0.0%	$177.43	+28.2%	COM	00287Y109
EQT	EQT CORP	6,518	$349	0.0%	$33.40	+68.1%	COM	26884L109
MA	MASTERCARD INCORPORATED	2,574	$1,469	0.1%	$332.83	+67.9%	CL A	57636Q104
ADBE	ADOBE INC	1,412	$494	0.0%	$548.46	-38.0%	COM	00724F101
XLC	SELECT SECTOR SPDR TR	4,267	$502	0.0%	$118.37	—	STATE STREET COM	81369Y852
SPTI	SPDR SERIES TRUST	35,199	$1,015	0.0%	$28.58	—	STATE STREET SPD	78464A672
MCD	MCDONALDS CORP	927	$283	0.0%	$266.70	+14.4%	COM	580135101
OKE	ONEOK INC NEW	2,957	$217	0.0%	$75.06	-6.1%	COM	682680103
SBUX	STARBUCKS CORP	2,980	$251	0.0%	$95.99	-12.4%	COM	855244109
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,369	$688	0.0%	$459.16	+8.4%	CL B NEW	084670702