Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LEXINGTON PTY	1,165,637	$10.56M	4.4%	$11.28	—	COM	529043101
EXSR	EXCHANGE BANK	52,222	$8.646M	3.6%	$112.89	+10.5%	COM	301227203
—	NY COMM BANC	172,442	$8.32M	3.4%	$49.69	—	PFD	64944P307
MET	METLIFE	179,553	$7.643M	3.2%	$29.69	+18.0%	COM	59156R108
—	GENERAL MOTORS	202,676	$7.519M	3.1%	$34.33	—	COM	30745V100
—	NATIONAL HEALTH	6,403,000	$7.323M	3.0%	$1.00	—	DEB	63633DAE4
—	SEMPRA ENERGY	65,426	$6.915M	2.9%	$105.69	—	PFD	816851406
CCI	CROWN CASTLE	51,307	$6.567M	2.7%	$59.74	+46.2%	COM	22822V101
SNY	SANOFI SPONSOR	145,660	$6.45M	2.7%	$6.19	—	COM	80105N105
LFGP	LEDYARD FINL	295,406	$6.203M	2.6%	$20.22	+6.8%	COM	523338101
TSBK	TIMBERLAND BANK	214,971	$6.015M	2.5%	$11.84	+85.8%	COM	887098101
—	RPT REALTY	116,678	$5.899M	2.4%	$49.45	—	PFD	74971D101
—	EPR PROPERTIES	177,552	$5.582M	2.3%	$22.13	—	PFD	26884U208
FMBM	F&M BANCORP	161,589	$5.252M	2.2%	$22.74	+4.5%	COM	30237P106
—	COLONY CAPITAL	5,490,000	$5.236M	2.2%	$0.92	—	DEB	19624RAB2
—	APOLLO COML	5,334,000	$5.202M	2.2%	$1.00	—	DEB	03762UAB1
—	CONS TOMOKA	5,059,000	$5.151M	2.1%	$1.01	—	DEB	210226AB2
—	TYSON FOODS	71,088	$4.936M	2.0%	$54.63	—	COM	902494301
WY	WEYERHAEUSER	179,181	$4.72M	2.0%	$21.63	-10.8%	COM	962166104
PKBK	PARKE BANCORP	220,865	$4.614M	1.9%	$14.51	-0.9%	COM	700885106
—	SPIRIT REALTY	4,608,000	$4.597M	1.9%	$1.00	—	DEB	84860WAA0
—	PACIFIC CITY	243,075	$4.242M	1.8%	$15.94	—	COM	69406T408
—	COLONY CAPITAL	776,601	$4.131M	1.7%	$6.02	—	COM	19626G108
—	DOMINION ENGY	77,700	$3.879M	1.6%	$49.36	—	PFD	25746U836
—	SHIP FINANCE	3,850,000	$3.805M	1.6%	$0.98	—	DEB	824689AG8
—	CARRIAGE SERVICE	3,770,000	$3.801M	1.6%	$1.17	—	DEB	143905AM9
—	ROYAL GOLD	3,756,000	$3.749M	1.5%	$1.01	—	DEB	780287AA6
—	PATTERN ENERGY	3,480,000	$3.495M	1.4%	$1.03	—	DEB	70338PAB6
CZWI	CITIZENS COMM	271,230	$3.236M	1.3%	$10.70	-4.5%	COM	174903104
—	FIRST NATIONAL	376,351	$2.898M	1.2%	$7.70	—	COM	302578109
MNSB	MAIN STREET BANC	130,000	$2.808M	1.2%	$17.74	+8.0%	COM	56064Y100
SBFG	SB FINANCIAL	141,739	$2.554M	1.1%	$17.89	-2.9%	COM	78408D105
—	GOLDMAN SACHS	2,555,000	$2.511M	1.0%	$1.01	—	DEB	38147UAB3
BORT	BANK OF BOTETOURT	85,000	$2.422M	1.0%	$22.67	-3.5%	COM	063907208
SOBS	SOLVAY BANK	56,705	$2.297M	0.9%	$24.65	+4.8%	COM	83441Q105
—	BUNGE LIMITED	42,200	$2.239M	0.9%	$54.49	—	COM	G16962105
—	HANNON ARMSTRNG	2,209,000	$2.235M	0.9%	$0.97	—	DEB	41068XAB6
—	COMMUNITY WEST	216,639	$2.205M	0.9%	$8.60	—	COM	204157101
BMBN	BENCHMARK BANK	108,000	$2.16M	0.9%	$13.45	+15.6%	COM	08160E207
—	FIDELITY SOUTHERN	74,618	$2.044M	0.8%	$16.35	—	COM	316394105
—	SPIRIT REALTY	50,400	$2.002M	0.8%	$39.72	—	COM	84860W300
BRBS	BLUE RIDGE BANK	118,000	$1.988M	0.8%	$9.47	0.0%	COM	095825105
—	RADIUS HEALTH	2,390,000	$1.984M	0.8%	$0.94	—	DEB	750469AA6
—	ATLAS AIR WW	1,845,000	$1.983M	0.8%	$1.07	—	DEB	069164BJ4
—	NW INDIANA BANC	47,500	$1.969M	0.8%	$44.48	—	COM	667516108
—	MEDICAL PRTY	103,887	$1.923M	0.8%	$13.43	—	COM	58436J304
FRAF	FRANKLIN FINL	51,644	$1.859M	0.8%	$26.57	+1.8%	COM	353525108
KEY	KEYCORP	112,300	$1.769M	0.7%	$11.97	0.0%	COM	493267108
CPKF	CHESAPEAKE FINL	64,800	$1.724M	0.7%	$20.24	-8.2%	COM	16517A109
PFE	PFIZER	38,000	$1.614M	0.7%	$17.46	+67.5%	COM	717081103
—	CITIZENS FIRST	61,500	$1.526M	0.6%	$20.44	—	COM	17462Q107
—	SB FINANCIAL	83,237	$1.498M	0.6%	$16.02	—	PFD	78408D204
—	ATLAS AIR WW	28,646	$1.448M	0.6%	$43.07	—	COM	049164205
—	F&M BANCORP	40,000	$1.426M	0.6%	$36.65	—	PFD	30237P205
TEVA	TEVA PHARM	89,528	$1.404M	0.6%	$15.42	—	COM	881624209
—	VSB BANCORP	62,979	$1.33M	0.5%	$20.06	—	COM	917927105
PTBS	POTOMAC BANCSH	95,323	$1.298M	0.5%	$12.17	-1.6%	COM	737643106
—	BLACKSTONE GRP	37,100	$1.297M	0.5%	$31.79	—	COM	09253U108
ORRF	ORRSTOWN FINL	65,935	$1.226M	0.5%	$15.42	0.0%	COM	687380105
AAPL	APPLE INC	6,150	$1.168M	0.5%	$17.94	+125.4%	COM	037833100
—	FIRST OF LONG ISLAND	51,950	$1.139M	0.5%	$20.11	—	COM	320734106
—	WELLESLEY BANCORP	35,894	$1.096M	0.5%	$32.27	—	COM	949485106
—	VEREIT INC	129,000	$1.08M	0.4%	$8.02	—	COM	92339V100
FBIZ	FIRST BUSINESS	52,500	$1.051M	0.4%	$18.27	-4.5%	COM	319390100
—	ATLAS AIR WW	980,000	$1.027M	0.4%	$0.80	—	DEB	049164BH8
—	COUNTY BANK	20,921	$1.019M	0.4%	$45.47	—	COM	222407207
—	LEXINGTON PTY	18,000	$970K	0.4%	$47.91	—	PFD	529043309
—	MCHENRY BANCORP	7,000,000	$910K	0.4%	$0.13	—	COM	580683100
—	INVESCO TR INVT	72,170	$894K	0.4%	$12.41	—	COM	46131M106
—	LAKELAND BANCORP	51,750	$773K	0.3%	$14.94	—	COM	511637100
D	DOMINION ENGY	9,840	$754K	0.3%	$53.89	0.0%	COM	25746U109
JCI	JOHNSON CONTROL	20,000	$739K	0.3%	$31.29	-5.5%	COM	G51502105
—	SELECT BANCORP	64,000	$728K	0.3%	$12.40	—	COM	81617L108
—	ASHFORD HOSPTY	152,000	$722K	0.3%	$6.50	—	COM	044103109
—	RIVERVIEW FIN	60,000	$690K	0.3%	$13.60	—	COM	76940Q105
MRK	MERCK	8,000	$665K	0.3%	$35.66	+69.1%	COM	58933Y105
—	MACQUARIE INFRA	585,000	$583K	0.2%	$1.00	—	DEB	55608BAA3
—	XEROX CORP	18,000	$575K	0.2%	$33.04	—	COM	984121608
—	HCI GROUP	500,000	$497K	0.2%	$0.97	—	DEB	40416EAB9
—	AMERICAN RLTY	355,000	$354K	0.1%	$1.03	—	DEB	02917TAB0
—	SPIRIT REALTY	325,000	$324K	0.1%	$1.00	—	DEB	84860WAB8
SBCF	SEACOAST BANK	11,401	$300K	0.1%	$25.01	+12.2%	COM	811707801
EXEL	EXELIXIS	12,500	$297K	0.1%	$12.81	+78.0%	COM	30161Q104
FCCO	FIRST COMMUNITY	15,000	$286K	0.1%	$16.47	0.0%	COM	319835104
CVE	CENOVUS ENERGY	33,000	$286K	0.1%	$7.79	-6.8%	COM	15135U109
—	ENVESTNET	245,000	$272K	0.1%	$0.97	—	DEB	29404KAA4
GLP	GLOBAL PARTNERS	11,600	$228K	0.1%	$18.01	—	COM	37946R109
—	COLONY CAPITAL	235,000	$221K	0.1%	$0.88	—	DEB	19624RAA4
HCI	HCI GROUP	5,000	$214K	0.1%	$46.02	0.0%	COM	40416E103
—	CENTERSTATE BANK	8,185	$195K	0.1%	$23.82	—	COM	15201P109
SSBI	SUMMIT STATE	12,365	$143K	0.1%	$8.01	+11.4%	COM	866264203
OXBR	OXBRIDGE	120,000	$132K	0.1%	$6.07	-83.3%	COM	G6856M106
F	FORD MOTOR	14,700	$129K	0.1%	$8.52	-28.6%	COM	345370860
—	TPG SPECIALTY	105,000	$105K	0.0%	$1.00	—	DEB	87265KAB8