9AT: FIRST DALLAS SECURITIES, INC.

Adviser Profile

As of Date	10/31/2025
Registration	SEC, Approved, 01/30/2006
ADV Location	DALLAS, TX, United States
Contact Info	214 xxxxxxx
Websites

AUM^*	335,711,026 43%
of that, discretionary	335,711,026 43%
Number of Employees	20
of those in investment advisory functions	9
Private Fund GAV^*	0
Avg Account Size	1,262,072 83%
% High Net Worth	37.22% 501%
SMA’s	Yes
Private Funds	0

Adviser Type

- Large advisory firm

Client Types

- Individuals (other than high net worth individuals)
- High net worth individuals
- Banking or thrift institutions
- Charitable organizations
- Corporations or other businesses not listed above

Advisory Activities

- Portfolio management for individuals and/or small businesses

Compensation Arrangments

- Commissions

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser MIDWEST FINANCIAL PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.5b	#Funds-
Adviser CAPITAL ADVISORS, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM7.4b	#Funds-
Adviser CLAYTON WEALTH PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM909.8m	#Funds-
Adviser DAVIDSON CAPITAL MANAGEMENT, INC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM630.3m	#Funds-
Adviser BLUE MARBLE INVESTMENTS	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM205.1m	#Funds-
Adviser ENTASIS ASSET MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM197.9m	#Funds-
Adviser ALSWORTH CAPITAL MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM116.7m	#Funds-
Adviser R. F. LAFFERTY & CO., INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM129.8m	#Funds-
Adviser AVERA CAPITAL WEALTH MANAGEMENT	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM132.7m	#Funds-
Adviser GEM ASSET MANAGEMENT, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM628.1m	#Funds-

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker67066G104	Stock NameNvidia Corporation	$ Position$36,033,580	% Position13.00%	$ Change-6.00%	# Change1.00%
Stck Ticker88262P102	Stock NameTexas Pacific Land Corporation	$ Position$28,262,385	% Position10.00%	$ Change52.00%	# Change-8.00%
Stck Ticker037833100	Stock NameApple Inc	$ Position$17,047,397	% Position6.00%	$ Change-8.00%	# Change-1.00%
Stck Ticker023135106	Stock NameAmazon.Com Inc	$ Position$8,267,486	% Position3.00%	$ Change-10.00%	# Change-1.00%
Stck Ticker30231G102	Stock NameExxon Mobile Corp	$ Position$7,531,291	% Position3.00%	$ Change34.00%	# Change-5.00%
Stck Ticker35671D857	Stock NameFreeport-Mcmoran Inc Cl B	$ Position$7,328,860	% Position3.00%	$ Change9.00%	# Change-6.00%
Stck Ticker532457108	Stock NameEli Lilly & Co	$ Position$4,959,619	% Position2.00%	$ Change-20.00%	# Change-6.00%
Stck Ticker30303M102	Stock NameMeta Platforms Inc Cl A	$ Position$4,653,177	% Position2.00%	$ Change-17.00%	# Change-4.00%
Stck Ticker097023105	Stock NameBoeing Co	$ Position$6,455,940	% Position2.00%	$ Change-6.00%	# Change2.00%
Stck Ticker149123101	Stock NameCaterpillar Inc	$ Position$6,129,531	% Position2.00%	$ Change10.00%	# Change-11.00%

Brochure Summary

Overview

INTRODUCTION First Dallas Securities, Inc. is a Registered Investment Advisory Firm registered with the U.S. Securities and Exchange Commission (“SEC”) since January 30th, 2006. We are noticed filed in our home state of Texas and various other states, which means we are registered to do business in these states. We may conduct business in other states by claiming an exemption from registration. Our registration as an Investment Adviser does not imply any level of skill or training. We provide oral and written communications that you may use to evaluate us and other advisers, which may be factors in your decision to hire us or to continue to maintain a mutually beneficial relationship. This Brochure provides information about our qualifications and business practices. OWNERSHIP First Dallas Securities, Inc. was formed as a corporation in Texas in October, 1983 and first opened for business in 1988. First Dallas Securities, Inc. is a wholly owned subsidiary of Hodges Capital Holdings, Inc. Chairman/CEO, Craig D. Hodges, owns approximately 23.7% equity stock. Hodges Capital Holdings largest shareholder is Hodges Capital Holdings Voting Trust at 46.9%; of which Craig Hodges, Camille Hodges Hays and Clark Hodges, trustees, each has approximately 1/3 voting control. ADVISORY SERVICES OFFERED INVESTMENT MANAGEMENT SERVICES: Our investment management service consists of asset allocation and portfolio

management tailored to meet your investment goals. Accounts are managed by an assigned investment adviser representative, who has discretion over the account and makes buy and sell decisions for assigned accounts based on his or her judgment of market conditions and the investment merits of securities as they relate to your investment objectives. Our investment adviser representatives operate independently of one another and therefore may place trades before or after trades for other client accounts, including the Hodges Mutual Funds. We have the authority to invest in a wide variety of types of investments, but we generally focus on equity securities, more specifically, domestic stocks. Discretionary Management of Advisory Accounts As an investment adviser, we provide discretionary account management services. For these accounts, you have granted us discretion to buy and sell securities for your account through our investment adviser representative who serves as your principal contact. These investments are determined based upon your investment objectives, risk tolerance, net worth, net income, age, investment time horizon, tax situation and other various suitability factors. We do not participate in any wrap fee programs. ASSETS UNDER MANAGEMENT: As of July 31st, 2023, First Dallas Securities, Inc. had $234,332,273 in discretionary assets under management. Form ADV Part 2A: Firm Brochure | 5

FIRST DALLAS SECURITIES, INC.

FIRST DALLAS SECURITIES, INC.

FIRST DALLAS SECURITIES INCORPORATED

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Top Holdings

Brochure Summary

Overview

Need help?

Send a question to 9AT support.

FIRST DALLAS SECURITIES, INC. FIRST DALLAS SECURITIES, INC. FIRST DALLAS SECURITIES INCORPORATED

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Top Holdings

Brochure Summary

Overview

FIRST DALLAS SECURITIES, INC.

FIRST DALLAS SECURITIES, INC.

FIRST DALLAS SECURITIES INCORPORATED