Marathon Capital Management
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 29, 2026), Marathon Capital Management reported 169 stock positions worth $462.9 million. Its top holding was T Rowe Price (TROW) at 14.4% of the portfolio, followed by Corning (GLW, 3.5%) and SS SPDR BB 1-3M T-Bill ETF (BIL, 3.2%). Compared with Q3 2025, it opened 13 new positions, sold out of 5, added to 40 and reduced 74. The biggest buy was a new position in Zoetis (ZTS) and the biggest sale T Rowe Price (TROW, shares −5%).
- Most Recent 13F
- Q2 2026
- Location
- Hunt Valley, MD
- CIK
- 0001213206
- Portfolio Value
- $462.9M (Q4 2025)
- SEC Filing
- 0001172661-26-000374 ↗ filed Jan 29, 2026
Holdings Value
Holdings 169 stocks · $462.9M
| TROW T Rowe Price Group Inc. filed as PRICE T ROWE GROUP INC | 14.44% | 653,125 | $66.9M | Reduce -4.6% |
| GLW Corning Inc. | 3.51% | 185,415 | $16.2M | Reduce -4.4% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 3.19% | 161,415 | $14.8M | Add +31.7% |
| AZN Astrazeneca PLC-Spons ADR | 3.13% | 157,747 | $14.5M | Reduce -2.0% |
| GOOG Alphabet Inc. Class C | 2.93% | 43,155 | $13.5M | Reduce -2.8% |
| AAPL Apple Inc. | 2.87% | 48,820 | $13.3M | Reduce -4.8% |
| TTI Tetra Technologies Inc. | 2.41% | 1,191,195 | $11.2M | Reduce -6.3% |
| MSFT Microsoft Corp. | 2.40% | 22,942 | $11.1M | Reduce -2.3% |
| QCOM Qualcomm Inc. | 2.22% | 60,104 | $10.3M | Reduce -0.2% |
| FANG Diamondback Energy Inc. | 2.04% | 62,678 | $9.4M | Add +1.8% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 2.02% | 31,648 | $9.4M | Reduce -0.1% |
| VYMI Vanguard Int High DVD YLD Inc. | 2.02% | 104,027 | $9.4M | Add +2.4% |
| CVX Chevron Corp. | 1.93% | 58,759 | $9.0M | Reduce -2.1% |
| ADMA Adma Biologics Inc. | 1.83% | 465,315 | $8.5M | Reduce -0.3% |
| MET Metlife Inc. | 1.77% | 103,653 | $8.2M | Reduce -0.8% |
| ALSN Allison Transmission Holding | 1.57% | 74,458 | $7.3M | Reduce -1.0% |
| AMZN Amazon.com Inc. | 1.51% | 30,257 | $7.0M | Reduce -0.0% |
| JPM JPMorgan Chase & Co. | 1.48% | 21,199 | $6.8M | Reduce -0.2% |
| O Realty Income Corp. | 1.38% | 113,208 | $6.4M | Reduce -1.0% |
| CPA Copa Holdings SA Class A | 1.34% | 51,553 | $6.2M | Reduce -27.8% |
| BLDR Builders Firstsource Inc. | 1.31% | 59,153 | $6.1M | Add +1.9% |
| CECO Ceco Environmental Corp. | 1.31% | 101,685 | $6.1M | Reduce -0.0% |
| FIS Fidelity National Info Serv | 1.28% | 88,868 | $5.9M | Reduce -1.9% |
| CEF Sprott Physical Gold and Sil | 1.24% | 125,100 | $5.7M | Reduce -0.9% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.23% | 11,319 | $5.7M | Add +0.5% |
| B Barrick Mining Corp. | 1.22% | 129,825 | $5.7M | Reduce -4.3% |
| ANIP Ani Pharmaceuticals Inc. | 1.19% | 69,665 | $5.5M | Reduce -0.1% |
| WTW Willis Towers Watson PLC | 1.18% | 16,580 | $5.4M | Reduce -0.5% |
| JNJ Johnson & Johnson | 1.17% | 26,186 | $5.4M | Reduce -8.9% |
| DHR Danaher Corp. | 1.14% | 23,039 | $5.3M | Reduce -1.7% |
| ALM Almonty Industries Inc. | 1.13% | 593,515 | $5.2M | Add +137.2% |
| ACA Arcosa Inc. | 1.09% | 47,525 | $5.1M | Add +0.4% |
| ADBE Adobe Inc. | 0.99% | 13,081 | $4.6M | Add +5.0% |
| ZETA Zeta Global Holdings Corp. Class A | 0.98% | 221,905 | $4.5M | Add +1.5% |
| ZTS Zoetis Inc. | 0.96% | 35,150 | $4.4M | New |
| GLD SPDR Gold Shares | 0.94% | 10,988 | $4.4M | Reduce -3.2% |
| CALX Calix Inc. | 0.92% | 80,585 | $4.3M | Add +0.5% |
| NPKI NPK International Inc. | 0.92% | 357,390 | $4.3M | Reduce -8.0% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.91% | 82,705 | $4.2M | Add +43.9% |
| ATEC Alphatec Holdings Inc. | 0.90% | 198,900 | $4.2M | Reduce -1.0% |
| DOC Healthpeak Properties Inc. | 0.86% | 247,542 | $4.0M | Reduce -4.8% |
| CB Chubb Ltd. | 0.86% | 12,740 | $4.0M | Add +1.1% |
| MRK Merck & Co. Inc. | 0.77% | 33,665 | $3.5M | Reduce -1.4% |
| ARCC Ares Capital Corp. | 0.72% | 164,845 | $3.3M | Add +4.5% |
| PAR Par Technology Corp. | 0.60% | 76,835 | $2.8M | Add +13.7% |
| LLY Eli Lilly & Co. | 0.59% | 2,548 | $2.7M | Reduce -1.4% |
| GOOGL Alphabet Inc. Class A | 0.53% | 7,835 | $2.5M | Add +7.5% |
| MU Micron Technology Inc. | 0.51% | 8,295 | $2.4M | Reduce -14.6% |
| SYM Symbotic Inc. | 0.51% | 39,570 | $2.4M | Add +0.1% |
| PG The Procter & Gamble Co. | 0.50% | 16,293 | $2.3M | Reduce -3.9% |
| SLB SLB Ltd. filed as SLB LIMITED | 0.49% | 58,735 | $2.3M | Reduce -56.4% |
| TRGP Targa Resources Corp. | 0.47% | 11,750 | $2.2M | No change |
| DAR Darling Ingredients Inc. | 0.43% | 55,775 | $2.0M | Add +1.4% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.42% | 2,851 | $1.9M | Add +98.7% |
| ENPH Enphase Energy Inc. | 0.40% | 57,188 | $1.8M | Reduce -1.5% |
| GDX Vaneck Gold Miners ETF | 0.35% | 18,861 | $1.6M | Reduce -6.4% |
| ABBV Abbvie Inc. | 0.34% | 6,957 | $1.6M | Add +10.8% |
| LMT Lockheed Martin Corp. | 0.30% | 2,885 | $1.4M | Add +498.6% |
| SELF Global Self Storage Inc. | 0.29% | 261,151 | $1.3M | Reduce -11.8% |
| EXE Expand Energy Corp. | 0.28% | 11,911 | $1.3M | Add +3.4% |
| CINF Cincinnati Financial Corp. | 0.27% | 7,513 | $1.2M | Reduce -0.3% |
| VZ Verizon Communications Inc. | 0.26% | 29,929 | $1.2M | Add +3.1% |
| KO The Coca-Cola Co. | 0.26% | 17,327 | $1.2M | Reduce -0.5% |
| HDSN Hudson Technologies Inc. | 0.26% | 175,325 | $1.2M | Reduce -9.8% |
| XOM Exxon Mobil Corp. | 0.26% | 9,808 | $1.2M | Reduce -1.6% |
| WY Weyerhaeuser Co. | 0.25% | 49,548 | $1.2M | Reduce -27.1% |
| NVDA Nvidia Corp. | 0.24% | 5,960 | $1.1M | Reduce -2.9% |
| AMD Advanced Micro Devices | 0.24% | 5,149 | $1.1M | No change |
| HON Honeywell International Inc. | 0.24% | 5,610 | $1.1M | Reduce -1.9% |
| KRNT Kornit Digital Ltd. | 0.22% | 72,405 | $1.0M | Reduce -20.9% |
| AR Antero Resources Corp. | 0.22% | 30,000 | $1.0M | No change |
| AMPL Amplitude Inc. Class A | 0.22% | 88,600 | $1.0M | New |
| GEHC GE Healthcare Technology | 0.21% | 12,055 | $989K | No change |
| PEP Pepsico Inc. | 0.20% | 6,371 | $914K | No change |
| RTX RTX Corp. | 0.20% | 4,957 | $909K | Add +0.0% |
| GE General Electric filed as GE AEROSPACE | 0.20% | 2,945 | $907K | No change |
| RGLD Royal Gold Inc. | 0.20% | 4,080 | $907K | Reduce -0.3% |
| ENB Enbridge Inc. | 0.19% | 18,575 | $888K | Add +5.7% |
| LAND Gladstone Land Corp. | 0.19% | 95,628 | $875K | Reduce -20.2% |
| AMGN Amgen Inc. | 0.18% | 2,592 | $848K | Add +127.8% |
| CYRX Cryoport Inc. | 0.18% | 87,225 | $837K | Reduce -20.7% |
| ALL Allstate Corp. | 0.18% | 3,923 | $817K | Reduce -0.6% |
| SLV iShares Silver Trust | 0.17% | 12,525 | $807K | Reduce -1.3% |
| LOW Lowe's Cos Inc. | 0.17% | 3,249 | $784K | Reduce -0.8% |
| SANM Sanmina Corp. | 0.16% | 5,000 | $750K | No change |
| LSCC Lattice Semiconductor Corp. | 0.16% | 10,100 | $743K | No change |
| BF.B Brown-Forman Corp. Class B | 0.16% | 28,006 | $730K | Add +3.7% |
| HD Home Depot Inc. | 0.15% | 2,079 | $715K | Add +10.6% |
| SMR Nuscale Power Corp. | 0.15% | 50,000 | $709K | New |
| PLD Prologis Inc. | 0.14% | 5,250 | $670K | No change |
| MCD McDonald's Corp. | 0.14% | 2,150 | $657K | No change |
| TMO Thermo Fisher Scientific Inc. | 0.14% | 1,127 | $653K | No change |
| PNC PNC Financial Services Group | 0.14% | 3,077 | $642K | No change |
| FCNCA First Citizens Bcshs Class A | 0.14% | 295 | $633K | No change |
| EOG EOG Resources Inc. | 0.13% | 5,791 | $608K | Add +198.3% |
| RXRX Recursion Pharmaceuticals-A | 0.13% | 144,595 | $591K | Add +3.3% |
| MYCG State Street MY2027 Corporat | 0.13% | 23,595 | $591K | Reduce -2.6% |
| ABT Abbott Laboratories | 0.13% | 4,705 | $590K | Reduce -1.1% |
| SO The Southern Co. | 0.12% | 6,600 | $576K | New |
| YOU Clear Secure Inc. Class A | 0.12% | 16,000 | $561K | Reduce -5.9% |
Other holdings (2): bonds, preferreds, convertibles and warrants · $1.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 1,034 | $1.3M | Reduce -1.2% |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 390 | $488K | Reduce -66.0% |
Total filed on the 13F, all lines: $464.7M.
Portfolio Sells Q3 2025 → Q4 2025
| TROW T Rowe Price Group Inc. | Reduce -4.6% | 14.44% | −1.74 |
| CPA Copa Holdings SA Class A | Reduce -27.8% | 1.34% | −0.61 |
| SLB SLB Ltd. | Reduce -56.4% | 0.49% | −0.58 |
| MSFT Microsoft Corp. | Reduce -2.3% | 2.40% | −0.40 |
| DOC Healthpeak Properties Inc. | Reduce -4.8% | 0.86% | −0.29 |
| ANIP Ani Pharmaceuticals Inc. | Reduce -0.1% | 1.19% | −0.28 |
| O Realty Income Corp. | Reduce -1.0% | 1.38% | −0.22 |
| MET Metlife Inc. | Reduce -0.8% | 1.77% | −0.22 |
| CVX Chevron Corp. | Reduce -2.1% | 1.93% | −0.21 |
| HDSN Hudson Technologies Inc. | Reduce -9.8% | 0.26% | −0.19 |
| GLW Corning Inc. | Reduce -4.4% | 3.51% | −0.16 |
| WTW Willis Towers Watson PLC | Reduce -0.5% | 1.18% | −0.15 |
| HLMN Hillman Solutions Corp. | Reduce -69.8% | 0.05% | −0.14 |
| AAPL Apple Inc. | Reduce -4.8% | 2.87% | −0.14 |
| WY Weyerhaeuser Co. | Reduce -27.1% | 0.25% | −0.13 |
| FIS Fidelity National Info Serv | Reduce -1.9% | 1.28% | −0.10 |
| PG The Procter & Gamble Co. | Reduce -3.9% | 0.50% | −0.10 |
| NPKI NPK International Inc. | Reduce -8.0% | 0.92% | −0.09 |
| QCOM Qualcomm Inc. | Reduce -0.2% | 2.22% | −0.09 |
| ENPH Enphase Energy Inc. | Reduce -1.5% | 0.40% | −0.08 |
| CIVI Civitas Resources Inc. | Sold out | 0.00% | −0.08 |
| JPM JPMorgan Chase & Co. | Reduce -0.2% | 1.48% | −0.07 |
| LAND Gladstone Land Corp. | Reduce -20.2% | 0.19% | −0.06 |
| KRNT Kornit Digital Ltd. | Reduce -20.9% | 0.22% | −0.06 |
| CYRX Cryoport Inc. | Reduce -20.7% | 0.18% | −0.06 |
| JNJ Johnson & Johnson | Reduce -8.9% | 1.17% | −0.06 |
| SELF Global Self Storage Inc. | Reduce -11.8% | 0.29% | −0.06 |
| CP Canadian Pacific Kansas City | Sold out | 0.00% | −0.05 |
| IBDQ iShares Ibonds Dec 2025 Term | Sold out | 0.00% | −0.05 |
| GDXJ Vaneck Junior Gold Miners | Sold out | 0.00% | −0.05 |
| HON Honeywell International Inc. | Reduce -1.9% | 0.24% | −0.04 |
| ARAY Accuray Inc. | Sold out | 0.00% | −0.04 |
| IBM Intl Business Machines Corp. | Reduce -0.1% | 2.02% | −0.03 |
| ETN Eaton Corp. PLC | Reduce -0.3% | 0.12% | −0.03 |
| NVDA Nvidia Corp. | Reduce -2.9% | 0.24% | −0.02 |
| AMZN Amazon.com Inc. | Reduce -0.0% | 1.51% | −0.02 |
| LOW Lowe's Cos Inc. | Reduce -0.8% | 0.17% | −0.02 |
| ABT Abbott Laboratories | Reduce -1.1% | 0.13% | −0.02 |
| ALL Allstate Corp. | Reduce -0.6% | 0.18% | −0.02 |
| CSCO Cisco Systems Inc. | Reduce -17.1% | 0.10% | −0.01 |
| MYCG State Street MY2027 Corporat | Reduce -2.6% | 0.13% | −0.01 |
| ONDS Ondas Inc. | Reduce -35.9% | 0.04% | −0.01 |
| QQQ Invesco QQQ Trust Series 1 | Reduce -17.3% | 0.04% | −0.01 |
| PCH Potlatchdeltic Corp. | Reduce -0.1% | 0.10% | −0.01 |
| CINF Cincinnati Financial Corp. | Reduce -0.3% | 0.27% | −0.01 |
| YOU Clear Secure Inc. Class A | Reduce -5.9% | 0.12% | −0.01 |
| PFE Pfizer Inc. | Reduce -0.3% | 0.09% | −0.01 |
| MYCF State Street MY2026 Corporat | Reduce -0.3% | 0.11% | −0.01 |
| SBUX Starbucks Corp. | Reduce -1.8% | 0.09% | −0.01 |
| AVGO Broadcom Inc. | Reduce -5.2% | 0.10% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| ZTS Zoetis Inc. | New | 0.96% | +0.96 |
| ALM Almonty Industries Inc. | Add +137.2% | 1.13% | +0.78 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +31.7% | 3.19% | +0.60 |
| LMT Lockheed Martin Corp. | Add +498.6% | 0.30% | +0.25 |
| AMPL Amplitude Inc. Class A | New | 0.22% | +0.22 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +98.7% | 0.42% | +0.20 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +43.9% | 0.91% | +0.17 |
| SMR Nuscale Power Corp. | New | 0.15% | +0.15 |
| SO The Southern Co. | New | 0.12% | +0.12 |
| GOOGL Alphabet Inc. Class A | Add +7.5% | 0.53% | +0.12 |
| AMGN Amgen Inc. | Add +127.8% | 0.18% | +0.11 |
| TXO Txo Partners LP | Add +400.0% | 0.12% | +0.08 |
| EOG EOG Resources Inc. | Add +198.3% | 0.13% | +0.08 |
| ACA Arcosa Inc. | Add +0.4% | 1.09% | +0.07 |
| MDT Medtronic PLC | New | 0.06% | +0.06 |
| T AT&T Inc. | New | 0.05% | +0.05 |
| ULTA Ulta Beauty Inc. | New | 0.05% | +0.05 |
| AXP American Express Co. | New | 0.05% | +0.05 |
| COPX Global X Copper Miners ETF | New | 0.05% | +0.05 |
| FDS Factset Research Systems Inc. | New | 0.05% | +0.05 |
| ACM Aecom | New | 0.04% | +0.04 |
| V Visa Inc. Class A | New | 0.04% | +0.04 |
| DAR Darling Ingredients Inc. | Add +1.4% | 0.43% | +0.04 |
| VYMI Vanguard Int High DVD YLD Inc. | Add +2.4% | 2.02% | +0.04 |
| CB Chubb Ltd. | Add +1.1% | 0.86% | +0.04 |
| XRAY Dentsply Sirona Inc. | Add +80.0% | 0.11% | +0.04 |
| CPAY Corpay Inc. | Add +60.8% | 0.07% | +0.03 |
| SYM Symbotic Inc. | Add +0.1% | 0.51% | +0.02 |
| DUK Duke Energy Corp. | Add +31.0% | 0.10% | +0.01 |
| ODFL Old Dominion Freight Line | Add +23.4% | 0.06% | +0.01 |
| ABBV Abbvie Inc. | Add +10.8% | 0.34% | +0.01 |
| DYAI Dyadic International Inc. | Add +142.9% | 0.02% | +0.01 |
| BTBT Bit Digital Inc. | New | 0.01% | +0.01 |
| FANG Diamondback Energy Inc. | Add +1.8% | 2.04% | +0.01 |
| RTX RTX Corp. | Add +0.0% | 0.20% | +0.01 |
| RPRX Royalty Pharma PLC Class A | Add +4.6% | 0.06% | +0.00 |
| ELV Elevance Health Inc. | Add +4.3% | 0.07% | +0.00 |
| EXE Expand Energy Corp. | Add +3.4% | 0.28% | +0.00 |
| TOL Toll Brothers Inc. | Add +10.7% | 0.06% | +0.00 |
| RSP Invesco S&P 500 Equal Weight | Add +5.4% | 0.05% | −0.00 |
| SYK Stryker Corp. | Add +9.3% | 0.09% | −0.00 |
| BF.B Brown-Forman Corp. Class B | Add +3.7% | 0.16% | −0.01 |
| ENB Enbridge Inc. | Add +5.7% | 0.19% | −0.01 |
| PAR Par Technology Corp. | Add +13.7% | 0.60% | −0.01 |
| HD Home Depot Inc. | Add +10.6% | 0.15% | −0.02 |
| ARCC Ares Capital Corp. | Add +4.5% | 0.72% | −0.02 |
| ADBE Adobe Inc. | Add +5.0% | 0.99% | −0.02 |
| ZETA Zeta Global Holdings Corp. Class A | Add +1.5% | 0.98% | −0.02 |
| RXRX Recursion Pharmaceuticals-A | Add +3.3% | 0.13% | −0.03 |
| VZ Verizon Communications Inc. | Add +3.1% | 0.26% | −0.03 |
Notes & Other Activity Q3 2025 → Q4 2025
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | Reduce -1.2% | 1,034 | $1.3M |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Reduce -66.0% | 390 | $488K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 185 | $492.3M | TROW, GLW, BIL, GOOG, AMZN |
| Q1 2026 | 169 | $443.6M | TROW, BIL, GLW, AZN, AAPL |
| Q4 2025 | 169 | $462.9M | TROW, GLW, BIL, AZN, GOOG |
| Q3 2025 | 161 | $434.2M | TROW, GLW, AAPL, AZN, MSFT |
| Q2 2025 | 161 | $389.4M | TROW, MSFT, AZN, GLW, AAPL |
| Q1 2025 | 156 | $372.7M | TROW, AAPL, AZN, CVX, MSFT |
| Q4 2024 | 152 | $397.3M | TROW, AAPL, GLW, AZN, MSFT |
| Q3 2024 | 152 | $409.5M | TROW, AAPL, AZN, ALSN, MSFT |
| Q2 2024 | 143 | $389.5M | TROW, AZN, AAPL, MSFT, QCOM |
| Q1 2024 | 152 | $416.0M | TROW, AZN, MSFT, AAPL, QCOM |