# EDGAR Filing Document

**Accession Number:** 0001532943
**File Stem:** 0001214659-26-001889
**Filing Date:** 2026-2
**Character Count:** 19234
**Document Hash:** 7e5f2fabd0f40da36d4135e4b7b898b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-26-001889.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001214659-26-001889

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**EFFECTIVENESS DATE**: 20260217

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Palogic Value Management, L.P.
- **CENTRAL INDEX KEY:** 0001532943

**ORGANIZATION NAME:**
- **EIN:** 205611076
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-22961
- **FILM NUMBER:** 26638672

**BUSINESS ADDRESS:**
- **STREET 1:** 8333 DOUGLAS AVE
- **STREET 2:** SUITE 775
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75225
- **BUSINESS PHONE:** (214) 871-2700

**MAIL ADDRESS:**
- **STREET 1:** 8333 DOUGLAS AVE
- **STREET 2:** SUITE 775
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75225

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**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:** Palogic Value Management L.P.<br>**Address:** 8333 DOUGLAS AVE<br>SUITE 775<br>DALLAS, TX 75225

**Form 13F File Number:** 028-22961

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:** Richard Sproll<br>**Title:** Associate Compliance<br>**Phone:** 214-393-2982

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

Richard Sproll  Dallas, TX  02-17-2026<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:** 159

**Form 13F Information Table Value Total:** $239756600

      (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 |
| ABBVIE INC | COM | 00287Y109 |  | 4382438 | 19180 | SH |  | SOLE |  | 0 | 0 | 19180 |
| ADOBE INC | COM | 00724F101 |  | 541435 | 1547 | SH |  | SOLE |  | 0 | 0 | 1547 |
| ALIGHT INC | COM CL A | 01626W101 |  | 585000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 10522655 | 33533 | SH |  | SOLE |  | 0 | 0 | 33533 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 821625 | 2625 | SH |  | SOLE |  | 0 | 0 | 2625 |
| AMAZON COM INC | COM | 023135106 |  | 4127292 | 17881 | SH |  | SOLE |  | 0 | 0 | 17881 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 927095 | 2506 | SH |  | SOLE |  | 0 | 0 | 2506 |
| AMERICAS CAR-MART INC | COM | 03062T105 |  | 1081103 | 42799 | SH |  | SOLE |  | 42799 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 2542217 | 7767 | SH |  | SOLE |  | 0 | 0 | 7767 |
| APOLLO COML REAL EST FIN | COM | 03762U105 |  | 1275911 | 131809 | SH |  | SOLE |  | 0 | 0 | 131809 |
| APPLE INC | COM | 037833100 |  | 12367455 | 45492 | SH |  | SOLE |  | 0 | 0 | 45492 |
| APPLIED DIGITAL CORP | COM NEW | 038169207 |  | 245200 | 10000 | SH | Call | SOLE |  | 10000 | 0 | 0 |
| ARBOR REALTY TRUST INC | COM | 038923108 |  | 472406 | 60877 | SH |  | SOLE |  | 0 | 0 | 60877 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 2236851 | 110571 | SH |  | SOLE |  | 0 | 0 | 110571 |
| ASPEN AEROGELS INC | COM | 04523Y105 |  | 1485750 | 525000 | SH |  | SOLE |  | 525000 | 0 | 0 |
| ATLAS ENERGY SOLUTIONS INC | COM NEW | 642045108 |  | 436146 | 46300 | SH |  | SOLE |  | 46300 | 0 | 0 |
| AVALONBAY CMNTYS INC | COM | 053484101 |  | 795226 | 4386 | SH |  | SOLE |  | 0 | 0 | 4386 |
| BANDWIDTH INC | COM CL A | 05988J103 |  | 3016427 | 195238 | SH |  | SOLE |  | 195238 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 2757205 | 50131 | SH |  | SOLE |  | 0 | 0 | 50131 |
| BANK OZK LITTLE ROCK ARK | COM | 06417N103 |  | 1265550 | 27500 | SH |  | SOLE |  | 27500 | 0 | 0 |
| BHP GROUP LTD | SPONSORED ADS | 088606108 |  | 5194174 | 86039 | SH |  | SOLE |  | 0 | 0 | 86039 |
| BILL HOLDINGS INC | COM | 090043100 |  | 927180 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| BLACKROCK CR ALLOCATION | COM | 092508100 |  | 318034 | 29366 | SH |  | SOLE |  | 0 | 0 | 29366 |
| BLACKROCK ENHANCED EQUITY | COM | 09251A104 |  | 540360 | 57000 | SH |  | SOLE |  | 0 | 0 | 57000 |
| BLACKROCK LONG-TERM MUN | COM | 09250B103 |  | 352863 | 38024 | SH |  | SOLE |  | 0 | 0 | 38024 |
| BLACKROCK MUN INCOME TR | SH BEN INT | 09248F109 |  | 100300 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| BLACKROCK MUNIHOLDINGS | COM | 09254C107 |  | 165495 | 16500 | SH |  | SOLE |  | 0 | 0 | 16500 |
| BLACKROCK MUNIHOLDINGS FD | COM | 09253N104 |  | 441518 | 37608 | SH |  | SOLE |  | 0 | 0 | 37608 |
| BLACKROCK MUNIYILD QULT FD | COM | 09254F100 |  | 113000 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| BLACKROCK TAX MUNICPAL BD | SHS | 09248X100 |  | 171360 | 10500 | SH |  | SOLE |  | 0 | 0 | 10500 |
| BLUE OWL CAPITAL | COM | 69121K104 |  | 1794308 | 144353 | SH |  | SOLE |  | 0 | 0 | 144353 |
| BNY MELLON MUN BD | COM SHS | 09662W109 |  | 442348 | 40250 | SH |  | SOLE |  | 0 | 0 | 40250 |
| BNY MELLON STRATEGIC MUN BD | COM | 09662E109 |  | 333365 | 54030 | SH |  | SOLE |  | 0 | 0 | 54030 |
| BP PLC | SPONSORED ADR | 055622104 |  | 297219 | 8558 | SH |  | SOLE |  | 0 | 0 | 8558 |
| BRAEMAR HOTELS  RESORTS | 5.5 CUM CV PFD B | 10482B200 |  | 1268639 | 85661 | SH |  | SOLE |  | 0 | 0 | 85661 |
| BROADCOM INC | COM | 11135F101 |  | 10422802 | 30115 | SH |  | SOLE |  | 0 | 0 | 30115 |
| BROADSTONE NET LEASE INC | COM | 11135E203 |  | 434406 | 25009 | SH |  | SOLE |  | 0 | 0 | 25009 |
| BRUNSWICK CORP | COM | 117043109 |  | 2085847 | 28096 | SH |  | SOLE |  | 23000 | 0 | 5096 |
| BXP INC | COM | 101121101 |  | 835335 | 12379 | SH |  | SOLE |  | 0 | 0 | 12379 |
| CALAMOS CONV OPPORTUNITIES | SH BEN INT | 128117108 |  | 125760 | 12000 | SH |  | SOLE |  | 0 | 0 | 12000 |
| CALAMOS GBL DYN INCOME FUND | COM | 12811L107 |  | 81510 | 11000 | SH |  | SOLE |  | 0 | 0 | 11000 |
| CALAMOS STRATEGIC TOTAL | COM SH BEN INT | 128125101 |  | 744960 | 38800 | SH |  | SOLE |  | 0 | 0 | 38800 |
| CANNAE HLDGS INC | COM | 13765N107 |  | 1440538 | 91579 | SH |  | SOLE |  | 91579 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 804309 | 1404 | SH |  | SOLE |  | 0 | 0 | 1404 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 1044621 | 28233 | SH |  | SOLE |  | 0 | 0 | 28233 |
| CISCO SYS INC | COM | 17275R102 |  | 1600144 | 20773 | SH |  | SOLE |  | 0 | 0 | 20773 |
| COINSHARES BITCOIN ETF | COM | 91916J100 |  | 191350 | 5000 | SH | Put | SOLE |  | 5000 | 0 | 0 |
| COLUMBUS MCKINNON CORP N Y | COM | 199333105 |  | 1293750 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| COPART INC | COM | 217204106 |  | 469800 | 12000 | SH |  | SOLE |  | 0 | 0 | 12000 |
| CORPAY INC | COM SHS | 219948106 |  | 257295 | 855 | SH |  | SOLE |  | 0 | 0 | 855 |
| D R HORTON INC | COM | 23331A109 |  | 1193433 | 8286 | SH |  | SOLE |  | 0 | 0 | 8286 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 360792 | 2400 | SH |  | SOLE |  | 2400 | 0 | 0 |
| DICKS SPORTING GOODS INC | COM | 253393102 |  | 989850 | 5000 | SH | Call | SOLE |  | 5000 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 1170807 | 10291 | SH |  | SOLE |  | 0 | 0 | 10291 |
| DOCUSIGN INC | COM | 256163106 |  | 438581 | 6412 | SH |  | SOLE |  | 0 | 0 | 6412 |
| DOLBY LABORATORIES INC | COM CL A | 25659T107 |  | 349871 | 5448 | SH |  | SOLE |  | 0 | 0 | 5448 |
| DOMO INC | COM CL B | 257554105 |  | 885150 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 648992 | 5537 | SH |  | SOLE |  | 0 | 0 | 5537 |
| EAGLE MATLS INC | COM | 26969P108 |  | 227348 | 1100 | SH |  | SOLE |  | 0 | 0 | 1100 |
| EATON VANCE TX ADV GLBL DIV | COM | 27828S101 |  | 542850 | 23500 | SH |  | SOLE |  | 0 | 0 | 23500 |
| EOG RES INC | COM | 26875P101 |  | 901511 | 8585 | SH |  | SOLE |  | 3000 | 0 | 5585 |
| EQT CORP | COM | 26884L109 |  | 481971 | 8992 | SH |  | SOLE |  | 6000 | 0 | 2992 |
| EQUIFAX INC | COM | 294429105 |  | 335885 | 1548 | SH |  | SOLE |  | 0 | 0 | 1548 |
| ETF SER SOLUTIONS | DEFIANCE QUANTUM | 26922A420 |  | 548300 | 5000 | SH | Put | SOLE |  | 5000 | 0 | 0 |
| EURONET WORLDWIDE INC | COM | 298736109 |  | 951375 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| EVENTBRITE INC | COM CL A | 29975E109 |  | 3916000 | 880000 | SH |  | SOLE |  | 880000 | 0 | 0 |
| EXPENSIFY INC | COM CL A | 30219Q106 |  | 2118628 | 1403065 | SH |  | SOLE |  | 1403065 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 5883784 | 48893 | SH |  | SOLE |  | 0 | 0 | 48893 |
| FEDEX CORP | COM | 31428X106 |  | 1003211 | 3473 | SH |  | SOLE |  | 0 | 0 | 3473 |
| FIDELITY NATIONAL FINANCIAL | COM SHS | 31620R303 |  | 1385276 | 25376 | SH |  | SOLE |  | 0 | 0 | 25376 |
| FIDELITY NATL INFORMATION | COM | 31620M106 |  | 309969 | 4664 | SH |  | SOLE |  | 0 | 0 | 4664 |
| FIDUS INVT CORP | COM | 316500107 |  | 1428065 | 73993 | SH |  | SOLE |  | 0 | 0 | 73993 |
| FIRST SOLAR INC | COM | 336433107 |  | 1112056 | 4257 | SH |  | SOLE |  | 0 | 0 | 4257 |
| FIRST TR EXCHANGE-TRADED FD | SHS | 337345102 |  | 293978 | 1277 | SH |  | SOLE |  | 0 | 0 | 1277 |
| FISERV INC | COM | 337738108 |  | 1354214 | 20161 | SH |  | SOLE |  | 15000 | 0 | 5161 |
| FLAHERTY  CRUMRINE DYNAMIC | SHS | 33848W106 |  | 426195 | 20500 | SH |  | SOLE |  | 0 | 0 | 20500 |
| FLYWIRE CORPORATION | COM VTG | 302492103 |  | 3044400 | 215000 | SH |  | SOLE |  | 215000 | 0 | 0 |
| FORESTAR GROUP INC | COM | 346232101 |  | 862050 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 1249790 | 24607 | SH |  | SOLE |  | 0 | 0 | 24607 |
| GLOBAL PMTS INC | COM | 37940X102 |  | 2709000 | 35000 | SH | Call | SOLE |  | 35000 | 0 | 0 |
| GRANITE PT MTG TR INC | COM STK | 38741L107 |  | 189600 | 79000 | SH |  | SOLE |  | 0 | 0 | 79000 |
| HCA HEALTHCARE INC | COM | 40412C101 |  | 233430 | 500 | SH |  | SOLE |  | 0 | 0 | 500 |
| HEALTH CATALYST INC | COM | 42225T107 |  | 3035398 | 1270041 | SH |  | SOLE |  | 1270041 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 964330 | 4943 | SH |  | SOLE |  | 0 | 0 | 4943 |
| HUNTINGTON BANCSHARES INC | COM | 446150104 |  | 913478 | 52650 | SH |  | SOLE |  | 0 | 0 | 52650 |
| IREN LIMITED | ORDINARY SHARES | Q4982L109 |  | 264390 | 7000 | SH | Put | SOLE |  | 7000 | 0 | 0 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 4745111 | 58844 | SH |  | SOLE |  | 0 | 0 | 58844 |
| ISHARES TR | PFD AND INCM SEC | 464288687 |  | 1557071 | 50293 | SH |  | SOLE |  | 0 | 0 | 50293 |
| ISHARES TR | CMBS ETF | 46429B366 |  | 1345298 | 27382 | SH |  | SOLE |  | 0 | 0 | 27382 |
| J P MORGAN EXCHANGE TRADED | NASDAQ EQT PREM | 46654Q203 |  | 836928 | 14400 | SH |  | SOLE |  | 0 | 0 | 14400 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 347469 | 1679 | SH |  | SOLE |  | 0 | 0 | 1679 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 2134385 | 6624 | SH |  | SOLE |  | 0 | 0 | 6624 |
| KIMCO RLTY CORP | COM | 49446R109 |  | 435359 | 21478 | SH |  | SOLE |  | 0 | 0 | 21478 |
| KRAFT HEINZ CO | COM | 500754106 |  | 635544 | 26208 | SH |  | SOLE |  | 0 | 0 | 26208 |
| LADDER CAP CORP | CL A | 505743104 |  | 1619915 | 147399 | SH |  | SOLE |  | 0 | 0 | 147399 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 325450 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| LIBERTY ENERGY INC | COM CL A | 53115L104 |  | 1384500 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| LIGHTSPEED COMMERCE INC | SUB VTG SHS | 53229C107 |  | 1449600 | 120000 | SH |  | SOLE |  | 120000 | 0 | 0 |
| LIVEPERSON INC | NOTE        12/1 | 538146AD3 |  | 1584180 | 3900000 | SH |  | SOLE |  | 1584180 | 0 | 0 |
| MARQETA INC | CLASS A COM | 57142B104 |  | 2018750 | 425000 | SH |  | SOLE |  | 425000 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 372785 | 653 | SH |  | SOLE |  | 0 | 0 | 653 |
| MERCK  CO INC | COM | 58933Y105 |  | 462618 | 4395 | SH |  | SOLE |  | 0 | 0 | 4395 |
| MICROSOFT CORP | COM | 594918104 |  | 7577358 | 15668 | SH |  | SOLE |  | 0 | 0 | 15668 |
| MOLSON COORS BEVERAGE CO | CL B | 60871R209 |  | 2856303 | 61189 | SH |  | SOLE |  | 45000 | 0 | 16189 |
| NCR VOYIX CORPORATION | COM | 62886E108 |  | 1989989 | 195097 | SH |  | SOLE |  | 195097 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 259848 | 900 | SH |  | SOLE |  | 0 | 0 | 900 |
| NUVEEN AMT FREE MUN CR INC | COM | 67071L106 |  | 3503503 | 276738 | SH |  | SOLE |  | 0 | 0 | 276738 |
| NUVEEN AMT FREE QLTY MUN | COM | 670657105 |  | 4288993 | 368787 | SH |  | SOLE |  | 0 | 0 | 368787 |
| NUVEEN MUN HIGH INCOME | COM | 670682103 |  | 1337438 | 131250 | SH |  | SOLE |  | 0 | 0 | 131250 |
| NUVEEN MUNICIPAL CREDIT INC | COM SH BEN INT | 67070X101 |  | 524712 | 41710 | SH |  | SOLE |  | 0 | 0 | 41710 |
| NUVEEN PFD  INCOME | COM | 67073B106 |  | 815574 | 100564 | SH |  | SOLE |  | 0 | 0 | 100564 |
| NUVEEN QUALITY MUNCP INCOME | COM | 67066V101 |  | 3313253 | 275645 | SH |  | SOLE |  | 0 | 0 | 275645 |
| NUVEEN S 500 BUY-WRITE | COM | 6706ER101 |  | 314154 | 21371 | SH |  | SOLE |  | 0 | 0 | 21371 |
| NUVEEN TAXABLE MUNICPAL INM | COM | 67074C103 |  | 316000 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| ON24 INC | COM | 68339B104 |  | 2388000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| ONEOK INC NEW | COM | 682680103 |  | 863625 | 11750 | SH |  | SOLE |  | 0 | 0 | 11750 |
| OPEN LENDING CORP | COM | 68373J104 |  | 6696155 | 4320100 | SH |  | SOLE |  | 4320100 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 389820 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 888750 | 5000 | SH | Put | SOLE |  | 5000 | 0 | 0 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 1151987 | 6254 | SH |  | SOLE |  | 0 | 0 | 6254 |
| PAR TECHNOLOGY CORP | COM | 698884103 |  | 907000 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| PEBBLEBROOK HOTEL TR | COM | 70509V100 |  | 4528000 | 400000 | SH |  | SOLE |  | 400000 | 0 | 0 |
| PIMCO DYNAMIC INCOME OPRNTS | COM BEN SHS | 69355M107 |  | 1248147 | 90184 | SH |  | SOLE |  | 0 | 0 | 90184 |
| PIMCO MUN INCOME FD II | COM | 72200W106 |  | 85956 | 11400 | SH |  | SOLE |  | 0 | 0 | 11400 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1701950 | 11876 | SH |  | SOLE |  | 0 | 0 | 11876 |
| PROLOGIS INC. | COM | 74340W103 |  | 337150 | 2641 | SH |  | SOLE |  | 0 | 0 | 2641 |
| RAPID7 INC | COM | 753422104 |  | 988000 | 65000 | SH |  | SOLE |  | 65000 | 0 | 0 |
| REGIONS FINANCIAL CORP NEW | COM | 7591EP100 |  | 406500 | 15000 | SH |  | SOLE |  | 0 | 0 | 15000 |
| RITHM CAPITAL CORP | COM NEW | 64828T201 |  | 491590 | 45100 | SH |  | SOLE |  | 0 | 0 | 45100 |
| SAP SE | SPON ADR | 803054204 |  | 1486366 | 6119 | SH |  | SOLE |  | 0 | 0 | 6119 |
| SARATOGA INVT CORP | COM NEW | 80349A208 |  | 1076908 | 46680 | SH |  | SOLE |  | 0 | 0 | 46680 |
| SELECT SECTOR SPDR TR | STATE STREET TEC | 81369Y803 |  | 342649 | 2380 | SH |  | SOLE |  | 0 | 0 | 2380 |
| SHELL PLC | SPON ADS | 780259305 |  | 4047866 | 55088 | SH |  | SOLE |  | 13500 | 0 | 41588 |
| SIMILARWEB LTD | Common Stock | 001175165 |  | 504998 | 67423 | SH |  | SOLE |  | 67423 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 1705789 | 9215 | SH |  | SOLE |  | 0 | 0 | 9215 |
| SLB LIMITED | COM STK | 806857108 |  | 1503920 | 39185 | SH |  | SOLE |  | 0 | 0 | 39185 |
| SOUTHLAND HLDGS INC | COM | 84445C100 |  | 2314999 | 710120 | SH |  | SOLE |  | 0 | 0 | 710120 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 1264962 | 1855 | SH |  | SOLE |  | 0 | 0 | 1855 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R663 |  | 500945 | 5482 | SH |  | SOLE |  | 0 | 0 | 5482 |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 |  | 348426 | 600 | SH |  | SOLE |  | 0 | 0 | 600 |
| SSGA ACTIVE ETF TR | STATE STREET BLA | 78467V608 |  | 6881315 | 166745 | SH |  | SOLE |  | 0 | 0 | 166745 |
| STARWOOD PPTY TR INC | COM | 85571B105 |  | 822463 | 45667 | SH |  | SOLE |  | 0 | 0 | 45667 |
| STERLING INFRASTRUCTURE INC | COM | 859241101 |  | 306230 | 1000 | SH | Call | SOLE |  | 1000 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 455154 | 1295 | SH |  | SOLE |  | 0 | 0 | 1295 |
| TEXAS CAP BANCSHARES INC | COM | 88224Q107 |  | 1227541 | 13558 | SH |  | SOLE |  | 13558 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 859990 | 4957 | SH |  | SOLE |  | 0 | 0 | 4957 |
| TOPGOLF CALLAWAY BRANDS | COM | 131193104 |  | 1003620 | 86000 | SH |  | SOLE |  | 86000 | 0 | 0 |
| TYLER TECHNOLOGIES INC | COM | 902252105 |  | 368607 | 812 | SH |  | SOLE |  | 0 | 0 | 812 |
| UNION PAC CORP | COM | 907818108 |  | 837147 | 3619 | SH |  | SOLE |  | 0 | 0 | 3619 |
| VANECK ETF TRUST | JUNIOR GOLD MINE | 92189F791 |  | 739570 | 6500 | SH | Put | SOLE |  | 6500 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | LG-TERM COR BD | 92206C813 |  | 2776830 | 36567 | SH |  | SOLE |  | 0 | 0 | 36567 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 384523 | 1719 | SH |  | SOLE |  | 0 | 0 | 1719 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 875166 | 21487 | SH |  | SOLE |  | 0 | 0 | 21487 |
| VERRA MOBILITY CORP | CL A COM STK | 92511U102 |  | 2241000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| VERTEX INC | CL A | 92538J106 |  | 1347975 | 67500 | SH |  | SOLE |  | 67500 | 0 | 0 |
| VICI PPTYS INC | COM | 925652109 |  | 1234468 | 43900 | SH |  | SOLE |  | 0 | 0 | 43900 |
| VIPER ENERGY INC | CL A | 64361Q101 |  | 799332 | 20692 | SH |  | SOLE |  | 0 | 0 | 20692 |
| VISA INC | COM CL A | 92826C839 |  | 847666 | 2417 | SH |  | SOLE |  | 0 | 0 | 2417 |
| ZEBRA TECHNOLOGIES | CL A | 989207105 |  | 323922 | 1334 | SH |  | SOLE |  | 0 | 0 | 1334 |

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