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 02917TAB0 358 355,000 PRN   SOLE   0 0 355,000
APPLE INC COM 037833100 1,388 6,150 SH   SOLE   4,000 0 2,150
APOLLO COML DEB 03762UAB1 3,456 3,484,000 PRN   SOLE   150,000 0 3,334,000
ASHFORD HOSPTY COM 044103109 971 152,000 SH   SOLE   0 0 152,000
ARES CAPITAL DEB 04010LAM5 2,298 2,295,000 PRN   SOLE   0 0 2,295,000
AURINIA PHARM COM 05156V102 254 55,000 SH   SOLE   0 0 55,000
ATLAS AIR WW DEB 049164BH8 1,176 1,020,000 PRN   SOLE   250,000 0 770,000
BENCHMARK BANK COM 08160E207 2,268 108,000 SH   SOLE   98,000 0 10,000
BLACKSTONE GRP COM 09253U108 1,287 33,800 SH   SOLE   0 0 33,800
BUNGE LIMITED COM G16962105 206 3,000 SH   SOLE   0 0 3,000
CALIFORNIA FIRST NATL COM 130222102 250 15,000 SH   SOLE   15,000 0 0
CARRIAGE SERVICE DEB 143905AM9 4,161 3,770,000 PRN   SOLE   1,605,000 0 2,165,000
CENOVUS ENERGY COM 15135U109 361 36,000 SH   SOLE   0 0 36,000
CHESAPEAKE FINL COM 16517A109 1,789 56,800 SH   SOLE   47,500 0 9,300
CITIZENS FIRST COM 17462Q107 1,575 60,000 SH   SOLE   47,500 0 12,500
COWEN GROUP DEB 223622AB7 5,448 5,408,000 PRN   SOLE   760,000 0 4,648,000
COMMUNITY WEST COM 204157101 1,735 144,600 SH   SOLE   65,000 0 79,600
COLONY CAPITAL COM 19626G108 3,965 651,150 SH   SOLE   170,000 0 481,150
CONS TOMOKA DEB 210226AB2 5,331 5,059,000 PRN   SOLE   950,000 0 4,109,000
COUNTY BANK COM 222407207 926 20,400 SH   SOLE   15,000 0 5,400
CROWN CASTLE COM 22822V101 6,059 54,427 SH   SOLE   10,000 0 44,427
DOMINION ENGY PFD 25746U836 4,211 89,025 SH   SOLE   6,000 0 83,025
DOMINION ENGY COM 257454108 1,582 88,377 SH   SOLE   0 0 88,377
ENVESTNET DEB 29404KAA4 313 285,000 PRN   SOLE   0 0 285,000
EPR PROPERTIES PFD 26884U208 4,973 177,552 SH   SOLE   177,552 0 0
EXCHANGE BANK COM 301227203 9,342 51,051 SH   SOLE   15,000 0 36,051
EXELIXIS COM 30161Q104 177 10,000 SH   SOLE   0 0 10,000
F&M BANCORP COM 30237P106 5,858 162,733 SH   SOLE   47,500 0 115,233
F&M BANCORP PFD 30237P205 1,644 40,000 SH   SOLE   25,600 0 14,400
FIDELITY SOUTHERN COM 316394105 2,323 93,764 SH   SOLE   0 0 93,764
FIRST BUSINESS COM 319390100 1,159 50,000 SH   SOLE   50,000 0 0
FIRST COMMUNITY COM 319835104 363 15,000 SH   SOLE   15,000 0 0
FNCB BANCORP COM 302578109 174 17,798 SH   SOLE   7,048 0 10,750
FORD MOTOR COM 345370860 2,009 217,223 SH   SOLE   60,000 0 157,223
FRANKLIN FINL COM 353525108 2,407 69,244 SH   SOLE   0 0 69,244
GENERAL MOTORS COM 30745V100 6,755 200,642 SH   SOLE   50,000 0 150,642
GLOBAL PARTNERS COM 37946R109 256 14,100 SH   SOLE   0 0 14,100
GOLDMAN SACHS DEB 38147UAB3 1,870 1,855,000 PRN   SOLE   0 0 1,855,000
HANNON ARMSTRNG DEB 41068XAB6 2,150 2,209,000 PRN   SOLE   0 0 2,209,000
HCI GROUP DEB 40416EAB9 5,659 5,696,000 PRN   SOLE   0 0 5,696,000
HCI GROUP COM 40416E103 2,646 60,496 SH   SOLE   42,000 0 18,496
HIGHLANDS STATE COM 430887109 894 49,000 SH   SOLE   49,000 0 0
INVESCO TR INVT COM 46131M106 817 68,825 SH   SOLE   0 0 68,825
JOHNSON CONTROL COM G51502105 787 22,500 SH   SOLE   0 0 22,500
LEDYARD FINL COM 523338101 6,801 295,706 SH   SOLE   123,000 0 172,706
LEXINGTON PTY COM 529043101 11,800 1,421,774 SH   SOLE   350,000 0 1,071,774
LEXINGTON PTY PFD 529043309 1,562 31,763 SH   SOLE   0 0 31,763
MACQUARIE INFRA COM 55608B105 1,988 43,100 SH   SOLE   0 0 43,100
MACQUARIE INFRA DEB 55608BAA3 2,321 2,345,000 PRN   SOLE   0 0 2,345,000
MAIN STREET BANC COM 56064Y100 1,591 76,500 SH   SOLE   34,500 0 42,000
MEDICAL PRTY COM 58436J304 1,501 100,678 SH   SOLE   0 0 100,678
MERCK COM 58933Y105 567 8,000 SH   SOLE   0 0 8,000
METLIFE COM 59156R108 7,460 159,678 SH   SOLE   50,000 0 109,678
NATIONAL HEALTH DEB 63633DAE4 7,423 6,568,000 PRN   SOLE   1,500,000 0 5,068,000
NEW GOLD INC COM 644535106 182 230,000 SH   SOLE   165,000 0 65,000
NW INDIANA BANC COM 667516108 2,113 47,500 SH   SOLE   35,000 0 12,500
NY COMM BANC COM 649445103 1,155 114,400 SH   SOLE   0 0 114,400
NY COMM BANC PFD 64944P307 8,736 177,453 SH   SOLE   38,036 0 139,417
OXBRIDGE COM G6856M106 222 120,000 SH   SOLE   120,000 0 0
PACIFIC CITY COM 69406T408 4,728 244,479 SH   SOLE   112,404 0 132,075
PARKE BANCORP COM 700885106 3,919 174,584 SH   SOLE   60,000 0 114,584
PATTERN ENERGY DEB 70338PAB6 3,590 3,950,000 PRN   SOLE   750,000 0 2,840,000
PATTERN ENERGY COM 70338P100 308 15,500 SH   SOLE   0 0 15,500
PFIZER COM 717081103 1,674 38,000 SH   SOLE   0 0 38,000
RADIUS HEALTH DEB 750469AA6 1,902 2,490,000 PRN   SOLE   675,000 0 1,815,000
RAMCO GERSHNSN PFD 751452608 7,491 139,189 SH   SOLE   80,000 0 59,189
RIVERVIEW FIN COM 76940Q105 816 60,000 SH   SOLE   60,000 0 0
ROYAL GOLD DEB 780287AA6 1,180 1,171,000 PRN   SOLE   0 0 1,171,000
SANOFI SPONSOR COM 80105N105 7,019 157,130 SH   SOLE   55,000 0 102,130
SEACOAST BANK COM 811707801 391 13,401 SH   SOLE   0 0 13,401
SELECT BANCORP COM 81617L108 775 62,500 SH   SOLE   62,500 0 0
SB FINANCIAL COM 78408D105 2,297 112,867 SH   SOLE   12,571 0 100,296
SB FINANCIAL PFD 78408D204 1,430 70,656 SH   SOLE   36,486 0 34,170
SEMPRA ENERGY PFD 861851406 6,701 66,451 SH   SOLE   16,000 0 50,451
SHIP FINANCE DEB 824689AG8 2,677 2,685,000 PRN   SOLE   0 0 2,685,000
SOLVAY BANK COM 83441Q105 2,352 56,005 SH   SOLE   39,500 0 16,505
SPIRIT REALTY DEB 84860WAB8 328 325,000 PRN   SOLE   0 0 325,000
SPIRIT REALTY DEB 84860WAA0 4,604 4,613,000 PRN   SOLE   0 0 4,613,000
SPIRIT REALTY COM 84860W102 1,956 242,696 SH   SOLE   100,000 0 142,696
SUMMIT STATE COM 866264203 340 22,149 SH   SOLE   7,149 0 15,000
TIMBERLAND BANK COM 887098101 6,747 215,971 SH   SOLE   46,000 0 169,971
TPG SPECIALTY DEB 87265KAB8 105 105,000 PRN   SOLE   0 0 105,000
TYSON FOODS COM 902494301 3,586 60,249 SH   SOLE   15,000 0 45,249
VSB BANCORP COM 917927105 1,310 63,000 SH   SOLE   57,500 0 5,500
VEREIT INC COM 92339V100 936 129,000 SH   SOLE   0 0 129,000
WELLESLEY BANCORP COM 949485106 857 25,042 SH   SOLE   25,042 0 0
WEYERHAEUSER COM 962166104 4,705 145,806 SH   SOLE   25,000 0 120,806
XEROX CORP COM 984121608 485 18,000 SH   SOLE   0 0 18,000