Cutler Capital Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Cutler Capital Management, LLC reported 95 stock positions worth $250.9 million. Its top holding was Agnico Eagle Mines (AEM) at 8.2% of the portfolio, followed by Metlife (MET, 5.4%) and Cto Realty Growth (CTO, 4.3%). Compared with Q2 2025, it opened 7 new positions, sold out of 2, added to 42 and reduced 23. The biggest buy was a new position in Invesco S&P 500 Low Volatili (SPLV) and the biggest sale Energy Transfer (ET, shares −8%).
- Most Recent 13F
- Q2 2026
- Location
- WORCESTER, MA
- CIK
- 0001353098
- Portfolio Value
- $250.9M (Q3 2025)
- SEC Filing
- 0001353098-25-000008 ↗ filed Nov 14, 2025
Holdings Value
Holdings 95 stocks · $250.9M
| AEM Agnico Eagle Mines Ltd. | 8.22% | 122,357 | $20.6M | Reduce -7.1% |
| MET Metlife Inc. | 5.44% | 165,682 | $13.6M | Add +0.4% |
| CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW | 4.32% | 664,979 | $10.8M | Add +3.6% |
| TSBK Timberland Bancorp Inc. | 3.87% | 291,802 | $9.7M | Reduce -2.2% |
| EXSR Exchange Bank Santa Rosa Cal | 3.46% | 76,154 | $8.7M | Add +0.1% |
| FBIZ First Business Financial Ser | 3.18% | 155,493 | $8.0M | Reduce -0.2% |
| SHEL Shell PLC-ADR | 3.15% | 110,626 | $7.9M | Reduce -0.0% |
| SBFG SB Financial Group Inc. filed as SB FINL GROUP INC | 3.01% | 391,683 | $7.6M | Reduce -0.1% |
| FENY Fidelity MSCI Energy Index | 2.67% | 271,219 | $6.7M | Add +0.3% |
| PKBK Parke Bancorp Inc. | 2.67% | 310,657 | $6.7M | Add +0.3% |
| BG Bunge Global SA | 2.60% | 80,368 | $6.5M | Add +0.5% |
| PFE Pfizer Inc. | 2.57% | 253,493 | $6.5M | Add +1.0% |
| ET Energy Transfer LP | 2.47% | 361,397 | $6.2M | Reduce -8.2% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 2.17% | 166,835 | $5.4M | Add +0.4% |
| BMBN Benchmark Bankshares Inc. | 2.07% | 170,282 | $5.2M | Reduce -0.4% |
| MRK Merck & Co. Inc. | 1.95% | 58,232 | $4.9M | Add +0.3% |
| LFGP Ledyard Financial Group Inc. | 1.88% | 337,321 | $4.7M | Add +3.4% |
| FXNC First National Corp. | 1.83% | 202,716 | $4.6M | Reduce -0.0% |
| VTRS Viatris Inc. | 1.83% | 463,972 | $4.6M | Add +0.0% |
| VZ Verizon Communications Inc. | 1.82% | 103,726 | $4.6M | Add +17.1% |
| PTBS Potomac Bancshares Inc. | 1.73% | 230,220 | $4.3M | Add +4.5% |
| BORT Bank of Botetourt Buchanan V filed as BANK BOTETOURT | 1.71% | 110,284 | $4.3M | Reduce -2.1% |
| WY Weyerhaeuser Co. | 1.62% | 164,410 | $4.1M | Add +3.3% |
| CPKF Chesapeake Finl SHS Inc. filed as CHESPKE FINAN | 1.54% | 178,906 | $3.9M | Add +3.4% |
| FMBM F & M Bank Corp. | 1.40% | 135,864 | $3.5M | Reduce -0.7% |
| APLE Apple Hospitality REIT Inc. | 1.38% | 287,270 | $3.5M | Add +1.2% |
| CWBC Community West Bancshares | 1.35% | 162,152 | $3.4M | Add +0.1% |
| XRN Chiron Real Estate Inc. filed as GLOBAL MED REIT INC | 1.34% | 99,453 | $3.4M | Add +5.1% |
| CSBB CSB Bancorp Inc. | 1.32% | 67,000 | $3.3M | Reduce -2.9% |
| ALRS Alerus Financial Corp. | 1.31% | 148,000 | $3.3M | Reduce -5.1% |
| ENR Energizer Holdings Inc. | 1.26% | 126,908 | $3.2M | Add +12.9% |
| MFGI Merchants Financial Group Inc. | 1.20% | 111,900 | $3.0M | Add +19.4% |
| HCI Hci Group Inc. | 1.17% | 15,292 | $2.9M | No change |
| MOAT Vaneck Morningstar Wide Moat | 1.11% | 28,028 | $2.8M | Add +21.5% |
| LXP LXP Industrial Trust | 1.03% | 289,089 | $2.6M | Add +4.7% |
| SFL SFL Corp. Ltd. | 1.03% | 343,792 | $2.6M | Add +1.5% |
| ACI Albertsons Cos Inc. Class A | 1.03% | 147,737 | $2.6M | Add +9.7% |
| AIG American International Group | 1.03% | 32,800 | $2.6M | No change |
| ABCB Ameris Bancorp | 1.01% | 34,459 | $2.5M | No change |
| FCCO First Community Corp. | 0.86% | 76,500 | $2.2M | No change |
| FSBH FSBH Corp. | 0.84% | 210,000 | $2.1M | No change |
| CNH CNH Industrial NV | 0.75% | 173,063 | $1.9M | Reduce -0.3% |
| T AT&T Inc. | 0.73% | 64,856 | $1.8M | Reduce -0.8% |
| GDX Vaneck Gold Miners ETF | 0.72% | 23,657 | $1.8M | Reduce -3.3% |
| TSN Tyson Foods Inc. Class A | 0.59% | 27,251 | $1.5M | No change |
| PFIS Peoples Financial Services | 0.54% | 27,948 | $1.4M | No change |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.53% | 38,952 | $1.3M | Add +60.0% |
| VOO Vanguard S&P 500 ETF | 0.53% | 2,152 | $1.3M | Add +40.8% |
| FISI Financial Institutions Inc. | 0.52% | 48,328 | $1.3M | Add +0.8% |
| BANC Banc of California Inc. | 0.52% | 78,750 | $1.3M | Add +1.3% |
| SOBS Solvay Bank Solvay N Y | 0.47% | 40,065 | $1.2M | Reduce -18.4% |
| WIW Western Asst Infl-LNK Opp | 0.37% | 103,892 | $924K | Add +2.4% |
| MSFT Microsoft Corp. | 0.35% | 1,699 | $880K | Add +1.5% |
| VGM Invesco Trust for Investmen | 0.35% | 86,117 | $872K | No change |
| ORCL Oracle Corp. | 0.34% | 3,000 | $844K | No change |
| SPLV Invesco S&P 500 Low Volatili | 0.32% | 10,150 | $795K | New |
| CZBT Citizens Bancorp of Virginia | 0.31% | 24,550 | $782K | Add +21.2% |
| HWC Hancock Whitney Corp. | 0.27% | 10,898 | $682K | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.27% | 1,330 | $669K | No change |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.26% | 3,238 | $640K | Add +1.9% |
| ES Eversource Energy | 0.25% | 8,747 | $622K | Reduce -64.7% |
| IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA | 0.24% | 9,801 | $603K | No change |
| SSB Southstate Bank Corp. | 0.22% | 5,688 | $562K | No change |
| IUSV iShares Core S&P U.S. Value | 0.18% | 4,550 | $455K | Reduce -0.4% |
| IAT iShares US Regional Banks Et | 0.18% | 8,600 | $452K | New |
| ABBV Abbvie Inc. | 0.18% | 1,915 | $443K | Add +0.4% |
| AGI Alamos Gold Inc. Class A | 0.16% | 11,582 | $404K | Add +69.5% |
| QABA First Trust Nasdaq Aba Cbif | 0.16% | 6,976 | $392K | Add +0.0% |
| JPM JPMorgan Chase & Co. | 0.15% | 1,188 | $375K | No change |
| BBT Beacon Financial Corp. | 0.14% | 14,957 | $355K | New |
| KR Kroger Co. | 0.14% | 5,162 | $348K | No change |
| CLVT Clarivate PLC | 0.13% | 87,588 | $335K | Reduce -3.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.13% | 502 | $334K | Reduce -0.4% |
| SBCF Seacoast Banking Corp. | 0.13% | 10,826 | $329K | No change |
| GOOGL Alphabet Inc. Class A | 0.12% | 1,285 | $312K | Add +4.6% |
| SKE Skeena Resources Ltd. | 0.11% | 14,500 | $267K | Add +38.1% |
| FBTC Fidelity Wise Origin Bitcoin | 0.10% | 2,555 | $255K | No change |
| AMZN Amazon.com Inc. | 0.10% | 1,152 | $253K | Add +2.4% |
| QQQ Invesco QQQ Trust Series 1 | 0.09% | 359 | $216K | Add +66.2% |
| FRAF Franklin Financial Services | 0.08% | 4,400 | $202K | No change |
| JCI Johnson Controls Internation | 0.08% | 1,732 | $190K | Reduce -6.0% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.07% | 611 | $172K | No change |
| GLD SPDR Gold Shares | 0.06% | 456 | $162K | Add +15.4% |
| EBMT Eagle Bancorp Montana Inc. | 0.06% | 9,000 | $155K | Reduce -52.6% |
| DUK Duke Energy Corp. | 0.06% | 1,219 | $151K | Add +12.3% |
| XOM Exxon Mobil Corp. | 0.06% | 1,293 | $146K | Add +5.5% |
| TSM Taiwan Semiconductor-SP ADR | 0.06% | 504 | $141K | Reduce -11.6% |
| SCHF Schwab Intl Equity ETF | 0.06% | 6,000 | $140K | No change |
| MOTG Vaneck Mstar GL Wide Moat | 0.05% | 2,925 | $132K | No change |
| HL Hecla Mining Co. | 0.05% | 10,500 | $127K | New |
| IWS iShares Russell Mid-Cap Valu | 0.05% | 886 | $124K | No change |
| SO The Southern Co. | 0.04% | 1,184 | $112K | New |
| RSP Invesco S&P 500 Equal Weight | 0.04% | 560 | $106K | No change |
| LOW Lowe's Cos Inc. | 0.04% | 420 | $106K | New |
| META Meta Platforms Inc. Class A | 0.04% | 141 | $104K | New |
Options reported separately and not counted above: MICROSOFT CORP puts ($880K), APPLE INC puts ($74K).
Other holdings (27): bonds, preferreds, convertibles and warrants · $61.9M (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 | 6,315,000 | $7.2M | Reduce -0.2% |
| INNOVIVA INC (INVA 2.125 03/15/28) | NOTE 2.125% 3/1 · principal | 6,375,000 | $6.2M | Add +46.9% |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 5,720,000 | $6.1M | Reduce -0.2% |
| KIMCO REALTY CORP (KIM 7.25 PERP N) | DP CV CL N 7.25% | 90,465 | $5.4M | No change |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | 4,165,000 | $4.2M | Add +222.9% |
| FLAGSTAR BANK NA (FLG 6 11/01/51) | UNIT 05/07/2051 | 97,812 | $3.9M | No change |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | 3,533,000 | $3.7M | Add +39.2% |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | 2,350,000 | $3.1M | Reduce -0.4% |
| DUKE ENERGY CORP (DUK 4.125 04/15/26) | NOTE 4.125% 4/1 · principal | 2,145,000 | $2.3M | No change |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | 2,270,000 | $2.3M | Reduce -0.2% |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% | 81,995 | $2.1M | No change |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | 1,940,000 | $1.8M | Reduce -0.5% |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | 1,965,000 | $1.8M | Add +51.1% |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | 1,610,000 | $1.6M | New |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 1,630,000 | $1.6M | No change |
| PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) | NOTE 2.125% 5/1 · principal | 1,495,000 | $1.5M | New |
| LCI INDUSTRIES (LCII 1.125 05/15/26) | NOTE 1.125% 5/1 · principal | 1,482,000 | $1.4M | Add +6.6% |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | 1,160,000 | $1.1M | New |
| ALLIANT ENERGY CORP (LNT 3.875 03/15/26) | NOTE 3.875% 3/1 · principal | 965,000 | $1.0M | No change |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | NOTE 6.750% 7/1 · principal | 935,000 | $988K | Reduce -1.1% |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 850,000 | $772K | Reduce -0.6% |
| GUESS INC (GES 3.75 04/15/28) | NOTE 3.750% 4/1 · principal | 680,000 | $673K | Reduce -77.4% |
| WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) | NOTE 3.250% 1/1 · principal | 570,000 | $509K | New |
| PEBBLEBROOK HOTEL TRUST (PEB 1.75 12/15/26) | NOTE 1.750%12/1 · principal | 300,000 | $296K | No change |
| ALBEMARLE CORP (ALB 7.25 03/01/27) | 7.25% DEP SHS A | 5,125 | $194K | No change |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | 110,000 | $126K | No change |
| GREENBRIER COS INC (GBX 2.875 04/15/28) | NOTE 2.875% 4/1 · principal | 117,000 | $125K | No change |
Total filed on the 13F, all lines: $312.8M.
Portfolio Sells Q2 2025 → Q3 2025
| ET Energy Transfer LP | Reduce -8.2% | 2.47% | −0.58 |
| ES Eversource Energy | Reduce -64.7% | 0.25% | −0.43 |
| SPYM Ste STR SPDR PT S&P 500 ETF | Sold out | 0.00% | −0.32 |
| CNH CNH Industrial NV | Reduce -0.3% | 0.75% | −0.21 |
| FBIZ First Business Financial Ser | Reduce -0.2% | 3.18% | −0.20 |
| SBFG SB Financial Group Inc. | Reduce -0.1% | 3.01% | −0.19 |
| SHEL Shell PLC-ADR | Reduce -0.0% | 3.15% | −0.18 |
| ALRS Alerus Financial Corp. | Reduce -5.1% | 1.31% | −0.14 |
| SOBS Solvay Bank Solvay N Y | Reduce -18.4% | 0.47% | −0.14 |
| TSBK Timberland Bancorp Inc. | Reduce -2.2% | 3.87% | −0.11 |
| T AT&T Inc. | Reduce -0.8% | 0.73% | −0.08 |
| EBMT Eagle Bancorp Montana Inc. | Reduce -52.6% | 0.06% | −0.07 |
| BMBN Benchmark Bankshares Inc. | Reduce -0.4% | 2.07% | −0.06 |
| SHY iShares 1-3 Year Treasury Bo | Sold out | 0.00% | −0.05 |
| CLVT Clarivate PLC | Reduce -3.2% | 0.13% | −0.03 |
| JCI Johnson Controls Internation | Reduce -6.0% | 0.08% | −0.01 |
| IUSV iShares Core S&P U.S. Value | Reduce -0.4% | 0.18% | −0.00 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -0.4% | 0.13% | +0.00 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -11.6% | 0.06% | +0.00 |
| BORT Bank of Botetourt Buchanan V | Reduce -2.1% | 1.71% | +0.02 |
| CSBB CSB Bancorp Inc. | Reduce -2.9% | 1.32% | +0.04 |
| FXNC First National Corp. | Reduce -0.0% | 1.83% | +0.14 |
| FMBM F & M Bank Corp. | Reduce -0.7% | 1.40% | +0.17 |
| GDX Vaneck Gold Miners ETF | Reduce -3.3% | 0.72% | +0.18 |
| AEM Agnico Eagle Mines Ltd. | Reduce -7.1% | 8.22% | +1.52 |
Portfolio Buys Q2 2025 → Q3 2025
| SPLV Invesco S&P 500 Low Volatili | New | 0.32% | +0.32 |
| ENR Energizer Holdings Inc. | Add +12.9% | 1.26% | +0.29 |
| MFGI Merchants Financial Group Inc. | Add +19.4% | 1.20% | +0.19 |
| MOAT Vaneck Morningstar Wide Moat | Add +21.5% | 1.11% | +0.18 |
| SLB SLB Ltd. | Add +60.0% | 0.53% | +0.18 |
| IAT iShares US Regional Banks Et | New | 0.18% | +0.18 |
| VZ Verizon Communications Inc. | Add +17.1% | 1.82% | +0.18 |
| VOO Vanguard S&P 500 ETF | Add +40.8% | 0.53% | +0.15 |
| BBT Beacon Financial Corp. | New | 0.14% | +0.14 |
| PTBS Potomac Bancshares Inc. | Add +4.5% | 1.73% | +0.09 |
| AGI Alamos Gold Inc. Class A | Add +69.5% | 0.16% | +0.08 |
| VTRS Viatris Inc. | Add +0.0% | 1.83% | +0.06 |
| LXP LXP Industrial Trust | Add +4.7% | 1.03% | +0.06 |
| BANC Banc of California Inc. | Add +1.3% | 0.52% | +0.05 |
| HL Hecla Mining Co. | New | 0.05% | +0.05 |
| SO The Southern Co. | New | 0.04% | +0.04 |
| LOW Lowe's Cos Inc. | New | 0.04% | +0.04 |
| META Meta Platforms Inc. Class A | New | 0.04% | +0.04 |
| SKE Skeena Resources Ltd. | Add +38.1% | 0.11% | +0.04 |
| QQQ Invesco QQQ Trust Series 1 | Add +66.2% | 0.09% | +0.03 |
| GOOGL Alphabet Inc. Class A | Add +4.6% | 0.12% | +0.03 |
| EXSR Exchange Bank Santa Rosa Cal | Add +0.1% | 3.46% | +0.03 |
| CZBT Citizens Bancorp of Virginia | Add +21.2% | 0.31% | +0.03 |
| ABBV Abbvie Inc. | Add +0.4% | 0.18% | +0.03 |
| GLD SPDR Gold Shares | Add +15.4% | 0.06% | +0.01 |
| DUK Duke Energy Corp. | Add +12.3% | 0.06% | +0.01 |
| XOM Exxon Mobil Corp. | Add +5.5% | 0.06% | +0.00 |
| CPKF Chesapeake Finl SHS Inc. | Add +3.4% | 1.54% | +0.00 |
| FISI Financial Institutions Inc. | Add +0.8% | 0.52% | −0.00 |
| AMZN Amazon.com Inc. | Add +2.4% | 0.10% | −0.00 |
| MSFT Microsoft Corp. | Add +1.5% | 0.35% | −0.01 |
| QABA First Trust Nasdaq Aba Cbif | Add +0.0% | 0.16% | −0.01 |
| CWBC Community West Bancshares | Add +0.1% | 1.35% | −0.01 |
| MTB M & T Bank Corp. | Add +1.9% | 0.26% | −0.01 |
| WIW Western Asst Infl-LNK Opp | Add +2.4% | 0.37% | −0.01 |
| MRK Merck & Co. Inc. | Add +0.3% | 1.95% | −0.02 |
| PFE Pfizer Inc. | Add +1.0% | 2.57% | −0.03 |
| PKBK Parke Bancorp Inc. | Add +0.3% | 2.67% | −0.03 |
| FENY Fidelity MSCI Energy Index | Add +0.3% | 2.67% | −0.04 |
| APLE Apple Hospitality REIT Inc. | Add +1.2% | 1.38% | −0.04 |
| XRN Chiron Real Estate Inc. | Add +5.1% | 1.34% | −0.07 |
| LFGP Ledyard Financial Group Inc. | Add +3.4% | 1.88% | −0.12 |
| WY Weyerhaeuser Co. | Add +3.3% | 1.62% | −0.13 |
| BG Bunge Global SA | Add +0.5% | 2.60% | −0.14 |
| VICI Vici Properties Inc. | Add +0.4% | 2.17% | −0.15 |
| SFL SFL Corp. Ltd. | Add +1.5% | 1.03% | −0.18 |
| ACI Albertsons Cos Inc. Class A | Add +9.7% | 1.03% | −0.21 |
| MET Metlife Inc. | Add +0.4% | 5.44% | −0.24 |
| CTO Cto Realty Growth Inc. | Add +3.6% | 4.32% | −0.42 |
Options Activity Q2 2025 → Q3 2025
| MICROSOFT CORP | put | New | 1,699 | $880K |
| APPLE INC | put | New | 290 | $74K |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q2 2025 → Q3 2025
| PPL CAPITAL FUNDING INC (PPL 2.875 03/15/28) | NOTE 2.875% 3/1 · principal | Reduce -0.2% | 6,315,000 | $7.2M |
| INNOVIVA INC (INVA 2.125 03/15/28) | NOTE 2.125% 3/1 · principal | Add +46.9% | 6,375,000 | $6.2M |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | Reduce -0.2% | 5,720,000 | $6.1M |
| PROGRESS SOFTWARE CORP (PRGS 3.5 03/01/30) | NOTE 3.500% 3/0 · principal | Add +222.9% | 4,165,000 | $4.2M |
| SIRIUS XM HOLDINGS (SIRI 3.75 03/15/28) | NOTE 3.750% 3/1 · principal | Add +39.2% | 3,533,000 | $3.7M |
| LIBERTY MEDIA CORP (FWONK 2.25 08/15/27) | NOTE 2.250% 8/1 · principal | Reduce -0.4% | 2,350,000 | $3.1M |
| FORD MOTOR COMPANY (F 0 03/15/26) | NOTE 3/1 · principal | Reduce -0.2% | 2,270,000 | $2.3M |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | Reduce -0.5% | 1,940,000 | $1.8M |
| AMPHASTAR PHARMACEUTICAL (AMPH 2 03/15/29) | NOTE 2.000% 3/1 · principal | Add +51.1% | 1,965,000 | $1.8M |
| NORTHERN OIL & GAS INC (NOG 3.625 04/15/29) | NOTE 3.625% 4/1 · principal | New | 1,610,000 | $1.6M |
| PACIRA BIOSCIENCES INC (PCRX 2.125 05/15/29) | NOTE 2.125% 5/1 · principal | New | 1,495,000 | $1.5M |
| LCI INDUSTRIES (LCII 1.125 05/15/26) | NOTE 1.125% 5/1 · principal | Add +6.6% | 1,482,000 | $1.4M |
| HAEMONETICS CORP (HAE 2.5 06/01/29) | NOTE 2.500% 6/0 · principal | New | 1,160,000 | $1.1M |
| STARWOOD PROPERTY TRUST (STWD 6.75 07/15/27) | NOTE 6.750% 7/1 · principal | Reduce -1.1% | 935,000 | $988K |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | Reduce -0.6% | 850,000 | $772K |
| CHART INDUSTRIES INC (GTLS 6.75 12/15/25 B) | 6.75DP CNV PFD B | Sold out | 11,810 | $713Kbefore exit |
| GUESS INC (GES 3.75 04/15/28) | NOTE 3.750% 4/1 · principal | Reduce -77.4% | 680,000 | $673K |
| BANC OF CALIFORNIA INC (BANC V7.75 PERP F) | NON 13F SECURITY | Sold out | 25,050 | $604Kbefore exit |
| WINNEBAGO INDUSTRIES (WGO 3.25 01/15/30) | NOTE 3.250% 1/1 · principal | New | 570,000 | $509K |
| EXPEDIA GROUP INC (EXPE 0 02/15/26) | NOTE 2/1 · principal | Sold out | 245,000 | $238Kbefore exit |
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 |