Skip to content
Disclosery

Cutler Capital Management, LLC

Follow

13F filer, CIK 1353098, WORCESTER, MA

Cutler Capital Management, LLC reported $313,771,218 across 124 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-14. Its ten largest share positions make up 32.24% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001353098-25-000008

Period
2025-09-30
Reported value
$314M
Holdings
124
Top 10 weight
32.24%
New
14
Sold out
6

Largest buys vs the previous quarter

SecurityShares changeApprox. value
XRNnew+99,453$3.35M
SPLVnew+10,150$795K
VZadded+15,130$665K
SLBadded+14,608$502K
MOATadded+4,965$492K

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

SecurityShares changeApprox. value
GLOBAL MED REIT INCexited-472,938-$3.28M
AEMreduced-9,370-$1.58M
ESreduced-16,000-$1.14M
SPYMexited-10,150-$738K
CHART INDS INCexited-11,810-$713K

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, Q3 2025

Share positions as resolved from 13F-HR 0001353098-25-000008, largest first. % of portfolio is the value over $312,817,379, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
AEMAGNICO EAGLE MINES LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 148,007 shares; 2024Q4: 141,436 shares; 2025Q1: 134,972 shares; 2025Q2: 131,727 shares; 2025Q3: 122,357 shares 122,357$20.6M6.59%-9,370Timeline
METMETLIFE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 166,493 shares; 2024Q4: 165,889 shares; 2025Q1: 166,181 shares; 2025Q2: 164,983 shares; 2025Q3: 165,682 shares 165,682$13.6M4.36%+699Timeline
CTOCTO RLTY GROWTH INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 176,166 shares; 2024Q4: 179,766 shares; 2025Q1: 191,892 shares; 2025Q2: 642,054 shares; 2025Q3: 664,979 shares 664,979$10.8M3.47%+22,925Timeline
TSBKTIMBERLAND BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 300,162 shares; 2024Q4: 299,001 shares; 2025Q1: 298,801 shares; 2025Q2: 298,395 shares; 2025Q3: 291,802 shares 291,802$9.71M3.1%-6,593Timeline
EXSREXCHANGE BK SANTA ROSA CALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 76,254 shares; 2024Q4: 76,054 shares; 2025Q1: 76,054 shares; 2025Q2: 76,054 shares; 2025Q3: 76,154 shares 76,154$8.68M2.78%+100Timeline
FBIZFIRST BUSINESS FINL SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 153,499 shares; 2024Q4: 153,199 shares; 2025Q1: 155,399 shares; 2025Q2: 155,799 shares; 2025Q3: 155,493 shares 155,493$7.97M2.55%-306Timeline
SHELSHELL PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 109,932 shares; 2024Q4: 110,826 shares; 2025Q1: 111,056 shares; 2025Q2: 110,656 shares; 2025Q3: 110,626 shares 110,626$7.91M2.53%-30Timeline
SBFGSB FINL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 399,154 shares; 2024Q4: 392,556 shares; 2025Q1: 392,556 shares; 2025Q2: 391,983 shares; 2025Q3: 391,683 shares 391,683$7.56M2.42%-300Timeline
FENYFIDELITY COVINGTON TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 261,493 shares; 2024Q4: 263,905 shares; 2025Q1: 263,510 shares; 2025Q2: 270,509 shares; 2025Q3: 271,219 shares 271,219$6.7M2.14%+710Timeline
PKBKPARKE BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 309,532 shares; 2024Q4: 308,932 shares; 2025Q1: 308,932 shares; 2025Q2: 309,657 shares; 2025Q3: 310,657 shares 310,657$6.69M2.14%+1,000Timeline
BGBUNGE GLOBAL SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 81,664 shares; 2024Q4: 82,237 shares; 2025Q1: 80,750 shares; 2025Q2: 79,964 shares; 2025Q3: 80,368 shares 80,368$6.53M2.09%+404Timeline
PFEPFIZER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 242,744 shares; 2024Q4: 246,894 shares; 2025Q1: 250,397 shares; 2025Q2: 250,893 shares; 2025Q3: 253,493 shares 253,493$6.46M2.06%+2,600Timeline
ETENERGY TRANSFER L PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 456,077 shares; 2024Q4: 441,474 shares; 2025Q1: 416,471 shares; 2025Q2: 393,619 shares; 2025Q3: 361,397 shares 361,397$6.2M1.98%-32,222Timeline
VICIVICI PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 155,223 shares; 2024Q4: 163,969 shares; 2025Q1: 165,232 shares; 2025Q2: 166,133 shares; 2025Q3: 166,835 shares 166,835$5.44M1.74%+702Timeline
KIMCO REALTY CORPKIMCO REALTY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 91,565 shares; 2024Q4: 91,565 shares; 2025Q1: 90,923 shares; 2025Q2: 90,465 shares; 2025Q3: 90,465 shares 90,465$5.39M1.72%0
BMBNBENCHMARK BANKSHARES INC (VA)Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 164,500 shares; 2024Q4: 166,900 shares; 2025Q1: 167,800 shares; 2025Q2: 170,982 shares; 2025Q3: 170,282 shares 170,282$5.19M1.66%-700Timeline
MRKMERCK & CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 61,501 shares; 2024Q4: 58,025 shares; 2025Q1: 57,731 shares; 2025Q2: 58,031 shares; 2025Q3: 58,232 shares 58,232$4.89M1.56%+201Timeline
LFGPLedyard Financial Group, Inc.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 327,496 shares; 2024Q4: 326,596 shares; 2025Q1: 326,121 shares; 2025Q2: 326,121 shares; 2025Q3: 337,321 shares 337,321$4.72M1.51%+11,200Timeline
FXNCFIRST NATL CORP VAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 202,785 shares; 2024Q4: 202,785 shares; 2025Q1: 202,785 shares; 2025Q2: 202,785 shares; 2025Q3: 202,716 shares 202,716$4.6M1.47%-69Timeline
VTRSVIATRIS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 472,307 shares; 2024Q4: 465,910 shares; 2025Q1: 464,910 shares; 2025Q2: 463,910 shares; 2025Q3: 463,972 shares 463,972$4.59M1.47%+62Timeline
VZVERIZON COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 71,037 shares; 2024Q4: 86,819 shares; 2025Q1: 88,135 shares; 2025Q2: 88,596 shares; 2025Q3: 103,726 shares 103,726$4.56M1.46%+15,130Timeline
PTBSPOTOMAC BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 194,468 shares; 2024Q4: 195,068 shares; 2025Q1: 211,168 shares; 2025Q2: 220,368 shares; 2025Q3: 230,220 shares 230,220$4.34M1.39%+9,852Timeline
BORTBANK OF BOTETOURT BUCHANAN VAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 104,974 shares; 2024Q4: 104,474 shares; 2025Q1: 104,474 shares; 2025Q2: 112,674 shares; 2025Q3: 110,284 shares 110,284$4.3M1.37%-2,390Timeline
WYWEYERHAEUSER COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 149,924 shares; 2024Q4: 151,661 shares; 2025Q1: 158,888 shares; 2025Q2: 159,240 shares; 2025Q3: 164,410 shares 164,410$4.08M1.3%+5,170Timeline
FLG-PUFLAGSTAR BANK NATIONAL ASSOCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 104,295 shares; 2024Q4: 98,312 shares; 2025Q1: 98,312 shares; 2025Q2: 97,812 shares; 2025Q3: 97,812 shares 97,812$3.9M1.25%0Timeline
CPKFCHESAPEAKE FINL SHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 173,000 shares; 2024Q4: 173,000 shares; 2025Q1: 173,000 shares; 2025Q2: 173,000 shares; 2025Q3: 178,906 shares 178,906$3.87M1.24%+5,906Timeline
FMBMF & M BANK CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 133,939 shares; 2024Q4: 133,939 shares; 2025Q1: 136,814 shares; 2025Q2: 136,814 shares; 2025Q3: 135,864 shares 135,864$3.52M1.12%-950Timeline
APLEAPPLE HOSPITALITY REIT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 242,701 shares; 2024Q4: 268,970 shares; 2025Q1: 280,870 shares; 2025Q2: 283,770 shares; 2025Q3: 287,270 shares 287,270$3.45M1.1%+3,500Timeline
CWBCCOMMUNITY WEST BANCSHARES NEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 162,061 shares; 2025Q1: 162,061 shares; 2025Q2: 162,061 shares; 2025Q3: 162,152 shares 162,152$3.38M1.08%+91Timeline
XRNCHIRON REAL ESTATE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 99,453 shares 99,453$3.35M1.07%newTimeline
CSBBCSB BANCORP INC (OH)Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,850 shares; 2024Q4: 70,500 shares; 2025Q1: 69,000 shares; 2025Q2: 69,000 shares; 2025Q3: 67,000 shares 67,000$3.32M1.06%-2,000Timeline
ALRSALERUS FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 158,972 shares; 2024Q4: 158,972 shares; 2025Q1: 158,972 shares; 2025Q2: 156,000 shares; 2025Q3: 148,000 shares 148,000$3.28M1.05%-8,000Timeline
ENRENERGIZER HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 90,587 shares; 2024Q4: 88,437 shares; 2025Q1: 91,042 shares; 2025Q2: 112,393 shares; 2025Q3: 126,908 shares 126,908$3.16M1.01%+14,515Timeline
MFGIMERCHANTS FINANCIAL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 92,500 shares; 2024Q4: 93,700 shares; 2025Q1: 93,700 shares; 2025Q2: 93,700 shares; 2025Q3: 111,900 shares 111,900$3.01M0.96%+18,200Timeline
HCIHCI GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 15,292 shares; 2025Q3: 15,292 shares 15,292$2.94M0.94%0Timeline
MOATVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,899 shares; 2024Q4: 22,138 shares; 2025Q1: 22,743 shares; 2025Q2: 23,063 shares; 2025Q3: 28,028 shares 28,028$2.78M0.89%+4,965Timeline
LXPLXP INDUSTRIAL TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 256,981 shares; 2024Q4: 267,481 shares; 2025Q1: 272,284 shares; 2025Q2: 276,139 shares; 2025Q3: 289,089 shares 289,089$2.59M0.83%+12,950Timeline
SFLSFL CORPORATION LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 312,463 shares; 2024Q4: 349,683 shares; 2025Q1: 340,289 shares; 2025Q2: 338,792 shares; 2025Q3: 343,792 shares 343,792$2.59M0.83%+5,000Timeline
ACIALBERTSONS COMPANIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 136,164 shares; 2024Q4: 133,062 shares; 2025Q1: 131,762 shares; 2025Q2: 134,687 shares; 2025Q3: 147,737 shares 147,737$2.59M0.83%+13,050Timeline
AIGAMERICAN INTL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 32,500 shares; 2024Q4: 32,600 shares; 2025Q1: 32,800 shares; 2025Q2: 32,800 shares; 2025Q3: 32,800 shares 32,800$2.58M0.82%0Timeline
ABCBAMERIS BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 36,473 shares; 2024Q4: 33,959 shares; 2025Q1: 33,759 shares; 2025Q2: 34,459 shares; 2025Q3: 34,459 shares 34,459$2.53M0.81%0Timeline
FCCOFIRST CMNTY CORP S CQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 76,500 shares; 2024Q4: 76,500 shares; 2025Q1: 76,500 shares; 2025Q2: 76,500 shares; 2025Q3: 76,500 shares 76,500$2.16M0.69%0Timeline
FSBHFSBH CORP COMQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 210,000 shares; 2024Q4: 210,000 shares; 2025Q1: 210,000 shares; 2025Q2: 210,000 shares; 2025Q3: 210,000 shares 210,000$2.1M0.67%0Timeline
EPR PPTYSEPR PPTYSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 89,545 shares; 2024Q4: 89,245 shares; 2025Q1: 82,745 shares; 2025Q2: 81,995 shares; 2025Q3: 81,995 shares 81,995$2.09M0.67%0
CNHCNH INDL N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 314,840 shares; 2024Q4: 325,159 shares; 2025Q1: 324,859 shares; 2025Q2: 173,563 shares; 2025Q3: 173,063 shares 173,063$1.88M0.6%-500Timeline
TAT&T INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 66,642 shares; 2024Q4: 66,244 shares; 2025Q1: 65,344 shares; 2025Q2: 65,344 shares; 2025Q3: 64,856 shares 64,856$1.83M0.59%-488Timeline
GDXVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,037 shares; 2024Q4: 31,212 shares; 2025Q1: 26,752 shares; 2025Q2: 24,452 shares; 2025Q3: 23,657 shares 23,657$1.81M0.58%-795Timeline
TSNTYSON FOODS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,101 shares; 2024Q4: 26,251 shares; 2025Q1: 26,251 shares; 2025Q2: 27,251 shares; 2025Q3: 27,251 shares 27,251$1.48M0.47%0Timeline
PFISPEOPLES FINL SVCS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 29,486 shares; 2024Q4: 27,948 shares; 2025Q1: 27,948 shares; 2025Q2: 27,948 shares; 2025Q3: 27,948 shares 27,948$1.36M0.43%0Timeline
SLBSLB LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 8,900 shares; 2025Q1: 16,844 shares; 2025Q2: 24,344 shares; 2025Q3: 38,952 shares 38,952$1.34M0.43%+14,608Timeline
VOOVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,679 shares; 2024Q4: 1,972 shares; 2025Q1: 1,977 shares; 2025Q2: 1,529 shares; 2025Q3: 2,152 shares 2,152$1.32M0.42%+623Timeline
FISIFINANCIAL INSTITUTIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 45,725 shares; 2024Q4: 45,725 shares; 2025Q1: 47,025 shares; 2025Q2: 47,925 shares; 2025Q3: 48,328 shares 48,328$1.31M0.42%+403Timeline
BANCBANC OF CALIFORNIA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 77,750 shares; 2024Q4: 77,750 shares; 2025Q1: 77,750 shares; 2025Q2: 77,750 shares; 2025Q3: 78,750 shares 78,750$1.3M0.42%+1,000Timeline
SOBSSOLVAY BK CORP SOLVAY NEW YORKQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 71,180 shares; 2024Q4: 68,480 shares; 2025Q1: 63,257 shares; 2025Q2: 49,115 shares; 2025Q3: 40,065 shares 40,065$1.18M0.38%-9,050Timeline
WIWWESTERN AST INFL LKD OPP & IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 82,070 shares; 2024Q4: 88,765 shares; 2025Q1: 90,665 shares; 2025Q2: 101,492 shares; 2025Q3: 103,892 shares 103,892$924K0.3%+2,400Timeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,182 shares; 2024Q4: 1,448 shares; 2025Q1: 1,783 shares; 2025Q2: 1,674 shares; 2025Q3: 1,699 shares 1,699$880K0.28%+25Timeline
VGMINVESCO TR INVT GRADE MUNSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 86,117 shares; 2024Q4: 86,117 shares; 2025Q1: 86,117 shares; 2025Q2: 86,117 shares; 2025Q3: 86,117 shares 86,117$872K0.28%0Timeline
ORCLORACLE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 3,000 shares; 2025Q1: 3,000 shares; 2025Q2: 3,000 shares; 2025Q3: 3,000 shares 3,000$844K0.27%0Timeline
SPLVINVESCO EXCH TRADED FD TR IIQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 10,150 shares 10,150$795K0.25%newTimeline
CZBTCITIZENS BANCORP OF VIRGINIA IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,250 shares; 2024Q4: 20,250 shares; 2025Q1: 20,250 shares; 2025Q2: 20,250 shares; 2025Q3: 24,550 shares 24,550$782K0.25%+4,300Timeline
HWCHANCOCK WHITNEY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,898 shares; 2024Q4: 10,898 shares; 2025Q1: 10,898 shares; 2025Q2: 10,898 shares; 2025Q3: 10,898 shares 10,898$682K0.22%0Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,336 shares; 2024Q4: 1,336 shares; 2025Q1: 1,330 shares; 2025Q2: 1,330 shares; 2025Q3: 1,330 shares 1,330$669K0.21%0Timeline
MTBM & T BK CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,034 shares; 2024Q4: 3,179 shares; 2025Q1: 3,179 shares; 2025Q2: 3,179 shares; 2025Q3: 3,238 shares 3,238$640K0.2%+59Timeline
ESEVERSOURCE ENERGYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 24,747 shares; 2025Q3: 8,747 shares 8,747$622K0.2%-16,000Timeline
IFFINTERNATIONAL FLAVORS&FRAGRAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,881 shares; 2024Q4: 10,400 shares; 2025Q1: 10,400 shares; 2025Q2: 9,801 shares; 2025Q3: 9,801 shares 9,801$603K0.19%0Timeline
SouthState CorpSouthState CorpQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,688 shares; 2024Q4: 5,688 shares; 2025Q1: 5,688 shares; 2025Q2: 5,688 shares; 2025Q3: 5,688 shares 5,688$562K0.18%0
IUSVISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,567 shares; 2024Q4: 4,567 shares; 2025Q1: 4,567 shares; 2025Q2: 4,567 shares; 2025Q3: 4,550 shares 4,550$455K0.15%-17Timeline
IATISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 8,600 shares 8,600$452K0.14%newTimeline
ABBVABBVIE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,786 shares; 2024Q4: 2,400 shares; 2025Q1: 2,119 shares; 2025Q2: 1,907 shares; 2025Q3: 1,915 shares 1,915$443K0.14%+8Timeline
AGIALAMOS GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 5,832 shares; 2025Q1: 5,832 shares; 2025Q2: 6,832 shares; 2025Q3: 11,582 shares 11,582$404K0.13%+4,750Timeline
QABAFIRST TR EXCHANGE-TRADED FDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,057 shares; 2024Q4: 7,983 shares; 2025Q1: 7,909 shares; 2025Q2: 6,974 shares; 2025Q3: 6,976 shares 6,976$392K0.13%+2Timeline
JPMJPMORGAN CHASE & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 500 shares; 2024Q4: 1,188 shares; 2025Q1: 1,310 shares; 2025Q2: 1,188 shares; 2025Q3: 1,188 shares 1,188$375K0.12%0Timeline
BBTBEACON FINANCIAL CORP.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 14,957 shares 14,957$355K0.11%newTimeline
KRKROGER COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,162 shares; 2024Q4: 5,162 shares; 2025Q1: 5,162 shares; 2025Q2: 5,162 shares; 2025Q3: 5,162 shares 5,162$348K0.11%0Timeline
CLVTCLARIVATE PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 128,466 shares; 2024Q4: 107,697 shares; 2025Q1: 103,178 shares; 2025Q2: 90,488 shares; 2025Q3: 87,588 shares 87,588$335K0.11%-2,900Timeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 661 shares; 2024Q4: 660 shares; 2025Q1: 664 shares; 2025Q2: 504 shares; 2025Q3: 502 shares 502$334K0.11%-2Timeline
SBCFSEACOAST BKG CORP FLAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,826 shares; 2024Q4: 10,826 shares; 2025Q1: 10,826 shares; 2025Q2: 10,826 shares; 2025Q3: 10,826 shares 10,826$329K0.11%0Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 654 shares; 2024Q4: 654 shares; 2025Q1: 1,229 shares; 2025Q2: 1,229 shares; 2025Q3: 1,285 shares 1,285$312K0.1%+56Timeline
SKESKEENA RES LTD NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 10,500 shares; 2025Q3: 14,500 shares 14,500$267K0.09%+4,000Timeline
FBTCFIDELITY WISE ORIGIN BITCOINQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,555 shares; 2025Q3: 2,555 shares 2,555$255K0.08%0Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,050 shares; 2024Q4: 780 shares; 2025Q1: 1,125 shares; 2025Q2: 1,125 shares; 2025Q3: 1,152 shares 1,152$253K0.08%+27Timeline
QQQINVESCO QQQ TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 200 shares; 2025Q1: 264 shares; 2025Q2: 216 shares; 2025Q3: 359 shares 359$216K0.07%+143Timeline
FRAFFRANKLIN FINL SVCS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 21,173 shares; 2024Q4: 6,909 shares; 2025Q1: 4,400 shares; 2025Q2: 4,400 shares; 2025Q3: 4,400 shares 4,400$202K0.06%0Timeline
ALBEMARLE CORPALBEMARLE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,725 shares; 2024Q4: 5,125 shares; 2025Q1: 5,125 shares; 2025Q2: 5,125 shares; 2025Q3: 5,125 shares 5,125$194K0.06%0
JCIJOHNSON CONTROLS INTERNATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,648 shares; 2024Q4: 1,648 shares; 2025Q1: 1,842 shares; 2025Q2: 1,842 shares; 2025Q3: 1,732 shares 1,732$190K0.06%-110Timeline
IBMINTERNATIONAL BUSINESS MACHSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 611 shares; 2024Q4: 611 shares; 2025Q1: 611 shares; 2025Q2: 611 shares; 2025Q3: 611 shares 611$172K0.06%0Timeline
GLDSPDR GOLD TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 395 shares; 2025Q3: 456 shares 456$162K0.05%+61Timeline
EBMTEAGLE BANCORP MONT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 71,229 shares; 2024Q4: 65,634 shares; 2025Q1: 62,405 shares; 2025Q2: 19,000 shares; 2025Q3: 9,000 shares 9,000$155K0.05%-10,000Timeline
DUKDUKE ENERGY CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,050 shares; 2025Q1: 1,105 shares; 2025Q2: 1,086 shares; 2025Q3: 1,219 shares 1,219$151K0.05%+133Timeline
XOMEXXON MOBIL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,021 shares; 2025Q1: 1,225 shares; 2025Q2: 1,225 shares; 2025Q3: 1,293 shares 1,293$146K0.05%+68Timeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 570 shares; 2025Q3: 504 shares 504$141K0.04%-66Timeline
SCHFSCHWAB STRATEGIC TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,000 shares; 2024Q4: 6,000 shares; 2025Q1: 6,000 shares; 2025Q2: 6,000 shares; 2025Q3: 6,000 shares 6,000$140K0.04%0Timeline
MOTGVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,925 shares; 2025Q3: 2,925 shares 2,925$132K0.04%0Timeline
HLHECLA MINING COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 10,500 shares 10,500$127K0.04%newTimeline
IWSISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 886 shares; 2024Q4: 886 shares; 2025Q1: 886 shares; 2025Q2: 886 shares; 2025Q3: 886 shares 886$124K0.04%0Timeline
SOSOUTHERN COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 1,258 shares; 2025Q2: not reported; 2025Q3: 1,184 shares 1,184$112K0.04%newTimeline
RSPINVESCO EXCHANGE TRADED FD TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 560 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 560 shares; 2025Q3: 560 shares 560$106K0.03%0Timeline
LOWLOWES COS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 420 shares; 2024Q4: 420 shares; 2025Q1: 442 shares; 2025Q2: not reported; 2025Q3: 420 shares 420$106K0.03%newTimeline
METAMETA PLATFORMS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 141 shares 141$104K0.03%newTimeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
MICROSOFT CORPMICROSOFT CORP PUTput1,699$880Knew
APPLE INCAPPLE INC PUTput290$73.8Knew

Principal amounts

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

SecurityTypeAmountValueChange
PPL CAP FDG INCPPL CAP FDG INC NOTE 2.875% 3/1principal6,315,000$7.21M-15,000
INNOVIVA INCINNOVIVA INC NOTE 2.125% 3/1principal6,375,000$6.19M+2,035,000
JAZZ INVESTMENTS I LTDJAZZ INVESTMENTS I LTD NOTE 2.000% 6/1principal5,720,000$6.07M-10,000
PROGRESS SOFTWARE CORPPROGRESS SOFTWARE CORP NOTE 3.500% 3/0principal4,165,000$4.18M+2,875,000
SIRIUSXM HOLDINGS INCSIRIUSXM HOLDINGS INC NOTE 3.750% 3/1principal3,533,000$3.68M+995,000
LIBERTY MEDIA CORP DELLIBERTY MEDIA CORP DEL NOTE 2.250% 8/1principal2,350,000$3.12M-10,000
DUKE ENERGY CORP NEWDUKE ENERGY CORP NEW CONV BNDprincipal2,145,000$2.3M0
FORD MOTOR COMPANYFORD MOTOR COMPANY NOTE 3/1principal2,270,000$2.3M-5,000
ETSY INCETSY INC NOTE 0.125% 9/0principal1,940,000$1.78M-10,000
AMPHASTAR PHARMACEUTICALS INAMPHASTAR PHARMACEUTICALS IN NOTE 2.000% 3/1principal1,965,000$1.78M+665,000
NORTHERN OIL & GAS INCNORTHERN OIL & GAS INC NOTE 3.625% 4/1principal1,610,000$1.61Mnew
AIRBNB INC CLASS AAIRBNB INC CLASS A CLASS Aprincipal1,630,000$1.59M0
PACIRA BIOSCIENCES INCPACIRA BIOSCIENCES INC NOTE 2.125% 5/1principal1,495,000$1.52Mnew
LCI INDSLCI INDS NOTE 1.125% 5/1principal1,482,000$1.42M+92,000
HAEMONETICS CORP MASSHAEMONETICS CORP MASS NOTE 2.500% 6/0principal1,160,000$1.07Mnew
ALLIANT ENERGY CORPALLIANT ENERGY CORP NOTE 3.875% 3/1principal965,000$1.04M0
STARWOOD PPTY TR INCSTARWOOD PPTY TR INC NOTE 6.750% 7/1principal935,000$988K-10,000
VISHAY INTERTECHNOLOGY INCVISHAY INTERTECHNOLOGY INC NOTE 2.250% 9/1principal850,000$772K-5,000
GUESS INCGUESS INC BONDprincipal680,000$673K-2,330,000
WINNEBAGO INDS INCWINNEBAGO INDS INC NOTE 3.250% 1/1principal570,000$509Knew
PEBBLEBROOK HOTEL TRPEBBLEBROOK HOTEL TR NOTE 1.750%12/1principal300,000$296K0
HALOZYME THERAPEUTICS INCHALOZYME THERAPEUTICS INC NOTE 0.250% 3/0principal110,000$126K0
GREENBRIER COS INCGREENBRIER COS INC NOTE 2.875% 4/1principal117,000$125K0

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
GLOBAL MED REIT INCGLOBAL MED REIT INC472,938$3.28Mshares
SPYMSPDR SERIES TRUST10,150$738Kshares
CHART INDS INCCHART INDS INC11,810$713Kshares
BANC CAL INC DEPSH REPSTG.2…BANC CAL INC DEPSH REPSTG.25 025,050$604Kshares
EXPEDIA GROUP INCEXPEDIA GROUP INC245,000$238Kprincipal
SHYISHARES TR1,286$107Kshares

How Q3 2025 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).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001353098-25-000008 base2025-11-14acceptance time not in the bulk data set