Greenwich Investment Management, Inc. Activity Q4 2013-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
TRIN	Sell	TRINITY CAP INC	$16,677,000	+3.4%	1,198,054	-1.5%	13.21%	+8.5%
	Sell	OAKTREE SPECIALTY LENDING CO	$16,415,000	-3.2%	815,871	-6.5%	13.00%	+1.6%
DMLP	Sell	DORCHESTER MINERALS LP	$14,383,000	-4.5%	495,124	-1.5%	11.39%	+0.2%
TSLX	Sell	SIXTH STREET SPECIALTY LENDI	$11,893,000	+6.1%	581,873	-3.0%	9.42%	+11.3%
ARCC	Sell	ARES CAPITAL CORP	$8,172,000	-8.1%	419,708	-11.3%	6.47%	-3.6%
GSBD	Sell	GOLDMAN SACHS BDC INC	$5,999,000	+1.2%	412,046	-3.7%	4.75%	+6.2%
BANX	Sell	ARROWMARK FINANCIAL CORP	$5,622,000	+3.0%	321,466	-1.9%	4.45%	+8.0%
MPV	Sell	BARINGS PARTN INVSsh ben int	$5,368,000	+2.1%	399,695	-1.9%	4.25%	+7.1%
FSK	Sell	FS KKR CAP CORP	$2,532,000	-20.0%	128,601	-22.1%	2.00%	-16.1%
AAPL	Sell	APPLE INC	$2,424,000	-15.9%	14,158	-4.7%	1.92%	-11.7%
ACRE	Sell	ARES COML REAL ESTATE CORP	$2,362,000	-9.8%	248,090	-3.9%	1.87%	-5.5%
MAIN	Buy	MAIN STR CAP CORP	$1,812,000	+5.2%	44,589	+3.6%	1.44%	+10.3%
EQH	Sell	EQUITABLE HLDGS INC	$1,771,000	+1.0%	62,373	-3.4%	1.40%	+6.0%
NTIP	Sell	NETWORK-1 TECHNOLOGIES INC	$1,702,000	+0.1%	727,348	-1.2%	1.35%	+5.1%
CGBD	Buy	CARLYLE SECURED LENDING INC	$1,692,000	+15.0%	116,718	+15.6%	1.34%	+20.7%
CFG	Sell	CITIZENS FINL GROUP INC	$1,684,000	-2.8%	62,838	-5.4%	1.33%	+2.1%
FFNW	Sell	FIRST FINANCIAL NORTHWEST IN	$1,538,000	+4.8%	120,902	-6.4%	1.22%	+9.9%
	Sell	RUNWAY GROWTH FINANCE CORP	$1,477,000	+0.5%	115,202	-3.2%	1.17%	+5.4%
MCI	Buy	BARINGS CORPORATE INVS	$1,342,000	+9.0%	84,172	+1.9%	1.06%	+14.4%
NVEC	Buy	NVE CORP	$1,299,000	+13.0%	15,809	+34.0%	1.03%	+18.5%
ORCC	New	BLUE OWL CAPITAL CORPORATION	$1,242,000	–	89,690	–	0.98%	–
TRTX	Sell	TPG RE FIN TR INC	$902,000	-26.7%	134,100	-19.2%	0.71%	-23.1%
FRAF	Sell	FRANKLIN FINL SVCS CORP	$826,000	-2.6%	28,987	-5.2%	0.65%	+2.2%
	Buy	ENACT HLDGS INC	$802,000	+45.8%	29,464	+34.6%	0.64%	+53.0%
VRRKF	Sell	VERSABANK NEW	$637,000	+1.0%	78,428	-2.8%	0.50%	+5.9%
PGC	Sell	PEAPACK-GLADSTONE FINL CORP	$586,000	-11.3%	22,835	-6.5%	0.46%	-7.0%
SFBC	Sell	SOUND FINL BANCORP INC	$529,000	+0.2%	14,322	-3.7%	0.42%	+5.0%
TURN	Sell	180 DEGREE CAP CORP	$500,000	-20.8%	118,053	-16.8%	0.40%	-16.8%
HTGC	Sell	HERCULES CAPITAL INC	$496,000	+1.4%	30,201	-8.6%	0.39%	+6.5%
CINF	Sell	CINCINNATI FINL CORP	$443,000	+4.5%	4,333	-0.6%	0.35%	+9.7%
ISTR	Sell	INVESTAR HLDG CORP	$327,000	-12.8%	30,880	-0.3%	0.26%	-8.5%
OKE	New	ONEOK INC NEW	$280,000	–	4,412	–	0.22%	–
ABBV	New	ABBVIE INC	$217,000	–	1,457	–	0.17%	–
FNWB	Sell	FIRST NORTHWEST BANCORP	$212,000	+3.4%	17,317	-3.9%	0.17%	+8.4%
BBDC	Sell	BARINGS BDC INC	$189,000	+8.0%	21,231	-5.1%	0.15%	+13.6%
	Sell	MAINZ BIOMED N Vordinary shares	$41,000	-38.8%	13,909	-1.8%	0.03%	-37.3%
ASML	Exit	ASML HOLDING N V	$0	–	-277	–	-0.15%	–
MMP	Exit	MAGELLAN MIDSTREAM PRTNRS LP	$0	–	-4,550	–	-0.21%	–
VV	Exit	VANGUARD INDEX FDSlarge cap etf	$0	–	-1,821	–	-0.28%	–
ENB	Exit	ENBRIDGE INC	$0	–	-11,016	–	-0.31%	–
TSLA	Exit	TESLA INC	$0	–	-2,640	–	-0.40%	–
PMT	Exit	PENNYMAC MTG INVT TR	$0	–	-46,395	–	-0.47%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-20,752	–	-1.76%	–
ALSN	Exit	ALLISON TRANSMISSION HLDGS I	$0	–	-46,376	–	-1.98%	–

Q2 2023

			Value		Shares		↓ Weighting
	New	OAKTREE SPECIALTY LENDING CO	$16,949,000	–	872,286	–	12.79%	–
TRIN	New	TRINITY CAP INC	$16,122,000	–	1,215,848	–	12.17%	–
DMLP	New	DORCHESTER MINERALS LP	$15,057,000	–	502,574	–	11.36%	–
TSLX	New	SIXTH STREET SPECIALTY LENDI	$11,209,000	–	599,708	–	8.46%	–
XOM	New	EXXON MOBIL CORP	$9,625,000	–	89,739	–	7.26%	–
ARCC	New	ARES CAPITAL CORP	$8,889,000	–	473,053	–	6.71%	–
GSBD	New	GOLDMAN SACHS BDC INC	$5,928,000	–	427,691	–	4.48%	–
BANX	New	ARROWMARK FINANCIAL CORP	$5,460,000	–	327,606	–	4.12%	–
MPV	New	BARINGS PARTN INVSsh ben int	$5,260,000	–	407,434	–	3.97%	–
FSK	New	FS KKR CAP CORP	$3,165,000	–	164,999	–	2.39%	–
AAPL	New	APPLE INC	$2,882,000	–	14,858	–	2.18%	–
ACRE	New	ARES COML REAL ESTATE CORP	$2,620,000	–	258,175	–	1.98%	–
ALSN	New	ALLISON TRANSMISSION HLDGS I	$2,618,000	–	46,376	–	1.98%	–
TROW	New	PRICE T ROWE GROUP INC	$2,325,000	–	20,752	–	1.76%	–
EQH	New	EQUITABLE HLDGS INC	$1,753,000	–	64,558	–	1.32%	–
CFG	New	CITIZENS FINL GROUP INC	$1,732,000	–	66,413	–	1.31%	–
MAIN	New	MAIN STR CAP CORP	$1,723,000	–	43,049	–	1.30%	–
NTIP	New	NETWORK-1 TECHNOLOGIES INC	$1,700,000	–	735,978	–	1.28%	–
CGBD	New	CARLYLE SECURED LENDING INC	$1,471,000	–	101,003	–	1.11%	–
	New	RUNWAY GROWTH FINANCE CORP	$1,470,000	–	119,002	–	1.11%	–
FFNW	New	FIRST FINANCIAL NORTHWEST IN	$1,468,000	–	129,146	–	1.11%	–
MCI	New	BARINGS CORPORATE INVS	$1,231,000	–	82,612	–	0.93%	–
TRTX	New	TPG RE FIN TR INC	$1,230,000	–	165,925	–	0.93%	–
NVEC	New	NVE CORP	$1,150,000	–	11,801	–	0.87%	–
FRAF	New	FRANKLIN FINL SVCS CORP	$848,000	–	30,579	–	0.64%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$661,000	–	24,410	–	0.50%	–
VRRKF	New	VERSABANK NEW	$631,000	–	80,703	–	0.48%	–
TURN	New	180 DEGREE CAP CORP	$631,000	–	141,824	–	0.48%	–
PMT	New	PENNYMAC MTG INVT TR	$625,000	–	46,395	–	0.47%	–
	New	ENACT HLDGS INC	$550,000	–	21,895	–	0.42%	–
CPT	New	CAMDEN PPTY TRsh ben int	$544,000	–	5,000	–	0.41%	–
TSLA	New	TESLA INC	$530,000	–	2,640	–	0.40%	–
SFBC	New	SOUND FINL BANCORP INC	$528,000	–	14,871	–	0.40%	–
HTGC	New	HERCULES CAPITAL INC	$489,000	–	33,026	–	0.37%	–
CINF	New	CINCINNATI FINL CORP	$424,000	–	4,358	–	0.32%	–
ENB	New	ENBRIDGE INC	$409,000	–	11,016	–	0.31%	–
ISTR	New	INVESTAR HLDG CORP	$375,000	–	30,984	–	0.28%	–
VV	New	VANGUARD INDEX FDSlarge cap etf	$369,000	–	1,821	–	0.28%	–
HTBI	New	HOMETRUST BANCSHARES INC	$328,000	–	15,700	–	0.25%	–
FISV	New	FISERV INC	$290,000	–	2,302	–	0.22%	–
PSTL	New	POSTAL REALTY TRUST INCcl a	$283,000	–	19,254	–	0.21%	–
MMP	New	MAGELLAN MIDSTREAM PRTNRS LP	$284,000	–	4,550	–	0.21%	–
FNWB	New	FIRST NORTHWEST BANCORP	$205,000	–	18,012	–	0.16%	–
ASML	New	ASML HOLDING N V	$200,000	–	277	–	0.15%	–
BBDC	New	BARINGS BDC INC	$175,000	–	22,368	–	0.13%	–
	New	MAINZ BIOMED N Vordinary shares	$67,000	–	14,159	–	0.05%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	GALAXY DIGITAL HOLDINGS LTD.	$0	–	-10,980	–	-0.04%	–
	Exit	MAINZ BIOMED BV	$0	–	-14,724	–	-0.08%	–
PLAB	Exit	PHOTRONICS INC	$0	–	-14,280	–	-0.16%	–
FISV	Exit	FISERV INC COM	$0	–	-2,303	–	-0.17%	–
VTEB	Exit	VANGUARD TAX-EXEMPT BOND INDEX	$0	–	-4,550	–	-0.17%	–
MMP	Exit	MAGELLAN MIDSTREAM PARTNERS LP	$0	–	-4,900	–	-0.18%	–
ABBV	Exit	ABBVIE INC COM	$0	–	-1,872	–	-0.20%	–
FNWB	Exit	FIRST NORTHWEST BANCORP.	$0	–	-18,432	–	-0.23%	–
	Exit	ENACT HOLDINGS INC.	$0	–	-13,525	–	-0.24%	–
HTGC	Exit	HERCULES CAPITAL, INC.	$0	–	-29,640	–	-0.27%	–
HTBI	Exit	HOMETRUST BANCSHARES, INC.	$0	–	-15,700	–	-0.27%	–
PFX	Exit	PHENIXFIN CORPORATION COM	$0	–	-10,984	–	-0.30%	–
MUB	Exit	ISHARES NATL MUNI BOND ETF	$0	–	-3,775	–	-0.30%	–
PEBK	Exit	PEOPLES BANCORP OF NORTH CAROL	$0	–	-16,172	–	-0.32%	–
CINF	Exit	CINCINNATI FINANCIAL CORP COM	$0	–	-4,486	–	-0.32%	–
ENB	Exit	ENBRIDGE INC.	$0	–	-11,684	–	-0.34%	–
ACRE	Exit	ARES COMMERCIAL REAL ESTATE CO	$0	–	-54,795	–	-0.45%	–
CPT	Exit	CAMDEN PROPERTY TRUST	$0	–	-5,000	–	-0.47%	–
TSLA	Exit	TESLA INC	$0	–	-2,640	–	-0.55%	–
SFBC	Exit	SOUND FINANCIAL BANCORP ORD SH	$0	–	-17,682	–	-0.56%	–
ISTR	Exit	INVESTAR HOLDING CORPORATION	$0	–	-39,519	–	-0.62%	–
	Exit	RUNWAY GROWTH FINANCE CORP.	$0	–	-71,755	–	-0.64%	–
MCI	Exit	BARINGS CORPORATE INVESTORS	$0	–	-85,295	–	-0.87%	–
SUB	Exit	ISHARES SHORT TERM NATIONAL MU	$0	–	-11,521	–	-0.93%	–
FRAF	Exit	FRANKLIN FINANCIAL SERVICES CO	$0	–	-38,921	–	-0.96%	–
TRTX	Exit	TPG RE FINANCE TRUST	$0	–	-184,642	–	-1.01%	–
EQH	Exit	EQUITABLE HOLDINGS, INC.	$0	–	-66,133	–	-1.37%	–
NTIP	Exit	NETWORK-1 TECHNOLOGIES, INC.	$0	–	-796,237	–	-1.41%	–
ZION	Exit	ZIONS BANCORPORATION N.A.	$0	–	-37,180	–	-1.48%	–
FFNW	Exit	FIRST FINANCIAL NORTHWEST, INC	$0	–	-135,727	–	-1.58%	–
PSTL	Exit	POSTAL REALTY TRUST, INC. CLAS	$0	–	-150,118	–	-1.73%	–
AAPL	Exit	APPLE INC.	$0	–	-16,008	–	-1.74%	–
TROW	Exit	T ROWE PRICE GROUP INC	$0	–	-22,167	–	-1.83%	–
VRRKF	Exit	VERSABANK	$0	–	-334,455	–	-1.83%	–
CFG	Exit	CITIZENS FINANCIAL GROUP, INC.	$0	–	-76,572	–	-2.06%	–
FSK	Exit	FS KKR CAPITAL CORPORATION	$0	–	-156,533	–	-2.08%	–
AB	Exit	ALLIANCEBERNSTEIN HLDG LP	$0	–	-88,773	–	-2.44%	–
TURN	Exit	180 DEGREE CAPITAL CORP.	$0	–	-590,045	–	-2.54%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS LP C	$0	–	-184,900	–	-3.45%	–
MPV	Exit	BARINGS PARTICIPATION INVESTOR	$0	–	-390,149	–	-3.47%	–
PMT	Exit	PENNYMAC MTG INVT TR	$0	–	-428,992	–	-3.97%	–
BANX	Exit	ARROWMARK FINANCIAL CORP.	$0	–	-320,037	–	-4.34%	–
GSBD	Exit	GOLDMAN SACHS BDC INC.	$0	–	-455,536	–	-5.17%	–
TRIN	Exit	TRINITY CAPITAL INC.	$0	–	-544,163	–	-5.35%	–
XOM	Exit	EXXON MOBIL CORP COM	$0	–	-82,774	–	-5.67%	–
ARCC	Exit	ARES CAPITAL CORP	$0	–	-479,709	–	-6.36%	–
TSLX	Exit	SIXTH STREET SPECIALTY LENDING	$0	–	-555,710	–	-7.13%	–
DMLP	Exit	DORCHESTER MINERALS LP COM UNI	$0	–	-529,778	–	-10.39%	–
OCSL	Exit	OAKTREE SPECIALTY LENDING CORP	$0	–	-2,546,772	–	-11.99%	–

Q3 2022

			Value		Shares		↓ Weighting
OCSL	Buy	OAKTREE SPECIALTY LENDING CORP	$15,280,000	-6.3%	2,546,772	+2.3%	11.99%	+2.6%
DMLP	Buy	DORCHESTER MINERALS LP COM UNI	$13,233,000	+11.0%	529,778	+6.0%	10.39%	+21.6%
TSLX	Buy	SIXTH STREET SPECIALTY LENDING	$9,080,000	-8.4%	555,710	+3.7%	7.13%	+0.3%
ARCC	Buy	ARES CAPITAL CORP	$8,097,000	-5.2%	479,709	+0.7%	6.36%	+3.8%
XOM	Buy	EXXON MOBIL CORP COM	$7,226,000	+57.4%	82,774	+54.4%	5.67%	+72.3%
TRIN	Buy	TRINITY CAPITAL INC.	$6,818,000	-11.1%	544,163	+2.7%	5.35%	-2.6%
GSBD	Sell	GOLDMAN SACHS BDC INC.	$6,582,000	-14.1%	455,536	-0.1%	5.17%	-5.9%
BANX	Buy	ARROWMARK FINANCIAL CORP.	$5,523,000	-8.0%	320,037	+2.3%	4.34%	+0.7%
PMT	Sell	PENNYMAC MTG INVT TR	$5,053,000	-33.9%	428,992	-22.4%	3.97%	-27.6%
MPV	Sell	BARINGS PARTICIPATION INVESTOR	$4,418,000	-7.7%	390,149	-0.0%	3.47%	+1.1%
EPD	Sell	ENTERPRISE PRODS PARTNERS LP C	$4,396,000	-19.0%	184,900	-17.0%	3.45%	-11.4%
TURN	Sell	180 DEGREE CAPITAL CORP.	$3,239,000	-11.1%	590,045	-0.8%	2.54%	-2.7%
AB	Buy	ALLIANCEBERNSTEIN HLDG LP	$3,112,000	-15.2%	88,773	+0.5%	2.44%	-7.1%
FSK	Buy	FS KKR CAPITAL CORPORATION	$2,653,000	-12.0%	156,533	+0.8%	2.08%	-3.7%
CFG	Buy	CITIZENS FINANCIAL GROUP, INC.	$2,631,000	-3.2%	76,572	+0.6%	2.06%	+6.0%
VRRKF	Sell	VERSABANK	$2,334,000	-5.1%	334,455	-1.0%	1.83%	+3.9%
TROW	Sell	T ROWE PRICE GROUP INC	$2,327,000	-37.0%	22,167	-31.8%	1.83%	-31.0%
AAPL	Sell	APPLE INC.	$2,212,000	-5.8%	16,008	-6.8%	1.74%	+3.2%
PSTL	Sell	POSTAL REALTY TRUST, INC. CLAS	$2,202,000	-1.9%	150,118	-0.4%	1.73%	+7.4%
FFNW	Sell	FIRST FINANCIAL NORTHWEST, INC	$2,014,000	-14.2%	135,727	-10.2%	1.58%	-6.1%
ZION	Sell	ZIONS BANCORPORATION N.A.	$1,890,000	-6.5%	37,180	-6.4%	1.48%	+2.3%
NTIP	Sell	NETWORK-1 TECHNOLOGIES, INC.	$1,791,000	-6.3%	796,237	-0.0%	1.41%	+2.6%
TRTX	Sell	TPG RE FINANCE TRUST	$1,292,000	-22.4%	184,642	-0.2%	1.01%	-15.1%
FRAF	Sell	FRANKLIN FINANCIAL SERVICES CO	$1,228,000	+4.3%	38,921	-0.3%	0.96%	+14.2%
SUB	Sell	ISHARES SHORT TERM NATIONAL MU	$1,182,000	-29.0%	11,521	-27.6%	0.93%	-22.2%
	Buy	RUNWAY GROWTH FINANCE CORP.	$815,000	+1.0%	71,755	+0.6%	0.64%	+10.7%
ISTR	Sell	INVESTAR HOLDING CORPORATION	$786,000	-9.4%	39,519	-0.3%	0.62%	-0.8%
SFBC	Sell	SOUND FINANCIAL BANCORP ORD SH	$716,000	-8.1%	17,682	-13.9%	0.56%	+0.7%
TSLA	New	TESLA INC	$700,000	–	2,640	–	0.55%	–
ACRE	Buy	ARES COMMERCIAL REAL ESTATE CO	$572,000	-13.3%	54,795	+1.6%	0.45%	-5.1%
MUB	Sell	ISHARES NATL MUNI BOND ETF	$387,000	-59.1%	3,775	-57.6%	0.30%	-55.2%
PFX	Sell	PHENIXFIN CORPORATION COM	$383,000	-6.4%	10,984	-2.0%	0.30%	+2.7%
HTGC	Buy	HERCULES CAPITAL, INC.	$343,000	-13.8%	29,640	+0.4%	0.27%	-5.6%
	New	ENACT HOLDINGS INC.	$299,000	–	13,525	–	0.24%	–
ABBV	Sell	ABBVIE INC COM	$251,000	-43.0%	1,872	-34.8%	0.20%	-37.5%
VTEB	Sell	VANGUARD TAX-EXEMPT BOND INDEX	$219,000	-45.7%	4,550	-43.6%	0.17%	-40.5%
PLAB	New	PHOTRONICS INC	$208,000	–	14,280	–	0.16%	–
	Sell	GALAXY DIGITAL HOLDINGS LTD.	$46,000	+9.5%	10,980	-1.3%	0.04%	+20.0%
PG	Exit	PROCTER & GAMBLE CO	$0	–	-1,404	–	-0.14%	–
MAIN	Exit	MAIN STREET CAPITAL CORP	$0	–	-5,489	–	-0.15%	–
IBM	Exit	INTL BUSINESS MACHINES CORP	$0	–	-1,509	–	-0.15%	–
ASML	Exit	ASML HOLDINGS NV	$0	–	-467	–	-0.16%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-1,445	–	-0.18%	–
FLTR	Exit	VANECK VECTORS INV GRADE FLOAT	$0	–	-11,200	–	-0.20%	–
SHM	Exit	SPDR NUVEEN BLOOMBERG BARCLAYS	$0	–	-6,235	–	-0.21%	–
PFE	Exit	PFIZER INC COM	$0	–	-5,900	–	-0.22%	–
MINT	Exit	PIMCO ENHANCED SHORT MAT ACTIV	$0	–	-4,750	–	-0.34%	–

Q2 2022

			Value		Shares		↓ Weighting
OCSL	New	OAKTREE SPECIALTY LENDING CORP	$16,302,000	–	2,488,869	–	11.68%	–
DMLP	New	DORCHESTER MINERALS LP COM UNI	$11,917,000	–	499,653	–	8.54%	–
TSLX	New	SIXTH STREET SPECIALTY LENDING	$9,909,000	–	535,628	–	7.10%	–
ARCC	New	ARES CAPITAL CORP	$8,544,000	–	476,540	–	6.12%	–
TRIN	New	TRINITY CAPITAL INC.	$7,666,000	–	529,788	–	5.50%	–
GSBD	New	GOLDMAN SACHS BDC INC.	$7,660,000	–	455,928	–	5.49%	–
PMT	New	PENNYMAC MTG INVT TR	$7,647,000	–	552,897	–	5.48%	–
BANX	New	ARROWMARK FINANCIAL CORP.	$6,006,000	–	312,818	–	4.30%	–
EPD	New	ENTERPRISE PRODS PARTNERS LP C	$5,429,000	–	222,775	–	3.89%	–
MPV	New	BARINGS PARTICIPATION INVESTOR	$4,784,000	–	390,214	–	3.43%	–
XOM	New	EXXON MOBIL CORP COM	$4,591,000	–	53,611	–	3.29%	–
TROW	New	T ROWE PRICE GROUP INC	$3,691,000	–	32,484	–	2.65%	–
AB	New	ALLIANCEBERNSTEIN HLDG LP	$3,671,000	–	88,298	–	2.63%	–
TURN	New	180 DEGREE CAPITAL CORP.	$3,645,000	–	594,543	–	2.61%	–
FSK	New	FS KKR CAPITAL CORPORATION	$3,015,000	–	155,227	–	2.16%	–
CFG	New	CITIZENS FINANCIAL GROUP, INC.	$2,717,000	–	76,122	–	1.95%	–
VRRKF	New	VERSABANK	$2,460,000	–	337,930	–	1.76%	–
FFNW	New	FIRST FINANCIAL NORTHWEST, INC	$2,348,000	–	151,109	–	1.68%	–
AAPL	New	APPLE INC.	$2,347,000	–	17,168	–	1.68%	–
PSTL	New	POSTAL REALTY TRUST, INC. CLAS	$2,245,000	–	150,693	–	1.61%	–
ZION	New	ZIONS BANCORPORATION N.A.	$2,022,000	–	39,730	–	1.45%	–
NTIP	New	NETWORK-1 TECHNOLOGIES, INC.	$1,911,000	–	796,238	–	1.37%	–
EQH	New	EQUITABLE HOLDINGS, INC.	$1,724,000	–	66,133	–	1.24%	–
TRTX	New	TPG RE FINANCE TRUST	$1,666,000	–	184,948	–	1.19%	–
SUB	New	ISHARES SHORT TERM NATIONAL MU	$1,665,000	–	15,911	–	1.19%	–
FRAF	New	FRANKLIN FINANCIAL SERVICES CO	$1,177,000	–	39,041	–	0.84%	–
MCI	New	BARINGS CORPORATE INVESTORS	$1,144,000	–	85,295	–	0.82%	–
MUB	New	ISHARES NATL MUNI BOND ETF	$947,000	–	8,900	–	0.68%	–
ISTR	New	INVESTAR HOLDING CORPORATION	$868,000	–	39,619	–	0.62%	–
	New	RUNWAY GROWTH FINANCE CORP.	$807,000	–	71,330	–	0.58%	–
SFBC	New	SOUND FINANCIAL BANCORP ORD SH	$779,000	–	20,532	–	0.56%	–
CPT	New	CAMDEN PROPERTY TRUST	$672,000	–	5,000	–	0.48%	–
ACRE	New	ARES COMMERCIAL REAL ESTATE CO	$660,000	–	53,930	–	0.47%	–
CINF	New	CINCINNATI FINANCIAL CORP COM	$534,000	–	4,486	–	0.38%	–
ENB	New	ENBRIDGE INC.	$494,000	–	11,684	–	0.35%	–
MINT	New	PIMCO ENHANCED SHORT MAT ACTIV	$471,000	–	4,750	–	0.34%	–
ABBV	New	ABBVIE INC COM	$440,000	–	2,872	–	0.32%	–
PEBK	New	PEOPLES BANCORP OF NORTH CAROL	$439,000	–	16,172	–	0.32%	–
PFX	New	PHENIXFIN CORPORATION COM	$409,000	–	11,204	–	0.29%	–
VTEB	New	VANGUARD TAX-EXEMPT BOND INDEX	$403,000	–	8,074	–	0.29%	–
HTGC	New	HERCULES CAPITAL, INC.	$398,000	–	29,520	–	0.28%	–
HTBI	New	HOMETRUST BANCSHARES, INC.	$393,000	–	15,700	–	0.28%	–
PFE	New	PFIZER INC COM	$309,000	–	5,900	–	0.22%	–
SHM	New	SPDR NUVEEN BLOOMBERG BARCLAYS	$295,000	–	6,235	–	0.21%	–
FNWB	New	FIRST NORTHWEST BANCORP.	$288,000	–	18,432	–	0.21%	–
FLTR	New	VANECK VECTORS INV GRADE FLOAT	$276,000	–	11,200	–	0.20%	–
JNJ	New	JOHNSON & JOHNSON	$257,000	–	1,445	–	0.18%	–
MMP	New	MAGELLAN MIDSTREAM PARTNERS LP	$234,000	–	4,900	–	0.17%	–
ASML	New	ASML HOLDINGS NV	$222,000	–	467	–	0.16%	–
IBM	New	INTL BUSINESS MACHINES CORP	$213,000	–	1,509	–	0.15%	–
MAIN	New	MAIN STREET CAPITAL CORP	$211,000	–	5,489	–	0.15%	–
FISV	New	FISERV INC COM	$205,000	–	2,303	–	0.15%	–
PG	New	PROCTER & GAMBLE CO	$202,000	–	1,404	–	0.14%	–
	New	MAINZ BIOMED BV	$136,000	–	14,724	–	0.10%	–
	New	GALAXY DIGITAL HOLDINGS LTD.	$42,000	–	11,130	–	0.03%	–

Q4 2020

			Value		Shares		↓ Weighting
UAN	Exit	CVR PARTNERS LP	$0	–	-20,454	–	-0.02%	–
NTIP	Exit	NETWORK-1 TECHNOLOGIES INC	$0	–	-25,040	–	-0.07%	–
MTR	Exit	MESA RTY TRunit ben int	$0	–	-22,995	–	-0.10%	–
NGL	Exit	NGL ENERGY PARTNERS LP	$0	–	-28,950	–	-0.13%	–
TPVG	Exit	TRIPLEPOINT VENTURE GROWTH B	$0	–	-10,870	–	-0.13%	–
CBLAQ	Exit	CBL & ASSOC PPTYS INC	$0	–	-889,346	–	-0.16%	–
BBDC	Exit	BARINGS BDC INC	$0	–	-20,357	–	-0.18%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-11,365	–	-0.19%	–
GLP	Exit	GLOBAL PARTNERS LP	$0	–	-16,100	–	-0.23%	–
	Exit	MEDLEY CAP CORP	$0	–	-11,879	–	-0.24%	–
ENB	Exit	ENBRIDGE INC	$0	–	-7,311	–	-0.24%	–
HYD	Exit	VANECK VECTORS ETF TRhigh yld mun etf	$0	–	-3,750	–	-0.25%	–
HYMB	Exit	SPDR SER TRnuveen bbg brcly	$0	–	-4,000	–	-0.25%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-1,385	–	-0.26%	–
VTEB	Exit	VANGUARD MUN BD FDStax exempt bd	$0	–	-4,274	–	-0.26%	–
FISV	Exit	FISERV INC	$0	–	-2,300	–	-0.26%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-1,908	–	-0.27%	–
ABBV	Exit	ABBVIE INC	$0	–	-2,872	–	-0.28%	–
DIA	Exit	SPDR DOW JONES INDL AVERAGEut ser 1	$0	–	-950	–	-0.29%	–
AGG	Exit	ISHARES TRcore us aggbd et	$0	–	-2,425	–	-0.32%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,050	–	-0.34%	–
EFC	Exit	ELLINGTON FINANCIAL INC	$0	–	-25,565	–	-0.35%	–
FMB	Exit	FIRST TR EXCH TRADED FD IIImanagd mun etf	$0	–	-6,033	–	-0.37%	–
GEO	Exit	GEO GROUP INC NEW	$0	–	-30,298	–	-0.38%	–
PCEF	Exit	INVESCO EXCH TRADED FD TR II	$0	–	-17,700	–	-0.40%	–
HCAP	Exit	HARVEST CAP CR CORP	$0	–	-157,950	–	-0.60%	–
CINF	Exit	CINCINNATI FINL CORP	$0	–	-7,083	–	-0.61%	–
FLTR	Exit	VANECK VECTORS ETF TRinvt grade fltg	$0	–	-23,850	–	-0.67%	–
MCI	Exit	BARINGS CORPORATE INVS	$0	–	-50,982	–	-0.71%	–
LDOS	Exit	LEIDOS HOLDINGS INC	$0	–	-7,520	–	-0.74%	–
MINT	Exit	PIMCO ETF TRenhan shrt ma ac	$0	–	-8,900	–	-1.00%	–
PFLT	Exit	PENNANTPARK FLOATING RATE CA	$0	–	-109,814	–	-1.03%	–
APLE	Exit	APPLE HOSPITALITY REIT INC	$0	–	-98,175	–	-1.04%	–
UBS	Exit	UBS GROUP AG	$0	–	-99,390	–	-1.23%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-32,900	–	-1.25%	–
HTGC	Exit	HERCULES CAPITAL INC	$0	–	-111,785	–	-1.43%	–
CXW	Exit	CORECIVIC INC	$0	–	-166,889	–	-1.48%	–
TRTX	Exit	TPG RE FIN TR INC	$0	–	-167,250	–	-1.57%	–
FSK	Exit	FS KKR CAPITAL CORP	$0	–	-89,829	–	-1.58%	–
TURN	Exit	180 DEGREE CAP CORP	$0	–	-790,221	–	-1.66%	–
PFE	Exit	PFIZER INC	$0	–	-53,035	–	-2.16%	–
MPV	Exit	BARINGS PARTN INVSsh ben int	$0	–	-179,764	–	-2.16%	–
PSTL	Exit	POSTAL REALTY TRUST INCcl a	$0	–	-132,125	–	-2.22%	–
ACRE	Exit	ARES COML REAL ESTATE CORP	$0	–	-222,898	–	-2.26%	–
AAPL	Exit	APPLE INC	$0	–	-17,848	–	-2.29%	–
GSBD	Exit	GOLDMAN SACHS BDC INC	$0	–	-156,240	–	-2.60%	–
PMT	Exit	PENNYMAC MTG INVT TR	$0	–	-161,595	–	-2.88%	–
MUB	Exit	ISHARES TRnational mun etf	$0	–	-23,315	–	-2.99%	–
BANX	Exit	STONECASTLE FINL CORP	$0	–	-181,414	–	-3.90%	–
IVZ	Exit	INVESCO LTD	$0	–	-312,079	–	-3.94%	–
OCSI	Exit	OAKTREE STRATEGIC INCOME COR	$0	–	-615,412	–	-4.44%	–
TSLX	Exit	SIXTH STREET SPECIALTY LENDN	$0	–	-337,373	–	-6.43%	–
OCSL	Exit	OAKTREE SPECIALTY LENDING CO	$0	–	-1,261,189	–	-6.76%	–
ARCC	Exit	ARES CAPITAL CORP	$0	–	-460,693	–	-7.12%	–
SUB	Exit	ISHARES TRshrt nat mun etf	$0	–	-211,438	–	-25.31%	–

Q3 2020

			Value		Shares		↓ Weighting
SUB	Buy	ISHARES TRshrt nat mun etf	$22,856,000	+118.0%	211,438	+117.5%	25.31%	+91.0%
ARCC	Sell	ARES CAPITAL CORP	$6,427,000	-5.3%	460,693	-1.9%	7.12%	-17.0%
OCSL	Sell	OAKTREE SPECIALTY LENDING CO	$6,104,000	+6.9%	1,261,189	-1.2%	6.76%	-6.3%
TSLX	Buy	SIXTH STREET SPECIALTY LENDN	$5,806,000	+31.6%	337,373	+26.1%	6.43%	+15.3%
OCSI	Buy	OAKTREE STRATEGIC INCOME COR	$4,006,000	+4.2%	615,412	+1.5%	4.44%	-8.7%
IVZ	Sell	INVESCO LTD	$3,561,000	-16.1%	312,079	-20.9%	3.94%	-26.5%
BANX	Sell	STONECASTLE FINL CORP	$3,521,000	+19.1%	181,414	-2.4%	3.90%	+4.4%
MUB	Sell	ISHARES TRnational mun etf	$2,703,000	-8.7%	23,315	-9.1%	2.99%	-19.9%
PMT	Buy	PENNYMAC MTG INVT TR	$2,597,000	+8.6%	161,595	+18.4%	2.88%	-4.9%
GSBD	Sell	GOLDMAN SACHS BDC INC	$2,350,000	-10.8%	156,240	-3.7%	2.60%	-21.8%
AAPL	Buy	APPLE INC	$2,067,000	+91.2%	17,848	+502.6%	2.29%	+67.6%
ACRE	Buy	ARES COML REAL ESTATE CORP	$2,037,000	+0.8%	222,898	+0.6%	2.26%	-11.7%
PSTL	Sell	POSTAL REALTY TRUST INCcl a	$2,000,000	-5.8%	132,125	-0.8%	2.22%	-17.4%
MPV	Buy	BARINGS PARTN INVSsh ben int	$1,952,000	-3.5%	179,764	+13.3%	2.16%	-15.4%
PFE	New	PFIZER INC	$1,946,000	–	53,035	–	2.16%	–
TURN	Buy	180 DEGREE CAP CORP	$1,494,000	+14.7%	790,221	+5.6%	1.66%	+0.6%
FSK	Sell	FS KKR CAPITAL CORP	$1,425,000	-15.1%	89,829	-25.1%	1.58%	-25.6%
TRTX	Sell	TPG RE FIN TR INC	$1,415,000	-3.1%	167,250	-1.6%	1.57%	-15.1%
CXW	Sell	CORECIVIC INC	$1,335,000	-45.3%	166,889	-36.0%	1.48%	-52.0%
HTGC	Buy	HERCULES CAPITAL INC	$1,293,000	+12.7%	111,785	+2.0%	1.43%	-1.2%
UBS	Sell	UBS GROUP AG	$1,108,000	-3.7%	99,390	-0.4%	1.23%	-15.6%
APLE	Sell	APPLE HOSPITALITY REIT INC	$943,000	-1.3%	98,175	-0.7%	1.04%	-13.5%
PFLT	Sell	PENNANTPARK FLOATING RATE CA	$927,000	-1.1%	109,814	-1.5%	1.03%	-13.3%
MINT	Sell	PIMCO ETF TRenhan shrt ma ac	$907,000	-45.9%	8,900	-46.0%	1.00%	-52.5%
LDOS	New	LEIDOS HOLDINGS INC	$670,000	–	7,520	–	0.74%	–
MCI	Buy	BARINGS CORPORATE INVS	$637,000	-6.0%	50,982	+1.0%	0.71%	-17.6%
FLTR	Sell	VANECK VECTORS ETF TRinvt grade fltg	$601,000	-12.6%	23,850	-13.2%	0.67%	-23.4%
CINF	Sell	CINCINNATI FINL CORP	$552,000	+21.3%	7,083	-0.4%	0.61%	+6.3%
HCAP	Buy	HARVEST CAP CR CORP	$545,000	-4.2%	157,950	+15.4%	0.60%	-16.0%
GEO	Sell	GEO GROUP INC NEW	$344,000	-5.5%	30,298	-1.5%	0.38%	-17.2%
FMB	Sell	FIRST TR EXCH TRADED FD IIImanagd mun etf	$335,000	-73.1%	6,033	-73.3%	0.37%	-76.4%
EFC	Sell	ELLINGTON FINANCIAL INC	$313,000	-0.3%	25,565	-4.1%	0.35%	-12.6%
TROW	New	PRICE T ROWE GROUP INC	$245,000	–	1,908	–	0.27%	–
VTEB	Sell	VANGUARD MUN BD FDStax exempt bd	$233,000	-61.9%	4,274	-62.1%	0.26%	-66.6%
CCI	Sell	CROWN CASTLE INTL CORP NEW	$231,000	-7.2%	1,385	-7.0%	0.26%	-18.7%
HYMB	Sell	SPDR SER TRnuveen bbg brcly	$227,000	-55.2%	4,000	-55.6%	0.25%	-60.8%
	New	MEDLEY CAP CORP	$212,000	–	11,879	–	0.24%	–
GLP	Buy	GLOBAL PARTNERS LP	$211,000	+62.3%	16,100	+20.8%	0.23%	+42.7%
STWD	Sell	STARWOOD PPTY TR INC	$171,000	-2.8%	11,365	-3.2%	0.19%	-14.9%
BBDC	Sell	BARINGS BDC INC	$163,000	-2.4%	20,357	-3.4%	0.18%	-14.2%
CBLAQ	Sell	CBL & ASSOC PPTYS INC	$143,000	-41.4%	889,346	-0.7%	0.16%	-48.7%
CSWC	Exit	CAPITAL SOUTHWEST CORP	$0	–	-13,020	–	-0.22%	–
FHI	Exit	FEDERATED HERMES INCcl b	$0	–	-9,415	–	-0.28%	–
BIL	Exit	SPDR SER TRspdr bloomberg	$0	–	-3,000	–	-0.35%	–
JPST	Exit	J P MORGAN EXCHANGE-TRADED Fultra shrt inc	$0	–	-8,250	–	-0.53%	–
MAIN	Exit	MAIN STR CAP CORP	$0	–	-38,977	–	-1.53%	–

Q2 2020

			Value		Shares		↓ Weighting
SUB	New	ISHARES TRshrt nat mun etf	$10,485,000	–	97,209	–	13.25%	–
ARCC	New	ARES CAPITAL CORP	$6,789,000	–	469,823	–	8.58%	–
OCSL	New	OAKTREE SPECIALTY LENDING CO	$5,708,000	–	1,276,911	–	7.21%	–
TSLX	New	SIXTH STREET SPECIALTY LENDN	$4,413,000	–	267,618	–	5.58%	–
IVZ	New	INVESCO LTD	$4,245,000	–	394,499	–	5.36%	–
OCSI	New	OAKTREE STRATEGIC INCOME COR	$3,846,000	–	606,567	–	4.86%	–
MUB	New	ISHARES TRnational mun etf	$2,960,000	–	25,650	–	3.74%	–
BANX	New	STONECASTLE FINL CORP	$2,957,000	–	185,965	–	3.74%	–
GSBD	New	GOLDMAN SACHS BDC INC	$2,634,000	–	162,290	–	3.33%	–
CXW	New	CORECIVIC INC	$2,440,000	–	260,669	–	3.08%	–
PMT	New	PENNYMAC MTG INVT TR	$2,392,000	–	136,455	–	3.02%	–
PSTL	New	POSTAL REALTY TRUST INCcl a	$2,123,000	–	133,125	–	2.68%	–
MPV	New	BARINGS PARTN INVSsh ben int	$2,023,000	–	158,662	–	2.56%	–
ACRE	New	ARES COML REAL ESTATE CORP	$2,021,000	–	221,643	–	2.55%	–
FSK	New	FS KKR CAPITAL CORP	$1,678,000	–	119,872	–	2.12%	–
MINT	New	PIMCO ETF TRenhan shrt ma ac	$1,676,000	–	16,478	–	2.12%	–
XOM	New	EXXON MOBIL CORP	$1,471,000	–	32,900	–	1.86%	–
TRTX	New	TPG RE FIN TR INC	$1,461,000	–	169,900	–	1.85%	–
TURN	New	180 DEGREE CAP CORP	$1,302,000	–	748,366	–	1.64%	–
FMB	New	FIRST TR EXCH TRADED FD IIImanagd mun etf	$1,245,000	–	22,633	–	1.57%	–
MAIN	New	MAIN STR CAP CORP	$1,213,000	–	38,977	–	1.53%	–
UBS	New	UBS GROUP AG	$1,151,000	–	99,765	–	1.45%	–
HTGC	New	HERCULES CAPITAL INC	$1,147,000	–	109,580	–	1.45%	–
AAPL	New	APPLE INC	$1,081,000	–	2,962	–	1.37%	–
APLE	New	APPLE HOSPITALITY REIT INC	$955,000	–	98,900	–	1.21%	–
PFLT	New	PENNANTPARK FLOATING RATE CA	$937,000	–	111,539	–	1.18%	–
FLTR	New	VANECK VECTORS ETF TRinvt grade fltg	$688,000	–	27,475	–	0.87%	–
MCI	New	BARINGS CORPORATE INVS	$678,000	–	50,457	–	0.86%	–
VTEB	New	VANGUARD MUN BD FDStax exempt bd	$611,000	–	11,285	–	0.77%	–
HCAP	New	HARVEST CAP CR CORP	$569,000	–	136,825	–	0.72%	–
HYMB	New	SPDR SER TRnuveen bbg brcly	$507,000	–	9,000	–	0.64%	–
CINF	New	CINCINNATI FINL CORP	$455,000	–	7,108	–	0.58%	–
JPST	New	J P MORGAN EXCHANGE-TRADED Fultra shrt inc	$419,000	–	8,250	–	0.53%	–
GEO	New	GEO GROUP INC NEW	$364,000	–	30,762	–	0.46%	–
PCEF	New	INVESCO EXCH TRADED FD TR II	$352,000	–	17,700	–	0.44%	–
EFC	New	ELLINGTON FINANCIAL INC	$314,000	–	26,655	–	0.40%	–
JNJ	New	JOHNSON & JOHNSON	$288,000	–	2,050	–	0.36%	–
AGG	New	ISHARES TRcore us aggbd et	$287,000	–	2,425	–	0.36%	–
ABBV	New	ABBVIE INC	$282,000	–	2,872	–	0.36%	–
BIL	New	SPDR SER TRspdr bloomberg	$275,000	–	3,000	–	0.35%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$249,000	–	1,490	–	0.32%	–
DIA	New	SPDR DOW JONES INDL AVERAGEut ser 1	$245,000	–	950	–	0.31%	–
CBLAQ	New	CBL & ASSOC PPTYS INC	$244,000	–	895,646	–	0.31%	–
FISV	New	FISERV INC	$225,000	–	2,300	–	0.28%	–
FHI	New	FEDERATED HERMES INCcl b	$223,000	–	9,415	–	0.28%	–
ENB	New	ENBRIDGE INC	$222,000	–	7,311	–	0.28%	–
HYD	New	VANECK VECTORS ETF TRhigh yld mun etf	$222,000	–	3,750	–	0.28%	–
CSWC	New	CAPITAL SOUTHWEST CORP	$176,000	–	13,020	–	0.22%	–
STWD	New	STARWOOD PPTY TR INC	$176,000	–	11,740	–	0.22%	–
BBDC	New	BARINGS BDC INC	$167,000	–	21,082	–	0.21%	–
GLP	New	GLOBAL PARTNERS LP	$130,000	–	13,325	–	0.16%	–
MTR	New	MESA RTY TRunit ben int	$118,000	–	22,995	–	0.15%	–
NGL	New	NGL ENERGY PARTNERS LP	$113,000	–	28,950	–	0.14%	–
TPVG	New	TRIPLEPOINT VENTURE GROWTH B	$112,000	–	10,870	–	0.14%	–
NTIP	New	NETWORK-1 TECHNOLOGIES INC	$54,000	–	25,040	–	0.07%	–
UAN	New	CVR PARTNERS LP	$17,000	–	20,454	–	0.02%	–

Q4 2019

			Value		Shares		↓ Weighting
NTIP	Exit	NETWORK 1 TECHNOLOGIES INC	$0	–	-25,040	–	-0.06%	–
UAN	Exit	CVR PARTNERS LP	$0	–	-20,781	–	-0.08%	–
AAPL	Exit	APPLE INC	$0	–	-908	–	-0.21%	–
FHI	Exit	FEDERATED INVS INC PAcl b	$0	–	-6,300	–	-0.22%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-1,490	–	-0.22%	–
TWO	Exit	TWO HBRS INVT CORP	$0	–	-16,146	–	-0.22%	–
BBDC	Exit	BARINGS BDC INC	$0	–	-22,933	–	-0.25%	–
FISV	Exit	FISERV INC	$0	–	-2,300	–	-0.25%	–
IBMJ	Exit	ISHARES TRibonds dec2021	$0	–	-9,290	–	-0.25%	–
MTR	Exit	MESA RTY TRunit ben int	$0	–	-27,720	–	-0.25%	–
ENB	Exit	ENBRIDGE INC	$0	–	-6,897	–	-0.26%	–
BP	Exit	BP PLCsponsored adr	$0	–	-6,560	–	-0.26%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,216	–	-0.30%	–
HYD	Exit	VANECK VECTORS ETF TRhigh yld mun etf	$0	–	-4,550	–	-0.31%	–
FPE	Exit	FIRST TR EXCHANGE-TRADED FDpfd secs inc etf	$0	–	-15,150	–	-0.32%	–
CSWC	Exit	CAPITAL SOUTHWEST CORP	$0	–	-13,925	–	-0.32%	–
STOR	Exit	STORE CAP CORP	$0	–	-8,745	–	-0.34%	–
NGL	Exit	NGL ENERGY PARTNERS LP	$0	–	-28,950	–	-0.42%	–
IBMI	Exit	ISHARES TRibonds sep2020	$0	–	-16,950	–	-0.46%	–
AGG	Exit	ISHARES TRcore us aggbd et	$0	–	-3,850	–	-0.46%	–
SUB	Exit	ISHARES TRshrt nat mun etf	$0	–	-5,375	–	-0.60%	–
GEO	Exit	GEO GROUP INC NEW	$0	–	-34,002	–	-0.62%	–
MCC	Exit	MEDLEY CAP CORP	$0	–	-253,280	–	-0.69%	–
MINT	Exit	PIMCO ETF TRenhan shrt ma ac	$0	–	-6,609	–	-0.71%	–
HCAP	Exit	HARVEST CAP CR CORP	$0	–	-68,225	–	-0.72%	–
EFC	Exit	ELLINGTON FINANCIAL INC	$0	–	-37,879	–	-0.72%	–
MCI	Exit	BARINGS CORPORATE INVS	$0	–	-42,140	–	-0.75%	–
CINF	Exit	CINCINNATI FINL CORP	$0	–	-6,278	–	-0.77%	–
PSTL	Exit	POSTAL REALTY TRUST INCcl a	$0	–	-50,000	–	-0.84%	–
HTGC	Exit	HERCULES CAPITAL INC	$0	–	-59,335	–	-0.84%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-12,200	–	-0.91%	–
PMT	Exit	PENNYMAC MTG INVT TR	$0	–	-48,925	–	-1.15%	–
SHM	Exit	SPDR SERIES TRUSTnuveen blmbrg sr	$0	–	-23,325	–	-1.20%	–
TURN	Exit	180 DEGREE CAP CORP	$0	–	-554,844	–	-1.25%	–
CBLAQ	Exit	CBL & ASSOC PPTYS INC	$0	–	-933,936	–	-1.27%	–
FSK	Exit	FS KKR CAPITAL CORP	$0	–	-210,178	–	-1.29%	–
FUN	Exit	CEDAR FAIR L Pdepositry unit	$0	–	-21,565	–	-1.33%	–
IVZ	Exit	INVESCO LTD	$0	–	-75,600	–	-1.35%	–
UBS	Exit	UBS GROUP AG	$0	–	-114,890	–	-1.37%	–
FMB	Exit	FIRST TR EXCHANG TRADED FD Imanagd mun etf	$0	–	-23,443	–	-1.37%	–
PFLT	Exit	PENNANTPARK FLOATING RATE CA	$0	–	-119,829	–	-1.46%	–
APLE	Exit	APPLE HOSPITALITY REIT INC	$0	–	-102,275	–	-1.79%	–
APAM	Exit	ARTISAN PARTNERS ASSET MGMTcl a	$0	–	-60,225	–	-1.79%	–
MAIN	Exit	MAIN STREET CAPITAL CORP	$0	–	-47,238	–	-2.15%	–
MPV	Exit	BARINGS PARTN INVSsh ben int	$0	–	-135,977	–	-2.50%	–
GSBD	Exit	GOLDMAN SACHS BDC INC	$0	–	-141,395	–	-3.00%	–
PNNT	Exit	PENNANTPARK INVT CORP	$0	–	-509,334	–	-3.37%	–
VTEB	Exit	VANGUARD MUN BD FD INCtax exempt bd	$0	–	-67,736	–	-3.83%	–
BANX	Exit	STONECASTLE FINL CORP	$0	–	-170,823	–	-3.99%	–
ACRE	Exit	ARES COML REAL ESTATE CORP	$0	–	-258,778	–	-4.16%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-162,757	–	-4.16%	–
TSLX	Exit	TPG SPECIALTY LENDING INC	$0	–	-233,418	–	-5.16%	–
OCSI	Exit	OAKTREE STRATEGIC INCOME COR	$0	–	-604,544	–	-5.26%	–
OCSL	Exit	OAKTREE SPECIALTY LENDING CO	$0	–	-1,235,543	–	-6.75%	–
MUB	Exit	ISHARES TRnational mun etf	$0	–	-64,722	–	-7.79%	–
ARCC	Exit	ARES CAP CORP	$0	–	-416,255	–	-8.18%	–
ARES	Exit	ARES MANAGEMENT CORPORATION	$0	–	-334,676	–	-9.46%	–

Q3 2019

			Value		Shares		↓ Weighting
ARES	Buy	ARES MANAGEMENT CORPORATION	$8,973,000	+11.0%	334,676	+8.4%	9.46%	+19.9%
ARCC	Buy	ARES CAP CORP	$7,757,000	+11.4%	416,255	+7.2%	8.18%	+20.3%
MUB	Sell	ISHARES TRnational mun etf	$7,385,000	-1.1%	64,722	-2.0%	7.79%	+6.8%
OCSL	Buy	OAKTREE SPECIALTY LENDING CO	$6,400,000	-3.3%	1,235,543	+1.2%	6.75%	+4.4%
OCSI	Sell	OAKTREE STRATEGIC INCOME COR	$4,987,000	-8.0%	604,544	-5.3%	5.26%	-0.6%
TSLX	Buy	TPG SPECIALTY LENDING INC	$4,897,000	+10.4%	233,418	+3.1%	5.16%	+19.2%
STWD	Sell	STARWOOD PPTY TR INC	$3,942,000	-16.8%	162,757	-21.9%	4.16%	-10.1%
ACRE	Buy	ARES COML REAL ESTATE CORP	$3,941,000	+11.2%	258,778	+8.5%	4.16%	+20.1%
BANX	Buy	STONECASTLE FINL CORP	$3,785,000	+2.6%	170,823	+1.0%	3.99%	+10.8%
VTEB	Sell	VANGUARD MUN BD FD INCtax exempt bd	$3,632,000	-20.6%	67,736	-21.5%	3.83%	-14.3%
PNNT	Sell	PENNANTPARK INVT CORP	$3,194,000	-1.2%	509,334	-0.4%	3.37%	+6.7%
GSBD	Buy	GOLDMAN SACHS BDC INC	$2,841,000	+18.9%	141,395	+16.4%	3.00%	+28.4%
MPV	Sell	BARINGS PARTN INVSsh ben int	$2,369,000	+5.4%	135,977	-1.3%	2.50%	+13.9%
MAIN	Sell	MAIN STREET CAPITAL CORP	$2,041,000	-54.5%	47,238	-56.7%	2.15%	-50.9%
APAM	Sell	ARTISAN PARTNERS ASSET MGMTcl a	$1,701,000	-2.9%	60,225	-5.4%	1.79%	+4.9%
APLE	Sell	APPLE HOSPITALITY REIT INC	$1,696,000	-0.6%	102,275	-4.9%	1.79%	+7.3%
PFLT	Sell	PENNANTPARK FLOATING RATE CA	$1,390,000	-16.6%	119,829	-16.8%	1.46%	-9.9%
FMB	Buy	FIRST TR EXCHANG TRADED FD Imanagd mun etf	$1,302,000	+535.1%	23,443	+525.1%	1.37%	+586.5%
UBS	Sell	UBS GROUP AG	$1,299,000	-12.5%	114,890	-8.3%	1.37%	-5.5%
IVZ	New	INVESCO LTD	$1,281,000	–	75,600	–	1.35%	–
FUN	Buy	CEDAR FAIR L Pdepositry unit	$1,259,000	+34.9%	21,565	+10.3%	1.33%	+45.7%
FSK	Sell	FS KKR CAPITAL CORP	$1,225,000	-2.6%	210,178	-0.5%	1.29%	+5.2%
CBLAQ	Buy	CBL & ASSOC PPTYS INC	$1,205,000	+29.7%	933,936	+4.6%	1.27%	+40.0%
TURN	Buy	180 DEGREE CAP CORP	$1,186,000	+9.3%	554,844	+0.7%	1.25%	+18.0%
SHM	Sell	SPDR SERIES TRUSTnuveen blmbrg sr	$1,143,000	-53.3%	23,325	-53.3%	1.20%	-49.5%
PMT	New	PENNYMAC MTG INVT TR	$1,088,000	–	48,925	–	1.15%	–
XOM	Sell	EXXON MOBIL CORP	$861,000	-20.1%	12,200	-13.3%	0.91%	-13.7%
HTGC	Sell	HERCULES CAPITAL INC	$793,000	-64.6%	59,335	-66.0%	0.84%	-61.7%
CINF	Sell	CINCINNATI FINL CORP	$732,000	-14.5%	6,278	-23.9%	0.77%	-7.7%
MCI	Sell	BARINGS CORPORATE INVS	$710,000	+7.3%	42,140	-0.4%	0.75%	+15.9%
HCAP	Sell	HARVEST CAP CR CORP	$679,000	-6.2%	68,225	-0.5%	0.72%	+1.3%
MINT	New	PIMCO ETF TRenhan shrt ma ac	$672,000	–	6,609	–	0.71%	–
MCC	Sell	MEDLEY CAP CORP	$656,000	+6.1%	253,280	-4.0%	0.69%	+14.8%
GEO	Sell	GEO GROUP INC NEW	$590,000	-17.6%	34,002	-0.2%	0.62%	-11.0%
SUB	Sell	ISHARES TRshrt nat mun etf	$573,000	-28.7%	5,375	-28.8%	0.60%	-23.1%
IBMI	Sell	ISHARES TRibonds sep2020	$433,000	-27.1%	16,950	-27.1%	0.46%	-21.2%
STOR	Sell	STORE CAP CORP	$327,000	-2.4%	8,745	-13.3%	0.34%	+5.5%
CSWC	Sell	CAPITAL SOUTHWEST CORP	$304,000	-7.9%	13,925	-11.6%	0.32%	-0.3%
FPE	Sell	FIRST TR EXCHANGE-TRADED FDpfd secs inc etf	$299,000	-18.8%	15,150	-20.3%	0.32%	-12.3%
HYD	Sell	VANECK VECTORS ETF TRhigh yld mun etf	$293,000	-56.3%	4,550	-56.7%	0.31%	-52.8%
BP	Sell	BP PLCsponsored adr	$249,000	-31.8%	6,560	-25.0%	0.26%	-26.1%
ENB	Sell	ENBRIDGE INC	$242,000	-38.3%	6,897	-36.6%	0.26%	-33.4%
MTR	Sell	MESA RTY TRunit ben int	$240,000	-33.0%	27,720	-11.1%	0.25%	-27.5%
IBMJ	Sell	ISHARES TRibonds dec2021	$239,000	-25.8%	9,290	-25.6%	0.25%	-19.7%
FISV	Sell	FISERV INC	$238,000	+1.7%	2,300	-10.3%	0.25%	+10.1%
CCI	Sell	CROWN CASTLE INTL CORP NEW	$207,000	-5.0%	1,490	-11.0%	0.22%	+2.3%
AAPL	New	APPLE INC	$203,000	–	908	–	0.21%	–
NEV	Exit	NUVEEN ENHANCED MUN VALUE FD	$0	–	-10,884	–	-0.15%	–
JBGS	Exit	JBG SMITH PPTYS	$0	–	-5,180	–	-0.20%	–
TIP	Exit	ISHARES TRtips bd etf	$0	–	-1,900	–	-0.21%	–
OAK	Exit	OAKTREE CAP GROUP LLCunit cl a	$0	–	-4,675	–	-0.23%	–
VGSH	Exit	VANGUARD SCOTTSDALE FDSshort term treas	$0	–	-5,000	–	-0.30%	–
SHYD	Exit	VANECK VECTORS ETF TRshort high yield	$0	–	-12,681	–	-0.31%	–
NUV	Exit	NUVEEN MUN VALUE FD INC	$0	–	-47,118	–	-0.47%	–
IBMH	Exit	ISHARES TRibonds sep19 etf	$0	–	-22,463	–	-0.56%	–
DEA	Exit	EASTERLY GOVT PPTYS INC	$0	–	-66,331	–	-1.17%	–
NDAQ	Exit	NASDAQ INC	$0	–	-21,935	–	-2.06%	–

Q2 2019

			Value		Shares		↓ Weighting
ARES	New	ARES MANAGEMENT CORPORATION	$8,081,000	–	308,776	–	7.89%	–
MUB	New	ISHARES TRnational mun etf	$7,467,000	–	66,031	–	7.29%	–
ARCC	New	ARES CAP CORP	$6,966,000	–	388,290	–	6.80%	–
OCSL	New	OAKTREE SPECIALTY LENDING CO	$6,620,000	–	1,221,418	–	6.46%	–
OCSI	New	OAKTREE STRATEGIC INCOME COR	$5,421,000	–	638,494	–	5.29%	–
STWD	New	STARWOOD PPTY TR INC	$4,737,000	–	208,504	–	4.62%	–
VTEB	New	VANGUARD MUN BD FD INCtax exempt bd	$4,577,000	–	86,246	–	4.47%	–
MAIN	New	MAIN STREET CAPITAL CORP	$4,486,000	–	109,093	–	4.38%	–
TSLX	New	TPG SPECIALTY LENDING INC	$4,436,000	–	226,308	–	4.33%	–
BANX	New	STONECASTLE FINL CORP	$3,689,000	–	169,168	–	3.60%	–
ACRE	New	ARES COML REAL ESTATE CORP	$3,545,000	–	238,578	–	3.46%	–
PNNT	New	PENNANTPARK INVT CORP	$3,232,000	–	511,459	–	3.16%	–
SHM	New	SPDR SERIES TRUSTnuveen blmbrg sr	$2,445,000	–	49,975	–	2.39%	–
GSBD	New	GOLDMAN SACHS BDC INC	$2,389,000	–	121,470	–	2.33%	–
MPV	New	BARINGS PARTN INVSsh ben int	$2,247,000	–	137,797	–	2.19%	–
HTGC	New	HERCULES CAPITAL INC	$2,237,000	–	174,455	–	2.18%	–
NDAQ	New	NASDAQ INC	$2,109,000	–	21,935	–	2.06%	–
APAM	New	ARTISAN PARTNERS ASSET MGMTcl a	$1,752,000	–	63,660	–	1.71%	–
APLE	New	APPLE HOSPITALITY REIT INC	$1,707,000	–	107,600	–	1.67%	–
PFLT	New	PENNANTPARK FLOATING RATE CA	$1,666,000	–	144,079	–	1.63%	–
UBS	New	UBS GROUP AG	$1,485,000	–	125,325	–	1.45%	–
FSK	New	FS KKR CAPITAL CORP	$1,258,000	–	211,139	–	1.23%	–
DEA	New	EASTERLY GOVT PPTYS INC	$1,201,000	–	66,331	–	1.17%	–
TURN	New	180 DEGREE CAP CORP	$1,085,000	–	550,802	–	1.06%	–
XOM	New	EXXON MOBIL CORP	$1,078,000	–	14,071	–	1.05%	–
FUN	New	CEDAR FAIR L Pdepositry unit	$933,000	–	19,560	–	0.91%	–
CBLAQ	New	CBL & ASSOC PPTYS INC	$929,000	–	892,941	–	0.91%	–
CINF	New	CINCINNATI FINL CORP	$856,000	–	8,253	–	0.84%	–
SUB	New	ISHARES TRshrt nat mun etf	$804,000	–	7,550	–	0.78%	–
PSTL	New	POSTAL REALTY TRUST INCcl a	$788,000	–	50,000	–	0.77%	–
HCAP	New	HARVEST CAP CR CORP	$724,000	–	68,550	–	0.71%	–
GEO	New	GEO GROUP INC NEW	$716,000	–	34,077	–	0.70%	–
EFC	New	ELLINGTON FINANCIAL INC	$681,000	–	37,879	–	0.66%	–
HYD	New	VANECK VECTORS ETF TRhigh yld mun etf	$670,000	–	10,510	–	0.65%	–
MCI	New	BARINGS CORPORATE INVS	$662,000	–	42,290	–	0.65%	–
MCC	New	MEDLEY CAP CORP	$618,000	–	263,913	–	0.60%	–
IBMI	New	ISHARES TRibonds sep2020	$594,000	–	23,260	–	0.58%	–
IBMH	New	ISHARES TRibonds sep19 etf	$571,000	–	22,463	–	0.56%	–
NUV	New	NUVEEN MUN VALUE FD INC	$480,000	–	47,118	–	0.47%	–
AGG	New	ISHARES TRcore us aggbd et	$429,000	–	3,850	–	0.42%	–
NGL	New	NGL ENERGY PARTNERS LP	$428,000	–	28,950	–	0.42%	–
ENB	New	ENBRIDGE INC	$392,000	–	10,872	–	0.38%	–
FPE	New	FIRST TR EXCHANGE-TRADED FDpfd secs inc etf	$368,000	–	19,000	–	0.36%	–
BP	New	BP PLCsponsored adr	$365,000	–	8,747	–	0.36%	–
MTR	New	MESA RTY TRunit ben int	$358,000	–	31,170	–	0.35%	–
STOR	New	STORE CAP CORP	$335,000	–	10,090	–	0.33%	–
CSWC	New	CAPITAL SOUTHWEST CORP	$330,000	–	15,750	–	0.32%	–
IBMJ	New	ISHARES TRibonds dec2021	$322,000	–	12,490	–	0.31%	–
SHYD	New	VANECK VECTORS ETF TRshort high yield	$318,000	–	12,681	–	0.31%	–
JNJ	New	JOHNSON & JOHNSON	$309,000	–	2,216	–	0.30%	–
VGSH	New	VANGUARD SCOTTSDALE FDSshort term treas	$305,000	–	5,000	–	0.30%	–
FISV	New	FISERV INC	$234,000	–	2,565	–	0.23%	–
OAK	New	OAKTREE CAP GROUP LLCunit cl a	$232,000	–	4,675	–	0.23%	–
BBDC	New	BARINGS BDC INC	$226,000	–	22,933	–	0.22%	–
TIP	New	ISHARES TRtips bd etf	$219,000	–	1,900	–	0.21%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$218,000	–	1,675	–	0.21%	–
FMB	New	FIRST TR EXCHANG TRADED FD Imanagd mun etf	$205,000	–	3,750	–	0.20%	–
TWO	New	TWO HBRS INVT CORP	$205,000	–	16,146	–	0.20%	–
FHI	New	FEDERATED INVS INC PAcl b	$205,000	–	6,300	–	0.20%	–
JBGS	New	JBG SMITH PPTYS	$204,000	–	5,180	–	0.20%	–
NEV	New	NUVEEN ENHANCED MUN VALUE FD	$154,000	–	10,884	–	0.15%	–
UAN	New	CVR PARTNERS LP	$85,000	–	20,781	–	0.08%	–
NTIP	New	NETWORK 1 TECHNOLOGIES INC	$63,000	–	25,040	–	0.06%	–

Q4 2018

			Value		Shares		↓ Weighting
NTIP	Exit	NETWORK 1 TECHNOLOGIES INC	$0	–	-25,040	–	-0.07%	–
UAN	Exit	CVR PARTNERS LP	$0	–	-20,781	–	-0.08%	–
HGTXU	Exit	HUGOTON RTY TR TEXunit ben int	$0	–	-232,648	–	-0.10%	–
AINV	Exit	APOLLO INVT CORP	$0	–	-17,135	–	-0.10%	–
NCA	Exit	NUVEEN CALIF MUN VALUE FD	$0	–	-10,480	–	-0.10%	–
NEV	Exit	NUVEEN ENHANCED MUN VALUE FD	$0	–	-10,884	–	-0.15%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-12,713	–	-0.15%	–
AAPL	Exit	APPLE INC	$0	–	-908	–	-0.22%	–
ABBV	Exit	ABBVIE INC	$0	–	-2,246	–	-0.23%	–
QCOM	Exit	QUALCOMM INC	$0	–	-3,000	–	-0.23%	–
TWO	Exit	TWO HBRS INVT CORP	$0	–	-16,146	–	-0.26%	–
BP	Exit	BP PLCsponsored adr	$0	–	-6,000	–	-0.30%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-9,470	–	-0.31%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,099	–	-0.31%	–
OHI	Exit	OMEGA HEALTHCARE INVS INC	$0	–	-9,050	–	-0.32%	–
CSWC	Exit	CAPITAL SOUTHWEST CORP	$0	–	-16,400	–	-0.33%	–
HTGC	Exit	HERCULES CAPITAL INC	$0	–	-23,720	–	-0.33%	–
FISV	Exit	FISERV INC	$0	–	-4,048	–	-0.35%	–
SUB	Exit	ISHARES TRshrt nat mun etf	$0	–	-3,300	–	-0.37%	–
AGG	Exit	ISHARES TRcore us aggbd et	$0	–	-3,300	–	-0.37%	–
TFI	Exit	SPDR SER TRnuveen brc munic	$0	–	-8,260	–	-0.42%	–
MTR	Exit	MESA RTY TRunit ben int	$0	–	-31,595	–	-0.48%	–
NUV	Exit	NUVEEN MUN VALUE FD INC	$0	–	-53,877	–	-0.54%	–
TIP	Exit	ISHARES TRtips bd etf	$0	–	-4,600	–	-0.54%	–
FPE	Exit	FIRST TR EXCHANGE-TRADED FDpfd secs inc etf	$0	–	-27,540	–	-0.56%	–
MCI	Exit	BARINGS CORPORATE INVS	$0	–	-43,187	–	-0.70%	–
VGSH	Exit	VANGUARD SCOTTSDALE FDSshort term treas	$0	–	-11,150	–	-0.71%	–
CONE	Exit	CYRUSONE INC	$0	–	-11,143	–	-0.75%	–
HCAP	Exit	HARVEST CAP CR CORP	$0	–	-70,194	–	-0.81%	–
EFC	Exit	ELLINGTON FINANCIAL LLC	$0	–	-47,896	–	-0.82%	–
NGL	Exit	NGL ENERGY PARTNERS LP	$0	–	-68,153	–	-0.84%	–
GEO	Exit	GEO GROUP INC NEW	$0	–	-34,537	–	-0.92%	–
FUN	Exit	CEDAR FAIR L Pdepositry unit	$0	–	-18,770	–	-1.04%	–
MCC	Exit	MEDLEY CAP CORP	$0	–	-263,455	–	-1.07%	–
GSBD	Exit	GOLDMAN SACHS BDC INC	$0	–	-46,190	–	-1.09%	–
ACRE	Exit	ARES COML REAL ESTATE CORP	$0	–	-74,505	–	-1.11%	–
BBDC	Exit	BARINGS BDC INC	$0	–	-109,263	–	-1.16%	–
DEA	Exit	EASTERLY GOVT PPTYS INC	$0	–	-67,281	–	-1.39%	–
	Exit	CORPORATE CAP TR INC	$0	–	-90,135	–	-1.46%	–
MPV	Exit	BARINGS PARTN INVSsh ben int	$0	–	-103,956	–	-1.65%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-18,819	–	-1.70%	–
AB	Exit	ALLIANCEBERNSTEIN HOLDING LPunit ltd partn	$0	–	-54,260	–	-1.76%	–
UBS	Exit	UBS GROUP AG	$0	–	-116,875	–	-1.96%	–
APAM	Exit	ARTISAN PARTNERS ASSET MGMTcl a	$0	–	-58,050	–	-2.00%	–
APLE	Exit	APPLE HOSPITALITY REIT INC	$0	–	-111,664	–	-2.08%	–
TIER	Exit	TIER REIT INC	$0	–	-82,022	–	-2.10%	–
NDAQ	Exit	NASDAQ INC	$0	–	-24,210	–	-2.21%	–
PFLT	Exit	PENNANTPARK FLOATING RATE CA	$0	–	-160,131	–	-2.24%	–
CBLAQ	Exit	CBL & ASSOC PPTYS INC	$0	–	-697,811	–	-2.96%	–
BANX	Exit	STONECASTLE FINL CORP	$0	–	-141,335	–	-3.37%	–
TSLX	Exit	TPG SPECIALTY LENDING INC	$0	–	-155,715	–	-3.38%	–
VTEB	Exit	VANGUARD MUN BD FD INCtax exempt bd	$0	–	-71,275	–	-3.83%	–
MUB	Exit	ISHARES TRnational mun etf	$0	–	-34,293	–	-3.94%	–
PMT	Exit	PENNYMAC MTG INVT TR	$0	–	-188,197	–	-4.05%	–
ARCC	Exit	ARES CAP CORP	$0	–	-231,339	–	-4.23%	–
PNNT	Exit	PENNANTPARK INVT CORP	$0	–	-544,054	–	-4.32%	–
MAIN	Exit	MAIN STREET CAPITAL CORP	$0	–	-107,611	–	-4.41%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-208,976	–	-4.78%	–
ARES	Exit	ARES MGMT LP	$0	–	-213,553	–	-5.27%	–
SHM	Exit	SPDR SER TRnuveen blmbrg sr	$0	–	-104,250	–	-5.29%	–
OCSI	Exit	OAKTREE STRATEGIC INCOME COR	$0	–	-596,657	–	-5.49%	–
OCSL	Exit	OAKTREE SPECIALTY LENDING CO	$0	–	-1,118,208	–	-5.90%	–

Q3 2018

			Value		Shares		↓ Weighting
OCSL	Buy	OAKTREE SPECIALTY LENDING CO	$5,546,000	+3.9%	1,118,208	+0.1%	5.90%	+7.2%
OCSI	Buy	OAKTREE STRATEGIC INCOME COR	$5,161,000	+6.4%	596,657	+4.6%	5.49%	+9.7%
SHM	Sell	SPDR SER TRnuveen blmbrg sr	$4,972,000	-12.0%	104,250	-11.5%	5.29%	-9.3%
ARES	Buy	ARES MGMT LP	$4,954,000	+81.7%	213,553	+62.2%	5.27%	+87.4%
STWD	Sell	STARWOOD PPTY TR INC	$4,497,000	-1.5%	208,976	-0.7%	4.78%	+1.5%
MAIN	Buy	MAIN STREET CAPITAL CORP	$4,143,000	+6.3%	107,611	+5.1%	4.41%	+9.6%
PNNT	Sell	PENNANTPARK INVT CORP	$4,059,000	+6.1%	544,054	-0.4%	4.32%	+9.4%
ARCC	Buy	ARES CAP CORP	$3,977,000	+7.7%	231,339	+3.0%	4.23%	+11.0%
PMT	Sell	PENNYMAC MTG INVT TR	$3,809,000	-0.8%	188,197	-6.9%	4.05%	+2.3%
MUB	Buy	ISHARES TRnational mun etf	$3,702,000	+111.2%	34,293	+113.3%	3.94%	+117.8%
VTEB	Buy	VANGUARD MUN BD FD INCtax exempt bd	$3,600,000	+60.3%	71,275	+61.8%	3.83%	+65.3%
TSLX	Buy	TPG SPECIALTY LENDING INC	$3,175,000	+30.0%	155,715	+14.4%	3.38%	+34.0%
BANX	Sell	STONECASTLE FINL CORP	$3,169,000	-2.2%	141,335	-0.2%	3.37%	+0.8%
CBLAQ	Buy	CBL & ASSOC PPTYS INC	$2,784,000	-4.8%	697,811	+32.9%	2.96%	-1.8%
PFLT	Sell	PENNANTPARK FLOATING RATE CA	$2,106,000	-8.1%	160,131	-4.6%	2.24%	-5.2%
NDAQ	Buy	NASDAQ INC	$2,077,000	-3.3%	24,210	+2.8%	2.21%	-0.3%
TIER	Sell	TIER REIT INC	$1,977,000	+0.6%	82,022	-0.8%	2.10%	+3.7%
APLE	Sell	APPLE HOSPITALITY REIT INC	$1,953,000	-3.4%	111,664	-1.3%	2.08%	-0.4%
APAM	Sell	ARTISAN PARTNERS ASSET MGMTcl a	$1,881,000	+5.2%	58,050	-2.1%	2.00%	+8.5%
UBS	Sell	UBS GROUP AG	$1,838,000	+0.9%	116,875	-1.6%	1.96%	+4.0%
AB	Buy	ALLIANCEBERNSTEIN HOLDING LPunit ltd partn	$1,652,000	+27.3%	54,260	+19.4%	1.76%	+31.2%
XOM	Buy	EXXON MOBIL CORP	$1,600,000	+24.2%	18,819	+20.9%	1.70%	+28.1%
MPV	Sell	BARINGS PARTN INVSsh ben int	$1,549,000	+0.9%	103,956	-0.5%	1.65%	+4.1%
	Sell	CORPORATE CAP TR INC	$1,375,000	-2.8%	90,135	-0.5%	1.46%	+0.2%
DEA	Sell	EASTERLY GOVT PPTYS INC	$1,303,000	-2.9%	67,281	-0.9%	1.39%	+0.1%
BBDC	New	BARINGS BDC INC	$1,094,000	–	109,263	–	1.16%	–
ACRE	Buy	ARES COML REAL ESTATE CORP	$1,041,000	+5.9%	74,505	+4.7%	1.11%	+9.2%
GSBD	Buy	GOLDMAN SACHS BDC INC	$1,024,000	+8.7%	46,190	+0.4%	1.09%	+12.0%
MCC	Buy	MEDLEY CAP CORP	$1,006,000	+53.1%	263,455	+39.2%	1.07%	+57.8%
FUN	New	CEDAR FAIR L Pdepositry unit	$978,000	–	18,770	–	1.04%	–
GEO	Sell	GEO GROUP INC NEW	$869,000	-9.1%	34,537	-0.5%	0.92%	-6.3%
NGL	Sell	NGL ENERGY PARTNERS LP	$791,000	-8.0%	68,153	-0.9%	0.84%	-5.2%
EFC	Sell	ELLINGTON FINANCIAL LLC	$767,000	-21.9%	47,896	-23.9%	0.82%	-19.4%
HCAP	Buy	HARVEST CAP CR CORP	$765,000	+72.7%	70,194	+67.3%	0.81%	+78.1%
CONE	Sell	CYRUSONE INC	$706,000	-11.0%	11,143	-18.0%	0.75%	-8.2%
VGSH	Sell	VANGUARD SCOTTSDALE FDSshort term treas	$666,000	-19.0%	11,150	-18.7%	0.71%	-16.5%
MCI	Buy	BARINGS CORPORATE INVS	$662,000	+1.8%	43,187	+0.4%	0.70%	+4.9%
FPE	Sell	FIRST TR EXCHANGE-TRADED FDpfd secs inc etf	$526,000	-32.6%	27,540	-32.7%	0.56%	-30.4%
TIP	Sell	ISHARES TRtips bd etf	$509,000	-15.3%	4,600	-13.6%	0.54%	-12.7%
NUV	Sell	NUVEEN MUN VALUE FD INC	$504,000	-15.7%	53,877	-13.8%	0.54%	-13.1%
MTR	Sell	MESA RTY TRunit ben int	$452,000	-0.9%	31,595	-0.6%	0.48%	+2.3%
TFI	Sell	SPDR SER TRnuveen brc munic	$392,000	-27.7%	8,260	-26.9%	0.42%	-25.4%
AGG	Sell	ISHARES TRcore us aggbd et	$348,000	-18.1%	3,300	-17.5%	0.37%	-15.5%
HTGC	Buy	HERCULES CAPITAL INC	$312,000	+6.5%	23,720	+2.4%	0.33%	+9.9%
BEN	Sell	FRANKLIN RES INC	$288,000	-7.4%	9,470	-2.3%	0.31%	-4.7%
TWO	New	TWO HBRS INVT CORP	$241,000	–	16,146	–	0.26%	–
QCOM	New	QUALCOMM INC	$216,000	–	3,000	–	0.23%	–
AAPL	New	APPLE INC	$205,000	–	908	–	0.22%	–
GE	New	GENERAL ELECTRIC CO	$144,000	–	12,713	–	0.15%	–
AINV	Sell	APOLLO INVT CORP	$93,000	-97.1%	17,135	-97.1%	0.10%	-97.1%
HGTXU	Sell	HUGOTON RTY TR TEXunit ben int	$91,000	-40.1%	232,648	-0.4%	0.10%	-38.2%
HYT	Exit	BLACKROCK CORPOR HI YLD FD I	$0	–	-14,800	–	-0.16%	–
COTY	Exit	COTY INC	$0	–	-11,185	–	-0.16%	–
ORAN	Exit	ORANGEsponsored adr	$0	–	-10,300	–	-0.18%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-4,935	–	-0.21%	–
FHI	Exit	FEDERATED INVS INC PAcl b	$0	–	-9,775	–	-0.24%	–
CYS	Exit	CYS INVTS INC	$0	–	-34,500	–	-0.27%	–
DOC	Exit	PHYSICIANS RLTY TR	$0	–	-17,845	–	-0.29%	–
HYD	Exit	VANECK VECTORS ETF TRhigh yld mun etf	$0	–	-12,541	–	-0.41%	–
OAK	Exit	OAKTREE CAP GROUP LLCunit cl a	$0	–	-69,100	–	-2.90%	–
TCAP	Exit	TRIANGLE CAP CORP	$0	–	-391,616	–	-4.65%	–

Q2 2018

			Value		Shares		↓ Weighting
SHM	New	SPDR SER TRnuveen blmbrg sr	$5,653,000	–	117,800	–	5.83%	–
OCSL	New	OAKTREE SPECIALTY LENDING CO	$5,338,000	–	1,116,643	–	5.51%	–
OCSI	New	OAKTREE STRATEGIC INCOME COR	$4,850,000	–	570,607	–	5.00%	–
STWD	New	STARWOOD PPTY TR INC	$4,567,000	–	210,376	–	4.71%	–
TCAP	New	TRIANGLE CAP CORP	$4,504,000	–	391,616	–	4.65%	–
MAIN	New	MAIN STREET CAPITAL CORP	$3,897,000	–	102,383	–	4.02%	–
PMT	New	PENNYMAC MTG INVT TR	$3,838,000	–	202,087	–	3.96%	–
PNNT	New	PENNANTPARK INVT CORP	$3,826,000	–	546,245	–	3.95%	–
ARCC	New	ARES CAP CORP	$3,694,000	–	224,587	–	3.81%	–
AINV	New	APOLLO INVT CORP	$3,263,000	–	585,751	–	3.37%	–
BANX	New	STONECASTLE FINL CORP	$3,241,000	–	141,575	–	3.34%	–
CBLAQ	New	CBL & ASSOC PPTYS INC	$2,924,000	–	524,951	–	3.02%	–
OAK	New	OAKTREE CAP GROUP LLCunit cl a	$2,809,000	–	69,100	–	2.90%	–
ARES	New	ARES MGMT LP	$2,726,000	–	131,678	–	2.81%	–
TSLX	New	TPG SPECIALTY LENDING INC	$2,443,000	–	136,165	–	2.52%	–
PFLT	New	PENNANTPARK FLOATING RATE CA	$2,292,000	–	167,794	–	2.36%	–
VTEB	New	VANGUARD MUN BD FD INCtax exempt bd	$2,246,000	–	44,064	–	2.32%	–
NDAQ	New	NASDAQ INC	$2,148,000	–	23,540	–	2.22%	–
APLE	New	APPLE HOSPITALITY REIT INC	$2,022,000	–	113,081	–	2.09%	–
TIER	New	TIER REIT INC	$1,965,000	–	82,648	–	2.03%	–
UBS	New	UBS GROUP AG	$1,822,000	–	118,775	–	1.88%	–
APAM	New	ARTISAN PARTNERS ASSET MGMTcl a	$1,788,000	–	59,300	–	1.84%	–
MUB	New	ISHARES TRnational mun etf	$1,753,000	–	16,079	–	1.81%	–
MPV	New	BARINGS PARTN INVSsh ben int	$1,535,000	–	104,446	–	1.58%	–
	New	CORPORATE CAP TR INC	$1,415,000	–	90,585	–	1.46%	–
DEA	New	EASTERLY GOVT PPTYS INC	$1,342,000	–	67,921	–	1.38%	–
AB	New	ALLIANCEBERNSTEIN HOLDING LPunit ltd partn	$1,298,000	–	45,455	–	1.34%	–
XOM	New	EXXON MOBIL CORP	$1,288,000	–	15,571	–	1.33%	–
ACRE	New	ARES COML REAL ESTATE CORP	$983,000	–	71,155	–	1.01%	–
EFC	New	ELLINGTON FINANCIAL LLC	$982,000	–	62,932	–	1.01%	–
GEO	New	GEO GROUP INC NEW	$956,000	–	34,715	–	0.99%	–
GSBD	New	GOLDMAN SACHS BDC INC	$942,000	–	45,990	–	0.97%	–
NGL	New	NGL ENERGY PARTNERS LP	$860,000	–	68,792	–	0.89%	–
VGSH	New	VANGUARD SCOTTSDALE FDSshort term treas	$822,000	–	13,723	–	0.85%	–
CONE	New	CYRUSONE INC	$793,000	–	13,582	–	0.82%	–
FPE	New	FIRST TR EXCHANGE-TRADED FDpfd secs inc etf	$780,000	–	40,898	–	0.80%	–
MCC	New	MEDLEY CAP CORP	$657,000	–	189,230	–	0.68%	–
MCI	New	BARINGS CORPORATE INVS	$650,000	–	43,019	–	0.67%	–
TIP	New	ISHARES TRtips bd etf	$601,000	–	5,325	–	0.62%	–
NUV	New	NUVEEN MUN VALUE FD INC	$598,000	–	62,519	–	0.62%	–
TFI	New	SPDR SER TRnuveen brc munic	$542,000	–	11,300	–	0.56%	–
MTR	New	MESA RTY TRunit ben int	$456,000	–	31,795	–	0.47%	–
HCAP	New	HARVEST CAP CR CORP	$443,000	–	41,969	–	0.46%	–
AGG	New	ISHARES TRcore us aggbd et	$425,000	–	4,000	–	0.44%	–
HYD	New	VANECK VECTORS ETF TRhigh yld mun etf	$395,000	–	12,541	–	0.41%	–
SUB	New	ISHARES TRshrt nat mun etf	$347,000	–	3,300	–	0.36%	–
BEN	New	FRANKLIN RES INC	$311,000	–	9,695	–	0.32%	–
FISV	New	FISERV INC	$300,000	–	4,048	–	0.31%	–
CSWC	New	CAPITAL SOUTHWEST CORP	$297,000	–	16,400	–	0.31%	–
HTGC	New	HERCULES CAPITAL INC	$293,000	–	23,170	–	0.30%	–
DOC	New	PHYSICIANS RLTY TR	$284,000	–	17,845	–	0.29%	–
OHI	New	OMEGA HEALTHCARE INVS INC	$281,000	–	9,050	–	0.29%	–
BP	New	BP PLCsponsored adr	$274,000	–	6,000	–	0.28%	–
CYS	New	CYS INVTS INC	$259,000	–	34,500	–	0.27%	–
JNJ	New	JOHNSON & JOHNSON	$255,000	–	2,099	–	0.26%	–
FHI	New	FEDERATED INVS INC PAcl b	$228,000	–	9,775	–	0.24%	–
ABBV	New	ABBVIE INC	$208,000	–	2,246	–	0.22%	–
SU	New	SUNCOR ENERGY INC NEW	$201,000	–	4,935	–	0.21%	–
ORAN	New	ORANGEsponsored adr	$172,000	–	10,300	–	0.18%	–
COTY	New	COTY INC	$158,000	–	11,185	–	0.16%	–
HYT	New	BLACKROCK CORPOR HI YLD FD I	$155,000	–	14,800	–	0.16%	–
HGTXU	New	HUGOTON RTY TR TEXunit ben int	$152,000	–	233,554	–	0.16%	–
NEV	New	NUVEEN ENHANCED MUN VALUE FD	$149,000	–	10,884	–	0.15%	–
NCA	New	NUVEEN CALIF MUN VALUE FD	$99,000	–	10,480	–	0.10%	–
NTIP	New	NETWORK 1 TECHNOLOGIES INC	$78,000	–	25,040	–	0.08%	–
UAN	New	CVR PARTNERS LP	$69,000	–	20,781	–	0.07%	–

Q4 2017

			Value		Shares		↓ Weighting
UAN	Exit	CVR PARTNERS LP	$0	–	-22,252	–	-0.09%	–
HYT	Exit	BLACKROCK CORPOR HI YLD FD I	$0	–	-16,652	–	-0.24%	–
COTY	Exit	COTY INC	$0	–	-11,710	–	-0.25%	–
TCPC	Exit	TCP CAP CORP	$0	–	-11,875	–	-0.25%	–
CIO	Exit	CITY OFFICE REIT INC	$0	–	-15,850	–	-0.28%	–
MTR	Exit	MESA RTY TRunit ben int	$0	–	-14,449	–	-0.29%	–
SUN	Exit	SUNOCO LP	$0	–	-7,200	–	-0.29%	–
BP	Exit	BP PLCsponsored adr	$0	–	-6,000	–	-0.30%	–
OAK	Exit	OAKTREE CAP GROUP LLCunit cl a	$0	–	-5,005	–	-0.30%	–
ORAN	Exit	ORANGEsponsored adr	$0	–	-15,000	–	-0.32%	–
STT	Exit	STATE STR CORP	$0	–	-2,670	–	-0.33%	–
CLNS	Exit	COLONY NORTHSTAR INC	$0	–	-20,484	–	-0.33%	–
FISV	Exit	FISERV INC	$0	–	-2,024	–	-0.34%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-6,000	–	-0.34%	–
CYS	Exit	CYS INVTS INC	$0	–	-31,050	–	-0.34%	–
HGTXU	Exit	HUGOTON RTY TR TEXunit ben int	$0	–	-155,686	–	-0.37%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,225	–	-0.37%	–
MUB	Exit	ISHARES TRnational mun etf	$0	–	-2,752	–	-0.39%	–
TFI	Exit	SPDR SER TRnuveen brc munic	$0	–	-6,850	–	-0.43%	–
DOC	Exit	PHYSICIANS RLTY TR	$0	–	-21,670	–	-0.49%	–
SHM	Exit	SPDR SER TRnuveen blmbrg sr	$0	–	-9,000	–	-0.56%	–
FSAM	Exit	FIFTH STR ASSET MGMT INC	$0	–	-117,330	–	-0.59%	–
MCI	Exit	BARINGS CORPORATE INVS	$0	–	-43,004	–	-0.87%	–
GSBD	Exit	GOLDMAN SACHS BDC INC	$0	–	-36,305	–	-1.06%	–
CONE	Exit	CYRUSONE INC	$0	–	-15,820	–	-1.20%	–
NUV	Exit	NUVEEN MUN VALUE FD INC	$0	–	-94,749	–	-1.25%	–
EFC	Exit	ELLINGTON FINANCIAL LLC	$0	–	-70,838	–	-1.44%	–
ARES	Exit	ARES MGMT L P	$0	–	-63,466	–	-1.52%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-15,971	–	-1.68%	–
NGL	Exit	NGL ENERGY PARTNERS LP	$0	–	-115,805	–	-1.72%	–
DEA	Exit	EASTERLY GOVT PPTYS INC	$0	–	-65,425	–	-1.74%	–
MPV	Exit	BARINGS PARTN INVSsh ben int	$0	–	-95,385	–	-1.77%	–
TIER	Exit	TIER REIT INC	$0	–	-86,225	–	-2.14%	–
TCAP	Exit	TRIANGLE CAP CORP	$0	–	-126,368	–	-2.32%	–
GEO	Exit	GEO GROUP INC NEW	$0	–	-73,993	–	-2.56%	–
APLE	Exit	APPLE HOSPITALITY REIT INC	$0	–	-116,176	–	-2.83%	–
FSFR	Exit	FIFTH STR SR FLOATNG RATE CO	$0	–	-256,125	–	-2.90%	–
APO	Exit	APOLLO GLOBAL MGMT LLC	$0	–	-83,253	–	-3.22%	–
TSLX	Exit	TPG SPECIALTY LENDING INC	$0	–	-122,400	–	-3.30%	–
PFLT	Exit	PENNANTPARK FLOATING RATE CA	$0	–	-185,354	–	-3.45%	–
BANX	Exit	STONECASTLE FINL CORP	$0	–	-152,496	–	-4.05%	–
OHI	Exit	OMEGA HEALTHCARE INVS INC	$0	–	-111,269	–	-4.57%	–
ARCC	Exit	ARES CAP CORP	$0	–	-220,813	–	-4.66%	–
AINV	Exit	APOLLO INVT CORP	$0	–	-603,125	–	-4.74%	–
PNNT	Exit	PENNANTPARK INVT CORP	$0	–	-530,506	–	-5.13%	–
MAIN	Exit	MAIN STREET CAPITAL CORP	$0	–	-108,689	–	-5.56%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-209,420	–	-5.85%	–
CBLAQ	Exit	CBL & ASSOC PPTYS INC	$0	–	-576,001	–	-6.22%	–
FSC	Exit	FIFTH STREET FINANCE CORP	$0	–	-948,312	–	-6.67%	–
PMT	Exit	PENNYMAC MTG INVT TR	$0	–	-360,056	–	-8.06%	–

Q3 2017

			Value		Shares		↓ Weighting
PMT	Buy	PENNYMAC MTG INVT TR	$6,261,000	-4.9%	360,056	+0.1%	8.06%	+4.8%
FSC	Buy	FIFTH STREET FINANCE CORP	$5,187,000	+14.2%	948,312	+1.4%	6.67%	+25.7%
CBLAQ	Buy	CBL & ASSOC PPTYS INC	$4,833,000	+1.0%	576,001	+1.5%	6.22%	+11.3%
STWD	Buy	STARWOOD PPTY TR INC	$4,549,000	-2.7%	209,420	+0.3%	5.85%	+7.2%
MAIN	Sell	MAIN STREET CAPITAL CORP	$4,320,000	-2.0%	108,689	-5.2%	5.56%	+7.9%
PNNT	Sell	PENNANTPARK INVT CORP	$3,984,000	+0.6%	530,506	-1.0%	5.13%	+10.8%
AINV	Buy	APOLLO INVT CORP	$3,685,000	-2.5%	603,125	+2.0%	4.74%	+7.4%
ARCC	Sell	ARES CAP CORP	$3,619,000	-55.9%	220,813	-55.9%	4.66%	-51.4%
OHI	Buy	OMEGA HEALTHCARE INVS INC	$3,551,000	-2.0%	111,269	+1.3%	4.57%	+7.9%
BANX	Buy	STONECASTLE FINL CORP	$3,148,000	+20.4%	152,496	+19.0%	4.05%	+32.7%
PFLT	Buy	PENNANTPARK FLOATING RATE CA	$2,684,000	+14.4%	185,354	+11.4%	3.45%	+25.9%
TSLX	Buy	TPG SPECIALTY LENDING INC	$2,566,000	+11.3%	122,400	+8.6%	3.30%	+22.6%
APO	Buy	APOLLO GLOBAL MGMT LLC	$2,506,000	+16.8%	83,253	+2.6%	3.22%	+28.7%
FSFR	Buy	FIFTH STR SR FLOATNG RATE CO	$2,254,000	+12.0%	256,125	+3.7%	2.90%	+23.4%
APLE	Sell	APPLE HOSPITALITY REIT INC	$2,197,000	+0.3%	116,176	-0.7%	2.83%	+10.5%
GEO	Sell	GEO GROUP INC NEW	$1,990,000	-9.6%	73,993	-0.6%	2.56%	-0.4%
TCAP	Buy	TRIANGLE CAP CORP	$1,805,000	-17.8%	126,368	+1.4%	2.32%	-9.4%
TIER	Buy	TIER REIT INC	$1,664,000	+9.5%	86,225	+4.8%	2.14%	+20.6%
MPV	Sell	BARINGS PARTN INVSsh ben int	$1,376,000	+3.2%	95,385	-0.2%	1.77%	+13.7%
DEA	Buy	EASTERLY GOVT PPTYS INC	$1,352,000	-0.9%	65,425	+0.4%	1.74%	+9.2%
NGL	Buy	NGL ENERGY PARTNERS LP	$1,338,000	+30.7%	115,805	+58.2%	1.72%	+44.0%
XOM	Buy	EXXON MOBIL CORP	$1,309,000	+68.7%	15,971	+66.0%	1.68%	+85.9%
ARES	Buy	ARES MGMT L P	$1,184,000	+9.8%	63,466	+5.9%	1.52%	+21.0%
EFC	Sell	ELLINGTON FINANCIAL LLC	$1,119,000	-12.9%	70,838	-10.6%	1.44%	-4.0%
NUV	New	NUVEEN MUN VALUE FD INC	$970,000	–	94,749	–	1.25%	–
CONE	Buy	CYRUSONE INC	$932,000	+6.4%	15,820	+0.6%	1.20%	+17.2%
GSBD	Buy	GOLDMAN SACHS BDC INC	$828,000	+18.6%	36,305	+17.1%	1.06%	+30.7%
MCI	Sell	BARINGS CORPORATE INVS	$679,000	+4.5%	43,004	-0.2%	0.87%	+15.2%
FSAM	Sell	FIFTH STR ASSET MGMT INC	$458,000	-20.5%	117,330	-1.3%	0.59%	-12.5%
SHM	Sell	SPDR SER TRnuveen blmbrg sr	$437,000	-21.5%	9,000	-21.7%	0.56%	-13.7%
TFI	Sell	SPDR SER TRnuveen brc munic	$335,000	-18.9%	6,850	-19.4%	0.43%	-10.6%
HGTXU	Sell	HUGOTON RTY TR TEXunit ben int	$288,000	+0.7%	155,686	-2.1%	0.37%	+11.1%
CLNS	Buy	COLONY NORTHSTAR INC	$257,000	-8.2%	20,484	+2.9%	0.33%	+1.2%
ORAN	New	ORANGEsponsored adr	$246,000	–	15,000	–	0.32%	–
MTR	New	MESA RTY TRunit ben int	$223,000	–	14,449	–	0.29%	–
CIO	Sell	CITY OFFICE REIT INC	$218,000	+7.9%	15,850	-0.8%	0.28%	+18.6%
TCPC	New	TCP CAP CORP	$196,000	–	11,875	–	0.25%	–
COTY	Buy	COTY INC	$194,000	-8.9%	11,710	+3.1%	0.25%	+0.4%
UAN	Buy	CVR PARTNERS LP	$72,000	-6.5%	22,252	+0.0%	0.09%	+3.3%
HPHWQ	Exit	HOOPER HOLMES INC	$0	–	-44,020	–	-0.04%	–
AAPL	Exit	APPLE INC	$0	–	-1,493	–	-0.25%	–
PFSI	Exit	PENNYMAC FINL SVCS INCcl a	$0	–	-91,850	–	-1.79%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-69,658	–	-6.04%	–

Q2 2017

			Value		Shares		↓ Weighting
ARCC	New	ARES CAP CORP	$8,199,000	–	500,567	–	9.58%	–
PMT	New	PENNYMAC MTG INVT TR	$6,581,000	–	359,836	–	7.69%	–
TROW	New	PRICE T ROWE GROUP INC	$5,169,000	–	69,658	–	6.04%	–
CBLAQ	New	CBL & ASSOC PPTYS INC	$4,784,000	–	567,551	–	5.59%	–
STWD	New	STARWOOD PPTY TR INC	$4,674,000	–	208,795	–	5.46%	–
FSC	New	FIFTH STREET FINANCE CORP	$4,544,000	–	935,076	–	5.31%	–
MAIN	New	MAIN STREET CAPITAL CORP	$4,408,000	–	114,634	–	5.15%	–
PNNT	New	PENNANTPARK INVT CORP	$3,961,000	–	536,106	–	4.63%	–
AINV	New	APOLLO INVT CORP	$3,778,000	–	591,300	–	4.41%	–
OHI	New	OMEGA HEALTHCARE INVS INC	$3,625,000	–	109,794	–	4.23%	–
BANX	New	STONECASTLE FINL CORP	$2,614,000	–	128,141	–	3.05%	–
PFLT	New	PENNANTPARK FLOATING RATE CA	$2,347,000	–	166,341	–	2.74%	–
TSLX	New	TPG SPECIALTY LENDING INC	$2,305,000	–	112,750	–	2.69%	–
GEO	New	GEO GROUP INC NEW	$2,201,000	–	74,443	–	2.57%	–
TCAP	New	TRIANGLE CAP CORP	$2,195,000	–	124,598	–	2.56%	–
APLE	New	APPLE HOSPITALITY REIT INC	$2,190,000	–	117,051	–	2.56%	–
APO	New	APOLLO GLOBAL MGMT LLC	$2,145,000	–	81,118	–	2.51%	–
FSFR	New	FIFTH STR SR FLOATNG RATE CO	$2,012,000	–	246,975	–	2.35%	–
PFSI	New	PENNYMAC FINL SVCS INCcl a	$1,533,000	–	91,850	–	1.79%	–
TIER	New	TIER REIT INC	$1,520,000	–	82,300	–	1.78%	–
DEA	New	EASTERLY GOVT PPTYS INC	$1,364,000	–	65,150	–	1.59%	–
MPV	New	BARINGS PARTN INVSsh ben int	$1,333,000	–	95,585	–	1.56%	–
EFC	New	ELLINGTON FINANCIAL LLC	$1,284,000	–	79,248	–	1.50%	–
ARES	New	ARES MGMT L P	$1,078,000	–	59,941	–	1.26%	–
NGL	New	NGL ENERGY PARTNERS LP	$1,024,000	–	73,210	–	1.20%	–
CONE	New	CYRUSONE INC	$876,000	–	15,730	–	1.02%	–
XOM	New	EXXON MOBIL CORP	$776,000	–	9,621	–	0.91%	–
GSBD	New	GOLDMAN SACHS BDC INC	$698,000	–	31,005	–	0.82%	–
MCI	New	BARINGS CORPORATE INVS	$650,000	–	43,104	–	0.76%	–
FSAM	New	FIFTH STR ASSET MGMT INC	$576,000	–	118,830	–	0.67%	–
SHM	New	SPDR SER TRnuveen blmbrg sr	$557,000	–	11,500	–	0.65%	–
DOC	New	PHYSICIANS RLTY TR	$436,000	–	21,670	–	0.51%	–
TFI	New	SPDR SER TRnuveen brc munic	$413,000	–	8,500	–	0.48%	–
MUB	New	ISHARES TRnational mun etf	$303,000	–	2,752	–	0.35%	–
JNJ	New	JOHNSON & JOHNSON	$294,000	–	2,225	–	0.34%	–
HGTXU	New	HUGOTON RTY TR TEXunit ben int	$286,000	–	158,986	–	0.33%	–
CLNS	New	COLONY NORTHSTAR INC	$280,000	–	19,908	–	0.33%	–
BEN	New	FRANKLIN RES INC	$268,000	–	6,000	–	0.31%	–
CYS	New	CYS INVTS INC	$261,000	–	31,050	–	0.30%	–
FISV	New	FISERV INC	$247,000	–	2,024	–	0.29%	–
STT	New	STATE STR CORP	$239,000	–	2,670	–	0.28%	–
OAK	New	OAKTREE CAP GROUP LLCunit cl a	$233,000	–	5,005	–	0.27%	–
SUN	New	SUNOCO LP	$220,000	–	7,200	–	0.26%	–
AAPL	New	APPLE INC	$215,000	–	1,493	–	0.25%	–
COTY	New	COTY INC	$213,000	–	11,360	–	0.25%	–
BP	New	BP PLCsponsored adr	$207,000	–	6,000	–	0.24%	–
CIO	New	CITY OFFICE REIT INC	$202,000	–	15,975	–	0.24%	–
HYT	New	BLACKROCK CORPOR HI YLD FD I	$182,000	–	16,652	–	0.21%	–
UAN	New	CVR PARTNERS LP	$77,000	–	22,251	–	0.09%	–
HPHWQ	New	HOOPER HOLMES INC	$31,000	–	44,020	–	0.04%	–

Q4 2016

			Value		Shares		↓ Weighting
	Exit	BANK OF IRELAND-DUBLIN LISTED	$0	–	-80,000	–	-0.02%	–
HPHWQ	Exit	HOOPER HOLMES INC	$0	–	-46,174	–	-0.06%	–
TIER	Exit	TIER REIT INC	$0	–	-12,500	–	-0.19%	–
FISV	Exit	FISERV INC	$0	–	-2,024	–	-0.20%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-2,180	–	-0.21%	–
OAK	Exit	OAKTREE CAP GROUP LLCunit cl a	$0	–	-4,873	–	-0.21%	–
STOR	Exit	STORE CAP CORP	$0	–	-7,815	–	-0.23%	–
DOC	Exit	PHYSICIANS RLTY TR	$0	–	-11,240	–	-0.24%	–
COTY	Exit	COTY INC	$0	–	-10,385	–	-0.25%	–
MIC	Exit	MACQUARIE INFRASTRUCTURE COR	$0	–	-2,933	–	-0.25%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,099	–	-0.25%	–
GLP	Exit	GLOBAL PARTNERS LP	$0	–	-15,366	–	-0.25%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-5,805	–	-0.25%	–
SU	Exit	SUNCOR ENERGY INC NEW	$0	–	-8,974	–	-0.25%	–
SRG	Exit	SERITAGE GROWTH PPTYScl a	$0	–	-4,975	–	-0.25%	–
APLE	Exit	APPLE HOSPITALITY REIT INC	$0	–	-14,775	–	-0.28%	–
STT	Exit	STATE STR CORP	$0	–	-3,945	–	-0.28%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP I	$0	–	-24,695	–	-0.32%	–
SUN	Exit	SUNOCO LP	$0	–	-11,300	–	-0.33%	–
GSBD	Exit	GOLDMAN SACHS BDC INC	$0	–	-16,440	–	-0.36%	–
HGTXU	Exit	HUGOTON RTY TR TEXunit ben int	$0	–	-150,836	–	-0.36%	–
UAN	Exit	CVR PARTNERS LP	$0	–	-94,829	–	-0.50%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-3,510	–	-0.57%	–
FSAM	Exit	FIFTH STR ASSET MGMT INC	$0	–	-111,805	–	-0.62%	–
MCI	Exit	BARINGS CORPORATE INVS	$0	–	-36,237	–	-0.63%	–
LOCK	Exit	LIFELOCK INC	$0	–	-37,025	–	-0.63%	–
EARN	Exit	ELLINGTON RESIDENTIAL MTG RE	$0	–	-56,090	–	-0.73%	–
CONE	Exit	CYRUSONE INC	$0	–	-17,120	–	-0.82%	–
CXW	Exit	CORRECTIONS CORP AMER NEW	$0	–	-62,525	–	-0.87%	–
CYS	Exit	CYS INVTS INC	$0	–	-103,625	–	-0.91%	–
PFLT	Exit	PENNANTPARK FLOATING RATE CA	$0	–	-78,980	–	-1.05%	–
EEQ	Exit	ENBRIDGE ENERGY MANAGEMENT L	$0	–	-42,484	–	-1.09%	–
BANX	Exit	STONECASTLE FINL CORP	$0	–	-66,200	–	-1.24%	–
MPV	Exit	BARINGS PARTN INVSsh ben int	$0	–	-93,828	–	-1.37%	–
NGL	Exit	NGL ENERGY PARTNERS LP	$0	–	-75,310	–	-1.43%	–
GEO	Exit	GEO GROUP INC NEW	$0	–	-60,080	–	-1.44%	–
APO	Exit	APOLLO GLOBAL MGMT LLC	$0	–	-80,683	–	-1.46%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-17,864	–	-1.57%	–
PFSI	Exit	PENNYMAC FINL SVCS INCcl a	$0	–	-104,343	–	-1.79%	–
AB	Exit	ALLIANCEBERNSTEIN HOLDING LPunit ltd partn	$0	–	-82,945	–	-1.90%	–
CLNY	Exit	COLONY CAP INCcl a	$0	–	-112,010	–	-2.06%	–
WHG	Exit	WESTWOOD HLDGS GROUP INC	$0	–	-42,475	–	-2.27%	–
TD	Exit	TORONTO DOMINION BK ONT	$0	–	-55,660	–	-2.49%	–
OKE	Exit	ONEOK INC NEW	$0	–	-51,380	–	-2.66%	–
MCC	Exit	MEDLEY CAP CORP	$0	–	-348,007	–	-2.67%	–
AINV	Exit	APOLLO INVT CORP	$0	–	-481,250	–	-2.81%	–
TCAP	Exit	TRIANGLE CAP CORP	$0	–	-168,726	–	-3.35%	–
OHI	Exit	OMEGA HEALTHCARE INVS INC	$0	–	-115,519	–	-4.12%	–
FSC	Exit	FIFTH STREET FINANCE CORP	$0	–	-762,965	–	-4.46%	–
MAIN	Exit	MAIN STREET CAPITAL CORP	$0	–	-135,501	–	-4.68%	–
EFC	Exit	ELLINGTON FINANCIAL LLC	$0	–	-287,110	–	-4.82%	–
PNNT	Exit	PENNANTPARK INVT CORP	$0	–	-668,851	–	-5.06%	–
TROW	Exit	PRICE T ROWE GROUP INC	$0	–	-80,426	–	-5.38%	–
CBLAQ	Exit	CBL & ASSOC PPTYS INC	$0	–	-444,241	–	-5.43%	–
PMT	Exit	PENNYMAC MTG INVT TR	$0	–	-419,771	–	-6.58%	–
ARCC	Exit	ARES CAP CORP	$0	–	-483,607	–	-7.55%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-350,924	–	-7.96%	–

Q3 2016

			Value		Shares		↓ Weighting
STWD	Buy	STARWOOD PPTY TR INC	$7,902,000	+9.5%	350,924	+0.8%	7.96%	+3.5%
ARCC	Buy	ARES CAP CORP	$7,495,000	+12.4%	483,607	+3.0%	7.55%	+6.2%
PMT	Sell	PENNYMAC MTG INVT TR	$6,540,000	-23.6%	419,771	-20.4%	6.58%	-27.8%
CBLAQ	Buy	CBL & ASSOC PPTYS INC	$5,393,000	+104.8%	444,241	+57.1%	5.43%	+93.5%
TROW	Buy	PRICE T ROWE GROUP INC	$5,348,000	-7.6%	80,426	+1.5%	5.38%	-12.7%
PNNT	Buy	PENNANTPARK INVT CORP	$5,029,000	+18.5%	668,851	+7.7%	5.06%	+12.0%
EFC	Sell	ELLINGTON FINANCIAL LLC	$4,786,000	-49.2%	287,110	-47.8%	4.82%	-52.0%
MAIN	Sell	MAIN STREET CAPITAL CORP	$4,651,000	-30.1%	135,501	-33.1%	4.68%	-33.9%
FSC	Buy	FIFTH STREET FINANCE CORP	$4,432,000	+59.4%	762,965	+33.0%	4.46%	+50.6%
OHI	Buy	OMEGA HEALTHCARE INVS INC	$4,095,000	+6.0%	115,519	+1.6%	4.12%	+0.2%
TCAP	Buy	TRIANGLE CAP CORP	$3,323,000	+2.9%	168,726	+1.3%	3.35%	-2.8%
AINV	Buy	APOLLO INVT CORP	$2,791,000	+287.6%	481,250	+270.4%	2.81%	+266.4%
MCC	Buy	MEDLEY CAP CORP	$2,655,000	+115.2%	348,007	+88.9%	2.67%	+103.3%
OKE	Sell	ONEOK INC NEW	$2,640,000	-2.2%	51,380	-9.7%	2.66%	-7.6%
WHG	Sell	WESTWOOD HLDGS GROUP INC	$2,255,000	-4.9%	42,475	-7.2%	2.27%	-10.2%
CLNY	New	COLONY CAP INCcl a	$2,041,000	–	112,010	–	2.06%	–
AB	Sell	ALLIANCEBERNSTEIN HOLDING LPunit ltd partn	$1,891,000	-7.4%	82,945	-5.4%	1.90%	-12.5%
PFSI	Buy	PENNYMAC FINL SVCS INCcl a	$1,774,000	+37.1%	104,343	+0.7%	1.79%	+29.5%
APO	Buy	APOLLO GLOBAL MGMT LLC	$1,449,000	+64.7%	80,683	+38.9%	1.46%	+55.5%
GEO	Buy	GEO GROUP INC NEW	$1,428,000	-18.2%	60,080	+17.6%	1.44%	-22.7%
NGL	Sell	NGL ENERGY PARTNERS LP	$1,418,000	-5.8%	75,310	-3.3%	1.43%	-11.0%
MPV	New	BARINGS PARTN INVSsh ben int	$1,365,000	–	93,828	–	1.37%	–
BANX	New	STONECASTLE FINL CORP	$1,235,000	–	66,200	–	1.24%	–
EEQ	Buy	ENBRIDGE ENERGY MANAGEMENT L	$1,080,000	+13.3%	42,484	+2.6%	1.09%	+7.1%
PFLT	Buy	PENNANTPARK FLOATING RATE CA	$1,044,000	+52.4%	78,980	+43.0%	1.05%	+44.0%
CYS	Sell	CYS INVTS INC	$903,000	+0.9%	103,625	-3.1%	0.91%	-4.7%
CXW	Buy	CORRECTIONS CORP AMER NEW	$867,000	+172.6%	62,525	+589.0%	0.87%	+157.5%
CONE	Sell	CYRUSONE INC	$814,000	-16.2%	17,120	-1.9%	0.82%	-20.8%
EARN	Buy	ELLINGTON RESIDENTIAL MTG RE	$728,000	+8.2%	56,090	+8.8%	0.73%	+2.2%
LOCK	Sell	LIFELOCK INC	$626,000	+3.8%	37,025	-3.0%	0.63%	-2.0%
MCI	New	BARINGS CORPORATE INVS	$622,000	–	36,237	–	0.63%	–
FSAM	Buy	FIFTH STR ASSET MGMT INC	$616,000	+36.6%	111,805	+0.1%	0.62%	+28.9%
GS	Sell	GOLDMAN SACHS GROUP INC	$566,000	+7.4%	3,510	-1.1%	0.57%	+1.4%
UAN	Buy	CVR PARTNERS LP	$502,000	+36.0%	94,829	+109.8%	0.50%	+28.5%
GSBD	Buy	GOLDMAN SACHS BDC INC	$357,000	+41.1%	16,440	+30.1%	0.36%	+33.0%
NSAM	New	NORTHSTAR ASSET MGMT GROUP I	$319,000	–	24,695	–	0.32%	–
STT	New	STATE STR CORP	$274,000	–	3,945	–	0.28%	–
APLE	Buy	APPLE HOSPITALITY REIT INC	$273,000	+3.8%	14,775	+5.7%	0.28%	-1.8%
SRG	Buy	SERITAGE GROWTH PPTYScl a	$252,000	+2.9%	4,975	+1.2%	0.25%	-2.7%
PACW	Sell	PACWEST BANCORP DEL	$249,000	-7.1%	5,805	-13.7%	0.25%	-12.2%
SU	Sell	SUNCOR ENERGY INC NEW	$249,000	0.0%	8,974	-0.0%	0.25%	-5.3%
GLP	Buy	GLOBAL PARTNERS LP	$248,000	+37.0%	15,366	+16.3%	0.25%	+29.5%
JNJ	Sell	JOHNSON & JOHNSON	$247,000	-16.3%	2,099	-13.8%	0.25%	-20.7%
COTY	Sell	COTY INC	$244,000	-10.0%	10,385	-0.2%	0.25%	-14.9%
MIC	New	MACQUARIE INFRASTRUCTURE COR	$244,000	–	2,933	–	0.25%	–
DOC	Sell	PHYSICIANS RLTY TR	$242,000	-25.5%	11,240	-27.4%	0.24%	-29.5%
STOR	Sell	STORE CAP CORP	$230,000	-23.3%	7,815	-23.2%	0.23%	-27.5%
CCI	Sell	CROWN CASTLE INTL CORP NEW	$205,000	-29.6%	2,180	-23.9%	0.21%	-33.5%
HPHWQ	Sell	HOOPER HOLMES INC	$58,000	+1.8%	46,174	-1.4%	0.06%	-4.9%
SFR	Exit	COLONY STARWOOD HOMES	$0	–	-8,530	–	-0.28%	–
CIO	Exit	CITY OFFICE REIT	$0	–	-49,225	–	-0.68%	–
MCI	Exit	BABSON CAPITAL CORPORATE INVES	$0	–	-36,237	–	-0.69%	–
MPV	Exit	BABSON CAPITAL PARTICIPATION I	$0	–	-129,653	–	-2.04%	–

Q2 2016

			Value		Shares		↓ Weighting
EFC	New	ELLINGTON FINANCIAL LLC	$9,418,000	–	549,787	–	10.04%	–
PMT	New	PENNYMAC MTG INVT TR	$8,564,000	–	527,659	–	9.12%	–
STWD	New	STARWOOD PPTY TRUST INC	$7,214,000	–	348,189	–	7.69%	–
ARCC	New	ARES CAPITAL CORP	$6,669,000	–	469,682	–	7.11%	–
MAIN	New	MAIN STREET CAPITAL CORP	$6,653,000	–	202,521	–	7.09%	–
TROW	New	T ROWE PRICE GROUP INC	$5,785,000	–	79,276	–	6.16%	–
PNNT	New	PENNANTPARK INVESTMENT CORP.	$4,243,000	–	621,301	–	4.52%	–
OHI	New	OMEGA HEALTHCARE INVESTORS INC	$3,862,000	–	113,749	–	4.12%	–
TCAP	New	TRIANGLE CAPITAL CORP	$3,229,000	–	166,606	–	3.44%	–
FSC	New	FIFTH STREET FINANCE	$2,781,000	–	573,450	–	2.96%	–
OKE	New	ONEOK INC.	$2,700,000	–	56,910	–	2.88%	–
CBLAQ	New	CBL & ASSOC PPTYS INC	$2,633,000	–	282,786	–	2.81%	–
TD	New	TORONTO DOMINION BANK F	$2,389,000	–	55,660	–	2.55%	–
WHG	New	WESTWOOD HOLDINGS GROUP	$2,372,000	–	45,795	–	2.53%	–
AB	New	ALLIANCEBERNSTEIN HLDG L P	$2,043,000	–	87,670	–	2.18%	–
MPV	New	BABSON CAPITAL PARTICIPATION I	$1,910,000	–	129,653	–	2.04%	–
GEO	New	GEO GROUP INC	$1,746,000	–	51,080	–	1.86%	–
XOM	New	EXXON MOBIL CORP COM	$1,675,000	–	17,864	–	1.78%	–
NGL	New	NGL ENERGY PARTNERS	$1,505,000	–	77,910	–	1.60%	–
PFSI	New	PENNYMAC FINANCIAL SERVICES, I	$1,294,000	–	103,568	–	1.38%	–
MCC	New	MEDLEY CAPITAL CORP.	$1,234,000	–	184,235	–	1.32%	–
CONE	New	CYRUSONE, INC.	$971,000	–	17,445	–	1.04%	–
EEQ	New	ENBRIDGE ENERGY MANAGEMENT L.L	$953,000	–	41,425	–	1.02%	–
CYS	New	CYS INVESTMENTS	$895,000	–	106,925	–	0.95%	–
APO	New	APOLLO GLOBAL MANAGEMENT, LLC	$880,000	–	58,070	–	0.94%	–
AINV	New	APOLLO INVESTMENT CORPORATION	$720,000	–	129,925	–	0.77%	–
PFLT	New	PENNANTPARK FLOATING RATE CAPI	$685,000	–	55,230	–	0.73%	–
EARN	New	ELLINGTON RESIDENTIAL MORTGAGE	$673,000	–	51,565	–	0.72%	–
MCI	New	BABSON CAPITAL CORPORATE INVES	$651,000	–	36,237	–	0.69%	–
CIO	New	CITY OFFICE REIT	$639,000	–	49,225	–	0.68%	–
LOCK	New	LIFELOCK, INC.	$603,000	–	38,165	–	0.64%	–
GS	New	GOLDMAN SACHS GROUP INC COM	$527,000	–	3,549	–	0.56%	–
FSAM	New	FIFTH STREET ASSET MANAGEMENT,	$451,000	–	111,680	–	0.48%	–
UAN	New	CVR PARTNERS L.P.	$369,000	–	45,192	–	0.39%	–
HGTXU	New	HUGOTON ROYALTY TRUST	$356,000	–	150,836	–	0.38%	–
SUN	New	SUNOCO LP	$338,000	–	11,300	–	0.36%	–
DOC	New	PHYSICIANS REALTY TRUST	$325,000	–	15,475	–	0.35%	–
CXW	New	CORRECTIONS CORPORATION OF AME	$318,000	–	9,075	–	0.34%	–
STOR	New	STORE CAPITAL CORPORATION	$300,000	–	10,175	–	0.32%	–
JNJ	New	JOHNSON & JOHNSON	$295,000	–	2,436	–	0.31%	–
CCI	New	CROWN CASTLE INTERNATIONAL COR	$291,000	–	2,865	–	0.31%	–
COTY	New	COTY INC.	$271,000	–	10,410	–	0.29%	–
PACW	New	PACWEST BANCORP	$268,000	–	6,730	–	0.29%	–
APLE	New	APPLE HOSPITALITY REIT, INC.	$263,000	–	13,975	–	0.28%	–
SFR	New	COLONY STARWOOD HOMES	$259,000	–	8,530	–	0.28%	–
GSBD	New	GOLDMAN SACHS BDC, INC.	$253,000	–	12,640	–	0.27%	–
SU	New	SUNCOR ENERGY INC	$249,000	–	8,975	–	0.26%	–
SRG	New	SERITAGE GROWTH PROPERTIES	$245,000	–	4,915	–	0.26%	–
FISV	New	FISERV INC COM	$220,000	–	2,024	–	0.23%	–
OAK	New	OAKTREE CAPITAL GROUP LLC	$218,000	–	4,873	–	0.23%	–
TIER	New	TIER REIT INC	$192,000	–	12,500	–	0.20%	–
GLP	New	GLOBAL PARTNERS LP	$181,000	–	13,214	–	0.19%	–
HPHWQ	New	HOOPER HOLMES INC	$57,000	–	46,840	–	0.06%	–
	New	BANK OF IRELAND-DUBLIN LISTED	$16,000	–	80,000	–	0.02%	–

Q4 2015

			Value		Shares		↓ Weighting
HH	Exit	HOOPER HOLMES INC	$0	–	-545,170	–	-0.06%	–
TIER	Exit	TIER REIT INC	$0	–	-12,500	–	-0.20%	–
WMB	Exit	WILLIAMS COS.	$0	–	-6,010	–	-0.24%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,410	–	-0.24%	–
GSBD	Exit	GOLDMAN SACHS BDC, INC.	$0	–	-12,280	–	-0.24%	–
BP	Exit	BP PLC SPONS ADR	$0	–	-8,000	–	-0.26%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQUITIE	$0	–	-3,100	–	-0.28%	–
CONE	Exit	CYRUSONE, INC.	$0	–	-8,505	–	-0.29%	–
EWBC	Exit	EAST WEST BANCORP, INC.	$0	–	-7,800	–	-0.32%	–
BX	Exit	BLACKSTONE GROUP LP	$0	–	-10,025	–	-0.34%	–
CLNY	Exit	COLONY CAPITAL, INC. CL A	$0	–	-16,315	–	-0.34%	–
MCC	Exit	MEDLEY CAPITAL CORP.	$0	–	-49,160	–	-0.39%	–
DHIL	Exit	DIAMOND HILL INVESTMENT GROUP	$0	–	-2,018	–	-0.40%	–
LOCK	Exit	LIFELOCK, INC.	$0	–	-45,325	–	-0.42%	–
HGTXU	Exit	HUGOTON ROYALTY TRUST	$0	–	-150,426	–	-0.47%	–
PFLT	Exit	PENNANTPARK FLOATING RATE CAPI	$0	–	-37,503	–	-0.48%	–
RNF	Exit	RENTECH NITROGEN PARTERNS LP	$0	–	-43,583	–	-0.55%	–
MN	Exit	MANNING & NAPIER CIA	$0	–	-75,273	–	-0.59%	–
MEP	Exit	MIDCOAST ENERGY PARTNERS LP CL	$0	–	-62,470	–	-0.64%	–
EARN	Exit	ELLINGTON RESIDENTIAL MORTGAGE	$0	–	-64,390	–	-0.83%	–
EEQ	Exit	ENBRIDGE ENERGY MANAGEMENT L.L	$0	–	-38,656	–	-0.98%	–
MCI	Exit	BABSON CAPITAL CORPORATE INVES	$0	–	-59,677	–	-1.03%	–
FSAM	Exit	FIFTH STREET ASSET MANAGEMENT,	$0	–	-132,455	–	-1.05%	–
GEO	Exit	GEO GROUP INC	$0	–	-34,025	–	-1.08%	–
OKE	Exit	ONEOK INC.	$0	–	-32,615	–	-1.12%	–
APO	Exit	APOLLO GLOBAL MANAGEMENT, LLC	$0	–	-61,870	–	-1.13%	–
NGL	Exit	NGL ENERGY PARTNERS	$0	–	-58,895	–	-1.25%	–
CYS	Exit	CYS INVESTMENTS	$0	–	-172,625	–	-1.33%	–
DFT	Exit	DUPONT FABROS TECHNOLOGY, INC.	$0	–	-54,045	–	-1.49%	–
XOM	Exit	EXXON MOBIL CORP COM	$0	–	-19,064	–	-1.51%	–
PFSI	Exit	PENNYMAC FINANCIAL SERVICES, I	$0	–	-92,858	–	-1.58%	–
GS	Exit	GOLDMAN SACHS GROUP INC COM	$0	–	-8,594	–	-1.59%	–
MPV	Exit	BABSON CAPITAL PARTICIPATION I	$0	–	-133,818	–	-1.88%	–
GLP	Exit	GLOBAL PARTNERS LP	$0	–	-68,025	–	-2.05%	–
PNNT	Exit	PENNANTPARK INVESTMENT CORP.	$0	–	-323,575	–	-2.22%	–
TD	Exit	TORONTO DOMINION BANK F	$0	–	-54,865	–	-2.30%	–
TCAP	Exit	TRIANGLE CAPITAL CORP	$0	–	-135,836	–	-2.38%	–
WHG	Exit	WESTWOOD HOLDINGS GROUP	$0	–	-48,870	–	-2.82%	–
CBLAQ	Exit	CBL & ASSOC PPTYS INC	$0	–	-223,047	–	-3.26%	–
AB	Exit	ALLIANCEBERNSTEIN HLDG L P	$0	–	-140,400	–	-3.97%	–
OAK	Exit	OAKTREE CAPITAL GROUP LLC	$0	–	-83,502	–	-4.39%	–
OHI	Exit	OMEGA HEALTHCARE INVESTORS INC	$0	–	-119,604	–	-4.47%	–
MAIN	Exit	MAIN STREET CAPITAL CORP	$0	–	-203,451	–	-5.77%	–
TROW	Exit	T ROWE PRICE GROUP INC	$0	–	-81,948	–	-6.05%	–
ARCC	Exit	ARES CAPITAL CORP	$0	–	-408,019	–	-6.28%	–
STWD	Exit	STARWOOD PPTY TRUST INC	$0	–	-362,965	–	-7.92%	–
PMT	Exit	PENNYMAC MTG INVT TR	$0	–	-574,555	–	-9.45%	–
EFC	Exit	ELLINGTON FINANCIAL LLC	$0	–	-636,623	–	-12.10%	–

Q3 2015

			Value		Shares		↓ Weighting
EFC	Sell	ELLINGTON FINANCIAL LLC	$11,382,000	-6.5%	636,623	-3.2%	12.10%	+8.6%
PMT	Sell	PENNYMAC MTG INVT TR	$8,888,000	-12.9%	574,555	-1.9%	9.45%	+1.1%
STWD	Sell	STARWOOD PPTY TRUST INC	$7,448,000	-13.5%	362,965	-9.1%	7.92%	+0.5%
ARCC	Buy	ARES CAPITAL CORP	$5,908,000	-9.3%	408,019	+3.1%	6.28%	+5.4%
TROW	Sell	T ROWE PRICE GROUP INC	$5,695,000	-10.8%	81,948	-0.2%	6.05%	+3.6%
MAIN	Sell	MAIN STREET CAPITAL CORP	$5,424,000	-18.9%	203,451	-3.0%	5.77%	-5.9%
OHI	Sell	OMEGA HEALTHCARE INVESTORS INC	$4,204,000	+1.1%	119,604	-1.3%	4.47%	+17.4%
OAK	Sell	OAKTREE CAPITAL GROUP LLC	$4,133,000	-11.0%	83,502	-4.4%	4.39%	+3.4%
AB	Sell	ALLIANCEBERNSTEIN HLDG L P	$3,734,000	-11.5%	140,400	-1.7%	3.97%	+2.8%
CBLAQ	Buy	CBL & ASSOC PPTYS INC	$3,066,000	-0.8%	223,047	+16.9%	3.26%	+15.2%
WHG	Sell	WESTWOOD HOLDINGS GROUP	$2,656,000	-9.4%	48,870	-0.7%	2.82%	+5.3%
TCAP	Sell	TRIANGLE CAPITAL CORP	$2,238,000	-39.2%	135,836	-13.6%	2.38%	-29.4%
TD	Sell	TORONTO DOMINION BANK F	$2,162,000	-20.7%	54,865	-14.5%	2.30%	-7.9%
PNNT	Buy	PENNANTPARK INVESTMENT CORP.	$2,093,000	-12.9%	323,575	+18.2%	2.22%	+1.2%
GLP	Sell	GLOBAL PARTNERS LP	$1,927,000	-24.2%	68,025	-13.2%	2.05%	-11.9%
MPV	Sell	BABSON CAPITAL PARTICIPATION I	$1,766,000	+4.4%	133,818	-2.4%	1.88%	+21.2%
GS	Buy	GOLDMAN SACHS GROUP INC COM	$1,493,000	-8.5%	8,594	+10.0%	1.59%	+6.3%
PFSI	Sell	PENNYMAC FINANCIAL SERVICES, I	$1,485,000	-20.1%	92,858	-9.5%	1.58%	-7.2%
XOM	Buy	EXXON MOBIL CORP COM	$1,417,000	-10.3%	19,064	+0.4%	1.51%	+4.2%
DFT	Buy	DUPONT FABROS TECHNOLOGY, INC.	$1,398,000	+145.3%	54,045	+179.1%	1.49%	+184.7%
CYS	Sell	CYS INVESTMENTS	$1,253,000	-6.7%	172,625	-0.7%	1.33%	+8.4%
NGL	Sell	NGL ENERGY PARTNERS	$1,176,000	-43.6%	58,895	-14.3%	1.25%	-34.5%
APO	Sell	APOLLO GLOBAL MANAGEMENT, LLC	$1,062,000	-30.5%	61,870	-10.4%	1.13%	-19.4%
OKE	Sell	ONEOK INC.	$1,050,000	-20.7%	32,615	-2.8%	1.12%	-7.9%
GEO	Sell	GEO GROUP INC	$1,011,000	-28.9%	34,025	-18.3%	1.08%	-17.4%
FSAM	Buy	FIFTH STREET ASSET MANAGEMENT,	$989,000	-26.1%	132,455	+1.6%	1.05%	-14.3%
MCI	Sell	BABSON CAPITAL CORPORATE INVES	$972,000	-0.9%	59,677	-2.3%	1.03%	+15.0%
EEQ	Sell	ENBRIDGE ENERGY MANAGEMENT L.L	$919,000	-28.6%	38,656	-1.0%	0.98%	-17.1%
EARN	Sell	ELLINGTON RESIDENTIAL MORTGAGE	$782,000	-16.5%	64,390	-1.8%	0.83%	-3.0%
MEP	Sell	MIDCOAST ENERGY PARTNERS LP CL	$602,000	-11.2%	62,470	-1.9%	0.64%	+3.1%
MN	Sell	MANNING & NAPIER CIA	$554,000	-28.1%	75,273	-2.7%	0.59%	-16.6%
RNF	Sell	RENTECH NITROGEN PARTERNS LP	$514,000	-18.8%	43,583	-1.7%	0.55%	-5.7%
PFLT	Buy	PENNANTPARK FLOATING RATE CAPI	$447,000	+31.1%	37,503	+52.6%	0.48%	+52.2%
HGTXU	Sell	HUGOTON ROYALTY TRUST	$443,000	-50.6%	150,426	-41.3%	0.47%	-42.6%
LOCK	Sell	LIFELOCK, INC.	$397,000	-47.1%	45,325	-0.9%	0.42%	-38.6%
DHIL	Sell	DIAMOND HILL INVESTMENT GROUP	$375,000	-38.7%	2,018	-34.2%	0.40%	-28.8%
MCC	Sell	MEDLEY CAPITAL CORP.	$365,000	-19.6%	49,160	-3.5%	0.39%	-6.7%
CLNY	Buy	COLONY CAPITAL, INC. CL A	$319,000	-11.1%	16,315	+2.7%	0.34%	+3.0%
BX	Buy	BLACKSTONE GROUP LP	$317,000	-20.6%	10,025	+2.5%	0.34%	-7.7%
EWBC	New	EAST WEST BANCORP, INC.	$299,000	–	7,800	–	0.32%	–
CONE	New	CYRUSONE, INC.	$277,000	–	8,505	–	0.29%	–
ARE	Buy	ALEXANDRIA REAL ESTATE EQUITIE	$262,000	+0.4%	3,100	+3.7%	0.28%	+16.7%
GSBD	New	GOLDMAN SACHS BDC, INC.	$226,000	–	12,280	–	0.24%	–
JNJ	Buy	JOHNSON & JOHNSON	$225,000	-2.2%	2,410	+2.1%	0.24%	+13.3%
WMB	Sell	WILLIAMS COS.	$221,000	-43.3%	6,010	-11.6%	0.24%	-34.2%
TIER	New	TIER REIT INC	$184,000	–	12,500	–	0.20%	–
HH	Sell	HOOPER HOLMES INC	$61,000	-45.0%	545,170	-7.0%	0.06%	-36.3%
APAM	Exit	ARTISAN PARTNERS ASSET MANAGEM	$0	–	-5,000	–	-0.21%	–
TLLP	Exit	TESORO LOGISTICS LP	$0	–	-4,310	–	-0.22%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS, L.P.	$0	–	-8,775	–	-0.27%	–
EQM	Exit	EQT MIDSTREAM PARTNERS, LP.	$0	–	-3,900	–	-0.29%	–
BEN	Exit	FRANKLIN RESOURCES INC	$0	–	-8,115	–	-0.36%	–

Q2 2015

			Value		Shares		↓ Weighting
EFC	New	ELLINGTON FINANCIAL LLC	$12,176,000	–	657,808	–	11.15%	–
PMT	New	PENNYMAC MTG INVT TR	$10,207,000	–	585,625	–	9.34%	–
STWD	New	STARWOOD PPTY TRUST INC	$8,610,000	–	399,210	–	7.88%	–
MAIN	New	MAIN STREET CAPITAL CORP	$6,691,000	–	209,686	–	6.12%	–
ARCC	New	ARES CAPITAL CORP	$6,513,000	–	395,744	–	5.96%	–
TROW	New	T ROWE PRICE GROUP INC	$6,385,000	–	82,145	–	5.84%	–
OAK	New	OAKTREE CAPITAL GROUP LLC	$4,642,000	–	87,302	–	4.25%	–
AB	New	ALLIANCEBERNSTEIN HLDG L P	$4,218,000	–	142,850	–	3.86%	–
OHI	New	OMEGA HEALTHCARE INVESTORS INC	$4,160,000	–	121,204	–	3.81%	–
TCAP	New	TRIANGLE CAPITAL CORP	$3,683,000	–	157,131	–	3.37%	–
CBLAQ	New	CBL & ASSOC PPTYS INC	$3,090,000	–	190,762	–	2.83%	–
WHG	New	WESTWOOD HOLDINGS GROUP	$2,931,000	–	49,210	–	2.68%	–
TD	New	TORONTO DOMINION BANK F	$2,726,000	–	64,140	–	2.50%	–
GLP	New	GLOBAL PARTNERS LP	$2,541,000	–	78,335	–	2.33%	–
PNNT	New	PENNANTPARK INVESTMENT CORP.	$2,402,000	–	273,685	–	2.20%	–
NGL	New	NGL ENERGY PARTNERS	$2,085,000	–	68,755	–	1.91%	–
PFSI	New	PENNYMAC FINANCIAL SERVICES, I	$1,859,000	–	102,608	–	1.70%	–
MPV	New	BABSON CAPITAL PARTICIPATION I	$1,692,000	–	137,068	–	1.55%	–
GS	New	GOLDMAN SACHS GROUP INC COM	$1,631,000	–	7,814	–	1.49%	–
XOM	New	EXXON MOBIL CORP COM	$1,579,000	–	18,979	–	1.44%	–
APO	New	APOLLO GLOBAL MANAGEMENT, LLC	$1,529,000	–	69,050	–	1.40%	–
GEO	New	GEO GROUP INC	$1,422,000	–	41,635	–	1.30%	–
CYS	New	CYS INVESTMENTS	$1,343,000	–	173,775	–	1.23%	–
FSAM	New	FIFTH STREET ASSET MANAGEMENT,	$1,339,000	–	130,305	–	1.23%	–
OKE	New	ONEOK INC.	$1,324,000	–	33,545	–	1.21%	–
EEQ	New	ENBRIDGE ENERGY MANAGEMENT, L.	$1,288,000	–	39,037	–	1.18%	–
MCI	New	BABSON CAPITAL CORPORATE INVES	$981,000	–	61,102	–	0.90%	–
EARN	New	ELLINGTON RESIDENTIAL MORTGAGE	$936,000	–	65,565	–	0.86%	–
HGTXU	New	HUGOTON ROYALTY TRUST	$897,000	–	256,451	–	0.82%	–
MN	New	MANNING & NAPIER CIA	$771,000	–	77,398	–	0.71%	–
LOCK	New	LIFELOCK, INC.	$750,000	–	45,755	–	0.69%	–
MEP	New	MIDCOAST ENERGY PARTNERS LP CL	$678,000	–	63,695	–	0.62%	–
RNF	New	RENTECH NITROGEN PARTERNS LP	$633,000	–	44,333	–	0.58%	–
DHIL	New	DIAMOND HILL INVESTMENT GROUP	$612,000	–	3,066	–	0.56%	–
DFT	New	DUPONT FABROS TECHNOLOGY, INC.	$570,000	–	19,365	–	0.52%	–
MCC	New	MEDLEY CAPITAL CORP.	$454,000	–	50,955	–	0.42%	–
BX	New	BLACKSTONE GROUP LP	$399,000	–	9,785	–	0.36%	–
BEN	New	FRANKLIN RESOURCES INC	$397,000	–	8,115	–	0.36%	–
WMB	New	WILLIAMS COS.	$390,000	–	6,800	–	0.36%	–
CLNY	New	COLONY CAPITAL, INC. CL A	$359,000	–	15,890	–	0.33%	–
PFLT	New	PENNANTPARK FLOATING RATE CAPI	$341,000	–	24,580	–	0.31%	–
BP	New	BP PLC SPONS ADR	$319,000	–	8,000	–	0.29%	–
EQM	New	EQT MIDSTREAM PARTNERS, LP.	$318,000	–	3,900	–	0.29%	–
EEP	New	ENBRIDGE ENERGY PARTNERS, L.P.	$292,000	–	8,775	–	0.27%	–
ARE	New	ALEXANDRIA REAL ESTATE EQUITIE	$261,000	–	2,990	–	0.24%	–
TLLP	New	TESORO LOGISTICS LP	$246,000	–	4,310	–	0.22%	–
APAM	New	ARTISAN PARTNERS ASSET MANAGEM	$232,000	–	5,000	–	0.21%	–
JNJ	New	JOHNSON & JOHNSON	$230,000	–	2,361	–	0.21%	–
HH	New	HOOPER HOLMES INC	$111,000	–	586,265	–	0.10%	–

Q4 2014

			Value		Shares		↓ Weighting
MMP	Exit	MAGELLAN MIDSTREAM PARTNERS L.	$0	–	-2,550	–	-0.14%	–
HGTXU	Exit	HUGOTON ROYALTY TRUST	$0	–	-24,525	–	-0.15%	–
SXL	Exit	SUNOCO LOGISTICS PTNR LP	$0	–	-5,180	–	-0.17%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,361	–	-0.17%	–
L109PS	Exit	ACCESS MIDSTREAM PARTNERS LP	$0	–	-4,185	–	-0.18%	–
EEP	Exit	ENBRIDGE ENERGY PARTNERS, L.P.	$0	–	-6,920	–	-0.18%	–
TLLP	Exit	TESORO LOGISTICS LP	$0	–	-4,850	–	-0.23%	–
DFT	Exit	DUPONT FABROS TECHNOLOGY, INC.	$0	–	-14,165	–	-0.26%	–
EQM	Exit	EQT MIDSTREAM PARTNERS, LP.	$0	–	-4,540	–	-0.28%	–
CYS	Exit	CYS INVESTMENTS	$0	–	-49,925	–	-0.28%	–
BP	Exit	BP PLC SPONS ADR	$0	–	-12,000	–	-0.36%	–
RNF	Exit	RENTECH NITROGEN PARTERNS LP	$0	–	-47,118	–	-0.40%	–
LOCK	Exit	LIFELOCK, INC.	$0	–	-46,355	–	-0.45%	–
MCC	Exit	MEDLEY CAPITAL CORP.	$0	–	-61,730	–	-0.50%	–
PNNT	Exit	PENNANTPARK INVESTMENT CORP.	$0	–	-71,950	–	-0.53%	–
WHG	Exit	WESTWOOD HOLDINGS GROUP	$0	–	-15,861	–	-0.61%	–
MCI	Exit	BABSON CAPITAL CORPORATE INVES	$0	–	-59,234	–	-0.62%	–
NYLD	Exit	NRG YIELD INC.	$0	–	-25,635	–	-0.82%	–
WPZ	Exit	WILLIAMS PARTNERS L.P.	$0	–	-25,442	–	-0.92%	–
MPV	Exit	BABSON CAPITAL PARTICIPATION I	$0	–	-122,975	–	-1.14%	–
RRMS	Exit	ROSE ROCK MIDSTREAM L.P.	$0	–	-29,588	–	-1.19%	–
XOM	Exit	EXXON MOBIL CORP COM	$0	–	-19,544	–	-1.25%	–
WMB	Exit	WILLIAMS COS.	$0	–	-34,393	–	-1.29%	–
APAM	Exit	ARTISAN PARTNERS ASSET MANAGEN	$0	–	-37,283	–	-1.32%	–
PFSI	Exit	PENNYMAC FINANCIAL SERVICES, I	$0	–	-164,795	–	-1.64%	–
GLP	Exit	GLOBAL PARTNERS LP	$0	–	-59,670	–	-1.69%	–
BLK	Exit	BLACKROCK INC.	$0	–	-7,775	–	-1.73%	–
APO	Exit	APOLLO GLOBAL MANAGEMENT, LLC	$0	–	-107,985	–	-1.75%	–
NGL	Exit	NGL ENERGY PARTNERS	$0	–	-65,790	–	-1.76%	–
BEN	Exit	FRANKLIN RESOURCES INC	$0	–	-50,395	–	-1.87%	–
TD	Exit	TORONTO DOMINION BANK F	$0	–	-63,765	–	-2.14%	–
TROW	Exit	T ROWE PRICE GROUP INC	$0	–	-52,418	–	-2.79%	–
OHI	Exit	OMEGA HEALTHCARE INVESTORS INC	$0	–	-132,335	–	-3.07%	–
KKR	Exit	KKR & CO. L.P.	$0	–	-263,985	–	-4.00%	–
ARCC	Exit	ARES CAPITAL CORP	$0	–	-389,154	–	-4.27%	–
MAIN	Exit	MAIN STREET CAPITAL CORP	$0	–	-277,103	–	-5.77%	–
TCAP	Exit	TRIANGLE CAPITAL CORP	$0	–	-422,526	–	-7.26%	–
STWD	Exit	STARWOOD PPTY TRUST INC	$0	–	-523,766	–	-7.81%	–
EFC	Exit	ELLINGTON FINANCIAL LLC	$0	–	-800,618	–	-12.08%	–
PMT	Exit	PENNYMAC MTG INVT TR	$0	–	-844,912	–	-12.30%	–
OAK	Exit	OAKTREE CAPITAL GROUP LLC	$0	–	-422,328	–	-14.66%	–

Q3 2014

			Value		Shares		↓ Weighting
OAK	Sell	OAKTREE CAPITAL GROUP LLC	$21,581,000	+0.6%	422,328	-1.6%	14.66%	+5.0%
PMT	Sell	PENNYMAC MTG INVT TR	$18,106,000	-6.1%	844,912	-3.9%	12.30%	-2.0%
EFC	Sell	ELLINGTON FINANCIAL LLC	$17,789,000	-8.4%	800,618	-1.1%	12.08%	-4.4%
STWD	Buy	STARWOOD PPTY TRUST INC	$11,501,000	-5.5%	523,766	+2.3%	7.81%	-1.3%
TCAP	Sell	TRIANGLE CAPITAL CORP	$10,698,000	-11.0%	422,526	-0.3%	7.26%	-7.2%
MAIN	Sell	MAIN STREET CAPITAL CORP	$8,490,000	-9.1%	277,103	-2.4%	5.77%	-5.2%
ARCC	Sell	ARES CAPITAL CORP	$6,288,000	-42.0%	389,154	-35.9%	4.27%	-39.5%
KKR	Sell	KKR & CO. L.P.	$5,886,000	-9.1%	263,985	-0.8%	4.00%	-5.1%
OHI	Buy	OMEGA HEALTHCARE INVESTORS INC	$4,524,000	+54.8%	132,335	+66.9%	3.07%	+61.5%
TROW	Buy	T ROWE PRICE GROUP INC	$4,109,000	+104.5%	52,418	+120.2%	2.79%	+113.5%
TD	Buy	TORONTO DOMINION BANK F	$3,149,000	+291.7%	63,765	+307.3%	2.14%	+309.0%
BEN	Buy	FRANKLIN RESOURCES INC	$2,752,000	-2.9%	50,395	+2.8%	1.87%	+1.3%
NGL	Buy	NGL ENERGY PARTNERS	$2,590,000	-6.3%	65,790	+3.1%	1.76%	-2.2%
APO	Sell	APOLLO GLOBAL MANAGEMENT, LLC	$2,574,000	-36.3%	107,985	-26.0%	1.75%	-33.6%
BLK	Buy	BLACKROCK INC.	$2,552,000	+13.4%	7,775	+10.4%	1.73%	+18.3%
GLP	Buy	GLOBAL PARTNERS LP	$2,486,000	+15.0%	59,670	+12.1%	1.69%	+20.0%
PFSI	Sell	PENNYMAC FINANCIAL SERVICES, I	$2,414,000	-9.1%	164,795	-5.8%	1.64%	-5.2%
APAM	Buy	ARTISAN PARTNERS ASSET MANAGEN	$1,940,000	-5.8%	37,283	+2.6%	1.32%	-1.7%
WMB	Buy	WILLIAMS COS.	$1,903,000	+28.0%	34,393	+34.6%	1.29%	+33.5%
XOM	Buy	EXXON MOBIL CORP COM	$1,838,000	-3.4%	19,544	+3.4%	1.25%	+0.8%
RRMS	Sell	ROSE ROCK MIDSTREAM L.P.	$1,750,000	+6.6%	29,588	-1.5%	1.19%	+11.1%
WPZ	Sell	WILLIAMS PARTNERS L.P.	$1,349,000	-4.1%	25,442	-1.8%	0.92%	+0.1%
NYLD	Buy	NRG YIELD INC.	$1,206,000	-7.4%	25,635	+2.4%	0.82%	-3.4%
MCI	Buy	BABSON CAPITAL CORPORATE INVES	$909,000	+1.0%	59,234	+0.4%	0.62%	+5.3%
WHG	Buy	WESTWOOD HOLDINGS GROUP	$899,000	+9.5%	15,861	+16.0%	0.61%	+14.4%
MCC	Sell	MEDLEY CAPITAL CORP.	$729,000	-12.6%	61,730	-3.4%	0.50%	-8.8%
LOCK	Sell	LIFELOCK, INC.	$662,000	-1.0%	46,355	-3.3%	0.45%	+3.4%
RNF	Sell	RENTECH NITROGEN PARTERNS LP	$586,000	-29.7%	47,118	-4.0%	0.40%	-26.6%
EQM	Sell	EQT MIDSTREAM PARTNERS, LP.	$406,000	-39.6%	4,540	-34.7%	0.28%	-36.8%
DFT	New	DUPONT FABROS TECHNOLOGY, INC.	$383,000	–	14,165	–	0.26%	–
TLLP	Sell	TESORO LOGISTICS LP	$343,000	-20.4%	4,850	-17.4%	0.23%	-16.8%
EEP	New	ENBRIDGE ENERGY PARTNERS, L.P.	$268,000	–	6,920	–	0.18%	–
L109PS	New	ACCESS MIDSTREAM PARTNERS LP	$266,000	–	4,185	–	0.18%	–
SXL	Sell	SUNOCO LOGISTICS PTNR LP	$249,000	-9.1%	5,180	-11.1%	0.17%	-5.1%
HGTXU	New	HUGOTON ROYALTY TRUST	$219,000	–	24,525	–	0.15%	–
EGN	Exit	ENERGEN CORP	$0	–	-2,258	–	-0.13%	–
MRK	Exit	MERCK & CO INC COM	$0	–	-3,870	–	-0.14%	–
ET	Exit	ENERGY TRANSFER EQUITY	$0	–	-3,960	–	-0.15%	–
RDSA	Exit	ROYAL DUTCH SHELL PLC SPONSORE	$0	–	-3,263	–	-0.17%	–

Q2 2014

			Value		Shares		↓ Weighting
OAK	New	OAKTREE CAPITAL GROUP LLC	$21,456,000	–	429,220	–	13.96%	–
EFC	New	ELLINGTON FINANCIAL LLC	$19,425,000	–	809,403	–	12.64%	–
PMT	New	PENNYMAC MTG INVT TR	$19,280,000	–	878,793	–	12.55%	–
STWD	New	STARWOOD PPTY TRUST INC	$12,164,000	–	511,773	–	7.92%	–
TCAP	New	TRIANGLE CAPITAL CORP	$12,023,000	–	423,805	–	7.82%	–
ARCC	New	ARES CAPITAL CORP	$10,838,000	–	606,880	–	7.05%	–
MAIN	New	MAIN STREET CAPITAL CORP	$9,345,000	–	283,805	–	6.08%	–
KKR	New	KKR & CO. L.P.	$6,474,000	–	266,130	–	4.21%	–
APO	New	APOLLO GLOBAL MANAGEMENT, LLC	$4,042,000	–	145,845	–	2.63%	–
OHI	New	OMEGA HEALTHCARE INVESTORS INC	$2,922,000	–	79,285	–	1.90%	–
BEN	New	FRANKLIN RESOURCES INC	$2,835,000	–	49,025	–	1.84%	–
NGL	New	NGL ENERGY PARTNERS	$2,764,000	–	63,790	–	1.80%	–
PFSI	New	PENNYMAC FINANCIAL SERVICES, I	$2,656,000	–	174,855	–	1.73%	–
BLK	New	BLACKROCK INC.	$2,251,000	–	7,045	–	1.46%	–
GLP	New	GLOBAL PARTNERS LP	$2,162,000	–	53,225	–	1.41%	–
APAM	New	ARTISAN PARTNERS ASSET MANAGEN	$2,059,000	–	36,333	–	1.34%	–
TROW	New	T ROWE PRICE GROUP INC	$2,009,000	–	23,810	–	1.31%	–
XOM	New	EXXON MOBIL CORP COM	$1,902,000	–	18,894	–	1.24%	–
MPV	New	BABSON CAPITAL PART INVESTORS	$1,682,000	–	122,975	–	1.10%	–
RRMS	New	ROSE ROCK MIDSTREAM L.P.	$1,642,000	–	30,053	–	1.07%	–
WMB	New	WILLIAMS COS.	$1,487,000	–	25,553	–	0.97%	–
WPZ	New	WILLIAMS PARTNERS L.P.	$1,406,000	–	25,912	–	0.92%	–
NYLD	New	NRG YIELD INC.	$1,303,000	–	25,035	–	0.85%	–
MCI	New	BABSON CAPITAL PART INVESTORS	$900,000	–	58,974	–	0.59%	–
MCC	New	MEDLEY CAPITAL CORP.	$834,000	–	63,919	–	0.54%	–
RNF	New	RENTECH NITROGEN PARTERNS LP	$833,000	–	49,068	–	0.54%	–
PNNT	New	PENNANTPARK INVESTMENT CORP.	$824,000	–	71,950	–	0.54%	–
WHG	New	WESTWOOD HOLDINGS GROUP	$821,000	–	13,675	–	0.53%	–
TD	New	TORONTO DOMINION BANK F	$804,000	–	15,655	–	0.52%	–
EQM	New	EQT MIDSTREAM PARTNERS, LP.	$672,000	–	6,950	–	0.44%	–
LOCK	New	LIFELOCK, INC.	$669,000	–	47,930	–	0.44%	–
BP	New	BP PLC SPONS ADR	$633,000	–	12,000	–	0.41%	–
CYS	New	CYS INVESTMENTS	$450,000	–	49,925	–	0.29%	–
TLLP	New	TESORO LOGISTICS LP	$431,000	–	5,875	–	0.28%	–
SXL	New	SUNOCO LOGISTICS PTNR LP	$274,000	–	5,830	–	0.18%	–
RDSA	New	ROYAL DUTCH SHELL PLC SPONSORE	$268,000	–	3,263	–	0.17%	–
JNJ	New	JOHNSON & JOHNSON	$247,000	–	2,361	–	0.16%	–
ET	New	ENERGY TRANSFER EQUITY	$233,000	–	3,960	–	0.15%	–
MRK	New	MERCK & CO INC COM	$223,000	–	3,870	–	0.14%	–
MMP	New	MAGELLAN MIDSTREAM PARTNERS L.	$214,000	–	2,550	–	0.14%	–
EGN	New	ENERGEN CORP	$200,000	–	2,258	–	0.13%	–

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