# EDGAR Filing Document

**Accession Number:** 0001546592
**File Stem:** 0001104659-23-019315
**Filing Date:** 2023-2
**Character Count:** 13935
**Document Hash:** de664a3052dba2d8072669b39f29ea09
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-019315.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001104659-23-019315

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**EFFECTIVENESS DATE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PARK CIRCLE Co
- **CENTRAL INDEX KEY:** 0001546592
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16190
- **FILM NUMBER:** 23615889

**BUSINESS ADDRESS:**
- **STREET 1:** 1829 REISTERSTOWN ROAD
- **STREET 2:** SUITE 140
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21208
- **BUSINESS PHONE:** 410 484 0600

**MAIL ADDRESS:**
- **STREET 1:** 1829 REISTERSTOWN ROAD
- **STREET 2:** SUITE 140
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21208

### 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:** PARK CIRCLE Co<br>**Address:** 1829 Reisterstown Road<br>Suite 140<br>Baltimore, MD 21208

**Form 13F File Number:** 028-16190

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:** Thomas J. Karwacki<br>**Title:** Treasurer<br>**Phone:** 410-484-0605

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

/s/ Thomas J. Karwacki  Baltimore, MD  02-13-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[ ] **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).)

[x] **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:** 108

**Form 13F Information Table Value Total:** $106453602

      (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.]

|   No. | Name            | Form 13F File Number   | CRD Number   | SEC File Number   |
|---:|:---|:---|:---|:---|
|     1 | DF DENT  CO INC | 028-03691              |  |  |

### 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 |
| ADT INC | COM | 00090Q103 |  | 1812785 | 199866 | SH |  | SOLE |  | 199866 | 0 | 0 |
| ABBVIE INC | COM | 00287Y109 |  | 11191493 | 69250 | SH |  | SOLE |  | 69250 | 0 | 0 |
| ALTRIA GROUP INC | COM | 02209S103 |  | 2959723 | 64750 | SH |  | SOLE |  | 64750 | 0 | 0 |
| ANNALY CAPITAL MANAGEMENT IN | COM | 035710409 |  | 527000 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| APARTMENT INCOME REIT CORP | COM | 03750L109 |  | 554175 | 16152 | SH |  | SOLE |  | 16152 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 1416237 | 10900 | SH |  | SOLE |  | 10900 | 0 | 0 |
| APPLE INC | COM | 037833900 |  | 3248250 | 25000 | SH | Call | SOLE |  | 25000 | 0 | 0 |
| ARCUS BIOSCIENCES INC | COM | 03969F109 |  | 80652 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| ARES CAP CORP | COM | 04010L103 |  | 369400 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| AT INC | COM | 00206R102 |  | 1613637 | 87650 | SH |  | SOLE |  | 87650 | 0 | 0 |
| BK OF AMERICA CORP | COM | 060505104 |  | 33120 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| BECTON DICKINSON  CO | 6% DP CONV PFDB | 075887406 |  | 465744 | 9300 | SH |  | SOLE |  | 9300 | 0 | 0 |
| BLACKSTONE GROUP LP | COM UNIT LTD | 09253U108 |  | 778995 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| BLACKSTONE MTG TR INC | COM CL A | 09257W100 |  | 662621 | 31300 | SH |  | SOLE |  | 31300 | 0 | 0 |
| BRISTOL - MYERS SQUIBB | COM | 110122108 |  | 482065 | 6700 | SH |  | SOLE |  | 6700 | 0 | 0 |
| CDN IMPERIAL BK COMM TORONTO | COM | 136069101 |  | 1132600 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| CARLYLE GROUP INC | COM | 14316J108 |  | 1037388 | 34765 | SH |  | SOLE |  | 34765 | 0 | 0 |
| CARLYLE SECURED LENDING INC | COM | 872280102 |  | 1019230 | 71225 | SH |  | SOLE |  | 71225 | 0 | 0 |
| CARMAX INC | COM | 143130102 |  | 182670 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| CITIGROUP INC | COM NEW | 017296742 |  | 18906 | 418 | SH |  | SOLE |  | 418 | 0 | 0 |
| COSTAMARE INC | SHS | Y1771G102 |  | 928000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| DEVON ENERGY CORP | COM | 25179M103 |  | 465938 | 7575 | SH |  | SOLE |  | 7575 | 0 | 0 |
| DOLLAR GEN CORP | COM | 256677105 |  | 2231025 | 9060 | SH |  | SOLE |  | 9060 | 0 | 0 |
| DOW INC | COM | 260557103 |  | 1476427 | 29300 | SH |  | SOLE |  | 29300 | 0 | 0 |
| ENBRIDGE INC | COM | 29250N105 |  | 523940 | 13400 | SH |  | SOLE |  | 13400 | 0 | 0 |
| EXXON MOBIL CORP | COM | 30231G102 |  | 2206000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| FLOOR  DECOR HLDGS INC | CL A | 339750101 |  | 27852 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| GENCO SHIPPING  TRADING LTD | SHS | Y2685T131 |  | 153600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| GENERAL ELECTRIC CO | COM | 369604103 |  | 733163 | 8750 | SH |  | SOLE |  | 8750 | 0 | 0 |
| GLOBAL SHIP LEASE INC NEW | COM | Y27183600 |  | 166500 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| GOLDMAN SACHS GROUP | COM | 38141G104 |  | 3863025 | 11250 | SH |  | SOLE |  | 11250 | 0 | 0 |
| GOLDMAN SACHS BDC INC | SHS | 38147U107 |  | 71522 | 5213 | SH |  | SOLE |  | 5213 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHS | COM | 459200101 |  | 2000638 | 14200 | SH |  | SOLE |  | 14200 | 0 | 0 |
| JPMORGAN CHASE  CO | COM | 46625H100 |  | 522990 | 3900 | SH |  | SOLE |  | 3900 | 0 | 0 |
| LEGGETT  PLATT INC | COM | 524660107 |  | 709060 | 22000 | SH |  | SOLE |  | 22000 | 0 | 0 |
| MCCORMICK  CO | COM NON VTG | 579780206 |  | 1657800 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| MOELIS  CO | CL A | 60786M105 |  | 1925253 | 50176 | SH |  | SOLE |  | 50176 | 0 | 0 |
| RITHM CAPITAL CORP | COM NEW | 64828T201 |  | 326800 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| NORTHWEST BANCSHARES INC | COM | 667340103 |  | 279600 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| OLD REP INTL CORP | COM | 680223104 |  | 1907850 | 79000 | SH |  | SOLE |  | 79000 | 0 | 0 |
| ONEMAIN HLDGS INC | COM | 68268W103 |  | 599580 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| OWL ROCK CAPITAL CORPORATION | COM | 69121K104 |  | 72442 | 6272 | SH |  | SOLE |  | 6272 | 0 | 0 |
| PHILIP MORRIS INTL INC | COM | 718172109 |  | 1593551 | 15745 | SH |  | SOLE |  | 15745 | 0 | 0 |
| PHILLIPS 66 | COM | 718546104 |  | 1248960 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| PFIZER INC | COM | 717081103 |  | 466284 | 9100 | SH |  | SOLE |  | 9100 | 0 | 0 |
| PRICE T ROWE GROUP INC | COM | 74144T108 |  | 2971885 | 27250 | SH |  | SOLE |  | 27250 | 0 | 0 |
| PIONEER NAT RES CO | COM | 723787107 |  | 576685 | 2525 | SH |  | SOLE |  | 2525 | 0 | 0 |
| PRUDENTIAL FINANCIAL INC | COM | 744320102 |  | 1197498 | 12040 | SH |  | SOLE |  | 12040 | 0 | 0 |
| QUALCOMM INC | COM | 747525103 |  | 109940 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| QUALCOMM INC | COM | 747525953 |  | 43976 | 400 | SH | Put | SOLE |  | 400 | 0 | 0 |
| READY CAPITAL CORP | COM | 75574U101 |  | 275715 | 24750 | SH |  | SOLE |  | 24750 | 0 | 0 |
| ROYAL BK CDA MONTREAL QUE | COM | 780087102 |  | 517110 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| SHOPIFY INC | CL A | 82509L107 |  | 3471 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| SIXTH STREET SPECIALITY LENDN | COM | 83012A109 |  | 623000 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| STARBUCKS CORP | COM | 855244109 |  | 13684640 | 137950 | SH |  | SOLE |  | 137950 | 0 | 0 |
| STEPSTONE GROUP INC | COM CL A | 85914M107 |  | 853602 | 33900 | SH |  | SOLE |  | 33900 | 0 | 0 |
| STURM RUGER  CO INC | COM | 864159108 |  | 341685 | 6750 | SH |  | SOLE |  | 6750 | 0 | 0 |
| SUBURBAN PROPANE PARTNERS L | UNIT LTD PARTN | 864482104 |  | 500940 | 33000 | SH |  | SOLE |  | 33000 | 0 | 0 |
| SUNOCO LP / SUNOCO FIN CORP | COM UT REP LP | 86765K109 |  | 1566685 | 36350 | SH |  | SOLE |  | 36350 | 0 | 0 |
| TELUS CORP | COM | 87971M103 |  | 1020495 | 52848 | SH |  | SOLE |  | 52848 | 0 | 0 |
| THERMO FISHER SCIENTIFIC INC | COM | 883556102 |  | 1101380 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| TRITON INTL LTD | CL A | G9078F107 |  | 9902944 | 143980 | SH |  | SOLE |  | 143980 | 0 | 0 |
| TRAVELERS COMPANIES INC | COM | 89417E109 |  | 8558919 | 45650 | SH |  | SOLE |  | 45650 | 0 | 0 |
| TORONTO DOMINION BK ONT | COM NEW | 891160509 |  | 1929848 | 29800 | SH |  | SOLE |  | 29800 | 0 | 0 |
| TOTALENERGIES SE | SPONSORED ADS | 89151E109 |  | 620800 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| VERIZON COMMUNICATIONS INC | COM | 92343V104 |  | 1520840 | 38600 | SH |  | SOLE |  | 38600 | 0 | 0 |
| VISA INC | COM CL A | 92826C839 |  | 415520 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| ACCENTURE PLC IRELAND | COM | G1151C101 |  | 53368 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| ACTIVISION BLIZZARD | COM | 00507V109 |  | 229650 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| BRITISH AMERN TOB PLC | SPONSORED ADR | 110448107 |  | 31984 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| BROADCOM INC | COM | 11135F101 |  | 55913 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| BROADCOM INC | COM | 11135F951 |  | 55913 | 100 | SH | Put | SOLE |  | 100 | 0 | 0 |
| PARAMOUNT GLOBAL | CL B | 92556H206 |  | 16812 | 996 | SH |  | SOLE |  | 996 | 0 | 0 |
| CVS HEALTH CORP | COM | 126650100 |  | 65233 | 700 | SH |  | SOLE |  | 700 | 0 | 0 |
| CHEVRON CORP NEW | COM | 166764100 |  | 35898 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| ETSY INC | COM | 29786A106 |  | 299450 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| ETSY INC | COM | 29786A956 |  | 311428 | 2600 | SH | Put | SOLE |  | 2600 | 0 | 0 |
| FOX CORP | CL A COM | 35137L105 |  | 8535 | 300 | SH |  | SOLE |  | 300 | 0 | 0 |
| GENERAL DYNAMICS CORP | COM | 369550108 |  | 24811 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| GLAXOSMITHKLINE PLC | SPONSORED ADR | 37733W105 |  | 28112 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| HEWLETT PACKARD ENTERPRISE C | COM | 42824C109 |  | 12768 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| HUNTINGTON BANCSHARES | COM | 446150104 |  | 14100 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| HALEON PLC | SPON ADS | 405552100 |  | 8000 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| HP INC | COM | 40434L105 |  | 40305 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| HP INC | COM | 40434L955 |  | 26870 | 1000 | SH | Put | SOLE |  | 1000 | 0 | 0 |
| INTEL CORP | COM | 458140100 |  | 23787 | 900 | SH |  | SOLE |  | 900 | 0 | 0 |
| INTL PAPER CO | COM | 460146103 |  | 6926 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| LEIDOS HOLDINGS INC | COM | 525327102 |  | 26298 | 250 | SH |  | SOLE |  | 250 | 0 | 0 |
| LLOYDS BANKING GROUP PLC | SPONSORED ADR | 539439109 |  | 44000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| M BK CORP | COM | 55261F104 |  | 20453 | 141 | SH |  | SOLE |  | 141 | 0 | 0 |
| MERCK  CO INC | COM | 58933Y105 |  | 44380 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| MORGAN STANLEY | COM NEW | 617446448 |  | 68016 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| NIKE INC | CL B | 654106103 |  | 93608 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| NVIDIA CORP | COM | 67066G104 |  | 233824 | 1600 | SH |  | SOLE |  | 1600 | 0 | 0 |
| NVIDIA CORP | COM | 67066G954 |  | 248438 | 1700 | SH | Put | SOLE |  | 1700 | 0 | 0 |
| NEW YORK CMNTY BANK CORP INC | COM | 649445103 |  | 17200 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| ORGANON  COMPANY | COMMON STOCK | 68622V106 |  | 15082 | 540 | SH |  | SOLE |  | 540 | 0 | 0 |
| PALANTIR TECHNOLOGIES | CL A COM | 69608A108 |  | 4494 | 700 | SH |  | SOLE |  | 700 | 0 | 0 |
| QORVO INC | COM | 74736K101 |  | 4532 | 50 | SH |  | SOLE |  | 50 | 0 | 0 |
| SALESFORCE COM INC | COM | 79466L302 |  | 7160 | 54 | SH |  | SOLE |  | 54 | 0 | 0 |
| SEAGATE TECHNOLOGY PLC | SHS | 67945M107 |  | 13153 | 250 | SH |  | SOLE |  | 250 | 0 | 0 |
| SYLVAMO CORP | COMMON STOCK | 871332102 |  | 875 | 18 | SH |  | SOLE |  | 18 | 0 | 0 |
| WOLFSPEED INC | COM | 977852102 |  | 6904 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| DISNEY WALT CO | COM DISNEY | 254687106 |  | 52128 | 600 | SH |  | SOLE |  | 600 | 0 | 0 |
| INTERNATIONAL FLAVORS  FRAGRA | COM | 459506101 |  | 10484 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| LOCKHEED MARTIN CORP | COM | 539830109 |  | 48649 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| PROCTER AND GAMBLE CO | COM | 742718109 |  | 60624 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| TRANSOCEAN LTD | REG SHS | H8817H100 |  | 1368 | 300 | SH |  | SOLE |  | 300 | 0 | 0 |

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