Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
D	DOMINION ENGY	25,273	$19M	8.3%	$57.68	+9.9%	COM	25746U109
EXSR	EXCHANGE BANK	65,009	$9.621M	4.2%	$113.07	-5.9%	COM	301227203
MET	METLIFE	166,400	$7.812M	3.4%	$29.78	+24.3%	COM	59156R108
—	CENTERPOINT ENGY	174,705	$7.128M	3.1%	$44.95	—	PFD	15189T503
WY	WEYERHAUSER	194,821	$6.532M	2.8%	$21.32	+14.9%	COM	962166104
TSBK	TIMBERLAND BANK	261,717	$6.349M	2.8%	$13.33	+37.3%	COM	887098101
—	FORTIVE CORP	6,323	$6.346M	2.8%	$887.94	—	PFD	34959J207
—	NATIONAL HEALTH	5,798,000	$6.229M	2.7%	$1.00	—	DEB	63633DAE4
—	INTL FLAVORS	146,787	$5.995M	2.6%	$40.84	—	COM	459506306
—	NY COMM BANC	130,022	$5.962M	2.6%	$49.63	—	PFD	64944P307
SBFG	SB FINANCIAL	298,206	$5.451M	2.4%	$17.32	-6.3%	COM	78408D105
LFGP	LEDYARD FINL	294,911	$5.412M	2.4%	$20.22	-10.6%	COM	523338101
—	TYSON FOODS	76,212	$4.911M	2.1%	$55.98	—	COM	902494301
—	APOLLO COML	5,050,000	$4.811M	2.1%	$0.97	—	DEB	03762UAB1
PFE	PFIZER	125,175	$4.608M	2.0%	$24.04	+19.1%	COM	717081103
—	HCI GROUP	4,322,000	$4.493M	2.0%	$1.02	—	DEB	40416EAD5
MRK	MERCK	53,830	$4.403M	1.9%	$59.43	+9.1%	COM	58933Y105
—	LEXINGTON RTLY	410,000	$4.354M	1.9%	$11.28	—	COM	529043101
BG 4.875 PERP	BUNGE LIMITED	38,065	$4.149M	1.8%	$101.24	—	PFD	G16962204
—	MEDICAL PRTY	176,050	$3.836M	1.7%	$15.11	—	COM	58436J304
PKBK	PARKE BANCORP	231,390	$3.61M	1.6%	$14.84	-20.5%	COM	700885106
—	RPT REALTY	72,106	$3.594M	1.6%	$50.78	—	PFD	74971D200
CPKF	CHESAPEAKE FINL	162,000	$3.394M	1.5%	$19.51	-8.9%	COM	16517A109
—	BUNGE LIMITED	48,200	$3.161M	1.4%	$54.41	—	COM	G16962105
—	ATLAS AIR WW	2,770,000	$3.142M	1.4%	$1.05	—	DEB	069164BJ4
—	NW INDIANA BANC	84,000	$3.016M	1.3%	$41.31	—	COM	667516108
—	DOMINION ENGY	29,050	$2.915M	1.3%	$104.53	—	PFD	25746U133
—	SOUTH JERSEY	77,315	$2.76M	1.2%	$38.17	—	PFD	838518116
T	AT&T INC	95,658	$2.751M	1.2%	$15.38	0.0%	COM	00206R102
—	COMMUNITY WEST	292,538	$2.656M	1.2%	$8.84	—	COM	204157101
KEY	KEYCORP	161,154	$2.645M	1.2%	$12.14	-6.3%	COM	493267108
—	ENERGIZER	27,930	$2.504M	1.1%	$89.65	—	PFD	29272W208
—	SHIP FINANCE	2,870,000	$2.435M	1.1%	$0.98	—	DEB	824689AG8
CCI	CROWN CASTLE	14,100	$2.245M	1.0%	$62.21	+105.4%	COM	22822V101
ACI	ALBERTSONS	126,400	$2.222M	1.0%	$10.05	0.0%	COM	013091103
FBAK	FIRST NATL AK	11,600	$2.156M	0.9%	$136.54	-4.5%	COM	32112J106
BMBN	BENCHMARK BANK	128,500	$2.12M	0.9%	$13.62	-5.3%	COM	08160E207
—	COWEN GROUP	2,000	$2.109M	0.9%	$668.00	—	PFD	223622507
FMBM	F&M BANCORP	91,318	$2.101M	0.9%	$22.74	-24.4%	COM	30237P106
BRBS	BLUE RIDGE BANK	117,500	$2.093M	0.9%	$9.53	-7.6%	COM	095825105
—	METRO PHOENIX	180,812	$2.078M	0.9%	$11.87	—	COM	59165E106
SOBS	SOLVAY BANK	58,898	$2.061M	0.9%	$24.65	-3.6%	COM	83441Q105
BORT	BANK BOTETOURT	82,500	$2.025M	0.9%	$22.67	-17.7%	COM	063907208
—	GOLDMAN SACHS	1,885,000	$1.935M	0.8%	$1.01	—	DEB	38147UAB3
—	EQUITY CMNWLTH	70,080	$1.912M	0.8%	$27.11	—	COM	294628102
ABCB	AMERIS BANCORP	49,447	$1.882M	0.8%	$34.25	-11.7%	COM	03076K108
—	ARES CAPITAL	1,745,000	$1.837M	0.8%	$1.83	—	DEB	04010LAW3
—	RADIUS HEALTH	1,990,000	$1.779M	0.8%	$0.94	—	DEB	750469AA6
AEM	AGNICO EAGLE	22,250	$1.569M	0.7%	$65.59	0.0%	COM	008474108
—	FIRST NATIONAL	233,422	$1.494M	0.6%	$7.70	—	COM	302578109
GABC	GERMAN AMERICAN	44,500	$1.473M	0.6%	$25.83	+5.5%	COM	373865104
—	CAMBRIDGE BANC	21,000	$1.465M	0.6%	$59.24	—	COM	132152109
CSBB	CSB BANCORP	38,226	$1.338M	0.6%	$37.55	—	COM	12628R107
—	EPR PROPERTIES	55,724	$1.282M	0.6%	$22.13	—	PFD	26884U208
FBIZ	FIRST BUSINESS	69,000	$1.27M	0.6%	$17.45	-9.6%	COM	319390100
MFGI	MERCHANTS FINAN	18,500	$1.189M	0.5%	$20.87	-18.7%	COM	588538108
—	BLACKSTONE MTG	1,180,000	$1.175M	0.5%	$0.91	—	DEB	09257WAC4
—	SEMPRA ENERGY	11,100	$1.151M	0.5%	$93.91	—	PFD	816851505
AIG	AMERICAN INTL	29,000	$1.098M	0.5%	$27.36	+14.2%	COM	026874784
ORRF	ORRSTOWN FINL	66,000	$1.092M	0.5%	$15.36	-15.6%	COM	687380105
—	INVESCO TR INVT	82,563	$1.091M	0.5%	$12.45	—	COM	46131M106
—	F&M BANCORP	40,000	$1.07M	0.5%	$36.65	—	PFD	30237P205
—	FIRST LONG ISLAND	59,225	$1.057M	0.5%	$19.11	—	COM	320734106
FCCO	FIRST COMMUNITY	61,000	$1.036M	0.5%	$15.78	-12.2%	COM	319835104
FRAF	FRANKLIN FINL	37,742	$1.02M	0.4%	$26.57	-21.5%	COM	353525108
FHN	FIRST HORIZON	74,500	$951K	0.4%	$9.87	-1.1%	COM	320517105
COFS	CHOICEONE FINL	30,000	$924K	0.4%	$23.63	+3.6%	COM	170386106
CRWD	CROWDSTRIKE	4,237	$897K	0.4%	$155.87	0.0%	COM	22788C105
FXNC	FIRST NATIONAL	51,500	$870K	0.4%	$16.97	-24.1%	COM	32106V107
—	LAKELAND BANCORP	66,000	$838K	0.4%	$14.17	—	COM	511637100
MNSB	MAIN STREET BANC	46,247	$782K	0.3%	$19.04	-24.5%	COM	56064Y100
—	FIRST SOUTHERN	129,492	$777K	0.3%	$6.04	—	COM	33650R104
VTRS	VIATRIS INC	38,510	$722K	0.3%	$13.33	0.0%	COM	92556V106
—	POTOMAC BANCSH	52,300	$644K	0.3%	$12.75	—	COM	73764399S
—	BLACKSTONE GRP	634,000	$633K	0.3%	$1.04	—	DEB	09257WAB6
—	MCHENRY BANCORP	7,000,000	$497K	0.2%	$0.13	—	COM	580683100
—	LEXINGTON CORP	8,000	$475K	0.2%	$47.91	—	PFD	529043309
FISI	FINANCIAL INST	19,000	$428K	0.2%	$20.48	-26.6%	COM	317585404
HWC	HANCOCK WHITNEY	12,500	$425K	0.2%	$39.88	-32.4%	COM	410120109
CZBT	CITIZENS BANC	18,000	$422K	0.2%	$19.82	+6.6%	COM	17316V104
—	SOUTH STATE	5,755	$416K	0.2%	$47.61	—	COM	840441109
—	ENABLE MIDSTREAM	77,900	$410K	0.2%	$6.07	—	COM	292480100
SBCF	SEACOAST BANK	10,000	$295K	0.1%	$25.01	-3.2%	COM	811707801
—	PEOPLES UNITED	22,243	$288K	0.1%	$15.04	—	COM	712704105
GLP	GLOBAL PARTNERS	11,600	$193K	0.1%	$18.01	—	COM	37946R109
—	COLONY CAPITAL	160,000	$157K	0.1%	$0.88	—	DEB	19624RAA4
—	DINIDEND & INCOME	12,800	$144K	0.1%	$9.39	—	COM	25538A204
VOX	VANGUARD WORLD	1,075	$129K	0.1%	$93.02	—	COM	92204A884
JPM	JPMORGAN	1,000	$127K	0.1%	$98.14	0.0%	COM	46625H100