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
AGNC INVESTMENT CORP. SER B 7. PFD 00123Q302 2,181 84,950 SH   SOLE   84,750 0 0
BANK OF AMERICA CORP SER Y 6.5 PFD 060505310 1,027 39,000 SH   SOLE   39,000 0 0
BGC PARTNERS INC SR NTS 8.125 PFD 05541T408 1,330 51,744 SH   SOLE   50,704 0 0
CITIGROUP INC PFD SER K 6.875 PFD 172967341 1,052 38,300 SH   SOLE   38,200 0 0
COLONY CAPITAL INC 7.15 PFD S PFD 19626G603 287 12,400 SH   SOLE   12,400 0 0
COLONY CAPITAL INC 7.5 PFD SE PFD 19626G405 392 16,150 SH   SOLE   16,150 0 0
COLONY NORTHSTAR INC. 8.5 PFD PFD 19625W500 624 24,700 SH   SOLE   24,700 0 0
GMAC CAP TR I SER 2 CPN-8.125 PFD 361860208 3,663 139,290 SH   SOLE   137,950 0 0
GOLDMAN SACHS GROUP INC. PFD S PFD 38148B504 2,072 77,765 SH   SOLE   76,605 0 0
GRAMERCY PROPERTY TRUST SER A PFD 385002209 797 31,350 SH   SOLE   31,350 0 0
HERSHA HOSPITALITY TRUST SER D PFD 427825609 775 32,300 SH   SOLE   32,300 0 0
JP MORGAN CHASE & CO 6.15 09- PFD 488401209 1,178 45,300 SH   SOLE   44,500 0 0
KKR & CO INC SER A 6.75 PFD 48251W203 399 14,850 SH   SOLE   14,100 0 0
MORGAN STANLEY PRD G 6.625 7- PFD 61762V507 1,922 72,750 SH   SOLE   72,150 0 0
PEBBLEBROOK HOTEL TR PFD SER C PFD 70509V407 543 21,310 SH   SOLE   20,950 0 0
STAG INDL INC CUM RED PRD SER PFD 85254J409 762 29,740 SH   SOLE   29,500 0 0
STAG INDUSTRIAL PRF SER B 6.62 PFD 85254J300 844 33,700 SH   SOLE   32,900 0 0
TELEPHONE & DATA SYS INC PFD 7 PFD 879433837 549 21,800 SH   SOLE   21,000 0 0
VORNADO REALTY SER M 5.25 PFD 929042828 316 13,600 SH   SOLE   13,600 0 0
WELLS FARGO REAL EST INVT CORP PFD 94988N207 253 9,750 SH   SOLE   9,750 0 0
AK STEEL HLDG CORP COM 001547108 258 59,500 SH   SOLE   59,500 0 0
ALIBABA GROUP HOLDINGS LTD COM 01609W102 6,587 35,505 SH   SOLE   35,430 0 0
ALLERGAN INC COM G0177J108 510 3,059 SH   SOLE   3,059 0 0
ALLY FINANCIAL INC COM COM 02005N100 8,547 325,360 SH   SOLE   322,700 0 0
ALPHABET INC CL C COM 02079K107 10,035 8,995 SH   SOLE   8,940 0 0
AMAZON.COM COM 023135106 19,311 11,361 SH   SOLE   11,345 0 0
ANADARKO PETROLEUM COM 032511107 756 10,320 SH   SOLE   10,320 0 0
APPLE COM 037833100 16,650 89,944 SH   SOLE   89,909 0 0
ATLAS AIR WORLDWIDE HOLDINGS I COM 049164205 10,096 140,815 SH   SOLE   139,815 0 0
BANK OF AMERICA COM 060505104 7,333 260,139 SH   SOLE   259,399 0 0
BERKSHIRE HATHAWAY DEL CL A COM 084670108 846 3 SH   SOLE   3 0 0
BGC PARTNERS INC COM 05541T101 5,830 515,050 SH   SOLE   510,750 0 0
CANADA GOOSE HOLDINGS INC COM 135086106 624 10,600 SH   SOLE   10,600 0 0
CBS CORP CL B COM 124857202 1,955 34,775 SH   SOLE   33,625 0 0
CIGNA CORP COM COM 125509109 888 5,225 SH   SOLE   5,225 0 0
CISCO SYSTEMS COM 17275R102 4,780 111,095 SH   SOLE   111,095 0 0
CITIGROUP INC COM 172967424 7,183 107,339 SH   SOLE   106,339 0 0
COCA COLA COMPANY COM 191216100 392 8,941 SH   SOLE   8,941 0 0
COMCAST CL A COM 20030N101 4,303 131,155 SH   SOLE   131,155 0 0
COSTCO WHSL COM 22160K105 700 3,350 SH   SOLE   3,350 0 0
DANAHER CORP COM 235851102 4,477 45,372 SH   SOLE   45,252 0 0
DELPHI TECHNOLOGIES PLC COM G2709G107 4,859 106,895 SH   SOLE   105,645 0 0
DELTA AIR LINES INC COM 247361702 3,724 75,180 SH   SOLE   75,180 0 0
ENTERPRISE PRODUCTS PARTNERS L COM 293792107 235 8,500 SH   SOLE   8,500 0 0
FREEPORT MCMORAN, INC. CL B COM 35671D857 948 54,950 SH   SOLE   54,950 0 0
GAMING AND LEISURE PROPERTIES, COM 36467J108 1,879 52,475 SH   SOLE   52,155 0 0
GASTAR EXPLORATION INC COM 36729W202 11 20,000 SH   SOLE   20,000 0 0
GREEN BRICK PARTNERS INC COM 392709101 120 12,200 SH   SOLE   12,200 0 0
HONEYWELL INTL INC COM 438516106 691 4,800 SH   SOLE   4,800 0 0
HUMANA INC COM 444859102 10,419 35,005 SH   SOLE   34,505 0 0
INCYTE COM 45337C102 7,584 113,200 SH   SOLE   113,200 0 0
J C PENNEY INC COM 708160106 58 25,000 SH   SOLE   25,000 0 0
JOHNSON & JOHNSON COM 478160104 482 3,976 SH   SOLE   3,976 0 0
LEXINGTON REALTY TRUST COM 529043101 6,681 765,300 SH   SOLE   761,900 0 0
LIBERTY MEDIA CORP SIRIUSXM GR COM 531229607 319 7,028 SH   SOLE   7,028 0 0
MADRIGAL PHARMACEUTICALS INC COM 558868105 4,906 17,541 SH   SOLE   17,541 0 0
MARATHON PETROLEUM CORP COM 56585A102 3,829 54,575 SH   SOLE   54,575 0 0
MCDONALDS COM 580135101 290 1,850 SH   SOLE   1,850 0 0
MERCK & CO INC COM 58933Y105 862 14,200 SH   SOLE   14,200 0 0
MICROSOFT COM 594918104 731 7,412 SH   SOLE   7,412 0 0
MPLX LP COM 55336V100 2,558 74,940 SH   SOLE   74,940 0 0
NEW MEDIA INVESTMENT GROUP INC COM 64704V106 3,785 204,790 SH   SOLE   204,250 0 0
NVIDIA Corp COM 67066G104 7,084 29,905 SH   SOLE   29,905 0 0
OFS CAPITAL CORP COM 67103B100 117 10,250 SH   SOLE   10,250 0 0
OPKO HEALTH INC COM COM 68375N103 181 38,500 SH   SOLE   38,500 0 0
PAYPAL HOLDINGS INC COM 70450Y103 9,464 113,660 SH   SOLE   113,660 0 0
PRAXAIR COM 74005P104 4,033 25,500 SH   SOLE   25,500 0 0
QEP RESOURCES COM 74733V100 261 21,300 SH   SOLE   21,300 0 0
QURATE RETAIL INC QVC GROUP CO COM 74915M100 330 15,544 SH   SOLE   15,544 0 0
ROYAL BANK OF CANADA COM 780087102 522 6,931 SH   SOLE   6,931 0 0
SALESFORCE.COM INC COM 79466L302 8,050 59,015 SH   SOLE   59,015 0 0
SOLENO THERAPEUTICS INC COM COM 834203200 23 10,000 SH   SOLE   10,000 0 0
SPDR GOLD TRUST COM 78463V107 249 2,100 SH   SOLE   2,100 0 0
STARWOOD PROPERTY TRUST INC COM 85571B105 8,252 380,095 SH   SOLE   378,795 0 0
SYNERGY PHARMACEUTICALS COM 871639308 30 17,500 SH   SOLE   17,500 0 0
TENCENT HOLDINGS LTD COM 88032Q109 332 6,600 SH   SOLE   6,600 0 0
THL CREDIT INC COM 872438106 1,258 160,875 SH   SOLE   160,125 0 0
ULTRALIFE BATTERIES COM 903899102 250 26,000 SH   SOLE   26,000 0 0
UROGEN PHARMA LTD COM M96088105 2,395 48,125 SH   SOLE   48,125 0 0
VERIZON COMMUNICATIONS COM 92343V104 255 5,070 SH   SOLE   4,890 0 0
VICOR CORP COM 925815102 6,114 140,400 SH   SOLE   138,400 0 0
VODAFONE GROUP PLC COM 92857W308 941 38,700 SH   SOLE   38,700 0 0
WALT DISNEY COMPANY HOLDING COM 254687106 241 2,303 SH   SOLE   2,303 0 0
WESTERN GAS PARTNERS COM 958254104 543 11,225 SH   SOLE   11,225 0 0