| 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 |
| ProShares UltraShort S&P 500 (sds) | ETF | 74347B300 | 13,329,017 | 324,702 | SH | | SOLE | | 324,702 | 0 | 0 |
| SPDR S&P 500 TRUST ETF (spy) | ETF | 78462F103 | 10,985,025 | 41,164 | SH | | SOLE | | 41,164 | 0 | 0 |
| Vanguard Index S&P 500 (voo) | ETF | 922908363 | 10,019,360 | 40,847 | SH | | SOLE | | 40,847 | 0 | 0 |
| S&P 500 INDX (ivv) | ETF | 464287200 | 9,968,420 | 37,078 | SH | | SOLE | | 37,078 | 0 | 0 |
| MEDLEY CAPITAL CORP (mcc) | COM | 58503F106 | 8,495,779 | 1,627,544 | SH | | SOLE | | 1,627,544 | 0 | 0 |
| GLAXOSMITHKLINE PLC-ADR (gsk) | COM | 37733W105 | 7,819,361 | 220,450 | SH | | SOLE | | 220,450 | 0 | 0 |
| BP PLC SPONS ADR (bp) | ADR | 055622104 | 6,944,953 | 165,238 | SH | | SOLE | | 165,238 | 0 | 0 |
| Merck & Company Inc. (mrk) | COM | 58933Y105 | 6,312,164 | 112,176 | SH | | SOLE | | 112,176 | 0 | 0 |
| J M SMUCKER CO (sjm) | COM | 832696405 | 6,046,636 | 48,669 | SH | | SOLE | | 48,669 | 0 | 0 |
| ProShares TR UltraShort QQQ New (qid) | ETF | 74348A426 | 6,010,222 | 448,859 | SH | | SOLE | | 448,859 | 0 | 0 |
| AMC Entertainment Holdings Inc (amc) | COM | 00165C104 | 5,883,065 | 389,607 | SH | | SOLE | | 389,607 | 0 | 0 |
| ARES CAPITAL CORP (arcc) | COM | 029066107 | 5,104,252 | 324,698 | SH | | SOLE | | 324,698 | 0 | 0 |
| ALPS ALERIAN MLP ETF (amlp) | COM | 00162Q866 | 5,048,694 | 467,905 | SH | | SOLE | | 467,905 | 0 | 0 |
| QUALCOMM INC (qcom) | COM | 747525103 | 4,693,690 | 73,316 | SH | | SOLE | | 73,316 | 0 | 0 |
| General Electric Company (ge) | COM | 369604103 | 4,480,123 | 256,740 | SH | | SOLE | | 256,740 | 0 | 0 |
| PROSHARES TRUST ETF ULTRASHORT 20 (tbt) | ETF | 74347B201 | 4,457,980 | 131,971 | SH | | SOLE | | 131,971 | 0 | 0 |
| New Senior Investment Group Inc. (snr) | COM | 648691103 | 4,014,133 | 530,970 | SH | | SOLE | | 530,970 | 0 | 0 |
| Walgreens Boots Alliance Inc. (wba) | COM | 931427108 | 4,007,171 | 55,180 | SH | | SOLE | | 55,180 | 0 | 0 |
| Whitestone REIT (wsr) | COM | 966084204 | 4,000,230 | 277,601 | SH | | SOLE | | 277,601 | 0 | 0 |
| Telefonica, S.A. (tef) | ADR | 879382208 | 3,994,093 | 412,613 | SH | | SOLE | | 412,613 | 0 | 0 |
| INTERNATIONAL BUSINESS MACHINE CORP (ibm) | COM | 459200101 | 3,785,791 | 24,676 | SH | | SOLE | | 24,676 | 0 | 0 |
| CENTURYLINK INC (ctl) | COM | 156700106 | 3,532,773 | 211,797 | SH | | SOLE | | 211,797 | 0 | 0 |
| Nabors Industries Ltd. (nbr) | COM | G6359F103 | 3,438,187 | 503,395 | SH | | SOLE | | 503,395 | 0 | 0 |
| Uniti Group Inc. (unit) | COM | 91325V108 | 3,196,791 | 179,696 | SH | | SOLE | | 179,696 | 0 | 0 |
| CVS Health Corp (cvs) | COM | 126650100 | 3,162,595 | 43,622 | SH | | SOLE | | 43,622 | 0 | 0 |
| ANADARKO PETROLEUM CORP (apc) | COM | 032511107 | 3,120,775 | 58,180 | SH | | SOLE | | 58,180 | 0 | 0 |
| Apollo Investment Corp (ainv) | COM | 03761U106 | 3,091,973 | 546,285 | SH | | SOLE | | 546,285 | 0 | 0 |
| CYS INVESTMENTS INC (cys) | COM | 126650100 | 2,830,992 | 352,552 | SH | | SOLE | | 352,552 | 0 | 0 |
| Solar Capital Ltd. (slrc) | COM | 83413U100 | 2,410,487 | 119,272 | SH | | SOLE | | 119,272 | 0 | 0 |
| MACY'S INC (m) | COM | 55616P104 | 2,358,489 | 93,628 | SH | | SOLE | | 93,628 | 0 | 0 |
| Oaktree Specialty Lending Corp. (ocsl) | COM | 67401P108 | 2,293,757 | 469,071 | SH | | SOLE | | 469,071 | 0 | 0 |
| ProShares Tr Short S&P500 (spxu) | ETF | 74348A632 | 2,290,372 | 201,440 | SH | | SOLE | | 201,440 | 0 | 0 |
| ProShares UltraPro Short QQQ (sqqq) | ETF | 74347X666 | 2,167,885 | 100,785 | SH | | SOLE | | 100,785 | 0 | 0 |
| NUCOR CORP (nue) | COM | 670346105 | 2,065,904 | 32,493 | SH | | SOLE | | 32,493 | 0 | 0 |
| TARGET CORP (tgt) | COM | 87612E106 | 2,045,718 | 31,352 | SH | | SOLE | | 31,352 | 0 | 0 |
| BANK OF AMERICA CORP (bac) | COM | 060505104 | 2,007,448 | 68,003 | SH | | SOLE | | 68,003 | 0 | 0 |
| The Walt Disney Company (dis) | COM | 254687106 | 1,984,527 | 18,459 | SH | | SOLE | | 18,459 | 0 | 0 |
| Intel Corp (intc) | COM | 458140100 | 1,933,550 | 41,888 | SH | | SOLE | | 41,888 | 0 | 0 |
| Alliance Resource Partners LP (arlp) | COM | 01877R108 | 1,806,490 | 91,700 | SH | | SOLE | | 91,700 | 0 | 0 |
| Arlington Asset Investment (ai) | COM | 041356205 | 1,730,670 | 146,916 | SH | | SOLE | | 146,916 | 0 | 0 |
| Independence Realty Trust, Inc. (irt) | COM | 45378A106 | 1,686,342 | 167,130 | SH | | SOLE | | 167,130 | 0 | 0 |
| Global Medical REIT, Inc. (gmre) | COM | 37954A104 | 1,556,745 | 189,847 | SH | | SOLE | | 189,847 | 0 | 0 |
| WELLS FARGO COMPANY (wfc) | COM | 949746101 | 1,536,285 | 25,322 | SH | | SOLE | | 25,322 | 0 | 0 |
| Pfizer Inc. (pfe) | COM | 717081103 | 1,488,786 | 41,104 | SH | | SOLE | | 41,104 | 0 | 0 |
| ISHARES CORE S&P SMALL CAP ETF (ijr) | ETF | 464287804 | 1,476,288 | 19,220 | SH | | SOLE | | 19,220 | 0 | 0 |
| AT&T, Inc.(t) | COM | 00206R102 | 1,466,242 | 37,712 | SH | | SOLE | | 37,712 | 0 | 0 |
| CBL & ASSOC PROPERTIES REIT INC (cbl) | COM | 124830100 | 1,443,033 | 254,953 | SH | | SOLE | | 254,953 | 0 | 0 |
| Exxon Mobil Corporation (xom) | COM | 30231G102 | 1,439,109 | 17,206 | SH | | SOLE | | 17,206 | 0 | 0 |
| Prospect Capital Corp. (psec) | COM | 74348T102 | 1,437,700 | 213,308 | SH | | SOLE | | 213,308 | 0 | 0 |
| SELECT INCOME REIT (sir) | ETF | 81618T100 | 1,407,531 | 56,010 | SH | | SOLE | | 56,010 | 0 | 0 |
| Medley Management Inc. (mdly) | COM | 58503T106 | 1,308,255 | 201,270 | SH | | SOLE | | 201,270 | 0 | 0 |
| SPDR Ser Tr S&P Oil & Gas ETF (xop) | ETF | 78464A730 | 1,198,497 | 32,235 | SH | | SOLE | | 32,235 | 0 | 0 |
| Sr. Housing Properties Trust (snh) | COM | 81721M109 | 1,144,179 | 59,748 | SH | | SOLE | | 59,748 | 0 | 0 |
| ISHARES NASDAQ BIOTECH (ibb) | ETF | 464287556 | 1,094,392 | 10,250 | SH | | SOLE | | 10,250 | 0 | 0 |
| PENNANTPARK INVSTMNT CRP (pnnt) | COM | 708062104 | 1,038,365 | 150,270 | SH | | SOLE | | 150,270 | 0 | 0 |
| FS Investment Corp (fsic) | COM | 302635107 | 1,024,590 | 139,400 | SH | | SOLE | | 139,400 | 0 | 0 |
| ProShares Short S&P500 (sh) | ETF | 74347R503 | 1,014,349 | 33,610 | SH | | SOLE | | 33,610 | 0 | 0 |
| Triplepoint Venture Growth Corp (tpvg) | COM | 89677Y100 | 927,182 | 73,064 | SH | | SOLE | | 73,064 | 0 | 0 |
| TWO HARBORS INVT CORP (two) | COM | 90187B101 | 863,796 | 53,124 | SH | | SOLE | | 53,124 | 0 | 0 |
| ISHARES GLOBAL TECH ETF (ixn) | ETF | 464287291 | 858,191 | 5,585 | SH | | SOLE | | 5,585 | 0 | 0 |
| Solar Senior Capital Ltd. (suns) | COM | 83416M105 | 808,524 | 45,525 | SH | | SOLE | | 45,525 | 0 | 0 |
| FRONTIER COMMUNICATIONS CORP (ftr) | COM | 35906A108 | 807,313 | 119,425 | SH | | SOLE | | 119,425 | 0 | 0 |
| TPG Specialty Lending Inc. (tslx) | COM | 87265K102 | 768,952 | 38,836 | SH | | SOLE | | 38,836 | 0 | 0 |
| THL CREDIT INC (tcrd) | COM | 872438106 | 676,442 | 74,745 | SH | | SOLE | | 74,745 | 0 | 0 |
| LEXINGTON REALTY TRUST REIT (lxp) | COM | 529043101 | 649,792 | 67,336 | SH | | SOLE | | 67,336 | 0 | 0 |
| KOHLS CORP (kss) | COM | 500255104 | 634,491 | 11,700 | SH | | SOLE | | 11,700 | 0 | 0 |
| KELLOGG COMPANY (k) | COM | 487836108 | 598,224 | 8,800 | SH | | SOLE | | 8,800 | 0 | 0 |
| Office Depot Inc (odp) | COM | 676220106 | 595,428 | 168,200 | SH | | SOLE | | 168,200 | 0 | 0 |
| JPMorgan Chase & Co. (jpm) | COM | 46625H100 | 578,545 | 5,410 | SH | | SOLE | | 5,410 | 0 | 0 |
| Innovative Industrial Prop. (iipra) | COM | 45781V101 | 558,800 | 20,000 | SH | | SOLE | | 20,000 | 0 | 0 |
| WESTERN GAS PARTNERS LP (wes) | COM | 958254104 | 541,012 | 11,250 | SH | | SOLE | | 11,250 | 0 | 0 |
| Plains All American Pipeline,L.P. (paa) | COM | 726503105 | 540,768 | 26,200 | SH | | SOLE | | 26,200 | 0 | 0 |
| Five Oaks Investment Corp. (oaks) | COM | 33830W106 | 538,400 | 134,600 | SH | | SOLE | | 134,600 | 0 | 0 |
| Ladenburg Thal Fin 6.5 (ltsl) | COM | 50575Q300 | 530,673 | 21,450 | SH | | SOLE | | 21,450 | 0 | 0 |
| Omega Healthcare Investors, Inc. (ohi) | COM | 681936100 | 520,506 | 18,900 | SH | | SOLE | | 18,900 | 0 | 0 |
| ROYAL DUTCH SHELL PLC SPONSORED (rds a) | ADR | 780259206 | 424,942 | 6,370 | SH | | SOLE | | 6,370 | 0 | 0 |
| City Office Reit Inc. (cio) | COM | 178587101 | 304,108 | 23,375 | SH | | SOLE | | 23,375 | 0 | 0 |
| HSBC Holdings Plc (hsbc) | COM | 404280406 | 275,499 | 5,335 | SH | | SOLE | | 5,335 | 0 | 0 |
| Blackstone Group L.P. (bx) | COM | 09253U108 | 215,494 | 6,730 | SH | | SOLE | | 6,730 | 0 | 0 |
