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 COM 02917T104 1,915 211,619 SH   SOLE   2,000 0 209,619
AMERICAN RLTY DEB 02917TAA2 10,141 10,985,000 PRN   SOLE   3,750,000 0 7,235,000
ANNALY CAP DEB 035710AB8 3,326 3,310,000 PRN   SOLE   800,000 0 2,510,000
APACHE CORP COM 037411105 357 5,700 SH   SOLE   0 0 5,700
APPLE INC COM 037833100 6,272 56,821 SH   SOLE   42,525 0 14,296
ARCELMORMITTAL PFD L0302D178 2,152 124,400 SH   SOLE   6,600 0 117,800
ARES CAPITRAL DEB 04010LAJ2 1,025 100,000 PRN   SOLE   0 0 100,000
ASCENT CAPITAL DEB 043632AA6 1,893 2,300,000 PRN   SOLE   2,300,000 0 0
AT&T COM 00206R102 1,248 37,158 SH   SOLE   9,150 0 28,008
BANK OF AMERICA COM 060505104 241 13,500 SH   SOLE   0 0 13,500
BB&T CORP COM 054937107 117 3,000 SH   SOLE   0 0 3,000
CHESAPEAKE ENGY DEB 165167CA3 1,244 1,290,000 PRN   SOLE   100,000 0 1,190,000
CHESAPEAKE ENGY COM 165167107 303 15,500 SH   SOLE   6,000 0 9,500
CHEVRON COM 166764100 342 3,050 SH   SOLE   0 0 3,050
CITIGROUP COM 172967424 171 3,171 SH   SOLE   0 0 3,171
CROWN CASTLE PFD 22822V200 11,635 113,430 SH   SOLE   34,990 0 78,440
CROWN CASTLE COM 22822V101 157 2,000 SH   SOLE   0 0 2,000
DIAMOND OFFSHORE COM 25271C102 367 10,000 SH   SOLE   0 0 10,000
ELECTRONIC ARTS DEB 285512AA7 106 70,000 PRN   SOLE   0 0 70,000
ENSCO PLC COM G3157S106 4,800 160,285 SH   SOLE   50,225 0 110,060
ENVESTNET DEB 29404KAA4 1,250 1,250,000 PRN   SOLE   350,000 0 900,000
EPR PROPERTIES PFD 26884U208 4,276 182,752 SH   SOLE   182,752 0 0
EXELIXIS COM 30161Q104 187 130,000 SH   SOLE   0 0 130,000
EXELIXIS DEB 30161QAC8 3,619 6,485,000 PRN   SOLE   2,030,000 0 4,455,000
EXELON CORP PFD 30161N127 1,022 19,469 SH   SOLE   1,702 0 17,767
FORD MOTOR COM 345370860 5,237 337,873 SH   SOLE   148,600 0 189,273
GAMESTOP COM 36467W109 507 15,000 SH   SOLE   0 0 15,000
GENERAL MOTORS COM 30745V100 7,935 227,309 SH   SOLE   53,312 0 173,997
GOODYEAR TIRE COM 382550101 7,949 278,215 SH   SOLE   99,083 0 179,132
HEALTHCARE REIT PFD 42217K601 2,495 37,896 SH   SOLE   31,396 0 6,500
HCI GROUP COM 40416E103 9,134 211,235 SH   SOLE   139,950 0 71,285
INTL GAME TECH DEB 459902AQ5 138 8,000 PRN   SOLE   0 0 8,000
INTL PAPER COM 460146103 402 7,500 SH   SOLE   0 0 7,500
INVESCO TR INVT COM 46131M106 870 65,500 SH   SOLE   0 0 65,500
J2 GLOBAL DEB 48123VAC6 936 850,000 PRN   SOLE   100,000 0 750,000
JETBLUE AIRWAYS COM 477143101 159 10,000 SH   SOLE   0 0 10,000
KOHLS GROUP COM 500255104 3,337 54,675 SH   SOLE   40,000 0 14,675
LEGGETT & PLATT COM 524660107 131 3,065 SH   SOLE   0 0 3,065
LEXINGTON PTY COM 529043101 17,413 1,585,877 SH   SOLE   443,000 0 1,142,877
LEXINGTON PTY PFD 529043309 7,824 163,003 SH   SOLE   40,896 0 122,107
LYONDELLBASELL COM N53745100 238 3,000 SH   SOLE   0 0 3,000
MACQUARIE INFRA DEB 55608BAA3 591 520,000 PRN   SOLE   0 0 520,000
MERCK COM 58933Y105 4,220 74,303 SH   SOLE   2,775 0 71,528
METLIFE COM 59156R108 9,885 182,751 SH   SOLE   49,907 0 132,844
NATIONAL HEALTH DEB 63633DAE4 7,284 7,025,000 PRN   SOLE   1,925,000 0 5,100,000
NATL OILWELL COM 637071101 6,477 98,840 SH   SOLE   44,000 0 54,840
NEWMONT MINE COM 651639106 624 33,000 SH   SOLE   15,000 0 18,000
NEWMONT MINE DEB 651639AJ5 117 115,000 PRN   SOLE   0 0 115,000
NICHOLAS FIN COM 65373J209 268 18,000 SH   SOLE   0 0 18,000
NOBLE CORP. COM G65431101 414 25,000 SH   SOLE   0 0 25,000
NOW COM 67011P100 312 12,138 SH   SOLE   11,000 0 1,138
NY COMM BANC COM 649445103 4,244 265,291 SH   SOLE   12,500 0 252,791
NY COMM BANC PFD 64944P307 3,413 68,476 SH   SOLE   6,362 0 62,114
OLD REPUBLIC COM 680223104 3,657 250,000 SH   SOLE   250,000 0 0
OLD REPUBLIC DEB 680223AH7 329 284,000 PRN   SOLE   0 0 284,000
OMNICARE DEB 681904AL2 269 250,000 PRN   SOLE   250,000 0 0
PFIZER COM 717081103 4,855 155,861 SH   SOLE   0 0 155,861
PPL CORP. COM 69351T106 100 2,754 SH   SOLE   0 0 2,754
PRAXAIR COM 74005P104 114 880 SH   SOLE   0 0 880
PROSHARES COM 74743B201 528 11,375 SH   SOLE   0 0 11,375
PROSHARES COM 74347B300 106 4,800 SH   SOLE   4,800 0 0
PRUDENTIAL FINL COM 744320102 905 10,000 SH   SOLE   0 0 10,000
RAMCO GERSHNSN PFD 751452608 10,476 156,528 SH   SOLE   93,727 0 62,801
ROYAL GOLD DEB 780287AA6 2,868 2,776,000 PRN   SOLE   325,000 0 2,451,000
RTI INTERNATIONAL DEB 74973WAB3 4,631 4,765,000 PRN   SOLE   1,550,000 0 3,215,000
SANDRIDGE COM 80007P307 122 67,100 SH   SOLE   0 0 67,100
SANOFI SPONSOR COM 80105N105 9,573 209,892 SH   SOLE   63,100 0 146,792
SEAGATE TECH COM G7945M107 498 7,500 SH   SOLE   0 0 7,500
SHIP FINANCE DEB G81075AE6 9,186 9,320,000 PRN   SOLE   3,705,000 0 5,615,000
SHIP FINANCE COM G81075106 126 8,900 SH   SOLE   0 0 8,900
SPIRIT REALTY DEB 84860WAA0 6,480 6,655,000 PRN   SOLE   2,950,000 0 3,705,000
SWISS HELVETIA COM 870875101 531 47,641 SH   SOLE   0 0 47,641
SYNOVUS FINL COM 87161C105 4,543 167,687 SH   SOLE   37,928 0 129,759
SYNTA PHARM COM 87162T206 165 62,500 SH   SOLE   0 0 62,500
TOLL BROS DEB 88947EAM2 714 700,000 PRN   SOLE   0 0 700,000
TTM TECH DEB 87305RAD1 4,081 4,248,000 PRN   SOLE   1,200,000 0 3,048,000
TRANSOCEAN LTD COM H8817H100 910 49,670 SH   SOLE   22,000 0 27,670
UNISYS COM 909214306 247 8,373 SH   SOLE   0 0 8,373
VERIZON COM 92343V104 1,269 27,136 SH   SOLE   6,000 0 21,136
WESTERN UNION COM 959802109 627 35,000 SH   SOLE   0 0 35,000
CAPITAL ONE WTS 14040H139 2,178 53,000 SH   SOLE   53,000 0 0
GENERAL MOTORS WTS 37045V126 1,193 70,200 SH   SOLE   70,200 0 0
JPMORGAN CHASE WTS 46634E114 1,612 77,500 SH   SOLE   50,000 0 27,500