13F HOLDINGS REPORT
Adalta Capital Management LLC
Quarter ended Q4 2025 · Filed February 17, 2026 · Accession 0001698926-26-000001
Total Value
$224.0M
Positions
111
Other Managers
0
Confidential Omitted
No
Holdings (111)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | Microsoft Corporation | MSFT | 44,678 | $21.6M | 9.65% |
| 2 | JPMorgan Chase & Co | VYLD | 47,680 | $15.4M | 6.86% |
| 3 | Alphabet Inc. Class A | GOOG | 43,049 | $13.5M | 6.02% |
| 4 | Blackstone Group Inc | BX | 86,591 | $13.3M | 5.96% |
| 5 | Brookfield Corp F Class A | 11271J107 | 264,396 | $12.1M | 5.42% |
| 6 | Home Depot | HD | 28,517 | $9.8M | 4.38% |
| 7 | Qualcomm Inc. | QCOM | 55,911 | $9.6M | 4.27% |
| 8 | Merck & Co. Inc. | MRK | 88,580 | $9.4M | 4.20% |
| 9 | American Express Co. | AXP | 22,843 | $8.5M | 3.77% |
| 10 | PhenixFIN Corporation | PFXNZ | 175,119 | $7.8M | 3.49% |
| 11 | Union Pacific Corp. | UNP | 33,285 | $7.7M | 3.44% |
| 12 | Guardant Health, Inc. | GH | 63,288 | $6.5M | 2.89% |
| 13 | Markel Group Inc. | MKL | 2,707 | $5.8M | 2.60% |
| 14 | Arch Capital Group Ltd | G0450A105 | 54,781 | $5.3M | 2.35% |
| 15 | Mercadolibre Inc | MELI | 2,122 | $4.3M | 1.91% |
| 16 | Weyerhaeuser Co REIT | WY | 165,982 | $3.9M | 1.76% |
| 17 | Alphabet Inc. Class C | GOOG | 11,884 | $3.7M | 1.66% |
| 18 | Berkshire Hathaway Class B | BRK-A | 7,193 | $3.6M | 1.61% |
| 19 | Johnson & Johnson | JNJ | 17,021 | $3.5M | 1.57% |
| 20 | Nu Holdings Ltd. | NU | 181,600 | $3.0M | 1.36% |
| 21 | Southern Company | SOMN | 32,838 | $2.9M | 1.28% |
| 22 | Franco-Nevada Corp | FNV | 13,483 | $2.8M | 1.25% |
| 23 | Duke Energy Corp | DUKB | 22,225 | $2.6M | 1.16% |
| 24 | Cisco Systems, Inc. | CSCO | 31,024 | $2.4M | 1.07% |
| 25 | Brookfield Asset Management Ltd. | 113004105 | 41,832 | $2.2M | 0.98% |
| 26 | Apple Inc. | AAPL | 7,700 | $2.1M | 0.93% |
| 27 | Coupang, Inc. | CPNG | 86,466 | $2.0M | 0.91% |
| 28 | Danaher Corp | 235851102 | 8,474 | $1.9M | 0.87% |
| 29 | BWX Technologies Inc | BWXT | 10,483 | $1.8M | 0.81% |
| 30 | Boeing | BA-PA | 7,950 | $1.7M | 0.77% |
| 31 | Saba Capital Income & Opportunities Fund | 78518H202 | 223,521 | $1.6M | 0.70% |
| 32 | SLB | SLB | 36,194 | $1.4M | 0.62% |
| 33 | Chevron Corp. | CVX | 8,969 | $1.4M | 0.61% |
| 34 | Canadian National Railway Co. | 136375102 | 13,700 | $1.4M | 0.60% |
| 35 | Blackstone Mortgage Trust | BX | 62,360 | $1.2M | 0.55% |
| 36 | Bristol-Myers Squibb | CELG-RI | 18,422 | $993,683 | 0.44% |
| 37 | ExxonMobil Corp | XOM | 8,121 | $977,281 | 0.44% |
| 38 | British American Tobacco ADR | 110448107 | 15,515 | $891,234 | 0.40% |
| 39 | W. R. Berkley Corporation | WRB-PH | 12,705 | $890,875 | 0.40% |
| 40 | Eli Lilly & Company | LLY | 826 | $887,686 | 0.40% |
| 41 | WisdomTree Floating Rate Treasury Fund | WT | 16,000 | $805,120 | 0.36% |
| 42 | Consolidated Edison | ED | 7,767 | $771,418 | 0.34% |
| 43 | EQT Corporation | EQT | 13,920 | $746,112 | 0.33% |
| 44 | Colgate-Palmolive Co | CL | 8,810 | $696,166 | 0.31% |
| 45 | Philip Morris International Inc. | 718172109 | 4,240 | $686,329 | 0.31% |
| 46 | Dominion Resources, Inc | D | 11,700 | $685,503 | 0.31% |
| 47 | Option Care Health Inc | OPCH | 20,880 | $665,237 | 0.30% |
| 48 | Martin Marietta Matr | 573284106 | 1,015 | $632,000 | 0.28% |
| 49 | Kimberly-Clark Corp | KMB | 6,005 | $613,411 | 0.27% |
| 50 | Enbridge Inc | ENNPF | 12,796 | $612,033 | 0.27% |
| 51 | Brookfield Renewable LP | G16258108 | 22,451 | $605,503 | 0.27% |
| 52 | Amrize Ltd | AMRZ | 10,900 | $589,472 | 0.26% |
| 53 | PG&E Corporation | PCG-PX | 36,490 | $588,219 | 0.26% |
| 54 | Hershey Co | HSY | 3,231 | $587,977 | 0.26% |
| 55 | Saba Closed End Funds ETF | 30151E806 | 25,060 | $577,382 | 0.26% |
| 56 | Procter & Gamble | 742718109 | 3,770 | $540,279 | 0.24% |
| 57 | Grab Holdings Ltd. | GRABW | 100,880 | $503,391 | 0.22% |
| 58 | Edison International | 281020107 | 8,000 | $480,160 | 0.21% |
| 59 | Enterprise Products Partners L.P. | 293792107 | 14,675 | $470,481 | 0.21% |
| 60 | TIC Solutions, Inc. | TICAW | 43,500 | $439,785 | 0.20% |
| 61 | State Street SPDR Portfolio Short Term Corporate Bond ETF | 78464A474 | 14,543 | $439,199 | 0.20% |
| 62 | Invesco BulletShares 2028 Corporate Bond ETF | IVZ | 21,290 | $438,574 | 0.20% |
| 63 | iShares iBonds December 2028 Term ETF | 46435U515 | 17,180 | $437,317 | 0.20% |
| 64 | Deere & Co | DE | 920 | $429,815 | 0.19% |
| 65 | iShares 0-5 Year TIPS Bond ETF | 46429B747 | 4,060 | $415,703 | 0.19% |
| 66 | iShares 0-5 Year Investment Grade Corporate Bond ETF | 46434V100 | 7,800 | $395,460 | 0.18% |
| 67 | Coca-Cola Company | KO | 5,625 | $393,244 | 0.18% |
| 68 | Texas Pacific Land Corp | TPL | 1,325 | $380,567 | 0.17% |
| 69 | Commercial Metals Co | CMC | 4,565 | $315,989 | 0.14% |
| 70 | Honeywell International Inc. | 438516106 | 1,611 | $314,290 | 0.14% |
| 71 | Applied Materials | 038222105 | 1,145 | $294,254 | 0.13% |
| 72 | JPMorgan Equity Premium Income ETF | 46641Q332 | 5,000 | $288,335 | 0.13% |
| 73 | Snowflake Inc. | SNOW | 1,295 | $284,071 | 0.13% |
| 74 | Microsoft Corporation | MSFT | 550 | $265,991 | 0.12% |
| 75 | Cohen & Steers Infrastructure Fund | 19248A109 | 10,900 | $262,799 | 0.12% |
| 76 | Home Depot | HD | 700 | $240,870 | 0.11% |
| 77 | Raytheon Technologies Co | RTX | 1,300 | $238,420 | 0.11% |
| 78 | Amazon Com Inc | AMZN | 970 | $223,895 | 0.10% |
| 79 | Brookfield Renewable Corp | BEPC | 5,735 | $219,880 | 0.10% |
| 80 | The Williams Companies, Inc. | 969457100 | 3,615 | $217,298 | 0.10% |
| 81 | Micron Technology, Inc. | MU | 750 | $214,144 | 0.10% |
| 82 | Intuitive Surgical | ISRG | 375 | $212,385 | 0.09% |
| 83 | Loews Corp | L | 2,000 | $210,620 | 0.09% |
| 84 | Vanguard Emerging Markets Government Bond ETF | 921946885 | 3,050 | $205,662 | 0.09% |
| 85 | Abbvie Inc | ABBV | 897 | $204,956 | 0.09% |
| 86 | VanEck Green Bond ETF | 92189F171 | 8,250 | $200,764 | 0.09% |
| 87 | DoubleLine Yield Opportunities Fund | DLY | 13,000 | $189,020 | 0.08% |
| 88 | American Express Co. | AXP | 400 | $147,980 | 0.07% |
| 89 | Invesco Preferred ETF | IVZ | 11,596 | $130,339 | 0.06% |
| 90 | Costco Wholesale Co | 22160K105 | 150 | $129,351 | 0.06% |
| 91 | Blackstone Group Inc | BX | 800 | $123,312 | 0.06% |
| 92 | Blackstone Strategic Credit 2027 Term Fund | BX | 10,000 | $118,570 | 0.05% |
| 93 | Merck & Co. Inc. | MRK | 1,000 | $106,110 | 0.05% |
| 94 | Brookfield Corp F Class A | 11271J107 | 2,080 | $95,451 | 0.04% |
| 95 | Union Pacific Corp. | UNP | 400 | $92,528 | 0.04% |
| 96 | Alphabet Inc. Class C | GOOG | 200 | $62,760 | 0.03% |
| 97 | Alphabet Inc. Class A | GOOG | 200 | $62,600 | 0.03% |
| 98 | Franco-Nevada Corp | FNV | 275 | $57,002 | 0.03% |
| 99 | Markel Group Inc. | MKL | 25 | $53,741 | 0.02% |
| 100 | Johnson & Johnson | JNJ | 200 | $41,390 | 0.02% |
| 101 | Weyerhaeuser Co REIT | WY | 1,500 | $35,535 | 0.02% |
| 102 | Nu Holdings Ltd. | NU | 1,500 | $25,110 | 0.01% |
| 103 | Saba Closed End Funds ETF | 30151E806 | 1,075 | $24,768 | 0.01% |
| 104 | Arch Capital Group Ltd | G0450A105 | 250 | $23,980 | 0.01% |
| 105 | Mercadolibre Inc | MELI | 10 | $20,143 | 0.01% |
| 106 | PhenixFIN Corporation | PFXNZ | 450 | $19,881 | 0.01% |
| 107 | Consolidated Edison | ED | 200 | $19,864 | 0.01% |
| 108 | Brookfield Asset Management Ltd. | 113004105 | 346 | $18,127 | 0.01% |
| 109 | Saba Capital Income & Opportunities Fund | 78518H202 | 2,266 | $15,885 | 0.01% |
| 110 | Danaher Corp | 235851102 | 50 | $11,462 | 0.01% |
| 111 | Bristol-Myers Squibb | CELG-RI | 200 | $10,788 | 0.00% |