Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LEXINGTON PTY	1,706,537	$13.65M	6.3%	$11.28	—	COM	529043101
—	SPIRIT REALTY	11,405,000	$10.9M	5.0%	$0.98	—	DEB	84860WAA0
—	CROWN CASTLE	96,839	$10.39M	4.8%	$102.57	—	PFD	22822V200
—	NATIONAL HEALTH	10,280,000	$10.09M	4.6%	$1.00	—	DEB	63633DAE4
SFL 3.25 02/01/18	SHIP FINANCE	9,173,000	$9.752M	4.5%	$1.09	—	DEB	G81075AE6
—	RAMCO GERSHNSN	153,842	$9.407M	4.3%	$58.51	—	PFD	751452608
—	TTM TECH	9,453,000	$8.519M	3.9%	$0.95	—	DEB	87305RAD1
MET	METLIFE	162,068	$7.813M	3.6%	$29.03	+7.5%	COM	59156R108
AGN 5.5 03/01/18 A	ALLERGAN	7,495	$7.712M	3.5%	$1045.61	—	PFD	G0177J116
HCI	HCI GROUP	207,406	$7.228M	3.3%	$34.61	+12.7%	COM	40416E103
—	NY COMM BANC	144,571	$7.228M	3.3%	$49.53	—	PFD	64944P307
SNY	SANOFI SPONSOR	160,775	$6.857M	3.2%	$51.12	—	COM	80105N105
—	LEXINGTON PTY	143,295	$6.806M	3.1%	$47.91	—	PFD	529043309
—	GENERAL MOTORS	196,140	$6.67M	3.1%	$34.42	—	COM	30745V100
MRK	MERCK	120,179	$6.347M	2.9%	$34.09	+7.9%	COM	58933Y105
—	HCI GROUP	7,041,000	$6.156M	2.8%	$0.97	—	DEB	40416EAB9
—	TYSON FOODS	98,676	$5.987M	2.8%	$51.48	—	PFD	902494301
AAPL	APPLE INC	48,566	$5.112M	2.4%	$17.94	+43.4%	COM	037833100
F	FORD MOTOR	338,673	$4.772M	2.2%	$8.52	-2.1%	COM	345370860
—	EPR PROPERTIES	182,752	$4.386M	2.0%	$22.13	—	PFD	26884U208
—	EXELIXIS	3,624,000	$4.249M	2.0%	$0.56	—	DEB	30161QAC8
—	CARRIAGE SERVICE	3,260,000	$3.84M	1.8%	$1.19	—	DEB	143905AM9
—	SHUTTERFLY	3,583,000	$3.453M	1.6%	$0.93	—	DEB	82568PAB2
—	ROYAL GOLD	3,534,000	$3.207M	1.5%	$1.04	—	DEB	780287AA6
VZ	VERIZON	63,072	$2.915M	1.3%	$27.50	-2.1%	COM	92343V104
—	ARES CAPITAL	2,660,000	$2.64M	1.2%	$1.03	—	DEB	04010LAJ2
—	COWEN GROUP	2,695,000	$2.589M	1.2%	$0.96	—	DEB	223622AB7
—	AMERICAN RLTY	2,642,000	$2.45M	1.1%	$0.95	—	DEB	02917TAA2
—	JPMORGAN CHASE	84,500	$2.001M	0.9%	$18.66	—	WTS	46634E114
—	WELLTOWER	31,396	$1.909M	0.9%	$60.80	—	PFD	95040Q203
ORI	OLD REPUBLIC	86,432	$1.61M	0.7%	$6.23	+37.6%	COM	680223104
—	CAPITAL ONE	50,000	$1.567M	0.7%	$27.06	—	WTS	14040H139
GT	GOODYEAR TIRE	42,102	$1.375M	0.6%	$24.75	+32.5%	COM	382550101
—	SWISS HELVETIA	116,166	$1.226M	0.6%	$11.86	—	COM	870875101
—	GENERAL MOTORS	70,200	$1.143M	0.5%	$17.42	—	WTS	37045V126
—	ATLAS AIR WW	1,355,000	$1.121M	0.5%	$0.80	—	DEB	049164BH8
PFE	PFIZER	31,000	$1M	0.5%	$16.51	+23.4%	COM	717081103
FGBI	FIRST GUARANTY	52,288	$980K	0.5%	$10.82	0.0%	COM	32043P106
—	ENVESTNET	1,095,000	$962K	0.4%	$1.00	—	DEB	29404KAA4
PRU	PRUDENTIAL FINL	11,000	$895K	0.4%	$52.04	+1.1%	COM	744320102
—	JEFFERIES GROUP	890,000	$885K	0.4%	$1.02	—	DEB	472319AG7
—	EXELON CORP	21,867	$885K	0.4%	$51.18	—	PFD	30161N127
—	INVESCO TR INVT	65,565	$874K	0.4%	$12.38	—	COM	46131M106
—	ASCENT CAPITAL	1,300,000	$842K	0.4%	$1.07	—	DEB	043632AA6
—	RTI INTL	810,000	$828K	0.4%	$0.98	—	DEB	74973WAB3
—	VEREIT INC	99,000	$784K	0.4%	$7.72	—	COM	92339V100
—	ASHFORD HOSPTY	123,100	$776K	0.4%	$6.71	—	COM	044103109
—	J2 GLOBAL	540,000	$707K	0.3%	$1.10	—	DEB	48123VAC6
OXBR	OXBRIDGE	120,000	$686K	0.3%	$6.07	-4.8%	COM	G6856M106
WU	WESTERN UNION	33,000	$591K	0.3%	$16.94	—	COM	959802109
—	CHART IND	655,000	$566K	0.3%	$0.87	—	DEB	16115QAC4
—	NY COMM BANC	34,500	$563K	0.3%	$14.00	—	COM	649445103
—	SPIRIT REALTY	585,000	$553K	0.3%	$1.00	—	DEB	84860WAB8
—	NATL OILWELL	16,000	$535K	0.2%	$75.21	—	COM	637071101
—	SYNOVUS FINL	13,500	$437K	0.2%	$2.92	—	COM	87161C105
CVX	CHEVRON	4,750	$427K	0.2%	$72.59	-19.5%	COM	166764100
GME	GAMESTOP	15,000	$420K	0.2%	$7.12	+3.9%	COM	36467W109
—	BB&T CORP	11,000	$416K	0.2%	$38.09	—	COM	054937107
—	BUNGE LTD	6,000	$409K	0.2%	$69.94	—	COM	G16962105
—	TOLL BROS	395,000	$394K	0.2%	$1.02	—	DEB	88947EAM2
FITB	FIFTH THIRD BANK	19,000	$382K	0.2%	$13.23	+5.0%	COM	316773100
—	ENSCO PLC	24,000	$369K	0.2%	$47.58	—	COM	G3157S106
JPM	JP MORGAN CHASE	5,500	$363K	0.2%	$49.62	+0.1%	COM	46625H100
—	ALLERGAN PLC	1,073	$335K	0.2%	$302.89	—	COM	G0177J108
—	CHESAPEAKE ENGY	695,000	$326K	0.1%	$1.00	—	DEB	165167CA3
—	MACQUARIE INFRA	290,000	$324K	0.1%	$1.11	—	DEB	55608BAA3
ETN	EATON CORP	6,000	$312K	0.1%	$46.51	-7.5%	COM	G29183103
—	SEAGATE TECH	8,000	$293K	0.1%	$51.28	—	COM	G7945M107
NAVI	NAVIENT CORP	25,000	$286K	0.1%	$12.25	0.0%	COM	63938C108
—	COMMUNITY WEST	40,000	$279K	0.1%	$6.97	—	COM	204157101
KSS	KOHLS GROUP	5,800	$276K	0.1%	$51.89	-10.9%	COM	500255104
—	NOBLE CORP.	26,000	$274K	0.1%	$31.25	—	COM	G65431101
ABBV	ABBVIE	4,600	$272K	0.1%	$40.91	-7.2%	COM	00287Y109
LYB	LYONDELLBASELL	3,000	$260K	0.1%	$52.23	-0.4%	COM	N53745100
—	SHIP FINANCE	15,200	$251K	0.1%	$17.01	—	COM	G81075106
XOM	EXXON MOBIL	3,215	$250K	0.1%	$55.57	-7.5%	COM	30231G102
AFL	AFLAC	4,000	$239K	0.1%	$24.16	+1.5%	COM	001055102
NEM	NEWMONT MINE	13,000	$233K	0.1%	$21.53	-33.1%	COM	651639106
JBLU	JETBLUE AIRWAYS	10,000	$226K	0.1%	$12.97	+92.1%	COM	477143101
MTNA 6 01/15/16	ARCELMORMITTAL	34,500	$224K	0.1%	$21.03	—	PFD	L0302D178
—	DIAMOND OFSHRE	9,000	$190K	0.1%	$48.73	—	COM	25271C102
IP	INTL PAPER	5,000	$188K	0.1%	$26.70	-6.8%	COM	460146103
EXEL	EXELIXIS	30,900	$174K	0.1%	$2.76	+102.7%	COM	30161Q104
MOS	MOSAIC CO	6,000	$165K	0.1%	$31.09	-15.9%	COM	61945C103
—	XEROX CORP	15,000	$159K	0.1%	$12.07	—	COM	984121103
—	CHESAPEAKE ENGY	35,499	$159K	0.1%	$16.46	—	COM	165167107
BAC	BANK OF AMERICA	9,000	$151K	0.1%	$13.23	+2.5%	COM	060505104
—	WEYERHAEUSER	3,000	$150K	0.1%	$47.67	—	PFD	962166872
—	NICHOLAS FIN	12,000	$139K	0.1%	$15.12	—	COM	65373J209
SSBI	SUMMIT STATE	10,000	$137K	0.1%	$7.20	0.0%	COM	866264203
IVZ	INVESCO LTD	4,000	$134K	0.1%	$20.68	0.0%	COM	G491BT108
—	PROSHARES	3,000	$132K	0.1%	$65.66	—	COM	74743B201
LEG	LEGGETT & PLATT	3,065	$128K	0.1%	$30.96	+43.3%	COM	524660107
PSX	PHILLIPS 66	1,500	$122K	0.1%	$54.04	+9.3%	COM	718546104
—	BANK OF AMERICA	20,000	$116K	0.1%	$5.80	—	WTS	060505146