Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	NATIONAL HEALTH	9,820,000	$112M	36.2%	$1.00	—	DEB	63633DAE4
—	LEXINGTON PTY	1,689,634	$17.4M	5.6%	$11.28	—	COM	529043101
—	TTM TECH	9,754,000	$12.9M	4.2%	$0.95	—	DEB	87305RAD1
—	SPIRIT REALTY	10,603,000	$11.71M	3.8%	$1.04	—	DEB	84860WAA0
—	RAMCO GERSHNSN	150,816	$10.36M	3.3%	$58.51	—	PFD	751452608
SFL 3.25 02/01/18	SHIP FINANCE	8,802,000	$9.489M	3.1%	$1.09	—	DEB	G81075AE6
—	NY COMM BANC	173,821	$8.708M	2.8%	$49.67	—	PFD	64944P307
AGN 5.5 03/01/18 A	ALLERGAN	10,069	$8.271M	2.7%	$991.06	—	PFD	G0177J116
MET	METLIFE	169,186	$7.517M	2.4%	$28.93	-5.3%	COM	59156R108
—	HCI GROUP	7,441,000	$7.134M	2.3%	$0.97	—	DEB	40416EAB9
—	GENERAL MOTORS	199,202	$6.328M	2.0%	$34.34	—	COM	30745V100
HCI	HCI GROUP	202,348	$6.143M	2.0%	$34.61	-11.9%	COM	40416E103
SNY	SANOFI SPONSOR	158,500	$6.053M	2.0%	$6.19	—	COM	80105N105
—	CROWN CASTLE	49,857	$5.634M	1.8%	$102.57	—	PFD	22822V200
—	EPR PROPERTIES	177,552	$5.445M	1.8%	$22.13	—	PFD	26884U208
—	CARRIAGE SERVICE	4,005,000	$4.693M	1.5%	$1.17	—	DEB	143905AM9
—	TYSON FOODS	54,434	$4.456M	1.4%	$51.48	—	PFD	902494301
AAPL	APPLE INC	36,879	$4.169M	1.3%	$17.94	+35.1%	COM	037833100
F	FORD MOTOR	322,173	$3.888M	1.3%	$8.52	-9.8%	COM	345370860
—	LEXINGTON PTY	73,250	$3.882M	1.3%	$47.91	—	PFD	529043309
—	SHUTTERFLY	3,548,000	$3.474M	1.1%	$0.93	—	DEB	82568PAB2
—	FIDELITY SOUTHERN	183,709	$3.378M	1.1%	$15.89	—	COM	316394105
TSBK	TIMBERLAND BANK	195,119	$3.073M	1.0%	$11.05	+2.3%	COM	887098101
—	COWEN GROUP	2,788,000	$2.692M	0.9%	$0.96	—	DEB	223622AB7
—	ARES CAPITAL	2,550,000	$2.629M	0.8%	$1.03	—	DEB	04010LAJ2
—	AMERICAN RLTY	2,537,000	$2.53M	0.8%	$0.95	—	DEB	02917TAA2
—	WELLTOWER	31,396	$2.089M	0.7%	$60.80	—	PFD	95040Q203
—	DOMINION RESOURCE	40,985	$2.045M	0.7%	$49.90	—	PFD	25746U836
—	ROYAL GOLD	1,596,000	$1.782M	0.6%	$1.04	—	DEB	780287AA6
WY	WEYERHAEUSER	55,635	$1.777M	0.6%	$21.40	+2.5%	COM	962166104
FGBI	FIRST GUARANTY	89,400	$1.452M	0.5%	$9.97	-9.7%	COM	32043P106
—	SWISS HELVETIA	123,865	$1.324M	0.4%	$11.77	—	COM	870875101
—	ATLAS AIR WW	1,330,000	$1.289M	0.4%	$0.80	—	DEB	049164BH8
—	ASHFORD HOSPTY	202,500	$1.192M	0.4%	$6.50	—	COM	044103109
—	JEFFERIES GROUP	1,170,000	$1.186M	0.4%	$1.01	—	DEB	472319AG7
PFE	PFIZER	34,000	$1.151M	0.4%	$16.70	+33.3%	COM	717081103
—	ENVESTNET	1,085,000	$1.036M	0.3%	$1.00	—	DEB	29404KAA4
—	COMMUNITY WEST	114,715	$940K	0.3%	$7.29	—	COM	204157101
—	ASCENT CAPITAL	1,300,000	$925K	0.3%	$1.07	—	DEB	043632AA6
—	INVESCO TR INVT	65,565	$924K	0.3%	$12.38	—	COM	46131M106
—	NY COMM BANC	58,500	$832K	0.3%	$14.78	—	COM	649445103
—	GENERAL MOTORS	5,314	$741K	0.2%	$17.42	—	WTS	37045V126
—	JPMORGAN CHASE	30,000	$739K	0.2%	$18.66	—	WTS	46634E114
—	VEREIT INC	69,000	$715K	0.2%	$7.72	—	COM	92339V100
GT	GOODYEAR TIRE	21,287	$687K	0.2%	$25.37	+14.6%	COM	382550101
—	SPIRIT REALTY	585,000	$664K	0.2%	$1.00	—	DEB	84860WAB8
MRK	MERCK	10,500	$655K	0.2%	$34.09	+28.3%	COM	58933Y105
—	BB&T CORP	17,000	$641K	0.2%	$36.06	—	COM	054937107
—	CHART IND	640,000	$629K	0.2%	$0.87	—	DEB	16115QAC4
EXEL	EXELIXIS	48,000	$614K	0.2%	$10.81	0.0%	COM	30161Q104
—	J2 GLOBAL	530,000	$613K	0.2%	$1.10	—	DEB	48123VAC6
—	CAPITAL ONE	20,000	$608K	0.2%	$27.06	—	WTS	14040H139
OXBR	OXBRIDGE	120,000	$600K	0.2%	$6.07	-17.3%	COM	G6856M106
—	EXELON CORP	12,667	$592K	0.2%	$51.18	—	PFD	30161N127
WFC	WELLS FARGO	13,100	$580K	0.2%	$37.08	-0.7%	COM	949746101
—	JOHNSON CONTROL	12,080	$562K	0.2%	$41.81	—	COM	478366107
PRU	PRUDENTIAL FINL	6,000	$490K	0.2%	$52.04	-3.5%	COM	744320102
BAC	BANK OF AMERICA	28,000	$438K	0.1%	$11.63	+3.7%	COM	060505104
FITB	FIFTH THIRD BANK	18,900	$386K	0.1%	$12.84	+7.7%	COM	316773100
—	DOMINION MIDSTREM	16,000	$382K	0.1%	$23.88	—	COM	257454108
—	TOLL BROS	370,000	$362K	0.1%	$1.02	—	DEB	88947EAM2
—	HEARTLAND FINL	10,000	$360K	0.1%	$35.30	—	COM	42234Q102
GME	GAMESTOP	13,000	$358K	0.1%	$7.02	-17.6%	COM	36467W109
—	MEDICAL PROPERTY	22,500	$332K	0.1%	$14.76	—	COM	58436J304
—	MACQUARIE INFRA	280,000	$328K	0.1%	$1.11	—	DEB	55608BAA3
—	PROSHARES	10,000	$316K	0.1%	$41.83	—	COM	74743B201
IVZ	INVESCO LTD	10,000	$312K	0.1%	$19.31	-1.1%	COM	G491BT108
NAVI	NAVIENT CORP	21,000	$303K	0.1%	$12.05	+15.6%	COM	63938C108
—	XEROX CORP	27,000	$273K	0.1%	$11.62	—	COM	984121103
SSBI	SUMMIT STATE	17,500	$237K	0.1%	$7.23	+2.8%	COM	866264203
SBFG	SB FINANCIAL	18,000	$226K	0.1%	$11.12	0.0%	COM	78408D105
—	SHIP FINANCE	15,200	$224K	0.1%	$17.01	—	COM	G81075106
—	CITIZENS FIRST BANK	12,222	$195K	0.1%	$15.95	—	COM	17462Q107
ETN	EATON CORP	2,500	$164K	0.1%	$45.84	+15.4%	COM	G29183103
CWB	SPDR BARCLAYS	3,260	$151K	0.0%	$46.32	—	COM	78464A359
CVX	CHEVRON	1,350	$139K	0.0%	$72.59	-5.7%	COM	166764100
—	ENSCO PLC	15,700	$133K	0.0%	$47.58	—	COM	G3157S106
WU	WESTERN UNION	6,000	$125K	0.0%	$16.94	—	COM	959802109
KEY	KEYCORP	10,000	$121K	0.0%	$8.09	0.0%	COM	493267108
HOG	HARLEY DAVIDSON	2,000	$105K	0.0%	$44.24	+16.9%	COM	412822108
—	NOBLE CORP.	16,000	$101K	0.0%	$31.25	—	COM	G65431101