The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGNICO EAGLE MINES LTD COM COM 008474108 18,046,817 116,334 SH SOLE 30,000 0 86,334
METLIFE INC COM USD0.01 COM 59156R108 14,513,569 171,535 SH SOLE 54,000 0 117,535
CTO RLTY GROWTH INC NEW COM COM 22948Q101 14,008,897 651,274 SH SOLE 266,015 0 385,259
TIMBERLAND BANCORP INC COM 887098101 12,782,426 285,258 SH SOLE 86,000 0 199,258
EXCHANGE BK SANTA ROSA CALIF COM COM 301227203 12,364,110 74,934 SH SOLE 23,600 0 51,334
PARKE BANCORP INC COM STK USD0.10 COM 700885106 10,416,421 314,126 SH SOLE 110,000 0 204,126
SB FINL GROUP INC COM COM 78408D105 9,801,014 387,852 SH SOLE 133,000 0 254,852
FIRST BUSINESS FINL SVCS INC W COM COM 319390100 9,750,014 154,346 SH SOLE 87,000 0 67,346
SHELL PLC SPON ADS EA REP 2 ORD SHS SPON ADS 780259305 8,479,846 109,361 SH SOLE 30,000 0 79,361
BUNGE GLOBAL SA COM USD0.01 COM H11356104 8,302,710 77,792 SH SOLE 26,000 0 51,792
LIBERTY MEDIA CORP DEL BOND NOTE 3.750% 3/1 531229AP7 8,067,906 7,033,000 PRN SOLE 0 0 7,033,000
FIDELITY MSCI ENERGY INDEX ETF MSCI ENERGY IDX 316092402 7,908,692 267,547 SH SOLE 71,000 0 196,547
BENCHMARK BANKSHARES INC COM 08160E207 7,442,559 179,382 SH SOLE 113,500 0 65,882
VIATRIS INC COM COM 92556V106 7,120,011 448,363 SH SOLE 125,000 0 323,363
PROGRESS SOFTWARE CORP BOND NOTE 3.500% 3/0 743312AD2 7,085,193 7,390,000 PRN SOLE 0 0 7,390,000
MERCK&CO. INC COM COM 58933Y105 7,075,656 55,048 SH SOLE 13,300 0 41,748
PPL CAPITAL FUNDING INC BOND NOTE 2.875% 3/1 69352PAS2 6,893,175 6,065,000 PRN SOLE 125,000 0 5,940,000
CHIRON REAL ESTATE INC COMMON STOCK COM NEW 37954A303 6,760,309 180,161 SH SOLE 31,200 0 148,961
INNOVIVA INC BOND NOTE 2.125% 3/1 45781MAD3 6,642,860 6,195,000 PRN SOLE 990,000 0 5,205,000
ENERGY TRANSFER L P COM UT LTD PTN COM UT LTD PTN 29273V100 6,614,764 345,960 SH SOLE 0 0 345,960
BANK OF BOTETOURT COM 063907208 6,521,261 122,465 SH SOLE 79,400 0 43,065
CHESAPEAKE FINANCIAL SHARES COM 16517A109 6,438,600 178,850 SH SOLE 107,000 0 71,850
BANK AMERICA CORP CNV PFD L 7.25%CNV PFD L 060505682 6,153,323 4,905 SH SOLE 0 0 4,905
VERIZON COMMUNICATIONS INC COM 92343V104 6,149,356 145,238 SH SOLE 0 0 145,238
LEDYARD FINANCIAL GROUP INC COM USD1.00 COM 523338101 6,119,890 343,621 SH SOLE 139,900 0 203,721
FIRST NATL CORP COM COM 32106V107 6,118,357 203,809 SH SOLE 131,025 0 72,784
PFIZER INC COM 717081103 5,904,050 245,185 SH SOLE 60,000 0 185,185
POTOMAC BANCSHARES INC COM COM 737643106 5,527,823 231,048 SH SOLE 133,000 0 98,048
KIMCO REALTY CORP PFD DP CV CL N 7.25% 49446R687 5,476,428 87,693 SH SOLE 32,000 0 55,693
VICI PPTYS INC COM COM 925652109 5,343,892 201,181 SH SOLE 45,000 0 156,181
MERCHANTS FINL GROUP INC COM COM 588538108 5,233,502 132,830 SH SOLE 74,080 0 58,750
APPLE HOSPITALITY REIT INC COM NEW COM 03784Y200 5,057,741 300,869 SH SOLE 55,000 0 245,869
NORTHERN OIL&GAS INC BOND NOTE 3.625% 4/1 665531AJ8 5,040,334 5,265,000 PRN SOLE 0 0 5,265,000
F&M BK CORP CAP STK COM 30237P106 4,890,850 134,364 SH SOLE 85,500 0 48,864
WEYERHAEUSER CO MTN BE COM NEW COM NEW 962166104 4,546,288 189,903 SH SOLE 40,000 0 149,903
COMMUNITY WEST BANCSHARES NEW COM COM 203937107 4,355,057 162,139 SH SOLE 60,000 0 102,139
CSB BANCORP COM 12628R107 4,196,448 58,284 SH SOLE 58,284 0 0
ALERUS FINL CORP COM COM 01446U103 4,179,840 134,400 SH SOLE 54,000 0 80,400
NORTHERN OIL&GAS INC COM COM 665531307 4,063,952 223,884 SH SOLE 40,530 0 183,354
FSBH CORP COM COM 30325F101 3,912,000 240,000 SH SOLE 230,000 0 10,000
VANECK ETF TRUST MRNGSTR WDE MOAT MRNGSTR WDE MOAT 92189F643 3,899,315 37,508 SH SOLE 0 0 37,508
ENERGIZER HLDGS INC NEW COM COM 29272W109 3,403,241 158,733 SH SOLE 50,000 0 108,733
SFL CORPORATION LTD COM USD0.01 SHS G7738W106 3,286,871 322,242 SH SOLE 125,000 0 197,242
BEACON FINANCIAL CORP. COM COM 084680107 2,962,955 97,306 SH SOLE 40,000 0 57,306
AMERIS BANCORP COM 03076K108 2,776,311 30,759 SH SOLE 0 0 30,759
LIBERTY MEDIA CORP DEL BOND NOTE 2.250% 8/1 531229AQ5 2,756,043 2,220,000 PRN SOLE 0 0 2,220,000
LXP INDUSTRIAL TRUST COM COM 529043408 2,666,336 49,487 SH SOLE 0 0 49,487
HCI GROUP INC COM 40416E103 2,569,547 14,662 SH SOLE 5,705 0 8,957
ALBERTSONS COS INC COMMON STOCK COM 013091103 2,505,580 185,187 SH SOLE 0 0 185,187
FIRST COMMUNITY CORP COM 319835104 2,500,020 76,500 SH SOLE 76,500 0 0
AMERICAN INTERNATIONAL GROUP COM NEW 026874784 2,459,490 33,000 SH SOLE 33,000 0 0
VANGUARD INDEX FUNDS S&P 500 ETF USD S&P 500 ETF SHS 922908363 2,377,454 3,462 SH SOLE 0 0 3,462
SLB LIMITED TRADING COM STK 806857108 2,374,580 51,074 SH SOLE 0 0 51,074
FLAGSTAR BANK UNIT 05/07/2051 64944P307 2,210,204 53,868 SH SOLE 0 0 53,868
WINNEBAGO INDS INC BOND NOTE 3.250% 1/1 974637AF7 2,149,749 2,310,000 PRN SOLE 0 0 2,310,000
SPECTRUM BRANDS INC BOND NOTE 3.375% 6/0 84762LAZ8 2,044,261 1,965,000 PRN SOLE 0 0 1,965,000
AT&T INC COM USD1 COM 00206R102 2,035,180 98,318 SH SOLE 40,000 0 58,318
FINANCIAL INSTITUTIONS INC COM 317585404 1,926,191 49,428 SH SOLE 43,000 0 6,428
CNH INDUSTRIAL NV COM EUR0.01 SHS N20944109 1,922,950 171,233 SH SOLE 75,000 0 96,233
PEOPLES FINANCIAL SERVICES GROUP COM USD2 COM 711040105 1,907,893 28,746 SH SOLE 0 0 28,746
ALPHABET INC DEP SHS RP1/20 B PFD DEP SHS RP1/20 B 02079K602 1,900,083 37,775 SH SOLE 10,000 0 27,775
CHEESECAKE FACTORY INC BOND NOTE 2.000% 3/1 163072AC5 1,853,675 1,455,000 PRN SOLE 0 0 1,455,000
VANECK ETF TR VANECK GOLD MINERS ETF GOLD MINERS ETF 92189F106 1,746,069 23,142 SH SOLE 0 0 23,142
HAEMONETICS CORP MASS BOND NOTE 2.500% 6/0 405024AD2 1,744,194 1,725,000 PRN SOLE 0 0 1,725,000
ETSY INC BOND NOTE 0.125% 9/0 29786AAL0 1,708,286 1,805,000 PRN SOLE 0 0 1,805,000
BANC OF CALIFORNIA INC COM COM 05990K106 1,645,637 80,550 SH SOLE 77,000 0 3,550
WEC ENERGY GROUP INC BOND NOTE 3.375% 6/0 92939UAT3 1,557,788 1,500,000 PRN SOLE 0 0 1,500,000
GUIDEWIRE SOFTWARE INC BOND NOTE 1.250%11/0 40171VAC4 1,531,958 1,595,000 PRN SOLE 0 0 1,595,000
TYSON FOODS INC CL A 902494103 1,507,946 26,340 SH SOLE 18,000 0 8,340
VISHAY INTERTECHNOLOGY INC BOND NOTE 2.250% 9/1 928298AR9 1,459,408 735,000 PRN SOLE 0 0 735,000
PACIRA BIOSCIENCES INC BOND NOTE 2.125% 5/1 695127AJ9 1,431,091 1,435,000 PRN SOLE 0 0 1,435,000
SOLVAY BK CORP SOLVAY NEW YORK COM COM 83441Q105 1,222,459 37,591 SH SOLE 30,500 0 7,091
ISHARES TRUST US US REGNL BKS ETF 464288778 1,119,780 18,000 SH SOLE 18,000 0 0
CITIZENS BANCORP VA INC COM COM 17316V104 1,096,786 28,525 SH SOLE 28,275 0 250
VANGUARD INTL EQUITY INDEX FDS TT WRLD ST TT WRLD ST ETF 922042742 962,888 6,135 SH SOLE 0 0 6,135
WESTERN AST INFL LKD OPP&INM COM COM 95766R104 940,731 111,992 SH SOLE 0 0 111,992
INVESCO TR INVT GRADE MUNS COM STK USD0.01 COM 46131M106 912,843 86,117 SH SOLE 0 0 86,117
HANCOCK WHITNEY CORP COM 410120109 814,304 10,898 SH SOLE 0 0 10,898
ALAMOS GOLD INC COM COM CLA 011532108 785,703 25,897 SH SOLE 0 0 25,897
AMPHASTAR PHARMACEUTICALS INC BOND NOTE 2.000% 3/1 03209RAB9 758,229 835,000 PRN SOLE 0 0 835,000
M&T BANK CORP COM USD0.50 COM 55261F104 756,711 3,179 SH SOLE 0 0 3,179
INTERNATIONAL FLAVORS&FRAGRANCES COM COM 459506101 683,319 8,602 SH SOLE 0 0 8,602
FIRST TRUST NASDAQ ABA CBIF UT COM SHS ETF 33736Q104 664,002 9,868 SH SOLE 0 0 9,868
MICROSOFT CORP COM 594918104 623,208 1,671 SH SOLE 0 0 1,671
BERKSHIRE HATHAWAY INC COM USD0.0033 CLASS CL B NEW 084670702 600,468 1,200 SH SOLE 0 0 1,200
SOUTHSTATE BK CORP COM COM 84472E102 588,406 5,890 SH SOLE 0 0 5,890
ISHARES CORE S&P US VALUE ETF CORE S&P US VLU 464287663 501,183 4,550 SH SOLE 0 0 4,550
ORACLE CORP COM 68389X105 439,650 3,000 SH SOLE 0 0 3,000
ABBVIE INC COM USD0.01 COM 00287Y109 409,922 1,629 SH SOLE 0 0 1,629
JPMORGAN CHASE&CO. COM COM 46625H100 392,141 1,198 SH SOLE 0 0 1,198
SEACOAST BANKING CORPORATION OF FLORIDA COM NEW 811707801 359,974 10,826 SH SOLE 0 0 10,826
STATE STREET SPDR S&P 500 ETF UNITS TR UNIT 78462F103 334,307 448 SH SOLE 0 0 448
SKEENA RESOURCES LIMITED COM COM 83056P715 316,721 11,880 SH SOLE 0 0 11,880
SPDR GOLD TR GOLD SHS GOLD SHS 78463V107 310,176 842 SH SOLE 0 0 842
FIDELITY FUNDAMENTAL SMALL-MID CAP ETF FUN SMA MID ETF 316092295 300,331 7,860 SH SOLE 0 0 7,860
EVERSOURCE ENERGY COM 30040W108 299,704 4,147 SH SOLE 0 0 4,147
KROGER CO COM USD1.00 COM 501044101 277,907 5,005 SH SOLE 0 0 5,005
FRANKLIN FINANCIAL SERVICES CORPORATION COM 353525108 275,440 4,400 SH SOLE 0 0 4,400
ALBEMARLE CORP DEP SHS A PFD 7.25% DEP SHS A 012653200 258,761 4,675 SH SOLE 0 0 4,675
STARWOOD PPTY TR INC BOND NOTE 6.750% 7/1 85571BBA2 249,768 245,000 PRN SOLE 0 0 245,000
AMAZON.COM INC COM 023135106 239,532 1,005 SH SOLE 0 0 1,005
APPLE INC COM 037833100 227,726 787 SH SOLE 0 0 787
TAIWAN SEMICONDUCTOR MANUFACTURING SPONSORED ADS 874039100 220,301 461 SH SOLE 0 0 461
EAGLE BANCORP MONTANA INC COM USD0.01 COM 26942G100 215,370 9,000 SH SOLE 0 0 9,000
SWISS HELVETIA FUND INC COM 870875101 213,371 35,921 SH SOLE 0 0 35,921
ALPHABET INC CAP STK CL A CAP STK CL A 02079K305 196,196 549 SH SOLE 0 0 549
EXXON MOBIL CORP COM COM 30231G102 178,966 1,309 SH SOLE 0 0 1,309
INTERNATIONAL BUS MACH CORP COM USD0.20 COM 459200101 172,382 613 SH SOLE 0 0 613
INVESCO QQQ TR UNIT SER 1 UNIT SER 1 46090E103 168,113 228 SH SOLE 0 0 228
HECLA MINING CO COM 422704106 154,300 10,000 SH SOLE 0 0 10,000
DUKE ENERGY CORP NEW COM NEW COM 26441C204 149,744 1,183 SH SOLE 0 0 1,183
GREENBRIER COS INC BOND NOTE 2.875% 4/1 393657AM3 133,544 117,000 PRN SOLE 0 0 117,000
JAMES HARDIE INDUSTRIES PLC COM EUR0.59 ORD SHS G4253H101 132,864 5,075 SH SOLE 0 0 5,075
HALOZYME THERAPEUTICS INC BOND NOTE 0.250% 3/0 40637HAD1 122,221 110,000 PRN SOLE 0 0 110,000
CHENIERE ENERGY INC COM USD0.003 COM NEW 16411R208 120,700 505 SH SOLE 0 0 505
DEVON ENERGY CORP NEW COM 25179M103 115,076 2,785 SH SOLE 0 0 2,785
SELECT SECTOR SPDR TRUST STATE STREET ST STR TECHN ETF 81369Y803 114,312 600 SH SOLE 0 0 600
OCCIDENTAL PETE CORP COM COM 674599105 112,925 2,325 SH SOLE 0 0 2,325
ISHARES RUSSELL MID-CAP VALUE ETF RUS MDCP VAL ETF 464287473 112,586 684 SH SOLE 0 0 684
ISHARES SILVER TR ISHARES ISHARES 46428Q109 108,972 2,038 SH SOLE 0 0 2,038
TEREX CORP COM 880779103 107,499 1,485 SH SOLE 0 0 1,485
AGCO CORP COM USD0.01 COM 001084102 105,935 885 SH SOLE 0 0 885
LOWES COMPANIES INC COM USD0.50 COM 548661107 105,615 479 SH SOLE 0 0 479
INVESCO EXCHANGE TRADED FD TR S&P500 EQL S&P500 EQL WGT 46137V357 100,853 474 SH SOLE 0 0 474