Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LEXINGTON PTY	1,655,184	$17.88M	8.4%	$11.28	—	COM	529043101
—	NATIONAL HEALTH	9,790,000	$10.98M	5.2%	$1.00	—	DEB	63633DAE4
—	SPIRIT REALTY	10,538,000	$10.97M	5.2%	$1.04	—	DEB	84860WAA0
—	TTM TECH	7,149,000	$10.89M	5.1%	$0.95	—	DEB	87305RAD1
—	NY COMM BANC	202,983	$10.11M	4.7%	$49.69	—	PFD	64944P307
SFL 3.25 02/01/18	SHIP FINANCE	8,757,000	$9.567M	4.5%	$1.09	—	DEB	G81075AE6
—	RAMCO GERSHNSN	154,916	$9.493M	4.5%	$58.58	—	PFD	751452608
MET	METLIFE	167,103	$9.005M	4.2%	$28.93	+16.5%	COM	59156R108
—	HCI GROUP	7,376,000	$7.408M	3.5%	$0.97	—	DEB	40416EAB9
—	GENERAL MOTORS	198,359	$6.91M	3.2%	$34.34	—	COM	30745V100
SNY	SANOFI SPONSOR	158,200	$6.397M	3.0%	$6.19	—	COM	80105N105
TSBK	TIMBERLAND BANK	287,756	$5.945M	2.8%	$11.84	+14.0%	COM	887098101
CCI	CROWN CASTLE	66,866	$5.802M	2.7%	$59.69	0.0%	COM	22822V101
—	CARRIAGE SERVICE	4,005,000	$5.384M	2.5%	$1.17	—	DEB	143905AM9
—	EPR PROPERTIES	177,552	$5.053M	2.4%	$22.13	—	PFD	26884U208
—	COLONY CAPITAL	4,875,000	$4.862M	2.3%	$1.00	—	DEB	19624RAB2
—	FIDELITY SOUTHERN	184,694	$4.371M	2.1%	$15.89	—	COM	316394105
AAPL	APPLE INC	32,749	$3.793M	1.8%	$17.94	+45.4%	COM	037833100
—	COWEN GROUP	3,688,000	$3.678M	1.7%	$0.97	—	DEB	223622AB7
—	TYSON FOODS	54,144	$3.662M	1.7%	$51.48	—	PFD	902494301
—	LEXINGTON PTY	73,250	$3.655M	1.7%	$47.91	—	PFD	529043309
HCI	HCI GROUP	100,096	$3.591M	1.7%	$34.61	-7.7%	COM	40416E103
—	SHUTTERFLY	3,518,000	$3.559M	1.7%	$0.93	—	DEB	82568PAB2
—	ARCONIC INC	112,192	$3.382M	1.6%	$30.14	—	PFD	03965L308
F	FORD MOTOR	275,923	$3.346M	1.6%	$8.52	-12.3%	COM	345370860
WY	WEYERHAEUSER	105,896	$3.186M	1.5%	$21.53	+0.7%	COM	962166104
—	ARES CAPITAL	2,490,000	$2.549M	1.2%	$1.03	—	DEB	04010LAJ2
—	AMERICAN RLTY	2,497,000	$2.493M	1.2%	$0.95	—	DEB	02917TAA2
—	DOMINION RESOURCE	40,985	$2.073M	1.0%	$49.90	—	PFD	25746U836
FGBI	FIRST GUARANTY	78,943	$1.889M	0.9%	$9.97	+7.9%	COM	32043P106
—	WELLTOWER	31,396	$1.889M	0.9%	$60.80	—	PFD	95040Q203
—	ROYAL GOLD	1,571,000	$1.659M	0.8%	$1.04	—	DEB	780287AA6
—	ASHFORD HOSPTY	203,500	$1.579M	0.7%	$6.50	—	COM	044103109
—	HEALTHSOUTH	1,185,000	$1.402M	0.7%	$1.18	—	DEB	421924BL4
—	ATLAS AIR WW	1,330,000	$1.346M	0.6%	$0.80	—	DEB	049164BH8
PFE	PFIZER	37,000	$1.201M	0.6%	$17.01	+20.5%	COM	717081103
—	COMMUNITY WEST	128,300	$1.185M	0.6%	$7.49	—	COM	204157101
—	SWISS HELVETIA	112,489	$1.148M	0.5%	$11.77	—	COM	870875101
—	JEFFERIES GROUP	1,030,000	$1.04M	0.5%	$1.01	—	DEB	472319AG7
—	ASCENT CAPITAL	1,300,000	$975K	0.5%	$1.07	—	DEB	043632AA6
—	NY COMM BANC	58,500	$930K	0.4%	$14.78	—	COM	649445103
—	INVESCO TR INVT	65,565	$836K	0.4%	$12.38	—	COM	46131M106
—	CONS TOMOKA	750,000	$744K	0.3%	$0.99	—	DEB	210226AB2
OXBR	OXBRIDGE	120,000	$720K	0.3%	$6.07	-14.3%	COM	G6856M106
—	JPMORGAN CHASE	16,000	$708K	0.3%	$18.66	—	WTS	46634E114
—	DOMINION MIDSTREM	23,500	$694K	0.3%	$25.68	—	COM	257454108
GT	GOODYEAR TIRE	22,389	$691K	0.3%	$25.65	+20.6%	COM	382550101
—	SB FINANCIAL	48,650	$689K	0.3%	$14.16	—	PFD	78408D204
—	ENVESTNET	715,000	$681K	0.3%	$1.00	—	DEB	29404KAA4
—	GENERAL MOTORS	39,000	$669K	0.3%	$17.19	—	WTS	37045V126
—	CAPITAL ONE	14,000	$632K	0.3%	$27.06	—	WTS	14040H139
EXEL	EXELIXIS	42,000	$626K	0.3%	$10.81	+33.4%	COM	30161Q104
—	EXELON CORP	12,865	$622K	0.3%	$51.14	—	PFD	30161N127
—	SPIRIT REALTY	585,000	$614K	0.3%	$1.00	—	DEB	84860WAB8
—	VEREIT INC	69,000	$583K	0.3%	$7.72	—	COM	92339V100
BAC	BANK OF AMERICA	26,000	$574K	0.3%	$11.63	+34.7%	COM	060505104
WFC	WELLS FARGO	10,100	$556K	0.3%	$37.08	+5.3%	COM	949746101
MRK	MERCK	9,000	$529K	0.2%	$34.09	+29.3%	COM	58933Y105
—	MEDICAL PROPERTY	38,500	$473K	0.2%	$13.73	—	COM	58436J304
PRU	PRUDENTIAL FINL	4,000	$416K	0.2%	$52.04	+20.3%	COM	744320102
—	JOHNSON CONTROL	10,000	$412K	0.2%	$41.81	—	COM	478366107
—	BB&T CORP	8,000	$376K	0.2%	$36.06	—	COM	054937107
KEY	KEYCORP	2,646	$357K	0.2%	$8.09	+32.3%	COM	493267108
—	TOLL BROS	340,000	$334K	0.2%	$1.02	—	DEB	88947EAM2
—	MACQUARIE INFRA	280,000	$325K	0.2%	$1.11	—	DEB	55608BAA3
GME	GAMESTOP	12,000	$303K	0.1%	$7.02	-29.2%	COM	36467W109
IVZ	INVESCO LTD	10,000	$303K	0.1%	$19.31	+4.5%	COM	G491BT108
SBFG	SB FINANCIAL	18,000	$289K	0.1%	$11.12	+19.4%	COM	78408D105
—	CITIZENS FIRST BANK	16,000	$288K	0.1%	$16.44	—	COM	17462Q107
—	XEROX CORP	30,000	$262K	0.1%	$11.33	—	COM	984121103
SSBI	SUMMIT STATE	17,500	$262K	0.1%	$7.23	+5.4%	COM	866264203
—	SHIP FINANCE	15,200	$225K	0.1%	$17.01	—	COM	G81075106
NAVI	NAVIENT CORP	10,500	$172K	0.1%	$12.05	+29.0%	COM	63938C108
—	FIRST NBC BANK	21,000	$153K	0.1%	$7.29	—	COM	32115D106
—	ENSCO PLC	15,700	$152K	0.1%	$47.58	—	COM	G3157S106
CWB	SPDR BARCLAYS	3,260	$148K	0.1%	$46.32	—	COM	78464A359
—	RAMCO GERSHNSN	8,000	$132K	0.1%	$16.50	—	COM	751452202
WU	WESTERN UNION	6,000	$130K	0.1%	$16.94	—	COM	959802109