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
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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 7,956,319 145,055 SH   SOLE   30,000 0 115,055
ABBVIE COM 00287Y109 BBG0025Y4RY4 591,240 3,815 SH   SOLE   0 0 3,815
ALBERTSONS COM 013091103 BBG009KG1750 2,897,657 125,985 SH   SOLE   0 0 125,985
ALERUS FINAN COM 01446U103 BBG000BTXSH7 3,525,983 157,480 SH   SOLE   76,000 0 81,480
AMAZON COM 023135106 BBG000BVPV84 133,707 880 SH   SOLE   0 0 880
AMERICAN INTL COM 026874784 BBG000BBDZG3 2,201,875 32,500 SH   SOLE   32,500 0 0
AMERIS BANCORP COM 03076K108 BBG000CDY3H5 2,235,485 42,139 SH   SOLE   0 0 42,139
APPLE HOSPITLITY COM 03784Y200 BBG006473QX9 2,210,189 133,063 SH   SOLE   0 0 133,063
ARES CAP DEB 04010LAW3 BBG00NJ759Z0 303,667 295,000 PRN   SOLE   0 0 295,000
AT&T INC COM 00206R102 BBG000BSJK37 1,132,949 67,517 SH   SOLE   33,200 0 34,317
BANC CALIFORNIA COM 05990K106 BBG000F7VG25 641,282 47,750 SH   SOLE   47,500 0 250
BANK CALIFORNIA COM 05990K841 BBG01KCCF4P2 588,627 25,350 SH   SOLE   0 0 25,350
BANK BOTETOURT COM 063907208 BBG000HLXBR4 2,949,170 103,844 SH   SOLE   81,500 0 22,344
BANK FLORIDA COM 06645F104 BBG01BWV9WH2 1,200,000 100,000 SH   SOLE   100,000 0 0
BENCHMARK BANK COM 08160E207 BBG000C0VW37 3,361,930 143,000 SH   SOLE   110,000 0 33,000
BERKSHIRE HATH COM CLASS B 084670702 BBG000DWG505 476,498 1,336 SH   SOLE   0 0 1,336
BLUE RIDGE BANK COM 095825105 BBG000BJ7RY1 201,202 66,403 SH   SOLE   30,706 0 35,697
BUNGE LIMITED COM H11356104 BBG01JZ8VL91 8,022,310 79,468 SH   SOLE   26,000 0 53,468
CHEGG INC DEB 163092AD1 BBG00NNWBHW8 266,945 290,000 PRN   SOLE   0 0 290,000
CHESAPEAKE FINL COM 16517A109 BBG000DWJWQ5 3,165,900 173,000 SH   SOLE   106,500 0 66,500
CHEVRON BOFA DEB 09709UTW8 BBG01338C392 105,741 94,000 PRN   SOLE   0 0 94,000
CITIZENS BANC COM 17316V104 BBG000BT7R42 540,850 18,650 SH   SOLE   18,400 0 250
COMMUNITY WEST COM 204157101 BBG000JF5K69 4,083,794 234,835 SH   SOLE   94,583 0 140,252
CTO REALTY COM 22948Q101 BBG00Y3M1H59 2,370,264 136,772 SH   SOLE   0 0 136,772
CSB BANCORP COM 12628R107 BBG000BS4616 2,603,399 69,350 SH   SOLE   68,500 0 850
EAGLE BANCORP COM 26942G100 BBG000BSHXP7 1,117,012 70,741 SH   SOLE   48,000 0 22,741
ENERGIZER COM 29272W109 BBG006FCB019 2,697,679 85,154 SH   SOLE   44,000 0 41,154
ENERGY TRANSFER MLP PARTENRSHIP SHARES 29273V100 BBG000BM2FL9 6,088,736 441,212 SH   SOLE   0 0 441,212
EPR PROPERTIES PFD 26884U208 BBG000002LY2 1,512,108 70,991 SH   SOLE   45,000 0 25,991
EXCHANGE BANK COM 301227203 BBG000BHWS66 7,722,359 76,459 SH   SOLE   23,600 0 52,859
EXPEDIA GROUP DEB 30212PBE4 BBG00Z9C5GC2 260,012 275,000 PRN   SOLE   0 0 275,000
ETSY DEB 29786AALO BBG00WVLW7W2 1,297,165 1,525,000 PRN   SOLE   0 0 1,525,000
EZCORP DEB 302301AF3 BBG00H1P9M61 218,332 215,000 PRN   SOLE   0 0 215,000
EURONET DEB 298736AL3 BBG00NKZLB01 321,640 344,000 PRN   SOLE   0 0 344,000
FIDELITY ENERGY ETF COM 316092402 BBG005FHW2W9 5,330,146 231,343 SH   SOLE   71,000 0 160,343
FINANCIAL INST COM 317585404 BBG000BY1L13 972,263 45,646 SH   SOLE   43,000 0 2,646
FIRST BUSINESS COM 319390100 BBG000QK39V9 6,115,815 152,514 SH   SOLE   94,500 0 58,014
FIRST COMMUNITY COM 319835104 BBG000BRD351 1,647,045 76,500 SH   SOLE   76,500 0 0
FIRST LONG ISLAND COM 320734106 BBG000BJMDS2 631,653 47,707 SH   SOLE   0 0 47,707
FIRST NATIONAL COM 302578109 BBG000BP3SJ6 1,466,341 215,956 SH   SOLE   0 0 215,956
FIRST NATIONAL COM 32106V107 BBG000GMKH30 4,409,711 202,745 SH   SOLE   133,666 0 69,079
FSBH CORP COM 30325F101 BBG000QGFDR1 1,462,587 189,700 SH   SOLE   180,000 0 9,700
FIRST TRUST COM 33736Q104 BBG000N6XBP2 443,625 8,901 SH   SOLE   0 0 8,901
F&M BANCORP COM 30237P106 BBG000BQGRG5 2,584,540 133,914 SH   SOLE   82,500 0 51,414
FORD MOTOR DEB 345370CZ1 BBG00ZNKGD88 116,415 117,000 PRN   SOLE   0 0 117,000
FRANKLIN FINL COM 353525108 BBG000BS5205 762,467 24,166 SH   SOLE   0 0 24,166
GLOBAL MEDICAL COM 37954A204 BBG0027F2B89 4,592,221 413,713 SH   SOLE   150,000 0 263,713
GREAT AJAX PFD 38983D409 BBG00GH3MP63 1,691,964 68,835 SH   SOLE   0 0 68,835
GREENBRIER DEB 393657AM3 BBG0103VFNY2 114,777 117,000 PRN   SOLE   0 0 117,000
GUIDEWIRE DEB 40171VAA8 BBG00K9FN239 180,922 165,000 PRN   SOLE   0 0 165,000
HANCOCK WHITNEY COM 410120109 BBG000CBC7D8 521,283 10,728 SH   SOLE   0 0 10,728
HARBOR CUSTOM PFD 41150T207 BBG011BYJCC9 496,826 522,975 SH   SOLE   128,000 0 394,975
HCI GROUP DEB 40416EAF0 BBG017L2WW18 5,335,200 4,320,000 PRN   SOLE   450,000 0 3,870,000
INNOVIVA DEB 45781MAB7 BBG00HBWGVV9 4,161,582 3,860,000 PRN   SOLE   400,000 0 3,460,000
INTL FLAVORS COM 459506101 BBG000BLSL58 2,103,399 25,977 SH   SOLE   10,000 0 15,977
INVESCO TR INVT CEF COM 46131M106 BBG000CQLM15 851,700 86,117 SH   SOLE   0 0 86,117
IS RUS MID COM 464287739 BBG000BXW687 103,033 886 SH   SOLE   0 0 886
IS S&P US COM 464287663 BBG000C183Y1 404,784 4,800 SH   SOLE   0 0 4,800
JAZZ PHARMA DEB 472145AD3 BBG00HG7QNL7 1,310,850 1,350,000 PRN   SOLE   0 0 1,350,000
KEYCORP COM 493267108 BBG000BMQPL1 697,473 48,435 SH   SOLE   0 0 48,435
KROGER COM 501044101 BBG000BMY992 189,696 4,150 SH   SOLE   0 0 4,150
LEDYARD FINANCIAL COM 523338101 BBG000BF5QK8 5,598,902 331,296 SH   SOLE   139,000 0 192,296
LIBERTY MEDIA DEB 531229AQ5 BBG0194CJ221 2,333,189 2,300,000 PRN   SOLE   0 0 2,300,000
LYFT INC DEB 55087PAB0 BBG00TSW3BY0 813,990 860,000 PRN   SOLE   0 0 860,000
LXP INDUSTRIAL COM 529043101 BBG000BL3355 2,595,497 261,642 SH   SOLE   0 0 261,642
M&T BANK COM 55261F104 BBG000D9KWL9 412,304 3,007 SH   SOLE   0 0 3,007
MAIN STREET BANC COM 56064Y100 BBG000QRB2P7 2,735,775 110,269 SH   SOLE   32,100 0 78,169
MCHENRY BANCORP COM 586083100 BBG003BCFCH3 1,173,791 32,515 SH   SOLE   32,515 0 0
MEDICAL PRTY COM 58463J304 BBG000BGRB25 696,994 141,954 SH   SOLE   0 0 141,954
MERCHANTS FINAN COM 588538108 BBG000BNQ2W8 1,717,125 72,300 SH   SOLE   66,300 0 6,000
MERCK COM 58933Y105 BBG000BPD168 7,138,493 65,478 SH   SOLE   13,300 0 52,178
METLIFE COM 59156R108 BBG000BB6KF5 11,342,908 171,524 SH   SOLE   54,000 0 117,524
MICROSOFT COM 594918104 BBG000BPH459 395,764 1,052 SH   SOLE   0 0 1,052
MOUNTAIN COMM COM 624004107 BBG000QW2C56 703,000 38,000 SH   SOLE   0 0 38,000
NRG ENERGY DEB 629377CG5 BBG00KZVCZR8 2,833,425 2,205,000 PRN   SOLE   500,000 0 1,705,000
NY COMM BANC PFD 64944P307 BBG0000072G9 4,340,701 104,570 SH   SOLE   0 0 104,570
PARKE BANCORP COM 700885106 BBG000C3LQ53 6,233,555 307,829 SH   SOLE   106,000 0 201,829
PARSONS CORP DEB 70202LAB8 BBG00WS64NS0 143,050 100,000 PRN   SOLE   0 0 100,000
PFIZER COM 717081103 BBG000BR2B91 6,467,993 224,661 SH   SOLE   60,000 0 164,661
POTOMAC BANCSH COM 737643106 BBG000BKV9Y1 2,725,982 184,188 SH   SOLE   130,000 0 54,188
RPT REALTY PFD 74971D200 BBG001M0RDL1 4,983,507 87,231 SH   SOLE   32,000 0 55,231
SB FINANCIAL COM 78408D105 BBG000BJQTT2 6,084,316 400,283 SH   SOLE   133,300 0 266,983
SCHWAB COM 808524805 BBG000PS0RP3 139,672 3,779 SH   SOLE   0 0 3,779
SCHWAB COM 808524409 BBG000Q0D5X8 257,057 3,667 SH   SOLE   0 0 3,667
SEACOAST BANKING COM 811707801 BBG000KK3464 305,914 10,748 SH   SOLE   0 0 10,748
SFL CORP COM G7738W106 BBG000BW22R0 2,318,153 205,510 SH   SOLE   125,000 0 80,510
SHELL PLC ADR SHARES 780259305 BBG0147BN6G2 7,069,629 107,441 SH   SOLE   30,000 0 77,441
SOLVAY BANK COM 83441Q105 BBG000BJHYD8 1,989,549 73,199 SH   SOLE   55,692 0 17,507
SOUTH STATE COM 840441109 BBG000BNPYN9 474,565 5,619 SH   SOLE   0 0 5,619
SPDR S&P 500 ETF COM 78462F103 BBG000BDTBL9 313,904 660 SH   SOLE   0 0 660
SPOTIFY DEB 84921RAB6 BBG00ZFDC5N7 255,200 290,000 PRN   SOLE   0 0 290,000
STARWOOD DEB 85571BBA2 BBG01H507T40 1,069,127 995,000 PRN   SOLE   0 0 995,000
TIMBERLAND BANK COM 887098101 BBG000C0B093 9,181,055 291,831 SH   SOLE   92,000 0 199,831
TRP CAPITAL COM 77954M303 BBG00BGYRX01 333,630 9,841 SH   SOLE   0 0 9,841
TYSON FOODS COM 902494103 BBG000DKCC19 1,500,788 27,921 SH   SOLE   18,000 0 9,921
VANECK VECTORS ETF COM 92189F106 BBG000PLNQN7 733,916 23,667 SH   SOLE   0 0 23,667
VANECK VECTORS ETF COM 92189F643 BBG002XRNH24 1,250,457 14,733 SH   SOLE   0 0 14,733
VANECK ETF COM 92189F122 BBG00MF4XK69 112,890 3,225 SH   SOLE   0 0 3,225
VANGUARD S&P 500 ETF COM 922908363 BBG0015VYNT4 1,066,984 2,442 SH   SOLE   0 0 2,442
VERIZON COM 92343V104 BBG000HS77T5 2,342,534 62,136 SH   SOLE   0 0 62,136
VIATRIS INC COM 92556V106 BBG00Y4RQNH4 5,008,630 462,477 SH   SOLE   115,000 0 347,477
VIAVI SOLUTIONS DEB 925550AB1 BBG00G3S1JD2 962,837 985,000 PRN   SOLE   0 0 985,000
VICI PRPTY COM 925652109 BBG00HVVB499 4,007,485 125,705 SH   SOLE   45,000 0 80,705
WARNER BROS COM 934423104 BBG011386VF4 143,809 12,637 SH   SOLE   0 0 12,637
WESTERN DIGITAL DEB 958102AP0 BBG00JXH24X7 209,160 210,000 PRN   SOLE   0 0 210,000
WEYERHAEUSER COM 962166104 BBG000BX3BL3 5,233,071 150,505 SH   SOLE   40,000 0 110,505