# EDGAR Filing Document

**Accession Number:** 0001729428
**File Stem:** 0001729428-25-000010
**Filing Date:** 2025-10
**Character Count:** 25312
**Document Hash:** 08928d1633fe54e2b108e2ac9f306575
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001729428-25-000010.hdr.sgml**: 20251014

**ACCESSION NUMBER**: 0001729428-25-000010

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251014

**DATE AS OF CHANGE**: 20251014

**EFFECTIVENESS DATE**: 20251014

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Monument Capital Management
- **CENTRAL INDEX KEY:** 0001729428

**ORGANIZATION NAME:**
- **EIN:** 262076721
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18260
- **FILM NUMBER:** 251392497

**BUSINESS ADDRESS:**
- **STREET 1:** 1940 DUKE STREET
- **STREET 2:** SUITE 6100
- **CITY:** ALEXANDRIA
- **STATE:** VA
- **ZIP:** 22314
- **BUSINESS PHONE:** 703-504-9600

**MAIL ADDRESS:**
- **STREET 1:** 1940 DUKE STREET
- **STREET 2:** SUITE 6100
- **CITY:** ALEXANDRIA
- **STATE:** VA
- **ZIP:** 22314

### 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:** Monument Capital Management<br>**Address:** 1940 DUKE STREET<br>SUITE 6100<br>ALEXANDRIA, VA 22314

**Form 13F File Number:** 028-18260

**CRD Number (if applicable):** 000159882

**SEC File Number (if applicable):** 801-76802

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:** David Armstrong<br>**Title:** Managing Member and CCO<br>**Phone:** 703-504-9600

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

David Armstrong  Alexandria, VA  10-14-2025<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:** 226

**Form 13F Information Table Value Total:** $399976290

      (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 |
| 3M CO | COM | 88579Y101 |  | 264116 | 1702 | SH |  | SOLE |  | 0 | 0 | 1702 |
| ABBOTT LABS | COM | 002824100 |  | 515752 | 3851 | SH |  | SOLE |  | 0 | 0 | 3851 |
| ABBVIE INC | COM | 00287Y109 |  | 1438145 | 6211 | SH |  | SOLE |  | 0 | 0 | 6211 |
| ADT INC DEL | COM | 00090Q103 |  | 111549 | 12807 | SH |  | SOLE |  | 0 | 0 | 12807 |
| AFLAC INC | COM | 001055102 |  | 404876 | 3625 | SH |  | SOLE |  | 0 | 0 | 3625 |
| ALLSTATE CORP | COM | 020002101 |  | 3013134 | 14037 | SH |  | SOLE |  | 0 | 0 | 14037 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 2337974 | 9617 | SH |  | SOLE |  | 0 | 0 | 9617 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 896048 | 3679 | SH |  | SOLE |  | 0 | 0 | 3679 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 1270718 | 19236 | SH |  | SOLE |  | 0 | 0 | 19236 |
| AMAZON COM INC | COM | 023135106 |  | 2256960 | 10279 | SH |  | SOLE |  | 0 | 0 | 10279 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 864718 | 7686 | SH |  | SOLE |  | 0 | 0 | 7686 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 321622 | 968 | SH |  | SOLE |  | 0 | 0 | 968 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 |  | 240498 | 3062 | SH |  | SOLE |  | 0 | 0 | 3062 |
| AMGEN INC | COM | 031162100 |  | 388298 | 1376 | SH |  | SOLE |  | 0 | 0 | 1376 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 4614390 | 37288 | SH |  | SOLE |  | 0 | 0 | 37288 |
| ANGLOGOLD ASHANTI PLC | COM SHS | G0378L100 |  | 3515304 | 49983 | SH |  | SOLE |  | 0 | 0 | 49983 |
| APPLE HOSPITALITY REIT INC | COM NEW | 03784Y200 |  | 197492 | 16444 | SH |  | SOLE |  | 0 | 0 | 16444 |
| APPLE INC | COM | 037833100 |  | 8465925 | 33248 | SH |  | SOLE |  | 0 | 0 | 33248 |
| APPLIED INDL TECHNOLOGIES IN | COM | 03820C105 |  | 213278 | 817 | SH |  | SOLE |  | 0 | 0 | 817 |
| ARCH CAP GROUP LTD | ORD | G0450A105 |  | 562345 | 6198 | SH |  | SOLE |  | 0 | 0 | 6198 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 800190 | 39206 | SH |  | SOLE |  | 0 | 0 | 39206 |
| ARMSTRONG WORLD INDS INC NEW | COM | 04247X102 |  | 3464000 | 17673 | SH |  | SOLE |  | 0 | 0 | 17673 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 265988 | 3467 | SH |  | SOLE |  | 0 | 0 | 3467 |
| AT INC | COM | 00206R102 |  | 3739795 | 132429 | SH |  | SOLE |  | 0 | 0 | 132429 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 358702 | 1222 | SH |  | SOLE |  | 0 | 0 | 1222 |
| AUTOZONE INC | COM | 053332102 |  | 531990 | 124 | SH |  | SOLE |  | 0 | 0 | 124 |
| BADGER METER INC | COM | 056525108 |  | 202688 | 1135 | SH |  | SOLE |  | 0 | 0 | 1135 |
| BANK AMERICA CORP | COM | 060505104 |  | 276967 | 5369 | SH |  | SOLE |  | 0 | 0 | 5369 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 291161 | 2672 | SH |  | SOLE |  | 0 | 0 | 2672 |
| BERKLEY W R CORP | COM | 084423102 |  | 212161 | 2769 | SH |  | SOLE |  | 0 | 0 | 2769 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 1508400 | 2 | SH |  | SOLE |  | 0 | 0 | 2 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 514303 | 1023 | SH |  | SOLE |  | 0 | 0 | 1023 |
| BLACKROCK INC | COM | 09290D101 |  | 525990 | 451 | SH |  | SOLE |  | 0 | 0 | 451 |
| BLACKSTONE SECD LENDING FD | COMMON STOCK | 09261X102 |  | 608304 | 23333 | SH |  | SOLE |  | 0 | 0 | 23333 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 4804216 | 890 | SH |  | SOLE |  | 0 | 0 | 890 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 324132 | 3320 | SH |  | SOLE |  | 0 | 0 | 3320 |
| BROADCOM INC | COM | 11135F101 |  | 2986925 | 9054 | SH |  | SOLE |  | 0 | 0 | 9054 |
| BROADSTONE NET LEASE INC | COM | 11135E203 |  | 199197 | 11147 | SH |  | SOLE |  | 0 | 0 | 11147 |
| BUCKLE INC | COM | 118440106 |  | 344334 | 5870 | SH |  | SOLE |  | 0 | 0 | 5870 |
| CAL MAINE FOODS INC | COM NEW | 128030202 |  | 2617297 | 27814 | SH |  | SOLE |  | 0 | 0 | 27814 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 323010 | 1519 | SH |  | SOLE |  | 0 | 0 | 1519 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 3096821 | 19730 | SH |  | SOLE |  | 0 | 0 | 19730 |
| CARETRUST REIT INC | COM | 14174T107 |  | 261383 | 7537 | SH |  | SOLE |  | 0 | 0 | 7537 |
| CARLYLE GROUP INC | COM | 14316J108 |  | 249170 | 3974 | SH |  | SOLE |  | 0 | 0 | 3974 |
| CASEYS GEN STORES INC | COM | 147528103 |  | 4496869 | 7955 | SH |  | SOLE |  | 0 | 0 | 7955 |
| CATERPILLAR INC | COM | 149123101 |  | 7033765 | 14741 | SH |  | SOLE |  | 0 | 0 | 14741 |
| CBOE GLOBAL MKTS INC | COM | 12503M108 |  | 303620 | 1238 | SH |  | SOLE |  | 0 | 0 | 1238 |
| CENCORA INC | COM | 03073E105 |  | 485047 | 1552 | SH |  | SOLE |  | 0 | 0 | 1552 |
| CHEVRON CORP NEW | COM | 166764100 |  | 1029717 | 6631 | SH |  | SOLE |  | 0 | 0 | 6631 |
| CINTAS CORP | COM | 172908105 |  | 253701 | 1236 | SH |  | SOLE |  | 0 | 0 | 1236 |
| CISCO SYS INC | COM | 17275R102 |  | 1083157 | 15831 | SH |  | SOLE |  | 0 | 0 | 15831 |
| CITIGROUP INC | COM NEW | 172967424 |  | 578144 | 5696 | SH |  | SOLE |  | 0 | 0 | 5696 |
| COCA COLA CO | COM | 191216100 |  | 1458861 | 21997 | SH |  | SOLE |  | 0 | 0 | 21997 |
| COCA-COLA EUROPACIFIC PARTNE | SHS | G25839104 |  | 2739785 | 30304 | SH |  | SOLE |  | 0 | 0 | 30304 |
| COMFORT SYS USA INC | COM | 199908104 |  | 5378591 | 6518 | SH |  | SOLE |  | 0 | 0 | 6518 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 997216 | 9921 | SH |  | SOLE |  | 0 | 0 | 9921 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 746881 | 807 | SH |  | SOLE |  | 0 | 0 | 807 |
| CROWN CASTLE INC | COM | 22822V101 |  | 210059 | 2177 | SH |  | SOLE |  | 0 | 0 | 2177 |
| CUBESMART | COM | 229663109 |  | 204926 | 5040 | SH |  | SOLE |  | 0 | 0 | 5040 |
| CUMMINS INC | COM | 231021106 |  | 240329 | 569 | SH |  | SOLE |  | 0 | 0 | 569 |
| DARDEN RESTAURANTS INC | COM | 237194105 |  | 2565462 | 13477 | SH |  | SOLE |  | 0 | 0 | 13477 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 368695 | 2601 | SH |  | SOLE |  | 0 | 0 | 2601 |
| DHT HOLDINGS INC | SHS NEW | Y2065G121 |  | 169475 | 14182 | SH |  | SOLE |  | 0 | 0 | 14182 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 262610 | 1519 | SH |  | SOLE |  | 0 | 0 | 1519 |
| DILLARDS INC | CL A | 254067101 |  | 280817 | 457 | SH |  | SOLE |  | 0 | 0 | 457 |
| DIMENSIONAL ETF TRUST | US CORE EQUITY 2 | 25434V708 |  | 424733 | 11012 | SH |  | SOLE |  | 0 | 0 | 11012 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 778759 | 6293 | SH |  | SOLE |  | 0 | 0 | 6293 |
| EATON CORP PLC | SHS | G29183103 |  | 738773 | 1974 | SH |  | SOLE |  | 0 | 0 | 1974 |
| EBAY INC. | COM | 278642103 |  | 3757145 | 41310 | SH |  | SOLE |  | 0 | 0 | 41310 |
| ELI LILLY  CO | COM | 532457108 |  | 1843783 | 2416 | SH |  | SOLE |  | 0 | 0 | 2416 |
| EMCOR GROUP INC | COM | 29084Q100 |  | 7590613 | 11686 | SH |  | SOLE |  | 0 | 0 | 11686 |
| EMERSON ELEC CO | COM | 291011104 |  | 220899 | 1684 | SH |  | SOLE |  | 0 | 0 | 1684 |
| EPR PPTYS | COM SH BEN INT | 26884U109 |  | 279492 | 4818 | SH |  | SOLE |  | 0 | 0 | 4818 |
| EVERCORE INC | CLASS A | 29977A105 |  | 2340312 | 6938 | SH |  | SOLE |  | 0 | 0 | 6938 |
| EXELIXIS INC | COM | 30161Q104 |  | 3510335 | 84996 | SH |  | SOLE |  | 0 | 0 | 84996 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1624452 | 14408 | SH |  | SOLE |  | 0 | 0 | 14408 |
| FAIR ISAAC CORP | COM | 303250104 |  | 526779 | 352 | SH |  | SOLE |  | 0 | 0 | 352 |
| FASTENAL CO | COM | 311900104 |  | 206606 | 4213 | SH |  | SOLE |  | 0 | 0 | 4213 |
| FIDUS INVT CORP | COM | 316500107 |  | 385730 | 19039 | SH |  | SOLE |  | 0 | 0 | 19039 |
| FIRST BANCORP P R | COM NEW | 318672706 |  | 311985 | 14149 | SH |  | SOLE |  | 0 | 0 | 14149 |
| FIRST TR EXCHANGE TRADED FD | INDXX NAT RE ETF | 33734X838 |  | 543042 | 35739 | SH |  | SOLE |  | 0 | 0 | 35739 |
| FIRST TR EXCHANGE TRADED FD | FINLS ALPHADEX | 33734X135 |  | 5264253 | 88639 | SH |  | SOLE |  | 0 | 0 | 88639 |
| FIRST TR EXCHANGE TRADED FD | INDLS PROD DUR | 33734X150 |  | 4742468 | 60754 | SH |  | SOLE |  | 0 | 0 | 60754 |
| FOX CORP | CL A COM | 35137L105 |  | 635771 | 10082 | SH |  | SOLE |  | 0 | 0 | 10082 |
| GE AEROSPACE | COM NEW | 369604301 |  | 847417 | 2817 | SH |  | SOLE |  | 0 | 0 | 2817 |
| GE VERNOVA INC | COM | 36828A101 |  | 392306 | 638 | SH |  | SOLE |  | 0 | 0 | 638 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 1089354 | 9814 | SH |  | SOLE |  | 0 | 0 | 9814 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 534369 | 671 | SH |  | SOLE |  | 0 | 0 | 671 |
| GOLUB CAP BDC INC | COM | 38173M102 |  | 383375 | 28004 | SH |  | SOLE |  | 0 | 0 | 28004 |
| GRAHAM HLDGS CO | COM CL B | 384637104 |  | 256654 | 218 | SH |  | SOLE |  | 0 | 0 | 218 |
| GRAINGER W W INC | COM | 384802104 |  | 4650411 | 4880 | SH |  | SOLE |  | 0 | 0 | 4880 |
| GRAND CANYON ED INC | COM | 38526M106 |  | 4200076 | 19133 | SH |  | SOLE |  | 0 | 0 | 19133 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 200176 | 4638 | SH |  | SOLE |  | 0 | 0 | 4638 |
| HALOZYME THERAPEUTICS INC | COM | 40637H109 |  | 2014503 | 27468 | SH |  | SOLE |  | 0 | 0 | 27468 |
| HARTFORD INSURANCE GROUP INC | COM | 416515104 |  | 3243210 | 24314 | SH |  | SOLE |  | 0 | 0 | 24314 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 210275 | 493 | SH |  | SOLE |  | 0 | 0 | 493 |
| HENRY JACK  ASSOC INC | COM | 426281101 |  | 353903 | 2376 | SH |  | SOLE |  | 0 | 0 | 2376 |
| HERCULES CAPITAL INC | COM | 427096508 |  | 651393 | 34447 | SH |  | SOLE |  | 0 | 0 | 34447 |
| HOME DEPOT INC | COM | 437076102 |  | 1742476 | 4300 | SH |  | SOLE |  | 0 | 0 | 4300 |
| HOULIHAN LOKEY INC | CL A | 441593100 |  | 3353520 | 16333 | SH |  | SOLE |  | 0 | 0 | 16333 |
| HSBC HLDGS PLC | SPON ADR NEW | 404280406 |  | 221671 | 3123 | SH |  | SOLE |  | 0 | 0 | 3123 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 489502 | 1877 | SH |  | SOLE |  | 0 | 0 | 1877 |
| INOTIV INC | COM | 45783Q100 |  | 47010 | 32421 | SH |  | SOLE |  | 0 | 0 | 32421 |
| INSTALLED BLDG PRODS INC | COM | 45780R101 |  | 244193 | 990 | SH |  | SOLE |  | 0 | 0 | 990 |
| INTERDIGITAL INC | COM | 45867G101 |  | 402193 | 1165 | SH |  | SOLE |  | 0 | 0 | 1165 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 254583 | 902 | SH |  | SOLE |  | 0 | 0 | 902 |
| INVESCO EXCH TRADED FD TR II | DORSEY WRGT DVLP | 46138E875 |  | 751517 | 15763 | SH |  | SOLE |  | 0 | 0 | 15763 |
| INVESCO EXCHANGE TRADED FD T | S EQL TEC | 46137V282 |  | 1469821 | 32970 | SH |  | SOLE |  | 0 | 0 | 32970 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 1980512 | 10440 | SH |  | SOLE |  | 0 | 0 | 10440 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 5764445 | 9601 | SH |  | SOLE |  | 0 | 0 | 9601 |
| IRON MTN INC DEL | COM | 46284V101 |  | 636012 | 6239 | SH |  | SOLE |  | 0 | 0 | 6239 |
| ISHARES INC | MSCI HONG KG ETF | 464286871 |  | 3346650 | 155297 | SH |  | SOLE |  | 0 | 0 | 155297 |
| ISHARES INC | MSCI ITALY ETF | 46434G830 |  | 3717438 | 71558 | SH |  | SOLE |  | 0 | 0 | 71558 |
| ISHARES INC | MSCI AUSTRIA ETF | 464286202 |  | 3675172 | 118592 | SH |  | SOLE |  | 0 | 0 | 118592 |
| ISHARES INC | MSCI SPAIN ETF | 464286764 |  | 3980741 | 80419 | SH |  | SOLE |  | 0 | 0 | 80419 |
| ISHARES INC | MSCI STH AFR ETF | 464286780 |  | 1890352 | 29491 | SH |  | SOLE |  | 0 | 0 | 29491 |
| ISHARES INC | MSCI ISRAEL ETF | 464286632 |  | 3481513 | 34711 | SH |  | SOLE |  | 0 | 0 | 34711 |
| ISHARES TR | MSCI POLAND ETF | 46429B606 |  | 1659556 | 51539 | SH |  | SOLE |  | 0 | 0 | 51539 |
| ISHARES TR | 3 7 YR TREAS BD | 464288661 |  | 4938273 | 41321 | SH |  | SOLE |  | 0 | 0 | 41321 |
| ISHARES TR | CORE S TTL STK | 464287150 |  | 8813645 | 60512 | SH |  | SOLE |  | 0 | 0 | 60512 |
| ISHARES TR | JPMORGAN USD EMG | 464288281 |  | 5312753 | 55812 | SH |  | SOLE |  | 0 | 0 | 55812 |
| ISHARES TR | MSCI CHINA ETF | 46429B671 |  | 1738703 | 26404 | SH |  | SOLE |  | 0 | 0 | 26404 |
| ISHARES TR | FLTG RATE NT ETF | 46429B655 |  | 4796167 | 93886 | SH |  | SOLE |  | 0 | 0 | 93886 |
| ISHARES TR | BROAD USD HIGH | 46435U853 |  | 4807089 | 127239 | SH |  | SOLE |  | 0 | 0 | 127239 |
| ISHARES TR | ESG SELECT SCRE | 46436E569 |  | 208764 | 4052 | SH |  | SOLE |  | 0 | 0 | 4052 |
| ISHARES TR | RUS MD CP GR ETF | 464287481 |  | 6854081 | 48129 | SH |  | SOLE |  | 0 | 0 | 48129 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 6900450 | 18881 | SH |  | SOLE |  | 0 | 0 | 18881 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 7758483 | 16563 | SH |  | SOLE |  | 0 | 0 | 16563 |
| ISHARES TR | CORE S US GWT | 464287671 |  | 544743 | 3311 | SH |  | SOLE |  | 0 | 0 | 3311 |
| J P MORGAN EXCHANGE TRADED F | EQUITY PREMIUM | 46641Q332 |  | 786438 | 13773 | SH |  | SOLE |  | 0 | 0 | 13773 |
| JABIL INC | COM | 466313103 |  | 2983481 | 13738 | SH |  | SOLE |  | 0 | 0 | 13738 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 2330036 | 12566 | SH |  | SOLE |  | 0 | 0 | 12566 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 3988153 | 12644 | SH |  | SOLE |  | 0 | 0 | 12644 |
| KELLANOVA | COM | 487836108 |  | 218911 | 2669 | SH |  | SOLE |  | 0 | 0 | 2669 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 263962 | 9324 | SH |  | SOLE |  | 0 | 0 | 9324 |
| KLA CORP | COM NEW | 482480100 |  | 232978 | 216 | SH |  | SOLE |  | 0 | 0 | 216 |
| KONTOOR BRANDS INC | COM | 50050N103 |  | 276004 | 3460 | SH |  | SOLE |  | 0 | 0 | 3460 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 238074 | 1778 | SH |  | SOLE |  | 0 | 0 | 1778 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 465556 | 933 | SH |  | SOLE |  | 0 | 0 | 933 |
| LOWES COS INC | COM | 548661107 |  | 381436 | 1518 | SH |  | SOLE |  | 0 | 0 | 1518 |
| MARATHON PETE CORP | COM | 56585A102 |  | 520643 | 2701 | SH |  | SOLE |  | 0 | 0 | 2701 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 238568 | 916 | SH |  | SOLE |  | 0 | 0 | 916 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 1110039 | 1952 | SH |  | SOLE |  | 0 | 0 | 1952 |
| MCDONALDS CORP | COM | 580135101 |  | 518911 | 1708 | SH |  | SOLE |  | 0 | 0 | 1708 |
| MCKESSON CORP | COM | 58155Q103 |  | 4379547 | 5669 | SH |  | SOLE |  | 0 | 0 | 5669 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 307244 | 3226 | SH |  | SOLE |  | 0 | 0 | 3226 |
| MERCK  CO INC | COM | 58933Y105 |  | 996899 | 11878 | SH |  | SOLE |  | 0 | 0 | 11878 |
| META PLATFORMS INC | CL A | 30303M102 |  | 2141779 | 2916 | SH |  | SOLE |  | 0 | 0 | 2916 |
| METLIFE INC | COM | 59156R108 |  | 265194 | 3220 | SH |  | SOLE |  | 0 | 0 | 3220 |
| MGIC INVT CORP WIS | COM | 552848103 |  | 4022750 | 141796 | SH |  | SOLE |  | 0 | 0 | 141796 |
| MICROSOFT CORP | COM | 594918104 |  | 16002037 | 30895 | SH |  | SOLE |  | 0 | 0 | 30895 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 240337 | 3847 | SH |  | SOLE |  | 0 | 0 | 3847 |
| MOTOROLA SOLUTIONS INC | COM NEW | 620076307 |  | 219499 | 480 | SH |  | SOLE |  | 0 | 0 | 480 |
| MUELLER INDS INC | COM | 624756102 |  | 424258 | 4196 | SH |  | SOLE |  | 0 | 0 | 4196 |
| MURPHY OIL CORP | COM | 626717102 |  | 209666 | 7380 | SH |  | SOLE |  | 0 | 0 | 7380 |
| MURPHY USA INC | COM | 626755102 |  | 874359 | 2252 | SH |  | SOLE |  | 0 | 0 | 2252 |
| NETFLIX INC | COM | 64110L106 |  | 4307720 | 3593 | SH |  | SOLE |  | 0 | 0 | 3593 |
| NEWMARKET CORP | COM | 651587107 |  | 2548402 | 3077 | SH |  | SOLE |  | 0 | 0 | 3077 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 484491 | 3778 | SH |  | SOLE |  | 0 | 0 | 3778 |
| NRG ENERGY INC | COM NEW | 629377508 |  | 3162722 | 19529 | SH |  | SOLE |  | 0 | 0 | 19529 |
| NUCOR CORP | COM | 670346105 |  | 510717 | 3771 | SH |  | SOLE |  | 0 | 0 | 3771 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 3522742 | 18881 | SH |  | SOLE |  | 0 | 0 | 18881 |
| ORACLE CORP | COM | 68389X105 |  | 1703354 | 6057 | SH |  | SOLE |  | 0 | 0 | 6057 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 1029478 | 9549 | SH |  | SOLE |  | 0 | 0 | 9549 |
| PACKAGING CORP AMER | COM | 695156109 |  | 393800 | 1807 | SH |  | SOLE |  | 0 | 0 | 1807 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 962813 | 5278 | SH |  | SOLE |  | 0 | 0 | 5278 |
| PARKER-HANNIFIN CORP | COM | 701094104 |  | 373235 | 492 | SH |  | SOLE |  | 0 | 0 | 492 |
| PEGASYSTEMS INC | COM | 705573103 |  | 3255190 | 56612 | SH |  | SOLE |  | 0 | 0 | 56612 |
| PEPSICO INC | COM | 713448108 |  | 593335 | 4225 | SH |  | SOLE |  | 0 | 0 | 4225 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 1933069 | 11918 | SH |  | SOLE |  | 0 | 0 | 11918 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 2920710 | 19009 | SH |  | SOLE |  | 0 | 0 | 19009 |
| PROGRESSIVE CORP | COM | 743315103 |  | 3460834 | 14014 | SH |  | SOLE |  | 0 | 0 | 14014 |
| PULTE GROUP INC | COM | 745867101 |  | 705442 | 5339 | SH |  | SOLE |  | 0 | 0 | 5339 |
| QUANTA SVCS INC | COM | 74762E102 |  | 2334549 | 5633 | SH |  | SOLE |  | 0 | 0 | 5633 |
| RADIAN GROUP INC | COM | 750236101 |  | 2965296 | 81869 | SH |  | SOLE |  | 0 | 0 | 81869 |
| RADIANT LOGISTICS INC | COM | 75025X100 |  | 451350 | 76500 | SH |  | SOLE |  | 0 | 0 | 76500 |
| RALPH LAUREN CORP | CL A | 751212101 |  | 4649526 | 14828 | SH |  | SOLE |  | 0 | 0 | 14828 |
| REALTY INCOME CORP | COM | 756109104 |  | 223525 | 3677 | SH |  | SOLE |  | 0 | 0 | 3677 |
| ROYAL CARIBBEAN GROUP | COM | V7780T103 |  | 4299343 | 13287 | SH |  | SOLE |  | 0 | 0 | 13287 |
| RPC INC | COM | 749660106 |  | 78754 | 16545 | SH |  | SOLE |  | 0 | 0 | 16545 |
| SABRA HEALTH CARE REIT INC | COM | 78573L106 |  | 248937 | 13355 | SH |  | SOLE |  | 0 | 0 | 13355 |
| SELECT SECTOR SPDR TR | COMMUNICATION | 81369Y852 |  | 5213217 | 44042 | SH |  | SOLE |  | 0 | 0 | 44042 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 |  | 4776849 | 54774 | SH |  | SOLE |  | 0 | 0 | 54774 |
| SELECT SECTOR SPDR TR | SBI CONS DISCR | 81369Y407 |  | 4660302 | 19447 | SH |  | SOLE |  | 0 | 0 | 19447 |
| SERVICE CORP INTL | COM | 817565104 |  | 1056388 | 12694 | SH |  | SOLE |  | 0 | 0 | 12694 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 428133 | 2281 | SH |  | SOLE |  | 0 | 0 | 2281 |
| SIXTH STREET SPECIALTY LENDI | COM | 83012A109 |  | 424785 | 18582 | SH |  | SOLE |  | 0 | 0 | 18582 |
| SOUTHERN CO | COM | 842587107 |  | 380837 | 4019 | SH |  | SOLE |  | 0 | 0 | 4019 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 344095 | 742 | SH |  | SOLE |  | 0 | 0 | 742 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 886513 | 1331 | SH |  | SOLE |  | 0 | 0 | 1331 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 284784 | 408 | SH |  | SOLE |  | 0 | 0 | 408 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 227980 | 1635 | SH |  | SOLE |  | 0 | 0 | 1635 |
| STRYKER CORPORATION | COM | 863667101 |  | 224960 | 609 | SH |  | SOLE |  | 0 | 0 | 609 |
| SYNCHRONY FINANCIAL | COM | 87165B103 |  | 2734643 | 38489 | SH |  | SOLE |  | 0 | 0 | 38489 |
| SYNOPSYS INC | COM | 871607107 |  | 781036 | 1583 | SH |  | SOLE |  | 0 | 0 | 1583 |
| T-MOBILE US INC | COM | 872590104 |  | 204783 | 855 | SH |  | SOLE |  | 0 | 0 | 855 |
| TAPESTRY INC | COM | 876030107 |  | 3308968 | 29226 | SH |  | SOLE |  | 0 | 0 | 29226 |
| TESLA INC | COM | 88160R101 |  | 584807 | 1315 | SH |  | SOLE |  | 0 | 0 | 1315 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 367409 | 758 | SH |  | SOLE |  | 0 | 0 | 758 |
| TJX COS INC NEW | COM | 872540109 |  | 1062491 | 7351 | SH |  | SOLE |  | 0 | 0 | 7351 |
| TOPBUILD CORP | COM | 89055F103 |  | 2978564 | 7621 | SH |  | SOLE |  | 0 | 0 | 7621 |
| TOTALENERGIES SE | SPONSORED ADS | 89151E109 |  | 249146 | 4174 | SH |  | SOLE |  | 0 | 0 | 4174 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 3361333 | 7966 | SH |  | SOLE |  | 0 | 0 | 7966 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 351239 | 1258 | SH |  | SOLE |  | 0 | 0 | 1258 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 1018642 | 22280 | SH |  | SOLE |  | 0 | 0 | 22280 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 3412981 | 34837 | SH |  | SOLE |  | 0 | 0 | 34837 |
| UBIQUITI INC | COM | 90353W103 |  | 5352143 | 8102 | SH |  | SOLE |  | 0 | 0 | 8102 |
| UNION PAC CORP | COM | 907818108 |  | 287538 | 1216 | SH |  | SOLE |  | 0 | 0 | 1216 |
| UNITED RENTALS INC | COM | 911363109 |  | 391411 | 410 | SH |  | SOLE |  | 0 | 0 | 410 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 201098 | 582 | SH |  | SOLE |  | 0 | 0 | 582 |
| VALE S A | SPONSORED ADS | 91912E105 |  | 140213 | 12911 | SH |  | SOLE |  | 0 | 0 | 12911 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 324686 | 1907 | SH |  | SOLE |  | 0 | 0 | 1907 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 2599828 | 7922 | SH |  | SOLE |  | 0 | 0 | 7922 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 603115 | 4377 | SH |  | SOLE |  | 0 | 0 | 4377 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 5224688 | 62117 | SH |  | SOLE |  | 0 | 0 | 62117 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 4003843 | 66820 | SH |  | SOLE |  | 0 | 0 | 66820 |
| VENTAS INC | COM | 92276F100 |  | 454865 | 6499 | SH |  | SOLE |  | 0 | 0 | 6499 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 476989 | 10853 | SH |  | SOLE |  | 0 | 0 | 10853 |
| VICI PPTYS INC | COM | 925652109 |  | 219237 | 6723 | SH |  | SOLE |  | 0 | 0 | 6723 |
| VISA INC | COM CL A | 92826C839 |  | 2138105 | 6263 | SH |  | SOLE |  | 0 | 0 | 6263 |
| VORNADO RLTY TR | SH BEN INT | 929042109 |  | 215620 | 5320 | SH |  | SOLE |  | 0 | 0 | 5320 |
| WALMART INC | COM | 931142103 |  | 5491397 | 53283 | SH |  | SOLE |  | 0 | 0 | 53283 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 1139313 | 5159 | SH |  | SOLE |  | 0 | 0 | 5159 |
| WEC ENERGY GROUP INC | COM | 92939U106 |  | 518520 | 4525 | SH |  | SOLE |  | 0 | 0 | 4525 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 769300 | 9178 | SH |  | SOLE |  | 0 | 0 | 9178 |
| WELLTOWER INC | COM | 95040Q104 |  | 520030 | 2919 | SH |  | SOLE |  | 0 | 0 | 2919 |

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