# EDGAR Filing Document

**Accession Number:** 0001638022
**File Stem:** 0001420506-25-003199
**Filing Date:** 2025-11
**Character Count:** 18886
**Document Hash:** 1f0db14bad015892a76ae734781bdb6c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001420506-25-003199.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001420506-25-003199

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**EFFECTIVENESS DATE**: 20251113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Elgethun Capital Management
- **CENTRAL INDEX KEY:** 0001638022

**ORGANIZATION NAME:**
- **EIN:** 462136660
- **STATE OF INCORPORATION:** SD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17656
- **FILM NUMBER:** 251478808

**BUSINESS ADDRESS:**
- **STREET 1:** 231 S PHILLIPS AVE
- **STREET 2:** SUITE 201
- **CITY:** SIOUX FALLS
- **STATE:** SD
- **ZIP:** 57104
- **BUSINESS PHONE:** 605-367-3336

**MAIL ADDRESS:**
- **STREET 1:** 231 S PHILLIPS AVE
- **STREET 2:** SUITE 201
- **CITY:** SIOUX FALLS
- **STATE:** SD
- **ZIP:** 57104

### 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:** Elgethun Capital Management<br>**Address:** 231 S PHILLIPS AVE<br>SUITE 201<br>SIOUX FALLS, SD 57104

**Form 13F File Number:** 028-17656

**CRD Number (if applicable):** 000127616

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:** John Allen Barker<br>**Title:** President<br>**Phone:** 605-367-3336

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

John Allen Barker President  SIOUX FALLS, SD  11-13-2025<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:** 156

**Form 13F Information Table Value Total:** $550646073

      (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 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 64742123 | 130075 | SH |  | SOLE |  | 127464 | 0 | 2611 |
| FAIRFAX FINANCIAL | COM | 303901102 |  | 43174518 | 24589 | SH |  | SOLE |  | 23912 | 0 | 677 |
| ISHARES TR | EAFE VALUE ETF | 464288877 |  | 28814347 | 422080 | SH |  | SOLE |  | 416876 | 0 | 5204 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 23519226 | 354216 | SH |  | SOLE |  | 347735 | 0 | 6481 |
| ELI LILLY  CO | COM | 532457108 |  | 19568952 | 24639 | SH |  | SOLE |  | 15473 | 0 | 9166 |
| BOSTON OMAHA CORP | CL A COM STK | 101044105 |  | 18631899 | 1426608 | SH |  | SOLE |  | 1399361 | 0 | 27247 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL EMER | 808524730 |  | 17797146 | 489738 | SH |  | SOLE |  | 486157 | 0 | 3581 |
| CITIGROUP INC | COM NEW | 172967424 |  | 17235259 | 172905 | SH |  | SOLE |  | 169006 | 0 | 3899 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 |  | 16428299 | 639607 | SH |  | SOLE |  | 622464 | 0 | 17143 |
| BANCORP INC DEL | COM | 05969A105 |  | 16213359 | 219201 | SH |  | SOLE |  | 213679 | 0 | 5522 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 14879063 | 159373 | SH |  | SOLE |  | 156368 | 0 | 3006 |
| PATHWARD FINANCIAL INC | COM | 59100U108 |  | 14473905 | 197231 | SH |  | SOLE |  | 192870 | 0 | 4361 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 14042602 | 599083 | SH |  | SOLE |  | 590420 | 0 | 8663 |
| LIBERTY MEDIA CORP DEL | COM LBTY ONE S A | 531229771 |  | 13694045 | 144719 | SH |  | SOLE |  | 141723 | 0 | 2996 |
| MICROSOFT CORP | COM | 594918104 |  | 12398884 | 24122 | SH |  | SOLE |  | 24057 | 0 | 65 |
| DREAM FINDERS HOMES INC | COM CL A | 26154D100 |  | 11807486 | 457587 | SH |  | SOLE |  | 446773 | 0 | 10814 |
| ADVANCE AUTO PARTS INC | COM | 00751Y106 |  | 10243838 | 168376 | SH |  | SOLE |  | 163581 | 0 | 4795 |
| LIBERTY GLOBAL LTD | COM CL C | G61188127 |  | 9725232 | 818968 | SH |  | SOLE |  | 789727 | 0 | 29241 |
| CRIMSON WINE GROUP | COM | 22662X100 |  | 8409118 | 1622317 | SH |  | SOLE |  | 1606936 | 0 | 15381 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 8346177 | 177694 | SH |  | SOLE |  | 175773 | 0 | 1921 |
| DRIVEN BRANDS HLDGS INC | COM | 26210V102 |  | 8137352 | 513979 | SH |  | SOLE |  | 513979 | 0 | 0 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 7103379 | 34004 | SH |  | SOLE |  | 33160 | 0 | 844 |
| VANGUARD WORLD FD | ENERGY ETF | 92204A306 |  | 6655745 | 53030 | SH |  | SOLE |  | 52455 | 0 | 575 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 6319484 | 133308 | SH |  | SOLE |  | 131771 | 0 | 1537 |
| ATLANTA BRAVES HLDGS INC | COM SER C | 047726302 |  | 6086046 | 148249 | SH |  | SOLE |  | 143999 | 0 | 4250 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 5763324 | 17202 | SH |  | SOLE |  | 16882 | 0 | 320 |
| FAIRFAX INDIA | COM | 303897102 |  | 5536295 | 317444 | SH |  | SOLE |  | 309898 | 0 | 7546 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 5438024 | 28652 | SH |  | SOLE |  | 26651 | 0 | 2001 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 5403101 | 173566 | SH |  | SOLE |  | 173566 | 0 | 0 |
| KROGER CO | COM | 501044101 |  | 5104515 | 77485 | SH |  | SOLE |  | 75589 | 0 | 1896 |
| AMAZON COM INC | COM | 023135106 |  | 4950176 | 22487 | SH |  | SOLE |  | 22415 | 0 | 72 |
| NVR INC | COM | 62944T105 |  | 4910809 | 606 | SH |  | SOLE |  | 594 | 0 | 12 |
| INTEL CORP | COM | 458140100 |  | 4658271 | 136682 | SH |  | SOLE |  | 133744 | 0 | 2938 |
| APPLE INC | COM | 037833100 |  | 3990939 | 15519 | SH |  | SOLE |  | 15519 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 3668831 | 10549 | SH |  | SOLE |  | 9677 | 0 | 872 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 3428839 | 35515 | SH |  | SOLE |  | 34519 | 0 | 997 |
| SCHWAB STRATEGIC TR | US LCAP GR ETF | 808524300 |  | 3353846 | 105073 | SH |  | SOLE |  | 105073 | 0 | 0 |
| ALBERTSONS COS INC | COMMON STOCK | 013091103 |  | 3225426 | 187104 | SH |  | SOLE |  | 182378 | 0 | 4726 |
| BLACKROCK MUN TARGET TERM TR | COM SHS BEN IN | 09257P105 |  | 2992595 | 132416 | SH |  | SOLE |  | 132416 | 0 | 0 |
| STELLANTIS N.V | SHS | N82405106 |  | 2957857 | 313295 | SH |  | SOLE |  | 302611 | 0 | 10684 |
| WALMART INC | COM | 931142103 |  | 2370568 | 23438 | SH |  | SOLE |  | 23438 | 0 | 0 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 |  | 2244636 | 85199 | SH |  | SOLE |  | 84601 | 0 | 598 |
| SCHWAB STRATEGIC TR | US LCAP VA ETF | 808524409 |  | 2196186 | 75534 | SH |  | SOLE |  | 74403 | 0 | 1131 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 2174428 | 9052 | SH |  | SOLE |  | 9052 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 2039672 | 8469 | SH |  | SOLE |  | 8268 | 0 | 201 |
| BERKLEY W R CORP | COM | 084423102 |  | 1821255 | 24067 | SH |  | SOLE |  | 24067 | 0 | 0 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 1592523 | 5098 | SH |  | SOLE |  | 5026 | 0 | 72 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 1506688 | 27643 | SH |  | SOLE |  | 27322 | 0 | 320 |
| ABBVIE INC | COM | 00287Y109 |  | 1461573 | 6156 | SH |  | SOLE |  | 6156 | 0 | 0 |
| BRIDGEWATER BANCSHARES INC | COM | 108621103 |  | 1384578 | 79300 | SH |  | SOLE |  | 79300 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 1372573 | 3953 | SH |  | SOLE |  | 3953 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 1299213 | 3250 | SH |  | SOLE |  | 3250 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 1274133 | 3880 | SH |  | SOLE |  | 130 | 0 | 3750 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 1220812 | 6573 | SH |  | SOLE |  | 6572 | 0 | 1 |
| VISTRA CORP | COM | 92840M102 |  | 1102603 | 5633 | SH |  | SOLE |  | 5633 | 0 | 0 |
| 3M CO | COM | 88579Y101 |  | 1075790 | 6908 | SH |  | SOLE |  | 5774 | 0 | 1134 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 1065541 | 3749 | SH |  | SOLE |  | 3668 | 0 | 81 |
| SPDR SERIES TRUST | PORTFOLIO S | 78468R853 |  | 1045493 | 22591 | SH |  | SOLE |  | 20128 | 0 | 2463 |
| MERCK  CO INC | COM | 58933Y105 |  | 1034382 | 11866 | SH |  | SOLE |  | 11866 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 1029460 | 3413 | SH |  | SOLE |  | 3413 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 999123 | 4129 | SH |  | SOLE |  | 4129 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 927760 | 1387 | SH |  | SOLE |  | 1387 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 874865 | 7812 | SH |  | SOLE |  | 7812 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 859195 | 9137 | SH |  | SOLE |  | 9137 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 855443 | 9740 | SH |  | SOLE |  | 9740 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 842882 | 3012 | SH |  | SOLE |  | 3012 | 0 | 0 |
| SERVICENOW INC | COM | 81762P102 |  | 772249 | 830 | SH |  | SOLE |  | 830 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 770706 | 2350 | SH |  | SOLE |  | 2350 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 769685 | 4163 | SH |  | SOLE |  | 4163 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 768335 | 5441 | SH |  | SOLE |  | 5441 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 757592 | 4929 | SH |  | SOLE |  | 4929 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 755375 | 4634 | SH |  | SOLE |  | 4626 | 0 | 8 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 753694 | 12497 | SH |  | SOLE |  | 12497 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 746065 | 1 | SH |  | SOLE |  | 1 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 742662 | 11140 | SH |  | SOLE |  | 11140 | 0 | 0 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 |  | 664332 | 2075 | SH |  | SOLE |  | 2075 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 662445 | 683 | SH |  | SOLE |  | 683 | 0 | 0 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 652002 | 12154 | SH |  | SOLE |  | 12154 | 0 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 611583 | 3168 | SH |  | SOLE |  | 3168 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 577216 | 943 | SH |  | SOLE |  | 943 | 0 | 0 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 520587 | 3700 | SH |  | SOLE |  | 3700 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 516962 | 97 | SH |  | SOLE |  | 97 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 498484 | 2432 | SH |  | SOLE |  | 2432 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 496201 | 1038 | SH |  | SOLE |  | 1038 | 0 | 0 |
| ISHARES TR | MSCI ACWI EX US | 464288240 |  | 490913 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 479461 | 983 | SH |  | SOLE |  | 983 | 0 | 0 |
| GREEN BRICK PARTNERS INC | COM | 392709101 |  | 471763 | 6355 | SH |  | SOLE |  | 6355 | 0 | 0 |
| MARKEL GROUP INC | COM | 570535104 |  | 471237 | 249 | SH |  | SOLE |  | 249 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 437255 | 12603 | SH |  | SOLE |  | 12601 | 0 | 2 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 436470 | 2868 | SH |  | SOLE |  | 2868 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 434332 | 756 | SH |  | SOLE |  | 756 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 426732 | 12310 | SH |  | SOLE |  | 12310 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 406672 | 611 | SH |  | SOLE |  | 611 | 0 | 0 |
| VANGUARD MUN BD FDS | TAX EXEMPT BD | 922907746 |  | 400486 | 8011 | SH |  | SOLE |  | 8011 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 377686 | 2888 | SH |  | SOLE |  | 2888 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 374997 | 2255 | SH |  | SOLE |  | 2255 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 374439 | 4269 | SH |  | SOLE |  | 4006 | 0 | 263 |
| HONEYWELL INTL INC | COM | 438516106 |  | 368813 | 1751 | SH |  | SOLE |  | 1751 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 368202 | 1512 | SH |  | SOLE |  | 1512 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 365904 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| GREIF INC | CL B | 397624206 |  | 354228 | 5716 | SH |  | SOLE |  | 5716 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 350505 | 1242 | SH |  | SOLE |  | 1242 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 346293 | 506 | SH |  | SOLE |  | 506 | 0 | 0 |
| CHUBB LIMITED | COM | H1467J104 |  | 345123 | 1219 | SH |  | SOLE |  | 1219 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 342672 | 757 | SH |  | SOLE |  | 757 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 339824 | 6659 | SH |  | SOLE |  | 2609 | 0 | 4050 |
| ISHARES INC | EM MKTS DIV ETF | 464286319 |  | 323817 | 10925 | SH |  | SOLE |  | 10925 | 0 | 0 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524755 |  | 315560 | 7289 | SH |  | SOLE |  | 7289 | 0 | 0 |
| NEWMONT CORP | COM | 651639106 |  | 311984 | 3629 | SH |  | SOLE |  | 3629 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 310350 | 1320 | SH |  | SOLE |  | 1320 | 0 | 0 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 309067 | 2603 | SH |  | SOLE |  | 2603 | 0 | 0 |
| CASEYS GEN STORES INC | COM | 147528103 |  | 305795 | 539 | SH |  | SOLE |  | 539 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 301175 | 1157 | SH |  | SOLE |  | 1157 | 0 | 0 |
| D R HORTON INC | COM | 23331A109 |  | 298966 | 1751 | SH |  | SOLE |  | 1751 | 0 | 0 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 294206 | 1784 | SH |  | SOLE |  | 1784 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 280642 | 560 | SH |  | SOLE |  | 560 | 0 | 0 |
| WISDOMTREE TR | EMER MKT HIGH FD | 97717W315 |  | 271832 | 5905 | SH |  | SOLE |  | 5905 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 271382 | 449 | SH |  | SOLE |  | 449 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 270784 | 725 | SH |  | SOLE |  | 725 | 0 | 0 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 260741 | 3310 | SH |  | SOLE |  | 3310 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 257021 | 428 | SH |  | SOLE |  | 380 | 0 | 48 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 253696 | 910 | SH |  | SOLE |  | 910 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 249468 | 1004 | SH |  | SOLE |  | 1004 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 238266 | 3094 | SH |  | SOLE |  | 3094 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 230915 | 961 | SH |  | SOLE |  | 961 | 0 | 0 |
| MONSTER BEVERAGE CORP NEW | COM | 61174X109 |  | 226061 | 3360 | SH |  | SOLE |  | 3360 | 0 | 0 |
| EVERUS CONSTR GROUP | COM | 300426103 |  | 226052 | 2682 | SH |  | SOLE |  | 2682 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 219125 | 615 | SH |  | SOLE |  | 615 | 0 | 0 |
| VITESSE ENERGY INC | COMMON STOCK | 92852X103 |  | 214536 | 9310 | SH |  | SOLE |  | 9198 | 0 | 112 |
| ISHARES TR | MSCI INTL VLU FT | 46435G409 |  | 213308 | 5970 | SH |  | SOLE |  | 5970 | 0 | 0 |
| GOLD FIELDS LTD | SPONSORED ADR | 38059T106 |  | 211950 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 209568 | 1288 | SH |  | SOLE |  | 1287 | 0 | 1 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 200855 | 2404 | SH |  | SOLE |  | 2404 | 0 | 0 |
| MDU RES GROUP INC | COM | 552690109 |  | 193569 | 10881 | SH |  | SOLE |  | 10881 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 192596 | 918 | SH |  | SOLE |  | 918 | 0 | 0 |
| ECOLAB INC | COM | 278865100 |  | 191766 | 707 | SH |  | SOLE |  | 707 | 0 | 0 |
| SCHWAB STRATEGIC TR | US SML CAP ETF | 808524607 |  | 180330 | 6460 | SH |  | SOLE |  | 6460 | 0 | 0 |
| SYSCO CORP | COM | 871829107 |  | 176968 | 2143 | SH |  | SOLE |  | 2143 | 0 | 0 |
| ISHARES TR | US HOME CONS ETF | 464288752 |  | 176697 | 1644 | SH |  | SOLE |  | 1644 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 175727 | 2426 | SH |  | SOLE |  | 2426 | 0 | 0 |
| KNIFE RIVER CORP | COMMON STOCK | 498894104 |  | 172891 | 2337 | SH |  | SOLE |  | 2337 | 0 | 0 |
| LPL FINL HLDGS INC | COM | 50212V100 |  | 161176 | 493 | SH |  | SOLE |  | 493 | 0 | 0 |
| GENERAL MTRS CO | COM | 37045V100 |  | 160903 | 2646 | SH |  | SOLE |  | 2113 | 0 | 533 |
| WERNER ENTERPRISES INC | COM | 950755108 |  | 159826 | 6204 | SH |  | SOLE |  | 6204 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 154369 | 844 | SH |  | SOLE |  | 844 | 0 | 0 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 146085 | 760 | SH |  | SOLE |  | 760 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 144624 | 2002 | SH |  | SOLE |  | 2002 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 131088 | 707 | SH |  | SOLE |  | 707 | 0 | 0 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 125368 | 1688 | SH |  | SOLE |  | 1688 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 115038 | 693 | SH |  | SOLE |  | 693 | 0 | 0 |
| NEW GOLD INC CDA | COM | 644535106 |  | 109275 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 106053 | 1696 | SH |  | SOLE |  | 950 | 0 | 747 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 104668 | 1602 | SH |  | SOLE |  | 1602 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 94399 | 1114 | SH |  | SOLE |  | 1114 | 0 | 0 |
| SUMMIT HOTEL PPTYS INC | COM | 866082100 |  | 67921 | 12466 | SH |  | SOLE |  | 12466 | 0 | 0 |
| LINEAGE CELL THERAPEUTICS IN | COM | 53566P109 |  | 25725 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |

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