# EDGAR Filing Document

**Accession Number:** 0001512901
**File Stem:** 0001512901-25-000003
**Filing Date:** 2025-8
**Character Count:** 14588
**Document Hash:** a65b102d4fd6630ce6fe0e9275020576
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001512901-25-000003.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001512901-25-000003

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NBW CAPITAL LLC
- **CENTRAL INDEX KEY:** 0001512901

**ORGANIZATION NAME:**
- **EIN:** 522398149
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-14328
- **FILM NUMBER:** 251210495

**BUSINESS ADDRESS:**
- **STREET 1:** 211 CONGRESS STREET SUITE 901
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 617-482-2222

**MAIL ADDRESS:**
- **STREET 1:** 211 CONGRESS STREET SUITE 901
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TAYLOR INVESTMENT COUNSELORS LLC
- **DATE OF NAME CHANGE:** 20110211

### 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:** NBW CAPITAL LLC<br>**Address:** 211 CONGRESS STREET SUITE 901<br>BOSTON, MA 02110

**Form 13F File Number:** 028-14328

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:** Scott Dorsey<br>**Title:** Director of Operations<br>**Phone:** 617-482-2222

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

Scott Dorsey  Boston, MA  08-13-2025<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:** 111

**Form 13F Information Table Value Total:** $463554136

      (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 |
| ABBVIE INC | COM | 00287Y109 |  | 5682571 | 30614 | SH |  | SOLE | 0 | 0 | 0 | 30614 |
| ADOBE INC | COM | 00724F101 |  | 1034517 | 2674 | SH |  | SOLE | 0 | 0 | 0 | 2674 |
| AIR PRODS  CHEMS INC | COM | 009158106 |  | 216340 | 767 | SH |  | SOLE | 0 | 0 | 0 | 767 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 16792252 | 95286 | SH |  | SOLE | 0 | 0 | 0 | 95286 |
| ALPS ETF TR | ALERIAN MLP | 00162Q452 |  | 312704 | 6400 | SH |  | SOLE | 0 | 0 | 0 | 6400 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 217224 | 3705 | SH |  | SOLE | 0 | 0 | 0 | 3705 |
| AMERICAN ELEC PWR CO INC | COM | 025537101 |  | 220490 | 2125 | SH |  | SOLE | 0 | 0 | 0 | 2125 |
| AMERICAN TOWER CORP NEW | COM | 03027X100 |  | 5684855 | 25721 | SH |  | SOLE | 0 | 0 | 0 | 25721 |
| AMGEN INC | COM | 031162100 |  | 205778 | 737 | SH |  | SOLE | 0 | 0 | 0 | 737 |
| ANALOG DEVICES INC | COM | 032654105 |  | 8580621 | 36050 | SH |  | SOLE | 0 | 0 | 0 | 36050 |
| ANTERO MIDSTREAM CORP | COM | 03676B102 |  | 3037287 | 160279 | SH |  | SOLE | 0 | 0 | 0 | 160279 |
| APPLE INC | COM | 037833100 |  | 13989753 | 68186 | SH |  | SOLE | 0 | 0 | 0 | 68186 |
| ARCHROCK INC | COM | 03957W106 |  | 5206801 | 209698 | SH |  | SOLE | 0 | 0 | 0 | 209698 |
| ARIS WATER SOLUTIONS INC | CLASS A COM | 04041L106 |  | 3592553 | 151905 | SH |  | SOLE | 0 | 0 | 0 | 151905 |
| ATI INC | COM | 01741R102 |  | 6350911 | 73557 | SH |  | SOLE | 0 | 0 | 0 | 73557 |
| BANK AMERICA CORP | COM | 060505104 |  | 1831521 | 38705 | SH |  | SOLE | 0 | 0 | 0 | 38705 |
| BJS WHSL CLUB HLDGS INC | COM | 05550J101 |  | 4326032 | 40119 | SH |  | SOLE | 0 | 0 | 0 | 40119 |
| BLUEPRINT MEDICINES CORP | COM | 09627Y109 |  | 4320051 | 33703 | SH |  | SOLE | 0 | 0 | 0 | 33703 |
| BOSTON SCIENTIFIC CORP | COM | 101137107 |  | 5788969 | 53896 | SH |  | SOLE | 0 | 0 | 0 | 53896 |
| BROADCOM INC | COM | 11135F101 |  | 8484783 | 30781 | SH |  | SOLE | 0 | 0 | 0 | 30781 |
| CADENCE DESIGN SYSTEM INC | COM | 127387108 |  | 3857422 | 12518 | SH |  | SOLE | 0 | 0 | 0 | 12518 |
| CHART INDS INC | COM | 16115Q308 |  | 6572993 | 39921 | SH |  | SOLE | 0 | 0 | 0 | 39921 |
| CHENIERE ENERGY INC | COM NEW | 16411R208 |  | 17742380 | 72858 | SH |  | SOLE | 0 | 0 | 0 | 72858 |
| CHEVRON CORP NEW | COM | 166764100 |  | 616147 | 4303 | SH |  | SOLE | 0 | 0 | 0 | 4303 |
| CISCO SYS INC | COM | 17275R102 |  | 252196 | 3635 | SH |  | SOLE | 0 | 0 | 0 | 3635 |
| CITIGROUP INC | COM NEW | 172967424 |  | 200798 | 2359 | SH |  | SOLE | 0 | 0 | 0 | 2359 |
| COCA COLA CO | COM | 191216100 |  | 229372 | 3242 | SH |  | SOLE | 0 | 0 | 0 | 3242 |
| COLGATE PALMOLIVE CO | COM | 194162103 |  | 271700 | 2989 | SH |  | SOLE | 0 | 0 | 0 | 2989 |
| COMCAST CORP NEW | CL A | 20030N101 |  | 213069 | 5970 | SH |  | SOLE | 0 | 0 | 0 | 5970 |
| CYBERARK SOFTWARE LTD | SHS | M2682V108 |  | 4667320 | 11471 | SH |  | SOLE | 0 | 0 | 0 | 11471 |
| DANAHER CORPORATION | COM | 235851102 |  | 3815485 | 19315 | SH |  | SOLE | 0 | 0 | 0 | 19315 |
| DESCARTES SYS GROUP INC | COM | 249906108 |  | 5580108 | 54898 | SH |  | SOLE | 0 | 0 | 0 | 54898 |
| DRAFTKINGS INC NEW | COM CL A | 26142V105 |  | 3916586 | 91317 | SH |  | SOLE | 0 | 0 | 0 | 91317 |
| DUKE ENERGY CORP NEW | COM NEW | 26441C204 |  | 230690 | 1955 | SH |  | SOLE | 0 | 0 | 0 | 1955 |
| ELECTRONIC ARTS INC | COM | 285512109 |  | 4517434 | 28287 | SH |  | SOLE | 0 | 0 | 0 | 28287 |
| ELI LILLY  CO | COM | 532457108 |  | 361835 | 464 | SH |  | SOLE | 0 | 0 | 0 | 464 |
| ENERGY TRANSFER L P | COM UT LTD PTN | 29273V100 |  | 15593468 | 860092 | SH |  | SOLE | 0 | 0 | 0 | 860092 |
| ENTERPRISE PRODS PARTNERS L | COM | 293792107 |  | 13399328 | 432097 | SH |  | SOLE | 0 | 0 | 0 | 432097 |
| EXACT SCIENCES CORP | COM | 30063P105 |  | 3525998 | 66353 | SH |  | SOLE | 0 | 0 | 0 | 66353 |
| FOX FACTORY HLDG CORP | COM | 35138V102 |  | 679991 | 26214 | SH |  | SOLE | 0 | 0 | 0 | 26214 |
| GILEAD SCIENCES INC | COM | 375558103 |  | 218525 | 1971 | SH |  | SOLE | 0 | 0 | 0 | 1971 |
| GLOBAL PARTNERS LP | COM UNITS | 37946R109 |  | 4207538 | 79794 | SH |  | SOLE | 0 | 0 | 0 | 79794 |
| HA SUSTAINABLE INFRA CAP INC | COM | 41068X100 |  | 5426392 | 202025 | SH |  | SOLE | 0 | 0 | 0 | 202025 |
| HEALTHEQUITY INC | COM | 42226A107 |  | 5606127 | 53514 | SH |  | SOLE | 0 | 0 | 0 | 53514 |
| ILLINOIS TOOL WKS INC | COM | 452308109 |  | 6846847 | 27692 | SH |  | SOLE | 0 | 0 | 0 | 27692 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 376139 | 1276 | SH |  | SOLE | 0 | 0 | 0 | 1276 |
| INVESCO EXCHANGE TRADED FD T | S EQL WGT | 46137V357 |  | 350031 | 1926 | SH |  | SOLE | 0 | 0 | 0 | 1926 |
| ISHARES TR | RUS 2000 GRW ETF | 464287648 |  | 6255189 | 21882 | SH |  | SOLE | 0 | 0 | 0 | 21882 |
| ISHARES TR | MSCI INDONIA ETF | 46429B309 |  | 1511526 | 85736 | SH |  | SOLE | 0 | 0 | 0 | 85736 |
| ISHARES TR | RUSSELL 2000 ETF | 464287655 |  | 1242735 | 5759 | SH |  | SOLE | 0 | 0 | 0 | 5759 |
| ISHARES TR | CORE S ETF | 464287200 |  | 235942 | 380 | SH |  | SOLE | 0 | 0 | 0 | 380 |
| ISHARES TR | MSCI INDIA ETF | 46429B598 |  | 3829169 | 68771 | SH |  | SOLE | 0 | 0 | 0 | 68771 |
| JOHNSON  JOHNSON | COM | 478160104 |  | 217211 | 1422 | SH |  | SOLE | 0 | 0 | 0 | 1422 |
| JPMORGAN CHASE  CO. | COM | 46625H100 |  | 11562481 | 39883 | SH |  | SOLE | 0 | 0 | 0 | 39883 |
| JPMORGAN CHASE FINL CO LLC | CAL LKD 44 | 48133Q309 |  | 15860930 | 524155 | SH |  | SOLE | 0 | 0 | 0 | 524155 |
| KINDER MORGAN INC DEL | COM | 49456B101 |  | 236229 | 8035 | SH |  | SOLE | 0 | 0 | 0 | 8035 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 220918 | 477 | SH |  | SOLE | 0 | 0 | 0 | 477 |
| LSI INDS INC OHIO | COM | 50216C108 |  | 1738541 | 102207 | SH |  | SOLE | 0 | 0 | 0 | 102207 |
| MARVELL TECHNOLOGY INC | COM | 573874104 |  | 7143246 | 92290 | SH |  | SOLE | 0 | 0 | 0 | 92290 |
| MASTERCARD INCORPORATED | CL A | 57636Q104 |  | 3861090 | 6871 | SH |  | SOLE | 0 | 0 | 0 | 6871 |
| MCDONALDS CORP | COM | 580135101 |  | 12286625 | 42053 | SH |  | SOLE | 0 | 0 | 0 | 42053 |
| MEDTRONIC PLC | SHS | G5960L103 |  | 221412 | 2540 | SH |  | SOLE | 0 | 0 | 0 | 2540 |
| METLIFE INC | COM | 59156R108 |  | 221959 | 2760 | SH |  | SOLE | 0 | 0 | 0 | 2760 |
| MICROSOFT CORP | COM | 594918104 |  | 18272161 | 36735 | SH |  | SOLE | 0 | 0 | 0 | 36735 |
| MONDELEZ INTL INC | CL A | 609207105 |  | 278797 | 4134 | SH |  | SOLE | 0 | 0 | 0 | 4134 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 299891 | 2129 | SH |  | SOLE | 0 | 0 | 0 | 2129 |
| MPLX LP | COM UNIT REP LTD | 55336V100 |  | 12869104 | 249837 | SH |  | SOLE | 0 | 0 | 0 | 249837 |
| NEXTERA ENERGY INC | COM | 65339F101 |  | 234778 | 3382 | SH |  | SOLE | 0 | 0 | 0 | 3382 |
| NIKE INC | CL B | 654106103 |  | 2458552 | 34608 | SH |  | SOLE | 0 | 0 | 0 | 34608 |
| NORTHROP GRUMMAN CORP | COM | 666807102 |  | 3597856 | 7196 | SH |  | SOLE | 0 | 0 | 0 | 7196 |
| ONEOK INC NEW | COM | 682680103 |  | 490760 | 6012 | SH |  | SOLE | 0 | 0 | 0 | 6012 |
| ONEWATER MARINE INC | CL A COM | 68280L101 |  | 1999114 | 149299 | SH |  | SOLE | 0 | 0 | 0 | 149299 |
| OREILLY AUTOMOTIVE INC | COM | 67103H107 |  | 4395730 | 48771 | SH |  | SOLE | 0 | 0 | 0 | 48771 |
| PALO ALTO NETWORKS INC | COM | 697435105 |  | 8753681 | 42776 | SH |  | SOLE | 0 | 0 | 0 | 42776 |
| PALOMAR HLDGS INC | COM | 69753M105 |  | 10590342 | 68657 | SH |  | SOLE | 0 | 0 | 0 | 68657 |
| PATRICK INDS INC | COM | 703343103 |  | 7581549 | 82167 | SH |  | SOLE | 0 | 0 | 0 | 82167 |
| PAYCHEX INC | COM | 704326107 |  | 211353 | 1453 | SH |  | SOLE | 0 | 0 | 0 | 1453 |
| PEPSICO INC | COM | 713448108 |  | 267777 | 2028 | SH |  | SOLE | 0 | 0 | 0 | 2028 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 271009 | 1488 | SH |  | SOLE | 0 | 0 | 0 | 1488 |
| PLAINS ALL AMERN PIPELINE L | UNIT LTD PARTN | 726503105 |  | 11433310 | 624089 | SH |  | SOLE | 0 | 0 | 0 | 624089 |
| PLAINS GP HLDGS L P | LTD PARTNR INT A | 72651A207 |  | 4663997 | 240041 | SH |  | SOLE | 0 | 0 | 0 | 240041 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 203930 | 1280 | SH |  | SOLE | 0 | 0 | 0 | 1280 |
| PROGRESSIVE CORP | COM | 743315103 |  | 6290958 | 23574 | SH |  | SOLE | 0 | 0 | 0 | 23574 |
| PROLOGIS INC. | COM | 74340W103 |  | 264377 | 2515 | SH |  | SOLE | 0 | 0 | 0 | 2515 |
| PULTE GROUP INC | COM | 745867101 |  | 5233242 | 49623 | SH |  | SOLE | 0 | 0 | 0 | 49623 |
| RAYMOND JAMES FINL INC | COM | 754730109 |  | 4110469 | 26801 | SH |  | SOLE | 0 | 0 | 0 | 26801 |
| REALTY INCOME CORP | COM | 756109104 |  | 201693 | 3501 | SH |  | SOLE | 0 | 0 | 0 | 3501 |
| REPLIGEN CORP | COM | 759916109 |  | 2515088 | 20221 | SH |  | SOLE | 0 | 0 | 0 | 20221 |
| ROPER TECHNOLOGIES INC | COM | 776696106 |  | 7224376 | 12745 | SH |  | SOLE | 0 | 0 | 0 | 12745 |
| SELECT SECTOR SPDR TR | ENERGY | 81369Y506 |  | 221693 | 2614 | SH |  | SOLE | 0 | 0 | 0 | 2614 |
| SONOS INC | COM | 83570H108 |  | 2205326 | 204008 | SH |  | SOLE | 0 | 0 | 0 | 204008 |
| SOUTHERN CO | COM | 842587107 |  | 225167 | 2452 | SH |  | SOLE | 0 | 0 | 0 | 2452 |
| SPDR GOLD TR | GOLD SHS | 78463V107 |  | 780060 | 2559 | SH |  | SOLE | 0 | 0 | 0 | 2559 |
| SPDR S 500 ETF TR | TR UNIT | 78462F103 |  | 11113339 | 17987 | SH |  | SOLE | 0 | 0 | 0 | 17987 |
| SPDR S MIDCAP 400 ETF TR | UTSER1 S | 78467Y107 |  | 4012378 | 7083 | SH |  | SOLE | 0 | 0 | 0 | 7083 |
| SPDR SERIES TRUST | PRTFLO S GW | 78464A409 |  | 524927 | 5507 | SH |  | SOLE | 0 | 0 | 0 | 5507 |
| SPYRE THERAPEUTICS INC | COM NEW | 00773J202 |  | 290867 | 19430 | SH |  | SOLE | 0 | 0 | 0 | 19430 |
| STERIS PLC | SHS USD | G8473T100 |  | 5586076 | 23254 | SH |  | SOLE | 0 | 0 | 0 | 23254 |
| SUNOCO LP/SUNOCO FIN CORP | COM UT REP LP | 86765K109 |  | 4073322 | 76009 | SH |  | SOLE | 0 | 0 | 0 | 76009 |
| TEXAS INSTRS INC | COM | 882508104 |  | 210527 | 1014 | SH |  | SOLE | 0 | 0 | 0 | 1014 |
| TYLER TECHNOLOGIES INC | COM | 902252105 |  | 7433621 | 12539 | SH |  | SOLE | 0 | 0 | 0 | 12539 |
| UNITEDHEALTH GROUP INC | COM | 91324P102 |  | 2109229 | 6761 | SH |  | SOLE | 0 | 0 | 0 | 6761 |
| VANGUARD INDEX FDS | TOTAL STK MKT | 922908769 |  | 362285 | 1192 | SH |  | SOLE | 0 | 0 | 0 | 1192 |
| VERALTO CORP | COM SHS | 92338C103 |  | 3495798 | 34629 | SH |  | SOLE | 0 | 0 | 0 | 34629 |
| VERTEX PHARMACEUTICALS INC | COM | 92532F100 |  | 7096043 | 15939 | SH |  | SOLE | 0 | 0 | 0 | 15939 |
| VISA INC | COM CL A | 92826C839 |  | 4139883 | 11660 | SH |  | SOLE | 0 | 0 | 0 | 11660 |
| WASTE CONNECTIONS INC | COM | 94106B101 |  | 757523 | 4057 | SH |  | SOLE | 0 | 0 | 0 | 4057 |
| WASTE MGMT INC DEL | COM | 94106L109 |  | 3802302 | 16617 | SH |  | SOLE | 0 | 0 | 0 | 16617 |
| WELLS FARGO CO NEW | COM | 949746101 |  | 6356080 | 79332 | SH |  | SOLE | 0 | 0 | 0 | 79332 |
| WESTERN MIDSTREAM PARTNERS L | COM UNIT LP INT | 958669103 |  | 12040267 | 311118 | SH |  | SOLE | 0 | 0 | 0 | 311118 |
| WILLIAMS COS INC | COM | 969457100 |  | 206394 | 3286 | SH |  | SOLE | 0 | 0 | 0 | 3286 |

---