SEC 13F Intelligence

Managers / Q1 2026

Cutler Capital Management, LLC

CIK 0001353098 · 306 MAIN STREET, WORCESTER, MA, 01608 · 508-757-4455

Reported Value
$370M
Q1 2026
Positions
116
Filings on Record
34
2019–present window
Filed
May 15, 2026
original filing

Summary

Cutler Capital Management, LLC reported $370M in U.S.-listed holdings across 116 positions for Q1 2026.

Its largest position, AEM, represents 6.5% of the portfolio.

Compared with Q4 2025, the fund opened 3 new positions and exited 9.

Portfolio Metrics

Turnover
+6.1%
vs prior filed quarter
Top-10 Concentration
+31.9%
share of reported value
Largest Position
+6.5%
Agnico Eagle
New / Exited
3 / 9
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $441MQ4 ’18Q1 ’19: $242MQ2 ’19: $248MQ3 ’19: $289MQ4 ’19: $284MQ4 ’19Q1 ’20: $198MQ2 ’20: $186MQ3 ’20: $184MQ4 ’20: $230MQ4 ’20Q1 ’21: $249MQ2 ’21: $261MQ3 ’21: $265MQ4 ’21: $275MQ4 ’21Q1 ’22: $281MQ2 ’22: $259MQ3 ’22: $216MQ4 ’22: $243MQ4 ’22Q1 ’23: $224MQ2 ’23: $213MQ3 ’23: $222MQ4 ’23: $241MQ4 ’23Q1 ’24: $254MQ2 ’24: $256MQ3 ’24: $283MQ4 ’24: $287MQ4 ’24Q1 ’25: $288MQ2 ’25: $287MQ3 ’25: $314MQ4 ’25: $343MQ4 ’25Q1 ’26: $370Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 57.8%Other: 21.3%REIT: 9.1%ETP: 5.3%ADR: 2.8%Other: 3.6%
  • Common Stock · 57.8% · $214M
  • Other · 21.3% · $79M
  • REIT · 9.1% · $34M
  • ETP · 5.3% · $20M
  • ADR · 2.8% · $10M
  • Other · 3.6% · $13M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BANK AMERICA CORPNEW+3.4K3.4K+$4M$4M
LXPLXP INDUSTRIALNEW+54.1K54.1K+$3M$3M
CHEESECAKE FACTORY INCNEW+1.50M1.50M+$2M$2M
WINNEBAGO INDSADDED+1.77M2.35M+$2M$2M
NOGNORTHERN OILADDED+42.7K73.6K+$1M$2M
LXP INDUSTRIALSOLD OUT−54.2K0−$3M$0
DUKE ENERGYSOLD OUT−2.08M0−$2M$0
EPR PRPTYSOLD OUT−82.0K0−$2M$0

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

48 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1AEMAGNICO-EAGLEhistory →COM6.51%$24M118.6K
2METMETLIFE INChistory →COM3.36%$12M175.8K
3CTOCTO REALTY GRWhistory →COM3.30%$12M659.4K
4TSBKTIMBERLAND BANChistory →COM3.10%$11M291.2K
5EXSREXCHANGE BANKhistory →COM2.98%$11M75.8K
6SHELSHELL PLChistory →SPON ADS2.78%$10M110.7K
7BUNGE LIMITEDCOM SHS2.73%$10M79.4K
8FIDELITY CVNGTNMSCI ENERGY IDX2.46%$9M267.3K
9PKBKPARKE BANCORPhistory →COM2.44%$9M317.4K
10FBIZFIRST BUSINESShistory →COM2.25%$8M154.6K
11SBFGSB FINANCIALhistory →COM2.22%$8M390.1K
12SIRIUS XM HLDNGSNOTE 3.750% 3/12.03%$7M7.22M
13ETENERGY TRANSFERhistory →COM UT LTD PTN1.97%$7M377.2K
14PPL CAPITALNOTE 2.875% 3/11.97%$7M6.21M
15BACVERIZON COMMhistory →COM1.92%$7M141.4K
16MRKMERCK&CO INChistory →COM1.90%$7M58.4K
17PFEPFIZER INChistory →COM1.89%$7M248.8K
18INNOVIVA INCNOTE 2.125% 3/11.84%$7M6.32M
19PROGRESS SOFTWARENOTE 3.500% 3/01.81%$7M7.54M
20BMBNBENCHMARK BANKhistory →COM1.70%$6M173.1K
21VTRSVIATRIS INChistory →COM1.67%$6M456.3K
22BORTBANK BOTETOURThistory →COM1.56%$6M122.5K
23LFGPLEDYARD FINANhistory →COM1.55%$6M335.7K
24CPKFCHESPKE FINANhistory →COM1.54%$6M178.5K
25XRNCHIRON RL ESTTEhistory →COM NEW1.54%$6M172.2K
26VICIVICI PRPTYhistory →COM1.50%$6M202.7K
27FXNCFIRST NATL VAhistory →COM1.49%$5M204.1K
28KIMCO REALTYDP CV CL N 7.25%1.45%$5M89.9K
29PTBSPOTOMAC BANChistory →COM1.23%$5M231.0K
30MFGIMERCHANTS FINLhistory →COM1.20%$4M127.0K
31NORTHERN OILNOTE 3.625% 4/11.17%$4M3.95M
32WYWEYERHAEUSERhistory →COM NEW1.15%$4M174.1K
33CSBBCSB BANCORPhistory →COM1.12%$4M66.6K
34FMBMF&M BANK CORPhistory →COM1.12%$4M135.9K
35BANK AMERICA CORP7.25% CNV PFD L1.08%$4M3.4K
36FSBHFSBH CORPhistory →COM1.04%$4M240.0K
37CWBCCMNTY WST BANChistory →COM1.02%$4M162.6K
38SFL CORP LTDSHS0.97%$4M330.9K
39VE WIDE MOATMRNGSTR WDE MOAT0.96%$4M36.8K
40APLEAPPLE HOPTLYCOM NEW0.94%$3M300.7K
41ALRSALERUS FINANCOM0.87%$3M136.5K
42JAZZ INVESTNOTE 2.000% 6/10.84%$3M2.56M
43LIBERTY MEDIANOTE 2.250% 8/10.72%$3M2.30M
44ACIALBERTSONS COSCOM0.69%$3M149.7K
45SLBSCHLUMBERGERCOM STK0.68%$3M49.1K
46LXPLXP INDUSTRIALCOM0.68%$3M54.1K
47ABCBAMERIS BANCORPCOM0.67%$2M31.9K
48AIGAMERICAN INTLCOM NEW0.67%$2M33.0K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$370M116May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$343M122Feb 13, 202613F-HRchanges · EDGAR ↗
Q3 2025$314M124Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$287M116Aug 13, 202513F-HRchanges · EDGAR ↗
Q1 2025$288M117May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$287M117Feb 13, 2025RESTATEMENTchanges · EDGAR ↗
Q3 2024$283M111Nov 13, 202413F-HRchanges · EDGAR ↗
Q2 2024$256M111Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$254M109May 14, 202413F-HRchanges · EDGAR ↗
Q4 2023$241M106Feb 13, 202413F-HRchanges · EDGAR ↗
Q3 2023$222M111Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$213M101Aug 15, 2023RESTATEMENTchanges · EDGAR ↗
Q1 2023$224M104May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022$243M107Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$216M102Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$259M108Aug 11, 202213F-HRchanges · EDGAR ↗
Q1 2022$281M112May 11, 202213F-HRchanges · EDGAR ↗
Q4 2021$275M106Feb 9, 202213F-HRchanges · EDGAR ↗
Q3 2021$265M109Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$261M103Aug 4, 202113F-HRchanges · EDGAR ↗
Q1 2021$249M103Apr 22, 202113F-HRchanges · EDGAR ↗
Q4 2020$230M89Jan 28, 202113F-HRchanges · EDGAR ↗
Q3 2020$184M89Nov 5, 202013F-HRchanges · EDGAR ↗
Q2 2020$186M88Aug 12, 202013F-HRchanges · EDGAR ↗
Q1 2020$198M100May 12, 202013F-HRchanges · EDGAR ↗
Q4 2019$284M110Feb 10, 202013F-HRchanges · EDGAR ↗
Q3 2019$289M116Nov 8, 201913F-HRchanges · EDGAR ↗
Q2 2019$248M98Aug 8, 201913F-HRchanges · EDGAR ↗
Q1 2019$242M94Apr 30, 201913F-HRchanges · EDGAR ↗
Q4 2018REVEALED$441M181Jan 25, 2019RESTATEMENTchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.