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
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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
AMERICAN RLTY DEB 02917TAA2 2,493 2,497,000 PRN   SOLE   0 0 2,497,000
APPLE INC COM 037833100 3,793 32,749 SH   SOLE   22,000 0 10,749
ASHFORD HOSPTY COM 044103109 1,579 203,500 SH   SOLE   26,000 0 177,500
ARCONIC INC PFD 03965L308 3,382 112,192 SH   SOLE   32,000 0 80,192
ARES CAPITAL DEB 04010LAJ2 2,549 2,490,000 PRN   SOLE   0 0 2,490,000
ASCENT CAPITAL DEB 043632AA6 975 1,300,000 PRN   SOLE   1,300,000 0 0
ATLAS AIR WW DEB 049164BH8 1,346 1,330,000 PRN   SOLE   300,000 0 1,030,000
BANK OF AMERICA COM 060505104 574 26,000 SH   SOLE   0 0 26,000
BB&T CORP COM 054937107 376 8,000 SH   SOLE   0 0 8,000
CARRIAGE SERVICE DEB 143905AM9 5,384 4,005,000 PRN   SOLE   1,605,000 0 2,400,000
CITIZENS FIRST BANK COM 17462Q107 288 16,000 SH   SOLE   15,000 0 1,000
COWEN GROUP DEB 223622AB7 3,678 3,688,000 PRN   SOLE   660,000 0 3,028,000
COMMUNITY WEST COM 204157101 1,185 128,300 SH   SOLE   50,600 0 77,700
COLONY CAPITAL DEB 19624RAB2 4,862 4,875,000 PRN   SOLE   800,000 0 4,075,000
CONS TOMOKA DEB 210226AB2 744 750,000 PRN   SOLE   0 0 750,000
CROWN CASTLE COM 22822V101 5,802 66,866 SH   SOLE   13,900 0 52,966
DOMINION RESOURCE PFD 25746U836 2,073 40,985 SH   SOLE   0 0 40,985
DOMINION MIDSTREM COM 257454108 694 23,500 SH   SOLE   0 0 23,500
ENSCO PLC COM G3157S106 152 15,700 SH   SOLE   0 0 15,700
ENVESTNET DEB 29404KAA4 681 715,000 PRN   SOLE   100,000 0 615,000
EPR PROPERTIES PFD 26884U208 5,053 177,552 SH   SOLE   177,552 0 0
EXELIXIS COM 30161Q104 626 42,000 SH   SOLE   0 0 42,000
EXELON CORP PFD 30161N127 622 12,865 SH   SOLE   0 0 12,865
FIDELITY SOUTHERN COM 316394105 4,371 184,694 SH   SOLE   43,000 0 141,694
FIRST GUARANTY COM 32043P106 1,889 78,943 SH   SOLE   46,543 0 32,400
FIRST NBC BANK COM 32115D106 153 21,000 SH   SOLE   0 0 21,000
FORD MOTOR COM 345370860 3,346 275,923 SH   SOLE   100,000 0 175,923
GAMESTOP COM 36467W109 303 12,000 SH   SOLE   0 0 12,000
GENERAL MOTORS COM 30745V100 6,910 198,359 SH   SOLE   54,312 0 144,047
GOODYEAR TIRE COM 382550101 691 22,389 SH   SOLE   0 0 22,389
HCI GROUP DEB 40416EAB9 7,408 7,376,000 PRN   SOLE   306,000 0 7,070,000
HCI GROUP COM 40416E103 3,591 100,096 SH   SOLE   70,000 0 30,096
HEALTHSOUTH DEB 421924BL4 1,402 1,185,000 SH   SOLE   0 0 1,185,000
INVESCO LTD COM G491BT108 303 10,000 SH   SOLE   0 0 10,000
INVESCO TR INVT COM 46131M106 836 65,565 SH   SOLE   0 0 65,565
JEFFERIES GROUP DEB 472319AG7 1,040 1,030,000 PRN   SOLE   0 0 1,030,000
JOHNSON CONTROL COM 478366107 412 10,000 SH   SOLE   0 0 10,000
KEYCORP COM 493267108 357 2,646 SH   SOLE   2,646 0 0
LEXINGTON PTY COM 529043101 17,876 1,655,184 SH   SOLE   456,500 0 1,198,684
LEXINGTON PTY PFD 529043309 3,655 73,250 SH   SOLE   0 0 73,250
MACQUARIE INFRA DEB 55608BAA3 325 280,000 PRN   SOLE   0 0 280,000
MEDICAL PROPERTY COM 58436J304 473 38,500 SH   SOLE   15,000 0 23,500
MERCK COM 58933Y105 529 9,000 SH   SOLE   0 0 9,000
METLIFE COM 59156R108 9,005 167,103 SH   SOLE   50,000 0 117,103
NATIONAL HEALTH DEB 63633DAE4 10,977 9,790,000 PRN   SOLE   2,900,000 0 6,890,000
NAVIENT CORP COM 63938C108 172 10,500 SH   SOLE   0 0 10,500
NY COMM BANC COM 649445103 930 58,500 SH   SOLE   0 0 58,500
NY COMM BANC PFD 64944P307 10,112 202,983 SH   SOLE   44,118 0 158,865
OXBRIDGE COM G6856M106 720 120,000 SH   SOLE   120,000 0 0
PFIZER COM 717081103 1,201 37,000 SH   SOLE   0 0 37,000
PRUDENTIAL FINL COM 744320102 416 4,000 SH   SOLE   0 0 4,000
RAMCO GERSHNSN COM 751452202 132 8,000 SH   SOLE   3,000 0 5,000
RAMCO GERSHNSN PFD 751452608 9,493 154,916 SH   SOLE   95,227 0 59,689
ROYAL GOLD DEB 780287AA6 1,659 1,571,000 PRN   SOLE   150,000 0 1,421,000
SANOFI SPONSOR COM 80105N105 6,397 158,200 SH   SOLE   57,000 0 101,200
SB FINANCIAL COM 78408D105 289 18,000 SH   SOLE   18,000 0 0
SB FINANCIAL PFD 78408D204 689 48,650 SH   SOLE   20,400 0 28,250
SHIP FINANCE DEB G81075AE6 9,567 8,757,000 PRN   SOLE   3,380,000 0 5,377,000
SHIP FINANCE COM G81075106 225 15,200 SH   SOLE   0 0 15,200
SHUTTERFLY DEB 82568PAB2 3,559 3,518,000 PRN   SOLE   675,000 0 2,843,000
SPIRIT REALTY DEB 84860WAB8 614 585,000 PRN   SOLE   0 0 585,000
SPIRIT REALTY DEB 84860WAA0 10,966 10,538,000 PRN   SOLE   3,500,000 0 7,038,000
SPDR BARCLAYS COM 78464A359 148 3,260 SH   SOLE   0 0 3,260
SUMMIT STATE COM 866264203 262 17,500 SH   SOLE   7,500 0 10,000
SWISS HELVETIA COM 870875101 1,148 112,489 SH   SOLE   0 0 112,489
TIMBERLAND BANK COM 887098101 5,945 287,756 SH   SOLE   66,300 0 221,456
TOLL BROS DEB 88947EAM2 334 340,000 PRN   SOLE   0 0 340,000
TTM TECH DEB 87305RAD1 10,888 7,149,000 PRN   SOLE   1,975,000 0 5,174,000
TYSON FOODS PFD 902494301 3,662 54,144 SH   SOLE   15,500 0 38,644
VEREIT INC COM 92339V100 583 69,000 SH   SOLE   0 0 69,000
WELLS FARGO COM 949746101 556 10,100 SH   SOLE   0 0 10,100
WELLTOWER PFD 95040Q203 1,889 31,396 SH   SOLE   31,396 0 0
WEYERHAEUSER COM 962166104 3,186 105,896 SH   SOLE   27,700 0 78,196
WESTERN UNION COM 959802109 130 6,000 SH   SOLE   0 0 6,000
CAPITAL ONE WTS 14040H139 632 14,000 SH   SOLE   14,000 0 0
GENERAL MOTORS WTS 37045V126 669 39,000 SH   SOLE   39,000 0 0
JPMORGAN CHASE WTS 46634E114 708 16,000 SH   SOLE   16,000 0 0
XEROX CORP COM 984121103 262 30,000 SH   SOLE   0 0 30,000