Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MET	METLIFE	164,924	$11.94M	4.9%	$29.78	+118.6%	COM	59156R108
MRK	MERCK	93,783	$10.41M	4.3%	$61.63	+50.6%	COM	58933Y105
TSBK	TIMBERLAND BANK	285,228	$9.735M	4.0%	$13.83	+107.5%	COM	887098101
EXSR	EXCHANGE BANK	72,752	$8.223M	3.4%	$114.47	-9.2%	COM	301227203
PFE	PFIZER	149,873	$7.679M	3.2%	$24.84	+61.8%	COM	717081103
—	BUNGE LIMITED	72,245	$7.208M	3.0%	$70.44	—	COM	G16962105
AEM	AGNICO EAGLE	135,700	$7.055M	2.9%	$55.93	-21.6%	COM	008474108
SBFG	SB FINANCIAL	397,239	$6.733M	2.8%	$17.48	-4.0%	COM	78408D105
PKBK	PARKE BANCORP	295,130	$6.121M	2.5%	$15.37	+21.6%	COM	700885106
LFGP	LEDYARD FINANCIAL	330,054	$5.875M	2.4%	$24.92	-24.0%	COM	523338101
IFF	INTL FLAVORS	51,141	$5.362M	2.2%	$129.90	-30.8%	COM	459506101
FBIZ	FIRST BUSINESS	135,750	$4.962M	2.0%	$20.37	+65.7%	COM	319390100
TSN	TYSON FOODS	76,933	$4.789M	2.0%	$71.97	-19.0%	COM	902494103
ET	ENERGY TRANSFER MLP	402,207	$4.774M	2.0%	$8.99	—	PARTENRSHIP SHARES	29273V100
FENY	FIDELITY ENERGY ETF	200,201	$4.773M	2.0%	$20.63	—	COM	316092402
—	COMMUNITY WEST	314,055	$4.701M	1.9%	$9.19	—	COM	204157101
WY	WEYERHAEUSER	148,042	$4.589M	1.9%	$22.26	+23.9%	COM	962166104
ENR	ENERGIZER	130,026	$4.362M	1.8%	$29.18	-8.5%	COM	29272W109
SHEL	SHELL PLC	73,349	$4.177M	1.7%	$53.03	—	ADR SHARES	780259305
VTRS	VIATRIS INC	362,304	$4.032M	1.7%	$11.20	-19.2%	COM	92556V106
—	NY COMM BANC	92,503	$4.013M	1.7%	$49.82	—	PFD	64944P307
—	HARBOR CUSTOM	581,850	$3.753M	1.5%	$15.47	—	PFD	41150T207
T	AT&T INC	199,108	$3.666M	1.5%	$15.60	-3.2%	COM	00206R102
ALRS	ALERUS FINAN	154,277	$3.602M	1.5%	$20.65	-3.0%	COM	01446U103
—	SFL CORP	3,705,000	$3.592M	1.5%	$0.99	—	DEB	824689AG8
—	LEXINGTON	352,023	$3.527M	1.5%	$11.27	—	COM	529043101
CPKF	CHESAPEAKE FINL	170,500	$3.43M	1.4%	$19.59	-0.0%	COM	16517A109
FXNC	FIRST NATIONAL	197,039	$3.375M	1.4%	$17.14	-10.4%	COM	32106V107
—	RPT REALTY	65,289	$3.263M	1.3%	$48.42	—	PFD	74971D200
BMBN	BENCHMARK BANK	138,405	$3.114M	1.3%	$14.03	+29.2%	COM	08160E207
FMBM	F&M BANCORP	133,914	$3.063M	1.3%	$22.95	-15.1%	COM	30237P106
BRBS	BLUE RIDGE BANK	231,200	$2.888M	1.2%	$12.00	-0.4%	COM	095825105
VZ	VERIZON	72,827	$2.869M	1.2%	$41.11	-25.2%	COM	92343V104
BORT	BANK BOTETOURT	99,294	$2.82M	1.2%	$23.03	+10.8%	COM	063907208
PTBS	POTOMAC BANCSH	170,500	$2.788M	1.1%	$13.87	+10.9%	COM	737643106
VICI	VICI PRPTY	82,237	$2.664M	1.1%	$24.49	+10.1%	COM	925652109
—	CAMBRIDGE BANC	31,900	$2.65M	1.1%	$67.42	—	COM	132152109
—	GLOBAL MEDICAL	278,023	$2.636M	1.1%	$10.94	—	COM	37954A204
MPT	MEDICAL PRTY	236,405	$2.634M	1.1%	$11.14	—	COM	58463J304
CSBB	CSB BANCORP	67,000	$2.579M	1.1%	$35.09	-4.9%	COM	12628R107
FBAK	FIRST NATL AK	10,876	$2.534M	1.0%	$138.82	+36.2%	COM	32112J106
MNSB	MAIN STREET BANC	79,861	$2.195M	0.9%	$20.30	+24.1%	COM	56064Y100
SOBS	SOLVAY BANK	63,666	$2.165M	0.9%	$24.88	+11.1%	COM	83441Q105
ABCB	AMERIS BANCORP	44,874	$2.115M	0.9%	$34.55	+38.9%	COM	03076K108
—	PRA GROUP	2,095,000	$2.063M	0.8%	$1.03	—	DEB	69354NAB2
AIG	AMERICAN INTL	32,500	$2.055M	0.8%	$29.33	+84.8%	COM	026874784
—	FIRST NATIONAL	241,350	$1.981M	0.8%	$7.93	—	COM	302578109
FCCO	FIRST COMMUNITY	75,767	$1.659M	0.7%	$15.93	+11.8%	COM	319835104
—	HANESBRANDS	260,296	$1.655M	0.7%	$12.37	—	COM	410345102
FSBH	FSBH CORP	179,492	$1.623M	0.7%	$9.01	0.0%	COM	30325F101
ORRF	ORRSTOWN FINL	69,943	$1.62M	0.7%	$16.93	+35.4%	COM	687380105
MFGI	MERCHANTS FINAN	52,927	$1.54M	0.6%	$24.10	+6.3%	COM	588538108
HCI	HCI GROUP	37,980	$1.504M	0.6%	$116.71	-68.4%	COM	40416E103
—	GREAT AJAX	55,660	$1.333M	0.5%	$24.18	—	PFD	38983D409
FRAF	FRANKLIN FINL	33,283	$1.202M	0.5%	$26.57	+5.2%	COM	353525108
—	BLACKSTONE GRP	1,225,000	$1.201M	0.5%	$0.91	—	DEB	09257WAC4
ACI	ALBERTSONS	56,070	$1.163M	0.5%	$18.83	0.0%	COM	013091103
—	READY CAPITAL	45,279	$1.134M	0.5%	$25.05	—	PFD	75574U200
ABBV	ABBVIE	70,000	$1.131M	0.5%	$137.22	0.0%	COM	00287Y109
EBMT	EAGLE BANCORP	69,500	$1.123M	0.5%	$19.45	-17.9%	COM	26942G100
CTO	CTO REALTY	57,929	$1.059M	0.4%	$18.45	—	COM	22948Q101
—	EPR PROPERTIES	55,613	$999K	0.4%	$22.35	—	PFD	26884U208
APLE	APPLE HOSPITLITY	56,820	$897K	0.4%	$14.47	—	COM	03784Y200
FISI	FINANCIAL INST	36,000	$877K	0.4%	$22.08	-6.5%	COM	317585404
—	INVESCO TR INVT CEF	86,117	$865K	0.4%	$12.49	—	COM	46131M106
FNWD	FINWARD	23,106	$836K	0.3%	$39.07	-21.5%	COM	31812F109
—	FIRST LONG ISLAND	44,614	$803K	0.3%	$19.54	—	COM	320734106
—	LYFT INC	895,000	$788K	0.3%	$0.85	—	DEB	55087PAB0
—	TOTAL ENERGIES	12,000	$745K	0.3%	$48.96	—	ADR SHARES	89151E109
—	MCHENRY BANCORP	28,000	$711K	0.3%	$28.00	—	COM	580683209
CZBT	CITIZENS BANC	22,500	$642K	0.3%	$20.63	+25.2%	COM	17316V104
—	PACWEST BANC	25,300	$633K	0.3%	$25.53	—	PFD	695263202
MOAT	VANECK VECTORS ETF	9,681	$628K	0.3%	$68.49	—	COM	92189F643
KEY	KEYCORP	34,295	$597K	0.2%	$13.65	+8.3%	COM	493267108
—	LAKELAND BANCORP	31,000	$546K	0.2%	$15.13	—	COM	511637100
HWC	HANCOCK WHITNEY	10,219	$494K	0.2%	$39.88	+29.7%	COM	410120109
—	SOUTH STATE	5,474	$418K	0.2%	$47.61	—	COM	840441109
GDX	VANECK VECTORS ETF	14,553	$417K	0.2%	$29.76	—	COM	92189F106
BRK/B	BERKSHIRE HATH	1,336	$413K	0.2%	$290.80	+2.1%	COM CLASS B	084670702
MTB	M&T BANK	2,789	$405K	0.2%	$149.08	-0.9%	COM	55261F104
—	DIGITALBRIDGE	365,000	$360K	0.1%	$1.02	—	DEB	19624RAA4
IUSV	ISHARES CORE ETF	5,000	$353K	0.1%	$66.86	—	COM	464287663
QABA	FIRST TRUST	6,617	$348K	0.1%	$55.91	—	COM	33736Q104
SBCF	SEACOAST BANKING	10,235	$319K	0.1%	$25.01	+27.1%	COM	811707801
—	BEYOND MEAT	1,250,000	$316K	0.1%	$0.38	—	DEB	08862EAB5
—	STARWOOD PRPTY	320,000	$310K	0.1%	$0.97	—	DEB	85571BAH8
VOO	VANGUARD S&P 500 ETF	883	$310K	0.1%	$394.87	—	COM	922908363
—	LEGAND PHARMA	300,000	$292K	0.1%	$0.98	—	DEB	53220KAF5
—	HOPE BANCORP	294,000	$287K	0.1%	$0.98	—	DEB	43940TAB5
SPY	SPDR S&P 500 ETF	695	$266K	0.1%	$408.04	—	COM	78462F103
—	EZCORP	245,000	$259K	0.1%	$1.02	—	DEB	302301AF3
—	SPOTIFY	305,000	$246K	0.1%	$0.85	—	DEB	84921RAB6
—	CHEGG INC	260,000	$237K	0.1%	$1.01	—	DEB	163092AD1
—	WESTERN DIGITAL	22,000	$210K	0.1%	$9.50	—	DEB	958102AP0
—	iPath Series B ETN	13,750	$194K	0.1%	$19.80	—	COM	06747R477
—	KKR REAL ESTATE	195,000	$191K	0.1%	$1.04	—	DEB	48251KAB6
MSFT	MICROSOFT	672	$161K	0.1%	$247.79	-5.5%	COM	594918104
—	GUIDEWIRE	170,000	$157K	0.1%	$0.92	—	DEB	40171VAA8
—	NEW MOUNTAIN	140,000	$139K	0.1%	$0.99	—	DEB	647551AC4
—	EURONET	125,000	$118K	0.0%	$0.90	—	DEB	298736AL3
WBD	WARNER BROS	12,407	$118K	0.0%	$16.84	-33.0%	COM	934423104
—	SUPERNUS PHARMA	117,000	$115K	0.0%	$0.98	—	DEB	868459AD0
—	PARSONS CORP	100,000	$114K	0.0%	$1.03	—	DEB	70202LAB8
—	FORD MOTOR	117,000	$110K	0.0%	$0.91	—	DEB	345370CZ1
—	HALOZYME	110,000	$106K	0.0%	$0.97	—	DEB	40637HAD1
MOTG	VANECK ETF	3,225	$104K	0.0%	$32.13	—	COM	92189F122
—	GREENBRIER	117,000	$103K	0.0%	$0.88	—	DEB	393657AM3