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        <nameOfIssuer>1-800-FLOWERS.COM INC-CL A</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>68243Q106</cusip>
        <value>1133990</value>
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            <Sole>143000</Sole>
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        <nameOfIssuer>3D SYSTEMS CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>88554D205</cusip>
        <value>113600</value>
        <shrsOrPrnAmt>
            <sshPrnamt>40000</sshPrnamt>
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            <Sole>40000</Sole>
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            <None>0</None>
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        <nameOfIssuer>A10 NETWORKS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>002121101</cusip>
        <value>519840</value>
        <shrsOrPrnAmt>
            <sshPrnamt>36000</sshPrnamt>
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            <Sole>36000</Sole>
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            <None>0</None>
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        <nameOfIssuer>ACCURAY INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>004397105</cusip>
        <value>90000</value>
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            <sshPrnamt>50000</sshPrnamt>
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            <Sole>50000</Sole>
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            <None>0</None>
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        <nameOfIssuer>ACME UNITED CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>004816104</cusip>
        <value>582960</value>
        <shrsOrPrnAmt>
            <sshPrnamt>14000</sshPrnamt>
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            <Sole>14000</Sole>
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            <None>0</None>
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        <nameOfIssuer>ALLIENT INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>019330109</cusip>
        <value>1756575</value>
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            <sshPrnamt>92500</sshPrnamt>
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            <Sole>92500</Sole>
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            <None>0</None>
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        <nameOfIssuer>AMERICAN OUTDOOR BRANDS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>02875D109</cusip>
        <value>1619032</value>
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            <Sole>175600</Sole>
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            <None>0</None>
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        <nameOfIssuer>AMPCO-PITTSBURGH CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>032037103</cusip>
        <value>226400</value>
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            <sshPrnamt>113200</sshPrnamt>
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            <Sole>113200</Sole>
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            <None>0</None>
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        <nameOfIssuer>AMPCO-PITTSBURGH CORP WARRANTS 8/1/25</nameOfIssuer>
        <titleOfClass>WARRANT</titleOfClass>
        <cusip>032037111</cusip>
        <value>4935</value>
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            <sshPrnamt>47000</sshPrnamt>
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            <Sole>47000</Sole>
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            <None>0</None>
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        <nameOfIssuer>AMPHASTAR PHARMACEUTICAL 2.000 03/15/29 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>03209RAB9</cusip>
        <value>291272</value>
        <shrsOrPrnAmt>
            <sshPrnamt>275000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>275000</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>ANTERIX INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>03676C100</cusip>
        <value>1920660</value>
        <shrsOrPrnAmt>
            <sshPrnamt>51000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>51000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>ARKO CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>041242108</cusip>
        <value>702000</value>
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            <sshPrnamt>100000</sshPrnamt>
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            <Sole>100000</Sole>
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            <None>0</None>
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        <nameOfIssuer>ARLO TECHNOLOGIES INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>04206A101</cusip>
        <value>968800</value>
        <shrsOrPrnAmt>
            <sshPrnamt>80000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>80000</Sole>
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            <None>0</None>
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        <nameOfIssuer>ARRAY TECHNOLOGIES INC 1.000 12/01/28 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>04271TAB6</cusip>
        <value>391179</value>
        <shrsOrPrnAmt>
            <sshPrnamt>528000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>528000</Sole>
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            <None>0</None>
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        <nameOfIssuer>ARTESIAN RESOURCES CORP-CL A</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>043113208</cusip>
        <value>1183068</value>
        <shrsOrPrnAmt>
            <sshPrnamt>31820</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>31820</Sole>
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            <None>0</None>
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        <nameOfIssuer>ASTEC INDUSTRIES INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>046224101</cusip>
        <value>3593250</value>
        <shrsOrPrnAmt>
            <sshPrnamt>112500</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>112500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>ASTRONICS CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>046433108</cusip>
        <value>3467440</value>
        <shrsOrPrnAmt>
            <sshPrnamt>178000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>178000</Sole>
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            <None>0</None>
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        <nameOfIssuer>ATLANTIC AMERICAN CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>048209100</cusip>
        <value>34000</value>
        <shrsOrPrnAmt>
            <sshPrnamt>20000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>20000</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>ATLANTIC UNION BANKSHARES CO</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>04911A107</cusip>
        <value>979420</value>
        <shrsOrPrnAmt>
            <sshPrnamt>26000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>26000</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>AZZ INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>002474104</cusip>
        <value>760012</value>
        <shrsOrPrnAmt>
            <sshPrnamt>9200</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>9200</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>BADGER METER INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>056525108</cusip>
        <value>819038</value>
        <shrsOrPrnAmt>
            <sshPrnamt>3750</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>3750</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>BANK7 CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>06652N107</cusip>
        <value>299760</value>
        <shrsOrPrnAmt>
            <sshPrnamt>8000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>8000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>BASSETT FURNITURE INDS</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>070203104</cusip>
        <value>144500</value>
        <shrsOrPrnAmt>
            <sshPrnamt>10000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>10000</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>BELLRING BRANDS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>07831C103</cusip>
        <value>910800</value>
        <shrsOrPrnAmt>
            <sshPrnamt>15000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>15000</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>BIG 5 SPORTING GOODS CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>08915P101</cusip>
        <value>30305</value>
        <shrsOrPrnAmt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>14500</Sole>
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            <None>0</None>
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        <nameOfIssuer>BLOOM ENERGY CORP 3.000 06/01/28 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>093712AK3</cusip>
        <value>229938</value>
        <shrsOrPrnAmt>
            <sshPrnamt>250000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>250000</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>CADENCE BANK</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>12740C103</cusip>
        <value>222950</value>
        <shrsOrPrnAmt>
            <sshPrnamt>7000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>7000</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>CAESARS ENTERTAINMENT INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>12769G100</cusip>
        <value>634448</value>
        <shrsOrPrnAmt>
            <sshPrnamt>15200</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>15200</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>CALAVO GROWERS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>128246105</cusip>
        <value>2211075</value>
        <shrsOrPrnAmt>
            <sshPrnamt>77500</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>77500</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>CALIFORNIA WATER SERVICE GRP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>130788102</cusip>
        <value>1154886</value>
        <shrsOrPrnAmt>
            <sshPrnamt>21300</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>21300</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>CAPITAL CITY BANK GROUP INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>139674105</cusip>
        <value>2734975</value>
        <shrsOrPrnAmt>
            <sshPrnamt>77500</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>77500</Sole>
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        <nameOfIssuer>CAREDX INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>14167L103</cusip>
        <value>246678</value>
        <shrsOrPrnAmt>
            <sshPrnamt>7900</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>7900</Sole>
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        <nameOfIssuer>CASELLA WASTE SYSTEMS INC-A</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>147448104</cusip>
        <value>1492350</value>
        <shrsOrPrnAmt>
            <sshPrnamt>15000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>15000</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>CHAMPION HOMES INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>830830105</cusip>
        <value>1119230</value>
        <shrsOrPrnAmt>
            <sshPrnamt>11800</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>11800</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>CHART INDUSTRIES INC 6.750 12/15/25 SR:B CVT</nameOfIssuer>
        <titleOfClass>PREFERRED CONVER</titleOfClass>
        <cusip>16115Q407</cusip>
        <value>226125</value>
        <shrsOrPrnAmt>
            <sshPrnamt>4500</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>4500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>CHROMADEX CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>171077407</cusip>
        <value>73000</value>
        <shrsOrPrnAmt>
            <sshPrnamt>20000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>20000</Sole>
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        <nameOfIssuer>CITIZENS &amp; NORTHERN CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>172922106</cusip>
        <value>275660</value>
        <shrsOrPrnAmt>
            <sshPrnamt>14000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>14000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>CLEARFIELD INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>18482P103</cusip>
        <value>779200</value>
        <shrsOrPrnAmt>
            <sshPrnamt>20000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>20000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>COLUMBUS MCKINNON CORP/NY</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>199333105</cusip>
        <value>1231200</value>
        <shrsOrPrnAmt>
            <sshPrnamt>34200</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>34200</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>COMMERCIAL VEHICLE GROUP INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>202608105</cusip>
        <value>260741</value>
        <shrsOrPrnAmt>
            <sshPrnamt>80228</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>80228</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>CONSOLIDATED WATER CO-ORD SH</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>G23773107</cusip>
        <value>980669</value>
        <shrsOrPrnAmt>
            <sshPrnamt>38900</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>38900</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>CORE MOLDING TECHNOLOGIES IN</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>218683100</cusip>
        <value>1684687</value>
        <shrsOrPrnAmt>
            <sshPrnamt>97890</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>97890</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>CSG SYSTEMS INTERNATIONA 3.875 09/15/28 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>126349AH2</cusip>
        <value>400796</value>
        <shrsOrPrnAmt>
            <sshPrnamt>400000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>400000</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>CTS CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>126501105</cusip>
        <value>3976836</value>
        <shrsOrPrnAmt>
            <sshPrnamt>82200</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>82200</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>CUTERA INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>232109108</cusip>
        <value>19326</value>
        <shrsOrPrnAmt>
            <sshPrnamt>24500</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>24500</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DAKTRONICS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>234264109</cusip>
        <value>568040</value>
        <shrsOrPrnAmt>
            <sshPrnamt>44000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>44000</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DANA INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>235825205</cusip>
        <value>261360</value>
        <shrsOrPrnAmt>
            <sshPrnamt>24750</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>24750</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DAWSON GEOPHYSICAL CO</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>239360100</cusip>
        <value>37920</value>
        <shrsOrPrnAmt>
            <sshPrnamt>24000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>24000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DENNY'S CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>24869P104</cusip>
        <value>328950</value>
        <shrsOrPrnAmt>
            <sshPrnamt>51000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>51000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DHI GROUP INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>23331S100</cusip>
        <value>82800</value>
        <shrsOrPrnAmt>
            <sshPrnamt>45000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>45000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>DIGI INTERNATIONAL INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>253798102</cusip>
        <value>275300</value>
        <shrsOrPrnAmt>
            <sshPrnamt>10000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>10000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>DISTRIBUTION SOLUTIONS GROUP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>520776105</cusip>
        <value>6530949</value>
        <shrsOrPrnAmt>
            <sshPrnamt>169591</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>169591</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>DUCOMMUN INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>264147109</cusip>
        <value>9282030</value>
        <shrsOrPrnAmt>
            <sshPrnamt>141000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>141000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>EASTERN CO/THE</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>276317104</cusip>
        <value>7404506</value>
        <shrsOrPrnAmt>
            <sshPrnamt>228182</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>228182</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>ELECTROMED INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>285409108</cusip>
        <value>797439</value>
        <shrsOrPrnAmt>
            <sshPrnamt>37142</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>37142</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>ENERGY RECOVERY INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>29270J100</cusip>
        <value>486920</value>
        <shrsOrPrnAmt>
            <sshPrnamt>28000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>28000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>EW SCRIPPS CO NEW</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>811054402</cusip>
        <value>695950</value>
        <shrsOrPrnAmt>
            <sshPrnamt>310000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>310000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>EXELIXIS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>30161Q104</cusip>
        <value>1471365</value>
        <shrsOrPrnAmt>
            <sshPrnamt>56700</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>56700</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>FARMER BROS CO</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>307675108</cusip>
        <value>840132</value>
        <shrsOrPrnAmt>
            <sshPrnamt>424309</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>424309</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>FARMERS NATL BANC CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>309627107</cusip>
        <value>604800</value>
        <shrsOrPrnAmt>
            <sshPrnamt>40000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>40000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>FEDERAL SIGNAL CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>313855108</cusip>
        <value>1074790</value>
        <shrsOrPrnAmt>
            <sshPrnamt>11500</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>11500</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>FIRST INTERNET BANCORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>320557101</cusip>
        <value>685200</value>
        <shrsOrPrnAmt>
            <sshPrnamt>20000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>20000</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>FLUOR CORP 1.125 08/15/29 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>343412AJ1</cusip>
        <value>244566</value>
        <shrsOrPrnAmt>
            <sshPrnamt>200000</sshPrnamt>
            <sshPrnamtType>PRN</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>200000</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>FLUSHING FINANCIAL CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>343873105</cusip>
        <value>4359420</value>
        <shrsOrPrnAmt>
            <sshPrnamt>299000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>299000</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>FNB CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>302520101</cusip>
        <value>1001810</value>
        <shrsOrPrnAmt>
            <sshPrnamt>71000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>71000</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>FOSTER (LB) CO-A</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>350060109</cusip>
        <value>3326760</value>
        <shrsOrPrnAmt>
            <sshPrnamt>162837</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>162837</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>FRP HOLDINGS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>30292L107</cusip>
        <value>1071407</value>
        <shrsOrPrnAmt>
            <sshPrnamt>35881</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>35881</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>FS BANCORP INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>30263Y104</cusip>
        <value>1428841</value>
        <shrsOrPrnAmt>
            <sshPrnamt>32116</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>32116</Sole>
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            <None>0</None>
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        <nameOfIssuer>GAMBLING.COM GROUP LTD</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>G3R239101</cusip>
        <value>641280</value>
        <shrsOrPrnAmt>
            <sshPrnamt>64000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>64000</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>GARRETT MOTION INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>366505105</cusip>
        <value>409000</value>
        <shrsOrPrnAmt>
            <sshPrnamt>50000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>50000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>GENCOR INDUSTRIES INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>368678108</cusip>
        <value>7572180</value>
        <shrsOrPrnAmt>
            <sshPrnamt>363000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>363000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>GENIUS SPORTS LTD</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>G3934V109</cusip>
        <value>156800</value>
        <shrsOrPrnAmt>
            <sshPrnamt>20000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>20000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>GIBRALTAR INDUSTRIES INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>374689107</cusip>
        <value>4223772</value>
        <shrsOrPrnAmt>
            <sshPrnamt>60400</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>60400</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>GLATFELTER CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>377320106</cusip>
        <value>45000</value>
        <shrsOrPrnAmt>
            <sshPrnamt>25000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>25000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>GOLDEN ENTERTAINMENT INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>381013101</cusip>
        <value>3226685</value>
        <shrsOrPrnAmt>
            <sshPrnamt>101500</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>101500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>GORMAN-RUPP CO</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>383082104</cusip>
        <value>2337000</value>
        <shrsOrPrnAmt>
            <sshPrnamt>60000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>60000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>GRAHAM CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>384556106</cusip>
        <value>2899820</value>
        <shrsOrPrnAmt>
            <sshPrnamt>98000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>98000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>GRANITE CONSTRUCTION INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>387328107</cusip>
        <value>396400</value>
        <shrsOrPrnAmt>
            <sshPrnamt>5000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>5000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>GRAY TELEVISION INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>389375106</cusip>
        <value>1330566</value>
        <shrsOrPrnAmt>
            <sshPrnamt>248240</sshPrnamt>
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        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>248240</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>GRAY TELEVISION INC-A</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>389375205</cusip>
        <value>605520</value>
        <shrsOrPrnAmt>
            <sshPrnamt>87000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>87000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>GYRODYNE LLC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>403829104</cusip>
        <value>155856</value>
        <shrsOrPrnAmt>
            <sshPrnamt>19956</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>19956</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>HALOZYME THERAPEUTICS IN 1.000 08/15/28 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>40637HAF6</cusip>
        <value>357411</value>
        <shrsOrPrnAmt>
            <sshPrnamt>300000</sshPrnamt>
            <sshPrnamtType>PRN</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>300000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>HANOVER BANCORP INC/NY</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>410710206</cusip>
        <value>250460</value>
        <shrsOrPrnAmt>
            <sshPrnamt>14000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>14000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>HAWKINS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>420261109</cusip>
        <value>1338435</value>
        <shrsOrPrnAmt>
            <sshPrnamt>10500</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>10500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>HERC HOLDINGS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>42704L104</cusip>
        <value>326832</value>
        <shrsOrPrnAmt>
            <sshPrnamt>2050</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>2050</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>HP ENTERPRISE CO 7.625 09/01/27 CVT</nameOfIssuer>
        <titleOfClass>PREFERRED CONVER</titleOfClass>
        <cusip>42824C208</cusip>
        <value>302550</value>
        <shrsOrPrnAmt>
            <sshPrnamt>5000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>5000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>I3 VERTICALS INC-CLASS A</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>46571Y107</cusip>
        <value>1423316</value>
        <shrsOrPrnAmt>
            <sshPrnamt>66791</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>66791</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ICC HOLDINGS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>44931Q104</cusip>
        <value>355417</value>
        <shrsOrPrnAmt>
            <sshPrnamt>15500</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>15500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ICF INTERNATIONAL INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>44925C103</cusip>
        <value>500370</value>
        <shrsOrPrnAmt>
            <sshPrnamt>3000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>3000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>IMAX CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>45245E109</cusip>
        <value>615300</value>
        <shrsOrPrnAmt>
            <sshPrnamt>30000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>30000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>INFINERA CORP 3.750 08/01/28 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>45667GAG8</cusip>
        <value>295094</value>
        <shrsOrPrnAmt>
            <sshPrnamt>261000</sshPrnamt>
            <sshPrnamtType>PRN</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>261000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>INFUSYSTEM HOLDINGS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>45685K102</cusip>
        <value>1306500</value>
        <shrsOrPrnAmt>
            <sshPrnamt>195000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>195000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>INNOVATE CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>45784J303</cusip>
        <value>44400</value>
        <shrsOrPrnAmt>
            <sshPrnamt>12000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>12000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>INNOVATIVE SOLUTIONS &amp; SUPP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>45769N105</cusip>
        <value>629180</value>
        <shrsOrPrnAmt>
            <sshPrnamt>96500</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>96500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>INSPIRED ENTERTAINMENT INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>45782N108</cusip>
        <value>2169180</value>
        <shrsOrPrnAmt>
            <sshPrnamt>234000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>234000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>INTEVAC INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>461148108</cusip>
        <value>990080</value>
        <shrsOrPrnAmt>
            <sshPrnamt>291200</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>291200</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>KIMBALL ELECTRONICS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>49428J109</cusip>
        <value>555300</value>
        <shrsOrPrnAmt>
            <sshPrnamt>30000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>30000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>KKR &amp; CO INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>48251W104</cusip>
        <value>3695414</value>
        <shrsOrPrnAmt>
            <sshPrnamt>28300</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>28300</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>LANDS' END INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>51509F105</cusip>
        <value>405845</value>
        <shrsOrPrnAmt>
            <sshPrnamt>23500</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>23500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>LEE ENTERPRISES</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>523768406</cusip>
        <value>165490</value>
        <shrsOrPrnAmt>
            <sshPrnamt>19000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>19000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>LEGACY HOUSING CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>52472M101</cusip>
        <value>1695700</value>
        <shrsOrPrnAmt>
            <sshPrnamt>62000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>62000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>LEMAITRE VASCULAR INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>525558201</cusip>
        <value>450888</value>
        <shrsOrPrnAmt>
            <sshPrnamt>4854</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>4854</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>LIBERTY MEDIA CORP 2.250 08/15/27 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>531229AQ5</cusip>
        <value>329805</value>
        <shrsOrPrnAmt>
            <sshPrnamt>300000</sshPrnamt>
            <sshPrnamtType>PRN</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>300000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>LIFETIME BRANDS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>53222Q103</cusip>
        <value>1203360</value>
        <shrsOrPrnAmt>
            <sshPrnamt>184000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>184000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>LIFEWAY FOODS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>531914109</cusip>
        <value>259200</value>
        <shrsOrPrnAmt>
            <sshPrnamt>10000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>10000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>LIMONEIRA CO</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>532746104</cusip>
        <value>3821300</value>
        <shrsOrPrnAmt>
            <sshPrnamt>144200</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>144200</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>LOGILITY SUPPLY CHAIN SOLUTI</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>029683109</cusip>
        <value>973530</value>
        <shrsOrPrnAmt>
            <sshPrnamt>87000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>87000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>LUMENTUM HOLDINGS INC 1.500 12/15/29 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>55024UAH2</cusip>
        <value>231822</value>
        <shrsOrPrnAmt>
            <sshPrnamt>200000</sshPrnamt>
            <sshPrnamtType>PRN</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>200000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>MANITOWOC COMPANY INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>563571405</cusip>
        <value>165464</value>
        <shrsOrPrnAmt>
            <sshPrnamt>17200</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>17200</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>MARCUS CORPORATION</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>566330106</cusip>
        <value>1612490</value>
        <shrsOrPrnAmt>
            <sshPrnamt>107000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>107000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>MARINE PRODUCTS CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>568427108</cusip>
        <value>2441880</value>
        <shrsOrPrnAmt>
            <sshPrnamt>252000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>252000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>MATERIALISE NV-ADR</nameOfIssuer>
        <titleOfClass>DEPOSITORY RECEI</titleOfClass>
        <cusip>57667T100</cusip>
        <value>54800</value>
        <shrsOrPrnAmt>
            <sshPrnamt>10000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>10000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>MEDALLION FINANCIAL CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>583928106</cusip>
        <value>691900</value>
        <shrsOrPrnAmt>
            <sshPrnamt>85000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>85000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>MESA LABORATORIES INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>59064R109</cusip>
        <value>259720</value>
        <shrsOrPrnAmt>
            <sshPrnamt>2000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>2000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>MIDDLEBY CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>596278101</cusip>
        <value>1324518</value>
        <shrsOrPrnAmt>
            <sshPrnamt>9520</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>9520</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>MIDDLESEX WATER CO</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>596680108</cusip>
        <value>326200</value>
        <shrsOrPrnAmt>
            <sshPrnamt>5000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>5000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>MINERALS TECHNOLOGIES INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>603158106</cusip>
        <value>270305</value>
        <shrsOrPrnAmt>
            <sshPrnamt>3500</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>3500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>MITEK SYSTEMS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>606710200</cusip>
        <value>1066410</value>
        <shrsOrPrnAmt>
            <sshPrnamt>123000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>123000</Sole>
            <Shared>0</Shared>
            <None>0</None>
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        <nameOfIssuer>MODINE MANUFACTURING CO</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>607828100</cusip>
        <value>424928</value>
        <shrsOrPrnAmt>
            <sshPrnamt>3200</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>3200</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>MOVADO GROUP INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>624580106</cusip>
        <value>541260</value>
        <shrsOrPrnAmt>
            <sshPrnamt>29100</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>29100</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>MSA SAFETY INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>553498106</cusip>
        <value>993104</value>
        <shrsOrPrnAmt>
            <sshPrnamt>5600</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>5600</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>MYERS INDUSTRIES INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>628464109</cusip>
        <value>5735300</value>
        <shrsOrPrnAmt>
            <sshPrnamt>415000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>415000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>MYR GROUP INC/DELAWARE</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>55405W104</cusip>
        <value>715610</value>
        <shrsOrPrnAmt>
            <sshPrnamt>7000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>7000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>NABORS INDUSTRIES INC 1.750 06/15/29 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>62957HAL9</cusip>
        <value>230448</value>
        <shrsOrPrnAmt>
            <sshPrnamt>300000</sshPrnamt>
            <sshPrnamtType>PRN</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>300000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>NATHAN'S FAMOUS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>632347100</cusip>
        <value>9133610</value>
        <shrsOrPrnAmt>
            <sshPrnamt>112900</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>112900</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>NATURAL GROCERS BY VITAMIN C</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>63888U108</cusip>
        <value>415660</value>
        <shrsOrPrnAmt>
            <sshPrnamt>14000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>14000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>NAVIGATOR HOLDINGS LTD</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>Y62132108</cusip>
        <value>1574860</value>
        <shrsOrPrnAmt>
            <sshPrnamt>98000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>98000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>NEOGEN CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>640491106</cusip>
        <value>3129350</value>
        <shrsOrPrnAmt>
            <sshPrnamt>186160</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>186160</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>NEOGENOMICS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>64049M209</cusip>
        <value>812725</value>
        <shrsOrPrnAmt>
            <sshPrnamt>55100</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>55100</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>NEURONETICS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>64131A105</cusip>
        <value>7598</value>
        <shrsOrPrnAmt>
            <sshPrnamt>10000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>10000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>NORTHERN OIL &amp; GAS INC 3.625 04/15/29 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>665531AJ8</cusip>
        <value>459252</value>
        <shrsOrPrnAmt>
            <sshPrnamt>400000</sshPrnamt>
            <sshPrnamtType>PRN</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>400000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>NORTHRIM BANCORP INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>666762109</cusip>
        <value>298910</value>
        <shrsOrPrnAmt>
            <sshPrnamt>4197</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>4197</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>OIL-DRI CORP OF AMERICA</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>677864100</cusip>
        <value>703698</value>
        <shrsOrPrnAmt>
            <sshPrnamt>10200</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>10200</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ON SEMICONDUCTOR CORP 0.500 03/01/29 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>682189AU9</cusip>
        <value>405188</value>
        <shrsOrPrnAmt>
            <sshPrnamt>400000</sshPrnamt>
            <sshPrnamtType>PRN</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>400000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>OOMA INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>683416101</cusip>
        <value>375870</value>
        <shrsOrPrnAmt>
            <sshPrnamt>33000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>33000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>OPENLANE INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>48238T109</cusip>
        <value>523280</value>
        <shrsOrPrnAmt>
            <sshPrnamt>31000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>31000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>OPKO HEALTH INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>68375N103</cusip>
        <value>223500</value>
        <shrsOrPrnAmt>
            <sshPrnamt>150000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>150000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>OPTION CARE HEALTH INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>68404L201</cusip>
        <value>657300</value>
        <shrsOrPrnAmt>
            <sshPrnamt>21000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>21000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ORTHOFIX MEDICAL INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>68752M108</cusip>
        <value>315524</value>
        <shrsOrPrnAmt>
            <sshPrnamt>20200</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>20200</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>PACIFIC PREMIER BANCORP INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>69478X105</cusip>
        <value>213860</value>
        <shrsOrPrnAmt>
            <sshPrnamt>8500</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>8500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>PARK AEROSPACE CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>70014A104</cusip>
        <value>760952</value>
        <shrsOrPrnAmt>
            <sshPrnamt>58400</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>58400</Sole>
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            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PARK-OHIO HOLDINGS CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>700666100</cusip>
        <value>5293263</value>
        <shrsOrPrnAmt>
            <sshPrnamt>172419</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>172419</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>PITNEY BOWES INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>724479100</cusip>
        <value>356500</value>
        <shrsOrPrnAmt>
            <sshPrnamt>50000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>50000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PLAYAGS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>72814N104</cusip>
        <value>164164</value>
        <shrsOrPrnAmt>
            <sshPrnamt>14413</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>14413</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>PLAYSTUDIOS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>72815G108</cusip>
        <value>37146</value>
        <shrsOrPrnAmt>
            <sshPrnamt>24600</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>24600</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>PPL CAPITAL FUNDING INC 2.875 03/15/28 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>69352PAS2</cusip>
        <value>530545</value>
        <shrsOrPrnAmt>
            <sshPrnamt>500000</sshPrnamt>
            <sshPrnamtType>PRN</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>500000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PRIMIS FINANCIAL CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>74167B109</cusip>
        <value>182700</value>
        <shrsOrPrnAmt>
            <sshPrnamt>15000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>15000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>RAPID7 INC 1.250 03/15/29 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>753422AH7</cusip>
        <value>236328</value>
        <shrsOrPrnAmt>
            <sshPrnamt>250000</sshPrnamt>
            <sshPrnamtType>PRN</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>250000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>READING INTERNATIONAL INC-A</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>755408101</cusip>
        <value>295356</value>
        <shrsOrPrnAmt>
            <sshPrnamt>181200</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>181200</Sole>
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            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>READING INTERNATIONAL INC-B</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>755408200</cusip>
        <value>611891</value>
        <shrsOrPrnAmt>
            <sshPrnamt>74530</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>74530</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>RED VIOLET INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>75704L104</cusip>
        <value>284500</value>
        <shrsOrPrnAmt>
            <sshPrnamt>10000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>10000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>REDFIN CORP 0.500 04/01/27 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>75737FAE8</cusip>
        <value>183525</value>
        <shrsOrPrnAmt>
            <sshPrnamt>250000</sshPrnamt>
            <sshPrnamtType>PRN</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>250000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>REDWOOD TRUST INC 7.750 06/15/27 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>758075AF2</cusip>
        <value>251213</value>
        <shrsOrPrnAmt>
            <sshPrnamt>250000</sshPrnamt>
            <sshPrnamtType>PRN</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>250000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>RENASANT CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>75970E107</cusip>
        <value>959725</value>
        <shrsOrPrnAmt>
            <sshPrnamt>29530</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>29530</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>RGC RESOURCES INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>74955L103</cusip>
        <value>2129028</value>
        <shrsOrPrnAmt>
            <sshPrnamt>94330</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>94330</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>RPC INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>749660106</cusip>
        <value>368880</value>
        <shrsOrPrnAmt>
            <sshPrnamt>58000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>58000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>RUSH ENTERPRISES INC - CL B</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>781846308</cusip>
        <value>2959810</value>
        <shrsOrPrnAmt>
            <sshPrnamt>61727</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>61727</Sole>
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            <None>0</None>
        </votingAuthority>
    </infoTable>
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        <nameOfIssuer>RUSH ENTERPRISES INC-CL A</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>781846209</cusip>
        <value>528300</value>
        <shrsOrPrnAmt>
            <sshPrnamt>10000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>10000</Sole>
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            <None>0</None>
        </votingAuthority>
    </infoTable>
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        <nameOfIssuer>S&amp;W SEED CO</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>785135104</cusip>
        <value>5458</value>
        <shrsOrPrnAmt>
            <sshPrnamt>29500</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>29500</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>SANDY SPRING BANCORP INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>800363103</cusip>
        <value>596030</value>
        <shrsOrPrnAmt>
            <sshPrnamt>19000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>19000</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>SAREPTA THERAPEUTICS INC 1.250 09/15/27 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>803607AD2</cusip>
        <value>398300</value>
        <shrsOrPrnAmt>
            <sshPrnamt>350000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>350000</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>SILVERCREST ASSET MANAGEME-A</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>828359109</cusip>
        <value>1120600</value>
        <shrsOrPrnAmt>
            <sshPrnamt>65000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>65000</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>SINCLAIR INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>829242106</cusip>
        <value>489600</value>
        <shrsOrPrnAmt>
            <sshPrnamt>32000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>32000</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>SKYWATER TECHNOLOGY INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>83089J108</cusip>
        <value>757517</value>
        <shrsOrPrnAmt>
            <sshPrnamt>83427</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>83427</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>SOUTHERN FIRST BANCSHARES</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>842873101</cusip>
        <value>954240</value>
        <shrsOrPrnAmt>
            <sshPrnamt>28000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>28000</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>SPORTSMAN'S WAREHOUSE HOLDIN</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>84920Y106</cusip>
        <value>168562</value>
        <shrsOrPrnAmt>
            <sshPrnamt>62200</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>62200</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>STANDARD MOTOR PRODS</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>853666105</cusip>
        <value>1102240</value>
        <shrsOrPrnAmt>
            <sshPrnamt>33200</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>33200</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>STANDEX INTERNATIONAL CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>854231107</cusip>
        <value>804232</value>
        <shrsOrPrnAmt>
            <sshPrnamt>4400</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>4400</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>STEEL PARTNERS HOLDINGS LP</nameOfIssuer>
        <titleOfClass>EQUITY UNIT</titleOfClass>
        <cusip>85814R107</cusip>
        <value>511875</value>
        <shrsOrPrnAmt>
            <sshPrnamt>12500</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>12500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>STELLAR BANCORP INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>858927106</cusip>
        <value>1618125</value>
        <shrsOrPrnAmt>
            <sshPrnamt>62500</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>62500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>STERIS PLC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>G8473T100</cusip>
        <value>266794</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1100</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>1100</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>STONERIDGE INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>86183P102</cusip>
        <value>537120</value>
        <shrsOrPrnAmt>
            <sshPrnamt>48000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>48000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>SUNNOVA ENERGY INTL INC 2.625 02/15/28 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>86745KAH7</cusip>
        <value>194310</value>
        <shrsOrPrnAmt>
            <sshPrnamt>300000</sshPrnamt>
            <sshPrnamtType>PRN</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>300000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>TEJON RANCH CO</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>879080109</cusip>
        <value>1511055</value>
        <shrsOrPrnAmt>
            <sshPrnamt>86100</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>86100</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>TENNANT CO</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>880345103</cusip>
        <value>1075648</value>
        <shrsOrPrnAmt>
            <sshPrnamt>11200</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>11200</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>TITAN INTERNATIONAL INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>88830M102</cusip>
        <value>166665</value>
        <shrsOrPrnAmt>
            <sshPrnamt>20500</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>20500</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>TITAN MACHINERY INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>88830R101</cusip>
        <value>1202159</value>
        <shrsOrPrnAmt>
            <sshPrnamt>86300</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>86300</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>TKO GROUP HOLDINGS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>87256C101</cusip>
        <value>804115</value>
        <shrsOrPrnAmt>
            <sshPrnamt>6500</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>6500</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>TOWNSQUARE MEDIA INC - CL A</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>892231101</cusip>
        <value>1188720</value>
        <shrsOrPrnAmt>
            <sshPrnamt>117000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>117000</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>TRANSACT TECHNOLOGIES INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>892918103</cusip>
        <value>157950</value>
        <shrsOrPrnAmt>
            <sshPrnamt>32500</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>32500</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>TREDEGAR CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>894650100</cusip>
        <value>799713</value>
        <shrsOrPrnAmt>
            <sshPrnamt>109700</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>109700</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>TWIN DISC INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>901476101</cusip>
        <value>1286470</value>
        <shrsOrPrnAmt>
            <sshPrnamt>103000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>103000</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>TYLER TECHNOLOGIES INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>902252105</cusip>
        <value>583720</value>
        <shrsOrPrnAmt>
            <sshPrnamt>1000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>1000</Sole>
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            <None>0</None>
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        <nameOfIssuer>ULTRA CLEAN HOLDINGS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>90385V107</cusip>
        <value>1892682</value>
        <shrsOrPrnAmt>
            <sshPrnamt>47400</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>47400</Sole>
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            <None>0</None>
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        <nameOfIssuer>ULTRALIFE CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>903899102</cusip>
        <value>1003440</value>
        <shrsOrPrnAmt>
            <sshPrnamt>111000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>111000</Sole>
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            <None>0</None>
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        <nameOfIssuer>UNITED BANKSHARES INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>909907107</cusip>
        <value>274540</value>
        <shrsOrPrnAmt>
            <sshPrnamt>7400</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>7400</Sole>
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            <None>0</None>
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        <nameOfIssuer>UNITED GUARDIAN INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>910571108</cusip>
        <value>869605</value>
        <shrsOrPrnAmt>
            <sshPrnamt>54761</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>54761</Sole>
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            <None>0</None>
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        <nameOfIssuer>UNITIL CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>913259107</cusip>
        <value>212030</value>
        <shrsOrPrnAmt>
            <sshPrnamt>3500</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>3500</Sole>
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            <None>0</None>
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        <nameOfIssuer>UNIVERSAL TECHNICAL INSTITUT</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>913915104</cusip>
        <value>1149582</value>
        <shrsOrPrnAmt>
            <sshPrnamt>70700</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>70700</Sole>
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            <None>0</None>
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    <infoTable>
        <nameOfIssuer>VALLEY NATIONAL BANCORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>919794107</cusip>
        <value>398640</value>
        <shrsOrPrnAmt>
            <sshPrnamt>44000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>44000</Sole>
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            <None>0</None>
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        <nameOfIssuer>VALUE LINE INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>920437100</cusip>
        <value>1478700</value>
        <shrsOrPrnAmt>
            <sshPrnamt>31800</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>31800</Sole>
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            <None>0</None>
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        <nameOfIssuer>VIAD CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>92552R406</cusip>
        <value>1146560</value>
        <shrsOrPrnAmt>
            <sshPrnamt>32000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>32000</Sole>
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            <None>0</None>
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        <nameOfIssuer>VILLAGE SUPER MARKET-CLASS A</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>927107409</cusip>
        <value>1010922</value>
        <shrsOrPrnAmt>
            <sshPrnamt>31800</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>31800</Sole>
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            <None>0</None>
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        <nameOfIssuer>VISHAY PRECISION GROUP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>92835K103</cusip>
        <value>1295311</value>
        <shrsOrPrnAmt>
            <sshPrnamt>50012</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>50012</Sole>
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            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>WABASH NATIONAL CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>929566107</cusip>
        <value>861631</value>
        <shrsOrPrnAmt>
            <sshPrnamt>44900</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>44900</Sole>
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            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>WASHINGTON TRUST BANCORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>940610108</cusip>
        <value>1237186</value>
        <shrsOrPrnAmt>
            <sshPrnamt>38410</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>38410</Sole>
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            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>WATERSTONE FINANCIAL INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>94188P101</cusip>
        <value>926100</value>
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            <sshPrnamt>63000</sshPrnamt>
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        <nameOfIssuer>WESTERN NEW ENGLAND BANCORP</nameOfIssuer>
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            <Sole>75000</Sole>
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        <nameOfIssuer>WILLAMETTE VALLEY VINEYARDS</nameOfIssuer>
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        <nameOfIssuer>WILLDAN GROUP INC</nameOfIssuer>
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            <sshPrnamt>32000</sshPrnamt>
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            <Sole>32000</Sole>
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        <nameOfIssuer>WINNEBAGO INDUSTRIES</nameOfIssuer>
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        <cusip>974637100</cusip>
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        <nameOfIssuer>YORK WATER CO</nameOfIssuer>
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            <sshPrnamt>36660</sshPrnamt>
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            <Sole>36660</Sole>
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        <nameOfIssuer>ZIMVIE INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>98888T107</cusip>
        <value>999810</value>
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            <sshPrnamt>63000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>63000</Sole>
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</informationTable>
