SEC 13F Intelligence

Managers / Q3 2025 · view latest →

Cutler Capital Management, LLC

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

Reported Value
$314M
Q3 2025
Positions
124
Filings on Record
34
2019–present window
Filed
Nov 14, 2025
original filing

Summary

Cutler Capital Management, LLC reported $314M in U.S.-listed holdings across 124 positions for Q3 2025.

Its largest position, AEM, represents 6.6% of the portfolio.

Compared with Q2 2025, the fund opened 14 new positions and exited 6.

Portfolio Metrics

Turnover
+4.0%
vs prior filed quarter
Top-10 Concentration
+32.1%
share of reported value
Largest Position
+6.6%
Agnico Eagle
New / Exited
14 / 6
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: 56.5%Other: 23.0%REIT: 9.5%ETP: 5.2%ADR: 2.6%Other: 3.3%
  • Common Stock · 56.5% · $177M
  • Other · 23.0% · $72M
  • REIT · 9.5% · $30M
  • ETP · 5.2% · $16M
  • ADR · 2.6% · $8M
  • Other · 3.3% · $10M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
XRNGLOBAL MEDICALNEW+99.5K99.5K+$3M$3M
NORTHERN OILNEW+1.61M1.61M+$2M$2M
PACIRA BIOSCIENCENEW+1.50M1.50M+$2M$2M
HAEMONETICS CORPNEW+1.16M1.16M+$1M$1M
MICROSOFT CORPNEW+1.7K1.7K+$879,997$879,997
SPDR PORT SP 500NEW+10.2K10.2K+$795,151$795,151
WINNEBAGO INDSNEW+570.0K570.0K+$509,010$509,010
ISHARES US REGIONEW+8.6K8.6K+$451,758$451,758

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

Holdings — Q3 2025

50 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1AEMAGNICO-EAGLEhistory →COM6.57%$21M122.4K
2METMETLIFE INChistory →COM4.35%$14M165.7K
3CTOCTO REALTY GRWhistory →COM3.45%$11M665.0K
4TSBKTIMBERLAND BANChistory →COM3.09%$10M291.8K
5EXSREXCHANGE BANKhistory →COM2.77%$9M76.2K
6FBIZFIRST BUSINESShistory →COM2.54%$8M155.5K
7SHELSHELL PLChistory →SPON ADS2.52%$8M110.6K
8SBFGSB FINANCIALhistory →COM2.41%$8M391.7K
9PPL CAPITALNOTE 2.875% 3/12.30%$7M6.32M
10FIDELITY CVNGTNMSCI ENERGY IDX2.14%$7M271.2K
11PKBKPARKE BANCORPhistory →COM2.13%$7M310.7K
12BUNGE LIMITEDCOM SHS2.08%$7M80.4K
13PFEPFIZER INChistory →COM2.06%$6M253.5K
14ETENERGY TRANSFERhistory →COM UT LTD PTN1.98%$6M361.4K
15INNOVIVA INCNOTE 2.125% 3/11.97%$6M6.38M
16JAZZ INVESTNOTE 2.000% 6/11.94%$6M5.72M
17VICIVICI PRPTYhistory →COM1.73%$5M166.8K
18KIMCO REALTYDP CV CL N 7.25%1.72%$5M90.5K
19BMBNBENCHMARK BANKhistory →COM1.66%$5M170.3K
20MRKMERCK&CO INChistory →COM1.56%$5M58.2K
21LFGPLEDYARD FINANhistory →COM1.51%$5M337.3K
22FXNCFIRST NATL VAhistory →COM1.47%$5M202.7K
23VTRSVIATRIS INChistory →COM1.46%$5M464.0K
24BACVERIZON COMMhistory →COM1.45%$5M103.7K
25PTBSPOTOMAC BANChistory →COM1.38%$4M230.2K
26BORTBANK BOTETOURThistory →COM1.37%$4M110.3K
27PROGRESS SOFTWARENOTE 3.500% 3/01.33%$4M4.17M
28WYWEYERHAEUSERhistory →COM NEW1.30%$4M164.4K
29FLAGSTAR FNCLUNIT 05/07/20511.24%$4M97.8K
30CPKFCHESPKE FINANhistory →COM1.23%$4M178.9K
31SIRIUS XM HLDNGSNOTE 3.750% 3/11.17%$4M3.53M
32FMBMF&M BANK CORPhistory →COM1.12%$4M135.9K
33APLEAPPLE HOPTLYhistory →COM NEW1.10%$3M287.3K
34CWBCCMNTY WST BANChistory →COM1.08%$3M162.2K
35XRNGLOBAL MEDICALhistory →COM NEW1.07%$3M99.5K
36CSBBCSB BANCORPhistory →COM1.06%$3M67.0K
37ALRSALERUS FINANhistory →COM1.04%$3M148.0K
38ENRENERGIZER HLDNGhistory →COM1.01%$3M126.9K
39LIBERTY MEDIANOTE 2.250% 8/10.99%$3M2.35M
40MFGIMERCHANTS FINLCOM0.96%$3M111.9K
41HCIHCI GROUP INCCOM0.94%$3M15.3K
42VE WIDE MOATMRNGSTR WDE MOAT0.89%$3M28.0K
43LXP INDUSTRIALCOM0.83%$3M289.1K
44SFL CORP LTDSHS0.83%$3M343.8K
45ACIALBERTSONS COSCOM0.82%$3M147.7K
46AIGAMERICAN INTLCOM NEW0.82%$3M32.8K
47ABCBAMERIS BANCORPCOM0.81%$3M34.5K
48DUKE ENERGYNOTE 4.125% 4/10.73%$2M2.15M
49FORD MOTOR CONOTE 3/10.73%$2M2.27M
50FCCOFIRST CMNTY SCCOM0.69%$2M76.5K

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 ↗.