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
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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 6,528,602 143,644 SH   SOLE   30,000 0 113,644
ABBVIE COM 00287Y109 BBG0025Y4RY4 547,932 3,676 SH   SOLE   0 0 3,676
ALBERTSONS COM 013091103 BBG009KG1750 2,679,062 117,761 SH   SOLE   0 0 117,761
ALERUS FINAN COM 01446U103 BBG000BTXSH7 2,847,912 156,651 SH   SOLE   76,000 0 80,651
AMAZON COM 023135106 BBG000BVPV84 111,866 880 SH   SOLE   0 0 880
AMERICAN INTL COM 026874784 BBG000BBDZG3 1,969,500 32,500 SH   SOLE   32,500 0 0
AMERIS BANCORP COM 03076K108 BBG000CDY3H5 1,735,454 45,206 SH   SOLE   0 0 45,206
APPLE HOSPITLITY COM 03784Y200 BBG006473QX9 1,697,485 110,657 SH   SOLE   0 0 110,657
ARES CAP DEB 04010LAW3 BBG00NJ759Z0 319,530 315,000 PRN   SOLE   0 0 315,000
AT&T INC COM 00206R102 BBG000BSJK37 1,032,817 68,763 SH   SOLE   33,200 0 35,563
BANC CALIFORNIA COM 05990K106 BBG000F7VG25 185,700 15,000 SH   SOLE   15,000 0 0
BANK BOTETOURT COM 063907208 BBG000HLXBR4 2,978,691 101,144 SH   SOLE   81,500 0 19,644
BANK FLORIDA COM 06645F104 BBG01BWV9WH2 1,200,000 100,000 SH   SOLE   100,000 0 0
BECTON DICKSON COM 075887109 BBG000BCZYD3 191,054 739 SH   SOLE   0 0 739
BENCHMARK BANK COM 08160E207 BBG000C0VW37 3,159,500 142,000 SH   SOLE   110,000 0 32,000
BERKSHIRE HATH COM CLASS B 084670702 BBG000DWG505 468,001 1,336 SH   SOLE   0 0 1,336
BLUE RIDGE BANK COM 095825105 BBG000BJ7RY1 301,473 66,697 SH   SOLE   31,000 0 35,697
BUNGE LIMITED COM G16962105 BBG000DGPR66 8,288,220 76,566 SH   SOLE   26,000 0 50,566
CAMBRIDGE BANC COM 132152109 BBG000C2D195 676,407 10,859 SH   SOLE   10,409 0 450
CHEGG INC DEB 163092AD1 BBG00NNWBHW8 260,710 290,000 PRN   SOLE   0 0 290,000
CHESAPEAKE FINL COM 16517A109 BBG000DWJWQ5 3,277,500 172,500 SH   SOLE   106,500 0 66,000
CITIZENS BANC COM 17316V104 BBG000BT7R42 464,140 16,223 SH   SOLE   16,223 0 0
COMMUNITY WEST COM 204157101 BBG000JF5K69 4,103,497 315,897 SH   SOLE   172,938 0 142,959
CTO REALTY COM 22948Q101 BBG00Y3M1H59 1,871,530 115,455 SH   SOLE   0 0 115,455
CSB BANCORP COM 12628R107 BBG000BS4616 2,585,875 68,500 SH   SOLE   68,500 0 0
EAGLE BANCORP COM 26942G100 BBG000BSHXP7 838,723 70,481 SH   SOLE   48,000 0 22,481
ENERGIZER COM 29272W109 BBG006FCB019 4,208,249 131,344 SH   SOLE   44,000 0 87,344
ENERGY TRANSFER MLP PARTENRSHIP SHARES 29273V100 BBG000BM2FL9 6,060,359 431,957 SH   SOLE   0 0 431,957
EPR PROPERTIES PFD 26884U208 BBG000002LY2 1,073,166 57,450 SH   SOLE   45,000 0 12,450
EXCHANGE BANK COM 301227203 BBG000BHWS66 7,098,132 76,324 SH   SOLE   23,600 0 52,724
EXPEDIA GROUP DEB 30212PBE4 BBG00Z9C5GC2 260,640 300,000 PRN   SOLE   0 0 300,000
ETSY DEB 29786AALO BBG00WVLW7W2 1,240,000 1,550,000 PRN   SOLE   0 0 1,550,000
EZCORP DEB 302301AF3 BBG00H1P9M61 250,880 245,000 PRN   SOLE   0 0 245,000
EURONET DEB 298736AL3 BBG00NKZLB01 334,425 364,000 PRN   SOLE   0 0 364,000
FIDELITY ENERGY ETF COM 316092402 BBG005FHW2W9 5,478,250 219,922 SH   SOLE   71,000 0 148,922
FINANCIAL INST COM 317585404 BBG000BY1L13 767,448 45,600 SH   SOLE   43,000 0 2,600
FIRST BUSINESS COM 319390100 BBG000QK39V9 4,566,611 152,170 SH   SOLE   94,500 0 57,670
FIRST COMMUNITY COM 319835104 BBG000BRD351 1,321,155 76,500 SH   SOLE   76,500 0 0
FIRST LONG ISLAND COM 320734106 BBG000BJMDS2 546,008 47,438 SH   SOLE   0 0 47,438
FIRST NATL AK COM 32112J106 BBG000P4BDT1 159,612 849 SH   SOLE   0 0 849
FIRST NATIONAL COM 302578109 BBG000BP3SJ6 1,442,785 242,485 SH   SOLE   28,790 0 213,695
FIRST NATIONAL COM 32106V107 BBG000GMKH30 3,552,137 201,711 SH   SOLE   133,666 0 68,045
FSBH CORP COM 30325F101 BBG000QGFDR1 1,462,587 189,700 SH   SOLE   180,000 0 9,700
FIRST TRUST COM 33736Q104 BBG000N6XBP2 353,661 8,899 SH   SOLE   0 0 8,899
F&M BANCORP COM 30237P106 BBG000BQGRG5 2,676,941 133,914 SH   SOLE   82,500 0 51,414
FORD MOTOR DEB 345370CZ1 BBG00ZNKGD88 114,952 117,000 PRN   SOLE   0 0 117,000
FRANKLIN FINL COM 353525108 BBG000BS5205 715,942 25,120 SH   SOLE   0 0 25,120
GLOBAL MEDICAL COM 37954A204 BBG0027F2B89 3,600,754 401,422 SH   SOLE   150,000 0 251,422
GREAT AJAX PFD 38983D409 BBG00GH3MP63 1,727,836 71,635 SH   SOLE   0 0 71,635
GREENBRIER DEB 393657AM3 BBG0103VFNY2 110,214 117,000 PRN   SOLE   0 0 117,000
GUIDEWIRE DEB 40171VAA8 BBG00K9FN239 202,600 200,000 PRN   SOLE   0 0 200,000
HANCOCK WHITNEY COM 410120109 BBG000CBC7D8 394,169 10,656 SH   SOLE   0 0 10,656
HARBOR CUSTOM PFD 41150T207 BBG011BYJCC9 2,433,264 545,575 SH   SOLE   128,000 0 417,575
HCI GROUP COM 40416E103 BBG000F4DVC8 1,967,565 36,242 SH   SOLE   0 0 36,242
HCI GROUP DEB 40416EAF0 BBG017L2WW18 2,166,700 2,305,000 PRN   SOLE   450,000 0 1,855,000
INNOVIVA DEB 45781MAB7 BBG00HBWGVV9 3,850,330 3,905,000 PRN   SOLE   400,000 0 3,505,000
INTL BUS MACHINE COM 459200101 BBG000BLNNH6 359,168 2,560 SH   SOLE   0 0 2,560
INTL FLAVORS COM 459506101 BBG000BLSL58 3,452,965 50,652 SH   SOLE   10,000 0 40,652
INVESCO TR INVT CEF COM 46131M106 BBG000CQLM15 731,997 86,117 SH   SOLE   0 0 86,117
ISHARES CORE ETF COM 464287663 BBG000C183Y1 358,176 4,800 SH   SOLE   0 0 4,800
KEYCORP COM 493267108 BBG000BMQPL1 546,255 50,767 SH   SOLE   0 0 50,767
LEDYARD FINANCIAL COM 523338101 BBG000BF5QK8 4,720,968 331,296 SH   SOLE   139,000 0 192,296
LYFT INC DEB 55087PAB0 BBG00TSW3BY0 813,315 885,000 PRN   SOLE   0 0 885,000
LXP INDUSTRIAL COM 529043101 BBG000BL3355 2,264,671 254,457 SH   SOLE   0 0 254,457
M&T BANK COM 55261F104 BBG000D9KWL9 376,827 2,980 SH   SOLE   0 0 2,980
MAIN STREET BANC COM 56064Y100 BBG000QRB2P7 2,004,375 97,584 SH   SOLE   28,000 0 69,584
MCHENRY BANCORP COM 580683100 BBG003BCFCH3 1,065,750 29,000 SH   SOLE   29,000 0 0
MEDICAL PRTY COM 58463J304 BBG000BGRB25 1,383,021 253,765 SH   SOLE   0 0 253,765
MERCHANTS FINAN COM 588538108 BBG000BNQ2W8 1,602,999 64,300 SH   SOLE   64,300 0 0
MERCK COM 58933Y105 BBG000BPD168 6,711,403 65,191 SH   SOLE   13,300 0 51,891
METLIFE COM 59156R108 BBG000BB6KF5 10,792,872 171,561 SH   SOLE   54,000 0 117,561
MICROSOFT COM 594918104 BBG000BPH459 332,052 1,052 SH   SOLE   0 0 1,052
MORNING STAR COM 617697206 BBG00L52LPH6 100,624 10,493 SH   SOLE   0 0 10,493
MORNING STAR COM 617697107 BBG00L52M3D8 212,634 19,348 SH   SOLE   0 0 19,348
MOUNTAIN COMM COM 624004107 BBG000QW2C56 619,400 38,000 SH   SOLE   0 0 38,000
NRG ENERGY DEB 629377CG5 BBG00KZVCZR8 2,354,050 2,225,000 PRN   SOLE   500,000 0 1,725,000
NY COMM BANC PFD 64944P307 BBG0000072G9 3,375,116 92,545 SH   SOLE   0 0 92,545
ORRSTOWN FINL COM 687380105 BBG000BRRN07 1,470,700 70,000 SH   SOLE   70,000 0 0
PACWEST BANC PFD 695263202 BBG017WNHPC0 526,593 25,700 SH   SOLE   0 0 25,700
PARKE BANCORP COM 700885106 BBG000C3LQ53 4,992,168 306,456 SH   SOLE   106,000 0 200,456
PARSONS CORP DEB 70202LAB8 BBG00WS64NS0 126,950 100,000 PRN   SOLE   0 0 100,000
PFIZER COM 717081103 BBG000BR2B91 6,925,920 208,801 SH   SOLE   55,600 0 153,201
POTOMAC BANCSH COM 737643106 BBG000BKV9Y1 2,950,163 179,888 SH   SOLE   130,000 0 49,888
RPT REALTY PFD 74971D200 BBG001M0RDL1 4,574,298 89,939 SH   SOLE   32,000 0 57,939
SB FINANCIAL COM 78408D105 BBG000BJQTT2 5,406,841 400,507 SH   SOLE   132,810 0 267,697
SCHWAB COM 808524805 BBG000PS0RP3 180,022 5,301 SH   SOLE   0 0 5,301
SCHWAB COM 808524300 BBG000Q0CS41 182,891 2,515 SH   SOLE   0 0 2,515
SCHWAB COM 808524409 BBG000Q0D5X8 236,375 3,667 SH   SOLE   0 0 3,667
SEACOAST BANKING COM 811707801 BBG000KK3464 234,576 10,682 SH   SOLE   0 0 10,682
SFL CORP COM G7738W106 BBG000BW22R0 1,288,940 115,600 SH   SOLE   112,000 0 3,600
SHELL PLC ADR SHARES 780259305 BBG0147BN6G2 6,889,795 107,018 SH   SOLE   30,000 0 77,018
SOLVAY BANK COM 83441Q105 BBG000BJHYD8 1,902,673 71,799 SH   SOLE   55,692 0 16,107
SOUTH STATE COM 840441109 BBG000BNPYN9 376,102 5,583 SH   SOLE   0 0 5,583
SPDR S&P 500 ETF COM 78462F103 BBG000BDTBL9 313,120 732 SH   SOLE   0 0 732
SPOTIFY DEB 84921RAB6 BBG00ZFDC5N7 280,665 330,000 PRN   SOLE   0 0 330,000
TIMBERLAND BANK COM 887098101 BBG000C0B093 7,896,888 291,398 SH   SOLE   92,000 0 199,398
TOTALENERGIES COM 89151E109 BBG000CHZ857 789,120 12,000 SH   SOLE   0 0 12,000
TRUIST FINAN COM 89832Q109 BBG000BYYLS8 202,685 7,084 SH   SOLE   0 0 7,084
TYSON FOODS COM 902494103 BBG000DKCC19 1,429,852 28,320 SH   SOLE   18,000 0 10,320
VANECK VECTORS ETF COM 92189F106 BBG000PLNQN7 590,751 21,953 SH   SOLE   0 0 21,953
VANECK VECTORS ETF COM 92189F643 BBG002XRNH24 957,927 12,631 SH   SOLE   0 0 12,631
VANECK ETF COM 92189F122 BBG00MF4XK69 103,677 3,225 SH   SOLE   0 0 3,225
VANGUARD S&P 500 ETF COM 922908363 BBG0015VYNT4 890,770 2,268 SH   SOLE   0 0 2,268
VERIZON COM 92343V104 BBG000HS77T5 1,522,717 46,983 SH   SOLE   0 0 46,983
VIATRIS INC COM 92556V106 BBG00Y4RQNH4 4,281,892 434,296 SH   SOLE   83,100 0 351,169
VIAVI SOLUTIONS DEB 925550AB1 BBG00G3S1JD2 977,500 1,000,000 PRN   SOLE   0 0 1,000,000
VICI PRPTY COM 925652109 BBG00HVVB499 3,419,632 117,513 SH   SOLE   45,000 0 72,513
WARNER BROS COM 934423104 BBG011386VF4 137,238 12,637 SH   SOLE   0 0 12,637
WESTERN DIGITAL DEB 958102AP0 BBG00JXH24X7 245,750 250,000 PRN   SOLE   0 0 250,000
WEYERHAEUSER COM 962166104 BBG000BX3BL3 4,618,348 150,631 SH   SOLE   40,000 0 110,631
ZION BANC COM 989701107 BBG000BX9WL1 145,921 4,182 SH   SOLE   0 0 4,182