CUTLER CAPITAL MANAGEMENT, LLC

PrivateCIK: 1353098

Location

WORCESTER, MA

124

Positions

$385.01M

Total AUM (reported)

59.28M

Total Shares

Allocation by class

COM$254.68M66.1%

COM NEW$14.25M3.7%

SPON ADS$8.48M2.2%

NOTE 3.750% 3/1$8.07M2.1%

MSCI ENERGY IDX$7.91M2.1%

NOTE 3.500% 3/0$7.09M1.8%

NOTE 2.875% 3/1$6.89M1.8%

Portfolio Concentration

Top 3$46.57M12.1%

4–10$71.90M18.7%

11–25$102.99M26.8%

Rest$163.55M42.5%

Top 3 weight

12.1%

Top 10 weight

30.8%

Voting Authority Distribution

Total shares with voting rights: 59.28M

Sole

Full voting authority

4.41M

% of voting shares7.4%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

54.87M

% of voting shares92.6%

Investment Discretion (by position count)

Sole124

Shared0

Other0

Dominant voting typeNone · 92.6% of voting shares

Institutional Holdings124

Rows:

AGNICO EAGLE MINES LTD COM

SOLE

COM

Shares116.33K

TypeSH

Market value$18.05M

4.69%

Sole

30K

Shared

0.00

None

86.33K

METLIFE INC COM USD0.01

SOLE

COM

Shares171.53K

TypeSH

Market value$14.51M

3.77%

Sole

54K

Shared

0.00

None

117.53K

CTO RLTY GROWTH INC NEW COM

SOLE

COM

Shares651.27K

TypeSH

Market value$14.01M

3.64%

Sole

266.01K

Shared

0.00

None

385.26K

TIMBERLAND BANCORP INC

SOLE

COM

Shares285.26K

TypeSH

Market value$12.78M

3.32%

Sole

86K

Shared

0.00

None

199.26K

EXCHANGE BK SANTA ROSA CALIF COM

SOLE

COM

Shares74.93K

TypeSH

Market value$12.36M

3.21%

Sole

23.60K

Shared

0.00

None

51.33K

PARKE BANCORP INC COM STK USD0.10

SOLE

COM

Shares314.13K

TypeSH

Market value$10.42M

2.71%

Sole

110K

Shared

0.00

None

204.13K

SB FINL GROUP INC COM

SOLE

COM

Shares387.85K

TypeSH

Market value$9.80M

2.55%

Sole

133K

Shared

0.00

None

254.85K

FIRST BUSINESS FINL SVCS INC W COM

SOLE

COM

Shares154.35K

TypeSH

Market value$9.75M

2.53%

Sole

87K

Shared

0.00

None

67.35K

SHELL PLC SPON ADS EA REP 2 ORD SHS

SOLE

SPON ADS

Shares109.36K

TypeSH

Market value$8.48M

2.20%

Sole

30K

Shared

0.00

None

79.36K

BUNGE GLOBAL SA COM USD0.01

SOLE

COM

Shares77.79K

TypeSH

Market value$8.30M

2.16%

Sole

26K

Shared

0.00

None

51.79K

LIBERTY MEDIA CORP DEL BOND

SOLE

NOTE 3.750% 3/1

Shares7.03M

TypePRN

Market value$8.07M

2.10%

Sole

0.00

Shared

0.00

None

7.03M

FIDELITY MSCI ENERGY INDEX ETF

SOLE

MSCI ENERGY IDX

Shares267.55K

TypeSH

Market value$7.91M

2.05%

Sole

71K

Shared

0.00

None

196.55K

BENCHMARK BANKSHARES INC

SOLE

COM

Shares179.38K

TypeSH

Market value$7.44M

1.93%

Sole

113.50K

Shared

0.00

None

65.88K

VIATRIS INC COM

SOLE

COM

Shares448.36K

TypeSH

Market value$7.12M

1.85%

Sole

125K

Shared

0.00

None

323.36K

PROGRESS SOFTWARE CORP BOND

SOLE

NOTE 3.500% 3/0

Shares7.39M

TypePRN

Market value$7.09M

1.84%

Sole

0.00

Shared

0.00

None

7.39M

MERCK&CO. INC COM

SOLE

COM

Shares55.05K

TypeSH

Market value$7.08M

1.84%

Sole

13.30K

Shared

0.00

None

41.75K

PPL CAPITAL FUNDING INC BOND

SOLE

NOTE 2.875% 3/1

Shares6.07M

TypePRN

Market value$6.89M

1.79%

Sole

125K

Shared

0.00

None

5.94M

CHIRON REAL ESTATE INC COMMON STOCK

SOLE

COM NEW

Shares180.16K

TypeSH

Market value$6.76M

1.76%

Sole

31.20K

Shared

0.00

None

148.96K

INNOVIVA INC BOND

SOLE

NOTE 2.125% 3/1

Shares6.20M

TypePRN

Market value$6.64M

1.73%

Sole

990K

Shared

0.00

None

5.21M

ENERGY TRANSFER L P COM UT LTD PTN

SOLE

COM UT LTD PTN

Shares345.96K

TypeSH

Market value$6.61M

1.72%

Sole

0.00

Shared

0.00

None

345.96K

BANK OF BOTETOURT

SOLE

COM

Shares122.47K

TypeSH

Market value$6.52M

1.69%

Sole

79.40K

Shared

0.00

None

43.06K

CHESAPEAKE FINANCIAL SHARES

SOLE

COM

Shares178.85K

TypeSH

Market value$6.44M

1.67%

Sole

107K

Shared

0.00

None

71.85K

BANK AMERICA CORP CNV PFD L

SOLE

7.25%CNV PFD L

Shares4.91K

TypeSH

Market value$6.15M

1.60%

Sole

0.00

Shared

0.00

None

4.91K

VERIZON COMMUNICATIONS INC

SOLE

COM

Shares145.24K

TypeSH

Market value$6.15M

1.60%

Sole

0.00

Shared

0.00

None

145.24K

LEDYARD FINANCIAL GROUP INC COM USD1.00

SOLE

COM

Shares343.62K

TypeSH

Market value$6.12M

1.59%

Sole

139.90K

Shared

0.00

None

203.72K

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
AGNICO EAGLE MINES LTD COMSOLE	COM	116.33K	SH	$18.05M 4.69%	30K	86.33K
METLIFE INC COM USD0.01SOLE	COM	171.53K	SH	$14.51M 3.77%	54K	117.53K
CTO RLTY GROWTH INC NEW COMSOLE	COM	651.27K	SH	$14.01M 3.64%	266.01K	385.26K
TIMBERLAND BANCORP INCSOLE	COM	285.26K	SH	$12.78M 3.32%	86K	199.26K
EXCHANGE BK SANTA ROSA CALIF COMSOLE	COM	74.93K	SH	$12.36M 3.21%	23.60K	51.33K
PARKE BANCORP INC COM STK USD0.10SOLE	COM	314.13K	SH	$10.42M 2.71%	110K	204.13K
SB FINL GROUP INC COMSOLE	COM	387.85K	SH	$9.80M 2.55%	133K	254.85K
FIRST BUSINESS FINL SVCS INC W COMSOLE	COM	154.35K	SH	$9.75M 2.53%	87K	67.35K
SHELL PLC SPON ADS EA REP 2 ORD SHSSOLE	SPON ADS	109.36K	SH	$8.48M 2.20%	30K	79.36K
BUNGE GLOBAL SA COM USD0.01SOLE	COM	77.79K	SH	$8.30M 2.16%	26K	51.79K
LIBERTY MEDIA CORP DEL BONDSOLE	NOTE 3.750% 3/1	7.03M	PRN	$8.07M 2.10%	0.00	7.03M
FIDELITY MSCI ENERGY INDEX ETFSOLE	MSCI ENERGY IDX	267.55K	SH	$7.91M 2.05%	71K	196.55K
BENCHMARK BANKSHARES INCSOLE	COM	179.38K	SH	$7.44M 1.93%	113.50K	65.88K
VIATRIS INC COMSOLE	COM	448.36K	SH	$7.12M 1.85%	125K	323.36K
PROGRESS SOFTWARE CORP BONDSOLE	NOTE 3.500% 3/0	7.39M	PRN	$7.09M 1.84%	0.00	7.39M
MERCK&CO. INC COMSOLE	COM	55.05K	SH	$7.08M 1.84%	13.30K	41.75K
PPL CAPITAL FUNDING INC BONDSOLE	NOTE 2.875% 3/1	6.07M	PRN	$6.89M 1.79%	125K	5.94M
CHIRON REAL ESTATE INC COMMON STOCKSOLE	COM NEW	180.16K	SH	$6.76M 1.76%	31.20K	148.96K
INNOVIVA INC BONDSOLE	NOTE 2.125% 3/1	6.20M	PRN	$6.64M 1.73%	990K	5.21M
ENERGY TRANSFER L P COM UT LTD PTNSOLE	COM UT LTD PTN	345.96K	SH	$6.61M 1.72%	0.00	345.96K
BANK OF BOTETOURTSOLE	COM	122.47K	SH	$6.52M 1.69%	79.40K	43.06K
CHESAPEAKE FINANCIAL SHARESSOLE	COM	178.85K	SH	$6.44M 1.67%	107K	71.85K
BANK AMERICA CORP CNV PFD LSOLE	7.25%CNV PFD L	4.91K	SH	$6.15M 1.60%	0.00	4.91K
VERIZON COMMUNICATIONS INCSOLE	COM	145.24K	SH	$6.15M 1.60%	0.00	145.24K
LEDYARD FINANCIAL GROUP INC COM USD1.00SOLE	COM	343.62K	SH	$6.12M 1.59%	139.90K	203.72K

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