Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MET	METLIFE INC	165,889	$13.58M	4.7%	$30.83	+161.6%	COM	59156R108
AEM	AGNICO-EAGLE	141,436	$11.06M	3.9%	$55.40	+46.5%	COM	008474108
TSBK	TIMBERLAND BANC	299,001	$9.123M	3.2%	$14.24	+110.0%	COM	887098101
ET	ENERGY TRANSFER	441,474	$8.648M	3.0%	$9.59	—	PARTNERSHIP SHARES	29273V100
—	CTO REALTY	6,049,000	$8.369M	2.9%	$1.38	—	DEB	210226ad8
EXSR	EXCHANGE BANK	76,054	$8.233M	2.9%	$113.44	-9.2%	COM	301227203
SBFG	SB FINANCIAL	392,556	$8.208M	2.9%	$17.48	+17.0%	COM	78408D105
FBIZ	FIRST BUSINESS	153,199	$7.092M	2.5%	$21.32	+112.9%	COM	319390100
SHEL	SHELL PLC	110,826	$6.943M	2.4%	$55.86	—	ADR SHARES	780259305
—	PPL CAPITAL	6,435,000	$6.712M	2.3%	$1.06	—	DEB	69352pas2
PFE	PFIZER INC	246,894	$6.55M	2.3%	$27.19	-7.6%	COM	717081103
BG	BUNGE LIMITED	82,237	$6.395M	2.2%	$98.10	-13.9%	COM	H11356104
PKBK	PARKE BANCORP	308,932	$6.336M	2.2%	$15.42	+35.5%	COM	700885106
FENY	FIDELITY CVNGTN	263,905	$6.292M	2.2%	$21.34	—	COM	316092402
—	JAZZ INVEST	5,780,000	$5.858M	2.0%	$1.00	—	DEB	472145af8
VTRS	VIATRIS INC	465,910	$5.801M	2.0%	$10.69	+8.8%	COM	92556V106
MRK	MERCK&CO INC	58,025	$5.772M	2.0%	$61.63	+60.1%	COM	58933Y105
—	KIMCO REALTY	91,565	$5.514M	1.9%	$61.40	—	PFD	49446r687
LFGP	LEDYARD FINAN	326,596	$5.013M	1.7%	$24.92	-41.6%	COM	523338101
VICI	VICI PRPTY	163,969	$4.79M	1.7%	$25.78	+14.4%	COM	925652109
FXNC	FIRST NATL VA	202,785	$4.666M	1.6%	$17.09	+26.7%	COM	32106V107
BMBN	BENCHMARK BANK	166,900	$4.289M	1.5%	$15.07	+46.5%	COM	08160E207
WY	WEYERHAEUSER	151,661	$4.269M	1.5%	$22.42	+34.1%	COM	962166104
—	INNOVIVA INC	3,805,000	$4.178M	1.5%	$1.20	—	DEB	45781mab7
APLE	APPLE HOPTLY	268,970	$4.129M	1.4%	$15.11	—	COM	03784Y200
—	FLAGSTAR FNCL	98,312	$3.691M	1.3%	$38.72	—	PFD	64944p307
CNH	CNH INDUSTRIAL	325,159	$3.684M	1.3%	$10.71	+4.3%	COM	N20944109
SFL	SFL CORP LTD	349,683	$3.574M	1.2%	$10.74	-0.5%	COM	G7738W106
CTO	CTO REALTY GROW	179,766	$3.543M	1.2%	$17.60	—	COM	22948Q101
—	GLOBAL MEDICAL	450,279	$3.476M	1.2%	$10.30	—	COM	37954A204
VZ	VERIZON COMM	86,819	$3.472M	1.2%	$37.82	+4.2%	COM	92343V104
BORT	BANK BOTETOURT	104,474	$3.347M	1.2%	$23.23	+33.2%	COM	063907208
CPKF	CHESPKE FINAN	173,000	$3.335M	1.2%	$19.60	-6.6%	COM	16517A109
—	HCI GROUP INC	2,075,000	$3.2M	1.1%	$1.43	—	DEB	40416eaf0
CWBC	CMNTY WST BANC	162,061	$3.139M	1.1%	$19.27	0.0%	COM	203937107
ENR	ENERGIZER HLDNG	88,437	$3.086M	1.1%	$29.08	+11.1%	COM	29272W109
PTBS	POTOMAC BANC	195,068	$3.074M	1.1%	$13.94	+7.6%	COM	737643106
ALRS	ALERUS FINAN	158,972	$3.059M	1.1%	$20.65	+1.3%	COM	01446U103
—	LIBERTY MEDIA	2,460,000	$3.002M	1.0%	$1.10	—	DEB	531229aq5
FMBM	F&M BANK CORP	133,939	$2.702M	0.9%	$22.95	-12.0%	COM	30237P106
CSBB	CSB BANCORP	70,500	$2.7M	0.9%	$35.09	+4.4%	COM	12628R107
ACI	ALBERTSONS COS	133,062	$2.613M	0.9%	$19.30	-5.6%	COM	013091103
—	GUESS INC	2,764,000	$2.602M	0.9%	$0.94	—	DEB	401617af2
AIG	AMERICAN INTL	32,600	$2.373M	0.8%	$29.33	+149.8%	COM	026874784
MFGI	MERCHANTS FINL	93,700	$2.366M	0.8%	$23.94	+6.6%	COM	588538108
—	FORD MOTOR CO	2,350,000	$2.272M	0.8%	$0.98	—	DEB	345370cz1
—	DUKE ENERGY	2,155,000	$2.209M	0.8%	$1.06	—	DEB	26441cby0
—	LXP INDUSTRIAL	267,481	$2.172M	0.8%	$11.05	—	COM	529043101
ABCB	AMERIS BANCORP	33,959	$2.125M	0.7%	$34.55	+86.9%	COM	03076K108
MOAT	VE WIDE MOAT	22,138	$2.053M	0.7%	$78.61	—	COM	92189F643
MNSB	MAINSTREET BANC	109,236	$1.977M	0.7%	$20.10	-11.5%	COM	56064Y100
—	EURONET WORLD	1,988,000	$1.965M	0.7%	$0.98	—	DEB	298736al3
—	EPR PRPTY	89,245	$1.856M	0.6%	$21.19	—	PFD	26884U208
FCCO	FIRST CMNTY SC	76,500	$1.836M	0.6%	$15.93	+45.4%	COM	319835104
SOBS	SOLVAY BANK	68,480	$1.781M	0.6%	$25.07	+5.5%	COM	83441Q105
—	ETSY INC BOND	1,980,000	$1.702M	0.6%	$0.86	—	DEB	29786aal0
T	AT&T INC	66,244	$1.508M	0.5%	$15.60	+37.9%	COM	00206R102
TSN	TYSON FOODS	26,251	$1.508M	0.5%	$71.97	-19.4%	COM	902494103
—	LIBERTY MEDIA	1,400,000	$1.443M	0.5%	$1.03	—	DEB	531229ap7
PFIS	PEOPLES FIN SERV	27,948	$1.43M	0.5%	$42.92	+12.0%	COM	711040105
FSBH	FSBH CORP	210,000	$1.428M	0.5%	$8.82	-17.4%	COM	30325F101
—	LCI INDS CONV	1,420,000	$1.391M	0.5%	$1.01	—	DEB	501812ab7
FISI	FINANCIAL INST	45,725	$1.248M	0.4%	$21.02	+18.7%	COM	317585404
BANC	BANC CALIFORNIA	77,750	$1.202M	0.4%	$12.31	+24.3%	COM	05990K106
VOO	VGRD S&P 500	1,972	$1.062M	0.4%	$447.29	—	COM	922908363
GDX	VE GOLD MINERS	31,212	$1.058M	0.4%	$31.08	—	COM	92189F106
—	ALLIANT ENERGY	1,000,000	$1.026M	0.4%	$1.04	—	DEB	018802ac2
—	STARWOOD PPTY	975,000	$1.013M	0.4%	$1.07	—	DEB	85571bba2
EBMT	EAGLE BANCORP	65,634	$1.006M	0.4%	$19.45	-18.9%	COM	26942G100
—	NRG ENERGY	440,000	$965K	0.3%	$2.22	—	DEB	629377cg5
—	AIRBNB INC BOND	990,000	$929K	0.3%	$0.93	—	DEB	009066ab7
IFF	INTL FLAVORS	10,400	$879K	0.3%	$129.90	-29.6%	COM	459506101
—	INVESCO MUNI	86,117	$870K	0.3%	$12.49	—	COM	46131M106
—	CHART INDS INC	11,810	$832K	0.3%	$50.25	—	PFD	16115q407
—	VISHAY INTERT	865,000	$772K	0.3%	$0.89	—	DEB	928298ar9
—	WESTERN OPP FUND	88,765	$734K	0.3%	$8.53	—	COM	95766R104
MSFT	MICROSOFT CORP	1,448	$610K	0.2%	$310.78	+35.9%	COM	594918104
BRK/B	BERKSHIRE HATHA	1,336	$606K	0.2%	$290.80	+58.8%	COM CLASS B	084670702
MTB	M&T BANK CORP	3,179	$598K	0.2%	$148.98	+29.0%	COM	55261F104
CZBT	CITIZENS BANC VA	20,250	$597K	0.2%	$23.45	+20.5%	COM	17316V104
HWC	HANCOCK WHITNEY	10,898	$596K	0.2%	$39.81	+39.0%	COM	410120109
—	BANC OF CALIF	24,400	$596K	0.2%	$24.00	—	PFD	05990k841
—	SOUTHSTATE CORP	5,688	$566K	0.2%	$47.61	—	COM	840441109
—	INNOVIVA INC	600,000	$564K	0.2%	$0.94	—	DEB	45781mad3
CLVT	CLARIVATE PLC	107,697	$547K	0.2%	$6.38	-9.7%	ORD SHS	G21810109
BRBS	BLUE RIDGE BANK	160,000	$515K	0.2%	$4.38	-31.9%	COM	095825105
ORCL	ORACLE CORP	3,000	$500K	0.2%	$175.85	0.0%	COM	68389X105
QABA	FT NAS CMTY BNK	7,983	$443K	0.2%	$50.38	—	COM	33736Q104
ABBV	ABBVIE INC	2,400	$426K	0.1%	$137.16	+29.3%	COM	00287Y109
IUSV	IS S&P US VALUE	4,567	$423K	0.1%	$66.86	—	COM	464287663
SPY	SPDR S&P 500	660	$387K	0.1%	$410.84	—	COM	78462F103
SLB	SCHLUMBERGER	8,900	$341K	0.1%	$40.51	0.0%	COM	806857108
—	TOTALENERGIES	6,082	$331K	0.1%	$68.66	—	ADR SHARES	89151E109
KR	KROGER CO COM	5,162	$316K	0.1%	$44.28	+29.5%	COM	501044101
—	SPOTIFY USA	290,000	$308K	0.1%	$0.99	—	DEB	84921rab6
SBCF	SEACOAST BANKIN	10,826	$298K	0.1%	$24.92	+13.0%	COM	811707801
JPM	JPMORGAN CHASE	1,188	$285K	0.1%	$205.13	+11.2%	COM	46625H100
—	CHEGG INC CONV	290,000	$281K	0.1%	$0.96	—	DEB	163092ad1
—	PEBBLEBRK HOTEL	300,000	$279K	0.1%	$0.92	—	DEB	70509vaa8
—	EXPEDIA GROUP	275,000	$273K	0.1%	$0.95	—	DEB	30212pbe4
—	MCHENRY BANC	33,515	$251K	0.1%	$38.25	—	COM	580683209
—	ALBEMARLE CORP	5,125	$209K	0.1%	$46.07	—	PFD	012653200
FRAF	FRANKLIN FINANC	6,909	$207K	0.1%	$26.57	+15.3%	COM	353525108
AMZN	AMAZON.COM	780	$171K	0.1%	$142.04	+44.0%	COM	023135106
—	VISHAY INTERT	164,000	$160K	0.1%	$0.98	—	DEB	928298ap3
—	GREENBRIER COS	117,000	$142K	0.0%	$1.10	—	DEB	393657am3
IBM	INTL BUS MACHINE	611	$134K	0.0%	$172.56	+25.3%	COM	459200101
JCI	JOHNSON CONTROL	1,648	$130K	0.0%	$57.23	+38.5%	COM	G51502105
GOOGL	ALPHABET INC	654	$124K	0.0%	$167.35	+4.1%	CAP STK CL A	02079K305
IWS	IS RUS MID VALU	886	$115K	0.0%	$125.33	—	COM	464287473
DUK	DUK ENRGY CORP	1,050	$113K	0.0%	$108.79	0.0%	COM	26441C204
SCHF	SCHWAB INTL EQUI	6,000	$111K	0.0%	$27.05	—	COM	808524805
XOM	EXXON MOBIL	1,021	$110K	0.0%	$112.36	0.0%	COM	30231G102
AGI	ALAMOS GOLD	5,832	$108K	0.0%	$19.28	0.0%	COM	011532108
—	HALOZYME THERAP	110,000	$105K	0.0%	$1.00	—	DEB	40637had1
LOW	LOWE'S COS INC	420	$104K	0.0%	$236.16	+10.7%	COM	548661107
QQQ	INV QQQ TRUST	200	$102K	0.0%	$511.23	—	COM	46090E103