Davidson Kahn Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
RSP	INVESCO EXCHANGE TRADED FD T	92,991 (+16.9%)	$17,813 (+17.9%)	9.3%	$179.07	—	S&P500 EQL WGT	46137V357
VOO	VANGUARD INDEX FDS	32,592 (+7.4%)	$20,439 (+9.9%)	10.6%	$540.27	—	S&P 500 ETF SHS	922908363
SCHB	SCHWAB STRATEGIC TR	496,485 (+8.1%)	$13,023 (+10.2%)	6.8%	$23.11	—	US BRD MKT ETF	808524102
QQQ	INVESCO QQQ TR	22,924 (+6.6%)	$14,083 (+9.0%)	7.3%	$522.75	—	UNIT SER 1	46090E103
VXUS	VANGUARD STAR FDS	35,399 (+69.5%)	$2,671 (+72.8%)	1.4%	$73.97	—	VG TL INTL STK F	921909768
CPRT	COPART INC	100,151 (+56.3%)	$3,921 (+29.8%)	2.0%	$49.50	-16.2%	COM	217204106
AMZN	AMAZON COM INC	48,069 (+3.2%)	$11,095 (+8.5%)	5.8%	$210.87	+8.5%	COM	023135106
DFH	DREAM FINDERS HOMES INC	111,804 (+5.6%)	$1,912 (-30.3%)	1.0%	$26.71	-23.4%	COM CL A	26154D100
FND	FLOOR & DECOR HLDGS INC	53,005 (+48.0%)	$3,206 (+21.3%)	1.7%	$88.90	-27.1%	CL A	339750101
ODFL	OLD DOMINION FREIGHT LINE IN	20,292 (+7.6%)	$3,182 (+19.9%)	1.7%	$167.13	-14.3%	COM	679580100
AAPL	APPLE INC	16,921 (+5.1%)	$4,600 (+12.3%)	2.4%	$236.06	+13.7%	COM	037833100
MKL	MARKEL GROUP INC	1,676 (+1.7%)	$3,603 (+14.4%)	1.9%	$1665.46	+21.6%	COM	570535104
CSGP	COSTAR GROUP INC	42,831 (+8.8%)	$2,880 (-13.3%)	1.5%	$75.22	-5.8%	COM	22160N109
NVDA	NVIDIA CORPORATION	7,898 (+39.7%)	$1,473 (+39.7%)	0.8%	$149.33	+24.6%	COM	67066G104
EZM	WISDOMTREE TR	84,791 (+6.0%)	$5,664 (+7.3%)	2.9%	$62.76	—	US MIDCAP FUND	97717W570
CPNG	COUPANG INC	132,349 (+24.2%)	$3,122 (-9.0%)	1.6%	$25.09	+13.4%	CL A	22266T109
VTI	VANGUARD INDEX FDS	3,989 (+27.0%)	$1,337 (+29.7%)	0.7%	$301.13	—	TOTAL STK MKT	922908769
MSCI	MSCI INC	3,010 (+17.0%)	$1,727 (+18.3%)	0.9%	$580.24	-3.5%	COM	55354G100
BRO	BROWN & BROWN INC	33,290 (+30.7%)	$2,653 (+11.1%)	1.4%	$98.87	-15.7%	COM	115236101
GOOG	ALPHABET INC	2,546 (+6.0%)	$799 (+36.5%)	0.4%	$183.72	+55.9%	CAP STK CL C	02079K107
BAM	BROOKFIELD ASSET MANAGMT LTD	54,262 (+1.3%)	$2,843 (-6.9%)	1.5%	$52.21	+2.4%	CL A LMT VTG SHS	113004105
META	META PLATFORMS INC	6,868 (+6.7%)	$4,534 (-4.1%)	2.4%	$600.36	+11.2%	CL A	30303M102
NVR	NVR INC	324 (+1.9%)	$2,363 (-7.5%)	1.2%	$8437.72	-11.4%	COM	62944T105
TSLA	TESLA INC	4,921 (+8.0%)	$2,213 (+9.2%)	1.2%	$331.14	+33.9%	COM	88160R101
BX	BLACKSTONE INC	12,742 (+2.1%)	$1,964 (-8.0%)	1.0%	$161.38	-6.1%	COM	09260D107
WSO	WATSCO INC	3,198 (+6.0%)	$1,078 (-11.7%)	0.6%	$457.04	-21.9%	COM	942622200
SPY	SPDR S&P 500 ETF TR	2,755 (+5.6%)	$1,878 (+8.1%)	1.0%	$591.42	—	TR UNIT	78462F103
COST	COSTCO WHSL CORP NEW	624 (+43.4%)	$538 (+33.6%)	0.3%	$921.56	-1.7%	COM	22160K105
RH	RH	13,537 (+8.8%)	$2,411 (-4.7%)	1.3%	$311.38	-45.1%	COM	74967X103
AVGO	BROADCOM INC	1,487 (+22.2%)	$515 (+28.2%)	0.3%	$230.42	+54.9%	COM	11135F101
XLK	SELECT SECTOR SPDR TR	2,798 (+158.8%)	$403 (+32.2%)	0.2%	$168.12	—	STATE STREET TEC	81369Y803
KKR	KKR & CO INC	24,641 (+3.9%)	$3,141 (+1.9%)	1.6%	$139.41	-10.8%	COM	48251W104
JPM	JPMORGAN CHASE & CO.	1,426 (+9.9%)	$459 (+12.3%)	0.2%	$251.54	+23.1%	COM	46625H100
BN	BROOKFIELD CORP	86,229 (+50.7%)	$3,957 (+0.8%)	2.1%	$40.16	+13.4%	CL A LTD VT SH	11271J107
CRWD	CROWDSTRIKE HLDGS INC	1,257 (+6.4%)	$589 (+1.7%)	0.3%	$343.20	+48.4%	CL A	22788C105
BLK	BLACKROCK INC	217 (+7.4%)	$233 (-1.4%)	0.1%	$951.99	+14.4%	COM	09290D101

Exited Positions (1)

ESE ESCO TECHNOLOGIES INC 0.1%

Value ($000) $211 Shares 1,000 Est. Cost $197.68 Unrealized +6.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ESE	ESCO TECHNOLOGIES INC	1,000	$211	0.1%	$197.68	+6.6%	—	296315104

Decreased Positions (5)

GOOGL ALPHABET INC 4.3%

Value ($000) $8,255 (+14.4%) Shares 26,375 (-11.1%) Est. Cost $174.44 Unrealized +63.7%

TIC TIC SOLUTIONS INC 0.3%

Value ($000) $636 (-25.5%) Shares 62,920 (-1.9%) Est. Cost $10.48 Unrealized +6.2%

BRK/B BERKSHIRE HATHAWAY INC DEL 1.6%

Value ($000) $3,133 (-2.5%) Shares 6,233 (-2.5%) Est. Cost $464.28 Unrealized +7.2%

TBLA TABOOLA.COM LTD 0.1%

Value ($000) $113 (-31.8%) Shares 24,444 (-49.5%) Est. Cost $3.57 Unrealized +5.4%

TBRG TRUBRIDGE INC 0.4%

Value ($000) $714 (+7.4%) Shares 32,335 (-1.8%) Est. Cost $23.44 Unrealized -10.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	26,375 (-11.1%)	$8,255 (+14.4%)	4.3%	$174.44	+63.7%	CAP STK CL A	02079K305
TIC	TIC SOLUTIONS INC	62,920 (-1.9%)	$636 (-25.5%)	0.3%	$10.48	+6.2%	COM	00510N102
BRK/B	BERKSHIRE HATHAWAY INC DEL	6,233 (-2.5%)	$3,133 (-2.5%)	1.6%	$464.28	+7.2%	CL B NEW	084670702
TBLA	TABOOLA.COM LTD	24,444 (-49.5%)	$113 (-31.8%)	0.1%	$3.57	+5.4%	ORD SHS	M8744T106
TBRG	TRUBRIDGE INC	32,335 (-1.8%)	$714 (+7.4%)	0.4%	$23.44	-10.7%	COM	205306103

Unchanged Positions (18)

PRM PERIMETER SOLUTIONS INC 4.1%

Value ($000) $7,975 Shares 289,669 Est. Cost $12.29 Unrealized +105.6%

WD WALKER & DUNLOP INC 1.1%

Value ($000) $2,147 Shares 35,991 Est. Cost $98.68 Unrealized -28.6%

APPF APPFOLIO INC 1.1%

Value ($000) $2,133 Shares 9,170 Est. Cost $228.70 Unrealized +3.9%

APG API GROUP CORP 1.8%

Value ($000) $3,523 Shares 92,080 Est. Cost $27.79 Unrealized +33.1%

MSFT MICROSOFT CORP 2.4%

Value ($000) $4,525 Shares 9,357 Est. Cost $419.42 Unrealized +19.3%

ABNB AIRBNB INC 1.1%

Value ($000) $2,082 Shares 15,342 Est. Cost $133.03 Unrealized -6.4%

ASML ASML HOLDING N V 0.7%

Value ($000) $1,377 Shares 1,287 Est. Cost $968.09 Unrealized —

ANET ARISTA NETWORKS INC 0.6%

Value ($000) $1,148 Shares 8,762 Est. Cost $102.84 Unrealized +33.9%

AXON AXON ENTERPRISE INC 0.3%

Value ($000) $486 Shares 856 Est. Cost $547.91 Unrealized +13.3%

FNDF SCHWAB STRATEGIC TR 0.5%

Value ($000) $879 Shares 19,437 Est. Cost $33.43 Unrealized —

SCHW SCHWAB CHARLES CORP 0.6%

Value ($000) $1,101 Shares 11,017 Est. Cost $73.82 Unrealized +28.3%

SHW SHERWIN WILLIAMS CO 0.3%

Value ($000) $569 Shares 1,757 Est. Cost $363.02 Unrealized -8.0%

SHOP SHOPIFY INC 0.2%

Value ($000) $334 Shares 2,072 Est. Cost $97.26 Unrealized +65.1%

VEU VANGUARD INTL EQUITY INDEX F 0.3%

Value ($000) $638 Shares 8,667 Est. Cost $57.41 Unrealized —

ONEQ FIDELITY COMWLTH TR 0.2%

Value ($000) $327 Shares 3,575 Est. Cost $80.23 Unrealized —

FNDC SCHWAB STRATEGIC TR 0.3%

Value ($000) $649 Shares 14,562 Est. Cost $34.23 Unrealized —

IJR ISHARES TR 0.3%

Value ($000) $595 Shares 4,953 Est. Cost $114.65 Unrealized —

FNDE SCHWAB STRATEGIC TR 0.4%

Value ($000) $756 Shares 20,966 Est. Cost $29.18 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PRM	PERIMETER SOLUTIONS INC	289,669	$7,975	4.1%	$12.29	+105.6%	COMMON STOCK	71385M107
WD	WALKER & DUNLOP INC	35,991	$2,147	1.1%	$98.68	-28.6%	COM	93148P102
APPF	APPFOLIO INC	9,170	$2,133	1.1%	$228.70	+3.9%	COM CL A	03783C100
APG	API GROUP CORP	92,080	$3,523	1.8%	$27.79	+33.1%	COM STK	00187Y100
MSFT	MICROSOFT CORP	9,357	$4,525	2.4%	$419.42	+19.3%	COM	594918104
ABNB	AIRBNB INC	15,342	$2,082	1.1%	$133.03	-6.4%	COM CL A	009066101
ASML	ASML HOLDING N V	1,287	$1,377	0.7%	$968.09	—	N Y REGISTRY SHS	N07059210
ANET	ARISTA NETWORKS INC	8,762	$1,148	0.6%	$102.84	+33.9%	COM SHS	040413205
AXON	AXON ENTERPRISE INC	856	$486	0.3%	$547.91	+13.3%	COM	05464C101
FNDF	SCHWAB STRATEGIC TR	19,437	$879	0.5%	$33.43	—	FUNDAMENTAL INTL	808524755
SCHW	SCHWAB CHARLES CORP	11,017	$1,101	0.6%	$73.82	+28.3%	COM	808513105
SHW	SHERWIN WILLIAMS CO	1,757	$569	0.3%	$363.02	-8.0%	COM	824348106
SHOP	SHOPIFY INC	2,072	$334	0.2%	$97.26	+65.1%	CL A SUB VTG SHS	82509L107
VEU	VANGUARD INTL EQUITY INDEX F	8,667	$638	0.3%	$57.41	—	ALLWRLD EX US	922042775
ONEQ	FIDELITY COMWLTH TR	3,575	$327	0.2%	$80.23	—	NASDAQ COMPSIT	315912808
FNDC	SCHWAB STRATEGIC TR	14,562	$649	0.3%	$34.23	—	FUNDAMENTAL INTL	808524748
IJR	ISHARES TR	4,953	$595	0.3%	$114.65	—	CORE S&P SCP ETF	464287804
FNDE	SCHWAB STRATEGIC TR	20,966	$756	0.4%	$29.18	—	FUNDAMENTAL EMER	808524730