Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MET	METLIFE	170,486	$9.878M	4.4%	$30.83	+100.4%	COM	59156R108
MRK	MERCK	76,670	$8.157M	3.6%	$61.63	+60.1%	COM	58933Y105
TSBK	TIMBERLAND BANK	284,959	$7.7M	3.4%	$13.83	+110.9%	COM	887098101
EXSR	EXCHANGE BANK	74,899	$7.64M	3.4%	$113.98	-14.6%	COM	301227203
—	BUNGE LIMITED	73,206	$6.993M	3.1%	$70.77	—	COM	G16962105
PFE	PFIZER	170,797	$6.969M	3.1%	$26.27	+39.1%	COM	717081103
AEM	AGNICO EAGLE	136,639	$6.965M	3.1%	$55.93	-14.0%	COM	008474108
LFGP	LEDYARD FINANCIAL	329,229	$5.603M	2.5%	$24.92	-26.6%	COM	523338101
SBFG	SB FINANCIAL	396,298	$5.6M	2.5%	$17.48	-8.8%	COM	78408D105
PKBK	PARKE BANCORP	301,388	$5.359M	2.4%	$15.42	+15.0%	COM	700885106
ET	ENERGY TRANSFER MLP	411,847	$5.136M	2.3%	$9.07	—	PARTENRSHIP SHARES	29273V100
SHEL	SHELL PLC	84,205	$4.845M	2.2%	$53.61	—	ADR SHARES	780259305
IFF	INTL FLAVORS	51,492	$4.735M	2.1%	$129.90	-29.5%	COM	459506101
ENR	ENERGIZER	130,423	$4.526M	2.0%	$29.18	+6.4%	COM	29272W109
WY	WEYERHAEUSER	149,836	$4.515M	2.0%	$22.33	+28.0%	COM	962166104
FENY	FIDELITY ENERGY ETF	201,181	$4.515M	2.0%	$20.63	—	COM	316092402
FBIZ	FIRST BUSINESS	145,425	$4.437M	2.0%	$21.12	+49.7%	COM	319390100
—	COMMUNITY WEST	313,988	$3.972M	1.8%	$9.19	—	COM	204157101
CPKF	CHESAPEAKE FINL	172,500	$3.942M	1.8%	$19.60	+3.8%	COM	16517A109
—	SFL CORP	3,715,000	$3.684M	1.6%	$0.99	—	DEB	824689AG8
VTRS	VIATRIS INC	366,666	$3.527M	1.6%	$11.18	-13.3%	COM	92556V106
—	NY COMM BANC	88,495	$3.425M	1.5%	$49.82	—	PFD	64944P307
TSN	TYSON FOODS	56,288	$3.339M	1.5%	$71.97	-22.9%	COM	902494103
—	HARBOR CUSTOM	581,050	$3.26M	1.5%	$15.47	—	PFD	41150T207
—	PRA GROUP	3,255,000	$3.222M	1.4%	$1.02	—	DEB	69354NAB2
BMBN	BENCHMARK BANK	140,000	$3.213M	1.4%	$14.10	+45.3%	COM	08160E207
—	RPT REALTY	65,639	$3.12M	1.4%	$48.42	—	PFD	74971D200
FXNC	FIRST NATIONAL	197,039	$3.115M	1.4%	$17.14	-8.0%	COM	32106V107
BORT	BANK BOTETOURT	100,344	$3.071M	1.4%	$23.08	+19.2%	COM	063907208
VZ	VERIZON	78,214	$3.042M	1.4%	$40.53	-19.3%	COM	92343V104
VICI	VICI PRPTY	92,887	$3.03M	1.4%	$24.91	+12.8%	COM	925652109
—	GLOBAL MEDICAL	325,247	$2.963M	1.3%	$10.67	—	COM	37954A204
PTBS	POTOMAC BANCSH	170,500	$2.898M	1.3%	$13.87	+10.2%	COM	737643106
FMBM	F&M BANCORP	133,914	$2.678M	1.2%	$22.95	-16.9%	COM	30237P106
—	LXP INDUSTRIAL	254,070	$2.619M	1.2%	$11.27	—	COM	529043101
CSBB	CSB BANCORP	67,500	$2.565M	1.1%	$35.09	-2.4%	COM	12628R107
ALRS	ALERUS FINAN	154,661	$2.482M	1.1%	$20.65	-14.6%	COM	01446U103
—	CAMBRIDGE BANC	37,652	$2.44M	1.1%	$67.02	—	COM	132152109
BRBS	BLUE RIDGE BANK	236,700	$2.414M	1.1%	$11.98	-7.6%	COM	095825105
—	NRG ENERGY	2,225,000	$2.286M	1.0%	$1.03	—	DEB	629377CG5
T	AT&T INC	114,013	$2.195M	1.0%	$15.60	+4.9%	COM	00206R102
SOBS	SOLVAY BANK	68,474	$2.123M	0.9%	$25.10	+11.6%	COM	83441Q105
ACI	ALBERTSONS	95,881	$1.992M	0.9%	$18.93	+0.7%	COM	013091103
MPT	MEDICAL PRTY	241,129	$1.982M	0.9%	$11.08	—	COM	58463J304
HCI	HCI GROUP	36,561	$1.96M	0.9%	$116.71	-56.9%	COM	40416E103
MNSB	MAIN STREET BANC	81,714	$1.919M	0.9%	$20.43	+25.9%	COM	56064Y100
FBAK	FIRST NATL AK	8,297	$1.651M	0.7%	$138.82	+29.7%	COM	32112J106
ABCB	AMERIS BANCORP	44,888	$1.642M	0.7%	$34.55	+25.1%	COM	03076K108
AIG	AMERICAN INTL	32,500	$1.637M	0.7%	$29.33	+86.4%	COM	026874784
FCCO	FIRST COMMUNITY	76,500	$1.53M	0.7%	$15.93	+17.5%	COM	319835104
MFGI	MERCHANTS FINAN	54,600	$1.523M	0.7%	$24.20	+13.5%	COM	588538108
—	FIRST NATIONAL	240,125	$1.489M	0.7%	$7.93	—	COM	302578109
FSBH	FSBH CORP	189,700	$1.423M	0.6%	$9.02	+1.1%	COM	30325F101
ORRF	ORRSTOWN FINL	69,943	$1.389M	0.6%	$16.93	+21.1%	COM	687380105
—	GREAT AJAX	56,910	$1.377M	0.6%	$24.18	—	PFD	38983D409
—	INNOVIVA	1,405,000	$1.338M	0.6%	$0.95	—	DEB	45781MAB7
CTO	CTO REALTY	76,391	$1.319M	0.6%	$18.16	—	COM	22948Q101
—	READY CAPITAL	48,729	$1.217M	0.5%	$25.04	—	PFD	75574U200
APLE	APPLE HOSPITLITY	70,713	$1.097M	0.5%	$14.68	—	COM	03784Y200
—	EPR PROPERTIES	57,750	$1.028M	0.5%	$22.18	—	PFD	26884U208
IBM	INTL BUS MACHINE	7,643	$1.002M	0.4%	$120.73	0.0%	COM	459200101
EBMT	EAGLE BANCORP	70,000	$988K	0.4%	$19.45	-24.7%	COM	26942G100
FRAF	FRANKLIN FINL	33,015	$979K	0.4%	$26.57	+9.9%	COM	353525108
—	INVESCO TR INVT CEF	86,117	$865K	0.4%	$12.49	—	COM	46131M106
—	LYFT INC	885,000	$777K	0.3%	$0.85	—	DEB	55087PAB0
FISI	FINANCIAL INST	40,000	$771K	0.3%	$21.86	-9.0%	COM	317585404
MOAT	VANECK VECTORS ETF	10,339	$763K	0.3%	$68.82	—	COM	92189F643
—	TOTAL ENERGIES	12,266	$724K	0.3%	$49.18	—	ADR SHARES	89151E109
—	MCHENRY BANCORP	28,000	$711K	0.3%	$28.00	—	COM	580683209
ABBV	ABBVIE	4,000	$637K	0.3%	$137.22	+0.7%	COM	00287Y109
—	FIRST LONG ISLAND	45,074	$609K	0.3%	$19.48	—	COM	320734106
CZBT	CITIZENS BANC	20,000	$590K	0.3%	$20.63	+27.5%	COM	17316V104
VOO	VANGUARD S&P 500 ETF	1,477	$555K	0.2%	$387.30	—	COM	922908363
KEY	KEYCORP	39,895	$499K	0.2%	$13.75	+4.4%	COM	493267108
GDX	VANECK VECTORS ETF	14,453	$468K	0.2%	$29.76	—	COM	92189F106
BRK/B	BERKSHIRE HATH	1,336	$413K	0.2%	$290.80	+6.0%	COM CLASS B	084670702
BDX	BECTON DICKSON	1,599	$396K	0.2%	$232.23	0.0%	COM	075887109
—	SOUTH STATE	5,506	$392K	0.2%	$47.61	—	COM	840441109
HWC	HANCOCK WHITNEY	10,297	$375K	0.2%	$39.88	+17.0%	COM	410120109
—	PACWEST BANC	25,300	$375K	0.2%	$25.53	—	PFD	695263202
—	DIGITALBRIDGE	365,000	$365K	0.2%	$1.02	—	DEB	19624RAA4
IUSV	ISHARES CORE ETF	4,800	$354K	0.2%	$66.86	—	COM	464287663
MTB	M&T BANK	2,818	$337K	0.2%	$148.90	-11.7%	COM	55261F104
—	STARWOOD PRPTY	320,000	$320K	0.1%	$0.97	—	DEB	85571BAH8
QABA	FIRST TRUST	7,394	$318K	0.1%	$54.55	—	COM	33736Q104
—	LEGAND PHARMA	300,000	$297K	0.1%	$0.98	—	DEB	53220KAF5
—	BEYOND MEAT	1,250,000	$291K	0.1%	$0.38	—	DEB	08862EAB5
SPY	SPDR S&P 500 ETF	695	$285K	0.1%	$408.04	—	COM	78462F103
—	HOPE BANCORP	294,000	$284K	0.1%	$0.98	—	DEB	43940TAB5
—	EZCORP	245,000	$260K	0.1%	$1.02	—	DEB	302301AF3
—	SPOTIFY	305,000	$255K	0.1%	$0.85	—	DEB	84921RAB6
SBCF	SEACOAST BANKING	10,306	$244K	0.1%	$25.01	+18.9%	COM	811707801
—	CHEGG INC	260,000	$228K	0.1%	$1.01	—	DEB	163092AD1
FNWD	FINWARD	7,499	$218K	0.1%	$39.07	-16.5%	COM	31812F109
MSFT	MICROSOFT	744	$214K	0.1%	$247.95	+0.6%	COM	594918104
—	WESTERN DIGITAL	220,000	$212K	0.1%	$1.82	—	DEB	958102AP0
—	KKR REAL ESTATE	195,000	$193K	0.1%	$1.04	—	DEB	48251KAB6
WBD	WARNER BROS	12,323	$186K	0.1%	$16.84	-15.5%	COM	934423104
—	GUIDEWIRE	170,000	$166K	0.1%	$0.92	—	DEB	40171VAA8
—	NEW MOUNTAIN	155,000	$154K	0.1%	$0.99	—	DEB	647551AC4
—	SUPERNUS PHARMA	142,000	$142K	0.1%	$0.99	—	DEB	868459AD0
—	FORD MOTOR	117,000	$117K	0.1%	$0.91	—	DEB	345370CZ1
—	PARSONS CORP	100,000	$110K	0.0%	$1.03	—	DEB	70202LAB8
MOTG	VANECK ETF	3,225	$109K	0.0%	$32.13	—	COM	92189F122