Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
EXSR	EXCHANGE BANK	58,079	$10.4M	3.7%	$179.00 *	$114.13	+11.2%	COM	301227203
MET	METLIFE	183,157	$9.336M	3.3%	$50.97 *	$29.69	+32.5%	COM	59156R108
—	NY COMM BANC	173,481	$8.795M	3.1%	$50.70	$49.63	—	PFD	64944P307
—	NATIONAL HEALTH	6,193,000	$7.437M	2.6%	$1.20	$1.00	—	DEB	63633DAE4
LFGP	LEDYARD FINL	298,531	$7.433M	2.6%	$24.90 *	$20.22	+11.6%	COM	523338101
—	GENERAL MOTORS	198,024	$7.248M	2.6%	$36.60	$34.33	—	COM	30745V100
CCI	CROWN CASTLE	50,970	$7.245M	2.5%	$142.14 *	$59.74	+74.4%	COM	22822V101
—	LEXINGTON RTLY	666,112	$7.074M	2.5%	$10.62	$11.28	—	COM	529043101
TSBK	TIMBERLAND BANK	233,771	$6.952M	2.4%	$29.74 *	$12.61	+77.7%	COM	887098101
—	RPT REALTY	114,353	$6.845M	2.4%	$59.86	$50.78	—	PFD	74971D200
—	CENTERPOINT ENGY	139,115	$6.78M	2.4%	$48.74	$49.84	—	PFD	15189T503
BG 4.875 PERP	BUNGE LIMITED	66,074	$6.773M	2.4%	$102.51	$101.62	—	PFD	G16962204
—	TYSON FOODS	73,024	$6.648M	2.3%	$91.04	$55.70	—	COM	902494301
WY	WEYERHAEUSER	211,796	$6.396M	2.3%	$30.20 *	$21.32	+8.4%	COM	962166104
SBFG	SB FINANCIAL	320,315	$6.307M	2.2%	$19.69 *	$17.32	-2.5%	COM	78408D105
—	MGM GROWTH	190,002	$5.884M	2.1%	$30.97	$30.37	—	COM	55303A105
—	APOLLO COML	5,719,000	$5.743M	2.0%	$1.00	$1.00	—	DEB	03762UAB1
PKBK	PARKE BANCORP	255,196	$5.718M	2.0%	$22.41 *	$14.84	+14.9%	COM	700885106
—	EPR PROPERTIES	177,552	$5.575M	2.0%	$31.40	$22.13	—	PFD	26884U208
D	DOMINION ENGY	62,843	$5.205M	1.8%	$82.83 *	$57.68	+8.2%	COM	25746U109
—	FORTIVE CORP	5,323	$5.178M	1.8%	$972.76	$928.69	—	PFD	34959J207
—	COLONY CAPITAL	5,485,000	$5.043M	1.8%	$0.92	$0.92	—	DEB	19624RAB2
—	CONS TOMOKA	4,889,000	$4.956M	1.7%	$1.01	$1.01	—	DEB	210226AB2
FMBM	F&M BANCORP	161,589	$4.686M	1.6%	$29.00 *	$22.74	-8.8%	COM	30237P106
—	CARRIAGE SERVICE	3,770,000	$4.628M	1.6%	$1.23	$1.17	—	DEB	143905AM9
PFE	PFIZER	118,000	$4.623M	1.6%	$39.18 *	$23.84	+12.0%	COM	717081103
—	COLONY CAPITAL	931,576	$4.425M	1.6%	$4.75	$5.90	—	COM	19626G108
PCB	PCB BANCORP	243,075	$4.2M	1.5%	$17.28 *	$17.48	-3.8%	COM	69320M109
—	SHIP FINANCE	3,580,000	$4.048M	1.4%	$1.13	$0.98	—	DEB	824689AG8
—	ATLAS AIR WW	3,995,000	$3.368M	1.2%	$0.84	$1.05	—	DEB	069164BJ4
KEY	KEYCORP	165,250	$3.345M	1.2%	$20.24 *	$12.10	+15.5%	COM	493267108
—	PATTERN ENERGY	2,320,000	$3.246M	1.1%	$1.40	$1.03	—	DEB	70338PAB6
CZWI	CITIZENS COMM	259,980	$3.177M	1.1%	$12.22 *	$10.70	-5.1%	COM	174903104
—	COMMUNITY WEST	274,883	$3.051M	1.1%	$11.10	$8.82	—	COM	204157101
ABCB	AMERIS BANCORP	69,442	$2.954M	1.0%	$42.54 *	$34.25	+13.7%	COM	03076K108
—	FIRST NATIONAL	343,400	$2.902M	1.0%	$8.45	$7.70	—	COM	302578109
—	NW INDIANA BANC	62,457	$2.867M	1.0%	$45.90	$44.82	—	COM	667516108
—	ARES CAPITAL	259,000	$2.747M	1.0%	$10.61	$10.52	—	DEB	04010LAW3
—	BUNGE LIMITED	47,200	$2.716M	1.0%	$57.54	$54.69	—	COM	G16962105
CPKF	CHESAPEAKE FINL	112,947	$2.711M	1.0%	$24.00 *	$19.92	+0.2%	COM	16517A109
—	GOLDMAN SACHS	2,555,000	$2.629M	0.9%	$1.03	$1.01	—	DEB	38147UAB3
—	HANON ARMSTRNG	2,144,000	$2.588M	0.9%	$1.21	$0.97	—	DEB	41068XAB6
BRBS	BLUE RIDGE BANK	122,670	$2.57M	0.9%	$20.95 *	$9.56	+21.6%	COM	095825105
BORT	BANK BOTETOURT	85,000	$2.49M	0.9%	$29.29 *	$22.67	-1.6%	COM	063907208
—	SPIRIT REALTY	49,800	$2.449M	0.9%	$49.18	$39.72	—	COM	84860W300
—	DOMINION ENGY	21,887	$2.342M	0.8%	$107.00	$107.00	—	PFD	25746U133
—	MEDICAL PRTY	104,400	$2.204M	0.8%	$21.11	$13.43	—	COM	58436J304
BMBN	BENCHMARK BANK	115,000	$2.196M	0.8%	$19.10 *	$13.55	+11.0%	COM	08160E207
SOBS	SOLVAY BANK	56,705	$2.126M	0.7%	$37.49 *	$24.65	-1.1%	COM	83441Q105
—	RADIUS HEALTH	2,390,000	$2.024M	0.7%	$0.85	$0.94	—	DEB	750469AA6
FRAF	FRANKLIN FINL	51,688	$2M	0.7%	$38.69 *	$26.57	+7.1%	COM	353525108
MNSB	MAIN STREET BANC	79,398	$1.826M	0.6%	$23.00 *	$20.17	0.0%	COM	56064Y100
COFS	CHOICEONE FINL	51,000	$1.63M	0.6%	$31.96 *	$23.63	+2.9%	COM	170386106
—	WELLESLEY BANC	35,907	$1.625M	0.6%	$45.26	$32.27	—	COM	949485106
ORRF	ORRSTOWN FINL	70,153	$1.587M	0.6%	$22.62 *	$15.50	+14.3%	COM	687380105
GABC	GERMAN AMERICAN	44,500	$1.585M	0.6%	$35.62 *	$25.83	+9.0%	COM	373865104
—	POTOMAC BANCSH	102,000	$1.438M	0.5%	$14.10	$13.64	—	COM	73764399S
—	FIRST LONG ISLAND	56,150	$1.408M	0.5%	$25.08	$20.37	—	COM	320734106
FBIZ	FIRST BUSINESS	52,500	$1.382M	0.5%	$26.32 *	$18.27	+14.2%	COM	319390100
—	METRO PHOENIX	93,834	$1.37M	0.5%	$14.60	$12.99	—	COM	59165E106
FCCO	FIRST COMMUNITY	61,000	$1.318M	0.5%	$21.61 *	$15.78	+7.3%	COM	319835104
MFGI	MERCHANTS FINAN	17,500	$1.284M	0.5%	$73.37 *	$21.00	-0.3%	COM	588538108
—	F&M BANCORP	40,000	$1.268M	0.4%	$31.70	$36.65	—	PFD	30237P205
—	FIRST CHOICE	46,720	$1.26M	0.4%	$26.97	$26.97	—	COM	31948P104
SOME	SOMERSET TR	28,000	$1.232M	0.4%	$44.00 *	$33.83	+0.1%	COM	835126103
CSBB	CSB BANCORP	30,000	$1.207M	0.4%	$40.23	$38.98	—	COM	12628R107
—	BLACKSTONE GRP	1,044,000	$1.108M	0.4%	$1.06	$1.04	—	DEB	09257WAB6
—	SEMPRA ENERGY	9,125	$1.095M	0.4%	$120.00	$105.69	—	PFD	816851406
AAPL	APPLE INC	6,150	$1.086M	0.4%	$176.59 *	$17.94	+245.7%	COM	037833100
—	HCI GROUP	1,054,000	$1.079M	0.4%	$1.02	$1.00	—	DEB	40416EAD5
—	INVESCO TR INVT	79,147	$1.017M	0.4%	$12.85	$12.44	—	COM	46131M106
—	LAKELAND BANCORP	55,000	$956K	0.3%	$17.38	$14.98	—	COM	511637100
PMHG	PRIME MERIDIAN	43,000	$882K	0.3%	$20.51 *	$18.35	+3.3%	COM	74164R107
FXNC	FIRST NATIONAL	41,000	$877K	0.3%	$21.39 *	$17.48	-6.1%	COM	32106V107
—	ADAMS NATL RES	50,000	$823K	0.3%	$16.46	$16.34	—	COM	00548F105
—	BLACKSTONE MTG	725,000	$775K	0.3%	$1.07	$1.04	—	DEB	09257WAC4
MRK	MERCK	8,400	$764K	0.3%	$90.95 *	$37.18	+81.7%	COM	58933Y105
—	FENTURA FINL	27,000	$681K	0.2%	$25.22	$22.15	—	COM	314645102
DAL	DELTA AIR	11,300	$661K	0.2%	$58.50 *	$54.09	0.0%	COM	247361702
—	ATLAS AIR WW	23,197	$639K	0.2%	$27.55	$43.36	—	COM	049164205
—	MCHENRY BANCORP	7,000,000	$630K	0.2%	$0.09	$0.13	—	COM	580683100
—	LEXINGTON CORP	10,627	$606K	0.2%	$57.02	$47.91	—	PFD	529043309
—	CROSSFIRST BANK	35,088	$506K	0.2%	$14.42	$14.31	—	COM	22766M109
—	PILOT BANC	144,000	$500K	0.2%	$3.47	$3.43	—	COM	721530103
FBAK	FIRST NATIONAL	2,000	$486K	0.2%	$243.00 *	$160.48	0.0%	COM	32112J106
HWC	HANCOCK WHITNEY	11,000	$483K	0.2%	$43.91 *	$40.62	-0.2%	COM	410120109
—	ALLSCRIPTS	485	$480K	0.2%	$989.69	$989.69	—	DEB	01988PAD0
—	ASHFORD HOSPTY	152,000	$424K	0.1%	$2.79	$6.50	—	COM	044103109
—	GRAND MOUNTAIN	117,647	$391K	0.1%	$3.32	$2.00	—	COM	003892653
—	AMERICAN RLTY	385,000	$390K	0.1%	$1.01	$1.02	—	DEB	02917TAB0
CZBT	CITIZENS BANC	15,000	$379K	0.1%	$25.27 *	$19.87	+0.8%	COM	17316V104
—	SPIRIT REALTY	365,000	$379K	0.1%	$1.04	$1.00	—	DEB	84860WAB8
FISI	FINANCIAL INST	11,000	$353K	0.1%	$32.09 *	$21.34	+8.9%	COM	317585404
SBCF	SEACOAST BANK	11,401	$349K	0.1%	$30.61 *	$25.01	+13.6%	COM	811707801
—	CENTERSTATE BANK	13,785	$344K	0.1%	$24.95	$23.78	—	COM	15201P109
PPBN	PINNACLE BANK	10,056	$307K	0.1%	$30.53 *	$25.38	+2.6%	COM	72345E102
BRK/B	BERKSHRE HATHWAY	1,300	$294K	0.1%	$226.15 *	$210.32	+3.3%	COM	084670702
—	VEREIT INC	30,000	$277K	0.1%	$9.23	$8.02	—	COM	92339V100
—	PEOPLES UNITED	16,000	$270K	0.1%	$16.88	$16.52	—	COM	712704105
—	ENABLE MIDSTREAM	26,600	$267K	0.1%	$10.04	$10.04	—	COM	292480100
CCFN	CCFNB BANCORP	5,275	$257K	0.1%	$48.72 *	$36.95	-0.3%	COM	124880105
GLP	GLOBAL PARTNERS	11,600	$234K	0.1%	$20.17	$18.01	—	COM	37946R109
—	COLONY CAPITAL	235,000	$234K	0.1%	$1.00	$0.88	—	DEB	19624RAA4
MUB	ISHARES TRUST	1,900	$216K	0.1%	$113.68	$113.68	—	COM	464288414
MUNI	PIMCO INTERM	3,800	$210K	0.1%	$55.26	$55.26	—	COM	72201R866
—	SELECT BANCORP	15,163	$187K	0.1%	$12.33	$12.40	—	COM	81617L108
EXEL	EXELIXIS	10,000	$176K	0.1%	$17.60 *	$12.81	+32.3%	COM	30161Q104
JPM	JP MORGAN CHASE	1,014	$141K	0.0%	$139.05 *	$95.26	+14.1%	COM	46625H100
—	UNITED TECH	800	$120K	0.0%	$150.00	$136.25	—	COM	913017109
PPL	PPL CORP	3,000	$108K	0.0%	$36.00 *	$25.91	0.0%	COM	69351T106