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
ADAM NATL RES COM 00548F105 160 11,000 SH   SOLE   11,000 0 0
AMERICAN RLTY DEB 02917TAB0 350 355,000 PRN   SOLE   0 0 355,000
APPLE INC COM 037833100 970 6,150 SH   SOLE   4,000 0 2,150
APOLLO COML DEB 03762UAB1 3,121 3,334,000 PRN   SOLE   0 0 3,334,000
ASHFORD HOSPTY COM 044103109 608 152,000 SH   SOLE   0 0 152,000
ARES CAPITAL DEB 04010LAM5 2,203 2,205,000 PRN   SOLE   0 0 2,205,000
ATLAS AIR WW COM 049164205 1,082 25,646 SH   SOLE   0 0 25,646
ATLAS AIR WW DEB 049164BH8 944 980,000 PRN   SOLE   250,000 0 730,000
BANK OF BOTETOURT COM 063907208 2,388 85,000 SH   SOLE   65,000 0 20,000
BENCHMARK BANK COM 08160E207 2,133 108,000 SH   SOLE   98,000 0 10,000
BLACKSTONE GRP COM 09253U108 1,106 37,100 SH   SOLE   0 0 37,100
BUNGE LIMITED COM G16962105 2,121 39,700 SH   SOLE   17,500 0 22,200
CARRIAGE SERVICE DEB 143905AM9 3,639 3,770,000 PRN   SOLE   1,505,000 0 2,265,000
CENOVUS ENERGY COM 15135U109 232 33,000 SH   SOLE   0 0 33,000
CHESAPEAKE FINL COM 16517A109 1,591 64,800 SH   SOLE   55,500 0 9,300
CITIZENS COMM COM 174903104 2,956 271,230 SH   SOLE   233,000 0 38,230
CITIZENS FIRST COM 17462Q107 1,318 61,500 SH   SOLE   49,000 0 12,500
COMMUNITY WEST COM 204157101 1,551 154,600 SH   SOLE   75,000 0 79,600
COLONY CAPITAL COM 19626G108 3,368 719,601 SH   SOLE   210,000 0 509,601
COLONY CAPITAL DEB 19624RAB2 5,092 5,505,000 PRN   SOLE   500,000 0 5,005,000
COLONY CAPITAL DEB 19624RAA4 206 235,000 PRN   SOLE   0 0 235,000
CONS TOMOKA DEB 210226AB2 5,015 5,059,000 PRN   SOLE   950,000 0 4,109,000
COUNTY BANK COM 222407207 969 20,400 SH   SOLE   15,000 0 5,400
COWEN GROUP DEB 223622AB7 5,354 5,408,000 PRN   SOLE   500,000 0 4,908,000
CROWN CASTLE COM 22822V101 5,595 51,507 SH   SOLE   10,000 0 41,507
DOMINION ENGY PFD 25746U836 3,731 77,950 SH   SOLE   6,000 0 71,950
DOMINION ENGY COM 257454108 680 37,700 SH   SOLE   0 0 37,700
ENVESTNET DEB 29404KAA4 247 245,000 PRN   SOLE   0 0 245,000
EPR PROPERTIES PFD 26884U208 4,774 177,552 SH   SOLE   177,552 0 0
EXCHANGE BANK COM 301227203 8,555 51,851 SH   SOLE   15,800 0 36,051
EXELIXIS COM 30161Q104 216 11,000 SH   SOLE   0 0 11,000
FIDELITY SOUTHERN COM 316394105 2,412 92,718 SH   SOLE   0 0 92,718
FIRST BUSINESS COM 319390100 1,024 52,500 SH   SOLE   52,500 0 0
FIRST COMMUNITY COM 31985H106 97 15,200 SH   SOLE   15,200 0 0
FIRST OF LONG ISLAND COM 320734106 947 47,496 SH   SOLE   16,246 0 31,250
F&M BANCORP COM 30237P106 4,854 161,789 SH   SOLE   46,876 0 114,913
F&M BANCORP PFD 30237P205 1,337 40,000 SH   SOLE   25,600 0 14,400
FORD MOTOR COM 345370860 1,229 160,723 SH   SOLE   20,000 0 140,723
FRANKLIN FINL COM 353525108 1,630 51,744 SH   SOLE   0 0 51,744
GENERAL MOTORS COM 30745V100 6,701 200,328 SH   SOLE   50,000 0 150,328
GLOBAL PARTNERS COM 37946R109 230 14,100 SH   SOLE   0 0 14,100
GOLDMAN SACHS DEB 38147UAB3 2,472 2,555,000 PRN   SOLE   0 0 2,555,000
HANNON ARMSTRNG DEB 41068XAB6 2,007 2,209,000 PRN   SOLE   0 0 2,209,000
HCI GROUP DEB 40416EAB9 5,667 5,691,000 PRN   SOLE   0 0 5,691,000
HIGHLANDS STATE COM 430887109 752 50,000 SH   SOLE   50,000 0 0
INVESCO TR INVT COM 46131M106 818 71,262 SH   SOLE   0 0 71,262
JOHNSON CONTROL COM G51502105 667 22,500 SH   SOLE   0 0 22,500
LEDYARD FINL COM 523338101 6,358 295,706 SH   SOLE   123,000 0 172,706
LEXINGTON PTY COM 529043101 11,370 1,384,849 SH   SOLE   340,000 0 1,044,849
LEXINGTON PTY PFD 529043309 1,183 24,000 SH   SOLE   0 0 24,000
MACQUARIE INFRA COM 55608B105 1,575 43,075 SH   SOLE   0 0 43,075
MACQUARIE INFRA DEB 55608BAA3 585 590,000 PRN   SOLE   0 0 590,000
MAIN STREET BANC COM 56064Y100 2,063 130,000 SH   SOLE   88,000 0 42,000
MEDICAL PRTY COM 58436J304 1,651 102,678 SH   SOLE   0 0 102,678
MERCK COM 58933Y105 611 8,000 SH   SOLE   0 0 8,000
METLIFE COM 59156R108 7,313 178,103 SH   SOLE   52,000 0 126,103
NATIONAL HEALTH DEB 63633DAE4 7,102 6,488,000 PRN   SOLE   1,500,000 0 4,988,000
NW INDIANA BANC COM 667516108 2,042 47,500 SH   SOLE   35,000 0 12,500
NY COMM BANC COM 649445103 673 71,500 SH   SOLE   0 0 71,500
NY COMM BANC PFD 64944P307 7,717 172,442 SH   SOLE   38,036 0 134,406
OXBRIDGE COM G6856M106 75 120,000 SH   SOLE   120,000 0 0
PACIFIC CITY COM 69406T408 3,804 243,075 SH   SOLE   111,000 0 132,075
PARKE BANCORP COM 700885106 3,820 204,109 SH   SOLE   66,000 0 138,109
PATTERN ENERGY DEB 70338PAB6 3,430 3,480,000 PRN   SOLE   750,000 0 2,730,000
PATTERN ENERGY COM 70338P100 242 13,000 SH   SOLE   0 0 13,000
PFIZER COM 717081103 1,659 38,000 SH   SOLE   0 0 38,000
POTOMAC BANCSH COM 737643106 1,256 92,560 SH   SOLE   86,905 0 5,655
RADIUS HEALTH DEB 750469AA6 1,837 2,390,000 PRN   SOLE   575,000 0 1,815,000
RIVERVIEW FIN COM 76940Q105 654 60,000 SH   SOLE   60,000 0 0
ROYAL GOLD DEB 780287AA6 1,114 1,111,000 PRN   SOLE   0 0 1,111,000
RPT REALTY PFD 74971D101 5,819 117,678 SH   SOLE   80,000 0 37,678
SANOFI SPONSOR COM 80105N105 6,335 145,930 SH   SOLE   50,000 0 95,930
SEACOAST BANK COM 811707801 349 13,401 SH   SOLE   0 0 13,401
SELECT BANCORP COM 81617L108 792 64,000 SH   SOLE   64,000 0 0
SB FINANCIAL COM 78408D105 2,141 130,169 SH   SOLE   29,553 0 100,616
SB FINANCIAL PFD 78408D204 1,224 70,656 SH   SOLE   36,486 0 34,170
SHIP FINANCE DEB 824689AG8 3,445 3,850,000 PRN   SOLE   0 0 3,850,000
SOLVAY BANK COM 83441Q105 2,240 56,705 SH   SOLE   40,200 0 16,505
SPIRIT REALTY DEB 84860WAB8 318 325,000 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 1,777 50,400 SH   SOLE   20,000 0 30,400
SUMMIT STATE COM 866264203 282 24,000 SH   SOLE   9,000 0 15,000
TEVA PHARM COM 881624209 2,539 164,684 SH   SOLE   22,831 0 141,853
TIMBERLAND BANK COM 887098101 4,800 215,271 SH   SOLE   48,500 0 166,771
TPG SPECIALTY DEB 87265KAB8 105 105,000 PRN   SOLE   0 0 105,000
TYSON FOODS COM 902494301 3,618 67,764 SH   SOLE   15,000 0 52,764
VSB BANCORP COM 917927105 1,242 63,000 SH   SOLE   57,500 0 5,500
VEREIT INC COM 92339V100 922 129,000 SH   SOLE   0 0 129,000
WELLESLEY BANCORP COM 949485106 996 35,894 SH   SOLE   35,894 0 0
WEYERHAEUSER COM 962166104 3,595 164,481 SH   SOLE   27,000 0 137,481
XEROX CORP COM 984121608 356 18,000 SH   SOLE   0 0 18,000