# EDGAR Filing Document

**Accession Number:** 0001213206
**File Stem:** 0001172661-23-001249
**Filing Date:** 2023-2
**Character Count:** 17874
**Document Hash:** 99c7add1abb6d77dc4b81ed1c241f65b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001172661-23-001249.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001172661-23-001249

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MARATHON CAPITAL MANAGEMENT
- **CENTRAL INDEX KEY:** 0001213206
- **IRS NUMBER:** 203954582
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12098
- **FILM NUMBER:** 23627540

**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:** 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:** 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:** James Gordon Kennedy<br>**Title:** President<br>**Phone:** 410-329-1522

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

/s/ James Gordon Kennedy  Hunt Valley, MD  02-14-2023<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:** 145

**Form 13F Information Table Value Total:** $362798665

      (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 |
| ABB LTD | SPONSORED ADR | 000375204 |  | 3497265 | 114815 | SH |  | SOLE |  | 106265 | 0 | 8550 |
| ABBOTT LABS | COM | 002824100 |  | 536338 | 4885 | SH |  | SOLE |  | 4460 | 0 | 425 |
| ABBVIE INC | COM | 00287Y109 |  | 4729463 | 29265 | SH |  | SOLE |  | 26809 | 0 | 2456 |
| ACCURAY INC | COM | 004397105 |  | 231990 | 111000 | SH |  | SOLE |  | 111000 | 0 | 0 |
| ADVANCED MICRO DEVICES INC | COM | 007903107 |  | 341597 | 5274 | SH |  | SOLE |  | 5274 | 0 | 0 |
| AEGON N V | NY REGISTRY SHS | 007924103 |  | 615329 | 122089 | SH |  | SOLE |  | 118721 | 0 | 3368 |
| ALASKA AIR GROUP INC | COM | 011659109 |  | 296286 | 6900 | SH |  | SOLE |  | 2900 | 0 | 4000 |
| ALLISON TRANSMISSION HLDGS I | COM | 01973R101 |  | 5046379 | 121307 | SH |  | SOLE |  | 115995 | 0 | 5312 |
| ALLSTATE CORP | COM | 020002101 |  | 626065 | 4617 | SH |  | SOLE |  | 4617 | 0 | 0 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 665254 | 7540 | SH |  | SOLE |  | 6540 | 0 | 1000 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 966004 | 10887 | SH |  | SOLE |  | 9887 | 0 | 1000 |
| AMAZON COM INC | COM | 023135106 |  | 1130220 | 13455 | SH |  | SOLE |  | 12255 | 0 | 1200 |
| AMERICAN WTR WKS CO INC NEW | COM | 030420103 |  | 259114 | 1700 | SH |  | SOLE |  | 0 | 0 | 1700 |
| AMGEN INC | COM | 031162100 |  | 236901 | 902 | SH |  | SOLE |  | 850 | 0 | 52 |
| ANI PHARMACEUTICALS INC | COM | 00182C103 |  | 2932365 | 72890 | SH |  | SOLE |  | 72890 | 0 | 0 |
| ANTERO RESOURCES CORP | COM | 03674X106 |  | 929700 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 7513291 | 57826 | SH |  | SOLE |  | 41601 | 0 | 16225 |
| AQUA METALS INC | COM | 03837J101 |  | 43750 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| ARCOSA INC | COM | 039653100 |  | 2483392 | 45701 | SH |  | SOLE |  | 45411 | 0 | 290 |
| ARES CAPITAL CORP | COM | 04010L103 |  | 3101858 | 167940 | SH |  | SOLE |  | 159365 | 0 | 8575 |
| ATLAS AIR WORLDWIDE HLDGS IN | COM NEW | 049164205 |  | 1572480 | 15600 | SH |  | SOLE |  | 13290 | 0 | 2310 |
| AVID TECHNOLOGY INC | COM | 05367P100 |  | 3877753 | 145835 | SH |  | SOLE |  | 122335 | 0 | 23500 |
| BANK MONTREAL QUE | COM | 063671101 |  | 6118671 | 67535 | SH |  | SOLE |  | 64370 | 0 | 3165 |
| BANK NEW YORK MELLON CORP | COM | 064058100 |  | 358242 | 7870 | SH |  | SOLE |  | 7760 | 0 | 110 |
| BANK NOVA SCOTIA HALIFAX | COM | 064149107 |  | 264492 | 5400 | SH |  | SOLE |  | 5225 | 0 | 175 |
| BELDEN INC | COM | 077454106 |  | 1926920 | 26800 | SH |  | SOLE |  | 25450 | 0 | 1350 |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 |  | 3822329 | 12374 | SH |  | SOLE |  | 9989 | 0 | 2385 |
| BLACKROCK RES  COMMODITIES | SHS | 09257A108 |  | 600005 | 60181 | SH |  | SOLE |  | 58681 | 0 | 1500 |
| BLUE BIRD CORP | COM | 095306106 |  | 1217031 | 113635 | SH |  | SOLE |  | 110635 | 0 | 3000 |
| BP PLC | SPONSORED ADR | 055622104 |  | 475782 | 13621 | SH |  | SOLE |  | 12371 | 0 | 1250 |
| BRIGHTHOUSE FINL INC | COM | 10922N103 |  | 414569 | 8086 | SH |  | SOLE |  | 8086 | 0 | 0 |
| BRISTOL-MYERS SQUIBB CO | COM | 110122108 |  | 7285466 | 101257 | SH |  | SOLE |  | 97907 | 0 | 3350 |
| CANADIAN PAC RY LTD | COM | 13645T100 |  | 213924 | 2868 | SH |  | SOLE |  | 2568 | 0 | 300 |
| CECO ENVIRONMENTAL CORP | COM | 125141101 |  | 1866464 | 159800 | SH |  | SOLE |  | 127800 | 0 | 32000 |
| CERUS CORP | COM | 157085101 |  | 94900 | 26000 | SH |  | SOLE |  | 26000 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 3353342 | 18683 | SH |  | SOLE |  | 14577 | 0 | 4106 |
| CINCINNATI FINL CORP | COM | 172062101 |  | 697788 | 6815 | SH |  | SOLE |  | 5640 | 0 | 1175 |
| CISCO SYS INC | COM | 17275R102 |  | 223637 | 4694 | SH |  | SOLE |  | 3094 | 0 | 1600 |
| COCA COLA CO | COM | 191216100 |  | 1047382 | 16466 | SH |  | SOLE |  | 13901 | 0 | 2565 |
| COMSCORE INC | COM | 20564W105 |  | 153352 | 132200 | SH |  | SOLE |  | 124700 | 0 | 7500 |
| CONDUENT INC | COM | 206787103 |  | 362374 | 89475 | SH |  | SOLE |  | 86975 | 0 | 2500 |
| CONOCOPHILLIPS | COM | 20825C104 |  | 946950 | 8025 | SH |  | SOLE |  | 5940 | 0 | 2085 |
| COPA HOLDINGS SA | CL A | P31076105 |  | 4555637 | 54775 | SH |  | SOLE |  | 42270 | 0 | 12505 |
| CORNING INC | COM | 219350105 |  | 7834014 | 245273 | SH |  | SOLE |  | 234043 | 0 | 11230 |
| CRYOPORT INC | COM PAR $0.001 | 229050307 |  | 957286 | 55175 | SH |  | SOLE |  | 54875 | 0 | 300 |
| CSX CORP | COM | 126408103 |  | 435207 | 14048 | SH |  | SOLE |  | 11748 | 0 | 2300 |
| CVS HEALTH CORP | COM | 126650100 |  | 301470 | 3235 | SH |  | SOLE |  | 2535 | 0 | 700 |
| DANAHER CORPORATION | COM | 235851102 |  | 610466 | 2300 | SH |  | SOLE |  | 2300 | 0 | 0 |
| DASEKE INC | COM | 23753F107 |  | 2385874 | 419310 | SH |  | SOLE |  | 416060 | 0 | 3250 |
| DESKTOP METAL INC | COM CL A | 25058X105 |  | 40800 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| DIAMONDBACK ENERGY INC | COM | 25278X109 |  | 633291 | 4630 | SH |  | SOLE |  | 2100 | 0 | 2530 |
| DISCOVER FINL SVCS | COM | 254709108 |  | 232346 | 2375 | SH |  | SOLE |  | 2345 | 0 | 30 |
| DISNEY WALT CO | COM | 254687106 |  | 298085 | 3431 | SH |  | SOLE |  | 2931 | 0 | 500 |
| DOCGO INC | COM | 256086109 |  | 1775560 | 251140 | SH |  | SOLE |  | 251140 | 0 | 0 |
| DOLPHIN ENTMT INC | COM NEW | 25686H209 |  | 356570 | 197000 | SH |  | SOLE |  | 197000 | 0 | 0 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 442033 | 4292 | SH |  | SOLE |  | 4092 | 0 | 200 |
| ENBRIDGE INC | COM | 29250N105 |  | 370551 | 9477 | SH |  | SOLE |  | 9477 | 0 | 0 |
| ENPHASE ENERGY INC | COM | 29355A107 |  | 21015567 | 79316 | SH |  | SOLE |  | 75731 | 0 | 3585 |
| EURONAV NV | SHS | B38564108 |  | 906272 | 53185 | SH |  | SOLE |  | 31435 | 0 | 21750 |
| EVOLV TECHNOLOGIES HLDNGS IN | COM CL A | 30049H102 |  | 1096140 | 423220 | SH |  | SOLE |  | 423220 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 978692 | 8873 | SH |  | SOLE |  | 6423 | 0 | 2450 |
| F N B CORP | COM | 302520101 |  | 313200 | 24000 | SH |  | SOLE |  | 24000 | 0 | 0 |
| FRONTLINE LTD | SHS NEW | G3682E192 |  | 297430 | 24500 | SH |  | SOLE |  | 24500 | 0 | 0 |
| GLADSTONE LD CORP | COM | 376549101 |  | 2887762 | 157371 | SH |  | SOLE |  | 157371 | 0 | 0 |
| GLOBAL SELF STORAGE INC | COM | 37955N106 |  | 1805472 | 369974 | SH |  | SOLE |  | 369974 | 0 | 0 |
| GROWGENERATION CORP | COM | 39986L109 |  | 347508 | 88650 | SH |  | SOLE |  | 76650 | 0 | 12000 |
| HOME DEPOT INC | COM | 437076102 |  | 622560 | 1971 | SH |  | SOLE |  | 951 | 0 | 1020 |
| HONEYWELL INTL INC | COM | 438516106 |  | 1433024 | 6687 | SH |  | SOLE |  | 3747 | 0 | 2940 |
| HUDSON TECHNOLOGIES INC | COM | 444144109 |  | 9467877 | 936561 | SH |  | SOLE |  | 923061 | 0 | 13500 |
| IDENTIV INC | COM NEW | 45170X205 |  | 5043601 | 696630 | SH |  | SOLE |  | 691405 | 0 | 5225 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 6168494 | 43782 | SH |  | SOLE |  | 40726 | 0 | 3056 |
| ISHARES SILVER TR | ISHARES | 46428Q109 |  | 391956 | 17800 | SH |  | SOLE |  | 14500 | 0 | 3300 |
| ISHARES TR | ISHARES BIOTECH | 464287556 |  | 540258 | 4115 | SH |  | SOLE |  | 1900 | 0 | 2215 |
| ISHARES TR | IBONDS 23 TRM TS | 46436E882 |  | 889200 | 36000 | SH |  | SOLE |  | 36000 | 0 | 0 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 6522871 | 36925 | SH |  | SOLE |  | 33628 | 0 | 3297 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 498852 | 3720 | SH |  | SOLE |  | 3195 | 0 | 525 |
| KEYSIGHT TECHNOLOGIES INC | COM | 49338L103 |  | 411594 | 2406 | SH |  | SOLE |  | 2406 | 0 | 0 |
| KNOWLES CORP | COM | 49926D109 |  | 208534 | 12700 | SH |  | SOLE |  | 12200 | 0 | 500 |
| KORNIT DIGITAL LTD | SHS | M6372Q113 |  | 1401055 | 60995 | SH |  | SOLE |  | 59745 | 0 | 1250 |
| LATTICE SEMICONDUCTOR CORP | COM | 518415104 |  | 908320 | 14000 | SH |  | SOLE |  | 14000 | 0 | 0 |
| LENNAR CORP | CL B | 526057302 |  | 3701984 | 49505 | SH |  | SOLE |  | 47625 | 0 | 1880 |
| LIBERTY MEDIA CORP DEL | COM A SIRIUSXM | 531229409 |  | 235860 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| LILLY ELI  CO | COM | 532457108 |  | 986305 | 2696 | SH |  | SOLE |  | 2196 | 0 | 500 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 272921 | 561 | SH |  | SOLE |  | 286 | 0 | 275 |
| LOWES COS INC | COM | 548661107 |  | 644940 | 3237 | SH |  | SOLE |  | 3237 | 0 | 0 |
| LUNA INNOVATIONS INC | COM | 550351100 |  | 1369025 | 155748 | SH |  | SOLE |  | 155748 | 0 | 0 |
| M D C HLDGS INC | COM | 552676108 |  | 2274622 | 71982 | SH |  | SOLE |  | 69424 | 0 | 2558 |
| MAGNOLIA OIL  GAS CORP | CL A | 559663109 |  | 375200 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| MARATHON PETE CORP | COM | 56585A102 |  | 1833143 | 15750 | SH |  | SOLE |  | 15750 | 0 | 0 |
| MATIV HOLDINGS INC | COM | 808541106 |  | 574750 | 27500 | SH |  | SOLE |  | 27500 | 0 | 0 |
| MAXAR TECHNOLOGIES INC | COM | 57778K105 |  | 1164150 | 22500 | SH |  | SOLE |  | 22500 | 0 | 0 |
| MCDONALDS CORP | COM | 580135101 |  | 541559 | 2055 | SH |  | SOLE |  | 2055 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 5075390 | 45745 | SH |  | SOLE |  | 42670 | 0 | 3075 |
| METLIFE INC | COM | 59156R108 |  | 6651086 | 91904 | SH |  | SOLE |  | 88514 | 0 | 3390 |
| MICRON TECHNOLOGY INC | COM | 595112103 |  | 299880 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| MICROSOFT CORP | COM | 594918104 |  | 6154710 | 25664 | SH |  | SOLE |  | 24124 | 0 | 1540 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 298505 | 3511 | SH |  | SOLE |  | 3511 | 0 | 0 |
| NANO DIMENSION LTD | SPONSORD ADS NEW | 63008G203 |  | 1457280 | 633600 | SH |  | SOLE |  | 633600 | 0 | 0 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 300960 | 3600 | SH |  | SOLE |  | 2350 | 0 | 1250 |
| NOKIA CORP | SPONSORED ADR | 654902204 |  | 166808 | 35950 | SH |  | SOLE |  | 25550 | 0 | 10400 |
| NVIDIA CORPORATION | COM | 67066G104 |  | 265975 | 1820 | SH |  | SOLE |  | 1820 | 0 | 0 |
| ONDAS HLDGS INC | COM NEW | 68236H204 |  | 375057 | 235885 | SH |  | SOLE |  | 235885 | 0 | 0 |
| ONEOK INC NEW | COM | 682680103 |  | 335070 | 5100 | SH |  | SOLE |  | 5100 | 0 | 0 |
| OPEN LENDING CORP | COM CL A | 68373J104 |  | 473047 | 70081 | SH |  | SOLE |  | 64246 | 0 | 5835 |
| ORACLE CORP | COM | 68389X105 |  | 302438 | 3700 | SH |  | SOLE |  | 0 | 0 | 3700 |
| PEPSICO INC | COM | 713448108 |  | 1096968 | 6072 | SH |  | SOLE |  | 5847 | 0 | 225 |
| PFIZER INC | COM | 717081103 |  | 2722663 | 53135 | SH |  | SOLE |  | 50723 | 0 | 2412 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 249685 | 2467 | SH |  | SOLE |  | 1017 | 0 | 1450 |
| PHILLIPS 66 | COM | 718546104 |  | 8339551 | 80126 | SH |  | SOLE |  | 78156 | 0 | 1970 |
| PHOTRONICS INC | COM | 719405102 |  | 1807828 | 107417 | SH |  | SOLE |  | 107417 | 0 | 0 |
| PHYSICIANS RLTY TR | COM | 71943U104 |  | 6808768 | 470544 | SH |  | SOLE |  | 459434 | 0 | 11110 |
| PNC FINL SVCS GROUP INC | COM | 693475105 |  | 613597 | 3885 | SH |  | SOLE |  | 2673 | 0 | 1212 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 99546151 | 912765 | SH |  | SOLE |  | 910070 | 0 | 2695 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 2837843 | 18724 | SH |  | SOLE |  | 16942 | 0 | 1782 |
| PROGYNY INC | COM | 74340E103 |  | 1283536 | 41205 | SH |  | SOLE |  | 38320 | 0 | 2885 |
| PROLOGIS INC. | COM | 74340W103 |  | 584280 | 5183 | SH |  | SOLE |  | 5183 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 6723377 | 61155 | SH |  | SOLE |  | 59540 | 0 | 1615 |
| QUANTERIX CORP | COM | 74766Q101 |  | 1412215 | 101965 | SH |  | SOLE |  | 96540 | 0 | 5425 |
| QUANTUM CORP | COM NEW | 747906501 |  | 65400 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| RAYTHEON TECHNOLOGIES CORP | COM | 75513E101 |  | 506121 | 5015 | SH |  | SOLE |  | 5015 | 0 | 0 |
| ROYAL GOLD INC | COM | 780287108 |  | 249337 | 2212 | SH |  | SOLE |  | 2212 | 0 | 0 |
| SANDSTORM GOLD LTD | COM NEW | 80013R206 |  | 52600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| SANMINA CORPORATION | COM | 801056102 |  | 429675 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| SHYFT GROUP INC | COM | 825698103 |  | 3130272 | 125916 | SH |  | SOLE |  | 124766 | 0 | 1150 |
| SIGNET JEWELERS LIMITED | SHS | G81276100 |  | 510000 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| SOUTHWESTERN ENERGY CO | COM | 845467109 |  | 879255 | 150300 | SH |  | SOLE |  | 141800 | 0 | 8500 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 2740195 | 16153 | SH |  | SOLE |  | 14503 | 0 | 1650 |
| SPDR SER TR | BLOOMBERG 1-3 MO | 78468R663 |  | 232631 | 2541 | SH |  | SOLE |  | 1868 | 0 | 673 |
| STARBUCKS CORP | COM | 855244109 |  | 757293 | 7634 | SH |  | SOLE |  | 6229 | 0 | 1405 |
| STEREOTAXIS INC | COM NEW | 85916J409 |  | 103950 | 47250 | SH |  | SOLE |  | 12250 | 0 | 35000 |
| STORE CAP CORP | COM | 862121100 |  | 406521 | 12680 | SH |  | SOLE |  | 12375 | 0 | 305 |
| STRATASYS LTD | SHS | M85548101 |  | 1516775 | 127890 | SH |  | SOLE |  | 123240 | 0 | 4650 |
| TARGA RES CORP | COM | 87612G101 |  | 2397938 | 32625 | SH |  | SOLE |  | 31625 | 0 | 1000 |
| TETRA TECHNOLOGIES INC DEL | COM | 88162F105 |  | 6228761 | 1800220 | SH |  | SOLE |  | 1648070 | 0 | 152150 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 660828 | 1200 | SH |  | SOLE |  | 650 | 0 | 550 |
| TPI COMPOSITES INC | COM | 87266J104 |  | 141453 | 13950 | SH |  | SOLE |  | 6450 | 0 | 7500 |
| TUTOR PERINI CORP | COM | 901109108 |  | 281993 | 37350 | SH |  | SOLE |  | 12350 | 0 | 25000 |
| URBAN-GRO INC | COM NEW | 91704K202 |  | 440640 | 162000 | SH |  | SOLE |  | 162000 | 0 | 0 |
| US BANCORP DEL | COM NEW | 902973304 |  | 1882684 | 43171 | SH |  | SOLE |  | 39961 | 0 | 3210 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 1726964 | 43832 | SH |  | SOLE |  | 39316 | 0 | 4516 |
| WARNER BROS DISCOVERY INC | COM SER A | 934423104 |  | 1326621 | 139939 | SH |  | SOLE |  | 139624 | 0 | 315 |
| WELLS FARGO CO NEW | PERP PFD CNV A | 949746804 |  | 1757355 | 1483 | SH |  | SOLE |  | 1283 | 0 | 200 |
| WEYERHAEUSER CO MTN BE | COM NEW | 962166104 |  | 1804696 | 58216 | SH |  | SOLE |  | 56616 | 0 | 1600 |
| WILLIS TOWERS WATSON PLC LTD | SHS | G96629103 |  | 1151483 | 4708 | SH |  | SOLE |  | 4453 | 0 | 255 |
| XEROX HOLDINGS CORP | COM NEW | 98421M106 |  | 2798254 | 191661 | SH |  | SOLE |  | 185436 | 0 | 6225 |

---