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	2,920	12,533	SH		SOLE		0	0	12,533
APPLE INC	COM	037833100	257	1,103	SH		OTR		1,103	0	0
ABBVIE INC	COM	00287Y109	2,905	14,710	SH		SOLE		8,975	0	5,735
ADAPTIMMUNE THERAPEUTICS-ADR	SPONDS ADR	00653A107	10	10,680	SH		SOLE		0	0	10,680
ADAPTIMMUNE THERAPEUTICS-ADR	SPONDS ADR	00653A107	0	500	SH		OTR		500	0	0
AKAMAI TECHNOLOGIES INC	COM	00971T101	332	3,288	SH		SOLE		3,288	0	0
ALLY FINL INC	COM	02005N100	687	19,306	SH		SOLE		10,226	0	9,080
ADVANCED MICRO DEVICES I	COM NEW	007903107	5,313	32,382	SH		SOLE		13,013	0	19,369
ADVANCED MICRO DEVICES I	COM NEW	007903107	4	24	SH		OTR		24	0	0
AMGEN INC.	COM	031162100	4,497	13,955	SH		SOLE		5,876	0	8,079
ALPHA METALLURGICAL RESOURCE	COM	020764106	690	2,921	SH		SOLE		2,550	0	371
AMAZON.COM INC	COM CL A	023135106	3,747	20,107	SH		SOLE		10,311	0	9,796
AMAZON.COM INC	COM CL A	023135106	4	20	SH		OTR		20	0	0
APPLOVIN CORPORATION	COM CL A	03831W108	509	3,900	SH		SOLE		3,900	0	0
ALIBABA GROUP HLDG LTD F SPONSORED ADR 1 ADR REPS 8 ORD SHS	SHS	01609W102	306	2,881	SH		SOLE		0	0	2,881
BANK OF AMERICA CORP	COM	060505104	766	19,299	SH		SOLE		0	0	19,299
BOOZ ALLEN HAMILTON HOLDINGS	CL A	099502106	1,773	10,891	SH		SOLE		9,902	0	989
BRASKEM SA-CLASS A- ADR	SP ADR PFD A	105532105	624	85,000	SH		SOLE		85,000	0	0
BAUSCH HEALTH COS INC F	CL A	071734107	160	19,568	SH		SOLE		11,163	0	8,405
VOLATILITY SHS TR	2X BITCOIN STRAT	92864M301	393	13,789	SH		SOLE		0	0	13,789
BJ'S WHOLESALE CLUB HOLDINGS	COM	05550J101	618	7,489	SH		SOLE		0	0	7,489
BOOKING HOLDINGS INC	COM	09857L108	1,614	383	SH		SOLE		247	0	136
BANCO MACRO	SPONSORED ADR	05961W105	445	7,000	SH		SOLE		7,000	0	0
BORR DRILLING LTD	SHS	G1466R173	976	177,727	SH		SOLE		124,539	0	53,188
POPULAR INC F	SPONSORED ADR	733174700	1,611	16,067	SH		SOLE		0	0	16,067
1/100 BERKSHIRE HTWY CLA 100 SHS=1 WHOLE SH BRK A	SHS	084670108	691	100	SH		OTR		100	0	0
BERKSHIRE HATHAWAY CLASS B	COM	084670702	4,921	10,691	SH		SOLE		4,939	0	5,752
BAYTEX ENERGY CORP F	COM	07317Q105	884	297,780	SH		SOLE		200,000	0	97,780
BRIT AMER TOBACCO F UNSPONSORED ADR 1 ADR REPS 1 ORD SHS	COM	110448107	360	9,852	SH		SOLE		0	0	9,852
BLACKSTONE INC	COM	09260D107	253	1,653	SH		SOLE		0	0	1,653
CITIGROUP INC	COM	172967424	270	4,316	SH		SOLE		0	0	4,316
CHUBB LTD F	COM	H1467J104	979	3,393	SH		SOLE		2,705	0	688
CHESAPEAKE ENERGY CO	COM	165167735	540	6,560	SH		SOLE		6,008	0	552
CLEANSPARK INC	COM NEW	18452B209	112	12,000	SH		SOLE		12,000	0	0
CUMMINS INC	COM	231021106	518	1,600	SH		SOLE		1,600	0	0
CHIPOTLE MEXICAN GRILL INC	COM	169656105	2,805	48,674	SH		SOLE		34,755	0	13,919
CHIPOTLE MEXICAN GRILL INC	COM	169656105	56	970	SH		OTR		970	0	0
COINBASE GLOBAL INC -CLASS A	COM CL A	19260Q107	296	1,662	SH		SOLE		0	0	1,662
COSTCO WHOLESALE CO	COM	22160K105	4,711	5,314	SH		SOLE		2,848	0	2,466
COSTCO WHOLESALE CO	COM	22160K105	36	40	SH		OTR		40	0	0
COTY INC CLASS A	COM	222070203	300	31,976	SH		SOLE		0	0	31,976
COPART INC	COM	217204106	3,109	59,330	SH		SOLE		45,837	0	13,493
DOLLAR GENERAL CORP	COM	256677105	1,250	14,778	SH		SOLE		10,859	0	3,919
DOMINOS PIZZA INC	COM	25754A201	1,918	4,460	SH		SOLE		3,266	0	1,194
EMCOR GROUP INC	COM	29084Q100	596	1,385	SH		SOLE		1,385	0	0
EOG Resources Inc	COM	26875P101	456	3,709	SH		SOLE		3,709	0	0
DIREXION DAILY ENERGY BULL 2X ETF	COM	25460G609	350	5,905	SH		SOLE		0	0	5,905
ISHARES MSCI BRAZIL ETF	ADR	464286400	446	15,112	SH		SOLE		0	0	15,112
EXPEDIA GROUP INC	COM NEW	30212P303	1,555	10,506	SH		SOLE		6,556	0	3,950
FORD MOTOR CO	COM	345370860	183	17,324	SH		SOLE		0	0	17,324
DIAMONDBACK ENERGY	CL A	25278X109	540	3,133	SH		SOLE		0	0	3,133
FASTENAL CO	COM	311900104	1,060	14,844	SH		SOLE		8,578	0	6,266
FIRST BANCORP F	CL A	318672706	6,651	314,170	SH		SOLE		0	0	314,170
FREEPORT-MCMORAN INC	COM CL A	35671D857	524	10,506	SH		SOLE		9,256	0	1,250
COMFORT SYSTEMS USA INC	COM	199908104	625	1,600	SH		SOLE		1,600	0	0
FORTINET INC	COM	34959E109	528	6,810	SH		SOLE		6,767	0	43
GENERAL DYNAMICS CO	COM	369550108	3,351	11,087	SH		SOLE		6,956	0	4,131
GLOBALFOUNDRIES INC	ORDINARY SHARES	G39387108	979	24,329	SH		SOLE		17,910	0	6,419
GRUPO FINANCIERO GALICIA-ADR	SPONSORED ADR	399909100	316	7,500	SH		SOLE		7,500	0	0
GENERAC HOLDINGS INC	COM	368736104	2,260	14,227	SH		SOLE		11,439	0	2,788
GOLDEN OCEAN GROUP LTD	SHS NEW	G39637205	335	25,000	SH		SOLE		25,000	0	0
ALPHABET INC. CLASS C	CAP STK CL C	02079K107	1,917	11,465	SH		SOLE		4,852	0	6,613
ALPHABET INC. CLASS A	CAP STK CL A	02079K305	463	2,789	SH		SOLE		0	0	2,789
ALPHABET INC. CLASS A	CAP STK CL A	02079K305	120	722	SH		OTR		722	0	0
GEOPARK LTD	USD SHS	G38327105	606	77,000	SH		SOLE		77,000	0	0
GARMIN LTD F	COM	H2906T109	972	5,521	SH		SOLE		4,034	0	1,487
WARRIOR MET COAL INC	COM	93627C101	1,096	17,150	SH		SOLE		17,150	0	0
HOME DEPOT INC	SPONSORED ADS	437076102	1,264	3,119	SH		SOLE		1,470	0	1,649
HOME DEPOT INC	SPONSORED ADS	437076102	81	201	SH		OTR		201	0	0
HAWAIIAN ELECTRIC INDS	COM	419870100	350	36,133	SH		SOLE		30,000	0	6,133
HIMS & HERS HEALTH INC	COM CL A	433000106	1,383	75,066	SH		SOLE		75,000	0	66
INTERNATIONAL EXCHANGE INC	COM	45866F104	267	1,661	SH		SOLE		1,661	0	0
ISHARES BITCOIN TRUST	SHS	46438F101	8,071	223,396	SH		SOLE		194,290	0	29,106
IRIS ENERGY LTD	ORDINARY SHARES	Q4982L109	760	90,000	SH		SOLE		70,000	0	20,000
ISHARES US HOME CONSTRUCT ETF	DLY ENRGY BULL2X	464288752	273	2,149	SH		SOLE		0	0	2,149
JOHNSON & JOHNSON	CL A	478160104	954	5,890	SH		SOLE		3,213	0	2,677
JPMORGAN CHASE & CO	COM	46625H100	4,546	21,560	SH		SOLE		10,060	0	11,500
JPMORGAN CHASE & CO	COM	46625H100	21	101	SH		OTR		101	0	0
JOURNEY ENERGY INC F	DLY FIN BULL NEW	48113W102	60	33,500	SH		SOLE		0	0	33,500
KIMBERLY CLARK CORP	COM	494368103	1,996	14,027	SH		SOLE		9,030	0	4,997
THE COCA-COLA CO	COM	191216100	2,206	30,699	SH		SOLE		18,619	0	12,080
LENNAR CORP CLASS A	CL A	526057104	3,048	16,255	SH		SOLE		12,166	0	4,089
LIFEMD INC	COM	53216B104	389	74,229	SH		SOLE		72,639	0	1,590
LOCKHEED MARTIN CORP	TR UNIT	539830109	1,276	2,182	SH		SOLE		1,298	0	884
LULULEMON ATHLETICA INC	COM	550021109	1,388	5,117	SH		SOLE		2,000	0	3,117
LULULEMON ATHLETICA INC	COM	550021109	4	15	SH		OTR		15	0	0
MasterCard Inc	COM	57636Q104	591	1,197	SH		SOLE		1,197	0	0
MCDONALDS CORP	COM	580135101	350	1,150	SH		SOLE		0	0	1,150
MERCADOLIBRE INC	COM	58733R102	3,431	1,672	SH		SOLE		1,084	0	588
MERCADOLIBRE INC	COM	58733R102	66	32	SH		OTR		32	0	0
META PLATFORMS INC CLASS A	COM	30303M102	5,952	10,398	SH		SOLE		4,731	0	5,667
META PLATFORMS INC CLASS A	COM	30303M102	64	112	SH		OTR		112	0	0
RAMACO RESOURCES INC-A	COM CL A	75134P600	117	10,000	SH		SOLE		10,000	0	0
MARKETAXESS HLDGS INC	COM	57060D108	328	1,280	SH		SOLE		1,270	0	10
ALTRIA GROUP INC	US HOME CONS ETF	02209S103	959	18,797	SH		SOLE		9,970	0	8,827
MERCK & CO. INC.	1 3 YR TREAS BD	58933Y105	511	4,499	SH		SOLE		0	0	4,499
MORGAN STANLEY	COM	617446448	424	4,068	SH		SOLE		0	0	4,068
MICROSOFT CORP	COM	594918104	2,628	6,108	SH		SOLE		2,918	0	3,190
MICROSTRATEGY INC-CL A	CL A NEW	594972408	2,057	12,200	SH		SOLE		6,330	0	5,870
MICRON TECHNOLOGY	COM	595112103	3,923	37,824	SH		SOLE		19,764	0	18,060
NEW FORTRESS ENERGY A CLASS A	COM	644393100	1,679	184,746	SH		SOLE		93,987	0	90,759
NIO INC F SPONSORED ADR 1 ADR REPS 1 ORD SHS	COM	62914V106	68	10,152	SH		SOLE		0	0	10,152
NORTHROP GRUMMAN CORP	COM	666807102	1,810	3,427	SH		SOLE		2,344	0	1,083
NORTHERN OIL AND GAS INC	COM	665531307	228	6,452	SH		SOLE		0	0	6,452
NVIDIA CORP	COM	67066G104	3,212	26,452	SH		SOLE		12,060	0	14,392
NVIDIA CORP	COM	67066G104	656	5,400	SH		OTR		5,400	0	0
OBSIDIAN ENERGY LTD	COM	674482203	144	25,881	SH		SOLE		10,000	0	15,881
OFG BANCORP F	COM NEW	67103X102	6,412	142,733	SH		SOLE		32,800	0	109,933
VANECK OIL SERVICES ETF	COM	92189H607	447	1,576	SH		SOLE		0	0	1,576
OPKO HEALTH INC	US HLTHCARE ETF	68375N103	253	169,551	SH		SOLE		0	0	169,551
ORACLE CORPORATION	COM	68389X105	628	3,685	SH		SOLE		2,400	0	1,285
O'REILLY AUTOMOTIVE INC	COM	67103H107	1,762	1,530	SH		SOLE		1,155	0	375
OCCIDENTAL PETROLEUM CORP	COM	674599105	1,766	34,265	SH		SOLE		16,800	0	17,465
PARAMOUNT GLOBAL-CLASS B	CLASS B COM	92556H206	266	25,000	SH		SOLE		25,000	0	0
PROCTER & GAMBLE	COM	742718109	732	4,226	SH		SOLE		0	0	4,226
PAGAYA TECHNOLOGIES LTD -A	CL A SHS	M7S64L115	126	11,879	SH		SOLE		11,879	0	0
PULTEGROUP INC	CL A	745867101	1,550	10,798	SH		SOLE		7,635	0	3,163
IMPINJ INC	COM	453204109	223	1,030	SH		SOLE		0	0	1,030
PALANTIR TECHNOLOGIES INC-A	CL A	69608A108	1,082	29,081	SH		SOLE		29,080	0	1
PHILIP MORRIS INTL	COM	718172109	1,574	12,964	SH		SOLE		5,604	0	7,360
PHILLIPS 66	SPONSORED ADR	718546104	256	1,949	SH		SOLE		0	0	1,949
PAYPAL HOLDINGS INCORPOR	CL B	70450Y103	2,703	34,638	SH		SOLE		23,354	0	11,284
QUALCOMM INC	COM	747525103	291	1,709	SH		SOLE		0	0	1,709
QUALCOMM INC	COM	747525103	5	30	SH		OTR		30	0	0
INVSC QQQ TRUST SRS 1 ETF	OIL SVCS ETF	46090E103	965	1,977	SH		SOLE		0	0	1,977
FERRARI NV	COM	N3167Y103	710	1,510	SH		SOLE		0	0	1,510
RH	COM	74967X103	3,561	10,647	SH		SOLE		8,417	0	2,230
RH	COM	74967X103	17	50	SH		OTR		50	0	0
TRANSOCEAN LTD	COM	H8817H100	356	83,860	SH		SOLE		74,860	0	9,000
RIO TINTO PLC	SPONSORED ADR	767204100	596	8,368	SH		SOLE		4,851	0	3,517
RIOT PLATFORMS INC	COM	767292105	230	31,058	SH		SOLE		30,000	0	1,058
RAYTHEON TECHNOLOGIES CO	SPONSORED ADS A	75513E101	1,160	9,572	SH		SOLE		0	0	9,572
RXO INC	COMMON STOCK	74982T103	250	8,918	SH		SOLE		7,823	0	1,095
BANCO SANTANDER SA IAM F SPONSORED ADR 1 ADR REPS 1 ORD SHS	COM	05964H105	74	14,493	SH		SOLE		0	0	14,493
SIBANYE-STILLWATER LTD-ADR	SPONSORED ADR	82575P107	986	239,970	SH		SOLE		150,000	0	89,970
SHOPIFY INC F CLASS A	COM NEW	82509L107	728	9,083	SH		SOLE		5,244	0	3,839
SHOPIFY INC F CLASS A	COM NEW	82509L107	39	490	SH		OTR		490	0	0
SKECHERS U S A INC CLASS A	COM	830566105	2,852	42,625	SH		SOLE		28,374	0	14,251
SKY HARBOUR GROUP CORPORATION	COM CL A	83085C107	331	30,000	SH		SOLE		30,000	0	0
DIREXION SEMICONDUCTOR BULL 3X ETF	DLY SCOND 3XBU	25459W458	694	18,926	SH		SOLE		17,500	0	1,426
SPDR S&P 500 ETF	COM	78462F103	7,956	13,866	SH		SOLE		0	0	13,866
PROSHARES ULTRA S&P500	PSHS ULT S&P 500	74347R107	405	4,496	SH		SOLE		0	0	4,496
SUNCOR ENERGY INC F	CL B	867224107	3,044	82,453	SH		SOLE		66,203	0	16,250
SOLARWINDS CORP	COM	83417Q204	157	12,031	SH		SOLE		11,606	0	425
TRANSDIGM GROUP INC	COM	893641100	2,941	2,061	SH		SOLE		1,634	0	427
TIDEWATER INC	COM	88642R109	431	6,000	SH		SOLE		6,000	0	0
TEVA PHARMACEUTICAL IN F SPONSORED ADR 1 ADR REPS 1 ORD SHS	COM	881624209	3,967	220,163	SH		SOLE		156,026	0	64,137
TRUIST FINL CORP	CL A	89832Q109	552	12,901	SH		SOLE		6,725	0	6,176
TECNOGLASS INC	ORD SHS	G87264100	381	5,545	SH		SOLE		5,545	0	0
TARGET CORP	ISHARES SEMICDTR	87612E106	223	1,433	SH		SOLE		0	0	1,433
TJX COMPANIES INC	COM	872540109	3,766	32,044	SH		SOLE		19,278	0	12,766
DIREXION SHS ETF TR	DAILY 20+ YEAR T	25460G138	347	6,000	SH		SOLE		0	0	6,000
T-MOBILE US INC	SPON ADS	872590104	352	1,708	SH		SOLE		0	0	1,708
DIREXION DAILY SMALL CAP BULL 3X ETF	DLY SMCAP BULL2X	25459W847	776	17,500	SH		SOLE		15,000	0	2,500
TEXAS PACIFIC LAND CORP	COM	88262P102	3,103	3,507	SH		SOLE		2,052	0	1,455
PROSHARES ULTRAPRO QQQ	ULTRAPRO QQQ	74347X831	254	3,500	SH		SOLE		0	0	3,500
TRACTOR SUPPLY COMP	SPONSORED ADS	892356106	813	2,795	SH		SOLE		2,656	0	139
TESLA INC	COM	88160R101	484	1,849	SH		SOLE		0	0	1,849
TAIWAN SEMICONDUCTR F SPONSORED ADR 1 ADR REPS 5 ORD SHS	COM	874039100	368	2,121	SH		SOLE		0	0	2,121
PROSHARES ULTRA BLOOM CRUDE ETF	ULTA BLMBG 2017	74347Y888	902	35,500	SH		SOLE		35,000	0	500
UNITED RENTALS INC	COM	911363109	4,039	4,988	SH		SOLE		3,327	0	1,661
SPROTT URANIUM MINERS ETF	URANIUM MINERS E	85208P303	2,012	43,850	SH		SOLE		38,000	0	5,850
ENERGY FUELS INC	COM NEW	292671708	176	32,000	SH		SOLE		30,000	0	2,000
UWM HOLDINGS CORPORATION	COM CL A	91823B109	298	35,000	SH		SOLE		35,000	0	0
VALARIS LTD	CL A	G9460G101	857	15,370	SH		SOLE		8,001	0	7,369
VALE SA F SPONSORED ADR 1 ADR REPS 1 ORD SHS	COM	91912E105	1,743	149,231	SH		SOLE		109,912	0	39,319
VALERO ENERGY CORP	COM	91913Y100	2,111	15,630	SH		SOLE		8,436	0	7,194
VITAL ENERGY INC	COM	516806205	959	35,655	SH		SOLE		32,430	0	3,225
VANGUARD VALUE ETF	VALUE ETF	922908744	468	2,683	SH		SOLE		0	0	2,683
VANGUARD GROWTH ETF	GROWTH ETF	922908736	508	1,324	SH		SOLE		0	0	1,324
WELLS FARGO & CO	COM	949746101	221	3,908	SH		SOLE		0	0	3,908
WALMART INC	COM	931142103	2,783	34,460	SH		SOLE		14,678	0	19,782
ENERGY SELECT SECTOR SPDR ETF	COM	81369Y506	2,431	27,691	SH		SOLE		19,042	0	8,649
EXXON MOBIL CORP	CLASS A COM	30231G102	697	5,943	SH		SOLE		0	0	5,943
XPO INC	COM	983793100	2,403	22,353	SH		SOLE		18,163	0	4,190
ZILLOW GROUP INC	COM	98954M200	307	4,812	SH		SOLE		2,688	0	2,124
X-SQUARE MUNI INC TAX FR ETF	MUNICIPAL INCOME	98422R104	2,103	79,498	SH		SOLE		50,000	0	29,498