| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| ACCOUNTING FEES | 6,200 | 3,100 | 0 | 3,100 |
| Name of Bond | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| NAVIENT CORP | 112,565 | 126,610 |
| NAVIENT CORP | 16,661 | 19,349 |
| NAVIENT CORP | 56,471 | 65,382 |
| NAVIENT CORP | 55,438 | 63,005 |
| NAVIENT CORP | 81,015 | 92,670 |
| NAVIENT CORP | 9,803 | 12,326 |
| MORGAN STANLEY BA 1.7%25 | 60,294 | 59,731 |
| SALLIE MAE BANK 1.05%26 | 46,903 | 44,771 |
| DISCOVER BANK 3.55% | 57,687 | 57,441 |
| AMERICAN EXPRESS 3.8% | 89,037 | 88,727 |
| STATE BANK OF IND 1.5%28 | 50,778 | 47,199 |
| STATE BANK OF IND 1.5%28 DUE 6/16/28 | 43,010 | 39,641 |
| UNITED FIDELITY B 4.5% | 75,825 | 77,507 |
| UBS BANK USA 4.35% | 59,865 | 61,003 |
| Name of Stock | End of Year Book Value | End of Year Fair Market Value |
|---|---|---|
| ALASKA AIR GROUP INC | 154,487 | 313,390 |
| ALLY FINANCIAL INC | 132,360 | 237,666 |
| ALPHABET INC | 96,538 | 294,801 |
| AMAZON | 121,188 | 313,728 |
| APPLE INC | 72,396 | 256,681 |
| BRISTOL-MYERS SQUIBB | 285,780 | 263,004 |
| CHARTER COMMUNICATION | 349,299 | 195,379 |
| CVS HEALTH CORP | 253,891 | 202,005 |
| ECHOSTAR CORP | 326,206 | 76,715 |
| META PLATFORMS INCFACEBOOK INC | 71,978 | 245,914 |
| FOOT LOCKER INC | 78,055 | 65,280 |
| FRESH DEL MONTE PROD | 204,336 | 267,108 |
| JAMES FINANCIAL GRP | 31,620 | 35,366 |
| JPMORGAN CHASE & CO | 142,330 | 275,667 |
| LENNAR CORP | 53,921 | 188,842 |
| MCDONALDS CORP | 214,928 | 249,305 |
| NETFLIX INC | 53,696 | 245,113 |
| PETROQUEST RESOURCES | 274,216 | 0 |
| POST HOLDINGS INC. | 184,878 | 259,137 |
| PRIVATE BANCORP | 119,015 | 288,700 |
| SKYLINE BANKSHARES INC | 236,508 | 252,674 |
| SOMERSET TR HLDG CO | 134,910 | 143,505 |
| SPOTIFY THEHNOLOGY | 119,798 | 239,348 |
| STARBUCKS CORP | 235,406 | 255,500 |
| WALT DISNEY CO | 249,395 | 270,246 |
| WARNER MUSIC GROUP CORP | 249,222 | 217,000 |
| ALPHABET INC | 195,627 | 323,324 |
| AMAZON.COM INC | 109,744 | 268,533 |
| BLUE OWL CAP INC | 120,639 | 226,669 |
| BOOKING HOLDINGS INC | 142,759 | 342,821 |
| BROOKFIELD ASSET MANAG | 82,332 | 135,258 |
| FIRST CITIZENS BKSH | 84,366 | 369,779 |
| COSTAR GROUP INC | 73,380 | 68,798 |
| DANAHER CORP | 184,004 | 188,001 |
| FIRST ADVANTAGE CORP NEW | 117,829 | 119,123 |
| FISERV INC. | 163,742 | 327,439 |
| IDEXX LABORATORIES INC | 3,122 | 10,749 |
| INTERCONTINENTAL EXCHANGE | 29,051 | 54,985 |
| JD COM INC | 73,454 | 70,345 |
| KYNDRYL HOLDINGS INC | 241,921 | 383,160 |
| LANDBRIDGE CO LLC CL A | 40,124 | 47,029 |
| PAYPAL HOLDINGS INC | 42,258 | 89,532 |
| RYANAIR HOLDINGS PLC | 143,003 | 144,152 |
| TENCENT HOLDINGS SPONSORED ADR | 41,455 | 55,467 |
| TEX PAC LAND SUB CTF | 13,712 | 76,311 |
| THE CIGNA GROUP | 141,468 | 171,483 |
| VERALTO CORP | 15,608 | 17,926 |
| VISA | 139,226 | 275,271 |
| WILLIS TOWERS WATSON | 167,254 | 270,953 |
| FTAI AVIATION LTD SHS | 77,668 | 281,015 |
| ADMA BIOLOGICS INC | 213,711 | 274,897 |
| ALPHABET INC CAP STK CL A | 267,180 | 292,409 |
| AMAZON.COM INC | 199,978 | 297,932 |
| ARISTA NEWWORKS INC | 164,220 | 362,538 |
| CARPENTER TECHNOLOGY CORP | 243,651 | 238,823 |
| CELESTICA INC COM NPV | 297,775 | 296,745 |
| COMFORT SYSTEMS USA INC | 152,700 | 263,585 |
| CORCEPT THERAPEUTICS INC | 230,370 | 207,657 |
| EMCOR GROUP INC COM STK USD0.01 | 235,679 | 287,790 |
| META PLATFORMS INC (FKA FACEBOOK) | 149,193 | 294,563 |
| HOWMET AEROSPACE INC COM | 234,933 | 312,064 |
| ELI LILLY AND CO | 295,982 | 597,991 |
| MASTERCARD INCORPORATED | 740 | 809 |
| NETFLIX INC | 289,543 | 400,203 |
| NVIDIA CORP | 267,755 | 846,535 |
| SALESFORCE COM INC | 146,889 | 133,732 |
| SEA LIMITED ADS EACH REP ONE CLASS A ORD | 204,849 | 200,211 |
| SERVICENOW INC | 172,608 | 324,397 |
| SHIFT4 PMTS INC CL A | 83,966 | 86,449 |
| Category/ Item | Listed at Cost or FMV | Book Value | End of Year Fair Market Value |
|---|---|---|---|
| ONE LIBERTY PRPERTIES REIT | AT COST | 148,971 | 165,946 |
| AQR LG CAP MULTI STYLE | AT COST | 173,990 | 195,073 |
| BRIDGEWAY OMNI SM CAP VALUE FD | AT COST | 529,441 | 591,158 |
| DFA EMERGING MKTS CORE EQTY PORT INSTL | AT COST | 200,228 | 232,172 |
| DFA INTL CORE EQTY PORT INSTL | AT COST | 119,858 | 145,661 |
| DFA INTL SMALL CAP VALUE PORT INSTL | AT COST | 260,692 | 287,755 |
| DFA INTL VALUE III PORT | AT COST | 233,845 | 275,119 |
| DFA US CORE EQTY 2 PORT INSTL | AT COST | 296,196 | 592,353 |
| OTHER INVESTMENTS | AT COST | 11,870 | 11,870 |
| Description | Beginning of Year - Book Value | End of Year - Book Value | End of Year - Fair Market Value |
|---|---|---|---|
| INTEREST RECEIVABLE | 3,366 | 840 | 840 |
| DUE FROM KAF | 4,300,000 | 4,300,000 | 4,300,000 |
| DUE FROM KAF (DELMAR LOAN) | 0 | 1,600,000 | 1,600,000 |
| Description | Revenue and Expenses per Books | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| OTHER EXPENSES | 3,120 | 1,560 | 0 | 1,560 |
| Description | Revenue And Expenses Per Books | Net Investment Income | Adjusted Net Income |
|---|---|---|---|
| OTHER INCOME | 158,114 | 158,114 |
| Description | Amount |
|---|---|
| DONATED SECURITIES FMV ADJUSTMENT | 320,263 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| INVESTMENT FEES | 170,599 | 85,300 | 0 | 85,299 |
| Category | Amount | Net Investment Income | Adjusted Net Income | Disbursements for Charitable Purposes |
|---|---|---|---|---|
| FOREIGN TAXES | 5,794 | 5,794 | 0 | 0 |