# EDGAR Filing Document

**Accession Number:** 0002108411
**File Stem:** 0001214659-26-001656
**Filing Date:** 2026-2
**Character Count:** 12660
**Document Hash:** 98444132dc3f867433befd742147d629
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-26-001656.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001214659-26-001656

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**EFFECTIVENESS DATE**: 20260213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INTERCAPITAL, LLC
- **CENTRAL INDEX KEY:** 0002108411

**ORGANIZATION NAME:**
- **EIN:** 834684362
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-26335
- **FILM NUMBER:** 26630317

**BUSINESS ADDRESS:**
- **STREET 1:** 2208 LAKE AUSTIN BLVD
- **STREET 2:** SUITE 100
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78703
- **BUSINESS PHONE:** 504-610-8109

**MAIL ADDRESS:**
- **STREET 1:** 2208 LAKE AUSTIN BLVD
- **STREET 2:** SUITE 100
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78703

### 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:** INTERCAPITAL LLC<br>**Address:** 2208 LAKE AUSTIN BLVD<br>SUITE 100<br>AUSTIN, TX 78703

**Form 13F File Number:** 028-26335

**CRD Number (if applicable):** 000324314

**SEC File Number (if applicable):** 802-127329

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:** Dylan Kavanagh<br>**Title:** Chief Compliance Officer<br>**Phone:** 504-610-8109

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

/s/ Dylan Kavanagh  Austin, TX  02-06-2026<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:** 92

**Form 13F Information Table Value Total:** $283965456

      (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 |
| AFFIRM HLDGS INC | COM CL A | 00827B106 |  | 1376955 | 18500 | SH | Call | SOLE |  | 0 | 0 | 18500 |
| AFFIRM HLDGS INC | COM CL A | 00827B106 |  | 13379686 | 179762 | SH |  | SOLE |  | 179762 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 2785020 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 15478328 | 67058 | SH |  | SOLE |  | 67058 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 10156080 | 44000 | SH | Call | SOLE |  | 0 | 0 | 44000 |
| APPLE INC | COM | 037833100 |  | 652464 | 2400 | SH |  | SOLE |  | 2400 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 1010730 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| ARK 21SHARES BITCOIN ETF | SHS BEN INT | 040919102 |  | 4646400 | 160000 | SH |  | SOLE |  | 160000 | 0 | 0 |
| BAIDU INC | SPON ADR REP A | 056752108 |  | 1763910 | 13500 | SH |  | SOLE |  | 13500 | 0 | 0 |
| BLOOM ENERGY CORP | COM CL A | 093712107 |  | 512825 | 5902 | SH |  | SOLE |  | 5902 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 10812576 | 49800 | SH |  | SOLE |  | 49800 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 18889440 | 87000 | SH | Call | SOLE |  | 0 | 0 | 87000 |
| BROADCOM INC | COM | 11135F101 |  | 692200 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| CAVA GROUP INC | COM | 148929102 |  | 821240 | 14000 | SH | Call | SOLE |  | 0 | 0 | 14000 |
| CENTENE CORP DEL | COM | 15135B101 |  | 802425 | 19500 | SH | Call | SOLE |  | 0 | 0 | 19500 |
| COHERENT CORP | COM | 19247G107 |  | 2030270 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| COMPASS INC | CL A | 20464U100 |  | 14498467 | 1371662 | SH |  | SOLE |  | 1371662 | 0 | 0 |
| COMPASS INC | CL A | 20464U100 |  | 5709914 | 540200 | SH | Call | SOLE |  | 0 | 0 | 690200 |
| COUPANG INC | CL A | 22266T109 |  | 2918861 | 123733 | SH |  | SOLE |  | 123733 | 0 | 0 |
| CRONOS GROUP INC | COM | 22717L101 |  | 328750 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| DELTA AIR LINES INC DEL | COM NEW | 247361702 |  | 2567800 | 37000 | SH |  | SOLE |  | 37000 | 0 | 0 |
| DIREXION SHS ETF TR | DAILY BA BULL 2X | 25461A338 |  | 306254 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| DRAFTKINGS INC NEW | COM CL A | 26142V105 |  | 1895850 | 55000 | SH | Put | SOLE |  | 0 | 0 | 55000 |
| DUTCH BROS INC | CL A | 26701L100 |  | 1465913 | 23945 | SH |  | SOLE |  | 23945 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 644808 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| EVERCORE INC | CLASS A | 29977A105 |  | 969712 | 2850 | SH |  | SOLE |  | 2850 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 4849735 | 18565 | SH |  | SOLE |  | 18565 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 261230 | 1000 | SH | Call | SOLE |  | 0 | 0 | 1000 |
| GENERAC HLDGS INC | COM | 368736104 |  | 412519 | 3025 | SH |  | SOLE |  | 3025 | 0 | 0 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 334020 | 380 | SH |  | SOLE |  | 380 | 0 | 0 |
| HEXCEL CORP NEW | COM | 428291108 |  | 1847500 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| INTERACTIVE BROKERS GROUP | COM CL A | 45841N107 |  | 1221890 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| INVESCO EXCH TRADED FD TR | CHINA TECHNLGY | 46138E800 |  | 1976000 | 38000 | SH |  | SOLE |  | 38000 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 10215152 | 117200 | SH |  | SOLE |  | 117200 | 0 | 0 |
| ISHARES TR | MSCI CHINA ETF | 46429B671 |  | 1207407 | 20100 | SH | Call | SOLE |  | 0 | 0 | 20100 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 |  | 2111694 | 55150 | SH |  | SOLE |  | 55150 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 6101200 | 70000 | SH | Call | SOLE |  | 0 | 0 | 70000 |
| ISHARES TR | MSCI CHINA ETF | 46429B671 |  | 5298174 | 88200 | SH |  | SOLE |  | 88200 | 0 | 0 |
| JOBY AVIATION INC | COMMON STOCK | G65163100 |  | 133320 | 10100 | SH | Call | SOLE |  | 0 | 0 | 10100 |
| LAZARD INC | COM | 52110M109 |  | 995480 | 20500 | SH |  | SOLE |  | 20500 | 0 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 2119662 | 10200 | SH |  | SOLE |  | 10200 | 0 | 0 |
| LYFT INC | CL A COM | 55087P104 |  | 1234276 | 63721 | SH |  | SOLE |  | 63721 | 0 | 0 |
| MAPLEBEAR INC | COM | 565394103 |  | 1633674 | 36320 | SH |  | SOLE |  | 36320 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 1663779 | 826 | SH |  | SOLE |  | 826 | 0 | 0 |
| MERCADOLIBRE INC | COM | 58733R102 |  | 201426 | 100 | SH | Call | SOLE |  | 0 | 0 | 100 |
| META PLATFORMS INC | CL A | 30303M102 |  | 330045 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 14984025 | 52500 | SH |  | SOLE |  | 52500 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 2031204 | 4200 | SH |  | SOLE |  | 4200 | 0 | 0 |
| MODERNA INC | COM | 60770K107 |  | 589800 | 20000 | SH | Call | SOLE |  | 0 | 0 | 20000 |
| NETFLIX INC | COM | 64110L106 |  | 705075 | 7520 | SH |  | SOLE |  | 7520 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 892080 | 14000 | SH | Put | SOLE |  | 0 | 0 | 14000 |
| NORWEGIAN CRUISE LINE HLDG | SHS | G66721104 |  | 1387300 | 62155 | SH |  | SOLE |  | 62155 | 0 | 0 |
| NOVO-NORDISK A S | ADR | 670100205 |  | 305280 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 |  | 693053 | 41401 | SH |  | SOLE |  | 41401 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 1865000 | 10000 | SH | Put | SOLE |  | 0 | 0 | 10000 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 1440712 | 7725 | SH |  | SOLE |  | 7725 | 0 | 0 |
| ON HLDG AG | NAMEN AKT A | H5919C104 |  | 1324680 | 28500 | SH |  | SOLE |  | 28500 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 4873750 | 25000 | SH | Put | SOLE |  | 0 | 0 | 25000 |
| PAYPAL HLDGS INC | COM | 70450Y103 |  | 472761 | 8098 | SH |  | SOLE |  | 8098 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 1349341 | 11900 | SH |  | SOLE |  | 11900 | 0 | 0 |
| PELOTON INTERACTIVE INC | CL A COM | 70614W100 |  | 2094400 | 340000 | SH |  | SOLE |  | 340000 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 622500 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| PONY AI INC | SPONSORED ADS | 732908108 |  | 1107800 | 76400 | SH |  | SOLE |  | 76400 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 6427681 | 50350 | SH |  | SOLE |  | 50350 | 0 | 0 |
| PROSHARES TR | PSHS ULTRUSS2000 | 74347R842 |  | 515104 | 10955 | SH |  | SOLE |  | 10955 | 0 | 0 |
| REDDIT INC | CL A | 75734B100 |  | 344805 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| RIVIAN AUTOMOTIVE INC | COM CL A | 76954A103 |  | 20311155 | 1030500 | SH | Call | SOLE |  | 0 | 0 | 1030500 |
| RIVIAN AUTOMOTIVE INC | COM CL A | 76954A103 |  | 10489189 | 532176 | SH |  | SOLE |  | 532176 | 0 | 0 |
| ROCKET COS INC | COM CL A | 77311W101 |  | 738487 | 38145 | SH |  | SOLE |  | 38145 | 0 | 0 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 4772776 | 37413 | SH |  | SOLE |  | 37413 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 1544507 | 9595 | SH |  | SOLE |  | 9595 | 0 | 0 |
| SNAP INC | CL A | 83304A106 |  | 403500 | 50000 | SH | Call | SOLE |  | 0 | 0 | 50000 |
| SUPER MICRO COMPUTER INC | COM NEW | 86800U302 |  | 439050 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MFG | SPONSORED ADS | 874039100 |  | 5720729 | 18825 | SH |  | SOLE |  | 18825 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 1221875 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 4907050 | 50200 | SH | Call | SOLE |  | 0 | 0 | 50200 |
| TERADYNE INC | COM | 880770102 |  | 735528 | 3800 | SH |  | SOLE |  | 3800 | 0 | 0 |
| THE TRADE DESK INC | COM CL A | 88339J105 |  | 569400 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| THE TRADE DESK INC | COM CL A | 88339J105 |  | 759200 | 20000 | SH | Call | SOLE |  | 0 | 0 | 20000 |
| VANECK ETF TRUST | SEMICONDUCTR ETF | 92189F676 |  | 6301925 | 17500 | SH | Put | SOLE |  | 0 | 0 | 17500 |
| VANGUARD WORLD FD | EXTENDED DUR | 921910709 |  | 1040160 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| VITAL FARMS INC | COM | 92847W103 |  | 1501180 | 47000 | SH |  | SOLE |  | 47000 | 0 | 0 |
| VITAL FARMS INC | COM | 92847W103 |  | 495070 | 15500 | SH | Call | SOLE |  | 0 | 0 | 15500 |
| WALMART INC | COM | 931142103 |  | 1671000 | 15000 | SH | Put | SOLE |  | 0 | 0 | 15000 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 2584050 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| WIX COM LTD | SHS | M98068105 |  | 4755565 | 45775 | SH |  | SOLE |  | 45775 | 0 | 0 |
| WIX COM LTD | SHS | M98068105 |  | 1038900 | 10000 | SH | Call | SOLE |  | 0 | 0 | 10000 |
| WORKDAY INC | CL A | 98138H101 |  | 691162 | 3218 | SH |  | SOLE |  | 3218 | 0 | 0 |
| WYNN RESORTS LTD | COM | 983134107 |  | 2637634 | 21920 | SH |  | SOLE |  | 21920 | 0 | 0 |
| XPENG INC | ADS | 98422D105 |  | 507000 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| ZILLOW GROUP INC | CL C CAP STK | 98954M200 |  | 1132452 | 16600 | SH |  | SOLE |  | 16600 | 0 | 0 |
| ZILLOW GROUP INC | CL C CAP STK | 98954M200 |  | 1705500 | 25000 | SH | Call | SOLE |  | 0 | 0 | 25000 |

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