Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HON	HONEYWELL INTERNATIONAL, INC.	5,765	$1.291M	0.1%	$223.88	—	Common Stocks	438516205
HONA	HONEYWELL AEROSPACE INC	5,765	$1.274M	0.1%	$221.06	—	Common Stocks	43849R105
AMD	ADVANCED MICRO DEVICES INC	527	$306K	0.0%	$580.91	—	Common Stocks	007903107
ETN	EATON CORPORATION PLC	617	$263K	0.0%	$426.12	—	Common Stocks	G29183103
PANW	PALO ALTO NETWORKS, INC.	705	$240K	0.0%	$341.02	—	Common Stocks	697435105
SOLS	SOLSTICE ADVANCED MATERIALS, INC.	2,457	$218K	0.0%	$88.60	—	Common Stocks	83443Q103
TECK	TECK RESOURCES LTD. CLASS B	3,600	$214K	0.0%	$59.46	—	Common Stocks	878742204
DELL	DELL INC	492	$212K	0.0%	$431.46	—	Common Stocks	24703L202
VUG	VANGUARD GROWTH ETF	2,370	$204K	0.0%	$86.14	—	Common Stocks	922908736
ARCC	ARES CAP CORP COM	10,663	$198K	0.0%	$18.53	—	Common Stocks	04010L103

Increased Positions (7)

ACN ACCENTURE PLC 3.6%

Value $39.92M (+683.7%) Shares 320,793 (+1148.8%) Est. Cost $120.34 Unrealized —

CRM SALESFORCE INC 2.2%

Value $24.6M (-15.1%) Shares 157,021 (+1.1%) Est. Cost $215.11 Unrealized —

MTCH MATCH GROUP INC. 1.8%

Value $20.21M (+25.4%) Shares 531,126 (+1.2%) Est. Cost $37.41 Unrealized —

JPM JP MORGAN CHASE & CO 0.2%

Value $2.34M (+270.1%) Shares 7,150 (+232.6%) Est. Cost $271.48 Unrealized —

VOO VANGUARD S&P 500 ETF 0.1%

Value $1.17M (+67.7%) Shares 1,704 (+45.9%) Est. Cost $520.35 Unrealized —

AVGO BROADCOM INC 0.0%

Value $356K (+69.3%) Shares 943 (+38.7%) Est. Cost $261.06 Unrealized —

XOM EXXON MOBIL, CORP. 0.1%

Value $1.055M (-9.8%) Shares 7,718 (+12.0%) Est. Cost $100.28 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ACN	ACCENTURE PLC	320,793 (+1148.8%)	$39.92M (+683.7%)	3.6%	$120.34	—	Common Stocks	G1151C101
CRM	SALESFORCE INC	157,021 (+1.1%)	$24.6M (-15.1%)	2.2%	$215.11	—	Common Stocks	79466L302
MTCH	MATCH GROUP INC.	531,126 (+1.2%)	$20.21M (+25.4%)	1.8%	$37.41	—	Common Stocks	57667L107
JPM	JP MORGAN CHASE & CO	7,150 (+232.6%)	$2.34M (+270.1%)	0.2%	$271.48	—	Common Stocks	46625H100
VOO	VANGUARD S&P 500 ETF	1,704 (+45.9%)	$1.17M (+67.7%)	0.1%	$520.35	—	Common Stocks	922908363
AVGO	BROADCOM INC	943 (+38.7%)	$356K (+69.3%)	0.0%	$261.06	—	Common Stocks	11135F101
XOM	EXXON MOBIL, CORP.	7,718 (+12.0%)	$1.055M (-9.8%)	0.1%	$100.28	—	Common Stocks	30231G102

Exited Positions (6)

SBUX STARBUCKS, CORP. 0.2%

Value $2.624M Shares 29,291 Est. Cost $82.90 Unrealized —

HON HONEYWELL INTERNATIONAL, INC. 0.2%

Value $2.608M Shares 11,538 Est. Cost $70.74 Unrealized —

SIRI SIRIUSXM HOLDINGS INC. 0.2%

Value $2.523M Shares 109,303 Est. Cost $31.06 Unrealized —

NFLX NETFLIX, INC. 0.0%

Value $255K Shares 2,650 Est. Cost $105.26 Unrealized —

SLV ISHARES SILVER TRUST INDEX FUND 0.0%

Value $242K Shares 3,550 Est. Cost $42.37 Unrealized —

TPL TEXAS PACIFIC LAND, CORP. 0.0%

Value $214K Shares 450 Est. Cost $373.26 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SBUX	STARBUCKS, CORP.	29,291	$2.624M	0.2%	$82.90	—	—	855244109
HON	HONEYWELL INTERNATIONAL, INC.	11,538	$2.608M	0.2%	$70.74	—	—	438516106
SIRI	SIRIUSXM HOLDINGS INC.	109,303	$2.523M	0.2%	$31.06	—	—	829933100
NFLX	NETFLIX, INC.	2,650	$255K	0.0%	$105.26	—	—	64110L106
SLV	ISHARES SILVER TRUST INDEX FUND	3,550	$242K	0.0%	$42.37	—	—	46428Q109
TPL	TEXAS PACIFIC LAND, CORP.	450	$214K	0.0%	$373.26	—	—	88262P102

Decreased Positions (12)

SHEL SHELL PLC 3.4%

Value $37.96M (-17.9%) Shares 489,575 (-1.5%) Est. Cost $54.91 Unrealized —

BMY BRISTOL-MYERS SQUIBB CO 1.2%

Value $13.86M (-32.0%) Shares 240,615 (-28.4%) Est. Cost $42.42 Unrealized —

NVDA NVIDIA CORP 8.3%

Value $93.24M (+7.3%) Shares 465,988 (-6.5%) Est. Cost $117.17 Unrealized —

GOOGL ALPHABET, INC. CL A (GOOGLE A) 3.3%

Value $36.81M (+17.0%) Shares 103,003 (-5.9%) Est. Cost $106.39 Unrealized —

AAPL APPLE, INC. 4.5%

Value $50.78M (+11.5%) Shares 175,501 (-2.2%) Est. Cost $100.09 Unrealized —

KMI KINDER MORGAN, INC. 4.8%

Value $53.5M (-6.6%) Shares 1,673,542 (-2.0%) Est. Cost $14.34 Unrealized —

LVS LAS VEGAS SANDS 1.6%

Value $17.99M (-16.8%) Shares 389,501 (-3.0%) Est. Cost $41.52 Unrealized —

KMB KIMBERLY CLARK, CORP. 0.8%

Value $9.311M (+10.8%) Shares 84,820 (-2.6%) Est. Cost $112.04 Unrealized —

CAT CATERPILLAR, INC. 0.1%

Value $1.414M (+42.6%) Shares 1,328 (-5.1%) Est. Cost $371.56 Unrealized —

AMZN AMAZON, INC. 0.2%

Value $2.026M (-14.8%) Shares 8,502 (-25.6%) Est. Cost $164.44 Unrealized —

SPY SPDR S & P 500 ETF 0.0%

Value $276K (-27.1%) Shares 370 (-36.5%) Est. Cost $422.81 Unrealized —

V VISA, INC. 0.1%

Value $1.046M (+3.4%) Shares 3,050 (-9.0%) Est. Cost $147.01 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SHEL	SHELL PLC	489,575 (-1.5%)	$37.96M (-17.9%)	3.4%	$54.91	—	Common Stocks	780259305
BMY	BRISTOL-MYERS SQUIBB CO	240,615 (-28.4%)	$13.86M (-32.0%)	1.2%	$42.42	—	Common Stocks	110122108
NVDA	NVIDIA CORP	465,988 (-6.5%)	$93.24M (+7.3%)	8.3%	$117.17	—	Common Stocks	67066G104
GOOGL	ALPHABET, INC. CL A (GOOGLE A)	103,003 (-5.9%)	$36.81M (+17.0%)	3.3%	$106.39	—	Common Stocks	02079K305
AAPL	APPLE, INC.	175,501 (-2.2%)	$50.78M (+11.5%)	4.5%	$100.09	—	Common Stocks	037833100
KMI	KINDER MORGAN, INC.	1,673,542 (-2.0%)	$53.5M (-6.6%)	4.8%	$14.34	—	Common Stocks	49456B101
LVS	LAS VEGAS SANDS	389,501 (-3.0%)	$17.99M (-16.8%)	1.6%	$41.52	—	Common Stocks	517834107
KMB	KIMBERLY CLARK, CORP.	84,820 (-2.6%)	$9.311M (+10.8%)	0.8%	$112.04	—	Common Stocks	494368103
CAT	CATERPILLAR, INC.	1,328 (-5.1%)	$1.414M (+42.6%)	0.1%	$371.56	—	Common Stocks	149123101
AMZN	AMAZON, INC.	8,502 (-25.6%)	$2.026M (-14.8%)	0.2%	$164.44	—	Common Stocks	023135106
SPY	SPDR S & P 500 ETF	370 (-36.5%)	$276K (-27.1%)	0.0%	$422.81	—	Common Stocks	78462F103
V	VISA, INC.	3,050 (-9.0%)	$1.046M (+3.4%)	0.1%	$147.01	—	Common Stocks	92826C839

Unchanged Positions (50)

GOOG ALPHABET, INC. CL C (GOOGLE C) 13.5%

Value $151M Shares 428,390 Est. Cost $111.00 Unrealized —

UNH UNITEDHEALTH GROUP, INC. 5.0%

Value $56.63M Shares 136,259 Est. Cost $344.03 Unrealized —

ROIV ROIVANT SCIENCES LTD. 5.0%

Value $55.92M Shares 1,580,191 Est. Cost $10.94 Unrealized —

QCOM QUALCOMM, INC. 3.1%

Value $34.61M Shares 187,300 Est. Cost $45.29 Unrealized —

BUD ANHEUSER-BUSCH INBEV SA/NV 3.5%

Value $39.84M Shares 483,439 Est. Cost $52.65 Unrealized —

LMT LOCKHEED MARTIN CORP 2.5%

Value $28.32M Shares 55,590 Est. Cost $344.08 Unrealized —

TXN TEXAS INSTRUMENTS, INC. 1.1%

Value $12.45M Shares 41,778 Est. Cost $192.06 Unrealized —

EVVTY EVOLUTION AB-ADR 2.1%

Value $23.79M Shares 345,936 Est. Cost $74.86 Unrealized —

BSM BLACK STONE MINERALS LP 2.4%

Value $27.36M Shares 1,958,137 Est. Cost $11.42 Unrealized —

SFM SPROUTS FARMERS MARKET INC 1.7%

Value $18.89M Shares 223,281 Est. Cost $35.59 Unrealized —

CHKP CHECK POINT SOFTWARE TECH 1.4%

Value $16.05M Shares 122,103 Est. Cost $75.35 Unrealized —

PYPL PAYPAL HOLDINGS, INC. 2.6%

Value $29.36M Shares 680,019 Est. Cost $86.46 Unrealized —

EPD ENTERPRISE PRODUCTS PRTNS 3.9%

Value $43.23M Shares 1,175,994 Est. Cost $45.32 Unrealized —

VZ VERIZON COMMUNICATIONS 0.5%

Value $5.596M Shares 132,169 Est. Cost $39.15 Unrealized —

ABBV ABBVIE, INC. 0.7%

Value $7.708M Shares 30,630 Est. Cost $178.69 Unrealized —

MCD MCDONALDS, CORP. 0.5%

Value $5.68M Shares 21,014 Est. Cost $266.70 Unrealized —

CSCO CISCO SYSTEMS, INC. 0.2%

Value $2.344M Shares 19,959 Est. Cost $46.78 Unrealized —

TGT TARGET CORP 1.0%

Value $11.01M Shares 84,306 Est. Cost $91.63 Unrealized —

LLY ELI LILLY & CO. 0.3%

Value $3.232M Shares 2,695 Est. Cost $878.11 Unrealized —

NKE NIKE, INC. 0.2%

Value $2.53M Shares 61,621 Est. Cost $76.01 Unrealized —

PFE PFIZER, INC. 0.4%

Value $4.08M Shares 169,415 Est. Cost $25.64 Unrealized —

RTX RTX CORP. 3.2%

Value $35.39M Shares 186,527 Est. Cost $59.52 Unrealized —

PEP PEPSICO, INC. 0.4%

Value $3.938M Shares 29,083 Est. Cost $159.65 Unrealized —

UPS UNITED PARCEL SERVICE, INC. 0.5%

Value $6.111M Shares 56,843 Est. Cost $106.83 Unrealized —

GLD SPDR GOLD TRUST 0.2%

Value $2.683M Shares 7,283 Est. Cost $224.82 Unrealized —

WM WASTE MANGEMENT, INC. 1.1%

Value $12.56M Shares 56,370 Est. Cost $204.28 Unrealized —

KO COCA-COLA COMPANY 0.6%

Value $6.702M Shares 82,462 Est. Cost $65.65 Unrealized —

MTDR MATADOR RESOURCES CO. 0.1%

Value $1.493M Shares 30,000 Est. Cost $9.87 Unrealized —

AXP AMERICAN EXPRESS, CO. 0.3%

Value $3.567M Shares 10,546 Est. Cost $245.13 Unrealized —

ABT ABBOTT LABORATORIES 0.3%

Value $2.832M Shares 31,215 Est. Cost $107.07 Unrealized —

JNJ JOHNSON & JOHNSON 0.9%

Value $10.47M Shares 41,217 Est. Cost $152.66 Unrealized —

FCFS FIRSTCASH HLDGS, INC. 0.1%

Value $1.562M Shares 7,220 Est. Cost $111.06 Unrealized —

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

Value $2.041M Shares 29,713 Est. Cost $88.73 Unrealized —

AMGN AMGEN, INC. 0.6%

Value $6.789M Shares 18,748 Est. Cost $298.82 Unrealized —

MSFT MICROSOFT CORPORATION 1.0%

Value $10.67M Shares 28,611 Est. Cost $409.88 Unrealized —

XYL XYLEM, INC. 1.0%

Value $11.3M Shares 95,570 Est. Cost $33.22 Unrealized —

TSLA TESLA, INC. 0.1%

Value $721K Shares 1,715 Est. Cost $262.68 Unrealized —

GEV GE VERNOVA LLC 0.0%

Value $282K Shares 240 Est. Cost $736.93 Unrealized —

ITOT ISHARES TOTAL US STOCK MARKET ETF 0.0%

Value $411K Shares 2,500 Est. Cost $125.62 Unrealized —

MTD METTLER-TOLEDO INTERNATIONAL, INC. 0.4%

Value $4.111M Shares 3,218 Est. Cost $1403.70 Unrealized —

PG PROCTER & GAMBLE, CO. 0.3%

Value $3.862M Shares 26,340 Est. Cost $164.23 Unrealized —

DMLP DORCHESTER MINERALS LP 0.1%

Value $569K Shares 22,530 Est. Cost $22.99 Unrealized —

PAYX PAYCHEX INC. 0.1%

Value $578K Shares 5,881 Est. Cost $53.26 Unrealized —

TRV TRAVELERS COMPANIES 0.0%

Value $308K Shares 933 Est. Cost $215.32 Unrealized —

WMT WAL-MART INC. 0.0%

Value $308K Shares 2,720 Est. Cost $85.80 Unrealized —

HD HOME DEPOT, INC. 0.0%

Value $366K Shares 1,037 Est. Cost $352.64 Unrealized —

BRK/B BERKSHIRE HATHAWAY CLASS B 0.0%

Value $323K Shares 645 Est. Cost $375.99 Unrealized —

CLNN CLENE, INC. 0.0%

Value $67,705 Shares 11,000 Est. Cost $4.53 Unrealized —

META META PLATFORMS, INC. 0.0%

Value $331K Shares 587 Est. Cost $584.74 Unrealized —

GAME GAMESQUARE HOLDINGS, INC. 0.0%

Value $3,950 Shares 10,000 Est. Cost $0.58 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET, INC. CL C (GOOGLE C)	428,390	$151M	13.5%	$111.00	—	Common Stocks	02079K107
UNH	UNITEDHEALTH GROUP, INC.	136,259	$56.63M	5.0%	$344.03	—	Common Stocks	91324P102
ROIV	ROIVANT SCIENCES LTD.	1,580,191	$55.92M	5.0%	$10.94	—	Common Stocks	G76279101
QCOM	QUALCOMM, INC.	187,300	$34.61M	3.1%	$45.29	—	Common Stocks	747525103
BUD	ANHEUSER-BUSCH INBEV SA/NV	483,439	$39.84M	3.5%	$52.65	—	Common Stocks	03524A108
LMT	LOCKHEED MARTIN CORP	55,590	$28.32M	2.5%	$344.08	—	Common Stocks	539830109
TXN	TEXAS INSTRUMENTS, INC.	41,778	$12.45M	1.1%	$192.06	—	Common Stocks	882508104
EVVTY	EVOLUTION AB-ADR	345,936	$23.79M	2.1%	$74.86	—	Common Stocks	30051E104
BSM	BLACK STONE MINERALS LP	1,958,137	$27.36M	2.4%	$11.42	—	Common Stocks	09225M101
SFM	SPROUTS FARMERS MARKET INC	223,281	$18.89M	1.7%	$35.59	—	Common Stocks	85208M102
CHKP	CHECK POINT SOFTWARE TECH	122,103	$16.05M	1.4%	$75.35	—	Common Stocks	M22465104
PYPL	PAYPAL HOLDINGS, INC.	680,019	$29.36M	2.6%	$86.46	—	Common Stocks	70450Y103
EPD	ENTERPRISE PRODUCTS PRTNS	1,175,994	$43.23M	3.9%	$45.32	—	Common Stocks	293792107
VZ	VERIZON COMMUNICATIONS	132,169	$5.596M	0.5%	$39.15	—	Common Stocks	92343V104
ABBV	ABBVIE, INC.	30,630	$7.708M	0.7%	$178.69	—	Common Stocks	00287Y109
MCD	MCDONALDS, CORP.	21,014	$5.68M	0.5%	$266.70	—	Common Stocks	580135101
CSCO	CISCO SYSTEMS, INC.	19,959	$2.344M	0.2%	$46.78	—	Common Stocks	17275R102
TGT	TARGET CORP	84,306	$11.01M	1.0%	$91.63	—	Common Stocks	87612E106
LLY	ELI LILLY & CO.	2,695	$3.232M	0.3%	$878.11	—	Common Stocks	532457108
NKE	NIKE, INC.	61,621	$2.53M	0.2%	$76.01	—	Common Stocks	654106103
PFE	PFIZER, INC.	169,415	$4.08M	0.4%	$25.64	—	Common Stocks	717081103
RTX	RTX CORP.	186,527	$35.39M	3.2%	$59.52	—	Common Stocks	75513E101
PEP	PEPSICO, INC.	29,083	$3.938M	0.4%	$159.65	—	Common Stocks	713448108
UPS	UNITED PARCEL SERVICE, INC.	56,843	$6.111M	0.5%	$106.83	—	Common Stocks	911312106
GLD	SPDR GOLD TRUST	7,283	$2.683M	0.2%	$224.82	—	Common Stocks	78463V107
WM	WASTE MANGEMENT, INC.	56,370	$12.56M	1.1%	$204.28	—	Common Stocks	94106L109
KO	COCA-COLA COMPANY	82,462	$6.702M	0.6%	$65.65	—	Common Stocks	191216100
MTDR	MATADOR RESOURCES CO.	30,000	$1.493M	0.1%	$9.87	—	Common Stocks	576485205
AXP	AMERICAN EXPRESS, CO.	10,546	$3.567M	0.3%	$245.13	—	Common Stocks	025816109
ABT	ABBOTT LABORATORIES	31,215	$2.832M	0.3%	$107.07	—	Common Stocks	002824100
JNJ	JOHNSON & JOHNSON	41,217	$10.47M	0.9%	$152.66	—	Common Stocks	478160104
FCFS	FIRSTCASH HLDGS, INC.	7,220	$1.562M	0.1%	$111.06	—	Common Stocks	33768G107
USPH	U.S. PHYSICAL THERAPY, INC.	29,713	$2.041M	0.2%	$88.73	—	Common Stocks	90337L108
AMGN	AMGEN, INC.	18,748	$6.789M	0.6%	$298.82	—	Common Stocks	031162100
MSFT	MICROSOFT CORPORATION	28,611	$10.67M	1.0%	$409.88	—	Common Stocks	594918104
XYL	XYLEM, INC.	95,570	$11.3M	1.0%	$33.22	—	Common Stocks	98419M100
TSLA	TESLA, INC.	1,715	$721K	0.1%	$262.68	—	Common Stocks	88160R101
GEV	GE VERNOVA LLC	240	$282K	0.0%	$736.93	—	Common Stocks	36828A101
ITOT	ISHARES TOTAL US STOCK MARKET ETF	2,500	$411K	0.0%	$125.62	—	Common Stocks	464287150
MTD	METTLER-TOLEDO INTERNATIONAL, INC.	3,218	$4.111M	0.4%	$1403.70	—	Common Stocks	592688105
PG	PROCTER & GAMBLE, CO.	26,340	$3.862M	0.3%	$164.23	—	Common Stocks	742718109
DMLP	DORCHESTER MINERALS LP	22,530	$569K	0.1%	$22.99	—	Common Stocks	25820R105
PAYX	PAYCHEX INC.	5,881	$578K	0.1%	$53.26	—	Common Stocks	704326107
TRV	TRAVELERS COMPANIES	933	$308K	0.0%	$215.32	—	Common Stocks	89417E109
WMT	WAL-MART INC.	2,720	$308K	0.0%	$85.80	—	Common Stocks	931142103
HD	HOME DEPOT, INC.	1,037	$366K	0.0%	$352.64	—	Common Stocks	437076102
BRK/B	BERKSHIRE HATHAWAY CLASS B	645	$323K	0.0%	$375.99	—	Common Stocks	084670702
CLNN	CLENE, INC.	11,000	$67,705	0.0%	$4.53	—	Common Stocks	185634201
META	META PLATFORMS, INC.	587	$331K	0.0%	$584.74	—	Common Stocks	30303M102
GAME	GAMESQUARE HOLDINGS, INC.	10,000	$3,950	0.0%	$0.58	—	Common Stocks	36468G103