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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGNICO EAGLE COM 008474108 1,569 22,250 SH   SOLE   8,400 0 13,850
ALBERTSONS COM 013091103 2,222 126,400 SH   SOLE   0 0 126,400
AMERICAN INTL COM 026874784 1,098 29,000 SH   SOLE   29,000 0 0
AMERIS BANCORP COM 03076K108 1,882 49,447 SH   SOLE   0 0 49,447
APOLLO COML DEB 03762UAB1 4,811 5,050,000 PRN   SOLE   500,000 0 4,550,000
ARES CAPITAL DEB 04010LAW3 1,837 1,745,000 PRN   SOLE   0 0 1,745,000
ATLAS AIR WW DEB 069164BJ4 3,142 2,770,000 PRN   SOLE   250,000 0 2,520,000
AT&T INC COM 00206R102 2,751 95,658 SH   SOLE   30,000 0 65,658
BANK BOTETOURT COM 063907208 2,025 82,500 SH   SOLE   65,000 0 17,500
BENCHMARK BANK COM 08160E207 2,120 128,500 SH   SOLE   103,000 0 25,500
BLACKSTONE MTG DEB 09257WAC4 1,175 1,180,000 PRN   SOLE   0 0 1,180,000
BLACKSTONE GRP DEB 09257WAB6 633 634,000 PRN   SOLE   0 0 634,000
BLUE RIDGE BANK COM 095825105 2,093 117,500 SH   SOLE   109,500 0 8,000
BUNGE LIMITED COM G16962105 3,161 48,200 SH   SOLE   26,000 0 22,200
BUNGE LIMITED PFD G16962204 4,149 38,065 SH   SOLE   0 0 38,065
CAMBRIDGE BANC COM 132152109 1,465 21,000 SH   SOLE   21,000 0 0
CENTERPOINT ENGY PFD 15189T503 7,128 174,705 SH   SOLE   35,000 0 139,705
CHESAPEAKE FINL COM 16517A109 3,394 162,000 SH   SOLE   101,000 0 61,000
CHOICEONE FINL COM 170386106 924 30,000 SH   SOLE   30,000 0 0
CITIZENS BANC COM 17316V104 422 18,000 SH   SOLE   18,000 0 0
COMMUNITY WEST COM 204157101 2,656 292,538 SH   SOLE   155,000 0 137,538
COLONY CAPITAL DEB 19624RAA4 157 160,000 PRN   SOLE   0 0 160,000
COWEN GROUP PFD 223622507 2,109 2,000 SH   SOLE   2,000 0 0
CROWDSTRIKE COM 22788C105 897 4,237 SH   SOLE   0 0 4,237
CROWN CASTLE COM 22822V101 2,245 14,100 SH   SOLE   0 0 14,100
CSB BANCORP COM 12628R107 1,338 38,226 SH   SOLE   38,226 0 0
DINIDEND & INCOME COM 25538A204 144 12,800 SH   SOLE   0 0 12,800
DOMINION ENGY PFD 25746U133 2,915 29,050 SH   SOLE   10,000 0 19,050
DOMINION ENGY COM 25746U109 19,001 25,273 SH   SOLE   4,000 0 21,273
ENABLE MIDSTREAM COM 292480100 410 77,900 SH   SOLE   0 0 77,900
ENERGIZER PFD 29272W208 2,504 27,930 SH   SOLE   6,000 0 21,930
EPR PROPERTIES PFD 26884U208 1,282 55,724 SH   SOLE   54,724 0 1,000
EQUITY CMNWLTH COM 294628102 1,912 70,080 SH   SOLE   20,000 0 50,080
EXCHANGE BANK COM 301227203 9,621 65,009 SH   SOLE   18,700 0 46,309
FINANCIAL INST COM 317585404 428 19,000 SH   SOLE   19,000 0 0
FIRST BUSINESS COM 319390100 1,270 69,000 SH   SOLE   63,000 0 6,000
FIRST COMMUNITY COM 319835104 1,036 61,000 SH   SOLE   46,000 0 15,000
FIRST HORIZON COM 320517105 951 74,500 SH   SOLE   48,000 0 26,500
FIRST LONG ISLAND COM 320734106 1,057 59,225 SH   SOLE   5,000 0 54,225
FIRST NATL AK COM 32112J106 2,156 11,600 SH   SOLE   8,100 0 3,500
FIRST NATIONAL COM 302578109 1,494 233,422 SH   SOLE   80,000 0 153,422
FIRST NATIONAL COM 32106V107 870 51,500 SH   SOLE   48,500 0 3,000
FIRST SOUTHERN COM 33650R104 777 129,492 SH   SOLE   129,492 0 0
F&M BANCORP COM 30237P106 2,101 91,318 SH   SOLE   19,550 0 71,768
F&M BANCORP PFD 30237P205 1,070 40,000 SH   SOLE   25,600 0 14,400
FORTIVE CORP PFD 34959J207 6,346 6,323 SH   SOLE   2,200 0 4,123
FRANKLIN FINL COM 353525108 1,020 37,742 SH   SOLE   0 0 37,742
GERMAN AMERICAN COM 373865104 1,473 44,500 SH   SOLE   34,500 0 10,000
GLOBAL PARTNERS COM 37946R109 193 11,600 SH   SOLE   0 0 11,600
GOLDMAN SACHS DEB 38147UAB3 1,935 1,885,000 PRN   SOLE   0 0 1,885,000
HANCOCK WHITNEY COM 410120109 425 12,500 SH   SOLE   0 0 12,500
HCI GROUP DEB 40416EAD5 4,493 4,322,000 PRN   SOLE   849,000 0 3,473,000
INTL FLAVORS COM 459506306 5,995 146,787 SH   SOLE   2,700 0 119,787
INVESCO TR INVT COM 46131M106 1,091 82,563 SH   SOLE   0 0 82,563
JPMORGAN COM 46625H100 127 1,000 SH   SOLE   0 0 1,000
KEYCORP COM 493267108 2,645 161,154 SH   SOLE   64,024 0 97,130
LAKELAND BANCORP COM 511637100 838 66,000 SH   SOLE   66,000 0 0
LEDYARD FINL COM 523338101 5,412 294,911 SH   SOLE   123,200 0 171,711
LEXINGTON CORP PFD 529043309 475 8,000 SH   SOLE   0 0 8,000
LEXINGTON RTLY COM 529043101 4,354 410,000 SH   SOLE   61,000 0 349,000
MAIN STREET BANC COM 56064Y100 782 46,247 SH   SOLE   0 0 46,247
MCHENRY BANCORP COM 580683100 497 7,000,000 SH   SOLE   7,000,000 0 0
MEDICAL PRTY COM 58436J304 3,836 176,050 SH   SOLE   0 0 176,050
MERCHANTS FINAN COM 588538108 1,189 18,500 SH   SOLE   18,500 0 0
MERCK COM 58933Y105 4,403 53,830 SH   SOLE   12,500 0 41,330
METLIFE COM 59156R108 7,812 166,400 SH   SOLE   54,000 0 112,400
METRO PHOENIX COM 59165E106 2,078 180,812 SH   SOLE   77,500 0 103,312
NATIONAL HEALTH DEB 63633DAE4 6,229 5,798,000 PRN   SOLE   1,500,000 0 4,298,000
NW INDIANA BANC COM 667516108 3,016 84,000 SH   SOLE   54,000 0 30,000
NY COMM BANC PFD 64944P307 5,962 130,022 SH   SOLE   21,610 0 108,412
ORRSTOWN FINL COM 687380105 1,092 66,000 SH   SOLE   56,000 0 10,000
PARKE BANCORP COM 700885106 3,610 231,390 SH   SOLE   88,000 0 143,390
PEOPLES UNITED COM 712704105 288 22,243 SH   SOLE   0 0 22,243
PFIZER COM 717081103 4,608 125,175 SH   SOLE   38,000 0 87,175
POTOMAC BANCSH COM 73764399S 644 52,300 SH   SOLE   41,000 0 11,300
RADIUS HEALTH DEB 750469AA6 1,779 1,990,000 PRN   SOLE   575,000 0 1,415,000
RPT REALTY PFD 74971D200 3,594 72,106 SH   SOLE   52,140 0 19,966
SEACOAST BANK COM 811707801 295 10,000 SH   SOLE   0 0 10,000
SB FINANCIAL COM 78408D105 5,451 298,206 SH   SOLE   98,000 0 200,206
SEMPRA ENERGY PFD 816851505 1,151 11,100 SH   SOLE   1,000 0 10,100
SHIP FINANCE DEB 824689AG8 2,435 2,870,000 PRN   SOLE   0 0 2,870,000
SOLVAY BANK COM 83441Q105 2,061 58,898 SH   SOLE   43,052 0 15,846
SOUTH JERSEY PFD 838518116 2,760 77,315 PRN   SOLE   0 0 77,315
SOUTH STATE COM 840441109 416 5,755 SH   SOLE   0 0 5,755
TIMBERLAND BANK COM 887098101 6,349 261,717 SH   SOLE   80,000 0 181,717
TYSON FOODS COM 902494301 4,911 76,212 SH   SOLE   18,000 0 58,212
VANGUARD WORLD COM 92204A884 129 1,075 SH   SOLE   0 0 1,075
WEYERHAUSER COM 962166104 6,532 194,821 SH   SOLE   37,000 0 157,821
VIATRIS INC COM 92556V106 722 38,510 SH   SOLE   0 0 38,510