CUTLER CAPITAL MANAGEMENT, LLC

PrivateCIK: 1353098

Location

WORCESTER, MA

116

Positions

$369.86M

Total AUM (reported)

59.68M

Total Shares

Allocation by class

COM$230.40M62.3%

COM NEW$16.38M4.4%

SPON ADS$10.30M2.8%

COM SHS$10.09M2.7%

MSCI ENERGY IDX$9.09M2.5%

NOTE 3.750% 3/1$7.50M2.0%

COM UT LTD PTN$7.28M2.0%

Portfolio Concentration

Top 3$48.69M13.2%

4–10$69.35M18.8%

11–25$100.19M27.1%

Rest$151.62M41.0%

Top 3 weight

13.2%

Top 10 weight

31.9%

Voting Authority Distribution

Total shares with voting rights: 59.68M

Sole

Full voting authority

5.13M

% of voting shares8.6%

Shared

Joint voting authority

0.00

% of voting shares0.0%

None

No voting authority

54.55M

% of voting shares91.4%

Investment Discretion (by position count)

Sole116

Shared0

Other0

Dominant voting typeNone · 91.4% of voting shares

Institutional Holdings116

Rows:

AGNICO-EAGLE

SOLE

COM

Shares118.60K

TypeSH

Market value$24.07M

6.51%

Sole

30K

Shared

0.00

None

88.60K

METLIFE INC

SOLE

COM

Shares175.76K

TypeSH

Market value$12.43M

3.36%

Sole

54K

Shared

0.00

None

121.76K

CTO REALTY GRW

SOLE

COM

Shares659.37K

TypeSH

Market value$12.19M

3.30%

Sole

266.01K

Shared

0.00

None

393.36K

TIMBERLAND BANC

SOLE

COM

Shares291.20K

TypeSH

Market value$11.48M

3.10%

Sole

87K

Shared

0.00

None

204.20K

EXCHANGE BANK

SOLE

COM

Shares75.78K

TypeSH

Market value$11.03M

2.98%

Sole

23.60K

Shared

0.00

None

52.18K

SHELL PLC

SOLE

SPON ADS

Shares110.70K

TypeSH

Market value$10.30M

2.78%

Sole

30K

Shared

0.00

None

80.70K

BUNGE LIMITED

SOLE

COM SHS

Shares79.36K

TypeSH

Market value$10.09M

2.73%

Sole

26K

Shared

0.00

None

53.36K

FIDELITY CVNGTN

SOLE

MSCI ENERGY IDX

Shares267.31K

TypeSH

Market value$9.09M

2.46%

Sole

71K

Shared

0.00

None

196.31K

PARKE BANCORP

SOLE

COM

Shares317.43K

TypeSH

Market value$9.01M

2.44%

Sole

110K

Shared

0.00

None

207.43K

FIRST BUSINESS

SOLE

COM

Shares154.59K

TypeSH

Market value$8.34M

2.25%

Sole

87K

Shared

0.00

None

67.59K

SB FINANCIAL

SOLE

COM

Shares390.14K

TypeSH

Market value$8.19M

2.22%

Sole

133K

Shared

0.00

None

257.14K

SIRIUS XM HLDNGS

SOLE

NOTE 3.750% 3/1

Shares7.22M

TypePRN

Market value$7.50M

2.03%

Sole

0.00

Shared

0.00

None

7.22M

ENERGY TRANSFER

SOLE

COM UT LTD PTN

Shares377.20K

TypeSH

Market value$7.28M

1.97%

Sole

0.00

Shared

0.00

None

377.20K

PPL CAPITAL

SOLE

NOTE 2.875% 3/1

Shares6.21M

TypePRN

Market value$7.28M

1.97%

Sole

125K

Shared

0.00

None

6.08M

VERIZON COMM

SOLE

COM

Shares141.37K

TypeSH

Market value$7.10M

1.92%

Sole

0.00

Shared

0.00

None

141.37K

MERCK&CO INC

SOLE

COM

Shares58.40K

TypeSH

Market value$7.02M

1.90%

Sole

13.30K

Shared

0.00

None

45.10K

PFIZER INC

SOLE

COM

Shares248.77K

TypeSH

Market value$6.99M

1.89%

Sole

60K

Shared

0.00

None

188.77K

INNOVIVA INC

SOLE

NOTE 2.125% 3/1

Shares6.32M

TypePRN

Market value$6.82M

1.84%

Sole

990K

Shared

0.00

None

5.33M

PROGRESS SOFTWARE

SOLE

NOTE 3.500% 3/0

Shares7.54M

TypePRN

Market value$6.70M

1.81%

Sole

0.00

Shared

0.00

None

7.54M

BENCHMARK BANK

SOLE

COM

Shares173.08K

TypeSH

Market value$6.27M

1.70%

Sole

113K

Shared

0.00

None

60.08K

VIATRIS INC

SOLE

COM

Shares456.27K

TypeSH

Market value$6.16M

1.67%

Sole

125K

Shared

0.00

None

331.27K

BANK BOTETOURT

SOLE

COM

Shares122.47K

TypeSH

Market value$5.76M

1.56%

Sole

79.40K

Shared

0.00

None

43.06K

LEDYARD FINAN

SOLE

COM

Shares335.70K

TypeSH

Market value$5.72M

1.55%

Sole

139.90K

Shared

0.00

None

195.80K

CHESPKE FINAN

SOLE

COM

Shares178.50K

TypeSH

Market value$5.71M

1.54%

Sole

107K

Shared

0.00

None

71.50K

CHIRON RL ESTTE

SOLE

COM NEW

Shares172.21K

TypeSH

Market value$5.70M

1.54%

Sole

30K

Shared

0.00

None

142.21K

Issuer	Class	Shares	Type	Value / Portfolio %	Voting — Sole	None
AGNICO-EAGLESOLE	COM	118.60K	SH	$24.07M 6.51%	30K	88.60K
METLIFE INCSOLE	COM	175.76K	SH	$12.43M 3.36%	54K	121.76K
CTO REALTY GRWSOLE	COM	659.37K	SH	$12.19M 3.30%	266.01K	393.36K
TIMBERLAND BANCSOLE	COM	291.20K	SH	$11.48M 3.10%	87K	204.20K
EXCHANGE BANKSOLE	COM	75.78K	SH	$11.03M 2.98%	23.60K	52.18K
SHELL PLCSOLE	SPON ADS	110.70K	SH	$10.30M 2.78%	30K	80.70K
BUNGE LIMITEDSOLE	COM SHS	79.36K	SH	$10.09M 2.73%	26K	53.36K
FIDELITY CVNGTNSOLE	MSCI ENERGY IDX	267.31K	SH	$9.09M 2.46%	71K	196.31K
PARKE BANCORPSOLE	COM	317.43K	SH	$9.01M 2.44%	110K	207.43K
FIRST BUSINESSSOLE	COM	154.59K	SH	$8.34M 2.25%	87K	67.59K
SB FINANCIALSOLE	COM	390.14K	SH	$8.19M 2.22%	133K	257.14K
SIRIUS XM HLDNGSSOLE	NOTE 3.750% 3/1	7.22M	PRN	$7.50M 2.03%	0.00	7.22M
ENERGY TRANSFERSOLE	COM UT LTD PTN	377.20K	SH	$7.28M 1.97%	0.00	377.20K
PPL CAPITALSOLE	NOTE 2.875% 3/1	6.21M	PRN	$7.28M 1.97%	125K	6.08M
VERIZON COMMSOLE	COM	141.37K	SH	$7.10M 1.92%	0.00	141.37K
MERCK&CO INCSOLE	COM	58.40K	SH	$7.02M 1.90%	13.30K	45.10K
PFIZER INCSOLE	COM	248.77K	SH	$6.99M 1.89%	60K	188.77K
INNOVIVA INCSOLE	NOTE 2.125% 3/1	6.32M	PRN	$6.82M 1.84%	990K	5.33M
PROGRESS SOFTWARESOLE	NOTE 3.500% 3/0	7.54M	PRN	$6.70M 1.81%	0.00	7.54M
BENCHMARK BANKSOLE	COM	173.08K	SH	$6.27M 1.70%	113K	60.08K
VIATRIS INCSOLE	COM	456.27K	SH	$6.16M 1.67%	125K	331.27K
BANK BOTETOURTSOLE	COM	122.47K	SH	$5.76M 1.56%	79.40K	43.06K
LEDYARD FINANSOLE	COM	335.70K	SH	$5.72M 1.55%	139.90K	195.80K
CHESPKE FINANSOLE	COM	178.50K	SH	$5.71M 1.54%	107K	71.50K
CHIRON RL ESTTESOLE	COM NEW	172.21K	SH	$5.70M 1.54%	30K	142.21K

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