The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGNICO EAGLE COM 008474108 BBG000DLVDK3 6,964,506 136,639 SH   SOLE   30,000 0 106,639
ABBVIE COM 00287Y109 BBG0025Y4RY4 637,481 4,000 SH   SOLE   0 0 4,000
ALBERTSONS COM 013091103 BBG009KG1750 1,992,404 95,881 SH   SOLE   0 0 95,881
ALERUS FINAN COM 01446U103 BBG000BTXSH7 2,482,312 154,661 SH   SOLE   76,000 0 78,661
AMERICAN INTL COM 026874784 BBG000BBDZG3 1,636,700 32,500 SH   SOLE   32,500 0 0
AMERIS BANCORP COM 03076K108 BBG000CDY3H5 1,641,996 44,888 SH   SOLE   0 0 44,888
APPLE HOSPITLITY COM 03784Y200 BBG006473QX9 1,097,473 70,713 SH   SOLE   0 0 70,713
AT&T INC COM 00206R102 BBG000BSJK37 2,194,759 114,013 SH   SOLE   55,000 0 59,013
BANK BOTETOURT COM 063907208 BBG000HLXBR4 3,070,526 100,344 SH   SOLE   81,000 0 19,344
BECTON DICKSON COM 075887109 BBG000BCZYD3 395,816 1,599 SH   SOLE   0 0 1,599
BENCHMARK BANK COM 08160E207 BBG000C0VW37 3,213,000 140,000 SH   SOLE   109,000 0 31,000
BERKSHIRE HATH COM CLASS B 084670702 BBG000DWG505 412,517 1,336 SH   SOLE   0 0 1,336
BEYOND MEAT DEB 08862EAB5 BBG00ZHF0G31 290,625 1,250,000 PRN   SOLE   1,250,000 0 0
BLUE RIDGE BANK COM 095825105 BBG000BJ7RY1 2,414,340 236,700 SH   SOLE   179,000 0 57,700
BUNGE LIMITED COM G16962105 BBG000DGPR66 6,992,656 73,206 SH   SOLE   26,000 0 47,206
CAMBRIDGE BANC COM 132152109 BBG000C2D195 2,440,204 37,652 SH   SOLE   30,500 0 7,152
CHEGG INC DEB 163092AD1 BBG00NNWBHW8 227,500 260,000 PRN   SOLE   0 0 260,000
CHESAPEAKE FINL COM 16517A109 BBG000DWJWQ5 3,941,625 172,500 SH   SOLE   106,500 0 66,000
CITIZENS BANC COM 17316V104 BBG000BT7R42 590,000 20,000 SH   SOLE   20,000 0 0
COMMUNITY WEST COM 204157101 BBG000JF5K69 3,971,944 313,988 SH   SOLE   173,000 0 140,988
CTO REALTY COM 22948Q101 BBG00Y3M1H59 1,318,516 76,391 SH   SOLE   0 0 76,391
CSB BANCORP COM 12628R107 BBG000BS4616 2,565,000 67,500 SH   SOLE   67,500 0 0
DIGITALBRIDGE DEB 19624RAA4 BBG004DSLDX7 365,000 365,000 PRN   SOLE   0 0 365,000
EAGLE BANCORP COM 26942G100 BBG000BSHXP7 987,700 70,000 SH   SOLE   48,000 0 22,000
ENERGIZER COM 29272W109 BBG006FCB019 4,525,665 130,423 SH   SOLE   44,000 0 86,423
ENERGY TRANSFER MLP PARTENRSHIP SHARES 29273V100 BBG000BM2FL9 5,135,732 411,847 SH   SOLE   0 0 411,847
EPR PROPERTIES PFD 26884U208 BBG000002LY2 1,027,950 57,750 SH   SOLE   45,000 0 12,750
EXCHANGE BANK COM 301227203 BBG000BHWS66 7,639,698 74,899 SH   SOLE   23,500 0 51,399
EZCORP DEB 302301AF3 BBG00H1P9M61 260,327 245,000 PRN   SOLE   0 0 245,000
FIDELITY ENERGY ETF COM 316092402 BBG005FHW2W9 4,514,502 201,181 SH   SOLE   71,000 0 130,181
FINANCIAL INST COM 317585404 BBG000BY1L13 771,200 40,000 SH   SOLE   40,000 0 0
FINWARD COM 31812F109 BBG000BRR418 218,221 7,499 SH   SOLE   0 0 7,499
FIRST BUSINESS COM 319390100 BBG000QK39V9 4,436,917 145,425 SH   SOLE   92,500 0 52,925
FIRST COMMUNITY COM 319835104 BBG000BRD351 1,530,000 76,500 SH   SOLE   76,500 0 0
FIRST LONG ISLAND COM 320734106 BBG000BJMDS2 608,504 45,074 SH   SOLE   0 0 45,074
FIRST NATL AK COM 32112J106 BBG000P4BDT1 1,651,103 8,297 SH   SOLE   5,376 0 2,921
FIRST NATIONAL COM 302578109 BBG000BP3SJ6 1,488,777 240,125 SH   SOLE   41,532 0 198,593
FIRST NATIONAL COM 32106V107 BBG000GMKH30 3,115,187 197,039 SH   SOLE   132,012 0 65,027
FSBH CORP COM 30325F101 BBG000QGFDR1 1,422,750 189,700 SH   SOLE   180,000 0 9,700
FIRST TRUST COM 33736Q104 BBG000N6XBP2 317,882 7,394 SH   SOLE   0 0 7,394
F&M BANCORP COM 30237P106 BBG000BQGRG5 2,678,280 133,914 SH   SOLE   82,500 0 51,414
FORD MOTOR DEB 345370CZ1 BBG00ZNKGD88 116,883 117,000 PRN   SOLE   0 0 117,000
FRANKLIN FINL COM 353525108 BBG000BS5205 978,573 33,015 SH   SOLE   0 0 33,015
GLOBAL MEDICAL COM 37954A204 BBG0027F2B89 2,963,002 325,247 SH   SOLE   115,100 0 210,147
GREAT AJAX PFD 38983D409 BBG00GH3MP63 1,376,653 56,910 SH   SOLE   0 0 56,910
GUIDEWIRE DEB 40171VAA8 BBG00K9FN239 165,665 170,000 PRN   SOLE   0 0 170,000
HANCOCK WHITNEY COM 410120109 BBG000CBC7D8 374,805 10,297 SH   SOLE   0 0 10,297
HARBOR CUSTOM PFD 41150T207 BBG011BYJCC9 3,259,690 581,050 SH   SOLE   150,000 0 431,050
HCI GROUP COM 40416E103 BBG000F4DVC8 1,959,691 36,561 SH   SOLE   0 0 36,561
HOPE BANCORP DEB 43940TAB5 BBG00KVSYSJ0 284,445 294,000 PRN   SOLE   0 0 294,000
INNOVIVA DEB 45781MAB7 BBG00HBWGVV9 1,337,560 1,405,000 PRN   SOLE   0 0 1,405,000
INTL BUS MACHINE COM 459200101 BBG000BLNNH6 1,001,921 7,643 SH   SOLE   0 0 7,643
INTL FLAVORS COM 459506101 BBG000BLSL58 4,735,245 51,492 SH   SOLE   9,600 0 41,892
INVESCO TR INVT CEF COM 46131M106 BBG000CQLM15 865,006 86,117 SH   SOLE   0 0 86,117
ISHARES CORE ETF COM 464287663 BBG000C183Y1 354,144 4,800 SH   SOLE   0 0 4,800
KEYCORP COM 493267108 BBG000BMQPL1 499,483 39,895 SH   SOLE   0 0 39,895
KKR REAL ESTATE DEB 48251KAB6 BBG00KXN8GF8 193,050 195,000 PRN   SOLE   0 0 195,000
LEDYARD FINANCIAL COM 523338101 BBG000BF5QK8 5,603,478 329,229 SH   SOLE   139,000 0 190,229
LEGAND PHARMA DEB 53220KAF5 BBG00KXRV5J3 297,084 300,000 PRN   SOLE   0 0 300,000
LYFT INC DEB 55087PAB0 BBG00TSW3BY0 776,968 885,000 PRN   SOLE   0 0 885,000
LXP INDUSTRIAL COM 529043101 BBG000BL3355 2,619,466 254,070 SH   SOLE   0 0 254,070
M&T BANK COM 55261F104 BBG000D9KWL9 336,968 2,818 SH   SOLE   0 0 2,818
MAIN STREET BANC COM 56064Y100 BBG000QRB2P7 1,919,459 81,714 SH   SOLE   16,000 0 65,714
MCHENRY BANCORP COM 580683209 BBG003BCFCH3 711,200 28,000 SH   SOLE   28,000 0 0
MEDICAL PRTY COM 58463J304 BBG000BGRB25 1,982,080 241,129 SH   SOLE   0 0 241,129
MERCHANTS FINAN COM 588538108 BBG000BNQ2W8 1,523,340 54,600 SH   SOLE   54,600 0 0
MERCK COM 58933Y105 BBG000BPD168 8,156,973 76,670 SH   SOLE   20,000 0 56,670
METLIFE COM 59156R108 BBG000BB6KF5 9,877,978 170,486 SH   SOLE   54,000 0 116,486
MICROSOFT COM 594918104 BBG000BPH459 214,489 744 SH   SOLE   0 0 744
NRG ENERGY DEB 629377CG5 BBG00KZVCZR8 2,286,187 2,225,000 PRN   SOLE   500,000 0 1,725,000
NEW MOUNTAIN DEB 647551AC4 BBG00LQC6485 154,031 155,000 PRN   SOLE   0 0 155,000
NY COMM BANC PFD 64944P307 BBG0000072G9 3,424,756 88,495 SH   SOLE   0 0 88,495
ORRSTOWN FINL COM 687380105 BBG000BRRN07 1,389,068 69,943 SH   SOLE   69,943 0 0
PACWEST BANC PFD 695263202 BBG017WNHPC0 374,693 25,300 SH   SOLE   0 0 25,300
PARKE BANCORP COM 700885106 BBG000C3LQ53 5,358,677 301,388 SH   SOLE   106,000 0 195,388
PARSONS CORP DEB 70202LAB8 BBG00WS64NS0 110,200 100,000 PRN   SOLE   0 0 100,000
PFIZER COM 717081103 BBG000BR2B91 6,968,502 170,797 SH   SOLE   40,000 0 130,797
POTOMAC BANCSH COM 737643106 BBG000BKV9Y1 2,898,500 170,500 SH   SOLE   125,000 0 45,500
PRA GROUP DEB 69354NAB2 BBG00GSML5B8 3,222,450 3,255,000 PRN   SOLE   0 0 3,255,000
READY CAPITAL PFD 75574U200 BBG00HD3T1G0 1,216,763 48,729 SH   SOLE   0 0 48,729
RPT REALTY PFD 74971D200 BBG001M0RDL1 3,119,822 65,639 SH   SOLE   28,000 0 37,639
SB FINANCIAL COM 78408D105 BBG000BJQTT2 5,599,691 396,298 SH   SOLE   132,300 0 263,998
SEACOAST BANKING COM 811707801 BBG000KK3464 244,250 10,306 SH   SOLE   0 0 10,306
SFL CORP DEB 824689AG8 BBG00KNSGHC0 3,683,831 3,715,000 PRN   SOLE   0 0 3,715,000
SHELL PLC ADR SHARES 780259305 BBG0147BN6G2 4,845,134 84,205 SH   SOLE   25,000 0 59,205
SOLVAY BANK COM 83441Q105 BBG000BJHYD8 2,122,694 68,474 SH   SOLE   54,672 0 13,802
SOUTH STATE COM 840441109 BBG000BNPYN9 392,347 5,506 SH   SOLE   0 0 5,506
SPDR S&P 500 ETF COM 78462F103 BBG000BDTBL9 284,682 695 SH   SOLE   0 0 695
SPOTIFY DEB 84921RAB6 BBG00ZFDC5N7 255,285 305,000 PRN   SOLE   0 0 305,000
STARWOOD PRPTY DEB 85571BAH8 BBG00GBFST77 319,995 320,000 PRN   SOLE   0 0 320,000
SUPERNUS PHARMA DEB 868459AD0 BBG00K9Y6NS4 141,980 142,000 PRN   SOLE   0 0 142,000
TIMBERLAND BANK COM 887098101 BBG000C0B093 7,699,601 284,959 SH   SOLE   90,000 0 194,959
TOTAL ENERGIES ADR SHARES 89151E109 BBG000CHZ857 724,307 12,266 SH   SOLE   0 0 12,266
TYSON FOODS COM 902494103 BBG000DKCC19 3,339,018 56,288 SH   SOLE   18,000 0 38,288
VANECK VECTORS ETF COM 92189F106 BBG000PLNQN7 467,550 14,453 SH   SOLE   0 0 14,453
VANECK VECTORS ETF COM 92189F643 BBG002XRNH24 762,730 10,339 SH   SOLE   0 0 10,339
VANECK ETF COM 92189F122 BBG00MF4XK69 109,016 3,225 SH   SOLE   0 0 3,225
VANGUARD S&P 500 ETF COM 922908363 BBG0015VYNT4 555,420 1,477 SH   SOLE   0 0 1,477
VERIZON COM 92343V104 BBG000HS77T5 3,041,743 78,214 SH   SOLE   0 0 78,214
VIATRIS INC COM 92556V106 BBG00Y4RQNH4 3,527,329 366,666 SH   SOLE   66,000 0 300,666
VICI PRPTY COM 925652109 BBG00HVVB499 3,029,965 92,887 SH   SOLE   45,000 0 47,887
WARNER BROS COM 934423104 BBG011386VF4 186,077 12,323 SH   SOLE   0 0 12,323
WESTERN DIGITAL DEB 958102AP0 BBG00JXH24X7 212,080 220,000 PRN   SOLE   0 0 220,000
WEYERHAEUSER COM 962166104 BBG000BX3BL3 4,514,549 149,836 SH   SOLE   40,000 0 109,836