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Cutler Capital Management, LLC

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13F filer, CIK 1353098, WORCESTER, MA

Cutler Capital Management, LLC reported $343,106,096 across 122 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-13. Its ten largest share positions make up 31.83% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001353098-26-000002

Period
2025-12-31
Reported value
$343M
Holdings
122
Top 10 weight
31.83%
New
8
Sold out
10

Largest buys vs the previous quarter

SecurityShares changeApprox. value
XRNadded+55,569$1.87M
BBTadded+54,226$1.43M
VZadded+34,018$1.39M
SPYMnew+9,995$802K
NOGnew+30,900$663K

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
LXPreduced-234,863-$11.6M
SPLVexited-10,150-$795K
SouthState Corpexited-5,688-$562K
FLG-PUreduced-12,633-$506K
AEMreduced-2,243-$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.

Holdings, Q4 2025

Share positions as resolved from 13F-HR 0001353098-26-000002, largest first. % of portfolio is the value over $333,995,966, 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; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 148,007 shares; 2024Q4: 141,436 shares; 2025Q1: 134,972 shares; 2025Q2: 131,727 shares; 2025Q3: 122,357 shares; 2025Q4: 120,114 shares 120,114$20.4M6.1%-2,243Timeline
METMETLIFE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 166,493 shares; 2024Q4: 165,889 shares; 2025Q1: 166,181 shares; 2025Q2: 164,983 shares; 2025Q3: 165,682 shares; 2025Q4: 166,126 shares 166,126$13.1M3.93%+444Timeline
CTOCTO RLTY GROWTH INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 176,166 shares; 2024Q4: 179,766 shares; 2025Q1: 191,892 shares; 2025Q2: 642,054 shares; 2025Q3: 664,979 shares; 2025Q4: 663,543 shares 663,543$12.2M3.66%-1,436Timeline
TSBKTIMBERLAND BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 300,162 shares; 2024Q4: 299,001 shares; 2025Q1: 298,801 shares; 2025Q2: 298,395 shares; 2025Q3: 291,802 shares; 2025Q4: 291,802 shares 291,802$10.4M3.13%0Timeline
EXSREXCHANGE BK SANTA ROSA CALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 76,254 shares; 2024Q4: 76,054 shares; 2025Q1: 76,054 shares; 2025Q2: 76,054 shares; 2025Q3: 76,154 shares; 2025Q4: 76,041 shares 76,041$9.89M2.96%-113Timeline
SBFGSB FINL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 399,154 shares; 2024Q4: 392,556 shares; 2025Q1: 392,556 shares; 2025Q2: 391,983 shares; 2025Q3: 391,683 shares; 2025Q4: 390,982 shares 390,982$8.71M2.61%-701Timeline
FBIZFIRST BUSINESS FINL SVCS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 153,499 shares; 2024Q4: 153,199 shares; 2025Q1: 155,399 shares; 2025Q2: 155,799 shares; 2025Q3: 155,493 shares; 2025Q4: 153,785 shares 153,785$8.35M2.5%-1,708Timeline
SHELSHELL PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 109,932 shares; 2024Q4: 110,826 shares; 2025Q1: 111,056 shares; 2025Q2: 110,656 shares; 2025Q3: 110,626 shares; 2025Q4: 111,326 shares 111,326$8.18M2.45%+700Timeline
PKBKPARKE BANCORP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 309,532 shares; 2024Q4: 308,932 shares; 2025Q1: 308,932 shares; 2025Q2: 309,657 shares; 2025Q3: 310,657 shares; 2025Q4: 316,453 shares 316,453$7.92M2.37%+5,796Timeline
BGBUNGE GLOBAL SAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 81,664 shares; 2024Q4: 82,237 shares; 2025Q1: 80,750 shares; 2025Q2: 79,964 shares; 2025Q3: 80,368 shares; 2025Q4: 79,920 shares 79,920$7.12M2.13%-448Timeline
FENYFIDELITY COVINGTON TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 261,493 shares; 2024Q4: 263,905 shares; 2025Q1: 263,510 shares; 2025Q2: 270,509 shares; 2025Q3: 271,219 shares; 2025Q4: 275,160 shares 275,160$6.82M2.04%+3,941Timeline
PFEPFIZER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 242,744 shares; 2024Q4: 246,894 shares; 2025Q1: 250,397 shares; 2025Q2: 250,893 shares; 2025Q3: 253,493 shares; 2025Q4: 249,731 shares 249,731$6.22M1.86%-3,762Timeline
MRKMERCK & CO INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 61,501 shares; 2024Q4: 58,025 shares; 2025Q1: 57,731 shares; 2025Q2: 58,031 shares; 2025Q3: 58,232 shares; 2025Q4: 58,532 shares 58,532$6.16M1.84%+300Timeline
ETENERGY TRANSFER L PQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 456,077 shares; 2024Q4: 441,474 shares; 2025Q1: 416,471 shares; 2025Q2: 393,619 shares; 2025Q3: 361,397 shares; 2025Q4: 373,291 shares 373,291$6.16M1.84%+11,894Timeline
BMBNBENCHMARK BANKSHARES INC (VA)Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 164,500 shares; 2024Q4: 166,900 shares; 2025Q1: 167,800 shares; 2025Q2: 170,982 shares; 2025Q3: 170,282 shares; 2025Q4: 172,882 shares 172,882$5.75M1.72%+2,600Timeline
VTRSVIATRIS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 472,307 shares; 2024Q4: 465,910 shares; 2025Q1: 464,910 shares; 2025Q2: 463,910 shares; 2025Q3: 463,972 shares; 2025Q4: 457,572 shares 457,572$5.7M1.71%-6,400Timeline
VZVERIZON COMMUNICATIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 71,037 shares; 2024Q4: 86,819 shares; 2025Q1: 88,135 shares; 2025Q2: 88,596 shares; 2025Q3: 103,726 shares; 2025Q4: 137,744 shares 137,744$5.61M1.68%+34,018Timeline
KIMCO REALTY CORPKIMCO REALTY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 91,565 shares; 2024Q4: 91,565 shares; 2025Q1: 90,923 shares; 2025Q2: 90,465 shares; 2025Q3: 90,465 shares; 2025Q4: 89,993 shares 89,993$5.27M1.58%-472
VICIVICI PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 155,223 shares; 2024Q4: 163,969 shares; 2025Q1: 165,232 shares; 2025Q2: 166,133 shares; 2025Q3: 166,835 shares; 2025Q4: 187,035 shares 187,035$5.26M1.57%+20,200Timeline
XRNCHIRON REAL ESTATE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 99,453 shares; 2025Q4: 155,022 shares 155,022$5.23M1.57%+55,569Timeline
FXNCFIRST NATL CORP VAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 202,785 shares; 2024Q4: 202,785 shares; 2025Q1: 202,785 shares; 2025Q2: 202,785 shares; 2025Q3: 202,716 shares; 2025Q4: 203,109 shares 203,109$5.13M1.53%+393Timeline
CPKFCHESAPEAKE FINL SHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 173,000 shares; 2024Q4: 173,000 shares; 2025Q1: 173,000 shares; 2025Q2: 173,000 shares; 2025Q3: 178,906 shares; 2025Q4: 178,500 shares 178,500$5.04M1.51%-406Timeline
LFGPLedyard Financial Group, Inc.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 327,496 shares; 2024Q4: 326,596 shares; 2025Q1: 326,121 shares; 2025Q2: 326,121 shares; 2025Q3: 337,321 shares; 2025Q4: 336,121 shares 336,121$5.03M1.51%-1,200Timeline
BORTBANK OF BOTETOURT BUCHANAN VAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 104,974 shares; 2024Q4: 104,474 shares; 2025Q1: 104,474 shares; 2025Q2: 112,674 shares; 2025Q3: 110,284 shares; 2025Q4: 111,034 shares 111,034$4.89M1.46%+750Timeline
PTBSPOTOMAC BANCSHARES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 194,468 shares; 2024Q4: 195,068 shares; 2025Q1: 211,168 shares; 2025Q2: 220,368 shares; 2025Q3: 230,220 shares; 2025Q4: 230,620 shares 230,620$4.24M1.27%+400Timeline
MFGIMERCHANTS FINANCIAL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 92,500 shares; 2024Q4: 93,700 shares; 2025Q1: 93,700 shares; 2025Q2: 93,700 shares; 2025Q3: 111,900 shares; 2025Q4: 125,850 shares 125,850$4.03M1.21%+13,950Timeline
WYWEYERHAEUSER COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 149,924 shares; 2024Q4: 151,661 shares; 2025Q1: 158,888 shares; 2025Q2: 159,240 shares; 2025Q3: 164,410 shares; 2025Q4: 166,060 shares 166,060$3.93M1.18%+1,650Timeline
FMBMF & M BANK CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 133,939 shares; 2024Q4: 133,939 shares; 2025Q1: 136,814 shares; 2025Q2: 136,814 shares; 2025Q3: 135,864 shares; 2025Q4: 135,864 shares 135,864$3.89M1.16%0Timeline
CWBCCOMMUNITY WEST BANCSHARES NEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 162,061 shares; 2025Q1: 162,061 shares; 2025Q2: 162,061 shares; 2025Q3: 162,152 shares; 2025Q4: 162,829 shares 162,829$3.66M1.1%+677Timeline
CSBBCSB BANCORP INC (OH)Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,850 shares; 2024Q4: 70,500 shares; 2025Q1: 69,000 shares; 2025Q2: 69,000 shares; 2025Q3: 67,000 shares; 2025Q4: 67,000 shares 67,000$3.62M1.08%0Timeline
APLEAPPLE HOSPITALITY REIT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 242,701 shares; 2024Q4: 268,970 shares; 2025Q1: 280,870 shares; 2025Q2: 283,770 shares; 2025Q3: 287,270 shares; 2025Q4: 290,270 shares 290,270$3.44M1.03%+3,000Timeline
FLG-PUFLAGSTAR BANK NATIONAL ASSOCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 104,295 shares; 2024Q4: 98,312 shares; 2025Q1: 98,312 shares; 2025Q2: 97,812 shares; 2025Q3: 97,812 shares; 2025Q4: 85,179 shares 85,179$3.41M1.02%-12,633Timeline
FSBHFSBH CORP COMQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 210,000 shares; 2024Q4: 210,000 shares; 2025Q1: 210,000 shares; 2025Q2: 210,000 shares; 2025Q3: 210,000 shares; 2025Q4: 210,000 shares 210,000$3.25M0.97%0Timeline
MOATVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,899 shares; 2024Q4: 22,138 shares; 2025Q1: 22,743 shares; 2025Q2: 23,063 shares; 2025Q3: 28,028 shares; 2025Q4: 30,598 shares 30,598$3.17M0.95%+2,570Timeline
ALRSALERUS FINL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 158,972 shares; 2024Q4: 158,972 shares; 2025Q1: 158,972 shares; 2025Q2: 156,000 shares; 2025Q3: 148,000 shares; 2025Q4: 138,000 shares 138,000$3.11M0.93%-10,000Timeline
HCIHCI GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 15,292 shares; 2025Q3: 15,292 shares; 2025Q4: 15,293 shares 15,293$2.93M0.88%+1Timeline
AIGAMERICAN INTL GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 32,500 shares; 2024Q4: 32,600 shares; 2025Q1: 32,800 shares; 2025Q2: 32,800 shares; 2025Q3: 32,800 shares; 2025Q4: 32,800 shares 32,800$2.81M0.84%0Timeline
LXPLXP INDUSTRIAL TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 256,981 shares; 2024Q4: 267,481 shares; 2025Q1: 272,284 shares; 2025Q2: 276,139 shares; 2025Q3: 289,089 shares; 2025Q4: 54,226 shares 54,226$2.69M0.8%-234,863Timeline
SFLSFL CORPORATION LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 312,463 shares; 2024Q4: 349,683 shares; 2025Q1: 340,289 shares; 2025Q2: 338,792 shares; 2025Q3: 343,792 shares; 2025Q4: 334,392 shares 334,392$2.61M0.78%-9,400Timeline
ACIALBERTSONS COMPANIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 136,164 shares; 2024Q4: 133,062 shares; 2025Q1: 131,762 shares; 2025Q2: 134,687 shares; 2025Q3: 147,737 shares; 2025Q4: 146,712 shares 146,712$2.52M0.75%-1,025Timeline
ABCBAMERIS BANCORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 36,473 shares; 2024Q4: 33,959 shares; 2025Q1: 33,759 shares; 2025Q2: 34,459 shares; 2025Q3: 34,459 shares; 2025Q4: 33,459 shares 33,459$2.49M0.74%-1,000Timeline
ENRENERGIZER HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 90,587 shares; 2024Q4: 88,437 shares; 2025Q1: 91,042 shares; 2025Q2: 112,393 shares; 2025Q3: 126,908 shares; 2025Q4: 119,975 shares 119,975$2.39M0.71%-6,933Timeline
FCCOFIRST CMNTY CORP S CQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 76,500 shares; 2024Q4: 76,500 shares; 2025Q1: 76,500 shares; 2025Q2: 76,500 shares; 2025Q3: 76,500 shares; 2025Q4: 76,500 shares 76,500$2.27M0.68%0Timeline
GDXVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 30,037 shares; 2024Q4: 31,212 shares; 2025Q1: 26,752 shares; 2025Q2: 24,452 shares; 2025Q3: 23,657 shares; 2025Q4: 23,387 shares 23,387$2.01M0.6%-270Timeline
SLBSLB LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 8,900 shares; 2025Q1: 16,844 shares; 2025Q2: 24,344 shares; 2025Q3: 38,952 shares; 2025Q4: 49,452 shares 49,452$1.9M0.57%+10,500Timeline
BBTBEACON FINANCIAL CORP.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 14,957 shares; 2025Q4: 69,183 shares 69,183$1.82M0.55%+54,226Timeline
EPR PPTYSEPR PPTYSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 89,545 shares; 2024Q4: 89,245 shares; 2025Q1: 82,745 shares; 2025Q2: 81,995 shares; 2025Q3: 81,995 shares; 2025Q4: 81,995 shares 81,995$1.82M0.54%0
VOOVANGUARD INDEX FDSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,679 shares; 2024Q4: 1,972 shares; 2025Q1: 1,977 shares; 2025Q2: 1,529 shares; 2025Q3: 2,152 shares; 2025Q4: 2,655 shares 2,655$1.66M0.5%+503Timeline
TSNTYSON FOODS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 27,101 shares; 2024Q4: 26,251 shares; 2025Q1: 26,251 shares; 2025Q2: 27,251 shares; 2025Q3: 27,251 shares; 2025Q4: 27,107 shares 27,107$1.59M0.48%-144Timeline
CNHCNH INDL N VQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 314,840 shares; 2024Q4: 325,159 shares; 2025Q1: 324,859 shares; 2025Q2: 173,563 shares; 2025Q3: 173,063 shares; 2025Q4: 170,563 shares 170,563$1.57M0.47%-2,500Timeline
TAT&T INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 66,642 shares; 2024Q4: 66,244 shares; 2025Q1: 65,344 shares; 2025Q2: 65,344 shares; 2025Q3: 64,856 shares; 2025Q4: 62,356 shares 62,356$1.55M0.46%-2,500Timeline
FISIFINANCIAL INSTITUTIONS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 45,725 shares; 2024Q4: 45,725 shares; 2025Q1: 47,025 shares; 2025Q2: 47,925 shares; 2025Q3: 48,328 shares; 2025Q4: 49,428 shares 49,428$1.54M0.46%+1,100Timeline
BANCBANC OF CALIFORNIA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 77,750 shares; 2024Q4: 77,750 shares; 2025Q1: 77,750 shares; 2025Q2: 77,750 shares; 2025Q3: 78,750 shares; 2025Q4: 78,750 shares 78,750$1.52M0.45%0Timeline
PFISPEOPLES FINL SVCS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 29,486 shares; 2024Q4: 27,948 shares; 2025Q1: 27,948 shares; 2025Q2: 27,948 shares; 2025Q3: 27,948 shares; 2025Q4: 28,748 shares 28,748$1.4M0.42%+800Timeline
SOBSSOLVAY BK CORP SOLVAY NEW YORKQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 71,180 shares; 2024Q4: 68,480 shares; 2025Q1: 63,257 shares; 2025Q2: 49,115 shares; 2025Q3: 40,065 shares; 2025Q4: 37,665 shares 37,665$1.06M0.32%-2,400Timeline
VGMINVESCO TR INVT GRADE MUNSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 86,117 shares; 2024Q4: 86,117 shares; 2025Q1: 86,117 shares; 2025Q2: 86,117 shares; 2025Q3: 86,117 shares; 2025Q4: 86,117 shares 86,117$893K0.27%0Timeline
WIWWESTERN AST INFL LKD OPP & IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 82,070 shares; 2024Q4: 88,765 shares; 2025Q1: 90,665 shares; 2025Q2: 101,492 shares; 2025Q3: 103,892 shares; 2025Q4: 103,892 shares 103,892$892K0.27%0Timeline
CZBTCITIZENS BANCORP OF VIRGINIA IQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 20,250 shares; 2024Q4: 20,250 shares; 2025Q1: 20,250 shares; 2025Q2: 20,250 shares; 2025Q3: 24,550 shares; 2025Q4: 25,250 shares 25,250$850K0.25%+700Timeline
SPYMSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 10,150 shares; 2025Q3: not reported; 2025Q4: 9,995 shares 9,995$802K0.24%newTimeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,182 shares; 2024Q4: 1,448 shares; 2025Q1: 1,783 shares; 2025Q2: 1,674 shares; 2025Q3: 1,699 shares; 2025Q4: 1,646 shares 1,646$796K0.24%-53Timeline
IATISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 8,600 shares; 2025Q4: 14,000 shares 14,000$772K0.23%+5,400Timeline
HWCHANCOCK WHITNEY CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,898 shares; 2024Q4: 10,898 shares; 2025Q1: 10,898 shares; 2025Q2: 10,898 shares; 2025Q3: 10,898 shares; 2025Q4: 10,898 shares 10,898$694K0.21%0Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,336 shares; 2024Q4: 1,336 shares; 2025Q1: 1,330 shares; 2025Q2: 1,330 shares; 2025Q3: 1,330 shares; 2025Q4: 1,330 shares 1,330$669K0.2%0Timeline
NOGNORTHERN OIL & GAS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 30,900 shares 30,900$663K0.2%newTimeline
MTBM & T BK CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,034 shares; 2024Q4: 3,179 shares; 2025Q1: 3,179 shares; 2025Q2: 3,179 shares; 2025Q3: 3,238 shares; 2025Q4: 3,238 shares 3,238$652K0.2%0Timeline
IFFINTERNATIONAL FLAVORS&FRAGRAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,881 shares; 2024Q4: 10,400 shares; 2025Q1: 10,400 shares; 2025Q2: 9,801 shares; 2025Q3: 9,801 shares; 2025Q4: 9,593 shares 9,593$646K0.19%-208Timeline
ORCLORACLE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 3,000 shares; 2025Q1: 3,000 shares; 2025Q2: 3,000 shares; 2025Q3: 3,000 shares; 2025Q4: 3,000 shares 3,000$585K0.18%0Timeline
SSBSOUTHSTATE BK CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 5,723 shares 5,723$539K0.16%newTimeline
QABAFIRST TR EXCHANGE-TRADED FDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 8,057 shares; 2024Q4: 7,983 shares; 2025Q1: 7,909 shares; 2025Q2: 6,974 shares; 2025Q3: 6,976 shares; 2025Q4: 8,587 shares 8,587$487K0.15%+1,611Timeline
IUSVISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 4,567 shares; 2024Q4: 4,567 shares; 2025Q1: 4,567 shares; 2025Q2: 4,567 shares; 2025Q3: 4,550 shares; 2025Q4: 4,550 shares 4,550$467K0.14%0Timeline
ESEVERSOURCE ENERGYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 24,747 shares; 2025Q3: 8,747 shares; 2025Q4: 6,747 shares 6,747$454K0.14%-2,000Timeline
AGIALAMOS GOLD INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 5,832 shares; 2025Q1: 5,832 shares; 2025Q2: 6,832 shares; 2025Q3: 11,582 shares; 2025Q4: 11,422 shares 11,422$441K0.13%-160Timeline
ABBVABBVIE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 2,786 shares; 2024Q4: 2,400 shares; 2025Q1: 2,119 shares; 2025Q2: 1,907 shares; 2025Q3: 1,915 shares; 2025Q4: 1,915 shares 1,915$438K0.13%0Timeline
JPMJPMORGAN CHASE & COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 500 shares; 2024Q4: 1,188 shares; 2025Q1: 1,310 shares; 2025Q2: 1,188 shares; 2025Q3: 1,188 shares; 2025Q4: 1,188 shares 1,188$383K0.11%0Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 654 shares; 2024Q4: 654 shares; 2025Q1: 1,229 shares; 2025Q2: 1,229 shares; 2025Q3: 1,285 shares; 2025Q4: 1,147 shares 1,147$359K0.11%-138Timeline
SBCFSEACOAST BKG CORP FLAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 10,826 shares; 2024Q4: 10,826 shares; 2025Q1: 10,826 shares; 2025Q2: 10,826 shares; 2025Q3: 10,826 shares; 2025Q4: 10,826 shares 10,826$340K0.1%0Timeline
SPYSTATE STR SPDR S&P 500 ETF TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 661 shares; 2024Q4: 660 shares; 2025Q1: 664 shares; 2025Q2: 504 shares; 2025Q3: 502 shares; 2025Q4: 493 shares 493$336K0.1%-9Timeline
SKESKEENA RES LTD NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 10,500 shares; 2025Q3: 14,500 shares; 2025Q4: 13,805 shares 13,805$328K0.1%-695Timeline
KRKROGER COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 5,162 shares; 2024Q4: 5,162 shares; 2025Q1: 5,162 shares; 2025Q2: 5,162 shares; 2025Q3: 5,162 shares; 2025Q4: 5,155 shares 5,155$322K0.1%-7Timeline
ALBEMARLE CORPALBEMARLE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,725 shares; 2024Q4: 5,125 shares; 2025Q1: 5,125 shares; 2025Q2: 5,125 shares; 2025Q3: 5,125 shares; 2025Q4: 5,125 shares 5,125$304K0.09%0
FFSMFIDELITY COVINGTON TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 8,085 shares 8,085$248K0.07%newTimeline
QQQINVESCO QQQ TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 200 shares; 2025Q1: 264 shares; 2025Q2: 216 shares; 2025Q3: 359 shares; 2025Q4: 385 shares 385$237K0.07%+26Timeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,050 shares; 2024Q4: 780 shares; 2025Q1: 1,125 shares; 2025Q2: 1,125 shares; 2025Q3: 1,152 shares; 2025Q4: 1,005 shares 1,005$232K0.07%-147Timeline
FRAFFRANKLIN FINL SVCS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 21,173 shares; 2024Q4: 6,909 shares; 2025Q1: 4,400 shares; 2025Q2: 4,400 shares; 2025Q3: 4,400 shares; 2025Q4: 4,400 shares 4,400$221K0.07%0Timeline
HLHECLA MINING COMPANYQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 10,500 shares; 2025Q4: 10,000 shares 10,000$192K0.06%-500Timeline
JCIJOHNSON CONTROLS INTERNATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,648 shares; 2024Q4: 1,648 shares; 2025Q1: 1,842 shares; 2025Q2: 1,842 shares; 2025Q3: 1,732 shares; 2025Q4: 1,550 shares 1,550$186K0.06%-182Timeline
IBMINTERNATIONAL BUSINESS MACHSQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 611 shares; 2024Q4: 611 shares; 2025Q1: 611 shares; 2025Q2: 611 shares; 2025Q3: 611 shares; 2025Q4: 611 shares 611$181K0.05%0Timeline
GLDSPDR GOLD TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 395 shares; 2025Q3: 456 shares; 2025Q4: 456 shares 456$181K0.05%0Timeline
EBMTEAGLE BANCORP MONT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 71,229 shares; 2024Q4: 65,634 shares; 2025Q1: 62,405 shares; 2025Q2: 19,000 shares; 2025Q3: 9,000 shares; 2025Q4: 9,000 shares 9,000$179K0.05%0Timeline
XOMEXXON MOBIL CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,021 shares; 2025Q1: 1,225 shares; 2025Q2: 1,225 shares; 2025Q3: 1,293 shares; 2025Q4: 1,293 shares 1,293$156K0.05%0Timeline
TSMTAIWAN SEMICONDUCTOR MANUFACQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 570 shares; 2025Q3: 504 shares; 2025Q4: 504 shares 504$153K0.05%0Timeline
SLVISHARES SILVER TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,375 shares 2,375$153K0.05%newTimeline
DUKDUKE ENERGY CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,050 shares; 2025Q1: 1,105 shares; 2025Q2: 1,086 shares; 2025Q3: 1,219 shares; 2025Q4: 1,183 shares 1,183$139K0.04%-36Timeline
GOOGALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 375 shares 375$118K0.04%newTimeline
MOTGVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 2,925 shares; 2025Q3: 2,925 shares; 2025Q4: 2,925 shares 2,925$113K0.03%0Timeline
RSPINVESCO EXCHANGE TRADED FD TQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 560 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 560 shares; 2025Q3: 560 shares; 2025Q4: 560 shares 560$107K0.03%0Timeline
LOWLOWES COS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 420 shares; 2024Q4: 420 shares; 2025Q1: 442 shares; 2025Q2: not reported; 2025Q3: 420 shares; 2025Q4: 420 shares 420$101K0.03%0Timeline
BBARRICK MNG CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 2,325 shares 2,325$101K0.03%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
AAPLAPPLE INC COMput17,500$4.76Mnew
MICROSOFT CORPMICROSOFT CORP PUTput90,000$4.35M+88,301

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% 3/1principal6,305,000$6.92M-10,000
JAZZ INVESTMENTS I LTDJAZZ INVESTMENTS I LTD NOTE 2.000% 6/1principal5,665,000$6.55M-55,000
INNOVIVA INCINNOVIVA INC NOTE 2.125% 3/1principal6,375,000$6.48M0
PROGRESS SOFTWARE CORPPROGRESS SOFTWARE CORP NOTE 3.500% 3/0principal4,945,000$5M+780,000
SIRIUSXM HOLDINGS INCSIRIUSXM HOLDINGS INC NOTE 3.750% 3/1principal4,888,000$4.91M+1,355,000
LIBERTY MEDIA CORP DELLIBERTY MEDIA CORP DEL NOTE 2.250% 8/1principal2,350,000$2.97M0
NORTHERN OIL & GAS INCNORTHERN OIL & GAS INC NOTE 3.625% 4/1principal2,810,000$2.71M+1,200,000
DUKE ENERGY CORP NEWDUKE ENERGY CORP NEW CONV BNDprincipal2,085,000$2.15M-60,000
AMPHASTAR PHARMACEUTICALS INAMPHASTAR PHARMACEUTICALS IN NOTE 2.000% 3/1principal1,965,000$1.81M0
ETSY INCETSY INC NOTE 0.125% 9/0principal1,905,000$1.76M-35,000
FORD MOTOR COMPANYFORD MOTOR COMPANY NOTE 3/1principal1,615,000$1.68M-655,000
AIRBNB INC CLASS AAIRBNB INC CLASS A CLASS Aprincipal1,600,000$1.58M-30,000
PACIRA BIOSCIENCES INCPACIRA BIOSCIENCES INC NOTE 2.125% 5/1principal1,495,000$1.5M0
LCI INDSLCI INDS NOTE 1.125% 5/1principal1,482,000$1.46M0
HAEMONETICS CORP MASSHAEMONETICS CORP MASS NOTE 2.500% 6/0principal1,160,000$1.2M0
ALLIANT ENERGY CORPALLIANT ENERGY CORP NOTE 3.875% 3/1principal935,000$971K-30,000
STARWOOD PPTY TR INCSTARWOOD PPTY TR INC NOTE 6.750% 7/1principal935,000$966K0
VISHAY INTERTECHNOLOGY INCVISHAY INTERTECHNOLOGY INC NOTE 2.250% 9/1principal850,000$763K0
WINNEBAGO INDS INCWINNEBAGO INDS INC NOTE 3.250% 1/1principal570,000$534K0
PEBBLEBROOK HOTEL TRPEBBLEBROOK HOTEL TR NOTE 1.750%12/1principal300,000$290K0
GREENBRIER COS INCGREENBRIER COS INC NOTE 2.875% 4/1principal117,000$126K0
HALOZYME THERAPEUTICS INCHALOZYME THERAPEUTICS INC NOTE 0.250% 3/0principal110,000$119K0

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
SPLVINVESCO EXCH TRADED FD TR II10,150$795Kshares
GUESS INCGUESS INC680,000$673Kprincipal
SouthState CorpSouthState Corp5,688$562Kshares
CLVTCLARIVATE PLC87,588$335Kshares
FBTCFIDELITY WISE ORIGIN BITCOIN2,555$255Kshares
SCHFSCHWAB STRATEGIC TR6,000$140Kshares
IWSISHARES TR886$124Kshares
SOSOUTHERN CO1,184$112Kshares
METAMETA PLATFORMS INC141$104Kshares
APPLE INCAPPLE INC290$73.8Kput

How Q4 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 0001353098-26-000002 base2026-02-13acceptance time not in the bulk data set