Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LEXINGTON RTLY	958,887	$9.023M	3.6%	$11.28	—	COM	529043101
MET	METLIFE	181,146	$8.997M	3.6%	$29.69	+26.6%	COM	59156R108
EXSR	EXCHANGE BANK	52,222	$8.714M	3.5%	$112.89	+12.1%	COM	301227203
—	NY COMM BANC	178,860	$8.558M	3.5%	$49.63	—	PFD	64944P307
—	GENERAL MOTORS	202,676	$7.809M	3.2%	$34.33	—	COM	30745V100
—	NATIONAL HEALTH	6,403,000	$7.352M	3.0%	$1.00	—	DEB	63633DAE4
—	SEMPRA ENERGY	65,426	$7.294M	2.9%	$105.69	—	PFD	816851406
CCI	CROWN CASTLE	50,970	$6.644M	2.7%	$59.74	+61.7%	COM	22822V101
TSBK	TIMBERLAND BANK	218,971	$6.543M	2.6%	$12.02	+81.0%	COM	887098101
SNY	SANOFI SPONSOR	145,780	$6.308M	2.5%	$6.19	—	COM	80105N105
—	RPT REALTY	116,453	$5.913M	2.4%	$50.78	—	PFD	74971D200
LFGP	LEDYARD FINL	295,406	$5.819M	2.3%	$20.22	+2.3%	COM	523338101
—	TYSON FOODS	70,784	$5.715M	2.3%	$54.63	—	COM	902494301
—	EPR PROPERTIES	177,552	$5.692M	2.3%	$22.13	—	PFD	26884U208
WY	WEYERHAEUSER	211,521	$5.571M	2.2%	$21.33	-7.6%	COM	962166104
—	COLONY CAPITAL	5,490,000	$5.353M	2.2%	$0.92	—	DEB	19624RAB2
—	APOLLO COML	5,334,000	$5.333M	2.2%	$1.00	—	DEB	03762UAB1
PKBK	PARKE BANCORP	220,865	$5.29M	2.1%	$14.51	+8.6%	COM	700885106
—	CONS TOMOKA	5,059,000	$5.155M	2.1%	$1.01	—	DEB	210226AB2
FMBM	F&M BANCORP	161,589	$4.686M	1.9%	$22.74	-0.5%	COM	30237P106
—	COLONY CAPITAL	864,026	$4.32M	1.7%	$5.91	—	COM	19626G108
—	ATLAS AIR WW	4,050,000	$4.158M	1.7%	$1.05	—	DEB	069164BJ4
PCB	PCB BANCORP	243,075	$4.142M	1.7%	$17.48	0.0%	COM	69320M109
—	DOMINION ENGY	77,700	$3.907M	1.6%	$49.36	—	PFD	25746U836
—	SHIP FINANCE	3,850,000	$3.891M	1.6%	$0.98	—	DEB	824689AG8
—	CARRIAGE SERVICE	3,770,000	$3.749M	1.5%	$1.17	—	DEB	143905AM9
—	PATTERN ENERGY	3,480,000	$3.515M	1.4%	$1.03	—	DEB	70338PAB6
CZWI	CITIZENS COMM	271,230	$3.236M	1.3%	$10.70	-6.5%	COM	174903104
SBFG	SB FINANCIAL	185,003	$3.045M	1.2%	$17.64	-4.7%	COM	78408D105
—	FIRST NATIONAL	376,351	$2.913M	1.2%	$7.70	—	COM	302578109
KEY	KEYCORP	151,900	$2.696M	1.1%	$12.05	+1.8%	COM	493267108
—	COMMUNITY WEST	273,983	$2.644M	1.1%	$8.82	—	COM	204157101
—	GOLDMAN SACHS	2,555,000	$2.56M	1.0%	$1.01	—	DEB	38147UAB3
—	HANNON ARMSTRNG	2,209,000	$2.427M	1.0%	$0.97	—	DEB	41068XAB6
—	BUNGE LIMITED	43,200	$2.407M	1.0%	$54.52	—	COM	G16962105
—	ATLAS AIR WW	53,446	$2.386M	1.0%	$43.80	—	COM	049164205
BORT	BANK OF BOTETOURT	85,000	$2.38M	1.0%	$22.67	-6.5%	COM	063907208
—	MAIN STREET BANC	104,132	$2.373M	1.0%	$22.79	—	COM	56064Y99S
—	FIDELITY SOUTHERN	74,618	$2.311M	0.9%	$16.35	—	COM	316394105
BRBS	BLUE RIDGE BANK	118,000	$2.283M	0.9%	$9.47	+18.5%	COM	095825105
SOBS	SOLVAY BANK	56,705	$2.211M	0.9%	$24.65	+7.0%	COM	83441Q105
—	RADIUS HEALTH	2,390,000	$2.163M	0.9%	$0.94	—	DEB	750469AA6
BMBN	BENCHMARK BANK	108,000	$2.159M	0.9%	$13.45	+16.6%	COM	08160E207
—	SPIRIT REALTY	50,400	$2.15M	0.9%	$39.72	—	COM	84860W300
—	NW INDIANA BANC	47,500	$2.09M	0.8%	$44.48	—	COM	667516108
FRAF	FRANKLIN FINL	51,244	$1.953M	0.8%	$26.57	+9.0%	COM	353525108
CPKF	CHESAPEAKE FINL	73,600	$1.927M	0.8%	$20.03	-7.8%	COM	16517A109
—	MEDICAL PRTY	103,887	$1.812M	0.7%	$13.43	—	COM	58436J304
—	BLACKSTONE GRP	39,500	$1.754M	0.7%	$32.56	—	COM	09253U108
—	SB FINANCIAL	107,940	$1.737M	0.7%	$16.04	—	PFD	78408D204
PFE	PFIZER	38,000	$1.646M	0.7%	$17.46	+67.4%	COM	717081103
—	CITIZENS FIRST	61,500	$1.579M	0.6%	$20.44	—	COM	17462Q107
ORRF	ORRSTOWN FINL	68,756	$1.512M	0.6%	$15.46	+6.1%	COM	687380105
—	POTOMAC BANCSH	95,323	$1.298M	0.5%	$13.62	—	COM	73764399S
—	F&M BANCORP	40,000	$1.29M	0.5%	$36.65	—	PFD	30237P205
—	VSB BANCORP	62,979	$1.278M	0.5%	$20.06	—	COM	917927105
FBIZ	FIRST BUSINESS	52,500	$1.234M	0.5%	$18.27	+3.2%	COM	319390100
AAPL	APPLE INC	6,150	$1.217M	0.5%	$17.94	+159.9%	COM	037833100
—	WELLESLEY BANCORP	35,894	$1.17M	0.5%	$32.27	—	COM	949485106
—	VEREIT INC	129,000	$1.162M	0.5%	$8.02	—	COM	92339V100
SOME	SOMERSET TR	28,000	$1.148M	0.5%	$33.83	0.0%	COM	835126103
MFGI	MERCHANTS FINAN	15,700	$1.138M	0.5%	$21.01	0.0%	COM	588538108
—	METRO PHOENIX	84,867	$1.09M	0.4%	$12.84	—	COM	59165E106
—	FIRST OF LONG ISLAND	53,150	$1.067M	0.4%	$20.11	—	COM	320734106
TEVA	TEVA PHARM	106,697	$984K	0.4%	$14.42	—	COM	881624209
—	LEXINGTON CORP	18,000	$968K	0.4%	$47.91	—	PFD	529043309
—	INVESCO TR INVT	75,821	$961K	0.4%	$12.42	—	COM	46131M106
—	COUNTY BANK	16,697	$943K	0.4%	$45.47	—	COM	222407207
—	LAKELAND BANCORP	53,000	$856K	0.3%	$14.97	—	COM	511637100
JCI	JOHNSON CONTROL	20,000	$826K	0.3%	$31.29	+6.7%	COM	G51502105
D	DOMINION ENGY	10,593	$819K	0.3%	$54.10	+5.1%	COM	25746U109
FXNC	FIRST NATIONAL	39,911	$812K	0.3%	$17.51	0.0%	COM	32106V107
—	MCHENRY BANCORP	7,000,000	$770K	0.3%	$0.13	—	COM	580683100
—	SELECT BANCORP	64,000	$732K	0.3%	$12.40	—	COM	81617L108
—	ADAMS NATL RES	43,111	$713K	0.3%	$16.54	—	COM	00548F105
FCCO	FIRST COMMUNITY	38,348	$710K	0.3%	$15.74	-3.0%	COM	319835104
MRK	MERCK	8,000	$671K	0.3%	$35.66	+74.2%	COM	58933Y105
—	RIVERVIEW FIN	60,939	$640K	0.3%	$13.55	—	COM	76940Q105
—	MACQUARIE INFRA	585,000	$583K	0.2%	$1.00	—	DEB	55608BAA3
—	HCI GROUP	500,000	$490K	0.2%	$0.98	—	DEB	40416EAD5
—	ASHFORD HOSPTY	152,000	$451K	0.2%	$6.50	—	COM	044103109
HWC	HANCOCK WHITNEY	9,000	$360K	0.1%	$41.19	0.0%	COM	410120109
—	AMERICAN RLTY	355,000	$357K	0.1%	$1.03	—	DEB	02917TAB0
—	SPIRIT REALTY	325,000	$331K	0.1%	$1.00	—	DEB	84860WAB8
SBCF	SEACOAST BANK	11,401	$290K	0.1%	$25.01	+3.8%	COM	811707801
—	ENVESTNET	245,000	$277K	0.1%	$0.97	—	DEB	29404KAA4
EXEL	EXELIXIS	12,500	$267K	0.1%	$12.81	+63.6%	COM	30161Q104
—	CENTERSTATE BANK	11,185	$257K	0.1%	$23.60	—	COM	15201P109
GLP	GLOBAL PARTNERS	11,600	$231K	0.1%	$18.01	—	COM	37946R109
—	COLONY CAPITAL	235,000	$225K	0.1%	$0.88	—	DEB	19624RAA4
—	PILOT BANC	63,000	$220K	0.1%	$3.49	—	COM	721530103
—	SEMPRA ENERGY	1,600	$178K	0.1%	$111.25	—	PFD	816851505
CVE	CENOVUS ENERGY	20,000	$176K	0.1%	$7.79	+1.6%	COM	15135U109
FISI	FINANCIAL INST	6,000	$175K	0.1%	$20.20	0.0%	COM	317585404
—	PEOPLES UNITED	10,000	$168K	0.1%	$16.80	—	COM	712704105
OXBR	OXBRIDGE	119,730	$139K	0.1%	$6.07	-80.2%	COM	G6856M106
SSBI	SUMMIT STATE	12,365	$136K	0.1%	$8.01	+7.0%	COM	866264203
—	TPG SPECIALTY	105,000	$105K	0.0%	$1.00	—	DEB	87265KAB8