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        <nameOfIssuer>1-800-FLOWERS.COM INC-CL A</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>68243Q106</cusip>
        <value>808300</value>
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            <Sole>137000</Sole>
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        <nameOfIssuer>3D SYSTEMS CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>88554D205</cusip>
        <value>84800</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>588240</value>
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            <sshPrnamt>36000</sshPrnamt>
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        <votingAuthority>
            <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>77865</value>
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            <sshPrnamt>43500</sshPrnamt>
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            <Sole>43500</Sole>
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            <None>0</None>
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        <nameOfIssuer>ACME UNITED CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>004816104</cusip>
        <value>514930</value>
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            <sshPrnamt>13000</sshPrnamt>
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            <Sole>13000</Sole>
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            <None>0</None>
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        <nameOfIssuer>ALLIENT INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>019330109</cusip>
        <value>1507828</value>
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        <votingAuthority>
            <Sole>68600</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>1416640</value>
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            <Sole>116500</Sole>
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            <None>0</None>
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        <nameOfIssuer>AMPCO-PITTSBURGH CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>032037103</cusip>
        <value>243040</value>
        <shrsOrPrnAmt>
            <sshPrnamt>112000</sshPrnamt>
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            <Sole>112000</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>606</value>
        <shrsOrPrnAmt>
            <sshPrnamt>47000</sshPrnamt>
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        <votingAuthority>
            <Sole>47000</Sole>
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            <None>0</None>
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        <nameOfIssuer>ANTERIX INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>03676C100</cusip>
        <value>1830000</value>
        <shrsOrPrnAmt>
            <sshPrnamt>50000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>50000</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>ARKO CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>041242108</cusip>
        <value>493750</value>
        <shrsOrPrnAmt>
            <sshPrnamt>125000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>125000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>ARLO TECHNOLOGIES INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>04206A101</cusip>
        <value>611940</value>
        <shrsOrPrnAmt>
            <sshPrnamt>62000</sshPrnamt>
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            <Sole>62000</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>387351</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>1022598</value>
        <shrsOrPrnAmt>
            <sshPrnamt>31320</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>31320</Sole>
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            <None>0</None>
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        <nameOfIssuer>ASTEC INDUSTRIES INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>046224101</cusip>
        <value>2445950</value>
        <shrsOrPrnAmt>
            <sshPrnamt>71000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>71000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>ASTRONICS CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>046433108</cusip>
        <value>3794690</value>
        <shrsOrPrnAmt>
            <sshPrnamt>157000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>157000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>ATLANTIC AMERICAN CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>048209100</cusip>
        <value>32640</value>
        <shrsOrPrnAmt>
            <sshPrnamt>19200</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>19200</Sole>
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            <None>0</None>
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        <nameOfIssuer>ATLANTIC UNION BANKSHARES CO</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>04911A107</cusip>
        <value>691308</value>
        <shrsOrPrnAmt>
            <sshPrnamt>22200</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>22200</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>AZZ INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>002474104</cusip>
        <value>501660</value>
        <shrsOrPrnAmt>
            <sshPrnamt>6000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>6000</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>618313</value>
        <shrsOrPrnAmt>
            <sshPrnamt>3250</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>3250</Sole>
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            <None>0</None>
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        <nameOfIssuer>BASSETT FURNITURE INDS</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>070203104</cusip>
        <value>152500</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>967980</value>
        <shrsOrPrnAmt>
            <sshPrnamt>13000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>13000</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>16921</value>
        <shrsOrPrnAmt>
            <sshPrnamt>17500</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>17500</Sole>
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            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>BLOOM ENERGY CORP 3.000 06/01/28 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>093712AK3</cusip>
        <value>262468</value>
        <shrsOrPrnAmt>
            <sshPrnamt>200000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>200000</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>212500</value>
        <shrsOrPrnAmt>
            <sshPrnamt>8500</sshPrnamt>
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            <Sole>8500</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>1818442</value>
        <shrsOrPrnAmt>
            <sshPrnamt>75800</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>75800</Sole>
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        </votingAuthority>
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        <nameOfIssuer>CALIFORNIA WATER SERVICE GRP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>130788102</cusip>
        <value>1017660</value>
        <shrsOrPrnAmt>
            <sshPrnamt>21000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>21000</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>2621484</value>
        <shrsOrPrnAmt>
            <sshPrnamt>72900</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>72900</Sole>
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        </votingAuthority>
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        <nameOfIssuer>CASELLA WASTE SYSTEMS INC-A</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>147448104</cusip>
        <value>1226610</value>
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            <sshPrnamt>11000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>11000</Sole>
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        </votingAuthority>
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        <nameOfIssuer>CITIZENS &amp; NORTHERN CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>172922106</cusip>
        <value>241440</value>
        <shrsOrPrnAmt>
            <sshPrnamt>12000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>12000</Sole>
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            <None>0</None>
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        <nameOfIssuer>COLUMBUS MCKINNON CORP/NY</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>199333105</cusip>
        <value>516365</value>
        <shrsOrPrnAmt>
            <sshPrnamt>30500</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>30500</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>58222</value>
        <shrsOrPrnAmt>
            <sshPrnamt>50628</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>50628</Sole>
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            <None>0</None>
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        <nameOfIssuer>CONSOLIDATED WATER CO-ORD SH</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>G23773107</cusip>
        <value>837558</value>
        <shrsOrPrnAmt>
            <sshPrnamt>34200</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>34200</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>1427128</value>
        <shrsOrPrnAmt>
            <sshPrnamt>93890</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>93890</Sole>
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            <None>0</None>
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        <nameOfIssuer>CSG SYSTEMS INTERNATIONA 3.875 09/15/28 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>126349AH2</cusip>
        <value>432560</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>2783850</value>
        <shrsOrPrnAmt>
            <sshPrnamt>67000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
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            <Sole>67000</Sole>
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        <nameOfIssuer>DAKTRONICS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>234264109</cusip>
        <value>121800</value>
        <shrsOrPrnAmt>
            <sshPrnamt>10000</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>10000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
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        <nameOfIssuer>DALLASNEWS CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>235050101</cusip>
        <value>45600</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>DANA INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>235825205</cusip>
        <value>329918</value>
        <shrsOrPrnAmt>
            <sshPrnamt>24750</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>24750</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
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        <nameOfIssuer>DAWSON GEOPHYSICAL CO</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>239360100</cusip>
        <value>29520</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>187170</value>
        <shrsOrPrnAmt>
            <sshPrnamt>51000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>51000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>DHI GROUP INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>23331S100</cusip>
        <value>62550</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>
    </infoTable>
    <infoTable>
        <nameOfIssuer>DIGI INTERNATIONAL INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>253798102</cusip>
        <value>222640</value>
        <shrsOrPrnAmt>
            <sshPrnamt>8000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>8000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>DISTRIBUTION SOLUTIONS GROUP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>520776105</cusip>
        <value>3608948</value>
        <shrsOrPrnAmt>
            <sshPrnamt>128891</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>128891</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>DUCOMMUN INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>264147109</cusip>
        <value>6394906</value>
        <shrsOrPrnAmt>
            <sshPrnamt>110200</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>110200</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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        <nameOfIssuer>EASTERN CO/THE</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>276317104</cusip>
        <value>3781922</value>
        <shrsOrPrnAmt>
            <sshPrnamt>149365</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>149365</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>ELECTROMED INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>285409108</cusip>
        <value>548780</value>
        <shrsOrPrnAmt>
            <sshPrnamt>23000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>23000</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>444920</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>888000</value>
        <shrsOrPrnAmt>
            <sshPrnamt>300000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>300000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>EXELIXIS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>30161Q104</cusip>
        <value>1964144</value>
        <shrsOrPrnAmt>
            <sshPrnamt>53200</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>53200</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>729956</value>
        <shrsOrPrnAmt>
            <sshPrnamt>328809</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>328809</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>FARMERS NATL BANC CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>309627107</cusip>
        <value>493290</value>
        <shrsOrPrnAmt>
            <sshPrnamt>37800</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>37800</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>FEDERAL SIGNAL CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>313855108</cusip>
        <value>463365</value>
        <shrsOrPrnAmt>
            <sshPrnamt>6300</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>6300</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>FIRST INTERNET BANCORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>320557101</cusip>
        <value>455260</value>
        <shrsOrPrnAmt>
            <sshPrnamt>17000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>17000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>FLUOR CORP 1.125 08/15/29 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>343412AJ1</cusip>
        <value>212354</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>FLUSHING FINANCIAL CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>343873105</cusip>
        <value>2489200</value>
        <shrsOrPrnAmt>
            <sshPrnamt>196000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>196000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>FNB CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>302520101</cusip>
        <value>954950</value>
        <shrsOrPrnAmt>
            <sshPrnamt>71000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>71000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>FOSTER (LB) CO-A</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>350060109</cusip>
        <value>2966445</value>
        <shrsOrPrnAmt>
            <sshPrnamt>150734</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>150734</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>FRP HOLDINGS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>30292L107</cusip>
        <value>999950</value>
        <shrsOrPrnAmt>
            <sshPrnamt>35000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>35000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>FS BANCORP INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>30263Y104</cusip>
        <value>912240</value>
        <shrsOrPrnAmt>
            <sshPrnamt>24000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>24000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>GAMBLING.COM GROUP LTD</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>G3R239101</cusip>
        <value>567900</value>
        <shrsOrPrnAmt>
            <sshPrnamt>45000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>45000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>GARRETT MOTION INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>366505105</cusip>
        <value>418500</value>
        <shrsOrPrnAmt>
            <sshPrnamt>50000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>50000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>GENCOR INDUSTRIES INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>368678108</cusip>
        <value>3187136</value>
        <shrsOrPrnAmt>
            <sshPrnamt>262100</sshPrnamt>
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        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>262100</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>GENIUS SPORTS LTD</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>G3934V109</cusip>
        <value>200200</value>
        <shrsOrPrnAmt>
            <sshPrnamt>20000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>20000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>GIBRALTAR INDUSTRIES INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>374689107</cusip>
        <value>3314290</value>
        <shrsOrPrnAmt>
            <sshPrnamt>56500</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>56500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>GLOBAL PAYMENTS INC 1.500 03/01/31 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>37940XAU6</cusip>
        <value>282951</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>GOLDEN ENTERTAINMENT INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>381013101</cusip>
        <value>2625805</value>
        <shrsOrPrnAmt>
            <sshPrnamt>99500</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>99500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>GORMAN-RUPP CO</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>383082104</cusip>
        <value>1684800</value>
        <shrsOrPrnAmt>
            <sshPrnamt>48000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>48000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>GRAHAM CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>384556106</cusip>
        <value>1268080</value>
        <shrsOrPrnAmt>
            <sshPrnamt>44000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>44000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>GRANITE CONSTRUCTION INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>387328107</cusip>
        <value>354380</value>
        <shrsOrPrnAmt>
            <sshPrnamt>4700</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>4700</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>GRAY MEDIA INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>389375106</cusip>
        <value>1070237</value>
        <shrsOrPrnAmt>
            <sshPrnamt>247740</sshPrnamt>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>247740</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>GRAY MEDIA INC-A</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>389375205</cusip>
        <value>685560</value>
        <shrsOrPrnAmt>
            <sshPrnamt>87000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <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>149810</value>
        <shrsOrPrnAmt>
            <sshPrnamt>18000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>18000</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>384483</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>
    </infoTable>
    <infoTable>
        <nameOfIssuer>HANOVER BANCORP INC/NY</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>410710206</cusip>
        <value>307020</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>
    </infoTable>
    <infoTable>
        <nameOfIssuer>HAWKINS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>420261109</cusip>
        <value>476640</value>
        <shrsOrPrnAmt>
            <sshPrnamt>4500</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>4500</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>238700</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>912790</value>
        <shrsOrPrnAmt>
            <sshPrnamt>37000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>37000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ICF INTERNATIONAL INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>44925C103</cusip>
        <value>254910</value>
        <shrsOrPrnAmt>
            <sshPrnamt>3000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>3000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
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    <infoTable>
        <nameOfIssuer>IMAX CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>45245E109</cusip>
        <value>790500</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>INFUSYSTEM HOLDINGS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>45685K102</cusip>
        <value>1022200</value>
        <shrsOrPrnAmt>
            <sshPrnamt>190000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>190000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>INNOVATIVE SOLUTIONS &amp; SUPP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>45769N105</cusip>
        <value>861730</value>
        <shrsOrPrnAmt>
            <sshPrnamt>137000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>137000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>INSPIRED ENTERTAINMENT INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>45782N108</cusip>
        <value>1819020</value>
        <shrsOrPrnAmt>
            <sshPrnamt>213000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>213000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>INTEVAC INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>461148108</cusip>
        <value>551310</value>
        <shrsOrPrnAmt>
            <sshPrnamt>138000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>138000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>KIMBALL ELECTRONICS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>49428J109</cusip>
        <value>493500</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>2080980</value>
        <shrsOrPrnAmt>
            <sshPrnamt>18000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>18000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>LANDS' END INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>51509F105</cusip>
        <value>234140</value>
        <shrsOrPrnAmt>
            <sshPrnamt>23000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>23000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>LEE ENTERPRISES</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>523768406</cusip>
        <value>164004</value>
        <shrsOrPrnAmt>
            <sshPrnamt>15800</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>15800</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>LEGACY HOUSING CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>52472M101</cusip>
        <value>1134900</value>
        <shrsOrPrnAmt>
            <sshPrnamt>45000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>45000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>LEMAITRE VASCULAR INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>525558201</cusip>
        <value>251700</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>LIBERTY MEDIA CORP 2.250 08/15/27 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>531229AQ5</cusip>
        <value>367101</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>783870</value>
        <shrsOrPrnAmt>
            <sshPrnamt>159000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>159000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>LIMONEIRA CO</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>532746104</cusip>
        <value>2126400</value>
        <shrsOrPrnAmt>
            <sshPrnamt>120000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>120000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>MANITOWOC COMPANY INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>563571405</cusip>
        <value>133145</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>MARCUS CORPORATION</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>566330106</cusip>
        <value>1210025</value>
        <shrsOrPrnAmt>
            <sshPrnamt>72500</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>72500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>MARINE PRODUCTS CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>568427108</cusip>
        <value>2063940</value>
        <shrsOrPrnAmt>
            <sshPrnamt>246000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>246000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>MATERIALISE NV-ADR</nameOfIssuer>
        <titleOfClass>DEPOSITORY RECEI</titleOfClass>
        <cusip>57667T100</cusip>
        <value>49200</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>583570</value>
        <shrsOrPrnAmt>
            <sshPrnamt>67000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>67000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>MIDDLEBY CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>596278101</cusip>
        <value>379950</value>
        <shrsOrPrnAmt>
            <sshPrnamt>2500</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>2500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>MIDDLESEX WATER CO</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>596680108</cusip>
        <value>320500</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>222495</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>915750</value>
        <shrsOrPrnAmt>
            <sshPrnamt>111000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>111000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>MODINE MANUFACTURING CO</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>607828100</cusip>
        <value>230250</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>MOVADO GROUP INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>624580106</cusip>
        <value>854392</value>
        <shrsOrPrnAmt>
            <sshPrnamt>51100</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>51100</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>MSA SAFETY INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>553498106</cusip>
        <value>748119</value>
        <shrsOrPrnAmt>
            <sshPrnamt>5100</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>5100</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>MYERS INDUSTRIES INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>628464109</cusip>
        <value>4145675</value>
        <shrsOrPrnAmt>
            <sshPrnamt>347500</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>347500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>MYR GROUP INC/DELAWARE</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>55405W104</cusip>
        <value>791630</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>203232</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>6119813</value>
        <shrsOrPrnAmt>
            <sshPrnamt>63500</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>63500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>NATURAL GROCERS BY VITAMIN C</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>63888U108</cusip>
        <value>201000</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>NAVIGATOR HOLDINGS LTD</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>Y62132108</cusip>
        <value>1271105</value>
        <shrsOrPrnAmt>
            <sshPrnamt>95500</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>95500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>NEOGEN CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>640491106</cusip>
        <value>1614007</value>
        <shrsOrPrnAmt>
            <sshPrnamt>186160</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <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>503919</value>
        <shrsOrPrnAmt>
            <sshPrnamt>53100</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>53100</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>NIAGEN BIOSCIENCE INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>171077407</cusip>
        <value>172500</value>
        <shrsOrPrnAmt>
            <sshPrnamt>25000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>25000</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>422380</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>278236</value>
        <shrsOrPrnAmt>
            <sshPrnamt>3800</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>3800</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>OIL-DRI CORP OF AMERICA</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>677864100</cusip>
        <value>780640</value>
        <shrsOrPrnAmt>
            <sshPrnamt>17000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>17000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>OOMA INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>683416101</cusip>
        <value>392700</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>OPENLANE INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>48238T109</cusip>
        <value>578400</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>OPKO HEALTH INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>68375N103</cusip>
        <value>239870</value>
        <shrsOrPrnAmt>
            <sshPrnamt>144500</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
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        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>144500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>OPTION CARE HEALTH INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>68404L201</cusip>
        <value>594150</value>
        <shrsOrPrnAmt>
            <sshPrnamt>17000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>17000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>ORTHOFIX MEDICAL INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>68752M108</cusip>
        <value>304997</value>
        <shrsOrPrnAmt>
            <sshPrnamt>18700</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>18700</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PARK AEROSPACE CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>70014A104</cusip>
        <value>780100</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>PARK-OHIO HOLDINGS CORP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>700666100</cusip>
        <value>3391200</value>
        <shrsOrPrnAmt>
            <sshPrnamt>157000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>157000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PARSONS CORP 2.625 03/01/29 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>70202LAD4</cusip>
        <value>300186</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>PITNEY BOWES INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>724479100</cusip>
        <value>407250</value>
        <shrsOrPrnAmt>
            <sshPrnamt>45000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>45000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PLAYSTUDIOS INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>72815G108</cusip>
        <value>31242</value>
        <shrsOrPrnAmt>
            <sshPrnamt>24600</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>24600</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PPL CAPITAL FUNDING INC 2.875 03/15/28 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>69352PAS2</cusip>
        <value>561070</value>
        <shrsOrPrnAmt>
            <sshPrnamt>500000</sshPrnamt>
            <sshPrnamtType>PRN</sshPrnamtType>
        </shrsOrPrnAmt>
        <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>146550</value>
        <shrsOrPrnAmt>
            <sshPrnamt>15000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>15000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>PROGRESS SOFTWARE CORP 3.500 03/01/30 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>743312AD2</cusip>
        <value>210774</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>PURSUIT ATTRACTIONS AND HOSP</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>92552R406</cusip>
        <value>460070</value>
        <shrsOrPrnAmt>
            <sshPrnamt>13000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>13000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>READING INTERNATIONAL INC-A</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>755408101</cusip>
        <value>227543</value>
        <shrsOrPrnAmt>
            <sshPrnamt>163700</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>163700</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>READING INTERNATIONAL INC-B</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>755408200</cusip>
        <value>526711</value>
        <shrsOrPrnAmt>
            <sshPrnamt>75030</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>75030</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>RED VIOLET INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>75704L104</cusip>
        <value>338310</value>
        <shrsOrPrnAmt>
            <sshPrnamt>9000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>9000</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>220865</value>
        <shrsOrPrnAmt>
            <sshPrnamt>250000</sshPrnamt>
            <sshPrnamtType>PRN</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>250000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>REDWOOD TRUST INC 7.750 06/15/27 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>758075AF2</cusip>
        <value>248568</value>
        <shrsOrPrnAmt>
            <sshPrnamt>250000</sshPrnamt>
            <sshPrnamtType>PRN</sshPrnamtType>
        </shrsOrPrnAmt>
        <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>866233</value>
        <shrsOrPrnAmt>
            <sshPrnamt>25530</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>25530</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>RGC RESOURCES INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>74955L103</cusip>
        <value>1985363</value>
        <shrsOrPrnAmt>
            <sshPrnamt>95130</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>95130</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>RPC INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>749660106</cusip>
        <value>319000</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>2498184</value>
        <shrsOrPrnAmt>
            <sshPrnamt>44200</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>44200</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>RUSH ENTERPRISES INC-CL A</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>781846209</cusip>
        <value>427280</value>
        <shrsOrPrnAmt>
            <sshPrnamt>8000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>8000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SANDY SPRING BANCORP INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>800363103</cusip>
        <value>452790</value>
        <shrsOrPrnAmt>
            <sshPrnamt>16200</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>16200</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SAREPTA THERAPEUTICS INC 1.250 09/15/27 CVT</nameOfIssuer>
        <titleOfClass>BOND CONVERTIBLE</titleOfClass>
        <cusip>803607AD2</cusip>
        <value>326270</value>
        <shrsOrPrnAmt>
            <sshPrnamt>350000</sshPrnamt>
            <sshPrnamtType>PRN</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>350000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SILVERCREST ASSET MANAGEME-A</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>828359109</cusip>
        <value>924340</value>
        <shrsOrPrnAmt>
            <sshPrnamt>56500</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>56500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SINCLAIR INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>829242106</cusip>
        <value>452412</value>
        <shrsOrPrnAmt>
            <sshPrnamt>28400</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>28400</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SKYWATER TECHNOLOGY INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>83089J108</cusip>
        <value>464282</value>
        <shrsOrPrnAmt>
            <sshPrnamt>65484</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>65484</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>SOUTHERN FIRST BANCSHARES</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>842873101</cusip>
        <value>691320</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>SPORTSMAN'S WAREHOUSE HOLDIN</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>84920Y106</cusip>
        <value>60640</value>
        <shrsOrPrnAmt>
            <sshPrnamt>61000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>61000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>STANDARD MOTOR PRODS</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>853666105</cusip>
        <value>810225</value>
        <shrsOrPrnAmt>
            <sshPrnamt>32500</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>32500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>STEEL PARTNERS HOLDINGS LP</nameOfIssuer>
        <titleOfClass>EQUITY UNIT</titleOfClass>
        <cusip>85814R107</cusip>
        <value>533065</value>
        <shrsOrPrnAmt>
            <sshPrnamt>13000</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>13000</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>STELLAR BANCORP INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>858927106</cusip>
        <value>1598748</value>
        <shrsOrPrnAmt>
            <sshPrnamt>57800</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>57800</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>STERIS PLC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>G8473T100</cusip>
        <value>203985</value>
        <shrsOrPrnAmt>
            <sshPrnamt>900</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>900</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>STONERIDGE INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>86183P102</cusip>
        <value>149175</value>
        <shrsOrPrnAmt>
            <sshPrnamt>32500</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>32500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>STRATASYS LTD</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>M85548101</cusip>
        <value>97900</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>TEJON RANCH CO</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>879080109</cusip>
        <value>1339325</value>
        <shrsOrPrnAmt>
            <sshPrnamt>84500</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>84500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>TENNANT CO</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>880345103</cusip>
        <value>789525</value>
        <shrsOrPrnAmt>
            <sshPrnamt>9900</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>9900</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>TITAN INTERNATIONAL INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
        <cusip>88830M102</cusip>
        <value>171995</value>
        <shrsOrPrnAmt>
            <sshPrnamt>20500</sshPrnamt>
            <sshPrnamtType>SH</sshPrnamtType>
        </shrsOrPrnAmt>
        <investmentDiscretion>SOLE</investmentDiscretion>
        <votingAuthority>
            <Sole>20500</Sole>
            <Shared>0</Shared>
            <None>0</None>
        </votingAuthority>
    </infoTable>
    <infoTable>
        <nameOfIssuer>TITAN MACHINERY INC</nameOfIssuer>
        <titleOfClass>EQUITY</titleOfClass>
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        <nameOfIssuer>TREDEGAR CORP</nameOfIssuer>
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        <nameOfIssuer>TYLER TECHNOLOGIES INC</nameOfIssuer>
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        <nameOfIssuer>UNITED BANKSHARES INC</nameOfIssuer>
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        <value>256558</value>
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            <sshPrnamt>7400</sshPrnamt>
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            <Sole>7400</Sole>
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        <nameOfIssuer>UNITED GUARDIAN INC</nameOfIssuer>
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        <value>486907</value>
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            <sshPrnamt>54161</sshPrnamt>
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            <Sole>54161</Sole>
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        <value>201915</value>
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            <sshPrnamt>3500</sshPrnamt>
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            <Sole>3500</Sole>
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        <nameOfIssuer>UNIVERSAL TECHNICAL INSTITUT</nameOfIssuer>
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        <value>1104240</value>
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            <sshPrnamt>43000</sshPrnamt>
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        <nameOfIssuer>VALLEY NATIONAL BANCORP</nameOfIssuer>
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        <value>391160</value>
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        <nameOfIssuer>VILLAGE SUPER MARKET-CLASS A</nameOfIssuer>
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        <nameOfIssuer>WILLAMETTE VALLEY VINEYARDS</nameOfIssuer>
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            <Sole>74000</Sole>
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</informationTable>
