Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EXSR	EXCHANGE BANK	72,832	$8.594M	4.0%	$114.47	-10.3%	COM	301227203
MRK	MERCK	95,908	$8.26M	3.8%	$61.63	+30.5%	COM	58933Y105
TSBK	TIMBERLAND BANK	285,092	$7.883M	3.7%	$13.83	+68.0%	COM	887098101
SBFG	SB FINANCIAL	396,066	$6.674M	3.1%	$17.48	-1.2%	COM	78408D105
LFGP	LEDYARD FINANCIAL	330,429	$6.542M	3.0%	$24.92	-17.2%	COM	523338101
PFE	PFIZER	149,202	$6.529M	3.0%	$24.84	+62.7%	COM	717081103
—	HARBOR CUSTOM	586,500	$6.495M	3.0%	$15.47	—	PFD	41150T207
PKBK	PARKE BANCORP	289,234	$6.062M	2.8%	$15.30	+26.7%	COM	700885106
—	BUNGE LIMITED	71,560	$5.909M	2.7%	$70.44	—	COM	G16962105
AEM	AGNICO EAGLE	136,404	$5.76M	2.7%	$55.93	-29.5%	COM	008474108
TSN	TYSON FOODS	76,151	$5.021M	2.3%	$72.11	-2.3%	COM	902494103
IFF	INTL FLAVORS	50,884	$4.621M	2.1%	$129.90	-20.0%	COM	459506101
FBIZ	FIRST BUSINESS	135,750	$4.386M	2.0%	$20.37	+48.7%	COM	319390100
—	COMMUNITY WEST	314,227	$4.383M	2.0%	$9.19	—	COM	204157101
ET	ENERGY TRANSFER	390,313	$4.305M	2.0%	$8.90	—	COM	29273V100
WY	WEYERHAEUSER	149,583	$4.272M	2.0%	$22.26	+35.3%	COM	962166104
—	NY COMM BANC	95,385	$4.253M	2.0%	$49.82	—	PFD	64944P307
CPKF	CHESAPEAKE FINL	170,360	$4.058M	1.9%	$19.59	+17.6%	COM	16517A109
FENY	FIDELITY COV	201,252	$3.997M	1.9%	$20.63	—	COM	316092402
—	SFL CORP	3,710,000	$3.645M	1.7%	$0.99	—	DEB	824689AG8
ALRS	ALERUS FINAN	153,866	$3.4M	1.6%	$20.65	0.0%	COM	01446U103
ENR	ENERGIZER	131,152	$3.297M	1.5%	$29.18	-14.1%	COM	29272W109
—	LEXINGTON	352,036	$3.225M	1.5%	$11.27	—	COM	529043101
FMBM	F&M BANCORP	134,014	$3.203M	1.5%	$22.95	-10.6%	COM	30237P106
T	AT&T INC	199,632	$3.062M	1.4%	$15.60	-3.3%	COM	00206R102
FBAK	FIRST NATL AK	12,600	$3.037M	1.4%	$138.82	+37.9%	COM	32112J106
VTRS	VIATRIS INC	353,682	$3.013M	1.4%	$11.25	-25.1%	COM	92556V106
PTBS	POTOMAC BANCSH	167,000	$3.006M	1.4%	$13.84	+12.5%	COM	737643106
FNWD	FINWARD	87,000	$2.959M	1.4%	$39.07	-13.4%	COM	31812F109
BRBS	BLUE RIDGE BANK	229,300	$2.914M	1.4%	$12.00	+10.4%	COM	095825105
—	RPT REALTY	66,081	$2.896M	1.3%	$48.42	—	PFD	74971D200
SHEL	SHELL PLC	56,775	$2.825M	1.3%	$51.88	—	COM	780259305
FXNC	FIRST NATIONAL	182,243	$2.788M	1.3%	$17.28	-10.8%	COM	32106V107
BORT	BANK BOTETOURT	99,200	$2.762M	1.3%	$23.03	+11.1%	COM	063907208
—	MEDICAL PRTY	232,057	$2.752M	1.3%	$16.34	—	COM	58436J304
BMBN	BENCHMARK BANK	138,000	$2.648M	1.2%	$14.03	+33.5%	COM	08160E207
VZ	VERIZON	68,816	$2.613M	1.2%	$41.71	-14.3%	COM	92343V104
CSBB	CSB BANCORP	67,000	$2.613M	1.2%	$35.09	-5.8%	COM	12628R107
—	CAMBRIDGE BANC	31,900	$2.544M	1.2%	$67.42	—	COM	132152109
VICI	VICI PRPTY	75,457	$2.252M	1.0%	$24.27	+12.9%	COM	925652109
SOBS	SOLVAY BANK	63,867	$2.171M	1.0%	$24.88	+21.2%	COM	83441Q105
ABCB	AMERIS BANCORP	45,026	$2.013M	0.9%	$34.55	+26.8%	COM	03076K108
HCI	HCI GROUP	50,318	$1.972M	0.9%	$116.71	-50.9%	COM	40416E103
—	FIRST NATIONAL	252,581	$1.897M	0.9%	$7.93	—	COM	302578109
MNSB	MAIN STREET BANC	79,182	$1.806M	0.8%	$20.30	+7.9%	COM	56064Y100
—	HANESBRANDS	252,338	$1.756M	0.8%	$12.56	—	COM	410345102
ORRF	ORRSTOWN FINL	72,000	$1.722M	0.8%	$16.93	+34.0%	COM	687380105
—	GLOBAL MEDICAL	191,131	$1.628M	0.8%	$11.60	—	COM	37954A204
—	FIRST SOUTHERN	179,492	$1.623M	0.8%	$6.87	—	COM	33650R104
—	LAKELAND BANCORP	97,000	$1.553M	0.7%	$15.13	—	COM	511637100
AIG	AMERICAN INTL	32,500	$1.543M	0.7%	$29.33	+65.9%	COM	026874784
MFGI	MERCHANTS FINAN	55,890	$1.484M	0.7%	$24.10	-0.0%	COM	588538108
FCCO	FIRST COMMUNITY	77,896	$1.363M	0.6%	$15.93	+3.2%	COM	319835104
EBMT	EAGLE BANCORP	69,500	$1.321M	0.6%	$19.45	-13.1%	COM	26942G100
—	BLACKSTONE GRP	1,225,000	$1.208M	0.6%	$0.91	—	DEB	09257WAC4
—	PRA GROUP	1,100,000	$1.077M	0.5%	$1.07	—	DEB	69354NAB2
FRAF	FRANKLIN FINL	33,251	$1.049M	0.5%	$26.57	+4.1%	COM	353525108
MET	METLIFE	165,280	$1.046M	0.5%	$29.78	+93.6%	COM	59156R108
—	EPR PROPERTIES	55,613	$961K	0.4%	$22.35	—	PFD	26884U208
FISI	FINANCIAL INST	36,000	$867K	0.4%	$22.08	-2.5%	COM	317585404
—	INVESCO TR INVT	86,117	$806K	0.4%	$12.49	—	COM	46131M106
—	FIRST LONG ISLAND	44,349	$765K	0.4%	$19.54	—	COM	320734106
—	LYFT INC	895,000	$763K	0.4%	$0.85	—	DEB	55087PAB0
—	MCHENRY BANCORP	28,000	$708K	0.3%	$28.00	—	COM	580683209
—	PACWEST BANC	26,050	$645K	0.3%	$25.53	—	PFD	695263202
—	READY CAPITAL	25,690	$642K	0.3%	$25.06	—	PFD	75574U200
—	GREAT AJAX	26,346	$629K	0.3%	$24.45	—	PFD	38983D409
CZBT	CITIZENS BANC	22,500	$626K	0.3%	$20.63	+21.7%	COM	17316V104
APLE	APPLE HOSPITLITY	43,432	$611K	0.3%	$14.07	—	COM	03784Y200
—	TOTAL ENERGIES	12,800	$595K	0.3%	$48.96	—	COM	89151E109
WBD	WARNER BROS	43,953	$505K	0.2%	$16.84	-19.3%	COM	934423104
MOAT	VANECK VECTORS	8,232	$494K	0.2%	$69.12	—	COM	92189F643
MTB	M&T BANK	2,770	$488K	0.2%	$149.08	+6.0%	COM	55261F104
KEY	KEYCORP	29,911	$479K	0.2%	$13.48	+10.4%	COM	493267108
HWC	HANCOCK WHITNEY	10,166	$466K	0.2%	$39.88	+20.6%	COM	410120109
—	SOUTH STATE	5,445	$431K	0.2%	$47.61	—	COM	840441109
CTO	CTO REALTY	21,298	$399K	0.2%	$18.73	—	COM	22948Q101
—	BEYOND MEAT	1,250,000	$373K	0.2%	$0.38	—	DEB	08862EAB5
GDX	VANECK VECTORS	15,234	$367K	0.2%	$29.76	—	COM	92189F106
—	DIGITALBRIDGE	365,000	$359K	0.2%	$1.02	—	DEB	19624RAA4
BRK/B	BERKSHIRE HATH	1,336	$357K	0.2%	$290.80	-2.1%	COM	084670702
QABA	FIRST TRUST	6,886	$347K	0.2%	$55.91	—	COM	33736Q104
SPY	SPDR S&P 500	935	$334K	0.2%	$408.04	—	COM	78462F103
IUSV	ISHARES CORE	5,100	$319K	0.1%	$66.86	—	COM	464287663
—	STARWOOD PRPTY	320,000	$310K	0.1%	$1.03	—	DEB	85571BHA8
SBCF	SEACOAST BANK	10,180	$308K	0.1%	$25.01	+33.4%	COM	811707801
—	BARCLAYS	13,750	$292K	0.1%	$19.80	—	COM	06747R477
—	LEGAND PHARMA	300,000	$290K	0.1%	$0.98	—	DEB	53220KAF5
—	HOPE BANCORP	294,000	$280K	0.1%	$0.98	—	DEB	43940TAB5
VOO	VANGUARD INDEX	791	$260K	0.1%	$399.94	—	COM	922908363
—	EZCORP	245,000	$252K	0.1%	$1.02	—	DEB	302301AF3
—	SPOTIFY	305,000	$239K	0.1%	$0.85	—	DEB	84921RAB6
—	CHEGG INC	260,000	$225K	0.1%	$1.01	—	DEB	163092AD1
—	WESTERN DIGITAL	22,000	$208K	0.1%	$9.50	—	DEB	958102AP0
—	KKR REAL ESTATE	195,000	$193K	0.1%	$1.04	—	DEB	48251KAB6
MSFT	MICROSOFT	671	$156K	0.1%	$247.79	+3.7%	COM	594918104
—	GUIDEWIRE	170,000	$152K	0.1%	$0.92	—	DEB	40171VAA8
—	NEW MOUNTAIN	140,000	$138K	0.1%	$0.99	—	COM	647551AC4
—	SUPERNUS PHARMA	117,000	$113K	0.1%	$0.98	—	DEB	868459AD0
—	EURONET	125,000	$112K	0.1%	$0.90	—	DEB	298736AL3
—	FORD MOTOR	117,000	$107K	0.0%	$0.91	—	DEB	345370CZ1
—	PARSONS CORP	100,000	$103K	0.0%	$1.03	—	CVUS	70202LAB8