Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EXSR	EXCHANGE BANK	65,124	$10.74M	4.3%	$113.07	+12.7%	COM	301227203
MET	METLIFE	165,426	$10.06M	4.0%	$29.78	+59.9%	COM	59156R108
—	CENTERPOINT ENGY	182,204	$7.592M	3.1%	$44.81	—	PFD	15189T503
—	INTL FLAVORS	152,547	$7.481M	3.0%	$49.04	—	COM	459506309
LFGP	LEDYARD FINL	295,521	$7.344M	3.0%	$20.22	+9.2%	COM	523338101
TSBK	TIMBERLAND BANK	262,517	$7.3M	2.9%	$13.33	+74.6%	COM	887098101
WY	WEYERHAEUSER	193,766	$6.898M	2.8%	$21.32	+30.8%	COM	962166104
—	FORTIVE CORP	6,303	$6.275M	2.5%	$887.94	—	PFD	34959J207
—	NY COMM BANC	123,262	$6.163M	2.5%	$49.63	—	PFD	64944P307
—	NATIONAL HEALTH	5,798,000	$6.142M	2.5%	$1.00	—	DEB	63633DAE4
—	LEXINGTON RTLY	512,975	$5.699M	2.3%	$11.25	—	COM	529043101
—	TYSON FOODS	76,702	$5.662M	2.3%	$55.98	—	COM	902494301
—	HCI GROUP	4,322,000	$5.548M	2.2%	$1.02	—	DEB	40416EAD5
MRK	MERCK	71,380	$5.503M	2.2%	$60.33	+4.5%	COM	58933Y105
SBFG	SB FINANCIAL	299,004	$5.46M	2.2%	$17.32	+1.4%	COM	78408D105
PFE	PFIZER	150,340	$5.447M	2.2%	$24.71	+13.5%	COM	717081103
PKBK	PARKE BANCORP	254,327	$5.084M	2.0%	$14.93	+5.9%	COM	700885106
—	APOLLO COML	5,045,000	$5.051M	2.0%	$0.97	—	DEB	03762UAB1
CPKF	CHESAPEAKE FINL	166,500	$3.963M	1.6%	$19.53	+2.6%	COM	16517A109
—	BUNGE LIMITED	48,700	$3.86M	1.6%	$54.67	—	COM	G16962105
—	MEDICAL PRTY	180,025	$3.831M	1.5%	$15.25	—	COM	58436J304
AEM	AGNICO EAGLE	66,030	$3.817M	1.5%	$60.00	-4.7%	COM	008474108
—	COMMUNITY WEST	292,538	$3.756M	1.5%	$8.84	—	COM	204157101
—	NW INDIANA BANC	84,200	$3.595M	1.4%	$41.31	—	COM	667516108
—	ATLAS AIR WW	2,770,000	$3.295M	1.3%	$1.19	—	DEB	049164BJ4
BG 4.875 PERP	BUNGE LIMITED	26,615	$3.08M	1.2%	$101.24	—	PFD	G16962204
—	ENERGIZER	32,515	$3.069M	1.2%	$90.32	—	PFD	29272W208
—	SOUTH JERSEY	77,275	$2.975M	1.2%	$38.17	—	PFD	838518116
T	AT&T INC	97,713	$2.958M	1.2%	$15.39	+4.9%	COM	00206R102
—	DOMINION ENGY	29,050	$2.871M	1.2%	$104.53	—	PFD	25746U133
—	COWEN GROUP	2,000	$2.801M	1.1%	$668.00	—	PFD	223622507
ACI	ALBERTSONS	144,500	$2.756M	1.1%	$10.26	+14.2%	COM	013091103
—	SHIP FINANCE	2,865,000	$2.754M	1.1%	$0.98	—	DEB	824689AG8
FBAK	FIRST NATL AK	12,300	$2.704M	1.1%	$137.20	+8.1%	COM	32112J106
BRBS	BLUE RIDGE BANK	120,000	$2.633M	1.1%	$9.57	+22.4%	COM	095825105
—	METRO PHOENIX	196,712	$2.596M	1.0%	$11.98	—	COM	59165E106
ABCB	AMERIS BANCORP	49,447	$2.596M	1.0%	$34.25	+30.1%	COM	03076K108
FMBM	F&M BANCORP	91,843	$2.526M	1.0%	$22.74	-9.0%	COM	30237P106
—	RPT REALTY	46,495	$2.524M	1.0%	$50.78	—	PFD	74971D200
GLP	GLOBAL PARTNERS	11,600	$2.478M	1.0%	$18.01	—	COM	37946R109
CCI	CROWN CASTLE	14,300	$2.461M	1.0%	$63.12	+101.7%	COM	22822V101
BMBN	BENCHMARK BANK	129,000	$2.337M	0.9%	$13.62	+8.5%	COM	08160E207
BORT	BANK BOTETOURT	84,507	$2.324M	0.9%	$22.62	-9.2%	COM	063907208
SOBS	SOLVAY BANK	60,356	$2.263M	0.9%	$24.65	-0.5%	COM	83441Q105
FBIZ	FIRST BUSINESS	85,500	$2.114M	0.8%	$17.90	+10.5%	COM	319390100
GABC	GERMAN AMERICAN	45,000	$2.08M	0.8%	$25.93	+31.9%	COM	373865104
—	GOLDMAN SACHS	1,955,000	$2.011M	0.8%	$1.01	—	DEB	38147UAB3
D	DOMINION ENGY	25,476	$1.935M	0.8%	$57.68	+1.4%	COM	25746U109
—	ARES CAPITAL	1,745,000	$1.897M	0.8%	$1.83	—	DEB	04010LAW3
—	RADIUS HEALTH	1,990,000	$1.848M	0.7%	$0.94	—	DEB	750469AA6
—	CAMBRIDGE BANC	21,500	$1.813M	0.7%	$59.82	—	COM	132152109
—	EQUITY CMNWLTH	64,640	$1.797M	0.7%	$27.11	—	COM	294628102
—	FIRST NATIONAL	236,049	$1.78M	0.7%	$7.70	—	COM	302578109
CSBB	CSB BANCORP	47,812	$1.752M	0.7%	$36.25	-14.2%	COM	12628R107
FXNC	FIRST NATIONAL	94,100	$1.638M	0.7%	$16.26	-5.3%	COM	32106V107
VZ	VERIZON	27,277	$1.586M	0.6%	$42.25	0.0%	COM	92343V104
—	FIRST LONG ISLAND	74,225	$1.577M	0.6%	$19.54	—	COM	320734106
MFGI	MERCHANTS FINAN	21,500	$1.506M	0.6%	$20.73	-4.4%	COM	588538108
ORRF	ORRSTOWN FINL	66,018	$1.472M	0.6%	$15.36	+9.9%	COM	687380105
FCCO	FIRST COMMUNITY	71,788	$1.432M	0.6%	$15.83	+1.7%	COM	319835104
FHN	FIRST HORIZON	80,600	$1.363M	0.5%	$10.13	+31.5%	COM	320517105
AIG	AMERICAN INTL	29,000	$1.34M	0.5%	$27.36	+41.1%	COM	026874784
—	BLACKSTONE GRP	1,180,000	$1.208M	0.5%	$0.91	—	DEB	09257WAC4
—	F&M BANCORP	40,000	$1.19M	0.5%	$36.65	—	PFD	30237P205
—	LAKELAND BANCORP	68,000	$1.185M	0.5%	$14.26	—	COM	511637100
FRAF	FRANKLIN FINL	37,742	$1.177M	0.5%	$26.57	-9.8%	COM	353525108
—	EPR PROPERTIES	45,488	$1.161M	0.5%	$22.13	—	PFD	26884U208
—	INVESCO TR INVT	83,581	$1.127M	0.5%	$12.46	—	COM	46131M106
VTRS	VIATRIS INC	73,664	$1.029M	0.4%	$13.33	-0.0%	COM	92556V106
MNSB	MAIN STREET BANC	46,500	$965K	0.4%	$19.04	-7.7%	COM	56064Y100
—	SEMPRA ENERGY	9,049	$947K	0.4%	$93.91	—	PFD	816851505
—	FIRST SOUTHERN	129,492	$906K	0.4%	$6.04	—	COM	33650R104
KEY	KEYCORP	45,270	$904K	0.4%	$12.14	+25.4%	COM	493267108
COFS	CHOICEONE FINL	31,000	$745K	0.3%	$23.60	-4.8%	COM	170386106
—	ENABLE MIDSTREAM	111,100	$720K	0.3%	$6.19	—	COM	292480100
—	BLACKSTONE MTG	694,000	$709K	0.3%	$1.04	—	DEB	09257WAB6
—	POTOMAC BANCSH	53,000	$663K	0.3%	$12.74	—	COM	73764399S
FISI	FINANCIAL INST	21,000	$636K	0.3%	$20.55	+3.1%	COM	317585404
—	SOUTH JERSEY	28,000	$632K	0.3%	$22.57	—	COM	838518108
—	MCHENRY BANCORP	7,000,000	$595K	0.2%	$0.13	—	COM	580683100
—	BARCLAYS	42,000	$479K	0.2%	$11.40	—	COM	06746P621
CZBT	CITIZENS BANC	18,000	$459K	0.2%	$19.82	+5.7%	COM	17316V104
—	LEXINGTON CORP	8,000	$451K	0.2%	$47.91	—	PFD	529043309
—	SOUTH STATE	5,355	$420K	0.2%	$47.61	—	COM	840441109
HWC	HANCOCK WHITNEY	10,000	$420K	0.2%	$39.88	-1.3%	COM	410120109
—	PEOPLES UNITED	22,743	$407K	0.2%	$15.10	—	COM	712704105
SBCF	SEACOAST BANK	10,000	$362K	0.1%	$25.01	+39.4%	COM	811707801
SPY	SPDR S&P 500	609	$241K	0.1%	$395.73	—	COM	78462F103
—	COLONY CAPITAL	160,000	$161K	0.1%	$0.88	—	DEB	19624RAA4
MOAT	VANECK VECTORS	2,305	$160K	0.1%	$69.41	—	COM	92189F643
—	FIREEYE	160,000	$158K	0.1%	$0.99	—	DEB	31816QAD3
JPM	JPMORGAN	1,000	$152K	0.1%	$98.14	+29.7%	COM	46625H100
—	LEGAND PHARMA	135,000	$140K	0.1%	$1.04	—	DEB	53220KAF8
—	STARWOOD PRPTY	120,000	$125K	0.1%	$1.04	—	DEB	85571BHA8
—	MACQUARIE	120,000	$118K	0.0%	$0.98	—	DEB	55608BAB1
GDX	VANECK VECTORS	3,490	$113K	0.0%	$32.38	—	COM	92189F106
BRK/B	BERKSHIRE HATH	430	$110K	0.0%	$242.84	0.0%	COM	084670702
AMD	ADVANCED MICRO	100,000	$108K	0.0%	$86.10	0.0%	DEB	007903107
MBBB	VANECK VECTORS	4,200	$103K	0.0%	$24.52	—	COM	92189H854
MIG	VANECK VECTORS	4,200	$103K	0.0%	$24.52	—	COM	92189H862
BTI	BRITISH AMERICAN	2,667	$103K	0.0%	$38.62	—	COM	110448107
—	GLAXOSMITHKLINE	2,832	$101K	0.0%	$35.66	—	COM	37733W105
BUD	ANHEUSIER BUSH	1,604	$101K	0.0%	$62.97	—	COM	03524A108