ADALTA CAPITAL MANAGEMENT LLC

Filed: 5/16/2025ACC: 0001698926-25-000002

📋 What this filing means

ADALTA CAPITAL MANAGEMENT LLC filed this quarterly 13F‑HR report disclosing 101 equity positions with a total reported market value of $187.80M. This filing provides a transparent view of the manager's long equity holdings as of the quarter end.

101

Positions

$187.80M

Total AUM (reported)

2.23M

Total Shares

Allocation by class

COM$141.06M75.1%

CL A LTD VT SH$9.05M4.8%

COM NEW$7.97M4.2%

CAP STK CL A$6.74M3.6%

ORD$4.90M2.6%

CL B NEW$3.30M1.8%

CL A$2.97M1.6%

Portfolio Concentration

Top 3$42.99M22.9%

4–10$60.16M32.0%

11–25$49.75M26.5%

Rest$34.90M18.6%

Top 3 weight

22.9%

Top 10 weight

54.9%

Voting Authority Distribution

Total shares with voting rights: 2.23M

Sole

Full voting authority

1.97M

% of voting shares88.6%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

254.47K

% of voting shares11.4%

Investment Discretion (by position count)

Sole76

Shared0

Other25

Dominant voting typeSole · 88.6% of voting shares

Institutional Holdings101

Rows:

Microsoft Corporation

OTR

COM

Shares48.44K

TypeSH

Market value$18.19M

9.68%

Sole

45.02K

Shared

0.00

None

3.43K

Blackstone Group Inc

OTR

COM

Shares91.22K

TypeSH

Market value$12.75M

6.79%

Sole

86.92K

Shared

0.00

None

4.30K

JPMorgan Chase & Co

SOLE

COM

Shares49.16K

TypeSH

Market value$12.06M

6.42%

Sole

49.16K

Shared

0.00

None

0.00

Home Depot

OTR

COM

Shares29.21K

TypeSH

Market value$10.71M

5.70%

Sole

25.81K

Shared

0.00

None

3.40K

Brookfield Corp F Class A

OTR

CL A LTD VT SH

Shares172.61K

TypeSH

Market value$9.05M

4.82%

Sole

159.16K

Shared

0.00

None

13.45K

PhenixFIN Corporation

OTR

COM

Shares168.45K

TypeSH

Market value$8.93M

4.76%

Sole

115.82K

Shared

0.00

None

52.63K

Qualcomm Inc.

SOLE

COM

Shares55.91K

TypeSH

Market value$8.59M

4.57%

Sole

54.58K

Shared

0.00

None

1.32K

Merck & Co. Inc.

OTR

COM

Shares90.16K

TypeSH

Market value$8.17M

4.35%

Sole

84.78K

Shared

0.00

None

5.38K

Union Pacific Corp.

OTR

COM

Shares33.77K

TypeSH

Market value$7.98M

4.25%

Sole

33.77K

Shared

0.00

None

0.00

Alphabet Inc. Class A

OTR

CAP STK CL A

Shares43.59K

TypeSH

Market value$6.74M

3.59%

Sole

40K

Shared

0.00

None

3.60K

American Express Co.

OTR

COM

Shares24.39K

TypeSH

Market value$6.56M

3.49%

Sole

22.48K

Shared

0.00

None

1.90K

Weyerhaeuser Co REIT

OTR

COM NEW

Shares180.91K

TypeSH

Market value$5.30M

2.82%

Sole

173.26K

Shared

0.00

None

7.65K

Arch Capital Group Ltd

OTR

ORD

Shares50.97K

TypeSH

Market value$4.90M

2.61%

Sole

47.09K

Shared

0.00

None

3.88K

Markel Group Inc.

OTR

COM

Shares2.59K

TypeSH

Market value$4.84M

2.58%

Sole

2.14K

Shared

0.00

None

454.00

Mercadolibre Inc

OTR

COM

Shares2.06K

TypeSH

Market value$4.01M

2.13%

Sole

1.78K

Shared

0.00

None

271.00

Berkshire Hathaway Class B

SOLE

CL B NEW

Shares6.19K

TypeSH

Market value$3.30M

1.76%

Sole

5.69K

Shared

0.00

None

500.00

Johnson & Johnson

OTR

COM

Shares18.34K

TypeSH

Market value$3.04M

1.62%

Sole

17.89K

Shared

0.00

None

450.00

Southern Company

SOLE

COM

Shares32.79K

TypeSH

Market value$3.02M

1.61%

Sole

32.79K

Shared

0.00

None

0.00

Guardant Health, Inc.

SOLE

COM

Shares63.66K

TypeSH

Market value$2.71M

1.44%

Sole

59.57K

Shared

0.00

None

4.09K

Duke Energy Corp

SOLE

COM NEW

Shares20.43K

TypeSH

Market value$2.49M

1.33%

Sole

18.98K

Shared

0.00

None

1.45K

Brookfield Asset Management Ltd.

OTR

CL A LMT VTG SHS

Shares43.34K

TypeSH

Market value$2.10M

1.12%

Sole

40.73K

Shared

0.00

None

2.61K

Franco-Nevada Corp

OTR

COM

Shares12.59K

TypeSH

Market value$1.98M

1.06%

Sole

10.99K

Shared

0.00

None

1.60K

Cisco Systems, Inc.

SOLE

COM

Shares31.02K

TypeSH

Market value$1.91M

1.02%

Sole

31.02K

Shared

0.00

None

0.00

Danaher Corp

OTR

COM

Shares8.92K

TypeSH

Market value$1.83M

0.98%

Sole

8.22K

Shared

0.00

None

700.00

Coupang, Inc.

SOLE

CL A

Shares79.73K

TypeSH

Market value$1.75M

0.93%

Sole

64.13K

Shared

0.00

None

15.60K

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
Microsoft CorporationOTR	COM	48.44K	SH	$18.19M 9.68%	45.02K	3.43K
Blackstone Group IncOTR	COM	91.22K	SH	$12.75M 6.79%	86.92K	4.30K
JPMorgan Chase & CoSOLE	COM	49.16K	SH	$12.06M 6.42%	49.16K	0.00
Home DepotOTR	COM	29.21K	SH	$10.71M 5.70%	25.81K	3.40K
Brookfield Corp F Class AOTR	CL A LTD VT SH	172.61K	SH	$9.05M 4.82%	159.16K	13.45K
PhenixFIN CorporationOTR	COM	168.45K	SH	$8.93M 4.76%	115.82K	52.63K
Qualcomm Inc.SOLE	COM	55.91K	SH	$8.59M 4.57%	54.58K	1.32K
Merck & Co. Inc.OTR	COM	90.16K	SH	$8.17M 4.35%	84.78K	5.38K
Union Pacific Corp.OTR	COM	33.77K	SH	$7.98M 4.25%	33.77K	0.00
Alphabet Inc. Class AOTR	CAP STK CL A	43.59K	SH	$6.74M 3.59%	40K	3.60K
American Express Co.OTR	COM	24.39K	SH	$6.56M 3.49%	22.48K	1.90K
Weyerhaeuser Co REITOTR	COM NEW	180.91K	SH	$5.30M 2.82%	173.26K	7.65K
Arch Capital Group LtdOTR	ORD	50.97K	SH	$4.90M 2.61%	47.09K	3.88K
Markel Group Inc.OTR	COM	2.59K	SH	$4.84M 2.58%	2.14K	454.00
Mercadolibre IncOTR	COM	2.06K	SH	$4.01M 2.13%	1.78K	271.00
Berkshire Hathaway Class BSOLE	CL B NEW	6.19K	SH	$3.30M 1.76%	5.69K	500.00
Johnson & JohnsonOTR	COM	18.34K	SH	$3.04M 1.62%	17.89K	450.00
Southern CompanySOLE	COM	32.79K	SH	$3.02M 1.61%	32.79K	0.00
Guardant Health, Inc.SOLE	COM	63.66K	SH	$2.71M 1.44%	59.57K	4.09K
Duke Energy CorpSOLE	COM NEW	20.43K	SH	$2.49M 1.33%	18.98K	1.45K
Brookfield Asset Management Ltd.OTR	CL A LMT VTG SHS	43.34K	SH	$2.10M 1.12%	40.73K	2.61K
Franco-Nevada CorpOTR	COM	12.59K	SH	$1.98M 1.06%	10.99K	1.60K
Cisco Systems, Inc.SOLE	COM	31.02K	SH	$1.91M 1.02%	31.02K	0.00
Danaher CorpOTR	COM	8.92K	SH	$1.83M 0.98%	8.22K	700.00
Coupang, Inc.SOLE	CL A	79.73K	SH	$1.75M 0.93%	64.13K	15.60K

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