Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MET	METLIFE	164,714	$10.34M	4.0%	$29.78	+99.0%	COM	59156R108
MRK	MERCK	95,916	$8.745M	3.4%	$61.63	+28.5%	COM	58933Y105
EXSR	EXCHANGE BANK	71,958	$8.707M	3.4%	$114.61	+0.9%	COM	301227203
—	HARBOR CUSTOM	586,400	$8.5M	3.3%	$15.47	—	PFD	41150T207
PFE	PFIZER	148,757	$7.799M	3.0%	$24.84	+69.1%	COM	717081103
TSBK	TIMBERLAND BANK	283,950	$7.099M	2.7%	$13.83	+62.9%	COM	887098101
SBFG	SB FINANCIAL	397,943	$6.868M	2.6%	$17.48	+4.7%	COM	78408D105
LFGP	LEDYARD FINANCIAL	331,816	$6.752M	2.6%	$24.92	-11.0%	COM	523338101
TSN	TYSON FOODS	76,481	$6.582M	2.5%	$72.11	+10.1%	COM	902494103
—	BUNGE LIMITED	69,628	$6.315M	2.4%	$70.10	—	COM	G16962105
AEM	AGNICO EAGLE	133,669	$6.117M	2.4%	$56.27	-9.8%	COM	008474108
IFF	INTL FLAVORS	51,238	$6.104M	2.4%	$129.90	-13.4%	COM	459506101
PKBK	PARKE BANCORP	286,544	$6.006M	2.3%	$15.30	+33.3%	COM	700885106
WY	WEYERHAEUSER	165,247	$5.473M	2.1%	$22.26	+50.8%	COM	962166104
—	APOLLO COML	5,190,000	$5.164M	2.0%	$0.97	—	DEB	03762UAB1
—	COWEN GROUP	4,470	$5M	1.9%	$916.97	—	PFD	223622507
D	DOMINION ENGY	59,135	$4.72M	1.8%	$64.28	+7.9%	COM	25746U109
—	COMMUNITY WEST	318,897	$4.563M	1.8%	$9.19	—	COM	204157101
CPKF	CHESAPEAKE FINL	170,000	$4.42M	1.7%	$19.59	+28.4%	COM	16517A109
—	NY COMM BANC	94,885	$4.384M	1.7%	$49.82	—	PFD	64944P307
FBIZ	FIRST BUSINESS	135,050	$4.212M	1.6%	$20.37	+48.7%	COM	319390100
HCI	HCI GROUP	60,634	$4.109M	1.6%	$116.71	-43.4%	COM	40416E103
T	AT&T INC	190,056	$3.984M	1.5%	$15.63	+4.3%	COM	00206R102
—	LEXINGTON	350,157	$3.761M	1.5%	$11.27	—	COM	529043101
—	SFL CORP	3,710,000	$3.664M	1.4%	$0.99	—	DEB	824689AG8
ET	ENERGY TRANSFER	360,866	$3.601M	1.4%	$8.73	—	COM	29273V100
ENR	ENERGIZER	125,794	$3.566M	1.4%	$29.35	-12.7%	COM	29272W109
—	MEDICAL PRTY	230,228	$3.516M	1.4%	$16.34	—	COM	58436J304
FMBM	F&M BANCORP	134,014	$3.468M	1.3%	$22.95	+3.6%	COM	30237P106
BRBS	BLUE RIDGE BANK	226,400	$3.468M	1.3%	$11.99	+12.1%	COM	095825105
FENY	FIDELITY COV	177,046	$3.435M	1.3%	$20.73	—	COM	316092402
VZ	VERIZON	67,334	$3.417M	1.3%	$41.84	-4.1%	COM	92343V104
—	MPB BHC	206,890	$3.362M	1.3%	$17.29	—	COM	55317L105
FXNC	FIRST NATIONAL	180,500	$3.294M	1.3%	$17.28	+3.9%	COM	32106V107
FNWD	FINWARD	87,000	$3.262M	1.3%	$39.07	-6.7%	COM	31812F109
VTRS	VIATRIS INC	308,066	$3.225M	1.2%	$11.67	-20.4%	COM	92556V106
BMBN	BENCHMARK BANK	138,000	$3.195M	1.2%	$14.03	+45.4%	COM	08160E207
FBAK	FIRST NATL AK	12,500	$3.031M	1.2%	$138.82	+37.6%	COM	32112J106
PTBS	POTOMAC BANCSH	166,100	$2.794M	1.1%	$13.84	+16.0%	COM	737643106
BORT	BANK BOTETOURT	98,300	$2.709M	1.0%	$23.03	+9.1%	COM	063907208
CSBB	CSB BANCORP	67,000	$2.546M	1.0%	$35.09	-2.4%	COM	12628R107
—	ATLAS AIR WW	2,070,000	$2.427M	0.9%	$1.19	—	DEB	049164BJ4
—	CAMBRIDGE BANC	28,700	$2.373M	0.9%	$66.04	—	COM	132152109
ORRF	ORRSTOWN FINL	98,000	$2.369M	0.9%	$16.93	+24.8%	COM	687380105
SOBS	SOLVAY BANK	63,871	$2.367M	0.9%	$24.88	+23.8%	COM	83441Q105
—	HANESBRANDS	225,045	$2.316M	0.9%	$13.23	—	COM	410345102
SHEL	SHELL PLC	39,983	$2.091M	0.8%	$52.77	—	COM	780259305
—	FIRST NATIONAL	261,089	$2.089M	0.8%	$7.93	—	COM	302578109
—	RPT REALTY	43,645	$2.084M	0.8%	$50.78	—	PFD	74971D200
VICI	VICI PRPTY	66,925	$1.994M	0.8%	$23.87	+1.2%	COM	925652109
—	RADIUS HEALTH	1,990,000	$1.944M	0.8%	$0.94	—	DEB	750469AA6
ABCB	AMERIS BANCORP	46,863	$1.883M	0.7%	$34.55	+16.9%	COM	03076K108
MFGI	MERCHANTS FINAN	70,000	$1.785M	0.7%	$24.10	+6.8%	COM	588538108
AIG	AMERICAN INTL	32,000	$1.636M	0.6%	$29.03	+84.1%	COM	026874784
—	FIRST SOUTHERN	179,492	$1.614M	0.6%	$6.87	—	COM	33650R104
MNSB	MAIN STREET BANC	67,651	$1.54M	0.6%	$20.03	+12.4%	COM	56064Y100
FCCO	FIRST COMMUNITY	77,896	$1.493M	0.6%	$15.93	+10.3%	COM	319835104
—	LAKELAND BANCORP	97,000	$1.418M	0.5%	$15.13	—	COM	511637100
EBMT	EAGLE BANCORP	68,001	$1.354M	0.5%	$19.51	-9.8%	COM	26942G100
—	BLACKSTONE GRP	1,225,000	$1.214M	0.5%	$0.91	—	DEB	09257WAC4
—	GLOBAL MEDICAL	107,718	$1.21M	0.5%	$13.98	—	COM	37954A204
FHN	FIRST HORIZON	53,000	$1.159M	0.4%	$12.14	+62.5%	COM	320517105
—	EPR PROPERTIES	52,263	$1.153M	0.4%	$22.67	—	PFD	26884U208
—	PRA GROUP	1,100,000	$1.106M	0.4%	$1.07	—	DEB	69354NAB2
FRAF	FRANKLIN FINL	33,818	$1.02M	0.4%	$26.57	+1.8%	COM	353525108
FISI	FINANCIAL INST	35,000	$911K	0.4%	$22.10	+3.2%	COM	317585404
—	INVESCO TR INVT	86,117	$907K	0.3%	$12.49	—	COM	46131M106
COFS	CHOICEONE FINL	43,374	$874K	0.3%	$22.61	-14.2%	COM	170386106
—	FIRST LONG ISLAND	45,193	$792K	0.3%	$19.54	—	COM	320734106
—	MCHENRY BANCORP	28,000	$784K	0.3%	$28.00	—	COM	580683209
—	PACWEST BANC	24,350	$623K	0.2%	$25.59	—	PFD	695263202
CZBT	CITIZENS BANC	22,000	$612K	0.2%	$20.53	+18.6%	COM	17316V104
—	GREAT AJAX	22,697	$557K	0.2%	$24.54	—	PFD	38983D409
—	READY CAPITAL	21,140	$530K	0.2%	$25.07	—	PFD	75574U200
—	BEYOND MEAT	1,250,000	$472K	0.2%	$0.38	—	DEB	08862EAB5
HWC	HANCOCK WHITNEY	10,111	$448K	0.2%	$39.88	+19.3%	COM	410120109
MOAT	VANECK VECTORS	6,982	$445K	0.2%	$70.75	—	COM	92189F643
MTB	M&T BANK	2,748	$438K	0.2%	$149.08	0.0%	COM	55261F104
—	SOUTH STATE	5,415	$418K	0.2%	$47.61	—	COM	840441109
—	TOTAL ENERGIES	7,500	$395K	0.2%	$50.71	—	COM	89151E109
WBD	WARNER BROS	28,848	$387K	0.1%	$18.55	0.0%	COM	934423104
BRK/B	BERKSHIRE HATH	1,330	$363K	0.1%	$290.80	+7.9%	COM	084670702
BTI	BRITISH AMERICAN	8,410	$360K	0.1%	$38.43	—	COM	110448107
—	DIGITALBRIDGE	365,000	$359K	0.1%	$1.02	—	DEB	19624RAA4
SPY	SPDR S&P 500	938	$354K	0.1%	$408.04	—	COM	78462F103
GDX	VANECK VECTORS	12,694	$348K	0.1%	$30.89	—	COM	92189F106
IUSV	ISHARES CORE	5,100	$341K	0.1%	$66.86	—	COM	464287663
SBCF	SEACOAST BANK	10,123	$334K	0.1%	$25.01	+33.6%	COM	811707801
—	BARCLAYS	13,750	$317K	0.1%	$19.80	—	COM	06747R477
—	STARWOOD PRPTY	320,000	$316K	0.1%	$1.03	—	DEB	85571BHA8
QABA	FIRST TRUST	6,184	$307K	0.1%	$56.54	—	COM	33736Q104
—	LEGAND PHARMA	300,000	$287K	0.1%	$0.98	—	DEB	53220KAF5
—	HOPE BANCORP	294,000	$286K	0.1%	$0.98	—	DEB	43940TAB5
KEY	KEYCORP	15,290	$263K	0.1%	$12.14	+31.1%	COM	493267108
—	EZCORP	245,000	$253K	0.1%	$1.02	—	DEB	302301AF3
—	SPOTIFY	305,000	$241K	0.1%	$0.85	—	DEB	84921RAB6
—	CHEGG INC	260,000	$220K	0.1%	$1.01	—	DEB	163092AD1
—	WESTERN DIGITAL	22,000	$209K	0.1%	$9.50	—	DEB	958102AP0
—	KKR REAL ESTATE	195,000	$197K	0.1%	$1.04	—	DEB	48251KAB6
VOO	VANGUARD INDEX	558	$193K	0.1%	$429.69	—	COM	922908363
CMHF	COMMUNITY HERITAGE	8,900	$189K	0.1%	$22.31	0.0%	COM	20370L103
—	GUIDEWIRE	170,000	$156K	0.1%	$0.92	—	DEB	40171VAA8
—	TEUCRIUM	17,000	$154K	0.1%	$9.06	—	COM	88166A508
BUD	ANHEUSIER BUSH	2,602	$140K	0.1%	$63.12	—	COM	03524A108
—	NEW MOUNTAIN	140,000	$139K	0.1%	$0.99	—	COM	647551AC4
MSFT	MICROSOFT	502	$129K	0.0%	$244.73	+7.6%	COM	594918104
—	SUPERNUS PHARMA	117,000	$114K	0.0%	$0.98	—	DEB	868459AD0
MOTG	VANECK VECTORS	3,225	$104K	0.0%	$38.45	—	COM	92189F122