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Castellan Group

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13F filer, CIK 1832521, LOUISVILLE, KY

Castellan Group reported $690,372,328 across 40 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-10-23. Its ten largest share positions make up 92.62% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001832521-25-000008

Period
2025-09-30
Reported value
$690M
Holdings
40
Top 10 weight
92.62%
New
11
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
CTEFadded+413,951$27M
CTIFadded+411,462$21.2M
NJRnew+75,992$3.66M
FRnew+70,824$3.65M
TRNOnew+63,043$3.58M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
BOXXreduced-35,900-$4.09M
EXRexited-21,156-$3.12M
SREexited-40,348-$3.06M
CVXreduced-1,282-$199K
CTREreduced-3,173-$110K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001832521-25-000008, largest first. % of portfolio is the value over $688,040,654, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
CTEFEA SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 6,619,167 shares; 2025Q3: 7,033,118 shares 7,033,118$458M66.57%+413,951Timeline
CTIFEA SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,358,507 shares; 2025Q3: 2,769,969 shares 2,769,969$143M20.77%+411,462Timeline
GLTRABRDN PRECIOUS METALS BASKETQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 54,132 shares; 2024Q4: 49,197 shares; 2025Q1: 47,737 shares; 2025Q2: 41,837 shares; 2025Q3: 42,510 shares 42,510$7.03M1.02%+673Timeline
XLESELECT SECTOR SPDR TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 60,780 shares; 2024Q4: 59,555 shares; 2025Q1: 62,705 shares; 2025Q2: 68,740 shares; 2025Q3: 68,654 shares 68,654$6.13M0.89%-86Timeline
ESEVERSOURCE ENERGYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 62,036 shares; 2025Q1: 52,330 shares; 2025Q2: 55,825 shares; 2025Q3: 57,626 shares 57,626$4.1M0.6%+1,801Timeline
CTRECARETRUST REIT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 125,624 shares; 2025Q1: 109,954 shares; 2025Q2: 117,716 shares; 2025Q3: 114,543 shares 114,543$3.97M0.58%-3,173Timeline
ATOATMOS ENERGY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 21,406 shares; 2025Q2: 22,337 shares; 2025Q3: 22,780 shares 22,780$3.89M0.57%+443Timeline
WECWEC ENERGY GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 38,460 shares; 2025Q1: 30,527 shares; 2025Q2: 32,434 shares; 2025Q3: 33,556 shares 33,556$3.85M0.56%+1,122Timeline
DKLDELEK LOGISTICS PARTNERS LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 79,126 shares; 2024Q4: 82,142 shares; 2025Q1: 70,286 shares; 2025Q2: 75,954 shares; 2025Q3: 80,743 shares 80,743$3.68M0.53%+4,789Timeline
NJRNEW JERSEY RES CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 75,992 shares 75,992$3.66M0.53%newTimeline
FRFIRST INDL RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 70,824 shares 70,824$3.65M0.53%newTimeline
NEENEXTERA ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 43,596 shares; 2025Q2: 46,806 shares; 2025Q3: 48,186 shares 48,186$3.64M0.53%+1,380Timeline
PORPORTLAND GEN ELEC COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 72,933 shares; 2025Q2: 78,420 shares; 2025Q3: 82,503 shares 82,503$3.63M0.53%+4,083Timeline
TRNOTERRENO RLTY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 63,043 shares 63,043$3.58M0.52%newTimeline
CWENCLEARWAY ENERGY INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 127,119 shares; 2024Q4: 117,409 shares; 2025Q1: 118,401 shares; 2025Q2: 123,727 shares; 2025Q3: 124,856 shares 124,856$3.53M0.51%+1,129Timeline
EGPEASTGROUP PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 22,569 shares; 2025Q1: 17,730 shares; 2025Q2: 19,112 shares; 2025Q3: 20,749 shares 20,749$3.51M0.51%+1,637Timeline
MPLXMPLX LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 57,653 shares; 2025Q2: 62,153 shares; 2025Q3: 68,030 shares 68,030$3.4M0.49%+5,877Timeline
GTYGETTY RLTY CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 98,341 shares; 2025Q2: 106,368 shares; 2025Q3: 117,318 shares 117,318$3.15M0.46%+10,950Timeline
XOMEXXON MOBIL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 23,085 shares; 2024Q4: 22,790 shares; 2025Q1: 25,730 shares; 2025Q2: 26,470 shares; 2025Q3: 27,224 shares 27,224$3.07M0.45%+754Timeline
CVXCHEVRON CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 18,570 shares; 2024Q4: 17,940 shares; 2025Q1: 18,440 shares; 2025Q2: 20,405 shares; 2025Q3: 19,123 shares 19,123$2.97M0.43%-1,282Timeline
HESMHESS MIDSTREAM LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 106,699 shares; 2024Q4: 98,110 shares; 2025Q1: 72,813 shares; 2025Q2: 78,823 shares; 2025Q3: 84,578 shares 84,578$2.92M0.42%+5,755Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 7,100 shares 7,100$1.73M0.25%newTimeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 21,154 shares; 2024Q4: 20,364 shares; 2025Q1: 38,567 shares; 2025Q2: 3,200 shares; 2025Q3: 3,200 shares 3,200$1.66M0.24%0Timeline
RIORIO TINTO PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,103 shares; 2024Q4: 19,288 shares; 2025Q1: 21,713 shares; 2025Q2: 21,713 shares; 2025Q3: 23,040 shares 23,040$1.52M0.22%+1,327Timeline
BHPBHP BILLITON LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 24,485 shares; 2024Q4: 22,515 shares; 2025Q1: 26,635 shares; 2025Q2: 26,635 shares; 2025Q3: 26,944 shares 26,944$1.5M0.22%+309Timeline
HALOHALOZYME THERAPEUTICS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 113,798 shares; 2024Q4: 116,470 shares; 2025Q1: 254,477 shares; 2025Q2: 16,000 shares; 2025Q3: 16,000 shares 16,000$1.17M0.17%0Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,990 shares; 2024Q4: 4,990 shares; 2025Q1: 4,600 shares; 2025Q2: 4,600 shares; 2025Q3: 4,600 shares 4,600$1.12M0.16%0Timeline
BOXXEA SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 44,400 shares; 2025Q3: 8,500 shares 8,500$968K0.14%-35,900Timeline
LRNSTRIDE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 14,160 shares; 2024Q4: 8,960 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 6,340 shares 6,340$944K0.14%newTimeline
PDECINNOVATOR ETFS TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 17,661 shares; 2025Q1: 17,661 shares; 2025Q2: 17,661 shares; 2025Q3: 17,661 shares 17,661$742K0.11%0Timeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,800 shares; 2024Q4: 1,800 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,000 shares 1,000$734K0.11%newTimeline
PGRPROGRESSIVE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 2,000 shares; 2025Q1: 2,000 shares; 2025Q2: 2,000 shares; 2025Q3: 2,000 shares 2,000$494K0.07%0Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,782 shares; 2024Q4: 5,974 shares; 2025Q1: 1,642 shares; 2025Q2: 1,642 shares; 2025Q3: 1,642 shares 1,642$418K0.06%0Timeline
BMARINNOVATOR ETFS TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 9,808 shares; 2024Q4: 9,808 shares; 2025Q1: 8,728 shares; 2025Q2: 7,928 shares; 2025Q3: 7,928 shares 7,928$409K0.06%0Timeline
BAPRINNOVATOR ETFS TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 7,160 shares; 2024Q4: 7,160 shares; 2025Q1: 7,160 shares; 2025Q2: 7,160 shares; 2025Q3: 7,160 shares 7,160$336K0.05%0Timeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
PROSHARES TR IIPROSHARES TR II PUTput470$978Knew
ALPHABET INCALPHABET INC CALLcall66$446Knew
ALPHABET INCALPHABET INC CALLcall46$353Knew
HALOZYME THERAPEUTICS INCHALOZYME THERAPEUTICS INC COMcall160$318Knew
MICROSOFT CORPMICROSOFT CORP CALLcall32$237Knew

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
EXREXTRA SPACE STORAGE INC21,156$3.12Mshares
SRESEMPRA40,348$3.06Mshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001832521-25-000008 base2025-10-23acceptance time not in the bulk data set