Caldwell Sutter Capital, Inc.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 11, 2025), Caldwell Sutter Capital, Inc. reported 853 stock positions worth $218.3 million. Its top holding was Apple (AAPL) at 4.5% of the portfolio, followed by Msa Safety (MSA, 2.6%) and Perma-Pipe International Hol (PPIH, 2.5%). Compared with Q1 2025, it opened 14 new positions, sold out of 44, added to 140 and reduced 163. The biggest buy was Perma-Pipe International Hol (PPIH, shares +7%) and the biggest sale Apple (AAPL, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- SAUSALITO, CA
- CIK
- 0000702007
- Portfolio Value
- $218.3M (Q2 2025)
- SEC Filing
- 0001415889-25-019662 ↗ filed Jul 11, 2025
Holdings Value
Holdings 853 stocks · $218.3M
| AAPL Apple Inc. | 4.50% | 47,886 | $9.8M | Reduce -0.8% |
| MSA Msa Safety Inc. | 2.56% | 33,299 | $5.6M | Reduce -2.1% |
| PPIH Perma-Pipe International Hol | 2.53% | 241,154 | $5.5M | Add +6.7% |
| V Visa Inc. Class A | 2.28% | 14,024 | $5.0M | Reduce -1.9% |
| DGICA Donegal Group Inc. Class A | 2.07% | 226,028 | $4.5M | Reduce -3.0% |
| MSFT Microsoft Corp. | 1.97% | 8,656 | $4.3M | Reduce -3.5% |
| SSBI Summit State Bank | 1.73% | 349,264 | $3.8M | Add +11.6% |
| CAT Caterpillar Inc. | 1.64% | 9,206 | $3.6M | Reduce -0.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.47% | 6,615 | $3.2M | Reduce -1.1% |
| KNTK Kinetik Holdings Inc. | 1.47% | 72,810 | $3.2M | Reduce -0.6% |
| IVV iShares Core S&P 500 ETF | 1.40% | 4,932 | $3.1M | Reduce -0.1% |
| COST Costco Wholesale Corp. | 1.39% | 3,074 | $3.0M | Reduce -1.0% |
| VIG Vanguard Dividend Apprec ETF | 1.33% | 14,183 | $2.9M | Add +8.1% |
| JPM JPMorgan Chase & Co. | 1.26% | 9,488 | $2.8M | Reduce -0.9% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.19% | 8,839 | $2.6M | Reduce -1.5% |
| INTU Intuit Inc. | 1.15% | 3,200 | $2.5M | Reduce -5.9% |
| CVX Chevron Corp. | 1.13% | 17,162 | $2.5M | Reduce -8.1% |
| META Meta Platforms Inc. Class A | 1.07% | 3,179 | $2.3M | Reduce -0.3% |
| AXP American Express Co. | 1.07% | 7,338 | $2.3M | Reduce -1.0% |
| BCML Baycom Corp. | 1.05% | 82,429 | $2.3M | Reduce -0.2% |
| NEN New England Realty Assoc-LP | 1.01% | 30,226 | $2.2M | Reduce -0.7% |
| FSUN Firstsun Capital Bancorp | 1.01% | 63,405 | $2.2M | No change |
| SENEA Seneca Foods Corp. Class A | 0.97% | 20,846 | $2.1M | Reduce -1.7% |
| INBK First Internet Bancorp | 0.97% | 78,533 | $2.1M | Add +9.8% |
| CSCO Cisco Systems Inc. | 0.92% | 29,054 | $2.0M | Reduce -0.8% |
| KYN Kayne Anderson Energy Infra | 0.90% | 153,960 | $2.0M | Reduce -2.2% |
| PKBK Parke Bancorp Inc. | 0.88% | 94,510 | $1.9M | No change |
| BANR Banner Corporation | 0.87% | 29,492 | $1.9M | No change |
| VTI VG Morningstar TS MKT ETF-US | 0.85% | 6,128 | $1.9M | Reduce -2.4% |
| MCI Barings Corporate Investors | 0.84% | 84,614 | $1.8M | No change |
| IGM iShares Expanded Tech Sector | 0.83% | 16,122 | $1.8M | Reduce -4.6% |
| MOD Modine Manufacturing Co. | 0.78% | 17,239 | $1.7M | Reduce -1.1% |
| PFE Pfizer Inc. | 0.72% | 65,226 | $1.6M | Add +1.2% |
| WLY Wiley (john) & Sons Class A | 0.69% | 33,810 | $1.5M | Reduce -0.4% |
| XOM Exxon Mobil Corp. | 0.69% | 13,980 | $1.5M | Reduce -8.6% |
| UMH Umh Properties Inc. filed as UMH PPTYS INC | 0.69% | 89,473 | $1.5M | Reduce -0.8% |
| PEP Pepsico Inc. | 0.67% | 11,024 | $1.5M | Add +2.3% |
| UNP Union Pacific Corp. | 0.66% | 6,301 | $1.4M | Add +0.7% |
| CWBC Community West Bancshares | 0.66% | 74,077 | $1.4M | No change |
| NAII Natural Alternatives Intl | 0.63% | 419,448 | $1.4M | Reduce -0.3% |
| HD Home Depot Inc. | 0.60% | 3,559 | $1.3M | Reduce -0.1% |
| T AT&T Inc. | 0.56% | 42,409 | $1.2M | Reduce -1.2% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.56% | 2,782 | $1.2M | Reduce -0.3% |
| HON Honeywell International Inc. | 0.54% | 5,041 | $1.2M | No change |
| WM Waste Management Inc. | 0.53% | 5,099 | $1.2M | No change |
| BOND PIMCO Active Bond Exchange-T | 0.53% | 12,518 | $1.2M | Reduce -4.5% |
| ABBV Abbvie Inc. | 0.51% | 6,035 | $1.1M | Add +1.2% |
| VZ Verizon Communications Inc. | 0.51% | 25,666 | $1.1M | Reduce -0.2% |
| NRIM Northrim Bancorp Inc. | 0.50% | 11,801 | $1.1M | No change |
| MCD McDonald's Corp. | 0.50% | 3,709 | $1.1M | Reduce -0.4% |
| AXR Amrep Corp. | 0.49% | 50,772 | $1.1M | No change |
| ELSE Electro-Sensors Inc. | 0.48% | 250,052 | $1.1M | Add +2.5% |
| CP Canadian Pacific Kansas City | 0.48% | 13,250 | $1.1M | No change |
| ARL American Realty Investors Inc. | 0.47% | 73,420 | $1.0M | Reduce -5.3% |
| JNJ Johnson & Johnson | 0.46% | 6,543 | $999K | Add +1.3% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.46% | 21,015 | $994K | Reduce -0.7% |
| HSY The Hershey Co. | 0.45% | 5,929 | $984K | Add +0.6% |
| GOLD Gold.com Inc. filed as A-MARK PRECIOUS METALS INC | 0.45% | 44,202 | $980K | No change |
| GILD Gilead Sciences Inc. | 0.45% | 8,786 | $974K | Reduce -2.5% |
| SMBK Smartfinancial Inc. | 0.44% | 28,431 | $960K | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.43% | 7,517 | $932K | Add +0.1% |
| CSWC Capital Southwest Corp. | 0.41% | 41,052 | $905K | Reduce -1.6% |
| WMT Walmart Inc. | 0.41% | 9,241 | $904K | Reduce -0.5% |
| ITIC Investors Title Co. | 0.41% | 4,240 | $896K | No change |
| AIV Apartment Invt & Mgmt Co. Class A | 0.41% | 103,358 | $894K | Reduce -1.4% |
| MPV Barings Participation Invest | 0.40% | 43,755 | $880K | Reduce -3.2% |
| CSW CSW Industrials Inc. | 0.40% | 3,012 | $864K | Reduce -9.1% |
| BA The Boeing Co. | 0.40% | 4,116 | $862K | Reduce -9.4% |
| ENB Enbridge Inc. | 0.38% | 18,506 | $839K | Reduce -0.0% |
| TLT iShares 20+ Year Treasury BD | 0.38% | 9,442 | $833K | Reduce -2.7% |
| XLE SS Energy Select Sector | 0.37% | 9,626 | $816K | Reduce -1.8% |
| DLR Digital Realty Trust Inc. | 0.37% | 4,652 | $811K | Reduce -2.4% |
| SGOV iShares 0-3 Month Treasury B | 0.37% | 7,979 | $803K | Add +65.2% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.37% | 4,533 | $801K | Add +2.9% |
| USFR Wisdomtree Floating Rate Tre | 0.36% | 15,440 | $777K | Add +22.5% |
| NICHOLAS FINL INC BC filed as OLD MKT CAP CORP | 0.35% | 139,170 | $765K | Reduce -0.7% |
| PG The Procter & Gamble Co. | 0.34% | 4,716 | $751K | Add +0.3% |
| MCHB Mechanics Bancorp Class A filed as HOMESTREET INC | 0.34% | 57,000 | $745K | No change |
| DUK Duke Energy Corp. | 0.33% | 6,186 | $730K | Reduce -1.1% |
| BSM Black Stone Minerals LP | 0.33% | 55,790 | $730K | No change |
| BRK.A Berkshire Hathaway Inc. Class A | 0.33% | 1 | $729K | No change |
| LMT Lockheed Martin Corp. | 0.33% | 1,572 | $728K | Add +2.8% |
| WMB Williams Cos Inc. | 0.33% | 11,572 | $727K | Reduce -3.2% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.33% | 7,943 | $724K | No change |
| LDUR PIMCO Enhanced Low Duration | 0.32% | 7,364 | $706K | Reduce -5.9% |
| ONB Old National Bancorp | 0.31% | 32,012 | $683K | No change |
| CET Central Securities Corp. | 0.31% | 14,005 | $670K | No change |
| SSBK Southern States Bancshares | 0.30% | 18,234 | $663K | Reduce -1.9% |
| PM Philip Morris International | 0.30% | 3,593 | $654K | Reduce -0.4% |
| AMZN Amazon.com Inc. | 0.30% | 2,965 | $650K | Add +6.0% |
| DIT Amcon Distributing Co. | 0.30% | 5,899 | $649K | No change |
| QCOM Qualcomm Inc. | 0.29% | 4,040 | $643K | Add +1.9% |
| KO The Coca-Cola Co. | 0.29% | 8,948 | $633K | Reduce -1.4% |
| LGL The LGL Group Inc. | 0.28% | 80,853 | $616K | Reduce -2.8% |
| GOOG Alphabet Inc. Class C | 0.28% | 3,423 | $607K | Reduce -10.7% |
| KVUE Kenvue Inc. | 0.27% | 28,564 | $598K | No change |
| UPS United Parcel Service Class B | 0.27% | 5,920 | $598K | Add +49.3% |
| FSBW FS Bancorp Inc. | 0.27% | 15,142 | $596K | Reduce -1.4% |
| OKE Oneok Inc. | 0.27% | 7,281 | $594K | Reduce -7.5% |
| NVDA Nvidia Corp. | 0.27% | 3,743 | $591K | Add +2.6% |
Other holdings (4): bonds, preferreds, convertibles and warrants · $70K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 2,600 | $62K | No change |
| VAL.WS Valaris Ltd. -CW28 | *W EXP 04/29/202 | 2,000 | $8K | No change |
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 31 | $642 | Reduce -36.7% |
| EVLVW Evolv Technologies -CW26 | *W EXP 07/16/202 | 500 | $275 | No change |
Total filed on the 13F, all lines: $218.4M.
Portfolio Sells Q1 2025 → Q2 2025
| AAPL Apple Inc. | Reduce -0.8% | 4.50% | −0.60 |
| CVX Chevron Corp. | Reduce -8.1% | 1.13% | −0.36 |
| KNTK Kinetik Holdings Inc. | Reduce -0.6% | 1.47% | −0.34 |
| EQC Equity Commonwealth | Sold out | 0.00% | −0.26 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.1% | 1.47% | −0.22 |
| XOM Exxon Mobil Corp. | Reduce -8.6% | 0.69% | −0.18 |
| NEN New England Realty Assoc-LP | Reduce -0.7% | 1.01% | −0.17 |
| GKOS Glaukos Corp. | Reduce -98.5% | 0.00% | −0.13 |
| FBMS First Bancshares Inc. | Sold out | 0.00% | −0.13 |
| UMH Umh Properties Inc. | Reduce -0.8% | 0.69% | −0.11 |
| V Visa Inc. Class A | Reduce -1.9% | 2.28% | −0.10 |
| DGICA Donegal Group Inc. Class A | Reduce -3.0% | 2.07% | −0.10 |
| OKE Oneok Inc. | Reduce -7.5% | 0.27% | −0.10 |
| UFPI Ufp Industries Inc. | Sold out | 0.00% | −0.10 |
| PNBK Patriot National Bancorp Inc. | Sold out | 0.00% | −0.08 |
| KYN Kayne Anderson Energy Infra | Reduce -2.2% | 0.90% | −0.06 |
| CSW CSW Industrials Inc. | Reduce -9.1% | 0.40% | −0.06 |
| XLE SS Energy Select Sector | Reduce -1.8% | 0.37% | −0.06 |
| NAII Natural Alternatives Intl | Reduce -0.3% | 0.63% | −0.06 |
| X United States Steel Corp. | Sold out | 0.00% | −0.06 |
| MCD McDonald's Corp. | Reduce -0.4% | 0.50% | −0.06 |
| APUE Activepassive US Equity ETF | Sold out | 0.00% | −0.06 |
| FLIC First of Long Island Corp. | Sold out | 0.00% | −0.05 |
| VOO Vanguard S&P 500 ETF | Reduce -22.8% | 0.24% | −0.05 |
| NICHOLAS FINL INC BC | Reduce -0.7% | 0.35% | −0.05 |
| VDE Vanguard Energy ETF | Reduce -6.7% | 0.24% | −0.05 |
| BOND PIMCO Active Bond Exchange-T | Reduce -4.5% | 0.53% | −0.05 |
| VZ Verizon Communications Inc. | Reduce -0.2% | 0.51% | −0.05 |
| BARK Bark Inc. | Reduce -14.0% | 0.05% | −0.04 |
| APCB Activepassive Core Bond ETF | Sold out | 0.00% | −0.04 |
| SBUX Starbucks Corp. | Reduce -3.7% | 0.25% | −0.04 |
| TLT iShares 20+ Year Treasury BD | Reduce -2.7% | 0.38% | −0.04 |
| IMPERIAL PETE INC | Sold out | 0.00% | −0.03 |
| GILD Gilead Sciences Inc. | Reduce -2.5% | 0.45% | −0.03 |
| LDUR PIMCO Enhanced Low Duration | Reduce -5.9% | 0.32% | −0.03 |
| K Kellanova | Reduce -33.9% | 0.05% | −0.03 |
| AIV Apartment Invt & Mgmt Co. Class A | Reduce -1.4% | 0.41% | −0.03 |
| CSWC Capital Southwest Corp. | Reduce -1.6% | 0.41% | −0.03 |
| DUK Duke Energy Corp. | Reduce -1.1% | 0.33% | −0.03 |
| WLY Wiley (john) & Sons Class A | Reduce -0.4% | 0.69% | −0.03 |
| SPLP Steel Partners Holdings LP | Reduce -11.0% | 0.13% | −0.03 |
| AAXJ iShares MSCI All Country Asi | Reduce -18.4% | 0.19% | −0.03 |
| APIE Activepassive Intl Eqty ETF | Sold out | 0.00% | −0.03 |
| INTG Intergroup Corp. | Reduce -2.9% | 0.21% | −0.03 |
| BCE Bce Inc. | Reduce -14.4% | 0.10% | −0.02 |
| HD Home Depot Inc. | Reduce -0.1% | 0.60% | −0.02 |
| MA Mastercard Inc. Class A | Reduce -10.2% | 0.17% | −0.02 |
| IWB iShares Russell 1000 ETF | Reduce -56.9% | 0.02% | −0.02 |
| KO The Coca-Cola Co. | Reduce -1.4% | 0.29% | −0.02 |
| ESS Essex Property Trust Inc. | Reduce -4.2% | 0.10% | −0.02 |
Portfolio Buys Q1 2025 → Q2 2025
| PPIH Perma-Pipe International Hol | Add +6.7% | 2.53% | +1.19 |
| SSBI Summit State Bank | Add +11.6% | 1.73% | +0.36 |
| NODK Ni Holdings Inc. | New | 0.17% | +0.17 |
| SGOV iShares 0-3 Month Treasury B | Add +65.2% | 0.37% | +0.14 |
| RNST Renasant Corp. | New | 0.13% | +0.13 |
| VIG Vanguard Dividend Apprec ETF | Add +8.1% | 1.33% | +0.12 |
| CCL Carnival Corp. | Add +4120.1% | 0.10% | +0.10 |
| NVDA Nvidia Corp. | Add +2.6% | 0.27% | +0.08 |
| DIS The Walt Disney Co. | Add +0.1% | 0.43% | +0.07 |
| LLY Eli Lilly & Co. | Add +259.5% | 0.10% | +0.07 |
| UPS United Parcel Service Class B | Add +49.3% | 0.27% | +0.07 |
| KNSL Kinsale Capital Group Inc. | Add +8666.7% | 0.06% | +0.06 |
| INBK First Internet Bancorp | Add +9.8% | 0.97% | +0.06 |
| L Loews Corp. | New | 0.06% | +0.06 |
| USFR Wisdomtree Floating Rate Tre | Add +22.5% | 0.36% | +0.05 |
| CLMT Calumet Inc. | Add +29.9% | 0.14% | +0.05 |
| CNOB Connectone Bancorp Inc. | New | 0.05% | +0.05 |
| AMZN Amazon.com Inc. | Add +6.0% | 0.30% | +0.04 |
| DGICB Donegal Group Inc. Class B | Add +80.8% | 0.09% | +0.04 |
| ORCL Oracle Corp. | Add +1.2% | 0.12% | +0.04 |
| PLTR Palantir Technologies Inc. Class A | New | 0.03% | +0.03 |
| LRCX Lam Research Corp. | Add +7.5% | 0.09% | +0.03 |
| MAA Mid-America Apartment Comm | New | 0.02% | +0.02 |
| VYM Vanguard High DVD Yield ETF | Add +25.8% | 0.10% | +0.02 |
| ICOW Pacer Developed Markets Inte | Add +31.2% | 0.06% | +0.02 |
| EUDV Proshares MSCI Europe Divide | Add +30.7% | 0.06% | +0.02 |
| SMDV Proshrs RSL 2000 DVD GRW ETF | Add +30.2% | 0.08% | +0.02 |
| REGL Prshrs S&P Mid 400 DVD Arist | Add +17.0% | 0.12% | +0.02 |
| USB US Bancorp | Add +3.8% | 0.22% | +0.01 |
| PANW Palo Alto Networks Inc. | Add +2.2% | 0.09% | +0.01 |
| QQQ Invesco QQQ Trust Series 1 | Add +1.2% | 0.11% | +0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +4.1% | 0.13% | +0.01 |
| BORR Borr Drilling Ltd. | Add +172.4% | 0.02% | +0.01 |
| TXN Texas Instruments Inc. | Add +2.3% | 0.10% | +0.01 |
| OKLO Oklo Inc. | New | 0.01% | +0.01 |
| AMAT Applied Materials Inc. | Add +0.3% | 0.06% | +0.01 |
| DHS Wisdomtree US High Dividend | Add +18.9% | 0.11% | +0.01 |
| GDX Vaneck Gold Miners ETF | Add +19.9% | 0.04% | +0.01 |
| NKE Nike Inc. Class B | Add +6.3% | 0.08% | +0.01 |
| F Ford Motor Co. | Add +5.3% | 0.11% | +0.01 |
| LMT Lockheed Martin Corp. | Add +2.8% | 0.33% | +0.01 |
| VO Vngrd Mrngstr MD-Cap ETF-Usd | Add +0.7% | 0.18% | +0.01 |
| GD General Dynamics Corp. | Add +7.6% | 0.08% | +0.01 |
| BEPC Brookfield Renewable Corp. | Add +4.4% | 0.05% | +0.01 |
| JCI Johnson Controls Internation | Add +1.9% | 0.03% | +0.01 |
| SGOL Abrdn Physical Gold Shares | Add +1.9% | 0.18% | +0.01 |
| BIPC Brookfield Infrastructure-A | Add +5.1% | 0.04% | +0.01 |
| VWO Vanguard Ftse Emerging Marke | Add +1.7% | 0.09% | +0.01 |
| SCHY Schwab International DVD ETF | Add +10.2% | 0.04% | +0.01 |
| QCOM Qualcomm Inc. | Add +1.9% | 0.29% | +0.01 |
Notes & Other Activity Q1 2025 → Q2 2025
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | Reduce -36.7% | 31 | $642 |
| CWB SS SPDR BB Conv Sec ETF | ST STR CONV ETF | Reduce -100.0% | 0 | $0 |
| BDX Becton Dickinson and Co. | COM | Reduce -100.0% | 0 | $0 |
| GNLN Greenlane Hldgs Inc. | CL A NEW | New | 0 | $0 |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 925 | $265.2M | AAPL, CAT, PPIH, PLBC, KNTK |
| Q1 2026 | 888 | $245.8M | AAPL, PPIH, CAT, KNTK, PLBC |
| Q4 2025 | 873 | $235.8M | AAPL, PPIH, MSA, CAT, PLBC |
| Q3 2025 | 866 | $234.1M | AAPL, MSA, PPIH, PLBC, V |
| Q2 2025 | 853 | $218.3M | AAPL, MSA, PPIH, V, DGICA |
| Q1 2025 | 885 | $210.2M | AAPL, V, MSA, DGICA, KNTK |
| Q4 2024 | 894 | $214.8M | AAPL, MSA, V, KNTK, MSFT |
| Q3 2024 | 902 | $214.4M | AAPL, MSA, MSFT, KNTK, V |
| Q2 2024 | 919 | $201.9M | AAPL, MSA, MSFT, V, KNTK |
| Q1 2024 | 916 | $207.6M | AAPL, MSA, V, MSFT, CAT |