Flagstone Financial Management Long-Term Concentrated

CIK: 0001968890 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 9, 2026

Total Value ($000): $389,915 (100.0% shares, 0.0% debt)

Holdings (66)

New Positions (4)

ELS EQUITY LIFESTYLE PPTYS INC 0.1%

Value ($000) $368 Shares 6,065 Est. Cost $60.61 Unrealized —

QQQ INVESCO QQQ TR 0.1%

Value ($000) $339 Shares 552 Est. Cost $614.31 Unrealized —

PEP PEPSICO INC 0.1%

Value ($000) $287 Shares 2,000 Est. Cost $145.91 Unrealized 0.0%

ORCL ORACLE CORP 0.1%

Value ($000) $249 Shares 1,277 Est. Cost $238.05 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ELS	EQUITY LIFESTYLE PPTYS INC	6,065	$368	0.1%	$60.61	—	COM	29472R108
QQQ	INVESCO QQQ TR	552	$339	0.1%	$614.31	—	UNIT SER 1	46090E103
PEP	PEPSICO INC	2,000	$287	0.1%	$145.91	0.0%	COM	713448108
ORCL	ORACLE CORP	1,277	$249	0.1%	$238.05	0.0%	COM	68389X105

Increased Positions (20)

SPSB SPDR SERIES TRUST 6.6%

Value ($000) $25,736 (+4.1%) Shares 852,175 (+4.4%) Est. Cost $29.57 Unrealized —

MUNI PIMCO ETF TR 1.6%

Value ($000) $6,064 (+17.8%) Shares 115,713 (+17.5%) Est. Cost $52.36 Unrealized —

IGIB ISHARES TR 10.5%

Value ($000) $40,962 (+2.3%) Shares 760,236 (+2.7%) Est. Cost $51.92 Unrealized —

SPTI SPDR SERIES TRUST 6.1%

Value ($000) $23,711 (+2.6%) Shares 822,162 (+2.8%) Est. Cost $28.35 Unrealized —

AVUS AMERICAN CENTY ETF TR 3.8%

Value ($000) $14,948 (+4.1%) Shares 133,728 (+1.2%) Est. Cost $73.42 Unrealized —

BNDX VANGUARD CHARLOTTE FDS 5.4%

Value ($000) $21,177 (+1.6%) Shares 438,274 (+4.0%) Est. Cost $48.22 Unrealized —

DFSU DIMENSIONAL ETF TRUST 0.6%

Value ($000) $2,254 (+11.8%) Shares 51,893 (+9.3%) Est. Cost $39.46 Unrealized —

JNJ JOHNSON & JOHNSON 0.1%

Value ($000) $375 (+82.1%) Shares 1,811 (+63.2%) Est. Cost $180.15 Unrealized +9.4%

WFC WELLS FARGO CO NEW 0.3%

Value ($000) $1,104 (+17.0%) Shares 11,846 (+5.2%) Est. Cost $43.89 Unrealized +97.4%

BAC BANK AMERICA CORP 0.1%

Value ($000) $354 (+41.9%) Shares 6,436 (+33.1%) Est. Cost $45.27 Unrealized +16.3%

VNQ VANGUARD INDEX FDS 2.5%

Value ($000) $9,924 (+1.0%) Shares 112,150 (+4.3%) Est. Cost $84.46 Unrealized —

DFSI DIMENSIONAL ETF TRUST 0.2%

Value ($000) $820 (+13.4%) Shares 19,147 (+8.4%) Est. Cost $36.61 Unrealized —

SUSB ISHARES TR 0.6%

Value ($000) $2,192 (+4.4%) Shares 86,842 (+4.6%) Est. Cost $24.02 Unrealized —

DFSE DIMENSIONAL ETF TRUST 0.1%

Value ($000) $523 (+15.3%) Shares 12,611 (+14.2%) Est. Cost $36.51 Unrealized —

AMZN AMAZON COM INC 0.1%

Value ($000) $339 (+21.7%) Shares 1,469 (+15.8%) Est. Cost $192.51 Unrealized +18.8%

ROK ROCKWELL AUTOMATION INC 0.1%

Value ($000) $265 (+20.1%) Shares 681 (+7.9%) Est. Cost $289.01 Unrealized +29.8%

AVRE AMERICAN CENTY ETF TR 0.3%

Value ($000) $1,223 (+3.2%) Shares 28,087 (+5.4%) Est. Cost $41.53 Unrealized —

DFSB DIMENSIONAL ETF TRUST 0.2%

Value ($000) $927 (+2.4%) Shares 17,887 (+5.3%) Est. Cost $51.99 Unrealized —

BOC BOSTON OMAHA CORP 0.1%

Value ($000) $300 (+1.7%) Shares 24,215 (+7.6%) Est. Cost $13.98 Unrealized -6.9%

XLK SELECT SECTOR SPDR TR 0.1%

Value ($000) $219 (+2.2%) Shares 1,522 (+100.0%) Est. Cost $212.91 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPSB	SPDR SERIES TRUST	852,175 (+4.4%)	$25,736 (+4.1%)	6.6%	$29.57	—	STATE STREET SPD	78464A474
MUNI	PIMCO ETF TR	115,713 (+17.5%)	$6,064 (+17.8%)	1.6%	$52.36	—	INTER MUN BD ACT	72201R866
IGIB	ISHARES TR	760,236 (+2.7%)	$40,962 (+2.3%)	10.5%	$51.92	—	ISHS 5-10YR INVT	464288638
SPTI	SPDR SERIES TRUST	822,162 (+2.8%)	$23,711 (+2.6%)	6.1%	$28.35	—	STATE STREET SPD	78464A672
AVUS	AMERICAN CENTY ETF TR	133,728 (+1.2%)	$14,948 (+4.1%)	3.8%	$73.42	—	US EQT ETF	025072885
BNDX	VANGUARD CHARLOTTE FDS	438,274 (+4.0%)	$21,177 (+1.6%)	5.4%	$48.22	—	TOTAL INT BD ETF	92203J407
DFSU	DIMENSIONAL ETF TRUST	51,893 (+9.3%)	$2,254 (+11.8%)	0.6%	$39.46	—	US SUSTAINABILTY	25434V716
JNJ	JOHNSON & JOHNSON	1,811 (+63.2%)	$375 (+82.1%)	0.1%	$180.15	+9.4%	COM	478160104
WFC	WELLS FARGO CO NEW	11,846 (+5.2%)	$1,104 (+17.0%)	0.3%	$43.89	+97.4%	COM	949746101
BAC	BANK AMERICA CORP	6,436 (+33.1%)	$354 (+41.9%)	0.1%	$45.27	+16.3%	COM	060505104
VNQ	VANGUARD INDEX FDS	112,150 (+4.3%)	$9,924 (+1.0%)	2.5%	$84.46	—	REAL ESTATE ETF	922908553
DFSI	DIMENSIONAL ETF TRUST	19,147 (+8.4%)	$820 (+13.4%)	0.2%	$36.61	—	INTERNATIONAL	25434V690
SUSB	ISHARES TR	86,842 (+4.6%)	$2,192 (+4.4%)	0.6%	$24.02	—	ESG AWRE 1 5 YR	46435G243
DFSE	DIMENSIONAL ETF TRUST	12,611 (+14.2%)	$523 (+15.3%)	0.1%	$36.51	—	EMERGING MARKETS	25434V682
AMZN	AMAZON COM INC	1,469 (+15.8%)	$339 (+21.7%)	0.1%	$192.51	+18.8%	COM	023135106
ROK	ROCKWELL AUTOMATION INC	681 (+7.9%)	$265 (+20.1%)	0.1%	$289.01	+29.8%	COM	773903109
AVRE	AMERICAN CENTY ETF TR	28,087 (+5.4%)	$1,223 (+3.2%)	0.3%	$41.53	—	REAL ESTATE ETF	025072356
DFSB	DIMENSIONAL ETF TRUST	17,887 (+5.3%)	$927 (+2.4%)	0.2%	$51.99	—	GLOBAL SUSTAINA	25434V674
BOC	BOSTON OMAHA CORP	24,215 (+7.6%)	$300 (+1.7%)	0.1%	$13.98	-6.9%	CL A COM STK	101044105
XLK	SELECT SECTOR SPDR TR	1,522 (+100.0%)	$219 (+2.2%)	0.1%	$212.91	—	STATE STREET TEC	81369Y803

Decreased Positions (8)

MSFT MICROSOFT CORP 0.6%

Value ($000) $2,493 (-8.1%) Shares 5,155 (-1.6%) Est. Cost $274.00 Unrealized +82.7%

AVDV AMERICAN CENTY ETF TR 3.7%

Value ($000) $14,492 (+1.2%) Shares 154,223 (-4.1%) Est. Cost $56.84 Unrealized —

DFEM DIMENSIONAL ETF TRUST 4.2%

Value ($000) $16,302 (+0.8%) Shares 492,792 (-2.3%) Est. Cost $24.88 Unrealized —

VIG VANGUARD SPECIALIZED FUNDS 0.2%

Value ($000) $732 (-13.1%) Shares 3,331 (-14.7%) Est. Cost $151.85 Unrealized —

AAPL APPLE INC 0.8%

Value ($000) $3,149 (+2.9%) Shares 11,583 (-3.6%) Est. Cost $182.58 Unrealized +47.0%

AVEM AMERICAN CENTY ETF TR 1.9%

Value ($000) $7,294 (+0.9%) Shares 94,704 (-1.6%) Est. Cost $50.62 Unrealized —

JPM JPMORGAN CHASE & CO. 0.3%

Value ($000) $1,141 (-4.3%) Shares 3,542 (-6.3%) Est. Cost $138.50 Unrealized +123.5%

DE DEERE & CO 0.1%

Value ($000) $481 (-4.2%) Shares 1,032 (-5.9%) Est. Cost $369.25 Unrealized +26.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	5,155 (-1.6%)	$2,493 (-8.1%)	0.6%	$274.00	+82.7%	COM	594918104
AVDV	AMERICAN CENTY ETF TR	154,223 (-4.1%)	$14,492 (+1.2%)	3.7%	$56.84	—	INTL SMCP VLU	025072802
DFEM	DIMENSIONAL ETF TRUST	492,792 (-2.3%)	$16,302 (+0.8%)	4.2%	$24.88	—	EMERGING MKTS CO	25434V732
VIG	VANGUARD SPECIALIZED FUNDS	3,331 (-14.7%)	$732 (-13.1%)	0.2%	$151.85	—	DIV APP ETF	921908844
AAPL	APPLE INC	11,583 (-3.6%)	$3,149 (+2.9%)	0.8%	$182.58	+47.0%	COM	037833100
AVEM	AMERICAN CENTY ETF TR	94,704 (-1.6%)	$7,294 (+0.9%)	1.9%	$50.62	—	AVANTIS EMGMKT	025072604
JPM	JPMORGAN CHASE & CO.	3,542 (-6.3%)	$1,141 (-4.3%)	0.3%	$138.50	+123.5%	COM	46625H100
DE	DEERE & CO	1,032 (-5.9%)	$481 (-4.2%)	0.1%	$369.25	+26.7%	COM	244199105

Unchanged Positions (34)

DFUS DIMENSIONAL ETF TRUST 28.3%

Value ($000) $110,241 Shares 1,486,333 Est. Cost $46.06 Unrealized —

SPDW SPDR INDEX SHS FDS 7.5%

Value ($000) $29,186 Shares 657,191 Est. Cost $30.74 Unrealized —

AVUV AMERICAN CENTY ETF TR 5.0%

Value ($000) $19,526 Shares 191,469 Est. Cost $78.94 Unrealized —

GOOG ALPHABET INC 0.2%

Value ($000) $903 Shares 2,877 Est. Cost $98.35 Unrealized +191.1%

AVDE AMERICAN CENTY ETF TR 1.1%

Value ($000) $4,355 Shares 52,904 Est. Cost $53.76 Unrealized —

USB US BANCORP DEL 0.3%

Value ($000) $1,309 Shares 24,526 Est. Cost $36.85 Unrealized +32.2%

GOOGL ALPHABET INC 0.1%

Value ($000) $309 Shares 987 Est. Cost $209.20 Unrealized +36.5%

MKL MARKEL GROUP INC 0.1%

Value ($000) $546 Shares 254 Est. Cost $1237.05 Unrealized +63.8%

BRK/B BERKSHIRE HATHAWAY INC DEL 1.6%

Value ($000) $6,127 Shares 12,189 Est. Cost $328.81 Unrealized +51.3%

XOM EXXON MOBIL CORP 0.2%

Value ($000) $804 Shares 6,680 Est. Cost $98.98 Unrealized +16.7%

SPTM SPDR SERIES TRUST 0.5%

Value ($000) $2,064 Shares 25,023 Est. Cost $71.91 Unrealized —

ETN EATON CORP PLC 0.1%

Value ($000) $211 Shares 664 Est. Cost $306.71 Unrealized +15.5%

DFSV DIMENSIONAL ETF TRUST 0.3%

Value ($000) $1,061 Shares 32,265 Est. Cost $29.43 Unrealized —

DFAE DIMENSIONAL ETF TRUST 0.3%

Value ($000) $1,031 Shares 31,663 Est. Cost $21.95 Unrealized —

MUB ISHARES TR 0.8%

Value ($000) $3,196 Shares 29,842 Est. Cost $105.57 Unrealized —

DFIV DIMENSIONAL ETF TRUST 0.1%

Value ($000) $382 Shares 7,651 Est. Cost $30.40 Unrealized —

WMT WALMART INC 0.1%

Value ($000) $306 Shares 2,745 Est. Cost $72.48 Unrealized +47.9%

DFAR DIMENSIONAL ETF TRUST 0.1%

Value ($000) $485 Shares 21,166 Est. Cost $22.79 Unrealized —

SHOP SHOPIFY INC 0.1%

Value ($000) $238 Shares 1,480 Est. Cost $135.57 Unrealized +18.4%

VTI VANGUARD INDEX FDS 0.2%

Value ($000) $700 Shares 2,088 Est. Cost $262.16 Unrealized —

VEA VANGUARD TAX-MANAGED FDS 0.1%

Value ($000) $225 Shares 3,596 Est. Cost $57.01 Unrealized —

IWM ISHARES TR 0.1%

Value ($000) $433 Shares 1,758 Est. Cost $182.11 Unrealized —

UNP UNION PAC CORP 0.1%

Value ($000) $253 Shares 1,093 Est. Cost $190.19 Unrealized +19.5%

DFAT DIMENSIONAL ETF TRUST 0.1%

Value ($000) $245 Shares 4,113 Est. Cost $52.33 Unrealized —

SPY SPDR S&P 500 ETF TR 0.1%

Value ($000) $230 Shares 337 Est. Cost $618.67 Unrealized —

NVDA NVIDIA CORPORATION 0.2%

Value ($000) $939 Shares 5,037 Est. Cost $113.07 Unrealized +64.6%

IEFA ISHARES TR 0.1%

Value ($000) $216 Shares 2,418 Est. Cost $83.48 Unrealized —

MA MASTERCARD INCORPORATED 0.2%

Value ($000) $622 Shares 1,090 Est. Cost $461.72 Unrealized +21.1%

XLF SELECT SECTOR SPDR TR 0.1%

Value ($000) $286 Shares 5,227 Est. Cost $45.32 Unrealized —

IWR ISHARES TR 0.2%

Value ($000) $753 Shares 7,823 Est. Cost $75.12 Unrealized —

VGIT VANGUARD SCOTTSDALE FDS 0.2%

Value ($000) $601 Shares 10,029 Est. Cost $58.43 Unrealized —

SPIB SPDR SERIES TRUST 0.1%

Value ($000) $390 Shares 11,531 Est. Cost $31.88 Unrealized —

BRK/A BERKSHIRE HATHAWAY INC DEL 0.2%

Value ($000) $755 Shares 1 Est. Cost $448761.72 Unrealized +66.3%

IEI ISHARES TR 0.1%

Value ($000) $244 Shares 2,042 Est. Cost $117.04 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DFUS	DIMENSIONAL ETF TRUST	1,486,333	$110,241	28.3%	$46.06	—	US EQUITY MARKET	25434V401
SPDW	SPDR INDEX SHS FDS	657,191	$29,186	7.5%	$30.74	—	PORTFOLIO DEVLPD	78463X889
AVUV	AMERICAN CENTY ETF TR	191,469	$19,526	5.0%	$78.94	—	US SML CP VALU	025072877
GOOG	ALPHABET INC	2,877	$903	0.2%	$98.35	+191.1%	CAP STK CL C	02079K107
AVDE	AMERICAN CENTY ETF TR	52,904	$4,355	1.1%	$53.76	—	INTL EQT ETF	025072703
USB	US BANCORP DEL	24,526	$1,309	0.3%	$36.85	+32.2%	COM NEW	902973304
GOOGL	ALPHABET INC	987	$309	0.1%	$209.20	+36.5%	CAP STK CL A	02079K305
MKL	MARKEL GROUP INC	254	$546	0.1%	$1237.05	+63.8%	COM	570535104
BRK/B	BERKSHIRE HATHAWAY INC DEL	12,189	$6,127	1.6%	$328.81	+51.3%	CL B NEW	084670702
XOM	EXXON MOBIL CORP	6,680	$804	0.2%	$98.98	+16.7%	COM	30231G102
SPTM	SPDR SERIES TRUST	25,023	$2,064	0.5%	$71.91	—	STATE STREET SPD	78464A805
ETN	EATON CORP PLC	664	$211	0.1%	$306.71	+15.5%	SHS	G29183103
DFSV	DIMENSIONAL ETF TRUST	32,265	$1,061	0.3%	$29.43	—	US SMALL CAP VAL	25434V815
DFAE	DIMENSIONAL ETF TRUST	31,663	$1,031	0.3%	$21.95	—	EMGR CRE EQT MNG	25434V302
MUB	ISHARES TR	29,842	$3,196	0.8%	$105.57	—	NATIONAL MUN ETF	464288414
DFIV	DIMENSIONAL ETF TRUST	7,651	$382	0.1%	$30.40	—	INTERNATNAL VAL	25434V807
WMT	WALMART INC	2,745	$306	0.1%	$72.48	+47.9%	COM	931142103
DFAR	DIMENSIONAL ETF TRUST	21,166	$485	0.1%	$22.79	—	US REAL ESTATE E	25434V823
SHOP	SHOPIFY INC	1,480	$238	0.1%	$135.57	+18.4%	CL A SUB VTG SHS	82509L107
VTI	VANGUARD INDEX FDS	2,088	$700	0.2%	$262.16	—	TOTAL STK MKT	922908769
VEA	VANGUARD TAX-MANAGED FDS	3,596	$225	0.1%	$57.01	—	VAN FTSE DEV MKT	921943858
IWM	ISHARES TR	1,758	$433	0.1%	$182.11	—	RUSSELL 2000 ETF	464287655
UNP	UNION PAC CORP	1,093	$253	0.1%	$190.19	+19.5%	COM	907818108
DFAT	DIMENSIONAL ETF TRUST	4,113	$245	0.1%	$52.33	—	US TARGETED VLU	25434V609
SPY	SPDR S&P 500 ETF TR	337	$230	0.1%	$618.67	—	TR UNIT	78462F103
NVDA	NVIDIA CORPORATION	5,037	$939	0.2%	$113.07	+64.6%	COM	67066G104
IEFA	ISHARES TR	2,418	$216	0.1%	$83.48	—	CORE MSCI EAFE	46432F842
MA	MASTERCARD INCORPORATED	1,090	$622	0.2%	$461.72	+21.1%	CL A	57636Q104
XLF	SELECT SECTOR SPDR TR	5,227	$286	0.1%	$45.32	—	STATE STREET FIN	81369Y605
IWR	ISHARES TR	7,823	$753	0.2%	$75.12	—	RUS MID CAP ETF	464287499
VGIT	VANGUARD SCOTTSDALE FDS	10,029	$601	0.2%	$58.43	—	INTER TERM TREAS	92206C706
SPIB	SPDR SERIES TRUST	11,531	$390	0.1%	$31.88	—	STATE STREET SPD	78464A375
BRK/A	BERKSHIRE HATHAWAY INC DEL	1	$755	0.2%	$448761.72	+66.3%	CL A	084670108
IEI	ISHARES TR	2,042	$244	0.1%	$117.04	—	3 7 YR TREAS BD	464288661