X-Square Capital 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
APPLE INC	COM	037833100	2,067	10,735	SH		SOLE		2,527	0	8,208
APPLE INC	COM	037833100	212	1,100	SH		OTR		1,100	0	0
ABBVIE INC	COM	00287Y109	817	5,275	SH		SOLE		1,340	0	3,935
PROFRAC HOLDING CORP-A	CLASS A COM	74319N100	424	50,000	SH		SOLE		50,000	0	0
ACM RESEARCH INC-CLASS A	COM CL A	00108J109	489	25,000	SH		SOLE		25,000	0	0
ADAPTIMMUNE THERAPEUTICS-ADR	SPONDS ADR	00653A107	22	27,425	SH		SOLE		16,708	0	10,717
AKAMAI TECHNOLOGIES INC	COM	00971T101	771	6,518	SH		SOLE		6,518	0	0
ALLY FINL INC	COM	02005N100	681	19,492	SH		SOLE		10,226	0	9,266
ADVANCED MICRO DEVICES I	COM NEW	007903107	2,402	16,296	SH		SOLE		12,576	0	3,720
AMGEN INC.	COM	031162100	2,855	9,913	SH		SOLE		2,797	0	7,116
ALPHA METALLURGICAL RESOURCE	COM	020764106	1,490	4,395	SH		SOLE		2,300	0	2,095
AMAZON.COM INC	COM CL A	023135106	2,439	16,055	SH		SOLE		6,637	0	9,418
AMAZON.COM INC	COM CL A	023135106	3	20	SH		OTR		20	0	0
ANTERO RESOURCES CORPORATION	COM NEW	03674X106	746	32,913	SH		SOLE		32,913	0	0
ALIBABA GROUP HLDG LTD F SPONSORED ADR 1 ADR REPS 8 ORD SHS	SHS	01609W102	1,285	16,579	SH		SOLE		11,674	0	4,905
BANK OF AMERICA CORP	COM	060505104	729	21,641	SH		SOLE		0	0	21,641
BOOZ ALLEN HAMILTON HOLDINGS	CL A	099502106	220	1,718	SH		SOLE		1,251	0	467
BRASKEM SA-CLASS A- ADR	SP ADR PFD A	105532105	750	85,000	SH		SOLE		85,000	0	0
BRANDYWINE REALTY TRUST	SH BEN INT NEW	105368203	590	109,330	SH		SOLE		100,000	0	9,330
BAUSCH HEALTH COS INC F	CL A	071734107	542	67,603	SH		SOLE		56,441	0	11,162
BANCO MACRO SA-ADR	SPON ADR B	05961W105	574	20,000	SH		SOLE		20,000	0	0
BORR DRILLING LTD	SHS	G1466R173	368	50,000	SH		SOLE		50,000	0	0
POPULAR INC F	SPONSORED ADR	733174700	5,866	71,478	SH		SOLE		8,368	0	63,110
1/100 BERKSHIRE HTWY CLA 100 SHS=1 WHOLE SH BRK A	SHS	084670108	543	100	SH		OTR		100	0	0
BERKSHIRE HATHAWAY CLASS B	COM	084670702	3,237	9,075	SH		SOLE		1,626	0	7,449
DIREXION BRAZIL BULL 2X SHARES ETF	COM	25460G708	885	8,601	SH		SOLE		7,570	0	1,031
BAYTEX ENERGY CORP F	COM	07317Q105	822	247,712	SH		SOLE		200,000	0	47,712
BRIT AMER TOBACCO F UNSPONSORED ADR 1 ADR REPS 1 ORD SHS	COM	110448107	299	10,222	SH		SOLE		0	0	10,222
PEABODY ENERGY CORPORATI	COM	704551100	973	39,996	SH		SOLE		22,833	0	17,163
BLACKSTONE INC	CL B NEW	09260D107	213	1,626	SH		SOLE		0	0	1,626
CITIGROUP INC	COM	172967424	238	4,621	SH		SOLE		0	0	4,621
CHUBB LTD F	COM	H1467J104	682	3,018	SH		SOLE		2,330	0	688
CHESAPEAKE ENERGY CO	COM	165167735	1,016	13,209	SH		SOLE		12,347	0	862
CHIPOTLE MEXICAN GRILL INC	COM	169656105	945	413	SH		SOLE		180	0	233
COINBASE GLOBAL INC CLASS A	CAP STK CL C	19260Q107	508	2,921	SH		SOLE		1,730	0	1,191
COSTCO WHOLESALE CO	COM	22160K105	2,615	3,962	SH		SOLE		1,067	0	2,895
COSTCO WHOLESALE CO	COM	22160K105	26	40	SH		OTR		40	0	0
COTY INC CLASS A	COM	222070203	1,561	125,655	SH		SOLE		109,571	0	16,084
COPART INC	COM	217204106	3,344	68,235	SH		SOLE		57,460	0	10,775
CYBIN INC F	COM	23256X100	17	42,000	SH		OTR		42,000	0	0
DOLLAR GENERAL CORP	COM	256677105	1,269	9,334	SH		SOLE		8,033	0	1,301
DRX DLY REG BANK BULL 3X	DAILY REGIONAL	25460G153	972	10,000	SH		SOLE		10,000	0	0
DOMINOS PIZZA INC	COM	25754A201	1,346	3,266	SH		SOLE		2,809	0	457
DEVON ENERGY CORP	COM	25179M103	393	8,686	SH		SOLE		7,876	0	810
ECOPETROL S A F SPONSORED ADR 1 ADR REPS 20 ORD SHS	EURO SHS	279158109	1,006	84,392	SH		SOLE		49,092	0	35,300
EOG Resources Inc	COM	26875P101	354	2,930	SH		SOLE		2,930	0	0
DIREXION DAILY ENERGY BULL 2X ETF	COM	25460G609	1,864	32,944	SH		SOLE		18,000	0	14,944
ISHARES MSCI BRAZIL ETF	ADR	464286400	597	17,072	SH		SOLE		11,059	0	6,013
FORD MOTOR CO	COM	345370860	253	20,768	SH		SOLE		0	0	20,768
DIAMONDBACK ENERGY	CL A	25278X109	1,341	8,644	SH		SOLE		5,452	0	3,192
FINANCIAL BULL 3X SHARES	CL A	25459Y694	777	9,404	SH		SOLE		9,404	0	0
FASTENAL CO	COM	311900104	948	14,631	SH		SOLE		7,118	0	7,513
FIRST BANCORP F	CL A	318672706	5,055	307,306	SH		SOLE		54,057	0	253,249
FREEPORT-MCMORAN INC	COM CL A	35671D857	357	8,395	SH		SOLE		7,145	0	1,250
FEDEX CORP	UNIT SER 1	31428X106	670	2,647	SH		SOLE		1,617	0	1,030
FRONTLINE PLC	COM	M46528101	1,456	72,608	SH		SOLE		55,000	0	17,608
FORTINET INC	COM	34959E109	783	13,380	SH		SOLE		13,324	0	56
GENERAL DYNAMICS CO	COM	369550108	3,846	14,811	SH		SOLE		10,993	0	3,818
GLOBALFOUNDRIES INC	ORDINARY SHARES	G39387108	790	13,040	SH		SOLE		13,040	0	0
GENERAL MOTORS CO	COM	37045V100	210	5,856	SH		SOLE		0	0	5,856
GENERAC HOLDINGS INC	COM	368736104	1,729	13,380	SH		SOLE		13,140	0	240
ALPHABET INC. CLASS C	CAP STK CL C	02079K107	3,282	23,289	SH		SOLE		14,117	0	9,172
ALPHABET INC. CLASS A	CAP STK CL A	02079K305	270	1,930	SH		SOLE		0	0	1,930
ALPHABET INC. CLASS A	CAP STK CL A	02079K305	101	720	SH		OTR		720	0	0
GEOPARK LTD	USD SHS	G38327105	660	77,000	SH		SOLE		77,000	0	0
GARMIN LTD F	COM	H2906T109	643	4,999	SH		SOLE		3,412	0	1,587
HOME DEPOT INC	SPONSORED ADS	437076102	1,070	3,088	SH		SOLE		1,197	0	1,891
HOME DEPOT INC	SPONSORED ADS	437076102	68	197	SH		OTR		197	0	0
HAWAIIAN ELECTRIC INDS	COM	419870100	710	50,000	SH		SOLE		50,000	0	0
HERON THERAPEUTICS	BRZ BL 2X SHS	427746102	53	31,185	SH		SOLE		27,985	0	3,200
INTERNATIONAL SEAWAYS INC	COM	Y41053102	455	10,000	SH		SOLE		10,000	0	0
ISHARES US HOME CONSTRUCT ETF	DLY ENRGY BULL2X	464288752	247	2,424	SH		SOLE		0	0	2,424
ISHARES US HEALTHCARE ETF	COM	464287762	252	881	SH		SOLE		0	0	881
JPMORGAN EQUITY PREMIUM INCO	EQUITY PREMIUM	46641Q332	1,513	27,519	SH		SOLE		0	0	27,519
JOHNSON & JOHNSON	CL A	478160104	879	5,608	SH		SOLE		2,589	0	3,019
JPMORGAN CHASE & CO	COM	46625H100	3,433	20,183	SH		SOLE		9,159	0	11,024
JPMORGAN CHASE & CO	COM	46625H100	17	100	SH		OTR		100	0	0
JOURNEY ENERGY INC F	DLY FIN BULL NEW	48113W102	97	33,500	SH		SOLE		0	0	33,500
KIMBERLY CLARK CORP	COM	494368103	326	2,683	SH		SOLE		0	0	2,683
THE COCA-COLA CO	COM	191216100	394	6,688	SH		SOLE		0	0	6,688
LENNAR CORP CLASS A	CL A	526057104	2,241	15,039	SH		SOLE		12,805	0	2,234
LOCKHEED MARTIN CORP	TR UNIT	539830109	3,032	6,689	SH		SOLE		5,418	0	1,271
SOUTHWEST AIRLINES	COM	844741108	1,516	52,490	SH		SOLE		48,409	0	4,081
MasterCard Inc	COM	57636Q104	418	980	SH		SOLE		980	0	0
MCDONALDS CORP	COM	580135101	341	1,149	SH		SOLE		0	0	1,149
MERCADOLIBRE INC	COM	58733R102	2,456	1,563	SH		SOLE		922	0	641
MERCADOLIBRE INC	COM	58733R102	50	32	SH		OTR		32	0	0
META PLATFORMS INC CLASS A	COM	30303M102	4,656	13,153	SH		SOLE		7,019	0	6,134
META PLATFORMS INC CLASS A	COM	30303M102	40	112	SH		OTR		112	0	0
MARKETAXESS HOLDINGS	COM	57060D108	458	1,564	SH		SOLE		1,478	0	86
Marsh & McLennan Cos Inc	SPONSORED ADS	571748102	528	2,785	SH		SOLE		2,785	0	0
ALTRIA GROUP INC	US HOME CONS ETF	02209S103	1,469	36,405	SH		SOLE		24,376	0	12,029
MERCK & CO. INC.	1 3 YR TREAS BD	58933Y105	489	4,485	SH		SOLE		0	0	4,485
MORGAN STANLEY	COM	617446448	402	4,314	SH		SOLE		0	0	4,314
MICROSOFT CORP	COM	594918104	901	2,396	SH		SOLE		0	0	2,396
MICRON TECHNOLOGY	COM	595112103	4,441	52,041	SH		SOLE		34,153	0	17,888
NEW FORTRESS ENERGY A CLASS A	COM	644393100	4,821	127,772	SH		SOLE		89,800	0	37,972
NIO INC F SPONSORED ADR 1 ADR REPS 1 ORD SHS	COM	62914V106	578	63,726	SH		SOLE		20,641	0	43,085
NIKE INC CLASS B	SP BIOTCH BL NEW	654106103	416	3,836	SH		SOLE		3,296	0	540
NVIDIA CORP	COM	67066G104	1,400	2,826	SH		SOLE		1,805	0	1,021
NVIDIA CORP	COM	67066G104	267	540	SH		OTR		540	0	0
OBSIDIAN ENERGY LTD	COM	674482203	177	26,000	SH		SOLE		10,000	0	16,000
OFG BANCORP F	COM NEW	67103X102	3,216	85,805	SH		SOLE		3,525	0	82,280
VANECK OIL SERVICES ETF	COM	92189H607	1,395	4,506	SH		SOLE		2,755	0	1,751
OPKO HEALTH INC	US HLTHCARE ETF	68375N103	269	177,900	SH		SOLE		0	0	177,900
PETROLEO BRASILEIRO-SPON ADR	SPONSORED ADR	71654V408	1,062	66,475	SH		SOLE		50,000	0	16,475
PROCTER & GAMBLE	COM	742718109	665	4,539	SH		SOLE		0	0	4,539
PAGAYA TECHNOLOGIES LTD -A	CL A SHS	M7S64L115	197	142,551	SH		SOLE		142,551	0	0
PULTEGROUP INC	CL A	745867101	2,442	23,662	SH		SOLE		20,080	0	3,582
IMPINJ INC	COM	453204109	450	4,996	SH		SOLE		3,131	0	1,865
PHILIP MORRIS INTL	COM	718172109	2,411	25,632	SH		SOLE		15,290	0	10,342
PHILLIPS 66	SPONSORED ADR	718546104	280	2,107	SH		SOLE		0	0	2,107
PAYPAL HOLDINGS INCORPOR	CL B	70450Y103	1,497	24,380	SH		SOLE		17,410	0	6,970
PAYPAL HOLDINGS INCORPOR	CL B	70450Y103	39	630	SH		OTR		630	0	0
QUALCOMM INC	COM	747525103	248	1,717	SH		SOLE		0	0	1,717
QUALCOMM INC	COM	747525103	4	30	SH		OTR		30	0	0
INVSC QQQ TRUST SRS 1 ETF	OIL SVCS ETF	46090E103	310	756	SH		SOLE		0	0	756
RH	COM	74967X103	1,611	5,528	SH		SOLE		4,240	0	1,288
RH	COM	74967X103	15	50	SH		OTR		50	0	0
TRANSOCEAN LTD	COM	H8817H100	533	83,860	SH		SOLE		74,860	0	9,000
RIO TINTO PLC	SPONSORED ADR	767204100	556	7,466	SH		SOLE		3,425	0	4,041
RIOT PLATFORMS INC	COM	767292105	928	60,000	SH		SOLE		60,000	0	0
RAYTHEON TECHNOLOGIES CO	SPONSORED ADS A	75513E101	1,484	17,641	SH		SOLE		8,854	0	8,787
RXO INC	VANECK RUSSIA ET	74982T103	496	21,312	SH		SOLE		16,357	0	4,955
BANCO SANTANDER SA IAM F SPONSORED ADR 1 ADR REPS 1 ORD SHS	COM	05964H105	60	14,493	SH		SOLE		0	0	14,493
SIBANYE-STILLWATER LTD-ADR	SPONSORED ADR	82575P107	1,270	233,800	SH		SOLE		150,000	0	83,800
SHOPIFY INC F CLASS A	COM NEW	82509L107	922	11,837	SH		SOLE		3,827	0	8,010
SHOPIFY INC F CLASS A	COM NEW	82509L107	38	490	SH		OTR		490	0	0
SKECHERS U S A INC CLASS A	COM	830566105	835	13,389	SH		SOLE		9,350	0	4,039
ISHARES SEMICONDUCTOR ETF	COM	464287523	530	919	SH		SOLE		800	0	119
SPDR S&P 500 ETF	COM	78462F103	5,380	11,319	SH		SOLE		0	0	11,319
SCORPIO TANKERS INC	SHS	Y7542C130	221	3,635	SH		SOLE		3,500	0	135
SUNCOR ENERGY INC F	CL B	867224107	1,147	35,807	SH		SOLE		29,339	0	6,468
SOLARWINDS CORP	COM	83417Q204	369	29,517	SH		SOLE		29,092	0	425
TELLURIAN INVESTMENTS IN	COM NEW	87968A104	1,226	1,622,189	SH		SOLE		1,141,830	0	480,359
TEVA PHARMACEUTICAL IN F SPONSORED ADR 1 ADR REPS 1 ORD SHS	COM	881624209	2,062	197,478	SH		SOLE		148,210	0	49,268
TRUIST FINL CORP	CL A	89832Q109	1,072	29,024	SH		SOLE		22,528	0	6,496
TARGET CORP	ISHARES SEMICDTR	87612E106	214	1,500	SH		SOLE		0	0	1,500
TJX COMPANIES INC	COM	872540109	1,557	16,595	SH		SOLE		6,691	0	9,904
TENCENT MUSIC ENTMT GR F SPONSORED ADR 1 ADR REPS 2 ORD SHS	COM	88034P109	451	50,007	SH		SOLE		47,253	0	2,754
T-MOBILE US INC	SPON ADS	872590104	306	1,910	SH		SOLE		0	0	1,910
TSAKOS ENERGY NAVIGATION LTD	SHS	G9108L173	889	40,000	SH		SOLE		40,000	0	0
TEXAS PACIFIC LAND CORP	COM	88262P102	1,516	964	SH		SOLE		832	0	132
TRACTOR SUPPLY COMP	SPONSORED ADS	892356106	533	2,478	SH		SOLE		2,285	0	193
TAIWAN SEMICONDUCTR F SPONSORED ADR 1 ADR REPS 5 ORD SHS	COM	874039100	221	2,121	SH		SOLE		0	0	2,121
MAMMOTH ENERGY SERVICES INC	COM CL A	56155L108	959	215,092	SH		SOLE		0	0	215,092
PROSHARES ULTRA BLOOMBERG CR	ULTA BLMBG 2017	74347Y888	392	15,000	SH		SOLE		15,000	0	0
UNITED RENTALS INC	COM	911363109	3,083	5,377	SH		SOLE		4,110	0	1,267
SPROTT URANIUM MINERS ETF	URANIUM MINERS E	85208P303	3,232	66,956	SH		SOLE		58,000	0	8,956
PROSHARES ULTRA SEMICONDUCT	PSHS ULT SEMICDT	74347R669	370	6,800	SH		SOLE		6,000	0	800
ENERGY FUELS INC	COM NEW	292671708	231	32,000	SH		SOLE		30,000	0	2,000
VALE SA F SPONSORED ADR 1 ADR REPS 1 ORD SHS	COM	91912E105	1,010	63,658	SH		SOLE		48,424	0	15,234
VALERO ENERGY CORP	COM	91913Y100	1,497	11,518	SH		SOLE		6,465	0	5,053
VITAL ENERGY INC	COM	516806205	1,943	42,707	SH		SOLE		40,752	0	1,955
VERTEX ENERGY INC	COM	92534K107	424	125,000	SH		SOLE		125,000	0	0
VANGUARD VALUE ETF	VALUE ETF	922908744	292	1,953	SH		SOLE		0	0	1,953
VANGUARD GROWTH ETF	GROWTH ETF	922908736	296	951	SH		SOLE		0	0	951
WEIBO CORP F SPONSORED ADR 1 ADR REPS 1 ORD SHS	COMMON STOCK	948596101	143	13,105	SH		SOLE		11,486	0	1,619
WELLS FARGO & CO	COM	949746101	228	4,639	SH		SOLE		0	0	4,639
WALMART INC	COM	931142103	1,799	11,409	SH		SOLE		4,400	0	7,009
ENERGY SELECT SECTOR SPDR ETF	COM	81369Y506	2,451	29,233	SH		SOLE		20,024	0	9,209
EXXON MOBIL CORP	CLASS A COM	30231G102	596	5,962	SH		SOLE		0	0	5,962
XPO INC	COM	983793100	1,942	22,169	SH		SOLE		17,259	0	4,910
DRX DLY FTSE CHINA BULL 3X	COM	25460G195	485	23,141	SH		SOLE		23,141	0	0
ZILLOW GROUP INC	COM	98954M200	676	11,692	SH		SOLE		7,601	0	4,091
ZEBRA TECHNOLOGIES CLASS A	COM	989207105	471	1,725	SH		SOLE		950	0	775
ZIM INTEGRATED SHIPPIN F	REG SHS	M9T951109	180	18,280	SH		SOLE		14,105	0	4,175
X-SQUARE MUNI INC TAX FR ETF	MUNICIPAL INCOME	98422R104	1,767	67,133	SH		SOLE		50,000	0	17,133