Caldwell Sutter Capital 13F-HR Quarterly holdings report by institutional manager

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

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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
MICROSOFT CORP	COM	594918104	1,453,903	6,062	SH		SOLE		0	0	6,062
AT&T INC	COM	00206R102	103,961	5,647	SH		SOLE		0	0	5,647
INTERNATIONAL BUSINESS MACHS	COM	459200101	815,330	5,787	SH		SOLE		0	0	5,787
SOUTHWEST AIRLS CO	COM	844741108	42,929	1,275	SH		SOLE		0	0	1,275
INTEL CORP	COM	458140100	101,570	3,843	SH		SOLE		0	0	3,843
HOME DEPOT INC	COM	437076102	673,750	2,133	SH		SOLE		0	0	2,133
ISHARES TR	RUS MDCP VAL ETF	464287473	6,847	65	SH		SOLE		0	0	65
ISHARES TR	RUSSELL 2000 ETF	464287655	26,154	150	SH		SOLE		0	0	150
ISHARES TR	U.S BAS MTL ETF	464287838	22,459	180	SH		SOLE		0	0	180
AMAZON COM INC	COM	023135106	20,160	240	SH		SOLE		0	0	240
INVESCO QQQ TR	UNIT SER 1	46090E103	151,780	570	SH		SOLE		0	0	570
JOHNSON & JOHNSON	COM	478160104	349,767	1,980	SH		SOLE		0	0	1,980
ISHARES TR	US INDUSTRIALS	464287754	19,292	200	SH		SOLE		0	0	200
ISHARES TR	US HLTHCARE ETF	464287762	177,319	625	SH		SOLE		0	0	625
ISHARES TR	U.S. ENERGY ETF	464287796	37,192	800	SH		SOLE		0	0	800
ISHARES TR	U.S. FINLS ETF	464287788	48,376	641	SH		SOLE		0	0	641
MERCK & CO INC	COM	58933Y105	334,514	3,015	SH		SOLE		0	0	3,015
VERIZON COMMUNICATIONS INC	COM	92343V104	331,063	8,403	SH		SOLE		0	0	8,403
BP PLC	SPONSORED ADR	055622104	1,397	40	SH		SOLE		0	0	40
SELECT SECTOR SPDR TR	SBI CONS STPLS	81369Y308	75,370	1,011	SH		SOLE		0	0	1,011
QUALCOMM INC	COM	747525103	221,749	2,017	SH		SOLE		0	0	2,017
MCDONALDS CORP	COM	580135101	537,601	2,040	SH		SOLE		0	0	2,040
CISCO SYS INC	COM	17275R102	430,427	9,035	SH		SOLE		0	0	9,035
SELECT SECTOR SPDR TR	ENERGY	81369Y506	777,171	8,885	SH		SOLE		0	0	8,885
ISHARES TR	ISHARES BIOTECH	464287556	177,242	1,350	SH		SOLE		0	0	1,350
HENRY SCHEIN INC	COM	806407102	23,961	300	SH		SOLE		0	0	300
GENERL ELECTRIC CO	COM NEW	369604301	23,294	278	SH		SOLE		0	0	278
SELECT SECTOR SPDR TR	SBI CONS DISCR	81369Y407	178,370	1,381	SH		SOLE		0	0	1,381
SELECT SECTOR SPDR TR	SBI INT-INDS	81369Y704	59,908	610	SH		SOLE		0	0	610
PITNEY BOWES INC	COM	724479100	10,450	2,750	SH		SOLE		0	0	2,750
JPMORGAN CHASE & CO	COM	46625H100	525,806	3,921	SH		SOLE		0	0	3,921
CHEVRON CORP NEW	COM	166764100	1,750,158	9,751	SH		SOLE		0	0	9,751
BANK AMERICA CORP	COM	060505104	247,983	7,487	SH		SOLE		0	0	7,487
WALMART INC	COM	931142103	70,895	500	SH		SOLE		0	0	500
TARGET CORP	COM	87612E106	96,131	645	SH		SOLE		0	0	645
PFIZER INC	COM	717081103	2,532,691	49,428	SH		SOLE		0	0	49,428
3M CO	COM	88579Y101	20,386	170	SH		SOLE		0	0	170
GILEAD SCIENCES INC	COM	375558103	40,350	470	SH		SOLE		0	0	470
CATERPILLAR INC	COM	149123101	1,970,381	8,225	SH		SOLE		0	0	8,225
BRISTOL-MYERS SQUIBB CO	COM	110122108	102,529	1,425	SH		SOLE		0	0	1,425
REALTY INCOME CORP	COM	756109104	1,038,793	16,377	SH		SOLE		0	0	16,377
ALTRIA GROUP INC	COM	02209S103	96,448	2,110	SH		SOLE		0	0	2,110
DOMINION ENERGY INC	COM	25746U109	30,660	500	SH		SOLE		0	0	500
EXXON MOBIL CORP	COM	30231G102	140,062	1,270	SH		SOLE		0	0	1,270
UNITEDHEALTH GROUP INC	COM	91324P102	609,707	1,150	SH		SOLE		0	0	1,150
DEERE & CO	COM	244199105	1,286	3	SH		SOLE		0	0	3
DEVON ENERGY CORP NEW	COM	25179M103	340,827	5,541	SH		SOLE		0	0	5,541
APPLE INC	COM	037833100	7,350,352	56,572	SH		SOLE		0	0	56,572
ABBOTT LABS	COM	002824100	19,213	175	SH		SOLE		0	0	175
DISNEY WALT CO	COM	254687106	76,889	885	SH		SOLE		0	0	885
ISHARES TR	RUS 1000 VAL ETF	464287598	34,728	229	SH		SOLE		0	0	229
SELECT SECTOR SPDR TR	TECHNOLOGY	81369Y803	153,932	1,237	SH		SOLE		0	0	1,237
STARBUCKS CORP	COM	855244109	793,269	7,997	SH		SOLE		0	0	7,997
OLD REP INTL CORP	COM	680223104	156,975	6,500	SH		SOLE		0	0	6,500
COSTCO WHSL CORP NEW	COM	22160K105	1,921,897	4,210	SH		SOLE		0	0	4,210
GOLDMAN SACHS GROUP INC	COM	38141G104	160,358	467	SH		SOLE		0	0	467
GAP INC	COM	364760108	1,128	100	SH		SOLE		0	0	100
PROCTER AND GAMBLE CO	COM	742718109	198,695	1,311	SH		SOLE		0	0	1,311
COCA COLA CO	COM	191216100	62,108	976	SH		SOLE		0	0	976
OCCIDENTAL PETE CORP	COM	674599105	41,573	660	SH		SOLE		0	0	660
UNITED PARCEL SERVICE INC	CL B	911312106	48,675	280	SH		SOLE		0	0	280
MSA SAFETY INC	COM	553498106	4,094,852	28,399	SH		SOLE		0	0	28,399
STATE STR CORP	COM	857477103	442,149	5,700	SH		SOLE		0	0	5,700
CLOROX CO DEL	COM	189054109	378,891	2,700	SH		SOLE		0	0	2,700
NETFLIX INC	COM	64110L106	14,744	50	SH		SOLE		0	0	50
MATTEL INC	COM	577081102	8,920	500	SH		SOLE		0	0	500
ASHLAND INC	COM	044186104	2,903	27	SH		SOLE		0	0	27
KAYNE ANDERSON ENERGY INFRSTR	COM	486606106	1,561,686	182,440	SH		SOLE		0	0	182,440
CHUBB LIMITED	COM	H1467J104	41,032	186	SH		SOLE		0	0	186
MARVELL TECHNOLOGY INC	COM	573874104	182,459	4,926	SH		SOLE		0	0	4,926
PEPSICO INC	COM	713448108	944,976	5,231	SH		SOLE		0	0	5,231
EATON VANCE FLTING RATE INC TR	COM	278279104	9,005	812	SH		SOLE		0	0	812
FORD MTR CO DEL	COM	345370860	174,276	14,985	SH		SOLE		0	0	14,985
US BANCORP DEL	COM NEW	902973304	145,134	3,328	SH		SOLE		0	0	3,328
ISHARES TR	RUS 2000 VAL ETF	464287630	6,656	48	SH		SOLE		0	0	48
SPDR GOLD SHARES	GOLD SHS	78463V107	22,732	134	SH		SOLE		0	0	134
ISHARES TR	RUS 1000 GRW ETF	464287614	47,347	221	SH		SOLE		0	0	221
OLD NATL BANCORP IND	COM	680033107	1,109,887	61,729	SH		SOLE		0	0	61,729
LUMEN TECHNOLOGIES INC	COM	550241103	355	68	SH		SOLE		0	0	68
ALPHABET INC	CAP STK CL A	02079K305	22,940	260	SH		SOLE		0	0	260
PG&E CORP	COM	69331C108	43,902	2,700	SH		SOLE		0	0	2,700
CONSTELLATION BRANDS INC	CL A	21036P108	29,432	127	SH		SOLE		0	0	127
CVS HEALTH CORP	COM	126650100	11,556	124	SH		SOLE		0	0	124
BOEING CO	COM	097023105	101,161	531	SH		SOLE		0	0	531
NIKE INC	CL B	654106103	293,695	2,510	SH		SOLE		0	0	2,510
APARTMENT INVT & MGMT CO	CL A	03748R747	788,184	110,700	SH		SOLE		0	0	110,700
KIMCO RLTY CORP	COM	49446R109	3,516	166	SH		SOLE		0	0	166
WALGREENS BOOTS ALLIANCE INC	COM	931427108	7,472	200	SH		SOLE		0	0	200
WELLTOWER INC	COM	95040Q104	104,880	1,600	SH		SOLE		0	0	1,600
FIFTH THIRD BANCORP	COM	316773100	11,287	344	SH		SOLE		0	0	344
WABTECH	COM	929740108	1,098	11	SH		SOLE		0	0	11
MICRON TECHNOLOGY INC	COM	595112103	29,488	590	SH		SOLE		0	0	590
ENTERGY CORP NEW	COM	29364G103	33,750	300	SH		SOLE		0	0	300
MDU RES GROUP INC	COM	552690109	30,340	1,000	SH		SOLE		0	0	1,000
ISHARES TR	RUS MD CP GR ETF	464287481	8,527	102	SH		SOLE		0	0	102
NOVAVAX INC	COM NEW	670002401	14,392	1,400	SH		SOLE		0	0	1,400
VISA INC COM	CL A	92826C839	3,636,216	17,502	SH		SOLE		0	0	17,502
KELLOGG CO	COM	487836108	24,222	340	SH		SOLE		0	0	340
NUVEEN PFD & INCOME SECS FD	COM	67072C105	232,927	34,254	SH		SOLE		0	0	34,254
CROWN HLDGS INC	COM	228368106	88,047	1,071	SH		SOLE		0	0	1,071
KONINKLIJKE PHILIPS N V	NY REGIS SHS NEW	500472303	19,800	1,321	SH		SOLE		0	0	1,321
KINDER MORGAN INC DEL	COM	49456B101	4,791	265	SH		SOLE		0	0	265
ENBRIDGE INC	COM	29250N105	993,899	25,419	SH		SOLE		0	0	25,419
NVIDIA CORPORATION	COM	67066G104	131,964	903	SH		SOLE		0	0	903
ENNIS INC	COM	293389102	172,848	7,800	SH		SOLE		0	0	7,800
OWENS & MINOR INC NEW	COM	690732102	7,812	400	SH		SOLE		0	0	400
UFP INDUSTRIES INC	COM	90278Q108	79,250	1,000	SH		SOLE		0	0	1,000
HAWAIIAN ELEC INDUSTRIES	COM	419870100	246,915	5,900	SH		SOLE		0	0	5,900
ISHARES TR	RUS 2000 GRW ETF	464287648	7,079	33	SH		SOLE		0	0	33
INTUITIVE SURGICAL INC	COM NEW	46120E602	7,961	30	SH		SOLE		0	0	30
CIGNA CORP NEW	COM	125523100	22,531	68	SH		SOLE		0	0	68
ONEOK INC NEW	COM	682680103	42,048	640	SH		SOLE		0	0	640
AIR LEASE CORP	CL A	00912X302	30,736	800	SH		SOLE		0	0	800
DANAHER CORPORATION	COM	235851102	861,819	3,247	SH		SOLE		0	0	3,247
UNITED STATES STL CORP NEW	COM	912909108	72,645	2,900	SH		SOLE		0	0	2,900
ABRDN ASIA PACIFIC INCOME FUND	COM	003009107	44,973	17,100	SH		SOLE		0	0	17,100
BARINGS CORPORATE INVS	COM	06759X107	1,054,231	75,518	SH		SOLE		0	0	75,518
COLUMBIA SPORTSWEAR CO	COM	198516106	236,466	2,700	SH		SOLE		0	0	2,700
NUCOR CORP	COM	670346105	330,843	2,510	SH		SOLE		0	0	2,510
PAPA JOHNS INTL INC	COM	698813102	7,408	90	SH		SOLE		0	0	90
STARTEK INC	COM	85569C107	4,688	1,250	SH		SOLE		0	0	1,250
ISHARES INC	MSCI BELGIUM ETF	464286301	2,509	140	SH		SOLE		0	0	140
ISHARES TR	GLOBAL ENERGY ETF	464287341	7,603	195	SH		SOLE		0	0	195
SPROTT PHYSICAL GOLD & SILVE	TR UNIT	85208R101	91,443	5,100	SH		SOLE		0	0	5,100
COUSINS PPTYS INC	COM NEW	222795502	6,828	270	SH		SOLE		0	0	270
NASDAQ INC	COM	631103108	184,050	3,000	SH		SOLE		0	0	3,000
UMPQUA HLDGS CORP	COM	904214103	30,595	1,714	SH		SOLE		0	0	1,714
SEALED AIR CORP NEW	COM	81211K100	17,258	346	SH		SOLE		0	0	346
TRANSCONTINENTAL RLTY INVS	COM NEW	893617209	207,646	4,700	SH		SOLE		0	0	4,700
VULCAN MATLS CO	COM	929160109	17,336	99	SH		SOLE		0	0	99
ALLIANCEBERNSTEIN HLDG L P	UNIT LTD PARTN	01881G106	48,977	1,425	SH		SOLE		0	0	1,425
VANGUARD WORLD FDS	ENERGY ETF	92204A306	653,093	5,385	SH		SOLE		0	0	5,385
SHELL PLC	SPON ADS	780259305	39,865	700	SH		SOLE		0	0	700
SUNSTONE HOTEL INVS INC NEW	COM	867892101	154,560	16,000	SH		SOLE		0	0	16,000
COHEN & STEERS REIT & PFD & IN	COM	19247X100	61,140	3,000	SH		SOLE		0	0	3,000
MODINE MFG CO	COM	607828100	453,563	22,838	SH		SOLE		0	0	22,838
WILEY JOHN & SONS INC	CL A	968223206	1,377,595	34,388	SH		SOLE		0	0	34,388
CVB FINL CORP	COM	126600105	130,501	5,068	SH		SOLE		0	0	5,068
ISHARES SILVER TR	ISHARES	46428Q109	3,523	160	SH		SOLE		0	0	160
HESS CORP	COM	42809H107	43,964	310	SH		SOLE		0	0	310
ISHARES INC	MSCI SWITZERLAND	464286749	5,870	140	SH		SOLE		0	0	140
MASTERCARD INCORPORATED	CL A	57636Q104	245,150	705	SH		SOLE		0	0	705
VERTEX PHARMACEUTICALS INC	COM	92532F100	144,390	500	SH		SOLE		0	0	500
AMERICAN RLTY INVS INC	COM	029174109	2,211,107	86,203	SH		SOLE		0	0	86,203
AVID BIOSERVICES INC	COM	05368M106	27,540	2,000	SH		SOLE		0	0	2,000
DONEGAL GROUP INC	CL A	257701201	2,964,733	208,784	SH		SOLE		0	0	208,784
VANGUARD INDEX FDS	SMALL CP ETF	922908751	5,506	30	SH		SOLE		0	0	30
VANGUARD INDEX FDS	MID CAP ETF	922908629	6,114	30	SH		SOLE		0	0	30
FIRST LONG IS CORP	COM	320734106	159,921	8,885	SH		SOLE		0	0	8,885
SELECT SECTOR SPDR TR	FINANCIAL	81369Y605	456,032	13,334	SH		SOLE		0	0	13,334
CAPITAL SOUTHWEST CORP	COM	140501107	727,229	42,528	SH		SOLE		0	0	42,528
JEWETT CAMERON TRADING LTD	COM NEW	47733C207	23,940	4,200	SH		SOLE		0	0	4,200
KBR INC	COM	48242W106	52,800	1,000	SH		SOLE		0	0	1,000
DIGITAL RLTY TR INC	COM	253868103	15,542	155	SH		SOLE		0	0	155
STURM RUGER & CO INC	COM	864159108	281,245	5,556	SH		SOLE		0	0	5,556
ISHARES TR	US OIL GS EX ETF	464288851	18,572	200	SH		SOLE		0	0	200
ISHARES TR	US AER DEF ETF	464288760	44,744	400	SH		SOLE		0	0	400
CATHAY GEN BANCORP	COM	149150104	95,857	2,350	SH		SOLE		0	0	2,350
FIRST CTZNS BANCSHARES INC N C	CL A	31946M103	7,584	10	SH		SOLE		0	0	10
INTERGROUP CORP	COM	458685104	2,716,903	57,647	SH		SOLE		0	0	57,647
ENERGY TRANSFER L P	COM UT LTD PTN	29273V100	182,798	15,400	SH		SOLE		0	0	15,400
NEOGEN CORP	COM	640491106	628,207	41,248	SH		SOLE		0	0	41,248
AMERICAN EAGLE OUTFITTERS INC	COM	02553E106	55,840	4,000	SH		SOLE		0	0	4,000
VANGUARD INDEX FDS	GROWTH ETF	922908736	64,836	304	SH		SOLE		0	0	304
GLADSTONE INVT CORP	COM	376546107	164,557	12,746	SH		SOLE		0	0	12,746
UNICO AMERN CORP	COM	904607108	41,265	25,504	SH		SOLE		0	0	25,504
SPDR SER TR	S&P METALS MNG	78464A755	35,365	710	SH		SOLE		0	0	710
VANGUARD INTL EQUITY INDEX F	ALLWRLD EX US	922042775	2,006	40	SH		SOLE		0	0	40
INVESCO EXCHANGE TRADED FD T	FINL PFD ETF	46137V621	4,770	331	SH		SOLE		0	0	331
CALUMET SPECIALTY PRODS PART	UT LTD PARTNER	131476103	100,267	5,940	SH		SOLE		0	0	5,940
STARRETT L S CO	CL A	855668109	1,472	200	SH		SOLE		0	0	200
BLACKSTONE INC	COM	09260D107	7,419	100	SH		SOLE		0	0	100
INVESCO EXCHANGE TRADED FD T	DYNMC LRG GWTH	46137V746	113,506	1,900	SH		SOLE		0	0	1,900
VMWARE INC COM CL A	COM	928563402	982	8	SH		SOLE		0	0	8
UMH PPTYS INC	COM	903002103	1,376,453	85,494	SH		SOLE		0	0	85,494
VANGUARD TAX-MANAGED FDS	VAN FTSE DEV MKT	921943858	20,188	481	SH		SOLE		0	0	481
SPDR SER TR	S&P BK ETF	78464A797	21,446	475	SH		SOLE		0	0	475
KRATOS DEFENSE & SEC SOLUTIONS	COM NEW	50077B207	92,880	9,000	SH		SOLE		0	0	9,000
LIMONEIRA CO	COM	532746104	659	54	SH		SOLE		0	0	54
VANGUARD SPECIALIZED FUNDS	DIV APP ETF	921908844	37,963	250	SH		SOLE		0	0	250
PIMCO CALIF MUN INCOME FD II	COM	72200M108	20,370	3,000	SH		SOLE		0	0	3,000
SPDR SER TR	PRTFLO S&P500 GW	78464A409	50,670	1,000	SH		SOLE		0	0	1,000
PHILIP MORRIS INTL INC	COM	718172109	202,420	2,000	SH		SOLE		0	0	2,000
BANK MARIN BANCORP	COM	063425102	922,218	28,048	SH		SOLE		0	0	28,048
INVESCO EXCHANGE TRADED FD T	DYNMC FOOD BEV	46137V753	188,346	4,126	SH		SOLE		0	0	4,126
UNITY SOFTWARE INC	COM	91332U101	270,461	9,460	SH		SOLE		0	0	9,460
BARINGS BDC INC	COM	06759L103	15,958	1,958	SH		SOLE		0	0	1,958
SUMMIT ST BK SANTA ROSA CALIF	COM	866264203	2,674,087	169,246	SH		SOLE		0	0	169,246
BARINGS PARTN INVS	SH BEN INT	06761A103	557,813	45,277	SH		SOLE		0	0	45,277
POWER REIT	COM	73933H101	7,588	1,921	SH		SOLE		0	0	1,921
REPUBLIC FIRST BANCORP INC	COM	760416107	3,098	1,441	SH		SOLE		0	0	1,441
INVESCO EXCH TRADED FD TR II	PFD ETF	46138E511	3,703	331	SH		SOLE		0	0	331
SRH TOTAL RETURN FUND INC	COM	101507101	178,359	14,044	SH		SOLE		0	0	14,044
PARKE BANCORP INC	COM	700885106	2,096,441	101,082	SH		SOLE		0	0	101,082
NORTHRIM BANCORP INC	COM	666762109	674,867	12,367	SH		SOLE		0	0	12,367
NEW ENGLAND RLTY ASSOC LTD P	DEPOSITRY RCPT	644206104	1,964,144	27,664	SH		SOLE		0	0	27,664
CENTRAL SECS CORP	COM	155123102	212,955	6,378	SH		SOLE		0	0	6,378
COMMUNITY WEST BANCSHARES	COM	204157101	1,175,025	78,492	SH		SOLE		0	0	78,492
READING INTL INC	CL A	755408101	2,770	1,000	SH		SOLE		0	0	1,000
CELLDEX THERAPEUTICS INC	COM NEW	15117B202	15,600	350	SH		SOLE		0	0	350
NATIONAL WESTN LIFE GROUP INC	CL A	638517102	674,400	2,400	SH		SOLE		0	0	2,400
OCEANFIRST FINL CORP	COM	675234108	169,235	7,964	SH		SOLE		0	0	7,964
Trico Bancshares	COM	896095106	138,642	2,719	SH		SOLE		0	0	2,719
VANGUARD INTL EQUITY INDEX F	FTSE SMCAP ETF	922042718	4,112	40	SH		SOLE		0	0	40
BLACK STONE MINERALS L P	COM UNIT	09225M101	1,783,159	105,700	SH		SOLE		0	0	105,700
ENERGY RECOVERY INC	COM	29270J100	102,450	5,000	SH		SOLE		0	0	5,000
ELECTRO-SENSORS INC	COM	285233102	954,516	211,176	SH		SOLE		0	0	211,176
MANITEX INTL INC	COM	563420108	682,900	170,725	SH		SOLE		0	0	170,725
OFFICE PPTS INCOME TR	COM SHS BEN INT	67623C109	72,584	5,437	SH		SOLE		0	0	5,437
BAYCOM CORP	COM	07272M107	1,579,212	83,204	SH		SOLE		0	0	83,204
SENECA FOODS CORP NEW	CL A	817070501	19,565	321	SH		SOLE		0	0	321
BERKSHIRE HATHAWAY INC	CL B NEW	084670702	438,020	1,418	SH		SOLE		0	0	1,418
CENTRAL VY CMNTY BANCORP	COM	155685100	424,511	20,043	SH		SOLE		0	0	20,043
SPROTT PHYSICAL GOLD TR	UNIT	85207H104	14,100	1,000	SH		SOLE		0	0	1,000
BERKSHIRE HATHAWAY INC	CL A	084670108	468,711	1	SH		SOLE		0	0	1
NEXTERA ENERGY INC	COM	65339F101	39,710	475	SH		SOLE		0	0	475
TESLA INC	COM	88160R101	70,829	575	SH		SOLE		0	0	575
EQUITY COMWLTH	COM SH BEN INT	294628102	144,476	5,786	SH		SOLE		0	0	5,786
PATRIOT NATL BANCORP INC	COM NEW	70336F203	955,060	90,100	SH		SOLE		0	0	90,100
SMITH MIDLAND CORP	COM	832156103	377,405	18,410	SH		SOLE		0	0	18,410
BROOKFIELD RENEWABLE PARTNERS	PARTNERSHIP UNIT	G16258108	16,142	637	SH		SOLE		0	0	637
VANGUARD INDEX FDS	S&P 500 ETF SHS	922908363	12,297	35	SH		SOLE		0	0	35
SPROTT PHYSICAL SILVER TR	TR UNIT	85207K107	84,872	10,300	SH		SOLE		0	0	10,300
AMREP CORP	COM	032159105	631,577	54,682	SH		SOLE		0	0	54,682
RIVERVIEW BANCORP INC	COM	769397100	142,080	18,500	SH		SOLE		0	0	18,500
ADDVANTAGE TECHHNOLOGIES GROUP	COM NEW	006743306	98,565	67,976	SH		SOLE		0	0	67,976
NICOLET BANKSHARES INC	COM	65406E102	90,083	1,129	SH		SOLE		0	0	1,129
MAINSTREET BANCSHARES INC	COM	56064Y100	242,407	8,818	SH		SOLE		0	0	8,818
NATURAL ALTERNATIVES INTL INC	COM NEW	638842302	3,743,006	446,127	SH		SOLE		0	0	446,127
SCHMITT INDS INC ORE	COM NEW	806870200	82	270	SH		SOLE		0	0	270
BANC OF CALIFORNIA INC	COM	05990K106	31,860	2,000	SH		SOLE		0	0	2,000
META PLATFORMS INC	CL A	30303M102	406,148	3,375	SH		SOLE		0	0	3,375
BLUCORA INC	COM	095229100	51	2	SH		SOLE		0	0	2
NEXPOINT DIVERSIFIED REL ET TR	COM NEW	65340G205	417,449	37,239	SH		SOLE		0	0	37,239
MONDELEZ INTL INC	CL A	609207105	78,980	1,185	SH		SOLE		0	0	1,185
BERRY GLOBAL GROUP INC	COM	08579W103	9,608	159	SH		SOLE		0	0	159
WORKDAY INC	CL A	98138H101	187,744	1,122	SH		SOLE		0	0	1,122
DIAMONDBACK ENERGY INC	COM	25278X109	3,693	27	SH		SOLE		0	0	27
MPLX LP	COM UNIT REP LTD	55336V100	131,360	4,000	SH		SOLE		0	0	4,000
NORTHEAST CMNTY BANCORP INC	COM	664121100	149,200	10,000	SH		SOLE		0	0	10,000
ABBVIE INC	COM	00287Y109	287,666	1,780	SH		SOLE		0	0	1,780
NICHOLAS FINL INC BC	COM NEW	65373J209	971,296	154,174	SH		SOLE		0	0	154,174
BARINGS GLOBAL SHORT DURATION	COM	06760L100	234,580	18,500	SH		SOLE		0	0	18,500
FIRST INTERNET BANCORP	COM	320557101	1,582,643	65,183	SH		SOLE		0	0	65,183
FS BANCORP INC	COM	30263Y104	550,690	16,468	SH		SOLE		0	0	16,468
SOTHERLY HOTELS INC	COM	83600C103	2,380	1,315	SH		SOLE		0	0	1,315
T-MOBILE US INC	COM	872590104	35,000	250	SH		SOLE		0	0	250
HENNESSY ADVISORS INC	COM	425885100	4,242	505	SH		SOLE		0	0	505
TILE SHOP HOLDINGS	COM	88677Q109	65,700	15,000	SH		SOLE		0	0	15,000
CHARTER COMMUNICATIONS INC NEW	CL A	16119P108	2,374	7	SH		SOLE		0	0	7
ARROWMARK FINANCIAL CORP	COM	861780104	34,779	2,041	SH		SOLE		0	0	2,041
STEEL PARTNERS HLDGS L P	LTD PRTRSHIP U	85814R107	377,111	8,811	SH		SOLE		0	0	8,811
ISHARES TR	0-5YR INVT GR CP	46434V100	3,590	75	SH		SOLE		0	0	75
A-MARK PRECIOUS METALS INC	COM	00181T107	2,994,073	86,210	SH		SOLE		0	0	86,210
PATHFINDER BANCORP INC MD	COM	70319R109	294,239	15,373	SH		SOLE		0	0	15,373
ALPHABET INC	CAP STK CL C	02079K107	10,648	120	SH		SOLE		0	0	120
CREATIVE MEDIA & CMNTY TR	COM NEW	125525584	1,913,180	390,445	SH		SOLE		0	0	390,445
DIGITALBRIDGE GROUP INC	CL A NEW	25401T603	32,087	2,933	SH		SOLE		0	0	2,933
LIBERT MEDIA CORP	COM SER C FRMLA	531229854	10,222	171	SH		SOLE		0	0	171
FIRST FNDTN INC	COM	32026V104	337,486	23,551	SH		SOLE		0	0	23,551
KEYSIGHT TECHNOLOGIES INC	COM	49338L103	1,046,093	6,115	SH		SOLE		0	0	6,115
LIBERTY BORADBAND CORP	COM SER C	530307305	13,652	179	SH		SOLE		0	0	179
FRP HLDGS INC	COM	30292L107	218,995	4,066	SH		SOLE		0	0	4,066
EQUITY COMWLTH	6.5% CNV PFD D	294628201	105,220	4,200	SH		SOLE		0	0	4,200
NOMAD FOODS LTD	LTD USD ORD SHS	G6564A105	21,067	1,222	SH		SOLE		0	0	1,222
PAYPAL HLDGS INC	COM	70450Y103	7,193	101	SH		SOLE		0	0	101
SMARTFINANCIAL INC	COM NEW	83190L208	781,853	28,431	SH		SOLE		0	0	28,431
TITAN PHARMACEUTICALS INC	COM NEW	888314606	2	2	SH		SOLE		0	0	2
CSW INDUSTRIALS INC	COM	126402106	989,578	8,536	SH		SOLE		0	0	8,536
HEWLETT PACKARD ENTERPRISE CO	COM	42824C109	19,152	1,200	SH		SOLE		0	0	1,200
AMCON DISTRG CO	COM NEW	02341Q205	1,138,309	6,289	SH		SOLE		0	0	6,289
RMR GROUP INC	CL A	74967R106	135,515	4,797	SH		SOLE		0	0	4,797
FORTIVE CORP	COM	34959J108	288,097	4,484	SH		SOLE		0	0	4,484
VALVOLINE INC	COM	92047W101	2,416	74	SH		SOLE		0	0	74
PERMA-PIPE INTL HLDGS INC	COM	714167103	2,211,839	234,057	SH		SOLE		0	0	234,057
KINETIK HOLDINGS INC COM NEW	CL A	02215L209	2,312,292	69,900	SH		SOLE		0	0	69,900
GRANITE PT MTG TR INC	COM	38741L107	262,640	49,000	SH		SOLE		0	0	49,000
EMX RTY CORP	COM	26873J107	16,040	8,487	SH		SOLE		0	0	8,487
CALIFORNIA BANCORP INC	COM	13005U101	73,456	3,089	SH		SOLE		0	0	3,089
RLJ LODGING TR	CUM CONV PFD A	74965L200	95,160	4,000	SH		SOLE		0	0	4,000
DUPONT DE NEMOURS INC	COM	26614N102	12,559	183	SH		SOLE		0	0	183
NUTRIEN LTD	COM	67077M108	18,404	252	SH		SOLE		0	0	252
INDUSTRIAL LOGISTICS PPTYS TR	COM SHS BEN INT	456237106	62,562	19,132	SH		SOLE		0	0	19,132
VICTORY CAP HLDGS INC COM	CL A	92645B103	177,641	6,621	SH		SOLE		0	0	6,621
AMALGAMATED FINANCIAL CORP	COM	022671101	169,229	7,345	SH		SOLE		0	0	7,345
SELECT SECTOR SPDR TR	COMMUNICATION	81369Y852	88,734	1,849	SH		SOLE		0	0	1,849
DOMO INC COM	CL B	257554105	2,236	157	SH		SOLE		0	0	157
TILRAY BRANDS INC	COM CL 2	88688T100	2,152	800	SH		SOLE		0	0	800
ELANCO ANIMAL HEALTH INC	COM	28414H103	10,900	892	SH		SOLE		0	0	892
SPROTT INC	COM NEW	852066208	11,666	350	SH		SOLE		0	0	350
DELL TECHNOLOGIES INC	CL C	24703L202	764	19	SH		SOLE		0	0	19
DOW INC	COM	260557103	223,379	4,433	SH		SOLE		0	0	4,433
CORTEVA INC	COM	22052L104	4,879	83	SH		SOLE		0	0	83
ENVISTA HOLDINGS CORPORATION	COM	29415F104	138,586	4,116	SH		SOLE		0	0	4,116
VONTIER CORPORATION	COM	928881101	34,659	1,793	SH		SOLE		0	0	1,793
EASTERN BANKSHARES INC	COM	27627N105	232,875	13,500	SH		SOLE		0	0	13,500
VIATRIS INC	COM	92556V106	4,051	364	SH		SOLE		0	0	364
INDUS REALTY TRUST INC	COM	45580R103	326,037	5,135	SH		SOLE		0	0	5,135
FORGE GLOBAL HOLDINGS INC	COM	G6293A103	13,523	7,817	SH		SOLE		0	0	7,817
CHESAPEAKE ENERGY CORP	COM	165167735	200,536	2,125	SH		SOLE		0	0	2,125
BARK INC	COM	68622E104	328,624	220,553	SH		SOLE		0	0	220,553
ORGANON & CO	COM	68622V106	4,106	147	SH		SOLE		0	0	147
DIMENSIONAL ETF TRUST	US TARGETED VLU	25434V609	4,922	112	SH		SOLE		0	0	112
DIMENSIONAL ETF TRUST	US EQUITY ETF	25434V401	94,205	2,264	SH		SOLE		0	0	2,264
HYZON MOTORS INC COM	CL A	44951Y102	155	100	SH		SOLE		0	0	100
LUCID GROUP INC	COM	549498103	6,830	1,000	SH		SOLE		0	0	1,000
STAGWELL INC COM	CL A	85256A109	455,814	73,400	SH		SOLE		0	0	73,400
SOUTHERN STS BANCSHARES INC	COM	843878307	665,676	22,994	SH		SOLE		0	0	22,994
LISTED FD TR	ROUNDHILL BALL	53656F417	17,878	2,490	SH		SOLE		0	0	2,490
KYNDRYL HLDGS INC	COM	50155Q100	7,439	669	SH		SOLE		0	0	669
ORION OFFICE REIT INC	COM	68629Y103	4,168	488	SH		SOLE		0	0	488
WILEY JOHN & SONS INC	CL B	968223305	13,825	350	SH		SOLE		0	0	350
WARNER BROS DISCOVERY INC	COM SER A	934423104	13,594	1,434	SH		SOLE		0	0	1,434
DIMENSIONAL ETF TRUST	US MKTWIDE VALUE	25434V724	90,396	2,700	SH		SOLE		0	0	2,700
CARDIO DIAGNOSTICS HOLDINGS INC	COM	14159C103	8,587	8,101	SH		SOLE		0	0	8,101