# EDGAR Filing Document

**Accession Number:** 0001690717
**File Stem:** 0002085853-26-000199
**Filing Date:** 2026-2
**Character Count:** 20185
**Document Hash:** be5942d4d9db8ea639657e1df9a01f35
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002085853-26-000199.hdr.sgml**: 20260204

**ACCESSION NUMBER**: 0002085853-26-000199

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260204

**DATE AS OF CHANGE**: 20260204

**EFFECTIVENESS DATE**: 20260204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ELCO Management Co., LLC
- **CENTRAL INDEX KEY:** 0001690717
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 133811111
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-17577
- **FILM NUMBER:** 26597273

**BUSINESS ADDRESS:**
- **STREET 1:** 369 LEXINGTON AVENUE
- **STREET 2:** 3RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-603-7852

**MAIL ADDRESS:**
- **STREET 1:** 369 LEXINGTON AVENUE
- **STREET 2:** 3RD FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

### 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:** ELCO Management Co. LLC<br>**Address:** 369 Lexington Avenue<br>3rd Floor<br>New York, NY 10017

**Form 13F File Number:** 028-17577

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:** James Elliot<br>**Title:** CCO<br>**Phone:** 917-742-6853

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

/s/ James Elliot  New York, NY  02-04-2026<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:** 167

**Form 13F Information Table Value Total:** $158623693

      (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 |
| ABBOTT LABS | COM | 002824100 |  | 2164009 | 17272 | SH |  | SOLE |  | 0 | 0 | 17272 |
| ABBVIE INC | COM | 00287y109 |  | 3923402 | 17171 | SH |  | SOLE |  | 0 | 0 | 17171 |
| ADVANCED DRAINAGE SYSTEMS INC | COM | 00790r104 |  | 303419 | 2095 | SH |  | DFND |  | 0 | 0 | 2095 |
| ALPHABET INC CLASS CLASS A | CAP STK CL A | 02079k305 |  | 873270 | 2790 | SH |  | SOLE |  | 0 | 0 | 2790 |
| ALPHABET INC CLASS CLASS C | CAP STK CL C | 02079k107 |  | 8221560 | 26200 | SH |  | SOLE |  | 0 | 0 | 26200 |
| AMAZON COM INC | COM | 023135106 |  | 6898287 | 29886 | SH |  | SOLE |  | 0 | 0 | 29886 |
| AMER STATES WTR CO | COM | 029899101 |  | 9640 | 133 | SH |  | SOLE |  | 0 | 0 | 133 |
| AMER STATES WTR CO | COM | 029899101 |  | 304199 | 4197 | SH |  | DFND |  | 0 | 0 | 4197 |
| AMERANT BANCORP INC | CL A | 023576101 |  | 232110 | 11897 | SH |  | DFND |  | 0 | 0 | 11897 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 517930 | 1400 | SH |  | SOLE |  | 0 | 0 | 1400 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 434956 | 3333 | SH |  | DFND |  | 0 | 0 | 3333 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 1079496 | 8272 | SH |  | SOLE |  | 0 | 0 | 8272 |
| AMPLIFY ETF TR | AMPLIFY CYBERSEC | 032108664 |  | 204140 | 2540 | SH |  | SOLE |  | 0 | 0 | 2540 |
| APPLE INC | COM | 037833100 |  | 8090282 | 29759 | SH |  | SOLE |  | 0 | 0 | 29759 |
| ARES CAP CORP EQUITY CLASS EQU | COM | 04010l103 |  | 202563 | 10013 | SH |  | SOLE |  | 0 | 0 | 10013 |
| ARTESIAN RES CORP | CL A | 043113208 |  | 222060 | 7025 | SH |  | DFND |  | 0 | 0 | 7025 |
| AVIDBANK HOLDINGS INC COMMON S | COM | 05368j103 |  | 228177 | 8591 | SH |  | DFND |  | 0 | 0 | 8591 |
| BANK AMERICA CORP | COM | 060505104 |  | 369985 | 6727 | SH |  | SOLE |  | 0 | 0 | 6727 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 449872 | 895 | SH |  | SOLE |  | 0 | 0 | 895 |
| BLACKBOXSTOCKS INC | COM | 09229e303 |  | 80950 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| BLACKROCK ENHANCED EQUIT | COM | 09251a104 |  | 236649 | 24963 | SH |  | SOLE |  | 0 | 0 | 24963 |
| BLACKROCK MULTI SECTOR I | COM | 09258a107 |  | 611926 | 46855 | SH |  | SOLE |  | 0 | 0 | 46855 |
| BOEING CO | COM | 097023105 |  | 1216523 | 5603 | SH |  | SOLE |  | 0 | 0 | 5603 |
| BOOZ ALLEN HAMILTON HLDG COR | CL A | 099502106 |  | 421800 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| CALAMOS STRATEGIC TOTAL RETU | COM SH BEN INT | 128125101 |  | 415162 | 21623 | SH |  | SOLE |  | 0 | 0 | 21623 |
| CALIFORNIA BANCORP COMMON STOC | COM | 84252a106 |  | 186700 | 10000 | SH |  | DFND |  | 0 | 0 | 10000 |
| CALIFORNIA WTR SVC GROUP | COM | 130788102 |  | 280042 | 6463 | SH |  | DFND |  | 0 | 0 | 6463 |
| CALUMET INC | COM | 131428104 |  | 207045 | 10420 | SH |  | SOLE |  | 0 | 0 | 10420 |
| CARRIER GLOBAL CORP | COM | 14448c104 |  | 683221 | 12930 | SH |  | SOLE |  | 0 | 0 | 12930 |
| CHENIERE ENERGY INC | COM NEW | 16411r208 |  | 6046307 | 31104 | SH |  | SOLE |  | 0 | 0 | 31104 |
| CITIGROUP INC | COM NEW | 172967424 |  | 431753 | 3700 | SH |  | SOLE |  | 0 | 0 | 3700 |
| CIVISTA BANCSHARES INC | COM NO PAR | 178867107 |  | 222200 | 10000 | SH |  | DFND |  | 0 | 0 | 10000 |
| CLEARWAY ENERGY INC CLASS CLAS | CL C | 18539c204 |  | 292522 | 8795 | SH |  | SOLE |  | 0 | 0 | 8795 |
| COASTALSOUTH BANCSHARES INC CO | COM NEW | 19058x207 |  | 227059 | 9766 | SH |  | DFND |  | 0 | 0 | 9766 |
| COCA COLA CO | COM | 191216100 |  | 479862 | 6864 | SH |  | SOLE |  | 0 | 0 | 6864 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 1066849 | 13501 | SH |  | SOLE |  | 0 | 0 | 13501 |
| COMMERCIAL BANCGROUP INC | COM | 20112c106 |  | 346861 | 14123 | SH |  | DFND |  | 0 | 0 | 14123 |
| COMMERCIAL BANCGROUP INC | COM | 20112c106 |  | 140974 | 5740 | SH |  | SOLE |  | 0 | 0 | 5740 |
| COMPANHIA DE SANEAMENTO BAS | SPONSORED ADR | 20441a102 |  | 317610 | 13317 | SH |  | DFND |  | 0 | 0 | 13317 |
| CONSOLIDATED WATER CO LTD | ORD | g23773107 |  | 335184 | 9498 | SH |  | DFND |  | 0 | 0 | 9498 |
| CORE  MAIN INC | CL A | 21874C102 |  | 314886 | 6059 | SH |  | DFND |  | 0 | 0 | 6059 |
| CORNING INC | COM | 219350105 |  | 1252918 | 14309 | SH |  | SOLE |  | 0 | 0 | 14309 |
| CSX CORP | COM | 126408103 |  | 769877 | 21238 | SH |  | SOLE |  | 0 | 0 | 21238 |
| CUMMINS INC | COM | 231021106 |  | 757508 | 1484 | SH |  | SOLE |  | 0 | 0 | 1484 |
| CVS HEALTH CORP | COM | 126650100 |  | 200067 | 2521 | SH |  | SOLE |  | 0 | 0 | 2521 |
| DEERE  CO | COM | 244199105 |  | 214162 | 460 | SH |  | SOLE |  | 0 | 0 | 460 |
| DEFIANCE QUANTUM ETF | DEFIANCE QUANTUM | 26922a420 |  | 247832 | 2260 | SH |  | SOLE |  | 0 | 0 | 2260 |
| DIME CMNTY BANCSHARES IN | COM | 25432x102 |  | 230339 | 7655 | SH |  | SOLE |  | 0 | 0 | 7655 |
| DIMENSIONAL US CORE EQUITY MAR | US CORE EQT MKT | 25434v104 |  | 797706 | 17045 | SH |  | SOLE |  | 0 | 0 | 17045 |
| DISNEY WALT CO | COM | 254687106 |  | 1055217 | 9275 | SH |  | SOLE |  | 0 | 0 | 9275 |
| DT MIDSTREAM INC | COMMON STOCK | 23345m107 |  | 376992 | 3150 | SH |  | SOLE |  | 0 | 0 | 3150 |
| DYNAVAX TECHNOLOGIES CORP | COM NEW | 268158201 |  | 52692 | 3426 | SH |  | DFND |  | 0 | 0 | 3426 |
| DYNAVAX TECHNOLOGIES CORP | COM NEW | 268158201 |  | 132114 | 8590 | SH |  | SOLE |  | 0 | 0 | 8590 |
| EATON VANCE RISK MAN DIV | COM | 27829g106 |  | 367732 | 41693 | SH |  | SOLE |  | 0 | 0 | 41693 |
| EATON VANCE SHORT DUR DV | COM | 27828v104 |  | 121212 | 11100 | SH |  | SOLE |  | 0 | 0 | 11100 |
| EATON VANCE TAX MGD DVF | COM | 27828n102 |  | 696237 | 45387 | SH |  | SOLE |  | 0 | 0 | 45387 |
| ECOLAB INC | COM | 278865100 |  | 233905 | 891 | SH |  | DFND |  | 0 | 0 | 891 |
| ENERGY TRANSFER L P LP | COM UT LTD PTN | 29273v100 |  | 4520160 | 274115 | SH |  | SOLE |  | 0 | 0 | 274115 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 715323 | 22312 | SH |  | SOLE |  | 0 | 0 | 22312 |
| EQT CORP | COM | 26884l109 |  | 477254 | 8904 | SH |  | SOLE |  | 0 | 0 | 8904 |
| EQUITY BANCSHARES INC CLASS A | COM CL A | 29460x109 |  | 735609 | 16475 | SH |  | DFND |  | 0 | 0 | 16475 |
| ESSENTIAL UTILS INC | COM | 29670g102 |  | 9590 | 250 | SH |  | SOLE |  | 0 | 0 | 250 |
| ESSENTIAL UTILS INC | COM | 29670g102 |  | 303811 | 7920 | SH |  | DFND |  | 0 | 0 | 7920 |
| EXXON MOBIL CORP | COM | 30231g102 |  | 205781 | 1710 | SH |  | SOLE |  | 0 | 0 | 1710 |
| FASTENAL CO | COM | 311900104 |  | 225932 | 5630 | SH |  | SOLE |  | 0 | 0 | 5630 |
| FIRST WESTN FINL INC | COM | 33751L105 |  | 395340 | 14746 | SH |  | DFND |  | 0 | 0 | 14746 |
| GENESIS ENERGY L P | UNIT LTD PARTN | 371927104 |  | 743995 | 47692 | SH |  | SOLE |  | 0 | 0 | 47692 |
| GLOBAL WTR RES INC | COM | 379463102 |  | 194342 | 22999 | SH |  | DFND |  | 0 | 0 | 22999 |
| GLOBAL X FUND GLB X NSDQ 100 C | NASDAQ 100 COVER | 37954y483 |  | 413478 | 23400 | SH |  | SOLE |  | 0 | 0 | 23400 |
| GLOBAL X S 500 COVERED CALL | S 500 COVERED | 37954y475 |  | 1962429 | 48300 | SH |  | SOLE |  | 0 | 0 | 48300 |
| H2O AMERICA | COM | 784305104 |  | 274001 | 5593 | SH |  | DFND |  | 0 | 0 | 5593 |
| HESS MIDSTREAM LP | CL A SHS | 428103105 |  | 217177 | 6295 | SH |  | SOLE |  | 0 | 0 | 6295 |
| HEXCEL CORP NEW | COM | 428291108 |  | 3331855 | 45086 | SH |  | SOLE |  | 0 | 0 | 45086 |
| HOME DEPOT INC | COM | 437076102 |  | 2607467 | 7578 | SH |  | SOLE |  | 0 | 0 | 7578 |
| HONEYWELL INTL INC | COM | 438516106 |  | 1537114 | 7879 | SH |  | SOLE |  | 0 | 0 | 7879 |
| HUBBELL INC | COM | 443510607 |  | 2010486 | 4527 | SH |  | SOLE |  | 0 | 0 | 4527 |
| ILLUMINA INC | COM | 452327109 |  | 941204 | 7176 | SH |  | SOLE |  | 0 | 0 | 7176 |
| IMAX CORP F | COM | 45245e109 |  | 388080 | 10500 | SH |  | SOLE |  | 0 | 0 | 10500 |
| INTERCONTINENTAL EXCHANG | COM | 45866f104 |  | 1428973 | 8823 | SH |  | SOLE |  | 0 | 0 | 8823 |
| INVESCO AEROSPACE  DEFENSE ET | AEROSPACE DEFN | 46137v100 |  | 876971 | 5599 | SH |  | SOLE |  | 0 | 0 | 5599 |
| INVESCO QQQ-R ETF | UNIT SER 1 | 46090e103 |  | 237124 | 386 | SH |  | SOLE |  | 0 | 0 | 386 |
| INVESTAR HOLDING CORPORATION C | COM | 46134l105 |  | 214749 | 8037 | SH |  | DFND |  | 0 | 0 | 8037 |
| INVSC KBW BANK ETF | KBW BK ETF | 46138e628 |  | 252870 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| INVSC S P 500 TOP 50 ETF | S 500 TOP 50 | 46137v233 |  | 577980 | 9750 | SH |  | SOLE |  | 0 | 0 | 9750 |
| ISHARES 0-3 MONTH TREASURY BON | 0-3 MNTH TREASRY | 46436e718 |  | 521976 | 5200 | SH |  | SOLE |  | 0 | 0 | 5200 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 430780 | 1750 | SH |  | SOLE |  | 0 | 0 | 1750 |
| ISHARES TR | GLOB HLTHCRE ETF | 464287325 |  | 653457 | 6709 | SH |  | SOLE |  | 0 | 0 | 6709 |
| ISHARES TR | US HOME CONS ETF | 464288752 |  | 250380 | 2600 | SH |  | SOLE |  | 0 | 0 | 2600 |
| ISHARES TR | US AER DEF ETF | 464288760 |  | 322035 | 1500 | SH |  | SOLE |  | 0 | 0 | 1500 |
| J P MORGAN NASDAQ EQT PRM INC | NASDAQ EQT PREM | 46654q203 |  | 661115 | 11375 | SH |  | SOLE |  | 0 | 0 | 11375 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1035992 | 5006 | SH |  | SOLE |  | 0 | 0 | 5006 |
| JPMORGAN CHASE  CO | COM | 46625h100 |  | 2802403 | 8697 | SH |  | SOLE |  | 0 | 0 | 8697 |
| JPMORGAN EQUITY PREMIUM INCOME | EQUITY PREMIUM | 46641q332 |  | 1659960 | 29000 | SH |  | SOLE |  | 0 | 0 | 29000 |
| KENVUE INC | COM | 49177j102 |  | 442807 | 25670 | SH |  | SOLE |  | 0 | 0 | 25670 |
| KINDER MORGAN INC DEL | COM | 49456b101 |  | 324300 | 11797 | SH |  | SOLE |  | 0 | 0 | 11797 |
| LATHAM GROUP INC | COM | 51819L107 |  | 466788 | 73510 | SH |  | DFND |  | 0 | 0 | 73510 |
| LINEAGE CELL THERAPEUTIC | COM | 53566p109 |  | 34235 | 20500 | SH |  | SOLE |  | 0 | 0 | 20500 |
| LOWES COS INC | COM | 548661107 |  | 303862 | 1260 | SH |  | SOLE |  | 0 | 0 | 1260 |
| MAINSTREET BANCSHARES INC COMM | COM | 56064y100 |  | 454272 | 22312 | SH |  | DFND |  | 0 | 0 | 22312 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 1076843 | 3471 | SH |  | SOLE |  | 0 | 0 | 3471 |
| MASTERCARD INC CLASS CLASS A | CL A | 57636q104 |  | 282586 | 495 | SH |  | SOLE |  | 0 | 0 | 495 |
| MCDONALDS CORP | COM | 580135101 |  | 895190 | 2929 | SH |  | SOLE |  | 0 | 0 | 2929 |
| MECHANICS BANCORP COMMON STOCK | CL A | 43785v102 |  | 480230 | 32825 | SH |  | DFND |  | 0 | 0 | 32825 |
| MEDTRONIC PLC F | SHS | g5960l103 |  | 232369 | 2419 | SH |  | SOLE |  | 0 | 0 | 2419 |
| MERCK  CO. INC. | COM | 58933y105 |  | 322938 | 3068 | SH |  | SOLE |  | 0 | 0 | 3068 |
| MERCK  CO. INC. | COM | 58933y105 |  | 7579 | 72 | SH |  | DFND |  | 0 | 0 | 72 |
| MERIDIAN CORPORATION COMMON ST | COM | 58958p104 |  | 206073 | 11722 | SH |  | DFND |  | 0 | 0 | 11722 |
| META PLATFORMS INC CLASS A | CL A | 30303m102 |  | 217830 | 330 | SH |  | SOLE |  | 0 | 0 | 330 |
| MICROSOFT CORP | COM | 594918104 |  | 6364624 | 13160 | SH |  | SOLE |  | 0 | 0 | 13160 |
| MPLX LP LP | COM UNIT REP LTD | 55336v100 |  | 1391890 | 26080 | SH |  | SOLE |  | 0 | 0 | 26080 |
| NEOS NASDAQ 100 HIGH INCOME ET | NASDAQ 100 HIGH | 78433h675 |  | 549372 | 10200 | SH |  | SOLE |  | 0 | 0 | 10200 |
| NEOS S 500 HIGH INCOME ETF | NEOS S 500 HI | 78433h303 |  | 573890 | 10925 | SH |  | SOLE |  | 0 | 0 | 10925 |
| NEXTDECADE CORP | COM | 65342k105 |  | 567110 | 107611 | SH |  | SOLE |  | 0 | 0 | 107611 |
| NEXTERA ENERGY INC | COM | 65339f101 |  | 1732041 | 21575 | SH |  | SOLE |  | 0 | 0 | 21575 |
| NISOURCE INC | COM | 65473p105 |  | 551913 | 13216 | SH |  | SOLE |  | 0 | 0 | 13216 |
| NVIDIA CORP | COM | 67066g104 |  | 3866145 | 20730 | SH |  | SOLE |  | 0 | 0 | 20730 |
| ONEOK INC NEW | COM | 682680103 |  | 663999 | 9034 | SH |  | SOLE |  | 0 | 0 | 9034 |
| OTIS WORLDWIDE CORP | COM | 68902v107 |  | 488199 | 5589 | SH |  | SOLE |  | 0 | 0 | 5589 |
| PALANTIR TECHNOLOGIES IN CLASS | CL A | 69608a108 |  | 386606 | 2175 | SH |  | SOLE |  | 0 | 0 | 2175 |
| PENTAIR PLC SHS | SHS | g7s00t104 |  | 319397 | 3067 | SH |  | DFND |  | 0 | 0 | 3067 |
| PFIZER INC | COM | 717081103 |  | 640254 | 25713 | SH |  | SOLE |  | 0 | 0 | 25713 |
| PFIZER INC | COM | 717081103 |  | 44671 | 1794 | SH |  | DFND |  | 0 | 0 | 1794 |
| PLAINS ALL AMERN PIPELINE L | UNIT LTD PARTN | 726503105 |  | 288779 | 16079 | SH |  | SOLE |  | 0 | 0 | 16079 |
| PLAINS GP HLDGS L P CLASS A | LTD PARTNR INT A | 72651a207 |  | 407395 | 21285 | SH |  | SOLE |  | 0 | 0 | 21285 |
| POOL CORPORATION | COM | 73278l105 |  | 632722 | 2766 | SH |  | DFND |  | 0 | 0 | 2766 |
| PRAIRIE OPER CO | COM | 739650109 |  | 70253 | 41570 | SH |  | SOLE |  | 0 | 0 | 41570 |
| PRIMERICA INC | COM | 74164m108 |  | 1033440 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| PRIMIS FINL CORP | COM | 74167b109 |  | 905750 | 65115 | SH |  | DFND |  | 0 | 0 | 65115 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1199361 | 8369 | SH |  | SOLE |  | 0 | 0 | 8369 |
| PROVIDENT FINL SVCS INC | COM | 74386t105 |  | 641480 | 32480 | SH |  | SOLE |  | 0 | 0 | 32480 |
| QUALCOMM INC | COM | 747525103 |  | 401967 | 2350 | SH |  | SOLE |  | 0 | 0 | 2350 |
| QXO INC | COM NEW | 82846h405 |  | 266684 | 13825 | SH |  | SOLE |  | 0 | 0 | 13825 |
| REAVES UTIL INCOME FD | COM SH BEN INT | 756158101 |  | 265205 | 7250 | SH |  | SOLE |  | 0 | 0 | 7250 |
| RTX CORP | COM | 75513e101 |  | 2083241 | 11359 | SH |  | SOLE |  | 0 | 0 | 11359 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 |  | 5216491 | 198875 | SH |  | SOLE |  | 0 | 0 | 198875 |
| SELECT WATER SOLUTIONS INC CLA | CL A COM | 81617j301 |  | 338860 | 32211 | SH |  | DFND |  | 0 | 0 | 32211 |
| SELLAS LIFE SCIENCES GRO | COM NEW | 81642t209 |  | 55076 | 14609 | SH |  | SOLE |  | 0 | 0 | 14609 |
| SEMPRA | COM | 816851109 |  | 491864 | 5571 | SH |  | SOLE |  | 0 | 0 | 5571 |
| SHORE BANCSHARES INC | COM | 825107105 |  | 179470 | 10151 | SH |  | DFND |  | 0 | 0 | 10151 |
| SOUTHERN FIRST BANCSHARES | COM | 842873101 |  | 287585 | 5582 | SH |  | DFND |  | 0 | 0 | 5582 |
| SPDR Blackstone Senior Loan ET | STATE STREET BLA | 78467v608 |  | 437462 | 10600 | SH |  | SOLE |  | 0 | 0 | 10600 |
| STATE STREET SPDR S 500 TRUS | TR UNIT | 78462f103 |  | 4347467 | 6375 | SH |  | SOLE |  | 0 | 0 | 6375 |
| STATE STRET TEC SELECT SEC SPD | STATE STREET TEC | 81369y803 |  | 1210212 | 8406 | SH |  | SOLE |  | 0 | 0 | 8406 |
| STATE STRT CONS DSRY SLT SE SP | STATE STREET CON | 81369y407 |  | 376141 | 3150 | SH |  | SOLE |  | 0 | 0 | 3150 |
| STATE STRT HLTH CRE SLT SEC SP | STATE STREET HEA | 81369y209 |  | 373223 | 2411 | SH |  | SOLE |  | 0 | 0 | 2411 |
| STATE STRT INDSTL SLCT SCTR SP | STATE STREET IND | 81369y704 |  | 772498 | 4980 | SH |  | SOLE |  | 0 | 0 | 4980 |
| STE STRT FINCL SLCT SECTOR SPD | STATE STREET FIN | 81369y605 |  | 465819 | 8505 | SH |  | SOLE |  | 0 | 0 | 8505 |
| SUNOCO LP LP | COM UT REP LP | 86765k109 |  | 1455950 | 27780 | SH |  | SOLE |  | 0 | 0 | 27780 |
| TARGA RES CORP | COM | 87612g101 |  | 4633902 | 25116 | SH |  | SOLE |  | 0 | 0 | 25116 |
| TETRA TECH INC NEW | COM | 88162g103 |  | 459397 | 13697 | SH |  | DFND |  | 0 | 0 | 13697 |
| UBER TECHNOLOGIES INC | COM | 90353t100 |  | 1011325 | 12377 | SH |  | SOLE |  | 0 | 0 | 12377 |
| UNIVERSAL DISPLAY CORP | COM | 91347p105 |  | 350340 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| USCB FINL HLDGS INC CLASS A | CLASS A COM | 90355n101 |  | 313140 | 17000 | SH |  | DFND |  | 0 | 0 | 17000 |
| USCB FINL HLDGS INC CLASS A | CLASS A COM | 90355n101 |  | 4421 | 240 | SH |  | SOLE |  | 0 | 0 | 240 |
| VALMONT INDS INC | COM | 920253101 |  | 259496 | 645 | SH |  | DFND |  | 0 | 0 | 645 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 228571 | 1040 | SH |  | SOLE |  | 0 | 0 | 1040 |
| VERALTO CORP | COM SHS | 92338c103 |  | 6585 | 66 | SH |  | SOLE |  | 0 | 0 | 66 |
| VERALTO CORP | COM SHS | 92338c103 |  | 870381 | 8723 | SH |  | DFND |  | 0 | 0 | 8723 |
| VERSABANK F | COM | 92512j106 |  | 971633 | 64862 | SH |  | DFND |  | 0 | 0 | 64862 |
| VERSABANK F | COM | 92512j106 |  | 81237 | 5423 | SH |  | SOLE |  | 0 | 0 | 5423 |
| VISA INC CLASS CLASS A | COM CL A | 92826c839 |  | 276359 | 788 | SH |  | SOLE |  | 0 | 0 | 788 |
| VISTRA CORP | COM | 92840m102 |  | 463824 | 2875 | SH |  | SOLE |  | 0 | 0 | 2875 |
| WALMART INC | COM | 931142103 |  | 475498 | 4268 | SH |  | SOLE |  | 0 | 0 | 4268 |
| WILLIAMS COS INC | COM | 969457100 |  | 7878257 | 131064 | SH |  | SOLE |  | 0 | 0 | 131064 |
| XYLEM INC | COM | 98419m100 |  | 408268 | 2998 | SH |  | SOLE |  | 0 | 0 | 2998 |
| XYLEM INC | COM | 98419m100 |  | 540498 | 3969 | SH |  | DFND |  | 0 | 0 | 3969 |
| YORK WTR CO | COM | 987184108 |  | 363008 | 11401 | SH |  | DFND |  | 0 | 0 | 11401 |

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