EIGHT 31 FINANCIAL, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AGG	ISHARES TR	242,599 (+3.2%)	$24,231 (+2.8%)	13.3%	$99.48	—	CORE US AGGBD ET	464287226
IBDT	ISHARES TR	321,261 (+7.4%)	$8,178 (+7.1%)	4.5%	$25.32	—	IBDS DEC28 ETF	46435U515
IBTH	ISHARES TR	364,303 (+7.3%)	$8,186 (+7.0%)	4.5%	$22.44	—	IBONDS 27 TRM TS	46436E841
IBDV	ISHARES TR	369,742 (+7.4%)	$8,160 (+7.1%)	4.5%	$22.14	—	IBONDS DEC 2030	46436E726
IBDS	ISHARES TR	337,111 (+7.3%)	$8,185 (+7.0%)	4.5%	$24.22	—	IBONDS 27 ETF	46435UAA9
IBTJ	ISHARES TR	432,713 (+5.1%)	$9,496 (+5.1%)	5.2%	$21.80	—	IBONDS 29 TRM TS	46436E825
IBTI	ISHARES TR	424,922 (+5.1%)	$9,503 (+5.0%)	5.2%	$22.27	—	IBONDS 28 TRM TS	46436E833
IBTK	ISHARES TR	510,993 (+4.3%)	$10,141 (+4.1%)	5.6%	$19.84	—	IBOND DEC 2030	46436E593
IBDU	ISHARES TR	174,442 (+7.4%)	$4,083 (+7.1%)	2.2%	$23.21	—	IBONDS DEC 29	46436E205
AOR	ISHARES TR	109,553 (+1.5%)	$7,122 (+2.5%)	3.9%	$58.22	—	CORE 60/40 BALAN	464289867
IBHG	ISHARES TR	106,201 (+5.3%)	$2,370 (+4.5%)	1.3%	$22.48	—	IBONDS 2027 TERM	46436E478
IBHF	ISHARES TR	102,194 (+5.4%)	$2,359 (+4.1%)	1.3%	$23.24	—	IBONDS 2026 TERM	46436E528
NFLX	NETFLIX INC	3,500 (+900.0%)	$328 (-21.8%)	0.2%	$109.23	-1.3%	COM	64110L106
ACWI	ISHARES TR	5,942 (+7.7%)	$841 (+10.2%)	0.5%	$109.82	—	MSCI ACWI ETF	464288257
IWS	ISHARES TR	4,261 (+3.8%)	$601 (+4.9%)	0.3%	$132.32	—	RUS MDCP VAL ETF	464287473
PTEN	PATTERSON-UTI ENERGY INC	25,131 (+1.2%)	$154 (+19.4%)	0.1%	$11.82	-49.5%	COM	703481101
DX	DYNEX CAP INC	12,158 (+2.5%)	$170 (+16.9%)	0.1%	$12.27	—	COM	26817Q886
OXLC	OXFORD LANE CAP CORP	21,069 (+8.2%)	$308 (-6.5%)	0.2%	$16.76	—	COM	691543847
AGNC	AGNC INVT CORP	16,676 (+3.5%)	$179 (+13.4%)	0.1%	$9.26	—	COM	00123Q104
IWN	ISHARES TR	1,667 (+3.5%)	$302 (+6.1%)	0.2%	$166.97	—	RUS 2000 VAL ETF	464287630
IJR	ISHARES TR	2,593 (+2.3%)	$312 (+3.4%)	0.2%	$115.50	—	CORE S&P SCP ETF	464287804
TCPC	BLACKROCK TCP CAPITAL CORP	18,888 (+4.7%)	$103 (-7.7%)	0.1%	$7.27	-20.7%	COM	09259E108
ARCC	ARES CAPITAL CORP	20,887 (+2.4%)	$423 (+1.5%)	0.2%	$16.48	+20.1%	COM	04010L103
IAGG	ISHARES TR	20,437 (+2.2%)	$1,022 (-0.2%)	0.6%	$50.18	—	CORE INTL AGGR	46435G672

Exited Positions (5)

WMB WILLIAMS COS INC 0.1%

Value ($000) $269 Shares 4,247 Est. Cost $32.16 Unrealized +86.7%

DMLP DORCHESTER MINERALS LP 0.1%

Value ($000) $253 Shares 9,767 Est. Cost $31.54 Unrealized —

NOW SERVICENOW INC 0.1%

Value ($000) $230 Shares 250 Est. Cost $186.78 Unrealized -8.2%

PB PROSPERITY BANCSHARES INC 0.1%

Value ($000) $219 Shares 3,301 Est. Cost $54.28 Unrealized +23.5%

PANW PALO ALTO NETWORKS INC 0.1%

Value ($000) $213 Shares 1,044 Est. Cost $191.42 Unrealized +5.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WMB	WILLIAMS COS INC	4,247	$269	0.1%	$32.16	+86.7%	—	969457100
DMLP	DORCHESTER MINERALS LP	9,767	$253	0.1%	$31.54	—	—	25820R105
NOW	SERVICENOW INC	250	$230	0.1%	$186.78	-8.2%	—	81762P102
PB	PROSPERITY BANCSHARES INC	3,301	$219	0.1%	$54.28	+23.5%	—	743606105
PANW	PALO ALTO NETWORKS INC	1,044	$213	0.1%	$191.42	+5.4%	—	697435105

Decreased Positions (8)

KRP KIMBELL RTY PARTNERS LP 0.2%

Value ($000) $299 (-52.2%) Shares 25,400 (-45.1%) Est. Cost $15.14 Unrealized —

IDEV ISHARES TR 3.6%

Value ($000) $6,504 (+1.6%) Shares 78,858 (-1.2%) Est. Cost $67.68 Unrealized —

IBTL ISHARES TR 0.7%

Value ($000) $1,318 (-7.0%) Shares 64,218 (-6.8%) Est. Cost $20.39 Unrealized —

EFA ISHARES TR 0.4%

Value ($000) $798 (-8.6%) Shares 8,307 (-11.2%) Est. Cost $82.33 Unrealized —

IWF ISHARES TR 0.6%

Value ($000) $1,007 (-6.9%) Shares 2,127 (-7.8%) Est. Cost $310.37 Unrealized —

AOM ISHARES TR 0.5%

Value ($000) $997 (-1.7%) Shares 20,886 (-2.0%) Est. Cost $42.96 Unrealized —

DVN DEVON ENERGY CORP NEW 0.2%

Value ($000) $369 (+2.5%) Shares 10,071 (-1.9%) Est. Cost $42.41 Unrealized -18.1%

IWO ISHARES TR 0.2%

Value ($000) $291 (-0.8%) Shares 902 (-1.7%) Est. Cost $284.25 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KRP	KIMBELL RTY PARTNERS LP	25,400 (-45.1%)	$299 (-52.2%)	0.2%	$15.14	—	UNIT	49435R102
IDEV	ISHARES TR	78,858 (-1.2%)	$6,504 (+1.6%)	3.6%	$67.68	—	CORE MSCI INTL	46435G326
IBTL	ISHARES TR	64,218 (-6.8%)	$1,318 (-7.0%)	0.7%	$20.39	—	IBONDS DEC 2031	46436E460
EFA	ISHARES TR	8,307 (-11.2%)	$798 (-8.6%)	0.4%	$82.33	—	MSCI EAFE ETF	464287465
IWF	ISHARES TR	2,127 (-7.8%)	$1,007 (-6.9%)	0.6%	$310.37	—	RUS 1000 GRW ETF	464287614
AOM	ISHARES TR	20,886 (-2.0%)	$997 (-1.7%)	0.5%	$42.96	—	CORE 40/60 MODER	464289875
DVN	DEVON ENERGY CORP NEW	10,071 (-1.9%)	$369 (+2.5%)	0.2%	$42.41	-18.1%	COM	25179M103
IWO	ISHARES TR	902 (-1.7%)	$291 (-0.8%)	0.2%	$284.25	—	RUS 2000 GRW ETF	464287648

Unchanged Positions (37)

TFIN TRIUMPH FINANCIAL INC 3.1%

Value ($000) $5,607 Shares 89,525 Est. Cost $63.27 Unrealized -11.5%

HPK HIGHPEAK ENERGY INC 0.9%

Value ($000) $1,589 Shares 335,223 Est. Cost $15.29 Unrealized -60.9%

AAPL APPLE INC 3.9%

Value ($000) $7,037 Shares 25,886 Est. Cost $187.41 Unrealized +43.2%

XOM EXXON MOBIL CORP 3.7%

Value ($000) $6,658 Shares 55,324 Est. Cost $106.54 Unrealized +8.4%

VOO VANGUARD INDEX FDS 7.4%

Value ($000) $13,574 Shares 21,644 Est. Cost $448.08 Unrealized —

MSFT MICROSOFT CORP 1.8%

Value ($000) $3,283 Shares 6,789 Est. Cost $372.86 Unrealized +34.3%

GOOGL ALPHABET INC 0.3%

Value ($000) $606 Shares 1,935 Est. Cost $209.20 Unrealized +36.5%

EOG EOG RES INC 0.7%

Value ($000) $1,200 Shares 11,424 Est. Cost $115.58 Unrealized -7.2%

OXY OCCIDENTAL PETE CORP 0.3%

Value ($000) $464 Shares 11,278 Est. Cost $58.60 Unrealized -29.1%

META META PLATFORMS INC 0.3%

Value ($000) $578 Shares 875 Est. Cost $743.23 Unrealized -10.2%

IEMG ISHARES INC 1.3%

Value ($000) $2,353 Shares 35,007 Est. Cost $53.92 Unrealized —

BLOK AMPLIFY ETF TR 0.2%

Value ($000) $316 Shares 5,547 Est. Cost $67.04 Unrealized —

WMT WALMART INC 0.4%

Value ($000) $668 Shares 6,000 Est. Cost $54.84 Unrealized +95.5%

UBER UBER TECHNOLOGIES INC 0.1%

Value ($000) $225 Shares 2,750 Est. Cost $93.52 Unrealized -3.7%

DJT TRUMP MEDIA & TECHNOLOGY GRO 0.1%

Value ($000) $183 Shares 13,817 Est. Cost $42.00 Unrealized -67.5%

FANG DIAMONDBACK ENERGY INC 0.4%

Value ($000) $785 Shares 5,224 Est. Cost $144.12 Unrealized +2.0%

AMZN AMAZON COM INC 0.4%

Value ($000) $750 Shares 3,250 Est. Cost $185.89 Unrealized +23.1%

IUSB ISHARES TR 3.3%

Value ($000) $6,091 Shares 130,882 Est. Cost $45.86 Unrealized —

COST COSTCO WHSL CORP NEW 0.2%

Value ($000) $453 Shares 525 Est. Cost $596.85 Unrealized +51.8%

IWD ISHARES TR 0.5%

Value ($000) $858 Shares 4,077 Est. Cost $172.31 Unrealized —

VNOM VIPER ENERGY INC 1.1%

Value ($000) $1,973 Shares 51,087 Est. Cost $38.10 Unrealized -0.6%

CVX CHEVRON CORP NEW 0.4%

Value ($000) $672 Shares 4,411 Est. Cost $137.80 Unrealized +9.9%

SHEL SHELL PLC 0.3%

Value ($000) $482 Shares 6,558 Est. Cost $65.97 Unrealized —

CRWD CROWDSTRIKE HLDGS INC 0.2%

Value ($000) $329 Shares 701 Est. Cost $454.77 Unrealized +12.0%

IJH ISHARES TR 0.4%

Value ($000) $722 Shares 10,940 Est. Cost $60.04 Unrealized —

AOA ISHARES TR 0.3%

Value ($000) $554 Shares 6,188 Est. Cost $76.50 Unrealized —

AVGO BROADCOM INC 0.1%

Value ($000) $270 Shares 780 Est. Cost $150.51 Unrealized +137.2%

KO COCA COLA CO 0.1%

Value ($000) $226 Shares 3,234 Est. Cost $53.26 Unrealized +30.3%

VEA VANGUARD TAX-MANAGED FDS 0.1%

Value ($000) $216 Shares 3,457 Est. Cost $59.92 Unrealized —

EPD ENTERPRISE PRODS PARTNERS L 0.1%

Value ($000) $258 Shares 8,059 Est. Cost $26.35 Unrealized —

COP CONOCOPHILLIPS 0.3%

Value ($000) $522 Shares 5,581 Est. Cost $109.64 Unrealized -17.9%

TSLA TESLA INC 0.2%

Value ($000) $304 Shares 675 Est. Cost $346.84 Unrealized +27.8%

BRSP BRIGHTSPIRE CAPITAL INC 0.0%

Value ($000) $85 Shares 15,200 Est. Cost $5.12 Unrealized —

CFR CULLEN FROST BANKERS INC 0.6%

Value ($000) $1,171 Shares 9,250 Est. Cost $100.64 Unrealized +24.0%

AEM AGNICO EAGLE MINES LTD 0.1%

Value ($000) $220 Shares 1,300 Est. Cost $136.83 Unrealized +22.7%

NVDA NVIDIA CORPORATION 1.1%

Value ($000) $2,087 Shares 11,188 Est. Cost $106.06 Unrealized +75.5%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.2%

Value ($000) $320 Shares 636 Est. Cost $484.36 Unrealized +2.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TFIN	TRIUMPH FINANCIAL INC	89,525	$5,607	3.1%	$63.27	-11.5%	COM	89679E300
HPK	HIGHPEAK ENERGY INC	335,223	$1,589	0.9%	$15.29	-60.9%	COM	43114Q105
AAPL	APPLE INC	25,886	$7,037	3.9%	$187.41	+43.2%	COM	037833100
XOM	EXXON MOBIL CORP	55,324	$6,658	3.7%	$106.54	+8.4%	COM	30231G102
VOO	VANGUARD INDEX FDS	21,644	$13,574	7.4%	$448.08	—	S&P 500 ETF SHS	922908363
MSFT	MICROSOFT CORP	6,789	$3,283	1.8%	$372.86	+34.3%	COM	594918104
GOOGL	ALPHABET INC	1,935	$606	0.3%	$209.20	+36.5%	CAP STK CL A	02079K305
EOG	EOG RES INC	11,424	$1,200	0.7%	$115.58	-7.2%	COM	26875P101
OXY	OCCIDENTAL PETE CORP	11,278	$464	0.3%	$58.60	-29.1%	COM	674599105
META	META PLATFORMS INC	875	$578	0.3%	$743.23	-10.2%	CL A	30303M102
IEMG	ISHARES INC	35,007	$2,353	1.3%	$53.92	—	CORE MSCI EMKT	46434G103
BLOK	AMPLIFY ETF TR	5,547	$316	0.2%	$67.04	—	BLOCKCHAIN TECHN	032108607
WMT	WALMART INC	6,000	$668	0.4%	$54.84	+95.5%	COM	931142103
UBER	UBER TECHNOLOGIES INC	2,750	$225	0.1%	$93.52	-3.7%	COM	90353T100
DJT	TRUMP MEDIA & TECHNOLOGY GRO	13,817	$183	0.1%	$42.00	-67.5%	COM	25400Q105
FANG	DIAMONDBACK ENERGY INC	5,224	$785	0.4%	$144.12	+2.0%	COM	25278X109
AMZN	AMAZON COM INC	3,250	$750	0.4%	$185.89	+23.1%	COM	023135106
IUSB	ISHARES TR	130,882	$6,091	3.3%	$45.86	—	CORE UNIVRSL USD	46434V613
COST	COSTCO WHSL CORP NEW	525	$453	0.2%	$596.85	+51.8%	COM	22160K105
IWD	ISHARES TR	4,077	$858	0.5%	$172.31	—	RUS 1000 VAL ETF	464287598
VNOM	VIPER ENERGY INC	51,087	$1,973	1.1%	$38.10	-0.6%	CL A	64361Q101
CVX	CHEVRON CORP NEW	4,411	$672	0.4%	$137.80	+9.9%	COM	166764100
SHEL	SHELL PLC	6,558	$482	0.3%	$65.97	—	SPON ADS	780259305
CRWD	CROWDSTRIKE HLDGS INC	701	$329	0.2%	$454.77	+12.0%	CL A	22788C105
IJH	ISHARES TR	10,940	$722	0.4%	$60.04	—	CORE S&P MCP ETF	464287507
AOA	ISHARES TR	6,188	$554	0.3%	$76.50	—	CORE 80/20 AGGRE	464289859
AVGO	BROADCOM INC	780	$270	0.1%	$150.51	+137.2%	COM	11135F101
KO	COCA COLA CO	3,234	$226	0.1%	$53.26	+30.3%	COM	191216100
VEA	VANGUARD TAX-MANAGED FDS	3,457	$216	0.1%	$59.92	—	VAN FTSE DEV MKT	921943858
EPD	ENTERPRISE PRODS PARTNERS L	8,059	$258	0.1%	$26.35	—	COM	293792107
COP	CONOCOPHILLIPS	5,581	$522	0.3%	$109.64	-17.9%	COM	20825C104
TSLA	TESLA INC	675	$304	0.2%	$346.84	+27.8%	COM	88160R101
BRSP	BRIGHTSPIRE CAPITAL INC	15,200	$85	0.0%	$5.12	—	COM CL A	10949T109
CFR	CULLEN FROST BANKERS INC	9,250	$1,171	0.6%	$100.64	+24.0%	COM	229899109
AEM	AGNICO EAGLE MINES LTD	1,300	$220	0.1%	$136.83	+22.7%	COM	008474108
NVDA	NVIDIA CORPORATION	11,188	$2,087	1.1%	$106.06	+75.5%	COM	67066G104
BRK/B	BERKSHIRE HATHAWAY INC DEL	636	$320	0.2%	$484.36	+2.7%	CL B NEW	084670702