# EDGAR Filing Document

**Accession Number:** 0001353098
**File Stem:** 0001353098-23-000001
**Filing Date:** 2023-2
**Character Count:** 14791
**Document Hash:** afffacf2d246044cd3ab36aad434f922
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001353098-23-000001.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001353098-23-000001

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cutler Capital Management, LLC
- **CENTRAL INDEX KEY:** 0001353098
- **IRS NUMBER:** 043469688
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-11849
- **FILM NUMBER:** 23624729

**BUSINESS ADDRESS:**
- **STREET 1:** 306 MAIN STREET
- **CITY:** WORCESTER
- **STATE:** MA
- **ZIP:** 01608
- **BUSINESS PHONE:** 508-757-4455

**MAIL ADDRESS:**
- **STREET 1:** 306 MAIN STREET
- **CITY:** WORCESTER
- **STATE:** MA
- **ZIP:** 01608

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Cutler Capital Management LLC<br>**Address:** 306 MAIN STREET<br>WORCESTER, MA 01608

**Form 13F File Number:** 028-11849

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Geoffrey Dancey<br>**Title:** Managing Partner<br>**Phone:** 5087574455

**Signature, Place, and Date of Signing:**

Geoffrey Dancey  Worcester, MA  02-14-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 107

**Form 13F Information Table Value Total:** $243031894

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| AGNICO EAGLE | COM | 008474108 | BBG000DLVDK3 | 7055060 | 135700 | SH |  | SOLE |  | 30000 | 0 | 105700 |
| ABBVIE | COM | 00287Y109 | BBG0025Y4RY4 | 1131270 | 70000 | SH |  | SOLE |  | 0 | 0 | 7000 |
| ALBERTSONS | COM | 013091103 | BBG009KG1750 | 1162892 | 56070 | SH |  | SOLE |  | 0 | 0 | 56070 |
| ALERUS FINAN | COM | 01446U103 | BBG000BTXSH7 | 3602379 | 154277 | SH |  | SOLE |  | 76000 | 0 | 78277 |
| AMERICAN INTL | COM | 026874784 | BBG000BBDZG3 | 2055300 | 32500 | SH |  | SOLE |  | 32500 | 0 | 0 |
| AMERIS BANCORP | COM | 03076K108 | BBG000CDY3H5 | 2115359 | 44874 | SH |  | SOLE |  | 0 | 0 | 44874 |
| APPLE HOSPITLITY | COM | 03784Y200 | BBG006473QX9 | 896612 | 56820 | SH |  | SOLE |  | 0 | 0 | 56820 |
| AT INC | COM | 00206R102 | BBG000BSJK37 | 3665571 | 199108 | SH |  | SOLE |  | 61000 | 0 | 138108 |
| BANK BOTETOURT | COM | 063907208 | BBG000HLXBR4 | 2819950 | 99294 | SH |  | SOLE |  | 79950 | 0 | 19344 |
| iPath Series B ETN | COM | 06747R477 | BBG00JQ5JWB5 | 194150 | 13750 | SH |  | SOLE |  | 0 | 0 | 13750 |
| BENCHMARK BANK | COM | 08160E207 | BBG000C0VW37 | 3114112 | 138405 | SH |  | SOLE |  | 107405 | 0 | 31000 |
| BERKSHIRE HATH | COM CLASS B | 084670702 | BBG000DWG505 | 412690 | 1336 | SH |  | SOLE |  | 0 | 0 | 1336 |
| BEYOND MEAT | DEB | 08862EAB5 | BBG00ZHF0G31 | 316250 | 1250000 | PRN |  | SOLE |  | 1250000 | 0 | 0 |
| BLACKSTONE GRP | DEB | 09257WAC4 | BBG00KFL3ZT0 | 1201272 | 1225000 | PRN |  | SOLE |  | 0 | 0 | 1225000 |
| BLUE RIDGE BANK | COM | 095825105 | BBG000BJ7RY1 | 2887688 | 231200 | SH |  | SOLE |  | 174500 | 0 | 56700 |
| BUNGE LIMITED | COM | G16962105 | BBG000DGPR66 | 7207888 | 72245 | SH |  | SOLE |  | 26000 | 0 | 46245 |
| CAMBRIDGE BANC | COM | 132152109 | BBG000C2D195 | 2649614 | 31900 | SH |  | SOLE |  | 29000 | 0 | 2900 |
| CHEGG INC | DEB | 163092AD1 | BBG00NNWBHW8 | 237250 | 260000 | PRN |  | SOLE |  | 0 | 0 | 260000 |
| CHESAPEAKE FINL | COM | 16517A109 | BBG000DWJWQ5 | 3430460 | 170500 | SH |  | SOLE |  | 105000 | 0 | 65500 |
| CITIZENS BANC | COM | 17316V104 | BBG000BT7R42 | 642375 | 22500 | SH |  | SOLE |  | 22500 | 0 | 0 |
| COMMUNITY WEST | COM | 204157101 | BBG000JF5K69 | 4701402 | 314055 | SH |  | SOLE |  | 173000 | 0 | 141055 |
| CTO REALTY | COM | 22948Q101 | BBG00Y3M1H59 | 1058933 | 57929 | SH |  | SOLE |  | 0 | 0 | 57929 |
| CSB BANCORP | COM | 12628R107 | BBG000BS4616 | 2579500 | 67000 | SH |  | SOLE |  | 67000 | 0 | 0 |
| DIGITALBRIDGE | DEB | 19624RAA4 | BBG004DSLDX7 | 359525 | 365000 | PRN |  | SOLE |  | 0 | 0 | 365000 |
| EAGLE BANCORP | COM | 26942G100 | BBG000BSHXP7 | 1123120 | 69500 | SH |  | SOLE |  | 47500 | 0 | 22000 |
| ENERGIZER | COM | 29272W109 | BBG006FCB019 | 4362378 | 130026 | SH |  | SOLE |  | 44000 | 0 | 86026 |
| ENERGY TRANSFER MLP | PARTENRSHIP SHARES | 29273V100 | BBG000BM2FL9 | 4774195 | 402207 | SH |  | SOLE |  | 0 | 0 | 402207 |
| EPR PROPERTIES | PFD | 26884U208 | BBG000002LY2 | 999365 | 55613 | SH |  | SOLE |  | 44488 | 0 | 11125 |
| EURONET | DEB | 298736AL3 | BBG00NKZLB01 | 118204 | 125000 | PRN |  | SOLE |  | 0 | 0 | 125000 |
| EXCHANGE BANK | COM | 301227203 | BBG000BHWS66 | 8223159 | 72752 | SH |  | SOLE |  | 23500 | 0 | 49252 |
| EZCORP | DEB | 302301AF3 | BBG00H1P9M61 | 259014 | 245000 | PRN |  | SOLE |  | 0 | 0 | 245000 |
| FIDELITY ENERGY ETF | COM | 316092402 | BBG005FHW2W9 | 4772793 | 200201 | SH |  | SOLE |  | 71000 | 0 | 129201 |
| FINANCIAL INST | COM | 317585404 | BBG000BY1L13 | 876960 | 36000 | SH |  | SOLE |  | 36000 | 0 | 0 |
| FINWARD | COM | 31812F109 | BBG000BRR418 | 836437 | 23106 | SH |  | SOLE |  | 10106 | 0 | 13000 |
| FIRST BUSINESS | COM | 319390100 | BBG000QK39V9 | 4961662 | 135750 | SH |  | SOLE |  | 91000 | 0 | 44750 |
| FIRST COMMUNITY | COM | 319835104 | BBG000BRD351 | 1658539 | 75767 | SH |  | SOLE |  | 75767 | 0 | 0 |
| FIRST LONG ISLAND | COM | 320734106 | BBG000BJMDS2 | 803051 | 44614 | SH |  | SOLE |  | 0 | 0 | 44614 |
| FIRST NATL AK | COM | 32112J106 | BBG000P4BDT1 | 2533782 | 10876 | SH |  | SOLE |  | 7600 | 0 | 3276 |
| FIRST NATIONAL | COM | 302578109 | BBG000BP3SJ6 | 1981484 | 241350 | SH |  | SOLE |  | 45000 | 0 | 196350 |
| FIRST NATIONAL | COM | 32106V107 | BBG000GMKH30 | 3375279 | 197039 | SH |  | SOLE |  | 132012 | 0 | 65027 |
| FSBH CORP | COM | 30325F101 | BBG000QGFDR1 | 1622608 | 179492 | SH |  | SOLE |  | 179492 | 0 | 0 |
| FIRST TRUST | COM | 33736Q104 | BBG000N6XBP2 | 348003 | 6617 | SH |  | SOLE |  | 0 | 0 | 6617 |
| F BANCORP | COM | 30237P106 | BBG000BQGRG5 | 3062613 | 133914 | SH |  | SOLE |  | 82500 | 0 | 51414 |
| FORD MOTOR | DEB | 345370CZ1 | BBG00ZNKGD88 | 110389 | 117000 | PRN |  | SOLE |  | 0 | 0 | 117000 |
| FRANKLIN FINL | COM | 353525108 | BBG000BS5205 | 1201516 | 33283 | SH |  | SOLE |  | 0 | 0 | 33283 |
| GLOBAL MEDICAL | COM | 37954A204 | BBG0027F2B89 | 2635661 | 278023 | SH |  | SOLE |  | 85000 | 0 | 193023 |
| GREAT AJAX | PFD | 38983D409 | BBG00GH3MP63 | 1332500 | 55660 | SH |  | SOLE |  | 0 | 0 | 55660 |
| GREENBRIER | DEB | 393657AM3 | BBG0103VFNY2 | 103135 | 117000 | PRN |  | SOLE |  | 0 | 0 | 117000 |
| GUIDEWIRE | DEB | 40171VAA8 | BBG00K9FN239 | 157335 | 170000 | PRN |  | SOLE |  | 0 | 0 | 170000 |
| HALOZYME | DEB | 40637HAD1 | BBG00ZFDCBK7 | 106494 | 110000 | PRN |  | SOLE |  | 0 | 0 | 110000 |
| HANCOCK WHITNEY | COM | 410120109 | BBG000CBC7D8 | 494492 | 10219 | SH |  | SOLE |  | 0 | 0 | 10219 |
| HANESBRANDS | COM | 410345102 | BBG000D2ZTS8 | 1655481 | 260296 | SH |  | SOLE |  | 114000 | 0 | 146296 |
| HARBOR CUSTOM | PFD | 41150T207 | BBG011BYJCC9 | 3752932 | 581850 | SH |  | SOLE |  | 150000 | 0 | 431850 |
| HCI GROUP | COM | 40416E103 | BBG000F4DVC8 | 1503620 | 37980 | SH |  | SOLE |  | 0 | 0 | 37980 |
| HOPE BANCORP | DEB | 43940TAB5 | BBG00KVSYSJ0 | 287238 | 294000 | PRN |  | SOLE |  | 0 | 0 | 294000 |
| INTL FLAVORS | COM | 459506101 | BBG000BLSL58 | 5361604 | 51141 | SH |  | SOLE |  | 9600 | 0 | 41541 |
| INVESCO TR INVT CEF | COM | 46131M106 | BBG000CQLM15 | 865479 | 86117 | SH |  | SOLE |  | 0 | 0 | 86117 |
| ISHARES CORE ETF | COM | 464287663 | BBG000C183Y1 | 353150 | 5000 | SH |  | SOLE |  | 0 | 0 | 5000 |
| KEYCORP | COM | 493267108 | BBG000BMQPL1 | 597418 | 34295 | SH |  | SOLE |  | 0 | 0 | 34295 |
| KKR REAL ESTATE | DEB | 48251KAB6 | BBG00KXN8GF8 | 191377 | 195000 | PRN |  | SOLE |  | 0 | 0 | 195000 |
| LAKELAND BANCORP | COM | 511637100 | BBG000BKQ254 | 545910 | 31000 | SH |  | SOLE |  | 31000 | 0 | 0 |
| LEDYARD FINANCIAL | COM | 523338101 | BBG000BF5QK8 | 5874961 | 330054 | SH |  | SOLE |  | 139000 | 0 | 191054 |
| LEGAND PHARMA | DEB | 53220KAF5 | BBG00KXRV5J3 | 291939 | 300000 | PRN |  | SOLE |  | 0 | 0 | 300000 |
| LYFT INC | DEB | 55087PAB0 | BBG00TSW3BY0 | 788012 | 895000 | PRN |  | SOLE |  | 0 | 0 | 895000 |
| LEXINGTON | COM | 529043101 | BBG000BL3355 | 3527266 | 352023 | SH |  | SOLE |  | 96000 | 0 | 256023 |
| M BANK | COM | 55261F104 | BBG000D9KWL9 | 404506 | 2789 | SH |  | SOLE |  | 0 | 0 | 2789 |
| MAIN STREET BANC | COM | 56064Y100 | BBG000QRB2P7 | 2195383 | 79861 | SH |  | SOLE |  | 16000 | 0 | 63861 |
| MCHENRY BANCORP | COM | 580683209 | BBG003BCFCH3 | 711200 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| MEDICAL PRTY | COM | 58463J304 | BBG000BGRB25 | 2633553 | 236405 | SH |  | SOLE |  | 0 | 0 | 236405 |
| MERCHANTS FINAN | COM | 588538108 | BBG000BNQ2W8 | 1540176 | 52927 | SH |  | SOLE |  | 52927 | 0 | 0 |
| MERCK | COM | 58933Y105 | BBG000BPD168 | 10405234 | 93783 | SH |  | SOLE |  | 22500 | 0 | 71283 |
| METLIFE | COM | 59156R108 | BBG000BB6KF5 | 11935541 | 164924 | SH |  | SOLE |  | 54000 | 0 | 110924 |
| MICROSOFT | COM | 594918104 | BBG000BPH459 | 161136 | 672 | SH |  | SOLE |  | 0 | 0 | 672 |
| NEW MOUNTAIN | DEB | 647551AC4 | BBG00LQC6485 | 138863 | 140000 | PRN |  | SOLE |  | 0 | 0 | 14000 |
| NY COMM BANC | PFD | 64944P307 | BBG0000072G9 | 4012780 | 92503 | SH |  | SOLE |  | 0 | 0 | 92503 |
| ORRSTOWN FINL | COM | 687380105 | BBG000BRRN07 | 1619880 | 69943 | SH |  | SOLE |  | 69943 | 0 | 0 |
| PACWEST BANC | PFD | 695263202 | BBG017WNHPC0 | 632500 | 25300 | SH |  | SOLE |  | 0 | 0 | 25300 |
| PARKE BANCORP | COM | 700885106 | BBG000C3LQ53 | 6120990 | 295130 | SH |  | SOLE |  | 106000 | 0 | 189130 |
| PARSONS CORP | DEB | 70202LAB8 | BBG00WS64NS0 | 113650 | 100000 | PRN |  | SOLE |  | 0 | 0 | 100000 |
| PFIZER | COM | 717081103 | BBG000BR2B91 | 7679489 | 149873 | SH |  | SOLE |  | 33000 | 0 | 116873 |
| POTOMAC BANCSH | COM | 737643106 | BBG000BKV9Y1 | 2787675 | 170500 | SH |  | SOLE |  | 125000 | 0 | 45500 |
| PRA GROUP | DEB | 69354NAB2 | BBG00GSML5B8 | 2062527 | 2095000 | PRN |  | SOLE |  | 0 | 0 | 2095000 |
| READY CAPITAL | PFD | 75574U200 | BBG00HD3T1G0 | 1133786 | 45279 | SH |  | SOLE |  | 0 | 0 | 45279 |
| RPT REALTY | PFD | 74971D200 | BBG001M0RDL1 | 3263144 | 65289 | SH |  | SOLE |  | 28000 | 0 | 37289 |
| SB FINANCIAL | COM | 78408D105 | BBG000BJQTT2 | 6733199 | 397239 | SH |  | SOLE |  | 132300 | 0 | 264939 |
| SEACOAST BANKING | COM | 811707801 | BBG000KK3464 | 319215 | 10235 | SH |  | SOLE |  | 0 | 0 | 10235 |
| SFL CORP | DEB | 824689AG8 | BBG00KNSGHC0 | 3591997 | 3705000 | PRN |  | SOLE |  | 0 | 0 | 3705000 |
| SHELL PLC | ADR SHARES | 780259305 | BBG0147BN6G2 | 4177235 | 73349 | SH |  | SOLE |  | 18000 | 0 | 55349 |
| SOLVAY BANK | COM | 83441Q105 | BBG000BJHYD8 | 2164644 | 63666 | SH |  | SOLE |  | 51660 | 0 | 12006 |
| SOUTH STATE | COM | 840441109 | BBG000BNPYN9 | 418025 | 5474 | SH |  | SOLE |  | 0 | 0 | 5474 |
| SPDR S 500 ETF | COM | 78462F103 | BBG000BDTBL9 | 265912 | 695 | SH |  | SOLE |  | 0 | 0 | 695 |
| SPOTIFY | DEB | 84921RAB6 | BBG00ZFDC5N7 | 245525 | 305000 | PRN |  | SOLE |  | 0 | 0 | 305000 |
| STARWOOD PRPTY | DEB | 85571BAH8 | BBG00GBFST77 | 310202 | 320000 | PRN |  | SOLE |  | 0 | 0 | 320000 |
| SUPERNUS PHARMA | DEB | 868459AD0 | BBG00K9Y6NS4 | 114952 | 117000 | PRN |  | SOLE |  | 0 | 0 | 117000 |
| TIMBERLAND BANK | COM | 887098101 | BBG000C0B093 | 9734829 | 285228 | SH |  | SOLE |  | 90000 | 0 | 195228 |
| TOTAL ENERGIES | ADR SHARES | 89151E109 | BBG000CHZ857 | 744960 | 12000 | SH |  | SOLE |  | 0 | 0 | 12000 |
| TYSON FOODS | COM | 902494103 | BBG000DKCC19 | 4789074 | 76933 | SH |  | SOLE |  | 18000 | 0 | 58933 |
| VANECK VECTORS ETF | COM | 92189F106 | BBG000PLNQN7 | 417085 | 14553 | SH |  | SOLE |  | 0 | 0 | 14553 |
| VANECK VECTORS ETF | COM | 92189F643 | BBG002XRNH24 | 628387 | 9681 | SH |  | SOLE |  | 0 | 0 | 9681 |
| VANECK ETF | COM | 92189F122 | BBG00MF4XK69 | 103624 | 3225 | SH |  | SOLE |  | 0 | 0 | 3225 |
| VANGUARD S 500 ETF | COM | 922908363 | BBG0015VYNT4 | 310166 | 883 | SH |  | SOLE |  | 0 | 0 | 883 |
| VERIZON | COM | 92343V104 | BBG000HS77T5 | 2869381 | 72827 | SH |  | SOLE |  | 0 | 0 | 72827 |
| VIATRIS INC | COM | 92556V106 | BBG00Y4RQNH4 | 4032449 | 362304 | SH |  | SOLE |  | 66000 | 0 | 296304 |
| VICI PRPTY | COM | 925652109 | BBG00HVVB499 | 2664482 | 82237 | SH |  | SOLE |  | 45000 | 0 | 37237 |
| WARNER BROS | COM | 934423104 | BBG011386VF4 | 117618 | 12407 | SH |  | SOLE |  | 0 | 0 | 12407 |
| WESTERN DIGITAL | DEB | 958102AP0 | BBG00JXH24X7 | 209550 | 22000 | PRN |  | SOLE |  | 0 | 0 | 220000 |
| WEYERHAEUSER | COM | 962166104 | BBG000BX3BL3 | 4589313 | 148042 | SH |  | SOLE |  | 40000 | 0 | 108042 |

---