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
ABBVIE COM 00287Y109 272 4,600 SH   SOLE   0 0 4,600
AFLAC COM 001055102 239 4,000 SH   SOLE   0 0 4,000
ALLERGAN PLC COM G0177J108 335 1,073 SH   SOLE   0 0 1,073
ALLERGAN PFD G0177J116 7,712 7,495 SH   SOLE   2,250 0 5,245
AMERICAN RLTY DEB 02917TAA2 2,450 2,642,000 PRN   SOLE   0 0 2,642,000
APPLE INC COM 037833100 5,112 48,566 SH   SOLE   39,000 0 9,566
ARCELMORMITTAL PFD L0302D178 224 34,500 SH   SOLE   0 0 34,500
ARES CAPITAL DEB 04010LAJ2 2,640 2,660,000 PRN   SOLE   0 0 2,660,000
ASCENT CAPITAL DEB 043632AA6 842 1,300,000 PRN   SOLE   1,300,000 0 0
ASHFORD HOSPTY COM 044103109 776 123,100 SH   SOLE   0 0 123,100
ATLAS AIR WW DEB 049164BH8 1,121 1,355,000 PRN   SOLE   300,000 0 1,055,000
BANK OF AMERICA COM 060505104 151 9,000 SH   SOLE   0 0 9,000
BB&T CORP COM 054937107 416 11,000 SH   SOLE   0 0 11,000
BUNGE LTD COM G16962105 409 6,000 SH   SOLE   0 0 6,000
CARRIAGE SERVICE DEB 143905AM9 3,840 3,260,000 PRN   SOLE   1,505,000 0 1,755,000
CHART IND DEB 16115QAC4 566 655,000 PRN   SOLE   0 0 655,000
CHESAPEAKE ENGY DEB 165167CA3 326 695,000 PRN   SOLE   0 0 695,000
CHESAPEAKE ENGY COM 165167107 159 35,499 SH   SOLE   17,999 0 17,500
CHEVRON COM 166764100 427 4,750 SH   SOLE   0 0 4,750
COWEN GROUP DEB 223622AB7 2,589 2,695,000 PRN   SOLE   460,000 0 2,235,000
COMMUNITY WEST COM 204157101 279 40,000 SH   SOLE   0 0 40,000
CROWN CASTLE PFD 22822V200 10,387 96,839 SH   SOLE   29,091 0 67,748
DIAMOND OFSHRE COM 25271C102 190 9,000 SH   SOLE   0 0 9,000
ENSCO PLC COM G3157S106 369 24,000 SH   SOLE   0 0 24,000
ENVESTNET DEB 29404KAA4 962 1,095,000 PRN   SOLE   350,000 0 745,000
EPR PROPERTIES PFD 26884U208 4,386 182,752 SH   SOLE   182,752 0 0
EATON CORP COM G29183103 312 6,000 SH   SOLE   0 0 6,000
EXELIXIS COM 30161Q104 174 30,900 SH   SOLE   0 0 30,900
EXELIXIS DEB 30161QAC8 4,249 3,624,000 PRN   SOLE   1,200,000 0 2,424,000
EXELON CORP PFD 30161N127 885 21,867 SH   SOLE   3,000 0 18,867
EXXON MOBIL COM 30231G102 250 3,215 SH   SOLE   0 0 3,215
FIFTH THIRD BANK COM 316773100 382 19,000 SH   SOLE   0 0 19,000
FIRST GUARANTY COM 32043P106 980 52,288 SH   SOLE   52,288 0 0
FORD MOTOR COM 345370860 4,772 338,673 SH   SOLE   152,500 0 186,173
GAMESTOP COM 36467W109 420 15,000 SH   SOLE   0 0 15,000
GENERAL MOTORS COM 30745V100 6,670 196,140 SH   SOLE   54,312 0 141,828
GOODYEAR TIRE COM 382550101 1,375 42,102 SH   SOLE   0 0 42,102
WELLTOWER PFD 95040Q203 1,909 31,396 SH   SOLE   31,396 0 0
HCI GROUP DEB 40416EAB9 6,156 7,041,000 PRN   SOLE   267,560 0 6,735,000
HCI GROUP COM 40416E103 7,228 207,406 SH   SOLE   136,000 0 71,406
INTL PAPER COM 460146103 188 5,000 SH   SOLE   0 0 5,000
INVESCO LTD COM G491BT108 134 4,000 SH   SOLE   0 0 4,000
INVESCO TR INVT COM 46131M106 874 65,565 SH   SOLE   0 0 65,565
J2 GLOBAL DEB 48123VAC6 707 540,000 PRN   SOLE   50,000 0 490,000
JEFFERIES GROUP DEB 472319AG7 885 890,000 PRN   SOLE   0 0 890,000
JETBLUE AIRWAYS COM 477143101 226 10,000 SH   SOLE   0 0 10,000
JP MORGAN CHASE COM 46625H100 363 5,500 SH   SOLE   0 0 5,500
KOHLS GROUP COM 500255104 276 5,800 SH   SOLE   0 0 5,800
LEGGETT & PLATT COM 524660107 128 3,065 SH   SOLE   0 0 3,065
LEXINGTON PTY COM 529043101 13,652 1,706,537 SH   SOLE   467,500 0 1,239,037
LEXINGTON PTY PFD 529043309 6,806 143,295 SH   SOLE   33,100 0 110,195
LYONDELLBASELL COM N53745100 260 3,000 SH   SOLE   0 0 3,000
MACQUARIE INFRA DEB 55608BAA3 324 290,000 PRN   SOLE   0 0 290,000
MERCK COM 58933Y105 6,347 120,179 SH   SOLE   31,000 0 89,179
METLIFE COM 59156R108 7,813 162,068 SH   SOLE   50,000 0 112,068
MOSAIC CO COM 61945C103 165 6,000 SH   SOLE   0 0 6,000
NATIONAL HEALTH DEB 63633DAE4 10,093 10,280,000 PRN   SOLE   3,275,000 0 7,005,000
NATL OILWELL COM 637071101 535 16,000 SH   SOLE   0 0 16,000
NAVIENT CORP COM 63938C108 286 25,000 SH   SOLE   0 0 25,000
NEWMONT MINE COM 651639106 233 13,000 SH   SOLE   0 0 13,000
NICHOLAS FIN COM 65373J209 139 12,000 SH   SOLE   0 0 12,000
NOBLE CORP. COM G65431101 274 26,000 SH   SOLE   0 0 26,000
NY COMM BANC COM 649445103 563 34,500 SH   SOLE   0 0 344,500
NY COMM BANC PFD 64944P307 7,228 144,571 SH   SOLE   9,213 0 135,358
OLD REPUBLIC COM 680223104 1,610 86,432 SH   SOLE   86,432 0 0
OXBRIDGE COM G6856M106 686 120,000 SH   SOLE   120,000 0 0
PFIZER COM 717081103 1,000 31,000 SH   SOLE   0 0 31,000
PHILLIPS 66 COM 718546104 122 1,500 SH   SOLE   0 0 1,500
PROSHARES COM 74743B201 132 3,000 SH   SOLE   0 0 3,000
PRUDENTIAL FINL COM 744320102 895 11,000 SH   SOLE   0 0 11,000
RAMCO GERSHNSN PFD 751452608 9,407 153,842 SH   SOLE   94,227 0 59,615
ROYAL GOLD DEB 780287AA6 3,207 3,534,000 PRN   SOLE   325,000 0 3,209,000
RTI INTL DEB 74973WAB3 828 810,000 PRN   SOLE   95,000 0 715,000
SANOFI SPONSOR COM 80105N105 6,857 160,775 SH   SOLE   57,000 0 103,775
SEAGATE TECH COM G7945M107 293 8,000 SH   SOLE   0 0 8,000
SHIP FINANCE DEB G81075AE6 9,752 9,173,000 PRN   SOLE   3,705,000 0 5,468,000
SHIP FINANCE COM G81075106 251 15,200 SH   SOLE   0 0 15,200
SHUTTERFLY DEB 82568PAB2 3,453 3,583,000 PRN   SOLE   675,000 0 2,908,000
SPIRIT REALTY DEB 84860WAB8 553 585,000 PRN   SOLE   0 0 585,000
SPIRIT REALTY DEB 84860WAA0 10,899 11,405,000 PRN   SOLE   3,980,000 0 7,425,000
SUMMIT STATE COM 866264203 137 10,000 SH   SOLE   10,000 0 0
SWISS HELVETIA COM 870875101 1,226 116,166 SH   SOLE   0 0 116,166
SYNOVUS FINL COM 87161C105 437 13,500 SH   SOLE   0 0 13,500
TOLL BROS DEB 88947EAM2 394 395,000 PRN   SOLE   0 0 395,000
TTM TECH DEB 87305RAD1 8,519 9,453,000 PRN   SOLE   2,475,000 0 6,978,000
TYSON FOODS PFD 902494301 5,987 98,676 SH   SOLE   30,500 0 68,176
VEREIT INC COM 92339V100 784 99,000 SH   SOLE   0 0 99,000
VERIZON COM 92343V104 2,915 63,072 SH   SOLE   0 0 63,072
WEYERHAEUSER PFD 962166872 150 3,000 SH   SOLE   0 0 3,000
WESTERN UNION COM 959802109 591 33,000 SH   SOLE   0 0 33,000
BANK OF AMERICA WTS 060505146 116 20,000 SH   SOLE   0 0 20,000
CAPITAL ONE WTS 14040H139 1,567 50,000 SH   SOLE   50,000 0 0
GENERAL MOTORS WTS 37045V126 1,143 70,200 SH   SOLE   70,200 0 0
JPMORGAN CHASE WTS 46634E114 2,001 84,500 SH   SOLE   57,000 0 27,500
XEROX CORP COM 984121103 159 15,000 SH   SOLE   0 0 15,000