Cutler Capital Management, LLC

WORCESTER, MA · CIK 1353098 · 13F filing filed 2025-08-13

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

$287.4m reported value -0.0% vs Q1 2025

116positions

32.9%in top 10

9 new 28 added 38 reduced 10 sold out vs Q1 2025

Holdings, Q2 2025

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	131,727	$15.7m5.45%	5.45%	Reduced -3.2k	-3,245 -2.4%
2	METLIFE INC COM MET	MET	164,983	$13.3m4.62%	4.62%	Reduced -1.2k	-1,198 -0.7%
3	CTO RLTY GROWTH INC NEW COM CTO	CTO	642,054	$11.1m3.86%	3.86%	Added +450.2k	+450,162 234.6%
4	TIMBERLAND BANCORP INC COM TSBK	TSBK	298,395	$9.3m3.24%	3.24%	Reduced -406	-406 -0.1%
5	Exchange Bank/Santa Rosa CA COM EXSR	EXSR	76,054	$8.0m2.79%	2.79%	Unchanged
6	FIRST BUSINESS FINL SVCS INC COM FBIZ	FBIZ	155,799	$7.9m2.75%	2.75%	Added +400	+400 0.3%
7	SHELL PLC SPON ADS SHEL	SHEL	110,656	$7.8m2.71%	2.71%	Reduced -400	-400 -0.4%
8	SB FINL GROUP INC COM SBFG	SBFG	391,983	$7.5m2.60%	2.60%	Reduced -573	-573 -0.1%
9	ENERGY TRANSFER L P COM UT LTD PTN ET	ET	393,619	$7.1m2.48%	2.48%	Reduced -22.9k	-22,852 -5.5%
10	PPL CAP FDG INC NOTE 2.875% 3/1 · principal PPL 2.875 03.15.28 · principal	PPL 2.875 03.15.28	6,330,000	$6.8m2.38%	2.38%	Reduced -50.0k	-50,000 -0.8%
11	BUNGE GLOBAL SA COM SHS BG	BG	79,964	$6.4m2.23%	2.23%	Reduced -786	-786 -1.0%
12	FIDELITY COVINGTON TRUST MSCI ENERGY IDX FENY	FENY	270,509	$6.3m2.21%	2.21%	Added +7.0k	+6,999 2.7%
13	PARKE BANCORP INC COM PKBK	PKBK	309,657	$6.3m2.19%	2.19%	Added +725	+725 0.2%
14	PFIZER INC COM PFE	PFE	250,893	$6.1m2.12%	2.12%	Added +496	+496 0.2%
15	JAZZ INVESTMENTS I LTD NOTE 2.000% 6/1 · principal JAZZ 2 06.15.26 · principal	JAZZ 2 06.15.26	5,730,000	$5.8m2.01%	2.01%	Reduced -50.0k	-50,000 -0.9%
16	KIMCO RLTY CORP DP CV CL N 7.25% KIM 7.25 PERP N	KIM 7.25 PERP N	90,465	$5.5m1.91%	1.91%	Reduced -458	-458 -0.5%
17	VICI PPTYS INC COM VICI	VICI	166,133	$5.4m1.88%	1.88%	Added +901	+901 0.6%
18	BENCHMARK BANKSHARES INC COM BMBN	BMBN	170,982	$5.0m1.74%	1.74%	Added +3.2k	+3,182 1.9%
19	Ledyard Financial Group Inc COM LFGP	LFGP	326,121	$4.7m1.63%	1.63%	Unchanged
20	MERCK & CO INC COM MRK	MRK	58,031	$4.6m1.60%	1.60%	Added +300	+300 0.5%
21	INNOVIVA INC NOTE 2.125% 3/1 · principal INVA 2.125 03.15.28 · principal	INVA 2.125 03.15.28	4,340,000	$4.3m1.51%	1.51%	Reduced -55.0k	-55,000 -1.2%
22	VIATRIS INC COM VTRS	VTRS	463,910	$4.1m1.44%	1.44%	Reduced -1.0k	-1,000 -0.2%
23	WEYERHAEUSER CO MTN BE COM NEW WY	WY	159,240	$4.1m1.42%	1.42%	Added +352	+352 0.2%
24	Bank of Botetourt COM BORT	BORT	112,674	$4.0m1.38%	1.38%	Added +8.2k	+8,200 7.8%
25	FIRST NATL CORP VA COM FXNC	FXNC	202,785	$3.9m1.37%	1.37%	Unchanged
26	VERIZON COMMUNICATIONS INC COM VZ	VZ	88,596	$3.8m1.33%	1.33%	Added +461	+461 0.5%
27	Potomac Bancshares, Inc. COM PTBS	PTBS	220,368	$3.8m1.33%	1.33%	Added +9.2k	+9,200 4.4%
28	NEW YORK CMNTY CAP TR V UNIT 05/07/2051 FLG 6 11.01.51	FLG 6 11.01.51	97,812	$3.8m1.31%	1.31%	Reduced -500	-500 -0.5%
29	Chesapeake Financial Shares Inc COM CPKF	CPKF	173,000	$3.6m1.26%	1.26%	Unchanged
30	ALERUS FINL CORP COM ALRS	ALRS	156,000	$3.4m1.17%	1.17%	Reduced -3.0k	-2,972 -1.9%
31	APPLE HOSPITALITY REIT INC COM NEW APLE	APLE	283,770	$3.3m1.15%	1.15%	Added +2.9k	+2,900 1.0%
32	GLOBAL MED REIT INC COM NEW GMRE	GMRE	472,938	$3.3m1.14%	1.14%	Added +15.9k	+15,900 3.5%
33	COMMUNITY WEST BANCSHARES NE COM CWBC	CWBC	162,061	$3.2m1.10%	1.10%	Unchanged
34	LIBERTY MEDIA CORP DEL NOTE 2.250% 8/1 · principal FWONK 2.25 08.15.27 · principal	FWONK 2.25 08.15.27	2,360,000	$3.1m1.09%	1.09%	Reduced -35.0k	-35,000 -1.5%
35	CSB BANCORP COM CSBB	CSBB	69,000	$3.0m1.04%	1.04%	Unchanged
36	ALBERTSONS COS INC COMMON STOCK ACI	ACI	134,687	$2.9m1.01%	1.01%	Added +2.9k	+2,925 2.2%
37	F&M BANK CORP COM FMBM	FMBM	136,814	$2.9m1.00%	1.00%	Unchanged
38	GUESS INC NOTE 3.750% 4/1 · principal GES 3.75 04.15.28 · principal	GES 3.75 04.15.28	3,010,000	$2.9m0.99%	0.99%	Reduced -65.0k	-65,000 -2.1%
39	SFL CORPORATION LTD SHS SFL	SFL	338,792	$2.8m0.98%	0.98%	Reduced -1.5k	-1,497 -0.4%
40	AMERICAN INTL GROUP INC COM NEW AIG	AIG	32,800	$2.8m0.98%	0.98%	Unchanged
41	LIBERTY MEDIA CORP DEL NOTE 3.750% 3/1 · principal SIRI 3.75 03.15.28 · principal	SIRI 3.75 03.15.28	2,538,000	$2.6m0.92%	0.92%	Added +1.1m	+1,138,000 81.3%
42	Merchants Financial Group Inc COM MFGI	MFGI	93,700	$2.4m0.82%	0.82%	Unchanged
43	HCI GROUP INC COM HCI	HCI	15,292	$2.3m0.81%	0.81%	New
44	LXP INDUSTRIAL TRUST COM LXP	LXP	276,139	$2.3m0.79%	0.79%	Added +3.9k	+3,855 1.4%
45	DUKE ENERGY CORP NEW NOTE 4.125% 4/1 · principal DUK 4.125 04.15.26 · principal	DUK 4.125 04.15.26	2,145,000	$2.3m0.79%	0.79%	Unchanged
46	ENERGIZER HLDGS INC NEW COM ENR	ENR	112,393	$2.3m0.79%	0.79%	Added +21.4k	+21,351 23.4%
47	CNH INDL N V SHS CNH	CNH	173,563	$2.2m0.78%	0.78%	Reduced -151.3k	-151,296 -46.6%
48	FORD MTR CO DEL NOTE 3/1 · principal F 0 03.15.26 · principal	F 0 03.15.26	2,275,000	$2.2m0.78%	0.78%	Reduced -75.0k	-75,000 -3.2%
49	AMERIS BANCORP COM ABCB	ABCB	34,459	$2.2m0.78%	0.78%	Added +700	+700 2.1%
50	VANECK ETF TRUST MRNGSTR WDE MOAT MOAT	MOAT	23,063	$2.2m0.75%	0.75%	Added +320	+320 1.4%
51	EPR PPTYS PFD C CV 5.75% EPR 5.75 PERP C	EPR 5.75 PERP C	81,995	$2.1m0.71%	0.71%	Reduced -750	-750 -0.9%
52	AT&T INC COM T	T	65,344	$1.9m0.66%	0.66%	Unchanged
53	FIRST CMNTY CORP S C COM FCCO	FCCO	76,500	$1.9m0.65%	0.65%	Unchanged
54	FSBH CORP COM COM		210,000	$1.8m0.62%	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	1,950,000	$1.7m0.60%	0.60%	Reduced -30.0k	-30,000 -1.5%
56	EVERSOURCE ENERGY COM ES	ES	24,747	$1.6m0.55%	0.55%	New
57	AIRBNB INC NOTE 3/1 · principal ABNB 0 03.15.26 · principal	ABNB 0 03.15.26	1,630,000	$1.6m0.55%	0.55%	Added +640.0k	+640,000 64.7%
58	TYSON FOODS INC CL A TSN	TSN	27,251	$1.5m0.53%	0.53%	Added +1.0k	+1,000 3.8%
59	PROGRESS SOFTWARE CORP NOTE 3.500% 3/0 · principal PRGS 3.5 03.01.30 · principal	PRGS 3.5 03.01.30	1,290,000	$1.5m0.52%	0.52%	Reduced -10.0k	-10,000 -0.8%
60	Solvay Bank COM SOBS	SOBS	49,115	$1.4m0.50%	0.50%	Reduced -14.1k	-14,142 -22.4%
61	PEOPLES FINL SVCS CORP COM PFIS	PFIS	27,948	$1.4m0.48%	0.48%	Unchanged
62	LCI INDS NOTE 1.125% 5/1 · principal LCII 1.125 05.15.26 · principal	LCII 1.125 05.15.26	1,390,000	$1.3m0.47%	0.47%	Reduced -30.0k	-30,000 -2.1%
63	VANECK ETF TRUST GOLD MINERS ETF GDX	GDX	24,452	$1.3m0.44%	0.44%	Reduced -2.3k	-2,300 -8.6%
64	FINANCIAL INSTNS INC COM FISI	FISI	47,925	$1.2m0.43%	0.43%	Added +900	+900 1.9%
65	AMPHASTAR PHARMACEUTICALS IN NOTE 2.000% 3/1 · principal AMPH 2 03.15.29 · principal	AMPH 2 03.15.29	1,300,000	$1.1m0.39%	0.39%	Added +785.0k	+785,000 152.4%
66	BANC OF CALIFORNIA INC COM BANC	BANC	77,750	$1.1m0.38%	0.38%	Unchanged
67	STARWOOD PPTY TR INC NOTE 6.750% 7/1 · principal STWD 6.75 07.15.27 · principal	STWD 6.75 07.15.27	945,000	$1.0m0.35%	0.35%	Reduced -30.0k	-30,000 -3.1%
68	ALLIANT ENERGY CORP NOTE 3.875% 3/1 · principal LNT 3.875 03.15.26 · principal	LNT 3.875 03.15.26	965,000	$991.1k0.34%	0.34%	Unchanged
69	WESTERN AST INFL LKD OPP & I COM WIW	WIW	101,492	$889.1k0.31%	0.31%	Added +10.8k	+10,827 11.9%
70	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	1,529	$868.3k0.30%	0.30%	Reduced -448	-448 -22.7%
71	MICROSOFT CORP COM MSFT	MSFT	1,674	$832.7k0.29%	0.29%	Reduced -109	-109 -6.1%
72	SCHLUMBERGER LTD COM STK SLB	SLB	24,344	$822.8k0.29%	0.29%	Added +7.5k	+7,500 44.5%
73	INVESCO TR INVT GRADE MUNS COM VGM	VGM	86,117	$817.3k0.28%	0.28%	Unchanged
74	VISHAY INTERTECHNOLOGY INC NOTE 2.250% 9/1 · principal VSH 2.25 09.15.30 · principal	VSH 2.25 09.15.30	855,000	$765.2k0.27%	0.27%	Reduced -10.0k	-10,000 -1.2%
75	SPDR SERIES TRUST PORTFOLIO S&P500 SPYM	SPYM	10,150	$737.8k0.26%	0.26%	New
76	INTERNATIONAL FLAVORS&FRAGRA COM IFF	IFF	9,801	$720.9k0.25%	0.25%	Reduced -599	-599 -5.8%
77	CHART INDS INC 6.75DP CNV PFD B GTLS 6.75 12.15.25 B	GTLS 6.75 12.15.25 B	11,810	$713.3k0.25%	0.25%	Unchanged
78	CITIZENS BANCORP VA COM CZBT	CZBT	20,250	$668.2k0.23%	0.23%	Unchanged
79	ORACLE CORP COM ORCL	ORCL	3,000	$655.9k0.23%	0.23%	Unchanged
80	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	1,330	$646.1k0.22%	0.22%	Unchanged
81	HANCOCK WHITNEY CORPORATION COM HWC	HWC	10,898	$625.5k0.22%	0.22%	Unchanged
82	M & T BK CORP COM MTB	MTB	3,179	$616.8k0.21%	0.21%	Unchanged
83	Banc of California 7.75 Non-Cumulative Perpetual Preferred Stock, Series A PFD BANC V7.75 PERP F	BANC V7.75 PERP F	25,050	$603.7k0.21%	0.21%	Added +1.9k	+1,850 8.0%
84	SOUTHSTATE CORPORATION COM SSB	SSB	5,688	$523.4k0.18%	0.18%	Unchanged
85	ISHARES TR CORE S&P US VLU IUSV	IUSV	4,567	$432.2k0.15%	0.15%	Unchanged
86	CLARIVATE PLC ORD SHS CLVT	CLVT	90,488	$389.1k0.14%	0.14%	Reduced -12.7k	-12,690 -12.3%
87	FIRST TR NASDAQ ABA CMNTY BK UT COM SHS ETF QABA	QABA	6,974	$378.0k0.13%	0.13%	Reduced -935	-935 -11.8%
88	KROGER CO COM KR	KR	5,162	$370.2k0.13%	0.13%	Unchanged
89	ABBVIE INC COM ABBV	ABBV	1,907	$354.0k0.12%	0.12%	Reduced -212	-212 -10.0%
90	JPMORGAN CHASE & CO COM JPM	JPM	1,188	$344.4k0.12%	0.12%	Reduced -122	-122 -9.3%
91	EAGLE BANCORP MONT INC COM EBMT	EBMT	19,000	$316.7k0.11%	0.11%	Reduced -43.4k	-43,405 -69.5%
92	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	504	$311.2k0.11%	0.11%	Reduced -160	-160 -24.1%
93	SEACOAST BKG CORP FLA COM NEW SBCF	SBCF	10,826	$299.0k0.10%	0.10%	Unchanged
94	PEBBLEBROOK HOTEL TR NOTE 1.750%12/1 · principal PEB 1.75 12.15.26 · principal	PEB 1.75 12.15.26	300,000	$283.5k0.10%	0.10%	Unchanged
95	AMAZON COM INC COM AMZN	AMZN	1,125	$246.8k0.09%	0.09%	Unchanged
96	FIDELITY WISE ORIGIN BITCOIN SHS FBTC	FBTC	2,555	$240.2k0.08%	0.08%	New
97	EXPEDIA GROUP INC NOTE 2/1 · principal EXPE 0 02.15.26 · principal	EXPE 0 02.15.26	245,000	$238.1k0.08%	0.08%	Unchanged
98	ALPHABET INC CAP STK CL A GOOGL	GOOGL	1,229	$216.6k0.08%	0.08%	Unchanged
99	JOHNSON CTLS INTL PLC SHS JCI	JCI	1,842	$194.6k0.07%	0.07%	Unchanged
100	ALAMOS GOLD INC NEW COM CL A AGI	AGI	6,832	$181.5k0.06%	0.06%	Added +1.0k	+1,000 17.1%

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
CTO RLTY GROWTH INC NEW CTO 3.875 04.15.25 *	CTO 3.875 04.15.25 *	6,049,000	$8.4m6.0m shares
HCI GROUP INC HCI 4.75 06.01.42	HCI 4.75 06.01.42	1,205,000	$2.2m1.2m shares
MAINSTREET BANCSHARES INC MNSB	MNSB	86,297	$1.4m86.3k shares
NRG ENERGY INC NRG 2.75 06.01.48	NRG 2.75 06.01.48	170,000	$395.7k170.0k shares
VISHAY INTERTECHNOLOGY INC VSH 2.25 06.15.25	VSH 2.25 06.15.25	164,000	$160.5k164.0k shares
COSTCO WHSL CORP NEW COST	COST	132	$124.8k132 shares
WALMART INC WMT	WMT	1,385	$121.6k1.4k shares
SOUTHERN CO SO	SO	1,258	$115.7k1.3k shares
ISHARES TR IEI	IEI	902	$106.6k902 shares
LOWES COS INC LOW	LOW	442	$103.1k442 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