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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
ALBEMARLE CORP 7.25% DEP SHS A 012653200   335,899 4,675 SH   SOLE   0 0 4,675
BANK AMERICA CORP 7.25% CNV PFD L 060505682   3,997,684 3,355 SH   SOLE   0 0 3,355
AMPHASTAR PHARMA NOTE 2.000% 3/1 03209rab9   1,752,790 1,940,000 PRN   SOLE   0 0 1,940,000
CHEESECAKE FACTORY INC NOTE 2.000% 3/1 163072ac5   1,524,750 1,500,000 PRN   SOLE   0 0 1,500,000
ETSY INC BOND NOTE 0.125% 9/0 29786aal0   1,726,078 1,855,000 PRN   SOLE   0 0 1,855,000
GREENBRIER COS NOTE 2.875% 4/1 393657am3   134,948 117,000 PRN   SOLE   0 0 117,000
HAEMONETICS CORP NOTE 2.500% 6/0 405024ad2   1,665,650 1,750,000 PRN   SOLE   0 0 1,750,000
HALOZYME THERAP NOTE 0.250% 3/0 40637had1   114,057 110,000 PRN   SOLE   0 0 110,000
INNOVIVA INC NOTE 2.125% 3/1 45781mad3   6,817,701 6,320,000 PRN   SOLE   990,000 0 5,330,000
JAZZ INVEST NOTE 2.000% 6/1 472145af8   3,111,345 2,565,000 PRN   SOLE   750,000 0 1,815,000
KIMCO REALTY DP CV CL N 7.25% 49446r687   5,374,094 89,943 SH   SOLE   32,000 0 57,943
LCI INDS CONV NOTE 1.125% 5/1 501812ab7   1,433,060 1,442,000 PRN   SOLE   0 0 1,442,000
SIRIUS XM HLDNGS NOTE 3.750% 3/1 531229ap7   7,496,968 7,223,000 PRN   SOLE   0 0 7,223,000
LIBERTY MEDIA NOTE 2.250% 8/1 531229aq5   2,653,050 2,300,000 PRN   SOLE   0 0 2,300,000
FLAGSTAR FNCL UNIT 05/07/2051 64944p307   2,173,604 56,093 SH   SOLE   0 0 56,093
NORTHERN OIL NOTE 3.625% 4/1 665531aj8   4,331,531 3,950,000 PRN   SOLE   0 0 3,950,000
PPL CAPITAL NOTE 2.875% 3/1 69352pas2   7,275,016 6,210,000 PRN   SOLE   125,000 0 6,085,000
PACIRA BIOSCIENCE NOTE 2.125% 5/1 695127aj9   1,420,720 1,475,000 PRN   SOLE   0 0 1,475,000
PEBBLEBRK HOTEL NOTE 1.750% 12/1 70509vaa8   292,206 300,000 PRN   SOLE   0 0 300,000
PROGRESS SOFTWARE NOTE 3.500% 3/0 743312ad2   6,702,978 7,545,000 PRN   SOLE   0 0 7,545,000
STARWOOD PPTY NOTE 6.750% 7/1 85571bba2   925,015 910,000 PRN   SOLE   0 0 910,000
VISHAY INTERT NOTE 2.250% 9/1 928298ar9   786,790 820,000 PRN   SOLE   0 0 820,000
WINNEBAGO INDS NOTE 3.250% 1/1 974637af7   2,115,190 2,345,000 PRN   SOLE   0 0 2,345,000
ABBVIE INC COM 00287Y109   416,493 1,915 SH   SOLE   0 0 1,915
AMERIS BANCORP COM 03076K108   2,484,687 31,859 SH   SOLE   0 0 31,859
ALBERTSONS COS COM 013091103   2,550,241 149,662 SH   SOLE   0 0 149,662
AGNICO-EAGLE COM 008474108   24,073,021 118,598 SH   SOLE   30,000 0 88,598
ALAMOS GOLD COM CL A 011532108   480,821 10,822 SH   SOLE   0 0 10,822
ALERUS FINAN COM 01446U103   3,235,704 136,470 SH   SOLE   56,070 0 80,400
AMAZON.COM COM 023135106   209,311 1,005 SH   SOLE   0 0 1,005
APPLE HOPTLY COM NEW 03784Y200   3,460,714 300,670 SH   SOLE   54,800 0 245,870
BEACON FINANCIAL COM 084680107   2,317,146 77,238 SH   SOLE   40,000 0 37,238
BUNGE LIMITED COM SHS H11356104   10,094,536 79,360 SH   SOLE   26,000 0 53,360
BENCHMARK BANK COM 08160E207   6,274,223 173,082 SH   SOLE   113,000 0 60,082
BANK BOTETOURT COM 063907208   5,755,855 122,465 SH   SOLE   79,400 0 43,065
BERKSHIRE HATHA CL B NEW 084670702   637,336 1,330 SH   SOLE   0 0 1,330
CNH INDUSTRIAL SHS N20944109   1,869,321 169,938 SH   SOLE   75,000 0 94,938
CHESPKE FINAN COM 16517A109   5,710,215 178,500 SH   SOLE   107,000 0 71,500
CTO REALTY GRW COM 22948Q101   12,191,754 659,370 SH   SOLE   266,015 0 393,355
CMNTY WST BANC COM 203937107   3,788,337 162,590 SH   SOLE   60,000 0 102,590
DUK ENRGY COM NEW 26441C204   154,902 1,183 SH   SOLE   0 0 1,183
EAGLE BANCORP COM 26942G100   185,220 9,000 SH   SOLE   0 0 9,000
ENERGIZER HLDNG COM 29272W109   2,461,439 149,905 SH   SOLE   50,000 0 99,905
EVERSOURCE COM 30040W108   294,232 4,247 SH   SOLE   0 0 4,247
ENERGY TRANSFER COM UT LTD PTN 29273V100   7,279,922 377,198 SH   SOLE   0 0 377,198
EXCHANGE BANK COM 301227203   11,033,714 75,781 SH   SOLE   23,600 0 52,181
FIRST BUSINESS COM 319390100   8,337,063 154,590 SH   SOLE   87,000 0 67,590
FIDELITY CVNGTN MSCI ENERGY IDX 316092402   9,094,061 267,315 SH   SOLE   71,000 0 196,315
FIDELITY FNDMNTL FIDELITY COVINGTON TRUST 316092295   259,594 8,125 SH   SOLE   0 0 8,125
FINANCIAL INST COM 317585404   1,567,347 49,428 SH   SOLE   43,000 0 6,428
F&M BANK CORP COM 30237P106   4,141,135 135,864 SH   SOLE   85,500 0 50,364
FRANKLIN FINANC COM 353525108   224,752 4,400 SH   SOLE   0 0 4,400
FSBH CORP COM 30325F101   3,840,000 240,000 SH   SOLE   230,000 0 10,000
FIRST NATL VA COM 32106V107   5,494,624 204,109 SH   SOLE   131,325 0 72,784
VE GOLD MINERS GOLD MINERS ETF 92189F106   2,028,765 22,107 SH   SOLE   0 0 22,107
SPDR GOLD TRUST GOLD SHS 78463V107   196,212 456 SH   SOLE   0 0 456
ALPHABET INC CAP STK CL C 02079K107   107,573 375 SH   SOLE   0 0 375
ALPHABET INC CAP STK CL A 02079K305   329,831 1,147 SH   SOLE   0 0 1,147
HCI GROUP INC COM 40416E103   2,335,209 15,104 SH   SOLE   5,705 0 9,399
HECLA MINING CO COM 422704106   186,300 10,000 SH   SOLE   0 0 10,000
HANCOCK WHITNEY COM 410120109   693,008 10,898 SH   SOLE   0 0 10,898
INTL BUS MACHINE COM 459200101   148,100 611 SH   SOLE   0 0 611
INTL FLAVORS COM 459506101   685,665 9,451 SH   SOLE   0 0 9,451
IS S&P US VALUE CORE S&P US VLU 464287663   465,238 4,550 SH   SOLE   0 0 4,550
JOHNSON CONTROL SHS G51502105   104,760 800 SH   SOLE   0 0 800
JPMORGAN CHASE COM 46625H100   349,462 1,188 SH   SOLE   0 0 1,188
KROGER CO COM COM 501044101   358,517 4,955 SH   SOLE   0 0 4,955
LEDYARD FINAN COM 523338101   5,716,903 335,696 SH   SOLE   139,900 0 195,796
LOWE'S COS INC COM 548661107   111,760 473 SH   SOLE   0 0 473
LXP INDUSTRIAL COM 529043408   2,503,357 54,115 SH   SOLE   0 0 54,115
METLIFE INC COM 59156R108   12,429,651 175,759 SH   SOLE   54,000 0 121,759
MERCHANTS FINL COM 588538108   4,452,137 126,950 SH   SOLE   68,500 0 58,450
VE WIDE MOAT MRNGSTR WDE MOAT 92189F643   3,554,000 36,753 SH   SOLE   0 0 36,753
VE GLBL WIDE MT MRNGSTR GBL WIDE 92189F122   108,396 2,925 SH   SOLE   0 0 2,925
MERCK&CO INC COM 58933Y105   7,024,496 58,396 SH   SOLE   13,300 0 45,096
MICROSOFT CORP COM 594918104   609,300 1,646 SH   SOLE   0 0 1,646
M&T BANK CORP COM 55261F104   669,426 3,238 SH   SOLE   0 0 3,238
NORTHERN OIL COM 665531307   2,151,587 73,609 SH   SOLE   0 0 73,609
ORACLE CORP COM 68389X105   441,330 3,000 SH   SOLE   0 0 3,000
PFIZER INC COM 717081103   6,985,476 248,771 SH   SOLE   60,000 0 188,771
PEOPLES FIN SERV COM 711040105   1,533,141 28,748 SH   SOLE   0 0 28,748
PARKE BANCORP COM 700885106   9,014,886 317,426 SH   SOLE   110,000 0 207,426
POTOMAC BANC COM 737643106   4,562,546 231,015 SH   SOLE   133,000 0 98,015
FT NAS CMTY BNK UT COM SHS ETF 33736Q104   594,496 10,207 SH   SOLE   0 0 10,207
INV QQQ TRUST UNIT SER 1 46090E103   131,765 228 SH   SOLE   0 0 228
SEACOAST BANKIN COM NEW 811707801   327,928 10,826 SH   SOLE   0 0 10,826
SB FINANCIAL COM 78408D105   8,192,869 390,137 SH   SOLE   133,000 0 257,137
SFL CORP LTD SHS G7738W106   3,570,328 330,892 SH   SOLE   125,000 0 205,892
SHELL PLC SPON ADS 780259305   10,295,192 110,701 SH   SOLE   30,000 0 80,701
SKEENA COM 83056P715   353,074 11,880 SH   SOLE   0 0 11,880
SCHLUMBERGER COM STK 806857108   2,520,909 49,054 SH   SOLE   0 0 49,054
ISHARES SILVER ISHARES 46428Q109   138,869 2,038 SH   SOLE   0 0 2,038
SOLVAY BANK COM 83441Q105   1,088,138 37,522 SH   SOLE   30,000 0 7,522
SPDR S&P 500 TR UNIT 78462F103   312,929 481 SH   SOLE   0 0 481
SOUTHSTATE CORP COM 84472E102   532,424 5,755 SH   SOLE   0 0 5,755
AT&T INC COM 00206R102   1,804,802 62,256 SH   SOLE   33,200 0 29,056
TIMBERLAND BANC COM 887098101   11,482,075 291,202 SH   SOLE   87,000 0 204,202
TAIWAN SEMICOND SPONSORED ADS 874039100   153,767 455 SH   SOLE   0 0 455
TYSON FOODS CL A 902494103   1,730,317 27,007 SH   SOLE   18,000 0 9,007
INVESCO MUNI COM 46131M106   849,978 86,117 SH   SOLE   0 0 86,117
VICI PRPTY COM 925652109   5,537,343 202,685 SH   SOLE   45,000 0 157,685
VGRD S&P 500 S&P 500 ETF SHS 922908363   1,898,370 3,177 SH   SOLE   0 0 3,177
VIATRIS INC COM 92556V106   6,164,231 456,272 SH   SOLE   125,000 0 331,272
VERIZON COMM COM 92343V104   7,096,571 141,366 SH   SOLE   0 0 141,366
WESTERN OPP FUND COM 95766R104   897,536 106,092 SH   SOLE   0 0 106,092
WEYERHAEUSER COM NEW 962166104   4,253,507 174,110 SH   SOLE   40,000 0 134,110
EXXON MOBIL COM 30231G102   219,370 1,293 SH   SOLE   0 0 1,293
CHIRON RL ESTTE COM NEW 37954A303   5,696,741 172,211 SH   SOLE   30,000 0 142,211
AMERICAN INTL COM NEW 026874784   2,483,250 33,000 SH   SOLE   33,000 0 0
BANC CALIFORNIA COM 05990K106   1,398,489 79,550 SH   SOLE   76,000 0 3,550
CITIZENS BANC VA COM 17316V104   1,069,688 28,525 SH   SOLE   28,275 0 250
CSB BANCORP COM 12628R107   4,150,869 66,563 SH   SOLE   66,563 0 0
FIRST CMNTY SC COM 319835104   2,236,095 76,500 SH   SOLE   76,500 0 0
ISHARES US REGIO US RGNL BKS ETF 464288778   969,120 18,000 SH   SOLE   18,000 0 0
APPLE INC COM 037833100   4,441,325 17,500 SH Put SOLE   17,500 0 0
MICROSOFT CORP COM 594918954   3,331,530 9,000 SH Put SOLE   9,000 0 0