Cutler Capital Management, LLC

13F filer, CIK 1353098, WORCESTER, MA

Cutler Capital Management, LLC reported $287,198,038 across 117 holdings for the quarter ended 2024-12-31, in a 13F-HR/A filed 2025-02-13. Its ten largest share positions make up 30.63% of the portfolio.

Filed 2025-02-13 (acceptance time not in the bulk data set), ingested 2026-10-07 18:25:55 UTC13F-HR/A 0001353098-25-000003

Period: 2024-12-31
Reported value: $287M
Holdings: 117
Top 10 weight: 30.63%
New: 12
Sold out: 6

Largest buys vs the previous quarter

Security	Shares change	Approx. value
CWBCnew	+162,061	$3.14M
VZadded	+15,782	$631K
ORCLnew	+3,000	$500K
APLEadded	+26,269	$403K
SFLadded	+37,220	$380K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

Security	Shares change	Approx. value
Community West Bancsharesexited	-162,061	-$3.12M
VOOreduced	-2,707	-$1.46M
BRBSreduced	-164,592	-$530K
AEMreduced	-6,571	-$514K
FRAFreduced	-14,264	-$426K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q4 2024

Share positions as resolved from 13F-HR/A 0001353098-25-000003, largest first. % of portfolio is the value over $287,198,038, the sum of the share positions whose value is usable for ratios (method).

Security	Shares	Value	% of portfolio	Change	Timeline
METMETLIFE INC	165,889	$13.6M	4.73%	-604	Timeline
AEMAGNICO EAGLE MINES LTD	141,436	$11.1M	3.85%	-6,571	Timeline
TSBKTIMBERLAND BANCORP INC	299,001	$9.12M	3.18%	-1,161	Timeline
ETENERGY TRANSFER L P	441,474	$8.65M	3.01%	-14,603	Timeline
EXSREXCHANGE BK SANTA ROSA CAL	76,054	$8.23M	2.87%	-200	Timeline
SBFGSB FINL GROUP INC	392,556	$8.21M	2.86%	-6,598	Timeline
FBIZFIRST BUSINESS FINL SVCS INC	153,199	$7.09M	2.47%	-300	Timeline
SHELSHELL PLC	110,826	$6.94M	2.42%	+894	Timeline
PFEPFIZER INC	246,894	$6.55M	2.28%	+4,150	Timeline
BGBUNGE GLOBAL SA	82,237	$6.39M	2.23%	+573	Timeline
PKBKPARKE BANCORP INC	308,932	$6.34M	2.21%	-600	Timeline
FENYFIDELITY COVINGTON TRUST	263,905	$6.29M	2.19%	+2,412	Timeline
VTRSVIATRIS INC	465,910	$5.8M	2.02%	-6,397	Timeline
MRKMERCK & CO INC	58,025	$5.77M	2.01%	-3,476	Timeline
KIMCO REALTY CORPKIMCO REALTY CORP	91,565	$5.51M	1.92%	0
LFGPLedyard Financial Group, Inc.	326,596	$5.01M	1.75%	-900	Timeline
VICIVICI PPTYS INC	163,969	$4.79M	1.67%	+8,746	Timeline
FXNCFIRST NATL CORP VA	202,785	$4.67M	1.62%	0	Timeline
BMBNBENCHMARK BANKSHARES INC (VA)	166,900	$4.29M	1.49%	+2,400	Timeline
WYWEYERHAEUSER CO	151,661	$4.27M	1.49%	+1,737	Timeline
APLEAPPLE HOSPITALITY REIT INC	268,970	$4.13M	1.44%	+26,269	Timeline
FLG-PUFLAGSTAR BANK NATIONAL ASSOC	98,312	$3.69M	1.29%	-5,983	Timeline
CNHCNH INDL N V	325,159	$3.68M	1.28%	+10,319	Timeline
SFLSFL CORPORATION LTD	349,683	$3.57M	1.24%	+37,220	Timeline
CTOCTO RLTY GROWTH INC NEW	179,766	$3.54M	1.23%	+3,600	Timeline
GLOBAL MED REIT INCGLOBAL MED REIT INC	450,279	$3.48M	1.21%	+1,376
VZVERIZON COMMUNICATIONS INC	86,819	$3.47M	1.21%	+15,782	Timeline
BORTBANK OF BOTETOURT BUCHANAN VA	104,474	$3.35M	1.17%	-500	Timeline
CPKFCHESAPEAKE FINL SHARES INC	173,000	$3.34M	1.16%	0	Timeline
CWBCCOMMUNITY WEST BANCSHARES NE	162,061	$3.14M	1.09%	new	Timeline
ENRENERGIZER HLDGS INC	88,437	$3.09M	1.07%	-2,150	Timeline
PTBSPOTOMAC BANCSHARES INC	195,068	$3.07M	1.07%	+600	Timeline
ALRSALERUS FINL CORP	158,972	$3.06M	1.06%	0	Timeline
FMBMF & M BANK CORP	133,939	$2.7M	0.94%	0	Timeline
CSBBCSB BANCORP INC (OH)	70,500	$2.7M	0.94%	+650	Timeline
ACIALBERTSONS COMPANIES INC	133,062	$2.61M	0.91%	-3,102	Timeline
AIGAMERICAN INTL GROUP INC	32,600	$2.37M	0.83%	+100	Timeline
MFGIMERCHANTS FINANCIAL GROUP INC	93,700	$2.37M	0.82%	+1,200	Timeline
LXPLXP INDUSTRIAL TRUST	267,481	$2.17M	0.76%	+10,500	Timeline
ABCBAMERIS BANCORP	33,959	$2.12M	0.74%	-2,514	Timeline
MOATVANECK ETF TRUST	22,138	$2.05M	0.71%	+1,239	Timeline
MNSBMAINSTREET BANCSHARES INC	109,236	$1.98M	0.69%	-17,634	Timeline
EPR PPTYSEPR PPTYS	89,245	$1.86M	0.65%	-300
FCCOFIRST CMNTY CORP S C	76,500	$1.84M	0.64%	0	Timeline
SOBSSOLVAY BK CORP SOLVAY NEW YORK	68,480	$1.78M	0.62%	-2,700	Timeline
TAT&T INC	66,244	$1.51M	0.53%	-398	Timeline
TSNTYSON FOODS INC	26,251	$1.51M	0.53%	-850	Timeline
PFISPEOPLES FINL SVCS CORP	27,948	$1.43M	0.5%	-1,538	Timeline
FSBHFSBH CORP COM	210,000	$1.43M	0.5%	0	Timeline
FISIFINANCIAL INSTITUTIONS INC	45,725	$1.25M	0.43%	0	Timeline
BANCBANC OF CALIFORNIA INC	77,750	$1.2M	0.42%	0	Timeline
VOOVANGUARD INDEX FDS	1,972	$1.06M	0.37%	-2,707	Timeline
GDXVANECK ETF TRUST	31,212	$1.06M	0.37%	+1,175	Timeline
EBMTEAGLE BANCORP MONT INC	65,634	$1.01M	0.35%	-5,595	Timeline
IFFINTERNATIONAL FLAVORS&FRAGRA	10,400	$879K	0.31%	-481	Timeline
VGMINVESCO TR INVT GRADE MUNS	86,117	$870K	0.3%	0	Timeline
CHART INDS INCCHART INDS INC	11,810	$832K	0.29%	0
WIWWESTERN AST INFL LKD OPP & I	88,765	$734K	0.26%	+6,695	Timeline
MSFTMICROSOFT CORP	1,448	$610K	0.21%	+266	Timeline
BRK-BBERKSHIRE HATHAWAY INC DEL	1,336	$606K	0.21%	0	Timeline
MTBM & T BK CORP	3,179	$598K	0.21%	+145	Timeline
CZBTCITIZENS BANCORP OF VIRGINIA I	20,250	$597K	0.21%	0	Timeline
HWCHANCOCK WHITNEY CORPORATION	10,898	$596K	0.21%	0	Timeline
BANC CAL INC DEPSH REPSTG.2…BANC CAL INC DEPSH REPSTG.25 0	24,400	$596K	0.21%	-350
SouthState CorpSouthState Corp	5,688	$566K	0.2%	0
CLVTCLARIVATE PLC	107,697	$547K	0.19%	-20,769	Timeline
BRBSBLUE RIDGE BANKSHARES INC VA	160,000	$515K	0.18%	-164,592	Timeline
ORCLORACLE CORP	3,000	$500K	0.17%	new	Timeline
QABAFIRST TR EXCHANGE-TRADED FD	7,983	$443K	0.15%	-74	Timeline
ABBVABBVIE INC	2,400	$426K	0.15%	-386	Timeline
IUSVISHARES TR	4,567	$423K	0.15%	0	Timeline
SPYSTATE STR SPDR S&P 500 ETF T	660	$387K	0.13%	-1	Timeline
SLBSLB LIMITED	8,900	$341K	0.12%	new	Timeline
TOTALENERGIES SE -SPON ADRTOTALENERGIES SE -SPON ADR	6,082	$331K	0.12%	-6,000
KRKROGER CO	5,162	$316K	0.11%	0	Timeline
SBCFSEACOAST BKG CORP FLA	10,826	$298K	0.1%	0	Timeline
JPMJPMORGAN CHASE & CO	1,188	$285K	0.1%	+688	Timeline
MCHENRY BANCMCHENRY BANC	33,515	$251K	0.09%	0
ALBEMARLE CORPALBEMARLE CORP	5,125	$209K	0.07%	-7,600
FRAFFRANKLIN FINL SVCS CORP	6,909	$207K	0.07%	-14,264	Timeline
AMZNAMAZON COM INC	780	$171K	0.06%	-270	Timeline
IBMINTERNATIONAL BUSINESS MACHS	611	$134K	0.05%	0	Timeline
JCIJOHNSON CONTROLS INTERNATION	1,648	$130K	0.05%	0	Timeline
GOOGLALPHABET INC	654	$124K	0.04%	0	Timeline
IWSISHARES TR	886	$115K	0.04%	0	Timeline
DUKDUKE ENERGY CORP NEW	1,050	$113K	0.04%	new	Timeline
SCHFSCHWAB STRATEGIC TR	6,000	$111K	0.04%	+3,000	Timeline
XOMEXXON MOBIL CORP	1,021	$110K	0.04%	new	Timeline
AGIALAMOS GOLD INC	5,832	$108K	0.04%	new	Timeline
LOWLOWES COS INC	420	$104K	0.04%	0	Timeline
QQQINVESCO QQQ TR	200	$102K	0.04%	new	Timeline

Principal amounts

Notes and convertibles filed as a face amount (PRN). A face amount is never added to a share count (H6).

Security	Type	Amount	Value	Change
CTO REALTY GROWTH INCCTO REALTY GROWTH INC CORP	principal	6,049,000	$8.37M	new
PPL CAP FDG INCPPL CAP FDG INC NOTE 2.875% 3/1	principal	6,435,000	$6.71M	-20,000
JAZZ INVESTMENTS I LTDJAZZ INVESTMENTS I LTD NOTE 2.000% 6/1	principal	5,780,000	$5.86M	+1,070,000
INNOVIVA INCINNOVIVA INC NOTE 2.500% 8/1	principal	3,805,000	$4.18M	-30,000
HCI GROUP INCHCI GROUP INC NOTE 4.750% 6/0	principal	2,075,000	$3.2M	-1,585,000
LIBERTY MEDIA CORP DELLIBERTY MEDIA CORP DEL NOTE 2.250% 8/1	principal	2,460,000	$3M	-20,000
GUESS INCGUESS INC BOND	principal	2,764,000	$2.6M	new
FORD MOTOR COMPANYFORD MOTOR COMPANY NOTE 3/1	principal	2,350,000	$2.27M	+213,000
DUKE ENERGY CORP NEWDUKE ENERGY CORP NEW CONV BND	principal	2,155,000	$2.21M	-10,000
EURONET WORLDWIDE INCEURONET WORLDWIDE INC NOTE 0.750% 3/1	principal	1,988,000	$1.97M	+464,000
ETSY INCETSY INC NOTE 0.125% 9/0	principal	1,980,000	$1.7M	-15,000
SIRIUSXM HOLDINGS INCSIRIUSXM HOLDINGS INC NOTE 3.750% 3/1	principal	1,400,000	$1.44M	+500,000
LCI INDSLCI INDS NOTE 1.125% 5/1	principal	1,420,000	$1.39M	0
ALLIANT ENERGY CORPALLIANT ENERGY CORP NOTE 3.875% 3/1	principal	1,000,000	$1.03M	0
STARWOOD PPTY TR INCSTARWOOD PPTY TR INC NOTE 6.750% 7/1	principal	975,000	$1.01M	-10,000
NRG ENERGY INCNRG ENERGY INC DBCV 2.750% 6/0	principal	440,000	$965K	-5,000
AIRBNB INC CLASS AAIRBNB INC CLASS A CLASS A	principal	990,000	$929K	+320,000
VISHAY INTERTECHNOLOGY INCVISHAY INTERTECHNOLOGY INC NOTE 2.250% 9/1	principal	865,000	$772K	new
INNOVIVA INCINNOVIVA INC NOTE 2.125% 3/1	principal	600,000	$564K	new
SPOTIFY USA INCSPOTIFY USA INC NOTE 3/1	principal	290,000	$308K	0
CHEGG INCCHEGG INC NOTE 0.125% 3/1	principal	290,000	$281K	0
PEBBLEBROOK HOTEL TRPEBBLEBROOK HOTEL TR NOTE 1.750%12/1	principal	300,000	$279K	0
EXPEDIA GROUP INCEXPEDIA GROUP INC NOTE 2/1	principal	275,000	$273K	0
VISHAY INTERTECHNOLOGY INCVISHAY INTERTECHNOLOGY INC NOTE 2.250% 6/1	principal	164,000	$160K	new
GREENBRIER COS INCGREENBRIER COS INC NOTE 2.875% 4/1	principal	117,000	$142K	0
HALOZYME THERAPEUTICS INCHALOZYME THERAPEUTICS INC NOTE 0.250% 3/0	principal	110,000	$105K	0

Sold out in Q4 2024

Positions in the previous quarter's report that this quarter's report no longer lists.

Security	Shares before	Value before	Type
Community West BancsharesCommunity West Bancshares	162,061	$3.12M	shares
LYFT INCLYFT INC	815,000	$791K	principal
TGNATEGNA INC	13,014	$205K	shares
TVGRUPO TELEVISA S A B	42,094	$108K	shares
RSPINVESCO EXCHANGE TRADED FD T	560	$100K	shares
WBDWARNER BROS DISCOVERY INC	12,125	$100K	shares

How Q4 2024 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

Filing	Role	Amendment	Filed	Accepted	Ingested
13F-HR 0001353098-25-000001	superseded		2025-02-13	acceptance time not in the bulk data set	2026-10-07 18:25:55 UTC
13F-HR/A 0001353098-25-000003	base	restatement	2025-02-13	acceptance time not in the bulk data set	2026-10-07 18:25:55 UTC