CIK: 0001353098
Total reported value
$369.9M
Reporting period: 2026-03-31 · Number of holdings: 116
Cutler Capital Management, LLC disclosed 116 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $369.9M and a quarterly turnover rate of 19.7%.
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Cutler Capital Management, LLC's disclosed holdings carry a Herfindahl concentration index of 0.020 — mathematically equivalent to about 50 equally-sized positions, well below its 116 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.15), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 38% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Trim 472145af8
-54.7% -$3.4M
Add BG
-0.7% $3.0M
Add 531229ap7
+47.8% $2.6M
Add AEM
-1.3% $3.7M
Add FENY
-2.9% $2.3M
Trim MET
+5.8% -$684.4K
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AEM | Agnico Eagle Mines LTD | Stock-Materials | 6.51% | +0.58% | -1.26% | |
| 2 | MET | Metlife INC | Stock-Financials | 3.36% | -0.46% | +5.80% | |
| 3 | CTO | Cto Realty Growth INC | Stock-Other | 3.30% | — | -0.63% | |
| 4 | TSBK | Timberland Bancorp INC | Stock-Other | 3.10% | +0.06% | -0.21% | |
| 5 | EXSR | Exchange Bank Santa Rosa Cal | Stock-Other | 2.98% | +0.10% | -0.34% | |
| 6 | SHEL | Shell Plc-adr | Stock-Energy | 2.78% | +0.40% | -0.56% | |
| 7 | BG | Bunge Global SA | Stock-Consumer Staples | 2.73% | +0.66% | -0.70% | |
| 8 | FENY | Fidelity Msci Energy Index | ETF-Large Cap & Growth | 2.46% | +0.47% | -2.85% | |
| 9 | PKBK | Parke Bancorp INC | Stock-Other | 2.44% | +0.13% | +0.31% | |
| 10 | FBIZ | First Business Financial Ser | Stock-Other | 2.25% | — | +0.52% | |
| 11 | SBFG | Sb Financial Group INC | Stock-Other | 2.22% | -0.32% | -0.22% | |
| 12 | ✓ | Stock-Other | 2.03% | +0.60% | +47.77% | ||
| 13 | ET | Energy Transfer LP | Stock-Energy | 1.97% | +0.18% | +1.05% | |
| 14 | ✓ | Ppl Capital | Stock-Other | 1.97% | -0.05% | -1.51% | |
| 15 | VZ | Verizon Communications INC | Stock-Comm Services | 1.92% | +0.28% | +2.63% | |
| 16 | MRK | Merck & Co. INC. | Stock-Healthcare | 1.90% | +0.10% | -0.23% | |
| 17 | PFE | Pfizer INC | Stock-Healthcare | 1.89% | +0.08% | -0.38% | |
| 18 | ✓ | Innoviva INC | Stock-Other | 1.84% | -0.05% | -0.86% | |
| 19 | ✓ | Progress Software | Stock-Other | 1.81% | +0.35% | +52.58% | |
| 20 | BMBN | Benchmark Bankshares INC | Stock-Other | 1.70% | +0.02% | +0.12% | |
| 21 | VTRS | Viatris INC | Stock-Healthcare | 1.67% | +0.01% | -0.28% | |
| 22 | BORT | Bank Of Botetourt Buchanan V | Stock-Other | 1.56% | +0.14% | +10.29% | |
| 23 | LFGP | Ledyard Financial Group INC | Stock-Other | 1.55% | +0.08% | -0.13% | |
| 24 | CPKF | Chesapeake Finl Shs INC | Stock-Other | 1.54% | +0.07% | — | |
| 25 | XRN | Chiron Real Estate INC | Stock-Other | 1.54% | +0.02% | +11.09% | |
| 26 | VICI | Vici Properties INC | Stock-Real Estate | 1.50% | — | +8.37% | |
| 27 | FXNC | First National Corp/va | Stock-Other | 1.49% | — | +0.49% | |
| 28 | ✓ | Kimco Realty | Stock-Other | 1.45% | — | -0.06% | |
| 29 | PTBS | Potomac Bancshares INC | Stock-Other | 1.23% | — | +0.17% | |
| 30 | MFGI | Merchants Financial Group In | Stock-Other | 1.20% | +0.03% | +0.87% | |
| 31 | AAPL | Apple INC | Stock-Tech | 1.20% | — | — | |
| 32 | ✓ | Northern Oil | Stock-Other | 1.17% | +0.38% | +40.57% | |
| 33 | WY | Weyerhaeuser Co | Stock-Real Estate | 1.15% | — | +4.85% | |
| 34 | CSBB | Csb Bancorp INC | Stock-Other | 1.12% | +0.07% | -0.65% | |
| 35 | FMBM | F & M Bank CORP | Stock-Other | 1.12% | — | — | |
| 36 | BAC 7.25 PERP L | Bank Of America CORP | Stock-Financials | 1.08% | +1.08% | NEW | |
| 37 | FSBH | Fsbh CORP | Stock-Other | 1.04% | +0.09% | +14.29% | |
| 38 | CWBC | Community West Bancshares | Stock-Other | 1.02% | — | -0.15% | |
| 39 | SFL | SFL Corporation Ltd. | Stock-Other | 0.97% | +0.21% | -1.05% | |
| 40 | MOAT | Vaneck Morningstar Wide Moat | ETF-Other | 0.96% | +0.04% | +20.12% | |
| 41 | APLE | Apple Hospitality Reit INC | Stock-Real Estate | 0.94% | — | +3.58% | |
| 42 | MSFT | Microsoft Corporation | Stock-Tech | 0.90% | -0.37% | -90.00% | |
| 43 | ALRS | Alerus Financial CORP | Stock-Other | 0.87% | — | -1.11% | |
| 44 | ✓ | Stock-Other | 0.84% | -1.07% | -54.72% | ||
| 45 | ✓ | Stock-Other | 0.72% | — | -2.13% | ||
| 46 | ACI | Albertsons Cos INC - Class A | Stock-Consumer Staples | 0.69% | — | +2.01% | |
| 47 | SLB | Slb LTD | Stock-Energy | 0.68% | +0.13% | -0.80% | |
| 48 | LXP | Lxp Industrial Trust | Stock-Other | 0.68% | +0.68% | NEW | |
| 49 | ABCB | Ameris Bancorp | Stock-Financials | 0.67% | — | -4.78% | |
| 50 | AIG | American International Group | Stock-Financials | 0.67% | — | +0.61% |
Performance for Q3 2026
+5%
Performance Last 4 Quarters
+36.3%
Based on 56% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 116 | $369.9M | 20 | |
| 2025-12-31 | 122 | $343.1M | 15 | |
| 2025-09-30 | 124 | $313.8M | 29 | |
| 2025-06-30 | 116 | $287.4M | 0 | |
| 2025-03-31 | 117 | $287.5M | 100 | |
| 2024-12-31 | 117 | $287.2M | 0 | |
| 2024-09-30 | 111 | $282.8M | 0 | |
| 2024-06-30 | 111 | $256.2M | 0 | |
| 2024-03-31 | 109 | $254.4M | 0 | |
| 2023-12-31 | 106 | $241.5M | 0 | |
| 2023-09-30 | 111 | $221.7M | 0 | |
| 2023-06-30 | 101 | $212.9M | 0 | |
| 2023-03-31 | 104 | $224.3M | 0 | |
| 2022-12-31 | 107 | $243.0M | 0 | |
| 2022-09-30 | 102 | $215.8M | 0 | |
| 2022-06-30 | 108 | $259.2M | 0 | |
| 2022-03-31 | 112 | $281.2M | 0 | |
| 2021-12-31 | 106 | $274.9M | 0 | |
| 2021-09-30 | 109 | $264.8M | 0 | |
| 2021-06-30 | 103 | $260.8M | 98 | |
| 2021-03-31 | 103 | $248.8M | 35 | |
| 2020-12-31 | 89 | $229.9M | 37 | |
| 2020-09-30 | 89 | $183.5M | 19 | |
| 2020-06-30 | 88 | $186.5M | 24 | |
| 2020-03-31 | 100 | $197.7M | 44 | |
| 2019-12-31 | 110 | $284.1M | 29 | |
| 2019-09-30 | 116 | $289.4M | 33 | |
| 2019-06-30 | 98 | $247.7M | 26 | |
| 2019-03-31 | 94 | $241.9M | 29 | |
| 2018-12-31 | 91 | $220.8M | 30 | |
| 2018-09-30 | 88 | $234.3M | 22 | |
| 2018-06-30 | 88 | $237.4M | 20 | |
| 2018-03-31 | 101 | $247.1M | 29 | |
| 2017-12-31 | 102 | $252.4M | 24 | |
| 2017-09-30 | 93 | $224.7M | 17 | |
| 2017-06-30 | 80 | $205.3M | 19 | |
| 2017-03-31 | 82 | $219.8M | 15 | |
| 2016-12-31 | 78 | $212.9M | 61 | |
| 2016-09-30 | 81 | $310.3M | 86 | |
| 2016-06-30 | 89 | $360.3M | 62 | |
| 2016-03-31 | 85 | $210.3M | 14 | |
| 2015-12-31 | 95 | $217.5M | 16 | |
| 2015-09-30 | 92 | $218.3M | 19 | |
| 2015-06-30 | 90 | $227.0M | 31 | |
| 2015-03-31 | 89 | $226.6M | 24 | |
| 2014-12-31 | 83 | $233.6M | 39 | |
| 2014-09-30 | 81 | $238.2M | 21 | |
| 2014-06-30 | 98 | $255.7M | 25 | |
| 2014-03-31 | 107 | $258.7M | 36 | |
| 2013-12-31 | 102 | $250.5M | 24 | |
| 2013-09-30 | 104 | $247.3M | 40 | |
| 2013-06-30 | 98 | $228.6M | 0 |
Cutler Capital Management, LLC's most significant position changes for 2026-03-31: New buy: Bank Of America CORP (BAC 7.25 PERP L); Sold out: Lxp Industrial Trust (LXPUSD); New buy: Lxp Industrial Trust (LXP); Sold out: Duke Energy; Sold out: Epr Properties (EPR 5.75 PERP C).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | BG | Bunge Global SA | +0.7% | -0.70% | Trim |
| 2 | ✓ | +0.6% | +47.77% | Add | |
| 3 | AEM | Agnico Eagle Mines LTD | +0.6% | -1.26% | Trim |
| 4 | FENY | Fidelity Msci Energy Index | +0.5% | -2.85% | Trim |
| 5 | ✓ | Winnebago Inds | +0.4% | +311.40% | Add |
| 6 | SHEL | Shell Plc-adr | +0.4% | -0.56% | Trim |
| 7 | NOG | Northern Oil And Gas INC | +0.4% | +138.22% | Add |
| 8 | ✓ | Northern Oil | +0.4% | +40.57% | Add |
| 9 | ✓ | Progress Software | +0.4% | +52.58% | Add |
| 10 | VZ | Verizon Communications INC | +0.3% | +2.63% | Add |
| 11 | SFL | SFL Corporation Ltd. | +0.2% | -1.05% | Trim |
| 12 | ET | Energy Transfer LP | +0.2% | +1.05% | Add |
| 13 | BORT | Bank Of Botetourt Buchanan V | +0.1% | +10.29% | Add |
| 14 | PKBK | Parke Bancorp INC | +0.1% | +0.31% | Add |
| 15 | SLB | Slb LTD | +0.1% | -0.80% | Trim |
| 16 | EXSR | Exchange Bank Santa Rosa Cal | +0.1% | -0.34% | Trim |
| 17 | MRK | Merck & Co. INC. | +0.1% | -0.23% | Trim |
| 18 | BBT | Beacon Financial CORP | +0.1% | +11.64% | Add |
| 19 | ✓ | +0.1% | +50.86% | Add | |
| 20 | FSBH | Fsbh CORP | +0.1% | +14.29% | Add |
| 21 | PFE | Pfizer INC | +0.1% | -0.38% | Trim |
| 22 | LFGP | Ledyard Financial Group INC | +0.1% | -0.13% | Trim |
| 23 | CPKF | Chesapeake Finl Shs INC | +0.1% | — | Unchanged |
| 24 | CSBB | Csb Bancorp INC | +0.1% | -0.65% | Trim |
| 25 | TSBK | Timberland Bancorp INC | +0.1% | -0.21% | Trim |
| 26 | MOAT | Vaneck Morningstar Wide Moat | 0% | +20.12% | Add |
| 27 | MFGI | Merchants Financial Group In | 0% | +0.87% | Add |
| 28 | BMBN | Benchmark Bankshares INC | 0% | +0.12% | Add |
| 29 | XRN | Chiron Real Estate INC | 0% | +11.09% | Add |
| 30 | VTRS | Viatris INC | 0% | -0.28% | Trim |
| 31 | FXNC | First National Corp/va | — | +0.49% | Add |
| 32 | PTBS | Potomac Bancshares INC | — | +0.17% | Add |
| 33 | ✓ | Ppl Capital | -0.1% | -1.51% | Trim |
| 34 | ✓ | Innoviva INC | -0.1% | -0.86% | Trim |
| 35 | HCI | Hci Group INC | -0.2% | -1.24% | Trim |
| 36 | SBFG | Sb Financial Group INC | -0.3% | -0.22% | Trim |
| 37 | MSFT | Microsoft Corporation | -0.4% | -90.00% | Trim |
| 38 | ✓ | Flagstar Fncl | -0.4% | -34.15% | Trim |
| 39 | MET | Metlife INC | -0.5% | +5.80% | Add |
| 40 | ✓ | -1.1% | -54.72% | Trim | |
| 41 | BAC 7.25 PERP L | Bank Of America CORP | — | NEW | New buy |
| 42 | LXPUSD | Lxp Industrial Trust | — | EXIT | Sold out |
| 43 | LXP | Lxp Industrial Trust | — | NEW | New buy |
| 44 | ✓ | Duke Energy | — | EXIT | Sold out |
| 45 | EPR 5.75 PERP C | Epr Properties | — | EXIT | Sold out |
| 46 | ✓ | Ford Motor Co | — | EXIT | Sold out |
| 47 | ✓ | Airbnb INC Bond | — | EXIT | Sold out |
| 48 | ✓ | Cheesecake Factory INC | — | NEW | New buy |
| 49 | ✓ | Alliant Energy | — | EXIT | Sold out |
| 50 | SPYM | Ste Str Spdr Pt S&p 500 ETF | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-13 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-13 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-13 | Amendment | View on EDGAR |
| 2024-12-31 | 2025-02-13 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-14 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-13 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-15 | Amendment | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-11 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-11 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-09 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-04 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-04-22 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-01-28 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-05 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-12 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-12 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-10 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-08 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-08 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-04-30 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | Amendment | View on EDGAR |
| 2018-12-31 | 2019-01-25 | Amendment | View on EDGAR |
| 2018-12-31 | 2019-01-25 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-10-17 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-03 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-08 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-06 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-26 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-26 | Amendment | View on EDGAR |
| 2017-03-31 | 2017-04-19 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-07 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-10-20 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-07-26 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-04-26 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-02 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-10-27 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-23 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-04 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-17 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-04 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-06 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-06 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-10 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-10-29 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-15 | 13F-HR | View on EDGAR |
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