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 7,055,060 135,700 SH   SOLE   30,000 0 105,700
ABBVIE COM 00287Y109 BBG0025Y4RY4 1,131,270 70,000 SH   SOLE   0 0 7,000
ALBERTSONS COM 013091103 BBG009KG1750 1,162,892 56,070 SH   SOLE   0 0 56,070
ALERUS FINAN COM 01446U103 BBG000BTXSH7 3,602,379 154,277 SH   SOLE   76,000 0 78,277
AMERICAN INTL COM 026874784 BBG000BBDZG3 2,055,300 32,500 SH   SOLE   32,500 0 0
AMERIS BANCORP COM 03076K108 BBG000CDY3H5 2,115,359 44,874 SH   SOLE   0 0 44,874
APPLE HOSPITLITY COM 03784Y200 BBG006473QX9 896,612 56,820 SH   SOLE   0 0 56,820
AT&T INC COM 00206R102 BBG000BSJK37 3,665,571 199,108 SH   SOLE   61,000 0 138,108
BANK BOTETOURT COM 063907208 BBG000HLXBR4 2,819,950 99,294 SH   SOLE   79,950 0 19,344
iPath Series B ETN COM 06747R477 BBG00JQ5JWB5 194,150 13,750 SH   SOLE   0 0 13,750
BENCHMARK BANK COM 08160E207 BBG000C0VW37 3,114,112 138,405 SH   SOLE   107,405 0 31,000
BERKSHIRE HATH COM CLASS B 084670702 BBG000DWG505 412,690 1,336 SH   SOLE   0 0 1,336
BEYOND MEAT DEB 08862EAB5 BBG00ZHF0G31 316,250 1,250,000 PRN   SOLE   1,250,000 0 0
BLACKSTONE GRP DEB 09257WAC4 BBG00KFL3ZT0 1,201,272 1,225,000 PRN   SOLE   0 0 1,225,000
BLUE RIDGE BANK COM 095825105 BBG000BJ7RY1 2,887,688 231,200 SH   SOLE   174,500 0 56,700
BUNGE LIMITED COM G16962105 BBG000DGPR66 7,207,888 72,245 SH   SOLE   26,000 0 46,245
CAMBRIDGE BANC COM 132152109 BBG000C2D195 2,649,614 31,900 SH   SOLE   29,000 0 2,900
CHEGG INC DEB 163092AD1 BBG00NNWBHW8 237,250 260,000 PRN   SOLE   0 0 260,000
CHESAPEAKE FINL COM 16517A109 BBG000DWJWQ5 3,430,460 170,500 SH   SOLE   105,000 0 65,500
CITIZENS BANC COM 17316V104 BBG000BT7R42 642,375 22,500 SH   SOLE   22,500 0 0
COMMUNITY WEST COM 204157101 BBG000JF5K69 4,701,402 314,055 SH   SOLE   173,000 0 141,055
CTO REALTY COM 22948Q101 BBG00Y3M1H59 1,058,933 57,929 SH   SOLE   0 0 57,929
CSB BANCORP COM 12628R107 BBG000BS4616 2,579,500 67,000 SH   SOLE   67,000 0 0
DIGITALBRIDGE DEB 19624RAA4 BBG004DSLDX7 359,525 365,000 PRN   SOLE   0 0 365,000
EAGLE BANCORP COM 26942G100 BBG000BSHXP7 1,123,120 69,500 SH   SOLE   47,500 0 22,000
ENERGIZER COM 29272W109 BBG006FCB019 4,362,378 130,026 SH   SOLE   44,000 0 86,026
ENERGY TRANSFER MLP PARTENRSHIP SHARES 29273V100 BBG000BM2FL9 4,774,195 402,207 SH   SOLE   0 0 402,207
EPR PROPERTIES PFD 26884U208 BBG000002LY2 999,365 55,613 SH   SOLE   44,488 0 11,125
EURONET DEB 298736AL3 BBG00NKZLB01 118,204 125,000 PRN   SOLE   0 0 125,000
EXCHANGE BANK COM 301227203 BBG000BHWS66 8,223,159 72,752 SH   SOLE   23,500 0 49,252
EZCORP DEB 302301AF3 BBG00H1P9M61 259,014 245,000 PRN   SOLE   0 0 245,000
FIDELITY ENERGY ETF COM 316092402 BBG005FHW2W9 4,772,793 200,201 SH   SOLE   71,000 0 129,201
FINANCIAL INST COM 317585404 BBG000BY1L13 876,960 36,000 SH   SOLE   36,000 0 0
FINWARD COM 31812F109 BBG000BRR418 836,437 23,106 SH   SOLE   10,106 0 13,000
FIRST BUSINESS COM 319390100 BBG000QK39V9 4,961,662 135,750 SH   SOLE   91,000 0 44,750
FIRST COMMUNITY COM 319835104 BBG000BRD351 1,658,539 75,767 SH   SOLE   75,767 0 0
FIRST LONG ISLAND COM 320734106 BBG000BJMDS2 803,051 44,614 SH   SOLE   0 0 44,614
FIRST NATL AK COM 32112J106 BBG000P4BDT1 2,533,782 10,876 SH   SOLE   7,600 0 3,276
FIRST NATIONAL COM 302578109 BBG000BP3SJ6 1,981,484 241,350 SH   SOLE   45,000 0 196,350
FIRST NATIONAL COM 32106V107 BBG000GMKH30 3,375,279 197,039 SH   SOLE   132,012 0 65,027
FSBH CORP COM 30325F101 BBG000QGFDR1 1,622,608 179,492 SH   SOLE   179,492 0 0
FIRST TRUST COM 33736Q104 BBG000N6XBP2 348,003 6,617 SH   SOLE   0 0 6,617
F&M BANCORP COM 30237P106 BBG000BQGRG5 3,062,613 133,914 SH   SOLE   82,500 0 51,414
FORD MOTOR DEB 345370CZ1 BBG00ZNKGD88 110,389 117,000 PRN   SOLE   0 0 117,000
FRANKLIN FINL COM 353525108 BBG000BS5205 1,201,516 33,283 SH   SOLE   0 0 33,283
GLOBAL MEDICAL COM 37954A204 BBG0027F2B89 2,635,661 278,023 SH   SOLE   85,000 0 193,023
GREAT AJAX PFD 38983D409 BBG00GH3MP63 1,332,500 55,660 SH   SOLE   0 0 55,660
GREENBRIER DEB 393657AM3 BBG0103VFNY2 103,135 117,000 PRN   SOLE   0 0 117,000
GUIDEWIRE DEB 40171VAA8 BBG00K9FN239 157,335 170,000 PRN   SOLE   0 0 170,000
HALOZYME DEB 40637HAD1 BBG00ZFDCBK7 106,494 110,000 PRN   SOLE   0 0 110,000
HANCOCK WHITNEY COM 410120109 BBG000CBC7D8 494,492 10,219 SH   SOLE   0 0 10,219
HANESBRANDS COM 410345102 BBG000D2ZTS8 1,655,481 260,296 SH   SOLE   114,000 0 146,296
HARBOR CUSTOM PFD 41150T207 BBG011BYJCC9 3,752,932 581,850 SH   SOLE   150,000 0 431,850
HCI GROUP COM 40416E103 BBG000F4DVC8 1,503,620 37,980 SH   SOLE   0 0 37,980
HOPE BANCORP DEB 43940TAB5 BBG00KVSYSJ0 287,238 294,000 PRN   SOLE   0 0 294,000
INTL FLAVORS COM 459506101 BBG000BLSL58 5,361,604 51,141 SH   SOLE   9,600 0 41,541
INVESCO TR INVT CEF COM 46131M106 BBG000CQLM15 865,479 86,117 SH   SOLE   0 0 86,117
ISHARES CORE ETF COM 464287663 BBG000C183Y1 353,150 5,000 SH   SOLE   0 0 5,000
KEYCORP COM 493267108 BBG000BMQPL1 597,418 34,295 SH   SOLE   0 0 34,295
KKR REAL ESTATE DEB 48251KAB6 BBG00KXN8GF8 191,377 195,000 PRN   SOLE   0 0 195,000
LAKELAND BANCORP COM 511637100 BBG000BKQ254 545,910 31,000 SH   SOLE   31,000 0 0
LEDYARD FINANCIAL COM 523338101 BBG000BF5QK8 5,874,961 330,054 SH   SOLE   139,000 0 191,054
LEGAND PHARMA DEB 53220KAF5 BBG00KXRV5J3 291,939 300,000 PRN   SOLE   0 0 300,000
LYFT INC DEB 55087PAB0 BBG00TSW3BY0 788,012 895,000 PRN   SOLE   0 0 895,000
LEXINGTON COM 529043101 BBG000BL3355 3,527,266 352,023 SH   SOLE   96,000 0 256,023
M&T BANK COM 55261F104 BBG000D9KWL9 404,506 2,789 SH   SOLE   0 0 2,789
MAIN STREET BANC COM 56064Y100 BBG000QRB2P7 2,195,383 79,861 SH   SOLE   16,000 0 63,861
MCHENRY BANCORP COM 580683209 BBG003BCFCH3 711,200 28,000 SH   SOLE   28,000 0 0
MEDICAL PRTY COM 58463J304 BBG000BGRB25 2,633,553 236,405 SH   SOLE   0 0 236,405
MERCHANTS FINAN COM 588538108 BBG000BNQ2W8 1,540,176 52,927 SH   SOLE   52,927 0 0
MERCK COM 58933Y105 BBG000BPD168 10,405,234 93,783 SH   SOLE   22,500 0 71,283
METLIFE COM 59156R108 BBG000BB6KF5 11,935,541 164,924 SH   SOLE   54,000 0 110,924
MICROSOFT COM 594918104 BBG000BPH459 161,136 672 SH   SOLE   0 0 672
NEW MOUNTAIN DEB 647551AC4 BBG00LQC6485 138,863 140,000 PRN   SOLE   0 0 14,000
NY COMM BANC PFD 64944P307 BBG0000072G9 4,012,780 92,503 SH   SOLE   0 0 92,503
ORRSTOWN FINL COM 687380105 BBG000BRRN07 1,619,880 69,943 SH   SOLE   69,943 0 0
PACWEST BANC PFD 695263202 BBG017WNHPC0 632,500 25,300 SH   SOLE   0 0 25,300
PARKE BANCORP COM 700885106 BBG000C3LQ53 6,120,990 295,130 SH   SOLE   106,000 0 189,130
PARSONS CORP DEB 70202LAB8 BBG00WS64NS0 113,650 100,000 PRN   SOLE   0 0 100,000
PFIZER COM 717081103 BBG000BR2B91 7,679,489 149,873 SH   SOLE   33,000 0 116,873
POTOMAC BANCSH COM 737643106 BBG000BKV9Y1 2,787,675 170,500 SH   SOLE   125,000 0 45,500
PRA GROUP DEB 69354NAB2 BBG00GSML5B8 2,062,527 2,095,000 PRN   SOLE   0 0 2,095,000
READY CAPITAL PFD 75574U200 BBG00HD3T1G0 1,133,786 45,279 SH   SOLE   0 0 45,279
RPT REALTY PFD 74971D200 BBG001M0RDL1 3,263,144 65,289 SH   SOLE   28,000 0 37,289
SB FINANCIAL COM 78408D105 BBG000BJQTT2 6,733,199 397,239 SH   SOLE   132,300 0 264,939
SEACOAST BANKING COM 811707801 BBG000KK3464 319,215 10,235 SH   SOLE   0 0 10,235
SFL CORP DEB 824689AG8 BBG00KNSGHC0 3,591,997 3,705,000 PRN   SOLE   0 0 3,705,000
SHELL PLC ADR SHARES 780259305 BBG0147BN6G2 4,177,235 73,349 SH   SOLE   18,000 0 55,349
SOLVAY BANK COM 83441Q105 BBG000BJHYD8 2,164,644 63,666 SH   SOLE   51,660 0 12,006
SOUTH STATE COM 840441109 BBG000BNPYN9 418,025 5,474 SH   SOLE   0 0 5,474
SPDR S&P 500 ETF COM 78462F103 BBG000BDTBL9 265,912 695 SH   SOLE   0 0 695
SPOTIFY DEB 84921RAB6 BBG00ZFDC5N7 245,525 305,000 PRN   SOLE   0 0 305,000
STARWOOD PRPTY DEB 85571BAH8 BBG00GBFST77 310,202 320,000 PRN   SOLE   0 0 320,000
SUPERNUS PHARMA DEB 868459AD0 BBG00K9Y6NS4 114,952 117,000 PRN   SOLE   0 0 117,000
TIMBERLAND BANK COM 887098101 BBG000C0B093 9,734,829 285,228 SH   SOLE   90,000 0 195,228
TOTAL ENERGIES ADR SHARES 89151E109 BBG000CHZ857 744,960 12,000 SH   SOLE   0 0 12,000
TYSON FOODS COM 902494103 BBG000DKCC19 4,789,074 76,933 SH   SOLE   18,000 0 58,933
VANECK VECTORS ETF COM 92189F106 BBG000PLNQN7 417,085 14,553 SH   SOLE   0 0 14,553
VANECK VECTORS ETF COM 92189F643 BBG002XRNH24 628,387 9,681 SH   SOLE   0 0 9,681
VANECK ETF COM 92189F122 BBG00MF4XK69 103,624 3,225 SH   SOLE   0 0 3,225
VANGUARD S&P 500 ETF COM 922908363 BBG0015VYNT4 310,166 883 SH   SOLE   0 0 883
VERIZON COM 92343V104 BBG000HS77T5 2,869,381 72,827 SH   SOLE   0 0 72,827
VIATRIS INC COM 92556V106 BBG00Y4RQNH4 4,032,449 362,304 SH   SOLE   66,000 0 296,304
VICI PRPTY COM 925652109 BBG00HVVB499 2,664,482 82,237 SH   SOLE   45,000 0 37,237
WARNER BROS COM 934423104 BBG011386VF4 117,618 12,407 SH   SOLE   0 0 12,407
WESTERN DIGITAL DEB 958102AP0 BBG00JXH24X7 209,550 22,000 PRN   SOLE   0 0 220,000
WEYERHAEUSER COM 962166104 BBG000BX3BL3 4,589,313 148,042 SH   SOLE   40,000 0 108,042