RMR Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BRO	BROWN & BROWN INC	7,698 (+123.8%)	$614 (+90.2%)	0.4%	$89.54	-6.9%	COM	115236101
SPY	SPDR S&P 500 ETF TR	750 (+116.8%)	$512 (+122.4%)	0.4%	$588.90	—	TR UNIT	78462F103
AMRZ	AMRIZE LTD	10,353 (+67.0%)	$560 (+86.1%)	0.4%	$51.01	+0.0%	SHS	H2927K103
VCIT	VANGUARD SCOTTSDALE FDS	27,750 (+1.4%)	$2,324 (+1.0%)	1.7%	$80.86	—	INT-TERM CORP	92206C870
BINC	BLACKROCK ETF TRUST II	57,264 (+1.4%)	$3,022 (+0.5%)	2.2%	$52.31	—	ISHARES FLEXIBLE	092528603
PFF	ISHARES TR	89,031 (+1.8%)	$2,756 (-0.3%)	2.0%	$31.48	—	PFD AND INCM SEC	464288687

Exited Positions (8)

BIL SPDR SERIES TRUST 0.5%

Value ($000) $657 Shares 7,159 Est. Cost $91.51 Unrealized —

LQD ISHARES TR 0.3%

Value ($000) $444 Shares 3,984 Est. Cost $107.85 Unrealized —

IGIB ISHARES TR 0.3%

Value ($000) $361 Shares 6,680 Est. Cost $51.56 Unrealized —

LLY ELI LILLY & CO 0.2%

Value ($000) $319 Shares 418 Est. Cost $575.10 Unrealized +66.2%

IWB ISHARES TR 0.2%

Value ($000) $239 Shares 654 Est. Cost $314.39 Unrealized —

MDLZ MONDELEZ INTL INC 0.2%

Value ($000) $219 Shares 3,509 Est. Cost $64.31 Unrealized -11.3%

— REAVES UTIL INCOME FD 0.2%

Value ($000) $213 Shares 5,373 Est. Cost $39.62 Unrealized —

— SENSEONICS HLDGS INC 0.0%

Value ($000) $5 Shares 11,629 Est. Cost $0.57 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BIL	SPDR SERIES TRUST	7,159	$657	0.5%	$91.51	—	—	78468R663
LQD	ISHARES TR	3,984	$444	0.3%	$107.85	—	—	464287242
IGIB	ISHARES TR	6,680	$361	0.3%	$51.56	—	—	464288638
LLY	ELI LILLY & CO	418	$319	0.2%	$575.10	+66.2%	—	532457108
IWB	ISHARES TR	654	$239	0.2%	$314.39	—	—	464287622
MDLZ	MONDELEZ INTL INC	3,509	$219	0.2%	$64.31	-11.3%	—	609207105
—	REAVES UTIL INCOME FD	5,373	$213	0.2%	$39.62	—	—	756158101
—	SENSEONICS HLDGS INC	11,629	$5	0.0%	$0.57	—	—	81727U105

Decreased Positions (24)

SGOV ISHARES TR 10.9%

Value ($000) $15,185 (-10.2%) Shares 151,279 (-9.9%) Est. Cost $100.62 Unrealized —

GOOGL ALPHABET INC 3.8%

Value ($000) $5,228 (+27.2%) Shares 16,703 (-1.2%) Est. Cost $133.35 Unrealized +114.2%

TSLX SIXTH STREET SPECIALTY LENDI 3.1%

Value ($000) $4,294 (-12.3%) Shares 197,718 (-7.7%) Est. Cost $21.00 Unrealized +3.9%

BRK/B BERKSHIRE HATHAWAY INC DEL 18.1%

Value ($000) $25,219 (-1.5%) Shares 50,172 (-1.5%) Est. Cost $350.99 Unrealized +41.8%

MGM MGM RESORTS INTERNATIONAL 0.2%

Value ($000) $310 (-54.1%) Shares 8,493 (-56.4%) Est. Cost $32.49 Unrealized +4.4%

SYFI AB ACTIVE ETFS INC 3.1%

Value ($000) $4,314 (-7.7%) Shares 120,062 (-7.2%) Est. Cost $35.64 Unrealized —

IGLB ISHARES TR 0.8%

Value ($000) $1,082 (-24.9%) Shares 21,452 (-23.3%) Est. Cost $51.11 Unrealized —

HYBB ISHARES TR 0.7%

Value ($000) $946 (-26.3%) Shares 20,065 (-26.0%) Est. Cost $46.45 Unrealized —

ITA ISHARES TR 0.3%

Value ($000) $399 (-40.7%) Shares 1,860 (-42.2%) Est. Cost $126.61 Unrealized —

CPNG COUPANG INC 0.3%

Value ($000) $379 (-39.5%) Shares 16,059 (-17.5%) Est. Cost $18.34 Unrealized +55.2%

FICO FAIR ISAAC CORP 0.2%

Value ($000) $240 (-43.5%) Shares 142 (-50.0%) Est. Cost $1006.47 Unrealized +71.0%

VO VANGUARD INDEX FDS 1.2%

Value ($000) $1,678 (-9.0%) Shares 5,783 (-7.9%) Est. Cost $245.87 Unrealized —

DTD WISDOMTREE TR 0.3%

Value ($000) $373 (-28.0%) Shares 4,400 (-28.8%) Est. Cost $65.39 Unrealized —

VBR VANGUARD INDEX FDS 1.5%

Value ($000) $2,103 (-6.3%) Shares 9,928 (-7.7%) Est. Cost $182.53 Unrealized —

JNJ JOHNSON & JOHNSON 1.3%

Value ($000) $1,753 (+8.7%) Shares 8,472 (-2.6%) Est. Cost $143.59 Unrealized +37.2%

RPV INVESCO EXCHANGE TRADED FD T 0.9%

Value ($000) $1,227 (-8.7%) Shares 11,874 (-12.2%) Est. Cost $82.26 Unrealized —

FTA FIRST TR EXCHANGE-TRADED ALP 0.7%

Value ($000) $964 (-9.2%) Shares 11,195 (-12.2%) Est. Cost $71.83 Unrealized —

VOE VANGUARD INDEX FDS 1.5%

Value ($000) $2,028 (-4.2%) Shares 11,433 (-5.7%) Est. Cost $147.22 Unrealized —

IJR ISHARES TR 0.2%

Value ($000) $328 (-15.7%) Shares 2,729 (-16.6%) Est. Cost $108.65 Unrealized —

WMT WALMART INC 1.6%

Value ($000) $2,184 (+1.9%) Shares 19,604 (-5.7%) Est. Cost $54.58 Unrealized +96.4%

SPSM SPDR SERIES TRUST 1.9%

Value ($000) $2,627 (-1.4%) Shares 56,058 (-2.5%) Est. Cost $42.74 Unrealized —

SSD SIMPSON MFG INC 0.3%

Value ($000) $398 (-7.3%) Shares 2,465 (-3.9%) Est. Cost $171.20 Unrealized -1.4%

NNI NELNET INC 0.4%

Value ($000) $613 (+2.7%) Shares 4,613 (-3.1%) Est. Cost $103.77 Unrealized +26.1%

QUAL ISHARES TR 1.5%

Value ($000) $2,124 (-0.2%) Shares 10,693 (-2.3%) Est. Cost $147.14 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SGOV	ISHARES TR	151,279 (-9.9%)	$15,185 (-10.2%)	10.9%	$100.62	—	0-3 MNTH TREASRY	46436E718
GOOGL	ALPHABET INC	16,703 (-1.2%)	$5,228 (+27.2%)	3.8%	$133.35	+114.2%	CAP STK CL A	02079K305
TSLX	SIXTH STREET SPECIALTY LENDI	197,718 (-7.7%)	$4,294 (-12.3%)	3.1%	$21.00	+3.9%	COM	83012A109
BRK/B	BERKSHIRE HATHAWAY INC DEL	50,172 (-1.5%)	$25,219 (-1.5%)	18.1%	$350.99	+41.8%	CL B NEW	084670702
MGM	MGM RESORTS INTERNATIONAL	8,493 (-56.4%)	$310 (-54.1%)	0.2%	$32.49	+4.4%	COM	552953101
SYFI	AB ACTIVE ETFS INC	120,062 (-7.2%)	$4,314 (-7.7%)	3.1%	$35.64	—	SHORT DURATION H	00039J830
IGLB	ISHARES TR	21,452 (-23.3%)	$1,082 (-24.9%)	0.8%	$51.11	—	10+ YR INVST GRD	464289511
HYBB	ISHARES TR	20,065 (-26.0%)	$946 (-26.3%)	0.7%	$46.45	—	BB RAT CORP BD	46435U473
ITA	ISHARES TR	1,860 (-42.2%)	$399 (-40.7%)	0.3%	$126.61	—	US AER DEF ETF	464288760
CPNG	COUPANG INC	16,059 (-17.5%)	$379 (-39.5%)	0.3%	$18.34	+55.2%	CL A	22266T109
FICO	FAIR ISAAC CORP	142 (-50.0%)	$240 (-43.5%)	0.2%	$1006.47	+71.0%	COM	303250104
VO	VANGUARD INDEX FDS	5,783 (-7.9%)	$1,678 (-9.0%)	1.2%	$245.87	—	MID CAP ETF	922908629
DTD	WISDOMTREE TR	4,400 (-28.8%)	$373 (-28.0%)	0.3%	$65.39	—	US TOTAL DIVIDND	97717W109
VBR	VANGUARD INDEX FDS	9,928 (-7.7%)	$2,103 (-6.3%)	1.5%	$182.53	—	SM CP VAL ETF	922908611
JNJ	JOHNSON & JOHNSON	8,472 (-2.6%)	$1,753 (+8.7%)	1.3%	$143.59	+37.2%	COM	478160104
RPV	INVESCO EXCHANGE TRADED FD T	11,874 (-12.2%)	$1,227 (-8.7%)	0.9%	$82.26	—	S&P500 PUR VAL	46137V258
FTA	FIRST TR EXCHANGE-TRADED ALP	11,195 (-12.2%)	$964 (-9.2%)	0.7%	$71.83	—	COM SHS	33735J101
VOE	VANGUARD INDEX FDS	11,433 (-5.7%)	$2,028 (-4.2%)	1.5%	$147.22	—	MCAP VL IDXVIP	922908512
IJR	ISHARES TR	2,729 (-16.6%)	$328 (-15.7%)	0.2%	$108.65	—	CORE S&P SCP ETF	464287804
WMT	WALMART INC	19,604 (-5.7%)	$2,184 (+1.9%)	1.6%	$54.58	+96.4%	COM	931142103
SPSM	SPDR SERIES TRUST	56,058 (-2.5%)	$2,627 (-1.4%)	1.9%	$42.74	—	STATE STREET SPD	78468R853
SSD	SIMPSON MFG INC	2,465 (-3.9%)	$398 (-7.3%)	0.3%	$171.20	-1.4%	COM	829073105
NNI	NELNET INC	4,613 (-3.1%)	$613 (+2.7%)	0.4%	$103.77	+26.1%	CL A	64031N108
QUAL	ISHARES TR	10,693 (-2.3%)	$2,124 (-0.2%)	1.5%	$147.14	—	MSCI USA QLT FCT	46432F339

Unchanged Positions (42)

JOE ST JOE CO 1.9%

Value ($000) $2,580 Shares 43,464 Est. Cost $52.56 Unrealized +6.6%

GOOG ALPHABET INC 1.3%

Value ($000) $1,789 Shares 5,700 Est. Cost $139.12 Unrealized +105.8%

AXP AMERICAN EXPRESS CO 1.7%

Value ($000) $2,316 Shares 6,260 Est. Cost $156.99 Unrealized +127.4%

COST COSTCO WHSL CORP NEW 2.3%

Value ($000) $3,128 Shares 3,627 Est. Cost $573.49 Unrealized +57.9%

RTX RTX CORPORATION 1.7%

Value ($000) $2,395 Shares 13,059 Est. Cost $75.63 Unrealized +129.2%

MSFT MICROSOFT CORP 1.4%

Value ($000) $1,986 Shares 4,107 Est. Cost $350.36 Unrealized +42.9%

GS GOLDMAN SACHS GROUP INC 1.1%

Value ($000) $1,491 Shares 1,696 Est. Cost $317.74 Unrealized +156.0%

GLD SPDR GOLD TR 0.9%

Value ($000) $1,280 Shares 3,231 Est. Cost $192.03 Unrealized —

CASH PATHWARD FINANCIAL INC 2.0%

Value ($000) $2,710 Shares 38,169 Est. Cost $49.84 Unrealized +43.7%

LQDA LIQUIDIA CORPORATION 0.2%

Value ($000) $321 Shares 9,315 Est. Cost $21.69 Unrealized +31.2%

AAPL APPLE INC 1.2%

Value ($000) $1,644 Shares 6,046 Est. Cost $182.81 Unrealized +46.8%

FBTC FIDELITY WISE ORIGIN BITCOIN 0.2%

Value ($000) $283 Shares 3,709 Est. Cost $81.04 Unrealized —

SCHW SCHWAB CHARLES CORP 1.2%

Value ($000) $1,683 Shares 16,845 Est. Cost $57.44 Unrealized +64.9%

ABT ABBOTT LABS 0.7%

Value ($000) $990 Shares 7,900 Est. Cost $96.07 Unrealized +32.5%

AMZN AMAZON COM INC 0.9%

Value ($000) $1,221 Shares 5,289 Est. Cost $140.18 Unrealized +63.2%

PAYX PAYCHEX INC 0.3%

Value ($000) $393 Shares 3,506 Est. Cost $111.08 Unrealized +4.9%

MKL MARKEL GROUP INC 0.3%

Value ($000) $400 Shares 186 Est. Cost $1418.73 Unrealized +42.8%

V VISA INC 1.1%

Value ($000) $1,530 Shares 4,362 Est. Cost $242.67 Unrealized +40.3%

CB CHUBB LIMITED 0.3%

Value ($000) $414 Shares 1,325 Est. Cost $213.74 Unrealized +36.8%

JPM JPMORGAN CHASE & CO. 1.3%

Value ($000) $1,829 Shares 5,677 Est. Cost $144.89 Unrealized +113.6%

AIG AMERICAN INTL GROUP INC 0.3%

Value ($000) $348 Shares 4,069 Est. Cost $60.81 Unrealized +31.0%

ABBV ABBVIE INC 1.5%

Value ($000) $2,105 Shares 9,212 Est. Cost $135.72 Unrealized +67.7%

KO COCA COLA CO 0.4%

Value ($000) $525 Shares 7,507 Est. Cost $53.26 Unrealized +30.3%

IVV ISHARES TR 0.8%

Value ($000) $1,062 Shares 1,551 Est. Cost $477.63 Unrealized —

HQI HIREQUEST INC 0.2%

Value ($000) $259 Shares 24,614 Est. Cost $14.14 Unrealized -38.0%

CSX CSX CORP 0.6%

Value ($000) $843 Shares 23,248 Est. Cost $30.86 Unrealized +15.7%

NOC NORTHROP GRUMMAN CORP 0.2%

Value ($000) $228 Shares 399 Est. Cost $563.27 Unrealized +2.8%

GD GENERAL DYNAMICS CORP 0.8%

Value ($000) $1,130 Shares 3,357 Est. Cost $234.24 Unrealized +45.5%

BFOR ALPS ETF TR 0.7%

Value ($000) $933 Shares 11,329 Est. Cost $62.20 Unrealized —

SPLB SPDR SERIES TRUST 0.4%

Value ($000) $541 Shares 23,971 Est. Cost $23.79 Unrealized —

VGK VANGUARD INTL EQUITY INDEX F 0.2%

Value ($000) $251 Shares 2,999 Est. Cost $77.50 Unrealized —

MCD MCDONALDS CORP 1.3%

Value ($000) $1,846 Shares 6,039 Est. Cost $258.68 Unrealized +17.9%

IWD ISHARES TR 0.2%

Value ($000) $268 Shares 1,273 Est. Cost $165.25 Unrealized —

TOST TOAST INC 0.2%

Value ($000) $294 Shares 8,291 Est. Cost $37.44 Unrealized -3.7%

ISCV ISHARES TR 0.2%

Value ($000) $248 Shares 3,621 Est. Cost $66.64 Unrealized —

VOO VANGUARD INDEX FDS 0.2%

Value ($000) $249 Shares 396 Est. Cost $537.79 Unrealized —

VYM VANGUARD WHITEHALL FDS 0.2%

Value ($000) $331 Shares 2,305 Est. Cost $114.47 Unrealized —

PYLD PIMCO ETF TR 1.4%

Value ($000) $1,922 Shares 72,023 Est. Cost $26.33 Unrealized —

RSP INVESCO EXCHANGE TRADED FD T 3.2%

Value ($000) $4,431 Shares 23,129 Est. Cost $158.42 Unrealized —

SCHB SCHWAB STRATEGIC TR 0.2%

Value ($000) $212 Shares 8,088 Est. Cost $25.71 Unrealized —

BRK/A BERKSHIRE HATHAWAY INC DEL 2.7%

Value ($000) $3,774 Shares 5 Est. Cost $533852.10 Unrealized +39.8%

NVDA NVIDIA CORPORATION 0.5%

Value ($000) $650 Shares 3,487 Est. Cost $99.57 Unrealized +86.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
JOE	ST JOE CO	43,464	$2,580	1.9%	$52.56	+6.6%	COM	790148100
GOOG	ALPHABET INC	5,700	$1,789	1.3%	$139.12	+105.8%	CAP STK CL C	02079K107
AXP	AMERICAN EXPRESS CO	6,260	$2,316	1.7%	$156.99	+127.4%	COM	025816109
COST	COSTCO WHSL CORP NEW	3,627	$3,128	2.3%	$573.49	+57.9%	COM	22160K105
RTX	RTX CORPORATION	13,059	$2,395	1.7%	$75.63	+129.2%	COM	75513E101
MSFT	MICROSOFT CORP	4,107	$1,986	1.4%	$350.36	+42.9%	COM	594918104
GS	GOLDMAN SACHS GROUP INC	1,696	$1,491	1.1%	$317.74	+156.0%	COM	38141G104
GLD	SPDR GOLD TR	3,231	$1,280	0.9%	$192.03	—	GOLD SHS	78463V107
CASH	PATHWARD FINANCIAL INC	38,169	$2,710	2.0%	$49.84	+43.7%	COM	59100U108
LQDA	LIQUIDIA CORPORATION	9,315	$321	0.2%	$21.69	+31.2%	COM NEW	53635D202
AAPL	APPLE INC	6,046	$1,644	1.2%	$182.81	+46.8%	COM	037833100
FBTC	FIDELITY WISE ORIGIN BITCOIN	3,709	$283	0.2%	$81.04	—	SHS	315948109
SCHW	SCHWAB CHARLES CORP	16,845	$1,683	1.2%	$57.44	+64.9%	COM	808513105
ABT	ABBOTT LABS	7,900	$990	0.7%	$96.07	+32.5%	COM	002824100
AMZN	AMAZON COM INC	5,289	$1,221	0.9%	$140.18	+63.2%	COM	023135106
PAYX	PAYCHEX INC	3,506	$393	0.3%	$111.08	+4.9%	COM	704326107
MKL	MARKEL GROUP INC	186	$400	0.3%	$1418.73	+42.8%	COM	570535104
V	VISA INC	4,362	$1,530	1.1%	$242.67	+40.3%	COM CL A	92826C839
CB	CHUBB LIMITED	1,325	$414	0.3%	$213.74	+36.8%	COM	H1467J104
JPM	JPMORGAN CHASE & CO.	5,677	$1,829	1.3%	$144.89	+113.6%	COM	46625H100
AIG	AMERICAN INTL GROUP INC	4,069	$348	0.3%	$60.81	+31.0%	COM NEW	026874784
ABBV	ABBVIE INC	9,212	$2,105	1.5%	$135.72	+67.7%	COM	00287Y109
KO	COCA COLA CO	7,507	$525	0.4%	$53.26	+30.3%	COM	191216100
IVV	ISHARES TR	1,551	$1,062	0.8%	$477.63	—	CORE S&P500 ETF	464287200
HQI	HIREQUEST INC	24,614	$259	0.2%	$14.14	-38.0%	COM	433535101
CSX	CSX CORP	23,248	$843	0.6%	$30.86	+15.7%	COM	126408103
NOC	NORTHROP GRUMMAN CORP	399	$228	0.2%	$563.27	+2.8%	COM	666807102
GD	GENERAL DYNAMICS CORP	3,357	$1,130	0.8%	$234.24	+45.5%	COM	369550108
BFOR	ALPS ETF TR	11,329	$933	0.7%	$62.20	—	BARRONS 400 ETF	00162Q726
SPLB	SPDR SERIES TRUST	23,971	$541	0.4%	$23.79	—	STATE STREET SPD	78464A367
VGK	VANGUARD INTL EQUITY INDEX F	2,999	$251	0.2%	$77.50	—	FTSE EUROPE ETF	922042874
MCD	MCDONALDS CORP	6,039	$1,846	1.3%	$258.68	+17.9%	COM	580135101
IWD	ISHARES TR	1,273	$268	0.2%	$165.25	—	RUS 1000 VAL ETF	464287598
TOST	TOAST INC	8,291	$294	0.2%	$37.44	-3.7%	CL A	888787108
ISCV	ISHARES TR	3,621	$248	0.2%	$66.64	—	MRNING SM CP ETF	464288703
VOO	VANGUARD INDEX FDS	396	$249	0.2%	$537.79	—	S&P 500 ETF SHS	922908363
VYM	VANGUARD WHITEHALL FDS	2,305	$331	0.2%	$114.47	—	HIGH DIV YLD	921946406
PYLD	PIMCO ETF TR	72,023	$1,922	1.4%	$26.33	—	MULTISECTOR BD	72201R585
RSP	INVESCO EXCHANGE TRADED FD T	23,129	$4,431	3.2%	$158.42	—	S&P500 EQL WGT	46137V357
SCHB	SCHWAB STRATEGIC TR	8,088	$212	0.2%	$25.71	—	US BRD MKT ETF	808524102
BRK/A	BERKSHIRE HATHAWAY INC DEL	5	$3,774	2.7%	$533852.10	+39.8%	CL A	084670108
NVDA	NVIDIA CORPORATION	3,487	$650	0.5%	$99.57	+86.9%	COM	67066G104