Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LEXINGTON PTY	1,547,684	$15.82M	7.0%	$11.28	—	COM	529043101
—	NATIONAL HEALTH	9,745,000	$11.19M	5.0%	$1.00	—	DEB	63633DAE4
—	NY COMM BANC	180,372	$9.172M	4.1%	$49.69	—	PFD	64944P307
TSBK	TIMBERLAND BANK	287,949	$9.024M	4.0%	$11.84	+76.0%	COM	887098101
—	RAMCO GERSHNSN	154,916	$8.384M	3.7%	$58.58	—	PFD	751452608
MET	METLIFE	160,917	$8.36M	3.7%	$29.08	+26.0%	COM	59156R108
—	COLONY CAPITAL	8,020,000	$8.045M	3.6%	$0.99	—	DEB	19624RAB2
SNY	SANOFI SPONSOR	157,524	$7.843M	3.5%	$6.19	—	COM	80105N105
—	GENERAL MOTORS	193,659	$7.82M	3.5%	$34.34	—	COM	30745V100
—	HCI GROUP	7,451,000	$7.353M	3.3%	$0.97	—	DEB	40416EAB9
CCI	CROWN CASTLE	68,371	$6.836M	3.0%	$59.74	+20.3%	COM	22822V101
SFL 3.25 02/01/18	SHIP FINANCE	5,567,000	$6.096M	2.7%	$1.09	—	DEB	G81075AE6
—	COWEN GROUP	5,453,000	$5.722M	2.5%	$0.98	—	DEB	223622AB7
LFGP	LEDYARD FINANCIAL	274,872	$5.635M	2.5%	$20.17	+0.2%	COM	523338101
—	CONS TOMOKA	5,114,000	$5.497M	2.4%	$1.01	—	DEB	210226AB2
WY	WEYERHAEUSER	153,636	$5.228M	2.3%	$22.06	+7.3%	COM	962166104
—	EPR PROPERTIES	177,552	$4.92M	2.2%	$22.13	—	PFD	26884U208
—	CARRIAGE SERVICE	3,890,000	$4.86M	2.2%	$1.17	—	DEB	143905AM9
—	SPIRIT REALTY	4,663,000	$4.675M	2.1%	$1.00	—	DEB	84860WAA0
—	FIDELITY SOUTHERN	192,694	$4.555M	2.0%	$16.35	—	COM	316394105
—	ARCONIC INC	109,024	$4.241M	1.9%	$30.14	—	PFD	03965L308
—	PATTERN ENERGY	3,905,000	$4.056M	1.8%	$1.04	—	DEB	70338PAB6
—	TYSON FOODS	56,499	$3.98M	1.8%	$52.27	—	PFD	902494301
—	SHUTTERFLY	3,673,000	$3.636M	1.6%	$0.94	—	DEB	82568PAB2
—	DOMINION RESOURCE	71,130	$3.61M	1.6%	$50.11	—	PFD	25746U836
F	FORD MOTOR	247,422	$2.961M	1.3%	$8.52	-14.9%	COM	345370860
—	ARES CAPITAL	2,905,000	$2.919M	1.3%	$1.03	—	DEB	04010LAJ2
AAPL	APPLE INC	17,866	$2.753M	1.2%	$17.94	+101.5%	COM	037833100
—	AMERICAN RLTY	2,592,000	$2.608M	1.2%	$0.96	—	DEB	02917TAA2
HCI	HCI GROUP	63,796	$2.44M	1.1%	$34.61	+18.6%	COM	40416E103
—	DOMINION ENERGY	70,077	$2.242M	1.0%	$28.26	—	COM	257454108
—	SPIRIT REALTY	257,200	$2.204M	1.0%	$7.95	—	COM	84860W102
—	WELLTOWER	31,396	$1.991M	0.9%	$60.80	—	PFD	95040Q203
—	COLONY CAPITAL	1,710,000	$1.75M	0.8%	$1.03	—	DEB	19624RAA4
—	ROYAL GOLD	1,571,000	$1.734M	0.8%	$1.04	—	DEB	780287AA6
—	LEXINGTON PTY	31,763	$1.62M	0.7%	$47.91	—	PFD	529043309
—	ASHFORD HOSPTY	240,500	$1.604M	0.7%	$6.50	—	COM	044103109
—	ATLAS AIR WW	1,330,000	$1.604M	0.7%	$0.80	—	DEB	049164BH8
—	ANTHEM UTS	29,585	$1.547M	0.7%	$51.01	—	PFD	036752202
—	COMMUNITY WEST	142,100	$1.47M	0.7%	$7.76	—	COM	204157101
PFE	PFIZER	41,000	$1.464M	0.7%	$17.46	+27.4%	COM	717081103
—	NY COMM BANC	111,800	$1.441M	0.6%	$13.90	—	COM	649445103
—	CITIZENS FIRST BANK	55,000	$1.311M	0.6%	$20.04	—	COM	17462Q107
—	MEDICAL PROPERTY	98,200	$1.289M	0.6%	$13.33	—	COM	58436J304
—	JEFFERIES GROUP	1,155,000	$1.156M	0.5%	$1.01	—	DEB	472319AG7
—	VEREIT INC	120,100	$996K	0.4%	$8.04	—	COM	92339V100
—	SB FINANCIAL	59,872	$985K	0.4%	$14.50	—	PFD	78408D204
—	INVESCO TR INVT	64,985	$871K	0.4%	$12.45	—	COM	46131M106
DCH	AMERICAN AXLE	47,000	$826K	0.4%	$15.37	0.0%	COM	024061103
—	GENERAL MOTORS	36,000	$807K	0.4%	$17.19	—	WTS	37045V126
—	EXELON	21,286	$802K	0.4%	$37.68	—	PFD	30616N101
—	BLACKSTONE GROUP	24,000	$801K	0.4%	$31.97	—	COM	09253U108
—	JPMORGAN CHASE	14,000	$787K	0.4%	$18.66	—	WTS	46634E114
—	JOHNSON CONTROL	19,000	$765K	0.3%	$42.54	—	COM	478366107
EXEL	EXELIXIS	30,000	$727K	0.3%	$10.81	+146.1%	COM	30161Q104
—	CIT GROUP	13,800	$677K	0.3%	$49.06	—	COM	125581801
—	VISTA OUTDOOR	29,500	$677K	0.3%	$22.95	—	COM	928377100
GNW	GENWORTH FINL	160,000	$616K	0.3%	$3.57	0.0%	COM	37247D106
—	CAPITAL ONE	14,000	$597K	0.3%	$27.06	—	WTS	14040H139
—	XEROX CORP	17,000	$566K	0.3%	$33.29	—	COM	984121608
—	EQT CORP	85,000	$554K	0.2%	$11.72	—	COM	268846109
—	METRO PHOENIX	66,667	$517K	0.2%	$7.75	—	COM	59165E106
MRK	MERCK	8,000	$512K	0.2%	$35.66	+30.9%	COM	58933Y105
OXBR	OXBRIDGE	120,000	$468K	0.2%	$6.07	-10.7%	COM	G6856M106
—	ARES CAPITAL	445,000	$455K	0.2%	$1.02	—	DEB	04010LAM5
—	MACQUARIE INFRA	5,200	$375K	0.2%	$74.57	—	COM	55608B105
—	ENVESTNET	350,000	$368K	0.2%	$0.97	—	DEB	29404KAA4
—	SPIRIT REALTY	345,000	$352K	0.2%	$1.00	—	DEB	84860WAB8
—	COLONY NORTHSTAR	27,400	$344K	0.2%	$12.55	—	COM	19625W104
SSBI	SUMMIT STATE	27,261	$339K	0.2%	$7.88	+14.3%	COM	866264203
NGD	NEW GOLD INC	87,500	$325K	0.1%	$3.45	0.0%	COM	644535106
—	MACQUARIE INFRA	280,000	$297K	0.1%	$1.11	—	DEB	55608BAA3
AUPH	AURINIA PHARM	40,000	$251K	0.1%	$6.63	-4.9%	COM	05156V102
GLP	GLOBAL PARTNERS	14,100	$245K	0.1%	$18.01	—	COM	37946R109
—	CHESAPEAKE ENERGY	53,100	$228K	0.1%	$5.18	—	COM	165167107
—	SHIP FINANCE	15,200	$220K	0.1%	$17.01	—	COM	G81075106
SBFG	SB FINANCIAL	12,786	$219K	0.1%	$11.12	+44.0%	COM	78408D105
—	CHART INDUSTRIES	215,000	$214K	0.1%	$0.99	—	DEB	16115QAC4
—	ADVAXIS INC	50,000	$209K	0.1%	$5.11	—	COM	007624208
PKBK	PARKE BANCORP	9,174	$204K	0.1%	$13.82	0.0%	COM	700885106
IVZ	INVESCO LTD	5,500	$193K	0.1%	$19.31	+19.2%	COM	G491BT108
INTC	INTEL CORP	5,000	$190K	0.1%	$29.59	0.0%	COM	458140100
CWB	SPDR BARCLAYS	37,225	$190K	0.1%	$9.21	—	COM	78464A359
GME	GAMESTOP	7,000	$145K	0.1%	$6.64	-34.2%	COM	36467W109
CVBF	CVB FINANCIAL	6,000	$145K	0.1%	$16.48	-4.0%	COM	126600105
—	AMERICAN RLTY	140,000	$145K	0.1%	$1.03	—	DEB	02917TAB0
—	AMERICAN RIVER	10,000	$138K	0.1%	$13.80	—	COM	029326105
CVE	CENOVUS ENERGY	12,500	$125K	0.1%	$7.01	0.0%	COM	15135U109
TEVA	TEVA PHARM	6,900	$121K	0.1%	$26.65	—	COM	881624209
PPL	PPL CORP	3,000	$114K	0.1%	$26.52	0.0%	COM	69351T106
NAVI	NAVIENT CORP	7,500	$113K	0.1%	$12.05	+21.0%	COM	63938C108
—	RAMCO GERSHNSN	8,000	$104K	0.0%	$16.50	—	COM	751452202
—	APPOLO COML	95,000	$103K	0.0%	$1.08	—	DEB	03762UAA3