CALDWELL SUTTER CAPITAL, INC.

SAUSALITO, CA · CIK 702007 · 13F filing filed 2024-07-23

SEC-registered investment adviser since 2006 · corporation

Assets managed$605.7m
Staff17 · 5 in investment roles
Main clients (by assets)High net worth individuals 70%, Individuals 25%, Companies 4%
Websitecald.com
Form ADV · 2026-04-17SEC adviser record

Legal entityCALDWELL SUTTER CAPITAL, INC. (US)

$202.1m reported value -2.8% vs Q1 2024

925positions

22.4%in top 10

36 new 142 added 152 reduced 34 sold out vs Q1 2024

Holdings, Q2 2024

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	APPLE INC COM AAPL	AAPL	51,386	$10.8m5.36%	5.36%	Added +100	+100 0.2%
2	MSA SAFETY INC COM MSA	MSA	34,399	$6.5m3.20%	3.20%	Unchanged
3	MICROSOFT CORP COM MSFT	MSFT	10,010	$4.5m2.21%	2.21%	Added +55	+55 0.6%
4	VISA INC COM CL A V	V	15,059	$4.0m1.96%	1.96%	Reduced -1.3k	-1,324 -8.1%
5	KINETIK HOLDINGS INC COM NEW CL A KNTK	KNTK	90,444	$3.7m1.85%	1.85%	Reduced -6.1k	-6,135 -6.3%
6	COSTCO WHSL CORP NEW COM COST	COST	4,135	$3.5m1.74%	1.74%	Reduced -213	-213 -4.9%
7	CATERPILLAR INC COM CAT	CAT	10,118	$3.4m1.67%	1.67%	Reduced -776	-776 -7.1%
8	CHEVRON CORP NEW COM CVX	CVX	20,331	$3.2m1.57%	1.57%	Reduced -274	-274 -1.3%
9	DONEGAL GROUP INC CL A DGICA	DGICA	233,181	$3.0m1.49%	1.49%	Added +5.5k	+5,461 2.4%
10	ISHARES TR CORE S&P500 ETF IVV	IVV	5,055	$2.8m1.37%	1.37%	Reduced -50	-50 -1.0%
11	NATURAL ALTERNATIVES INTL IN COM NEW NAII	NAII	412,175	$2.5m1.23%	1.23%	Reduced -32.2k	-32,163 -7.2%
12	VANGUARD SPECIALIZED FUNDS DIV APP ETF VIG	VIG	13,306	$2.4m1.20%	1.20%	Added +248	+248 1.9%
13	CSW INDUSTRIALS INC COM CSW	CSW	8,364	$2.2m1.10%	1.10%	Reduced -300	-300 -3.5%
14	NEW ENGLAND RLTY ASSOC LTD P DEPOSITRY RCPT NEN	NEN	30,376	$2.2m1.07%	1.07%	Reduced -2.0k	-1,963 -6.1%
15	PFIZER INC COM PFE	PFE	74,729	$2.1m1.03%	1.03%	Added +1.1k	+1,108 1.5%
16	PERMA-PIPE INTL HLDGS INC COM PPIH	PPIH	227,896	$2.0m1.00%	1.00%	Reduced -1.4k	-1,411 -0.6%
17	FIRST INTERNET BANCORP COM INBK	INBK	73,358	$2.0m0.98%	0.98%	Unchanged
18	JPMORGAN CHASE & CO COM JPM	JPM	9,531	$1.9m0.95%	0.95%	Added +517	+517 5.7%
19	SUMMIT ST BK SANTA ROSA CALI COM SSBI	SSBI	202,176	$1.9m0.95%	0.95%	Reduced -7.2k	-7,152 -3.4%
20	MODINE MFG CO COM MOD	MOD	18,339	$1.8m0.91%	0.91%	Reduced -500	-500 -2.6%
21	EXXON MOBIL CORP COM XOM	XOM	15,660	$1.8m0.89%	0.89%	Reduced -351	-351 -2.2%
22	AMERICAN EXPRESS CO COM AXP	AXP	7,427	$1.7m0.85%	0.85%	Added +85	+85 1.2%
23	KAYNE ANDERSON ENERGY INFRST COM KYN	KYN	165,753	$1.7m0.85%	0.85%	Reduced -5.2k	-5,157 -3.0%
24	META PLATFORMS INC CL A META	META	3,373	$1.7m0.84%	0.84%	Added +49	+49 1.5%
25	PEPSICO INC COM PEP	PEP	10,252	$1.7m0.84%	0.84%	Added +609	+609 6.3%
26	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	6,278	$1.7m0.83%	0.83%	Unchanged
27	BANNER CORP COM NEW BANR	BANR	33,687	$1.7m0.83%	0.83%	Reduced -1.0k	-1,000 -2.9%
28	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	9,654	$1.7m0.83%	0.83%	Reduced -630	-630 -6.1%
29	PARKE BANCORP INC COM PKBK	PKBK	95,415	$1.7m0.82%	0.82%	Reduced -3.9k	-3,879 -3.9%
30	BAYCOM CORP COM BCML	BCML	81,247	$1.7m0.82%	0.82%	Reduced -514	-514 -0.6%
31	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	4,047	$1.6m0.81%	0.81%	Added +1.7k	+1,735 75.0%
32	ISHARES TR EXPND TEC SC ETF IGM	IGM	16,902	$1.6m0.79%	0.79%	Unchanged
33	BARINGS CORPORATE INVS COM MCI	MCI	84,614	$1.6m0.78%	0.78%	Unchanged
34	A-MARK PRECIOUS METALS INC COM GOLD	GOLD	46,102	$1.5m0.74%	0.74%	Reduced -2.9k	-2,900 -5.9%
35	UMH PPTYS INC COM UMH	UMH	91,494	$1.5m0.72%	0.72%	Reduced -527	-527 -0.6%
36	BLACK STONE MINERALS L P COM UNIT BSM	BSM	90,700	$1.4m0.70%	0.70%	Reduced -16.6k	-16,600 -15.5%
37	UNION PAC CORP COM UNP	UNP	6,182	$1.4m0.69%	0.69%	Unchanged
38	COMMUNITY WEST BANCSHARES NE COM CWBC	CWBC	74,705	$1.4m0.68%	0.68%	New
39	WILEY JOHN & SONS INC CL A WLY	WLY	33,936	$1.4m0.68%	0.68%	Reduced -5.6k	-5,552 -14.1%
40	CISCO SYS INC COM CSCO	CSCO	28,244	$1.3m0.66%	0.66%	Added +55	+55 0.2%
41	HOME DEPOT INC COM HD	HD	3,629	$1.2m0.62%	0.62%	Reduced -125	-125 -3.3%
42	SENECA FOODS CORP NEW CL A SENEA	SENEA	21,306	$1.2m0.61%	0.61%	Reduced -1.4k	-1,379 -6.1%
43	VANGUARD INDEX FDS GROWTH ETF VUG	VUG	3,135	$1.2m0.58%	0.58%	Reduced -1	-1 -0.0%
44	AMERICAN RLTY INVS INC COM ARL	ARL	80,782	$1.1m0.57%	0.57%	Unchanged
45	CAPITAL SOUTHWEST CORP COM CSWC	CSWC	43,228	$1.1m0.56%	0.56%	Unchanged
46	PIMCO ETF TR ACTIVE BD ETF BOND	BOND	12,348	$1.1m0.56%	0.56%	Added +555	+555 4.7%
47	CREATIVE MEDIA & CMNTY TR COM NEW COM NEW		410,127	$1.1m0.55%	0.55%	Reduced -4.1k	-4,108 -1.0%
48	HONEYWELL INTL INC COM COM		5,017	$1.1m0.53%	0.53%	Unchanged
49	CANADIAN PACIFIC KANSAS CITY COM CP	CP	13,250	$1.0m0.52%	0.52%	Unchanged
50	NICHOLAS FINL INC BC COM NEW COM NEW		157,000	$1.0m0.51%	0.51%	Reduced -2.9k	-2,900 -1.8%
51	AMREP CORP COM AXR	AXR	53,872	$1.0m0.50%	0.50%	Unchanged
52	VERIZON COMMUNICATIONS INC COM VZ	VZ	24,554	$1.0m0.50%	0.50%	Added +1.1k	+1,122 4.8%
53	ABBVIE INC COM ABBV	ABBV	5,742	$984.8k0.49%	0.49%	Reduced -105	-105 -1.8%
54	BOEING CO COM BA	BA	5,377	$978.7k0.48%	0.48%	Reduced -37	-37 -0.7%
55	MERCK & CO INC COM MRK	MRK	7,775	$962.5k0.48%	0.48%	Reduced -628	-628 -7.5%
56	NATIONAL WESTN LIFE GROUP IN CL A NWLI	NWLI	1,933	$960.6k0.48%	0.48%	Reduced -180	-180 -8.5%
57	ELECTRO-SENSORS INC COM COM		239,179	$944.9k0.47%	0.47%	Added +15.6k	+15,598 7.0%
58	MCDONALDS CORP COM MCD	MCD	3,571	$910.0k0.45%	0.45%	Reduced -232	-232 -6.1%
59	INTERGROUP CORP COM INTG	INTG	43,751	$903.4k0.45%	0.45%	Reduced -351	-351 -0.8%
60	NVIDIA CORPORATION COM NVDA	NVDA	7,271	$898.3k0.44%	0.44%	Added +2.1k	+2,141 41.7%
61	QUALCOMM INC COM QCOM	QCOM	4,458	$888.0k0.44%	0.44%	Reduced -420	-420 -8.6%
62	PROCTER AND GAMBLE CO COM PG	PG	5,375	$886.4k0.44%	0.44%	Reduced -102	-102 -1.9%
63	JOHNSON & JOHNSON COM JNJ	JNJ	6,017	$879.4k0.44%	0.44%	Added +676	+676 12.7%
64	AT&T INC COM T	T	45,869	$876.6k0.43%	0.43%	Added +3.5k	+3,462 8.2%
65	SELECT SECTOR SPDR TR ENERGY XLE	XLE	9,383	$855.3k0.42%	0.42%	Reduced -500	-500 -5.1%
66	APARTMENT INVT & MGMT CO CL A AIV	AIV	102,300	$848.1k0.42%	0.42%	Reduced -2.4k	-2,400 -2.3%
67	INTEL CORP COM INTC	INTC	27,166	$841.3k0.42%	0.42%	Added +70	+70 0.3%
68	AMCON DISTRG CO COM NEW DIT	DIT	6,082	$833.6k0.41%	0.41%	Unchanged
69	BANK AMERICA CORP COM BAC	BAC	20,139	$800.9k0.40%	0.40%	Added +1.3k	+1,348 7.2%
70	DIGITAL RLTY TR INC COM DLR	DLR	5,242	$797.1k0.39%	0.39%	Reduced -334	-334 -6.0%
71	INVESTORS TITLE CO NC COM ITIC	ITIC	4,393	$791.3k0.39%	0.39%	Unchanged
72	LOCKHEED MARTIN CORP COM LMT	LMT	1,663	$776.8k0.38%	0.38%	Reduced -5	-5 -0.3%
73	DANAHER CORPORATION COM DHR	DHR	3,047	$761.3k0.38%	0.38%	Reduced -100	-100 -3.2%
74	WASTE MGMT INC DEL COM WM	WM	3,548	$756.9k0.37%	0.37%	Reduced -80	-80 -2.2%
75	MANITEX INTL INC COM MNTX	MNTX	170,725	$756.3k0.37%	0.37%	Unchanged
76	BARINGS PARTN INVS SH BEN INT MPV	MPV	45,377	$749.6k0.37%	0.37%	Unchanged
77	ALPHABET INC CAP STK CL C GOOG	GOOG	3,963	$726.9k0.36%	0.36%	Added +17	+17 0.4%
78	NORTHRIM BANCORP INC COM NRIM	NRIM	12,367	$712.8k0.35%	0.35%	Unchanged
79	ONEOK INC NEW COM OKE	OKE	8,668	$706.9k0.35%	0.35%	Reduced -429	-429 -4.7%
80	INGLES MKTS INC CL A IMKTA	IMKTA	10,243	$702.8k0.35%	0.35%	New
81	GILEAD SCIENCES INC COM GILD	GILD	10,240	$702.5k0.35%	0.35%	Added +503	+503 5.2%
82	HOMESTREET INC COM MCHB	MCHB	60,000	$684.0k0.34%	0.34%	Unchanged
83	ISHARES TR 20 YR TR BD ETF TLT	TLT	7,444	$683.2k0.34%	0.34%	Added +731	+731 10.9%
84	AMAZON COM INC COM AMZN	AMZN	3,518	$679.9k0.34%	0.34%	Added +561	+561 19.0%
85	PIMCO ETF TR ENHNCD LW DUR AC LDUR	LDUR	7,160	$677.9k0.34%	0.34%	Added +166	+166 2.4%
86	DUKE ENERGY CORP NEW COM NEW DUK	DUK	6,736	$675.1k0.33%	0.33%	Added +310	+310 4.8%
87	SMARTFINANCIAL INC COM NEW SMBK	SMBK	28,431	$673.0k0.33%	0.33%	Unchanged
88	VANGUARD INDEX FDS VALUE ETF VTV	VTV	4,049	$649.5k0.32%	0.32%	Added +81	+81 2.0%
89	VANGUARD WORLD FD ENERGY ETF VDE	VDE	5,000	$637.9k0.32%	0.32%	Reduced -237	-237 -4.5%
90	ENBRIDGE INC COM ENB	ENB	17,665	$628.7k0.31%	0.31%	Reduced -9.6k	-9,647 -35.3%
91	DOLLAR GEN CORP NEW COM DG	DG	4,631	$612.4k0.30%	0.30%	Unchanged
92	BERKSHIRE HATHAWAY INC DEL CL A BRK.A	BRK.A	1	$612.2k0.30%	0.30%	Unchanged
93	CLOROX CO DEL COM CLX	CLX	4,399	$600.3k0.30%	0.30%	Reduced -797	-797 -15.3%
94	COCA COLA CO COM KO	KO	9,390	$597.7k0.30%	0.30%	Added +805	+805 9.4%
95	WILLIAMS COS INC COM WMB	WMB	14,027	$596.1k0.30%	0.30%	Reduced -212	-212 -1.5%
96	AMGEN INC COM AMGN	AMGN	1,848	$577.3k0.29%	0.29%	Reduced -104	-104 -5.3%
97	CENTRAL SECS CORP COM CET	CET	13,050	$574.5k0.28%	0.28%	Added +6.7k	+6,672 104.6%
98	LGL GROUP INC COM LGL	LGL	106,491	$571.9k0.28%	0.28%	Unchanged
99	FS BANCORP INC COM FSBW	FSBW	15,468	$563.8k0.28%	0.28%	Unchanged
100	WALMART INC COM WMT	WMT	8,154	$552.1k0.27%	0.27%	Reduced -434	-434 -5.0%

Sold out since Q1 2024

Security	Ticker	Shares held before	Value then
COMMUNITY WEST BANCSHARES		78,357	$1.2m78.4k shares
CENTRAL VY CMNTY BANCORP		20,043	$398.7k20.0k shares
CALUMET SPECIALTY PRODS PART CLMT	CLMT	15,000	$222.9k15.0k shares
AMERICAN EAGLE OUTFITTERS IN AEO	AEO	2,000	$51.6k2.0k shares
FIRST TR MLP & ENERGY INCOM		1,586	$15.3k1.6k shares
NUSTAR ENERGY LP NS	NS	654	$15.2k654 shares
SEALED AIR CORP NEW		346	$12.9k346 shares
LIBERTY BROADBAND CORP LBRDK	LBRDK	179	$10.2k179 shares
EXPEDIA GROUP INC EXPE	EXPE	50	$6.9k50 shares
INVESCO EXCH TRADED FD TR II PCY	PCY	315	$6.4k315 shares
NUVEEN CALIFORNIA MUNI VLU F NCA	NCA	647	$5.8k647 shares
CROWN HLDGS INC CCK	CCK	71	$5.6k71 shares
ARK ETF TR ARKK	ARKK	108	$5.4k108 shares
INVESCO EXCHANGE TRADED FD T PGF	PGF	225	$3.4k225 shares
SHOCKWAVE MED INC SWAV	SWAV	10	$3.3k10 shares
STARRETT L S CO		200	$3.2k200 shares
INVESCO EXCH TRADED FD TR II PGX	PGX	200	$2.4k200 shares
WISDOMTREE TR WTAI	WTAI	100	$2.1k100 shares
ISHARES TR IVW	IVW	21	$1.8k21 shares
ISHARES INC EEMV	EEMV	26	$1.5k26 shares
DOXIMITY INC DOCS	DOCS	50	$1.3k50 shares
BARNWELL INDS INC BRN	BRN	454	$1.1k454 shares
AESTHER HEALTHCARE ACQSTN CO		100	$379100 shares
ADDVANTAGE TECHNOLOGIES GROU AEYGQ	AEYGQ	5,205	$3125.2k shares
LIBERTY MEDIA CORP DEL		7	$3077 shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
NATURAL ALTERNATIVES INTL IN NAII · 13G · filed 2025-02-11	NAII	7.8%≈ $1.1m		13G	2025-02-11
ELECTRO-SENSORS INC 13G · filed 2025-02-11		7.3%≈ $1.9m		13G	2025-02-11