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
AMERICAN RLTY DEB 02917TAB0 354 355,000 PRN   SOLE   0 0 355,000
APPLE INC COM 037833100 1,168 6,150 SH   SOLE   4,000 0 2,150
APOLLO COML DEB 03762UAB1 5,202 5,334,000 PRN   SOLE   500,000 0 4,834,000
ASHFORD HOSPTY COM 044103109 722 152,000 SH   SOLE   0 0 152,000
ATLAS AIR WW COM 049164205 1,448 28,646 SH   SOLE   0 0 28,646
ATLAS AIR WW DEB 069164BJ4 1,983 1,845,000 PRN   SOLE   0 0 1,845,000
ATLAS AIR WW DEB 049164BH8 1,027 980,000 PRN   SOLE   250,000 0 730,000
BANK OF BOTETOURT COM 063907208 2,422 85,000 SH   SOLE   65,000 0 20,000
BENCHMARK BANK COM 08160E207 2,160 108,000 SH   SOLE   98,000 0 10,000
BLACKSTONE GRP COM 09253U108 1,297 37,100 SH   SOLE   0 0 37,100
BLUE RIDGE BANK COM 095825105 1,988 118,000 SH   SOLE   110,000 0 8,000
BUNGE LIMITED COM G16962105 2,239 42,200 SH   SOLE   20,000 0 22,200
CARRIAGE SERVICE DEB 143905AM9 3,801 3,770,000 PRN   SOLE   1,505,000 0 2,265,000
CENOVUS ENERGY COM 15135U109 286 33,000 SH   SOLE   0 0 33,000
CENTERSTATE BANK COM 15201P109 195 8,185 SH   SOLE   0 0 8,185
CHESAPEAKE FINL COM 16517A109 1,724 64,800 SH   SOLE   55,500 0 9,300
CITIZENS COMM COM 174903104 3,236 271,230 SH   SOLE   233,000 0 38,230
CITIZENS FIRST COM 17462Q107 1,526 61,500 SH   SOLE   49,000 0 12,500
COMMUNITY WEST COM 204157101 2,205 216,639 SH   SOLE   106,600 0 110,039
COLONY CAPITAL COM 19626G108 4,131 776,601 SH   SOLE   240,000 0 536,601
COLONY CAPITAL DEB 19624RAB2 5,236 5,490,000 PRN   SOLE   500,000 0 4,990,000
COLONY CAPITAL DEB 19624RAA4 221 235,000 PRN   SOLE   0 0 235,000
CONS TOMOKA DEB 210226AB2 5,151 5,059,000 PRN   SOLE   950,000 0 4,109,000
COUNTY BANK COM 222407207 1,019 20,921 SH   SOLE   15,521 0 5,400
CROWN CASTLE COM 22822V101 6,567 51,307 SH   SOLE   10,000 0 41,307
DOMINION ENGY PFD 25746U836 3,879 77,700 SH   SOLE   6,000 0 71,700
DOMINION ENGY COM 25746U109 754 9,840 SH   SOLE   0 0 9,840
ENVESTNET DEB 29404KAA4 272 245,000 PRN   SOLE   0 0 245,000
EPR PROPERTIES PFD 26884U208 5,582 177,552 SH   SOLE   177,552 0 0
EXCHANGE BANK COM 301227203 8,646 52,222 SH   SOLE   16,000 0 36,222
EXELIXIS COM 30161Q104 297 12,500 SH   SOLE   0 0 12,500
FIDELITY SOUTHERN COM 316394105 2,044 74,618 SH   SOLE   0 0 74,618
FIRST BUSINESS COM 319390100 1,051 52,500 SH   SOLE   52,500 0 0
FIRST COMMUNITY COM 319835104 286 15,000 SH   SOLE   15,000 0 0
FIRST OF LONG ISLAND COM 320734106 1,139 51,950 SH   SOLE   19,000 0 32,950
FIRST NATIONAL COM 302578109 2,898 376,351 SH   SOLE   150,000 0 226,351
F&M BANCORP COM 30237P106 5,252 161,589 SH   SOLE   46,876 0 114,713
F&M BANCORP PFD 30237P205 1,426 40,000 SH   SOLE   25,600 0 14,400
FORD MOTOR COM 345370860 129 14,700 SH   SOLE   0 0 14,700
FRANKLIN FINL COM 353525108 1,859 51,644 SH   SOLE   0 0 51,644
GENERAL MOTORS COM 30745V100 7,519 202,676 SH   SOLE   50,000 0 152,676
GLOBAL PARTNERS COM 37946R109 228 11,600 SH   SOLE   0 0 11,600
GOLDMAN SACHS DEB 38147UAB3 2,511 2,555,000 PRN   SOLE   0 0 2,555,000
HANNON ARMSTRNG DEB 41068XAB6 2,235 2,209,000 PRN   SOLE   0 0 2,209,000
HCI GROUP COM 40416E103 214 5,000 SH   SOLE   0 0 5,000
HCI GROUP DEB 40416EAB9 497 500,000 PRN   SOLE   0 0 500,000
INVESCO TR INVT COM 46131M106 894 72,170 SH   SOLE   0 0 72,170
JOHNSON CONTROL COM G51502105 739 20,000 SH   SOLE   0 0 20,000
KEYCORP COM 493267108 1,769 112,300 SH   SOLE   37,000 0 75,300
LAKELAND BANCORP COM 511637100 773 51,750 SH   SOLE   51,750 0 0
LEDYARD FINL COM 523338101 6,203 295,406 SH   SOLE   123,000 0 172,406
LEXINGTON PTY PFD 529043309 970 18,000 SH   SOLE   0 0 18,000
LEXINGTON PTY COM 529043101 10,561 1,165,637 SH   SOLE   320,000 0 845,637
MACQUARIE INFRA DEB 55608BAA3 583 585,000 PRN   SOLE   0 0 585,000
MAIN STREET BANC COM 56064Y100 2,808 130,000 SH   SOLE   88,000 0 42,000
MCHENRY BANCORP COM 580683100 910 7,000,000 SH   SOLE   7,000,000 0 0
MEDICAL PRTY COM 58436J304 1,923 103,887 SH   SOLE   0 0 103,887
MERCK COM 58933Y105 665 8,000 SH   SOLE   0 0 8,000
METLIFE COM 59156R108 7,643 179,553 SH   SOLE   52,000 0 127,553
NATIONAL HEALTH DEB 63633DAE4 7,323 6,403,000 PRN   SOLE   1,500,000 0 4,903,000
NW INDIANA BANC COM 667516108 1,969 47,500 SH   SOLE   35,000 0 12,500
NY COMM BANC PFD 64944P307 8,320 172,442 SH   SOLE   38,036 0 134,406
ORRSTOWN FINL COM 687380105 1,226 65,935 SH   SOLE   58,000 0 7,935
OXBRIDGE COM G6856M106 132 120,000 SH   SOLE   120,000 0 0
PACIFIC CITY COM 69406T408 4,242 243,075 SH   SOLE   111,000 0 132,075
PARKE BANCORP COM 700885106 4,614 220,865 SH   SOLE   76,932 0 143,933
PATTERN ENERGY DEB 70338PAB6 3,495 3,480,000 PRN   SOLE   750,000 0 2,730,000
PFIZER COM 717081103 1,614 38,000 SH   SOLE   0 0 38,000
POTOMAC BANCSH COM 737643106 1,298 95,323 SH   SOLE   87,500 0 7,823
RADIUS HEALTH DEB 750469AA6 1,984 2,390,000 PRN   SOLE   575,000 0 1,815,000
RIVERVIEW FIN COM 76940Q105 690 60,000 SH   SOLE   60,000 0 0
ROYAL GOLD DEB 780287AA6 3,749 3,756,000 PRN   SOLE   250,000 0 3,506,000
RPT REALTY PFD 74971D101 5,899 116,678 SH   SOLE   80,000 0 36,678
SANOFI SPONSOR COM 80105N105 6,450 145,660 SH   SOLE   50,000 0 95,660
SEACOAST BANK COM 811707801 300 11,401 SH   SOLE   0 0 11,401
SELECT BANCORP COM 81617L108 728 64,000 SH   SOLE   64,000 0 0
SB FINANCIAL COM 78408D105 2,554 141,739 SH   SOLE   32,000 0 109,739
SB FINANCIAL PFD 78408D204 1,498 83,237 SH   SOLE   45,250 0 37,987
SEMPRA ENERGY PFD 816851406 6,915 65,426 SH   SOLE   16,000 0 49,426
SHIP FINANCE DEB 824689AG8 3,805 3,850,000 PRN   SOLE   0 0 3,850,000
SOLVAY BANK COM 83441Q105 2,297 56,705 SH   SOLE   40,200 0 16,505
SPIRIT REALTY DEB 84860WAB8 324 325,000 PRN   SOLE   0 0 325,000
SPIRIT REALTY DEB 84860WAA0 4,597 4,608,000 PRN   SOLE   0 0 4,608,000
SPIRIT REALTY COM 84860W300 2,002 50,400 SH   SOLE   20,000 0 30,400
SUMMIT STATE COM 866264203 143 12,365 SH   SOLE   0 0 12,365
TEVA PHARM COM 881624209 1,404 89,528 SH   SOLE   22,831 0 66,697
TIMBERLAND BANK COM 887098101 6,015 214,971 SH   SOLE   48,500 0 166,471
TPG SPECIALTY DEB 87265KAB8 105 105,000 PRN   SOLE   0 0 105,000
TYSON FOODS COM 902494301 4,936 71,088 SH   SOLE   15,000 0 56,088
VSB BANCORP COM 917927105 1,330 62,979 SH   SOLE   57,479 0 5,500
VEREIT INC COM 92339V100 1,080 129,000 SH   SOLE   0 0 129,000
WELLESLEY BANCORP COM 949485106 1,096 35,894 SH   SOLE   35,894 0 0
WEYERHAEUSER COM 962166104 4,720 179,181 SH   SOLE   27,000 0 152,181
XEROX CORP COM 984121608 575 18,000 SH   SOLE   0 0 18,000