# EDGAR Filing Document

**Accession Number:** 0001411784
**File Stem:** 0001411784-26-000002
**Filing Date:** 2026-2
**Character Count:** 26845
**Document Hash:** 57c120bfad237f6f3c818da3b3b927b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001411784-26-000002.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0001411784-26-000002

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260212

**EFFECTIVENESS DATE**: 20260212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pinnacle Holdings, LLC
- **CENTRAL INDEX KEY:** 0001411784

**ORGANIZATION NAME:**
- **EIN:** 204065035
- **STATE OF INCORPORATION:** OK
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-12706
- **FILM NUMBER:** 26624308

**BUSINESS ADDRESS:**
- **STREET 1:** 1616 EAST 15TH STREET
- **CITY:** TULSA
- **STATE:** OK
- **ZIP:** 74120
- **BUSINESS PHONE:** 918-582-6864

**MAIL ADDRESS:**
- **STREET 1:** 1616 EAST 15TH STREET
- **CITY:** TULSA
- **STATE:** OK
- **ZIP:** 74120

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** Pinnacle Holdings LLC<br>**Address:** 1616 EAST 15TH STREET<br>TULSA, OK 74120

**Form 13F File Number:** 028-12706

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** David M Poarch<br>**Title:** Managing Partner<br>**Phone:** 9185826864

**Signature, Place, and Date of Signing:**

David M Poarch  Tulsa, OK  02-12-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 248

**Form 13F Information Table Value Total:** $295990894

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| Barrick Mining Corporation | COM | 005566843 |  | 53958 | 1239 | SH |  | SOLE |  | 1239 | 0 | 0 |
| Alpha Metallurgical Resources | COM | 020764106 |  | 135938 | 680 | SH |  | SOLE |  | 680 | 0 | 0 |
| Amazon.com | COM | 023135106 |  | 2555408 | 11071 | SH |  | SOLE |  | 11071 | 0 | 0 |
| American Express Company | COM | 025816109 |  | 3237802 | 8752 | SH |  | SOLE |  | 8752 | 0 | 0 |
| Amgen Inc | COM | 031162100 |  | 4317219 | 13190 | SH |  | SOLE |  | 13190 | 0 | 0 |
| Apple | COM | 037833100 |  | 5432864 | 19984 | SH |  | SOLE |  | 19984 | 0 | 0 |
| Astrazeneca | COM | 046353108 |  | 73544 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| Bank of America | COM | 060505104 |  | 2120140 | 38548 | SH |  | SOLE |  | 38548 | 0 | 0 |
| Bank of America | CONV PREF | 060505682 |  | 1442480 | 11015 | SH |  | SOLE |  | 11015 | 0 | 0 |
| Berkshire Hills Bancorp | COM | 084680107 |  | 14240 | 540 | SH |  | SOLE |  | 540 | 0 | 0 |
| The Boeing Company | COM | 097023105 |  | 2103459 | 9688 | SH |  | SOLE |  | 9688 | 0 | 0 |
| BW LPG Limited | COM | 099789646 |  | 39667 | 3028 | SH |  | SOLE |  | 3028 | 0 | 0 |
| CNB Financial | COM | 126128107 |  | 1311754 | 50124 | SH |  | SOLE |  | 50124 | 0 | 0 |
| CVB Financial | COM | 126600105 |  | 368336 | 19803 | SH |  | SOLE |  | 19803 | 0 | 0 |
| Coterra Energy | COM | 127097103 |  | 125968 | 4786 | SH |  | SOLE |  | 4786 | 0 | 0 |
| Cal-Maine Foods | COM | 128030202 |  | 30396 | 382 | SH |  | SOLE |  | 382 | 0 | 0 |
| Star Bulk Carriers | COM | 143816842 |  | 54162 | 2818 | SH |  | SOLE |  | 2818 | 0 | 0 |
| Caterpillar | COM | 149123101 |  | 5532206 | 9657 | SH |  | SOLE |  | 9657 | 0 | 0 |
| Chemours Company | COM | 163851108 |  | 944296 | 80093 | SH |  | SOLE |  | 80093 | 0 | 0 |
| Expand Energy | WARRANT | 165167180 |  | 17140 | 172 | SH |  | SOLE |  | 172 | 0 | 0 |
| Expand Energy Corporation | COM | 165167735 |  | 37379 | 339 | SH |  | SOLE |  | 339 | 0 | 0 |
| Chevron Corporation | COM | 166764100 |  | 2129625 | 13973 | SH |  | SOLE |  | 13973 | 0 | 0 |
| Citigroup | COM | 172967424 |  | 3387744 | 29032 | SH |  | SOLE |  | 29032 | 0 | 0 |
| Citizens Financial Group | COM | 174610105 |  | 680885 | 11657 | SH |  | SOLE |  | 11657 | 0 | 0 |
| Citizens Community Bancorp | COM | 174903104 |  | 1627804 | 91347 | SH |  | SOLE |  | 91347 | 0 | 0 |
| Civista Bancshares | COM | 178867107 |  | 1311647 | 59030 | SH |  | SOLE |  | 59030 | 0 | 0 |
| Cleveland-Cliffs | COM | 185899101 |  | 1454784 | 109547 | SH |  | SOLE |  | 109547 | 0 | 0 |
| The Coca-Cola Company | COM | 191216100 |  | 681133 | 9743 | SH |  | SOLE |  | 9743 | 0 | 0 |
| Columbia Banking System | COM | 197236102 |  | 16546 | 592 | SH |  | SOLE |  | 592 | 0 | 0 |
| Commercial Vehicle Group | COM | 202608105 |  | 14828 | 10297 | SH |  | SOLE |  | 10297 | 0 | 0 |
| Community West Bancshares | COM | 203937107 |  | 492885 | 21906 | SH |  | SOLE |  | 21906 | 0 | 0 |
| Mercedes | COM | 233825207 |  | 35141 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| Dicks Sporting Goods | COM | 253393102 |  | 18609 | 94 | SH |  | SOLE |  | 94 | 0 | 0 |
| Walt Disney | COM | 254687106 |  | 1036786 | 9113 | SH |  | SOLE |  | 9113 | 0 | 0 |
| Dow Inc | COM | 260557103 |  | 83700 | 3580 | SH |  | SOLE |  | 3580 | 0 | 0 |
| Enterprise Products Partners | COM | 293792107 |  | 2849942 | 88894 | SH |  | SOLE |  | 88894 | 0 | 0 |
| EZCORP | COM | 302301106 |  | 19420 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| F.N.B. Corporation | COM | 302520101 |  | 120863 | 7068 | SH |  | SOLE |  | 7068 | 0 | 0 |
| Freddie Mac | COM | 313400301 |  | 5663210 | 558502 | SH |  | SOLE |  | 558502 | 0 | 0 |
| Freddie Mac | PREF STK | 313400640 |  | 2332744 | 179580 | SH |  | SOLE |  | 179580 | 0 | 0 |
| Federal National Mortgage Association | COM | 313586109 |  | 1216653 | 113388 | SH |  | SOLE |  | 113388 | 0 | 0 |
| Fannie Mae | PREF STK | 313586752 |  | 91380 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| Fifth Third Bancorp | COM | 316773100 |  | 544166 | 11625 | SH |  | SOLE |  | 11625 | 0 | 0 |
| First Community Corp | COM | 319835104 |  | 1372854 | 46302 | SH |  | SOLE |  | 46302 | 0 | 0 |
| The First Financial Corp | COM | 320218100 |  | 494853 | 8190 | SH |  | SOLE |  | 8190 | 0 | 0 |
| First Northwest BanCorp | COM | 335834107 |  | 796625 | 84928 | SH |  | SOLE |  | 84928 | 0 | 0 |
| Ford | COM | 345370860 |  | 83749 | 6383 | SH |  | SOLE |  | 6383 | 0 | 0 |
| General Electric Company | COM | 369604103 |  | 462507 | 1501 | SH |  | SOLE |  | 1501 | 0 | 0 |
| Genesis Energy | COM | 371927104 |  | 3710413 | 237847 | SH |  | SOLE |  | 237847 | 0 | 0 |
| Green Brick Partners | COM | 392709101 |  | 68863 | 1099 | SH |  | SOLE |  | 1099 | 0 | 0 |
| Hancock Whitney Corporation | COM | 410120109 |  | 396854 | 6232 | SH |  | SOLE |  | 6232 | 0 | 0 |
| Harley-Davidson | COM | 412822108 |  | 30079 | 1468 | SH |  | SOLE |  | 1468 | 0 | 0 |
| Hawthorn Bancshares | COM | 420476103 |  | 1666007 | 47764 | SH |  | SOLE |  | 47764 | 0 | 0 |
| Hello Group | COM | 423403104 |  | 50527 | 7714 | SH |  | SOLE |  | 7714 | 0 | 0 |
| Hess Midstream Partners | COM | 428103105 |  | 3092047 | 89625 | SH |  | SOLE |  | 89625 | 0 | 0 |
| The Home Depot | COM | 437076102 |  | 3477475 | 10106 | SH |  | SOLE |  | 10106 | 0 | 0 |
| Honeywell International | COM | 438516106 |  | 1876181 | 9617 | SH |  | SOLE |  | 9617 | 0 | 0 |
| Hovnanian | PREF STK | 442871112 |  | 2167200 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| Hugoton Royalty Trust | COM | 444717102 |  | 109263 | 370194 | SH |  | SOLE |  | 370194 | 0 | 0 |
| Intel Corporation | COM | 458140100 |  | 216419 | 5865 | SH |  | SOLE |  | 5865 | 0 | 0 |
| International Business Machines | COM | 459200101 |  | 3155525 | 10653 | SH |  | SOLE |  | 10653 | 0 | 0 |
| iShares Barclays TIPS Bond | COM | 464287176 |  | 223053 | 2029 | SH |  | SOLE |  | 2029 | 0 | 0 |
| Jetblue Airways | COM | 477143101 |  | 1148061 | 252321 | SH |  | SOLE |  | 252321 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 2340604 | 11310 | SH |  | SOLE |  | 11310 | 0 | 0 |
| La-Z-Boy | COM | 505336107 |  | 1291778 | 34660 | SH |  | SOLE |  | 34660 | 0 | 0 |
| McDonald's | COM | 580135101 |  | 2955748 | 9671 | SH |  | SOLE |  | 9671 | 0 | 0 |
| Republic Airways | COM | 590479408 |  | 2033054 | 110673 | SH |  | SOLE |  | 110673 | 0 | 0 |
| Microsoft Corporation | COM | 594918104 |  | 5140242 | 10629 | SH |  | SOLE |  | 10629 | 0 | 0 |
| MidWest One Financial | COM | 598511103 |  | 2934586 | 76223 | SH |  | SOLE |  | 76223 | 0 | 0 |
| MIND Technology | COM | 602566309 |  | 46411 | 5280 | SH |  | SOLE |  | 5280 | 0 | 0 |
| NMI Holdings | COM | 629209305 |  | 2615292 | 64116 | SH |  | SOLE |  | 64116 | 0 | 0 |
| New Fortress Energy | COM | 644393100 |  | 66975 | 58750 | SH |  | SOLE |  | 58750 | 0 | 0 |
| Flagstar Financial Inc. | COM | 649445400 |  | 1362802 | 108245 | SH |  | SOLE |  | 108245 | 0 | 0 |
| Newmont Mining | COM | 651639106 |  | 39940 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| Nike | COM | 654106103 |  | 555615 | 8721 | SH |  | SOLE |  | 8721 | 0 | 0 |
| Northern Oil and Gas | COM | 665531307 |  | 19946 | 929 | SH |  | SOLE |  | 929 | 0 | 0 |
| OceanFirst Financial | COM | 675234108 |  | 919758 | 51240 | SH |  | SOLE |  | 51240 | 0 | 0 |
| Okta | COM | 679295105 |  | 78947 | 913 | SH |  | SOLE |  | 913 | 0 | 0 |
| Old National Bancorp | COM | 680033107 |  | 1266115 | 56751 | SH |  | SOLE |  | 56751 | 0 | 0 |
| ONEOK | COM | 682680103 |  | 4293104 | 58410 | SH |  | SOLE |  | 58410 | 0 | 0 |
| Orrstow Financial Services | COM | 687380105 |  | 1106175 | 31230 | SH |  | SOLE |  | 31230 | 0 | 0 |
| PAM Transporation Services | COM | 693149106 |  | 695627 | 57585 | SH |  | SOLE |  | 57585 | 0 | 0 |
| Parke Bancorp | COM | 700885106 |  | 1250523 | 49941 | SH |  | SOLE |  | 49941 | 0 | 0 |
| Peoples Bancorp | COM | 709789101 |  | 1110413 | 36977 | SH |  | SOLE |  | 36977 | 0 | 0 |
| Peoples Bancorp | COM | 710577107 |  | 1262982 | 34889 | SH |  | SOLE |  | 34889 | 0 | 0 |
| Pfizer | COM | 717081103 |  | 122732 | 4929 | SH |  | SOLE |  | 4929 | 0 | 0 |
| Plains All American Pipeline | COM | 726503105 |  | 99858 | 5560 | SH |  | SOLE |  | 5560 | 0 | 0 |
| Pricesmart | COM | 741511109 |  | 12267 | 100 | SH |  | SOLE |  | 100 | 0 | 0 |
| Procter  Gamble | COM | 742718109 |  | 1504468 | 10498 | SH |  | SOLE |  | 10498 | 0 | 0 |
| SSR Mining | COM | 784730103 |  | 13813 | 630 | SH |  | SOLE |  | 630 | 0 | 0 |
| Schwab US TIPS ETF | COM | 808524870 |  | 8159 | 308 | SH |  | SOLE |  | 308 | 0 | 0 |
| Sherwin-Williams | COM | 824348106 |  | 2771429 | 8553 | SH |  | SOLE |  | 8553 | 0 | 0 |
| Stifel Financial | COM | 860630102 |  | 56850 | 454 | SH |  | SOLE |  | 454 | 0 | 0 |
| Taiwan Semiconductor Manufacturing | COM | 874039100 |  | 159238 | 524 | SH |  | SOLE |  | 524 | 0 | 0 |
| Toll Brothers | COM | 889478103 |  | 27044 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| Turtle Beach | COM | 900450206 |  | 904865 | 64495 | SH |  | SOLE |  | 64495 | 0 | 0 |
| U S Bancorp | COM | 902973304 |  | 64566 | 1210 | SH |  | SOLE |  | 1210 | 0 | 0 |
| Unisys Corp | COM | 909214306 |  | 483259 | 175094 | SH |  | SOLE |  | 175094 | 0 | 0 |
| Unit Corp | WARRANT | 909218125 |  | 334475 | 142938 | SH |  | SOLE |  | 142938 | 0 | 0 |
| Unit Corp | COM | 909218406 |  | 2746884 | 89040 | SH |  | SOLE |  | 89040 | 0 | 0 |
| United Bancshares | COM | 909458101 |  | 992439 | 22302 | SH |  | SOLE |  | 22302 | 0 | 0 |
| United Parcel Service | COM | 911312106 |  | 93735 | 945 | SH |  | SOLE |  | 945 | 0 | 0 |
| Wal-Mart Stores | COM | 931142103 |  | 1338826 | 12017 | SH |  | SOLE |  | 12017 | 0 | 0 |
| Wells Fargo | COM | 949746101 |  | 351550 | 3772 | SH |  | SOLE |  | 3772 | 0 | 0 |
| Westlake Chemical Partners | COM | 960417103 |  | 739898 | 38942 | SH |  | SOLE |  | 38942 | 0 | 0 |
| Whirlpool Corp | COM | 963320106 |  | 1285246 | 17816 | SH |  | SOLE |  | 17816 | 0 | 0 |
| Williams Companies | COM | 969457100 |  | 4751284 | 79043 | SH |  | SOLE |  | 79043 | 0 | 0 |
| Wingstop | COM | 974155103 |  | 44598 | 187 | SH |  | SOLE |  | 187 | 0 | 0 |
| Yelp | COM | 985817105 |  | 1100999 | 36229 | SH |  | SOLE |  | 36229 | 0 | 0 |
| Zions Bancorp | COM | 989701107 |  | 775304 | 13244 | SH |  | SOLE |  | 13244 | 0 | 0 |
| Renasant Corp | COM | 75970e107 |  | 1513615 | 42976 | SH |  | SOLE |  | 42976 | 0 | 0 |
| Argan | COM | 04010e109 |  | 32899 | 105 | SH |  | SOLE |  | 105 | 0 | 0 |
| Eventbrite | COM | 29975e109 |  | 993525 | 223264 | SH |  | SOLE |  | 223264 | 0 | 0 |
| Fortinet | COM | 34959e109 |  | 23744 | 299 | SH |  | SOLE |  | 299 | 0 | 0 |
| The Travelers Companies | COM | 89417e109 |  | 2868113 | 9888 | SH |  | SOLE |  | 9888 | 0 | 0 |
| AMG | CONV PREF | 00170F209 |  | 2033010 | 27660 | SH |  | SOLE |  | 27660 | 0 | 0 |
| Academy Sports | COM | 00402l107 |  | 1465926 | 29342 | SH |  | SOLE |  | 29342 | 0 | 0 |
| Alerus Financial | COM | 01446u103 |  | 1103457 | 48999 | SH |  | SOLE |  | 48999 | 0 | 0 |
| Alliance Resource Partners | COM | 01877r108 |  | 3006494 | 129423 | SH |  | SOLE |  | 129423 | 0 | 0 |
| Kinetik Holdings | COM | 02215l209 |  | 3402061 | 94371 | SH |  | SOLE |  | 94371 | 0 | 0 |
| American Airlines Group | COM | 02376R102 |  | 25065 | 1635 | SH |  | SOLE |  | 1635 | 0 | 0 |
| Americold Realty Trust | COM | 03064d108 |  | 1628089 | 126601 | SH |  | SOLE |  | 126601 | 0 | 0 |
| Antero Midstream | COM | 03676b102 |  | 4982475 | 280072 | SH |  | SOLE |  | 280072 | 0 | 0 |
| Arcbest | COM | 03937c105 |  | 1049418 | 14145 | SH |  | SOLE |  | 14145 | 0 | 0 |
| BOK Financial | COM | 05561q201 |  | 30800 | 260 | SH |  | SOLE |  | 260 | 0 | 0 |
| BancFirst Corporation | COM | 05945f103 |  | 38167 | 360 | SH |  | SOLE |  | 360 | 0 | 0 |
| Banc of California | COM | 05990k106 |  | 1098411 | 56942 | SH |  | SOLE |  | 56942 | 0 | 0 |
| Banc of California | PREF STK | 05990k841 |  | 1378202 | 54734 | SH |  | SOLE |  | 54734 | 0 | 0 |
| Bill.com Holdings | CONV BOND | 090043AD2 |  | 472500 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| Blackline Corp | CONV BOND | 09239BAD1 |  | 494000 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| Booking Holdings | COM | 09857l108 |  | 58909 | 11 | SH |  | SOLE |  | 11 | 0 | 0 |
| Brighthouse Financial | COM | 10922n103 |  | 2854259 | 44054 | SH |  | SOLE |  | 44054 | 0 | 0 |
| Burke  Herbert Financial Services | COM | 12135y108 |  | 2697338 | 43289 | SH |  | SOLE |  | 43289 | 0 | 0 |
| California Resource Corp. | COM | 13057q305 |  | 26960 | 603 | SH |  | SOLE |  | 603 | 0 | 0 |
| The Cheesecake Factory | CONV BOND | 163072AA9 |  | 1706788 | 1745000 | PRN |  | SOLE |  | 1745000 | 0 | 0 |
| Cisco Systems | COM | 17275r102 |  | 907953 | 11787 | SH |  | SOLE |  | 11787 | 0 | 0 |
| Coupa Software Inc | CONV BOND | 22266LAF3 |  | 485000 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| Cracker Barrel Old Country Store | COM | 22410j106 |  | 794080 | 31263 | SH |  | SOLE |  | 31263 | 0 | 0 |
| Customers Bancorp | COM | 23204g100 |  | 1272654 | 17405 | SH |  | SOLE |  | 17405 | 0 | 0 |
| DR Horton Inc | COM | 23331a109 |  | 21605 | 150 | SH |  | SOLE |  | 150 | 0 | 0 |
| Delek Logistics Partners | COM | 24664t103 |  | 1474423 | 33044 | SH |  | SOLE |  | 33044 | 0 | 0 |
| Devon Energy Corporation | COM | 25179m103 |  | 110659 | 3021 | SH |  | SOLE |  | 3021 | 0 | 0 |
| Direxion Daily Emerging Markets 3X Bull | COM | 25459y686 |  | 35846 | 657 | SH |  | SOLE |  | 657 | 0 | 0 |
| EOG Resources | COM | 26875p101 |  | 21002 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| EQT Corp | COM | 26884l109 |  | 37536 | 700 | SH |  | SOLE |  | 700 | 0 | 0 |
| Eagle Bancorp Montana | COM | 26942g100 |  | 513699 | 25814 | SH |  | SOLE |  | 25814 | 0 | 0 |
| Energy Transfer | COM | 29273v100 |  | 3052846 | 185133 | SH |  | SOLE |  | 185133 | 0 | 0 |
| Exxon Mobil Corporation | COM | 30231g102 |  | 703235 | 5844 | SH |  | SOLE |  | 5844 | 0 | 0 |
| Meta Platforms | COM | 30303m102 |  | 314215 | 476 | SH |  | SOLE |  | 476 | 0 | 0 |
| Farmland Partners | COM | 31154r109 |  | 30746 | 3173 | SH |  | SOLE |  | 3173 | 0 | 0 |
| FinVolution Group | COM | 31810T101 |  | 50412 | 9639 | SH |  | SOLE |  | 9639 | 0 | 0 |
| First United Corp | COM | 33741h107 |  | 2208061 | 58976 | SH |  | SOLE |  | 58976 | 0 | 0 |
| First US Bancshares | COM | 33744v103 |  | 779610 | 55806 | SH |  | SOLE |  | 55806 | 0 | 0 |
| GE Healthcare Technologies | COM | 36266G107 |  | 42732 | 521 | SH |  | SOLE |  | 521 | 0 | 0 |
| GE Vernova | COM | 36828a101 |  | 215025 | 329 | SH |  | SOLE |  | 329 | 0 | 0 |
| General Motors | COM | 37045v100 |  | 107749 | 1325 | SH |  | SOLE |  | 1325 | 0 | 0 |
| The Goldman Sachs Group | COM | 38141g104 |  | 7920669 | 9011 | SH |  | SOLE |  | 9011 | 0 | 0 |
| Green Plains | CONV BOND | 393222AK0 |  | 1338548 | 1400000 | PRN |  | SOLE |  | 1400000 | 0 | 0 |
| Hertz Global Holdings | WARRANT | 42806j148 |  | 298217 | 111275 | SH |  | SOLE |  | 111275 | 0 | 0 |
| Hertz Global Holdings | COM | 42806j700 |  | 1234500 | 240175 | SH |  | SOLE |  | 240175 | 0 | 0 |
| Mechanics Bancorp | COM | 43785v102 |  | 3369713 | 230329 | SH |  | SOLE |  | 230329 | 0 | 0 |
| Hope Bancorp | COM | 43940t109 |  | 775749 | 70780 | SH |  | SOLE |  | 70780 | 0 | 0 |
| Crescent Energy Company | COM | 44952j104 |  | 376870 | 44919 | SH |  | SOLE |  | 44919 | 0 | 0 |
| Innoviva | CONV BOND | 45781MAD3 |  | 1246914 | 1227000 | PRN |  | SOLE |  | 1227000 | 0 | 0 |
| Iridium Communications | COM | 46269c102 |  | 18266 | 1051 | SH |  | SOLE |  | 1051 | 0 | 0 |
| iShares Convertible Bond | COM | 46435G102 |  | 163827 | 1663 | SH |  | SOLE |  | 1663 | 0 | 0 |
| JOYY Inc | COM | 46591m109 |  | 30955 | 478 | SH |  | SOLE |  | 478 | 0 | 0 |
| JPMorgan | COM | 46625h100 |  | 3677175 | 11412 | SH |  | SOLE |  | 11412 | 0 | 0 |
| Jackson Financial | COM | 46817M107 |  | 1950095 | 18285 | SH |  | SOLE |  | 18285 | 0 | 0 |
| Jackson Financial | PREF STK | 46817M206 |  | 57354 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| Jetblue Airways | CONV BOND | 477143AP6 |  | 1672165 | 1705000 | PRN |  | SOLE |  | 1705000 | 0 | 0 |
| Jetblue Airways | CONV BOND | 477143AR2 |  | 967500 | 1000000 | PRN |  | SOLE |  | 1000000 | 0 | 0 |
| Kearny Financial | COM | 48716p108 |  | 749003 | 101080 | SH |  | SOLE |  | 101080 | 0 | 0 |
| Kimball Electronics | COM | 49428j109 |  | 1872425 | 67305 | SH |  | SOLE |  | 67305 | 0 | 0 |
| Kinder Morgan | COM | 49456b101 |  | 1378861 | 50159 | SH |  | SOLE |  | 50159 | 0 | 0 |
| Kratos | COM | 50077b207 |  | 151820 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| LCI Industries | CONV BOND | 501812AB7 |  | 1180729 | 1205000 | PRN |  | SOLE |  | 1205000 | 0 | 0 |
| LGI Homes | COM | 50187t106 |  | 480035 | 11174 | SH |  | SOLE |  | 11174 | 0 | 0 |
| MGP Ingredients | CONV BOND | 55303JAB2 |  | 2806230 | 2905000 | PRN |  | SOLE |  | 2905000 | 0 | 0 |
| MPLX | COM | 55336v100 |  | 4314949 | 80850 | SH |  | SOLE |  | 80850 | 0 | 0 |
| Macy's | COM | 55616p104 |  | 136688 | 6199 | SH |  | SOLE |  | 6199 | 0 | 0 |
| Sphere Entertainment Company | COM | 55826T102 |  | 45353 | 477 | SH |  | SOLE |  | 477 | 0 | 0 |
| Mastercard | COM | 57636q104 |  | 228352 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| Merck | COM | 58933y105 |  | 1135019 | 10783 | SH |  | SOLE |  | 10783 | 0 | 0 |
| Meritage Homes Corporation | COM | 59001a102 |  | 13160 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| Netflix | COM | 64110l106 |  | 51193 | 546 | SH |  | SOLE |  | 546 | 0 | 0 |
| NETGEAR | COM | 64111Q104 |  | 1171700 | 47766 | SH |  | SOLE |  | 47766 | 0 | 0 |
| Flagstar Financial | CONV PREF | 64944p307 |  | 1996172 | 49842 | SH |  | SOLE |  | 49842 | 0 | 0 |
| XPLR Infrastructure | COM | 65341b106 |  | 375280 | 37528 | SH |  | SOLE |  | 37528 | 0 | 0 |
| Nvidia | COM | 67066g104 |  | 2803230 | 15031 | SH |  | SOLE |  | 15031 | 0 | 0 |
| Okta Inc | CONV BOND | 679295AF2 |  | 488000 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| Oracle Corporation | COM | 68389x105 |  | 445759 | 2287 | SH |  | SOLE |  | 2287 | 0 | 0 |
| Pacer US Small Cap Cash Cows | COM | 69374H857 |  | 39844 | 898 | SH |  | SOLE |  | 898 | 0 | 0 |
| Palantir Technologies | COM | 69608a109 |  | 2881861 | 16213 | SH |  | SOLE |  | 16213 | 0 | 0 |
| Peoples Financial | COM | 71103b102 |  | 986971 | 48476 | SH |  | SOLE |  | 48476 | 0 | 0 |
| Pinterest | COM | 72352l106 |  | 20660 | 798 | SH |  | SOLE |  | 798 | 0 | 0 |
| Plains GP Holdings | COM | 72651a207 |  | 3140779 | 164095 | SH |  | SOLE |  | 164095 | 0 | 0 |
| Primis Financial | COM | 74167b109 |  | 948885 | 68216 | SH |  | SOLE |  | 68216 | 0 | 0 |
| ProShares S 500 Dividend Aristocrat | COM | 74348a467 |  | 661999 | 6361 | SH |  | SOLE |  | 6361 | 0 | 0 |
| Providient Financial Services | COM | 74386T105 |  | 228374 | 11563 | SH |  | SOLE |  | 11563 | 0 | 0 |
| PubMatic | COM | 74467q103 |  | 1267558 | 142904 | SH |  | SOLE |  | 142904 | 0 | 0 |
| QCR Holdings | COM | 74727a104 |  | 185093 | 2222 | SH |  | SOLE |  | 2222 | 0 | 0 |
| SB Financial Group | COM | 78408d105 |  | 3494379 | 156910 | SH |  | SOLE |  | 156910 | 0 | 0 |
| SPDR Dow Jones Industrial Average | COM | 78467x109 |  | 12177828 | 25340 | SH |  | SOLE |  | 25340 | 0 | 0 |
| SSR Mining | CONV BOND | 784730AB9 |  | 3264015 | 2505000 | PRN |  | SOLE |  | 2505000 | 0 | 0 |
| salesforce.com | COM | 79466l302 |  | 2239019 | 8452 | SH |  | SOLE |  | 8452 | 0 | 0 |
| SandRidge Energy | COM | 80007p869 |  | 66955 | 4640 | SH |  | SOLE |  | 4640 | 0 | 0 |
| Shake Shack Inc | CONV BOND | 819047AB7 |  | 1652727 | 1755000 | PRN |  | SOLE |  | 1755000 | 0 | 0 |
| Shenandoah Telecommunications | COM | 83212B106 |  | 32981 | 2853 | SH |  | SOLE |  | 2853 | 0 | 0 |
| Sounds Financial | COM | 83607a100 |  | 313263 | 7180 | SH |  | SOLE |  | 7180 | 0 | 0 |
| Spectrum Brands Holdings | CONV BOND | 84762laz8 |  | 1688162 | 1795000 | PRN |  | SOLE |  | 1795000 | 0 | 0 |
| Sprouts Farmers Market | COM | 85208M102 |  | 39835 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| Sunoco | COM | 86764p109 |  | 2151483 | 41051 | SH |  | SOLE |  | 41051 | 0 | 0 |
| SuRo Capital | COM | 86887q109 |  | 12546 | 1329 | SH |  | SOLE |  | 1329 | 0 | 0 |
| Tri Pointe Homes | COM | 87265h109 |  | 77636 | 2467 | SH |  | SOLE |  | 2467 | 0 | 0 |
| Talen Energy Corporation | COM | 87422q109 |  | 228278 | 609 | SH |  | SOLE |  | 609 | 0 | 0 |
| Talos Energy | COM | 87484t108 |  | 1384542 | 125639 | SH |  | SOLE |  | 125639 | 0 | 0 |
| Targa Resources Corp | COM | 87612g101 |  | 4161159 | 22554 | SH |  | SOLE |  | 22554 | 0 | 0 |
| Taylor Morrison Home | COM | 87724p106 |  | 46095 | 783 | SH |  | SOLE |  | 783 | 0 | 0 |
| The Trade Desk | COM | 88339j105 |  | 29685 | 782 | SH |  | SOLE |  | 782 | 0 | 0 |
| 3M Co | COM | 88579y101 |  | 1588192 | 9920 | SH |  | SOLE |  | 9920 | 0 | 0 |
| Truist Financial | COM | 89832q109 |  | 665319 | 13520 | SH |  | SOLE |  | 13520 | 0 | 0 |
| Uber Technologies | COM | 90353t100 |  | 47392 | 580 | SH |  | SOLE |  | 580 | 0 | 0 |
| United Community Banks | COM | 90984P303 |  | 6868 | 220 | SH |  | SOLE |  | 220 | 0 | 0 |
| UnitedHealth Group | COM | 91324p102 |  | 3068042 | 9294 | SH |  | SOLE |  | 9294 | 0 | 0 |
| Uniti Group | COM | 91325v108 |  | 38548 | 5499 | SH |  | SOLE |  | 5499 | 0 | 0 |
| Vaalco Energy | COM | 91851c201 |  | 752814 | 206817 | SH |  | SOLE |  | 206817 | 0 | 0 |
| Verizon Communications | COM | 92343v104 |  | 495888 | 12175 | SH |  | SOLE |  | 12175 | 0 | 0 |
| Visa | COM | 92826c839 |  | 3073973 | 8765 | SH |  | SOLE |  | 8765 | 0 | 0 |
| Western Midstream | COM | 95825r103 |  | 2642392 | 66896 | SH |  | SOLE |  | 66896 | 0 | 0 |
| Winnebago Industries | CONV BOND | 974637AF7 |  | 1087592 | 1160000 | PRN |  | SOLE |  | 1160000 | 0 | 0 |
| WisdomTree Investments | CONV BOND | 97717PAD6 |  | 1991879 | 1695000 | PRN |  | SOLE |  | 1695000 | 0 | 0 |
| Costamare Bulkers Holdings | COM | y2001c101 |  | 9724 | 631 | SH |  | SOLE |  | 631 | 0 | 0 |
| Deutsche Bank | COM | d18190898 |  | 960144 | 24900 | SH |  | SOLE |  | 24900 | 0 | 0 |
| Helen of Troy | COM | G4388N106 |  | 1444703 | 67986 | SH |  | SOLE |  | 67986 | 0 | 0 |
| McDermott International | COM | G5924V106 |  | 205374 | 9850 | SH |  | SOLE |  | 9850 | 0 | 0 |
| Tecnoglass | COM | g87264100 |  | 15851 | 315 | SH |  | SOLE |  | 315 | 0 | 0 |
| Adecoagro SA | COM | L00849106 |  | 38698 | 4880 | SH |  | SOLE |  | 4880 | 0 | 0 |
| Monday.com | COM | m7s64h106 |  | 18002 | 122 | SH |  | SOLE |  | 122 | 0 | 0 |
| Zim Integrated Shipping | COM | m9t951009 |  | 34138 | 1608 | SH |  | SOLE |  | 1608 | 0 | 0 |
| Expro Group Holdings | COM | n3144w105 |  | 967009 | 72435 | SH |  | SOLE |  | 72435 | 0 | 0 |
| Costamare | COM | y1771g102 |  | 30380 | 1924 | SH |  | SOLE |  | 1924 | 0 | 0 |
| Danaos Corp | COM | y1968p121 |  | 57167 | 607 | SH |  | SOLE |  | 607 | 0 | 0 |
| Genco Shipping | COM | y2685t131 |  | 57133 | 3100 | SH |  | SOLE |  | 3100 | 0 | 0 |
| Global Ship Lease | COM | Y27183600 |  | 88020 | 2512 | SH |  | SOLE |  | 2512 | 0 | 0 |
| Navios Maritime Partners | COM | y62267102 |  | 3436207 | 65539 | SH |  | SOLE |  | 65539 | 0 | 0 |
| Scorpio Tankers | COM | y7542c130 |  | 35276 | 694 | SH |  | SOLE |  | 694 | 0 | 0 |
| Stealthgas | COM | y81669106 |  | 41425 | 5901 | SH |  | SOLE |  | 5901 | 0 | 0 |
| Teekay Inc. | COM | y8564w103 |  | 56519 | 6259 | SH |  | SOLE |  | 6259 | 0 | 0 |

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