# Cutler Capital Management, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1353098. Source: https://holderbook.com/funds/1353098-cutler-capital-management-llc/

- Reported value: $385.0M
- Positions: 124
- Weight of the ten largest: 30.8%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| AGNICO EAGLE MINES LTD | [AEM](https://holderbook.com/stocks/AEM/) | $18.0M | 116,334 | 4.7% | 23 |
| METLIFE INC | [MET](https://holderbook.com/stocks/MET/) | $14.5M | 171,535 | 3.8% | 31 |
| CTO RLTY GROWTH INC NEW | [CTO](https://holderbook.com/stocks/CTO/) | $14.0M | 651,274 | 3.6% | 16 |
| TIMBERLAND BANCORP INC | [TSBK](https://holderbook.com/stocks/TSBK/) | $12.8M | 285,258 | 3.3% | 31 |
| EXCHANGE BANK | [EXSR](https://holderbook.com/stocks/EXSR/) | $12.4M | 74,934 | 3.2% | 31 |
| PARKE BANCORP INC | [PKBK](https://holderbook.com/stocks/PKBK/) | $10.4M | 314,126 | 2.7% | 31 |
| SB FINL GROUP INC | [SBFG](https://holderbook.com/stocks/SBFG/) | $9.8M | 387,852 | 2.5% | 31 |
| FIRST BUSINESS FINL SVCS INC | [FBIZ](https://holderbook.com/stocks/FBIZ/) | $9.8M | 154,346 | 2.5% | 31 |
| SHELL PLC | [SHEL](https://holderbook.com/stocks/SHEL/) | $8.5M | 109,361 | 2.2% | 18 |
| BUNGE GLOBAL SA | [BG](https://holderbook.com/stocks/BG/) | $8.3M | 77,792 | 2.2% | 11 |
| LIBERTY MEDIA CORP DEL | - | $8.1M | 7,033,000 | 2.1% | 9 |
| FIDELITY COVINGTON TRUST | [FENY](https://holderbook.com/stocks/FENY/) | $7.9M | 267,547 | 2.1% | 18 |
| BENCHMARK BANK | [BMBN](https://holderbook.com/stocks/BMBN/) | $7.4M | 179,382 | 1.9% | 31 |
| VIATRIS INC | [VTRS](https://holderbook.com/stocks/VTRS/) | $7.1M | 448,363 | 1.8% | 23 |
| PROGRESS SOFTWARE CORP | - | $7.1M | 7,390,000 | 1.8% | 6 |
| MERCK & CO INC | [MRK](https://holderbook.com/stocks/MRK/) | $7.1M | 55,048 | 1.8% | 31 |
| PPL CAP FDG INC | - | $6.9M | 6,065,000 | 1.8% | 10 |
| CHIRON REAL ESTATE INC | [XRN](https://holderbook.com/stocks/XRN/) | $6.8M | 180,161 | 1.8% | 4 |
| INNOVIVA INC | - | $6.6M | 6,195,000 | 1.7% | 7 |
| ENERGY TRANSFER L P | [ET](https://holderbook.com/stocks/ET/) | $6.6M | 345,960 | 1.7% | 19 |
| Bank of Botetourt | [BORT](https://holderbook.com/stocks/BORT/) | $6.5M | 122,465 | 1.7% | 31 |
| Chesapeake Financial Shares Inc | [CPKF](https://holderbook.com/stocks/CPKF/) | $6.4M | 178,850 | 1.7% | 31 |
| BANK OF AMER CORP | [BACPRL](https://holderbook.com/stocks/BACPRL/) | $6.2M | 4,905 | 1.6% | 2 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $6.1M | 145,238 | 1.6% | 22 |
| Ledyard Financial Group Inc | [LFGP](https://holderbook.com/stocks/LFGP/) | $6.1M | 343,621 | 1.6% | 18 |
| FIRST NATL CORP VA | [FXNC](https://holderbook.com/stocks/FXNC/) | $6.1M | 203,809 | 1.6% | 29 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $5.9M | 245,185 | 1.5% | 31 |
| Potomac Bancshares, Inc. | [PTBS](https://holderbook.com/stocks/PTBS/) | $5.5M | 231,048 | 1.4% | 21 |
| KIMCO REALTY CORP | [KIMPRN](https://holderbook.com/stocks/KIMPRN/) | $5.5M | 87,693 | 1.4% | 10 |
| VICI PPTYS INC | [VICI](https://holderbook.com/stocks/VICI/) | $5.3M | 201,181 | 1.4% | 18 |
| Merchants Financial Group Inc | [MFGI](https://holderbook.com/stocks/MFGI/) | $5.2M | 132,830 | 1.4% | 29 |
| APPLE HOSPITALITY REIT INC | [APLE](https://holderbook.com/stocks/APLE/) | $5.1M | 300,869 | 1.3% | 16 |
| NORTHERN OIL & GAS INC | - | $5.0M | 5,265,000 | 1.3% | 4 |
| F&M BANCORP | [FMBM](https://holderbook.com/stocks/FMBM/) | $4.9M | 134,364 | 1.3% | 31 |
| WEYERHAEUSER CO | [WY](https://holderbook.com/stocks/WY/) | $4.5M | 189,903 | 1.2% | 31 |
| COMMUNITY WEST BANCSHARES NE | [CWBC](https://holderbook.com/stocks/CWBC/) | $4.4M | 162,139 | 1.1% | 7 |
| CSB BANCORP | [CSBB](https://holderbook.com/stocks/CSBB/) | $4.2M | 58,284 | 1.1% | 28 |
| ALERUS FINL CORP | [ALRS](https://holderbook.com/stocks/ALRS/) | $4.2M | 134,400 | 1.1% | 16 |
| NORTHERN OIL & GAS INC | [NOG](https://holderbook.com/stocks/NOG/) | $4.1M | 223,884 | 1.1% | 3 |
| FSBH CORP | [FSBH](https://holderbook.com/stocks/FSBH/) | $3.9M | 240,000 | 1.0% | 15 |
| VANECK ETF TRUST | [MOAT](https://holderbook.com/stocks/MOAT/) | $3.9M | 37,508 | 1.0% | 22 |
| ENERGIZER HLDGS INC | [ENR](https://holderbook.com/stocks/ENR/) | $3.4M | 158,733 | 0.9% | 18 |
| SFL CORPORATION LTD | [SFL](https://holderbook.com/stocks/SFL/) | $3.3M | 322,242 | 0.9% | 13 |
| BEACON FINANCIAL CORP. | [BBT](https://holderbook.com/stocks/BBT/) | $3.0M | 97,306 | 0.8% | 4 |
| AMERIS BANCORP | [ABCB](https://holderbook.com/stocks/ABCB/) | $2.8M | 30,759 | 0.7% | 28 |
| LIBERTY MEDIA CORP DEL | - | $2.8M | 2,220,000 | 0.7% | 11 |
| LXP INDUSTRIAL TRUST | [LXP](https://holderbook.com/stocks/LXP/) | $2.7M | 49,487 | 0.7% | 2 |
| HCI GROUP INC | [HCI](https://holderbook.com/stocks/HCI/) | $2.6M | 14,662 | 0.7% | 5 |
| ALBERTSONS COMPANIES INC | [ACI](https://holderbook.com/stocks/ACI/) | $2.5M | 185,187 | 0.7% | 15 |
| FIRST CMNTY CORP S C | [FCCO](https://holderbook.com/stocks/FCCO/) | $2.5M | 76,500 | 0.6% | 30 |
| AMERICAN INTL GROUP INC | [AIG](https://holderbook.com/stocks/AIG/) | $2.5M | 33,000 | 0.6% | 24 |
| VANGUARD INDEX FDS | [VOO](https://holderbook.com/stocks/VOO/) | $2.4M | 3,462 | 0.6% | 19 |
| SLB LIMITED | [SLB](https://holderbook.com/stocks/SLB/) | $2.4M | 51,074 | 0.6% | 7 |
| FLAGSTAR BANK NATIONAL ASSOC | [FLGPRU](https://holderbook.com/stocks/FLGPRU/) | $2.2M | 53,868 | 0.6% | 31 |
| WINNEBAGO INDS INC | - | $2.1M | 2,310,000 | 0.6% | 4 |
| SPECTRUM BRANDS INC | - | $2.0M | 1,965,000 | 0.5% | 1 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $2.0M | 98,318 | 0.5% | 23 |
| FINANCIAL INSTITUTIONS INC | [FISI](https://holderbook.com/stocks/FISI/) | $1.9M | 49,428 | 0.5% | 29 |
| CNH INDL N V | [CNH](https://holderbook.com/stocks/CNH/) | $1.9M | 171,233 | 0.5% | 10 |
| PEOPLES FINL SVCS CORP | [PFIS](https://holderbook.com/stocks/PFIS/) | $1.9M | 28,746 | 0.5% | 8 |
| ALPHABET INC | - | $1.9M | 37,775 | 0.5% | 1 |
| CHEESECAKE FACTORY INC | - | $1.9M | 1,455,000 | 0.5% | 2 |
| VANECK ETF TRUST | [GDX](https://holderbook.com/stocks/GDX/) | $1.7M | 23,142 | 0.5% | 22 |
| HAEMONETICS CORP MASS | - | $1.7M | 1,725,000 | 0.5% | 4 |
| ETSY INC | - | $1.7M | 1,805,000 | 0.4% | 10 |
| BANC OF CALIFORNIA INC | [BANC](https://holderbook.com/stocks/BANC/) | $1.6M | 80,550 | 0.4% | 12 |
| WEC ENERGY GROUP INC | - | $1.6M | 1,500,000 | 0.4% | 1 |
| GUIDEWIRE SOFTWARE INC | - | $1.5M | 1,595,000 | 0.4% | 1 |
| TYSON FOODS INC | [TSN](https://holderbook.com/stocks/TSN/) | $1.5M | 26,340 | 0.4% | 19 |
| VISHAY INTERTECHNOLOGY INC | - | $1.5M | 735,000 | 0.4% | 7 |
| PACIRA BIOSCIENCES INC | - | $1.4M | 1,435,000 | 0.4% | 4 |
| SOLVAY BANK | [SOBS](https://holderbook.com/stocks/SOBS/) | $1.2M | 37,591 | 0.3% | 31 |
| ISHARES TR | [IAT](https://holderbook.com/stocks/IAT/) | $1.1M | 18,000 | 0.3% | 4 |
| CITIZENS BANC | [CZBT](https://holderbook.com/stocks/CZBT/) | $1.1M | 28,525 | 0.3% | 28 |
| VANGUARD INTL EQUITY INDEX F | [VT](https://holderbook.com/stocks/VT/) | $962.9K | 6,135 | 0.3% | 1 |
| WESTERN AST INFL LKD OPP & I | [WIW](https://holderbook.com/stocks/WIW/) | $940.7K | 111,992 | 0.2% | 10 |
| INVESCO TR INVT GRADE MUNS | [VGM](https://holderbook.com/stocks/VGM/) | $912.8K | 86,117 | 0.2% | 31 |
| HANCOCK WHITNEY CORPORATION | [HWC](https://holderbook.com/stocks/HWC/) | $814.3K | 10,898 | 0.2% | 29 |
| ALAMOS GOLD INC | [AGI](https://holderbook.com/stocks/AGI/) | $785.7K | 25,897 | 0.2% | 7 |
| AMPHASTAR PHARMACEUTICALS IN | - | $758.2K | 835,000 | 0.2% | 6 |
| M & T BK CORP | [MTB](https://holderbook.com/stocks/MTB/) | $756.7K | 3,179 | 0.2% | 17 |
| INTERNATIONAL FLAVORS&FRAGRA | [IFF](https://holderbook.com/stocks/IFF/) | $683.3K | 8,602 | 0.2% | 20 |
| FIRST TR EXCHANGE-TRADED FD | [QABA](https://holderbook.com/stocks/QABA/) | $664.0K | 9,868 | 0.2% | 20 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $623.2K | 1,671 | 0.2% | 21 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $600.5K | 1,200 | 0.2% | 22 |
| SOUTHSTATE BK CORP | [SSB](https://holderbook.com/stocks/SSB/) | $588.4K | 5,890 | 0.2% | 3 |
| ISHARES TR | [IUSV](https://holderbook.com/stocks/IUSV/) | $501.2K | 4,550 | 0.1% | 17 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $439.6K | 3,000 | 0.1% | 7 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $409.9K | 1,629 | 0.1% | 15 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $392.1K | 1,198 | 0.1% | 10 |
| SEACOAST BKG CORP FLA | [SBCF](https://holderbook.com/stocks/SBCF/) | $360.0K | 10,826 | 0.1% | 31 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $334.3K | 448 | 0.1% | 22 |
| SKEENA RES LTD NEW | [SKE](https://holderbook.com/stocks/SKE/) | $316.7K | 11,880 | 0.1% | 5 |
| SPDR GOLD TR | [GLD](https://holderbook.com/stocks/GLD/) | $310.2K | 842 | 0.1% | 5 |
| FIDELITY COVINGTON TRUST | [FFSM](https://holderbook.com/stocks/FFSM/) | $300.3K | 7,860 | 0.1% | 3 |
| EVERSOURCE ENERGY | [ES](https://holderbook.com/stocks/ES/) | $299.7K | 4,147 | 0.1% | 5 |
| KROGER CO | [KR](https://holderbook.com/stocks/KR/) | $277.9K | 5,005 | 0.1% | 11 |
| FRANKLIN FINL SVCS CORP | [FRAF](https://holderbook.com/stocks/FRAF/) | $275.4K | 4,400 | 0.1% | 31 |
| ALBEMARLE CORP | [ALBPRA](https://holderbook.com/stocks/ALBPRA/) | $258.8K | 4,675 | 0.1% | 9 |
| STARWOOD PPTY TR INC | - | $249.8K | 245,000 | 0.1% | 11 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +2.5% | +14.8% | -12.3% | 70% |
| Q1 2026 | +8.0% | -4.6% | +12.7% | 68% |
| Q4 2025 | +8.6% | +2.4% | +6.2% | 69% |
| Q3 2025 | +12.2% | +7.8% | +4.3% | 71% |
| Q2 2025 | -0.3% | +10.5% | -10.8% | 69% |
| Q1 2025 | +1.3% | -4.6% | +5.8% | 68% |
| Q4 2024 | -2.3% | +2.1% | -4.4% | 71% |
| Q3 2024 | +9.6% | +5.4% | +4.2% | 69% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $385.0M | 124 |
| Q1 2026 | $369.9M | 116 |
| Q4 2025 | $343.1M | 122 |
| Q3 2025 | $313.8M | 124 |
| Q2 2025 | $287.4M | 116 |
| Q1 2025 | $287.5M | 117 |
| Q4 2024 | $287.2M | 117 |
| Q3 2024 | $282.8M | 111 |
| Q2 2024 | $256.2M | 111 |
| Q1 2024 | $254.4M | 109 |
| Q4 2023 | $241.5M | 106 |
| Q3 2023 | $221.7M | 111 |