Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LEXINGTON PTY	1,638,334	$16.35M	7.4%	$11.28	—	COM	529043101
—	NATIONAL HEALTH	9,745,000	$10.86M	4.9%	$1.00	—	DEB	63633DAE4
—	SPIRIT REALTY	10,538,000	$10.68M	4.9%	$1.04	—	DEB	84860WAA0
—	NY COMM BANC	204,864	$10.33M	4.7%	$49.69	—	PFD	64944P307
SFL 3.25 02/01/18	SHIP FINANCE	8,757,000	$9.523M	4.3%	$1.09	—	DEB	G81075AE6
MET	METLIFE	159,170	$8.407M	3.8%	$28.93	+22.1%	COM	59156R108
—	RAMCO GERSHNSN	154,916	$8.396M	3.8%	$58.58	—	PFD	751452608
—	COLONY CAPITAL	8,000,000	$7.88M	3.6%	$0.99	—	DEB	19624RAB2
—	HCI GROUP	7,311,000	$7.302M	3.3%	$0.97	—	DEB	40416EAB9
SNY	SANOFI SPONSOR	158,200	$7.158M	3.3%	$6.19	—	COM	80105N105
—	GENERAL MOTORS	198,221	$7.009M	3.2%	$34.34	—	COM	30745V100
—	TTM TECH	3,894,000	$6.851M	3.1%	$0.95	—	DEB	87305RAD1
CCI	CROWN CASTLE	68,471	$6.467M	2.9%	$59.74	+3.2%	COM	22822V101
TSBK	TIMBERLAND BANK	287,756	$6.445M	2.9%	$11.84	+34.2%	COM	887098101
—	COWEN GROUP	5,208,000	$5.266M	2.4%	$0.98	—	DEB	223622AB7
—	EPR PROPERTIES	177,552	$5.092M	2.3%	$22.13	—	PFD	26884U208
—	CARRIAGE SERVICE	3,890,000	$5.052M	2.3%	$1.17	—	DEB	143905AM9
WY	WEYERHAEUSER	140,576	$4.777M	2.2%	$21.90	+5.1%	COM	962166104
—	ARCONIC INC	109,024	$4.475M	2.0%	$30.14	—	PFD	03965L308
—	CONS TOMOKA	4,389,000	$4.433M	2.0%	$1.01	—	DEB	210226AB2
AAPL	APPLE INC	29,524	$4.241M	1.9%	$17.94	+69.7%	COM	037833100
—	FIDELITY SOUTHERN	180,694	$4.044M	1.8%	$15.89	—	COM	316394105
HCI	HCI GROUP	86,596	$3.947M	1.8%	$34.61	+27.0%	COM	40416E103
—	LEXINGTON PTY	72,950	$3.666M	1.7%	$47.91	—	PFD	529043309
—	TYSON FOODS	54,144	$3.627M	1.6%	$51.48	—	PFD	902494301
—	SHUTTERFLY	3,553,000	$3.548M	1.6%	$0.93	—	DEB	82568PAB2
F	FORD MOTOR	252,323	$2.937M	1.3%	$8.52	-8.7%	COM	345370860
—	ARES CAPITAL	2,640,000	$2.691M	1.2%	$1.03	—	DEB	04010LAJ2
—	AMERICAN RLTY	2,562,000	$2.563M	1.2%	$0.96	—	DEB	02917TAA2
—	DOMINION RESOURCE	41,285	$2.1M	1.0%	$49.90	—	PFD	25746U836
—	WELLTOWER	31,396	$1.982M	0.9%	$60.80	—	PFD	95040Q203
FGBI	FIRST GUARANTY	75,300	$1.822M	0.8%	$9.97	+36.3%	COM	32043P106
—	ROYAL GOLD	1,571,000	$1.659M	0.8%	$1.04	—	DEB	780287AA6
—	ANTHEM UTS	29,585	$1.509M	0.7%	$51.01	—	PFD	036752202
—	COMMUNITY WEST	142,100	$1.449M	0.7%	$7.76	—	COM	204157101
—	HEALTHSOUTH	1,185,000	$1.447M	0.7%	$1.18	—	DEB	421924BL4
—	ATLAS AIR WW	1,330,000	$1.408M	0.6%	$0.80	—	DEB	049164BH8
PFE	PFIZER	40,000	$1.368M	0.6%	$17.34	+23.5%	COM	717081103
—	ASHFORD HOSPTY	206,500	$1.315M	0.6%	$6.50	—	COM	044103109
—	JEFFERIES GROUP	1,155,000	$1.166M	0.5%	$1.01	—	DEB	472319AG7
—	ENVESTNET	1,130,000	$1.051M	0.5%	$0.97	—	DEB	29404KAA4
—	VEREIT INC	119,000	$1.01M	0.5%	$8.04	—	COM	92339V100
—	ASCENT CAPITAL	1,300,000	$988K	0.4%	$1.07	—	DEB	043632AA6
—	SB FINANCIAL	52,689	$843K	0.4%	$14.30	—	PFD	78408D204
—	NY COMM BANC	58,500	$817K	0.4%	$14.78	—	COM	649445103
—	DOMINION MIDSTREM	25,000	$799K	0.4%	$26.06	—	COM	257454108
OXBR	OXBRIDGE	120,000	$787K	0.4%	$6.07	+1.6%	COM	G6856M106
—	INVESCO TR INVT	60,565	$786K	0.4%	$12.38	—	COM	46131M106
EXEL	EXELIXIS	33,000	$715K	0.3%	$10.81	+88.1%	COM	30161Q104
—	GENERAL MOTORS	39,000	$696K	0.3%	$17.19	—	WTS	37045V126
—	JPMORGAN CHASE	15,000	$694K	0.3%	$18.66	—	WTS	46634E114
—	SPIRIT REALTY	645,000	$661K	0.3%	$1.00	—	DEB	84860WAB8
—	EXELON CORP	12,865	$635K	0.3%	$51.14	—	PFD	30161N127
—	CAPITAL ONE	14,000	$627K	0.3%	$27.06	—	WTS	14040H139
—	CITIZENS FIRST BANK	29,000	$544K	0.2%	$17.48	—	COM	17462Q107
—	MEDICAL PROPERTY	41,500	$535K	0.2%	$13.67	—	COM	58436J304
—	SWISS HELVETIA	45,000	$522K	0.2%	$11.77	—	COM	870875101
—	ARES CAPITAL	445,000	$454K	0.2%	$1.02	—	DEB	04010LAM5
MRK	MERCK	7,000	$445K	0.2%	$34.09	+35.1%	COM	58933Y105
KEY	KEYCORP	21,602	$384K	0.2%	$11.95	+4.5%	COM	493267108
—	TOLL BROS	340,000	$338K	0.2%	$1.02	—	DEB	88947EAM2
—	JOHNSON CONTROL	7,925	$334K	0.2%	$41.81	—	COM	478366107
—	XEROX CORP	45,000	$330K	0.2%	$10.00	—	COM	984121103
—	MACQUARIE INFRA	280,000	$313K	0.1%	$1.11	—	DEB	55608BAA3
SBFG	SB FINANCIAL	18,000	$301K	0.1%	$11.12	+48.1%	COM	78408D105
SSBI	SUMMIT STATE	21,761	$284K	0.1%	$7.58	+18.8%	COM	866264203
GME	GAMESTOP	12,000	$270K	0.1%	$7.02	-29.0%	COM	36467W109
—	BLACKSTONE GROUP	9,000	$267K	0.1%	$29.67	—	COM	09253U108
IVZ	INVESCO LTD	8,500	$260K	0.1%	$19.31	+7.2%	COM	G491BT108
—	SHIP FINANCE	15,200	$223K	0.1%	$17.01	—	COM	G81075106
—	SPIRIT REALTY	21,000	$213K	0.1%	$10.14	—	COM	84860W102
GT	GOODYEAR TIRE	5,000	$180K	0.1%	$25.65	+32.4%	COM	382550101
WFC	WELLS FARGO	3,100	$172K	0.1%	$37.08	+19.6%	COM	949746101
CWB	SPDR BARCLAYS	3,496	$168K	0.1%	$46.44	—	COM	78464A359
—	CHESAPEAKE ENERGY	24,000	$142K	0.1%	$5.92	—	COM	165167107
WU	WESTERN UNION	6,000	$122K	0.1%	$16.94	—	COM	959802109
CVBF	CVB FINANCIAL	5,442	$120K	0.1%	$16.57	0.0%	COM	126600105
CFFI	C&F FINANCIAL	2,448	$113K	0.1%	$35.23	0.0%	COM	12466Q104
—	FIRST NBC BANK	28,200	$113K	0.1%	$6.45	—	COM	32115D106
—	RAMCO GERSHNSN	8,000	$112K	0.1%	$16.50	—	COM	751452202
NAVI	NAVIENT CORP	7,500	$111K	0.1%	$12.05	+27.2%	COM	63938C108
—	ENSCO PLC	12,000	$107K	0.0%	$47.58	—	COM	G3157S106