# EDGAR Filing Document

**Accession Number:** 0001389400
**File Stem:** 0001389400-23-000001
**Filing Date:** 2023-2
**Character Count:** 29197
**Document Hash:** 1d87de8f5347335c190f614a99be3a47
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001389400-23-000001.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0001389400-23-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230207

**EFFECTIVENESS DATE**: 20230208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Stockman Wealth Management, Inc.
- **CENTRAL INDEX KEY:** 0001389400
- **IRS NUMBER:** 331028994
- **STATE OF INCORPORATION:** MT
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12190
- **FILM NUMBER:** 23596538

**BUSINESS ADDRESS:**
- **STREET 1:** 402 N. BROADWAY
- **STREET 2:** P.O. BOX 2507
- **CITY:** BILLINGS
- **STATE:** MT
- **ZIP:** 59103-2507
- **BUSINESS PHONE:** (406) 655-3960

**MAIL ADDRESS:**
- **STREET 1:** 402 N. BROADWAY
- **STREET 2:** P.O. BOX 2507
- **CITY:** BILLINGS
- **STATE:** MT
- **ZIP:** 59103-2507

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Stockman Asset Management
- **DATE OF NAME CHANGE:** 20070208

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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:** Stockman Wealth Management Inc.<br>**Address:** 402 N. BROADWAY<br>P.O. BOX 2507<br>BILLINGS, MT 59103-2507

**Form 13F File Number:** 028-12190

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:** Larry Johns<br>**Title:** President  CIO<br>**Phone:** 4066553960

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

Larry Johns  Billings, MT  02-07-2023<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:** 198

**Form 13F Information Table Value Total:** $435408105

      (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 |  | 852739 | 7767 | SH |  | SOLE | Stockman Wealth Management | 7502 | 0 | 265 |
| ABBVIE INC | COM | 00287Y109 |  | 7909886 | 48944 | SH |  | SOLE | Stockman Wealth Management | 40302 | 0 | 8642 |
| ALBERTSONS COS INC | COMMON STOCK | 013091103 |  | 966484 | 46600 | SH |  | SOLE | Stockman Wealth Management | 46600 | 0 | 0 |
| ALGONQUIN PWR UTILS CORP | COM | 015857105 |  | 97800 | 15000 | SH |  | SOLE | Stockman Wealth Management | 15000 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 286571 | 3248 | SH |  | SOLE | Stockman Wealth Management | 1953 | 0 | 1295 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 2259066 | 25460 | SH |  | SOLE | Stockman Wealth Management | 24700 | 0 | 760 |
| AMAZON COM INC | COM | 023135106 |  | 4355652 | 51853 | SH |  | SOLE | Stockman Wealth Management | 49068 | 0 | 2785 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 268166 | 1815 | SH |  | SOLE | Stockman Wealth Management | 1555 | 0 | 260 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 225582 | 1480 | SH |  | SOLE | Stockman Wealth Management | 1480 | 0 | 0 |
| AMPHENOL CORP NEW | CL A | 032095101 |  | 464454 | 6100 | SH |  | SOLE | Stockman Wealth Management | 6100 | 0 | 0 |
| ANHEUSER BUSCH INBEV SA/NV | SPONSORED ADR | 03524A108 |  | 7963886 | 132643 | SH |  | SOLE | Stockman Wealth Management | 107831 | 0 | 24812 |
| ANTERO MIDSTREAM CORP | COM | 03676B102 |  | 498668 | 46216 | SH |  | SOLE | Stockman Wealth Management | 46216 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 16568877 | 127522 | SH |  | SOLE | Stockman Wealth Management | 104514 | 0 | 23008 |
| ASTRAZENECA PLC | SPONSORED ADR | 046353108 |  | 854280 | 12600 | SH |  | SOLE | Stockman Wealth Management | 12600 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 7330275 | 398168 | SH |  | SOLE | Stockman Wealth Management | 328517 | 0 | 69651 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 210675 | 882 | SH |  | SOLE | Stockman Wealth Management | 729 | 0 | 153 |
| BECTON DICKINSON  CO | COM | 075887109 |  | 391622 | 1540 | SH |  | SOLE | Stockman Wealth Management | 1540 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 12532073 | 40570 | SH |  | SOLE | Stockman Wealth Management | 33076 | 0 | 7494 |
| BLACKROCK HEALTH SCIENCS TR | COM SHS | 09260E105 |  | 258838 | 16775 | SH |  | SOLE | Stockman Wealth Management | 16775 | 0 | 0 |
| BLACKROCK RES  COMMODITIES | SHS | 09257A108 |  | 380854 | 38200 | SH |  | SOLE | Stockman Wealth Management | 38200 | 0 | 0 |
| BLACKROCK SCIENCE  TECHNOLO | SHS BEN INT | 09260K101 |  | 223411 | 14285 | SH |  | SOLE | Stockman Wealth Management | 14285 | 0 | 0 |
| BOEING CO | COM | 097023105 |  | 461269 | 2421 | SH |  | SOLE | Stockman Wealth Management | 1628 | 0 | 793 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 334536 | 166 | SH |  | SOLE | Stockman Wealth Management | 166 | 0 | 0 |
| BP PLC | SPONSORED ADR | 055622104 |  | 422408 | 12093 | SH |  | SOLE | Stockman Wealth Management | 10893 | 0 | 1200 |
| BRIDGEWATER BANCSHARES INC | COM ACCD INV | 108621103 |  | 177400 | 10000 | SH |  | SOLE | Stockman Wealth Management | 10000 | 0 | 0 |
| BRIGHTSPIRE CAPITAL INC | COM CL A | 10949T109 |  | 162852 | 26140 | SH |  | SOLE | Stockman Wealth Management | 26140 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 7506042 | 104323 | SH |  | SOLE | Stockman Wealth Management | 86031 | 0 | 18292 |
| BRITISH AMERN TOB PLC | SPONSORED ADR | 110448107 |  | 415792 | 10400 | SH |  | SOLE | Stockman Wealth Management | 10400 | 0 | 0 |
| CATERPILLAR INC | COM | 149123101 |  | 9784130 | 40842 | SH |  | SOLE | Stockman Wealth Management | 33237 | 0 | 7605 |
| CENTERSPACE | COM | 15202L107 |  | 249348 | 4250 | SH |  | SOLE | Stockman Wealth Management | 4250 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 9647860 | 53752 | SH |  | SOLE | Stockman Wealth Management | 44955 | 0 | 8797 |
| CISCO SYS INC | COM | 17275R102 |  | 10275916 | 215699 | SH |  | SOLE | Stockman Wealth Management | 176349 | 0 | 39350 |
| CLIPPER RLTY INC | COM | 18885T306 |  | 131200 | 20500 | SH |  | SOLE | Stockman Wealth Management | 20500 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 596280 | 9374 | SH |  | SOLE | Stockman Wealth Management | 8785 | 0 | 589 |
| COMPUGEN LTD | ORD | M25722105 |  | 50672 | 70800 | SH |  | SOLE | Stockman Wealth Management | 70800 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 627880 | 5321 | SH |  | SOLE | Stockman Wealth Management | 4991 | 0 | 330 |
| CONSTELLATION BRANDS INC | CL A | 21036P108 |  | 208575 | 900 | SH |  | SOLE | Stockman Wealth Management | 850 | 0 | 50 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 835380 | 1830 | SH |  | SOLE | Stockman Wealth Management | 1780 | 0 | 50 |
| CRESTWOOD EQUITY PARTNERS LP | UNIT LTD PARTNER | 226344208 |  | 341780 | 13050 | SH |  | SOLE | Stockman Wealth Management | 13050 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 7082146 | 75997 | SH |  | SOLE | Stockman Wealth Management | 62123 | 0 | 13874 |
| DANAHER CORPORATION | COM | 235851102 |  | 508279 | 1915 | SH |  | SOLE | Stockman Wealth Management | 1915 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 631549 | 7269 | SH |  | SOLE | Stockman Wealth Management | 7026 | 0 | 243 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 710545 | 6899 | SH |  | SOLE | Stockman Wealth Management | 5990 | 0 | 909 |
| EAGLE BANCORP MONT INC | COM | 26942G100 |  | 525248 | 32503 | SH |  | SOLE | Stockman Wealth Management | 32503 | 0 | 0 |
| EATON VANCE ENHANCED EQUITY | COM | 278274105 |  | 164230 | 11000 | SH |  | SOLE | Stockman Wealth Management | 11000 | 0 | 0 |
| EATON VANCE ENHANCED EQUITY | COM | 278277108 |  | 165500 | 10000 | SH |  | SOLE | Stockman Wealth Management | 10000 | 0 | 0 |
| EATON VANCE TAX MNGD BUY WRI | COM SH BEN INT | 27829M103 |  | 91900 | 10000 | SH |  | SOLE | Stockman Wealth Management | 10000 | 0 | 0 |
| EATON VANCE TAX-MANAGED GLOB | COM | 27829F108 |  | 226500 | 30000 | SH |  | SOLE | Stockman Wealth Management | 30000 | 0 | 0 |
| ELLINGTON FINANCIAL INC | COM | 28852N109 |  | 335227 | 27100 | SH |  | SOLE | Stockman Wealth Management | 27100 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 888555 | 9250 | SH |  | SOLE | Stockman Wealth Management | 8767 | 0 | 483 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 734373 | 61868 | SH |  | SOLE | Stockman Wealth Management | 61868 | 0 | 0 |
| ENPHASE ENERGY INC | COM | 29355A107 |  | 271584 | 1025 | SH |  | SOLE | Stockman Wealth Management | 0 | 0 | 1025 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 720344 | 29865 | SH |  | SOLE | Stockman Wealth Management | 29865 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 9337575 | 84656 | SH |  | SOLE | Stockman Wealth Management | 71492 | 0 | 13164 |
| FIRST INTST BANCSYSTEM INC | COM CL A | 32055Y201 |  | 2317320 | 59957 | SH |  | SOLE | Stockman Wealth Management | 59589 | 0 | 368 |
| FIRST TR EXCH TRADED FD III | PFD SECS INC ETF | 33739E108 |  | 1019108 | 60661 | SH |  | SOLE | Stockman Wealth Management | 50155 | 0 | 10506 |
| FIRST TR EXCHANGE-TRADED FD | FST LOW OPPT EFT | 33739Q200 |  | 5176601 | 109188 | SH |  | SOLE | Stockman Wealth Management | 92848 | 0 | 16340 |
| FIRST TR EXCHANGE-TRADED FD | SENIOR LN FD | 33738D309 |  | 984532 | 22080 | SH |  | SOLE | Stockman Wealth Management | 17945 | 0 | 4135 |
| FORD MTR CO DEL | COM | 345370860 |  | 6259348 | 538207 | SH |  | SOLE | Stockman Wealth Management | 443128 | 0 | 95079 |
| GENERAL MLS INC | COM | 370334104 |  | 312677 | 3729 | SH |  | SOLE | Stockman Wealth Management | 3729 | 0 | 0 |
| GLACIER BANCORP INC NEW | COM | 37637Q105 |  | 495188 | 10020 | SH |  | SOLE | Stockman Wealth Management | 9520 | 0 | 500 |
| GRACO INC | COM | 384109104 |  | 362195 | 5385 | SH |  | SOLE | Stockman Wealth Management | 5385 | 0 | 0 |
| GSK PLC | SPONSORED ADR | 37733W204 |  | 5512096 | 156861 | SH |  | SOLE | Stockman Wealth Management | 128060 | 0 | 28801 |
| HF SINCLAIR CORP | COM | 403949100 |  | 204862 | 3948 | SH |  | SOLE | Stockman Wealth Management | 3948 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 5877221 | 18607 | SH |  | SOLE | Stockman Wealth Management | 15514 | 0 | 3093 |
| HONEYWELL INTL INC | COM | 438516106 |  | 7992036 | 37294 | SH |  | SOLE | Stockman Wealth Management | 29980 | 0 | 7314 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 215894 | 980 | SH |  | SOLE | Stockman Wealth Management | 980 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 7472397 | 282724 | SH |  | SOLE | Stockman Wealth Management | 231883 | 0 | 50841 |
| INTERDIGITAL INC | COM | 45867G101 |  | 723398 | 14620 | SH |  | SOLE | Stockman Wealth Management | 14020 | 0 | 600 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 10138636 | 71961 | SH |  | SOLE | Stockman Wealth Management | 60220 | 0 | 11741 |
| INVESCO EXCH TRADED FD TR II | NASDAQ 100 ETF | 46138G649 |  | 2010314 | 18354 | SH |  | SOLE | Stockman Wealth Management | 12640 | 0 | 5714 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 324028 | 2294 | SH |  | SOLE | Stockman Wealth Management | 1422 | 0 | 872 |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 |  | 1477854 | 5550 | SH |  | SOLE | Stockman Wealth Management | 4665 | 0 | 885 |
| ISHARES TR | CORE MSCI INTL | 46435G326 |  | 8605358 | 153722 | SH |  | SOLE | Stockman Wealth ManagementStockman Wealth Managment | 130306 | 0 | 23416 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 1034805 | 4278 | SH |  | SOLE | Stockman Wealth Management | 4038 | 0 | 240 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 18092045 | 191167 | SH |  | SOLE | Stockman Wealth ManagementStockman Wealth Managment | 160413 | 0 | 30754 |
| ISHARES TR | CORE S ETF | 464287200 |  | 2082034 | 5419 | SH |  | SOLE | Stockman Wealth Management | 1221 | 0 | 4198 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 715107 | 7373 | SH |  | SOLE | Stockman Wealth Management | 0 | 0 | 7373 |
| ISHARES TR | FLTG RATE NT ETF | 46429B655 |  | 537524 | 10680 | SH |  | SOLE | Stockman Wealth Management | 10680 | 0 | 0 |
| ISHARES TR | GL CLEAN ENE ETF | 464288224 |  | 279786 | 14095 | SH |  | SOLE | Stockman Wealth Management | 14095 | 0 | 0 |
| ISHARES TR | IBONDS 23 TRM TS | 46436E882 |  | 1373320 | 55600 | SH |  | SOLE | Stockman Wealth Management | 43012 | 0 | 12588 |
| ISHARES TR | IBONDS 25 TRM TS | 46436E866 |  | 1338577 | 57499 | SH |  | SOLE | Stockman Wealth Management | 44840 | 0 | 12659 |
| ISHARES TR | IBONDS DEC | 46435U697 |  | 265972 | 10329 | SH |  | SOLE | Stockman Wealth Management | 10329 | 0 | 0 |
| ISHARES TR | IBONDS DEC2026 | 46435GAA0 |  | 1492906 | 63936 | SH |  | SOLE | Stockman Wealth Management | 53915 | 0 | 10021 |
| ISHARES TR | IBONDS DEC24 ETF | 46434VBG4 |  | 1242929 | 50898 | SH |  | SOLE | Stockman Wealth Management | 41600 | 0 | 9298 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 835282 | 16766 | SH |  | SOLE | Stockman Wealth Management | 16766 | 0 | 0 |
| ISHARES TR | MSCI EAFE ETF | 464287465 |  | 545271 | 8307 | SH |  | SOLE | Stockman Wealth Management | 1662 | 0 | 6645 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 705921 | 3295 | SH |  | SOLE | Stockman Wealth Management | 2452 | 0 | 843 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 254014 | 1675 | SH |  | SOLE | Stockman Wealth Management | 1675 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 216729 | 1243 | SH |  | SOLE | Stockman Wealth Management | 26 | 0 | 1217 |
| ISHARES TR | S 500 GRWT ETF | 464287309 |  | 612846 | 10476 | SH |  | SOLE | Stockman Wealth Management | 10160 | 0 | 316 |
| ISHARES TR | S 500 VAL ETF | 464287408 |  | 406196 | 2800 | SH |  | SOLE | Stockman Wealth Management | 2800 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | EQUITY PREMIUM | 46641Q332 |  | 363993 | 6680 | SH |  | SOLE | Stockman Wealth Management | 6680 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 1945800 | 11015 | SH |  | SOLE | Stockman Wealth Management | 9306 | 0 | 1709 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 11687084 | 87152 | SH |  | SOLE | Stockman Wealth Management | 71780 | 0 | 15372 |
| KIMBELL RTY PARTNERS LP | UNIT | 49435R102 |  | 651300 | 39000 | SH |  | SOLE | Stockman Wealth Management | 39000 | 0 | 0 |
| KRAFT HEINZ CO | COM | 500754106 |  | 8040324 | 197502 | SH |  | SOLE | Stockman Wealth Management | 163860 | 0 | 33642 |
| LADDER CAP CORP | CL A | 505743104 |  | 343365 | 34200 | SH |  | SOLE | Stockman Wealth Management | 34200 | 0 | 0 |
| LIBERTY ALL STAR EQUITY FD | SH BEN INT | 530158104 |  | 618410 | 108493 | SH |  | SOLE | Stockman Wealth Management | 108493 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 876918 | 2397 | SH |  | SOLE | Stockman Wealth Management | 1701 | 0 | 696 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 7723020 | 15875 | SH |  | SOLE | Stockman Wealth Management | 12831 | 0 | 3044 |
| LOWES COS INC | COM | 548661107 |  | 5300439 | 26603 | SH |  | SOLE | Stockman Wealth Management | 21341 | 0 | 5262 |
| LOWES COS INC | PUT | 548661107 |  | 697340 | 3500 | PRN | Put | SOLE | Stockman Wealth Management | 3500 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 461855 | 2791 | SH |  | SOLE | Stockman Wealth Management | 2691 | 0 | 100 |
| MCDONALDS CORP | COM | 580135101 |  | 719833 | 2732 | SH |  | SOLE | Stockman Wealth Management | 1830 | 0 | 902 |
| MDU RES GROUP INC | COM | 552690109 |  | 7344486 | 242073 | SH |  | SOLE | Stockman Wealth Management | 197573 | 0 | 44500 |
| MERCK  CO INC | COM | 58933Y105 |  | 12664854 | 114149 | SH |  | SOLE | Stockman Wealth Management | 93673 | 0 | 20476 |
| META PLATFORMS INC | CL A | 30303M102 |  | 370647 | 3080 | SH |  | SOLE | Stockman Wealth Management | 3080 | 0 | 0 |
| MFS HIGH YIELD MUN TR | SH BEN INT | 59318E102 |  | 62600 | 20000 | SH |  | SOLE | Stockman Wealth Management | 20000 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 16948724 | 70673 | SH |  | SOLE | Stockman Wealth Management | 56852 | 0 | 13821 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 300291 | 3592 | SH |  | SOLE | Stockman Wealth Management | 2292 | 0 | 1300 |
| NIKE INC | CL B | 654106103 |  | 283983 | 2427 | SH |  | SOLE | Stockman Wealth Management | 2406 | 0 | 21 |
| NORTHWESTERN CORP | COM NEW | 668074305 |  | 4726565 | 79652 | SH |  | SOLE | Stockman Wealth Management | 65794 | 0 | 13858 |
| NUVEEN NEW YORK AMT QLT MUNI | COM | 670656107 |  | 419248 | 40862 | SH |  | SOLE | Stockman Wealth Management | 40862 | 0 | 0 |
| ONEOK INC NEW | COM | 682680103 |  | 954358 | 14526 | SH |  | SOLE | Stockman Wealth Management | 14500 | 0 | 26 |
| ORACLE CORP | COM | 68389X105 |  | 4412216 | 53979 | SH |  | SOLE | Stockman Wealth Management | 44096 | 0 | 9883 |
| PACKAGING CORP AMER | COM | 695156109 |  | 243029 | 1900 | SH |  | SOLE | Stockman Wealth Management | 1900 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 282891 | 2448 | SH |  | SOLE | Stockman Wealth Management | 2448 | 0 | 0 |
| PENNANTPARK INVT CORP | COM | 708062104 |  | 481936 | 83815 | SH |  | SOLE | Stockman Wealth Management | 83815 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 1855740 | 10272 | SH |  | SOLE | Stockman Wealth Management | 9444 | 0 | 828 |
| PFIZER INC | COM | 717081103 |  | 9367340 | 182813 | SH |  | SOLE | Stockman Wealth Management | 148797 | 0 | 34016 |
| PHILLIPS 66 | COM | 718546104 |  | 557939 | 5361 | SH |  | SOLE | Stockman Wealth Management | 3516 | 0 | 1845 |
| PIMCO DYNAMIC INCOME FD | SHS | 72201Y101 |  | 219838 | 11896 | SH |  | SOLE | Stockman Wealth Management | 11896 | 0 | 0 |
| PIMCO DYNAMIC INCOME OPRNTS | COM BEN SHS | 69355M107 |  | 1266618 | 99187 | SH |  | SOLE | Stockman Wealth Management | 94187 | 0 | 5000 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 9701131 | 64009 | SH |  | SOLE | Stockman Wealth Management | 52671 | 0 | 11338 |
| PROGRESSIVE CORP | COM | 743315103 |  | 289253 | 2230 | SH |  | SOLE | Stockman Wealth Management | 2230 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 927014 | 8432 | SH |  | SOLE | Stockman Wealth Management | 8182 | 0 | 250 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 307200 | 3044 | SH |  | SOLE | Stockman Wealth Management | 1931 | 0 | 1113 |
| REALTY INCOME CORP | COM | 756109104 |  | 848233 | 13373 | SH |  | SOLE | Stockman Wealth Management | 13373 | 0 | 0 |
| RITHM CAPITAL CORP | COM NEW | 64828T201 |  | 420755 | 51500 | SH |  | SOLE | Stockman Wealth Management | 51500 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 680492 | 12729 | SH |  | SOLE | Stockman Wealth Management | 11904 | 0 | 825 |
| SCHWAB CHARLES CORP | COM | 808513105 |  | 265100 | 3184 | SH |  | SOLE | Stockman Wealth Management | 3184 | 0 | 0 |
| SCHWAB STRATEGIC TR | INTL EQTY ETF | 808524805 |  | 390029 | 12109 | SH |  | SOLE | Stockman Wealth Management | 12054 | 0 | 55 |
| SCHWAB STRATEGIC TR | US AGGREGATE B | 808524839 |  | 855253 | 18735 | SH |  | SOLE | Stockman Wealth Management | 18735 | 0 | 0 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 |  | 812076 | 18123 | SH |  | SOLE | Stockman Wealth Management | 13664 | 0 | 4459 |
| SCHWAB STRATEGIC TR | US DIVIDEND EQ | 808524797 |  | 809248 | 10713 | SH |  | SOLE | Stockman Wealth Management | 6246 | 0 | 4467 |
| SCHWAB STRATEGIC TR | US LRG CAP ETF | 808524201 |  | 2776319 | 61491 | SH |  | SOLE | Stockman Wealth Management | 51233 | 0 | 10258 |
| SCHWAB STRATEGIC TR | US MID-CAP ETF | 808524508 |  | 363939 | 5547 | SH |  | SOLE | Stockman Wealth Management | 4852 | 0 | 695 |
| SCHWAB STRATEGIC TR | US SML CAP ETF | 808524607 |  | 359000 | 8862 | SH |  | SOLE | Stockman Wealth Management | 7970 | 0 | 892 |
| SELECT SECTOR SPDR TR | COMMUNICATION | 81369Y852 |  | 882200 | 18383 | SH |  | SOLE | Stockman Wealth ManagementStockman Wealth Managment | 16220 | 0 | 2163 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 948350 | 10842 | SH |  | SOLE | Stockman Wealth ManagementStockman Wealth Managment | 9374 | 0 | 1468 |
| SELECT SECTOR SPDR TR | FINANCIAL | 81369Y605 |  | 1835206 | 53661 | SH |  | SOLE | Stockman Wealth ManagementStockman Wealth Managment | 46337 | 0 | 7324 |
| SELECT SECTOR SPDR TR | RL EST SEL SEC | 81369Y860 |  | 261206 | 7073 | SH |  | SOLE | Stockman Wealth Management | 7073 | 0 | 0 |
| SELECT SECTOR SPDR TR | SBI CONS DISCR | 81369Y407 |  | 1625938 | 12589 | SH |  | SOLE | Stockman Wealth ManagementStockman Wealth Managment | 10371 | 0 | 2218 |
| SELECT SECTOR SPDR TR | SBI CONS STPLS | 81369Y308 |  | 2401405 | 32212 | SH |  | SOLE | Stockman Wealth ManagementStockman Wealth Managment | 27814 | 0 | 4398 |
| SELECT SECTOR SPDR TR | SBI HEALTHCARE | 81369Y209 |  | 2990330 | 22012 | SH |  | SOLE | Stockman Wealth ManagementStockman Wealth Managment | 19140 | 0 | 2872 |
| SELECT SECTOR SPDR TR | SBI INT-INDS | 81369Y704 |  | 1452919 | 14794 | SH |  | SOLE | Stockman Wealth ManagementStockman Wealth Managment | 12802 | 0 | 1992 |
| SELECT SECTOR SPDR TR | SBI INT-UTILS | 81369Y886 |  | 807578 | 11455 | SH |  | SOLE | Stockman Wealth ManagementStockman Wealth Managment | 10077 | 0 | 1378 |
| SELECT SECTOR SPDR TR | TECHNOLOGY | 81369Y803 |  | 3668989 | 29484 | SH |  | SOLE | Stockman Wealth ManagementStockman Wealth Managment | 26068 | 0 | 3416 |
| SOFI TECHNOLOGIES INC | COM | 83406F102 |  | 76065 | 16500 | SH |  | SOLE | Stockman Wealth Management | 16500 | 0 | 0 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 299443 | 783 | SH |  | SOLE | Stockman Wealth Management | 253 | 0 | 530 |
| SPDR SER TR | PORTFOLIO SHORT | 78464A474 |  | 317304 | 10800 | SH |  | SOLE | Stockman Wealth Management | 10800 | 0 | 0 |
| SPDR SER TR | S BIOTECH | 78464A870 |  | 301373 | 3631 | SH |  | SOLE | Stockman Wealth Management | 3535 | 0 | 96 |
| SPDR SER TR | S OILGAS EXP | 78468R556 |  | 650865 | 4790 | SH |  | SOLE | Stockman Wealth Management | 3511 | 0 | 1279 |
| STARWOOD PPTY TR INC | COM | 85571B105 |  | 515073 | 28100 | SH |  | SOLE | Stockman Wealth Management | 28100 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 325183 | 1330 | SH |  | SOLE | Stockman Wealth Management | 1325 | 0 | 5 |
| SYSCO CORP | COM | 871829107 |  | 5398303 | 70612 | SH |  | SOLE | Stockman Wealth Management | 58561 | 0 | 12051 |
| TABULA RASA HEALTHCARE INC | NOTE 1.750% 2/1 | 873379AA9 |  | 23352 | 30000 | SH |  | SOLE | Stockman Wealth Management | 30000 | 0 | 0 |
| TARGET CORP | COM | 87612E106 |  | 534639 | 3587 | SH |  | SOLE | Stockman Wealth Management | 3388 | 0 | 199 |
| TEKLA HEALTHCARE INVS | SH BEN INT | 87911J103 |  | 457099 | 25394 | SH |  | SOLE | Stockman Wealth Management | 25394 | 0 | 0 |
| TEKLA WORLD HEALTHCARE FD | BEN INT SHS | 87911L108 |  | 624216 | 42609 | SH |  | SOLE | Stockman Wealth Management | 42609 | 0 | 0 |
| TELADOC HEALTH INC | NOTE 1.250% 6/0 | 87918AAF2 |  | 23062 | 30000 | SH |  | SOLE | Stockman Wealth Management | 30000 | 0 | 0 |
| TESLA INC | COM | 88160R101 |  | 451824 | 3668 | SH |  | SOLE | Stockman Wealth Management | 1125 | 0 | 2543 |
| TEXAS INSTRS INC | COM | 882508104 |  | 270630 | 1638 | SH |  | SOLE | Stockman Wealth Management | 1597 | 0 | 41 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 284707 | 517 | SH |  | SOLE | Stockman Wealth Management | 467 | 0 | 50 |
| TPG RE FIN TR INC | COM | 87266M107 |  | 164997 | 24300 | SH |  | SOLE | Stockman Wealth Management | 24300 | 0 | 0 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 375355 | 2002 | SH |  | SOLE | Stockman Wealth Management | 2002 | 0 | 0 |
| UNION PAC CORP | COM | 907818108 |  | 261115 | 1261 | SH |  | SOLE | Stockman Wealth Management | 1211 | 0 | 50 |
| UNITED STS OIL FD LP | UNITS | 91232N207 |  | 10292008 | 146798 | SH |  | SOLE | Stockman Wealth Management | 146798 | 0 | 0 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 359792 | 679 | SH |  | SOLE | Stockman Wealth Management | 618 | 0 | 61 |
| US BANCORP DEL | COM NEW | 902973304 |  | 8544215 | 195923 | SH |  | SOLE | Stockman Wealth Management | 161042 | 0 | 34881 |
| USA COMPRESSION PARTNERS LP | COMUNIT LTDPAR | 90290N109 |  | 1283136 | 65701 | SH |  | SOLE | Stockman Wealth Management | 65701 | 0 | 0 |
| VANECK ETF TRUST | FALLEN ANGEL HG | 92189F437 |  | 594440 | 22000 | SH |  | SOLE | Stockman Wealth Management | 22000 | 0 | 0 |
| VANECK ETF TRUST | PREFERRED SECURT | 92189F429 |  | 1203421 | 72018 | SH |  | SOLE | Stockman Wealth Management | 68018 | 0 | 4000 |
| VANGUARD BD INDEX FDS | INTERMED TERM | 921937819 |  | 293044 | 3943 | SH |  | SOLE | Stockman Wealth Management | 406 | 0 | 3537 |
| VANGUARD BD INDEX FDS | SHORT TRM BOND | 921937827 |  | 345460 | 4589 | SH |  | SOLE | Stockman Wealth Management | 1052 | 0 | 3537 |
| VANGUARD INDEX FDS | GROWTH ETF | 922908736 |  | 1421444 | 6670 | SH |  | SOLE | Stockman Wealth Management | 6310 | 0 | 360 |
| VANGUARD INDEX FDS | MID CAP ETF | 922908629 |  | 905324 | 4442 | SH |  | SOLE | Stockman Wealth Management | 4442 | 0 | 0 |
| VANGUARD INDEX FDS | REAL ESTATE ETF | 922908553 |  | 552121 | 6694 | SH |  | SOLE | Stockman Wealth Management | 6632 | 0 | 62 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 2830574 | 8057 | SH |  | SOLE | Stockman Wealth Management | 6471 | 0 | 1586 |
| VANGUARD INDEX FDS | SMALL CP ETF | 922908751 |  | 602195 | 3281 | SH |  | SOLE | Stockman Wealth Management | 2988 | 0 | 293 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 4603898 | 24080 | SH |  | SOLE | Stockman Wealth Management | 22980 | 0 | 1100 |
| VANGUARD INTL EQUITY INDEX F | FTSE EMR MKT ETF | 922042858 |  | 5230142 | 134175 | SH |  | SOLE | Stockman Wealth ManagementStockman Wealth Managment | 113887 | 0 | 20288 |
| VANGUARD SCOTTSDALE FDS | SHRT TRM CORP BD | 92206C409 |  | 2874138 | 38225 | SH |  | SOLE | Stockman Wealth Management | 38225 | 0 | 0 |
| VANGUARD SPECIALIZED FUNDS | DIV APP ETF | 921908844 |  | 547723 | 3607 | SH |  | SOLE | Stockman Wealth Management | 3282 | 0 | 325 |
| VANGUARD WORLD FD | MEGA GRWTH IND | 921910816 |  | 258965 | 1505 | SH |  | SOLE | Stockman Wealth Management | 1341 | 0 | 164 |
| VANGUARD WORLD FDS | HEALTH CAR ETF | 92204A504 |  | 258468 | 1042 | SH |  | SOLE | Stockman Wealth Management | 1042 | 0 | 0 |
| VANGUARD WORLD FDS | INF TECH ETF | 92204A702 |  | 206978 | 648 | SH |  | SOLE | Stockman Wealth Management | 648 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 4692579 | 119101 | SH |  | SOLE | Stockman Wealth Management | 101687 | 0 | 17414 |
| VIRTUS ARTIFICIAL INTELLIGEN | COM | 92838Y100 |  | 282884 | 17473 | SH |  | SOLE | Stockman Wealth Management | 17473 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 498416 | 2399 | SH |  | SOLE | Stockman Wealth Management | 2399 | 0 | 0 |
| WALGREENS BOOTS ALLIANCE INC | COM | 931427108 |  | 5828219 | 156002 | SH |  | SOLE | Stockman Wealth Management | 129417 | 0 | 26585 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 402711 | 2567 | SH |  | SOLE | Stockman Wealth Management | 1640 | 0 | 927 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 276560 | 6698 | SH |  | SOLE | Stockman Wealth Management | 6639 | 0 | 59 |
| WESTERN ASSET MTG DEFINED OP | COM | 95790B109 |  | 130317 | 12100 | SH |  | SOLE | Stockman Wealth Management | 12100 | 0 | 0 |
| WILLIAMS COS INC | COM | 969457100 |  | 329000 | 10000 | SH |  | SOLE | Stockman Wealth Management | 10000 | 0 | 0 |
| ZIMMER BIOMET HOLDINGS INC | COM | 98956P102 |  | 265838 | 2085 | SH |  | SOLE | Stockman Wealth Management | 2085 | 0 | 0 |
| ZOETIS INC | CL A | 98978V103 |  | 232282 | 1585 | SH |  | SOLE | Stockman Wealth Management | 1585 | 0 | 0 |

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