| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING FEES | 5,600 | 2,800 | 0 | 2,800 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| APL LOGISTICS | 106,140 | 150,000 |
| NAVIENT CORP | 112,565 | 109,893 |
| NAVIENT CORP | 16,661 | 16,718 |
| NAVIENT CORP | 56,471 | 57,594 |
| NAVIENT CORP | 55,438 | 55,187 |
| NAVIENT CORP | 81,015 | 81,068 |
| NAVIENT CORP | 9,803 | 10,579 |
| DISCOVER BK 3.2%24 | 69,290 | 68,058 |
| SALLIE MAE BANK 1.9%24 | 72,536 | 71,362 |
| MORGAN STANLEY BA 1.7%25 | 60,885 | 57,820 |
| SALLIE MAE BANK 1.05%26 | 46,903 | 43,028 |
| DISCOVER BANK 3.55% | 57,687 | 56,616 |
| STATE BANK OF IND 1.5%28 | 130,431 | 117,301 |
| STATE BANK OF IND 1.5%28 DUE 6/16/28 | 43,013 | 38,355 |
| UNITED FIDELITY B 4.5% | 75,825 | 77,162 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ALASKA AIR GROUP INC | 287,270 | 351,630 |
| ALLY FINANCIAL INC | 132,360 | 230,472 |
| ALPHABET INC | 176,139 | 410,811 |
| AMAZON | 263,312 | 395,044 |
| APPLE INC | 148,323 | 404,313 |
| BLUEROCK HOMES TRUST INC | 14,325 | 8,744 |
| BRISTOL-MYERS SQUIBB | 317,447 | 264,247 |
| CHARTER COMMUNICATION | 349,299 | 221,548 |
| CVS HEALTH CORP | 139,192 | 197,400 |
| DISH NETWORK CORP | 325,297 | 55,104 |
| META PLATFORMS INCFACEBOOK INC | 154,239 | 318,564 |
| FOOT LOCKER INC | 312,218 | 373,800 |
| FRESH DEL MONTE PROD | 306,858 | 316,129 |
| HILLMAN SOLUTIONS CORP | 334,359 | 276,300 |
| INTEGRATED FINL HLDGS | 105,909 | 126,169 |
| JAMES FINANCIAL GRP | 31,620 | 27,789 |
| JPMORGAN CHASE & CO | 241,342 | 331,695 |
| LENNAR CORP | 89,429 | 317,699 |
| NETFLIX INC | 159,332 | 397,294 |
| PETROQUEST RESOURCES | 140,855 | 0 |
| POST HOLDINGS INC. | 293,976 | 317,016 |
| PRIVATE BANCORP | 119,015 | 175,000 |
| SKYLINE BANKSHARES INC | 236,508 | 233,174 |
| SOMERSET TR HLDG CO | 134,910 | 133,970 |
| SPOTIFY THEHNOLOGY | 326,049 | 257,437 |
| STARBUCKS CORP | 209,793 | 240,025 |
| TYSON FOODS INC | 319,725 | 263,375 |
| WALT DISNEY CO | 208,294 | 130,921 |
| WARNER MUSIC GROUP CORP | 284,825 | 286,320 |
| ALPHABET INC | 305,903 | 373,112 |
| AMAZON.COM INC | 133,622 | 222,136 |
| BLUE OWL CAP INC | 106,239 | 136,871 |
| BOOKING HOLDINGS INC | 176,351 | 297,966 |
| BROOKFIELD ASSET MANAG | 108,047 | 131,838 |
| FIRST CITIZENS BKSH | 88,705 | 261,090 |
| CENTENE CORP | 64,026 | 76,436 |
| DANAHER CORP | 149,050 | 157,080 |
| FISERV INC. | 279,260 | 362,786 |
| FRANCO NEVADA CORP | 95,883 | 88,759 |
| IDEXX LABORATORIES INC | 5,643 | 26,087 |
| INTERCONTINENTAL EXCHANGE | 45,465 | 74,104 |
| JD COM INC | 29,341 | 19,847 |
| PAYPAL HOLDINGS INC | 174,677 | 188,406 |
| RYANAIR HOLDINGS PLC | 58,390 | 73,081 |
| TENCENT HOLDINGS SPONSORED ADR | 42,706 | 40,473 |
| TEX PAC LAND SUB CTF | 87,314 | 149,383 |
| THE CIGNA GROUP | 208,507 | 272,200 |
| VERALTO CORP | 16,051 | 14,889 |
| VISA | 158,499 | 256,965 |
| WILLIS TOWERS WATSON | 171,799 | 214,186 |
| FTAI AVIATION LTD SHS | 151,955 | 186,383 |
| ADOBE SYS INC | 167,209 | 175,997 |
| ALPHABET INC CAP STK CL A | 193,125 | 205,065 |
| AMAZON.COM INC | 183,768 | 209,677 |
| APPLE INC | 40,963 | 48,758 |
| ARISTA NEWWORKS INC | 177,394 | 274,605 |
| CROWDSTRIKE HLDGS INC CL A | 184,916 | 256,086 |
| ELF BEAUTY INC COM | 149,765 | 180,425 |
| META PLATFORMS INC (FKA FACEBOOK) | 154,286 | 264,054 |
| ELI LILLY AND CO | 291,969 | 448,723 |
| LULULEMON ATHLETICA INC | 143,689 | 177,929 |
| MASTERCARD INCORPORATED | 158,353 | 170,683 |
| MICROSOFT CORP | 178,642 | 211,938 |
| NEUROCRINE BIOSCIENCES INC | 162,915 | 175,241 |
| NVIDIA CORP | 214,258 | 289,805 |
| PALO ALTO NETWORKS INC | 165,188 | 355,920 |
| SALESFORCE COM INC | 174,019 | 231,826 |
| SERVICENOW INC | 172,608 | 216,186 |
| SYNOPSYS INC | 80,005 | 77,751 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| SPDR GOLD SHARES ETF | AT COST | 181,345 | 240,683 |
| CITY OFFICE REIT | AT COST | 121,126 | 73,320 |
| ONE LIBERTY PRPERTIES REIT | AT COST | 148,971 | 133,476 |
| SPDR GOLD SHARES ETF | AT COST | 33,478 | 37,278 |
| ISHARES TR ISHARES SEMICDTR | AT COST | 237,346 | 269,602 |
| VANGUARD INTRMDIAT TRM TRSRY ETF | AT COST | 54,095 | 46,507 |
| AQR LG CAP MULTI STYLE | AT COST | 206,576 | 206,996 |
| BRIDGEWAY OMNI SM CAP VALUE FD | AT COST | 673,837 | 761,165 |
| DFA DIVERSIFIED FIXED | AT COST | 47,253 | 45,205 |
| DFA EMERGING MKTS CORE EQTY PORT INSTL | AT COST | 287,691 | 300,235 |
| DFA INTL CORE EQTY PORT INSTL | AT COST | 162,281 | 187,151 |
| DFA INTL SMALL CAP VALUE PORT INSTL | AT COST | 348,208 | 369,316 |
| DFA INTL VALUE III PORT | AT COST | 310,493 | 349,650 |
| DFA US CORE EQTY 2 PORT INSTL | AT COST | 540,806 | 788,936 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| INTEREST RECEIVABLE | 4,318 | 3,366 | 3,366 |
| DUE FROM KAF | 0 | 4,300,000 | 4,300,000 |
| Description | Amount |
|---|---|
| DONATED SECURITIES FMV ADJUSTMENT | 247,354 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT FEES | 164,071 | 82,035 | 0 | 82,035 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN TAXES | 7,223 | 7,223 | 0 | 0 |