ADAMS ASSET ADVISORS, LLC

PrivateCIK: 1386929

Location

DALLAS, TX

Positions

$881.73M

Total AUM (reported)

19.11M

Total Shares

Allocation by class

COM$719.81M81.6%

NASDAQ EQT PREM$86.54M9.8%

CL B NEW$25.37M2.9%

*W EXP 08/03/2027$12.47M1.4%

US DIVIDEND EQ$6.89M0.8%

COM SHS$5.26M0.6%

CUM CONV PFD A$4.26M0.5%

Portfolio Concentration

Top 3$238.95M27.1%

4–10$179.46M20.4%

11–25$239.73M27.2%

Rest$223.60M25.4%

Top 3 weight

27.1%

Top 10 weight

47.5%

Voting Authority Distribution

Total shares with voting rights: 20.36M

Sole

Full voting authority

6.75M

% of voting shares33.1%

Shared

Joint voting authority

1.25M

% of voting shares6.1%

None

No voting authority

12.36M

% of voting shares60.7%

Investment Discretion (by position count)

Sole88

Shared0

Other0

Dominant voting typeNone · 60.7% of voting shares

Institutional Holdings88

Rows:

J P MORGAN EXCHANGE TRADES F

SOLE

NASDAQ EQT PREM

Shares1.41M

TypeSH

Market value$86.54M

9.81%

Sole

551.10K

Shared

0.00

None

856.96K

OCCIDENTAL PETROL CORP

SOLE

COM

Shares1.65M

TypeSH

Market value$80.14M

9.09%

Sole

779.24K

Shared

0.00

None

870.81K

CALUMET INC

SOLE

COM

Shares2.01M

TypeSH

Market value$72.26M

8.20%

Sole

950K

Shared

1.25M

None

1.06M

SUNOCO LP

SOLE

COM

Shares565.82K

TypeSH

Market value$38.19M

4.33%

Sole

160K

Shared

0.00

None

405.82K

ENERGY TRANSFER LP

SOLE

COM

Shares1.47M

TypeSH

Market value$28.17M

3.20%

Sole

485.04K

Shared

0.00

None

988.52K

BERKSHIRE HATHAWAY INC

SOLE

CL B NEW

Shares50.70K

TypeSH

Market value$25.37M

2.88%

Sole

46.50K

Shared

0.00

None

4.20K

DORCHESTER MINERALS LP

SOLE

COM

Shares910.93K

TypeSH

Market value$23.00M

2.61%

Sole

135.96K

Shared

0.00

None

774.98K

APPLE INC

SOLE

COM

Shares78.74K

TypeSH

Market value$22.78M

2.58%

Sole

0.00

Shared

0.00

None

78.74K

BRITISH AMER TOBACCO F SPONSORED ADR

SOLE

COM

Shares343.02K

TypeSH

Market value$21.18M

2.40%

Sole

120.80K

Shared

0.00

None

222.21K

CITIGROUP INC

SOLE

COM

Shares148.29K

TypeSH

Market value$20.76M

2.35%

Sole

27.92K

Shared

0.00

None

120.37K

CUMMINS INC

SOLE

COM

Shares28.23K

TypeSH

Market value$20.14M

2.28%

Sole

6.20K

Shared

0.00

None

22.03K

PLAINS ALL AMERICAN PIPELINE LP

SOLE

COM

Shares823.06K

TypeSH

Market value$18.32M

2.08%

Sole

189.46K

Shared

0.00

None

633.60K

CISCO SYSTEMS INC

SOLE

COM

Shares155.64K

TypeSH

Market value$18.28M

2.07%

Sole

30.20K

Shared

0.00

None

125.44K

NEWMONT CORP

SOLE

COM

Shares195.06K

TypeSH

Market value$18.22M

2.07%

Sole

32.98K

Shared

0.00

None

162.08K

HF SINCLAIR COPR

SOLE

COM

Shares243.84K

TypeSH

Market value$16.98M

1.93%

Sole

32.58K

Shared

0.00

None

211.26K

ALTRIA GROUP INC

SOLE

COM

Shares235.73K

TypeSH

Market value$16.96M

1.92%

Sole

65.16K

Shared

0.00

None

170.57K

VALERO ENERGY COPR NEW

SOLE

COM

Shares64.38K

TypeSH

Market value$16.77M

1.90%

Sole

10.68K

Shared

0.00

None

53.70K

WESTERN MIDSTREAM PARTNERS LP

SOLE

COM

Shares374.82K

TypeSH

Market value$16.40M

1.86%

Sole

65.91K

Shared

0.00

None

308.92K

ABBVIE

SOLE

COM

Shares62.91K

TypeSH

Market value$15.83M

1.80%

Sole

12.94K

Shared

0.00

None

49.97K

ENTERPRISE PRODUCTS PPTNSLP

SOLE

COM

Shares398.77K

TypeSH

Market value$14.66M

1.66%

Sole

68K

Shared

0.00

None

330.77K

GLODMAN SACHS GROUP

SOLE

COM

Shares14.41K

TypeSH

Market value$14.57M

1.65%

Sole

3.77K

Shared

0.00

None

10.64K

BANK OF AMERICA

SOLE

COM

Shares243.54K

TypeSH

Market value$13.88M

1.57%

Sole

46.63K

Shared

0.00

None

196.91K

WELLS FARGO & CO

SOLE

COM

Shares159.65K

TypeSH

Market value$13.19M

1.50%

Sole

29.45K

Shared

0.00

None

130.20K

AMGEN INC

SOLE

COM

Shares36.05K

TypeSH

Market value$13.05M

1.48%

Sole

4.77K

Shared

0.00

None

31.28K

MPLX LP

SOLE

COM

Shares221.45K

TypeSH

Market value$12.47M

1.41%

Sole

21.64K

Shared

0.00

None

199.81K

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	Shared	None
J P MORGAN EXCHANGE TRADES FSOLE	NASDAQ EQT PREM	1.41M	SH	$86.54M 9.81%	551.10K	0.00	856.96K
OCCIDENTAL PETROL CORPSOLE	COM	1.65M	SH	$80.14M 9.09%	779.24K	0.00	870.81K
CALUMET INCSOLE	COM	2.01M	SH	$72.26M 8.20%	950K	1.25M	1.06M
SUNOCO LPSOLE	COM	565.82K	SH	$38.19M 4.33%	160K	0.00	405.82K
ENERGY TRANSFER LPSOLE	COM	1.47M	SH	$28.17M 3.20%	485.04K	0.00	988.52K
BERKSHIRE HATHAWAY INCSOLE	CL B NEW	50.70K	SH	$25.37M 2.88%	46.50K	0.00	4.20K
DORCHESTER MINERALS LPSOLE	COM	910.93K	SH	$23.00M 2.61%	135.96K	0.00	774.98K
APPLE INCSOLE	COM	78.74K	SH	$22.78M 2.58%	0.00	0.00	78.74K
BRITISH AMER TOBACCO F SPONSORED ADRSOLE	COM	343.02K	SH	$21.18M 2.40%	120.80K	0.00	222.21K
CITIGROUP INCSOLE	COM	148.29K	SH	$20.76M 2.35%	27.92K	0.00	120.37K
CUMMINS INCSOLE	COM	28.23K	SH	$20.14M 2.28%	6.20K	0.00	22.03K
PLAINS ALL AMERICAN PIPELINE LPSOLE	COM	823.06K	SH	$18.32M 2.08%	189.46K	0.00	633.60K
CISCO SYSTEMS INCSOLE	COM	155.64K	SH	$18.28M 2.07%	30.20K	0.00	125.44K
NEWMONT CORPSOLE	COM	195.06K	SH	$18.22M 2.07%	32.98K	0.00	162.08K
HF SINCLAIR COPRSOLE	COM	243.84K	SH	$16.98M 1.93%	32.58K	0.00	211.26K
ALTRIA GROUP INCSOLE	COM	235.73K	SH	$16.96M 1.92%	65.16K	0.00	170.57K
VALERO ENERGY COPR NEWSOLE	COM	64.38K	SH	$16.77M 1.90%	10.68K	0.00	53.70K
WESTERN MIDSTREAM PARTNERS LPSOLE	COM	374.82K	SH	$16.40M 1.86%	65.91K	0.00	308.92K
ABBVIESOLE	COM	62.91K	SH	$15.83M 1.80%	12.94K	0.00	49.97K
ENTERPRISE PRODUCTS PPTNSLPSOLE	COM	398.77K	SH	$14.66M 1.66%	68K	0.00	330.77K
GLODMAN SACHS GROUPSOLE	COM	14.41K	SH	$14.57M 1.65%	3.77K	0.00	10.64K
BANK OF AMERICASOLE	COM	243.54K	SH	$13.88M 1.57%	46.63K	0.00	196.91K
WELLS FARGO & COSOLE	COM	159.65K	SH	$13.19M 1.50%	29.45K	0.00	130.20K
AMGEN INCSOLE	COM	36.05K	SH	$13.05M 1.48%	4.77K	0.00	31.28K
MPLX LPSOLE	COM	221.45K	SH	$12.47M 1.41%	21.64K	0.00	199.81K

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