# EDGAR Filing Document

**Accession Number:** 0002054108
**File Stem:** 0001951757-25-000843
**Filing Date:** 2025-7
**Character Count:** 18938
**Document Hash:** 794ca6e004d003306165fd2a24071d2a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001951757-25-000843.hdr.sgml**: 20250715

**ACCESSION NUMBER**: 0001951757-25-000843

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20240630

**FILED AS OF DATE**: 20250715

**DATE AS OF CHANGE**: 20250715

**EFFECTIVENESS DATE**: 20250715

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Permanent Capital Management, LP
- **CENTRAL INDEX KEY:** 0002054108

**ORGANIZATION NAME:**
- **EIN:** 931998660
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-24804
- **FILM NUMBER:** 251125367

**BUSINESS ADDRESS:**
- **STREET 1:** 333 N GREEN STREET
- **STREET 2:** SUITE 818
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60607
- **BUSINESS PHONE:** 312-961-8251

**MAIL ADDRESS:**
- **STREET 1:** 333 N GREEN STREET
- **STREET 2:** SUITE 818
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60607

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2024

**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:** Permanent Capital Management LP<br>**Address:** 333 N GREEN STREET<br>SUITE 818<br>CHICAGO, IL 60607

**Form 13F File Number:** 028-24804

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:** Joseph Shenton<br>**Title:** Chief Compliance Officer<br>**Phone:** 312-961-8251

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

Joseph Shenton  Chicago, IL  07-11-2025<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:** 158

**Form 13F Information Table Value Total:** $478739527

      (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 |
| AGNC INVT CORP | COM | 00123Q104 |  | 100548 | 10800 | SH |  | SOLE |  | 0 | 0 | 10800 |
| AES CORP | COM | 00130H105 |  | 133551 | 12695 | SH |  | SOLE |  | 0 | 0 | 12695 |
| ABBVIE INC | COM | 00287Y109 |  | 577093 | 3109 | SH |  | SOLE |  | 0 | 0 | 3109 |
| ACACIA RESH CORP | ACACIA TCH COM | 003881307 |  | 558480 | 156000 | SH |  | SOLE |  | 0 | 0 | 156000 |
| ALASKA AIR GROUP INC | COM | 011659109 |  | 635373 | 12841 | SH |  | SOLE |  | 0 | 0 | 12841 |
| ALIGHT INC | COM CL A | 01626W101 |  | 452800 | 80000 | SH |  | SOLE |  | 0 | 0 | 80000 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 1213525 | 6841 | SH |  | SOLE |  | 0 | 0 | 6841 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 1749964 | 9930 | SH |  | SOLE |  | 0 | 0 | 9930 |
| AMAZON COM INC | COM | 023135106 |  | 2948382 | 13439 | SH |  | SOLE |  | 0 | 0 | 13439 |
| AMEREN CORP | COM | 023608102 |  | 278804 | 2903 | SH |  | SOLE |  | 0 | 0 | 2903 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 |  | 1097777 | 12826 | SH |  | SOLE |  | 0 | 0 | 12826 |
| CENCORA INC | COM | 03073E105 |  | 355922 | 1187 | SH |  | SOLE |  | 0 | 0 | 1187 |
| APOLLO GLOBAL MGMT INC | COM | 03769M106 |  | 433980 | 3059 | SH |  | SOLE |  | 0 | 0 | 3059 |
| APPLE INC | COM | 037833100 |  | 2855351 | 13917 | SH |  | SOLE |  | 0 | 0 | 13917 |
| APPLIED MATLS INC | COM | 038222105 |  | 346002 | 1890 | SH |  | SOLE |  | 0 | 0 | 1890 |
| ARAMARK | COM | 03852U106 |  | 200976 | 4800 | SH |  | SOLE |  | 0 | 0 | 4800 |
| ATLANTA BRAVES HLDGS INC | COM SER A | 047726104 |  | 246050 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| AURA BIOSCIENCES INC | COM | 05153U107 |  | 902874 | 144229 | SH |  | SOLE |  | 0 | 0 | 144229 |
| AURORA INNOVATION INC | CLASS A COM | 051774107 |  | 13071390 | 2494540 | SH |  | SOLE |  | 0 | 0 | 2494540 |
| BP PLC | SPONSORED ADR | 055622104 |  | 1062216 | 35490 | SH |  | SOLE |  | 0 | 0 | 35490 |
| BWX TECHNOLOGIES INC | COM | 05605H100 |  | 918382 | 6375 | SH |  | SOLE |  | 0 | 0 | 6375 |
| BANK AMERICA CORP | COM | 060505104 |  | 595049 | 12575 | SH |  | SOLE |  | 0 | 0 | 12575 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 1891444 | 20760 | SH |  | SOLE |  | 0 | 0 | 20760 |
| BGC GROUP INC | CL A | 088929104 |  | 290307 | 28378 | SH |  | SOLE |  | 0 | 0 | 28378 |
| BLACKROCK MUNIHOLDINGS FD IN | COM | 09253N104 |  | 133909 | 11893 | SH |  | SOLE |  | 0 | 0 | 11893 |
| BLACKROCK MUNIYILD QULT FD I | COM | 09254F100 |  | 133038 | 11892 | SH |  | SOLE |  | 0 | 0 | 11892 |
| BLUE OWL CAPITAL INC | COM CL A | 09581B103 |  | 268172 | 13960 | SH |  | SOLE |  | 0 | 0 | 13960 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 368524 | 3431 | SH |  | SOLE |  | 0 | 0 | 3431 |
| BROADCOM INC | COM | 11135F101 |  | 943826 | 3424 | SH |  | SOLE |  | 0 | 0 | 3424 |
| BROOKFIELD CORP | CL A LTD VT SH | 11271J107 |  | 304240 | 4919 | SH |  | SOLE |  | 0 | 0 | 4919 |
| BRUNSWICK CORP | COM | 117043109 |  | 620345 | 11230 | SH |  | SOLE |  | 0 | 0 | 11230 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 350070 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| CNX RES CORP | COM | 12653C108 |  | 396952 | 11786 | SH |  | SOLE |  | 0 | 0 | 11786 |
| CADIZ INC | COM NEW | 127537207 |  | 959856 | 321022 | SH |  | SOLE |  | 0 | 0 | 321022 |
| CANNAE HLDGS INC | COM | 13765N107 |  | 1021650 | 49000 | SH |  | SOLE |  | 0 | 0 | 49000 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 2757370 | 12960 | SH |  | SOLE |  | 0 | 0 | 12960 |
| CATERPILLAR INC | COM | 149123101 |  | 2084299 | 5369 | SH |  | SOLE |  | 0 | 0 | 5369 |
| EXPAND ENERGY CORPORATION | COM | 165167735 |  | 1429475 | 12224 | SH |  | SOLE |  | 0 | 0 | 12224 |
| CITIGROUP INC | COM NEW | 172967424 |  | 1038549 | 12201 | SH |  | SOLE |  | 0 | 0 | 12201 |
| COCA COLA CO | COM | 191216100 |  | 853196 | 11973 | SH |  | SOLE |  | 0 | 0 | 11973 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 393779 | 4388 | SH |  | SOLE |  | 0 | 0 | 4388 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 948363 | 958 | SH |  | SOLE |  | 0 | 0 | 958 |
| CROWN HLDGS INC | COM | 228368106 |  | 392045 | 3807 | SH |  | SOLE |  | 0 | 0 | 3807 |
| DANAHER CORPORATION | COM | 235851102 |  | 268100 | 1355 | SH |  | SOLE |  | 0 | 0 | 1355 |
| DEERE  CO | COM | 244199105 |  | 745271 | 1461 | SH |  | SOLE |  | 0 | 0 | 1461 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 |  | 286386 | 2840 | SH |  | SOLE |  | 0 | 0 | 2840 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 255219 | 1464 | SH |  | SOLE |  | 0 | 0 | 1464 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 712342 | 6608 | SH |  | SOLE |  | 0 | 0 | 6608 |
| META PLATFORMS INC | CL A | 30303M102 |  | 1580251 | 2141 | SH |  | SOLE |  | 0 | 0 | 2141 |
| FIDELITY COVINGTON TRUST | HIGH DIVID ETF | 316092840 |  | 369186 | 7097 | SH |  | SOLE |  | 0 | 0 | 7097 |
| FIDELITY MERRIMACK STR TR | TOTAL BD ETF | 316188309 |  | 364744 | 7942 | SH |  | SOLE |  | 0 | 0 | 7942 |
| FISERV INC | COM | 337738108 |  | 202754 | 1176 | SH |  | SOLE |  | 0 | 0 | 1176 |
| FORTINET INC | COM | 34959E109 |  | 385561 | 3647 | SH |  | SOLE |  | 0 | 0 | 3647 |
| GARTNER INC | COM | 366651107 |  | 301144 | 745 | SH |  | SOLE |  | 0 | 0 | 745 |
| GENERAL MTRS CO | COM | 37045V100 |  | 889077 | 18067 | SH |  | SOLE |  | 0 | 0 | 18067 |
| HALLADOR ENERGY COMPANY | COM | 40609P105 |  | 235645 | 14886 | SH |  | SOLE |  | 0 | 0 | 14886 |
| HESS CORP | COM | 42809H107 |  | 456212 | 3293 | SH |  | SOLE |  | 0 | 0 | 3293 |
| HILTON WORLDWIDE HLDGS INC | COM | 43300A203 |  | 237043 | 890 | SH |  | SOLE |  | 0 | 0 | 890 |
| HOWMET AEROSPACE INC | COM | 443201108 |  | 302275 | 1624 | SH |  | SOLE |  | 0 | 0 | 1624 |
| IAC INC | COM NEW | 44891N208 |  | 1561820 | 41827 | SH |  | SOLE |  | 0 | 0 | 41827 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 472986 | 2578 | SH |  | SOLE |  | 0 | 0 | 2578 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 758764 | 2574 | SH |  | SOLE |  | 0 | 0 | 2574 |
| INTERNATIONAL PAPER CO | COM | 460146103 |  | 438797 | 9370 | SH |  | SOLE |  | 0 | 0 | 9370 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 1150297 | 2083 | SH |  | SOLE |  | 0 | 0 | 2083 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 264097 | 486 | SH |  | SOLE |  | 0 | 0 | 486 |
| INVESCO MUNICIPAL TRUST | COM | 46131J103 |  | 131321 | 14352 | SH |  | SOLE |  | 0 | 0 | 14352 |
| INVESCO TR INVT GRADE MUNS | COM | 46131M106 |  | 133420 | 14059 | SH |  | SOLE |  | 0 | 0 | 14059 |
| INVESCO MUN OPPORTUNITY TR | COM | 46132C107 |  | 133560 | 14549 | SH |  | SOLE |  | 0 | 0 | 14549 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 39347088 | 216502 | SH |  | SOLE |  | 0 | 0 | 216502 |
| INVESCO EXCH TRADED FD TR II | KBW BK ETF | 46138E628 |  | 640927 | 8949 | SH |  | SOLE |  | 0 | 0 | 8949 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 13487048 | 135958 | SH |  | SOLE |  | 0 | 0 | 135958 |
| ISHARES TR | S 500 VAL ETF | 464287408 |  | 301142 | 1541 | SH |  | SOLE |  | 0 | 0 | 1541 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 213642 | 2390 | SH |  | SOLE |  | 0 | 0 | 2390 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 3716349 | 8753 | SH |  | SOLE |  | 0 | 0 | 8753 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 1129661 | 5235 | SH |  | SOLE |  | 0 | 0 | 5235 |
| ISHARES TR | INTL TREA BD ETF | 464288117 |  | 597883 | 13872 | SH |  | SOLE |  | 0 | 0 | 13872 |
| ISHARES TR | 3YRTB ETF | 464288125 |  | 1159807 | 15149 | SH |  | SOLE |  | 0 | 0 | 15149 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 |  | 376609 | 2060 | SH |  | SOLE |  | 0 | 0 | 2060 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 1075566 | 3710 | SH |  | SOLE |  | 0 | 0 | 3710 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 885339 | 5796 | SH |  | SOLE |  | 0 | 0 | 5796 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 390670 | 3001 | SH |  | SOLE |  | 0 | 0 | 3001 |
| KRANESHARES TRUST | CALIFORNIA CARB | 500767553 |  | 2781803 | 179240 | SH |  | SOLE |  | 0 | 0 | 179240 |
| LIFE360 INC | COM | 532206109 |  | 1405420 | 21539 | SH |  | SOLE |  | 0 | 0 | 21539 |
| LOEWS CORP | COM | 540424108 |  | 1415872 | 15447 | SH |  | SOLE |  | 0 | 0 | 15447 |
| MGM RESORTS INTERNATIONAL | COM | 552953101 |  | 732266 | 21293 | SH |  | SOLE |  | 0 | 0 | 21293 |
| MSCI INC | COM | 55354G100 |  | 366807 | 636 | SH |  | SOLE |  | 0 | 0 | 636 |
| MARINEMAX INC | COM | 567908108 |  | 1137987 | 45266 | SH |  | SOLE |  | 0 | 0 | 45266 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 704021 | 3220 | SH |  | SOLE |  | 0 | 0 | 3220 |
| MCDONALDS CORP | COM | 580135101 |  | 404363 | 1384 | SH |  | SOLE |  | 0 | 0 | 1384 |
| MCKESSON CORP | COM | 58155Q103 |  | 411488 | 561 | SH |  | SOLE |  | 0 | 0 | 561 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 216931 | 83 | SH |  | SOLE |  | 0 | 0 | 83 |
| MICROSOFT CORP | COM | 594918104 |  | 36078351 | 72532 | SH |  | SOLE |  | 0 | 0 | 72532 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 394149 | 935 | SH |  | SOLE |  | 0 | 0 | 935 |
| NEWS CORP NEW | CL A | 65249B109 |  | 783449 | 26361 | SH |  | SOLE |  | 0 | 0 | 26361 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 493715 | 7112 | SH |  | SOLE |  | 0 | 0 | 7112 |
| NORTHERN TR CORP | COM | 665859104 |  | 763965 | 5990 | SH |  | SOLE |  | 0 | 0 | 5990 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 358486 | 717 | SH |  | SOLE |  | 0 | 0 | 717 |
| NUVEEN AMT FREE QLTY MUN INC | COM | 670657105 |  | 136489 | 12416 | SH |  | SOLE |  | 0 | 0 | 12416 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 3213246 | 20337 | SH |  | SOLE |  | 0 | 0 | 20337 |
| NUVEEN QUALITY MUNCP INCOME | COM | 67066V101 |  | 136659 | 12024 | SH |  | SOLE |  | 0 | 0 | 12024 |
| NUVEEN MUNICIPAL CREDIT INC | COM SH BEN INT | 67070X101 |  | 136758 | 11397 | SH |  | SOLE |  | 0 | 0 | 11397 |
| O-I GLASS INC | COM | 67098H104 |  | 2659170 | 180405 | SH |  | SOLE |  | 0 | 0 | 180405 |
| PG CORP | COM | 69331C108 |  | 1396123 | 99973 | SH |  | SOLE |  | 0 | 0 | 99973 |
| PVH CORPORATION | COM | 693656100 |  | 246960 | 3600 | SH |  | SOLE |  | 0 | 0 | 3600 |
| P10 INC | COM CL A | 69376K106 |  | 137970 | 13500 | SH |  | SOLE |  | 0 | 0 | 13500 |
| PAYCHEX INC | COM | 704326107 |  | 200153 | 1376 | SH |  | SOLE |  | 0 | 0 | 1376 |
| PFIZER INC | COM | 717081103 |  | 229432 | 9465 | SH |  | SOLE |  | 0 | 0 | 9465 |
| PIMCO MUN INCOME FD II | COM | 72200W106 |  | 75861 | 10129 | SH |  | SOLE |  | 0 | 0 | 10129 |
| PIMCO MUN INCOME FD III | COM | 72201A103 |  | 79656 | 11556 | SH |  | SOLE |  | 0 | 0 | 11556 |
| PRIMO BRANDS CORPORATION | CLASS A COM SHS | 741623102 |  | 943456 | 31852 | SH |  | SOLE |  | 0 | 0 | 31852 |
| REDDIT INC | CL A | 75734B100 |  | 338782 | 2250 | SH |  | SOLE |  | 0 | 0 | 2250 |
| S GLOBAL INC | COM | 78409V104 |  | 560509 | 1063 | SH |  | SOLE |  | 0 | 0 | 1063 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 3396708 | 5482 | SH |  | SOLE |  | 0 | 0 | 5482 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 2959290 | 9708 | SH |  | SOLE |  | 0 | 0 | 9708 |
| SPDR SERIES TRUST | PORTFOLIO LN TSR | 78464A664 |  | 7093240 | 266864 | SH |  | SOLE |  | 0 | 0 | 266864 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 240776 | 7064 | SH |  | SOLE |  | 0 | 0 | 7064 |
| SERVICENOW INC | COM | 81762P102 |  | 288890 | 281 | SH |  | SOLE |  | 0 | 0 | 281 |
| SHERWIN WILLIAMS CO | COM | 824348106 |  | 235888 | 687 | SH |  | SOLE |  | 0 | 0 | 687 |
| ARS PHARMACEUTICALS INC | COM | 82835W108 |  | 743771 | 42623 | SH |  | SOLE |  | 0 | 0 | 42623 |
| SUN CMNTYS INC | COM | 866674104 |  | 382590 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| SYNOVUS FINL CORP | COM NEW | 87161C501 |  | 495330 | 9500 | SH |  | SOLE |  | 0 | 0 | 9500 |
| TAKE-TWO INTERACTIVE SOFTWAR | COM | 874054109 |  | 247464 | 1019 | SH |  | SOLE |  | 0 | 0 | 1019 |
| TECK RESOURCES LTD | CL B | 878742204 |  | 2072442 | 51249 | SH |  | SOLE |  | 0 | 0 | 51249 |
| TESLA INC | COM | 88160R101 |  | 203938 | 642 | SH |  | SOLE |  | 0 | 0 | 642 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 261393 | 644 | SH |  | SOLE |  | 0 | 0 | 644 |
| 3M CO | COM | 88579Y101 |  | 214202 | 1407 | SH |  | SOLE |  | 0 | 0 | 1407 |
| TRANSUNION | COM | 89400J107 |  | 327536 | 3722 | SH |  | SOLE |  | 0 | 0 | 3722 |
| UNILEVER PLC | SPON ADR NEW | 904767704 |  | 1369474 | 22388 | SH |  | SOLE |  | 0 | 0 | 22388 |
| UNION PAC CORP | COM | 907818108 |  | 1956830 | 8505 | SH |  | SOLE |  | 0 | 0 | 8505 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 228050 | 731 | SH |  | SOLE |  | 0 | 0 | 731 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 39778165 | 697740 | SH |  | SOLE |  | 0 | 0 | 697740 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 1843619 | 14345 | SH |  | SOLE |  | 0 | 0 | 14345 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 16521784 | 334043 | SH |  | SOLE |  | 0 | 0 | 334043 |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 |  | 1230148 | 20928 | SH |  | SOLE |  | 0 | 0 | 20928 |
| VANGUARD SCOTTSDALE FDS | INTER TERM TREAS | 92206C706 |  | 49423530 | 826342 | SH |  | SOLE |  | 0 | 0 | 826342 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 103680316 | 181967 | SH |  | SOLE |  | 0 | 0 | 181967 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 15542052 | 65367 | SH |  | SOLE |  | 0 | 0 | 65367 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 7624128 | 25010 | SH |  | SOLE |  | 0 | 0 | 25010 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 679988 | 15715 | SH |  | SOLE |  | 0 | 0 | 15715 |
| VISA INC | COM CL A | 92826C839 |  | 911768 | 2568 | SH |  | SOLE |  | 0 | 0 | 2568 |
| WALMART INC | COM | 931142103 |  | 1046246 | 10700 | SH |  | SOLE |  | 0 | 0 | 10700 |
| WISDOMTREE TR | FLOATNG RAT TREA | 97717Y527 |  | 25030080 | 497517 | SH |  | SOLE |  | 0 | 0 | 497517 |
| AXIS CAP HLDGS LTD | SHS | G0692U109 |  | 1288132 | 12355 | SH |  | SOLE |  | 0 | 0 | 12355 |
| CANTOR EQUITY PARTNERS II IN | CL A ORD SHS | G1827P106 |  | 156461 | 14185 | SH |  | SOLE |  | 0 | 0 | 14185 |
| CHURCHILL CAP CORP X | UNIT 05/14/2030 | G2130T124 |  | 128821 | 12506 | SH |  | SOLE |  | 0 | 0 | 12506 |
| CRH PLC | ORD | G25508105 |  | 207284 | 2258 | SH |  | SOLE |  | 0 | 0 | 2258 |
| EATON CORP PLC | SHS | G29183103 |  | 290233 | 813 | SH |  | SOLE |  | 0 | 0 | 813 |
| M3BRIGADE ACQUISITION V CORP | CL A | G63212107 |  | 150112 | 13296 | SH |  | SOLE |  | 0 | 0 | 13296 |
| PROCAP ACQUISITION CORP | UNIT 05/16/2030 | G7257A113 |  | 150487 | 14038 | SH |  | SOLE |  | 0 | 0 | 14038 |
| RENATUS TACTICAL ACQUIS | UNIT 05/15/2030 | G7490F119 |  | 163682 | 12858 | SH |  | SOLE |  | 0 | 0 | 12858 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 205145 | 469 | SH |  | SOLE |  | 0 | 0 | 469 |
| GOLAR LNG LTD | SHS | G9456A100 |  | 2260054 | 54869 | SH |  | SOLE |  | 0 | 0 | 54869 |
| BUNGE GLOBAL SA | COM SHS | H11356104 |  | 620966 | 7735 | SH |  | SOLE |  | 0 | 0 | 7735 |
| UBS GROUP AG | SHS | H42097107 |  | 2344639 | 69327 | SH |  | SOLE |  | 0 | 0 | 69327 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 311540 | 406 | SH |  | SOLE |  | 0 | 0 | 406 |
| TABOOLA.COM LTD | ORD SHS | M8744T106 |  | 109800 | 30000 | SH |  | SOLE |  | 0 | 0 | 30000 |
| JBS N.V. | CL A SHS | N4732M103 |  | 876600 | 60000 | SH |  | SOLE |  | 0 | 0 | 60000 |
| SUBURBAN PROPANE PARTNERS L | UNIT LTD PARTN | 864482104 |  | 233737 | 12614 | SH |  | SOLE |  | 0 | 0 | 12614 |

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