Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
AEM	AGNICO-EAGLE	134,972	$14.63M	5.1%	$108.41 *	$55.40	+70.7%	COM	008474108
MET	METLIFE INC	166,181	$13.34M	4.6%	$80.29	$30.83	+163.3%	COM	59156R108
TSBK	TIMBERLAND BANC	298,801	$9.009M	3.1%	$30.15 *	$14.24	+104.0%	COM	887098101
—	CTO REALTY	6,049,000	$8.438M	2.9%	$1.40	$1.40	—	NOTE 3.875% 4/1	210226AD8
EXSR	EXCHANGE BANK	76,054	$8.29M	2.9%	$109.00 *	$113.44	-7.0%	COM	301227203
SBFG	SB FINANCIAL	392,556	$8.173M	2.8%	$20.82 *	$17.48	+21.7%	COM	78408D105
SHEL	SHELL PLC	111,056	$8.138M	2.8%	$73.28	$55.86	—	SPON ADS	780259305
ET	ENERGY TRANSFER	416,471	$7.742M	2.7%	$18.59	$9.59	—	COM UT LTD PTN	29273V100
FBIZ	FIRST BUSINESS	155,399	$7.327M	2.5%	$47.15	$21.70	+121.5%	COM	319390100
—	PPL CAPITAL	6,380,000	$7.139M	2.5%	$1.12	$1.06	—	NOTE 2.875% 3/1	69352pas2
FENY	FIDELITY CVNGTN	263,510	$6.733M	2.3%	$25.55	$21.34	—	MSCI ENERGY IDX	316092402
PFE	PFIZER INC	250,397	$6.345M	2.2%	$25.34 *	$27.16	-9.0%	COM	717081103
BG	BUNGE LIMITED	80,750	$6.171M	2.1%	$76.42 *	$98.10	-25.9%	COM SHS	H11356104
—	JAZZ INVEST	5,780,000	$5.982M	2.1%	$1.03	$1.00	—	NOTE 2.000% 6/1	472145af8
PKBK	PARKE BANCORP	308,932	$5.82M	2.0%	$18.84	$15.42	+21.9%	COM	700885106
—	KIMCO REALTY	90,923	$5.469M	1.9%	$60.15	$61.40	—	DP CV CL N 7.25%	49446r687
VICI	VICI PRPTY	165,232	$5.39M	1.9%	$32.62 *	$25.78	+13.1%	COM	925652109
MRK	MERCK&CO INC	57,731	$5.182M	1.8%	$89.76	$61.63	+46.2%	COM	58933Y105
LFGP	LEDYARD FINAN	326,121	$5.055M	1.8%	$15.50 *	$24.92	-40.6%	COM	523338101
WY	WEYERHAEUSER	158,888	$4.652M	1.6%	$29.28	$22.71	+27.0%	COM NEW	962166104
FXNC	FIRST NATL VA	202,785	$4.553M	1.6%	$22.45 *	$17.09	+36.6%	COM	32106V107
—	INNOVIVA INC	4,395,000	$4.234M	1.5%	$0.96	$0.96	—	NOTE 2.125% 3/1	45781mad3
BMBN	BENCHMARK BANK	167,800	$4.195M	1.5%	$25.00	$15.07	+63.3%	COM	08160E207
VTRS	VIATRIS INC	464,910	$4.049M	1.4%	$8.71 *	$10.69	-6.3%	COM	92556V106
—	GLOBAL MEDICAL	457,038	$3.999M	1.4%	$8.75	$10.28	—	COM NEW	37954A204
VZ	VERIZON COMM	88,135	$3.998M	1.4%	$45.36 *	$37.85	+4.6%	COM	92343V104
CNH	CNH INDUSTRIAL	324,859	$3.989M	1.4%	$12.28	$10.71	+14.9%	SHS	N20944109
CTO	CTO REALTY GROW	191,892	$3.705M	1.3%	$19.31	$17.71	—	COM	22948Q101
—	FLAGSTAR FNCL	98,312	$3.665M	1.3%	$37.28	$38.72	—	UNIT 05/07/2051	64944p307
APLE	APPLE HOPTLY	280,870	$3.626M	1.3%	$12.91	$15.01	—	COM NEW	03784Y200
BORT	BANK BOTETOURT	104,474	$3.484M	1.2%	$33.35 *	$23.23	+39.4%	COM	063907208
PTBS	POTOMAC BANC	211,168	$3.41M	1.2%	$16.15 *	$14.04	+8.8%	COM	737643106
CPKF	CHESPKE FINAN	173,000	$3.313M	1.2%	$19.15 *	$19.60	-6.5%	COM	16517A109
CSBB	CSB BANCORP	69,000	$3.036M	1.1%	$44.00 *	$35.09	+9.1%	COM	12628R107
CWBC	CMNTY WST BANC	162,061	$2.995M	1.0%	$18.48	$19.27	-5.3%	COM	203937107
ALRS	ALERUS FINAN	158,972	$2.935M	1.0%	$18.46 *	$20.65	-7.3%	COM	01446U103
—	LIBERTY MEDIA	2,395,000	$2.91M	1.0%	$1.22	$1.10	—	NOTE 2.250% 8/1	531229aq5
ACI	ALBERTSONS COS	131,762	$2.897M	1.0%	$21.99 *	$19.30	+3.5%	COM	013091103
AIG	AMERICAN INTL	32,800	$2.852M	1.0%	$86.94 *	$29.33	+159.7%	COM NEW	026874784
—	GUESS INC	3,075,000	$2.823M	1.0%	$0.92	$0.92	—	NOTE 3.750% 4/1	401617AF2
SFL	SFL CORP LTD	340,289	$2.79M	1.0%	$8.20 *	$10.74	-10.1%	SHS	G7738W106
ENR	ENERGIZER HLDNG	91,042	$2.724M	0.9%	$29.92	$29.12	+3.7%	COM	29272W109
FMBM	F&M BANK CORP	136,814	$2.642M	0.9%	$19.31	$22.87	-16.9%	COM	30237P106
—	LXP INDUSTRIAL	272,284	$2.355M	0.8%	$8.65	$11.01	—	COM	529043101
—	DUKE ENERGY	2,145,000	$2.325M	0.8%	$1.08	$1.06	—	NOTE 4.125% 4/1	26441cby0
—	FORD MOTOR CO	2,350,000	$2.301M	0.8%	$0.98	$0.98	—	NOTE 3/1	345370cz1
MFGI	MERCHANTS FINL	93,700	$2.282M	0.8%	$24.35 *	$23.94	-1.8%	COM	588538108
—	HCI GROUP INC	1,205,000	$2.237M	0.8%	$1.86	$1.43	—	NOTE 4.750% 6/0	40416eaf0
MOAT	VE WIDE MOAT	22,743	$2.001M	0.7%	$88.00	$78.86	—	MRNGSTR WDE MOAT	92189F643
ABCB	AMERIS BANCORP	33,759	$1.944M	0.7%	$57.57 *	$34.55	+78.4%	COM	03076K108
—	EPR PRPTY	82,745	$1.91M	0.7%	$23.08	$21.19	—	PFD C CV 5.75%	26884U208
SOBS	SOLVAY BANK	63,257	$1.882M	0.7%	$29.75 *	$25.07	+1.4%	COM	83441Q105
T	AT&T INC	65,344	$1.848M	0.6%	$28.28 *	$15.60	+56.1%	COM	00206R102
—	ETSY INC BOND	1,980,000	$1.737M	0.6%	$0.88	$0.86	—	NOTE 0.125% 9/0	29786aal0
FCCO	FIRST CMNTY SC	76,500	$1.726M	0.6%	$22.56 *	$15.93	+49.0%	COM	319835104
TSN	TYSON FOODS	26,251	$1.675M	0.6%	$63.81 *	$71.97	-21.0%	CL A	902494103
FSBH	FSBH CORP	210,000	$1.493M	0.5%	$7.11 *	$8.82	-1.3%	COM	30325F101
—	LIBERTY MEDIA	1,400,000	$1.451M	0.5%	$1.04	$1.03	—	NOTE 3.750% 3/1	531229ap7
MNSB	MAINSTREET BANC	86,297	$1.443M	0.5%	$16.72	$20.10	-18.3%	COM	56064Y100
—	LCI INDS CONV	1,420,000	$1.389M	0.5%	$0.98	$1.01	—	NOTE 1.125% 5/1	501812ab7
—	PROGRESS SOFTWARE CORP	1,300,000	$1.365M	0.5%	$1.05	$1.05	—	NOTE 3.500% 3/0	743312ad2
PFIS	PEOPLES FIN SERV	27,948	$1.243M	0.4%	$44.47 *	$42.92	+8.8%	COM	711040105
GDX	VE GOLD MINERS	26,752	$1.23M	0.4%	$45.97	$31.08	—	GOLD MINERS ETF	92189F106
FISI	FINANCIAL INST	47,025	$1.174M	0.4%	$24.96 *	$21.15	+22.3%	COM	317585404
BANC	BANC CALIFORNIA	77,750	$1.103M	0.4%	$14.19 *	$12.31	+20.0%	COM	05990K106
EBMT	EAGLE BANCORP	62,405	$1.046M	0.4%	$16.76 *	$19.45	-19.5%	COM	26942G100
—	ALLIANT ENERGY	965,000	$1.032M	0.4%	$1.07	$1.04	—	NOTE 3.875% 3/1	018802ac2
—	STARWOOD PPTY	975,000	$1.029M	0.4%	$1.06	$1.07	—	NOTE 6.750% 7/1	85571bba2
VOO	VGRD S&P 500	1,977	$1.016M	0.4%	$513.83	$447.29	—	S&P 500 ETF SHS	922908363
—	AIRBNB INC BOND	990,000	$945K	0.3%	$0.95	$0.93	—	NOTE 3/1	009066ab7
—	INVESCO MUNI	86,117	$858K	0.3%	$9.96	$12.49	—	COM	46131M106
IFF	INTL FLAVORS	10,400	$807K	0.3%	$77.61 *	$129.90	-37.9%	COM	459506101
—	WESTERN OPP FUND	90,665	$797K	0.3%	$8.79	$8.53	—	COM	95766R104
—	VISHAY INTERT	865,000	$763K	0.3%	$0.88	$0.89	—	NOTE 2.250% 9/1	928298ar9
BRK/B	BERKSHIRE HATHA	1,330	$708K	0.2%	$532.58 *	$290.80	+67.2%	CL B NEW	084670702
SLB	SCHLUMBERGER	16,844	$704K	0.2%	$41.80 *	$40.22	-0.8%	COM STK	806857108
MSFT	MICROSOFT CORP	1,783	$669K	0.2%	$375.37 *	$328.50	+23.3%	COM	594918104
—	CHART INDS INC	11,810	$647K	0.2%	$54.77	$50.25	—	6.75DP CNV PFD B	16115q407
—	BANC OF CALIF	23,200	$579K	0.2%	$24.95	$24.00	—	PFD	05990k841
HWC	HANCOCK WHITNEY	10,898	$572K	0.2%	$52.45 *	$39.81	+41.3%	COM	410120109
MTB	M&T BANK CORP	3,179	$568K	0.2%	$178.77 *	$148.98	+23.8%	COM	55261F104
CZBT	CITIZENS BANC VA	20,250	$553K	0.2%	$27.30	$23.45	+16.7%	COM	17316V104
—	SOUTHSTATE CORP	5,688	$528K	0.2%	$92.81	$47.61	—	COM	840441109
—	AMPHASTAR PHARMA	515,000	$457K	0.2%	$0.89	$0.89	—	NOTE 2.000% 3/1	03209rab9
ABBV	ABBVIE INC	2,119	$444K	0.2%	$209.52 *	$137.16	+38.1%	COM	00287Y109
IUSV	IS S&P US VALUE	4,567	$421K	0.1%	$92.29	$66.86	—	CORE S&P US VLU	464287663
ORCL	ORACLE CORP	3,000	$419K	0.1%	$139.81 *	$175.85	-8.1%	COM	68389X105
QABA	FT NAS CMTY BNK	7,909	$413K	0.1%	$52.28	$50.38	—	UT COM SHS ETF	33736Q104
CLVT	CLARIVATE PLC	103,178	$405K	0.1%	$3.93 *	$6.38	-25.7%	ORD SHS	G21810109
—	NRG ENERGY	170,000	$396K	0.1%	$2.33	$2.22	—	DBCV 2.750% 6/0	629377cg5
SPY	SPDR S&P 500	664	$372K	0.1%	$559.77	$410.84	—	TR UNIT	78462F103
KR	KROGER CO COM	5,162	$349K	0.1%	$67.69 *	$44.28	+40.6%	COM	501044101
JPM	JPMORGAN CHASE	1,310	$321K	0.1%	$245.30 *	$209.39	+19.8%	COM	46625H100
—	PEBBLEBRK HOTEL	300,000	$280K	0.1%	$0.93	$0.92	—	NOTE 1.750% 12/1	70509vaa8
SBCF	SEACOAST BANKIN	10,826	$279K	0.1%	$25.73 *	$24.92	+9.5%	COM NEW	811707801
—	EXPEDIA GROUP	245,000	$241K	0.1%	$0.98	$0.95	—	NOTE 2/1	30212pbe4
AMZN	AMAZON.COM	1,125	$214K	0.1%	$190.26 *	$165.03	+31.5%	COM	023135106
GOOGL	ALPHABET INC	1,229	$190K	0.1%	$154.64 *	$173.60	+4.1%	CAP STK CL A	02079K305
—	ALBEMARLE CORP	5,125	$183K	0.1%	$35.65	$46.07	—	7.25% DEP SHS A	012653200
—	VISHAY INTERT	164,000	$161K	0.1%	$0.98	$0.98	—	NOTE 2.250% 6/1	928298ap3
FRAF	FRANKLIN FINANC	4,400	$156K	0.1%	$35.45 *	$26.57	+27.0%	COM	353525108
AGI	ALAMOS GOLD	5,832	$156K	0.1%	$26.74 *	$19.28	+16.8%	COM CL A	011532108
IBM	INTL BUS MACHINE	611	$152K	0.1%	$248.66 *	$172.56	+38.7%	COM	459200101
JCI	JOHNSON CONTROL	1,842	$148K	0.1%	$80.11	$59.80	+36.4%	SHS	G51502105
XOM	EXXON MOBIL	1,225	$146K	0.1%	$118.93 *	$111.50	-3.9%	COM	30231G102
DUK	DUK ENRGY CORP	1,105	$135K	0.0%	$121.97 *	$108.88	+1.5%	COM NEW	26441C204
—	GREENBRIER COS	117,000	$129K	0.0%	$1.11	$1.10	—	NOTE 2.875% 4/1	393657am3
COST	COSTCO WHOLESALE	132	$125K	0.0%	$945.78 *	$970.56	0.0%	COM	22160K105
QQQ	INV QQQ TRUST	264	$124K	0.0%	$468.92	$500.97	—	UNIT SER 1	46090E103
WMT	WALMART INC	1,385	$122K	0.0%	$87.79 *	$92.95	0.0%	COM	931142103
SCHF	SCHWAB INTL EQUI	6,000	$119K	0.0%	$19.78	$27.05	—	INTL EQTY ETF	808524805
—	HALOZYME THERAP	110,000	$116K	0.0%	$1.06	$1.00	—	NOTE 0.250% 3/0	40637had1
SO	SOUTHERN CO	1,258	$116K	0.0%	$91.95 *	$84.13	0.0%	COM	842587107
IWS	IS RUS MID VALU	886	$112K	0.0%	$125.97	$125.33	—	RUS MDCP VAL ETF	464287473
IEI	ISHARES 3-7	902	$107K	0.0%	$118.14	$118.14	—	3 7 YR TREAS BD	464288661
SHY	ISHARES TRUST 1-3	1,286	$106K	0.0%	$82.73	$82.73	—	1 3 YR TREAS BD	464287457
LOW	LOWE'S COS INC	442	$103K	0.0%	$233.23 *	$236.45	+2.4%	COM	548661107