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
ABBVIE COM 00287Y109 291 5,100 SH   SOLE   0 0 5,100
ALLERGAN PFD G0177J116 7,066 7,688 SH   SOLE   2,250 0 5,438
AMERICAN RLTY DEB 02917TAA2 2,493 2,567,000 PRN   SOLE   0 0 2,567,000
APPLE INC COM 037833100 5,259 48,251 SH   SOLE   39,000 0 9,251
ARES CAPITAL DEB 04010LAJ2 2,629 2,600,000 PRN   SOLE   0 0 2,600,000
ASCENT CAPITAL DEB 043632AA6 808 1,300,000 PRN   SOLE   1,300,000 0 0
ASHFORD HOSPTY COM 044103109 1,158 181,500 SH   SOLE   7,500 0 174,000
ATLAS AIR WW DEB 049164BH8 1,156 1,355,000 PRN   SOLE   300,000 0 1,055,000
BANK OF AMERICA COM 060505104 365 27,000 SH   SOLE   0 0 27,000
BB&T CORP COM 054937107 632 19,000 SH   SOLE   0 0 19,000
CARRIAGE SERVICE DEB 143905AM9 4,442 4,055,000 PRN   SOLE   1,605,000 0 2,450,000
CHART IND DEB 16115QAC4 581 655,000 PRN   SOLE   0 0 655,000
CHESAPEAKE ENGY DEB 165167CA3 439 695,000 PRN   SOLE   0 0 695,000
CHEVRON COM 166764100 138 1,450 SH   SOLE   0 0 1,450
COWEN GROUP DEB 223622AB7 2,618 2,823,000 PRN   SOLE   426,650 0 1,363,000
COMMUNITY WEST COM 204157101 408 60,000 SH   SOLE   10,000 0 50,000
CROWN CASTLE PFD 22822V200 7,077 66,021 SH   SOLE   15,600 0 50,421
ENSCO PLC COM G3157S106 197 19,000 SH   SOLE   0 0 19,000
ENVESTNET DEB 29404KAA4 946 1,095,000 PRN   SOLE   350,000 0 745,000
EPR PROPERTIES PFD 26884U208 4,748 182,752 SH   SOLE   182,752 0 0
EATON CORP COM G29183103 531 8,500 SH   SOLE   0 0 8,500
EXELIXIS DEB 30161QAC8 3,590 3,624,000 PRN   SOLE   1,200,000 0 2,424,000
EXELON CORP PFD 30161N127 850 17,267 SH   SOLE   1,000 0 16,267
FIDELITY SOUTHERN COM 316394105 1,741 108,560 SH   SOLE   19,000 0 89,560
FIFTH THIRD BANK COM 316773100 417 25,000 SH   SOLE   0 0 25,000
FIRST GUARANTY COM 32043P106 805 51,983 SH   SOLE   51,983 0 0
FORD MOTOR COM 345370860 4,558 337,673 SH   SOLE   152,500 0 185,173
GAMESTOP COM 36467W109 507 16,000 SH   SOLE   0 0 16,000
GENERAL MOTORS COM 30745V100 6,318 201,040 SH   SOLE   54,312 0 146,728
GOODYEAR TIRE COM 382550101 650 19,727 SH   SOLE   0 0 19,727
HARLEY DAVIDSON COM 412822108 154 3,000 SH   SOLE   0 0 3,000
HCI GROUP DEB 40416EAB9 6,456 7,496,000 PRN   SOLE   306,000 0 7,190,000
HCI GROUP COM 40416E103 6,850 205,706 SH   SOLE   136,000 0 69,706
INTL PAPER COM 460146103 328 8,000 SH   SOLE   0 0 8,000
INVESCO LTD COM G491BT108 307 10,000 SH   SOLE   0 0 10,000
INVESCO TR INVT COM 46131M106 916 65,565 SH   SOLE   0 0 65,565
J2 GLOBAL DEB 48123VAC6 586 540,000 PRN   SOLE   50,000 0 490,000
JEFFERIES GROUP DEB 472319AG7 1,177 1,200,000 PRN   SOLE   0 0 1,200,000
JOHNSON CONTROL COM 478366107 292 7,500 SH   SOLE   0 0 7,500
JP MORGAN CHASE COM 46625H100 503 8,500 SH   SOLE   0 0 8,500
KOHLS GROUP COM 500255104 270 5,800 SH   SOLE   0 0 5,800
LEXINGTON PTY COM 529043101 14,742 1,714,260 SH   SOLE   473,500 0 1,240,760
LEXINGTON PTY PFD 529043309 6,904 141,795 SH   SOLE   33,100 0 108,695
MACQUARIE INFRA DEB 55608BAA3 320 290,000 PRN   SOLE   0 0 290,000
MERCK COM 58933Y105 6,333 119,705 SH   SOLE   31,000 0 88,705
METLIFE COM 59156R108 7,444 169,418 SH   SOLE   50,000 0 119,418
NATIONAL HEALTH DEB 63633DAE4 10,580 10,310,000 PRN   SOLE   3,275,000 0 7,035,000
NATL OILWELL COM 637071101 342 11,000 SH   SOLE   0 0 11,000
NAVIENT CORP COM 63938C108 335 28,000 SH   SOLE   0 0 28,000
NICHOLAS FIN COM 65373J209 129 12,000 SH   SOLE   0 0 12,000
NOBLE CORP. COM G65431101 238 23,000 SH   SOLE   0 0 23,000
NY COMM BANC COM 649445103 930 58,500 SH   SOLE   0 0 58,500
NY COMM BANC PFD 64944P307 8,083 160,388 SH   SOLE   26,052 0 134,336
OXBRIDGE COM G6856M106 613 120,000 SH   SOLE   120,000 0 0
PFIZER COM 717081103 1,007 34,000 SH   SOLE   0 0 34,000
PROSHARES COM 74743B201 110 3,000 SH   SOLE   0 0 3,000
PRUDENTIAL FINL COM 744320102 794 11,000 SH   SOLE   0 0 11,000
RAMCO GERSHNSN PFD 751452608 9,908 151,716 SH   SOLE   94,227 0 57,489
ROYAL GOLD DEB 780287AA6 3,258 3,407,000 PRN   SOLE   325,000 0 3,082,000
RTI INTL DEB 74973WAB3 376 360,000 PRN   SOLE   0 0 360,000
SANOFI SPONSOR COM 80105N105 6,405 2,289,120 SH   SOLE   57,000 0 102,500
SEAGATE TECH COM G7945M107 241 7,000 SH   SOLE   0 0 7,000
SHIP FINANCE DEB G81075AE6 8,727 9,127,000 PRN   SOLE   3,705,000 0 5,422,000
SHIP FINANCE COM G81075106 211 15,200 SH   SOLE   0 0 15,200
SHUTTERFLY DEB 82568PAB2 3,566 3,573,000 PRN   SOLE   675,000 0 2,898,000
SPIRIT REALTY DEB 84860WAB8 588 585,000 PRN   SOLE   0 0 585,000
SPIRIT REALTY DEB 84860WAA0 11,211 3,977,532 PRN   SOLE   3,980,000 0 7,238,000
SUMMIT STATE COM 866264203 212 16,000 SH   SOLE   6,000 0 10,000
SWISS HELVETIA COM 870875101 1,219 119,820 SH   SOLE   0 0 119,820
SYNOVUS FINL COM 87161C105 245 8,500 SH   SOLE   0 0 8,500
TIMBERLAND BANK COM 887098101 122 9,644 SH   SOLE   5,000 0 4,644
TOLL BROS DEB 88947EAM2 383 395,000 PRN   SOLE   0 0 395,000
TTM TECH DEB 87305RAD1 8,390 9,421,000 PRN   SOLE   2,475,000 0 6,946,000
TYSON FOODS PFD 902494301 4,860 65,259 SH   SOLE   19,500 0 45,759
VEREIT INC COM 92339V100 878 99,000 SH   SOLE   0 0 99,000
VERIZON COM 92343V104 2,915 63,072 SH   SOLE   0 0 63,072
WELLS FARGO COM 949746101 585 12,100 SH   SOLE   0 0 12,100
WELLTOWER PFD 95040Q203 1,949 31,396 SH   SOLE   31,396 0 0
WEYERHAEUSER PFD 962166872 214 4,200 SH   SOLE   1,200 0 3,000
WEYERHAEUSER COM 962166104 221 7,150 SH   SOLE   0 0 7,150
WESTERN UNION COM 959802109 472 24,500 SH   SOLE   0 0 24,500
CAPITAL ONE WTS 14040H139 1,144 40,000 SH   SOLE   40,000 0 0
GENERAL MOTORS WTS 37045V126 816 60,000 SH   SOLE   60,000 0 0
JPMORGAN CHASE WTS 46634E114 708 40,000 SH   SOLE   40,000 0 0
XEROX CORP COM 984121103 335 30,000 SH   SOLE   0 0 30,000