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 823 50,000 SH   SOLE   50,000 0 0
AMERICAN RLTY DEB 02917TAB0 390 385,000 PRN   SOLE   0 0 385,000
AMERIS BANCORP COM 03076K108 2,954 69,442 SH   SOLE   0 0 69,442
ALLSCRIPTS DEB 01988PAD0 480 485 PRN   SOLE   0 0 485,000
APPLE INC COM 037833100 1,086 6,150 SH   SOLE   4,000 0 2,150
APOLLO COML DEB 03762UAB1 5,743 5,719,000 PRN   SOLE   500,000 0 5,219,000
ARES CAPITAL DEB 04010LAW3 2,747 259,000 PRN   SOLE   0 0 259,000
ASHFORD HOSPTY COM 044103109 424 152,000 SH   SOLE   0 0 152,000
ATLAS AIR WW COM 049164205 639 23,197 SH   SOLE   0 0 23,197
ATLAS AIR WW DEB 069164BJ4 3,368 3,995,000 PRN   SOLE   250,000 0 3,745,000
BANK BOTETOURT COM 063907208 2,490 85,000 SH   SOLE   65,000 0 20,000
BENCHMARK BANK COM 08160E207 2,196 115,000 SH   SOLE   100,000 0 15,000
BERKSHRE HATHWAY COM 084670702 294 1,300 SH   SOLE   0 0 1,300
BLACKSTONE MTG DEB 09257WAC4 775 725,000 PRN   SOLE   0 0 725,000
BLACKSTONE GRP DEB 09257WAB6 1,108 1,044,000 PRN   SOLE   0 0 1,044,000
BLUE RIDGE BANK COM 095825105 2,570 122,670 SH   SOLE   114,670 0 8,000
BUNGE LIMITED COM G16962105 2,716 47,200 SH   SOLE   25,000 0 22,200
BUNGE LIMITED PFD G16962204 6,773 66,074 SH   SOLE   0 0 66,074
CARRIAGE SERVICE DEB 143905AM9 4,628 3,770,000 PRN   SOLE   1,505,000 0 2,265,000
CCFNB BANCORP COM 124880105 257 5,275 SH   SOLE   2,275 0 3,000
CENTERPOINT ENGY PFD 15189T503 6,780 139,115 SH   SOLE   30,000 0 109,115
CENTERSTATE BANK COM 15201P109 344 13,785 SH   SOLE   0 0 13,785
CHESAPEAKE FINL COM 16517A109 2,711 112,947 SH   SOLE   77,500 0 35,447
CHOICEONE FINL COM 170386106 1,630 51,000 SH   SOLE   51,000 0 0
CITIZENS COMM COM 174903104 3,177 259,980 SH   SOLE   225,000 0 34,980
CITIZENS BANC COM 17316V104 379 15,000 SH   SOLE   15,000 0 0
COMMUNITY WEST COM 204157101 3,051 274,883 SH   SOLE   136,500 0 138,383
COLONY CAPITAL COM 19626G108 4,425 931,576 SH   SOLE   270,000 0 661,576
COLONY CAPITAL DEB 19624RAB2 5,043 5,485,000 PRN   SOLE   500,000 0 4,985,000
COLONY CAPITAL DEB 19624RAA4 234 235,000 PRN   SOLE   0 0 235,000
CONS TOMOKA DEB 210226AB2 4,956 4,889,000 PRN   SOLE   950,000 0 3,939,000
CROSSFIRST BANK COM 22766M109 506 35,088 SH   SOLE   35,088 0 0
CROWN CASTLE COM 22822V101 7,245 50,970 SH   SOLE   10,000 0 40,970
CSB BANCORP COM 12628R107 1,207 30,000 SH   SOLE   30,000 0 0
DELTA AIR COM 247361702 661 11,300 SH   SOLE   5,000 0 6,300
DOMINION ENGY PFD 25746U133 2,342 21,887 SH   SOLE   3,392 0 18,495
DOMINION ENGY COM 25746U109 5,205 62,843 SH   SOLE   5,000 0 57,843
ENABLE MIDSTREAM COM 292480100 267 26,600 SH   SOLE   0 0 26,600
EPR PROPERTIES PFD 26884U208 5,575 177,552 SH   SOLE   177,552 0 0
EXCHANGE BANK COM 301227203 10,396 58,079 SH   SOLE   17,817 0 40,262
EXELIXIS COM 30161Q104 176 10,000 SH   SOLE   0 0 10,000
FENTURA FINL COM 314645102 681 27,000 SH   SOLE   20,000 0 7,000
FINANCIAL INST COM 317585404 353 11,000 SH   SOLE   11,000 0 0
FIRST BUSINESS COM 319390100 1,382 52,500 SH   SOLE   52,500 0 0
FIRST CHOICE COM 31948P104 1,260 46,720 SH   SOLE   31,720 0 15,000
FIRST COMMUNITY COM 319835104 1,318 61,000 SH   SOLE   46,000 0 15,000
FIRST LONG ISLAND COM 320734106 1,408 56,150 SH   SOLE   21,000 0 35,150
FIRST NATIONAL COM 32112J106 486 2,000 SH   SOLE   2,000 0 0
FIRST NATIONAL COM 302578109 2,902 343,400 SH   SOLE   150,000 0 193,400
FIRST NATIONAL COM 32106V107 877 41,000 SH   SOLE   41,000 0 0
F&M BANCORP COM 30237P106 4,686 161,589 SH   SOLE   46,876 0 114,713
F&M BANCORP PFD 30237P205 1,268 40,000 SH   SOLE   25,600 0 14,400
FORTIVE CORP PFD 34959J207 5,178 5,323 SH   SOLE   1,500 0 3,823
FRANKLIN FINL COM 353525108 2,000 51,688 SH   SOLE   0 0 51,688
GENERAL MOTORS COM 30745V100 7,248 198,024 SH   SOLE   50,000 0 148,024
GERMAN AMERICAN COM 373865104 1,585 44,500 SH   SOLE   34,500 0 10,000
GLOBAL PARTNERS COM 37946R109 234 11,600 SH   SOLE   0 0 11,600
GOLDMAN SACHS DEB 38147UAB3 2,629 2,555,000 PRN   SOLE   0 0 2,555,000
GRAND MOUNTAIN COM 003892653 391 117,647 SH   SOLE   0 0 117,647
HANCOCK WHITNEY COM 410120109 483 11,000 SH   SOLE   0 0 11,000
HANON ARMSTRNG DEB 41068XAB6 2,588 2,144,000 PRN   SOLE   0 0 2,144,000
HCI GROUP DEB 40416EAD5 1,079 1,054,000 PRN   SOLE   0 0 1,054,000
ISHARES TRUST COM 464288414 216 1,900 SH   SOLE   0 0 1,900
INVESCO TR INVT COM 46131M106 1,017 79,147 SH   SOLE   0 0 79,147
JP MORGAN CHASE COM 46625H100 141 1,014 SH   SOLE   0 0 1,014
KEYCORP COM 493267108 3,345 165,250 SH   SOLE   53,000 0 112,250
LAKELAND BANCORP COM 511637100 956 55,000 SH   SOLE   55,000 0 0
LEDYARD FINL COM 523338101 7,433 298,531 SH   SOLE   123,000 0 175,531
LEXINGTON CORP PFD 529043309 606 10,627 SH   SOLE   0 0 10,627
LEXINGTON RTLY COM 529043101 7,074 666,112 SH   SOLE   150,000 0 516,112
MAIN STREET BANC COM 56064Y100 1,826 79,398 SH   SOLE   39,398 0 40,000
MCHENRY BANCORP COM 580683100 630 7,000,000 SH   SOLE   7,000,000 0 0
MEDICAL PRTY COM 58436J304 2,204 104,400 SH   SOLE   0 0 104,400
MERCHANTS FINAN COM 588538108 1,284 17,500 SH   SOLE   17,500 0 0
MERCK COM 58933Y105 764 8,400 SH   SOLE   0 0 8,400
METLIFE COM 59156R108 9,336 183,157 SH   SOLE   52,000 0 131,157
METRO PHOENIX COM 59165E106 1,370 93,834 SH   SOLE   24,900 0 68,934
MGM GROWTH COM 55303A105 5,884 190,002 SH   SOLE   36,000 0 154,002
NATIONAL HEALTH DEB 63633DAE4 7,437 6,193,000 PRN   SOLE   1,500,000 0 4,693,000
NW INDIANA BANC COM 667516108 2,867 62,457 SH   SOLE   42,000 0 20,457
NY COMM BANC PFD 64944P307 8,795 173,481 SH   SOLE   38,036 0 135,445
ORRSTOWN FINL COM 687380105 1,587 70,153 SH   SOLE   61,000 0 9,153
PARKE BANCORP COM 700885106 5,718 255,196 SH   SOLE   79,000 0 146,196
PATTERN ENERGY DEB 70338PAB6 3,246 2,320,000 PRN   SOLE   750,000 0 2,480,000
PCB BANCORP COM 69320M109 4,200 243,075 SH   SOLE   111,000 0 132,075
PEOPLES UNITED COM 712704105 270 16,000 SH   SOLE   0 0 16,000
PILOT BANC COM 721530103 500 144,000 SH   SOLE   144,000 0 0
PFIZER COM 717081103 4,623 118,000 SH   SOLE   36,000 0 82,000
PIMCO INTERM COM 72201R866 210 3,800 SH   SOLE   0 0 3,800
PINNACLE BANK COM 72345E102 307 10,056 SH   SOLE   10,056 0 0
POTOMAC BANCSH COM 73764399S 1,438 102,000 SH   SOLE   90,000 0 12,000
PPL CORP COM 69351T106 108 3,000 SH   SOLE   0 0 3,000
PRIME MERIDIAN COM 74164R107 882 43,000 SH   SOLE   28,000 0 15,000
RADIUS HEALTH DEB 750469AA6 2,024 2,390,000 PRN   SOLE   575,000 0 1,815,000
RPT REALTY PFD 74971D200 6,845 114,353 SH   SOLE   80,000 0 34,353
SEACOAST BANK COM 811707801 349 11,401 SH   SOLE   0 0 11,401
SELECT BANCORP COM 81617L108 187 15,163 SH   SOLE   15,163 0 0
SB FINANCIAL COM 78408D105 6,307 320,315 SH   SOLE   96,402 0 223,913
SEMPRA ENERGY PFD 816851406 1,095 9,125 SH   SOLE   0 0 9,125
SHIP FINANCE DEB 824689AG8 4,048 3,580,000 PRN   SOLE   0 0 3,580,000
SOLVAY BANK COM 83441Q105 2,126 56,705 SH   SOLE   40,200 0 16,505
SOMERSET TR COM 835126103 1,232 28,000 SH   SOLE   28,000 0 0
SPIRIT REALTY DEB 84860WAB8 379 365,000 PRN   SOLE   0 0 365,000
SPIRIT REALTY COM 84860W300 2,449 49,800 SH   SOLE   20,000 0 29,800
TIMBERLAND BANK COM 887098101 6,952 233,771 SH   SOLE   62,500 0 171,271
TYSON FOODS COM 902494301 6,648 73,024 SH   SOLE   16,000 0 57,024
UNITED TECH COM 913017109 120 800 SH   SOLE   0 0 800
VEREIT INC COM 92339V100 277 30,000 SH   SOLE   0 0 30,000
WELLESLEY BANC COM 949485106 1,625 35,907 SH   SOLE   35,907 0 0
WEYERHAEUSER COM 962166104 6,396 211,796 SH   SOLE   32,500 0 179,296