Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
EXSR	EXCHANGE BANK	66,974	$10.58M	4.1%	$157.96 *	$113.55	+14.8%	COM	301227203
MET	METLIFE	164,611	$9.852M	3.8%	$59.85 *	$29.78	+84.9%	COM	59156R108
—	CENTERPOINT ENGY	187,665	$8.505M	3.3%	$45.32	$44.83	—	PFD	15189T503
LFGP	LEDYARD FINL	301,096	$8.024M	3.1%	$26.65 *	$20.31	+25.5%	COM	523338101
TSBK	TIMBERLAND BANK	275,108	$7.736M	3.0%	$28.12 *	$13.83	+74.6%	COM	887098101
—	INTL FLAVORS	152,122	$7.699M	3.0%	$50.61	$49.04	—	COM	459506309
—	HCI GROUP	4,322,000	$6.975M	2.7%	$1.61	$1.02	—	DEB	40416EAD5
MRK	MERCK	88,475	$6.881M	2.6%	$77.77 *	$61.06	+5.0%	COM	58933Y105
WY	WEYERHAEUSER	197,866	$6.811M	2.6%	$34.42 *	$21.51	+41.9%	COM	962166104
SBFG	SB FINANCIAL	356,284	$6.591M	2.5%	$18.50 *	$17.37	+1.6%	COM	78408D105
—	LEXINGTON RTLY	527,675	$6.306M	2.4%	$11.95	$11.27	—	COM	529043101
—	FORTIVE CORP	6,278	$6.171M	2.4%	$982.96	$887.94	—	PFD	34959J207
PFE	PFIZER	151,575	$5.936M	2.3%	$39.16 *	$24.71	+25.4%	COM	717081103
—	NY COMM BANC	113,587	$5.902M	2.3%	$51.96	$49.63	—	PFD	64944P307
—	TYSON FOODS	76,317	$5.629M	2.2%	$73.76	$55.98	—	COM	902494301
AEM	AGNICO EAGLE	88,930	$5.376M	2.1%	$60.45	$59.83	-0.8%	COM	008474108
PKBK	PARKE BANCORP	266,621	$5.215M	2.0%	$19.56 *	$15.03	+14.4%	COM	700885106
—	APOLLO COML	5,090,000	$5.109M	2.0%	$1.00	$0.97	—	DEB	03762UAB1
CPKF	CHESAPEAKE FINL	170,000	$4.571M	1.8%	$26.89 *	$19.59	+15.0%	COM	16517A109
—	SOUTH JERSEY	168,619	$4.372M	1.7%	$25.93	$25.37	—	COM	838518108
—	COMMUNITY WEST	311,038	$4.168M	1.6%	$13.40	$9.11	—	COM	204157101
—	BUNGE LIMITED	49,700	$3.884M	1.5%	$78.15	$55.14	—	COM	G16962105
—	MEDICAL PRTY	188,725	$3.793M	1.5%	$20.10	$15.47	—	COM	58436J304
T	AT&T INC	130,338	$3.751M	1.4%	$28.78 *	$15.79	+7.6%	COM	00206R102
FNWD	FINWARD	84,200	$3.748M	1.4%	$44.51 *	$39.09	0.0%	COM	31812F109
—	ENERGIZER	40,010	$3.661M	1.4%	$91.50	$90.54	—	PFD	29272W208
—	ATLAS AIR WW	2,770,000	$3.533M	1.4%	$1.28	$1.19	—	DEB	049164BJ4
—	MPB BHC	196,712	$3.393M	1.3%	$17.25	$17.25	—	COM	55317L105
BRBS	BLUE RIDGE BANK	181,500	$3.18M	1.2%	$17.52 *	$11.24	+28.9%	COM	095825105
—	COWEN GROUP	2,000	$3.149M	1.2%	$1574.50	$668.00	—	PFD	223622507
BORT	BANK BOTETOURT	87,500	$2.931M	1.1%	$33.50 *	$22.71	+10.7%	COM	063907208
FBIZ	FIRST BUSINESS	107,000	$2.896M	1.1%	$27.07 *	$18.99	+23.0%	COM	319390100
BG 4.875 PERP	BUNGE LIMITED	24,805	$2.883M	1.1%	$116.23	$101.24	—	PFD	G16962204
ACI	ALBERTSONS	144,500	$2.841M	1.1%	$19.66 *	$10.26	+26.8%	COM	013091103
—	DOMINION ENGY	29,050	$2.822M	1.1%	$97.14	$104.53	—	PFD	25746U133
FBAK	FIRST NATL AK	12,500	$2.813M	1.1%	$225.04 *	$137.68	+21.1%	COM	32112J106
CCI	CROWN CASTLE	14,300	$2.79M	1.1%	$195.10 *	$63.12	+137.7%	COM	22822V101
—	SFL CORP	2,865,000	$2.736M	1.0%	$0.95	$0.98	—	DEB	824689AG8
FMBM	F&M BANCORP	91,843	$2.64M	1.0%	$28.74 *	$22.74	+1.2%	COM	30237P106
—	RPT REALTY	45,945	$2.619M	1.0%	$57.00	$50.78	—	PFD	74971D200
BMBN	BENCHMARK BANK	129,000	$2.612M	1.0%	$20.25 *	$13.62	+21.4%	COM	08160E207
SOBS	SOLVAY BANK	60,846	$2.556M	1.0%	$42.01 *	$24.65	+16.4%	COM	83441Q105
ABCB	AMERIS BANCORP	48,127	$2.437M	0.9%	$50.64	$34.25	+47.5%	COM	03076K108
CSBB	CSB BANCORP	60,500	$2.299M	0.9%	$38.00 *	$35.32	-9.9%	COM	12628R107
FXNC	FIRST NATIONAL	112,100	$2.251M	0.9%	$20.08 *	$16.27	+0.4%	COM	32106V107
—	CAMBRIDGE BANC	24,256	$2.013M	0.8%	$82.99	$62.45	—	COM	132152109
—	GOLDMAN SACHS	1,955,000	$2.002M	0.8%	$1.02	$1.01	—	DEB	38147UAB3
—	ENABLE MIDSTREAM	219,100	$1.966M	0.8%	$8.97	$7.56	—	COM	292480100
—	ARES CAPITAL	1,745,000	$1.899M	0.7%	$1.09	$1.83	—	DEB	04010LAW3
D	DOMINION ENGY	25,476	$1.874M	0.7%	$73.56 *	$57.68	+8.7%	COM	25746U109
—	RADIUS HEALTH	1,990,000	$1.837M	0.7%	$0.92	$0.94	—	DEB	750469AA6
—	FIRST NATIONAL	244,021	$1.774M	0.7%	$7.27	$7.68	—	COM	302578109
VZ	VERIZON	31,103	$1.743M	0.7%	$56.04 *	$42.39	+2.4%	COM	92343V104
GABC	GERMAN AMERICAN	46,000	$1.711M	0.7%	$37.20	$26.16	+39.8%	COM	373865104
ORRF	ORRSTOWN FINL	73,438	$1.694M	0.6%	$23.07 *	$15.90	+30.0%	COM	687380105
—	FIRST SOUTHERN	179,492	$1.615M	0.6%	$9.00	$6.87	—	COM	33650R104
FCCO	FIRST COMMUNITY	78,000	$1.576M	0.6%	$20.21 *	$15.93	+7.3%	COM	319835104
—	EQUITY CMNWLTH	59,840	$1.568M	0.6%	$26.20	$27.11	—	COM	294628102
MFGI	MERCHANTS FINAN	21,500	$1.553M	0.6%	$72.23 *	$20.73	+2.5%	COM	588538108
AIG	AMERICAN INTL	31,000	$1.476M	0.6%	$47.61 *	$28.46	+56.2%	COM	026874784
—	LAKELAND BANCORP	79,500	$1.39M	0.5%	$17.48	$14.73	—	COM	511637100
—	F&M BANCORP	40,000	$1.29M	0.5%	$32.25	$36.65	—	PFD	30237P205
VTRS	VIATRIS INC	88,395	$1.263M	0.5%	$14.29 *	$13.08	-9.3%	COM	92556V106
PTBS	POTOMAC BANCSH	81,979	$1.242M	0.5%	$15.15 *	$12.20	0.0%	COM	737643106
—	FIRST LONG ISLAND	56,754	$1.205M	0.5%	$21.23	$19.54	—	COM	320734106
FRAF	FRANKLIN FINL	37,742	$1.205M	0.5%	$31.93 *	$26.57	-5.0%	COM	353525108
—	BLACKSTONE GRP	1,180,000	$1.202M	0.5%	$1.02	$0.91	—	DEB	09257WAC4
—	INVESCO TR INVT	84,503	$1.185M	0.5%	$14.02	$12.48	—	COM	46131M106
—	EPR PROPERTIES	45,448	$1.183M	0.5%	$26.03	$22.13	—	PFD	26884U208
—	PRA GROUP	1,100,000	$1.181M	0.5%	$1.07	$1.07	—	DEB	69354NAB2
MNSB	MAIN STREET BANC	48,500	$1.095M	0.4%	$22.58 *	$19.08	+4.3%	COM	56064Y100
COFS	CHOICEONE FINL	42,500	$1.029M	0.4%	$24.21 *	$22.76	-9.9%	COM	170386106
FHN	FIRST HORIZON	47,500	$821K	0.3%	$17.28 *	$10.13	+52.2%	COM	320517105
FISI	FINANCIAL INST	25,000	$750K	0.3%	$30.00 *	$21.22	+16.5%	COM	317585404
—	BLACKSTONE MTG	694,000	$704K	0.3%	$1.01	$1.04	—	DEB	09257WAB6
—	MCHENRY BANCORP	7,000,000	$595K	0.2%	$0.09	$0.13	—	COM	580683100
—	LEXINGTON CORP	8,000	$482K	0.2%	$60.25	$47.91	—	PFD	529043309
CZBT	CITIZENS BANC	18,000	$482K	0.2%	$26.78 *	$19.82	+8.6%	COM	17316V104
HWC	HANCOCK WHITNEY	10,000	$444K	0.2%	$44.40 *	$39.88	+16.6%	COM	410120109
—	SOUTH STATE	5,355	$438K	0.2%	$81.79	$47.61	—	COM	840441109
—	PEOPLES UNITED	22,743	$390K	0.1%	$17.15	$15.10	—	COM	712704105
KEY	KEYCORP	16,970	$350K	0.1%	$20.62 *	$12.14	+42.3%	COM	493267108
SBCF	SEACOAST BANK	10,000	$342K	0.1%	$34.20 *	$25.01	+45.8%	COM	811707801
—	BARCLAYS	10,500	$309K	0.1%	$29.43	$11.40	—	COM	06746P621
GLP	GLOBAL PARTNERS	11,600	$301K	0.1%	$25.95	$18.01	—	COM	37946R109
SPY	SPDR S&P 500	615	$263K	0.1%	$427.64	$395.73	—	COM	78462F103
BTI	BRITISH AMERICAN	5,974	$235K	0.1%	$39.34	$39.02	—	COM	110448107
MBBB	VANECK VECTORS	9,100	$230K	0.1%	$25.27	$24.93	—	COM	92189H854
OGN	ORGANON	7,189	$218K	0.1%	$30.32 *	$26.93	0.0%	COM	68622V106
MIG	VANECK VECTORS	8,600	$216K	0.1%	$25.12	$24.83	—	COM	92189H862
MOAT	VANECK VECTORS	2,475	$183K	0.1%	$73.94	$69.73	—	COM	92189F643
—	COLONY CAPITAL	160,000	$165K	0.1%	$1.03	$0.88	—	DEB	19624RAA4
MSFT	MICROSOFT	600	$163K	0.1%	$271.67 *	$244.73	0.0%	COM	594918104
—	FIREEYE	160,000	$159K	0.1%	$0.99	$0.99	—	DEB	31816QAD3
JPM	JPMORGAN	1,000	$155K	0.1%	$155.00 *	$98.14	+42.4%	COM	46625H100
AMD	ADVANCED MICRO	130,000	$139K	0.1%	$1.07 *	$84.88	-4.8%	DEB	007903107
BUD	ANHEUSIER BUSH	1,905	$137K	0.1%	$71.92	$64.38	—	COM	03524A108
—	LEGAND PHARMA	135,000	$133K	0.1%	$0.99	$1.04	—	DEB	53220KAF8
—	STARWOOD PRPTY	120,000	$129K	0.0%	$1.07	$1.04	—	DEB	85571BHA8
GDX	VANECK VECTORS	3,685	$125K	0.0%	$33.92	$32.46	—	COM	92189F106
—	GLAXOSMITHKLINE	3,111	$124K	0.0%	$39.86	$36.04	—	COM	37733W105
—	MACQUARIE	120,000	$119K	0.0%	$0.99	$0.98	—	DEB	55608BAB1
BRK/B	BERKSHIRE HATH	430	$119K	0.0%	$276.74	$242.84	+15.1%	COM	084670702