Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	LIBERTY MEDIA CORP DEL BOND	7,033,000	$8.068M	2.1%	$1.15	—	—	NOTE 3.750% 3/1	531229AP7
—	PROGRESS SOFTWARE CORP BOND	7,390,000	$7.085M	1.8%	$0.96	—	—	NOTE 3.500% 3/0	743312AD2
—	PPL CAPITAL FUNDING INC BOND	6,065,000	$6.893M	1.8%	$1.14	—	—	NOTE 2.875% 3/1	69352PAS2
—	INNOVIVA INC BOND	6,195,000	$6.643M	1.7%	$1.07	—	—	NOTE 2.125% 3/1	45781MAD3
—	KIMCO REALTY CORP PFD	87,693	$5.476M	1.4%	$62.45	—	—	DP CV CL N 7.25%	49446R687
—	NORTHERN OIL&GAS INC BOND	5,265,000	$5.04M	1.3%	$0.96	—	—	NOTE 3.625% 4/1	665531AJ8
—	LIBERTY MEDIA CORP DEL BOND	2,220,000	$2.756M	0.7%	$1.24	—	—	NOTE 2.250% 8/1	531229AQ5
—	FLAGSTAR BANK	53,868	$2.21M	0.6%	$41.03	—	—	UNIT 05/07/2051	64944P307
—	WINNEBAGO INDS INC BOND	2,310,000	$2.15M	0.6%	$0.93	—	—	NOTE 3.250% 1/1	974637AF7
—	SPECTRUM BRANDS INC BOND	1,965,000	$2.044M	0.5%	$1.04	—	—	NOTE 3.375% 6/0	84762LAZ8
—	ALPHABET INC DEP SHS RP1/20 B PFD	37,775	$1.9M	0.5%	$50.30	—	—	DEP SHS RP1/20 B	02079K602
—	CHEESECAKE FACTORY INC BOND	1,455,000	$1.854M	0.5%	$1.27	—	—	NOTE 2.000% 3/1	163072AC5
—	HAEMONETICS CORP MASS BOND	1,725,000	$1.744M	0.5%	$1.01	—	—	NOTE 2.500% 6/0	405024AD2
—	ETSY INC BOND	1,805,000	$1.708M	0.4%	$0.95	—	—	NOTE 0.125% 9/0	29786AAL0
—	WEC ENERGY GROUP INC BOND	1,500,000	$1.558M	0.4%	$1.04	—	—	NOTE 3.375% 6/0	92939UAT3
—	GUIDEWIRE SOFTWARE INC BOND	1,595,000	$1.532M	0.4%	$0.96	—	—	NOTE 1.250%11/0	40171VAC4
—	VISHAY INTERTECHNOLOGY INC BOND	735,000	$1.459M	0.4%	$1.99	—	—	NOTE 2.250% 9/1	928298AR9
—	PACIRA BIOSCIENCES INC BOND	1,435,000	$1.431M	0.4%	$1.00	—	—	NOTE 2.125% 5/1	695127AJ9
VT	VANGUARD INTL EQUITY INDEX FDS TT WRLD ST	6,135	$963K	0.3%	$156.95	—	—	TT WRLD ST ETF	922042742
—	AMPHASTAR PHARMACEUTICALS INC BOND	835,000	$758K	0.2%	$0.91	—	—	NOTE 2.000% 3/1	03209RAB9
—	STARWOOD PPTY TR INC BOND	245,000	$250K	0.1%	$1.02	—	—	NOTE 6.750% 7/1	85571BBA2
AAPL	APPLE INC	787	$228K	0.1%	$289.36	—	—	COM	037833100
—	SWISS HELVETIA FUND INC	35,921	$213K	0.1%	$5.94	—	—	COM	870875101
—	GREENBRIER COS INC BOND	117,000	$134K	0.0%	$1.14	—	—	NOTE 2.875% 4/1	393657AM3
JHX	JAMES HARDIE INDUSTRIES PLC COM EUR0.59	5,075	$133K	0.0%	$26.18	—	—	ORD SHS	G4253H101
—	HALOZYME THERAPEUTICS INC BOND	110,000	$122K	0.0%	$1.11	—	—	NOTE 0.250% 3/0	40637HAD1
LNG	CHENIERE ENERGY INC COM USD0.003	505	$121K	0.0%	$239.01	—	—	COM NEW	16411R208
DVN	DEVON ENERGY CORP NEW	2,785	$115K	0.0%	$41.32	—	—	COM	25179M103
XLK	SELECT SECTOR SPDR TRUST STATE STREET	600	$114K	0.0%	$190.52	—	—	ST STR TECHN ETF	81369Y803
OXY	OCCIDENTAL PETE CORP COM	2,325	$113K	0.0%	$48.57	—	—	COM	674599105
IWS	ISHARES RUSSELL MID-CAP VALUE ETF	684	$113K	0.0%	$164.60	—	—	RUS MDCP VAL ETF	464287473
TEX	TEREX CORP	1,485	$107K	0.0%	$72.39	—	—	COM	880779103
AGCO	AGCO CORP COM USD0.01	885	$106K	0.0%	$119.70	—	—	COM	001084102
RSP	INVESCO EXCHANGE TRADED FD TR S&P500 EQL	474	$101K	0.0%	$212.77	—	—	S&P500 EQL WGT	46137V357

Increased Positions (26)

— BANK AMERICA CORP CNV PFD L 1.6%

Value $6.153M (+53.9%) Shares 4,905 (+46.2%) Share Price $1254.50 Est. Cost/Share — Unrealized @ Report Date —

NOG NORTHERN OIL&GAS INC COM 1.1%

Value $4.064M (+88.9%) Shares 223,884 (+204.2%) Share Price $18.15 Est. Cost/Share — Unrealized @ Report Date —

BMBN BENCHMARK BANKSHARES INC 1.9%

Value $7.443M (+18.6%) Shares 179,382 (+3.6%) Share Price $41.49 Est. Cost/Share — Unrealized @ Report Date —

XRN CHIRON REAL ESTATE INC COMMON STOCK 1.8%

Value $6.76M (+18.7%) Shares 180,161 (+4.6%) Share Price $37.52 Est. Cost/Share — Unrealized @ Report Date —

VZ VERIZON COMMUNICATIONS INC 1.6%

Value $6.149M (-13.3%) Shares 145,238 (+2.7%) Share Price $42.34 Est. Cost/Share — Unrealized @ Report Date —

ENR ENERGIZER HLDGS INC NEW COM 0.9%

Value $3.403M (+38.3%) Shares 158,733 (+5.9%) Share Price $21.44 Est. Cost/Share — Unrealized @ Report Date —

MFGI MERCHANTS FINL GROUP INC COM 1.4%

Value $5.234M (+17.6%) Shares 132,830 (+4.6%) Share Price $39.40 Est. Cost/Share — Unrealized @ Report Date —

BBT BEACON FINANCIAL CORP. COM 0.8%

Value $2.963M (+27.9%) Shares 97,306 (+26.0%) Share Price $30.45 Est. Cost/Share — Unrealized @ Report Date —

VOO VANGUARD INDEX FUNDS S&P 500 ETF USD 0.6%

Value $2.377M (+25.2%) Shares 3,462 (+9.0%) Share Price $686.73 Est. Cost/Share — Unrealized @ Report Date —

LFGP LEDYARD FINANCIAL GROUP INC COM USD1.00 1.6%

Value $6.12M (+7.0%) Shares 343,621 (+2.4%) Share Price $17.81 Est. Cost/Share — Unrealized @ Report Date —

MOAT VANECK ETF TRUST MRNGSTR WDE MOAT 1.0%

Value $3.899M (+9.7%) Shares 37,508 (+2.1%) Share Price $103.96 Est. Cost/Share — Unrealized @ Report Date —

AGI ALAMOS GOLD INC COM 0.2%

Value $786K (+63.4%) Shares 25,897 (+139.3%) Share Price $30.34 Est. Cost/Share — Unrealized @ Report Date —

WY WEYERHAEUSER CO MTN BE COM NEW 1.2%

Value $4.546M (+6.9%) Shares 189,903 (+9.1%) Share Price $23.94 Est. Cost/Share — Unrealized @ Report Date —

GDX VANECK ETF TR VANECK GOLD MINERS ETF 0.5%

Value $1.746M (-13.9%) Shares 23,142 (+4.7%) Share Price $75.45 Est. Cost/Share — Unrealized @ Report Date —

BANC BANC OF CALIFORNIA INC COM 0.4%

Value $1.646M (+17.7%) Shares 80,550 (+1.3%) Share Price $20.43 Est. Cost/Share — Unrealized @ Report Date —

T AT&T INC COM USD1 0.5%

Value $2.035M (+12.8%) Shares 98,318 (+57.9%) Share Price $20.70 Est. Cost/Share — Unrealized @ Report Date —

SLB SLB LIMITED TRADING 0.6%

Value $2.375M (-5.8%) Shares 51,074 (+4.1%) Share Price $46.49 Est. Cost/Share — Unrealized @ Report Date —

GLD SPDR GOLD TR GOLD SHS 0.1%

Value $310K (+58.1%) Shares 842 (+84.6%) Share Price $368.38 Est. Cost/Share — Unrealized @ Report Date —

KR KROGER CO COM USD1.00 0.1%

Value $278K (-22.5%) Shares 5,005 (+1.0%) Share Price $55.53 Est. Cost/Share — Unrealized @ Report Date —

TSM TAIWAN SEMICONDUCTOR MANUFACTURING 0.1%

Value $220K (+43.3%) Shares 461 (+1.3%) Share Price $477.88 Est. Cost/Share — Unrealized @ Report Date —

SSB SOUTHSTATE BK CORP COM 0.2%

Value $588K (+10.5%) Shares 5,890 (+2.3%) Share Price $99.90 Est. Cost/Share — Unrealized @ Report Date —

ACI ALBERTSONS COS INC COMMON STOCK 0.7%

Value $2.506M (-1.8%) Shares 185,187 (+23.7%) Share Price $13.53 Est. Cost/Share — Unrealized @ Report Date —

— WESTERN AST INFL LKD OPP&INM COM 0.2%

Value $941K (+4.8%) Shares 111,992 (+5.6%) Share Price $8.40 Est. Cost/Share — Unrealized @ Report Date —

XOM EXXON MOBIL CORP COM 0.0%

Value $179K (-18.4%) Shares 1,309 (+1.2%) Share Price $136.72 Est. Cost/Share — Unrealized @ Report Date —

MSFT MICROSOFT CORP 0.2%

Value $623K (+2.3%) Shares 1,671 (+1.5%) Share Price $372.96 Est. Cost/Share — Unrealized @ Report Date —

LOW LOWES COMPANIES INC COM USD0.50 0.0%

Value $106K (-5.5%) Shares 479 (+1.3%) Share Price $220.49 Est. Cost/Share — Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	BANK AMERICA CORP CNV PFD L	4,905 (+46.2%)	$6.153M (+53.9%)	1.6%	$1254.50	—	—	7.25%CNV PFD L	060505682
NOG	NORTHERN OIL&GAS INC COM	223,884 (+204.2%)	$4.064M (+88.9%)	1.1%	$18.15	—	—	COM	665531307
BMBN	BENCHMARK BANKSHARES INC	179,382 (+3.6%)	$7.443M (+18.6%)	1.9%	$41.49	—	—	COM	08160E207
XRN	CHIRON REAL ESTATE INC COMMON STOCK	180,161 (+4.6%)	$6.76M (+18.7%)	1.8%	$37.52	—	—	COM NEW	37954A303
VZ	VERIZON COMMUNICATIONS INC	145,238 (+2.7%)	$6.149M (-13.3%)	1.6%	$42.34	—	—	COM	92343V104
ENR	ENERGIZER HLDGS INC NEW COM	158,733 (+5.9%)	$3.403M (+38.3%)	0.9%	$21.44	—	—	COM	29272W109
MFGI	MERCHANTS FINL GROUP INC COM	132,830 (+4.6%)	$5.234M (+17.6%)	1.4%	$39.40	—	—	COM	588538108
BBT	BEACON FINANCIAL CORP. COM	97,306 (+26.0%)	$2.963M (+27.9%)	0.8%	$30.45	—	—	COM	084680107
VOO	VANGUARD INDEX FUNDS S&P 500 ETF USD	3,462 (+9.0%)	$2.377M (+25.2%)	0.6%	$686.73	—	—	S&P 500 ETF SHS	922908363
LFGP	LEDYARD FINANCIAL GROUP INC COM USD1.00	343,621 (+2.4%)	$6.12M (+7.0%)	1.6%	$17.81	—	—	COM	523338101
MOAT	VANECK ETF TRUST MRNGSTR WDE MOAT	37,508 (+2.1%)	$3.899M (+9.7%)	1.0%	$103.96	—	—	MRNGSTR WDE MOAT	92189F643
AGI	ALAMOS GOLD INC COM	25,897 (+139.3%)	$786K (+63.4%)	0.2%	$30.34	—	—	COM CLA	011532108
WY	WEYERHAEUSER CO MTN BE COM NEW	189,903 (+9.1%)	$4.546M (+6.9%)	1.2%	$23.94	—	—	COM NEW	962166104
GDX	VANECK ETF TR VANECK GOLD MINERS ETF	23,142 (+4.7%)	$1.746M (-13.9%)	0.5%	$75.45	—	—	GOLD MINERS ETF	92189F106
BANC	BANC OF CALIFORNIA INC COM	80,550 (+1.3%)	$1.646M (+17.7%)	0.4%	$20.43	—	—	COM	05990K106
T	AT&T INC COM USD1	98,318 (+57.9%)	$2.035M (+12.8%)	0.5%	$20.70	—	—	COM	00206R102
SLB	SLB LIMITED TRADING	51,074 (+4.1%)	$2.375M (-5.8%)	0.6%	$46.49	—	—	COM STK	806857108
GLD	SPDR GOLD TR GOLD SHS	842 (+84.6%)	$310K (+58.1%)	0.1%	$368.38	—	—	GOLD SHS	78463V107
KR	KROGER CO COM USD1.00	5,005 (+1.0%)	$278K (-22.5%)	0.1%	$55.53	—	—	COM	501044101
TSM	TAIWAN SEMICONDUCTOR MANUFACTURING	461 (+1.3%)	$220K (+43.3%)	0.1%	$477.88	—	—	SPONSORED ADS	874039100
SSB	SOUTHSTATE BK CORP COM	5,890 (+2.3%)	$588K (+10.5%)	0.2%	$99.90	—	—	COM	84472E102
ACI	ALBERTSONS COS INC COMMON STOCK	185,187 (+23.7%)	$2.506M (-1.8%)	0.7%	$13.53	—	—	COM	013091103
—	WESTERN AST INFL LKD OPP&INM COM	111,992 (+5.6%)	$941K (+4.8%)	0.2%	$8.40	—	—	COM	95766R104
XOM	EXXON MOBIL CORP COM	1,309 (+1.2%)	$179K (-18.4%)	0.0%	$136.72	—	—	COM	30231G102
MSFT	MICROSOFT CORP	1,671 (+1.5%)	$623K (+2.3%)	0.2%	$372.96	—	—	COM	594918104
LOW	LOWES COMPANIES INC COM USD0.50	479 (+1.3%)	$106K (-5.5%)	0.0%	$220.49	—	—	COM	548661107

Exited Positions (26)

— SIRIUS XM HLDNGS 1.9%

Value $7.497M Shares 7,223,000 Share Price $1.04 Est. Cost/Share — Unrealized @ Report Date —

— PPL CAPITAL 1.9%

Value $7.275M Shares 6,210,000 Share Price $1.17 Est. Cost/Share — Unrealized @ Report Date —

— INNOVIVA INC 1.8%

Value $6.818M Shares 6,320,000 Share Price $1.08 Est. Cost/Share — Unrealized @ Report Date —

— PROGRESS SOFTWARE 1.7%

Value $6.703M Shares 7,545,000 Share Price $0.89 Est. Cost/Share — Unrealized @ Report Date —

— KIMCO REALTY 1.4%

Value $5.374M Shares 89,943 Share Price $59.75 Est. Cost/Share — Unrealized @ Report Date —

AAPL APPLE INC 1.2%

Value $4.441M Shares 17,500 Share Price $253.79 Est. Cost/Share — Unrealized @ Report Date —

— NORTHERN OIL 1.1%

Value $4.332M Shares 3,950,000 Share Price $1.10 Est. Cost/Share — Unrealized @ Report Date —

— MICROSOFT CORP 0.9%

Value $3.332M Shares 9,000 Share Price $370.17 Est. Cost/Share — Unrealized @ Report Date —

— JAZZ INVEST 0.8%

Value $3.111M Shares 2,565,000 Share Price $1.21 Est. Cost/Share — Unrealized @ Report Date —

— LIBERTY MEDIA 0.7%

Value $2.653M Shares 2,300,000 Share Price $1.15 Est. Cost/Share — Unrealized @ Report Date —

— FLAGSTAR FNCL 0.6%

Value $2.174M Shares 56,093 Share Price $38.75 Est. Cost/Share — Unrealized @ Report Date —

— WINNEBAGO INDS 0.5%

Value $2.115M Shares 2,345,000 Share Price $0.90 Est. Cost/Share — Unrealized @ Report Date —

— AMPHASTAR PHARMA 0.5%

Value $1.753M Shares 1,940,000 Share Price $0.90 Est. Cost/Share — Unrealized @ Report Date —

— ETSY INC BOND 0.4%

Value $1.726M Shares 1,855,000 Share Price $0.93 Est. Cost/Share — Unrealized @ Report Date —

— HAEMONETICS CORP 0.4%

Value $1.666M Shares 1,750,000 Share Price $0.95 Est. Cost/Share — Unrealized @ Report Date —

— CHEESECAKE FACTORY INC 0.4%

Value $1.525M Shares 1,500,000 Share Price $1.02 Est. Cost/Share — Unrealized @ Report Date —

— LCI INDS CONV 0.4%

Value $1.433M Shares 1,442,000 Share Price $0.99 Est. Cost/Share — Unrealized @ Report Date —

— PACIRA BIOSCIENCE 0.4%

Value $1.421M Shares 1,475,000 Share Price $0.96 Est. Cost/Share — Unrealized @ Report Date —

— STARWOOD PPTY 0.2%

Value $925K Shares 910,000 Share Price $1.02 Est. Cost/Share — Unrealized @ Report Date —

— VISHAY INTERT 0.2%

Value $787K Shares 820,000 Share Price $0.96 Est. Cost/Share — Unrealized @ Report Date —

— PEBBLEBRK HOTEL 0.1%

Value $292K Shares 300,000 Share Price $0.97 Est. Cost/Share — Unrealized @ Report Date —

— GREENBRIER COS 0.0%

Value $135K Shares 117,000 Share Price $1.15 Est. Cost/Share — Unrealized @ Report Date —

— HALOZYME THERAP 0.0%

Value $114K Shares 110,000 Share Price $1.04 Est. Cost/Share — Unrealized @ Report Date —

MOTG VE GLBL WIDE MT 0.0%

Value $108K Shares 2,925 Share Price $37.06 Est. Cost/Share — Unrealized @ Report Date —

GOOG ALPHABET INC 0.0%

Value $108K Shares 375 Share Price $286.86 Est. Cost/Share — Unrealized @ Report Date —

JCI JOHNSON CONTROL 0.0%

Value $105K Shares 800 Share Price $130.95 Est. Cost/Share — Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	SIRIUS XM HLDNGS	7,223,000	$7.497M	1.9%	$1.04	—	—	—	531229ap7
—	PPL CAPITAL	6,210,000	$7.275M	1.9%	$1.17	—	—	—	69352pas2
—	INNOVIVA INC	6,320,000	$6.818M	1.8%	$1.08	—	—	—	45781mad3
—	PROGRESS SOFTWARE	7,545,000	$6.703M	1.7%	$0.89	—	—	—	743312ad2
—	KIMCO REALTY	89,943	$5.374M	1.4%	$59.75	—	—	—	49446r687
AAPL	APPLE INC	17,500	$4.441M	1.2%	$253.79	—	—	PUT	037833100
—	NORTHERN OIL	3,950,000	$4.332M	1.1%	$1.10	—	—	—	665531aj8
—	MICROSOFT CORP	9,000	$3.332M	0.9%	$370.17	—	—	PUT	594918954
—	JAZZ INVEST	2,565,000	$3.111M	0.8%	$1.21	—	—	—	472145af8
—	LIBERTY MEDIA	2,300,000	$2.653M	0.7%	$1.15	—	—	—	531229aq5
—	FLAGSTAR FNCL	56,093	$2.174M	0.6%	$38.75	—	—	—	64944p307
—	WINNEBAGO INDS	2,345,000	$2.115M	0.5%	$0.90	—	—	—	974637af7
—	AMPHASTAR PHARMA	1,940,000	$1.753M	0.5%	$0.90	—	—	—	03209rab9
—	ETSY INC BOND	1,855,000	$1.726M	0.4%	$0.93	—	—	—	29786aal0
—	HAEMONETICS CORP	1,750,000	$1.666M	0.4%	$0.95	—	—	—	405024ad2
—	CHEESECAKE FACTORY INC	1,500,000	$1.525M	0.4%	$1.02	—	—	—	163072ac5
—	LCI INDS CONV	1,442,000	$1.433M	0.4%	$0.99	—	—	—	501812ab7
—	PACIRA BIOSCIENCE	1,475,000	$1.421M	0.4%	$0.96	—	—	—	695127aj9
—	STARWOOD PPTY	910,000	$925K	0.2%	$1.02	—	—	—	85571bba2
—	VISHAY INTERT	820,000	$787K	0.2%	$0.96	—	—	—	928298ar9
—	PEBBLEBRK HOTEL	300,000	$292K	0.1%	$0.97	—	—	—	70509vaa8
—	GREENBRIER COS	117,000	$135K	0.0%	$1.15	—	—	—	393657am3
—	HALOZYME THERAP	110,000	$114K	0.0%	$1.04	—	—	—	40637had1
MOTG	VE GLBL WIDE MT	2,925	$108K	0.0%	$37.06	—	—	—	92189F122
GOOG	ALPHABET INC	375	$108K	0.0%	$286.86	—	—	—	02079K107
JCI	JOHNSON CONTROL	800	$105K	0.0%	$130.95	—	—	—	G51502105

Decreased Positions (29)

AEM AGNICO EAGLE MINES LTD COM 4.7%

Value $18.05M (-25.0%) Shares 116,334 (-1.9%) Share Price $155.13 Est. Cost/Share — Unrealized @ Report Date —

MET METLIFE INC COM USD0.01 3.8%

Value $14.51M (+16.8%) Shares 171,535 (-2.4%) Share Price $84.61 Est. Cost/Share — Unrealized @ Report Date —

CTO CTO RLTY GROWTH INC NEW COM 3.6%

Value $14.01M (+14.9%) Shares 651,274 (-1.2%) Share Price $21.51 Est. Cost/Share — Unrealized @ Report Date —

SHEL SHELL PLC SPON ADS EA REP 2 ORD SHS 2.2%

Value $8.48M (-17.6%) Shares 109,361 (-1.2%) Share Price $77.54 Est. Cost/Share — Unrealized @ Report Date —

BG BUNGE GLOBAL SA COM USD0.01 2.2%

Value $8.303M (-17.8%) Shares 77,792 (-2.0%) Share Price $106.73 Est. Cost/Share — Unrealized @ Report Date —

PKBK PARKE BANCORP INC COM STK USD0.10 2.7%

Value $10.42M (+15.5%) Shares 314,126 (-1.0%) Share Price $33.16 Est. Cost/Share — Unrealized @ Report Date —

EXSR EXCHANGE BK SANTA ROSA CALIF COM 3.2%

Value $12.36M (+12.1%) Shares 74,934 (-1.1%) Share Price $165.00 Est. Cost/Share — Unrealized @ Report Date —

TSBK TIMBERLAND BANCORP INC 3.3%

Value $12.78M (+11.3%) Shares 285,258 (-2.0%) Share Price $44.81 Est. Cost/Share — Unrealized @ Report Date —

PFE PFIZER INC 1.5%

Value $5.904M (-15.5%) Shares 245,185 (-1.4%) Share Price $24.08 Est. Cost/Share — Unrealized @ Report Date —

VTRS VIATRIS INC COM 1.8%

Value $7.12M (+15.5%) Shares 448,363 (-1.7%) Share Price $15.88 Est. Cost/Share — Unrealized @ Report Date —

ALRS ALERUS FINL CORP COM 1.1%

Value $4.18M (+29.2%) Shares 134,400 (-1.5%) Share Price $31.10 Est. Cost/Share — Unrealized @ Report Date —

FMBM F&M BK CORP CAP STK 1.3%

Value $4.891M (+18.1%) Shares 134,364 (-1.1%) Share Price $36.40 Est. Cost/Share — Unrealized @ Report Date —

ET ENERGY TRANSFER L P COM UT LTD PTN 1.7%

Value $6.615M (-9.1%) Shares 345,960 (-8.3%) Share Price $19.12 Est. Cost/Share — Unrealized @ Report Date —

ABCB AMERIS BANCORP 0.7%

Value $2.776M (+11.7%) Shares 30,759 (-3.5%) Share Price $90.26 Est. Cost/Share — Unrealized @ Report Date —

SFL SFL CORPORATION LTD COM USD0.01 0.9%

Value $3.287M (-7.9%) Shares 322,242 (-2.6%) Share Price $10.20 Est. Cost/Share — Unrealized @ Report Date —

HCI HCI GROUP INC 0.7%

Value $2.57M (+10.0%) Shares 14,662 (-2.9%) Share Price $175.25 Est. Cost/Share — Unrealized @ Report Date —

TSN TYSON FOODS INC 0.4%

Value $1.508M (-12.9%) Shares 26,340 (-2.5%) Share Price $57.25 Est. Cost/Share — Unrealized @ Report Date —

LXP LXP INDUSTRIAL TRUST COM 0.7%

Value $2.666M (+6.5%) Shares 49,487 (-8.6%) Share Price $53.88 Est. Cost/Share — Unrealized @ Report Date —

GOOGL ALPHABET INC CAP STK CL A 0.1%

Value $196K (-40.5%) Shares 549 (-52.1%) Share Price $357.37 Est. Cost/Share — Unrealized @ Report Date —

MTB M&T BANK CORP COM USD0.50 0.2%

Value $757K (+13.0%) Shares 3,179 (-1.8%) Share Price $238.03 Est. Cost/Share — Unrealized @ Report Date —

QABA FIRST TRUST NASDAQ ABA CBIF 0.2%

Value $664K (+11.7%) Shares 9,868 (-3.3%) Share Price $67.29 Est. Cost/Share — Unrealized @ Report Date —

MRK MERCK&CO. INC COM 1.8%

Value $7.076M (+0.7%) Shares 55,048 (-5.7%) Share Price $128.54 Est. Cost/Share — Unrealized @ Report Date —

CSBB CSB BANCORP 1.1%

Value $4.196M (+1.1%) Shares 58,284 (-12.4%) Share Price $72.00 Est. Cost/Share — Unrealized @ Report Date —

FFSM FIDELITY FUNDAMENTAL SMALL-MID CAP ETF 0.1%

Value $300K (+15.7%) Shares 7,860 (-3.3%) Share Price $38.21 Est. Cost/Share — Unrealized @ Report Date —

BRK/B BERKSHIRE HATHAWAY INC COM USD0.0033 CLASS 0.2%

Value $600K (-5.8%) Shares 1,200 (-9.8%) Share Price $500.39 Est. Cost/Share — Unrealized @ Report Date —

SPY STATE STREET SPDR S&P 500 ETF UNITS 0.1%

Value $334K (+6.8%) Shares 448 (-6.9%) Share Price $746.22 Est. Cost/Share — Unrealized @ Report Date —

ABBV ABBVIE INC COM USD0.01 0.1%

Value $410K (-1.6%) Shares 1,629 (-14.9%) Share Price $251.64 Est. Cost/Share — Unrealized @ Report Date —

ES EVERSOURCE ENERGY 0.1%

Value $300K (+1.9%) Shares 4,147 (-2.4%) Share Price $72.27 Est. Cost/Share — Unrealized @ Report Date —

IFF INTERNATIONAL FLAVORS&FRAGRANCES COM 0.2%

Value $683K (-0.3%) Shares 8,602 (-9.0%) Share Price $79.44 Est. Cost/Share — Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
AEM	AGNICO EAGLE MINES LTD COM	116,334 (-1.9%)	$18.05M (-25.0%)	4.7%	$155.13	—	—	COM	008474108
MET	METLIFE INC COM USD0.01	171,535 (-2.4%)	$14.51M (+16.8%)	3.8%	$84.61	—	—	COM	59156R108
CTO	CTO RLTY GROWTH INC NEW COM	651,274 (-1.2%)	$14.01M (+14.9%)	3.6%	$21.51	—	—	COM	22948Q101
SHEL	SHELL PLC SPON ADS EA REP 2 ORD SHS	109,361 (-1.2%)	$8.48M (-17.6%)	2.2%	$77.54	—	—	SPON ADS	780259305
BG	BUNGE GLOBAL SA COM USD0.01	77,792 (-2.0%)	$8.303M (-17.8%)	2.2%	$106.73	—	—	COM	H11356104
PKBK	PARKE BANCORP INC COM STK USD0.10	314,126 (-1.0%)	$10.42M (+15.5%)	2.7%	$33.16	—	—	COM	700885106
EXSR	EXCHANGE BK SANTA ROSA CALIF COM	74,934 (-1.1%)	$12.36M (+12.1%)	3.2%	$165.00	—	—	COM	301227203
TSBK	TIMBERLAND BANCORP INC	285,258 (-2.0%)	$12.78M (+11.3%)	3.3%	$44.81	—	—	COM	887098101
PFE	PFIZER INC	245,185 (-1.4%)	$5.904M (-15.5%)	1.5%	$24.08	—	—	COM	717081103
VTRS	VIATRIS INC COM	448,363 (-1.7%)	$7.12M (+15.5%)	1.8%	$15.88	—	—	COM	92556V106
ALRS	ALERUS FINL CORP COM	134,400 (-1.5%)	$4.18M (+29.2%)	1.1%	$31.10	—	—	COM	01446U103
FMBM	F&M BK CORP CAP STK	134,364 (-1.1%)	$4.891M (+18.1%)	1.3%	$36.40	—	—	COM	30237P106
ET	ENERGY TRANSFER L P COM UT LTD PTN	345,960 (-8.3%)	$6.615M (-9.1%)	1.7%	$19.12	—	—	COM UT LTD PTN	29273V100
ABCB	AMERIS BANCORP	30,759 (-3.5%)	$2.776M (+11.7%)	0.7%	$90.26	—	—	COM	03076K108
SFL	SFL CORPORATION LTD COM USD0.01	322,242 (-2.6%)	$3.287M (-7.9%)	0.9%	$10.20	—	—	SHS	G7738W106
HCI	HCI GROUP INC	14,662 (-2.9%)	$2.57M (+10.0%)	0.7%	$175.25	—	—	COM	40416E103
TSN	TYSON FOODS INC	26,340 (-2.5%)	$1.508M (-12.9%)	0.4%	$57.25	—	—	CL A	902494103
LXP	LXP INDUSTRIAL TRUST COM	49,487 (-8.6%)	$2.666M (+6.5%)	0.7%	$53.88	—	—	COM	529043408
GOOGL	ALPHABET INC CAP STK CL A	549 (-52.1%)	$196K (-40.5%)	0.1%	$357.37	—	—	CAP STK CL A	02079K305
MTB	M&T BANK CORP COM USD0.50	3,179 (-1.8%)	$757K (+13.0%)	0.2%	$238.03	—	—	COM	55261F104
QABA	FIRST TRUST NASDAQ ABA CBIF	9,868 (-3.3%)	$664K (+11.7%)	0.2%	$67.29	—	—	UT COM SHS ETF	33736Q104
MRK	MERCK&CO. INC COM	55,048 (-5.7%)	$7.076M (+0.7%)	1.8%	$128.54	—	—	COM	58933Y105
CSBB	CSB BANCORP	58,284 (-12.4%)	$4.196M (+1.1%)	1.1%	$72.00	—	—	COM	12628R107
FFSM	FIDELITY FUNDAMENTAL SMALL-MID CAP ETF	7,860 (-3.3%)	$300K (+15.7%)	0.1%	$38.21	—	—	FUN SMA MID ETF	316092295
BRK/B	BERKSHIRE HATHAWAY INC COM USD0.0033 CLASS	1,200 (-9.8%)	$600K (-5.8%)	0.2%	$500.39	—	—	CL B NEW	084670702
SPY	STATE STREET SPDR S&P 500 ETF UNITS	448 (-6.9%)	$334K (+6.8%)	0.1%	$746.22	—	—	TR UNIT	78462F103
ABBV	ABBVIE INC COM USD0.01	1,629 (-14.9%)	$410K (-1.6%)	0.1%	$251.64	—	—	COM	00287Y109
ES	EVERSOURCE ENERGY	4,147 (-2.4%)	$300K (+1.9%)	0.1%	$72.27	—	—	COM	30040W108
IFF	INTERNATIONAL FLAVORS&FRAGRANCES COM	8,602 (-9.0%)	$683K (-0.3%)	0.2%	$79.44	—	—	COM	459506101

Unchanged Positions (35)

SBFG SB FINL GROUP INC COM 2.5%

Value $9.801M Shares 387,852 Share Price $25.27 Est. Cost/Share — Unrealized @ Report Date —

APLE APPLE HOSPITALITY REIT INC COM NEW 1.3%

Value $5.058M Shares 300,869 Share Price $16.81 Est. Cost/Share — Unrealized @ Report Date —

FBIZ FIRST BUSINESS FINL SVCS INC W COM 2.5%

Value $9.75M Shares 154,346 Share Price $63.17 Est. Cost/Share — Unrealized @ Report Date —

FENY FIDELITY MSCI ENERGY INDEX ETF 2.1%

Value $7.909M Shares 267,547 Share Price $29.56 Est. Cost/Share — Unrealized @ Report Date —

PTBS POTOMAC BANCSHARES INC COM 1.4%

Value $5.528M Shares 231,048 Share Price $23.92 Est. Cost/Share — Unrealized @ Report Date —

BORT BANK OF BOTETOURT 1.7%

Value $6.521M Shares 122,465 Share Price $53.25 Est. Cost/Share — Unrealized @ Report Date —

CPKF CHESAPEAKE FINANCIAL SHARES 1.7%

Value $6.439M Shares 178,850 Share Price $36.00 Est. Cost/Share — Unrealized @ Report Date —

FXNC FIRST NATL CORP COM 1.6%

Value $6.118M Shares 203,809 Share Price $30.02 Est. Cost/Share — Unrealized @ Report Date —

CWBC COMMUNITY WEST BANCSHARES NEW COM 1.1%

Value $4.355M Shares 162,139 Share Price $26.86 Est. Cost/Share — Unrealized @ Report Date —

PFIS PEOPLES FINANCIAL SERVICES GROUP COM USD2 0.5%

Value $1.908M Shares 28,746 Share Price $66.37 Est. Cost/Share — Unrealized @ Report Date —

FISI FINANCIAL INSTITUTIONS INC 0.5%

Value $1.926M Shares 49,428 Share Price $38.97 Est. Cost/Share — Unrealized @ Report Date —

FCCO FIRST COMMUNITY CORP 0.6%

Value $2.5M Shares 76,500 Share Price $32.68 Est. Cost/Share — Unrealized @ Report Date —

VICI VICI PPTYS INC COM 1.4%

Value $5.344M Shares 201,181 Share Price $26.56 Est. Cost/Share — Unrealized @ Report Date —

IAT ISHARES TRUST US 0.3%

Value $1.12M Shares 18,000 Share Price $62.21 Est. Cost/Share — Unrealized @ Report Date —

SOBS SOLVAY BK CORP SOLVAY NEW YORK COM 0.3%

Value $1.222M Shares 37,591 Share Price $32.52 Est. Cost/Share — Unrealized @ Report Date —

HWC HANCOCK WHITNEY CORP 0.2%

Value $814K Shares 10,898 Share Price $74.72 Est. Cost/Share — Unrealized @ Report Date —

— ALBEMARLE CORP DEP SHS A PFD 0.1%

Value $259K Shares 4,675 Share Price $55.35 Est. Cost/Share — Unrealized @ Report Date —

FSBH FSBH CORP COM 1.0%

Value $3.912M Shares 240,000 Share Price $16.30 Est. Cost/Share — Unrealized @ Report Date —

— INVESCO TR INVT GRADE MUNS COM STK USD0.01 0.2%

Value $913K Shares 86,117 Share Price $10.60 Est. Cost/Share — Unrealized @ Report Date —

CNH CNH INDUSTRIAL NV COM EUR0.01 0.5%

Value $1.923M Shares 171,233 Share Price $11.23 Est. Cost/Share — Unrealized @ Report Date —

FRAF FRANKLIN FINANCIAL SERVICES CORPORATION 0.1%

Value $275K Shares 4,400 Share Price $62.60 Est. Cost/Share — Unrealized @ Report Date —

JPM JPMORGAN CHASE&CO. COM 0.1%

Value $392K Shares 1,198 Share Price $327.33 Est. Cost/Share — Unrealized @ Report Date —

SKE SKEENA RESOURCES LIMITED COM 0.1%

Value $317K Shares 11,880 Share Price $26.66 Est. Cost/Share — Unrealized @ Report Date —

QQQ INVESCO QQQ TR UNIT SER 1 0.0%

Value $168K Shares 228 Share Price $737.34 Est. Cost/Share — Unrealized @ Report Date —

IUSV ISHARES CORE S&P US VALUE ETF 0.1%

Value $501K Shares 4,550 Share Price $110.15 Est. Cost/Share — Unrealized @ Report Date —

SBCF SEACOAST BANKING CORPORATION OF FLORIDA 0.1%

Value $360K Shares 10,826 Share Price $33.25 Est. Cost/Share — Unrealized @ Report Date —

HL HECLA MINING CO 0.0%

Value $154K Shares 10,000 Share Price $15.43 Est. Cost/Share — Unrealized @ Report Date —

AMZN AMAZON.COM INC 0.1%

Value $240K Shares 1,005 Share Price $238.34 Est. Cost/Share — Unrealized @ Report Date —

EBMT EAGLE BANCORP MONTANA INC COM USD0.01 0.1%

Value $215K Shares 9,000 Share Price $23.93 Est. Cost/Share — Unrealized @ Report Date —

SLV ISHARES SILVER TR ISHARES 0.0%

Value $109K Shares 2,038 Share Price $53.47 Est. Cost/Share — Unrealized @ Report Date —

CZBT CITIZENS BANCORP VA INC COM 0.3%

Value $1.097M Shares 28,525 Share Price $38.45 Est. Cost/Share — Unrealized @ Report Date —

IBM INTERNATIONAL BUS MACH CORP COM USD0.20 0.0%

Value $172K Shares 613 Share Price $281.21 Est. Cost/Share — Unrealized @ Report Date —

AIG AMERICAN INTERNATIONAL GROUP 0.6%

Value $2.459M Shares 33,000 Share Price $74.53 Est. Cost/Share — Unrealized @ Report Date —

DUK DUKE ENERGY CORP NEW COM NEW 0.0%

Value $150K Shares 1,183 Share Price $126.58 Est. Cost/Share — Unrealized @ Report Date —

ORCL ORACLE CORP 0.1%

Value $440K Shares 3,000 Share Price $146.55 Est. Cost/Share — Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SBFG	SB FINL GROUP INC COM	387,852	$9.801M	2.5%	$25.27	—	—	COM	78408D105
APLE	APPLE HOSPITALITY REIT INC COM NEW	300,869	$5.058M	1.3%	$16.81	—	—	COM	03784Y200
FBIZ	FIRST BUSINESS FINL SVCS INC W COM	154,346	$9.75M	2.5%	$63.17	—	—	COM	319390100
FENY	FIDELITY MSCI ENERGY INDEX ETF	267,547	$7.909M	2.1%	$29.56	—	—	MSCI ENERGY IDX	316092402
PTBS	POTOMAC BANCSHARES INC COM	231,048	$5.528M	1.4%	$23.92	—	—	COM	737643106
BORT	BANK OF BOTETOURT	122,465	$6.521M	1.7%	$53.25	—	—	COM	063907208
CPKF	CHESAPEAKE FINANCIAL SHARES	178,850	$6.439M	1.7%	$36.00	—	—	COM	16517A109
FXNC	FIRST NATL CORP COM	203,809	$6.118M	1.6%	$30.02	—	—	COM	32106V107
CWBC	COMMUNITY WEST BANCSHARES NEW COM	162,139	$4.355M	1.1%	$26.86	—	—	COM	203937107
PFIS	PEOPLES FINANCIAL SERVICES GROUP COM USD2	28,746	$1.908M	0.5%	$66.37	—	—	COM	711040105
FISI	FINANCIAL INSTITUTIONS INC	49,428	$1.926M	0.5%	$38.97	—	—	COM	317585404
FCCO	FIRST COMMUNITY CORP	76,500	$2.5M	0.6%	$32.68	—	—	COM	319835104
VICI	VICI PPTYS INC COM	201,181	$5.344M	1.4%	$26.56	—	—	COM	925652109
IAT	ISHARES TRUST US	18,000	$1.12M	0.3%	$62.21	—	—	US REGNL BKS ETF	464288778
SOBS	SOLVAY BK CORP SOLVAY NEW YORK COM	37,591	$1.222M	0.3%	$32.52	—	—	COM	83441Q105
HWC	HANCOCK WHITNEY CORP	10,898	$814K	0.2%	$74.72	—	—	COM	410120109
—	ALBEMARLE CORP DEP SHS A PFD	4,675	$259K	0.1%	$55.35	—	—	7.25% DEP SHS A	012653200
FSBH	FSBH CORP COM	240,000	$3.912M	1.0%	$16.30	—	—	COM	30325F101
—	INVESCO TR INVT GRADE MUNS COM STK USD0.01	86,117	$913K	0.2%	$10.60	—	—	COM	46131M106
CNH	CNH INDUSTRIAL NV COM EUR0.01	171,233	$1.923M	0.5%	$11.23	—	—	SHS	N20944109
FRAF	FRANKLIN FINANCIAL SERVICES CORPORATION	4,400	$275K	0.1%	$62.60	—	—	COM	353525108
JPM	JPMORGAN CHASE&CO. COM	1,198	$392K	0.1%	$327.33	—	—	COM	46625H100
SKE	SKEENA RESOURCES LIMITED COM	11,880	$317K	0.1%	$26.66	—	—	COM	83056P715
QQQ	INVESCO QQQ TR UNIT SER 1	228	$168K	0.0%	$737.34	—	—	UNIT SER 1	46090E103
IUSV	ISHARES CORE S&P US VALUE ETF	4,550	$501K	0.1%	$110.15	—	—	CORE S&P US VLU	464287663
SBCF	SEACOAST BANKING CORPORATION OF FLORIDA	10,826	$360K	0.1%	$33.25	—	—	COM NEW	811707801
HL	HECLA MINING CO	10,000	$154K	0.0%	$15.43	—	—	COM	422704106
AMZN	AMAZON.COM INC	1,005	$240K	0.1%	$238.34	—	—	COM	023135106
EBMT	EAGLE BANCORP MONTANA INC COM USD0.01	9,000	$215K	0.1%	$23.93	—	—	COM	26942G100
SLV	ISHARES SILVER TR ISHARES	2,038	$109K	0.0%	$53.47	—	—	ISHARES	46428Q109
CZBT	CITIZENS BANCORP VA INC COM	28,525	$1.097M	0.3%	$38.45	—	—	COM	17316V104
IBM	INTERNATIONAL BUS MACH CORP COM USD0.20	613	$172K	0.0%	$281.21	—	—	COM	459200101
AIG	AMERICAN INTERNATIONAL GROUP	33,000	$2.459M	0.6%	$74.53	—	—	COM NEW	026874784
DUK	DUKE ENERGY CORP NEW COM NEW	1,183	$150K	0.0%	$126.58	—	—	COM	26441C204
ORCL	ORACLE CORP	3,000	$440K	0.1%	$146.55	—	—	COM	68389X105