# EDGAR Filing Document

**Accession Number:** 0001213206
**File Stem:** 0001172661-25-003317
**Filing Date:** 2025-8
**Character Count:** 20027
**Document Hash:** 4472002f92cfe27d5aa0880474395dfc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-25-003317.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001172661-25-003317

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**EFFECTIVENESS DATE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MARATHON CAPITAL MANAGEMENT
- **CENTRAL INDEX KEY:** 0001213206

**ORGANIZATION NAME:**
- **EIN:** 203954582
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12098
- **FILM NUMBER:** 251215052

**BUSINESS ADDRESS:**
- **STREET 1:** 4 NORTH PARK DRIVE
- **STREET 2:** SUITE 106
- **CITY:** HUNT VALLEY
- **STATE:** MD
- **ZIP:** 21030-1806
- **BUSINESS PHONE:** 410-329-1522

**MAIL ADDRESS:**
- **STREET 1:** 4 NORTH PARK DRIVE
- **STREET 2:** SUITE 106
- **CITY:** HUNT VALLEY
- **STATE:** MD
- **ZIP:** 21030-1806

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** MARATHON CAPITAL MANAGEMENT<br>**Address:** 4 North Park Drive<br>Suite 106<br>Hunt Valley, MD 21030-1806

**Form 13F File Number:** 028-12098

**CRD Number (if applicable):** 000119416

**SEC File Number (if applicable):** 801-62793

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:** Angus Burton<br>**Title:** President<br>**Phone:** 410-329-1522

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

/s/ Angus Burton  Hunt Valley, MD  08-14-2025<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:** 166

**Form 13F Information Table Value Total:** $392633449

      (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 |
| 3M CO | COM | 88579Y101 |  | 214049 | 1406 | SH |  | SOLE |  | 1281 | 0 | 125 |
| ABBOTT LABS | COM | 002824100 |  | 648068 | 4765 | SH |  | SOLE |  | 1600 | 0 | 3165 |
| ABBVIE INC | COM | 00287Y109 |  | 1165508 | 6279 | SH |  | SOLE |  | 2272 | 0 | 4007 |
| ACCURAY INC | COM | 004397105 |  | 137000 | 100000 | SH |  | SOLE |  | 0 | 0 | 100000 |
| ADMA BIOLOGICS INC | COM | 000899104 |  | 5165995 | 283690 | SH |  | SOLE |  | 16130 | 0 | 267560 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 730643 | 5149 | SH |  | SOLE |  | 25 | 0 | 5124 |
| AIRGAIN INC | COM | 00938A104 |  | 41500 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| ALLISON TRANSMISSION HLDGS I | COM | 01973R101 |  | 7174368 | 75528 | SH |  | SOLE |  | 6332 | 0 | 69196 |
| ALLSTATE CORP | COM | 020002101 |  | 794772 | 3948 | SH |  | SOLE |  | 0 | 0 | 3948 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 1310270 | 7435 | SH |  | SOLE |  | 1055 | 0 | 6380 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 7936135 | 44738 | SH |  | SOLE |  | 5256 | 0 | 39482 |
| ALPHATEC HLDGS INC | COM NEW | 02081G201 |  | 2568263 | 231375 | SH |  | SOLE |  | 3250 | 0 | 228125 |
| AMAZON COM INC | COM | 023135106 |  | 6666385 | 30386 | SH |  | SOLE |  | 2787 | 0 | 27599 |
| AMERIPRISE FINL INC | COM | 03076C106 |  | 232173 | 435 | SH |  | SOLE |  | 195 | 0 | 240 |
| AMGEN INC | COM | 031162100 |  | 317741 | 1138 | SH |  | SOLE |  | 63 | 0 | 1075 |
| ANI PHARMACEUTICALS INC | COM | 00182C103 |  | 4699631 | 72025 | SH |  | SOLE |  | 100 | 0 | 71925 |
| ANTERO RESOURCES CORP | COM | 03674X106 |  | 1208400 | 30000 | SH |  | SOLE |  | 0 | 0 | 30000 |
| APPLE INC | COM | 037833100 |  | 10945565 | 53349 | SH |  | SOLE |  | 12396 | 0 | 40953 |
| ARCOSA INC | COM | 039653100 |  | 4139969 | 47745 | SH |  | SOLE |  | 600 | 0 | 47145 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 3541387 | 161265 | SH |  | SOLE |  | 24875 | 0 | 136390 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 11418738 | 163405 | SH |  | SOLE |  | 14685 | 0 | 148720 |
| BANK AMERICA CORP | 7.25%CNV PFD L | 060505682 |  | 1392524 | 1148 | SH |  | SOLE |  | 491 | 0 | 657 |
| BARFRESH FOOD GROUP INC | COM NEW | 067532200 |  | 52613 | 15384 | SH |  | SOLE |  | 0 | 0 | 15384 |
| BARRICK MNG CORP | COM SHS | 06849F108 |  | 3048454 | 146420 | SH |  | SOLE |  | 5813 | 0 | 140607 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 5511546 | 11346 | SH |  | SOLE |  | 6268 | 0 | 5078 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 361467 | 7809 | SH |  | SOLE |  | 384 | 0 | 7425 |
| BROADCOM INC | COM | 11135F101 |  | 401071 | 1455 | SH |  | SOLE |  | 90 | 0 | 1365 |
| BUILDERS FIRSTSOURCE INC | COM | 12008R107 |  | 6736164 | 57727 | SH |  | SOLE |  | 5085 | 0 | 52642 |
| BXP INC | COM | 101121101 |  | 472206 | 6999 | SH |  | SOLE |  | 394 | 0 | 6605 |
| CALIX INC | COM | 13100M509 |  | 5140016 | 96635 | SH |  | SOLE |  | 505 | 0 | 96130 |
| CANADIAN PACIFIC KANSAS CITY | COM | 13646K108 |  | 228615 | 2884 | SH |  | SOLE |  | 337 | 0 | 2547 |
| CAPITAL ONE FINL CORP | COM | 14040H105 |  | 299779 | 1409 | SH |  | SOLE |  | 0 | 0 | 1409 |
| CARRIER GLOBAL CORPORATION | COM | 14448C104 |  | 205477 | 2807 | SH |  | SOLE |  | 250 | 0 | 2557 |
| CECO ENVIRONMENTAL CORP | COM | 125141101 |  | 2942258 | 103930 | SH |  | SOLE |  | 1950 | 0 | 101980 |
| CHEVRON CORP NEW | COM | 166764100 |  | 8695169 | 60725 | SH |  | SOLE |  | 6998 | 0 | 53726 |
| CHUBB LIMITED | COM | H1467J104 |  | 3111593 | 10740 | SH |  | SOLE |  | 510 | 0 | 10230 |
| CINCINNATI FINL CORP | COM | 172062101 |  | 1122485 | 7538 | SH |  | SOLE |  | 5113 | 0 | 2425 |
| CISCO SYS INC | COM | 17275R102 |  | 426272 | 6144 | SH |  | SOLE |  | 0 | 0 | 6144 |
| CIVITAS RESOURCES INC | COM NEW | 17888H103 |  | 248781 | 9040 | SH |  | SOLE |  | 490 | 0 | 8550 |
| CLEAR SECURE INC | COM CL A | 18467V109 |  | 527440 | 19000 | SH |  | SOLE |  | 0 | 0 | 19000 |
| CLEVELAND-CLIFFS INC NEW | COM | 185899101 |  | 114000 | 15000 | SH |  | SOLE |  | 0 | 0 | 15000 |
| CNX RES CORP | COM | 12653C108 |  | 336800 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| COCA COLA CO | COM | 191216100 |  | 1218293 | 17220 | SH |  | SOLE |  | 4943 | 0 | 12277 |
| COMSTOCK INC | COM SHS | 205750409 |  | 51165 | 13500 | SH |  | SOLE |  | 0 | 0 | 13500 |
| COPA HOLDINGS SA | CL A | P31076105 |  | 7994599 | 72698 | SH |  | SOLE |  | 10395 | 0 | 62303 |
| COREBRIDGE FINL INC | COM | 21871X109 |  | 453868 | 12785 | SH |  | SOLE |  | 1140 | 0 | 11645 |
| CORNING INC | COM | 219350105 |  | 11034260 | 209817 | SH |  | SOLE |  | 20390 | 0 | 189427 |
| CRYOPORT INC | COM PAR $0.001 | 229050307 |  | 908069 | 121725 | SH |  | SOLE |  | 0 | 0 | 121725 |
| CSX CORP | COM | 126408103 |  | 442071 | 13548 | SH |  | SOLE |  | 8841 | 0 | 4707 |
| DANAHER CORPORATION | COM | 235851102 |  | 4632135 | 23449 | SH |  | SOLE |  | 2515 | 0 | 20934 |
| DARLING INGREDIENTS INC | COM | 237266101 |  | 2150629 | 56685 | SH |  | SOLE |  | 2000 | 0 | 54685 |
| DENTSPLY SIRONA INC | COM | 24906P109 |  | 406131 | 25575 | SH |  | SOLE |  | 1970 | 0 | 23605 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 8338724 | 60689 | SH |  | SOLE |  | 6320 | 0 | 54369 |
| DISNEY WALT CO | COM | 254687106 |  | 376742 | 3038 | SH |  | SOLE |  | 347 | 0 | 2691 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 374296 | 3172 | SH |  | SOLE |  | 700 | 0 | 2472 |
| EA SERIES TRUST | BUSHIDO CAP U S | 02072L425 |  | 281043 | 8520 | SH |  | SOLE |  | 0 | 0 | 8520 |
| EATON CORP PLC | SHS | G29183103 |  | 601528 | 1685 | SH |  | SOLE |  | 0 | 0 | 1685 |
| ELI LILLY  CO | COM | 532457108 |  | 2008069 | 2576 | SH |  | SOLE |  | 1624 | 0 | 952 |
| EMERSON ELEC CO | COM | 291011104 |  | 275593 | 2067 | SH |  | SOLE |  | 0 | 0 | 2067 |
| ENBRIDGE INC | COM | 29250N105 |  | 815760 | 18000 | SH |  | SOLE |  | 925 | 0 | 17075 |
| ENPHASE ENERGY INC | COM | 29355A107 |  | 2213778 | 55833 | SH |  | SOLE |  | 2715 | 0 | 53118 |
| EVOLV TECHNOLOGIES HLDNGS IN | COM CL A | 30049H102 |  | 78000 | 12500 | SH |  | SOLE |  | 0 | 0 | 12500 |
| EXPAND ENERGY CORPORATION | COM | 165167735 |  | 1363988 | 11664 | SH |  | SOLE |  | 650 | 0 | 11014 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1007822 | 9349 | SH |  | SOLE |  | 5751 | 0 | 3598 |
| F N B CORP | COM | 302520101 |  | 262440 | 18000 | SH |  | SOLE |  | 0 | 0 | 18000 |
| FIDELITY NATL INFORMATION SV | COM | 31620M106 |  | 7372169 | 90556 | SH |  | SOLE |  | 7240 | 0 | 83316 |
| FIRST CTZNS BANCSHARES INC N | CL A | 31946M103 |  | 831500 | 425 | SH |  | SOLE |  | 95 | 0 | 330 |
| FRONTLINE PLC | COM | M46528101 |  | 164100 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| GE AEROSPACE | COM NEW | 369604301 |  | 697270 | 2709 | SH |  | SOLE |  | 790 | 0 | 1919 |
| GE HEALTHCARE TECHNOLOGIES I | COMMON STOCK | 36266G107 |  | 892840 | 12054 | SH |  | SOLE |  | 1004 | 0 | 11050 |
| GETTY RLTY CORP NEW | COM | 374297109 |  | 430908 | 15590 | SH |  | SOLE |  | 1205 | 0 | 14385 |
| GLADSTONE LD CORP | COM | 376549101 |  | 1455958 | 143162 | SH |  | SOLE |  | 0 | 0 | 143162 |
| GLOBAL SELF STORAGE INC | COM | 37955N106 |  | 1780428 | 333414 | SH |  | SOLE |  | 0 | 0 | 333414 |
| GLOBAL X FDS | GLOBAL X URANIUM | 37954Y871 |  | 249548 | 6430 | SH |  | SOLE |  | 315 | 0 | 6115 |
| GLOBAL X FDS | GLOBAL X COPPER | 37954Y830 |  | 296730 | 6594 | SH |  | SOLE |  | 345 | 0 | 6249 |
| HEALTHPEAK PROPERTIES INC | COM | 42250P103 |  | 4616112 | 263627 | SH |  | SOLE |  | 12952 | 0 | 250675 |
| HERSHEY CO | COM | 427866108 |  | 258052 | 1555 | SH |  | SOLE |  | 125 | 0 | 1430 |
| HILLMAN SOLUTIONS CORP | COM | 431636109 |  | 705439 | 98801 | SH |  | SOLE |  | 1150 | 0 | 97651 |
| HOME DEPOT INC | COM | 437076102 |  | 688917 | 1879 | SH |  | SOLE |  | 392 | 0 | 1487 |
| HONEYWELL INTL INC | COM | 438516106 |  | 1337896 | 5745 | SH |  | SOLE |  | 2335 | 0 | 3410 |
| HUDSON TECHNOLOGIES INC | COM | 444144109 |  | 2025534 | 249450 | SH |  | SOLE |  | 0 | 0 | 249450 |
| IDENTIV INC | COM NEW | 45170X205 |  | 197067 | 60450 | SH |  | SOLE |  | 4250 | 0 | 56200 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 9389433 | 31852 | SH |  | SOLE |  | 2880 | 0 | 28972 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 220656 | 400 | SH |  | SOLE |  | 0 | 0 | 400 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 424561 | 12940 | SH |  | SOLE |  | 9950 | 0 | 2990 |
| ISHARES TR | IBONDS DEC2026 | 46435GAA0 |  | 203094 | 8375 | PRN |  | SOLE |  | 2250 | 0 | 6125 |
| ISHARES TR | ISHARES BIOTECH | 464287556 |  | 419381 | 3315 | SH |  | SOLE |  | 1015 | 0 | 2300 |
| ISHARES TR | IBONDS 27 ETF | 46435UAA9 |  | 201441 | 8300 | PRN |  | SOLE |  | 2250 | 0 | 6050 |
| ISHARES TR | IBONDS DEC25 ETF | 46434VBD1 |  | 231027 | 9175 | PRN |  | SOLE |  | 1600 | 0 | 7575 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 4461707 | 29209 | SH |  | SOLE |  | 3474 | 0 | 25735 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 6168177 | 21276 | SH |  | SOLE |  | 2306 | 0 | 18970 |
| KEYSIGHT TECHNOLOGIES INC | COM | 49338L103 |  | 250542 | 1529 | SH |  | SOLE |  | 0 | 0 | 1529 |
| KOPIN CORP | COM | 500600101 |  | 45900 | 30000 | SH |  | SOLE |  | 0 | 0 | 30000 |
| KORNIT DIGITAL LTD | SHS | M6372Q113 |  | 1853223 | 93080 | SH |  | SOLE |  | 150 | 0 | 92930 |
| KRAFT HEINZ CO | COM | 500754106 |  | 203978 | 7900 | SH |  | SOLE |  | 700 | 0 | 7200 |
| LATTICE SEMICONDUCTOR CORP | COM | 518415104 |  | 497004 | 10145 | SH |  | SOLE |  | 0 | 0 | 10145 |
| LIGHTPATH TECHNOLOGIES INC | COM CL A | 532257805 |  | 53900 | 17500 | SH |  | SOLE |  | 0 | 0 | 17500 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 236665 | 511 | SH |  | SOLE |  | 304 | 0 | 207 |
| LOWES COS INC | COM | 548661107 |  | 677591 | 3054 | SH |  | SOLE |  | 0 | 0 | 3054 |
| MAGNOLIA OIL  GAS CORP | CL A | 559663109 |  | 224800 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| MARATHON PETE CORP | COM | 56585A102 |  | 282387 | 1700 | SH |  | SOLE |  | 0 | 0 | 1700 |
| MARCHEX INC | CL B | 56624R108 |  | 116640 | 54000 | SH |  | SOLE |  | 0 | 0 | 54000 |
| MAXLINEAR INC | COM | 57776J100 |  | 319725 | 22500 | SH |  | SOLE |  | 0 | 0 | 22500 |
| MCDONALDS CORP | COM | 580135101 |  | 607719 | 2080 | SH |  | SOLE |  | 0 | 0 | 2080 |
| MERCK  CO INC | COM | 58933Y105 |  | 2733157 | 34527 | SH |  | SOLE |  | 5985 | 0 | 28542 |
| METLIFE INC | COM | 59156R108 |  | 8587801 | 106787 | SH |  | SOLE |  | 9508 | 0 | 97279 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 1161878 | 9427 | SH |  | SOLE |  | 0 | 0 | 9427 |
| MICROSOFT CORP | COM | 594918104 |  | 12161855 | 24450 | SH |  | SOLE |  | 2340 | 0 | 22110 |
| NABORS INDUSTRIES LTD | SHS | G6359F137 |  | 210150 | 7500 | SH |  | SOLE |  | 0 | 0 | 7500 |
| NANO DIMENSION LTD | SPONSORD ADS NEW | 63008G203 |  | 32400 | 20000 | SH |  | SOLE |  | 0 | 0 | 20000 |
| NEWMONT CORP | COM | 651639106 |  | 247139 | 4242 | SH |  | SOLE |  | 492 | 0 | 3750 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 219298 | 3159 | SH |  | SOLE |  | 2450 | 0 | 709 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 203492 | 407 | SH |  | SOLE |  | 207 | 0 | 200 |
| NPK INTERNATIONAL INC | COM SHS | 651718504 |  | 3368684 | 395850 | SH |  | SOLE |  | 8425 | 0 | 387425 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 957419 | 6060 | SH |  | SOLE |  | 0 | 0 | 6060 |
| ONDAS HLDGS INC | COM NEW | 68236H204 |  | 73920 | 38500 | SH |  | SOLE |  | 0 | 0 | 38500 |
| ONEOK INC NEW | COM | 682680103 |  | 363254 | 4450 | SH |  | SOLE |  | 0 | 0 | 4450 |
| PAR TECHNOLOGY CORP | COM | 698884103 |  | 970486 | 13990 | SH |  | SOLE |  | 0 | 0 | 13990 |
| PEPSICO INC | COM | 713448108 |  | 851130 | 6446 | SH |  | SOLE |  | 3271 | 0 | 3175 |
| PFIZER INC | COM | 717081103 |  | 2412123 | 99510 | SH |  | SOLE |  | 8393 | 0 | 91117 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 257168 | 1412 | SH |  | SOLE |  | 800 | 0 | 612 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 641471 | 3441 | SH |  | SOLE |  | 1397 | 0 | 2044 |
| POTLATCHDELTIC CORPORATION | COM | 737630103 |  | 442022 | 11520 | SH |  | SOLE |  | 900 | 0 | 10620 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 68335993 | 708145 | SH |  | SOLE |  | 5350 | 0 | 702795 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 2667808 | 16745 | SH |  | SOLE |  | 2342 | 0 | 14403 |
| PROLOGIS INC. | COM | 74340W103 |  | 551880 | 5250 | SH |  | SOLE |  | 0 | 0 | 5250 |
| QUALCOMM INC | COM | 747525103 |  | 9668560 | 60709 | SH |  | SOLE |  | 4720 | 0 | 55989 |
| RBB FD INC | MOTLEY FOL ETF | 74933W601 |  | 266151 | 4126 | SH |  | SOLE |  | 0 | 0 | 4126 |
| REALTY INCOME CORP | COM | 756109104 |  | 6308882 | 109510 | SH |  | SOLE |  | 6700 | 0 | 102810 |
| RECURSION PHARMACEUTICALS IN | CL A | 75629V104 |  | 717989 | 141895 | SH |  | SOLE |  | 400 | 0 | 141495 |
| RIO TINTO PLC | SPONSORED ADR | 767204100 |  | 385853 | 6615 | SH |  | SOLE |  | 50 | 0 | 6565 |
| ROYAL GOLD INC | COM | 780287108 |  | 727738 | 4092 | SH |  | SOLE |  | 0 | 0 | 4092 |
| RTX CORPORATION | COM | 75513E101 |  | 646719 | 4429 | SH |  | SOLE |  | 200 | 0 | 4229 |
| SANMINA CORPORATION | COM | 801056102 |  | 489150 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| SAREPTA THERAPEUTICS INC | COM | 803607100 |  | 710933 | 41575 | SH |  | SOLE |  | 1805 | 0 | 39770 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 4457605 | 131882 | SH |  | SOLE |  | 6750 | 0 | 125132 |
| SERVICENOW INC | COM | 81762P102 |  | 200476 | 195 | SH |  | SOLE |  | 0 | 0 | 195 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 3468356 | 11378 | SH |  | SOLE |  | 3390 | 0 | 7988 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 948400 | 1535 | SH |  | SOLE |  | 72 | 0 | 1463 |
| SPDR SERIES TRUST | BLOOMBERG 1-3 MO | 78468R663 |  | 3489868 | 38045 | SH |  | SOLE |  | 0 | 0 | 38045 |
| SPROTT PHYSICAL GOLD  SILVE | TR UNIT | 85208R101 |  | 3972448 | 131975 | SH |  | SOLE |  | 6850 | 0 | 125125 |
| SSGA ACTIVE TR | SPDR SSGA MY2026 | 78470P820 |  | 542879 | 21637 | SH |  | SOLE |  | 5340 | 0 | 16297 |
| SSGA ACTIVE TR | SPDR SSGA MY2027 | 78470P812 |  | 636964 | 25471 | SH |  | SOLE |  | 3575 | 0 | 21896 |
| STARBUCKS CORP | COM | 855244109 |  | 452652 | 4940 | SH |  | SOLE |  | 4325 | 0 | 615 |
| STRYKER CORPORATION | COM | 863667101 |  | 427676 | 1081 | SH |  | SOLE |  | 933 | 0 | 148 |
| SYMBOTIC INC | CLASS A COM | 87151X101 |  | 4124705 | 106170 | SH |  | SOLE |  | 2100 | 0 | 104070 |
| T ROWE PRICE ETF INC | CAP APPRECIATION | 87283Q867 |  | 309582 | 8775 | SH |  | SOLE |  | 4225 | 0 | 4550 |
| TARGA RES CORP | COM | 87612G101 |  | 2084608 | 11975 | SH |  | SOLE |  | 1000 | 0 | 10975 |
| TAYLOR MORRISON HOME CORP | COM | 87724P106 |  | 429940 | 7000 | SH |  | SOLE |  | 0 | 0 | 7000 |
| TETRA TECHNOLOGIES INC DEL | COM | 88162F105 |  | 4507927 | 1341645 | SH |  | SOLE |  | 14000 | 0 | 1327645 |
| THE CIGNA GROUP | COM | 125523100 |  | 271737 | 822 | SH |  | SOLE |  | 579 | 0 | 243 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 456953 | 1127 | SH |  | SOLE |  | 600 | 0 | 527 |
| TOAST INC | CL A | 888787108 |  | 221450 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| TXO PARTNERS LP | COM UNIT | 87313P103 |  | 526400 | 35000 | SH |  | SOLE |  | 0 | 0 | 35000 |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 |  | 1122986 | 21571 | SH |  | SOLE |  | 4525 | 0 | 17046 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 244253 | 430 | SH |  | SOLE |  | 0 | 0 | 430 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 239259 | 1169 | SH |  | SOLE |  | 0 | 0 | 1169 |
| VANGUARD WHITEHALL FDS | INTL HIGH ETF | 921946794 |  | 8184572 | 102167 | SH |  | SOLE |  | 9805 | 0 | 92362 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 1228902 | 28401 | SH |  | SOLE |  | 3250 | 0 | 25151 |
| VISA INC | COM CL A | 92826C839 |  | 207349 | 584 | SH |  | SOLE |  | 220 | 0 | 364 |
| WABTEC | COM | 929740108 |  | 244730 | 1169 | SH |  | SOLE |  | 18 | 0 | 1151 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 200218 | 875 | SH |  | SOLE |  | 170 | 0 | 705 |
| WELLS FARGO CO NEW | PERP PFD CNV A | 949746804 |  | 1229314 | 1047 | SH |  | SOLE |  | 421 | 0 | 626 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 1384845 | 53906 | SH |  | SOLE |  | 200 | 0 | 53706 |
| WILLIS TOWERS WATSON PLC LTD | SHS | G96629103 |  | 5186900 | 16923 | SH |  | SOLE |  | 1490 | 0 | 15433 |
| ZETA GLOBAL HOLDINGS CORP | CL A | 98956A105 |  | 3446680 | 222510 | SH |  | SOLE |  | 3400 | 0 | 219110 |

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