Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
SOBS	SOLVAY BANK	56,705	$20.45M	7.1%	$360.60 *	$24.65	+2.6%	COM	83441Q105
EXSR	EXCHANGE BANK	56,262	$9.001M	3.1%	$159.98 *	$113.72	+9.4%	COM	301227203
—	NY COMM BANC	173,831	$8.691M	3.0%	$50.00	$49.63	—	PFD	64944P307
MET	METLIFE	182,596	$8.611M	3.0%	$47.16 *	$29.69	+29.6%	COM	59156R108
—	LEXINGTON RTLY	835,887	$8.568M	3.0%	$10.25	$11.28	—	COM	529043101
BG 4.875 PERP	BUNGE LIMITED	77,432	$7.869M	2.7%	$101.62	$101.62	—	PFD	G16962204
—	GENERAL MOTORS	202,676	$7.596M	2.6%	$37.48	$34.33	—	COM	30745V100
—	NATIONAL HEALTH	6,193,000	$7.478M	2.6%	$1.21	$1.00	—	DEB	63633DAE4
CCI	CROWN CASTLE	50,970	$7.085M	2.4%	$139.00 *	$59.74	+75.4%	COM	22822V101
—	RPT REALTY	115,653	$6.396M	2.2%	$55.30	$50.78	—	PFD	74971D200
TSBK	TIMBERLAND BANK	229,327	$6.306M	2.2%	$27.50 *	$12.42	+68.0%	COM	887098101
—	TYSON FOODS	71,500	$6.159M	2.1%	$86.14	$54.95	—	COM	902494301
LFGP	LEDYARD FINL	297,331	$6.11M	2.1%	$20.55	$20.22	+0.9%	COM	523338101
WY	WEYERHAEUSER	214,521	$5.942M	2.1%	$27.70 *	$21.32	-3.7%	COM	962166104
—	EPR PROPERTIES	177,552	$5.914M	2.0%	$33.31	$22.13	—	PFD	26884U208
—	COLONY CAPITAL	918,476	$5.529M	1.9%	$6.02	$5.92	—	COM	19626G108
—	COLONY CAPITAL	5,485,000	$5.416M	1.9%	$0.99	$0.92	—	DEB	19624RAB2
—	APOLLO COML	5,334,000	$5.416M	1.9%	$1.02	$1.00	—	DEB	03762UAB1
—	SEMPRA ENERGY	45,285	$5.353M	1.8%	$118.21	$105.69	—	PFD	816851406
D	DOMINION ENGY	62,988	$5.104M	1.8%	$81.03 *	$57.68	+1.3%	COM	25746U109
—	CONS TOMOKA	4,889,000	$5.051M	1.7%	$1.03	$1.01	—	DEB	210226AB2
PKBK	PARKE BANCORP	225,251	$5.005M	1.7%	$22.22 *	$14.54	+11.6%	COM	700885106
FMBM	F&M BANCORP	161,589	$4.161M	1.4%	$25.75 *	$22.74	-9.9%	COM	30237P106
PCB	PCB BANCORP	243,075	$3.998M	1.4%	$16.45	$17.48	-5.2%	COM	69320M109
—	CARRIAGE SERVICE	3,770,000	$3.979M	1.4%	$1.06	$1.17	—	DEB	143905AM9
—	SHIP FINANCE	3,580,000	$3.896M	1.3%	$1.09	$0.98	—	DEB	824689AG8
—	MGM GROWTH	123,502	$3.711M	1.3%	$30.05	$30.05	—	COM	55303A105
—	PATTERN ENERGY	3,480,000	$3.515M	1.2%	$1.01	$1.03	—	DEB	70338PAB6
—	ATLAS AIR WW	4,050,000	$3.354M	1.2%	$0.83	$1.05	—	DEB	069164BJ4
SBFG	SB FINANCIAL	185,003	$3.092M	1.1%	$16.71 *	$17.64	-11.8%	COM	78408D105
CZWI	CITIZENS COMM	271,230	$3.002M	1.0%	$11.07 *	$10.70	-10.4%	COM	174903104
—	FORTIVE CORP	3,320	$2.995M	1.0%	$902.11	$902.11	—	PFD	34959J207
KEY	KEYCORP	166,300	$2.967M	1.0%	$17.84 *	$12.10	+4.8%	COM	493267108
—	FIRST NATIONAL	376,351	$2.939M	1.0%	$7.81	$7.70	—	COM	302578109
PFE	PFIZER	80,000	$2.874M	1.0%	$35.92 *	$22.48	+20.2%	COM	717081103
ABCB	AMERIS BANCORP	69,442	$2.794M	1.0%	$40.24 *	$34.25	0.0%	COM	03076K108
—	ARES CAPITAL	259,000	$2.724M	0.9%	$10.52	$10.52	—	DEB	04010LAW3
—	COMMUNITY WEST	274,883	$2.718M	0.9%	$9.89	$8.82	—	COM	204157101
—	BUNGE LIMITED	47,200	$2.672M	0.9%	$56.61	$54.69	—	COM	G16962105
—	GOLDMAN SACHS	2,555,000	$2.616M	0.9%	$1.02	$1.01	—	DEB	38147UAB3
—	SPIRIT REALTY	50,400	$2.412M	0.8%	$47.86	$39.72	—	COM	84860W300
BORT	BANK BOTETOURT	85,000	$2.41M	0.8%	$28.35 *	$22.67	-5.2%	COM	063907208
—	HANON ARMSTRNG	2,144,000	$2.393M	0.8%	$1.12	$0.97	—	DEB	41068XAB6
BRBS	BLUE RIDGE BANK	118,000	$2.36M	0.8%	$20.00 *	$9.47	+19.4%	COM	095825105
—	CENTERPOINT ENGY	43,550	$2.276M	0.8%	$52.26	$52.26	—	PFD	15189T503
—	SB FINANCIAL	134,887	$2.226M	0.8%	$16.50	$16.13	—	PFD	78408D204
—	RADIUS HEALTH	2,390,000	$2.173M	0.8%	$0.91	$0.94	—	DEB	750469AA6
—	MAIN STREET BANC	102,132	$2.15M	0.7%	$21.05	$22.79	—	COM	56064Y99S
—	NW INDIANA BANC	47,500	$2.109M	0.7%	$44.40	$44.48	—	COM	667516108
BMBN	BENCHMARK BANK	115,000	$2.104M	0.7%	$18.30 *	$13.55	+12.0%	COM	08160E207
—	MEDICAL PRTY	104,400	$2.042M	0.7%	$19.56	$13.43	—	COM	58436J304
CPKF	CHESAPEAKE FINL	81,300	$2.02M	0.7%	$24.85 *	$19.91	-6.0%	COM	16517A109
FRAF	FRANKLIN FINL	51,688	$1.837M	0.6%	$35.54 *	$26.57	+2.4%	COM	353525108
—	DOMINION ENGY	16,445	$1.739M	0.6%	$105.75	$49.36	—	PFD	25746U836
ORRF	ORRSTOWN FINL	70,153	$1.536M	0.5%	$21.90 *	$15.50	+12.5%	COM	687380105
—	POTOMAC BANCSH	102,000	$1.421M	0.5%	$13.93	$13.64	—	COM	73764399S
GABC	GERMAN AMERICAN	43,990	$1.41M	0.5%	$32.05 *	$25.81	0.0%	COM	373865104
—	ATLAS AIR WW	54,746	$1.381M	0.5%	$25.23	$43.36	—	COM	049164205
AAPL	APPLE INC	6,150	$1.377M	0.5%	$223.90 *	$17.94	+179.9%	COM	037833100
FBIZ	FIRST BUSINESS	52,500	$1.264M	0.4%	$24.08 *	$18.27	+7.6%	COM	319390100
—	VSB BANCORP	62,979	$1.261M	0.4%	$20.02	$20.06	—	COM	917927105
SNY	SANOFI SPONSOR	26,500	$1.228M	0.4%	$46.34	$6.19	—	COM	80105N105
—	FIRST LONG ISLAND	53,150	$1.209M	0.4%	$22.75	$20.11	—	COM	320734106
—	F&M BANCORP	40,000	$1.19M	0.4%	$29.75	$36.65	—	PFD	30237P205
SOME	SOMERSET TR	28,000	$1.19M	0.4%	$42.50 *	$33.83	-1.1%	COM	835126103
FCCO	FIRST COMMUNITY	61,000	$1.188M	0.4%	$19.48 *	$15.78	+0.5%	COM	319835104
MFGI	MERCHANTS FINAN	16,000	$1.168M	0.4%	$73.00 *	$21.00	-0.9%	COM	588538108
—	METRO PHOENIX	86,267	$1.158M	0.4%	$13.42	$12.85	—	COM	59165E106
—	WELLESLEY BANC	35,907	$1.12M	0.4%	$31.19	$32.27	—	COM	949485106
—	BLACKSTONE GRP	1,030,000	$1.072M	0.4%	$1.04	$1.04	—	DEB	09257WAB6
—	LEXINGTON CORP	18,000	$1.035M	0.4%	$57.50	$47.91	—	PFD	529043309
—	INVESCO TR INVT	78,212	$1.006M	0.3%	$12.86	$12.44	—	COM	46131M106
—	COUNTY BANK	16,897	$988K	0.3%	$58.47	$45.63	—	COM	222407207
—	ADAMS NATL RES	60,000	$950K	0.3%	$15.83	$16.34	—	COM	00548F105
CSBB	CSB BANCORP	24,198	$936K	0.3%	$38.68	$38.68	—	COM	12628R107
PMHG	PRIME MERIDIAN	43,000	$865K	0.3%	$20.12 *	$18.35	0.0%	COM	74164R107
—	LAKELAND BANCORP	55,000	$849K	0.3%	$15.44	$14.98	—	COM	511637100
TRVR	TWO RIVERS FIN	25,701	$777K	0.3%	$30.23 *	$27.11	0.0%	COM	90206L106
—	BLACKSTONE MTG	725,000	$757K	0.3%	$1.04	$1.04	—	DEB	09257WAC4
—	SELECT BANCORP	64,000	$742K	0.3%	$11.59	$12.40	—	COM	81617L108
FXNC	FIRST NATIONAL	39,916	$732K	0.3%	$18.34 *	$17.51	-9.4%	COM	32106V107
MRK	MERCK	8,000	$673K	0.2%	$84.13 *	$35.66	+83.6%	COM	58933Y105
—	VEREIT INC	65,000	$636K	0.2%	$9.78	$8.02	—	COM	92339V100
—	MCHENRY BANCORP	7,000,000	$631K	0.2%	$0.09	$0.13	—	COM	580683100
—	STATE BANK CORP	47,300	$615K	0.2%	$13.00	$13.00	—	COM	856121108
COFS	CHOICEONE FINL	20,185	$604K	0.2%	$29.92 *	$22.60	0.0%	COM	170386106
CBBI	CBB BANCORP	49,500	$530K	0.2%	$10.71 *	$9.48	0.0%	COM	12481T109
—	ASHFORD HOSPTY	152,000	$503K	0.2%	$3.31	$6.50	—	COM	044103109
—	CROSSFIRST BANK	35,088	$502K	0.2%	$14.31	$14.31	—	COM	22766M109
—	HCI GROUP	500,000	$497K	0.2%	$0.99	$0.98	—	DEB	40416EAD5
—	PILOT BANC	144,000	$488K	0.2%	$3.39	$3.43	—	COM	721530103
—	COASTAL BANK	76,924	$481K	0.2%	$6.25	$6.25	—	COM	19042H102
HWC	HANCOCK WHITNEY	11,000	$421K	0.1%	$38.27	$40.62	-6.4%	COM	410120109
—	AMERICAN RLTY	410,000	$415K	0.1%	$1.01	$1.02	—	DEB	02917TAB0
—	RIVERVIEW FIN	35,475	$414K	0.1%	$11.67	$13.55	—	COM	76940Q105
—	SPIRIT REALTY	390,000	$399K	0.1%	$1.02	$1.00	—	DEB	84860WAB8
—	FENTURA FINL	18,000	$371K	0.1%	$20.61	$20.61	—	COM	314645102
CZBT	CITIZENS BANC	15,000	$364K	0.1%	$24.27 *	$19.87	0.0%	COM	17316V104
PPBN	PINNACLE BANK	10,056	$317K	0.1%	$31.52 *	$25.38	0.0%	COM	72345E102
—	CENTERSTATE BANK	12,185	$292K	0.1%	$23.96	$23.63	—	COM	15201P109
SBCF	SEACOAST BANK	11,401	$288K	0.1%	$25.26	$25.01	+0.4%	COM	811707801
—	STEUBEN TRUST	6,108	$266K	0.1%	$43.55	$43.55	—	COM	860010107
—	ENVESTNET	245,000	$249K	0.1%	$1.02	$0.97	—	DEB	29404KAA4
—	GRAND MOUNTAIN	117,647	$235K	0.1%	$2.00	$2.00	—	COM	003892653
—	COLONY CAPITAL	235,000	$230K	0.1%	$0.98	$0.88	—	DEB	19624RAA4
GLP	GLOBAL PARTNERS	11,600	$227K	0.1%	$19.57	$18.01	—	COM	37946R109
FISI	FINANCIAL INST	7,500	$226K	0.1%	$30.13 *	$20.45	+4.8%	COM	317585404
EXEL	EXELIXIS	12,500	$221K	0.1%	$17.68 *	$12.81	+58.0%	COM	30161Q104
—	PEOPLES UNITED	14,000	$219K	0.1%	$15.64	$16.47	—	COM	712704105
TEVA	TEVA PHARM	25,000	$172K	0.1%	$6.88	$14.42	—	COM	881624209
BRK/B	BERKSHRE HATHWAY	800	$166K	0.1%	$207.50	$206.04	0.0%	COM	084670702
CCFN	CCFNB BANCORP	3,000	$148K	0.1%	$49.33 *	$37.04	0.0%	COM	124880105
JPM	JP MORGAN CHASE	1,000	$118K	0.0%	$118.00 *	$95.08	0.0%	COM	46625H100
—	UNITED TECH	800	$109K	0.0%	$136.25	$136.25	—	COM	913017109
—	US METRO BANK	30,000	$109K	0.0%	$3.63	$3.63	—	COM	90343B102
—	TPG SPECIALTY	105,000	$106K	0.0%	$1.01	$1.00	—	DEB	87265KAB8