Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MET	METLIFE	171,561	$10.79M	4.9%	$30.83	+88.2%	COM	59156R108
—	BUNGE LIMITED	76,566	$8.288M	3.7%	$71.76	—	COM	G16962105
TSBK	TIMBERLAND BANK	291,398	$7.897M	3.6%	$13.99	+87.3%	COM	887098101
EXSR	EXCHANGE BANK	76,324	$7.098M	3.2%	$113.44	-26.8%	COM	301227203
PFE	PFIZER	208,801	$6.926M	3.1%	$27.46	+11.3%	COM	717081103
SHEL	SHELL PLC	107,018	$6.89M	3.1%	$55.86	—	ADR SHARES	780259305
MRK	MERCK	65,191	$6.711M	3.0%	$61.63	+62.0%	COM	58933Y105
AEM	AGNICO EAGLE	143,644	$6.529M	2.9%	$55.54	-16.0%	COM	008474108
ET	ENERGY TRANSFER MLP	431,957	$6.06M	2.7%	$9.27	—	PARTENRSHIP SHARES	29273V100
FENY	FIDELITY ENERGY ETF	219,922	$5.478M	2.5%	$20.79	—	COM	316092402
SBFG	SB FINANCIAL	400,507	$5.407M	2.4%	$17.48	-20.1%	COM	78408D105
PKBK	PARKE BANCORP	306,456	$4.992M	2.3%	$15.42	+3.4%	COM	700885106
LFGP	LEDYARD FINANCIAL	331,296	$4.721M	2.1%	$24.92	-41.3%	COM	523338101
WY	WEYERHAEUSER	150,631	$4.618M	2.1%	$22.33	+37.1%	COM	962166104
—	RPT REALTY	89,939	$4.574M	2.1%	$49.12	—	PFD	74971D200
FBIZ	FIRST BUSINESS	152,170	$4.567M	2.1%	$21.32	+38.9%	COM	319390100
VTRS	VIATRIS INC	434,296	$4.282M	1.9%	$10.81	-13.6%	COM	92556V106
ENR	ENERGIZER	131,344	$4.208M	1.9%	$29.18	+4.7%	COM	29272W109
—	COMMUNITY WEST	315,897	$4.103M	1.9%	$9.19	—	COM	204157101
—	INNOVIVA	3,905,000	$3.85M	1.7%	$0.97	—	DEB	45781MAB7
—	GLOBAL MEDICAL	401,422	$3.601M	1.6%	$10.37	—	COM	37954A204
FXNC	FIRST NATIONAL	201,711	$3.552M	1.6%	$17.09	-7.5%	COM	32106V107
IFF	INTL FLAVORS	50,652	$3.453M	1.6%	$129.90	-47.1%	COM	459506101
VICI	VICI PRPTY	117,513	$3.42M	1.5%	$25.38	+6.5%	COM	925652109
—	NY COMM BANC	92,545	$3.375M	1.5%	$49.29	—	PFD	64944P307
CPKF	CHESAPEAKE FINL	172,500	$3.277M	1.5%	$19.60	-9.1%	COM	16517A109
BMBN	BENCHMARK BANK	142,000	$3.159M	1.4%	$14.10	+48.9%	COM	08160E207
BORT	BANK BOTETOURT	101,144	$2.979M	1.3%	$23.08	+20.3%	COM	063907208
PTBS	POTOMAC BANCSH	179,888	$2.95M	1.3%	$13.94	+9.0%	COM	737643106
ALRS	ALERUS FINAN	156,651	$2.848M	1.3%	$20.65	-17.2%	COM	01446U103
ACI	ALBERTSONS	117,761	$2.679M	1.2%	$19.12	+9.0%	COM	013091103
FMBM	F&M BANCORP	133,914	$2.677M	1.2%	$22.95	-19.2%	COM	30237P106
CSBB	CSB BANCORP	68,500	$2.586M	1.2%	$35.09	-3.0%	COM	12628R107
—	HARBOR CUSTOM	545,575	$2.433M	1.1%	$15.47	—	PFD	41150T207
—	NRG ENERGY	2,225,000	$2.354M	1.1%	$1.03	—	DEB	629377CG5
—	LXP INDUSTRIAL	254,457	$2.265M	1.0%	$11.24	—	COM	529043101
—	HCI GROUP	2,305,000	$2.167M	1.0%	$0.94	—	DEB	40416EAF0
MNSB	MAIN STREET BANC	97,584	$2.004M	0.9%	$20.52	+5.4%	COM	56064Y100
AIG	AMERICAN INTL	32,500	$1.97M	0.9%	$29.33	+93.1%	COM	026874784
HCI	HCI GROUP	36,242	$1.968M	0.9%	$116.71	-51.3%	COM	40416E103
SOBS	SOLVAY BANK	71,799	$1.903M	0.9%	$25.10	-3.1%	COM	83441Q105
CTO	CTO REALTY	115,455	$1.872M	0.8%	$17.60	—	COM	22948Q101
ABCB	AMERIS BANCORP	45,206	$1.735M	0.8%	$34.55	+11.6%	COM	03076K108
—	GREAT AJAX	71,635	$1.728M	0.8%	$24.17	—	PFD	38983D409
APLE	APPLE HOSPITLITY	110,657	$1.697M	0.8%	$14.88	—	COM	03784Y200
MFGI	MERCHANTS FINAN	64,300	$1.603M	0.7%	$24.27	+0.8%	COM	588538108
VZ	VERIZON	46,983	$1.523M	0.7%	$39.62	-26.8%	COM	92343V104
ORRF	ORRSTOWN FINL	70,000	$1.471M	0.7%	$16.93	+18.6%	COM	687380105
FSBH	FSBH CORP	189,700	$1.463M	0.7%	$8.95	-15.0%	COM	30325F101
—	FIRST NATIONAL	242,485	$1.443M	0.7%	$7.87	—	COM	302578109
TSN	TYSON FOODS	28,320	$1.43M	0.6%	$71.97	-32.0%	COM	902494103
MPT	MEDICAL PRTY	253,765	$1.383M	0.6%	$10.94	—	COM	58463J304
FCCO	FIRST COMMUNITY	76,500	$1.321M	0.6%	$15.93	+4.3%	COM	319835104
SFL	SFL CORP	115,600	$1.289M	0.6%	$9.30	+11.4%	COM	G7738W106
—	ETSY	1,550,000	$1.24M	0.6%	$0.83	—	DEB	29786AALO
BKFL	BANK FLORIDA	100,000	$1.2M	0.5%	$12.93	0.0%	COM	06645F104
—	EPR PROPERTIES	57,450	$1.073M	0.5%	$22.18	—	PFD	26884U208
—	MCHENRY BANCORP	29,000	$1.066M	0.5%	$36.75	—	COM	580683100
T	AT&T INC	68,763	$1.033M	0.5%	$15.60	-17.0%	COM	00206R102
—	VIAVI SOLUTIONS	1,000,000	$978K	0.4%	$0.98	—	DEB	925550AB1
MOAT	VANECK VECTORS ETF	12,631	$958K	0.4%	$70.10	—	COM	92189F643
VOO	VANGUARD S&P 500 ETF	2,268	$891K	0.4%	$389.91	—	COM	922908363
EBMT	EAGLE BANCORP	70,481	$839K	0.4%	$19.45	-40.2%	COM	26942G100
—	LYFT INC	885,000	$813K	0.4%	$0.85	—	DEB	55087PAB0
—	TOTALENERGIES	12,000	$789K	0.4%	$65.76	—	COM	89151E109
FISI	FINANCIAL INST	45,600	$767K	0.3%	$21.02	-26.6%	COM	317585404
—	INVESCO TR INVT CEF	86,117	$732K	0.3%	$12.49	—	COM	46131M106
FRAF	FRANKLIN FINL	25,120	$716K	0.3%	$26.57	-0.8%	COM	353525108
—	CAMBRIDGE BANC	10,859	$676K	0.3%	$66.42	—	COM	132152109
MCBI	MOUNTAIN COMM	38,000	$619K	0.3%	$18.05	-13.0%	COM	624004107
GDX	VANECK VECTORS ETF	21,953	$591K	0.3%	$29.64	—	COM	92189F106
ABBV	ABBVIE	3,676	$548K	0.2%	$137.22	-1.4%	COM	00287Y109
KEY	KEYCORP	50,767	$546K	0.2%	$12.76	-23.6%	COM	493267108
—	FIRST LONG ISLAND	47,438	$546K	0.2%	$19.17	—	COM	320734106
—	PACWEST BANC	25,700	$527K	0.2%	$25.33	—	PFD	695263202
BRK/B	BERKSHIRE HATH	1,336	$468K	0.2%	$290.80	+22.0%	COM CLASS B	084670702
CZBT	CITIZENS BANC	16,223	$464K	0.2%	$22.95	+18.5%	COM	17316V104
HWC	HANCOCK WHITNEY	10,656	$394K	0.2%	$39.81	+2.5%	COM	410120109
MTB	M&T BANK	2,980	$377K	0.2%	$146.92	-18.0%	COM	55261F104
—	SOUTH STATE	5,583	$376K	0.2%	$47.61	—	COM	840441109
IBM	INTL BUS MACHINE	2,560	$359K	0.2%	$120.73	+9.1%	COM	459200101
IUSV	ISHARES CORE ETF	4,800	$358K	0.2%	$66.86	—	COM	464287663
QABA	FIRST TRUST	8,899	$354K	0.2%	$50.38	—	COM	33736Q104
—	EURONET	364,000	$334K	0.2%	$0.92	—	DEB	298736AL3
MSFT	MICROSOFT	1,052	$332K	0.1%	$265.26	+22.4%	COM	594918104
—	ARES CAP	315,000	$320K	0.1%	$1.00	—	DEB	04010LAW3
SPY	SPDR S&P 500 ETF	732	$313K	0.1%	$410.84	—	COM	78462F103
BRBS	BLUE RIDGE BANK	66,697	$301K	0.1%	$11.94	-37.7%	COM	095825105
—	SPOTIFY	330,000	$281K	0.1%	$0.85	—	DEB	84921RAB6
—	CHEGG INC	290,000	$261K	0.1%	$0.99	—	DEB	163092AD1
—	EXPEDIA GROUP	300,000	$261K	0.1%	$0.87	—	DEB	30212PBE4
—	EZCORP	245,000	$251K	0.1%	$1.02	—	DEB	302301AF3
—	WESTERN DIGITAL	250,000	$246K	0.1%	$1.72	—	DEB	958102AP0
SCHV	SCHWAB	3,667	$236K	0.1%	$67.09	—	COM	808524409
SBCF	SEACOAST BANKING	10,682	$235K	0.1%	$24.92	-6.1%	COM	811707801
MSTQX	MORNING STAR	19,348	$213K	0.1%	$10.99	—	COM	617697107
TFC	TRUIST FINAN	7,084	$203K	0.1%	$27.15	0.0%	COM	89832Q109
—	GUIDEWIRE	200,000	$203K	0.1%	$0.92	—	DEB	40171VAA8
BDX	BECTON DICKSON	739	$191K	0.1%	$232.23	+11.2%	COM	075887109
BANC	BANC CALIFORNIA	15,000	$186K	0.1%	$11.90	0.0%	COM	05990K106
SCHG	SCHWAB	2,515	$183K	0.1%	$74.95	—	COM	808524300
SCHF	SCHWAB	5,301	$180K	0.1%	$35.60	—	COM	808524805
FBAK	FIRST NATL AK	849	$160K	0.1%	$138.82	+14.0%	COM	32112J106
ZION	ZION BANC	4,182	$146K	0.1%	$34.87	0.0%	COM	989701107
WBD	WARNER BROS	12,637	$137K	0.1%	$16.75	-25.5%	COM	934423104
—	PARSONS CORP	100,000	$127K	0.1%	$1.03	—	DEB	70202LAB8
—	FORD MOTOR	117,000	$115K	0.1%	$0.91	—	DEB	345370CZ1
AMZN	AMAZON	880	$112K	0.1%	$134.00	0.0%	COM	023135106
—	GREENBRIER	117,000	$110K	0.0%	$0.98	—	DEB	393657AM3
MOTG	VANECK ETF	3,225	$104K	0.0%	$32.13	—	COM	92189F122
MSTFX	MORNING STAR	10,493	$101K	0.0%	$9.59	—	COM	617697206