KEMPNER CAPITAL MANAGEMENT INC. Diversified Active

Period: Q4 2025 (← Previous)

Filing Date: Jan 12, 2026

Total Value ($000): $105,834 (100.0% shares, 0.0% debt)

Holdings (43)

Increased Positions (1)

Value ($000) $2,271 (+112.0%) Shares 52,891 (+112.7%) Est. Cost $42.22 Unrealized -2.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SON	SONOCO PRODUCTS CO	52,891 (+112.7%)	$2,271 (+112.0%)	2.1%	$42.22	-2.5%	COM	835495102

Exited Positions (5)

FMC FMC CORP 2.3%

Value ($000) $2,465 Shares 73,286 Est. Cost $52.76 Unrealized -64.1%

BAX BAXTER INTL INC 1.3%

Value ($000) $1,420 Shares 62,370 Est. Cost $34.19 Unrealized -41.5%

LYB LYONDELLBASELL INDUSTRIES N 1.2%

Value ($000) $1,261 Shares 25,722 Est. Cost $75.68 Unrealized -41.3%

WBD WARNER BROS DISCOVERY INC 0.2%

Value ($000) $218 Shares 11,175 Est. Cost $18.55 Unrealized +26.0%

SVC SERVICE PPTYS TR 0.1%

Value ($000) $129 Shares 47,450 Est. Cost $25.78 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FMC	FMC CORP	73,286	$2,465	2.3%	$52.76	-64.1%	—	302491303
BAX	BAXTER INTL INC	62,370	$1,420	1.3%	$34.19	-41.5%	—	071813109
LYB	LYONDELLBASELL INDUSTRIES N	25,722	$1,261	1.2%	$75.68	-41.3%	—	N53745100
WBD	WARNER BROS DISCOVERY INC	11,175	$218	0.2%	$18.55	+26.0%	—	934423104
SVC	SERVICE PPTYS TR	47,450	$129	0.1%	$25.78	—	—	81761L102

Decreased Positions (37)

TSM TAIWAN SEMICONDUCTOR 5.1%

Value ($000) $5,438 (-29.4%) Shares 18,898 (-31.5%) Est. Cost $118.60 Unrealized —

CNMD CONMED CORP 0.2%

Value ($000) $252 (-89.2%) Shares 6,258 (-87.4%) Est. Cost $71.59 Unrealized -39.2%

SLB SLB LIMITED 0.3%

Value ($000) $310 (-84.0%) Shares 7,972 (-85.9%) Est. Cost $55.88 Unrealized -35.5%

BSM BLACKSTONEMNLS LP 5.9%

Value ($000) $6,194 (-19.0%) Shares 439,295 (-24.5%) Est. Cost $13.21 Unrealized —

TER TERADYNE INCORP 4.1%

Value ($000) $4,387 (+29.0%) Shares 22,534 (-8.8%) Est. Cost $96.31 Unrealized +78.1%

BAC BANK OF AMERICA CORP. 2.4%

Value ($000) $2,488 (-25.0%) Shares 44,962 (-30.1%) Est. Cost $13.81 Unrealized +281.4%

GOOG ALPHABET INC 4.3%

Value ($000) $4,551 (+17.1%) Shares 14,712 (-7.8%) Est. Cost $174.04 Unrealized +64.5%

EOSE EOS ENERGY ENTRP INC 1.3%

Value ($000) $1,397 (-29.9%) Shares 102,500 (-41.4%) Est. Cost $1.13 Unrealized +1171.1%

LLY ELI LILLY & CO 2.3%

Value ($000) $2,472 (+28.5%) Shares 2,327 (-7.7%) Est. Cost $742.24 Unrealized +28.7%

DIS DISNEY (WALT) COMPANY 3.1%

Value ($000) $3,280 (-12.9%) Shares 29,685 (-9.7%) Est. Cost $101.69 Unrealized +7.7%

ZBH ZIMMERBIOMETHLDGSINC 2.5%

Value ($000) $2,639 (-14.7%) Shares 28,548 (-9.1%) Est. Cost $103.48 Unrealized -8.6%

GPN GLOBAL PAYMENTS INC 2.9%

Value ($000) $3,101 (-10.7%) Shares 37,989 (-9.1%) Est. Cost $78.46 Unrealized +2.3%

EQH EQUITABLE HOLDINGS INC. 2.1%

Value ($000) $2,223 (-13.3%) Shares 46,026 (-8.9%) Est. Cost $27.20 Unrealized +73.7%

MRK MERCK & CO. INC. 3.2%

Value ($000) $3,386 (+10.1%) Shares 33,776 (-7.8%) Est. Cost $93.55 Unrealized -0.3%

SHEL SHELL PLC 2.8%

Value ($000) $3,012 (-8.7%) Shares 41,694 (-9.6%) Est. Cost $54.85 Unrealized —

DEA EASTERLY GOVERN REIT 2.0%

Value ($000) $2,140 (-11.7%) Shares 95,457 (-9.7%) Est. Cost $22.93 Unrealized —

UNH UNITEDHEALTH GROUP INC 2.4%

Value ($000) $2,492 (-10.1%) Shares 7,305 (-9.0%) Est. Cost $411.57 Unrealized -18.1%

O REALTYINCOMEINC REIT 1.5%

Value ($000) $1,565 (-14.4%) Shares 26,943 (-10.4%) Est. Cost $48.64 Unrealized +17.9%

MU MICRON TECH INC 7.6%

Value ($000) $8,026 (-2.8%) Shares 33,792 (-31.6%) Est. Cost $75.94 Unrealized +202.0%

C CITIGROUP INC 2.8%

Value ($000) $2,934 (-6.5%) Shares 26,008 (-15.8%) Est. Cost $38.95 Unrealized +166.1%

EG EVEREST GROUP LTD 0.9%

Value ($000) $999 (-14.8%) Shares 3,040 (-9.2%) Est. Cost $192.22 Unrealized +71.8%

BP BP PLC ADS 1.4%

Value ($000) $1,490 (-10.0%) Shares 42,273 (-12.0%) Est. Cost $40.93 Unrealized —

XOM EXXONMOBIL CRP XOM 2.8%

Value ($000) $2,921 (-5.0%) Shares 24,803 (-9.1%) Est. Cost $110.09 Unrealized +4.9%

ST SENSATATECHHLDGSPLC 3.3%

Value ($000) $3,530 (+4.1%) Shares 102,473 (-7.7%) Est. Cost $33.96 Unrealized -5.8%

CSCO CISCO SYSTEMS INC 2.8%

Value ($000) $2,958 (+3.5%) Shares 37,803 (-9.5%) Est. Cost $39.55 Unrealized +86.6%

CFR CULLEN FROST BANKERS 4.0%

Value ($000) $4,262 (-2.2%) Shares 32,932 (-4.2%) Est. Cost $53.67 Unrealized +132.5%

LNC LINCOLN NATIONAL CORP. 3.0%

Value ($000) $3,213 (-2.6%) Shares 71,088 (-13.1%) Est. Cost $35.47 Unrealized +16.1%

IFF INT'L FLAVORS&FRGRNCS 2.0%

Value ($000) $2,064 (-3.7%) Shares 32,167 (-7.6%) Est. Cost $75.12 Unrealized -14.3%

RIO RIO TINTO PLC 1.2%

Value ($000) $1,271 (+5.2%) Shares 16,758 (-8.4%) Est. Cost $55.05 Unrealized —

— AMCOR PLC 1.5%

Value ($000) $1,639 (-3.2%) Shares 198,643 (-4.1%) Est. Cost $8.97 Unrealized -8.0%

CB CHUBB LIMITED 1.7%

Value ($000) $1,847 (+2.2%) Shares 5,909 (-7.7%) Est. Cost $276.25 Unrealized +5.8%

TFC TRUIST FIN'L CORP 2.4%

Value ($000) $2,576 (-0.8%) Shares 51,784 (-8.9%) Est. Cost $39.30 Unrealized +16.6%

BHP BHPGROUPLMT ADR 0.4%

Value ($000) $438 (-3.5%) Shares 7,408 (-9.1%) Est. Cost $50.07 Unrealized —

FANG DIAMONDBACKENRGYINC 0.7%

Value ($000) $725 (-1.9%) Shares 4,705 (-8.9%) Est. Cost $120.96 Unrealized +21.6%

CFG CITIZENS FINANCIAL GRP 3.2%

Value ($000) $3,334 (+0.2%) Shares 57,049 (-8.8%) Est. Cost $32.04 Unrealized +67.2%

KVUE KENVUE INC 2.0%

Value ($000) $2,155 (-0.3%) Shares 125,211 (-6.0%) Est. Cost $20.06 Unrealized -19.0%

TSN TYSON FOODS INC 2.5%

Value ($000) $2,636 (+0.0%) Shares 44,273 (-8.8%) Est. Cost $55.45 Unrealized -1.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
TSM	TAIWAN SEMICONDUCTOR	18,898 (-31.5%)	$5,438 (-29.4%)	5.1%	$118.60	—	ADR	874039100
CNMD	CONMED CORP	6,258 (-87.4%)	$252 (-89.2%)	0.2%	$71.59	-39.2%	COM	207410101
SLB	SLB LIMITED	7,972 (-85.9%)	$310 (-84.0%)	0.3%	$55.88	-35.5%	ADR	806857108
BSM	BLACKSTONEMNLS LP	439,295 (-24.5%)	$6,194 (-19.0%)	5.9%	$13.21	—	COM	09225M101
TER	TERADYNE INCORP	22,534 (-8.8%)	$4,387 (+29.0%)	4.1%	$96.31	+78.1%	COM	880770102
BAC	BANK OF AMERICA CORP.	44,962 (-30.1%)	$2,488 (-25.0%)	2.4%	$13.81	+281.4%	COM	060505104
GOOG	ALPHABET INC	14,712 (-7.8%)	$4,551 (+17.1%)	4.3%	$174.04	+64.5%	COM	02079K107
EOSE	EOS ENERGY ENTRP INC	102,500 (-41.4%)	$1,397 (-29.9%)	1.3%	$1.13	+1171.1%	COM	29415C101
LLY	ELI LILLY & CO	2,327 (-7.7%)	$2,472 (+28.5%)	2.3%	$742.24	+28.7%	COM	532457108
DIS	DISNEY (WALT) COMPANY	29,685 (-9.7%)	$3,280 (-12.9%)	3.1%	$101.69	+7.7%	COM	254687106
ZBH	ZIMMERBIOMETHLDGSINC	28,548 (-9.1%)	$2,639 (-14.7%)	2.5%	$103.48	-8.6%	COM	98956P102
GPN	GLOBAL PAYMENTS INC	37,989 (-9.1%)	$3,101 (-10.7%)	2.9%	$78.46	+2.3%	COM	37940X102
EQH	EQUITABLE HOLDINGS INC.	46,026 (-8.9%)	$2,223 (-13.3%)	2.1%	$27.20	+73.7%	COM	29452E101
MRK	MERCK & CO. INC.	33,776 (-7.8%)	$3,386 (+10.1%)	3.2%	$93.55	-0.3%	COM	58933Y105
SHEL	SHELL PLC	41,694 (-9.6%)	$3,012 (-8.7%)	2.8%	$54.85	—	ADR	780259305
DEA	EASTERLY GOVERN REIT	95,457 (-9.7%)	$2,140 (-11.7%)	2.0%	$22.93	—	COM	27616P301
UNH	UNITEDHEALTH GROUP INC	7,305 (-9.0%)	$2,492 (-10.1%)	2.4%	$411.57	-18.1%	COM	91324P102
O	REALTYINCOMEINC REIT	26,943 (-10.4%)	$1,565 (-14.4%)	1.5%	$48.64	+17.9%	COM	756109104
MU	MICRON TECH INC	33,792 (-31.6%)	$8,026 (-2.8%)	7.6%	$75.94	+202.0%	COM	595112103
C	CITIGROUP INC	26,008 (-15.8%)	$2,934 (-6.5%)	2.8%	$38.95	+166.1%	COM	172967424
EG	EVEREST GROUP LTD	3,040 (-9.2%)	$999 (-14.8%)	0.9%	$192.22	+71.8%	ADR	G3223R108
BP	BP PLC ADS	42,273 (-12.0%)	$1,490 (-10.0%)	1.4%	$40.93	—	ADR	055622104
XOM	EXXONMOBIL CRP XOM	24,803 (-9.1%)	$2,921 (-5.0%)	2.8%	$110.09	+4.9%	COM	30231G102
ST	SENSATATECHHLDGSPLC	102,473 (-7.7%)	$3,530 (+4.1%)	3.3%	$33.96	-5.8%	ADR	G8060N102
CSCO	CISCO SYSTEMS INC	37,803 (-9.5%)	$2,958 (+3.5%)	2.8%	$39.55	+86.6%	COM	17275R102
CFR	CULLEN FROST BANKERS	32,932 (-4.2%)	$4,262 (-2.2%)	4.0%	$53.67	+132.5%	COM	229899109
LNC	LINCOLN NATIONAL CORP.	71,088 (-13.1%)	$3,213 (-2.6%)	3.0%	$35.47	+16.1%	COM	534187109
IFF	INT'L FLAVORS&FRGRNCS	32,167 (-7.6%)	$2,064 (-3.7%)	2.0%	$75.12	-14.3%	COM	459506101
RIO	RIO TINTO PLC	16,758 (-8.4%)	$1,271 (+5.2%)	1.2%	$55.05	—	ADR	767204100
—	AMCOR PLC	198,643 (-4.1%)	$1,639 (-3.2%)	1.5%	$8.97	-8.0%	ADR	G0250X107
CB	CHUBB LIMITED	5,909 (-7.7%)	$1,847 (+2.2%)	1.7%	$276.25	+5.8%	ADR	H1467J104
TFC	TRUIST FIN'L CORP	51,784 (-8.9%)	$2,576 (-0.8%)	2.4%	$39.30	+16.6%	COM	89832Q109
BHP	BHPGROUPLMT ADR	7,408 (-9.1%)	$438 (-3.5%)	0.4%	$50.07	—	ADR	088606108
FANG	DIAMONDBACKENRGYINC	4,705 (-8.9%)	$725 (-1.9%)	0.7%	$120.96	+21.6%	COM	25278X109
CFG	CITIZENS FINANCIAL GRP	57,049 (-8.8%)	$3,334 (+0.2%)	3.2%	$32.04	+67.2%	COM	174610105
KVUE	KENVUE INC	125,211 (-6.0%)	$2,155 (-0.3%)	2.0%	$20.06	-19.0%	COM	49177J102
TSN	TYSON FOODS INC	44,273 (-8.8%)	$2,636 (+0.0%)	2.5%	$55.45	-1.5%	COM	902494103

Unchanged Positions (5)

ISRA ISRA VANECK ETF TR 1.3%

Value ($000) $1,331 Shares 22,500 Est. Cost $45.60 Unrealized —

KMI KMI KINDER MORGAN INC 0.7%

Value ($000) $754 Shares 28,200 Est. Cost $13.89 Unrealized +93.7%

— SBI WESTERN ASSET INTERM MUNI 0.4%

Value ($000) $371 Shares 47,800 Est. Cost $9.77 Unrealized —

AWPAX AWPAX AB SUST INTL THEMATIC A 0.5%

Value ($000) $520 Shares 24,539 Est. Cost $16.95 Unrealized —

PK PARK HOTELS&RESORTSINC 0.2%

Value ($000) $242 Shares 22,000 Est. Cost $22.62 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ISRA	ISRA VANECK ETF TR	22,500	$1,331	1.3%	$45.60	—	ETF	92189F635
KMI	KMI KINDER MORGAN INC	28,200	$754	0.7%	$13.89	+93.7%	COM	49456B101
—	SBI WESTERN ASSET INTERM MUNI	47,800	$371	0.4%	$9.77	—	MMF	958435109
AWPAX	AWPAX AB SUST INTL THEMATIC A	24,539	$520	0.5%	$16.95	—	MMF	01879X103
PK	PARK HOTELS&RESORTSINC	22,000	$242	0.2%	$22.62	—	COM	700517105