PENN DAVIS MCFARLAND INC Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EVVTY	EVOLUTION AB-ADR	344,620 (+102.9%)	$23,410 (+68.1%)	2.2%	$74.86	—	Common Stocks	30051E104
KMB	KIMBERLY CLARK, CORP.	87,170 (+533.5%)	$8,795 (+414.0%)	0.8%	$112.04	-3.2%	Common Stocks	494368103
PYPL	PAYPAL HOLDINGS, INC.	680,852 (+5.3%)	$39,748 (-8.4%)	3.8%	$86.46	-25.0%	Common Stocks	70450Y103
BUD	ANHEUSER-BUSCH INBEV SA/NV	486,842 (+4.9%)	$31,177 (+12.7%)	3.0%	$52.65	—	Common Stocks	03524A108
UPS	UNITED PARCEL SERVICE, INC.	57,201 (+66.9%)	$5,674 (+98.2%)	0.5%	$106.83	-13.2%	Common Stocks	911312106
UNH	UNITEDHEALTH GROUP, INC.	137,349 (+1.2%)	$45,340 (-3.2%)	4.3%	$344.03	-2.0%	Common Stocks	91324P102
PFE	PFIZER, INC.	171,332 (+50.9%)	$4,266 (+47.4%)	0.4%	$25.64	-2.4%	Common Stocks	717081103
VZ	VERIZON COMMUNICATIONS	133,579 (+38.1%)	$5,441 (+28.0%)	0.5%	$39.15	+3.4%	Common Stocks	92343V104
BSM	BLACK STONE MINERALS LP	1,967,467 (+2.5%)	$26,148 (+3.7%)	2.5%	$11.42	—	Common Stocks	09225M101
SFM	SPROUTS FARMERS MARKET INC	223,830 (+29.9%)	$17,833 (-4.9%)	1.7%	$35.59	+152.1%	Common Stocks	85208M102
NFLX	NETFLIX, INC.	2,650 (+900.0%)	$248 (-21.8%)	0.0%	$105.26	+2.4%	Common Stocks	64110L106
MTCH	MATCH GROUP INC.	525,373 (+9.0%)	$16,964 (-0.4%)	1.6%	$37.41	-12.2%	Common Stocks	57667L107

Exited Positions (3)

CL COLGATE PALMOLIVE, CO. 0.2%

Value ($000) $2,421 Shares 30,280 Est. Cost $98.92 Unrealized -20.8%

GSLC GOLDMAN SACHS ACTIVEBETA US LRG ETF 0.0%

Value ($000) $261 Shares 2,000 Est. Cost $112.94 Unrealized —

— GAMESQUARE HOLDINGS, INC. 0.0%

Value ($000) $7 Shares 10,000 Est. Cost $0.68 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CL	COLGATE PALMOLIVE, CO.	30,280	$2,421	0.2%	$98.92	-20.8%	—	194162103
GSLC	GOLDMAN SACHS ACTIVEBETA US LRG ETF	2,000	$261	0.0%	$112.94	—	—	381430503
—	GAMESQUARE HOLDINGS, INC.	10,000	$7	0.0%	$0.68	—	—	29287R103

Decreased Positions (13)

SIRI SIRIUSXM HOLDINGS INC. 0.3%

Value ($000) $2,725 (-81.5%) Shares 136,262 (-78.5%) Est. Cost $31.06 Unrealized -30.8%

NVDA NVIDIA CORP 8.9%

Value ($000) $93,256 (-3.9%) Shares 500,033 (-3.9%) Est. Cost $117.17 Unrealized +58.9%

BMY BRISTOL-MYERS SQUIBB CO 1.7%

Value ($000) $18,245 (+15.0%) Shares 338,253 (-3.8%) Est. Cost $42.42 Unrealized +12.0%

DMLP DORCHESTER MINERALS LP 0.0%

Value ($000) $508 (-27.2%) Shares 22,730 (-15.7%) Est. Cost $22.99 Unrealized —

CAT CATERPILLAR, INC. 0.1%

Value ($000) $917 (+13.0%) Shares 1,600 (-5.9%) Est. Cost $371.56 Unrealized +49.5%

META META PLATFORMS, INC. 0.0%

Value ($000) $434 (-17.8%) Shares 657 (-8.5%) Est. Cost $584.74 Unrealized +14.1%

SPY SPDR S & P 500 ETF 0.1%

Value ($000) $584 (-12.5%) Shares 856 (-14.5%) Est. Cost $422.81 Unrealized —

AMZN AMAZON, INC. 0.3%

Value ($000) $2,705 (+2.9%) Shares 11,721 (-2.1%) Est. Cost $164.44 Unrealized +39.1%

JPM JP MORGAN CHASE & CO 0.1%

Value ($000) $767 (-5.8%) Shares 2,380 (-7.8%) Est. Cost $141.61 Unrealized +118.6%

GLD SPDR GOLD TRUST 0.3%

Value ($000) $2,959 (+1.0%) Shares 7,467 (-9.4%) Est. Cost $224.82 Unrealized —

FCFS FIRSTCASH HLDGS, INC. 0.1%

Value ($000) $1,151 (-2.1%) Shares 7,220 (-2.7%) Est. Cost $111.06 Unrealized +41.4%

SLV ISHARES SILVER TRUST INDEX FUND 0.0%

Value ($000) $258 (+10.6%) Shares 4,000 (-27.3%) Est. Cost $42.37 Unrealized —

AVGO BROADCOM INC 0.0%

Value ($000) $266 (-6.0%) Shares 770 (-10.4%) Est. Cost $215.92 Unrealized +65.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SIRI	SIRIUSXM HOLDINGS INC.	136,262 (-78.5%)	$2,725 (-81.5%)	0.3%	$31.06	-30.8%	Common Stocks	829933100
NVDA	NVIDIA CORP	500,033 (-3.9%)	$93,256 (-3.9%)	8.9%	$117.17	+58.9%	Common Stocks	67066G104
BMY	BRISTOL-MYERS SQUIBB CO	338,253 (-3.8%)	$18,245 (+15.0%)	1.7%	$42.42	+12.0%	Common Stocks	110122108
DMLP	DORCHESTER MINERALS LP	22,730 (-15.7%)	$508 (-27.2%)	0.0%	$22.99	—	Common Stocks	25820R105
CAT	CATERPILLAR, INC.	1,600 (-5.9%)	$917 (+13.0%)	0.1%	$371.56	+49.5%	Common Stocks	149123101
META	META PLATFORMS, INC.	657 (-8.5%)	$434 (-17.8%)	0.0%	$584.74	+14.1%	Common Stocks	30303M102
SPY	SPDR S & P 500 ETF	856 (-14.5%)	$584 (-12.5%)	0.1%	$422.81	—	Common Stocks	78462F103
AMZN	AMAZON, INC.	11,721 (-2.1%)	$2,705 (+2.9%)	0.3%	$164.44	+39.1%	Common Stocks	023135106
JPM	JP MORGAN CHASE & CO	2,380 (-7.8%)	$767 (-5.8%)	0.1%	$141.61	+118.6%	Common Stocks	46625H100
GLD	SPDR GOLD TRUST	7,467 (-9.4%)	$2,959 (+1.0%)	0.3%	$224.82	—	Common Stocks	78463V107
FCFS	FIRSTCASH HLDGS, INC.	7,220 (-2.7%)	$1,151 (-2.1%)	0.1%	$111.06	+41.4%	Common Stocks	33768G107
SLV	ISHARES SILVER TRUST INDEX FUND	4,000 (-27.3%)	$258 (+10.6%)	0.0%	$42.37	—	Common Stocks	46428Q109
AVGO	BROADCOM INC	770 (-10.4%)	$266 (-6.0%)	0.0%	$215.92	+65.3%	Common Stocks	11135F101

Unchanged Positions (48)

GOOG ALPHABET, INC. CL C (GOOGLE C) 13.9%

Value ($000) $144,835 Shares 461,553 Est. Cost $111.00 Unrealized +158.0%

ROIV ROIVANT SCIENCES LTD. 3.9%

Value ($000) $40,325 Shares 1,858,289 Est. Cost $10.94 Unrealized +80.3%

GOOGL ALPHABET, INC. CL A (GOOGLE A) 5.2%

Value ($000) $53,879 Shares 172,137 Est. Cost $106.39 Unrealized +168.4%

LVS LAS VEGAS SANDS 2.5%

Value ($000) $26,364 Shares 405,040 Est. Cost $41.52 Unrealized +47.4%

RTX RTX CORP. 3.4%

Value ($000) $35,401 Shares 193,028 Est. Cost $59.52 Unrealized +191.2%

AAPL APPLE, INC. 4.7%

Value ($000) $49,449 Shares 181,890 Est. Cost $100.09 Unrealized +168.1%

CHKP CHECK POINT SOFTWARE TECH 2.2%

Value ($000) $22,720 Shares 122,442 Est. Cost $75.35 Unrealized +156.6%

KMI KINDER MORGAN, INC. 4.5%

Value ($000) $47,428 Shares 1,725,267 Est. Cost $14.34 Unrealized +87.6%

XYL XYLEM, INC. 1.3%

Value ($000) $13,080 Shares 96,047 Est. Cost $33.22 Unrealized +332.2%

MSFT MICROSOFT CORPORATION 1.3%

Value ($000) $13,756 Shares 28,444 Est. Cost $409.88 Unrealized +22.1%

SHEL SHELL PLC 3.5%

Value ($000) $36,862 Shares 501,658 Est. Cost $54.91 Unrealized —

JNJ JOHNSON & JOHNSON 0.8%

Value ($000) $8,573 Shares 41,425 Est. Cost $152.66 Unrealized +29.1%

LLY ELI LILLY & CO. 0.3%

Value ($000) $2,955 Shares 2,750 Est. Cost $878.11 Unrealized +8.8%

EPD ENTERPRISE PRODUCTS PRTNS 3.6%

Value ($000) $37,867 Shares 1,181,138 Est. Cost $45.32 Unrealized —

AMGN AMGEN, INC. 0.6%

Value ($000) $6,159 Shares 18,816 Est. Cost $298.82 Unrealized +5.7%

QCOM QUALCOMM, INC. 3.1%

Value ($000) $32,531 Shares 190,184 Est. Cost $45.29 Unrealized +277.1%

LMT LOCKHEED MARTIN CORP 2.6%

Value ($000) $26,976 Shares 55,773 Est. Cost $344.08 Unrealized +38.4%

ACN ACCENTURE PLC 0.7%

Value ($000) $6,922 Shares 25,800 Est. Cost $73.29 Unrealized +246.7%

MTD METTLER-TOLEDO INTERNATIONAL, INC. 0.4%

Value ($000) $4,500 Shares 3,228 Est. Cost $1403.70 Unrealized -0.5%

TXN TEXAS INSTRUMENTS, INC. 0.7%

Value ($000) $7,211 Shares 41,567 Est. Cost $192.06 Unrealized -11.1%

AXP AMERICAN EXPRESS, CO. 0.4%

Value ($000) $3,913 Shares 10,576 Est. Cost $245.13 Unrealized +45.6%

NKE NIKE, INC. 0.4%

Value ($000) $3,954 Shares 62,066 Est. Cost $76.01 Unrealized -14.6%

KO COCA-COLA COMPANY 0.6%

Value ($000) $5,778 Shares 82,643 Est. Cost $65.65 Unrealized +5.7%

PG PROCTER & GAMBLE, CO. 0.4%

Value ($000) $3,790 Shares 26,448 Est. Cost $164.23 Unrealized -10.4%

ABT ABBOTT LABORATORIES 0.4%

Value ($000) $3,911 Shares 31,215 Est. Cost $107.07 Unrealized +18.9%

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

Value ($000) $2,327 Shares 29,793 Est. Cost $88.73 Unrealized -8.5%

HON HONEYWELL INTERNATIONAL, INC. 0.2%

Value ($000) $2,254 Shares 11,555 Est. Cost $70.74 Unrealized +175.7%

CSCO CISCO SYSTEMS, INC. 0.1%

Value ($000) $1,530 Shares 19,864 Est. Cost $46.78 Unrealized +57.7%

ABBV ABBVIE, INC. 0.7%

Value ($000) $6,961 Shares 30,464 Est. Cost $178.69 Unrealized +27.3%

ORCL ORACLE CORP 0.0%

Value ($000) $220 Shares 1,130 Est. Cost $160.80 Unrealized +48.0%

WM WASTE MANGEMENT, INC. 1.2%

Value ($000) $12,465 Shares 56,735 Est. Cost $204.28 Unrealized +4.1%

PAYX PAYCHEX INC. 0.1%

Value ($000) $660 Shares 5,881 Est. Cost $53.26 Unrealized +118.8%

PEP PEPSICO, INC. 0.4%

Value ($000) $4,184 Shares 29,153 Est. Cost $159.65 Unrealized -8.6%

MTDR MATADOR RESOURCES CO. 0.1%

Value ($000) $1,273 Shares 30,000 Est. Cost $9.87 Unrealized +325.4%

HD HOME DEPOT, INC. 0.0%

Value ($000) $361 Shares 1,048 Est. Cost $352.64 Unrealized +3.4%

XOM EXXON MOBIL, CORP. 0.1%

Value ($000) $998 Shares 8,297 Est. Cost $95.92 Unrealized +20.4%

V VISA, INC. 0.1%

Value ($000) $1,175 Shares 3,350 Est. Cost $147.01 Unrealized +131.5%

MCD MCDONALDS, CORP. 0.6%

Value ($000) $6,433 Shares 21,047 Est. Cost $266.70 Unrealized +14.4%

WMT WAL-MART INC. 0.0%

Value ($000) $303 Shares 2,720 Est. Cost $85.80 Unrealized +24.9%

VOO VANGUARD S&P 500 ETF 0.1%

Value ($000) $700 Shares 1,116 Est. Cost $436.80 Unrealized —

TRV TRAVELERS COMPANIES 0.0%

Value ($000) $271 Shares 933 Est. Cost $215.32 Unrealized +30.3%

TSLA TESLA, INC. 0.1%

Value ($000) $771 Shares 1,715 Est. Cost $262.68 Unrealized +68.8%

ITOT ISHARES TOTAL US STOCK MARKET ETF 0.0%

Value ($000) $372 Shares 2,500 Est. Cost $125.62 Unrealized —

TOST TOAST, INC. 0.0%

Value ($000) $266 Shares 7,500 Est. Cost $25.34 Unrealized +42.3%

SBUX STARBUCKS, CORP. 0.2%

Value ($000) $2,472 Shares 29,361 Est. Cost $82.90 Unrealized +1.4%

CLNN CLENE, INC. 0.0%

Value ($000) $65 Shares 11,000 Est. Cost $4.53 Unrealized +83.4%

DIS WALT DISNEY COMPANY 0.0%

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

BRK/B BERKSHIRE HATHAWAY CLASS B 0.0%

Value ($000) $324 Shares 645 Est. Cost $375.99 Unrealized +32.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOG	ALPHABET, INC. CL C (GOOGLE C)	461,553	$144,835	13.9%	$111.00	+158.0%	Common Stocks	02079K107
ROIV	ROIVANT SCIENCES LTD.	1,858,289	$40,325	3.9%	$10.94	+80.3%	Common Stocks	G76279101
GOOGL	ALPHABET, INC. CL A (GOOGLE A)	172,137	$53,879	5.2%	$106.39	+168.4%	Common Stocks	02079K305
LVS	LAS VEGAS SANDS	405,040	$26,364	2.5%	$41.52	+47.4%	Common Stocks	517834107
RTX	RTX CORP.	193,028	$35,401	3.4%	$59.52	+191.2%	Common Stocks	75513E101
AAPL	APPLE, INC.	181,890	$49,449	4.7%	$100.09	+168.1%	Common Stocks	037833100
CHKP	CHECK POINT SOFTWARE TECH	122,442	$22,720	2.2%	$75.35	+156.6%	Common Stocks	M22465104
KMI	KINDER MORGAN, INC.	1,725,267	$47,428	4.5%	$14.34	+87.6%	Common Stocks	49456B101
XYL	XYLEM, INC.	96,047	$13,080	1.3%	$33.22	+332.2%	Common Stocks	98419M100
MSFT	MICROSOFT CORPORATION	28,444	$13,756	1.3%	$409.88	+22.1%	Common Stocks	594918104
SHEL	SHELL PLC	501,658	$36,862	3.5%	$54.91	—	Common Stocks	780259305
JNJ	JOHNSON & JOHNSON	41,425	$8,573	0.8%	$152.66	+29.1%	Common Stocks	478160104
LLY	ELI LILLY & CO.	2,750	$2,955	0.3%	$878.11	+8.8%	Common Stocks	532457108
EPD	ENTERPRISE PRODUCTS PRTNS	1,181,138	$37,867	3.6%	$45.32	—	Common Stocks	293792107
AMGN	AMGEN, INC.	18,816	$6,159	0.6%	$298.82	+5.7%	Common Stocks	031162100
QCOM	QUALCOMM, INC.	190,184	$32,531	3.1%	$45.29	+277.1%	Common Stocks	747525103
LMT	LOCKHEED MARTIN CORP	55,773	$26,976	2.6%	$344.08	+38.4%	Common Stocks	539830109
ACN	ACCENTURE PLC	25,800	$6,922	0.7%	$73.29	+246.7%	Common Stocks	G1151C101
MTD	METTLER-TOLEDO INTERNATIONAL, INC.	3,228	$4,500	0.4%	$1403.70	-0.5%	Common Stocks	592688105
TXN	TEXAS INSTRUMENTS, INC.	41,567	$7,211	0.7%	$192.06	-11.1%	Common Stocks	882508104
AXP	AMERICAN EXPRESS, CO.	10,576	$3,913	0.4%	$245.13	+45.6%	Common Stocks	025816109
NKE	NIKE, INC.	62,066	$3,954	0.4%	$76.01	-14.6%	Common Stocks	654106103
KO	COCA-COLA COMPANY	82,643	$5,778	0.6%	$65.65	+5.7%	Common Stocks	191216100
PG	PROCTER & GAMBLE, CO.	26,448	$3,790	0.4%	$164.23	-10.4%	Common Stocks	742718109
ABT	ABBOTT LABORATORIES	31,215	$3,911	0.4%	$107.07	+18.9%	Common Stocks	002824100
USPH	U.S. PHYSICAL THERAPY, INC.	29,793	$2,327	0.2%	$88.73	-8.5%	Common Stocks	90337L108
HON	HONEYWELL INTERNATIONAL, INC.	11,555	$2,254	0.2%	$70.74	+175.7%	Common Stocks	438516106
CSCO	CISCO SYSTEMS, INC.	19,864	$1,530	0.1%	$46.78	+57.7%	Common Stocks	17275R102
ABBV	ABBVIE, INC.	30,464	$6,961	0.7%	$178.69	+27.3%	Common Stocks	00287Y109
ORCL	ORACLE CORP	1,130	$220	0.0%	$160.80	+48.0%	Common Stocks	68389X105
WM	WASTE MANGEMENT, INC.	56,735	$12,465	1.2%	$204.28	+4.1%	Common Stocks	94106L109
PAYX	PAYCHEX INC.	5,881	$660	0.1%	$53.26	+118.8%	Common Stocks	704326107
PEP	PEPSICO, INC.	29,153	$4,184	0.4%	$159.65	-8.6%	Common Stocks	713448108
MTDR	MATADOR RESOURCES CO.	30,000	$1,273	0.1%	$9.87	+325.4%	Common Stocks	576485205
HD	HOME DEPOT, INC.	1,048	$361	0.0%	$352.64	+3.4%	Common Stocks	437076102
XOM	EXXON MOBIL, CORP.	8,297	$998	0.1%	$95.92	+20.4%	Common Stocks	30231G102
V	VISA, INC.	3,350	$1,175	0.1%	$147.01	+131.5%	Common Stocks	92826C839
MCD	MCDONALDS, CORP.	21,047	$6,433	0.6%	$266.70	+14.4%	Common Stocks	580135101
WMT	WAL-MART INC.	2,720	$303	0.0%	$85.80	+24.9%	Common Stocks	931142103
VOO	VANGUARD S&P 500 ETF	1,116	$700	0.1%	$436.80	—	Common Stocks	922908363
TRV	TRAVELERS COMPANIES	933	$271	0.0%	$215.32	+30.3%	Common Stocks	89417E109
TSLA	TESLA, INC.	1,715	$771	0.1%	$262.68	+68.8%	Common Stocks	88160R101
ITOT	ISHARES TOTAL US STOCK MARKET ETF	2,500	$372	0.0%	$125.62	—	Common Stocks	464287150
TOST	TOAST, INC.	7,500	$266	0.0%	$25.34	+42.3%	Common Stocks	888787108
SBUX	STARBUCKS, CORP.	29,361	$2,472	0.2%	$82.90	+1.4%	Common Stocks	855244109
CLNN	CLENE, INC.	11,000	$65	0.0%	$4.53	+83.4%	Common Stocks	185634201
DIS	WALT DISNEY COMPANY	1,766	$201	0.0%	$102.81	+6.5%	Common Stocks	254687106
BRK/B	BERKSHIRE HATHAWAY CLASS B	645	$324	0.0%	$375.99	+32.3%	Common Stocks	084670702