# EDGAR Filing Document

**Accession Number:** 0001936416
**File Stem:** 0001062993-25-016553
**Filing Date:** 2025-11
**Character Count:** 22882
**Document Hash:** dd454be55d3cd1ff1b1335df85b87289
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-25-016553.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001062993-25-016553

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**EFFECTIVENESS DATE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cercano Management LLC
- **CENTRAL INDEX KEY:** 0001936416

**ORGANIZATION NAME:**
- **EIN:** 871884693
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-23066
- **FILM NUMBER:** 251462130

**BUSINESS ADDRESS:**
- **STREET 1:** 1110 112TH AVENUE NE
- **STREET 2:** SUITE 202
- **CITY:** BELLEVUE
- **STATE:** WA
- **ZIP:** 98004
- **BUSINESS PHONE:** (425)371-7500

**MAIL ADDRESS:**
- **STREET 1:** 1110 112TH AVENUE NE
- **STREET 2:** SUITE 202
- **CITY:** BELLEVUE
- **STATE:** WA
- **ZIP:** 98004

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**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:** Cercano Management LLC<br>**Address:** 1110 112TH AVENUE NE<br>SUITE 202<br>BELLEVUE, WA 98004

**Form 13F File Number:** 028-23066

**CRD Number (if applicable):** 000315897

**SEC File Number (if applicable):** 801-122903

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:** Malinda Khauv<br>**Title:** Chief Compliance Officer<br>**Phone:** 425-503-3116

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

/s/ Malinda Khauv  BELLEVUE, WA  11-07-2025<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:** 2

**Form 13F Information Table Entry Total:** 173

**Form 13F Information Table Value Total:** $2609919991

      (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 Investment Management LLC        | 028-11378              |
|  | J.P. Morgan Investment Management Inc. | 028-11937              |

### 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 |
| ABBOTT LABS | COM | 002824100 | BBG000B9ZXB4 | 349182 | 2607 | SH |  | OTR | 2 | 2607 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 | BBG0025Y4RY4 | 414225 | 1789 | SH |  | OTR | 2 | 1789 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 | BBG000D9D830 | 214789 | 871 | SH |  | OTR | 2 | 871 | 0 | 0 |
| ADOBE INC | COM | 00724F101 | BBG000BB5006 | 498083 | 1412 | SH |  | OTR | 2 | 1412 | 0 | 0 |
| ADVANCED DRAIN SYS INC DEL | COM | 00790R104 | BBG000G7CDN9 | 13901069 | 100224 | SH |  | SOLE |  | 100224 | 0 | 0 |
| AGILENT TECHNOLOGIES INC | COM | 00846U101 | BBG000C2V3D6 | 213831 | 1666 | SH |  | OTR | 2 | 1666 | 0 | 0 |
| ALLSTATE CORP | COM | 020002101 | BBG000BVMGF2 | 239979 | 1118 | SH |  | OTR | 2 | 1118 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JX6 | 2824822 | 11620 | SH |  | OTR | 2 | 11620 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 | BBG009S39JX6 | 18698280 | 76916 | SH |  | SOLE |  | 76916 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 | BBG009S3NB30 | 15279840 | 62738 | SH |  | OTR | 12 | 62738 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG000BVPV84 | 40486732 | 184391 | SH |  | OTR | 12 | 184391 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 | BBG000BVPV84 | 14743686 | 67148 | SH |  | SOLE |  | 67148 | 0 | 0 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 | BBG00ZNLTFK3 | 19670519 | 147599 | SH |  | OTR | 12 | 147599 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG000B9XRY4 | 5985842 | 23508 | SH |  | OTR | 2 | 23508 | 0 | 0 |
| APPLE INC | COM | 037833100 | BBG000B9XRY4 | 14751989 | 57935 | SH |  | SOLE |  | 57935 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 | BBG000BBPFB9 | 592927 | 2896 | SH |  | OTR | 2 | 2896 | 0 | 0 |
| ARISTA NETWORKS INC | COM SHS | 040413205 | BBG000N2HDY5 | 11272708 | 77364 | SH |  | SOLE |  | 77364 | 0 | 0 |
| AT INC | COM | 00206R102 | BBG000BSJK37 | 283304 | 10032 | SH |  | OTR | 2 | 10032 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 | BBG000BCTLF6 | 1122082 | 21750 | SH |  | OTR | 2 | 21750 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 | BBG000BCTLF6 | 10288800 | 199434 | SH |  | SOLE |  | 199434 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | BBG000DWG505 | 688251 | 1369 | SH |  | OTR | 2 | 1369 | 0 | 0 |
| BLACKSKY TECHNOLOGY INC | CL A NEW | 09263B207 | BBG00QRY6P33 | 25066116 | 1243976 | SH |  | SOLE |  | 1243976 | 0 | 0 |
| BOEING CO | COM | 097023105 | BBG000BCSST7 | 11221002 | 51990 | SH |  | OTR | 12 | 51990 | 0 | 0 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 | BBG000C0LW92 | 538625 | 5517 | SH |  | OTR | 2 | 5517 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 | BBG00KHY5S69 | 4248251 | 12877 | SH |  | OTR | 2 | 12877 | 0 | 0 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 | BBG000BKD3K9 | 7311375 | 60300 | SH |  | SOLE |  | 60300 | 0 | 0 |
| CAPITAL GROUP INTERNATIONAL | SHS | 14021T102 | BBG01N7S4184 | 1008504 | 32733 | SH |  | SOLE |  | 32733 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 | BBG000BGKTF9 | 577580 | 2717 | SH |  | OTR | 2 | 2717 | 0 | 0 |
| CAPITAL ONE FINL CORP | COM | 14040H105 | BBG000BGKTF9 | 12555825 | 59064 | SH |  | SOLE |  | 59064 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 | BBG000BF0K17 | 1040187 | 2180 | SH |  | OTR | 2 | 2180 | 0 | 0 |
| SELECT SECTOR SPDR TR | COMMUNICATION | 81369Y852 | BBG00L5F9F38 | 505085 | 4267 | SH |  | SOLE |  | 4267 | 0 | 0 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 | BBG014KFRNP7 | 33208099 | 100915 | SH |  | SOLE |  | 100915 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS STPLS | 81369Y308 | BBG000BJ10N8 | 5104003 | 65127 | SH |  | SOLE |  | 65127 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 | BBG000F6H8W8 | 659049 | 712 | SH |  | OTR | 2 | 712 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 | BBG000BGRY34 | 254969 | 3382 | SH |  | OTR | 2 | 3382 | 0 | 0 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 | BBG00DW3SZS1 | 7667914 | 54087 | SH |  | SOLE |  | 54087 | 0 | 0 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 | BBG000R7Z112 | 19295 | 340 | SH |  | OTR | 2 | 340 | 0 | 0 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 | BBG000R7Z112 | 7339250 | 129326 | SH |  | SOLE |  | 129326 | 0 | 0 |
| DENALI THERAPEUTICS INC | COM | 24823R105 | BBG008P7F869 | 9075000 | 625000 | SH |  | SOLE |  | 625000 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 | BBG002PHSYX9 | 510295 | 3566 | SH |  | OTR | 2 | 3566 | 0 | 0 |
| DOORDASH INC | CL A | 25809K105 | BBG005D7QCJ3 | 179513 | 660 | SH |  | OTR | 2 | 660 | 0 | 0 |
| DOORDASH INC | CL A | 25809K105 | BBG005D7QCJ3 | 6839733 | 25147 | SH |  | SOLE |  | 25147 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 | BBG000BJ3PD2 | 954338 | 2550 | SH |  | OTR | 2 | 2550 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 | BBG000BNBDC2 | 843115 | 1105 | SH |  | OTR | 2 | 1105 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 | BBG000BNBDC2 | 113139166 | 148282 | SH |  | SOLE |  | 148282 | 0 | 0 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 | BBG000BJ20S2 | 6641178 | 74336 | SH |  | SOLE |  | 74336 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 | BBG000BR3012 | 3753057 | 120021 | SH |  | SOLE |  | 120021 | 0 | 0 |
| EQT CORP | COM | 26884L109 | BBG000BHZ5J9 | 354775 | 6518 | SH |  | OTR | 2 | 6518 | 0 | 0 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 | BBG000QY3XZ2 | 271035 | 1268 | SH |  | OTR | 2 | 1268 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 | BBG000GZQ728 | 257070 | 2280 | SH |  | OTR | 2 | 2280 | 0 | 0 |
| FOX CORP | CL A COM | 35137L105 | BBG00JHNJW99 | 202927 | 3218 | SH |  | OTR | 2 | 3218 | 0 | 0 |
| FRANKLIN TEMPLETON ETF TR | FTSE JAPAN ETF | 35473P744 | BBG00J3MDY16 | 13790719 | 399037 | SH |  | SOLE |  | 399037 | 0 | 0 |
| FRANKLIN TEMPLETON ETF TR | FTSE SOUTH KOREA | 35473P710 | BBG00J3N5BB2 | 7117101 | 263694 | SH |  | SOLE |  | 263694 | 0 | 0 |
| GE VERNOVA INC | COM | 36828A101 | BBG013G17W31 | 20414065 | 33199 | SH |  | OTR | 1 | 33199 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 | BBG000BK6MB5 | 231331 | 769 | SH |  | OTR | 2 | 769 | 0 | 0 |
| GULFPORT ENERGY CORP | COMMON SHARES | 402635502 | BBG0112Z86C1 | 1981007 | 10946 | SH |  | SOLE |  | 10946 | 0 | 0 |
| HCA HEALTHCARE INC | COM | 40412C101 | BBG000QW7VC1 | 413414 | 970 | SH |  | OTR | 2 | 970 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 | BBG000BHVSG6 | 8188763 | 58840 | SH |  | SOLE |  | 58840 | 0 | 0 |
| HEALTHPEAK PROPERTIES INC | COM | 42250P103 | BBG000BKYDP9 | 200137 | 10451 | SH |  | OTR | 2 | 10451 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 | BBG000BKZB36 | 984612 | 2430 | SH |  | OTR | 2 | 2430 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 | BBG000H556T9 | 399950 | 1900 | SH |  | OTR | 2 | 1900 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 | BBG000BMBL90 | 435469 | 1670 | SH |  | OTR | 2 | 1670 | 0 | 0 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 | BBG000LV0836 | 5349909 | 77749 | SH |  | SOLE |  | 77749 | 0 | 0 |
| INTUIT | COM | 461202103 | BBG000BH5DV1 | 422721 | 619 | SH |  | OTR | 2 | 619 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 | BBG000BJPDZ1 | 277730 | 621 | SH |  | OTR | 2 | 621 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 | BBG000BJPDZ1 | 3852439 | 8614 | SH |  | SOLE |  | 8614 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 | BBG000BSWKH7 | 34191672 | 56951 | SH |  | SOLE |  | 56951 | 0 | 0 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 | BBG00KJR2MY7 | 118388166 | 624081 | SH |  | SOLE |  | 624081 | 0 | 0 |
| IRONWOOD PHARMACEUTICALS INC | COM CL A | 46333X108 | BBG000GBZ3J2 | 132805 | 101378 | SH |  | SOLE |  | 101378 | 0 | 0 |
| ISHARES BITCOIN TRUST ETF | SHS BEN INT | 46438F101 | BBG01KYQ6PV3 | 7614100 | 117140 | SH |  | SOLE |  | 117140 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 | BBG000Q123R0 | 15194892 | 151570 | SH |  | SOLE |  | 151570 | 0 | 0 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 | BBG000QLKDR4 | 4356667 | 59869 | SH |  | SOLE |  | 59869 | 0 | 0 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 | BBG002DMN3L7 | 2419228 | 46470 | SH |  | SOLE |  | 46470 | 0 | 0 |
| ISHARES INC | MSCI MEXICO ETF | 464286822 | BBG000BK42M9 | 16344276 | 239617 | SH |  | SOLE |  | 239617 | 0 | 0 |
| ISHARES INC | MSCI STH KOR ETF | 464286772 | BBG000CDKWX8 | 10634476 | 132765 | SH |  | SOLE |  | 132765 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 | BBG000CGC9C4 | 4388429 | 18137 | SH |  | SOLE |  | 18137 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 | BBG000NDCRW7 | 11476296 | 270859 | SH |  | SOLE |  | 270859 | 0 | 0 |
| ISHARES TR | US CONSM STAPLES | 464287812 | BBG000BTYS13 | 1740252 | 25446 | SH |  | SOLE |  | 25446 | 0 | 0 |
| JAMES HARDIE INDS PLC | ORD SHS | G4253H101 | BBG000C1HL99 | 4565199 | 237647 | SH |  | SOLE |  | 237647 | 0 | 0 |
| JOHNSON  JOHNSON | CALL | 478160904 | BBG01W9623D2 | 264180 | 777 | SH | Call | SOLE |  | 777 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 | BBG000BMHYD1 | 356934 | 1925 | SH |  | OTR | 2 | 1925 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 | BBG000DMBXR2 | 842514 | 2671 | SH |  | OTR | 2 | 2671 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 | BBG000DMBXR2 | 14725219 | 46683 | SH |  | SOLE |  | 46683 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 | BBG000BCQ6J8 | 462622 | 3560 | SH |  | OTR | 2 | 3560 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 | BBG000BNFLM9 | 1146184 | 8560 | SH |  | OTR | 2 | 8560 | 0 | 0 |
| LIONSGATE STUDIOS CORP | COM | 53626N102 | BBG01TT3G7W9 | 6717612 | 973567 | SH |  | SOLE |  | 973567 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 | BBG000C1BW00 | 242616 | 486 | SH |  | OTR | 2 | 486 | 0 | 0 |
| LOUISIANA PAC CORP | COM | 546347105 | BBG000BNF508 | 10253024 | 115410 | SH |  | SOLE |  | 115410 | 0 | 0 |
| LOWES COS INC | COM | 548661107 | BBG000BNDN65 | 228692 | 910 | SH |  | OTR | 2 | 910 | 0 | 0 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 | BBG000BGYMH7 | 163873 | 260 | SH |  | OTR | 2 | 260 | 0 | 0 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 | BBG000BGYMH7 | 10654253 | 16904 | SH |  | SOLE |  | 16904 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 | BBG000F1ZSQ2 | 1464117 | 2574 | SH |  | OTR | 2 | 2574 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 | BBG000BNSZP1 | 281706 | 927 | SH |  | OTR | 2 | 927 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 | BBG000GQPB11 | 12296978 | 5262 | SH |  | SOLE |  | 5262 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 | BBG000BPD168 | 600603 | 7156 | SH |  | OTR | 2 | 7156 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG000MM2P62 | 27977675 | 38097 | SH |  | OTR | 1 | 38097 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 | BBG000MM2P62 | 69172721 | 94192 | SH |  | SOLE |  | 94192 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG000BPH459 | 35048123 | 67667 | SH |  | OTR | 12 | 67667 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 | BBG000BPH459 | 295094761 | 569736 | SH |  | SOLE |  | 569736 | 0 | 0 |
| MOODYS CORP | COM | 615369105 | BBG000F86GP6 | 27334705 | 57368 | SH |  | OTR | 12 | 57368 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 | BBG000BLZRJ2 | 446996 | 2812 | SH |  | OTR | 2 | 2812 | 0 | 0 |
| MR COOPER GROUP INC | COM | 62482R107 | BBG002V098F7 | 60144921 | 285331 | SH |  | SOLE |  | 285331 | 0 | 0 |
| NAUTILUS BIOTECHNOLOGY INC | COM | 63909J108 | BBG00W7G4M12 | 6060455 | 7172985 | SH |  | SOLE |  | 7172985 | 0 | 0 |
| NETFLIX INC | COM | 64110L106 | BBG000CL9VN6 | 1238484 | 1033 | SH |  | OTR | 2 | 1033 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 | BBG000BPWXK1 | 431499 | 5118 | SH |  | OTR | 2 | 5118 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 | BBG000BJSBJ0 | 364164 | 4824 | SH |  | OTR | 2 | 4824 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 | BBG000BQ5DS5 | 321138 | 1069 | SH |  | OTR | 2 | 1069 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 | BBG000BQ2C28 | 266273 | 437 | SH |  | OTR | 2 | 437 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 | BBG000BQ2C28 | 6173021 | 10131 | SH |  | SOLE |  | 10131 | 0 | 0 |
| NRG ENERGY INC | COM NEW | 629377508 | BBG000D8RG11 | 371675 | 2295 | SH |  | OTR | 2 | 2295 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG000BBJQV0 | 6032131 | 32330 | SH |  | OTR | 2 | 32330 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 | BBG000BBJQV0 | 89698148 | 480749 | SH |  | SOLE |  | 480749 | 0 | 0 |
| ONEOK INC NEW | COM | 682680103 | BBG000BQHGR6 | 215772 | 2957 | SH |  | OTR | 2 | 2957 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 | BBG000BQLTW7 | 260428 | 926 | SH |  | OTR | 2 | 926 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 | BBG000BGYWY6 | 344453 | 3195 | SH |  | OTR | 2 | 3195 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 | BBG000BGYWY6 | 9944394 | 92240 | SH |  | SOLE |  | 92240 | 0 | 0 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 | BBG000N7QR55 | 463712 | 2542 | SH |  | OTR | 2 | 2542 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 | BBG0014GJCT9 | 44796 | 220 | SH |  | OTR | 2 | 220 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 | BBG0014GJCT9 | 19521049 | 95870 | SH |  | SOLE |  | 95870 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 | BBG000J2XL74 | 393173 | 2424 | SH |  | OTR | 2 | 2424 | 0 | 0 |
| PIMCO DYNAMIC INCOME OPRNTS | COM BEN SHS | 69355M107 | BBG00ST5DTD3 | 23533112 | 1666651 | SH |  | SOLE |  | 1666651 | 0 | 0 |
| PIMCO ETF TR | INTER MUN BD ACT | 72201R866 | BBG000BF54W4 | 3028005 | 57919 | SH |  | SOLE |  | 57919 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 | BBG000BR2TH3 | 656393 | 4272 | SH |  | OTR | 2 | 4272 | 0 | 0 |
| PRUDENTIAL FINL INC | COM | 744320102 | BBG000HCJMF9 | 227813 | 2196 | SH |  | OTR | 2 | 2196 | 0 | 0 |
| QUANTA SVCS INC | COM | 74762E102 | BBG000BBL8V7 | 232075 | 560 | SH |  | OTR | 2 | 560 | 0 | 0 |
| QUANTA SVCS INC | COM | 74762E102 | BBG000BBL8V7 | 13469479 | 32502 | SH |  | SOLE |  | 32502 | 0 | 0 |
| QXO INC | COM NEW | 82846H405 | BBG000BV5627 | 201756123 | 10585316 | SH |  | SOLE |  | 10585316 | 0 | 0 |
| QXO INC | PUT | 82846H955 | BBG01V553X34 | 3795000 | 13800 | SH | Put | SOLE |  | 13800 | 0 | 0 |
| QXO INC | PUT | 82846H955 | BBG01SZD9DN7 | 856375 | 11050 | SH | Put | SOLE |  | 11050 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 | BBG000BP1Q11 | 25325955 | 52035 | SH |  | OTR | 12 | 52035 | 0 | 0 |
| SANDSTORM GOLD LTD | COM NEW | 80013R206 | BBG000QV6RM2 | 2831531 | 226238 | SH |  | SOLE |  | 226238 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 | BBG000BSLZY7 | 37254017 | 390217 | SH |  | OTR | 12 | 390217 | 0 | 0 |
| SEAGATE TECHNOLOGY HLDNGS PL | ORD SHS | G7997R103 | BBG0113JGQF0 | 15070543 | 63842 | SH |  | SOLE |  | 63842 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 | BBG000BSXQV7 | 96607 | 279 | SH |  | OTR | 2 | 279 | 0 | 0 |
| SHERWIN WILLIAMS CO | COM | 824348106 | BBG000BSXQV7 | 19884327 | 57426 | SH |  | SOLE |  | 57426 | 0 | 0 |
| SLM CORP | COM | 78442P106 | BBG000BBCQD7 | 553600 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 | BBG000CRF6Q8 | 34234960 | 96309 | SH |  | SOLE |  | 96309 | 0 | 0 |
| SPDR SERIES TRUST | NUVEEN ICE HIGH | 78464A284 | BBG001MHWXD3 | 34598477 | 1387825 | SH |  | SOLE |  | 1387825 | 0 | 0 |
| SPDR SERIES TRUST | NUVEEN ICE SHORT | 78468R739 | BBG000TJQLR2 | 15150820 | 314202 | SH |  | SOLE |  | 314202 | 0 | 0 |
| SPDR SERIES TRUST | PORTFLI INTRMDIT | 78464A672 | BBG000RFR2N7 | 1017251 | 35199 | SH |  | SOLE |  | 35199 | 0 | 0 |
| SPDR INDEX SHS FDS | PORTFOLIO EMG MK | 78463X509 | BBG000Q8RM32 | 1510793 | 32275 | SH |  | SOLE |  | 32275 | 0 | 0 |
| SPDR SERIES TRUST | PORTFOLIO S | 78464A854 | BBG000KMT5K3 | 3537129 | 45151 | SH |  | SOLE |  | 45151 | 0 | 0 |
| SPDR SERIES TRUST | PRTFLO S HI | 78468R788 | BBG00B6WD888 | 9588172 | 217913 | SH |  | SOLE |  | 217913 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 | BBG000BDTBL9 | 34765936 | 52187 | SH |  | SOLE |  | 52187 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 | BBG000CTQBF3 | 252108 | 2980 | SH |  | OTR | 2 | 2980 | 0 | 0 |
| STARWOOD PPTY TR INC | COM | 85571B105 | BBG000M1J270 | 1530792 | 79029 | SH |  | SOLE |  | 79029 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 | BBG000DN7P92 | 221063 | 598 | SH |  | OTR | 2 | 598 | 0 | 0 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 | BBG000BJ7007 | 20646527 | 73251 | SH |  | SOLE |  | 73251 | 0 | 0 |
| TESLA INC | COM | 88160R101 | BBG000N9MNX3 | 1355507 | 3048 | SH |  | OTR | 2 | 3048 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 | BBG000BVV7G1 | 654630 | 3563 | SH |  | OTR | 2 | 3563 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 | BBG000BVDLH9 | 257546 | 531 | SH |  | OTR | 2 | 531 | 0 | 0 |
| ACUREN CORP | COM | 00510N102 | BBG01JQNXZ77 | 38628681 | 2902230 | SH |  | SOLE |  | 2902230 | 0 | 0 |
| TJX COS INC NEW | COM | 872540109 | BBG000BV8DN6 | 239936 | 1660 | SH |  | OTR | 2 | 1660 | 0 | 0 |
| TOLL BROTHERS INC | COM | 889478103 | BBG000BVHBM1 | 291061 | 2107 | SH |  | OTR | 2 | 2107 | 0 | 0 |
| TPG RE FIN TR INC | COM | 87266M107 | BBG00GKJ8C78 | 3437756 | 401607 | SH |  | SOLE |  | 401607 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 | BBG002B04MT8 | 13127686 | 133997 | SH |  | OTR | 12 | 133997 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 | BBG000BW3299 | 585961 | 2479 | SH |  | OTR | 2 | 2479 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 | BBG000BW3299 | 259920489 | 1099634 | SH |  | SOLE |  | 1099634 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 | BBG000BXMFC3 | 200479 | 210 | SH |  | OTR | 2 | 210 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 | BBG000CH5208 | 26455160 | 76615 | SH |  | OTR | 12 | 76615 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 | BBG000BJ7G75 | 4943760 | 56688 | SH |  | SOLE |  | 56688 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 | BBG0015VYNT4 | 2413390 | 3941 | SH |  | SOLE |  | 3941 | 0 | 0 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 | BBG000HWV1X7 | 12890189 | 69120 | SH |  | SOLE |  | 69120 | 0 | 0 |
| VENTAS INC | COM | 92276F100 | BBG000FRVHB9 | 322654 | 4610 | SH |  | OTR | 2 | 4610 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 | BBG000HS77T5 | 228232 | 5193 | SH |  | OTR | 2 | 5193 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 | BBG000C1S2X2 | 305479 | 780 | SH |  | OTR | 2 | 780 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 | BBG000PSKYX7 | 26299574 | 77039 | SH |  | OTR | 12 | 77039 | 0 | 0 |
| WALMART INC | COM | 931142103 | BBG000BWXBC2 | 1405223 | 13635 | SH |  | OTR | 2 | 13635 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 | BBG000BKY1G5 | 309251 | 1736 | SH |  | OTR | 2 | 1736 | 0 | 0 |
| WESTERN ALLIANCE BANCORP | COM | 957638109 | BBG000Q1KFH4 | 7871921 | 90774 | SH |  | SOLE |  | 90774 | 0 | 0 |
| XPO INC | COM | 983793100 | BBG000L5CJF3 | 251558903 | 1945996 | SH |  | SOLE |  | 1945996 | 0 | 0 |
| XPO INC | PUT | 983793950 | BBG01K4QQ0Y6 | 1577850 | 1570 | SH | Put | SOLE |  | 1570 | 0 | 0 |
| XPO INC | PUT | 983793950 | BBG01VNC1WK4 | 1574800 | 1270 | SH | Put | SOLE |  | 1270 | 0 | 0 |

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