Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LEXINGTON PTY	1,714,260	$14.74M	7.0%	$11.28	—	COM	529043101
—	SPIRIT REALTY	3,977,532	$11.21M	5.3%	$0.98	—	DEB	84860WAA0
—	NATIONAL HEALTH	10,310,000	$10.58M	5.0%	$1.00	—	DEB	63633DAE4
—	RAMCO GERSHNSN	151,716	$9.908M	4.7%	$58.51	—	PFD	751452608
SFL 3.25 02/01/18	SHIP FINANCE	9,127,000	$8.727M	4.1%	$1.09	—	DEB	G81075AE6
—	TTM TECH	9,421,000	$8.39M	4.0%	$0.95	—	DEB	87305RAD1
—	NY COMM BANC	160,388	$8.083M	3.8%	$49.62	—	PFD	64944P307
MET	METLIFE	169,418	$7.444M	3.5%	$28.93	-7.6%	COM	59156R108
—	CROWN CASTLE	66,021	$7.077M	3.4%	$102.57	—	PFD	22822V200
AGN 5.5 03/01/18 A	ALLERGAN	7,688	$7.066M	3.4%	$1042.44	—	PFD	G0177J116
—	LEXINGTON PTY	141,795	$6.904M	3.3%	$47.91	—	PFD	529043309
HCI	HCI GROUP	205,706	$6.85M	3.3%	$34.61	-5.9%	COM	40416E103
—	HCI GROUP	7,496,000	$6.456M	3.1%	$0.97	—	DEB	40416EAB9
SNY	SANOFI SPONSOR	2,289,120	$6.405M	3.0%	$6.19	—	COM	80105N105
MRK	MERCK	119,705	$6.333M	3.0%	$34.09	+5.7%	COM	58933Y105
—	GENERAL MOTORS	201,040	$6.318M	3.0%	$34.34	—	COM	30745V100
AAPL	APPLE INC	48,251	$5.259M	2.5%	$17.94	+25.7%	COM	037833100
—	TYSON FOODS	65,259	$4.86M	2.3%	$51.48	—	PFD	902494301
—	EPR PROPERTIES	182,752	$4.748M	2.3%	$22.13	—	PFD	26884U208
F	FORD MOTOR	337,673	$4.558M	2.2%	$8.52	-12.5%	COM	345370860
—	CARRIAGE SERVICE	4,055,000	$4.442M	2.1%	$1.17	—	DEB	143905AM9
—	EXELIXIS	3,624,000	$3.59M	1.7%	$0.56	—	DEB	30161QAC8
—	SHUTTERFLY	3,573,000	$3.566M	1.7%	$0.93	—	DEB	82568PAB2
—	ROYAL GOLD	3,407,000	$3.258M	1.5%	$1.04	—	DEB	780287AA6
VZ	VERIZON	63,072	$2.915M	1.4%	$27.50	+9.2%	COM	92343V104
—	ARES CAPITAL	2,600,000	$2.629M	1.3%	$1.03	—	DEB	04010LAJ2
—	COWEN GROUP	2,823,000	$2.618M	1.2%	$0.96	—	DEB	223622AB7
—	AMERICAN RLTY	2,567,000	$2.493M	1.2%	$0.95	—	DEB	02917TAA2
—	WELLTOWER	31,396	$1.949M	0.9%	$60.80	—	PFD	95040Q203
—	FIDELITY SOUTHERN	108,560	$1.741M	0.8%	$16.04	—	COM	316394105
—	SWISS HELVETIA	119,820	$1.219M	0.6%	$11.81	—	COM	870875101
—	JEFFERIES GROUP	1,200,000	$1.177M	0.6%	$1.01	—	DEB	472319AG7
—	ASHFORD HOSPTY	181,500	$1.158M	0.6%	$6.60	—	COM	044103109
—	ATLAS AIR WW	1,355,000	$1.156M	0.5%	$0.80	—	DEB	049164BH8
—	CAPITAL ONE	40,000	$1.144M	0.5%	$27.06	—	WTS	14040H139
PFE	PFIZER	34,000	$1.007M	0.5%	$16.70	+11.8%	COM	717081103
—	ENVESTNET	1,095,000	$946K	0.4%	$1.00	—	DEB	29404KAA4
—	NY COMM BANC	58,500	$930K	0.4%	$14.78	—	COM	649445103
—	INVESCO TR INVT	65,565	$916K	0.4%	$12.38	—	COM	46131M106
—	VEREIT INC	99,000	$878K	0.4%	$7.72	—	COM	92339V100
—	EXELON CORP	17,267	$850K	0.4%	$51.18	—	PFD	30161N127
—	GENERAL MOTORS	60,000	$816K	0.4%	$17.42	—	WTS	37045V126
—	ASCENT CAPITAL	1,300,000	$808K	0.4%	$1.07	—	DEB	043632AA6
FGBI	FIRST GUARANTY	51,983	$805K	0.4%	$10.82	-16.6%	COM	32043P106
PRU	PRUDENTIAL FINL	11,000	$794K	0.4%	$52.04	-13.9%	COM	744320102
—	JPMORGAN CHASE	40,000	$708K	0.3%	$18.66	—	WTS	46634E114
GT	GOODYEAR TIRE	19,727	$650K	0.3%	$24.75	+21.8%	COM	382550101
—	BB&T CORP	19,000	$632K	0.3%	$36.06	—	COM	054937107
OXBR	OXBRIDGE	120,000	$613K	0.3%	$6.07	-15.9%	COM	G6856M106
—	SPIRIT REALTY	585,000	$588K	0.3%	$1.00	—	DEB	84860WAB8
—	J2 GLOBAL	540,000	$586K	0.3%	$1.10	—	DEB	48123VAC6
WFC	WELLS FARGO	12,100	$585K	0.3%	$37.11	0.0%	COM	949746101
—	CHART IND	655,000	$581K	0.3%	$0.87	—	DEB	16115QAC4
ETN	EATON CORP	8,500	$531K	0.3%	$45.84	-3.5%	COM	G29183103
GME	GAMESTOP	16,000	$507K	0.2%	$7.02	-20.7%	COM	36467W109
JPM	JP MORGAN CHASE	8,500	$503K	0.2%	$47.94	-6.4%	COM	46625H100
WU	WESTERN UNION	24,500	$472K	0.2%	$16.94	—	COM	959802109
—	CHESAPEAKE ENGY	695,000	$439K	0.2%	$1.00	—	DEB	165167CA3
FITB	FIFTH THIRD BANK	25,000	$417K	0.2%	$12.84	-9.6%	COM	316773100
—	COMMUNITY WEST	60,000	$408K	0.2%	$6.92	—	COM	204157101
—	TOLL BROS	395,000	$383K	0.2%	$1.02	—	DEB	88947EAM2
—	RTI INTL	360,000	$376K	0.2%	$0.98	—	DEB	74973WAB3
BAC	BANK OF AMERICA	27,000	$365K	0.2%	$11.65	-6.8%	COM	060505104
—	NATL OILWELL	11,000	$342K	0.2%	$75.21	—	COM	637071101
—	XEROX CORP	30,000	$335K	0.2%	$11.62	—	COM	984121103
NAVI	NAVIENT CORP	28,000	$335K	0.2%	$12.05	-13.7%	COM	63938C108
IP	INTL PAPER	8,000	$328K	0.2%	$25.24	-9.6%	COM	460146103
—	MACQUARIE INFRA	290,000	$320K	0.2%	$1.11	—	DEB	55608BAA3
IVZ	INVESCO LTD	10,000	$307K	0.1%	$19.31	-4.7%	COM	G491BT108
—	JOHNSON CONTROL	7,500	$292K	0.1%	$38.93	—	COM	478366107
ABBV	ABBVIE	5,100	$291K	0.1%	$40.53	-8.4%	COM	00287Y109
KSS	KOHLS GROUP	5,800	$270K	0.1%	$51.89	-9.6%	COM	500255104
—	SYNOVUS FINL	8,500	$245K	0.1%	$2.92	—	COM	87161C105
—	SEAGATE TECH	7,000	$241K	0.1%	$51.28	—	COM	G7945M107
—	NOBLE CORP.	23,000	$238K	0.1%	$31.25	—	COM	G65431101
WY	WEYERHAEUSER	7,150	$221K	0.1%	$18.15	0.0%	COM	962166104
—	WEYERHAEUSER	4,200	$214K	0.1%	$48.61	—	PFD	962166872
SSBI	SUMMIT STATE	16,000	$212K	0.1%	$7.22	+0.3%	COM	866264203
—	SHIP FINANCE	15,200	$211K	0.1%	$17.01	—	COM	G81075106
—	ENSCO PLC	19,000	$197K	0.1%	$47.58	—	COM	G3157S106
HOG	HARLEY DAVIDSON	3,000	$154K	0.1%	$43.64	0.0%	COM	412822108
CVX	CHEVRON	1,450	$138K	0.1%	$72.59	-20.9%	COM	166764100
—	NICHOLAS FIN	12,000	$129K	0.1%	$15.12	—	COM	65373J209
TSBK	TIMBERLAND BANK	9,644	$122K	0.1%	$9.18	0.0%	COM	887098101
—	PROSHARES	3,000	$110K	0.1%	$65.66	—	COM	74743B201