Cutler Capital Management, LLC
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), Cutler Capital Management, LLC reported 83 stock positions worth $206.7 million. Its top holding was Metlife (MET) at 5.8% of the portfolio, followed by Agnico Eagle Mines (AEM, 4.7%) and Bunge Global (BG, 4.2%). Compared with Q1 2024, it opened 2 new positions, sold out of 3, added to 42 and reduced 22. The biggest buy was CNH Industrial (CNH, shares +1793%) and the biggest sale Intl Flavors & Fragrances (IFF, shares −57%).
- Most Recent 13F
- Q2 2026
- Location
- WORCESTER, MA
- CIK
- 0001353098
- Portfolio Value
- $206.7M (Q2 2024)
- SEC Filing
- 0001353098-24-000008 ↗ filed Aug 14, 2024
Holdings Value
Holdings 83 stocks · $206.7M
| MET Metlife Inc. | 5.84% | 171,868 | $12.1M | Add +0.1% |
| AEM Agnico Eagle Mines Ltd. | 4.71% | 148,869 | $9.7M | Add +0.3% |
| BG Bunge Global SA | 4.16% | 80,555 | $8.6M | Add +0.5% |
| TSBK Timberland Bancorp Inc. | 3.94% | 300,563 | $8.1M | Add +0.8% |
| SHEL Shell PLC-ADR | 3.80% | 108,861 | $7.9M | Add +0.6% |
| MRK Merck & Co. Inc. | 3.70% | 61,801 | $7.7M | Reduce -4.9% |
| ET Energy Transfer LP | 3.59% | 457,077 | $7.4M | Add +1.7% |
| EXSR Exchange Bank Santa Rosa Cal | 3.50% | 76,254 | $7.2M | No change |
| PFE Pfizer Inc. | 3.21% | 237,144 | $6.6M | Add +2.2% |
| FENY Fidelity MSCI Energy Index | 2.97% | 244,266 | $6.1M | Add +0.3% |
| FBIZ First Business Financial Ser | 2.75% | 153,499 | $5.7M | Add +0.4% |
| SBFG SB Financial Group Inc. filed as SB FINL GROUP INC | 2.73% | 403,376 | $5.6M | Add +0.8% |
| PKBK Parke Bancorp Inc. | 2.61% | 309,519 | $5.4M | Add +0.5% |
| VTRS Viatris Inc. | 2.44% | 473,807 | $5.0M | Add +0.3% |
| LFGP Ledyard Financial Group Inc. | 2.20% | 328,996 | $4.6M | Reduce -0.1% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 2.15% | 155,233 | $4.4M | Add +17.7% |
| WY Weyerhaeuser Co. | 2.08% | 151,644 | $4.3M | Add +0.5% |
| XRN Global Medical REIT Inc. | 1.92% | 435,903 | $4.0M | Add +1.3% |
| BMBN Benchmark Bankshares Inc. | 1.63% | 160,000 | $3.4M | Add +0.6% |
| APLE Apple Hospitality REIT Inc. | 1.56% | 221,475 | $3.2M | Add +42.7% |
| ALRS Alerus Financial Corp. | 1.51% | 158,972 | $3.1M | Add +0.5% |
| FXNC First National Corp. | 1.49% | 202,785 | $3.1M | Add +0.9% |
| CWBC Community West Bancshares filed as CMNTY WST BANC | 1.47% | 164,445 | $3.0M | Reduce -22.3% |
| BORT Bank of Botetourt Buchanan V filed as BANK BOTETOURT | 1.45% | 104,974 | $3.0M | No change |
| CPKF Chesapeake Finl SHS Inc. | 1.42% | 173,000 | $2.9M | No change |
| CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW | 1.41% | 166,779 | $2.9M | Add +6.3% |
| PTBS Potomac Bancshares Inc. | 1.38% | 192,888 | $2.8M | Add +3.8% |
| SFL SFL Corp. Ltd. | 1.37% | 204,595 | $2.8M | Reduce -0.1% |
| VZ Verizon Communications Inc. | 1.36% | 68,160 | $2.8M | Add +8.7% |
| ACI Albertsons Cos Inc. Class A | 1.30% | 135,764 | $2.7M | Reduce -0.1% |
| CSBB CSB Bancorp Inc. | 1.28% | 69,850 | $2.7M | No change |
| ENR Energizer Holdings Inc. | 1.20% | 83,906 | $2.5M | Reduce -0.1% |
| LXP LXP Industrial Trust | 1.17% | 265,481 | $2.4M | Add +1.8% |
| AIG American International Group | 1.17% | 32,500 | $2.4M | No change |
| CNH CNH Industrial NV | 1.16% | 236,665 | $2.4M | Add +1793.3% |
| MNSB Mainstreet Bancshares Inc. | 1.09% | 126,870 | $2.2M | Add +7.3% |
| FMBM F & M Bank Corp. | 1.05% | 133,914 | $2.2M | No change |
| VOO Vanguard S&P 500 ETF | 0.93% | 3,836 | $1.9M | Add +31.0% |
| ABCB Ameris Bancorp | 0.91% | 37,359 | $1.9M | Reduce -1.0% |
| MFGI Merchants Financial Group Inc. | 0.84% | 73,200 | $1.7M | Add +0.3% |
| SOBS Solvay Bank Solvay N Y | 0.81% | 72,780 | $1.7M | Reduce -0.2% |
| MOAT Vaneck Morningstar Wide Moat | 0.78% | 18,724 | $1.6M | Add +15.3% |
| FSBH FSBH Corp. | 0.78% | 210,000 | $1.6M | No change |
| TSN Tyson Foods Inc. Class A | 0.76% | 27,401 | $1.6M | Reduce -1.5% |
| FNCB FNCB Bancorp Inc. | 0.70% | 215,060 | $1.5M | Add +1.2% |
| FCCO First Community Corp. | 0.64% | 76,500 | $1.3M | No change |
| T AT&T Inc. | 0.62% | 66,957 | $1.3M | Reduce -0.1% |
| MCHN McHenry Bancorp Inc. | 0.58% | 33,515 | $1.2M | No change |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.51% | 11,131 | $1.1M | Reduce -56.5% |
| EBMT Eagle Bancorp Montana Inc. | 0.46% | 71,229 | $945K | Add +0.3% |
| BANC Banc of California Inc. | 0.45% | 72,450 | $926K | Add +3.9% |
| BRBS Blue Ridge Bankshares Inc. | 0.45% | 354,689 | $926K | Add +321.3% |
| GDX Vaneck Gold Miners ETF | 0.44% | 26,987 | $916K | No change |
| VGM Invesco Trust for Investmen | 0.43% | 86,117 | $884K | No change |
| FISI Financial Institutions Inc. | 0.43% | 45,725 | $883K | Add +0.1% |
| TTE Totalenergies SE -Spon ADR | 0.37% | 11,582 | $772K | Reduce -3.5% |
| CLVT Clarivate PLC | 0.35% | 128,850 | $733K | New |
| FRAF Franklin Financial Services | 0.33% | 23,798 | $673K | Reduce -0.5% |
| WIW Western Asst Infl-LNK Opp | 0.32% | 77,470 | $659K | Add +483.5% |
| ABBV Abbvie Inc. | 0.31% | 3,786 | $649K | Reduce -1.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.26% | 1,336 | $543K | No change |
| MSFT Microsoft Corp. | 0.26% | 1,182 | $528K | Reduce -4.8% |
| HWC Hancock Whitney Corp. | 0.25% | 10,898 | $521K | Add +0.9% |
| CZBT Citizens Bancorp of Virginia | 0.23% | 18,650 | $474K | No change |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.22% | 3,034 | $459K | Reduce -0.0% |
| SSB Southstate Bank Corp. | 0.21% | 5,688 | $435K | Add +0.6% |
| IUSV iShares Core S&P U.S. Value | 0.19% | 4,567 | $402K | Add +0.4% |
| QABA First Trust Nasdaq Aba Cbif | 0.18% | 8,206 | $377K | Reduce -6.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.17% | 659 | $358K | Reduce -0.1% |
| FLIC First of Long Island Corp. filed as FIRST LONG IS CORP | 0.14% | 29,617 | $297K | Reduce -38.5% |
| SBCF Seacoast Banking Corp. | 0.12% | 10,826 | $256K | No change |
| KR Kroger Co. | 0.10% | 4,160 | $208K | Add +0.1% |
| AMZN Amazon.com Inc. | 0.10% | 1,050 | $203K | Add +19.3% |
| SCHV Schwab US Large-Cap Value | 0.09% | 2,436 | $180K | Reduce -17.9% |
| TGNA Tegna Inc. | 0.09% | 12,899 | $180K | Add +0.8% |
| GOOGL Alphabet Inc. Class A | 0.06% | 654 | $119K | New |
| TV Grupo Televisa SA-Spon ADR | 0.06% | 42,094 | $117K | Add +3.2% |
| SCHF Schwab Intl Equity ETF | 0.06% | 3,000 | $115K | Reduce -20.6% |
| JCI Johnson Controls Internation | 0.05% | 1,648 | $110K | Add +7.2% |
| IWS iShares Russell Mid-Cap Valu | 0.05% | 886 | $107K | No change |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.05% | 611 | $106K | No change |
| MOTG Vaneck Mstar GL Wide Moat | 0.05% | 2,925 | $105K | Reduce -9.3% |
| JPM JPMorgan Chase & Co. | 0.05% | 500 | $101K | No change |
Other holdings (28): bonds, preferreds, convertibles and warrants · $49.5M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | 6,230,000 | $6.0M | Add +37.5% |
| KIMCO REALTY CORP (KIM 7.25 PERP N) | DP CV CL N 7.25% | 92,265 | $5.0M | Add +0.8% |
| HCI GROUP INC (HCI 4.75 06/01/42) | NOTE 4.750% 6/0 · principal | 3,660,000 | $4.8M | Reduce -10.5% |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 4,535,000 | $4.4M | Add +8.1% |
| INNOVIVA INC (INVA 2.5 08/15/25) | NOTE 2.500% 8/1 · principal | 3,835,000 | $4.2M | No change |
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 | 104,295 | $3.3M | Add +1.2% |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 2,485,000 | $2.6M | No change |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 2,170,000 | $2.2M | New |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 2,017,000 | $2.0M | No change |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% | 97,145 | $1.9M | Reduce -0.1% |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | 2,015,000 | $1.7M | No change |
| JAZZ INVESTMENTS I LTD (JAZZ 1.5 08/15/24) | NOTE 1.500% 8/1 · principal | 1,540,000 | $1.5M | No change |
| EURONET WORLDWIDE INC (EEFT 0.75 03/15/49) | NOTE 0.750% 3/1 · principal | 1,544,000 | $1.5M | No change |
| LCI INDUSTRIES (LCII 1.125 05/15/26) | NOTE 1.125% 5/1 · principal | 1,425,000 | $1.3M | No change |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | NOTE 6.750% 7/1 · principal | 985,000 | $1.0M | No change |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | 1,000,000 | $985K | No change |
| NRG ENERGY INC (NRG 2.75 06/01/48) | DBCV 2.750% 6/0 · principal | 450,000 | $863K | Reduce -67.3% |
| LYFT INC (LYFT 1.5 05/15/25) | NOTE 1.500% 5/1 · principal | 845,000 | $811K | No change |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 670,000 | $611K | No change |
| BANC OF CALIFORNIA INC (BANC V7.75 PERP F) | NON 13F SECURITY | 25,150 | $579K | No change |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | 500,000 | $520K | New |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | 8,225 | $384K | New |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 290,000 | $276K | No change |
| CHEGG INC (CHGG 0.125 03/15/25) | NOTE 0.125% 3/1 · principal | 290,000 | $268K | No change |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | 300,000 | $265K | New |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 275,000 | $252K | No change |
| GREENBRIER COS INC (GBX 2.875 04/15/28) | NOTE 2.875% 4/1 · principal | 117,000 | $125K | No change |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | 110,000 | $105K | New |
Total filed on the 13F, all lines: $256.2M.
Portfolio Sells Q1 2024 → Q2 2024
| IFF Intl Flavors & Fragrances | Reduce -56.5% | 0.51% | −0.56 |
| MRK Merck & Co. Inc. | Reduce -4.9% | 3.70% | −0.47 |
| MPT Medical Properties Trust Inc. | Sold out | 0.00% | −0.34 |
| LFGP Ledyard Financial Group Inc. | Reduce -0.1% | 2.20% | −0.25 |
| SOBS Solvay Bank Solvay N Y | Reduce -0.2% | 0.81% | −0.12 |
| ACI Albertsons Cos Inc. Class A | Reduce -0.1% | 1.30% | −0.12 |
| CWBC Community West Bancshares | Reduce -22.3% | 1.47% | −0.12 |
| FLIC First of Long Island Corp. | Reduce -38.5% | 0.14% | −0.12 |
| WBD Warner Bros Discovery Inc. | Sold out | 0.00% | −0.05 |
| LOW Lowe's Cos Inc. | Sold out | 0.00% | −0.05 |
| TSN Tyson Foods Inc. Class A | Reduce -1.5% | 0.76% | −0.04 |
| TTE Totalenergies SE -Spon ADR | Reduce -3.5% | 0.37% | −0.03 |
| ABBV Abbvie Inc. | Reduce -1.6% | 0.31% | −0.03 |
| SCHV Schwab US Large-Cap Value | Reduce -17.9% | 0.09% | −0.02 |
| QABA First Trust Nasdaq Aba Cbif | Reduce -6.8% | 0.18% | −0.02 |
| SCHF Schwab Intl Equity ETF | Reduce -20.6% | 0.06% | −0.02 |
| MOTG Vaneck Mstar GL Wide Moat | Reduce -9.3% | 0.05% | −0.01 |
| ENR Energizer Holdings Inc. | Reduce -0.1% | 1.20% | −0.00 |
| MSFT Microsoft Corp. | Reduce -4.8% | 0.26% | +0.00 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -0.1% | 0.17% | +0.01 |
| MTB M & T Bank Corp. | Reduce -0.0% | 0.22% | +0.01 |
| FRAF Franklin Financial Services | Reduce -0.5% | 0.33% | +0.02 |
| ABCB Ameris Bancorp | Reduce -1.0% | 0.91% | +0.02 |
| T AT&T Inc. | Reduce -0.1% | 0.62% | +0.05 |
| SFL SFL Corp. Ltd. | Reduce -0.1% | 1.37% | +0.06 |
Portfolio Buys Q1 2024 → Q2 2024
| CNH CNH Industrial NV | Add +1793.3% | 1.16% | +1.08 |
| AEM Agnico Eagle Mines Ltd. | Add +0.3% | 4.71% | +0.41 |
| CLVT Clarivate PLC | New | 0.35% | +0.35 |
| BRBS Blue Ridge Bankshares Inc. | Add +321.3% | 0.45% | +0.34 |
| APLE Apple Hospitality REIT Inc. | Add +42.7% | 1.56% | +0.32 |
| SHEL Shell PLC-ADR | Add +0.6% | 3.80% | +0.27 |
| WIW Western Asst Infl-LNK Opp | Add +483.5% | 0.32% | +0.26 |
| VOO Vanguard S&P 500 ETF | Add +31.0% | 0.93% | +0.24 |
| VICI Vici Properties Inc. | Add +17.7% | 2.15% | +0.24 |
| BG Bunge Global SA | Add +0.5% | 4.16% | +0.17 |
| ET Energy Transfer LP | Add +1.7% | 3.59% | +0.15 |
| CTO Cto Realty Growth Inc. | Add +6.3% | 1.41% | +0.12 |
| XRN Global Medical REIT Inc. | Add +1.3% | 1.92% | +0.08 |
| VZ Verizon Communications Inc. | Add +8.7% | 1.36% | +0.08 |
| PFE Pfizer Inc. | Add +2.2% | 3.21% | +0.08 |
| FNCB FNCB Bancorp Inc. | Add +1.2% | 0.70% | +0.08 |
| MOAT Vaneck Morningstar Wide Moat | Add +15.3% | 0.78% | +0.07 |
| GOOGL Alphabet Inc. Class A | New | 0.06% | +0.06 |
| SBFG SB Financial Group Inc. | Add +0.8% | 2.73% | +0.05 |
| MNSB Mainstreet Bancshares Inc. | Add +7.3% | 1.09% | +0.04 |
| TSBK Timberland Bancorp Inc. | Add +0.8% | 3.94% | +0.04 |
| PTBS Potomac Bancshares Inc. | Add +3.8% | 1.38% | +0.03 |
| LXP LXP Industrial Trust | Add +1.8% | 1.17% | +0.03 |
| PKBK Parke Bancorp Inc. | Add +0.5% | 2.61% | +0.03 |
| AMZN Amazon.com Inc. | Add +19.3% | 0.10% | +0.02 |
| EBMT Eagle Bancorp Montana Inc. | Add +0.3% | 0.46% | +0.01 |
| HWC Hancock Whitney Corp. | Add +0.9% | 0.25% | +0.01 |
| FISI Financial Institutions Inc. | Add +0.1% | 0.43% | +0.01 |
| JCI Johnson Controls Internation | Add +7.2% | 0.05% | +0.00 |
| MFGI Merchants Financial Group Inc. | Add +0.3% | 0.84% | −0.00 |
| IUSV iShares Core S&P U.S. Value | Add +0.4% | 0.19% | −0.01 |
| TGNA Tegna Inc. | Add +0.8% | 0.09% | −0.01 |
| TV Grupo Televisa SA-Spon ADR | Add +3.2% | 0.06% | −0.01 |
| KR Kroger Co. | Add +0.1% | 0.10% | −0.01 |
| BMBN Benchmark Bankshares Inc. | Add +0.6% | 1.63% | −0.02 |
| SSB Southstate Bank Corp. | Add +0.6% | 0.21% | −0.02 |
| FBIZ First Business Financial Ser | Add +0.4% | 2.75% | −0.04 |
| BANC Banc of California Inc. | Add +3.9% | 0.45% | −0.07 |
| FENY Fidelity MSCI Energy Index | Add +0.3% | 2.97% | −0.10 |
| FXNC First National Corp. | Add +0.9% | 1.49% | −0.10 |
| ALRS Alerus Financial Corp. | Add +0.5% | 1.51% | −0.17 |
| VTRS Viatris Inc. | Add +0.3% | 2.44% | −0.31 |
| MET Metlife Inc. | Add +0.1% | 5.84% | −0.35 |
| WY Weyerhaeuser Co. | Add +0.5% | 2.08% | −0.55 |
Notes & Other Activity Q1 2024 → Q2 2024
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | Add +37.5% | 6,230,000 | $6.0M |
| KIMCO REALTY CORP (KIM 7.25 PERP N) | DP CV CL N 7.25% | Add +0.8% | 92,265 | $5.0M |
| HCI GROUP INC (HCI 4.75 06/01/42) | NOTE 4.750% 6/0 · principal | Reduce -10.5% | 3,660,000 | $4.8M |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | Add +8.1% | 4,535,000 | $4.4M |
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 | Add +1.2% | 104,295 | $3.3M |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | New | 2,170,000 | $2.2M |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% | Reduce -0.1% | 97,145 | $1.9M |
| CLARIVATE PLC (CLVT 5.25 06/01/24 A) | 5.25% PFD CONV A | Sold out | 41,485 | $1.2Mbefore exit |
| NRG ENERGY INC (NRG 2.75 06/01/48) | DBCV 2.750% 6/0 · principal | Reduce -67.3% | 450,000 | $863K |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | New | 500,000 | $520K |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | New | 8,225 | $384K |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | New | 300,000 | $265K |
| EZCORP INC (EZPW 2.875 07/01/24) | NOTE 2.875% 7/0 · principal | Sold out | 215,000 | $238Kbefore exit |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | New | 110,000 | $105K |
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 |