Cutler Capital Management, LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Cutler Capital Management, LLC reported 87 stock positions worth $225.2 million. Its top holding was Agnico Eagle Mines (AEM) at 6.5% of the portfolio, followed by Metlife (MET, 5.9%) and Timberland Bancorp (TSBK, 4.0%). Compared with Q4 2024, it opened 5 new positions, sold out of 3, added to 31 and reduced 23. The biggest buy was Shell PLC-ADR (SHEL, shares +0%) and the biggest sale Viatris (VTRS, shares −0%).

Most Recent 13F
Q2 2026
Location
WORCESTER, MA
CIK
0001353098
Portfolio Value
$225.2M (Q1 2025)
SEC Filing
0001353098-25-000004 ↗ filed May 14, 2025

Holdings Value

0$100.0M$200.0M$300.0M$400.0M Q1 2024: $205.6M Q1 2024 Q2 2024: $206.7M Q2 2024 Q3 2024: $229.5M Q3 2024 Q4 2024: $222.8M Q4 2024 Q1 2025: $225.2M $225.2M Q1 2025 Q2 2025: $233.8M Q2 2025 Q3 2025: $250.9M Q3 2025 Q4 2025: $270.8M Q4 2025 Q1 2026: $297.9M Q1 2026 Q2 2026: $315.8M Q2 2026

Holdings 87 stocks · $225.2M
AEM Agnico Eagle Mines Ltd. 6.50% 134,972 $14.6M Reduce -4.6%
MET Metlife Inc. 5.93% 166,181 $13.3M Add +0.2%
TSBK Timberland Bancorp Inc. 4.00% 298,801 $9.0M Reduce -0.1%
EXSR Exchange Bank Santa Rosa Cal 3.68% 76,054 $8.3M No change
SBFG SB Financial Group Inc. filed as SB FINL GROUP INC 3.63% 392,556 $8.2M No change
SHEL Shell PLC-ADR 3.61% 111,056 $8.1M Add +0.2%
ET Energy Transfer LP 3.44% 416,471 $7.7M Reduce -5.7%
FBIZ First Business Financial Ser 3.25% 155,399 $7.3M Add +1.4%
FENY Fidelity MSCI Energy Index 2.99% 263,510 $6.7M Reduce -0.1%
PFE Pfizer Inc. 2.82% 250,397 $6.3M Add +1.4%
BG Bunge Global SA 2.74% 80,750 $6.2M Reduce -1.8%
PKBK Parke Bancorp Inc. 2.58% 308,932 $5.8M No change
VICI Vici Properties Inc. filed as VICI PPTYS INC 2.39% 165,232 $5.4M Add +0.8%
MRK Merck & Co. Inc. 2.30% 57,731 $5.2M Reduce -0.5%
LFGP Ledyard Financial Group Inc. 2.24% 326,121 $5.1M Reduce -0.1%
WY Weyerhaeuser Co. 2.07% 158,888 $4.7M Add +4.8%
FXNC First National Corp. 2.02% 202,785 $4.6M No change
BMBN Benchmark Bankshares Inc. 1.86% 167,800 $4.2M Add +0.5%
VTRS Viatris Inc. 1.80% 464,910 $4.0M Reduce -0.2%
XRN Global Medical REIT Inc. 1.78% 457,038 $4.0M Add +1.5%
VZ Verizon Communications Inc. 1.78% 88,135 $4.0M Add +1.5%
CNH CNH Industrial NV 1.77% 324,859 $4.0M Reduce -0.1%
CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW 1.65% 191,892 $3.7M Add +6.8%
APLE Apple Hospitality REIT Inc. 1.61% 280,870 $3.6M Add +4.4%
BORT Bank of Botetourt Buchanan V filed as BANK BOTETOURT 1.55% 104,474 $3.5M No change
PTBS Potomac Bancshares Inc. 1.51% 211,168 $3.4M Add +8.3%
CPKF Chesapeake Finl SHS Inc. filed as CHESPKE FINAN 1.47% 173,000 $3.3M No change
CSBB CSB Bancorp Inc. 1.35% 69,000 $3.0M Reduce -2.1%
CWBC Community West Bancshares 1.33% 162,061 $3.0M No change
ALRS Alerus Financial Corp. 1.30% 158,972 $2.9M No change
ACI Albertsons Cos Inc. Class A 1.29% 131,762 $2.9M Reduce -1.0%
AIG American International Group 1.27% 32,800 $2.9M Add +0.6%
SFL SFL Corp. Ltd. 1.24% 340,289 $2.8M Reduce -2.7%
ENR Energizer Holdings Inc. 1.21% 91,042 $2.7M Add +3.0%
FMBM F & M Bank Corp. 1.17% 136,814 $2.6M Add +2.1%
LXP LXP Industrial Trust 1.05% 272,284 $2.4M Add +1.8%
MFGI Merchants Financial Group Inc. 1.01% 93,700 $2.3M No change
MOAT Vaneck Morningstar Wide Moat 0.89% 22,743 $2.0M Add +2.7%
ABCB Ameris Bancorp 0.86% 33,759 $1.9M Reduce -0.6%
SOBS Solvay Bank Solvay N Y 0.84% 63,257 $1.9M Reduce -7.6%
T AT&T Inc. 0.82% 65,344 $1.8M Reduce -1.4%
FCCO First Community Corp. 0.77% 76,500 $1.7M No change
TSN Tyson Foods Inc. Class A 0.74% 26,251 $1.7M No change
FSBH FSBH Corp. 0.66% 210,000 $1.5M No change
MNSB Mainstreet Bancshares Inc. 0.64% 86,297 $1.4M Reduce -21.0%
PFIS Peoples Financial Services 0.55% 27,948 $1.2M No change
GDX Vaneck Gold Miners ETF 0.55% 26,752 $1.2M Reduce -14.3%
FISI Financial Institutions Inc. 0.52% 47,025 $1.2M Add +2.8%
BANC Banc of California Inc. 0.49% 77,750 $1.1M No change
EBMT Eagle Bancorp Montana Inc. 0.46% 62,405 $1.0M Reduce -4.9%
VOO Vanguard S&P 500 ETF 0.45% 1,977 $1.0M Add +0.3%
VGM Invesco Trust for Investmen 0.38% 86,117 $858K No change
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.36% 10,400 $807K No change
WIW Western Asst Infl-LNK Opp 0.35% 90,665 $797K Add +2.1%
BRK.B Berkshire Hathaway Inc. Class B 0.31% 1,330 $708K Reduce -0.5%
SLB SLB Ltd. filed as SCHLUMBERGER LTD 0.31% 16,844 $704K Add +89.3%
MSFT Microsoft Corp. 0.30% 1,783 $669K Add +23.1%
HWC Hancock Whitney Corp. 0.25% 10,898 $572K No change
MTB M & T Bank Corp. filed as M & T BK CORP 0.25% 3,179 $568K No change
CZBT Citizens Bancorp of Virginia 0.25% 20,250 $553K No change
SSB Southstate Bank Corp. 0.23% 5,688 $528K No change
ABBV Abbvie Inc. 0.20% 2,119 $444K Reduce -11.7%
IUSV iShares Core S&P U.S. Value 0.19% 4,567 $421K No change
ORCL Oracle Corp. 0.19% 3,000 $419K No change
QABA First Trust Nasdaq Aba Cbif 0.18% 7,909 $413K Reduce -0.9%
CLVT Clarivate PLC 0.18% 103,178 $405K Reduce -4.2%
SPY SS SPDR S&P 500 ETF Trust-US 0.17% 664 $372K Add +0.6%
KR Kroger Co. 0.16% 5,162 $349K No change
JPM JPMorgan Chase & Co. 0.14% 1,310 $321K Add +10.3%
SBCF Seacoast Banking Corp. 0.12% 10,826 $279K No change
AMZN Amazon.com Inc. 0.10% 1,125 $214K Add +44.2%
GOOGL Alphabet Inc. Class A 0.08% 1,229 $190K Add +87.9%
FRAF Franklin Financial Services 0.07% 4,400 $156K Reduce -36.3%
AGI Alamos Gold Inc. Class A 0.07% 5,832 $156K No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.07% 611 $152K No change
JCI Johnson Controls Internation 0.07% 1,842 $148K Add +11.8%
XOM Exxon Mobil Corp. 0.06% 1,225 $146K Add +20.0%
DUK Duke Energy Corp. 0.06% 1,105 $135K Add +5.2%
COST Costco Wholesale Corp. 0.06% 132 $125K New
QQQ Invesco QQQ Trust Series 1 0.06% 264 $124K Add +32.0%
WMT Walmart Inc. 0.05% 1,385 $122K New
SCHF Schwab Intl Equity ETF 0.05% 6,000 $119K No change
SO The Southern Co. 0.05% 1,258 $116K New
IWS iShares Russell Mid-Cap Valu 0.05% 886 $112K No change
IEI iShares 3-7 Year Treasury Bo 0.05% 902 $107K New
SHY iShares 1-3 Year Treasury Bo 0.05% 1,286 $106K New
LOW Lowe's Cos Inc. 0.05% 442 $103K Add +5.2%
Other holdings (30): bonds, preferreds, convertibles and warrants · $62.3M (not counted above)
SecurityClassShares / PrincipalValueChange
CTO REALTY GROWTH INC (CTO 3.875 04/15/25 *) NOTE 3.875% 4/1 · principal 6,049,000$8.4MNo change
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) NOTE 2.875% 3/1 · principal 6,380,000$7.1MReduce -0.8%
JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) NOTE 2.000% 6/1 · principal 5,780,000$6.0MNo change
KIMCO REALTY CORP (KIM 7.25 PERP N) DP CV CL N 7.25% 90,923$5.5MReduce -0.7%
INNOVIVA INC (INVA 2.125 03/15/28) NOTE 2.125% 3/1 · principal 4,395,000$4.2MAdd +632.5%
FLAGSTAR BANK NA (FLG 6 11/01/51) UNIT 05/07/2051 98,312$3.7MNo change
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) NOTE 2.250% 8/1 · principal 2,395,000$2.9MReduce -2.6%
GUESS INC (GES 3.75 04/15/28) NOTE 3.750% 4/1 · principal 3,075,000$2.8MAdd +11.3%
DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal 2,145,000$2.3MReduce -0.5%
FORD MOTOR COMPANY (F 0 03/15/26) NOTE 3/1 · principal 2,350,000$2.3MNo change
HCI GROUP INC (HCI 4.75 06/01/42) NOTE 4.750% 6/0 · principal 1,205,000$2.2MReduce -41.9%
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% 82,745$1.9MReduce -7.3%
ETSY INC (ETSY 0.125 09/01/27) NOTE 0.125% 9/0 · principal 1,980,000$1.7MNo change
SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) NOTE 3.750% 3/1 · principal 1,400,000$1.5MNo change
LCI INDUSTRIES (LCII 1.125 05/15/26) NOTE 1.125% 5/1 · principal 1,420,000$1.4MNo change
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) NOTE 3.500% 3/0 · principal 1,300,000$1.4MNew
ALLIANT ENERGY CORP (LNT 3.875 03/15/26) NOTE 3.875% 3/1 · principal 965,000$1.0MReduce -3.5%
STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) NOTE 6.750% 7/1 · principal 975,000$1.0MNo change
AIRBNB INC (ABNB 0 03/15/26) NOTE 3/1 · principal 990,000$945KNo change
VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) NOTE 2.250% 9/1 · principal 865,000$763KNo change
CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) 6.75DP CNV PFD B 11,810$647KNo change
BANC OF CALIFORNIA INC (BANC V7.75 PERP F) NON 13F SECURITY 23,200$579KReduce -4.9%
AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) NOTE 2.000% 3/1 · principal 515,000$457KNew
NRG ENERGY INC (NRG 2.75 06/01/48) DBCV 2.750% 6/0 · principal 170,000$396KReduce -61.4%
PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) NOTE 1.750%12/1 · principal 300,000$280KNo change
EXPEDIA GROUP INC (EXPE 0 02/15/26) NOTE 2/1 · principal 245,000$241KReduce -10.9%
ALBEMARLE CORP (ALB 7.25 03/01/27) 7.25% DEP SHS A 5,125$183KNo change
VISHAY INTERTECHNOLOGY (VSH 2.25 06/15/25) NOTE 2.250% 6/1 · principal 164,000$161KNo change
GREENBRIER COS INC (GBX 2.875 04/15/28) NOTE 2.875% 4/1 · principal 117,000$129KNo change
HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) NOTE 0.250% 3/0 · principal 110,000$116KNo change

Total filed on the 13F, all lines: $287.5M.

Portfolio Sells Q4 2024 → Q1 2025
VTRS Viatris Inc. Reduce -0.2% 1.80% −0.81
ET Energy Transfer LP Reduce -5.7% 3.44% −0.44
SFL SFL Corp. Ltd. Reduce -2.7% 1.24% −0.36
MRK Merck & Co. Inc. Reduce -0.5% 2.30% −0.29
MNSB Mainstreet Bancshares Inc. Reduce -21.0% 0.64% −0.25
BRBS Blue Ridge Bankshares Inc. Sold out 0.00% −0.23
TTE Totalenergies SE -Spon ADR Sold out 0.00% −0.15
BG Bunge Global SA Reduce -1.8% 2.74% −0.13
MCHN McHenry Bancorp Inc. Sold out 0.00% −0.11
TSBK Timberland Bancorp Inc. Reduce -0.1% 4.00% −0.09
ABCB Ameris Bancorp Reduce -0.6% 0.86% −0.09
CLVT Clarivate PLC Reduce -4.2% 0.18% −0.07
FRAF Franklin Financial Services Reduce -36.3% 0.07% −0.02
QABA First Trust Nasdaq Aba Cbif Reduce -0.9% 0.18% −0.02
LFGP Ledyard Financial Group Inc. Reduce -0.1% 2.24% −0.01
ABBV Abbvie Inc. Reduce -11.7% 0.20% +0.01
EBMT Eagle Bancorp Montana Inc. Reduce -4.9% 0.46% +0.01
SOBS Solvay Bank Solvay N Y Reduce -7.6% 0.84% +0.04
BRK.B Berkshire Hathaway Inc. Class B Reduce -0.5% 0.31% +0.04
GDX Vaneck Gold Miners ETF Reduce -14.3% 0.55% +0.07
ACI Albertsons Cos Inc. Class A Reduce -1.0% 1.29% +0.11
CNH CNH Industrial NV Reduce -0.1% 1.77% +0.12
CSBB CSB Bancorp Inc. Reduce -2.1% 1.35% +0.14
T AT&T Inc. Reduce -1.4% 0.82% +0.14
FENY Fidelity MSCI Energy Index Reduce -0.1% 2.99% +0.17
AEM Agnico Eagle Mines Ltd. Reduce -4.6% 6.50% +1.53

Portfolio Buys Q4 2024 → Q1 2025
SHEL Shell PLC-ADR Add +0.2% 3.61% +0.50
VICI Vici Properties Inc. Add +0.8% 2.39% +0.24
VZ Verizon Communications Inc. Add +1.5% 1.78% +0.22
XRN Global Medical REIT Inc. Add +1.5% 1.78% +0.22
AIG American International Group Add +0.6% 1.27% +0.20
SLB SLB Ltd. Add +89.3% 0.31% +0.16
WY Weyerhaeuser Co. Add +4.8% 2.07% +0.15
PTBS Potomac Bancshares Inc. Add +8.3% 1.51% +0.13
LXP LXP Industrial Trust Add +1.8% 1.05% +0.07
FBIZ First Business Financial Ser Add +1.4% 3.25% +0.07
COST Costco Wholesale Corp. New 0.06% +0.06
CTO Cto Realty Growth Inc. Add +6.8% 1.65% +0.06
WMT Walmart Inc. New 0.05% +0.05
SO The Southern Co. New 0.05% +0.05
IEI iShares 3-7 Year Treasury Bo New 0.05% +0.05
SHY iShares 1-3 Year Treasury Bo New 0.05% +0.05
GOOGL Alphabet Inc. Class A Add +87.9% 0.08% +0.03
WIW Western Asst Infl-LNK Opp Add +2.1% 0.35% +0.02
MSFT Microsoft Corp. Add +23.1% 0.30% +0.02
AMZN Amazon.com Inc. Add +44.2% 0.10% +0.02
XOM Exxon Mobil Corp. Add +20.0% 0.06% +0.02
JPM JPMorgan Chase & Co. Add +10.3% 0.14% +0.01
DUK Duke Energy Corp. Add +5.2% 0.06% +0.01
QQQ Invesco QQQ Trust Series 1 Add +32.0% 0.06% +0.01
JCI Johnson Controls Internation Add +11.8% 0.07% +0.01
LOW Lowe's Cos Inc. Add +5.2% 0.05% −0.00
SPY SS SPDR S&P 500 ETF Trust-US Add +0.6% 0.17% −0.01
VOO Vanguard S&P 500 ETF Add +0.3% 0.45% −0.03
MOAT Vaneck Morningstar Wide Moat Add +2.7% 0.89% −0.03
FISI Financial Institutions Inc. Add +2.8% 0.52% −0.04
FMBM F & M Bank Corp. Add +2.1% 1.17% −0.04
BMBN Benchmark Bankshares Inc. Add +0.5% 1.86% −0.06
PFE Pfizer Inc. Add +1.4% 2.82% −0.12
MET Metlife Inc. Add +0.2% 5.93% −0.17
ENR Energizer Holdings Inc. Add +3.0% 1.21% −0.18
APLE Apple Hospitality REIT Inc. Add +4.4% 1.61% −0.24

Notes & Other Activity Q4 2024 → Q1 2025
PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) NOTE 2.875% 3/1 · principal Reduce -0.8% 6,380,000 $7.1M
KIMCO REALTY CORP (KIM 7.25 PERP N) DP CV CL N 7.25% Reduce -0.7% 90,923 $5.5M
INNOVIVA INC (INVA 2.125 03/15/28) NOTE 2.125% 3/1 · principal Add +632.5% 4,395,000 $4.2M
INNOVIVA INC (INVA 2.5 08/15/25) NOTE 2.500% 8/1 · principal Sold out 3,805,000 $4.2Mbefore exit
LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) NOTE 2.250% 8/1 · principal Reduce -2.6% 2,395,000 $2.9M
GUESS INC (GES 3.75 04/15/28) NOTE 3.750% 4/1 · principal Add +11.3% 3,075,000 $2.8M
DUKE ENERGY CORP (DUK 4.125 04/15/26) NOTE 4.125% 4/1 · principal Reduce -0.5% 2,145,000 $2.3M
HCI GROUP INC (HCI 4.75 06/01/42) NOTE 4.750% 6/0 · principal Reduce -41.9% 1,205,000 $2.2M
EURONET WORLDWIDE INC (EEFT 0.75 03/15/49) NOTE 0.750% 3/1 · principal Sold out 1,988,000 $2.0Mbefore exit
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% Reduce -7.3% 82,745 $1.9M
PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) NOTE 3.500% 3/0 · principal New 1,300,000 $1.4M
ALLIANT ENERGY CORP (LNT 3.875 03/15/26) NOTE 3.875% 3/1 · principal Reduce -3.5% 965,000 $1.0M
BANC OF CALIFORNIA INC (BANC V7.75 PERP F) NON 13F SECURITY Reduce -4.9% 23,200 $579K
AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) NOTE 2.000% 3/1 · principal New 515,000 $457K
NRG ENERGY INC (NRG 2.75 06/01/48) DBCV 2.750% 6/0 · principal Reduce -61.4% 170,000 $396K
SPOTIFY USA INC (SPOT 0 03/15/26) NOTE 3/1 · principal Sold out 290,000 $308Kbefore exit
CHEGG INC (CHGG 0.125 03/15/25) NOTE 0.125% 3/1 · principal Sold out 290,000 $281Kbefore exit
EXPEDIA GROUP INC (EXPE 0 02/15/26) NOTE 2/1 · principal Reduce -10.9% 245,000 $241K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 100$315.8MAEM, MET, CTO, TSBK, EXSR
Q1 2026 91$297.9MAEM, MET, CTO, TSBK, EXSR
Q4 2025 94$270.8MAEM, MET, CTO, TSBK, EXSR
Q3 2025 95$250.9MAEM, MET, CTO, TSBK, EXSR
Q2 2025 90$233.8MAEM, MET, CTO, TSBK, EXSR
Q1 2025 87$225.2MAEM, MET, TSBK, EXSR, SBFG
Q4 2024Amended 85$222.8MMET, AEM, TSBK, ET, EXSR
Q3 2024 83$229.5MMET, AEM, TSBK, EXSR, SBFG
Q2 2024 83$206.7MMET, AEM, BG, TSBK, SHEL
Q1 2024 84$205.6MMET, AEM, MRK, BG, TSBK