ADALTA CAPITAL MANAGEMENT LLC

PrivateCIK: 1698926

Location

NEW YORK, NY

Positions

$209.06M

Total AUM (reported)

2.57M

Total Shares

Allocation by class

COM$147.34M70.5%

CAP STK CL A$11.05M5.3%

CL A LTD VT SH$10.73M5.1%

COM NEW$8.20M3.9%

ORD$5.18M2.5%

CAP STK CL C$3.57M1.7%

CL B NEW$3.45M1.7%

Portfolio Concentration

Top 3$39.66M19.0%

4–10$62.96M30.1%

11–25$59.80M28.6%

Rest$46.64M22.3%

Top 3 weight

19.0%

Top 10 weight

49.1%

Voting Authority Distribution

Total shares with voting rights: 2.57M

Sole

Full voting authority

2.35M

% of voting shares91.3%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

223.88K

% of voting shares8.7%

Investment Discretion (by position count)

Sole97

Shared0

Other0

Dominant voting typeSole · 91.3% of voting shares

Institutional Holdings97

Rows:

Microsoft Corporation

SOLE

COM

Shares39.47K

TypeSH

Market value$14.61M

6.99%

Sole

36.26K

Shared

0.00

None

3.21K

JPMorgan Chase & Co

SOLE

COM

Shares47.61K

TypeSH

Market value$14.00M

6.70%

Sole

47.61K

Shared

0.00

None

0.00

Alphabet Inc. Class A

SOLE

CAP STK CL A

Shares38.42K

TypeSH

Market value$11.05M

5.28%

Sole

35.15K

Shared

0.00

None

3.27K

Merck & Co. Inc.

SOLE

COM

Shares88.59K

TypeSH

Market value$10.73M

5.13%

Sole

83.21K

Shared

0.00

None

5.38K

Brookfield Corp F Class A

SOLE

CL A LTD VT SH

Shares265.08K

TypeSH

Market value$10.73M

5.13%

Sole

246.41K

Shared

0.00

None

18.67K

Blackstone Group Inc

SOLE

COM

Shares86.72K

TypeSH

Market value$9.97M

4.77%

Sole

82.42K

Shared

0.00

None

4.30K

Home Depot

SOLE

COM

Shares29.21K

TypeSH

Market value$9.61M

4.59%

Sole

25.81K

Shared

0.00

None

3.40K

Union Pacific Corp.

SOLE

COM

Shares33.69K

TypeSH

Market value$8.17M

3.91%

Sole

33.69K

Shared

0.00

None

0.00

Qualcomm Inc.

SOLE

COM

Shares53.46K

TypeSH

Market value$6.88M

3.29%

Sole

52.13K

Shared

0.00

None

1.32K

PhenixFIN Corporation

SOLE

COM

Shares175.57K

TypeSH

Market value$6.86M

3.28%

Sole

122.69K

Shared

0.00

None

52.88K

American Express Co.

SOLE

COM

Shares22.50K

TypeSH

Market value$6.81M

3.26%

Sole

20.60K

Shared

0.00

None

1.90K

Guardant Health, Inc.

SOLE

COM

Shares61.47K

TypeSH

Market value$5.68M

2.72%

Sole

57.38K

Shared

0.00

None

4.09K

Markel Group Inc.

SOLE

COM

Shares2.77K

TypeSH

Market value$5.31M

2.54%

Sole

2.32K

Shared

0.00

None

454.00

Arch Capital Group Ltd

SOLE

ORD

Shares53.92K

TypeSH

Market value$5.18M

2.48%

Sole

50.06K

Shared

0.00

None

3.87K

Mercadolibre Inc

SOLE

COM

Shares2.66K

TypeSH

Market value$4.60M

2.20%

Sole

2.38K

Shared

0.00

None

281.00

Weyerhaeuser Co REIT

SOLE

COM NEW

Shares174.58K

TypeSH

Market value$4.27M

2.04%

Sole

171.91K

Shared

0.00

None

2.67K

Johnson & Johnson

SOLE

COM

Shares17.10K

TypeSH

Market value$4.18M

2.00%

Sole

16.65K

Shared

0.00

None

450.00

Alphabet Inc. Class C

SOLE

CAP STK CL C

Shares12.43K

TypeSH

Market value$3.57M

1.71%

Sole

10.77K

Shared

0.00

None

1.66K

Berkshire Hathaway Class B

SOLE

CL B NEW

Shares7.20K

TypeSH

Market value$3.45M

1.65%

Sole

6.70K

Shared

0.00

None

500.00

Franco-Nevada Corp

SOLE

COM

Shares13.95K

TypeSH

Market value$3.45M

1.65%

Sole

12.54K

Shared

0.00

None

1.41K

Southern Company

SOLE

COM

Shares32.84K

TypeSH

Market value$3.17M

1.52%

Sole

32.84K

Shared

0.00

None

0.00

Duke Energy Corp

SOLE

COM NEW

Shares22.48K

TypeSH

Market value$2.94M

1.41%

Sole

20.77K

Shared

0.00

None

1.70K

Nu Holdings Ltd.

SOLE

ORD SHS CL A

Shares175.88K

TypeSH

Market value$2.53M

1.21%

Sole

159.63K

Shared

0.00

None

16.25K

Cisco Systems, Inc.

SOLE

COM

Shares31.02K

TypeSH

Market value$2.41M

1.15%

Sole

31.02K

Shared

0.00

None

0.00

SLB

SOLE

COM STK

Shares43.89K

TypeSH

Market value$2.27M

1.09%

Sole

43.04K

Shared

0.00

None

850.00

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
Microsoft CorporationSOLE	COM	39.47K	SH	$14.61M 6.99%	36.26K	3.21K
JPMorgan Chase & CoSOLE	COM	47.61K	SH	$14.00M 6.70%	47.61K	0.00
Alphabet Inc. Class ASOLE	CAP STK CL A	38.42K	SH	$11.05M 5.28%	35.15K	3.27K
Merck & Co. Inc.SOLE	COM	88.59K	SH	$10.73M 5.13%	83.21K	5.38K
Brookfield Corp F Class ASOLE	CL A LTD VT SH	265.08K	SH	$10.73M 5.13%	246.41K	18.67K
Blackstone Group IncSOLE	COM	86.72K	SH	$9.97M 4.77%	82.42K	4.30K
Home DepotSOLE	COM	29.21K	SH	$9.61M 4.59%	25.81K	3.40K
Union Pacific Corp.SOLE	COM	33.69K	SH	$8.17M 3.91%	33.69K	0.00
Qualcomm Inc.SOLE	COM	53.46K	SH	$6.88M 3.29%	52.13K	1.32K
PhenixFIN CorporationSOLE	COM	175.57K	SH	$6.86M 3.28%	122.69K	52.88K
American Express Co.SOLE	COM	22.50K	SH	$6.81M 3.26%	20.60K	1.90K
Guardant Health, Inc.SOLE	COM	61.47K	SH	$5.68M 2.72%	57.38K	4.09K
Markel Group Inc.SOLE	COM	2.77K	SH	$5.31M 2.54%	2.32K	454.00
Arch Capital Group LtdSOLE	ORD	53.92K	SH	$5.18M 2.48%	50.06K	3.87K
Mercadolibre IncSOLE	COM	2.66K	SH	$4.60M 2.20%	2.38K	281.00
Weyerhaeuser Co REITSOLE	COM NEW	174.58K	SH	$4.27M 2.04%	171.91K	2.67K
Johnson & JohnsonSOLE	COM	17.10K	SH	$4.18M 2.00%	16.65K	450.00
Alphabet Inc. Class CSOLE	CAP STK CL C	12.43K	SH	$3.57M 1.71%	10.77K	1.66K
Berkshire Hathaway Class BSOLE	CL B NEW	7.20K	SH	$3.45M 1.65%	6.70K	500.00
Franco-Nevada CorpSOLE	COM	13.95K	SH	$3.45M 1.65%	12.54K	1.41K
Southern CompanySOLE	COM	32.84K	SH	$3.17M 1.52%	32.84K	0.00
Duke Energy CorpSOLE	COM NEW	22.48K	SH	$2.94M 1.41%	20.77K	1.70K
Nu Holdings Ltd.SOLE	ORD SHS CL A	175.88K	SH	$2.53M 1.21%	159.63K	16.25K
Cisco Systems, Inc.SOLE	COM	31.02K	SH	$2.41M 1.15%	31.02K	0.00
SLBSOLE	COM STK	43.89K	SH	$2.27M 1.09%	43.04K	850.00

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