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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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 DEB 02917TAA2 2,563 2,562,000 PRN   SOLE   0 0 2,562,000
ANTHEM UTS PFD 036752202 1,509 29,585 SH   SOLE   0 0 29,585
APPLE INC COM 037833100 4,241 29,524 SH   SOLE   20,000 0 9,524
ASHFORD HOSPTY COM 044103109 1,315 206,500 SH   SOLE   26,000 0 180,500
ARCONIC INC PFD 03965L308 4,475 109,024 SH   SOLE   32,000 0 77,024
ARES CAPITAL DEB 04010LAJ2 2,691 2,640,000 PRN   SOLE   0 0 2,640,000
ARES CAPITAL DEB 04010LAM5 454 445,000 PRN   SOLE   0 0 445,000
ASCENT CAPITAL DEB 043632AA6 988 1,300,000 PRN   SOLE   1,300,000 0 0
ATLAS AIR WW DEB 049164BH8 1,408 1,330,000 PRN   SOLE   300,000 0 1,030,000
BLACKSTONE GROUP COM 09253U108 267 9,000 SH   SOLE   0 0 9,000
CARRIAGE SERVICE DEB 143905AM9 5,052 3,890,000 PRN   SOLE   1,605,000 0 2,285,000
C&F FINANCIAL COM 12466Q104 113 2,448 SH   SOLE   2,448 0 0
CHESAPEAKE ENERGY COM 165167107 142 24,000 SH   SOLE   0 0 24,000
CITIZENS FIRST BANK COM 17462Q107 544 29,000 SH   SOLE   21,000 0 8,000
COWEN GROUP DEB 223622AB7 5,266 5,208,000 PRN   SOLE   760,000 0 4,448,000
COMMUNITY WEST COM 204157101 1,449 142,100 SH   SOLE   62,500 0 79,600
COLONY CAPITAL DEB 19624RAB2 7,880 8,000,000 PRN   SOLE   1,225,000 0 6,775,000
CONS TOMOKA DEB 210226AB2 4,433 4,389,000 PRN   SOLE   950,000 0 3,439,000
CROWN CASTLE COM 22822V101 6,467 68,471 SH   SOLE   14,400 0 54,071
CVB FINANCIAL COM 126600105 120 5,442 SH   SOLE   0 0 5,442
DOMINION RESOURCE PFD 25746U836 2,100 41,285 SH   SOLE   0 0 41,285
DOMINION MIDSTREM COM 257454108 799 25,000 SH   SOLE   0 0 25,000
ENSCO PLC COM G3157S106 107 12,000 SH   SOLE   0 0 12,000
ENVESTNET DEB 29404KAA4 1,051 1,130,000 PRN   SOLE   100,000 0 1,030,000
EPR PROPERTIES PFD 26884U208 5,092 177,552 SH   SOLE   177,552 0 0
EXELIXIS COM 30161Q104 715 33,000 SH   SOLE   0 0 33,000
EXELON CORP PFD 30161N127 635 12,865 SH   SOLE   0 0 12,865
FIDELITY SOUTHERN COM 316394105 4,044 180,694 SH   SOLE   39,000 0 141,694
FIRST GUARANTY COM 32043P106 1,822 75,300 SH   SOLE   42,900 0 32,400
FIRST NBC BANK COM 32115D106 113 28,200 SH   SOLE   0 0 28,200
FORD MOTOR COM 345370860 2,937 252,323 SH   SOLE   90,000 0 162,323
GAMESTOP COM 36467W109 270 12,000 SH   SOLE   0 0 12,000
GENERAL MOTORS COM 30745V100 7,009 198,221 SH   SOLE   54,312 0 143,909
GOODYEAR TIRE COM 382550101 180 5,000 SH   SOLE   0 0 5,000
HCI GROUP DEB 40416EAB9 7,302 7,311,000 PRN   SOLE   306,000 0 7,005,000
HCI GROUP COM 40416E103 3,947 86,596 SH   SOLE   60,000 0 26,596
HEALTHSOUTH DEB 421924BL4 1,447 1,185,000 PRN   SOLE   0 0 1,185,000
INVESCO LTD COM G491BT108 260 8,500 SH   SOLE   0 0 8,500
INVESCO TR INVT COM 46131M106 786 60,565 SH   SOLE   0 0 60,565
JEFFERIES GROUP DEB 472319AG7 1,166 1,155,000 PRN   SOLE   0 0 1,155,000
JOHNSON CONTROL COM 478366107 334 7,925 SH   SOLE   0 0 7,925
KEYCORP COM 493267108 384 21,602 SH   SOLE   21,602 0 0
LEXINGTON PTY COM 529043101 16,350 1,638,334 SH   SOLE   450,000 0 1,188,334
LEXINGTON PTY PFD 529043309 3,666 72,950 SH   SOLE   0 0 72,950
MACQUARIE INFRA DEB 55608BAA3 313 280,000 PRN   SOLE   0 0 280,000
MEDICAL PROPERTY COM 58436J304 535 41,500 SH   SOLE   16,000 0 25,500
MERCK COM 58933Y105 445 7,000 SH   SOLE   0 0 7,000
METLIFE COM 59156R108 8,407 159,170 SH   SOLE   50,000 0 109,170
NATIONAL HEALTH DEB 63633DAE4 10,859 9,745,000 PRN   SOLE   2,900,000 0 6,845,000
NAVIENT CORP COM 63938C108 111 7,500 SH   SOLE   0 0 7,500
NY COMM BANC COM 649445103 817 58,500 SH   SOLE   0 0 58,500
NY COMM BANC PFD 64944P307 10,327 204,864 SH   SOLE   45,399 0 159,465
OXBRIDGE COM G6856M106 787 120,000 SH   SOLE   120,000 0 0
PFIZER COM 717081103 1,368 40,000 SH   SOLE   0 0 40,000
RAMCO GERSHNSN COM 751452202 112 8,000 SH   SOLE   3,000 0 5,000
RAMCO GERSHNSN PFD 751452608 8,396 154,916 SH   SOLE   95,227 0 59,689
ROYAL GOLD DEB 780287AA6 1,659 1,571,000 PRN   SOLE   150,000 0 1,421,000
SANOFI SPONSOR COM 80105N105 7,158 158,200 SH   SOLE   57,000 0 101,200
SB FINANCIAL COM 78408D105 301 18,000 SH   SOLE   18,000 0 0
SB FINANCIAL PFD 78408D204 843 52,689 SH   SOLE   24,000 0 28,689
SHIP FINANCE DEB G81075AE6 9,523 8,757,000 PRN   SOLE   3,380,000 0 5,377,000
SHIP FINANCE COM G81075106 223 15,200 SH   SOLE   0 0 15,200
SHUTTERFLY DEB 82568PAB2 3,548 3,553,000 PRN   SOLE   675,000 0 2,878,000
SPIRIT REALTY DEB 84860WAB8 661 645,000 PRN   SOLE   0 0 645,000
SPIRIT REALTY DEB 84860WAA0 10,675 10,538,000 PRN   SOLE   3,500,000 0 7,038,000
SPIRIT REALTY COM 84860W102 213 21,000 SH   SOLE   0 0 21,000
SPDR BARCLAYS COM 78464A359 168 3,496 SH   SOLE   0 0 3,496
SUMMIT STATE COM 866264203 284 21,761 SH   SOLE   9,761 0 12,000
SWISS HELVETIA COM 870875101 522 45,000 SH   SOLE   0 0 45,000
TIMBERLAND BANK COM 887098101 6,445 287,756 SH   SOLE   66,300 0 221,456
TOLL BROS DEB 88947EAM2 338 340,000 PRN   SOLE   0 0 340,000
TTM TECH DEB 87305RAD1 6,851 3,894,000 PRN   SOLE   1,050,000 0 2,844,000
TYSON FOODS PFD 902494301 3,627 54,144 SH   SOLE   15,500 0 38,644
VEREIT INC COM 92339V100 1,010 119,000 SH   SOLE   0 0 119,000
WELLS FARGO COM 949746101 172 3,100 SH   SOLE   0 0 3,100
WELLTOWER PFD 95040Q203 1,982 31,396 SH   SOLE   31,396 0 0
WEYERHAEUSER COM 962166104 4,777 140,576 SH   SOLE   32,500 0 108,076
WESTERN UNION COM 959802109 122 6,000 SH   SOLE   0 0 6,000
CAPITAL ONE WTS 14040H139 627 14,000 SH   SOLE   14,000 0 0
GENERAL MOTORS WTS 37045V126 696 39,000 SH   SOLE   39,000 0 0
JPMORGAN CHASE WTS 46634E114 694 15,000 SH   SOLE   15,000 0 0
XEROX CORP COM 984121103 330 45,000 SH   SOLE   0 0 45,000