Adalta Capital Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
1Life Healthcare, Inc.	COM	68269G107	580	28,663	SH		SOLE		25,163	0	3,500
Advanced Micro Devices, Inc.	COM	007903107	349	3,395	SH		SOLE		1,295	0	2,100
Alibaba Group ADR	SPONSORED ADS	01609W102	2,117	14,296	SH		SOLE		13,196	0	1,100
Alphabet Inc. Class A	CAP STK CL A	02079K305	305	114	SH		OTR		114	0	0
Alphabet Inc. Class A	CAP STK CL A	02079K305	6,069	2,270	SH		SOLE		2,078	0	192
Alphabet Inc. Class C	CAP STK CL C	02079K107	40	15	SH		OTR		15	0	0
Alphabet Inc. Class C	CAP STK CL C	02079K107	1,053	395	SH		SOLE		300	0	95
American Express Co.	COM	025816109	285	1,700	SH		OTR		1,700	0	0
American Express Co.	COM	025816109	4,577	27,320	SH		SOLE		25,280	0	2,040
Appian Corp	CL A	03782L101	292	3,160	SH		SOLE		1,660	0	1,500
Apple Inc.	COM	037833100	1,730	12,224	SH		SOLE		12,224	0	0
Applied Materials	COM	038222105	270	2,100	SH		SOLE		2,100	0	0
Arch Capital Group Ltd	ORD	G0450A105	711	18,610	SH		SOLE		15,610	0	3,000
Atac US Rotation ETF	ATAC US ROTATION	886364843	569	24,900	SH		SOLE		13,900	0	11,000
Bank of America	COM	060505104	155	3,662	SH		SOLE		3,662	0	0
Baxter International	COM	071813109	2	25	SH		OTR		25	0	0
Baxter International	COM	071813109	1,347	16,690	SH		SOLE		16,165	0	525
Berkshire Hathaway Class B	CL B NEW	084670702	151	553	SH		SOLE		53	0	500
Biogen Inc	COM	09062X103	141	500	SH		SOLE		500	0	0
Blackstone Group Inc	COM	09260D107	116	1,000	SH		OTR		1,000	0	0
Blackstone Group Inc	COM	09260D107	10,565	90,811	SH		SOLE		86,186	0	4,625
Blackstone Mortgage Trust	COM CL A	09257W100	173	5,600	SH		OTR		5,600	0	0
Blackstone Mortgage Trust	COM CL A	09257W100	1,999	64,616	SH		SOLE		59,501	0	5,115
Boeing	COM	097023105	2,496	11,348	SH		SOLE		11,348	0	0
Bristol-Myers Squibb	COM	110122108	21	350	SH		OTR		350	0	0
Bristol-Myers Squibb	COM	110122108	1,130	18,948	SH		SOLE		14,893	0	4,055
Brookfield Asset Management	CL A LTD VT SH	112585104	302	5,642	SH		OTR		5,642	0	0
Brookfield Asset Management	CL A LTD VT SH	112585104	8,521	159,240	SH		SOLE		148,149	0	11,091
Brookfield Renewable LP	PARTNERSHIP UNIT	G16258108	886	24,012	SH		SOLE		23,112	0	900
Brookfield Renewable C F Class A	CL A SUB VTG	11284V105	233	5,996	SH		SOLE		5,771	0	225
Cambria Global Tail Risk ETF	GBL TAIL RISK ET	132061805	196	8,500	SH		SOLE		8,500	0	0
Cambria Tail Risk ETF	TAIL RISK	132061862	1,777	94,550	SH		SOLE		49,050	0	45,500
Canadian National Railway Co.	COM	136375102	1,931	16,700	SH		SOLE		16,700	0	0
CBOE Global Markets Inc	COM	12503M108	198	1,600	SH		SOLE		0	0	1,600
Chevron Corp.	COM	166764100	925	9,118	SH		SOLE		7,360	0	1,758
Cisco Systems, Inc.	COM	17275R102	2,835	52,090	SH		SOLE		52,090	0	0
Civeo Corp	COM NEW	17878Y207	180	8,000	SH		SOLE		0	0	8,000
Cloudflare Inc Class A	CL A COM	18915M107	168	1,495	SH		SOLE		1,495	0	0
Colgate-Palmolive Co	COM	194162103	677	8,960	SH		SOLE		1,460	0	7,500
Comcast Corporation	CL A	20030N101	171	3,050	SH		OTR		3,050	0	0
Comcast Corporation	CL A	20030N101	4,621	82,625	SH		SOLE		78,275	0	4,350
Consolidated Edison	COM	209115104	15	200	SH		OTR		200	0	0
Consolidated Edison	COM	209115104	532	7,335	SH		SOLE		6,935	0	400
Costco Wholesale Co	COM	22160K105	180	400	SH		SOLE		400	0	0
Coupang, Inc.	CL A	22266T109	979	35,145	SH		SOLE		24,086	0	11,059
Cree, Inc.	COM	225447101	170	2,105	SH		SOLE		1,105	0	1,000
CrowdStrike Holdings, Inc.	CL A	22788C105	461	1,876	SH		SOLE		1,276	0	600
Datadog Inc - Class A	CL A COM	23804L103	271	1,915	SH		SOLE		715	0	1,200
Duke Energy Corp	COM NEW	26441C204	123	1,256	SH		SOLE		1,256	0	0
eBay Inc.	COM	278642103	94	1,345	SH		SOLE		1,330	0	15
ExxonMobil Corp	COM	30231G102	484	8,221	SH		SOLE		4,891	0	3,330
Fastly, Inc.	CL A	31188V100	322	7,955	SH		SOLE		4,940	0	3,015
Fulgent Genetics, Inc.	COM	359664109	342	3,800	SH		SOLE		1,800	0	2,000
General Motors Co	COM	37045V100	665	12,625	SH		SOLE		12,050	0	575
Guardant Health, Inc.	COM	40131M109	563	4,500	SH		OTR		4,500	0	0
Guardant Health, Inc.	COM	40131M109	12,802	102,410	SH		SOLE		93,840	0	8,570
Home Depot	COM	437076102	230	700	SH		OTR		700	0	0
Home Depot	COM	437076102	9,272	28,245	SH		SOLE		24,845	0	3,400
Honeywell International Inc.	COM	438516106	318	1,500	SH		SOLE		1,500	0	0
Invitae Corp	COM	46185L103	161	5,675	SH		SOLE		3,675	0	2,000
Johnson & Johnson	COM	478160104	275	1,700	SH		OTR		1,700	0	0
Johnson & Johnson	COM	478160104	2,402	14,871	SH		SOLE		14,421	0	450
JPMorgan Chase & Co	COM	46625H100	1,882	11,500	SH		OTR		11,500	0	0
JPMorgan Chase & Co	COM	46625H100	6,252	38,195	SH		SOLE		38,195	0	0
Kimberly-Clark Corp	COM	494368103	134	1,005	SH		SOLE		1,005	0	0
Lattice Semiconductor Corp	COM	518415104	126	1,950	SH		SOLE		1,950	0	0
Markel Corp.	COM	570535104	430	360	SH		SOLE		250	0	110
Marriott Vacations	COM	57164Y107	1,281	8,115	SH		SOLE		8,115	0	0
Martin Marietta Matr	COM	573284106	410	1,200	SH		SOLE		1,200	0	0
Merck & Co. Inc.	COM	58933Y105	257	3,390	SH		OTR		3,390	0	0
Merck & Co. Inc.	COM	58933Y105	5,509	72,720	SH		SOLE		67,040	0	5,680
Microsoft Corporation	COM	594918104	1,001	3,550	SH		OTR		3,550	0	0
Microsoft Corporation	COM	594918104	18,222	64,635	SH		SOLE		58,600	0	6,035
Mitek Systems, Inc.	COM NEW	606710200	130	7,000	SH		SOLE		7,000	0	0
Natera Inc	COM	632307104	111	1,000	SH		SOLE		1,000	0	0
NextEra Energy, Inc.	COM	65339F101	149	1,900	SH		OTR		1,900	0	0
NextEra Energy, Inc.	COM	65339F101	1,808	23,031	SH		SOLE		23,031	0	0
OGE Energy Corp.	COM	670837103	766	23,250	SH		SOLE		22,450	0	800
Palantir Technologies Inc.	CL A	69608A108	174	7,230	SH		SOLE		4,730	0	2,500
Paypal Holdings Inc	COM	70450Y103	645	2,480	SH		SOLE		1,650	0	830
PhenixFIN Corporation	COM	71742W103	825	19,235	SH		SOLE		9,435	0	9,800
Philip Morris International Inc.	COM	718172109	114	1,190	SH		SOLE		1,000	0	190
Portland General Electric Co.	COM NEW	736508847	194	4,100	SH		OTR		4,100	0	0
Portland General Electric Co.	COM NEW	736508847	2,213	46,665	SH		SOLE		43,215	0	3,450
Procter & Gamble	COM	742718109	511	3,655	SH		SOLE		3,655	0	0
ProShares Short S&P500	SHORT S&P 500 NE	74347B425	187	12,500	SH		SOLE		0	0	12,500
Pure Storage Inc CL A	CL A	74624M102	201	8,000	SH		SOLE		0	0	8,000
Qorvo, Inc.	COM	74736K101	904	5,410	SH		SOLE		3,500	0	1,910
Qualcomm Inc.	COM	747525103	206	1,600	SH		OTR		1,600	0	0
Qualcomm Inc.	COM	747525103	6,543	50,729	SH		SOLE		48,379	0	2,350
QuickLogic Corporation	COM NEW	74837P405	260	48,422	SH		SOLE		20,000	0	28,422
Raytheon Technologies Co	COM	75513E101	112	1,300	SH		SOLE		1,300	0	0
Rekor Systems, Inc.	COM	759419104	57	5,000	SH		SOLE		5,000	0	0
Roku Inc CL A	COM CL A	77543R102	78	250	SH		SOLE		250	0	0
Saba Cef ETF	SABA INT RATE	30151E806	309	14,521	SH		SOLE		14,521	0	0
Schlumberger Ltd.	COM STK	806857108	1,125	37,794	SH		SOLE		36,944	0	850
Sema4 Holdings Corp.	COM CL A	81663L101	258	34,000	SH		SOLE		19,000	0	15,000
Simulations Plus Inc Com	COM	829214105	146	3,700	SH		SOLE		1,700	0	2,000
Smartsheet Inc.	COM CL A	83200N103	491	7,135	SH		SOLE		6,410	0	725
Square Inc - A	CL A	852234103	90	375	SH		OTR		375	0	0
Square Inc - A	CL A	852234103	2,228	9,288	SH		SOLE		8,448	0	840
StoneCo Ltd	COM CL A	G85158106	162	4,655	SH		SOLE		2,655	0	2,000
Sunrun Inc.	COM	86771W105	206	4,675	SH		SOLE		4,675	0	0
Teladoc Health, Inc.	COM	87918A105	138	1,090	SH		SOLE		1,090	0	0
Teradyne, Inc.	COM	880770102	371	3,400	SH		OTR		3,400	0	0
Teradyne, Inc.	COM	880770102	8,599	78,768	SH		SOLE		72,768	0	6,000
The Trade Desk Inc Com CL A	COM CL A	88339J105	264	3,760	SH		SOLE		1,260	0	2,500
UiPath Inc.	CL A	90364P105	147	2,790	SH		SOLE		790	0	2,000
Union Pacific Corp.	COM	907818108	417	2,125	SH		OTR		2,125	0	0
Union Pacific Corp.	COM	907818108	5,183	26,445	SH		SOLE		26,445	0	0
Vaneck Vectors Green Bond ETF	GREEN BD ETF	92189F171	224	8,250	SH		SOLE		8,250	0	0
Verizon	COM	92343V104	7	125	SH		OTR		125	0	0
Verizon	COM	92343V104	988	18,288	SH		SOLE		14,758	0	3,530
Walt Disney	COM	254687106	239	1,415	SH		OTR		1,415	0	0
Walt Disney	COM	254687106	4,171	24,658	SH		SOLE		22,248	0	2,410
Wells Fargo & Co.	COM	949746101	325	7,000	SH		OTR		7,000	0	0
Weyerhaeuser Co REIT	COM NEW	962166104	222	6,250	SH		OTR		6,250	0	0
Weyerhaeuser Co REIT	COM NEW	962166104	4,895	137,605	SH		SOLE		124,555	0	13,050
Woodward, Inc.	COM	980745103	357	3,150	SH		OTR		3,150	0	0
Woodward, Inc.	COM	980745103	5,900	52,123	SH		SOLE		49,858	0	2,265