Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MET	METLIFE INC	171,868	$12.06M	4.7%	$30.83	+121.1%	COM	59156R108
AEM	AGNICO-EAGLE	148,869	$9.736M	3.8%	$55.40	+14.7%	COM	008474108
BG	BUNGE LIMITED	80,555	$8.601M	3.4%	$98.11	+1.5%	COM	H11356104
TSBK	TIMBERLAND BANC	300,563	$8.142M	3.2%	$14.24	+68.0%	COM	887098101
SHEL	SHELL PLC	108,861	$7.858M	3.1%	$55.86	—	SPON ADS	780259305
MRK	MERCK&CO INC	61,801	$7.651M	3.0%	$61.63	+97.5%	COM	58933Y105
ET	ENERGY TRANSFER	457,077	$7.414M	2.9%	$9.59	—	COM UT LTD PTN	29273V100
EXSR	EXCHANGE BANK	76,254	$7.225M	2.8%	$113.44	-18.9%	COM	301227203
PFE	PFIZER INC	237,144	$6.635M	2.6%	$27.24	-9.1%	COM	717081103
FENY	FIDELITY CVNGTN	244,266	$6.129M	2.4%	$21.15	—	COM	316092402
—	PPL CAPITAL	6,230,000	$5.959M	2.3%	$0.96	—	DEB	69352PAS2
FBIZ	FIRST BUSINESS	153,499	$5.678M	2.2%	$21.32	+54.3%	COM	319390100
SBFG	SB FINANCIAL	403,376	$5.647M	2.2%	$17.48	-21.2%	COM	78408D105
PKBK	PARKE BANCORP	309,519	$5.386M	2.1%	$15.42	-0.6%	COM	700885106
VTRS	VIATRIS INC	473,807	$5.037M	2.0%	$10.69	-4.2%	COM	92556V106
—	KIMCO REALTY	92,265	$5.035M	2.0%	$56.36	—	PFD	49446R687
—	HCI GROUP INC	3,660,000	$4.763M	1.9%	$1.08	—	DEB	40416EAF0
LFGP	LEDYARD FINAN	328,996	$4.553M	1.8%	$24.92	-41.7%	COM	523338101
VICI	VICI PRPTY	155,233	$4.446M	1.7%	$25.57	+1.9%	COM	925652109
—	JAZZ INVEST	4,535,000	$4.356M	1.7%	$0.99	—	DEB	472145AF8
WY	WEYERHAEUSER	151,644	$4.305M	1.7%	$22.33	+31.7%	COM	962166104
—	INNOVIVA INC	3,835,000	$4.222M	1.6%	$0.97	—	DEB	45781MAB7
—	GLOBAL MEDICAL	435,903	$3.958M	1.5%	$10.31	—	COM	37954A204
BMBN	BENCHMARK BANK	160,000	$3.36M	1.3%	$14.84	+37.4%	COM	08160E207
—	NY COMM BANC	104,295	$3.332M	1.3%	$48.20	—	PFD	64944P307
APLE	APPLE HOPTLY	221,475	$3.22M	1.3%	$15.10	—	COM	03784Y200
ALRS	ALERUS FINAN	158,972	$3.117M	1.2%	$20.65	-10.8%	COM	01446U103
FXNC	FIRST NATL VA	202,785	$3.08M	1.2%	$17.09	-14.3%	COM	32106V107
—	CMNTY WST BANC	164,445	$3.042M	1.2%	$9.19	—	COM	204157101
BORT	BANK BOTETOURT	104,974	$2.997M	1.2%	$23.23	+17.6%	COM	063907208
CPKF	CHESPKE FINAN	173,000	$2.93M	1.1%	$19.60	-16.0%	COM	16517A109
CTO	CTO REALTY GROW	166,779	$2.912M	1.1%	$17.48	—	COM	22948Q101
PTBS	POTOMAC BANC	192,888	$2.845M	1.1%	$13.94	-1.0%	COM	737643106
SFL	SFL CORP LTD	204,595	$2.84M	1.1%	$10.10	+34.0%	COM	G7738W106
VZ	VERIZON COMM	68,160	$2.811M	1.1%	$37.43	-2.6%	COM	92343V104
ACI	ALBERTSONS COS	135,764	$2.681M	1.0%	$19.30	+0.4%	COM	013091103
CSBB	CSB BANCORP	69,850	$2.654M	1.0%	$35.09	+3.1%	COM	12628R107
—	LIBERTY MEDIA	2,485,000	$2.637M	1.0%	$1.02	—	DEB	531229AQ5
ENR	ENERGIZER HLDNG	83,906	$2.479M	1.0%	$29.18	-9.2%	COM	29272W109
—	LXP INDUSTRIAL	265,481	$2.421M	0.9%	$11.17	—	COM	529043101
AIG	AMERICAN INTL	32,500	$2.413M	0.9%	$29.33	+151.2%	COM	026874784
CNH	CNH INDUSTRIAL	236,665	$2.397M	0.9%	$10.93	-0.2%	COM	N20944109
MNSB	MAINSTREET BANC	126,870	$2.249M	0.9%	$20.10	-19.4%	COM	56064Y100
—	DUKE ENERGY	2,170,000	$2.164M	0.8%	$1.00	—	DEB	26441CBY0
FMBM	F&M BANK CORP	133,914	$2.163M	0.8%	$22.95	-35.3%	COM	30237P106
—	FORD MOTOR CO	2,017,000	$2.036M	0.8%	$1.03	—	DEB	345370CZ1
VOO	VGRD S&P 500	3,836	$1.918M	0.7%	$429.63	—	COM	922908363
ABCB	AMERIS BANCORP	37,359	$1.881M	0.7%	$34.55	+35.8%	COM	03076K108
—	EPR PRPTY	97,145	$1.876M	0.7%	$21.19	—	PFD	26884U208
MFGI	MERCHANTS FINL	73,200	$1.735M	0.7%	$24.01	-5.0%	COM	588538108
—	ETSY INC BOND	2,015,000	$1.683M	0.7%	$0.84	—	DEB	29786AAL0
SOBS	SOLVAY BANK	72,780	$1.674M	0.7%	$25.07	-7.4%	COM	83441Q105
MOAT	VE WIDE MOAT	18,724	$1.622M	0.6%	$75.54	—	COM	92189F643
FSBH	FSBH CORP	210,000	$1.617M	0.6%	$8.82	-12.5%	COM	30325F101
TSN	TYSON FOODS	27,401	$1.566M	0.6%	$71.97	-23.2%	COM	902494103
—	JAZZ PHARMA	1,540,000	$1.531M	0.6%	$0.97	—	DEB	472145AD3
—	EURONET WORLD	1,544,000	$1.496M	0.6%	$0.96	—	DEB	298736AL3
—	FNCB BANCORP	215,060	$1.452M	0.6%	$7.86	—	COM	302578109
—	LCI INDS CONV	1,425,000	$1.337M	0.5%	$0.98	—	DEB	501812AB7
FCCO	FIRST CMNTY SC	76,500	$1.32M	0.5%	$15.93	-0.1%	COM	319835104
T	AT&T INC	66,957	$1.28M	0.5%	$15.60	+3.6%	COM	00206R102
—	MCHENRY BANC	33,515	$1.207M	0.5%	$38.25	—	COM	580683209
IFF	INTL FLAVORS	11,131	$1.06M	0.4%	$129.90	-31.9%	COM	459506101
—	STARWOOD PPTY	985,000	$1.005M	0.4%	$1.07	—	DEB	85571BBA2
—	ALLIANT ENERGY	1,000,000	$985K	0.4%	$0.98	—	DEB	018802AC2
EBMT	EAGLE BANCORP	71,229	$945K	0.4%	$19.45	-37.8%	COM	26942G100
BANC	BANC CALIFORNIA	72,450	$926K	0.4%	$12.23	+8.0%	COM	05990K106
BRBS	BLUE RIDGE BANK	354,689	$926K	0.4%	$4.38	-39.7%	COM	095825105
GDX	VE GOLD MINERS	26,987	$916K	0.4%	$29.97	—	COM	92189F106
—	INVESCO MUNI	86,117	$884K	0.3%	$12.49	—	COM	46131M106
FISI	FINANCIAL INST	45,725	$883K	0.3%	$21.02	-22.3%	COM	317585404
—	NRG ENERGY	450,000	$863K	0.3%	$1.03	—	DEB	629377CG5
—	LYFT INC CONV	845,000	$811K	0.3%	$0.85	—	DEB	55087PAB0
—	TOTALENERGIES	11,582	$772K	0.3%	$68.83	—	SPON ADS	89151E109
CLVT	CLARIVATE PLC	128,850	$733K	0.3%	$6.38	0.0%	ORD SHS	G21810109
FRAF	FRANKLIN FINANC	23,798	$673K	0.3%	$26.57	-3.0%	COM	353525108
—	WESTERN OPP FUND	77,470	$659K	0.3%	$8.53	—	COM	95766R104
ABBV	ABBVIE INC	3,786	$649K	0.3%	$137.16	+14.6%	COM	00287Y109
—	AIRBNB INC BOND	670,000	$611K	0.2%	$0.93	—	DEB	009066AB7
—	BANC OF CALIF	25,150	$579K	0.2%	$23.22	—	PFD	05990K841
BRK/B	BERKSHIRE HATHA	1,336	$543K	0.2%	$290.80	+40.5%	COM CLASS B	084670702
MSFT	MICROSOFT CORP	1,182	$528K	0.2%	$285.67	+46.1%	COM	594918104
HWC	HANCOCK WHITNEY	10,898	$521K	0.2%	$39.81	+14.8%	COM	410120109
—	LIBERTY MEDIA	500,000	$520K	0.2%	$1.04	—	DEB	531229AP7
CZBT	CITIZENS BANC VA	18,650	$474K	0.2%	$23.28	+5.8%	COM	17316V104
MTB	M&T BANK CORP	3,034	$459K	0.2%	$146.92	-5.4%	COM	55261F104
—	SOUTHSTATE CORP	5,688	$435K	0.2%	$47.61	—	COM	840441109
IUSV	IS S&P US VALUE	4,567	$402K	0.2%	$66.86	—	COM	464287663
—	ALBEMARLE CORP	8,225	$384K	0.1%	$46.66	—	DEP SHS	012653200
QABA	FT NAS CMTY BNK	8,206	$377K	0.1%	$50.38	—	COM	33736Q104
SPY	SPDR S&P 500	659	$358K	0.1%	$410.84	—	COM	78462F103
—	FIRST LNG ISLND	29,617	$297K	0.1%	$19.17	—	COM	320734106
—	SPOTIFY USA	290,000	$276K	0.1%	$0.85	—	DEB	84921RAB6
—	CHEGG INC CONV	290,000	$268K	0.1%	$0.99	—	DEB	163092AD1
—	PEBBLEBRK HOTEL	300,000	$265K	0.1%	$0.88	—	DEB	70509VAA8
SBCF	SEACOAST BANKIN	10,826	$256K	0.1%	$24.92	-6.3%	COM	811707801
—	EXPEDIA GROUP	275,000	$252K	0.1%	$0.87	—	DEB	30212PBE4
KR	KROGER CO COM	4,160	$208K	0.1%	$42.39	+22.7%	COM	501044101
AMZN	AMAZON.COM	1,050	$203K	0.1%	$142.04	+29.3%	COM	023135106
SCHV	SCHWAB US LG VAL	2,436	$180K	0.1%	$67.09	—	COM	808524409
TGNA	TEGNA INC	12,899	$180K	0.1%	$14.86	-5.0%	COM	87901J105
—	GREENBRIER COS	117,000	$125K	0.0%	$0.98	—	DEB	393657AM3
GOOGL	ALPHABET INC	654	$119K	0.0%	$167.35	0.0%	CAP STK CL A	02079K305
TV	GRUPO TELEV-ADR	42,094	$117K	0.0%	$3.19	—	SPON ADR REP ORD	40049J206
SCHF	SCHWAB INTL EQUI	3,000	$115K	0.0%	$35.60	—	COM	808524805
JCI	JOHNSON CONTROL	1,648	$110K	0.0%	$57.23	+15.0%	COM	G51502105
IWS	IS RUS MID VALU	886	$107K	0.0%	$125.33	—	COM	464287473
IBM	INTL BUS MACHINE	611	$106K	0.0%	$172.56	-3.9%	COM	459200101
—	HALOZYME THERAP	110,000	$105K	0.0%	$0.95	—	DEB	40637HAD1
MOTG	VE GLBL WIDE MT	2,925	$105K	0.0%	$32.13	—	COM	92189F122
JPM	JPMORGAN CHASE	500	$101K	0.0%	$173.61	+9.0%	COM	46625H100