Cutler Capital Management, LLC
In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), Cutler Capital Management, LLC reported 100 stock positions worth $315.8 million. Its top holding was Agnico Eagle Mines (AEM) at 5.7% of the portfolio, followed by Metlife (MET, 4.6%) and Cto Realty Growth (CTO, 4.4%). Compared with Q1 2026, it opened 12 new positions, sold out of 3, added to 33 and reduced 35. The biggest buy was Northern Oil and Gas (NOG, shares +204%) and the biggest sale Agnico Eagle Mines (AEM, shares −2%).
- Most Recent 13F
- Q2 2026
- Location
- WORCESTER, MA
- CIK
- 0001353098
- Portfolio Value
- $315.8M (Q2 2026)
- SEC Filing
- 0001353098-26-000004 ↗ filed Aug 14, 2026
Holdings Value
Holdings 100 stocks · $315.8M
| AEM Agnico Eagle Mines Ltd. | 5.71% | 116,334 | $18.0M | Reduce -1.9% |
| MET Metlife Inc. | 4.60% | 171,535 | $14.5M | Reduce -2.4% |
| CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW | 4.44% | 651,274 | $14.0M | Reduce -1.2% |
| TSBK Timberland Bancorp Inc. | 4.05% | 285,258 | $12.8M | Reduce -2.0% |
| EXSR Exchange Bank Santa Rosa Cal | 3.92% | 74,934 | $12.4M | Reduce -1.1% |
| PKBK Parke Bancorp Inc. | 3.30% | 314,126 | $10.4M | Reduce -1.0% |
| SBFG SB Financial Group Inc. filed as SB FINL GROUP INC | 3.10% | 387,852 | $9.8M | Reduce -0.6% |
| FBIZ First Business Financial Ser | 3.09% | 154,346 | $9.8M | Reduce -0.2% |
| SHEL Shell PLC-ADR | 2.69% | 109,361 | $8.5M | Reduce -1.2% |
| BG Bunge Global SA | 2.63% | 77,792 | $8.3M | Reduce -2.0% |
| FENY Fidelity MSCI Energy Index | 2.50% | 267,547 | $7.9M | Add +0.1% |
| BMBN Benchmark Bankshares Inc. | 2.36% | 179,382 | $7.4M | Add +3.6% |
| VTRS Viatris Inc. | 2.25% | 448,363 | $7.1M | Reduce -1.7% |
| MRK Merck & Co. Inc. | 2.24% | 55,048 | $7.1M | Reduce -5.7% |
| XRN Chiron Real Estate Inc. | 2.14% | 180,161 | $6.8M | Add +4.6% |
| ET Energy Transfer LP | 2.09% | 345,960 | $6.6M | Reduce -8.3% |
| BORT Bank of Botetourt Buchanan V | 2.07% | 122,465 | $6.5M | No change |
| CPKF Chesapeake Finl SHS Inc. | 2.04% | 178,850 | $6.4M | Add +0.2% |
| VZ Verizon Communications Inc. | 1.95% | 145,238 | $6.1M | Add +2.7% |
| LFGP Ledyard Financial Group Inc. | 1.94% | 343,621 | $6.1M | Add +2.4% |
| FXNC First National Corp. | 1.94% | 203,809 | $6.1M | Reduce -0.1% |
| PFE Pfizer Inc. | 1.87% | 245,185 | $5.9M | Reduce -1.4% |
| PTBS Potomac Bancshares Inc. | 1.75% | 231,048 | $5.5M | Add +0.0% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 1.69% | 201,181 | $5.3M | Reduce -0.7% |
| MFGI Merchants Financial Group Inc. | 1.66% | 132,830 | $5.2M | Add +4.6% |
| APLE Apple Hospitality REIT Inc. | 1.60% | 300,869 | $5.1M | Add +0.1% |
| FMBM F & M Bank Corp. | 1.55% | 134,364 | $4.9M | Reduce -1.1% |
| WY Weyerhaeuser Co. | 1.44% | 189,903 | $4.5M | Add +9.1% |
| CWBC Community West Bancshares | 1.38% | 162,139 | $4.4M | Reduce -0.3% |
| CSBB CSB Bancorp Inc. | 1.33% | 58,284 | $4.2M | Reduce -12.4% |
| ALRS Alerus Financial Corp. | 1.32% | 134,400 | $4.2M | Reduce -1.5% |
| NOG Northern Oil and Gas Inc. | 1.29% | 223,884 | $4.1M | Add +204.2% |
| FSBH FSBH Corp. | 1.24% | 240,000 | $3.9M | No change |
| MOAT Vaneck Morningstar Wide Moat | 1.23% | 37,508 | $3.9M | Add +2.0% |
| ENR Energizer Holdings Inc. | 1.08% | 158,733 | $3.4M | Add +5.9% |
| SFL SFL Corp. Ltd. | 1.04% | 322,242 | $3.3M | Reduce -2.6% |
| BBT Beacon Financial Corp. | 0.94% | 97,306 | $3.0M | Add +26.0% |
| ABCB Ameris Bancorp | 0.88% | 30,759 | $2.8M | Reduce -3.5% |
| LXP LXP Industrial Trust | 0.84% | 49,487 | $2.7M | Reduce -8.6% |
| HCI Hci Group Inc. | 0.81% | 14,662 | $2.6M | Reduce -2.9% |
| ACI Albertsons Cos Inc. Class A | 0.79% | 185,187 | $2.5M | Add +23.7% |
| FCCO First Community Corp. | 0.79% | 76,500 | $2.5M | No change |
| AIG American International Group | 0.78% | 33,000 | $2.5M | No change |
| VOO Vanguard S&P 500 ETF | 0.75% | 3,462 | $2.4M | Add +9.0% |
| SLB SLB Ltd. filed as SLB LIMITED | 0.75% | 51,074 | $2.4M | Add +4.1% |
| T AT&T Inc. | 0.64% | 98,318 | $2.0M | Add +57.9% |
| FISI Financial Institutions Inc. | 0.61% | 49,428 | $1.9M | No change |
| CNH CNH Industrial NV | 0.61% | 171,233 | $1.9M | Add +0.8% |
| PFIS Peoples Financial Services | 0.60% | 28,746 | $1.9M | Reduce -0.0% |
| GDX Vaneck Gold Miners ETF | 0.55% | 23,142 | $1.7M | Add +4.7% |
| BANC Banc of California Inc. | 0.52% | 80,550 | $1.6M | Add +1.3% |
| TSN Tyson Foods Inc. Class A | 0.48% | 26,340 | $1.5M | Reduce -2.5% |
| SOBS Solvay Bank Solvay N Y | 0.39% | 37,591 | $1.2M | Add +0.2% |
| IAT iShares US Regional Banks Et | 0.35% | 18,000 | $1.1M | No change |
| CZBT Citizens Bancorp of Virginia | 0.35% | 28,525 | $1.1M | No change |
| VT Vanguard Tot World STK ETF | 0.30% | 6,135 | $963K | New |
| WIW Western Asst Infl-LNK Opp | 0.30% | 111,992 | $941K | Add +5.6% |
| VGM Invesco Trust for Investmen | 0.29% | 86,117 | $913K | No change |
| HWC Hancock Whitney Corp. | 0.26% | 10,898 | $814K | No change |
| AGI Alamos Gold Inc. Class A | 0.25% | 25,897 | $786K | Add +139.3% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.24% | 3,179 | $757K | Reduce -1.8% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.22% | 8,602 | $683K | Reduce -9.0% |
| QABA First Trust Nasdaq Aba Cbif | 0.21% | 9,868 | $664K | Reduce -3.3% |
| MSFT Microsoft Corp. | 0.20% | 1,671 | $623K | Add +1.5% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.19% | 1,200 | $600K | Reduce -9.8% |
| SSB Southstate Bank Corp. | 0.19% | 5,890 | $588K | Add +2.4% |
| IUSV iShares Core S&P U.S. Value | 0.16% | 4,550 | $501K | No change |
| ORCL Oracle Corp. | 0.14% | 3,000 | $440K | No change |
| ABBV Abbvie Inc. | 0.13% | 1,629 | $410K | Reduce -14.9% |
| JPM JPMorgan Chase & Co. | 0.12% | 1,198 | $392K | Add +0.8% |
| SBCF Seacoast Banking Corp. | 0.11% | 10,826 | $360K | No change |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.11% | 448 | $334K | Reduce -6.9% |
| SKE Skeena Resources Ltd. | 0.10% | 11,880 | $317K | No change |
| GLD SPDR Gold Shares | 0.10% | 842 | $310K | Add +84.7% |
| FFSM Fidelity FNDM SM Mid Cap ETF | 0.10% | 7,860 | $300K | Reduce -3.3% |
| ES Eversource Energy | 0.09% | 4,147 | $300K | Reduce -2.4% |
| KR Kroger Co. | 0.09% | 5,005 | $278K | Add +1.0% |
| FRAF Franklin Financial Services | 0.09% | 4,400 | $275K | No change |
| AMZN Amazon.com Inc. | 0.08% | 1,005 | $240K | No change |
| AAPL Apple Inc. | 0.07% | 787 | $228K | New |
| TSM Taiwan Semiconductor-SP ADR | 0.07% | 461 | $220K | Add +1.3% |
| EBMT Eagle Bancorp Montana Inc. | 0.07% | 9,000 | $215K | No change |
| SWZ Total Return Securities Fund | 0.07% | 35,921 | $213K | New |
| GOOGL Alphabet Inc. Class A | 0.06% | 549 | $196K | Reduce -52.1% |
| XOM Exxon Mobil Corp. | 0.06% | 1,309 | $179K | Add +1.2% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.05% | 613 | $172K | Add +0.3% |
| QQQ Invesco QQQ Trust Series 1 | 0.05% | 228 | $168K | No change |
| HL Hecla Mining Co. | 0.05% | 10,000 | $154K | No change |
| DUK Duke Energy Corp. | 0.05% | 1,183 | $150K | No change |
| JHX James Hardie Ind PLC | 0.04% | 5,075 | $133K | New |
| LNG Cheniere Energy Inc. | 0.04% | 505 | $121K | New |
| DVN Devon Energy Corp. | 0.04% | 2,785 | $115K | New |
| XLK SS Technology Select Sector | 0.04% | 600 | $114K | New |
| OXY Occidental Petroleum Corp. | 0.04% | 2,325 | $113K | New |
| IWS iShares Russell Mid-Cap Valu | 0.04% | 684 | $113K | New |
| SLV iShares Silver Trust | 0.03% | 2,038 | $109K | No change |
| TEX Terex Corp. | 0.03% | 1,485 | $107K | New |
| AGCO Agco Corp. | 0.03% | 885 | $106K | New |
| LOW Lowe's Cos Inc. | 0.03% | 479 | $106K | Add +1.3% |
| RSP Invesco S&P 500 Equal Weight | 0.03% | 474 | $101K | New |
Other holdings (24): bonds, preferreds, convertibles and warrants · $69.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | 7,033,000 | $8.1M | Reduce -2.6% |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | 7,390,000 | $7.1M | Reduce -2.0% |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 6,065,000 | $6.9M | Reduce -2.3% |
| INNOVIVA INC (INVA 2.125 03/15/28) | NOTE 2.125% 3/1 · principal | 6,195,000 | $6.6M | Reduce -2.0% |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | 4,905 | $6.2M | Add +46.2% |
| KIMCO REALTY CORP (KIM 7.25 PERP N) | DP CV CL N 7.25% | 87,693 | $5.5M | Reduce -2.5% |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 5,265,000 | $5.0M | Add +33.3% |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 2,220,000 | $2.8M | Reduce -3.5% |
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 | 53,868 | $2.2M | Reduce -4.0% |
| WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) | NOTE 3.250% 1/1 · principal | 2,310,000 | $2.1M | Reduce -1.5% |
| SPECTRUM BRANDS INC (SPB 3.375 06/01/29) | NOTE 3.375% 6/0 · principal | 1,965,000 | $2.0M | New |
| ALPHABET INC (GOOGL 6.25 05/15/29 B) | DEP SHS RP1/20 B | 37,775 | $1.9M | New |
| CHEESECAKE FACTORY (THE) (CAKE 2 03/15/30) | NOTE 2.000% 3/1 · principal | 1,455,000 | $1.9M | Reduce -3.0% |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | 1,725,000 | $1.7M | Reduce -1.4% |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | 1,805,000 | $1.7M | Reduce -2.7% |
| WEC ENERGY GROUP INC (WEC 3.375 06/01/28) | NOTE 3.375% 6/0 · principal | 1,500,000 | $1.6M | New |
| GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29) | NOTE 1.250%11/0 · principal | 1,595,000 | $1.5M | New |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 735,000 | $1.5M | Reduce -10.4% |
| PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) | NOTE 2.125% 5/1 · principal | 1,435,000 | $1.4M | Reduce -2.7% |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | 835,000 | $758K | Reduce -57.0% |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | 4,675 | $259K | No change |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | NOTE 6.750% 7/1 · principal | 245,000 | $250K | Reduce -73.1% |
| GREENBRIER COS INC (GBX 2.875 04/15/28) | NOTE 2.875% 4/1 · principal | 117,000 | $134K | No change |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | 110,000 | $122K | No change |
Total filed on the 13F, all lines: $385.0M.
Portfolio Sells Q1 2026 → Q2 2026
| AEM Agnico Eagle Mines Ltd. | Reduce -1.9% | 5.71% | −2.37 |
| SHEL Shell PLC-ADR | Reduce -1.2% | 2.69% | −0.77 |
| BG Bunge Global SA | Reduce -2.0% | 2.63% | −0.76 |
| PFE Pfizer Inc. | Reduce -1.4% | 1.87% | −0.47 |
| ET Energy Transfer LP | Reduce -8.3% | 2.09% | −0.35 |
| VICI Vici Properties Inc. | Reduce -0.7% | 1.69% | −0.17 |
| SFL SFL Corp. Ltd. | Reduce -2.6% | 1.04% | −0.16 |
| MRK Merck & Co. Inc. | Reduce -5.7% | 2.24% | −0.12 |
| TSN Tyson Foods Inc. Class A | Reduce -2.5% | 0.48% | −0.10 |
| CSBB CSB Bancorp Inc. | Reduce -12.4% | 1.33% | −0.06 |
| GOOGL Alphabet Inc. Class A | Reduce -52.1% | 0.06% | −0.05 |
| MOTG Vaneck Mstar GL Wide Moat | Sold out | 0.00% | −0.04 |
| GOOG Alphabet Inc. Class C | Sold out | 0.00% | −0.04 |
| JCI Johnson Controls Internation | Sold out | 0.00% | −0.04 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -9.8% | 0.19% | −0.02 |
| IFF Intl Flavors & Fragrances | Reduce -9.0% | 0.22% | −0.01 |
| ABBV Abbvie Inc. | Reduce -14.9% | 0.13% | −0.01 |
| ES Eversource Energy | Reduce -2.4% | 0.09% | −0.00 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -6.9% | 0.11% | +0.00 |
| LXP LXP Industrial Trust | Reduce -8.6% | 0.84% | +0.00 |
| FFSM Fidelity FNDM SM Mid Cap ETF | Reduce -3.3% | 0.10% | +0.01 |
| QABA First Trust Nasdaq Aba Cbif | Reduce -3.3% | 0.21% | +0.01 |
| MTB M & T Bank Corp. | Reduce -1.8% | 0.24% | +0.01 |
| HCI Hci Group Inc. | Reduce -2.9% | 0.81% | +0.03 |
| ABCB Ameris Bancorp | Reduce -3.5% | 0.88% | +0.05 |
| PFIS Peoples Financial Services | Reduce -0.0% | 0.60% | +0.09 |
| FXNC First National Corp. | Reduce -0.1% | 1.94% | +0.09 |
| CWBC Community West Bancshares | Reduce -0.3% | 1.38% | +0.11 |
| FMBM F & M Bank Corp. | Reduce -1.1% | 1.55% | +0.16 |
| VTRS Viatris Inc. | Reduce -1.7% | 2.25% | +0.19 |
| TSBK Timberland Bancorp Inc. | Reduce -2.0% | 4.05% | +0.19 |
| EXSR Exchange Bank Santa Rosa Cal | Reduce -1.1% | 3.92% | +0.21 |
| ALRS Alerus Financial Corp. | Reduce -1.5% | 1.32% | +0.24 |
| PKBK Parke Bancorp Inc. | Reduce -1.0% | 3.30% | +0.27 |
| FBIZ First Business Financial Ser | Reduce -0.2% | 3.09% | +0.29 |
| CTO Cto Realty Growth Inc. | Reduce -1.2% | 4.44% | +0.34 |
| SBFG SB Financial Group Inc. | Reduce -0.6% | 3.10% | +0.35 |
| MET Metlife Inc. | Reduce -2.4% | 4.60% | +0.42 |
Portfolio Buys Q1 2026 → Q2 2026
| NOG Northern Oil and Gas Inc. | Add +204.2% | 1.29% | +0.56 |
| APLE Apple Hospitality REIT Inc. | Add +0.1% | 1.60% | +0.44 |
| VT Vanguard Tot World STK ETF | New | 0.30% | +0.30 |
| ENR Energizer Holdings Inc. | Add +5.9% | 1.08% | +0.25 |
| BMBN Benchmark Bankshares Inc. | Add +3.6% | 2.36% | +0.25 |
| XRN Chiron Real Estate Inc. | Add +4.6% | 2.14% | +0.23 |
| PTBS Potomac Bancshares Inc. | Add +0.0% | 1.75% | +0.22 |
| MFGI Merchants Financial Group Inc. | Add +4.6% | 1.66% | +0.16 |
| BBT Beacon Financial Corp. | Add +26.0% | 0.94% | +0.16 |
| CPKF Chesapeake Finl SHS Inc. | Add +0.2% | 2.04% | +0.12 |
| VOO Vanguard S&P 500 ETF | Add +9.0% | 0.75% | +0.12 |
| AGI Alamos Gold Inc. Class A | Add +139.3% | 0.25% | +0.09 |
| AAPL Apple Inc. | New | 0.07% | +0.07 |
| SWZ Total Return Securities Fund | New | 0.07% | +0.07 |
| BANC Banc of California Inc. | Add +1.3% | 0.52% | +0.05 |
| JHX James Hardie Ind PLC | New | 0.04% | +0.04 |
| MOAT Vaneck Morningstar Wide Moat | Add +2.0% | 1.23% | +0.04 |
| T AT&T Inc. | Add +57.9% | 0.64% | +0.04 |
| LNG Cheniere Energy Inc. | New | 0.04% | +0.04 |
| DVN Devon Energy Corp. | New | 0.04% | +0.04 |
| XLK SS Technology Select Sector | New | 0.04% | +0.04 |
| OXY Occidental Petroleum Corp. | New | 0.04% | +0.04 |
| IWS iShares Russell Mid-Cap Valu | New | 0.04% | +0.04 |
| TEX Terex Corp. | New | 0.03% | +0.03 |
| AGCO Agco Corp. | New | 0.03% | +0.03 |
| GLD SPDR Gold Shares | Add +84.7% | 0.10% | +0.03 |
| RSP Invesco S&P 500 Equal Weight | New | 0.03% | +0.03 |
| SOBS Solvay Bank Solvay N Y | Add +0.2% | 0.39% | +0.02 |
| LFGP Ledyard Financial Group Inc. | Add +2.4% | 1.94% | +0.02 |
| TSM Taiwan Semiconductor-SP ADR | Add +1.3% | 0.07% | +0.02 |
| WY Weyerhaeuser Co. | Add +9.1% | 1.44% | +0.01 |
| SSB Southstate Bank Corp. | Add +2.4% | 0.19% | +0.01 |
| JPM JPMorgan Chase & Co. | Add +0.8% | 0.12% | +0.01 |
| IBM Intl Business Machines Corp. | Add +0.3% | 0.05% | +0.00 |
| WIW Western Asst Infl-LNK Opp | Add +5.6% | 0.30% | −0.00 |
| LOW Lowe's Cos Inc. | Add +1.3% | 0.03% | −0.00 |
| MSFT Microsoft Corp. | Add +1.5% | 0.20% | −0.01 |
| XOM Exxon Mobil Corp. | Add +1.2% | 0.06% | −0.02 |
| CNH CNH Industrial NV | Add +0.8% | 0.61% | −0.02 |
| KR Kroger Co. | Add +1.0% | 0.09% | −0.03 |
| ACI Albertsons Cos Inc. Class A | Add +23.7% | 0.79% | −0.06 |
| SLB SLB Ltd. | Add +4.1% | 0.75% | −0.09 |
| GDX Vaneck Gold Miners ETF | Add +4.7% | 0.55% | −0.13 |
| VZ Verizon Communications Inc. | Add +2.7% | 1.95% | −0.43 |
| FENY Fidelity MSCI Energy Index | Add +0.1% | 2.50% | −0.55 |
Options Activity Q1 2026 → Q2 2026
| AAPL Apple Inc. | put | Sold out | 17,500 | $4.4Mbefore exit |
| MICROSOFT CORP | put | Sold out | 9,000 | $3.3Mbefore exit |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q1 2026 → Q2 2026
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | Reduce -2.6% | 7,033,000 | $8.1M |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | Reduce -2.0% | 7,390,000 | $7.1M |
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | Reduce -2.3% | 6,065,000 | $6.9M |
| INNOVIVA INC (INVA 2.125 03/15/28) | NOTE 2.125% 3/1 · principal | Reduce -2.0% | 6,195,000 | $6.6M |
| BANK OF AMERICA CORP (BAC 7.25 PERP L) | 7.25%CNV PFD L | Add +46.2% | 4,905 | $6.2M |
| KIMCO REALTY CORP (KIM 7.25 PERP N) | DP CV CL N 7.25% | Reduce -2.5% | 87,693 | $5.5M |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | Add +33.3% | 5,265,000 | $5.0M |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | Sold out | 2,565,000 | $3.1Mbefore exit |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | Reduce -3.5% | 2,220,000 | $2.8M |
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 | Reduce -4.0% | 53,868 | $2.2M |
| WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) | NOTE 3.250% 1/1 · principal | Reduce -1.5% | 2,310,000 | $2.1M |
| SPECTRUM BRANDS INC (SPB 3.375 06/01/29) | NOTE 3.375% 6/0 · principal | New | 1,965,000 | $2.0M |
| ALPHABET INC (GOOGL 6.25 05/15/29 B) | DEP SHS RP1/20 B | New | 37,775 | $1.9M |
| CHEESECAKE FACTORY (THE) (CAKE 2 03/15/30) | NOTE 2.000% 3/1 · principal | Reduce -3.0% | 1,455,000 | $1.9M |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | Reduce -1.4% | 1,725,000 | $1.7M |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | Reduce -2.7% | 1,805,000 | $1.7M |
| WEC ENERGY GROUP INC (WEC 3.375 06/01/28) | NOTE 3.375% 6/0 · principal | New | 1,500,000 | $1.6M |
| GUIDEWIRE SOFTWARE INC (GWRE 1.25 11/01/29) | NOTE 1.250%11/0 · principal | New | 1,595,000 | $1.5M |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | Reduce -10.4% | 735,000 | $1.5M |
| LCI INDUSTRIES (LCII 1.125 05/15/26) | NOTE 1.125% 5/1 · principal | Sold out | 1,442,000 | $1.4Mbefore exit |
| PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) | NOTE 2.125% 5/1 · principal | Reduce -2.7% | 1,435,000 | $1.4M |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | Reduce -57.0% | 835,000 | $758K |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | Sold out | 300,000 | $292Kbefore exit |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | NOTE 6.750% 7/1 · principal | Reduce -73.1% | 245,000 | $250K |
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 | 100 | $315.8M | AEM, MET, CTO, TSBK, EXSR |
| Q1 2026 | 91 | $297.9M | AEM, MET, CTO, TSBK, EXSR |
| Q4 2025 | 94 | $270.8M | AEM, MET, CTO, TSBK, EXSR |
| Q3 2025 | 95 | $250.9M | AEM, MET, CTO, TSBK, EXSR |
| Q2 2025 | 90 | $233.8M | AEM, MET, CTO, TSBK, EXSR |
| Q1 2025 | 87 | $225.2M | AEM, MET, TSBK, EXSR, SBFG |
| Q4 2024Amended | 85 | $222.8M | MET, AEM, TSBK, ET, EXSR |
| Q3 2024 | 83 | $229.5M | MET, AEM, TSBK, EXSR, SBFG |
| Q2 2024 | 83 | $206.7M | MET, AEM, BG, TSBK, SHEL |
| Q1 2024 | 84 | $205.6M | MET, AEM, MRK, BG, TSBK |