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
ADVAXIS INC COM 007624208 145 100,000 SH   SOLE   0 0 100,000
AMERICAN RLTY DEB 02917TAB0 359 355,000 PRN   SOLE   0 0 355,000
AMERICAN RLTY DEB 02917TAA2 1,748 1,748,000 PRN   SOLE   0 0 1,748,000
ANTHEM UTS COM 036752103 1,615 6,784 SH   SOLE   0 0 6,784
APPLE INC COM 037833100 2,359 12,745 SH   SOLE   9,000 0 3,745
APOLLO COML DEB 03762UAB1 3,469 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 1,300 160,500 SH   SOLE   0 0 160,500
ARES CAPITAL DEB 04010LAM5 1,478 1,470,000 PRN   SOLE   0 0 1,470,000
AURINIA PHARM COM 05156V102 310 55,000 SH   SOLE   0 0 55,000
ATLAS AIR WW DEB 049164BH8 1,516 1,235,000 PRN   SOLE   250,000 0 985,000
BENCHMARK BANK COM 08160E207 2,291 107,799 SH   SOLE   97,799 0 10,000
BLACKSTONE GRP COM 09253U108 1,087 33,800 SH   SOLE   0 0 33,800
CALIFORNIA FIRST NATL COM 130222102 237 15,000 SH   SOLE   15,000 0 0
CARRIAGE SERVICE DEB 143905AM9 4,514 3,770,000 PRN   SOLE   1,605,000 0 2,165,000
CENOVUS ENERGY COM 15135U109 374 36,000 SH   SOLE   0 0 36,000
CHART INDUSTRIES DEB 16115QAC4 246 244,000 PRN   SOLE   0 0 244,000
CHESAPEAKE FINL COM 16517A109 1,616 56,800 SH   SOLE   47,500 0 9,300
CITIZENS FIRST COM 17462Q107 1,542 59,210 SH   SOLE   46,710 0 12,500
COWEN GROUP DEB 223622AB7 5,415 5,408,000 PRN   SOLE   760,000 0 4,648,000
COMMUNITY WEST COM 204157101 1,677 142,100 SH   SOLE   62,500 0 79,600
COLONY CAPITAL COM 19626G108 3,524 564,825 SH   SOLE   120,000 0 444,825
COLONY CAPITAL DEB 19624RAB2 5,690 5,990,000 PRN   SOLE   750,000 0 5,240,000
COLONY CAPITAL DEB 19624RAA4 223 235,000 PRN   SOLE   0 0 235,000
CONS TOMOKA DEB 210226AB2 5,319 5,089,000 PRN   SOLE   950,000 0 4,139,000
CROWN CASTLE COM 22822V101 6,031 55,941 SH   SOLE   10,000 0 45,941
DOMINION ENGY PFD 25746U836 4,036 87,350 SH   SOLE   6,000 0 81,350
DOMINION ENGY COM 257454108 1,103 81,077 SH   SOLE   0 0 81,077
ENVESTNET DEB 29404KAA4 305 290,000 PRN   SOLE   0 0 290,000
EPR PROPERTIES PFD 26884U208 4,730 177,552 SH   SOLE   177,552 0 0
EXCHANGE BANK COM 301227203 9,152 49,737 SH   SOLE   15,000 0 34,737
EXELIXIS COM 30161Q104 215 10,000 SH   SOLE   0 0 10,000
F&M BANCORP COM 30237P106 6,257 162,733 SH   SOLE   47,500 0 115,233
F&M BANCORP PFD 30237P205 1,622 40,000 SH   SOLE   25,600 0 14,400
FIDELITY SOUTHERN COM 316394105 3,614 142,229 SH   SOLE   14,497 0 127,732
FINANCIAL INST COM 317585404 197 6,000 SH   SOLE   6,000 0 0
FIRST BUSINESS COM 319390100 1,300 50,000 SH   SOLE   50,000 0 0
FIRST COMMUNITY COM 319835104 376 15,000 SH   SOLE   15,000 0 0
FNCB BANCORP COM 302578109 1,298 146,192 SH   SOLE   80,000 0 66,192
FORD MOTOR COM 345370860 2,405 217,223 SH   SOLE   60,000 0 157,223
FRANKLIN FINL COM 353525108 3,423 99,944 SH   SOLE   24,800 0 75,144
GENERAL MOTORS COM 30745V100 7,394 187,667 SH   SOLE   50,000 0 137,667
GLOBAL PARTNERS COM 37946R109 240 14,100 SH   SOLE   0 0 14,100
GOLDMAN SACHS DEB 38147UAB3 1,892 1,855,000 PRN   SOLE   0 0 1,855,000
HCI GROUP DEB 40416EAB9 6,683 5,721,000 PRN   SOLE   0 0 5,721,000
HCI GROUP COM 40416E103 2,515 60,496 SH   SOLE   42,000 0 18,496
INVESCO TR INVT COM 46131M106 840 67,907 SH   SOLE   0 0 67,907
JOHNSON CONTROL COM 478366107 753 22,500 SH   SOLE   0 0 22,500
LEDYARD FINL COM 523338101 6,593 296,306 SH   SOLE   123,000 0 173,306
LEXINGTON PTY COM 529043101 12,671 1,451,484 SH   SOLE   360,000 0 1,091,484
LEXINGTON PTY PFD 529043309 1,554 31,763 SH   SOLE   0 0 31,763
MACQUARIE INFRA COM 55608B105 1,819 43,100 SH   SOLE   0 0 43,100
MACQUARIE INFRA DEB 55608BAA3 2,329 2,350,000 PRN   SOLE   0 0 2,350,000
MAIN STREET BANCORP COM 56064Y100 1,488 73,500 SH   SOLE   31,500 0 42,000
MEDICAL PRTY COM 58436J304 1,423 101,391 SH   SOLE   0 0 101,391
MERCK COM 58933Y105 486 8,000 SH   SOLE   0 0 8,000
METLIFE COM 59156R108 6,962 159,678 SH   SOLE   50,000 0 109,678
NATIONAL HEALTH DEB 63633DAE4 8,465 7,598,000 PRN   SOLE   2,000,000 0 5,598,000
NEW GOLD INC COM 644535106 478 230,000 SH   SOLE   165,000 0 65,000
NY COMM BANC COM 649445103 1,263 114,400 SH   SOLE   0 0 114,400
NY COMM BANC PFD 64944P307 8,952 179,447 SH   SOLE   40,000 0 139,447
OXBRIDGE COM G6856M106 210 120,000 SH   SOLE   120,000 0 0
PACIFIC CITY COM 69406T408 5,181 304,750 SH   SOLE   150,000 0 154,750
PARKE BANCORP COM 700885106 4,075 172,298 SH   SOLE   57,714 0 114,584
PATTERN ENERGY DEB 70338PAB6 4,214 4,225,000 PRN   SOLE   1,000,000 0 3,225,000
PATTERN ENERGY COM 70338P100 290 15,500 SH   SOLE   0 0 15,500
PFIZER COM 717081103 1,379 38,000 SH   SOLE   0 0 38,000
RADIUS HEALTH DEB 750469AA6 2,319 2,500,000 PRN   SOLE   675,000 0 1,825,000
RAMCO GERSHNSN PFD 751452608 8,034 151,189 SH   SOLE   92,000 0 59,189
ROYAL GOLD DEB 780287AA6 1,243 1,176,000 PRN   SOLE   0 0 1,176,000
SANOFI SPONSOR COM 80105N105 6,287 157,130 SH   SOLE   55,000 0 102,130
SEACOAST BANK COM 811707801 470 14,901 SH   SOLE   0 0 14,901
SB FINANCIAL COM 78408D105 863 42,481 SH   SOLE   12,000 0 30,481
SB FINANCIAL PFD 78408D204 1,306 65,875 SH   SOLE   31,705 0 34,170
SHIP FINANCE DEB 824689AG8 1,736 1,685,000 SH   SOLE   0 0 1,685,000
SOLVAY BANK COM 83441Q105 2,245 54,489 SH   SOLE   38,500 0 15,989
SPIRIT REALTY DEB 84860WAB8 326 325,000 PRN   SOLE   0 0 325,000
SPIRIT REALTY DEB 84860WAA0 4,588 4,613,000 PRN   SOLE   0 0 4,613,000
SPIRIT REALTY COM 84860W102 2,310 287,700 SH   SOLE   100,000 0 187,700
SUMMIT STATE COM 866264203 370 23,931 SH   SOLE   8,931 0 15,000
TIMBERLAND BANK COM 887098101 8,083 216,478 SH   SOLE   46,000 0 170,478
TYSON FOODS COM 902494301 4,148 60,249 SH   SOLE   15,000 0 45,249
VSB BANCORP COM 917927105 1,202 61,500 SH   SOLE   57,500 0 4,000
VEREIT INC COM 92339V100 960 129,000 SH   SOLE   0 0 129,000
WEYERHAEUSER COM 962166104 5,280 144,806 SH   SOLE   25,000 0 119,806
CAPITAL ONE WTS 14040H139 453 9,000 SH   SOLE   9,000 0 0
GENERAL MOTORS WTS 37045V126 406 18,000 SH   SOLE   18,000 0 0
XEROX CORP COM 984121608 432 18,000 SH   SOLE   0 0 18,000