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
ABBVIE INC COM 00287Y109 BBG0025Y4RY4 550,233 2,786 SH   SOLE   0 0 2,786
AMERIS BANCORP COM 03076K108 BBG000CDY3H5 2,275,531 36,473 SH   SOLE   0 0 36,473
ALBERTSONS COS COM 013091103 BBG009KG1750 2,516,311 136,164 SH   SOLE   0 0 136,164
AGNICO-EAGLE COM 008474108 BBG000DLVDK3 11,923,420 148,007 SH   SOLE   30,000 0 118,007
AMERICAN INTL COM 026874784 BBG000BBDZG3 2,379,975 32,500 SH   SOLE   32,500 0 0
ALERUS FINAN COM 01446U103 BBG000BTXSH7 3,637,268 158,972 SH   SOLE   76,000 0 82,972
AMAZON.COM COM 023135106 BBG000BVPV84 195,647 1,050 SH   SOLE   0 0 1,050
APPLE HOPTLY COM 03784Y200 BBG006473QX9 3,604,113 242,701 SH   SOLE   18,600 0 224,101
BANC CALIFORNIA COM 05990K106 BBG000F7VG25 1,145,258 77,750 SH   SOLE   74,000 0 3,750
BUNGE LIMITED COM H11356104 BBG01JZ8VL91 7,892,050 81,664 SH   SOLE   26,000 0 55,664
BENCHMARK BANK COM 08160E207 BBG000C0VW37 3,454,500 164,500 SH   SOLE   112,500 0 52,000
BANK BOTETOURT COM 063907208 BBG000HLXBR4 3,410,605 104,974 SH   SOLE   81,500 0 23,474
BLUE RIDGE BANK COM 095825105 BBG000BJ7RY1 908,858 324,592 SH   SOLE   324,592 0 0
BERKSHIRE HATHA COM CLASS B 084670702 BBG000DWG505 614,907 1,336 SH   SOLE   0 0 1,336
CLARIVATE PLC ORD SHS G21810109 BBG00P1919G5 912,109 128,466 SH   SOLE   0 0 128,466
CNH INDUSTRIAL COM N20944109 BBG0059JSF49 3,494,721 314,840 SH   SOLE   92,000 0 222,840
CHESPKE FINAN COM 16517A109 BBG000DWJWQ5 3,338,900 173,000 SH   SOLE   106,500 0 66,500
CSB BANCORP COM 12628R107 BBG000BS4616 2,689,225 69,850 SH   SOLE   69,000 0 850
CTO REALTY GROW COM 22948Q101 BBG00Y3M1H59 3,350,675 176,166 SH   SOLE   0 0 176,166
CMNTY WST BANC COM 204157101 BBG000MZYM65 3,121,299 162,061 SH   SOLE   60,000 0 102,061
CITIZENS BANC VA COM 17316V104 BBG000BT7R42 595,350 20,250 SH   SOLE   20,000 0 250
EAGLE BANCORP COM 26942G100 BBG000BSHXP7 1,124,702 71,229 SH   SOLE   48,000 0 23,229
ENERGIZER HLDNG COM 29272W109 BBG006FCB019 2,877,043 90,587 SH   SOLE   44,000 0 46,587
ENERGY TRANSFER PARTNERSHIP SHARES 29273V100 BBG000BM2FL9 7,320,032 456,077 SH   SOLE   0 0 456,077
EXCHANGE BANK COM 301227203 BBG000BHWS66 8,311,686 76,254 SH   SOLE   23,600 0 52,654
FIRST BUSINESS COM 319390100 BBG000QK39V9 6,998,010 153,499 SH   SOLE   94,500 0 58,999
FIRST CMNTY SC COM 319835104 BBG000BRD351 1,640,160 76,500 SH   SOLE   76,500 0 0
FIDELITY CVNGTN COM 316092402 BBG005FHW2W9 6,296,757 261,493 SH   SOLE   71,000 0 190,493
FINANCIAL INST COM 317585404 BBG000BY1L13 1,164,620 45,725 SH   SOLE   43,000 0 2,725
F&M BANK CORP COM 30237P106 BBG000BQGRG5 3,080,597 133,939 SH   SOLE   82,525 0 51,414
FRANKLIN FINANC COM 353525108 BBG000BS5205 637,955 21,173 SH   SOLE   0 0 21,173
FSBH CORP COM 30325F101 BBG000QGFDR1 1,575,000 210,000 SH   SOLE   200,000 0 10,000
FIRST NATL VA COM 32106V107 BBG000GMKH30 3,548,744 202,785 SH   SOLE   131,401 0 71,384
VE GOLD MINERS COM 92189F106 BBG000PLNQN7 1,196,076 30,037 SH   SOLE   0 0 30,037
GLOBAL MEDICAL COM 37954A204 BBG0027F2B89 4,448,629 448,903 SH   SOLE   150,000 0 298,903
ALPHABET INC CAP STK CL A 02079K305 BBG009S39JX6 108,466 654 SH   SOLE   0 0 654
HANCOCK WHITNEY COM 410120109 BBG000CBC7D8 557,654 10,898 SH   SOLE   0 0 10,898
INTL BUS MACHINE COM 459200101 BBG000BLNNH6 135,080 611 SH   SOLE   0 0 611
INTL FLAVORS COM 459506101 BBG000BLSL58 1,141,737 10,881 SH   SOLE   0 0 10,881
IS S&P US VALUE COM 464287663 BBG000C183Y1 436,103 4,567 SH   SOLE   0 0 4,567
IS RUS MID VALU COM 464287473 BBG000JWZ6F0 117,174 886 SH   SOLE   0 0 886
JOHNSON CONTROL COM G51502105 BBG000BVWLJ6 127,901 1,648 SH   SOLE   0 0 1,648
JPMORGAN CHASE COM 46625H100 BBG000DMBXR2 105,430 500 SH   SOLE   0 0 500
KROGER CO COM COM 501044101 BBG000BMY992 295,760 5,162 SH   SOLE   0 0 5,162
LEDYARD FINAN COM 523338101 BBG000BF5QK8 4,535,820 327,496 SH   SOLE   139,000 0 188,496
LOWE'S COS INC COM 548661107 BBG000BNDN65 113,757 420 SH   SOLE   0 0 420
LXP INDUSTRIAL COM 529043101 BBG000BL3355 2,582,659 256,981 SH   SOLE   0 0 256,981
MCHENRY BANC COM 580683209 BBG003BCFCH3 1,214,919 33,515 SH   SOLE   33,515 0 0
METLIFE INC COM 59156R108 BBG000BB6KF5 13,732,356 166,493 SH   SOLE   54,000 0 112,493
MERCHANTS FINL COM 588538108 BBG000BNQ2W8 2,312,500 92,500 SH   SOLE   66,500 0 26,000
MAINSTREET BANC COM 56064Y100 BBG000QRB2P7 2,340,747 126,870 SH   SOLE   38,600 0 88,270
VE WIDE MOAT COM 92189F643 BBG002XRNH24 2,026,138 20,899 SH   SOLE   0 0 20,899
MERCK&CO INC COM 58933Y105 BBG000BPD168 6,984,073 61,501 SH   SOLE   13,300 0 48,201
MICROSOFT CORP COM 594918104 BBG000BPH459 508,567 1,182 SH   SOLE   0 0 1,182
M&T BANK CORP COM 55261F104 BBG000D9KWL9 540,474 3,034 SH   SOLE   0 0 3,034
PFIZER INC COM 717081103 BBG000BR2B91 7,024,998 242,744 SH   SOLE   60,000 0 182,744
PEOPLES FIN SERV COM 711040105 BBG000BPBR63 1,382,319 29,486 SH   SOLE   0 0 29,486
PARKE BANCORP COM 700885106 BBG000C3LQ53 6,469,210 309,532 SH   SOLE   106,000 0 203,532
POTOMAC BANC COM 737643106 BBG000BKV9Y1 2,905,352 194,468 SH   SOLE   133,000 0 61,468
FT NAS CMTY BNK COM 33736Q104 BBG000N6XBP2 426,099 8,057 SH   SOLE   0 0 8,057
INVESCO S&P 500 COM 46137V357 BBG00KJR2MY7 100,330 560 SH   SOLE   0 0 560
SEACOAST BANKIN COM 811707801 BBG000KK3464 288,520 10,826 SH   SOLE   0 0 10,826
SB FINANCIAL COM 78408D105 BBG000BJQTT2 8,206,599 399,154 SH   SOLE   133,300 0 265,854
SCHWAB INTL EQUI COM 808524805 BBG000PS0RP3 123,360 3,000 SH   SOLE   0 0 3,000
SFL CORP LTD COM G7738W106 BBG000BW22R0 3,615,202 312,463 SH   SOLE   125,000 0 187,463
SHELL PLC ADR SHARES 780259305 BBG0147BN6G2 7,250,025 109,932 SH   SOLE   30,000 0 79,932
SOLVAY BANK COM 83441Q105 BBG000BJHYD8 2,277,760 71,180 SH   SOLE   55,692 0 15,488
SPDR S&P 500 COM 78462F103 BBG000BDTBL9 378,987 661 SH   SOLE   0 0 661
SOUTHSTATE CORP COM 840441109 BBG000BNPYN9 552,712 5,688 SH   SOLE   0 0 5,688
AT&T INC COM 00206R102 BBG000BSJK37 1,466,116 66,642 SH   SOLE   33,200 0 33,442
TEGNA INC COM 87901J105 BBG000BK5DP1 205,369 13,014 SH   SOLE   0 0 13,014
TIMBERLAND BANC COM 887098101 BBG000C0B093 9,082,908 300,162 SH   SOLE   92,000 0 208,162
TYSON FOODS COM 902494103 BBG000DKCC19 1,614,116 27,101 SH   SOLE   18,000 0 9,101
TOTALENERGIES ADR SHARES 89151E109 BBG000CHZ857 780,739 12,082 SH   SOLE   0 0 12,082
GRUPO TELEV-ADR ADR SHARES 40049J206 BBG000BJDPF9 107,760 42,094 SH   SOLE   0 0 42,094
INVESCO MUNI COM 46131M106 BBG000CQLM15 909,399 86,117 SH   SOLE   0 0 86,117
VICI PRPTY COM 925652109 BBG00HVVB499 5,170,482 155,223 SH   SOLE   45,000 0 110,223
VGRD S&P 500 COM 922908363 BBG0015VYNT4 2,468,877 4,679 SH   SOLE   0 0 4,679
VIATRIS INC COM 92556V106 BBG00Y4RQNH4 5,483,481 472,307 SH   SOLE   125,000 0 347,307
VERIZON COMM COM 92343V104 BBG000HS77T5 3,190,251 71,037 SH   SOLE   0 0 71,037
WARNER BROS DIS COM 934423104 BBG011386VF4 100,031 12,125 SH   SOLE   0 0 12,125
WESTERN OPP FUND COM 95766R104 BBG000BSK789 725,503 82,070 SH   SOLE   0 0 82,070
WEYERHAEUSER COM 962166104 BBG000BX3BL3 5,076,429 149,924 SH   SOLE   40,000 0 109,924
ALBEMARLE CORP PFD 012653200 BBG01LV4WBY2 572,625 12,725 SH   SOLE   0 0 12,725
AIRBNB INC BOND DEB 009066ab7 BBG00ZHSFMF1 623,422 670,000 PRN   SOLE   0 0 670,000
ALLIANT ENERGY DEB 018802ac2 BBG01FNZ35P0 1,044,500 1,000,000 PRN   SOLE   0 0 1,000,000
BANC OF CALIF PFD 05990k841 BBG01KCCF4P2 594,000 24,750 SH   SOLE   0 0 24,750
CHART INDS INC PFD 16115q407 BBG01BY36PN3 593,453 11,810 SH   SOLE   0 0 11,810
CHEGG INC CONV DEB 163092ad1 BBG00NNWBHW8 277,675 290,000 PRN   SOLE   0 0 290,000
DUKE ENERGY DEB 26441cby0 BBG01G4DPF45 2,291,653 2,165,000 PRN   SOLE   0 0 2,165,000
EPR PRPTY PFD 26884U208 BBG000002LY2 2,006,703 89,545 SH   SOLE   45,000 0 44,545
ETSY INC BOND DEB 29786aal0 BBG00WVLW7W2 1,711,550 1,995,000 PRN   SOLE   0 0 1,995,000
EURONET WORLD DEB 298736al3 BBG00NKZLB01 1,493,520 1,524,000 PRN   SOLE   0 0 1,524,000
EXPEDIA GROUP DEB 30212pbe4 BBG00Z9C5GC2 262,488 275,000 PRN   SOLE   0 0 275,000
FORD MOTOR CO DEB 345370cz1 BBG00ZNKGD88 2,091,055 2,137,000 PRN   SOLE   600,000 0 1,537,000
GREENBRIER COS DEB 393657am3 BBG0103VFNY2 128,349 117,000 PRN   SOLE   0 0 117,000
HCI GROUP INC DEB 40416eaf0 BBG017L2WW18 5,241,120 3,660,000 PRN   SOLE   450,000 0 3,210,000
HALOZYME THERAP DEB 40637had1 BBG00ZFDCBK7 110,091 110,000 PRN   SOLE   0 0 110,000
INNOVIVA INC DEB 45781mab7 BBG00HBWGVV9 4,599,622 3,835,000 PRN   SOLE   400,000 0 3,435,000
JAZZ INVEST DEB 472145af8 BBG00VC8NNS4 4,693,515 4,710,000 PRN   SOLE   1,500,000 0 3,210,000
KIMCO REALTY PFD 49446r687 BBG01KTVSSZ4 5,622,091 91,565 SH   SOLE   32,000 0 59,565
LCI INDS CONV DEB 501812ab7 BBG010Z6LPT6 1,437,040 1,420,000 PRN   SOLE   0 0 1,420,000
LIBERTY MEDIA DEB 531229ap7 BBG01FRNZDR9 927,450 900,000 PRN   SOLE   0 0 900,000
LIBERTY MEDIA DEB 531229aq5 BBG0194CJ221 2,726,834 2,480,000 PRN   SOLE   0 0 2,480,000
LYFT INC CONV DEB 55087pab0 BBG00TSW3BY0 791,365 815,000 PRN   SOLE   0 0 815,000
NRG ENERGY DEB 629377cg5 BBG00KZVCZR8 986,343 445,000 PRN   SOLE   0 0 445,000
FLAGSTAR FNCL PFD 64944p307 BBG0000072G9 4,038,302 104,295 SH   SOLE   0 0 104,295
PPL CAPITAL DEB 69352pas2 BBG01FG97WL7 6,829,390 6,455,000 PRN   SOLE   125,000 0 6,330,000
PEBBLEBRK HOTEL DEB 70509vaa8 BBG00YHX9594 275,100 300,000 PRN   SOLE   0 0 300,000
SPOTIFY USA DEB 84921rab6 BBG00ZFDC5N7 288,173 290,000 PRN   SOLE   0 0 290,000
STARWOOD PPTY DEB 85571bba2 BBG01H507T40 1,051,291 985,000 PRN   SOLE   0 0 985,000