# EDGAR Filing Document

**Accession Number:** 0001690717
**File Stem:** 0001667731-25-001041
**Filing Date:** 2025-8
**Character Count:** 21863
**Document Hash:** 371392a54c090f83eee8d9bef30ac9b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001667731-25-001041.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0001667731-25-001041

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**EFFECTIVENESS DATE**: 20250804

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ELCO Management Co., LLC
- **CENTRAL INDEX KEY:** 0001690717

**ORGANIZATION NAME:**
- **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:** 251178023

**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:** 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:** 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  08-04-2025<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:** 186

**Form 13F Information Table Value Total:** $190889059

      (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 |
| COMPANHIA DE SANEAMENTO BAS | SPONSORED ADR | 20441a102 |  | 326035 | 14840 | SH |  | DFND |  | 0 | 0 | 14840 |
| CONSOLIDATED WATER CO LTD | ORD | g23773107 |  | 315540 | 10511 | SH |  | DFND |  | 0 | 0 | 10511 |
| PENTAIR PLC SHS | SHS | g7s00t104 |  | 399553 | 3892 | SH |  | DFND |  | 0 | 0 | 3892 |
| ABBOTT LABS | COM | 002824100 |  | 2344948 | 17241 | SH |  | SOLE |  | 0 | 0 | 17241 |
| ABBVIE INC | COM | 00287y109 |  | 3216980 | 17331 | SH |  | SOLE |  | 0 | 0 | 17331 |
| ADVANCED DRAINAGE SYSTEMS INC | COM | 00790r104 |  | 636784 | 5544 | SH |  | DFND |  | 0 | 0 | 5544 |
| ALPHABET INC CLASS A | CAP STK CL A | 02079k305 |  | 489919 | 2780 | SH |  | SOLE |  | 0 | 0 | 2780 |
| ALPHABET INC CLASS C | CAP STK CL C | 02079k107 |  | 4955922 | 27938 | SH |  | SOLE |  | 0 | 0 | 27938 |
| AMAZON COM INC | COM | 023135106 |  | 6790559 | 30952 | SH |  | SOLE |  | 0 | 0 | 30952 |
| AMER STATES WTR CO | COM | 029899101 |  | 360532 | 4703 | SH |  | DFND |  | 0 | 0 | 4703 |
| AMER STATES WTR CO | COM | 029899101 |  | 54045 | 705 | SH |  | SOLE |  | 0 | 0 | 705 |
| AMERICAN EXPRESS CO | COM | 025816109 |  | 255184 | 800 | SH |  | SOLE |  | 0 | 0 | 800 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 678022 | 4874 | SH |  | DFND |  | 0 | 0 | 4874 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 1189669 | 8552 | SH |  | SOLE |  | 0 | 0 | 8552 |
| AMICUS THERAPEUTICS INC | COM | 03152w109 |  | 24840 | 4335 | SH |  | DFND |  | 0 | 0 | 4335 |
| AMICUS THERAPEUTICS INC | COM | 03152w109 |  | 40511 | 7070 | SH |  | SOLE |  | 0 | 0 | 7070 |
| AMPLIFY ETF TR | AMPLIFY CYBERSEC | 032108664 |  | 308773 | 3575 | SH |  | SOLE |  | 0 | 0 | 3575 |
| APPLE INC | COM | 037833100 |  | 6121042 | 29834 | SH |  | SOLE |  | 0 | 0 | 29834 |
| ARES CAP CORP EQUITY CLASS EQU | COM | 04010l103 |  | 232776 | 10600 | SH |  | SOLE |  | 0 | 0 | 10600 |
| ARTESIAN RES CORP | CL A | 043113208 |  | 263412 | 7849 | SH |  | DFND |  | 0 | 0 | 7849 |
| BANK AMERICA CORP | COM | 060505104 |  | 365642 | 7727 | SH |  | SOLE |  | 0 | 0 | 7727 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 434764 | 895 | SH |  | SOLE |  | 0 | 0 | 895 |
| BLACKBOXSTOCKS INC | COM | 09229e303 |  | 58900 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| BLACKROCK ENHANCED EQUIT | COM | 09251a104 |  | 245924 | 27663 | SH |  | SOLE |  | 0 | 0 | 27663 |
| BLACKSTONE SECD LENDING | COMMON STOCK | 09261x102 |  | 261375 | 8500 | SH |  | SOLE |  | 0 | 0 | 8500 |
| BOEING CO | COM | 097023105 |  | 930104 | 4439 | SH |  | SOLE |  | 0 | 0 | 4439 |
| BOOZ ALLEN HAMILTON HLDG COR | CL A | 099502106 |  | 624780 | 6000 | SH |  | SOLE |  | 0 | 0 | 6000 |
| CALAMOS STRATEGIC TOTAL RETU | COM SH BEN INT | 128125101 |  | 403542 | 22124 | SH |  | SOLE |  | 0 | 0 | 22124 |
| CALIFORNIA BANCORP COMMON STOC | COM | 84252a106 |  | 257518 | 16340 | SH |  | DFND |  | 0 | 0 | 16340 |
| CALIFORNIA WTR SVC GROUP | COM | 130788102 |  | 404863 | 8902 | SH |  | DFND |  | 0 | 0 | 8902 |
| CALUMET INC | COM | 131428104 |  | 678410 | 43060 | SH |  | SOLE |  | 29200 | 0 | 13860 |
| CARRIER GLOBAL CORP | COM | 14448c104 |  | 985430 | 13464 | SH |  | SOLE |  | 0 | 0 | 13464 |
| CHART INDS INC | COM | 16115q308 |  | 540052 | 3280 | SH |  | SOLE |  | 2100 | 0 | 1180 |
| CHART INDS INC | COM | 16115q308 |  | 61744 | 375 | SH |  | DFND |  | 0 | 0 | 375 |
| CHENIERE ENERGY INC | COM NEW | 16411r208 |  | 12470659 | 51210 | SH |  | SOLE |  | 17920 | 0 | 33290 |
| CHENIERE ENERGY INC | COM NEW | 16411r208 |  | 322664 | 1325 | SH |  | DFND |  | 0 | 0 | 1325 |
| CITIGROUP INC | COM NEW | 172967424 |  | 445518 | 5234 | SH |  | SOLE |  | 0 | 0 | 5234 |
| CIVISTA BANCSHARES INC | COM NO PAR | 178867107 |  | 350366 | 15102 | SH |  | DFND |  | 0 | 0 | 15102 |
| CLEARWAY ENERGY INC | CL C | 18539c204 |  | 57600 | 1800 | SH |  | DFND |  | 0 | 0 | 1800 |
| CLEARWAY ENERGY INC | CL C | 18539c204 |  | 187040 | 5845 | SH |  | SOLE |  | 0 | 0 | 5845 |
| COCA COLA CO | COM | 191216100 |  | 527158 | 7451 | SH |  | SOLE |  | 0 | 0 | 7451 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 1227150 | 13500 | SH |  | SOLE |  | 0 | 0 | 13500 |
| CONSTELLATION BRANDS INC CLASS | CL A | 21036p108 |  | 641935 | 3946 | SH |  | SOLE |  | 0 | 0 | 3946 |
| CORE  MAIN INC | CL A | 21874C102 |  | 356970 | 5915 | SH |  | DFND |  | 0 | 0 | 5915 |
| CORNING INC | COM | 219350105 |  | 840967 | 15991 | SH |  | SOLE |  | 0 | 0 | 15991 |
| CSX CORP | COM | 126408103 |  | 753100 | 23080 | SH |  | SOLE |  | 0 | 0 | 23080 |
| CUMMINS INC | COM | 231021106 |  | 505987 | 1545 | SH |  | SOLE |  | 0 | 0 | 1545 |
| DANAHER CORPORATION | COM | 235851102 |  | 268457 | 1359 | SH |  | SOLE |  | 0 | 0 | 1359 |
| DEERE  CO | COM | 244199105 |  | 233905 | 460 | SH |  | SOLE |  | 0 | 0 | 460 |
| DELEK LOGISTICS PARTN LP | COM UNT RP INT | 24664t103 |  | 494140 | 11505 | SH |  | SOLE |  | 5000 | 0 | 6505 |
| DIMENSIONAL US CORE EQUITY MAR | US CORE EQT MKT | 25434v104 |  | 723509 | 17080 | SH |  | SOLE |  | 0 | 0 | 17080 |
| DISNEY WALT CO | COM | 254687106 |  | 1256345 | 10131 | SH |  | SOLE |  | 0 | 0 | 10131 |
| DOUBLELINE INCOME SOLUTIONS | COM | 258622109 |  | 183600 | 15000 | SH |  | SOLE |  | 0 | 0 | 15000 |
| DT MIDSTREAM INC | COMMON STOCK | 23345m107 |  | 129144 | 1175 | SH |  | DFND |  | 0 | 0 | 1175 |
| DT MIDSTREAM INC | COMMON STOCK | 23345m107 |  | 206081 | 1875 | SH |  | SOLE |  | 0 | 0 | 1875 |
| DYNAVAX TECHNOLOGIES CORP | COM NEW | 268158201 |  | 33986 | 3426 | SH |  | DFND |  | 0 | 0 | 3426 |
| DYNAVAX TECHNOLOGIES CORP | COM NEW | 268158201 |  | 134148 | 13523 | SH |  | SOLE |  | 0 | 0 | 13523 |
| EAGLE FINL SVCS INC | COM | 26951r104 |  | 704260 | 23000 | SH |  | DFND |  | 0 | 0 | 23000 |
| EAGLE FINL SVCS INC | COM | 26951r104 |  | 195049 | 6370 | SH |  | SOLE |  | 0 | 0 | 6370 |
| EATON VANCE RISK MAN DIV | COM | 27829g106 |  | 393421 | 43520 | SH |  | SOLE |  | 0 | 0 | 43520 |
| EATON VANCE SHORT DUR DV | COM | 27828v104 |  | 254517 | 23075 | SH |  | SOLE |  | 0 | 0 | 23075 |
| EATON VANCE TAX MGD DVF | COM | 27828n102 |  | 717808 | 46400 | SH |  | SOLE |  | 0 | 0 | 46400 |
| ECOLAB INC | COM | 278865100 |  | 269171 | 999 | SH |  | DFND |  | 0 | 0 | 999 |
| ENERGY SELECT SECTOR SPDR ETF | ENERGY | 81369y506 |  | 224746 | 2650 | SH |  | SOLE |  | 0 | 0 | 2650 |
| ENERGY TRANSFER L P LP | COM UT LTD PTN | 29273v100 |  | 9706569 | 535387 | SH |  | SOLE |  | 210700 | 0 | 324687 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 1778455 | 57351 | SH |  | SOLE |  | 22000 | 0 | 35351 |
| EQT CORP | COM | 26884l109 |  | 119556 | 2050 | SH |  | DFND |  | 0 | 0 | 2050 |
| EQT CORP | COM | 26884l109 |  | 1726447 | 29603 | SH |  | SOLE |  | 20339 | 0 | 9264 |
| EQUITY BANCSHARES INC CLASS A | COM CL A | 29460x109 |  | 861288 | 21110 | SH |  | DFND |  | 0 | 0 | 21110 |
| ESSENTIAL UTILS INC | COM | 29670g102 |  | 469672 | 12646 | SH |  | DFND |  | 0 | 0 | 12646 |
| ESSENTIAL UTILS INC | COM | 29670g102 |  | 9285 | 250 | SH |  | SOLE |  | 0 | 0 | 250 |
| FASTENAL CO | COM | 311900104 |  | 236460 | 5630 | SH |  | SOLE |  | 0 | 0 | 5630 |
| FIRST WESTN FINL INC | COM | 33751L105 |  | 414472 | 18372 | SH |  | DFND |  | 0 | 0 | 18372 |
| FIRSTSUN CAPITAL BANCORP COMMO | COM | 33767u107 |  | 455225 | 13100 | SH |  | DFND |  | 0 | 0 | 13100 |
| FRANKLIN LTD DUR INCOME | COM | 35472t101 |  | 78324 | 12200 | SH |  | SOLE |  | 0 | 0 | 12200 |
| GENESIS ENERGY L P | UNIT LTD PARTN | 371927104 |  | 3267256 | 189626 | SH |  | SOLE |  | 108000 | 0 | 81626 |
| GLOBAL WTR RES INC | COM | 379463102 |  | 281713 | 27646 | SH |  | DFND |  | 0 | 0 | 27646 |
| GLOBAL X FUND GLB X NSDQ 100 C | NASDAQ 100 COVER | 37954y483 |  | 533368 | 31900 | SH |  | SOLE |  | 0 | 0 | 31900 |
| GLOBAL X S 500 COVERED CALL | S 500 COVERED | 37954y475 |  | 2266308 | 58200 | SH |  | SOLE |  | 0 | 0 | 58200 |
| H2O AMERICA | COM | 784305104 |  | 254393 | 4895 | SH |  | DFND |  | 0 | 0 | 4895 |
| HESS MIDSTREAM LP | CL A SHS | 428103105 |  | 570410 | 14812 | SH |  | SOLE |  | 0 | 0 | 14812 |
| HESS MIDSTREAM LP | CL A SHS | 428103105 |  | 78945 | 2050 | SH |  | DFND |  | 0 | 0 | 2050 |
| HEXCEL CORP NEW | COM | 428291108 |  | 3961022 | 70119 | SH |  | SOLE |  | 13700 | 0 | 56419 |
| HOME DEPOT INC | COM | 437076102 |  | 2923954 | 7975 | SH |  | SOLE |  | 0 | 0 | 7975 |
| HONEYWELL INTL INC | COM | 438516106 |  | 2019302 | 8671 | SH |  | SOLE |  | 0 | 0 | 8671 |
| HUBBELL INC | COM | 443510607 |  | 1973029 | 4831 | SH |  | SOLE |  | 0 | 0 | 4831 |
| ILLUMINA INC | COM | 452327109 |  | 774443 | 8117 | SH |  | SOLE |  | 0 | 0 | 8117 |
| IMAX CORP F | COM | 45245e109 |  | 293580 | 10500 | SH |  | SOLE |  | 0 | 0 | 10500 |
| INTERCONTINENTAL EXCHANG | COM | 45866f104 |  | 1618756 | 8823 | SH |  | SOLE |  | 0 | 0 | 8823 |
| INVESCO AEROSPACE  DEFENSE ET | AEROSPACE DEFN | 46137v100 |  | 801682 | 5658 | SH |  | SOLE |  | 0 | 0 | 5658 |
| INVESCO QQQ ETF | UNIT SER 1 | 46090e103 |  | 193074 | 350 | SH |  | SOLE |  | 0 | 0 | 350 |
| INVESCO QQQ ETF | UNIT SER 1 | 46090e103 |  | 22066 | 40 | SH |  | DFND |  | 0 | 0 | 40 |
| INVSC S P 500 TOP 50 ETF | S 500 TOP 50 | 46137v233 |  | 471505 | 9050 | SH |  | SOLE |  | 0 | 0 | 9050 |
| ISHARES 0-3 MONTH TREASURY BON | 0-3 MNTH TREASRY | 46436e718 |  | 332277 | 3300 | SH |  | SOLE |  | 0 | 0 | 3300 |
| ISHARES TR | GLOB HLTHCRE ETF | 464287325 |  | 586187 | 6809 | SH |  | SOLE |  | 0 | 0 | 6809 |
| ISHARES TR | U.S. TECH ETF | 464287721 |  | 277232 | 1600 | SH |  | SOLE |  | 0 | 0 | 1600 |
| ISHARES TR | US AER DEF ETF | 464288760 |  | 330120 | 1750 | SH |  | SOLE |  | 0 | 0 | 1750 |
| J P MORGAN NASDAQ EQT PRM INC | NASDAQ EQT PREM | 46654q203 |  | 592960 | 10900 | SH |  | SOLE |  | 0 | 0 | 10900 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 603821 | 3953 | SH |  | SOLE |  | 0 | 0 | 3953 |
| JPMORGAN CHASE  CO | COM | 46625h100 |  | 2078439 | 7169 | SH |  | SOLE |  | 0 | 0 | 7169 |
| JPMORGAN EQUITY PREMIUM INCOME | EQUITY PREMIUM | 46641q332 |  | 1688445 | 29700 | SH |  | SOLE |  | 0 | 0 | 29700 |
| KENVUE INC | COM | 49177j102 |  | 380235 | 18167 | SH |  | SOLE |  | 0 | 0 | 18167 |
| KINDER MORGAN INC DEL | COM | 49456b101 |  | 160994 | 5476 | SH |  | DFND |  | 0 | 0 | 5476 |
| KINDER MORGAN INC DEL | COM | 49456b101 |  | 281211 | 9565 | SH |  | SOLE |  | 0 | 0 | 9565 |
| LATHAM GROUP INC | COM | 51819L107 |  | 589104 | 92336 | SH |  | DFND |  | 0 | 0 | 92336 |
| LESLIES INC | COM | 527064109 |  | 23999 | 57154 | SH |  | DFND |  | 0 | 0 | 57154 |
| LIBERTY ALL STAR EQUITY FD | SH BEN INT | 530158104 |  | 193772 | 28454 | SH |  | SOLE |  | 0 | 0 | 28454 |
| LINEAGE CELL THERAPEUTIC | COM | 53566p109 |  | 14700 | 16200 | SH |  | SOLE |  | 0 | 0 | 16200 |
| LINKBANCORP INC | COM | 53578P105 |  | 292400 | 40000 | SH |  | DFND |  | 0 | 0 | 40000 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 324198 | 700 | SH |  | SOLE |  | 0 | 0 | 700 |
| MAINSTREET BANCSHARES INC COMM | COM | 56064y100 |  | 277055 | 14659 | SH |  | DFND |  | 0 | 0 | 14659 |
| MARRIOTT INTL INC NEW | CL A | 571903202 |  | 1021532 | 3739 | SH |  | SOLE |  | 0 | 0 | 3739 |
| MASCO CORP | COM | 574599106 |  | 266515 | 4141 | SH |  | DFND |  | 0 | 0 | 4141 |
| MASTERCARD INC CLASS A | CL A | 57636q104 |  | 278160 | 495 | SH |  | SOLE |  | 0 | 0 | 495 |
| MCDONALDS CORP | COM | 580135101 |  | 805221 | 2756 | SH |  | SOLE |  | 0 | 0 | 2756 |
| MEDTRONIC PLC F | SHS | g5960l103 |  | 255321 | 2929 | SH |  | SOLE |  | 0 | 0 | 2929 |
| MERCK  CO. INC. | COM | 58933y105 |  | 203283 | 2568 | SH |  | SOLE |  | 0 | 0 | 2568 |
| MERCK  CO. INC. | COM | 58933y105 |  | 21294 | 269 | SH |  | DFND |  | 0 | 0 | 269 |
| MERIDIAN CORPORATION COMMON ST | COM | 58958p104 |  | 193350 | 15000 | SH |  | DFND |  | 0 | 0 | 15000 |
| META PLATFORMS INC CLASS A | CL A | 30303m102 |  | 210356 | 285 | SH |  | SOLE |  | 0 | 0 | 285 |
| MICROSOFT CORP | COM | 594918104 |  | 99482 | 200 | SH |  | DFND |  | 0 | 0 | 200 |
| MICROSOFT CORP | COM | 594918104 |  | 6717522 | 13505 | SH |  | SOLE |  | 0 | 0 | 13505 |
| MPLX LP LP | COM UNIT REP LTD | 55336v100 |  | 4467926 | 86739 | SH |  | SOLE |  | 51000 | 0 | 35739 |
| MPLX LP LP | COM UNIT REP LTD | 55336v100 |  | 72114 | 1400 | SH |  | DFND |  | 0 | 0 | 1400 |
| NEOS NASDAQ 100 HIGH INCOME ET | NASDAQ 100 HIGH | 78433h675 |  | 254849 | 4900 | SH |  | SOLE |  | 0 | 0 | 4900 |
| NEOS S 500 HIGH INCOME ETF | NEOS S 500 HI | 78433h303 |  | 509490 | 10125 | SH |  | SOLE |  | 0 | 0 | 10125 |
| NEXTDECADE CORP | COM | 65342k105 |  | 2136333 | 239768 | SH |  | SOLE |  | 110000 | 0 | 129768 |
| NEXTERA ENERGY INC | COM | 65339f101 |  | 100659 | 1450 | SH |  | DFND |  | 0 | 0 | 1450 |
| NEXTERA ENERGY INC | COM | 65339f101 |  | 1595966 | 22990 | SH |  | SOLE |  | 0 | 0 | 22990 |
| NGL ENERGY PARTNERS L LP | COM UNIT REPST | 62913m107 |  | 843667 | 197580 | SH |  | SOLE |  | 147000 | 0 | 50580 |
| NORTHPOINTE BANCSHARES INC COM | COM SHS | 66661n886 |  | 142584 | 10400 | SH |  | DFND |  | 0 | 0 | 10400 |
| NVIDIA CORP | COM | 67066g104 |  | 3642459 | 23055 | SH |  | SOLE |  | 0 | 0 | 23055 |
| ONEOK INC NEW | COM | 682680103 |  | 117874 | 1444 | SH |  | DFND |  | 0 | 0 | 1444 |
| ONEOK INC NEW | COM | 682680103 |  | 1426052 | 17470 | SH |  | SOLE |  | 0 | 0 | 17470 |
| OTIS WORLDWIDE CORP | COM | 68902v107 |  | 596794 | 6027 | SH |  | SOLE |  | 0 | 0 | 6027 |
| PALANTIR TECHNOLOGIES IN CLASS | CL A | 69608a108 |  | 282182 | 2070 | SH |  | SOLE |  | 0 | 0 | 2070 |
| PFIZER INC | COM | 717081103 |  | 23101 | 953 | SH |  | DFND |  | 0 | 0 | 953 |
| PFIZER INC | COM | 717081103 |  | 730497 | 30136 | SH |  | SOLE |  | 0 | 0 | 30136 |
| PLAINS ALL AMERN PIPELINE L | UNIT LTD PARTN | 726503105 |  | 3262151 | 178065 | SH |  | SOLE |  | 139300 | 0 | 38765 |
| PLAINS GP HLDGS L P CLASS A | LTD PARTNR INT A | 72651a207 |  | 481709 | 24792 | SH |  | SOLE |  | 0 | 0 | 24792 |
| PLAINS GP HLDGS L P CLASS A | LTD PARTNR INT A | 72651a207 |  | 151554 | 7800 | SH |  | DFND |  | 0 | 0 | 7800 |
| PRIMERICA INC | COM | 74164m108 |  | 1094680 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| PRIMIS FINL CORP | COM | 74167b109 |  | 879013 | 81015 | SH |  | DFND |  | 0 | 0 | 81015 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 1331119 | 8355 | SH |  | SOLE |  | 0 | 0 | 8355 |
| PROVIDENT FINL SVCS INC | COM | 74386t105 |  | 673660 | 38429 | SH |  | SOLE |  | 0 | 0 | 38429 |
| QUALCOMM INC | COM | 747525103 |  | 374261 | 2350 | SH |  | SOLE |  | 0 | 0 | 2350 |
| REAVES UTIL INCOME FD | COM SH BEN INT | 756158101 |  | 273159 | 7550 | SH |  | SOLE |  | 0 | 0 | 7550 |
| RTX CORP | COM | 75513e101 |  | 1805829 | 12367 | SH |  | SOLE |  | 0 | 0 | 12367 |
| SCHWAB STRATEGIC TR | US BRD MKT ETF | 808524102 |  | 3463833 | 145356 | SH |  | SOLE |  | 0 | 0 | 145356 |
| SELECT SECTOR INDUSTRIAL SPDR | INDL | 81369y704 |  | 719898 | 4880 | SH |  | SOLE |  | 0 | 0 | 4880 |
| SELECT STR FINANCIAL SELECT SP | FINANCIAL | 81369y605 |  | 505632 | 9655 | SH |  | SOLE |  | 0 | 0 | 9655 |
| SELECT WATER SOLUTIONS INC CLA | CL A COM | 81617j301 |  | 218497 | 25289 | SH |  | DFND |  | 0 | 0 | 25289 |
| SEMPRA | COM | 816851109 |  | 515160 | 6799 | SH |  | SOLE |  | 0 | 0 | 6799 |
| SEMPRA | COM | 816851109 |  | 51145 | 675 | SH |  | DFND |  | 0 | 0 | 675 |
| SHORE BANCSHARES INC | COM | 825107105 |  | 235800 | 15000 | SH |  | DFND |  | 0 | 0 | 15000 |
| SOUTHERN FIRST BANCSHARES | COM | 842873101 |  | 264270 | 6949 | SH |  | DFND |  | 0 | 0 | 6949 |
| SPDR Blackstone Senior Loan ET | BLACKSTONE SENR | 78467v608 |  | 569783 | 13700 | SH |  | SOLE |  | 0 | 0 | 13700 |
| SPDR S 500 ETF | TR UNIT | 78462f103 |  | 4774397 | 7727 | SH |  | SOLE |  | 1400 | 0 | 6327 |
| SUNOCO LP LP | COM UT REP LP | 86765k109 |  | 1403254 | 26185 | SH |  | SOLE |  | 0 | 0 | 26185 |
| TARGA RES CORP | COM | 87612g101 |  | 226304 | 1300 | SH |  | DFND |  | 0 | 0 | 1300 |
| TARGA RES CORP | COM | 87612g101 |  | 9661440 | 55500 | SH |  | SOLE |  | 23500 | 0 | 32000 |
| TECHNOLOGY SELECT SECTOR SPDR | TECHNOLOGY | 81369y803 |  | 966832 | 3818 | SH |  | SOLE |  | 0 | 0 | 3818 |
| TETRA TECH INC NEW | COM | 88162g103 |  | 548750 | 15260 | SH |  | DFND |  | 0 | 0 | 15260 |
| TRANE TECHNOLOGIES PLC F | SHS | g8994e103 |  | 214331 | 490 | SH |  | SOLE |  | 0 | 0 | 490 |
| UBER TECHNOLOGIES INC | COM | 90353t100 |  | 46650 | 500 | SH |  | DFND |  | 0 | 0 | 500 |
| UBER TECHNOLOGIES INC | COM | 90353t100 |  | 1016503 | 10895 | SH |  | SOLE |  | 0 | 0 | 10895 |
| UNIVERSAL DISPLAY CORP | COM | 91347p105 |  | 463380 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| USCB FINL HLDGS INC CLASS A | CLASS A COM | 90355n101 |  | 3970 | 240 | SH |  | SOLE |  | 0 | 0 | 240 |
| USCB FINL HLDGS INC CLASS A | CLASS A COM | 90355n101 |  | 639254 | 38649 | SH |  | DFND |  | 0 | 0 | 38649 |
| VALMONT INDS INC | COM | 920253101 |  | 325917 | 998 | SH |  | DFND |  | 0 | 0 | 998 |
| VERALTO CORP | COM SHS | 92338c103 |  | 563907 | 5586 | SH |  | DFND |  | 0 | 0 | 5586 |
| VERALTO CORP | COM SHS | 92338c103 |  | 3331 | 33 | SH |  | SOLE |  | 0 | 0 | 33 |
| VERSABANK F | COM | 92512j106 |  | 1406464 | 123374 | SH |  | DFND |  | 0 | 0 | 123374 |
| VERSABANK F | COM | 92512j106 |  | 68400 | 6000 | SH |  | SOLE |  | 0 | 0 | 6000 |
| VISA INC CLASS A | COM CL A | 92826c839 |  | 306763 | 864 | SH |  | SOLE |  | 0 | 0 | 864 |
| VISTRA CORP | COM | 92840m102 |  | 368239 | 1900 | SH |  | SOLE |  | 0 | 0 | 1900 |
| VISTRA CORP | COM | 92840m102 |  | 130822 | 675 | SH |  | DFND |  | 0 | 0 | 675 |
| WALMART INC | COM | 931142103 |  | 444899 | 4550 | SH |  | SOLE |  | 0 | 0 | 4550 |
| WELLS FARGO CO NEW | PERP PFD CNV A | 949746804 |  | 307622 | 262 | SH |  | SOLE |  | 0 | 0 | 262 |
| WESTERN MIDSTREAM PARTNERS L | COM UNIT LP INT | 958669103 |  | 2324902 | 60075 | SH |  | SOLE |  | 39400 | 0 | 20675 |
| WILLIAMS COS INC | COM | 969457100 |  | 219835 | 3500 | SH |  | DFND |  | 0 | 0 | 3500 |
| WILLIAMS COS INC | COM | 969457100 |  | 11495235 | 183016 | SH |  | SOLE |  | 50500 | 0 | 132516 |
| XAI MADISON EQUITY PREMIUM I | COM | 557437100 |  | 117644 | 18823 | SH |  | SOLE |  | 0 | 0 | 18823 |
| XYLEM INC | COM | 98419m100 |  | 692723 | 5355 | SH |  | DFND |  | 0 | 0 | 5355 |
| XYLEM INC | COM | 98419m100 |  | 392090 | 3031 | SH |  | SOLE |  | 0 | 0 | 3031 |
| YORK WTR CO | COM | 987184108 |  | 314262 | 9945 | SH |  | DFND |  | 0 | 0 | 9945 |

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