Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LEXINGTON PTY	1,527,284	$14.74M	5.8%	$11.28	—	COM	529043101
—	NATIONAL HEALTH	8,263,000	$9.28M	3.7%	$1.00	—	DEB	63633DAE4
—	NY COMM BANC	180,252	$9.144M	3.6%	$49.69	—	PFD	64944P307
—	RAMCO GERSHNSN	154,816	$8.927M	3.5%	$58.58	—	PFD	751452608
—	COLONY CAPITAL	8,295,000	$8.243M	3.3%	$0.99	—	DEB	19624RAB2
MET	METLIFE	159,278	$8.053M	3.2%	$29.08	+37.2%	COM	59156R108
—	GENERAL MOTORS	189,984	$7.787M	3.1%	$34.34	—	COM	30745V100
TSBK	TIMBERLAND BANK	286,351	$7.603M	3.0%	$11.84	+86.1%	COM	887098101
CCI	CROWN CASTLE	68,251	$7.576M	3.0%	$59.74	+28.1%	COM	22822V101
—	HCI GROUP	7,706,000	$7.561M	3.0%	$0.97	—	DEB	40416EAB9
EXSR	EXCHANGE BANK	48,992	$7.447M	3.0%	$111.64	0.0%	COM	301227203
SNY	SANOFI SPONSOR	157,524	$6.773M	2.7%	$6.19	—	COM	80105N105
SFL 3.25 02/01/18	SHIP FINANCE	5,567,000	$6.44M	2.6%	$1.09	—	DEB	G81075AE6
LFGP	LEDYARD FINANCIAL	292,717	$6.323M	2.5%	$20.22	+3.8%	COM	523338101
—	CONS TOMOKA	5,114,000	$5.683M	2.3%	$1.01	—	DEB	210226AB2
—	COWEN GROUP	5,453,000	$5.542M	2.2%	$0.98	—	DEB	223622AB7
WY	WEYERHAEUSER	153,636	$5.417M	2.1%	$22.06	+16.7%	COM	962166104
FMBM	F&M BANCORP	163,233	$5.403M	2.1%	$22.74	0.0%	COM	30237P106
—	PATTERN ENERGY	5,305,000	$5.381M	2.1%	$1.03	—	DEB	70338PAB6
—	SPIRIT REALTY	4,843,000	$4.852M	1.9%	$1.00	—	DEB	84860WAA0
—	CARRIAGE SERVICE	3,890,000	$4.845M	1.9%	$1.17	—	DEB	143905AM9
—	EPR PROPERTIES	177,552	$4.778M	1.9%	$22.13	—	PFD	26884U208
—	TYSON FOODS	55,031	$4.461M	1.8%	$52.27	—	PFD	902494301
—	FIDELITY SOUTHERN	194,144	$4.232M	1.7%	$16.35	—	COM	316394105
—	PACIFIC CITY	250,950	$3.979M	1.6%	$15.86	—	COM	69406T408
—	SHUTTERFLY	3,748,000	$3.729M	1.5%	$0.94	—	DEB	82568PAB2
—	DOMINION RESOURCE	71,050	$3.67M	1.5%	$50.11	—	PFD	25746U836
AAPL	APPLE INC	17,866	$3.023M	1.2%	$17.94	+117.8%	COM	037833100
F	FORD MOTOR	239,323	$2.989M	1.2%	$8.52	-5.9%	COM	345370860
—	APOLLO COML	2,879,000	$2.924M	1.2%	$1.02	—	DEB	03762UAB1
—	ARES CAPITAL	2,905,000	$2.905M	1.2%	$1.03	—	DEB	04010LAJ2
—	AMERICAN RLTY	2,592,000	$2.592M	1.0%	$0.96	—	DEB	02917TAA2
—	SPIRIT REALTY	286,200	$2.455M	1.0%	$8.01	—	COM	84860W102
—	RADIUS HEALTH	2,515,000	$2.366M	0.9%	$0.94	—	DEB	750469AA6
—	DOMINION ENERGY	70,077	$2.134M	0.8%	$28.26	—	COM	257454108
BMBN	BENCHMARK BANK	102,500	$1.999M	0.8%	$13.40	0.0%	COM	08160E207
—	COLONY CAPITAL	1,860,000	$1.915M	0.8%	$1.03	—	DEB	19624RAA4
—	WELLTOWER	31,396	$1.88M	0.7%	$60.80	—	PFD	95040Q203
HCI	HCI GROUP	60,496	$1.809M	0.7%	$34.61	-3.8%	COM	40416E103
SBCF	SEACOAST BANKING	71,069	$1.792M	0.7%	$25.01	0.0%	COM	811707801
—	ROYAL GOLD	1,561,000	$1.674M	0.7%	$1.04	—	DEB	780287AA6
—	ANTHEM UTS	29,585	$1.657M	0.7%	$51.01	—	PFD	036752202
—	LEXINGTON PTY	31,763	$1.63M	0.6%	$47.91	—	PFD	529043309
—	ASHFORD HOSPTY	240,500	$1.618M	0.6%	$6.50	—	COM	044103109
—	COMMUNITY WEST	142,100	$1.513M	0.6%	$7.76	—	COM	204157101
—	ATLAS AIR WW	1,300,000	$1.491M	0.6%	$0.80	—	DEB	049164BH8
—	NY COMM BANC	114,400	$1.489M	0.6%	$13.88	—	COM	649445103
—	MEDICAL PROPERTY	107,391	$1.48M	0.6%	$13.37	—	COM	58436J304
—	F&M BANCORP	40,000	$1.466M	0.6%	$36.65	—	PFD	30237P205
PFE	PFIZER	40,000	$1.449M	0.6%	$17.46	+36.3%	COM	717081103
SOBS	SOLVAY BANK	36,123	$1.42M	0.6%	$24.32	0.0%	COM	83441Q105
—	CITIZENS FIRST BANK	58,500	$1.404M	0.6%	$20.28	—	COM	17462Q107
—	MACQUARIE INFRA	20,500	$1.316M	0.5%	$66.83	—	COM	55608B105
—	JEFFERIES GROUP	1,200,000	$1.2M	0.5%	$1.01	—	DEB	472319AG7
—	VEREIT INC	128,400	$1M	0.4%	$8.02	—	COM	92339V100
FBIZ	FIRST BUSINESS	45,000	$995K	0.4%	$18.08	0.0%	COM	319390100
—	SB FINANCIAL	55,422	$992K	0.4%	$14.50	—	PFD	78408D204
EXEL	EXELIXIS	30,000	$912K	0.4%	$10.81	+146.0%	COM	30161Q104
—	INVESCO TR INVT	65,932	$869K	0.3%	$12.46	—	COM	46131M106
—	BLACKSTONE GROUP	27,000	$864K	0.3%	$31.97	—	COM	09253U108
—	EXELON	21,286	$839K	0.3%	$37.68	—	PFD	30616N101
FDBC	FIDELITY D&D	19,650	$811K	0.3%	$30.98	0.0%	COM	31609R100
DCH	AMERICAN AXLE	47,000	$800K	0.3%	$15.37	+15.1%	COM	024061103
—	JOHNSON CONTROL	21,000	$800K	0.3%	$42.11	—	COM	478366107
—	GENERAL MOTORS	32,000	$749K	0.3%	$17.19	—	WTS	37045V126
—	VISTA OUTDOOR	47,500	$692K	0.3%	$19.77	—	COM	928377100
—	CIT GROUP	13,800	$679K	0.3%	$49.06	—	COM	125581801
BY	BYLINE BANCORP	28,400	$652K	0.3%	$19.01	0.0%	COM	124411109
GNW	GENWORTH FINL	200,000	$622K	0.2%	$3.55	-2.5%	COM	37247D106
—	GOLDMAN SACHS	600,000	$620K	0.2%	$1.03	—	DEB	38147UAB3
—	COLONY NORTHSTAR	53,900	$615K	0.2%	$11.99	—	COM	19625W104
—	JPMORGAN CHASE	9,000	$598K	0.2%	$18.66	—	WTS	46634E114
—	CAPITAL ONE	10,000	$580K	0.2%	$27.06	—	WTS	14040H139
NGD	NEW GOLD INC	160,000	$526K	0.2%	$3.41	-1.5%	COM	644535106
—	XEROX CORP	17,000	$495K	0.2%	$33.29	—	COM	984121608
—	EQT CORP	8,500	$484K	0.2%	$11.72	—	COM	268846109
—	ARES CAPITAL	445,000	$454K	0.2%	$1.02	—	DEB	04010LAM5
MRK	MERCK	8,000	$450K	0.2%	$35.66	+20.6%	COM	58933Y105
—	ARCONIC INC	14,119	$385K	0.2%	$27.27	—	COM	03965L100
—	AMERICAN RLTY	355,000	$364K	0.1%	$1.03	—	DEB	02917TAB0
—	ENVESTNET	345,000	$357K	0.1%	$0.97	—	DEB	29404KAA4
—	SPIRIT REALTY	345,000	$357K	0.1%	$1.00	—	DEB	84860WAB8
SSBI	SUMMIT STATE	27,261	$343K	0.1%	$7.88	+13.7%	COM	866264203
CWB	SPDR BARCLAYS	5,722	$289K	0.1%	$9.21	—	COM	78464A359
—	MACQUARIE INFRA	280,000	$288K	0.1%	$1.11	—	DEB	55608BAA3
—	CHART INDUSTRIES	289,000	$288K	0.1%	$0.99	—	DEB	16115QAC4
CVE	CENOVUS ENERGY	31,500	$287K	0.1%	$7.82	+6.8%	COM	15135U109
—	BANK OF OZARKS	5,700	$276K	0.1%	$48.42	—	COM	063904106
—	CHESAPEAKE ENERGY	66,000	$261K	0.1%	$4.94	—	COM	165167107
OXBR	OXBRIDGE	120,000	$258K	0.1%	$6.07	-51.1%	COM	G6856M106
GLP	GLOBAL PARTNERS	14,100	$235K	0.1%	$18.01	—	COM	37946R109
AUPH	AURINIA PHARM	50,000	$226K	0.1%	$6.41	-13.5%	COM	05156V102
SBFG	SB FINANCIAL	12,105	$224K	0.1%	$11.12	+49.4%	COM	78408D105
—	ADVAXIS INC	75,876	$215K	0.1%	$4.33	—	COM	007624208
PKBK	PARKE BANCORP	10,142	$208K	0.1%	$13.89	+4.6%	COM	700885106
CFNB	CALIFORNIA 1ST NATL	13,058	$197K	0.1%	$13.39	0.0%	COM	130222102
FISI	FINANCIAL INST	6,000	$187K	0.1%	$21.75	0.0%	COM	317585404
—	PATTERN ENERGY	7,500	$161K	0.1%	$21.47	—	COM	70338P100
TEVA	TEVA PHARM	7,000	$133K	0.1%	$26.54	—	COM	881624209
GME	GAMESTOP	7,000	$126K	0.0%	$6.64	-39.5%	COM	36467W109
NAVI	NAVIENT CORP	8,500	$113K	0.0%	$12.12	+4.2%	COM	63938C108
—	APOLLO COML	95,000	$103K	0.0%	$1.08	—	DEB	03762UAA3