The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
CHUBB LIMITED COM H1467J104 108 909 SH   OTR   0 0 909
NICE LTD SPONSORED ADR 653656108 99 1,528 SH   OTR   0 0 1,528
NEXSTAR BROADCASTING GROUP I CL A 65336K103 271 6,115 SH   OTR   0 0 6,115
ENTRAVISION COMMUNICATIONS C CL A 29382R107 122 16,454 SH   OTR   0 0 16,454
COMCAST CORP NEW CL A 20030N101 141 2,305 SH   OTR   0 0 2,305
TRIBUNE MEDIA CO CL A 896047503 208 5,431 SH   OTR   0 0 5,431
SINCLAIR BROADCAST GROUP INC CL A 829226109 267 8,672 SH   OTR   0 0 8,672
SCRIPPS NETWORKS INTERACT IN CL A COM 811065101 126 1,928 SH   OTR   0 0 1,928
SCRIPPS E W CO OHIO CL A NEW 811054402 153 9,840 SH   OTR   0 0 9,840
CBS CORP NEW CL B 124857202 155 2,814 SH   OTR   0 0 2,814
EVEREST RE GROUP LTD COM G3223R108 181 915 SH   OTR   0 0 915
TEGNA INC COM 87901J105 173 7,379 SH   OTR   0 0 7,379
PRINCIPAL FINL GROUP INC COM 74251V102 119 3,029 SH   OTR   0 0 3,029
NVIDIA CORP COM 67066G104 394 11,072 SH   OTR   0 0 11,072
MOLINA HEALTHCARE INC COM 60855R100 151 2,349 SH   OTR   0 0 2,349
MEDIA GEN INC NEW COM 58441K100 135 8,263 SH   OTR   0 0 8,263
GIGAMON INC COM 37518B102 130 4,198 SH   OTR   0 0 4,198
CENTENE CORP DEL COM 15135B101 183 2,967 SH   OTR   0 0 2,967
YAHOO INC COM 984332106 901 24,477 SH   OTR   0 0 24,477
TAHOE RES INC COM 873868103 61 6,061 SH   OTR   0 0 6,061
SILVER WHEATON CORP COM 828336107 81 4,909 SH   OTR   0 0 4,909
NEWMONT MINING CORP COM 651639106 146 5,511 SH   OTR   0 0 5,511
MICROSOFT CORP COM 594918104 164 2,964 SH   OTR   0 0 2,964
MEREDITH CORP COM 589433101 133 2,809 SH   OTR   0 0 2,809
LAM RESEARCH CORP COM 512807108 134 1,625 SH   OTR   0 0 1,625
JOHNSON & JOHNSON COM 478160104 176 1,622 SH   OTR   0 0 1,622
HUNTINGTON INGALLS INDS INC COM 446413106 152 1,109 SH   OTR   0 0 1,109
GRAY TELEVISION INC COM 389375106 128 10,914 SH   OTR   0 0 10,914
GILEAD SCIENCES INC COM 375558103 144 1,569 SH   OTR   0 0 1,569
GENTEX CORP COM 371901109 60 3,832 SH   OTR   0 0 3,832
FRANCO NEVADA CORP COM 351858105 115 1,877 SH   OTR   0 0 1,877
FOOT LOCKER INC COM 344849104 124 1,923 SH   OTR   0 0 1,923
CVS HEALTH CORP COM 126650100 177 1,706 SH   OTR   0 0 1,706
APPLE INC COM 037833100 181 1,660 SH   OTR   0 0 1,660
AMGEN INC COM 031162100 161 1,074 SH   OTR   0 0 1,074
AGNICO EAGLE MINES LTD COM 008474108 129 3,576 SH   OTR   0 0 3,576
CAL MAINE FOODS INC COM NEW 128030202 119 2,292 SH   OTR   0 0 2,292
BROCADE COMMUNICATIONS SYS I COM NEW 111621306 117 11,095 SH   OTR   0 0 11,095
KINROSS GOLD CORP COM NO PAR 496902404 125 36,697 SH   OTR   0 0 36,697
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 477 23,870 SH   OTR   0 0 23,870
CHECK POINT SOFTWARE TECH LT ORD M22465104 150 1,710 SH   OTR   0 0 1,710
MICHAEL KORS HLDGS LTD SHS G60754101 150 2,627 SH   OTR   0 0 2,627
ASHFORD HOSPITALITY TR INC COM SHS 044103109 294 46,051 SH   SOLE   46,051 0 0
ASHFORD HOSPITALITY TR INC 9% CUM PFD SER E 044103505 3,974 166,293 SH   SOLE   166,293 0 0
RMR GROUP INC CL A 74967R106 31 1,239 SH   SOLE   1,239 0 0
COLONY CAP INC CL A 19624R106 738 44,000 SH   SOLE   44,000 0 0
BLUEROCK RESIDENTIAL GRW REI CL A 09627J102 2,418 222,267 SH   SOLE   222,267 0 0
VEREIT INC COM 92339V100 940 106,000 SH   SOLE   106,000 0 0
STAG INDL INC COM 85254J102 611 30,000 SH   SOLE   30,000 0 0
NEW YORK REIT INC COM 64976L109 3,570 353,512 SH   SOLE   353,512 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 2,927 411,035 SH   SOLE   411,035 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 3,206 196,698 SH   SOLE   196,698 0 0
WHITESTONE REIT COM 966084204 2,822 224,472 SH   SOLE   224,472 0 0
WHEELER REAL ESTATE INVT TR COM 963025101 2,900 2,320,114 SH   SOLE   2,320,114 0 0
LEXINGTON REALTY TRUST COM 529043101 619 72,000 SH   SOLE   72,000 0 0
JERNIGAN CAP INC COM 476405105 644 41,215 SH   SOLE   41,215 0 0
GLOBAL NET LEASE INC COM 379378102 1,893 221,116 SH   SOLE   221,116 0 0
CBL & ASSOC PPTYS INC COM 124830100 1,532 128,700 SH   SOLE   128,700 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 3,948 171,300 SH   SOLE   171,300 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 1,151 32,873 SH   SOLE   32,873 0 0
COLONY CAP INC CONV PFD-C 19624R403 5,658 256,259 SH   SOLE   256,259 0 0
EQUITY COMWLTH CUM PFD E 7.25% 294628409 3,047 119,878 SH   SOLE   119,878 0 0
RESOURCE CAP CORP NOTE 6.000%12/0 76120WAA2 2,768 3,000,000 SH   SOLE   3,000,000 0 0
CORENERGY INFRASTRUCTURE TR NOTE 7.000% 6/1 21870UAA4 784 1,000,000 SH   SOLE   1,000,000 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 4,901 194,409 SH   SOLE   194,409 0 0
TUMI HLDGS INC COM 89969Q104 200 7,444 SH   OTR   0 0 7,444
TIME WARNER CABLE INC COM 88732J207 2,406 11,758 SH   OTR   0 0 11,758
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 1,209 14,495 SH   OTR   0 0 14,495
SANDISK CORP COM 80004C101 1,896 24,925 SH   OTR   0 0 24,925
POWERSECURE INTL INC COM 73936N105 442 23,656 SH   OTR   0 0 23,656
NATIONAL INTERSTATE CORP COM 63654U100 379 12,667 SH   OTR   0 0 12,667
HEARTLAND PMT SYS INC COM 42235N108 2,271 23,518 SH   OTR   0 0 23,518
FRESH MKT INC COM 35804H106 2,092 73,338 SH   OTR   0 0 73,338
CAMERON INTERNATIONAL CORP COM 13342B105 1,590 23,720 SH   OTR   0 0 23,720
BAXALTA INC COM 07177M103 1,643 40,659 SH   OTR   0 0 40,659
NEWPORT CORP COM 651824104 607 26,403 SH   OTR   0 0 26,403
JARDEN CORP COM 471109108 2,768 46,963 SH   OTR   0 0 46,963
HUMANA INC COM 444859102 2,193 11,988 SH   OTR   0 0 11,988
FAIRCHILD SEMICONDUCTOR INTL COM 303726103 472 23,596 SH   OTR   0 0 23,596
CARMIKE CINEMAS INC COM 143436400 580 19,315 SH   OTR   0 0 19,315
KKR & CO L P DEL COM UNITS 48248M102 275 18,750 SH   OTR   0 0 18,750
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 326 19,291 SH   OTR   0 0 19,291
RMR GROUP INC CL A 74967R106 487 19,490 SH   OTR   0 0 19,490
FORTRESS INVESTMENT GROUP LL CL A 34958B106 340 71,056 SH   OTR   0 0 71,056
FIFTH STR ASSET MGMT INC CL A COM 31679P109 176 57,600 SH   OTR   0 0 57,600
WHITEHORSE FIN INC COM 96524V106 655 63,098 SH   OTR   0 0 63,098
VISHAY PRECISION GROUP INC COM 92835K103 1,397 99,698 SH   OTR   0 0 99,698
OFS CAP CORP COM 67103B100 103 7,928 SH   OTR   0 0 7,928
MEDLEY CAP CORP COM 58503F106 618 93,650 SH   OTR   0 0 93,650
FIFTH STREET FINANCE CORP COM 31678A103 250 49,705 SH   OTR   0 0 49,705
AMERICAN CAP LTD COM 02503Y103 1,254 82,310 SH   OTR   0 0 82,310
TOWER INTL INC COM 891826109 794 29,200 SH   OTR   0 0 29,200
STONECASTLE FINL CORP COM 861780104 46 2,635 SH   OTR   0 0 2,635
INVESTORS TITLE CO COM 461804106 911 10,007 SH   OTR   0 0 10,007
DARLING INGREDIENTS INC COM 237266101 980 74,400 SH   OTR   0 0 74,400
SARATOGA INVT CORP COM NEW 80349A208 193 12,329 SH   OTR   0 0 12,329
USA TECHNOLOGIES INC COM NO PAR 90328S500 1,278 293,086 SH   OTR   0 0 293,086
CORENERGY INFRASTRUCTURE TR NOTE 7.000% 6/1 21870UAA4 694 885,000 SH   OTR   0 0 885,000