Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	LEXINGTON PTY	1,663,777	$16.36M	7.2%	$9.83	$11.35	—	COM	529043101
—	CROWN CASTLE	112,075	$11.75M	5.2%	$104.82	$102.57	—	PFD	22822V200
SNY	SANOFI SPONSOR	213,167	$10.54M	4.7%	$49.44	$51.12	—	COM	80105N105
HCI	HCI GROUP	212,285	$9.737M	4.3%	$45.87	$34.61	+33.8%	COM	40416E103
MET	METLIFE	186,346	$9.42M	4.2%	$50.55 *	$29.03	+7.5%	COM	59156R108
—	RAMCO GERSHNSN	139,203	$9.283M	4.1%	$66.69	$58.95	—	PFD	751452608
SFL 3.25 02/01/18	SHIP FINANCE	9,210,000	$9.158M	4.0%	$0.99	$1.09	—	DEB	G81075AE6
—	SPIRIT REALTY	8,695,000	$8.678M	3.8%	$1.00	$0.99	—	DEB	84860WAA0
—	GENERAL MOTORS	217,921	$8.172M	3.6%	$37.50	$34.42	—	COM	30745V100
—	NATIONAL HEALTH	7,130,000	$7.517M	3.3%	$1.05	$1.01	—	DEB	63633DAE4
—	LEXINGTON PTY	151,338	$7.453M	3.3%	$49.25	$47.91	—	PFD	529043309
GT	GOODYEAR TIRE	273,202	$7.398M	3.3%	$27.08 *	$24.75	+5.6%	COM	382550101
AAPL	APPLE INC	56,546	$7.036M	3.1%	$124.43 *	$17.94	+49.6%	COM	037833100
—	ACTAVIS	6,110	$6.183M	2.7%	$1011.95	$1011.95	—	PFD	G0083B116
F	FORD MOTOR	334,773	$5.564M	2.5%	$16.62 *	$8.52	+3.7%	COM	345370860
—	TTM TECH	4,928,000	$5.393M	2.4%	$1.09	$1.02	—	DEB	87305RAD1
—	NATL OILWELL	99,540	$4.976M	2.2%	$49.99	$75.21	—	COM	637071101
—	EXELIXIS	6,045,000	$4.601M	2.0%	$0.76	$0.56	—	DEB	30161QAC8
—	EPR PROPERTIES	182,752	$4.422M	2.0%	$24.20	$22.13	—	PFD	26884U208
—	AMERICAN RLTY	4,163,000	$4.054M	1.8%	$0.97	$0.95	—	DEB	02917TAA2
KSS	KOHLS GROUP	51,175	$4.004M	1.8%	$78.24 *	$51.89	+31.2%	COM	500255104
MRK	MERCK	65,749	$3.779M	1.7%	$57.48 *	$30.02	+34.3%	COM	58933Y105
ORI	OLD REPUBLIC	252,700	$3.775M	1.7%	$14.94 *	$6.23	+8.3%	COM	680223104
—	HCI GROUP	3,615,000	$3.597M	1.6%	$1.00	$1.00	—	DEB	40416EAB9
—	ENSCO PLC	163,035	$3.435M	1.5%	$21.07	$47.58	—	COM	G3157S106
—	NY COMM BANC	67,354	$3.419M	1.5%	$50.76	$48.87	—	PFD	64944P307
—	ANNALY CAP	3,210,000	$3.218M	1.4%	$1.00	$1.01	—	DEB	035710AB8
—	NY COMM BANC	187,160	$3.131M	1.4%	$16.73	$14.00	—	COM	649445103
—	ROYAL GOLD	2,701,000	$2.777M	1.2%	$1.03	$1.05	—	DEB	780287AA6
—	HEALTHCARE REIT	31,396	$2.108M	0.9%	$67.14	$57.47	—	PFD	42217K601
MTNA 6 01/15/16	ARCELMORMITTAL	138,844	$2.085M	0.9%	$15.02	$21.03	—	PFD	L0302D178
—	CAPITAL ONE	53,000	$1.963M	0.9%	$37.04	$27.06	—	WTS	14040H139
—	JPMORGAN CHASE	87,000	$1.915M	0.8%	$22.01	$18.66	—	WTS	46634E114
—	ASCENT CAPITAL	2,300,000	$1.738M	0.8%	$0.76	$1.07	—	DEB	043632AA6
PFE	PFIZER	41,000	$1.426M	0.6%	$34.78 *	$16.51	+21.7%	COM	717081103
—	GENERAL MOTORS	70,200	$1.379M	0.6%	$19.64	$17.42	—	WTS	37045V126
—	ENVESTNET	1,205,000	$1.337M	0.6%	$1.11	$1.00	—	DEB	29404KAA4
VZ	VERIZON	24,031	$1.168M	0.5%	$48.60 *	$26.95	+2.5%	COM	92343V104
—	AMERICAN RLTY	117,000	$1.152M	0.5%	$9.85	$12.59	—	COM	02917T104
—	RTI INTERNATIONAL	950,000	$1.092M	0.5%	$1.15	$0.98	—	DEB	74973WAB3
—	SYNOVUS FINL	38,500	$1.078M	0.5%	$28.00	$2.92	—	COM	87161C105
T	AT&T	30,757	$1.004M	0.4%	$32.64 *	$11.37	+3.7%	COM	00206R102
—	EXELON CORP	20,267	$986K	0.4%	$48.65	$52.34	—	PFD	30161N127
—	ARES CAPITRAL	925,000	$965K	0.4%	$1.04	$1.04	—	DEB	04010LAJ2
—	J2 GLOBAL	795,000	$915K	0.4%	$1.15	$1.10	—	DEB	48123VAC6
—	INVESCO TR INVT	65,500	$881K	0.4%	$13.45	$12.38	—	COM	46131M106
PRU	PRUDENTIAL FINL	10,000	$803K	0.4%	$80.30 *	$51.98	-2.9%	COM	744320102
—	SWISS HELVETIA	69,091	$797K	0.4%	$11.54	$12.29	—	COM	870875101
—	CHESAPEAKE ENGY	795,000	$756K	0.3%	$0.95	$1.00	—	DEB	165167CA3
WU	WESTERN UNION	35,000	$728K	0.3%	$20.80	$16.91	—	COM	959802109
—	TOLL BROS	635,000	$671K	0.3%	$1.06	$1.02	—	DEB	88947EAM2
—	SPIRIT REALTY	610,000	$609K	0.3%	$1.00	$1.00	—	DEB	84860WAB8
GME	GAMESTOP	16,000	$607K	0.3%	$37.94 *	$7.12	-1.5%	COM	36467W109
—	APACHE CORP	9,300	$561K	0.2%	$60.32	$74.55	—	COM	037411105
—	MACQUARIE INFRA	470,000	$556K	0.2%	$1.18	$1.11	—	DEB	55608BAA3
LYB	LYONDELLBASELL	5,900	$518K	0.2%	$87.80 *	$52.10	-10.3%	COM	N53745100
—	CHESAPEAKE ENGY	36,499	$517K	0.2%	$14.16	$16.71	—	COM	165167107
CVX	CHEVRON	4,750	$498K	0.2%	$104.84 *	$72.59	-7.8%	COM	166764100
—	BB&T CORP	11,000	$429K	0.2%	$39.00	$38.09	—	COM	054937107
EXEL	EXELIXIS	144,300	$371K	0.2%	$2.57 *	$2.76	-15.9%	COM	30161Q104
—	NOBLE CORP.	26,000	$371K	0.2%	$14.27	$31.25	—	COM	G65431101
—	OLD REPUBLIC	284,000	$335K	0.1%	$1.18	$1.13	—	DEB	680223AH7
COF	CAPITAL ONE	4,234	$333K	0.1%	$78.65 *	$64.53	0.0%	COM	14040H105
NEM	NEWMONT MINE	15,000	$325K	0.1%	$21.67 *	$21.53	-15.2%	COM	651639106
—	PROSHARES	7,375	$308K	0.1%	$41.76	$71.54	—	COM	74743B201
XOM	EXXON MOBIL	3,490	$296K	0.1%	$84.81 *	$55.57	0.0%	COM	30231G102
—	SEAGATE TECH	5,500	$286K	0.1%	$52.00	$56.58	—	COM	G7945M107
—	OMNICARE	250,000	$272K	0.1%	$1.09	$1.03	—	DEB	681904AL2
—	DIAMOND OFFSHORE	10,000	$268K	0.1%	$26.80	$48.73	—	COM	25271C102
FITB	FIFTH THIRD BANK	14,000	$264K	0.1%	$18.86 *	$12.96	0.0%	COM	316773100
—	GOODRICH PETRO	67,500	$239K	0.1%	$3.54	$3.54	—	COM	382410405
RIG	TRANSOCEAN LTD	15,480	$227K	0.1%	$14.66 *	$46.34	-65.0%	COM	H8817H100
—	SANDRIDGE	122,100	$217K	0.1%	$1.78	$3.47	—	COM	80007P307
—	NICHOLAS FIN	15,000	$210K	0.1%	$14.00	$15.12	—	COM	65373J209
—	SHIP FINANCE	13,700	$203K	0.1%	$14.82	$17.07	—	COM	G81075106
FCX	FREEPORT MCMORAN	10,300	$195K	0.1%	$18.93 *	$17.62	0.0%	COM	35671D857
JBLU	JETBLUE AIRWAYS	10,000	$192K	0.1%	$19.20 *	$12.97	+31.3%	COM	477143101
—	GENERAL ELECTRIC	7,644	$189K	0.1%	$24.73	$24.73	—	COM	369604103
C	CITIGROUP	3,171	$163K	0.1%	$51.40 *	$35.76	+6.1%	COM	172967424
CAT	CATERPILLER	2,000	$160K	0.1%	$80.00 *	$63.13	0.0%	COM	149123101
JPM	JPMORGAN CHASE	2,500	$151K	0.1%	$60.40 *	$44.28	0.0%	COM	46625H100
—	INTL GAME TECH	8,100	$141K	0.1%	$17.41	$1.27	—	DEB	459902AQ5
LEG	LEGGETT & PLATT	3,065	$141K	0.1%	$46.00 *	$30.96	+44.0%	COM	524660107
—	SYNTA PHARM	72,500	$140K	0.1%	$1.93	$4.51	—	COM	87162T206
—	XEROX CORP	10,000	$128K	0.1%	$12.80	$12.80	—	COM	984121103
—	NEWMONT MINE	115	$118K	0.1%	$1026.09	$1.05	—	DEB	651639AJ5
—	PRAXAIR	880	$106K	0.0%	$120.45	$115.09	—	COM	74005P104
UIS	UNISYS	4,500	$104K	0.0%	$23.11 *	$32.24	-24.4%	COM	909214306
—	TEVA PHARMACY	70,000	$103K	0.0%	$1.47	$1.47	—	DEB	88163VAE9