Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
AEM	AGNICO-EAGLE	122,357	$20.62M	6.6%	$168.56 *	$55.40	+147.0%	COM	008474108
MET	METLIFE INC	165,682	$13.65M	4.3%	$82.37 *	$30.83	+152.8%	COM	59156R108
CTO	CTO REALTY GRW	664,979	$10.84M	3.5%	$16.30	$17.36	—	COM	22948Q101
TSBK	TIMBERLAND BANC	291,802	$9.711M	3.1%	$33.28 *	$14.24	+128.5%	COM	887098101
EXSR	EXCHANGE BANK	76,154	$8.682M	2.8%	$114.00 *	$113.44	-4.7%	COM	301227203
FBIZ	FIRST BUSINESS	155,493	$7.971M	2.5%	$51.26	$21.70	+132.4%	COM	319390100
SHEL	SHELL PLC	110,626	$7.913M	2.5%	$71.53	$55.86	—	SPON ADS	780259305
SBFG	SB FINANCIAL	391,683	$7.556M	2.4%	$19.29 *	$17.48	+16.3%	COM	78408D105
—	PPL CAPITAL	6,315,000	$7.209M	2.3%	$1.14	$1.06	—	NOTE 2.875% 3/1	69352pas2
FENY	FIDELITY CVNGTN	271,219	$6.705M	2.1%	$24.72	$21.39	—	MSCI ENERGY IDX	316092402
PKBK	PARKE BANCORP	310,657	$6.695M	2.1%	$21.55	$15.42	+38.6%	COM	700885106
BG	BUNGE LIMITED	80,368	$6.53M	2.1%	$81.25 *	$98.10	-19.3%	COM SHS	H11356104
PFE	PFIZER INC	253,493	$6.459M	2.1%	$25.48 *	$27.13	-11.0%	COM	717081103
ET	ENERGY TRANSFER	361,397	$6.202M	2.0%	$17.16	$9.59	—	COM UT LTD PTN	29273V100
—	INNOVIVA INC	6,375,000	$6.187M	2.0%	$0.97	$0.96	—	NOTE 2.125% 3/1	45781mad3
—	JAZZ INVEST	5,720,000	$6.072M	1.9%	$1.06	$1.00	—	NOTE 2.000% 6/1	472145af8
VICI	VICI PRPTY	166,835	$5.44M	1.7%	$32.61	$25.78	+24.4%	COM	925652109
—	KIMCO REALTY	90,465	$5.385M	1.7%	$59.53	$61.40	—	DP CV CL N 7.25%	49446r687
BMBN	BENCHMARK BANK	170,282	$5.194M	1.7%	$30.50	$15.27	+95.7%	COM	08160E207
MRK	MERCK&CO INC	58,232	$4.887M	1.6%	$83.93 *	$61.63	+31.4%	COM	58933Y105
LFGP	LEDYARD FINAN	337,321	$4.722M	1.5%	$14.00	$24.56	-43.2%	COM	523338101
FXNC	FIRST NATL VA	202,716	$4.598M	1.5%	$22.68 *	$17.09	+28.6%	COM	32106V107
VTRS	VIATRIS INC	463,972	$4.593M	1.5%	$9.90 *	$10.69	-10.6%	COM	92556V106
VZ	VERIZON COMM	103,726	$4.559M	1.5%	$43.95 *	$38.52	+10.3%	COM	92343V104
PTBS	POTOMAC BANC	230,220	$4.34M	1.4%	$18.85 *	$14.26	+22.0%	COM	737643106
BORT	BANK BOTETOURT	110,284	$4.301M	1.4%	$39.00 *	$23.98	+50.8%	COM	063907208
—	PROGRESS SOFTWARE	4,165,000	$4.184M	1.3%	$1.00	$1.02	—	NOTE 3.500% 3/0	743312ad2
WY	WEYERHAEUSER	164,410	$4.076M	1.3%	$24.79	$22.79	+10.5%	COM NEW	962166104
—	FLAGSTAR FNCL	97,812	$3.899M	1.2%	$39.86	$38.72	—	UNIT 05/07/2051	64944p307
CPKF	CHESPKE FINAN	178,906	$3.873M	1.2%	$21.65	$19.65	+8.8%	COM	16517A109
—	SIRIUS XM HLDNGS	3,533,000	$3.683M	1.2%	$1.04	$1.04	—	NOTE 3.750% 3/1	531229ap7
FMBM	F&M BANK CORP	135,864	$3.519M	1.1%	$25.90 *	$22.87	+0.6%	COM	30237P106
APLE	APPLE HOPTLY	287,270	$3.45M	1.1%	$12.01	$14.94	—	COM NEW	03784Y200
CWBC	CMNTY WST BANC	162,152	$3.379M	1.1%	$20.84 *	$19.27	+5.5%	COM	203937107
XRN	GLOBAL MEDICAL	99,453	$3.353M	1.1%	$33.71	$33.71	—	COM NEW	37954A303
CSBB	CSB BANCORP	67,000	$3.317M	1.1%	$49.50 *	$35.09	+26.8%	COM	12628R107
ALRS	ALERUS FINAN	148,000	$3.277M	1.0%	$22.14	$20.65	+5.4%	COM	01446U103
ENR	ENERGIZER HLDNG	126,908	$3.159M	1.0%	$24.89	$27.62	-8.7%	COM	29272W109
—	LIBERTY MEDIA	2,350,000	$3.116M	1.0%	$1.33	$1.10	—	NOTE 2.250% 8/1	531229aq5
MFGI	MERCHANTS FINL	111,900	$3.01M	1.0%	$26.90 *	$24.14	+4.2%	COM	588538108
HCI	HCI GROUP INC	15,292	$2.935M	0.9%	$191.93 *	$153.53	+3.1%	COM	40416E103
MOAT	VE WIDE MOAT	28,028	$2.778M	0.9%	$99.11	$82.61	—	MRNGSTR WDE MOAT	92189F643
—	LXP INDUSTRIAL	289,089	$2.59M	0.8%	$8.96	$10.88	—	COM	529043101
SFL	SFL CORP LTD	343,792	$2.589M	0.8%	$7.53 *	$10.71	-19.6%	SHS	G7738W106
ACI	ALBERTSONS COS	147,737	$2.587M	0.8%	$17.51 *	$19.33	-0.4%	COM	013091103
AIG	AMERICAN INTL	32,800	$2.576M	0.8%	$78.54	$29.33	+169.7%	COM NEW	026874784
ABCB	AMERIS BANCORP	34,459	$2.526M	0.8%	$73.31 *	$35.05	+99.8%	COM	03076K108
—	DUKE ENERGY	2,145,000	$2.303M	0.7%	$1.07	$1.06	—	NOTE 4.125% 4/1	26441cby0
—	FORD MOTOR CO	2,270,000	$2.301M	0.7%	$1.01	$0.98	—	NOTE 3/1	345370cz1
FCCO	FIRST CMNTY SC	76,500	$2.159M	0.7%	$28.22 *	$15.93	+63.8%	COM	319835104
FSBH	FSBH CORP	210,000	$2.1M	0.7%	$10.00 *	$8.82	+3.0%	COM	30325F101
—	EPR PRPTY	81,995	$2.085M	0.7%	$25.43	$21.19	—	PDF C CV 5.75%	26884U208
CNH	CNH INDUSTRIAL	173,063	$1.878M	0.6%	$10.85 *	$10.71	+14.0%	SHS	N20944109
T	AT&T INC	64,856	$1.832M	0.6%	$28.24	$15.60	+79.9%	COM	00206R102
GDX	VE GOLD MINERS	23,657	$1.807M	0.6%	$76.40	$31.08	—	GOLD MINERS ETF	92189F106
—	ETSY INC BOND	1,940,000	$1.784M	0.6%	$0.92	$0.86	—	NOTE 0.125% 9/0	29786aal0
—	AMPHASTAR PHARMA	1,965,000	$1.781M	0.6%	$0.91	$0.88	—	NOTE 2.000% 3/1	03209rab9
—	NORTHERN OIL	1,610,000	$1.612M	0.5%	$1.00	$1.00	—	NOTE 3.625% 4/1	665531aj8
—	AIRBNB INC BOND	1,630,000	$1.593M	0.5%	$0.98	$0.95	—	NOTE 3/1	009066ab7
—	PACIRA BIOSCIENCE	1,495,000	$1.515M	0.5%	$1.01	$1.01	—	NOTE 2.125% 5/1	695127aj9
TSN	TYSON FOODS	27,251	$1.48M	0.5%	$54.30	$71.38	-23.8%	CL A	902494103
—	LCI INDS CONV	1,482,000	$1.418M	0.5%	$0.96	$1.01	—	NOTE 1.125% 5/1	501812ab7
PFIS	PEOPLES FIN SERV	27,948	$1.359M	0.4%	$48.61 *	$42.92	+16.7%	COM	711040105
SLB	SCHLUMBERGER	38,952	$1.339M	0.4%	$34.37	$36.80	-6.7%	COM STK	806857108
VOO	VGRD S&P 500	2,152	$1.318M	0.4%	$612.32	$495.07	—	S&P 500 ETF SHS	922908363
FISI	FINANCIAL INST	48,328	$1.315M	0.4%	$27.20 *	$21.21	+23.4%	COM	317585404
BANC	BANC CALIFORNIA	78,750	$1.303M	0.4%	$16.55 *	$12.35	+25.6%	COM	05990K106
SOBS	SOLVAY BANK	40,065	$1.182M	0.4%	$29.50 *	$25.07	+12.2%	COM	83441Q105
—	HAEMONETICS CORP	1,160,000	$1.07M	0.3%	$0.92	$0.92	—	NOTE 2.500% 6/0	405024ad2
—	ALLIANT ENERGY	965,000	$1.038M	0.3%	$1.08	$1.04	—	NOTE 3.875% 3/1	018802ac2
—	STARWOOD PPTY	935,000	$988K	0.3%	$1.06	$1.07	—	NOTE 6.750% 7/1	85571bba2
—	WESTERN OPP FUND	103,892	$924K	0.3%	$8.89	$8.56	—	COM	95766R104
—	MICROSOFT CORP	1,699	$880K	0.3%	$517.95	—	—	Put	594918954
MSFT	MICROSOFT CORP	1,699	$880K	0.3%	$517.95	$331.15	+53.6%	COM	594918104
—	INVESCO MUNI	86,117	$872K	0.3%	$10.12	$12.49	—	COM	46131M106
ORCL	ORACLE CORP	3,000	$844K	0.3%	$281.24 *	$175.85	+44.5%	COM	68389X105
SPLV	SPDR PORT SP 500	10,150	$795K	0.3%	$78.34	$78.34	—	S&P500 LOW VOL	46138E354
CZBT	CITIZENS BANC VA	24,550	$782K	0.2%	$31.85 *	$24.65	+22.9%	COM	17316V104
—	VISHAY INTERT	850,000	$772K	0.2%	$0.91	$0.89	—	NOTE 2.250% 9/1	928298ar9
HWC	HANCOCK WHITNEY	10,898	$682K	0.2%	$62.61 *	$39.81	+53.9%	COM	410120109
—	GUESS INC	680,000	$673K	0.2%	$0.99	$0.95	—	NOTE 3.750% 4/1	401617af2
BRK/B	BERKSHIRE HATHA	1,330	$669K	0.2%	$502.74 *	$290.80	+66.6%	CL B NEW	084670702
MTB	M&T BANK CORP	3,238	$640K	0.2%	$197.64	$149.80	+29.3%	COM	55261F104
ES	EVERSOURCE	8,747	$622K	0.2%	$71.14 *	$59.90	+7.2%	COM	30040W108
IFF	INTL FLAVORS	9,801	$603K	0.2%	$61.54 *	$129.90	-47.8%	COM	459506101
—	SOUTHSTATE CORP	5,688	$562K	0.2%	$98.86	$47.61	—	COM	840441109
—	WINNEBAGO INDS	570,000	$509K	0.2%	$0.89	$0.89	—	NOTE 3.250% 1/1	974637af7
IUSV	IS S&P US VALUE	4,550	$455K	0.1%	$99.95	$66.86	—	CORE S&P US VLU	464287663
IAT	ISHARES US REGIO	8,600	$452K	0.1%	$52.53	$52.53	—	US RGNL BKS ETF	464288778
ABBV	ABBVIE INC	1,915	$443K	0.1%	$231.54 *	$137.16	+47.2%	COM	00287Y109
AGI	ALAMOS GOLD	11,582	$404K	0.1%	$34.86 *	$23.74	+20.4%	COM CL A	011532108
QABA	FT NAS CMTY BNK	6,976	$392K	0.1%	$56.15	$50.38	—	UT COM SHS ETF	33736Q104
JPM	JPMORGAN CHASE	1,188	$375K	0.1%	$315.43 *	$209.39	+41.3%	COM	46625H100
BBT	BEACON FINANCIAL	14,957	$355K	0.1%	$23.71 *	$24.98	0.0%	COM	084680107
KR	KROGER CO COM	5,162	$348K	0.1%	$67.41 *	$44.28	+56.0%	COM	501044101
CLVT	CLARIVATE PLC	87,588	$335K	0.1%	$3.83 *	$6.38	-34.2%	ORD SHS	G21810109
SPY	SPDR S&P 500	502	$334K	0.1%	$666.05	$410.84	—	TR UNIT	78462F103
SBCF	SEACOAST BANKIN	10,826	$329K	0.1%	$30.43 *	$24.92	+19.0%	COM NEW	811707801
GOOGL	ALPHABET INC	1,285	$312K	0.1%	$243.10 *	$175.15	+19.4%	CAP STK CL A	02079K305
—	PEBBLEBRK HOTEL	300,000	$296K	0.1%	$0.99	$0.92	—	NOTE 1.750% 12/1	70509vaa8
SKE	SKEENA	14,500	$267K	0.1%	$18.43 *	$13.64	+20.0%	COM	83056P715
FBTC	FIDELITY WISEBTC	2,555	$255K	0.1%	$99.81	$93.99	—	SHS	315948109
AMZN	AMAZON.COM	1,152	$253K	0.1%	$219.57 *	$166.47	+36.0%	COM	023135106
QQQ	INV QQQ TRUST	359	$216K	0.1%	$600.72	$540.70	—	UNIT SER 1	46090E103
FRAF	FRANKLIN FINANC	4,400	$202K	0.1%	$46.00 *	$26.57	+59.8%	COM	353525108
—	ALBEMARLE CORP	5,125	$194K	0.1%	$37.88	$46.07	—	7.25% DEP SHS A	012653200
JCI	JOHNSON CONTROL	1,732	$190K	0.1%	$109.95 *	$59.80	+78.7%	SHS	G51502105
IBM	INTL BUS MACHINE	611	$172K	0.1%	$282.16 *	$172.56	+50.4%	COM	459200101
GLD	SPDR GOLD TRUST	456	$162K	0.1%	$355.47	$311.60	—	GOLD SHS	78463V107
EBMT	EAGLE BANCORP	9,000	$155K	0.0%	$17.27 *	$19.45	-14.2%	COM	26942G100
DUK	DUK ENRGY	1,219	$151K	0.0%	$123.75 *	$110.07	+8.8%	COM NEW	26441C204
XOM	EXXON MOBIL	1,293	$146K	0.0%	$112.75 *	$111.41	-1.5%	COM	30231G102
TSM	TAIWAN SEMICOND	504	$141K	0.0%	$279.29	$226.49	—	SPONSORED ADS	874039100
SCHF	SCHWAB INTL EQUI	6,000	$140K	0.0%	$23.28	$27.05	—	INTL EQTY ETF	808524805
MOTG	VE GLBL WIDE MT	2,925	$132K	0.0%	$45.00	$42.46	—	MRNGSTR GBL WIDE	92189F122
HL	HECLA MINING CO	10,500	$127K	0.0%	$12.10 *	$8.03	0.0%	COM	422704106
—	HALOZYME THERAP	110,000	$126K	0.0%	$1.14	$1.00	—	NOTE 0.250% 3/0	40637had1
—	GREENBRIER COS	117,000	$125K	0.0%	$1.07	$1.10	—	NOTE 2.875% 4/1	393657am3
IWS	IS RUS MID VALU	886	$124K	0.0%	$139.67	$125.33	—	RUS MDCP VAL ETF	464287473
SO	SOUTHERN CO	1,184	$112K	0.0%	$94.77 *	$92.22	0.0%	COM	842587107
RSP	INVESCO S&P 500	560	$106K	0.0%	$189.70	$181.74	—	S&P 500 EQL WGT	46137V357
LOW	LOWE'S COS INC	420	$106K	0.0%	$251.31 *	$244.20	0.0%	COM	548661107
META	META PLATFORMS	141	$104K	0.0%	$734.38	$743.23	0.0%	CL A	30303M102
—	APPLE INC	290	$73,842	0.0%	$254.63	—	—	Put	037833950