Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EXSR	EXCHANGE BANK	70,799	$11.01M	4.0%	$114.30	+13.3%	COM	301227203
MET	METLIFE	163,730	$10.23M	3.7%	$29.78	+85.9%	COM	59156R108
CNP	CENTERPOINT ENGY	321,273	$8.967M	3.3%	$24.02	0.0%	COM	15189T107
PFE	PFIZER	150,713	$8.9M	3.2%	$24.84	+62.0%	COM	717081103
—	LEXINGTON RTLY	499,212	$7.798M	2.8%	$11.27	—	COM	529043101
TSBK	TIMBERLAND BANK	279,393	$7.739M	2.8%	$13.83	+75.8%	COM	887098101
IFF	INTL FLAVORS	50,932	$7.673M	2.8%	$129.90	-0.2%	COM	459506101
SBFG	SB FINANCIAL	377,790	$7.431M	2.7%	$17.38	+3.0%	COM	78408D105
MRK	MERCK	93,800	$7.189M	2.6%	$61.44	+13.8%	COM	58933Y105
—	HARBOR CUSTOM	429,804	$6.739M	2.5%	$15.68	—	PFD	41150T207
TSN	TYSON FOODS	76,435	$6.662M	2.4%	$72.11	0.0%	COM	902494103
WY	WEYERHAEUSER	157,434	$6.483M	2.4%	$21.68	+47.5%	COM	962166104
AEM	AGNICO EAGLE	114,703	$6.095M	2.2%	$57.39	-16.7%	COM	008474108
PKBK	PARKE BANCORP	279,045	$5.938M	2.2%	$15.17	+23.3%	COM	700885106
HCI	HCI GROUP	65,371	$5.461M	2.0%	$116.71	0.0%	COM	40416E103
—	ENERGIZER	61,445	$5.338M	1.9%	$88.46	—	PFD	29272W208
—	APOLLO COML	5,065,000	$5.084M	1.8%	$0.97	—	DEB	03762UAB1
CPKF	CHESAPEAKE FINL	170,000	$4.959M	1.8%	$19.59	+34.8%	COM	16517A109
—	MEDICAL PRTY	209,501	$4.951M	1.8%	$15.97	—	COM	58436J304
—	BUNGE LIMITED	51,276	$4.787M	1.7%	$55.85	—	COM	G16962105
—	ATLAS AIR WW	2,690,000	$4.371M	1.6%	$1.19	—	DEB	049164BJ4
—	MPB BHC	205,890	$4.344M	1.6%	$17.29	—	COM	55317L105
—	COMMUNITY WEST	318,838	$4.276M	1.6%	$9.19	—	COM	204157101
—	SOUTH JERSEY	162,744	$4.251M	1.5%	$25.37	—	COM	838518108
FXNC	FIRST NATIONAL	178,000	$4.093M	1.5%	$17.25	+16.4%	COM	32106V107
FNWD	FINWARD	87,000	$4.024M	1.5%	$39.07	+5.2%	COM	31812F109
—	NY COMM BANC	75,296	$3.983M	1.4%	$49.63	—	PFD	64944P307
FMBM	F&M BANCORP	134,014	$3.853M	1.4%	$22.95	+2.0%	COM	30237P106
FBIZ	FIRST BUSINESS	131,000	$3.821M	1.4%	$20.07	+30.7%	COM	319390100
BRBS	BLUE RIDGE BANK	197,400	$3.533M	1.3%	$11.60	+39.9%	COM	095825105
T	AT&T INC	141,983	$3.493M	1.3%	$15.79	-7.1%	COM	00206R102
VTRS	VIATRIS INC	249,278	$3.373M	1.2%	$11.89	-6.5%	COM	92556V106
BMBN	BENCHMARK BANK	138,000	$3.347M	1.2%	$14.03	+42.0%	COM	08160E207
—	SFL CORP	3,175,000	$3.183M	1.2%	$0.98	—	DEB	824689AG8
VZ	VERIZON	60,992	$3.169M	1.2%	$41.88	-3.6%	COM	92343V104
FBAK	FIRST NATL AK	13,000	$3.015M	1.1%	$138.82	+24.4%	COM	32112J106
—	COWEN GROUP	2,000	$2.978M	1.1%	$668.00	—	PFD	223622507
PTBS	POTOMAC BANCSH	160,746	$2.958M	1.1%	$13.76	+21.7%	COM	737643106
—	DOMINION ENGY	27,550	$2.773M	1.0%	$104.53	—	PFD	25746U133
BORT	BANK BOTETOURT	96,250	$2.731M	1.0%	$22.98	+12.0%	COM	063907208
—	FIRST NATIONAL	290,992	$2.689M	1.0%	$7.93	—	COM	302578109
—	RPT REALTY	43,645	$2.571M	0.9%	$50.78	—	PFD	74971D200
CSBB	CSB BANCORP	66,500	$2.51M	0.9%	$35.09	-5.8%	COM	12628R107
ORRF	ORRSTOWN FINL	98,000	$2.47M	0.9%	$16.93	+24.2%	COM	687380105
ET	ENERGY TRANSFER	294,959	$2.428M	0.9%	$8.23	—	COM	29273V100
SOBS	SOLVAY BANK	60,846	$2.406M	0.9%	$24.65	+15.8%	COM	83441Q105
—	CAMBRIDGE BANC	25,000	$2.34M	0.9%	$63.33	—	COM	132152109
ABCB	AMERIS BANCORP	44,325	$2.202M	0.8%	$34.25	+42.8%	COM	03076K108
BG 4.875 PERP	BUNGE LIMITED	16,985	$2.153M	0.8%	$101.24	—	PFD	G16962204
D	DOMINION ENGY	25,479	$2.002M	0.7%	$57.68	+7.7%	COM	25746U109
—	GOLDMAN SACHS	1,955,000	$1.965M	0.7%	$1.01	—	DEB	38147UAB3
—	RADIUS HEALTH	1,990,000	$1.925M	0.7%	$0.94	—	DEB	750469AA6
AIG	AMERICAN INTL	32,000	$1.82M	0.7%	$29.03	+78.5%	COM	026874784
GABC	GERMAN AMERICAN	46,000	$1.793M	0.7%	$26.16	+35.0%	COM	373865104
MFGI	MERCHANTS FINAN	23,600	$1.776M	0.6%	$20.84	+7.2%	COM	588538108
—	LAKELAND BANCORP	93,000	$1.766M	0.6%	$15.15	—	COM	511637100
—	FIRST SOUTHERN	179,492	$1.705M	0.6%	$6.87	—	COM	33650R104
FCCO	FIRST COMMUNITY	78,000	$1.628M	0.6%	$15.93	+15.2%	COM	319835104
FHN	FIRST HORIZON	98,000	$1.6M	0.6%	$12.14	+18.7%	COM	320517105
MNSB	MAIN STREET BANC	52,500	$1.291M	0.5%	$19.32	+16.5%	COM	56064Y100
—	PRA GROUP	1,100,000	$1.281M	0.5%	$1.07	—	DEB	69354NAB2
—	BLACKSTONE GRP	1,225,000	$1.25M	0.5%	$0.91	—	DEB	09257WAC4
COFS	CHOICEONE FINL	46,000	$1.219M	0.4%	$22.61	-5.0%	COM	170386106
—	INVESCO TR INVT	86,038	$1.202M	0.4%	$12.49	—	COM	46131M106
—	EPR PROPERTIES	45,448	$1.164M	0.4%	$22.13	—	PFD	26884U208
ACI	ALBERTSONS	37,520	$1.133M	0.4%	$10.26	+108.9%	COM	013091103
FRAF	FRANKLIN FINL	33,745	$1.117M	0.4%	$26.57	+3.8%	COM	353525108
FISI	FINANCIAL INST	33,000	$1.049M	0.4%	$21.95	+17.3%	COM	317585404
—	FIRST LONG ISLAND	45,725	$987K	0.4%	$19.54	—	COM	320734106
—	BLACKSTONE MTG	869,000	$873K	0.3%	$1.03	—	DEB	09257WAB6
—	MCHENRY BANCORP	28,000	$700K	0.3%	$0.13	—	COM	580683100
NGUAX	NEUBERGER	23,851	$644K	0.2%	$27.00	—	COM	641224209
FTV	FORTIVE CORP	7,513	$573K	0.2%	$55.51	0.0%	COM	34959J108
MIG	VANECK VECTORS	21,100	$522K	0.2%	$24.78	—	COM	92189H862
HWC	HANCOCK WHITNEY	10,000	$500K	0.2%	$39.88	+25.1%	COM	410120109
—	COLLORTIVE	17,087	$478K	0.2%	$28.19	—	COM	194231672
CZBT	CITIZENS BANC	20,129	$463K	0.2%	$20.19	+16.6%	COM	17316V104
SPY	SPDR S&P 500	909	$432K	0.2%	$409.19	—	COM	78462F103
—	SOUTH STATE	5,355	$429K	0.2%	$47.61	—	COM	840441109
MBBB	VANECK VECTORS	17,100	$425K	0.2%	$24.90	—	COM	92189H854
—	ADAMS NAT	24,758	$409K	0.1%	$16.52	—	COM	00548F105
—	PEOPLES UNITED	22,743	$405K	0.1%	$15.10	—	COM	712704105
MOAT	VANECK VECTORS	5,242	$399K	0.1%	$73.07	—	COM	92189F643
NMANX	NEUBERGER	20,716	$398K	0.1%	$19.21	—	COM	641224308
—	GLOBAL MEDICAL	20,500	$364K	0.1%	$17.76	—	COM	37954A204
SBCF	SEACOAST BANK	10,037	$355K	0.1%	$25.01	+43.2%	COM	811707801
KEY	KEYCORP	15,290	$354K	0.1%	$12.14	+54.8%	COM	493267108
GDX	VANECK VECTORS	10,794	$346K	0.1%	$31.50	—	COM	92189F106
BTI	BRITISH AMERICAN	8,147	$305K	0.1%	$38.29	—	COM	110448107
QABA	FIRST TRUST	4,612	$272K	0.1%	$56.68	—	COM	33736Q104
GLP	GLOBAL PARTNERS	11,600	$272K	0.1%	$18.01	—	COM	37946R109
CCI	CROWN CASTLE	1,223	$255K	0.1%	$63.12	+137.7%	COM	22822V101
—	EZCORP	230,000	$235K	0.1%	$1.02	—	DEB	302301AF3
—	BARCLAYS	11,250	$208K	0.1%	$18.49	—	COM	06747R477
MSFT	MICROSOFT	600	$202K	0.1%	$244.73	+28.1%	COM	594918104
—	WTS HARBOR CUSTOM	250,000	$193K	0.1%	$0.77	—	COM	411507124
—	DIGITALBRIDGE	160,000	$165K	0.1%	$1.03	—	DEB	19624RAA4
VOO	VANGUARD INDEX	366	$160K	0.1%	$437.16	—	COM	922908363
—	MANDIANT	160,000	$160K	0.1%	$0.99	—	DEB	31816QAD3
BUD	ANHEUSIER BUSH	2,588	$157K	0.1%	$63.12	—	COM	03524A108
—	GLAXOSMITHKLINE	3,193	$141K	0.1%	$36.17	—	COM	37733W105
—	LEGAND PHARMA	135,000	$134K	0.0%	$1.00	—	DEB	53220KAF5
BRK/B	BERKSHIRE HATH	430	$129K	0.0%	$242.84	+17.9%	COM	084670702
—	STARWOOD PRPTY	120,000	$126K	0.0%	$1.04	—	DEB	85571BHA8
MOTG	VANECK VECTORS	3,225	$121K	0.0%	$38.45	—	COM	92189F122
CWB	SPDR SER TR	1,377	$114K	0.0%	$85.57	—	COM	78464A359