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
ACTAVIS PFD G0083B116 6,183 6,110 SH   SOLE   2,300 0 3,810
AMERICAN RLTY COM 02917T104 1,152 117,000 SH   SOLE   0 0 117,000
AMERICAN RLTY DEB 02917TAA2 4,054 4,163,000 PRN   SOLE   1,000,000 0 3,163,000
ANNALY CAP DEB 035710AB8 3,218 3,210,000 PRN   SOLE   802,000 0 2,410,000
APACHE CORP COM 037411105 561 9,300 SH   SOLE   0 0 9,300
APPLE INC COM 037833100 7,036 56,546 SH   SOLE   42,600 0 13,946
ARCELMORMITTAL PFD L0302D178 2,085 138,844 SH   SOLE   8,000 0 130,844
ARES CAPITRAL DEB 04010LAJ2 965 925,000 PRN   SOLE   0 0 925,000
ASCENT CAPITAL DEB 043632AA6 1,738 2,300,000 PRN   SOLE   2,300,000 0 0
AT&T COM 00206R102 1,004 30,757 SH   SOLE   7,500 0 23,257
BB&T CORP COM 054937107 429 11,000 SH   SOLE   0 0 11,000
CAPITAL ONE COM 14040H105 333 4,234 SH   SOLE   0 0 4,234
CATERPILLER COM 149123101 160 2,000 SH   SOLE   0 0 2,000
CHESAPEAKE ENGY DEB 165167CA3 756 795,000 PRN   SOLE   0 0 795,000
CHESAPEAKE ENGY COM 165167107 517 36,499 SH   SOLE   19,999 0 16,500
CHEVRON COM 166764100 498 4,750 SH   SOLE   0 0 4,750
CITIGROUP COM 172967424 163 3,171 SH   SOLE   0 0 3,171
CROWN CASTLE PFD 22822V200 11,748 112,075 SH   SOLE   35,230 0 76,845
DIAMOND OFFSHORE COM 25271C102 268 10,000 SH   SOLE   0 0 10,000
ENSCO PLC COM G3157S106 3,435 163,035 SH   SOLE   55,500 0 107,535
ENVESTNET DEB 29404KAA4 1,337 1,205,000 PRN   SOLE   350,000 0 855,000
EPR PROPERTIES PFD 26884U208 4,422 182,752 SH   SOLE   182,752 0 0
EXELIXIS COM 30161Q104 371 144,300 SH   SOLE   0 0 144,300
EXELIXIS DEB 30161QAC8 4,601 6,045,000 PRN   SOLE   2,030,000 0 4,015,000
EXELON CORP PFD 30161N127 986 20,267 SH   SOLE   2,500 0 17,767
EXXON MOBIL COM 30231G102 296 3,490 SH   SOLE   0 0 3,490
FIFTH THIRD BANK COM 316773100 264 14,000 SH   SOLE   0 0 14,000
FORD MOTOR COM 345370860 5,564 334,773 SH   SOLE   152,500 0 192,273
FREEPORT MCMORAN COM 35671D857 195 10,300 SH   SOLE   0 0 10,300
GAMESTOP COM 36467W109 607 16,000 SH   SOLE   0 0 16,000
GENERAL ELECTRIC COM 369604103 189 7,644 SH   SOLE   0 0 7,644
GENERAL MOTORS COM 30745V100 8,172 217,921 SH   SOLE   54,312 0 163,609
GOODRICH PETRO COM 382410405 239 67,500 SH   SOLE   0 0 67,500
GOODYEAR TIRE COM 382550101 7,398 273,202 SH   SOLE   99,083 0 174,119
HEALTHCARE REIT PFD 42217K601 2,108 31,396 SH   SOLE   31,396 0 0
HCI GROUP DEB 40416EAB9 3,597 3,615,000 PRN   SOLE   150,000 0 3,465,000
HCI GROUP COM 40416E103 9,737 212,285 SH   SOLE   141,000 0 71,285
INTL GAME TECH DEB 459902AQ5 141 8,100 PRN   SOLE   0 0 8,100
INVESCO TR INVT COM 46131M106 881 65,500 SH   SOLE   0 0 65,500
J2 GLOBAL DEB 48123VAC6 915 795,000 PRN   SOLE   100,000 0 695,000
JETBLUE AIRWAYS COM 477143101 192 10,000 SH   SOLE   0 0 10,000
JPMORGAN CHASE COM 46625H100 151 2,500 SH   SOLE   0 0 2,500
KOHLS GROUP COM 500255104 4,004 51,175 SH   SOLE   40,000 0 11,175
LEGGETT & PLATT COM 524660107 141 3,065 SH   SOLE   0 0 3,065
LEXINGTON PTY COM 529043101 16,355 1,663,777 SH   SOLE   467,500 0 1,196,277
LEXINGTON PTY PFD 529043309 7,453 151,338 SH   SOLE   33,100 0 118,238
LYONDELLBASELL COM N53745100 518 5,900 SH   SOLE   0 0 5,900
MACQUARIE INFRA DEB 55608BAA3 556 470,000 PRN   SOLE   0 0 470,000
MERCK COM 58933Y105 3,779 65,749 SH   SOLE   5,400 0 60,349
METLIFE COM 59156R108 9,420 186,346 SH   SOLE   50,000 0 136,346
NATIONAL HEALTH DEB 63633DAE4 7,517 7,130,000 PRN   SOLE   1,925,000 0 5,205,000
NATL OILWELL COM 637071101 4,976 99,540 SH   SOLE   44,000 0 55,540
NEWMONT MINE COM 651639106 325 15,000 SH   SOLE   0 0 15,000
NEWMONT MINE DEB 651639AJ5 118 115 PRN   SOLE   0 0 115,000
NICHOLAS FIN COM 65373J209 210 15,000 SH   SOLE   0 0 15,000
NOBLE CORP. COM G65431101 371 26,000 SH   SOLE   0 0 26,000
NY COMM BANC COM 649445103 3,131 187,160 SH   SOLE   7,500 0 179,660
NY COMM BANC PFD 64944P307 3,419 67,354 SH   SOLE   7,000 0 60,354
OLD REPUBLIC COM 680223104 3,775 252,700 SH   SOLE   250,000 0 2,700
OLD REPUBLIC DEB 680223AH7 335 284,000 PRN   SOLE   0 0 284,000
OMNICARE DEB 681904AL2 272 250,000 PRN   SOLE   250,000 0 0
PFIZER COM 717081103 1,426 41,000 SH   SOLE   0 0 41,000
PRAXAIR COM 74005P104 106 880 SH   SOLE   0 0 880
PROSHARES COM 74743B201 308 7,375 SH   SOLE   0 0 7,375
PRUDENTIAL FINL COM 744320102 803 10,000 SH   SOLE   0 0 10,000
RAMCO GERSHNSN PFD 751452608 9,283 139,203 SH   SOLE   92,727 0 46,476
ROYAL GOLD DEB 780287AA6 2,777 2,701,000 PRN   SOLE   325,000 0 2,376,000
RTI INTERNATIONAL DEB 74973WAB3 1,092 950,000 PRN   SOLE   95,000 0 855,000
SANDRIDGE COM 80007P307 217 122,100 SH   SOLE   0 0 122,100
SANOFI SPONSOR COM 80105N105 10,539 213,167 SH   SOLE   66,100 0 147,067
SEAGATE TECH COM G7945M107 286 5,500 SH   SOLE   0 0 5,500
SHIP FINANCE DEB G81075AE6 9,158 9,210,000 PRN   SOLE   3,705,000 0 5,505,000
SHIP FINANCE COM G81075106 203 13,700 SH   SOLE   0 0 13,700
SPIRIT REALTY DEB 84860WAB8 609 610,000 PRN   SOLE   0 0 610,000
SPIRIT REALTY DEB 84860WAA0 8,678 8,695,000 PRN   SOLE   3,075,000 0 5,620,000
SWISS HELVETIA COM 870875101 797 69,091 SH   SOLE   0 0 69,091
SYNOVUS FINL COM 87161C105 1,078 38,500 SH   SOLE   0 0 38,500
SYNTA PHARM COM 87162T206 140 72,500 SH   SOLE   0 0 72,500
TEVA PHARMACY DEB 88163VAE9 103 70,000 SH   SOLE   0 0 70,000
TOLL BROS DEB 88947EAM2 671 635,000 PRN   SOLE   0 0 635,000
TTM TECH DEB 87305RAD1 5,393 4,928,000 PRN   SOLE   1,200,000 0 3,728,000
TRANSOCEAN LTD COM H8817H100 227 15,480 SH   SOLE   0 0 15,480
UNISYS COM 909214306 104 4,500 SH   SOLE   0 0 4,500
VERIZON COM 92343V104 1,168 24,031 SH   SOLE   5,000 0 19,031
WESTERN UNION COM 959802109 728 35,000 SH   SOLE   0 0 35,000
CAPITAL ONE WTS 14040H139 1,963 53,000 SH   SOLE   53,000 0 0
GENERAL MOTORS WTS 37045V126 1,379 70,200 SH   SOLE   70,200 0 0
JPMORGAN CHASE WTS 46634E114 1,915 87,000 SH   SOLE   57,000 0 30,000
XEROX CORP COM 984121103 128 10,000 SH   SOLE   0 0 10,000