Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	NY COMM BANC	164,540	$7.352M	3.9%	$49.63	—	PFD	64944P307
EXSR	EXCHANGE BANK	61,293	$7.11M	3.8%	$114.51	-17.8%	COM	301227203
MET	METLIFE	176,964	$6.463M	3.5%	$29.78	-2.7%	COM	59156R108
—	CENTERPOINT ENGY	176,190	$6.265M	3.4%	$45.32	—	PFD	15189T503
—	NATIONAL HEALTH	6,158,000	$6.035M	3.2%	$1.00	—	DEB	63633DAE4
—	FORTIVE CORP	6,623	$5.704M	3.1%	$887.94	—	PFD	34959J207
LFGP	LEDYARD FINL	294,106	$5.373M	2.9%	$20.22	-7.9%	COM	523338101
SBFG	SB FINANCIAL	314,649	$5.229M	2.8%	$17.32	-16.9%	COM	78408D105
—	APOLLO COML	5,679,000	$4.934M	2.6%	$0.97	—	DEB	03762UAB1
D	DOMINION ENGY	60,080	$4.877M	2.6%	$57.68	+8.6%	COM	25746U109
—	TYSON FOODS	80,428	$4.802M	2.6%	$55.98	—	COM	902494301
BG 4.875 PERP	BUNGE LIMITED	51,449	$4.733M	2.5%	$101.24	—	PFD	G16962204
WY	WEYERHAEUSER	210,246	$4.722M	2.5%	$21.32	-22.9%	COM	962166104
—	LEXINGTON RTLY	436,315	$4.603M	2.5%	$11.28	—	COM	529043101
TSBK	TIMBERLAND BANK	246,621	$4.491M	2.4%	$13.12	+8.1%	COM	887098101
PFE	PFIZER	120,300	$3.934M	2.1%	$23.90	+8.8%	COM	717081103
—	CARRIAGE SERVICE	3,710,000	$3.895M	2.1%	$1.17	—	DEB	143905AM9
—	RPT REALTY	106,180	$3.627M	1.9%	$50.78	—	PFD	74971D200
MRK	MERCK	44,630	$3.451M	1.9%	$58.21	+8.0%	COM	58933Y105
PKBK	PARKE BANCORP	248,238	$3.364M	1.8%	$14.84	-29.9%	COM	700885106
—	ATLAS AIR WW	3,405,000	$3.275M	1.8%	$1.05	—	DEB	069164BJ4
—	INTL FLAVORS	73,247	$3.245M	1.7%	$38.18	—	COM	459506306
—	SHIP FINANCE	3,320,000	$3.055M	1.6%	$0.98	—	DEB	824689AG8
—	DOMINION ENGY	29,795	$3.019M	1.6%	$104.53	—	PFD	25746U133
CPKF	CHESAPEAKE FINL	160,254	$2.933M	1.6%	$19.53	-18.9%	COM	16517A109
—	EPR PROPERTIES	132,923	$2.421M	1.3%	$22.13	—	PFD	26884U208
—	COMMUNITY WEST	277,483	$2.339M	1.3%	$8.82	—	COM	204157101
—	MEDICAL PRTY	123,100	$2.314M	1.2%	$14.00	—	COM	58436J304
—	GOLDMAN SACHS	2,260,000	$2.277M	1.2%	$1.01	—	DEB	38147UAB3
CCI	CROWN CASTLE	13,500	$2.259M	1.2%	$59.74	+109.3%	COM	22822V101
KEY	KEYCORP	181,904	$2.216M	1.2%	$12.14	-27.4%	COM	493267108
—	NW INDIANA BANC	67,500	$2.214M	1.2%	$43.83	—	COM	667516108
—	HANON ARMSTRNG	1,904,000	$2.201M	1.2%	$0.97	—	DEB	41068XAB6
—	HCI GROUP	2,220,000	$2.194M	1.2%	$1.01	—	DEB	40416EAD5
—	ARES CAPITAL	2,155,000	$2.139M	1.1%	$1.83	—	DEB	04010LAW3
BORT	BANK BOTETOURT	82,500	$2.001M	1.1%	$22.67	-21.1%	COM	063907208
—	BUNGE LIMITED	48,200	$1.982M	1.1%	$54.41	—	COM	G16962105
SOBS	SOLVAY BANK	59,003	$1.947M	1.0%	$24.66	-7.2%	COM	83441Q105
FMBM	F&M BANCORP	100,639	$1.917M	1.0%	$22.74	-37.6%	COM	30237P106
BMBN	BENCHMARK BANK	124,000	$1.848M	1.0%	$13.65	-8.5%	COM	08160E207
—	SOUTH JERSEY	44,510	$1.843M	1.0%	$41.48	—	PFD	838518116
BRBS	BLUE RIDGE BANK	115,000	$1.749M	0.9%	$9.56	-7.6%	COM	095825105
—	COWEN GROUP	2,000	$1.611M	0.9%	$668.00	—	PFD	223622507
—	FIRST NATIONAL	277,992	$1.598M	0.9%	$7.70	—	COM	302578109
—	RADIUS HEALTH	2,175,000	$1.591M	0.9%	$0.94	—	DEB	750469AA6
CZWI	CITIZENS COMM	219,632	$1.507M	0.8%	$10.70	-41.8%	COM	174903104
ABCB	AMERIS BANCORP	61,982	$1.462M	0.8%	$34.25	-36.9%	COM	03076K108
GABC	GERMAN AMERICAN	44,500	$1.384M	0.7%	$25.83	-5.0%	COM	373865104
—	METRO PHOENIX	140,712	$1.365M	0.7%	$11.98	—	COM	59165E106
—	SEMPRA ENERGY	13,675	$1.344M	0.7%	$93.91	—	PFD	816851505
—	BLACKSTONE MTG	1,365,000	$1.248M	0.7%	$0.91	—	DEB	09257WAC4
—	CAMBRIDGE BANC	21,000	$1.244M	0.7%	$59.24	—	COM	132152109
FRAF	FRANKLIN FINL	45,587	$1.181M	0.6%	$26.57	-22.7%	COM	353525108
CSBB	CSB BANCORP	35,000	$1.12M	0.6%	$37.98	—	COM	12628R107
ORRF	ORRSTOWN FINL	70,300	$1.037M	0.6%	$15.50	-29.4%	COM	687380105
—	INVESCO TR INVT	79,547	$958K	0.5%	$12.44	—	COM	46131M106
MFGI	MERCHANTS FINAN	18,000	$954K	0.5%	$20.98	-21.8%	COM	588538108
FCCO	FIRST COMMUNITY	61,000	$924K	0.5%	$15.78	-19.1%	COM	319835104
—	F&M BANCORP	40,000	$904K	0.5%	$36.65	—	PFD	30237P205
COFS	CHOICEONE FINL	30,000	$887K	0.5%	$23.63	-3.2%	COM	170386106
FBIZ	FIRST BUSINESS	52,500	$864K	0.5%	$18.27	-26.9%	COM	319390100
—	FIRST LONG ISLAND	51,575	$843K	0.5%	$20.37	—	COM	320734106
—	BLACKSTONE GRP	844,000	$791K	0.4%	$1.04	—	DEB	09257WAB6
FXNC	FIRST NATIONAL	48,200	$669K	0.4%	$17.27	-28.8%	COM	32106V107
—	LAKELAND BANCORP	56,000	$640K	0.3%	$14.92	—	COM	511637100
—	ADAMS NATL RES	55,000	$625K	0.3%	$15.61	—	COM	00548F105
—	POTOMAC BANCSH	53,300	$565K	0.3%	$12.75	—	COM	73764399S
—	MCHENRY BANCORP	7,000,000	$560K	0.3%	$0.13	—	COM	580683100
—	LEXINGTON CORP	10,000	$540K	0.3%	$47.91	—	PFD	529043309
MNSB	MAIN STREET BANC	37,247	$492K	0.3%	$20.17	-36.2%	COM	56064Y100
FHN	FIRST HORIZON	48,000	$478K	0.3%	$10.23	-28.1%	COM	320517105
FBAK	FIRST NATL AK	2,500	$470K	0.3%	$159.00	-18.4%	COM	32112J106
—	FENTURA FINL	27,000	$468K	0.3%	$22.15	—	COM	314645102
CZBT	CITIZENS BANC	18,000	$455K	0.2%	$19.82	-2.7%	COM	17316V104
—	ALLSCRIPTS	440,000	$440K	0.2%	$1.95	—	DEB	01988PAD0
PMHG	PRIME MERIDIAN	31,516	$432K	0.2%	$18.35	-25.9%	COM	74164R107
FISI	FINANCIAL INST	18,000	$335K	0.2%	$20.79	-36.7%	COM	317585404
—	SOUTH STATE	5,755	$274K	0.1%	$47.61	—	COM	840441109
HWC	HANCOCK WHITNEY	12,500	$265K	0.1%	$39.88	-48.3%	COM	410120109
—	PEOPLES UNITED	19,500	$226K	0.1%	$15.53	—	COM	712704105
PPBN	PINNACLE BANK	10,056	$208K	0.1%	$25.38	-32.3%	COM	72345E102
PCB	PCB BANCORP	19,875	$205K	0.1%	$17.48	-48.2%	COM	69320M109
SBCF	SEACOAST BANK	10,000	$204K	0.1%	$25.01	-18.8%	COM	811707801
—	ENABLE MIDSTREAM	39,600	$185K	0.1%	$7.46	—	COM	292480100
—	AMERICAN RLTY	180,000	$180K	0.1%	$1.02	—	DEB	02917TAB0
—	COLONY CAPITAL	205,000	$171K	0.1%	$0.88	—	DEB	19624RAA4
GLP	GLOBAL PARTNERS	11,600	$114K	0.1%	$18.01	—	COM	37946R109
VOX	VANGUARD WORLD	1,075	$100K	0.1%	$93.02	—	COM	92204A884