# EDGAR Filing Document

**Accession Number:** 0002108411
**File Stem:** 0001214659-26-006312
**Filing Date:** 2026-5
**Character Count:** 14303
**Document Hash:** 7d25dc261945b4a8771d1b27c4e451dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001214659-26-006312.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001214659-26-006312

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**EFFECTIVENESS DATE**: 20260515

**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:** 26982851

**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:** 03-31-2026

**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:** Brian Stefanowicz<br>**Title:** Chief Compliance Officer<br>**Phone:** 504-610-8109

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

/s/ Brian Stefanowicz  Austin, TX  05-15-2026<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:** 108

**Form 13F Information Table Value Total:** $299372646

      (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 |  | 3990922 | 87100 | SH | Call | SOLE |  | 0 | 0 | 87100 |
| AFFIRM HLDGS INC | COM CL A | 00827B106 |  | 10692922 | 233368 | SH |  | SOLE |  | 233368 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 1380060 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 12287930 | 59000 | SH |  | SOLE |  | 59000 | 0 | 0 |
| APA CORPORATION | COM | 03743Q108 |  | 848800 | 20000 | SH | Put | SOLE |  | 0 | 0 | 20000 |
| APPLE INC | COM | 037833100 |  | 2715553 | 10700 | SH |  | SOLE |  | 10700 | 0 | 0 |
| APPLOVIN CORP | COM CL A | 03831W108 |  | 1194000 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| BAIDU INC | SPON ADR REP A | 056752108 |  | 1002780 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| BITMINE IMMERSION TECNOLOGIE | COM NEW | 09175A206 |  | 593400 | 30000 | SH | Call | SOLE |  | 0 | 0 | 30000 |
| BLACKSTONE INC | COM | 09260D107 |  | 574950 | 5000 | SH | Call | SOLE |  | 0 | 0 | 5000 |
| BLOOM ENERGY CORP | COM CL A | 093712107 |  | 257702 | 1902 | SH |  | SOLE |  | 1902 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 398060 | 2000 | SH | Call | SOLE |  | 0 | 0 | 2000 |
| BOEING CO | COM | 097023105 |  | 7364110 | 37000 | SH |  | SOLE |  | 37000 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 773775 | 2500 | SH | Call | SOLE |  | 0 | 0 | 2500 |
| BROADCOM INC | COM | 11135F101 |  | 5725935 | 18500 | SH |  | SOLE |  | 18500 | 0 | 0 |
| CIRCLE INTERNET GROUP INC | COM CL A | 172573107 |  | 286230 | 3000 | SH | Call | SOLE |  | 0 | 0 | 3000 |
| CIRCLE INTERNET GROUP INC | COM CL A | 172573107 |  | 5457452 | 57200 | SH |  | SOLE |  | 57200 | 0 | 0 |
| COHERENT CORP | COM | 19247G107 |  | 452599 | 1900 | SH |  | SOLE |  | 1900 | 0 | 0 |
| COMPASS INC | CL A | 20464U100 |  | 182750 | 25000 | SH | Call | SOLE |  | 0 | 0 | 25000 |
| COMPASS INC | CL A | 20464U100 |  | 6348457 | 868462 | SH |  | SOLE |  | 868462 | 0 | 0 |
| COUPANG INC | CL A | 22266T109 |  | 393327 | 20833 | SH |  | SOLE |  | 20833 | 0 | 0 |
| CREDO TECHNOLOGY GROUP HOLDI | ORDINARY SHARES | G25457105 |  | 1898145 | 20221 | SH |  | SOLE |  | 20221 | 0 | 0 |
| DAVE INC | CLASS A COM NEW | 23834J201 |  | 6856709 | 39386 | SH |  | SOLE |  | 39386 | 0 | 0 |
| DELTA AIR LINES INC | COM NEW | 247361702 |  | 398880 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| DIREXION SHARES ETF TRUST | DLY MSFT BULL 2X | 25461A866 |  | 644280 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| DOCUSIGN INC | COM | 256163106 |  | 616330 | 13000 | SH | Call | SOLE |  | 0 | 0 | 13000 |
| DUOLINGO INC | CL A COM | 26603R106 |  | 5667775 | 57500 | SH | Call | SOLE |  | 0 | 0 | 57500 |
| DUOLINGO INC | CL A COM | 26603R106 |  | 5914200 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| DUTCH BROS INC | CL A | 26701L100 |  | 1213054 | 23945 | SH |  | SOLE |  | 23945 | 0 | 0 |
| ELI LILLY  CO | COM | 532457108 |  | 275931 | 300 | SH |  | SOLE |  | 300 | 0 | 0 |
| EVERCORE INC | CLASS A | 29977A105 |  | 298510 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| FIDELITY WISE ORIGIN BITCOIN | SHS | 315948109 |  | 2774410 | 47000 | SH |  | SOLE |  | 47000 | 0 | 0 |
| FIGMA INC | CLASS A COM STK | 316841105 |  | 1483373 | 70169 | SH |  | SOLE |  | 70169 | 0 | 0 |
| FIRST SOLAR INC | COM | 336433107 |  | 789040 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| FLUTTER ENTMT PLC | SHS | G3643J108 |  | 764625 | 7500 | SH | Call | SOLE |  | 0 | 0 | 7500 |
| FLUTTER ENTMT PLC | SHS | G3643J108 |  | 802550 | 7872 | SH |  | SOLE |  | 7872 | 0 | 0 |
| FREEPORT MCMORAN INC | CL B | 35671D857 |  | 705360 | 12000 | SH | Put | SOLE |  | 0 | 0 | 12000 |
| HEXCEL CORP NEW | COM | 428291108 |  | 404650 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| HIMS  HERS HEALTH INC | COM CL A | 433000106 |  | 3290647 | 158509 | SH |  | SOLE |  | 158509 | 0 | 0 |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 |  | 871910 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| ISHARES TR | EXPANDED TECH | 464287515 |  | 1440900 | 18000 | SH | Call | SOLE |  | 0 | 0 | 18000 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 |  | 6068300 | 70000 | SH | Call | SOLE |  | 0 | 0 | 70000 |
| ISHARES TR | IBOXX HI YD ETF | 464288513 |  | 2784600 | 35000 | SH | Put | SOLE |  | 0 | 0 | 35000 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 496000 | 2000 | SH | Put | SOLE |  | 0 | 0 | 2000 |
| ISHARES TR | CHINA LG-CAP ETF | 464287184 |  | 974685 | 27150 | SH |  | SOLE |  | 27150 | 0 | 0 |
| ISHARES TR | MSCI CHINA ETF | 46429B671 |  | 1150173 | 20473 | SH |  | SOLE |  | 20473 | 0 | 0 |
| JOBY AVIATION INC | COMMON STOCK | G65163100 |  | 83426 | 10100 | SH |  | SOLE |  | 10100 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 2353280 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 1887000 | 20400 | SH | Put | SOLE |  | 0 | 0 | 20400 |
| KLARNA GROUP PLC | SHS | G5279N105 |  | 392700 | 30000 | SH | Call | SOLE |  | 0 | 0 | 30000 |
| LIFE TIME GROUP HOLDINGS INC | COMMON STOCK | 53190C102 |  | 673500 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| LPL FINL HLDGS INC | COM | 50212V100 |  | 2406640 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 7042600 | 46000 | SH | Call | SOLE |  | 0 | 0 | 46000 |
| LULULEMON ATHLETICA INC | COM | 550021109 |  | 13319700 | 87000 | SH |  | SOLE |  | 87000 | 0 | 0 |
| LUMENTUM HLDGS INC | COM | 55024U109 |  | 1475796 | 2100 | SH | Put | SOLE |  | 0 | 0 | 2100 |
| MERCADOLIBRE  INC | COM | 58733R102 |  | 864510 | 500 | SH | Call | SOLE |  | 0 | 0 | 500 |
| MERCADOLIBRE  INC | COM | 58733R102 |  | 9941865 | 5750 | SH |  | SOLE |  | 5750 | 0 | 0 |
| META PLATFORMS INC | CL A | 30303M102 |  | 286065 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 1520280 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 37757340 | 102000 | SH | Call | SOLE |  | 0 | 0 | 102000 |
| MICROSOFT CORP | COM | 594918104 |  | 11068823 | 29902 | SH |  | SOLE |  | 29902 | 0 | 0 |
| MODERNA INC | COM | 60770K107 |  | 203200 | 4000 | SH | Call | SOLE |  | 0 | 0 | 4000 |
| NIKE INC | CL B | 654106103 |  | 2646282 | 50100 | SH | Put | SOLE |  | 0 | 0 | 50100 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 2180000 | 12500 | SH |  | SOLE |  | 12500 | 0 | 0 |
| OCCIDENTAL PETE CORP | COM | 674599105 |  | 2470000 | 38000 | SH | Put | SOLE |  | 0 | 0 | 38000 |
| ON HLDG AG | NAMEN AKT A | H5919C104 |  | 969570 | 28500 | SH |  | SOLE |  | 28500 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 6693505 | 45500 | SH | Put | SOLE |  | 0 | 0 | 45500 |
| PALANTIR TECHNOLOGIES INC | CL A | 69608A108 |  | 585120 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 |  | 899184 | 8800 | SH |  | SOLE |  | 8800 | 0 | 0 |
| PELOTON INTERACTIVE INC | CL A COM | 70614W100 |  | 514800 | 120000 | SH |  | SOLE |  | 120000 | 0 | 0 |
| PROLOGIS INC. | COM | 74340W103 |  | 3291282 | 24900 | SH |  | SOLE |  | 24900 | 0 | 0 |
| PROSHARES TR | PSHS ULTRUSS2000 | 74347R842 |  | 280020 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| REDDIT INC | CL A | 75734B100 |  | 269300 | 2000 | SH | Call | SOLE |  | 0 | 0 | 2000 |
| REDDIT INC | CL A | 75734B100 |  | 13263025 | 98500 | SH |  | SOLE |  | 98500 | 0 | 0 |
| RIVIAN AUTOMOTIVE INC | COM CL A | 76954A103 |  | 2362850 | 157000 | SH | Call | SOLE |  | 0 | 0 | 157000 |
| RIVIAN AUTOMOTIVE INC | COM CL A | 76954A103 |  | 3392812 | 225436 | SH |  | SOLE |  | 225436 | 0 | 0 |
| ROBINHOOD MKTS INC | COM CL A | 770700102 |  | 1108800 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| ROCKET COS INC | COM CL A | 77311W101 |  | 543566 | 38145 | SH |  | SOLE |  | 38145 | 0 | 0 |
| RTX CORPORATION | COM | 75513E101 |  | 1253850 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| SABLE OFFSHORE CORP | COM SHS | 78574H104 |  | 165200 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| SALESFORCE INC | COM | 79466L302 |  | 373340 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| SANDISK CORP | COM | 80004C200 |  | 2541360 | 4000 | SH | Put | SOLE |  | 0 | 0 | 4000 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 1490580 | 18000 | SH | Call | SOLE |  | 0 | 0 | 18000 |
| SEA LTD | SPONSORD ADS | 81141R100 |  | 5772934 | 69713 | SH |  | SOLE |  | 69713 | 0 | 0 |
| SELECT SECTOR SPDR TR | STATE STREET ENE | 81369Y506 |  | 10414200 | 170000 | SH | Put | SOLE |  | 0 | 0 | 170000 |
| SENTINELONE INC | CL A | 81730H109 |  | 515200 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| SHOPIFY INC | CL A SUB VTG SHS | 82509L107 |  | 2205739 | 18595 | SH |  | SOLE |  | 18595 | 0 | 0 |
| SNAP INC | CL A | 83304A106 |  | 561200 | 122000 | SH | Call | SOLE |  | 0 | 0 | 122000 |
| STARBUCKS CORP | COM | 855244109 |  | 358360 | 4000 | SH | Put | SOLE |  | 0 | 0 | 4000 |
| STATE STR SPDR S 500 ETF T | TR UNIT | 78462F103 |  | 1430748 | 2200 | SH | Put | SOLE |  | 0 | 0 | 2200 |
| STURM RUGER  CO INC | COM | 864159108 |  | 801800 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MANUFAC | SPONSORED ADS | 874039100 |  | 5035455 | 14900 | SH |  | SOLE |  | 14900 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 363600 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 2974000 | 8000 | SH | Put | SOLE |  | 0 | 0 | 8000 |
| TIDAL TRUST II | DEF DLY TGT AVGO | 88636J238 |  | 525340 | 15014 | SH |  | SOLE |  | 15014 | 0 | 0 |
| TRANSDIGM GROUP INC | COM | 893641100 |  | 811272 | 700 | SH |  | SOLE |  | 700 | 0 | 0 |
| UPSTART HLDGS INC | COM | 91680M107 |  | 359100 | 14000 | SH | Call | SOLE |  | 0 | 0 | 14000 |
| VANECK ETF TRUST | SEMICONDUCTR ETF | 92189F676 |  | 3834000 | 10000 | SH | Put | SOLE |  | 0 | 0 | 10000 |
| VANGUARD WORLD FD | EXTENDED DUR | 921910709 |  | 519600 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| VENTURE GLOBAL INC | COM CL A | 92333F101 |  | 315200 | 20000 | SH | Call | SOLE |  | 0 | 0 | 20000 |
| VENTURE GLOBAL INC | COM CL A | 92333F101 |  | 1930474 | 122492 | SH |  | SOLE |  | 122492 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 2115680 | 7000 | SH | Put | SOLE |  | 0 | 0 | 7000 |
| WALMART INC | COM | 931142103 |  | 248560 | 2000 | SH | Put | SOLE |  | 0 | 0 | 2000 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 1352450 | 5000 | SH | Put | SOLE |  | 0 | 0 | 5000 |
| WESTERN DIGITAL CORP | COM | 958102105 |  | 1217205 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| WIX COM LTD | SHS | M98068105 |  | 450350 | 5000 | SH | Call | SOLE |  | 0 | 0 | 5000 |
| WIX COM LTD | SHS | M98068105 |  | 4195010 | 46575 | SH |  | SOLE |  | 46575 | 0 | 0 |
| XPENG INC | ADS | 98422D105 |  | 987247 | 57700 | SH |  | SOLE |  | 57700 | 0 | 0 |

---