Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
EXSR	EXCHANGE BANK	68,474	$10.44M	3.9%	$152.50 *	$113.79	+9.2%	COM	301227203
MET	METLIFE	163,459	$10.09M	3.8%	$61.73 *	$29.78	+77.0%	COM	59156R108
—	CENTERPOINT ENGY	338,406	$8.325M	3.1%	$24.60	$35.82	—	PFD	15189T503
TSBK	TIMBERLAND BANK	277,106	$8.008M	3.0%	$28.90 *	$13.83	+77.5%	COM	887098101
—	HCI GROUP	4,282,000	$7.809M	2.9%	$1.82	$1.02	—	DEB	40416EAD5
WY	WEYERHAEUSER	202,491	$7.203M	2.7%	$35.57 *	$21.68	+33.6%	COM	962166104
MRK	MERCK	91,650	$6.884M	2.6%	$75.11 *	$61.24	+8.0%	COM	58933Y105
SBFG	SB FINANCIAL	373,334	$6.788M	2.6%	$18.18 *	$17.37	-0.1%	COM	78408D105
—	LEXINGTON RTLY	530,675	$6.766M	2.6%	$12.75	$11.27	—	COM	529043101
IFF	INTL FLAVORS	50,594	$6.765M	2.6%	$133.71 *	$129.90	0.0%	COM	459506101
PFE	PFIZER	153,375	$6.597M	2.5%	$43.01 *	$24.84	+43.6%	COM	717081103
—	FORTIVE CORP	90,614	$6.395M	2.4%	$70.57	$70.57	—	COM	34959J109
—	TYSON FOODS	76,439	$6.034M	2.3%	$78.94	$55.98	—	COM	902494301
PKBK	PARKE BANCORP	270,423	$5.922M	2.2%	$21.90 *	$15.06	+15.0%	COM	700885106
—	ENERGIZER	61,805	$5.231M	2.0%	$84.64	$88.46	—	PFD	29272W208
CPKF	CHESAPEAKE FINL	170,000	$5.1M	1.9%	$30.00 *	$19.59	+28.8%	COM	16517A109
—	APOLLO COML	5,040,000	$5.062M	1.9%	$1.00	$0.97	—	DEB	03762UAB1
AEM	AGNICO EAGLE	96,155	$4.986M	1.9%	$51.85	$59.24	-12.2%	COM	008474108
—	NY COMM BANC	83,411	$4.446M	1.7%	$53.30	$49.63	—	PFD	64944P307
—	MEDICAL PRTY	207,075	$4.156M	1.6%	$20.07	$15.88	—	COM	58436J304
—	BUNGE LIMITED	51,100	$4.155M	1.6%	$81.31	$55.85	—	COM	G16962105
FXNC	FIRST NATIONAL	178,000	$4.094M	1.5%	$23.00 *	$17.25	+9.7%	COM	32106V107
—	COMMUNITY WEST	313,038	$4.083M	1.5%	$13.04	$9.11	—	COM	204157101
—	ATLAS AIR WW	2,690,000	$3.902M	1.5%	$1.45	$1.19	—	DEB	049164BJ4
ACI	ALBERTSONS	124,200	$3.866M	1.5%	$31.13 *	$10.26	+72.8%	COM	013091103
T	AT&T INC	139,783	$3.776M	1.4%	$27.01 *	$15.81	+1.6%	COM	00206R102
FBIZ	FIRST BUSINESS	127,000	$3.646M	1.4%	$28.71 *	$19.88	+23.9%	COM	319390100
FNWD	FINWARD	87,000	$3.571M	1.3%	$41.05 *	$39.07	-2.2%	COM	31812F109
—	SOUTH JERSEY	161,880	$3.442M	1.3%	$21.26	$25.37	—	COM	838518108
BRBS	BLUE RIDGE BANK	190,500	$3.351M	1.3%	$17.59 *	$11.44	+35.5%	COM	095825105
—	MPB BHC	202,712	$3.344M	1.3%	$16.50	$17.23	—	COM	55317L105
BMBN	BENCHMARK BANK	131,000	$3.02M	1.1%	$23.05 *	$13.71	+43.7%	COM	08160E207
FBAK	FIRST NATL AK	13,000	$2.99M	1.1%	$230.00 *	$138.82	+20.6%	COM	32112J106
—	SFL CORP	2,865,000	$2.885M	1.1%	$1.01	$0.98	—	DEB	824689AG8
—	COWEN GROUP	2,000	$2.723M	1.0%	$1361.50	$668.00	—	PFD	223622507
—	DOMINION ENGY	27,750	$2.695M	1.0%	$97.12	$104.53	—	PFD	25746U133
BORT	BANK BOTETOURT	87,500	$2.647M	1.0%	$30.25 *	$22.71	+10.0%	COM	063907208
FMBM	F&M BANCORP	91,613	$2.611M	1.0%	$28.50 *	$22.74	+1.9%	COM	30237P106
—	RPT REALTY	43,645	$2.602M	1.0%	$59.62	$50.78	—	PFD	74971D200
CSBB	CSB BANCORP	65,000	$2.551M	1.0%	$39.25 *	$35.14	-7.1%	COM	12628R107
VZ	VERIZON	45,964	$2.483M	0.9%	$54.02 *	$42.37	-0.1%	COM	92343V104
CCI	CROWN CASTLE	14,300	$2.478M	0.9%	$173.29 *	$63.12	+147.0%	COM	22822V101
BG 4.875 PERP	BUNGE LIMITED	19,905	$2.388M	0.9%	$119.97	$101.24	—	PFD	G16962204
PTBS	POTOMAC BANCSH	134,501	$2.313M	0.9%	$17.20 *	$13.18	+11.6%	COM	737643106
ABCB	AMERIS BANCORP	44,475	$2.307M	0.9%	$51.87 *	$34.25	+34.1%	COM	03076K108
SOBS	SOLVAY BANK	60,846	$2.306M	0.9%	$37.90 *	$24.65	+17.2%	COM	83441Q105
ORRF	ORRSTOWN FINL	98,000	$2.293M	0.9%	$23.40 *	$16.93	+18.2%	COM	687380105
—	CAMBRIDGE BANC	24,500	$2.156M	0.8%	$88.00	$62.71	—	COM	132152109
—	FIRST NATIONAL	244,970	$2.016M	0.8%	$8.23	$7.68	—	COM	302578109
—	ENABLE MIDSTREAM	247,100	$2.006M	0.8%	$8.12	$7.63	—	COM	292480100
—	GOLDMAN SACHS	1,955,000	$1.984M	0.7%	$1.01	$1.01	—	DEB	38147UAB3
—	ARES CAPITAL	1,745,000	$1.928M	0.7%	$1.10	$1.83	—	DEB	04010LAW3
D	DOMINION ENGY	25,476	$1.86M	0.7%	$73.01 *	$57.68	+8.2%	COM	25746U109
FHN	FIRST HORIZON	111,000	$1.808M	0.7%	$16.29 *	$12.14	+12.4%	COM	320517105
—	RADIUS HEALTH	1,990,000	$1.807M	0.7%	$0.91	$0.94	—	DEB	750469AA6
GABC	GERMAN AMERICAN	46,000	$1.777M	0.7%	$38.63 *	$26.16	+24.7%	COM	373865104
AIG	AMERICAN INTL	32,000	$1.756M	0.7%	$54.88 *	$29.03	+60.6%	COM	026874784
—	FIRST SOUTHERN	179,492	$1.651M	0.6%	$9.20	$6.87	—	COM	33650R104
MFGI	MERCHANTS FINAN	22,500	$1.643M	0.6%	$73.02 *	$20.76	+3.8%	COM	588538108
—	LAKELAND BANCORP	93,000	$1.64M	0.6%	$17.63	$15.15	—	COM	511637100
VTRS	VIATRIS INC	118,522	$1.606M	0.6%	$13.55 *	$12.74	-8.0%	COM	92556V106
FCCO	FIRST COMMUNITY	78,000	$1.544M	0.6%	$19.79 *	$15.93	+12.2%	COM	319835104
—	EQUITY CMNWLTH	58,940	$1.531M	0.6%	$25.98	$27.11	—	COM	294628102
—	F&M BANCORP	40,000	$1.276M	0.5%	$31.90	$36.65	—	PFD	30237P205
—	PRA GROUP	1,100,000	$1.216M	0.5%	$1.11	$1.07	—	DEB	69354NAB2
MNSB	MAIN STREET BANC	50,000	$1.2M	0.5%	$24.00 *	$19.16	+13.9%	COM	56064Y100
—	BLACKSTONE GRP	1,170,000	$1.19M	0.4%	$1.02	$0.91	—	DEB	09257WAC4
—	EPR PROPERTIES	45,448	$1.187M	0.4%	$26.12	$22.13	—	PFD	26884U208
—	INVESCO TR INVT	85,407	$1.169M	0.4%	$13.69	$12.49	—	COM	46131M106
COFS	CHOICEONE FINL	45,000	$1.114M	0.4%	$24.76 *	$22.64	-9.2%	COM	170386106
FRAF	FRANKLIN FINL	33,742	$1.072M	0.4%	$31.77 *	$26.57	+2.4%	COM	353525108
—	FIRST LONG ISLAND	50,254	$1.035M	0.4%	$20.60	$19.54	—	COM	320734106
FISI	FINANCIAL INST	32,500	$996K	0.4%	$30.65 *	$21.90	+10.3%	COM	317585404
—	MCHENRY BANCORP	7,000,000	$909K	0.3%	$0.13	$0.13	—	COM	580683100
—	BLACKSTONE MTG	694,000	$702K	0.3%	$1.01	$1.04	—	DEB	09257WAB6
CZBT	CITIZENS BANC	19,600	$536K	0.2%	$27.35 *	$20.10	+15.6%	COM	17316V104
HWC	HANCOCK WHITNEY	10,000	$471K	0.2%	$47.10 *	$39.88	+11.1%	COM	410120109
—	PEOPLES UNITED	22,743	$397K	0.1%	$17.46	$15.10	—	COM	712704105
SPY	SPDR S&P 500	859	$369K	0.1%	$429.57	$405.34	—	COM	78462F103
KEY	KEYCORP	16,490	$357K	0.1%	$21.65 *	$12.14	+33.6%	COM	493267108
—	SOUTH STATE	5,355	$340K	0.1%	$63.49	$47.61	—	COM	840441109
SBCF	SEACOAST BANK	10,000	$338K	0.1%	$33.80 *	$25.01	+26.6%	COM	811707801
—	BARCLAYS	10,750	$299K	0.1%	$27.81	$11.79	—	COM	06746P621
BSFIX	BARON INVT	5,919	$255K	0.1%	$43.08	$43.08	—	COM	068278803
BTI	BRITISH AMERICAN	7,134	$252K	0.1%	$35.32	$38.42	—	COM	110448107
GLP	GLOBAL PARTNERS	11,600	$246K	0.1%	$21.21	$18.01	—	COM	37946R109
MBBB	VANECK VECTORS	9,600	$241K	0.1%	$25.10	$24.94	—	COM	92189H854
MIG	VANECK VECTORS	9,100	$227K	0.1%	$24.95	$24.83	—	COM	92189H862
—	DERMIRA	220	$222K	0.1%	$1009.09	$1009.09	—	DEB	24983LAB0
QABA	FIRST TRUST	3,910	$220K	0.1%	$56.27	$56.27	—	COM	33736Q104
BEXIX	BARON SELECT	11,697	$218K	0.1%	$18.64	$18.64	—	COM	06828M876
GDX	VANECK VECTORS	6,610	$195K	0.1%	$29.50	$31.15	—	COM	92189F106
MOAT	VANECK VECTORS	2,495	$183K	0.1%	$73.35	$69.73	—	COM	92189F643
MSFT	MICROSOFT	600	$169K	0.1%	$281.67	$244.73	+14.7%	COM	594918104
JPM	JPMORGAN	1,000	$164K	0.1%	$164.00 *	$98.14	+42.9%	COM	46625H100
—	DIGITALBRIDGE	160	$163K	0.1%	$1018.75	$0.88	—	DEB	19624RAA4
—	MANDIANT	160,000	$160K	0.1%	$1.00	$0.99	—	DEB	31816QAD3
—	COLLORTIVE	5,088	$146K	0.1%	$28.69	$28.69	—	COM	194231672
AMD	ADVANCED MICRO	130,000	$138K	0.1%	$1.06 *	$84.88	+20.4%	DEB	007903107
—	LEGAND PHARMA	135,000	$135K	0.1%	$1.00	$1.00	—	DEB	53220KAF5
—	STARWOOD PRPTY	120,000	$126K	0.0%	$1.05	$1.04	—	DEB	85571BHA8
MOTG	VANECK VECTORS	3,225	$124K	0.0%	$38.45	$38.45	—	COM	92189F122
—	NEWELL RUBBERMAID	110,000	$121K	0.0%	$1.10	$1.10	—	DEB	651229BB1
—	GLAXOSMITHKLINE	3,151	$120K	0.0%	$38.08	$36.07	—	COM	37733W105
—	MACQUARIE	120,000	$119K	0.0%	$0.99	$0.98	—	DEB	55608BAB1
CWB	SPDR SER TR	1,379	$118K	0.0%	$85.57	$85.57	—	COM	78464A359
BRK/B	BERKSHIRE HATH	430	$117K	0.0%	$272.09 *	$242.84	+15.7%	COM	084670702
BUD	ANHEUSIER BUSH	2,066	$116K	0.0%	$56.15	$63.74	—	COM	03524A108
EPGIX	EUROPAC	10,281	$104K	0.0%	$10.12	$10.12	—	COM	46141Q196