Concorde Financial Corp
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Concorde Financial Corp reported 36 stock positions worth $180.4 million. Its top holding was Sprott Physical Gold Trust (PHYS) at 10.1% of the portfolio, followed by Texas Pacific Land (TPL, 7.3%) and JPMorgan Chase (JPM, 5.2%). Compared with Q2 2025, it opened 1 new position, sold out of 20, added to 16 and reduced 18. The biggest buy was a new position in Nuveen Preferred & Income (NPFI) and the biggest sale Expand Energy (EXE, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- DALLAS, TX
- CIK
- 0001911822
- Portfolio Value
- $180.4M (Q3 2025)
- SEC Filing
- 0001420506-25-003268 ↗ filed Nov 14, 2025
Holdings Value
Holdings 36 stocks · $180.4M
| PHYS Sprott Physical Gold Trust | 10.12% | 616,691 | $18.3M | Reduce -0.7% |
| TPL Texas Pacific Land Corp. | 7.31% | 14,128 | $13.2M | Add +0.8% |
| JPM JPMorgan Chase & Co. | 5.20% | 29,743 | $9.4M | Reduce -2.6% |
| BSM Black Stone Minerals LP | 4.78% | 656,670 | $8.6M | Add +9.2% |
| EXE Expand Energy Corp. | 4.11% | 69,758 | $7.4M | Reduce -2.1% |
| ABBV Abbvie Inc. | 4.08% | 31,789 | $7.4M | Reduce -2.8% |
| JPST JPMorgan Ultra-Short Income | 3.88% | 138,079 | $7.0M | Add +8.9% |
| ET Energy Transfer LP | 3.87% | 406,532 | $7.0M | Add +4.4% |
| XOM Exxon Mobil Corp. | 3.74% | 59,810 | $6.7M | Add +1.1% |
| AMZN Amazon.com Inc. | 3.53% | 29,005 | $6.4M | Reduce -2.3% |
| MSFT Microsoft Corp. | 3.50% | 12,189 | $6.3M | Reduce -0.7% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 3.22% | 40,148 | $5.8M | Reduce -3.9% |
| JNJ Johnson & Johnson | 3.01% | 29,277 | $5.4M | Add +0.2% |
| OXY Occidental Petroleum Corp. | 2.87% | 109,662 | $5.2M | Reduce -7.6% |
| CB Chubb Ltd. | 2.86% | 18,282 | $5.2M | Reduce -0.3% |
| WBD Warner Bros Discovery Inc. | 2.70% | 249,133 | $4.9M | Reduce -23.7% |
| FNV Franco-Nevada Corp. | 2.69% | 21,794 | $4.9M | Reduce -1.2% |
| FANG Diamondback Energy Inc. | 2.44% | 30,811 | $4.4M | Reduce -15.6% |
| HHH Howard Hughes Holdings Inc. | 2.37% | 52,047 | $4.3M | Reduce -3.4% |
| FR First Industrial Realty TR | 2.23% | 78,049 | $4.0M | Add +1.6% |
| HUBB Hubbell Inc. | 2.10% | 8,812 | $3.8M | Add +0.1% |
| MLM Martin Marietta Materials | 2.10% | 6,016 | $3.8M | Reduce -0.6% |
| BG Bunge Global SA | 1.95% | 43,308 | $3.5M | Reduce -2.0% |
| LOW Lowe's Cos Inc. | 1.91% | 13,739 | $3.5M | Reduce -1.1% |
| HSY The Hershey Co. | 1.81% | 17,471 | $3.3M | Add +0.1% |
| LPX Louisiana-Pacific Corp. | 1.73% | 35,207 | $3.1M | Add +0.8% |
| CP Canadian Pacific Kansas City | 1.64% | 39,657 | $3.0M | Add +0.0% |
| JEPQ JPM Nasdaq Equity Premium filed as J P MORGAN EXCHANGE TRADED F | 1.44% | 45,309 | $2.6M | Add +2.2% |
| CSCO Cisco Systems Inc. | 1.34% | 35,437 | $2.4M | Add +35.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.29% | 4,630 | $2.3M | Add +0.9% |
| NOC Northrop Grumman Corp. | 1.09% | 3,215 | $2.0M | Add +0.1% |
| NPFI Nuveen Preferred & Income | 1.06% | 72,481 | $1.9M | New |
| EMN Eastman Chemical Co. | 0.65% | 18,676 | $1.2M | Reduce -17.2% |
| DMLP Dorchester Minerals LP | 0.59% | 41,141 | $1.1M | Reduce -10.1% |
| MINT PIMCO Enhanced Short Maturit | 0.52% | 9,233 | $930K | Add +25.9% |
| XOP SS SPDR S&P Og Exp & Prod | 0.25% | 3,462 | $458K | No change |
Portfolio Sells Q2 2025 → Q3 2025
| EXE Expand Energy Corp. | Reduce -2.1% | 4.11% | −0.82 |
| FANG Diamondback Energy Inc. | Reduce -15.6% | 2.44% | −0.52 |
| EMN Eastman Chemical Co. | Reduce -17.2% | 0.65% | −0.34 |
| AMZN Amazon.com Inc. | Reduce -2.3% | 3.53% | −0.32 |
| CB Chubb Ltd. | Reduce -0.3% | 2.86% | −0.28 |
| DMLP Dorchester Minerals LP | Reduce -10.1% | 0.59% | −0.16 |
| BG Bunge Global SA | Reduce -2.0% | 1.95% | −0.15 |
| MSFT Microsoft Corp. | Reduce -0.7% | 3.50% | −0.11 |
| XES SS SPDR S&P Og Eqp & Serv | Sold out | 0.00% | −0.10 |
| OXY Occidental Petroleum Corp. | Reduce -7.6% | 2.87% | −0.08 |
| TXS Texas Equity Index ETF | Sold out | 0.00% | −0.06 |
| SEG Seaport Entertainment Group | Sold out | 0.00% | −0.05 |
| JPM JPMorgan Chase & Co. | Reduce -2.6% | 5.20% | −0.04 |
| USB US Bancorp | Sold out | 0.00% | −0.03 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −0.01 |
| CTVA Corteva Inc. | Sold out | 0.00% | −0.01 |
| MGM MGM Resorts International | Sold out | 0.00% | −0.01 |
| MBSF Regan Floating Rate MBS ETF | Sold out | 0.00% | −0.01 |
| BUR Burford Capital Ltd. | Sold out | 0.00% | −0.01 |
| DD Dupont DE Nemours Inc. | Sold out | 0.00% | −0.01 |
| HELO JPMorgan Hedged Equity ETF | Sold out | 0.00% | −0.01 |
| PDX PIMCO Dynamic Income Strat | Sold out | 0.00% | −0.00 |
| SOC Sable Offshore Corp. | Sold out | 0.00% | −0.00 |
| PAA Plains All Amer Pipeline LP | Sold out | 0.00% | −0.00 |
| BOC Boston Omaha Corp. Class A | Sold out | 0.00% | −0.00 |
| DOW Dow Inc. | Sold out | 0.00% | −0.00 |
| PIPR Piper Sandler Cos | Sold out | 0.00% | −0.00 |
| AUR Aurora Innovation Inc. | Sold out | 0.00% | −0.00 |
| NPWR Net Power Inc. | Sold out | 0.00% | −0.00 |
| SPG Simon Property Group Inc. | Sold out | 0.00% | −0.00 |
| LOW Lowe's Cos Inc. | Reduce -1.1% | 1.91% | +0.09 |
| MLM Martin Marietta Materials | Reduce -0.6% | 2.10% | +0.14 |
| TJX TJX Companies Inc. | Reduce -3.9% | 3.22% | +0.17 |
| HHH Howard Hughes Holdings Inc. | Reduce -3.4% | 2.37% | +0.22 |
| WBD Warner Bros Discovery Inc. | Reduce -23.7% | 2.70% | +0.49 |
| ABBV Abbvie Inc. | Reduce -2.8% | 4.08% | +0.49 |
| FNV Franco-Nevada Corp. | Reduce -1.2% | 2.69% | +0.56 |
| PHYS Sprott Physical Gold Trust | Reduce -0.7% | 10.12% | +0.82 |
Portfolio Buys Q2 2025 → Q3 2025
| NPFI Nuveen Preferred & Income | New | 1.06% | +1.06 |
| JNJ Johnson & Johnson | Add +0.2% | 3.01% | +0.37 |
| CSCO Cisco Systems Inc. | Add +35.7% | 1.34% | +0.27 |
| NOC Northrop Grumman Corp. | Add +0.1% | 1.09% | +0.14 |
| BSM Black Stone Minerals LP | Add +9.2% | 4.78% | +0.13 |
| HSY The Hershey Co. | Add +0.1% | 1.81% | +0.10 |
| JPST JPMorgan Ultra-Short Income | Add +8.9% | 3.88% | +0.08 |
| MINT PIMCO Enhanced Short Maturit | Add +25.9% | 0.52% | +0.08 |
| FR First Industrial Realty TR | Add +1.6% | 2.23% | +0.04 |
| JEPQ JPM Nasdaq Equity Premium | Add +2.2% | 1.44% | +0.02 |
| HUBB Hubbell Inc. | Add +0.1% | 2.10% | −0.03 |
| BRK.B Berkshire Hathaway Inc. Class B | Add +0.9% | 1.29% | −0.03 |
| XOM Exxon Mobil Corp. | Add +1.1% | 3.74% | −0.03 |
| LPX Louisiana-Pacific Corp. | Add +0.8% | 1.73% | −0.04 |
| CP Canadian Pacific Kansas City | Add +0.0% | 1.64% | −0.22 |
| ET Energy Transfer LP | Add +4.4% | 3.87% | −0.31 |
| TPL Texas Pacific Land Corp. | Add +0.8% | 7.31% | −1.45 |
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 |