# EDGAR Filing Document

**Accession Number:** 0001353098
**File Stem:** 0001353098-25-000008
**Filing Date:** 2025-11
**Character Count:** 15642
**Document Hash:** 6ea843ad7616f3a277b9f17818cec3c9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001353098-25-000008.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0001353098-25-000008

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cutler Capital Management, LLC
- **CENTRAL INDEX KEY:** 0001353098

**ORGANIZATION NAME:**
- **EIN:** 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:** 251481746

**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:** 09-30-2025

**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  11-14-2025<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:** 124

**Form 13F Information Table Value Total:** $313771218

      (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 |
| ABBVIE INC | COM | 00287Y109 |  | 443399 | 1915 | SH |  | SOLE |  | 0 | 0 | 1915 |
| AGNICO-EAGLE | COM | 008474108 |  | 20624543 | 122357 | SH |  | SOLE |  | 30000 | 0 | 92357 |
| ALAMOS GOLD | COM CL A | 011532108 |  | 403749 | 11582 | SH |  | SOLE |  | 0 | 0 | 11582 |
| ALBERTSONS COS | COM | 013091103 |  | 2586875 | 147737 | SH |  | SOLE |  | 0 | 0 | 147737 |
| ALERUS FINAN | COM | 01446U103 |  | 3276720 | 148000 | SH |  | SOLE |  | 68000 | 0 | 80000 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 312384 | 1285 | SH |  | SOLE |  | 0 | 0 | 1285 |
| AMAZON.COM | COM | 023135106 |  | 252945 | 1152 | SH |  | SOLE |  | 0 | 0 | 1152 |
| AMERICAN INTL | COM NEW | 026874784 |  | 2576112 | 32800 | SH |  | SOLE |  | 32800 | 0 | 0 |
| AMERIS BANCORP | COM | 03076K108 |  | 2526193 | 34459 | SH |  | SOLE |  | 0 | 0 | 34459 |
| APPLE HOPTLY | COM NEW | 03784Y200 |  | 3450115 | 287270 | SH |  | SOLE |  | 47000 | 0 | 240270 |
| AT INC | COM | 00206R102 |  | 1831534 | 64856 | SH |  | SOLE |  | 33200 | 0 | 31656 |
| BANC CALIFORNIA | COM | 05990K106 |  | 1303313 | 78750 | SH |  | SOLE |  | 75000 | 0 | 3750 |
| BANK BOTETOURT | COM | 063907208 |  | 4301076 | 110284 | SH |  | SOLE |  | 79400 | 0 | 30884 |
| BEACON FINANCIAL | COM | 084680107 |  | 354630 | 14957 | SH |  | SOLE |  | 14000 | 0 | 957 |
| BENCHMARK BANK | COM | 08160E207 |  | 5193601 | 170282 | SH |  | SOLE |  | 112000 | 0 | 58282 |
| BERKSHIRE HATHA | CL B NEW | 084670702 |  | 668644 | 1330 | SH |  | SOLE |  | 0 | 0 | 1330 |
| BUNGE LIMITED | COM SHS | H11356104 |  | 6529910 | 80368 | SH |  | SOLE |  | 26000 | 0 | 54368 |
| CHESPKE FINAN | COM | 16517A109 |  | 3873315 | 178906 | SH |  | SOLE |  | 107406 | 0 | 71500 |
| CITIZENS BANC VA | COM | 17316V104 |  | 781918 | 24550 | SH |  | SOLE |  | 24300 | 0 | 250 |
| CLARIVATE PLC | ORD SHS | G21810109 |  | 335462 | 87588 | SH |  | SOLE |  | 0 | 0 | 87588 |
| CMNTY WST BANC | COM | 203937107 |  | 3379246 | 162152 | SH |  | SOLE |  | 60000 | 0 | 102152 |
| CNH INDUSTRIAL | SHS | N20944109 |  | 1877737 | 173063 | SH |  | SOLE |  | 75000 | 0 | 98063 |
| CSB BANCORP | COM | 12628R107 |  | 3316500 | 67000 | SH |  | SOLE |  | 67000 | 0 | 0 |
| CTO REALTY GRW | COM | 22948Q101 |  | 10839161 | 664979 | SH |  | SOLE |  | 266015 | 0 | 398964 |
| DUK ENRGY | COM NEW | 26441C204 |  | 150851 | 1219 | SH |  | SOLE |  | 0 | 0 | 1219 |
| EAGLE BANCORP | COM | 26942G100 |  | 155430 | 9000 | SH |  | SOLE |  | 0 | 0 | 9000 |
| ENERGIZER HLDNG | COM | 29272W109 |  | 3158732 | 126908 | SH |  | SOLE |  | 44000 | 0 | 82908 |
| ENERGY TRANSFER | COM UT LTD PTN | 29273V100 |  | 6201565 | 361397 | SH |  | SOLE |  | 0 | 0 | 361397 |
| EVERSOURCE | COM | 30040W108 |  | 622262 | 8747 | SH |  | SOLE |  | 0 | 0 | 8747 |
| EXCHANGE BANK | COM | 301227203 |  | 8681556 | 76154 | SH |  | SOLE |  | 23600 | 0 | 52554 |
| EXXON MOBIL | COM | 30231G102 |  | 145786 | 1293 | SH |  | SOLE |  | 0 | 0 | 1293 |
| F BANK CORP | COM | 30237P106 |  | 3518878 | 135864 | SH |  | SOLE |  | 85500 | 0 | 50364 |
| FINANCIAL INST | COM | 317585404 |  | 1314509 | 48328 | SH |  | SOLE |  | 43000 | 0 | 5328 |
| FIRST BUSINESS | COM | 319390100 |  | 7970595 | 155493 | SH |  | SOLE |  | 90000 | 0 | 65493 |
| FIRST CMNTY SC | COM | 319835104 |  | 2158830 | 76500 | SH |  | SOLE |  | 76500 | 0 | 0 |
| FIRST NATL VA | COM | 32106V107 |  | 4597608 | 202716 | SH |  | SOLE |  | 131332 | 0 | 71384 |
| FRANKLIN FINANC | COM | 353525108 |  | 202400 | 4400 | SH |  | SOLE |  | 0 | 0 | 4400 |
| FSBH CORP | COM | 30325F101 |  | 2100000 | 210000 | SH |  | SOLE |  | 200000 | 0 | 10000 |
| GLOBAL MEDICAL | COM NEW | 37954A303 |  | 3352561 | 99453 | SH |  | SOLE |  | 30000 | 0 | 69453 |
| HANCOCK WHITNEY | COM | 410120109 |  | 682328 | 10898 | SH |  | SOLE |  | 0 | 0 | 10898 |
| HCI GROUP INC | COM | 40416E103 |  | 2935047 | 15292 | SH |  | SOLE |  | 5705 | 0 | 9587 |
| HECLA MINING CO | COM | 422704106 |  | 127050 | 10500 | SH |  | SOLE |  | 0 | 0 | 10500 |
| INTL BUS MACHINE | COM | 459200101 |  | 172400 | 611 | SH |  | SOLE |  | 0 | 0 | 611 |
| INTL FLAVORS | COM | 459506101 |  | 603150 | 9801 | SH |  | SOLE |  | 0 | 0 | 9801 |
| ISHARES US REGIO | US RGNL BKS ETF | 464288778 |  | 451758 | 8600 | SH |  | SOLE |  | 8600 | 0 | 0 |
| JOHNSON CONTROL | SHS | G51502105 |  | 190433 | 1732 | SH |  | SOLE |  | 0 | 0 | 1732 |
| JPMORGAN CHASE | COM | 46625H100 |  | 374731 | 1188 | SH |  | SOLE |  | 0 | 0 | 1188 |
| KROGER CO COM | COM | 501044101 |  | 347951 | 5162 | SH |  | SOLE |  | 0 | 0 | 5162 |
| LEDYARD FINAN | COM | 523338101 |  | 4722494 | 337321 | SH |  | SOLE |  | 139900 | 0 | 197421 |
| LOWE'S COS INC | COM | 548661107 |  | 105550 | 420 | SH |  | SOLE |  | 0 | 0 | 420 |
| LXP INDUSTRIAL | COM | 529043101 |  | 2590241 | 289089 | SH |  | SOLE |  | 0 | 0 | 289089 |
| M BANK CORP | COM | 55261F104 |  | 639957 | 3238 | SH |  | SOLE |  | 0 | 0 | 3238 |
| MERCHANTS FINL | COM | 588538108 |  | 3010110 | 111900 | SH |  | SOLE |  | 66500 | 0 | 45400 |
| MERCK INC | COM | 58933Y105 |  | 4887440 | 58232 | SH |  | SOLE |  | 13300 | 0 | 44932 |
| META PLATFORMS | CL A | 30303M102 |  | 103548 | 141 | SH |  | SOLE |  | 0 | 0 | 141 |
| METLIFE INC | COM | 59156R108 |  | 13647265 | 165682 | SH |  | SOLE |  | 54000 | 0 | 111682 |
| MICROSOFT CORP | COM | 594918104 |  | 879997 | 1699 | SH |  | SOLE |  | 0 | 0 | 1699 |
| ORACLE CORP | COM | 68389X105 |  | 843720 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| PARKE BANCORP | COM | 700885106 |  | 6694649 | 310657 | SH |  | SOLE |  | 107000 | 0 | 203657 |
| PEOPLES FIN SERV | COM | 711040105 |  | 1358562 | 27948 | SH |  | SOLE |  | 0 | 0 | 27948 |
| PFIZER INC | COM | 717081103 |  | 6458994 | 253493 | SH |  | SOLE |  | 60000 | 0 | 193493 |
| POTOMAC BANC | COM | 737643106 |  | 4339647 | 230220 | SH |  | SOLE |  | 133000 | 0 | 97220 |
| SB FINANCIAL | COM | 78408D105 |  | 7555558 | 391683 | SH |  | SOLE |  | 133000 | 0 | 258683 |
| SCHLUMBERGER | COM STK | 806857108 |  | 1338790 | 38952 | SH |  | SOLE |  | 0 | 0 | 38952 |
| SEACOAST BANKIN | COM NEW | 811707801 |  | 329444 | 10826 | SH |  | SOLE |  | 0 | 0 | 10826 |
| SFL CORP LTD | SHS | G7738W106 |  | 2588756 | 343792 | SH |  | SOLE |  | 125000 | 0 | 218792 |
| SHELL PLC | SPON ADS | 780259305 |  | 7913077 | 110626 | SH |  | SOLE |  | 30000 | 0 | 80626 |
| SKEENA | COM | 83056P715 |  | 267235 | 14500 | SH |  | SOLE |  | 0 | 0 | 14500 |
| SOLVAY BANK | COM | 83441Q105 |  | 1181918 | 40065 | SH |  | SOLE |  | 32400 | 0 | 7665 |
| SOUTHERN CO | COM | 842587107 |  | 112208 | 1184 | SH |  | SOLE |  | 0 | 0 | 1184 |
| SOUTHSTATE CORP | COM | 840441109 |  | 562324 | 5688 | SH |  | SOLE |  | 0 | 0 | 5688 |
| TAIWAN SEMICOND | SPONSORED ADS | 874039100 |  | 140762 | 504 | SH |  | SOLE |  | 0 | 0 | 504 |
| TIMBERLAND BANC | COM | 887098101 |  | 9711154 | 291802 | SH |  | SOLE |  | 87000 | 0 | 204802 |
| TYSON FOODS | CL A | 902494103 |  | 1479711 | 27251 | SH |  | SOLE |  | 18000 | 0 | 9251 |
| VERIZON COMM | COM | 92343V104 |  | 4558759 | 103726 | SH |  | SOLE |  | 0 | 0 | 103726 |
| VIATRIS INC | COM | 92556V106 |  | 4593320 | 463972 | SH |  | SOLE |  | 125000 | 0 | 338972 |
| VICI PRPTY | COM | 925652109 |  | 5440476 | 166835 | SH |  | SOLE |  | 45000 | 0 | 121835 |
| WEYERHAEUSER | COM NEW | 962166104 |  | 4075724 | 164410 | SH |  | SOLE |  | 40000 | 0 | 124410 |
| FIDELITY CVNGTN | MSCI ENERGY IDX | 316092402 |  | 6704546 | 271219 | SH |  | SOLE |  | 71000 | 0 | 200219 |
| FIDELITY WISEBTC | SHS | 315948109 |  | 255021 | 2555 | SH |  | SOLE |  | 0 | 0 | 2555 |
| FT NAS CMTY BNK | UT COM SHS ETF | 33736Q104 |  | 391693 | 6976 | SH |  | SOLE |  | 0 | 0 | 6976 |
| INV QQQ TRUST | UNIT SER 1 | 46090E103 |  | 215657 | 359 | SH |  | SOLE |  | 0 | 0 | 359 |
| INVESCO MUNI | COM | 46131M106 |  | 871507 | 86117 | SH |  | SOLE |  | 0 | 0 | 86117 |
| INVESCO S 500 | S 500 EQL WGT | 46137V357 |  | 106232 | 560 | SH |  | SOLE |  | 0 | 0 | 560 |
| IS RUS MID VALU | RUS MDCP VAL ETF | 464287473 |  | 123748 | 886 | SH |  | SOLE |  | 0 | 0 | 886 |
| IS S US VALUE | CORE S US VLU | 464287663 |  | 454773 | 4550 | SH |  | SOLE |  | 0 | 0 | 4550 |
| SCHWAB INTL EQUI | INTL EQTY ETF | 808524805 |  | 139680 | 6000 | SH |  | SOLE |  | 0 | 0 | 6000 |
| SPDR GOLD TRUST | GOLD SHS | 78463V107 |  | 162094 | 456 | SH |  | SOLE |  | 0 | 0 | 456 |
| SPDR PORT SP 500 | S LOW VOL | 46138E354 |  | 795151 | 10150 | SH |  | SOLE |  | 0 | 0 | 10150 |
| SPDR S 500 | TR UNIT | 78462F103 |  | 334357 | 502 | SH |  | SOLE |  | 0 | 0 | 502 |
| VE GLBL WIDE MT | MRNGSTR GBL WIDE | 92189F122 |  | 131611 | 2925 | SH |  | SOLE |  | 0 | 0 | 2925 |
| VE GOLD MINERS | GOLD MINERS ETF | 92189F106 |  | 1807400 | 23657 | SH |  | SOLE |  | 0 | 0 | 23657 |
| VE WIDE MOAT | MRNGSTR WDE MOAT | 92189F643 |  | 2777840 | 28028 | SH |  | SOLE |  | 0 | 0 | 28028 |
| VGRD S 500 | S 500 ETF SHS | 922908363 |  | 1317709 | 2152 | SH |  | SOLE |  | 0 | 0 | 2152 |
| WESTERN OPP FUND | COM | 95766R104 |  | 923598 | 103892 | SH |  | SOLE |  | 0 | 0 | 103892 |
| AIRBNB INC BOND | NOTE 3/1 | 009066ab7 |  | 1593325 | 1630000 | PRN |  | SOLE |  | 0 | 0 | 1630000 |
| ALLIANT ENERGY | NOTE 3.875% 3/1 | 018802ac2 |  | 1037858 | 965000 | PRN |  | SOLE |  | 0 | 0 | 965000 |
| FORD MOTOR CO | NOTE 3/1 | 345370cz1 |  | 2300645 | 2270000 | PRN |  | SOLE |  | 600000 | 0 | 1670000 |
| DUKE ENERGY | NOTE 4.125% 4/1 | 26441cby0 |  | 2302658 | 2145000 | PRN |  | SOLE |  | 0 | 0 | 2145000 |
| LCI INDS CONV | NOTE 1.125% 5/1 | 501812ab7 |  | 1417533 | 1482000 | PRN |  | SOLE |  | 0 | 0 | 1482000 |
| JAZZ INVEST | NOTE 2.000% 6/1 | 472145af8 |  | 6071780 | 5720000 | PRN |  | SOLE |  | 1500000 | 0 | 4220000 |
| PEBBLEBRK HOTEL | NOTE 1.750% 12/1 | 70509vaa8 |  | 295647 | 300000 | PRN |  | SOLE |  | 0 | 0 | 300000 |
| HALOZYME THERAP | NOTE 0.250% 3/0 | 40637had1 |  | 125813 | 110000 | PRN |  | SOLE |  | 0 | 0 | 110000 |
| STARWOOD PPTY | NOTE 6.750% 7/1 | 85571bba2 |  | 988295 | 935000 | PRN |  | SOLE |  | 0 | 0 | 935000 |
| LIBERTY MEDIA | NOTE 2.250% 8/1 | 531229aq5 |  | 3116100 | 2350000 | PRN |  | SOLE |  | 0 | 0 | 2350000 |
| ETSY INC BOND | NOTE 0.125% 9/0 | 29786aal0 |  | 1784334 | 1940000 | PRN |  | SOLE |  | 0 | 0 | 1940000 |
| INNOVIVA INC | NOTE 2.125% 3/1 | 45781mad3 |  | 6186555 | 6375000 | PRN |  | SOLE |  | 990000 | 0 | 5385000 |
| PPL CAPITAL | NOTE 2.875% 3/1 | 69352pas2 |  | 7208573 | 6315000 | PRN |  | SOLE |  | 125000 | 0 | 6190000 |
| SIRIUS XM HLDNGS | NOTE 3.750% 3/1 | 531229ap7 |  | 3683153 | 3533000 | PRN |  | SOLE |  | 0 | 0 | 3533000 |
| GREENBRIER COS | NOTE 2.875% 4/1 | 393657am3 |  | 125237 | 117000 | PRN |  | SOLE |  | 0 | 0 | 117000 |
| GUESS INC | NOTE 3.750% 4/1 | 401617af2 |  | 673363 | 680000 | PRN |  | SOLE |  | 0 | 0 | 680000 |
| AMPHASTAR PHARMA | NOTE 2.000% 3/1 | 03209rab9 |  | 1781076 | 1965000 | PRN |  | SOLE |  | 0 | 0 | 1965000 |
| NORTHERN OIL | NOTE 3.625% 4/1 | 665531aj8 |  | 1612415 | 1610000 | PRN |  | SOLE |  | 0 | 0 | 1610000 |
| PACIRA BIOSCIENCE | NOTE 2.125% 5/1 | 695127aj9 |  | 1515168 | 1495000 | PRN |  | SOLE |  | 0 | 0 | 1495000 |
| HAEMONETICS CORP | NOTE 2.500% 6/0 | 405024ad2 |  | 1070286 | 1160000 | PRN |  | SOLE |  | 0 | 0 | 1160000 |
| WINNEBAGO INDS | NOTE 3.250% 1/1 | 974637af7 |  | 509010 | 570000 | PRN |  | SOLE |  | 0 | 0 | 570000 |
| PROGRESS SOFTWARE | NOTE 3.500% 3/0 | 743312ad2 |  | 4183743 | 4165000 | PRN |  | SOLE |  | 0 | 0 | 4165000 |
| VISHAY INTERT | NOTE 2.250% 9/1 | 928298ar9 |  | 771877 | 850000 | PRN |  | SOLE |  | 0 | 0 | 850000 |
| ALBEMARLE CORP | 7.25% DEP SHS A | 012653200 |  | 194135 | 5125 | SH |  | SOLE |  | 0 | 0 | 5125 |
| EPR PRPTY | PDF C CV 5.75% | 26884U208 |  | 2085133 | 81995 | SH |  | SOLE |  | 45000 | 0 | 36995 |
| FLAGSTAR FNCL | UNIT 05/07/2051 | 64944p307 |  | 3898786 | 97812 | SH |  | SOLE |  | 0 | 0 | 97812 |
| KIMCO REALTY | DP CV CL N 7.25% | 49446r687 |  | 5385381 | 90465 | SH |  | SOLE |  | 32000 | 0 | 58465 |
| APPLE INC | COM | 037833950 |  | 73842 | 290 | SH | Put | SOLE |  | 0 | 0 | 290 |
| MICROSOFT CORP | COM | 594918954 |  | 879997 | 1699 | SH | Put | SOLE |  | 0 | 0 | 1699 |

---