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
ADAMS NATL RES COM 00548F105 456 55,000 SH   SOLE   55,000 0 0
AMERICAN RLTY DEB 02917TAB0 200 205,000 PRN   SOLE   0 0 205,000
AMERIS BANCORP COM 03076K108 1,643 69,142 SH   SOLE   0 0 69,142
ALLSCRIPTS DEB 01988PAD0 466 485,000 PRN   SOLE   0 0 485,000
APOLLO COML DEB 03762UAB1 4,398 6,344,000 PRN   SOLE   500,000 0 5,844,000
ARES CAPITAL DEB 04010LAW3 2,242 2,590,000 PRN   SOLE   0 0 2,590,000
ATLAS AIR WW DEB 069164BJ4 3,286 3,995,000 PRN   SOLE   250,000 0 3,745,000
BANK BOTETOURT COM 063907208 1,832 85,000 SH   SOLE   65,000 0 20,000
BENCHMARK BANK COM 08160E207 1,655 124,000 SH   SOLE   100,000 0 24,000
BERKSHRE HATHWAY COM 084670702 238 1,300 SH   SOLE   0 0 1,300
BLACKSTONE MTG DEB 09257WAC4 1,189 1,515,000 PRN   SOLE   0 0 1,515,000
BLACKSTONE GRP DEB 09257WAB6 825 1,044,000 PRN   SOLE   0 0 1,044,000
BLUE RIDGE BANK COM 095825105 1,957 122,670 SH   SOLE   114,670 0 8,000
BUNGE LIMITED COM G16962105 1,978 48,200 SH   SOLE   26,000 0 22,200
BUNGE LIMITED PFD G16962204 6,429 69,134 SH   SOLE   0 0 69,134
CARRIAGE SERVICE DEB 143905AM9 3,576 3,770,000 PRN   SOLE   1,505,000 0 2,265,000
CENTERPOINT ENGY PFD 15189T503 5,104 177,215 SH   SOLE   35,000 0 142,215
CENTERSTATE BANK COM 15201P109 313 18,185 SH   SOLE   0 0 18,185
CHESAPEAKE FINL COM 16517A109 2,622 156,516 SH   SOLE   98,000 0 58,516
CHOICEONE FINL COM 170386106 1,203 47,399 SH   SOLE   47,399 0 0
CITIZENS COMM COM 174903104 1,516 234,980 SH   SOLE   200,000 0 34,980
CITIZENS BANC COM 17316V104 333 18,000 SH   SOLE   18,000 0 0
COMMUNITY WEST COM 204157101 1,690 277,483 SH   SOLE   136,500 0 140,983
COLONY CAPITAL COM 19626G108 1,677 958,326 SH   SOLE   270,000 0 688,326
COLONY CAPITAL DEB 19624RAB2 4,490 5,475,000 PRN   SOLE   500,000 0 4,975,000
COLONY CAPITAL DEB 19624RAA4 193 235,000 PRN   SOLE   0 0 235,000
COWEN GROUP PFD 223622507 1,336 2,000 SH   SOLE   2,000 0 0
CROWN CASTLE COM 22822V101 4,683 32,430 SH   SOLE   9,000 0 23,430
CSB BANCORP COM 12628R107 1,020 30,000 SH   SOLE   30,000 0 0
DELTA AIR COM 247361702 1,136 39,825 SH   SOLE   0 0 39,825
DOMINION ENGY PFD 25746U133 2,300 24,995 SH   SOLE   6,000 0 18,995
DOMINION ENGY COM 25746U109 4,534 62,810 SH   SOLE   5,000 0 57,810
ENABLE MIDSTREAM COM 292480100 104 40,600 SH   SOLE   0 0 40,600
EPR PROPERTIES PFD 26884U208 2,751 174,252 SH   SOLE   174,252 0 0
EXCHANGE BANK COM 301227203 8,397 62,208 SH   SOLE   18,700 0 43,508
FENTURA FINL COM 314645102 412 27,000 SH   SOLE   20,000 0 7,000
FINANCIAL INST COM 317585404 327 18,000 SH   SOLE   18,000 0 0
FIRST BUSINESS COM 319390100 814 52,500 SH   SOLE   52,500 0 0
FIRST CHOICE COM 31948P104 735 49,000 SH   SOLE   33,000 0 16,000
FIRST COMMUNITY COM 319835104 959 61,000 SH   SOLE   46,000 0 15,000
FIRST HORIZON COM 320517105 302 37,500 SH   SOLE   25,000 0 12,500
FIRST LONG ISLAND COM 320734106 960 55,350 SH   SOLE   21,000 0 34,350
FIRST NATIONAL COM 32112J106 484 2,400 SH   SOLE   2,400 0 0
FIRST NATIONAL COM 302578109 2,197 317,980 SH   SOLE   125,850 0 189,400
FIRST NATIONAL COM 32106V107 728 48,500 SH   SOLE   45,700 0 1,000
F&M BANCORP COM 30237P106 3,134 158,693 SH   SOLE   45,500 0 113,193
F&M BANCORP PFD 30237P205 1,223 40,000 SH   SOLE   25,600 0 14,400
FORTIVE CORP PFD 34959J207 4,760 6,613 SH   SOLE   2,100 0 4,513
FRANKLIN FINL COM 353525108 1,419 51,688 SH   SOLE   0 0 51,688
GENERAL MOTORS COM 30745V100 1,536 73,939 SH   SOLE   0 0 73,939
GERMAN AMERICAN COM 373865104 1,222 44,500 SH   SOLE   34,500 0 10,000
GLOBAL PARTNERS COM 37946R109 102 11,600 SH   SOLE   0 0 11,600
GOLDMAN SACHS DEB 38147UAB3 2,491 2,555,000 PRN   SOLE   0 0 2,555,000
HANCOCK WHITNEY COM 410120109 244 12,500 SH   SOLE   0 0 12,500
HANON ARMSTRNG DEB 41068XAB6 2,034 2,144,000 PRN   SOLE   0 0 2,144,000
HCI GROUP DEB 40416EAD5 2,310 2,290,000 PRN   SOLE   0 0 2,290,000
ISHARES TRUST COM 464288414 215 1,900 SH   SOLE   0 0 1,900
INTL FLAVORS COM 459506306 2,947 77,197 SH   SOLE   12,000 0 65,197
INVESCO TR INVT COM 46131M106 968 80,063 SH   SOLE   0 0 80,063
KEYCORP COM 493267108 1,924 185,504 SH   SOLE   62,024 0 123,480
LAKELAND BANCORP COM 511637100 595 55,000 SH   SOLE   55,000 0 0
LEDYARD FINL COM 523338101 5,523 298,531 SH   SOLE   123,000 0 175,531
LEXINGTON CORP PFD 529043309 440 10,000 SH   SOLE   0 0 10,000
LEXINGTON RTLY COM 529043101 4,953 498,785 SH   SOLE   90,000 0 408,785
MAIN STREET BANC COM 56064Y100 670 40,000 SH   SOLE   0 0 40,000
MCHENRY BANCORP COM 580683100 560 7,000,000 SH   SOLE   7,000,000 0 0
MEDICAL PRTY COM 58436J304 2,116 122,400 SH   SOLE   0 0 122,400
MERCHANTS FINAN COM 588538108 1,085 18,000 SH   SOLE   18,000 0 0
MERCK COM 58933Y105 923 12,000 SH   SOLE   0 0 12,000
METLIFE COM 59156R108 5,673 185,574 SH   SOLE   54,000 0 131,574
METRO PHOENIX COM 59165E106 1,400 140,712 SH   SOLE   54,000 0 86,712
NATIONAL HEALTH DEB 63633DAE4 5,821 6,193,000 PRN   SOLE   1,500,000 0 4,693,000
NW INDIANA BANC COM 667516108 2,126 67,500 SH   SOLE   44,500 0 23,000
NY COMM BANC PFD 64944P307 7,041 170,445 SH   SOLE   36,000 0 134,445
ORRSTOWN FINL COM 687380105 968 70,300 SH   SOLE   61,000 0 9,300
PARKE BANCORP COM 700885106 3,371 249,862 SH   SOLE   86,900 0 162,962
PCB BANCORP COM 69320M109 2,370 242,300 SH   SOLE   111,000 0 131,300
PEOPLES UNITED COM 712704105 215 19,500 SH   SOLE   0 0 19,500
PFIZER COM 717081103 3,966 121,500 SH   SOLE   38,000 0 83,500
PIMCO INTERM COM 72201R866 207 3,800 SH   SOLE   0 0 3,800
PINNACLE BANK COM 72345E102 224 10,056 SH   SOLE   10,056 0 0
POTOMAC BANCSH COM 73764399S 391 37,640 SH   SOLE   37,640 0 0
PRIME MERIDIAN COM 74164R107 508 36,190 SH   SOLE   21,190 0 15,000
RADIUS HEALTH DEB 750469AA6 1,688 2,390,000 PRN   SOLE   575,000 0 1,815,000
RPT REALTY PFD 74971D200 3,307 108,080 SH   SOLE   80,000 0 28,080
SEACOAST BANK COM 811707801 183 10,000 SH   SOLE   0 0 10,000
SB FINANCIAL COM 78408D105 3,573 321,285 SH   SOLE   97,495 0 223,790
SEMPRA ENERGY PFD 816851406 1,443 15,600 SH   SOLE   1,050 0 14,550
SEMPRA ENERGY PFD 816851505 1,303 13,875 SH   SOLE   1,000 0 12,875
SHIP FINANCE DEB 824689AG8 3,294 3,580,000 PRN   SOLE   0 0 3,580,000
SOLVAY BANK COM 83441Q105 1,786 59,528 SH   SOLE   42,210 0 17,318
SOMERSET TR COM 835126103 844 25,195 SH   SOLE   25,195 0 0
SOUTH JERSEY PFD 838518116 752 18,085 PRN   SOLE   0 0 18,085
SPIRIT REALTY COM 84860W300 1,302 49,800 SH   SOLE   20,000 0 29,800
TIMBERLAND BANK COM 887098101 4,588 250,871 SH   SOLE   69,000 0 181,871
TYSON FOODS COM 902494301 4,848 83,779 SH   SOLE   18,000 0 65,779
VEREIT INC COM 92339V100 147 30,000 SH   SOLE   0 0 30,000
VSB BANC COM 917927105 598 29,900 SH   SOLE   29,900 0 0
WELLESLEY BANC COM 949485106 1,013 36,775 SH   SOLE   36,775 0 0
WEYERHAEUSER COM 962166104 3,713 219,071 SH   SOLE   36,000 0 183,071