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

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

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
3M Co cs 88579y101 432 2,870 SH   SOLE   2,870 0 0
Abbott Laboratories cs 002824100 269 5,982 SH   SOLE   5,982 0 0
Abbvie Inc cs 00287y109 430 7,262 SH   SOLE   7,262 0 0
AK Steel Holding Corp cs 001547108 599 267,425 SH   SOLE   267,425 0 0
Allergan PLC cs g0177j108 1,193 3,818 SH   SOLE   3,818 0 0
American Express Co cs 025816109 487 7,000 SH   SOLE   7,000 0 0
Apple Inc cs 037833100 459 4,356 SH   SOLE   4,356 0 0
Bancorp Inc cs 05969a105 1,174 184,330 SH   SOLE   184,330 0 0
Bank Hawaii Corp cs 062540109 296 4,699 SH   SOLE   4,699 0 0
Bank of America Corporation cs 060505104 1,399 83,110 SH   SOLE   83,110 0 0
Banner Corp cs 06652v208 922 20,100 SH   SOLE   20,100 0 0
Berkshire Hathaway Inc Cl B cs 084670702 1,359 10,291 SH   SOLE   10,291 0 0
Boeing Co cs 097023105 321 2,222 SH   SOLE   2,222 0 0
Bristol-Myers Squibb Co cs 110122108 958 13,929 SH   SOLE   13,929 0 0
Brown Forman Corp Cl A cs 115637100 908 8,250 SH   SOLE   8,250 0 0
Brown Forman Corp Cl B cs 115637209 710 7,154 SH   SOLE   7,154 0 0
Cambridge Bancorp cs 132152109 1,233 26,021 SH   SOLE   26,021 0 0
Capital Bank Financial Corp Cl cs 139794101 203 6,347 SH   SOLE   6,347 0 0
Caterpillar Inc cs 149123101 364 5,350 SH   SOLE   5,350 0 0
Central Securities Corp cs 155123102 647 34,000 SH   SOLE   34,000 0 0
Chevron Corp cs 166764100 1,890 21,004 SH   SOLE   21,004 0 0
Chubb Corp cs 171232101 2,257 17,013 SH   SOLE   17,013 0 0
Cimarex Energy Co cs 171798101 538 6,015 SH   SOLE   6,015 0 0
Cincinnati Financial Corp cs 172062101 204 3,450 SH   SOLE   3,450 0 0
CoBiz Financial Inc cs 190897108 1,012 75,400 SH   SOLE   75,400 0 0
Coca-Cola Co cs 191216100 429 9,992 SH   SOLE   9,992 0 0
Colgate Palmolive Co cs 194162103 751 11,276 SH   SOLE   11,276 0 0
ConocoPhillips cs 20825c104 502 10,760 SH   SOLE   10,760 0 0
CVS Health Corporation cs 126650100 259 2,647 SH   SOLE   2,647 0 0
Deere & Co cs 244199105 629 8,245 SH   SOLE   8,245 0 0
Disney Walt Co Disney cs 254687106 876 8,339 SH   SOLE   8,339 0 0
Eaton Corp PLC cs g29183103 1,674 32,161 SH   SOLE   32,161 0 0
Eaton Vance Corp Non Vtg cs 278265103 351 10,815 SH   SOLE   10,815 0 0
Eli Lilly & Co cs 532457108 1,339 15,888 SH   SOLE   15,888 0 0
Emerson Electric Co cs 291011104 364 7,605 SH   SOLE   7,605 0 0
Energy XXI (Bermuda) Ltd USD U cs g10082140 17 17,157 SH   SOLE   17,157 0 0
Ensco PLC Class A cs g3157s106 1,087 70,658 SH   SOLE   70,658 0 0
Exxon Mobil Corp cs 30231g102 2,149 27,573 SH   SOLE   27,573 0 0
Frp Holdings Inc cs 30292l107 367 10,800 SH   SOLE   10,800 0 0
General Electric Co cs 369604103 935 30,014 SH   SOLE   30,014 0 0
General Mills Inc cs 370334104 1,542 26,740 SH   SOLE   26,740 0 0
Hershey Co cs 427866108 277 3,100 SH   SOLE   3,100 0 0
Home Depot Inc cs 437076102 374 2,830 SH   SOLE   2,830 0 0
Honeywell Intl Inc cs 438516106 2,029 19,588 SH   SOLE   19,588 0 0
Johnson & Johnson cs 478160104 396 3,857 SH   SOLE   3,857 0 0
Johnson Controls Inc cs 478366107 1,656 41,933 SH   SOLE   41,933 0 0
JPMorgan Chase & Co cs 46625h100 1,075 16,275 SH   SOLE   16,275 0 0
Kinder Morgan Inc cs 49456b101 238 15,964 SH   SOLE   15,964 0 0
Lennar Corp Cl A cs 526057104 1,969 40,265 SH   SOLE   40,265 0 0
Lyon William Homes Cl A cs 552074700 644 39,025 SH   SOLE   39,025 0 0
Magnum Hunter Resources Corp cs 55973b102 4 219,425 SH   SOLE   219,425 0 0
MB Financial Inc cs 55264u108 1,060 32,737 SH   SOLE   32,737 0 0
McDermott Intl Inc cs 580037109 1,045 311,926 SH   SOLE   311,926 0 0
Merck & Co Inc cs 58933y105 1,019 19,294 SH   SOLE   19,294 0 0
Meritage Homes Corp cs 59001a102 326 9,600 SH   SOLE   9,600 0 0
MGM Resorts International cs 552953101 326 14,350 SH   SOLE   14,350 0 0
Nabors Industries Ltd cs g6359f103 766 90,022 SH   SOLE   90,022 0 0
NBT Bancorp Inc cs 628778102 240 8,600 SH   SOLE   8,600 0 0
Newstar Financial Inc cs 65251f105 1,707 190,041 SH   SOLE   190,041 0 0
NOBLE CORP PLC SHS USD cs g65431101 977 92,611 SH   SOLE   92,611 0 0
Nucor Corp cs 670346105 1,324 32,848 SH   SOLE   32,848 0 0
NVR Inc cs 62944t105 2,893 1,761 SH   SOLE   1,761 0 0
Paccar Inc cs 693718108 1,485 31,337 SH   SOLE   31,337 0 0
PacWest Bancorp Del cs 695263103 453 10,507 SH   SOLE   10,507 0 0
PepsiCo Inc cs 713448108 741 7,415 SH   SOLE   7,415 0 0
Pfizer Inc cs 717081103 303 9,382 SH   SOLE   9,382 0 0
Procter & Gamble Co cs 742718109 555 6,983 SH   SOLE   6,983 0 0
Quantum Corp DSSG cs 747906204 726 780,834 SH   SOLE   780,834 0 0
Seacoast Banking Corp FL cs 811707801 206 13,770 SH   SOLE   13,770 0 0
SuperValue Inc cs 868536103 147 21,645 SH   SOLE   21,645 0 0
Synovus Finl Corp cs 87161c501 2,717 83,921 SH   SOLE   83,921 0 0
Textron Inc cs 883203101 307 7,300 SH   SOLE   7,300 0 0
Toll Brothers Inc cs 889478103 1,301 39,055 SH   SOLE   39,055 0 0
Travelers Companies Inc cs 89417e109 468 4,150 SH   SOLE   4,150 0 0
Ultra Petroleum Corp cs 903914109 56 22,325 SH   SOLE   22,325 0 0
United Community Banks Blairsv cs 90984p303 2,164 111,025 SH   SOLE   111,025 0 0
United States Steel Corp cs 912909108 416 52,141 SH   SOLE   52,141 0 0
Visa Inc Cl A cs 92826c839 248 3,200 SH   SOLE   3,200 0 0
Vulcan Materials Co cs 929160109 570 6,000 SH   SOLE   6,000 0 0
Weatherford Intl PLC cs g48833100 858 102,294 SH   SOLE   102,294 0 0
Wells Fargo & Co cs 949746101 3,026 55,662 SH   SOLE   55,662 0 0
Western Alliance Bancorp cs 957638109 2,664 74,280 SH   SOLE   74,280 0 0
Williams Clayton Energy Inc cs 969490101 433 14,655 SH   SOLE   14,655 0 0
Zions Bancorporation cs 989701107 1,090 39,917 SH   SOLE   39,917 0 0
Arm Holdings PLC Sp ADR ad 042068106 730 16,140 SH   SOLE   16,140 0 0
Royal Dutch Shell PLC Sp ADR A ad 780259206 580 12,670 SH   SOLE   12,670 0 0
Royal Dutch Shell PLC Sp ADR B ad 780259107 206 4,481 SH   SOLE   4,481 0 0
Tekla Healthcare Invs mf 87911j103 504 17,000 SH   SOLE   17,000 0 0
Enbridge Energy Partners LP ml 29250r106 520 22,524 SH   SOLE   22,524 0 0
Energy Transfer Partners LP ml 29273r109 446 13,217 SH   SOLE   13,217 0 0
Enterprise Products Partners L ml 293792107 324 12,670 SH   SOLE   12,670 0 0
Golar LNG Partners LP Lpi ml y2745c102 141 10,550 SH   SOLE   10,550 0 0
Martin Midstream Partners LP ml 573331105 408 18,780 SH   SOLE   18,780 0 0
Plains All American Pipeline L ml 726503105 245 10,625 SH   SOLE   10,625 0 0
Annaly Cap Mgmt Inc re 035710409 170 18,090 SH   SOLE   18,090 0 0
Capstead Mtg Corp re 14067e506 122 13,925 SH   SOLE   13,925 0 0