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 318 1,615 SH   SOLE   1,615 0 0
Abbott Laboratories cs 002824100 555 9,104 SH   SOLE   9,104 0 0
AbbVie Inc cs 00287y109 1,958 21,136 SH   SOLE   21,136 0 0
Adobe Systems Inc cs 00724f101 488 2,000 SH   SOLE   2,000 0 0
AK Steel Holding Corp cs 001547108 973 224,287 SH   SOLE   224,287 0 0
Allergan PLC cs g0177j108 1,414 8,481 SH   SOLE   8,481 0 0
Amazon.com Inc cs 023135106 292 172 SH   SOLE   172 0 0
American Express Co cs 025816109 701 7,150 SH   SOLE   7,150 0 0
Apple Inc cs 037833100 773 4,178 SH   SOLE   4,178 0 0
Bancorp Inc cs 05969a105 3,501 334,657 SH   SOLE   334,657 0 0
Bank America Corp cs 060505104 410 14,540 SH   SOLE   14,540 0 0
Bank Hawaii Corp cs 062540109 311 3,727 SH   SOLE   3,727 0 0
Banner Corp cs 06652v208 790 13,140 SH   SOLE   13,140 0 0
Berkshire Hathaway Inc Cl B cs 084670702 1,731 9,273 SH   SOLE   9,273 0 0
Boeing Co cs 097023105 474 1,414 SH   SOLE   1,414 0 0
Bristol-Myers Squibb Co cs 110122108 1,975 35,682 SH   SOLE   35,682 0 0
Brown Forman Corp Cl A cs 115637100 760 15,550 SH   SOLE   15,550 0 0
Brown Forman Corp Cl B cs 115637209 906 18,480 SH   SOLE   18,480 0 0
Cambridge Bancorp cs 132152109 2,483 28,687 SH   SOLE   28,687 0 0
Caterpillar Inc cs 149123101 407 3,000 SH   SOLE   3,000 0 0
Central Securities Corp cs 155123102 836 30,000 SH   SOLE   30,000 0 0
CF Industries Holdings Inc cs 125269100 1,641 36,957 SH   SOLE   36,957 0 0
Chevron Corp cs 166764100 2,375 18,787 SH   SOLE   18,787 0 0
Chubb Limited cs h1467j104 1,057 8,322 SH   SOLE   8,322 0 0
Cimarex Energy Co cs 171798101 1,035 10,172 SH   SOLE   10,172 0 0
Cincinnati Financial Corp cs 172062101 224 3,350 SH   SOLE   3,350 0 0
CoBiz Financial Inc cs 190897108 1,091 50,800 SH   SOLE   50,800 0 0
Coca-Cola Co cs 191216100 350 7,972 SH   SOLE   7,972 0 0
Colgate Palmolive Co cs 194162103 732 11,300 SH   SOLE   11,300 0 0
Darden Restaurants Inc cs 237194105 217 2,030 SH   SOLE   2,030 0 0
Deere & Co cs 244199105 669 4,785 SH   SOLE   4,785 0 0
Disney Walt Co Disney cs 254687106 950 9,068 SH   SOLE   9,068 0 0
Eaton Corp PLC cs g29183103 311 4,165 SH   SOLE   4,165 0 0
Eaton Vance Corp Non Vtg cs 278265103 470 9,006 SH   SOLE   9,006 0 0
Ensco PLC Class A cs g3157s106 1,523 209,788 SH   SOLE   209,788 0 0
EOG Resources Inc cs 26875p101 1,902 15,287 SH   SOLE   15,287 0 0
Exxon Mobil Corp cs 30231g102 1,485 17,955 SH   SOLE   17,955 0 0
First Acceptance Corp cs 318457108 70 61,125 SH   SOLE   61,125 0 0
Frp Holdings Inc cs 30292l107 699 10,800 SH   SOLE   10,800 0 0
General Electric Co cs 369604103 419 30,800 SH   SOLE   30,800 0 0
General Mills Inc cs 370334104 1,096 24,762 SH   SOLE   24,762 0 0
General Motors Co cs 37045v100 632 16,034 SH   SOLE   16,034 0 0
Gilead Sciences Inc cs 375558103 1,726 24,367 SH   SOLE   24,367 0 0
Hershey Co cs 427866108 265 2,850 SH   SOLE   2,850 0 0
Home Depot Inc cs 437076102 469 2,405 SH   SOLE   2,405 0 0
Honeywell Intl Inc cs 438516106 1,635 11,350 SH   SOLE   11,350 0 0
Intel Corp cs 458140100 775 15,588 SH   SOLE   15,588 0 0
Intl Business Machines cs 459200101 2,359 16,885 SH   SOLE   16,885 0 0
Johnson & Johnson cs 478160104 768 6,326 SH   SOLE   6,326 0 0
JPMorgan Chase & Co cs 46625h100 1,488 14,280 SH   SOLE   14,280 0 0
Lennar Corp Cl A cs 526057104 1,761 33,540 SH   SOLE   33,540 0 0
Lilly Eli & Co cs 532457108 1,333 15,622 SH   SOLE   15,622 0 0
Lyon William Homes Cl A cs 552074700 1,679 72,352 SH   SOLE   72,352 0 0
Mcdermott Intl Inc Com cs 580037703 1,906 96,992 SH   SOLE   96,992 0 0
Merck & Co Inc cs 58933y105 1,846 30,417 SH   SOLE   30,417 0 0
Meta Financial Group Inc cs 59100u108 400 4,105 SH   SOLE   4,105 0 0
MGM Resorts International cs 552953101 283 9,750 SH   SOLE   9,750 0 0
Mosaic Co cs 61945c103 1,042 37,152 SH   SOLE   37,152 0 0
Nabors Industries Ltd cs g6359f103 1,565 244,085 SH   SOLE   244,085 0 0
Newsstar Financial Inccvrcontr cs 652cvr994 0 36,350 SH   SOLE   36,350 0 0
Noble Corp PLC USD cs g65431101 2,025 319,860 SH   SOLE   319,860 0 0
Noble Energy Inc cs 655044105 2,894 82,024 SH   SOLE   82,024 0 0
NVR Inc cs 62944t105 3,861 1,300 SH   SOLE   1,300 0 0
Oasis Petroleum Inc cs 674215108 174 13,381 SH   SOLE   13,381 0 0
Onemain Holdings Inc cs 68268w103 1,166 35,029 SH   SOLE   35,029 0 0
Paccar Inc cs 693718108 674 10,876 SH   SOLE   10,876 0 0
PacWest Bancorp Del cs 695263103 409 8,284 SH   SOLE   8,284 0 0
Parsley Energy Inc Cl A cs 701877102 799 26,402 SH   SOLE   26,402 0 0
PepsiCo Inc cs 713448108 633 5,810 SH   SOLE   5,810 0 0
Pfizer Inc cs 717081103 1,844 50,824 SH   SOLE   50,824 0 0
Pioneer Natural Resources Co cs 723787107 1,834 9,689 SH   SOLE   9,689 0 0
Procter And Gamble Co cs 742718109 267 3,417 SH   SOLE   3,417 0 0
Range Resources Corp cs 75281a109 391 23,400 SH   SOLE   23,400 0 0
Regional Mgmt Corp cs 75902k106 325 9,270 SH   SOLE   9,270 0 0
Sanchez Energy Corp cs 79970y105 831 183,945 SH   SOLE   183,945 0 0
Seacoast Banking Corp FL cs 811707801 247 7,815 SH   SOLE   7,815 0 0
SM Energy Co cs 78454l100 637 24,791 SH   SOLE   24,791 0 0
Synovus Financial Corp cs 87161c501 2,277 43,107 SH   SOLE   43,107 0 0
Textron Inc cs 883203101 224 3,400 SH   SOLE   3,400 0 0
Travelers Companies Inc cs 89417e109 349 2,855 SH   SOLE   2,855 0 0
Trinity Industries Inc cs 896522109 226 6,610 SH   SOLE   6,610 0 0
TriState Capital Holdings Inc cs 89678f100 611 23,391 SH   SOLE   23,391 0 0
Union Pacific Corp cs 907818108 224 1,580 SH   SOLE   1,580 0 0
United Community Banks Blairsv cs 90984p303 1,058 34,482 SH   SOLE   34,482 0 0
United States Steel Corp cs 912909108 1,451 41,756 SH   SOLE   41,756 0 0
VF Corp cs 918204108 339 4,155 SH   SOLE   4,155 0 0
Visa Inc Cl A cs 92826c839 371 2,800 SH   SOLE   2,800 0 0
Vulcan Materials Co cs 929160109 774 6,000 SH   SOLE   6,000 0 0
Weatherford Intl PLC cs g48833100 607 184,550 SH   SOLE   184,550 0 0
Wells Fargo & Co cs 949746101 1,854 33,446 SH   SOLE   33,446 0 0
Western Alliance Bancorp cs 957638109 1,938 34,232 SH   SOLE   34,232 0 0
Zions Bancorporation cs 989701107 981 18,610 SH   SOLE   18,610 0 0
Royal Dutch Shell PLC Sp ADR A ad 780259206 505 7,300 SH   SOLE   7,300 0 0
Royal Dutch Shell PLC Sp ADR B ad 780259107 279 3,844 SH   SOLE   3,844 0 0
Tekla Healthcare Invs mf 87911j103 365 17,000 SH   SOLE   17,000 0 0
Blackstone Group LP ml 09253u108 457 14,208 SH   SOLE   14,208 0 0
Enbridge Energy Partners LP ml 29250r106 505 46,200 SH   SOLE   46,200 0 0
Energy Transfer Partners LP Lt ml 29278n103 613 32,189 SH   SOLE   32,189 0 0
Enterprise Products Partners L ml 293792107 397 14,335 SH   SOLE   14,335 0 0
Golar LNG Partners LP ml y2745c102 545 35,256 SH   SOLE   35,256 0 0
Martin Midstream Partners LP ml 573331105 533 38,610 SH   SOLE   38,610 0 0
Plains All American Pipeline L ml 726503105 490 20,725 SH   SOLE   20,725 0 0
Annaly Cap Mgmt Inc re 035710409 281 27,330 SH   SOLE   27,330 0 0
Capstead Mtg Corp re 14067e506 138 15,425 SH   SOLE   15,425 0 0
Physicians Realty Trust re 71943u104 239 15,000 SH   SOLE   15,000 0 0
Genco Shipping & Trading Ltd W wt y2685t123 96 96,000 SH   SOLE   96,000 0 0