Cutler Capital Management, LLC

WORCESTER, MA · CIK 1353098 · 13F filing filed 2024-08-14

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

$256.2m reported value +0.7% vs Q1 2024

111positions

31.8%in top 10

7 new 46 added 25 reduced 5 sold out vs Q1 2024

Holdings, Q2 2024

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	171,868	$12.1m4.71%	4.71%	Added +242	+242 0.1%
2	AGNICO EAGLE MINES LTD COM AEM	AEM	148,869	$9.7m3.80%	3.80%	Added +443	+443 0.3%
3	BUNGE GLOBAL SA COM SHS BG	BG	80,555	$8.6m3.36%	3.36%	Added +394	+394 0.5%
4	TIMBERLAND BANCORP INC COM TSBK	TSBK	300,563	$8.1m3.18%	3.18%	Added +2.4k	+2,422 0.8%
5	SHELL PLC SPON ADS SHEL	SHEL	108,861	$7.9m3.07%	3.07%	Added +603	+603 0.6%
6	MERCK & CO INC COM MRK	MRK	61,801	$7.7m2.99%	2.99%	Reduced -3.2k	-3,163 -4.9%
7	ENERGY TRANSFER L P COM UT LTD PTN ET	ET	457,077	$7.4m2.89%	2.89%	Added +7.6k	+7,574 1.7%
8	Exchange Bank/Santa Rosa CA COM EXSR	EXSR	76,254	$7.2m2.82%	2.82%	Unchanged
9	PFIZER INC COM PFE	PFE	237,144	$6.6m2.59%	2.59%	Added +5.0k	+5,016 2.2%
10	FIDELITY COVINGTON TRUST MSCI ENERGY IDX FENY	FENY	244,266	$6.1m2.39%	2.39%	Added +853	+853 0.3%
11	PPL CAP FDG INC NOTE 2.875% 3/1 · principal PPL 2.875 03.15.28 · principal	PPL 2.875 03.15.28	6,230,000	$6.0m2.33%	2.33%	Added +1.7m	+1,700,000 37.5%
12	FIRST BUSINESS FINL SVCS INC COM FBIZ	FBIZ	153,499	$5.7m2.22%	2.22%	Added +636	+636 0.4%
13	SB FINL GROUP INC COM SBFG	SBFG	403,376	$5.6m2.20%	2.20%	Added +3.1k	+3,064 0.8%
14	PARKE BANCORP INC COM PKBK	PKBK	309,519	$5.4m2.10%	2.10%	Added +1.4k	+1,448 0.5%
15	VIATRIS INC COM VTRS	VTRS	473,807	$5.0m1.97%	1.97%	Added +1.2k	+1,203 0.2%
16	KIMCO RLTY CORP DP CV CL N 7.25% KIM 7.25 PERP N	KIM 7.25 PERP N	92,265	$5.0m1.97%	1.97%	Added +728	+728 0.8%
17	HCI GROUP INC NOTE 4.750% 6/0 · principal HCI 4.75 06.01.42 · principal	HCI 4.75 06.01.42	3,660,000	$4.8m1.86%	1.86%	Reduced -430.0k	-430,000 -10.5%
18	Ledyard Financial Group Inc COM LFGP	LFGP	328,996	$4.6m1.78%	1.78%	Reduced -150	-150 -0.1%
19	VICI PPTYS INC COM VICI	VICI	155,233	$4.4m1.74%	1.74%	Added +23.3k	+23,302 17.7%
20	JAZZ INVESTMENTS I LTD NOTE 2.000% 6/1 · principal JAZZ 2 06.15.26 · principal	JAZZ 2 06.15.26	4,535,000	$4.4m1.70%	1.70%	Added +340.0k	+340,000 8.1%
21	WEYERHAEUSER CO MTN BE COM NEW WY	WY	151,644	$4.3m1.68%	1.68%	Added +730	+730 0.5%
22	INNOVIVA INC NOTE 2.500% 8/1 · principal INVA 2.5 08.15.25 · principal	INVA 2.5 08.15.25	3,835,000	$4.2m1.65%	1.65%	Unchanged
23	GLOBAL MED REIT INC COM NEW GMRE	GMRE	435,903	$4.0m1.55%	1.55%	Added +5.5k	+5,459 1.3%
24	BENCHMARK BANKSHARES INC COM BMBN	BMBN	160,000	$3.4m1.31%	1.31%	Added +1.0k	+1,000 0.6%
25	NEW YORK CMNTY CAP TR V UNIT 05/07/2051 FLG 6 11.01.51	FLG 6 11.01.51	104,295	$3.3m1.30%	1.30%	Added +1.2k	+1,200 1.2%
26	APPLE HOSPITALITY REIT INC COM NEW APLE	APLE	221,475	$3.2m1.26%	1.26%	Added +66.3k	+66,252 42.7%
27	ALERUS FINL CORP COM ALRS	ALRS	158,972	$3.1m1.22%	1.22%	Added +771	+771 0.5%
28	FIRST NATL CORP VA COM FXNC	FXNC	202,785	$3.1m1.20%	1.20%	Added +1.7k	+1,727 0.9%
29	COMMUNITY WEST BANCSHARES COM COM		164,445	$3.0m1.19%	1.19%	Reduced -47.1k	-47,075 -22.3%
30	Bank of Botetourt COM BORT	BORT	104,974	$3.0m1.17%	1.17%	Unchanged
31	Chesapeake Financial Shares Inc COM CPKF	CPKF	173,000	$2.9m1.14%	1.14%	Unchanged
32	CTO RLTY GROWTH INC NEW COM CTO	CTO	166,779	$2.9m1.14%	1.14%	Added +9.8k	+9,810 6.2%
33	Potomac Bancshares, Inc. COM PTBS	PTBS	192,888	$2.8m1.11%	1.11%	Added +7.0k	+7,020 3.8%
34	SFL CORPORATION LTD SHS SFL	SFL	204,595	$2.8m1.11%	1.11%	Reduced -95	-95 -0.1%
35	VERIZON COMMUNICATIONS INC COM VZ	VZ	68,160	$2.8m1.10%	1.10%	Added +5.4k	+5,439 8.7%
36	ALBERTSONS COS INC COMMON STOCK ACI	ACI	135,764	$2.7m1.05%	1.05%	Reduced -205	-205 -0.1%
37	CSB BANCORP COM CSBB	CSBB	69,850	$2.7m1.04%	1.04%	Unchanged
38	LIBERTY MEDIA CORP DEL NOTE 2.250% 8/1 · principal FWONK 2.25 08.15.27 · principal	FWONK 2.25 08.15.27	2,485,000	$2.6m1.03%	1.03%	Unchanged
39	ENERGIZER HLDGS INC NEW COM ENR	ENR	83,906	$2.5m0.97%	0.97%	Reduced -65	-65 -0.1%
40	LXP INDUSTRIAL TRUST COM LXP	LXP	265,481	$2.4m0.95%	0.95%	Added +4.7k	+4,707 1.8%
41	AMERICAN INTL GROUP INC COM NEW AIG	AIG	32,500	$2.4m0.94%	0.94%	Unchanged
42	CNH INDL N V SHS CNH	CNH	236,665	$2.4m0.94%	0.94%	Added +224.2k	+224,165 1793.3%
43	MAINSTREET BANCSHARES INC COM MNSB	MNSB	126,870	$2.2m0.88%	0.88%	Added +8.6k	+8,574 7.2%
44	DUKE ENERGY CORP NEW NOTE 4.125% 4/1 · principal DUK 4.125 04.15.26 · principal	DUK 4.125 04.15.26	2,170,000	$2.2m0.84%	0.84%	New
45	F&M BANK CORP COM FMBM	FMBM	133,914	$2.2m0.84%	0.84%	Unchanged
46	FORD MTR CO DEL NOTE 3/1 · principal F 0 03.15.26 · principal	F 0 03.15.26	2,017,000	$2.0m0.79%	0.79%	Unchanged
47	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	3,836	$1.9m0.75%	0.75%	Added +908	+908 31.0%
48	AMERIS BANCORP COM ABCB	ABCB	37,359	$1.9m0.73%	0.73%	Reduced -391	-391 -1.0%
49	EPR PPTYS PFD C CV 5.75% EPR 5.75 PERP C	EPR 5.75 PERP C	97,145	$1.9m0.73%	0.73%	Reduced -100	-100 -0.1%
50	Merchants Financial Group Inc COM MFGI	MFGI	73,200	$1.7m0.68%	0.68%	Added +200	+200 0.3%
51	ETSY INC NOTE 0.125% 9/0 · principal ETSY 0.125 09.01.27 · principal	ETSY 0.125 09.01.27	2,015,000	$1.7m0.66%	0.66%	Unchanged
52	Solvay Bank COM SOBS	SOBS	72,780	$1.7m0.65%	0.65%	Reduced -115	-115 -0.2%
53	VANECK ETF TRUST MRNGSTR WDE MOAT MOAT	MOAT	18,724	$1.6m0.63%	0.63%	Added +2.5k	+2,490 15.3%
54	FSBH CORP COM COM		210,000	$1.6m0.63%	0.63%	Unchanged
55	TYSON FOODS INC CL A TSN	TSN	27,401	$1.6m0.61%	0.61%	Reduced -423	-423 -1.5%
56	JAZZ INVESTMENTS I LTD NOTE 1.500% 8/1 · principal JAZZ 1.5 08.15.24 · principal	JAZZ 1.5 08.15.24	1,540,000	$1.5m0.60%	0.60%	Unchanged
57	EURONET WORLDWIDE INC NOTE 0.750% 3/1 · principal EEFT 0.75 03.15.49 · principal	EEFT 0.75 03.15.49	1,544,000	$1.5m0.58%	0.58%	Unchanged
58	FNCB BANCORP INC COM COM		215,060	$1.5m0.57%	0.57%	Added +2.6k	+2,613 1.2%
59	LCI INDS NOTE 1.125% 5/1 · principal LCII 1.125 05.15.26 · principal	LCII 1.125 05.15.26	1,425,000	$1.3m0.52%	0.52%	Unchanged
60	FIRST CMNTY CORP S C COM FCCO	FCCO	76,500	$1.3m0.52%	0.52%	Unchanged
61	AT&T INC COM T	T	66,957	$1.3m0.50%	0.50%	Reduced -70	-70 -0.1%
62	McHenry Bancorp, Inc. COMMON COMMON		33,515	$1.2m0.47%	0.47%	Unchanged
63	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	11,131	$1.1m0.41%	0.41%	Reduced -14.5k	-14,471 -56.5%
64	STARWOOD PPTY TR INC NOTE 6.750% 7/1 · principal STWD 6.75 07.15.27 · principal	STWD 6.75 07.15.27	985,000	$1.0m0.39%	0.39%	Unchanged
65	ALLIANT ENERGY CORP NOTE 3.875% 3/1 · principal LNT 3.875 03.15.26 · principal	LNT 3.875 03.15.26	1,000,000	$984.5k0.38%	0.38%	Unchanged
66	EAGLE BANCORP MONT INC COM EBMT	EBMT	71,229	$945.2k0.37%	0.37%	Added +244	+244 0.3%
67	BANC OF CALIFORNIA INC COM BANC	BANC	72,450	$925.9k0.36%	0.36%	Added +2.7k	+2,700 3.9%
68	BLUE RIDGE BANKSHARES INC VA COM BRBS	BRBS	354,689	$925.7k0.36%	0.36%	Added +270.5k	+270,494 321.3%
69	VANECK ETF TRUST GOLD MINERS ETF GDX	GDX	26,987	$915.7k0.36%	0.36%	Unchanged
70	INVESCO TR INVT GRADE MUNS COM VGM	VGM	86,117	$884.4k0.35%	0.35%	Unchanged
71	FINANCIAL INSTNS INC COM FISI	FISI	45,725	$883.4k0.34%	0.34%	Added +42	+42 0.1%
72	NRG ENERGY INC DBCV 2.750% 6/0 · principal NRG 2.75 06.01.48 · principal	NRG 2.75 06.01.48	450,000	$862.9k0.34%	0.34%	Reduced -925.0k	-925,000 -67.3%
73	LYFT INC NOTE 1.500% 5/1 · principal LYFT 1.5 05.15.25 · principal	LYFT 1.5 05.15.25	845,000	$810.8k0.32%	0.32%	Unchanged
74	TOTALENERGIES SE SPONSORED ADS SPONSORED ADS		11,582	$772.3k0.30%	0.30%	Reduced -418	-418 -3.5%
75	CLARIVATE PLC ORD SHS CLVT	CLVT	128,850	$733.2k0.29%	0.29%	New
76	FRANKLIN FINL SVCS CORP COM FRAF	FRAF	23,798	$673.0k0.26%	0.26%	Reduced -109	-109 -0.5%
77	WESTERN AST INFL LKD OPP & I COM WIW	WIW	77,470	$659.3k0.26%	0.26%	Added +64.2k	+64,194 483.5%
78	ABBVIE INC COM ABBV	ABBV	3,786	$649.4k0.25%	0.25%	Reduced -63	-63 -1.6%
79	AIRBNB INC NOTE 3/1 · principal ABNB 0 03.15.26 · principal	ABNB 0 03.15.26	670,000	$611.3k0.24%	0.24%	Unchanged
80	Banc of California 7.75 Non-Cumulative Perpetual Preferred Stock, Series A PFD BANC V7.75 PERP F	BANC V7.75 PERP F	25,150	$579.0k0.23%	0.23%	Unchanged
81	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	1,336	$543.5k0.21%	0.21%	Unchanged
82	MICROSOFT CORP COM MSFT	MSFT	1,182	$528.2k0.21%	0.21%	Reduced -59	-59 -4.8%
83	HANCOCK WHITNEY CORPORATION COM HWC	HWC	10,898	$521.3k0.20%	0.20%	Added +96	+96 0.9%
84	LIBERTY MEDIA CORP DEL NOTE 3.750% 3/1 · principal SIRI 3.75 03.15.28 · principal	SIRI 3.75 03.15.28	500,000	$520.0k0.20%	0.20%	New
85	CITIZENS BANCORP VA COM CZBT	CZBT	18,650	$473.7k0.18%	0.18%	Unchanged
86	M & T BK CORP COM MTB	MTB	3,034	$459.3k0.18%	0.18%	Reduced -1	-1 -0.0%
87	SOUTHSTATE CORPORATION COM SSB	SSB	5,688	$434.6k0.17%	0.17%	Added +34	+34 0.6%
88	ISHARES TR CORE S&P US VLU IUSV	IUSV	4,567	$402.5k0.16%	0.16%	Added +17	+17 0.4%
89	ALBEMARLE CORP 7.25% DEP SHS A ALB 7.25 03.01.27	ALB 7.25 03.01.27	8,225	$383.8k0.15%	0.15%	New
90	FIRST TR NASDAQ ABA CMNTY BK UT COM SHS ETF QABA	QABA	8,206	$377.4k0.15%	0.15%	Reduced -598	-598 -6.8%
91	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	659	$358.4k0.14%	0.14%	Reduced -1	-1 -0.1%
92	FIRST LONG IS CORP COM FLIC	FLIC	29,617	$296.8k0.12%	0.12%	Reduced -18.5k	-18,520 -38.5%
93	SPOTIFY USA INC NOTE 3/1 · principal SPOT 0 03.15.26 · principal	SPOT 0 03.15.26	290,000	$275.9k0.11%	0.11%	Unchanged
94	CHEGG INC NOTE 0.125% 3/1 · principal CHGG 0.125 03.15.25 · principal	CHGG 0.125 03.15.25	290,000	$268.2k0.10%	0.10%	Unchanged
95	PEBBLEBROOK HOTEL TR NOTE 1.750%12/1 · principal PEB 1.75 12.15.26 · principal	PEB 1.75 12.15.26	300,000	$264.8k0.10%	0.10%	New
96	SEACOAST BKG CORP FLA COM NEW SBCF	SBCF	10,826	$255.9k0.10%	0.10%	Unchanged
97	EXPEDIA GROUP INC NOTE 2/1 · principal EXPE 0 02.15.26 · principal	EXPE 0 02.15.26	275,000	$252.4k0.10%	0.10%	Unchanged
98	KROGER CO COM KR	KR	4,160	$207.7k0.08%	0.08%	Added +3	+3 0.1%
99	AMAZON COM INC COM AMZN	AMZN	1,050	$202.9k0.08%	0.08%	Added +170	+170 19.3%
100	SCHWAB STRATEGIC TR US LCAP VA ETF SCHV	SCHV	2,436	$180.5k0.07%	0.07%	Reduced -531	-531 -17.9%

Sold out since Q1 2024

Security	Ticker	Shares held before	Value then
CLARIVATE PLC CLVT 5.25 06.01.24 A	CLVT 5.25 06.01.24 A	41,485	$1.2m41.5k shares
MEDICAL PPTYS TRUST INC MPT	MPT	148,610	$698.5k148.6k shares
EZCORP INC EZPW 2.875 07.01.24	EZPW 2.875 07.01.24	215,000	$237.7k215.0k shares
WARNER BROS DISCOVERY INC WBD	WBD	12,463	$108.8k12.5k shares
LOWES COS INC LOW	LOW	420	$107.0k420 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