# EDGAR Filing Document

**Accession Number:** 0001766509
**File Stem:** 0001104659-25-106002
**Filing Date:** 2025-11
**Character Count:** 19788
**Document Hash:** 1c583a24a075306bfe8000948fbdc2b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-106002.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001104659-25-106002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**EFFECTIVENESS DATE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FORTEM FINANCIAL GROUP, LLC
- **CENTRAL INDEX KEY:** 0001766509

**ORGANIZATION NAME:**
- **EIN:** 823473446
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-19346
- **FILM NUMBER:** 251446954

**BUSINESS ADDRESS:**
- **STREET 1:** 44801 VILLAGE COURT #201
- **CITY:** PALM DESERT
- **STATE:** CA
- **ZIP:** 92260
- **BUSINESS PHONE:** 760-206-8500

**MAIL ADDRESS:**
- **STREET 1:** 44801 VILLAGE COURT #201
- **CITY:** PALM DESERT
- **STATE:** CA
- **ZIP:** 92260

### 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:** FORTEM FINANCIAL GROUP LLC<br>**Address:** 44801 Village Court #201<br>Palm Desert, CA 92260

**Form 13F File Number:** 028-19346

**CRD Number (if applicable):** 000291662

**SEC File Number (if applicable):** 801-112300

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:** Brett D'Orlando<br>**Title:** CCO<br>**Phone:** 760-206-8500

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

/s/ Brett D'Orlando  Palm Desert, CA  11-03-2025<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:** 167

**Form 13F Information Table Value Total:** $348169545

      (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 |
| ABBOTT LABS | COM | 002824100 |  | 657371 | 4908 | SH |  | SOLE |  | 0 | 0 | 4908 |
| ABBVIE INC | COM | 00287Y109 |  | 1423934 | 6150 | SH |  | SOLE |  | 0 | 0 | 6150 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 366778 | 2267 | SH |  | SOLE |  | 0 | 0 | 2267 |
| ADVISORS INNER CIRCLE FD III | STRATEGAS MACRO | 00775Y645 |  | 3194076 | 85701 | SH |  | SOLE |  | 0 | 0 | 85701 |
| ALBEMARLE CORP | COM | 012653101 |  | 361941 | 4464 | SH |  | SOLE |  | 0 | 0 | 4464 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 5619152 | 23115 | SH |  | SOLE |  | 0 | 0 | 23115 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 524133 | 2152 | SH |  | SOLE |  | 0 | 0 | 2152 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 11416149 | 243259 | SH |  | SOLE |  | 0 | 0 | 243259 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 247329 | 3744 | SH |  | SOLE |  | 0 | 0 | 3744 |
| AMAZON COM INC | COM | 023135106 |  | 5954958 | 27121 | SH |  | SOLE |  | 0 | 0 | 27121 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 280056 | 2489 | SH |  | SOLE |  | 0 | 0 | 2489 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 3909139 | 31589 | SH |  | SOLE |  | 0 | 0 | 31589 |
| ANALOG DEVICES INC | COM | 032654105 |  | 1436489 | 5847 | SH |  | SOLE |  | 0 | 0 | 5847 |
| ANNALY CAPITAL MANAGEMENT IN | COM NEW | 035710839 |  | 3257275 | 161171 | SH |  | SOLE |  | 0 | 0 | 161171 |
| APPLE INC | COM | 037833100 |  | 6909068 | 27134 | SH |  | SOLE |  | 0 | 0 | 27134 |
| APPLIED MATLS INC | COM | 038222105 |  | 3501118 | 17100 | SH |  | SOLE |  | 0 | 0 | 17100 |
| ARK ETF TR | INNOVATION ETF | 00214Q104 |  | 1720045 | 19931 | SH |  | SOLE |  | 0 | 0 | 19931 |
| ARK ETF TR | FINTECH INNOVA | 00214Q708 |  | 240832 | 4240 | SH |  | SOLE |  | 0 | 0 | 4240 |
| ARM HOLDINGS PLC | SPONSORED ADS | 042068205 |  | 1276240 | 9020 | SH |  | SOLE |  | 0 | 0 | 9020 |
| AST SPACEMOBILE INC | COM CL A | 00217D100 |  | 394309 | 8034 | SH |  | SOLE |  | 0 | 0 | 8034 |
| AT INC | COM | 00206R102 |  | 984616 | 34866 | SH |  | SOLE |  | 0 | 0 | 34866 |
| AUTODESK INC | COM | 052769106 |  | 2735139 | 8610 | SH |  | SOLE |  | 0 | 0 | 8610 |
| AUTOLIV INC | COM | 052800109 |  | 770270 | 6237 | SH |  | SOLE |  | 0 | 0 | 6237 |
| AUTOZONE INC | COM | 053332102 |  | 2634207 | 614 | SH |  | SOLE |  | 0 | 0 | 614 |
| BAKER HUGHES COMPANY | CL A | 05722G100 |  | 608227 | 12484 | SH |  | SOLE |  | 0 | 0 | 12484 |
| BANK AMERICA CORP | COM | 060505104 |  | 2249962 | 43612 | SH |  | SOLE |  | 0 | 0 | 43612 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 999950 | 1989 | SH |  | SOLE |  | 0 | 0 | 1989 |
| BLACKROCK INC | COM | 09290D101 |  | 744991 | 639 | SH |  | SOLE |  | 0 | 0 | 639 |
| BLACKSTONE INC | COM | 09260D107 |  | 2587352 | 15144 | SH |  | SOLE |  | 0 | 0 | 15144 |
| BLUE OWL CAPITAL CORPORATION | COM | 69121K104 |  | 547680 | 42888 | SH |  | SOLE |  | 0 | 0 | 42888 |
| BROADCOM INC | COM | 11135F101 |  | 10490408 | 31798 | SH |  | SOLE |  | 0 | 0 | 31798 |
| BULLFROG AI HLDGS INC | COM | 12021E109 |  | 70000 | 50000 | SH |  | SOLE |  | 0 | 0 | 50000 |
| C3 AI INC | CL A | 12468P104 |  | 240575 | 13874 | SH |  | SOLE |  | 0 | 0 | 13874 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 1738643 | 8179 | SH |  | SOLE |  | 0 | 0 | 8179 |
| CARDINAL HEALTH INC | COM | 14149Y108 |  | 2180174 | 13890 | SH |  | SOLE |  | 0 | 0 | 13890 |
| CARVER BANCORP INC | COM NEW | 146875604 |  | 43020 | 18000 | SH |  | SOLE |  | 0 | 0 | 18000 |
| CASEYS GEN STORES INC | COM | 147528103 |  | 760251 | 1345 | SH |  | SOLE |  | 0 | 0 | 1345 |
| CATERPILLAR INC | COM | 149123101 |  | 842170 | 1765 | SH |  | SOLE |  | 0 | 0 | 1765 |
| CBOE GLOBAL MKTS INC | COM | 12503M108 |  | 641574 | 2616 | SH |  | SOLE |  | 0 | 0 | 2616 |
| CENCORA INC | COM | 03073E105 |  | 2429921 | 7775 | SH |  | SOLE |  | 0 | 0 | 7775 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 1680860 | 7153 | SH |  | SOLE |  | 0 | 0 | 7153 |
| CHEVRON CORP NEW | COM | 166764100 |  | 219898 | 1416 | SH |  | SOLE |  | 0 | 0 | 1416 |
| CISCO SYS INC | COM | 17275R102 |  | 1753949 | 25635 | SH |  | SOLE |  | 0 | 0 | 25635 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 660386 | 21018 | SH |  | SOLE |  | 0 | 0 | 21018 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 217844 | 662 | SH |  | SOLE |  | 0 | 0 | 662 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 1513206 | 1635 | SH |  | SOLE |  | 0 | 0 | 1635 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 1459371 | 2976 | SH |  | SOLE |  | 0 | 0 | 2976 |
| CUMMINS INC | COM | 231021106 |  | 2800149 | 6630 | SH |  | SOLE |  | 0 | 0 | 6630 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 5639137 | 39777 | SH |  | SOLE |  | 0 | 0 | 39777 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 443789 | 12658 | SH |  | SOLE |  | 0 | 0 | 12658 |
| DOLLAR GEN CORP NEW | COM | 256677105 |  | 206700 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 318780 | 2576 | SH |  | SOLE |  | 0 | 0 | 2576 |
| EBAY INC. | COM | 278642103 |  | 585784 | 6441 | SH |  | SOLE |  | 0 | 0 | 6441 |
| ELI LILLY  CO | COM | 532457108 |  | 1173514 | 1538 | SH |  | SOLE |  | 0 | 0 | 1538 |
| EMCOR GROUP INC | COM | 29084Q100 |  | 5603582 | 8627 | SH |  | SOLE |  | 0 | 0 | 8627 |
| EMERSON ELEC CO | COM | 291011104 |  | 3535956 | 26955 | SH |  | SOLE |  | 0 | 0 | 26955 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 3059885 | 178315 | SH |  | SOLE |  | 0 | 0 | 178315 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 647352 | 20702 | SH |  | SOLE |  | 0 | 0 | 20702 |
| EOG RES INC | COM | 26875P101 |  | 1634710 | 14580 | SH |  | SOLE |  | 0 | 0 | 14580 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 |  | 716063 | 3350 | SH |  | SOLE |  | 0 | 0 | 3350 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 225958 | 2004 | SH |  | SOLE |  | 0 | 0 | 2004 |
| FIDELITY NATIONAL FINANCIAL | COM SHS | 31620R303 |  | 596129 | 9855 | SH |  | SOLE |  | 0 | 0 | 9855 |
| FIRST INDL RLTY TR INC | COM | 32054K103 |  | 248755 | 4833 | SH |  | SOLE |  | 0 | 0 | 4833 |
| FISERV INC | COM | 337738108 |  | 200357 | 1554 | SH |  | SOLE |  | 0 | 0 | 1554 |
| FORD MTR CO | COM | 345370860 |  | 131102 | 10962 | SH |  | SOLE |  | 0 | 0 | 10962 |
| FORTINET INC | COM | 34959E109 |  | 201792 | 2400 | SH |  | SOLE |  | 0 | 0 | 2400 |
| GE AEROSPACE | COM NEW | 369604301 |  | 1118559 | 3718 | SH |  | SOLE |  | 0 | 0 | 3718 |
| GE VERNOVA INC | COM | 36828A101 |  | 716973 | 1166 | SH |  | SOLE |  | 0 | 0 | 1166 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 759748 | 2228 | SH |  | SOLE |  | 0 | 0 | 2228 |
| GENERAL MTRS CO | COM | 37045V100 |  | 343749 | 5638 | SH |  | SOLE |  | 0 | 0 | 5638 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 669108 | 6028 | SH |  | SOLE |  | 0 | 0 | 6028 |
| GLOBAL X FDS | GLOBAL X URANIUM | 37954Y871 |  | 18368586 | 385328 | SH |  | SOLE |  | 0 | 0 | 385328 |
| GLOBAL X FDS | US INFR DEV ETF | 37954Y673 |  | 5701930 | 119713 | SH |  | SOLE |  | 0 | 0 | 119713 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 208517 | 262 | SH |  | SOLE |  | 0 | 0 | 262 |
| GOODRX HLDGS INC | COM CL A | 38246G108 |  | 93064 | 22001 | SH |  | SOLE |  | 0 | 0 | 22001 |
| GRAYSCALE BITCOIN MINI TR ET | SHS NEW | 389930207 |  | 344081 | 6796 | SH |  | SOLE |  | 0 | 0 | 6796 |
| GRAYSCALE BITCOIN TRUST ETF | SHS REP COM UT | 389637109 |  | 2213459 | 24657 | SH |  | SOLE |  | 0 | 0 | 24657 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 2301480 | 5400 | SH |  | SOLE |  | 0 | 0 | 5400 |
| HEALTHPEAK PROPERTIES INC | COM | 42250P103 |  | 990361 | 51716 | SH |  | SOLE |  | 0 | 0 | 51716 |
| HEWLETT PACKARD ENTERPRISE C | COM | 42824C109 |  | 202861 | 8260 | SH |  | SOLE |  | 0 | 0 | 8260 |
| HOME DEPOT INC | COM | 437076102 |  | 538413 | 1329 | SH |  | SOLE |  | 0 | 0 | 1329 |
| HOWMET AEROSPACE INC | COM | 443201108 |  | 1867128 | 9515 | SH |  | SOLE |  | 0 | 0 | 9515 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 758234 | 43905 | SH |  | SOLE |  | 0 | 0 | 43905 |
| INTEL CORP | COM | 458140100 |  | 352778 | 10515 | SH |  | SOLE |  | 0 | 0 | 10515 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 243777 | 864 | SH |  | SOLE |  | 0 | 0 | 864 |
| INVESCO EXCHANGE TRADED FD T | S EQL REL | 46137V290 |  | 319479 | 9011 | SH |  | SOLE |  | 0 | 0 | 9011 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 7018071 | 11690 | SH |  | SOLE |  | 0 | 0 | 11690 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 389746 | 4698 | SH |  | SOLE |  | 0 | 0 | 4698 |
| ITT INC | COM | 45073V108 |  | 226131 | 1265 | SH |  | SOLE |  | 0 | 0 | 1265 |
| J P MORGAN EXCHANGE TRADED F | EQUITY PREMIUM | 46641Q332 |  | 233082 | 4082 | SH |  | SOLE |  | 0 | 0 | 4082 |
| JANUS DETROIT STR TR | HENDRSN SHRT ETF | 47103U886 |  | 7539053 | 152953 | SH |  | SOLE |  | 0 | 0 | 152953 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 582940 | 3144 | SH |  | SOLE |  | 0 | 0 | 3144 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 3306975 | 10484 | SH |  | SOLE |  | 0 | 0 | 10484 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 1635893 | 57785 | SH |  | SOLE |  | 0 | 0 | 57785 |
| KLA CORP | COM NEW | 482480100 |  | 7969775 | 7389 | SH |  | SOLE |  | 0 | 0 | 7389 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 730235 | 2391 | SH |  | SOLE |  | 0 | 0 | 2391 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 3970135 | 29650 | SH |  | SOLE |  | 0 | 0 | 29650 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 673706 | 1350 | SH |  | SOLE |  | 0 | 0 | 1350 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 665508 | 1170 | SH |  | SOLE |  | 0 | 0 | 1170 |
| MCDONALDS CORP | COM | 580135101 |  | 563390 | 1854 | SH |  | SOLE |  | 0 | 0 | 1854 |
| META PLATFORMS INC | CL A | 30303M102 |  | 5597193 | 7622 | SH |  | SOLE |  | 0 | 0 | 7622 |
| MGIC INVT CORP WIS | COM | 552848103 |  | 774981 | 27317 | SH |  | SOLE |  | 0 | 0 | 27317 |
| MICROSOFT CORP | COM | 594918104 |  | 7270910 | 14038 | SH |  | SOLE |  | 0 | 0 | 14038 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 743774 | 4679 | SH |  | SOLE |  | 0 | 0 | 4679 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 1444055 | 28910 | SH |  | SOLE |  | 0 | 0 | 28910 |
| NASDAQ INC | COM | 631103108 |  | 246422 | 2786 | SH |  | SOLE |  | 0 | 0 | 2786 |
| NATIONAL FUEL GAS CO | COM | 636180101 |  | 2289575 | 24787 | SH |  | SOLE |  | 0 | 0 | 24787 |
| NETAPP INC | COM | 64110D104 |  | 1126199 | 9507 | SH |  | SOLE |  | 0 | 0 | 9507 |
| NETFLIX INC | COM | 64110L106 |  | 2882204 | 2404 | SH |  | SOLE |  | 0 | 0 | 2404 |
| NEWMONT CORP | COM | 651639106 |  | 3803061 | 45108 | SH |  | SOLE |  | 0 | 0 | 45108 |
| NEWSMAX INC | COM SHS CLASS B | 65250K105 |  | 342600 | 27629 | SH |  | SOLE |  | 0 | 0 | 27629 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 1554985 | 2552 | SH |  | SOLE |  | 0 | 0 | 2552 |
| NRG ENERGY INC | COM NEW | 629377508 |  | 3073671 | 18979 | SH |  | SOLE |  | 0 | 0 | 18979 |
| NUVEEN S 500 DYNAMIC OVERW | COM | 6706EW100 |  | 1096396 | 62687 | SH |  | SOLE |  | 0 | 0 | 62687 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 15067661 | 80757 | SH |  | SOLE |  | 0 | 0 | 80757 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 415280 | 8789 | SH |  | SOLE |  | 0 | 0 | 8789 |
| OMNICOM GROUP INC | COM | 681919106 |  | 304911 | 3740 | SH |  | SOLE |  | 0 | 0 | 3740 |
| ORACLE CORP | COM | 68389X105 |  | 1627453 | 5787 | SH |  | SOLE |  | 0 | 0 | 5787 |
| OWENS CORNING NEW | COM | 690742101 |  | 486764 | 3441 | SH |  | SOLE |  | 0 | 0 | 3441 |
| PACER FDS TR | US CASH COWS 100 | 69374H881 |  | 3247687 | 56511 | SH |  | SOLE |  | 0 | 0 | 56511 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 17523630 | 96062 | SH |  | SOLE |  | 0 | 0 | 96062 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 561177 | 2756 | SH |  | SOLE |  | 0 | 0 | 2756 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 2157857 | 32178 | SH |  | SOLE |  | 0 | 0 | 32178 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 2679326 | 16519 | SH |  | SOLE |  | 0 | 0 | 16519 |
| PINNACLE WEST CAP CORP | COM | 723484101 |  | 1643826 | 18334 | SH |  | SOLE |  | 0 | 0 | 18334 |
| PLAINS ALL AMERN PIPELINE L | UNIT LTD PARTN | 726503105 |  | 1557919 | 91320 | SH |  | SOLE |  | 0 | 0 | 91320 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 943049 | 4693 | SH |  | SOLE |  | 0 | 0 | 4693 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 415623 | 2705 | SH |  | SOLE |  | 0 | 0 | 2705 |
| PUBLIC SVC ENTERPRISE GRP IN | COM | 744573106 |  | 203976 | 2444 | SH |  | SOLE |  | 0 | 0 | 2444 |
| PULTE GROUP INC | COM | 745867101 |  | 278189 | 2105 | SH |  | SOLE |  | 0 | 0 | 2105 |
| QUALCOMM INC | COM | 747525103 |  | 982689 | 5907 | SH |  | SOLE |  | 0 | 0 | 5907 |
| QUANTA SVCS INC | COM | 74762E102 |  | 471610 | 1138 | SH |  | SOLE |  | 0 | 0 | 1138 |
| RIGETTI COMPUTING INC | COMMON STOCK | 76655K103 |  | 1501148 | 50391 | SH |  | SOLE |  | 0 | 0 | 50391 |
| ROBLOX CORP | CL A | 771049103 |  | 249336 | 1800 | SH |  | SOLE |  | 0 | 0 | 1800 |
| RTX CORPORATION | COM | 75513E101 |  | 337839 | 2019 | SH |  | SOLE |  | 0 | 0 | 2019 |
| S GLOBAL INC | COM | 78409V104 |  | 1011870 | 2079 | SH |  | SOLE |  | 0 | 0 | 2079 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 |  | 317371 | 12049 | SH |  | SOLE |  | 0 | 0 | 12049 |
| SELECT SECTOR SPDR TR | SBI MATERIALS | 81369Y100 |  | 4334830 | 48369 | SH |  | SOLE |  | 0 | 0 | 48369 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 512896 | 9521 | SH |  | SOLE |  | 0 | 0 | 9521 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 |  | 495178 | 5678 | SH |  | SOLE |  | 0 | 0 | 5678 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 235197 | 1690 | SH |  | SOLE |  | 0 | 0 | 1690 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 2225579 | 11859 | SH |  | SOLE |  | 0 | 0 | 11859 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 3144360 | 4720 | SH |  | SOLE |  | 0 | 0 | 4720 |
| SPDR SERIES TRUST | S METALS MNG | 78464A755 |  | 9966577 | 106949 | SH |  | SOLE |  | 0 | 0 | 106949 |
| SSGA ACTIVE ETF TR | BLACKSTONE SENR | 78467V608 |  | 11705311 | 281513 | SH |  | SOLE |  | 0 | 0 | 281513 |
| SYNCHRONY FINANCIAL | COM | 87165B103 |  | 277896 | 3911 | SH |  | SOLE |  | 0 | 0 | 3911 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 5297014 | 18966 | SH |  | SOLE |  | 0 | 0 | 18966 |
| TAPESTRY INC | COM | 876030107 |  | 2924378 | 25829 | SH |  | SOLE |  | 0 | 0 | 25829 |
| TESLA INC | COM | 88160R101 |  | 11134899 | 25038 | SH |  | SOLE |  | 0 | 0 | 25038 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 373456 | 400 | SH |  | SOLE |  | 0 | 0 | 400 |
| TOPBUILD CORP | COM | 89055F103 |  | 2139959 | 5475 | SH |  | SOLE |  | 0 | 0 | 5475 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 802766 | 8194 | SH |  | SOLE |  | 0 | 0 | 8194 |
| ULTA BEAUTY INC | COM | 90384S303 |  | 1910345 | 3494 | SH |  | SOLE |  | 0 | 0 | 3494 |
| UNITED RENTALS INC | COM | 911363109 |  | 405731 | 425 | SH |  | SOLE |  | 0 | 0 | 425 |
| UWM HOLDINGS CORPORATION | COM CL A | 91823B109 |  | 78470 | 12885 | SH |  | SOLE |  | 0 | 0 | 12885 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 697725 | 4098 | SH |  | SOLE |  | 0 | 0 | 4098 |
| VANGUARD INDEX FDS | LARGE CAP ETF | 922908637 |  | 3568405 | 11591 | SH |  | SOLE |  | 0 | 0 | 11591 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 561925 | 1913 | SH |  | SOLE |  | 0 | 0 | 1913 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 345891 | 1054 | SH |  | SOLE |  | 0 | 0 | 1054 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 271957 | 444 | SH |  | SOLE |  | 0 | 0 | 444 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 225520 | 1600 | SH |  | SOLE |  | 0 | 0 | 1600 |
| VENTAS INC | COM | 92276F100 |  | 241186 | 3446 | SH |  | SOLE |  | 0 | 0 | 3446 |
| VISA INC | COM CL A | 92826C839 |  | 426565 | 1250 | SH |  | SOLE |  | 0 | 0 | 1250 |
| WALMART INC | COM | 931142103 |  | 661072 | 6414 | SH |  | SOLE |  | 0 | 0 | 6414 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 424349 | 5063 | SH |  | SOLE |  | 0 | 0 | 5063 |
| WILLIAMS COS INC | COM | 969457100 |  | 256631 | 4051 | SH |  | SOLE |  | 0 | 0 | 4051 |
| XPO INC | COM | 983793100 |  | 209805 | 1623 | SH |  | SOLE |  | 0 | 0 | 1623 |

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