UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
Report for the Calendar Year or Quarter Ended:
06-30-2025
Check here if Amendment: ☒ Amendment Number:
1
This Amendment (Check only one.):☒ is a restatement.
☐ adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:
Castellan Group
Address:
2011 LAKE POINT WAY
SUITE 001
LOUISVILLE, KY 40223
Form 13F File Number:
028-21017

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:
Barry Brauch
Title:
Managing Director
Phone:
(859) 494-2579


Signature, Place, and Date of Signing:

BARRY BRAUCH
                         [Signature]
LOUISVILLE, KENTUCKY
                 [City, State]
08-11-2025
                           [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 reported are in this report, and all holdings are reported by other reporting manager(s).) 

☒ 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).)



List of Other Managers Reporting for this Manager
[If there are no entries in this list, omit this section.]



Form 13F File NumberNameCIK
 
Empowered Funds, LLC
0001592828

Form 13F Summary Page

Report Summary:

Number of Other Included Managers:
0
Form 13F Information table Entry Total:
31
Form 13F Information table Value Total:
542786854
          (thousands)

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.]

  
NONE


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number:3235-0006
Expires:July 31, 2015
Estimated average burden
hours per response:23.8
COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
ABRDN PRECIOUS METALS BASKETPHYSCL PRECS MET0032631005,779,78241,837SHSOLE 0 0 41,837
ALPHABET INCCAP STK CL A02079K305810,6584,600SHSOLE 0 0 4,600
APPLE INCCOM037833100336,8891,642SHSOLE 0 0 1,642
ATMOS ENERGY CORPCOM0495601053,442,35522,337SHSOLE 0 0 22,337
BHP GROUP LTDSPONSORED ADS0886061081,280,87726,635SHSOLE 0 0 26,635
CARETRUST REIT INCCOM14174T1073,602,110117,716SHSOLE 0 0 117,716
CHEVRON CORP NEWCOM1667641002,921,79220,405SHSOLE 0 0 20,405
CLEARWAY ENERGY INCCL C18539C2043,959,264123,727SHSOLE 0 0 123,727
DELEK LOGISTICS PARTNERS LPCOM UNT RP INT24664T1033,262,22475,954SHSOLE 0 0 75,954
EA SERIES TRUSTCASTELLAN TARGET02072Q499346,577,5986,619,167SHSOLE 0 0 6,619,167
EA SERIES TRUSTCASTELLAN TARGET02072Q481119,569,7012,358,507SHSOLE 0 0 2,358,507
EA SERIES TRUSTALPHA ARCH 1-302072L5655,002,99244,400SHSOLE 0 0 44,400
EASTGROUP PPTYS INCCOM2772761013,193,99719,112SHSOLE 0 0 19,112
EVERSOURCE ENERGYCOM30040W1083,551,58755,825SHSOLE 0 0 55,825
EXTRA SPACE STORAGE INCCOM30225T1023,119,24121,156SHSOLE 0 0 21,156
EXXON MOBIL CORPCOM30231G1022,853,46626,470SHSOLE 0 0 26,470
GETTY RLTY CORP NEWCOM3742971092,940,012106,368SHSOLE 0 0 106,368
HALOZYME THERAPEUTICS INCCOM40637H109832,32016,000SHSOLE 0 0 16,000
HESS MIDSTREAM LPCL A SHS4281031053,035,47478,823SHSOLE 0 0 78,823
INNOVATOR ETFS TRUSTUS EQTY PWR BUF45782C540706,61717,661SHSOLE 0 0 17,661
INNOVATOR ETFS TRUSTUS EQTY BUFR MAR45782C391388,7937,928SHSOLE 0 0 7,928
INNOVATOR ETFS TRUSTUS EQT BUFR APR45782C888323,5457,160SHSOLE 0 0 7,160
MICROSOFT CORPCOM5949181041,591,7123,200SHSOLE 0 0 3,200
MPLX LPCOM UNIT REP LTD55336V1003,201,50162,153SHSOLE 0 0 62,153
NEXTERA ENERGY INCCOM65339F1013,249,27346,806SHSOLE 0 0 46,806
PORTLAND GEN ELEC COCOM NEW7365088473,186,20578,420SHSOLE 0 0 78,420
PROGRESSIVE CORPCOM743315103533,7202,000SHSOLE 0 0 2,000
RIO TINTO PLCSPONSORED ADR7672041001,266,51921,713SHSOLE 0 0 21,713
SELECT SECTOR SPDR TRENERGY81369Y5065,829,83968,740SHSOLE 0 0 68,740
SEMPRACOM8168511093,057,16840,348SHSOLE 0 0 40,348
WEC ENERGY GROUP INCCOM92939U1063,379,62332,434SHSOLE 0 0 32,434