Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MERC	MERCER INTERNATIONAL INC SBI	16,480,000	$288M	42.6%	$6.03	+91.8%	Com	588056101
NTPIF	NAM TAI PROPERTY INC	5,774,800	$63.23M	9.3%	$6.45	+85.5%	Com	G63907102
MTN	VAIL RESORTS INC.	114,000	$31.26M	4.6%	$130.62	+87.5%	Com	91879Q109
AMGN	AMGEN INC	145,000	$26.77M	3.9%	$122.75	+14.3%	Com	031162100
GS	GOLDMAN SACHS GROUP INC	111,025	$24.49M	3.6%	$133.97	+49.8%	Com	38141G104
RJF	RAYMOND JAMES FNCL INC	217,350	$19.42M	2.9%	$31.84	+73.1%	Com	754730109
—	MFC BANCORP LTD	2,732,477	$16.18M	2.4%	$9.39	—	Com	G60630103
—	SUN HYDRAULICS CORP	300,000	$14.46M	2.1%	$35.83	—	Com	866942105
JEF	JEFFERIES FINANCIAL GROUP INC	510,872	$11.62M	1.7%	$16.63	0.0%	Com	47233W109
SIGI	SELECTIVE INS GROUP INC	200,000	$11M	1.6%	$21.49	+140.6%	Com	816300107
BRK/A	BERKSHIRE HATHAWAY INC DEL CL A	36	$10.15M	1.5%	$219080.23	+33.7%	Com	084670108
BA	BOEING CO	27,400	$9.193M	1.4%	$114.22	+189.2%	Com	097023105
GLW	CORNING INC	312,550	$8.598M	1.3%	$15.20	+47.3%	Com	219350105
—	PFSWEB INC	750,000	$7.29M	1.1%	$12.66	—	Com	717098206
EMR	EMERSON ELEC CO	89,000	$6.153M	0.9%	$44.61	+31.5%	Com	291011104
—	CENTAUR FUNDING CORP -SER B 144A	5,111	$5.712M	0.8%	$1160.05	—	Pref	151327202
—	AGRIBANK FCB - CALLABLE	45,650	$4.885M	0.7%	$106.11	—	Pref	00850L203
—	TWENTY-FIRST CENTURY FOX INC-CL B	75,000	$3.695M	0.5%	$27.87	—	Com	90130A200
—	WESTERN ALLIANCE BANCORP - CALL	140,000	$3.588M	0.5%	$26.09	—	Pref	957638208
—	BLACKSTONE GROUP LP	100,000	$3.217M	0.5%	$28.88	—	Com	09253U108
PG	PROCTER & GAMBLE CO	39,400	$3.076M	0.5%	$70.43	-12.3%	Com	742718109
—	ENERGY TRANSFER PARTNERS-CALLABLE	120,000	$3.005M	0.4%	$25.04	—	Pref	29278N301
XOM	EXXON MOBIL CORP	35,000	$2.896M	0.4%	$55.47	+1.2%	Com	30231G102
MSI	MOTOROLA SOLUTIONS INC	24,750	$2.88M	0.4%	$77.29	+28.4%	Com	620076307
WFC	WELLS FARGO & CO NEW COM STK	50,000	$2.772M	0.4%	$42.18	+2.8%	Com	949746101
—	CDK GLOBAL INC	41,164	$2.678M	0.4%	$54.85	—	Com	12508E101
—	XILINX INC	40,000	$2.61M	0.4%	$43.29	—	Com	983919101
TRV	TRAVELERS COS INC	21,000	$2.569M	0.4%	$78.95	+40.4%	Com	89417E109
—	JACOBS ENGINEERING GROUP INC	37,000	$2.349M	0.3%	$54.39	—	Com	469814107
—	EPR PROPERTIES-CALLABLE	100,000	$2.333M	0.3%	$25.05	—	Pref	26884U505
—	LEGG MASON INC COM	67,000	$2.327M	0.3%	$35.47	—	Com	524901105
—	COBANK ACB	21,853	$2.305M	0.3%	$104.22	—	Pref	19075Q862
IBM	INTL BUSINESS MACHINES CORP	15,874	$2.218M	0.3%	$96.87	+3.2%	Com	459200101
—	VOLKSWAGEN GROUP ADR	65,000	$2.148M	0.3%	$30.97	—	Com	928662303
UPS	UNITED PARCEL SERVICE, INC-CLASS B	20,000	$2.125M	0.3%	$77.32	+8.3%	Com	911312106
—	ENSTAR GROUP LTD-CALLABLE	80,000	$2.024M	0.3%	$25.30	—	Pref	29359U109
CVX	CHEVRON CORPORATION	16,000	$2.023M	0.3%	$69.24	+28.7%	Com	166764100
—	CMS ENERGY CORP - CALLABLE	80,000	$1.988M	0.3%	$24.99	—	Pref	125896860
—	PRIORITY INCOME FUND INC - CALLABL	80,000	$1.964M	0.3%	$24.55	—	Pref	74274W103
—	LADENBURG THALMAN FIN SVCS INC	80,000	$1.96M	0.3%	$24.64	—	Pref	50575Q300
DIS	DISNEY WALT CO	18,500	$1.939M	0.3%	$102.45	-5.2%	Com	254687106
—	INTEGRYS ENERGY GROUP-CALLABLE	70,000	$1.838M	0.3%	$26.26	—	Pref	45822P204
—	EAGLE POINT CREDIT CO - CALL	70,000	$1.782M	0.3%	$25.57	—	Pref	269809406
GPC	GENUINE PARTS CO COM	19,108	$1.754M	0.3%	$66.67	+9.7%	Com	372460105
—	DELPHI FINANCIAL GROUP - CALLABLE	77,797	$1.743M	0.3%	$23.49	—	Pref	247131303
—	GENERAL ELECTRIC CO	121,000	$1.647M	0.2%	$28.36	—	Com	369604103
—	CARLYLE GROUP LP - CALLABLE	70,000	$1.642M	0.2%	$25.54	—	Pref	14309L201
T	AT&T INC	50,000	$1.606M	0.2%	$11.81	+23.0%	Com	00206R102
PRHI	CONIFER HOLDINGS INC	250,000	$1.575M	0.2%	$10.12	-41.0%	Com	20731J102
—	RENAISSANCERE HOLDINGS	60,000	$1.503M	0.2%	$25.05	—	Pref	75968N309
—	DCP MIDSTREAM LP-CALLABLE	60,000	$1.496M	0.2%	$24.93	—	Pref	23311P209
—	ZIEGLER COS INC THE	48,972	$1.469M	0.2%	$31.41	—	Com	989506308
—	SENIOR HOUSING PROPERTIES TRUST	57,000	$1.432M	0.2%	$25.26	—	Pref	81721M208
XXCHNXX	CHINA FUND INC	68,399	$1.43M	0.2%	$18.23	—	Com	169373107
—	SPIRIT REALTY CAPITAL-CALLABLE	60,000	$1.395M	0.2%	$24.83	—	Pref	84860W201
—	VENTAS REALTY LP CAP CORP	55,000	$1.377M	0.2%	$25.33	—	Pref	92276M204
SCHW	SCHWAB CHARLES CORP NEW	25,000	$1.278M	0.2%	$24.85	+100.6%	Com	808513105
—	RIVERNORTH MARKETPLACE-CALLABLE	50,000	$1.257M	0.2%	$25.30	—	Pref	76882B207
—	UNUM GROUP - CALLABLE	50,000	$1.244M	0.2%	$24.88	—	Pref	91529Y601
WTW	WILLIS TOWERS WATSON PLC	7,950	$1.205M	0.2%	$132.86	+3.1%	Com	G96629103
—	SELECTIVE INS GROUP- CALLABLE	45,000	$1.136M	0.2%	$25.28	—	Pref	816300404
—	FARM CREDIT BK OF TEXAS - CALLABLE	1,000	$1.133M	0.2%	$1133.00	—	Pref	30767E307
—	TE CONNECTIVITY LIMITED	12,500	$1.126M	0.2%	$63.24	—	Com	H84989104
USB	US BANKCORP DEL COM NEW	20,300	$1.015M	0.1%	$29.12	+27.9%	Com	902973304
—	ENBRIDGE INC - CALLABLE	40,000	$1.011M	0.1%	$25.27	—	Pref	29250N477
—	MEDLEY LLC - CALLABLE	40,000	$994K	0.1%	$25.45	—	Pref	58503Y204
—	APOLLO MANAGEMENT LLC - CALLABLE	40,000	$994K	0.1%	$24.90	—	Pref	037612504
—	EAGLE POINT CREDIT CO - CALLABLE	40,000	$984K	0.1%	$24.60	—	Pref	269809505
MCD	MCDONALDS CORP	6,250	$979K	0.1%	$70.55	+92.1%	Com	580135101
—	MEDLEY LLC - CALLABLE	40,000	$950K	0.1%	$24.18	—	Pref	58503Y105
—	STAG INDUSTRIAL	35,000	$898K	0.1%	$25.62	—	Pref	85254J409
—	REXFORD INDUSTRIAL REALTY-CALL	35,000	$849K	0.1%	$25.69	—	Pref	76169C209
—	BERKLEY WR CORP - CALLABLE	33,000	$817K	0.1%	$25.21	—	Pref	084423607
JCI	JOHNSON CTLS INTL PLC	23,874	$799K	0.1%	$33.21	-11.9%	Com	G51502105
GBLI 7.875 04/15/47	GLOBAL INDEMNITY LTD	30,000	$772K	0.1%	$24.75	—	Pref	G3933F139
—	PROSPECT CAPITAL CORP-CALLABLE	30,000	$754K	0.1%	$25.13	—	Pref	74348T409
—	OAKTREE CAPITAL GROUP LLC-CALLABLE	30,000	$752K	0.1%	$25.07	—	Pref	674001300
—	WASHINGTON PRIME GROUP NEW	35,000	$752K	0.1%	$25.38	—	Pref	93964W306
—	AMERICAN HOMES 4 RENT - CALL	30,000	$723K	0.1%	$24.90	—	Pref	02665T876
—	ALLERGEN PLC	4,278	$713K	0.1%	$168.30	—	Com	G0177J108
BP	BP P.L.C. SPONSORED ADR - CMN	15,000	$685K	0.1%	$38.13	—	Com	055622104
—	CBL ASSOCIATES PROP - CALLABLE	35,000	$674K	0.1%	$24.43	—	Pref	124830605
—	QWEST CORP-CALLABLE	30,000	$666K	0.1%	$25.33	—	Pref	74913G873
KO	COCA COLA COM	15,000	$658K	0.1%	$30.05	+13.2%	Com	191216100
JPM	JPMORGAN CHASE & CO COM	5,655	$589K	0.1%	$48.39	+84.0%	Com	46625H100
NNN	NATIONAL RETAIL PPTYS INC	13,000	$571K	0.1%	$39.38	—	Com	637417106
AVT	AVNET INC	12,000	$515K	0.1%	$32.81	+2.5%	Com	053807103
GBLI 7.75 08/15/45 *	GLOBAL INDEMNITY PLC - CALLABLE	20,000	$514K	0.1%	$25.00	—	Pref	G3933F121
—	US CELLULAR CORP	20,000	$512K	0.1%	$25.80	—	Pref	911684504
—	VALIDUS HOLDINGS LTD	20,000	$509K	0.1%	$25.28	—	Pref	91915W300
—	W.R. BERKLEY CORP-CALLABLE	20,000	$497K	0.1%	$25.17	—	Pref	084423409
—	W R BERKLEY CORPORATION	20,000	$494K	0.1%	$25.45	—	Pref	084423706
—	STIFEL FINANCIAL CORP - CALLABLE	20,000	$489K	0.1%	$24.90	—	Pref	860630607
—	ARCH CAPITAL GROUP	20,000	$480K	0.1%	$23.69	—	Pref	03939A206
—	NEW YORK MORTGAGE TRUST - CALLABLE	20,000	$473K	0.1%	$24.70	—	Pref	649604881
CRSXQ	CORSA COAL CORP	539,500	$414K	0.1%	$1.01	0.0%	Com	22041E609
—	HANCOCK HLDG CO- CALLABLE	15,000	$383K	0.1%	$25.33	—	Pref	410120307
—	GRAMERCY PROPERTY TRUST - CALLABLE	15,000	$381K	0.1%	$25.40	—	Pref	385002209
—	STAG INDUSTRIAL INC	15,000	$376K	0.1%	$25.35	—	Pref	85254J300
—	CASTLE BRANDS INC	250,000	$298K	0.0%	$1.62	—	Com	148435100
—	ALLSTATE CORP - CALLABLE	10,000	$259K	0.0%	$25.90	—	Pref	020002879
—	HANOVER INSURANCE GROUP CALLABLE	10,000	$256K	0.0%	$25.10	—	Pref	410867204
—	PS BUSINESS PARKS INC - CALLABLE	10,000	$252K	0.0%	$25.20	—	Pref	69360J669
—	MYMETICS CORP	2,186,473	$112K	0.0%	$0.02	—	Com	62856A102
MRK	MERCK & CO, INC.	1,487	$90,000	0.0%	$42.45	+4.9%	Com	58933Y105
ADNT	ADIENT LTD	1,193	$59,000	0.0%	$50.50	+11.6%	Com	G0084W101
GM	GENERAL MOTORS COMPANY	1,228	$48,000	0.0%	$29.08	+20.5%	Com	37045V100
—	VISTRA ENERGY CORP	33,717	$41,000	0.0%	$1.22	—	Com	92840M128
—	GENERAL MOTORS CO. WARRANT EXP	1,145	$26,000	0.0%	$13.02	—	Com	37045V126
TDW	TIDEWATER INC NEW	557	$16,000	0.0%	$26.61	+17.6%	Com	88642R109
DNOW	NOW INC DE	1,100	$15,000	0.0%	$17.42	-24.3%	Com	67011P100
—	MOTORS LIQUIDATION COMPANY-TRUST	744	$7,000	0.0%	$10.52	—	Pref	62010U101
KALU	KAISER ALUM CORP DEPOSITARY S CMN	70	$7,000	0.0%	$51.13	+59.3%	Com	483007704
—	TIDWATER INC WTS SERIES A 7/31/23	903	$3,000	0.0%	$3.32	—	Com	88642R117
—	TIDEWATER INC WTS SERIES B 7/31/23	976	$3,000	0.0%	$2.05	—	Com	88642R125
—	AICI CAP TRUST PFD	30,100	$3,000	0.0%	$0.17	—	Pref	001338201
BLIAQ	BB LIQUIDATING INC - CLASS A	54,211	$1,000	0.0%	$0.00	0.0%	Com	05532D107
CDVIQ	CAL DIVE INTERNATIONAL INC	500,000	$1,000	0.0%	$0.00	0.0%	Com	12802T101
BLIBQ	BB LIQUIDATING INC - CLASS B	54,211	$1,000	0.0%	$0.00	0.0%	Com	05532D206
—	ROOMSTORE INC - CMN	43,661	$0	0.0%	—	—	Com	77638R108