13F HOLDINGS REPORT

HOWARD FINANCIAL SERVICES, LTD.

Quarter ended Q3 2025 · Filed October 23, 2025 · Accession 0001768130-25-000006

Total Value

$817.3M

Positions

199

Other Managers

Confidential Omitted

View on SEC.gov

Holdings (199)

#	Issuer	Ticker / CUSIP	Shares	Value	% of Filing
1	ISHARES TR	46432F339	505,170	$98.3M	12.02%
2	SCHWAB STRATEGIC TR	808524797	1,990,249	$54.3M	6.65%
3	VANGUARD SPECIALIZED FUNDS	921908844	188,677	$40.7M	4.98%
4	INVESCO EXCHANGE TRADED FD T	IVZ	344,943	$39.2M	4.80%
5	INVESCO EXCHANGE TRADED FD T	IVZ	196,402	$37.3M	4.56%
6	INVESCO ACTIVELY MANAGED EXC	IVZ	724,927	$34.4M	4.21%
7	APPLE INC	AAPL	132,253	$33.7M	4.12%
8	HARTFORD FDS EXCHANGE TRADED	41653L305	899,040	$30.8M	3.77%
9	WISDOMTREE TR	WT	341,850	$30.4M	3.72%
10	PGIM ETF TR	69344A800	677,420	$28.6M	3.50%
11	SPDR SERIES TRUST	78468R408	868,000	$22.2M	2.72%
12	SSGA ACTIVE ETF TR	78467V848	519,430	$21.1M	2.58%
13	ISHARES TR	46434V456	440,223	$19.5M	2.38%
14	VANECK ETF TRUST	92189F437	587,331	$17.5M	2.14%
15	SCHWAB STRATEGIC TR	808524300	524,856	$16.7M	2.05%
16	SCHWAB STRATEGIC TR	808524755	378,674	$16.3M	1.99%
17	SPDR S&P 500 ETF TR	SPY	23,873	$15.9M	1.95%
18	FIRST TR EXCHANGE TRADED FD	33738R506	228,966	$15.4M	1.88%
19	VANGUARD WHITEHALL FDS	921946810	169,310	$15.2M	1.86%
20	NVIDIA CORPORATION	NVDA	78,515	$14.6M	1.79%
21	WISDOMTREE TR	WT	301,603	$11.4M	1.40%
22	MICROSOFT CORP	MSFT	21,560	$11.2M	1.37%
23	PACER FDS TR	69374H857	238,585	$10.4M	1.28%
24	INVESCO QQQ TR	IVZ	17,387	$10.4M	1.28%
25	VANECK ETF TRUST	92189F643	84,825	$8.4M	1.03%
26	BERKSHIRE HATHAWAY INC DEL	BRK-A	14,308	$7.2M	0.88%
27	FIRST TR EXCH TRADED FD III	33739E108	367,399	$6.7M	0.82%
28	AMAZON COM INC	AMZN	27,464	$6.0M	0.74%
29	SABINE RTY TR	785688102	67,940	$5.4M	0.66%
30	BROADCOM INC	AVGO	15,162	$5.0M	0.61%
31	FIRST TR EXCHNG TRADED FD VI	33740F805	104,636	$4.6M	0.57%
32	ISHARES TR	464287200	6,539	$4.4M	0.54%
33	ENTERPRISE PRODS PARTNERS L	293792107	117,443	$3.7M	0.45%
34	CHIPOTLE MEXICAN GRILL INC	CMG	93,310	$3.7M	0.45%
35	VANGUARD INDEX FDS	922908769	10,909	$3.6M	0.44%
36	LATTICE STRATEGIES TR	518416102	92,806	$3.3M	0.40%
37	ENERGY TRANSFER L P	ET-PI	187,552	$3.2M	0.39%
38	J P MORGAN EXCHANGE TRADED F	46641Q837	62,873	$3.2M	0.39%
39	VANGUARD BD INDEX FDS	921937827	37,982	$3.0M	0.37%
40	SCHWAB STRATEGIC TR	808524706	80,923	$2.7M	0.33%
41	TESLA INC	TSLA	5,732	$2.5M	0.31%
42	PALANTIR TECHNOLOGIES INC	PLTR	13,456	$2.5M	0.30%
43	SCHWAB STRATEGIC TR	808524805	100,953	$2.4M	0.29%
44	PEPSICO INC	PEP	15,838	$2.2M	0.27%
45	EXXON MOBIL CORP	XOM	19,592	$2.2M	0.27%
46	ALPHABET INC	GOOG	8,926	$2.2M	0.27%
47	JPMORGAN CHASE & CO.	VYLD	6,138	$1.9M	0.24%
48	ISHARES TR	46432F842	19,522	$1.7M	0.21%
49	MPLX LP	MPLXP	33,844	$1.7M	0.21%
50	SPDR SERIES TRUST	78468R663	18,283	$1.7M	0.21%
51	SOUTHSTATE BK CORP	84472E102	16,149	$1.6M	0.20%
52	SOUTHSTATE CORPORATION	SSB	16,149	$1.6M	0.20%
53	SCHWAB CHARLES CORP	SCHW-PJ	16,045	$1.5M	0.19%
54	MASTERCARD INCORPORATED	MA	2,537	$1.4M	0.18%
55	TAIWAN SEMICONDUCTOR MFG LTD	874039100	5,088	$1.4M	0.17%
56	TEXAS PACIFIC LAND CORPORATI	TPL	1,350	$1.3M	0.15%
57	INTERNATIONAL BUSINESS MACHS	INTR	4,417	$1.2M	0.15%
58	NETFLIX INC	NFLX	1,029	$1.2M	0.15%
59	BLACK STONE MINERALS L P	BSMLP	92,079	$1.2M	0.15%
60	J P MORGAN EXCHANGE TRADED F	46641Q332	20,757	$1.2M	0.15%
61	SCHWAB STRATEGIC TR	808524763	36,819	$1.1M	0.14%
62	ALPHABET INC	GOOG	4,441	$1.1M	0.13%
63	META PLATFORMS INC	META	1,455	$1.1M	0.13%
64	PROSHARES TR	74347X831	10,125	$1.0M	0.13%
65	JANUS INTERNATIONAL GROUP IN	JBI	104,926	$1.0M	0.13%
66	WALMART INC	WMT	10,044	$1.0M	0.13%
67	DORCHESTER MINERALS LP	DMLP	38,198	$988,955	0.12%
68	GRAHAM HLDGS CO	GHM	839	$987,994	0.12%
69	ONEOK INC NEW	OKE	13,530	$987,257	0.12%
70	CADENCE BANK	12740C103	25,720	$965,540	0.12%
71	SPDR INDEX SHS FDS	78463X889	22,431	$959,809	0.12%
72	VIPER ENERGY INC	VNOM	24,380	$931,792	0.11%
73	VIPER ENERGY INC	VNOM	24,380	$931,792	0.11%
74	CROWDSTRIKE HLDGS INC	CRWD	1,845	$904,751	0.11%
75	COSTCO WHSL CORP NEW	22160K105	946	$875,591	0.11%
76	ANNALY CAPITAL MANAGEMENT IN	NLY-PJ	41,266	$833,987	0.10%
77	SPDR GOLD TR	GLD	2,306	$819,714	0.10%
78	PHILIP MORRIS INTL INC	718172109	4,781	$775,533	0.09%
79	ISHARES INC	46434G103	11,720	$772,562	0.09%
80	JOHNSON & JOHNSON	JNJ	4,071	$754,892	0.09%
81	BERKSHIRE HATHAWAY INC DEL	BRK-A	1	$754,200	0.09%
82	ISHARES TR	464288646	14,173	$751,608	0.09%
83	BOOKING HOLDINGS INC	BKNG	138	$745,099	0.09%
84	CHEVRON CORP NEW	CVX	4,760	$739,191	0.09%
85	SOUTHWEST AIRLS CO	844741108	22,601	$721,211	0.09%
86	HOME DEPOT INC	HD	1,773	$718,598	0.09%
87	J P MORGAN EXCHANGE TRADED F	46654Q203	12,353	$710,573	0.09%
88	ABBVIE INC	ABBV	3,038	$703,486	0.09%
89	AGNC INVT CORP	00123Q104	70,896	$694,071	0.08%
90	ISHARES TR	46435G425	4,756	$692,485	0.08%
91	NORTHROP GRUMMAN CORP	NOC	1,127	$686,699	0.08%
92	CISCO SYS INC	CSCO	9,042	$618,634	0.08%
93	VANGUARD INDEX FDS	922908363	999	$611,581	0.07%
94	MERCK & CO INC	MRK	7,107	$596,511	0.07%
95	UBER TECHNOLOGIES INC	UBER	6,072	$594,874	0.07%
96	ISHARES TR	464287507	8,952	$584,203	0.07%
97	INTEL CORP	INTC	17,055	$572,195	0.07%
98	ISHARES TR	464287309	4,729	$570,840	0.07%
99	MORGAN STANLEY	MS-PQ	3,521	$559,685	0.07%
100	BLACKSTONE INC	BX	3,175	$542,441	0.07%
101	NORFOLK SOUTHN CORP	655844108	1,799	$540,438	0.07%
102	VANGUARD MALVERN FDS	922020755	6,727	$528,956	0.06%
103	VISA INC	V	1,515	$517,333	0.06%
104	ALTRIA GROUP INC	MO	7,829	$517,152	0.06%
105	AMGEN INC	AMGN	1,824	$514,667	0.06%
106	INVESCO EXCH TRADED FD TR II	IVZ	2,060	$509,025	0.06%
107	MARVELL TECHNOLOGY INC	MRVL	6,009	$505,186	0.06%
108	ELI LILLY & CO	LLY	655	$499,454	0.06%
109	COCA COLA CO	KO	7,525	$499,027	0.06%
110	SIREN ETF TR	829658301	6,495	$494,452	0.06%
111	GE VERNOVA INC	GEV	802	$493,379	0.06%
112	ISHARES TR	464287457	5,939	$492,672	0.06%
113	SPDR SERIES TRUST	78468R788	11,194	$492,521	0.06%
114	ORACLE CORP	ORCL-PD	1,731	$486,804	0.06%
115	OKLO INC	OKLO	4,333	$483,693	0.06%
116	SPDR SERIES TRUST	78464A300	5,391	$477,942	0.06%
117	ISHARES GOLD TR	IAU	6,358	$462,672	0.06%
118	PALO ALTO NETWORKS INC	PANW	2,241	$456,312	0.06%
119	AMERICAN EXPRESS CO	AXP	1,365	$453,564	0.06%
120	ALIBABA GROUP HLDG LTD	BBAAY	2,476	$442,535	0.05%
121	BANK AMERICA CORP	060505104	8,508	$438,949	0.05%
122	VANGUARD INDEX FDS	922908553	4,641	$424,246	0.05%
123	GE AEROSPACE	369604301	1,407	$423,148	0.05%
124	WESTERN MIDSTREAM PARTNERS L	WES	10,698	$420,329	0.05%
125	YUM BRANDS INC	YUM	2,735	$415,720	0.05%
126	COREWEAVE INC	CRWV	3,000	$410,550	0.05%
127	GRAYSCALE ETHEREUM TRUST ETF	389638107	11,850	$406,100	0.05%
128	DIREXION SHS ETF TR	25459W730	8,000	$405,520	0.05%
129	NXP SEMICONDUCTORS N V	NXPI	1,768	$402,627	0.05%
130	SELECT SECTOR SPDR TR	81369Y803	1,411	$397,581	0.05%
131	VANGUARD INDEX FDS	922908652	1,893	$396,179	0.05%
132	DIREXION SHS ETF TR	25459Y207	3,765	$382,611	0.05%
133	TEXAS INSTRS INC	882508104	2,020	$371,177	0.05%
134	CAVA GROUP INC	CAVA	6,085	$367,595	0.04%
135	INTUITIVE SURGICAL INC	ISRG	818	$365,834	0.04%
136	DIREXION SHS ETF TR	25460G112	70,000	$361,900	0.04%
137	SALESFORCE INC	CRM	1,527	$361,899	0.04%
138	TORTOISE CAPITAL SERIES TRUS	890930308	9,783	$356,585	0.04%
139	RBB FD INC	74933W601	4,969	$350,482	0.04%
140	AT&T INC	T-PC	12,296	$347,241	0.04%
141	JOHNSON OUTDOORS INC	JOUT	8,359	$337,616	0.04%
142	GANNETT CO INC	TDAY	80,000	$330,400	0.04%
143	ASTRAZENECA PLC	AZN	4,240	$325,303	0.04%
144	FIRST TR EXCHANGE-TRADED FD	33738D101	8,237	$315,378	0.04%
145	MICRON TECHNOLOGY INC	MU	1,881	$314,669	0.04%
146	VANGUARD WORLD FD	92204A702	416	$310,963	0.04%
147	ISHARES TR	464287614	646	$302,386	0.04%
148	SELECT SECTOR SPDR TR	81369Y506	3,382	$302,170	0.04%
149	CONOCOPHILLIPS	COP	3,188	$301,528	0.04%
150	VANECK ETF TRUST	92189F106	3,896	$297,643	0.04%
151	PROCTER AND GAMBLE CO	742718109	1,935	$297,343	0.04%
152	UNITED PARCEL SERVICE INC	UPS	3,550	$296,509	0.04%
153	NEXTERA ENERGY INC	NEE-PW	3,884	$293,208	0.04%
154	GOLDMAN SACHS GROUP INC	GSCE	368	$292,933	0.04%
155	VANECK ETF TRUST	92189F676	891	$290,940	0.04%
156	ABBOTT LABS	ABLZF	2,160	$289,250	0.04%
157	HANESBRANDS INC	410345102	42,268	$278,546	0.03%
158	CHEWY INC	CHWY	6,712	$271,500	0.03%
159	EQT CORP	EQT	4,910	$267,251	0.03%
160	INVESCO EXCHANGE TRADED FD T	IVZ	3,346	$266,387	0.03%
161	DELL TECHNOLOGIES INC	DELL	1,876	$265,973	0.03%
162	INVESCO EXCHANGE TRADED FD T	IVZ	1,689	$262,629	0.03%
163	TWO HBRS INVT CORP	90187B804	25,871	$255,344	0.03%
164	EATON CORP PLC	ETN	656	$245,508	0.03%
165	AGNICO EAGLE MINES LTD	AEM	1,445	$243,569	0.03%
166	THERMO FISHER SCIENTIFIC INC	TMO	498	$241,713	0.03%
167	AUTOMATIC DATA PROCESSING IN	ADP	812	$238,394	0.03%
168	WELLS FARGO CO NEW	949746101	2,843	$238,269	0.03%
169	CATERPILLAR INC	CAT	498	$237,798	0.03%
170	ISHARES SILVER TR	SLV	5,599	$237,230	0.03%
171	ISHARES TR	46434V464	1,038	$235,491	0.03%
172	VERIZON COMMUNICATIONS INC	VZ	5,308	$233,293	0.03%
173	ISHARES TR	464287515	2,028	$233,246	0.03%
174	ISHARES INC	46434G764	3,430	$231,585	0.03%
175	SELECT SECTOR SPDR TR	81369Y605	4,291	$231,156	0.03%
176	STAR HLDGS	STHO	26,629	$219,157	0.03%
177	BOEING CO	BA-PA	1,014	$218,852	0.03%
178	LOCKHEED MARTIN CORP	LMT	432	$215,772	0.03%
179	UNION PAC CORP	UNP	906	$214,200	0.03%
180	VISTRA CORP	VST	1,085	$212,573	0.03%
181	UNITEDHEALTH GROUP INC	UNH	615	$212,477	0.03%
182	RTX CORPORATION	RTX	1,265	$211,697	0.03%
183	ISHARES TR	464288810	3,479	$209,008	0.03%
184	SPDR SERIES TRUST	78468R853	4,495	$208,220	0.03%
185	ISHARES TR	464288679	1,876	$207,234	0.03%
186	ISHARES TR	46435G516	2,204	$204,963	0.03%
187	NORTHERN OIL & GAS INC	NOG	8,214	$203,707	0.02%
188	NEWMONT CORP	NEMCL	2,393	$201,768	0.02%
189	STRATEGY INC	STRK	621	$200,092	0.02%
190	KIMBELL RTY PARTNERS LP	49435R102	12,760	$172,132	0.02%
191	DIREXION SHS ETF TR	25460E232	15,000	$123,150	0.02%
192	VS TRUST	UVIX	12,000	$119,160	0.01%
193	PERMROCK ROYALTY TRUST	PRT	28,741	$113,814	0.01%
194	ELEDON PHARMACEUTICALS INC	ELDN	30,000	$77,700	0.01%
195	TIDAL TRUST II	88636J527	10,000	$54,700	0.01%
196	ZJK INDL CO. LTD.	G98Y9E102	12,500	$40,250	0.00%
197	CONDUENT INC	CNDT	10,000	$28,000	0.00%
198	PROMIS NEUROSCIENCES INC	PMN	26,042	$11,068	0.00%
199	RWT HLDGS INC	749772AD1	10,000	$9,959	0.00%