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
ADIENT COM G0084W101 597 10,000 SH   SOLE   10,000 0 0
ADVAXIS INC COM 007624208 169 100,000 SH   SOLE   0 0 100,000
AMERICAN AXLE COM 024061103 715 47,000 SH   SOLE   47,000 0 0
AMERICAN RLTY DEB 02917TAB0 358 355,000 PRN   SOLE   0 0 355,000
AMERICAN RLTY DEB 02917TAA2 1,773 1,773,000 PRN   SOLE   0 0 1,773,000
ANTHEM UTS PFD 036752202 1,519 28,285 SH   SOLE   0 0 28,285
APPLE INC COM 037833100 2,138 12,745 SH   SOLE   9,000 0 3,745
APOLLO COML DEB 03762UAB1 3,499 3,504,000 PRN   SOLE   150,000 0 3,354,000
APOLLO COML DEB 03762UAA3 101 95,000 PRN   SOLE   0 0 95,000
ASHFORD HOSPTY COM 044103109 1,553 240,500 SH   SOLE   30,000 0 210,500
ARES CAPITAL DEB 04010LAM5 1,486 1,470,000 PRN   SOLE   0 0 1,470,000
AURINIA PHARM COM 05156V102 285 55,000 SH   SOLE   0 0 55,000
ATLAS AIR WW DEB 049164BH8 1,463 1,285,000 PRN   SOLE   300,000 0 985,000
BENCHMARK BANK COM 08160E207 1,883 104,603 SH   SOLE   94,603 0 10,000
BLACKSTONE GRP COM 09253U108 984 30,800 SH   SOLE   0 0 30,800
CA 1ST NATL COM 130222102 237 15,000 SH   SOLE   15,000 0 0
CARRIAGE SERVICE DEB 143905AM9 4,941 3,770,000 PRN   SOLE   1,605,000 0 2,165,000
CENOVUS ENERGY COM 15135U109 307 36,000 SH   SOLE   0 0 36,000
CHART INDUSTRIES DEB 16115QAC4 248 244,000 PRN   SOLE   0 0 244,000
CHESAPEAKE FIN COM 16517A109 1,273 44,300 SH   SOLE   38,000 0 6,300
CHESAPEAKE ENGY COM 165167107 217 72,000 SH   SOLE   0 0 72,000
CITIZENS FIRST COM 17462Q107 1,505 59,210 SH   SOLE   46,710 0 12,500
COWEN GROUP DEB 223622AB7 5,338 5,408,000 PRN   SOLE   760,000 0 4,648,000
COMMUNITY WEST COM 204157101 1,612 142,100 SH   SOLE   62,500 0 79,600
COLONY NORTHSTAR COM 19625W104 2,724 484,825 SH   SOLE   70,000 0 414,825
COLONY CAPITAL DEB 19624RAB2 5,981 6,390,000 PRN   SOLE   1,000,000 0 5,390,000
COLONY CAPITAL DEB 19624RAA4 219 235,000 PRN   SOLE   0 0 235,000
CONDUENT INC COM 206787103 746 40,000 SH   SOLE   40,000 0 0
CONS TOMOKA DEB 210226AB2 6,433 5,089,000 PRN   SOLE   950,000 0 4,139,000
CROWN CASTLE COM 22822V101 6,617 60,371 SH   SOLE   14,400 0 45,971
DOMINION RES PFD 25746U836 3,682 79,350 SH   SOLE   6,000 0 73,350
DOMINION ENGY COM 257454108 1,129 73,577 SH   SOLE   0 0 73,577
ENVESTNET DEB 29404KAA4 318 290,000 PRN   SOLE   0 0 290,000
EPR PROPERTIES PFD 26884U208 4,316 177,552 SH   SOLE   177,552 0 0
EQT CORP COM 268846109 403 8,500 SH   SOLE   8,500 0 0
EXCHANGE BANK COM 301227203 8,920 49,012 SH   SOLE   15,000 0 34,012
EXELIXIS INC COM 30161Q104 221 10,000 SH   SOLE   0 0 10,000
EXELON CORP PFD 30616N101 830 21,286 SH   SOLE   0 0 21,286
F&M BANCORP COM 30237P106 5,614 162,733 SH   SOLE   47,500 0 115,233
F&M BANCORP PFD 30237P205 1,473 40,000 SH   SOLE   25,600 0 14,400
FIDELITY D&D COM 31609R100 356 7,234 SH   SOLE   7,234 0 0
FIDELITY SOUTHERN COM 316394105 4,295 186,169 SH   SOLE   48,000 0 138,169
FINANCIAL INST COM 317585404 177 6,000 SH   SOLE   6,000 0 0
FIRST BUSINESS COM 319390100 1,157 46,000 SH   SOLE   46,000 0 0
FIRST COMMUNITY COM 319835104 343 15,000 SH   SOLE   15,000 0 0
FNCB BANCORP COM 302578109 1,374 148,741 SH   SOLE   80,000 0 68,741
FORD MOTOR COM 345370860 2,628 237,223 SH   SOLE   80,000 0 157,223
FRANKLIN FIN COM 353525108 4,930 134,936 SH   SOLE   43,500 0 91,436
GENERAL MOTORS COM 30745V100 6,839 188,210 SH   SOLE   50,000 0 138,210
GENWORTH FINL COM 37247D106 566 200,000 SH   SOLE   200,000 0 0
GLOBAL PARTNERS COM 37946R109 216 14,100 SH   SOLE   0 0 14,100
GOLDMAN SACHS DEB 38147UAB3 606 600,000 PRN   SOLE   0 0 600,000
HCI GROUP DEB 40416EAB9 5,974 5,981,000 PRN   SOLE   0 0 5,981,000
HCI GROUP COM 40416E103 2,308 60,496 SH   SOLE   42,000 0 18,496
INVESCO TR INVT COM 46131M106 818 66,928 SH   SOLE   0 0 66,928
JOHNSON CONTROL COM 478366107 793 22,500 SH   SOLE   0 0 22,500
LEDYARD FIN COM 523338101 6,341 294,942 SH   SOLE   123,000 0 171,942
LEXINGTON PTY COM 529043101 11,975 1,521,659 SH   SOLE   420,000 0 1,101,659
LEXINGTON PTY PFD 529043309 1,541 31,763 SH   SOLE   0 0 31,763
MACQUARIE INFRA COM 55608B105 1,591 43,100 SH   SOLE   0 0 43,100
MACQUARIE INFRA DEB 55608BAA3 2,323 2,350,000 PRN   SOLE   0 0 2,350,000
MAIN STREET BANC COM 56064Y100 1,540 70,000 SH   SOLE   30,000 0 40,000
MEDICAL PRTY COM 58436J304 1,610 123,891 SH   SOLE   22,500 0 101,391
MERCK INC COM 58933Y105 436 8,000 SH   SOLE   0 0 8,000
METLIFE INC COM 59156R108 7,158 155,978 SH   SOLE   50,000 0 105,978
NATIONAL HEALTH DEB 63633DAE4 8,999 8,228,000 PRN   SOLE   2,550,000 0 5,678,000
NEW GOLD INC COM 644535106 593 230,000 SH   SOLE   165,000 0 65,000
NY COMM BANC COM 649445103 1,490 114,400 SH   SOLE   0 0 114,400
NY COMM BANC PFD 64944P307 9,002 180,047 SH   SOLE   40,000 0 140,047
OXBRIDGE COM G6856M106 270 120,000 SH   SOLE   120,000 0 0
PACIFIC CITY COM 69406T408 3,954 267,200 SH   SOLE   147,450 0 119,750
PARKE BANCORP COM 700885106 2,082 100,118 SH   SOLE   36,791 0 63,327
PATTERN ENERGY DEB 70338PAB6 4,759 4,825,000 PRN   SOLE   1,250,000 0 3,575,000
PATTERN ENERGY COM 70338P100 242 14,000 SH   SOLE   0 0 14,000
PFIZER INC COM 717081103 1,348 38,000 SH   SOLE   0 0 38,000
RADIUS HEALTH DEB 750469AA6 2,512 2,500,000 PRN   SOLE   675,000 0 1,825,000
RAMCO GERSHNSN PFD 751452608 8,062 154,416 SH   SOLE   95,227 0 59,189
ROYAL GOLD DEB 780287AA6 1,630 1,551,000 PRN   SOLE   150,000 0 1,401,000
SANOFI SPONSOR COM 80105N105 6,294 157,030 SH   SOLE   55,000 0 102,030
SEACOAST BANK COM 811707801 766 28,956 SH   SOLE   12,555 0 16,401
SB FINANCIAL COM 78408D105 314 17,000 SH   SOLE   12,000 0 5,000
SB FINANCIAL PFD 78408D204 1,022 55,999 SH   SOLE   25,327 0 30,672
SEMPRA ENERGY PFD 861851406 5,830 56,951 SH   SOLE   12,000 0 44,951
SOLVAY BANK COM 83441Q105 1,901 46,094 SH   SOLE   36,600 0 9,494
SPIRIT REALTY DEB 84860WAB8 324 320,000 PRN   SOLE   0 0 320,000
SPIRIT REALTY DEB 84860WAA0 4,604 4,628,000 PRN   SOLE   0 0 4,628,000
SPIRIT REALTY COM 84860W102 2,221 286,200 SH   SOLE   100,000 0 186,200
SPDR BARCLAYS COM 78464A359 283 5,480 SH   SOLE   0 0 5,480
SUMMIT STATE COM 866264203 367 27,261 SH   SOLE   12,261 0 15,000
SUSSEX BANCORP COM 869245100 442 14,550 SH   SOLE   0 0 14,550
TIMBERLAND BANK COM 887098101 8,322 273,771 SH   SOLE   65,300 0 208,471
TYSON FOODS COM 902494301 4,298 58,728 SH   SOLE   15,000 0 43,728
VEREIT INC COM 92339V100 897 129,000 SH   SOLE   0 0 129,000
VISTA OUTDOOR COM 928377100 775 47,500 SH   SOLE   37,500 0 10,000
VSB BANCORP COM 917927105 1,101 54,770 SH   SOLE   54,670 0 100
WELLTOWER PFD 95040Q203 3,355 60,303 SH   SOLE   31,568 0 28,735
WEYERHAEUSER COM 962166104 5,352 152,911 SH   SOLE   32,500 0 120,411
CAPITAL ONE WTS 14040H139 537 10,000 SH   SOLE   10,000 0 0
GENERAL MOTORS WTS 37045V126 467 25,000 SH   SOLE   25,000 0 0
JPMORGAN CHASE WTS 46634E114 487 7,000 SH   SOLE   7,000 0 0
XEROX CORP COM 984121608 518 18,000 SH   SOLE   0 0 18,000