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
ADAMS NAT COM 00548F105 409 24,758 SH   SOLE   0 0 24,758
AGNICO EAGLE COM 008474108 6,095 114,703 SH   SOLE   30,000 0 84,703
ALBERTSONS COM 013091103 1,133 37,520 SH   SOLE   0 0 37,520
AMERICAN INTL COM 026874784 1,820 32,000 SH   SOLE   32,000 0 0
AMERIS BANCORP COM 03076K108 2,202 44,325 SH   SOLE   0 0 44,325
ANHEUSIER BUSH COM 03524A108 157 2,588 SH   SOLE   0 0 2,588
APOLLO COML DEB 03762UAB1 5,084 5,065,000 PRN   SOLE   500,000 0 4,565,000
ATLAS AIR WW DEB 049164BJ4 4,371 2,690,000 PRN   SOLE   250,000 0 2,440,000
AT&T INC COM 00206R102 3,493 141,983 SH   SOLE   52,000 0 89,983
BANK BOTETOURT COM 063907208 2,731 96,250 SH   SOLE   77,000 0 19,250
BARCLAYS COM 06747R477 208 11,250 SH   SOLE   0 0 11,250
BENCHMARK BANK COM 08160E207 3,347 138,000 SH   SOLE   107,000 0 31,000
BERKSHIRE HATH COM 084670702 129 430 SH   SOLE   0 0 430
BLACKSTONE GRP DEB 09257WAC4 1,250 1,225,000 PRN   SOLE   0 0 1,225,000
BLACKSTONE MTG DEB 09257WAB6 873 869,000 PRN   SOLE   0 0 869,000
BLUE RIDGE BANK COM 095825105 3,533 197,400 SH   SOLE   168,000 0 29,400
BRITISH AMERICAN COM 110448107 305 8,147 SH   SOLE   0 0 8,147
BUNGE LIMITED COM G16962105 4,787 51,276 SH   SOLE   26,000 0 25,276
BUNGE LIMITED PFD G16962204 2,153 16,985 SH   SOLE   0 0 16,985
CAMBRIDGE BANC COM 132152109 2,340 25,000 SH   SOLE   25,000 0 0
CENTERPOINT ENGY COM 15189T107 8,967 321,273 SH   SOLE   80,000 0 241,273
CHESAPEAKE FINL COM 16517A109 4,959 170,000 SH   SOLE   105,000 0 65,000
CHOICEONE FINL COM 170386106 1,219 46,000 SH   SOLE   46,000 0 0
CITIZENS BANC COM 17316V104 463 20,129 SH   SOLE   20,129 0 0
COLLORTIVE COM 194231672 478 17,087 SH   SOLE   0 0 17,087
COMMUNITY WEST COM 204157101 4,276 318,838 SH   SOLE   173,000 0 145,838
COWEN GROUP PFD 223622507 2,978 2,000 SH   SOLE   2,000 0 0
CROWN CASTLE COM 22822V101 255 1,223 SH   SOLE   0 0 1,223
CSB BANCORP COM 12628R107 2,510 66,500 SH   SOLE   66,500 0 0
DIGITALBRIDGE DEB 19624RAA4 165 160,000 PRN   SOLE   0 0 160,000
DOMINION ENGY PFD 25746U133 2,773 27,550 SH   SOLE   10,000 0 17,750
DOMINION ENGY COM 25746U109 2,002 25,479 SH   SOLE   4,000 0 21,479
ENERGIZER PFD 29272W208 5,338 61,445 SH   SOLE   20,000 0 41,445
ENERGY TRANSFER COM 29273V100 2,428 294,959 SH   SOLE   0 0 294,959
EPR PROPERTIES PFD 26884U208 1,164 45,448 SH   SOLE   44,488 0 1,000
EXCHANGE BANK COM 301227203 11,006 70,799 SH   SOLE   23,000 0 47,799
EZCORP DEB 302301AF3 235 230,000 PRN   SOLE   0 0 230,000
FINANCIAL INST COM 317585404 1,049 33,000 SH   SOLE   33,000 0 0
FINWARD COM 31812F109 4,024 87,000 SH   SOLE   55,000 0 32,000
FIRST BUSINESS COM 319390100 3,821 131,000 SH   SOLE   91,000 0 40,000
FIRST COMMUNITY COM 319835104 1,628 78,000 SH   SOLE   78,000 0 0
FIRST HORIZON COM 320517105 1,600 98,000 SH   SOLE   58,000 0 40,000
FIRST LONG ISLAND COM 320734106 987 45,725 SH   SOLE   0 0 45,725
FIRST NATL AK COM 32112J106 3,015 13,000 SH   SOLE   9,500 0 3,500
FIRST NATIONAL COM 302578109 2,689 290,992 SH   SOLE   92,000 0 198,992
FIRST NATIONAL COM 32106V107 4,093 178,000 SH   SOLE   127,000 0 51,000
FIRST SOUTHERN COM 33650R104 1,705 179,492 SH   SOLE   179,492 0 0
FIRST TRUST COM 33736Q104 272 4,612 SH   SOLE   0 0 4,612
F&M BANCORP COM 30237P106 3,853 134,014 SH   SOLE   82,500 0 51,514
FORTIVE CORP COM 34959J108 573 7,513 SH   SOLE   0 0 7,513
FRANKLIN FINL COM 353525108 1,117 33,745 SH   SOLE   0 0 33,745
GERMAN AMERICAN COM 373865104 1,793 46,000 SH   SOLE   46,000 0 0
GLAXOSMITHKLINE COM 37733W105 141 3,193 SH   SOLE   0 0 3,193
GLOBAL MEDICAL COM 37954A204 364 20,500 SH   SOLE   0 0 20,500
GLOBAL PARTNERS COM 37946R109 272 11,600 SH   SOLE   0 0 11,600
GOLDMAN SACHS DEB 38147UAB3 1,965 1,955,000 PRN   SOLE   0 0 1,955,000
HANCOCK WHITNEY COM 410120109 500 10,000 SH   SOLE   0 0 10,000
HARBOR CUSTOM PFD 41150T207 6,739 429,804 SH   SOLE   125,000 0 304,804
WTS HARBOR CUSTOM COM 411507124 193 250,000 SH   SOLE   250,000 0 0
HCI GROUP COM 40416E103 5,461 65,371 SH   SOLE   12,097 0 53,274
INTL FLAVORS COM 459506101 7,673 50,932 SH   SOLE   9,596 0 41,336
INVESCO TR INVT COM 46131M106 1,202 86,038 SH   SOLE   0 0 86,038
KEYCORP COM 493267108 354 15,290 SH   SOLE   0 0 15,290
LAKELAND BANCORP COM 511637100 1,766 93,000 SH   SOLE   93,000 0 0
LEGAND PHARMA DEB 53220KAF5 134 135,000 PRN   SOLE   0 0 135,000
LEXINGTON RTLY COM 529043101 7,798 499,212 SH   SOLE   95,000 0 404,212
MAIN STREET BANC COM 56064Y100 1,291 52,500 SH   SOLE   0 0 52,500
MANDIANT DEB 31816QAD3 160 160,000 PRN   SOLE   0 0 160,000
MCHENRY BANCORP COM 580683100 700 28,000 SH   SOLE   28,000 0 0
MEDICAL PRTY COM 58436J304 4,951 209,501 SH   SOLE   0 0 209,501
MERCHANTS FINAN COM 588538108 1,776 23,600 SH   SOLE   23,600 0 0
MERCK COM 58933Y105 7,189 93,800 SH   SOLE   22,500 0 71,300
METLIFE COM 59156R108 10,231 163,730 SH   SOLE   54,000 0 109,730
MICROSOFT COM 594918104 202 600 SH   SOLE   0 0 600
MPB BHC COM 55317L105 4,344 205,890 SH   SOLE   101,178 0 104,712
NEUBERGER COM 641224308 398 20,716 SH   SOLE   0 0 20,716
NEUBERGER COM 641224209 644 23,851 SH   SOLE   0 0 23,851
NY COMM BANC PFD 64944P307 3,983 75,296 SH   SOLE   0 0 75,296
ORRSTOWN FINL COM 687380105 2,470 98,000 SH   SOLE   98,000 0 0
PARKE BANCORP COM 700885106 5,938 279,045 SH   SOLE   104,000 0 175,045
PEOPLES UNITED COM 712704105 405 22,743 SH   SOLE   0 0 22,743
PFIZER COM 717081103 8,900 150,713 SH   SOLE   36,000 0 114,713
POTOMAC BANCSH COM 737643106 2,958 160,746 SH   SOLE   124,000 0 36,746
PRA GROUP DEB 69354NAB2 1,281 1,100,000 PRN   SOLE   0 0 1,100,000
RADIUS HEALTH DEB 750469AA6 1,925 1,990,000 PRN   SOLE   575,000 0 1,415,000
RPT REALTY PFD 74971D200 2,571 43,645 SH   SOLE   26,939 0 16,706
SEACOAST BANK COM 811707801 355 10,037 SH   SOLE   0 0 10,037
SB FINANCIAL COM 78408D105 7,431 377,790 SH   SOLE   125,000 0 252,790
SFL CORP DEB 824689AG8 3,183 3,175,000 PRN   SOLE   0 0 3,175,000
SOLVAY BANK COM 83441Q105 2,406 60,846 SH   SOLE   49,200 0 11,646
SOUTH JERSEY COM 838518108 4,251 162,744 SH   SOLE   26,000 0 136,744
SOUTH STATE COM 840441109 429 5,355 SH   SOLE   0 0 5,355
SPDR S&P 500 COM 78462F103 432 909 SH   SOLE   0 0 909
SPDR SER TR COM 78464A359 114 1,377 SH   SOLE   0 0 1,377
STARWOOD PRPTY DEB 85571BHA8 126 120,000 PRN   SOLE   0 0 120,000
TIMBERLAND BANK COM 887098101 7,739 279,393 SH   SOLE   87,000 0 192,393
TYSON FOODS COM 902494103 6,662 76,435 SH   SOLE   18,000 0 58,435
VANECK VECTORS COM 92189H862 522 21,100 SH   SOLE   0 0 21,100
VANECK VECTORS COM 92189F122 121 3,225 SH   SOLE   0 0 3,225
VANECK VECTORS COM 92189F106 346 10,794 SH   SOLE   0 0 10,794
VANECK VECTORS COM 92189H854 425 17,100 SH   SOLE   0 0 17,100
VANECK VECTORS COM 92189F643 399 5,242 SH   SOLE   0 0 5,242
VANGUARD INDEX COM 922908363 160 366 SH   SOLE   0 0 366
VERIZON COM 92343V104 3,169 60,992 SH   SOLE   0 0 60,992
VIATRIS INC COM 92556V106 3,373 249,278 SH   SOLE   0 0 249,278
WEYERHAEUSER COM 962166104 6,483 157,434 SH   SOLE   39,000 0 118,434