Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LEXINGTON PTY	1,384,849	$11.37M	5.2%	$11.28	—	—	529043101
EXSR	EXCHANGE BANK	51,851	$8.555M	3.9%	$112.89	+12.8%	—	301227203
—	NY COMM BANC	172,442	$7.717M	3.5%	$49.69	—	—	64944P307
MET	METLIFE	178,103	$7.313M	3.3%	$29.69	+13.4%	—	59156R108
—	NATIONAL HEALTH	6,488,000	$7.102M	3.2%	$1.00	—	—	63633DAE4
—	GENERAL MOTORS	200,328	$6.701M	3.0%	$34.30	—	—	30745V100
LFGP	LEDYARD FINL	295,706	$6.358M	2.9%	$20.22	+13.9%	—	523338101
SNY	SANOFI SPONSOR	145,930	$6.335M	2.9%	$6.19	—	—	80105N105
—	RPT REALTY	117,678	$5.819M	2.6%	$49.45	—	—	74971D101
—	HCI GROUP	5,691,000	$5.667M	2.6%	$0.97	—	—	40416EAB9
CCI	CROWN CASTLE	51,507	$5.595M	2.5%	$59.74	+35.6%	—	22822V101
—	COWEN GROUP	5,408,000	$5.354M	2.4%	$0.98	—	—	223622AB7
—	COLONY CAPITAL	5,505,000	$5.092M	2.3%	$0.92	—	—	19624RAB2
—	CONS TOMOKA	5,059,000	$5.015M	2.3%	$1.01	—	—	210226AB2
FMBM	F&M BANCORP	161,789	$4.854M	2.2%	$22.74	+7.6%	—	30237P106
TSBK	TIMBERLAND BANK	215,271	$4.8M	2.2%	$11.84	+84.3%	—	887098101
—	EPR PROPERTIES	177,552	$4.774M	2.2%	$22.13	—	—	26884U208
—	SPIRIT REALTY	4,613,000	$4.604M	2.1%	$1.00	—	—	84860WAA0
PKBK	PARKE BANCORP	204,109	$3.82M	1.7%	$14.52	-6.0%	—	700885106
—	PACIFIC CITY	243,075	$3.804M	1.7%	$15.94	—	—	69406T408
—	DOMINION ENGY	77,950	$3.731M	1.7%	$49.36	—	—	25746U836
—	CARRIAGE SERVICE	3,770,000	$3.639M	1.6%	$1.17	—	—	143905AM9
—	TYSON FOODS	67,764	$3.618M	1.6%	$53.90	—	—	902494301
WY	WEYERHAEUSER	164,481	$3.595M	1.6%	$21.84	-7.9%	—	962166104
—	SHIP FINANCE	3,850,000	$3.445M	1.6%	$0.98	—	—	824689AG8
—	PATTERN ENERGY	3,480,000	$3.43M	1.6%	$1.03	—	—	70338PAB6
—	COLONY CAPITAL	719,601	$3.368M	1.5%	$6.07	—	—	19626G108
—	APOLLO COML	3,334,000	$3.121M	1.4%	$1.01	—	—	03762UAB1
CZWI	CITIZENS COMM	271,230	$2.956M	1.3%	$10.70	0.0%	—	174903104
TEVA	TEVA PHARM	164,684	$2.539M	1.2%	$15.42	—	—	881624209
—	GOLDMAN SACHS	2,555,000	$2.472M	1.1%	$1.01	—	—	38147UAB3
—	FIDELITY SOUTHERN	92,718	$2.412M	1.1%	$16.35	—	—	316394105
BORT	BANK OF BOTETOURT	85,000	$2.388M	1.1%	$22.67	0.0%	—	063907208
SOBS	SOLVAY BANK	56,705	$2.24M	1.0%	$24.65	+6.6%	—	83441Q105
—	ARES CAPITAL	2,205,000	$2.203M	1.0%	$1.01	—	—	04010LAM5
SBFG	SB FINANCIAL	130,169	$2.141M	1.0%	$17.93	-3.0%	—	78408D105
BMBN	BENCHMARK BANK	108,000	$2.133M	1.0%	$13.45	+20.3%	—	08160E207
—	BUNGE LIMITED	39,700	$2.121M	1.0%	$54.58	—	—	G16962105
MNSB	MAIN STREET BANC	130,000	$2.063M	0.9%	$17.74	+2.9%	—	56064Y100
—	NW INDIANA BANC	47,500	$2.042M	0.9%	$44.48	—	—	667516108
—	HANNON ARMSTRNG	2,209,000	$2.007M	0.9%	$0.97	—	—	41068XAB6
—	RADIUS HEALTH	2,390,000	$1.837M	0.8%	$0.94	—	—	750469AA6
—	SPIRIT REALTY	50,400	$1.777M	0.8%	$8.01	—	—	84860W102
PFE	PFIZER	38,000	$1.659M	0.8%	$17.46	+72.0%	—	717081103
—	MEDICAL PRTY	102,678	$1.651M	0.7%	$13.37	—	—	58436J304
FRAF	FRANKLIN FINL	51,744	$1.63M	0.7%	$26.57	-5.9%	—	353525108
CPKF	CHESAPEAKE FINL	64,800	$1.591M	0.7%	$20.24	+1.8%	—	16517A109
—	MACQUARIE INFRA	43,075	$1.575M	0.7%	$51.14	—	—	55608B105
—	COMMUNITY WEST	154,600	$1.551M	0.7%	$7.97	—	—	204157101
—	F&M BANCORP	40,000	$1.337M	0.6%	$36.65	—	—	30237P205
—	CITIZENS FIRST	61,500	$1.318M	0.6%	$20.44	—	—	17462Q107
PTBS	POTOMAC BANCSH	92,560	$1.256M	0.6%	$12.17	0.0%	—	737643106
—	VSB BANCORP	63,000	$1.242M	0.6%	$20.06	—	—	917927105
F	FORD MOTOR	160,723	$1.229M	0.6%	$8.52	-27.1%	—	345370860
—	SB FINANCIAL	70,656	$1.224M	0.6%	$15.67	—	—	78408D204
—	LEXINGTON PTY	24,000	$1.183M	0.5%	$47.91	—	—	529043309
—	ROYAL GOLD	1,111,000	$1.114M	0.5%	$1.04	—	—	780287AA6
—	BLACKSTONE GRP	37,100	$1.106M	0.5%	$31.79	—	—	09253U108
—	ATLAS AIR WW	25,646	$1.082M	0.5%	$42.19	—	—	049164205
FBIZ	FIRST BUSINESS	52,500	$1.024M	0.5%	$18.27	-7.1%	—	319390100
—	WELLESLEY BANCORP	35,894	$996K	0.5%	$32.27	—	—	949485106
AAPL	APPLE INC	6,150	$970K	0.4%	$17.94	+156.5%	—	037833100
—	COUNTY BANK	20,400	$969K	0.4%	$45.39	—	—	222407207
—	FIRST OF LONG ISLAND	47,496	$947K	0.4%	$19.94	—	—	320734106
—	ATLAS AIR WW	980,000	$944K	0.4%	$0.80	—	—	049164BH8
—	VEREIT INC	129,000	$922K	0.4%	$8.02	—	—	92339V100
—	INVESCO TR INVT	71,262	$818K	0.4%	$12.41	—	—	46131M106
—	SELECT BANCORP	64,000	$792K	0.4%	$12.40	—	—	81617L108
—	HIGHLANDS STATE	50,000	$752K	0.3%	$18.18	—	—	430887109
—	DOMINION ENGY	37,700	$680K	0.3%	$25.65	—	—	257454108
—	NY COMM BANC	71,500	$673K	0.3%	$13.88	—	—	649445103
JCI	JOHNSON CONTROL	22,500	$667K	0.3%	$31.29	-9.8%	—	G51502105
—	RIVERVIEW FIN	60,000	$654K	0.3%	$13.60	—	—	76940Q105
MRK	MERCK	8,000	$611K	0.3%	$35.66	+58.4%	—	58933Y105
—	ASHFORD HOSPTY	152,000	$608K	0.3%	$6.50	—	—	044103109
—	MACQUARIE INFRA	590,000	$585K	0.3%	$1.00	—	—	55608BAA3
—	XEROX CORP	18,000	$356K	0.2%	$33.04	—	—	984121608
—	AMERICAN RLTY	355,000	$350K	0.2%	$1.03	—	—	02917TAB0
SBCF	SEACOAST BANK	13,401	$349K	0.2%	$25.01	+7.1%	—	811707801
—	SPIRIT REALTY	325,000	$318K	0.1%	$1.00	—	—	84860WAB8
SSBI	SUMMIT STATE	24,000	$282K	0.1%	$8.01	+19.7%	—	866264203
—	ENVESTNET	245,000	$247K	0.1%	$0.97	—	—	29404KAA4
—	PATTERN ENERGY	13,000	$242K	0.1%	$19.45	—	—	70338P100
CVE	CENOVUS ENERGY	33,000	$232K	0.1%	$7.79	-7.6%	—	15135U109
GLP	GLOBAL PARTNERS	14,100	$230K	0.1%	$18.01	—	—	37946R109
EXEL	EXELIXIS	11,000	$216K	0.1%	$11.45	+55.7%	—	30161Q104
—	COLONY CAPITAL	235,000	$206K	0.1%	$0.88	—	—	19624RAA4
—	ADAM NATL RES	11,000	$160K	0.1%	$14.55	—	—	00548F105
—	TPG SPECIALTY	105,000	$105K	0.0%	$1.00	—	—	87265KAB8
—	FIRST COMMUNITY	15,200	$97,000	0.0%	$6.38	—	—	31985H106
OXBR	OXBRIDGE	120,000	$75,000	0.0%	$6.07	-82.6%	—	G6856M106