# EDGAR Filing Document

**Accession Number:** 0001698926
**File Stem:** 0001698926-25-000003
**Filing Date:** 2025-8
**Character Count:** 15735
**Document Hash:** f8827ecfe864f095f2a4a2c7949a41ac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001698926-25-000003.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001698926-25-000003

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**EFFECTIVENESS DATE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Adalta Capital Management LLC
- **CENTRAL INDEX KEY:** 0001698926

**ORGANIZATION NAME:**
- **EIN:** 812481155
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-18082
- **FILM NUMBER:** 251207708

**BUSINESS ADDRESS:**
- **STREET 1:** 445 PARK AVENUE
- **STREET 2:** SUITE 16D
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 2128325135

**MAIL ADDRESS:**
- **STREET 1:** 445 PARK AVENUE
- **STREET 2:** SUITE 16D
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 06-30-2025

**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:** Adalta Capital Management LLC<br>**Address:** 445 PARK AVENUE<br>SUITE 16D<br>NEW YORK, NY 10022

**Form 13F File Number:** 028-18082

**CRD Number (if applicable):** 000283771

**SEC File Number (if applicable):** 801-107823

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:** Zoe Vlachos<br>**Title:** Member<br>**Phone:** 212-832-5107

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

Zoe Vlachos  New York, NY  08-12-2025<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:** 121

**Form 13F Information Table Value Total:** $199275841

      (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 |
| Abbvie Inc | COM | 00287Y109 |  | 170028 | 916 | SH |  | SOLE |  | 916 | 0 | 0 |
| Alibaba Group ADR | SPONSORED ADS | 01609W102 |  | 241927 | 2090 | SH |  | SOLE |  | 590 | 0 | 1500 |
| Alphabet Inc. Class                  A | CAP STK CL A | 02079K305 |  | 7679751 | 43578 | SH |  | SOLE |  | 39983 | 0 | 3595 |
| Alphabet Inc. Class                  A | CAP STK CL A | 02079K305 |  | 35246 | 200 | SH |  | OTR |  | 200 | 0 | 0 |
| Alphabet Inc. Class C | CAP STK CL C | 02079K107 |  | 2130277 | 12009 | SH |  | SOLE |  | 10329 | 0 | 1680 |
| Alphabet Inc. Class C | CAP STK CL C | 02079K107 |  | 35478 | 200 | SH |  | OTR |  | 200 | 0 | 0 |
| Amazon Com Inc | COM | 023135106 |  | 212808 | 970 | SH |  | SOLE |  | 970 | 0 | 0 |
| American Express Co. | COM | 025816109 |  | 7350894 | 23045 | SH |  | SOLE |  | 21145 | 0 | 1900 |
| American Express Co. | COM | 025816109 |  | 127592 | 400 | SH |  | OTR |  | 400 | 0 | 0 |
| Apple Inc. | COM | 037833100 |  | 1041238 | 5075 | SH |  | SOLE |  | 5075 | 0 | 0 |
| Applied Materials | COM | 038222105 |  | 209615 | 1145 | SH |  | SOLE |  | 1145 | 0 | 0 |
| Arch Capital Group Ltd | ORD | G0450A105 |  | 4620514 | 50747 | SH |  | SOLE |  | 46882 | 0 | 3865 |
| Arch Capital Group Ltd | ORD | G0450A105 |  | 22763 | 250 | SH |  | OTR |  | 250 | 0 | 0 |
| AT | COM | 00206R102 |  | 167416 | 5785 | SH |  | SOLE |  | 2024 | 0 | 3761 |
| Berkshire Hathaway Class                  B | CL B NEW | 084670702 |  | 3008374 | 6193 | SH |  | SOLE |  | 5693 | 0 | 500 |
| Blackstone Group Inc | COM | 09260D107 |  | 13348669 | 89241 | SH |  | SOLE |  | 84941 | 0 | 4300 |
| Blackstone Group Inc | COM | 09260D107 |  | 119664 | 800 | SH |  | OTR |  | 800 | 0 | 0 |
| Blackstone Mortgage Trust | COM CL A | 09257W100 |  | 1231172 | 62433 | SH |  | SOLE |  | 60208 | 0 | 2225 |
| Boeing | COM | 097023105 |  | 1739099 | 8300 | SH |  | SOLE |  | 8300 | 0 | 0 |
| Bristol-Myers Squibb | COM | 110122108 |  | 859698 | 18572 | SH |  | SOLE |  | 14847 | 0 | 3725 |
| Bristol-Myers Squibb | COM | 110122108 |  | 9258 | 200 | SH |  | OTR |  | 200 | 0 | 0 |
| British American Tobacco ADR | SPONSORED ADR | 110448107 |  | 556834 | 11570 | SH |  | SOLE |  | 7570 | 0 | 4000 |
| Brookfield Asset Management Ltd. | CL A LMT VTG SHS | 113004105 |  | 2342877 | 42382 | SH |  | SOLE |  | 39773 | 0 | 2609 |
| Brookfield Asset Management Ltd. | CL A LMT VTG SHS | 113004105 |  | 19127 | 346 | SH |  | OTR |  | 346 | 0 | 0 |
| Brookfield Corp        F Class                  A | CL A LTD VT SH | 11271J107 |  | 10550126 | 170576 | SH |  | SOLE |  | 157927 | 0 | 12649 |
| Brookfield Corp        F Class                  A | CL A LTD VT SH | 11271J107 |  | 85786 | 1387 | SH |  | OTR |  | 1387 | 0 | 0 |
| Brookfield Renewable  LP | PARTNERSHIP UNIT | G16258108 |  | 576552 | 22601 | SH |  | SOLE |  | 22301 | 0 | 300 |
| Brookfield Renewable Corp | CL A EX SUB VTG | 11285B108 |  | 189206 | 5772 | SH |  | SOLE |  | 5697 | 0 | 75 |
| BWX Technologies Inc | COM | 05605H100 |  | 1695586 | 11770 | SH |  | SOLE |  | 10270 | 0 | 1500 |
| Canadian National Railway Co. | COM | 136375102 |  | 1614894 | 15450 | SH |  | SOLE |  | 15450 | 0 | 0 |
| Carrier Global Corp | COM | 14448C104 |  | 159847 | 2184 | SH |  | SOLE |  | 2184 | 0 | 0 |
| Chevron Corp. | COM | 166764100 |  | 1298590 | 9069 | SH |  | SOLE |  | 7465 | 0 | 1604 |
| Cisco Systems Inc. | COM | 17275R102 |  | 2152445 | 31024 | SH |  | SOLE |  | 31024 | 0 | 0 |
| CloudFlare Inc. | CL A COM | 18915M107 |  | 120435 | 615 | SH |  | SOLE |  | 615 | 0 | 0 |
| Coca-Cola Company | COM | 191216100 |  | 400838 | 5625 | SH |  | SOLE |  | 5625 | 0 | 0 |
| Colgate-Palmolive Co | COM | 194162103 |  | 809919 | 8910 | SH |  | SOLE |  | 2210 | 0 | 6700 |
| Commercial Metals Co | COM | 201723103 |  | 224096 | 4565 | SH |  | SOLE |  | 4565 | 0 | 0 |
| Consolidated Edison | COM | 209115104 |  | 779418 | 7767 | SH |  | SOLE |  | 7367 | 0 | 400 |
| Consolidated Edison | COM | 209115104 |  | 20070 | 200 | SH |  | OTR |  | 200 | 0 | 0 |
| Costco Wholesale Co | COM | 22160K105 |  | 153441 | 155 | SH |  | SOLE |  | 155 | 0 | 0 |
| Coupang Inc. | CL A | 22266T109 |  | 2412110 | 80511 | SH |  | SOLE |  | 64912 | 0 | 15599 |
| Curtiss Wright Corp | COM | 231561101 |  | 172054 | 352 | SH |  | SOLE |  | 352 | 0 | 0 |
| Danaher Corp | COM | 235851102 |  | 1735034 | 8769 | SH |  | SOLE |  | 8069 | 0 | 700 |
| Danaher Corp | COM | 235851102 |  | 9893 | 50 | SH |  | OTR |  | 50 | 0 | 0 |
| Deere  Co | COM | 244199105 |  | 510110 | 1000 | SH |  | SOLE |  | 850 | 0 | 150 |
| Diageo PLC ADR | SPON ADR NEW | 25243Q205 |  | 143193 | 1420 | SH |  | SOLE |  | 1420 | 0 | 0 |
| Dominion Resources Inc | COM | 25746U109 |  | 661284 | 11700 | SH |  | SOLE |  | 11700 | 0 | 0 |
| Duke Energy Corp | COM NEW | 26441C204 |  | 2442128 | 20696 | SH |  | SOLE |  | 19246 | 0 | 1450 |
| Edison International | COM | 281020107 |  | 412800 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| Eli Lilly  Company | COM | 532457108 |  | 393663 | 505 | SH |  | SOLE |  | 505 | 0 | 0 |
| Enbridge Inc | COM | 29250N105 |  | 579915 | 12796 | SH |  | SOLE |  | 12000 | 0 | 796 |
| Enterprise Products Partners L.P. | COM | 293792107 |  | 455072 | 14675 | SH |  | SOLE |  | 14525 | 0 | 150 |
| EQT Corporation | COM | 26884L109 |  | 384912 | 6600 | SH |  | SOLE |  | 4400 | 0 | 2200 |
| ESAB Corp | COM | 29605J106 |  | 151893 | 1260 | SH |  | SOLE |  | 660 | 0 | 600 |
| ExxonMobil Corp | COM | 30231G102 |  | 875444 | 8121 | SH |  | SOLE |  | 4791 | 0 | 3330 |
| Franco-Nevada Corp | COM | 351858105 |  | 2055721 | 12541 | SH |  | SOLE |  | 11136 | 0 | 1405 |
| Franco-Nevada Corp | COM | 351858105 |  | 45078 | 275 | SH |  | OTR |  | 275 | 0 | 0 |
| Generac Holdings Inc | COM | 368736104 |  | 154667 | 1080 | SH |  | SOLE |  | 1080 | 0 | 0 |
| General Mills Inc | COM | 370334104 |  | 103620 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| Grab Holdings Ltd. | CLASS A ORD | G4124C109 |  | 496360 | 98680 | SH |  | SOLE |  | 57828 | 0 | 40852 |
| Grayscale Bitcoin Mini Trust ETF | SHS NEW | 389930207 |  | 191000 | 4000 | SH |  | SOLE |  | 0 | 0 | 4000 |
| Grayscale Bitcoin Trust | SHS REP COM UT | 389637109 |  | 350772 | 4135 | SH |  | SOLE |  | 4135 | 0 | 0 |
| Guardant Health Inc. | COM | 40131M109 |  | 3297411 | 63363 | SH |  | SOLE |  | 59268 | 0 | 4095 |
| Hershey Co | COM | 427866108 |  | 479761 | 2891 | SH |  | SOLE |  | 2391 | 0 | 500 |
| Home Depot | COM | 437076102 |  | 10463906 | 28540 | SH |  | SOLE |  | 25140 | 0 | 3400 |
| Home Depot | COM | 437076102 |  | 256648 | 700 | SH |  | OTR |  | 700 | 0 | 0 |
| Honeywell International Inc. | COM | 438516106 |  | 375170 | 1611 | SH |  | SOLE |  | 1611 | 0 | 0 |
| Intuitive Surgical | COM NEW | 46120E602 |  | 203779 | 375 | SH |  | SOLE |  | 375 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 2755152 | 18037 | SH |  | SOLE |  | 17587 | 0 | 450 |
| Johnson  Johnson | COM | 478160104 |  | 30550 | 200 | SH |  | OTR |  | 200 | 0 | 0 |
| JPMorgan Chase  Co | COM | 46625H100 |  | 13977141 | 48212 | SH |  | SOLE |  | 48212 | 0 | 0 |
| Kenvue Inc | COM | 49177J102 |  | 54418 | 2600 | SH |  | SOLE |  | 600 | 0 | 2000 |
| Kimberly-Clark Corp | COM | 494368103 |  | 130831 | 1005 | SH |  | SOLE |  | 1005 | 0 | 0 |
| Loews Corp | COM | 540424108 |  | 137490 | 1500 | SH |  | SOLE |  | 0 | 0 | 1500 |
| Markel Group Inc. | COM | 570535104 |  | 5229088 | 2618 | SH |  | SOLE |  | 2164 | 0 | 454 |
| Markel Group Inc. | COM | 570535104 |  | 49934 | 25 | SH |  | OTR |  | 25 | 0 | 0 |
| Martin Marietta Matr | COM | 573284106 |  | 557194 | 1015 | SH |  | SOLE |  | 1015 | 0 | 0 |
| MDU Resources Group Inc. | COM | 552690109 |  | 103824 | 6180 | SH |  | SOLE |  | 5690 | 0 | 490 |
| MDU Resources Group Inc. | COM | 552690109 |  | 5880 | 350 | SH |  | OTR |  | 350 | 0 | 0 |
| Mercadolibre Inc | COM | 58733R102 |  | 5310896 | 2032 | SH |  | SOLE |  | 1786 | 0 | 246 |
| Mercadolibre Inc | COM | 58733R102 |  | 26136 | 10 | SH |  | OTR |  | 10 | 0 | 0 |
| Merck  Co. Inc. | COM | 58933Y105 |  | 7131725 | 89180 | SH |  | SOLE |  | 83802 | 0 | 5378 |
| Merck  Co. Inc. | COM | 58933Y105 |  | 79970 | 1000 | SH |  | OTR |  | 1000 | 0 | 0 |
| Meta Platforms Inc. | CL A | 30303M102 |  | 166070 | 225 | SH |  | SOLE |  | 225 | 0 | 0 |
| Microsoft Corporation | COM | 594918104 |  | 22416279 | 45066 | SH |  | SOLE |  | 41791 | 0 | 3275 |
| Microsoft Corporation | COM | 594918104 |  | 281037 | 565 | SH |  | OTR |  | 565 | 0 | 0 |
| Mueller Water Products Inc. | COM SER A | 624758108 |  | 123806 | 5150 | SH |  | SOLE |  | 2150 | 0 | 3000 |
| Nu Holdings Ltd. | ORD SHS CL A | G6683N103 |  | 1781199 | 129825 | SH |  | SOLE |  | 110575 | 0 | 19250 |
| Nu Holdings Ltd. | ORD SHS CL A | G6683N103 |  | 20580 | 1500 | SH |  | OTR |  | 1500 | 0 | 0 |
| Oaktree Specialty Lending Corporation | COM | 67401P405 |  | 348808 | 25535 | SH |  | SOLE |  | 25500 | 0 | 35 |
| Palantir Technologies Inc. | CL A | 69608A108 |  | 228609 | 1677 | SH |  | SOLE |  | 1677 | 0 | 0 |
| Paypal Holdings Inc | COM | 70450Y103 |  | 462270 | 6220 | SH |  | SOLE |  | 5570 | 0 | 650 |
| Penn NTNL Gaming | COM | 707569109 |  | 141352 | 7910 | SH |  | SOLE |  | 7910 | 0 | 0 |
| PG Corporation | COM | 69331C108 |  | 509583 | 36490 | SH |  | SOLE |  | 33990 | 0 | 2500 |
| PhenixFIN Corporation | COM | 71742W103 |  | 8596353 | 169389 | SH |  | SOLE |  | 116514 | 0 | 52875 |
| PhenixFIN Corporation | COM | 71742W103 |  | 22793 | 450 | SH |  | OTR |  | 450 | 0 | 0 |
| Philip Morris International Inc. | COM | 718172109 |  | 777955 | 4240 | SH |  | SOLE |  | 4050 | 0 | 190 |
| Procter  Gamble | COM | 742718109 |  | 603663 | 3789 | SH |  | SOLE |  | 3789 | 0 | 0 |
| Qualcomm Inc. | COM | 747525103 |  | 8844672 | 55536 | SH |  | SOLE |  | 54211 | 0 | 1325 |
| Raytheon Technologies Co | COM | 75513E101 |  | 189826 | 1300 | SH |  | SOLE |  | 1300 | 0 | 0 |
| Saba Capital Income  Opportunities Fund | SHS NEW | 78518H202 |  | 753610 | 93500 | SH |  | SOLE |  | 93400 | 0 | 100 |
| Saba Capital Income  Opportunities Fund | SHS NEW | 78518H202 |  | 13702 | 1700 | SH |  | OTR |  | 1700 | 0 | 0 |
| Saba Closed End Funds ETF | SABA INT RATE | 30151E806 |  | 557334 | 25060 | SH |  | SOLE |  | 25060 | 0 | 0 |
| Saba Closed End Funds ETF | SABA INT RATE | 30151E806 |  | 23908 | 1075 | SH |  | OTR |  | 1075 | 0 | 0 |
| Sea Limited | SPONSORD ADS | 81141R100 |  | 247907 | 1550 | SH |  | SOLE |  | 0 | 0 | 1550 |
| SLB | COM STK | 806857108 |  | 1234525 | 36219 | SH |  | SOLE |  | 35369 | 0 | 850 |
| Snowflake Inc. | CL A | 833445109 |  | 289782 | 1295 | SH |  | SOLE |  | 1040 | 0 | 255 |
| Southern Company | COM | 842587107 |  | 3011473 | 32794 | SH |  | SOLE |  | 32794 | 0 | 0 |
| Sportradar Group AG | CLASS A ORD SHS | H8088L103 |  | 105300 | 3750 | SH |  | SOLE |  | 3750 | 0 | 0 |
| SS Technologies Holdings Inc. | COM | 78467J100 |  | 82800 | 1000 | SH |  | SOLE |  | 0 | 0 | 1000 |
| The Williams Companies Inc. | COM | 969457100 |  | 227058 | 3615 | SH |  | SOLE |  | 3615 | 0 | 0 |
| Uber Technologies Inc | COM | 90353T100 |  | 193598 | 2075 | SH |  | SOLE |  | 2075 | 0 | 0 |
| Union Pacific Corp. | COM | 907818108 |  | 7663965 | 33310 | SH |  | SOLE |  | 33310 | 0 | 0 |
| Union Pacific Corp. | COM | 907818108 |  | 92032 | 400 | SH |  | OTR |  | 400 | 0 | 0 |
| Vaneck Vectors Green Bond ETF | GREEN BOND ETF | 92189F171 |  | 199980 | 8250 | SH |  | SOLE |  | 8250 | 0 | 0 |
| Venture Global Inc-CL A | COM CL A | 92333F101 |  | 91922 | 5900 | SH |  | SOLE |  | 2200 | 0 | 3700 |
| Viper Energy Inc Class                  A | CL A | 927959106 |  | 121253 | 3180 | SH |  | SOLE |  | 3180 | 0 | 0 |
| W. R. Berkley Corporation | COM | 084423102 |  | 600250 | 8170 | SH |  | SOLE |  | 4170 | 0 | 4000 |
| Waste Management Inc | COM | 94106L109 |  | 97249 | 425 | SH |  | SOLE |  | 425 | 0 | 0 |
| Weyerhaeuser Co REIT | COM NEW | 962166104 |  | 4609608 | 179432 | SH |  | SOLE |  | 171782 | 0 | 7650 |
| Weyerhaeuser Co REIT | COM NEW | 962166104 |  | 38535 | 1500 | SH |  | OTR |  | 1500 | 0 | 0 |

---