Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EXSR	EXCHANGE BANK	62,208	$8.397M	4.2%	$114.51	+4.7%	COM	301227203
—	NY COMM BANC	170,445	$7.041M	3.6%	$49.63	—	PFD	64944P307
BG 4.875 PERP	BUNGE LIMITED	69,134	$6.429M	3.3%	$101.24	—	PFD	G16962204
—	NATIONAL HEALTH	6,193,000	$5.821M	2.9%	$1.00	—	DEB	63633DAE4
MET	METLIFE	185,574	$5.673M	2.9%	$29.78	+22.4%	COM	59156R108
LFGP	LEDYARD FINL	298,531	$5.523M	2.8%	$20.22	+18.9%	COM	523338101
—	CENTERPOINT ENGY	177,215	$5.104M	2.6%	$45.32	—	PFD	15189T503
—	LEXINGTON RTLY	498,785	$4.953M	2.5%	$11.28	—	COM	529043101
—	TYSON FOODS	83,779	$4.848M	2.5%	$55.98	—	COM	902494301
—	FORTIVE CORP	6,613	$4.76M	2.4%	$887.94	—	PFD	34959J207
CCI	CROWN CASTLE	32,430	$4.683M	2.4%	$59.74	+92.3%	COM	22822V101
TSBK	TIMBERLAND BANK	250,871	$4.588M	2.3%	$13.12	+53.3%	COM	887098101
D	DOMINION ENGY	62,810	$4.534M	2.3%	$57.68	+9.4%	COM	25746U109
—	COLONY CAPITAL	5,475,000	$4.49M	2.3%	$0.92	—	DEB	19624RAB2
—	APOLLO COML	6,344,000	$4.398M	2.2%	$0.97	—	DEB	03762UAB1
PFE	PFIZER	121,500	$3.966M	2.0%	$23.90	+8.1%	COM	717081103
WY	WEYERHAEUSER	219,071	$3.713M	1.9%	$21.32	-0.7%	COM	962166104
—	CARRIAGE SERVICE	3,770,000	$3.576M	1.8%	$1.17	—	DEB	143905AM9
SBFG	SB FINANCIAL	321,285	$3.573M	1.8%	$17.32	-4.0%	COM	78408D105
PKBK	PARKE BANCORP	249,862	$3.371M	1.7%	$14.84	+1.8%	COM	700885106
—	RPT REALTY	108,080	$3.307M	1.7%	$50.78	—	PFD	74971D200
—	SHIP FINANCE	3,580,000	$3.294M	1.7%	$0.98	—	DEB	824689AG8
—	ATLAS AIR WW	3,995,000	$3.286M	1.7%	$1.05	—	DEB	069164BJ4
FMBM	F&M BANCORP	158,693	$3.134M	1.6%	$22.74	-12.7%	COM	30237P106
—	INTL FLAVORS	77,197	$2.947M	1.5%	$38.18	—	COM	459506306
—	EPR PROPERTIES	174,252	$2.751M	1.4%	$22.13	—	PFD	26884U208
CPKF	CHESAPEAKE FINL	156,516	$2.622M	1.3%	$19.62	-4.0%	COM	16517A109
—	GOLDMAN SACHS	2,555,000	$2.491M	1.3%	$1.01	—	DEB	38147UAB3
PCB	PCB BANCORP	242,300	$2.37M	1.2%	$17.48	-21.1%	COM	69320M109
—	HCI GROUP	2,290,000	$2.31M	1.2%	$1.01	—	DEB	40416EAD5
—	DOMINION ENGY	24,995	$2.3M	1.2%	$105.14	—	PFD	25746U133
—	ARES CAPITAL	2,590,000	$2.242M	1.1%	$1.83	—	DEB	04010LAW3
—	FIRST NATIONAL	317,980	$2.197M	1.1%	$7.70	—	COM	302578109
—	NW INDIANA BANC	67,500	$2.126M	1.1%	$43.83	—	COM	667516108
—	MEDICAL PRTY	122,400	$2.116M	1.1%	$14.00	—	COM	58436J304
—	HANON ARMSTRNG	2,144,000	$2.034M	1.0%	$0.97	—	DEB	41068XAB6
—	BUNGE LIMITED	48,200	$1.978M	1.0%	$54.41	—	COM	G16962105
BRBS	BLUE RIDGE BANK	122,670	$1.957M	1.0%	$9.56	+17.2%	COM	095825105
KEY	KEYCORP	185,504	$1.924M	1.0%	$12.14	+2.5%	COM	493267108
BORT	BANK BOTETOURT	85,000	$1.832M	0.9%	$22.67	-3.0%	COM	063907208
SOBS	SOLVAY BANK	59,528	$1.786M	0.9%	$24.66	+1.0%	COM	83441Q105
—	COMMUNITY WEST	277,483	$1.69M	0.9%	$8.82	—	COM	204157101
—	RADIUS HEALTH	2,390,000	$1.688M	0.9%	$0.94	—	DEB	750469AA6
—	COLONY CAPITAL	958,326	$1.677M	0.8%	$5.79	—	COM	19626G108
BMBN	BENCHMARK BANK	124,000	$1.655M	0.8%	$13.65	+8.5%	COM	08160E207
ABCB	AMERIS BANCORP	69,142	$1.643M	0.8%	$34.25	-4.7%	COM	03076K108
—	GENERAL MOTORS	73,939	$1.536M	0.8%	$34.33	—	COM	30745V100
CZWI	CITIZENS COMM	234,980	$1.516M	0.8%	$10.70	-11.5%	COM	174903104
—	SEMPRA ENERGY	15,600	$1.443M	0.7%	$100.22	—	PFD	816851406
FRAF	FRANKLIN FINL	51,688	$1.419M	0.7%	$26.57	-1.4%	COM	353525108
—	METRO PHOENIX	140,712	$1.4M	0.7%	$11.98	—	COM	59165E106
—	COWEN GROUP	2,000	$1.336M	0.7%	$668.00	—	PFD	223622507
—	SEMPRA ENERGY	13,875	$1.303M	0.7%	$93.91	—	PFD	816851505
—	SPIRIT REALTY	49,800	$1.302M	0.7%	$39.72	—	COM	84860W300
—	F&M BANCORP	40,000	$1.223M	0.6%	$36.65	—	PFD	30237P205
GABC	GERMAN AMERICAN	44,500	$1.222M	0.6%	$25.83	+4.7%	COM	373865104
COFS	CHOICEONE FINL	47,399	$1.203M	0.6%	$23.63	-0.0%	COM	170386106
—	BLACKSTONE MTG	1,515,000	$1.189M	0.6%	$0.91	—	DEB	09257WAC4
DAL	DELTA AIR	39,825	$1.136M	0.6%	$49.74	-3.5%	COM	247361702
MFGI	MERCHANTS FINAN	18,000	$1.085M	0.5%	$20.98	-2.1%	COM	588538108
CSBB	CSB BANCORP	30,000	$1.02M	0.5%	$38.98	—	COM	12628R107
—	WELLESLEY BANC	36,775	$1.013M	0.5%	$32.15	—	COM	949485106
ORRF	ORRSTOWN FINL	70,300	$968K	0.5%	$15.50	-0.0%	COM	687380105
—	INVESCO TR INVT	80,063	$968K	0.5%	$12.44	—	COM	46131M106
—	FIRST LONG ISLAND	55,350	$960K	0.5%	$20.37	—	COM	320734106
FCCO	FIRST COMMUNITY	61,000	$959K	0.5%	$15.78	+2.1%	COM	319835104
MRK	MERCK	12,000	$923K	0.5%	$45.55	+42.9%	COM	58933Y105
SOME	SOMERSET TR	25,195	$844K	0.4%	$33.83	-1.5%	COM	835126103
—	BLACKSTONE GRP	1,044,000	$825K	0.4%	$1.04	—	DEB	09257WAB6
FBIZ	FIRST BUSINESS	52,500	$814K	0.4%	$18.27	+5.8%	COM	319390100
—	SOUTH JERSEY	18,085	$752K	0.4%	$41.58	—	PFD	838518116
—	FIRST CHOICE	49,000	$735K	0.4%	$26.41	—	COM	31948P104
FXNC	FIRST NATIONAL	48,500	$728K	0.4%	$17.27	-6.6%	COM	32106V107
MNSB	MAIN STREET BANC	40,000	$670K	0.3%	$20.17	-4.9%	COM	56064Y100
—	VSB BANC	29,900	$598K	0.3%	$20.00	—	COM	917927105
—	LAKELAND BANCORP	55,000	$595K	0.3%	$14.98	—	COM	511637100
—	MCHENRY BANCORP	7,000,000	$560K	0.3%	$0.13	—	COM	580683100
PMHG	PRIME MERIDIAN	36,190	$508K	0.3%	$18.35	-6.5%	COM	74164R107
FBAK	FIRST NATIONAL	2,400	$484K	0.2%	$160.22	-0.8%	COM	32112J106
—	ALLSCRIPTS	485,000	$466K	0.2%	$1.95	—	DEB	01988PAD0
—	ADAMS NATL RES	55,000	$456K	0.2%	$15.61	—	COM	00548F105
—	LEXINGTON CORP	10,000	$440K	0.2%	$47.91	—	PFD	529043309
—	FENTURA FINL	27,000	$412K	0.2%	$22.15	—	COM	314645102
—	POTOMAC BANCSH	37,640	$391K	0.2%	$13.64	—	COM	73764399S
CZBT	CITIZENS BANC	18,000	$333K	0.2%	$19.82	-1.3%	COM	17316V104
FISI	FINANCIAL INST	18,000	$327K	0.2%	$20.79	-4.2%	COM	317585404
—	CENTERSTATE BANK	18,185	$313K	0.2%	$22.19	—	COM	15201P109
FHN	FIRST HORIZON	37,500	$302K	0.2%	$11.03	0.0%	COM	320517105
HWC	HANCOCK WHITNEY	12,500	$244K	0.1%	$39.88	-13.5%	COM	410120109
BRK/B	BERKSHRE HATHWAY	1,300	$238K	0.1%	$210.32	+1.1%	COM	084670702
PPBN	PINNACLE BANK	10,056	$224K	0.1%	$25.38	-0.5%	COM	72345E102
—	PEOPLES UNITED	19,500	$215K	0.1%	$15.53	—	COM	712704105
MUB	ISHARES TRUST	1,900	$215K	0.1%	$113.68	—	COM	464288414
MUNI	PIMCO INTERM	3,800	$207K	0.1%	$55.26	—	COM	72201R866
—	AMERICAN RLTY	205,000	$200K	0.1%	$1.02	—	DEB	02917TAB0
—	COLONY CAPITAL	235,000	$193K	0.1%	$0.88	—	DEB	19624RAA4
SBCF	SEACOAST BANK	10,000	$183K	0.1%	$25.01	+1.1%	COM	811707801
—	VEREIT INC	30,000	$147K	0.1%	$8.02	—	COM	92339V100
—	ENABLE MIDSTREAM	40,600	$104K	0.1%	$7.46	—	COM	292480100
GLP	GLOBAL PARTNERS	11,600	$102K	0.1%	$18.01	—	COM	37946R109