Cutler Capital Management, LLC 13F Portfolio Snapshot

Diversified strategyMomentum followerQuality / disciplined sizing

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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Personality snowflake

Concentration: 7.94
Portfolio Stability: 19.7
Momentum/Contrarian: 100
Sector conviction: 40.79
Diversification: 100
Sizing Uniformity: 88.54

Recent moves

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

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
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%

1–50 of 116

Portfolio Performance

Performance for Q3 2026

+5%

Performance Last 4 Quarters

+36.3%

Based on 56% of reported portfolio value with available pricing

Stdev: +12.8%
Beta: +0.5
Alpha: +6.4%
Max Drawdown: -6.8%
Annualized Perf: +15.7%
Batting Avg vs S&P: +55.6%
Sortino: +2.32
Stutzer: +0.35
Treynor: +0.31
Sterling: +1.03
Calmar: +2.3
Information Ratio: -0.22
Tracking Error: +12.8%
Stdev Down: +6.7%
Winning Months %: +63%
Losing Months %: +37%
Best 12 Months: +36.3%
Worst 12 Months: -1%
Efficiency Ratio: +0.44
Sharpe: +1.21
Stdev Sectors: +6.4%
Skewness: -0.12
Kurtosis: -0.97
Upside Potential: +4.12

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	116	$369.9M	20	1AEM 2MET 3CTO Top holdings2026-03-31 1.AEM 2.MET 3.CTO 4.TSBK 5.EXSR 6.SHEL 7.BG 8.FENY 9.PKBK 10.FBIZ
2025-12-31	122	$343.1M	15	1AEM 2MET 3CTO Top holdings2025-12-31 1.AEM 2.MET 3.CTO 4.TSBK 5.EXSR 6.SBFG 7.FBIZ 8.SHEL 9.PKBK 10.BG
2025-09-30	124	$313.8M	29	1AEM 2MET 3CTO Top holdings2025-09-30 1.AEM 2.MET 3.CTO 4.TSBK 5.EXSR 6.FBIZ 7.SHEL 8.SBFG 9.69352p 10.FENY
2025-06-30	116	$287.4M	0	1AEM 2MET 3CTO Top holdings2025-06-30 1.AEM 2.MET 3.CTO 4.TSBK 5.EXSR 6.FBIZ 7.SHEL 8.SBFG 9.ET 10.69352p
2025-03-31	117	$287.5M	100	1AEM 2MET 3TSBK Top holdings2025-03-31 1.AEM 2.MET 3.TSBK 4.CTO 3.875 04-15-25 * 5.EXSR 6.SBFG 7.SHEL 8.ET 9.FBIZ 10.69352p
2024-12-31	117	$287.2M	0	1MET 2AEM 3TSBK Top holdings2024-12-31 1.MET 2.AEM 3.TSBK 4.ET 5.210226 6.EXSR 7.SBFG 8.FBIZ 9.SHEL 10.69352p
2024-09-30	111	$282.8M	0	1MET 2AEM 3TSBK Top holdings2024-09-30 1.MET 2.AEM 3.TSBK 4.EXSR 5.SBFG 6.BG 7.ET 8.SHEL 9.PFE 10.FBIZ
2024-06-30	111	$256.2M	0	1MET 2AEM 3BG Top holdings2024-06-30 1.MET 2.AEM 3.BG 4.TSBK 5.SHEL 6.MRK 7.ET 8.EXSR 9.PFE 10.FENY
2024-03-31	109	$254.4M	0	1MET 2AEM 3MRK Top holdings2024-03-31 1.MET 2.AEM 3.MRK 4.BG 5.TSBK 6.EXSR 7.SHEL 8.ET 9.PFE 10.HCI 4.75 06-01-42
2023-12-31	106	$241.5M	0	1MET 2TSBK 3BG Top holdings2023-12-31 1.MET 2.TSBK 3.BG 4.AEM 5.EXSR 6.MRK 7.SHEL 8.PFE 9.PKBK 10.FBIZ
2023-09-30	111	$221.7M	0	1MET 2BG 3TSBK Top holdings2023-09-30 1.MET 2.BG 3.TSBK 4.EXSR 5.PFE 6.SHEL 7.MRK 8.AEM 9.ET 10.FENY
2023-06-30	101	$212.9M	0	1MET 2MRK 3PFE Top holdings2023-06-30 1.MET 2.MRK 3.PFE 4.TSBK 5.BG 6.EXSR 7.AEM 8.ET 9.PKBK 10.SHEL
2023-03-31	104	$224.3M	0	1MET 2MRK 3TSBK Top holdings2023-03-31 1.MET 2.MRK 3.TSBK 4.EXSR 5.BG 6.PFE 7.AEM 8.LFGP 9.SBFG 10.PKBK
2022-12-31	107	$243.0M	0	1MET 2MRK 3TSBK Top holdings2022-12-31 1.MET 2.MRK 3.TSBK 4.EXSR 5.PFE 6.BG 7.AEM 8.SBFG 9.PKBK 10.LFGP
2022-09-30	102	$215.8M	0	1EXSR 2MRK 3TSBK Top holdings2022-09-30 1.EXSR 2.MRK 3.TSBK 4.SBFG 5.LFGP 6.PFE 7.HCDI 8 PERP A 8.PKBK 9.BG 10.AEM
2022-06-30	108	$259.2M	0	1MET 2MRK 3EXSR Top holdings2022-06-30 1.MET 2.MRK 3.EXSR 4.HCDI 8 PERP A 5.PFE 6.TSBK 7.SBFG 8.LFGP 9.TSN 10.BG
2022-03-31	112	$281.2M	0	1MET 2EXSR 3LFGP Top holdings2022-03-31 1.MET 2.EXSR 3.LFGP 4.HCDI 8 PERP A 5.SBFG 6.MRK 7.AEM 8.PFE 9.BG 10.TSBK
2021-12-31	106	$274.9M	0	1EXSR 2MET 3CNP Top holdings2021-12-31 1.EXSR 2.MET 3.CNP 4.PFE 5.LXPUSD 6.TSBK 7.IFF 8.SBFG 9.MRK 10.HCDI 8 PERP A
2021-09-30	109	$264.8M	0	1EXSR 2MET 3CNP 7 09-01-21 B Top holdings2021-09-30 1.EXSR 2.MET 3.CNP 7 09-01-21 B 4.TSBK 5.HCI 4.25 03-01-37 6.WY 7.MRK 8.SBFG 9.LXPUSD 10.IFF
2021-06-30	103	$260.8M	98	1EXSR 2MET 3CNP 7 09-01-21 B Top holdings2021-06-30 1.EXSR 2.MET 3.CNP 7 09-01-21 B 4.LFGP 5.TSBK 6.IFF 6 09-15-21 7.HCI 4.25 03-01-37 8.MRK 9.WY 10.SBFG
2021-03-31	103	$248.8M	35	1EXSR 2MET 3CNP 7 09-01-21 B Top holdings2021-03-31 1.EXSR 2.MET 3.CNP 7 09-01-21 B 4.IFF 6 09-15-21 5.LFGP 6.TSBK 7.WY 8.FTV 5 07-01-21 A 9.FLG 6 11-01-51 10.NHI 3.25 04-01-21
2020-12-31	89	$229.9M	37	1D 2EXSR 3MET Top holdings2020-12-31 1.D 2.EXSR 3.MET 4.CNP 7 09-01-21 B 5.WY 6.TSBK 7.FTV 5 07-01-21 A 8.NHI 3.25 04-01-21 9.459506 10.FLG 6 11-01-51
2020-09-30	89	$183.5M	19	1EXSR 2FLG 6 11-01-51 3CNP 7 09-01-21 B Top holdings2020-09-30 1.EXSR 2.FLG 6 11-01-51 3.CNP 7 09-01-21 B 4.MET 5.FTV 5 07-01-21 A 6.NHI 3.25 04-01-21 7.WY 8.ARI 4.75 08-23-22 9.LFGP 10.TSN 4.75 07-15-17
2020-06-30	88	$186.5M	24	1FLG 6 11-01-51 2EXSR 3MET Top holdings2020-06-30 1.FLG 6 11-01-51 2.EXSR 3.MET 4.CNP 7 09-01-21 B 5.NHI 3.25 04-01-21 6.FTV 5 07-01-21 A 7.LFGP 8.SBFG 9.ARI 4.75 08-23-22 10.D
2020-03-31	100	$197.7M	44	1EXSR 2FLG 6 11-01-51 3BG Top holdings2020-03-31 1.EXSR 2.FLG 6 11-01-51 3.BG 4.NHI 3.25 04-01-21 5.MET 6.LFGP 7.CNP 7 09-01-21 B 8.LXPUSD 9.TSN 4.75 07-15-17 10.FTV 5 07-01-21 A
2019-12-31	110	$284.1M	29	1EXSR 2MET 3FLG 6 11-01-51 Top holdings2019-12-31 1.EXSR 2.MET 3.FLG 6 11-01-51 4.NHI 3.25 04-01-21 5.LFGP 6.30745V 7.CCI 8.LXPUSD 9.TSBK 10.KIM 7.25 PERP D
2019-09-30	116	$289.4M	33	1SOBS 2EXSR 3FLG 6 11-01-51 Top holdings2019-09-30 1.SOBS 2.EXSR 3.FLG 6 11-01-51 4.MET 5.LXPUSD 6.BG 7.30745V 8.NHI 3.25 04-01-21 9.CCI 10.KIM 7.25 PERP D
2019-06-30	98	$247.7M	26	1LXPUSD 2MET 3EXSR Top holdings2019-06-30 1.LXPUSD 2.MET 3.EXSR 4.FLG 6 11-01-51 5.30745V 6.NHI 3.25 04-01-21 7.SRE 6 01-15-21 A 8.CCI 9.TSBK 10.SNY
2019-03-31	94	$241.9M	29	1LXPUSD 2EXSR 3FLG 6 11-01-51 Top holdings2019-03-31 1.LXPUSD 2.EXSR 3.FLG 6 11-01-51 4.MET 5.30745V 6.NHI 3.25 04-01-21 7.SRE 6 01-15-21 A 8.CCI 9.SNY 10.LFGP
2018-12-31	91	$220.8M	30	1LXPUSD 2EXSR 3FLG 6 11-01-51 Top holdings2018-12-31 1.LXPUSD 2.EXSR 3.FLG 6 11-01-51 4.MET 5.NHI 3.25 04-01-21 6.30745V 7.LFGP 8.SNY 9.RPTUSD 10.HCI 3.875 03-15-19
2018-09-30	88	$234.3M	22	1LXPUSD 2EXSR 3FLG 6 11-01-51 Top holdings2018-09-30 1.LXPUSD 2.EXSR 3.FLG 6 11-01-51 4.751452 5.MET 6.NHI 3.25 04-01-21 7.SNY 8.LFGP 9.30745V 10.TSBK
2018-06-30	88	$237.4M	20	1LXPUSD 2EXSR 3FLG 6 11-01-51 Top holdings2018-06-30 1.LXPUSD 2.EXSR 3.FLG 6 11-01-51 4.NHI 3.25 04-01-21 5.TSBK 6.751452 7.30745V 8.MET 9.HCI 3.875 03-15-19 10.LFGP
2018-03-31	101	$247.1M	29	1LXPUSD 2FLG 6 11-01-51 3NHI 3.25 04-01-21 Top holdings2018-03-31 1.LXPUSD 2.FLG 6 11-01-51 3.NHI 3.25 04-01-21 4.EXSR 5.TSBK 6.751452 7.MET 8.30745V 9.CCI 10.CTO 4.5 03-15-20
2017-12-31	102	$252.4M	24	1LXPUSD 2NHI 3.25 04-01-21 3FLG 6 11-01-51 Top holdings2017-12-31 1.LXPUSD 2.NHI 3.25 04-01-21 3.FLG 6 11-01-51 4.751452 5.DBRG 3.875 01-15-21 6.MET 7.30745V 8.TSBK 9.CCI 10.HCI 3.875 03-15-19
2017-09-30	93	$224.7M	17	1LXPUSD 2NHI 3.25 04-01-21 3FLG 6 11-01-51 Top holdings2017-09-30 1.LXPUSD 2.NHI 3.25 04-01-21 3.FLG 6 11-01-51 4.TSBK 5.751452 6.MET 7.DBRG 3.875 01-15-21 8.SNY 9.30745V 10.HCI 3.875 03-15-19
2017-06-30	80	$205.3M	19	1LXPUSD 2NHI 3.25 04-01-21 3FLG 6 11-01-51 Top holdings2017-06-30 1.LXPUSD 2.NHI 3.25 04-01-21 3.FLG 6 11-01-51 4.G81075 5.MET 6.751452 7.DBRG 3.875 01-15-21 8.SNY 9.HCI 3.875 03-15-19 10.TSBK
2017-03-31	82	$219.8M	15	1LXPUSD 2NHI 3.25 04-01-21 3SRC 2.875 05-15-19 Top holdings2017-03-31 1.LXPUSD 2.NHI 3.25 04-01-21 3.SRC 2.875 05-15-19 4.FLG 6 11-01-51 5.G81075 6.MET 7.751452 8.DBRG 3.875 01-15-21 9.HCI 3.875 03-15-19 10.SNY
2016-12-31	78	$212.9M	61	1LXPUSD 2NHI 3.25 04-01-21 3SRC 2.875 05-15-19 Top holdings2016-12-31 1.LXPUSD 2.NHI 3.25 04-01-21 3.SRC 2.875 05-15-19 4.TTMI 1.75 12-15-20 5.FLG 6 11-01-51 6.G81075 7.751452 8.MET 9.HCI 3.875 03-15-19 10.30745V
2016-09-30	81	$310.3M	86	1NHI 3.25 04-01-21 2LXPUSD 3TTMI 1.75 12-15-20 Top holdings2016-09-30 1.NHI 3.25 04-01-21 2.LXPUSD 3.TTMI 1.75 12-15-20 4.SRC 2.875 05-15-19 5.751452 6.G81075 7.FLG 6 11-01-51 8.G0177J 9.MET 10.HCI 3.875 03-15-19
2016-06-30	89	$360.3M	62	19195182LXPUSD 3SRC 2.875 05-15-19 Top holdings2016-06-30 1.919518 2.LXPUSD 3.SRC 2.875 05-15-19 4.TTMI 1.75 12-15-20 5.NHI 3.25 04-01-21 6.751452 7.G81075 8.FLG 6 11-01-51 9.G0177J 10.MRK
2016-03-31	85	$210.3M	14	1LXPUSD 2SRC 2.875 05-15-19 3NHI 3.25 04-01-21 Top holdings2016-03-31 1.LXPUSD 2.SRC 2.875 05-15-19 3.NHI 3.25 04-01-21 4.751452 5.G81075 6.TTMI 1.75 12-15-20 7.FLG 6 11-01-51 8.MET 9.CCI 4.5 11-01-16 A 10.G0177J
2015-12-31	95	$217.5M	16	1LXPUSD 2SRC 2.875 05-15-19 3CCI 4.5 11-01-16 A Top holdings2015-12-31 1.LXPUSD 2.SRC 2.875 05-15-19 3.CCI 4.5 11-01-16 A 4.NHI 3.25 04-01-21 5.G81075 6.751452 7.TTMI 1.75 12-15-20 8.MET 9.G0177J 10.FLG 6 11-01-51
2015-09-30	92	$218.3M	19	1LXPUSD 2CCI 4.5 11-01-16 A 3SRC 2.875 05-15-19 Top holdings2015-09-30 1.LXPUSD 2.CCI 4.5 11-01-16 A 3.SRC 2.875 05-15-19 4.NHI 3.25 04-01-21 5.G81075 6.751452 7.HCI 8.MET 9.SNY 10.TTMI 1.75 12-15-20
2015-06-30	90	$227.0M	31	1LXPUSD 2CCI 4.5 11-01-16 A 3SRC 2.875 05-15-19 Top holdings2015-06-30 1.LXPUSD 2.CCI 4.5 11-01-16 A 3.SRC 2.875 05-15-19 4.SNY 5.G81075 6.HCI 7.MET 8.NHI 3.25 04-01-21 9.G0177J 10.751452
2015-03-31	89	$226.6M	24	1LXPUSD 2CCI 4.5 11-01-16 A 3SNY Top holdings2015-03-31 1.LXPUSD 2.CCI 4.5 11-01-16 A 3.SNY 4.HCI 5.MET 6.751452 7.G81075 8.SRC 2.875 05-15-19 9.30745V 10.NHI 3.25 04-01-21
2014-12-31	83	$233.6M	39	1LXPUSD 2CCI 4.5 11-01-16 A3751452 Top holdings2014-12-31 1.LXPUSD 2.CCI 4.5 11-01-16 A 3.751452 4.VER 3 08-01-18 5.MET 6.SNY 7.G81075 8.HCI 9.GT 10.30745V
2014-09-30	81	$238.2M	21	1LXPUSD 2VER 3 08-01-18 3CCI Top holdings2014-09-30 1.LXPUSD 2.VER 3 08-01-18 3.CCI 4.SNY 5.751452 6.G81075 7.LXP 6.5 PERP C 8.NOVEUR 9.30745V 10.HCI
2014-06-30	98	$255.7M	25	1LXPUSD 2VER 3 08-01-18 3CCI Top holdings2014-06-30 1.LXPUSD 2.VER 3 08-01-18 3.CCI 4.SNY 5.LXP 6.5 PERP C 6.751452 7.30745V 8.GT 5.875 04-01-14 9.NOVEUR 10.RIG
2014-03-31	107	$258.7M	36	1LXPUSD 2VER 3 08-01-18 3GT 5.875 04-01-14 Top holdings2014-03-31 1.LXPUSD 2.VER 3 08-01-18 3.GT 5.875 04-01-14 4.CCI 5.SNY 6.LXP 6.5 PERP C 7.751452 8.30745V 9.NOVEUR 10.MET
2013-12-31	102	$250.5M	24	1LXPUSD 2VER 3 08-01-18 3GT 5.875 04-01-14 Top holdings2013-12-31 1.LXPUSD 2.VER 3 08-01-18 3.GT 5.875 04-01-14 4.MET 5.GM 4.75 12-01-13 B 6.SNY 7.LXP 6.5 PERP C 8.751452 9.HCI 10.MET 5 10-08-14
2013-09-30	104	$247.3M	40	1LXPUSD 2GT 5.875 04-01-14 3GM 4.75 12-01-13 B Top holdings2013-09-30 1.LXPUSD 2.GT 5.875 04-01-14 3.GM 4.75 12-01-13 B 4.MET 5.VER 3 08-01-18 6.LXP 6.5 PERP C 7.751452 8.87161C 9.SNY 10.MET 5 10-08-14
2013-06-30	98	$228.6M	0	1MET 5 10-08-14 2LXPUSD 3GT 5.875 04-01-14 Top holdings2013-06-30 1.MET 5 10-08-14 2.LXPUSD 3.GT 5.875 04-01-14 4.GM 4.75 12-01-13 B 5.LXP 6.5 PERP C 6.87161C 7.751452 8.NYCBEUR 9.PFE 10.MRK

Holding changes this quarter

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).

Position changes disclosed by Cutler Capital Management, LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	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

FAQ

What is Cutler Capital Management, LLC and what type of investor is it?

Cutler Capital Management, LLC is a investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-03-31), the firm manages a tracked equity portfolio valued at approximately $369.9M, spread across 116 disclosed positions.

What are Cutler Capital Management, LLC's largest equity positions?

Based on the latest 13F filing, Cutler Capital Management, LLC's top holdings by market value are: 1. Agnico Eagle Mines LTD (AEM) — $24.1M (6.5%) 2. Metlife INC (MET) — $12.4M (3.4%) 3. Cto Realty Growth INC (CTO) — $12.2M (3.3%) 4. Timberland Bancorp INC (TSBK) — $11.5M (3.1%) 5. Exchange Bank Santa Rosa Cal (EXSR) — $11.0M (3.0%)

What changes did Cutler Capital Management, LLC make in its most recent portfolio filing?

In the latest reported quarter, Cutler Capital Management, LLC made 49 notable position adjustments: 3 new positions were initiated, 19 existing holdings were added to, 20 positions were partially reduced, and 7 were completely exited. The largest of these moves: 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)

What sectors does Cutler Capital Management, LLC focus on?

Cutler Capital Management, LLC is concentrated in the following sectors based on its current disclosed equity portfolio: • Materials: 18.1% • Financials: 17.1% • Energy: 15.8% • Health Care: 14.5% • Consumer Staples: 10.3% • Real Estate: 9.3%

Peer Institutions

Institutions with a similar AUM

First American Financial Corp

CIK 0001472787

Total reported value

$369.8M

3 stks

2026-03-31

Concentration100.0

Portfolio Stability3.5

Sector conviction0.0

AUM within 0.0% of this institution

View detail

American National Insurance Co

CIK 0000904163

Total reported value

$370.0M

260 stks

2022-03-31

Stale — no recent filing

Concentration5.2

Portfolio Stability0.0

Sector conviction53.7

AUM within 0.0% of this institution

View detail

Capital Wealth Management, LLC

CIK 0001730456

Total reported value

$369.6M

34 stks

2026-03-31

Concentration25.2

Portfolio Stability21.2

Sector conviction100.0

AUM within 0.1% of this institution

View detail

Similar Holdings Style

Institutions with overlapping top holdings

Bankers Trust Co

CIK 0000811393

Total reported value

$166.8M

324 stks

2014-06-30

Stale — no recent filing

Concentration6.2

Portfolio Stability11.1

Sector conviction50.6

1 of the top 5 holdings overlap, including Metlife INC

View detail

Van Eck Associates CORP

CIK 0000869178

Total reported value

$133.2B

1,944 stks

2026-03-31

Concentration6.7

Portfolio Stability21.8

Sector conviction84.5

1 of the top 5 holdings overlap, including Agnico Eagle Mines LTD

View detail

Washington Capital Management, INC

CIK 0000928566

Total reported value

$118.4M

102 stks

2026-03-31

Concentration28.9

Portfolio Stability26.9

Sector conviction55.4

1 of the top 5 holdings overlap, including Agnico Eagle Mines LTD

View detail

Cutler Capital Management, LLC 13F Portfolio Snapshot

Diversified strategyMomentum followerQuality / disciplined sizing

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%.

Browse other institutions with $100M to $1B AUM Browse other institutions starting with "C"

Personality snowflake

Concentration: 7.94
Portfolio Stability: 19.7
Momentum/Contrarian: 100
Sector conviction: 40.79
Diversification: 100
Sizing Uniformity: 88.54

Recent moves

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

Holdings Map

New buyAddUnchangedTrim

Top 10 holdings by weight

Full holdings list this quarter

#	Ticker	Issuer	Asset Subclass	Weight	Weight Change	Shares Change
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%

1–50 of 116

Portfolio Performance

Performance for Q3 2026

+5%

Performance Last 4 Quarters

+36.3%

Based on 56% of reported portfolio value with available pricing

Stdev: +12.8%
Beta: +0.5
Alpha: +6.4%
Max Drawdown: -6.8%
Annualized Perf: +15.7%
Batting Avg vs S&P: +55.6%
Sortino: +2.32
Stutzer: +0.35
Treynor: +0.31
Sterling: +1.03
Calmar: +2.3
Information Ratio: -0.22
Tracking Error: +12.8%
Stdev Down: +6.7%
Winning Months %: +63%
Losing Months %: +37%
Best 12 Months: +36.3%
Worst 12 Months: -1%
Efficiency Ratio: +0.44
Sharpe: +1.21
Stdev Sectors: +6.4%
Skewness: -0.12
Kurtosis: -0.97
Upside Potential: +4.12

Reported value over time

Sector allocation

Sector allocation over time

Quarterly history

Period	Holdings	Total value	Stability	Top holdings
2026-03-31	116	$369.9M	20	1AEM 2MET 3CTO Top holdings2026-03-31 1.AEM 2.MET 3.CTO 4.TSBK 5.EXSR 6.SHEL 7.BG 8.FENY 9.PKBK 10.FBIZ
2025-12-31	122	$343.1M	15	1AEM 2MET 3CTO Top holdings2025-12-31 1.AEM 2.MET 3.CTO 4.TSBK 5.EXSR 6.SBFG 7.FBIZ 8.SHEL 9.PKBK 10.BG
2025-09-30	124	$313.8M	29	1AEM 2MET 3CTO Top holdings2025-09-30 1.AEM 2.MET 3.CTO 4.TSBK 5.EXSR 6.FBIZ 7.SHEL 8.SBFG 9.69352p 10.FENY
2025-06-30	116	$287.4M	0	1AEM 2MET 3CTO Top holdings2025-06-30 1.AEM 2.MET 3.CTO 4.TSBK 5.EXSR 6.FBIZ 7.SHEL 8.SBFG 9.ET 10.69352p
2025-03-31	117	$287.5M	100	1AEM 2MET 3TSBK Top holdings2025-03-31 1.AEM 2.MET 3.TSBK 4.CTO 3.875 04-15-25 * 5.EXSR 6.SBFG 7.SHEL 8.ET 9.FBIZ 10.69352p
2024-12-31	117	$287.2M	0	1MET 2AEM 3TSBK Top holdings2024-12-31 1.MET 2.AEM 3.TSBK 4.ET 5.210226 6.EXSR 7.SBFG 8.FBIZ 9.SHEL 10.69352p
2024-09-30	111	$282.8M	0	1MET 2AEM 3TSBK Top holdings2024-09-30 1.MET 2.AEM 3.TSBK 4.EXSR 5.SBFG 6.BG 7.ET 8.SHEL 9.PFE 10.FBIZ
2024-06-30	111	$256.2M	0	1MET 2AEM 3BG Top holdings2024-06-30 1.MET 2.AEM 3.BG 4.TSBK 5.SHEL 6.MRK 7.ET 8.EXSR 9.PFE 10.FENY
2024-03-31	109	$254.4M	0	1MET 2AEM 3MRK Top holdings2024-03-31 1.MET 2.AEM 3.MRK 4.BG 5.TSBK 6.EXSR 7.SHEL 8.ET 9.PFE 10.HCI 4.75 06-01-42
2023-12-31	106	$241.5M	0	1MET 2TSBK 3BG Top holdings2023-12-31 1.MET 2.TSBK 3.BG 4.AEM 5.EXSR 6.MRK 7.SHEL 8.PFE 9.PKBK 10.FBIZ
2023-09-30	111	$221.7M	0	1MET 2BG 3TSBK Top holdings2023-09-30 1.MET 2.BG 3.TSBK 4.EXSR 5.PFE 6.SHEL 7.MRK 8.AEM 9.ET 10.FENY
2023-06-30	101	$212.9M	0	1MET 2MRK 3PFE Top holdings2023-06-30 1.MET 2.MRK 3.PFE 4.TSBK 5.BG 6.EXSR 7.AEM 8.ET 9.PKBK 10.SHEL
2023-03-31	104	$224.3M	0	1MET 2MRK 3TSBK Top holdings2023-03-31 1.MET 2.MRK 3.TSBK 4.EXSR 5.BG 6.PFE 7.AEM 8.LFGP 9.SBFG 10.PKBK
2022-12-31	107	$243.0M	0	1MET 2MRK 3TSBK Top holdings2022-12-31 1.MET 2.MRK 3.TSBK 4.EXSR 5.PFE 6.BG 7.AEM 8.SBFG 9.PKBK 10.LFGP
2022-09-30	102	$215.8M	0	1EXSR 2MRK 3TSBK Top holdings2022-09-30 1.EXSR 2.MRK 3.TSBK 4.SBFG 5.LFGP 6.PFE 7.HCDI 8 PERP A 8.PKBK 9.BG 10.AEM
2022-06-30	108	$259.2M	0	1MET 2MRK 3EXSR Top holdings2022-06-30 1.MET 2.MRK 3.EXSR 4.HCDI 8 PERP A 5.PFE 6.TSBK 7.SBFG 8.LFGP 9.TSN 10.BG
2022-03-31	112	$281.2M	0	1MET 2EXSR 3LFGP Top holdings2022-03-31 1.MET 2.EXSR 3.LFGP 4.HCDI 8 PERP A 5.SBFG 6.MRK 7.AEM 8.PFE 9.BG 10.TSBK
2021-12-31	106	$274.9M	0	1EXSR 2MET 3CNP Top holdings2021-12-31 1.EXSR 2.MET 3.CNP 4.PFE 5.LXPUSD 6.TSBK 7.IFF 8.SBFG 9.MRK 10.HCDI 8 PERP A
2021-09-30	109	$264.8M	0	1EXSR 2MET 3CNP 7 09-01-21 B Top holdings2021-09-30 1.EXSR 2.MET 3.CNP 7 09-01-21 B 4.TSBK 5.HCI 4.25 03-01-37 6.WY 7.MRK 8.SBFG 9.LXPUSD 10.IFF
2021-06-30	103	$260.8M	98	1EXSR 2MET 3CNP 7 09-01-21 B Top holdings2021-06-30 1.EXSR 2.MET 3.CNP 7 09-01-21 B 4.LFGP 5.TSBK 6.IFF 6 09-15-21 7.HCI 4.25 03-01-37 8.MRK 9.WY 10.SBFG
2021-03-31	103	$248.8M	35	1EXSR 2MET 3CNP 7 09-01-21 B Top holdings2021-03-31 1.EXSR 2.MET 3.CNP 7 09-01-21 B 4.IFF 6 09-15-21 5.LFGP 6.TSBK 7.WY 8.FTV 5 07-01-21 A 9.FLG 6 11-01-51 10.NHI 3.25 04-01-21
2020-12-31	89	$229.9M	37	1D 2EXSR 3MET Top holdings2020-12-31 1.D 2.EXSR 3.MET 4.CNP 7 09-01-21 B 5.WY 6.TSBK 7.FTV 5 07-01-21 A 8.NHI 3.25 04-01-21 9.459506 10.FLG 6 11-01-51
2020-09-30	89	$183.5M	19	1EXSR 2FLG 6 11-01-51 3CNP 7 09-01-21 B Top holdings2020-09-30 1.EXSR 2.FLG 6 11-01-51 3.CNP 7 09-01-21 B 4.MET 5.FTV 5 07-01-21 A 6.NHI 3.25 04-01-21 7.WY 8.ARI 4.75 08-23-22 9.LFGP 10.TSN 4.75 07-15-17
2020-06-30	88	$186.5M	24	1FLG 6 11-01-51 2EXSR 3MET Top holdings2020-06-30 1.FLG 6 11-01-51 2.EXSR 3.MET 4.CNP 7 09-01-21 B 5.NHI 3.25 04-01-21 6.FTV 5 07-01-21 A 7.LFGP 8.SBFG 9.ARI 4.75 08-23-22 10.D
2020-03-31	100	$197.7M	44	1EXSR 2FLG 6 11-01-51 3BG Top holdings2020-03-31 1.EXSR 2.FLG 6 11-01-51 3.BG 4.NHI 3.25 04-01-21 5.MET 6.LFGP 7.CNP 7 09-01-21 B 8.LXPUSD 9.TSN 4.75 07-15-17 10.FTV 5 07-01-21 A
2019-12-31	110	$284.1M	29	1EXSR 2MET 3FLG 6 11-01-51 Top holdings2019-12-31 1.EXSR 2.MET 3.FLG 6 11-01-51 4.NHI 3.25 04-01-21 5.LFGP 6.30745V 7.CCI 8.LXPUSD 9.TSBK 10.KIM 7.25 PERP D
2019-09-30	116	$289.4M	33	1SOBS 2EXSR 3FLG 6 11-01-51 Top holdings2019-09-30 1.SOBS 2.EXSR 3.FLG 6 11-01-51 4.MET 5.LXPUSD 6.BG 7.30745V 8.NHI 3.25 04-01-21 9.CCI 10.KIM 7.25 PERP D
2019-06-30	98	$247.7M	26	1LXPUSD 2MET 3EXSR Top holdings2019-06-30 1.LXPUSD 2.MET 3.EXSR 4.FLG 6 11-01-51 5.30745V 6.NHI 3.25 04-01-21 7.SRE 6 01-15-21 A 8.CCI 9.TSBK 10.SNY
2019-03-31	94	$241.9M	29	1LXPUSD 2EXSR 3FLG 6 11-01-51 Top holdings2019-03-31 1.LXPUSD 2.EXSR 3.FLG 6 11-01-51 4.MET 5.30745V 6.NHI 3.25 04-01-21 7.SRE 6 01-15-21 A 8.CCI 9.SNY 10.LFGP
2018-12-31	91	$220.8M	30	1LXPUSD 2EXSR 3FLG 6 11-01-51 Top holdings2018-12-31 1.LXPUSD 2.EXSR 3.FLG 6 11-01-51 4.MET 5.NHI 3.25 04-01-21 6.30745V 7.LFGP 8.SNY 9.RPTUSD 10.HCI 3.875 03-15-19
2018-09-30	88	$234.3M	22	1LXPUSD 2EXSR 3FLG 6 11-01-51 Top holdings2018-09-30 1.LXPUSD 2.EXSR 3.FLG 6 11-01-51 4.751452 5.MET 6.NHI 3.25 04-01-21 7.SNY 8.LFGP 9.30745V 10.TSBK
2018-06-30	88	$237.4M	20	1LXPUSD 2EXSR 3FLG 6 11-01-51 Top holdings2018-06-30 1.LXPUSD 2.EXSR 3.FLG 6 11-01-51 4.NHI 3.25 04-01-21 5.TSBK 6.751452 7.30745V 8.MET 9.HCI 3.875 03-15-19 10.LFGP
2018-03-31	101	$247.1M	29	1LXPUSD 2FLG 6 11-01-51 3NHI 3.25 04-01-21 Top holdings2018-03-31 1.LXPUSD 2.FLG 6 11-01-51 3.NHI 3.25 04-01-21 4.EXSR 5.TSBK 6.751452 7.MET 8.30745V 9.CCI 10.CTO 4.5 03-15-20
2017-12-31	102	$252.4M	24	1LXPUSD 2NHI 3.25 04-01-21 3FLG 6 11-01-51 Top holdings2017-12-31 1.LXPUSD 2.NHI 3.25 04-01-21 3.FLG 6 11-01-51 4.751452 5.DBRG 3.875 01-15-21 6.MET 7.30745V 8.TSBK 9.CCI 10.HCI 3.875 03-15-19
2017-09-30	93	$224.7M	17	1LXPUSD 2NHI 3.25 04-01-21 3FLG 6 11-01-51 Top holdings2017-09-30 1.LXPUSD 2.NHI 3.25 04-01-21 3.FLG 6 11-01-51 4.TSBK 5.751452 6.MET 7.DBRG 3.875 01-15-21 8.SNY 9.30745V 10.HCI 3.875 03-15-19
2017-06-30	80	$205.3M	19	1LXPUSD 2NHI 3.25 04-01-21 3FLG 6 11-01-51 Top holdings2017-06-30 1.LXPUSD 2.NHI 3.25 04-01-21 3.FLG 6 11-01-51 4.G81075 5.MET 6.751452 7.DBRG 3.875 01-15-21 8.SNY 9.HCI 3.875 03-15-19 10.TSBK
2017-03-31	82	$219.8M	15	1LXPUSD 2NHI 3.25 04-01-21 3SRC 2.875 05-15-19 Top holdings2017-03-31 1.LXPUSD 2.NHI 3.25 04-01-21 3.SRC 2.875 05-15-19 4.FLG 6 11-01-51 5.G81075 6.MET 7.751452 8.DBRG 3.875 01-15-21 9.HCI 3.875 03-15-19 10.SNY
2016-12-31	78	$212.9M	61	1LXPUSD 2NHI 3.25 04-01-21 3SRC 2.875 05-15-19 Top holdings2016-12-31 1.LXPUSD 2.NHI 3.25 04-01-21 3.SRC 2.875 05-15-19 4.TTMI 1.75 12-15-20 5.FLG 6 11-01-51 6.G81075 7.751452 8.MET 9.HCI 3.875 03-15-19 10.30745V
2016-09-30	81	$310.3M	86	1NHI 3.25 04-01-21 2LXPUSD 3TTMI 1.75 12-15-20 Top holdings2016-09-30 1.NHI 3.25 04-01-21 2.LXPUSD 3.TTMI 1.75 12-15-20 4.SRC 2.875 05-15-19 5.751452 6.G81075 7.FLG 6 11-01-51 8.G0177J 9.MET 10.HCI 3.875 03-15-19
2016-06-30	89	$360.3M	62	19195182LXPUSD 3SRC 2.875 05-15-19 Top holdings2016-06-30 1.919518 2.LXPUSD 3.SRC 2.875 05-15-19 4.TTMI 1.75 12-15-20 5.NHI 3.25 04-01-21 6.751452 7.G81075 8.FLG 6 11-01-51 9.G0177J 10.MRK
2016-03-31	85	$210.3M	14	1LXPUSD 2SRC 2.875 05-15-19 3NHI 3.25 04-01-21 Top holdings2016-03-31 1.LXPUSD 2.SRC 2.875 05-15-19 3.NHI 3.25 04-01-21 4.751452 5.G81075 6.TTMI 1.75 12-15-20 7.FLG 6 11-01-51 8.MET 9.CCI 4.5 11-01-16 A 10.G0177J
2015-12-31	95	$217.5M	16	1LXPUSD 2SRC 2.875 05-15-19 3CCI 4.5 11-01-16 A Top holdings2015-12-31 1.LXPUSD 2.SRC 2.875 05-15-19 3.CCI 4.5 11-01-16 A 4.NHI 3.25 04-01-21 5.G81075 6.751452 7.TTMI 1.75 12-15-20 8.MET 9.G0177J 10.FLG 6 11-01-51
2015-09-30	92	$218.3M	19	1LXPUSD 2CCI 4.5 11-01-16 A 3SRC 2.875 05-15-19 Top holdings2015-09-30 1.LXPUSD 2.CCI 4.5 11-01-16 A 3.SRC 2.875 05-15-19 4.NHI 3.25 04-01-21 5.G81075 6.751452 7.HCI 8.MET 9.SNY 10.TTMI 1.75 12-15-20
2015-06-30	90	$227.0M	31	1LXPUSD 2CCI 4.5 11-01-16 A 3SRC 2.875 05-15-19 Top holdings2015-06-30 1.LXPUSD 2.CCI 4.5 11-01-16 A 3.SRC 2.875 05-15-19 4.SNY 5.G81075 6.HCI 7.MET 8.NHI 3.25 04-01-21 9.G0177J 10.751452
2015-03-31	89	$226.6M	24	1LXPUSD 2CCI 4.5 11-01-16 A 3SNY Top holdings2015-03-31 1.LXPUSD 2.CCI 4.5 11-01-16 A 3.SNY 4.HCI 5.MET 6.751452 7.G81075 8.SRC 2.875 05-15-19 9.30745V 10.NHI 3.25 04-01-21
2014-12-31	83	$233.6M	39	1LXPUSD 2CCI 4.5 11-01-16 A3751452 Top holdings2014-12-31 1.LXPUSD 2.CCI 4.5 11-01-16 A 3.751452 4.VER 3 08-01-18 5.MET 6.SNY 7.G81075 8.HCI 9.GT 10.30745V
2014-09-30	81	$238.2M	21	1LXPUSD 2VER 3 08-01-18 3CCI Top holdings2014-09-30 1.LXPUSD 2.VER 3 08-01-18 3.CCI 4.SNY 5.751452 6.G81075 7.LXP 6.5 PERP C 8.NOVEUR 9.30745V 10.HCI
2014-06-30	98	$255.7M	25	1LXPUSD 2VER 3 08-01-18 3CCI Top holdings2014-06-30 1.LXPUSD 2.VER 3 08-01-18 3.CCI 4.SNY 5.LXP 6.5 PERP C 6.751452 7.30745V 8.GT 5.875 04-01-14 9.NOVEUR 10.RIG
2014-03-31	107	$258.7M	36	1LXPUSD 2VER 3 08-01-18 3GT 5.875 04-01-14 Top holdings2014-03-31 1.LXPUSD 2.VER 3 08-01-18 3.GT 5.875 04-01-14 4.CCI 5.SNY 6.LXP 6.5 PERP C 7.751452 8.30745V 9.NOVEUR 10.MET
2013-12-31	102	$250.5M	24	1LXPUSD 2VER 3 08-01-18 3GT 5.875 04-01-14 Top holdings2013-12-31 1.LXPUSD 2.VER 3 08-01-18 3.GT 5.875 04-01-14 4.MET 5.GM 4.75 12-01-13 B 6.SNY 7.LXP 6.5 PERP C 8.751452 9.HCI 10.MET 5 10-08-14
2013-09-30	104	$247.3M	40	1LXPUSD 2GT 5.875 04-01-14 3GM 4.75 12-01-13 B Top holdings2013-09-30 1.LXPUSD 2.GT 5.875 04-01-14 3.GM 4.75 12-01-13 B 4.MET 5.VER 3 08-01-18 6.LXP 6.5 PERP C 7.751452 8.87161C 9.SNY 10.MET 5 10-08-14
2013-06-30	98	$228.6M	0	1MET 5 10-08-14 2LXPUSD 3GT 5.875 04-01-14 Top holdings2013-06-30 1.MET 5 10-08-14 2.LXPUSD 3.GT 5.875 04-01-14 4.GM 4.75 12-01-13 B 5.LXP 6.5 PERP C 6.87161C 7.751452 8.NYCBEUR 9.PFE 10.MRK

Holding changes this quarter

Position changes disclosed by Cutler Capital Management, LLC for the quarter ending 2026-03-31, including ticker, issuer, weight change, shares change, and action
#	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