# EDGAR Filing Document

**Accession Number:** 0001353098
**File Stem:** 0001353098-26-000003
**Filing Date:** 2026-5
**Character Count:** 14891
**Document Hash:** e73353e64f5bee9a83f9d090257711ec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001353098-26-000003.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001353098-26-000003

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260515

**EFFECTIVENESS DATE**: 20260515

**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:** 26984172

**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:** 03-31-2026

**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  05-15-2026<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:** 116

**Form 13F Information Table Value Total:** $369859771

      (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 |
| ALBEMARLE CORP | 7.25% DEP SHS A | 012653200 |  | 335899 | 4675 | SH |  | SOLE |  | 0 | 0 | 4675 |
| BANK AMERICA CORP | 7.25% CNV PFD L | 060505682 |  | 3997684 | 3355 | SH |  | SOLE |  | 0 | 0 | 3355 |
| AMPHASTAR PHARMA | NOTE 2.000% 3/1 | 03209rab9 |  | 1752790 | 1940000 | PRN |  | SOLE |  | 0 | 0 | 1940000 |
| CHEESECAKE FACTORY INC | NOTE 2.000% 3/1 | 163072ac5 |  | 1524750 | 1500000 | PRN |  | SOLE |  | 0 | 0 | 1500000 |
| ETSY INC BOND | NOTE 0.125% 9/0 | 29786aal0 |  | 1726078 | 1855000 | PRN |  | SOLE |  | 0 | 0 | 1855000 |
| GREENBRIER COS | NOTE 2.875% 4/1 | 393657am3 |  | 134948 | 117000 | PRN |  | SOLE |  | 0 | 0 | 117000 |
| HAEMONETICS CORP | NOTE 2.500% 6/0 | 405024ad2 |  | 1665650 | 1750000 | PRN |  | SOLE |  | 0 | 0 | 1750000 |
| HALOZYME THERAP | NOTE 0.250% 3/0 | 40637had1 |  | 114057 | 110000 | PRN |  | SOLE |  | 0 | 0 | 110000 |
| INNOVIVA INC | NOTE 2.125% 3/1 | 45781mad3 |  | 6817701 | 6320000 | PRN |  | SOLE |  | 990000 | 0 | 5330000 |
| JAZZ INVEST | NOTE 2.000% 6/1 | 472145af8 |  | 3111345 | 2565000 | PRN |  | SOLE |  | 750000 | 0 | 1815000 |
| KIMCO REALTY | DP CV CL N 7.25% | 49446r687 |  | 5374094 | 89943 | SH |  | SOLE |  | 32000 | 0 | 57943 |
| LCI INDS CONV | NOTE 1.125% 5/1 | 501812ab7 |  | 1433060 | 1442000 | PRN |  | SOLE |  | 0 | 0 | 1442000 |
| SIRIUS XM HLDNGS | NOTE 3.750% 3/1 | 531229ap7 |  | 7496968 | 7223000 | PRN |  | SOLE |  | 0 | 0 | 7223000 |
| LIBERTY MEDIA | NOTE 2.250% 8/1 | 531229aq5 |  | 2653050 | 2300000 | PRN |  | SOLE |  | 0 | 0 | 2300000 |
| FLAGSTAR FNCL | UNIT 05/07/2051 | 64944p307 |  | 2173604 | 56093 | SH |  | SOLE |  | 0 | 0 | 56093 |
| NORTHERN OIL | NOTE 3.625% 4/1 | 665531aj8 |  | 4331531 | 3950000 | PRN |  | SOLE |  | 0 | 0 | 3950000 |
| PPL CAPITAL | NOTE 2.875% 3/1 | 69352pas2 |  | 7275016 | 6210000 | PRN |  | SOLE |  | 125000 | 0 | 6085000 |
| PACIRA BIOSCIENCE | NOTE 2.125% 5/1 | 695127aj9 |  | 1420720 | 1475000 | PRN |  | SOLE |  | 0 | 0 | 1475000 |
| PEBBLEBRK HOTEL | NOTE 1.750% 12/1 | 70509vaa8 |  | 292206 | 300000 | PRN |  | SOLE |  | 0 | 0 | 300000 |
| PROGRESS SOFTWARE | NOTE 3.500% 3/0 | 743312ad2 |  | 6702978 | 7545000 | PRN |  | SOLE |  | 0 | 0 | 7545000 |
| STARWOOD PPTY | NOTE 6.750% 7/1 | 85571bba2 |  | 925015 | 910000 | PRN |  | SOLE |  | 0 | 0 | 910000 |
| VISHAY INTERT | NOTE 2.250% 9/1 | 928298ar9 |  | 786790 | 820000 | PRN |  | SOLE |  | 0 | 0 | 820000 |
| WINNEBAGO INDS | NOTE 3.250% 1/1 | 974637af7 |  | 2115190 | 2345000 | PRN |  | SOLE |  | 0 | 0 | 2345000 |
| ABBVIE INC | COM | 00287Y109 |  | 416493 | 1915 | SH |  | SOLE |  | 0 | 0 | 1915 |
| AMERIS BANCORP | COM | 03076K108 |  | 2484687 | 31859 | SH |  | SOLE |  | 0 | 0 | 31859 |
| ALBERTSONS COS | COM | 013091103 |  | 2550241 | 149662 | SH |  | SOLE |  | 0 | 0 | 149662 |
| AGNICO-EAGLE | COM | 008474108 |  | 24073021 | 118598 | SH |  | SOLE |  | 30000 | 0 | 88598 |
| ALAMOS GOLD | COM CL A | 011532108 |  | 480821 | 10822 | SH |  | SOLE |  | 0 | 0 | 10822 |
| ALERUS FINAN | COM | 01446U103 |  | 3235704 | 136470 | SH |  | SOLE |  | 56070 | 0 | 80400 |
| AMAZON.COM | COM | 023135106 |  | 209311 | 1005 | SH |  | SOLE |  | 0 | 0 | 1005 |
| APPLE HOPTLY | COM NEW | 03784Y200 |  | 3460714 | 300670 | SH |  | SOLE |  | 54800 | 0 | 245870 |
| BEACON FINANCIAL | COM | 084680107 |  | 2317146 | 77238 | SH |  | SOLE |  | 40000 | 0 | 37238 |
| BUNGE LIMITED | COM SHS | H11356104 |  | 10094536 | 79360 | SH |  | SOLE |  | 26000 | 0 | 53360 |
| BENCHMARK BANK | COM | 08160E207 |  | 6274223 | 173082 | SH |  | SOLE |  | 113000 | 0 | 60082 |
| BANK BOTETOURT | COM | 063907208 |  | 5755855 | 122465 | SH |  | SOLE |  | 79400 | 0 | 43065 |
| BERKSHIRE HATHA | CL B NEW | 084670702 |  | 637336 | 1330 | SH |  | SOLE |  | 0 | 0 | 1330 |
| CNH INDUSTRIAL | SHS | N20944109 |  | 1869321 | 169938 | SH |  | SOLE |  | 75000 | 0 | 94938 |
| CHESPKE FINAN | COM | 16517A109 |  | 5710215 | 178500 | SH |  | SOLE |  | 107000 | 0 | 71500 |
| CTO REALTY GRW | COM | 22948Q101 |  | 12191754 | 659370 | SH |  | SOLE |  | 266015 | 0 | 393355 |
| CMNTY WST BANC | COM | 203937107 |  | 3788337 | 162590 | SH |  | SOLE |  | 60000 | 0 | 102590 |
| DUK ENRGY | COM NEW | 26441C204 |  | 154902 | 1183 | SH |  | SOLE |  | 0 | 0 | 1183 |
| EAGLE BANCORP | COM | 26942G100 |  | 185220 | 9000 | SH |  | SOLE |  | 0 | 0 | 9000 |
| ENERGIZER HLDNG | COM | 29272W109 |  | 2461439 | 149905 | SH |  | SOLE |  | 50000 | 0 | 99905 |
| EVERSOURCE | COM | 30040W108 |  | 294232 | 4247 | SH |  | SOLE |  | 0 | 0 | 4247 |
| ENERGY TRANSFER | COM UT LTD PTN | 29273V100 |  | 7279922 | 377198 | SH |  | SOLE |  | 0 | 0 | 377198 |
| EXCHANGE BANK | COM | 301227203 |  | 11033714 | 75781 | SH |  | SOLE |  | 23600 | 0 | 52181 |
| FIRST BUSINESS | COM | 319390100 |  | 8337063 | 154590 | SH |  | SOLE |  | 87000 | 0 | 67590 |
| FIDELITY CVNGTN | MSCI ENERGY IDX | 316092402 |  | 9094061 | 267315 | SH |  | SOLE |  | 71000 | 0 | 196315 |
| FIDELITY FNDMNTL | FIDELITY COVINGTON TRUST | 316092295 |  | 259594 | 8125 | SH |  | SOLE |  | 0 | 0 | 8125 |
| FINANCIAL INST | COM | 317585404 |  | 1567347 | 49428 | SH |  | SOLE |  | 43000 | 0 | 6428 |
| F BANK CORP | COM | 30237P106 |  | 4141135 | 135864 | SH |  | SOLE |  | 85500 | 0 | 50364 |
| FRANKLIN FINANC | COM | 353525108 |  | 224752 | 4400 | SH |  | SOLE |  | 0 | 0 | 4400 |
| FSBH CORP | COM | 30325F101 |  | 3840000 | 240000 | SH |  | SOLE |  | 230000 | 0 | 10000 |
| FIRST NATL VA | COM | 32106V107 |  | 5494624 | 204109 | SH |  | SOLE |  | 131325 | 0 | 72784 |
| VE GOLD MINERS | GOLD MINERS ETF | 92189F106 |  | 2028765 | 22107 | SH |  | SOLE |  | 0 | 0 | 22107 |
| SPDR GOLD TRUST | GOLD SHS | 78463V107 |  | 196212 | 456 | SH |  | SOLE |  | 0 | 0 | 456 |
| ALPHABET INC | CAP STK CL C | 02079K107 |  | 107573 | 375 | SH |  | SOLE |  | 0 | 0 | 375 |
| ALPHABET INC | CAP STK CL A | 02079K305 |  | 329831 | 1147 | SH |  | SOLE |  | 0 | 0 | 1147 |
| HCI GROUP INC | COM | 40416E103 |  | 2335209 | 15104 | SH |  | SOLE |  | 5705 | 0 | 9399 |
| HECLA MINING CO | COM | 422704106 |  | 186300 | 10000 | SH |  | SOLE |  | 0 | 0 | 10000 |
| HANCOCK WHITNEY | COM | 410120109 |  | 693008 | 10898 | SH |  | SOLE |  | 0 | 0 | 10898 |
| INTL BUS MACHINE | COM | 459200101 |  | 148100 | 611 | SH |  | SOLE |  | 0 | 0 | 611 |
| INTL FLAVORS | COM | 459506101 |  | 685665 | 9451 | SH |  | SOLE |  | 0 | 0 | 9451 |
| IS S US VALUE | CORE S US VLU | 464287663 |  | 465238 | 4550 | SH |  | SOLE |  | 0 | 0 | 4550 |
| JOHNSON CONTROL | SHS | G51502105 |  | 104760 | 800 | SH |  | SOLE |  | 0 | 0 | 800 |
| JPMORGAN CHASE | COM | 46625H100 |  | 349462 | 1188 | SH |  | SOLE |  | 0 | 0 | 1188 |
| KROGER CO COM | COM | 501044101 |  | 358517 | 4955 | SH |  | SOLE |  | 0 | 0 | 4955 |
| LEDYARD FINAN | COM | 523338101 |  | 5716903 | 335696 | SH |  | SOLE |  | 139900 | 0 | 195796 |
| LOWE'S COS INC | COM | 548661107 |  | 111760 | 473 | SH |  | SOLE |  | 0 | 0 | 473 |
| LXP INDUSTRIAL | COM | 529043408 |  | 2503357 | 54115 | SH |  | SOLE |  | 0 | 0 | 54115 |
| METLIFE INC | COM | 59156R108 |  | 12429651 | 175759 | SH |  | SOLE |  | 54000 | 0 | 121759 |
| MERCHANTS FINL | COM | 588538108 |  | 4452137 | 126950 | SH |  | SOLE |  | 68500 | 0 | 58450 |
| VE WIDE MOAT | MRNGSTR WDE MOAT | 92189F643 |  | 3554000 | 36753 | SH |  | SOLE |  | 0 | 0 | 36753 |
| VE GLBL WIDE MT | MRNGSTR GBL WIDE | 92189F122 |  | 108396 | 2925 | SH |  | SOLE |  | 0 | 0 | 2925 |
| MERCK INC | COM | 58933Y105 |  | 7024496 | 58396 | SH |  | SOLE |  | 13300 | 0 | 45096 |
| MICROSOFT CORP | COM | 594918104 |  | 609300 | 1646 | SH |  | SOLE |  | 0 | 0 | 1646 |
| M BANK CORP | COM | 55261F104 |  | 669426 | 3238 | SH |  | SOLE |  | 0 | 0 | 3238 |
| NORTHERN OIL | COM | 665531307 |  | 2151587 | 73609 | SH |  | SOLE |  | 0 | 0 | 73609 |
| ORACLE CORP | COM | 68389X105 |  | 441330 | 3000 | SH |  | SOLE |  | 0 | 0 | 3000 |
| PFIZER INC | COM | 717081103 |  | 6985476 | 248771 | SH |  | SOLE |  | 60000 | 0 | 188771 |
| PEOPLES FIN SERV | COM | 711040105 |  | 1533141 | 28748 | SH |  | SOLE |  | 0 | 0 | 28748 |
| PARKE BANCORP | COM | 700885106 |  | 9014886 | 317426 | SH |  | SOLE |  | 110000 | 0 | 207426 |
| POTOMAC BANC | COM | 737643106 |  | 4562546 | 231015 | SH |  | SOLE |  | 133000 | 0 | 98015 |
| FT NAS CMTY BNK | UT COM SHS ETF | 33736Q104 |  | 594496 | 10207 | SH |  | SOLE |  | 0 | 0 | 10207 |
| INV QQQ TRUST | UNIT SER 1 | 46090E103 |  | 131765 | 228 | SH |  | SOLE |  | 0 | 0 | 228 |
| SEACOAST BANKIN | COM NEW | 811707801 |  | 327928 | 10826 | SH |  | SOLE |  | 0 | 0 | 10826 |
| SB FINANCIAL | COM | 78408D105 |  | 8192869 | 390137 | SH |  | SOLE |  | 133000 | 0 | 257137 |
| SFL CORP LTD | SHS | G7738W106 |  | 3570328 | 330892 | SH |  | SOLE |  | 125000 | 0 | 205892 |
| SHELL PLC | SPON ADS | 780259305 |  | 10295192 | 110701 | SH |  | SOLE |  | 30000 | 0 | 80701 |
| SKEENA | COM | 83056P715 |  | 353074 | 11880 | SH |  | SOLE |  | 0 | 0 | 11880 |
| SCHLUMBERGER | COM STK | 806857108 |  | 2520909 | 49054 | SH |  | SOLE |  | 0 | 0 | 49054 |
| ISHARES SILVER | ISHARES | 46428Q109 |  | 138869 | 2038 | SH |  | SOLE |  | 0 | 0 | 2038 |
| SOLVAY BANK | COM | 83441Q105 |  | 1088138 | 37522 | SH |  | SOLE |  | 30000 | 0 | 7522 |
| SPDR S 500 | TR UNIT | 78462F103 |  | 312929 | 481 | SH |  | SOLE |  | 0 | 0 | 481 |
| SOUTHSTATE CORP | COM | 84472E102 |  | 532424 | 5755 | SH |  | SOLE |  | 0 | 0 | 5755 |
| AT INC | COM | 00206R102 |  | 1804802 | 62256 | SH |  | SOLE |  | 33200 | 0 | 29056 |
| TIMBERLAND BANC | COM | 887098101 |  | 11482075 | 291202 | SH |  | SOLE |  | 87000 | 0 | 204202 |
| TAIWAN SEMICOND | SPONSORED ADS | 874039100 |  | 153767 | 455 | SH |  | SOLE |  | 0 | 0 | 455 |
| TYSON FOODS | CL A | 902494103 |  | 1730317 | 27007 | SH |  | SOLE |  | 18000 | 0 | 9007 |
| INVESCO MUNI | COM | 46131M106 |  | 849978 | 86117 | SH |  | SOLE |  | 0 | 0 | 86117 |
| VICI PRPTY | COM | 925652109 |  | 5537343 | 202685 | SH |  | SOLE |  | 45000 | 0 | 157685 |
| VGRD S 500 | S 500 ETF SHS | 922908363 |  | 1898370 | 3177 | SH |  | SOLE |  | 0 | 0 | 3177 |
| VIATRIS INC | COM | 92556V106 |  | 6164231 | 456272 | SH |  | SOLE |  | 125000 | 0 | 331272 |
| VERIZON COMM | COM | 92343V104 |  | 7096571 | 141366 | SH |  | SOLE |  | 0 | 0 | 141366 |
| WESTERN OPP FUND | COM | 95766R104 |  | 897536 | 106092 | SH |  | SOLE |  | 0 | 0 | 106092 |
| WEYERHAEUSER | COM NEW | 962166104 |  | 4253507 | 174110 | SH |  | SOLE |  | 40000 | 0 | 134110 |
| EXXON MOBIL | COM | 30231G102 |  | 219370 | 1293 | SH |  | SOLE |  | 0 | 0 | 1293 |
| CHIRON RL ESTTE | COM NEW | 37954A303 |  | 5696741 | 172211 | SH |  | SOLE |  | 30000 | 0 | 142211 |
| AMERICAN INTL | COM NEW | 026874784 |  | 2483250 | 33000 | SH |  | SOLE |  | 33000 | 0 | 0 |
| BANC CALIFORNIA | COM | 05990K106 |  | 1398489 | 79550 | SH |  | SOLE |  | 76000 | 0 | 3550 |
| CITIZENS BANC VA | COM | 17316V104 |  | 1069688 | 28525 | SH |  | SOLE |  | 28275 | 0 | 250 |
| CSB BANCORP | COM | 12628R107 |  | 4150869 | 66563 | SH |  | SOLE |  | 66563 | 0 | 0 |
| FIRST CMNTY SC | COM | 319835104 |  | 2236095 | 76500 | SH |  | SOLE |  | 76500 | 0 | 0 |
| ISHARES US REGIO | US RGNL BKS ETF | 464288778 |  | 969120 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| APPLE INC | COM | 037833100 |  | 4441325 | 17500 | SH | Put | SOLE |  | 17500 | 0 | 0 |
| MICROSOFT CORP | COM | 594918954 |  | 3331530 | 9000 | SH | Put | SOLE |  | 9000 | 0 | 0 |

---