# EDGAR Filing Document

**Accession Number:** 0001557406
**File Stem:** 0001398344-25-013756
**Filing Date:** 2025-7
**Character Count:** 14518
**Document Hash:** 6dc10a7b3217d12248e6e5af372082d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-013756.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0001398344-25-013756

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**EFFECTIVENESS DATE**: 20250725

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sippican Capital Advisors
- **CENTRAL INDEX KEY:** 0001557406

**ORGANIZATION NAME:**
- **EIN:** 273399146
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16310
- **FILM NUMBER:** 251149743

**BUSINESS ADDRESS:**
- **STREET 1:** 125 HIGH STREET
- **STREET 2:** SUITE 1802
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 8572638119

**MAIL ADDRESS:**
- **STREET 1:** 125 HIGH STREET
- **STREET 2:** SUITE 1802
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Sippican Capital Adivsors
- **DATE OF NAME CHANGE:** 20120904

### 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:** Sippican Capital Advisors<br>**Address:** 125 HIGH STREET<br>SUITE 1802<br>BOSTON, MA 02110

**Form 13F File Number:** 028-16310

**CRD Number (if applicable):** 000155188

**SEC File Number (if applicable):** 801-71870

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:** Gordon C. Barrett<br>**Title:** President<br>**Phone:** 857-263-8101

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

/s/ Gordon C. Barrett  Boston, MA  07-24-2025<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:** 112

**Form 13F Information Table Value Total:** $137666701

      (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 |
| 3M Co | COM | 88579y101 |  | 3022268 | 19852 | SH |  | SOLE |  | 19852 | 0 | 0 |
| Abbott Laboratories | COM | 002824100 |  | 488276 | 3590 | SH |  | SOLE |  | 3590 | 0 | 0 |
| AbbVie Inc | COM | 00287y109 |  | 2600536 | 14010 | SH |  | SOLE |  | 14010 | 0 | 0 |
| Alerus Financial Corp | COM | 01446u103 |  | 2394206 | 110638 | SH |  | SOLE |  | 110638 | 0 | 0 |
| Alphabet Inc Cap Stock Cl C | COM | 02079k107 |  | 1879979 | 10598 | SH |  | SOLE |  | 10598 | 0 | 0 |
| Amazon.com Inc | COM | 023135106 |  | 302758 | 1380 | SH |  | SOLE |  | 1380 | 0 | 0 |
| American Express Co | COM | 025816109 |  | 816270 | 2559 | SH |  | SOLE |  | 2559 | 0 | 0 |
| Apple Inc | COM | 037833100 |  | 1499382 | 7308 | SH |  | SOLE |  | 7308 | 0 | 0 |
| Banc Of California Inc | COM | 05990k106 |  | 1796925 | 127895 | SH |  | SOLE |  | 127895 | 0 | 0 |
| Bancorp Inc | COM | 05969a105 |  | 8884528 | 155951 | SH |  | SOLE |  | 155951 | 0 | 0 |
| Bank America Corp | COM | 060505104 |  | 1227954 | 25950 | SH |  | SOLE |  | 25950 | 0 | 0 |
| Bank Hawaii Corp | COM | 062540109 |  | 203603 | 3015 | SH |  | SOLE |  | 3015 | 0 | 0 |
| Banner Corp | COM | 06652v208 |  | 800079 | 12472 | SH |  | SOLE |  | 12472 | 0 | 0 |
| Berkshire Hathaway Inc Cl B | COM | 084670702 |  | 2465769 | 5076 | SH |  | SOLE |  | 5076 | 0 | 0 |
| Blackstone Group Inc Cl A | COM | 09260d107 |  | 1079818 | 7219 | SH |  | SOLE |  | 7219 | 0 | 0 |
| Boeing Co | COM | 097023105 |  | 722878 | 3450 | SH |  | SOLE |  | 3450 | 0 | 0 |
| Bridgewater Bancshares Inc Acc | COM | 108621103 |  | 1552975 | 97610 | SH |  | SOLE |  | 97610 | 0 | 0 |
| Bristol-Myers Squibb Co | COM | 110122108 |  | 2610386 | 56392 | SH |  | SOLE |  | 56392 | 0 | 0 |
| Brown Forman Corp Cl A | COM | 115637100 |  | 270717 | 9855 | SH |  | SOLE |  | 9855 | 0 | 0 |
| Brown Forman Corp Cl B | COM | 115637209 |  | 414925 | 15419 | SH |  | SOLE |  | 15419 | 0 | 0 |
| Caterpillar Inc | COM | 149123101 |  | 970525 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| Central Securities Corp | COM | 155123102 |  | 287160 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| CF Industries Holdings Inc | COM | 125269100 |  | 1334368 | 14504 | SH |  | SOLE |  | 14504 | 0 | 0 |
| Chevron Corp | COM | 166764100 |  | 2727340 | 19047 | SH |  | SOLE |  | 19047 | 0 | 0 |
| Chubb Limited | COM | h1467j104 |  | 1032852 | 3565 | SH |  | SOLE |  | 3565 | 0 | 0 |
| Cincinnati Financial Corp | COM | 172062101 |  | 295606 | 1985 | SH |  | SOLE |  | 1985 | 0 | 0 |
| Cipher Mining Inc | COM | 17253j106 |  | 103248 | 21600 | SH |  | SOLE |  | 21600 | 0 | 0 |
| Citigroup Inc | COM | 172967424 |  | 2542534 | 29870 | SH |  | SOLE |  | 29870 | 0 | 0 |
| Coca-Cola Co | COM | 191216100 |  | 381979 | 5399 | SH |  | SOLE |  | 5399 | 0 | 0 |
| Colgate Palmolive Co | COM | 194162103 |  | 648117 | 7130 | SH |  | SOLE |  | 7130 | 0 | 0 |
| Columbia Banking Systems Inc | COM | 197236102 |  | 2591486 | 110842 | SH |  | SOLE |  | 110842 | 0 | 0 |
| ConocoPhillips | COM | 20825c104 |  | 375023 | 4179 | SH |  | SOLE |  | 4179 | 0 | 0 |
| Coterra Energy Inc | COM | 127097103 |  | 1604295 | 63211 | SH |  | SOLE |  | 63211 | 0 | 0 |
| Customers Bancorp Inc | COM | 23204g100 |  | 2387135 | 40639 | SH |  | SOLE |  | 40639 | 0 | 0 |
| Davita Inc | COM | 23918k108 |  | 1423930 | 9996 | SH |  | SOLE |  | 9996 | 0 | 0 |
| Deere  Co | COM | 244199105 |  | 1189867 | 2340 | SH |  | SOLE |  | 2340 | 0 | 0 |
| Diamondback Energy Inc | COM | 25278x109 |  | 1517033 | 11041 | SH |  | SOLE |  | 11041 | 0 | 0 |
| Disney Walt Co Disney | COM | 254687106 |  | 743068 | 5992 | SH |  | SOLE |  | 5992 | 0 | 0 |
| Draftkings Inc Cl A | COM | 26142v105 |  | 1293091 | 30149 | SH |  | SOLE |  | 30149 | 0 | 0 |
| Eagle Bancorp Inc MD | COM | 268948106 |  | 252363 | 12955 | SH |  | SOLE |  | 12955 | 0 | 0 |
| Eastern Bankshares Inc | COM | 27627n105 |  | 638378 | 41806 | SH |  | SOLE |  | 41806 | 0 | 0 |
| Enbridge Inc | COM | 29250n105 |  | 802209 | 17701 | SH |  | SOLE |  | 17701 | 0 | 0 |
| EOG Resources Inc | COM | 26875p101 |  | 1455175 | 12166 | SH |  | SOLE |  | 12166 | 0 | 0 |
| Equity Bancshares Inc Cl A | COM | 29460x109 |  | 1035382 | 25377 | SH |  | SOLE |  | 25377 | 0 | 0 |
| Ernexa Therapeutics Inc | COM | 114082308 |  | 18400 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| Exxon Mobil Corp | COM | 30231g102 |  | 3154767 | 29265 | SH |  | SOLE |  | 29265 | 0 | 0 |
| First Western Financial Inc | COM | 33751l105 |  | 1017456 | 45100 | SH |  | SOLE |  | 45100 | 0 | 0 |
| Ge Aerospace | COM | 369604301 |  | 4082205 | 15860 | SH |  | SOLE |  | 15860 | 0 | 0 |
| GE Healthcare Technologies Inc | COM | 36266g107 |  | 747217 | 10088 | SH |  | SOLE |  | 10088 | 0 | 0 |
| GE Vernova Inc | COM | 36828a101 |  | 1076820 | 2035 | SH |  | SOLE |  | 2035 | 0 | 0 |
| General Dynamics Corp | COM | 369550108 |  | 868855 | 2979 | SH |  | SOLE |  | 2979 | 0 | 0 |
| General Mills Inc | COM | 370334104 |  | 496133 | 9576 | SH |  | SOLE |  | 9576 | 0 | 0 |
| Goodyear Tire  Rubber Co | COM | 382550101 |  | 1879023 | 181198 | SH |  | SOLE |  | 181198 | 0 | 0 |
| Hershey Co | COM | 427866108 |  | 307007 | 1850 | SH |  | SOLE |  | 1850 | 0 | 0 |
| Home Depot Inc | COM | 437076102 |  | 592857 | 1617 | SH |  | SOLE |  | 1617 | 0 | 0 |
| Honeywell Intl Inc | COM | 438516106 |  | 360964 | 1550 | SH |  | SOLE |  | 1550 | 0 | 0 |
| Illinois Tool Works Inc | COM | 452308109 |  | 234887 | 950 | SH |  | SOLE |  | 950 | 0 | 0 |
| Intl Business Machines | COM | 459200101 |  | 226391 | 768 | SH |  | SOLE |  | 768 | 0 | 0 |
| IREN LIMITED | COM | q4982l109 |  | 353031 | 24230 | SH |  | SOLE |  | 24230 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 520877 | 3410 | SH |  | SOLE |  | 3410 | 0 | 0 |
| JPMorgan Chase  Co | COM | 46625h100 |  | 2016904 | 6957 | SH |  | SOLE |  | 6957 | 0 | 0 |
| Kinder Morgan Inc | COM | 49456b101 |  | 1589511 | 54065 | SH |  | SOLE |  | 54065 | 0 | 0 |
| Lakeland Financial Corp | COM | 511656100 |  | 1457840 | 23724 | SH |  | SOLE |  | 23724 | 0 | 0 |
| Lennar Corp Cl A | COM | 526057104 |  | 1893422 | 17118 | SH |  | SOLE |  | 17118 | 0 | 0 |
| Lilly Eli  Co | COM | 532457108 |  | 2437590 | 3127 | SH |  | SOLE |  | 3127 | 0 | 0 |
| Lockheed Martin Corp | COM | 539830109 |  | 1319023 | 2848 | SH |  | SOLE |  | 2848 | 0 | 0 |
| Merck  Co Inc | COM | 58933y105 |  | 1756006 | 22183 | SH |  | SOLE |  | 22183 | 0 | 0 |
| Metropolitan Bank Holding Corp | COM | 591774104 |  | 1832460 | 26178 | SH |  | SOLE |  | 26178 | 0 | 0 |
| MGM Resorts International | COM | 552953101 |  | 903632 | 26276 | SH |  | SOLE |  | 26276 | 0 | 0 |
| Microsoft Corp | COM | 594918104 |  | 765017 | 1538 | SH |  | SOLE |  | 1538 | 0 | 0 |
| MidWestOne Financial Group Inc | COM | 598511103 |  | 1898475 | 65988 | SH |  | SOLE |  | 65988 | 0 | 0 |
| Morgan Stanley | COM | 617446448 |  | 795155 | 5645 | SH |  | SOLE |  | 5645 | 0 | 0 |
| MVB Financial Corp | COM | 553810102 |  | 963270 | 42755 | SH |  | SOLE |  | 42755 | 0 | 0 |
| NVR Inc | COM | 62944t105 |  | 3759301 | 509 | SH |  | SOLE |  | 509 | 0 | 0 |
| Onemain Holdings Inc | COM | 68268w103 |  | 1878948 | 32964 | SH |  | SOLE |  | 32964 | 0 | 0 |
| Oneok Inc | COM | 682680103 |  | 253298 | 3103 | SH |  | SOLE |  | 3103 | 0 | 0 |
| Oracle Corp | COM | 68389x105 |  | 1285107 | 5878 | SH |  | SOLE |  | 5878 | 0 | 0 |
| Pathward Financial Inc | COM | 59100u108 |  | 1740244 | 21995 | SH |  | SOLE |  | 21995 | 0 | 0 |
| PepsiCo Inc | COM | 713448108 |  | 595236 | 4508 | SH |  | SOLE |  | 4508 | 0 | 0 |
| Pfizer Inc | COM | 717081103 |  | 2252187 | 92912 | SH |  | SOLE |  | 92912 | 0 | 0 |
| Pinnacle Financial Partners In | COM | 72346q104 |  | 1017428 | 9215 | SH |  | SOLE |  | 9215 | 0 | 0 |
| Procter And Gamble Co | COM | 742718109 |  | 291078 | 1827 | SH |  | SOLE |  | 1827 | 0 | 0 |
| QCR Holdings Inc | COM | 74727a104 |  | 1029024 | 15155 | SH |  | SOLE |  | 15155 | 0 | 0 |
| Rtx Corporation Com | COM | 75513e101 |  | 2525124 | 17293 | SH |  | SOLE |  | 17293 | 0 | 0 |
| SM Energy Co | COM | 78454l100 |  | 388960 | 15741 | SH |  | SOLE |  | 15741 | 0 | 0 |
| Star Bulk Carriers Corp Par | COM | y8162k204 |  | 377568 | 21888 | SH |  | SOLE |  | 21888 | 0 | 0 |
| Stock Yds Bancorp Inc | COM | 861025104 |  | 1420771 | 17989 | SH |  | SOLE |  | 17989 | 0 | 0 |
| Synovus Financial Corp | COM | 87161c501 |  | 254869 | 4925 | SH |  | SOLE |  | 4925 | 0 | 0 |
| Taylor Morrison Home Corp Cl A | COM | 87724p106 |  | 214970 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| Terawulf Inc | COM | 88080t104 |  | 147387 | 33650 | SH |  | SOLE |  | 33650 | 0 | 0 |
| Tesla Inc | COM | 88160r101 |  | 267152 | 841 | SH |  | SOLE |  | 841 | 0 | 0 |
| Textron Inc | COM | 883203101 |  | 200725 | 2500 | SH |  | SOLE |  | 2500 | 0 | 0 |
| Travelers Companies Inc | COM | 89417e109 |  | 303925 | 1136 | SH |  | SOLE |  | 1136 | 0 | 0 |
| Triumph Financial Inc | COM | 89679e300 |  | 3090624 | 56081 | SH |  | SOLE |  | 56081 | 0 | 0 |
| Union Pacific Corp | COM | 907818108 |  | 270344 | 1175 | SH |  | SOLE |  | 1175 | 0 | 0 |
| US Bancorp Del | COM | 902973304 |  | 219779 | 4857 | SH |  | SOLE |  | 4857 | 0 | 0 |
| Veritex Holdings Inc | COM | 923451108 |  | 2493594 | 95540 | SH |  | SOLE |  | 95540 | 0 | 0 |
| VF Corp | COM | 918204108 |  | 841934 | 71654 | SH |  | SOLE |  | 71654 | 0 | 0 |
| Visa Inc Cl A | COM | 92826c839 |  | 563464 | 1587 | SH |  | SOLE |  | 1587 | 0 | 0 |
| Vulcan Materials Co | COM | 929160109 |  | 357323 | 1370 | SH |  | SOLE |  | 1370 | 0 | 0 |
| Wells Fargo  Co | COM | 949746101 |  | 652417 | 8143 | SH |  | SOLE |  | 8143 | 0 | 0 |
| Western Alliance Bancorp | COM | 957638109 |  | 1689827 | 21670 | SH |  | SOLE |  | 21670 | 0 | 0 |
| Zions Bancorporation | COM | 989701107 |  | 262297 | 5050 | SH |  | SOLE |  | 5050 | 0 | 0 |
| Total SA Sp ADS | AD | 89151e109 |  | 239298 | 3898 | SH |  | SOLE |  | 3898 | 0 | 0 |
| Alpha Architect 1-3 Month Box | ETF | 02072l565 |  | 359357 | 3189 | SH |  | SOLE |  | 3189 | 0 | 0 |
| Fidelity Tr 500 Index Ins Prem | MF | 315911750 |  | 2269215 | 10500 | SH |  | SOLE |  | 10500 | 0 | 0 |
| Price T Rowe Growth Stock Fund | MF | 741479406 |  | 1722438 | 15417 | SH |  | SOLE |  | 15417 | 0 | 0 |
| Vanguard 500 Index Admir | MF | 922908710 |  | 316001 | 552 | SH |  | SOLE |  | 552 | 0 | 0 |
| Enterprise Products Partners L | ML | 293792107 |  | 631984 | 20380 | SH |  | SOLE |  | 20380 | 0 | 0 |
| Plains All American Pipeline L | ML | 726503105 |  | 570851 | 31160 | SH |  | SOLE |  | 31160 | 0 | 0 |
| Iron Mountain Inc | RE | 46284v101 |  | 2432140 | 23712 | SH |  | SOLE |  | 23712 | 0 | 0 |
| Millrose Pptys Inc Com Cl A | RE | 601137102 |  | 248921 | 8731 | SH |  | SOLE |  | 8731 | 0 | 0 |

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