Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	LEXINGTON PTY	1,421,774	$11.8M	5.0%	$8.30	$11.28	—	COM	529043101
EXSR	EXCHANGE BANK	51,051	$9.342M	4.0%	$182.99 *	$112.66	+24.4%	COM	301227203
—	NY COMM BANC	177,453	$8.736M	3.7%	$49.23	$49.69	—	PFD	64944P307
—	RAMCO GERSHNSN	139,189	$7.491M	3.2%	$53.82	$58.58	—	PFD	751452608
MET	METLIFE	159,678	$7.46M	3.2%	$46.72 *	$29.24	+21.5%	COM	59156R108
—	NATIONAL HEALTH	6,568,000	$7.423M	3.2%	$1.13	$1.00	—	DEB	63633DAE4
SNY	SANOFI SPONSOR	157,130	$7.019M	3.0%	$44.67	$6.19	—	COM	80105N105
LFGP	LEDYARD FINL	295,706	$6.801M	2.9%	$23.00	$20.22	+11.6%	COM	523338101
—	GENERAL MOTORS	200,642	$6.755M	2.9%	$33.67	$34.30	—	COM	30745V100
TSBK	TIMBERLAND BANK	215,971	$6.747M	2.9%	$31.24 *	$11.84	+133.3%	COM	887098101
—	SEMPRA ENERGY	66,451	$6.701M	2.9%	$100.84	$100.84	—	PFD	861851406
CCI	CROWN CASTLE	54,427	$6.059M	2.6%	$111.32 *	$59.74	+36.1%	COM	22822V101
FMBM	F&M BANCORP	162,733	$5.858M	2.5%	$36.00 *	$22.74	+20.0%	COM	30237P106
—	HCI GROUP	5,696,000	$5.659M	2.4%	$0.99	$0.97	—	DEB	40416EAB9
—	COWEN GROUP	5,408,000	$5.448M	2.3%	$1.01	$0.98	—	DEB	223622AB7
—	CONS TOMOKA	5,059,000	$5.331M	2.3%	$1.05	$1.01	—	DEB	210226AB2
—	EPR PROPERTIES	177,552	$4.973M	2.1%	$28.01	$22.13	—	PFD	26884U208
—	PACIFIC CITY	244,479	$4.728M	2.0%	$19.34	$15.94	—	COM	69406T408
WY	WEYERHAEUSER	145,806	$4.705M	2.0%	$32.27 *	$22.06	+17.5%	COM	962166104
—	SPIRIT REALTY	4,613,000	$4.604M	2.0%	$1.00	$1.00	—	DEB	84860WAA0
—	DOMINION ENGY	89,025	$4.211M	1.8%	$47.30	$49.36	—	PFD	25746U836
—	CARRIAGE SERVICE	3,770,000	$4.161M	1.8%	$1.10	$1.17	—	DEB	143905AM9
—	COLONY CAPITAL	651,150	$3.965M	1.7%	$6.09	$6.22	—	COM	19626G108
PKBK	PARKE BANCORP	174,584	$3.919M	1.7%	$22.45 *	$14.67	+10.4%	COM	700885106
—	PATTERN ENERGY	3,950,000	$3.59M	1.5%	$0.91	$1.03	—	DEB	70338PAB6
—	TYSON FOODS	60,249	$3.586M	1.5%	$59.52	$53.97	—	COM	902494301
—	APOLLO COML	3,484,000	$3.456M	1.5%	$0.99	$1.01	—	DEB	03762UAB1
—	SHIP FINANCE	2,685,000	$2.677M	1.1%	$1.00	$1.02	—	DEB	824689AG8
HCI	HCI GROUP	60,496	$2.646M	1.1%	$43.74 *	$34.61	+19.6%	COM	40416E103
FRAF	FRANKLIN FINL	69,244	$2.407M	1.0%	$34.76 *	$26.57	-1.8%	COM	353525108
SOBS	SOLVAY BANK	56,005	$2.352M	1.0%	$42.00 *	$24.63	+9.8%	COM	83441Q105
—	FIDELITY SOUTHERN	93,764	$2.323M	1.0%	$24.77	$16.35	—	COM	316394105
—	MACQUARIE INFRA	2,345,000	$2.321M	1.0%	$0.99	$1.00	—	DEB	55608BAA3
—	ARES CAPITAL	2,295,000	$2.298M	1.0%	$1.00	$1.01	—	DEB	04010LAM5
SBFG	SB FINANCIAL	112,867	$2.297M	1.0%	$20.35 *	$18.02	+6.4%	COM	78408D105
BMBN	BENCHMARK BANK	108,000	$2.268M	1.0%	$21.00 *	$13.45	+21.9%	COM	08160E207
—	HANNON ARMSTRNG	2,209,000	$2.15M	0.9%	$0.97	$0.97	—	DEB	41068XAB6
—	NW INDIANA BANC	47,500	$2.113M	0.9%	$44.48	$44.48	—	COM	667516108
F	FORD MOTOR	217,223	$2.009M	0.9%	$9.25 *	$8.52	-19.6%	COM	345370860
—	MACQUARIE INFRA	43,100	$1.988M	0.8%	$46.13	$51.14	—	COM	55608B105
—	SPIRIT REALTY	242,696	$1.956M	0.8%	$8.06	$8.01	—	COM	84860W102
—	RADIUS HEALTH	2,490,000	$1.902M	0.8%	$0.76	$0.94	—	DEB	750469AA6
—	GOLDMAN SACHS	1,855,000	$1.87M	0.8%	$1.01	$1.02	—	DEB	38147UAB3
CPKF	CHESAPEAKE FINL	56,800	$1.789M	0.8%	$31.50 *	$20.19	+4.1%	COM	16517A109
—	COMMUNITY WEST	144,600	$1.735M	0.7%	$12.00	$7.83	—	COM	204157101
PFE	PFIZER	38,000	$1.674M	0.7%	$44.05 *	$17.46	+58.4%	COM	717081103
—	F&M BANCORP	40,000	$1.644M	0.7%	$41.10	$36.65	—	PFD	30237P205
MNSB	MAIN STREET BANC	76,500	$1.591M	0.7%	$20.80 *	$17.38	+11.5%	COM	56064Y100
—	DOMINION ENGY	88,377	$1.582M	0.7%	$17.90	$25.65	—	COM	257454108
—	CITIZENS FIRST	60,000	$1.575M	0.7%	$26.25	$20.42	—	COM	17462Q107
—	LEXINGTON PTY	31,763	$1.562M	0.7%	$49.18	$47.91	—	PFD	529043309
—	MEDICAL PRTY	100,678	$1.501M	0.6%	$14.91	$13.32	—	COM	58436J304
—	SB FINANCIAL	70,656	$1.43M	0.6%	$20.24	$15.67	—	PFD	78408D204
AAPL	APPLE INC	6,150	$1.388M	0.6%	$225.69 *	$17.94	+174.6%	COM	037833100
—	VSB BANCORP	63,000	$1.31M	0.6%	$20.79	$20.06	—	COM	917927105
—	BLACKSTONE GRP	33,800	$1.287M	0.5%	$38.08	$31.99	—	COM	09253U108
—	ROYAL GOLD	1,171,000	$1.18M	0.5%	$1.01	$1.04	—	DEB	780287AA6
—	ATLAS AIR WW	1,020,000	$1.176M	0.5%	$1.15	$0.80	—	DEB	049164BH8
FBIZ	FIRST BUSINESS	50,000	$1.159M	0.5%	$23.18 *	$18.33	+4.5%	COM	319390100
—	NY COMM BANC	114,400	$1.155M	0.5%	$10.10	$13.88	—	COM	649445103
—	ASHFORD HOSPTY	152,000	$971K	0.4%	$6.39	$6.50	—	COM	044103109
—	VEREIT INC	129,000	$936K	0.4%	$7.26	$8.02	—	COM	92339V100
—	COUNTY BANK	20,400	$926K	0.4%	$45.39	$45.39	—	COM	222407207
—	HIGHLANDS STATE	49,000	$894K	0.4%	$18.24	$18.24	—	COM	430887109
—	WELLESLEY BANCORP	25,042	$857K	0.4%	$34.22	$34.22	—	COM	949485106
—	INVESCO TR INVT	68,825	$817K	0.3%	$11.87	$12.44	—	COM	46131M106
—	RIVERVIEW FIN	60,000	$816K	0.3%	$13.60	$13.60	—	COM	76940Q105
JCI	JOHNSON CONTROL	22,500	$787K	0.3%	$34.98 *	$31.29	0.0%	COM	G51502105
—	SELECT BANCORP	62,500	$775K	0.3%	$12.40	$12.40	—	COM	81617L108
MRK	MERCK	8,000	$567K	0.2%	$70.88 *	$35.66	+42.0%	COM	58933Y105
—	XEROX CORP	18,000	$485K	0.2%	$26.94	$33.04	—	COM	984121608
SBCF	SEACOAST BANK	13,401	$391K	0.2%	$29.18 *	$25.01	+23.8%	COM	811707801
FCCO	FIRST COMMUNITY	15,000	$363K	0.2%	$24.20 *	$17.80	+16.6%	COM	319835104
CVE	CENOVUS ENERGY	36,000	$361K	0.2%	$10.03 *	$7.79	+9.2%	COM	15135U109
—	AMERICAN RLTY	355,000	$358K	0.2%	$1.01	$1.03	—	DEB	02917TAB0
SSBI	SUMMIT STATE	22,149	$340K	0.1%	$15.35 *	$7.88	+44.5%	COM	866264203
—	SPIRIT REALTY	325,000	$328K	0.1%	$1.01	$1.00	—	DEB	84860WAB8
—	ENVESTNET	285,000	$313K	0.1%	$1.10	$0.97	—	DEB	29404KAA4
—	PATTERN ENERGY	15,500	$308K	0.1%	$19.87	$19.45	—	COM	70338P100
GLP	GLOBAL PARTNERS	14,100	$256K	0.1%	$18.16	$18.01	—	COM	37946R109
AUPH	AURINIA PHARM	55,000	$254K	0.1%	$4.62 *	$6.32	-11.2%	COM	05156V102
CFNB	CALIFORNIA FIRST NATL	15,000	$250K	0.1%	$16.67 *	$13.37	+7.0%	COM	130222102
OXBR	OXBRIDGE	120,000	$222K	0.1%	$1.85	$6.07	-69.2%	COM	G6856M106
—	BUNGE LIMITED	3,000	$206K	0.1%	$68.67	$68.67	—	COM	G16962105
NGD	NEW GOLD INC	230,000	$182K	0.1%	$0.79 *	$3.23	-60.1%	COM	644535106
EXEL	EXELIXIS	10,000	$177K	0.1%	$17.70 *	$10.81	+80.3%	COM	30161Q104
—	FNCB BANCORP	17,798	$174K	0.1%	$9.78	$9.24	—	COM	302578109
—	TPG SPECIALTY	105,000	$105K	0.0%	$1.00	$1.00	—	DEB	87265KAB8