Cutler Capital Management, LLC Diversified Active

Name: Cutler Capital Management, LLC Q1 2026 13F Filing | 13F Explorer
Creator: Cutler Capital Management, LLC
Published: 2026-05-15

Location: WORCESTER, MA

CIK: 0001353098 · Show all filings

Period: Q1 2026 (← Previous)

Filing Date: May 15, 2026

Total Value: $370M (85.9% shares, 14.1% debt)

Holdings (116)

New Positions (3)

— BANK AMERICA CORP 1.1%

Value $3.998M Shares 3,355 Est. Cost $1191.56 Unrealized —

LXP LXP INDUSTRIAL 0.7%

Value $2.503M Shares 54,115 Est. Cost $46.26 Unrealized —

— CHEESECAKE FACTORY INC 0.4%

Value $1.525M Shares 1,500,000 Est. Cost $1.02 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	BANK AMERICA CORP	3,355	$3.998M	1.1%	$1191.56	—	7.25% CNV PFD L	060505682
LXP	LXP INDUSTRIAL	54,115	$2.503M	0.7%	$46.26	—	COM	529043408
—	CHEESECAKE FACTORY INC	1,500,000	$1.525M	0.4%	$1.02	—	NOTE 2.000% 3/1	163072ac5

Increased Positions (26)

— SIRIUS XM HLDNGS 2.0%

Value $7.497M (+52.8%) Shares 7,223,000 (+47.8%) Est. Cost $1.03 Unrealized —

— PROGRESS SOFTWARE 1.8%

Value $6.703M (+34.1%) Shares 7,545,000 (+52.6%) Est. Cost $0.97 Unrealized —

— NORTHERN OIL 1.2%

Value $4.332M (+60.0%) Shares 3,950,000 (+40.6%) Est. Cost $1.02 Unrealized —

— WINNEBAGO INDS 0.6%

Value $2.115M (+295.8%) Shares 2,345,000 (+311.4%) Est. Cost $0.90 Unrealized —

NOG NORTHERN OIL 0.6%

Value $2.152M (+224.3%) Shares 73,609 (+138.2%) Est. Cost $23.51 Unrealized +3.3%

VZ VERIZON COMM 1.9%

Value $7.097M (+26.5%) Shares 141,366 (+2.6%) Est. Cost $39.13 Unrealized +12.0%

ET ENERGY TRANSFER 2.0%

Value $7.28M (+18.3%) Shares 377,198 (+1.0%) Est. Cost $9.91 Unrealized —

BORT BANK BOTETOURT 1.6%

Value $5.756M (+17.8%) Shares 122,465 (+10.3%) Est. Cost $25.93 Unrealized +73.1%

MET METLIFE INC 3.4%

Value $12.43M (-5.2%) Shares 175,759 (+5.8%) Est. Cost $33.38 Unrealized +132.0%

FSBH FSBH CORP 1.0%

Value $3.84M (+18.0%) Shares 240,000 (+14.3%) Est. Cost $9.72 Unrealized +64.2%

BBT BEACON FINANCIAL 0.6%

Value $2.317M (+27.0%) Shares 77,238 (+11.6%) Est. Cost $25.35 Unrealized +14.0%

XRN CHIRON RL ESTTE 1.5%

Value $5.697M (+8.9%) Shares 172,211 (+11.1%) Est. Cost $33.66 Unrealized —

— HAEMONETICS CORP 0.5%

Value $1.666M (+38.6%) Shares 1,750,000 (+50.9%) Est. Cost $0.93 Unrealized —

MOAT VE WIDE MOAT 1.0%

Value $3.554M (+12.2%) Shares 36,753 (+20.1%) Est. Cost $86.44 Unrealized —

WY WEYERHAEUSER 1.2%

Value $4.254M (+8.1%) Shares 174,110 (+4.8%) Est. Cost $22.84 Unrealized +4.2%

VICI VICI PRPTY 1.5%

Value $5.537M (+5.3%) Shares 202,685 (+8.4%) Est. Cost $26.31 Unrealized +7.0%

VOO VGRD S&P 500 0.5%

Value $1.898M (+14.0%) Shares 3,177 (+19.7%) Est. Cost $532.80 Unrealized —

CZBT CITIZENS BANC VA 0.3%

Value $1.07M (+25.9%) Shares 28,525 (+13.0%) Est. Cost $25.95 Unrealized +32.1%

IAT ISHARES US REGIO 0.3%

Value $969K (+25.5%) Shares 18,000 (+28.6%) Est. Cost $53.61 Unrealized —

BANC BANC CALIFORNIA 0.4%

Value $1.398M (-7.9%) Shares 79,550 (+1.0%) Est. Cost $12.42 Unrealized +62.3%

QABA FT NAS CMTY BNK 0.2%

Value $594K (+22.2%) Shares 10,207 (+18.9%) Est. Cost $52.62 Unrealized —

ENR ENERGIZER HLDNG 0.7%

Value $2.461M (+3.1%) Shares 149,905 (+24.9%) Est. Cost $26.39 Unrealized -18.7%

ACI ALBERTSONS COS 0.7%

Value $2.55M (+1.2%) Shares 149,662 (+2.0%) Est. Cost $19.29 Unrealized -9.9%

APLE APPLE HOPTLY 0.9%

Value $3.461M (+0.6%) Shares 300,670 (+3.6%) Est. Cost $14.79 Unrealized —

LOW LOWE'S COS INC 0.0%

Value $112K (+10.3%) Shares 473 (+12.6%) Est. Cost $247.26 Unrealized +9.8%

— WESTERN OPP FUND 0.2%

Value $898K (+0.6%) Shares 106,092 (+2.1%) Est. Cost $8.56 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	SIRIUS XM HLDNGS	7,223,000 (+47.8%)	$7.497M (+52.8%)	2.0%	$1.03	—	NOTE 3.750% 3/1	531229ap7
—	PROGRESS SOFTWARE	7,545,000 (+52.6%)	$6.703M (+34.1%)	1.8%	$0.97	—	NOTE 3.500% 3/0	743312ad2
—	NORTHERN OIL	3,950,000 (+40.6%)	$4.332M (+60.0%)	1.2%	$1.02	—	NOTE 3.625% 4/1	665531aj8
—	WINNEBAGO INDS	2,345,000 (+311.4%)	$2.115M (+295.8%)	0.6%	$0.90	—	NOTE 3.250% 1/1	974637af7
NOG	NORTHERN OIL	73,609 (+138.2%)	$2.152M (+224.3%)	0.6%	$23.51	+3.3%	COM	665531307
VZ	VERIZON COMM	141,366 (+2.6%)	$7.097M (+26.5%)	1.9%	$39.13	+12.0%	COM	92343V104
ET	ENERGY TRANSFER	377,198 (+1.0%)	$7.28M (+18.3%)	2.0%	$9.91	—	COM UT LTD PTN	29273V100
BORT	BANK BOTETOURT	122,465 (+10.3%)	$5.756M (+17.8%)	1.6%	$25.93	+73.1%	COM	063907208
MET	METLIFE INC	175,759 (+5.8%)	$12.43M (-5.2%)	3.4%	$33.38	+132.0%	COM	59156R108
FSBH	FSBH CORP	240,000 (+14.3%)	$3.84M (+18.0%)	1.0%	$9.72	+64.2%	COM	30325F101
BBT	BEACON FINANCIAL	77,238 (+11.6%)	$2.317M (+27.0%)	0.6%	$25.35	+14.0%	COM	084680107
XRN	CHIRON RL ESTTE	172,211 (+11.1%)	$5.697M (+8.9%)	1.5%	$33.66	—	COM NEW	37954A303
—	HAEMONETICS CORP	1,750,000 (+50.9%)	$1.666M (+38.6%)	0.5%	$0.93	—	NOTE 2.500% 6/0	405024ad2
MOAT	VE WIDE MOAT	36,753 (+20.1%)	$3.554M (+12.2%)	1.0%	$86.44	—	MRNGSTR WDE MOAT	92189F643
WY	WEYERHAEUSER	174,110 (+4.8%)	$4.254M (+8.1%)	1.2%	$22.84	+4.2%	COM NEW	962166104
VICI	VICI PRPTY	202,685 (+8.4%)	$5.537M (+5.3%)	1.5%	$26.31	+7.0%	COM	925652109
VOO	VGRD S&P 500	3,177 (+19.7%)	$1.898M (+14.0%)	0.5%	$532.80	—	S&P 500 ETF SHS	922908363
CZBT	CITIZENS BANC VA	28,525 (+13.0%)	$1.07M (+25.9%)	0.3%	$25.95	+32.1%	COM	17316V104
IAT	ISHARES US REGIO	18,000 (+28.6%)	$969K (+25.5%)	0.3%	$53.61	—	US RGNL BKS ETF	464288778
BANC	BANC CALIFORNIA	79,550 (+1.0%)	$1.398M (-7.9%)	0.4%	$12.42	+62.3%	COM	05990K106
QABA	FT NAS CMTY BNK	10,207 (+18.9%)	$594K (+22.2%)	0.2%	$52.62	—	UT COM SHS ETF	33736Q104
ENR	ENERGIZER HLDNG	149,905 (+24.9%)	$2.461M (+3.1%)	0.7%	$26.39	-18.7%	COM	29272W109
ACI	ALBERTSONS COS	149,662 (+2.0%)	$2.55M (+1.2%)	0.7%	$19.29	-9.9%	COM	013091103
APLE	APPLE HOPTLY	300,670 (+3.6%)	$3.461M (+0.6%)	0.9%	$14.79	—	COM NEW	03784Y200
LOW	LOWE'S COS INC	473 (+12.6%)	$112K (+10.3%)	0.0%	$247.26	+9.8%	COM	548661107
—	WESTERN OPP FUND	106,092 (+2.1%)	$898K (+0.6%)	0.2%	$8.56	—	COM	95766R104

Exited Positions (9)

— LXP INDUSTRIAL 0.7%

Value $2.689M Shares 54,226 Est. Cost $10.88 Unrealized —

— DUKE ENERGY 0.6%

Value $2.148M Shares 2,085,000 Est. Cost $1.06 Unrealized —

— EPR PRPTY 0.5%

Value $1.819M Shares 81,995 Est. Cost $21.19 Unrealized —

— FORD MOTOR CO 0.5%

Value $1.677M Shares 1,615,000 Est. Cost $0.98 Unrealized —

— AIRBNB INC BOND 0.4%

Value $1.583M Shares 1,600,000 Est. Cost $0.95 Unrealized —

— ALLIANT ENERGY 0.3%

Value $971K Shares 935,000 Est. Cost $1.04 Unrealized —

SPYM SPDR PORT SP 500 0.2%

Value $802K Shares 9,995 Est. Cost $80.22 Unrealized —

RSP INVESCO S&P 500 0.0%

Value $107K Shares 560 Est. Cost $181.74 Unrealized —

B BARRICK MNG 0.0%

Value $101K Shares 2,325 Est. Cost $37.42 Unrealized +29.1%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LXP INDUSTRIAL	54,226	$2.689M	0.7%	$10.88	—	—	529043101
—	DUKE ENERGY	2,085,000	$2.148M	0.6%	$1.06	—	—	26441cby0
—	EPR PRPTY	81,995	$1.819M	0.5%	$21.19	—	—	26884U208
—	FORD MOTOR CO	1,615,000	$1.677M	0.5%	$0.98	—	—	345370cz1
—	AIRBNB INC BOND	1,600,000	$1.583M	0.4%	$0.95	—	—	009066ab7
—	ALLIANT ENERGY	935,000	$971K	0.3%	$1.04	—	—	018802ac2
SPYM	SPDR PORT SP 500	9,995	$802K	0.2%	$80.22	—	—	78464A854
RSP	INVESCO S&P 500	560	$107K	0.0%	$181.74	—	—	46137V357
B	BARRICK MNG	2,325	$101K	0.0%	$37.42	+29.1%	—	06849F108

Decreased Positions (29)

AEM AGNICO-EAGLE 6.5%

Value $24.07M (+18.2%) Shares 118,598 (-1.3%) Est. Cost $55.40 Unrealized +271.9%

— JAZZ INVEST 0.8%

Value $3.111M (-52.5%) Shares 2,565,000 (-54.7%) Est. Cost $1.00 Unrealized —

FENY FIDELITY CVNGTN 2.5%

Value $9.094M (+33.4%) Shares 267,315 (-2.9%) Est. Cost $21.44 Unrealized —

— FLAGSTAR FNCL 0.6%

Value $2.174M (-36.3%) Shares 56,093 (-34.1%) Est. Cost $38.72 Unrealized —

— MICROSOFT CORP 0.9%

Value $3.332M (-23.5%) Shares 9,000 (-90.0%) Est. Cost — Unrealized —

SFL SFL CORP LTD 1.0%

Value $3.57M (+36.7%) Shares 330,892 (-1.0%) Est. Cost $10.71 Unrealized -14.9%

HCI HCI GROUP INC 0.6%

Value $2.335M (-20.3%) Shares 15,104 (-1.2%) Est. Cost $153.53 Unrealized +7.5%

— PPL CAPITAL 2.0%

Value $7.275M (+5.1%) Shares 6,210,000 (-1.5%) Est. Cost $1.06 Unrealized —

— LIBERTY MEDIA 0.7%

Value $2.653M (-10.8%) Shares 2,300,000 (-2.1%) Est. Cost $1.10 Unrealized —

ES EVERSOURCE 0.1%

Value $294K (-35.2%) Shares 4,247 (-37.1%) Est. Cost $59.90 Unrealized +17.0%

ALRS ALERUS FINAN 0.9%

Value $3.236M (+4.1%) Shares 136,470 (-1.1%) Est. Cost $20.65 Unrealized +18.5%

QQQ INV QQQ TRUST 0.0%

Value $132K (-44.3%) Shares 228 (-40.8%) Est. Cost $545.70 Unrealized —

JCI JOHNSON CONTROL 0.0%

Value $105K (-43.6%) Shares 800 (-48.4%) Est. Cost $59.80 Unrealized +110.8%

— PACIRA BIOSCIENCE 0.4%

Value $1.421M (-5.3%) Shares 1,475,000 (-1.3%) Est. Cost $1.01 Unrealized —

— AMPHASTAR PHARMA 0.5%

Value $1.753M (-3.3%) Shares 1,940,000 (-1.3%) Est. Cost $0.88 Unrealized —

— STARWOOD PPTY 0.3%

Value $925K (-4.2%) Shares 910,000 (-2.7%) Est. Cost $1.07 Unrealized —

AGI ALAMOS GOLD 0.1%

Value $481K (+9.1%) Shares 10,822 (-5.3%) Est. Cost $23.74 Unrealized +79.2%

IFF INTL FLAVORS 0.2%

Value $686K (+6.1%) Shares 9,451 (-1.5%) Est. Cost $129.90 Unrealized -43.0%

KR KROGER CO COM 0.1%

Value $359K (+11.3%) Shares 4,955 (-3.9%) Est. Cost $44.28 Unrealized +45.9%

— ETSY INC BOND 0.5%

Value $1.726M (-1.9%) Shares 1,855,000 (-2.6%) Est. Cost $0.86 Unrealized —

— ALBEMARLE CORP 0.1%

Value $336K (+10.4%) Shares 4,675 (-8.8%) Est. Cost $46.07 Unrealized —

SKE SKEENA 0.1%

Value $353K (+7.8%) Shares 11,880 (-13.9%) Est. Cost $13.64 Unrealized +123.8%

— VISHAY INTERT 0.2%

Value $787K (+3.1%) Shares 820,000 (-3.5%) Est. Cost $0.89 Unrealized —

SPY SPDR S&P 500 0.1%

Value $313K (-6.9%) Shares 481 (-2.4%) Est. Cost $410.84 Unrealized —

GDX VE GOLD MINERS 0.5%

Value $2.029M (+1.1%) Shares 22,107 (-5.5%) Est. Cost $31.08 Unrealized —

— LCI INDS CONV 0.4%

Value $1.433M (-1.5%) Shares 1,442,000 (-2.7%) Est. Cost $1.01 Unrealized —

SLV ISHARES SILVER 0.0%

Value $139K (-9.2%) Shares 2,038 (-14.2%) Est. Cost $64.42 Unrealized —

TSM TAIWAN SEMICOND 0.0%

Value $154K (+0.4%) Shares 455 (-9.7%) Est. Cost $226.49 Unrealized —

ABCB AMERIS BANCORP 0.7%

Value $2.485M (-0.0%) Shares 31,859 (-4.8%) Est. Cost $35.05 Unrealized +131.2%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AEM	AGNICO-EAGLE	118,598 (-1.3%)	$24.07M (+18.2%)	6.5%	$55.40	+271.9%	COM	008474108
—	JAZZ INVEST	2,565,000 (-54.7%)	$3.111M (-52.5%)	0.8%	$1.00	—	NOTE 2.000% 6/1	472145af8
FENY	FIDELITY CVNGTN	267,315 (-2.9%)	$9.094M (+33.4%)	2.5%	$21.44	—	MSCI ENERGY IDX	316092402
—	FLAGSTAR FNCL	56,093 (-34.1%)	$2.174M (-36.3%)	0.6%	$38.72	—	UNIT 05/07/2051	64944p307
—	MICROSOFT CORP	9,000 (-90.0%)	$3.332M (-23.5%)	0.9%	—	—	PUT	594918954
SFL	SFL CORP LTD	330,892 (-1.0%)	$3.57M (+36.7%)	1.0%	$10.71	-14.9%	SHS	G7738W106
HCI	HCI GROUP INC	15,104 (-1.2%)	$2.335M (-20.3%)	0.6%	$153.53	+7.5%	COM	40416E103
—	PPL CAPITAL	6,210,000 (-1.5%)	$7.275M (+5.1%)	2.0%	$1.06	—	NOTE 2.875% 3/1	69352pas2
—	LIBERTY MEDIA	2,300,000 (-2.1%)	$2.653M (-10.8%)	0.7%	$1.10	—	NOTE 2.250% 8/1	531229aq5
ES	EVERSOURCE	4,247 (-37.1%)	$294K (-35.2%)	0.1%	$59.90	+17.0%	COM	30040W108
ALRS	ALERUS FINAN	136,470 (-1.1%)	$3.236M (+4.1%)	0.9%	$20.65	+18.5%	COM	01446U103
QQQ	INV QQQ TRUST	228 (-40.8%)	$132K (-44.3%)	0.0%	$545.70	—	UNIT SER 1	46090E103
JCI	JOHNSON CONTROL	800 (-48.4%)	$105K (-43.6%)	0.0%	$59.80	+110.8%	SHS	G51502105
—	PACIRA BIOSCIENCE	1,475,000 (-1.3%)	$1.421M (-5.3%)	0.4%	$1.01	—	NOTE 2.125% 5/1	695127aj9
—	AMPHASTAR PHARMA	1,940,000 (-1.3%)	$1.753M (-3.3%)	0.5%	$0.88	—	NOTE 2.000% 3/1	03209rab9
—	STARWOOD PPTY	910,000 (-2.7%)	$925K (-4.2%)	0.3%	$1.07	—	NOTE 6.750% 7/1	85571bba2
AGI	ALAMOS GOLD	10,822 (-5.3%)	$481K (+9.1%)	0.1%	$23.74	+79.2%	COM CL A	011532108
IFF	INTL FLAVORS	9,451 (-1.5%)	$686K (+6.1%)	0.2%	$129.90	-43.0%	COM	459506101
KR	KROGER CO COM	4,955 (-3.9%)	$359K (+11.3%)	0.1%	$44.28	+45.9%	COM	501044101
—	ETSY INC BOND	1,855,000 (-2.6%)	$1.726M (-1.9%)	0.5%	$0.86	—	NOTE 0.125% 9/0	29786aal0
—	ALBEMARLE CORP	4,675 (-8.8%)	$336K (+10.4%)	0.1%	$46.07	—	7.25% DEP SHS A	012653200
SKE	SKEENA	11,880 (-13.9%)	$353K (+7.8%)	0.1%	$13.64	+123.8%	COM	83056P715
—	VISHAY INTERT	820,000 (-3.5%)	$787K (+3.1%)	0.2%	$0.89	—	NOTE 2.250% 9/1	928298ar9
SPY	SPDR S&P 500	481 (-2.4%)	$313K (-6.9%)	0.1%	$410.84	—	TR UNIT	78462F103
GDX	VE GOLD MINERS	22,107 (-5.5%)	$2.029M (+1.1%)	0.5%	$31.08	—	GOLD MINERS ETF	92189F106
—	LCI INDS CONV	1,442,000 (-2.7%)	$1.433M (-1.5%)	0.4%	$1.01	—	NOTE 1.125% 5/1	501812ab7
SLV	ISHARES SILVER	2,038 (-14.2%)	$139K (-9.2%)	0.0%	$64.42	—	ISHARES	46428Q109
TSM	TAIWAN SEMICOND	455 (-9.7%)	$154K (+0.4%)	0.0%	$226.49	—	SPONSORED ADS	874039100
ABCB	AMERIS BANCORP	31,859 (-4.8%)	$2.485M (-0.0%)	0.7%	$35.05	+131.2%	COM	03076K108

Unchanged Positions (58)

BG BUNGE LIMITED 2.7%

Value $10.09M Shares 79,360 Est. Cost $98.10 Unrealized +14.2%

SHEL SHELL PLC 2.8%

Value $10.3M Shares 110,701 Est. Cost $55.86 Unrealized —

EXSR EXCHANGE BANK 3.0%

Value $11.03M Shares 75,781 Est. Cost $113.44 Unrealized +24.0%

PKBK PARKE BANCORP 2.4%

Value $9.015M Shares 317,426 Est. Cost $15.54 Unrealized +74.2%

TSBK TIMBERLAND BANC 3.1%

Value $11.48M Shares 291,202 Est. Cost $14.24 Unrealized +163.4%

MRK MERCK&CO INC 1.9%

Value $7.024M Shares 58,396 Est. Cost $61.63 Unrealized +85.4%

PFE PFIZER INC 1.9%

Value $6.985M Shares 248,771 Est. Cost $27.13 Unrealized -3.5%

LFGP LEDYARD FINAN 1.5%

Value $5.717M Shares 335,696 Est. Cost $24.56 Unrealized -35.3%

CPKF CHESPKE FINAN 1.5%

Value $5.71M Shares 178,500 Est. Cost $19.65 Unrealized +51.1%

SLB SCHLUMBERGER 0.7%

Value $2.521M Shares 49,054 Est. Cost $36.65 Unrealized +31.8%

CSBB CSB BANCORP 1.1%

Value $4.151M Shares 66,563 Est. Cost $35.09 Unrealized +59.7%

BMBN BENCHMARK BANK 1.7%

Value $6.274M Shares 173,082 Est. Cost $15.53 Unrealized +127.2%

SBFG SB FINANCIAL 2.2%

Value $8.193M Shares 390,137 Est. Cost $17.48 Unrealized +24.1%

VTRS VIATRIS INC 1.7%

Value $6.164M Shares 456,272 Est. Cost $10.69 Unrealized +31.7%

MFGI MERCHANTS FINL 1.2%

Value $4.452M Shares 126,950 Est. Cost $24.60 Unrealized +35.0%

FXNC FIRST NATL VA 1.5%

Value $5.495M Shares 204,109 Est. Cost $17.09 Unrealized +55.2%

— INNOVIVA INC 1.8%

Value $6.818M Shares 6,320,000 Est. Cost $0.96 Unrealized —

PTBS POTOMAC BANC 1.2%

Value $4.563M Shares 231,015 Est. Cost $14.26 Unrealized +33.8%

AIG AMERICAN INTL 0.7%

Value $2.483M Shares 33,000 Est. Cost $29.33 Unrealized +160.2%

AAPL APPLE INC 1.2%

Value $4.441M Shares 17,500 Est. Cost — Unrealized —

CNH CNH INDUSTRIAL 0.5%

Value $1.869M Shares 169,938 Est. Cost $10.71 Unrealized +6.6%

T AT&T INC 0.5%

Value $1.805M Shares 62,256 Est. Cost $15.60 Unrealized +65.0%

FMBM F&M BANK CORP 1.1%

Value $4.141M Shares 135,864 Est. Cost $22.87 Unrealized +32.4%

MSFT MICROSOFT CORP 0.2%

Value $609K Shares 1,646 Est. Cost $331.15 Unrealized +31.2%

ORCL ORACLE CORP 0.1%

Value $441K Shares 3,000 Est. Cost $175.85 Unrealized -3.5%

TSN TYSON FOODS 0.5%

Value $1.73M Shares 27,007 Est. Cost $71.38 Unrealized -12.8%

PFIS PEOPLES FIN SERV 0.4%

Value $1.533M Shares 28,748 Est. Cost $43.06 Unrealized +22.2%

CWBC CMNTY WST BANC 1.0%

Value $3.788M Shares 162,590 Est. Cost $19.27 Unrealized +22.8%

— KIMCO REALTY 1.5%

Value $5.374M Shares 89,943 Est. Cost $61.40 Unrealized —

XOM EXXON MOBIL 0.1%

Value $219K Shares 1,293 Est. Cost $111.41 Unrealized +24.5%

— INVESCO MUNI 0.2%

Value $850K Shares 86,117 Est. Cost $12.49 Unrealized —

JPM JPMORGAN CHASE 0.1%

Value $349K Shares 1,188 Est. Cost $209.39 Unrealized +48.7%

IBM INTL BUS MACHINE 0.0%

Value $148K Shares 611 Est. Cost $172.56 Unrealized +64.5%

FCCO FIRST CMNTY SC 0.6%

Value $2.236M Shares 76,500 Est. Cost $15.93 Unrealized +86.2%

BRK/B BERKSHIRE HATHA 0.2%

Value $637K Shares 1,330 Est. Cost $290.80 Unrealized +69.7%

SOBS SOLVAY BANK 0.3%

Value $1.088M Shares 37,522 Est. Cost $25.07 Unrealized +17.6%

GOOGL ALPHABET INC 0.1%

Value $330K Shares 1,147 Est. Cost $175.15 Unrealized +84.6%

FISI FINANCIAL INST 0.4%

Value $1.567M Shares 49,428 Est. Cost $21.39 Unrealized +53.7%

CTO CTO REALTY GRW 3.3%

Value $12.19M Shares 659,370 Est. Cost $17.36 Unrealized —

AMZN AMAZON.COM 0.1%

Value $209K Shares 1,005 Est. Cost $166.47 Unrealized +36.3%

ABBV ABBVIE INC 0.1%

Value $416K Shares 1,915 Est. Cost $137.16 Unrealized +62.3%

MTB M&T BANK CORP 0.2%

Value $669K Shares 3,238 Est. Cost $149.80 Unrealized +47.6%

DUK DUK ENRGY 0.0%

Value $155K Shares 1,183 Est. Cost $110.07 Unrealized +9.8%

GLD SPDR GOLD TRUST 0.1%

Value $196K Shares 456 Est. Cost $311.60 Unrealized —

FBIZ FIRST BUSINESS 2.3%

Value $8.337M Shares 154,590 Est. Cost $21.70 Unrealized +161.6%

SBCF SEACOAST BANKIN 0.1%

Value $328K Shares 10,826 Est. Cost $24.92 Unrealized +34.2%

FFSM FIDELITY FNDMNTL 0.1%

Value $260K Shares 8,125 Est. Cost $30.69 Unrealized —

GOOG ALPHABET INC 0.0%

Value $108K Shares 375 Est. Cost $286.33 Unrealized +13.0%

— GREENBRIER COS 0.0%

Value $135K Shares 117,000 Est. Cost $1.10 Unrealized —

SSB SOUTHSTATE CORP 0.1%

Value $532K Shares 5,755 Est. Cost $91.84 Unrealized +9.9%

EBMT EAGLE BANCORP 0.1%

Value $185K Shares 9,000 Est. Cost $19.45 Unrealized +10.2%

HL HECLA MINING CO 0.1%

Value $186K Shares 10,000 Est. Cost $8.03 Unrealized +200.0%

MOTG VE GLBL WIDE MT 0.0%

Value $108K Shares 2,925 Est. Cost $42.46 Unrealized —

— HALOZYME THERAP 0.0%

Value $114K Shares 110,000 Est. Cost $1.00 Unrealized —

FRAF FRANKLIN FINANC 0.1%

Value $225K Shares 4,400 Est. Cost $26.57 Unrealized +88.7%

— PEBBLEBRK HOTEL 0.1%

Value $292K Shares 300,000 Est. Cost $0.92 Unrealized —

IUSV IS S&P US VALUE 0.1%

Value $465K Shares 4,550 Est. Cost $66.86 Unrealized —

HWC HANCOCK WHITNEY 0.2%

Value $693K Shares 10,898 Est. Cost $39.81 Unrealized +74.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BG	BUNGE LIMITED	79,360	$10.09M	2.7%	$98.10	+14.2%	COM SHS	H11356104
SHEL	SHELL PLC	110,701	$10.3M	2.8%	$55.86	—	SPON ADS	780259305
EXSR	EXCHANGE BANK	75,781	$11.03M	3.0%	$113.44	+24.0%	COM	301227203
PKBK	PARKE BANCORP	317,426	$9.015M	2.4%	$15.54	+74.2%	COM	700885106
TSBK	TIMBERLAND BANC	291,202	$11.48M	3.1%	$14.24	+163.4%	COM	887098101
MRK	MERCK&CO INC	58,396	$7.024M	1.9%	$61.63	+85.4%	COM	58933Y105
PFE	PFIZER INC	248,771	$6.985M	1.9%	$27.13	-3.5%	COM	717081103
LFGP	LEDYARD FINAN	335,696	$5.717M	1.5%	$24.56	-35.3%	COM	523338101
CPKF	CHESPKE FINAN	178,500	$5.71M	1.5%	$19.65	+51.1%	COM	16517A109
SLB	SCHLUMBERGER	49,054	$2.521M	0.7%	$36.65	+31.8%	COM STK	806857108
CSBB	CSB BANCORP	66,563	$4.151M	1.1%	$35.09	+59.7%	COM	12628R107
BMBN	BENCHMARK BANK	173,082	$6.274M	1.7%	$15.53	+127.2%	COM	08160E207
SBFG	SB FINANCIAL	390,137	$8.193M	2.2%	$17.48	+24.1%	COM	78408D105
VTRS	VIATRIS INC	456,272	$6.164M	1.7%	$10.69	+31.7%	COM	92556V106
MFGI	MERCHANTS FINL	126,950	$4.452M	1.2%	$24.60	+35.0%	COM	588538108
FXNC	FIRST NATL VA	204,109	$5.495M	1.5%	$17.09	+55.2%	COM	32106V107
—	INNOVIVA INC	6,320,000	$6.818M	1.8%	$0.96	—	NOTE 2.125% 3/1	45781mad3
PTBS	POTOMAC BANC	231,015	$4.563M	1.2%	$14.26	+33.8%	COM	737643106
AIG	AMERICAN INTL	33,000	$2.483M	0.7%	$29.33	+160.2%	COM NEW	026874784
AAPL	APPLE INC	17,500	$4.441M	1.2%	—	—	PUT	037833100
CNH	CNH INDUSTRIAL	169,938	$1.869M	0.5%	$10.71	+6.6%	SHS	N20944109
T	AT&T INC	62,256	$1.805M	0.5%	$15.60	+65.0%	COM	00206R102
FMBM	F&M BANK CORP	135,864	$4.141M	1.1%	$22.87	+32.4%	COM	30237P106
MSFT	MICROSOFT CORP	1,646	$609K	0.2%	$331.15	+31.2%	COM	594918104
ORCL	ORACLE CORP	3,000	$441K	0.1%	$175.85	-3.5%	COM	68389X105
TSN	TYSON FOODS	27,007	$1.73M	0.5%	$71.38	-12.8%	CL A	902494103
PFIS	PEOPLES FIN SERV	28,748	$1.533M	0.4%	$43.06	+22.2%	COM	711040105
CWBC	CMNTY WST BANC	162,590	$3.788M	1.0%	$19.27	+22.8%	COM	203937107
—	KIMCO REALTY	89,943	$5.374M	1.5%	$61.40	—	DP CV CL N 7.25%	49446r687
XOM	EXXON MOBIL	1,293	$219K	0.1%	$111.41	+24.5%	COM	30231G102
—	INVESCO MUNI	86,117	$850K	0.2%	$12.49	—	COM	46131M106
JPM	JPMORGAN CHASE	1,188	$349K	0.1%	$209.39	+48.7%	COM	46625H100
IBM	INTL BUS MACHINE	611	$148K	0.0%	$172.56	+64.5%	COM	459200101
FCCO	FIRST CMNTY SC	76,500	$2.236M	0.6%	$15.93	+86.2%	COM	319835104
BRK/B	BERKSHIRE HATHA	1,330	$637K	0.2%	$290.80	+69.7%	CL B NEW	084670702
SOBS	SOLVAY BANK	37,522	$1.088M	0.3%	$25.07	+17.6%	COM	83441Q105
GOOGL	ALPHABET INC	1,147	$330K	0.1%	$175.15	+84.6%	CAP STK CL A	02079K305
FISI	FINANCIAL INST	49,428	$1.567M	0.4%	$21.39	+53.7%	COM	317585404
CTO	CTO REALTY GRW	659,370	$12.19M	3.3%	$17.36	—	COM	22948Q101
AMZN	AMAZON.COM	1,005	$209K	0.1%	$166.47	+36.3%	COM	023135106
ABBV	ABBVIE INC	1,915	$416K	0.1%	$137.16	+62.3%	COM	00287Y109
MTB	M&T BANK CORP	3,238	$669K	0.2%	$149.80	+47.6%	COM	55261F104
DUK	DUK ENRGY	1,183	$155K	0.0%	$110.07	+9.8%	COM NEW	26441C204
GLD	SPDR GOLD TRUST	456	$196K	0.1%	$311.60	—	GOLD SHS	78463V107
FBIZ	FIRST BUSINESS	154,590	$8.337M	2.3%	$21.70	+161.6%	COM	319390100
SBCF	SEACOAST BANKIN	10,826	$328K	0.1%	$24.92	+34.2%	COM NEW	811707801
FFSM	FIDELITY FNDMNTL	8,125	$260K	0.1%	$30.69	—	FIDELITY COVINGTON TRUST	316092295
GOOG	ALPHABET INC	375	$108K	0.0%	$286.33	+13.0%	CAP STK CL C	02079K107
—	GREENBRIER COS	117,000	$135K	0.0%	$1.10	—	NOTE 2.875% 4/1	393657am3
SSB	SOUTHSTATE CORP	5,755	$532K	0.1%	$91.84	+9.9%	COM	84472E102
EBMT	EAGLE BANCORP	9,000	$185K	0.1%	$19.45	+10.2%	COM	26942G100
HL	HECLA MINING CO	10,000	$186K	0.1%	$8.03	+200.0%	COM	422704106
MOTG	VE GLBL WIDE MT	2,925	$108K	0.0%	$42.46	—	MRNGSTR GBL WIDE	92189F122
—	HALOZYME THERAP	110,000	$114K	0.0%	$1.00	—	NOTE 0.250% 3/0	40637had1
FRAF	FRANKLIN FINANC	4,400	$225K	0.1%	$26.57	+88.7%	COM	353525108
—	PEBBLEBRK HOTEL	300,000	$292K	0.1%	$0.92	—	NOTE 1.750% 12/1	70509vaa8
IUSV	IS S&P US VALUE	4,550	$465K	0.1%	$66.86	—	CORE S&P US VLU	464287663
HWC	HANCOCK WHITNEY	10,898	$693K	0.2%	$39.81	+74.0%	COM	410120109