# EDGAR Filing Document

**Accession Number:** 0001108893
**File Stem:** 0001108893-26-000001
**Filing Date:** 2026-1
**Character Count:** 11684
**Document Hash:** ac7e74487c8408ff1bdddd85a910e4ea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001108893-26-000001.hdr.sgml**: 20260116

**ACCESSION NUMBER**: 0001108893-26-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260116

**DATE AS OF CHANGE**: 20260116

**EFFECTIVENESS DATE**: 20260116

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PENN DAVIS MCFARLAND INC
- **CENTRAL INDEX KEY:** 0001108893

**ORGANIZATION NAME:**
- **EIN:** 751544973
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-05623
- **FILM NUMBER:** 26538103

**BUSINESS ADDRESS:**
- **STREET 1:** 2626 COLE AVENUE
- **STREET 2:** SUITE 504
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75204
- **BUSINESS PHONE:** 2148712772

**MAIL ADDRESS:**
- **STREET 1:** 2626 COLE AVENUE
- **STREET 2:** SUITE 504
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75204

### 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:** PENN DAVIS MCFARLAND INC<br>**Address:** 2626 COLE AVENUE<br>SUITE 504<br>DALLAS, TX 75204

**Form 13F File Number:** 028-05623

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:** Robert E Felty<br>**Title:** Chief Compliance Officer<br>**Phone:** 214-871-2772

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

Robert E Felty  Dallas, TX  01-16-2026<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:** 75

**Form 13F Information Table Value Total:** $1043824190

      (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. | Common Stocks | 037833100 |  | 49448684 | 181890 | SH |  | SOLE | 0 | 181890 | 0 | 0 |
| ABBVIE INC. | Common Stocks | 00287Y109 |  | 6960719 | 30464 | SH |  | SOLE | 0 | 30464 | 0 | 0 |
| ABBOTT LABORATORIES | Common Stocks | 002824100 |  | 3910927 | 31215 | SH |  | SOLE | 0 | 31215 | 0 | 0 |
| ACCENTURE PLC | Common Stocks | G1151C101 |  | 6922140 | 25800 | SH |  | SOLE | 0 | 25800 | 0 | 0 |
| AMGEN INC. | Common Stocks | 031162100 |  | 6158665 | 18816 | SH |  | SOLE | 0 | 18816 | 0 | 0 |
| AMAZON INC. | Common Stocks | 023135106 |  | 2705441 | 11721 | SH |  | SOLE | 0 | 11721 | 0 | 0 |
| BROADCOM INC | Common Stocks | 11135F101 |  | 266497 | 770 | SH |  | SOLE | 0 | 770 | 0 | 0 |
| AMERICAN EXPRESS CO. | Common Stocks | 025816109 |  | 3912591 | 10576 | SH |  | SOLE | 0 | 10576 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | Common Stocks | 110122108 |  | 18245367 | 338253 | SH |  | SOLE | 0 | 338253 | 0 | 0 |
| BERKSHIRE HATHAWAY CLASS B | Common Stocks | 084670702 |  | 324209 | 645 | SH |  | SOLE | 0 | 645 | 0 | 0 |
| BLACK STONE MINERALS LP | Common Stocks | 09225M101 |  | 26147636 | 1967467 | SH |  | SOLE | 0 | 1967467 | 0 | 0 |
| ANHEUSER-BUSCH INBEV SA/NV | Common Stocks | 03524A108 |  | 31177362 | 486842 | SH |  | SOLE | 0 | 486842 | 0 | 0 |
| CATERPILLAR INC. | Common Stocks | 149123101 |  | 916592 | 1600 | SH |  | SOLE | 0 | 1600 | 0 | 0 |
| CHECK POINT SOFTWARE TECH | Common Stocks | M22465104 |  | 22720338 | 122442 | SH |  | SOLE | 0 | 122442 | 0 | 0 |
| CLENE INC. | Common Stocks | 185634201 |  | 64570 | 11000 | SH |  | SOLE | 0 | 11000 | 0 | 0 |
| CISCO SYSTEMS INC. | Common Stocks | 17275R102 |  | 1530124 | 19864 | SH |  | SOLE | 0 | 19864 | 0 | 0 |
| WALT DISNEY COMPANY | Common Stocks | 254687106 |  | 200918 | 1766 | SH |  | SOLE | 0 | 1766 | 0 | 0 |
| DORCHESTER MINERALS LP | Common Stocks | 25820R105 |  | 508243 | 22730 | SH |  | SOLE | 0 | 22730 | 0 | 0 |
| ENTERPRISE PRODUCTS PRTNS | Common Stocks | 293792107 |  | 37867284 | 1181138 | SH |  | SOLE | 0 | 1181138 | 0 | 0 |
| EVOLUTION AB-ADR | Common Stocks | 30051E104 |  | 23410037 | 344620 | SH |  | SOLE | 0 | 344620 | 0 | 0 |
| FIRSTCASH HLDGS INC. | Common Stocks | 33768G107 |  | 1150724 | 7220 | SH |  | SOLE | 0 | 7220 | 0 | 0 |
| GAMESQUARE HOLDINGS INC. | Common Stocks | 36468G103 |  | 3850 | 10000 | SH |  | SOLE | 0 | 10000 | 0 | 0 |
| SPDR GOLD TRUST | Common Stocks | 78463V107 |  | 2959247 | 7467 | SH |  | SOLE | 0 | 7467 | 0 | 0 |
| ALPHABET INC. CL C (GOOGLE C) | Common Stocks | 02079K107 |  | 144835300 | 461553 | SH |  | SOLE | 0 | 461553 | 0 | 0 |
| ALPHABET INC. CL A (GOOGLE A) | Common Stocks | 02079K305 |  | 53878987 | 172137 | SH |  | SOLE | 0 | 172137 | 0 | 0 |
| HOME DEPOT INC. | Common Stocks | 437076102 |  | 360617 | 1048 | SH |  | SOLE | 0 | 1048 | 0 | 0 |
| HONEYWELL INTERNATIONAL INC. | Common Stocks | 438516106 |  | 2254265 | 11555 | SH |  | SOLE | 0 | 11555 | 0 | 0 |
| ISHARES TOTAL US STOCK MARKET ETF | Common Stocks | 464287150 |  | 371725 | 2500 | SH |  | SOLE | 0 | 2500 | 0 | 0 |
| JOHNSON  JOHNSON | Common Stocks | 478160104 |  | 8572904 | 41425 | SH |  | SOLE | 0 | 41425 | 0 | 0 |
| JP MORGAN CHASE  CO | Common Stocks | 46625H100 |  | 766884 | 2380 | SH |  | SOLE | 0 | 2380 | 0 | 0 |
| KIMBERLY CLARK CORP. | Common Stocks | 494368103 |  | 8794581 | 87170 | SH |  | SOLE | 0 | 87170 | 0 | 0 |
| KINDER MORGAN INC. | Common Stocks | 49456B101 |  | 47427590 | 1725267 | SH |  | SOLE | 0 | 1725267 | 0 | 0 |
| COCA-COLA COMPANY | Common Stocks | 191216100 |  | 5777572 | 82643 | SH |  | SOLE | 0 | 82643 | 0 | 0 |
| ELI LILLY  CO. | Common Stocks | 532457108 |  | 2955370 | 2750 | SH |  | SOLE | 0 | 2750 | 0 | 0 |
| LOCKHEED MARTIN CORP | Common Stocks | 539830109 |  | 26975727 | 55773 | SH |  | SOLE | 0 | 55773 | 0 | 0 |
| LAS VEGAS SANDS | Common Stocks | 517834107 |  | 26364054 | 405040 | SH |  | SOLE | 0 | 405040 | 0 | 0 |
| MCDONALDS CORP. | Common Stocks | 580135101 |  | 6432595 | 21047 | SH |  | SOLE | 0 | 21047 | 0 | 0 |
| META PLATFORMS INC. | Common Stocks | 30303M102 |  | 433679 | 657 | SH |  | SOLE | 0 | 657 | 0 | 0 |
| MICROSOFT CORPORATION | Common Stocks | 594918104 |  | 13756087 | 28444 | SH |  | SOLE | 0 | 28444 | 0 | 0 |
| MATCH GROUP INC. | Common Stocks | 57667L107 |  | 16964294 | 525373 | SH |  | SOLE | 0 | 525373 | 0 | 0 |
| METTLER-TOLEDO INTERNATIONAL INC. | Common Stocks | 592688105 |  | 4500445 | 3228 | SH |  | SOLE | 0 | 3228 | 0 | 0 |
| MATADOR RESOURCES CO. | Common Stocks | 576485205 |  | 1273200 | 30000 | SH |  | SOLE | 0 | 30000 | 0 | 0 |
| NETFLIX INC. | Common Stocks | 64110L106 |  | 248464 | 2650 | SH |  | SOLE | 0 | 2650 | 0 | 0 |
| NIKE INC. | Common Stocks | 654106103 |  | 3954225 | 62066 | SH |  | SOLE | 0 | 62066 | 0 | 0 |
| NVIDIA CORP | Common Stocks | 67066G104 |  | 93256155 | 500033 | SH |  | SOLE | 0 | 500033 | 0 | 0 |
| ORACLE CORP | Common Stocks | 68389X105 |  | 220248 | 1130 | SH |  | SOLE | 0 | 1130 | 0 | 0 |
| PAYCHEX INC. | Common Stocks | 704326107 |  | 659731 | 5881 | SH |  | SOLE | 0 | 5881 | 0 | 0 |
| PEPSICO INC. | Common Stocks | 713448108 |  | 4184039 | 29153 | SH |  | SOLE | 0 | 29153 | 0 | 0 |
| PFIZER INC. | Common Stocks | 717081103 |  | 4266167 | 171332 | SH |  | SOLE | 0 | 171332 | 0 | 0 |
| PROCTER  GAMBLE CO. | Common Stocks | 742718109 |  | 3790263 | 26448 | SH |  | SOLE | 0 | 26448 | 0 | 0 |
| PAYPAL HOLDINGS INC. | Common Stocks | 70450Y103 |  | 39748140 | 680852 | SH |  | SOLE | 0 | 680852 | 0 | 0 |
| QUALCOMM INC. | Common Stocks | 747525103 |  | 32530973 | 190184 | SH |  | SOLE | 0 | 190184 | 0 | 0 |
| ROIVANT SCIENCES LTD. | Common Stocks | G76279101 |  | 40324871 | 1858289 | SH |  | SOLE | 0 | 1858289 | 0 | 0 |
| RTX CORP. | Common Stocks | 75513E101 |  | 35401335 | 193028 | SH |  | SOLE | 0 | 193028 | 0 | 0 |
| STARBUCKS CORP. | Common Stocks | 855244109 |  | 2472490 | 29361 | SH |  | SOLE | 0 | 29361 | 0 | 0 |
| SPROUTS FARMERS MARKET INC | Common Stocks | 85208M102 |  | 17832536 | 223830 | SH |  | SOLE | 0 | 223830 | 0 | 0 |
| SHELL PLC | Common Stocks | 780259305 |  | 36861830 | 501658 | SH |  | SOLE | 0 | 501658 | 0 | 0 |
| SIRIUSXM HOLDINGS INC. | Common Stocks | 829933100 |  | 2724559 | 136262 | SH |  | SOLE | 0 | 136262 | 0 | 0 |
| ISHARES SILVER TRUST INDEX FUND | Common Stocks | 46428Q109 |  | 257680 | 4000 | SH |  | SOLE | 0 | 4000 | 0 | 0 |
| SPDR S  P 500 ETF | Common Stocks | 78462F103 |  | 583741 | 856 | SH |  | SOLE | 0 | 856 | 0 | 0 |
| TARGET CORP | Common Stocks | 87612E106 |  | 8276590 | 84671 | SH |  | SOLE | 0 | 84671 | 0 | 0 |
| TOAST INC. | Common Stocks | 888787108 |  | 266325 | 7500 | SH |  | SOLE | 0 | 7500 | 0 | 0 |
| TRAVELERS COMPANIES | Common Stocks | 89417E109 |  | 270626 | 933 | SH |  | SOLE | 0 | 933 | 0 | 0 |
| TESLA INC. | Common Stocks | 88160R101 |  | 771270 | 1715 | SH |  | SOLE | 0 | 1715 | 0 | 0 |
| TEXAS INSTRUMENTS INC. | Common Stocks | 882508104 |  | 7211459 | 41567 | SH |  | SOLE | 0 | 41567 | 0 | 0 |
| UNITEDHEALTH GROUP INC. | Common Stocks | 91324P102 |  | 45340278 | 137349 | SH |  | SOLE | 0 | 137349 | 0 | 0 |
| UNITED PARCEL SERVICE INC. | Common Stocks | 911312106 |  | 5673767 | 57201 | SH |  | SOLE | 0 | 57201 | 0 | 0 |
| U.S. PHYSICAL THERAPY INC. | Common Stocks | 90337L108 |  | 2326535 | 29793 | SH |  | SOLE | 0 | 29793 | 0 | 0 |
| VISA INC. | Common Stocks | 92826C839 |  | 1174879 | 3350 | SH |  | SOLE | 0 | 3350 | 0 | 0 |
| VANGUARD S 500 ETF | Common Stocks | 922908363 |  | 699877 | 1116 | SH |  | SOLE | 0 | 1116 | 0 | 0 |
| VERIZON COMMUNICATIONS | Common Stocks | 92343V104 |  | 5440673 | 133579 | SH |  | SOLE | 0 | 133579 | 0 | 0 |
| WASTE MANGEMENT INC. | Common Stocks | 94106L109 |  | 12465247 | 56735 | SH |  | SOLE | 0 | 56735 | 0 | 0 |
| WAL-MART INC. | Common Stocks | 931142103 |  | 303035 | 2720 | SH |  | SOLE | 0 | 2720 | 0 | 0 |
| EXXON MOBIL CORP. | Common Stocks | 30231G102 |  | 998461 | 8297 | SH |  | SOLE | 0 | 8297 | 0 | 0 |
| XYLEM INC. | Common Stocks | 98419M100 |  | 13079680 | 96047 | SH |  | SOLE | 0 | 96047 | 0 | 0 |

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