PENN DAVIS MCFARLAND INC Long-Term Concentrated

Location: DALLAS, TX

CIK: 0001108893 · Show all filings

Period: Q1 2026 (← Previous)

Filing Date: Apr 21, 2026

Total Value ($000): $1,022,300 (100.0% shares, 0.0% debt)

Holdings (75)

New Positions (3)

CRM SALESFORCE INC 2.8%

Value ($000) $28,984 Shares 155,266 Est. Cost $215.77 Unrealized 0.0%

TPL TEXAS PACIFIC LAND, CORP. 0.0%

Value ($000) $214 Shares 450 Est. Cost $373.26 Unrealized 0.0%

GEV GE VERNOVA LLC 0.0%

Value ($000) $209 Shares 240 Est. Cost $736.93 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CRM	SALESFORCE INC	155,266	$28,984	2.8%	$215.77	0.0%	Common Stocks	79466L302
TPL	TEXAS PACIFIC LAND, CORP.	450	$214	0.0%	$373.26	0.0%	Common Stocks	88262P102
GEV	GE VERNOVA LLC	240	$209	0.0%	$736.93	0.0%	Common Stocks	36828A101

Increased Positions (1)

VOO VANGUARD S&P 500 ETF 0.1%

Value ($000) $698 (-0.3%) Shares 1,168 (+4.7%) Est. Cost $443.96 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VOO	VANGUARD S&P 500 ETF	1,168 (+4.7%)	$698 (-0.3%)	0.1%	$443.96	—	Common Stocks	922908363

Exited Positions (3)

TOST TOAST, INC. 0.0%

Value ($000) $266 Shares 7,500 Est. Cost $25.34 Unrealized +22.4%

ORCL ORACLE CORP 0.0%

Value ($000) $220 Shares 1,130 Est. Cost $160.80 Unrealized +5.5%

DIS WALT DISNEY COMPANY 0.0%

Value ($000) $201 Shares 1,766 Est. Cost $102.81 Unrealized +6.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TOST	TOAST, INC.	7,500	$266	0.0%	$25.34	+22.4%	—	888787108
ORCL	ORACLE CORP	1,130	$220	0.0%	$160.80	+5.5%	—	68389X105
DIS	WALT DISNEY COMPANY	1,766	$201	0.0%	$102.81	+6.5%	—	254687106

Decreased Positions (17)

GOOGL ALPHABET, INC. CL A (GOOGLE A) 3.1%

Value ($000) $31,475 (-41.6%) Shares 109,454 (-36.4%) Est. Cost $106.39 Unrealized +203.9%

GOOG ALPHABET, INC. CL C (GOOGLE C) 12.1%

Value ($000) $123,705 (-14.6%) Shares 431,240 (-6.6%) Est. Cost $111.00 Unrealized +191.6%

KMI KINDER MORGAN, INC. 5.6%

Value ($000) $57,262 (+20.7%) Shares 1,707,786 (-1.0%) Est. Cost $14.34 Unrealized +107.4%

AAPL APPLE, INC. 4.5%

Value ($000) $45,540 (-7.9%) Shares 179,438 (-1.3%) Est. Cost $100.09 Unrealized +162.6%

ROIV ROIVANT SCIENCES LTD. 4.3%

Value ($000) $44,116 (+9.4%) Shares 1,592,623 (-14.3%) Est. Cost $10.94 Unrealized +120.9%

RTX RTX CORP. 3.5%

Value ($000) $36,003 (+1.7%) Shares 186,641 (-3.3%) Est. Cost $59.52 Unrealized +230.3%

LLY ELI LILLY & CO. 0.2%

Value ($000) $2,479 (-16.1%) Shares 2,695 (-2.0%) Est. Cost $878.11 Unrealized +19.2%

AMZN AMAZON, INC. 0.2%

Value ($000) $2,379 (-12.1%) Shares 11,422 (-2.6%) Est. Cost $164.44 Unrealized +37.9%

SPY SPDR S & P 500 ETF 0.0%

Value ($000) $379 (-35.0%) Shares 583 (-31.9%) Est. Cost $422.81 Unrealized —

SIRI SIRIUSXM HOLDINGS INC. 0.2%

Value ($000) $2,523 (-7.4%) Shares 109,303 (-19.8%) Est. Cost $31.06 Unrealized -32.6%

GLD SPDR GOLD TRUST 0.3%

Value ($000) $3,134 (+5.9%) Shares 7,283 (-2.5%) Est. Cost $224.82 Unrealized —

XOM EXXON MOBIL, CORP. 0.1%

Value ($000) $1,170 (+17.1%) Shares 6,894 (-16.9%) Est. Cost $95.92 Unrealized +44.6%

JPM JP MORGAN CHASE & CO 0.1%

Value ($000) $632 (-17.5%) Shares 2,150 (-9.7%) Est. Cost $141.61 Unrealized +119.9%

META META PLATFORMS, INC. 0.0%

Value ($000) $336 (-22.6%) Shares 587 (-10.7%) Est. Cost $584.74 Unrealized +12.1%

CAT CATERPILLAR, INC. 0.1%

Value ($000) $992 (+8.2%) Shares 1,400 (-12.5%) Est. Cost $371.56 Unrealized +84.2%

AVGO BROADCOM INC 0.0%

Value ($000) $210 (-21.0%) Shares 680 (-11.7%) Est. Cost $215.92 Unrealized +54.8%

SLV ISHARES SILVER TRUST INDEX FUND 0.0%

Value ($000) $242 (-6.1%) Shares 3,550 (-11.3%) Est. Cost $42.37 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET, INC. CL A (GOOGLE A)	109,454 (-36.4%)	$31,475 (-41.6%)	3.1%	$106.39	+203.9%	Common Stocks	02079K305
GOOG	ALPHABET, INC. CL C (GOOGLE C)	431,240 (-6.6%)	$123,705 (-14.6%)	12.1%	$111.00	+191.6%	Common Stocks	02079K107
KMI	KINDER MORGAN, INC.	1,707,786 (-1.0%)	$57,262 (+20.7%)	5.6%	$14.34	+107.4%	Common Stocks	49456B101
AAPL	APPLE, INC.	179,438 (-1.3%)	$45,540 (-7.9%)	4.5%	$100.09	+162.6%	Common Stocks	037833100
ROIV	ROIVANT SCIENCES LTD.	1,592,623 (-14.3%)	$44,116 (+9.4%)	4.3%	$10.94	+120.9%	Common Stocks	G76279101
RTX	RTX CORP.	186,641 (-3.3%)	$36,003 (+1.7%)	3.5%	$59.52	+230.3%	Common Stocks	75513E101
LLY	ELI LILLY & CO.	2,695 (-2.0%)	$2,479 (-16.1%)	0.2%	$878.11	+19.2%	Common Stocks	532457108
AMZN	AMAZON, INC.	11,422 (-2.6%)	$2,379 (-12.1%)	0.2%	$164.44	+37.9%	Common Stocks	023135106
SPY	SPDR S & P 500 ETF	583 (-31.9%)	$379 (-35.0%)	0.0%	$422.81	—	Common Stocks	78462F103
SIRI	SIRIUSXM HOLDINGS INC.	109,303 (-19.8%)	$2,523 (-7.4%)	0.2%	$31.06	-32.6%	Common Stocks	829933100
GLD	SPDR GOLD TRUST	7,283 (-2.5%)	$3,134 (+5.9%)	0.3%	$224.82	—	Common Stocks	78463V107
XOM	EXXON MOBIL, CORP.	6,894 (-16.9%)	$1,170 (+17.1%)	0.1%	$95.92	+44.6%	Common Stocks	30231G102
JPM	JP MORGAN CHASE & CO	2,150 (-9.7%)	$632 (-17.5%)	0.1%	$141.61	+119.9%	Common Stocks	46625H100
META	META PLATFORMS, INC.	587 (-10.7%)	$336 (-22.6%)	0.0%	$584.74	+12.1%	Common Stocks	30303M102
CAT	CATERPILLAR, INC.	1,400 (-12.5%)	$992 (+8.2%)	0.1%	$371.56	+84.2%	Common Stocks	149123101
AVGO	BROADCOM INC	680 (-11.7%)	$210 (-21.0%)	0.0%	$215.92	+54.8%	Common Stocks	11135F101
SLV	ISHARES SILVER TRUST INDEX FUND	3,550 (-11.3%)	$242 (-6.1%)	0.0%	$42.37	—	Common Stocks	46428Q109

Unchanged Positions (54)

SHEL SHELL PLC 4.5%

Value ($000) $46,228 Shares 497,080 Est. Cost $54.91 Unrealized —

PYPL PAYPAL HOLDINGS, INC. 3.0%

Value ($000) $30,640 Shares 677,417 Est. Cost $86.46 Unrealized -42.1%

UNH UNITEDHEALTH GROUP, INC. 3.6%

Value ($000) $36,894 Shares 136,346 Est. Cost $344.03 Unrealized -10.3%

QCOM QUALCOMM, INC. 2.4%

Value ($000) $24,362 Shares 189,176 Est. Cost $45.29 Unrealized +239.8%

EPD ENTERPRISE PRODUCTS PRTNS 4.4%

Value ($000) $44,500 Shares 1,175,998 Est. Cost $45.32 Unrealized —

LMT LOCKHEED MARTIN CORP 3.3%

Value ($000) $33,558 Shares 55,524 Est. Cost $344.08 Unrealized +74.6%

NVDA NVIDIA CORP 8.5%

Value ($000) $86,910 Shares 498,338 Est. Cost $117.17 Unrealized +59.3%

CHKP CHECK POINT SOFTWARE TECH 1.7%

Value ($000) $17,443 Shares 122,108 Est. Cost $75.35 Unrealized +134.2%

LVS LAS VEGAS SANDS 2.1%

Value ($000) $21,629 Shares 401,434 Est. Cost $41.52 Unrealized +40.6%

BSM BLACK STONE MINERALS LP 2.9%

Value ($000) $29,629 Shares 1,959,588 Est. Cost $11.42 Unrealized —

MSFT MICROSOFT CORPORATION 1.0%

Value ($000) $10,503 Shares 28,374 Est. Cost $409.88 Unrealized +6.0%

BUD ANHEUSER-BUSCH INBEV SA/NV 3.3%

Value ($000) $33,663 Shares 485,264 Est. Cost $52.65 Unrealized —

BMY BRISTOL-MYERS SQUIBB CO 2.0%

Value ($000) $20,394 Shares 336,264 Est. Cost $42.42 Unrealized +35.4%

EVVTY EVOLUTION AB-ADR 2.1%

Value ($000) $21,383 Shares 343,506 Est. Cost $74.86 Unrealized —

TGT TARGET CORP 1.0%

Value ($000) $10,250 Shares 84,571 Est. Cost $91.63 Unrealized +19.2%

ACN ACCENTURE PLC 0.5%

Value ($000) $5,094 Shares 25,689 Est. Cost $73.29 Unrealized +245.5%

XYL XYLEM, INC. 1.1%

Value ($000) $11,433 Shares 95,672 Est. Cost $33.22 Unrealized +310.8%

JNJ JOHNSON & JOHNSON 1.0%

Value ($000) $10,106 Shares 41,344 Est. Cost $152.66 Unrealized +49.3%

VZ VERIZON COMMUNICATIONS 0.7%

Value ($000) $6,693 Shares 133,324 Est. Cost $39.15 Unrealized +11.9%

TXN TEXAS INSTRUMENTS, INC. 0.8%

Value ($000) $8,070 Shares 41,567 Est. Cost $192.06 Unrealized +7.4%

MTCH MATCH GROUP INC. 1.6%

Value ($000) $16,115 Shares 524,758 Est. Cost $37.41 Unrealized -16.1%

AXP AMERICAN EXPRESS, CO. 0.3%

Value ($000) $3,190 Shares 10,546 Est. Cost $245.13 Unrealized +45.3%

ABT ABBOTT LABORATORIES 0.3%

Value ($000) $3,205 Shares 31,215 Est. Cost $107.07 Unrealized +7.8%

NKE NIKE, INC. 0.3%

Value ($000) $3,271 Shares 61,936 Est. Cost $76.01 Unrealized -15.8%

MTDR MATADOR RESOURCES CO. 0.2%

Value ($000) $1,895 Shares 30,000 Est. Cost $9.87 Unrealized +359.8%

SFM SPROUTS FARMERS MARKET INC 1.7%

Value ($000) $17,222 Shares 223,283 Est. Cost $35.59 Unrealized +103.3%

WM WASTE MANGEMENT, INC. 1.3%

Value ($000) $13,002 Shares 56,580 Est. Cost $204.28 Unrealized +10.7%

PFE PFIZER, INC. 0.5%

Value ($000) $4,784 Shares 170,361 Est. Cost $25.64 Unrealized +2.1%

KO COCA-COLA COMPANY 0.6%

Value ($000) $6,276 Shares 82,523 Est. Cost $65.65 Unrealized +13.9%

AMGN AMGEN, INC. 0.6%

Value ($000) $6,603 Shares 18,766 Est. Cost $298.82 Unrealized +17.0%

MTD METTLER-TOLEDO INTERNATIONAL, INC. 0.4%

Value ($000) $4,065 Shares 3,223 Est. Cost $1403.70 Unrealized +0.7%

KMB KIMBERLY CLARK, CORP. 0.8%

Value ($000) $8,400 Shares 87,070 Est. Cost $112.04 Unrealized -8.0%

HON HONEYWELL INTERNATIONAL, INC. 0.3%

Value ($000) $2,608 Shares 11,538 Est. Cost $70.74 Unrealized +219.4%

PEP PEPSICO, INC. 0.4%

Value ($000) $4,524 Shares 29,133 Est. Cost $159.65 Unrealized -3.1%

ABBV ABBVIE, INC. 0.6%

Value ($000) $6,626 Shares 30,464 Est. Cost $178.69 Unrealized +24.6%

FCFS FIRSTCASH HLDGS, INC. 0.1%

Value ($000) $1,357 Shares 7,220 Est. Cost $111.06 Unrealized +56.2%

V VISA, INC. 0.1%

Value ($000) $1,013 Shares 3,350 Est. Cost $147.01 Unrealized +123.9%

SBUX STARBUCKS, CORP. 0.3%

Value ($000) $2,624 Shares 29,291 Est. Cost $82.90 Unrealized +12.9%

TSLA TESLA, INC. 0.1%

Value ($000) $638 Shares 1,715 Est. Cost $262.68 Unrealized +62.2%

PAYX PAYCHEX INC. 0.1%

Value ($000) $542 Shares 5,881 Est. Cost $53.26 Unrealized +91.5%

DMLP DORCHESTER MINERALS LP 0.1%

Value ($000) $611 Shares 22,530 Est. Cost $22.99 Unrealized —

MCD MCDONALDS, CORP. 0.6%

Value ($000) $6,532 Shares 21,017 Est. Cost $266.70 Unrealized +19.0%

USPH U.S. PHYSICAL THERAPY, INC. 0.2%

Value ($000) $2,227 Shares 29,713 Est. Cost $88.73 Unrealized -5.1%

UPS UNITED PARCEL SERVICE, INC. 0.5%

Value ($000) $5,619 Shares 57,113 Est. Cost $106.83 Unrealized +2.8%

WMT WAL-MART INC. 0.0%

Value ($000) $338 Shares 2,720 Est. Cost $85.80 Unrealized +42.2%

PG PROCTER & GAMBLE, CO. 0.4%

Value ($000) $3,820 Shares 26,448 Est. Cost $164.23 Unrealized -7.6%

HD HOME DEPOT, INC. 0.0%

Value ($000) $341 Shares 1,038 Est. Cost $352.64 Unrealized +6.9%

ITOT ISHARES TOTAL US STOCK MARKET ETF 0.0%

Value ($000) $356 Shares 2,500 Est. Cost $125.62 Unrealized —

BRK/B BERKSHIRE HATHAWAY CLASS B 0.0%

Value ($000) $309 Shares 645 Est. Cost $375.99 Unrealized +31.2%

CSCO CISCO SYSTEMS, INC. 0.2%

Value ($000) $1,541 Shares 19,864 Est. Cost $46.78 Unrealized +66.5%

CLNN CLENE, INC. 0.0%

Value ($000) $54 Shares 11,000 Est. Cost $4.53 Unrealized +7.8%

NFLX NETFLIX, INC. 0.0%

Value ($000) $255 Shares 2,650 Est. Cost $105.26 Unrealized -20.4%

TRV TRAVELERS COMPANIES 0.0%

Value ($000) $272 Shares 933 Est. Cost $215.32 Unrealized +34.0%

GAME GAMESQUARE HOLDINGS, INC. 0.0%

Value ($000) $3 Shares 10,000 Est. Cost $0.58 Unrealized -34.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SHEL	SHELL PLC	497,080	$46,228	4.5%	$54.91	—	Common Stocks	780259305
PYPL	PAYPAL HOLDINGS, INC.	677,417	$30,640	3.0%	$86.46	-42.1%	Common Stocks	70450Y103
UNH	UNITEDHEALTH GROUP, INC.	136,346	$36,894	3.6%	$344.03	-10.3%	Common Stocks	91324P102
QCOM	QUALCOMM, INC.	189,176	$24,362	2.4%	$45.29	+239.8%	Common Stocks	747525103
EPD	ENTERPRISE PRODUCTS PRTNS	1,175,998	$44,500	4.4%	$45.32	—	Common Stocks	293792107
LMT	LOCKHEED MARTIN CORP	55,524	$33,558	3.3%	$344.08	+74.6%	Common Stocks	539830109
NVDA	NVIDIA CORP	498,338	$86,910	8.5%	$117.17	+59.3%	Common Stocks	67066G104
CHKP	CHECK POINT SOFTWARE TECH	122,108	$17,443	1.7%	$75.35	+134.2%	Common Stocks	M22465104
LVS	LAS VEGAS SANDS	401,434	$21,629	2.1%	$41.52	+40.6%	Common Stocks	517834107
BSM	BLACK STONE MINERALS LP	1,959,588	$29,629	2.9%	$11.42	—	Common Stocks	09225M101
MSFT	MICROSOFT CORPORATION	28,374	$10,503	1.0%	$409.88	+6.0%	Common Stocks	594918104
BUD	ANHEUSER-BUSCH INBEV SA/NV	485,264	$33,663	3.3%	$52.65	—	Common Stocks	03524A108
BMY	BRISTOL-MYERS SQUIBB CO	336,264	$20,394	2.0%	$42.42	+35.4%	Common Stocks	110122108
EVVTY	EVOLUTION AB-ADR	343,506	$21,383	2.1%	$74.86	—	Common Stocks	30051E104
TGT	TARGET CORP	84,571	$10,250	1.0%	$91.63	+19.2%	Common Stocks	87612E106
ACN	ACCENTURE PLC	25,689	$5,094	0.5%	$73.29	+245.5%	Common Stocks	G1151C101
XYL	XYLEM, INC.	95,672	$11,433	1.1%	$33.22	+310.8%	Common Stocks	98419M100
JNJ	JOHNSON & JOHNSON	41,344	$10,106	1.0%	$152.66	+49.3%	Common Stocks	478160104
VZ	VERIZON COMMUNICATIONS	133,324	$6,693	0.7%	$39.15	+11.9%	Common Stocks	92343V104
TXN	TEXAS INSTRUMENTS, INC.	41,567	$8,070	0.8%	$192.06	+7.4%	Common Stocks	882508104
MTCH	MATCH GROUP INC.	524,758	$16,115	1.6%	$37.41	-16.1%	Common Stocks	57667L107
AXP	AMERICAN EXPRESS, CO.	10,546	$3,190	0.3%	$245.13	+45.3%	Common Stocks	025816109
ABT	ABBOTT LABORATORIES	31,215	$3,205	0.3%	$107.07	+7.8%	Common Stocks	002824100
NKE	NIKE, INC.	61,936	$3,271	0.3%	$76.01	-15.8%	Common Stocks	654106103
MTDR	MATADOR RESOURCES CO.	30,000	$1,895	0.2%	$9.87	+359.8%	Common Stocks	576485205
SFM	SPROUTS FARMERS MARKET INC	223,283	$17,222	1.7%	$35.59	+103.3%	Common Stocks	85208M102
WM	WASTE MANGEMENT, INC.	56,580	$13,002	1.3%	$204.28	+10.7%	Common Stocks	94106L109
PFE	PFIZER, INC.	170,361	$4,784	0.5%	$25.64	+2.1%	Common Stocks	717081103
KO	COCA-COLA COMPANY	82,523	$6,276	0.6%	$65.65	+13.9%	Common Stocks	191216100
AMGN	AMGEN, INC.	18,766	$6,603	0.6%	$298.82	+17.0%	Common Stocks	031162100
MTD	METTLER-TOLEDO INTERNATIONAL, INC.	3,223	$4,065	0.4%	$1403.70	+0.7%	Common Stocks	592688105
KMB	KIMBERLY CLARK, CORP.	87,070	$8,400	0.8%	$112.04	-8.0%	Common Stocks	494368103
HON	HONEYWELL INTERNATIONAL, INC.	11,538	$2,608	0.3%	$70.74	+219.4%	Common Stocks	438516106
PEP	PEPSICO, INC.	29,133	$4,524	0.4%	$159.65	-3.1%	Common Stocks	713448108
ABBV	ABBVIE, INC.	30,464	$6,626	0.6%	$178.69	+24.6%	Common Stocks	00287Y109
FCFS	FIRSTCASH HLDGS, INC.	7,220	$1,357	0.1%	$111.06	+56.2%	Common Stocks	33768G107
V	VISA, INC.	3,350	$1,013	0.1%	$147.01	+123.9%	Common Stocks	92826C839
SBUX	STARBUCKS, CORP.	29,291	$2,624	0.3%	$82.90	+12.9%	Common Stocks	855244109
TSLA	TESLA, INC.	1,715	$638	0.1%	$262.68	+62.2%	Common Stocks	88160R101
PAYX	PAYCHEX INC.	5,881	$542	0.1%	$53.26	+91.5%	Common Stocks	704326107
DMLP	DORCHESTER MINERALS LP	22,530	$611	0.1%	$22.99	—	Common Stocks	25820R105
MCD	MCDONALDS, CORP.	21,017	$6,532	0.6%	$266.70	+19.0%	Common Stocks	580135101
USPH	U.S. PHYSICAL THERAPY, INC.	29,713	$2,227	0.2%	$88.73	-5.1%	Common Stocks	90337L108
UPS	UNITED PARCEL SERVICE, INC.	57,113	$5,619	0.5%	$106.83	+2.8%	Common Stocks	911312106
WMT	WAL-MART INC.	2,720	$338	0.0%	$85.80	+42.2%	Common Stocks	931142103
PG	PROCTER & GAMBLE, CO.	26,448	$3,820	0.4%	$164.23	-7.6%	Common Stocks	742718109
HD	HOME DEPOT, INC.	1,038	$341	0.0%	$352.64	+6.9%	Common Stocks	437076102
ITOT	ISHARES TOTAL US STOCK MARKET ETF	2,500	$356	0.0%	$125.62	—	Common Stocks	464287150
BRK/B	BERKSHIRE HATHAWAY CLASS B	645	$309	0.0%	$375.99	+31.2%	Common Stocks	084670702
CSCO	CISCO SYSTEMS, INC.	19,864	$1,541	0.2%	$46.78	+66.5%	Common Stocks	17275R102
CLNN	CLENE, INC.	11,000	$54	0.0%	$4.53	+7.8%	Common Stocks	185634201
NFLX	NETFLIX, INC.	2,650	$255	0.0%	$105.26	-20.4%	Common Stocks	64110L106
TRV	TRAVELERS COMPANIES	933	$272	0.0%	$215.32	+34.0%	Common Stocks	89417E109
GAME	GAMESQUARE HOLDINGS, INC.	10,000	$3	0.0%	$0.58	-34.3%	Common Stocks	36468G103