Cutler Capital Management, LLC

WORCESTER, MA · CIK 1353098 · 13F filing filed 2026-08-14

SEC-registered investment adviser since 2000 · limited liability company

Assets managed$430.8m
Staff9 · 6 in investment roles
Main clients (by assets)High net worth individuals 64%, Private funds 24%, Companies 7%
Private funds2 (2 hedge) · $101.3m gross assets
Form ADV · 2026-03-25SEC adviser record

$385.0m reported value +6.3% vs Q1 2026

124positions

30.8%in top 10

16 new 35 added 50 reduced 6 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	AGNICO EAGLE MINES LTD COM AEM	AEM	116,334	$18.0m4.69%	4.69%	Reduced -2.3k	-2,264 -1.9%
2	METLIFE INC COM MET	MET	171,535	$14.5m3.77%	3.77%	Reduced -4.2k	-4,224 -2.4%
3	CTO RLTY GROWTH INC NEW COM CTO	CTO	651,274	$14.0m3.64%	3.64%	Reduced -8.1k	-8,096 -1.2%
4	TIMBERLAND BANCORP INC COM TSBK	TSBK	285,258	$12.8m3.32%	3.32%	Reduced -5.9k	-5,944 -2.0%
5	Exchange Bank/Santa Rosa CA COM EXSR	EXSR	74,934	$12.4m3.21%	3.21%	Reduced -847	-847 -1.1%
6	PARKE BANCORP INC COM PKBK	PKBK	314,126	$10.4m2.71%	2.71%	Reduced -3.3k	-3,300 -1.0%
7	SB FINL GROUP INC COM SBFG	SBFG	387,852	$9.8m2.55%	2.55%	Reduced -2.3k	-2,285 -0.6%
8	FIRST BUSINESS FINL SVCS INC COM FBIZ	FBIZ	154,346	$9.8m2.53%	2.53%	Reduced -244	-244 -0.2%
9	SHELL PLC SPON ADS SHEL	SHEL	109,361	$8.5m2.20%	2.20%	Reduced -1.3k	-1,340 -1.2%
10	BUNGE GLOBAL SA COM SHS BG	BG	77,792	$8.3m2.16%	2.16%	Reduced -1.6k	-1,568 -2.0%
11	LIBERTY MEDIA CORP DEL NOTE 3.750% 3/1 · principal SIRI 3.75 03.15.28 · principal	SIRI 3.75 03.15.28	7,033,000	$8.1m2.10%	2.10%	Reduced -190.0k	-190,000 -2.6%
12	FIDELITY COVINGTON TRUST MSCI ENERGY IDX FENY	FENY	267,547	$7.9m2.05%	2.05%	Added +232	+232 0.1%
13	BENCHMARK BANKSHARES INC COM BMBN	BMBN	179,382	$7.4m1.93%	1.93%	Added +6.3k	+6,300 3.6%
14	VIATRIS INC COM VTRS	VTRS	448,363	$7.1m1.85%	1.85%	Reduced -7.9k	-7,909 -1.7%
15	PROGRESS SOFTWARE CORP NOTE 3.500% 3/0 · principal PRGS 3.5 03.01.30 · principal	PRGS 3.5 03.01.30	7,390,000	$7.1m1.84%	1.84%	Reduced -155.0k	-155,000 -2.0%
16	MERCK & CO INC COM MRK	MRK	55,048	$7.1m1.84%	1.84%	Reduced -3.3k	-3,348 -5.7%
17	PPL CAP FDG INC NOTE 2.875% 3/1 · principal PPL 2.875 03.15.28 · principal	PPL 2.875 03.15.28	6,065,000	$6.9m1.79%	1.79%	Reduced -145.0k	-145,000 -2.3%
18	CHIRON REAL ESTATE INC COM NEW XRN	XRN	180,161	$6.8m1.76%	1.76%	Added +8.0k	+7,950 4.6%
19	INNOVIVA INC NOTE 2.125% 3/1 · principal INVA 2.125 03.15.28 · principal	INVA 2.125 03.15.28	6,195,000	$6.6m1.73%	1.73%	Reduced -125.0k	-125,000 -2.0%
20	ENERGY TRANSFER L P COM UT LTD PTN ET	ET	345,960	$6.6m1.72%	1.72%	Reduced -31.2k	-31,238 -8.3%
21	Bank of Botetourt COM BORT	BORT	122,465	$6.5m1.69%	1.69%	Unchanged
22	Chesapeake Financial Shares Inc COM CPKF	CPKF	178,850	$6.4m1.67%	1.67%	Added +350	+350 0.2%
23	BANK AMERICA CORP 7.25%CNV PFD L BAC 7.25 PERP L	BAC 7.25 PERP L	4,905	$6.2m1.60%	1.60%	Added +1.6k	+1,550 46.2%
24	VERIZON COMMUNICATIONS INC COM VZ	VZ	145,238	$6.1m1.60%	1.60%	Added +3.9k	+3,872 2.7%
25	Ledyard Financial Group Inc COM LFGP	LFGP	343,621	$6.1m1.59%	1.59%	Added +7.9k	+7,925 2.4%
26	FIRST NATL CORP VA COM FXNC	FXNC	203,809	$6.1m1.59%	1.59%	Reduced -300	-300 -0.1%
27	PFIZER INC COM PFE	PFE	245,185	$5.9m1.53%	1.53%	Reduced -3.6k	-3,586 -1.4%
28	Potomac Bancshares, Inc. COM PTBS	PTBS	231,048	$5.5m1.44%	1.44%	Added +33	+33 0.0%
29	KIMCO RLTY CORP DP CV CL N 7.25% KIM 7.25 PERP N	KIM 7.25 PERP N	87,693	$5.5m1.42%	1.42%	Reduced -2.2k	-2,250 -2.5%
30	VICI PPTYS INC COM VICI	VICI	201,181	$5.3m1.39%	1.39%	Reduced -1.5k	-1,504 -0.7%
31	Merchants Financial Group Inc COM MFGI	MFGI	132,830	$5.2m1.36%	1.36%	Added +5.9k	+5,880 4.6%
32	APPLE HOSPITALITY REIT INC COM NEW APLE	APLE	300,869	$5.1m1.31%	1.31%	Added +199	+199 0.1%
33	NORTHERN OIL & GAS INC NOTE 3.625% 4/1 · principal NOG 3.625 04.15.29 · principal	NOG 3.625 04.15.29	5,265,000	$5.0m1.31%	1.31%	Added +1.3m	+1,315,000 33.3%
34	F&M BANK CORP COM FMBM	FMBM	134,364	$4.9m1.27%	1.27%	Reduced -1.5k	-1,500 -1.1%
35	WEYERHAEUSER CO MTN BE COM NEW WY	WY	189,903	$4.5m1.18%	1.18%	Added +15.8k	+15,793 9.1%
36	COMMUNITY WEST BANCSHARES NE COM CWBC	CWBC	162,139	$4.4m1.13%	1.13%	Reduced -451	-451 -0.3%
37	CSB BANCORP COM CSBB	CSBB	58,284	$4.2m1.09%	1.09%	Reduced -8.3k	-8,279 -12.4%
38	ALERUS FINL CORP COM ALRS	ALRS	134,400	$4.2m1.09%	1.09%	Reduced -2.1k	-2,070 -1.5%
39	NORTHERN OIL & GAS INC COM NOG	NOG	223,884	$4.1m1.06%	1.06%	Added +150.3k	+150,275 204.2%
40	FSBH CORP COM COM		240,000	$3.9m1.02%	1.02%	Unchanged
41	VANECK ETF TRUST MRNGSTR WDE MOAT MOAT	MOAT	37,508	$3.9m1.01%	1.01%	Added +755	+755 2.0%
42	ENERGIZER HLDGS INC NEW COM ENR	ENR	158,733	$3.4m0.88%	0.88%	Added +8.8k	+8,828 5.9%
43	SFL CORPORATION LTD SHS SFL	SFL	322,242	$3.3m0.85%	0.85%	Reduced -8.7k	-8,650 -2.6%
44	BERKSHIRE HILLS BANCORP INC COM BBT	BBT	97,306	$3.0m0.77%	0.77%	Added +20.1k	+20,068 26.0%
45	AMERIS BANCORP COM ABCB	ABCB	30,759	$2.8m0.72%	0.72%	Reduced -1.1k	-1,100 -3.5%
46	LIBERTY MEDIA CORP DEL NOTE 2.250% 8/1 · principal FWONK 2.25 08.15.27 · principal	FWONK 2.25 08.15.27	2,220,000	$2.8m0.72%	0.72%	Reduced -80.0k	-80,000 -3.5%
47	LXP INDUSTRIAL TRUST COM LXP	LXP	49,487	$2.7m0.69%	0.69%	Reduced -4.6k	-4,628 -8.6%
48	HCI GROUP INC COM HCI	HCI	14,662	$2.6m0.67%	0.67%	Reduced -442	-442 -2.9%
49	ALBERTSONS COS INC COMMON STOCK ACI	ACI	185,187	$2.5m0.65%	0.65%	Added +35.5k	+35,525 23.7%
50	FIRST CMNTY CORP S C COM FCCO	FCCO	76,500	$2.5m0.65%	0.65%	Unchanged
51	AMERICAN INTL GROUP INC COM NEW AIG	AIG	33,000	$2.5m0.64%	0.64%	Unchanged
52	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	3,462	$2.4m0.62%	0.62%	Added +285	+285 9.0%
53	SCHLUMBERGER LTD COM STK SLB	SLB	51,074	$2.4m0.62%	0.62%	Added +2.0k	+2,020 4.1%
54	NEW YORK CMNTY CAP TR V UNIT 05/07/2051 FLG 6 11.01.51	FLG 6 11.01.51	53,868	$2.2m0.57%	0.57%	Reduced -2.2k	-2,225 -4.0%
55	WINNEBAGO INDS INC NOTE 3.250% 1/1 · principal WGO 3.25 01.15.30 · principal	WGO 3.25 01.15.30	2,310,000	$2.1m0.56%	0.56%	Reduced -35.0k	-35,000 -1.5%
56	SPECTRUM BRANDS INC NOTE 3.375% 6/0 · principal SPB 3.375 06.01.29 · principal	SPB 3.375 06.01.29	1,965,000	$2.0m0.53%	0.53%	New
57	AT&T INC COM T	T	98,318	$2.0m0.53%	0.53%	Added +36.1k	+36,062 57.9%
58	FINANCIAL INSTNS INC COM FISI	FISI	49,428	$1.9m0.50%	0.50%	Unchanged
59	CNH INDL N V SHS CNH	CNH	171,233	$1.9m0.50%	0.50%	Added +1.3k	+1,295 0.8%
60	PEOPLES FINL SVCS CORP COM PFIS	PFIS	28,746	$1.9m0.50%	0.50%	Reduced -2	-2 -0.0%
61	ALPHABET INC DEP SHS RP1/20 B GOOGL 6.25 05.15.29 B	GOOGL 6.25 05.15.29 B	37,775	$1.9m0.49%	0.49%	New
62	CHEESECAKE FACTORY INC NOTE 2.000% 3/1 · principal CAKE 2 03.15.30 · principal	CAKE 2 03.15.30	1,455,000	$1.9m0.48%	0.48%	Reduced -45.0k	-45,000 -3.0%
63	VANECK ETF TRUST GOLD MINERS ETF GDX	GDX	23,142	$1.7m0.45%	0.45%	Added +1.0k	+1,035 4.7%
64	HAEMONETICS CORP MASS NOTE 2.500% 6/0 · principal HAE 2.5 06.01.29 · principal	HAE 2.5 06.01.29	1,725,000	$1.7m0.45%	0.45%	Reduced -25.0k	-25,000 -1.4%
65	ETSY INC NOTE 0.125% 9/0 · principal ETSY 0.125 09.01.27 · principal	ETSY 0.125 09.01.27	1,805,000	$1.7m0.44%	0.44%	Reduced -50.0k	-50,000 -2.7%
66	BANC OF CALIFORNIA INC COM BANC	BANC	80,550	$1.6m0.43%	0.43%	Added +1.0k	+1,000 1.3%
67	WEC ENERGY GROUP INC NOTE 3.375% 6/0 · principal WEC 3.375 06.01.28 · principal	WEC 3.375 06.01.28	1,500,000	$1.6m0.40%	0.40%	New
68	GUIDEWIRE SOFTWARE INC NOTE 1.250%11/0 · principal GWRE 1.25 11.01.29 · principal	GWRE 1.25 11.01.29	1,595,000	$1.5m0.40%	0.40%	New
69	TYSON FOODS INC CL A TSN	TSN	26,340	$1.5m0.39%	0.39%	Reduced -667	-667 -2.5%
70	VISHAY INTERTECHNOLOGY INC NOTE 2.250% 9/1 · principal VSH 2.25 09.15.30 · principal	VSH 2.25 09.15.30	735,000	$1.5m0.38%	0.38%	Reduced -85.0k	-85,000 -10.4%
71	PACIRA BIOSCIENCES INC NOTE 2.125% 5/1 · principal PCRX 2.125 05.15.29 · principal	PCRX 2.125 05.15.29	1,435,000	$1.4m0.37%	0.37%	Reduced -40.0k	-40,000 -2.7%
72	Solvay Bank COM SOBS	SOBS	37,591	$1.2m0.32%	0.32%	Added +69	+69 0.2%
73	ISHARES TR US REGNL BKS ETF IAT	IAT	18,000	$1.1m0.29%	0.29%	Unchanged
74	CITIZENS BANCORP VA COM CZBT	CZBT	28,525	$1.1m0.28%	0.28%	Unchanged
75	VANGUARD INTL EQUITY INDEX F TT WRLD ST ETF VT	VT	6,135	$962.9k0.25%	0.25%	New
76	WESTERN AST INFL LKD OPP & I COM WIW	WIW	111,992	$940.7k0.24%	0.24%	Added +5.9k	+5,900 5.6%
77	INVESCO TR INVT GRADE MUNS COM VGM	VGM	86,117	$912.8k0.24%	0.24%	Unchanged
78	HANCOCK WHITNEY CORPORATION COM HWC	HWC	10,898	$814.3k0.21%	0.21%	Unchanged
79	ALAMOS GOLD INC NEW COM CL A AGI	AGI	25,897	$785.7k0.20%	0.20%	Added +15.1k	+15,075 139.3%
80	AMPHASTAR PHARMACEUTICALS IN NOTE 2.000% 3/1 · principal AMPH 2 03.15.29 · principal	AMPH 2 03.15.29	835,000	$758.2k0.20%	0.20%	Reduced -1.1m	-1,105,000 -57.0%
81	M & T BK CORP COM MTB	MTB	3,179	$756.7k0.20%	0.20%	Reduced -59	-59 -1.8%
82	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	8,602	$683.3k0.18%	0.18%	Reduced -849	-849 -9.0%
83	FIRST TR NASDAQ ABA CMNTY BK UT COM SHS ETF QABA	QABA	9,868	$664.0k0.17%	0.17%	Reduced -339	-339 -3.3%
84	MICROSOFT CORP COM MSFT	MSFT	1,671	$623.2k0.16%	0.16%	Added +25	+25 1.5%
85	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	1,200	$600.5k0.16%	0.16%	Reduced -130	-130 -9.8%
86	SOUTHSTATE BK CORP COM SSB	SSB	5,890	$588.4k0.15%	0.15%	Added +135	+135 2.4%
87	ISHARES TR CORE S&P US VLU IUSV	IUSV	4,550	$501.2k0.13%	0.13%	Unchanged
88	ORACLE CORP COM ORCL	ORCL	3,000	$439.6k0.11%	0.11%	Unchanged
89	ABBVIE INC COM ABBV	ABBV	1,629	$409.9k0.11%	0.11%	Reduced -286	-286 -14.9%
90	JPMORGAN CHASE & CO COM JPM	JPM	1,198	$392.1k0.10%	0.10%	Added +10	+10 0.8%
91	SEACOAST BKG CORP FLA COM NEW SBCF	SBCF	10,826	$360.0k0.09%	0.09%	Unchanged
92	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	448	$334.3k0.09%	0.09%	Reduced -33	-33 -6.9%
93	SKEENA RES LTD NEW COM SKE	SKE	11,880	$316.7k0.08%	0.08%	Unchanged
94	SPDR GOLD TR GOLD SHS GLD	GLD	842	$310.2k0.08%	0.08%	Added +386	+386 84.7%
95	FIDELITY COVINGTON TRUST FUNDAMENTAL SMAL FFSM	FFSM	7,860	$300.3k0.08%	0.08%	Reduced -265	-265 -3.3%
96	EVERSOURCE ENERGY COM ES	ES	4,147	$299.7k0.08%	0.08%	Reduced -100	-100 -2.4%
97	KROGER CO COM KR	KR	5,005	$277.9k0.07%	0.07%	Added +50	+50 1.0%
98	FRANKLIN FINL SVCS CORP COM FRAF	FRAF	4,400	$275.4k0.07%	0.07%	Unchanged
99	ALBEMARLE CORP 7.25% DEP SHS A ALB 7.25 03.01.27	ALB 7.25 03.01.27	4,675	$258.8k0.07%	0.07%	Unchanged
100	STARWOOD PPTY TR INC NOTE 6.750% 7/1 · principal STWD 6.75 07.15.27 · principal	STWD 6.75 07.15.27	245,000	$249.8k0.06%	0.06%	Reduced -665.0k	-665,000 -73.1%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
JAZZ INVESTMENTS I LTD JAZZ 2 06.15.26	JAZZ 2 06.15.26	2,565,000	$3.1m2.6m shares
LCI INDS LCII 1.125 05.15.26	LCII 1.125 05.15.26	1,442,000	$1.4m1.4m shares
PEBBLEBROOK HOTEL TR PEB 1.75 12.15.26	PEB 1.75 12.15.26	300,000	$292.2k300.0k shares
VANECK ETF TRUST MOTG	MOTG	2,925	$108.4k2.9k shares
ALPHABET INC GOOG	GOOG	375	$107.6k375 shares
JOHNSON CTLS INTL PLC JCI	JCI	800	$104.8k800 shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
SB FINL GROUP INC SBFG · 13G · filed 2025-02-13	SBFG	6.0%≈ $9.9m	new	13G	2025-02-13