Cutler Capital Management, LLC
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), Cutler Capital Management, LLC reported 83 stock positions worth $229.5 million. Its top holding was Metlife (MET) at 6.0% of the portfolio, followed by Agnico Eagle Mines (AEM, 5.2%) and Timberland Bancorp (TSBK, 4.0%). Compared with Q2 2024, it opened 4 new positions, sold out of 4, added to 27 and reduced 22. The biggest buy was a new position in Peoples Financial Services (PFIS) and the biggest sale an exit from FNCB Bancorp (FNCB).
- Most Recent 13F
- Q2 2026
- Location
- WORCESTER, MA
- CIK
- 0001353098
- Portfolio Value
- $229.5M (Q3 2024)
- SEC Filing
- 0001353098-24-000010 ↗ filed Nov 13, 2024
Holdings Value
Holdings 83 stocks · $229.5M
| MET Metlife Inc. | 5.98% | 166,493 | $13.7M | Reduce -3.1% |
| AEM Agnico Eagle Mines Ltd. | 5.19% | 148,007 | $11.9M | Reduce -0.6% |
| TSBK Timberland Bancorp Inc. | 3.96% | 300,162 | $9.1M | Reduce -0.1% |
| EXSR Exchange Bank Santa Rosa Cal | 3.62% | 76,254 | $8.3M | No change |
| SBFG SB Financial Group Inc. filed as SB FINL GROUP INC | 3.58% | 399,154 | $8.2M | Reduce -1.1% |
| BG Bunge Global SA | 3.44% | 81,664 | $7.9M | Add +1.4% |
| ET Energy Transfer LP | 3.19% | 456,077 | $7.3M | Reduce -0.2% |
| SHEL Shell PLC-ADR | 3.16% | 109,932 | $7.3M | Add +1.0% |
| PFE Pfizer Inc. | 3.06% | 242,744 | $7.0M | Add +2.4% |
| FBIZ First Business Financial Ser | 3.05% | 153,499 | $7.0M | No change |
| MRK Merck & Co. Inc. | 3.04% | 61,501 | $7.0M | Reduce -0.5% |
| PKBK Parke Bancorp Inc. | 2.82% | 309,532 | $6.5M | Add +0.0% |
| FENY Fidelity MSCI Energy Index | 2.74% | 261,493 | $6.3M | Add +7.0% |
| VTRS Viatris Inc. | 2.39% | 472,307 | $5.5M | Reduce -0.3% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 2.25% | 155,223 | $5.2M | Reduce -0.0% |
| WY Weyerhaeuser Co. | 2.21% | 149,924 | $5.1M | Reduce -1.1% |
| LFGP Ledyard Financial Group Inc. | 1.98% | 327,496 | $4.5M | Reduce -0.5% |
| XRN Global Medical REIT Inc. | 1.94% | 448,903 | $4.4M | Add +3.0% |
| ALRS Alerus Financial Corp. | 1.58% | 158,972 | $3.6M | No change |
| SFL SFL Corp. Ltd. | 1.57% | 312,463 | $3.6M | Add +52.7% |
| APLE Apple Hospitality REIT Inc. | 1.57% | 242,701 | $3.6M | Add +9.6% |
| FXNC First National Corp. | 1.55% | 202,785 | $3.5M | No change |
| CNH CNH Industrial NV | 1.52% | 314,840 | $3.5M | Add +33.0% |
| BMBN Benchmark Bankshares Inc. | 1.50% | 164,500 | $3.5M | Add +2.8% |
| BORT Bank of Botetourt Buchanan V filed as BANK BOTETOURT | 1.49% | 104,974 | $3.4M | No change |
| CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW | 1.46% | 176,166 | $3.4M | Add +5.6% |
| CPKF Chesapeake Finl SHS Inc. | 1.45% | 173,000 | $3.3M | No change |
| VZ Verizon Communications Inc. | 1.39% | 71,037 | $3.2M | Add +4.2% |
| CWBC Community West Bancshares filed as CMNTY WST BANC | 1.36% | 162,061 | $3.1M | Reduce -1.4% |
| FMBM F & M Bank Corp. | 1.34% | 133,939 | $3.1M | Add +0.0% |
| PTBS Potomac Bancshares Inc. | 1.27% | 194,468 | $2.9M | Add +0.8% |
| ENR Energizer Holdings Inc. | 1.25% | 90,587 | $2.9M | Add +8.0% |
| CSBB CSB Bancorp Inc. | 1.17% | 69,850 | $2.7M | No change |
| LXP LXP Industrial Trust | 1.13% | 256,981 | $2.6M | Reduce -3.2% |
| ACI Albertsons Cos Inc. Class A | 1.10% | 136,164 | $2.5M | Add +0.3% |
| VOO Vanguard S&P 500 ETF | 1.08% | 4,679 | $2.5M | Add +22.0% |
| AIG American International Group | 1.04% | 32,500 | $2.4M | No change |
| MNSB Mainstreet Bancshares Inc. | 1.02% | 126,870 | $2.3M | No change |
| MFGI Merchants Financial Group Inc. | 1.01% | 92,500 | $2.3M | Add +26.4% |
| SOBS Solvay Bank Solvay N Y | 0.99% | 71,180 | $2.3M | Reduce -2.2% |
| ABCB Ameris Bancorp | 0.99% | 36,473 | $2.3M | Reduce -2.4% |
| MOAT Vaneck Morningstar Wide Moat | 0.88% | 20,899 | $2.0M | Add +11.6% |
| FCCO First Community Corp. | 0.71% | 76,500 | $1.6M | No change |
| TSN Tyson Foods Inc. Class A | 0.70% | 27,101 | $1.6M | Reduce -1.1% |
| FSBH FSBH Corp. | 0.69% | 210,000 | $1.6M | No change |
| T AT&T Inc. | 0.64% | 66,642 | $1.5M | Reduce -0.5% |
| PFIS Peoples Financial Services | 0.60% | 29,486 | $1.4M | New |
| MCHN McHenry Bancorp Inc. | 0.53% | 33,515 | $1.2M | No change |
| GDX Vaneck Gold Miners ETF | 0.52% | 30,037 | $1.2M | Add +11.3% |
| FISI Financial Institutions Inc. | 0.51% | 45,725 | $1.2M | No change |
| BANC Banc of California Inc. | 0.50% | 77,750 | $1.1M | Add +7.3% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.50% | 10,881 | $1.1M | Reduce -2.3% |
| EBMT Eagle Bancorp Montana Inc. | 0.49% | 71,229 | $1.1M | No change |
| CLVT Clarivate PLC | 0.40% | 128,466 | $912K | Reduce -0.3% |
| VGM Invesco Trust for Investmen | 0.40% | 86,117 | $909K | No change |
| BRBS Blue Ridge Bankshares Inc. | 0.40% | 324,592 | $909K | Reduce -8.5% |
| TTE Totalenergies SE -Spon ADR | 0.34% | 12,082 | $781K | Add +4.3% |
| WIW Western Asst Infl-LNK Opp | 0.32% | 82,070 | $726K | Add +5.9% |
| FRAF Franklin Financial Services | 0.28% | 21,173 | $638K | Reduce -11.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.27% | 1,336 | $615K | No change |
| CZBT Citizens Bancorp of Virginia | 0.26% | 20,250 | $595K | Add +8.6% |
| HWC Hancock Whitney Corp. | 0.24% | 10,898 | $558K | No change |
| SSB Southstate Bank Corp. | 0.24% | 5,688 | $553K | No change |
| ABBV Abbvie Inc. | 0.24% | 2,786 | $550K | Reduce -26.4% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.24% | 3,034 | $540K | No change |
| MSFT Microsoft Corp. | 0.22% | 1,182 | $509K | No change |
| IUSV iShares Core S&P U.S. Value | 0.19% | 4,567 | $436K | No change |
| QABA First Trust Nasdaq Aba Cbif | 0.19% | 8,057 | $426K | Reduce -1.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.17% | 661 | $379K | Add +0.3% |
| KR Kroger Co. | 0.13% | 5,162 | $296K | Add +24.1% |
| SBCF Seacoast Banking Corp. | 0.13% | 10,826 | $289K | No change |
| TGNA Tegna Inc. | 0.09% | 13,014 | $205K | Add +0.9% |
| AMZN Amazon.com Inc. | 0.09% | 1,050 | $196K | No change |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.06% | 611 | $135K | No change |
| JCI Johnson Controls Internation | 0.06% | 1,648 | $128K | No change |
| SCHF Schwab Intl Equity ETF | 0.05% | 3,000 | $123K | No change |
| IWS iShares Russell Mid-Cap Valu | 0.05% | 886 | $117K | No change |
| LOW Lowe's Cos Inc. | 0.05% | 420 | $114K | New |
| GOOGL Alphabet Inc. Class A | 0.05% | 654 | $108K | No change |
| TV Grupo Televisa SA-Spon ADR | 0.05% | 42,094 | $108K | No change |
| JPM JPMorgan Chase & Co. | 0.05% | 500 | $105K | No change |
| RSP Invesco S&P 500 Equal Weight | 0.04% | 560 | $100K | New |
| WBD Warner Bros Discovery Inc. | 0.04% | 12,125 | $100K | New |
Other holdings (28): bonds, preferreds, convertibles and warrants · $53.3M (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 | 6,455,000 | $6.8M | Add +3.6% |
| KIMCO REALTY CORP (KIM 7.25 PERP N) | DP CV CL N 7.25% | 91,565 | $5.6M | Reduce -0.8% |
| HCI GROUP INC (HCI 4.75 06/01/42) | NOTE 4.750% 6/0 · principal | 3,660,000 | $5.2M | No change |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 4,710,000 | $4.7M | Add +3.9% |
| INNOVIVA INC (INVA 2.5 08/15/25) | NOTE 2.500% 8/1 · principal | 3,835,000 | $4.6M | No change |
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 | 104,295 | $4.0M | No change |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 2,480,000 | $2.7M | Reduce -0.2% |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 2,165,000 | $2.3M | Reduce -0.2% |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 2,137,000 | $2.1M | Add +6.0% |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% | 89,545 | $2.0M | Reduce -7.8% |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | 1,995,000 | $1.7M | Reduce -1.0% |
| EURONET WORLDWIDE INC (EEFT 0.75 03/15/49) | NOTE 0.750% 3/1 · principal | 1,524,000 | $1.5M | Reduce -1.3% |
| LCI INDUSTRIES (LCII 1.125 05/15/26) | NOTE 1.125% 5/1 · principal | 1,420,000 | $1.4M | Reduce -0.3% |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | NOTE 6.750% 7/1 · principal | 985,000 | $1.1M | No change |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | 1,000,000 | $1.0M | No change |
| NRG ENERGY INC (NRG 2.75 06/01/48) | DBCV 2.750% 6/0 · principal | 445,000 | $986K | Reduce -1.1% |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | 900,000 | $927K | Add +80.0% |
| LYFT INC (LYFT 1.5 05/15/25) | NOTE 1.500% 5/1 · principal | 815,000 | $791K | Reduce -3.5% |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 670,000 | $623K | No change |
| BANC OF CALIFORNIA INC (BANC V7.75 PERP F) | NON 13F SECURITY | 24,750 | $594K | Reduce -1.6% |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | 11,810 | $593K | New |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | 12,725 | $573K | Add +54.7% |
| SPOTIFY USA INC (SPOT 0 03/15/26) | NOTE 3/1 · principal | 290,000 | $288K | No change |
| CHEGG INC (CHGG 0.125 03/15/25) | NOTE 0.125% 3/1 · principal | 290,000 | $278K | No change |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | 300,000 | $275K | No change |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | 275,000 | $262K | No change |
| GREENBRIER COS INC (GBX 2.875 04/15/28) | NOTE 2.875% 4/1 · principal | 117,000 | $128K | No change |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | 110,000 | $110K | No change |
Total filed on the 13F, all lines: $282.8M.
Portfolio Sells Q2 2024 → Q3 2024
| FNCB FNCB Bancorp Inc. | Sold out | 0.00% | −0.70 |
| MRK Merck & Co. Inc. | Reduce -0.5% | 3.04% | −0.66 |
| ET Energy Transfer LP | Reduce -0.2% | 3.19% | −0.40 |
| LFGP Ledyard Financial Group Inc. | Reduce -0.5% | 1.98% | −0.23 |
| FLIC First of Long Island Corp. | Sold out | 0.00% | −0.14 |
| CWBC Community West Bancshares | Reduce -1.4% | 1.36% | −0.11 |
| SCHV Schwab US Large-Cap Value | Sold out | 0.00% | −0.09 |
| ABBV Abbvie Inc. | Reduce -26.4% | 0.24% | −0.07 |
| TSN Tyson Foods Inc. Class A | Reduce -1.1% | 0.70% | −0.05 |
| BRBS Blue Ridge Bankshares Inc. | Reduce -8.5% | 0.40% | −0.05 |
| MOTG Vaneck Mstar GL Wide Moat | Sold out | 0.00% | −0.05 |
| VTRS Viatris Inc. | Reduce -0.3% | 2.39% | −0.05 |
| FRAF Franklin Financial Services | Reduce -11.0% | 0.28% | −0.05 |
| LXP LXP Industrial Trust | Reduce -3.2% | 1.13% | −0.05 |
| IFF Intl Flavors & Fragrances | Reduce -2.3% | 0.50% | −0.02 |
| QABA First Trust Nasdaq Aba Cbif | Reduce -1.8% | 0.19% | +0.00 |
| TSBK Timberland Bancorp Inc. | Reduce -0.1% | 3.96% | +0.02 |
| T AT&T Inc. | Reduce -0.5% | 0.64% | +0.02 |
| CLVT Clarivate PLC | Reduce -0.3% | 0.40% | +0.04 |
| ABCB Ameris Bancorp | Reduce -2.4% | 0.99% | +0.08 |
| VICI Vici Properties Inc. | Reduce -0.0% | 2.25% | +0.10 |
| WY Weyerhaeuser Co. | Reduce -1.1% | 2.21% | +0.13 |
| MET Metlife Inc. | Reduce -3.1% | 5.98% | +0.15 |
| SOBS Solvay Bank Solvay N Y | Reduce -2.2% | 0.99% | +0.18 |
| AEM Agnico Eagle Mines Ltd. | Reduce -0.6% | 5.19% | +0.48 |
| SBFG SB Financial Group Inc. | Reduce -1.1% | 3.58% | +0.84 |
Portfolio Buys Q2 2024 → Q3 2024
| PFIS Peoples Financial Services | New | 0.60% | +0.60 |
| CNH CNH Industrial NV | Add +33.0% | 1.52% | +0.36 |
| FMBM F & M Bank Corp. | Add +0.0% | 1.34% | +0.30 |
| PKBK Parke Bancorp Inc. | Add +0.0% | 2.82% | +0.21 |
| SFL SFL Corp. Ltd. | Add +52.7% | 1.57% | +0.20 |
| MFGI Merchants Financial Group Inc. | Add +26.4% | 1.01% | +0.17 |
| VOO Vanguard S&P 500 ETF | Add +22.0% | 1.08% | +0.15 |
| MOAT Vaneck Morningstar Wide Moat | Add +11.6% | 0.88% | +0.10 |
| GDX Vaneck Gold Miners ETF | Add +11.3% | 0.52% | +0.08 |
| ENR Energizer Holdings Inc. | Add +8.0% | 1.25% | +0.05 |
| BANC Banc of California Inc. | Add +7.3% | 0.50% | +0.05 |
| CTO Cto Realty Growth Inc. | Add +5.6% | 1.46% | +0.05 |
| LOW Lowe's Cos Inc. | New | 0.05% | +0.05 |
| RSP Invesco S&P 500 Equal Weight | New | 0.04% | +0.04 |
| WBD Warner Bros Discovery Inc. | New | 0.04% | +0.04 |
| CZBT Citizens Bancorp of Virginia | Add +8.6% | 0.26% | +0.03 |
| VZ Verizon Communications Inc. | Add +4.2% | 1.39% | +0.03 |
| KR Kroger Co. | Add +24.1% | 0.13% | +0.03 |
| XRN Global Medical REIT Inc. | Add +3.0% | 1.94% | +0.02 |
| APLE Apple Hospitality REIT Inc. | Add +9.6% | 1.57% | +0.01 |
| TGNA Tegna Inc. | Add +0.9% | 0.09% | +0.00 |
| WIW Western Asst Infl-LNK Opp | Add +5.9% | 0.32% | −0.00 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +0.3% | 0.17% | −0.01 |
| TTE Totalenergies SE -Spon ADR | Add +4.3% | 0.34% | −0.03 |
| PTBS Potomac Bancshares Inc. | Add +0.8% | 1.27% | −0.11 |
| BMBN Benchmark Bankshares Inc. | Add +2.8% | 1.50% | −0.12 |
| PFE Pfizer Inc. | Add +2.4% | 3.06% | −0.15 |
| ACI Albertsons Cos Inc. Class A | Add +0.3% | 1.10% | −0.20 |
| FENY Fidelity MSCI Energy Index | Add +7.0% | 2.74% | −0.22 |
| SHEL Shell PLC-ADR | Add +1.0% | 3.16% | −0.64 |
| BG Bunge Global SA | Add +1.4% | 3.44% | −0.72 |
Notes & Other Activity Q2 2024 → Q3 2024
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | Add +3.6% | 6,455,000 | $6.8M |
| KIMCO REALTY CORP (KIM 7.25 PERP N) | DP CV CL N 7.25% | Reduce -0.8% | 91,565 | $5.6M |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | Add +3.9% | 4,710,000 | $4.7M |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | Reduce -0.2% | 2,480,000 | $2.7M |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | Reduce -0.2% | 2,165,000 | $2.3M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Add +6.0% | 2,137,000 | $2.1M |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% | Reduce -7.8% | 89,545 | $2.0M |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | Reduce -1.0% | 1,995,000 | $1.7M |
| JAZZ INVESTMENTS I LTD (JAZZ 1.5 08/15/24) | NOTE 1.500% 8/1 · principal | Sold out | 1,540,000 | $1.5Mbefore exit |
| EURONET WORLDWIDE INC (EEFT 0.75 03/15/49) | NOTE 0.750% 3/1 · principal | Reduce -1.3% | 1,524,000 | $1.5M |
| LCI INDUSTRIES (LCII 1.125 05/15/26) | NOTE 1.125% 5/1 · principal | Reduce -0.3% | 1,420,000 | $1.4M |
| NRG ENERGY INC (NRG 2.75 06/01/48) | DBCV 2.750% 6/0 · principal | Reduce -1.1% | 445,000 | $986K |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | Add +80.0% | 900,000 | $927K |
| LYFT INC (LYFT 1.5 05/15/25) | NOTE 1.500% 5/1 · principal | Reduce -3.5% | 815,000 | $791K |
| BANC OF CALIFORNIA INC (BANC V7.75 PERP F) | NON 13F SECURITY | Reduce -1.6% | 24,750 | $594K |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | New | 11,810 | $593K |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | Add +54.7% | 12,725 | $573K |
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 |