# EDGAR Filing Document

**Accession Number:** 0000036029
**File Stem:** 0001193125-25-274203
**Filing Date:** 2025-11
**Character Count:** 26945
**Document Hash:** 9dfa788ad457a4dbbfbf28c15176cd3d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-274203.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001193125-25-274203

**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:** FIRST FINANCIAL BANKSHARES INC
- **CENTRAL INDEX KEY:** 0000036029
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 750944023
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-23917
- **FILM NUMBER:** 251466151

**BUSINESS ADDRESS:**
- **STREET 1:** 400 PINE STREET
- **CITY:** ABILENE
- **STATE:** TX
- **ZIP:** 79601
- **BUSINESS PHONE:** 325.627.7167

**MAIL ADDRESS:**
- **STREET 1:** 400 PINE STREET
- **CITY:** ABILENE
- **STATE:** TX
- **ZIP:** 79601

### 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:** First Financial Bankshares Inc<br>**Address:** 400 Pine Street<br>Abilene, TX 79601

**Form 13F File Number:** 028-23917

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:** Michelle S. Hickox<br>**Title:** EVP CFO<br>**Phone:** (325) 627-7361

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

/s/ Michelle S. Hickox  Abilene, TX  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:** 1

**Form 13F Information Table Entry Total:** 234

**Form 13F Information Table Value Total:** $4867972787

      (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.]

| No.   | Name                                            | Form 13F File Number   |
|:---|:---|:---|
|  | First Financial Trust  Asset Management Company |  |

### 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 |
| 3M CO | COM | 88579Y101 |  | 641359 | 4133 | SH |  | DFND | 1 | 4133 | 0 | 0 |
| ABBOTT LABS | COM | 002824100 |  | 15153570 | 113137 | SH |  | DFND | 1 | 112686 | 0 | 451 |
| ABBVIE INC | COM | 00287Y109 |  | 1137556 | 4913 | SH |  | DFND | 1 | 4913 | 0 | 0 |
| ADOBE INC | COM | 00724F101 |  | 216589 | 614 | SH |  | DFND | 1 | 614 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 273425 | 1690 | SH |  | DFND | 1 | 1606 | 0 | 84 |
| AES CORP | COM | 00130H105 |  | 4993878 | 379474 | SH |  | DFND | 1 | 354085 | 0 | 25389 |
| AFLAC INC | COM | 001055102 |  | 308515 | 2762 | SH |  | DFND | 1 | 2762 | 0 | 0 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 210540 | 772 | SH |  | DFND | 1 | 772 | 0 | 0 |
| ALEXANDRIA REAL ESTATE EQ IN | COM | 015271109 |  | 57804874 | 693603 | SH |  | DFND | 1 | 683503 | 0 | 10100 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 176373669 | 725519 | SH |  | DFND | 1 | 716745 | 0 | 8774 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 5982562 | 24564 | SH |  | DFND | 1 | 24564 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 75999325 | 346128 | SH |  | DFND | 1 | 340722 | 0 | 5406 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 71221951 | 633084 | SH |  | DFND | 1 | 630666 | 0 | 2418 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 |  | 1060133 | 13498 | SH |  | DFND | 1 | 11926 | 0 | 1572 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 53179172 | 276514 | SH |  | DFND | 1 | 275258 | 0 | 1256 |
| AMETEK INC | COM | 031100100 |  | 434844 | 2313 | SH |  | DFND | 1 | 2313 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 62203088 | 220422 | SH |  | DFND | 1 | 219538 | 0 | 884 |
| ANGEL OAK FUNDS TRUST | RMBS ETF | 03463K737 |  | 151649 | 17381 | SH |  | DFND | 1 | 17381 | 0 | 0 |
| AON PLC | SHS CL A | G0403H108 |  | 1151753 | 3230 | SH |  | DFND | 1 | 3230 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 187006638 | 734425 | SH |  | DFND | 1 | 728716 | 0 | 5709 |
| APPLIED MATLS INC | COM | 038222105 |  | 280903 | 1372 | SH |  | DFND | 1 | 1372 | 0 | 0 |
| ASSURANT INC | COM | 04621X108 |  | 440998 | 2036 | SH |  | DFND | 1 | 2036 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 1076142 | 38107 | SH |  | DFND | 1 | 38107 | 0 | 0 |
| ATI INC | COM | 01741R102 |  | 1588896 | 19534 | SH |  | DFND | 1 | 19534 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 357190 | 1217 | SH |  | DFND | 1 | 1217 | 0 | 0 |
| AUTOZONE INC | COM | 053332102 |  | 205932 | 48 | SH |  | DFND | 1 | 48 | 0 | 0 |
| AVALONBAY CMNTYS INC | COM | 053484101 |  | 8852015 | 45825 | SH |  | DFND | 1 | 45638 | 0 | 187 |
| BANK AMERICA CORP | COM | 060505104 |  | 86647778 | 1679546 | SH |  | DFND | 1 | 1673453 | 0 | 6093 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 754200 | 1 | SH |  | DFND | 1 | 1 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 1101503 | 2191 | SH |  | DFND | 1 | 2191 | 0 | 0 |
| BLACKROCK INC | COM | 09290D101 |  | 79441216 | 68139 | SH |  | DFND | 1 | 67865 | 0 | 274 |
| BLACKSTONE INC | COM | 09260D107 |  | 122980222 | 719814 | SH |  | DFND | 1 | 715025 | 0 | 4789 |
| BLOCK INC | CL A | 852234103 |  | 329840 | 4564 | SH |  | DFND | 1 | 4564 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 4810750 | 891 | SH |  | DFND | 1 | 841 | 0 | 50 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 429442 | 9522 | SH |  | DFND | 1 | 9522 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 256355576 | 777047 | SH |  | DFND | 1 | 770645 | 0 | 6402 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 705796 | 5821 | SH |  | DFND | 1 | 5821 | 0 | 0 |
| CAMDEN PPTY TR | SH BEN INT | 133131102 |  | 274531 | 2571 | SH |  | DFND | 1 | 2545 | 0 | 26 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 1655998 | 7790 | SH |  | DFND | 1 | 7790 | 0 | 0 |
| CARLISLE COS INC | COM | 142339100 |  | 223693 | 680 | SH |  | DFND | 1 | 680 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 1144683 | 2399 | SH |  | DFND | 1 | 2399 | 0 | 0 |
| CAVA GROUP INC | COM | 148929102 |  | 1602375 | 26525 | SH |  | DFND | 1 | 26525 | 0 | 0 |
| CENTERPOINT ENERGY INC | COM | 15189T107 |  | 206494 | 5322 | SH |  | DFND | 1 | 5322 | 0 | 0 |
| CHART INDS INC | COM | 16115Q308 |  | 427721 | 2137 | SH |  | DFND | 1 | 2137 | 0 | 0 |
| CHEMED CORP NEW | COM | 16359R103 |  | 1043234 | 2330 | SH |  | DFND | 1 | 2330 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 98236298 | 632599 | SH |  | DFND | 1 | 629743 | 0 | 2856 |
| CISCO SYS INC | COM | 17275R102 |  | 70704476 | 1033389 | SH |  | DFND | 1 | 1028531 | 0 | 4858 |
| CITIGROUP INC | COM NEW | 172967424 |  | 66992538 | 660025 | SH |  | DFND | 1 | 657630 | 0 | 2395 |
| CME GROUP INC | COM | 12572Q105 |  | 357191 | 1322 | SH |  | DFND | 1 | 1322 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 62997235 | 949898 | SH |  | DFND | 1 | 945899 | 0 | 3999 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 720819 | 9017 | SH |  | DFND | 1 | 9017 | 0 | 0 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 14697522 | 467776 | SH |  | DFND | 1 | 465779 | 0 | 1997 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 55782277 | 589727 | SH |  | DFND | 1 | 587085 | 0 | 2642 |
| CONSTELLATION ENERGY CORP | COM | 21037T109 |  | 456749 | 1388 | SH |  | DFND | 1 | 1388 | 0 | 0 |
| COOPER COS INC | COM | 216648501 |  | 234475 | 3420 | SH |  | DFND | 1 | 3348 | 0 | 72 |
| CORNING INC | COM | 219350105 |  | 219184 | 2672 | SH |  | DFND | 1 | 2009 | 0 | 663 |
| COSTAR GROUP INC | COM | 22160N109 |  | 1983623 | 23511 | SH |  | DFND | 1 | 23511 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 516502 | 558 | SH |  | DFND | 1 | 529 | 0 | 29 |
| CRH PLC | ORD | G25508105 |  | 376966 | 3144 | SH |  | DFND | 1 | 2595 | 0 | 549 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 293247 | 598 | SH |  | DFND | 1 | 598 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 296864 | 8360 | SH |  | DFND | 1 | 8360 | 0 | 0 |
| CUMMINS INC | COM | 231021106 |  | 453625 | 1074 | SH |  | DFND | 1 | 1074 | 0 | 0 |
| CURTISS WRIGHT CORP | COM | 231561101 |  | 213375 | 393 | SH |  | DFND | 1 | 393 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 218857 | 2903 | SH |  | DFND | 1 | 2903 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 2636660 | 13299 | SH |  | DFND | 1 | 13162 | 0 | 137 |
| DEERE  CO | COM | 244199105 |  | 561973 | 1229 | SH |  | DFND | 1 | 1229 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 328987 | 2299 | SH |  | DFND | 1 | 2299 | 0 | 0 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 1011630 | 16538 | SH |  | DFND | 1 | 16538 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 294278 | 2378 | SH |  | DFND | 1 | 2378 | 0 | 0 |
| EATON CORP PLC | SHS | G29183103 |  | 92364526 | 246799 | SH |  | DFND | 1 | 245501 | 0 | 1298 |
| ELI LILLY  CO | COM | 532457108 |  | 810306 | 1062 | SH |  | DFND | 1 | 1062 | 0 | 0 |
| EMCOR GROUP INC | COM | 29084Q100 |  | 267610 | 412 | SH |  | DFND | 1 | 412 | 0 | 0 |
| ENTERGY CORP NEW | COM | 29364G103 |  | 283857 | 3046 | SH |  | DFND | 1 | 3046 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 7045635 | 62489 | SH |  | DFND | 1 | 60934 | 0 | 1555 |
| FAIR ISAAC CORP | COM | 303250104 |  | 1870663 | 1250 | SH |  | DFND | 1 | 1250 | 0 | 0 |
| FEDEX CORP | COM | 31428X106 |  | 253024 | 1073 | SH |  | DFND | 1 | 1073 | 0 | 0 |
| FERGUSON ENTERPRISES INC | COMMON STOCK NEW | 31488V107 |  | 2322157 | 10340 | SH |  | DFND | 1 | 10340 | 0 | 0 |
| FERRARI N V | COM | N3167Y103 |  | 427479 | 881 | SH |  | DFND | 1 | 881 | 0 | 0 |
| FIRST HORIZON CORPORATION | COM | 320517105 |  | 969992 | 42901 | SH |  | DFND | 1 | 42901 | 0 | 0 |
| FLOTEK INDS INC DEL | COM NEW | 343389409 |  | 4234000 | 290000 | SH |  | DFND | 1 | 290000 | 0 | 0 |
| FORTINET INC | COM | 34959E109 |  | 354145 | 4212 | SH |  | DFND | 1 | 4212 | 0 | 0 |
| FREEPORT-MCMORAN INC | CL B | 35671D857 |  | 387180 | 9872 | SH |  | DFND | 1 | 9872 | 0 | 0 |
| GE AEROSPACE | COM NEW | 369604301 |  | 357073 | 1187 | SH |  | DFND | 1 | 728 | 0 | 459 |
| GE VERNOVA INC | COM | 36828A101 |  | 2078977 | 3381 | SH |  | DFND | 1 | 3267 | 0 | 114 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 407836 | 1196 | SH |  | DFND | 1 | 1196 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 826506 | 7446 | SH |  | DFND | 1 | 7446 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 283501 | 356 | SH |  | DFND | 1 | 356 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE C | COM | 42824C109 |  | 259845 | 10580 | SH |  | DFND | 1 | 865 | 0 | 9715 |
| HOME DEPOT INC | COM | 437076102 |  | 52058406 | 128479 | SH |  | DFND | 1 | 127981 | 0 | 498 |
| HONEYWELL INTL INC | COM | 438516106 |  | 75126187 | 356894 | SH |  | DFND | 1 | 355293 | 0 | 1601 |
| HUBBELL INC | COM | 443510607 |  | 1150219 | 2673 | SH |  | DFND | 1 | 2673 | 0 | 0 |
| HUBSPOT INC | COM | 443573100 |  | 254951 | 545 | SH |  | DFND | 1 | 545 | 0 | 0 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 307697 | 1180 | SH |  | DFND | 1 | 1180 | 0 | 0 |
| ILLUMINA INC | COM | 452327109 |  | 233246 | 2456 | SH |  | DFND | 1 | 2456 | 0 | 0 |
| INGERSOLL RAND INC | COM | 45687V106 |  | 479031 | 5798 | SH |  | DFND | 1 | 5798 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 675491 | 2394 | SH |  | DFND | 1 | 2268 | 0 | 126 |
| INTERNATIONAL PAPER CO | COM | 460146103 |  | 612062 | 13191 | SH |  | DFND | 1 | 13191 | 0 | 0 |
| INTUIT | COM | 461202103 |  | 1351479 | 1979 | SH |  | DFND | 1 | 1979 | 0 | 0 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 2901181 | 6487 | SH |  | DFND | 1 | 6086 | 0 | 401 |
| INVESCO EXCH TRADED FD TR II | S LOW VOL | 46138E354 |  | 219117 | 2982 | SH |  | DFND | 1 | 2982 | 0 | 0 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 761269 | 1268 | SH |  | DFND | 1 | 1238 | 0 | 30 |
| INVITATION HOMES INC | COM | 46187W107 |  | 252443 | 8607 | SH |  | DFND | 1 | 8036 | 0 | 571 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 316404 | 4348 | SH |  | DFND | 1 | 4348 | 0 | 0 |
| ISHARES INC | MSCI EMRG CHN | 46434G764 |  | 630206 | 9335 | SH |  | DFND | 1 | 9335 | 0 | 0 |
| ISHARES TR | BROAD USD HIGH | 46435U853 |  | 287657 | 7614 | SH |  | DFND | 1 | 7614 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 4004910 | 45870 | SH |  | DFND | 1 | 45870 | 0 | 0 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 181824345 | 2786153 | SH |  | DFND | 1 | 2746223 | 0 | 39930 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 27149447 | 228473 | SH |  | DFND | 1 | 227259 | 0 | 1214 |
| ISHARES TR | CORE S ETF | 464287200 |  | 8091168 | 12089 | SH |  | DFND | 1 | 12089 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 2212016 | 22065 | SH |  | DFND | 1 | 22065 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 7074832 | 75772 | SH |  | DFND | 1 | 75772 | 0 | 0 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 2343940 | 43894 | SH |  | DFND | 1 | 43894 | 0 | 0 |
| ISHARES TR | MSCI USA VALUE | 46432F388 |  | 342637 | 2740 | SH |  | DFND | 1 | 2740 | 0 | 0 |
| ISHARES TR | RUS 1000 ETF | 464287622 |  | 5658727 | 15483 | SH |  | DFND | 1 | 15483 | 0 | 0 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 520872 | 1112 | SH |  | DFND | 1 | 1112 | 0 | 0 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 819516 | 8488 | SH |  | DFND | 1 | 8488 | 0 | 0 |
| ISHARES TR | U.S. TECH ETF | 464287721 |  | 347260 | 1773 | SH |  | DFND | 1 | 1773 | 0 | 0 |
| ISHARES TR | US TRSPRTION | 464287192 |  | 20152159 | 281023 | SH |  | DFND | 1 | 279823 | 0 | 1200 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 128656634 | 693866 | SH |  | DFND | 1 | 690825 | 0 | 3041 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 229064004 | 726196 | SH |  | DFND | 1 | 723003 | 0 | 3193 |
| KIMBELL RTY PARTNERS LP | UNIT | 49435R102 |  | 3074668 | 227922 | SH |  | DFND | 1 | 227922 | 0 | 0 |
| KLA CORP | COM NEW | 482480100 |  | 2093563 | 1941 | SH |  | DFND | 1 | 1941 | 0 | 0 |
| L3HARRIS TECHNOLOGIES INC | COM | 502431109 |  | 50908182 | 166688 | SH |  | DFND | 1 | 166156 | 0 | 532 |
| LABCORP HOLDINGS INC | COM SHS | 504922105 |  | 261225 | 910 | SH |  | DFND | 1 | 910 | 0 | 0 |
| LAM RESEARCH CORP | COM NEW | 512807306 |  | 4800717 | 35853 | SH |  | DFND | 1 | 33573 | 0 | 2280 |
| LAS VEGAS SANDS CORP | COM | 517834107 |  | 693945 | 12901 | SH |  | DFND | 1 | 12901 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 55096809 | 110368 | SH |  | DFND | 1 | 109961 | 0 | 407 |
| LOWES COS INC | COM | 548661107 |  | 482767 | 1921 | SH |  | DFND | 1 | 1714 | 0 | 207 |
| MAIN STR CAP CORP | COM | 56035L104 |  | 2534125 | 39851 | SH |  | DFND | 1 | 39474 | 0 | 377 |
| MARATHON PETE CORP | COM | 56585A102 |  | 821265 | 4261 | SH |  | DFND | 1 | 4261 | 0 | 0 |
| MARKEL GROUP INC | COM | 570535104 |  | 1148727 | 601 | SH |  | DFND | 1 | 601 | 0 | 0 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 688343 | 2643 | SH |  | DFND | 1 | 2643 | 0 | 0 |
| MARTIN MARIETTA MATLS INC | COM | 573284106 |  | 2151776 | 3414 | SH |  | DFND | 1 | 3414 | 0 | 0 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 38278638 | 67296 | SH |  | DFND | 1 | 66624 | 0 | 672 |
| MCDONALDS CORP | COM | 580135101 |  | 95612607 | 314629 | SH |  | DFND | 1 | 313418 | 0 | 1211 |
| MCKESSON CORP | COM | 58155Q103 |  | 1141042 | 1477 | SH |  | DFND | 1 | 1452 | 0 | 25 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 65657598 | 689391 | SH |  | DFND | 1 | 686643 | 0 | 2748 |
| MERCK  CO INC | COM | 58933Y105 |  | 60514370 | 721010 | SH |  | DFND | 1 | 717674 | 0 | 3336 |
| META PLATFORMS INC | CL A | 30303M102 |  | 62591941 | 85231 | SH |  | DFND | 1 | 83492 | 0 | 1739 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 48746005 | 291334 | SH |  | DFND | 1 | 286749 | 0 | 4585 |
| MICROSOFT CORP | COM | 594918104 |  | 325985300 | 629376 | SH |  | DFND | 1 | 624929 | 0 | 4447 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 51174737 | 819189 | SH |  | DFND | 1 | 814979 | 0 | 4210 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 226041 | 1422 | SH |  | DFND | 1 | 1173 | 0 | 249 |
| NETFLIX INC | COM | 64110L106 |  | 690578 | 576 | SH |  | DFND | 1 | 434 | 0 | 142 |
| NEUROCRINE BIOSCIENCES INC | COM | 64125C109 |  | 3990442 | 28426 | SH |  | DFND | 1 | 26557 | 0 | 1869 |
| NEWMONT CORP | COM | 651639106 |  | 755080 | 8956 | SH |  | DFND | 1 | 8956 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 71763285 | 950633 | SH |  | DFND | 1 | 946470 | 0 | 4163 |
| NISOURCE INC | COM | 65473P105 |  | 42952085 | 991965 | SH |  | DFND | 1 | 987919 | 0 | 4046 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 317233 | 1056 | SH |  | DFND | 1 | 1056 | 0 | 0 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 350359 | 575 | SH |  | DFND | 1 | 575 | 0 | 0 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 28499672 | 222237 | SH |  | DFND | 1 | 221190 | 0 | 1047 |
| NUCOR CORP | COM | 670346105 |  | 247566 | 1828 | SH |  | DFND | 1 | 1828 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 95125201 | 509836 | SH |  | DFND | 1 | 502711 | 0 | 7125 |
| ORACLE CORP | COM | 68389X105 |  | 30821935 | 109593 | SH |  | DFND | 1 | 107230 | 0 | 2363 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 9355525 | 45946 | SH |  | DFND | 1 | 43554 | 0 | 2392 |
| PEPSICO INC | COM | 713448108 |  | 75797996 | 539718 | SH |  | DFND | 1 | 537511 | 0 | 2207 |
| PERMIAN BASIN RTY TR | UNIT BEN INT | 714236106 |  | 219000 | 12000 | SH |  | DFND | 1 | 12000 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 10869692 | 426597 | SH |  | DFND | 1 | 424881 | 0 | 1716 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 367383 | 2265 | SH |  | DFND | 1 | 2265 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 5035596 | 37021 | SH |  | DFND | 1 | 36719 | 0 | 302 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 582948 | 3794 | SH |  | DFND | 1 | 3659 | 0 | 135 |
| PROFRAC HLDG CORP | CLASS A COM | 74319N100 |  | 15557742 | 4204795 | SH |  | DFND | 1 | 4204795 | 0 | 0 |
| PROSPERITY BANCSHARES INC | COM | 743606105 |  | 1167561 | 17597 | SH |  | DFND | 1 | 17597 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 277988 | 1671 | SH |  | DFND | 1 | 1671 | 0 | 0 |
| REALTY INCOME CORP | COM | 756109104 |  | 11794111 | 194014 | SH |  | DFND | 1 | 193602 | 0 | 412 |
| RENAISSANCERE HLDGS LTD | COM | G7496G103 |  | 1089360 | 4290 | SH |  | DFND | 1 | 4290 | 0 | 0 |
| REPUBLIC SVCS INC | COM | 760759100 |  | 925034 | 4031 | SH |  | DFND | 1 | 3992 | 0 | 39 |
| RIDENOW GROUP INC | COM CL B | 781386305 |  | 441492 | 100339 | SH |  | DFND | 1 | 100339 | 0 | 0 |
| ROYAL CARIBBEAN GROUP | COM | V7780T103 |  | 533583 | 1649 | SH |  | DFND | 1 | 1649 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 926506 | 5537 | SH |  | DFND | 1 | 5537 | 0 | 0 |
| S GLOBAL INC | COM | 78409V104 |  | 14733685 | 30272 | SH |  | DFND | 1 | 30126 | 0 | 146 |
| SALESFORCE INC | COM | 79466L302 |  | 2204337 | 9301 | SH |  | DFND | 1 | 9288 | 0 | 13 |
| SAN JUAN BASIN RTY TR | UNIT BEN INT | 798241105 |  | 226500 | 37500 | SH |  | DFND | 1 | 37500 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 424916 | 12363 | SH |  | DFND | 1 | 12363 | 0 | 0 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 356294 | 3732 | SH |  | DFND | 1 | 3732 | 0 | 0 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 |  | 857262 | 32546 | SH |  | DFND | 1 | 32546 | 0 | 0 |
| SEAGATE TECHNOLOGY HLDNGS PL | ORD SHS | G7997R103 |  | 236060 | 1000 | SH |  | DFND | 1 | 1000 | 0 | 0 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 261054 | 4846 | SH |  | DFND | 1 | 4846 | 0 | 0 |
| SELECT SECTOR SPDR TR | INDL | 81369Y704 |  | 235201 | 1525 | SH |  | DFND | 1 | 1525 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 234919 | 1688 | SH |  | DFND | 1 | 1688 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 |  | 40087297 | 459664 | SH |  | DFND | 1 | 456688 | 0 | 2976 |
| SERVICENOW INC | COM | 81762P102 |  | 44473452 | 48326 | SH |  | DFND | 1 | 47725 | 0 | 601 |
| SOUTHERN CO | COM | 842587107 |  | 292555 | 3087 | SH |  | DFND | 1 | 3087 | 0 | 0 |
| SOUTHERN MO BANCORP INC | COM | 843380106 |  | 808741 | 15387 | SH |  | DFND | 1 | 15387 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 284731 | 801 | SH |  | DFND | 1 | 801 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 5918343 | 8884 | SH |  | DFND | 1 | 8850 | 0 | 34 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 389804 | 654 | SH |  | DFND | 1 | 654 | 0 | 0 |
| SPDR SERIES TRUST | BLOOMBERG 1-3 MO | 78468R663 |  | 508295 | 5540 | SH |  | DFND | 1 | 5199 | 0 | 341 |
| SPDR SERIES TRUST | S REGL BKG | 78464A698 |  | 24894371 | 393276 | SH |  | DFND | 1 | 386483 | 0 | 6793 |
| SPS COMM INC | COM | 78463M107 |  | 1145540 | 11000 | SH |  | DFND | 1 | 11000 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 19974652 | 236107 | SH |  | DFND | 1 | 235162 | 0 | 945 |
| STIFEL FINL CORP | COM | 860630102 |  | 2082742 | 18355 | SH |  | DFND | 1 | 18355 | 0 | 0 |
| STRATEGY INC | CL A NEW | 594972408 |  | 565156 | 1754 | SH |  | DFND | 1 | 1754 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 2547404 | 9121 | SH |  | DFND | 1 | 8692 | 0 | 429 |
| TALEN ENERGY CORP | COM | 87422Q109 |  | 2926189 | 6879 | SH |  | DFND | 1 | 6879 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 220662 | 2460 | SH |  | DFND | 1 | 2460 | 0 | 0 |
| TE CONNECTIVITY PLC | ORD SHS | G87052109 |  | 755623 | 3442 | SH |  | DFND | 1 | 3442 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 4631314 | 10414 | SH |  | DFND | 1 | 9845 | 0 | 569 |
| TEXAS INSTRS INC | COM | 882508104 |  | 398143 | 2167 | SH |  | DFND | 1 | 2167 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 620341 | 1279 | SH |  | DFND | 1 | 1262 | 0 | 17 |
| TOTALENERGIES SE | SPONSORED ADS | 89151E109 |  | 252668 | 4233 | SH |  | DFND | 1 | 4233 | 0 | 0 |
| TRANE TECHNOLOGIES PLC | SHS | G8994E103 |  | 1054900 | 2500 | SH |  | DFND | 1 | 2481 | 0 | 19 |
| TRI CONTL CORP | COM | 895436103 |  | 432480 | 12720 | SH |  | DFND | 1 | 12720 | 0 | 0 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 7202950 | 73522 | SH |  | DFND | 1 | 68542 | 0 | 4980 |
| UNION PAC CORP | COM | 907818108 |  | 32432091 | 137209 | SH |  | DFND | 1 | 136132 | 0 | 1077 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 205734 | 2463 | SH |  | DFND | 1 | 2463 | 0 | 0 |
| UNITED THERAPEUTICS CORP DEL | COM | 91307C102 |  | 8794607 | 20979 | SH |  | DFND | 1 | 19806 | 0 | 1173 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 15932833 | 46142 | SH |  | DFND | 1 | 45840 | 0 | 302 |
| VALERO ENERGY CORP | COM | 91913Y100 |  | 506524 | 2975 | SH |  | DFND | 1 | 1878 | 0 | 1097 |
| VANGUARD BD INDEX FDS | TOTAL BND MRKT | 921937835 |  | 193599389 | 2603192 | SH |  | DFND | 1 | 2567531 | 0 | 35661 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 226767 | 772 | SH |  | DFND | 1 | 772 | 0 | 0 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 19755771 | 216099 | SH |  | DFND | 1 | 214511 | 0 | 1588 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 7872145 | 12855 | SH |  | DFND | 1 | 12750 | 0 | 105 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 403797 | 1588 | SH |  | DFND | 1 | 1588 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 544762 | 1660 | SH |  | DFND | 1 | 1660 | 0 | 0 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 51892466 | 957779 | SH |  | DFND | 1 | 952748 | 0 | 5031 |
| VANGUARD INTL EQUITY INDEX F | TT WRLD ST ETF | 922042742 |  | 4894518 | 35519 | SH |  | DFND | 1 | 35519 | 0 | 0 |
| VANGUARD SCOTTSDALE FDS | INT-TERM CORP | 92206C870 |  | 22962030 | 273000 | SH |  | DFND | 1 | 269512 | 0 | 3488 |
| VANGUARD SCOTTSDALE FDS | LONG TERM TREAS | 92206C847 |  | 23334662 | 410388 | SH |  | DFND | 1 | 405034 | 0 | 5354 |
| VANGUARD SCOTTSDALE FDS | MTG-BKD SECS ETF | 92206C771 |  | 43911686 | 935087 | SH |  | DFND | 1 | 923403 | 0 | 11684 |
| VANGUARD SCOTTSDALE FDS | SHORT TERM TREAS | 92206C102 |  | 74784991 | 1270773 | SH |  | DFND | 1 | 1252518 | 0 | 18255 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 79048292 | 988969 | SH |  | DFND | 1 | 974516 | 0 | 14453 |
| VANGUARD SCOTTSDALE FDS | VNG RUS1000GRW | 92206C680 |  | 608887 | 5053 | SH |  | DFND | 1 | 5053 | 0 | 0 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 269738 | 1250 | SH |  | DFND | 1 | 1250 | 0 | 0 |
| VANGUARD TAX-MANAGED FDS | VAN FTSE DEV MKT | 921943858 |  | 129324797 | 2158291 | SH |  | DFND | 1 | 2146670 | 0 | 11621 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 406167 | 544 | SH |  | DFND | 1 | 544 | 0 | 0 |
| VANGUARD WORLD FD | MEGA GRWTH IND | 921910816 |  | 383506 | 953 | SH |  | DFND | 1 | 953 | 0 | 0 |
| VEEVA SYS INC | CL A COM | 922475108 |  | 2411581 | 8095 | SH |  | DFND | 1 | 8095 | 0 | 0 |
| VERALTO CORP | COM SHS | 92338C103 |  | 397229 | 3726 | SH |  | DFND | 1 | 3726 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 536014 | 12196 | SH |  | DFND | 1 | 11651 | 0 | 545 |
| VISA INC | COM CL A | 92826C839 |  | 1145330 | 3355 | SH |  | DFND | 1 | 3355 | 0 | 0 |
| VISTRA CORP | COM | 92840M102 |  | 294076 | 1501 | SH |  | DFND | 1 | 370 | 0 | 1131 |
| WALMART INC | COM | 931142103 |  | 50464566 | 489662 | SH |  | DFND | 1 | 487489 | 0 | 2173 |
| WILLIAMS COS INC | COM | 969457100 |  | 92538512 | 1460750 | SH |  | DFND | 1 | 1455223 | 0 | 5527 |

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