# EDGAR Filing Document

**Accession Number:** 0001729300
**File Stem:** 0001729300-25-000005
**Filing Date:** 2025-11
**Character Count:** 21142
**Document Hash:** d9cb98e6f5d1359526043431da1385c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001729300-25-000005.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001729300-25-000005

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**EFFECTIVENESS DATE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** X-Square Capital, LLC
- **CENTRAL INDEX KEY:** 0001729300

**ORGANIZATION NAME:**
- **EIN:** 660799355
- **STATE OF INCORPORATION:** PR
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18376
- **FILM NUMBER:** 251465387

**BUSINESS ADDRESS:**
- **STREET 1:** STE. 802
- **STREET 2:** 90 CARR 165
- **CITY:** GUAYNABO
- **STATE:** PR
- **ZIP:** 00968
- **BUSINESS PHONE:** 787-282-1621

**MAIL ADDRESS:**
- **STREET 1:** STE. 802
- **STREET 2:** 90 CARR 165
- **CITY:** GUAYNABO
- **STATE:** PR
- **ZIP:** 00968

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 09-30-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** X-Square Capital LLC<br>**Address:** STE. 802<br>90 CARR 165<br>GUAYNABO, PR 00968

**Form 13F File Number:** 028-18376

**CRD Number (if applicable):** 000167237

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Cristina Perez<br>**Title:** CCO<br>**Phone:** 787-282-1621

**Signature, Place, and Date of Signing:**

Cristina Perez  GUAYNABO, PR  11-10-2025<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 177

**Form 13F Information Table Value Total:** $320154

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| APPLE INC | COM | 037833100 |  | 2720 | 10681 | SH |  | SOLE |  | 0 | 0 | 10681 |
| APPLE INC | COM | 037833100 |  | 282 | 1108 | SH |  | OTR |  | 1108 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 3688 | 15929 | SH |  | SOLE |  | 9651 | 0 | 6278 |
| ADAPTIMMUNE THERAPEUTICS-ADR | SPONDS ADR | 00653A107 |  | 1 | 10673 | SH |  | SOLE |  | 0 | 0 | 10673 |
| ADAPTIMMUNE THERAPEUTICS-ADR | SPONDS ADR | 00653A107 |  | 0 | 900 | SH |  | OTR |  | 900 | 0 | 0 |
| AKAMAI TECHNOLOGIES INC | COM | 00971T101 |  | 355 | 4685 | SH |  | SOLE |  | 4685 | 0 | 0 |
| ALLY FINL INC | COM | 02005N100 |  | 861 | 21974 | SH |  | SOLE |  | 13681 | 0 | 8293 |
| ADVANCED MICRO DEVICES I | COM NEW | 007903107 |  | 10074 | 62267 | SH |  | SOLE |  | 44217 | 0 | 18050 |
| AMGEN INC. | COM | 031162100 |  | 4131 | 14639 | SH |  | SOLE |  | 6308 | 0 | 8331 |
| ALPHA METALLURGICAL RESOURCE | COM | 020764106 |  | 449 | 2737 | SH |  | SOLE |  | 2550 | 0 | 187 |
| AMAZON.COM INC | COM CL A | 023135106 |  | 4663 | 21239 | SH |  | SOLE |  | 10906 | 0 | 10333 |
| AMAZON.COM INC | COM CL A | 023135106 |  | 4 | 20 | SH |  | OTR |  | 20 | 0 | 0 |
| APPLOVIN CORPORATION | COM CL A | 03831W108 |  | 1646 | 2291 | SH |  | SOLE |  | 2165 | 0 | 126 |
| ASML HOLDING NV | N Y REGISTRY SHS | N07059210 |  | 1184 | 1223 | SH |  | SOLE |  | 750 | 0 | 473 |
| AST SPACE MOBILE INC | COM CL A | 00217D100 |  | 11198 | 228150 | SH |  | SOLE |  | 220000 | 0 | 8150 |
| ALIBABA GROUP HLDG LTD F SPONSORED ADR 1 ADR REPS    8  ORD SHS | SHS | 01609W102 |  | 454 | 2539 | SH |  | SOLE |  | 0 | 0 | 2539 |
| BANK OF AMERICA CORP | COM | 060505104 |  | 981 | 19018 | SH |  | SOLE |  | 0 | 0 | 19018 |
| BOOZ ALLEN HAMILTON HOLDINGS | CL A | 099502106 |  | 1157 | 11578 | SH |  | SOLE |  | 10931 | 0 | 647 |
| BRASKEM SA-CLASS A- ADR | SP ADR PFD A | 105532105 |  | 206 | 85000 | SH |  | SOLE |  | 85000 | 0 | 0 |
| BAUSCH HEALTH COS INC  F | CL A | 071734107 |  | 121 | 18722 | SH |  | SOLE |  | 11163 | 0 | 7559 |
| VOLATILITY SHS TR | 2X BITCOIN STRAT | 92864M301 |  | 1988 | 36094 | SH |  | SOLE |  | 25000 | 0 | 11094 |
| BJ'S WHOLESALE CLUB HOLDINGS | COM | 05550J101 |  | 1829 | 19612 | SH |  | SOLE |  | 13130 | 0 | 6482 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 2347 | 435 | SH |  | SOLE |  | 275 | 0 | 160 |
| BANCO MACRO SA-ADR | SPON ADR B | 05961W105 |  | 3025 | 71536 | SH |  | SOLE |  | 71440 | 0 | 96 |
| PROSHARES TR II | ULTRA BLOOMBERG | 74347Y748 |  | 0 | 2 | SH |  | OTR |  | 2 | 0 | 0 |
| PROSHARES TR II | ULTRA BLOOMBERG | 74347Y748 |  | 312 | 10400 | SH |  | SOLE |  | 10000 | 0 | 400 |
| BORR DRILLING LTD | SHS | G1466R173 |  | 841 | 312714 | SH |  | SOLE |  | 249539 | 0 | 63175 |
| POPULAR INC            F | SPONSORED ADR | 733174700 |  | 726 | 5714 | SH |  | SOLE |  | 0 | 0 | 5714 |
| 1/100 BERKSHIRE HTWY CLA 100 SHS=1 WHOLE SH BRK A | SHS | 084670108 |  | 754 | 1 | SH |  | OTR |  | 1 | 0 | 0 |
| BERKSHIRE HATHAWAY CLASS                  B | COM | 084670702 |  | 5341 | 10624 | SH |  | SOLE |  | 5197 | 0 | 5427 |
| BAYTEX ENERGY CORP     F | COM | 07317Q105 |  | 692 | 295732 | SH |  | SOLE |  | 200000 | 0 | 95732 |
| BRIT AMER TOBACCO      F UNSPONSORED ADR 1 ADR REPS    1  ORD SHS | COM | 110448107 |  | 524 | 9876 | SH |  | SOLE |  | 0 | 0 | 9876 |
| BIT ORIGIN LTD | ORD SHS CL A | G21621118 |  | 4 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| BLACKSTONE INC | COM | 09260D107 |  | 288 | 1687 | SH |  | SOLE |  | 0 | 0 | 1687 |
| CITIGROUP INC | COM | 172967424 |  | 438 | 4311 | SH |  | SOLE |  | 0 | 0 | 4311 |
| CHUBB LTD              F | COM | H1467J104 |  | 1035 | 3667 | SH |  | SOLE |  | 3161 | 0 | 506 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 1020 | 3100 | SH |  | SOLE |  | 3100 | 0 | 0 |
| CIPHER MINING INC | COM | 17253J106 |  | 300 | 23800 | SH |  | SOLE |  | 20000 | 0 | 3800 |
| CLEANSPARK INC | COM NEW | 18452B209 |  | 2900 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| CUMMINS INC | COM | 231021106 |  | 676 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 1944 | 49594 | SH |  | SOLE |  | 37105 | 0 | 12489 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 16 | 400 | SH |  | OTR |  | 400 | 0 | 0 |
| COINBASE GLOBAL INC -CLASS A | COM CL A | 19260Q107 |  | 613 | 1815 | SH |  | SOLE |  | 477 | 0 | 1338 |
| COSTCO WHOLESALE CO | COM | 22160K105 |  | 2338 | 2526 | SH |  | SOLE |  | 0 | 0 | 2526 |
| COSTCO WHOLESALE CO | COM | 22160K105 |  | 37 | 40 | SH |  | OTR |  | 40 | 0 | 0 |
| COTY INC CLASS                  A | COM | 222070203 |  | 126 | 31153 | SH |  | SOLE |  | 0 | 0 | 31153 |
| COPART INC | COM | 217204106 |  | 4141 | 92084 | SH |  | SOLE |  | 55222 | 0 | 36862 |
| CROCS INC | COM | 227046109 |  | 1913 | 22900 | SH |  | SOLE |  | 13500 | 0 | 9400 |
| DOLLAR GENERAL CORP | COM | 256677105 |  | 1743 | 16866 | SH |  | SOLE |  | 12464 | 0 | 4402 |
| DIREXION SHS ETF TR | DLY TECH BULL 3X | 25459W102 |  | 2051 | 20500 | SH |  | SOLE |  | 20000 | 0 | 500 |
| DOMINOS PIZZA INC | COM | 25754A201 |  | 2152 | 4986 | SH |  | SOLE |  | 3544 | 0 | 1442 |
| DUOLINGO INC | CL A COM | 26603R106 |  | 2486 | 7725 | SH |  | SOLE |  | 7360 | 0 | 365 |
| EMCOR GROUP INC | COM | 29084Q100 |  | 900 | 1385 | SH |  | SOLE |  | 1385 | 0 | 0 |
| EOG Resources Inc | COM | 26875P101 |  | 528 | 4707 | SH |  | SOLE |  | 4707 | 0 | 0 |
| DIREXION DAILY ENERGY BULL 2X ETF | COM | 25460G609 |  | 298 | 5287 | SH |  | SOLE |  | 0 | 0 | 5287 |
| ISHARES MSCI BRAZIL ETF | ADR | 464286400 |  | 433 | 13966 | SH |  | SOLE |  | 0 | 0 | 13966 |
| EXPAND ENERGY CORPORATION | COM | 165167735 |  | 803 | 7557 | SH |  | SOLE |  | 7226 | 0 | 331 |
| EXPEDIA GROUP INC | COM NEW | 30212P303 |  | 2505 | 11719 | SH |  | SOLE |  | 7289 | 0 | 4430 |
| DIAMONDBACK ENERGY | CL A | 25278X109 |  | 431 | 3011 | SH |  | SOLE |  | 0 | 0 | 3011 |
| FASTENAL CO | COM | 311900104 |  | 1573 | 32084 | SH |  | SOLE |  | 20478 | 0 | 11606 |
| FIRST BANCORP          F | CL A | 318672706 |  | 5885 | 266909 | SH |  | SOLE |  | 0 | 0 | 266909 |
| FREEPORT-MCMORAN INC | COM CL A | 35671D857 |  | 551 | 14050 | SH |  | SOLE |  | 12800 | 0 | 1250 |
| COMFORT SYSTEMS USA INC | COM | 199908104 |  | 1320 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| FORTINET INC | COM | 34959E109 |  | 679 | 8072 | SH |  | SOLE |  | 8038 | 0 | 34 |
| GENERAL DYNAMICS CO | COM | 369550108 |  | 3936 | 11541 | SH |  | SOLE |  | 7440 | 0 | 4101 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 246 | 3224 | SH |  | SOLE |  | 0 | 0 | 3224 |
| GLOBALFOUNDRIES INC | ORDINARY SHARES | G39387108 |  | 227 | 6341 | SH |  | SOLE |  | 0 | 0 | 6341 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 2201 | 6192 | SH |  | SOLE |  | 0 | 0 | 6192 |
| GENERAC HOLDINGS INC | COM | 368736104 |  | 2600 | 15529 | SH |  | SOLE |  | 12366 | 0 | 3163 |
| ALPHABET INC. CLASS                  C | CAP STK CL C | 02079K107 |  | 2846 | 11687 | SH |  | SOLE |  | 5562 | 0 | 6125 |
| ALPHABET INC. CLASS                  A | CAP STK CL A | 02079K305 |  | 717 | 2951 | SH |  | SOLE |  | 0 | 0 | 2951 |
| ALPHABET INC. CLASS                  A | CAP STK CL A | 02079K305 |  | 176 | 725 | SH |  | OTR |  | 725 | 0 | 0 |
| GARMIN LTD             F | COM | H2906T109 |  | 1508 | 6123 | SH |  | SOLE |  | 4636 | 0 | 1487 |
| WARRIOR MET COAL INC | COM | 93627C101 |  | 477 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| HOME DEPOT INC | SPONSORED ADS | 437076102 |  | 1363 | 3363 | SH |  | SOLE |  | 1789 | 0 | 1574 |
| HOME DEPOT INC | SPONSORED ADS | 437076102 |  | 83 | 206 | SH |  | OTR |  | 206 | 0 | 0 |
| HIMS  HERS HEALTH INC | COM CL A | 433000106 |  | 24253 | 427591 | SH |  | SOLE |  | 385100 | 0 | 42491 |
| INTERNATIONAL EXCHANGE INC | COM | 45866F104 |  | 410 | 2433 | SH |  | SOLE |  | 2433 | 0 | 0 |
| ISHARES BITCOIN TRUST | SHS | 46438F101 |  | 8758 | 134733 | SH |  | SOLE |  | 67865 | 0 | 66868 |
| JOHNSON  JOHNSON | CL A | 478160104 |  | 1213 | 6544 | SH |  | SOLE |  | 4021 | 0 | 2523 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 6999 | 22190 | SH |  | SOLE |  | 10558 | 0 | 11632 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 33 | 103 | SH |  | OTR |  | 103 | 0 | 0 |
| JOURNEY ENERGY INC     F | DLY FIN BULL NEW | 48113W102 |  | 38 | 16095 | SH |  | SOLE |  | 0 | 0 | 16095 |
| KIMBERLY CLARK CORP | COM | 494368103 |  | 645 | 5185 | SH |  | SOLE |  | 0 | 0 | 5185 |
| THE COCA-COLA CO | COM | 191216100 |  | 2117 | 31923 | SH |  | SOLE |  | 18619 | 0 | 13304 |
| LENNAR CORP CLASS                  A | CL A | 526057104 |  | 2189 | 17365 | SH |  | SOLE |  | 13185 | 0 | 4180 |
| LEMONADE INC | COM | 52567D107 |  | 11413 | 213199 | SH |  | SOLE |  | 201046 | 0 | 12153 |
| LOCKHEED MARTIN CORP | TR UNIT | 539830109 |  | 1189 | 2381 | SH |  | SOLE |  | 1568 | 0 | 813 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 2028 | 11395 | SH |  | SOLE |  | 8825 | 0 | 2570 |
| ELI LILLY  CO | COM | 532457108 |  | 208 | 273 | SH |  | SOLE |  | 0 | 0 | 273 |
| ELI LILLY  CO | COM | 532457108 |  | 31 | 40 | SH |  | OTR |  | 40 | 0 | 0 |
| MasterCard Inc | COM | 57636Q104 |  | 813 | 1430 | SH |  | SOLE |  | 1430 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 309 | 1017 | SH |  | SOLE |  | 0 | 0 | 1017 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 4330 | 1853 | SH |  | SOLE |  | 1148 | 0 | 705 |
| MasterCard Inc | COM | 57636Q104 |  | 57 | 100 | SH |  | OTR |  | 100 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 75 | 32 | SH |  | OTR |  | 32 | 0 | 0 |
| META PLATFORMS INC CLASS                  A | COM | 30303M102 |  | 7671 | 10445 | SH |  | SOLE |  | 4932 | 0 | 5513 |
| META PLATFORMS INC CLASS                  A | COM | 30303M102 |  | 83 | 113 | SH |  | OTR |  | 113 | 0 | 0 |
| MARKETAXESS HLDGS INC | COM | 57060D108 |  | 326 | 1873 | SH |  | SOLE |  | 1869 | 0 | 4 |
| ALTRIA GROUP INC | US HOME CONS ETF | 02209S103 |  | 1813 | 27445 | SH |  | SOLE |  | 12269 | 0 | 15176 |
| MERCK  CO. INC. | 1 3 YR TREAS BD | 58933Y105 |  | 353 | 4207 | SH |  | SOLE |  | 0 | 0 | 4207 |
| MORGAN STANLEY | COM | 617446448 |  | 646 | 4065 | SH |  | SOLE |  | 0 | 0 | 4065 |
| MICROSOFT CORP | COM | 594918104 |  | 3216 | 6209 | SH |  | SOLE |  | 2918 | 0 | 3291 |
| MICROSTRATEGY INC-CL A | CL A NEW | 594972408 |  | 5890 | 18279 | SH |  | SOLE |  | 15000 | 0 | 3279 |
| MICRON TECHNOLOGY | COM | 595112103 |  | 6456 | 38586 | SH |  | SOLE |  | 21233 | 0 | 17353 |
| NEW FORTRESS ENERGY A CLASS                  A | COM | 644393100 |  | 701 | 317233 | SH |  | SOLE |  | 232178 | 0 | 85055 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 2163 | 3550 | SH |  | SOLE |  | 2344 | 0 | 1206 |
| NVIDIA CORP | COM | 67066G104 |  | 4720 | 25298 | SH |  | SOLE |  | 12060 | 0 | 13238 |
| OBSIDIAN ENERGY LTD | COM | 674482203 |  | 115 | 17540 | SH |  | SOLE |  | 10000 | 0 | 7540 |
| OFG BANCORP            F | COM NEW | 67103X102 |  | 7044 | 161959 | SH |  | SOLE |  | 32800 | 0 | 129159 |
| VANECK OIL SERVICES ETF | COM | 92189H607 |  | 355 | 1366 | SH |  | SOLE |  | 0 | 0 | 1366 |
| ONDAS HOLDINGS INC | COM NEW | 68236H204 |  | 1158 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| OPKO HEALTH INC | US HLTHCARE ETF | 68375N103 |  | 32 | 20933 | SH |  | SOLE |  | 0 | 0 | 20933 |
| ORACLE CORPORATION | COM | 68389X105 |  | 1268 | 4510 | SH |  | SOLE |  | 3211 | 0 | 1299 |
| O'REILLY AUTOMOTIVE INC | COM | 67103H107 |  | 2554 | 23687 | SH |  | SOLE |  | 17325 | 0 | 6362 |
| OCCIDENTAL PETROLEUM CORP | COM | 674599105 |  | 1635 | 34606 | SH |  | SOLE |  | 16800 | 0 | 17806 |
| PETROLEO BRASILEIRO SA | SPONSORED ADR | 71654V408 |  | 272 | 21463 | SH |  | SOLE |  | 10000 | 0 | 11463 |
| PEPSICO INC | COM | 713448108 |  | 1779 | 12668 | SH |  | SOLE |  | 11525 | 0 | 1143 |
| PROCTER  GAMBLE | COM | 742718109 |  | 649 | 4227 | SH |  | SOLE |  | 0 | 0 | 4227 |
| PULTEGROUP INC | CL A | 745867101 |  | 1406 | 10639 | SH |  | SOLE |  | 7635 | 0 | 3004 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 367 | 2012 | SH |  | SOLE |  | 0 | 0 | 2012 |
| PHILIP MORRIS INTL | COM | 718172109 |  | 2996 | 18471 | SH |  | SOLE |  | 11479 | 0 | 6992 |
| ABRDN PLATINUM ETF TRUST | PHYSCL PLATM SHS | 003260106 |  | 689 | 4825 | SH |  | SOLE |  | 0 | 0 | 4825 |
| PHILLIPS 66 | SPONSORED ADR | 718546104 |  | 259 | 1908 | SH |  | SOLE |  | 0 | 0 | 1908 |
| PRIMERICA | COM | 74164M108 |  | 204 | 735 | SH |  | SOLE |  | 0 | 0 | 735 |
| PAYPAL HOLDINGS INCORPOR | CL B | 70450Y103 |  | 2846 | 42434 | SH |  | SOLE |  | 29985 | 0 | 12449 |
| QUALCOMM INC | COM | 747525103 |  | 278 | 1672 | SH |  | SOLE |  | 0 | 0 | 1672 |
| QUALCOMM INC | COM | 747525103 |  | 5 | 30 | SH |  | OTR |  | 30 | 0 | 0 |
| INVSC QQQ TRUST SRS 1 ETF | OIL SVCS ETF | 46090E103 |  | 1838 | 3061 | SH |  | SOLE |  | 0 | 0 | 3061 |
| QXO INC. | COM NEW | 82846H405 |  | 1428 | 74907 | SH |  | SOLE |  | 52900 | 0 | 22007 |
| RH | COM | 74967X103 |  | 1857 | 9139 | SH |  | SOLE |  | 6722 | 0 | 2417 |
| RH | COM | 74967X103 |  | 10 | 50 | SH |  | OTR |  | 50 | 0 | 0 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 472 | 7143 | SH |  | SOLE |  | 6928 | 0 | 215 |
| RICHTECH ROBOTICS INC | CL B | 765504105 |  | 1717 | 400300 | SH |  | SOLE |  | 400300 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CO | SPONSORED ADS A | 75513E101 |  | 1650 | 9858 | SH |  | SOLE |  | 0 | 0 | 9858 |
| RXO INC | COMMON STOCK | 74982T103 |  | 232 | 15079 | SH |  | SOLE |  | 14159 | 0 | 920 |
| BANCO SANTANDER SA IAM F SPONSORED ADR 1 ADR REPS    1  ORD SHS | COM | 05964H105 |  | 138 | 13127 | SH |  | SOLE |  | 0 | 0 | 13127 |
| SIBANYE STILLWATER LTD | SPONSORED ADR | 82575P107 |  | 1150 | 102282 | SH |  | SOLE |  | 100000 | 0 | 2282 |
| SHOPIFY INC            F CLASS                  A | COM NEW | 82509L107 |  | 1448 | 9743 | SH |  | SOLE |  | 6468 | 0 | 3275 |
| ABRDN SILVER ETF TRUST | PHYSCL SILVR SHS | 003264108 |  | 289 | 6500 | SH |  | SOLE |  | 0 | 0 | 6500 |
| SKY HARBOUR GROUP CORPORATION | COM CL A | 83085C107 |  | 620 | 62785 | SH |  | SOLE |  | 0 | 0 | 62785 |
| SUPER MICRO COMPUTER INC | COM NEW | 86800U302 |  | 1354 | 28250 | SH |  | SOLE |  | 28000 | 0 | 250 |
| SEMLER SCIENTIFIC INC | COM | 81684M104 |  | 666 | 22210 | SH |  | SOLE |  | 20200 | 0 | 2010 |
| ISHARES TR | ISHARES SEMICDTR | 464287523 |  | 469 | 1728 | SH |  | SOLE |  | 0 | 0 | 1728 |
| SPDR S 500 ETF | COM | 78462F103 |  | 11138 | 16720 | SH |  | SOLE |  | 0 | 0 | 16720 |
| SUNCOR ENERGY INC      F | CL B | 867224107 |  | 3577 | 85551 | SH |  | SOLE |  | 69528 | 0 | 16023 |
| TRANSDIGM GROUP INC | COM | 893641100 |  | 2960 | 2246 | SH |  | SOLE |  | 1729 | 0 | 517 |
| TIDEWATER INC | COM | 88642R109 |  | 320 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| TEVA PHARMACEUTICAL IN F SPONSORED ADR 1 ADR REPS    1  ORD SHS | COM | 881624209 |  | 1167 | 57795 | SH |  | SOLE |  | 0 | 0 | 57795 |
| TRUIST FINL CORP | CL A | 89832Q109 |  | 669 | 14638 | SH |  | SOLE |  | 9624 | 0 | 5014 |
| TECNOGLASS INC | ORD SHS | G87264100 |  | 486 | 7263 | SH |  | SOLE |  | 7263 | 0 | 0 |
| TJX COMPANIES INC | COM | 872540109 |  | 4805 | 33241 | SH |  | SOLE |  | 20296 | 0 | 12945 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 357 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| DIREXION SHS ETF TR | DAILY 20+ YEAR T | 25460G138 |  | 281 | 7000 | SH |  | SOLE |  | 0 | 0 | 7000 |
| T-MOBILE US INC | SPON ADS | 872590104 |  | 754 | 3149 | SH |  | SOLE |  | 0 | 0 | 3149 |
| TENAYA THERAPEUTICS INC | COM | 87990A106 |  | 16 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| TEXAS PACIFIC LAND CORP | COM | 88262P102 |  | 1394 | 1493 | SH |  | SOLE |  | 0 | 0 | 1493 |
| TRACTOR SUPPLY COMP | SPONSORED ADS | 892356106 |  | 913 | 16059 | SH |  | SOLE |  | 15554 | 0 | 505 |
| TESLA INC | COM | 88160R101 |  | 3154 | 7091 | SH |  | SOLE |  | 5482 | 0 | 1609 |
| TAIWAN SEMICONDUCTR    F SPONSORED ADR 1 ADR REPS    5  ORD SHS | COM | 874039100 |  | 592 | 2121 | SH |  | SOLE |  | 0 | 0 | 2121 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 1036 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 4963 | 5199 | SH |  | SOLE |  | 3510 | 0 | 1689 |
| VALE SA                F SPONSORED ADR 1 ADR REPS    1  ORD SHS | COM | 91912E105 |  | 1744 | 160558 | SH |  | SOLE |  | 123367 | 0 | 37191 |
| VANGUARD INFORMATION TECHNOLOGY ETF | INF TECH ETF | 92204A702 |  | 274 | 367 | SH |  | SOLE |  | 0 | 0 | 367 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 1252 | 7356 | SH |  | SOLE |  | 0 | 0 | 7356 |
| VOYAGER TECHNOLOGIES INC | COM CL A | 92892B103 |  | 298 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| VANGUARD VALUE ETF | VALUE ETF | 922908744 |  | 851 | 4561 | SH |  | SOLE |  | 0 | 0 | 4561 |
| VANGUARD GROWTH ETF | GROWTH ETF | 922908736 |  | 982 | 2048 | SH |  | SOLE |  | 0 | 0 | 2048 |
| WELLS FARGO  CO | COM | 949746101 |  | 312 | 3726 | SH |  | SOLE |  | 0 | 0 | 3726 |
| WALMART INC | COM | 931142103 |  | 3681 | 35714 | SH |  | SOLE |  | 15992 | 0 | 19722 |
| ENERGY SELECT SECTOR SPDR ETF | COM | 81369Y506 |  | 847 | 9479 | SH |  | SOLE |  | 0 | 0 | 9479 |
| EXXON MOBIL CORP | CLASS A COM | 30231G102 |  | 670 | 5938 | SH |  | SOLE |  | 0 | 0 | 5938 |
| XPO INC | COM | 983793100 |  | 3112 | 24077 | SH |  | SOLE |  | 19182 | 0 | 4895 |
| ZILLOW GROUP INC | COM | 98954M200 |  | 365 | 4732 | SH |  | SOLE |  | 2688 | 0 | 2044 |
| ZETA GLOBAL HOLDINGS CORP-A | CL A | 98956A105 |  | 994 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| ZIM INTEGRATED SHIPPING SERV | SHS | M9T951109 |  | 734 | 54200 | SH |  | SOLE |  | 50000 | 0 | 4200 |
| X-SQUARE MUNI INC TAX FR ETF | MUNICIPAL INCOME | 98422R104 |  | 2000 | 80766 | SH |  | SOLE |  | 50000 | 0 | 30766 |

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