Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MET	METLIFE	171,524	$11.34M	4.7%	$30.83	+90.6%	COM	59156R108
TSBK	TIMBERLAND BANK	291,831	$9.181M	3.8%	$13.99	+93.1%	COM	887098101
BG	BUNGE LIMITED	79,468	$8.022M	3.3%	$98.11	0.0%	COM	H11356104
AEM	AGNICO EAGLE	145,055	$7.956M	3.3%	$55.54	-13.6%	COM	008474108
EXSR	EXCHANGE BANK	76,459	$7.722M	3.2%	$113.44	-27.0%	COM	301227203
MRK	MERCK	65,478	$7.138M	3.0%	$61.63	+57.1%	COM	58933Y105
SHEL	SHELL PLC	107,441	$7.07M	2.9%	$55.86	—	ADR SHARES	780259305
PFE	PFIZER	224,661	$6.468M	2.7%	$27.38	-3.6%	COM	717081103
PKBK	PARKE BANCORP	307,829	$6.234M	2.6%	$15.42	+5.6%	COM	700885106
FBIZ	FIRST BUSINESS	152,514	$6.116M	2.5%	$21.32	+49.0%	COM	319390100
ET	ENERGY TRANSFER MLP	441,212	$6.089M	2.5%	$9.37	—	PARTENRSHIP SHARES	29273V100
SBFG	SB FINANCIAL	400,283	$6.084M	2.5%	$17.48	-21.2%	COM	78408D105
LFGP	LEDYARD FINANCIAL	331,296	$5.599M	2.3%	$24.92	-41.0%	COM	523338101
—	HCI GROUP	4,320,000	$5.335M	2.2%	$1.08	—	DEB	40416EAF0
FENY	FIDELITY ENERGY ETF	231,343	$5.33M	2.2%	$20.90	—	COM	316092402
WY	WEYERHAEUSER	150,505	$5.233M	2.2%	$22.33	+30.4%	COM	962166104
VTRS	VIATRIS INC	462,477	$5.009M	2.1%	$10.68	-18.7%	COM	92556V106
—	RPT REALTY	87,231	$4.984M	2.1%	$49.12	—	PFD	74971D200
—	GLOBAL MEDICAL	413,713	$4.592M	1.9%	$10.39	—	COM	37954A204
FXNC	FIRST NATIONAL	202,745	$4.41M	1.8%	$17.09	+4.7%	COM	32106V107
—	NY COMM BANC	104,570	$4.341M	1.8%	$48.39	—	PFD	64944P307
—	INNOVIVA	3,860,000	$4.162M	1.7%	$0.97	—	DEB	45781MAB7
—	COMMUNITY WEST	234,835	$4.084M	1.7%	$9.19	—	COM	204157101
VICI	VICI PRPTY	125,705	$4.007M	1.7%	$25.41	+2.0%	COM	925652109
ALRS	ALERUS FINAN	157,480	$3.526M	1.5%	$20.65	-16.1%	COM	01446U103
BMBN	BENCHMARK BANK	143,000	$3.362M	1.4%	$14.10	+48.6%	COM	08160E207
CPKF	CHESAPEAKE FINL	173,000	$3.166M	1.3%	$19.60	-17.3%	COM	16517A109
BORT	BANK BOTETOURT	103,844	$2.949M	1.2%	$23.19	+17.4%	COM	063907208
ACI	ALBERTSONS	125,985	$2.898M	1.2%	$19.22	+7.8%	COM	013091103
—	NRG ENERGY	2,205,000	$2.833M	1.2%	$1.03	—	DEB	629377CG5
MNSB	MAIN STREET BANC	110,269	$2.736M	1.1%	$20.50	-0.8%	COM	56064Y100
PTBS	POTOMAC BANCSH	184,188	$2.726M	1.1%	$13.95	+1.2%	COM	737643106
ENR	ENERGIZER	85,154	$2.698M	1.1%	$29.18	-2.4%	COM	29272W109
CSBB	CSB BANCORP	69,350	$2.603M	1.1%	$35.09	-1.0%	COM	12628R107
—	LXP INDUSTRIAL	261,642	$2.595M	1.1%	$11.20	—	COM	529043101
FMBM	F&M BANCORP	133,914	$2.585M	1.1%	$22.95	-32.1%	COM	30237P106
CTO	CTO REALTY	136,772	$2.37M	1.0%	$17.56	—	COM	22948Q101
VZ	VERIZON	62,136	$2.343M	1.0%	$37.51	-17.4%	COM	92343V104
—	LIBERTY MEDIA	2,300,000	$2.333M	1.0%	$1.01	—	DEB	531229AQ5
SFL	SFL CORP	205,510	$2.318M	1.0%	$10.10	+10.2%	COM	G7738W106
ABCB	AMERIS BANCORP	42,139	$2.235M	0.9%	$34.55	+20.6%	COM	03076K108
APLE	APPLE HOSPITLITY	133,063	$2.21M	0.9%	$15.17	—	COM	03784Y200
AIG	AMERICAN INTL	32,500	$2.202M	0.9%	$29.33	+107.3%	COM	026874784
IFF	INTL FLAVORS	25,977	$2.103M	0.9%	$129.90	-47.0%	COM	459506101
SOBS	SOLVAY BANK	73,199	$1.99M	0.8%	$25.07	-5.9%	COM	83441Q105
MFGI	MERCHANTS FINAN	72,300	$1.717M	0.7%	$24.01	-8.7%	COM	588538108
—	GREAT AJAX	68,835	$1.692M	0.7%	$24.17	—	PFD	38983D409
FCCO	FIRST COMMUNITY	76,500	$1.647M	0.7%	$15.93	+7.9%	COM	319835104
—	EPR PROPERTIES	70,991	$1.512M	0.6%	$22.01	—	PFD	26884U208
TSN	TYSON FOODS	27,921	$1.501M	0.6%	$71.97	-37.4%	COM	902494103
—	FIRST NATIONAL	215,956	$1.466M	0.6%	$7.87	—	COM	302578109
FSBH	FSBH CORP	189,700	$1.463M	0.6%	$8.95	-15.0%	COM	30325F101
—	JAZZ PHARMA	1,350,000	$1.311M	0.5%	$0.97	—	DEB	472145AD3
—	ETSY	1,525,000	$1.297M	0.5%	$0.83	—	DEB	29786AALO
MOAT	VANECK VECTORS ETF	14,733	$1.25M	0.5%	$72.21	—	COM	92189F643
BKFL	BANK FLORIDA	100,000	$1.2M	0.5%	$12.93	+4.4%	COM	06645F104
—	MCHENRY BANCORP	32,515	$1.174M	0.5%	$36.10	—	COM	586083100
T	AT&T INC	67,517	$1.133M	0.5%	$15.60	-8.9%	COM	00206R102
EBMT	EAGLE BANCORP	70,741	$1.117M	0.5%	$19.45	-40.9%	COM	26942G100
—	STARWOOD	995,000	$1.069M	0.4%	$1.07	—	DEB	85571BBA2
VOO	VANGUARD S&P 500 ETF	2,442	$1.067M	0.4%	$393.26	—	COM	922908363
FISI	FINANCIAL INST	45,646	$972K	0.4%	$21.02	-24.2%	COM	317585404
—	VIAVI SOLUTIONS	985,000	$963K	0.4%	$0.98	—	DEB	925550AB1
—	INVESCO TR INVT CEF	86,117	$852K	0.4%	$12.49	—	COM	46131M106
—	LYFT INC	860,000	$814K	0.3%	$0.85	—	DEB	55087PAB0
FRAF	FRANKLIN FINL	24,166	$762K	0.3%	$26.57	+9.2%	COM	353525108
GDX	VANECK VECTORS ETF	23,667	$734K	0.3%	$29.74	—	COM	92189F106
MCBI	MOUNTAIN COMM	38,000	$703K	0.3%	$18.05	-10.0%	COM	624004107
KEY	KEYCORP	48,435	$697K	0.3%	$12.76	-16.5%	COM	493267108
MPT	MEDICAL PRTY	141,954	$697K	0.3%	$10.94	—	COM	58463J304
BANC	BANC CALIFORNIA	47,750	$641K	0.3%	$11.72	-0.7%	COM	05990K106
—	FIRST LONG ISLAND	47,707	$632K	0.3%	$19.17	—	COM	320734106
ABBV	ABBVIE	3,815	$591K	0.2%	$137.16	-1.0%	COM	00287Y109
—	BANK CALIFORNIA	25,350	$589K	0.2%	$23.22	—	COM	05990K841
CZBT	CITIZENS BANC	18,650	$541K	0.2%	$23.28	+9.6%	COM	17316V104
HWC	HANCOCK WHITNEY	10,728	$521K	0.2%	$39.81	+0.4%	COM	410120109
—	HARBOR CUSTOM	522,975	$497K	0.2%	$15.47	—	PFD	41150T207
BRK/B	BERKSHIRE HATH	1,336	$476K	0.2%	$290.80	+20.7%	COM CLASS B	084670702
—	SOUTH STATE	5,619	$475K	0.2%	$47.61	—	COM	840441109
QABA	FIRST TRUST	8,901	$444K	0.2%	$50.38	—	COM	33736Q104
MTB	M&T BANK	3,007	$412K	0.2%	$146.92	-20.2%	COM	55261F104
IUSV	IS S&P US	4,800	$405K	0.2%	$66.86	—	COM	464287663
MSFT	MICROSOFT	1,052	$396K	0.2%	$265.26	+32.1%	COM	594918104
TRAIX	TRP CAPITAL	9,841	$334K	0.1%	$33.90	—	COM	77954M303
—	EURONET	344,000	$322K	0.1%	$0.92	—	DEB	298736AL3
SPY	SPDR S&P 500 ETF	660	$314K	0.1%	$410.84	—	COM	78462F103
SBCF	SEACOAST BANKING	10,748	$306K	0.1%	$24.92	-5.6%	COM	811707801
—	ARES CAP	295,000	$304K	0.1%	$1.00	—	DEB	04010LAW3
—	CHEGG INC	290,000	$267K	0.1%	$0.99	—	DEB	163092AD1
—	EXPEDIA GROUP	275,000	$260K	0.1%	$0.87	—	DEB	30212PBE4
SCHV	SCHWAB	3,667	$257K	0.1%	$67.09	—	COM	808524409
—	SPOTIFY	290,000	$255K	0.1%	$0.85	—	DEB	84921RAB6
—	EZCORP	215,000	$218K	0.1%	$1.02	—	DEB	302301AF3
—	WESTERN DIGITAL	210,000	$209K	0.1%	$1.72	—	DEB	958102AP0
BRBS	BLUE RIDGE BANK	66,403	$201K	0.1%	$11.94	-75.8%	COM	095825105
KR	KROGER	4,150	$190K	0.1%	$42.39	0.0%	COM	501044101
—	GUIDEWIRE	165,000	$181K	0.1%	$0.92	—	DEB	40171VAA8
WBD	WARNER BROS	12,637	$144K	0.1%	$16.75	-35.5%	COM	934423104
—	PARSONS CORP	100,000	$143K	0.1%	$1.03	—	DEB	70202LAB8
SCHF	SCHWAB	3,779	$140K	0.1%	$35.60	—	COM	808524805
AMZN	AMAZON	880	$134K	0.1%	$134.00	+4.6%	COM	023135106
—	FORD MOTOR	117,000	$116K	0.0%	$0.91	—	DEB	345370CZ1
—	GREENBRIER	117,000	$115K	0.0%	$0.98	—	DEB	393657AM3
MOTG	VANECK ETF	3,225	$113K	0.0%	$32.13	—	COM	92189F122
—	CHEVRON BOFA	94,000	$106K	0.0%	$1.12	—	DEB	09709UTW8
IYR	IS RUS MID	886	$103K	0.0%	$116.29	—	COM	464287739