MARATHON CAPITAL MANAGEMENT

CIK 0001213206 • 6 13F filings • May 15, 2025 – Jul 22, 2026

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Filer information

Filed by: MARATHON CAPITAL MANAGEMENT, President
Address: 4 North Park Drive, Suite 106, Hunt Valley, MD, 21030-1806
Phone: 410-329-1522
AUM: $464.7M

AUM over time

$493.9M latest

Sector allocation over time

Past 5 quarters

Q4 2025

Q3 2025

Q2 2026

Q2 2025

Q1 2026

TechnologyHealthcareConsumer DiscretionaryConsumer StaplesFinancialsCommunicationIndustrialsEnergyReal EstateOther

Holdings by filing

Portfolio value: $464.7M170 positionsView on SEC.gov

			% of Portfolio
3M CO	COM	$225K	0.0%Prev: 0.0%	1,406 SH	Increased
ABBOTT LABS	COM	$590K	0.1%Prev: 0.1%	4,705 SH	Decreased-50 SH
ABBVIE INC	COM	$1.6M	0.3%Prev: 0.3%	6,957 SH	Increased+678 SH
ADMA BIOLOGICS INC	COM	$8.5M	1.8%Prev: 1.6%	465,315 SH	Increased-1,255 SH
ADOBE INC	COM	$4.6M	1.0%Prev: 1.0%	13,081 SH	Increased+624 SH
ADVANCED MICRO DEVICES INC	COM	$1.1M	0.2%Prev: 0.2%	5,149 SH	Increased
AECOM	COM	$205K	0.0%	2,155 SH	New
AIRGAIN INC	COM	$45K	0.0%Prev: 0.0%	11,000 SH	Decreased
ALLISON TRANSMISSION HLDGS I	COM	$7.3M	1.6%Prev: 1.5%	74,458 SH	Increased-766 SH
ALLSTATE CORP	COM	$817K	0.2%Prev: 0.2%	3,923 SH	Decreased-25 SH
ALMONTY INDS INC	COM NEW	$5.2M	1.1%Prev: 0.3%	593,515 SH	Increased+343,280 SH
ALPHABET INC	CAP STK CL A	$2.5M	0.5%Prev: 0.4%	7,835 SH	Increased+550 SH
ALPHABET INC	CAP STK CL C	$13.5M	2.9%Prev: 2.5%	43,155 SH	Increased-1,254 SH
ALPHATEC HLDGS INC	COM NEW	$4.2M	0.9%Prev: 0.7%	198,900 SH	Increased-2,025 SH
AMAZON COM INC	COM	$7.0M	1.5%Prev: 1.5%	30,257 SH	Increased-12 SH
AMERICAN EXPRESS CO	COM	$222K	0.0%	600 SH	New
AMERIPRISE FINL INC	COM	$213K	0.0%Prev: 0.0%	435 SH	Decreased
AMGEN INC	COM	$848K	0.2%Prev: 0.1%	2,592 SH	Increased+1,454 SH
AMPLITUDE INC	COM CL A	$1.0M	0.2%	88,600 SH	New
ANI PHARMACEUTICALS INC	COM	$5.5M	1.2%Prev: 1.5%	69,665 SH	Decreased-40 SH
ANTERO RESOURCES CORP	COM	$1.0M	0.2%Prev: 0.2%	30,000 SH	Increased
APPLE INC	COM	$13.3M	2.9%Prev: 3.0%	48,820 SH	Increased-2,452 SH
ARCOSA INC	COM	$5.1M	1.1%Prev: 1.0%	47,525 SH	Increased+210 SH
ARES CAPITAL CORP	COM	$3.3M	0.7%Prev: 0.7%	164,845 SH	Increased+7,125 SH
ASTRAZENECA PLC	SPONSORED ADR	$14.5M	3.1%Prev: 2.8%	157,747 SH	Increased-3,208 SH
AT&T INC	COM	$245K	0.1%	9,857 SH	New
BANK AMERICA CORP	7.25%CNV PFD L	$488K	0.1%Prev: 0.3%	390 SH	Decreased-758 SH
BARFRESH FOOD GROUP INC	COM NEW	$45K	0.0%Prev: 0.0%	15,384 SH	Decreased
BARRICK MNG CORP	COM SHS	$5.7M	1.2%Prev: 1.0%	129,825 SH	Increased-5,865 SH
BERKSHIRE HATHAWAY INC DEL	CL B NEW	$5.7M	1.2%Prev: 1.3%	11,319 SH	Increased+52 SH
BIT DIGITAL INC	SHS	$28K	0.0%	15,000 SH	New
BRISTOL-MYERS SQUIBB CO	COM	$462K	0.1%Prev: 0.1%	8,564 SH	Increased
BROADCOM INC	COM	$478K	0.1%Prev: 0.1%	1,380 SH	Decreased-75 SH
BROWN FORMAN CORP	CL B	$730K	0.2%Prev: 0.2%	28,006 SH	Decreased+991 SH
BUILDERS FIRSTSOURCE INC	COM	$6.1M	1.3%Prev: 1.6%	59,153 SH	Decreased+1,102 SH
CALIX INC	COM	$4.3M	0.9%Prev: 1.1%	80,585 SH	Decreased+385 SH
CAPITAL ONE FINL CORP	COM	$315K	0.1%Prev: 0.1%	1,299 SH	Increased-110 SH
CECO ENVIRONMENTAL CORP	COM	$6.1M	1.3%Prev: 1.2%	101,685 SH	Increased-15 SH
CHEVRON CORP NEW	COM	$9.0M	1.9%Prev: 2.1%	58,759 SH	Decreased-1,282 SH
CHUBB LIMITED	COM	$4.0M	0.9%Prev: 0.8%	12,740 SH	Increased+140 SH
CINCINNATI FINL CORP	COM	$1.2M	0.3%Prev: 0.3%	7,513 SH	Increased-25 SH
CISCO SYS INC	COM	$464K	0.1%Prev: 0.1%	6,022 SH	Decreased-1,246 SH
CLEAR SECURE INC	COM CL A	$561K	0.1%Prev: 0.1%	16,000 SH	Decreased-1,000 SH
CLEVELAND-CLIFFS INC NEW	COM	$199K	0.0%Prev: 0.0%	15,000 SH	Increased
CNX RES CORP	COM	$368K	0.1%Prev: 0.1%	10,000 SH	Increased
COCA COLA CO	COM	$1.2M	0.3%Prev: 0.3%	17,327 SH	Increased-93 SH
COMSTOCK INC	COM SHS	$66K	0.0%Prev: 0.0%	17,500 SH	Decreased-2,500 SH
COPA HOLDINGS SA	CL A	$6.2M	1.3%Prev: 1.9%	51,553 SH	Decreased-19,820 SH
COREBRIDGE FINL INC	COM	$404K	0.1%Prev: 0.1%	13,385 SH	Decreased
CORNING INC	COM	$16.2M	3.5%Prev: 3.6%	185,415 SH	Increased-8,509 SH
CORPAY INC	COM SHS	$342K	0.1%Prev: 0.0%	1,137 SH	Increased+430 SH
CRYOPORT INC	COM PAR $0.001	$837K	0.2%Prev: 0.2%	87,225 SH	Decreased-22,775 SH
CSX CORP	COM	$491K	0.1%Prev: 0.1%	13,548 SH	Increased
DANAHER CORPORATION	COM	$5.3M	1.1%Prev: 1.1%	23,039 SH	Increased-395 SH
DARLING INGREDIENTS INC	COM	$2.0M	0.4%Prev: 0.4%	55,775 SH	Increased+790 SH
DENTSPLY SIRONA INC	COM	$526K	0.1%Prev: 0.1%	46,040 SH	Increased+20,465 SH
DIAMONDBACK ENERGY INC	COM	$9.4M	2.0%Prev: 2.0%	62,678 SH	Increased+1,098 SH
DISNEY WALT CO	COM	$310K	0.1%Prev: 0.1%	2,728 SH	Decreased
DUKE ENERGY CORP NEW	COM NEW	$485K	0.1%Prev: 0.1%	4,141 SH	Increased+979 SH
DYADIC INTL INC DEL	COM	$80K	0.0%Prev: 0.0%	85,000 SH	Increased+50,000 SH
EA SERIES TRUST	BUSHIDO CAP U S	$308K	0.1%Prev: 0.1%	8,510 SH	Increased
EATON CORP PLC	SHS	$538K	0.1%Prev: 0.1%	1,688 SH	Decreased-5 SH
ELEVANCE HEALTH INC FORMERLY	COM	$347K	0.1%Prev: 0.1%	990 SH	Increased+41 SH
ELI LILLY & CO	COM	$2.7M	0.6%Prev: 0.5%	2,548 SH	Increased-35 SH
EMERSON ELEC CO	COM	$274K	0.1%Prev: 0.1%	2,067 SH	Increased
ENBRIDGE INC	COM	$888K	0.2%Prev: 0.2%	18,575 SH	Increased+1,000 SH
ENPHASE ENERGY INC	COM	$1.8M	0.4%Prev: 0.5%	57,188 SH	Decreased-870 SH
EOG RES INC	COM	$608K	0.1%Prev: 0.0%	5,791 SH	Increased+3,850 SH
EXPAND ENERGY CORPORATION	COM	$1.3M	0.3%Prev: 0.3%	11,911 SH	Increased+392 SH
EXXON MOBIL CORP	COM	$1.2M	0.3%Prev: 0.3%	9,808 SH	Increased-158 SH
F N B CORP	COM	$308K	0.1%Prev: 0.1%	18,000 SH	Increased
FACTSET RESH SYS INC	COM	$212K	0.0%	730 SH	New
FIDELITY NATL INFORMATION SV	COM	$5.9M	1.3%Prev: 1.4%	88,868 SH	Decreased-1,679 SH
FIRST CTZNS BANCSHARES INC D	CL A	$633K	0.1%Prev: 0.1%	295 SH	Increased
GE AEROSPACE	COM NEW	$907K	0.2%Prev: 0.2%	2,945 SH	Increased
GE HEALTHCARE TECHNOLOGIES I	COMMON STOCK	$989K	0.2%Prev: 0.2%	12,055 SH	Increased
GE VERNOVA INC	COM	$216K	0.0%Prev: 0.0%	330 SH	Increased
GETTY RLTY CORP NEW	COM	$447K	0.1%Prev: 0.1%	16,340 SH	Increased
GLADSTONE LD CORP	COM	$875K	0.2%Prev: 0.3%	95,628 SH	Decreased-24,190 SH
GLOBAL SELF STORAGE INC	COM	$1.3M	0.3%Prev: 0.3%	261,151 SH	Decreased-35,039 SH
GLOBAL X FDS	GLOBAL X COPPER	$219K	0.0%	3,049 SH	New
HEALTHPEAK PROPERTIES INC	COM	$4.0M	0.9%Prev: 1.1%	247,542 SH	Decreased-12,524 SH
HILLMAN SOLUTIONS CORP	COM	$244K	0.1%Prev: 0.2%	28,150 SH	Decreased-65,151 SH
HOME DEPOT INC	COM	$715K	0.2%Prev: 0.2%	2,079 SH	Decreased+200 SH
HONEYWELL INTL INC	COM	$1.1M	0.2%Prev: 0.3%	5,610 SH	Decreased-110 SH
HUDSON TECHNOLOGIES INC	COM	$1.2M	0.3%Prev: 0.4%	175,325 SH	Decreased-19,125 SH
IDENTIV INC	COM NEW	$81K	0.0%Prev: 0.0%	21,000 SH	Increased
INTERNATIONAL BUSINESS MACHS	COM	$9.4M	2.0%Prev: 2.0%	31,648 SH	Increased-34 SH
INVESCO EXCHANGE TRADED FD T	S&P500 EQL WGT	$223K	0.0%Prev: 0.0%	1,163 SH	Increased+60 SH
INVESCO QQQ TR	UNIT SER 1	$203K	0.0%Prev: 0.1%	331 SH	Decreased-69 SH
ISHARES SILVER TR	ISHARES	$807K	0.2%Prev: 0.1%	12,525 SH	Increased-165 SH
ISHARES TR	ISHARES BIOTECH	$447K	0.1%Prev: 0.1%	2,650 SH	Increased-165 SH
JOHNSON & JOHNSON	COM	$5.4M	1.2%Prev: 1.2%	26,186 SH	Increased-2,550 SH
JPMORGAN CHASE & CO.	COM	$6.8M	1.5%Prev: 1.5%	21,199 SH	Increased-45 SH
KEYSIGHT TECHNOLOGIES INC	COM	$311K	0.1%Prev: 0.1%	1,529 SH	Increased
KOPIN CORP	COM	$70K	0.0%Prev: 0.0%	30,000 SH	Decreased-2,500 SH
KORNIT DIGITAL LTD	SHS	$1.0M	0.2%Prev: 0.3%	72,405 SH	Decreased-19,100 SH
LATTICE SEMICONDUCTOR CORP	COM	$743K	0.2%Prev: 0.2%	10,100 SH	Increased
LIGHTPATH TECHNOLOGIES INC	COM CL A	$122K	0.0%Prev: 0.0%	11,250 SH	Increased-3,750 SH
LOCKHEED MARTIN CORP	COM	$1.4M	0.3%Prev: 0.1%	2,885 SH	Increased+2,403 SH
LOWES COS INC	COM	$784K	0.2%Prev: 0.2%	3,249 SH	Decreased-25 SH
MAGNOLIA OIL & GAS CORP	CL A	$219K	0.0%Prev: 0.1%	10,000 SH	Decreased
MARATHON PETE CORP	COM	$276K	0.1%Prev: 0.1%	1,700 SH	Decreased
MARCHEX INC	CL B	$102K	0.0%Prev: 0.0%	61,500 SH	Decreased
MAXLINEAR INC	COM	$392K	0.1%Prev: 0.1%	22,500 SH	Increased
MCDONALDS CORP	COM	$657K	0.1%Prev: 0.1%	2,150 SH	Increased
MEDTRONIC PLC	SHS	$261K	0.1%	2,714 SH	New
MERCK & CO INC	COM	$3.5M	0.8%Prev: 0.7%	33,665 SH	Increased-487 SH
METLIFE INC	COM	$8.2M	1.8%Prev: 2.0%	103,653 SH	Decreased-882 SH
MICRON TECHNOLOGY INC	COM	$2.4M	0.5%Prev: 0.4%	8,295 SH	Increased-1,415 SH
MICROSOFT CORP	COM	$11.1M	2.4%Prev: 2.8%	22,942 SH	Decreased-528 SH
NABORS INDUSTRIES LTD	SHS	$407K	0.1%Prev: 0.1%	7,500 SH	Increased
NANO DIMENSION LTD	SPONSORD ADS NEW	$31K	0.0%Prev: 0.0%	20,000 SH	Decreased
NEWMONT CORP	COM	$404K	0.1%Prev: 0.1%	4,042 SH	Increased-200 SH
NEXTERA ENERGY INC	COM	$254K	0.1%Prev: 0.1%	3,159 SH	Increased
NORTHROP GRUMMAN CORP	COM	$232K	0.0%Prev: 0.1%	407 SH	Decreased
NOVO-NORDISK A S	ADR	$4.2M	0.9%Prev: 0.7%	82,705 SH	Increased+25,230 SH
NPK INTERNATIONAL INC	COM SHS	$4.3M	0.9%Prev: 1.0%	357,390 SH	Decreased-30,960 SH
NUSCALE PWR CORP	CL A COM	$709K	0.2%	50,000 SH	New
NVIDIA CORPORATION	COM	$1.1M	0.2%Prev: 0.3%	5,960 SH	Decreased-175 SH
OLD DOMINION FREIGHT LINE IN	COM	$285K	0.1%Prev: 0.0%	1,817 SH	Increased+344 SH
ONDAS HLDGS INC	COM NEW	$172K	0.0%Prev: 0.0%	17,625 SH	Decreased-9,875 SH
ONEOK INC NEW	COM	$316K	0.1%Prev: 0.1%	4,300 SH	Increased
PAR TECHNOLOGY CORP	COM	$2.8M	0.6%Prev: 0.6%	76,835 SH	Increased+9,240 SH
PEPSICO INC	COM	$914K	0.2%Prev: 0.2%	6,371 SH	Increased
PFIZER INC	COM	$423K	0.1%Prev: 0.1%	16,983 SH	Decreased-52 SH
PNC FINL SVCS GROUP INC	COM	$642K	0.1%Prev: 0.1%	3,077 SH	Increased
POTLATCHDELTIC CORPORATION	COM	$478K	0.1%Prev: 0.1%	12,010 SH	Decreased-10 SH
PRICE T ROWE GROUP INC	COM	$66.9M	14.4%Prev: 16.1%	653,125 SH	Decreased-31,500 SH
PROCTER AND GAMBLE CO	COM	$2.3M	0.5%Prev: 0.6%	16,293 SH	Decreased-664 SH
PROLOGIS INC.	COM	$670K	0.1%Prev: 0.1%	5,250 SH	Increased
QUALCOMM INC	COM	$10.3M	2.2%Prev: 2.3%	60,104 SH	Increased-126 SH
RBB FD INC	MOTLEY FOL ETF	$276K	0.1%Prev: 0.1%	3,851 SH	Decreased-150 SH
REALTY INCOME CORP	COM	$6.4M	1.4%Prev: 1.6%	113,208 SH	Decreased-1,181 SH
RECURSION PHARMACEUTICALS IN	CL A	$591K	0.1%Prev: 0.2%	144,595 SH	Decreased+4,600 SH
RIO TINTO PLC	SPONSORED ADR	$467K	0.1%Prev: 0.1%	5,831 SH	Increased-784 SH
ROYAL GOLD INC	COM	$907K	0.2%Prev: 0.2%	4,080 SH	Increased-12 SH
ROYALTY PHARMA PLC	SHS CLASS A	$294K	0.1%Prev: 0.1%	7,598 SH	Increased+332 SH
RTX CORPORATION	COM	$909K	0.2%Prev: 0.2%	4,957 SH	Increased+2 SH
SANMINA CORPORATION	COM	$750K	0.2%Prev: 0.1%	5,000 SH	Increased
SLB LIMITED	COM STK	$2.3M	0.5%	58,735 SH	New
SOUTHERN CO	COM	$576K	0.1%	6,600 SH	New
SPDR GOLD TR	GOLD SHS	$4.4M	0.9%Prev: 0.9%	10,988 SH	Increased-360 SH
SPDR S&P 500 ETF TR	TR UNIT	$1.9M	0.4%Prev: 0.2%	2,851 SH	Increased+1,416 SH
SPDR SERIES TRUST	STATE STREET SPD	$14.8M	3.2%	161,415 SH	New
SPROTT ASSET MANAGEMENT LP	PHYSICAL GOLD AN	$5.7M	1.2%Prev: 1.1%	125,100 SH	Increased-1,125 SH
SSGA ACTIVE TR	STATE STREET MY	$1.1M	0.2%	43,890 SH	New
STARBUCKS CORP	COM	$408K	0.1%Prev: 0.1%	4,850 SH	Decreased-90 SH
STRYKER CORPORATION	COM	$415K	0.1%Prev: 0.1%	1,181 SH	Increased+100 SH
SYMBOTIC INC	CLASS A COM	$2.4M	0.5%Prev: 0.5%	39,570 SH	Increased+55 SH
T ROWE PRICE ETF INC	CAP APPRECIATION	$261K	0.1%Prev: 0.1%	6,825 SH	Increased
TARGA RES CORP	COM	$2.2M	0.5%Prev: 0.5%	11,750 SH	Increased
TAYLOR MORRISON HOME CORP	COM	$412K	0.1%Prev: 0.1%	7,000 SH	Decreased
TETRA TECHNOLOGIES INC DEL	COM	$11.2M	2.4%Prev: 1.7%	1,191,195 SH	Increased-80,830 SH
THE CIGNA GROUP	COM	$226K	0.0%Prev: 0.1%	822 SH	Decreased
THERMO FISHER SCIENTIFIC INC	COM	$653K	0.1%Prev: 0.1%	1,127 SH	Increased
TOLL BROTHERS INC	COM	$281K	0.1%Prev: 0.1%	2,075 SH	Increased+200 SH
TXO PARTNERS LP	COM UNIT	$534K	0.1%Prev: 0.0%	50,000 SH	Increased+40,000 SH
ULTA BEAUTY INC	COM	$231K	0.0%	381 SH	New
VANECK ETF TRUST	GOLD MINERS ETF	$1.6M	0.3%Prev: 0.4%	18,861 SH	Increased-1,285 SH
VANGUARD INDEX FDS	S&P 500 ETF SHS	$226K	0.0%Prev: 0.1%	360 SH	Increased-5 SH
VANGUARD SPECIALIZED FUNDS	DIV APP ETF	$251K	0.1%Prev: 0.1%	1,144 SH	Decreased-25 SH
VANGUARD WHITEHALL FDS	INTL HIGH ETF	$9.4M	2.0%Prev: 2.0%	104,027 SH	Increased+2,448 SH
VERIZON COMMUNICATIONS INC	COM	$1.2M	0.3%Prev: 0.3%	29,929 SH	Decreased+913 SH
VISA INC	COM CL A	$205K	0.0%	584 SH	New
WELLS FARGO CO NEW	PERP PFD CNV A	$1.3M	0.3%Prev: 0.3%	1,034 SH	Decreased-13 SH
WEYERHAEUSER CO MTN BE	COM NEW	$1.2M	0.3%Prev: 0.4%	49,548 SH	Decreased-18,368 SH
WILLIS TOWERS WATSON PLC LTD	SHS	$5.4M	1.2%Prev: 1.3%	16,580 SH	Decreased-83 SH
ZETA GLOBAL HOLDINGS CORP	CL A	$4.5M	1.0%Prev: 1.0%	221,905 SH	Increased+3,295 SH
ZOETIS INC	CL A	$4.4M	1.0%	35,150 SH	New

Sold (vs prior filing)

ACCURAY INC — $167K
CANADIAN PACIFIC KANSAS CITY — $222K
CIVITAS RESOURCES INC — $328K
ISHARES TR — $212K
SCHLUMBERGER LTD — $4.6M
SPDR SERIES TRUST — $11.2M
SSGA ACTIVE TR — $512K
SSGA ACTIVE TR — $608K
VANECK ETF TRUST — $207K

All filings

Open a filing on Jive Data

Filing Date	Quarter	Form	Accession	Portfolio	Filing
Jan 29, 2026	Q4 2025	13F-HR	0001172661-26-000374	$464.7M	View
Nov 14, 2025	Q3 2025	13F-HR	0001172661-25-004808	$437.0M	View
Jul 22, 2026	Q2 2026