Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LEXINGTON PTY	1,521,659	$11.97M	4.8%	$11.28	—	COM	529043101
—	NY COMM BANC	180,047	$9.002M	3.6%	$49.69	—	PFD	64944P307
—	NATIONAL HEALTH	8,228,000	$8.999M	3.6%	$1.00	—	DEB	63633DAE4
EXSR	EXCHANGE BANK	49,012	$8.92M	3.6%	$111.64	+17.2%	COM	301227203
TSBK	TIMBERLAND BANK	273,771	$8.322M	3.4%	$11.84	+85.2%	COM	887098101
—	RAMCO GERSHNSN	154,416	$8.062M	3.3%	$58.58	—	PFD	751452608
MET	METLIFE INC	155,978	$7.158M	2.9%	$29.08	+27.4%	COM	59156R108
—	GENERAL MOTORS	188,210	$6.839M	2.8%	$34.34	—	COM	30745V100
CCI	CROWN CASTLE	60,371	$6.617M	2.7%	$59.74	+30.1%	COM	22822V101
—	CONS TOMOKA	5,089,000	$6.433M	2.6%	$1.01	—	DEB	210226AB2
LFGP	LEDYARD FIN	294,942	$6.341M	2.6%	$20.22	+7.2%	COM	523338101
SNY	SANOFI SPONSOR	157,030	$6.294M	2.5%	$6.19	—	COM	80105N105
—	COLONY CAPITAL	6,390,000	$5.981M	2.4%	$0.99	—	DEB	19624RAB2
—	HCI GROUP	5,981,000	$5.974M	2.4%	$0.97	—	DEB	40416EAB9
—	SEMPRA ENERGY	56,951	$5.83M	2.4%	$102.37	—	PFD	861851406
FMBM	F&M BANCORP	162,733	$5.614M	2.3%	$22.74	+6.5%	COM	30237P106
WY	WEYERHAEUSER	152,911	$5.352M	2.2%	$22.06	+17.5%	COM	962166104
—	COWEN GROUP	5,408,000	$5.338M	2.2%	$0.98	—	DEB	223622AB7
—	CARRIAGE SERVICE	3,770,000	$4.941M	2.0%	$1.17	—	DEB	143905AM9
FRAF	FRANKLIN FIN	134,936	$4.93M	2.0%	$26.57	0.0%	COM	353525108
—	PATTERN ENERGY	4,825,000	$4.759M	1.9%	$1.03	—	DEB	70338PAB6
—	SPIRIT REALTY	4,628,000	$4.604M	1.9%	$1.00	—	DEB	84860WAA0
—	EPR PROPERTIES	177,552	$4.316M	1.7%	$22.13	—	PFD	26884U208
—	TYSON FOODS	58,728	$4.298M	1.7%	$53.58	—	COM	902494301
—	FIDELITY SOUTHERN	186,169	$4.295M	1.7%	$16.35	—	COM	316394105
—	PACIFIC CITY	267,200	$3.954M	1.6%	$15.79	—	COM	69406T408
—	DOMINION RES	79,350	$3.682M	1.5%	$49.73	—	PFD	25746U836
—	APOLLO COML	3,504,000	$3.499M	1.4%	$1.01	—	DEB	03762UAB1
—	WELLTOWER	60,303	$3.355M	1.4%	$58.33	—	PFD	95040Q203
—	COLONY NORTHSTAR	484,825	$2.724M	1.1%	$6.33	—	COM	19625W104
F	FORD MOTOR	237,223	$2.628M	1.1%	$8.52	-12.1%	COM	345370860
—	RADIUS HEALTH	2,500,000	$2.512M	1.0%	$0.94	—	DEB	750469AA6
—	MACQUARIE INFRA	2,350,000	$2.323M	0.9%	$1.00	—	DEB	55608BAA3
HCI	HCI GROUP	60,496	$2.308M	0.9%	$34.61	+4.3%	COM	40416E103
—	SPIRIT REALTY	286,200	$2.221M	0.9%	$8.01	—	COM	84860W102
AAPL	APPLE INC	12,745	$2.138M	0.9%	$17.94	+125.3%	COM	037833100
PKBK	PARKE BANCORP	100,118	$2.082M	0.8%	$14.17	+0.2%	COM	700885106
SOBS	SOLVAY BANK	46,094	$1.901M	0.8%	$24.43	+1.6%	COM	83441Q105
BMBN	BENCHMARK BANK	104,603	$1.883M	0.8%	$13.42	+10.6%	COM	08160E207
—	AMERICAN RLTY	1,773,000	$1.773M	0.7%	$0.96	—	DEB	02917TAA2
—	ROYAL GOLD	1,551,000	$1.63M	0.7%	$1.04	—	DEB	780287AA6
—	COMMUNITY WEST	142,100	$1.612M	0.7%	$7.76	—	COM	204157101
—	MEDICAL PRTY	123,891	$1.61M	0.7%	$13.32	—	COM	58436J304
—	MACQUARIE INFRA	43,100	$1.591M	0.6%	$51.14	—	COM	55608B105
—	ASHFORD HOSPTY	240,500	$1.553M	0.6%	$6.50	—	COM	044103109
—	LEXINGTON PTY	31,763	$1.541M	0.6%	$47.91	—	PFD	529043309
MNSB	MAIN STREET BANC	70,000	$1.54M	0.6%	$17.18	0.0%	COM	56064Y100
—	ANTHEM UTS	28,285	$1.519M	0.6%	$51.01	—	PFD	036752202
—	CITIZENS FIRST	59,210	$1.505M	0.6%	$20.34	—	COM	17462Q107
—	NY COMM BANC	114,400	$1.49M	0.6%	$13.88	—	COM	649445103
—	ARES CAPITAL	1,470,000	$1.486M	0.6%	$1.01	—	DEB	04010LAM5
—	F&M BANCORP	40,000	$1.473M	0.6%	$36.65	—	PFD	30237P205
—	ATLAS AIR WW	1,285,000	$1.463M	0.6%	$0.80	—	DEB	049164BH8
—	FNCB BANCORP	148,741	$1.374M	0.6%	$9.24	—	COM	302578109
PFE	PFIZER INC	38,000	$1.348M	0.5%	$17.46	+38.8%	COM	717081103
CPKF	CHESAPEAKE FIN	44,300	$1.273M	0.5%	$20.38	0.0%	COM	16517A109
FBIZ	FIRST BUSINESS	46,000	$1.157M	0.5%	$18.11	+6.9%	COM	319390100
—	DOMINION ENGY	73,577	$1.129M	0.5%	$27.65	—	COM	257454108
—	VSB BANCORP	54,770	$1.101M	0.4%	$20.10	—	COM	917927105
—	SB FINANCIAL	55,999	$1.022M	0.4%	$14.54	—	PFD	78408D204
—	BLACKSTONE GRP	30,800	$984K	0.4%	$31.97	—	COM	09253U108
—	VEREIT INC	129,000	$897K	0.4%	$8.02	—	COM	92339V100
—	EXELON CORP	21,286	$830K	0.3%	$37.68	—	PFD	30616N101
—	INVESCO TR INVT	66,928	$818K	0.3%	$12.45	—	COM	46131M106
—	JOHNSON CONTROL	22,500	$793K	0.3%	$41.66	—	COM	478366107
—	VISTA OUTDOOR	47,500	$775K	0.3%	$19.77	—	COM	928377100
SBCF	SEACOAST BANK	28,956	$766K	0.3%	$25.01	+5.7%	COM	811707801
CNDT	CONDUENT INC	40,000	$746K	0.3%	$17.60	0.0%	COM	206787103
DCH	AMERICAN AXLE	47,000	$715K	0.3%	$15.37	+6.9%	COM	024061103
—	GOLDMAN SACHS	600,000	$606K	0.2%	$1.03	—	DEB	38147UAB3
ADNT	ADIENT	10,000	$597K	0.2%	$66.01	0.0%	COM	G0084W101
NGD	NEW GOLD INC	230,000	$593K	0.2%	$3.23	-13.0%	COM	644535106
GNW	GENWORTH FINL	200,000	$566K	0.2%	$3.55	-15.3%	COM	37247D106
—	CAPITAL ONE	10,000	$537K	0.2%	$27.06	—	WTS	14040H139
—	XEROX CORP	18,000	$518K	0.2%	$33.04	—	COM	984121608
—	JPMORGAN CHASE	7,000	$487K	0.2%	$18.66	—	WTS	46634E114
—	GENERAL MOTORS	25,000	$467K	0.2%	$17.19	—	WTS	37045V126
—	SUSSEX BANCORP	14,550	$442K	0.2%	$30.38	—	COM	869245100
MRK	MERCK INC	8,000	$436K	0.2%	$35.66	+18.5%	COM	58933Y105
—	EQT CORP	8,500	$403K	0.2%	$11.72	—	COM	268846109
SSBI	SUMMIT STATE	27,261	$367K	0.1%	$7.88	+20.8%	COM	866264203
—	AMERICAN RLTY	355,000	$358K	0.1%	$1.03	—	DEB	02917TAB0
FDBC	FIDELITY D&D	7,234	$356K	0.1%	$30.98	+25.8%	COM	31609R100
FCCO	FIRST COMMUNITY	15,000	$343K	0.1%	$17.80	0.0%	COM	319835104
—	SPIRIT REALTY	320,000	$324K	0.1%	$1.00	—	DEB	84860WAB8
—	ENVESTNET	290,000	$318K	0.1%	$0.97	—	DEB	29404KAA4
SBFG	SB FINANCIAL	17,000	$314K	0.1%	$13.01	+36.0%	COM	78408D105
CVE	CENOVUS ENERGY	36,000	$307K	0.1%	$7.79	-2.3%	COM	15135U109
AUPH	AURINIA PHARM	55,000	$285K	0.1%	$6.32	-15.3%	COM	05156V102
CWB	SPDR BARCLAYS	5,480	$283K	0.1%	$9.21	—	COM	78464A359
OXBR	OXBRIDGE	120,000	$270K	0.1%	$6.07	-62.7%	COM	G6856M106
—	CHART INDUSTRIES	244,000	$248K	0.1%	$0.99	—	DEB	16115QAC4
—	PATTERN ENERGY	14,000	$242K	0.1%	$19.53	—	COM	70338P100
CFNB	CA 1ST NATL	15,000	$237K	0.1%	$13.37	-0.7%	COM	130222102
EXEL	EXELIXIS INC	10,000	$221K	0.1%	$10.81	+155.6%	COM	30161Q104
—	COLONY CAPITAL	235,000	$219K	0.1%	$1.03	—	DEB	19624RAA4
—	CHESAPEAKE ENGY	72,000	$217K	0.1%	$4.78	—	COM	165167107
GLP	GLOBAL PARTNERS	14,100	$216K	0.1%	$18.01	—	COM	37946R109
FISI	FINANCIAL INST	6,000	$177K	0.1%	$21.75	+0.6%	COM	317585404
—	ADVAXIS INC	100,000	$169K	0.1%	$3.69	—	COM	007624208
—	APOLLO COML	95,000	$101K	0.0%	$1.08	—	DEB	03762UAA3