Concorde Financial Corp
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Concorde Financial Corp reported 34 stock positions worth $181.4 million. Its top holding was Sprott Physical Gold Trust (PHYS) at 11.2% of the portfolio, followed by Texas Pacific Land (TPL, 10.4%) and Black Stone Minerals (BSM, 5.1%). Compared with Q4 2024, it sold out of 2, added to 23 and reduced 9. The biggest buy was Bunge Global (BG, shares +188%) and the biggest sale Microsoft (MSFT, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001911822
- Portfolio Value
- $181.4M (Q1 2025)
- SEC Filing
- 0001420506-25-001064 ↗ filed May 14, 2025
Holdings Value
Holdings 34 stocks · $181.4M
| PHYS Sprott Physical Gold Trust | 11.19% | 843,297 | $20.3M | Add +0.3% |
| TPL Texas Pacific Land Corp. | 10.37% | 14,198 | $18.8M | Reduce -0.2% |
| BSM Black Stone Minerals LP | 5.08% | 603,374 | $9.2M | Add +24.9% |
| EXE Expand Energy Corp. | 4.45% | 72,444 | $8.1M | Reduce -2.5% |
| JPM JPMorgan Chase & Co. | 4.12% | 30,484 | $7.5M | Reduce -1.3% |
| ET Energy Transfer LP | 3.97% | 387,589 | $7.2M | Add +0.9% |
| XOM Exxon Mobil Corp. | 3.87% | 59,057 | $7.0M | Add +1.3% |
| ABBV Abbvie Inc. | 3.79% | 32,799 | $6.9M | Reduce -0.3% |
| FNV Franco-Nevada Corp. | 3.17% | 36,520 | $5.8M | Reduce -3.0% |
| OXY Occidental Petroleum Corp. | 3.12% | 114,710 | $5.7M | Add +5.3% |
| AMZN Amazon.com Inc. | 3.12% | 29,711 | $5.7M | Add +0.9% |
| MSFT Microsoft Corp. | 3.10% | 14,999 | $5.6M | Reduce -1.0% |
| FANG Diamondback Energy Inc. | 3.08% | 34,934 | $5.6M | Add +26.2% |
| CB Chubb Ltd. | 3.06% | 18,404 | $5.6M | Add +3.0% |
| JPST JPMorgan Ultra-Short Income | 2.94% | 105,504 | $5.3M | Reduce -5.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 2.88% | 42,892 | $5.2M | Add +0.8% |
| JNJ Johnson & Johnson | 2.69% | 29,405 | $4.9M | Add +0.6% |
| FR First Industrial Realty TR | 2.28% | 76,541 | $4.1M | Add +1.4% |
| HHH Howard Hughes Holdings Inc. | 2.21% | 54,068 | $4.0M | Reduce -0.0% |
| NOC Northrop Grumman Corp. | 2.05% | 7,251 | $3.7M | Add +1.2% |
| WBD Warner Bros Discovery Inc. | 1.93% | 325,538 | $3.5M | Add +1.7% |
| TXN Texas Instruments Inc. | 1.89% | 19,068 | $3.4M | Add +1.3% |
| BG Bunge Global SA | 1.88% | 44,549 | $3.4M | Add +188.0% |
| LOW Lowe's Cos Inc. | 1.78% | 13,882 | $3.2M | Add +0.8% |
| LPX Louisiana-Pacific Corp. | 1.78% | 35,015 | $3.2M | Add +1.4% |
| HSY The Hershey Co. | 1.64% | 17,374 | $3.0M | Add +5.1% |
| HUBB Hubbell Inc. | 1.60% | 8,777 | $2.9M | Add +1.1% |
| MLM Martin Marietta Materials | 1.59% | 6,042 | $2.9M | Add +1.0% |
| CP Canadian Pacific Kansas City | 1.54% | 39,789 | $2.8M | Add +1.2% |
| JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F | 1.28% | 44,964 | $2.3M | Add +2.9% |
| EMN Eastman Chemical Co. | 1.09% | 22,350 | $2.0M | Add +2.5% |
| DMLP Dorchester Minerals LP | 0.82% | 49,151 | $1.5M | Reduce -0.2% |
| MINT PIMCO Enhanced Short Maturit | 0.40% | 7,208 | $725K | No change |
| XOP SS SPDR S&P Og Exp & Prod | 0.25% | 3,462 | $456K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| MSFT Microsoft Corp. | Reduce -1.0% | 3.10% | −0.69 |
| JPST JPMorgan Ultra-Short Income | Reduce -5.5% | 2.94% | −0.42 |
| JPM JPMorgan Chase & Co. | Reduce -1.3% | 4.12% | −0.28 |
| HHH Howard Hughes Holdings Inc. | Reduce -0.0% | 2.21% | −0.27 |
| VOO Vanguard S&P 500 ETF | Sold out | 0.00% | −0.24 |
| DMLP Dorchester Minerals LP | Reduce -0.2% | 0.82% | −0.16 |
| XES SS SPDR S&P Og Eqp & Serv | Sold out | 0.00% | −0.12 |
| EXE Expand Energy Corp. | Reduce -2.5% | 4.45% | +0.05 |
| ABBV Abbvie Inc. | Reduce -0.3% | 3.79% | +0.31 |
| FNV Franco-Nevada Corp. | Reduce -3.0% | 3.17% | +0.54 |
| TPL Texas Pacific Land Corp. | Reduce -0.2% | 10.37% | +1.01 |
Portfolio Buys Q4 2024 → Q1 2025
| BG Bunge Global SA | Add +188.0% | 1.88% | +1.16 |
| PHYS Sprott Physical Gold Trust | Add +0.3% | 11.19% | +1.11 |
| BSM Black Stone Minerals LP | Add +24.9% | 5.08% | +0.88 |
| FANG Diamondback Energy Inc. | Add +26.2% | 3.08% | +0.38 |
| JNJ Johnson & Johnson | Add +0.6% | 2.69% | +0.17 |
| XOM Exxon Mobil Corp. | Add +1.3% | 3.87% | +0.14 |
| CB Chubb Ltd. | Add +3.0% | 3.06% | +0.12 |
| NOC Northrop Grumman Corp. | Add +1.2% | 2.05% | +0.05 |
| FR First Industrial Realty TR | Add +1.4% | 2.28% | +0.01 |
| HSY The Hershey Co. | Add +5.1% | 1.64% | −0.03 |
| WBD Warner Bros Discovery Inc. | Add +1.7% | 1.93% | −0.09 |
| OXY Occidental Petroleum Corp. | Add +5.3% | 3.12% | −0.10 |
| EMN Eastman Chemical Co. | Add +2.5% | 1.09% | −0.10 |
| CP Canadian Pacific Kansas City | Add +1.2% | 1.54% | −0.16 |
| TJX TJX Companies Inc. | Add +0.8% | 2.88% | −0.18 |
| JEPQ JPM Nasdaq Equity Premium | Add +2.9% | 1.28% | −0.19 |
| TXN Texas Instruments Inc. | Add +1.3% | 1.89% | −0.21 |
| LOW Lowe's Cos Inc. | Add +0.8% | 1.78% | −0.24 |
| MLM Martin Marietta Materials | Add +1.0% | 1.59% | −0.25 |
| LPX Louisiana-Pacific Corp. | Add +1.4% | 1.78% | −0.35 |
| ET Energy Transfer LP | Add +0.9% | 3.97% | −0.51 |
| HUBB Hubbell Inc. | Add +1.1% | 1.60% | −0.56 |
| AMZN Amazon.com Inc. | Add +0.9% | 3.12% | −0.73 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 26 | $124.1M | JPM, ET, XOM, JNJ, AMZN |
| Q1 2026 | 26 | $127.3M | XOM, OXY, JPM, ET, EXE |
| Q4 2025 | 27 | $129.0M | JPM, XOM, EXE, ET, ABBV |
| Q3 2025 | 36 | $180.4M | PHYS, TPL, JPM, BSM, EXE |
| Q2 2025 | 55 | $169.1M | PHYS, TPL, JPM, EXE, BSM |
| Q1 2025 | 34 | $181.4M | PHYS, TPL, BSM, EXE, JPM |
| Q4 2024 | 36 | $168.1M | PHYS, TPL, ET, JPM, EXE |
| Q3 2024 | 39 | $169.8M | PHYS, TPL, BSM, XOM, JPM |
| Q2 2024 | 40 | $152.2M | TPL, PHYS, XOM, JPST, ET |
| Q1 2024 | 37 | $110.0M | PHYS, TPL, ABBV, JPM, JPST |