# EDGAR Filing Document

**Accession Number:** 0001634556
**File Stem:** 0001172661-26-000255
**Filing Date:** 2026-1
**Character Count:** 28145
**Document Hash:** 65964f8a63a67301fb6832ef41268c44
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-26-000255.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0001172661-26-000255

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**EFFECTIVENESS DATE**: 20260122

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** True North Advisors, LLC
- **CENTRAL INDEX KEY:** 0001634556

**ORGANIZATION NAME:**
- **EIN:** 752871229
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-21867
- **FILM NUMBER:** 26550688

**BUSINESS ADDRESS:**
- **STREET 1:** 3131 TURTLE CREEK BOULEVARD
- **STREET 2:** SUITE 1300
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75219
- **BUSINESS PHONE:** 214-360-7300

**MAIL ADDRESS:**
- **STREET 1:** 3131 TURTLE CREEK BOULEVARD
- **STREET 2:** SUITE 1300
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75219

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** True North Advisors LLC<br>**Address:** 3131 Turtle Creek Boulevard<br>Suite 1300<br>Dallas, TX 75219

**Form 13F File Number:** 028-21867

**CRD Number (if applicable):** 000116048

**SEC File Number (if applicable):** 801-66250

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Will Sharp<br>**Title:** Managing Director of Finance CCO Partner<br>**Phone:** 214-360-7300

**Signature, Place, and Date of Signing:**

/s/ Will Sharp  Dallas, TX  01-22-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 250

**Form 13F Information Table Value Total:** $773540743

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 3M CO | COM | 88579Y101 |  | 473590 | 2958 | SH |  | SOLE |  | 0 | 0 | 2958 |
| ABBOTT LABS | COM | 002824100 |  | 2458818 | 19625 | SH |  | SOLE |  | 0 | 0 | 19625 |
| ABBVIE INC | COM | 00287Y109 |  | 4252508 | 18611 | SH |  | SOLE |  | 0 | 0 | 18611 |
| ADOBE INC | COM | 00724F101 |  | 2272532 | 6493 | SH |  | SOLE |  | 0 | 0 | 6493 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 873130 | 4077 | SH |  | SOLE |  | 0 | 0 | 4077 |
| AFLAC INC | COM | 001055102 |  | 588814 | 5340 | SH |  | SOLE |  | 0 | 0 | 5340 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 1096522 | 4439 | SH |  | SOLE |  | 0 | 0 | 4439 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 244928 | 1671 | SH |  | SOLE |  | 0 | 0 | 1671 |
| ALKAMI TECHNOLOGY INC | COM | 01644J108 |  | 312322 | 13538 | SH |  | SOLE |  | 0 | 0 | 13538 |
| ALLEGION PLC | ORD SHS | G0176J109 |  | 1450017 | 9107 | SH |  | SOLE |  | 0 | 0 | 9107 |
| ALLSTATE CORP | COM | 020002101 |  | 2480940 | 11919 | SH |  | SOLE |  | 0 | 0 | 11919 |
| AMAZON COM INC | COM | 023135106 |  | 31938973 | 138372 | SH |  | SOLE |  | 0 | 0 | 138372 |
| AMERICAN CENTY ETF TR | INTL SMCP VLU | 025072802 |  | 8950939 | 95253 | SH |  | SOLE |  | 0 | 0 | 95253 |
| AMERICAN CENTY ETF TR | AVANTIS INTL SML | 025072190 |  | 211175 | 3025 | SH |  | SOLE |  | 0 | 0 | 3025 |
| AMERICAN CENTY ETF TR | INTL EQT ETF | 025072703 |  | 417033 | 5066 | SH |  | SOLE |  | 0 | 0 | 5066 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 628280 | 1698 | SH |  | SOLE |  | 0 | 0 | 1698 |
| AMGEN INC | COM | 031162100 |  | 376525 | 1150 | SH |  | SOLE |  | 0 | 0 | 1150 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 3989336 | 29520 | SH |  | SOLE |  | 0 | 0 | 29520 |
| ANALOG DEVICES INC | COM | 032654105 |  | 704078 | 2596 | SH |  | SOLE |  | 0 | 0 | 2596 |
| AON PLC | SHS CL A | G0403H108 |  | 382875 | 1085 | SH |  | SOLE |  | 0 | 0 | 1085 |
| APPLE INC | COM | 037833100 |  | 82017497 | 301690 | SH |  | SOLE |  | 0 | 0 | 301690 |
| APPLIED MATLS INC | COM | 038222105 |  | 2035379 | 7920 | SH |  | SOLE |  | 0 | 0 | 7920 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 201855 | 9978 | SH |  | SOLE |  | 0 | 0 | 9978 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 500404 | 3819 | SH |  | SOLE |  | 0 | 0 | 3819 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 1314858 | 1229 | SH |  | SOLE |  | 0 | 0 | 1229 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 522070 | 5679 | SH |  | SOLE |  | 0 | 0 | 5679 |
| AVALONBAY CMNTYS INC | COM | 053484101 |  | 250933 | 1384 | SH |  | SOLE |  | 0 | 0 | 1384 |
| BANK AMERICA CORP | COM | 060505104 |  | 14607051 | 265583 | SH |  | SOLE |  | 0 | 0 | 265583 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 39605455 | 78793 | SH |  | SOLE |  | 0 | 0 | 78793 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 1509600 | 2 | SH |  | SOLE |  | 0 | 0 | 2 |
| BIOHARVEST SCIENCES INC | COM NEW | 09076J207 |  | 181276 | 34928 | SH |  | SOLE |  | 0 | 0 | 34928 |
| BLACKSTONE MTG TR INC | COM CL A | 09257W100 |  | 590101 | 30847 | SH |  | SOLE |  | 0 | 0 | 30847 |
| BROADCOM INC | COM | 11135F101 |  | 9114476 | 26335 | SH |  | SOLE |  | 0 | 0 | 26335 |
| CAMDEN PPTY TR | SH BEN INT | 133131102 |  | 291272 | 2646 | SH |  | SOLE |  | 0 | 0 | 2646 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 204032 | 842 | SH |  | SOLE |  | 0 | 0 | 842 |
| CARNIVAL CORP | UNIT 99/99/9999 | 143658300 |  | 287066 | 9400 | SH |  | SOLE |  | 0 | 0 | 9400 |
| CATERPILLAR INC | COM | 149123101 |  | 2967560 | 5180 | SH |  | SOLE |  | 0 | 0 | 5180 |
| CHEVRON CORP NEW | COM | 166764100 |  | 1647333 | 10809 | SH |  | SOLE |  | 0 | 0 | 10809 |
| CINTAS CORP | COM | 172908105 |  | 518752 | 2758 | SH |  | SOLE |  | 0 | 0 | 2758 |
| CISCO SYS INC | COM | 17275R102 |  | 573385 | 7444 | SH |  | SOLE |  | 0 | 0 | 7444 |
| COCA COLA CO | COM | 191216100 |  | 726617 | 10394 | SH |  | SOLE |  | 0 | 0 | 10394 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 487000 | 6163 | SH |  | SOLE |  | 0 | 0 | 6163 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 356618 | 3810 | SH |  | SOLE |  | 0 | 0 | 3810 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 1267024 | 3587 | SH |  | SOLE |  | 0 | 0 | 3587 |
| CORTEVA INC | COM | 22052L104 |  | 4072475 | 60756 | SH |  | SOLE |  | 0 | 0 | 60756 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 8753695 | 10151 | SH |  | SOLE |  | 0 | 0 | 10151 |
| D R HORTON INC | COM | 23331A109 |  | 2072603 | 14390 | SH |  | SOLE |  | 0 | 0 | 14390 |
| DANAHER CORPORATION | COM | 235851102 |  | 388032 | 1695 | SH |  | SOLE |  | 0 | 0 | 1695 |
| DECKERS OUTDOOR CORP | COM | 243537107 |  | 1127930 | 10880 | SH |  | SOLE |  | 0 | 0 | 10880 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 216043 | 5898 | SH |  | SOLE |  | 0 | 0 | 5898 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 215202 | 1391 | SH |  | SOLE |  | 0 | 0 | 1391 |
| DIMENSIONAL ETF TRUST | US TARGETED VLU | 25434V609 |  | 1682422 | 28257 | SH |  | SOLE |  | 0 | 0 | 28257 |
| DIMENSIONAL ETF TRUST | US EQUITY MARKET | 25434V401 |  | 346077 | 4666 | SH |  | SOLE |  | 0 | 0 | 4666 |
| DIMENSIONAL ETF TRUST | WORLD EX US CORE | 25434V880 |  | 795807 | 24314 | SH |  | SOLE |  | 0 | 0 | 24314 |
| DIMENSIONAL ETF TRUST | US CORE EQUITY 2 | 25434V708 |  | 4322289 | 109176 | SH |  | SOLE |  | 0 | 0 | 109176 |
| DISNEY WALT CO | COM | 254687106 |  | 448787 | 3945 | SH |  | SOLE |  | 0 | 0 | 3945 |
| DOMINOS PIZZA INC | COM | 25754A201 |  | 258012 | 619 | SH |  | SOLE |  | 0 | 0 | 619 |
| DOVER CORP | COM | 260003108 |  | 305555 | 1565 | SH |  | SOLE |  | 0 | 0 | 1565 |
| DOW INC | COM | 260557103 |  | 2282126 | 97610 | SH |  | SOLE |  | 0 | 0 | 97610 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 1654900 | 41167 | SH |  | SOLE |  | 0 | 0 | 41167 |
| ECOLAB INC | COM | 278865100 |  | 259107 | 987 | SH |  | SOLE |  | 0 | 0 | 987 |
| ELI LILLY  CO | COM | 532457108 |  | 3615235 | 3364 | SH |  | SOLE |  | 0 | 0 | 3364 |
| EMERSON ELEC CO | COM | 291011104 |  | 368177 | 2774 | SH |  | SOLE |  | 0 | 0 | 2774 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 1758494 | 106640 | SH |  | SOLE |  | 0 | 0 | 106640 |
| ENTERGY CORP NEW | COM | 29364G103 |  | 449028 | 4858 | SH |  | SOLE |  | 0 | 0 | 4858 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 4809018 | 150001 | SH |  | SOLE |  | 0 | 0 | 150001 |
| ETFS GOLD TR | PHYSCL GOLD SHS | 00326A104 |  | 3443161 | 83816 | SH |  | SOLE |  | 0 | 0 | 83816 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 7610591 | 63242 | SH |  | SOLE |  | 0 | 0 | 63242 |
| FASTENAL CO | COM | 311900104 |  | 5579277 | 139030 | SH |  | SOLE |  | 0 | 0 | 139030 |
| FIRST SOLAR INC | COM | 336433107 |  | 229621 | 879 | SH |  | SOLE |  | 0 | 0 | 879 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 246113 | 951 | SH |  | SOLE |  | 0 | 0 | 951 |
| GE AEROSPACE | COM NEW | 369604301 |  | 6626070 | 21511 | SH |  | SOLE |  | 0 | 0 | 21511 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 |  | 571591 | 6969 | SH |  | SOLE |  | 0 | 0 | 6969 |
| GE VERNOVA INC | COM | 36828A101 |  | 3398764 | 5200 | SH |  | SOLE |  | 0 | 0 | 5200 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 297967 | 885 | SH |  | SOLE |  | 0 | 0 | 885 |
| GOLDMAN SACHS ETF TR | ACTIVEBETA US LG | 381430503 |  | 478120 | 3612 | SH |  | SOLE |  | 0 | 0 | 3612 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 1116887 | 1271 | SH |  | SOLE |  | 0 | 0 | 1271 |
| GOLDMAN SACHS PHYSICAL GOLD | UNIT | 38150K103 |  | 851851 | 20020 | SH |  | SOLE |  | 0 | 0 | 20020 |
| GRACO INC | COM | 384109104 |  | 239106 | 2917 | SH |  | SOLE |  | 0 | 0 | 2917 |
| GRAYSCALE BITCOIN MINI TR ET | SHS NEW | 389930207 |  | 250583 | 6470 | SH |  | SOLE |  | 0 | 0 | 6470 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 682100 | 1461 | SH |  | SOLE |  | 0 | 0 | 1461 |
| HENRY JACK  ASSOC INC | COM | 426281101 |  | 315690 | 1730 | SH |  | SOLE |  | 0 | 0 | 1730 |
| HOME DEPOT INC | COM | 437076102 |  | 3044946 | 8849 | SH |  | SOLE |  | 0 | 0 | 8849 |
| HONEYWELL INTL INC | COM | 438516106 |  | 826804 | 4238 | SH |  | SOLE |  | 0 | 0 | 4238 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 1136599 | 65510 | SH |  | SOLE |  | 0 | 0 | 65510 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 327166 | 2020 | SH |  | SOLE |  | 0 | 0 | 2020 |
| INTUIT | COM | 461202103 |  | 442501 | 668 | SH |  | SOLE |  | 0 | 0 | 668 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 1143677 | 2019 | SH |  | SOLE |  | 0 | 0 | 2019 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 11588614 | 60496 | SH |  | SOLE |  | 0 | 0 | 60496 |
| INVESCO EXCHANGE TRADED FD T | S QUALITY | 46137V241 |  | 471164 | 6278 | SH |  | SOLE |  | 0 | 0 | 6278 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 5819200 | 9473 | SH |  | SOLE |  | 0 | 0 | 9473 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 1732289 | 34890 | SH |  | SOLE |  | 0 | 0 | 34890 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 8264486 | 101817 | SH |  | SOLE |  | 0 | 0 | 101817 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 400370 | 6215 | SH |  | SOLE |  | 0 | 0 | 6215 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 1933445 | 9192 | SH |  | SOLE |  | 0 | 0 | 9192 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 280170 | 4245 | SH |  | SOLE |  | 0 | 0 | 4245 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 1075236 | 2879 | SH |  | SOLE |  | 0 | 0 | 2879 |
| ISHARES TR | RUS 2000 VAL ETF | 464287630 |  | 548704 | 3028 | SH |  | SOLE |  | 0 | 0 | 3028 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 843622 | 5674 | SH |  | SOLE |  | 0 | 0 | 5674 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 659342 | 6866 | SH |  | SOLE |  | 0 | 0 | 6866 |
| ISHARES TR | USD INV GRDE ETF | 464288620 |  | 288396 | 5571 | SH |  | SOLE |  | 0 | 0 | 5571 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 378237 | 4228 | SH |  | SOLE |  | 0 | 0 | 4228 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 |  | 631162 | 1954 | SH |  | SOLE |  | 0 | 0 | 1954 |
| ISHARES TR | CORE MSCI TOTAL | 46432F834 |  | 376223 | 4445 | SH |  | SOLE |  | 0 | 0 | 4445 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 386050 | 3132 | SH |  | SOLE |  | 0 | 0 | 3132 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 1172116 | 9753 | SH |  | SOLE |  | 0 | 0 | 9753 |
| ISHARES TR | CORE MSCI INTL | 46435G326 |  | 16117994 | 195417 | SH |  | SOLE |  | 0 | 0 | 195417 |
| ISHARES TR | CORE DIV GRWTH | 46434V621 |  | 300033 | 4322 | SH |  | SOLE |  | 0 | 0 | 4322 |
| ISHARES TR | CORE S ETF | 464287200 |  | 1968656 | 2874 | SH |  | SOLE |  | 0 | 0 | 2874 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 1707193 | 3607 | SH |  | SOLE |  | 0 | 0 | 3607 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 |  | 805801 | 4057 | SH |  | SOLE |  | 0 | 0 | 4057 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 677331 | 2752 | SH |  | SOLE |  | 0 | 0 | 2752 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 903000 | 10360 | SH |  | SOLE |  | 0 | 0 | 10360 |
| J P MORGAN EXCHANGE TRADED F | US QUALTY FCTR | 46641Q761 |  | 12422199 | 196616 | SH |  | SOLE |  | 0 | 0 | 196616 |
| J P MORGAN EXCHANGE TRADED F | EQUITY PREMIUM | 46641Q332 |  | 2565766 | 44825 | SH |  | SOLE |  | 0 | 0 | 44825 |
| J P MORGAN EXCHANGE TRADED F | MUNICIPAL ETF | 46641Q647 |  | 329416 | 6523 | SH |  | SOLE |  | 0 | 0 | 6523 |
| JANUS DETROIT STR TR | HENDERSON MTG | 47103U852 |  | 10295553 | 225335 | SH |  | SOLE |  | 0 | 0 | 225335 |
| JANUS DETROIT STR TR | HENDRSON AAA CL | 47103U845 |  | 9174444 | 181385 | SH |  | SOLE |  | 0 | 0 | 181385 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 2078374 | 10043 | SH |  | SOLE |  | 0 | 0 | 10043 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 6546930 | 20318 | SH |  | SOLE |  | 0 | 0 | 20318 |
| KLA CORP | COM NEW | 482480100 |  | 1425488 | 1173 | SH |  | SOLE |  | 0 | 0 | 1173 |
| KROGER CO | COM | 501044101 |  | 2342313 | 37489 | SH |  | SOLE |  | 0 | 0 | 37489 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 3513141 | 20523 | SH |  | SOLE |  | 0 | 0 | 20523 |
| LENNOX INTL INC | COM | 526107107 |  | 81737681 | 168330 | SH |  | SOLE |  | 0 | 0 | 168330 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 1456834 | 3012 | SH |  | SOLE |  | 0 | 0 | 3012 |
| LOEWS CORP | COM | 540424108 |  | 332361 | 3156 | SH |  | SOLE |  | 0 | 0 | 3156 |
| LOWES COS INC | COM | 548661107 |  | 667107 | 2766 | SH |  | SOLE |  | 0 | 0 | 2766 |
| MARATHON PETE CORP | COM | 56585A102 |  | 474464 | 2917 | SH |  | SOLE |  | 0 | 0 | 2917 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 201676 | 650 | SH |  | SOLE |  | 0 | 0 | 650 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 214276 | 1155 | SH |  | SOLE |  | 0 | 0 | 1155 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 3337461 | 5360 | SH |  | SOLE |  | 0 | 0 | 5360 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 1173795 | 2056 | SH |  | SOLE |  | 0 | 0 | 2056 |
| MCDONALDS CORP | COM | 580135101 |  | 580836 | 1900 | SH |  | SOLE |  | 0 | 0 | 1900 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 668734 | 332 | SH |  | SOLE |  | 0 | 0 | 332 |
| MERCK  CO INC | COM | 58933Y105 |  | 1390927 | 13214 | SH |  | SOLE |  | 0 | 0 | 13214 |
| META PLATFORMS INC | CL A | 30303M102 |  | 15143374 | 22941 | SH |  | SOLE |  | 0 | 0 | 22941 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 1395090 | 4888 | SH |  | SOLE |  | 0 | 0 | 4888 |
| MICROSOFT CORP | COM | 594918104 |  | 17690153 | 36579 | SH |  | SOLE |  | 0 | 0 | 36579 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 3823725 | 21538 | SH |  | SOLE |  | 0 | 0 | 21538 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 1394901 | 3639 | SH |  | SOLE |  | 0 | 0 | 3639 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 449379 | 8420 | SH |  | SOLE |  | 0 | 0 | 8420 |
| MSCI INC | COM | 55354G100 |  | 400470 | 698 | SH |  | SOLE |  | 0 | 0 | 698 |
| NATIONAL BK HLDGS CORP | CL A | 633707104 |  | 388538 | 10222 | SH |  | SOLE |  | 0 | 0 | 10222 |
| NETAPP INC | COM | 64110D104 |  | 1571661 | 14676 | SH |  | SOLE |  | 0 | 0 | 14676 |
| NETFLIX INC | COM | 64110L106 |  | 477613 | 5094 | SH |  | SOLE |  | 0 | 0 | 5094 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 1940975 | 24178 | SH |  | SOLE |  | 0 | 0 | 24178 |
| NORTHERN DYNASTY MINERALS LT | COM NEW | 66510M204 |  | 44818 | 22750 | SH |  | SOLE |  | 0 | 0 | 22750 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 269918 | 5305 | SH |  | SOLE |  | 0 | 0 | 5305 |
| NUCOR CORP | COM | 670346105 |  | 352013 | 2158 | SH |  | SOLE |  | 0 | 0 | 2158 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 23896740 | 128133 | SH |  | SOLE |  | 0 | 0 | 128133 |
| ONEOK INC NEW | COM | 682680103 |  | 284813 | 3875 | SH |  | SOLE |  | 0 | 0 | 3875 |
| ORACLE CORP | COM | 68389X105 |  | 1618751 | 8305 | SH |  | SOLE |  | 0 | 0 | 8305 |
| OSHKOSH CORP | COM | 688239201 |  | 1079915 | 8596 | SH |  | SOLE |  | 0 | 0 | 8596 |
| PACER FDS TR | TRENDP US LAR CP | 69374H105 |  | 288738 | 5195 | SH |  | SOLE |  | 0 | 0 | 5195 |
| PACER FDS TR | US CASH COWS 100 | 69374H881 |  | 335628 | 5578 | SH |  | SOLE |  | 0 | 0 | 5578 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 243518 | 1370 | SH |  | SOLE |  | 0 | 0 | 1370 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 466763 | 2534 | SH |  | SOLE |  | 0 | 0 | 2534 |
| PAN AMERN SILVER CORP | COM | 697900108 |  | 827924 | 15980 | SH |  | SOLE |  | 0 | 0 | 15980 |
| PAYCHEX INC | COM | 704326107 |  | 1930169 | 17206 | SH |  | SOLE |  | 0 | 0 | 17206 |
| PEPSICO INC | COM | 713448108 |  | 1245151 | 8676 | SH |  | SOLE |  | 0 | 0 | 8676 |
| PFIZER INC | COM | 717081103 |  | 1335000 | 53614 | SH |  | SOLE |  | 0 | 0 | 53614 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 663147 | 4134 | SH |  | SOLE |  | 0 | 0 | 4134 |
| PHILLIPS 66 | COM | 718546104 |  | 308551 | 2391 | SH |  | SOLE |  | 0 | 0 | 2391 |
| PIMCO ETF TR | INV GRD CRP BD | 72201R817 |  | 5178026 | 52918 | SH |  | SOLE |  | 0 | 0 | 52918 |
| PIMCO ETF TR | INTER MUN BD ACT | 72201R866 |  | 6317973 | 120549 | SH |  | SOLE |  | 0 | 0 | 120549 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1140790 | 7960 | SH |  | SOLE |  | 0 | 0 | 7960 |
| PROGRESSIVE CORP | COM | 743315103 |  | 268257 | 1178 | SH |  | SOLE |  | 0 | 0 | 1178 |
| PROLOGIS INC. | COM | 74340W103 |  | 383669 | 3005 | SH |  | SOLE |  | 0 | 0 | 3005 |
| PUBLIC STORAGE OPER CO | COM | 74460D109 |  | 219328 | 845 | SH |  | SOLE |  | 0 | 0 | 845 |
| QNITY ELECTRONICS INC | COMMON STOCK | 74743L100 |  | 1677418 | 20544 | SH |  | SOLE |  | 0 | 0 | 20544 |
| QUALCOMM INC | COM | 747525103 |  | 1032736 | 6038 | SH |  | SOLE |  | 0 | 0 | 6038 |
| QUEST DIAGNOSTICS INC | COM | 74834L100 |  | 272103 | 1568 | SH |  | SOLE |  | 0 | 0 | 1568 |
| RAVE RESTAURANT GROUP INC | COM | 754198109 |  | 352037 | 106678 | SH |  | SOLE |  | 0 | 0 | 106678 |
| RESMED INC | COM | 761152107 |  | 1320208 | 5481 | SH |  | SOLE |  | 0 | 0 | 5481 |
| ROCKWELL AUTOMATION INC | COM | 773903109 |  | 290252 | 746 | SH |  | SOLE |  | 0 | 0 | 746 |
| ROLLINS INC | COM | 775711104 |  | 334071 | 5566 | SH |  | SOLE |  | 0 | 0 | 5566 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 217223 | 488 | SH |  | SOLE |  | 0 | 0 | 488 |
| RTX CORPORATION | COM | 75513E101 |  | 1113658 | 6072 | SH |  | SOLE |  | 0 | 0 | 6072 |
| S GLOBAL INC | COM | 78409V104 |  | 2694997 | 5157 | SH |  | SOLE |  | 0 | 0 | 5157 |
| SALESFORCE INC | COM | 79466L302 |  | 655722 | 2475 | SH |  | SOLE |  | 0 | 0 | 2475 |
| SAP SE | SPON ADR | 803054204 |  | 317726 | 1308 | SH |  | SOLE |  | 0 | 0 | 1308 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 |  | 15615766 | 595340 | SH |  | SOLE |  | 0 | 0 | 595340 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524755 |  | 3747464 | 82890 | SH |  | SOLE |  | 0 | 0 | 82890 |
| SCHWAB STRATEGIC TR | US MID-CAP ETF | 808524508 |  | 2755254 | 91628 | SH |  | SOLE |  | 0 | 0 | 91628 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 2245694 | 93415 | SH |  | SOLE |  | 0 | 0 | 93415 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL US S | 808524763 |  | 1381146 | 43832 | SH |  | SOLE |  | 0 | 0 | 43832 |
| SCHWAB STRATEGIC TR | US LCAP GR ETF | 808524300 |  | 1596519 | 48943 | SH |  | SOLE |  | 0 | 0 | 48943 |
| SCHWAB STRATEGIC TR | US AGGREGATE B | 808524839 |  | 872534 | 37336 | SH |  | SOLE |  | 0 | 0 | 37336 |
| SCHWAB STRATEGIC TR | US LCAP VA ETF | 808524409 |  | 1351421 | 45641 | SH |  | SOLE |  | 0 | 0 | 45641 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524748 |  | 950657 | 21339 | SH |  | SOLE |  | 0 | 0 | 21339 |
| SELECT SECTOR SPDR TR | STATE STREET ENE | 81369Y506 |  | 1716864 | 38400 | SH |  | SOLE |  | 0 | 0 | 38400 |
| SERVICENOW INC | COM | 81762P102 |  | 424336 | 2770 | SH |  | SOLE |  | 0 | 0 | 2770 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 2042560 | 6304 | SH |  | SOLE |  | 0 | 0 | 6304 |
| SLB LIMITED | COM STK | 806857108 |  | 423369 | 11031 | SH |  | SOLE |  | 0 | 0 | 11031 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 414111 | 10020 | SH |  | SOLE |  | 0 | 0 | 10020 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 771111 | 1605 | SH |  | SOLE |  | 0 | 0 | 1605 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 375702 | 948 | SH |  | SOLE |  | 0 | 0 | 948 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 |  | 1567038 | 35286 | SH |  | SOLE |  | 0 | 0 | 35286 |
| SPDR INDEX SHS FDS | PORTFOLIO EMG MK | 78463X509 |  | 286103 | 6112 | SH |  | SOLE |  | 0 | 0 | 6112 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 34064529 | 49954 | SH |  | SOLE |  | 0 | 0 | 49954 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R812 |  | 451662 | 2593 | SH |  | SOLE |  | 0 | 0 | 2593 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A847 |  | 231177 | 3992 | SH |  | SOLE |  | 0 | 0 | 3992 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A383 |  | 553202 | 24680 | SH |  | SOLE |  | 0 | 0 | 24680 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD TR | 85207H104 |  | 1012360 | 30659 | SH |  | SOLE |  | 0 | 0 | 30659 |
| SSGA ACTIVE ETF TR | STATE STREET DOU | 78467V848 |  | 862920 | 21439 | SH |  | SOLE |  | 0 | 0 | 21439 |
| STRYKER CORPORATION | COM | 863667101 |  | 3054274 | 8690 | SH |  | SOLE |  | 0 | 0 | 8690 |
| SUN CMNTYS INC | COM | 866674104 |  | 204699 | 1652 | SH |  | SOLE |  | 0 | 0 | 1652 |
| SYNOPSYS INC | COM | 871607107 |  | 238618 | 508 | SH |  | SOLE |  | 0 | 0 | 508 |
| SYSCO CORP | COM | 871829107 |  | 232050 | 3149 | SH |  | SOLE |  | 0 | 0 | 3149 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 512662 | 1687 | SH |  | SOLE |  | 0 | 0 | 1687 |
| TAKE-TWO INTERACTIVE SOFTWAR | COM | 874054109 |  | 266015 | 1039 | SH |  | SOLE |  | 0 | 0 | 1039 |
| TARGET CORP | COM | 87612E106 |  | 357696 | 3659 | SH |  | SOLE |  | 0 | 0 | 3659 |
| TCW ETF TRUST | FLEXIBLE INCOME | 29287L700 |  | 14151349 | 357357 | SH |  | SOLE |  | 0 | 0 | 357357 |
| TESLA INC | COM | 88160R101 |  | 1098390 | 2442 | SH |  | SOLE |  | 0 | 0 | 2442 |
| TEXAS INSTRS INC | COM | 882508104 |  | 1844546 | 10632 | SH |  | SOLE |  | 0 | 0 | 10632 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 2878950 | 10024 | SH |  | SOLE |  | 0 | 0 | 10024 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 614808 | 1061 | SH |  | SOLE |  | 0 | 0 | 1061 |
| TJX COS INC NEW | COM | 872540109 |  | 694511 | 4521 | SH |  | SOLE |  | 0 | 0 | 4521 |
| T-MOBILE US INC | COM | 872590104 |  | 481233 | 2370 | SH |  | SOLE |  | 0 | 0 | 2370 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 1771614 | 35425 | SH |  | SOLE |  | 0 | 0 | 35425 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 883829 | 2271 | SH |  | SOLE |  | 0 | 0 | 2271 |
| U S PHYSICAL THERAPY | COM | 90337L108 |  | 989713 | 12674 | SH |  | SOLE |  | 0 | 0 | 12674 |
| UNION PAC CORP | COM | 907818108 |  | 611750 | 2645 | SH |  | SOLE |  | 0 | 0 | 2645 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 1012307 | 3067 | SH |  | SOLE |  | 0 | 0 | 3067 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 733278 | 4504 | SH |  | SOLE |  | 0 | 0 | 4504 |
| VANECK ETF TRUST | MRNGSTR WDE MOAT | 92189F643 |  | 391146 | 3777 | SH |  | SOLE |  | 0 | 0 | 3777 |
| VANGUARD ADMIRAL FDS INC | SMLLCP 600 IDX | 921932828 |  | 1680888 | 15149 | SH |  | SOLE |  | 0 | 0 | 15149 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 303101 | 1587 | SH |  | SOLE |  | 0 | 0 | 1587 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 797211 | 2747 | SH |  | SOLE |  | 0 | 0 | 2747 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 |  | 1173889 | 3729 | SH |  | SOLE |  | 0 | 0 | 3729 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 16460305 | 63812 | SH |  | SOLE |  | 0 | 0 | 63812 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 7121510 | 21241 | SH |  | SOLE |  | 0 | 0 | 21241 |
| VANGUARD INDEX FDS | SML CP GRW ETF | 922908595 |  | 1151039 | 3810 | SH |  | SOLE |  | 0 | 0 | 3810 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 440769 | 4981 | SH |  | SOLE |  | 0 | 0 | 4981 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 482076 | 8967 | SH |  | SOLE |  | 0 | 0 | 8967 |
| VANGUARD INTL EQUITY INDEX F | FTSE SMCAP ETF | 922042718 |  | 765812 | 5343 | SH |  | SOLE |  | 0 | 0 | 5343 |
| VANGUARD MUN BD FDS | TAX EXEMPT BD | 922907746 |  | 373655 | 7430 | SH |  | SOLE |  | 0 | 0 | 7430 |
| VANGUARD SCOTTSDALE FDS | MTG-BKD SECS ETF | 92206C771 |  | 1184808 | 25166 | SH |  | SOLE |  | 0 | 0 | 25166 |
| VANGUARD SCOTTSDALE FDS | INTER TERM TREAS | 92206C706 |  | 452472 | 7550 | SH |  | SOLE |  | 0 | 0 | 7550 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 316039 | 1438 | SH |  | SOLE |  | 0 | 0 | 1438 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 10885869 | 174258 | SH |  | SOLE |  | 0 | 0 | 174258 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 247032 | 1721 | SH |  | SOLE |  | 0 | 0 | 1721 |
| VENTAS INC | COM | 92276F100 |  | 334591 | 4324 | SH |  | SOLE |  | 0 | 0 | 4324 |
| VISA INC | COM CL A | 92826C839 |  | 6187880 | 17644 | SH |  | SOLE |  | 0 | 0 | 17644 |
| WALMART INC | COM | 931142103 |  | 1094557 | 9825 | SH |  | SOLE |  | 0 | 0 | 9825 |
| WELLTOWER INC | COM | 95040Q104 |  | 220319 | 1187 | SH |  | SOLE |  | 0 | 0 | 1187 |
| WP CAREY INC | COM | 92936U109 |  | 355782 | 5528 | SH |  | SOLE |  | 0 | 0 | 5528 |
| YD BIO LTD | *W EXP 08/28/203 | G9835J103 |  | 218809 | 221019 | SH |  | SOLE |  | 0 | 0 | 221019 |
| YUM BRANDS INC | COM | 988498101 |  | 363532 | 2403 | SH |  | SOLE |  | 0 | 0 | 2403 |
| ZOETIS INC | CL A | 98978V103 |  | 1338473 | 10638 | SH |  | SOLE |  | 0 | 0 | 10638 |

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