Concorde Financial Corp Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CSCO	CISCO SYS INC	49,666 (+40.2%)	$4,128 (+70.2%)	3.2%	$65.54	+12.6%	COM	17275R102
FANG	DIAMONDBACK ENERGY INC	36,394 (+18.1%)	$5,928 (+34.4%)	4.6%	$172.79	-14.9%	COM	25278X109
BRK/B	BERKSHIRE HATHAWAY INC DEL	7,372 (+59.2%)	$3,640 (+56.4%)	2.8%	$504.02	-1.3%	CL B NEW	084670702
OXY	OCCIDENTAL PETE CORP	135,742 (+23.8%)	$6,144 (+18.6%)	4.8%	$52.05	-20.2%	COM	674599105
LPX	LOUISIANA PAC CORP	35,874 (+1.9%)	$3,199 (+2.3%)	2.5%	$79.90	+5.7%	COM	546347105

Exited Positions (10)

PHYS SPROTT ASSET MANAGEMENT LP 14.2%

Value ($000) $18,266 Shares 616,691 Est. Cost $14.47 Unrealized —

TPL TEXAS PACIFIC LAND CORPORATI 10.2%

Value ($000) $13,190 Shares 14,128 Est. Cost $156.45 Unrealized +95.0%

BSM BLACK STONE MINERALS L P 6.7%

Value ($000) $8,629 Shares 656,670 Est. Cost $15.32 Unrealized —

JPST J P MORGAN EXCHANGE TRADED F 5.4%

Value ($000) $7,005 Shares 138,079 Est. Cost $50.52 Unrealized —

FNV FRANCO NEV CORP 3.8%

Value ($000) $4,858 Shares 21,794 Est. Cost $120.49 Unrealized +68.3%

HHH HOWARD HUGHES HOLDINGS INC 3.3%

Value ($000) $4,277 Shares 52,047 Est. Cost $74.27 Unrealized +11.5%

NPFI NUSHARES ETF TR 1.5%

Value ($000) $1,920 Shares 72,481 Est. Cost $26.49 Unrealized —

EMN EASTMAN CHEM CO 0.9%

Value ($000) $1,178 Shares 18,676 Est. Cost $94.16 Unrealized -35.2%

DMLP DORCHESTER MINERALS LP 0.8%

Value ($000) $1,065 Shares 41,141 Est. Cost $23.73 Unrealized —

MINT PIMCO ETF TR 0.7%

Value ($000) $930 Shares 9,233 Est. Cost $101.00 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PHYS	SPROTT ASSET MANAGEMENT LP	616,691	$18,266	14.2%	$14.47	—	—	85207H104
TPL	TEXAS PACIFIC LAND CORPORATI	14,128	$13,190	10.2%	$156.45	+95.0%	—	88262P102
BSM	BLACK STONE MINERALS L P	656,670	$8,629	6.7%	$15.32	—	—	09225M101
JPST	J P MORGAN EXCHANGE TRADED F	138,079	$7,005	5.4%	$50.52	—	—	46641Q837
FNV	FRANCO NEV CORP	21,794	$4,858	3.8%	$120.49	+68.3%	—	351858105
HHH	HOWARD HUGHES HOLDINGS INC	52,047	$4,277	3.3%	$74.27	+11.5%	—	44267T102
NPFI	NUSHARES ETF TR	72,481	$1,920	1.5%	$26.49	—	—	67092P771
EMN	EASTMAN CHEM CO	18,676	$1,178	0.9%	$94.16	-35.2%	—	277432100
DMLP	DORCHESTER MINERALS LP	41,141	$1,065	0.8%	$23.73	—	—	25820R105
MINT	PIMCO ETF TR	9,233	$930	0.7%	$101.00	—	—	72201R833

Decreased Positions (17)

BG BUNGE GLOBAL SA 3.7%

Value ($000) $4,807 (+36.6%) Shares 41,127 (-5.0%) Est. Cost $81.36 Unrealized +12.9%

XOM EXXON MOBIL CORP 6.2%

Value ($000) $8,031 (+19.1%) Shares 55,875 (-6.6%) Est. Cost $99.24 Unrealized +16.4%

WBD WARNER BROS DISCOVERY INC 3.2%

Value ($000) $4,164 (-14.4%) Shares 153,154 (-38.5%) Est. Cost $8.60 Unrealized +171.9%

JNJ JOHNSON & JOHNSON 4.7%

Value ($000) $6,071 (+11.8%) Shares 26,047 (-11.0%) Est. Cost $143.11 Unrealized +37.7%

HUBB HUBBELL INC 3.3%

Value ($000) $4,319 (+13.9%) Shares 8,572 (-2.7%) Est. Cost $364.91 Unrealized +19.8%

FR FIRST INDL RLTY TR INC 3.5%

Value ($000) $4,490 (+11.8%) Shares 77,022 (-1.3%) Est. Cost $53.93 Unrealized —

CB CHUBB LIMITED 4.4%

Value ($000) $5,624 (+9.0%) Shares 17,946 (-1.8%) Est. Cost $213.39 Unrealized +37.0%

AMZN AMAZON COM INC 5.3%

Value ($000) $6,813 (+7.0%) Shares 28,552 (-1.6%) Est. Cost $137.71 Unrealized +66.1%

ET ENERGY TRANSFER L P 5.7%

Value ($000) $7,393 (+6.0%) Shares 401,599 (-1.2%) Est. Cost $13.74 Unrealized —

ABBV ABBVIE INC 5.5%

Value ($000) $7,043 (-4.3%) Shares 31,212 (-1.8%) Est. Cost $130.23 Unrealized +74.7%

NOC NORTHROP GRUMMAN CORP 1.7%

Value ($000) $2,240 (+14.4%) Shares 3,178 (-1.2%) Est. Cost $445.46 Unrealized +29.9%

LOW LOWES COS INC 2.9%

Value ($000) $3,707 (+7.4%) Shares 13,487 (-1.8%) Est. Cost $215.06 Unrealized +11.5%

JPM JPMORGAN CHASE & CO. 7.1%

Value ($000) $9,162 (-2.3%) Shares 29,099 (-2.2%) Est. Cost $147.96 Unrealized +109.2%

TJX TJX COS INC NEW 4.6%

Value ($000) $5,919 (+2.0%) Shares 38,926 (-3.0%) Est. Cost $96.58 Unrealized +52.9%

MLM MARTIN MARIETTA MATLS INC 3.0%

Value ($000) $3,876 (+2.2%) Shares 5,847 (-2.8%) Est. Cost $552.57 Unrealized +12.4%

CP CANADIAN PACIFIC KANSAS CITY 2.3%

Value ($000) $3,008 (+1.8%) Shares 39,259 (-1.0%) Est. Cost $73.29 Unrealized +0.4%

EXE EXPAND ENERGY CORPORATION 5.8%

Value ($000) $7,447 (+0.5%) Shares 68,634 (-1.6%) Est. Cost $76.66 Unrealized +44.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BG	BUNGE GLOBAL SA	41,127 (-5.0%)	$4,807 (+36.6%)	3.7%	$81.36	+12.9%	COM SHS	H11356104
XOM	EXXON MOBIL CORP	55,875 (-6.6%)	$8,031 (+19.1%)	6.2%	$99.24	+16.4%	COM	30231G102
WBD	WARNER BROS DISCOVERY INC	153,154 (-38.5%)	$4,164 (-14.4%)	3.2%	$8.60	+171.9%	COM SER A	934423104
JNJ	JOHNSON & JOHNSON	26,047 (-11.0%)	$6,071 (+11.8%)	4.7%	$143.11	+37.7%	COM	478160104
HUBB	HUBBELL INC	8,572 (-2.7%)	$4,319 (+13.9%)	3.3%	$364.91	+19.8%	COM	443510607
FR	FIRST INDL RLTY TR INC	77,022 (-1.3%)	$4,490 (+11.8%)	3.5%	$53.93	—	COM	32054K103
CB	CHUBB LIMITED	17,946 (-1.8%)	$5,624 (+9.0%)	4.4%	$213.39	+37.0%	COM	H1467J104
AMZN	AMAZON COM INC	28,552 (-1.6%)	$6,813 (+7.0%)	5.3%	$137.71	+66.1%	COM	023135106
ET	ENERGY TRANSFER L P	401,599 (-1.2%)	$7,393 (+6.0%)	5.7%	$13.74	—	COM UT LTD PTN	29273V100
ABBV	ABBVIE INC	31,212 (-1.8%)	$7,043 (-4.3%)	5.5%	$130.23	+74.7%	COM	00287Y109
NOC	NORTHROP GRUMMAN CORP	3,178 (-1.2%)	$2,240 (+14.4%)	1.7%	$445.46	+29.9%	COM	666807102
LOW	LOWES COS INC	13,487 (-1.8%)	$3,707 (+7.4%)	2.9%	$215.06	+11.5%	COM	548661107
JPM	JPMORGAN CHASE & CO.	29,099 (-2.2%)	$9,162 (-2.3%)	7.1%	$147.96	+109.2%	COM	46625H100
TJX	TJX COS INC NEW	38,926 (-3.0%)	$5,919 (+2.0%)	4.6%	$96.58	+52.9%	COM	872540109
MLM	MARTIN MARIETTA MATLS INC	5,847 (-2.8%)	$3,876 (+2.2%)	3.0%	$552.57	+12.4%	COM	573284106
CP	CANADIAN PACIFIC KANSAS CITY	39,259 (-1.0%)	$3,008 (+1.8%)	2.3%	$73.29	+0.4%	COM	13646K108
EXE	EXPAND ENERGY CORPORATION	68,634 (-1.6%)	$7,447 (+0.5%)	5.8%	$76.66	+44.3%	COM	165167735

Unchanged Positions (4)

MSFT MICROSOFT CORP 3.9%

Value ($000) $4,968 Shares 12,082 Est. Cost $401.13 Unrealized +24.8%

HSY HERSHEY CO 2.7%

Value ($000) $3,486 Shares 17,304 Est. Cost $182.11 Unrealized -0.0%

JEPQ J P MORGAN EXCHANGE TRADED F 2.1%

Value ($000) $2,656 Shares 45,311 Est. Cost $54.36 Unrealized —

XOP SPDR SERIES TRUST 0.4%

Value ($000) $484 Shares 3,462 Est. Cost $154.93 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	12,082	$4,968	3.9%	$401.13	+24.8%	COM	594918104
HSY	HERSHEY CO	17,304	$3,486	2.7%	$182.11	-0.0%	COM	427866108
JEPQ	J P MORGAN EXCHANGE TRADED F	45,311	$2,656	2.1%	$54.36	—	NASDAQ EQT PREM	46654Q203
XOP	SPDR SERIES TRUST	3,462	$484	0.4%	$154.93	—	STATE STREET SPD	78468R556