# EDGAR Filing Document

**Accession Number:** 0001313792
**File Stem:** 0001398344-23-002276
**Filing Date:** 2023-2
**Character Count:** 19567
**Document Hash:** 432b3ccc8d2d4d43a210d60a045ba9f5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-002276.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0001398344-23-002276

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230207

**EFFECTIVENESS DATE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Edgemoor Investment Advisors, Inc.
- **CENTRAL INDEX KEY:** 0001313792
- **IRS NUMBER:** 522202829
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11064
- **FILM NUMBER:** 23594138

**BUSINESS ADDRESS:**
- **STREET 1:** 7250 WOODMONT AVENUE
- **STREET 2:** SUITE 315
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** 301-543-8881

**MAIL ADDRESS:**
- **STREET 1:** 7250 WOODMONT AVENUE
- **STREET 2:** SUITE 315
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Edgemoor Capital Management, Inc.
- **DATE OF NAME CHANGE:** 20050107

### 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:** Edgemoor Investment Advisors Inc.<br>**Address:** 7250 WOODMONT AVENUE<br>SUITE 315<br>BETHESDA, MD 20814

**Form 13F File Number:** 028-11064

**CRD Number (if applicable):** 000109104

**SEC File Number (if applicable):** 801-56945

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:** Paul P. Meehan<br>**Title:** Compliance Officer<br>**Phone:** 301-543-8881

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

/s/ Paul P. Meehan  Bethesda, MD  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:** 163

**Form 13F Information Table Value Total:** $798496354

      (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 |  | 289474 | 2636 | SH |  | SOLE |  | 2636 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 377437 | 2335 | SH |  | SOLE |  | 2335 | 0 | 0 |
| ACCENTURE PLC IRELAND | SHS CLASS A | G1151C101 |  | 268441 | 1006 | SH |  | SOLE |  | 1006 | 0 | 0 |
| ACTIVISION BLIZZARD INC | COM | 00507V109 |  | 1557716 | 20349 | SH |  | SOLE |  | 20349 | 0 | 0 |
| AES CORP | UNIT 02/15/2024 | 00130H204 |  | 8902877 | 87274 | SH |  | SOLE |  | 87274 | 0 | 0 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 23631590 | 266331 | SH |  | SOLE |  | 266331 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 13901607 | 157561 | SH |  | SOLE |  | 157561 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 301707 | 6600 | SH |  | SOLE |  | 6600 | 0 | 0 |
| AMAZON COM INC | COM | 023135106 |  | 14127288 | 168182 | SH |  | SOLE |  | 168182 | 0 | 0 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 10941705 | 115236 | SH |  | SOLE |  | 115236 | 0 | 0 |
| AMGEN INC | COM | 031162100 |  | 601708 | 2291 | SH |  | SOLE |  | 2291 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 52564406 | 404559 | SH |  | SOLE |  | 404559 | 0 | 0 |
| APPLIED MATLS INC | COM | 038222105 |  | 16393703 | 168346 | SH |  | SOLE |  | 168346 | 0 | 0 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 12999417 | 703809 | SH |  | SOLE |  | 703809 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 4492844 | 244042 | SH |  | SOLE |  | 244042 | 0 | 0 |
| ATMOS ENERGY CORP | COM | 049560105 |  | 3728569 | 33270 | SH |  | SOLE |  | 33270 | 0 | 0 |
| AUTOMATIC DATA PROCESSING IN | COM | 053015103 |  | 653043 | 2734 | SH |  | SOLE |  | 2734 | 0 | 0 |
| BANK AMERICA CORP | COM | 060505104 |  | 9247537 | 279213 | SH |  | SOLE |  | 279213 | 0 | 0 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 852043 | 18718 | SH |  | SOLE |  | 18718 | 0 | 0 |
| BCE INC | COM NEW | 05534B760 |  | 4495909 | 102296 | SH |  | SOLE |  | 102296 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 |  | 1874844 | 4 | SH |  | SOLE |  | 4 | 0 | 0 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 53347648 | 172702 | SH |  | SOLE |  | 172702 | 0 | 0 |
| BLACKROCK CR ALLOCATION INCO | COM | 092508100 |  | 3681382 | 364493 | SH |  | SOLE |  | 364493 | 0 | 0 |
| BLACKROCK INC | COM | 09247X101 |  | 13593292 | 19182 | SH |  | SOLE |  | 19182 | 0 | 0 |
| BLACKROCK TAX MUNICPAL BD TR | SHS | 09248X100 |  | 210163 | 12480 | SH |  | SOLE |  | 12480 | 0 | 0 |
| BLACKSTONE INC | COM | 09260D107 |  | 11701247 | 157720 | SH |  | SOLE |  | 157720 | 0 | 0 |
| BLACKSTONE MTG TR INC | COM CL A | 09257W100 |  | 7928218 | 374502 | SH |  | SOLE |  | 374502 | 0 | 0 |
| BOOKING HOLDINGS INC | COM | 09857L108 |  | 286170 | 142 | SH |  | SOLE |  | 142 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 1521383 | 21145 | SH |  | SOLE |  | 21145 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 10714049 | 19162 | SH |  | SOLE |  | 19162 | 0 | 0 |
| BROOKFIELD RENEWABLE CORP | CL A SUB VTG | 11284V105 |  | 525821 | 19093 | SH |  | SOLE |  | 19093 | 0 | 0 |
| BROOKFIELD RENEWABLE PARTNER | PARTNERSHIP UNIT | G16258108 |  | 1192374 | 47055 | SH |  | SOLE |  | 47055 | 0 | 0 |
| CARLYLE GROUP INC | COM | 14316J108 |  | 498388 | 16702 | SH |  | SOLE |  | 16702 | 0 | 0 |
| CARMAX INC | COM | 143130102 |  | 1563351 | 25675 | SH |  | SOLE |  | 25675 | 0 | 0 |
| CENTERPOINT ENERGY INC | COM | 15189T107 |  | 6628946 | 221038 | SH |  | SOLE |  | 221038 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 1169916 | 6518 | SH |  | SOLE |  | 6518 | 0 | 0 |
| CIGNA CORP NEW | COM | 125523100 |  | 1888307 | 5699 | SH |  | SOLE |  | 5699 | 0 | 0 |
| CISCO SYS INC | COM | 17275R102 |  | 262782 | 5516 | SH |  | SOLE |  | 5516 | 0 | 0 |
| CITIGROUP INC | COM NEW | 172967424 |  | 2243770 | 49608 | SH |  | SOLE |  | 49608 | 0 | 0 |
| CLEARBRIDGE MLP AND MIDSTRM | COM | 184692200 |  | 1085034 | 32525 | SH |  | SOLE |  | 32525 | 0 | 0 |
| CLEARWAY ENERGY INC | CL A | 18539C105 |  | 6178031 | 206485 | SH |  | SOLE |  | 206485 | 0 | 0 |
| COCA COLA CO | COM | 191216100 |  | 2665314 | 41900 | SH |  | SOLE |  | 41900 | 0 | 0 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 342672 | 2904 | SH |  | SOLE |  | 2904 | 0 | 0 |
| CONSOLIDATED EDISON INC | COM | 209115104 |  | 932604 | 9784 | SH |  | SOLE |  | 9784 | 0 | 0 |
| COSTAR GROUP INC | COM | 22160N109 |  | 3641743 | 47124 | SH |  | SOLE |  | 47124 | 0 | 0 |
| COSTCO WHSL CORP NEW | COM | 22160K105 |  | 302660 | 663 | SH |  | SOLE |  | 663 | 0 | 0 |
| CROWN CASTLE INC | COM | 22822V101 |  | 12931806 | 95339 | SH |  | SOLE |  | 95339 | 0 | 0 |
| CSX CORP | COM | 126408103 |  | 940832 | 30369 | SH |  | SOLE |  | 30369 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 24911257 | 267316 | SH |  | SOLE |  | 267316 | 0 | 0 |
| DANAHER CORPORATION | COM | 235851102 |  | 1912617 | 7206 | SH |  | SOLE |  | 7206 | 0 | 0 |
| DEERE  CO | COM | 244199105 |  | 8603498 | 20066 | SH |  | SOLE |  | 20066 | 0 | 0 |
| DIGITAL RLTY TR INC | COM | 253868103 |  | 3343102 | 33341 | SH |  | SOLE |  | 33341 | 0 | 0 |
| DISNEY WALT CO | COM | 254687106 |  | 5952932 | 68519 | SH |  | SOLE |  | 68519 | 0 | 0 |
| DOMINION ENERGY INC | COM | 25746U109 |  | 7908150 | 128965 | SH |  | SOLE |  | 128965 | 0 | 0 |
| DOW INC | COM | 260557103 |  | 259760 | 5155 | SH |  | SOLE |  | 5155 | 0 | 0 |
| DUPONT DE NEMOURS INC | COM | 26614N102 |  | 212067 | 3090 | SH |  | SOLE |  | 3090 | 0 | 0 |
| EMERSON ELEC CO | COM | 291011104 |  | 235155 | 2448 | SH |  | SOLE |  | 2448 | 0 | 0 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 248558 | 20940 | SH |  | SOLE |  | 20940 | 0 | 0 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 7537122 | 312484 | SH |  | SOLE |  | 312484 | 0 | 0 |
| EQUITY COMWLTH | 6.5% CNV PFD D | 294628201 |  | 2393685 | 95546 | SH |  | SOLE |  | 95546 | 0 | 0 |
| EVERGY INC | COM | 30034W106 |  | 3815635 | 60633 | SH |  | SOLE |  | 60633 | 0 | 0 |
| EVERSOURCE ENERGY | COM | 30040W108 |  | 1614926 | 19262 | SH |  | SOLE |  | 19262 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 1529989 | 13871 | SH |  | SOLE |  | 13871 | 0 | 0 |
| FIRST FINL BANCORP OH | COM | 320209109 |  | 364710 | 15052 | SH |  | SOLE |  | 15052 | 0 | 0 |
| FIRST TR SR FLTG RATE INCOME | COM | 33733U108 |  | 7718337 | 809899 | SH |  | SOLE |  | 809899 | 0 | 0 |
| FISERV INC | COM | 337738108 |  | 2937903 | 29068 | SH |  | SOLE |  | 29068 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 13768469 | 55493 | SH |  | SOLE |  | 55493 | 0 | 0 |
| GENUINE PARTS CO | COM | 372460105 |  | 224522 | 1294 | SH |  | SOLE |  | 1294 | 0 | 0 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 310689 | 3618 | SH |  | SOLE |  | 3618 | 0 | 0 |
| GLOBAL X FDS | RBTCS ARTFL INTE | 37954Y715 |  | 437514 | 21290 | SH |  | SOLE |  | 21290 | 0 | 0 |
| GOLUB CAP BDC INC | COM | 38173M102 |  | 1417990 | 107750 | SH |  | SOLE |  | 107750 | 0 | 0 |
| H  E EQUIPMENT SERVICES INC | COM | 404030108 |  | 601959 | 13259 | SH |  | SOLE |  | 13259 | 0 | 0 |
| HANCOCK JOHN PREM DIVID FD | COM SH BEN INT | 41013T105 |  | 129400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| HERSHEY CO | COM | 427866108 |  | 210266 | 908 | SH |  | SOLE |  | 908 | 0 | 0 |
| HOME DEPOT INC | COM | 437076102 |  | 534119 | 1691 | SH |  | SOLE |  | 1691 | 0 | 0 |
| HONEYWELL INTL INC | COM | 438516106 |  | 269825 | 1259 | SH |  | SOLE |  | 1259 | 0 | 0 |
| IDEXX LABS INC | COM | 45168D104 |  | 283532 | 695 | SH |  | SOLE |  | 695 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 233853 | 8848 | SH |  | SOLE |  | 8848 | 0 | 0 |
| ISHARES INC | CORE MSCI EMKT | 46434G103 |  | 4944875 | 105884 | SH |  | SOLE |  | 105884 | 0 | 0 |
| ISHARES TR | CORE S ETF | 464287200 |  | 742294 | 1932 | SH |  | SOLE |  | 1932 | 0 | 0 |
| ISHARES TR | CORE US AGGBD ET | 464287226 |  | 423361 | 4365 | SH |  | SOLE |  | 4365 | 0 | 0 |
| ISHARES TR | RUS MID CAP ETF | 464287499 |  | 402002 | 5960 | SH |  | SOLE |  | 5960 | 0 | 0 |
| ISHARES TR | CORE S MCP ETF | 464287507 |  | 650684 | 2690 | SH |  | SOLE |  | 2690 | 0 | 0 |
| ISHARES TR | RUS 1000 VAL ETF | 464287598 |  | 295869 | 1951 | SH |  | SOLE |  | 1951 | 0 | 0 |
| ISHARES TR | RUS 1000 GRW ETF | 464287614 |  | 958510 | 4474 | SH |  | SOLE |  | 4474 | 0 | 0 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 474259 | 2720 | SH |  | SOLE |  | 2720 | 0 | 0 |
| ISHARES TR | CORE S SCP ETF | 464287804 |  | 7186225 | 75932 | SH |  | SOLE |  | 75932 | 0 | 0 |
| ISHARES TR | SHRT NAT MUN ETF | 464288158 |  | 495283 | 4750 | SH |  | SOLE |  | 4750 | 0 | 0 |
| ISHARES TR | ISHS 1-5YR INVS | 464288646 |  | 241627 | 4850 | SH |  | SOLE |  | 4850 | 0 | 0 |
| ISHARES TR | SHORT TREAS BD | 464288679 |  | 2060890 | 18749 | SH |  | SOLE |  | 18749 | 0 | 0 |
| ISHARES TR | CORE MSCI EAFE | 46432F842 |  | 310481 | 5037 | SH |  | SOLE |  | 5037 | 0 | 0 |
| ISHARES TR | BLACKROCK ULTRA | 46434V878 |  | 15124055 | 302239 | SH |  | SOLE |  | 302239 | 0 | 0 |
| J P MORGAN EXCHANGE TRADED F | EQUITY PREMIUM | 46641Q332 |  | 2387006 | 43806 | SH |  | SOLE |  | 43806 | 0 | 0 |
| JACOBS SOLUTIONS INC | COM | 46982L108 |  | 3596697 | 29955 | SH |  | SOLE |  | 29955 | 0 | 0 |
| JOHN MARSHALL BANCORP INC | COM | 47805L101 |  | 260085 | 9037 | SH |  | SOLE |  | 9037 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 2316827 | 13115 | SH |  | SOLE |  | 13115 | 0 | 0 |
| JOHNSON CTLS INTL PLC | SHS | G51502105 |  | 10830869 | 169232 | SH |  | SOLE |  | 169232 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 943250 | 7033 | SH |  | SOLE |  | 7033 | 0 | 0 |
| KAYNE ANDERSON ENERGY INFRST | COM | 486606106 |  | 1032567 | 120627 | SH |  | SOLE |  | 120627 | 0 | 0 |
| KELLOGG CO | COM | 487836108 |  | 274986 | 3860 | SH |  | SOLE |  | 3860 | 0 | 0 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 3804924 | 210449 | SH |  | SOLE |  | 210449 | 0 | 0 |
| KKR  CO INC | COM | 48251W104 |  | 236742 | 5100 | SH |  | SOLE |  | 5100 | 0 | 0 |
| LENNAR CORP | CL A | 526057104 |  | 20155756 | 222715 | SH |  | SOLE |  | 222715 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 748597 | 2046 | SH |  | SOLE |  | 2046 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 696167 | 1431 | SH |  | SOLE |  | 1431 | 0 | 0 |
| LOWES COS INC | COM | 548661107 |  | 43619977 | 218931 | SH |  | SOLE |  | 218931 | 0 | 0 |
| MAGELLAN MIDSTREAM PRTNRS LP | COM UNIT RP LP | 559080106 |  | 3095798 | 61657 | SH |  | SOLE |  | 61657 | 0 | 0 |
| MALIBU BOATS INC | COM CL A | 56117J100 |  | 3902626 | 73220 | SH |  | SOLE |  | 73220 | 0 | 0 |
| MARKEL CORP | COM | 570535104 |  | 235831 | 179 | SH |  | SOLE |  | 179 | 0 | 0 |
| MARSH  MCLENNAN COS INC | COM | 571748102 |  | 1077109 | 6509 | SH |  | SOLE |  | 6509 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 207150 | 786 | SH |  | SOLE |  | 786 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 6752195 | 60858 | SH |  | SOLE |  | 60858 | 0 | 0 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 1426029 | 28532 | SH |  | SOLE |  | 28532 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 58754518 | 244994 | SH |  | SOLE |  | 244994 | 0 | 0 |
| NETSCOUT SYS INC | COM | 64115T104 |  | 325458 | 10011 | SH |  | SOLE |  | 10011 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 10204634 | 122065 | SH |  | SOLE |  | 122065 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 457626 | 3911 | SH |  | SOLE |  | 3911 | 0 | 0 |
| NORFOLK SOUTHN CORP | COM | 655844108 |  | 842510 | 3419 | SH |  | SOLE |  | 3419 | 0 | 0 |
| NOVARTIS AG | SPONSORED ADR | 66987V109 |  | 12804804 | 141146 | SH |  | SOLE |  | 141146 | 0 | 0 |
| NUVEEN FLOATING RATE INCOME | COM | 67072T108 |  | 552969 | 69819 | SH |  | SOLE |  | 69819 | 0 | 0 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 324431 | 2220 | SH |  | SOLE |  | 2220 | 0 | 0 |
| ONEOK INC NEW | COM | 682680103 |  | 616266 | 9380 | SH |  | SOLE |  | 9380 | 0 | 0 |
| ORACLE CORP | COM | 68389X105 |  | 726260 | 8885 | SH |  | SOLE |  | 8885 | 0 | 0 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 475189 | 563 | SH |  | SOLE |  | 563 | 0 | 0 |
| PAYCHEX INC | COM | 704326107 |  | 207305 | 1793 | SH |  | SOLE |  | 1793 | 0 | 0 |
| PEMBINA PIPELINE CORP | COM | 706327103 |  | 3708970 | 109248 | SH |  | SOLE |  | 109248 | 0 | 0 |
| PEPSICO INC | COM | 713448108 |  | 1432684 | 7930 | SH |  | SOLE |  | 7930 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 1384044 | 27011 | SH |  | SOLE |  | 27011 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 301782 | 2981 | SH |  | SOLE |  | 2981 | 0 | 0 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 488634 | 3093 | SH |  | SOLE |  | 3093 | 0 | 0 |
| PPL CORP | COM | 69351T106 |  | 453085 | 15506 | SH |  | SOLE |  | 15506 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 604733 | 3990 | SH |  | SOLE |  | 3990 | 0 | 0 |
| PROSHARES TR | ULTRASHRT S | 74347G416 |  | 597610 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 480219 | 4758 | SH |  | SOLE |  | 4758 | 0 | 0 |
| REALTY INCOME CORP | COM | 756109104 |  | 8812713 | 138936 | SH |  | SOLE |  | 138936 | 0 | 0 |
| RLJ LODGING TR | CUM CONV PFD A | 74965L200 |  | 2460552 | 103428 | SH |  | SOLE |  | 103428 | 0 | 0 |
| SHELL PLC | SPON ADS | 780259305 |  | 6929334 | 121674 | SH |  | SOLE |  | 121674 | 0 | 0 |
| SIMON PPTY GROUP INC NEW | COM | 828806109 |  | 5328305 | 45355 | SH |  | SOLE |  | 45355 | 0 | 0 |
| SOUTHERN CO | COM | 842587107 |  | 6896430 | 96575 | SH |  | SOLE |  | 96575 | 0 | 0 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 331137 | 1952 | SH |  | SOLE |  | 1952 | 0 | 0 |
| SPDR SER TR | PORTFOLIO S | 78464A854 |  | 230702 | 5129 | SH |  | SOLE |  | 5129 | 0 | 0 |
| SPLUNK INC | COM | 848637104 |  | 3049222 | 35419 | SH |  | SOLE |  | 35419 | 0 | 0 |
| STARWOOD PPTY TR INC | COM | 85571B105 |  | 2835816 | 154709 | SH |  | SOLE |  | 154709 | 0 | 0 |
| STEEL DYNAMICS INC | COM | 858119100 |  | 1348402 | 13801 | SH |  | SOLE |  | 13801 | 0 | 0 |
| STRYKER CORPORATION | COM | 863667101 |  | 280919 | 1149 | SH |  | SOLE |  | 1149 | 0 | 0 |
| TEXAS INSTRS INC | COM | 882508104 |  | 279387 | 1691 | SH |  | SOLE |  | 1691 | 0 | 0 |
| TRUIST FINL CORP | COM | 89832Q109 |  | 1058538 | 24600 | SH |  | SOLE |  | 24600 | 0 | 0 |
| UNITED BANKSHARES INC WEST V | COM | 909907107 |  | 616622 | 15229 | SH |  | SOLE |  | 15229 | 0 | 0 |
| UNITED RENTALS INC | COM | 911363109 |  | 28397347 | 79898 | SH |  | SOLE |  | 79898 | 0 | 0 |
| VANGUARD INDEX FDS | S 500 ETF SHS | 922908363 |  | 717883 | 2043 | SH |  | SOLE |  | 2043 | 0 | 0 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 356378 | 1864 | SH |  | SOLE |  | 1864 | 0 | 0 |
| VENTAS INC | COM | 92276F100 |  | 731972 | 16248 | SH |  | SOLE |  | 16248 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 9415418 | 238969 | SH |  | SOLE |  | 238969 | 0 | 0 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 16033066 | 55520 | SH |  | SOLE |  | 55520 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 11490957 | 55308 | SH |  | SOLE |  | 55308 | 0 | 0 |
| WALMART INC | COM | 931142103 |  | 541510 | 3819 | SH |  | SOLE |  | 3819 | 0 | 0 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 268852 | 1713 | SH |  | SOLE |  | 1713 | 0 | 0 |
| WELLS FARGO CO NEW | PERP PFD CNV A | 949746804 |  | 4188975 | 3535 | SH |  | SOLE |  | 3535 | 0 | 0 |
| WELLTOWER INC | COM | 95040Q104 |  | 1318407 | 20113 | SH |  | SOLE |  | 20113 | 0 | 0 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 2053158 | 66230 | SH |  | SOLE |  | 66230 | 0 | 0 |
| WILLIAMS SONOMA INC | COM | 969904101 |  | 11629646 | 101197 | SH |  | SOLE |  | 101197 | 0 | 0 |
| XCEL ENERGY INC | COM | 98389B100 |  | 2877213 | 41038 | SH |  | SOLE |  | 41038 | 0 | 0 |
| YUM BRANDS INC | COM | 988498101 |  | 258850 | 2021 | SH |  | SOLE |  | 2021 | 0 | 0 |

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