# EDGAR Filing Document

**Accession Number:** 0001731372
**File Stem:** 0001731372-25-000004
**Filing Date:** 2025-7
**Character Count:** 26120
**Document Hash:** b67b0d33792c12b7efe0cb7ba07b44e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001731372-25-000004.hdr.sgml**: 20250716

**ACCESSION NUMBER**: 0001731372-25-000004

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250716

**DATE AS OF CHANGE**: 20250716

**EFFECTIVENESS DATE**: 20250716

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kendall Capital Management
- **CENTRAL INDEX KEY:** 0001731372

**ORGANIZATION NAME:**
- **EIN:** 270111619
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18568
- **FILM NUMBER:** 251127134

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 TOWER OAKS BOULEVARD
- **STREET 2:** SUITE 240
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20852
- **BUSINESS PHONE:** 3018389110

**MAIL ADDRESS:**
- **STREET 1:** 2000 TOWER OAKS BOULEVARD
- **STREET 2:** SUITE 240
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20852

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** Kendall Capital Management<br>**Address:** 2000 TOWER OAKS BOULEVARD<br>SUITE 240<br>ROCKVILLE, MD 20852

**Form 13F File Number:** 028-18568

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:** Brian G. Mattox<br>**Title:** CCO<br>**Phone:** 2408017923

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

Brian G. Mattox  Rockville, MD  07-16-2025<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:** 0

**Form 13F Information Table Entry Total:** 225

**Form 13F Information Table Value Total:** $378124594

      (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 |
| Basanite Inc | COM | 06975Q100 |  | 1271 | 31000 | SH |  | SOLE |  | 0 | 0 | 31000 |
| Coty Inc | COM CL A | 222070203 |  | 53010 | 11400 | SH |  | SOLE |  | 0 | 0 | 11400 |
| Service Properties Trust | COM SH BEN INT | 81761L102 |  | 67518 | 28250 | SH |  | SOLE |  | 0 | 0 | 28250 |
| Medical Properties Trust Inc | COM | 58463J304 |  | 67775 | 15725 | SH |  | SOLE |  | 0 | 0 | 15725 |
| Bausch Health Companies Inc | COM | 071734107 |  | 101399 | 15225 | SH |  | SOLE |  | 0 | 0 | 15225 |
| Janus International Group Inc | COMMON STOCK | 47103N106 |  | 121897 | 14975 | SH |  | SOLE |  | 0 | 0 | 14975 |
| Wabash National Corp | COM | 929566107 |  | 131812 | 12400 | SH |  | SOLE |  | 0 | 0 | 12400 |
| Park Hotels and Resorts Inc | COM | 700517105 |  | 132888 | 12990 | SH |  | SOLE |  | 0 | 0 | 12990 |
| Amneal Pharmaceuticals Inc | COM STK CL A | 03168L105 |  | 154559 | 19105 | SH |  | SOLE |  | 0 | 0 | 19105 |
| AES Corp | COM | 00130H105 |  | 187382 | 17812 | SH |  | SOLE |  | 0 | 0 | 17812 |
| Cohu Inc | COM | 192576106 |  | 193554 | 10060 | SH |  | SOLE |  | 0 | 0 | 10060 |
| Kirby Corp | COM | 497266106 |  | 200169 | 1765 | SH |  | SOLE |  | 0 | 0 | 1765 |
| CSX Corp | COM | 126408103 |  | 200479 | 6144 | SH |  | SOLE |  | 0 | 0 | 6144 |
| Booking Holdings Inc | COM | 09857L108 |  | 214202 | 37 | SH |  | SOLE |  | 0 | 0 | 37 |
| Chord Energy Corp | COM | 674215207 |  | 218106 | 2252 | SH |  | SOLE |  | 0 | 0 | 2252 |
| Amazon.com Inc | COM | 023135106 |  | 219390 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| Visa Inc | COM CL A | 92826C839 |  | 221906 | 625 | SH |  | SOLE |  | 0 | 0 | 625 |
| Sanofi SA | SPONSORED ADR | 80105N105 |  | 228748 | 4735 | SH |  | SOLE |  | 0 | 0 | 4735 |
| Evercore Inc | CLASS A | 29977A105 |  | 237618 | 880 | SH |  | SOLE |  | 0 | 0 | 880 |
| Permian Resources Corp | CLASS A COM | 71424F105 |  | 245228 | 18005 | SH |  | SOLE |  | 0 | 0 | 18005 |
| CVS Health Corp | COM | 126650100 |  | 246948 | 3580 | SH |  | SOLE |  | 0 | 0 | 3580 |
| Terex Corp | COM | 880779103 |  | 254927 | 5460 | SH |  | SOLE |  | 0 | 0 | 5460 |
| Greenbrier Companies Inc. | COM | 393657101 |  | 258110 | 5605 | SH |  | SOLE |  | 0 | 0 | 5605 |
| Patrick Industries Inc | COM | 703343103 |  | 260201 | 2820 | SH |  | SOLE |  | 0 | 0 | 2820 |
| Warrior Met Coal Inc | COM | 93627C101 |  | 261918 | 5715 | SH |  | SOLE |  | 0 | 0 | 5715 |
| DR Horton Inc | COM | 23331A109 |  | 262739 | 2038 | SH |  | SOLE |  | 0 | 0 | 2038 |
| Masco Corp | COM | 574599106 |  | 268381 | 4170 | SH |  | SOLE |  | 0 | 0 | 4170 |
| Pilgrims Pride Corp | COM | 72147K108 |  | 275278 | 6120 | SH |  | SOLE |  | 0 | 0 | 6120 |
| Novartis AG | SPONSORED ADR | 66987V109 |  | 283768 | 2345 | SH |  | SOLE |  | 0 | 0 | 2345 |
| Union Pacific Corp | COM | 907818108 |  | 285069 | 1239 | SH |  | SOLE |  | 0 | 0 | 1239 |
| Stryker Corp | COM | 863667101 |  | 293557 | 742 | SH |  | SOLE |  | 0 | 0 | 742 |
| Autozone Inc | COM | 053332102 |  | 296978 | 80 | SH |  | SOLE |  | 0 | 0 | 80 |
| Chevron Corp | COM NEW | 166764100 |  | 301701 | 2107 | SH |  | SOLE |  | 0 | 0 | 2107 |
| Oracle Corp | COM | 68389X105 |  | 303896 | 1390 | SH |  | SOLE |  | 0 | 0 | 1390 |
| Thor Industries Inc | COM | 885160101 |  | 307283 | 3460 | SH |  | SOLE |  | 0 | 0 | 3460 |
| Invesco Limited | SHS | G491BT108 |  | 308698 | 19575 | SH |  | SOLE |  | 0 | 0 | 19575 |
| Goldman Sachs BDC Inc | SHS | 38147U107 |  | 318994 | 28355 | SH |  | SOLE |  | 0 | 0 | 28355 |
| GMS Inc | COM | 36251C103 |  | 321356 | 2955 | SH |  | SOLE |  | 0 | 0 | 2955 |
| Costamare Bulkers Holdings | COM SHS | Y2001C101 |  | 320877 | 37010 | SH |  | SOLE |  | 0 | 0 | 37010 |
| Magna International Inc | COM | 559222401 |  | 326834 | 8465 | SH |  | SOLE |  | 0 | 0 | 8465 |
| Berkshire Hathaway Inc | CL B NEW | 084670702 |  | 329352 | 678 | SH |  | SOLE |  | 0 | 0 | 678 |
| NCR Voyix Corp | COM | 62886E108 |  | 330200 | 28150 | SH |  | SOLE |  | 0 | 0 | 28150 |
| Western Union Co | COM | 959802109 |  | 337533 | 40087 | SH |  | SOLE |  | 0 | 0 | 40087 |
| Meritage Homes Corp | COM | 59001A102 |  | 350253 | 5230 | SH |  | SOLE |  | 0 | 0 | 5230 |
| Sinclair Inc | CL A | 829242106 |  | 352825 | 25530 | SH |  | SOLE |  | 0 | 0 | 25530 |
| Exxon Mobil Corp | COM | 30231G102 |  | 355170 | 3295 | SH |  | SOLE |  | 0 | 0 | 3295 |
| Acadian Asset Management Inc | COM | 10948W103 |  | 356981 | 10130 | SH |  | SOLE |  | 0 | 0 | 10130 |
| Ziff Davis Inc | COM | 48123V102 |  | 359154 | 11865 | SH |  | SOLE |  | 0 | 0 | 11865 |
| Deere  Co | COM | 244199105 |  | 363570 | 715 | SH |  | SOLE |  | 0 | 0 | 715 |
| Lam Research Corp | COM NEW | 512807306 |  | 366972 | 3770 | SH |  | SOLE |  | 0 | 0 | 3770 |
| L3Harris Technologies Inc | COM | 502431109 |  | 368735 | 1470 | SH |  | SOLE |  | 0 | 0 | 1470 |
| Cardinal Health Inc | COM | 14149Y108 |  | 374640 | 2230 | SH |  | SOLE |  | 0 | 0 | 2230 |
| Civitas Resources Inc | COM NEW | 17888H103 |  | 378675 | 13760 | SH |  | SOLE |  | 0 | 0 | 13760 |
| Wal-Mart Stores Inc | COM | 931142103 |  | 385253 | 3940 | SH |  | SOLE |  | 0 | 0 | 3940 |
| Navient Corp | COM | 63938C108 |  | 385635 | 27350 | SH |  | SOLE |  | 0 | 0 | 27350 |
| Owens Corning | NEW COM | 690742101 |  | 396058 | 2880 | SH |  | SOLE |  | 0 | 0 | 2880 |
| Adtalem Global Education Inc | COM | 00737L103 |  | 404846 | 3182 | SH |  | SOLE |  | 0 | 0 | 3182 |
| Pfizer Inc | COM | 717081103 |  | 421778 | 17400 | SH |  | SOLE |  | 0 | 0 | 17400 |
| Builders FirstSource Inc | COM | 12008R107 |  | 444589 | 3810 | SH |  | SOLE |  | 0 | 0 | 3810 |
| Deluxe Corp | COM | 248019101 |  | 447007 | 28096 | SH |  | SOLE |  | 0 | 0 | 28096 |
| Radian Group Inc | COM | 750236101 |  | 466999 | 12965 | SH |  | SOLE |  | 0 | 0 | 12965 |
| JPMorgan Chase  Co | COM | 46625H100 |  | 473713 | 1634 | SH |  | SOLE |  | 0 | 0 | 1634 |
| Adeia Inc | COM | 00676P107 |  | 487335 | 34465 | SH |  | SOLE |  | 0 | 0 | 34465 |
| Innoviva Inc | COM | 45781M101 |  | 491502 | 24465 | SH |  | SOLE |  | 0 | 0 | 24465 |
| TKO Group Holdings Inc | CL A | 87256C101 |  | 494904 | 2720 | SH |  | SOLE |  | 0 | 0 | 2720 |
| Hamilton Insurance Group Ltd | CL B | G42706104 |  | 501476 | 23195 | SH |  | SOLE |  | 0 | 0 | 23195 |
| Organon  Co | COMMON STOCK | 68622V106 |  | 524704 | 54205 | SH |  | SOLE |  | 0 | 0 | 54205 |
| CACI International Inc | CL A | 127190304 |  | 528660 | 1109 | SH |  | SOLE |  | 0 | 0 | 1109 |
| Collegium Pharmaceutical Inc | COM | 19459J104 |  | 531669 | 17980 | SH |  | SOLE |  | 0 | 0 | 17980 |
| Enova International Inc | COM | 29357K103 |  | 544218 | 4880 | SH |  | SOLE |  | 0 | 0 | 4880 |
| United Continental Holdings Inc | COM | 910047109 |  | 549447 | 6900 | SH |  | SOLE |  | 0 | 0 | 6900 |
| AstraZeneca plc | SPONSORED ADR | 046353108 |  | 559529 | 8007 | SH |  | SOLE |  | 0 | 0 | 8007 |
| Ford Motor Co | COM | 345370860 |  | 575321 | 53025 | SH |  | SOLE |  | 0 | 0 | 53025 |
| Rithm Capital Corp | COM NEW | 64828T201 |  | 594644 | 52670 | SH |  | SOLE |  | 0 | 0 | 52670 |
| Apollo Global Management Inc | COM | 03769M106 |  | 602238 | 4245 | SH |  | SOLE |  | 0 | 0 | 4245 |
| Sanmina Corp | COM | 801056102 |  | 625134 | 6390 | SH |  | SOLE |  | 0 | 0 | 6390 |
| Texas Instruments Inc | COM | 882508104 |  | 635525 | 3061 | SH |  | SOLE |  | 0 | 0 | 3061 |
| Mueller Industries Inc | COM | 624756102 |  | 645694 | 8125 | SH |  | SOLE |  | 0 | 0 | 8125 |
| Albertsons Companies Inc | COMMON STOCK | 013091103 |  | 649172 | 30180 | SH |  | SOLE |  | 0 | 0 | 30180 |
| FS KKR Capital Corp | COM | 302635206 |  | 652525 | 31447 | SH |  | SOLE |  | 0 | 0 | 31447 |
| V2X Inc | COM | 92242T101 |  | 660280 | 13600 | SH |  | SOLE |  | 0 | 0 | 13600 |
| Comcast Corp | CL A | 20030N101 |  | 669152 | 18749 | SH |  | SOLE |  | 0 | 0 | 18749 |
| Brighthouse Financial Inc | COM | 10922N103 |  | 672394 | 12505 | SH |  | SOLE |  | 0 | 0 | 12505 |
| Leidos Holdings Inc | COM | 525327102 |  | 673635 | 4270 | SH |  | SOLE |  | 0 | 0 | 4270 |
| Norfolk Southern Corp | COM | 655844108 |  | 679344 | 2654 | SH |  | SOLE |  | 0 | 0 | 2654 |
| S Global Inc | COM | 78409V104 |  | 685477 | 1300 | SH |  | SOLE |  | 0 | 0 | 1300 |
| Altria Group Inc | COM | 02209S103 |  | 702505 | 11982 | SH |  | SOLE |  | 0 | 0 | 11982 |
| Bunge Global SA | COM | H11356104 |  | 717302 | 8935 | SH |  | SOLE |  | 0 | 0 | 8935 |
| Cars.Com Inc | COM | 14575E105 |  | 745839 | 62940 | SH |  | SOLE |  | 0 | 0 | 62940 |
| Affiliated Managers Group Inc | COM | 008252108 |  | 758548 | 3855 | SH |  | SOLE |  | 0 | 0 | 3855 |
| Restaurant Brands International Inc | COM | 76131D103 |  | 777250 | 11725 | SH |  | SOLE |  | 0 | 0 | 11725 |
| Fidelity National Information Services Inc | COM | 31620M106 |  | 826312 | 10150 | SH |  | SOLE |  | 0 | 0 | 10150 |
| Group 1 Automotive Inc | COM | 398905109 |  | 829749 | 1900 | SH |  | SOLE |  | 0 | 0 | 1900 |
| Teekay Tankers Ltd | CL A | G8726X106 |  | 843370 | 20215 | SH |  | SOLE |  | 0 | 0 | 20215 |
| Photronics Inc | COM | 719405102 |  | 861096 | 45730 | SH |  | SOLE |  | 0 | 0 | 45730 |
| Onemain Holdings Inc | COM | 68268W103 |  | 866001 | 15193 | SH |  | SOLE |  | 0 | 0 | 15193 |
| Amgen Inc | COM | 031162100 |  | 867505 | 3107 | SH |  | SOLE |  | 0 | 0 | 3107 |
| Jazz Pharmaceutical PLC | SHS USD | G50871105 |  | 873261 | 8229 | SH |  | SOLE |  | 0 | 0 | 8229 |
| Fidelis Insurance Holdings | COM | G3398L118 |  | 880730 | 53120 | SH |  | SOLE |  | 0 | 0 | 53120 |
| Medpace Holdings Inc | COM | 58506Q109 |  | 896070 | 2855 | SH |  | SOLE |  | 0 | 0 | 2855 |
| Valero Energy Corp | COM | 91913Y100 |  | 924138 | 6875 | SH |  | SOLE |  | 0 | 0 | 6875 |
| Tenet Healthcare Corp | COM NEW | 88033G407 |  | 924880 | 5255 | SH |  | SOLE |  | 0 | 0 | 5255 |
| Lear Corp | COM NEW | 521865204 |  | 954074 | 10045 | SH |  | SOLE |  | 0 | 0 | 10045 |
| Qualcomm Inc | COM | 747525103 |  | 961134 | 6035 | SH |  | SOLE |  | 0 | 0 | 6035 |
| Glaxosmithkline Plc | SPONSORED ADR | 37733W204 |  | 977126 | 25446 | SH |  | SOLE |  | 0 | 0 | 25446 |
| Gilead Sciences Inc | COM | 375558103 |  | 978095 | 8822 | SH |  | SOLE |  | 0 | 0 | 8822 |
| Bancorp Inc | COM | 05969A105 |  | 983872 | 17270 | SH |  | SOLE |  | 0 | 0 | 17270 |
| International Business Machine Corp | COM | 459200101 |  | 1003431 | 3404 | SH |  | SOLE |  | 0 | 0 | 3404 |
| Cirrus Logic Inc | COM | 172755100 |  | 1088422 | 10440 | SH |  | SOLE |  | 0 | 0 | 10440 |
| Tegna Inc | COM | 87901J105 |  | 1111724 | 66332 | SH |  | SOLE |  | 0 | 0 | 66332 |
| Regeneron Pharmaceuticals Inc | COM | 75886F107 |  | 1117385 | 2128 | SH |  | SOLE |  | 0 | 0 | 2128 |
| Microsoft Corp | COM | 594918104 |  | 1124147 | 2260 | SH |  | SOLE |  | 0 | 0 | 2260 |
| Corpay Inc | COM | 219948106 |  | 1150088 | 3466 | SH |  | SOLE |  | 0 | 0 | 3466 |
| Johnson  Johnson | COM | 478160104 |  | 1151739 | 7540 | SH |  | SOLE |  | 0 | 0 | 7540 |
| Vistra Energy Corp | COM | 92840M102 |  | 1157046 | 5970 | SH |  | SOLE |  | 0 | 0 | 5970 |
| National Fuel Gas Co | COM | 636180101 |  | 1209913 | 14283 | SH |  | SOLE |  | 0 | 0 | 14283 |
| Progress Software Corp | COM | 743312100 |  | 1217429 | 19070 | SH |  | SOLE |  | 0 | 0 | 19070 |
| Pricesmart Inc | COM | 741511109 |  | 1249976 | 11900 | SH |  | SOLE |  | 0 | 0 | 11900 |
| UGI Corp | COM NEW | 902681105 |  | 1256126 | 34490 | SH |  | SOLE |  | 0 | 0 | 34490 |
| Travel and Leisure Co | COM | 894164102 |  | 1267284 | 24555 | SH |  | SOLE |  | 0 | 0 | 24555 |
| Capital One Financial Corp | COM | 14040H105 |  | 1270815 | 5973 | SH |  | SOLE |  | 0 | 0 | 5973 |
| Penske Automotive Group Inc | COM | 70959W103 |  | 1289434 | 7505 | SH |  | SOLE |  | 0 | 0 | 7505 |
| Taylor Morrison Home Corp | COM | 87724P106 |  | 1298419 | 21140 | SH |  | SOLE |  | 0 | 0 | 21140 |
| Molson Coors Beverages Co Class B | CL B | 60871R209 |  | 1353493 | 28145 | SH |  | SOLE |  | 0 | 0 | 28145 |
| Allison Transmission Holdings Inc | COM | 01973R101 |  | 1360732 | 14325 | SH |  | SOLE |  | 0 | 0 | 14325 |
| ACM Research Inc | COM CL A | 00108J109 |  | 1400025 | 54055 | SH |  | SOLE |  | 0 | 0 | 54055 |
| Merck  Co Inc | COM | 58933Y105 |  | 1400499 | 17692 | SH |  | SOLE |  | 0 | 0 | 17692 |
| Nomad Foods Ltd | USD ORD SHS | G6564A105 |  | 1406687 | 82795 | SH |  | SOLE |  | 0 | 0 | 82795 |
| Tapestry Inc | COM | 876030107 |  | 1411546 | 16075 | SH |  | SOLE |  | 0 | 0 | 16075 |
| Marriott International Inc | CL A | 571903202 |  | 1411949 | 5168 | SH |  | SOLE |  | 0 | 0 | 5168 |
| Green Brick Partners Inc | COM | 392709101 |  | 1412159 | 22458 | SH |  | SOLE |  | 0 | 0 | 22458 |
| BorgWarner Inc | COM | 099724106 |  | 1507939 | 45040 | SH |  | SOLE |  | 0 | 0 | 45040 |
| CBRE Group Inc | CL A | 12504L109 |  | 1550568 | 11066 | SH |  | SOLE |  | 0 | 0 | 11066 |
| Accenture Plc | SHS CLASS A | G1151C101 |  | 1574851 | 5269 | SH |  | SOLE |  | 0 | 0 | 5269 |
| HCA Healthcare Inc | COM | 40412C101 |  | 1595612 | 4165 | SH |  | SOLE |  | 0 | 0 | 4165 |
| Viatris Inc | COM | 92556V106 |  | 1615884 | 180950 | SH |  | SOLE |  | 0 | 0 | 180950 |
| Autonation Inc | COM | 05329W102 |  | 1677599 | 8445 | SH |  | SOLE |  | 0 | 0 | 8445 |
| Sprouts Farmers Market Inc | COM | 85208M102 |  | 1680974 | 10210 | SH |  | SOLE |  | 0 | 0 | 10210 |
| SLM Corp | COM | 78442P106 |  | 1683439 | 51340 | SH |  | SOLE |  | 0 | 0 | 51340 |
| Cisco Systems Inc | COM | 17275R102 |  | 1735286 | 25011 | SH |  | SOLE |  | 0 | 0 | 25011 |
| Kraft Heinz Co | COM | 500754106 |  | 1829993 | 70875 | SH |  | SOLE |  | 0 | 0 | 70875 |
| United Rentals Inc | COM | 911363109 |  | 1941512 | 2577 | SH |  | SOLE |  | 0 | 0 | 2577 |
| Capital Bancorp Inc | COM | 139737100 |  | 2016143 | 60040 | SH |  | SOLE |  | 0 | 0 | 60040 |
| United Therapeutics Corp | COM | 91307C102 |  | 2063173 | 7180 | SH |  | SOLE |  | 0 | 0 | 7180 |
| Cboe Global Markets Inc | COM | 12503M108 |  | 2067407 | 8865 | SH |  | SOLE |  | 0 | 0 | 8865 |
| Expedia Group Inc | COM NEW | 30212P303 |  | 2068017 | 12260 | SH |  | SOLE |  | 0 | 0 | 12260 |
| Costamare Inc | SHS | Y1771G102 |  | 2112509 | 231889 | SH |  | SOLE |  | 0 | 0 | 231889 |
| O'Reilly Automotive Inc | COM | 67103H107 |  | 2123012 | 23555 | SH |  | SOLE |  | 0 | 0 | 23555 |
| McKesson Corp | COM | 58155Q103 |  | 2295800 | 3133 | SH |  | SOLE |  | 0 | 0 | 3133 |
| Meta Platforms Inc | CL A | 30303M102 |  | 2347864 | 3181 | SH |  | SOLE |  | 0 | 0 | 3181 |
| Upbound Group Inc | COM | 76009N100 |  | 2357643 | 93930 | SH |  | SOLE |  | 0 | 0 | 93930 |
| Nvidia Corp | COM | 67066G104 |  | 2358836 | 14930 | SH |  | SOLE |  | 0 | 0 | 14930 |
| Ryder System Inc | COM | 783549108 |  | 2448600 | 15400 | SH |  | SOLE |  | 0 | 0 | 15400 |
| Bristol-Myers Squibb Co | COM | 110122108 |  | 2580760 | 55752 | SH |  | SOLE |  | 0 | 0 | 55752 |
| Fiserv Inc | COM | 337738108 |  | 2606494 | 15118 | SH |  | SOLE |  | 0 | 0 | 15118 |
| Cummins Inc | COM | 231021106 |  | 2688120 | 8208 | SH |  | SOLE |  | 0 | 0 | 8208 |
| Gen Digital Inc | COM | 668771108 |  | 2906043 | 98845 | SH |  | SOLE |  | 0 | 0 | 98845 |
| Federated Hermes Inc | CL B | 314211103 |  | 3062512 | 69100 | SH |  | SOLE |  | 0 | 0 | 69100 |
| Arrow Electronics Inc | COM | 042735100 |  | 3099098 | 24320 | SH |  | SOLE |  | 0 | 0 | 24320 |
| Gartner Inc | COM | 366651107 |  | 3155341 | 7806 | SH |  | SOLE |  | 0 | 0 | 7806 |
| HP Inc | COM | 40434L105 |  | 3157346 | 129082 | SH |  | SOLE |  | 0 | 0 | 129082 |
| Cal-Maine Foods Inc | COM NEW | 128030202 |  | 3226518 | 32385 | SH |  | SOLE |  | 0 | 0 | 32385 |
| Nexstar Media Group Inc | COMMON STOCK | 65336K103 |  | 3308361 | 19129 | SH |  | SOLE |  | 0 | 0 | 19129 |
| Unum Group | COM | 91529Y106 |  | 3351136 | 41495 | SH |  | SOLE |  | 0 | 0 | 41495 |
| H Block Inc | COM | 093671105 |  | 3426234 | 62420 | SH |  | SOLE |  | 0 | 0 | 62420 |
| Stride Inc | COM | 86333M108 |  | 3472219 | 23915 | SH |  | SOLE |  | 0 | 0 | 23915 |
| Alphabet Inc A | CAP STK CL A | 02079K305 |  | 3478759 | 19740 | SH |  | SOLE |  | 0 | 0 | 19740 |
| Mastercard Inc | CL A | 57636Q104 |  | 3523978 | 6271 | SH |  | SOLE |  | 0 | 0 | 6271 |
| Jackson Financial Inc | COM CL A | 46817M107 |  | 3715862 | 41850 | SH |  | SOLE |  | 0 | 0 | 41850 |
| CSG Systems International Inc | COM | 126349109 |  | 3940479 | 60335 | SH |  | SOLE |  | 0 | 0 | 60335 |
| John Wiley  Sons Inc Class A | CL A | 968223206 |  | 4181697 | 93697 | SH |  | SOLE |  | 0 | 0 | 93697 |
| Hewlett Packard Enterprise Co | COM | 42824C109 |  | 4392231 | 214779 | SH |  | SOLE |  | 0 | 0 | 214779 |
| Apple Inc | COM | 037833100 |  | 4457986 | 21728 | SH |  | SOLE |  | 0 | 0 | 21728 |
| Abbvie Inc | COM | 00287Y109 |  | 5005058 | 26964 | SH |  | SOLE |  | 0 | 0 | 26964 |
| Celestica Inc | COM | 15101Q207 |  | 5186286 | 33222 | SH |  | SOLE |  | 0 | 0 | 33222 |
| CDW Corp | COM | 12514G108 |  | 5205899 | 29150 | SH |  | SOLE |  | 0 | 0 | 29150 |
| Cencora Inc | COM | 03073E105 |  | 5402997 | 18019 | SH |  | SOLE |  | 0 | 0 | 18019 |
| Victory Capital Holdings Inc | COM CL A | 92645B103 |  | 5742334 | 90189 | SH |  | SOLE |  | 0 | 0 | 90189 |
| KLA Corp | COM NEW | 482480100 |  | 5838501 | 6518 | SH |  | SOLE |  | 0 | 0 | 6518 |
| Omnicom Group Inc | COM | 681919106 |  | 5980732 | 83135 | SH |  | SOLE |  | 0 | 0 | 83135 |
| Dell Technologies Inc | CL C | 24703L202 |  | 6296736 | 51360 | SH |  | SOLE |  | 0 | 0 | 51360 |
| Equitable Holdings Inc | COM | 29452E101 |  | 6622829 | 118054 | SH |  | SOLE |  | 0 | 0 | 118054 |
| VSE Corp | COM | 918284100 |  | 7101081 | 54215 | SH |  | SOLE |  | 0 | 0 | 54215 |
| Avnet Inc | COM | 053807103 |  | 7934133 | 149475 | SH |  | SOLE |  | 0 | 0 | 149475 |
| Broadcom Inc | COM | 11135F101 |  | 14895299 | 54037 | SH |  | SOLE |  | 0 | 0 | 54037 |
| SPDR Portfolio S 500 ETF | PORTFOLIO S | 78464A854 |  | 201206 | 2768 | SH |  | SOLE |  | 0 | 0 | 2768 |
| Vanguard Value Index Fund ETF | VALUE ETF | 922908744 |  | 202191 | 1144 | SH |  | SOLE |  | 0 | 0 | 1144 |
| Vanguard Tax-Exempt Bond Index ETF | TAX EXEMPT BD | 922907746 |  | 219017 | 4467 | SH |  | SOLE |  | 0 | 0 | 4467 |
| Vanguard Real Estate Index Fund ETF | REAL ESTATE ETF | 922908553 |  | 228884 | 2570 | SH |  | SOLE |  | 0 | 0 | 2570 |
| iShares Morningstar Mid-Cap Growth ETF | MRGSTR MD CP GRW | 464288307 |  | 245883 | 3065 | SH |  | SOLE |  | 0 | 0 | 3065 |
| iShares Core S Small-Cap ETF | CORE S SCP ETF | 464287804 |  | 281750 | 2578 | SH |  | SOLE |  | 0 | 0 | 2578 |
| iShares Russell Mid Growth ETF | RUS MD CP GR ETF | 464287481 |  | 321460 | 2318 | SH |  | SOLE |  | 0 | 0 | 2318 |
| iShares Russell Top 200 ETF | RUS TOP 200 ETF | 464289446 |  | 323696 | 2114 | SH |  | SOLE |  | 0 | 0 | 2114 |
| WisdomTree US Total Dividend ETF | US TOTAL DIVIDND | 97717W109 |  | 324442 | 4080 | SH |  | SOLE |  | 0 | 0 | 4080 |
| iShares MSCI USA Quality Factor ETF | MSCI USA QLT FCT | 46432F339 |  | 329076 | 1800 | SH |  | SOLE |  | 0 | 0 | 1800 |
| Vanguard FTSE Developed Mkts ETF | VAN FTSE DEV MKT | 921943858 |  | 387782 | 6802 | SH |  | SOLE |  | 0 | 0 | 6802 |
| Vanguard Short-Term Treasury ETF | SHORT TERM TREAS | 92206C102 |  | 412342 | 7015 | SH |  | SOLE |  | 0 | 0 | 7015 |
| Technology Select Sector SPDR ETF | TECHNOLOGY | 81369Y803 |  | 484429 | 1913 | SH |  | SOLE |  | 0 | 0 | 1913 |
| iShares Russell Mid Cap ETF | RUS MID CAP ETF | 464287499 |  | 533426 | 5800 | SH |  | SOLE |  | 0 | 0 | 5800 |
| iShares Russell 1000 Growth ETF | RUS 1000 GRW ETF | 464287614 |  | 579552 | 1365 | SH |  | SOLE |  | 0 | 0 | 1365 |
| PIMCO Intermediate Municipal Bd Actv ETF | INTER MUN BD ACT | 72201R866 |  | 595776 | 11600 | SH |  | SOLE |  | 0 | 0 | 11600 |
| iShares S Small-Cap 600 Value ETF | SP SMCP600VL ETF | 464287879 |  | 619723 | 6229 | SH |  | SOLE |  | 0 | 0 | 6229 |
| iShares S Small-Cap 600 Growth ETF | S SML 600 GWT | 464287887 |  | 707241 | 5316 | SH |  | SOLE |  | 0 | 0 | 5316 |
| iShares Residential and Multi Real Estate ETF | RESIDENTIAL MULT | 464288562 |  | 879638 | 10683 | SH |  | SOLE |  | 0 | 0 | 10683 |
| FlexShares Global Upstream Natural Resources Index ETF | MORNSTAR UPSTR | 33939L407 |  | 888437 | 22150 | SH |  | SOLE |  | 0 | 0 | 22150 |
| Vanguard Mid Value Index Fund ETF | MCAP VL IDXVIP | 922908512 |  | 904694 | 5501 | SH |  | SOLE |  | 0 | 0 | 5501 |
| SPDR S 600 Small Cap Value ETF | S 600 SMCP VAL | 78464A300 |  | 1116640 | 14000 | SH |  | SOLE |  | 0 | 0 | 14000 |
| SPDR Gold MiniShares Trust | SPDR GLD MINIS | 98149E303 |  | 1117378 | 17054 | SH |  | SOLE |  | 0 | 0 | 17054 |
| Vanguard Total World Stock ETF | TT WRLD ST ETF | 922042742 |  | 1119795 | 8713 | SH |  | SOLE |  | 0 | 0 | 8713 |
| Invesco S SmallCap Momentum ETF | S SMLCP MOMENT | 46137V498 |  | 1156340 | 17000 | SH |  | SOLE |  | 0 | 0 | 17000 |
| iShares Morningstar Small-Cap Growth ETF | MRGSTR SM CP GR | 464288604 |  | 1169360 | 23500 | SH |  | SOLE |  | 0 | 0 | 23500 |
| iShares Russell 1000 ETF | RUS 1000 ETF | 464287622 |  | 1253692 | 3692 | SH |  | SOLE |  | 0 | 0 | 3692 |
| Vanguard Small-Cap ETF | SMALL CP ETF | 922908751 |  | 1400552 | 5910 | SH |  | SOLE |  | 0 | 0 | 5910 |
| Vanguard Emerging Markets Stock ETF | FTSE EMR MKT ETF | 922042858 |  | 1422766 | 28766 | SH |  | SOLE |  | 0 | 0 | 28766 |
| First Trust Dow Jones Select MicroCap Index ETF | COM SHS ANNUAL | 33718M105 |  | 1590911 | 22209 | SH |  | SOLE |  | 0 | 0 | 22209 |
| iShares Micro-Cap ETF | MICRO-CAP ETF | 464288869 |  | 2251795 | 17639 | SH |  | SOLE |  | 0 | 0 | 17639 |
| FlexShares iBoxx 5-Yr Target Duration TIPS Index | IBOXX 5YR TRGT | 33939L605 |  | 3871149 | 160762 | SH |  | SOLE |  | 0 | 0 | 160762 |
| Vanguard Total Stock Market ETF | TOTAL STK MKT | 922908769 |  | 4406547 | 14499 | SH |  | SOLE |  | 0 | 0 | 14499 |
| iShares Core MSCI EAFE ETF | CORE MSCI EAFE | 46432F842 |  | 4816879 | 57701 | SH |  | SOLE |  | 0 | 0 | 57701 |
| Vanguard Mid-Cap ETF | MID CAP ETF | 922908629 |  | 5608236 | 20042 | SH |  | SOLE |  | 0 | 0 | 20042 |
| Vanguard Large-Cap ETF | LARGE CAP ETF | 922908637 |  | 6305701 | 22102 | SH |  | SOLE |  | 0 | 0 | 22102 |
| JPMorgan Ultra-Short Income ETF | ULTRA SHRT ETF | 46641Q837 |  | 9825129 | 193866 | SH |  | SOLE |  | 0 | 0 | 193866 |
| Vanguard Growth Index Fund ETF | GROWTH ETF | 922908736 |  | 10104243 | 23048 | SH |  | SOLE |  | 0 | 0 | 23048 |
| JPMorgan International Research Enhanced Equity ETF | INTRNL RES EQT | 46641Q134 |  | 17366109 | 245388 | SH |  | SOLE |  | 0 | 0 | 245388 |
| iShares Russell 2500 ETF | RUSEL 2500 ETF | 46435G268 |  | 21045341 | 310495 | SH |  | SOLE |  | 0 | 0 | 310495 |

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