# EDGAR Filing Document

**Accession Number:** 0001411784
**File Stem:** 0001411784-25-000006
**Filing Date:** 2025-8
**Character Count:** 25322
**Document Hash:** f62ea8c3191ed8c24b7d2cd258f13d0f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001411784-25-000006.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001411784-25-000006

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**EFFECTIVENESS DATE**: 20250807

**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:** 251192493

**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:** 06-30-2025

**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  08-07-2025<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:** 229

**Form 13F Information Table Value Total:** $277213963

      (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 |
| Alpha Metallurgical Resources | COM | 020764106 |  | 82572 | 734 | SH |  | SOLE |  | 734 | 0 | 0 |
| Amazon.com | COM | 023135106 |  | 2334310 | 10640 | SH |  | SOLE |  | 10640 | 0 | 0 |
| American Express Company | COM | 025816109 |  | 2836689 | 8893 | SH |  | SOLE |  | 8893 | 0 | 0 |
| Amgen | COM | 031162100 |  | 3722148 | 13331 | SH |  | SOLE |  | 17471 | 0 | 0 |
| Apple | COM | 037833100 |  | 4071644 | 19845 | SH |  | SOLE |  | 19845 | 0 | 0 |
| Astrazeneca | COM | 046353108 |  | 55904 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| Bank of America | COM | 060505104 |  | 1819359 | 38448 | SH |  | SOLE |  | 38448 | 0 | 0 |
| Bank of America | CONV PREF | 060505682 |  | 1232408 | 1016 | SH |  | SOLE |  | 1016 | 0 | 0 |
| The Boeing Company | COM | 097023105 |  | 2023850 | 9659 | SH |  | SOLE |  | 9659 | 0 | 0 |
| CVB Financial | COM | 126600105 |  | 391901 | 19803 | SH |  | SOLE |  | 19803 | 0 | 0 |
| Coterra Energy Inc | COM | 127097103 |  | 121469 | 4786 | SH |  | SOLE |  | 4786 | 0 | 0 |
| Caterpillar | COM | 149123101 |  | 3605694 | 9288 | SH |  | SOLE |  | 9288 | 0 | 0 |
| Centerra Gold | COM | 152006102 |  | 44154 | 6124 | SH |  | SOLE |  | 6124 | 0 | 0 |
| Chemours Company | COM | 163851108 |  | 858693 | 74995 | SH |  | SOLE |  | 74995 | 0 | 0 |
| Expand Energy | WARRANT | 165167180 |  | 31076 | 287 | SH |  | SOLE |  | 287 | 0 | 0 |
| Expand Energy Corporation | COM | 165167735 |  | 45805 | 392 | SH |  | SOLE |  | 392 | 0 | 0 |
| Chevron Corporation | COM | 166764100 |  | 1886242 | 13173 | SH |  | SOLE |  | 13173 | 0 | 0 |
| Citigroup | COM | 172967424 |  | 2462692 | 28932 | SH |  | SOLE |  | 28932 | 0 | 0 |
| Citizens Financial Group | COM | 174610105 |  | 521651 | 11657 | SH |  | SOLE |  | 11657 | 0 | 0 |
| Citizens Community Bancorp | COM | 174903104 |  | 1260589 | 91347 | SH |  | SOLE |  | 91347 | 0 | 0 |
| Civista Bancshares | COM | 178867107 |  | 1369496 | 59030 | SH |  | SOLE |  | 59030 | 0 | 0 |
| Cleveland-Cliffs | COM | 185899101 |  | 833933 | 109728 | SH |  | SOLE |  | 109728 | 0 | 0 |
| The Coca-Cola Company | COM | 191216100 |  | 692643 | 9790 | SH |  | SOLE |  | 9790 | 0 | 0 |
| Columbia Banking System | COM | 197236102 |  | 13841 | 592 | SH |  | SOLE |  | 592 | 0 | 0 |
| Commercial Vehicle Group | COM | 202608105 |  | 17093 | 10297 | SH |  | SOLE |  | 10297 | 0 | 0 |
| Community West Bancshares | COM | 203937107 |  | 427386 | 21906 | SH |  | SOLE |  | 21906 | 0 | 0 |
| McDermott International Ltd | COM | 220014096 |  | 52757 | 4796 | SH |  | SOLE |  | 4796 | 0 | 0 |
| Dicks Sporting Goods | COM | 253393102 |  | 18594 | 94 | SH |  | SOLE |  | 94 | 0 | 0 |
| Walt Disney Co | COM | 254687106 |  | 1110386 | 8954 | SH |  | SOLE |  | 8954 | 0 | 0 |
| Dow Inc | COM | 260557103 |  | 55184 | 2084 | SH |  | SOLE |  | 2084 | 0 | 0 |
| Enterprise Products Partners | COM | 293792107 |  | 2776108 | 89523 | SH |  | SOLE |  | 89523 | 0 | 0 |
| F.N.B. Corporation | COM | 302520101 |  | 103051 | 7068 | SH |  | SOLE |  | 7068 | 0 | 0 |
| Freddie Mac | COM | 313400301 |  | 4706622 | 571192 | SH |  | SOLE |  | 571192 | 0 | 0 |
| Freddie Mac | PREF STK | 313400640 |  | 2086001 | 179580 | SH |  | SOLE |  | 179580 | 0 | 0 |
| Federal National Mortgage Association | COM | 313586109 |  | 1081722 | 113388 | SH |  | SOLE |  | 113388 | 0 | 0 |
| Fannie Mae | PREF STK | 313586752 |  | 90000 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| Fifth Third Bancorp | COM | 316773100 |  | 478136 | 11625 | SH |  | SOLE |  | 11625 | 0 | 0 |
| First Community Corp | COM | 319835104 |  | 1138595 | 46702 | SH |  | SOLE |  | 46702 | 0 | 0 |
| The First Financial Corp | COM | 320218100 |  | 443828 | 8190 | SH |  | SOLE |  | 8190 | 0 | 0 |
| First Northwest BanCorp | COM | 335834107 |  | 361900 | 47000 | SH |  | SOLE |  | 47000 | 0 | 0 |
| General Electric Company | COM | 369604103 |  | 386471 | 1501 | SH |  | SOLE |  | 1501 | 0 | 0 |
| Genesis Energy | COM | 371927104 |  | 4121330 | 239195 | SH |  | SOLE |  | 239195 | 0 | 0 |
| Hancock Whitney Corporation | COM | 410120109 |  | 357717 | 6232 | SH |  | SOLE |  | 6232 | 0 | 0 |
| Hawthorn Bancshares | COM | 420476103 |  | 1391842 | 47764 | SH |  | SOLE |  | 47764 | 0 | 0 |
| Hello Group | COM | 423403104 |  | 70693 | 8376 | SH |  | SOLE |  | 8376 | 0 | 0 |
| Hess Midstream Partners | COM | 428103105 |  | 3312509 | 86017 | SH |  | SOLE |  | 86017 | 0 | 0 |
| The Home Depot | COM | 437076102 |  | 3571807 | 9742 | SH |  | SOLE |  | 9742 | 0 | 0 |
| Honeywell International | COM | 438516106 |  | 2225867 | 9558 | SH |  | SOLE |  | 9558 | 0 | 0 |
| Hugoton Royalty Trust | COM | 444717102 |  | 150678 | 376694 | SH |  | SOLE |  | 376694 | 0 | 0 |
| Intel Corporation | COM | 458140100 |  | 118205 | 5277 | SH |  | SOLE |  | 5277 | 0 | 0 |
| International Business Machines | COM | 459200101 |  | 3006461 | 10199 | SH |  | SOLE |  | 10199 | 0 | 0 |
| iShares Barclays TIPS Bond | COM | 464287176 |  | 221116 | 2009 | SH |  | SOLE |  | 2009 | 0 | 0 |
| Jetblue Airways | COM | 477143101 |  | 1025631 | 242466 | SH |  | SOLE |  | 242466 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 1704690 | 11160 | SH |  | SOLE |  | 11160 | 0 | 0 |
| La-Z-Boy | COM | 505336107 |  | 1233152 | 33176 | SH |  | SOLE |  | 33176 | 0 | 0 |
| Vital Energy | COM | 516806205 |  | 383216 | 23817 | SH |  | SOLE |  | 23817 | 0 | 0 |
| McDonald's Corp | COM | 580135101 |  | 2868525 | 9818 | SH |  | SOLE |  | 9818 | 0 | 0 |
| Mesa Air Group | COM | 590479135 |  | 1148790 | 1235258 | SH |  | SOLE |  | 1235258 | 0 | 0 |
| Microsoft Corporation | COM | 594918104 |  | 5452439 | 10962 | SH |  | SOLE |  | 10962 | 0 | 0 |
| MidWest One Financial Group | COM | 598511103 |  | 2210342 | 76828 | SH |  | SOLE |  | 76828 | 0 | 0 |
| Motorola Solutions | COM | 620076307 |  | 38262 | 91 | SH |  | SOLE |  | 91 | 0 | 0 |
| NMI Holdings | COM | 629209305 |  | 2713745 | 64322 | SH |  | SOLE |  | 64322 | 0 | 0 |
| New Fortress Energy | COM | 644393100 |  | 370741 | 111669 | SH |  | SOLE |  | 111669 | 0 | 0 |
| Flagstar Financial | COM | 649445400 |  | 935395 | 88245 | SH |  | SOLE |  | 88245 | 0 | 0 |
| Newmont Mining | COM | 651639106 |  | 23304 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| Nike | COM | 654106103 |  | 631830 | 8894 | SH |  | SOLE |  | 8894 | 0 | 0 |
| Northern Oil and Gas | COM | 665531307 |  | 26337 | 929 | SH |  | SOLE |  | 929 | 0 | 0 |
| OceanFirst Financial | COM | 675234108 |  | 902336 | 51240 | SH |  | SOLE |  | 51240 | 0 | 0 |
| Old National Bancorp | COM | 680033107 |  | 1211066 | 56751 | SH |  | SOLE |  | 56751 | 0 | 0 |
| ONEOK | COM | 682680103 |  | 4716411 | 57778 | SH |  | SOLE |  | 57778 | 0 | 0 |
| Orrstow Financial Services | COM | 687380105 |  | 994059 | 31230 | SH |  | SOLE |  | 31230 | 0 | 0 |
| PAM Transporation Services | COM | 693149106 |  | 724259 | 56275 | SH |  | SOLE |  | 56275 | 0 | 0 |
| Pacwest Bancorp | PREF STK | 695263202 |  | 6025 | 250 | SH |  | SOLE |  | 250 | 0 | 0 |
| Parke Bancorp | COM | 700885106 |  | 1017298 | 49941 | SH |  | SOLE |  | 49941 | 0 | 0 |
| Peoples Bancorp | COM | 709789101 |  | 1129271 | 36977 | SH |  | SOLE |  | 36977 | 0 | 0 |
| Peoples Bancorp | COM | 710577107 |  | 1006548 | 34889 | SH |  | SOLE |  | 34889 | 0 | 0 |
| Plains All American Pipeline | COM | 726503105 |  | 101859 | 5560 | SH |  | SOLE |  | 5560 | 0 | 0 |
| Procter  Gamble | COM | 742718109 |  | 1696599 | 10649 | SH |  | SOLE |  | 10649 | 0 | 0 |
| Republic Services | COM | 760759100 |  | 75216 | 305 | SH |  | SOLE |  | 305 | 0 | 0 |
| Schwab Large Cap Growth | COM | 808524300 |  | 74252 | 2542 | SH |  | SOLE |  | 2542 | 0 | 0 |
| Sherwin-Williams | COM | 824348106 |  | 3004057 | 8749 | SH |  | SOLE |  | 8749 | 0 | 0 |
| Taiwan Semiconductor Manufacturing | COM | 874039100 |  | 117548 | 519 | SH |  | SOLE |  | 519 | 0 | 0 |
| Turtle Beach Corp | COM | 900450206 |  | 901094 | 65155 | SH |  | SOLE |  | 65155 | 0 | 0 |
| Unisys Corp | COM | 909214306 |  | 708895 | 156489 | SH |  | SOLE |  | 156489 | 0 | 0 |
| Unit Corp | WARRANT | 909218125 |  | 68006 | 142869 | SH |  | SOLE |  | 142869 | 0 | 0 |
| Unit Corp | COM | 909218406 |  | 2324834 | 89040 | SH |  | SOLE |  | 89040 | 0 | 0 |
| United Bancshares | COM | 909458101 |  | 618881 | 22302 | SH |  | SOLE |  | 22302 | 0 | 0 |
| United Parcel Service | COM | 911312106 |  | 44918 | 445 | SH |  | SOLE |  | 445 | 0 | 0 |
| Wal-Mart Stores | COM | 931142103 |  | 1190237 | 12173 | SH |  | SOLE |  | 12173 | 0 | 0 |
| Wells Fargo | COM | 949746101 |  | 206069 | 2572 | SH |  | SOLE |  | 2572 | 0 | 0 |
| Westlake Chemical Partners | COM | 960417103 |  | 865199 | 39167 | SH |  | SOLE |  | 39167 | 0 | 0 |
| Williams Companies | COM | 969457100 |  | 5034482 | 80154 | SH |  | SOLE |  | 80154 | 0 | 0 |
| Yelp | COM | 985817105 |  | 1214015 | 35425 | SH |  | SOLE |  | 35425 | 0 | 0 |
| Zions Bancorp | COM | 989701107 |  | 687893 | 13244 | SH |  | SOLE |  | 13244 | 0 | 0 |
| Invesco NASDAQ 100 ETF | COM | 46090e103 |  | 220479 | 612 | SH |  | SOLE |  | 612 | 0 | 0 |
| Renasant Corp | COM | 75970e107 |  | 1544128 | 42976 | SH |  | SOLE |  | 42976 | 0 | 0 |
| Argan Inc | COM | 04010e109 |  | 2597475 | 11781 | SH |  | SOLE |  | 11781 | 0 | 0 |
| Eventbrite | COM | 29975e109 |  | 712620 | 270958 | SH |  | SOLE |  | 270958 | 0 | 0 |
| The Travelers Companies | COM | 89417e109 |  | 2428996 | 9079 | SH |  | SOLE |  | 9079 | 0 | 0 |
| AMG Capital | CONV PREF | 00170F209 |  | 1613873 | 29870 | SH |  | SOLE |  | 29870 | 0 | 0 |
| A T  T | COM | 00206r102 |  | 86010 | 2972 | SH |  | SOLE |  | 2972 | 0 | 0 |
| Academy Sports  Outdoors | COM | 00402l107 |  | 1318041 | 29414 | SH |  | SOLE |  | 29414 | 0 | 0 |
| Alerus Financial | COM | 01446u103 |  | 1060338 | 48999 | SH |  | SOLE |  | 48999 | 0 | 0 |
| Alliance Resource Partners | COM | 01877r108 |  | 3370881 | 128955 | SH |  | SOLE |  | 128955 | 0 | 0 |
| Kinetik Holdings | COM | 02215l209 |  | 4019876 | 91257 | SH |  | SOLE |  | 91257 | 0 | 0 |
| American Airlines Group | COM | 02376R102 |  | 185646 | 16546 | SH |  | SOLE |  | 16546 | 0 | 0 |
| American Airlines | CONV BOND | 02376RAF9 |  | 50025 | 50000 | PRN |  | SOLE |  | 50000 | 0 | 0 |
| Antero Midstream Corp | COM | 03676b102 |  | 5333870 | 281471 | SH |  | SOLE |  | 281471 | 0 | 0 |
| Arcbest Corp | COM | 03937c105 |  | 1088998 | 14141 | SH |  | SOLE |  | 14141 | 0 | 0 |
| BOK Financial | COM | 05561q201 |  | 25384 | 260 | SH |  | SOLE |  | 260 | 0 | 0 |
| Banc of California | COM | 05990k106 |  | 827714 | 58912 | SH |  | SOLE |  | 58912 | 0 | 0 |
| Banc of California | PREF STK | 05990k841 |  | 1313064 | 54484 | SH |  | SOLE |  | 54484 | 0 | 0 |
| Berry Corp | COM | 08579x101 |  | 23420 | 8455 | SH |  | SOLE |  | 8455 | 0 | 0 |
| Bill.com Holdings | CONV BOND | 090043AD2 |  | 454994 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| Blackline Corp | CONV BOND | 09239BAD1 |  | 479400 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| Booking Holdings | COM | 09857l108 |  | 75260 | 13 | SH |  | SOLE |  | 13 | 0 | 0 |
| Brighthouse Financial | COM | 10922n103 |  | 2522620 | 46915 | SH |  | SOLE |  | 46915 | 0 | 0 |
| Burke  Herbert Financial Services | COM | 12135y108 |  | 2589212 | 43349 | SH |  | SOLE |  | 43349 | 0 | 0 |
| The Cheesecake Factory | CONV BOND | 163072AA9 |  | 1806110 | 1745000 | PRN |  | SOLE |  | 1745000 | 0 | 0 |
| Cisco Systems | COM | 17275r102 |  | 801200 | 11548 | SH |  | SOLE |  | 11548 | 0 | 0 |
| Cloudflare Inc | CONV BOND | 18915MAC1 |  | 591550 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| Coupa Software Inc | CONV BOND | 22266LAF3 |  | 400000 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| Cracker Barrel Old Country Store | COM | 22410j106 |  | 1715982 | 28094 | SH |  | SOLE |  | 28094 | 0 | 0 |
| Customers Bancorp | COM | 23204g100 |  | 1022370 | 17405 | SH |  | SOLE |  | 17405 | 0 | 0 |
| Delek Logistics Partners | COM | 24664t103 |  | 1432383 | 33350 | SH |  | SOLE |  | 33350 | 0 | 0 |
| Devon Energy Corporation | COM | 25179m103 |  | 96098 | 3021 | SH |  | SOLE |  | 3021 | 0 | 0 |
| Direxion Daily Emerging Markets 3X Bull | COM | 25459y686 |  | 25715 | 657 | SH |  | SOLE |  | 657 | 0 | 0 |
| Eagle Bancorp Montana | COM | 26942g100 |  | 430319 | 25814 | SH |  | SOLE |  | 25814 | 0 | 0 |
| Energy Transfer | COM | 29273v100 |  | 3342197 | 184346 | SH |  | SOLE |  | 184346 | 0 | 0 |
| Essa Bancorp Inc | COM | 29667d104 |  | 1137926 | 58656 | SH |  | SOLE |  | 58656 | 0 | 0 |
| Eventbrite Inc | CONV BOND | 29975EAB5 |  | 1477716 | 1500000 | PRN |  | SOLE |  | 1500000 | 0 | 0 |
| Exxon Mobil Corporation | COM | 30231g102 |  | 465545 | 4319 | SH |  | SOLE |  | 4319 | 0 | 0 |
| FARO Technolgies | CONV BOND | 311642AB8 |  | 1857031 | 1507000 | PRN |  | SOLE |  | 1507000 | 0 | 0 |
| FinVolution Group | COM | 31810T101 |  | 100649 | 10617 | SH |  | SOLE |  | 10617 | 0 | 0 |
| First United Corp | COM | 33741h107 |  | 1828846 | 58976 | SH |  | SOLE |  | 58976 | 0 | 0 |
| First US Bancshares | COM | 33744v103 |  | 719897 | 55806 | SH |  | SOLE |  | 55806 | 0 | 0 |
| GE Healthcare Technologies | COM | 36266G107 |  | 38590 | 521 | SH |  | SOLE |  | 521 | 0 | 0 |
| GE Vernova | COM | 36828a101 |  | 174090 | 329 | SH |  | SOLE |  | 329 | 0 | 0 |
| General Motors | COM | 37045v100 |  | 48964 | 995 | SH |  | SOLE |  | 995 | 0 | 0 |
| The Goldman Sachs Group | COM | 38141g104 |  | 6477328 | 9152 | SH |  | SOLE |  | 9152 | 0 | 0 |
| Green Plains | CONV BOND | 393222AK0 |  | 1179847 | 1400000 | PRN |  | SOLE |  | 1400000 | 0 | 0 |
| Hallador Energy | COM | 40609p105 |  | 87667 | 5538 | SH |  | SOLE |  | 5538 | 0 | 0 |
| Hertz Global Holdings | WARRANT | 42806j148 |  | 404329 | 110775 | SH |  | SOLE |  | 110775 | 0 | 0 |
| Hertz Global Holdings | COM | 42806j700 |  | 1577532 | 230971 | SH |  | SOLE |  | 230971 | 0 | 0 |
| Homestreet Inc | COM | 43785u102 |  | 3020595 | 231109 | SH |  | SOLE |  | 231109 | 0 | 0 |
| Hope Bancorp | COM | 43940t109 |  | 759469 | 70780 | SH |  | SOLE |  | 70780 | 0 | 0 |
| Innoviva | CONV BOND | 45781MAD3 |  | 1226594 | 1227000 | PRN |  | SOLE |  | 1227000 | 0 | 0 |
| iShares MSCI Emerging Markets ETF | COM | 46434g764 |  | 1444301 | 22875 | SH |  | SOLE |  | 22875 | 0 | 0 |
| JPMorgan | COM | 46625h100 |  | 3370494 | 11626 | SH |  | SOLE |  | 11626 | 0 | 0 |
| Jackson Financial | COM | 46817M107 |  | 1619086 | 18235 | SH |  | SOLE |  | 18235 | 0 | 0 |
| Jackson Financial | PREF STK | 46817M206 |  | 55704 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| Jetblue Airways | CONV BOND | 477143AP6 |  | 2588050 | 2710000 | PRN |  | SOLE |  | 2710000 | 0 | 0 |
| Kearny Financial Corp | COM | 48716p108 |  | 652977 | 101080 | SH |  | SOLE |  | 101080 | 0 | 0 |
| Kimball Electronics | COM | 49428j109 |  | 1298910 | 67546 | SH |  | SOLE |  | 67546 | 0 | 0 |
| Kinder Morgan | COM | 49456b101 |  | 1481147 | 50379 | SH |  | SOLE |  | 50379 | 0 | 0 |
| Kratos Defense  Security Solutions | COM | 50077b207 |  | 92900 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| LCI Industries | CONV BOND | 501812AB7 |  | 1176050 | 1215000 | PRN |  | SOLE |  | 1215000 | 0 | 0 |
| LGI Homes Inc | COM | 50187t106 |  | 554510 | 10763 | SH |  | SOLE |  | 10763 | 0 | 0 |
| MGP Ingredients | CONV BOND | 55303JAB2 |  | 2730700 | 2905000 | PRN |  | SOLE |  | 2905000 | 0 | 0 |
| MPLX | COM | 55336v100 |  | 4190117 | 81346 | SH |  | SOLE |  | 81346 | 0 | 0 |
| Macy's | COM | 55616p104 |  | 72280 | 6199 | SH |  | SOLE |  | 6199 | 0 | 0 |
| Sphere Entertainment Company | COM | 55826T102 |  | 40630 | 972 | SH |  | SOLE |  | 972 | 0 | 0 |
| Mastercard Inc | COM | 57636q104 |  | 224776 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| Medpace Holdings | COM | 58506q109 |  | 23226 | 74 | SH |  | SOLE |  | 74 | 0 | 0 |
| Merck | COM | 58933y105 |  | 833871 | 10534 | SH |  | SOLE |  | 10534 | 0 | 0 |
| NETGEAR | COM | 64111Q104 |  | 1396261 | 48031 | SH |  | SOLE |  | 48031 | 0 | 0 |
| Flagstar Financial | CONV PREF | 64944p307 |  | 1941922 | 50492 | SH |  | SOLE |  | 50492 | 0 | 0 |
| XPLR Infrastructure | COM | 65341b106 |  | 310665 | 37886 | SH |  | SOLE |  | 37886 | 0 | 0 |
| Nvidia Corp | COM | 67066g104 |  | 2417049 | 15299 | SH |  | SOLE |  | 15299 | 0 | 0 |
| Okta Inc | CONV BOND | 679295AF2 |  | 477000 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| Oracle Corporation | COM | 68389x105 |  | 583086 | 2667 | SH |  | SOLE |  | 2667 | 0 | 0 |
| Pacer US Small Cap Cash Cows | COM | 69374H857 |  | 35754 | 898 | SH |  | SOLE |  | 898 | 0 | 0 |
| Palantir Technologies | COM | 69608a109 |  | 2262639 | 16598 | SH |  | SOLE |  | 16598 | 0 | 0 |
| Peoples Financial Corp | COM | 71103b102 |  | 969520 | 48476 | SH |  | SOLE |  | 48476 | 0 | 0 |
| Pinterest Inc | COM | 72352l106 |  | 35788 | 998 | SH |  | SOLE |  | 998 | 0 | 0 |
| Plains GP Holdings | COM | 72651a207 |  | 3111132 | 160120 | SH |  | SOLE |  | 160120 | 0 | 0 |
| Primis Financial Corp | COM | 74167b109 |  | 740144 | 68216 | SH |  | SOLE |  | 68216 | 0 | 0 |
| ProShares S 500 Dividend Aristocrat ETF | COM | 74348a467 |  | 640437 | 6360 | SH |  | SOLE |  | 6360 | 0 | 0 |
| Providient Financial Services | COM | 74386T105 |  | 202703 | 11563 | SH |  | SOLE |  | 11563 | 0 | 0 |
| PubMatic | COM | 74467q103 |  | 1602583 | 128825 | SH |  | SOLE |  | 128825 | 0 | 0 |
| QCR Holdings | COM | 74727a104 |  | 150874 | 2222 | SH |  | SOLE |  | 2222 | 0 | 0 |
| Ranger Energy Services | COM | 75282u104 |  | 24620 | 2062 | SH |  | SOLE |  | 2062 | 0 | 0 |
| SB Financial Group | COM | 78408d105 |  | 2996970 | 156909 | SH |  | SOLE |  | 156909 | 0 | 0 |
| SPDR S 500 Trust | COM | 78462f103 |  | 558556 | 904 | SH |  | SOLE |  | 904 | 0 | 0 |
| SPDR S 600 Small Cap Value ETF | COM | 78464a300 |  | 643823 | 8072 | SH |  | SOLE |  | 8072 | 0 | 0 |
| SPDR Dow Jones Industrial Average | COM | 78467x109 |  | 11265080 | 25565 | SH |  | SOLE |  | 25565 | 0 | 0 |
| SSR Mining Inc | CONV BOND | 784730AB9 |  | 2616020 | 2530000 | PRN |  | SOLE |  | 2530000 | 0 | 0 |
| salesforce.com | COM | 79466l302 |  | 2349224 | 8615 | SH |  | SOLE |  | 8615 | 0 | 0 |
| SandRidge Energy | COM | 80007p869 |  | 50205 | 4640 | SH |  | SOLE |  | 4640 | 0 | 0 |
| Health Care Select Sector SPDR | COM | 81369y209 |  | 51085 | 379 | SH |  | SOLE |  | 379 | 0 | 0 |
| Energy Select Sector SPDR | COM | 81369y506 |  | 36638 | 432 | SH |  | SOLE |  | 432 | 0 | 0 |
| Shake Shack Inc | CONV BOND | 819047AB7 |  | 1872358 | 1760000 | PRN |  | SOLE |  | 1760000 | 0 | 0 |
| Shenandoah Telecommunications | COM | 83212B106 |  | 41253 | 3020 | SH |  | SOLE |  | 3020 | 0 | 0 |
| Sounds Financial Banc | COM | 83607a100 |  | 354614 | 7709 | SH |  | SOLE |  | 7709 | 0 | 0 |
| Spectrum Brands Holdings | CONV BOND | 84762laz8 |  | 1592838 | 1755000 | PRN |  | SOLE |  | 1755000 | 0 | 0 |
| Sprouts Farmers Market | COM | 85208M102 |  | 82320 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| Sunoco LP | COM | 86764p109 |  | 2221306 | 41450 | SH |  | SOLE |  | 41450 | 0 | 0 |
| Talos Energy | COM | 87484t108 |  | 1067590 | 125895 | SH |  | SOLE |  | 125895 | 0 | 0 |
| Targa Resources Corp | COM | 87612g101 |  | 3965644 | 22781 | SH |  | SOLE |  | 22781 | 0 | 0 |
| Tenaris SA | COM | 88031m109 |  | 31042 | 830 | SH |  | SOLE |  | 830 | 0 | 0 |
| 3M Co | COM | 88579y101 |  | 1368485 | 8989 | SH |  | SOLE |  | 8989 | 0 | 0 |
| Truist Financial Corp | COM | 89832q109 |  | 581225 | 13520 | SH |  | SOLE |  | 13520 | 0 | 0 |
| Uber Technologies | COM | 90353t100 |  | 54114 | 580 | SH |  | SOLE |  | 580 | 0 | 0 |
| United Community Banks | COM | 90984P303 |  | 6554 | 220 | SH |  | SOLE |  | 220 | 0 | 0 |
| UnitedHealth Group | COM | 91324p102 |  | 2894770 | 9279 | SH |  | SOLE |  | 9279 | 0 | 0 |
| Uniti Group | COM | 91325v108 |  | 25056 | 5800 | SH |  | SOLE |  | 5800 | 0 | 0 |
| Upwork Inc | COM | 91688F104 |  | 38627 | 2874 | SH |  | SOLE |  | 2874 | 0 | 0 |
| Vaalco Energy | COM | 91851c201 |  | 739931 | 204967 | SH |  | SOLE |  | 204967 | 0 | 0 |
| Verizon Communications | COM | 92343v104 |  | 490076 | 11326 | SH |  | SOLE |  | 11326 | 0 | 0 |
| Visa Inc | COM | 92826c839 |  | 3167756 | 8922 | SH |  | SOLE |  | 8922 | 0 | 0 |
| Western Midstream Partners | COM | 95825r103 |  | 2600679 | 67201 | SH |  | SOLE |  | 67201 | 0 | 0 |
| WisdomTree Investments | CONV BOND | 97717PAD6 |  | 1912788 | 1705000 | PRN |  | SOLE |  | 1705000 | 0 | 0 |
| Zscaler | CONV BOND | 98980GAB8 |  | 1531500 | 750000 | PRN |  | SOLE |  | 750000 | 0 | 0 |
| Deutsche Bank | COM | d18190898 |  | 729072 | 24900 | SH |  | SOLE |  | 24900 | 0 | 0 |
| Bunge Ltd | COM | g16962105 |  | 464018 | 5780 | SH |  | SOLE |  | 5780 | 0 | 0 |
| Adecoagro SA | COM | L00849106 |  | 47510 | 5198 | SH |  | SOLE |  | 5198 | 0 | 0 |
| AerCap Holdings NV | COM | n00985106 |  | 23868 | 204 | SH |  | SOLE |  | 204 | 0 | 0 |
| Expro Group Holdings | COM | n3144w105 |  | 628532 | 73170 | SH |  | SOLE |  | 73170 | 0 | 0 |
| Ardmore Shiipping Corp | COM | y0207t100 |  | 26419 | 2752 | SH |  | SOLE |  | 2752 | 0 | 0 |
| Costamare Inc | COM | y1771g102 |  | 9848 | 1081 | SH |  | SOLE |  | 1081 | 0 | 0 |
| Danaos Corp | COM | y1968p121 |  | 55625 | 645 | SH |  | SOLE |  | 645 | 0 | 0 |
| Genco Shipping  Trading | COM | y2685t131 |  | 40517 | 3100 | SH |  | SOLE |  | 3100 | 0 | 0 |
| Global Ship Lease | COM | Y27183600 |  | 67327 | 2559 | SH |  | SOLE |  | 2559 | 0 | 0 |
| International Seaways | COM | y41053102 |  | 19918 | 546 | SH |  | SOLE |  | 546 | 0 | 0 |
| Navios Maritime Partners | COM | y62267102 |  | 2504663 | 66472 | SH |  | SOLE |  | 66472 | 0 | 0 |
| Scorpio Tankers | COM | y7542c130 |  | 27156 | 694 | SH |  | SOLE |  | 694 | 0 | 0 |
| Stealthgas | COM | y81669106 |  | 69061 | 10774 | SH |  | SOLE |  | 10774 | 0 | 0 |
| Teekay Inc | COM | y8564w103 |  | 81073 | 9827 | SH |  | SOLE |  | 9827 | 0 | 0 |
| Teekay Tankers | COM | y8565n102 |  | 61912 | 1484 | SH |  | SOLE |  | 1484 | 0 | 0 |

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