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
ADVAXIS INC COM 007624208 209 50,000 SH   SOLE   0 0 50,000
AMERICAN AXLE COM 024061103 826 47,000 SH   SOLE   47,000 0 0
AMERICAN RLTY DEB 02917TAB0 145 140,000 PRN   SOLE   0 0 140,000
AMERICAN RLTY DEB 02917TAA2 2,608 2,592,000 PRN   SOLE   0 0 2,592,000
AMERICAN RIVER COM 029326105 138 10,000 SH   SOLE   0 0 10,000
ANTHEM UTS PFD 036752202 1,547 29,585 SH   SOLE   0 0 29,585
APPLE INC COM 037833100 2,753 17,866 SH   SOLE   11,000 0 6,866
APPOLO COML DEB 03762UAA3 103 95,000 PRN   SOLE   0 0 95,000
ASHFORD HOSPTY COM 044103109 1,604 240,500 SH   SOLE   30,000 0 210,500
ARCONIC INC PFD 03965L308 4,241 109,024 SH   SOLE   32,000 0 77,024
ARES CAPITAL DEB 04010LAJ2 2,919 2,905,000 PRN   SOLE   0 0 2,905,000
ARES CAPITAL DEB 04010LAM5 455 445,000 PRN   SOLE   0 0 445,000
AURINIA PHARM COM 05156V102 251 40,000 SH   SOLE   0 0 40,000
ATLAS AIR WW DEB 049164BH8 1,604 1,330,000 PRN   SOLE   300,000 0 1,030,000
BLACKSTONE GROUP COM 09253U108 801 24,000 SH   SOLE   0 0 24,000
CARRIAGE SERVICE DEB 143905AM9 4,860 3,890,000 PRN   SOLE   1,605,000 0 2,285,000
CENOVUS ENERGY COM 15135U109 125 12,500 SH   SOLE   0 0 12,500
CHART INDUSTRIES DEB 16115QAC4 214 215,000 PRN   SOLE   0 0 215,000
CHESAPEAKE ENERGY COM 165167107 228 53,100 SH   SOLE   0 0 53,100
CIT GROUP COM 125581801 677 13,800 SH   SOLE   13,800 0 0
CITIZENS FIRST BANK COM 17462Q107 1,311 55,000 SH   SOLE   42,500 0 12,500
COWEN GROUP DEB 223622AB7 5,722 5,453,000 PRN   SOLE   760,000 0 4,693,000
COMMUNITY WEST COM 204157101 1,470 142,100 SH   SOLE   62,500 0 79,600
COLONY NORTHSTAR COM 19625W104 344 27,400 SH   SOLE   0 0 27,400
COLONY CAPITAL DEB 19624RAB2 8,045 8,020,000 PRN   SOLE   1,225,000 0 6,795,000
COLONY CAPITAL DEB 19624RAA4 1,750 1,710,000 PRN   SOLE   400,000 0 1,310,000
CONS TOMOKA DEB 210226AB2 5,497 5,114,000 PRN   SOLE   950,000 0 4,164,000
CROWN CASTLE COM 22822V101 6,836 68,371 SH   SOLE   14,400 0 53,971
CVB FINANCIAL COM 126600105 145 6,000 SH   SOLE   0 0 6,000
DOMINION RESOURCE PFD 25746U836 3,610 71,130 SH   SOLE   0 0 71,130
DOMINION ENERGY COM 257454108 2,242 70,077 SH   SOLE   0 0 70,077
ENVESTNET DEB 29404KAA4 368 350,000 PRN   SOLE   0 0 350,000
EPR PROPERTIES PFD 26884U208 4,920 177,552 SH   SOLE   177,552 0 0
EQT CORP COM 268846109 554 85,000 SH   SOLE   85,000 0 0
EXELIXIS COM 30161Q104 727 30,000 SH   SOLE   0 0 30,000
EXELON PFD 30616N101 802 21,286 SH   SOLE   0 0 21,286
FIDELITY SOUTHERN COM 316394105 4,555 192,694 SH   SOLE   46,000 0 146,694
FORD MOTOR COM 345370860 2,961 247,422 SH   SOLE   88,099 0 159,323
GAMESTOP COM 36467W109 145 7,000 SH   SOLE   0 0 7,000
GENERAL MOTORS COM 30745V100 7,820 193,659 SH   SOLE   50,000 0 143,659
GENWORTH FINL COM 37247D106 616 160,000 SH   SOLE   160,000 0 160,000
GLOBAL PARTNERS COM 37946R109 245 14,100 SH   SOLE   0 0 14,100
HCI GROUP DEB 40416EAB9 7,353 7,451,000 PRN   SOLE   306,000 0 7,145,000
HCI GROUP COM 40416E103 2,440 63,796 SH   SOLE   45,000 0 18,796
INTEL CORP COM 458140100 190 5,000 SH   SOLE   0 0 5,000
INVESCO LTD COM G491BT108 193 5,500 SH   SOLE   0 0 5,500
INVESCO TR INVT COM 46131M106 871 64,985 SH   SOLE   0 0 64,985
JEFFERIES GROUP DEB 472319AG7 1,156 1,155,000 PRN   SOLE   0 0 1,155,000
JOHNSON CONTROL COM 478366107 765 19,000 SH   SOLE   0 0 19,000
LEDYARD FINANCIAL COM 523338101 5,635 274,872 SH   SOLE   123,000 0 151,872
LEXINGTON PTY COM 529043101 15,817 1,547,684 SH   SOLE   430,000 0 1,117,684
LEXINGTON PTY PFD 529043309 1,620 31,763 SH   SOLE   0 0 31,763
MACQUARIE INFRA COM 55608B105 375 5,200 SH   SOLE   0 0 5,200
MACQUARIE INFRA DEB 55608BAA3 297 280,000 PRN   SOLE   0 0 280,000
MEDICAL PROPERTY COM 58436J304 1,289 98,200 SH   SOLE   21,000 0 77,200
MERCK COM 58933Y105 512 8,000 SH   SOLE   0 0 8,000
METLIFE COM 59156R108 8,360 160,917 SH   SOLE   50,000 0 110,917
METRO PHOENIX COM 59165E106 517 66,667 SH   SOLE   0 0 66,667
NATIONAL HEALTH DEB 63633DAE4 11,194 9,745,000 PRN   SOLE   2,900,000 0 6,845,000
NAVIENT CORP COM 63938C108 113 7,500 SH   SOLE   0 0 7,500
NEW GOLD INC COM 644535106 325 87,500 SH   SOLE   87,500 0 0
NY COMM BANC COM 649445103 1,441 111,800 SH   SOLE   0 0 111,800
NY COMM BANC PFD 64944P307 9,172 180,372 SH   SOLE   40,000 0 140,372
OXBRIDGE COM G6856M106 468 120,000 SH   SOLE   120,000 0 0
PARKE BANCORP COM 700885106 204 9,174 SH   SOLE   9,174 0 0
PATTERN ENERGY DEB 70338PAB6 4,056 3,905,000 PRN   SOLE   750,000 0 3,155,000
PFIZER COM 717081103 1,464 41,000 SH   SOLE   0 0 41,000
PPL CORP COM 69351T106 114 3,000 SH   SOLE   0 0 3,000
RAMCO GERSHNSN COM 751452202 104 8,000 SH   SOLE   3,000 0 5,000
RAMCO GERSHNSN PFD 751452608 8,384 154,916 SH   SOLE   95,227 0 59,689
ROYAL GOLD DEB 780287AA6 1,734 1,571,000 PRN   SOLE   150,000 0 1,421,000
SANOFI SPONSOR COM 80105N105 7,843 157,524 SH   SOLE   55,000 0 102,524
SB FINANCIAL COM 78408D105 219 12,786 SH   SOLE   12,786 0 0
SB FINANCIAL PFD 78408D204 985 59,872 SH   SOLE   30,183 0 29,689
SHIP FINANCE DEB G81075AE6 6,096 5,567,000 PRN   SOLE   1,855,000 0 3,712,000
SHIP FINANCE COM G81075106 220 15,200 SH   SOLE   0 0 15,200
SHUTTERFLY DEB 82568PAB2 3,636 3,673,000 PRN   SOLE   675,000 0 2,998,000
SPIRIT REALTY DEB 84860WAB8 352 345,000 PRN   SOLE   0 0 345,000
SPIRIT REALTY DEB 84860WAA0 4,675 4,663,000 PRN   SOLE   0 0 4,663,000
SPIRIT REALTY COM 84860W102 2,204 257,200 SH   SOLE   100,000 0 157,200
SPDR BARCLAYS COM 78464A359 190 37,225 SH   SOLE   0 0 3,722
SUMMIT STATE COM 866264203 339 27,261 SH   SOLE   12,261 0 15,000
TEVA PHARM COM 881624209 121 6,900 SH   SOLE   0 0 6,900
TIMBERLAND BANK COM 887098101 9,024 287,949 SH   SOLE   66,300 0 221,649
TYSON FOODS PFD 902494301 3,980 56,499 SH   SOLE   15,033 0 41,466
VEREIT INC COM 92339V100 996 120,100 SH   SOLE   0 0 120,100
VISTA OUTDOOR COM 928377100 677 29,500 SH   SOLE   27,000 0 2,500
WELLTOWER PFD 95040Q203 1,991 31,396 SH   SOLE   31,396 0 0
WEYERHAEUSER COM 962166104 5,228 153,636 SH   SOLE   32,500 0 121,136
CAPITAL ONE WTS 14040H139 597 14,000 SH   SOLE   14,000 0 0
GENERAL MOTORS WTS 37045V126 807 36,000 SH   SOLE   36,000 0 0
JPMORGAN CHASE WTS 46634E114 787 14,000 SH   SOLE   14,000 0 0
XEROX CORP COM 984121608 566 17,000 SH   SOLE   0 0 17,000