Name of Issuer Tit Cusip Value Prn Sh Put/ Inv. Oth Sole
x1000 Amt Call Disc Mgr Mgr.
Aether Systems com 00808V105 187362 913960 sh sole 0 913960
Altiva Financial Pre 021497300 36 387348 sh sole 0 387348
Amer Tower Corp com 029912201 1163 27900 sh sole 0 27900
American Finl Hds com 026075101 826 52000 sh sole 0 52000
American Home Mort. com 02660M108 55 12000 sh sole 0 12000
American Nat'l Can com 027714104 506 30000 sh sole 0 30000
Amsouth Bcorp com 032165102 221 14000 sh sole 0 14000
Anthracite Capital com 037023108 11271 1581846 sh sole 0 1581846
Appnet, Inc. com 03831Q101 371 10300 sh sole 0 10300
Astoria Financial com 046265104 1597 62000 sh sole 0 62000
Atlas Pipeline Part. com 049392103 2334 169000 sh sole 0 169000
Axent Technologies com 05459C108 744 30000 sh sole 0 30000
Banc One com 06423A103 584 22000 sh sole 0 22000
Bank North Gp com 06646R107 822 53700 sh sole 0 53700
Bank of America com 060505104 946 22000 sh sole 0 22000
Bank of New York com 064057102 279 6000 sh sole 0 6000
Bank Plus Corp. com 064446107 463 152750 sh sole 0 152750
Bank Pls Cp. Sr 7/07 pfr 064446AA5 188 250000 sh sole 0 250000
Bankamerica Corp. com 060505104 4945 115000 sh sole 0 115000
BankAtlantic Bancorp com 065908105 223 38000 sh sole 0 38000
BankAtlantic Bancorp com 065908501 194 51750 sh sole 0 51750
Banyan Hotel Inv com 06682N101 35 81000 sh sole 0 81000
Bay State Bcorp com 072611106 258 12000 sh sole 0 12000
Bayview com 07262L101 196 20000 sh sole 0 20000
BB&T Corp com 054937107 478 20000 sh sole 0 20000
Berkshire Hathaway com 084670108 3497 65 sh sole 0 65
Berkshire Hills Banc com 084680107 638 50000 sh sole 0 50000
Bestfoods Inc. com 08358U101 1731 25000 sh sole 0 25000
BindView Develpmnt com 090327107 2925 243712 sh sole 0 243712
BNC Mortgage Inc. com 05561Y105 116 12000 sh sole 0 12000
BostonFed Bcorp com 101178101 1001 70900 sh sole 0 70900
Bradley Rael Estate com 104580105 2089 98000 sh sole 0 98000
Brookdale living com 112462106 1847 127400 sh sole 0 127400
Camden National com 133034108 203 15000 sh sole 0 15000
Capital Automotive com 139733109 27146 1921815 sh sole 0 1921815
Capital One Fin'l com 14040H105 223 5000 sh sole 0 5000
CareerBuilder, Inc. com 141684100 2275 686700 sh sole 0 686700
Catskill Financial com 149348104 438 20000 sh sole 0 20000
CFS Bancorp com 12525D102 508 55500 sh sole 0 55500
Charter One Finl com 160903100 2599 113000 sh sole 0 113000
Chase Manhattan Bank com 16161A108 9097 197500 sh sole 0 197500
Cherry Corp. com 164541401 2026 77000 sh sole 0 77000
Citigroup, Inc. com 172967101 1085 18000 sh sole 0 18000
CMP Group, Inc. com 125887109 1776 60600 sh sole 0 60600
CNY fin'lCorp. com 12613U107 650 35000 sh sole 0 35000
Coastal Bancorp com 19041P105 252 17500 sh sole 0 17500
Coinmach Laundrey Cp com 19259L101 568 40000 sh sole 0 40000
Colonial Bkgrp com 195493309 144 16000 sh sole 0 16000
Columbia Energy Grp com 197648108 3380 51500 sh sole 0 51500
Comerica Inc. com 200340107 1975 44000 sh sole 0 44000
Commercial Fed. Corp com 201647104 1541 99000 sh sole 0 99000
Connecticut Banc com 207540105 980 67000 sh sole 0 67000
CoStar Group com 75612B107 426 17000 sh sole 0 17000
Crescent Operating com 22575M100 27 19000 sh sole 0 19000
Dime Bancorp com 25429Q102 748 47500 sh sole 0 47500
Dover Downs Ent com 260086103 672 48000 sh sole 0 48000
Eastern Enterprises com 27637F100 3182 50500 sh sole 0 50500
Encompass Services com 29255U104 969 168574 sh sole 0 168574
Eskimo Pie Corp. com 296443104 375 38000 sh sole 0 38000
Fair Isaac & Co com 303250104 660 15000 sh sole 0 15000
Fannie Mae com 313586109 835 16000 sh sole 0 16000
FBR Asset Invmnt Cp com 30241E303 3657 252200 sh sole 0 252200
Fidelity National com 316326107 568 31000 sh sole 0 31000
Fin'l Security com 31769P100 4097 54000 sh sole 0 54000
First Bell Bcp com 319301107 363 23800 sh sole 0 23800
First Defiance com 32006W106 113 14000 sh sole 0 14000
First Fed Bkshr-AK com 32020F105 184 12500 sh sole 0 12500
First Keystone com 320655103 751 76000 sh sole 0 76000
First Place Fin'l com 33610T109 774 72000 sh sole 0 72000
First Security Corp. com 336294103 1085 80000 sh sole 0 80000
First Union Corp. com 337358105 2059 83000 sh sole 0 83000
First Untd Bankshrs com 33741E104 264 17400 sh sole 0 17400
Firstar Corp. com 33763V109 1474 70000 sh sole 0 70000
FirstFed America com 337929103 328 28400 sh sole 0 28400
FirstFed Fin'l Corp com 337907109 1236 87500 sh sole 0 87500
Fleet Boston Fin'l com 339030108 7208 212000 sh sole 0 212000
Freddie Mac com 313400301 365 9000 sh sole 0 9000
Giga Information Grp com 37517M109 213 38666 sh sole 0 38666
Golden State Bancorp com 381197102 1816 100900 sh sole 0 100900
Golden St Bancorp wts 381197136 15 13100 sh sole 0 13100
Golden West Fin'l com 381317106 1224 30000 sh sole 0 30000
GTE Corp. com 362320103 2480 40000 sh sole 0 40000
Hannaford Brothers com 410550107 3076 42800 sh sole 0 42800
Harris Savings Bank com 414541102 62 10000 sh sole 0 10000
Hibernia Corp. com 428656102 3012 277000 sh sole 0 277000
Highland Federal Bk com 429879109 244 10000 sh sole 0 10000
Hingham Inst Svgs com 433323102 1141 86900 sh sole 0 86900
Homestead Bancorp com 437698103 109 15000 sh sole 0 15000
Host Funding com 441072105 30 20000 sh sole 0 20000
IDT com 448947101 339 10000 sh sole 0 10000
II VI Inc. com 902104108 1838 38000 sh sole 0 38000
Imperial Credit Ind. com 452729106 1037 244050 sh sole 0 244050
Innsuites Hosp. com 457919108 41 22000 sh sole 0 22000
Int'l Speedway-A com 460335201 482 11650 sh sole 0 11650
Int'l Speedway-B com 460335300 913 22000 sh sole 0 22000
Iroquois Bancorp com 463347104 327 10000 sh sole 0 10000
ITLA Capital Corp. com 450565106 6454 445070 sh sole 0 445070
Jacksonville Bcorp com 469248108 904 70200 sh sole 0 70200
Keycorp com 493267108 2873 163000 sh sole 0 163000
Klamath First com 49842P103 422 36000 sh sole 0 36000
Liberte Investor com 530154103 51 16000 sh sole 0 16000
Liberty Self-Storage com 589949106 31 97000 sh sole 0 97000
LifeMinders com 53219H108 19632 664091 sh sole 0 664091
Lilly Industries com 532491107 1203 40000 sh sole 0 40000
Local Financial com 539553107 2797 335200 sh sole 0 335200
Logansport Fin'l com 541209102 509 51900 sh sole 0 51900
London Pacific com 542073101 156 12000 sh sole 0 12000
Lunar Corp. com 550362107 335 20000 sh sole 0 20000
Mallinckrodt, Inc.. com 561232109 1086 25000 sh sole 0 25000
Mapquest.com com 565644101 832 50000 sh sole 0 50000
Markel Corp com 570535104 1912 13500 sh sole 0 13500
MCN Corporation com 552675100 321 15000 sh sole 0 15000
Mediaone Group Inc. com 58440J104 4099 60000 sh sole 0 60000
Meditrust Co com 58501T306 81 21500 sh sole 0 21500
MEGO fin'lCorp. com-585162100 867 209440 sh sole 0 209440
Mellon Bank Corp. com 58551A108 1822 50000 sh sole 0 50000
Miami Computer Sup. com 55270M108 1920 74219 sh sole 0 74219
Micros Systems com 594901100 334 18000 sh sole 0 18000
Mutual First Finl com 62845B104 452 38500 sh sole 0 38500
Nabisco Group Hldg com 62952P102 1556 60000 sh sole 0 60000
Nabisco Holdings com 629526104 1838 35000 sh sole 0 35000
National City Corp com 635405103 853 50000 sh sole 0 50000
Network Access Sol. com 64120S109 33421 3495000 sh sole 0 3495000
New Century Energies com 64352U103 420 14000 sh sole 0 14000
North Central Bksh com 658418108 590 42500 sh sole 0 42500
North Fork Bancrp com 659424105 2848 188300 sh sole 0 188300
Northrim Bank com 666764105 120 16500 sh sole 0 16500
NVEST, LP com 67065F107 659 17400 sh sole 0 17400
One Valley Bancorp com 682419106 547 17500 sh sole 0 17500
Optisystems Sol. com M75252102 426 44000 sh sole 0 44000
Oswego County com 688636109 138 13050 sh sole 0 13050
Pacific Crest com 694166109 798 60800 sh sole 0 60800
Parkvale Fin'l com 701492100 324 18800 sh sole 0 18800
Peekskill fin'lCorp. com 705385102 518 24000 sh sole 0 24000
Penn Nat'l Gaming com 707569109 2657 195000 sh sole 0 195000
Pennfed Fin'l com 708167101 1144 81000 sh sole 0 81000
Peoples Bk-Brdgeprt com 710198102 230 12500 sh sole 0 12500
PFF Bancorp com 69331W104 496 27200 sh sole 0 27200
Pioneer Group, Inc. com 723684106 2415 57000 sh sole 0 57000
PNC Bank Corp com 693475105 609 13000 sh sole 0 13000
Pocahontas Bancorp com 730234101 1297 203939 sh sole 0 203939
Port Financial com 734119100 944 68000 sh sole 0 68000
Precision Auto Care com 74018R105 23 34000 sh sole 0 34000
Prime Retail com 741570105 331 263060 sh sole 0 263060
Prime Ret Ser A 10.5 pfd 741570204 720 78400 sh sole 0 78400
Protocol Systems com 74371R106 398 25000 sh sole 0 25000
Providence Energy Cp com 743743106 2450 60500 sh sole 0 60500
Provident Finl Hold com 743868101 396 28400 sh sole 0 28400
Quaker City Bcp com 74731K106 1050 68300 sh sole 0 68300
Quest Education Corp com 74835F102 181 10000 sh sole 0 10000
R&G fin'lCorp com 749136107 601 75710 sh sole 0 75710
Reliastar fin'l com 75952U103 3251 62000 sh sole 0 62000
Resource America com 761195205 5355 819830 sh sole 0 819830
Resource Asset Inv com 761196104 3790 344575 sh sole 0 344575
Scientific Games com 808747109 575 23400 sh sole 0 23400
Seacoast Fin'l Svcs com 81170Q106 729 76780 sh sole 0 76780
Seagate Technology com 811804103 3025 55000 sh sole 0 55000
Seagram Company, Ltd com 811850106 580 10000 sh sole 0 10000
SFX Entertainment com 784178105 2832 62500 sh sole 0 62500
SLM Holdings Corp com 78442A109 1310 35000 sh sole 0 35000
South Jersery Fin. com 838493104 647 33000 sh sole 0 33000
Spyglass, Inc. com 852192103 216 6900 sh sole 0 6900
Summit Bcorp com 866005101 320 13000 sh sole 0 13000
Summit Technology com 86627E101 2378 126000 sh sole 0 126000
Symetricom Inc. com 871543104 2462 97500 sh sole 0 97500
Tele Sudeste Celular adr 879252104 2325 50000 sh sole 0 50000
Telecom De Sao Paolo adr 87929A102 2252 81300 sh sole 0 81300
Telefonica De Argent adr 879378206 1385 39000 sh sole 0 39000
Texarkana First Finl com 881801104 700 31200 sh sole 0 31200
Thistle Group com 88431E103 135 19500 sh sole 0 19500
TIME WARNER, INC. com 887315109 760 10000 sh sole 0 10000
TIS Mort Inv com 872527106 6 20500 sh sole 0 20500
U.S. Bancorp com 902973106 424 22000 sh sole 0 22000
Union Carbide Corp. com 905581104 2723 55000 sh sole 0 55000
Union Pacific Res. com 907834105 2585 117500 sh sole 0 117500
Union Planters Corp. com 908068109 2235 80000 sh sole 0 80000
United Asset Mgmt. com 909420101 1753 75000 sh sole 0 75000
US Bancorp com 902973106 3080 160000 sh sole 0 160000
US Can Corp com 90328W105 652 37500 sh sole 0 37500
US West com 91273H101 5631 65543 sh sole 0 65543
Valley Resources Inc com 920062106 345 14300 sh sole 0 14300
Varsity Group, Inc. com 922300108 1426 992063 sh sole 0 992063
Vastar Resources Inc com 922380100 1643 20000 sh sole 0 20000
Ventas Inc com 92276F100 32 10000 sh sole 0 10000
Verio Inc. com 923433106 2219 40000 sh sole 0 40000
Wachovia Corp. com 929771103 1356 25000 sh sole 0 25000
Wash Mutual Inc com 939322103 1126 39000 sh sole 0 39000
Washington Fed com 938824109 1077 59000 sh sole 0 59000
Washington Mutual com 939322103 2847 98600 sh sole 0 98600
WebMethods, Inc. com 94768C108 431779 2746907 sh sole 0 2746907
Wells Fargo com 949746101 6723 173500 sh sole 0 173500
Woronoco Savings com 981630106 653 61500 sh sole 0 61500
Wyndham Hotel com 703352203 63 25000 sh sole 0 25000
Young and Rubicam com 987425105 2573 45000 sh sole 0 45000
