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
ALLERGAN PFD G0177J116 8,271 10,069 SH   SOLE   2,500 0 7,569
AMERICAN RLTY DEB 02917TAA2 2,530 2,537,000 PRN   SOLE   0 0 2,537,000
APPLE INC COM 037833100 4,169 36,879 SH   SOLE   25,000 0 11,879
ARES CAPITAL DEB 04010LAJ2 2,629 2,550,000 PRN   SOLE   0 0 2,550,000
ASCENT CAPITAL DEB 043632AA6 925 1,300,000 PRN   SOLE   1,300,000 0 0
ASHFORD HOSPTY COM 044103109 1,192 202,500 SH   SOLE   25,000 0 177,500
ATLAS AIR WW DEB 049164BH8 1,289 1,330,000 PRN   SOLE   300,000 0 1,030,000
BANK OF AMERICA COM 060505104 438 28,000 SH   SOLE   0 0 28,000
BB&T CORP COM 054937107 641 17,000 SH   SOLE   0 0 17,000
CARRIAGE SERVICE DEB 143905AM9 4,693 4,005,000 PRN   SOLE   1,605,000 0 2,400,000
CHART IND DEB 16115QAC4 629 640,000 PRN   SOLE   0 0 640,000
CHEVRON COM 166764100 139 1,350 SH   SOLE   0 0 1,350
CITIZENS FIRST BANK COM 17462Q107 195 12,222 SH   SOLE   12,222 0 0
COWEN GROUP DEB 223622AB7 2,692 2,788,000 PRN   SOLE   460,000 0 2,328,000
COMMUNITY WEST COM 204157101 940 114,715 SH   SOLE   37,115 0 77,600
CROWN CASTLE PFD 22822V200 5,634 49,857 SH   SOLE   9,100 0 40,757
DOMINION RESOURCE PFD 25746U836 2,045 40,985 SH   SOLE   0 0 40,985
DOMINION MIDSTREM COM 257454108 382 16,000 SH   SOLE   0 0 16,000
ENSCO PLC COM G3157S106 133 15,700 SH   SOLE   0 0 15,700
ENVESTNET DEB 29404KAA4 1,036 1,085,000 PRN   SOLE   350,000 0 735,000
EPR PROPERTIES PFD 26884U208 5,445 177,552 SH   SOLE   177,552 0 0
EATON CORP COM G29183103 164 2,500 SH   SOLE   0 0 2,500
EXELIXIS COM 30161Q104 614 48,000 SH   SOLE   0 0 48,000
EXELON CORP PFD 30161N127 592 12,667 SH   SOLE   0 0 12,667
FIDELITY SOUTHERN COM 316394105 3,378 183,709 SH   SOLE   42,000 0 141,709
FIFTH THIRD BANK COM 316773100 386 18,900 SH   SOLE   0 0 18,900
FIRST GUARANTY COM 32043P106 1,452 89,400 SH   SOLE   57,000 0 32,400
FORD MOTOR COM 345370860 3,888 322,173 SH   SOLE   140,000 0 182,173
GAMESTOP COM 36467W109 358 13,000 SH   SOLE   0 0 13,000
GENERAL MOTORS COM 30745V100 6,328 199,202 SH   SOLE   54,312 0 144,890
GOODYEAR TIRE COM 382550101 687 21,287 SH   SOLE   0 0 21,287
HARLEY DAVIDSON COM 412822108 105 2,000 SH   SOLE   0 0 2,000
HCI GROUP DEB 40416EAB9 7,134 7,441,000 PRN   SOLE   306,000 0 7,135,000
HCI GROUP COM 40416E103 6,143 202,348 SH   SOLE   132,642 0 69,706
HEARTLAND FINL COM 42234Q102 360 10,000 SH   SOLE   0 0 10,000
INVESCO LTD COM G491BT108 312 10,000 SH   SOLE   0 0 10,000
INVESCO TR INVT COM 46131M106 924 65,565 SH   SOLE   0 0 65,565
J2 GLOBAL DEB 48123VAC6 613 530,000 PRN   SOLE   50,000 0 480,000
JEFFERIES GROUP DEB 472319AG7 1,186 1,170,000 PRN   SOLE   0 0 1,170,000
JOHNSON CONTROL COM 478366107 562 12,080 SH   SOLE   0 0 12,080
KEYCORP COM 493267108 121 10,000 SH   SOLE   0 0 10,000
LEXINGTON PTY COM 529043101 17,403 1,689,634 SH   SOLE   475,000 0 1,214,634
LEXINGTON PTY PFD 529043309 3,882 73,250 SH   SOLE   0 0 73,250
MACQUARIE INFRA DEB 55608BAA3 328 280,000 PRN   SOLE   0 0 280,000
MEDICAL PROPERTY COM 58436J304 332 22,500 SH   SOLE   12,500 0 10,000
MERCK COM 58933Y105 655 10,500 SH   SOLE   0 0 10,500
METLIFE COM 59156R108 7,517 169,186 SH   SOLE   50,000 0 119,186
NATIONAL HEALTH DEB 63633DAE4 112,219 9,820,000 PRN   SOLE   2,900,000 0 6,920,000
NAVIENT CORP COM 63938C108 303 21,000 SH   SOLE   0 0 21,000
NOBLE CORP. COM G65431101 101 16,000 SH   SOLE   0 0 16,000
NY COMM BANC COM 649445103 832 58,500 SH   SOLE   0 0 58,500
NY COMM BANC PFD 64944P307 8,708 173,821 SH   SOLE   30,000 0 143,821
OXBRIDGE COM G6856M106 600 120,000 SH   SOLE   120,000 0 0
PFIZER COM 717081103 1,151 34,000 SH   SOLE   0 0 34,000
PROSHARES COM 74743B201 316 10,000 SH   SOLE   0 0 10,000
PRUDENTIAL FINL COM 744320102 490 6,000 SH   SOLE   0 0 6,000
RAMCO GERSHNSN PFD 751452608 10,355 150,816 SH   SOLE   94,227 0 56,589
ROYAL GOLD DEB 780287AA6 1,782 1,596,000 PRN   SOLE   150,000 0 1,446,000
SANOFI SPONSOR COM 80105N105 6,053 158,500 SH   SOLE   57,000 0 101,500
SB FINANCIAL COM 78408D105 226 18,000 SH   SOLE   18,000 0 0
SHIP FINANCE DEB G81075AE6 9,489 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 3,474 3,548,000 PRN   SOLE   675,000 0 2,873,000
SPIRIT REALTY DEB 84860WAB8 664 585,000 PRN   SOLE   0 0 585,000
SPIRIT REALTY DEB 84860WAA0 11,709 10,603,000 PRN   SOLE   3,500,000 0 7,103,000
SPDR BARCLAYS COM 78464A359 151 3,260 SH   SOLE   0 0 3,260
SUMMIT STATE COM 866264203 237 17,500 SH   SOLE   7,500 0 10,000
SWISS HELVETIA COM 870875101 1,324 123,865 SH   SOLE   0 0 123,865
TIMBERLAND BANK COM 887098101 3,073 195,119 SH   SOLE   51,274 0 143,845
TOLL BROS DEB 88947EAM2 362 370,000 PRN   SOLE   0 0 370,000
TTM TECH DEB 87305RAD1 12,899 9,754,000 PRN   SOLE   2,650,000 0 7,104,000
TYSON FOODS PFD 902494301 4,456 54,434 SH   SOLE   15,500 0 38,934
VEREIT INC COM 92339V100 715 69,000 SH   SOLE   0 0 69,000
WELLS FARGO COM 949746101 580 13,100 SH   SOLE   0 0 13,100
WELLTOWER PFD 95040Q203 2,089 31,396 SH   SOLE   31,396 0 0
WEYERHAEUSER COM 962166104 1,777 55,635 SH   SOLE   16,000 0 39,635
WESTERN UNION COM 959802109 125 6,000 SH   SOLE   0 0 6,000
CAPITAL ONE WTS 14040H139 608 20,000 SH   SOLE   20,000 0 0
GENERAL MOTORS WTS 37045V126 741 5,314 SH   SOLE   53,114 0 0
JPMORGAN CHASE WTS 46634E114 739 30,000 SH   SOLE   30,000 0 0
XEROX CORP COM 984121103 273 27,000 SH   SOLE   0 0 27,000