# EDGAR Filing Document

**Accession Number:** 0001411784
**File Stem:** 0001411784-25-000009
**Filing Date:** 2025-11
**Character Count:** 26834
**Document Hash:** 420ecf7c1082ba01cf771c2c2a9dd791
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001411784-25-000009.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001411784-25-000009

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**EFFECTIVENESS DATE**: 20251112

**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:** 251471987

**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:** 09-30-2025

**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  11-12-2025<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:** 246

**Form 13F Information Table Value Total:** $286848122

      (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 |  | 113239 | 690 | SH |  | SOLE |  | 690 | 0 | 0 |
| Amazon.com | COM | 023135106 |  | 2325685 | 10592 | SH |  | SOLE |  | 10592 | 0 | 0 |
| American Express Company | COM | 025816109 |  | 2937955 | 8845 | SH |  | SOLE |  | 8845 | 0 | 0 |
| Amgen Inc | COM | 031162100 |  | 3748463 | 13283 | SH |  | SOLE |  | 13283 | 0 | 0 |
| Apple | COM | 037833100 |  | 5052463 | 19842 | SH |  | SOLE |  | 19842 | 0 | 0 |
| Astrazeneca | COM | 046353108 |  | 61376 | 800 | SH |  | SOLE |  | 800 | 0 | 0 |
| Bank of America | COM | 060505104 |  | 1983532 | 38448 | SH |  | SOLE |  | 38448 | 0 | 0 |
| Bank of America | CONV PREF | 060505682 |  | 1300480 | 1016 | SH |  | SOLE |  | 1016 | 0 | 0 |
| The Boeing Company | COM | 097023105 |  | 2074342 | 9611 | SH |  | SOLE |  | 9611 | 0 | 0 |
| BW LPG Limited | COM | 099789646 |  | 43240 | 3028 | SH |  | SOLE |  | 3028 | 0 | 0 |
| CNB Financial Corp | COM | 126128107 |  | 1213022 | 50125 | SH |  | SOLE |  | 50125 | 0 | 0 |
| CVB Financial | COM | 126600105 |  | 374475 | 19803 | SH |  | SOLE |  | 19803 | 0 | 0 |
| Coterra Energy | COM | 127097103 |  | 113189 | 4786 | SH |  | SOLE |  | 4786 | 0 | 0 |
| Star Bulk Carriers | COM | 143816842 |  | 32309 | 1738 | SH |  | SOLE |  | 1738 | 0 | 0 |
| Caterpillar | COM | 149123101 |  | 4413638 | 9250 | SH |  | SOLE |  | 9250 | 0 | 0 |
| Centerra Gold | COM | 152006102 |  | 65711 | 6124 | SH |  | SOLE |  | 6124 | 0 | 0 |
| Chemours Company | COM | 163851108 |  | 1186273 | 74891 | SH |  | SOLE |  | 74891 | 0 | 0 |
| Expand Energy Corporation | COM | 165167735 |  | 27697 | 261 | SH |  | SOLE |  | 261 | 0 | 0 |
| Chevron Corporation | COM | 166764100 |  | 2038181 | 13125 | SH |  | SOLE |  | 13125 | 0 | 0 |
| Citigroup | COM | 172967424 |  | 2936598 | 28932 | SH |  | SOLE |  | 28932 | 0 | 0 |
| Citizens Financial Group | COM | 174610105 |  | 619686 | 11657 | SH |  | SOLE |  | 11657 | 0 | 0 |
| Citizens Community Bancorp | COM | 174903104 |  | 1467946 | 91347 | SH |  | SOLE |  | 91347 | 0 | 0 |
| Civista Bancshares | COM | 178867107 |  | 1198899 | 59030 | SH |  | SOLE |  | 59030 | 0 | 0 |
| Cleveland-Cliffs | COM | 185899101 |  | 1337413 | 109624 | SH |  | SOLE |  | 109624 | 0 | 0 |
| The Coca-Cola Company | COM | 191216100 |  | 646089 | 9742 | SH |  | SOLE |  | 9742 | 0 | 0 |
| Columbia Banking System | COM | 197236102 |  | 15238 | 592 | SH |  | SOLE |  | 592 | 0 | 0 |
| Commercial Vehicle Group | COM | 202608105 |  | 17505 | 10297 | SH |  | SOLE |  | 10297 | 0 | 0 |
| Community West Bancshares | COM | 203937107 |  | 456521 | 21906 | SH |  | SOLE |  | 21906 | 0 | 0 |
| CIA De Minas Buenventur | COM | 204448104 |  | 70241 | 2887 | SH |  | SOLE |  | 2887 | 0 | 0 |
| McDermott International | COM | 220014096 |  | 107899 | 5422 | SH |  | SOLE |  | 5422 | 0 | 0 |
| Mercedes-Benz Group AG | COM | 233825207 |  | 31420 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| Dicks Sporting Goods | COM | 253393102 |  | 20889 | 94 | SH |  | SOLE |  | 94 | 0 | 0 |
| Walt Disney | COM | 254687106 |  | 1019737 | 8906 | SH |  | SOLE |  | 8906 | 0 | 0 |
| Dow Inc | COM | 260557103 |  | 47786 | 2084 | SH |  | SOLE |  | 2084 | 0 | 0 |
| Enterprise Products Partners | COM | 293792107 |  | 2804544 | 89688 | SH |  | SOLE |  | 89688 | 0 | 0 |
| EZCORP | COM | 302301106 |  | 19040 | 1000 | SH |  | SOLE |  | 1000 | 0 | 0 |
| F.N.B. Corporation | COM | 302520101 |  | 113865 | 7068 | SH |  | SOLE |  | 7068 | 0 | 0 |
| Freddie Mac | COM | 313400301 |  | 6668152 | 566538 | SH |  | SOLE |  | 566538 | 0 | 0 |
| Federal Home Loan Mortgage Corp | PREF STK | 313400640 |  | 2478204 | 179580 | SH |  | SOLE |  | 179580 | 0 | 0 |
| Federal National Mortgage Association | COM | 313586109 |  | 1366325 | 113388 | SH |  | SOLE |  | 113388 | 0 | 0 |
| Federal National Mortgage Association | PREF STK | 313586752 |  | 99600 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| Fifth Third Bancorp | COM | 316773100 |  | 517894 | 11625 | SH |  | SOLE |  | 11625 | 0 | 0 |
| First Community Corp | COM | 319835104 |  | 1317930 | 46702 | SH |  | SOLE |  | 46702 | 0 | 0 |
| The First Financial Corp | COM | 320218100 |  | 462256 | 8190 | SH |  | SOLE |  | 8190 | 0 | 0 |
| First Northwest BanCorp | COM | 335834107 |  | 566640 | 72000 | SH |  | SOLE |  | 72000 | 0 | 0 |
| Ford | COM | 345370860 |  | 80789 | 6755 | SH |  | SOLE |  | 6755 | 0 | 0 |
| General Electric Company | COM | 369604103 |  | 453185 | 1506 | SH |  | SOLE |  | 1506 | 0 | 0 |
| Genesis Energy | COM | 371927104 |  | 4001460 | 239465 | SH |  | SOLE |  | 239465 | 0 | 0 |
| Hancock Whitney Corporation | COM | 410120109 |  | 390186 | 6232 | SH |  | SOLE |  | 6232 | 0 | 0 |
| Hawthorn Bancshares | COM | 420476103 |  | 1482593 | 47764 | SH |  | SOLE |  | 47764 | 0 | 0 |
| Hello Group Inc | COM | 423403104 |  | 58240 | 7849 | SH |  | SOLE |  | 7849 | 0 | 0 |
| Hess Midstream Partners | COM | 428103105 |  | 3078253 | 89096 | SH |  | SOLE |  | 89096 | 0 | 0 |
| The Home Depot | COM | 437076102 |  | 3928722 | 9696 | SH |  | SOLE |  | 9696 | 0 | 0 |
| Honeywell International | COM | 438516106 |  | 2001855 | 9510 | SH |  | SOLE |  | 9510 | 0 | 0 |
| Hovnanian | PREF STK | 442871112 |  | 2181900 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| Hugoton Royalty Trust | COM | 444717102 |  | 121557 | 369194 | SH |  | SOLE |  | 369194 | 0 | 0 |
| Intel Corporation | COM | 458140100 |  | 177043 | 5277 | SH |  | SOLE |  | 5277 | 0 | 0 |
| International Business Machines | COM | 459200101 |  | 2864206 | 10151 | SH |  | SOLE |  | 10151 | 0 | 0 |
| iShares Barclays TIPS Bond | COM | 464287176 |  | 226490 | 2036 | SH |  | SOLE |  | 2036 | 0 | 0 |
| Jetblue Airways Corp | COM | 477143101 |  | 1191112 | 242096 | SH |  | SOLE |  | 242096 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 2079300 | 11214 | SH |  | SOLE |  | 11214 | 0 | 0 |
| La-Z-Boy | COM | 505336107 |  | 1183697 | 34490 | SH |  | SOLE |  | 34490 | 0 | 0 |
| Vital Energy | COM | 516806205 |  | 401627 | 23779 | SH |  | SOLE |  | 23779 | 0 | 0 |
| McDonald's Corp | COM | 580135101 |  | 2969005 | 9770 | SH |  | SOLE |  | 9770 | 0 | 0 |
| Mesa Air Group Inc | COM | 590479135 |  | 2116577 | 1628136 | SH |  | SOLE |  | 1628136 | 0 | 0 |
| Microsoft Corporation | COM | 594918104 |  | 5557431 | 10730 | SH |  | SOLE |  | 10730 | 0 | 0 |
| MidWest One Financial Group | COM | 598511103 |  | 2171059 | 76743 | SH |  | SOLE |  | 76743 | 0 | 0 |
| MIND Technology | COM | 602566309 |  | 27991 | 3460 | SH |  | SOLE |  | 3460 | 0 | 0 |
| NMI Holdings | COM | 629209305 |  | 2459856 | 64159 | SH |  | SOLE |  | 64159 | 0 | 0 |
| New Fortress Energy | COM | 644393100 |  | 246468 | 111524 | SH |  | SOLE |  | 111524 | 0 | 0 |
| Flagstar Financial | COM | 649445400 |  | 1250227 | 108245 | SH |  | SOLE |  | 108245 | 0 | 0 |
| Newmont Mining | COM | 651639106 |  | 33724 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| Nike | COM | 654106103 |  | 616832 | 8846 | SH |  | SOLE |  | 8846 | 0 | 0 |
| Northern Oil and Gas | COM | 665531307 |  | 23039 | 929 | SH |  | SOLE |  | 929 | 0 | 0 |
| OceanFirst Financial | COM | 675234108 |  | 900287 | 51240 | SH |  | SOLE |  | 51240 | 0 | 0 |
| Old National Bancorp | COM | 680033107 |  | 1245684 | 56751 | SH |  | SOLE |  | 56751 | 0 | 0 |
| ONEOK | COM | 682680103 |  | 4266931 | 58475 | SH |  | SOLE |  | 58475 | 0 | 0 |
| Orrstow Financial Services | COM | 687380105 |  | 1061204 | 31230 | SH |  | SOLE |  | 31230 | 0 | 0 |
| PAM Transporation Services | COM | 693149106 |  | 660231 | 57915 | SH |  | SOLE |  | 57915 | 0 | 0 |
| Pacwest Bancorp | PREF STK | 695263202 |  | 6250 | 250 | SH |  | SOLE |  | 250 | 0 | 0 |
| Parke Bancorp | COM | 700885106 |  | 1076229 | 49941 | SH |  | SOLE |  | 49941 | 0 | 0 |
| Peoples Bancorp | COM | 709789101 |  | 1108934 | 36977 | SH |  | SOLE |  | 36977 | 0 | 0 |
| Peoples Bancorp of NC | COM | 710577107 |  | 1069697 | 34889 | SH |  | SOLE |  | 34889 | 0 | 0 |
| Plains All American Pipeline | COM | 726503105 |  | 94854 | 5560 | SH |  | SOLE |  | 5560 | 0 | 0 |
| Procter  Gamble | COM | 742718109 |  | 1628844 | 10601 | SH |  | SOLE |  | 10601 | 0 | 0 |
| Republic Services | COM | 760759100 |  | 69991 | 305 | SH |  | SOLE |  | 305 | 0 | 0 |
| SSR Mining Inc | COM | 784730103 |  | 15379 | 630 | SH |  | SOLE |  | 630 | 0 | 0 |
| Schwab US TIPS | COM | 808524870 |  | 8301 | 308 | SH |  | SOLE |  | 308 | 0 | 0 |
| Sherwin-Williams | COM | 824348106 |  | 3014193 | 8705 | SH |  | SOLE |  | 8705 | 0 | 0 |
| Stifel Financial Corp | COM | 860630102 |  | 32225 | 284 | SH |  | SOLE |  | 284 | 0 | 0 |
| Taiwan Semiconductor Manufacturing | COM | 874039100 |  | 146348 | 524 | SH |  | SOLE |  | 524 | 0 | 0 |
| TransDigm Group | COM | 893641100 |  | 40859 | 31 | SH |  | SOLE |  | 31 | 0 | 0 |
| Turtle Beach Corp | COM | 900450206 |  | 1034120 | 65039 | SH |  | SOLE |  | 65039 | 0 | 0 |
| Unisys Corp | COM | 909214306 |  | 636628 | 163238 | SH |  | SOLE |  | 163238 | 0 | 0 |
| Unit Corp | WARRANT | 909218125 |  | 285738 | 142869 | SH |  | SOLE |  | 142869 | 0 | 0 |
| Unit Corp | COM | 909218406 |  | 2669864 | 89040 | SH |  | SOLE |  | 89040 | 0 | 0 |
| United Bancshares | COM | 909458101 |  | 824728 | 22302 | SH |  | SOLE |  | 22302 | 0 | 0 |
| United Parcel Service | COM | 911312106 |  | 37171 | 445 | SH |  | SOLE |  | 445 | 0 | 0 |
| Wal-Mart Stores | COM | 931142103 |  | 1249716 | 12126 | SH |  | SOLE |  | 12126 | 0 | 0 |
| Wells Fargo | COM | 949746101 |  | 215585 | 2572 | SH |  | SOLE |  | 2572 | 0 | 0 |
| Westlake Chemical Partners | COM | 960417103 |  | 822115 | 39167 | SH |  | SOLE |  | 39167 | 0 | 0 |
| Williams Companies | COM | 969457100 |  | 5042316 | 79595 | SH |  | SOLE |  | 79595 | 0 | 0 |
| Wingstop | COM | 974155103 |  | 47064 | 187 | SH |  | SOLE |  | 187 | 0 | 0 |
| Yelp | COM | 985817105 |  | 1118146 | 35838 | SH |  | SOLE |  | 35838 | 0 | 0 |
| Zions Bancorp | COM | 989701107 |  | 749346 | 13244 | SH |  | SOLE |  | 13244 | 0 | 0 |
| Invesco NASDAQ 100 Trust | COM | 46090e103 |  | 242991 | 617 | SH |  | SOLE |  | 617 | 0 | 0 |
| Renasant Corp | COM | 75970e107 |  | 1585385 | 42976 | SH |  | SOLE |  | 42976 | 0 | 0 |
| Argan Inc | COM | 04010e109 |  | 82905 | 307 | SH |  | SOLE |  | 307 | 0 | 0 |
| Eventbrite | COM | 29975e109 |  | 681909 | 270599 | SH |  | SOLE |  | 270599 | 0 | 0 |
| Fortinet | COM | 34959e109 |  | 25140 | 299 | SH |  | SOLE |  | 299 | 0 | 0 |
| The Travelers Companies | COM | 89417e109 |  | 2521636 | 9031 | SH |  | SOLE |  | 9031 | 0 | 0 |
| AMG Capital | CONV PREF | 00170F209 |  | 1912119 | 29870 | SH |  | SOLE |  | 29870 | 0 | 0 |
| A T  T | COM | 00206r102 |  | 83929 | 2972 | SH |  | SOLE |  | 2972 | 0 | 0 |
| Academy Sports  Outdoors | COM | 00402l107 |  | 1468737 | 29363 | SH |  | SOLE |  | 29363 | 0 | 0 |
| Alerus Financial | COM | 01446u103 |  | 1084838 | 48999 | SH |  | SOLE |  | 48999 | 0 | 0 |
| Alliance Resource Partners | COM | 01877r108 |  | 3255947 | 128770 | SH |  | SOLE |  | 128770 | 0 | 0 |
| Kinetik Holdings | COM | 02215l209 |  | 3895017 | 91133 | SH |  | SOLE |  | 91133 | 0 | 0 |
| American Airlines Group | COM | 02376R102 |  | 18377 | 1635 | SH |  | SOLE |  | 1635 | 0 | 0 |
| Antero Midstream | COM | 03676b102 |  | 5463295 | 281034 | SH |  | SOLE |  | 281034 | 0 | 0 |
| Arcbest Corp | COM | 03937c105 |  | 985796 | 14109 | SH |  | SOLE |  | 14109 | 0 | 0 |
| BancFirst Corporation | COM | 05945f103 |  | 45522 | 360 | SH |  | SOLE |  | 360 | 0 | 0 |
| Banc of California | COM | 05990k106 |  | 942390 | 56942 | SH |  | SOLE |  | 56942 | 0 | 0 |
| Banc of California | PREF STK | 05990k841 |  | 1362100 | 54484 | SH |  | SOLE |  | 54484 | 0 | 0 |
| Berry Corp | COM | 08579x101 |  | 31960 | 8455 | SH |  | SOLE |  | 8455 | 0 | 0 |
| Bill.com Holdings | CONV BOND | 090043AD2 |  | 464750 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| Blackline Corp | CONV BOND | 09239BAD1 |  | 487000 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| Booking Holdings | COM | 09857l108 |  | 70191 | 13 | SH |  | SOLE |  | 13 | 0 | 0 |
| Brighthouse Financial | COM | 10922n103 |  | 2487700 | 46867 | SH |  | SOLE |  | 46867 | 0 | 0 |
| Burke  Herbert Financial Services | COM | 12135y108 |  | 2670498 | 43289 | SH |  | SOLE |  | 43289 | 0 | 0 |
| The Cheesecake Factory | CONV BOND | 163072AA9 |  | 1727892 | 1745000 | PRN |  | SOLE |  | 1745000 | 0 | 0 |
| Cisco Systems | COM | 17275r102 |  | 786830 | 11500 | SH |  | SOLE |  | 11500 | 0 | 0 |
| Coupa Software | CONV BOND | 22266LAF3 |  | 400000 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| Cracker Barrel Old Country Store | COM | 22410j106 |  | 1235751 | 28047 | SH |  | SOLE |  | 28047 | 0 | 0 |
| Customers Bancorp | COM | 23204g100 |  | 1137765 | 17405 | SH |  | SOLE |  | 17405 | 0 | 0 |
| Delek Logistics Partners | COM | 24664t103 |  | 1518759 | 33350 | SH |  | SOLE |  | 33350 | 0 | 0 |
| Devon Energy Corporation | COM | 25179m103 |  | 108370 | 3091 | SH |  | SOLE |  | 3091 | 0 | 0 |
| Direxion Daily Emerging Markets 3X Bull | COM | 25459y686 |  | 33507 | 657 | SH |  | SOLE |  | 657 | 0 | 0 |
| Direxion Daily Semiconductor Bear 3x | COM | 25460g112 |  | 17930 | 3468 | SH |  | SOLE |  | 3468 | 0 | 0 |
| EOG Resources | COM | 26875p101 |  | 22424 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| EQT Corp | COM | 26884l109 |  | 38117 | 700 | SH |  | SOLE |  | 700 | 0 | 0 |
| Eagle Bancorp Montana | COM | 26942g100 |  | 445808 | 25814 | SH |  | SOLE |  | 25814 | 0 | 0 |
| Energy Transfer | COM | 29273v100 |  | 3160652 | 184187 | SH |  | SOLE |  | 184187 | 0 | 0 |
| Eventbrite | CONV BOND | 29975EAB5 |  | 1479330 | 1500000 | PRN |  | SOLE |  | 1500000 | 0 | 0 |
| Exxon Mobil Corporation | COM | 30231g102 |  | 476218 | 4224 | SH |  | SOLE |  | 4224 | 0 | 0 |
| Meta Platforms | COM | 30303m102 |  | 314327 | 428 | SH |  | SOLE |  | 428 | 0 | 0 |
| FinVolution Group | COM | 31810T101 |  | 72079 | 9780 | SH |  | SOLE |  | 9780 | 0 | 0 |
| First United Corp | COM | 33741h107 |  | 2168548 | 58976 | SH |  | SOLE |  | 58976 | 0 | 0 |
| First US Bancshares | COM | 33744v103 |  | 670788 | 55806 | SH |  | SOLE |  | 55806 | 0 | 0 |
| GE Healthcare Technologies | COM | 36266G107 |  | 39202 | 522 | SH |  | SOLE |  | 522 | 0 | 0 |
| GE Vernova | COM | 36828a101 |  | 202917 | 330 | SH |  | SOLE |  | 330 | 0 | 0 |
| General Motors | COM | 37045v100 |  | 60665 | 995 | SH |  | SOLE |  | 995 | 0 | 0 |
| The Goldman Sachs Group | COM | 38141g104 |  | 7249970 | 9104 | SH |  | SOLE |  | 9104 | 0 | 0 |
| Green Plains | CONV BOND | 393222AK0 |  | 1328127 | 1400000 | PRN |  | SOLE |  | 1400000 | 0 | 0 |
| Hallador Energy | COM | 40609p105 |  | 102625 | 5244 | SH |  | SOLE |  | 5244 | 0 | 0 |
| Hertz Global Holdings | WARRANT | 42806j148 |  | 412083 | 110775 | SH |  | SOLE |  | 110775 | 0 | 0 |
| Hertz Global Holdings | COM | 42806j700 |  | 1567849 | 230566 | SH |  | SOLE |  | 230566 | 0 | 0 |
| Mechanics Bancorp | COM | 43785v102 |  | 3066344 | 230379 | SH |  | SOLE |  | 230379 | 0 | 0 |
| Hope Bancorp | COM | 43940t109 |  | 762301 | 70780 | SH |  | SOLE |  | 70780 | 0 | 0 |
| Innoviva | CONV BOND | 45781MAD3 |  | 1197541 | 1227000 | PRN |  | SOLE |  | 1227000 | 0 | 0 |
| Iridium Communications | COM | 46269c102 |  | 18350 | 1051 | SH |  | SOLE |  | 1051 | 0 | 0 |
| iShares MSCI Emerging Markets | COM | 46434g764 |  | 1467572 | 21739 | SH |  | SOLE |  | 21739 | 0 | 0 |
| JPMorgan Chase  Co. | COM | 46625h100 |  | 3652049 | 11578 | SH |  | SOLE |  | 11578 | 0 | 0 |
| Jackson Financial | COM | 46817M107 |  | 1845929 | 18235 | SH |  | SOLE |  | 18235 | 0 | 0 |
| Jackson Financial Preferred | PREF STK | 46817M206 |  | 57310 | 2200 | SH |  | SOLE |  | 2200 | 0 | 0 |
| Jetblue Airways | CONV BOND | 477143AP6 |  | 1648653 | 1705000 | PRN |  | SOLE |  | 1705000 | 0 | 0 |
| Kearny Financial Corp | COM | 48716p108 |  | 664096 | 101080 | SH |  | SOLE |  | 101080 | 0 | 0 |
| Kimball Electronics Inc | COM | 49428j109 |  | 2010892 | 67344 | SH |  | SOLE |  | 67344 | 0 | 0 |
| Kinder Morgan | COM | 49456b101 |  | 1420395 | 50173 | SH |  | SOLE |  | 50173 | 0 | 0 |
| Kratos Defense  Security Solutions | COM | 50077b207 |  | 182740 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| LCI Industries | CONV BOND | 501812AB7 |  | 1165419 | 1205000 | PRN |  | SOLE |  | 1205000 | 0 | 0 |
| LGI Homes | COM | 50187t106 |  | 557330 | 10778 | SH |  | SOLE |  | 10778 | 0 | 0 |
| MGP Ingredients | CONV BOND | 55303JAB2 |  | 2769354 | 2905000 | PRN |  | SOLE |  | 2905000 | 0 | 0 |
| MPLX | COM | 55336v100 |  | 4067064 | 81423 | SH |  | SOLE |  | 81423 | 0 | 0 |
| Macy's | COM | 55616p104 |  | 111148 | 6199 | SH |  | SOLE |  | 6199 | 0 | 0 |
| Sphere Entertainment Company | COM | 55826T102 |  | 55225 | 889 | SH |  | SOLE |  | 889 | 0 | 0 |
| Mastercard Inc | COM | 57636q104 |  | 227524 | 400 | SH |  | SOLE |  | 400 | 0 | 0 |
| Merck | COM | 58933y105 |  | 880090 | 10486 | SH |  | SOLE |  | 10486 | 0 | 0 |
| Meritage Homes Corporation | COM | 59001a102 |  | 14486 | 200 | SH |  | SOLE |  | 200 | 0 | 0 |
| NETGEAR | COM | 64111Q104 |  | 1551773 | 47909 | SH |  | SOLE |  | 47909 | 0 | 0 |
| Flagstar Financial | CONV PREF | 64944p307 |  | 2020583 | 50692 | SH |  | SOLE |  | 50692 | 0 | 0 |
| XPLR Infrastructure | COM | 65341b106 |  | 385301 | 37886 | SH |  | SOLE |  | 37886 | 0 | 0 |
| Nvidia | COM | 67066g104 |  | 2810475 | 15063 | SH |  | SOLE |  | 15063 | 0 | 0 |
| Okta | CONV BOND | 679295AF2 |  | 485237 | 500000 | PRN |  | SOLE |  | 500000 | 0 | 0 |
| Oracle Corporation | COM | 68389x105 |  | 665695 | 2367 | SH |  | SOLE |  | 2367 | 0 | 0 |
| Pacer US Small Cap Cash Cows | COM | 69374H857 |  | 39314 | 898 | SH |  | SOLE |  | 898 | 0 | 0 |
| Palantir Technologies | COM | 69608a109 |  | 3010477 | 16503 | SH |  | SOLE |  | 16503 | 0 | 0 |
| Peoples Financial | COM | 71103b102 |  | 1022844 | 48476 | SH |  | SOLE |  | 48476 | 0 | 0 |
| Pinterest Inc | COM | 72352l106 |  | 25672 | 798 | SH |  | SOLE |  | 798 | 0 | 0 |
| Plains GP Holdings | COM | 72651a207 |  | 2919732 | 160073 | SH |  | SOLE |  | 160073 | 0 | 0 |
| Primis Financial | COM | 74167b109 |  | 716950 | 68216 | SH |  | SOLE |  | 68216 | 0 | 0 |
| ProShares S 500 Dividend Aristocrat | COM | 74348a467 |  | 655590 | 6361 | SH |  | SOLE |  | 6361 | 0 | 0 |
| Providient Financial Services | COM | 74386T105 |  | 222939 | 11563 | SH |  | SOLE |  | 11563 | 0 | 0 |
| PubMatic | COM | 74467q103 |  | 1149446 | 138822 | SH |  | SOLE |  | 138822 | 0 | 0 |
| QCR Holdings | COM | 74727a104 |  | 168073 | 2222 | SH |  | SOLE |  | 2222 | 0 | 0 |
| Ranger Energy Services | COM | 75282u104 |  | 27785 | 1979 | SH |  | SOLE |  | 1979 | 0 | 0 |
| SB Financial Group | COM | 78408d105 |  | 3026783 | 156909 | SH |  | SOLE |  | 156909 | 0 | 0 |
| S Global Inc | COM | 78409V104 |  | 55972 | 115 | SH |  | SOLE |  | 115 | 0 | 0 |
| SPDR S 600 Small Cap Value ETF | COM | 78464a300 |  | 718465 | 8105 | SH |  | SOLE |  | 8105 | 0 | 0 |
| SPDR Dow Jones Industrial Average | COM | 78467x109 |  | 11889194 | 25638 | SH |  | SOLE |  | 25638 | 0 | 0 |
| SSR Mining | CONV BOND | 784730AB9 |  | 3560975 | 2530000 | PRN |  | SOLE |  | 2530000 | 0 | 0 |
| salesforce.com | COM | 79466l302 |  | 2030379 | 8567 | SH |  | SOLE |  | 8567 | 0 | 0 |
| SandRidge Energy | COM | 80007p869 |  | 52339 | 4640 | SH |  | SOLE |  | 4640 | 0 | 0 |
| Health Care Select Sector SPDR | COM | 81369y209 |  | 52745 | 379 | SH |  | SOLE |  | 379 | 0 | 0 |
| Energy Select Sector SPDR | COM | 81369y506 |  | 38595 | 432 | SH |  | SOLE |  | 432 | 0 | 0 |
| Shake Shack | CONV BOND | 819047AB7 |  | 1657758 | 1760000 | PRN |  | SOLE |  | 1760000 | 0 | 0 |
| Shenandoah Telecommunications | COM | 83212B106 |  | 39119 | 2915 | SH |  | SOLE |  | 2915 | 0 | 0 |
| Sounds Financial | COM | 83607a100 |  | 330711 | 7180 | SH |  | SOLE |  | 7180 | 0 | 0 |
| Spectrum Brands Holdings | CONV BOND | 84762laz8 |  | 1619514 | 1755000 | PRN |  | SOLE |  | 1755000 | 0 | 0 |
| Sprouts Farmers Market | COM | 85208M102 |  | 54400 | 500 | SH |  | SOLE |  | 500 | 0 | 0 |
| Sunoco | COM | 86764p109 |  | 2072915 | 41450 | SH |  | SOLE |  | 41450 | 0 | 0 |
| SuRo Capital | COM | 86887q109 |  | 11961 | 1329 | SH |  | SOLE |  | 1329 | 0 | 0 |
| Tri Pointe Homes | COM | 87265h109 |  | 63762 | 1877 | SH |  | SOLE |  | 1877 | 0 | 0 |
| Talen Energy Corporation | COM | 87422q109 |  | 106345 | 250 | SH |  | SOLE |  | 250 | 0 | 0 |
| Talos Energy | COM | 87484t108 |  | 1205827 | 125738 | SH |  | SOLE |  | 125738 | 0 | 0 |
| Targa Resources Corp | COM | 87612g101 |  | 3811643 | 22751 | SH |  | SOLE |  | 22751 | 0 | 0 |
| Taylor Morrison Home Corporation | COM | 87724p106 |  | 31883 | 483 | SH |  | SOLE |  | 483 | 0 | 0 |
| Tenaris SA | COM | 88031m109 |  | 27686 | 774 | SH |  | SOLE |  | 774 | 0 | 0 |
| The Trade Desk | COM | 88339j105 |  | 43227 | 882 | SH |  | SOLE |  | 882 | 0 | 0 |
| 3M Co | COM | 88579y101 |  | 1387464 | 8941 | SH |  | SOLE |  | 8941 | 0 | 0 |
| Truist Financial Corp | COM | 89832q109 |  | 618134 | 13520 | SH |  | SOLE |  | 13520 | 0 | 0 |
| Uber Technologies | COM | 90353t100 |  | 56823 | 580 | SH |  | SOLE |  | 580 | 0 | 0 |
| UnitedHealth Group | COM | 91324p102 |  | 3187464 | 9231 | SH |  | SOLE |  | 9231 | 0 | 0 |
| Uniti Group | COM | 91325v108 |  | 35496 | 5800 | SH |  | SOLE |  | 5800 | 0 | 0 |
| Vaalco Energy | COM | 91851c201 |  | 823364 | 204817 | SH |  | SOLE |  | 204817 | 0 | 0 |
| Verizon Communications | COM | 92343v104 |  | 495668 | 11278 | SH |  | SOLE |  | 11278 | 0 | 0 |
| Visa | COM | 92826c839 |  | 3029406 | 8874 | SH |  | SOLE |  | 8874 | 0 | 0 |
| Western Midstream Partners | COM | 95825r103 |  | 2650150 | 67451 | SH |  | SOLE |  | 67451 | 0 | 0 |
| WisdomTree Investments | CONV BOND | 97717PAD6 |  | 2225093 | 1705000 | PRN |  | SOLE |  | 1705000 | 0 | 0 |
| Deutsche Bank | COM | d18190898 |  | 881709 | 24900 | SH |  | SOLE |  | 24900 | 0 | 0 |
| Bunge Ltd | COM | g16962105 |  | 30469 | 375 | SH |  | SOLE |  | 375 | 0 | 0 |
| Tecnoglass Inc | COM | g87264100 |  | 21077 | 315 | SH |  | SOLE |  | 315 | 0 | 0 |
| Adecoagro SA | COM | L00849106 |  | 39153 | 4994 | SH |  | SOLE |  | 4994 | 0 | 0 |
| Monday.com | COM | m7s64h106 |  | 23630 | 122 | SH |  | SOLE |  | 122 | 0 | 0 |
| Zim Integrated Shipping | COM | m9t951009 |  | 21788 | 1608 | SH |  | SOLE |  | 1608 | 0 | 0 |
| AerCap Holdings NV | COM | n00985106 |  | 21780 | 180 | SH |  | SOLE |  | 180 | 0 | 0 |
| Expro Group Holdings | COM | n3144w105 |  | 867824 | 73049 | SH |  | SOLE |  | 73049 | 0 | 0 |
| Ardmore Shiipping Corp | COM | y0207t100 |  | 30886 | 2602 | SH |  | SOLE |  | 2602 | 0 | 0 |
| Danaos Corp | COM | y1968p121 |  | 55772 | 621 | SH |  | SOLE |  | 621 | 0 | 0 |
| Genco Shipping | COM | y2685t131 |  | 55180 | 3100 | SH |  | SOLE |  | 3100 | 0 | 0 |
| Global Ship Lease | COM | Y27183600 |  | 78561 | 2559 | SH |  | SOLE |  | 2559 | 0 | 0 |
| International Seaways Inc | COM | y41053102 |  | 24561 | 533 | SH |  | SOLE |  | 533 | 0 | 0 |
| Navios Maritime Partners | COM | y62267102 |  | 2989245 | 66354 | SH |  | SOLE |  | 66354 | 0 | 0 |
| Scorpio Tankers Inc | COM | y7542c130 |  | 38899 | 694 | SH |  | SOLE |  | 694 | 0 | 0 |
| Stealthgas | COM | y81669106 |  | 67465 | 10300 | SH |  | SOLE |  | 10300 | 0 | 0 |
| Teekay Inc | COM | y8564w103 |  | 78798 | 9633 | SH |  | SOLE |  | 9633 | 0 | 0 |
| Teekay Tankers | COM | y8565n102 |  | 74713 | 1478 | SH |  | SOLE |  | 1478 | 0 | 0 |

---