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 8,853,588 148,426 SH   SOLE   30,000 0 118,426
ABBVIE INC COM 00287Y109 BBG0025Y4RY4 700,969 3,849 SH   SOLE   0 0 3,849
AIRBNB INC DEB 009066AB7 BBG00ZHSFMF1 623,046 670,000 PRN   SOLE   0 0 670,000
ALBERTSONS COS COM 013091103 BBG009KG1750 2,915,180 135,969 SH   SOLE   0 0 135,969
ALERUS FINAN COM 01446U103 BBG000BTXSH7 3,453,533 158,201 SH   SOLE   76,000 0 82,201
ALLIANT ENERGY DEB 018802AC2 BBG01FNZ35P0 983,500 1,000,000 PRN   SOLE   0 0 1,000,000
AMAZON.COM COM 023135106 BBG000BVPV84 158,734 880 SH   SOLE   0 0 880
AMERICAN INTL COM 026874784 BBG000BBDZG3 2,540,525 32,500 SH   SOLE   32,500 0 0
AMERIS BANCORP COM 03076K108 BBG000CDY3H5 1,826,356 37,750 SH   SOLE   0 0 37,750
APPLE HOPTLY COM 03784Y200 BBG006473QX9 2,542,557 155,223 SH   SOLE   0 0 155,223
AT&T INC COM 00206R102 BBG000BSJK37 1,179,680 67,027 SH   SOLE   33,200 0 33,827
BANC CALIFORNIA COM 05990K106 BBG000F7VG25 1,060,898 69,750 SH   SOLE   68,000 0 1,750
BANC OF CALIF PFD 05990K841 BBG01KCCF4P2 578,953 25,150 SH   SOLE   0 0 25,150
BANK BOTETOURT COM 063907208 BBG000HLXBR4 2,981,262 104,974 SH   SOLE   81,500 0 23,474
BENCHMARK BANK COM 08160E207 BBG000C0VW37 3,386,700 159,000 SH   SOLE   112,000 0 47,000
BERKSHIRE HATH COM CLASS B 084670702 BBG000DWG505 561,815 1,336 SH   SOLE   0 0 1,336
BLUE RIDGE BANK COM 095825105 BBG000BJ7RY1 226,486 84,195 SH   SOLE   48,498 0 35,697
BUNGE LIMITED COM H11356104 BBG01JZ8VL91 8,218,147 80,161 SH   SOLE   26,000 0 54,161
CHEGG INC DEB 163092AD1 BBG00NNWBHW8 270,135 290,000 PRN   SOLE   0 0 290,000
CHESAPEAKE FINL COM 16517A109 BBG000DWJWQ5 3,062,100 173,000 SH   SOLE   106,500 0 66,500
CITIZENS BANC COM 17316V104 BBG000BT7R42 480,238 18,650 SH   SOLE   18,400 0 250
CLARIVATE PFD G21810208 BBG011CHC957 1,232,934 41,485 SH   SOLE   6,000 0 35,485
CNH INDUSTRIAL COM N20944109 BBG0059JSF49 162,000 12,500 SH   SOLE   0 0 12,500
COMMUNITY WEST COM 204157101 BBG000MZYM65 3,274,326 211,520 SH   SOLE   80,000 0 131,520
CTO REALTY COM 22948Q101 BBG00Y3M1H59 2,660,622 156,969 SH   SOLE   0 0 156,969
CSB BANCORP COM 12628R107 BBG000BS4616 2,794,000 69,850 SH   SOLE   69,000 0 850
EAGLE BANCORP COM 26942G100 BBG000BSHXP7 911,453 70,985 SH   SOLE   48,000 0 22,985
ENERGIZER COM 29272W109 BBG006FCB019 2,472,106 83,971 SH   SOLE   44,000 0 39,971
ENERGY TRANSFER MLP PARTNERSHIP SHARES 29273V100 BBG000BM2FL9 7,070,678 449,503 SH   SOLE   0 0 449,503
EPR PROPERTIES PFD 26884U208 BBG000002LY2 1,843,765 97,245 SH   SOLE   45,000 0 52,245
EXCHANGE BANK COM 301227203 BBG000BHWS66 7,930,416 76,254 SH   SOLE   23,600 0 52,654
EXPEDIA GROUP DEB 30212PBE4 BBG00Z9C5GC2 253,275 275,000 PRN   SOLE   0 0 275,000
ETSY DEB 29786AAL0 BBG00WVLW7W2 1,686,354 2,015,000 PRN   SOLE   0 0 2,015,000
EZCORP DEB 302301AF3 BBG00H1P9M61 237,676 215,000 PRN   SOLE   0 0 215,000
EURONET DEB 298736AL3 BBG00NKZLB01 1,496,908 1,544,000 PRN   SOLE   0 0 1,544,000
FIDELITY ENERGY ETF COM 316092402 BBG005FHW2W9 6,297,107 243,413 SH   SOLE   71,000 0 172,413
FINANCIAL INST COM 317585404 BBG000BY1L13 859,747 45,683 SH   SOLE   43,000 0 2,683
FIRST BUSINESS COM 319390100 BBG000QK39V9 5,732,346 152,863 SH   SOLE   94,500 0 58,363
FIRST COMMUNITY COM 319835104 BBG000BRD351 1,333,395 76,500 SH   SOLE   76,500 0 0
FIRST LONG ISLAND COM 320734106 BBG000BJMDS2 533,839 48,137 SH   SOLE   0 0 48,137
FNCB BANCORP COM 302578109 BBG000BP3SJ6 1,289,554 212,447 SH   SOLE   0 0 212,447
FIRST NAT CRP/VA COM 32106V107 BBG000GMKH30 3,269,205 201,058 SH   SOLE   131,401 0 69,657
FSBH CORP COM 30325F101 BBG000QGFDR1 1,680,000 210,000 SH   SOLE   200,000 0 10,000
F&M BANCORP COM 30237P106 BBG000BQGRG5 2,303,321 133,914 SH   SOLE   82,500 0 51,414
FORD MOTOR DEB 345370CZ1 BBG00ZNKGD88 2,084,570 2,017,000 PRN   SOLE   600,000 0 1,417,000
FRANKLIN FINL COM 353525108 BBG000BS5205 626,375 23,907 SH   SOLE   0 0 23,907
FT NAS COMM BANK COM 33736Q104 BBG000N6XBP2 409,740 8,804 SH   SOLE   0 0 8,804
GLOBAL MEDICAL COM 37954A204 BBG0027F2B89 3,766,389 430,444 SH   SOLE   150,000 0 280,444
GREENBRIER COS DEB 393657AM3 BBG0103VFNY2 129,671 117,000 PRN   SOLE   0 0 117,000
GRUPO TELEV ADR SHARES 40049J206 BBG000BJDPF9 130,560 40,800 SH   SOLE   0 0 40,800
HANCOCK WHITNEY COM 410120109 BBG000CBC7D8 497,326 10,802 SH   SOLE   0 0 10,802
HCI GROUP INC DEB 40416EAF0 BBG017L2WW18 6,337,046 4,090,000 PRN   SOLE   450,000 0 3,640,000
IBM CORP COM 459200101 BBG000BLNNH6 116,677 611 SH   SOLE   0 0 611
INNOVIVA INC DEB 45781MAB7 BBG00HBWGVV9 4,112,079 3,835,000 PRN   SOLE   400,000 0 3,435,000
INTL FLAVORS COM 459506101 BBG000BLSL58 2,201,538 25,602 SH   SOLE   10,000 0 15,602
INVESCO MUNI COM 46131M106 BBG000CQLM15 849,116 86,117 SH   SOLE   0 0 86,117
IS RUS MID VALU COM 464287473 BBG000JWZ6F0 111,042 886 SH   SOLE   0 0 886
IS S&P US VALUE COM 464287663 BBG000C183Y1 411,502 4,550 SH   SOLE   0 0 4,550
JAZZ PHARMA DEB 472145AD3 BBG00HG7QNL7 1,514,590 1,540,000 PRN   SOLE   0 0 1,540,000
JAZZ PHARMA DEB 472145AF8 BBG00VC8NNS4 4,154,686 4,195,000 PRN   SOLE   1,500,000 0 2,695,000
JOHNSON CONTROLS COM G51502105 BBG000BVWLJ6 100,462 1,538 SH   SOLE   0 0 1,538
JP MORGAN COM 46625H100 BBG000DMBXR2 100,150 500 SH   SOLE   0 0 500
KIMCO REALTY PFD 49446R687 BBG01KTVSSZ4 5,159,025 91,537 SH   SOLE   32,000 0 59,537
KROGER CO COM COM 501044101 BBG000BMY992 237,511 4,157 SH   SOLE   0 0 4,157
LCI INDS CONV DEB 501812AB7 BBG010Z6LPT6 1,399,350 1,425,000 PRN   SOLE   0 0 1,425,000
LEDYARD FINAN COM 523338101 BBG000BF5QK8 5,035,934 329,146 SH   SOLE   139,000 0 190,146
LIBERTY MEDIA DEB 531229AQ5 BBG0194CJ221 2,541,335 2,485,000 PRN   SOLE   0 0 2,485,000
LOW'S COS INC COM 548661107 BBG000BNDN65 106,987 420 SH   SOLE   0 0 420
LYFT INC CONV DEB 55087PAB0 BBG00TSW3BY0 822,548 845,000 PRN   SOLE   0 0 845,000
LXP INDUSTRIAL COM 529043101 BBG000BL3355 2,352,184 260,774 SH   SOLE   0 0 260,774
M&T BANK CORP COM 55261F104 BBG000D9KWL9 441,383 3,035 SH   SOLE   0 0 3,035
MAINSTREET BANC COM 56064Y100 BBG000QRB2P7 2,148,258 118,296 SH   SOLE   33,000 0 85,296
MCHENRY BANCORP COM 580683209 BBG003BCFCH3 1,281,949 33,515 SH   SOLE   33,515 0 0
MEDICAL PRPTY COM 58463J304 BBG000BGRB25 698,469 148,610 SH   SOLE   0 0 148,610
MERCHANTS FINL COM 588538108 BBG000BNQ2W8 1,733,750 73,000 SH   SOLE   66,300 0 6,700
MERCK&CO INC COM 58933Y105 BBG000BPD168 8,572,008 64,964 SH   SOLE   13,300 0 51,664
METLIFE INC COM 59156R108 BBG000BB6KF5 12,719,199 171,626 SH   SOLE   54,000 0 117,626
MICROSOFT CORP COM 594918104 BBG000BPH459 522,194 1,241 SH   SOLE   0 0 1,241
NRG ENERGY DEB 629377CG5 BBG00KZVCZR8 2,274,938 1,375,000 PRN   SOLE   350,000 0 1,025,000
NY COMM BANC PFD 64944P307 BBG0000072G9 3,384,609 103,095 SH   SOLE   0 0 103,095
PARKE BANCORP COM 700885106 BBG000C3LQ53 5,306,526 308,071 SH   SOLE   106,000 0 202,071
PFIZER INC COM 717081103 BBG000BR2B91 6,441,556 232,128 SH   SOLE   60,000 0 172,128
POTOMAC BANC COM 737643106 BBG000BKV9Y1 2,769,433 185,868 SH   SOLE   130,000 0 55,868
PPL CAPITAL DEB 69352PAS2 BBG01FG97WL7 4,335,210 4,530,000 PRN   SOLE   0 0 4,530,000
SB FINANCIAL COM 78408D105 BBG000BJQTT2 5,516,298 400,312 SH   SOLE   133,300 0 267,012
SCHWAB INTL EQUI COM 808524805 BBG000PS0RP3 147,457 3,779 SH   SOLE   0 0 3,779
SCHWAB US LG VAL COM 808524409 BBG000Q0D5X8 225,433 2,967 SH   SOLE   0 0 2,967
SEACOAST BANKIN COM 811707801 BBG000KK3464 274,879 10,826 SH   SOLE   0 0 10,826
SFL CORP LTD COM G7738W106 BBG000BW22R0 2,697,815 204,690 SH   SOLE   125,000 0 79,690
SHELL PLC ADR SHARES 780259305 BBG0147BN6G2 7,257,613 108,258 SH   SOLE   30,000 0 78,258
SOLVAY BANK COM 83441Q105 BBG000BJHYD8 1,913,494 72,895 SH   SOLE   55,692 0 17,203
SOUTHSTATE CORP COM 840441109 BBG000BNPYN9 480,731 5,654 SH   SOLE   0 0 5,654
SPDR S&P 500 COM 78462F103 BBG000BDTBL9 345,473 660 SH   SOLE   0 0 660
SPOTIFY USA DEB 84921RAB6 BBG00ZFDC5N7 266,220 290,000 PRN   SOLE   0 0 290,000
STARWOOD PPTY DEB 85571BBA2 BBG01H507T40 1,044,100 985,000 PRN   SOLE   0 0 985,000
TEGNA INC COM 87901J105 BBG000BK5DP1 191,232 12,800 SH   SOLE   0 0 12,800
TIMBERLAND BANC COM 887098101 BBG000C0B093 8,025,947 298,141 SH   SOLE   92,000 0 206,141
TOTAL ENERGIES ADR SHARES 89151E109 BBG000CHZ857 825,960 12,000 SH   SOLE   0 0 12,000
TYSON FOODS COM 902494103 BBG000DKCC19 1,634,080 27,824 SH   SOLE   18,000 0 9,824
VE GOLD MINERS COM 92189F106 BBG000PLNQN7 853,331 26,987 SH   SOLE   0 0 26,987
VE WIDE MOAT COM 92189F643 BBG002XRNH24 1,459,418 16,234 SH   SOLE   0 0 16,234
VE GLBL WIDE MT COM 92189F122 BBG00MF4XK69 118,197 3,225 SH   SOLE   0 0 3,225
VGRD S&P 500 COM 922908363 BBG0015VYNT4 1,407,436 2,928 SH   SOLE   0 0 2,928
VERIZON COM 92343V104 BBG000HS77T5 2,631,753 62,721 SH   SOLE   0 0 62,721
VIATRIS INC COM 92556V106 BBG00Y4RQNH4 5,642,888 472,604 SH   SOLE   125,000 0 347,604
VICI PRPTY COM 925652109 BBG00HVVB499 3,930,231 131,931 SH   SOLE   45,000 0 86,931
WARNER BROS DIS COM 934423104 BBG011386VF4 108,802 12,463 SH   SOLE   0 0 12,463
WEST OPP FUND COM 95766R104 BBG000BSK789 114,573 13,276 SH   SOLE   0 0 13,276
WEYERHAEUSER COM 962166104 BBG000BX3BL3 5,419,320 150,914 SH   SOLE   40,000 0 110,914