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 7,873 128,555 SH   SOLE   30,000 0 98,555
ALBERTSONS COM 013091103 240 7,233 SH   SOLE   0 0 7,233
AMERICAN INTL COM 026874784 2,009 32,000 SH   SOLE   32,000 0 0
AMERIS BANCORP COM 03076K108 1,954 44,541 SH   SOLE   0 0 44,541
ANHEUSIER BUSH COM 03524A108 155 2,588 SH   SOLE   0 0 2,588
APOLLO COML DEB 03762UAB1 5,167 5,190,000 PRN   SOLE   500,000 0 4,690,000
ATLAS AIR WW DEB 049164BJ4 3,104 2,070,000 PRN   SOLE   250,000 0 1,820,000
AT&T INC COM 00206R102 4,309 182,337 SH   SOLE   60,000 0 122,337
BANK BOTETOURT COM 063907208 2,772 98,300 SH   SOLE   79,050 0 19,250
BARCLAYS COM 06747R477 353 13,750 SH   SOLE   0 0 13,750
BENCHMARK BANK COM 08160E207 3,209 138,000 SH   SOLE   107,000 0 31,000
BERKSHIRE HATH COM 084670702 152 430 SH   SOLE   0 0 430
BLACKSTONE GRP DEB 09257WAC4 1,238 1,225,000 PRN   SOLE   0 0 1,225,000
BLACKSTONE MTG DEB 09257WAB6 869 869,000 PRN   SOLE   0 0 869,000
BLUE RIDGE BANK COM 095825105 3,306 217,900 SH   SOLE   172,500 0 45,400
BRITISH AMERICAN COM 110448107 349 8,274 SH   SOLE   0 0 8,274
BUNGE LIMITED COM G16962105 7,670 69,220 SH   SOLE   26,000 0 43,220
CAMBRIDGE BANC COM 132152109 2,355 27,700 SH   SOLE   27,700 0 0
CHEGG INC DEB 163092AD1 262 260,000 PRN   SOLE   0 0 260,000
CHESAPEAKE FINL COM 16517A109 5,015 170,000 SH   SOLE   105,000 0 65,000
CHOICEONE FINL COM 170386106 1,153 46,000 SH   SOLE   46,000 0 0
CITIZENS BANC COM 17316V104 622 22,160 SH   SOLE   22,000 0 160
COMMUNITY WEST COM 204157101 4,467 318,866 SH   SOLE   173,000 0 145,866
COWEN GROUP PFD 223622507 2,549 2,000 SH   SOLE   2,000 0 0
CSB BANCORP COM 12628R107 2,653 67,000 SH   SOLE   67,000 0 0
DIGITALBRIDGE DEB 19624RAA4 370 365,000 PRN   SOLE   0 0 365,000
DOMINION ENGY PFD 25746U133 2,804 27,550 SH   SOLE   10,000 0 17,550
DOMINION ENGY COM 25746U109 2,180 25,653 SH   SOLE   4,000 0 21,653
EAGLE BANCORP COM 26942G100 1,474 66,000 SH   SOLE   45,000 0 21,000
ENERGIZER COM 29272W109 4,120 133,952 SH   SOLE   43,478 0 90,474
ENERGY TRANSFER COM 29273V100 3,887 347,365 SH   SOLE   0 0 347,365
EPR PROPERTIES PFD 26884U208 1,376 53,263 SH   SOLE   44,488 0 8,775
EXCHANGE BANK COM 301227203 11,093 71,958 SH   SOLE   23,500 0 48,458
EZCORP DEB 302301AF3 236 245,000 PRN   SOLE   0 0 245,000
FIDELITY COV COM 316092402 3,206 153,101 SH   SOLE   36,200 0 116,901
FINANCIAL INST COM 317585404 1,024 34,000 SH   SOLE   34,000 0 0
FINWARD COM 31812F109 4,020 87,000 SH   SOLE   55,000 0 32,000
FIRST BUSINESS COM 319390100 4,351 132,600 SH   SOLE   91,000 0 41,600
FIRST COMMUNITY COM 319835104 1,651 77,896 SH   SOLE   77,896 0 0
FIRST HORIZON COM 320517105 1,245 53,000 SH   SOLE   27,000 0 26,000
FIRST LONG ISLAND COM 320734106 899 46,213 SH   SOLE   0 0 46,213
FIRST NATL AK COM 32112J106 3,350 12,500 SH   SOLE   9,000 0 3,500
FIRST NATIONAL COM 302578109 2,466 260,435 SH   SOLE   60,882 0 199,553
FIRST NATIONAL COM 32106V107 3,791 180,500 SH   SOLE   128,000 0 52,500
FIRST SOUTHERN COM 33650R104 1,714 179,492 SH   SOLE   179,492 0 0
FIRST TRUST COM 33736Q104 347 6,183 SH   SOLE   0 0 6,183
F&M BANCORP COM 30237P106 4,047 134,014 SH   SOLE   82,500 0 51,514
FRANKLIN FINL COM 353525108 1,132 33,785 SH   SOLE   0 0 33,785
GERMAN AMERICAN COM 373865104 1,539 40,500 SH   SOLE   40,500 0 0
GLOBAL MEDICAL COM 37954A204 856 52,471 SH   SOLE   0 0 52,471
GLOBAL PARTNERS COM 37946R109 316 11,600 SH   SOLE   0 0 11,600
GOLDMAN SACHS DEB 38147UAB3 1,955 1,955,000 PRN   SOLE   0 0 1,955,000
HANCOCK WHITNEY COM 410120109 524 10,050 SH   SOLE   0 0 10,050
HANESBRANDS COM 410345102 2,145 144,073 SH   SOLE   50,500 0 93,573
HARBOR CUSTOM PFD 41150T207 7,980 528,100 SH   SOLE   141,000 0 387,100
HCI GROUP COM 40416E103 4,131 60,584 SH   SOLE   12,097 0 48,487
HOPE BANCORP DEB 43940TAB5 265 269,000 PRN   SOLE   0 0 269,000
INTL FLAVORS COM 459506101 6,712 51,111 SH   SOLE   9,596 0 41,515
INVESCO TR INVT COM 46131M106 1,001 86,117 SH   SOLE   0 0 86,117
KEYCORP COM 493267108 342 15,290 SH   SOLE   0 0 15,290
KKR REAL ESTATE DEB 48251KAB6 202 195,000 PRN   SOLE   0 0 195,000
LAKELAND BANCORP COM 511637100 1,553 93,000 SH   SOLE   93,000 0 0
LEDYARD FINANCIAL COM 523338101 8,084 331,966 SH   SOLE   139,000 0 192,996
LEGAND PHARMA DEB 53220KAF5 291 300,000 PRN   SOLE   0 0 300,000
LEXINGTON RTLY COM 529043101 5,560 354,129 SH   SOLE   95,000 0 259,129
MAIN STREET BANC COM 56064Y100 1,278 52,574 SH   SOLE   0 0 52,574
MANDIANT DEB 31816QAD3 159 160,000 PRN   SOLE   0 0 160,000
MCHENRY BANCORP COM 580683100 770 28,000 SH   SOLE   28,000 0 0
MEDICAL PRTY COM 58436J304 4,784 226,313 SH   SOLE   0 0 226,313
MERCHANTS FINAN COM 588538108 1,855 23,480 SH   SOLE   23,480 0 0
MERCK COM 58933Y105 7,882 96,069 SH   SOLE   22,500 0 73,569
METLIFE COM 59156R108 11,541 164,219 SH   SOLE   54,000 0 110,219
MGM GROWTH COM 55303A105 538 13,900 SH   SOLE   10,900 0 3,000
MICROSOFT COM 594918104 154 501 SH   SOLE   0 0 501
MPB BHC COM 55317L105 4,278 206,890 SH   SOLE   102,178 0 104,712
NEUBERGER COM 641224308 347 20,717 SH   SOLE   0 0 20,717
NEUBERGER COM 641224209 283 11,467 SH   SOLE   0 0 11,467
NY COMM BANC PFD 64944P307 4,703 91,135 SH   SOLE   0 0 91,135
NORTHEAST COMUN COM 664121100 305 24,885 SH   SOLE   24,885 0 0
ORRSTOWN FINL COM 687380105 2,247 98,000 SH   SOLE   98,000 0 0
PARKE BANCORP COM 700885106 6,754 286,048 SH   SOLE   104,000 0 182,048
PEOPLES UNITED COM 712704105 455 22,743 SH   SOLE   0 0 22,743
PFIZER COM 717081103 7,683 148,406 SH   SOLE   32,000 0 116,406
POTOMAC BANCSH COM 737643106 2,934 163,000 SH   SOLE   124,000 0 39,000
PRA GROUP DEB 69354NAB2 1,217 1,100,000 PRN   SOLE   0 0 1,100,000
RADIUS HEALTH DEB 750469AA6 1,951 1,990,000 PRN   SOLE   575,000 0 1,415,000
RPT REALTY PFD 74971D200 2,588 43,645 SH   SOLE   26,939 0 16,706
SEACOAST BANK COM 811707801 353 10,073 SH   SOLE   0 0 10,073
SB FINANCIAL COM 78408D105 7,924 397,988 SH   SOLE   131,300 0 266,688
SFL CORP DEB 824689AG8 3,766 3,710,000 PRN   SOLE   0 0 3,710,000
SHELL PLC COM 780259305 385 7,000 SH   SOLE   0 0 7,000
SOLVAY BANK COM 83441Q105 2,559 63,871 SH   SOLE   51,660 0 12,211
SOUTH JERSEY COM 838518108 2,011 58,212 SH   SOLE   26,000 0 32,212
SOUTH STATE COM 840441109 439 5,382 SH   SOLE   0 0 5,382
SPDR S&P 500 COM 78462F103 408 904 SH   SOLE   0 0 904
SPDR SER TR COM 78464A359 104 1,355 SH   SOLE   0 0 1,355
SPOTIFY DEB 84921RAB6 260 305,000 PRN   SOLE   0 0 305,000
STARWOOD PRPTY DEB 85571BHA8 306 300,000 PRN   SOLE   0 0 300,000
SUPERNUS PHARMA DEB 868459AD0 115 117,000 PRN   SOLE   0 0 117,000
TIMBERLAND BANK COM 887098101 7,599 281,358 SH   SOLE   88,000 0 193,358
TOTAL ENERGIES COM 89151E109 354 7,000 SH   SOLE   0 0 7,000
TYSON FOODS COM 902494103 6,869 76,633 SH   SOLE   18,000 0 58,633
VANECK VECTORS COM 92189H862 303 13,301 SH   SOLE   0 0 13,301
VANECK VECTORS COM 92189F122 118 3,225 SH   SOLE   0 0 3,225
VANECK VECTORS COM 92189F106 414 10,794 SH   SOLE   0 0 10,794
VANECK VECTORS COM 92189H854 279 12,300 SH   SOLE   0 0 12,300
VANECK VECTORS COM 92189F643 392 5,242 SH   SOLE   0 0 5,242
VANGUARD INDEX COM 922908363 230 554 SH   SOLE   0 0 554
VERIZON COM 92343V104 3,463 67,979 SH   SOLE   0 0 67,979
VIATRIS INC COM 92556V106 3,245 298,256 SH   SOLE   35,000 0 263,256
VICI PRPTY COM 925652109 376 13,200 SH   SOLE   13,200 0 0
WEYERHAEUSER COM 962166104 6,152 162,314 SH   SOLE   40,000 0 122,314