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 6,918,802 138,431 SH   SOLE   30,000 0 108,431
ABBVIE COM 00287Y109 BBG0025Y4RY4 490,497 3,641 SH   SOLE   0 0 3,641
ALBERTSONS COM 013091103 BBG009KG1750 2,371,502 108,684 SH   SOLE   0 0 108,684
ALERUS FINAN COM 01446U103 BBG000BTXSH7 2,801,682 155,822 SH   SOLE   76,000 0 79,822
AMERICAN INTL COM 026874784 BBG000BBDZG3 1,870,050 32,500 SH   SOLE   32,500 0 0
AMERIS BANCORP COM 03076K108 BBG000CDY3H5 1,545,838 45,187 SH   SOLE   0 0 45,187
APPLE HOSPITLITY COM 03784Y200 BBG006473QX9 1,338,849 88,606 SH   SOLE   0 0 88,606
ARES CAP DEB 04010LAW3 BBG00NJ759Z0 314,017 315,000 PRN   SOLE   0 0 315,000
AT&T INC COM 00206R102 BBG000BSJK37 1,096,844 68,767 SH   SOLE   33,200 0 35,567
BANK BOTETOURT COM 063907208 BBG000HLXBR4 2,923,708 100,644 SH   SOLE   81,000 0 19,644
BECTON DICKSON COM 075887109 BBG000BCZYD3 247,905 939 SH   SOLE   0 0 939
BENCHMARK BANK COM 08160E207 BBG000C0VW37 3,185,996 140,600 SH   SOLE   109,500 0 31,100
BERKSHIRE HATH COM CLASS B 084670702 BBG000DWG505 455,576 1,336 SH   SOLE   0 0 1,336
BLUE RIDGE BANK COM 095825105 BBG000BJ7RY1 2,119,995 239,547 SH   SOLE   179,000 0 60,547
BUNGE LIMITED COM G16962105 BBG000DGPR66 7,210,995 76,428 SH   SOLE   26,000 0 50,428
CAMBRIDGE BANC COM 132152109 BBG000C2D195 2,145,467 39,504 SH   SOLE   32,000 0 7,504
CHEGG INC DEB 163092AD1 BBG00NNWBHW8 255,490 290,000 PRN   SOLE   0 0 290,000
CHESAPEAKE FINL COM 16517A109 BBG000DWJWQ5 3,320,625 172,500 SH   SOLE   106,500 0 66,000
CITIZENS BANC COM 17316V104 BBG000BT7R42 292,950 10,500 SH   SOLE   10,500 0 0
COMMUNITY WEST COM 204157101 BBG000JF5K69 3,835,855 315,708 SH   SOLE   173,000 0 142,708
CTO REALTY COM 22948Q101 BBG00Y3M1H59 1,519,065 88,626 SH   SOLE   0 0 88,626
CSB BANCORP COM 12628R107 BBG000BS4616 2,553,400 68,000 SH   SOLE   68,000 0 0
EAGLE BANCORP COM 26942G100 BBG000BSHXP7 929,269 70,239 SH   SOLE   48,000 0 22,239
ENERGIZER COM 29272W109 BBG006FCB019 4,401,330 131,069 SH   SOLE   44,000 0 87,069
ENERGY TRANSFER MLP PARTENRSHIP SHARES 29273V100 BBG000BM2FL9 5,353,335 421,522 SH   SOLE   0 0 421,522
EPR PROPERTIES PFD 26884U208 BBG000002LY2 1,212,195 57,450 SH   SOLE   45,000 0 12,450
EXCHANGE BANK COM 301227203 BBG000BHWS66 6,944,934 76,274 SH   SOLE   23,600 0 52,674
ETSY DEB 29786AALO BBG00WVLW7W2 1,291,971 1,550,000 PRN   SOLE   0 0 1,550,000
EZCORP DEB 302301AF3 BBG00H1P9M61 253,207 245,000 PRN   SOLE   0 0 245,000
FIDELITY ENERGY ETF COM 316092402 BBG005FHW2W9 4,817,865 217,412 SH   SOLE   71,000 0 146,412
FINANCIAL INST COM 317585404 BBG000BY1L13 676,820 43,000 SH   SOLE   43,000 0 0
FIRST BUSINESS COM 319390100 BBG000QK39V9 4,465,277 151,416 SH   SOLE   94,500 0 56,916
FIRST COMMUNITY COM 319835104 BBG000BRD351 1,328,040 76,500 SH   SOLE   76,500 0 0
FIRST LONG ISLAND COM 320734106 BBG000BJMDS2 565,533 47,049 SH   SOLE   0 0 47,049
FIRST NATL AK COM 32112J106 BBG000P4BDT1 868,482 4,430 SH   SOLE   1,931 0 2,499
FIRST NATIONAL COM 302578109 BBG000BP3SJ6 1,479,288 247,786 SH   SOLE   41,432 0 206,354
FIRST NATIONAL COM 32106V107 BBG000GMKH30 3,314,172 200,494 SH   SOLE   133,012 0 67,482
FSBH CORP COM 30325F101 BBG000QGFDR1 1,378,800 180,000 SH   SOLE   180,000 0 0
FIRST TRUST COM 33736Q104 BBG000N6XBP2 405,250 10,247 SH   SOLE   0 0 10,247
F&M BANCORP COM 30237P106 BBG000BQGRG5 2,627,393 133,914 SH   SOLE   82,500 0 51,414
FORD MOTOR DEB 345370CZ1 BBG00ZNKGD88 128,173 117,000 PRN   SOLE   0 0 117,000
FRANKLIN FINL COM 353525108 BBG000BS5205 695,851 25,085 SH   SOLE   0 0 25,085
GLOBAL MEDICAL COM 37954A204 BBG0027F2B89 3,493,842 382,677 SH   SOLE   150,000 0 232,677
GREAT AJAX PFD 38983D409 BBG00GH3MP63 1,377,236 56,560 SH   SOLE   0 0 56,560
GREENBRIER DEB 393657AM3 BBG0103VFNY2 115,186 117,000 PRN   SOLE   0 0 117,000
GUIDEWIRE DEB 40171VAA8 BBG00K9FN239 192,600 200,000 PRN   SOLE   0 0 200,000
HANCOCK WHITNEY COM 410120109 BBG000CBC7D8 405,736 10,572 SH   SOLE   0 0 10,572
HARBOR CUSTOM PFD 41150T207 BBG011BYJCC9 3,140,505 581,575 SH   SOLE   150,000 0 431,575
HCI GROUP COM 40416E103 BBG000F4DVC8 2,240,758 36,269 SH   SOLE   0 0 36,269
INNOVIVA DEB 45781MAB7 BBG00HBWGVV9 1,407,187 1,425,000 PRN   SOLE   0 0 1,425,000
INTL BUS MACHINE COM 459200101 BBG000BLNNH6 550,093 4,111 SH   SOLE   0 0 4,111
INTL FLAVORS COM 459506101 BBG000BLSL58 4,016,397 50,463 SH   SOLE   10,000 0 40,463
INVESCO TR INVT CEF COM 46131M106 BBG000CQLM15 836,199 86,117 SH   SOLE   0 0 86,117
ISHARES CORE ETF COM 464287663 BBG000C183Y1 375,648 4,800 SH   SOLE   0 0 4,800
KEYCORP COM 493267108 BBG000BMQPL1 454,071 49,141 SH   SOLE   0 0 49,141
LEDYARD FINANCIAL COM 523338101 BBG000BF5QK8 4,567,510 330,979 SH   SOLE   139,000 0 191,979
LYFT INC DEB 55087PAB0 BBG00TSW3BY0 792,517 885,000 PRN   SOLE   0 0 885,000
LXP INDUSTRIAL COM 529043101 BBG000BL3355 2,452,491 251,537 SH   SOLE   0 0 251,537
M&T BANK COM 55261F104 BBG000D9KWL9 365,004 2,949 SH   SOLE   0 0 2,949
MAIN STREET BANC COM 56064Y100 BBG000QRB2P7 2,073,403 91,500 SH   SOLE   23,000 0 68,500
MCHENRY BANCORP COM 580683209 BBG003BCFCH3 711,200 28,000 SH   SOLE   28,000 0 0
MEDICAL PRTY COM 58463J304 BBG000BGRB25 2,318,654 250,394 SH   SOLE   0 0 250,394
MERCHANTS FINAN COM 588538108 BBG000BNQ2W8 1,547,000 59,500 SH   SOLE   59,500 0 0
MERCK COM 58933Y105 BBG000BPD168 7,491,631 64,924 SH   SOLE   13,300 0 51,624
METLIFE COM 59156R108 BBG000BB6KF5 9,666,256 170,993 SH   SOLE   54,000 0 116,993
MICROSOFT COM 594918104 BBG000BPH459 357,841 1,051 SH   SOLE   0 0 1,051
MOUNTAIN COMM COM 624004107 BBG000QW2C56 617,500 38,000 SH   SOLE   0 0 38,000
NRG ENERGY DEB 629377CG5 BBG00KZVCZR8 2,348,487 2,225,000 PRN   SOLE   500,000 0 1,725,000
NEW MOUNTAIN DEB 647551AC4 BBG00LQC6485 143,920 145,000 PRN   SOLE   0 0 145,000
NY COMM BANC PFD 64944P307 BBG0000072G9 3,593,780 88,845 SH   SOLE   0 0 88,845
ORRSTOWN FINL COM 687380105 BBG000BRRN07 1,340,500 70,000 SH   SOLE   70,000 0 0
PACWEST BANC PFD 695263202 BBG017WNHPC0 393,450 25,800 SH   SOLE   0 0 25,800
PARKE BANCORP COM 700885106 BBG000C3LQ53 5,185,572 305,213 SH   SOLE   106,000 0 199,213
PARSONS CORP DEB 70202LAB8 BBG00WS64NS0 114,450 100,000 PRN   SOLE   0 0 100,000
PFIZER COM 717081103 BBG000BR2B91 7,437,286 202,761 SH   SOLE   55,600 0 147,161
POTOMAC BANCSH COM 737643106 BBG000BKV9Y1 2,711,141 170,512 SH   SOLE   125,012 0 45,500
READY CAPITAL PFD 75574U200 BBG00HD3T1G0 1,214,024 48,329 SH   SOLE   0 0 48,329
RPT REALTY PFD 74971D200 BBG001M0RDL1 3,131,296 63,904 SH   SOLE   28,000 0 35,904
SB FINANCIAL COM 78408D105 BBG000BJQTT2 5,035,889 399,040 SH   SOLE   132,810 0 266,230
SEACOAST BANKING COM 811707801 BBG000KK3464 234,121 10,594 SH   SOLE   0 0 10,594
SCHWAB COM 808524805 BBG000PS0RP3 188,691 5,301 SH   SOLE   0 0 5,301
SCHWAB COM 808524300 BBG000Q0CS41 197,493 2,635 SH   SOLE   0 0 2,635
SCHWAB COM 808524409 BBG000Q0D5X8 252,124 3,758 SH   SOLE   0 0 3,758
SFL CORP COM G7738W106 BBG000BW22R0 873,288 93,600 SH   SOLE   90,000 0 3,600
SHELL PLC ADR SHARES 780259305 BBG0147BN6G2 5,148,692 85,271 SH   SOLE   25,000 0 60,271
SOLVAY BANK COM 83441Q105 BBG000BJHYD8 2,026,346 69,874 SH   SOLE   54,672 0 15,202
SOUTH STATE COM 840441109 BBG000BNPYN9 364,972 5,546 SH   SOLE   0 0 5,546
SPDR S&P 500 ETF COM 78462F103 BBG000BDTBL9 278,570 628 SH   SOLE   0 0 628
SPOTIFY DEB 84921RAB6 BBG00ZFDC5N7 280,335 330,000 PRN   SOLE   0 0 330,000
TIMBERLAND BANK COM 887098101 BBG000C0B093 7,428,541 290,404 SH   SOLE   92,000 0 198,404
TYSON FOODS COM 902494103 BBG000DKCC19 1,510,657 29,598 SH   SOLE   18,000 0 11,598
VANECK VECTORS ETF COM 92189F106 BBG000PLNQN7 612,674 20,347 SH   SOLE   0 0 20,347
VANECK VECTORS ETF COM 92189F643 BBG002XRNH24 824,302 10,331 SH   SOLE   0 0 10,331
VANECK ETF COM 92189F122 BBG00MF4XK69 112,187 3,225 SH   SOLE   0 0 3,225
VANGUARD S&P 500 ETF COM 922908363 BBG0015VYNT4 646,723 1,588 SH   SOLE   0 0 1,588
VERIZON COM 92343V104 BBG000HS77T5 3,224,000 86,689 SH   SOLE   0 0 86,689
VIATRIS INC COM 92556V106 BBG00Y4RQNH4 4,066,982 407,513 SH   SOLE   66,000 0 341,513
VICI PRPTY COM 925652109 BBG00HVVB499 3,081,745 98,051 SH   SOLE   45,000 0 53,051
WARNER BROS COM 934423104 BBG011386VF4 158,618 12,649 SH   SOLE   0 0 12,649
WESTERN DIGITAL DEB 958102AP0 BBG00JXH24X7 242,375 250,000 PRN   SOLE   0 0 250,000
WEYERHAEUSER COM 962166104 BBG000BX3BL3 5,024,281 149,933 SH   SOLE   40,000 0 109,933