Highlander Partners, L.P. Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DSGR	DISTRIBUTION SOLUTIONS GRP I	85,899	$2,353	0.8%	$28.12	0.0%	COM	520776105
SLB	SLB LIMITED	5,040	$193	0.1%	$36.06	0.0%	COM STK	806857108
NOA	NORTH AMERN CONSTR GROUP LTD	9,186	$132	0.0%	$14.23	0.0%	COM	656811106
L	LOEWS CORP	1,225	$129	0.0%	$103.22	0.0%	COM	540424108
IAC	IAC INC	3,230	$126	0.0%	$35.02	0.0%	COM NEW	44891N208
PG	PROCTER AND GAMBLE CO	800	$115	0.0%	$147.17	0.0%	COM	742718109
SEB	SEABOARD CORP DEL	24	$107	0.0%	$3954.00	0.0%	COM	811543107
MHK	MOHAWK INDS INC	900	$98	0.0%	$114.84	0.0%	COM	608190104
TAP	MOLSON COORS BEVERAGE CO	1,755	$82	0.0%	$45.79	0.0%	CL B	60871R209
LBTYA	LIBERTY GLOBAL LTD	6,700	$75	0.0%	$11.07	0.0%	COM CL A	G61188101
AMG	AFFILIATED MANAGERS GROUP IN	235	$68	0.0%	$258.45	0.0%	COM	008252108
GLIBK	GCI LIBERTY INC	1,703	$63	0.0%	$35.09	0.0%	COM SER C	36164V800
CNX	CNX RES CORP	1,525	$56	0.0%	$35.81	0.0%	COM	12653C108
JOUT	JOHNSON OUTDOORS INC	1,175	$50	0.0%	$41.39	0.0%	CL A	479167108
IMKTA	INGLES MKTS INC	660	$45	0.0%	$72.50	0.0%	CL A	457030104
POST	POST HLDGS INC	335	$33	0.0%	$103.53	0.0%	COM	737446104
LBRDK	LIBERTY BROADBAND CORP	534	$26	0.0%	$52.01	0.0%	COM SER C	530307305
HTLD	HEARTLAND EXPRESS INC	2,620	$24	0.0%	$8.32	0.0%	COM	422347104
CABO	CABLE ONE INC	199	$22	0.0%	$136.41	0.0%	COM	12685J105

Increased Positions (2)

PSN PARSONS CORP DEL 6.1%

Value ($000) $17,137 (+25.4%) Shares 277,300 (+68.3%) Est. Cost $72.75 Unrealized +7.6%

DHR DANAHER CORPORATION 4.8%

Value ($000) $13,277 (+19.6%) Shares 58,000 (+3.6%) Est. Cost $193.93 Unrealized +13.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PSN	PARSONS CORP DEL	277,300 (+68.3%)	$17,137 (+25.4%)	6.1%	$72.75	+7.6%	COM	70202L102
DHR	DANAHER CORPORATION	58,000 (+3.6%)	$13,277 (+19.6%)	4.8%	$193.93	+13.2%	COM	235851102

Exited Positions (3)

WSC WILLSCOT HLDGS CORP 1.9%

Value ($000) $5,273 Shares 249,800 Est. Cost $41.71 Unrealized -51.7%

FISV FISERV INC 0.1%

Value ($000) $245 Shares 1,900 Est. Cost $145.64 Unrealized -42.4%

AMD ADVANCED MICRO DEVICES INC 0.1%

Value ($000) $243 Shares 1,500 Est. Cost $102.19 Unrealized +119.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WSC	WILLSCOT HLDGS CORP	249,800	$5,273	1.9%	$41.71	-51.7%	—	971378104
FISV	FISERV INC	1,900	$245	0.1%	$145.64	-42.4%	—	337738108
AMD	ADVANCED MICRO DEVICES INC	1,500	$243	0.1%	$102.19	+119.8%	—	007903107

Decreased Positions (1)

VRT VERTIV HOLDINGS CO 17.1%

Value ($000) $47,561 (-10.8%) Shares 293,569 (-17.0%) Est. Cost $18.24 Unrealized +851.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VRT	VERTIV HOLDINGS CO	293,569 (-17.0%)	$47,561 (-10.8%)	17.1%	$18.24	+851.9%	COM CL A	92537N108

Unchanged Positions (44)

BX BLACKSTONE INC 13.5%

Value ($000) $37,610 Shares 244,000 Est. Cost $120.14 Unrealized +26.1%

BABA ALIBABA GROUP HLDG LTD 4.6%

Value ($000) $12,782 Shares 87,200 Est. Cost $132.23 Unrealized —

YMM FULL TRUCK ALLIANCE CO LTD 4.7%

Value ($000) $13,179 Shares 1,228,237 Est. Cost $7.93 Unrealized —

KEYS KEYSIGHT TECHNOLOGIES INC 5.8%

Value ($000) $16,093 Shares 79,200 Est. Cost $157.66 Unrealized +17.7%

AMZN AMAZON COM INC 8.5%

Value ($000) $23,774 Shares 103,000 Est. Cost $123.70 Unrealized +85.0%

TCBI TEXAS CAP BANCSHARES INC 5.5%

Value ($000) $15,341 Shares 169,436 Est. Cost $63.88 Unrealized +37.4%

MDAI SPECTRAL AI INC 0.5%

Value ($000) $1,278 Shares 900,000 Est. Cost $8.29 Unrealized -77.6%

HON HONEYWELL INTL INC 3.2%

Value ($000) $8,877 Shares 45,500 Est. Cost $199.66 Unrealized -2.3%

MIRM MIRUM PHARMACEUTICALS INC 3.5%

Value ($000) $9,714 Shares 122,980 Est. Cost $15.56 Unrealized +361.4%

SPXC SPX TECHNOLOGIES INC 3.8%

Value ($000) $10,453 Shares 52,250 Est. Cost $171.70 Unrealized —

DELL DELL TECHNOLOGIES INC 1.4%

Value ($000) $3,776 Shares 30,000 Est. Cost $113.89 Unrealized +23.6%

DAKT DAKTRONICS INC 2.8%

Value ($000) $7,908 Shares 400,000 Est. Cost $8.75 Unrealized +118.4%

KRE SPDR SERIES TRUST 4.7%

Value ($000) $12,962 Shares 200,000 Est. Cost $59.39 Unrealized —

GOOGL ALPHABET INC 0.2%

Value ($000) $689 Shares 2,200 Est. Cost $141.98 Unrealized +101.2%

DMLP DORCHESTER MINERALS LP 0.3%

Value ($000) $740 Shares 33,077 Est. Cost $30.08 Unrealized —

WTM WHITE MTNS INS GROUP LTD 0.2%

Value ($000) $582 Shares 280 Est. Cost $1068.93 Unrealized +82.9%

SSNC SS&C TECHNOLOGIES HLDGS INC 2.6%

Value ($000) $7,151 Shares 81,800 Est. Cost $55.64 Unrealized +53.3%

ORCL ORACLE CORP 0.1%

Value ($000) $228 Shares 1,170 Est. Cost $160.80 Unrealized +48.0%

MRK MERCK & CO INC 0.1%

Value ($000) $347 Shares 3,300 Est. Cost $115.77 Unrealized -19.5%

SPY SPDR S&P 500 ETF TR 1.0%

Value ($000) $2,728 Shares 4,000 Est. Cost $450.25 Unrealized —

MPLX MPLX LP 0.3%

Value ($000) $763 Shares 14,291 Est. Cost $41.66 Unrealized —

GLD SPDR GOLD TR 0.2%

Value ($000) $460 Shares 1,160 Est. Cost $212.18 Unrealized —

GHC GRAHAM HLDGS CO 0.2%

Value ($000) $588 Shares 535 Est. Cost $565.37 Unrealized +88.7%

META META PLATFORMS INC 0.1%

Value ($000) $363 Shares 550 Est. Cost $443.21 Unrealized +50.6%

HD HOME DEPOT INC 0.1%

Value ($000) $215 Shares 625 Est. Cost $348.54 Unrealized +4.6%

KRP KIMBELL RTY PARTNERS LP 0.1%

Value ($000) $259 Shares 22,000 Est. Cost $15.94 Unrealized —

MSFT MICROSOFT CORP 0.2%

Value ($000) $508 Shares 1,050 Est. Cost $399.26 Unrealized +25.4%

RSP INVESCO EXCHANGE TRADED FD T 0.7%

Value ($000) $1,896 Shares 9,900 Est. Cost $173.23 Unrealized —

CWST CASELLA WASTE SYS INC 0.2%

Value ($000) $588 Shares 6,000 Est. Cost $83.82 Unrealized +10.8%

RSG REPUBLIC SVCS INC 0.1%

Value ($000) $212 Shares 1,000 Est. Cost $197.97 Unrealized +8.4%

FXI ISHARES TR 0.1%

Value ($000) $230 Shares 6,000 Est. Cost $35.84 Unrealized —

XOM EXXON MOBIL CORP 0.1%

Value ($000) $241 Shares 2,000 Est. Cost $98.09 Unrealized +17.7%

PSX PHILLIPS 66 0.1%

Value ($000) $258 Shares 2,000 Est. Cost $109.47 Unrealized +22.4%

PAGP PLAINS GP HLDGS L P 0.1%

Value ($000) $287 Shares 15,000 Est. Cost $18.19 Unrealized —

ET ENERGY TRANSFER L P 0.1%

Value ($000) $282 Shares 17,080 Est. Cost $15.74 Unrealized —

EPD ENTERPRISE PRODS PARTNERS L 0.2%

Value ($000) $449 Shares 14,000 Est. Cost $28.07 Unrealized —

JPM JPMORGAN CHASE & CO. 0.2%

Value ($000) $483 Shares 1,500 Est. Cost $173.61 Unrealized +78.3%

ACWI ISHARES TR 0.1%

Value ($000) $334 Shares 2,360 Est. Cost $84.88 Unrealized —

V VISA INC 0.1%

Value ($000) $245 Shares 700 Est. Cost $267.71 Unrealized +27.1%

PM PHILIP MORRIS INTL INC 0.1%

Value ($000) $401 Shares 2,500 Est. Cost $84.95 Unrealized +80.8%

ADBE ADOBE INC 0.1%

Value ($000) $350 Shares 1,000 Est. Cost $319.83 Unrealized +6.3%

ARCC ARES CAPITAL CORP 0.1%

Value ($000) $283 Shares 14,000 Est. Cost $16.97 Unrealized +16.6%

WES WESTERN MIDSTREAM PARTNERS L 0.1%

Value ($000) $241 Shares 6,100 Est. Cost $34.14 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.3%

Value ($000) $767 Shares 1,525 Est. Cost $383.20 Unrealized +29.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BX	BLACKSTONE INC	244,000	$37,610	13.5%	$120.14	+26.1%	COM	09260D107
BABA	ALIBABA GROUP HLDG LTD	87,200	$12,782	4.6%	$132.23	—	SPONSORED ADS	01609W102
YMM	FULL TRUCK ALLIANCE CO LTD	1,228,237	$13,179	4.7%	$7.93	—	SPONSORED ADS	35969L108
KEYS	KEYSIGHT TECHNOLOGIES INC	79,200	$16,093	5.8%	$157.66	+17.7%	COM	49338L103
AMZN	AMAZON COM INC	103,000	$23,774	8.5%	$123.70	+85.0%	COM	023135106
TCBI	TEXAS CAP BANCSHARES INC	169,436	$15,341	5.5%	$63.88	+37.4%	COM	88224Q107
MDAI	SPECTRAL AI INC	900,000	$1,278	0.5%	$8.29	-77.6%	COM CL A	84757T105
HON	HONEYWELL INTL INC	45,500	$8,877	3.2%	$199.66	-2.3%	COM	438516106
MIRM	MIRUM PHARMACEUTICALS INC	122,980	$9,714	3.5%	$15.56	+361.4%	COM	604749101
SPXC	SPX TECHNOLOGIES INC	52,250	$10,453	3.8%	$171.70	—	COM	78473E103
DELL	DELL TECHNOLOGIES INC	30,000	$3,776	1.4%	$113.89	+23.6%	CL C	24703L202
DAKT	DAKTRONICS INC	400,000	$7,908	2.8%	$8.75	+118.4%	COM	234264109
KRE	SPDR SERIES TRUST	200,000	$12,962	4.7%	$59.39	—	STATE STREET SPD	78464A698
GOOGL	ALPHABET INC	2,200	$689	0.2%	$141.98	+101.2%	CAP STK CL A	02079K305
DMLP	DORCHESTER MINERALS LP	33,077	$740	0.3%	$30.08	—	COM UNIT	25820R105
WTM	WHITE MTNS INS GROUP LTD	280	$582	0.2%	$1068.93	+82.9%	COM	G9618E107
SSNC	SS&C TECHNOLOGIES HLDGS INC	81,800	$7,151	2.6%	$55.64	+53.3%	COM	78467J100
ORCL	ORACLE CORP	1,170	$228	0.1%	$160.80	+48.0%	COM	68389X105
MRK	MERCK & CO INC	3,300	$347	0.1%	$115.77	-19.5%	COM	58933Y105
SPY	SPDR S&P 500 ETF TR	4,000	$2,728	1.0%	$450.25	—	TR UNIT	78462F103
MPLX	MPLX LP	14,291	$763	0.3%	$41.66	—	COM UNIT REP LTD	55336V100
GLD	SPDR GOLD TR	1,160	$460	0.2%	$212.18	—	GOLD SHS	78463V107
GHC	GRAHAM HLDGS CO	535	$588	0.2%	$565.37	+88.7%	COM CL B	384637104
META	META PLATFORMS INC	550	$363	0.1%	$443.21	+50.6%	CL A	30303M102
HD	HOME DEPOT INC	625	$215	0.1%	$348.54	+4.6%	COM	437076102
KRP	KIMBELL RTY PARTNERS LP	22,000	$259	0.1%	$15.94	—	UNIT	49435R102
MSFT	MICROSOFT CORP	1,050	$508	0.2%	$399.26	+25.4%	COM	594918104
RSP	INVESCO EXCHANGE TRADED FD T	9,900	$1,896	0.7%	$173.23	—	S&P500 EQL WGT	46137V357
CWST	CASELLA WASTE SYS INC	6,000	$588	0.2%	$83.82	+10.8%	CL A	147448104
RSG	REPUBLIC SVCS INC	1,000	$212	0.1%	$197.97	+8.4%	COM	760759100
FXI	ISHARES TR	6,000	$230	0.1%	$35.84	—	CHINA LG-CAP ETF	464287184
XOM	EXXON MOBIL CORP	2,000	$241	0.1%	$98.09	+17.7%	COM	30231G102
PSX	PHILLIPS 66	2,000	$258	0.1%	$109.47	+22.4%	COM	718546104
PAGP	PLAINS GP HLDGS L P	15,000	$287	0.1%	$18.19	—	LTD PARTNR INT A	72651A207
ET	ENERGY TRANSFER L P	17,080	$282	0.1%	$15.74	—	COM UT LTD PTN	29273V100
EPD	ENTERPRISE PRODS PARTNERS L	14,000	$449	0.2%	$28.07	—	COM	293792107
JPM	JPMORGAN CHASE & CO.	1,500	$483	0.2%	$173.61	+78.3%	COM	46625H100
ACWI	ISHARES TR	2,360	$334	0.1%	$84.88	—	MSCI ACWI ETF	464288257
V	VISA INC	700	$245	0.1%	$267.71	+27.1%	COM CL A	92826C839
PM	PHILIP MORRIS INTL INC	2,500	$401	0.1%	$84.95	+80.8%	COM	718172109
ADBE	ADOBE INC	1,000	$350	0.1%	$319.83	+6.3%	COM	00724F101
ARCC	ARES CAPITAL CORP	14,000	$283	0.1%	$16.97	+16.6%	COM	04010L103
WES	WESTERN MIDSTREAM PARTNERS L	6,100	$241	0.1%	$34.14	—	COM UNIT LP INT	958669103
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,525	$767	0.3%	$383.20	+29.8%	CL B NEW	084670702