# EDGAR Filing Document

**Accession Number:** 0001698926
**File Stem:** 0001698926-26-000002
**Filing Date:** 2026-5
**Character Count:** 15979
**Document Hash:** 30058a1b8aa88f9c70c1ca33053fb057
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001698926-26-000002.hdr.sgml**: 20260518

**ACCESSION NUMBER**: 0001698926-26-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260518

**DATE AS OF CHANGE**: 20260515

**EFFECTIVENESS DATE**: 20260518

**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:** 26990293

**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:** 03-31-2026

**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:** 2128325135

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

Zoe Vlachos  New York, NY  05-15-2026<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:** 120

**Form 13F Information Table Value Total:** $209058621

      (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 |  | 195089 | 897 | SH |  | SOLE |  | 897 | 0 | 0 |
| Alphabet Inc. Class                  A | CAP STK CL A | 02079K305 |  | 10990256 | 38219 | SH |  | SOLE |  | 34954 | 0 | 3265 |
| Alphabet Inc. Class                  A | CAP STK CL A | 02079K305 |  | 57512 | 200 | SH |  | OTR |  | 200 | 0 | 0 |
| Alphabet Inc. Class C | CAP STK CL C | 02079K107 |  | 3508011 | 12229 | SH |  | SOLE |  | 10574 | 0 | 1655 |
| Alphabet Inc. Class C | CAP STK CL C | 02079K107 |  | 57372 | 200 | SH |  | OTR |  | 200 | 0 | 0 |
| Amazon Com Inc | COM | 023135106 |  | 177030 | 850 | SH |  | SOLE |  | 850 | 0 | 0 |
| American Express Co. | COM | 025816109 |  | 6685715 | 22103 | SH |  | SOLE |  | 20203 | 0 | 1900 |
| American Express Co. | COM | 025816109 |  | 120992 | 400 | SH |  | OTR |  | 400 | 0 | 0 |
| Amrize Ltd | SHS | H2927K103 |  | 703109 | 12580 | SH |  | SOLE |  | 9560 | 0 | 3020 |
| Apple Inc. | COM | 037833100 |  | 1903425 | 7500 | SH |  | SOLE |  | 7500 | 0 | 0 |
| Applied Materials | COM | 038222105 |  | 391350 | 1145 | SH |  | SOLE |  | 1145 | 0 | 0 |
| Arch Capital Group Ltd | ORD | G0450A105 |  | 5151879 | 53671 | SH |  | SOLE |  | 49806 | 0 | 3865 |
| Arch Capital Group Ltd | ORD | G0450A105 |  | 23998 | 250 | SH |  | OTR |  | 250 | 0 | 0 |
| AtaiBeckley Inc | COM SHS | 04650F101 |  | 38844 | 10973 | SH |  | SOLE |  | 0 | 0 | 10973 |
| Berkshire Hathaway Class                  B | CL B NEW | 084670702 |  | 3451678 | 7203 | SH |  | SOLE |  | 6703 | 0 | 500 |
| Blackstone Group Inc | COM | 09260D107 |  | 9880056 | 85921 | SH |  | SOLE |  | 81621 | 0 | 4300 |
| Blackstone Group Inc | COM | 09260D107 |  | 91992 | 800 | SH |  | OTR |  | 800 | 0 | 0 |
| Blackstone Mortgage Trust | COM CL A | 09257W100 |  | 1207236 | 61531 | SH |  | SOLE |  | 59306 | 0 | 2225 |
| Boeing | COM | 097023105 |  | 1562386 | 7850 | SH |  | SOLE |  | 7850 | 0 | 0 |
| Bristol-Myers Squibb | COM | 110122108 |  | 1114262 | 18372 | SH |  | SOLE |  | 14647 | 0 | 3725 |
| Bristol-Myers Squibb | COM | 110122108 |  | 12130 | 200 | SH |  | OTR |  | 200 | 0 | 0 |
| British American Tobacco ADR | SPONSORED ADR | 110448107 |  | 1015285 | 17120 | SH |  | SOLE |  | 10120 | 0 | 7000 |
| Brookfield Asset Management Ltd. | CL A LMT VTG SHS | 113004105 |  | 1383506 | 31125 | SH |  | SOLE |  | 28516 | 0 | 2609 |
| Brookfield Asset Management Ltd. | CL A LMT VTG SHS | 113004105 |  | 15380 | 346 | SH |  | OTR |  | 346 | 0 | 0 |
| Brookfield Corp        F Class                  A | CL A LTD VT SH | 11271J107 |  | 10643731 | 263003 | SH |  | SOLE |  | 244331 | 0 | 18672 |
| Brookfield Corp        F Class                  A | CL A LTD VT SH | 11271J107 |  | 84178 | 2080 | SH |  | OTR |  | 2080 | 0 | 0 |
| Brookfield Renewable  LP | PARTNERSHIP UNIT | G16258108 |  | 734211 | 22451 | SH |  | SOLE |  | 22151 | 0 | 300 |
| Brookfield Renewable Corp | CL A EX SUB VTG | 11285B108 |  | 227701 | 5708 | SH |  | SOLE |  | 5633 | 0 | 75 |
| BWX Technologies Inc | COM | 05605H100 |  | 2172297 | 10623 | SH |  | SOLE |  | 9623 | 0 | 1000 |
| Canadian National Railway Co. | COM | 136375102 |  | 1407949 | 13700 | SH |  | SOLE |  | 13700 | 0 | 0 |
| Chevron Corp. | COM | 166764100 |  | 1855686 | 8969 | SH |  | SOLE |  | 7365 | 0 | 1604 |
| Cisco Systems Inc. | COM | 17275R102 |  | 2407152 | 31024 | SH |  | SOLE |  | 31024 | 0 | 0 |
| Coca-Cola Company | COM | 191216100 |  | 430763 | 5625 | SH |  | SOLE |  | 5625 | 0 | 0 |
| Cohen  Steers Infrastructure Fund | COM | 19248A109 |  | 282092 | 10900 | SH |  | SOLE |  | 10900 | 0 | 0 |
| Colgate-Palmolive Co | COM | 194162103 |  | 750876 | 8810 | SH |  | SOLE |  | 2210 | 0 | 6600 |
| Commercial Metals Co | COM | 201723103 |  | 280428 | 4565 | SH |  | SOLE |  | 4565 | 0 | 0 |
| Consolidated Edison | COM | 209115104 |  | 867751 | 7667 | SH |  | SOLE |  | 7267 | 0 | 400 |
| Consolidated Edison | COM | 209115104 |  | 22636 | 200 | SH |  | OTR |  | 200 | 0 | 0 |
| Costco Wholesale Co | COM | 22160K105 |  | 134518 | 135 | SH |  | SOLE |  | 135 | 0 | 0 |
| Coupang Inc. | CL A | 22266T109 |  | 1657683 | 87801 | SH |  | SOLE |  | 72702 | 0 | 15099 |
| Curtiss Wright Corp | COM | 231561101 |  | 239839 | 352 | SH |  | SOLE |  | 352 | 0 | 0 |
| Danaher Corp | COM | 235851102 |  | 1674700 | 8814 | SH |  | SOLE |  | 8479 | 0 | 335 |
| Danaher Corp | COM | 235851102 |  | 9500 | 50 | SH |  | OTR |  | 50 | 0 | 0 |
| Deere  Co | COM | 244199105 |  | 519726 | 920 | SH |  | SOLE |  | 770 | 0 | 150 |
| Dominion Resources Inc | COM | 25746U109 |  | 729476 | 11800 | SH |  | SOLE |  | 11800 | 0 | 0 |
| DoubleLine Yield Opportunities Fund | COM | 25862D105 |  | 274001 | 19684 | SH |  | SOLE |  | 19684 | 0 | 0 |
| Duke Energy Corp | COM NEW | 26441C204 |  | 2942877 | 22475 | SH |  | SOLE |  | 20775 | 0 | 1700 |
| Edison International | COM | 281020107 |  | 585440 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| Eli Lilly  Company | COM | 532457108 |  | 928048 | 1009 | SH |  | SOLE |  | 1009 | 0 | 0 |
| Enbridge Inc | COM | 29250N105 |  | 692775 | 12796 | SH |  | SOLE |  | 12000 | 0 | 796 |
| Enterprise Products Partners L.P. | COM | 293792107 |  | 555302 | 14675 | SH |  | SOLE |  | 14525 | 0 | 150 |
| EQT Corporation | COM | 26884L109 |  | 1124519 | 17670 | SH |  | SOLE |  | 13670 | 0 | 4000 |
| ExxonMobil Corp | COM | 30231G102 |  | 1377809 | 8121 | SH |  | SOLE |  | 4791 | 0 | 3330 |
| Franco-Nevada Corp | COM | 351858105 |  | 3377421 | 13671 | SH |  | SOLE |  | 12266 | 0 | 1405 |
| Franco-Nevada Corp | COM | 351858105 |  | 67939 | 275 | SH |  | OTR |  | 275 | 0 | 0 |
| Generac Holdings Inc | COM | 368736104 |  | 210956 | 1080 | SH |  | SOLE |  | 1080 | 0 | 0 |
| Grab Holdings Ltd. | CLASS A ORD | G4124C109 |  | 241121 | 65880 | SH |  | SOLE |  | 55028 | 0 | 10852 |
| Guardant Health Inc. | COM | 40131M109 |  | 5678261 | 61473 | SH |  | SOLE |  | 57378 | 0 | 4095 |
| Hershey Co | COM | 427866108 |  | 857754 | 4126 | SH |  | SOLE |  | 3626 | 0 | 500 |
| Home Depot | COM | 437076102 |  | 9375667 | 28507 | SH |  | SOLE |  | 25107 | 0 | 3400 |
| Home Depot | COM | 437076102 |  | 230223 | 700 | SH |  | OTR |  | 700 | 0 | 0 |
| Honeywell International Inc. | COM | 438516106 |  | 819585 | 3626 | SH |  | SOLE |  | 3121 | 0 | 505 |
| Intel Corp | COM | 458140100 |  | 176520 | 4000 | SH |  | SOLE |  | 3000 | 0 | 1000 |
| Intuitive Surgical | COM NEW | 46120E602 |  | 172871 | 375 | SH |  | SOLE |  | 375 | 0 | 0 |
| Invesco MSCI EAFE Income Advantage ETF | MSCI EAFE INCOME | 46090A713 |  | 316440 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| Invesco Preferred ETF | PDF ETF | 46138E511 |  | 158804 | 14596 | SH |  | SOLE |  | 14596 | 0 | 0 |
| Invesco S 500 Equal Weight Income Advantage ETF | S 500 EQUAL WE | 46090A697 |  | 399960 | 8000 | SH |  | SOLE |  | 8000 | 0 | 0 |
| iShares 0-5 Year Investment Grade Corporate Bond ETF | 0-5YR INVT GR CP | 46434V100 |  | 333234 | 6600 | SH |  | SOLE |  | 6600 | 0 | 0 |
| iShares 0-5 Year TIPS Bond ETF | 0-5 YR TIPS ETF | 46429B747 |  | 103430 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| iShares Flexible Income Active ETF | ISHARES FLEXIBLE | 092528603 |  | 379089 | 7300 | SH |  | SOLE |  | 7300 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 4130058 | 16896 | SH |  | SOLE |  | 16446 | 0 | 450 |
| Johnson  Johnson | COM | 478160104 |  | 48888 | 200 | SH |  | OTR |  | 200 | 0 | 0 |
| JPMorgan Chase  Co | COM | 46625H100 |  | 14004958 | 47610 | SH |  | SOLE |  | 47610 | 0 | 0 |
| JPMorgan Equity Premium Income ETF | EQUITY PREMIUM | 46641Q332 |  | 170040 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| Kimberly-Clark Corp | COM | 494368103 |  | 586989 | 6005 | SH |  | SOLE |  | 6005 | 0 | 0 |
| Landbridge Co LLC Class A | CL A | 514952100 |  | 779229 | 11285 | SH |  | SOLE |  | 8575 | 0 | 2710 |
| Loews Corp | COM | 540424108 |  | 181458 | 1700 | SH |  | SOLE |  | 0 | 0 | 1700 |
| Markel Group Inc. | COM | 570535104 |  | 5263693 | 2750 | SH |  | SOLE |  | 2296 | 0 | 454 |
| Markel Group Inc. | COM | 570535104 |  | 47852 | 25 | SH |  | OTR |  | 25 | 0 | 0 |
| Martin Marietta Matr | COM | 573284106 |  | 597510 | 1015 | SH |  | SOLE |  | 1015 | 0 | 0 |
| Mercadolibre Inc | COM | 58733R102 |  | 4583632 | 2651 | SH |  | SOLE |  | 2370 | 0 | 281 |
| Mercadolibre Inc | COM | 58733R102 |  | 17290 | 10 | SH |  | OTR |  | 10 | 0 | 0 |
| Merck  Co. Inc. | COM | 58933Y105 |  | 10611359 | 87591 | SH |  | SOLE |  | 82213 | 0 | 5378 |
| Merck  Co. Inc. | COM | 58933Y105 |  | 121140 | 1000 | SH |  | OTR |  | 1000 | 0 | 0 |
| Micron Technology Inc. | COM | 595112103 |  | 1228594 | 3635 | SH |  | SOLE |  | 3385 | 0 | 250 |
| Microsoft Corporation | COM | 594918104 |  | 14408497 | 38924 | SH |  | SOLE |  | 35714 | 0 | 3210 |
| Microsoft Corporation | COM | 594918104 |  | 203594 | 550 | SH |  | OTR |  | 550 | 0 | 0 |
| Mueller Water Products Inc. | COM SER A | 624758108 |  | 198615 | 7225 | SH |  | SOLE |  | 7225 | 0 | 0 |
| Nu Holdings Ltd. | ORD SHS CL A | G6683N103 |  | 2505769 | 174375 | SH |  | SOLE |  | 158125 | 0 | 16250 |
| Nu Holdings Ltd. | ORD SHS CL A | G6683N103 |  | 21555 | 1500 | SH |  | OTR |  | 1500 | 0 | 0 |
| Option Care Health Inc | COM NEW | 68404L201 |  | 818503 | 30405 | SH |  | SOLE |  | 24635 | 0 | 5770 |
| PG Corporation | COM | 69331C108 |  | 642954 | 36490 | SH |  | SOLE |  | 33990 | 0 | 2500 |
| PhenixFIN Corporation | COM | 71742W103 |  | 6844348 | 175119 | SH |  | SOLE |  | 122244 | 0 | 52875 |
| PhenixFIN Corporation | COM | 71742W103 |  | 17577 | 450 | SH |  | OTR |  | 450 | 0 | 0 |
| Philip Morris International Inc. | COM | 718172109 |  | 707274 | 4240 | SH |  | SOLE |  | 4050 | 0 | 190 |
| Procter  Gamble | COM | 742718109 |  | 544539 | 3770 | SH |  | SOLE |  | 3770 | 0 | 0 |
| Pure Storage Inc. | CL A | 74624M102 |  | 242654 | 4110 | SH |  | SOLE |  | 4110 | 0 | 0 |
| Qualcomm Inc. | COM | 747525103 |  | 6884132 | 53457 | SH |  | SOLE |  | 52132 | 0 | 1325 |
| Raytheon Technologies Co | COM | 75513E101 |  | 250770 | 1300 | SH |  | SOLE |  | 1300 | 0 | 0 |
| Saba Capital Income  Opportunities Fund | SHS NEW | 78518H202 |  | 1606856 | 238406 | SH |  | SOLE |  | 238256 | 0 | 150 |
| Saba Capital Income  Opportunities Fund | SHS NEW | 78518H202 |  | 15273 | 2266 | SH |  | OTR |  | 2266 | 0 | 0 |
| Saba Closed End Funds ETF | SABA INT RATE | 30151E806 |  | 565103 | 25060 | SH |  | SOLE |  | 25060 | 0 | 0 |
| Saba Closed End Funds ETF | SABA INT RATE | 30151E806 |  | 24241 | 1075 | SH |  | OTR |  | 1075 | 0 | 0 |
| SLB | COM STK | 806857108 |  | 2268661 | 43894 | SH |  | SOLE |  | 43044 | 0 | 850 |
| Snowflake Inc. | CL A | 833445109 |  | 195312 | 1295 | SH |  | SOLE |  | 1040 | 0 | 255 |
| Southern Company | COM | 842587107 |  | 3169524 | 32838 | SH |  | SOLE |  | 32838 | 0 | 0 |
| SPDR FTSE International Government Inflation-Protected Bond ETF | FTSE INT GVT ETF | 78464A490 |  | 237600 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| Texas Pacific Land Corp | COM | 88262P102 |  | 946747 | 1995 | SH |  | SOLE |  | 1395 | 0 | 600 |
| The Williams Companies Inc. | COM | 969457100 |  | 263100 | 3615 | SH |  | SOLE |  | 3615 | 0 | 0 |
| TIC Solutions Inc. | COM | 00510N102 |  | 13160 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| Union Pacific Corp. | COM | 907818108 |  | 8075607 | 33285 | SH |  | SOLE |  | 33285 | 0 | 0 |
| Union Pacific Corp. | COM | 907818108 |  | 97048 | 400 | SH |  | OTR |  | 400 | 0 | 0 |
| VanEck Green Bond ETF | GREEN BOND ETF | 92189F171 |  | 197662 | 8250 | SH |  | SOLE |  | 8250 | 0 | 0 |
| Vanguard Emerging Markets Government Bond ETF | EM MK GOV BD ETF | 921946885 |  | 200355 | 3050 | SH |  | SOLE |  | 3050 | 0 | 0 |
| Viper Energy Inc New Class                  A | CL A | 64361Q101 |  | 266903 | 5680 | SH |  | SOLE |  | 5680 | 0 | 0 |
| W. R. Berkley Corporation | COM | 084423102 |  | 597846 | 9020 | SH |  | SOLE |  | 7020 | 0 | 2000 |
| WaterBridge Infrastructure LLC | CL A SHS REPSTG | 940923105 |  | 659704 | 24625 | SH |  | SOLE |  | 21625 | 0 | 3000 |
| Weyerhaeuser Co REIT | COM NEW | 962166104 |  | 4228393 | 173082 | SH |  | SOLE |  | 170407 | 0 | 2675 |
| Weyerhaeuser Co REIT | COM NEW | 962166104 |  | 36645 | 1500 | SH |  | OTR |  | 1500 | 0 | 0 |
| WisdomTree Floating Rate Treasury Fund | FLOATNG RAT TREA | 97717Y527 |  | 477978 | 9495 | SH |  | SOLE |  | 9495 | 0 | 0 |

---