# EDGAR Filing Document

**Accession Number:** 0001961635
**File Stem:** 0001172661-25-003398
**Filing Date:** 2025-8
**Character Count:** 19128
**Document Hash:** e8c1d06f619d0fc5f1b4229114f89963
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-25-003398.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001172661-25-003398

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BEACON INVESTMENT ADVISORS LLC
- **CENTRAL INDEX KEY:** 0001961635

**ORGANIZATION NAME:**
- **EIN:** 800064847
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-22864
- **FILM NUMBER:** 251216419

**BUSINESS ADDRESS:**
- **STREET 1:** 7 BROOKES AVENUE
- **CITY:** GAITHERSBURG
- **STATE:** MD
- **ZIP:** 20877
- **BUSINESS PHONE:** 3016701700

**MAIL ADDRESS:**
- **STREET 1:** 7 BROOKES AVENUE
- **CITY:** GAITHERSBURG
- **STATE:** MD
- **ZIP:** 20877

### 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:** BEACON INVESTMENT ADVISORS LLC<br>**Address:** 7 Brookes Avenue<br>Gaithersburg, MD 20877

**Form 13F File Number:** 028-22864

**CRD Number (if applicable):** 000127368

**SEC File Number (if applicable):** 801-125799

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:** Cornell P Abod<br>**Title:** Principal<br>**Phone:** 301-840-1901

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

/s/ Cornell P Abod  Gaithersburg, MD  08-14-2025<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:** 161

**Form 13F Information Table Value Total:** $231923954

      (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 |
| ACUITY INC | COM | 00508Y102 |  | 521770 | 1720 | SH |  | SOLE |  | 0 | 0 | 1720 |
| ABM INDS INC | COM | 000957100 |  | 1562053 | 33679 | SH |  | SOLE |  | 0 | 0 | 33679 |
| ABBOTT LABS | COM | 002824100 |  | 1023304 | 7615 | SH |  | SOLE |  | 0 | 0 | 7615 |
| DOW INC | COM | 260557103 |  | 270000 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| HOME DEPOT INC | COM | 437076102 |  | 1627652 | 4414 | SH |  | SOLE |  | 0 | 0 | 4414 |
| IRON MTN INC DEL | COM | 46284V101 |  | 997466 | 9750 | SH |  | SOLE |  | 0 | 0 | 9750 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 215819 | 1259 | SH |  | SOLE |  | 0 | 0 | 1259 |
| EATON CORP PLC | SHS | G29183103 |  | 288385 | 816 | SH |  | SOLE |  | 0 | 0 | 816 |
| BLUE OWL CAPITAL INC | COM CL A | 09581B103 |  | 323619 | 16638 | SH |  | SOLE |  | 0 | 0 | 16638 |
| GRAHAM HLDGS CO | COM CL B | 384637104 |  | 2797055 | 2917 | SH |  | SOLE |  | 0 | 0 | 2917 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 874904 | 5740 | SH |  | SOLE |  | 0 | 0 | 5740 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 597138 | 16906 | SH |  | SOLE |  | 0 | 0 | 16906 |
| AMERICAN FINL GROUP INC OHIO | COM | 025932104 |  | 249840 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| INTUIT | COM | 461202103 |  | 6417767 | 8264 | SH |  | SOLE |  | 0 | 0 | 8264 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 259831 | 2881 | SH |  | SOLE |  | 0 | 0 | 2881 |
| CONSTELLIUM SE | CL A SHS | F21107101 |  | 4532673 | 339271 | SH |  | SOLE |  | 0 | 0 | 339271 |
| EVOLV TECHNOLOGIES HLDNGS IN | COM CL A | 30049H102 |  | 252533 | 40535 | SH |  | SOLE |  | 0 | 0 | 40535 |
| APPLIED MATLS INC | COM | 038222105 |  | 6903305 | 37679 | SH |  | SOLE |  | 0 | 0 | 37679 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1036177 | 9473 | SH |  | SOLE |  | 0 | 0 | 9473 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 2959094 | 9329 | SH |  | SOLE |  | 0 | 0 | 9329 |
| HONEYWELL INTL INC | COM | 438516106 |  | 1728222 | 7551 | SH |  | SOLE |  | 0 | 0 | 7551 |
| CABLE ONE INC | COM | 12685J105 |  | 223428 | 1709 | SH |  | SOLE |  | 0 | 0 | 1709 |
| BAXTER INTL INC | COM | 071813109 |  | 1442045 | 47451 | SH |  | SOLE |  | 0 | 0 | 47451 |
| CRACKER BARREL OLD CTRY STOR | NOTE 0.625% 6/1 | 22410JAB2 |  | 14269 | 15000 | PRN |  | SOLE |  | 0 | 0 | 15000 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 489183 | 1688 | SH |  | SOLE |  | 0 | 0 | 1688 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 1563461 | 10871 | SH |  | SOLE |  | 0 | 0 | 10871 |
| DARDEN RESTAURANTS INC | COM | 237194105 |  | 4669232 | 21603 | SH |  | SOLE |  | 0 | 0 | 21603 |
| COINBASE GLOBAL INC | COM CL A | 19260Q107 |  | 1806381 | 5111 | SH |  | SOLE |  | 0 | 0 | 5111 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 284346 | 1595 | SH |  | SOLE |  | 0 | 0 | 1595 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 1952457 | 6800 | SH |  | SOLE |  | 0 | 0 | 6800 |
| APPLE INC | COM | 037833100 |  | 7622857 | 37909 | SH |  | SOLE |  | 0 | 0 | 37909 |
| BROOKFIELD RENEWABLE CORP | CL A EX SUB VTG | 11285B108 |  | 408753 | 12465 | SH |  | SOLE |  | 0 | 0 | 12465 |
| BUCKLE INC | COM | 118440106 |  | 1597526 | 35056 | SH |  | SOLE |  | 0 | 0 | 35056 |
| AT INC | COM | 00206R102 |  | 642470 | 22879 | SH |  | SOLE |  | 0 | 0 | 22879 |
| HEARTLAND EXPRESS INC | COM | 422347104 |  | 284745 | 32880 | SH |  | SOLE |  | 0 | 0 | 32880 |
| AMAZON COM INC | COM | 023135106 |  | 549151 | 2459 | SH |  | SOLE |  | 0 | 0 | 2459 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 273940 | 1104 | SH |  | SOLE |  | 0 | 0 | 1104 |
| CANADIAN NATL RY CO | COM | 136375102 |  | 1653111 | 15995 | SH |  | SOLE |  | 0 | 0 | 15995 |
| COCA COLA CO | COM | 191216100 |  | 1552698 | 22077 | SH |  | SOLE |  | 0 | 0 | 22077 |
| AMERICAN HOMES 4 RENT | CL A | 02665T306 |  | 289741 | 8061 | SH |  | SOLE |  | 0 | 0 | 8061 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 486840 | 10503 | SH |  | SOLE |  | 0 | 0 | 10503 |
| COTERRA ENERGY INC | COM | 127097103 |  | 1700541 | 66401 | SH |  | SOLE |  | 0 | 0 | 66401 |
| BANK AMERICA CORP | COM | 060505104 |  | 3933630 | 83481 | SH |  | SOLE |  | 0 | 0 | 83481 |
| ELME COMMUNITIES | SH BEN INT | 939653101 |  | 164418 | 10250 | SH |  | SOLE |  | 0 | 0 | 10250 |
| HAEMONETICS CORP MASS | NOTE 3/0 | 405024AB6 |  | 61670 | 64000 | PRN |  | SOLE |  | 0 | 0 | 64000 |
| AMGEN INC | COM | 031162100 |  | 512097 | 1847 | SH |  | SOLE |  | 0 | 0 | 1847 |
| CISCO SYS INC | COM | 17275R102 |  | 3600003 | 52439 | SH |  | SOLE |  | 0 | 0 | 52439 |
| GOLDEN ENTMT INC | COM | 381013101 |  | 1321850 | 44793 | SH |  | SOLE |  | 0 | 0 | 44793 |
| CUMMINS INC | COM | 231021106 |  | 1333905 | 4095 | SH |  | SOLE |  | 0 | 0 | 4095 |
| GLADSTONE COMMERCIAL CORP | COM | 376536108 |  | 644473 | 45162 | SH |  | SOLE |  | 0 | 0 | 45162 |
| CATERPILLAR INC | COM | 149123101 |  | 1959867 | 5094 | SH |  | SOLE |  | 0 | 0 | 5094 |
| INTERNATIONAL PAPER CO | COM | 460146103 |  | 473700 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 1674876 | 9381 | SH |  | SOLE |  | 0 | 0 | 9381 |
| GENUINE PARTS CO | COM | 372460105 |  | 1023559 | 8495 | SH |  | SOLE |  | 0 | 0 | 8495 |
| GENERAL MLS INC | COM | 370334104 |  | 1006147 | 19915 | SH |  | SOLE |  | 0 | 0 | 19915 |
| BROOKFIELD RENEWABLE PARTNER | PARTNERSHIP UNIT | G16258108 |  | 303257 | 11845 | SH |  | SOLE |  | 0 | 0 | 11845 |
| FIRST TR EXCHANGE-TRADED FD | SHS | 33734H106 |  | 329157 | 7408 | SH |  | SOLE |  | 0 | 0 | 7408 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 1007308 | 9200 | SH |  | SOLE |  | 0 | 0 | 9200 |
| FEDEX CORP | COM | 31428X106 |  | 2014695 | 8801 | SH |  | SOLE |  | 0 | 0 | 8801 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 393707 | 3367 | SH |  | SOLE |  | 0 | 0 | 3367 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 5917652 | 6006 | SH |  | SOLE |  | 0 | 0 | 6006 |
| FORTINET INC | COM | 34959E109 |  | 1031512 | 10004 | SH |  | SOLE |  | 0 | 0 | 10004 |
| FASTENAL CO | COM | 311900104 |  | 1323727 | 31547 | SH |  | SOLE |  | 0 | 0 | 31547 |
| INTELLICHECK INC | COM NEW | 45817G201 |  | 65235 | 11926 | SH |  | SOLE |  | 0 | 0 | 11926 |
| BLUE OWL CAPITAL CORPORATION | COM | 69121K104 |  | 2281615 | 156919 | SH |  | SOLE |  | 0 | 0 | 156919 |
| ENBRIDGE INC | COM | 29250N105 |  | 1634400 | 36498 | SH |  | SOLE |  | 0 | 0 | 36498 |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 |  | 1315644 | 6035 | SH |  | SOLE |  | 0 | 0 | 6035 |
| HAEMONETICS CORP MASS | COM | 405024100 |  | 2270868 | 30770 | SH |  | SOLE |  | 0 | 0 | 30770 |
| CVS HEALTH CORP | COM | 126650100 |  | 466292 | 6808 | SH |  | SOLE |  | 0 | 0 | 6808 |
| INVESCO EXCHANGE TRADED FD T | LARGE CAP VALUE | 46137V738 |  | 252743 | 4095 | SH |  | SOLE |  | 0 | 0 | 4095 |
| ARCHER DANIELS MIDLAND CO | COM | 039483102 |  | 1482123 | 28513 | SH |  | SOLE |  | 0 | 0 | 28513 |
| ANALOG DEVICES INC | COM | 032654105 |  | 231247 | 975 | SH |  | SOLE |  | 0 | 0 | 975 |
| CHEVRON CORP NEW | COM | 166764100 |  | 916048 | 6370 | SH |  | SOLE |  | 0 | 0 | 6370 |
| CAL MAINE FOODS INC | COM NEW | 128030202 |  | 1710970 | 17254 | SH |  | SOLE |  | 0 | 0 | 17254 |
| BASSETT FURNITURE INDS INC | COM | 070203104 |  | 606462 | 42528 | SH |  | SOLE |  | 0 | 0 | 42528 |
| GALLAGHER ARTHUR J  CO | COM | 363576109 |  | 251204 | 790 | SH |  | SOLE |  | 0 | 0 | 790 |
| ATLANTIC UN BANKSHARES CORP | COM | 04911A107 |  | 1041368 | 33302 | SH |  | SOLE |  | 0 | 0 | 33302 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 250766 | 862 | SH |  | SOLE |  | 0 | 0 | 862 |
| F5 INC | COM | 315616102 |  | 2112563 | 7143 | SH |  | SOLE |  | 0 | 0 | 7143 |
| GENERAC HLDGS INC | COM | 368736104 |  | 3734845 | 26226 | SH |  | SOLE |  | 0 | 0 | 26226 |
| INVITATION HOMES INC | COM | 46187W107 |  | 530190 | 16203 | SH |  | SOLE |  | 0 | 0 | 16203 |
| DEERE  CO | COM | 244199105 |  | 5711289 | 11125 | SH |  | SOLE |  | 0 | 0 | 11125 |
| CINTAS CORP | COM | 172908105 |  | 380926 | 1725 | SH |  | SOLE |  | 0 | 0 | 1725 |
| CASEYS GEN STORES INC | COM | 147528103 |  | 5050541 | 9977 | SH |  | SOLE |  | 0 | 0 | 9977 |
| CRACKER BARREL OLD CTRY STOR | COM | 22410J106 |  | 1190299 | 19674 | SH |  | SOLE |  | 0 | 0 | 19674 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 12856870 | 26471 | SH |  | SOLE |  | 0 | 0 | 26471 |
| DIAGEO PLC | SPON ADR NEW | 25243Q205 |  | 2843978 | 28315 | SH |  | SOLE |  | 0 | 0 | 28315 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 293792 | 1622 | SH |  | SOLE |  | 0 | 0 | 1622 |
| NEWTEKONE INC | COM NEW | 652526203 |  | 289149 | 25565 | SH |  | SOLE |  | 0 | 0 | 25565 |
| TEXAS ROADHOUSE INC | COM | 882681109 |  | 959656 | 5111 | SH |  | SOLE |  | 0 | 0 | 5111 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 753682 | 8761 | SH |  | SOLE |  | 0 | 0 | 8761 |
| SHENANDOAH TELECOMMUNICATION | COM | 82312B106 |  | 542819 | 39679 | SH |  | SOLE |  | 0 | 0 | 39679 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 458306 | 2285 | SH |  | SOLE |  | 0 | 0 | 2285 |
| OMEGA HEALTHCARE INVS INC | COM | 681936100 |  | 648051 | 17716 | SH |  | SOLE |  | 0 | 0 | 17716 |
| MICROSOFT CORP | COM | 594918104 |  | 14055385 | 28340 | SH |  | SOLE |  | 0 | 0 | 28340 |
| REALTY INCOME CORP | COM | 756109104 |  | 475705 | 8341 | SH |  | SOLE |  | 0 | 0 | 8341 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 1121002 | 26494 | SH |  | SOLE |  | 0 | 0 | 26494 |
| SENTINELONE INC | CL A | 81730H109 |  | 518328 | 29038 | SH |  | SOLE |  | 0 | 0 | 29038 |
| LPL FINL HLDGS INC | COM | 50212V100 |  | 3410115 | 9343 | SH |  | SOLE |  | 0 | 0 | 9343 |
| LENNAR CORP | CL A | 526057104 |  | 347484 | 3152 | SH |  | SOLE |  | 0 | 0 | 3152 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 471085 | 766 | SH |  | SOLE |  | 0 | 0 | 766 |
| KIMCO RLTY CORP | COM | 49446R109 |  | 445841 | 21301 | SH |  | SOLE |  | 0 | 0 | 21301 |
| RWT HLDGS INC | NOTE 5.750%10/0 | 749772AD1 |  | 62811 | 63000 | PRN |  | SOLE |  | 0 | 0 | 63000 |
| SYSCO CORP | COM | 871829107 |  | 1625737 | 21673 | SH |  | SOLE |  | 0 | 0 | 21673 |
| NVR INC | COM | 62944T105 |  | 3215722 | 436 | SH |  | SOLE |  | 0 | 0 | 436 |
| MSC INDL DIRECT INC | CL A | 553530106 |  | 1268766 | 14842 | SH |  | SOLE |  | 0 | 0 | 14842 |
| SKECHERS U S A INC | CL A | 830566105 |  | 788908 | 12506 | SH |  | SOLE |  | 0 | 0 | 12506 |
| RYANAIR HOLDINGS PLC | SPONSORED ADR | 783513203 |  | 3710824 | 65113 | SH |  | SOLE |  | 0 | 0 | 65113 |
| LEIDOS HOLDINGS INC | COM | 525327102 |  | 1417971 | 9108 | SH |  | SOLE |  | 0 | 0 | 9108 |
| RTX CORPORATION | COM | 75513E101 |  | 1368432 | 9459 | SH |  | SOLE |  | 0 | 0 | 9459 |
| KOHLS CORP | COM | 500255104 |  | 169638 | 20099 | SH |  | SOLE |  | 0 | 0 | 20099 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 659905 | 2506 | SH |  | SOLE |  | 0 | 0 | 2506 |
| KENVUE INC | COM | 49177J102 |  | 347658 | 16650 | SH |  | SOLE |  | 0 | 0 | 16650 |
| UTZ BRANDS INC | COM CL A | 918090101 |  | 292127 | 23464 | SH |  | SOLE |  | 0 | 0 | 23464 |
| MURPHY USA INC | COM | 626755102 |  | 873855 | 2142 | SH |  | SOLE |  | 0 | 0 | 2142 |
| PRUDENTIAL FINL INC | COM | 744320102 |  | 565022 | 5274 | SH |  | SOLE |  | 0 | 0 | 5274 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 1908880 | 7728 | SH |  | SOLE |  | 0 | 0 | 7728 |
| NATIONAL STORAGE AFFILIATES | COM SHS BEN IN | 637870106 |  | 556850 | 17500 | SH |  | SOLE |  | 0 | 0 | 17500 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 272298 | 1703 | SH |  | SOLE |  | 0 | 0 | 1703 |
| SINCLAIR INC | CL A | 829242106 |  | 777614 | 57643 | SH |  | SOLE |  | 0 | 0 | 57643 |
| QUALCOMM INC | COM | 747525103 |  | 1359070 | 8572 | SH |  | SOLE |  | 0 | 0 | 8572 |
| SOUTHERN CO | COM | 842587107 |  | 662763 | 7291 | SH |  | SOLE |  | 0 | 0 | 7291 |
| PENNANTPARK FLOATING RATE CA | COM | 70806A106 |  | 203838 | 19886 | SH |  | SOLE |  | 0 | 0 | 19886 |
| NUVEEN QUALITY MUNCP INCOME | COM | 67066V101 |  | 150972 | 13419 | SH |  | SOLE |  | 0 | 0 | 13419 |
| RENAISSANCERE HLDGS LTD | COM | G7496G103 |  | 383110 | 1586 | SH |  | SOLE |  | 0 | 0 | 1586 |
| ROYAL CARIBBEAN GROUP | COM | V7780T103 |  | 3622115 | 11702 | SH |  | SOLE |  | 0 | 0 | 11702 |
| PFIZER INC | COM | 717081103 |  | 411713 | 17019 | SH |  | SOLE |  | 0 | 0 | 17019 |
| MERCK  CO INC | COM | 58933Y105 |  | 404845 | 5118 | SH |  | SOLE |  | 0 | 0 | 5118 |
| RYMAN HOSPITALITY PPTYS INC | COM | 78377T107 |  | 3092119 | 30752 | SH |  | SOLE |  | 0 | 0 | 30752 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 268817 | 613 | SH |  | SOLE |  | 0 | 0 | 613 |
| TRACTOR SUPPLY CO | COM | 892356106 |  | 449048 | 8683 | SH |  | SOLE |  | 0 | 0 | 8683 |
| MARKEL GROUP INC | COM | 570535104 |  | 635360 | 320 | SH |  | SOLE |  | 0 | 0 | 320 |
| SNAP ON INC | COM | 833034101 |  | 309952 | 996 | SH |  | SOLE |  | 0 | 0 | 996 |
| SAUL CTRS INC | COM | 804395101 |  | 1065400 | 31234 | SH |  | SOLE |  | 0 | 0 | 31234 |
| REDWOOD TRUST INC | COM | 758075402 |  | 1418038 | 243231 | SH |  | SOLE |  | 0 | 0 | 243231 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 6024411 | 22029 | SH |  | SOLE |  | 0 | 0 | 22029 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 321476 | 489 | SH |  | SOLE |  | 0 | 0 | 489 |
| TITAN INTL INC ILL | COM | 88830M102 |  | 2476405 | 237431 | SH |  | SOLE |  | 0 | 0 | 237431 |
| MILLROSE PPTYS INC | COM CL A | 601137102 |  | 778787 | 27116 | SH |  | SOLE |  | 0 | 0 | 27116 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 499737 | 15539 | SH |  | SOLE |  | 0 | 0 | 15539 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 1743106 | 17227 | SH |  | SOLE |  | 0 | 0 | 17227 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 208710 | 913 | SH |  | SOLE |  | 0 | 0 | 913 |
| VICI PPTYS INC | COM | 925652109 |  | 434476 | 13459 | SH |  | SOLE |  | 0 | 0 | 13459 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 592728 | 20453 | SH |  | SOLE |  | 0 | 0 | 20453 |
| SAMSARA INC | COM CL A | 79589L106 |  | 496940 | 12549 | SH |  | SOLE |  | 0 | 0 | 12549 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 622137 | 3876 | SH |  | SOLE |  | 0 | 0 | 3876 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 3017524 | 6580 | SH |  | SOLE |  | 0 | 0 | 6580 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 2246197 | 16676 | SH |  | SOLE |  | 0 | 0 | 16676 |
| PHILLIPS 66 | COM | 718546104 |  | 1111699 | 9322 | SH |  | SOLE |  | 0 | 0 | 9322 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 694453 | 4402 | SH |  | SOLE |  | 0 | 0 | 4402 |
| UNITED BANKSHARES INC WEST V | COM | 909907107 |  | 205140 | 5631 | SH |  | SOLE |  | 0 | 0 | 5631 |
| REDWOOD TRUST INC | NOTE 7.750% 6/1 | 758075AF2 |  | 12831 | 13000 | PRN |  | SOLE |  | 0 | 0 | 13000 |
| UNION PAC CORP | COM | 907818108 |  | 388687 | 1679 | SH |  | SOLE |  | 0 | 0 | 1679 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 360030 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| NEWMONT CORP | COM | 651639106 |  | 567600 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 985671 | 10256 | SH |  | SOLE |  | 0 | 0 | 10256 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 282697 | 1238 | SH |  | SOLE |  | 0 | 0 | 1238 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 486596 | 18823 | SH |  | SOLE |  | 0 | 0 | 18823 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 297328 | 2883 | SH |  | SOLE |  | 0 | 0 | 2883 |
| WALMART INC | COM | 931142103 |  | 3584112 | 36847 | SH |  | SOLE |  | 0 | 0 | 36847 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 208420 | 2621 | SH |  | SOLE |  | 0 | 0 | 2621 |

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