# EDGAR Filing Document

**Accession Number:** 0001395055
**File Stem:** 0001140361-26-004098
**Filing Date:** 2026-2
**Character Count:** 20743
**Document Hash:** 972defa6c9a78f8f78ef7cf7aee1ed2e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-004098.hdr.sgml**: 20260206

**ACCESSION NUMBER**: 0001140361-26-004098

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260206

**DATE AS OF CHANGE**: 20260206

**EFFECTIVENESS DATE**: 20260206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Callahan Advisors, LLC
- **CENTRAL INDEX KEY:** 0001395055

**ORGANIZATION NAME:**
- **EIN:** 760587368
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12463
- **FILM NUMBER:** 26606196

**BUSINESS ADDRESS:**
- **STREET 1:** 3555 TIMMONS LANE, SUITE 600
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77027
- **BUSINESS PHONE:** 713-572-3366

**MAIL ADDRESS:**
- **STREET 1:** 3555 TIMMONS LANE, SUITE 600
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77027

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Callahan, Leighton & Co., LLC
- **DATE OF NAME CHANGE:** 20070330

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Callahan Advisors LLC<br>**Address:** 3555 Timmons Lane Suite 600<br>Houston, TX 77027

**Form 13F File Number:** 028-12463

**CRD Number (if applicable):** 000114058

**SEC File Number (if applicable):** 801-61981

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** /s/ Rachel C. Gummattira<br>**Title:** Managing Director<br>**Phone:** (713) 572-3366

**Signature, Place, and Date of Signing:**

/s/ Rachel C. Gummattira  Houston, TX  02-05-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 174

**Form 13F Information Table Value Total:** $1216662008

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| 1st Finl Banksh | COM | 32020R109 |  | 742867 | 24870 | SH |  | SOLE |  | 24870 | 0 | 0 |
| 3M Co | COM | 88579Y101 |  | 268287 | 1676 | SH |  | SOLE |  | 1625 | 0 | 51 |
| A S M L Holding Nv New | N Y REGISTRY SHS | N07059210 |  | 14131781 | 13209 | SH |  | SOLE |  | 12654 | 0 | 555 |
| Abbott Laboratories | COM | 002824100 |  | 10499091 | 83798 | SH |  | SOLE |  | 81448 | 0 | 2350 |
| AbbVie Inc | COM | 00287Y109 |  | 1265456 | 5538 | SH |  | SOLE |  | 5538 | 0 | 0 |
| Accenture PLC CL A | SHS CLASS A | G1151C101 |  | 5465539 | 20371 | SH |  | SOLE |  | 19371 | 0 | 1000 |
| Adobe Systems Inc | COM | 00724F101 |  | 7534935 | 21529 | SH |  | SOLE |  | 20334 | 0 | 1195 |
| Alphabet Inc Class A | CAP STK CL A | 02079K305 |  | 9017909 | 28811 | SH |  | SOLE |  | 27711 | 0 | 1100 |
| Alphabet Inc Class C | CAP STK CL C | 02079K107 |  | 82581080 | 263165 | SH |  | SOLE |  | 253933 | 0 | 9232 |
| Altria Group Inc. | COM | 02209S103 |  | 653174 | 11328 | SH |  | SOLE |  | 8578 | 0 | 2750 |
| Amazon Com Inc | COM | 023135106 |  | 52149869 | 225933 | SH |  | SOLE |  | 217508 | 0 | 8425 |
| American Express Company | COM | 025816109 |  | 6595716 | 17829 | SH |  | SOLE |  | 17603 | 0 | 226 |
| Apple Computer Inc | COM | 037833100 |  | 38417023 | 141312 | SH |  | SOLE |  | 131518 | 0 | 9794 |
| Applied Materials Inc | COM | 038222105 |  | 19005638 | 73955 | SH |  | SOLE |  | 71427 | 0 | 2528 |
| Ares Capital Corp | COM | 04010L103 |  | 206355 | 10200 | SH |  | SOLE |  | 10200 | 0 | 0 |
| AT Inc | COM | 00206R102 |  | 4626115 | 186237 | SH |  | SOLE |  | 185987 | 0 | 250 |
| Bank Of Nova Scotia | COM | 064149107 |  | 651051 | 8835 | SH |  | SOLE |  | 8385 | 0 | 450 |
| Berkshire Hathaway Cl A | CL A | 084670108 |  | 3019200 | 4 | SH |  | SOLE |  | 4 | 0 | 0 |
| Berkshire Hathaway Cl B | CL B NEW | 084670702 |  | 29789050 | 59264 | SH |  | SOLE |  | 56764 | 0 | 2500 |
| Bhp Billiton Ltd Adr | SPONSORED ADS | 088606108 |  | 2183475 | 36168 | SH |  | SOLE |  | 36168 | 0 | 0 |
| Blackrock Investment Qlt | COM | 09247D105 |  | 455943 | 40709 | SH |  | SOLE |  | 40709 | 0 | 0 |
| Blackrock Municipal Inco | SH BEN INT | 09248F109 |  | 1798642 | 179326 | SH |  | SOLE |  | 179326 | 0 | 0 |
| Blackrock Municipal Inco | COM | 09249N101 |  | 992194 | 95038 | SH |  | SOLE |  | 95038 | 0 | 0 |
| Blackrock Munivest II Cf | COM | 09253T101 |  | 613083 | 56714 | SH |  | SOLE |  | 56714 | 0 | 0 |
| Blackstone Inc | COM | 09260D107 |  | 251967 | 1635 | SH |  | SOLE |  | 1635 | 0 | 0 |
| Booking Holdings Inc | COM | 09857L108 |  | 24774297 | 4626 | SH |  | SOLE |  | 4467 | 0 | 159 |
| Bristol-Myers Squibb Co | COM | 110122108 |  | 673533 | 12487 | SH |  | SOLE |  | 12487 | 0 | 0 |
| Broadcom Inc | COM | 11135F101 |  | 1221308 | 3529 | SH |  | SOLE |  | 3529 | 0 | 0 |
| Brookfield Corp | COM | 11271J107 |  | 32301722 | 703895 | SH |  | SOLE |  | 676703 | 0 | 27191 |
| Brookfield Infra Ptnrs | LP INT UNIT | G16252101 |  | 881560 | 25376 | SH |  | SOLE |  | 25376 | 0 | 0 |
| Brown Forman Corp Cl B | CL B | 115637209 |  | 1856749 | 71249 | SH |  | SOLE |  | 71249 | 0 | 0 |
| Cadence Bancorporati | COM | 12740C103 |  | 280174 | 6540 | SH |  | SOLE |  | 6540 | 0 | 0 |
| Canadian Natl Ry Co | COM | 136375102 |  | 5775039 | 58422 | SH |  | SOLE |  | 55920 | 0 | 2502 |
| Cardinal Health Inc | COM | 14149Y108 |  | 6849924 | 33333 | SH |  | SOLE |  | 33001 | 0 | 332 |
| Caterpillar Inc | COM | 149123101 |  | 29141472 | 50869 | SH |  | SOLE |  | 49549 | 0 | 1320 |
| Chevron Corp | COM | 166764100 |  | 12901953 | 84653 | SH |  | SOLE |  | 81954 | 0 | 2699 |
| Chubb Ltd F | COM | H1467J104 |  | 30393729 | 97378 | SH |  | SOLE |  | 93813 | 0 | 3566 |
| Cintas Corp | COM | 172908105 |  | 4499445 | 23924 | SH |  | SOLE |  | 22624 | 0 | 1300 |
| Cisco Systems Inc | COM | 17275R102 |  | 5118036 | 66442 | SH |  | SOLE |  | 63174 | 0 | 3268 |
| Clorox Company | COM | 189054109 |  | 3182624 | 31564 | SH |  | SOLE |  | 30589 | 0 | 975 |
| Coca Cola Company | COM | 191216100 |  | 3753701 | 53693 | SH |  | SOLE |  | 49807 | 0 | 3886 |
| Comstock Res Inc | COM | 205768302 |  | 208620 | 9000 | SH |  | SOLE |  | 9000 | 0 | 0 |
| ConocoPhillips | COM | 20825C104 |  | 774222 | 8271 | SH |  | SOLE |  | 8271 | 0 | 0 |
| Constellation Brand | CL A | 21036P108 |  | 246770 | 1789 | SH |  | SOLE |  | 1789 | 0 | 0 |
| Corteva Inc | COM | 22052L104 |  | 9333080 | 139237 | SH |  | SOLE |  | 132448 | 0 | 6790 |
| Costco Whsl Corp New | COM | 22160K105 |  | 653874 | 758 | SH |  | SOLE |  | 743 | 0 | 15 |
| Crescent Energy Co A | COM | 44952J104 |  | 890842 | 106179 | SH |  | SOLE |  | 106179 | 0 | 0 |
| Cullen/Frost Bankers Inc. | COM | 229899109 |  | 3334569 | 26333 | SH |  | SOLE |  | 25383 | 0 | 950 |
| CVS Health Corporation | COM | 126650100 |  | 7214875 | 90913 | SH |  | SOLE |  | 88262 | 0 | 2651 |
| D R Horton Co | COM | 23331A109 |  | 1017792 | 7067 | SH |  | SOLE |  | 7067 | 0 | 0 |
| Danaher Corp | COM | 235851102 |  | 2461101 | 10751 | SH |  | SOLE |  | 10701 | 0 | 50 |
| Davita Inc | COM | 23918K108 |  | 1089747 | 9592 | SH |  | SOLE |  | 9492 | 0 | 100 |
| Devon Energy Corp New | COM | 25179M103 |  | 215139 | 5873 | SH |  | SOLE |  | 5873 | 0 | 0 |
| Diageo Plc New Adr | SPON ADR NEW | 25243Q205 |  | 1194880 | 13850 | SH |  | SOLE |  | 13100 | 0 | 750 |
| Diamondback Energy | COM | 25278X109 |  | 749022 | 4983 | SH |  | SOLE |  | 4983 | 0 | 0 |
| Disney Walt Hldg Co | COM | 254687106 |  | 5984152 | 52599 | SH |  | SOLE |  | 50467 | 0 | 2132 |
| Dollar Tree Inc | COM | 256746108 |  | 733755 | 5965 | SH |  | SOLE |  | 5215 | 0 | 750 |
| Dominion Res Inc Va New | COM | 25746U109 |  | 1656647 | 28275 | SH |  | SOLE |  | 27675 | 0 | 600 |
| Dycom Industries Inc | COM | 267475101 |  | 10140041 | 30009 | SH |  | SOLE |  | 29834 | 0 | 175 |
| E O G Resources Inc | COM | 26875P101 |  | 2336564 | 22251 | SH |  | SOLE |  | 21351 | 0 | 900 |
| Eagle Materials Inc | COM | 26969P108 |  | 9253942 | 44774 | SH |  | SOLE |  | 43523 | 0 | 1252 |
| Eaton Corporation | SHS | G29183103 |  | 8347510 | 26208 | SH |  | SOLE |  | 25233 | 0 | 975 |
| Eli Lilly  Company | COM | 532457108 |  | 20592559 | 19162 | SH |  | SOLE |  | 18269 | 0 | 893 |
| Enbridge Inc | COM | 29250N105 |  | 5833586 | 121965 | SH |  | SOLE |  | 120965 | 0 | 1000 |
| Entegris Inc | COM | 29362U104 |  | 266259 | 3160 | SH |  | SOLE |  | 3160 | 0 | 0 |
| Enterprise Prd Prtnrs Lp | COM | 293792107 |  | 2475184 | 77205 | SH |  | SOLE |  | 73205 | 0 | 4000 |
| EQT Corp | COM | 26884L109 |  | 19185186 | 357933 | SH |  | SOLE |  | 345056 | 0 | 12877 |
| Exxon Mobil Corp | COM | 30231G102 |  | 16028451 | 133193 | SH |  | SOLE |  | 130293 | 0 | 2900 |
| FedEx Corporation | COM | 31428X106 |  | 18755572 | 64930 | SH |  | SOLE |  | 62338 | 0 | 2591 |
| First Solar Inc | COM | 336433107 |  | 2508330 | 9602 | SH |  | SOLE |  | 9282 | 0 | 320 |
| Firstenergy Corp | COM | 337932107 |  | 1459502 | 32600 | SH |  | SOLE |  | 32600 | 0 | 0 |
| Fiserv Inc | COM | 337738108 |  | 1925630 | 28668 | SH |  | SOLE |  | 28083 | 0 | 585 |
| Fortinet Inc | COM | 34959E109 |  | 10759737 | 135496 | SH |  | SOLE |  | 131636 | 0 | 3860 |
| FRIEDMAN INDS INC COM | COM | 358435105 |  | 917378 | 44772 | SH |  | SOLE |  | 44772 | 0 | 0 |
| GE Aerospace | COM | 369604301 |  | 877788 | 2850 | SH |  | SOLE |  | 2850 | 0 | 0 |
| GE Vernova Inc | COM | 36828A101 |  | 2492716 | 3814 | SH |  | SOLE |  | 3519 | 0 | 295 |
| General Dynamics Corp | COM | 369550108 |  | 2406109 | 7147 | SH |  | SOLE |  | 7147 | 0 | 0 |
| Gilead Sciences Inc | COM | 375558103 |  | 386838 | 3152 | SH |  | SOLE |  | 3152 | 0 | 0 |
| Hershey Foods Corp | COM | 427866108 |  | 2575994 | 14155 | SH |  | SOLE |  | 14155 | 0 | 0 |
| Home Depot Inc | COM | 437076102 |  | 2919682 | 8485 | SH |  | SOLE |  | 7934 | 0 | 551 |
| Ies Hldgs Inc | COM | 44951W106 |  | 350118 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| Intl Bancshares Corp | COM | 459044103 |  | 615035 | 9257 | SH |  | SOLE |  | 9257 | 0 | 0 |
| Intl Business Machines | COM | 459200101 |  | 1217076 | 4109 | SH |  | SOLE |  | 4109 | 0 | 0 |
| Intuit Inc | COM | 461202103 |  | 6704353 | 10121 | SH |  | SOLE |  | 9831 | 0 | 290 |
| Intuitive Surgical New | COM | 46120E602 |  | 488202 | 862 | SH |  | SOLE |  | 862 | 0 | 0 |
| Iqvia Holdings Inc | COM | 46266C105 |  | 9723962 | 43139 | SH |  | SOLE |  | 41364 | 0 | 1775 |
| Ishares Floating Rate ETF | ETF | 46429B655 |  | 1964494 | 38626 | SH |  | SOLE |  | 36112 | 0 | 2513 |
| Johnson  Johnson | COM | 478160104 |  | 24951763 | 120569 | SH |  | SOLE |  | 116627 | 0 | 3942 |
| JPMorgan Chase  Co. | COM | 46625H100 |  | 31117782 | 96573 | SH |  | SOLE |  | 92613 | 0 | 3960 |
| Kenvue Inc | COM | 49177J102 |  | 2318486 | 134405 | SH |  | SOLE |  | 134405 | 0 | 0 |
| Kinder Morgan Inc | COM | 49456B101 |  | 8803100 | 320229 | SH |  | SOLE |  | 315156 | 0 | 5073 |
| Kolibri Global Energy | COM | 50043K406 |  | 43230 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| Lam Research Corp | COM | 512807306 |  | 525120 | 3068 | SH |  | SOLE |  | 3068 | 0 | 0 |
| Lazard Inc | COM | 52110M109 |  | 2732509 | 56271 | SH |  | SOLE |  | 55271 | 0 | 1000 |
| Linde Plc | SHS | G54950103 |  | 722731 | 1695 | SH |  | SOLE |  | 1695 | 0 | 0 |
| Lockheed Martin Corp | COM | 539830109 |  | 2398039 | 4958 | SH |  | SOLE |  | 4958 | 0 | 0 |
| Lowes Companies Inc | COM | 548661107 |  | 14302585 | 59307 | SH |  | SOLE |  | 57369 | 0 | 1939 |
| Main Street Capital Corp | COM | 56035L104 |  | 1080383 | 17890 | SH |  | SOLE |  | 17890 | 0 | 0 |
| Marvell Tech Group | COM | 573874104 |  | 247377 | 2911 | SH |  | SOLE |  | 2911 | 0 | 0 |
| Mastercard Inc | CL A | 57636Q104 |  | 19141063 | 33529 | SH |  | SOLE |  | 32391 | 0 | 1138 |
| McDonalds Corp | COM | 580135101 |  | 18755410 | 61366 | SH |  | SOLE |  | 59202 | 0 | 2165 |
| Mercadolibre Inc | COM | 58733R102 |  | 2346613 | 1165 | SH |  | SOLE |  | 1140 | 0 | 25 |
| Merck  Co Inc | COM | 58933Y105 |  | 2463296 | 23402 | SH |  | SOLE |  | 23400 | 0 | 2 |
| Meta Platforms Inc Class A | CL A | 30303M102 |  | 67091985 | 101641 | SH |  | SOLE |  | 98150 | 0 | 3491 |
| Micron Technology Inc | COM | 595112103 |  | 273994 | 960 | SH |  | SOLE |  | 960 | 0 | 0 |
| Microsoft Corp | COM | 594918104 |  | 60306801 | 124699 | SH |  | SOLE |  | 119834 | 0 | 4864 |
| MSCI Inc | COM | 55354G100 |  | 3436643 | 5990 | SH |  | SOLE |  | 5830 | 0 | 160 |
| Netflix Inc | COM | 64110L106 |  | 4213973 | 44944 | SH |  | SOLE |  | 44084 | 0 | 860 |
| NextEra Energy Inc | COM | 65339F101 |  | 25897580 | 322591 | SH |  | SOLE |  | 311401 | 0 | 11190 |
| Nike Inc Class B | CL B | 654106103 |  | 1283438 | 20145 | SH |  | SOLE |  | 20145 | 0 | 0 |
| Northern Trust Corp | COM | 665859104 |  | 3582379 | 26227 | SH |  | SOLE |  | 24474 | 0 | 1754 |
| Nuveen Muni Value Fund | COM | 670928100 |  | 419987 | 46356 | SH |  | SOLE |  | 46356 | 0 | 0 |
| NVIDIA Corp | COM | 67066G104 |  | 30351328 | 162742 | SH |  | SOLE |  | 157917 | 0 | 4825 |
| ONEOK Inc | COM | 682680103 |  | 810614 | 11029 | SH |  | SOLE |  | 10879 | 0 | 150 |
| Oracle Corporation | COM | 68389X105 |  | 414058 | 2124 | SH |  | SOLE |  | 2124 | 0 | 0 |
| Paychex Inc | COM | 704326107 |  | 8998654 | 80216 | SH |  | SOLE |  | 76771 | 0 | 3445 |
| Paycom Software Inc | COM | 70432V102 |  | 1035840 | 6500 | SH |  | SOLE |  | 6500 | 0 | 0 |
| Pepsico Incorporated | COM | 713448108 |  | 18699359 | 130291 | SH |  | SOLE |  | 127204 | 0 | 3087 |
| Permian Resources Corp | COM | 71424F105 |  | 309964 | 22093 | SH |  | SOLE |  | 22093 | 0 | 0 |
| Pfizer Incorporated | COM | 717081103 |  | 15630180 | 627718 | SH |  | SOLE |  | 611346 | 0 | 16372 |
| Philip Morris Intl Inc | COM | 718172109 |  | 2082120 | 12981 | SH |  | SOLE |  | 10481 | 0 | 2500 |
| Phillips 66 | COM | 718546104 |  | 296276 | 2296 | SH |  | SOLE |  | 2296 | 0 | 0 |
| Plains All Amern Ppln Lp | UNIT LTD PARTN | 726503105 |  | 391058 | 21774 | SH |  | SOLE |  | 21774 | 0 | 0 |
| Plains Gp Hldgs L P | LTD PARTNR INT A | 72651A207 |  | 279444 | 14600 | SH |  | SOLE |  | 14600 | 0 | 0 |
| Primerica Inc | COM | 74164M108 |  | 4727213 | 18297 | SH |  | SOLE |  | 17312 | 0 | 985 |
| Procter  Gamble Co | COM | 742718109 |  | 14415976 | 100593 | SH |  | SOLE |  | 96197 | 0 | 4396 |
| Prologis Inc | COM | 74340W103 |  | 5242262 | 41064 | SH |  | SOLE |  | 39414 | 0 | 1650 |
| Realty Income Corp | COM | 756109104 |  | 277622 | 4925 | SH |  | SOLE |  | 4925 | 0 | 0 |
| Regeneron Pharms Inc | COM | 75886F107 |  | 713257 | 924 | SH |  | SOLE |  | 924 | 0 | 0 |
| Regions Financial Cp New | COM | 7591EP100 |  | 907850 | 33500 | SH |  | SOLE |  | 33500 | 0 | 0 |
| Restaurant Brands | COM | 76131D103 |  | 1707797 | 25030 | SH |  | SOLE |  | 25030 | 0 | 0 |
| Ring Energy Inc | COM | 76680V108 |  | 37463 | 43061 | SH |  | SOLE |  | 43061 | 0 | 0 |
| RTX Corp | COM | 75513E101 |  | 2728125 | 14875 | SH |  | SOLE |  | 14875 | 0 | 0 |
| Salesforce Com | COM | 79466L302 |  | 9705485 | 36637 | SH |  | SOLE |  | 36091 | 0 | 546 |
| Schlumberger Ltd | COM | 806857108 |  | 3868357 | 100791 | SH |  | SOLE |  | 97241 | 0 | 3550 |
| Schwab US Broad Market ETF | ETF | 808524102 |  | 2025729 | 77229 | SH |  | SOLE |  | 77229 | 0 | 0 |
| Service Now Inc | COM | 81762P102 |  | 2978320 | 19442 | SH |  | SOLE |  | 19192 | 0 | 250 |
| Skyward Specialty Ins Gr | COM | 830940102 |  | 2710466 | 53032 | SH |  | SOLE |  | 0 | 0 | 53032 |
| Solaris Energy Infrastructure Inc A | COM CL A | 83418M103 |  | 321790 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| SouthState Bank Corp | COM | 84472E102 |  | 282330 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| Spdr Gold TRUST | GOLD SHS | 78463V107 |  | 275435 | 695 | SH |  | SOLE |  | 695 | 0 | 0 |
| SPDR S 500 ETF | ETF | 78462F103 |  | 2216438 | 3250 | SH |  | SOLE |  | 3100 | 0 | 150 |
| Stabilis Solutions Inc | COM | 85236P101 |  | 128228 | 28182 | SH |  | SOLE |  | 28182 | 0 | 0 |
| Starbucks Corp | COM | 855244109 |  | 201477 | 2393 | SH |  | SOLE |  | 2185 | 0 | 208 |
| Stellar Bancorp Inc | COM | 858927106 |  | 5019519 | 162234 | SH |  | SOLE |  | 162234 | 0 | 0 |
| Steris Corp | SHS USD | G8473T100 |  | 11703475 | 46164 | SH |  | SOLE |  | 44124 | 0 | 2040 |
| Stryker Corp | COM | 863667101 |  | 16932579 | 48176 | SH |  | SOLE |  | 46108 | 0 | 2069 |
| T J X Cos Inc | COM | 872540109 |  | 3205714 | 20869 | SH |  | SOLE |  | 20119 | 0 | 750 |
| Taiwan Semiconductr Adrf | SPONSORED ADS | 874039100 |  | 10179707 | 33498 | SH |  | SOLE |  | 32423 | 0 | 1075 |
| Targa Resources Corp | COM | 87612G101 |  | 209039 | 1133 | SH |  | SOLE |  | 1133 | 0 | 0 |
| TC Energy Corp | COM | 87807B107 |  | 231042 | 4200 | SH |  | SOLE |  | 4200 | 0 | 0 |
| Tesla Motors Inc | COM | 88160R101 |  | 491094 | 1092 | SH |  | SOLE |  | 1092 | 0 | 0 |
| Texas Instruments Inc | COM | 882508104 |  | 311132 | 1793 | SH |  | SOLE |  | 1150 | 0 | 643 |
| The Southern Company | COM | 842587107 |  | 235440 | 2700 | SH |  | SOLE |  | 2700 | 0 | 0 |
| Thomson Reuters Corp | COM | 884903808 |  | 3470553 | 26314 | SH |  | SOLE |  | 26314 | 0 | 0 |
| Unilever Plc Adr New | SPON ADR NEW | 904767704 |  | 2135375 | 32651 | SH |  | SOLE |  | 32651 | 0 | 0 |
| Union Pacific Corp | COM | 907818108 |  | 1235775 | 5342 | SH |  | SOLE |  | 5342 | 0 | 0 |
| United Healthcare Cor | COM | 91324P102 |  | 15670312 | 47470 | SH |  | SOLE |  | 45167 | 0 | 2303 |
| United Rentals Inc | COM | 911363109 |  | 9128966 | 11280 | SH |  | SOLE |  | 10774 | 0 | 506 |
| Vanguard Corp Bond ETF | ETF | 92206C870 |  | 244572 | 2920 | SH |  | SOLE |  | 2920 | 0 | 0 |
| Vanguard Health Care ETF | ETF | 92204A504 |  | 305409 | 1061 | SH |  | SOLE |  | 1061 | 0 | 0 |
| Vanguard Info Technology ETF | INF TECH ETF | 92204A702 |  | 229172 | 304 | SH |  | SOLE |  | 304 | 0 | 0 |
| Vanguard S 500 ETF | ETF | 922908363 |  | 471375 | 752 | SH |  | SOLE |  | 752 | 0 | 0 |
| Vanguard Telecom ETF | ETF | 92204A884 |  | 338853 | 1750 | SH |  | SOLE |  | 1750 | 0 | 0 |
| Vanguard Total Stock Mkt | TOTAL STK MKT | 922908769 |  | 249231 | 743 | SH |  | SOLE |  | 743 | 0 | 0 |
| Verisk Analytics Inc | COM | 92345Y106 |  | 3757372 | 16797 | SH |  | SOLE |  | 16597 | 0 | 200 |
| Visa Inc Cl A | COM | 92826C839 |  | 3240486 | 9240 | SH |  | SOLE |  | 9240 | 0 | 0 |
| Vistra Energy Corp | COM | 92840M102 |  | 837296 | 5190 | SH |  | SOLE |  | 5015 | 0 | 175 |
| Walmart Inc | COM | 931142103 |  | 16067097 | 144216 | SH |  | SOLE |  | 140189 | 0 | 4027 |
| Waste Management Inc Del | COM | 94106L109 |  | 1208805 | 5502 | SH |  | SOLE |  | 5502 | 0 | 0 |
| Welltower Inc | COM | 95040Q104 |  | 8275371 | 44585 | SH |  | SOLE |  | 43112 | 0 | 1473 |
| Willis Tower Watson P F | SHS | G96629103 |  | 5674969 | 17270 | SH |  | SOLE |  | 17070 | 0 | 200 |
| Workday Inc | CL A | 98138H101 |  | 2866454 | 13346 | SH |  | SOLE |  | 13096 | 0 | 250 |
| Xylem Inc | COM | 98419M100 |  | 1721451 | 12641 | SH |  | SOLE |  | 12041 | 0 | 600 |

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