2025-11-14T22:03:52-06:00 2024-12-31 760269860 Blazek & Vetterling 2900 Weslayan Suite 200 Houston TX 77027 990PF 2024-01-01 561954114 John M Belk Endowment JOHN 9803814122 4201 Congress Street 470 Charlotte NC 28209 Mary Claudia Belk Pilon Board Chair & Pres. 9803814122 2025-11-14 1 0 Kurt Coburn P01638285 7134395739 2025-11-14 2024 2025-03-06 01:10:19Z X 415770924 X X 24061 24061 5041202 5041202 32732184 108453291 32765744 1746762 2291030 39544209 40122037 39728 0 39728 1229709 0 1229709 220743 0 220743 39800 23928 15872 2875 1437 1438 3173201 1315983 1857218 13320 13320 0 19961 2711 0 24808 0 162800 0 162800 3526567 2699722 502871 8453512 4057101 4030379 14691485 14691485 23144997 4057101 18721864 16399212 36064936 4420912 655037 655037 4466815 72991382 72991382 0 4147224 4157242 95851394 57245966 86038493 32729869 28877291 28617342 41468960 41468960 41468960 28810000 183169682 173316249 194230395 751893 480860 295841 271033 271033 362403473 378973142 415770924 14458 30166 0 138394 14458 168560 X 0 0 0 0 362389015 378804582 362389015 378804582 362403473 378973142 362389015 16399212 16355 378804582 0 378804582 Publicly traded securities 57295616 55631451 1664165 1664165 K-1 Capital Gain / (Loss) P 31022046 31022046 Tosca European Financials Recovery Fund Ltd P 2022-03-23 2024-03-20 3007614 2936176 71438 71438 Bares Mid-Large Cap Series - BBH P 2015-07-01 2024-08-23 13432391 13424754 7637 7637 Select Equity Series - BBH P 2015-07-01 2024-11-13 17045289 17045288 1 1 Capital gain distributions 457 457 457 Valley Forge Large Cap Equity - BBH P 2015-07-01 2024-11-13 17671924 17671924 0 0 32765744 501303 0 501303 0 501303 528328 0 156000 0 684328 X 0 183025 183025 0 0 0 0 0 0 0 0 0 1 1 0 1 1 NC 1 0 0 1 1 1 WWW.JMBENDOWNMENT.ORG Taborah Miley 9803814123 4201 Congress Street Suite 470 Charlotte NC 28209 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Mary Claudia Belk Pilon 4201 Congress Street Charlotte NC 28209 Board Chair 40.00 39728 0 0 J Keith Benedict 4201 Congress Street Charlotte NC 28209 Board Member 24.00 308458 0 0 Virginia M Esposito 4201 Congress Street Charlotte NC 28209 Board Member 1.00 0 0 0 Michael Thomas Krause 4201 Congress Street Charlotte NC 28209 Senior Advisor 40.00 431025 13800 0 Mark Earl Reed 4201 Congress Street Charlotte NC 28209 Managing Director 40.00 380421 11130 0 Charles W Kaylor 4201 Congress Street Charlotte NC 28209 Chief of Staff 40.00 261250 10430 0 Calvin Dwight Miller 4201 Congress Street Charlotte NC 28209 Impact Officer 40.00 92442 3698 0 0 South Summit Capital Management LLC 4201 Congress St Ste 470 Charlotte NC 28202 Foundation management services 551202 McKinsey & Company Inc 175 Greenwich Street New York NY 10007 Strategic consulting services 350000 New Educational Ventures LLC 1311 13th St NW Unit T01 Washington DC 20005 Strategic consulting services 309081 Andalusian Private Capital 51 John F Kennedy Pkwy Short Hills NJ 07078 Investment services 304826 Jake Drew 5908 Fallsview Ln Dallas TX 75252 Data analytics 264000 7 In 2024, the John M. Belk Endowment joined other organizations in leading the "NC Reconnect" effort, focused on engaging adults in North Carolina who have not completed a post-secondary credential and connecting them to educational pathways at their local community colleges that lead to improved career opportunities. In addition to making grants to community colleges in the respective cohorts, the Endowment covered the cost of communications and marketing services essential to the initiative's success. 828213 0 119690928 26677377 267657264 414025569 0 0 414025569 6210384 407815185 20390759 20390759 501303 501303 19889456 0 19889456 0 19889456 18721864 0 18721864 19889456 18641251 0 0 18721864 18641251 0 0 80613 0 0 0 0 0 0 0 0 19808843 0 0 0 X Alamance Community College 1247 Jimmie Kerr Road Graham NC 27253 N/A Gov JMBE Next NC Acceleration Grant 5000 Beaufort County Community College 5337 US-264 Washington NC 27889 N/A Gov JMBE Next NC Acceleration Grant 5000 Bladen Community College 7418 NC Hwy 41W Dublin NC 28332 N/A Gov JMBE Next NC Acceleration Grant 5000 Blue Ridge Community College 180 W Campus Drive Flat Rock NC 28731 N/A Gov JMBE Next NC Acceleration Grant 5000 Brunswick Community College 50 College Road Supply NC 28422 N/A Gov NC Reconnect 50000 Brunswick Community College 50 College Road Supply NC 28422 N/A Gov JMBE Next NC Acceleration Grant 5000 Caldwell Community College And Technical Institute 2855 Hickory Blvd Hudson NC 28638 N/A Gov JMBE Next NC Acceleration Grant 5000 Cape Fear Community College 411 N Front Street Wilmington NC 28401 N/A Gov JMBE Next NC Acceleration Grant 5000 Carteret Community College 3505 Arendell Street Morehead City NC 28557 N/A Gov JMBE Next NC Acceleration Grant 5000 Catawba Valley Community College 2550 Highway 70 SE Hickory NC 28602 N/A Gov NC Reconnect 50000 Catawba Valley Community College 2550 Highway 70 SE Hickory NC 28602 N/A Gov JMBE Next NC Acceleration Grant 5000 Central Carolina Community College 1105 Kelly Drive Sanford NC 27330 N/A Gov JMBE Next NC Acceleration Grant 5000 Central Piedmont Community College 1201 Elizabeth Avenue Charlotte NC 28204 N/A Gov JMBE Next NC Acceleration Grant 5000 Charlotte-Mecklenburg Board of Education 600 East 4th Street Charlotte NC 28202 N/A Gov FAFSA Strong Initiative 25000 Charlotte-Mecklenburg Schools 4421 Stuart Andrew Blvd Charlotte NC 28217 N/A Gov FAFSA Strong Initiative 18107 Cleveland Community College 137 S Post Road Shelby NC 28152 N/A Gov JMBE Next NC Acceleration Grant 5000 Coastal Carolina Community College 444 Western Blvd Jacksonville NC 28546 N/A Gov JMBE Next NC Acceleration Grant 5000 College Advising Corps 301 W Barbee Chapel Rd 210 Chapel Hill NC 27517 N/A PC General Operating Support 2880000 College Of The Albemarle 1208 North Road Street Elizabeth City NC 27909 N/A Gov JMBE Next NC Acceleration Grant 5000 College Of The Albermarle 1208 North Road Street Elizabeth City NC 27909 N/A Gov Support NC Reconnect 50000 Central Piedmont Community College 1201 Elizabeth Avenue Charlotte NC 28204 N/A Gov Adult Learner Toolbox 75000 Central Piedmont Community College 1201 Elizabeth Avenue Charlotte NC 28204 N/A Gov Adult Learner Toolbox 50000 Central Piedmont Community College Foundation 1322 E 4th Street Charlotte NC 28204 N/A PC JMBE Next NC Acceleration Grant 5000 Craven Community College 800 College Ct New Bern NC 28562 N/A Gov JMBE Next NC Acceleration Grant 5000 Cumberland County Board Of Education 2465 Gillespie Street Fayetteville NC 28306 N/A Gov JMBE FAFSA GRANT 25000 Davidson-Davie Community College 297 DCC Road Lexington NC 27360 N/A Gov Support NC Reconnect 50000 Davidson-Davie Community College 297 DCC Road Lexington NC 27360 N/A Gov JMBE Next NC Acceleration Grant 5000 Durham Public Schools 511 Cleveland Street Durham NC 27701 N/A Gov DPS FAFSA 25000 Durham Technical Community College 1637 E Lawson Street Durham NC 27703 N/A Gov JMBE Next NC Acceleration Grant 5000 Edgecombe Community College 2009 West Wilson Street Tarboro NC 27886 N/A Gov Support NC Reconnect 50000 Edgecombe Community College 2009 West Wilson Street Tarboro NC 27886 N/A Gov JMBE Next NC Acceleration Grant 5000 EducationNC PO Box 1636 Raleigh NC 27602 N/A PC General Operating Support 1070000 Fayetteville Tech Community College 2201 Hull Road Fayetteville NC 28303 N/A Gov JMBE Next NC Acceleration Grant 5000 Forsyth Tech Community College 2100 Silas Creek Parkway WinstonSalem NC 27103 N/A Gov JMBE Next NC Acceleration Grant 5000 Forsyth Technical Community College 2100 Silas Creek Parkway WinstonSalem NC 27103 N/A Gov FAFSA Strong Initiative 75000 Foundation For The Carolinas 220 N Tryon Street Charlotte NC 28202 N/A PC General Operating Support 2738000 Gaston College 201 US-321 Dallas NC 28034 N/A Gov JMBE Next NC Acceleration Grant 5000 Guilford County Schools 712 N Eugene St Greensboro NC 27401 N/A Gov FAFSA Strong Initiative 24900 Guilford Tech Community College 601 E Main Street Jamestown NC 27282 N/A Gov JMBE Next NC Acceleration Grant 5000 Halifax Community College 100 College Drive Weldon NC 27890 N/A Gov JMBE Next NC Acceleration Grant 5000 Haywood Community College 185 Freedlander Drive Clyde NC 28721 N/A Gov Support for NC Reconnect 127500 Haywood Community College 185 Freedlander Drive Clyde NC 28721 N/A Gov JMBE Next NC Acceleration Grant 5000 Iredell-Statesville Schools 549 North Race Street Statesville NC 28677 N/A Gov FAFSA Strong Initiative 25000 Isothermal Community College 286 I C C Loop Road Spindale NC 28160 N/A Gov JMBE Next NC Acceleration Grant 5000 James B Hunt Jr Institute For Educational Leadership And Policy 4000 Centregreen Way Suite 301 Cary NC 27513 N/A PC General Operating Support 1500000 James Sprunt Community College 133 James Sprunt Drive Kenansville NC 28349 N/A Gov JMBE FAFSA GRANT 50000 James Sprunt Community College 133 James Sprunt Drive Kenansville NC 28349 N/A Gov JMBE Next NC Acceleration Grant 55000 James Sprunt Community College 133 James Sprunt Drive Kenansville NC 28349 N/A Gov Train the East Initiative 25000 Johnston Community College 245 College Road Smithfield NC 27577 N/A Gov JMBE Next NC Acceleration Grant 5000 Johnston County Public Schools 2320 US-70 BUS Smithfield NC 27577 N/A Gov FAFSA Strong Initiative 25000 Land Of Sky Regional Council 339 New Leicester Hwy 140 Asheville NC 28806 N/A Gov General operating support 300000 Latinxed Education Center PO Box 891 Siler City NC 27344 N/A PC General operating support 500000 Martin Community College 1161 Kehukee Park Road Williamston NC 27892 N/A Gov JMBE Next NC Acceleration Grant 5000 Mayland Community College 200 Mayland Drive Spruce Pine NC 28777 N/A Gov JMBE Next NC Acceleration Grant 5000 Mcdowell Technical Community College 54 College Drive Marion NC 28752 N/A Gov JMBE Next NC Acceleration Grant 5000 Mitchell Community College 500 W Broad Street Statesville NC 28677 N/A Gov JMBE Next NC Acceleration Grant 5000 Montgomery Community College 1011 Page Street Troy NC 27371 N/A Gov JMBE Next NC Acceleration Grant 5000 Myfuturenc Inc PO Box 26246 Raleigh NC 27611 N/A PC General operating support 1250000 Nash Community College 522 N Old Carriage Road Rocky Mount NC 27804 N/A Gov JMBE Next NC Acceleration Grant 5000 North Carolina Community Colleges 2001 West Jones Street Raleigh NC 27603 N/A Gov General Operating Support 300000 North Carolina Independent Colleges & Universities 530 N Blount Street Raleigh NC 27604 N/A PC General Operating Support 125000 Piedmont Community College 1715 College Drive Roxboro NC 27574 N/A Gov JMBE Next NC Acceleration Grant 5000 Pitt Community College 1986 Pitt Tech Road Winterville NC 28590 N/A Gov JMBE Next NC Acceleration Grant 5000 Pitt County Schools 811 Howell Street Greenville NC 27858 N/A Gov FAFSA Focus 25000 Presbyterian Hospital 200 Hawthorne Lane Charlotte NC 28204 N/A PC General operating support 522400 Randolph Community College 629 Industrial Park Avenue Asheboro NC 27205 N/A Gov JMBE Next NC Acceleration Grant 5000 Richmond Community College 1042 Hamlet Avenue Hamlet NC 28345 N/A Gov JMBE Next NC Acceleration Grant 5000 Roanoke Chowan Community College 109 Community College Road Ahoskie NC 27910 N/A Gov JMBE Next NC Acceleration Grant 5000 Robeson Community College 5160 Fayetteville Road Lumberton NC 28360 N/A Gov JMBE Next NC Acceleration Grant 80000 Robeson Community College 5160 Fayetteville Road Lumberton NC 28360 N/A Gov Support for RCC Reconnect 78730 Rockingham Community College 215 Wrenn Memorial Road Wentworth NC 27375 N/A Gov JMBE Next NC Acceleration Grant 5000 Rowan Cabarrus Community College 1333 Jake Alexander Blvd S Salisbury NC 28146 N/A Gov JMBE Next NC Acceleration Grant 5000 South Piedmont Community College 1851 South Piedmont Street Monroe NC 28110 N/A Gov JMBE Next NC Acceleration Grant 5000 Southeastern Community College 4564 Chadbourn Hwy Whiteville NC 28472 N/A Gov JMBE Next NC Acceleration Grant 5000 Southwestern Community College 447 College Drive Sylva NC 28779 N/A Gov JMBE Next NC Acceleration Grant 5000 Stanly Community College 141 College Drive Albemarle NC 28001 N/A Gov JMBE Next NC Acceleration Grant 5000 Strada Education Foundation Inc 10 W Market Street Indianapolis IN 46204 N/A PC General operating support 1462491 Union County Public Schools 400 N Church Street Monroe NC 28112 N/A Gov FAFSA Strong Initiative 22941 University Of North Carolina At Charlotte 9201 University City Blvd Charlotte NC 28223 N/A Gov Support for NC Reconnect 75000 Vance-Granville Community College 200 Community College Road Henderson NC 27537 N/A Gov JMBE Next NC Acceleration Grant 5000 Wayne Community College 3000 Wayne Memorial Drive Goldsboro NC 27534 N/A Gov Support for NC Reconnect 125000 Wayne Community College 3000 Wayne Memorial Drive Goldsboro NC 27534 N/A Gov JMBE Next NC Acceleration Grant 5000 Western Piedmont Community College 1001 Burkemont Avenue Morganton NC 28655 N/A Gov JMBE Next NC Acceleration Grant 5000 Wilson Community College 902 Herring Avenue E Wilson NC 27893 N/A Gov JMBE Next NC Acceleration Grant 5000 Winston-SalemForsyth County Schools 427 Corporate Square Drive WinstonSalem NC 27105 N/A Gov FAFSA Strong Initiative 21416 Year Up 45 Milk St 9th Floor Boston MA 02109 N/A PC General operating support 500000 14691485 0 14 24061 14 5041202 525990 -33560 18 32765744 Hunting lease 16 3288 Passthrough K-1 income 525990 -557036 14 2164541 990-T refund 01 12794 Section 951A GILTI 14 123175 -590596 40134805 0 39544209 0 0 0 0 0 0 0 0 0 0 Tax compliance 600 300 300 Accounting 2275 1137 1138 J Keith Benedict John M. Belk Endowment (JMBE) paid a management fee of $551,202 to South Summit Capital Management, LLC, pursuant to a shared services agreement, for ordinary and necessary personal services performed for JMBE during the tax year. J. Keith Benedict is employed by South Summit Capital Management, LLC. He is not employed or compensated by JMBE. The management fee is not paid to J. Keith Benedict directly, but it is estimated that $308,458 is attributed to his services performed for the JMBE. JMBE is making this disclosure pursuant to revised IRS guidance per Announcement 2021-18. Leasehold Improvements 2015-03-15 349858 78776 SL 39.000000000000 8970 0 Office furniture 2014-12-19 148347 126095 SL 10.000000000000 14835 0 Equipment 2014-01-01 253688 251181 SL 5.000000000000 1003 0 K-1 Capital Gain UBTI Purchased 33560 Cost 0 -33560 22,000 Ak Steel Corp 7.0% 27 22040 22028 386,000 Brightsphere Inve 4.8% 26 370612 379893 407,000 Barring Bdc, Inc. 3.3% 26 372294 390266 373,000 Beazer Homes Usa 7.25 29 375150 375798 267,000 Cimarex Energy Co 3.9%27 238071 258323 182,000 Corecivic, Inc. 8.25%29 190851 192465 74,000 Corecivic, Inc. 4.75% 27 69561 71780 23,000 Copper Tire & R 7.625% 27 23547 23115 866,000 Dish Dbs Corp 7.75% 26 879597 725275 52,000 Frontier Communi 6.75% 27 49436 52650 325,000 Frontier Florida 6.86% 28 301889 332313 385,000 Fs Kkr Capital Co 3.4% 26 366822 377435 5,000 Fs Kkr Capital Co 2.625% 27 4527 4724 366,000 Global Partners Lp 7%27 360521 366915 395,000 Griffon Corp 5.75%28 358401 387100 504,000 Hecla Mining Co 7.25% 28 527653 505890 2,000 Hercules Capita 2.625% 26 1827 1904 399,000 Hercules Capita 3.375% 27 362198 380811 275,000 Kohl'S Corp 4.25% 25 255538 270188 405,000 Macy'S, Inc. 6.9%29 374232 403481 399,000 Marriott Vacatio 4.75% 28 367374 382541 431,000 Mpt Operating Pa 5.25%26 384090 396520 48,000 Nordstrom, Inc. 4%27 40569 45900 23,000 Nordstrom, Inc. 6.95% 28 22824 23460 376,000 Oceaneering Internt 6% 28 337015 369420 198,000 Pbf Holding Co Llc 6% 28 193996 189585 316,000 Prospect Capita 3.364%26 264774 294704 104,000 Prospect Capita 3.706%26 92157 100655 88,000 Seagate Hdd Ca 3.125% 29 67845 78760 274,000 Sm Energy Co 6.5% 28 260387 271260 17,000 Sm Energy Co 6.75% 26 16537 16958 76,000 Sm Energy Co 6.625% 27 75831 75620 408,000 Tegna Inc. 4.625% 28 373515 386580 401,000 The Chemours Co 5.375% 27 382499 385963 332,000 The Geo Group, Inc 8.625% 29 352151 349015 408,000 Titan Intl Inc Del 7%28 391643 399330 437,000 Treehouse Foods, In 4%28 382565 395485 131,000 Transdigm Inc. 4.875% 29 119108 123140 881,123 Jpm Managed Income Fd - Usd 8808767 8828747 245,961 Fidelity U.S. Bond Index Fund (Fxnax 2946617 2513725 191,000 Advance Auto Parts 5.95% 03/09/2028 193368 192726 194,000 Apache Corp Sr Nts 4.375% 10/15/2028 191102 187122 196,000 Ares Cap Corp Sr Nts 3.25% 07/15/2025 193209 194098 201,000 Bain Cap Specialty F Sr Nts 2.95% 03/10/2026 193968 195047 201,000 Barings Bdc, Inc. 3.3%26 Due 11/23/26 192050 192855 200,000 Blackrock Tcp Cap Corp Sr Nts 2.85% 194144 194412 203,000 Blackstone Secd Lend Sr Nts 2.75% 194241 194840 202,000 Blue Owl Cap Corp Iii Sr Nts 3.125% 191858 190626 199,000 Blue Owl Cap Corp Sr Nts 3.4% 192808 192950 170,000 Boston Properties Lp Sr Nts 3.2% 169168 169863 160,000 Brixmor Oper Part Sr Nts 3.85% 159401 159789 182,000 Brunswick Corp Sr Nts 5.85% 188567 184838 27,000 Concentrix Corp Sr Nts 6.65% 27470 27463 171,000 Dillards Inc Sr Nts 7.0% 180906 177741 70,000 Discovery Comm Inc Nts 3.95 67025 66275 31,000 Epr Properties 4.5% 04/01/2025 30922 30922 197,000 Franklin Bsp Cap Co Sr Nts 3.25% 191487 190861 192,000 Frontier Ca Inc 6.75% 05/15/2027 200629 195840 198,000 Fs/Kkr Advisor, L 3.4%26 Due 01/15/26 193129 194168 195,000 Global Payments Inc 2.65% 02/15/2025 193278 194390 204,000 Golub Cap Bdc Sr Nts 2.5% 08/24/2026 194055 194328 192,000 Hca Inc 5.375% 02/01/2025 192146 192036 198,000 Healthcare Rlty Hldgs Lp 3.625% 190832 188065 202,000 Hercules Capita 3.375%27 Due 01/20/27 192922 193146 197,000 Hexcel Corp Sr Nts 4.2% 193513 192538 194,000 Kemper Corp Sr Nts 4.35% 193459 193463 196,000 Las Vegas Sands Corp Sr Nts 2.9% 192686 193867 194,000 Leggett & Platt Inc Sr Nts 3.5% 186889 183194 193,000 Mgic Invt Corp Sr Nts 5.25% 193156 188820 10,000 Natl Fuel Gas Co Sr Nts 5.2% 10021 9993 206,000 Oaktree Specialty Lend Sr Nts 2.7% 193428 193834 193,000 Omega Hlthcare Investors 4.5% 192766 192930 164,000 Paramount Global Sr Nts 4.0% 162419 162190 199,000 Patterson-Uti Energy Inc Sr Nts 3.95% 194284 190337 198,000 Pinnacle West Cap Sr Nts 1.3% 193004 194672 204,000 Prospect Capita 3.364%26 Due 11/15/26 191405 189637 191,000 Pvh Corp Sr Nts 4.625% 07/10/2025 190221 190098 202,000 Sixth Str Specialty Sr Nts 2.5% 193282 193964 186,000 Targa Res Partners 6.875% 191080 190360 193,000 Ventas Rlty Lp 2.65% 01/15/2025 191695 192691 25,000 Viacom Inc 3.450% 10/04/2026 24301 24079 85,000 Warnermedia Holdings Inc 3.755% 82346 81892 43,000 Warnermedia Holdings Inc 3.788% 42679 42870 193,000 Westn Midstream Operat Sr Nts 3.95% 191458 192022 180,000 Wp Carey Inc Sr Nts 4.0% 02/01/2025 179483 179768 217,503 Fidelity 500 Index Fund (Fxaix) 30015444 44411982 12,080 Aci Worldwide Inc 291774 627073 4,000 Alphabet Inc Cap Stk Cl 550082 761760 12,950 Anterix Inc Com 556374 397177 4,360 Apple Inc 630509 1091831 11,450 Aspen Aerogels Inc Com 172489 136030 9,530 Broadcom Inc Com 468492 2209435 3,950 Chart Inds Inc Com 562561 753818 5,540 Chevron Corp New Com 709593 802414 2,340 Chubb Limited Com Npv 430015 646542 14,380 Clearwater Paper Corp(Clw) 394810 428085 3,668 Dell Technologies Inc Cl C(Dell) 401946 422700 10,750 Delta Air Lines Inc(Dal) 367328 650375 8,800 Duke Energy Corp New Com 860680 948112 630 Eli Lilly &Co Com (Lly) 497506 486360 38,144 Fidelity 500 Index Fund (Fxaix) 5296132 7788580 6,600 General Mills Inc Com Usd0.10(Gis) 382810 420882 8,493 Harrow Inc Com (Hrow) 78235 284940 3,660 Hca Healthcare Inc Com(Hca) 834060 1098549 3,278 Johnson &Johnson Com(Jnj) 521027 474064 3,965 Jpmorgan Chase &Co. Com(Jpm) 560008 950450 100,605 Kosmos Energy Ltd Com (Kos) 391309 344069 1,500 Lockheed Martin Corp Com Usd1.00(Lmt) 580874 728910 9,249 Lyondellbasell Industries N V Com 809153 686923 7,100 Merck &Co. Inc Com (Mrk) 535067 706308 2,540 Microsoft Corp (Msft) 740374 1070610 1,400 Nike Inc Class B Com Npv(Nke) 233274 105938 2,565 Novo Nordisk A/S Adr 273209 220641 21,350 Old Republic International Corp(Ori) 534963 772657 7,295 Palantir Technologies Inc ClA (Pltr) 62590 551721 4,400 Palo Alto Networks Inc 299981 800624 31,296 Pfizer Inc (Pfe) 853388 830283 7,250 Pinnacle Financial Partners 497233 829328 2,500 Salesforce Inc Com (Crm) 423475 835825 21,367 Stonex Group Inc Com(Snex) 990885 2093325 5,685 United Parcel Service Inc Cl B(Ups) 975576 716935 1,030 Unitedhealth Group Inc(Unh) 430846 521036 12,200 Verizon Communications Inc (Vz) 630128 487878 1,500 Workday Inc Com Usd0.001 Cl A(Wday) 244260 387045 8,000 Spdr S&P 500 Etf Trust 2023351 4688640 4,873 Ishares S&P 500 Index Fund 1134155 2868638 4147224 4157242 0 0 3650 Trousdale Investors, LLC AT COST 1830475 2000000 Ada Re Vintage Year 2024 AT COST 4306012 4847485 JMBE Holdings 2020 LLC AT COST 16668757 16393871 Altarock Partners Series AT COST 10848224 10848166 Andalusian Credit Company LLC AT COST 2993250 2918275 Andalusian Sports Advisors, LP AT COST 2994913 3000000 Andalusian SPV I, LP AT COST 1743518 1500989 Andalusian SPV II, LP AT COST 3719196 4071765 Andalusian SPV VI, LP AT COST 1001835 1001442 Andalusian SPV, III AT COST 4001152 3990210 Aston Realty Investment Company AT COST 2966437 3076039 Balance Legal Capital Fund II LP AT COST 4081473 3324305 BBH AH Cayman AT COST 2693198 3663803 BBH Cap Partners QP IV AT COST 4600 453184 BBH Oaktree Opportunities Sub Trust AT COST 2541911 4506762 BBH Wealth Strategies LLC - LBC Credit Partners III USTE Series AT COST 1473810 664944 Braemont Partners I Fund LP AT COST 5590834 7687429 Bramalea Partners Fund II, LP AT COST 2500000 2500000 Bramalea Partners Fund LP AT COST 3649639 4182179 Cesar Nursery Holdings, LLC AT COST 629751 621296 Contrarian Emerging Markets LP AT COST 1000000 1954204 ECF Value Fund International Ltd AT COST 2500000 2977514 FCA Health Innovations II (QP), LP AT COST 1246260 1390180 FCA RR Investors AT COST 0 2167502 FCA RR Investors Pref, LLC AT COST 392644 441001 FCA Ventures I LLC AT COST 3781657 2000000 FCAW CC GP AT COST 736361 1702772 Goldcrest Capital II-A, LP AT COST 522479 1554346 Goldcrest Capital II-A, LP AT COST 1828524 2634422 Goldcrest Capital Mars SPV, LLC AT COST 2496825 3689358 Goldcrest Capital Peregrine-B SPV, LLC AT COST 1498793 1484352 Goldcrest Capital Sourcegraph-D SPV, LLC AT COST 996335 718800 HNVR II, LP AT COST 515312 584791 Housing Impact Fund I LLC AT COST 596598 596578 HSFP Fund LP AT COST 505582 500000 Morrocroft Neighborhood Fund III, LP AT COST 1365256 3474989 NRC Absolute Return Offshore LP AT COST 8583731 9258308 NRC Global Select Equity Fund LP AT COST 2523238 2980317 NRC Hedged Equity Offshore LP AT COST 4625877 4099765 NRC Private Credit Opportunities 2021 LP AT COST 7648379 8489077 NRC Private Credit Opportunities 2022 LP AT COST 9113335 10034041 NRC Private Equity Opportunities 2021 LP AT COST 4742675 5370954 NRC Private Equity Opportunities 2022 LP AT COST 5014362 5372832 Orbimed Royalty & Credit Opportunities III AT COST 1915967 1755444 Primary Wave Music LP Fund 2 AT COST 3355944 5268416 RB EFO II De AIV II LPlp AT COST 275584 225235 Redbird Capital Partners Fund II LP AT COST 380741 370013 Senvest Partners, LP AT COST 1000000 2165843 Sharpvue Capital - Atlanta Marriott Peachtree Corners AT COST 3079441 3131894 Spicewood Mineral Partners II, LP AT COST 3470077 3529206 Spicewood Mineral Partners, LP AT COST 6620474 7212323 Spicewood Titan Sidecar LP AT COST 2020991 2638127 Truebridge Capital Partners Fund VI LP AT COST 888487 1267412 VP Dislocation Fund II Private Investors Offshore L.P. AT COST 2503740 3180915 Zelda Ventures Fund 1, LP AT COST 500060 385313 Zephyrus Aviation Partners II (Offshore), LP AT COST 8826052 8366524 Andalusian Credit Partners, LLC AT COST 5483 5483 Leasehold Improvements 349858 87746 262112 262112 Office furniture 148347 140930 7417 7417 Equipment 253688 252184 1504 1504 General governance and counsel 39800 23928 15872 Memberships, dues, subscriptions 1734 0 1734 Information & technology 59984 0 59984 Insurance 33071 0 33071 Sponsorships & hosting 372108 0 372108 Other expenses 32851 0 32851 K-1 expenses 3023696 2699722 0 Public relations 2539 0 2539 Davidson scholar expenses 584 0 584 Hunting lease 3288 3288 3288 Passthrough K-1 income 1607505 2164567 1607505 990-T refund 12794 12794 Section 951A GILTI 123175 123175 123175 Prior period adjustment to investment cost basis 16355 Partnership liabilities - FCA RR Investors 0 138394 Investment management fees 910540 910540 0 Foundation management services 551202 110240 440962 Leadership development 675 0 675 Data analytic research 264000 264000 0 Strategic consulting 980973 0 980973 Land management services 31203 31203 0 Payroll processing fees 23889 0 23889 Communications / public relations 410719 0 410719 Federal excise tax 17250 0 0 Foreign tax 1231 1231 0 Property tax 1480 1480 0 NRC Private Credit Opportunities 2021 (Offshore) LP 521 East Morehead St Ste 100 Charlotte NC 28202 981590920 Distribution from investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 1848373 NRC Private Credit Opportunities 2022 (Offshore) LP 521 East Morehead St Ste 100 Charlotte NC 28202 981661072 Distribution from investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 4127500 1003338 JMBE Holdings 2020 LLC 4201 Congress Street 470 Charlotte NC 28209 853706523 Transfer to investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 8439655 NRC Absolute Return Offshore LP 521 East Morehead St Ste 100 Charlotte NC 28202 981596086 Entity is not a business enterprise, per IRC 4943(d)(3)(B). 0 NRC Private Credit Opportunities 2021 (Offshore) LP 521 East Morehead St Ste 100 Charlotte NC 28202 981590920 Transfer to investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 1848373 NRC Private Credit Opportunities 2022 (Offshore) LP 521 East Morehead St Ste 100 Charlotte NC 28202 981661072 Transfer to investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 4127500 NRC Private Equity Opportunities 2022 LP 521 East Morehead St Ste 100 Charlotte NC 28202 874555439 Transfer to investment fund. Entity is not a business enterprise, per IRC 4943(d)(3)(B). 1925000 16340528