# Cutler Capital Management, LLC: Form 13F holdings

An institutional investment manager in WORCESTER, MA. SEC CIK 1353098.

- Quarter ended: 2026-06-30
- Filed: 2026-08-14
- Reported value: $385.0m
- Positions: 124 (124 lines in the filing's table; lines for the same security and option type are added together here)
- Compared with: the 13F for the quarter ended 2026-03-31
- Filing: https://www.sec.gov/Archives/edgar/data/1353098/000135309826000004/

## Holdings

As filed, largest first. Reported value is what the manager stated at the quarter end (Jun 30, 2026), in US dollars; it is filing data, not a price. Weight is the share of the total reported value.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| [AGNICO EAGLE MINES LTD COM (AEM)](/companies/aem.md) | COM | $18.0m | 4.7% | 116,334 |  | Reduced −2,264 |
| [METLIFE INC COM USD0.01 (MET)](/companies/met.md) | COM | $14.5m | 3.8% | 171,535 |  | Reduced −4,224 |
| [CTO RLTY GROWTH INC NEW COM (CTO)](/companies/cto.md) | COM | $14.0m | 3.6% | 651,274 |  | Reduced −8,096 |
| [TIMBERLAND BANCORP INC (TSBK)](/companies/tsbk.md) | COM | $12.8m | 3.3% | 285,258 |  | Reduced −5,944 |
| EXCHANGE BK SANTA ROSA CALIF COM | COM | $12.4m | 3.2% | 74,934 |  | Reduced −847 |
| [PARKE BANCORP INC COM STK USD0.10 (PKBK)](/companies/pkbk.md) | COM | $10.4m | 2.7% | 314,126 |  | Reduced −3,300 |
| [SB FINL GROUP INC COM (SBFG)](/companies/sbfg.md) | COM | $9.8m | 2.5% | 387,852 |  | Reduced −2,285 |
| [FIRST BUSINESS FINL SVCS INC W COM (FBIZ)](/companies/fbiz.md) | COM | $9.8m | 2.5% | 154,346 |  | Reduced −244 |
| [SHELL PLC SPON ADS EA REP 2 ORD SHS (SHEL)](/companies/shel.md) | SPON ADS | $8.5m | 2.2% | 109,361 |  | Reduced −1,340 |
| BUNGE GLOBAL SA COM USD0.01 | COM | $8.3m | 2.2% | 77,792 |  | Reduced −1,568 |
| LIBERTY MEDIA CORP DEL BOND | NOTE 3.750% 3/1 | $8.1m | 2.1% | $7,033,000 principal |  | Reduced −190,000 |
| FIDELITY MSCI ENERGY INDEX ETF | MSCI ENERGY IDX | $7.9m | 2.1% | 267,547 |  | Added +232 |
| [BENCHMARK BANKSHARES INC (BMBN)](/companies/bmbn.md) | COM | $7.4m | 1.9% | 179,382 |  | Added +6,300 |
| [VIATRIS INC COM (VTRS)](/companies/vtrs.md) | COM | $7.1m | 1.8% | 448,363 |  | Reduced −7,909 |
| PROGRESS SOFTWARE CORP BOND | NOTE 3.500% 3/0 | $7.1m | 1.8% | $7,390,000 principal |  | Reduced −155,000 |
| [MERCK&CO. INC COM (MRK)](/companies/mrk.md) | COM | $7.1m | 1.8% | 55,048 |  | Reduced −3,348 |
| PPL CAPITAL FUNDING INC BOND | NOTE 2.875% 3/1 | $6.9m | 1.8% | $6,065,000 principal |  | Reduced −145,000 |
| [CHIRON REAL ESTATE INC COMMON STOCK (XRN)](/companies/xrn.md) | COM NEW | $6.8m | 1.8% | 180,161 |  | Added +7,950 |
| INNOVIVA INC BOND | NOTE 2.125% 3/1 | $6.6m | 1.7% | $6,195,000 principal |  | Reduced −125,000 |
| [ENERGY TRANSFER L P COM UT LTD PTN (ET)](/companies/et.md) | COM UT LTD PTN | $6.6m | 1.7% | 345,960 |  | Reduced −31,238 |
| BANK OF BOTETOURT | COM | $6.5m | 1.7% | 122,465 |  | Unchanged |
| [CHESAPEAKE FINANCIAL SHARES (CPKF)](/companies/cpkf.md) | COM | $6.4m | 1.7% | 178,850 |  | Added +350 |
| BANK AMERICA CORP CNV PFD L | 7.25%CNV PFD L | $6.2m | 1.6% | 4,905 |  | Added +1,550 |
| [VERIZON COMMUNICATIONS INC (VZ)](/companies/vz.md) | COM | $6.1m | 1.6% | 145,238 |  | Added +3,872 |
| LEDYARD FINANCIAL GROUP INC COM USD1.00 | COM | $6.1m | 1.6% | 343,621 |  | Added +7,925 |
| [FIRST NATL CORP COM (FXNC)](/companies/fxnc.md) | COM | $6.1m | 1.6% | 203,809 |  | Reduced −300 |
| [PFIZER INC (PFE)](/companies/pfe.md) | COM | $5.9m | 1.5% | 245,185 |  | Reduced −3,586 |
| [POTOMAC BANCSHARES INC COM (PTBS)](/companies/ptbs.md) | COM | $5.5m | 1.4% | 231,048 |  | Added +33 |
| KIMCO REALTY CORP PFD | DP CV CL N 7.25% | $5.5m | 1.4% | 87,693 |  | Reduced −2,250 |
| [VICI PPTYS INC COM (VICI)](/companies/vici.md) | COM | $5.3m | 1.4% | 201,181 |  | Reduced −1,504 |
| MERCHANTS FINL GROUP INC COM | COM | $5.2m | 1.4% | 132,830 |  | Added +5,880 |
| [APPLE HOSPITALITY REIT INC COM NEW (APLE)](/companies/aple.md) | COM | $5.1m | 1.3% | 300,869 |  | Added +199 |
| NORTHERN OIL&GAS INC BOND | NOTE 3.625% 4/1 | $5.0m | 1.3% | $5,265,000 principal |  | Added +1,315,000 |
| [F&M BK CORP CAP STK (FMBM)](/companies/fmbm.md) | COM | $4.9m | 1.3% | 134,364 |  | Reduced −1,500 |
| [WEYERHAEUSER CO MTN BE COM NEW (WY)](/companies/wy.md) | COM NEW | $4.5m | 1.2% | 189,903 |  | Added +15,793 |
| [COMMUNITY WEST BANCSHARES NEW COM (CWBC)](/companies/cwbc.md) | COM | $4.4m | 1.1% | 162,139 |  | Reduced −451 |
| [CSB BANCORP (CSBB)](/companies/csbb.md) | COM | $4.2m | 1.1% | 58,284 |  | Reduced −8,279 |
| [ALERUS FINL CORP COM (ALRS)](/companies/alrs.md) | COM | $4.2m | 1.1% | 134,400 |  | Reduced −2,070 |
| [NORTHERN OIL&GAS INC COM (NOG)](/companies/nog.md) | COM | $4.1m | 1.1% | 223,884 |  | Added +150,275 |
| FSBH CORP COM | COM | $3.9m | 1.0% | 240,000 |  | Unchanged |
| VANECK ETF TRUST MRNGSTR WDE MOAT | MRNGSTR WDE MOAT | $3.9m | 1.0% | 37,508 |  | Added +755 |
| [ENERGIZER HLDGS INC NEW COM (ENR)](/companies/enr.md) | COM | $3.4m | 0.9% | 158,733 |  | Added +8,828 |
| SFL CORPORATION LTD COM USD0.01 | SHS | $3.3m | 0.9% | 322,242 |  | Reduced −8,650 |
| [BEACON FINANCIAL CORP. COM (BBT)](/companies/bbt.md) | COM | $3.0m | 0.8% | 97,306 |  | Added +20,068 |
| [AMERIS BANCORP (ABCB)](/companies/abcb.md) | COM | $2.8m | 0.7% | 30,759 |  | Reduced −1,100 |
| LIBERTY MEDIA CORP DEL BOND | NOTE 2.250% 8/1 | $2.8m | 0.7% | $2,220,000 principal |  | Reduced −80,000 |
| [LXP INDUSTRIAL TRUST COM (LXP)](/companies/lxp.md) | COM | $2.7m | 0.7% | 49,487 |  | Reduced −4,628 |
| [HCI GROUP INC (HCI)](/companies/hci.md) | COM | $2.6m | 0.7% | 14,662 |  | Reduced −442 |
| [ALBERTSONS COS INC COMMON STOCK (ACI)](/companies/aci.md) | COM | $2.5m | 0.7% | 185,187 |  | Added +35,525 |
| [FIRST COMMUNITY CORP (FCCO)](/companies/fcco.md) | COM | $2.5m | 0.6% | 76,500 |  | Unchanged |
| [AMERICAN INTERNATIONAL GROUP (AIG)](/companies/aig.md) | COM NEW | $2.5m | 0.6% | 33,000 |  | Unchanged |
| VANGUARD INDEX FUNDS S&P 500 ETF USD | S&P 500 ETF SHS | $2.4m | 0.6% | 3,462 |  | Added +285 |
| [SLB LIMITED TRADING (SLB)](/companies/slb.md) | COM STK | $2.4m | 0.6% | 51,074 |  | Added +2,020 |
| FLAGSTAR BANK | UNIT 05/07/2051 | $2.2m | 0.6% | 53,868 |  | Reduced −2,225 |
| WINNEBAGO INDS INC BOND | NOTE 3.250% 1/1 | $2.1m | 0.6% | $2,310,000 principal |  | Reduced −35,000 |
| SPECTRUM BRANDS INC BOND | NOTE 3.375% 6/0 | $2.0m | 0.5% | $1,965,000 principal |  | New +1,965,000 |
| [AT&T INC COM USD1 (T)](/companies/t.md) | COM | $2.0m | 0.5% | 98,318 |  | Added +36,062 |
| [FINANCIAL INSTITUTIONS INC (FISI)](/companies/fisi.md) | COM | $1.9m | 0.5% | 49,428 |  | Unchanged |
| CNH INDUSTRIAL NV COM EUR0.01 | SHS | $1.9m | 0.5% | 171,233 |  | Added +1,295 |
| [PEOPLES FINANCIAL SERVICES GROUP COM USD2 (PFIS)](/companies/pfis.md) | COM | $1.9m | 0.5% | 28,746 |  | Reduced −2 |
| ALPHABET INC DEP SHS RP1/20 B PFD | DEP SHS RP1/20 B | $1.9m | 0.5% | 37,775 |  | New +37,775 |
| CHEESECAKE FACTORY INC BOND | NOTE 2.000% 3/1 | $1.9m | 0.5% | $1,455,000 principal |  | Reduced −45,000 |
| VANECK ETF TR VANECK GOLD MINERS ETF | GOLD MINERS ETF | $1.7m | 0.5% | 23,142 |  | Added +1,035 |
| HAEMONETICS CORP MASS BOND | NOTE 2.500% 6/0 | $1.7m | 0.5% | $1,725,000 principal |  | Reduced −25,000 |
| ETSY INC BOND | NOTE 0.125% 9/0 | $1.7m | 0.4% | $1,805,000 principal |  | Reduced −50,000 |
| [BANC OF CALIFORNIA INC COM (BANC)](/companies/banc.md) | COM | $1.6m | 0.4% | 80,550 |  | Added +1,000 |
| WEC ENERGY GROUP INC BOND | NOTE 3.375% 6/0 | $1.6m | 0.4% | $1,500,000 principal |  | New +1,500,000 |
| GUIDEWIRE SOFTWARE INC BOND | NOTE 1.250%11/0 | $1.5m | 0.4% | $1,595,000 principal |  | New +1,595,000 |
| [TYSON FOODS INC (TSN)](/companies/tsn.md) | CL A | $1.5m | 0.4% | 26,340 |  | Reduced −667 |
| VISHAY INTERTECHNOLOGY INC BOND | NOTE 2.250% 9/1 | $1.5m | 0.4% | $735,000 principal |  | Reduced −85,000 |
| PACIRA BIOSCIENCES INC BOND | NOTE 2.125% 5/1 | $1.4m | 0.4% | $1,435,000 principal |  | Reduced −40,000 |
| SOLVAY BK CORP SOLVAY NEW YORK COM | COM | $1.2m | 0.3% | 37,591 |  | Added +69 |
| ISHARES TRUST US | US REGNL BKS ETF | $1.1m | 0.3% | 18,000 |  | Unchanged |
| CITIZENS BANCORP VA INC COM | COM | $1.1m | 0.3% | 28,525 |  | Unchanged |
| VANGUARD INTL EQUITY INDEX FDS TT WRLD ST | TT WRLD ST ETF | $962.9k | 0.3% | 6,135 |  | New +6,135 |
| [WESTERN AST INFL LKD OPP&INM COM (WIW)](/companies/wiw.md) | COM | $940.7k | 0.2% | 111,992 |  | Added +5,900 |
| [INVESCO TR INVT GRADE MUNS COM STK USD0.01 (VGM)](/companies/vgm.md) | COM | $912.8k | 0.2% | 86,117 |  | Unchanged |
| [HANCOCK WHITNEY CORP (HWC)](/companies/hwc.md) | COM | $814.3k | 0.2% | 10,898 |  | Unchanged |
| [ALAMOS GOLD INC COM (AGI)](/companies/agi.md) | COM CLA | $785.7k | 0.2% | 25,897 |  | Added +15,075 |
| AMPHASTAR PHARMACEUTICALS INC BOND | NOTE 2.000% 3/1 | $758.2k | 0.2% | $835,000 principal |  | Reduced −1,105,000 |
| [M&T BANK CORP COM USD0.50 (MTB)](/companies/mtb.md) | COM | $756.7k | 0.2% | 3,179 |  | Reduced −59 |
| [INTERNATIONAL FLAVORS&FRAGRANCES COM (IFF)](/companies/iff.md) | COM | $683.3k | 0.2% | 8,602 |  | Reduced −849 |
| FIRST TRUST NASDAQ ABA CBIF | UT COM SHS ETF | $664.0k | 0.2% | 9,868 |  | Reduced −339 |
| [MICROSOFT CORP (MSFT)](/companies/msft.md) | COM | $623.2k | 0.2% | 1,671 |  | Added +25 |
| [BERKSHIRE HATHAWAY INC COM USD0.0033 CLASS (BRK-B)](/companies/brk-b.md) | CL B NEW | $600.5k | 0.2% | 1,200 |  | Reduced −130 |
| [SOUTHSTATE BK CORP COM (SSB)](/companies/ssb.md) | COM | $588.4k | 0.2% | 5,890 |  | Added +135 |
| ISHARES CORE S&P US VALUE ETF | CORE S&P US VLU | $501.2k | 0.1% | 4,550 |  | Unchanged |
| [ORACLE CORP (ORCL)](/companies/orcl.md) | COM | $439.6k | 0.1% | 3,000 |  | Unchanged |
| [ABBVIE INC COM USD0.01 (ABBV)](/companies/abbv.md) | COM | $409.9k | 0.1% | 1,629 |  | Reduced −286 |
| [JPMORGAN CHASE&CO. COM (JPM)](/companies/jpm.md) | COM | $392.1k | 0.1% | 1,198 |  | Added +10 |
| [SEACOAST BANKING CORPORATION OF FLORIDA (SBCF)](/companies/sbcf.md) | COM NEW | $360.0k | <0.1% | 10,826 |  | Unchanged |
| [STATE STREET SPDR S&P 500 ETF UNITS (SPY)](/companies/spy.md) | TR UNIT | $334.3k | <0.1% | 448 |  | Reduced −33 |
| [SKEENA RESOURCES LIMITED COM (SKE)](/companies/ske.md) | COM | $316.7k | <0.1% | 11,880 |  | Unchanged |
| [SPDR GOLD TR GOLD SHS (GLD)](/companies/gld.md) | GOLD SHS | $310.2k | <0.1% | 842 |  | Added +386 |
| FIDELITY FUNDAMENTAL SMALL-MID CAP ETF | FUN SMA MID ETF | $300.3k | <0.1% | 7,860 |  | Reduced −265 |
| [EVERSOURCE ENERGY (ES)](/companies/es.md) | COM | $299.7k | <0.1% | 4,147 |  | Reduced −100 |
| [KROGER CO COM USD1.00 (KR)](/companies/kr.md) | COM | $277.9k | <0.1% | 5,005 |  | Added +50 |
| [FRANKLIN FINANCIAL SERVICES CORPORATION (FRAF)](/companies/fraf.md) | COM | $275.4k | <0.1% | 4,400 |  | Unchanged |
| ALBEMARLE CORP DEP SHS A PFD | 7.25% DEP SHS A | $258.8k | <0.1% | 4,675 |  | Unchanged |
| STARWOOD PPTY TR INC BOND | NOTE 6.750% 7/1 | $249.8k | <0.1% | $245,000 principal |  | Reduced −665,000 |
| [AMAZON.COM INC (AMZN)](/companies/amzn.md) | COM | $239.5k | <0.1% | 1,005 |  | Unchanged |
| [APPLE INC (AAPL)](/companies/aapl.md) | COM | $227.7k | <0.1% | 787 |  | New +787 |
| [TAIWAN SEMICONDUCTOR MANUFACTURING (TSM)](/companies/tsm.md) | SPONSORED ADS | $220.3k | <0.1% | 461 |  | Added +6 |
| [EAGLE BANCORP MONTANA INC COM USD0.01 (EBMT)](/companies/ebmt.md) | COM | $215.4k | <0.1% | 9,000 |  | Unchanged |
| [SWISS HELVETIA FUND INC (SWZ)](/companies/swz.md) | COM | $213.4k | <0.1% | 35,921 |  | New +35,921 |
| [ALPHABET INC CAP STK CL A (GOOGL)](/companies/googl.md) | CAP STK CL A | $196.2k | <0.1% | 549 |  | Reduced −598 |
| EXXON MOBIL CORP COM | COM | $179.0k | <0.1% | 1,309 |  | Added +16 |
| [INTERNATIONAL BUS MACH CORP COM USD0.20 (IBM)](/companies/ibm.md) | COM | $172.4k | <0.1% | 613 |  | Added +2 |
| INVESCO QQQ TR UNIT SER 1 | UNIT SER 1 | $168.1k | <0.1% | 228 |  | Unchanged |
| [HECLA MINING CO (HL)](/companies/hl.md) | COM | $154.3k | <0.1% | 10,000 |  | Unchanged |
| [DUKE ENERGY CORP NEW COM NEW (DUK)](/companies/duk.md) | COM | $149.7k | <0.1% | 1,183 |  | Unchanged |
| GREENBRIER COS INC BOND | NOTE 2.875% 4/1 | $133.5k | <0.1% | $117,000 principal |  | Unchanged |
| JAMES HARDIE INDUSTRIES PLC COM EUR0.59 | ORD SHS | $132.9k | <0.1% | 5,075 |  | New +5,075 |
| HALOZYME THERAPEUTICS INC BOND | NOTE 0.250% 3/0 | $122.2k | <0.1% | $110,000 principal |  | Unchanged |
| [CHENIERE ENERGY INC COM USD0.003 (LNG)](/companies/lng.md) | COM NEW | $120.7k | <0.1% | 505 |  | New +505 |
| [DEVON ENERGY CORP NEW (DVN)](/companies/dvn.md) | COM | $115.1k | <0.1% | 2,785 |  | New +2,785 |
| SELECT SECTOR SPDR TRUST STATE STREET | ST STR TECHN ETF | $114.3k | <0.1% | 600 |  | New +600 |
| [OCCIDENTAL PETE CORP COM (OXY)](/companies/oxy.md) | COM | $112.9k | <0.1% | 2,325 |  | New +2,325 |
| ISHARES RUSSELL MID-CAP VALUE ETF | RUS MDCP VAL ETF | $112.6k | <0.1% | 684 |  | New +684 |
| [ISHARES SILVER TR ISHARES (SLV)](/companies/slv.md) | ISHARES | $109.0k | <0.1% | 2,038 |  | Unchanged |
| [TEREX CORP (TEX)](/companies/tex.md) | COM | $107.5k | <0.1% | 1,485 |  | New +1,485 |
| [AGCO CORP COM USD0.01 (AGCO)](/companies/agco.md) | COM | $105.9k | <0.1% | 885 |  | New +885 |
| [LOWES COMPANIES INC COM USD0.50 (LOW)](/companies/low.md) | COM | $105.6k | <0.1% | 479 |  | Added +6 |
| INVESCO EXCHANGE TRADED FD TR S&P500 EQL | S&P500 EQL WGT | $100.9k | <0.1% | 474 |  | New +474 |

## Sold out

Held at the end of the quarter before and not reported this quarter.

| Issuer | Class | Reported value | Weight | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | ---: | --- | --- |
| [ALPHABET INC (GOOGL)](/companies/googl.md) | CAP STK CL C | $0 | 0.0% | 0 |  | Sold out −375 |
| [APPLE INC (AAPL)](/companies/aapl.md) | COM | $0 | 0.0% | 0 | Put | Sold out −17,500 |
| JAZZ INVEST | NOTE 2.000% 6/1 | $0 | 0.0% | $0 principal |  | Sold out −2,565,000 |
| JOHNSON CONTROL | SHS | $0 | 0.0% | 0 |  | Sold out −800 |
| LCI INDS CONV | NOTE 1.125% 5/1 | $0 | 0.0% | $0 principal |  | Sold out −1,442,000 |
| MICROSOFT CORP | COM | $0 | 0.0% | 0 | Put | Sold out −9,000 |
| PEBBLEBRK HOTEL | NOTE 1.750% 12/1 | $0 | 0.0% | $0 principal |  | Sold out −300,000 |
| VE GLBL WIDE MT | MRNGSTR GBL WIDE | $0 | 0.0% | 0 |  | Sold out −2,925 |

Source: SEC EDGAR, Form 13F-HR, accession 0001353098-26-000004. Last ingested by Listed: Oct 22, 2026, 05:26 ET. No prices; not investment advice.