Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LEXINGTON PTY	1,451,484	$12.67M	5.3%	$11.28	—	COM	529043101
EXSR	EXCHANGE BANK	49,737	$9.152M	3.9%	$111.94	+17.8%	COM	301227203
—	NY COMM BANC	179,447	$8.952M	3.8%	$49.69	—	PFD	64944P307
—	NATIONAL HEALTH	7,598,000	$8.465M	3.6%	$1.00	—	DEB	63633DAE4
TSBK	TIMBERLAND BANK	216,478	$8.083M	3.4%	$11.84	+115.4%	COM	887098101
—	RAMCO GERSHNSN	151,189	$8.034M	3.4%	$58.58	—	PFD	751452608
—	GENERAL MOTORS	187,667	$7.394M	3.1%	$34.34	—	COM	30745V100
MET	METLIFE	159,678	$6.962M	2.9%	$29.24	+22.8%	COM	59156R108
—	HCI GROUP	5,721,000	$6.683M	2.8%	$0.97	—	DEB	40416EAB9
LFGP	LEDYARD FINL	296,306	$6.593M	2.8%	$20.22	+8.3%	COM	523338101
SNY	SANOFI SPONSOR	157,130	$6.287M	2.6%	$6.19	—	COM	80105N105
FMBM	F&M BANCORP	162,733	$6.257M	2.6%	$22.74	+16.7%	COM	30237P106
CCI	CROWN CASTLE	55,941	$6.031M	2.5%	$59.74	+25.7%	COM	22822V101
—	COLONY CAPITAL	5,990,000	$5.69M	2.4%	$0.99	—	DEB	19624RAB2
—	COWEN GROUP	5,408,000	$5.415M	2.3%	$0.98	—	DEB	223622AB7
—	CONS TOMOKA	5,089,000	$5.319M	2.2%	$1.01	—	DEB	210226AB2
WY	WEYERHAEUSER	144,806	$5.28M	2.2%	$22.06	+22.7%	COM	962166104
—	PACIFIC CITY	304,750	$5.181M	2.2%	$15.94	—	COM	69406T408
—	EPR PROPERTIES	177,552	$4.73M	2.0%	$22.13	—	PFD	26884U208
—	SPIRIT REALTY	4,613,000	$4.588M	1.9%	$1.00	—	DEB	84860WAA0
—	CARRIAGE SERVICE	3,770,000	$4.514M	1.9%	$1.17	—	DEB	143905AM9
—	PATTERN ENERGY	4,225,000	$4.214M	1.8%	$1.03	—	DEB	70338PAB6
—	TYSON FOODS	60,249	$4.148M	1.7%	$53.97	—	COM	902494301
PKBK	PARKE BANCORP	172,298	$4.075M	1.7%	$14.65	+4.5%	COM	700885106
—	DOMINION ENGY	87,350	$4.036M	1.7%	$49.40	—	PFD	25746U836
—	FIDELITY SOUTHERN	142,229	$3.614M	1.5%	$16.35	—	COM	316394105
—	COLONY CAPITAL	564,825	$3.524M	1.5%	$6.24	—	COM	19626G108
—	APOLLO COML	3,504,000	$3.469M	1.5%	$1.01	—	DEB	03762UAB1
FRAF	FRANKLIN FINL	99,944	$3.423M	1.4%	$26.57	-0.9%	COM	353525108
HCI	HCI GROUP	60,496	$2.515M	1.1%	$34.61	+19.6%	COM	40416E103
F	FORD MOTOR	217,223	$2.405M	1.0%	$8.52	-9.2%	COM	345370860
AAPL	APPLE INC	12,745	$2.359M	1.0%	$17.94	+138.3%	COM	037833100
—	MACQUARIE INFRA	2,350,000	$2.329M	1.0%	$1.00	—	DEB	55608BAA3
—	RADIUS HEALTH	2,500,000	$2.319M	1.0%	$0.94	—	DEB	750469AA6
—	SPIRIT REALTY	287,700	$2.31M	1.0%	$8.01	—	COM	84860W102
BMBN	BENCHMARK BANK	107,799	$2.291M	1.0%	$13.45	+6.2%	COM	08160E207
SOBS	SOLVAY BANK	54,489	$2.245M	0.9%	$24.56	+2.9%	COM	83441Q105
—	GOLDMAN SACHS	1,855,000	$1.892M	0.8%	$1.02	—	DEB	38147UAB3
—	MACQUARIE INFRA	43,100	$1.819M	0.8%	$51.14	—	COM	55608B105
—	AMERICAN RLTY	1,748,000	$1.748M	0.7%	$0.96	—	DEB	02917TAA2
—	SHIP FINANCE	1,685,000	$1.736M	0.7%	$1.03	—	DEB	824689AG8
—	COMMUNITY WEST	142,100	$1.677M	0.7%	$7.76	—	COM	204157101
—	F&M BANCORP	40,000	$1.622M	0.7%	$36.65	—	PFD	30237P205
CPKF	CHESAPEAKE FINL	56,800	$1.616M	0.7%	$20.19	-3.2%	COM	16517A109
ELV	ANTHEM UTS	6,784	$1.615M	0.7%	$209.44	0.0%	COM	036752103
—	LEXINGTON PTY	31,763	$1.554M	0.7%	$47.91	—	PFD	529043309
—	CITIZENS FIRST	59,210	$1.542M	0.6%	$20.34	—	COM	17462Q107
—	ATLAS AIR WW	1,235,000	$1.516M	0.6%	$0.80	—	DEB	049164BH8
MNSB	MAIN STREET BANCORP	73,500	$1.488M	0.6%	$17.30	+13.9%	COM	56064Y100
—	ARES CAPITAL	1,470,000	$1.478M	0.6%	$1.01	—	DEB	04010LAM5
—	MEDICAL PRTY	101,391	$1.423M	0.6%	$13.32	—	COM	58436J304
PFE	PFIZER	38,000	$1.379M	0.6%	$17.46	+39.2%	COM	717081103
—	SB FINANCIAL	65,875	$1.306M	0.6%	$15.33	—	PFD	78408D204
—	ASHFORD HOSPTY	160,500	$1.3M	0.5%	$6.50	—	COM	044103109
FBIZ	FIRST BUSINESS	50,000	$1.3M	0.5%	$18.33	+14.0%	COM	319390100
—	FNCB BANCORP	146,192	$1.298M	0.5%	$9.24	—	COM	302578109
—	NY COMM BANC	114,400	$1.263M	0.5%	$13.88	—	COM	649445103
—	ROYAL GOLD	1,176,000	$1.243M	0.5%	$1.04	—	DEB	780287AA6
—	VSB BANCORP	61,500	$1.202M	0.5%	$20.04	—	COM	917927105
—	DOMINION ENGY	81,077	$1.103M	0.5%	$26.35	—	COM	257454108
—	BLACKSTONE GRP	33,800	$1.087M	0.5%	$31.99	—	COM	09253U108
—	VEREIT INC	129,000	$960K	0.4%	$8.02	—	COM	92339V100
SBFG	SB FINANCIAL	42,481	$863K	0.4%	$16.09	+12.8%	COM	78408D105
—	INVESCO TR INVT	67,907	$840K	0.4%	$12.45	—	COM	46131M106
—	JOHNSON CONTROL	22,500	$753K	0.3%	$41.66	—	COM	478366107
MRK	MERCK	8,000	$486K	0.2%	$35.66	+24.8%	COM	58933Y105
NGD	NEW GOLD INC	230,000	$478K	0.2%	$3.23	-28.4%	COM	644535106
SBCF	SEACOAST BANK	14,901	$470K	0.2%	$25.01	+18.7%	COM	811707801
—	CAPITAL ONE	9,000	$453K	0.2%	$27.06	—	WTS	14040H139
—	XEROX CORP	18,000	$432K	0.2%	$33.04	—	COM	984121608
—	GENERAL MOTORS	18,000	$406K	0.2%	$17.19	—	WTS	37045V126
FCCO	FIRST COMMUNITY	15,000	$376K	0.2%	$17.80	+8.0%	COM	319835104
CVE	CENOVUS ENERGY	36,000	$374K	0.2%	$7.79	+12.2%	COM	15135U109
SSBI	SUMMIT STATE	23,931	$370K	0.2%	$7.88	+37.1%	COM	866264203
—	AMERICAN RLTY	355,000	$359K	0.2%	$1.03	—	DEB	02917TAB0
—	SPIRIT REALTY	325,000	$326K	0.1%	$1.00	—	DEB	84860WAB8
AUPH	AURINIA PHARM	55,000	$310K	0.1%	$6.32	-11.7%	COM	05156V102
—	ENVESTNET	290,000	$305K	0.1%	$0.97	—	DEB	29404KAA4
—	PATTERN ENERGY	15,500	$290K	0.1%	$19.45	—	COM	70338P100
—	CHART INDUSTRIES	244,000	$246K	0.1%	$0.99	—	DEB	16115QAC4
GLP	GLOBAL PARTNERS	14,100	$240K	0.1%	$18.01	—	COM	37946R109
CFNB	CALIFORNIA FIRST NATL	15,000	$237K	0.1%	$13.37	+2.2%	COM	130222102
—	COLONY CAPITAL	235,000	$223K	0.1%	$1.03	—	DEB	19624RAA4
EXEL	EXELIXIS	10,000	$215K	0.1%	$10.81	+91.2%	COM	30161Q104
OXBR	OXBRIDGE	120,000	$210K	0.1%	$6.07	-68.3%	COM	G6856M106
FISI	FINANCIAL INST	6,000	$197K	0.1%	$21.75	+3.5%	COM	317585404
—	ADVAXIS INC	100,000	$145K	0.1%	$3.69	—	COM	007624208
—	APOLLO COML	95,000	$101K	0.0%	$1.08	—	DEB	03762UAA3