GEORGE KAISER FAMILY FOUNDATION

George Kaiser Family Foundation's $882.8 million Q1 2026 book (71 positions) is dominated by two holdings that didn't trade a single share this quarter: BOK Financial Corp, unchanged at 3,361,707 shares but now 48.8% of the entire portfolio (up from 53.3% last quarter only because the rest of the book grew faster), and Excelerate Energy, also unchanged at 7,854,167 shares and now 29.7% of assets. Together the two static core holdings represent 78.5% of the foundation's reported value — a concentration built entirely on price appreciation ($32.3 million and $42.2 million respectively) rather than any buying decision. The clearest actual portfolio moves this quarter sit elsewhere: two new cash-equivalent positions, the T-bill ETF BIL ($45.4 million) and the ultra-short Treasury fund SGOV ($25.4 million), add over $70 million in liquidity, while roughly 60 small satellite positions — mostly single-digit-basis-point stakes in names like Microsoft, Meta, Blackstone and Palo Alto Networks — saw modest additions, trims, or exits that read as routine diversification housekeeping rather than directional bets.