# EDGAR Filing Document

**Accession Number:** 0001698926
**File Stem:** 0001698926-23-000001
**Filing Date:** 2023-2
**Character Count:** 14439
**Document Hash:** 6d2656c8374e936aca610ef065272023
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001698926-23-000001.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001698926-23-000001

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230217

**EFFECTIVENESS DATE**: 20230221

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Adalta Capital Management LLC
- **CENTRAL INDEX KEY:** 0001698926
- **IRS NUMBER:** 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:** 23644675

**BUSINESS ADDRESS:**
- **STREET 1:** 452 FIFTH AVENUE
- **STREET 2:** 14TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 2128325135

**MAIL ADDRESS:**
- **STREET 1:** 452 FIFTH AVENUE
- **STREET 2:** 14TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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:** 452 FIFTH AVENUE<br>14TH FLOOR<br>NEW YORK, NY 10018

**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:** 2128325107

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

Zoe Vlachos  New York, NY  02-14-2023<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:** $141788

      (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 |
| Airgain Inc. | COM | 00938A104 |  | 16 | 2511 | SH |  | SOLE |  | 0 | 0 | 2511 |
| Alibaba Group ADR | SPONSORED ADS | 01609W102 |  | 880 | 9985 | SH |  | SOLE |  | 7985 | 0 | 2000 |
| Alphabet Inc. Class                  A | CAP STK CL A | 02079K305 |  | 34 | 385 | SH |  | OTR |  | 385 | 0 | 0 |
| Alphabet Inc. Class                  A | CAP STK CL A | 02079K305 |  | 3689 | 41815 | SH |  | SOLE |  | 38220 | 0 | 3595 |
| Alphabet Inc. Class C | CAP STK CL C | 02079K107 |  | 27 | 300 | SH |  | OTR |  | 300 | 0 | 0 |
| Alphabet Inc. Class C | CAP STK CL C | 02079K107 |  | 539 | 6075 | SH |  | SOLE |  | 4395 | 0 | 1680 |
| American Express Co. | COM | 025816109 |  | 74 | 500 | SH |  | OTR |  | 500 | 0 | 0 |
| American Express Co. | COM | 025816109 |  | 3665 | 24805 | SH |  | SOLE |  | 22905 | 0 | 1900 |
| American Vanguard Corporation | COM | 030371108 |  | 294 | 13510 | SH |  | SOLE |  | 3510 | 0 | 10000 |
| Apple Inc. | COM | 037833100 |  | 1161 | 8934 | SH |  | SOLE |  | 8934 | 0 | 0 |
| Applied Materials | COM | 038222105 |  | 45 | 460 | SH |  | OTR |  | 460 | 0 | 0 |
| Applied Materials | COM | 038222105 |  | 1209 | 12415 | SH |  | SOLE |  | 11350 | 0 | 1065 |
| Arch Capital Group Ltd | ORD | G0450A105 |  | 937 | 14920 | SH |  | SOLE |  | 11920 | 0 | 3000 |
| Bank of America | COM | 060505104 |  | 116 | 3512 | SH |  | SOLE |  | 3512 | 0 | 0 |
| Baxter International | COM | 071813109 |  | 1 | 25 | SH |  | OTR |  | 25 | 0 | 0 |
| Baxter International | COM | 071813109 |  | 840 | 16390 | SH |  | SOLE |  | 15940 | 0 | 450 |
| Berkshire Hathaway Class                  B | CL B NEW | 084670702 |  | 997 | 3228 | SH |  | SOLE |  | 2728 | 0 | 500 |
| Blackstone Group Inc | COM | 09260D107 |  | 74 | 1000 | SH |  | OTR |  | 1000 | 0 | 0 |
| Blackstone Group Inc | COM | 09260D107 |  | 7093 | 95611 | SH |  | SOLE |  | 91286 | 0 | 4325 |
| Blackstone Mortgage Trust | COM CL A | 09257W100 |  | 7 | 300 | SH |  | OTR |  | 300 | 0 | 0 |
| Blackstone Mortgage Trust | COM CL A | 09257W100 |  | 1674 | 76847 | SH |  | SOLE |  | 74232 | 0 | 2615 |
| Boeing | COM | 097023105 |  | 2162 | 11348 | SH |  | SOLE |  | 11348 | 0 | 0 |
| Bristol-Myers Squibb | COM | 110122108 |  | 25 | 350 | SH |  | OTR |  | 350 | 0 | 0 |
| Bristol-Myers Squibb | COM | 110122108 |  | 1363 | 18948 | SH |  | SOLE |  | 15223 | 0 | 3725 |
| Brookfield Asset Management Ltd. | CL A LMT VTG SHS | 113004105 |  | 12 | 416 | SH |  | OTR |  | 416 | 0 | 0 |
| Brookfield Asset Management Ltd. | CL A LMT VTG SHS | 113004105 |  | 1249 | 43561 | SH |  | SOLE |  | 38202 | 0 | 5359 |
| Brookfield Corp        F Class                  A | CL A LTD VT SH | 11271J107 |  | 52 | 1667 | SH |  | OTR |  | 1667 | 0 | 0 |
| Brookfield Corp        F Class                  A | CL A LTD VT SH | 11271J107 |  | 5613 | 178404 | SH |  | SOLE |  | 156955 | 0 | 21449 |
| Brookfield Renewable  LP | PARTNERSHIP UNIT | G16258108 |  | 608 | 24012 | SH |  | SOLE |  | 23112 | 0 | 900 |
| Brookfield Renewable C F Class                  A | CL A SUB VTG | 11284V105 |  | 165 | 5996 | SH |  | SOLE |  | 5771 | 0 | 225 |
| Cambria Tail Risk ETF | TAIL RISK | 132061862 |  | 330 | 21450 | SH |  | SOLE |  | 21450 | 0 | 0 |
| Canadian National Railway Co. | COM | 136375102 |  | 1985 | 16700 | SH |  | SOLE |  | 16700 | 0 | 0 |
| Chevron Corp. | COM | 166764100 |  | 1637 | 9118 | SH |  | SOLE |  | 7514 | 0 | 1604 |
| Cisco Systems Inc. | COM | 17275R102 |  | 2472 | 51890 | SH |  | SOLE |  | 51890 | 0 | 0 |
| Civeo Corp | COM NEW | 17878Y207 |  | 211 | 6800 | SH |  | SOLE |  | 0 | 0 | 6800 |
| CloudFlare Inc. | CL A COM | 18915M107 |  | 45 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| Coca-Cola Company | COM | 191216100 |  | 358 | 5625 | SH |  | SOLE |  | 5625 | 0 | 0 |
| Colgate-Palmolive Co | COM | 194162103 |  | 706 | 8960 | SH |  | SOLE |  | 2260 | 0 | 6700 |
| Comcast Corporation | CL A | 20030N101 |  | 630 | 18025 | SH |  | SOLE |  | 18025 | 0 | 0 |
| Commercial Metals Co | COM | 201723103 |  | 217 | 4500 | SH |  | SOLE |  | 2500 | 0 | 2000 |
| Consolidated Edison | COM | 209115104 |  | 19 | 200 | SH |  | OTR |  | 200 | 0 | 0 |
| Consolidated Edison | COM | 209115104 |  | 699 | 7335 | SH |  | SOLE |  | 6935 | 0 | 400 |
| Costco Wholesale Co | COM | 22160K105 |  | 91 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| Coupang Inc. | CL A | 22266T109 |  | 1493 | 101467 | SH |  | SOLE |  | 79368 | 0 | 22099 |
| CrowdStrike Holdings Inc. | CL A | 22788C105 |  | 108 | 1030 | SH |  | SOLE |  | 145 | 0 | 885 |
| Devon Energy Corp | COM | 25179M103 |  | 186 | 3025 | SH |  | SOLE |  | 2925 | 0 | 100 |
| Dominion Resources Inc | COM | 25746U109 |  | 448 | 7300 | SH |  | SOLE |  | 7200 | 0 | 100 |
| Duke Energy Corp | COM NEW | 26441C204 |  | 732 | 7106 | SH |  | SOLE |  | 7106 | 0 | 0 |
| eBay Inc. | COM | 278642103 |  | 56 | 1345 | SH |  | SOLE |  | 1330 | 0 | 15 |
| Edison International | COM | 281020107 |  | 518 | 8050 | SH |  | SOLE |  | 8050 | 0 | 0 |
| Enbridge Inc | COM | 29250N105 |  | 500 | 12796 | SH |  | SOLE |  | 12000 | 0 | 796 |
| Enterprise Products Partners L.P. | COM | 293792107 |  | 158 | 6550 | SH |  | SOLE |  | 6400 | 0 | 150 |
| ESAB Corp | COM | 29605J106 |  | 258 | 5483 | SH |  | SOLE |  | 1350 | 0 | 4133 |
| ExxonMobil Corp | COM | 30231G102 |  | 907 | 8221 | SH |  | SOLE |  | 4891 | 0 | 3330 |
| Federated Hermes Inc. | CL B | 314211103 |  | 91 | 2500 | SH |  | SOLE |  | 0 | 0 | 2500 |
| Franco-Nevada Corp | COM | 351858105 |  | 1673 | 12260 | SH |  | SOLE |  | 10812 | 0 | 1448 |
| General Mills Inc | COM | 370334104 |  | 180 | 2149 | SH |  | SOLE |  | 2149 | 0 | 0 |
| Grab Holdings Ltd. | CLASS A ORD | G4124C109 |  | 403 | 125018 | SH |  | SOLE |  | 98766 | 0 | 26252 |
| Guardant Health Inc. | COM | 40131M109 |  | 30 | 1100 | SH |  | OTR |  | 1100 | 0 | 0 |
| Guardant Health Inc. | COM | 40131M109 |  | 2248 | 82665 | SH |  | SOLE |  | 76770 | 0 | 5895 |
| Home Depot | COM | 437076102 |  | 221 | 700 | SH |  | OTR |  | 700 | 0 | 0 |
| Home Depot | COM | 437076102 |  | 8698 | 27539 | SH |  | SOLE |  | 24139 | 0 | 3400 |
| Honeywell International Inc. | COM | 438516106 |  | 321 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| Hubspot Inc | COM | 443573100 |  | 49 | 170 | SH |  | SOLE |  | 170 | 0 | 0 |
| Ingredion Inc | COM | 457187102 |  | 197 | 2000 | SH |  | SOLE |  | 1000 | 0 | 1000 |
| Intel Corp | COM | 458140100 |  | 171 | 6464 | SH |  | SOLE |  | 6379 | 0 | 85 |
| Intuitive Surgical | COM NEW | 46120E602 |  | 100 | 375 | SH |  | SOLE |  | 375 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 35 | 200 | SH |  | OTR |  | 200 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 3069 | 17371 | SH |  | SOLE |  | 16921 | 0 | 450 |
| JPMorgan Chase  Co | COM | 46625H100 |  | 6517 | 48599 | SH |  | SOLE |  | 48599 | 0 | 0 |
| Kimberly-Clark Corp | COM | 494368103 |  | 138 | 1005 | SH |  | SOLE |  | 1005 | 0 | 0 |
| Madison Square Garden Co Class                  A | CL A | 55825T103 |  | 174 | 950 | SH |  | SOLE |  | 200 | 0 | 750 |
| Markel Corp. | COM | 570535104 |  | 474 | 360 | SH |  | SOLE |  | 250 | 0 | 110 |
| Marriott Vacations | COM | 57164Y107 |  | 1054 | 7790 | SH |  | SOLE |  | 7790 | 0 | 0 |
| Martin Marietta Matr | COM | 573284106 |  | 355 | 1050 | SH |  | SOLE |  | 1050 | 0 | 0 |
| MDU Resources Group Inc. | COM | 552690109 |  | 168 | 5500 | SH |  | SOLE |  | 2000 | 0 | 3500 |
| Merck  Co. Inc. | COM | 58933Y105 |  | 133 | 1190 | SH |  | OTR |  | 1190 | 0 | 0 |
| Merck  Co. Inc. | COM | 58933Y105 |  | 9808 | 87820 | SH |  | SOLE |  | 82442 | 0 | 5378 |
| Microsoft Corporation | COM | 594918104 |  | 239 | 995 | SH |  | OTR |  | 995 | 0 | 0 |
| Microsoft Corporation | COM | 594918104 |  | 13648 | 56909 | SH |  | SOLE |  | 52439 | 0 | 4470 |
| NextEra Energy Inc. | COM | 65339F101 |  | 27 | 325 | SH |  | OTR |  | 325 | 0 | 0 |
| NextEra Energy Inc. | COM | 65339F101 |  | 2571 | 30756 | SH |  | SOLE |  | 30756 | 0 | 0 |
| Obsidian Energy Ltd. | COM | 674482203 |  | 303 | 45642 | SH |  | SOLE |  | 13142 | 0 | 32500 |
| OGE Energy Corp. | COM | 670837103 |  | 1325 | 33500 | SH |  | SOLE |  | 33000 | 0 | 500 |
| Penn NTNL Gaming | COM | 707569109 |  | 267 | 8981 | SH |  | SOLE |  | 8981 | 0 | 0 |
| PhenixFIN Corporation | COM | 71742W103 |  | 8 | 245 | SH |  | OTR |  | 245 | 0 | 0 |
| PhenixFIN Corporation | COM | 71742W103 |  | 3689 | 118728 | SH |  | SOLE |  | 78178 | 0 | 40550 |
| Philip Morris International Inc. | COM | 718172109 |  | 122 | 1190 | SH |  | SOLE |  | 1000 | 0 | 190 |
| Portland General Electric Co. | COM NEW | 736508847 |  | 30 | 600 | SH |  | OTR |  | 600 | 0 | 0 |
| Portland General Electric Co. | COM NEW | 736508847 |  | 3119 | 63065 | SH |  | SOLE |  | 59740 | 0 | 3325 |
| Procter  Gamble | COM | 742718109 |  | 577 | 3805 | SH |  | SOLE |  | 3805 | 0 | 0 |
| Pure Storage Inc. | CL A | 74624M102 |  | 190 | 7100 | SH |  | SOLE |  | 1525 | 0 | 5575 |
| Qualcomm Inc. | COM | 747525103 |  | 11 | 100 | SH |  | OTR |  | 100 | 0 | 0 |
| Qualcomm Inc. | COM | 747525103 |  | 6095 | 55440 | SH |  | SOLE |  | 53215 | 0 | 2225 |
| Raytheon Technologies Co | COM | 75513E101 |  | 131 | 1300 | SH |  | SOLE |  | 1300 | 0 | 0 |
| Saba Cef ETF | SABA INT RATE | 30151E806 |  | 19 | 1075 | SH |  | OTR |  | 1075 | 0 | 0 |
| Saba Cef ETF | SABA INT RATE | 30151E806 |  | 505 | 29274 | SH |  | SOLE |  | 29274 | 0 | 0 |
| SLB | COM STK | 806857108 |  | 2134 | 39794 | SH |  | SOLE |  | 38944 | 0 | 850 |
| Snowflake Inc. | CL A | 833445109 |  | 261 | 1815 | SH |  | SOLE |  | 1560 | 0 | 255 |
| Southern Company | COM | 842587107 |  | 1939 | 27150 | SH |  | SOLE |  | 27150 | 0 | 0 |
| Sunrun Inc. | COM | 86771W105 |  | 40 | 1650 | SH |  | SOLE |  | 1650 | 0 | 0 |
| Teradyne Inc. | COM | 880770102 |  | 76 | 865 | SH |  | OTR |  | 865 | 0 | 0 |
| Teradyne Inc. | COM | 880770102 |  | 5823 | 66662 | SH |  | SOLE |  | 62452 | 0 | 4210 |
| The Williams Companies Inc. | COM | 969457100 |  | 49 | 1500 | SH |  | SOLE |  | 1500 | 0 | 0 |
| Tidewater Inc. | COM | 88642R109 |  | 535 | 14510 | SH |  | SOLE |  | 4510 | 0 | 10000 |
| Union Pacific Corp. | COM | 907818108 |  | 83 | 400 | SH |  | OTR |  | 400 | 0 | 0 |
| Union Pacific Corp. | COM | 907818108 |  | 6827 | 32970 | SH |  | SOLE |  | 32970 | 0 | 0 |
| Vaneck Vectors Green Bond ETF | GREEN BOND ETF | 92189F171 |  | 190 | 8250 | SH |  | SOLE |  | 8250 | 0 | 0 |
| Walgreens Boots Alliance Inc. | COM | 931427108 |  | 156 | 4185 | SH |  | SOLE |  | 4185 | 0 | 0 |
| Weyerhaeuser Co REIT | COM NEW | 962166104 |  | 53 | 1725 | SH |  | OTR |  | 1725 | 0 | 0 |
| Weyerhaeuser Co REIT | COM NEW | 962166104 |  | 4937 | 159255 | SH |  | SOLE |  | 151605 | 0 | 7650 |
| Wheaton Precious Metals Corp | COM | 962879102 |  | 117 | 3000 | SH |  | SOLE |  | 1000 | 0 | 2000 |

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