# EDGAR Filing Document

**Accession Number:** 0001411784
**File Stem:** 0001411784-23-000002
**Filing Date:** 2023-2
**Character Count:** 24326
**Document Hash:** a32b5ac8b35c9c652487a94a0affbe47
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001411784-23-000002.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001411784-23-000002

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

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**EFFECTIVENESS DATE**: 20230213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pinnacle Holdings, LLC
- **CENTRAL INDEX KEY:** 0001411784
- **IRS NUMBER:** 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:** 23617835

**BUSINESS ADDRESS:**
- **STREET 1:** 233 SOUTH DETROIT AVENUE
- **STREET 2:** SUITE 100
- **CITY:** TULSA
- **STATE:** OK
- **ZIP:** 74120
- **BUSINESS PHONE:** 918-582-6864

**MAIL ADDRESS:**
- **STREET 1:** 233 SOUTH DETROIT AVENUE
- **STREET 2:** SUITE 100
- **CITY:** TULSA
- **STATE:** OK
- **ZIP:** 74120

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**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:** 233 SOUTH DETROIT AVENUE<br>SUITE 100<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  02-13-2023<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:** 216

**Form 13F Information Table Value Total:** $223628

      (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 |
| Algoma Steel | COM | 015658107 |  | 37913 | 5980 | SH |  | SOLE | 0 | 5980 | 0 | 0 |
| Alpha Metallurgical Resources | COM | 020764106 |  | 1979778 | 13524 | SH |  | SOLE | 0 | 13524 | 0 | 0 |
| American Express Company | COM | 025816109 |  | 1643867 | 11126 | SH |  | SOLE | 0 | 11126 | 0 | 0 |
| Amgen | COM | 031162100 |  | 4291538 | 16340 | SH |  | SOLE | 0 | 16340 | 0 | 0 |
| Apple | COM | 037833100 |  | 2600023 | 20011 | SH |  | SOLE | 0 | 20011 | 0 | 0 |
| Astrazeneca | COM | 046353108 |  | 61020 | 900 | SH |  | SOLE | 0 | 900 | 0 | 0 |
| Atlas Air Worldwide Holdings | COM | 049164205 |  | 1274011 | 12639 | SH |  | SOLE | 0 | 12639 | 0 | 0 |
| Bank of America | COM | 060505104 |  | 1183974 | 35748 | SH |  | SOLE | 0 | 35748 | 0 | 0 |
| Bank of America | CONV PREF | 060505682 |  | 33640 | 29 | SH |  | SOLE | 0 | 29 | 0 | 0 |
| Barrick Gold Corp | COM | 067901108 |  | 21286 | 1239 | SH |  | SOLE | 0 | 1239 | 0 | 0 |
| Berkshire Hathaway | COM | 084670702 |  | 598957 | 1939 | SH |  | SOLE | 0 | 1939 | 0 | 0 |
| Berkshire Hills Bancorp | COM | 084680107 |  | 62102 | 2077 | SH |  | SOLE | 0 | 2077 | 0 | 0 |
| The Boeing Company | COM | 097023105 |  | 2342075 | 12295 | SH |  | SOLE | 0 | 12295 | 0 | 0 |
| Caterpillar | COM | 149123101 |  | 2775303 | 11585 | SH |  | SOLE | 0 | 11585 | 0 | 0 |
| Central Valley Community Bancorp | COM | 155685100 |  | 416632 | 19671 | SH |  | SOLE | 0 | 19671 | 0 | 0 |
| Chevron Corporation | COM | 166764100 |  | 2790531 | 15547 | SH |  | SOLE | 0 | 15547 | 0 | 0 |
| Citigroup | COM | 172967424 |  | 1167567 | 25814 | SH |  | SOLE | 0 | 25814 | 0 | 0 |
| Citizens Financial Group | COM | 174610105 |  | 399999 | 10160 | SH |  | SOLE | 0 | 10160 | 0 | 0 |
| Citizens Community Bancorp | COM | 174903104 |  | 1183499 | 98379 | SH |  | SOLE | 0 | 98379 | 0 | 0 |
| Civista Bancshares | COM | 178867107 |  | 1216163 | 55255 | SH |  | SOLE | 0 | 55255 | 0 | 0 |
| Cleveland-Cliffs | COM | 185899101 |  | 1701973 | 105647 | SH |  | SOLE | 0 | 105647 | 0 | 0 |
| The Coca-Cola Company | COM | 191216100 |  | 778968 | 12246 | SH |  | SOLE | 0 | 12246 | 0 | 0 |
| Codorus Bancorp | COM | 192025104 |  | 862732 | 36249 | SH |  | SOLE | 0 | 36249 | 0 | 0 |
| McDermott International | COM | 220014096 |  | 140128 | 388010 | SH |  | SOLE | 0 | 388010 | 0 | 0 |
| Cowen Inc | CONV PREF | 223622507 |  | 2917138 | 1912 | SH |  | SOLE | 0 | 1912 | 0 | 0 |
| Crestwood Equity Partners | COM | 226344109 |  | 667321 | 25480 | SH |  | SOLE | 0 | 25480 | 0 | 0 |
| Walt Disney Co | COM | 254687106 |  | 994038 | 11442 | SH |  | SOLE | 0 | 11442 | 0 | 0 |
| Dow Inc | COM | 260557103 |  | 660717 | 13112 | SH |  | SOLE | 0 | 13112 | 0 | 0 |
| Enterprise Products Partners | COM | 293792107 |  | 1903623 | 78923 | SH |  | SOLE | 0 | 78923 | 0 | 0 |
| Equitrans Midstream Corporation | COM | 294600101 |  | 994815 | 148480 | SH |  | SOLE | 0 | 148480 | 0 | 0 |
| EZCORP | COM | 302301106 |  | 8150 | 1000 | SH |  | SOLE | 0 | 1000 | 0 | 0 |
| F.N.B. Corporation | COM | 302520101 |  | 122944 | 9421 | SH |  | SOLE | 0 | 9421 | 0 | 0 |
| Freddie Mac | COM | 313400301 |  | 110596 | 313038 | SH |  | SOLE | 0 | 313038 | 0 | 0 |
| Freddie Mac | PREF STK | 313400640 |  | 292409 | 172005 | SH |  | SOLE | 0 | 172005 | 0 | 0 |
| Federal National Mortgage Association | COM | 313586109 |  | 27561 | 77988 | SH |  | SOLE | 0 | 77988 | 0 | 0 |
| Fannie Mae | PREF STK | 313586752 |  | 14040 | 6000 | SH |  | SOLE | 0 | 6000 | 0 | 0 |
| Fifth Third Bancorp | COM | 316773100 |  | 280033 | 8535 | SH |  | SOLE | 0 | 8535 | 0 | 0 |
| First Bancshares | COM | 318916103 |  | 1442403 | 45061 | SH |  | SOLE | 0 | 45061 | 0 | 0 |
| First Community Corp | COM | 319835104 |  | 1036163 | 47335 | SH |  | SOLE | 0 | 47335 | 0 | 0 |
| The First Financial Corp | COM | 320218100 |  | 361922 | 7854 | SH |  | SOLE | 0 | 7854 | 0 | 0 |
| Ford Motor | COM | 345370860 |  | 42866 | 3686 | SH |  | SOLE | 0 | 3686 | 0 | 0 |
| General Electric Company | COM | 369604103 |  | 150539 | 1797 | SH |  | SOLE | 0 | 1797 | 0 | 0 |
| Genesis Energy | COM | 371927104 |  | 1628852 | 159535 | SH |  | SOLE | 0 | 159535 | 0 | 0 |
| Graftech International | COM | 384313508 |  | 936225 | 196686 | SH |  | SOLE | 0 | 196686 | 0 | 0 |
| Hancock Whitney Corporation | COM | 410120109 |  | 299970 | 6199 | SH |  | SOLE | 0 | 6199 | 0 | 0 |
| Hawaiian Holdings | COM | 419879101 |  | 12630 | 1231 | SH |  | SOLE | 0 | 1231 | 0 | 0 |
| Hawthorn Bancshares | COM | 420476103 |  | 921198 | 42315 | SH |  | SOLE | 0 | 42315 | 0 | 0 |
| Hess Midstream Partners | COM | 428103105 |  | 2459992 | 82219 | SH |  | SOLE | 0 | 82219 | 0 | 0 |
| The Home Depot | COM | 437076102 |  | 3794742 | 12014 | SH |  | SOLE | 0 | 12014 | 0 | 0 |
| Honeywell International | COM | 438516106 |  | 2488023 | 11610 | SH |  | SOLE | 0 | 11610 | 0 | 0 |
| Hugoton Royalty Trust | COM | 444717102 |  | 504096 | 262550 | SH |  | SOLE | 0 | 262550 | 0 | 0 |
| Icahn Enteprises LP | COM | 451100101 |  | 34594 | 683 | SH |  | SOLE | 0 | 683 | 0 | 0 |
| Intel Corporation | COM | 458140100 |  | 434245 | 16430 | SH |  | SOLE | 0 | 16430 | 0 | 0 |
| International Business Machines | COM | 459200101 |  | 1751122 | 12429 | SH |  | SOLE | 0 | 12429 | 0 | 0 |
| iShares Barclays TIPS Bond | COM | 464287176 |  | 196532 | 1846 | SH |  | SOLE | 0 | 1846 | 0 | 0 |
| iShares DJ US Financial Sector | COM | 464287788 |  | 185052 | 2452 | SH |  | SOLE | 0 | 2452 | 0 | 0 |
| Ishares Oil  Gas Exploration | COM | 464288851 |  | 16901 | 182 | SH |  | SOLE | 0 | 182 | 0 | 0 |
| Johnson  Johnson | COM | 478160104 |  | 2477340 | 14024 | SH |  | SOLE | 0 | 14024 | 0 | 0 |
| La-Z-Boy | COM | 505336107 |  | 764287 | 33492 | SH |  | SOLE | 0 | 33492 | 0 | 0 |
| Lakeland Bancorp | COM | 511637100 |  | 248195 | 14094 | SH |  | SOLE | 0 | 14094 | 0 | 0 |
| Liberty Broadband | COM | 530307305 |  | 26847 | 352 | SH |  | SOLE | 0 | 352 | 0 | 0 |
| MDC Holdings | COM | 552676108 |  | 1003616 | 31760 | SH |  | SOLE | 0 | 31760 | 0 | 0 |
| Magellan Midstream Partners | COM | 559080106 |  | 2056200 | 40952 | SH |  | SOLE | 0 | 40952 | 0 | 0 |
| McDonald's | COM | 580135101 |  | 3222972 | 12230 | SH |  | SOLE | 0 | 12230 | 0 | 0 |
| Mesa Air Group | COM | 590479135 |  | 355694 | 232480 | SH |  | SOLE | 0 | 232480 | 0 | 0 |
| Microsoft Corporation | COM | 594918104 |  | 3189977 | 13302 | SH |  | SOLE | 0 | 13302 | 0 | 0 |
| Microchip Technology | COM | 595017704 |  | 55779 | 794 | SH |  | SOLE | 0 | 794 | 0 | 0 |
| MidWest One Financial Group | COM | 598511103 |  | 2286762 | 72024 | SH |  | SOLE | 0 | 72024 | 0 | 0 |
| NMI Holdings | COM | 629209305 |  | 1491466 | 71362 | SH |  | SOLE | 0 | 71362 | 0 | 0 |
| New York Community Bancorp | COM | 649445103 |  | 822203 | 95605 | SH |  | SOLE | 0 | 95605 | 0 | 0 |
| Newmont Mining | COM | 651639106 |  | 49843 | 1056 | SH |  | SOLE | 0 | 1056 | 0 | 0 |
| Nike | COM | 654106103 |  | 1297056 | 11085 | SH |  | SOLE | 0 | 11085 | 0 | 0 |
| OceanFirst Financial | COM | 675234108 |  | 949684 | 44691 | SH |  | SOLE | 0 | 44691 | 0 | 0 |
| Old National Bancorp | COM | 680033107 |  | 930303 | 51741 | SH |  | SOLE | 0 | 51741 | 0 | 0 |
| ONEOK | COM | 682680103 |  | 3872949 | 58949 | SH |  | SOLE | 0 | 58949 | 0 | 0 |
| Pacwest Bancorp | COM | 695263103 |  | 410071 | 17868 | SH |  | SOLE | 0 | 17868 | 0 | 0 |
| Pacwest Bancorp | PREF STK | 695263202 |  | 139250 | 5570 | SH |  | SOLE | 0 | 5570 | 0 | 0 |
| Parke Bancorp | COM | 700885106 |  | 916102 | 44171 | SH |  | SOLE | 0 | 44171 | 0 | 0 |
| Peoples Bancorp | COM | 709789101 |  | 1140392 | 40368 | SH |  | SOLE | 0 | 40368 | 0 | 0 |
| Peoples Bancorp | COM | 710577107 |  | 1135986 | 34889 | SH |  | SOLE | 0 | 34889 | 0 | 0 |
| Pfizer | COM | 717081103 |  | 280129 | 5467 | SH |  | SOLE | 0 | 5467 | 0 | 0 |
| Plains All American Pipeline | COM | 726503105 |  | 72289 | 6147 | SH |  | SOLE | 0 | 6147 | 0 | 0 |
| Procter  Gamble | COM | 742718109 |  | 1988316 | 13119 | SH |  | SOLE | 0 | 13119 | 0 | 0 |
| Realty Income Corp | COM | 756109104 |  | 33364 | 526 | SH |  | SOLE | 0 | 526 | 0 | 0 |
| Republic Services | COM | 760759100 |  | 48629 | 377 | SH |  | SOLE | 0 | 377 | 0 | 0 |
| Southwestern Energy Company | COM | 845467109 |  | 17550 | 3000 | SH |  | SOLE | 0 | 3000 | 0 | 0 |
| Superior Industries | COM | 868168105 |  | 720749 | 170794 | SH |  | SOLE | 0 | 170794 | 0 | 0 |
| Taiwan Semiconductor | COM | 874039100 |  | 37245 | 500 | SH |  | SOLE | 0 | 500 | 0 | 0 |
| Ternium SA | COM | 880890108 |  | 31752 | 1039 | SH |  | SOLE | 0 | 1039 | 0 | 0 |
| Turtle Beach Corp | COM | 900450206 |  | 471944 | 65822 | SH |  | SOLE | 0 | 65822 | 0 | 0 |
| Umpqua Holdings Corporation | COM | 904214103 |  | 17850 | 1000 | SH |  | SOLE | 0 | 1000 | 0 | 0 |
| Unisys Corp | COM | 909214306 |  | 434508 | 85031 | SH |  | SOLE | 0 | 85031 | 0 | 0 |
| Unit Corp | WARRANT | 909218125 |  | 370836 | 32107 | SH |  | SOLE | 0 | 32107 | 0 | 0 |
| Unit Corp | COM | 909218406 |  | 5359688 | 92632 | SH |  | SOLE | 0 | 92632 | 0 | 0 |
| United Bancshares | COM | 909458101 |  | 744775 | 39785 | SH |  | SOLE | 0 | 39785 | 0 | 0 |
| United Parcel Service | COM | 911312106 |  | 155239 | 893 | SH |  | SOLE | 0 | 893 | 0 | 0 |
| Wal-Mart Stores | COM | 931142103 |  | 1698708 | 11980 | SH |  | SOLE | 0 | 11980 | 0 | 0 |
| Walgreens Boots Alliance | COM | 931427108 |  | 469690 | 12572 | SH |  | SOLE | 0 | 12572 | 0 | 0 |
| Wells Fargo  Company | COM | 949746101 |  | 71514 | 1732 | SH |  | SOLE | 0 | 1732 | 0 | 0 |
| Westlake Chemical Partners | COM | 960417103 |  | 829527 | 35299 | SH |  | SOLE | 0 | 35299 | 0 | 0 |
| Williams Companies | COM | 969457100 |  | 3754189 | 114109 | SH |  | SOLE | 0 | 114109 | 0 | 0 |
| Yelp | COM | 985817105 |  | 914550 | 33451 | SH |  | SOLE | 0 | 33451 | 0 | 0 |
| Zions Bancorp | COM | 989701107 |  | 553837 | 11266 | SH |  | SOLE | 0 | 11266 | 0 | 0 |
| Argan Inc | COM | 04010e109 |  | 966994 | 26220 | SH |  | SOLE | 0 | 26220 | 0 | 0 |
| The Travelers Companies | COM | 89417e109 |  | 2141698 | 11423 | SH |  | SOLE | 0 | 11423 | 0 | 0 |
| AMG Capital Trust II | CONV PREF | 00170F209 |  | 1710109 | 33206 | SH |  | SOLE | 0 | 33206 | 0 | 0 |
| A T  T INC NEW | COM | 00206r102 |  | 74634 | 4054 | SH |  | SOLE | 0 | 4054 | 0 | 0 |
| Academy Sports  Outdoors | COM | 00402l107 |  | 1554448 | 29586 | SH |  | SOLE | 0 | 29586 | 0 | 0 |
| Alliance Resource Partners | COM | 01877r108 |  | 2439761 | 120067 | SH |  | SOLE | 0 | 120067 | 0 | 0 |
| Altria Group | COM | 02209s103 |  | 88952 | 1946 | SH |  | SOLE | 0 | 1946 | 0 | 0 |
| Kinetik Holdings | COM | 02215l209 |  | 3367610 | 101802 | SH |  | SOLE | 0 | 101802 | 0 | 0 |
| American Airlines Group | COM | 02376R102 |  | 210465 | 16546 | SH |  | SOLE | 0 | 16546 | 0 | 0 |
| American Airlines | CONV BOND | 02376RAF9 |  | 52802 | 50000 | PRN |  | SOLE | 0 | 50000 | 0 | 0 |
| Antero Midstream | COM | 03676b102 |  | 3258825 | 302023 | SH |  | SOLE | 0 | 302023 | 0 | 0 |
| Arcbest Corp | COM | 03937c105 |  | 974467 | 13913 | SH |  | SOLE | 0 | 13913 | 0 | 0 |
| Avaya Holdings Corp | CONV BOND | 05351XAB7 |  | 85875 | 2290000 | PRN |  | SOLE | 0 | 2290000 | 0 | 0 |
| BOK Financial Corp | COM | 05561q201 |  | 205193 | 1977 | SH |  | SOLE | 0 | 1977 | 0 | 0 |
| BancFirst Corporation | COM | 05945f103 |  | 31745 | 360 | SH |  | SOLE | 0 | 360 | 0 | 0 |
| Banc of California | COM | 05990k106 |  | 86022 | 5400 | SH |  | SOLE | 0 | 5400 | 0 | 0 |
| Bill.com Holdings | CONV BOND | 090043AD2 |  | 395250 | 500000 | PRN |  | SOLE | 0 | 500000 | 0 | 0 |
| Blackline Corp | CONV BOND | 09239BAD1 |  | 425938 | 500000 | PRN |  | SOLE | 0 | 500000 | 0 | 0 |
| Brighthouse Financial | COM | 10922n103 |  | 2201483 | 42939 | SH |  | SOLE | 0 | 42939 | 0 | 0 |
| CareDx Inc | COM | 14167l103 |  | 14742 | 1292 | SH |  | SOLE | 0 | 1292 | 0 | 0 |
| The Cheesecake Factory | CONV BOND | 163072AA9 |  | 1593143 | 1925000 | PRN |  | SOLE | 0 | 1925000 | 0 | 0 |
| Cisco Systems | COM | 17275r102 |  | 706882 | 14838 | SH |  | SOLE | 0 | 14838 | 0 | 0 |
| Cloudfare | CONV BOND | 18915MAC1 |  | 407500 | 500000 | PRN |  | SOLE | 0 | 500000 | 0 | 0 |
| Contura Energy | WARRANT | 21241b118 |  | 1072060 | 8860 | SH |  | SOLE | 0 | 8860 | 0 | 0 |
| Coupa Software | CONV BOND | 22266LAF3 |  | 480750 | 500000 | PRN |  | SOLE | 0 | 500000 | 0 | 0 |
| Customers Bancorp | COM | 23204g100 |  | 441821 | 15590 | SH |  | SOLE | 0 | 15590 | 0 | 0 |
| DR Horton | COM | 23331a109 |  | 13371 | 150 | SH |  | SOLE | 0 | 150 | 0 | 0 |
| Delek Logistics Partners | COM | 24664t103 |  | 1154554 | 25515 | SH |  | SOLE | 0 | 25515 | 0 | 0 |
| Devon Energy Corporation | COM | 25179m103 |  | 211246 | 3434 | SH |  | SOLE | 0 | 3434 | 0 | 0 |
| Eagle Bancorp Montana | COM | 26942g100 |  | 626733 | 38783 | SH |  | SOLE | 0 | 38783 | 0 | 0 |
| Earthstone Energy | COM | 27032d304 |  | 1201055 | 84403 | SH |  | SOLE | 0 | 84403 | 0 | 0 |
| Energy Transfer | COM | 29273v100 |  | 1477877 | 124505 | SH |  | SOLE | 0 | 124505 | 0 | 0 |
| EnLink Midstream | COM | 29336t100 |  | 2096352 | 170435 | SH |  | SOLE | 0 | 170435 | 0 | 0 |
| Essa Bancorp | COM | 29667d104 |  | 1252012 | 59991 | SH |  | SOLE | 0 | 59991 | 0 | 0 |
| EZCorp Inc | CONV BOND | 302301AE6 |  | 1310929 | 1481000 | PRN |  | SOLE | 0 | 1481000 | 0 | 0 |
| EZCorp Inc | CONV BOND | 302301AF3 |  | 331917 | 320000 | PRN |  | SOLE | 0 | 320000 | 0 | 0 |
| Exxon Mobil Corporation | COM | 30231g102 |  | 424876 | 3852 | SH |  | SOLE | 0 | 3852 | 0 | 0 |
| First United Corp | COM | 33741h107 |  | 1199063 | 61021 | SH |  | SOLE | 0 | 61021 | 0 | 0 |
| First US Bancshares | COM | 33744v103 |  | 446551 | 51446 | SH |  | SOLE | 0 | 51446 | 0 | 0 |
| Five9 | CONV BOND | 338307AD3 |  | 458000 | 500000 | PRN |  | SOLE | 0 | 500000 | 0 | 0 |
| General Motors Corp. | COM | 37045v100 |  | 13456 | 400 | SH |  | SOLE | 0 | 400 | 0 | 0 |
| The Goldman Sachs Group | COM | 38141g104 |  | 3933761 | 11456 | SH |  | SOLE | 0 | 11456 | 0 | 0 |
| Greenbriar | CONV BOND | 393657AK7 |  | 1657513 | 1755000 | PRN |  | SOLE | 0 | 1755000 | 0 | 0 |
| HMN Financial | COM | 40424g108 |  | 943228 | 44200 | SH |  | SOLE | 0 | 44200 | 0 | 0 |
| Homestreet | COM | 43785u102 |  | 456035 | 16535 | SH |  | SOLE | 0 | 16535 | 0 | 0 |
| Hope Bancorp | COM | 43940t109 |  | 796065 | 62144 | SH |  | SOLE | 0 | 62144 | 0 | 0 |
| Iridium Communications | COM | 46269c102 |  | 78539 | 1528 | SH |  | SOLE | 0 | 1528 | 0 | 0 |
| JPMorgan | COM | 46625h100 |  | 1869354 | 13940 | SH |  | SOLE | 0 | 13940 | 0 | 0 |
| JP Morgan Chase Alerian ETN | COM | 46625h365 |  | 51743 | 2379 | SH |  | SOLE | 0 | 2379 | 0 | 0 |
| Jackson Financial | COM | 46817m107 |  | 679623 | 19535 | SH |  | SOLE | 0 | 19535 | 0 | 0 |
| Jetblue Airways | CONV BOND | 477143AP6 |  | 2139841 | 2935000 | PRN |  | SOLE | 0 | 2935000 | 0 | 0 |
| Kimball Electronics | COM | 49428j109 |  | 1532619 | 67845 | SH |  | SOLE | 0 | 67845 | 0 | 0 |
| Kinder Morgan | COM | 49456b101 |  | 1077658 | 59605 | SH |  | SOLE | 0 | 59605 | 0 | 0 |
| LCI Industries | CONV BOND | 501812AB7 |  | 1208933 | 1440000 | PRN |  | SOLE | 0 | 1440000 | 0 | 0 |
| LGI Homes | COM | 50187t106 |  | 718113 | 7755 | SH |  | SOLE | 0 | 7755 | 0 | 0 |
| MPLX | COM | 55336v100 |  | 2647269 | 80611 | SH |  | SOLE | 0 | 80611 | 0 | 0 |
| Macy's | COM | 55616p104 |  | 8260 | 400 | SH |  | SOLE | 0 | 400 | 0 | 0 |
| Mastercard | COM | 57636q104 |  | 139092 | 400 | SH |  | SOLE | 0 | 400 | 0 | 0 |
| Merck | COM | 58933y105 |  | 1462654 | 13183 | SH |  | SOLE | 0 | 13183 | 0 | 0 |
| NETGEAR | COM | 64111Q104 |  | 591237 | 32647 | SH |  | SOLE | 0 | 32647 | 0 | 0 |
| Rithm Capital Corp | COM | 64828t201 |  | 57149 | 6995 | SH |  | SOLE | 0 | 6995 | 0 | 0 |
| New York Community Bancorp | CONV PREF | 64944p307 |  | 1717848 | 39600 | SH |  | SOLE | 0 | 39600 | 0 | 0 |
| Okta Inc | CONV BOND | 679295AF2 |  | 420000 | 500000 | PRN |  | SOLE | 0 | 500000 | 0 | 0 |
| Oracle Corporation | COM | 68389x105 |  | 287480 | 3517 | SH |  | SOLE | 0 | 3517 | 0 | 0 |
| Palantir Technologies | COM | 69608a109 |  | 10272 | 1600 | SH |  | SOLE | 0 | 1600 | 0 | 0 |
| Peoples Financial | COM | 71103b102 |  | 992483 | 68803 | SH |  | SOLE | 0 | 68803 | 0 | 0 |
| Pershing Square Tontine Holdings | RIGHT | 715esc018 |  | 250 | 25000 | SH |  | SOLE | 0 | 25000 | 0 | 0 |
| Plains GP Holdings | COM | 72651a207 |  | 44598 | 3585 | SH |  | SOLE | 0 | 3585 | 0 | 0 |
| Primis Financial | COM | 74167b109 |  | 771506 | 65106 | SH |  | SOLE | 0 | 65106 | 0 | 0 |
| ProShares Ultra DJ AIG Crude Oil | COM | 74347w502 |  | 18307 | 604 | SH |  | SOLE | 0 | 604 | 0 | 0 |
| Proshs Ushort Nat Gas | COM | 74347y821 |  | 6001 | 218 | SH |  | SOLE | 0 | 218 | 0 | 0 |
| Bloomberg Natural Gas | COM | 74347y870 |  | 12766 | 718 | SH |  | SOLE | 0 | 718 | 0 | 0 |
| ProShares S 500 Dividend Aristocrat | COM | 74348a467 |  | 141284 | 1570 | SH |  | SOLE | 0 | 1570 | 0 | 0 |
| QCR Holdings | COM | 74727a104 |  | 4474101 | 90131 | SH |  | SOLE | 0 | 90131 | 0 | 0 |
| SB Financial Group | COM | 78408d105 |  | 2763828 | 163058 | SH |  | SOLE | 0 | 163058 | 0 | 0 |
| SPDR S 600 Small Cap Value | COM | 78464a300 |  | 432554 | 5828 | SH |  | SOLE | 0 | 5828 | 0 | 0 |
| SPDR Dow Jones Industrial Average | COM | 78467x109 |  | 11172131 | 33719 | SH |  | SOLE | 0 | 33719 | 0 | 0 |
| salesforce.com | COM | 79466l302 |  | 1392858 | 10505 | SH |  | SOLE | 0 | 10505 | 0 | 0 |
| SandRidge Energy | COM | 80007p869 |  | 136581 | 8020 | SH |  | SOLE | 0 | 8020 | 0 | 0 |
| Schneider Natl | COM | 80689h102 |  | 72212 | 3086 | SH |  | SOLE | 0 | 3086 | 0 | 0 |
| Sea Ltd | COM | 81141r100 |  | 20500 | 394 | SH |  | SOLE | 0 | 394 | 0 | 0 |
| Financial Sector SPDR | COM | 81369y105 |  | 28112 | 822 | SH |  | SOLE | 0 | 822 | 0 | 0 |
| Shake Shack Inc | CONV BOND | 819047AB7 |  | 1332061 | 1979000 | PRN |  | SOLE | 0 | 1979000 | 0 | 0 |
| Sounds Financial Banc | COM | 83607a100 |  | 320051 | 8150 | SH |  | SOLE | 0 | 8150 | 0 | 0 |
| Sprouts Farmers Market | COM | 85208M102 |  | 1339471 | 41380 | SH |  | SOLE | 0 | 41380 | 0 | 0 |
| Sterling Bancorp | COM | 85917w102 |  | 393444 | 64605 | SH |  | SOLE | 0 | 64605 | 0 | 0 |
| Summit Financial Group | COM | 86606g101 |  | 2284695 | 91792 | SH |  | SOLE | 0 | 91792 | 0 | 0 |
| Talos Energy | COM | 87484t108 |  | 2171294 | 115005 | SH |  | SOLE | 0 | 115005 | 0 | 0 |
| Targa Resources Corp | COM | 87612g101 |  | 3412530 | 46429 | SH |  | SOLE | 0 | 46429 | 0 | 0 |
| 3M | COM | 88579y101 |  | 1362891 | 11365 | SH |  | SOLE | 0 | 11365 | 0 | 0 |
| Truist Financial Corp | COM | 89832q109 |  | 307363 | 7143 | SH |  | SOLE | 0 | 7143 | 0 | 0 |
| US Xpress Enterprises | COM | 90338n202 |  | 472012 | 260780 | SH |  | SOLE | 0 | 260780 | 0 | 0 |
| Uber Technologies | COM | 90353t100 |  | 14343 | 580 | SH |  | SOLE | 0 | 580 | 0 | 0 |
| UnitedHealth Group Inc | COM | 91324p102 |  | 6081695 | 11471 | SH |  | SOLE | 0 | 11471 | 0 | 0 |
| Uniti Group | COM | 91325v108 |  | 45650 | 8255 | SH |  | SOLE | 0 | 8255 | 0 | 0 |
| Vaalco Energy | COM | 91851c201 |  | 936870 | 205454 | SH |  | SOLE | 0 | 205454 | 0 | 0 |
| Verizon Communications | COM | 92343v104 |  | 583514 | 14810 | SH |  | SOLE | 0 | 14810 | 0 | 0 |
| Visa | COM | 92826c839 |  | 2342286 | 11274 | SH |  | SOLE | 0 | 11274 | 0 | 0 |
| Vishay Intertechnology | CONV BOND | 928298AP3 |  | 2025515 | 2090000 | PRN |  | SOLE | 0 | 2090000 | 0 | 0 |
| Western Midstream Partners | COM | 95825r103 |  | 1795889 | 66886 | SH |  | SOLE | 0 | 66886 | 0 | 0 |
| WisdomTree Investments | CONV BOND | 97717PAD6 |  | 1753365 | 1910000 | PRN |  | SOLE | 0 | 1910000 | 0 | 0 |
| Zillow Group | CONV BOND | 98954MAH4 |  | 1826673 | 1900000 | PRN |  | SOLE | 0 | 1900000 | 0 | 0 |
| Deutsche Bank | COM | d18190898 |  | 286848 | 24900 | SH |  | SOLE | 0 | 24900 | 0 | 0 |
| Arcos Dorados Holdings Inc | COM | g0457f107 |  | 594 | 71 | SH |  | SOLE | 0 | 71 | 0 | 0 |
| Bunge Ltd | COM | g16962105 |  | 140062 | 1404 | SH |  | SOLE | 0 | 1404 | 0 | 0 |
| McDermott | WARRANT | G5924V114 |  | 652 | 65197 | SH |  | SOLE | 0 | 65197 | 0 | 0 |
| McDermott | WARRANT | G5924V122 |  | 724 | 72441 | SH |  | SOLE | 0 | 72441 | 0 | 0 |
| Expro Group Holdings | COM | n3144w105 |  | 1162127 | 64100 | SH |  | SOLE | 0 | 64100 | 0 | 0 |
| Genco Shipping | COM | y2685t131 |  | 15360 | 1000 | SH |  | SOLE | 0 | 1000 | 0 | 0 |
| Navios Maritime Holdings | COM | y62196103 |  | 32095 | 18340 | SH |  | SOLE | 0 | 18340 | 0 | 0 |
| Navios Maritime Partners | COM | y62267102 |  | 1777412 | 68467 | SH |  | SOLE | 0 | 68467 | 0 | 0 |
| Teekay Inc | COM | y8564w103 |  | 49509 | 10905 | SH |  | SOLE | 0 | 10905 | 0 | 0 |
| Teekay Tankers | COM | y8565n102 |  | 14203 | 461 | SH |  | SOLE | 0 | 461 | 0 | 0 |

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