# EDGAR Filing Document

**Accession Number:** 0001006938
**File Stem:** 0001006938-26-000004
**Filing Date:** 2026-1
**Character Count:** 16140
**Document Hash:** 557f93ee87f55ad19d53a163a6557818
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001006938-26-000004.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0001006938-26-000004

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260123

**EFFECTIVENESS DATE**: 20260123

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTHLAND SECURITIES, INC.
- **CENTRAL INDEX KEY:** 0001006938

**ORGANIZATION NAME:**
- **EIN:** 411819873
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-25961
- **FILM NUMBER:** 26554409

**BUSINESS ADDRESS:**
- **STREET 1:** 150 SOUTH FIFTH STREET
- **STREET 2:** SUITE 3300
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402
- **BUSINESS PHONE:** (612) 851-5946

**MAIL ADDRESS:**
- **STREET 1:** 150 SOUTH FIFTH STREET
- **STREET 2:** SUITE 3300
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ORACLE INVESTMENTS, INC.
- **DATE OF NAME CHANGE:** 20020917

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORTHLAND SECURITIES, INC.
- **DATE OF NAME CHANGE:** 20020911

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ORACLE INVESTMENTS, INC.
- **DATE OF NAME CHANGE:** 20020828

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** NORTHLAND SECURITIES INC.<br>**Address:** 150 SOUTH FIFTH STREET<br>SUITE 3300<br>MINNEAPOLIS, MN 55402

**Form 13F File Number:** 028-25961

**SEC File Number (if applicable):** 801-96329

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:** Traci Spanier<br>**Title:** Co-Chief Compliance Officer<br>**Phone:** 6128514901

**Signature, Place, and Date of Signing:**

Traci Spanier  Minneapolis, MN  01-23-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported 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).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 111

**Form 13F Information Table Value Total:** $104297044

      (round to nearest dollar)

**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**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABERDEEN STD GOLD ETF TR PHYSICAL SWISS GOLD SHS ETF | COM | 00326A104 |  | 316152 | 7696 | SH |  | SOLE |  | 0 | 0 | 7696 |
| ALLIANCEBERNSTEIN HLDG L P UNIT LTD PARTNERSHIP INTERESTS | COM | 01881G106 |  | 384800 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| ALPHABET INC CAP STK CL C | COM | 02079K107 |  | 342042 | 1090 | SH |  | SOLE |  | 0 | 0 | 1090 |
| ALPHABET INC CL A | COM | 02079K305 |  | 420672 | 1344 | SH |  | SOLE |  | 0 | 0 | 1344 |
| AMAZON COM INC COM | COM | 023135106 |  | 2134623 | 9248 | SH |  | SOLE |  | 0 | 0 | 9248 |
| AMERICAN ELEC PWR CO INC COM | COM | 025537101 |  | 212747 | 1845 | SH |  | SOLE |  | 0 | 0 | 1845 |
| AMPLIFY ETF TR AMPLIFY CYBERSECURITY ETF | COM | 032108664 |  | 1093353 | 13604 | SH |  | SOLE |  | 0 | 0 | 13604 |
| APOLLO GLOBAL MGMT INC NEW COM | COM | 03769M106 |  | 535612 | 3700 | SH |  | SOLE |  | 0 | 0 | 3700 |
| APPLE INC COM | COM | 037833100 |  | 3448073 | 12683 | SH |  | SOLE |  | 0 | 0 | 12683 |
| APPLIED MATLS INC COM | COM | 038222105 |  | 1092208 | 4250 | SH |  | SOLE |  | 0 | 0 | 4250 |
| ATI INC COM | COM | 01741R102 |  | 229520 | 2000 | SH |  | SOLE |  | 0 | 0 | 2000 |
| BANK AMER CORP COM | COM | 060505104 |  | 243375 | 4425 | SH |  | SOLE |  | 0 | 0 | 4425 |
| BERKSHIRE HATHAWAY INC DEL CL B NEW | COM | 084670702 |  | 1526548 | 3037 | SH |  | SOLE |  | 0 | 0 | 3037 |
| BLACKROCK ETF TR ISHARES A I INNOVATION  TECH ACTIVE ETF | COM | 09290C780 |  | 1144588 | 34372 | SH |  | SOLE |  | 0 | 0 | 34372 |
| BLACKROCK ETF TR ISHARES U S EQUITY FACTOR ROTATION ACTIVE ETF | COM | 09290C103 |  | 1828678 | 30072 | SH |  | SOLE |  | 0 | 0 | 30072 |
| BLACKROCK ETF TR ISHARES U S THEMATIC ROTATION ACTIVE ETF | COM | 09290C806 |  | 435535 | 11295 | SH |  | SOLE |  | 0 | 0 | 11295 |
| BLACKROCK ETF TR U S CARBON TRANSITION READINESS AWARE ACTIVE ETF | COM | 09290C509 |  | 306144 | 4132 | SH |  | SOLE |  | 0 | 0 | 4132 |
| BP PLC SPONS ADR | COM | 055622104 |  | 238178 | 6858 | SH |  | SOLE |  | 0 | 0 | 6858 |
| BRIDGEWATER BANCSHARES INC COM | COM | 108621103 |  | 316504 | 18055 | SH |  | SOLE |  | 0 | 0 | 18055 |
| BRIDGEWATER BANCSHARES INC DEP SHS REPSTG 1/100TH INT PERP PFD SER A QTLY PERP CLLB 08/17/26@25 PERP MTY | COM | 108621301 |  | 291427 | 15395 | SH |  | SOLE |  | 0 | 0 | 15395 |
| BROADCOM INC COM | COM | 11135F101 |  | 1107520 | 3200 | SH |  | SOLE |  | 0 | 0 | 3200 |
| CAPITAL GROUP DIVID VALUE ETF SHS | COM | 14020W106 |  | 319052 | 7311 | SH |  | SOLE |  | 0 | 0 | 7311 |
| CAPITAL GROUP FIXED INCOME ETF TR U S MULTI-SECTOR INCOME ETF | COM | 14020Y300 |  | 378808 | 13715 | SH |  | SOLE |  | 0 | 0 | 13715 |
| CAPITAL GROUP GROWTH ETF SHS | COM | 14020G101 |  | 336238 | 7561 | SH |  | SOLE |  | 0 | 0 | 7561 |
| CAPITAL ONE FINL CORP COM | COM | 14040H105 |  | 1151210 | 4750 | SH |  | SOLE |  | 0 | 0 | 4750 |
| CARPENTER TECHNOLOGY CORP COM | COM | 144285103 |  | 314840 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| CISCO SYS INC COM | COM | 17275R102 |  | 689650 | 8953 | SH |  | SOLE |  | 0 | 0 | 8953 |
| CONSTELLATION ENERGY CORP COM | COM | 21037T109 |  | 223973 | 634 | SH |  | SOLE |  | 0 | 0 | 634 |
| CORNING INC COM | COM | 219350105 |  | 393057 | 4489 | SH |  | SOLE |  | 0 | 0 | 4489 |
| CORTEVA INC COM | COM | 22052L104 |  | 232929 | 3475 | SH |  | SOLE |  | 0 | 0 | 3475 |
| COSTCO WHSL CORP NEW COM | COM | 22160K105 |  | 979687 | 1136 | SH |  | SOLE |  | 0 | 0 | 1136 |
| DEERE  CO COM | COM | 244199105 |  | 293309 | 630 | SH |  | SOLE |  | 0 | 0 | 630 |
| DISNEY WALT CO DISNEY COM | COM | 254687106 |  | 427548 | 3758 | SH |  | SOLE |  | 0 | 0 | 3758 |
| EMERSON ELEC CO COM | COM | 291011104 |  | 995400 | 7500 | SH |  | SOLE |  | 0 | 0 | 7500 |
| ENERPULSE TECHNOLOGIES INC COM | COM | 29278A101 |  | 0 | 19483 | SH |  | SOLE |  | 0 | 0 | 19483 |
| EVERGY INC COM | COM | 30034W106 |  | 280754 | 3873 | SH |  | SOLE |  | 0 | 0 | 3873 |
| FIRST TR LARGE CAP GROWTH ALPHADEX FD COM SHS | COM | 33735K108 |  | 249407 | 1560 | SH |  | SOLE |  | 0 | 0 | 1560 |
| FISERV INC COM | COM | 337738108 |  | 201510 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| FULLER H B CO COM | COM | 359694106 |  | 356760 | 6000 | SH |  | SOLE |  | 0 | 0 | 6000 |
| GENERAL ELEC CO COM NEW | COM | 369604301 |  | 223322 | 725 | SH |  | SOLE |  | 0 | 0 | 725 |
| GOLDMAN SACHS ETF TR TR ACTIVEBETA U S LARGE CAP EQUITY ETF | COM | 381430503 |  | 201467 | 1522 | SH |  | SOLE |  | 0 | 0 | 1522 |
| HOLOGIC INC COM | COM | 436440101 |  | 208572 | 2800 | SH |  | SOLE |  | 0 | 0 | 2800 |
| HOME DEPOT INC COM | COM | 437076102 |  | 226418 | 658 | SH |  | SOLE |  | 0 | 0 | 658 |
| HUNTINGTON BANCSHARES INC COM | COM | 446150104 |  | 316638 | 18250 | SH |  | SOLE |  | 0 | 0 | 18250 |
| INVESCO DB COMMODITY INDEX TRACKING FD UNIT | COM | 46138B103 |  | 268968 | 12029 | SH |  | SOLE |  | 0 | 0 | 12029 |
| INVESCO EXCHANGE-TRADED FD TR S 500 EQUAL WEIGHT ETF | COM | 46137V357 |  | 232362 | 1213 | SH |  | SOLE |  | 0 | 0 | 1213 |
| ISHARES INC CORE MSCI EMERGING MKTS ETF | COM | 46434G103 |  | 573924 | 8538 | SH |  | SOLE |  | 0 | 0 | 8538 |
| ISHARES INC MSCI EMERGING MKTS EX CHINA ETF | COM | 46434G764 |  | 228651 | 3146 | SH |  | SOLE |  | 0 | 0 | 3146 |
| ISHARES TR CORE S 500 ETF | COM | 464287200 |  | 5469931 | 7986 | SH |  | SOLE |  | 0 | 0 | 7986 |
| ISHARES TR CORE UNIVERSAL USD BD ETF | COM | 46434V613 |  | 807190 | 17344 | SH |  | SOLE |  | 0 | 0 | 17344 |
| ISHARES TR ESG ADVANCED MSCI USA ETF | COM | 46436E767 |  | 302640 | 5256 | SH |  | SOLE |  | 0 | 0 | 5256 |
| ISHARES TR ESG AWARE MSCI USA ETF | COM | 46435G425 |  | 429658 | 2884 | SH |  | SOLE |  | 0 | 0 | 2884 |
| ISHARES TR ESG MSCI KLD 400 ETF | COM | 464288570 |  | 295923 | 2297 | SH |  | SOLE |  | 0 | 0 | 2297 |
| ISHARES TR GLOBAL CONSUMER STAPLES ETF | COM | 464288737 |  | 3021541 | 46736 | SH |  | SOLE |  | 0 | 0 | 46736 |
| ISHARES TR GLOBAL ENERGY ETF | COM | 464287341 |  | 3113219 | 74248 | SH |  | SOLE |  | 0 | 0 | 74248 |
| ISHARES TR GLOBAL TECH ETF | COM | 464287291 |  | 3254584 | 30996 | SH |  | SOLE |  | 0 | 0 | 30996 |
| ISHARES TR HIGH YIELD SYSTEMATIC BD ETF | COM | 46435G250 |  | 236277 | 4990 | SH |  | SOLE |  | 0 | 0 | 4990 |
| ISHARES TR MBS ETF | COM | 464288588 |  | 230718 | 2423 | SH |  | SOLE |  | 0 | 0 | 2423 |
| ISHARES TR MSCI EAFE ETF | COM | 464287465 |  | 227015 | 2364 | SH |  | SOLE |  | 0 | 0 | 2364 |
| ISHARES TR MSCI EAFE GROWTH ETF | COM | 464288885 |  | 778188 | 6831 | SH |  | SOLE |  | 0 | 0 | 6831 |
| ISHARES TR MSCI EAFE VALUE ETF | COM | 464288877 |  | 888912 | 12448 | SH |  | SOLE |  | 0 | 0 | 12448 |
| ISHARES TR MSCI USA MOMENTUM FACTOR ETF | COM | 46432F396 |  | 401497 | 1604 | SH |  | SOLE |  | 0 | 0 | 1604 |
| ISHARES TR MSCI USA QUALITY FACTOR ETF | COM | 46432F339 |  | 1998117 | 10060 | SH |  | SOLE |  | 0 | 0 | 10060 |
| ISHARES TR RUSSELL 2000 ETF | COM | 464287655 |  | 249606 | 1014 | SH |  | SOLE |  | 0 | 0 | 1014 |
| ISHARES TR S 100 ETF | COM | 464287101 |  | 530918 | 1548 | SH |  | SOLE |  | 0 | 0 | 1548 |
| ISHARES TR S 500 GROWTH ETF | COM | 464287309 |  | 2603251 | 21120 | SH |  | SOLE |  | 0 | 0 | 21120 |
| ISHARES TR S 500 VALUE ETF | COM | 464287408 |  | 1411114 | 6654 | SH |  | SOLE |  | 0 | 0 | 6654 |
| ISHARES TR SEMICONDUCTOR ETF | COM | 464287523 |  | 1244954 | 4134 | SH |  | SOLE |  | 0 | 0 | 4134 |
| ISHARES TR U S TECHNOLOGY ETF | COM | 464287721 |  | 1081667 | 5417 | SH |  | SOLE |  | 0 | 0 | 5417 |
| ISHARES TR US AEROSPACE  DEFENSE ETF | COM | 464288760 |  | 995088 | 4635 | SH |  | SOLE |  | 0 | 0 | 4635 |
| ISHARES TR US HEALTH CARE PROVIDERS ETF | COM | 464288828 |  | 572475 | 11941 | SH |  | SOLE |  | 0 | 0 | 11941 |
| J P MORGAN EXCHANGE-TRADED FD TR EQUITY FOCUS ETF | COM | 46654Q781 |  | 253338 | 3392 | SH |  | SOLE |  | 0 | 0 | 3392 |
| J P MORGAN EXCHANGE-TRADED FD TR EQUITY PREMIUM INCOME ETF | COM | 46641Q332 |  | 319685 | 5585 | SH |  | SOLE |  | 0 | 0 | 5585 |
| J P MORGAN EXCHANGE-TRADED FD TR INCOME ETF | COM | 46641Q159 |  | 19256964 | 416007 | SH |  | SOLE |  | 0 | 0 | 416007 |
| JOHNSON  JOHNSON COM | COM | 478160104 |  | 218539 | 1056 | SH |  | SOLE |  | 0 | 0 | 1056 |
| JPMORGAN CHASE  CO COM | COM | 46625H100 |  | 391175 | 1214 | SH |  | SOLE |  | 0 | 0 | 1214 |
| KINDLY MD INC COM | COM | 49457M106 |  | 8778 | 25000 | SH |  | SOLE |  | 0 | 0 | 25000 |
| MARATHON PETE CORP COM | COM | 56585A102 |  | 576035 | 3542 | SH |  | SOLE |  | 0 | 0 | 3542 |
| MARRIOTT INTL INC NEW CL A | COM | 571903202 |  | 279216 | 900 | SH |  | SOLE |  | 0 | 0 | 900 |
| MEDTRONIC PLC SHS ISIN#IE00BTN1Y115 | COM | G5960L103 |  | 631979 | 6579 | SH |  | SOLE |  | 0 | 0 | 6579 |
| META PLATFORMS INC CL A | COM | 30303M102 |  | 306942 | 465 | SH |  | SOLE |  | 0 | 0 | 465 |
| MICROSOFT CORP COM | COM | 594918104 |  | 838113 | 1733 | SH |  | SOLE |  | 0 | 0 | 1733 |
| NETFLIX INC COM | COM | 64110L106 |  | 384416 | 4100 | SH |  | SOLE |  | 0 | 0 | 4100 |
| NETLIST INC COM | COM | 64118P109 |  | 21334 | 24000 | SH |  | SOLE |  | 0 | 0 | 24000 |
| NIO INC SHS A SPONSORED AMERICAN DEP SHS REPR 1 SH A ORD SH ISIN#US62914V1061 | COM | 62914V106 |  | 61200 | 12000 | SH |  | SOLE |  | 0 | 0 | 12000 |
| NVIDIA CORP COM | COM | 67066G104 |  | 1231087 | 6601 | SH |  | SOLE |  | 0 | 0 | 6601 |
| OKTA INC CL A | COM | 679295105 |  | 230615 | 2667 | SH |  | SOLE |  | 0 | 0 | 2667 |
| PALANTIR TECHNOLOGIES INC CL A | COM | 69608A108 |  | 302175 | 1700 | SH |  | SOLE |  | 0 | 0 | 1700 |
| PROCTER  GAMBLE CO COM | COM | 742718109 |  | 208946 | 1458 | SH |  | SOLE |  | 0 | 0 | 1458 |
| PRUDENTIAL FINL INC COM | COM | 744320102 |  | 338640 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| SELECT SECTOR SPDR TR STATE STREET CONSUMER STAPLES SELECT SECTOR SPDR ETF | COM | 81369Y308 |  | 2654869 | 34177 | SH |  | SOLE |  | 0 | 0 | 34177 |
| SELECT SECTOR SPDR TR STATE STREET ENERGY SELECT SECTOR SPDR ETF | COM | 81369Y506 |  | 3096659 | 69261 | SH |  | SOLE |  | 0 | 0 | 69261 |
| SELECT SECTOR SPDR TR STATE STREET FINL SELECT SECTOR SPDR ETF | COM | 81369Y605 |  | 1179089 | 21528 | SH |  | SOLE |  | 0 | 0 | 21528 |
| SELECT SECTOR SPDR TR STATE STREET TECHNOLOGY SELECT SECTOR SPDR ETF | COM | 81369Y803 |  | 4382735 | 30442 | SH |  | SOLE |  | 0 | 0 | 30442 |
| SPDR S 500 ETF TR TR UNIT | COM | 78462F103 |  | 912409 | 1338 | SH |  | SOLE |  | 0 | 0 | 1338 |
| SPDR S MIDCAP 400 ETF TR UNIT SER 1 STANDARD  POORS DEP RCPT | COM | 78467Y107 |  | 559844 | 928 | SH |  | SOLE |  | 0 | 0 | 928 |
| SPDR SER TR STATE STR SPDR PORT INTER TERM TREAS ETF | COM | 78464A672 |  | 274470 | 9517 | SH |  | SOLE |  | 0 | 0 | 9517 |
| SPDR SER TR STATE STREET SPDR BLOOMBERG 1-3 MNTH T BILL ETF NEW | COM | 78468R663 |  | 212093 | 2321 | SH |  | SOLE |  | 0 | 0 | 2321 |
| SPDR SER TR STATE STREET SPDR S AEROSPACE  DEFENSE ETF | COM | 78464A631 |  | 1319824 | 5471 | SH |  | SOLE |  | 0 | 0 | 5471 |
| SPDR SER TR STATE STREET SPDR S REGL BKG ETF | COM | 78464A698 |  | 360538 | 5563 | SH |  | SOLE |  | 0 | 0 | 5563 |
| TESLA INC COM | COM | 88160R101 |  | 517178 | 1150 | SH |  | SOLE |  | 0 | 0 | 1150 |
| UNITEDHEALTH GROUP INC COM | COM | 91324P102 |  | 839470 | 2543 | SH |  | SOLE |  | 0 | 0 | 2543 |
| US BANCORP DEL COM NEW | COM | 902973304 |  | 428214 | 8025 | SH |  | SOLE |  | 0 | 0 | 8025 |
| VANGUARD INDEX FDS VANGUARD GROWTH ETF | COM | 922908736 |  | 656172 | 1345 | SH |  | SOLE |  | 0 | 0 | 1345 |
| VANGUARD INDEX FDS VANGUARD SMALL-CAP ETF | COM | 922908751 |  | 240667 | 933 | SH |  | SOLE |  | 0 | 0 | 933 |
| VANGUARD INDEX FDS VANGUARD VALUE ETF | COM | 922908744 |  | 720987 | 3775 | SH |  | SOLE |  | 0 | 0 | 3775 |
| VANGUARD INTL FD FTSE DEVELOPED MKTS ETF | COM | 921943858 |  | 564292 | 9033 | SH |  | SOLE |  | 0 | 0 | 9033 |
| VERTIV HLDGS CO CL A | COM | 92537N108 |  | 210775 | 1301 | SH |  | SOLE |  | 0 | 0 | 1301 |
| WALMART INC COM | COM | 931142103 |  | 325986 | 2926 | SH |  | SOLE |  | 0 | 0 | 2926 |
| WELLS FARGO  CO NEW COM | COM | 949746101 |  | 344840 | 3700 | SH |  | SOLE |  | 0 | 0 | 3700 |
| ZIMMER BIOMET HLDGS INC COM | COM | 98956P102 |  | 539520 | 6000 | SH |  | SOLE |  | 0 | 0 | 6000 |

---