Caldwell Sutter Capital, Inc.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 30, 2026), Caldwell Sutter Capital, Inc. reported 873 stock positions worth $235.8 million. Its top holding was Apple (AAPL) at 5.6% of the portfolio, followed by Perma-Pipe International Hol (PPIH, 3.0%) and Msa Safety (MSA, 2.2%). Compared with Q3 2025, it opened 41 new positions, sold out of 37, added to 150 and reduced 169. The biggest buy was iShares 0-3 Month Treasury B (SGOV, shares +59%) and the biggest sale Msa Safety (MSA, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- SAUSALITO, CA
- CIK
- 0000702007
- Portfolio Value
- $235.8M (Q4 2025)
- SEC Filing
- 0000702007-26-000002 ↗ filed Jan 30, 2026
Holdings Value
Holdings 873 stocks · $235.8M
| AAPL Apple Inc. | 5.59% | 48,500 | $13.2M | Reduce -6.3% |
| PPIH Perma-Pipe International Hol | 3.03% | 235,238 | $7.1M | Reduce -2.5% |
| MSA Msa Safety Inc. | 2.18% | 32,149 | $5.1M | Reduce -3.5% |
| CAT Caterpillar Inc. | 2.09% | 8,599 | $4.9M | Reduce -1.6% |
| PLBC Plumas Bancorp | 2.01% | 106,283 | $4.7M | Add +0.6% |
| V Visa Inc. Class A | 1.95% | 13,144 | $4.6M | Reduce -0.6% |
| DGICA Donegal Group Inc. Class A | 1.80% | 212,303 | $4.2M | Reduce -5.0% |
| SSBI Summit State Bank | 1.71% | 346,813 | $4.0M | Reduce -0.7% |
| MSFT Microsoft Corp. | 1.50% | 7,306 | $3.5M | Reduce -4.0% |
| IVV iShares Core S&P 500 ETF | 1.41% | 4,846 | $3.3M | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 1.39% | 6,501 | $3.3M | Add +0.5% |
| VIG Vanguard Dividend Apprec ETF | 1.35% | 14,463 | $3.2M | Add +0.5% |
| JPM JPMorgan Chase & Co. | 1.26% | 9,226 | $3.0M | Reduce -1.4% |
| SGOV iShares 0-3 Month Treasury B | 1.21% | 28,395 | $2.9M | Add +58.6% |
| AXP American Express Co. | 1.15% | 7,338 | $2.7M | No change |
| KNTK Kinetik Holdings Inc. | 1.12% | 73,235 | $2.6M | Add +0.7% |
| COST Costco Wholesale Corp. | 1.11% | 3,048 | $2.6M | No change |
| CVX Chevron Corp. | 1.10% | 16,949 | $2.6M | Reduce -0.3% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 1.06% | 8,420 | $2.5M | Reduce -1.1% |
| BCML Baycom Corp. | 1.00% | 80,010 | $2.4M | Reduce -0.4% |
| PKBK Parke Bancorp Inc. | 0.97% | 91,600 | $2.3M | Reduce -3.1% |
| MOD Modine Manufacturing Co. | 0.94% | 16,639 | $2.2M | Reduce -3.5% |
| CSCO Cisco Systems Inc. | 0.94% | 28,829 | $2.2M | Add +2.8% |
| SENEA Seneca Foods Corp. Class A | 0.94% | 19,996 | $2.2M | Reduce -4.1% |
| FSUN Firstsun Capital Bancorp | 0.94% | 58,672 | $2.2M | Reduce -7.5% |
| INTU Intuit Inc. | 0.89% | 3,170 | $2.1M | No change |
| META Meta Platforms Inc. Class A | 0.87% | 3,125 | $2.1M | Reduce -0.3% |
| VTI VG Morningstar TS MKT ETF-US | 0.87% | 6,128 | $2.1M | No change |
| IGM iShares Expanded Tech Sector | 0.86% | 15,720 | $2.0M | No change |
| NEN New England Realty Assoc-LP | 0.79% | 29,019 | $1.9M | Reduce -4.0% |
| BANR Banner Corporation | 0.75% | 28,261 | $1.8M | Reduce -4.2% |
| KYN Kayne Anderson Energy Infra | 0.74% | 141,530 | $1.8M | Reduce -1.9% |
| XOM Exxon Mobil Corp. | 0.71% | 13,988 | $1.7M | Reduce -0.0% |
| CWBC Community West Bancshares | 0.71% | 74,077 | $1.7M | No change |
| NAII Natural Alternatives Intl | 0.70% | 461,792 | $1.7M | Add +10.2% |
| INBK First Internet Bancorp | 0.68% | 76,899 | $1.6M | Reduce -1.7% |
| PFE Pfizer Inc. | 0.68% | 63,951 | $1.6M | Reduce -2.0% |
| MCI Barings Corporate Investors | 0.65% | 83,984 | $1.5M | Reduce -0.7% |
| PEP Pepsico Inc. | 0.64% | 10,585 | $1.5M | Add +2.1% |
| MCHB Mechanics Bancorp Class A | 0.64% | 103,215 | $1.5M | No change |
| UNP Union Pacific Corp. | 0.64% | 6,476 | $1.5M | Add +2.0% |
| GOLD Gold.com Inc. | 0.62% | 42,702 | $1.5M | Reduce -2.3% |
| JNJ Johnson & Johnson | 0.57% | 6,502 | $1.3M | Reduce -0.8% |
| UMH Umh Properties Inc. filed as UMH PPTYS INC | 0.57% | 84,023 | $1.3M | Reduce -4.5% |
| VUG Vanguard Mrngstar GR ETF-Sui | 0.56% | 2,707 | $1.3M | Reduce -1.1% |
| NRIM Northrim Bancorp Inc. | 0.52% | 46,204 | $1.2M | No change |
| ABBV Abbvie Inc. | 0.52% | 5,363 | $1.2M | Reduce -1.0% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.49% | 21,031 | $1.2M | Reduce -0.5% |
| ARL American Realty Investors Inc. | 0.49% | 71,832 | $1.2M | Reduce -2.2% |
| HSY The Hershey Co. | 0.47% | 6,104 | $1.1M | No change |
| MCD McDonald's Corp. | 0.47% | 3,611 | $1.1M | Reduce -1.7% |
| USFR Wisdomtree Floating Rate Tre | 0.47% | 21,801 | $1.1M | Add +21.1% |
| WM Waste Management Inc. | 0.45% | 4,854 | $1.1M | Add +0.1% |
| GOOGL Alphabet Inc. Class A | 0.45% | 3,374 | $1.1M | Reduce -0.1% |
| ITIC Investors Title Co. | 0.45% | 4,215 | $1.1M | No change |
| HD Home Depot Inc. | 0.45% | 3,057 | $1.1M | Reduce -0.2% |
| SMBK Smartfinancial Inc. | 0.45% | 28,431 | $1.1M | No change |
| GOOG Alphabet Inc. Class C | 0.44% | 3,320 | $1.0M | Add +0.2% |
| ELSE Electro-Sensors Inc. | 0.44% | 250,052 | $1.0M | No change |
| WLY Wiley (john) & Sons Class A | 0.44% | 33,810 | $1.0M | No change |
| VZ Verizon Communications Inc. | 0.42% | 24,476 | $997K | Reduce -4.1% |
| MRK Merck & Co. Inc. | 0.42% | 9,469 | $997K | Add +2.3% |
| GILD Gilead Sciences Inc. | 0.42% | 8,094 | $993K | Reduce -2.6% |
| HON Honeywell International Inc. | 0.42% | 5,049 | $985K | Add +0.2% |
| T AT&T Inc. | 0.41% | 39,375 | $978K | Reduce -1.9% |
| CP Canadian Pacific Kansas City | 0.41% | 13,250 | $976K | No change |
| AXR Amrep Corp. | 0.40% | 50,272 | $945K | Reduce -0.5% |
| INTG Intergroup Corp. | 0.40% | 33,228 | $943K | Reduce -15.9% |
| BOND PIMCO Active Bond Exchange-T | 0.40% | 10,058 | $936K | Reduce -10.7% |
| WMT Walmart Inc. | 0.39% | 8,327 | $928K | Reduce -6.2% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.39% | 7,943 | $922K | No change |
| TLT iShares 20+ Year Treasury BD | 0.39% | 10,432 | $909K | Reduce -3.6% |
| ENB Enbridge Inc. | 0.37% | 18,321 | $876K | Reduce -0.3% |
| VTV Vanguard Mrngstr Val ETF-Aui | 0.36% | 4,434 | $847K | Reduce -1.9% |
| CSWC Capital Southwest Corp. | 0.36% | 38,084 | $844K | Reduce -7.2% |
| XLE SS Energy Select Sector | 0.36% | 18,812 | $841K | Reduce -1.7% |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 0.35% | 7,307 | $831K | Reduce -5.2% |
| BA The Boeing Co. | 0.35% | 3,811 | $827K | Reduce -2.8% |
| LMT Lockheed Martin Corp. | 0.33% | 1,599 | $773K | Add +0.2% |
| CET Central Securities Corp. | 0.33% | 15,124 | $767K | Add +10.9% |
| BRK.A Berkshire Hathaway Inc. Class A | 0.32% | 1 | $755K | No change |
| BSM Black Stone Minerals LP | 0.31% | 55,790 | $741K | No change |
| DUK Duke Energy Corp. | 0.31% | 6,138 | $719K | Reduce -0.3% |
| ONB Old National Bancorp | 0.30% | 32,012 | $714K | No change |
| MPV Barings Participation Invest | 0.29% | 43,755 | $695K | No change |
| DLR Digital Realty Trust Inc. | 0.29% | 4,439 | $687K | Reduce -2.1% |
| QCOM Qualcomm Inc. | 0.29% | 4,005 | $685K | Reduce -0.4% |
| FBK FB Financial Corp. filed as FB FINL CORP | 0.29% | 12,187 | $680K | No change |
| WELL Welltower Inc. | 0.29% | 3,627 | $673K | Reduce -1.6% |
| UPS United Parcel Service Class B | 0.29% | 6,780 | $673K | Add +8.7% |
| DHR Danaher Corp. | 0.28% | 2,897 | $663K | No change |
| PG The Procter & Gamble Co. | 0.28% | 4,583 | $657K | Add +4.9% |
| AMZN Amazon.com Inc. | 0.28% | 2,818 | $650K | Reduce -0.3% |
| WMB Williams Cos Inc. | 0.27% | 10,701 | $643K | Reduce -1.4% |
| KO The Coca-Cola Co. | 0.27% | 9,145 | $639K | Add +2.9% |
| NICHOLAS FINL INC BC filed as OLD MKT CAP CORP | 0.27% | 122,052 | $632K | Reduce -11.6% |
| AIV Apartment Invt & Mgmt Co. Class A | 0.27% | 106,358 | $632K | Add +2.9% |
| FSBW FS Bancorp Inc. | 0.26% | 15,142 | $623K | No change |
| CSW CSW Industrials Inc. | 0.26% | 2,078 | $610K | Reduce -31.0% |
| USB US Bancorp | 0.26% | 11,393 | $608K | Add +1.3% |
Other holdings (4): bonds, preferreds, convertibles and warrants · $65K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 2,600 | $65K | No change |
| OXY.WS Occidental Petroleum-CW27 | *W EXP 08/03/202 | 31 | $597 | No change |
| EVLVW Evolv Technologies -CW26 | *W EXP 07/16/202 | 500 | $135 | No change |
| GME.WS Gamestop Corp. | *W EXP 10/30/202 | 1 | $3 | No change |
Total filed on the 13F, all lines: $235.9M.
Portfolio Sells Q3 2025 → Q4 2025
| MSA Msa Safety Inc. | Reduce -3.5% | 2.18% | −0.26 |
| MSFT Microsoft Corp. | Reduce -4.0% | 1.50% | −0.19 |
| NEN New England Realty Assoc-LP | Reduce -4.0% | 0.79% | −0.13 |
| AXR Amrep Corp. | Reduce -0.5% | 0.40% | −0.12 |
| FSUN Firstsun Capital Bancorp | Reduce -7.5% | 0.94% | −0.11 |
| META Meta Platforms Inc. Class A | Reduce -0.3% | 0.87% | −0.11 |
| MOD Modine Manufacturing Co. | Reduce -3.5% | 0.94% | −0.10 |
| MCI Barings Corporate Investors | Reduce -0.7% | 0.65% | −0.10 |
| HD Home Depot Inc. | Reduce -0.2% | 0.45% | −0.08 |
| BANR Banner Corporation | Reduce -4.2% | 0.75% | −0.07 |
| DFUS Dimensional US Eq MKT ETF | Sold out | 0.00% | −0.07 |
| T AT&T Inc. | Reduce -1.9% | 0.41% | −0.07 |
| INBK First Internet Bancorp | Reduce -1.7% | 0.68% | −0.07 |
| SSBI Summit State Bank | Reduce -0.7% | 1.71% | −0.07 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -45.5% | 0.07% | −0.06 |
| VZ Verizon Communications Inc. | Reduce -4.1% | 0.42% | −0.06 |
| CSW CSW Industrials Inc. | Reduce -31.0% | 0.26% | −0.05 |
| BOND PIMCO Active Bond Exchange-T | Reduce -10.7% | 0.40% | −0.05 |
| DFUV Dimensional US Marketwide Va | Sold out | 0.00% | −0.05 |
| DGICA Donegal Group Inc. Class A | Reduce -5.0% | 1.80% | −0.05 |
| DIT Amcon Distributing Co. | Reduce -10.7% | 0.22% | −0.05 |
| O Realty Income Corp. | Reduce -26.8% | 0.10% | −0.05 |
| K Kellanova | Sold out | 0.00% | −0.05 |
| CLX Clorox Company | Reduce -0.7% | 0.19% | −0.05 |
| DLR Digital Realty Trust Inc. | Reduce -2.1% | 0.29% | −0.04 |
| BARK Bark Inc. | Sold out | 0.00% | −0.04 |
| AAPL Apple Inc. | Reduce -6.3% | 5.59% | −0.04 |
| KMB Kimberly-Clark Corp. | Reduce -5.7% | 0.13% | −0.04 |
| TTSH Tile Shop Hldgs Inc. | Sold out | 0.00% | −0.04 |
| HURC Hurco Companies Inc. | Reduce -66.7% | 0.02% | −0.04 |
| KTOS Kratos Defense & Security | Reduce -6.0% | 0.13% | −0.04 |
| NICHOLAS FINL INC BC | Reduce -11.6% | 0.27% | −0.04 |
| ARL American Realty Investors Inc. | Reduce -2.2% | 0.49% | −0.04 |
| PFE Pfizer Inc. | Reduce -2.0% | 0.68% | −0.04 |
| LGL The LGL Group Inc. | Reduce 0.0% | 0.20% | −0.03 |
| CVX Chevron Corp. | Reduce -0.3% | 1.10% | −0.03 |
| BORR Borr Drilling Ltd. | Reduce -99.5% | 0.00% | −0.03 |
| VOO Vanguard S&P 500 ETF | Reduce -13.5% | 0.22% | −0.03 |
| LDUR PIMCO Enhanced Low Duration | Reduce -10.4% | 0.23% | −0.03 |
| CCI Crown Castle Inc. | Reduce -8.6% | 0.14% | −0.03 |
| TLT iShares 20+ Year Treasury BD | Reduce -3.6% | 0.39% | −0.03 |
| CSWC Capital Southwest Corp. | Reduce -7.2% | 0.36% | −0.03 |
| DIS The Walt Disney Co. | Reduce -5.2% | 0.35% | −0.02 |
| ENB Enbridge Inc. | Reduce -0.3% | 0.37% | −0.02 |
| SENEA Seneca Foods Corp. Class A | Reduce -4.1% | 0.94% | −0.02 |
| AVGO Broadcom Inc. | Reduce -14.4% | 0.18% | −0.02 |
| IEF iShares 7-10 Year Treasury B | Reduce -19.7% | 0.09% | −0.02 |
| MO Altria Group Inc. | Reduce -0.4% | 0.14% | −0.02 |
| SHO Sunstone Hotel Investors Inc. | Reduce -41.2% | 0.03% | −0.02 |
| WMB Williams Cos Inc. | Reduce -1.4% | 0.27% | −0.02 |
Portfolio Buys Q3 2025 → Q4 2025
| SGOV iShares 0-3 Month Treasury B | Add +58.6% | 1.21% | +0.44 |
| NAII Natural Alternatives Intl | Add +10.2% | 0.70% | +0.19 |
| CSCO Cisco Systems Inc. | Add +2.8% | 0.94% | +0.12 |
| GOOG Alphabet Inc. Class C | Add +0.2% | 0.44% | +0.10 |
| MRK Merck & Co. Inc. | Add +2.3% | 0.42% | +0.09 |
| USFR Wisdomtree Floating Rate Tre | Add +21.1% | 0.47% | +0.08 |
| CPB The Campbell's Company | Add +170.7% | 0.13% | +0.08 |
| PLBC Plumas Bancorp | Add +0.6% | 2.01% | +0.07 |
| UPS United Parcel Service Class B | Add +8.7% | 0.29% | +0.06 |
| AMRZ Amrize Ltd. | New | 0.06% | +0.06 |
| JOE The St Joe Co. | Add +18.9% | 0.16% | +0.05 |
| GEV GE Vernova Inc. | Add +36.9% | 0.14% | +0.04 |
| BMY Bristol-Myers Squibb Co. | Add +10.6% | 0.15% | +0.04 |
| AMGN Amgen Inc. | Add +0.2% | 0.24% | +0.03 |
| DGICB Donegal Group Inc. Class B | Add +31.5% | 0.11% | +0.03 |
| CET Central Securities Corp. | Add +10.9% | 0.33% | +0.03 |
| USB US Bancorp | Add +1.3% | 0.26% | +0.03 |
| EXK Endeavour Silver Corp. | New | 0.02% | +0.02 |
| PEP Pepsico Inc. | Add +2.1% | 0.64% | +0.02 |
| VIG Vanguard Dividend Apprec ETF | Add +0.5% | 1.35% | +0.02 |
| KO The Coca-Cola Co. | Add +2.9% | 0.27% | +0.02 |
| CAG Conagra Brands Inc. | Add +150.3% | 0.03% | +0.02 |
| OKE Oneok Inc. | Add +7.4% | 0.25% | +0.02 |
| CIEN Ciena Corp. | New | 0.02% | +0.02 |
| DHS Wisdomtree US High Dividend | Add +15.2% | 0.12% | +0.02 |
| HRL Hormel Foods Corp. | Add +369.4% | 0.02% | +0.02 |
| SJM The JM Smucker Co. | Add +155.8% | 0.02% | +0.01 |
| PRU Prudential Financial Inc. | Add +7.0% | 0.10% | +0.01 |
| EUSA iShares MSCI USA Equal Weigh | New | 0.01% | +0.01 |
| SWK Stanley Black & Decker Inc. | Add +117.2% | 0.02% | +0.01 |
| TSM Taiwan Semiconductor-SP ADR | Add +53.7% | 0.02% | +0.01 |
| XYZ Block Inc. | New | 0.01% | +0.01 |
| UL Unilever PLC-Sponsored ADR | Add +53.8% | 0.03% | +0.01 |
| GDX Vaneck Gold Miners ETF | Add +0.4% | 0.08% | +0.01 |
| UG United Guardian Inc. | New | 0.01% | +0.01 |
| ICOW Pacer Developed Markets Inte | Add +5.8% | 0.08% | +0.01 |
| CL Colgate-Palmolive Co. | New | 0.01% | +0.01 |
| SDY SS SPDR S&P Dividend ETF | Add +25.0% | 0.04% | +0.01 |
| PHYS Sprott Physical Gold Trust | Add +28.9% | 0.02% | +0.01 |
| RYAM Rayonier Advanced Materials | Add +42.9% | 0.05% | +0.01 |
| BG Bunge Global SA | Add +17.7% | 0.03% | +0.01 |
| TLH iShares 10-20 Year Treasury | Add +129.3% | 0.01% | +0.01 |
| SCHY Schwab International DVD ETF | Add +9.1% | 0.05% | +0.01 |
| SCHD Schwab US DVD Equity ETF | Add +5.3% | 0.13% | +0.01 |
| CRWV Coreweave Inc. Class A | New | 0.01% | +0.01 |
| BEPC Brookfield Renewable Corp. | Add +1.4% | 0.06% | +0.01 |
| CRM Salesforce Inc. | Add +5.9% | 0.04% | +0.01 |
| VEA Vanguard Ftse Developed ETF | Add +1.0% | 0.14% | +0.01 |
| NLY Annaly Capital Management Inc. | Add +135.3% | 0.01% | +0.01 |
| LYB Lyondellbasell Indu Class A | Add +155.2% | 0.01% | +0.01 |
Notes & Other Activity Q3 2025 → Q4 2025
| VAL.WS Valaris Ltd. -CW28 | *W EXP 04/29/202 | Sold out | 2,000 | $6Kbefore exit |
| MPTI.WS M-Tron Industries Inc. -28 | *W EXP 04/25/202 | Sold out | 724 | $1Kbefore 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 |