Caldwell Sutter Capital, Inc.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 29, 2025), Caldwell Sutter Capital, Inc. reported 866 stock positions worth $234.1 million. Its top holding was Apple (AAPL) at 5.6% of the portfolio, followed by Msa Safety (MSA, 2.4%) and Perma-Pipe International Hol (PPIH, 2.4%). Compared with Q2 2025, it opened 38 new positions, sold out of 25, added to 124 and reduced 161. The biggest buy was Plumas Bancorp (PLBC, shares +13111%) and the biggest sale Visa Class A (V, shares −6%).
- Most Recent 13F
- Q2 2026
- Location
- SAUSALITO, CA
- CIK
- 0000702007
- Portfolio Value
- $234.1M (Q3 2025)
- SEC Filing
- 0000702007-25-000010 ↗ filed Oct 29, 2025
Holdings Value
Holdings 866 stocks · $234.1M
| AAPL Apple Inc. | 5.63% | 51,780 | $13.2M | Add +8.1% |
| MSA Msa Safety Inc. | 2.45% | 33,299 | $5.7M | No change |
| PPIH Perma-Pipe International Hol | 2.41% | 241,154 | $5.7M | No change |
| PLBC Plumas Bancorp | 1.95% | 105,684 | $4.6M | Add +13110.5% |
| V Visa Inc. Class A | 1.93% | 13,221 | $4.5M | Reduce -5.7% |
| DGICA Donegal Group Inc. Class A | 1.85% | 223,353 | $4.3M | Reduce -1.2% |
| CAT Caterpillar Inc. | 1.78% | 8,736 | $4.2M | Reduce -5.1% |
| SSBI Summit State Bank | 1.78% | 349,314 | $4.2M | Add +0.0% |
| MSFT Microsoft Corp. | 1.68% | 7,612 | $3.9M | Reduce -12.1% |
| BRK.B Berkshire Hathaway Inc. Class B | 1.39% | 6,470 | $3.3M | Reduce -2.2% |
| IVV iShares Core S&P 500 ETF | 1.39% | 4,846 | $3.2M | Reduce -1.7% |
| KNTK Kinetik Holdings Inc. | 1.33% | 72,710 | $3.1M | Reduce -0.1% |
| VIG Vanguard Dividend Apprec ETF | 1.33% | 14,394 | $3.1M | Add +1.5% |
| JPM JPMorgan Chase & Co. | 1.26% | 9,357 | $3.0M | Reduce -1.4% |
| COST Costco Wholesale Corp. | 1.21% | 3,048 | $2.8M | Reduce -0.8% |
| CVX Chevron Corp. | 1.13% | 17,007 | $2.6M | Reduce -0.9% |
| FSUN Firstsun Capital Bancorp | 1.05% | 63,405 | $2.5M | No change |
| MOD Modine Manufacturing Co. | 1.05% | 17,239 | $2.5M | No change |
| AXP American Express Co. | 1.04% | 7,338 | $2.4M | No change |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.03% | 8,509 | $2.4M | Reduce -3.7% |
| BCML Baycom Corp. | 0.99% | 80,315 | $2.3M | Reduce -2.6% |
| META Meta Platforms Inc. Class A | 0.98% | 3,135 | $2.3M | Reduce -1.4% |
| SENEA Seneca Foods Corp. Class A | 0.96% | 20,846 | $2.3M | No change |
| NEN New England Realty Assoc-LP | 0.93% | 30,226 | $2.2M | No change |
| INTU Intuit Inc. | 0.92% | 3,170 | $2.2M | Reduce -0.9% |
| PKBK Parke Bancorp Inc. | 0.87% | 94,510 | $2.0M | No change |
| VTI VG Morningstar TS MKT ETF-US | 0.86% | 6,128 | $2.0M | No change |
| IGM iShares Expanded Tech Sector | 0.85% | 15,720 | $2.0M | Reduce -2.5% |
| BANR Banner Corporation | 0.83% | 29,492 | $1.9M | No change |
| CSCO Cisco Systems Inc. | 0.82% | 28,051 | $1.9M | Reduce -3.5% |
| SGOV iShares 0-3 Month Treasury B | 0.77% | 17,904 | $1.8M | Add +124.4% |
| KYN Kayne Anderson Energy Infra | 0.76% | 144,203 | $1.8M | Reduce -6.3% |
| MCI Barings Corporate Investors | 0.75% | 84,614 | $1.8M | No change |
| INBK First Internet Bancorp | 0.75% | 78,233 | $1.8M | Reduce -0.4% |
| PFE Pfizer Inc. | 0.71% | 65,262 | $1.7M | Add +0.1% |
| XOM Exxon Mobil Corp. | 0.67% | 13,994 | $1.6M | Add +0.1% |
| CWBC Community West Bancshares | 0.66% | 74,077 | $1.5M | No change |
| UNP Union Pacific Corp. | 0.64% | 6,351 | $1.5M | Add +0.8% |
| PEP Pepsico Inc. | 0.62% | 10,368 | $1.5M | Reduce -6.0% |
| MCHB Mechanics Bancorp Class A | 0.59% | 103,215 | $1.4M | Add +81.1% |
| WLY Wiley (john) & Sons Class A | 0.58% | 33,810 | $1.4M | No change |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.56% | 2,738 | $1.3M | Reduce -1.6% |
| UMH Umh Properties Inc. filed as UMH PPTYS INC | 0.56% | 88,023 | $1.3M | Reduce -1.6% |
| ABBV Abbvie Inc. | 0.54% | 5,416 | $1.3M | Reduce -10.3% |
| HD Home Depot Inc. | 0.53% | 3,064 | $1.2M | Reduce -13.9% |
| ARL American Realty Investors Inc. | 0.52% | 73,420 | $1.2M | No change |
| JNJ Johnson & Johnson | 0.52% | 6,556 | $1.2M | Add +0.2% |
| AXR Amrep Corp. | 0.52% | 50,522 | $1.2M | Reduce -0.5% |
| NAII Natural Alternatives Intl | 0.51% | 418,949 | $1.2M | Reduce -0.1% |
| ELSE Electro-Sensors Inc. | 0.51% | 250,052 | $1.2M | No change |
| HSY The Hershey Co. | 0.49% | 6,104 | $1.1M | Add +3.0% |
| T AT&T Inc. | 0.48% | 40,124 | $1.1M | Reduce -5.4% |
| GOLD Gold.com Inc. filed as A-MARK PRECIOUS METALS INC | 0.48% | 43,702 | $1.1M | Reduce -1.1% |
| ITIC Investors Title Co. | 0.48% | 4,215 | $1.1M | Reduce -0.6% |
| VZ Verizon Communications Inc. | 0.48% | 25,519 | $1.1M | Reduce -0.6% |
| MCD McDonald's Corp. | 0.48% | 3,673 | $1.1M | Reduce -1.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.47% | 21,135 | $1.1M | Add +0.6% |
| WM Waste Management Inc. | 0.46% | 4,849 | $1.1M | Reduce -4.9% |
| HON Honeywell International Inc. | 0.45% | 5,041 | $1.1M | No change |
| BOND PIMCO Active Bond Exchange-T | 0.45% | 11,267 | $1.1M | Reduce -10.0% |
| SMBK Smartfinancial Inc. | 0.43% | 28,431 | $1.0M | No change |
| NRIM Northrim Bancorp Inc. | 0.43% | 46,204 | $1.0M | Reduce -2.1% |
| CP Canadian Pacific Kansas City | 0.42% | 13,250 | $987K | No change |
| TLT iShares 20+ Year Treasury BD | 0.41% | 10,818 | $967K | Add +14.6% |
| ENB Enbridge Inc. | 0.40% | 18,374 | $927K | Reduce -0.7% |
| GILD Gilead Sciences Inc. | 0.39% | 8,308 | $922K | Reduce -5.4% |
| WMT Walmart Inc. | 0.39% | 8,875 | $915K | Reduce -4.0% |
| USFR Wisdomtree Floating Rate Tre | 0.39% | 18,008 | $905K | Add +16.6% |
| CSWC Capital Southwest Corp. | 0.38% | 41,052 | $897K | No change |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.38% | 7,708 | $883K | Add +2.5% |
| MPV Barings Participation Invest | 0.38% | 43,755 | $882K | No change |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.37% | 7,943 | $865K | No change |
| XLE SS Energy Select Sector | 0.37% | 9,566 | $855K | Reduce -0.6% |
| BA The Boeing Co. | 0.36% | 3,919 | $846K | Reduce -4.8% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.36% | 4,520 | $843K | Reduce -0.3% |
| GOOGL Alphabet Inc. Class A | 0.35% | 3,377 | $821K | Add +2.5% |
| AIV Apartment Invt & Mgmt Co. Class A | 0.35% | 103,358 | $820K | No change |
| GOOG Alphabet Inc. Class C | 0.34% | 3,312 | $807K | Reduce -3.2% |
| LMT Lockheed Martin Corp. | 0.34% | 1,596 | $797K | Add +1.5% |
| INTG Intergroup Corp. | 0.34% | 39,496 | $796K | No change |
| DLR Digital Realty Trust Inc. | 0.33% | 4,534 | $784K | Reduce -2.5% |
| MRK Merck & Co. Inc. | 0.33% | 9,258 | $777K | Add +28.2% |
| DUK Duke Energy Corp. | 0.33% | 6,156 | $762K | Reduce -0.5% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.32% | 1 | $754K | No change |
| BSM Black Stone Minerals LP | 0.31% | 55,790 | $733K | No change |
| CSW CSW Industrials Inc. | 0.31% | 3,012 | $731K | No change |
| NICHOLAS FINL INC BC filed as OLD MKT CAP CORP | 0.30% | 138,069 | $711K | Reduce -0.8% |
| ONB Old National Bancorp | 0.30% | 32,012 | $703K | No change |
| CET Central Securities Corp. | 0.30% | 13,639 | $701K | Reduce -2.6% |
| WMB Williams Cos Inc. | 0.29% | 10,856 | $688K | Reduce -6.2% |
| FBK FB Financial Corp. filed as FB FINL CORP | 0.29% | 12,187 | $679K | New |
| PG The Procter & Gamble Co. | 0.29% | 4,370 | $671K | Reduce -7.3% |
| QCOM Qualcomm Inc. | 0.29% | 4,020 | $669K | Reduce -0.5% |
| WELL Welltower Inc. | 0.28% | 3,685 | $656K | Reduce -0.7% |
| DIT Amcon Distributing Co. | 0.27% | 5,606 | $638K | Reduce -5.0% |
| AMZN Amazon.com Inc. | 0.27% | 2,825 | $620K | Reduce -4.7% |
| LDUR PIMCO Enhanced Low Duration | 0.26% | 6,354 | $611K | Reduce -13.7% |
| FSBW FS Bancorp Inc. | 0.26% | 15,142 | $604K | No change |
| NODK Ni Holdings Inc. filed as NI HLDGS INC | 0.26% | 44,469 | $603K | Add +52.6% |
| IMKTA Ingles Markets Inc. Class A | 0.25% | 8,485 | $590K | No change |
Other holdings (5): bonds, preferreds, convertibles and warrants · $74K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 2,600 | $66K | No change |
| VAL.WS Valaris Ltd. -CW28 | *W EXP 04/29/202 | 2,000 | $6K | No change |
| MPTI.WS M-Tron Industries Inc. -28 | *W EXP 04/25/202 | 724 | $1K | New |
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 31 | $791 | No change |
| EVLVW Evolv Technologies -CW26 | *W EXP 07/16/202 | 500 | $365 | No change |
Total filed on the 13F, all lines: $234.1M.
Portfolio Sells Q2 2025 → Q3 2025
| V Visa Inc. Class A | Reduce -5.7% | 1.93% | −0.35 |
| SSBK Southern States Bancshares | Sold out | 0.00% | −0.30 |
| MSFT Microsoft Corp. | Reduce -12.1% | 1.68% | −0.29 |
| INTU Intuit Inc. | Reduce -0.9% | 0.92% | −0.23 |
| DGICA Donegal Group Inc. Class A | Reduce -1.2% | 1.85% | −0.22 |
| INBK First Internet Bancorp | Reduce -0.4% | 0.75% | −0.22 |
| COST Costco Wholesale Corp. | Reduce -0.8% | 1.21% | −0.19 |
| IBM Intl Business Machines Corp. | Reduce -3.7% | 1.03% | −0.17 |
| KNTK Kinetik Holdings Inc. | Reduce -0.1% | 1.33% | −0.14 |
| KYN Kayne Anderson Energy Infra | Reduce -6.3% | 0.76% | −0.14 |
| SPLP Steel Partners Holdings LP | Sold out | 0.00% | −0.13 |
| UMH Umh Properties Inc. | Reduce -1.6% | 0.56% | −0.13 |
| NAII Natural Alternatives Intl | Reduce -0.1% | 0.51% | −0.12 |
| CSCO Cisco Systems Inc. | Reduce -3.5% | 0.82% | −0.10 |
| META Meta Platforms Inc. Class A | Reduce -1.4% | 0.98% | −0.09 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -2.2% | 1.39% | −0.08 |
| BOND PIMCO Active Bond Exchange-T | Reduce -10.0% | 0.45% | −0.08 |
| T AT&T Inc. | Reduce -5.4% | 0.48% | −0.08 |
| WM Waste Management Inc. | Reduce -4.9% | 0.46% | −0.08 |
| NRIM Northrim Bancorp Inc. | Reduce -2.1% | 0.43% | −0.08 |
| HD Home Depot Inc. | Reduce -13.9% | 0.53% | −0.07 |
| LLY Eli Lilly & Co. | Reduce -61.6% | 0.04% | −0.07 |
| LDUR PIMCO Enhanced Low Duration | Reduce -13.7% | 0.26% | −0.06 |
| BCML Baycom Corp. | Reduce -2.6% | 0.99% | −0.06 |
| PG The Procter & Gamble Co. | Reduce -7.3% | 0.29% | −0.06 |
| GILD Gilead Sciences Inc. | Reduce -5.4% | 0.39% | −0.05 |
| DG Dollar General Corp. | Reduce -11.2% | 0.14% | −0.05 |
| NICHOLAS FINL INC BC | Reduce -0.8% | 0.30% | −0.05 |
| SBUX Starbucks Corp. | Reduce -4.5% | 0.21% | −0.05 |
| PEP Pepsico Inc. | Reduce -6.0% | 0.62% | −0.04 |
| WMB Williams Cos Inc. | Reduce -6.2% | 0.29% | −0.04 |
| KO The Coca-Cola Co. | Reduce -0.6% | 0.25% | −0.04 |
| DLR Digital Realty Trust Inc. | Reduce -2.5% | 0.33% | −0.04 |
| OCSL Oaktree Specialty Lending Co. | Sold out | 0.00% | −0.04 |
| BA The Boeing Co. | Reduce -4.8% | 0.36% | −0.03 |
| AMZN Amazon.com Inc. | Reduce -4.7% | 0.27% | −0.03 |
| NECB Northeast Community Bancorp | Reduce -15.8% | 0.07% | −0.03 |
| VZ Verizon Communications Inc. | Reduce -0.6% | 0.48% | −0.03 |
| NVDA Nvidia Corp. | Reduce -18.5% | 0.24% | −0.03 |
| U Unity Software Inc. | Sold out | 0.00% | −0.03 |
| DIT Amcon Distributing Co. | Reduce -5.0% | 0.27% | −0.03 |
| CRM Salesforce Inc. | Reduce -27.7% | 0.03% | −0.02 |
| MMM 3M Co. | Reduce -4.7% | 0.22% | −0.02 |
| WMT Walmart Inc. | Reduce -4.0% | 0.39% | −0.02 |
| KMI Kinder Morgan Inc. | Reduce -2.9% | 0.14% | −0.02 |
| XRNPX Cohen & Steers REIT and Pref | Reduce -59.4% | 0.01% | −0.02 |
| MCD McDonald's Corp. | Reduce -1.0% | 0.48% | −0.02 |
| ET Energy Transfer LP | Reduce -10.2% | 0.07% | −0.02 |
| IVV iShares Core S&P 500 ETF | Reduce -1.7% | 1.39% | −0.02 |
| STEW SRH Total Return Fund Inc. | Reduce -12.3% | 0.07% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| PLBC Plumas Bancorp | Add +13110.5% | 1.95% | +1.93 |
| AAPL Apple Inc. | Add +8.1% | 5.63% | +1.13 |
| SGOV iShares 0-3 Month Treasury B | Add +124.4% | 0.77% | +0.40 |
| FBK FB Financial Corp. | New | 0.29% | +0.29 |
| MCHB Mechanics Bancorp Class A | Add +81.1% | 0.59% | +0.25 |
| NODK Ni Holdings Inc. | Add +52.6% | 0.26% | +0.09 |
| GOOGL Alphabet Inc. Class A | Add +2.5% | 0.35% | +0.08 |
| OSBC Old Second Bancorp Inc. | New | 0.08% | +0.08 |
| MRK Merck & Co. Inc. | Add +28.2% | 0.33% | +0.07 |
| JNJ Johnson & Johnson | Add +0.2% | 0.52% | +0.06 |
| AVBH Avidbank Holdings Inc. | New | 0.06% | +0.06 |
| INTC Intel Corp. | Add +6.3% | 0.18% | +0.06 |
| SSBI Summit State Bank | Add +0.0% | 1.78% | +0.04 |
| KNSL Kinsale Capital Group Inc. | Add +104.6% | 0.10% | +0.04 |
| HSY The Hershey Co. | Add +3.0% | 0.49% | +0.04 |
| JPST JPMorgan Ultra-Short Income | Add +31.3% | 0.19% | +0.04 |
| L Loews Corp. | Add +58.5% | 0.09% | +0.03 |
| GDX Vaneck Gold Miners ETF | Add +29.3% | 0.08% | +0.03 |
| JOE The St Joe Co. | Add +45.9% | 0.11% | +0.03 |
| TLT iShares 20+ Year Treasury BD | Add +14.6% | 0.41% | +0.03 |
| USFR Wisdomtree Floating Rate Tre | Add +16.6% | 0.39% | +0.03 |
| RYAM Rayonier Advanced Materials | Add +40.0% | 0.04% | +0.03 |
| RAL Ralliant Corp. | New | 0.02% | +0.02 |
| SGOL Abrdn Physical Gold Shares | Add +3.1% | 0.20% | +0.02 |
| GE General Electric | Add +1.6% | 0.19% | +0.02 |
| IQDF NT Intl Qual Div ETF | Add +510.7% | 0.02% | +0.02 |
| PHYS Sprott Physical Gold Trust | New | 0.02% | +0.02 |
| APH Amphenol Corp. Class A | Add +1071.4% | 0.02% | +0.02 |
| WFC Wells Fargo & Co. | Add +12.6% | 0.18% | +0.02 |
| PSLV Sprott Physical Silver Trust | Add +5.8% | 0.07% | +0.02 |
| UNH Unitedhealth Group Inc. | Add +7.1% | 0.14% | +0.01 |
| VOO Vanguard S&P 500 ETF | Add +5.0% | 0.25% | +0.01 |
| HEI.A Heico Corp. Class A | New | 0.01% | +0.01 |
| IEF iShares 7-10 Year Treasury B | Add +18.3% | 0.11% | +0.01 |
| BAC Bank of America Corp. | Add +0.6% | 0.47% | +0.01 |
| OKLO Oklo Inc. | Add +2.3% | 0.02% | +0.01 |
| IEI iShares 3-7 Year Treasury Bo | Add +13.4% | 0.18% | +0.01 |
| LAC Lithium Americas Corp. | New | 0.01% | +0.01 |
| SNDK Sandisk Corp. | Add +2500.0% | 0.01% | +0.01 |
| EUDV Proshares MSCI Europe Divide | Add +28.9% | 0.07% | +0.01 |
| HALO Halozyme Therapeutics Inc. | New | 0.01% | +0.01 |
| GEV GE Vernova Inc. | Add +1.4% | 0.10% | +0.01 |
| RA Brookfield Real Assets Incom | New | 0.01% | +0.01 |
| NEE Nextera Energy Inc. | Add +2.9% | 0.20% | +0.01 |
| SCHW Schwab (charles) Corp. | Add +57.1% | 0.02% | +0.01 |
| USB US Bancorp | Add +3.8% | 0.23% | +0.01 |
| NEM Newmont Corp. | Add +4.4% | 0.03% | +0.01 |
| CPB The Campbell's Company | Add +19.4% | 0.06% | +0.01 |
| LMT Lockheed Martin Corp. | Add +1.5% | 0.34% | +0.01 |
| PPT Franklin Premir Inc. Trust-Ui | New | 0.01% | +0.01 |
Notes & Other Activity Q2 2025 → Q3 2025
| MPTI.WS M-Tron Industries Inc. -28 | *W EXP 04/25/202 | New | 724 | $1K |
| BDX Becton Dickinson and Co. | COM | Sold out | 0 | $0before exit |
| GNLN Greenlane Hldgs Inc. | CL A NEW | Sold out | 0 | $0before exit |
| CWB SS SPDR BB Conv Sec ETF | ST STR CONV ETF | Sold out | 0 | $0before exit |
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 |