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	2,639	12,528	SH		SOLE		0	0	12,528
APPLE INC	COM	037833100	232	1,101	SH		OTR		1,101	0	0
ABBVIE INC	COM	00287Y109	2,416	14,085	SH		SOLE		8,628	0	5,457
AIRBNB INC-CLASS A	COM CL A	009066101	227	1,500	SH		SOLE		0	0	1,500
ADAPTIMMUNE THERAPEUTICS-ADR	SPONDS ADR	00653A107	10	10,692	SH		SOLE		0	0	10,692
ADAPTIMMUNE THERAPEUTICS-ADR	SPONDS ADR	00653A107	0	500	SH		OTR		500	0	0
AKAMAI TECHNOLOGIES INC	COM	00971T101	237	2,630	SH		SOLE		2,630	0	0
ALLY FINL INC	COM	02005N100	766	19,298	SH		SOLE		10,226	0	9,072
ADVANCED MICRO DEVICES I	COM NEW	007903107	4,971	30,646	SH		SOLE		12,624	0	18,022
AMGEN INC.	COM	031162100	4,254	13,614	SH		SOLE		5,687	0	7,927
ALPHA METALLURGICAL RESOURCE	COM	020764106	769	2,741	SH		SOLE		2,550	0	191
AMAZON.COM INC	COM CL A	023135106	3,791	19,615	SH		SOLE		10,001	0	9,614
AMAZON.COM INC	COM CL A	023135106	4	20	SH		OTR		20	0	0
ALIBABA GROUP HLDG LTD F SPONSORED ADR 1 ADR REPS 8 ORD SHS	SHS	01609W102	512	7,110	SH		SOLE		4,150	0	2,960
BANK OF AMERICA CORP	COM	060505104	775	19,491	SH		SOLE		0	0	19,491
BOOZ ALLEN HAMILTON HOLDINGS	CL A	099502106	1,617	10,509	SH		SOLE		9,508	0	1,001
BRASKEM SA-CLASS A- ADR	SP ADR PFD A	105532105	548	85,000	SH		SOLE		85,000	0	0
BAUSCH HEALTH COS INC F	CL A	071734107	136	19,568	SH		SOLE		11,163	0	8,405
VOLATILITY SHS TR	2X BITCOIN STRAT	92864M301	411	12,959	SH		SOLE		0	0	12,959
BJ'S WHOLESALE CLUB HOLDINGS	COM	05550J101	660	7,510	SH		SOLE		0	0	7,510
BOOKING HOLDINGS INC	COM	09857L108	1,272	321	SH		SOLE		202	0	119
BORR DRILLING LTD	SHS	G1466R173	1,073	166,293	SH		SOLE		124,539	0	41,754
POPULAR INC F	SPONSORED ADR	733174700	1,571	17,768	SH		SOLE		1,151	0	16,617
1/100 BERKSHIRE HTWY CLA 100 SHS=1 WHOLE SH BRK A	SHS	084670108	612	100	SH		OTR		100	0	0
BERKSHIRE HATHAWAY CLASS B	COM	084670702	4,220	10,374	SH		SOLE		4,794	0	5,580
BAYTEX ENERGY CORP F	COM	07317Q105	1,035	297,780	SH		SOLE		200,000	0	97,780
BRIT AMER TOBACCO F UNSPONSORED ADR 1 ADR REPS 1 ORD SHS	COM	110448107	304	9,839	SH		SOLE		0	0	9,839
BLACKSTONE INC	COM	09260D107	204	1,645	SH		SOLE		0	0	1,645
CITIGROUP INC	COM	172967424	278	4,388	SH		SOLE		0	0	4,388
CHUBB LTD F	COM	H1467J104	806	3,160	SH		SOLE		2,472	0	688
CHESAPEAKE ENERGY CO	COM	165167735	479	5,832	SH		SOLE		5,271	0	561
CLEANSPARK INC	COM NEW	18452B209	191	12,000	SH		SOLE		12,000	0	0
CHIPOTLE MEXICAN GRILL INC	COM	169656105	2,784	44,431	SH		SOLE		33,731	0	10,700
CHIPOTLE MEXICAN GRILL INC	COM	169656105	56	900	SH		OTR		900	0	0
COINBASE GLOBAL INC -CLASS A	COM CL A	19260Q107	545	2,454	SH		SOLE		0	0	2,454
COSTCO WHOLESALE CO	COM	22160K105	4,379	5,152	SH		SOLE		2,777	0	2,375
COSTCO WHOLESALE CO	COM	22160K105	34	40	SH		OTR		40	0	0
COTY INC CLASS A	COM	222070203	320	31,976	SH		SOLE		0	0	31,976
COPART INC	COM	217204106	2,642	48,788	SH		SOLE		36,205	0	12,583
CYBIN INC F	COM	23256X100	11	42,000	SH		OTR		42,000	0	0
DOLLAR GENERAL CORP	COM	256677105	1,817	13,744	SH		SOLE		10,387	0	3,357
DRX DLY REG BANK BULL 3X	DAILY REGIONAL	25460G153	2,007	28,575	SH		SOLE		26,575	0	2,000
DOMINOS PIZZA INC	COM	25754A201	2,053	3,977	SH		SOLE		2,912	0	1,065
ENERGY TRANSFER LP	COM UT LTD PTN	29273V100	560	34,549	SH		SOLE		30,000	0	4,549
EMCOR GROUP INC	COM	29084Q100	506	1,385	SH		SOLE		1,385	0	0
EOG Resources Inc	COM	26875P101	407	3,236	SH		SOLE		3,236	0	0
DIREXION DAILY ENERGY BULL 2X ETF	COM	25460G609	388	5,959	SH		SOLE		0	0	5,959
ISHARES MSCI BRAZIL ETF	ADR	464286400	700	25,597	SH		SOLE		11,059	0	14,538
EXPEDIA GROUP INC	COM NEW	30212P303	1,988	15,780	SH		SOLE		12,235	0	3,545
FORD MOTOR CO	COM	345370860	217	17,317	SH		SOLE		0	0	17,317
DIAMONDBACK ENERGY	CL A	25278X109	648	3,235	SH		SOLE		0	0	3,235
FASTENAL CO	COM	311900104	897	14,278	SH		SOLE		7,634	0	6,644
FIRST BANCORP F	CL A	318672706	6,423	351,170	SH		SOLE		0	0	351,170
FREEPORT-MCMORAN INC	COM CL A	35671D857	449	9,238	SH		SOLE		7,988	0	1,250
COMFORT SYSTEMS USA INC	COM	199908104	487	1,600	SH		SOLE		1,600	0	0
FRONTLINE PLC	COM	M46528101	1,441	55,935	SH		SOLE		41,036	0	14,899
FORTINET INC	COM	34959E109	349	5,798	SH		SOLE		5,755	0	43
GENERAL DYNAMICS CO	COM	369550108	3,110	10,720	SH		SOLE		6,748	0	3,972
GLOBALFOUNDRIES INC	ORDINARY SHARES	G39387108	1,185	23,435	SH		SOLE		17,910	0	5,525
GENERAC HOLDINGS INC	COM	368736104	1,779	13,454	SH		SOLE		11,004	0	2,450
ALPHABET INC. CLASS C	CAP STK CL C	02079K107	2,042	11,134	SH		SOLE		4,523	0	6,611
ALPHABET INC. CLASS A	CAP STK CL A	02079K305	543	2,980	SH		SOLE		0	0	2,980
ALPHABET INC. CLASS A	CAP STK CL A	02079K305	131	721	SH		OTR		721	0	0
GEOPARK LTD	USD SHS	G38327105	843	77,000	SH		SOLE		77,000	0	0
GARMIN LTD F	COM	H2906T109	840	5,157	SH		SOLE		3,670	0	1,487
WARRIOR MET COAL INC	COM	93627C101	1,077	17,150	SH		SOLE		17,150	0	0
HOME DEPOT INC	SPONSORED ADS	437076102	1,037	3,012	SH		SOLE		1,294	0	1,718
HOME DEPOT INC	SPONSORED ADS	437076102	69	200	SH		OTR		200	0	0
HAWAIIAN ELECTRIC INDS	COM	419870100	579	64,146	SH		SOLE		50,000	0	14,146
HIMS & HERS HEALTH INC	COM CL A	433000106	1,516	75,066	SH		SOLE		75,000	0	66
ISHARES BITCOIN TRUST	SHS	46438F101	7,661	224,396	SH		SOLE		194,290	0	30,106
IRIS ENERGY LTD	ORDINARY SHARES	Q4982L109	508	45,000	SH		SOLE		25,000	0	20,000
ISHARES US HOME CONSTRUCT ETF	DLY ENRGY BULL2X	464288752	217	2,148	SH		SOLE		0	0	2,148
JOHNSON & JOHNSON	CL A	478160104	835	5,711	SH		SOLE		2,811	0	2,900
JPMORGAN CHASE & CO	COM	46625H100	4,246	20,991	SH		SOLE		9,770	0	11,221
JPMORGAN CHASE & CO	COM	46625H100	20	101	SH		OTR		101	0	0
JOURNEY ENERGY INC F	DLY FIN BULL NEW	48113W102	74	33,500	SH		SOLE		0	0	33,500
KIMBERLY CLARK CORP	COM	494368103	1,890	13,679	SH		SOLE		9,030	0	4,649
THE COCA-COLA CO	COM	191216100	1,906	29,938	SH		SOLE		18,619	0	11,319
LENNAR CORP CLASS A	CL A	526057104	2,334	15,571	SH		SOLE		11,771	0	3,800
LIFEMD INC	COM	53216B104	509	74,229	SH		SOLE		72,639	0	1,590
LOCKHEED MARTIN CORP	TR UNIT	539830109	983	2,105	SH		SOLE		1,173	0	932
MasterCard Inc	COM	57636Q104	468	1,060	SH		SOLE		1,060	0	0
MCDONALDS CORP	COM	580135101	293	1,149	SH		SOLE		0	0	1,149
MERCADOLIBRE INC	COM	58733R102	2,633	1,602	SH		SOLE		1,046	0	556
MERCADOLIBRE INC	COM	58733R102	53	32	SH		OTR		32	0	0
META PLATFORMS INC CLASS A	COM	30303M102	5,130	10,174	SH		SOLE		4,609	0	5,565
META PLATFORMS INC CLASS A	COM	30303M102	57	112	SH		OTR		112	0	0
RAMACO RESOURCES INC-A	COM CL A	75134P600	125	10,000	SH		SOLE		10,000	0	0
Marsh & McLennan Cos Inc	SPONSORED ADS	571748102	623	2,957	SH		SOLE		2,957	0	0
ALTRIA GROUP INC	US HOME CONS ETF	02209S103	816	17,906	SH		SOLE		8,697	0	9,209
MERCK & CO. INC.	1 3 YR TREAS BD	58933Y105	556	4,488	SH		SOLE		0	0	4,488
MORGAN STANLEY	COM	617446448	395	4,067	SH		SOLE		0	0	4,067
MICROSOFT CORP	COM	594918104	2,673	5,979	SH		SOLE		2,918	0	3,061
MICROSTRATEGY INC-CL A	CL A NEW	594972408	650	472	SH		SOLE		330	0	142
MICRON TECHNOLOGY	COM	595112103	4,827	36,697	SH		SOLE		19,281	0	17,416
NEW FORTRESS ENERGY A CLASS A	COM	644393100	3,020	137,396	SH		SOLE		91,055	0	46,341
NIO INC F SPONSORED ADR 1 ADR REPS 1 ORD SHS	COM	62914V106	55	13,240	SH		SOLE		0	0	13,240
NORTHROP GRUMMAN CORP	COM	666807102	1,450	3,326	SH		SOLE		2,344	0	982
NORTHERN OIL AND GAS INC	COM	665531307	241	6,491	SH		SOLE		0	0	6,491
NVIDIA CORP	COM	67066G104	4,614	37,351	SH		SOLE		22,160	0	15,191
NVIDIA CORP	COM	67066G104	667	5,400	SH		OTR		5,400	0	0
OBSIDIAN ENERGY LTD	COM	674482203	195	26,000	SH		SOLE		10,000	0	16,000
OFG BANCORP F	COM NEW	67103X102	6,256	167,057	SH		SOLE		32,800	0	134,257
VANECK OIL SERVICES ETF	COM	92189H607	551	1,743	SH		SOLE		0	0	1,743
OPKO HEALTH INC	US HLTHCARE ETF	68375N103	212	169,663	SH		SOLE		0	0	169,663
O'REILLY AUTOMOTIVE INC	COM	67103H107	1,568	1,485	SH		SOLE		1,155	0	330
OCCIDENTAL PETROLEUM CORP	COM	674599105	2,156	34,204	SH		SOLE		16,800	0	17,404
ABRDN PHYSICAL PALLADIUM SHS	PHYSICAL PALLADM	003262102	201	2,260	SH		SOLE		0	0	2,260
PARAMOUNT GLOBAL-CLASS B	CLASS B COM	92556H206	260	25,000	SH		SOLE		25,000	0	0
PROCTER & GAMBLE	COM	742718109	698	4,233	SH		SOLE		0	0	4,233
PAGAYA TECHNOLOGIES LTD -A	CL A SHS	M7S64L115	152	11,879	SH		SOLE		11,879	0	0
PULTEGROUP INC	CL A	745867101	1,191	10,816	SH		SOLE		7,635	0	3,181
PALANTIR TECHNOLOGIES INC-A	CL A	69608A108	486	19,180	SH		SOLE		18,180	0	1,000
PHILIP MORRIS INTL	COM	718172109	1,279	12,618	SH		SOLE		5,027	0	7,591
PHILLIPS 66	SPONSORED ADR	718546104	280	1,980	SH		SOLE		0	0	1,980
PAYPAL HOLDINGS INCORPOR	CL B	70450Y103	2,232	38,455	SH		SOLE		27,790	0	10,665
QUALCOMM INC	COM	747525103	342	1,717	SH		SOLE		0	0	1,717
QUALCOMM INC	COM	747525103	6	30	SH		OTR		30	0	0
INVSC QQQ TRUST SRS 1 ETF	OIL SVCS ETF	46090E103	384	802	SH		SOLE		0	0	802
FERRARI NV	COM	N3167Y103	617	1,510	SH		SOLE		0	0	1,510
RH	COM	74967X103	3,355	13,726	SH		SOLE		11,670	0	2,056
RH	COM	74967X103	12	50	SH		OTR		50	0	0
TRANSOCEAN LTD	COM	H8817H100	449	83,860	SH		SOLE		74,860	0	9,000
RIO TINTO PLC	SPONSORED ADR	767204100	492	7,457	SH		SOLE		3,941	0	3,516
RIOT PLATFORMS INC	COM	767292105	285	31,200	SH		SOLE		30,000	0	1,200
RAYTHEON TECHNOLOGIES CO	SPONSORED ADS A	75513E101	915	9,119	SH		SOLE		0	0	9,119
BANCO SANTANDER SA IAM F SPONSORED ADR 1 ADR REPS 1 ORD SHS	COM	05964H105	67	14,493	SH		SOLE		0	0	14,493
SIBANYE-STILLWATER LTD-ADR	SPONSORED ADR	82575P107	1,047	240,800	SH		SOLE		150,000	0	90,800
SHOPIFY INC F CLASS A	COM NEW	82509L107	539	8,156	SH		SOLE		4,296	0	3,860
SHOPIFY INC F CLASS A	COM NEW	82509L107	32	490	SH		OTR		490	0	0
SKECHERS U S A INC CLASS A	COM	830566105	2,827	40,903	SH		SOLE		27,477	0	13,426
SPDR S&P 500 ETF	COM	78462F103	6,144	11,289	SH		SOLE		0	0	11,289
PROSHARES ULTRA S&P500	PSHS ULT S&P 500	74347R107	705	8,536	SH		SOLE		0	0	8,536
SUNCOR ENERGY INC F	CL B	867224107	3,035	79,664	SH		SOLE		64,636	0	15,028
SOLARWINDS CORP	COM	83417Q204	145	12,031	SH		SOLE		11,606	0	425
TRANSDIGM GROUP INC	COM	893641100	2,518	1,971	SH		SOLE		1,587	0	384
TIDEWATER INC	COM	88642R109	571	6,000	SH		SOLE		6,000	0	0
TELLURIAN INVESTMENTS IN	COM NEW	87968A104	979	1,413,222	SH		SOLE		953,758	0	459,464
TEVA PHARMACEUTICAL IN F SPONSORED ADR 1 ADR REPS 1 ORD SHS	COM	881624209	3,472	213,663	SH		SOLE		152,375	0	61,288
TRUIST FINL CORP	CL A	89832Q109	502	12,934	SH		SOLE		6,725	0	6,209
TECNOGLASS INC	ORD SHS	G87264100	219	4,363	SH		SOLE		4,363	0	0
TARGET CORP	ISHARES SEMICDTR	87612E106	218	1,474	SH		SOLE		0	0	1,474
TJX COMPANIES INC	COM	872540109	3,419	31,049	SH		SOLE		18,738	0	12,311
DIREXION SHS ETF TR	DAILY 20+ YEAR T	25460G138	209	4,300	SH		SOLE		0	0	4,300
T-MOBILE US INC	SPON ADS	872590104	305	1,730	SH		SOLE		0	0	1,730
TEXAS PACIFIC LAND CORP	COM	88262P102	2,527	3,441	SH		SOLE		2,052	0	1,389
PROSHARES ULTRAPRO QQQ	ULTRAPRO QQQ	74347X831	406	5,500	SH		SOLE		0	0	5,500
TRIPADVISOR INC	COM	896945201	178	10,000	SH		SOLE		0	0	10,000
TRACTOR SUPPLY COMP	SPONSORED ADS	892356106	696	2,579	SH		SOLE		2,430	0	149
TESLA INC	COM	88160R101	410	2,074	SH		SOLE		0	0	2,074
TAIWAN SEMICONDUCTR F SPONSORED ADR 1 ADR REPS 5 ORD SHS	COM	874039100	369	2,121	SH		SOLE		0	0	2,121
MAMMOTH ENERGY SERVICES INC	COM CL A	56155L108	706	215,092	SH		SOLE		0	0	215,092
UNITED RENTALS INC	COM	911363109	3,126	4,834	SH		SOLE		3,236	0	1,598
SPROTT URANIUM MINERS ETF	URANIUM MINERS E	85208P303	2,159	43,850	SH		SOLE		38,000	0	5,850
ENERGY FUELS INC	COM NEW	292671708	194	32,000	SH		SOLE		30,000	0	2,000
VALARIS LTD	CL A	G9460G101	1,092	14,664	SH		SOLE		8,001	0	6,663
VALE SA F SPONSORED ADR 1 ADR REPS 1 ORD SHS	COM	91912E105	1,553	139,071	SH		SOLE		104,505	0	34,566
VISTA ENERGY SAB DE CV	SPONSORED ADS	92837L109	982	21,589	SH		SOLE		21,589	0	0
VALERO ENERGY CORP	COM	91913Y100	2,400	15,307	SH		SOLE		8,436	0	6,871
VITAL ENERGY INC	COM	516806205	1,600	35,691	SH		SOLE		32,430	0	3,261
VANGUARD VALUE ETF	VALUE ETF	922908744	375	2,338	SH		SOLE		0	0	2,338
VANGUARD GROWTH ETF	GROWTH ETF	922908736	426	1,139	SH		SOLE		0	0	1,139
WELLS FARGO & CO	COM	949746101	231	3,896	SH		SOLE		0	0	3,896
WALMART INC	COM	931142103	2,263	33,428	SH		SOLE		13,802	0	19,626
ENERGY SELECT SECTOR SPDR ETF	COM	81369Y506	2,473	27,129	SH		SOLE		19,042	0	8,087
EXXON MOBIL CORP	CLASS A COM	30231G102	684	5,945	SH		SOLE		0	0	5,945
XPO INC	COM	983793100	2,264	21,333	SH		SOLE		17,602	0	3,731
ZILLOW GROUP INC	COM	98954M200	226	4,878	SH		SOLE		2,688	0	2,190
ZIM INTEGRATED SHIPPIN F	REG SHS	M9T951109	310	13,975	SH		SOLE		10,000	0	3,975
X-SQUARE MUNI INC TAX FR ETF	MUNICIPAL INCOME	98422R104	2,084	78,930	SH		SOLE		50,000	0	28,930