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 COM Stock 88579Y101 271 1,328 SH   SOLE   1,328 0 0
ABBOTT LABS COM Stock 002824100 663 9,084 SH   SOLE   9,084 0 0
ABBVIE INC COM Stock 00287Y109 1,853 21,116 SH   SOLE   21,116 0 0
ADOBE INC COM Stock 00724F101 500 2,000 SH   SOLE   2,000 0 0
AK STL HLDG CORP COM Stock 001547108 175 45,932 SH   SOLE   45,932 0 0
ALLERGAN PLC SHS Stock G0177J108 1,440 8,505 SH   SOLE   8,505 0 0
AMAZON COM INC COM Stock 023135106 281 160 SH   SOLE   160 0 0
AMERICAN EXPRESS CO COM Stock 025816109 543 5,000 SH   SOLE   5,000 0 0
ANNALY CAP MGMT INC COM REIT 035710409 518 51,780 SH   SOLE   51,780 0 0
APPLE INC COM Stock 037833100 826 3,960 SH   SOLE   3,960 0 0
AT&T INC COM Stock 00206R102 524 16,892 SH   SOLE   16,892 0 0
BANCORP INC DEL COM Stock 05969A105 3,328 311,307 SH   SOLE   311,307 0 0
BANK AMER CORP COM Stock 060505104 365 12,640 SH   SOLE   12,640 0 0
BANK HAWAII CORP COM Stock 062540109 249 3,127 SH   SOLE   3,127 0 0
BANNER CORP COM NEW Stock 06652V208 798 12,940 SH   SOLE   12,940 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW Stock 084670702 1,736 7,806 SH   SOLE   7,806 0 0
BLACKSTONE GROUP L P COM UNIT LTD Stock 09253U108 484 13,700 SH   SOLE   13,700 0 0
BOEING CO COM Stock 097023105 539 1,455 SH   SOLE   1,455 0 0
BOK FINL CORP COM NEW Stock 05561Q201 694 7,735 SH   SOLE   7,735 0 0
BRISTOL MYERS SQUIBB CO COM Stock 110122108 1,779 33,682 SH   SOLE   33,682 0 0
BROWN FORMAN CORP CL A Stock 115637100 603 12,350 SH   SOLE   12,350 0 0
BROWN FORMAN CORP CL B Stock 115637209 797 16,355 SH   SOLE   16,355 0 0
CAMBRIDGE BANCORP COM Stock 132152109 2,139 25,087 SH   SOLE   25,087 0 0
CAPSTEAD MTG CORP COM NO PAR REIT 14067E506 300 40,275 SH   SOLE   40,275 0 0
CATERPILLAR INC DEL COM Stock 149123101 394 3,000 SH   SOLE   3,000 0 0
CENTRAL SECS CORP COM CEF 155123102 812 29,000 SH   SOLE   29,000 0 0
CF INDS HLDGS INC COM Stock 125269100 1,584 29,507 SH   SOLE   29,507 0 0
CHEVRON CORP NEW COM Stock 166764100 1,956 16,385 SH   SOLE   16,385 0 0
CHUBB LIMITED COM Stock H1467J104 788 5,979 SH   SOLE   5,979 0 0
CIMAREX ENERGY CO COM Stock 171798101 995 10,976 SH   SOLE   10,976 0 0
CINCINNATI FINL CORP COM Stock 172062101 256 3,150 SH   SOLE   3,150 0 0
COCA COLA CO COM Stock 191216100 253 5,122 SH   SOLE   5,122 0 0
COLGATE PALMOLIVE CO COM Stock 194162103 537 8,825 SH   SOLE   8,825 0 0
DEERE & CO COM Stock 244199105 702 4,785 SH   SOLE   4,785 0 0
DISNEY WALT CO COM DISNEY Stock 254687106 1,029 8,873 SH   SOLE   8,873 0 0
EAGLE BULK SHIPPING INC SHS NEW Stock Y2187A143 66 14,990 SH   SOLE   14,990 0 0
EATON CORP PLC SHS Stock G29183103 265 3,565 SH   SOLE   3,565 0 0
EATON VANCE CORP COM NON VTG Stock 278265103 378 8,406 SH   SOLE   8,406 0 0
ENBRIDGE ENERGY PARTNERS L P COM Stock 29250R106 453 42,100 SH   SOLE   42,100 0 0
ENERGY TRANSFER LP COM UT LTD PTN Stock 29273V100 664 41,316 SH   SOLE   41,316 0 0
ENSCO PLC SHS CLASS A Stock G3157S106 1,526 220,136 SH   SOLE   220,136 0 0
ENTERPRISE PRODS PARTNERS L P COM Stock 293792107 391 14,280 SH   SOLE   14,280 0 0
EOG RES INC COM Stock 26875P101 1,618 15,434 SH   SOLE   15,434 0 0
EXXON MOBIL CORP COM Stock 30231G102 1,239 15,160 SH   SOLE   15,160 0 0
FRP HLDGS INC COM Stock 30292L107 538 10,800 SH   SOLE   10,800 0 0
GENERAL ELECTRIC CO COM Stock 369604103 253 27,800 SH   SOLE   27,800 0 0
GENERAL MLS INC COM Stock 370334104 928 20,875 SH   SOLE   20,875 0 0
GENERAL MTRS CO COM Stock 37045V100 845 23,115 SH   SOLE   23,115 0 0
GILEAD SCIENCES INC COM Stock 375558103 1,755 24,412 SH   SOLE   24,412 0 0
GOLAR LNG PARTNERS LP COM UNIT LPI Stock Y2745C102 456 31,547 SH   SOLE   31,547 0 0
HERSHEY CO COM Stock 427866108 305 2,850 SH   SOLE   2,850 0 0
HOME DEPOT INC COM Stock 437076102 311 1,655 SH   SOLE   1,655 0 0
HONEYWELL INTL INC COM Stock 438516106 1,535 10,197 SH   SOLE   10,197 0 0
INTEL CORP COM Stock 458140100 653 13,327 SH   SOLE   13,327 0 0
INTERNATIONAL BUSINESS MACHS COM Stock 459200101 2,243 18,181 SH   SOLE   18,181 0 0
JOHNSON & JOHNSON COM Stock 478160104 916 6,301 SH   SOLE   6,301 0 0
JPMORGAN CHASE & CO COM Stock 46625H100 931 8,285 SH   SOLE   8,285 0 0
LENNAR CORP CL A Stock 526057104 1,405 33,540 SH   SOLE   33,540 0 0
LILLY ELI & CO COM Stock 532457108 1,517 13,780 SH   SOLE   13,780 0 0
LYON WILLIAM HOMES CL A NEW Stock 552074700 1,005 77,477 SH   SOLE   77,477 0 0
MARTIN MIDSTREAM PRTNRS L P UNIT L P INT Stock 573331105 396 32,060 SH   SOLE   32,060 0 0
MCDERMOTT INTL INC COM Stock 580037703 958 99,474 SH   SOLE   99,474 0 0
MERCK & CO INC COM Stock 58933Y105 2,131 28,233 SH   SOLE   28,233 0 0
META FINL GROUP INC COM Stock 59100U108 316 12,390 SH   SOLE   12,390 0 0
MGM RESORTS INTERNATIONAL COM Stock 552953101 214 7,950 SH   SOLE   7,950 0 0
MOSAIC CO NEW COM Stock 61945C103 1,381 37,327 SH   SOLE   37,327 0 0
NABORS INDUSTRIES LTD SHS Stock G6359F103 1,407 274,860 SH   SOLE   274,860 0 0
NOBLE CORP PLC SHS USD Stock G65431101 1,563 333,350 SH   SOLE   333,350 0 0
NOBLE ENERGY INC COM Stock 655044105 2,184 81,185 SH   SOLE   81,185 0 0
NVR INC COM Stock 62944T105 2,979 1,300 SH   SOLE   1,300 0 0
OASIS PETE INC NEW COM Stock 674215108 153 16,016 SH   SOLE   16,016 0 0
ONEMAIN HLDGS INC COM Stock 68268W103 956 31,404 SH   SOLE   31,404 0 0
PACCAR INC COM Stock 693718108 462 7,676 SH   SOLE   7,676 0 0
PACWEST BANCORP DEL COM Stock 695263103 344 8,228 SH   SOLE   8,228 0 0
PARSLEY ENERGY INC CL A Stock 701877102 1,007 42,004 SH   SOLE   42,004 0 0
PEPSICO INC COM Stock 713448108 563 4,850 SH   SOLE   4,850 0 0
PFIZER INC COM Stock 717081103 2,042 46,567 SH   SOLE   46,567 0 0
PHYSICIANS RLTY TR COM REIT 71943U104 264 15,575 SH   SOLE   15,575 0 0
PIONEER NAT RES CO COM Stock 723787107 1,571 10,040 SH   SOLE   10,040 0 0
PLAINS ALL AMERN PIPELINE L P UNIT LTD PARTN Stock 726503105 483 20,550 SH   SOLE   20,550 0 0
RANGE RES CORP COM Stock 75281A109 399 23,375 SH   SOLE   23,375 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A ADR 780259206 345 5,500 SH   SOLE   5,500 0 0
SANCHEZ ENERGY CORP COM Stock 79970Y105 454 329,280 SH   SOLE   329,280 0 0
SCORPIO BULKERS INC COM Stock Y7546A122 132 21,424 SH   SOLE   21,424 0 0
SEACOAST BKG CORP FLA COM NEW Stock 811707801 210 7,815 SH   SOLE   7,815 0 0
SM ENERGY CO COM Stock 78454L100 625 26,991 SH   SOLE   26,991 0 0
STAR BULK CARRIERS CORP SHS PAR Stock Y8162K204 133 12,600 SH   SOLE   12,600 0 0
SYNOVUS FINL CORP COM NEW Stock 87161C501 1,054 27,722 SH   SOLE   27,722 0 0
TEKLA HEALTHCARE INVS SH BEN INT CEF 87911J103 369 17,000 SH   SOLE   17,000 0 0
TRAVELERS COMPANIES INC COM Stock 89417E109 289 2,205 SH   SOLE   2,205 0 0
TRISTATE CAP HLDGS INC COM Stock 89678F100 759 29,216 SH   SOLE   29,216 0 0
UNION PAC CORP COM Stock 907818108 241 1,580 SH   SOLE   1,580 0 0
UNITED CMNTY BKS BLAIRSVLE GA COM Stock 90984P303 736 28,907 SH   SOLE   28,907 0 0
UNITED STATES STL CORP NEW COM Stock 912909108 1,063 37,531 SH   SOLE   37,531 0 0
V F CORP COM Stock 918204108 360 4,152 SH   SOLE   4,152 0 0
VISA INC COM CL A Stock 92826C839 407 2,800 SH   SOLE   2,800 0 0
VULCAN MATLS CO COM Stock 929160109 648 6,000 SH   SOLE   6,000 0 0
WEATHERFORD INTL PLC ORD SHS Stock G48833100 323 267,075 SH   SOLE   267,075 0 0
WELLS FARGO CO NEW COM Stock 949746101 1,170 22,006 SH   SOLE   22,006 0 0
WESTERN ALLIANCE BANCORP COM Stock 957638109 1,652 33,582 SH   SOLE   33,582 0 0
WESTROCK CO COM Stock 96145D105 439 9,475 SH   SOLE   9,475 0 0
ZIONS BANCORPORATION N A COM Stock 989701107 358 7,110 SH   SOLE   7,110 0 0