ADAMS ASSET ADVISORS, LLC

PrivateCIK: 1386929

Location

DALLAS, TX

Positions

$891.46M

Total AUM (reported)

19.70M

Total Shares

Allocation by class

COM$761.91M85.5%

NASDAQ EQT PREM$60.35M6.8%

*W EXP 08/03/2027$20.09M2.3%

CL B NEW$15.79M1.8%

US DIVIDEND EQ$6.75M0.8%

COM UNT RP INT$3.50M0.4%

GLBL X MLP ETF$3.37M0.4%

Portfolio Concentration

Top 3$284.69M31.9%

4–10$170.16M19.1%

11–25$222.66M25.0%

Rest$213.95M24.0%

Top 3 weight

31.9%

Top 10 weight

51.0%

Voting Authority Distribution

Total shares with voting rights: 20.95M

Sole

Full voting authority

7.16M

% of voting shares34.2%

Shared

Joint voting authority

1.25M

% of voting shares6.0%

None

No voting authority

12.54M

% of voting shares59.8%

Investment Discretion (by position count)

Sole88

Shared0

Other0

Dominant voting typeNone · 59.8% of voting shares

Institutional Holdings88

Rows:

CALUMET INC

SOLE

COM

Shares3.20M

TypeSH

Market value$114.96M

12.90%

Sole

1.95M

Shared

1.25M

None

1.25M

OCCIDENTAL PETROL CORP

SOLE

COM

Shares1.68M

TypeSH

Market value$109.38M

12.27%

Sole

779.24K

Shared

0.00

None

903.51K

J P MORGAN EXCHANGE TRADED F

SOLE

NASDAQ EQT PREM

Shares1.09M

TypeSH

Market value$60.35M

6.77%

Sole

230.10K

Shared

0.00

None

856.96K

SUNOCO LP

SOLE

COM

Shares565.82K

TypeSH

Market value$36.76M

4.12%

Sole

160K

Shared

0.00

None

405.82K

ENERGY TRANSFER LP

SOLE

COM

Shares1.44M

TypeSH

Market value$27.83M

3.12%

Sole

485.04K

Shared

0.00

None

956.72K

DORCHESTER MINERALS LP

SOLE

COM

Shares888.26K

TypeSH

Market value$24.07M

2.70%

Sole

135.96K

Shared

0.00

None

752.31K

NEWMONT CORP

SOLE

COM

Shares198.96K

TypeSH

Market value$21.54M

2.42%

Sole

32.98K

Shared

0.00

None

165.98K

OCCIDENTAL PETE CORP WTS EXP 08/03/2027

SOLE

*W EXP 08/03/2027

Shares468.31K

TypeSH

Market value$20.09M

2.25%

Sole

254.43K

Shared

0.00

None

213.89K

BRITISH AMER TOBACCO F SPONSORED ADR

SOLE

COM

Shares343.02K

TypeSH

Market value$20.06M

2.25%

Sole

120.80K

Shared

0.00

None

222.21K

APPLE INC

SOLE

COM

Shares78.07K

TypeSH

Market value$19.81M

2.22%

Sole

0.00

Shared

0.00

None

78.07K

PLAINS ALL AMERICAN PIPELINE LP

SOLE

COM

Shares823.06K

TypeSH

Market value$18.38M

2.06%

Sole

189.46K

Shared

0.00

None

633.60K

CITIGROUP INC

SOLE

COM

Shares149.31K

TypeSH

Market value$16.93M

1.90%

Sole

27.92K

Shared

0.00

None

121.39K

VALERO ENERGY CORP NEW

SOLE

COM

Shares64.38K

TypeSH

Market value$15.91M

1.78%

Sole

10.68K

Shared

0.00

None

53.70K

BERKSHIRE HATHAWAY INC

SOLE

CL B NEW

Shares32.95K

TypeSH

Market value$15.79M

1.77%

Sole

29.07K

Shared

0.00

None

3.88K

ALTRIA GROUP INC

SOLE

COM

Shares235.73K

TypeSH

Market value$15.56M

1.74%

Sole

65.16K

Shared

0.00

None

170.57K

CUMMINS INC

SOLE

COM

Shares28.38K

TypeSH

Market value$15.27M

1.71%

Sole

6.20K

Shared

0.00

None

22.18K

HF SINCLAIR CORP

SOLE

COM

Shares243.84K

TypeSH

Market value$15.21M

1.71%

Sole

32.58K

Shared

0.00

None

211.26K

ENTERPRISE PRODUCTS PPTNSLP

SOLE

COM

Shares398.77K

TypeSH

Market value$15.09M

1.69%

Sole

68K

Shared

0.00

None

330.77K

VERIZON COMMUNICATIONS

SOLE

COM

Shares293.73K

TypeSH

Market value$14.75M

1.65%

Sole

81.89K

Shared

0.00

None

211.84K

CHEVRON CORP

SOLE

COM

Shares68.46K

TypeSH

Market value$14.16M

1.59%

Sole

0.00

Shared

0.00

None

68.46K

WESTERN MIDSTREAM PARTNERS LP

SOLE

COM

Shares342.11K

TypeSH

Market value$14.08M

1.58%

Sole

65.91K

Shared

0.00

None

276.20K

ABBVIE

SOLE

COM

Shares62.91K

TypeSH

Market value$13.68M

1.53%

Sole

12.94K

Shared

0.00

None

49.97K

WELLS FARGO & CO

SOLE

COM

Shares159.77K

TypeSH

Market value$12.72M

1.43%

Sole

29.45K

Shared

0.00

None

130.32K

AMGEN INC

SOLE

COM

Shares35.90K

TypeSH

Market value$12.63M

1.42%

Sole

4.77K

Shared

0.00

None

31.13K

AT&T

SOLE

COM

Shares431.24K

TypeSH

Market value$12.50M

1.40%

Sole

67.35K

Shared

0.00

None

363.89K

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	Shared	None
CALUMET INCSOLE	COM	3.20M	SH	$114.96M 12.90%	1.95M	1.25M	1.25M
OCCIDENTAL PETROL CORPSOLE	COM	1.68M	SH	$109.38M 12.27%	779.24K	0.00	903.51K
J P MORGAN EXCHANGE TRADED FSOLE	NASDAQ EQT PREM	1.09M	SH	$60.35M 6.77%	230.10K	0.00	856.96K
SUNOCO LPSOLE	COM	565.82K	SH	$36.76M 4.12%	160K	0.00	405.82K
ENERGY TRANSFER LPSOLE	COM	1.44M	SH	$27.83M 3.12%	485.04K	0.00	956.72K
DORCHESTER MINERALS LPSOLE	COM	888.26K	SH	$24.07M 2.70%	135.96K	0.00	752.31K
NEWMONT CORPSOLE	COM	198.96K	SH	$21.54M 2.42%	32.98K	0.00	165.98K
OCCIDENTAL PETE CORP WTS EXP 08/03/2027SOLE	*W EXP 08/03/2027	468.31K	SH	$20.09M 2.25%	254.43K	0.00	213.89K
BRITISH AMER TOBACCO F SPONSORED ADRSOLE	COM	343.02K	SH	$20.06M 2.25%	120.80K	0.00	222.21K
APPLE INCSOLE	COM	78.07K	SH	$19.81M 2.22%	0.00	0.00	78.07K
PLAINS ALL AMERICAN PIPELINE LPSOLE	COM	823.06K	SH	$18.38M 2.06%	189.46K	0.00	633.60K
CITIGROUP INCSOLE	COM	149.31K	SH	$16.93M 1.90%	27.92K	0.00	121.39K
VALERO ENERGY CORP NEWSOLE	COM	64.38K	SH	$15.91M 1.78%	10.68K	0.00	53.70K
BERKSHIRE HATHAWAY INCSOLE	CL B NEW	32.95K	SH	$15.79M 1.77%	29.07K	0.00	3.88K
ALTRIA GROUP INCSOLE	COM	235.73K	SH	$15.56M 1.74%	65.16K	0.00	170.57K
CUMMINS INCSOLE	COM	28.38K	SH	$15.27M 1.71%	6.20K	0.00	22.18K
HF SINCLAIR CORPSOLE	COM	243.84K	SH	$15.21M 1.71%	32.58K	0.00	211.26K
ENTERPRISE PRODUCTS PPTNSLPSOLE	COM	398.77K	SH	$15.09M 1.69%	68K	0.00	330.77K
VERIZON COMMUNICATIONSSOLE	COM	293.73K	SH	$14.75M 1.65%	81.89K	0.00	211.84K
CHEVRON CORPSOLE	COM	68.46K	SH	$14.16M 1.59%	0.00	0.00	68.46K
WESTERN MIDSTREAM PARTNERS LPSOLE	COM	342.11K	SH	$14.08M 1.58%	65.91K	0.00	276.20K
ABBVIESOLE	COM	62.91K	SH	$13.68M 1.53%	12.94K	0.00	49.97K
WELLS FARGO & COSOLE	COM	159.77K	SH	$12.72M 1.43%	29.45K	0.00	130.32K
AMGEN INCSOLE	COM	35.90K	SH	$12.63M 1.42%	4.77K	0.00	31.13K
AT&TSOLE	COM	431.24K	SH	$12.50M 1.40%	67.35K	0.00	363.89K

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