# EDGAR Filing Document

**Accession Number:** 0001811739
**File Stem:** 0001811739-25-000003
**Filing Date:** 2025-8
**Character Count:** 15593
**Document Hash:** 76c7bb4fbad8b10840ce6e1fc8ee5e76
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001811739-25-000003.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001811739-25-000003

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Annandale Capital, LLC
- **CENTRAL INDEX KEY:** 0001811739

**ORGANIZATION NAME:**
- **EIN:** 203231706
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-20629
- **FILM NUMBER:** 251212361

**BUSINESS ADDRESS:**
- **STREET 1:** 2626 COLE AVENUE, SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75204
- **BUSINESS PHONE:** 2145235000

**MAIL ADDRESS:**
- **STREET 1:** 2626 COLE AVENUE, SUITE 700
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75204

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** Annandale Capital LLC<br>**Address:** 2626 COLE AVENUE SUITE 700<br>DALLAS, TX 75204

**Form 13F File Number:** 028-20629

**CRD Number (if applicable):** 000136667

**SEC File Number (if applicable):** 801-64802

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:** Ryan Hembree<br>**Title:** Director of Operations/ Chief Compliance Officer<br>**Phone:** 2145235000

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

Ryan Hembree  Dallas, TX  08-13-2025<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:** 124

**Form 13F Information Table Value Total:** $1321806

      (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 |
| ABBOTT LABS | COM | 002824100 |  | 3859 | 28376 | SH |  | SOLE |  | 0 | 0 | 28376 |
| ABBVIE INC | COM | 00287Y109 |  | 5394 | 29060 | SH |  | SOLE |  | 0 | 0 | 29060 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 525 | 1755 | SH |  | SOLE |  | 0 | 0 | 1755 |
| ADOBE SYSTEMS INCORPORATED | COM | 00724F101 |  | 1577 | 4076 | SH |  | SOLE |  | 0 | 0 | 4076 |
| AERCAP HOLDINGS NV | SHS | N00985106 |  | 2340 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 3457 | 19488 | SH |  | SOLE |  | 0 | 0 | 19488 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 5238 | 29721 | SH |  | SOLE |  | 0 | 0 | 29721 |
| AMAZON COM INC | COM | 023135106 |  | 11655 | 53125 | SH |  | SOLE |  | 0 | 0 | 53125 |
| AMERICAN CENTY ETF TR | INTL EQT ETF | 025072703 |  | 7822 | 105692 | SH |  | SOLE |  | 0 | 0 | 105692 |
| AMERICAN CENTY ETF TR | AVANTIS EMGMKT | 025072604 |  | 4553 | 66433 | SH |  | SOLE |  | 0 | 0 | 66433 |
| AMERICAN CENTY ETF TR | AVANTIS ALL EQT | 025072232 |  | 209 | 2700 | SH |  | SOLE |  | 0 | 0 | 2700 |
| AMERICAN CENTY ETF TR | US EQT ETF | 025072885 |  | 9601 | 95231 | SH |  | SOLE |  | 0 | 0 | 95231 |
| AMERICAN INTL GROUP INC | COM NEW | 026874784 |  | 270 | 3151 | SH |  | SOLE |  | 0 | 0 | 3151 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 3194 | 14453 | SH |  | SOLE |  | 0 | 0 | 14453 |
| ANTERO RESOURCES CORP | COM | 03674X106 |  | 2959 | 73454 | SH |  | SOLE |  | 0 | 0 | 73454 |
| AON PLC | SHS CL A | G0403H108 |  | 401 | 1123 | SH |  | SOLE |  | 0 | 0 | 1123 |
| APA CORPORATION | COM | 03743Q108 |  | 228 | 12474 | SH |  | SOLE |  | 0 | 0 | 12474 |
| APPLE INC | COM | 037833100 |  | 4840 | 23592 | SH |  | SOLE |  | 0 | 0 | 23592 |
| ARCH CAP GROUP LTD | ORD | G0450A105 |  | 3743 | 41106 | SH |  | SOLE |  | 0 | 0 | 41106 |
| AUTOZONE INC | COM | 053332102 |  | 3890 | 1048 | SH |  | SOLE |  | 0 | 0 | 1048 |
| BERKLEY W R CORP | COM | 084423102 |  | 6045 | 82279 | SH |  | SOLE |  | 0 | 0 | 82279 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 13179 | 27130 | SH |  | SOLE |  | 0 | 0 | 27130 |
| BK OF AMERICA CORP | COM | 060505104 |  | 272 | 5753 | SH |  | SOLE |  | 0 | 0 | 5753 |
| BLACK STONE MINERALS L P | COM UNIT | 09225M101 |  | 188 | 14382 | SH |  | SOLE |  | 0 | 0 | 14382 |
| BOEING CO | COM | 097023105 |  | 211 | 1007 | SH |  | SOLE |  | 0 | 0 | 1007 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 4695 | 811 | SH |  | SOLE |  | 0 | 0 | 811 |
| BROADCOM INC | COM | 11135F101 |  | 460 | 1670 | SH |  | SOLE |  | 0 | 0 | 1670 |
| BURFORD CAP LTD | ORD SHS | G17977110 |  | 4278 | 300000 | SH |  | SOLE |  | 0 | 0 | 300000 |
| CENTRAL  EASTERN EUROPE FD | COM | 153436100 |  | 325 | 20928 | SH |  | SOLE |  | 0 | 0 | 20928 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 281 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| CISCO SYS INC | COM | 17275R102 |  | 4170 | 60107 | SH |  | SOLE |  | 0 | 0 | 60107 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 2088 | 23270 | SH |  | SOLE |  | 0 | 0 | 23270 |
| COPART INC | COM | 217204106 |  | 3444 | 70184 | SH |  | SOLE |  | 0 | 0 | 70184 |
| CORE S ETF | ISHARES TR | 464287200 |  | 515 | 829 | SH |  | SOLE |  | 0 | 0 | 829 |
| CORTEVA INC | COM | 22052L104 |  | 430 | 5767 | SH |  | SOLE |  | 0 | 0 | 5767 |
| CRESCENT ENERGY COMPANY | CL A COM | 44952J104 |  | 149 | 17273 | SH |  | SOLE |  | 0 | 0 | 17273 |
| CSW INDUSTRIALS INC | COM | 126402106 |  | 780 | 2721 | SH |  | SOLE |  | 0 | 0 | 2721 |
| DANAHER CORPORATION | COM | 235851102 |  | 1007 | 5100 | SH |  | SOLE |  | 0 | 0 | 5100 |
| DEVON ENERGY CORP NEW | COM | 25179M103 |  | 236 | 7425 | SH |  | SOLE |  | 0 | 0 | 7425 |
| DIMENSIONAL ETF TRUST | US CORE EQUITY 1 | 25434V625 |  | 24709 | 369615 | SH |  | SOLE |  | 0 | 0 | 369615 |
| DIMENSIONAL ETF TRUST | US CORE EQUITY 2 | 25434V708 |  | 242 | 6762 | SH |  | SOLE |  | 0 | 0 | 6762 |
| DIMENSIONAL ETF TRUST | EMGR CRE EQT MNG | 25434V302 |  | 19255 | 665118 | SH |  | SOLE |  | 0 | 0 | 665118 |
| DIMENSIONAL ETF TRUST | INTL CORE EQT MK | 25434V203 |  | 28942 | 837214 | SH |  | SOLE |  | 0 | 0 | 837214 |
| DIMENSIONAL ETF TRUST | US TARGETED VLU | 25434V609 |  | 5664 | 104970 | SH |  | SOLE |  | 0 | 0 | 104970 |
| DIMENSIONAL ETF TRUST | US CORE EQT MKT | 25434V104 |  | 505 | 11932 | SH |  | SOLE |  | 0 | 0 | 11932 |
| DIMENSIONAL ETF TRUST | WORLD EQUITY ETF | 25434V617 |  | 455 | 6785 | SH |  | SOLE |  | 0 | 0 | 6785 |
| DIMENSIONAL ETF TRUST | WORLD EX US CORE | 25434V880 |  | 817 | 27833 | SH |  | SOLE |  | 0 | 0 | 27833 |
| DIMENSIONAL ETF TRUST | CORE FIXED INCOM | 25434V872 |  | 33200 | 785618 | SH |  | SOLE |  | 0 | 0 | 785618 |
| DIMENSIONAL ETF TRUST | US MKTWIDE VALUE | 25434V724 |  | 4998 | 118214 | SH |  | SOLE |  | 0 | 0 | 118214 |
| DISNEY WALT CO | COM | 254687106 |  | 216 | 1739 | SH |  | SOLE |  | 0 | 0 | 1739 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 397 | 5795 | SH |  | SOLE |  | 0 | 0 | 5795 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 11557 | 637479 | SH |  | SOLE |  | 0 | 0 | 637479 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 5214 | 168125 | SH |  | SOLE |  | 0 | 0 | 168125 |
| EOG RES INC | COM | 26875P101 |  | 209 | 1746 | SH |  | SOLE |  | 0 | 0 | 1746 |
| EQUIFAX INC | COM | 294429105 |  | 2691 | 10375 | SH |  | SOLE |  | 0 | 0 | 10375 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 380 | 3526 | SH |  | SOLE |  | 0 | 0 | 3526 |
| FIRST AMERN FINL CORP | COM | 31847R102 |  | 7489 | 121990 | SH |  | SOLE |  | 0 | 0 | 121990 |
| GLOBAL X FDS | GLB X MLP ENRG I | 37954Y293 |  | 17219 | 274794 | SH |  | SOLE |  | 0 | 0 | 274794 |
| HOME DEPOT INC | COM | 437076102 |  | 5981 | 16314 | SH |  | SOLE |  | 0 | 0 | 16314 |
| ICON PLC | SHS | G4705A100 |  | 480 | 3300 | SH |  | SOLE |  | 0 | 0 | 3300 |
| INTERCONTINENTAL EXCHANGE IN | COM | 45866F104 |  | 2797 | 15246 | SH |  | SOLE |  | 0 | 0 | 15246 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 10192 | 211277 | SH |  | SOLE |  | 0 | 0 | 211277 |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 |  | 8685 | 200000 | SH | Put | SOLE |  | 0 | 0 | 200000 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 2370 | 26514 | SH |  | SOLE |  | 0 | 0 | 26514 |
| ISHARES TR | US TREAS BD ETF | 46429B267 |  | 18660 | 811998 | SH |  | SOLE |  | 0 | 0 | 811998 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 765 | 6952 | SH |  | SOLE |  | 0 | 0 | 6952 |
| ISHARES TR | MICRO-CAP ETF | 464288869 |  | 204 | 1600 | SH |  | SOLE |  | 0 | 0 | 1600 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 2460 | 11400 | SH |  | SOLE |  | 0 | 0 | 11400 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 10000 | 50000 | SH | Put | SOLE |  | 0 | 0 | 50000 |
| ISHARES TR | RUS 2000 VAL ETF | 464287630 |  | 222 | 1408 | SH |  | SOLE |  | 0 | 0 | 1408 |
| ISHARES TR | MBS ETF | 464288588 |  | 658 | 7011 | SH |  | SOLE |  | 0 | 0 | 7011 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 |  | 5542 | 30312 | SH |  | SOLE |  | 0 | 0 | 30312 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 3387 | 22171 | SH |  | SOLE |  | 0 | 0 | 22171 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 297 | 1026 | SH |  | SOLE |  | 0 | 0 | 1026 |
| KIMBELL RTY PARTNERS LP | UNIT | 49435R102 |  | 162 | 11586 | SH |  | SOLE |  | 0 | 0 | 11586 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 297 | 10088 | SH |  | SOLE |  | 0 | 0 | 10088 |
| KINGSWAY FINL SVCS INC | COM NEW | 496904202 |  | 1736 | 128200 | SH |  | SOLE |  | 0 | 0 | 128200 |
| MARKEL CORP | COM | 570535104 |  | 6549 | 3279 | SH |  | SOLE |  | 0 | 0 | 3279 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 1006 | 4600 | SH |  | SOLE |  | 0 | 0 | 4600 |
| MEDPACE HLDGS INC | COM | 58506Q109 |  | 502 | 1600 | SH |  | SOLE |  | 0 | 0 | 1600 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 1134 | 434 | SH |  | SOLE |  | 0 | 0 | 434 |
| MERCK  CO. INC | COM | 58933Y105 |  | 372 | 4703 | SH |  | SOLE |  | 0 | 0 | 4703 |
| META PLATFORMS INC | CL A | 30303M102 |  | 27436 | 37171 | SH |  | SOLE |  | 0 | 0 | 37171 |
| META PLATFORMS INC | CL A | 30303M102 |  | 12250 | 17500 | SH | Put | SOLE |  | 0 | 0 | 17500 |
| MICROSOFT CORP | COM | 594918104 |  | 11520 | 23159 | SH |  | SOLE |  | 0 | 0 | 23159 |
| MSCI ACWI EX US | ISHARES TR | 464288257 |  | 670 | 5212 | SH |  | SOLE |  | 0 | 0 | 5212 |
| MSCI INC | COM | 55354G100 |  | 1096 | 1900 | SH |  | SOLE |  | 0 | 0 | 1900 |
| NETFLIX INC | COM | 64110L106 |  | 17082 | 12756 | SH |  | SOLE |  | 0 | 0 | 12756 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 284 | 1799 | SH |  | SOLE |  | 0 | 0 | 1799 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 1708 | 40658 | SH |  | SOLE |  | 0 | 0 | 40658 |
| ORION ENERGY SYS INC | COM | 686275108 |  | 106 | 173339 | SH |  | SOLE |  | 0 | 0 | 173339 |
| OSCAR HEALTH INC | CL A | 687793109 |  | 965 | 45000 | SH |  | SOLE |  | 0 | 0 | 45000 |
| PEPSICO INC | COM | 713448108 |  | 2363 | 17898 | SH |  | SOLE |  | 0 | 0 | 17898 |
| PLAINS ALL AMERN PIPELINE L | UNIT LTD PARTN | 726503105 |  | 408 | 22288 | SH |  | SOLE |  | 0 | 0 | 22288 |
| PROGRESSIVE CORP | COM | 743315103 |  | 7760 | 29079 | SH |  | SOLE |  | 0 | 0 | 29079 |
| QUALCOMM INC | COM | 747525103 |  | 1312 | 8241 | SH |  | SOLE |  | 0 | 0 | 8241 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 3271 | 35848 | SH |  | SOLE |  | 0 | 0 | 35848 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL US S | 808524763 |  | 361 | 12600 | SH |  | SOLE |  | 0 | 0 | 12600 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524748 |  | 360 | 8550 | SH |  | SOLE |  | 0 | 0 | 8550 |
| SCHWAB STRATEGIC TR | US LCAP GR ETF | 808524300 |  | 510 | 17473 | SH |  | SOLE |  | 0 | 0 | 17473 |
| SPDR DOW JONES INDL AVERAGE | UT SER 1 | 78467X109 |  | 308 | 698 | SH |  | SOLE |  | 0 | 0 | 698 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 7823 | 12662 | SH |  | SOLE |  | 0 | 0 | 12662 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 635000 | 1000000 | SH | Call | SOLE |  | 0 | 0 | 1000000 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 110150 | 185000 | SH | Put | SOLE |  | 0 | 0 | 185000 |
| SPDR SER TR | S REGL BKG | 78464A698 |  | 7097 | 119500 | SH |  | SOLE |  | 0 | 0 | 119500 |
| TEXAS INSTRS INC | COM | 882508104 |  | 4273 | 20580 | SH |  | SOLE |  | 0 | 0 | 20580 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 944 | 2327 | SH |  | SOLE |  | 0 | 0 | 2327 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 9917 | 106295 | SH |  | SOLE |  | 0 | 0 | 106295 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 3500 | 50000 | SH | Put | SOLE |  | 0 | 0 | 50000 |
| UNION PAC CORP | COM | 907818108 |  | 2338 | 10162 | SH |  | SOLE |  | 0 | 0 | 10162 |
| UROGEN PHARMA LTD | COM | M96088105 |  | 1035 | 75552 | SH |  | SOLE |  | 0 | 0 | 75552 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 41690 | 529737 | SH |  | SOLE |  | 0 | 0 | 529737 |
| VANGUARD INDEX FDS | SM CP VAL ETF | 922908611 |  | 317 | 1625 | SH |  | SOLE |  | 0 | 0 | 1625 |
| VANGUARD INDEX FDS | VALUE ETF | 922908744 |  | 930 | 5261 | SH |  | SOLE |  | 0 | 0 | 5261 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 215 | 490 | SH |  | SOLE |  | 0 | 0 | 490 |
| VANGUARD STAR FDS | VG TL INTL STK F | 921909768 |  | 394 | 5700 | SH |  | SOLE |  | 0 | 0 | 5700 |
| VANGUARD WHITEHALL FDS | HIGH DIV YLD | 921946406 |  | 20572 | 154315 | SH |  | SOLE |  | 0 | 0 | 154315 |
| VERISK ANALYTICS INC | COM | 92345Y106 |  | 2274 | 7299 | SH |  | SOLE |  | 0 | 0 | 7299 |
| VERITEX HLDGS INC | COM | 923451108 |  | 252 | 9667 | SH |  | SOLE |  | 0 | 0 | 9667 |
| VISA INC | COM CL A | 92826C839 |  | 4324 | 12178 | SH |  | SOLE |  | 0 | 0 | 12178 |
| WALMART INC | COM | 931142103 |  | 8423 | 86147 | SH |  | SOLE |  | 0 | 0 | 86147 |
| WATSCO INC | COM | 942622200 |  | 1815 | 4109 | SH |  | SOLE |  | 0 | 0 | 4109 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 1478 | 18443 | SH |  | SOLE |  | 0 | 0 | 18443 |
| WESTWATER RES INC | COM NEW | 961684206 |  | 150 | 250000 | SH |  | SOLE |  | 0 | 0 | 250000 |

---