Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	VALLEY COMMUNITY	9,000	$144M	40.0%	$16000.00	—	COM	919518100
—	LEXINGTON PTY	1,706,284	$17.25M	4.8%	$11.28	—	COM	529043101
—	SPIRIT REALTY	10,658,000	$11.5M	3.2%	$1.04	—	DEB	84860WAA0
—	TTM TECH	10,991,000	$10.89M	3.0%	$0.95	—	DEB	87305RAD1
—	NATIONAL HEALTH	9,840,000	$10.86M	3.0%	$1.00	—	DEB	63633DAE4
—	RAMCO GERSHNSN	151,716	$10.7M	3.0%	$58.51	—	PFD	751452608
SFL 3.25 02/01/18	SHIP FINANCE	8,802,000	$9.28M	2.6%	$1.09	—	DEB	G81075AE6
—	NY COMM BANC	169,149	$8.535M	2.4%	$49.66	—	PFD	64944P307
AGN 5.5 03/01/18 A	ALLERGAN	8,418	$7.017M	1.9%	$1024.33	—	PFD	G0177J116
MRK	MERCK	119,705	$6.896M	1.9%	$34.09	+15.8%	COM	58933Y105
—	CROWN CASTLE	55,912	$6.765M	1.9%	$102.57	—	PFD	22822V200
MET	METLIFE	169,505	$6.751M	1.9%	$28.93	-2.7%	COM	59156R108
SNY	SANOFI SPONSOR	159,500	$6.675M	1.9%	$6.19	—	COM	80105N105
—	HCI GROUP	7,496,000	$6.554M	1.8%	$0.97	—	DEB	40416EAB9
—	GENERAL MOTORS	200,972	$5.687M	1.6%	$34.34	—	COM	30745V100
HCI	HCI GROUP	205,706	$5.611M	1.6%	$34.61	-11.0%	COM	40416E103
—	LEXINGTON PTY	111,208	$5.609M	1.6%	$47.91	—	PFD	529043309
—	EPR PROPERTIES	178,552	$5.483M	1.5%	$22.13	—	PFD	26884U208
—	EXELIXIS	3,424,000	$5.074M	1.4%	$0.56	—	DEB	30161QAC8
—	CARRIAGE SERVICE	4,055,000	$4.762M	1.3%	$1.17	—	DEB	143905AM9
AAPL	APPLE INC	47,879	$4.577M	1.3%	$17.94	+26.1%	COM	037833100
F	FORD MOTOR	336,673	$4.232M	1.2%	$8.52	-6.8%	COM	345370860
—	TYSON FOODS	54,659	$4.038M	1.1%	$51.48	—	PFD	902494301
—	SHUTTERFLY	3,573,000	$3.539M	1.0%	$0.93	—	DEB	82568PAB2
—	FIDELITY SOUTHERN	182,019	$2.852M	0.8%	$15.89	—	COM	316394105
LFGP	LEDYARD FINANCIAL	57,190	$2.702M	0.7%	$15.72	0.0%	COM	523338101
—	ARES CAPITAL	2,600,000	$2.689M	0.7%	$1.03	—	DEB	04010LAJ2
—	AMERICAN RLTY	2,567,000	$2.536M	0.7%	$0.95	—	DEB	02917TAA2
—	COWEN GROUP	2,823,000	$2.533M	0.7%	$0.96	—	DEB	223622AB7
—	ROYAL GOLD	2,176,000	$2.328M	0.6%	$1.04	—	DEB	780287AA6
—	WELLTOWER	31,396	$2.129M	0.6%	$60.80	—	PFD	95040Q203
FGBI	FIRST GUARANTY	87,400	$1.398M	0.4%	$9.99	-12.1%	COM	32043P106
—	ATLAS AIR WW	1,355,000	$1.313M	0.4%	$0.80	—	DEB	049164BH8
—	SWISS HELVETIA	121,460	$1.257M	0.3%	$11.79	—	COM	870875101
—	JEFFERIES GROUP	1,200,000	$1.215M	0.3%	$1.01	—	DEB	472319AG7
PFE	PFIZER	34,000	$1.197M	0.3%	$16.70	+26.0%	COM	717081103
—	ASHFORD HOSPTY	192,000	$1.031M	0.3%	$6.53	—	COM	044103109
—	ENVESTNET	1,095,000	$988K	0.3%	$1.00	—	DEB	29404KAA4
—	INVESCO TR INVT	65,565	$974K	0.3%	$12.38	—	COM	46131M106
—	RIDGESTONE FINL	34,500	$914K	0.3%	$26.49	—	COM	76610V103
—	VEREIT INC	89,000	$902K	0.3%	$7.72	—	COM	92339V100
—	NY COMM BANC	58,500	$877K	0.2%	$14.78	—	COM	649445103
—	EXELON CORP	17,267	$852K	0.2%	$51.18	—	PFD	30161N127
—	JPMORGAN CHASE	40,000	$810K	0.2%	$18.66	—	WTS	46634E114
—	CAPITAL ONE	31,600	$753K	0.2%	$27.06	—	WTS	14040H139
—	ASCENT CAPITAL	1,300,000	$738K	0.2%	$1.07	—	DEB	043632AA6
TSBK	TIMBERLAND BANK	46,400	$696K	0.2%	$10.22	+2.7%	COM	887098101
—	COMMUNITY WEST	92,600	$681K	0.2%	$7.07	—	COM	204157101
—	SPIRIT REALTY	585,000	$654K	0.2%	$1.00	—	DEB	84860WAB8
—	BB&T CORP	18,000	$641K	0.2%	$36.06	—	COM	054937107
—	GENERAL MOTORS	60,000	$628K	0.2%	$17.42	—	WTS	37045V126
—	J2 GLOBAL	540,000	$605K	0.2%	$1.10	—	DEB	48123VAC6
OXBR	OXBRIDGE	120,000	$603K	0.2%	$6.07	-16.2%	COM	G6856M106
—	CHART IND	640,000	$595K	0.2%	$0.87	—	DEB	16115QAC4
WFC	WELLS FARGO	12,100	$573K	0.2%	$37.11	+0.3%	COM	949746101
PRU	PRUDENTIAL FINL	8,000	$571K	0.2%	$52.04	-5.9%	COM	744320102
ETN	EATON CORP	8,000	$478K	0.1%	$45.84	+8.6%	COM	G29183103
GT	GOODYEAR TIRE	18,227	$467K	0.1%	$24.75	+15.9%	COM	382550101
FITB	FIFTH THIRD BANK	25,000	$439K	0.1%	$12.84	-0.7%	COM	316773100
—	TOLL BROS	395,000	$386K	0.1%	$1.02	—	DEB	88947EAM2
GME	GAMESTOP	14,000	$372K	0.1%	$7.02	-18.4%	COM	36467W109
BAC	BANK OF AMERICA	28,000	$371K	0.1%	$11.63	-2.5%	COM	060505104
—	HEARTLAND FINL	10,000	$353K	0.1%	$35.30	—	COM	42234Q102
—	NORTHWAY FINL	16,153	$342K	0.1%	$21.17	—	COM	667270201
—	JOHNSON CONTROL	7,500	$332K	0.1%	$38.93	—	COM	478366107
—	MACQUARIE INFRA	290,000	$331K	0.1%	$1.11	—	DEB	55608BAA3
WU	WESTERN UNION	17,000	$326K	0.1%	$16.94	—	COM	959802109
NAVI	NAVIENT CORP	26,000	$311K	0.1%	$12.05	+5.5%	COM	63938C108
WY	WEYERHAEUSER	10,150	$302K	0.1%	$19.03	+11.0%	COM	962166104
IP	INTL PAPER	7,000	$296K	0.1%	$25.24	+4.2%	COM	460146103
—	NORTHWEST IN BANC	10,000	$290K	0.1%	$29.00	—	COM	667516108
—	CHESAPEAKE FINL	13,853	$267K	0.1%	$19.27	—	COM	16417A109
—	XEROX CORP	27,000	$256K	0.1%	$11.62	—	COM	984121103
IVZ	INVESCO LTD	10,000	$255K	0.1%	$19.31	-1.0%	COM	G491BT108
—	PROSHARES	8,000	$253K	0.1%	$44.39	—	COM	74743B201
SSBI	SUMMIT STATE	16,313	$224K	0.1%	$7.22	+2.9%	COM	866264203
—	SHIP FINANCE	15,200	$224K	0.1%	$17.01	—	COM	G81075106
KSS	KOHLS GROUP	5,800	$220K	0.1%	$51.89	-23.4%	COM	500255104
—	SEAGATE TECH	8,000	$195K	0.1%	$47.92	—	COM	G7945M107
ABBV	ABBVIE	3,100	$192K	0.1%	$40.53	+1.1%	COM	00287Y109
—	WEYERHAEUSER	3,700	$186K	0.1%	$48.61	—	PFD	962166872
—	ENSCO PLC	19,000	$184K	0.1%	$47.58	—	COM	G3157S106
HOG	HARLEY DAVIDSON	4,000	$181K	0.1%	$44.24	+4.1%	COM	412822108
JPM	JP MORGAN CHASE	2,500	$155K	0.0%	$47.94	+0.8%	COM	46625H100
CVX	CHEVRON	1,350	$141K	0.0%	$72.59	-8.0%	COM	166764100
—	NORTHERN STATES	22,000	$134K	0.0%	$6.09	—	COM	665751103
—	NOBLE CORP.	16,000	$132K	0.0%	$31.25	—	COM	G65431101
FMBM	F&M BANCORP	5,000	$115K	0.0%	$16.25	0.0%	COM	30237P106
—	PSB HOLDINGS	1,500	$67,000	0.0%	$44.67	—	COM	69360N105