# EDGAR Filing Document

**Accession Number:** 0001326234
**File Stem:** 0001214659-26-001416
**Filing Date:** 2026-2
**Character Count:** 25779
**Document Hash:** 110788c75cbd1822856fb7b53f548f92
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-26-001416.hdr.sgml**: 20260210

**ACCESSION NUMBER**: 0001214659-26-001416

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260210

**DATE AS OF CHANGE**: 20260210

**EFFECTIVENESS DATE**: 20260210

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Allen Investment Management, LLC
- **CENTRAL INDEX KEY:** 0001326234

**ORGANIZATION NAME:**
- **EIN:** 341975156
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11378
- **FILM NUMBER:** 26615209

**BUSINESS ADDRESS:**
- **STREET 1:** 711 FIFTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 2128328000

**MAIL ADDRESS:**
- **STREET 1:** 711 FIFTH AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Allen Investment Management LLC
- **DATE OF NAME CHANGE:** 20050505

### 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:** Allen Investment Management LLC<br>**Address:** 711 FIFTH AVENUE<br>NEW YORK, NY 10022

**Form 13F File Number:** 028-11378

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:** Isaac Keschner<br>**Title:** Vice President<br>**Phone:** 212-832-8000

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

/s/ Isaac Keschner  New York, NY  02-10-2026<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:** 1

**Form 13F Information Table Entry Total:** 220

**Form 13F Information Table Value Total:** $9025602696

      (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.]

| No.   | Name                 | Form 13F File Number   |
|:---|:---|:---|
|  | ALLEN OPERATIONS LLC | 028-12302              |

### 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 |  | 1033285 | 6454 | SH |  | DFND | 1 | 6454 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 2292807 | 18300 | SH |  | DFND | 1 | 18300 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 3197261 | 13993 | SH |  | DFND | 1 | 13993 | 0 | 0 |
| ACUITY INC | COM | 00508Y102 |  | 3791221 | 10530 | SH |  | DFND | 1 | 10530 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 39948550 | 186536 | SH |  | DFND | 1 | 186536 | 0 | 0 |
| AFFIRM HLDGS INC | COM CL A | 00827B106 |  | 8684716 | 116683 | SH |  | DFND | 1 | 116683 | 0 | 0 |
| AIRBNB INC | COM CL A | 009066101 |  | 4144617 | 30538 | SH |  | DFND | 1 | 30538 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 626483 | 4274 | SH |  | DFND | 1 | 4274 | 0 | 0 |
| ALICO INC | COM | 016230104 |  | 767836 | 21106 | SH |  | DFND | 1 | 21106 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 |  | 711665 | 3419 | SH |  | DFND | 1 | 3419 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 317631498 | 1012210 | SH |  | DFND | 1 | 1012210 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 23505048 | 75096 | SH |  | DFND | 1 | 75096 | 0 | 0 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 176376279 | 3751091 | SH |  | DFND | 1 | 3751091 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 2789149 | 48372 | SH |  | DFND | 1 | 48372 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 635756759 | 2754340 | SH |  | DFND | 1 | 2754340 | 0 | 0 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 1213066 | 3279 | SH |  | DFND | 1 | 3279 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 833574 | 2547 | SH |  | DFND | 1 | 2547 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 243252 | 1800 | SH |  | DFND | 1 | 1800 | 0 | 0 |
| ANGI INC | CL A NEW | 00183L201 |  | 199303 | 15414 | SH |  | DFND | 1 | 15414 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 350055447 | 2418178 | SH |  | DFND | 1 | 2418178 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 85622091 | 314949 | SH |  | DFND | 1 | 314949 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 381116 | 1483 | SH |  | DFND | 1 | 1483 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 4588714 | 6810 | SH |  | DFND | 1 | 6810 | 0 | 0 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 62438860 | 3086449 | SH |  | DFND | 1 | 3086449 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 |  | 8364693 | 63838 | SH |  | DFND | 1 | 63838 | 0 | 0 |
| ASML HOLDING N V | N Y REGISTRY SHS | N07059210 |  | 81652785 | 76321 | SH |  | DFND | 1 | 76321 | 0 | 0 |
| ASTERA LABS INC | COM | 04626A103 |  | 864573 | 5197 | SH |  | DFND | 1 | 5197 | 0 | 0 |
| AURORA INNOVATION INC | CLASS A COM | 051774107 |  | 3925114 | 1022165 | SH |  | DFND | 1 | 1022165 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 251571 | 978 | SH |  | DFND | 1 | 978 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 295020 | 5364 | SH |  | DFND | 1 | 5364 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 36608502 | 72831 | SH |  | DFND | 1 | 72831 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 7548000 | 10 | SH |  | DFND | 1 | 10 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 575843 | 538 | SH |  | DFND | 1 | 538 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 48706390 | 315988 | SH |  | DFND | 1 | 315988 | 0 | 0 |
| BLACKSTONE SECD LENDING FD | COMMON STOCK | 09261X102 |  | 19914406 | 756339 | SH |  | DFND | 1 | 756339 | 0 | 0 |
| BLUE OWL CAPITAL CORPORATION | COM | 69121K104 |  | 11263668 | 906168 | SH |  | DFND | 1 | 906168 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 210280720 | 968500 | SH |  | DFND | 1 | 968500 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 124367574 | 359340 | SH |  | DFND | 1 | 359340 | 0 | 0 |
| BROOKFIELD ASSET MANAGMT LTD | CL A LMT VTG SHS | 113004105 |  | 616054 | 11759 | SH |  | DFND | 1 | 11759 | 0 | 0 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 3359355 | 73205 | SH |  | DFND | 1 | 73205 | 0 | 0 |
| CAMECO CORP | COM | 13321L108 |  | 2995752 | 32713 | SH |  | DFND | 1 | 32713 | 0 | 0 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 1977000 | 20000 | SH |  | DFND | 1 | 20000 | 0 | 0 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 4369793 | 59348 | SH |  | DFND | 1 | 59348 | 0 | 0 |
| CARGURUS INC | COM CL A | 141788109 |  | 10307291 | 268769 | SH |  | DFND | 1 | 268769 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 1095843 | 1913 | SH |  | DFND | 1 | 1913 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 1166379 | 15142 | SH |  | DFND | 1 | 15142 | 0 | 0 |
| CLOUDFLARE INC | CL A COM | 18915M107 |  | 91461237 | 463917 | SH |  | DFND | 1 | 463917 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 16563386 | 236924 | SH |  | DFND | 1 | 236924 | 0 | 0 |
| COCA-COLA EUROPACIFIC PARTNE | SHS | G25839104 |  | 272100 | 3000 | SH |  | DFND | 1 | 3000 | 0 | 0 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 |  | 33903135 | 149921 | SH |  | DFND | 1 | 149921 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 787447 | 8412 | SH |  | DFND | 1 | 8412 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 4720912 | 5475 | SH |  | DFND | 1 | 5475 | 0 | 0 |
| COUPANG INC | CL A | 22266T109 |  | 44541435 | 1888149 | SH |  | DFND | 1 | 1888149 | 0 | 0 |
| CREDIT ACCEP CORP MICH | COM | 225310101 |  | 354768 | 800 | SH |  | DFND | 1 | 800 | 0 | 0 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 99110864 | 211432 | SH |  | DFND | 1 | 211432 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 1169092 | 8117 | SH |  | DFND | 1 | 8117 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 1801143 | 7868 | SH |  | DFND | 1 | 7868 | 0 | 0 |
| DBX ETF TR | XTRACK MSCI EAFE | 233051630 |  | 18502721 | 596285 | SH |  | DFND | 1 | 596285 | 0 | 0 |
| DONALDSON INC | COM | 257651109 |  | 1418560 | 16000 | SH |  | DFND | 1 | 16000 | 0 | 0 |
| DOVER CORP | COM | 260003108 |  | 1511743 | 7743 | SH |  | DFND | 1 | 7743 | 0 | 0 |
| EASTGROUP PPTYS INC | COM | 277276101 |  | 592316 | 3325 | SH |  | DFND | 1 | 3325 | 0 | 0 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 1436554 | 4098 | SH |  | DFND | 1 | 4098 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 9178397 | 8541 | SH |  | DFND | 1 | 8541 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 608723 | 18987 | SH |  | DFND | 1 | 18987 | 0 | 0 |
| EPAM SYS INC | COM | 29414B104 |  | 329857 | 1610 | SH |  | DFND | 1 | 1610 | 0 | 0 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 |  | 230048 | 812 | SH |  | DFND | 1 | 812 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1942288 | 16140 | SH |  | DFND | 1 | 16140 | 0 | 0 |
| FAIR ISAAC CORP | COM | 303250104 |  | 300930 | 178 | SH |  | DFND | 1 | 178 | 0 | 0 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 838997 | 3242 | SH |  | DFND | 1 | 3242 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 1269392 | 4121 | SH |  | DFND | 1 | 4121 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 |  | 261114940 | 399521 | SH |  | DFND | 1 | 399521 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 11622655 | 34523 | SH |  | DFND | 1 | 34523 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 592711 | 4829 | SH |  | DFND | 1 | 4829 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 680346 | 774 | SH |  | DFND | 1 | 774 | 0 | 0 |
| GOLUB CAP BDC INC | COM | 38173M102 |  | 55228411 | 4069890 | SH |  | DFND | 1 | 4069890 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 458590 | 2520 | SH |  | DFND | 1 | 2520 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 7346973 | 21351 | SH |  | DFND | 1 | 21351 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 834684 | 4279 | SH |  | DFND | 1 | 4279 | 0 | 0 |
| HUMANA INC | COM | 444859102 |  | 360631 | 1408 | SH |  | DFND | 1 | 1408 | 0 | 0 |
| IAC INC | COM NEW | 44891N208 |  | 538563 | 13774 | SH |  | DFND | 1 | 13774 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 4443150 | 15000 | SH |  | DFND | 1 | 15000 | 0 | 0 |
| INVESCO EXCH TRADED FD TR II | NASDAQ 100 ETF | 46138G649 |  | 3183757 | 12588 | SH |  | DFND | 1 | 12588 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 27286298 | 142450 | SH |  | DFND | 1 | 142450 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S 500 TOP 50 | 46137V233 |  | 3653782 | 61636 | SH |  | DFND | 1 | 61636 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 181922378 | 296141 | SH |  | DFND | 1 | 296141 | 0 | 0 |
| IRON MTN INC DEL | COM | 46284V101 |  | 223633 | 2696 | SH |  | DFND | 1 | 2696 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 |  | 44483222 | 895936 | SH |  | DFND | 1 | 895936 | 0 | 0 |
| ISHARES INC | MSCI JAPAN ETF | 46434G822 |  | 12227346 | 151441 | SH |  | DFND | 1 | 151441 | 0 | 0 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 72725320 | 489107 | SH |  | DFND | 1 | 489107 | 0 | 0 |
| ISHARES TR | CORE MSCI TOTAL | 46432F834 |  | 32865035 | 388292 | SH |  | DFND | 1 | 388292 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 30498783 | 340959 | SH |  | DFND | 1 | 340959 | 0 | 0 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 29045199 | 77792 | SH |  | DFND | 1 | 77792 | 0 | 0 |
| ISHARES TR | MSCI ACWI ETF | 464288257 |  | 22430127 | 158528 | SH |  | DFND | 1 | 158528 | 0 | 0 |
| ISHARES TR | RUSSELL 3000 ETF | 464287689 |  | 13590427 | 35131 | SH |  | DFND | 1 | 35131 | 0 | 0 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 12810042 | 27065 | SH |  | DFND | 1 | 27065 | 0 | 0 |
| ISHARES TR | SELECT DIVID ETF | 464287168 |  | 10299409 | 72973 | SH |  | DFND | 1 | 72973 | 0 | 0 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 6665904 | 55466 | SH |  | DFND | 1 | 55466 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 4132076 | 6032 | SH |  | DFND | 1 | 6032 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 3782334 | 39387 | SH |  | DFND | 1 | 39387 | 0 | 0 |
| ISHARES TR | CORE HIGH DV ETF | 46429B663 |  | 3550404 | 29195 | SH |  | DFND | 1 | 29195 | 0 | 0 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 3194644 | 15188 | SH |  | DFND | 1 | 15188 | 0 | 0 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 2984370 | 31000 | SH |  | DFND | 1 | 31000 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 2850446 | 52101 | SH |  | DFND | 1 | 52101 | 0 | 0 |
| ISHARES TR | MSCI ACWI EX US | 464288240 |  | 2214552 | 32989 | SH |  | DFND | 1 | 32989 | 0 | 0 |
| ISHARES TR | U.S. TECH ETF | 464287721 |  | 2117806 | 10606 | SH |  | DFND | 1 | 10606 | 0 | 0 |
| ISHARES TR | U.S. FINLS ETF | 464287788 |  | 2041290 | 15835 | SH |  | DFND | 1 | 15835 | 0 | 0 |
| ISHARES TR | S 100 ETF | 464287101 |  | 1608186 | 4689 | SH |  | DFND | 1 | 4689 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 1600040 | 6500 | SH |  | DFND | 1 | 6500 | 0 | 0 |
| ISHARES TR | U.S. ENERGY ETF | 464287796 |  | 1120137 | 23562 | SH |  | DFND | 1 | 23562 | 0 | 0 |
| ISHARES TR | US HLTHCARE ETF | 464287762 |  | 978663 | 15039 | SH |  | DFND | 1 | 15039 | 0 | 0 |
| ISHARES TR | US INDUSTRIALS | 464287754 |  | 835531 | 5639 | SH |  | DFND | 1 | 5639 | 0 | 0 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 |  | 744817 | 5439 | SH |  | DFND | 1 | 5439 | 0 | 0 |
| ISHARES TR | S MC 400GR ETF | 464287606 |  | 732025 | 7556 | SH |  | DFND | 1 | 7556 | 0 | 0 |
| ISHARES TR | S SML 600 GWT | 464287887 |  | 705800 | 5000 | SH |  | DFND | 1 | 5000 | 0 | 0 |
| ISHARES TR | US CONSUM DISCRE | 464287580 |  | 645684 | 6263 | SH |  | DFND | 1 | 6263 | 0 | 0 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 |  | 555577 | 1720 | SH |  | DFND | 1 | 1720 | 0 | 0 |
| ISHARES TR | RUS MDCP VAL ETF | 464287473 |  | 455733 | 3231 | SH |  | DFND | 1 | 3231 | 0 | 0 |
| ISHARES TR | RUS 2000 VAL ETF | 464287630 |  | 365501 | 2017 | SH |  | DFND | 1 | 2017 | 0 | 0 |
| ISHARES TR | S MC 400VL ETF | 464287705 |  | 212123 | 1612 | SH |  | DFND | 1 | 1612 | 0 | 0 |
| ISHARES TR | SP SMCP600VL ETF | 464287879 |  | 208790 | 1836 | SH |  | DFND | 1 | 1836 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 24595789 | 118849 | SH |  | DFND | 1 | 118849 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 50635906 | 157147 | SH |  | DFND | 1 | 157147 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 31661443 | 248364 | SH |  | DFND | 1 | 248364 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 1684475 | 1386 | SH |  | DFND | 1 | 1386 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 417471 | 4061 | SH |  | DFND | 1 | 4061 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 618932 | 1280 | SH |  | DFND | 1 | 1280 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 8705364 | 36098 | SH |  | DFND | 1 | 36098 | 0 | 0 |
| MARKEL GROUP INC | COM | 570535104 |  | 563208 | 262 | SH |  | DFND | 1 | 262 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 18408805 | 32246 | SH |  | DFND | 1 | 32246 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 6881564 | 22516 | SH |  | DFND | 1 | 22516 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 88027191 | 43702 | SH |  | DFND | 1 | 43702 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 1545166 | 14680 | SH |  | DFND | 1 | 14680 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 488241509 | 739659 | SH |  | DFND | 1 | 739659 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 589292375 | 1218503 | SH |  | DFND | 1 | 1218503 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 4784518 | 88882 | SH |  | DFND | 1 | 88882 | 0 | 0 |
| MOODYS CORP | COM | 615369105 |  | 367771005 | 719920 | SH |  | DFND | 1 | 719920 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 2052015 | 11559 | SH |  | DFND | 1 | 11559 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 |  | 20290039 | 216404 | SH |  | DFND | 1 | 216404 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 649385 | 8089 | SH |  | DFND | 1 | 8089 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 1305802 | 20496 | SH |  | DFND | 1 | 20496 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 458776 | 1589 | SH |  | DFND | 1 | 1589 | 0 | 0 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 |  | 68828803 | 4111637 | SH |  | DFND | 1 | 4111637 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 146402873 | 785002 | SH |  | DFND | 1 | 785002 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 2566174 | 13166 | SH |  | DFND | 1 | 13166 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 3624229 | 39735 | SH |  | DFND | 1 | 39735 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 17727224 | 99720 | SH |  | DFND | 1 | 99720 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 34051432 | 184801 | SH |  | DFND | 1 | 184801 | 0 | 0 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 283904 | 323 | SH |  | DFND | 1 | 323 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 353203 | 2461 | SH |  | DFND | 1 | 2461 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 1482105 | 9240 | SH |  | DFND | 1 | 9240 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 428155 | 3318 | SH |  | DFND | 1 | 3318 | 0 | 0 |
| PRIMERICA INC | COM | 74164M108 |  | 2199419 | 8513 | SH |  | DFND | 1 | 8513 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 9997371 | 69760 | SH |  | DFND | 1 | 69760 | 0 | 0 |
| PROFESIONALLY MANAGED PORTFO | AKRE FOCUS ETF | 74316P579 |  | 4461297 | 68101 | SH |  | DFND | 1 | 68101 | 0 | 0 |
| PROGRESSIVE CORP | COM | 743315103 |  | 1038859 | 4562 | SH |  | DFND | 1 | 4562 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 1027896 | 6009 | SH |  | DFND | 1 | 6009 | 0 | 0 |
| QUANTA SVCS INC | COM | 74762E102 |  | 13505920 | 32000 | SH |  | DFND | 1 | 32000 | 0 | 0 |
| RAYMOND JAMES FINL INC | COM | 754730109 |  | 1790579 | 11150 | SH |  | DFND | 1 | 11150 | 0 | 0 |
| ROBLOX CORP | CL A | 771049103 |  | 17197726 | 212239 | SH |  | DFND | 1 | 212239 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 273816 | 1493 | SH |  | DFND | 1 | 1493 | 0 | 0 |
| RUBRIK INC. | CL A | 781154109 |  | 204966 | 2680 | SH |  | DFND | 1 | 2680 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 368265122 | 704692 | SH |  | DFND | 1 | 704692 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 4411546 | 16653 | SH |  | DFND | 1 | 16653 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 557920354 | 5584229 | SH |  | DFND | 1 | 5584229 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 19611974 | 153735 | SH |  | DFND | 1 | 153735 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET ENE | 81369Y506 |  | 95261108 | 2130644 | SH |  | DFND | 1 | 2130644 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET FIN | 81369Y605 |  | 1000958 | 18274 | SH |  | DFND | 1 | 18274 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET HEA | 81369Y209 |  | 610376 | 3943 | SH |  | DFND | 1 | 3943 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET CON | 81369Y407 |  | 544032 | 4556 | SH |  | DFND | 1 | 4556 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET IND | 81369Y704 |  | 496694 | 3202 | SH |  | DFND | 1 | 3202 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET CON | 81369Y308 |  | 451554 | 5813 | SH |  | DFND | 1 | 5813 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 121156745 | 790892 | SH |  | DFND | 1 | 790892 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 110543239 | 686988 | SH |  | DFND | 1 | 686988 | 0 | 0 |
| SIXTH STREET SPECIALTY LENDI | COM | 83012A109 |  | 33888565 | 1560247 | SH |  | DFND | 1 | 1560247 | 0 | 0 |
| SNOWFLAKE INC | COM SHS | 833445109 |  | 41902147 | 191020 | SH |  | DFND | 1 | 191020 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 190147164 | 479794 | SH |  | DFND | 1 | 479794 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 125342351 | 183808 | SH |  | DFND | 1 | 183808 | 0 | 0 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A474 |  | 7389366 | 244681 | SH |  | DFND | 1 | 244681 | 0 | 0 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 21986261 | 37861 | SH |  | DFND | 1 | 37861 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 1706852 | 20269 | SH |  | DFND | 1 | 20269 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 2384977 | 32365 | SH |  | DFND | 1 | 32365 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 81491142 | 268160 | SH |  | DFND | 1 | 268160 | 0 | 0 |
| TEMPUS AI INC | CL A | 88023B103 |  | 275350 | 4663 | SH |  | DFND | 1 | 4663 | 0 | 0 |
| TERAWULF INC | COM | 88080T104 |  | 212599 | 18503 | SH |  | DFND | 1 | 18503 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 512681 | 1140 | SH |  | DFND | 1 | 1140 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 613871 | 3538 | SH |  | DFND | 1 | 3538 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 385914 | 666 | SH |  | DFND | 1 | 666 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 73874011 | 904100 | SH |  | DFND | 1 | 904100 | 0 | 0 |
| UNILEVER PLC | SPON ADR NEW | 904767803 |  | 459435 | 7025 | SH |  | DFND | 1 | 7025 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 1111236 | 4804 | SH |  | DFND | 1 | 4804 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 2043533 | 2525 | SH |  | DFND | 1 | 2525 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 379986320 | 1151090 | SH |  | DFND | 1 | 1151090 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 284355 | 5329 | SH |  | DFND | 1 | 5329 | 0 | 0 |
| VANGUARD ADMIRAL FDS INC | 500 VAL IDX FD | 921932703 |  | 1821321 | 8891 | SH |  | DFND | 1 | 8891 | 0 | 0 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 1532933 | 19451 | SH |  | DFND | 1 | 19451 | 0 | 0 |
| VANGUARD BD INDEX FDS | INTERMED TERM | 921937819 |  | 510036 | 6549 | SH |  | DFND | 1 | 6549 | 0 | 0 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 301317 | 4068 | SH |  | DFND | 1 | 4068 | 0 | 0 |
| VANGUARD BD INDEX FDS | VANGUARD ULTRA | 92203C303 |  | 203796 | 4089 | SH |  | DFND | 1 | 4089 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 200546129 | 598163 | SH |  | DFND | 1 | 598163 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 162084884 | 258455 | SH |  | DFND | 1 | 258455 | 0 | 0 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 4305365 | 8825 | SH |  | DFND | 1 | 8825 | 0 | 0 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 600051 | 6781 | SH |  | DFND | 1 | 6781 | 0 | 0 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 339204 | 1315 | SH |  | DFND | 1 | 1315 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | ALLWRLD EX US | 922042775 |  | 2081233 | 28293 | SH |  | DFND | 1 | 28293 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 1170893 | 21780 | SH |  | DFND | 1 | 21780 | 0 | 0 |
| VANGUARD MUN BD FDS | TAX EXEMPT BD | 922907746 |  | 33861565 | 673326 | SH |  | DFND | 1 | 673326 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 39389490 | 494036 | SH |  | DFND | 1 | 494036 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 36089048 | 430914 | SH |  | DFND | 1 | 430914 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 |  | 16550877 | 281813 | SH |  | DFND | 1 | 281813 | 0 | 0 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 23210966 | 105610 | SH |  | DFND | 1 | 105610 | 0 | 0 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 65203546 | 864310 | SH |  | DFND | 1 | 864310 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 83739723 | 1340479 | SH |  | DFND | 1 | 1340479 | 0 | 0 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 14609762 | 101796 | SH |  | DFND | 1 | 101796 | 0 | 0 |
| VANGUARD WORLD FD | FINANCIALS ETF | 92204A405 |  | 12796485 | 95861 | SH |  | DFND | 1 | 95861 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 396177982 | 1129646 | SH |  | DFND | 1 | 1129646 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 19640596 | 176275 | SH |  | DFND | 1 | 176275 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 933768 | 4250 | SH |  | DFND | 1 | 4250 | 0 | 0 |
| WAYFAIR INC | CL A | 94419L101 |  | 75232193 | 749250 | SH |  | DFND | 1 | 749250 | 0 | 0 |
| WISDOMTREE TR | US SMALLCAP DIVD | 97717W604 |  | 9816748 | 293475 | SH |  | DFND | 1 | 293475 | 0 | 0 |
| WORKDAY INC | CL A | 98138H101 |  | 15590451 | 72588 | SH |  | DFND | 1 | 72588 | 0 | 0 |

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