HCDI Harbor Custom Development Inc

CUSIP NO.     41150T07
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(1)  NAMES OF REPORTING PERSONS
     Cutler Capital Management, LLC
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(2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [   ]
(b) [   ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION Canada
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NUMBER OF         (5) SOLE VOTING POWER
SHARES            ---------------------------------------------------------
BENEFICIALLY      (6) SHARED VOTING POWER 0
OWNED BY          ---------------------------------------------------------
EACH              (7) SOLE DISPOSITIVE POWER 2,637,991 (429,804 shares
      Series A Convertible Preferred connverted into 2,387,991 shares of
common stock and 250,000 warrants)
REPORTING         ---------------------------------------------------------
PERSON WITH       (8) SHARED DISPOSITIVE POWER 0
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    None
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(10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES
     [   ]
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(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)  12%
2,637,991 with share count at 21,925,738 (1,260,555 shares of Series A
Convertible Preferred converted into 7,003,644 shares of common stock and
14,922,094 shares outstanding as of 9/30/21)
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(12) TYPE OF REPORTING PERSON
     IA
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Item 1.
    (a) Name of Issuer:
        Harbor Custom Development, Inc.


    (b) Address of Issuer's Principal Executive Offices:
        11505 Burnham Dr. Suite 301 Gig Harbor, WA 98332

Item 2.
    (a) Name of Person Filing:
        Cutler Capital Management, LLC

    (b) Address of Principal Business Office or, if None, Residence:
        306 Main Street Worcester MA 01608

    (c) Citizenship: United States

    (d) Title of Class of Securities: Series A Convertible Preferred Stock

    (e) CUSIP Number: 41150T07

Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b),
        or 13d-2(b) or (c), Check Whether the Person Filing is a:

    (a) [   ] Broker or dealer registered under Section 15 of the
                Exchange Act.

    (b) [   ] Bank as defined in Section 3(a)(6) of the Exchange Act.


    (c) [   ] Insurance company as defined in Section 3(a)(19) of the
                Exchange Act.
    (d) [   ] Investment company registered under Section 8 of the
                Investment Company Act.
    (e) [ x ] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
    (f) [   ] An employee benefit plan or endowment fund in accordance with
                Rule 13d-1(b)(1)(ii)(F);
    (g) [   ] A parent holding company or control person in accordance with
                Rule 13d-1(b)(1)(ii)(G);
    (h) [   ] A savings association as defined in Section 3(b) of the
                Federal Deposit Insurance Act;
    (i) [   ] A church plan that is excluded from the definition of an
                investment company under Section 3(c)(14) of the
                Investment Company Act;
    (j) [   ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).

Item 4.         Ownership.

    (a) Amount beneficially owned: 2,637,991
    (b) Percent of class: 12%
    (c) Number of shares as to which the person has:
        (i) Sole power to vote or to direct the vote: 0
        (ii) Shared power to vote or to direct the vote: 0
        (iii) Sole power to dispose or to direct the disposition of:
                2,637,991
        (iv) Shared power to dispose or to direct the disposition of:
                0

Item 5. Ownership of Five Percent or Less of a Class.

        If this statement is being filed to report the fact that as of the
        date hereof the reporting person has ceased to be the beneficial
        owner of more than five percent of the class of securities,
        check the following  [   ]

Item 6. Ownership of More than Five Percent on Behalf of Another Person.
        Clients of Cutler Capital Management, LLC retain the right to vote
        their shares.  No client beneficially owns more than 5% of the issuer's
        common stock.

Item 7. Identification and Classification of the Subsidiary Which Acquired
        the Security Being Reported on by the Parent Holding Company or
        Control Person.

        Not applicable

Item 8. Identification and Classification of Members of the Group.
        Not applicable

Item 9. Notice of Dissolution of Group.
        Not applicable

Item 10. Certification.

        By signing below I certify that, to the best of my knowledge and
        belief, the securities referred to above were not acquired and
        are not held for the purpose of or with the effect of changing or
        influencing the control of the issuer of the securities and
        were not acquired and are not held in connection with or
        as a participant in any transaction having that purpose or effect.

                                Signature

After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true,
complete and correct.


        Filer
                Cutler Capital Management, LLC

        By:
                /s/ Geoffrey Dancey

        Name:
                Geoffrey Dancey

        Title:
                President

        Date:
                February 14, 2022