Cutler Capital Management, LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE INC	17,500	$4,758	1.4%	—	—	PUT	037833100
SPYM	SPDR PORT SP 500	9,995	$802	0.2%	$80.22	—	SPDR SERIES TRUST	78464A854
NOG	NORTHERN OIL	30,900	$663	0.2%	$22.43	0.0%	COM	665531307
SSB	SOUTHSTATE CORP	5,723	$539	0.2%	$91.84	0.0%	COM	84472E102
FFSM	FIDELITY FNDMNTL	8,085	$248	0.1%	$30.69	—	FIDELITY COVINGTON TRUST	316092295
SLV	ISHARES SILVER	2,375	$153	0.0%	$64.42	—	ISHARES	46428Q109
GOOG	ALPHABET INC	375	$118	0.0%	$286.33	0.0%	CAP STK CL C	02079K107
B	BARRICK MNG	2,325	$101	0.0%	$37.42	0.0%	COM SHS	06849F108

Increased Positions (24)

— MICROSOFT CORP 1.3%

Value ($000) $4,353 (+394.6%) Shares 90,000 (+5197.2%) Est. Cost — Unrealized —

GMRE GLOBAL MEDICAL 1.5%

Value ($000) $5,230 (+56.0%) Shares 155,022 (+55.9%) Est. Cost $33.72 Unrealized —

BBT BEACON FINANCIAL 0.5%

Value ($000) $1,824 (+414.4%) Shares 69,183 (+362.5%) Est. Cost $24.94 Unrealized -0.0%

PKBK PARKE BANCORP 2.3%

Value ($000) $7,924 (+18.4%) Shares 316,453 (+1.9%) Est. Cost $15.54 Unrealized +43.9%

— SIRIUS XM HLDNGS 1.4%

Value ($000) $4,908 (+33.2%) Shares 4,888,000 (+38.4%) Est. Cost $1.03 Unrealized —

— NORTHERN OIL 0.8%

Value ($000) $2,707 (+67.9%) Shares 2,810,000 (+74.5%) Est. Cost $0.99 Unrealized —

VZ VERIZON COMM 1.6%

Value ($000) $5,610 (+23.1%) Shares 137,744 (+32.8%) Est. Cost $39.01 Unrealized +3.8%

MFGI MERCHANTS FINL 1.2%

Value ($000) $4,026 (+33.7%) Shares 125,850 (+12.5%) Est. Cost $24.60 Unrealized +15.3%

— PROGRESS SOFTWARE 1.5%

Value ($000) $4,997 (+19.4%) Shares 4,945,000 (+18.7%) Est. Cost $1.02 Unrealized —

SLB SCHLUMBERGER 0.6%

Value ($000) $1,898 (+41.8%) Shares 49,452 (+27.0%) Est. Cost $36.65 Unrealized -1.6%

BMBN BENCHMARK BANK 1.7%

Value ($000) $5,752 (+10.7%) Shares 172,882 (+1.5%) Est. Cost $15.53 Unrealized +106.8%

MOAT VE WIDE MOAT 0.9%

Value ($000) $3,169 (+14.1%) Shares 30,598 (+9.2%) Est. Cost $84.37 Unrealized —

VOO VGRD S&P 500 0.5%

Value ($000) $1,665 (+26.3%) Shares 2,655 (+23.4%) Est. Cost $520.07 Unrealized —

IAT ISHARES US REGIO 0.2%

Value ($000) $772 (+70.9%) Shares 14,000 (+62.8%) Est. Cost $53.54 Unrealized —

FISI FINANCIAL INST 0.4%

Value ($000) $1,541 (+17.2%) Shares 49,428 (+2.3%) Est. Cost $21.39 Unrealized +36.7%

VICI VICI PRPTY 1.5%

Value ($000) $5,259 (-3.3%) Shares 187,035 (+12.1%) Est. Cost $26.16 Unrealized +12.0%

WY WEYERHAEUSER 1.1%

Value ($000) $3,934 (-3.5%) Shares 166,060 (+1.0%) Est. Cost $22.79 Unrealized +0.9%

FENY FIDELITY CVNGTN 2.0%

Value ($000) $6,816 (+1.7%) Shares 275,160 (+1.5%) Est. Cost $21.44 Unrealized —

QABA FT NAS CMTY BNK 0.1%

Value ($000) $487 (+24.2%) Shares 8,587 (+23.1%) Est. Cost $51.55 Unrealized —

CZBT CITIZENS BANC VA 0.2%

Value ($000) $850 (+8.7%) Shares 25,250 (+2.9%) Est. Cost $24.87 Unrealized +31.8%

ET ENERGY TRANSFER 1.8%

Value ($000) $6,156 (-0.7%) Shares 373,291 (+3.3%) Est. Cost $9.81 Unrealized —

PFIS PEOPLES FIN SERV 0.4%

Value ($000) $1,400 (+3.1%) Shares 28,748 (+2.9%) Est. Cost $43.06 Unrealized +11.4%

QQQ INV QQQ TRUST 0.1%

Value ($000) $237 (+9.7%) Shares 385 (+7.2%) Est. Cost $545.70 Unrealized —

APLE APPLE HOPTLY 1.0%

Value ($000) $3,440 (-0.3%) Shares 290,270 (+1.0%) Est. Cost $14.91 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	MICROSOFT CORP	90,000 (+5197.2%)	$4,353 (+394.6%)	1.3%	—	—	PUT	594918954
GMRE	GLOBAL MEDICAL	155,022 (+55.9%)	$5,230 (+56.0%)	1.5%	$33.72	—	COM NEW	37954A303
BBT	BEACON FINANCIAL	69,183 (+362.5%)	$1,824 (+414.4%)	0.5%	$24.94	-0.0%	COM	084680107
PKBK	PARKE BANCORP	316,453 (+1.9%)	$7,924 (+18.4%)	2.3%	$15.54	+43.9%	COM	700885106
—	SIRIUS XM HLDNGS	4,888,000 (+38.4%)	$4,908 (+33.2%)	1.4%	$1.03	—	NOTE 3.750% 3/1	531229ap7
—	NORTHERN OIL	2,810,000 (+74.5%)	$2,707 (+67.9%)	0.8%	$0.99	—	NOTE 3.625% 4/1	665531aj8
VZ	VERIZON COMM	137,744 (+32.8%)	$5,610 (+23.1%)	1.6%	$39.01	+3.8%	COM	92343V104
MFGI	MERCHANTS FINL	125,850 (+12.5%)	$4,026 (+33.7%)	1.2%	$24.60	+15.3%	COM	588538108
—	PROGRESS SOFTWARE	4,945,000 (+18.7%)	$4,997 (+19.4%)	1.5%	$1.02	—	NOTE 3.500% 3/0	743312ad2
SLB	SCHLUMBERGER	49,452 (+27.0%)	$1,898 (+41.8%)	0.6%	$36.65	-1.6%	COM STK	806857108
BMBN	BENCHMARK BANK	172,882 (+1.5%)	$5,752 (+10.7%)	1.7%	$15.53	+106.8%	COM	08160E207
MOAT	VE WIDE MOAT	30,598 (+9.2%)	$3,169 (+14.1%)	0.9%	$84.37	—	MRNGSTR WDE MOAT	92189F643
VOO	VGRD S&P 500	2,655 (+23.4%)	$1,665 (+26.3%)	0.5%	$520.07	—	S&P 500 ETF SHS	922908363
IAT	ISHARES US REGIO	14,000 (+62.8%)	$772 (+70.9%)	0.2%	$53.54	—	US RGNL BKS ETF	464288778
FISI	FINANCIAL INST	49,428 (+2.3%)	$1,541 (+17.2%)	0.4%	$21.39	+36.7%	COM	317585404
VICI	VICI PRPTY	187,035 (+12.1%)	$5,259 (-3.3%)	1.5%	$26.16	+12.0%	COM	925652109
WY	WEYERHAEUSER	166,060 (+1.0%)	$3,934 (-3.5%)	1.1%	$22.79	+0.9%	COM NEW	962166104
FENY	FIDELITY CVNGTN	275,160 (+1.5%)	$6,816 (+1.7%)	2.0%	$21.44	—	MSCI ENERGY IDX	316092402
QABA	FT NAS CMTY BNK	8,587 (+23.1%)	$487 (+24.2%)	0.1%	$51.55	—	UT COM SHS ETF	33736Q104
CZBT	CITIZENS BANC VA	25,250 (+2.9%)	$850 (+8.7%)	0.2%	$24.87	+31.8%	COM	17316V104
ET	ENERGY TRANSFER	373,291 (+3.3%)	$6,156 (-0.7%)	1.8%	$9.81	—	COM UT LTD PTN	29273V100
PFIS	PEOPLES FIN SERV	28,748 (+2.9%)	$1,400 (+3.1%)	0.4%	$43.06	+11.4%	COM	711040105
QQQ	INV QQQ TRUST	385 (+7.2%)	$237 (+9.7%)	0.1%	$545.70	—	UNIT SER 1	46090E103
APLE	APPLE HOPTLY	290,270 (+1.0%)	$3,440 (-0.3%)	1.0%	$14.91	—	COM NEW	03784Y200

Exited Positions (10)

SPLV SPDR PORT SP 500 0.2%

Value ($000) $795 Shares 10,150 Est. Cost $78.34 Unrealized —

— GUESS INC 0.2%

Value ($000) $673 Shares 680,000 Est. Cost $0.95 Unrealized —

— SOUTHSTATE CORP 0.2%

Value ($000) $562 Shares 5,688 Est. Cost $47.61 Unrealized —

CLVT CLARIVATE PLC 0.1%

Value ($000) $335 Shares 87,588 Est. Cost $6.38 Unrealized -44.3%

FBTC FIDELITY WISEBTC 0.1%

Value ($000) $255 Shares 2,555 Est. Cost $93.99 Unrealized —

SCHF SCHWAB INTL EQUI 0.0%

Value ($000) $140 Shares 6,000 Est. Cost $27.05 Unrealized —

IWS IS RUS MID VALU 0.0%

Value ($000) $124 Shares 886 Est. Cost $125.33 Unrealized —

SO SOUTHERN CO 0.0%

Value ($000) $112 Shares 1,184 Est. Cost $92.22 Unrealized -1.4%

META META PLATFORMS 0.0%

Value ($000) $104 Shares 141 Est. Cost $743.23 Unrealized -10.2%

— APPLE INC 0.0%

Value ($000) $74 Shares 290 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPLV	SPDR PORT SP 500	10,150	$795	0.2%	$78.34	—	—	46138E354
—	GUESS INC	680,000	$673	0.2%	$0.95	—	—	401617af2
—	SOUTHSTATE CORP	5,688	$562	0.2%	$47.61	—	—	840441109
CLVT	CLARIVATE PLC	87,588	$335	0.1%	$6.38	-44.3%	—	G21810109
FBTC	FIDELITY WISEBTC	2,555	$255	0.1%	$93.99	—	—	315948109
SCHF	SCHWAB INTL EQUI	6,000	$140	0.0%	$27.05	—	—	808524805
IWS	IS RUS MID VALU	886	$124	0.0%	$125.33	—	—	464287473
SO	SOUTHERN CO	1,184	$112	0.0%	$92.22	-1.4%	—	842587107
META	META PLATFORMS	141	$104	0.0%	$743.23	-10.2%	—	30303M102
—	APPLE INC	290	$74	0.0%	—	—	PUT	037833950

Decreased Positions (30)

VTRS VIATRIS INC 1.7%

Value ($000) $5,697 (+24.0%) Shares 457,572 (-1.4%) Est. Cost $10.69 Unrealized +0.3%

ENR ENERGIZER HLDNG 0.7%

Value ($000) $2,386 (-24.5%) Shares 119,975 (-5.5%) Est. Cost $27.62 Unrealized -23.0%

— FORD MOTOR CO 0.5%

Value ($000) $1,677 (-27.1%) Shares 1,615,000 (-28.9%) Est. Cost $0.98 Unrealized —

— FLAGSTAR FNCL 1.0%

Value ($000) $3,411 (-12.5%) Shares 85,179 (-12.9%) Est. Cost $38.72 Unrealized —

FBIZ FIRST BUSINESS 2.4%

Value ($000) $8,351 (+4.8%) Shares 153,785 (-1.1%) Est. Cost $21.70 Unrealized +138.8%

CNH CNH INDUSTRIAL 0.5%

Value ($000) $1,573 (-16.3%) Shares 170,563 (-1.4%) Est. Cost $10.71 Unrealized -6.7%

T AT&T INC 0.5%

Value ($000) $1,549 (-15.4%) Shares 62,356 (-3.9%) Est. Cost $15.60 Unrealized +62.1%

AEM AGNICO-EAGLE 5.9%

Value ($000) $20,363 (-1.3%) Shares 120,114 (-1.8%) Est. Cost $55.40 Unrealized +203.0%

PFE PFIZER INC 1.8%

Value ($000) $6,218 (-3.7%) Shares 249,731 (-1.5%) Est. Cost $27.13 Unrealized -7.7%

GDX VE GOLD MINERS 0.6%

Value ($000) $2,006 (+11.0%) Shares 23,387 (-1.1%) Est. Cost $31.08 Unrealized —

ALRS ALERUS FINAN 0.9%

Value ($000) $3,108 (-5.2%) Shares 138,000 (-6.8%) Est. Cost $20.65 Unrealized +4.7%

ES EVERSOURCE 0.1%

Value ($000) $454 (-27.0%) Shares 6,747 (-22.9%) Est. Cost $59.90 Unrealized +16.1%

— DUKE ENERGY 0.6%

Value ($000) $2,148 (-6.7%) Shares 2,085,000 (-2.8%) Est. Cost $1.06 Unrealized —

SOBS SOLVAY BANK 0.3%

Value ($000) $1,058 (-10.5%) Shares 37,665 (-6.0%) Est. Cost $25.07 Unrealized +18.7%

— LXP INDUSTRIAL 0.8%

Value ($000) $2,689 (+3.8%) Shares 54,226 (-81.2%) Est. Cost $10.88 Unrealized —

MSFT MICROSOFT CORP 0.2%

Value ($000) $796 (-9.5%) Shares 1,646 (-3.1%) Est. Cost $331.15 Unrealized +51.2%

— ALLIANT ENERGY 0.3%

Value ($000) $971 (-6.4%) Shares 935,000 (-3.1%) Est. Cost $1.04 Unrealized —

HL HECLA MINING CO 0.1%

Value ($000) $192 (+51.0%) Shares 10,000 (-4.8%) Est. Cost $8.03 Unrealized +90.3%

SKE SKEENA 0.1%

Value ($000) $328 (+22.6%) Shares 13,805 (-4.8%) Est. Cost $13.64 Unrealized +44.6%

GOOGL ALPHABET INC 0.1%

Value ($000) $359 (+14.9%) Shares 1,147 (-10.7%) Est. Cost $175.15 Unrealized +63.1%

IFF INTL FLAVORS 0.2%

Value ($000) $646 (+7.2%) Shares 9,593 (-2.1%) Est. Cost $129.90 Unrealized -50.4%

ABCB AMERIS BANCORP 0.7%

Value ($000) $2,485 (-1.6%) Shares 33,459 (-2.9%) Est. Cost $35.05 Unrealized +111.8%

AGI ALAMOS GOLD 0.1%

Value ($000) $441 (+9.1%) Shares 11,422 (-1.4%) Est. Cost $23.74 Unrealized +46.8%

— ETSY INC BOND 0.5%

Value ($000) $1,759 (-1.4%) Shares 1,905,000 (-1.8%) Est. Cost $0.86 Unrealized —

SFL SFL CORP LTD 0.8%

Value ($000) $2,612 (+0.9%) Shares 334,392 (-2.7%) Est. Cost $10.71 Unrealized -28.3%

AMZN AMAZON.COM 0.1%

Value ($000) $232 (-8.3%) Shares 1,005 (-12.8%) Est. Cost $166.47 Unrealized +37.4%

DUK DUK ENRGY 0.0%

Value ($000) $139 (-8.1%) Shares 1,183 (-3.0%) Est. Cost $110.07 Unrealized +10.4%

— AIRBNB INC BOND 0.5%

Value ($000) $1,583 (-0.6%) Shares 1,600,000 (-1.8%) Est. Cost $0.95 Unrealized —

JCI JOHNSON CONTROL 0.1%

Value ($000) $186 (-2.5%) Shares 1,550 (-10.5%) Est. Cost $59.80 Unrealized +92.0%

SPY SPDR S&P 500 0.1%

Value ($000) $336 (+0.6%) Shares 493 (-1.8%) Est. Cost $410.84 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VTRS	VIATRIS INC	457,572 (-1.4%)	$5,697 (+24.0%)	1.7%	$10.69	+0.3%	COM	92556V106
ENR	ENERGIZER HLDNG	119,975 (-5.5%)	$2,386 (-24.5%)	0.7%	$27.62	-23.0%	COM	29272W109
—	FORD MOTOR CO	1,615,000 (-28.9%)	$1,677 (-27.1%)	0.5%	$0.98	—	NOTE 3/1	345370cz1
—	FLAGSTAR FNCL	85,179 (-12.9%)	$3,411 (-12.5%)	1.0%	$38.72	—	UNIT 05/07/2051	64944p307
FBIZ	FIRST BUSINESS	153,785 (-1.1%)	$8,351 (+4.8%)	2.4%	$21.70	+138.8%	COM	319390100
CNH	CNH INDUSTRIAL	170,563 (-1.4%)	$1,573 (-16.3%)	0.5%	$10.71	-6.7%	SHS	N20944109
T	AT&T INC	62,356 (-3.9%)	$1,549 (-15.4%)	0.5%	$15.60	+62.1%	COM	00206R102
AEM	AGNICO-EAGLE	120,114 (-1.8%)	$20,363 (-1.3%)	5.9%	$55.40	+203.0%	COM	008474108
PFE	PFIZER INC	249,731 (-1.5%)	$6,218 (-3.7%)	1.8%	$27.13	-7.7%	COM	717081103
GDX	VE GOLD MINERS	23,387 (-1.1%)	$2,006 (+11.0%)	0.6%	$31.08	—	GOLD MINERS ETF	92189F106
ALRS	ALERUS FINAN	138,000 (-6.8%)	$3,108 (-5.2%)	0.9%	$20.65	+4.7%	COM	01446U103
ES	EVERSOURCE	6,747 (-22.9%)	$454 (-27.0%)	0.1%	$59.90	+16.1%	COM	30040W108
—	DUKE ENERGY	2,085,000 (-2.8%)	$2,148 (-6.7%)	0.6%	$1.06	—	NOTE 4.125% 4/1	26441cby0
SOBS	SOLVAY BANK	37,665 (-6.0%)	$1,058 (-10.5%)	0.3%	$25.07	+18.7%	COM	83441Q105
—	LXP INDUSTRIAL	54,226 (-81.2%)	$2,689 (+3.8%)	0.8%	$10.88	—	COM	529043101
MSFT	MICROSOFT CORP	1,646 (-3.1%)	$796 (-9.5%)	0.2%	$331.15	+51.2%	COM	594918104
—	ALLIANT ENERGY	935,000 (-3.1%)	$971 (-6.4%)	0.3%	$1.04	—	NOTE 3.875% 3/1	018802ac2
HL	HECLA MINING CO	10,000 (-4.8%)	$192 (+51.0%)	0.1%	$8.03	+90.3%	COM	422704106
SKE	SKEENA	13,805 (-4.8%)	$328 (+22.6%)	0.1%	$13.64	+44.6%	COM	83056P715
GOOGL	ALPHABET INC	1,147 (-10.7%)	$359 (+14.9%)	0.1%	$175.15	+63.1%	CAP STK CL A	02079K305
IFF	INTL FLAVORS	9,593 (-2.1%)	$646 (+7.2%)	0.2%	$129.90	-50.4%	COM	459506101
ABCB	AMERIS BANCORP	33,459 (-2.9%)	$2,485 (-1.6%)	0.7%	$35.05	+111.8%	COM	03076K108
AGI	ALAMOS GOLD	11,422 (-1.4%)	$441 (+9.1%)	0.1%	$23.74	+46.8%	COM CL A	011532108
—	ETSY INC BOND	1,905,000 (-1.8%)	$1,759 (-1.4%)	0.5%	$0.86	—	NOTE 0.125% 9/0	29786aal0
SFL	SFL CORP LTD	334,392 (-2.7%)	$2,612 (+0.9%)	0.8%	$10.71	-28.3%	SHS	G7738W106
AMZN	AMAZON.COM	1,005 (-12.8%)	$232 (-8.3%)	0.1%	$166.47	+37.4%	COM	023135106
DUK	DUK ENRGY	1,183 (-3.0%)	$139 (-8.1%)	0.0%	$110.07	+10.4%	COM NEW	26441C204
—	AIRBNB INC BOND	1,600,000 (-1.8%)	$1,583 (-0.6%)	0.5%	$0.95	—	NOTE 3/1	009066ab7
JCI	JOHNSON CONTROL	1,550 (-10.5%)	$186 (-2.5%)	0.1%	$59.80	+92.0%	SHS	G51502105
SPY	SPDR S&P 500	493 (-1.8%)	$336 (+0.6%)	0.1%	$410.84	—	TR UNIT	78462F103

Unchanged Positions (60)

CTO CTO REALTY GRW 3.6%

Value ($000) $12,216 Shares 663,543 Est. Cost $17.36 Unrealized —

MRK MERCK&CO INC 1.8%

Value ($000) $6,161 Shares 58,532 Est. Cost $61.63 Unrealized +51.3%

EXSR EXCHANGE BANK 2.9%

Value ($000) $9,885 Shares 76,041 Est. Cost $113.44 Unrealized +5.7%

CPKF CHESPKE FINAN 1.5%

Value ($000) $5,043 Shares 178,500 Est. Cost $19.65 Unrealized +25.3%

FSBH FSBH CORP 0.9%

Value ($000) $3,255 Shares 210,000 Est. Cost $8.82 Unrealized +43.7%

SBFG SB FINANCIAL 2.5%

Value ($000) $8,707 Shares 390,982 Est. Cost $17.48 Unrealized +18.4%

TSBK TIMBERLAND BANC 3.0%

Value ($000) $10,446 Shares 291,802 Est. Cost $14.24 Unrealized +134.5%

BG BUNGE LIMITED 2.1%

Value ($000) $7,119 Shares 79,920 Est. Cost $98.10 Unrealized -6.4%

BORT BANK BOTETOURT 1.4%

Value ($000) $4,885 Shares 111,034 Est. Cost $23.98 Unrealized +72.2%

MET METLIFE INC 3.8%

Value ($000) $13,114 Shares 166,126 Est. Cost $30.83 Unrealized +156.1%

FXNC FIRST NATL VA 1.5%

Value ($000) $5,126 Shares 203,109 Est. Cost $17.09 Unrealized +38.4%

— JAZZ INVEST 1.9%

Value ($000) $6,549 Shares 5,665,000 Est. Cost $1.00 Unrealized —

FMBM F&M BANK CORP 1.1%

Value ($000) $3,887 Shares 135,864 Est. Cost $22.87 Unrealized +17.8%

LFGP LEDYARD FINAN 1.5%

Value ($000) $5,032 Shares 336,121 Est. Cost $24.56 Unrealized -41.3%

CSBB CSB BANCORP 1.1%

Value ($000) $3,618 Shares 67,000 Est. Cost $35.09 Unrealized +43.8%

— INNOVIVA INC 1.9%

Value ($000) $6,483 Shares 6,375,000 Est. Cost $0.96 Unrealized —

— PPL CAPITAL 2.0%

Value ($000) $6,920 Shares 6,305,000 Est. Cost $1.06 Unrealized —

CWBC CMNTY WST BANC 1.1%

Value ($000) $3,664 Shares 162,829 Est. Cost $19.27 Unrealized +12.9%

SHEL SHELL PLC 2.4%

Value ($000) $8,180 Shares 111,326 Est. Cost $55.86 Unrealized —

— EPR PRPTY 0.5%

Value ($000) $1,819 Shares 81,995 Est. Cost $21.19 Unrealized —

ORCL ORACLE CORP 0.2%

Value ($000) $585 Shares 3,000 Est. Cost $175.85 Unrealized +35.4%

AIG AMERICAN INTL 0.8%

Value ($000) $2,806 Shares 32,800 Est. Cost $29.33 Unrealized +171.6%

BANC BANC CALIFORNIA 0.4%

Value ($000) $1,519 Shares 78,750 Est. Cost $12.35 Unrealized +44.6%

— LIBERTY MEDIA 0.9%

Value ($000) $2,973 Shares 2,350,000 Est. Cost $1.10 Unrealized —

— HAEMONETICS CORP 0.4%

Value ($000) $1,201 Shares 1,160,000 Est. Cost $0.92 Unrealized —

— KIMCO REALTY 1.5%

Value ($000) $5,271 Shares 89,993 Est. Cost $61.40 Unrealized —

— ALBEMARLE CORP 0.1%

Value ($000) $304 Shares 5,125 Est. Cost $46.07 Unrealized —

FCCO FIRST CMNTY SC 0.7%

Value ($000) $2,268 Shares 76,500 Est. Cost $15.93 Unrealized +76.5%

TSN TYSON FOODS 0.5%

Value ($000) $1,589 Shares 27,107 Est. Cost $71.38 Unrealized -23.5%

PTBS POTOMAC BANC 1.2%

Value ($000) $4,236 Shares 230,620 Est. Cost $14.26 Unrealized +27.9%

ACI ALBERTSONS COS 0.7%

Value ($000) $2,519 Shares 146,712 Est. Cost $19.33 Unrealized -8.7%

— LCI INDS CONV 0.4%

Value ($000) $1,455 Shares 1,482,000 Est. Cost $1.01 Unrealized —

— WESTERN OPP FUND 0.3%

Value ($000) $892 Shares 103,892 Est. Cost $8.56 Unrealized —

— AMPHASTAR PHARMA 0.5%

Value ($000) $1,812 Shares 1,965,000 Est. Cost $0.88 Unrealized —

KR KROGER CO COM 0.1%

Value ($000) $322 Shares 5,155 Est. Cost $44.28 Unrealized +47.3%

— WINNEBAGO INDS 0.2%

Value ($000) $534 Shares 570,000 Est. Cost $0.89 Unrealized —

EBMT EAGLE BANCORP 0.1%

Value ($000) $179 Shares 9,000 Est. Cost $19.45 Unrealized -11.5%

— STARWOOD PPTY 0.3%

Value ($000) $966 Shares 935,000 Est. Cost $1.07 Unrealized —

— INVESCO MUNI 0.3%

Value ($000) $893 Shares 86,117 Est. Cost $12.49 Unrealized —

GLD SPDR GOLD TRUST 0.1%

Value ($000) $181 Shares 456 Est. Cost $311.60 Unrealized —

FRAF FRANKLIN FINANC 0.1%

Value ($000) $221 Shares 4,400 Est. Cost $26.57 Unrealized +83.4%

MOTG VE GLBL WIDE MT 0.0%

Value ($000) $113 Shares 2,925 Est. Cost $42.46 Unrealized —

— PACIRA BIOSCIENCE 0.4%

Value ($000) $1,500 Shares 1,495,000 Est. Cost $1.01 Unrealized —

MTB M&T BANK CORP 0.2%

Value ($000) $652 Shares 3,238 Est. Cost $149.80 Unrealized +26.9%

TSM TAIWAN SEMICOND 0.0%

Value ($000) $153 Shares 504 Est. Cost $226.49 Unrealized —

IUSV IS S&P US VALUE 0.1%

Value ($000) $467 Shares 4,550 Est. Cost $66.86 Unrealized —

HWC HANCOCK WHITNEY 0.2%

Value ($000) $694 Shares 10,898 Est. Cost $39.81 Unrealized +52.6%

SBCF SEACOAST BANKIN 0.1%

Value ($000) $340 Shares 10,826 Est. Cost $24.92 Unrealized +25.0%

XOM EXXON MOBIL 0.0%

Value ($000) $156 Shares 1,293 Est. Cost $111.41 Unrealized +3.7%

— VISHAY INTERT 0.2%

Value ($000) $763 Shares 850,000 Est. Cost $0.89 Unrealized —

IBM INTL BUS MACHINE 0.1%

Value ($000) $181 Shares 611 Est. Cost $172.56 Unrealized +73.1%

JPM JPMORGAN CHASE 0.1%

Value ($000) $383 Shares 1,188 Est. Cost $209.39 Unrealized +47.8%

— HALOZYME THERAP 0.0%

Value ($000) $119 Shares 110,000 Est. Cost $1.00 Unrealized —

— PEBBLEBRK HOTEL 0.1%

Value ($000) $290 Shares 300,000 Est. Cost $0.92 Unrealized —

ABBV ABBVIE INC 0.1%

Value ($000) $438 Shares 1,915 Est. Cost $137.16 Unrealized +65.9%

LOW LOWE'S COS INC 0.0%

Value ($000) $101 Shares 420 Est. Cost $244.20 Unrealized -1.8%

HCI HCI GROUP INC 0.9%

Value ($000) $2,931 Shares 15,293 Est. Cost $153.53 Unrealized +22.7%

RSP INVESCO S&P 500 0.0%

Value ($000) $107 Shares 560 Est. Cost $181.74 Unrealized —

— GREENBRIER COS 0.0%

Value ($000) $126 Shares 117,000 Est. Cost $1.10 Unrealized —

BRK/B BERKSHIRE HATHA 0.2%

Value ($000) $669 Shares 1,330 Est. Cost $290.80 Unrealized +71.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CTO	CTO REALTY GRW	663,543	$12,216	3.6%	$17.36	—	COM	22948Q101
MRK	MERCK&CO INC	58,532	$6,161	1.8%	$61.63	+51.3%	COM	58933Y105
EXSR	EXCHANGE BANK	76,041	$9,885	2.9%	$113.44	+5.7%	COM	301227203
CPKF	CHESPKE FINAN	178,500	$5,043	1.5%	$19.65	+25.3%	COM	16517A109
FSBH	FSBH CORP	210,000	$3,255	0.9%	$8.82	+43.7%	COM	30325F101
SBFG	SB FINANCIAL	390,982	$8,707	2.5%	$17.48	+18.4%	COM	78408D105
TSBK	TIMBERLAND BANC	291,802	$10,446	3.0%	$14.24	+134.5%	COM	887098101
BG	BUNGE LIMITED	79,920	$7,119	2.1%	$98.10	-6.4%	COM SHS	H11356104
BORT	BANK BOTETOURT	111,034	$4,885	1.4%	$23.98	+72.2%	COM	063907208
MET	METLIFE INC	166,126	$13,114	3.8%	$30.83	+156.1%	COM	59156R108
FXNC	FIRST NATL VA	203,109	$5,126	1.5%	$17.09	+38.4%	COM	32106V107
—	JAZZ INVEST	5,665,000	$6,549	1.9%	$1.00	—	NOTE 2.000% 6/1	472145af8
FMBM	F&M BANK CORP	135,864	$3,887	1.1%	$22.87	+17.8%	COM	30237P106
LFGP	LEDYARD FINAN	336,121	$5,032	1.5%	$24.56	-41.3%	COM	523338101
CSBB	CSB BANCORP	67,000	$3,618	1.1%	$35.09	+43.8%	COM	12628R107
—	INNOVIVA INC	6,375,000	$6,483	1.9%	$0.96	—	NOTE 2.125% 3/1	45781mad3
—	PPL CAPITAL	6,305,000	$6,920	2.0%	$1.06	—	NOTE 2.875% 3/1	69352pas2
CWBC	CMNTY WST BANC	162,829	$3,664	1.1%	$19.27	+12.9%	COM	203937107
SHEL	SHELL PLC	111,326	$8,180	2.4%	$55.86	—	SPON ADS	780259305
—	EPR PRPTY	81,995	$1,819	0.5%	$21.19	—	PDF C CV 5.75%	26884U208
ORCL	ORACLE CORP	3,000	$585	0.2%	$175.85	+35.4%	COM	68389X105
AIG	AMERICAN INTL	32,800	$2,806	0.8%	$29.33	+171.6%	COM NEW	026874784
BANC	BANC CALIFORNIA	78,750	$1,519	0.4%	$12.35	+44.6%	COM	05990K106
—	LIBERTY MEDIA	2,350,000	$2,973	0.9%	$1.10	—	NOTE 2.250% 8/1	531229aq5
—	HAEMONETICS CORP	1,160,000	$1,201	0.4%	$0.92	—	NOTE 2.500% 6/0	405024ad2
—	KIMCO REALTY	89,993	$5,271	1.5%	$61.40	—	DP CV CL N 7.25%	49446r687
—	ALBEMARLE CORP	5,125	$304	0.1%	$46.07	—	7.25% DEP SHS A	012653200
FCCO	FIRST CMNTY SC	76,500	$2,268	0.7%	$15.93	+76.5%	COM	319835104
TSN	TYSON FOODS	27,107	$1,589	0.5%	$71.38	-23.5%	CL A	902494103
PTBS	POTOMAC BANC	230,620	$4,236	1.2%	$14.26	+27.9%	COM	737643106
ACI	ALBERTSONS COS	146,712	$2,519	0.7%	$19.33	-8.7%	COM	013091103
—	LCI INDS CONV	1,482,000	$1,455	0.4%	$1.01	—	NOTE 1.125% 5/1	501812ab7
—	WESTERN OPP FUND	103,892	$892	0.3%	$8.56	—	COM	95766R104
—	AMPHASTAR PHARMA	1,965,000	$1,812	0.5%	$0.88	—	NOTE 2.000% 3/1	03209rab9
KR	KROGER CO COM	5,155	$322	0.1%	$44.28	+47.3%	COM	501044101
—	WINNEBAGO INDS	570,000	$534	0.2%	$0.89	—	NOTE 3.250% 1/1	974637af7
EBMT	EAGLE BANCORP	9,000	$179	0.1%	$19.45	-11.5%	COM	26942G100
—	STARWOOD PPTY	935,000	$966	0.3%	$1.07	—	NOTE 6.750% 7/1	85571bba2
—	INVESCO MUNI	86,117	$893	0.3%	$12.49	—	COM	46131M106
GLD	SPDR GOLD TRUST	456	$181	0.1%	$311.60	—	GOLD SHS	78463V107
FRAF	FRANKLIN FINANC	4,400	$221	0.1%	$26.57	+83.4%	COM	353525108
MOTG	VE GLBL WIDE MT	2,925	$113	0.0%	$42.46	—	MRNGSTR GBL WIDE	92189F122
—	PACIRA BIOSCIENCE	1,495,000	$1,500	0.4%	$1.01	—	NOTE 2.125% 5/1	695127aj9
MTB	M&T BANK CORP	3,238	$652	0.2%	$149.80	+26.9%	COM	55261F104
TSM	TAIWAN SEMICOND	504	$153	0.0%	$226.49	—	SPONSORED ADS	874039100
IUSV	IS S&P US VALUE	4,550	$467	0.1%	$66.86	—	CORE S&P US VLU	464287663
HWC	HANCOCK WHITNEY	10,898	$694	0.2%	$39.81	+52.6%	COM	410120109
SBCF	SEACOAST BANKIN	10,826	$340	0.1%	$24.92	+25.0%	COM NEW	811707801
XOM	EXXON MOBIL	1,293	$156	0.0%	$111.41	+3.7%	COM	30231G102
—	VISHAY INTERT	850,000	$763	0.2%	$0.89	—	NOTE 2.250% 9/1	928298ar9
IBM	INTL BUS MACHINE	611	$181	0.1%	$172.56	+73.1%	COM	459200101
JPM	JPMORGAN CHASE	1,188	$383	0.1%	$209.39	+47.8%	COM	46625H100
—	HALOZYME THERAP	110,000	$119	0.0%	$1.00	—	NOTE 0.250% 3/0	40637had1
—	PEBBLEBRK HOTEL	300,000	$290	0.1%	$0.92	—	NOTE 1.750% 12/1	70509vaa8
ABBV	ABBVIE INC	1,915	$438	0.1%	$137.16	+65.9%	COM	00287Y109
LOW	LOWE'S COS INC	420	$101	0.0%	$244.20	-1.8%	COM	548661107
HCI	HCI GROUP INC	15,293	$2,931	0.9%	$153.53	+22.7%	COM	40416E103
RSP	INVESCO S&P 500	560	$107	0.0%	$181.74	—	S&P 500 EQL WGT	46137V357
—	GREENBRIER COS	117,000	$126	0.0%	$1.10	—	NOTE 2.875% 4/1	393657am3
BRK/B	BERKSHIRE HATHA	1,330	$669	0.2%	$290.80	+71.1%	CL B NEW	084670702