CALDWELL SUTTER CAPITAL, INC.

SAUSALITO, CA · CIK 702007 · 13F filing filed 2025-07-11

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)

$218.4m reported value +3.9% vs Q1 2025

860positions

22.2%in top 10

19 new 139 added 165 reduced 48 sold out vs Q1 2025

Holdings, Q2 2025

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	47,886	$9.8m4.50%	4.50%	Reduced -393	-393 -0.8%
2	MSA SAFETY INC COM MSA	MSA	33,299	$5.6m2.55%	2.55%	Reduced -700	-700 -2.1%
3	PERMA-PIPE INTL HLDGS INC COM PPIH	PPIH	241,154	$5.5m2.53%	2.53%	Added +15.1k	+15,058 6.7%
4	VISA INC COM CL A V	V	14,024	$5.0m2.28%	2.28%	Reduced -271	-271 -1.9%
5	DONEGAL GROUP INC CL A DGICA	DGICA	226,028	$4.5m2.07%	2.07%	Reduced -6.9k	-6,883 -3.0%
6	MICROSOFT CORP COM MSFT	MSFT	8,656	$4.3m1.97%	1.97%	Reduced -317	-317 -3.5%
7	SUMMIT ST BK SANTA ROSA CALI COM SSBI	SSBI	349,264	$3.8m1.73%	1.73%	Added +36.2k	+36,160 11.6%
8	CATERPILLAR INC COM CAT	CAT	9,206	$3.6m1.64%	1.64%	Reduced -56	-56 -0.6%
9	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	6,615	$3.2m1.47%	1.47%	Reduced -70	-70 -1.1%
10	KINETIK HOLDINGS INC COM NEW CL A KNTK	KNTK	72,810	$3.2m1.47%	1.47%	Reduced -400	-400 -0.6%
11	ISHARES TR CORE S&P500 ETF IVV	IVV	4,932	$3.1m1.40%	1.40%	Reduced -5	-5 -0.1%
12	COSTCO WHSL CORP NEW COM COST	COST	3,074	$3.0m1.39%	1.39%	Reduced -30	-30 -1.0%
13	VANGUARD SPECIALIZED FUNDS DIV APP ETF VIG	VIG	14,183	$2.9m1.33%	1.33%	Added +1.1k	+1,068 8.1%
14	JPMORGAN CHASE & CO COM JPM	JPM	9,488	$2.8m1.26%	1.26%	Reduced -84	-84 -0.9%
15	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	8,839	$2.6m1.19%	1.19%	Reduced -132	-132 -1.5%
16	INTUIT COM INTU	INTU	3,200	$2.5m1.15%	1.15%	Reduced -200	-200 -5.9%
17	CHEVRON CORP NEW COM CVX	CVX	17,162	$2.5m1.13%	1.13%	Reduced -1.5k	-1,506 -8.1%
18	META PLATFORMS INC CL A META	META	3,179	$2.3m1.07%	1.07%	Reduced -10	-10 -0.3%
19	AMERICAN EXPRESS CO COM AXP	AXP	7,338	$2.3m1.07%	1.07%	Reduced -71	-71 -1.0%
20	BAYCOM CORP COM BCML	BCML	82,429	$2.3m1.05%	1.05%	Reduced -190	-190 -0.2%
21	NEW ENGLAND RLTY ASSOC LTD P DEPOSITRY RCPT NEN	NEN	30,226	$2.2m1.01%	1.01%	Reduced -200	-200 -0.7%
22	FIRSTSUN CAP BANCORP COM FSUN	FSUN	63,405	$2.2m1.01%	1.01%	Unchanged
23	SENECA FOODS CORP NEW CL A SENEA	SENEA	20,846	$2.1m0.97%	0.97%	Reduced -360	-360 -1.7%
24	FIRST INTERNET BANCORP COM INBK	INBK	78,533	$2.1m0.97%	0.97%	Added +7.0k	+7,027 9.8%
25	CISCO SYS INC COM CSCO	CSCO	29,054	$2.0m0.92%	0.92%	Reduced -223	-223 -0.8%
26	KAYNE ANDERSON ENERGY INFRST COM KYN	KYN	153,960	$2.0m0.90%	0.90%	Reduced -3.4k	-3,442 -2.2%
27	PARKE BANCORP INC COM PKBK	PKBK	94,510	$1.9m0.88%	0.88%	Unchanged
28	BANNER CORP COM NEW BANR	BANR	29,492	$1.9m0.87%	0.87%	Unchanged
29	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	6,128	$1.9m0.85%	0.85%	Reduced -150	-150 -2.4%
30	BARINGS CORPORATE INVS COM MCI	MCI	84,614	$1.8m0.84%	0.84%	Unchanged
31	ISHARES TR EXPND TEC SC ETF IGM	IGM	16,122	$1.8m0.83%	0.83%	Reduced -780	-780 -4.6%
32	MODINE MFG CO COM MOD	MOD	17,239	$1.7m0.78%	0.78%	Reduced -200	-200 -1.1%
33	PFIZER INC COM PFE	PFE	65,226	$1.6m0.72%	0.72%	Added +769	+769 1.2%
34	WILEY JOHN & SONS INC CL A WLY	WLY	33,810	$1.5m0.69%	0.69%	Reduced -126	-126 -0.4%
35	EXXON MOBIL CORP COM XOM	XOM	13,980	$1.5m0.69%	0.69%	Reduced -1.3k	-1,317 -8.6%
36	UMH PPTYS INC COM UMH	UMH	89,473	$1.5m0.69%	0.69%	Reduced -721	-721 -0.8%
37	PEPSICO INC COM PEP	PEP	11,024	$1.5m0.67%	0.67%	Added +250	+250 2.3%
38	UNION PAC CORP COM UNP	UNP	6,301	$1.4m0.66%	0.66%	Added +44	+44 0.7%
39	COMMUNITY WEST BANCSHARES NE COM CWBC	CWBC	74,077	$1.4m0.66%	0.66%	Unchanged
40	NATURAL ALTERNATIVES INTL IN COM NEW NAII	NAII	419,448	$1.4m0.63%	0.63%	Reduced -1.4k	-1,442 -0.3%
41	HOME DEPOT INC COM HD	HD	3,559	$1.3m0.60%	0.60%	Reduced -4	-4 -0.1%
42	AT&T INC COM T	T	42,409	$1.2m0.56%	0.56%	Reduced -498	-498 -1.2%
43	VANGUARD INDEX FDS GROWTH ETF VUG	VUG	2,782	$1.2m0.56%	0.56%	Reduced -7	-7 -0.2%
44	HONEYWELL INTL INC COM COM		5,041	$1.2m0.54%	0.54%	Unchanged
45	WASTE MGMT INC DEL COM WM	WM	5,099	$1.2m0.53%	0.53%	Unchanged
46	PIMCO ETF TR ACTIVE BD ETF BOND	BOND	12,518	$1.2m0.53%	0.53%	Reduced -596	-596 -4.5%
47	ABBVIE INC COM ABBV	ABBV	6,035	$1.1m0.51%	0.51%	Added +72	+72 1.2%
48	VERIZON COMMUNICATIONS INC COM VZ	VZ	25,666	$1.1m0.51%	0.51%	Reduced -43	-43 -0.2%
49	NORTHRIM BANCORP INC COM NRIM	NRIM	11,801	$1.1m0.50%	0.50%	Unchanged
50	MCDONALDS CORP COM MCD	MCD	3,709	$1.1m0.50%	0.50%	Reduced -16	-16 -0.4%
51	AMREP CORP COM AXR	AXR	50,772	$1.1m0.49%	0.49%	Unchanged
52	ELECTRO-SENSORS INC COM COM		250,052	$1.1m0.48%	0.48%	Added +6.1k	+6,066 2.5%
53	CANADIAN PACIFIC KANSAS CITY COM CP	CP	13,250	$1.1m0.48%	0.48%	Unchanged
54	AMERICAN RLTY INVS INC COM ARL	ARL	73,420	$1.0m0.47%	0.47%	Reduced -4.1k	-4,081 -5.3%
55	JOHNSON & JOHNSON COM JNJ	JNJ	6,543	$999.4k0.46%	0.46%	Added +85	+85 1.3%
56	BANK AMERICA CORP COM BAC	BAC	21,015	$994.4k0.46%	0.46%	Reduced -146	-146 -0.7%
57	HERSHEY CO COM HSY	HSY	5,929	$983.9k0.45%	0.45%	Added +35	+35 0.6%
58	A-MARK PRECIOUS METALS INC COM GOLD	GOLD	44,202	$980.4k0.45%	0.45%	Unchanged
59	GILEAD SCIENCES INC COM GILD	GILD	8,786	$974.1k0.45%	0.45%	Reduced -224	-224 -2.5%
60	SMARTFINANCIAL INC COM NEW SMBK	SMBK	28,431	$960.4k0.44%	0.44%	Unchanged
61	DISNEY WALT CO COM DIS	DIS	7,517	$932.2k0.43%	0.43%	Added +5	+5 0.1%
62	CAPITAL SOUTHWEST CORP COM CSWC	CSWC	41,052	$904.8k0.41%	0.41%	Reduced -676	-676 -1.6%
63	WALMART INC COM WMT	WMT	9,241	$903.6k0.41%	0.41%	Reduced -43	-43 -0.5%
64	INVESTORS TITLE CO NC COM ITIC	ITIC	4,240	$895.9k0.41%	0.41%	Unchanged
65	APARTMENT INVT & MGMT CO CL A AIV	AIV	103,358	$894.0k0.41%	0.41%	Reduced -1.4k	-1,442 -1.4%
66	BARINGS PARTN INVS SH BEN INT MPV	MPV	43,755	$879.9k0.40%	0.40%	Reduced -1.4k	-1,442 -3.2%
67	CSW INDUSTRIALS INC COM CSW	CSW	3,012	$863.9k0.40%	0.40%	Reduced -300	-300 -9.1%
68	BOEING CO COM BA	BA	4,116	$862.4k0.39%	0.39%	Reduced -428	-428 -9.4%
69	ENBRIDGE INC COM ENB	ENB	18,506	$838.7k0.38%	0.38%	Reduced -7	-7 -0.0%
70	ISHARES TR 20 YR TR BD ETF TLT	TLT	9,442	$833.2k0.38%	0.38%	Reduced -265	-265 -2.7%
71	SELECT SECTOR SPDR TR ENERGY XLE	XLE	9,626	$816.4k0.37%	0.37%	Reduced -172	-172 -1.8%
72	DIGITAL RLTY TR INC COM DLR	DLR	4,652	$810.9k0.37%	0.37%	Reduced -112	-112 -2.4%
73	ISHARES TR 0-3 MNTH TREASRY SGOV	SGOV	7,979	$803.4k0.37%	0.37%	Added +3.1k	+3,150 65.2%
74	VANGUARD INDEX FDS VALUE ETF VTV	VTV	4,533	$801.2k0.37%	0.37%	Added +126	+126 2.9%
75	WISDOMTREE TR FLOATNG RAT TREA USFR	USFR	15,440	$776.8k0.36%	0.36%	Added +2.8k	+2,832 22.5%
76	NICHOLAS FINL INC BC COM NEW COM NEW		139,170	$765.4k0.35%	0.35%	Reduced -989	-989 -0.7%
77	PROCTER AND GAMBLE CO COM PG	PG	4,716	$751.3k0.34%	0.34%	Added +13	+13 0.3%
78	HOMESTREET INC COM MCHB	MCHB	57,000	$745.0k0.34%	0.34%	Unchanged
79	DUKE ENERGY CORP NEW COM NEW DUK	DUK	6,186	$729.9k0.33%	0.33%	Reduced -71	-71 -1.1%
80	BLACK STONE MINERALS L P COM UNIT BSM	BSM	55,790	$729.7k0.33%	0.33%	Unchanged
81	BERKSHIRE HATHAWAY INC DEL CL A BRK.A	BRK.A	1	$728.8k0.33%	0.33%	Unchanged
82	LOCKHEED MARTIN CORP COM LMT	LMT	1,572	$728.1k0.33%	0.33%	Added +43	+43 2.8%
83	WILLIAMS COS INC COM WMB	WMB	11,572	$726.8k0.33%	0.33%	Reduced -383	-383 -3.2%
84	BANK NEW YORK MELLON CORP COM BNY	BNY	7,943	$723.7k0.33%	0.33%	Unchanged
85	PIMCO ETF TR ENHNCD LW DUR AC LDUR	LDUR	7,364	$705.7k0.32%	0.32%	Reduced -458	-458 -5.9%
86	OLD NATL BANCORP IND COM ONB	ONB	32,012	$683.1k0.31%	0.31%	Unchanged
87	CENTRAL SECS CORP COM CET	CET	14,005	$670.3k0.31%	0.31%	Unchanged
88	SOUTHERN STS BANCSHARES INC COM SSBK	SSBK	18,234	$663.2k0.30%	0.30%	Reduced -360	-360 -1.9%
89	PHILIP MORRIS INTL INC COM PM	PM	3,593	$654.4k0.30%	0.30%	Reduced -15	-15 -0.4%
90	AMAZON COM INC COM AMZN	AMZN	2,965	$650.5k0.30%	0.30%	Added +169	+169 6.0%
91	AMCON DISTRG CO COM NEW DIT	DIT	5,899	$649.5k0.30%	0.30%	Unchanged
92	QUALCOMM INC COM QCOM	QCOM	4,040	$643.5k0.29%	0.29%	Added +77	+77 1.9%
93	COCA COLA CO COM KO	KO	8,948	$633.1k0.29%	0.29%	Reduced -128	-128 -1.4%
94	LGL GROUP INC COM LGL	LGL	80,853	$616.1k0.28%	0.28%	Reduced -2.4k	-2,364 -2.8%
95	ALPHABET INC CAP STK CL C GOOG	GOOG	3,423	$607.2k0.28%	0.28%	Reduced -410	-410 -10.7%
96	KENVUE INC COM KVUE	KVUE	28,564	$597.8k0.27%	0.27%	Unchanged
97	UNITED PARCEL SERVICE INC CL B UPS	UPS	5,920	$597.6k0.27%	0.27%	Added +2.0k	+1,955 49.3%
98	FS BANCORP INC COM FSBW	FSBW	15,142	$596.3k0.27%	0.27%	Reduced -210	-210 -1.4%
99	ONEOK INC NEW COM OKE	OKE	7,281	$594.3k0.27%	0.27%	Reduced -590	-590 -7.5%
100	NVIDIA CORPORATION COM NVDA	NVDA	3,743	$591.4k0.27%	0.27%	Added +96	+96 2.6%

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
EQUITY COMWLTH EQC	EQC	342,380	$551.2k342.4k shares
FIRST BANCSHARES INC MS FBMS	FBMS	7,811	$264.1k7.8k shares
UFP INDUSTRIES INC UFPI	UFPI	1,900	$203.4k1.9k shares
PATRIOT NATL BANCORP INC PNBK	PNBK	148,401	$172.1k148.4k shares
UNITED STATES STL CORP NEW X	X	2,900	$122.6k2.9k shares
TRUST FOR PROFESSIONAL MANAG APUE	APUE	3,523	$119.7k3.5k shares
FIRST LONG IS CORP FLIC	FLIC	8,885	$109.7k8.9k shares
TRUST FOR PROFESSIONAL MANAG APCB	APCB	3,111	$91.9k3.1k shares
IMPERIAL PETE INC		29,435	$72.1k29.4k shares
TRUST FOR PROFESSIONAL MANAG APIE	APIE	1,841	$55.3k1.8k shares
SMURFIT WESTROCK PLC SW	SW	743	$33.5k743 shares
EASTERLY GOVT PPTYS INC		2,500	$26.5k2.5k shares
ISHARES TR IWN	IWN	126	$19.0k126 shares
PENN ENTERTAINMENT INC PENN	PENN	1,000	$16.3k1.0k shares
VANGUARD CHARLOTTE FDS BNDX	BNDX	258	$12.6k258 shares
ISHARES INC EWT	EWT	245	$11.6k245 shares
BLOCK H & R INC HRB	HRB	200	$11.0k200 shares
WEC ENERGY GROUP INC WEC	WEC	100	$10.9k100 shares
J P MORGAN EXCHANGE TRADED F BBJP	BBJP	181	$10.2k181 shares
EXPEDIA GROUP INC EXPE	EXPE	50	$8.4k50 shares
CELLDEX THERAPEUTICS INC NEW CLDX	CLDX	350	$6.4k350 shares
FLEXSHARES TR HYGV	HYGV	141	$5.7k141 shares
ISHARES INC EWA	EWA	224	$5.3k224 shares
CREATIVE MEDIA & CMNTY TR		19,854	$5.0k19.9k shares
FLOWSERVE CORP FLS	FLS	100	$4.9k100 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