FOGEL CAPITAL MANAGEMENT, INC. Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
V	VISA INC	5,032 (+283.0%)	$1,765 (+293.3%)	0.8%	$341.91	-0.4%	COM CL A	92826C839
MSFT	MICROSOFT CORP	48,214 (+1.4%)	$23,317 (-5.3%)	10.7%	$352.46	+42.0%	COM	594918104
ESLT	ELBIT SYS LTD	12,807 (+3.1%)	$7,399 (+16.8%)	3.4%	$223.34	+124.2%	ORD	M3760D101
MELI	MERCADOLIBRE INC	3,005 (+1.0%)	$6,053 (-12.9%)	2.8%	$1687.22	+24.5%	COM	58733R102
EPD	ENTERPRISE PRODS PARTNERS L	376,440 (+4.1%)	$12,069 (+6.7%)	5.6%	$27.02	—	COM	293792107
EQT	EQT CORP	56,335 (+28.4%)	$3,020 (+26.4%)	1.4%	$53.11	+5.7%	COM	26884L109
MCO	MOODYS CORP	11,375 (+1.8%)	$5,811 (+9.2%)	2.7%	$348.91	+39.7%	COM	615369105
AAPL	APPLE INC	19,598 (+1.9%)	$5,328 (+8.8%)	2.5%	$183.45	+46.3%	COM	037833100
AMZN	AMAZON COM INC	19,418 (+1.7%)	$4,482 (+6.9%)	2.1%	$202.75	+12.8%	COM	023135106
EEM	ISHARES TR	47,190 (+8.6%)	$2,582 (+11.3%)	1.2%	$41.07	—	MSCI EMG MKT ETF	464287234
ET	ENERGY TRANSFER L P	500,996 (+1.6%)	$8,261 (-2.4%)	3.8%	$14.76	—	COM UT LTD PTN	29273V100
VST	VISTRA CORP	8,436 (+6.7%)	$1,361 (-12.1%)	0.6%	$150.71	+20.7%	COM	92840M102
DE	DEERE & CO	6,320 (+4.6%)	$2,942 (+6.5%)	1.4%	$380.51	+22.9%	COM	244199105
IWM	ISHARES TR	7,233 (+8.7%)	$1,780 (+10.6%)	0.8%	$221.30	—	RUSSELL 2000 ETF	464287655
XOM	EXXON MOBIL CORP	3,511 (+31.2%)	$423 (+40.1%)	0.2%	$112.01	+3.1%	COM	30231G102
ARKB	ARK 21SHARES BITCOIN ETF	8,200 (+3.1%)	$238 (-21.2%)	0.1%	$50.58	—	SHS BEN INT	040919102
AXP	AMERICAN EXPRESS CO	673 (+1.8%)	$249 (+13.4%)	0.1%	$282.41	+26.4%	COM	025816109
IVV	ISHARES TR CORE	717 (+1.7%)	$491 (+4.0%)	0.2%	$513.54	—	S&P500 ETF	464287200
VOO	VANGUARD INDEX FDS S&P 500 ETF	396 (+2.1%)	$248 (+4.4%)	0.1%	$568.77	—	SHS	922908363
META	META PLATFORMS INC	410 (+9.3%)	$271 (-1.7%)	0.1%	$645.30	+3.4%	CL A	30303M102

Exited Positions (7)

BA BOEING CO 1.2%

Value ($000) $2,615 Shares 12,116 Est. Cost $225.47 Unrealized -8.8%

HON HONEYWELL INTL INC 0.5%

Value ($000) $1,079 Shares 5,127 Est. Cost $200.65 Unrealized -2.8%

BF/B BROWN FORMAN CORP 0.5%

Value ($000) $1,051 Shares 38,800 Est. Cost $32.77 Unrealized -14.6%

MRSH MARSH & MCLENNAN COS INC 0.2%

Value ($000) $527 Shares 2,614 Est. Cost $223.19 Unrealized -16.5%

SE SEA LTD 0.2%

Value ($000) $498 Shares 2,785 Est. Cost $178.73 Unrealized —

ORGN ORIGIN MATERIALS INC 0.0%

Value ($000) $10 Shares 19,200 Est. Cost $0.96 Unrealized -49.1%

ORGNW ORIGIN MATERIALS INC 0.0%

Value ($000) $1 Shares 55,000 Est. Cost $0.02 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BA	BOEING CO	12,116	$2,615	1.2%	$225.47	-8.8%	—	097023105
HON	HONEYWELL INTL INC	5,127	$1,079	0.5%	$200.65	-2.8%	—	438516106
BF/B	BROWN FORMAN CORP	38,800	$1,051	0.5%	$32.77	-14.6%	—	115637209
MRSH	MARSH & MCLENNAN COS INC	2,614	$527	0.2%	$223.19	-16.5%	—	571748102
SE	SEA LTD	2,785	$498	0.2%	$178.73	—	—	81141R100
ORGN	ORIGIN MATERIALS INC	19,200	$10	0.0%	$0.96	-49.1%	—	68622D106
ORGNW	ORIGIN MATERIALS INC	55,000	$1	0.0%	$0.02	—	—	68622D114

Decreased Positions (8)

KTOS KRATOS DEFENSE & SEC SOLUTIO 2.6%

Value ($000) $5,648 (-55.9%) Shares 74,400 (-47.0%) Est. Cost $20.10 Unrealized +307.4%

COP CONOCOPHILLIPS 2.1%

Value ($000) $4,599 (-16.9%) Shares 49,133 (-16.0%) Est. Cost $109.67 Unrealized -17.9%

CVX CHEVRON CORP NEW 0.7%

Value ($000) $1,559 (-4.4%) Shares 10,228 (-2.6%) Est. Cost $144.39 Unrealized +4.9%

PLTR PALANTIR TECHNOLOGIES INC 0.2%

Value ($000) $350 (-14.0%) Shares 1,970 (-11.7%) Est. Cost $117.28 Unrealized +54.4%

NVDA NVIDIA CORPORATION 0.9%

Value ($000) $1,882 (-1.1%) Shares 10,089 (-1.0%) Est. Cost $122.38 Unrealized +52.1%

DIA SPDR DOW JONES INDL AVERAGE 0.3%

Value ($000) $754 (+0.9%) Shares 1,568 (-2.7%) Est. Cost $387.35 Unrealized —

BAC BANK AMERICA CORP 0.2%

Value ($000) $477 (-0.3%) Shares 8,664 (-6.5%) Est. Cost $32.94 Unrealized +59.9%

ACWX ISHARES TR 0.1%

Value ($000) $230 (+0.2%) Shares 3,430 (-3.0%) Est. Cost $65.01 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KTOS	KRATOS DEFENSE & SEC SOLUTIO	74,400 (-47.0%)	$5,648 (-55.9%)	2.6%	$20.10	+307.4%	COM NEW	50077B207
COP	CONOCOPHILLIPS	49,133 (-16.0%)	$4,599 (-16.9%)	2.1%	$109.67	-17.9%	COM	20825C104
CVX	CHEVRON CORP NEW	10,228 (-2.6%)	$1,559 (-4.4%)	0.7%	$144.39	+4.9%	COM	166764100
PLTR	PALANTIR TECHNOLOGIES INC	1,970 (-11.7%)	$350 (-14.0%)	0.2%	$117.28	+54.4%	CL A	69608A108
NVDA	NVIDIA CORPORATION	10,089 (-1.0%)	$1,882 (-1.1%)	0.9%	$122.38	+52.1%	COM	67066G104
DIA	SPDR DOW JONES INDL AVERAGE	1,568 (-2.7%)	$754 (+0.9%)	0.3%	$387.35	—	UT SER 1	78467X109
BAC	BANK AMERICA CORP	8,664 (-6.5%)	$477 (-0.3%)	0.2%	$32.94	+59.9%	COM	060505104
ACWX	ISHARES TR	3,430 (-3.0%)	$230 (+0.2%)	0.1%	$65.01	—	MSCI ACWI EX US	464288240

Unchanged Positions (20)

GOOGL ALPHABET INC 17.1%

Value ($000) $37,174 Shares 118,768 Est. Cost $133.35 Unrealized +114.2%

CB CHUBB LIMITED 7.1%

Value ($000) $15,351 Shares 49,183 Est. Cost $216.32 Unrealized +35.2%

JNJ JOHNSON & JOHNSON 3.5%

Value ($000) $7,633 Shares 36,882 Est. Cost $143.68 Unrealized +37.1%

AVGO BROADCOM INC 5.8%

Value ($000) $12,653 Shares 36,560 Est. Cost $155.90 Unrealized +129.0%

TDY TELEDYNE TECHNOLOGIES INC 1.8%

Value ($000) $3,846 Shares 7,530 Est. Cost $421.22 Unrealized +25.1%

ACGL ARCH CAP GROUP LTD 1.6%

Value ($000) $3,454 Shares 36,004 Est. Cost $92.28 Unrealized -0.8%

SPY SPDR S&P 500 ETF TR TR 2.8%

Value ($000) $6,135 Shares 8,997 Est. Cost $499.64 Unrealized —

GOOG ALPHABET INC 0.2%

Value ($000) $446 Shares 1,422 Est. Cost $182.46 Unrealized +56.9%

VO VANGUARD INDEX FDS 1.9%

Value ($000) $4,176 Shares 14,389 Est. Cost $233.76 Unrealized —

PFF ISHARES TR 0.7%

Value ($000) $1,509 Shares 48,730 Est. Cost $31.45 Unrealized —

UNH UNITEDHEALTH GROUP INC 0.2%

Value ($000) $337 Shares 1,020 Est. Cost $508.81 Unrealized -33.7%

ENB ENBRIDGE INC 0.1%

Value ($000) $313 Shares 6,547 Est. Cost $32.36 Unrealized +45.6%

SPLV INVESCO EXCH TRADED FD TR II 0.1%

Value ($000) $261 Shares 3,650 Est. Cost $72.82 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 7.0%

Value ($000) $15,133 Shares 30,106 Est. Cost $393.34 Unrealized +26.5%

TSLA TESLA INC 0.2%

Value ($000) $351 Shares 780 Est. Cost $229.21 Unrealized +93.4%

IJH ISHARES TR CORE 0.1%

Value ($000) $230 Shares 3,480 Est. Cost $58.53 Unrealized —

IWF ISHARES TR 0.1%

Value ($000) $239 Shares 505 Est. Cost $424.58 Unrealized —

RSP INVESCO EXCHANGE TRADED FD T 0.1%

Value ($000) $253 Shares 1,319 Est. Cost $158.74 Unrealized —

BRK/A BERKSHIRE HATHAWAY INC 1.4%

Value ($000) $3,019 Shares 4 Est. Cost $616493.94 Unrealized +21.1%

DVY ISHARES TR 0.2%

Value ($000) $331 Shares 2,345 Est. Cost $114.65 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	118,768	$37,174	17.1%	$133.35	+114.2%	CAP STK CL A	02079K305
CB	CHUBB LIMITED	49,183	$15,351	7.1%	$216.32	+35.2%	COM	H1467J104
JNJ	JOHNSON & JOHNSON	36,882	$7,633	3.5%	$143.68	+37.1%	COM	478160104
AVGO	BROADCOM INC	36,560	$12,653	5.8%	$155.90	+129.0%	COM	11135F101
TDY	TELEDYNE TECHNOLOGIES INC	7,530	$3,846	1.8%	$421.22	+25.1%	COM	879360105
ACGL	ARCH CAP GROUP LTD	36,004	$3,454	1.6%	$92.28	-0.8%	ORD	G0450A105
SPY	SPDR S&P 500 ETF TR TR	8,997	$6,135	2.8%	$499.64	—	UNIT	78462F103
GOOG	ALPHABET INC	1,422	$446	0.2%	$182.46	+56.9%	CAP STK CL C	02079K107
VO	VANGUARD INDEX FDS	14,389	$4,176	1.9%	$233.76	—	MID CAP ETF	922908629
PFF	ISHARES TR	48,730	$1,509	0.7%	$31.45	—	PFD AND INCM SEC	464288687
UNH	UNITEDHEALTH GROUP INC	1,020	$337	0.2%	$508.81	-33.7%	COM	91324P102
ENB	ENBRIDGE INC	6,547	$313	0.1%	$32.36	+45.6%	COM	29250N105
SPLV	INVESCO EXCH TRADED FD TR II	3,650	$261	0.1%	$72.82	—	S&P500 LOW VOL	46138E354
BRK/B	BERKSHIRE HATHAWAY INC DEL	30,106	$15,133	7.0%	$393.34	+26.5%	CL B NEW	084670702
TSLA	TESLA INC	780	$351	0.2%	$229.21	+93.4%	COM	88160R101
IJH	ISHARES TR CORE	3,480	$230	0.1%	$58.53	—	S&P MCP ETF	464287507
IWF	ISHARES TR	505	$239	0.1%	$424.58	—	RUS 1000 GRW ETF	464287614
RSP	INVESCO EXCHANGE TRADED FD T	1,319	$253	0.1%	$158.74	—	S&P500 EQL WGT	46137V357
BRK/A	BERKSHIRE HATHAWAY INC	4	$3,019	1.4%	$616493.94	+21.1%	DEL CL A	084670108
DVY	ISHARES TR	2,345	$331	0.2%	$114.65	—	SELECT DIVID ETF	464287168