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
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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 192 3,100 SH   SOLE   0 0 3,100
ALLERGAN PFD G0177J116 7,017 8,418 SH   SOLE   2,350 0 6,068
AMERICAN RLTY DEB 02917TAA2 2,536 2,567,000 PRN   SOLE   0 0 2,567,000
APPLE INC COM 037833100 4,577 47,879 SH   SOLE   36,000 0 11,879
ARES CAPITAL DEB 04010LAJ2 2,689 2,600,000 PRN   SOLE   0 0 2,600,000
ASCENT CAPITAL DEB 043632AA6 738 1,300,000 PRN   SOLE   1,300,000 0 0
ASHFORD HOSPTY COM 044103109 1,031 192,000 SH   SOLE   18,000 0 174,000
ATLAS AIR WW DEB 049164BH8 1,313 1,355,000 PRN   SOLE   300,000 0 1,055,000
BANK OF AMERICA COM 060505104 371 28,000 SH   SOLE   0 0 28,000
BB&T CORP COM 054937107 641 18,000 SH   SOLE   0 0 18,000
CARRIAGE SERVICE DEB 143905AM9 4,762 4,055,000 PRN   SOLE   1,605,000 0 2,450,000
CHART IND DEB 16115QAC4 595 640,000 PRN   SOLE   0 0 640,000
CHESAPEAKE FINL COM 16417A109 267 13,853 SH   SOLE   12,595 0 1,258
CHEVRON COM 166764100 141 1,350 SH   SOLE   0 0 1,350
COWEN GROUP DEB 223622AB7 2,533 2,823,000 PRN   SOLE   460,000 0 2,363,000
COMMUNITY WEST COM 204157101 681 92,600 SH   SOLE   15,000 0 77,600
CROWN CASTLE PFD 22822V200 6,765 55,912 SH   SOLE   10,600 0 45,312
ENSCO PLC COM G3157S106 184 19,000 SH   SOLE   0 0 19,000
ENVESTNET DEB 29404KAA4 988 1,095,000 PRN   SOLE   350,000 0 745,000
EPR PROPERTIES PFD 26884U208 5,483 178,552 SH   SOLE   178,552 0 0
EATON CORP COM G29183103 478 8,000 SH   SOLE   0 0 8,000
EXELIXIS DEB 30161QAC8 5,074 3,424,000 PRN   SOLE   1,000,000 0 2,424,000
EXELON CORP PFD 30161N127 852 17,267 SH   SOLE   1,000 0 16,267
FIDELITY SOUTHERN COM 316394105 2,852 182,019 SH   SOLE   42,000 0 140,019
FIFTH THIRD BANK COM 316773100 439 25,000 SH   SOLE   0 0 25,000
FIRST GUARANTY COM 32043P106 1,398 87,400 SH   SOLE   55,000 0 32,400
F&M BANCORP COM 30237P106 115 5,000 SH   SOLE   5,000 0 0
FORD MOTOR COM 345370860 4,232 336,673 SH   SOLE   152,500 0 184,173
GAMESTOP COM 36467W109 372 14,000 SH   SOLE   0 0 14,000
GENERAL MOTORS COM 30745V100 5,687 200,972 SH   SOLE   54,312 0 146,660
GOODYEAR TIRE COM 382550101 467 18,227 SH   SOLE   0 0 18,227
HARLEY DAVIDSON COM 412822108 181 4,000 SH   SOLE   0 0 4,000
HCI GROUP DEB 40416EAB9 6,554 7,496,000 PRN   SOLE   306,000 0 7,190,000
HCI GROUP COM 40416E103 5,611 205,706 SH   SOLE   136,000 0 69,706
HEARTLAND FINL COM 42234Q102 353 10,000 SH   SOLE   0 0 10,000
INTL PAPER COM 460146103 296 7,000 SH   SOLE   0 0 7,000
INVESCO LTD COM G491BT108 255 10,000 SH   SOLE   0 0 10,000
INVESCO TR INVT COM 46131M106 974 65,565 SH   SOLE   0 0 65,565
J2 GLOBAL DEB 48123VAC6 605 540,000 PRN   SOLE   50,000 0 490,000
JEFFERIES GROUP DEB 472319AG7 1,215 1,200,000 PRN   SOLE   0 0 1,200,000
JOHNSON CONTROL COM 478366107 332 7,500 SH   SOLE   0 0 7,500
JP MORGAN CHASE COM 46625H100 155 2,500 SH   SOLE   0 0 2,500
KOHLS GROUP COM 500255104 220 5,800 SH   SOLE   0 0 5,800
LEDYARD FINANCIAL COM 523338101 2,702 57,190 SH   SOLE   35,500 0 21,690
LEXINGTON PTY COM 529043101 17,250 1,706,284 SH   SOLE   477,500 0 1,228,784
LEXINGTON PTY PFD 529043309 5,609 111,208 SH   SOLE   9,585 0 101,623
MACQUARIE INFRA DEB 55608BAA3 331 290,000 PRN   SOLE   0 0 290,000
MERCK COM 58933Y105 6,896 119,705 SH   SOLE   31,000 0 88,705
METLIFE COM 59156R108 6,751 169,505 SH   SOLE   50,000 0 119,505
NATIONAL HEALTH DEB 63633DAE4 10,861 9,840,000 PRN   SOLE   2,900,000 0 6,940,000
NAVIENT CORP COM 63938C108 311 26,000 SH   SOLE   0 0 26,000
NOBLE CORP. COM G65431101 132 16,000 SH   SOLE   0 0 16,000
NORTHERN STATES COM 665751103 134 22,000 SH   SOLE   0 0 22,000
NORTHWEST IN BANC COM 667516108 290 10,000 SH   SOLE   3,600 0 6,400
NORTHWAY FINL COM 667270201 342 16,153 SH   SOLE   0 0 16,153
NY COMM BANC COM 649445103 877 58,500 SH   SOLE   0 0 58,500
NY COMM BANC PFD 64944P307 8,535 169,149 SH   SOLE   29,503 0 139,646
OXBRIDGE COM G6856M106 603 120,000 SH   SOLE   120,000 0 0
PFIZER COM 717081103 1,197 34,000 SH   SOLE   0 0 34,000
PROSHARES COM 74743B201 253 8,000 SH   SOLE   0 0 8,000
PRUDENTIAL FINL COM 744320102 571 8,000 SH   SOLE   0 0 8,000
PSB HOLDINGS COM 69360N105 67 1,500 SH   SOLE   1,500 0 0
RAMCO GERSHNSN PFD 751452608 10,699 151,716 SH   SOLE   94,227 0 57,489
RIDGESTONE FINL COM 76610V103 914 34,500 SH   SOLE   23,500 0 11,000
ROYAL GOLD DEB 780287AA6 2,328 2,176,000 PRN   SOLE   325,000 0 1,851,000
SANOFI SPONSOR COM 80105N105 6,675 159,500 SH   SOLE   57,000 0 102,500
SEAGATE TECH COM G7945M107 195 8,000 SH   SOLE   0 0 8,000
SHIP FINANCE DEB G81075AE6 9,280 8,802,000 PRN   SOLE   3,380,000 0 5,422,000
SHIP FINANCE COM G81075106 224 15,200 SH   SOLE   0 0 15,200
SHUTTERFLY DEB 82568PAB2 3,539 3,573,000 PRN   SOLE   675,000 0 2,898,000
SPIRIT REALTY DEB 84860WAB8 654 585,000 PRN   SOLE   0 0 585,000
SPIRIT REALTY DEB 84860WAA0 11,497 10,658,000 PRN   SOLE   3,500,000 0 7,158,000
SUMMIT STATE COM 866264203 224 16,313 SH   SOLE   6,313 0 10,000
SWISS HELVETIA COM 870875101 1,257 121,460 SH   SOLE   0 0 121,460
TIMBERLAND BANK COM 887098101 696 46,400 SH   SOLE   30,800 0 15,600
TOLL BROS DEB 88947EAM2 386 395,000 PRN   SOLE   0 0 395,000
TTM TECH DEB 87305RAD1 10,895 10,991,000 PRN   SOLE   2,875,000 0 8,116,000
TYSON FOODS PFD 902494301 4,038 54,659 SH   SOLE   15,500 0 39,159
VALLEY COMMUNITY COM 919518100 144,000 9,000 SH   SOLE   0 0 9,000
VEREIT INC COM 92339V100 902 89,000 SH   SOLE   0 0 89,000
WELLS FARGO COM 949746101 573 12,100 SH   SOLE   0 0 12,100
WELLTOWER PFD 95040Q203 2,129 31,396 SH   SOLE   31,396 0 0
WEYERHAEUSER PFD 962166872 186 3,700 SH   SOLE   1,000 0 2,700
WEYERHAEUSER COM 962166104 302 10,150 SH   SOLE   2,000 0 8,150
WESTERN UNION COM 959802109 326 17,000 SH   SOLE   0 0 17,000
CAPITAL ONE WTS 14040H139 753 31,600 SH   SOLE   31,600 0 0
GENERAL MOTORS WTS 37045V126 628 60,000 SH   SOLE   60,000 0 0
JPMORGAN CHASE WTS 46634E114 810 40,000 SH   SOLE   40,000 0 0
XEROX CORP COM 984121103 256 27,000 SH   SOLE   0 0 27,000