Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AEM	AGNICO-EAGLE	131,727	$15.67M	5.5%	$55.40	+108.0%	COM	008474108
MET	METLIFE INC	164,983	$13.27M	4.6%	$30.83	+146.0%	COM	59156R108
CTO	CTO REALTY GRW	642,054	$11.08M	3.9%	$17.39	—	COM	22948Q101
TSBK	TIMBERLAND BANC	298,395	$9.31M	3.2%	$14.24	+107.8%	COM	887098101
EXSR	EXCHANGE BANK	76,054	$8.024M	2.8%	$113.44	-8.3%	COM	301227203
FBIZ	FIRST BUSINESS	155,799	$7.893M	2.7%	$21.70	+116.5%	COM	319390100
SHEL	SHELL PLC	110,656	$7.791M	2.7%	$55.86	—	SPON ADS	780259305
SBFG	SB FINANCIAL	391,983	$7.487M	2.6%	$17.48	+8.2%	COM	78408D105
ET	ENERGY TRANSFER	393,619	$7.136M	2.5%	$9.59	—	COM UT LTD PTN	29273V100
—	PPL CAPITAL	6,330,000	$6.837M	2.4%	$1.06	—	NOTE 2.875% 3/1	69352pas2
BG	BUNGE LIMITED	79,964	$6.42M	2.2%	$98.10	-21.4%	COM SHS	H11356104
FENY	FIDELITY CVNGTN	270,509	$6.343M	2.2%	$21.39	—	MSCI ENERGY IDX	316092402
PKBK	PARKE BANCORP	309,657	$6.308M	2.2%	$15.42	+21.2%	COM	700885106
PFE	PFIZER INC	250,893	$6.082M	2.1%	$27.16	-17.7%	COM	717081103
—	JAZZ INVEST	5,730,000	$5.784M	2.0%	$1.00	—	NOTE 2.000% 6/1	472145af8
—	KIMCO REALTY	90,465	$5.477M	1.9%	$61.40	—	DP CV CL N 7.25%	49446r687
VICI	VICI PRPTY	166,133	$5.416M	1.9%	$25.78	+18.4%	COM	925652109
BMBN	BENCHMARK BANK	170,982	$4.989M	1.7%	$15.27	+68.6%	COM	08160E207
LFGP	LEDYARD FINAN	326,121	$4.68M	1.6%	$24.92	-39.9%	COM	523338101
MRK	MERCK&CO INC	58,031	$4.594M	1.6%	$61.63	+25.6%	COM	58933Y105
—	INNOVIVA INC	4,340,000	$4.329M	1.5%	$0.96	—	NOTE 2.125% 3/1	45781mad3
VTRS	VIATRIS INC	463,910	$4.143M	1.4%	$10.69	-23.3%	COM	92556V106
WY	WEYERHAEUSER	159,240	$4.091M	1.4%	$22.71	+12.6%	COM NEW	962166104
BORT	BANK BOTETOURT	112,674	$3.966M	1.4%	$23.98	+39.9%	COM	063907208
FXNC	FIRST NATL VA	202,785	$3.948M	1.4%	$17.09	+13.6%	COM	32106V107
VZ	VERIZON COMM	88,596	$3.834M	1.3%	$37.85	+10.5%	COM	92343V104
PTBS	POTOMAC BANC	220,368	$3.826M	1.3%	$14.12	+12.7%	COM	737643106
—	FLAGSTAR FNCL	97,812	$3.762M	1.3%	$38.72	—	UNIT 05/07/2051	64944p307
CPKF	CHESPKE FINAN	173,000	$3.607M	1.3%	$19.60	+0.3%	COM	16517A109
ALRS	ALERUS FINAN	156,000	$3.376M	1.2%	$20.65	-5.7%	COM	01446U103
APLE	APPLE HOPTLY	283,770	$3.312M	1.2%	$14.98	—	COM NEW	03784Y200
—	GLOBAL MEDICAL	472,938	$3.277M	1.1%	$10.17	—	COM NEW	37954A204
CWBC	CMNTY WST BANC	162,061	$3.162M	1.1%	$19.27	-9.7%	COM	203937107
—	LIBERTY MEDIA	2,360,000	$3.136M	1.1%	$1.10	—	NOTE 2.250% 8/1	531229aq5
CSBB	CSB BANCORP	69,000	$3.002M	1.0%	$35.09	+16.4%	COM	12628R107
ACI	ALBERTSONS COS	134,687	$2.897M	1.0%	$19.34	+9.6%	COM	013091103
FMBM	F&M BANK CORP	136,814	$2.873M	1.0%	$22.87	-14.9%	COM	30237P106
—	GUESS INC	3,010,000	$2.853M	1.0%	$0.95	—	NOTE 3.750% 4/1	401617af2
SFL	SFL CORP LTD	338,792	$2.822M	1.0%	$10.74	-22.7%	SHS	G7738W106
AIG	AMERICAN INTL	32,800	$2.807M	1.0%	$29.33	+179.5%	COM NEW	026874784
—	LIBERTY MEDIA	2,538,000	$2.637M	0.9%	$1.03	—	NOTE 3.750% 3/1	531229ap7
MFGI	MERCHANTS FINL	93,700	$2.352M	0.8%	$23.94	+0.2%	COM	588538108
HCI	HCI GROUP INC	15,292	$2.327M	0.8%	$153.53	0.0%	COM	40416E103
—	LXP INDUSTRIAL	276,139	$2.281M	0.8%	$10.97	—	COM	529043101
—	DUKE ENERGY	2,145,000	$2.269M	0.8%	$1.06	—	NOTE 4.125% 4/1	26441cby0
ENR	ENERGIZER HLDNG	112,393	$2.266M	0.8%	$27.93	-18.1%	COM	29272W109
CNH	CNH INDUSTRIAL	173,563	$2.249M	0.8%	$10.71	+14.2%	SHS	N20944109
—	FORD MOTOR CO	2,275,000	$2.248M	0.8%	$0.98	—	NOTE 3/1	345370cz1
ABCB	AMERIS BANCORP	34,459	$2.229M	0.8%	$35.05	+67.6%	COM	03076K108
MOAT	VE WIDE MOAT	23,063	$2.163M	0.8%	$79.06	—	MRNGSTR WDE MOAT	92189F643
—	EPR PRPTY	81,995	$2.054M	0.7%	$21.19	—	PFD C CV 5.75%	26884U208
T	AT&T INC	65,344	$1.891M	0.7%	$15.60	+72.8%	COM	00206R102
FCCO	FIRST CMNTY SC	76,500	$1.865M	0.6%	$15.93	+41.7%	COM	319835104
FSBH	FSBH CORP	210,000	$1.796M	0.6%	$8.82	-3.0%	COM	30325F101
—	ETSY INC BOND	1,950,000	$1.736M	0.6%	$0.86	—	NOTE 0.125% 9/0	29786aal0
ES	EVERSOURCE	24,747	$1.574M	0.5%	$59.90	0.0%	COM	30040W108
—	AIRBNB INC BOND	1,630,000	$1.571M	0.5%	$0.95	—	NOTE 3/1	009066ab7
TSN	TYSON FOODS	27,251	$1.524M	0.5%	$71.38	-21.4%	CL A	902494103
—	PROGRESS SOFTWARE	1,290,000	$1.492M	0.5%	$1.05	—	NOTE 3.500% 3/0	743312ad2
SOBS	SOLVAY BANK	49,115	$1.424M	0.5%	$25.07	+9.7%	COM	83441Q105
PFIS	PEOPLES FIN SERV	27,948	$1.38M	0.5%	$42.92	+4.5%	COM	711040105
—	LCI INDS CONV	1,390,000	$1.337M	0.5%	$1.01	—	NOTE 1.125% 5/1	501812ab7
GDX	VE GOLD MINERS	24,452	$1.273M	0.4%	$31.08	—	GOLD MINERS ETF	92189F106
FISI	FINANCIAL INST	47,925	$1.231M	0.4%	$21.21	+14.1%	COM	317585404
—	AMPHASTAR PHARMA	1,300,000	$1.121M	0.4%	$0.87	—	NOTE 2.000% 3/1	03209rab9
BANC	BANC CALIFORNIA	77,750	$1.092M	0.4%	$12.31	+8.8%	COM	05990K106
—	STARWOOD PPTY	945,000	$1.009M	0.4%	$1.07	—	NOTE 6.750% 7/1	85571bba2
—	ALLIANT ENERGY	965,000	$991K	0.3%	$1.04	—	NOTE 3.875% 3/1	018802ac2
—	WESTERN OPP FUND	101,492	$889K	0.3%	$8.56	—	COM	95766R104
VOO	VGRD S&P 500	1,529	$868K	0.3%	$447.29	—	S&P 500 ETF SHS	922908363
MSFT	MICROSOFT CORP	1,674	$833K	0.3%	$328.50	+31.6%	COM	594918104
SLB	SCHLUMBERGER	24,344	$823K	0.3%	$38.29	-11.4%	COM STK	806857108
—	INVESCO MUNI	86,117	$817K	0.3%	$12.49	—	COM	46131M106
—	VISHAY INTERT	855,000	$765K	0.3%	$0.89	—	NOTE 2.250% 9/1	928298ar9
SPYM	SPDR PORT SP 500	10,150	$738K	0.3%	$72.69	—	PORTFOLIO S&P500	78464A854
IFF	INTL FLAVORS	9,801	$721K	0.3%	$129.90	-42.9%	COM	459506101
—	CHART INDS INC	11,810	$713K	0.2%	$50.25	—	6.75DP CNV PFD B	16115q407
CZBT	CITIZENS BANC VA	20,250	$668K	0.2%	$23.45	+17.4%	COM	17316V104
ORCL	ORACLE CORP	3,000	$656K	0.2%	$175.85	-8.6%	COM	68389X105
BRK/B	BERKSHIRE HATHA	1,330	$646K	0.2%	$290.80	+74.6%	CL B NEW	084670702
HWC	HANCOCK WHITNEY	10,898	$626K	0.2%	$39.81	+33.7%	COM	410120109
MTB	M&T BANK CORP	3,179	$617K	0.2%	$148.98	+16.1%	COM	55261F104
—	BANC OF CALIF	25,050	$604K	0.2%	$24.01	—	PFD	05990k841
—	SOUTHSTATE CORP	5,688	$523K	0.2%	$47.61	—	COM	840441109
IUSV	IS S&P US VALUE	4,567	$432K	0.2%	$66.86	—	CORE S&P US VLU	464287663
CLVT	CLARIVATE PLC	90,488	$389K	0.1%	$6.38	-36.9%	ORD SHS	G21810109
QABA	FT NAS CMTY BNK	6,974	$378K	0.1%	$50.38	—	UT COM SHS ETF	33736Q104
KR	KROGER CO COM	5,162	$370K	0.1%	$44.28	+54.0%	COM	501044101
ABBV	ABBVIE INC	1,907	$354K	0.1%	$137.16	+33.2%	COM	00287Y109
JPM	JPMORGAN CHASE	1,188	$344K	0.1%	$209.39	+20.7%	COM	46625H100
EBMT	EAGLE BANCORP	19,000	$317K	0.1%	$19.45	-16.2%	COM	26942G100
SPY	SPDR S&P 500	504	$311K	0.1%	$410.84	—	TR UNIT	78462F103
SBCF	SEACOAST BANKIN	10,826	$299K	0.1%	$24.92	-0.9%	COM NEW	811707801
—	PEBBLEBRK HOTEL	300,000	$284K	0.1%	$0.92	—	NOTE 1.750% 12/1	70509vaa8
AMZN	AMAZON.COM	1,125	$247K	0.1%	$165.03	+19.9%	COM	023135106
FBTC	FIDELITY WISEBTC	2,555	$240K	0.1%	$93.99	—	SHS	315948109
—	EXPEDIA GROUP	245,000	$238K	0.1%	$0.95	—	NOTE 2/1	30212pbe4
GOOGL	ALPHABET INC	1,229	$217K	0.1%	$173.60	-5.9%	CAP STK CL A	02079K305
JCI	JOHNSON CONTROL	1,842	$195K	0.1%	$59.80	+53.4%	SHS	G51502105
AGI	ALAMOS GOLD	6,832	$181K	0.1%	$20.37	+31.2%	COM CL A	011532108
IBM	INTL BUS MACHINE	611	$180K	0.1%	$172.56	+47.1%	COM	459200101
SKE	SKEENA	10,500	$167K	0.1%	$12.60	0.0%	COM	83056P715
—	ALBEMARLE CORP	5,125	$165K	0.1%	$46.07	—	7.25% DEP SHS A	012653200
FRAF	FRANKLIN FINANC	4,400	$152K	0.1%	$26.57	+35.5%	COM	353525108
SCHF	SCHWAB INTL EQUI	6,000	$133K	0.0%	$27.05	—	INTL EQTY ETF	808524805
XOM	EXXON MOBIL	1,225	$132K	0.0%	$111.50	-6.3%	COM	30231G102
TSM	TAIWAN SEMICOND	570	$129K	0.0%	$226.49	—	SPONDORED ADS	874039100
DUK	DUK ENRGY	1,086	$128K	0.0%	$108.88	+6.0%	COM NEW	26441C204
MOTG	VE GLBL WIDE MT	2,925	$124K	0.0%	$42.46	—	MRNGSTR GBL WIDE	92189F122
—	GREENBRIER COS	117,000	$124K	0.0%	$1.10	—	NOTE 2.875% 4/1	393657am3
GLD	SPDR GOLD TRUST	395	$120K	0.0%	$304.83	—	GOLD SHS	78463V107
QQQ	INV QQQ TRUST	216	$119K	0.0%	$500.97	—	UNIT SER 1	46090E103
IWS	IS RUS MID VALU	886	$117K	0.0%	$125.33	—	RUS MDCP VAL ETF	464287473
—	HALOZYME THERAP	110,000	$109K	0.0%	$1.00	—	NOTE 0.250% 3/0	40637had1
SHY	ISHARES TRUST 1-3	1,286	$107K	0.0%	$82.73	—	1 3 YR TREAS BD	464287457
RSP	INVESCO S&P 500	560	$102K	0.0%	$181.74	—	S&P 500 EQL WGT	46137V357