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
ADAMS NATL RES COM 00548F105 198 20,206 SH   SOLE   20,206 0 0
AMERICAN INTL COM 026874784 606 22,000 SH   SOLE   22,000 0 0
AMERICAN RLTY DEB 02917TAB0 150 150,000 PRN   SOLE   0 0 150,000
AMERIS BANCORP COM 03076K108 1,247 54,742 SH   SOLE   0 0 54,742
APOLLO COML DEB 03762UAB1 5,213 5,589,000 PRN   SOLE   500,000 0 5,089,000
ARES CAPITAL DEB 04010LAW3 2,188 2,110,000 PRN   SOLE   0 0 2,110,000
ATLAS AIR WW DEB 069164BJ4 3,988 3,315,000 PRN   SOLE   250,000 0 3,065,000
BANK BOTETOURT COM 063907208 1,844 82,500 SH   SOLE   65,000 0 17,500
BENCHMARK BANK COM 08160E207 1,719 124,000 SH   SOLE   100,000 0 24,000
BLACKSTONE MTG DEB 09257WAC4 1,339 1,365,000 PRN   SOLE   0 0 1,365,000
BLACKSTONE GRP DEB 09257WAB6 756 764,000 PRN   SOLE   0 0 764,000
BLUE RIDGE BANK COM 095825105 1,592 117,500 SH   SOLE   109,500 0 8,000
BUNGE LIMITED COM G16962105 2,203 48,200 SH   SOLE   26,000 0 22,200
BUNGE LIMITED PFD G16962204 4,453 45,321 SH   SOLE   0 0 45,321
CAMBRIDGE BANC COM 132152109 1,116 21,000 SH   SOLE   21,000 0 0
CENTERPOINT PFD 15189T503 6,700 183,860 SH   SOLE   35,000 0 148,860
CHESAPEAKE FINL COM 16517A109 3,252 160,254 SH   SOLE   100,000 0 60,254
CHOICEONE FINL COM 170386106 781 30,000 SH   SOLE   30,000 0 0
CITIZENS COMM COM 174903104 1,416 205,561 SH   SOLE   172,933 0 32,628
CITIZENS BANC COM 17316V104 414 18,000 SH   SOLE   18,000 0 0
COMMUNITY WEST COM 204157101 2,231 277,888 SH   SOLE   139,500 0 138,388
COLONY CAPITAL DEB 19624RAA4 175 180,000 PRN   SOLE   0 0 180,000
COWEN GROUP PFD 223622507 1,628 2,000 SH   SOLE   2,000 0 0
CROWN CASTLE COM 22822V101 2,331 14,000 SH   SOLE   0 0 14,000
CSB BANCORP COM 12628R107 1,060 36,226 SH   SOLE   36,226 0 0
DIVIDEND INCOME COM 25538A204 100 11,000 SH   SOLE   0 0 11,000
DOMINION ENGY PFD 25746U133 3,007 29,550 SH   SOLE   10,000 0 19,550
DOMINION ENGY COM 25746U109 1,995 25,273 SH   SOLE   4,000 0 21,273
ENABLE MIDSTRM COM 292480100 252 60,900 SH   SOLE   0 0 60,900
EPR PROPERTIES PFD 26884U208 2,631 132,923 SH   SOLE   132,923 0 0
EQUITY COMWLTH COM 294628102 513 19,250 SH   SOLE   0 0 19,250
EXCHANGE BANK COM 301227203 7,988 65,478 SH   SOLE   18,700 0 46,778
FENTURA FINL COM 314645102 300 17,700 SH   SOLE   10,700 0 7,000
FINANCIAL INST COM 317585404 277 18,000 SH   SOLE   18,000 0 0
FIRST BUSINESS COM 319390100 843 59,000 SH   SOLE   59,000 0 0
FIRST COMMUNITY COM 319835104 831 61,000 SH   SOLE   46,000 0 15,000
FIRST HORIZON COM 320517105 519 55,000 SH   SOLE   37,000 0 18,000
FIRST LONG ISLAND COM 320734106 439 29,675 SH   SOLE   0 0 29,675
FIRST NATL AK COM 32112J106 557 2,800 SH   SOLE   2,800 0 0
FIRST NATIONAL COM 302578109 1,423 267,520 SH   SOLE   110,000 0 157,520
FIRST NATIONAL COM 32106V107 699 49,535 SH   SOLE   48,500 0 1,035
FIRST SOUTHERN COM 33650R104 737 121,875 SH   SOLE   121,875 0 0
F&M BANCORP COM 30237P106 1,764 94,068 SH   SOLE   19,550 0 74,518
F&M BANCORP PFD 30237P205 904 40,000 SH   SOLE   25,600 0 14,400
FORTIVE CORP PFD 34959J207 6,244 6,668 SH   SOLE   2,200 0 4,468
FRANKLIN FINL COM 353525108 870 40,687 SH   SOLE   0 0 40,687
GERMAN AMRICAN COM 373865104 1,208 44,500 SH   SOLE   34,500 0 10,000
GLOBAL PARTNERS COM 37946R109 152 11,600 SH   SOLE   0 0 11,600
GOLDMAN SACHS DEB 38147UAB3 2,191 2,175,000 PRN   SOLE   0 0 2,175,000
HANCOCK WHITNEY COM 410120109 235 12,500 SH   SOLE   0 0 12,500
HANON ARMSTRNG DEB 41068XAB6 1,703 1,059,000 PRN   SOLE   0 0 1,059,000
HCI GROUP DEB 40416EAD5 2,280 2,268,000 PRN   SOLE   0 0 2,268,000
INTL FLAVORS COM 459506309 4,343 98,047 SH   SOLE   15,000 0 83,047
INVESCO TR INVT COM 46131M106 1,013 81,538 SH   SOLE   0 0 81,538
KEYCORP COM 493267108 2,066 173,204 SH   SOLE   64,024 0 109,180
LAKELAND BANC COM 511637100 657 66,000 SH   SOLE   66,000 0 0
LEDYARD FINL COM 523338101 4,894 296,409 SH   SOLE   123,200 0 173,209
LEXINGTON CORP PFD 529043309 468 8,000 SH   SOLE   0 0 8,000
LEXINGTON RTLY COM 529043101 4,461 426,900 SH   SOLE   60,000 0 366,900
MAIN STREET BANC COM 56064Y100 456 37,247 SH   SOLE   0 0 37,247
MCHENRY BANCORP COM 580683100 532 7,000,000 SH   SOLE   7,000,000 0 0
MEDICAL PRTY COM 58436J304 3,129 177,500 SH   SOLE   0 0 177,500
MERCHANTS FINAN COM 588538108 972 18,000 SH   SOLE   18,000 0 0
MERCK COM 58933Y105 4,057 48,910 SH   SOLE   10,000 0 38,910
METLIFE COM 59156R108 6,483 174,414 SH   SOLE   54,000 0 120,414
METRO PHOENIX COM 59165E106 1,373 140,712 SH   SOLE   54,000 0 86,712
NATIONAL HEALTH DEB 63633DAE4 6,082 6,018,000 PRN   SOLE   1,500,000 0 4,518,000
NW INDIANA BANC COM 667516108 2,604 84,000 SH   SOLE   54,000 0 30,000
NY COMM BANC PFD 64944P307 6,777 153,299 SH   SOLE   35,995 0 117,304
ORRSTOWN FINL COM 687380105 798 62,343 SH   SOLE   54,343 0 8,000
PARKE BANCORP COM 700885106 2,858 239,334 SH   SOLE   88,000 0 151,334
PEOPLES UNITED COM 712704105 217 21,000 SH   SOLE   0 0 21,000
PFIZER COM 717081103 4,617 125,800 SH   SOLE   38,000 0 87,800
PINNACLE BANK COM 72345E102 196 10,056 SH   SOLE   10,056 0 0
POTOMAC BANCSH COM 73764399S 518 53,300 SH   SOLE   42,000 0 11,300
PRIME MERIDIAN COM 74164R107 440 31,516 SH   SOLE   16,526 0 14,990
RADIUS HEALTH DEB 750469AA6 1,762 2,150,000 PRN   SOLE   575,000 0 1,575,000
RPT REALTY PFD 74971D200 4,235 105,867 SH   SOLE   80,000 0 25,867
SEACOAST BANK COM 811707801 180 10,000 SH   SOLE   0 0 10,000
SB FINANCIAL COM 78408D105 4,103 304,135 SH   SOLE   98,000 0 206,135
SEMPRA ENERGY PFD 816851505 1,330 13,575 SH   SOLE   1,000 0 12,575
SHIP FINANCE DEB 824689AG8 2,869 3,305,000 PRN   SOLE   0 0 3,305,000
SOLVAY BANK COM 83441Q105 1,856 59,670 SH   SOLE   42,210 0 17,460
SOUTH JERSEY PFD 838518116 2,430 72,820 PRN   SOLE   0 0 72,820
SOUTH STATE COM 840441109 277 5,775 SH   SOLE   0 0 5,775
TIMBERLAND BANK COM 887098101 4,537 252,069 SH   SOLE   72,099 0 179,970
TYSON FOODS COM 902494301 4,722 79,396 SH   SOLE   18,000 0 61,396
VANGUARD COM 92204A884 110 1,075 SH   SOLE   0 0 1,075
WEYERHAEUSER COM 962166104 5,846 204,971 SH   SOLE   36,000 0 168,971