Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AEM	AGNICO-EAGLE	120,114	$20.36M	5.9%	$55.40	+203.0%	COM	008474108
MET	METLIFE INC	166,126	$13.11M	3.8%	$30.83	+156.1%	COM	59156R108
CTO	CTO REALTY GRW	663,543	$12.22M	3.6%	$17.36	—	COM	22948Q101
TSBK	TIMBERLAND BANC	291,802	$10.45M	3.0%	$14.24	+134.5%	COM	887098101
EXSR	EXCHANGE BANK	76,041	$9.885M	2.9%	$113.44	+5.7%	COM	301227203
SBFG	SB FINANCIAL	390,982	$8.707M	2.5%	$17.48	+18.4%	COM	78408D105
FBIZ	FIRST BUSINESS	153,785	$8.351M	2.4%	$21.70	+138.8%	COM	319390100
SHEL	SHELL PLC	111,326	$8.18M	2.4%	$55.86	—	SPON ADS	780259305
PKBK	PARKE BANCORP	316,453	$7.924M	2.3%	$15.54	+43.9%	COM	700885106
BG	BUNGE LIMITED	79,920	$7.119M	2.1%	$98.10	-6.4%	COM SHS	H11356104
—	PPL CAPITAL	6,305,000	$6.92M	2.0%	$1.06	—	NOTE 2.875% 3/1	69352pas2
FENY	FIDELITY CVNGTN	275,160	$6.816M	2.0%	$21.44	—	MSCI ENERGY IDX	316092402
—	JAZZ INVEST	5,665,000	$6.549M	1.9%	$1.00	—	NOTE 2.000% 6/1	472145af8
—	INNOVIVA INC	6,375,000	$6.483M	1.9%	$0.96	—	NOTE 2.125% 3/1	45781mad3
PFE	PFIZER INC	249,731	$6.218M	1.8%	$27.13	-7.7%	COM	717081103
MRK	MERCK&CO INC	58,532	$6.161M	1.8%	$61.63	+51.3%	COM	58933Y105
ET	ENERGY TRANSFER	373,291	$6.156M	1.8%	$9.81	—	COM UT LTD PTN	29273V100
BMBN	BENCHMARK BANK	172,882	$5.752M	1.7%	$15.53	+106.8%	COM	08160E207
VTRS	VIATRIS INC	457,572	$5.697M	1.7%	$10.69	+0.3%	COM	92556V106
VZ	VERIZON COMM	137,744	$5.61M	1.6%	$39.01	+3.8%	COM	92343V104
—	KIMCO REALTY	89,993	$5.271M	1.5%	$61.40	—	DP CV CL N 7.25%	49446r687
VICI	VICI PRPTY	187,035	$5.259M	1.5%	$26.16	+12.0%	COM	925652109
XRN	GLOBAL MEDICAL	155,022	$5.23M	1.5%	$33.72	—	COM NEW	37954A303
FXNC	FIRST NATL VA	203,109	$5.126M	1.5%	$17.09	+38.4%	COM	32106V107
CPKF	CHESPKE FINAN	178,500	$5.043M	1.5%	$19.65	+25.3%	COM	16517A109
LFGP	LEDYARD FINAN	336,121	$5.032M	1.5%	$24.56	-41.3%	COM	523338101
—	PROGRESS SOFTWARE	4,945,000	$4.997M	1.5%	$1.02	—	NOTE 3.500% 3/0	743312ad2
—	SIRIUS XM HLDNGS	4,888,000	$4.908M	1.4%	$1.03	—	NOTE 3.750% 3/1	531229ap7
BORT	BANK BOTETOURT	111,034	$4.885M	1.4%	$23.98	+72.2%	COM	063907208
AAPL	APPLE INC	17,500	$4.758M	1.4%	—	—	Put	037833100
—	MICROSOFT CORP	90,000	$4.353M	1.3%	—	—	Put	594918954
PTBS	POTOMAC BANC	230,620	$4.236M	1.2%	$14.26	+27.9%	COM	737643106
MFGI	MERCHANTS FINL	125,850	$4.026M	1.2%	$24.60	+15.3%	COM	588538108
WY	WEYERHAEUSER	166,060	$3.934M	1.1%	$22.79	+0.9%	COM NEW	962166104
FMBM	F&M BANK CORP	135,864	$3.887M	1.1%	$22.87	+17.8%	COM	30237P106
CWBC	CMNTY WST BANC	162,829	$3.664M	1.1%	$19.27	+12.9%	COM	203937107
CSBB	CSB BANCORP	67,000	$3.618M	1.1%	$35.09	+43.8%	COM	12628R107
APLE	APPLE HOPTLY	290,270	$3.44M	1.0%	$14.91	—	COM NEW	03784Y200
—	FLAGSTAR FNCL	85,179	$3.411M	1.0%	$38.72	—	UNIT 05/07/2051	64944p307
FSBH	FSBH CORP	210,000	$3.255M	0.9%	$8.82	+43.7%	COM	30325F101
MOAT	VE WIDE MOAT	30,598	$3.169M	0.9%	$84.37	—	MRNGSTR WDE MOAT	92189F643
ALRS	ALERUS FINAN	138,000	$3.108M	0.9%	$20.65	+4.7%	COM	01446U103
—	LIBERTY MEDIA	2,350,000	$2.973M	0.9%	$1.10	—	NOTE 2.250% 8/1	531229aq5
HCI	HCI GROUP INC	15,293	$2.931M	0.9%	$153.53	+22.7%	COM	40416E103
AIG	AMERICAN INTL	32,800	$2.806M	0.8%	$29.33	+171.6%	COM NEW	026874784
—	NORTHERN OIL	2,810,000	$2.707M	0.8%	$0.99	—	NOTE 3.625% 4/1	665531aj8
—	LXP INDUSTRIAL	54,226	$2.689M	0.8%	$10.88	—	COM	529043101
SFL	SFL CORP LTD	334,392	$2.612M	0.8%	$10.71	-28.3%	SHS	G7738W106
ACI	ALBERTSONS COS	146,712	$2.519M	0.7%	$19.33	-8.7%	COM	013091103
ABCB	AMERIS BANCORP	33,459	$2.485M	0.7%	$35.05	+111.8%	COM	03076K108
ENR	ENERGIZER HLDNG	119,975	$2.386M	0.7%	$27.62	-23.0%	COM	29272W109
FCCO	FIRST CMNTY SC	76,500	$2.268M	0.7%	$15.93	+76.5%	COM	319835104
—	DUKE ENERGY	2,085,000	$2.148M	0.6%	$1.06	—	NOTE 4.125% 4/1	26441cby0
GDX	VE GOLD MINERS	23,387	$2.006M	0.6%	$31.08	—	GOLD MINERS ETF	92189F106
SLB	SCHLUMBERGER	49,452	$1.898M	0.6%	$36.65	-1.6%	COM STK	806857108
BBT	BEACON FINANCIAL	69,183	$1.824M	0.5%	$24.94	-0.0%	COM	084680107
—	EPR PRPTY	81,995	$1.819M	0.5%	$21.19	—	PDF C CV 5.75%	26884U208
—	AMPHASTAR PHARMA	1,965,000	$1.812M	0.5%	$0.88	—	NOTE 2.000% 3/1	03209rab9
—	ETSY INC BOND	1,905,000	$1.759M	0.5%	$0.86	—	NOTE 0.125% 9/0	29786aal0
—	FORD MOTOR CO	1,615,000	$1.677M	0.5%	$0.98	—	NOTE 3/1	345370cz1
VOO	VGRD S&P 500	2,655	$1.665M	0.5%	$520.07	—	S&P 500 ETF SHS	922908363
TSN	TYSON FOODS	27,107	$1.589M	0.5%	$71.38	-23.5%	CL A	902494103
—	AIRBNB INC BOND	1,600,000	$1.583M	0.5%	$0.95	—	NOTE 3/1	009066ab7
CNH	CNH INDUSTRIAL	170,563	$1.573M	0.5%	$10.71	-6.7%	SHS	N20944109
T	AT&T INC	62,356	$1.549M	0.5%	$15.60	+62.1%	COM	00206R102
FISI	FINANCIAL INST	49,428	$1.541M	0.4%	$21.39	+36.7%	COM	317585404
BANC	BANC CALIFORNIA	78,750	$1.519M	0.4%	$12.35	+44.6%	COM	05990K106
—	PACIRA BIOSCIENCE	1,495,000	$1.5M	0.4%	$1.01	—	NOTE 2.125% 5/1	695127aj9
—	LCI INDS CONV	1,482,000	$1.455M	0.4%	$1.01	—	NOTE 1.125% 5/1	501812ab7
PFIS	PEOPLES FIN SERV	28,748	$1.4M	0.4%	$43.06	+11.4%	COM	711040105
—	HAEMONETICS CORP	1,160,000	$1.201M	0.4%	$0.92	—	NOTE 2.500% 6/0	405024ad2
SOBS	SOLVAY BANK	37,665	$1.058M	0.3%	$25.07	+18.7%	COM	83441Q105
—	ALLIANT ENERGY	935,000	$971K	0.3%	$1.04	—	NOTE 3.875% 3/1	018802ac2
—	STARWOOD PPTY	935,000	$966K	0.3%	$1.07	—	NOTE 6.750% 7/1	85571bba2
—	INVESCO MUNI	86,117	$893K	0.3%	$12.49	—	COM	46131M106
—	WESTERN OPP FUND	103,892	$892K	0.3%	$8.56	—	COM	95766R104
CZBT	CITIZENS BANC VA	25,250	$850K	0.2%	$24.87	+31.8%	COM	17316V104
SPYM	SPDR PORT SP 500	9,995	$802K	0.2%	$80.22	—	SPDR SERIES TRUST	78464A854
MSFT	MICROSOFT CORP	1,646	$796K	0.2%	$331.15	+51.2%	COM	594918104
IAT	ISHARES US REGIO	14,000	$772K	0.2%	$53.54	—	US RGNL BKS ETF	464288778
—	VISHAY INTERT	850,000	$763K	0.2%	$0.89	—	NOTE 2.250% 9/1	928298ar9
HWC	HANCOCK WHITNEY	10,898	$694K	0.2%	$39.81	+52.6%	COM	410120109
BRK/B	BERKSHIRE HATHA	1,330	$669K	0.2%	$290.80	+71.1%	CL B NEW	084670702
NOG	NORTHERN OIL	30,900	$663K	0.2%	$22.43	0.0%	COM	665531307
MTB	M&T BANK CORP	3,238	$652K	0.2%	$149.80	+26.9%	COM	55261F104
IFF	INTL FLAVORS	9,593	$646K	0.2%	$129.90	-50.4%	COM	459506101
ORCL	ORACLE CORP	3,000	$585K	0.2%	$175.85	+35.4%	COM	68389X105
SSB	SOUTHSTATE CORP	5,723	$539K	0.2%	$91.84	0.0%	COM	84472E102
—	WINNEBAGO INDS	570,000	$534K	0.2%	$0.89	—	NOTE 3.250% 1/1	974637af7
QABA	FT NAS CMTY BNK	8,587	$487K	0.1%	$51.55	—	UT COM SHS ETF	33736Q104
IUSV	IS S&P US VALUE	4,550	$467K	0.1%	$66.86	—	CORE S&P US VLU	464287663
ES	EVERSOURCE	6,747	$454K	0.1%	$59.90	+16.1%	COM	30040W108
AGI	ALAMOS GOLD	11,422	$441K	0.1%	$23.74	+46.8%	COM CL A	011532108
ABBV	ABBVIE INC	1,915	$438K	0.1%	$137.16	+65.9%	COM	00287Y109
JPM	JPMORGAN CHASE	1,188	$383K	0.1%	$209.39	+47.8%	COM	46625H100
GOOGL	ALPHABET INC	1,147	$359K	0.1%	$175.15	+63.1%	CAP STK CL A	02079K305
SBCF	SEACOAST BANKIN	10,826	$340K	0.1%	$24.92	+25.0%	COM NEW	811707801
SPY	SPDR S&P 500	493	$336K	0.1%	$410.84	—	TR UNIT	78462F103
SKE	SKEENA	13,805	$328K	0.1%	$13.64	+44.6%	COM	83056P715
KR	KROGER CO COM	5,155	$322K	0.1%	$44.28	+47.3%	COM	501044101
—	ALBEMARLE CORP	5,125	$304K	0.1%	$46.07	—	7.25% DEP SHS A	012653200
—	PEBBLEBRK HOTEL	300,000	$290K	0.1%	$0.92	—	NOTE 1.750% 12/1	70509vaa8
FFSM	FIDELITY FNDMNTL	8,085	$248K	0.1%	$30.69	—	FIDELITY COVINGTON TRUST	316092295
QQQ	INV QQQ TRUST	385	$237K	0.1%	$545.70	—	UNIT SER 1	46090E103
AMZN	AMAZON.COM	1,005	$232K	0.1%	$166.47	+37.4%	COM	023135106
FRAF	FRANKLIN FINANC	4,400	$221K	0.1%	$26.57	+83.4%	COM	353525108
HL	HECLA MINING CO	10,000	$192K	0.1%	$8.03	+90.3%	COM	422704106
JCI	JOHNSON CONTROL	1,550	$186K	0.1%	$59.80	+92.0%	SHS	G51502105
IBM	INTL BUS MACHINE	611	$181K	0.1%	$172.56	+73.1%	COM	459200101
GLD	SPDR GOLD TRUST	456	$181K	0.1%	$311.60	—	GOLD SHS	78463V107
EBMT	EAGLE BANCORP	9,000	$179K	0.1%	$19.45	-11.5%	COM	26942G100
XOM	EXXON MOBIL	1,293	$156K	0.0%	$111.41	+3.7%	COM	30231G102
TSM	TAIWAN SEMICOND	504	$153K	0.0%	$226.49	—	SPONSORED ADS	874039100
SLV	ISHARES SILVER	2,375	$153K	0.0%	$64.42	—	ISHARES	46428Q109
DUK	DUK ENRGY	1,183	$139K	0.0%	$110.07	+10.4%	COM NEW	26441C204
—	GREENBRIER COS	117,000	$126K	0.0%	$1.10	—	NOTE 2.875% 4/1	393657am3
—	HALOZYME THERAP	110,000	$119K	0.0%	$1.00	—	NOTE 0.250% 3/0	40637had1
GOOG	ALPHABET INC	375	$118K	0.0%	$286.33	0.0%	CAP STK CL C	02079K107
MOTG	VE GLBL WIDE MT	2,925	$113K	0.0%	$42.46	—	MRNGSTR GBL WIDE	92189F122
RSP	INVESCO S&P 500	560	$107K	0.0%	$181.74	—	S&P 500 EQL WGT	46137V357
LOW	LOWE'S COS INC	420	$101K	0.0%	$244.20	-1.8%	COM	548661107
B	BARRICK MNG	2,325	$101K	0.0%	$37.42	0.0%	COM SHS	06849F108