# EDGAR Filing Document

**Accession Number:** 0001768130
**File Stem:** 0001768130-26-000001
**Filing Date:** 2026-1
**Character Count:** 24260
**Document Hash:** 189627133e4f0707fc829430c5079fb1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001768130-26-000001.hdr.sgml**: 20260112

**ACCESSION NUMBER**: 0001768130-26-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260112

**DATE AS OF CHANGE**: 20260112

**EFFECTIVENESS DATE**: 20260112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HOWARD FINANCIAL SERVICES, LTD.
- **CENTRAL INDEX KEY:** 0001768130

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-19410
- **FILM NUMBER:** 26525370

**BUSINESS ADDRESS:**
- **STREET 1:** 8350 MEADOW ROAD
- **STREET 2:** SUITE 181
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75231
- **BUSINESS PHONE:** 214-346-0785

**MAIL ADDRESS:**
- **STREET 1:** 8350 MEADOW ROAD
- **STREET 2:** SUITE 181
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75231

### 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:** HOWARD FINANCIAL SERVICES LTD.<br>**Address:** 8350 MEADOW ROAD<br>SUITE 181<br>DALLAS, TX 75231

**Form 13F File Number:** 028-19410

**CRD Number (if applicable):** 000107978

**SEC File Number (if applicable):** 801-46741

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:** John Howard<br>**Title:** CCO<br>**Phone:** 214-346-0760

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

John Howard  Dallas, TX  01-12-2026<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:** 205

**Form 13F Information Table Value Total:** $855145386

      (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 |  | 268189 | 2141 | SH |  | SOLE | 0 | 0 | 0 | 2141 |
| ABBVIE INC | COM | 00287Y109 |  | 741514 | 3245 | SH |  | SOLE | 0 | 0 | 0 | 3245 |
| ADOBE INC | COM | 00724F101 |  | 213844 | 611 | SH |  | SOLE | 0 | 0 | 0 | 611 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 311389 | 1454 | SH |  | SOLE | 0 | 0 | 0 | 1454 |
| ADVISORSHARES TR | MSOS DAILY LVRGD | 00768Y289 |  | 134400 | 30000 | SH |  | SOLE | 0 | 0 | 0 | 30000 |
| AGNC INVT CORP | COM | 00123Q104 |  | 779572 | 72721 | SH |  | SOLE | 0 | 0 | 0 | 72721 |
| AGNICO EAGLE MINES LTD | COM | 008474108 |  | 229713 | 1355 | SH |  | SOLE | 0 | 0 | 0 | 1355 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 358535 | 2446 | SH |  | SOLE | 0 | 0 | 0 | 2446 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 1673720 | 5334 | SH |  | SOLE | 0 | 0 | 0 | 5334 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 3393938 | 10843 | SH |  | SOLE | 0 | 0 | 0 | 10843 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 501655 | 8700 | SH |  | SOLE | 0 | 0 | 0 | 8700 |
| AMAZON COM INC | COM | 023135106 |  | 6799957 | 29460 | SH |  | SOLE | 0 | 0 | 0 | 29460 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 538587 | 1456 | SH |  | SOLE | 0 | 0 | 0 | 1456 |
| AMGEN INC | COM | 031162100 |  | 633600 | 1936 | SH |  | SOLE | 0 | 0 | 0 | 1936 |
| ANNALY CAPITAL MANAGEMENT IN | COM NEW | 035710839 |  | 938154 | 41957 | SH |  | SOLE | 0 | 0 | 0 | 41957 |
| APPLE INC | COM | 037833100 |  | 35422109 | 130295 | SH |  | SOLE | 0 | 0 | 0 | 130295 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 389795 | 4240 | SH |  | SOLE | 0 | 0 | 0 | 4240 |
| AT INC | COM | 00206R102 |  | 397522 | 16003 | SH |  | SOLE | 0 | 0 | 0 | 16003 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 235706 | 916 | SH |  | SOLE | 0 | 0 | 0 | 916 |
| BANK AMERICA CORP | COM | 060505104 |  | 516193 | 9385 | SH |  | SOLE | 0 | 0 | 0 | 9385 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 7377394 | 14677 | SH |  | SOLE | 0 | 0 | 0 | 14677 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 754800 | 1 | SH |  | SOLE | 0 | 0 | 0 | 1 |
| BLACK STONE MINERALS L P | COM UNIT | 09225M101 |  | 1223536 | 92064 | SH |  | SOLE | 0 | 0 | 0 | 92064 |
| BLACKSTONE INC | COM | 09260D107 |  | 396024 | 2569 | SH |  | SOLE | 0 | 0 | 0 | 2569 |
| BOEING CO | COM | 097023105 |  | 255984 | 1179 | SH |  | SOLE | 0 | 0 | 0 | 1179 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 749746 | 140 | SH |  | SOLE | 0 | 0 | 0 | 140 |
| BROADCOM INC | COM | 11135F101 |  | 5286328 | 15274 | SH |  | SOLE | 0 | 0 | 0 | 15274 |
| CADENCE BANK | COM | 12740C103 |  | 1098334 | 25638 | SH |  | SOLE | 0 | 0 | 0 | 25638 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 284288 | 1173 | SH |  | SOLE | 0 | 0 | 0 | 1173 |
| CATERPILLAR INC | COM | 149123101 |  | 319911 | 558 | SH |  | SOLE | 0 | 0 | 0 | 558 |
| CAVA GROUP INC | COM | 148929102 |  | 357129 | 6085 | SH |  | SOLE | 0 | 0 | 0 | 6085 |
| CHEVRON CORP NEW | COM | 166764100 |  | 667601 | 4380 | SH |  | SOLE | 0 | 0 | 0 | 4380 |
| CHEWY INC | CL A | 16679L109 |  | 221832 | 6712 | SH |  | SOLE | 0 | 0 | 0 | 6712 |
| CHIPOTLE MEXICAN GRILL INC | COM | 169656105 |  | 3452840 | 93320 | SH |  | SOLE | 0 | 0 | 0 | 93320 |
| CIRCLE INTERNET GROUP INC | COM CL A | 172573107 |  | 228622 | 2883 | SH |  | SOLE | 0 | 0 | 0 | 2883 |
| CISCO SYS INC | COM | 17275R102 |  | 821203 | 10661 | SH |  | SOLE | 0 | 0 | 0 | 10661 |
| CME GROUP INC | COM | 12572Q105 |  | 224213 | 821 | SH |  | SOLE | 0 | 0 | 0 | 821 |
| COCA COLA CO | COM | 191216100 |  | 582281 | 8329 | SH |  | SOLE | 0 | 0 | 0 | 8329 |
| CONDUENT INC | COM | 206787103 |  | 19200 | 10000 | SH |  | SOLE | 0 | 0 | 0 | 10000 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 310464 | 3317 | SH |  | SOLE | 0 | 0 | 0 | 3317 |
| COREWEAVE INC | COM CL A | 21873S108 |  | 538292 | 7517 | SH |  | SOLE | 0 | 0 | 0 | 7517 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 802305 | 930 | SH |  | SOLE | 0 | 0 | 0 | 930 |
| CROWDSTRIKE HLDGS INC | CL A | 22788C105 |  | 883144 | 1884 | SH |  | SOLE | 0 | 0 | 0 | 1884 |
| DELL TECHNOLOGIES INC | CL C | 24703L202 |  | 307487 | 2443 | SH |  | SOLE | 0 | 0 | 0 | 2443 |
| DIREXION SHS ETF TR | DLY MIDCAP ETF3X | 25459W730 |  | 406080 | 8000 | SH |  | SOLE | 0 | 0 | 0 | 8000 |
| DIREXION SHS ETF TR | DAILY SEMICONDUC | 25460G112 |  | 103290 | 33000 | SH |  | SOLE | 0 | 0 | 0 | 33000 |
| DIREXION SHS ETF TR | NAS100 EQL WGT | 25459Y207 |  | 385791 | 3771 | SH |  | SOLE | 0 | 0 | 0 | 3771 |
| DISNEY WALT CO | COM | 254687106 |  | 225289 | 1980 | SH |  | SOLE | 0 | 0 | 0 | 1980 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 206942 | 3532 | SH |  | SOLE | 0 | 0 | 0 | 3532 |
| DORCHESTER MINERALS LP | COM UNIT | 25820R105 |  | 1139493 | 50961 | SH |  | SOLE | 0 | 0 | 0 | 50961 |
| ELEDON PHARMACEUTICALS INC | COM | 28617K101 |  | 45300 | 30000 | SH |  | SOLE | 0 | 0 | 0 | 30000 |
| ELEVANCE HEALTH INC FORMERLY | COM | 036752103 |  | 216374 | 617 | SH |  | SOLE | 0 | 0 | 0 | 617 |
| ELI LILLY  CO | COM | 532457108 |  | 983320 | 915 | SH |  | SOLE | 0 | 0 | 0 | 915 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 3103013 | 188175 | SH |  | SOLE | 0 | 0 | 0 | 188175 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 3827190 | 119376 | SH |  | SOLE | 0 | 0 | 0 | 119376 |
| EOG RES INC | COM | 26875P101 |  | 292635 | 2787 | SH |  | SOLE | 0 | 0 | 0 | 2787 |
| EQT CORP | COM | 26884L109 |  | 268000 | 5000 | SH |  | SOLE | 0 | 0 | 0 | 5000 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 2443206 | 20303 | SH |  | SOLE | 0 | 0 | 0 | 20303 |
| FIRST TR EXCH TRADED FD III | PFD SECS INC ETF | 33739E108 |  | 6569599 | 360571 | SH |  | SOLE | 0 | 0 | 0 | 360571 |
| FIRST TR EXCHANGE TRADED FD | RISNG DIVD ACHIV | 33738R506 |  | 16909691 | 243410 | SH |  | SOLE | 0 | 0 | 0 | 243410 |
| FIRST TR EXCHANGE-TRADED FD | NO AMER ENERGY | 33738D101 |  | 314320 | 8300 | SH |  | SOLE | 0 | 0 | 0 | 8300 |
| FIRST TR EXCHNG TRADED FD VI | SMITH OPPORT FXD | 33740F805 |  | 2750734 | 62065 | SH |  | SOLE | 0 | 0 | 0 | 62065 |
| GE AEROSPACE | COM NEW | 369604301 |  | 1331614 | 4323 | SH |  | SOLE | 0 | 0 | 0 | 4323 |
| GE VERNOVA INC | COM | 36828A101 |  | 1026387 | 1570 | SH |  | SOLE | 0 | 0 | 0 | 1570 |
| GILDAN ACTIVEWEAR INC | COM | 375916103 |  | 269203 | 4310 | SH |  | SOLE | 0 | 0 | 0 | 4310 |
| GOLDMAN SACHS ETF TR | S 500 PREMIUM | 38149W622 |  | 979440 | 18550 | SH |  | SOLE | 0 | 0 | 0 | 18550 |
| GOLDMAN SACHS GROUP INC | COM | 38141G104 |  | 323466 | 368 | SH |  | SOLE | 0 | 0 | 0 | 368 |
| GRAHAM HLDGS CO | COM CL B | 384637104 |  | 923536 | 841 | SH |  | SOLE | 0 | 0 | 0 | 841 |
| GRAIL INC | COM | 384747101 |  | 219966 | 2570 | SH |  | SOLE | 0 | 0 | 0 | 2570 |
| GRAYSCALE ETHEREUM TRUST ETF | SHS | 389638107 |  | 288785 | 11850 | SH |  | SOLE | 0 | 0 | 0 | 11850 |
| HARTFORD FDS EXCHANGE TRADED | TOTAL RTRN ETF | 41653L305 |  | 31648302 | 926744 | SH |  | SOLE | 0 | 0 | 0 | 926744 |
| HOME DEPOT INC | COM | 437076102 |  | 630157 | 1831 | SH |  | SOLE | 0 | 0 | 0 | 1831 |
| INTEL CORP | COM | 458140100 |  | 456703 | 12377 | SH |  | SOLE | 0 | 0 | 0 | 12377 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 1359476 | 4590 | SH |  | SOLE | 0 | 0 | 0 | 4590 |
| INTUITIVE SURGICAL INC | COM NEW | 46120E602 |  | 551068 | 973 | SH |  | SOLE | 0 | 0 | 0 | 973 |
| INVESCO ACTIVELY MANAGED EXC | TOTAL RETURN | 46090A804 |  | 35144960 | 741142 | SH |  | SOLE | 0 | 0 | 0 | 741142 |
| INVESCO EXCH TRADED FD TR II | NASDAQ 100 ETF | 46138G649 |  | 536622 | 2122 | SH |  | SOLE | 0 | 0 | 0 | 2122 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 36710410 | 191639 | SH |  | SOLE | 0 | 0 | 0 | 191639 |
| INVESCO EXCHANGE TRADED FD T | S 500 GARP ETF | 46137V431 |  | 38200013 | 335500 | SH |  | SOLE | 0 | 0 | 0 | 335500 |
| INVESCO EXCHANGE TRADED FD T | AEROSPACE DEFN | 46137V100 |  | 264152 | 1686 | SH |  | SOLE | 0 | 0 | 0 | 1686 |
| INVESCO EXCHANGE TRADED FD T | S EQL ENR | 46137V365 |  | 266716 | 3351 | SH |  | SOLE | 0 | 0 | 0 | 3351 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 10697188 | 17413 | SH |  | SOLE | 0 | 0 | 0 | 17413 |
| ISHARES GOLD TR | ISHARES NEW | 464285204 |  | 515592 | 6352 | SH |  | SOLE | 0 | 0 | 0 | 6352 |
| ISHARES INC | MSCI EMRG CHN | 46434G764 |  | 253012 | 3481 | SH |  | SOLE | 0 | 0 | 0 | 3481 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 786821 | 11705 | SH |  | SOLE | 0 | 0 | 0 | 11705 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 356307 | 5531 | SH |  | SOLE | 0 | 0 | 0 | 5531 |
| ISHARES TR | U.S. MED DVC ETF | 464288810 |  | 216235 | 3479 | SH |  | SOLE | 0 | 0 | 0 | 3479 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 1931368 | 36524 | SH |  | SOLE | 0 | 0 | 0 | 36524 |
| ISHARES TR | EXPANDED TECH | 464287515 |  | 214345 | 2028 | SH |  | SOLE | 0 | 0 | 0 | 2028 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 441225 | 4418 | SH |  | SOLE | 0 | 0 | 0 | 4418 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 592313 | 8974 | SH |  | SOLE | 0 | 0 | 0 | 8974 |
| ISHARES TR | CORE S ETF | 464287200 |  | 4510166 | 6585 | SH |  | SOLE | 0 | 0 | 0 | 6585 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 583361 | 4733 | SH |  | SOLE | 0 | 0 | 0 | 4733 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 285446 | 603 | SH |  | SOLE | 0 | 0 | 0 | 603 |
| ISHARES TR | 1 3 YR TREAS BD | 464287457 |  | 403575 | 4873 | SH |  | SOLE | 0 | 0 | 0 | 4873 |
| ISHARES TR | MSCI USA QLT FCT | 46432F339 |  | 100849553 | 507751 | SH |  | SOLE | 0 | 0 | 0 | 507751 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 1733659 | 19379 | SH |  | SOLE | 0 | 0 | 0 | 19379 |
| ISHARES TR | ESG AW MSCI EAFE | 46435G516 |  | 211677 | 2226 | SH |  | SOLE | 0 | 0 | 0 | 2226 |
| ISHARES TR | MSCI INTL QUALTY | 46434V456 |  | 20341750 | 447563 | SH |  | SOLE | 0 | 0 | 0 | 447563 |
| ISHARES TR | LOW CARBON OPTIM | 46434V464 |  | 209091 | 907 | SH |  | SOLE | 0 | 0 | 0 | 907 |
| ISHARES TR | ESG AWR MSCI USA | 46435G425 |  | 709872 | 4765 | SH |  | SOLE | 0 | 0 | 0 | 4765 |
| J P MORGAN EXCHANGE TRADED F | ULTRA SHRT ETF | 46641Q837 |  | 8835680 | 174653 | SH |  | SOLE | 0 | 0 | 0 | 174653 |
| J P MORGAN EXCHANGE TRADED F | NASDAQ EQT PREM | 46654Q203 |  | 720304 | 12393 | SH |  | SOLE | 0 | 0 | 0 | 12393 |
| JANUS INTERNATIONAL GROUP IN | COMMON STOCK | 47103N106 |  | 686216 | 104926 | SH |  | SOLE | 0 | 0 | 0 | 104926 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 934360 | 4515 | SH |  | SOLE | 0 | 0 | 0 | 4515 |
| JOHNSON OUTDOORS INC | CL A | 479167108 |  | 357603 | 8424 | SH |  | SOLE | 0 | 0 | 0 | 8424 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 2010894 | 6241 | SH |  | SOLE | 0 | 0 | 0 | 6241 |
| KIMBELL RTY PARTNERS LP | UNIT | 49435R102 |  | 515264 | 43815 | SH |  | SOLE | 0 | 0 | 0 | 43815 |
| KIMBERLY-CLARK CORP | COM | 494368103 |  | 207430 | 2056 | SH |  | SOLE | 0 | 0 | 0 | 2056 |
| LATTICE STRATEGIES TR | HARTFORD MLT ETF | 518416102 |  | 3464944 | 93710 | SH |  | SOLE | 0 | 0 | 0 | 93710 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 221933 | 459 | SH |  | SOLE | 0 | 0 | 0 | 459 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 510881 | 6012 | SH |  | SOLE | 0 | 0 | 0 | 6012 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 1506621 | 2639 | SH |  | SOLE | 0 | 0 | 0 | 2639 |
| MCDONALDS CORP | COM | 580135101 |  | 231621 | 758 | SH |  | SOLE | 0 | 0 | 0 | 758 |
| MERCK  CO INC | COM | 58933Y105 |  | 821752 | 7807 | SH |  | SOLE | 0 | 0 | 0 | 7807 |
| META PLATFORMS INC | CL A | 30303M102 |  | 1153004 | 1747 | SH |  | SOLE | 0 | 0 | 0 | 1747 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 604926 | 2119 | SH |  | SOLE | 0 | 0 | 0 | 2119 |
| MICROSOFT CORP | COM | 594918104 |  | 11077488 | 22905 | SH |  | SOLE | 0 | 0 | 0 | 22905 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 635461 | 3579 | SH |  | SOLE | 0 | 0 | 0 | 3579 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 2387474 | 44734 | SH |  | SOLE | 0 | 0 | 0 | 44734 |
| NETFLIX INC | COM | 64110L106 |  | 991981 | 10580 | SH |  | SOLE | 0 | 0 | 0 | 10580 |
| NEWMONT CORP | COM | 651639106 |  | 252437 | 2528 | SH |  | SOLE | 0 | 0 | 0 | 2528 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 367633 | 4579 | SH |  | SOLE | 0 | 0 | 0 | 4579 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 526914 | 1825 | SH |  | SOLE | 0 | 0 | 0 | 1825 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 651472 | 1143 | SH |  | SOLE | 0 | 0 | 0 | 1143 |
| NUVEEN MUN VALUE FD INC | COM | 670928100 |  | 815944 | 90060 | SH |  | SOLE | 0 | 0 | 0 | 90060 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 14602217 | 78296 | SH |  | SOLE | 0 | 0 | 0 | 78296 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 |  | 397871 | 1833 | SH |  | SOLE | 0 | 0 | 0 | 1833 |
| OKLO INC | COM CL A | 02156V109 |  | 290054 | 4042 | SH |  | SOLE | 0 | 0 | 0 | 4042 |
| ONEOK INC NEW | COM | 682680103 |  | 922793 | 12555 | SH |  | SOLE | 0 | 0 | 0 | 12555 |
| ORACLE CORP | COM | 68389X105 |  | 332357 | 1705 | SH |  | SOLE | 0 | 0 | 0 | 1705 |
| PACER FDS TR | US SMALL CAP CAS | 69374H857 |  | 9334442 | 210377 | SH |  | SOLE | 0 | 0 | 0 | 210377 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 2428954 | 13665 | SH |  | SOLE | 0 | 0 | 0 | 13665 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 407266 | 2211 | SH |  | SOLE | 0 | 0 | 0 | 2211 |
| PEPSICO INC | COM | 713448108 |  | 2245867 | 15648 | SH |  | SOLE | 0 | 0 | 0 | 15648 |
| PERMROCK ROYALTY TRUST | TR UNIT | 714254109 |  | 80475 | 28741 | SH |  | SOLE | 0 | 0 | 0 | 28741 |
| PFIZER INC | COM | 717081103 |  | 268620 | 10788 | SH |  | SOLE | 0 | 0 | 0 | 10788 |
| PGIM ETF TR | TOTAL RETURN BON | 69344A800 |  | 30815222 | 732998 | SH |  | SOLE | 0 | 0 | 0 | 732998 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 801743 | 4998 | SH |  | SOLE | 0 | 0 | 0 | 4998 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 230466 | 1608 | SH |  | SOLE | 0 | 0 | 0 | 1608 |
| PROSHARES TR | ULTRAPRO QQQ | 74347X831 |  | 1067580 | 20250 | SH |  | SOLE | 0 | 0 | 0 | 20250 |
| PRUDENTIAL FINL INC | COM | 744320102 |  | 298855 | 2648 | SH |  | SOLE | 0 | 0 | 0 | 2648 |
| RBB FD INC | MOTLEY FOL ETF | 74933W601 |  | 342565 | 4773 | SH |  | SOLE | 0 | 0 | 0 | 4773 |
| RTX CORPORATION | COM | 75513E101 |  | 263736 | 1438 | SH |  | SOLE | 0 | 0 | 0 | 1438 |
| SABINE RTY TR | UNIT BEN INT | 785688102 |  | 4663569 | 68012 | SH |  | SOLE | 0 | 0 | 0 | 68012 |
| SALESFORCE INC | COM | 79466L302 |  | 429419 | 1621 | SH |  | SOLE | 0 | 0 | 0 | 1621 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 1741803 | 17434 | SH |  | SOLE | 0 | 0 | 0 | 17434 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 2445155 | 101712 | SH |  | SOLE | 0 | 0 | 0 | 101712 |
| SCHWAB STRATEGIC TR | US LCAP GR ETF | 808524300 |  | 21156067 | 648561 | SH |  | SOLE | 0 | 0 | 0 | 648561 |
| SCHWAB STRATEGIC TR | EMRG MKTEQ ETF | 808524706 |  | 2681762 | 81886 | SH |  | SOLE | 0 | 0 | 0 | 81886 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 |  | 53640393 | 1955537 | SH |  | SOLE | 0 | 0 | 0 | 1955537 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL US S | 808524763 |  | 1163081 | 36912 | SH |  | SOLE | 0 | 0 | 0 | 36912 |
| SCHWAB STRATEGIC TR | FUNDAMENTAL INTL | 808524755 |  | 17698211 | 391467 | SH |  | SOLE | 0 | 0 | 0 | 391467 |
| SELECT SECTOR SPDR TR | STATE STREET ENE | 81369Y506 |  | 304182 | 6803 | SH |  | SOLE | 0 | 0 | 0 | 6803 |
| SELECT SECTOR SPDR TR | STATE STREET FIN | 81369Y605 |  | 224502 | 4099 | SH |  | SOLE | 0 | 0 | 0 | 4099 |
| SELECT SECTOR SPDR TR | STATE STREET TEC | 81369Y803 |  | 504840 | 3507 | SH |  | SOLE | 0 | 0 | 0 | 3507 |
| SIREN ETF TR | DIVCN LDRS ETF | 829658301 |  | 487613 | 6397 | SH |  | SOLE | 0 | 0 | 0 | 6397 |
| SOUTHSTATE BK CORP | COM | 84472E102 |  | 1519782 | 16149 | SH |  | SOLE | 0 | 0 | 0 | 16149 |
| SOUTHWEST AIRLS CO | COM | 844741108 |  | 939283 | 22726 | SH |  | SOLE | 0 | 0 | 0 | 22726 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 906361 | 2287 | SH |  | SOLE | 0 | 0 | 0 | 2287 |
| SPDR INDEX SHS FDS | PORTFOLIO DEVLPD | 78463X889 |  | 996147 | 22431 | SH |  | SOLE | 0 | 0 | 0 | 22431 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 16738639 | 24546 | SH |  | SOLE | 0 | 0 | 0 | 24546 |
| SPDR SERIES TRUST | STATE STREET SPD | 78464A300 |  | 465053 | 5112 | SH |  | SOLE | 0 | 0 | 0 | 5112 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R663 |  | 3846337 | 42092 | SH |  | SOLE | 0 | 0 | 0 | 42092 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R408 |  | 21267179 | 839936 | SH |  | SOLE | 0 | 0 | 0 | 839936 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R788 |  | 484126 | 11194 | SH |  | SOLE | 0 | 0 | 0 | 11194 |
| SPDR SERIES TRUST | STATE STREET SPD | 78468R853 |  | 389237 | 8306 | SH |  | SOLE | 0 | 0 | 0 | 8306 |
| SPROTT ASSET MANAGEMENT LP | PHYSICAL GOLD TR | 85207H104 |  | 210304 | 6369 | SH |  | SOLE | 0 | 0 | 0 | 6369 |
| SSGA ACTIVE ETF TR | STATE STREET DOU | 78467V848 |  | 21176328 | 526120 | SH |  | SOLE | 0 | 0 | 0 | 526120 |
| STAR HLDGS | SHS BEN INT | 85512G106 |  | 219157 | 26629 | SH |  | SOLE | 0 | 0 | 0 | 26629 |
| TAIWAN SEMICONDUCTOR MFG LTD | SPONSORED ADS | 874039100 |  | 1578101 | 5193 | SH |  | SOLE | 0 | 0 | 0 | 5193 |
| TESLA INC | COM | 88160R101 |  | 2789163 | 6202 | SH |  | SOLE | 0 | 0 | 0 | 6202 |
| TEXAS INSTRS INC | COM | 882508104 |  | 423059 | 2439 | SH |  | SOLE | 0 | 0 | 0 | 2439 |
| TEXAS PACIFIC LAND CORPORATI | COM | 88262P102 |  | 1164103 | 4053 | SH |  | SOLE | 0 | 0 | 0 | 4053 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 318951 | 550 | SH |  | SOLE | 0 | 0 | 0 | 550 |
| TORTOISE CAPITAL SERIES TRUS | NORTH AMERN PIPE | 890930308 |  | 332287 | 9415 | SH |  | SOLE | 0 | 0 | 0 | 9415 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 216965 | 748 | SH |  | SOLE | 0 | 0 | 0 | 748 |
| UBER TECHNOLOGIES INC | COM | 90353T100 |  | 519921 | 6363 | SH |  | SOLE | 0 | 0 | 0 | 6363 |
| UNION PAC CORP | COM | 907818108 |  | 255909 | 1106 | SH |  | SOLE | 0 | 0 | 0 | 1106 |
| UNITED PARCEL SERVICE INC | CL B | 911312106 |  | 382733 | 3859 | SH |  | SOLE | 0 | 0 | 0 | 3859 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 254986 | 772 | SH |  | SOLE | 0 | 0 | 0 | 772 |
| USA TODAY CO INC | COM | 36472T109 |  | 412000 | 80000 | SH |  | SOLE | 0 | 0 | 0 | 80000 |
| VANECK ETF TRUST | FALLEN ANGEL HG | 92189F437 |  | 18075427 | 615543 | SH |  | SOLE | 0 | 0 | 0 | 615543 |
| VANECK ETF TRUST | SEMICONDUCTR ETF | 92189F676 |  | 321830 | 894 | SH |  | SOLE | 0 | 0 | 0 | 894 |
| VANECK ETF TRUST | MRNGSTR WDE MOAT | 92189F643 |  | 8760272 | 84591 | SH |  | SOLE | 0 | 0 | 0 | 84591 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 319289 | 3723 | SH |  | SOLE | 0 | 0 | 0 | 3723 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 2819748 | 35779 | SH |  | SOLE | 0 | 0 | 0 | 35779 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 617007 | 984 | SH |  | SOLE | 0 | 0 | 0 | 984 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 377929 | 4271 | SH |  | SOLE | 0 | 0 | 0 | 4271 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 4006133 | 11949 | SH |  | SOLE | 0 | 0 | 0 | 11949 |
| VANGUARD INDEX FDS | EXTEND MKT ETF | 922908652 |  | 388455 | 1858 | SH |  | SOLE | 0 | 0 | 0 | 1858 |
| VANGUARD MALVERN FDS | CORE-PLUS BD ETF | 922020755 |  | 2906694 | 37210 | SH |  | SOLE | 0 | 0 | 0 | 37210 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 43036928 | 195818 | SH |  | SOLE | 0 | 0 | 0 | 195818 |
| VANGUARD WHITEHALL FDS | INTL DVD ETF | 921946810 |  | 15956920 | 174488 | SH |  | SOLE | 0 | 0 | 0 | 174488 |
| VANGUARD WORLD FD | INF TECH ETF | 92204A702 |  | 353453 | 469 | SH |  | SOLE | 0 | 0 | 0 | 469 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 331186 | 8131 | SH |  | SOLE | 0 | 0 | 0 | 8131 |
| VIPER ENERGY INC | CL A | 64361Q101 |  | 1223256 | 31666 | SH |  | SOLE | 0 | 0 | 0 | 31666 |
| VISA INC | COM CL A | 92826C839 |  | 649088 | 1851 | SH |  | SOLE | 0 | 0 | 0 | 1851 |
| WALMART INC | COM | 931142103 |  | 1239421 | 11125 | SH |  | SOLE | 0 | 0 | 0 | 11125 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 325093 | 3488 | SH |  | SOLE | 0 | 0 | 0 | 3488 |
| WESTERN MIDSTREAM PARTNERS L | COM UNIT LP INT | 958669103 |  | 432419 | 10947 | SH |  | SOLE | 0 | 0 | 0 | 10947 |
| WISDOMTREE TR | US QTLY DIV GRT | 97717X669 |  | 31226917 | 349177 | SH |  | SOLE | 0 | 0 | 0 | 349177 |
| WISDOMTREE TR | EM EX ST-OWNED | 97717X578 |  | 11962209 | 306566 | SH |  | SOLE | 0 | 0 | 0 | 306566 |
| YUM BRANDS INC | COM | 988498101 |  | 417835 | 2762 | SH |  | SOLE | 0 | 0 | 0 | 2762 |
| ZJK INDL CO. LTD. | ORD SHS | G98Y9E102 |  | 25000 | 12500 | SH |  | SOLE | 0 | 0 | 0 | 12500 |

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