Cutler Capital Management, LLC

WORCESTER, MA · CIK 1353098 · 13F filing filed 2023-08-15

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

$212.9m reported value -5.0% vs Q1 2023

101positions

32.3%in top 10

8 new 59 added 20 reduced 11 sold out vs Q1 2023

Holdings, Q2 2023

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	METLIFE INC COM MET	MET	170,993	$9.7m4.54%	4.54%	Added +507	+507 0.3%
2	MERCK & CO INC COM MRK	MRK	64,924	$7.5m3.52%	3.52%	Reduced -11.7k	-11,746 -15.3%
3	PFIZER INC COM PFE	PFE	202,761	$7.4m3.49%	3.49%	Added +32.0k	+31,964 18.7%
4	TIMBERLAND BANCORP INC COM TSBK	TSBK	290,404	$7.4m3.49%	3.49%	Added +5.4k	+5,445 1.9%
5	BUNGE LIMITED COM BG	BG	76,428	$7.2m3.39%	3.39%	Added +3.2k	+3,222 4.4%
6	Exchange Bank/Santa Rosa CA COM EXSR	EXSR	76,274	$6.9m3.26%	3.26%	Added +1.4k	+1,375 1.8%
7	AGNICO EAGLE MINES LTD COM AEM	AEM	138,431	$6.9m3.25%	3.25%	Added +1.8k	+1,792 1.3%
8	ENERGY TRANSFER L P COM UT LTD PTN ET	ET	421,522	$5.4m2.51%	2.51%	Added +9.7k	+9,675 2.4%
9	PARKE BANCORP INC COM PKBK	PKBK	305,213	$5.2m2.44%	2.44%	Added +3.8k	+3,825 1.3%
10	SHELL PLC SPON ADS SHEL	SHEL	85,271	$5.1m2.42%	2.42%	Added +1.1k	+1,066 1.3%
11	SB FINL GROUP INC COM SBFG	SBFG	399,040	$5.0m2.36%	2.36%	Added +2.7k	+2,742 0.7%
12	WEYERHAEUSER CO MTN BE COM NEW WY	WY	149,933	$5.0m2.36%	2.36%	Added +97	+97 0.1%
13	FIDELITY COVINGTON TRUST MSCI ENERGY IDX FENY	FENY	217,412	$4.8m2.26%	2.26%	Added +16.2k	+16,231 8.1%
14	Ledyard Financial Group Inc COM LFGP	LFGP	330,979	$4.6m2.14%	2.14%	Added +1.8k	+1,750 0.5%
15	FIRST BUSINESS FINL SVCS INC COM FBIZ	FBIZ	151,416	$4.5m2.10%	2.10%	Added +6.0k	+5,991 4.1%
16	ENERGIZER HLDGS INC NEW COM ENR	ENR	131,069	$4.4m2.07%	2.07%	Added +646	+646 0.5%
17	VIATRIS INC COM VTRS	VTRS	407,513	$4.1m1.91%	1.91%	Added +40.8k	+40,847 11.1%
18	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	50,463	$4.0m1.89%	1.89%	Reduced -1.0k	-1,029 -2.0%
19	COMMUNITY WEST BANCSHARES COM COM		315,708	$3.8m1.80%	1.80%	Added +1.7k	+1,720 0.6%
20	NEW YORK CMNTY CAP TR V UNIT 05/07/2051 FLG 6 11.01.51	FLG 6 11.01.51	88,845	$3.6m1.69%	1.69%	Added +350	+350 0.4%
21	GLOBAL MED REIT INC COM NEW GMRE	GMRE	382,677	$3.5m1.64%	1.64%	Added +57.4k	+57,430 17.7%
22	Chesapeake Financial Shares Inc COM CPKF	CPKF	172,500	$3.3m1.56%	1.56%	Unchanged
23	FIRST NATL CORP VA COM FXNC	FXNC	200,494	$3.3m1.56%	1.56%	Added +3.5k	+3,455 1.8%
24	VERIZON COMMUNICATIONS INC COM VZ	VZ	86,689	$3.2m1.51%	1.51%	Added +8.5k	+8,475 10.8%
25	BENCHMARK BANKSHARES INC COM BMBN	BMBN	140,600	$3.2m1.50%	1.50%	Added +600	+600 0.4%
26	HARBOR CUSTOM DEVELOPMENT IN 8% CONV PFD SR A HCDI 8 PERP A	HCDI 8 PERP A	581,575	$3.1m1.47%	1.47%	Added +525	+525 0.1%
27	RPT REALTY 7.25 PFD D CONV KIM 7.25 PERP D	KIM 7.25 PERP D	63,904	$3.1m1.47%	1.47%	Reduced -1.7k	-1,735 -2.6%
28	VICI PPTYS INC COM VICI	VICI	98,051	$3.1m1.45%	1.45%	Added +5.2k	+5,164 5.6%
29	Bank of Botetourt COM BORT	BORT	100,644	$2.9m1.37%	1.37%	Added +300	+300 0.3%
30	ALERUS FINL CORP COM ALRS	ALRS	155,822	$2.8m1.32%	1.32%	Added +1.2k	+1,161 0.8%
31	Potomac Bancshares, Inc. COM PTBS	PTBS	170,512	$2.7m1.27%	1.27%	Added +12	+12 0.0%
32	F&M BANK CORP COM FMBM	FMBM	133,914	$2.6m1.23%	1.23%	Unchanged
33	CSB BANCORP COM CSBB	CSBB	68,000	$2.6m1.20%	1.20%	Added +500	+500 0.7%
34	LXP INDUSTRIAL TRUST COM LXP	LXP	251,537	$2.5m1.15%	1.15%	Reduced -2.5k	-2,533 -1.0%
35	ALBERTSONS COS INC COMMON STOCK ACI	ACI	108,684	$2.4m1.11%	1.11%	Added +12.8k	+12,803 13.3%
36	NRG ENERGY INC DBCV 2.750% 6/0 · principal NRG 2.75 06.01.48 · principal	NRG 2.75 06.01.48	2,225,000	$2.3m1.10%	1.10%	Unchanged
37	MEDICAL PPTYS TRUST INC COM MPT	MPT	250,394	$2.3m1.09%	1.09%	Added +9.3k	+9,265 3.8%
38	HCI GROUP INC COM HCI	HCI	36,269	$2.2m1.05%	1.05%	Reduced -292	-292 -0.8%
39	CAMBRIDGE BANCORP COM COM		39,504	$2.1m1.01%	1.01%	Added +1.9k	+1,852 4.9%
40	BLUE RIDGE BANKSHARES INC VA COM BRBS	BRBS	239,547	$2.1m1.00%	1.00%	Added +2.8k	+2,847 1.2%
41	MAINSTREET BANCSHARES INC COM MNSB	MNSB	91,500	$2.1m0.97%	0.97%	Added +9.8k	+9,786 12.0%
42	Solvay Bank COM SOBS	SOBS	69,874	$2.0m0.95%	0.95%	Added +1.4k	+1,400 2.0%
43	AMERICAN INTL GROUP INC COM NEW AIG	AIG	32,500	$1.9m0.88%	0.88%	Unchanged
44	Merchants Financial Group Inc COM MFGI	MFGI	59,500	$1.5m0.73%	0.73%	Added +4.9k	+4,900 9.0%
45	AMERIS BANCORP COM ABCB	ABCB	45,187	$1.5m0.73%	0.73%	Added +299	+299 0.7%
46	CTO RLTY GROWTH INC NEW COM CTO	CTO	88,626	$1.5m0.71%	0.71%	Added +12.2k	+12,235 16.0%
47	TYSON FOODS INC CL A TSN	TSN	29,598	$1.5m0.71%	0.71%	Reduced -26.7k	-26,690 -47.4%
48	FNCB BANCORP INC COM COM		247,786	$1.5m0.69%	0.69%	Added +7.7k	+7,661 3.2%
49	INNOVIVA INC NOTE 2.500% 8/1 · principal INVA 2.5 08.15.25 · principal	INVA 2.5 08.15.25	1,425,000	$1.4m0.66%	0.66%	Added +20.0k	+20,000 1.4%
50	FSBH CORP COM COM		180,000	$1.4m0.65%	0.65%	Reduced -9.7k	-9,700 -5.1%
51	GREAT AJAX CORP 7.25 CV SR NT 24 RPT 7.25 04.30.24	RPT 7.25 04.30.24	56,560	$1.4m0.65%	0.65%	Reduced -350	-350 -0.6%
52	ORRSTOWN FINL SVCS INC COM ORRF	ORRF	70,000	$1.3m0.63%	0.63%	Added +57	+57 0.1%
53	APPLE HOSPITALITY REIT INC COM NEW APLE	APLE	88,606	$1.3m0.63%	0.63%	Added +17.9k	+17,893 25.3%
54	FIRST CMNTY CORP S C COM FCCO	FCCO	76,500	$1.3m0.62%	0.62%	Unchanged
55	ETSY INC NOTE 0.125% 9/0 · principal ETSY 0.125 09.01.27 · principal	ETSY 0.125 09.01.27	1,550,000	$1.3m0.61%	0.61%	New
56	READY CAPITAL CORP 7% CN SR NT 2023 RC 7 08.15.23	RC 7 08.15.23	48,329	$1.2m0.57%	0.57%	Reduced -400	-400 -0.8%
57	EPR PPTYS PFD C CV 5.75% EPR 5.75 PERP C	EPR 5.75 PERP C	57,450	$1.2m0.57%	0.57%	Reduced -300	-300 -0.5%
58	AT&T INC COM T	T	68,767	$1.1m0.52%	0.52%	Reduced -45.2k	-45,246 -39.7%
59	EAGLE BANCORP MONT INC COM EBMT	EBMT	70,239	$929.3k0.44%	0.44%	Added +239	+239 0.3%
60	SFL CORPORATION LTD SHS SFL	SFL	93,600	$873.3k0.41%	0.41%	New
61	First National Bank Alaska COM FBAK	FBAK	4,430	$868.5k0.41%	0.41%	Reduced -3.9k	-3,867 -46.6%
62	INVESCO TR INVT GRADE MUNS COM VGM	VGM	86,117	$836.2k0.39%	0.39%	Unchanged
63	VANECK ETF TRUST MRNGSTR WDE MOAT MOAT	MOAT	10,331	$824.3k0.39%	0.39%	Reduced -8	-8 -0.1%
64	LYFT INC NOTE 1.500% 5/1 · principal LYFT 1.5 05.15.25 · principal	LYFT 1.5 05.15.25	885,000	$792.5k0.37%	0.37%	Unchanged
65	McHenry Bancorp, Inc. COMMON COMMON		28,000	$711.2k0.33%	0.33%	Unchanged
66	FRANKLIN FINL SVCS CORP COM FRAF	FRAF	25,085	$695.9k0.33%	0.33%	Reduced -7.9k	-7,930 -24.0%
67	FINANCIAL INSTNS INC COM FISI	FISI	43,000	$676.8k0.32%	0.32%	Added +3.0k	+3,000 7.5%
68	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	1,588	$646.7k0.30%	0.30%	Added +111	+111 7.5%
69	Mountain Commerce Bancorp Inc COM MCBI	MCBI	38,000	$617.5k0.29%	0.29%	New
70	VANECK ETF TRUST GOLD MINERS ETF GDX	GDX	20,347	$612.7k0.29%	0.29%	Added +5.9k	+5,894 40.8%
71	FIRST LONG IS CORP COM FLIC	FLIC	47,049	$565.5k0.27%	0.27%	Added +2.0k	+1,975 4.4%
72	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	4,111	$550.1k0.26%	0.26%	Reduced -3.5k	-3,532 -46.2%
73	ABBVIE INC COM ABBV	ABBV	3,641	$490.5k0.23%	0.23%	Reduced -359	-359 -9.0%
74	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	1,336	$455.6k0.21%	0.21%	Unchanged
75	KEYCORP COM KEY	KEY	49,141	$454.1k0.21%	0.21%	Added +9.2k	+9,246 23.2%
76	HANCOCK WHITNEY CORPORATION COM HWC	HWC	10,572	$405.7k0.19%	0.19%	Added +275	+275 2.7%
77	FIRST TR NASDAQ ABA CMNTY BK UT COM SHS ETF QABA	QABA	10,247	$405.2k0.19%	0.19%	Added +2.9k	+2,853 38.6%
78	PacWest Bancorp 7.75 Non-Cumulative Perpetual Preferred Stock, Series A PFD PACW V7.75 PERP A	PACW V7.75 PERP A	25,800	$393.4k0.18%	0.18%	Added +500	+500 2.0%
79	ISHARES TR CORE S&P US VLU IUSV	IUSV	4,800	$375.6k0.18%	0.18%	Unchanged
80	M & T BK CORP COM MTB	MTB	2,949	$365.0k0.17%	0.17%	Added +131	+131 4.7%
81	SOUTHSTATE CORPORATION COM SSB	SSB	5,546	$365.0k0.17%	0.17%	Added +40	+40 0.7%
82	MICROSOFT CORP COM MSFT	MSFT	1,051	$357.8k0.17%	0.17%	Added +307	+307 41.3%
83	ARES CAPITAL CORP NOTE 4.625% 3/0 · principal ARCC 4.625 03.01.24 · principal	ARCC 4.625 03.01.24	315,000	$314.0k0.15%	0.15%	New
84	CITIZENS BANCORP VA COM CZBT	CZBT	10,500	$292.9k0.14%	0.14%	Reduced -9.5k	-9,500 -47.5%
85	SPOTIFY USA INC NOTE 3/1 · principal SPOT 0 03.15.26 · principal	SPOT 0 03.15.26	330,000	$280.3k0.13%	0.13%	Added +25.0k	+25,000 8.2%
86	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	628	$278.6k0.13%	0.13%	Reduced -67	-67 -9.6%
87	CHEGG INC NOTE 0.125% 3/1 · principal CHGG 0.125 03.15.25 · principal	CHGG 0.125 03.15.25	290,000	$255.5k0.12%	0.12%	Added +30.0k	+30,000 11.5%
88	EZCORP INC NOTE 2.875% 7/0 · principal EZPW 2.875 07.01.24 · principal	EZPW 2.875 07.01.24	245,000	$253.2k0.12%	0.12%	Unchanged
89	SCHWAB STRATEGIC TR US LCAP VA ETF SCHV	SCHV	3,758	$252.1k0.12%	0.12%	New
90	BECTON DICKINSON & CO COM BDX	BDX	939	$247.9k0.12%	0.12%	Reduced -660	-660 -41.3%
91	WESTERN DIGITAL CORP. NOTE 1.500% 2/0 · principal WDC 1.5 02.01.24 · principal	WDC 1.5 02.01.24	250,000	$242.4k0.11%	0.11%	Added +30.0k	+30,000 13.6%
92	SEACOAST BKG CORP FLA COM NEW SBCF	SBCF	10,594	$234.1k0.11%	0.11%	Added +288	+288 2.8%
93	SCHWAB STRATEGIC TR US LCAP GR ETF SCHG	SCHG	2,635	$197.5k0.09%	0.09%	New
94	GUIDEWIRE SOFTWARE INC NOTE 1.250% 3/1 · principal GWRE 1.25 03.15.25 · principal	GWRE 1.25 03.15.25	200,000	$192.6k0.09%	0.09%	Added +30.0k	+30,000 17.6%
95	SCHWAB STRATEGIC TR INTL EQTY ETF SCHF	SCHF	5,301	$188.7k0.09%	0.09%	New
96	WARNER BROS DISCOVERY INC COM SER A WBD	WBD	12,649	$158.6k0.07%	0.07%	Added +326	+326 2.6%
97	NEW MTN FIN CORP NOTE 5.750% 8/1 · principal NMFC 5.75 08.15.23 · principal	NMFC 5.75 08.15.23	145,000	$143.9k0.07%	0.07%	Reduced -10.0k	-10,000 -6.5%
98	FORD MTR CO DEL NOTE 3/1 · principal F 0 03.15.26 · principal	F 0 03.15.26	117,000	$128.2k0.06%	0.06%	Unchanged
99	GREENBRIER COS INC NOTE 2.875% 4/1 · principal GBX 2.875 04.15.28 · principal	GBX 2.875 04.15.28	117,000	$115.2k0.05%	0.05%	New
100	PARSONS CORP DEL NOTE 0.250% 8/1 · principal PSN 0.25 08.15.25 · principal	PSN 0.25 08.15.25	100,000	$114.5k0.05%	0.05%	Unchanged

Sold out since Q1 2023

Security	Ticker	Shares held before	Value then
SFL CORPORATION LTD SFL 4.875 05.01.23	SFL 4.875 05.01.23	3,715,000	$3.7m3.7m shares
PRA GROUP INC PRAA 3.5 06.01.23	PRAA 3.5 06.01.23	3,255,000	$3.2m3.3m shares
TOTALENERGIES SE		12,266	$724.3k12.3k shares
DIGITALBRIDGE GROUP INC DBRG 5 04.15.23	DBRG 5 04.15.23	365,000	$365.0k365.0k shares
STARWOOD PPTY TR INC STWD 4.375 04.01.23	STWD 4.375 04.01.23	320,000	$320.0k320.0k shares
LIGAND PHARMACEUTICALS INC LGND 0.75 05.15.23	LGND 0.75 05.15.23	300,000	$297.1k300.0k shares
BEYOND MEAT INC BYND 0 03.15.27	BYND 0 03.15.27	1,250,000	$290.6k1.2m shares
HOPE BANCORP INC HOPE 2 05.15.38	HOPE 2 05.15.38	294,000	$284.4k294.0k shares
FINWARD BANCORP FNWD	FNWD	7,499	$218.2k7.5k shares
KKR REAL ESTATE FIN TR INC KREF 6.125 05.15.23	KREF 6.125 05.15.23	195,000	$193.1k195.0k shares
SUPERNUS PHARMACEUTICALS SUPN 0.625 04.01.23	SUPN 0.625 04.01.23	142,000	$142.0k142.0k 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