Lummis Asset Management, LP Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BBVA	BANCO BILBAO VIZCAYA ARGENTA SPONSORED ADR	6,784	$158	0.1%	$23.31	—	COM	05946K101
—	Bunge Limited	1,032	$92	0.1%	$89.08	—	COM	G16962105
AKRE	Professionally Managed	1,097	$72	0.0%	$65.51	—	COM	74316P579
—	CONAGRA BRANDS INC	1,500	$26	0.0%	$17.31	—	COM	205686105
MDT	Medtronic Inc	243	$23	0.0%	$97.14	0.0%	COM	G5960L103
QQQ	Invsc Qqq TRUST Srs 1	23	$14	0.0%	$614.30	—	COM	46090E103
IGLB	Ishrs 10 Yr Invest Grade	239	$12	0.0%	$50.45	—	COM	464289511
TLT	20 Yr Tr BD ETF	110	$10	0.0%	$87.16	—	COM	464287432
EFV	Ishares Msci Eafe Value	133	$9	0.0%	$71.41	—	COM	464288877
JEPI	Jpmorgan Equity Premium	163	$9	0.0%	$57.24	—	COM	46641Q332
GSLC	Goldman Sachs Actvbeta	61	$8	0.0%	$132.38	—	COM	381430503
CEF	Sprott Physical Gld Slvr	150	$7	0.0%	$45.80	—	COM	85208R101
IMBBY	Imperial Brands Plc	151	$6	0.0%	$42.01	—	COM	45262P102
IEFA	Ishares Core Msci Eafe	66	$6	0.0%	$89.45	—	COM	46432F842
Q	QNITY ELECTRONICS INC COMMON STOCK	66	$5	0.0%	$84.91	0.0%	COM	74743L100
MU	Micron Technology	18	$5	0.0%	$229.35	0.0%	COM	595112103
JPMB	Jpmorgan Usd Emrg Mkt	110	$4	0.0%	$40.36	—	COM	46641Q746
HDUS	Hartford Disciplined US	61	$4	0.0%	$65.18	—	COM	518416870
IEMG	Ishares Core Msci	54	$4	0.0%	$67.22	—	COM	46434G103
EMXC	Ishares Msci Emerging	49	$4	0.0%	$72.67	—	COM	46434G764
JEPQ	J P Morgan Nasdaq Eqt	60	$3	0.0%	$58.12	—	COM	46654Q203
JIVE	Jpmorgan International	42	$3	0.0%	$80.29	—	COM	46654Q757
PAVE	Global X US Infra	70	$3	0.0%	$47.79	—	COM	37954Y673
IJR	Ishares Tr S&P Smallcap	27	$3	0.0%	$120.19	—	COM	464287804
NFG	Ntnl Fuel Gas Co	40	$3	0.0%	$82.39	0.0%	COM	636180101
ECG	Everus Constr Group Inc	37	$3	0.0%	$89.47	0.0%	COM	300426103
BSCT	Invsc Bltshrs 2029 Corp	162	$3	0.0%	$18.83	—	COM	46138J577
MDU	Mdu Res Group Inc	150	$3	0.0%	$19.57	0.0%	COM	552690109
IGSB	Ishares Tr Is 1-5 Yr In	55	$3	0.0%	$52.87	—	COM	464288646
HCMLY	Holcim Ltd New	132	$3	0.0%	$19.47	—	COM	43475E105
PSCI	Invsc S&P Small Indus	17	$3	0.0%	$150.06	—	COM	46138E123
NVS	Novartis Ag	16	$2	0.0%	$137.88	—	COM	66987V109
EUFN	Ishares Msci Europe	50	$2	0.0%	$37.10	—	COM	464289180
HIG	Hartford Financial Services Gr	13	$2	0.0%	$131.57	0.0%	COM	416515104
TTEK	Tetra Tech Inc New	50	$2	0.0%	$33.82	0.0%	COM	88162G103
AMAT	Applied Materials, Inc.	6	$2	0.0%	$239.49	0.0%	COM	038222105
PSMT	Pricesmart Inc	11	$1	0.0%	$121.47	0.0%	COM	741511109
MOS	The Mosaic Co	55	$1	0.0%	$26.75	0.0%	COM	61945C103
NOC	Northrop Grumman Corp	2	$1	0.0%	$578.81	0.0%	COM	666807102
FCX	Freeport-Mcmoran Inc	21	$1	0.0%	$43.31	0.0%	COM	35671D857
TIGO	Millicom Intl Cellu Newf	3	$0	0.0%	$50.35	0.0%	COM	L6388F110

Increased Positions (14)

MSFT Microsoft Corp 9.8%

Value ($000) $15,870 (+93.0%) Shares 32,814 (+106.7%) Est. Cost $446.82 Unrealized +12.0%

AMRZ Amrize Ltd 1.7%

Value ($000) $2,785 (+62.7%) Shares 51,490 (+46.0%) Est. Cost $50.90 Unrealized +0.2%

TFPM Triple Flag Precious M 2.7%

Value ($000) $4,366 (+10.2%) Shares 131,421 (+33.7%) Est. Cost $20.90 Unrealized +49.7%

GS Goldman Sachs Group, Inc. 2.8%

Value ($000) $4,585 (+8.8%) Shares 6,812 (+28.8%) Est. Cost $493.01 Unrealized +65.0%

BP BP PLC SPONSORED ADR 0.1%

Value ($000) $147 (+81.2%) Shares 4,239 (+323.9%) Est. Cost $45.70 Unrealized —

GLD SPDR Gold Trust 0.1%

Value ($000) $238 (+15.3%) Shares 600 (+3.4%) Est. Cost $213.36 Unrealized —

NSRGY Nestle Sa 0.1%

Value ($000) $177 (+15.6%) Shares 1,781 (+6.9%) Est. Cost $93.05 Unrealized —

NFLX NETFLIX INC 0.0%

Value ($000) $32 (-21.8%) Shares 340 (+900.0%) Est. Cost $106.54 Unrealized +1.2%

O Realty Incm Corp 0.2%

Value ($000) $310 (-2.6%) Shares 5,493 (+5.1%) Est. Cost $49.74 Unrealized +15.3%

NVDA Nvidia Corp 0.0%

Value ($000) $80 (+7.0%) Shares 428 (+7.0%) Est. Cost $101.50 Unrealized +83.4%

WMT Wal Mart Stores Inc. 0.0%

Value ($000) $29 (+20.6%) Shares 261 (+11.5%) Est. Cost $60.02 Unrealized +78.6%

PLD Prologis Inc. 0.0%

Value ($000) $4 (+80.5%) Shares 34 (+61.9%) Est. Cost $112.59 Unrealized +10.0%

EOG E O G Resources Inc 0.0%

Value ($000) $7 (+11.4%) Shares 69 (+19.0%) Est. Cost $114.25 Unrealized -6.1%

BN Brookfield Corp 0.1%

Value ($000) $221 (+0.3%) Shares 4,813 (+49.9%) Est. Cost $30.09 Unrealized +51.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	Microsoft Corp	32,814 (+106.7%)	$15,870 (+93.0%)	9.8%	$446.82	+12.0%	COM	594918104
AMRZ	Amrize Ltd	51,490 (+46.0%)	$2,785 (+62.7%)	1.7%	$50.90	+0.2%	COM	H2927K103
TFPM	Triple Flag Precious M	131,421 (+33.7%)	$4,366 (+10.2%)	2.7%	$20.90	+49.7%	COM	89679M104
GS	Goldman Sachs Group, Inc.	6,812 (+28.8%)	$4,585 (+8.8%)	2.8%	$493.01	+65.0%	COM	38141G104
BP	BP PLC SPONSORED ADR	4,239 (+323.9%)	$147 (+81.2%)	0.1%	$45.70	—	COM	055622104
GLD	SPDR Gold Trust	600 (+3.4%)	$238 (+15.3%)	0.1%	$213.36	—	COM	78463V107
NSRGY	Nestle Sa	1,781 (+6.9%)	$177 (+15.6%)	0.1%	$93.05	—	COM	641069406
NFLX	NETFLIX INC	340 (+900.0%)	$32 (-21.8%)	0.0%	$106.54	+1.2%	COM	64110L106
O	Realty Incm Corp	5,493 (+5.1%)	$310 (-2.6%)	0.2%	$49.74	+15.3%	COM	756109104
NVDA	Nvidia Corp	428 (+7.0%)	$80 (+7.0%)	0.0%	$101.50	+83.4%	COM	67066G104
WMT	Wal Mart Stores Inc.	261 (+11.5%)	$29 (+20.6%)	0.0%	$60.02	+78.6%	COM	931142103
PLD	Prologis Inc.	34 (+61.9%)	$4 (+80.5%)	0.0%	$112.59	+10.0%	COM	74340W103
EOG	E O G Resources Inc	69 (+19.0%)	$7 (+11.4%)	0.0%	$114.25	-6.1%	COM	26875P101
BN	Brookfield Corp	4,813 (+49.9%)	$221 (+0.3%)	0.1%	$30.09	+51.4%	COM	11271J107

Exited Positions (11)

CLX CLOROX CO 0.1%

Value ($000) $214 Shares 1,734 Est. Cost $147.98 Unrealized -26.8%

BRK/B BP PLC SPONSORED ADR 0.1%

Value ($000) $146 Shares 4,239 Est. Cost $484.36 Unrealized +2.7%

BG BANCO BILBAO VIZCAYA ARGENTA SPONSORED ADR 0.1%

Value ($000) $144 Shares 7,471 Est. Cost $78.33 Unrealized +17.3%

FBAK FIRST NATL BK ALASKA COM 0.1%

Value ($000) $125 Shares 460 Est. Cost $236.74 Unrealized +17.3%

CJTXX CONAGRA BRANDS INC 0.0%

Value ($000) $27 Shares 1,500 Est. Cost $18.31 Unrealized —

— Medtronic Inc 0.0%

Value ($000) $20 Shares 213 Est. Cost $95.24 Unrealized —

HD Home Depot Inc. 0.0%

Value ($000) $17 Shares 41 Est. Cost $293.72 Unrealized +24.1%

FISV Fiserv Inc 0.0%

Value ($000) $17 Shares 128 Est. Cost $122.71 Unrealized -31.7%

— Liberty Media Corp 0.0%

Value ($000) $7 Shares 65 Est. Cost $67.41 Unrealized —

— Intrcontinentalexchange 0.0%

Value ($000) $3 Shares 15 Est. Cost $128.40 Unrealized —

HON Honeywell Int'l 0.0%

Value ($000) $1 Shares 5 Est. Cost $172.33 Unrealized +13.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CLX	CLOROX CO	1,734	$214	0.1%	$147.98	-26.8%	—	189054109
BRK/B	BP PLC SPONSORED ADR	4,239	$146	0.1%	$484.36	+2.7%	—	084670702
BG	BANCO BILBAO VIZCAYA ARGENTA SPONSORED ADR	7,471	$144	0.1%	$78.33	+17.3%	—	H11356104
FBAK	FIRST NATL BK ALASKA COM	460	$125	0.1%	$236.74	+17.3%	—	32112J106
CJTXX	CONAGRA BRANDS INC	1,500	$27	0.0%	$18.31	—	—	4812A0375
—	Medtronic Inc	213	$20	0.0%	$95.24	—	—	G5960L109
HD	Home Depot Inc.	41	$17	0.0%	$293.72	+24.1%	—	437076102
FISV	Fiserv Inc	128	$17	0.0%	$122.71	-31.7%	—	337738108
—	Liberty Media Corp	65	$7	0.0%	$67.41	—	—	531229854
—	Intrcontinentalexchange	15	$3	0.0%	$128.40	—	—	45865V100
HON	Honeywell Int'l	5	$1	0.0%	$172.33	+13.2%	—	438516106

Decreased Positions (25)

ORCL Oracle Corp 3.8%

Value ($000) $6,104 (-32.8%) Shares 31,318 (-3.0%) Est. Cost $123.97 Unrealized +92.0%

GOOG Alphabet Inc 6.3%

Value ($000) $10,318 (+26.7%) Shares 32,882 (-1.7%) Est. Cost $158.02 Unrealized +81.2%

AAPL Apple Computer Inc 9.1%

Value ($000) $14,835 (+5.2%) Shares 54,569 (-1.5%) Est. Cost $207.59 Unrealized +29.3%

ROST Ross Stores Inc 2.4%

Value ($000) $3,916 (+16.0%) Shares 21,738 (-1.9%) Est. Cost $129.36 Unrealized +28.8%

DG Dollar General Corp 1.2%

Value ($000) $1,947 (+26.8%) Shares 14,667 (-1.3%) Est. Cost $99.67 Unrealized +11.9%

ABT Abbott Labs 2.4%

Value ($000) $3,847 (-7.5%) Shares 30,703 (-1.1%) Est. Cost $118.76 Unrealized +7.2%

JNJ Johnson & Johnson 1.7%

Value ($000) $2,768 (+9.9%) Shares 13,373 (-1.6%) Est. Cost $148.42 Unrealized +32.7%

WFC Wells Fargo & Co New 1.9%

Value ($000) $3,037 (+8.6%) Shares 32,583 (-2.3%) Est. Cost $47.02 Unrealized +84.2%

GOOGL Alphabet Inc. 0.6%

Value ($000) $1,048 (+27.3%) Shares 3,347 (-1.1%) Est. Cost $133.35 Unrealized +114.2%

XOM Exxon Mobil Corporation 1.6%

Value ($000) $2,565 (+5.6%) Shares 21,318 (-1.1%) Est. Cost $104.02 Unrealized +11.0%

— Berkshire Hathaway 5.0%

Value ($000) $8,075 (-1.4%) Shares 16,065 (-1.4%) Est. Cost $445.61 Unrealized —

AYI Acuity Brands Inc 2.0%

Value ($000) $3,317 (+2.9%) Shares 9,213 (-1.5%) Est. Cost $215.83 Unrealized +67.4%

— South St Corp 0.5%

Value ($000) $848 (-8.0%) Shares 9,015 (-3.4%) Est. Cost $86.41 Unrealized —

GOLF Acushnet Holdings Co 2.1%

Value ($000) $3,427 (-1.3%) Shares 42,932 (-3.0%) Est. Cost $61.00 Unrealized +33.1%

SCHO Schwab Short Term US 0.8%

Value ($000) $1,262 (-3.3%) Shares 51,780 (-3.1%) Est. Cost $40.54 Unrealized —

VTI Vanguard Total Stock 0.2%

Value ($000) $313 (-11.2%) Shares 933 (-13.0%) Est. Cost $239.48 Unrealized —

COP Conocophillips 0.7%

Value ($000) $1,185 (-3.2%) Shares 12,658 (-2.2%) Est. Cost $100.92 Unrealized -10.8%

KMB Kimberly Clark Corp 0.1%

Value ($000) $86 (-30.7%) Shares 854 (-14.6%) Est. Cost $122.36 Unrealized -11.4%

SCHW The Charles Schwab Corp 1.2%

Value ($000) $1,902 (+1.9%) Shares 19,038 (-2.6%) Est. Cost $64.81 Unrealized +46.2%

CVX Chevrontexaco Corp 0.6%

Value ($000) $914 (-3.2%) Shares 5,994 (-1.3%) Est. Cost $150.22 Unrealized +0.8%

LMT Lockheed Martin Corp 0.2%

Value ($000) $406 (-6.8%) Shares 840 (-3.8%) Est. Cost $448.57 Unrealized +6.2%

KO Coca Cola Co. 1.0%

Value ($000) $1,552 (+1.8%) Shares 22,203 (-3.4%) Est. Cost $57.61 Unrealized +20.5%

PEP Pepsico Incorporated 1.6%

Value ($000) $2,558 (+0.9%) Shares 17,823 (-1.3%) Est. Cost $149.67 Unrealized -2.5%

DVN Devon Energy Corp 0.8%

Value ($000) $1,280 (+0.5%) Shares 34,939 (-3.8%) Est. Cost $41.26 Unrealized -15.8%

— Unilever PLC 0.2%

Value ($000) $292 (-1.6%) Shares 4,460 (-10.8%) Est. Cost $63.55 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ORCL	Oracle Corp	31,318 (-3.0%)	$6,104 (-32.8%)	3.8%	$123.97	+92.0%	COM	68389X105
GOOG	Alphabet Inc	32,882 (-1.7%)	$10,318 (+26.7%)	6.3%	$158.02	+81.2%	COM CLASS C	02079K107
AAPL	Apple Computer Inc	54,569 (-1.5%)	$14,835 (+5.2%)	9.1%	$207.59	+29.3%	COM	037833100
ROST	Ross Stores Inc	21,738 (-1.9%)	$3,916 (+16.0%)	2.4%	$129.36	+28.8%	COM	778296103
DG	Dollar General Corp	14,667 (-1.3%)	$1,947 (+26.8%)	1.2%	$99.67	+11.9%	COM	256677105
ABT	Abbott Labs	30,703 (-1.1%)	$3,847 (-7.5%)	2.4%	$118.76	+7.2%	COM	002824100
JNJ	Johnson & Johnson	13,373 (-1.6%)	$2,768 (+9.9%)	1.7%	$148.42	+32.7%	COM	478160104
WFC	Wells Fargo & Co New	32,583 (-2.3%)	$3,037 (+8.6%)	1.9%	$47.02	+84.2%	COM	949746101
GOOGL	Alphabet Inc.	3,347 (-1.1%)	$1,048 (+27.3%)	0.6%	$133.35	+114.2%	COM CLASS A	02079K305
XOM	Exxon Mobil Corporation	21,318 (-1.1%)	$2,565 (+5.6%)	1.6%	$104.02	+11.0%	COM	30231G102
—	Berkshire Hathaway	16,065 (-1.4%)	$8,075 (-1.4%)	5.0%	$445.61	—	COM CLASS B	084670207
AYI	Acuity Brands Inc	9,213 (-1.5%)	$3,317 (+2.9%)	2.0%	$215.83	+67.4%	COM	00508Y102
—	South St Corp	9,015 (-3.4%)	$848 (-8.0%)	0.5%	$86.41	—	COM	840441109
GOLF	Acushnet Holdings Co	42,932 (-3.0%)	$3,427 (-1.3%)	2.1%	$61.00	+33.1%	COM	005098108
SCHO	Schwab Short Term US	51,780 (-3.1%)	$1,262 (-3.3%)	0.8%	$40.54	—	COM	808524862
VTI	Vanguard Total Stock	933 (-13.0%)	$313 (-11.2%)	0.2%	$239.48	—	COM	922908769
COP	Conocophillips	12,658 (-2.2%)	$1,185 (-3.2%)	0.7%	$100.92	-10.8%	COM	20825C104
KMB	Kimberly Clark Corp	854 (-14.6%)	$86 (-30.7%)	0.1%	$122.36	-11.4%	COM	494368103
SCHW	The Charles Schwab Corp	19,038 (-2.6%)	$1,902 (+1.9%)	1.2%	$64.81	+46.2%	COM	808513105
CVX	Chevrontexaco Corp	5,994 (-1.3%)	$914 (-3.2%)	0.6%	$150.22	+0.8%	COM	166764100
LMT	Lockheed Martin Corp	840 (-3.8%)	$406 (-6.8%)	0.2%	$448.57	+6.2%	COM	539830109
KO	Coca Cola Co.	22,203 (-3.4%)	$1,552 (+1.8%)	1.0%	$57.61	+20.5%	COM	191216100
PEP	Pepsico Incorporated	17,823 (-1.3%)	$2,558 (+0.9%)	1.6%	$149.67	-2.5%	COM	713448108
DVN	Devon Energy Corp	34,939 (-3.8%)	$1,280 (+0.5%)	0.8%	$41.26	-15.8%	COM	25179M103
—	Unilever PLC	4,460 (-10.8%)	$292 (-1.6%)	0.2%	$63.55	—	COM	904767704

Unchanged Positions (109)

PG Procter & Gamble Co. 0.1%

Value ($000) $134 Shares 6,700 Est. Cost $162.93 Unrealized -9.7%

MTDR Matador Resources Co 8.8%

Value ($000) $14,270 Shares 336,232 Est. Cost $56.87 Unrealized -26.2%

LLY Eli Lilly & Co. 1.8%

Value ($000) $2,874 Shares 2,674 Est. Cost $826.13 Unrealized +15.7%

TMO Thermo Fisher Scientific 2.3%

Value ($000) $3,771 Shares 6,508 Est. Cost $524.93 Unrealized +7.7%

AIG American International Group 2.2%

Value ($000) $3,588 Shares 41,940 Est. Cost $65.57 Unrealized +21.5%

AMT Amern Tower Corp 1.6%

Value ($000) $2,639 Shares 15,032 Est. Cost $178.03 Unrealized +1.3%

AMGN AMGEN INC 0.7%

Value ($000) $1,091 Shares 3,333 Est. Cost $287.24 Unrealized +10.0%

WTM WHITE MOUNTAINS INSURANCE GROUP LTD 0.4%

Value ($000) $675 Shares 325 Est. Cost $1882.39 Unrealized +3.9%

GD General Dynamics Corp 3.1%

Value ($000) $4,998 Shares 14,846 Est. Cost $251.38 Unrealized +35.6%

FFIN First Financial Bancshares, In 0.5%

Value ($000) $741 Shares 24,806 Est. Cost $30.65 Unrealized +2.3%

AMZN Amazon Com Inc 1.0%

Value ($000) $1,628 Shares 7,055 Est. Cost $162.00 Unrealized +41.2%

ADP Automatic Data Processing Corp 0.3%

Value ($000) $526 Shares 2,045 Est. Cost $277.75 Unrealized -4.7%

EQIX EQUINIX INC 1.8%

Value ($000) $2,852 Shares 3,723 Est. Cost $880.48 Unrealized -11.3%

CSCO Cisco Systems Inc 0.3%

Value ($000) $518 Shares 6,725 Est. Cost $60.10 Unrealized +22.8%

VGK Vanguard Ftse Europe 0.8%

Value ($000) $1,357 Shares 16,234 Est. Cost $66.41 Unrealized —

WMB Williams Cos Inc Com 0.6%

Value ($000) $907 Shares 15,096 Est. Cost $34.46 Unrealized +74.3%

RTX Raytheon Technologies Co 0.3%

Value ($000) $498 Shares 2,713 Est. Cost $129.85 Unrealized +33.5%

ITW Illinois Tool Works Inc 0.5%

Value ($000) $743 Shares 3,015 Est. Cost $250.69 Unrealized -1.2%

APH Amphenol Corp. 0.2%

Value ($000) $397 Shares 2,935 Est. Cost $52.61 Unrealized +153.9%

BSM Blackstone Minerals Company 2.8%

Value ($000) $4,508 Shares 343,043 Est. Cost $14.13 Unrealized —

VXUS Vanguard Total 0.7%

Value ($000) $1,138 Shares 15,081 Est. Cost $59.92 Unrealized —

PSX Phillips 0.2%

Value ($000) $389 Shares 3,011 Est. Cost $109.54 Unrealized +22.3%

META Meta Platforms, Inc. 0.1%

Value ($000) $205 Shares 310 Est. Cost $583.86 Unrealized +14.3%

ABBV Abbvie Inc 0.9%

Value ($000) $1,423 Shares 6,229 Est. Cost $189.22 Unrealized +20.3%

LUV Southwest Airlines Co 0.0%

Value ($000) $62 Shares 1,500 Est. Cost $24.74 Unrealized +40.6%

XEL XCEL Energy 0.1%

Value ($000) $140 Shares 1,899 Est. Cost $54.11 Unrealized +44.7%

DKS DICK'S SPORTING GOODS INC 0.1%

Value ($000) $100 Shares 507 Est. Cost $218.15 Unrealized -0.5%

MSI Motorola Solutions 0.0%

Value ($000) $45 Shares 117 Est. Cost $295.69 Unrealized +35.5%

LW LAMB WESTON HLDGS INC COM 0.0%

Value ($000) $21 Shares 500 Est. Cost $55.42 Unrealized +6.0%

JPM J.P. Morgan Chase & Co. 0.2%

Value ($000) $279 Shares 865 Est. Cost $238.46 Unrealized +29.8%

MDLZ Mondelez Intl 0.0%

Value ($000) $44 Shares 825 Est. Cost $64.31 Unrealized -11.3%

IP INTERNATIONAL PAPER CO 0.0%

Value ($000) $39 Shares 1,000 Est. Cost $45.98 Unrealized -11.2%

PFE PFIZER INC 0.2%

Value ($000) $282 Shares 11,314 Est. Cost $24.71 Unrealized +1.3%

DD DUPONT DE NEMOURS INC 0.0%

Value ($000) $5 Shares 133 Est. Cost $31.89 Unrealized +17.2%

AZO Autozone Inc 0.0%

Value ($000) $17 Shares 5 Est. Cost $2593.50 Unrealized +45.7%

UNH Unitedhealth Group 0.1%

Value ($000) $82 Shares 249 Est. Cost $338.17 Unrealized -0.3%

— Brookfield Asset Mgm 0.0%

Value ($000) $42 Shares 797 Est. Cost $40.17 Unrealized —

ATO Atmos Energy Corp 0.1%

Value ($000) $189 Shares 1,128 Est. Cost $108.04 Unrealized +59.5%

DUK Duke Energy Corporation 0.0%

Value ($000) $59 Shares 500 Est. Cost $83.85 Unrealized +45.0%

CVS CVS HEALTH CORPORATION 0.0%

Value ($000) $63 Shares 800 Est. Cost $57.99 Unrealized +35.7%

CTSH Cognizant Tech Sol 0.0%

Value ($000) $15 Shares 180 Est. Cost $66.72 Unrealized +11.9%

V Visa Inc 0.0%

Value ($000) $80 Shares 229 Est. Cost $242.67 Unrealized +40.3%

ET Energy Transfer Equity 0.0%

Value ($000) $67 Shares 4,070 Est. Cost $13.80 Unrealized —

— Eaton Corp. 0.0%

Value ($000) $15 Shares 48 Est. Cost $240.81 Unrealized —

TPG Tpg Inc 0.0%

Value ($000) $24 Shares 379 Est. Cost $33.76 Unrealized +74.9%

PBT Permian Basin Royalty Tr 0.0%

Value ($000) $31 Shares 1,850 Est. Cost $13.07 Unrealized —

ADSK Autodesk Inc 0.0%

Value ($000) $33 Shares 111 Est. Cost $215.94 Unrealized +40.1%

LUNMF Lundin Mining Corp 0.0%

Value ($000) $8 Shares 353 Est. Cost $7.54 Unrealized +134.1%

— Central Securities Corp 0.1%

Value ($000) $154 Shares 3,036 Est. Cost $37.77 Unrealized —

VOO Vanguard S&P 500 ETF 0.1%

Value ($000) $83 Shares 133 Est. Cost $514.35 Unrealized —

ACN Accenture Plc 0.0%

Value ($000) $23 Shares 87 Est. Cost $312.68 Unrealized -18.7%

SLV Ishares Silver TRUST 0.0%

Value ($000) $5 Shares 85 Est. Cost $30.99 Unrealized —

DHR Danaher Corp. 0.0%

Value ($000) $14 Shares 59 Est. Cost $210.35 Unrealized +4.4%

VRTX Vertex Pharmaceutica 0.0%

Value ($000) $13 Shares 29 Est. Cost $369.42 Unrealized +16.7%

— Nuveen Mun Value Fd Inc 0.1%

Value ($000) $199 Shares 22,000 Est. Cost $8.60 Unrealized —

LYB LYONDELLBASELL INDUSTRIES NV SHS 0.0%

Value ($000) $13 Shares 300 Est. Cost $68.81 Unrealized -35.4%

VEA Vanguard Ftse Developed 0.0%

Value ($000) $40 Shares 646 Est. Cost $50.83 Unrealized —

VIG VANGUARD DIVIDEND APPREC IDX ETF (MKT) 0.1%

Value ($000) $88 Shares 400 Est. Cost $215.79 Unrealized —

VRT Vertiv Hldg Co 0.0%

Value ($000) $23 Shares 142 Est. Cost $62.65 Unrealized +177.1%

EPD Enterprise Prd Prtnrs Lp 0.0%

Value ($000) $62 Shares 1,932 Est. Cost $26.86 Unrealized —

PGR Progressive Co Ohio 0.0%

Value ($000) $17 Shares 73 Est. Cost $143.35 Unrealized +48.1%

IDXX Idexx Labs Inc 0.0%

Value ($000) $24 Shares 35 Est. Cost $469.47 Unrealized +45.1%

TXN Texas Instruments 0.0%

Value ($000) $22 Shares 127 Est. Cost $145.50 Unrealized +17.3%

KMI KINDER MORGAN INC 0.0%

Value ($000) $41 Shares 1,500 Est. Cost $26.70 Unrealized +0.8%

VDC VANGUARD CONSUMER STAPLES ETF (MKT) 0.1%

Value ($000) $104 Shares 490 Est. Cost $213.73 Unrealized —

VPL VANGUARD PACIFIC STOCK INDEX ETF (MKT) 0.0%

Value ($000) $42 Shares 464 Est. Cost $87.84 Unrealized —

AVGO Broadcom Inc 0.0%

Value ($000) $24 Shares 70 Est. Cost $151.43 Unrealized +135.8%

— Linde Plc 0.0%

Value ($000) $8 Shares 19 Est. Cost $410.68 Unrealized —

ZTS Zoetis Inc 0.0%

Value ($000) $5 Shares 40 Est. Cost $172.86 Unrealized -24.6%

HHH Howard Hughes Holding Co 0.0%

Value ($000) $27 Shares 340 Est. Cost $70.15 Unrealized +18.1%

ORLY O Reilly Automotive 0.0%

Value ($000) $4 Shares 45 Est. Cost $89.31 Unrealized +9.4%

— Canadian Pac Railway 0.0%

Value ($000) $64 Shares 864 Est. Cost $70.21 Unrealized —

IBM International Business Mach. 0.0%

Value ($000) $15 Shares 52 Est. Cost $259.55 Unrealized +15.1%

COST Costco Wholesale 0.0%

Value ($000) $9 Shares 10 Est. Cost $573.49 Unrealized +57.9%

FDS Factset Research Systems 0.0%

Value ($000) $41 Shares 140 Est. Cost $440.11 Unrealized -36.4%

MCD McDonald's Corp 0.1%

Value ($000) $84 Shares 275 Est. Cost $258.68 Unrealized +17.9%

CRM Salesforce Com 0.0%

Value ($000) $4 Shares 16 Est. Cost $237.58 Unrealized +4.5%

URI United Rentals Inc 0.0%

Value ($000) $2 Shares 3 Est. Cost $462.72 Unrealized +87.4%

EW Edwards Lifesciences 0.0%

Value ($000) $5 Shares 53 Est. Cost $69.58 Unrealized +17.9%

UAL United Airlines Hldgs 0.0%

Value ($000) $2 Shares 21 Est. Cost $55.78 Unrealized +81.2%

TCEHY Tencent Holdings 0.0%

Value ($000) $3 Shares 36 Est. Cost $46.62 Unrealized —

NEE Nextera Energy Inc 0.0%

Value ($000) $5 Shares 61 Est. Cost $53.46 Unrealized +54.3%

DOW DOW INC COM 0.0%

Value ($000) $15 Shares 633 Est. Cost $35.96 Unrealized -36.7%

NERD Roundhill Bitkrft Esprt 0.0%

Value ($000) $2 Shares 65 Est. Cost $15.63 Unrealized —

BSV Vanguard Short-Term Bond 0.1%

Value ($000) $194 Shares 2,460 Est. Cost $77.02 Unrealized —

SHY ishares 1-3 Year Treasry 0.1%

Value ($000) $132 Shares 1,595 Est. Cost $82.04 Unrealized —

QCOM Qualcomm, Inc. 0.0%

Value ($000) $7 Shares 42 Est. Cost $182.37 Unrealized -6.3%

MINT Pimco Exch Traded Fund 0.0%

Value ($000) $54 Shares 541 Est. Cost $100.60 Unrealized —

EXE Expand Energy Corp 0.0%

Value ($000) $5 Shares 43 Est. Cost $101.00 Unrealized +9.5%

FUN Six Flags Entmt Corp 0.0%

Value ($000) $0 Shares 24 Est. Cost $45.74 Unrealized -60.5%

CSX CSX Corp. 0.0%

Value ($000) $8 Shares 229 Est. Cost $30.86 Unrealized +15.7%

— AON Corporation 0.0%

Value ($000) $15 Shares 43 Est. Cost $333.72 Unrealized —

BKNG Booking Holdings Inc 0.0%

Value ($000) $16 Shares 3 Est. Cost $3067.93 Unrealized +67.5%

VLTO Veralto Corp 0.0%

Value ($000) $2 Shares 19 Est. Cost $73.75 Unrealized +37.0%

STEL Stellar Bancorp Inc 0.0%

Value ($000) $6 Shares 200 Est. Cost $24.01 Unrealized +28.0%

GEV Ge Vernova Inc 0.0%

Value ($000) $2 Shares 3 Est. Cost $158.10 Unrealized +285.2%

FECCF Frontera Energy Corpor 0.0%

Value ($000) $1 Shares 328 Est. Cost $6.21 Unrealized -33.6%

SEG Seaport Entertainment Gr 0.0%

Value ($000) $1 Shares 36 Est. Cost $28.41 Unrealized -21.1%

— General Electric Co. 0.0%

Value ($000) $4 Shares 12 Est. Cost $127.67 Unrealized —

BND Vanguard Total Bond 0.0%

Value ($000) $15 Shares 206 Est. Cost $73.11 Unrealized —

CFR Cullen Frost Bankers 0.0%

Value ($000) $50 Shares 397 Est. Cost $90.62 Unrealized +37.7%

IR Ingersoll Rand Co. 0.0%

Value ($000) $1 Shares 15 Est. Cost $68.24 Unrealized +15.7%

PM Philip Morris Intl Inc 0.0%

Value ($000) $4 Shares 23 Est. Cost $83.71 Unrealized +83.5%

CBOE Cboe Global Mkts Inc 0.0%

Value ($000) $2 Shares 6 Est. Cost $168.03 Unrealized +48.0%

— Liberty Media Corp 0.0%

Value ($000) $0 Shares 2 Est. Cost $37.50 Unrealized —

GEHC Ge Healthcare Technologi 0.0%

Value ($000) $0 Shares 4 Est. Cost $69.79 Unrealized +11.6%

ADBE Adobe Systems, Inc. 0.0%

Value ($000) $3 Shares 9 Est. Cost $576.76 Unrealized -41.0%

MA Mastercard Inc 0.0%

Value ($000) $2 Shares 4 Est. Cost $397.11 Unrealized +40.8%

CME Cme Group Inc 0.0%

Value ($000) $1 Shares 3 Est. Cost $194.65 Unrealized +39.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PG	Procter & Gamble Co.	6,700	$134	0.1%	$162.93	-9.7%	COM	742718109
MTDR	Matador Resources Co	336,232	$14,270	8.8%	$56.87	-26.2%	COM	576485205
LLY	Eli Lilly & Co.	2,674	$2,874	1.8%	$826.13	+15.7%	COM	532457108
TMO	Thermo Fisher Scientific	6,508	$3,771	2.3%	$524.93	+7.7%	COM	883556102
AIG	American International Group	41,940	$3,588	2.2%	$65.57	+21.5%	COM	026874784
AMT	Amern Tower Corp	15,032	$2,639	1.6%	$178.03	+1.3%	COM CLASS A	03027X100
AMGN	AMGEN INC	3,333	$1,091	0.7%	$287.24	+10.0%	COM	031162100
WTM	WHITE MOUNTAINS INSURANCE GROUP LTD	325	$675	0.4%	$1882.39	+3.9%	COM	G9618E107
GD	General Dynamics Corp	14,846	$4,998	3.1%	$251.38	+35.6%	COM	369550108
FFIN	First Financial Bancshares, In	24,806	$741	0.5%	$30.65	+2.3%	COM	32020R109
AMZN	Amazon Com Inc	7,055	$1,628	1.0%	$162.00	+41.2%	COM	023135106
ADP	Automatic Data Processing Corp	2,045	$526	0.3%	$277.75	-4.7%	COM	053015103
EQIX	EQUINIX INC	3,723	$2,852	1.8%	$880.48	-11.3%	COM	29444U700
CSCO	Cisco Systems Inc	6,725	$518	0.3%	$60.10	+22.8%	COM	17275R102
VGK	Vanguard Ftse Europe	16,234	$1,357	0.8%	$66.41	—	COM	922042874
WMB	Williams Cos Inc Com	15,096	$907	0.6%	$34.46	+74.3%	COM	969457100
RTX	Raytheon Technologies Co	2,713	$498	0.3%	$129.85	+33.5%	COM	75513E101
ITW	Illinois Tool Works Inc	3,015	$743	0.5%	$250.69	-1.2%	COM	452308109
APH	Amphenol Corp.	2,935	$397	0.2%	$52.61	+153.9%	COM	032095101
BSM	Blackstone Minerals Company	343,043	$4,508	2.8%	$14.13	—	COM	09225M101
VXUS	Vanguard Total	15,081	$1,138	0.7%	$59.92	—	COM	921909768
PSX	Phillips	3,011	$389	0.2%	$109.54	+22.3%	COM	718546104
META	Meta Platforms, Inc.	310	$205	0.1%	$583.86	+14.3%	COM	30303M102
ABBV	Abbvie Inc	6,229	$1,423	0.9%	$189.22	+20.3%	COM	00287Y109
LUV	Southwest Airlines Co	1,500	$62	0.0%	$24.74	+40.6%	COM	844741108
XEL	XCEL Energy	1,899	$140	0.1%	$54.11	+44.7%	COM	98389B100
DKS	DICK'S SPORTING GOODS INC	507	$100	0.1%	$218.15	-0.5%	COM	253393102
MSI	Motorola Solutions	117	$45	0.0%	$295.69	+35.5%	COM	620076307
LW	LAMB WESTON HLDGS INC COM	500	$21	0.0%	$55.42	+6.0%	COM	513272104
JPM	J.P. Morgan Chase & Co.	865	$279	0.2%	$238.46	+29.8%	COM	46625H100
MDLZ	Mondelez Intl	825	$44	0.0%	$64.31	-11.3%	COM	609207105
IP	INTERNATIONAL PAPER CO	1,000	$39	0.0%	$45.98	-11.2%	COM	460146103
PFE	PFIZER INC	11,314	$282	0.2%	$24.71	+1.3%	COM	717081103
DD	DUPONT DE NEMOURS INC	133	$5	0.0%	$31.89	+17.2%	COM	26614N102
AZO	Autozone Inc	5	$17	0.0%	$2593.50	+45.7%	COM	053332102
UNH	Unitedhealth Group	249	$82	0.1%	$338.17	-0.3%	COM	91324P102
—	Brookfield Asset Mgm	797	$42	0.0%	$40.17	—	COM	112585104
ATO	Atmos Energy Corp	1,128	$189	0.1%	$108.04	+59.5%	COM	049560105
DUK	Duke Energy Corporation	500	$59	0.0%	$83.85	+45.0%	COM	26441C204
CVS	CVS HEALTH CORPORATION	800	$63	0.0%	$57.99	+35.7%	COM	126650100
CTSH	Cognizant Tech Sol	180	$15	0.0%	$66.72	+11.9%	COM CLASS A	192446102
V	Visa Inc	229	$80	0.0%	$242.67	+40.3%	COM CLASS A	92826C839
ET	Energy Transfer Equity	4,070	$67	0.0%	$13.80	—	COM	29273V100
—	Eaton Corp.	48	$15	0.0%	$240.81	—	COM	278058102
TPG	Tpg Inc	379	$24	0.0%	$33.76	+74.9%	COM	872657101
PBT	Permian Basin Royalty Tr	1,850	$31	0.0%	$13.07	—	COM	714236106
ADSK	Autodesk Inc	111	$33	0.0%	$215.94	+40.1%	COM	052769106
LUNMF	Lundin Mining Corp	353	$8	0.0%	$7.54	+134.1%	COM	550372106
—	Central Securities Corp	3,036	$154	0.1%	$37.77	—	COM	155123102
VOO	Vanguard S&P 500 ETF	133	$83	0.1%	$514.35	—	COM	922908363
ACN	Accenture Plc	87	$23	0.0%	$312.68	-18.7%	COM	G1151C101
SLV	Ishares Silver TRUST	85	$5	0.0%	$30.99	—	COM	46428Q109
DHR	Danaher Corp.	59	$14	0.0%	$210.35	+4.4%	COM	235851102
VRTX	Vertex Pharmaceutica	29	$13	0.0%	$369.42	+16.7%	COM	92532F100
—	Nuveen Mun Value Fd Inc	22,000	$199	0.1%	$8.60	—	COM	670928100
LYB	LYONDELLBASELL INDUSTRIES NV SHS	300	$13	0.0%	$68.81	-35.4%	COM	N53745100
VEA	Vanguard Ftse Developed	646	$40	0.0%	$50.83	—	COM	921943858
VIG	VANGUARD DIVIDEND APPREC IDX ETF (MKT)	400	$88	0.1%	$215.79	—	COM	921908844
VRT	Vertiv Hldg Co	142	$23	0.0%	$62.65	+177.1%	COM	92537N108
EPD	Enterprise Prd Prtnrs Lp	1,932	$62	0.0%	$26.86	—	COM	293792107
PGR	Progressive Co Ohio	73	$17	0.0%	$143.35	+48.1%	COM	743315103
IDXX	Idexx Labs Inc	35	$24	0.0%	$469.47	+45.1%	COM	45168D104
TXN	Texas Instruments	127	$22	0.0%	$145.50	+17.3%	COM	882508104
KMI	KINDER MORGAN INC	1,500	$41	0.0%	$26.70	+0.8%	COM	49456B101
VDC	VANGUARD CONSUMER STAPLES ETF (MKT)	490	$104	0.1%	$213.73	—	COM	92204A207
VPL	VANGUARD PACIFIC STOCK INDEX ETF (MKT)	464	$42	0.0%	$87.84	—	COM	922042866
AVGO	Broadcom Inc	70	$24	0.0%	$151.43	+135.8%	COM	11135F101
—	Linde Plc	19	$8	0.0%	$410.68	—	COM	G5494J103
ZTS	Zoetis Inc	40	$5	0.0%	$172.86	-24.6%	COM	98978V103
HHH	Howard Hughes Holding Co	340	$27	0.0%	$70.15	+18.1%	COM	44267T102
ORLY	O Reilly Automotive	45	$4	0.0%	$89.31	+9.4%	COM	67103H107
—	Canadian Pac Railway	864	$64	0.0%	$70.21	—	COM	13645T100
IBM	International Business Mach.	52	$15	0.0%	$259.55	+15.1%	COM	459200101
COST	Costco Wholesale	10	$9	0.0%	$573.49	+57.9%	COM	22160K105
FDS	Factset Research Systems	140	$41	0.0%	$440.11	-36.4%	COM	303075105
MCD	McDonald's Corp	275	$84	0.1%	$258.68	+17.9%	COM	580135101
CRM	Salesforce Com	16	$4	0.0%	$237.58	+4.5%	COM	79466L302
URI	United Rentals Inc	3	$2	0.0%	$462.72	+87.4%	COM	911363109
EW	Edwards Lifesciences	53	$5	0.0%	$69.58	+17.9%	COM	28176E108
UAL	United Airlines Hldgs	21	$2	0.0%	$55.78	+81.2%	COM	910047109
TCEHY	Tencent Holdings	36	$3	0.0%	$46.62	—	COM	88032Q109
NEE	Nextera Energy Inc	61	$5	0.0%	$53.46	+54.3%	COM	65339F101
DOW	DOW INC COM	633	$15	0.0%	$35.96	-36.7%	COM	260557103
NERD	Roundhill Bitkrft Esprt	65	$2	0.0%	$15.63	—	COM	53656F706
BSV	Vanguard Short-Term Bond	2,460	$194	0.1%	$77.02	—	COM	921937827
SHY	ishares 1-3 Year Treasry	1,595	$132	0.1%	$82.04	—	COM	464287457
QCOM	Qualcomm, Inc.	42	$7	0.0%	$182.37	-6.3%	COM	747525103
MINT	Pimco Exch Traded Fund	541	$54	0.0%	$100.60	—	COM	72201R833
EXE	Expand Energy Corp	43	$5	0.0%	$101.00	+9.5%	COM	165167735
FUN	Six Flags Entmt Corp	24	$0	0.0%	$45.74	-60.5%	COM	83001C108
CSX	CSX Corp.	229	$8	0.0%	$30.86	+15.7%	COM	126408103
—	AON Corporation	43	$15	0.0%	$333.72	—	COM	00BLP1HW5
BKNG	Booking Holdings Inc	3	$16	0.0%	$3067.93	+67.5%	COM	09857L108
VLTO	Veralto Corp	19	$2	0.0%	$73.75	+37.0%	COM	92338C103
STEL	Stellar Bancorp Inc	200	$6	0.0%	$24.01	+28.0%	COM	858927106
GEV	Ge Vernova Inc	3	$2	0.0%	$158.10	+285.2%	COM	36828A101
FECCF	Frontera Energy Corpor	328	$1	0.0%	$6.21	-33.6%	COM	35905B107
SEG	Seaport Entertainment Gr	36	$1	0.0%	$28.41	-21.1%	COM	812215200
—	General Electric Co.	12	$4	0.0%	$127.67	—	COM	369604103
BND	Vanguard Total Bond	206	$15	0.0%	$73.11	—	COM	921937835
CFR	Cullen Frost Bankers	397	$50	0.0%	$90.62	+37.7%	COM	229899109
IR	Ingersoll Rand Co.	15	$1	0.0%	$68.24	+15.7%	COM	45687V106
PM	Philip Morris Intl Inc	23	$4	0.0%	$83.71	+83.5%	COM	718172109
CBOE	Cboe Global Mkts Inc	6	$2	0.0%	$168.03	+48.0%	COM	12503M108
—	Liberty Media Corp	2	$0	0.0%	$37.50	—	COM	531229722
GEHC	Ge Healthcare Technologi	4	$0	0.0%	$69.79	+11.6%	COM	36266G107
ADBE	Adobe Systems, Inc.	9	$3	0.0%	$576.76	-41.0%	COM	00724F101
MA	Mastercard Inc	4	$2	0.0%	$397.11	+40.8%	COM	57636Q104
CME	Cme Group Inc	3	$1	0.0%	$194.65	+39.1%	COM	12572Q105