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
Akoustis Technologies, Inc.	COM	00973N102	94,576	160,000	SH		SOLE		60,000	0	100,000
Alibaba Group ADR	SPONSORED ADS	01609W102	767,016	10,600	SH		SOLE		7,100	0	3,500
Alphabet Inc. Class A	CAP STK CL A	02079K305	30,186	200	SH		OTR		200	0	0
Alphabet Inc. Class A	CAP STK CL A	02079K305	6,593,377	43,685	SH		SOLE		40,090	0	3,595
Alphabet Inc. Class C	CAP STK CL C	02079K107	30,452	200	SH		OTR		200	0	0
Alphabet Inc. Class C	CAP STK CL C	02079K107	1,104,646	7,255	SH		SOLE		5,575	0	1,680
American Express Co.	COM	025816109	91,076	400	SH		OTR		400	0	0
American Express Co.	COM	025816109	5,741,203	25,215	SH		SOLE		23,315	0	1,900
Apple Inc.	COM	037833100	992,869	5,790	SH		SOLE		5,790	0	0
Applied Materials	COM	038222105	216,542	1,050	SH		SOLE		1,050	0	0
Arch Capital Group Ltd	ORD	G0450A105	23,110	250	SH		OTR		250	0	0
Arch Capital Group Ltd	ORD	G0450A105	4,871,403	52,698	SH		SOLE		48,556	0	4,142
Arcos Dorados Holdings Inc-A	SHS CLASS -A -	G0457F107	111,200	10,000	SH		SOLE		0	0	10,000
Bank of America	COM	060505104	98,592	2,600	SH		SOLE		2,600	0	0
Baxter International	COM	071813109	1,030,698	23,953	SH		SOLE		23,503	0	450
Berkshire Hathaway Class B	CL B NEW	084670702	2,604,280	6,193	SH		SOLE		5,693	0	500
Blackstone Group Inc	COM	09260D107	105,096	800	SH		OTR		800	0	0
Blackstone Group Inc	COM	09260D107	11,874,009	90,386	SH		SOLE		86,061	0	4,325
Blackstone Mortgage Trust	COM CL A	09257W100	1,420,410	69,187	SH		SOLE		66,572	0	2,615
Boeing	COM	097023105	1,920,058	9,949	SH		SOLE		9,949	0	0
Bristol-Myers Squibb	COM	110122108	10,846	200	SH		OTR		200	0	0
Bristol-Myers Squibb	COM	110122108	1,012,854	18,677	SH		SOLE		14,952	0	3,725
Brookfield Asset Management Ltd.	CL A LMT VTG SHS	113004105	14,539	346	SH		OTR		346	0	0
Brookfield Asset Management Ltd.	CL A LMT VTG SHS	113004105	1,813,079	43,148	SH		SOLE		40,539	0	2,609
Brookfield Corp F Class A	CL A LTD VT SH	11271J107	58,074	1,387	SH		OTR		1,387	0	0
Brookfield Corp F Class A	CL A LTD VT SH	11271J107	7,081,306	169,126	SH		SOLE		157,452	0	11,674
Brookfield Renewable LP	PARTNERSHIP UNIT	G16258108	555,197	23,900	SH		SOLE		23,000	0	900
Brookfield Renewable C F Class A	CL A SUB VTG	11284V105	146,413	5,959	SH		SOLE		5,734	0	225
BWX Technologies Inc	COM	05605H100	194,978	1,900	SH		SOLE		750	0	1,150
Cambria Tail Risk ETF	TAIL RISK	132061862	117,326	9,600	SH		SOLE		9,600	0	0
Canadian National Railway Co.	COM	136375102	2,100,775	15,950	SH		SOLE		15,950	0	0
Chevron Corp.	COM	166764100	1,434,330	9,093	SH		SOLE		7,489	0	1,604
Cisco Systems, Inc.	COM	17275R102	1,555,894	31,174	SH		SOLE		31,174	0	0
Civeo Corp	COM NEW	17878Y207	214,800	8,000	SH		SOLE		0	0	8,000
CloudFlare, Inc.	CL A COM	18915M107	59,550	615	SH		SOLE		615	0	0
Coca-Cola Company	COM	191216100	346,866	5,625	SH		SOLE		5,625	0	0
Colgate-Palmolive Co	COM	194162103	806,848	8,960	SH		SOLE		2,260	0	6,700
Comcast Corporation	CL A	20030N101	780,300	18,000	SH		SOLE		18,000	0	0
Commercial Metals Co	COM	201723103	241,695	4,100	SH		SOLE		4,100	0	0
Consolidated Edison	COM	209115104	18,162	200	SH		OTR		200	0	0
Consolidated Edison	COM	209115104	705,321	7,767	SH		SOLE		7,367	0	400
Costco Wholesale Co	COM	22160K105	117,221	160	SH		SOLE		160	0	0
Coupang, Inc.	CL A	22266T109	1,385,147	77,861	SH		SOLE		62,762	0	15,099
Crane Company	COMMON STOCK	224408104	73,646	545	SH		SOLE		195	0	350
Deere & Co	COM	244199105	777,428	1,886	SH		SOLE		1,751	0	135
Despegar.Com Corp	ORD SHS	G27358103	119,600	10,000	SH		SOLE		0	0	10,000
Devon Energy Corp	COM	25179M103	151,795	3,025	SH		SOLE		2,925	0	100
Diageo PLC F Sponsored ADR	SPON ADR NEW	25243Q205	439,803	2,925	SH		SOLE		2,925	0	0
Dominion Resources, Inc	COM	25746U109	319,735	6,500	SH		SOLE		6,500	0	0
Duke Energy Corp	COM NEW	26441C204	1,544,265	15,968	SH		SOLE		14,793	0	1,175
Edison International	COM	281020107	572,080	8,000	SH		SOLE		8,000	0	0
Eli Lilly & Company	COM	532457108	921,883	1,185	SH		SOLE		1,180	0	5
Enbridge Inc	COM	29250N105	462,959	12,796	SH		SOLE		12,000	0	796
Enovix Corporation	COM	293594107	3,605	450	SH		OTR		450	0	0
Enovix Corporation	COM	293594107	430,786	53,781	SH		SOLE		53,361	0	420
Enterprise Products Partners L.P.	COM	293792107	439,159	15,050	SH		SOLE		14,900	0	150
ESAB Corp	COM	29605J106	66,378	600	SH		SOLE		0	0	600
ExxonMobil Corp	COM	30231G102	955,609	8,221	SH		SOLE		4,891	0	3,330
Franco-Nevada Corp	COM	351858105	32,769	275	SH		OTR		275	0	0
Franco-Nevada Corp	COM	351858105	1,324,463	11,115	SH		SOLE		9,017	0	2,098
Generac Holdings Inc	COM	368736104	136,231	1,080	SH		SOLE		1,080	0	0
General Mills Inc	COM	370334104	156,325	2,234	SH		SOLE		2,234	0	0
Grab Holdings Ltd.	CLASS A ORD	G4124C109	256,475	81,680	SH		SOLE		55,828	0	25,852
Guardant Health, Inc.	COM	40131M109	14,441	700	SH		OTR		700	0	0
Guardant Health, Inc.	COM	40131M109	1,450,763	70,323	SH		SOLE		65,728	0	4,595
Home Depot	COM	437076102	268,520	700	SH		OTR		700	0	0
Home Depot	COM	437076102	10,841,687	28,263	SH		SOLE		24,863	0	3,400
Honeywell International Inc.	COM	438516106	330,658	1,611	SH		SOLE		1,611	0	0
Horizon Kinetics Blockchain Development ETF	HORZN KINTCS BL	53656G209	75,004	3,000	SH		SOLE		3,000	0	0
Intuitive Surgical	COM NEW	46120E602	149,659	375	SH		SOLE		375	0	0
Johnson & Johnson	COM	478160104	31,638	200	SH		OTR		200	0	0
Johnson & Johnson	COM	478160104	2,858,651	18,071	SH		SOLE		17,621	0	450
JPMorgan Chase & Co	COM	46625H100	9,812,497	48,989	SH		SOLE		48,989	0	0
Kimberly-Clark Corp	COM	494368103	131,223	1,005	SH		SOLE		1,005	0	0
Markel Group Inc.	COM	570535104	38,037	25	SH		OTR		25	0	0
Markel Group Inc.	COM	570535104	2,653,461	1,744	SH		SOLE		1,385	0	359
Marriott Vacations	COM	57164Y107	893,620	8,295	SH		SOLE		8,295	0	0
Martin Marietta Matr	COM	573284106	644,637	1,050	SH		SOLE		1,050	0	0
MDU Resources Group, Inc.	COM	552690109	8,864	350	SH		OTR		350	0	0
MDU Resources Group, Inc.	COM	552690109	145,999	5,765	SH		SOLE		5,275	0	490
Mercadolibre Inc	COM	58733R102	15,120	10	SH		OTR		10	0	0
Mercadolibre Inc	COM	58733R102	2,024,514	1,339	SH		SOLE		1,192	0	147
Merck & Co. Inc.	COM	58933Y105	132,720	1,000	SH		OTR		1,000	0	0
Merck & Co. Inc.	COM	58933Y105	11,846,587	89,260	SH		SOLE		83,882	0	5,378
Microsoft Corporation	COM	594918104	357,612	850	SH		OTR		850	0	0
Microsoft Corporation	COM	594918104	22,255,247	52,898	SH		SOLE		49,186	0	3,712
National Western Life	CL A	638517102	152,508	310	SH		SOLE		310	0	0
NextEra Energy, Inc.	COM	65339F101	255,640	4,000	SH		SOLE		4,000	0	0
Nu Holdings Ltd.	ORD SHS CL A	G6683N103	790,064	66,225	SH		SOLE		45,025	0	21,200
Oaktree Specialty Lending Corporation	COM	67401P405	19,660	1,000	SH		OTR		1,000	0	0
Oaktree Specialty Lending Corporation	COM	67401P405	756,419	38,475	SH		SOLE		38,475	0	0
Obsidian Energy Ltd.	COM	674482203	412,578	50,192	SH		SOLE		20,192	0	30,000
OGE Energy Corp.	COM	670837103	420,175	12,250	SH		SOLE		12,250	0	0
Paypal Holdings Inc	COM	70450Y103	446,823	6,670	SH		SOLE		6,020	0	650
Penn NTNL Gaming	COM	707569109	163,544	8,981	SH		SOLE		8,981	0	0
PG&E Corporation	COM	69331C108	611,937	36,490	SH		SOLE		33,990	0	2,500
PhenixFIN Corporation	COM	71742W103	10,805	245	SH		OTR		245	0	0
PhenixFIN Corporation	COM	71742W103	6,245,822	142,064	SH		SOLE		91,064	0	51,000
Philip Morris International Inc.	COM	718172109	203,495	2,190	SH		SOLE		2,000	0	190
Portland General Electric Co.	COM NEW	736508847	1,738,502	40,930	SH		SOLE		40,230	0	700
Procter & Gamble	COM	742718109	614,765	3,789	SH		SOLE		3,789	0	0
ProShares Ultrapro Short S&P 500 ETF	ULTRAPRO SHORT S	74347B110	99,484	15,400	SH		SOLE		5,400	0	10,000
Qualcomm Inc.	COM	747525103	9,584,979	56,615	SH		SOLE		55,290	0	1,325
Raytheon Technologies Co	COM	75513E101	126,789	1,300	SH		SOLE		1,300	0	0
Regeneron Pharms Inc	COM	75886F107	235,810	245	SH		SOLE		245	0	0
Ryerson Holding Corporation	COM	783754104	158,288	4,725	SH		SOLE		1,925	0	2,800
Saba Capital Income & Opportunities Fund	SHS NEW	78518H202	12,393	1,700	SH		OTR		1,700	0	0
Saba Capital Income & Opportunities Fund	SHS NEW	78518H202	353,565	48,500	SH		SOLE		48,500	0	0
Saba Closed End Funds ETF	SABA INT RATE	30151E806	22,220	1,075	SH		OTR		1,075	0	0
Saba Closed End Funds ETF	SABA INT RATE	30151E806	517,990	25,060	SH		SOLE		25,060	0	0
Science Applications Inte	COM	808625107	143,429	1,100	SH		SOLE		0	0	1,100
Skyward Specialty Insurance	COM	830940102	74,820	2,000	SH		SOLE		0	0	2,000
Skywater Technology Inc	COM	83089J108	91,530	9,000	SH		SOLE		0	0	9,000
SLB	COM STK	806857108	2,137,084	38,794	SH		SOLE		37,944	0	850
Snowflake Inc.	CL A	833445109	281,184	1,740	SH		SOLE		1,485	0	255
Southern Company	COM	842587107	2,001,259	27,896	SH		SOLE		27,896	0	0
Sportradar Group AG	CLASS A ORD SHS	H8088L103	197,007	16,925	SH		SOLE		5,925	0	11,000
The Williams Companies, Inc.	COM	969457100	58,455	1,500	SH		SOLE		1,500	0	0
Thermo Fisher Scientific	COM	883556102	19,193	33	SH		SOLE		33	0	0
Tidewater Inc.	COM	88642R109	46,000	500	SH		SOLE		0	0	500
Union Pacific Corp.	COM	907818108	98,372	400	SH		OTR		400	0	0
Union Pacific Corp.	COM	907818108	8,270,978	33,605	SH		SOLE		33,605	0	0
Vaneck Vectors Green Bond ETF	GREEN BOND ETF	92189F171	195,773	8,250	SH		SOLE		8,250	0	0
Viper Energy Inc Class A	CL A	927959106	284,796	7,405	SH		SOLE		3,905	0	3,500
Weyerhaeuser Co REIT	COM NEW	962166104	53,865	1,500	SH		OTR		1,500	0	0
Weyerhaeuser Co REIT	COM NEW	962166104	6,498,525	180,967	SH		SOLE		173,317	0	7,650