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
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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   443,399 1,915 SH   SOLE   0 0 1,915
AGNICO-EAGLE COM 008474108   20,624,543 122,357 SH   SOLE   30,000 0 92,357
ALAMOS GOLD COM CL A 011532108   403,749 11,582 SH   SOLE   0 0 11,582
ALBERTSONS COS COM 013091103   2,586,875 147,737 SH   SOLE   0 0 147,737
ALERUS FINAN COM 01446U103   3,276,720 148,000 SH   SOLE   68,000 0 80,000
ALPHABET INC CAP STK CL A 02079K305   312,384 1,285 SH   SOLE   0 0 1,285
AMAZON.COM COM 023135106   252,945 1,152 SH   SOLE   0 0 1,152
AMERICAN INTL COM NEW 026874784   2,576,112 32,800 SH   SOLE   32,800 0 0
AMERIS BANCORP COM 03076K108   2,526,193 34,459 SH   SOLE   0 0 34,459
APPLE HOPTLY COM NEW 03784Y200   3,450,115 287,270 SH   SOLE   47,000 0 240,270
AT&T INC COM 00206R102   1,831,534 64,856 SH   SOLE   33,200 0 31,656
BANC CALIFORNIA COM 05990K106   1,303,313 78,750 SH   SOLE   75,000 0 3,750
BANK BOTETOURT COM 063907208   4,301,076 110,284 SH   SOLE   79,400 0 30,884
BEACON FINANCIAL COM 084680107   354,630 14,957 SH   SOLE   14,000 0 957
BENCHMARK BANK COM 08160E207   5,193,601 170,282 SH   SOLE   112,000 0 58,282
BERKSHIRE HATHA CL B NEW 084670702   668,644 1,330 SH   SOLE   0 0 1,330
BUNGE LIMITED COM SHS H11356104   6,529,910 80,368 SH   SOLE   26,000 0 54,368
CHESPKE FINAN COM 16517A109   3,873,315 178,906 SH   SOLE   107,406 0 71,500
CITIZENS BANC VA COM 17316V104   781,918 24,550 SH   SOLE   24,300 0 250
CLARIVATE PLC ORD SHS G21810109   335,462 87,588 SH   SOLE   0 0 87,588
CMNTY WST BANC COM 203937107   3,379,246 162,152 SH   SOLE   60,000 0 102,152
CNH INDUSTRIAL SHS N20944109   1,877,737 173,063 SH   SOLE   75,000 0 98,063
CSB BANCORP COM 12628R107   3,316,500 67,000 SH   SOLE   67,000 0 0
CTO REALTY GRW COM 22948Q101   10,839,161 664,979 SH   SOLE   266,015 0 398,964
DUK ENRGY COM NEW 26441C204   150,851 1,219 SH   SOLE   0 0 1,219
EAGLE BANCORP COM 26942G100   155,430 9,000 SH   SOLE   0 0 9,000
ENERGIZER HLDNG COM 29272W109   3,158,732 126,908 SH   SOLE   44,000 0 82,908
ENERGY TRANSFER COM UT LTD PTN 29273V100   6,201,565 361,397 SH   SOLE   0 0 361,397
EVERSOURCE COM 30040W108   622,262 8,747 SH   SOLE   0 0 8,747
EXCHANGE BANK COM 301227203   8,681,556 76,154 SH   SOLE   23,600 0 52,554
EXXON MOBIL COM 30231G102   145,786 1,293 SH   SOLE   0 0 1,293
F&M BANK CORP COM 30237P106   3,518,878 135,864 SH   SOLE   85,500 0 50,364
FINANCIAL INST COM 317585404   1,314,509 48,328 SH   SOLE   43,000 0 5,328
FIRST BUSINESS COM 319390100   7,970,595 155,493 SH   SOLE   90,000 0 65,493
FIRST CMNTY SC COM 319835104   2,158,830 76,500 SH   SOLE   76,500 0 0
FIRST NATL VA COM 32106V107   4,597,608 202,716 SH   SOLE   131,332 0 71,384
FRANKLIN FINANC COM 353525108   202,400 4,400 SH   SOLE   0 0 4,400
FSBH CORP COM 30325F101   2,100,000 210,000 SH   SOLE   200,000 0 10,000
GLOBAL MEDICAL COM NEW 37954A303   3,352,561 99,453 SH   SOLE   30,000 0 69,453
HANCOCK WHITNEY COM 410120109   682,328 10,898 SH   SOLE   0 0 10,898
HCI GROUP INC COM 40416E103   2,935,047 15,292 SH   SOLE   5,705 0 9,587
HECLA MINING CO COM 422704106   127,050 10,500 SH   SOLE   0 0 10,500
INTL BUS MACHINE COM 459200101   172,400 611 SH   SOLE   0 0 611
INTL FLAVORS COM 459506101   603,150 9,801 SH   SOLE   0 0 9,801
ISHARES US REGIO US RGNL BKS ETF 464288778   451,758 8,600 SH   SOLE   8,600 0 0
JOHNSON CONTROL SHS G51502105   190,433 1,732 SH   SOLE   0 0 1,732
JPMORGAN CHASE COM 46625H100   374,731 1,188 SH   SOLE   0 0 1,188
KROGER CO COM COM 501044101   347,951 5,162 SH   SOLE   0 0 5,162
LEDYARD FINAN COM 523338101   4,722,494 337,321 SH   SOLE   139,900 0 197,421
LOWE'S COS INC COM 548661107   105,550 420 SH   SOLE   0 0 420
LXP INDUSTRIAL COM 529043101   2,590,241 289,089 SH   SOLE   0 0 289,089
M&T BANK CORP COM 55261F104   639,957 3,238 SH   SOLE   0 0 3,238
MERCHANTS FINL COM 588538108   3,010,110 111,900 SH   SOLE   66,500 0 45,400
MERCK&CO INC COM 58933Y105   4,887,440 58,232 SH   SOLE   13,300 0 44,932
META PLATFORMS CL A 30303M102   103,548 141 SH   SOLE   0 0 141
METLIFE INC COM 59156R108   13,647,265 165,682 SH   SOLE   54,000 0 111,682
MICROSOFT CORP COM 594918104   879,997 1,699 SH   SOLE   0 0 1,699
ORACLE CORP COM 68389X105   843,720 3,000 SH   SOLE   0 0 3,000
PARKE BANCORP COM 700885106   6,694,649 310,657 SH   SOLE   107,000 0 203,657
PEOPLES FIN SERV COM 711040105   1,358,562 27,948 SH   SOLE   0 0 27,948
PFIZER INC COM 717081103   6,458,994 253,493 SH   SOLE   60,000 0 193,493
POTOMAC BANC COM 737643106   4,339,647 230,220 SH   SOLE   133,000 0 97,220
SB FINANCIAL COM 78408D105   7,555,558 391,683 SH   SOLE   133,000 0 258,683
SCHLUMBERGER COM STK 806857108   1,338,790 38,952 SH   SOLE   0 0 38,952
SEACOAST BANKIN COM NEW 811707801   329,444 10,826 SH   SOLE   0 0 10,826
SFL CORP LTD SHS G7738W106   2,588,756 343,792 SH   SOLE   125,000 0 218,792
SHELL PLC SPON ADS 780259305   7,913,077 110,626 SH   SOLE   30,000 0 80,626
SKEENA COM 83056P715   267,235 14,500 SH   SOLE   0 0 14,500
SOLVAY BANK COM 83441Q105   1,181,918 40,065 SH   SOLE   32,400 0 7,665
SOUTHERN CO COM 842587107   112,208 1,184 SH   SOLE   0 0 1,184
SOUTHSTATE CORP COM 840441109   562,324 5,688 SH   SOLE   0 0 5,688
TAIWAN SEMICOND SPONSORED ADS 874039100   140,762 504 SH   SOLE   0 0 504
TIMBERLAND BANC COM 887098101   9,711,154 291,802 SH   SOLE   87,000 0 204,802
TYSON FOODS CL A 902494103   1,479,711 27,251 SH   SOLE   18,000 0 9,251
VERIZON COMM COM 92343V104   4,558,759 103,726 SH   SOLE   0 0 103,726
VIATRIS INC COM 92556V106   4,593,320 463,972 SH   SOLE   125,000 0 338,972
VICI PRPTY COM 925652109   5,440,476 166,835 SH   SOLE   45,000 0 121,835
WEYERHAEUSER COM NEW 962166104   4,075,724 164,410 SH   SOLE   40,000 0 124,410
FIDELITY CVNGTN MSCI ENERGY IDX 316092402   6,704,546 271,219 SH   SOLE   71,000 0 200,219
FIDELITY WISEBTC SHS 315948109   255,021 2,555 SH   SOLE   0 0 2,555
FT NAS CMTY BNK UT COM SHS ETF 33736Q104   391,693 6,976 SH   SOLE   0 0 6,976
INV QQQ TRUST UNIT SER 1 46090E103   215,657 359 SH   SOLE   0 0 359
INVESCO MUNI COM 46131M106   871,507 86,117 SH   SOLE   0 0 86,117
INVESCO S&P 500 S&P 500 EQL WGT 46137V357   106,232 560 SH   SOLE   0 0 560
IS RUS MID VALU RUS MDCP VAL ETF 464287473   123,748 886 SH   SOLE   0 0 886
IS S&P US VALUE CORE S&P US VLU 464287663   454,773 4,550 SH   SOLE   0 0 4,550
SCHWAB INTL EQUI INTL EQTY ETF 808524805   139,680 6,000 SH   SOLE   0 0 6,000
SPDR GOLD TRUST GOLD SHS 78463V107   162,094 456 SH   SOLE   0 0 456
SPDR PORT SP 500 S&P500 LOW VOL 46138E354   795,151 10,150 SH   SOLE   0 0 10,150
SPDR S&P 500 TR UNIT 78462F103   334,357 502 SH   SOLE   0 0 502
VE GLBL WIDE MT MRNGSTR GBL WIDE 92189F122   131,611 2,925 SH   SOLE   0 0 2,925
VE GOLD MINERS GOLD MINERS ETF 92189F106   1,807,400 23,657 SH   SOLE   0 0 23,657
VE WIDE MOAT MRNGSTR WDE MOAT 92189F643   2,777,840 28,028 SH   SOLE   0 0 28,028
VGRD S&P 500 S&P 500 ETF SHS 922908363   1,317,709 2,152 SH   SOLE   0 0 2,152
WESTERN OPP FUND COM 95766R104   923,598 103,892 SH   SOLE   0 0 103,892
AIRBNB INC BOND NOTE 3/1 009066ab7   1,593,325 1,630,000 PRN   SOLE   0 0 1,630,000
ALLIANT ENERGY NOTE 3.875% 3/1 018802ac2   1,037,858 965,000 PRN   SOLE   0 0 965,000
FORD MOTOR CO NOTE 3/1 345370cz1   2,300,645 2,270,000 PRN   SOLE   600,000 0 1,670,000
DUKE ENERGY NOTE 4.125% 4/1 26441cby0   2,302,658 2,145,000 PRN   SOLE   0 0 2,145,000
LCI INDS CONV NOTE 1.125% 5/1 501812ab7   1,417,533 1,482,000 PRN   SOLE   0 0 1,482,000
JAZZ INVEST NOTE 2.000% 6/1 472145af8   6,071,780 5,720,000 PRN   SOLE   1,500,000 0 4,220,000
PEBBLEBRK HOTEL NOTE 1.750% 12/1 70509vaa8   295,647 300,000 PRN   SOLE   0 0 300,000
HALOZYME THERAP NOTE 0.250% 3/0 40637had1   125,813 110,000 PRN   SOLE   0 0 110,000
STARWOOD PPTY NOTE 6.750% 7/1 85571bba2   988,295 935,000 PRN   SOLE   0 0 935,000
LIBERTY MEDIA NOTE 2.250% 8/1 531229aq5   3,116,100 2,350,000 PRN   SOLE   0 0 2,350,000
ETSY INC BOND NOTE 0.125% 9/0 29786aal0   1,784,334 1,940,000 PRN   SOLE   0 0 1,940,000
INNOVIVA INC NOTE 2.125% 3/1 45781mad3   6,186,555 6,375,000 PRN   SOLE   990,000 0 5,385,000
PPL CAPITAL NOTE 2.875% 3/1 69352pas2   7,208,573 6,315,000 PRN   SOLE   125,000 0 6,190,000
SIRIUS XM HLDNGS NOTE 3.750% 3/1 531229ap7   3,683,153 3,533,000 PRN   SOLE   0 0 3,533,000
GREENBRIER COS NOTE 2.875% 4/1 393657am3   125,237 117,000 PRN   SOLE   0 0 117,000
GUESS INC NOTE 3.750% 4/1 401617af2   673,363 680,000 PRN   SOLE   0 0 680,000
AMPHASTAR PHARMA NOTE 2.000% 3/1 03209rab9   1,781,076 1,965,000 PRN   SOLE   0 0 1,965,000
NORTHERN OIL NOTE 3.625% 4/1 665531aj8   1,612,415 1,610,000 PRN   SOLE   0 0 1,610,000
PACIRA BIOSCIENCE NOTE 2.125% 5/1 695127aj9   1,515,168 1,495,000 PRN   SOLE   0 0 1,495,000
HAEMONETICS CORP NOTE 2.500% 6/0 405024ad2   1,070,286 1,160,000 PRN   SOLE   0 0 1,160,000
WINNEBAGO INDS NOTE 3.250% 1/1 974637af7   509,010 570,000 PRN   SOLE   0 0 570,000
PROGRESS SOFTWARE NOTE 3.500% 3/0 743312ad2   4,183,743 4,165,000 PRN   SOLE   0 0 4,165,000
VISHAY INTERT NOTE 2.250% 9/1 928298ar9   771,877 850,000 PRN   SOLE   0 0 850,000
ALBEMARLE CORP 7.25% DEP SHS A 012653200   194,135 5,125 SH   SOLE   0 0 5,125
EPR PRPTY PDF C CV 5.75% 26884U208   2,085,133 81,995 SH   SOLE   45,000 0 36,995
FLAGSTAR FNCL UNIT 05/07/2051 64944p307   3,898,786 97,812 SH   SOLE   0 0 97,812
KIMCO REALTY DP CV CL N 7.25% 49446r687   5,385,381 90,465 SH   SOLE   32,000 0 58,465
APPLE INC COM 037833950   73,842 290 SH Put SOLE   0 0 290
MICROSOFT CORP COM 594918954   879,997 1,699 SH Put SOLE   0 0 1,699