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 2,089 80,850 SH   SOLE   80,650 0 0
AMERICAN TOWER CORP B 5.5 PFD 03027X407 219 1,740 SH   SOLE   1,740 0 0
BGC PARTNERS INC SR NTS 8.125 PFD 05541T408 1,413 54,544 SH   SOLE   53,504 0 0
CITIGROUP INC PFD SER K 6.875 PFD 172967341 1,093 38,300 SH   SOLE   38,200 0 0
COLONY NORTHSTAR INC 7.15 PFD PFD 19625W872 933 37,050 SH   SOLE   36,250 0 0
COLONY NORTHSTAR INC 7.5 PFD PFD 19625W807 1,084 43,100 SH   SOLE   43,100 0 0
COLONY NORTHSTAR INC. 8.5 PFD PFD 19625W500 1,082 42,320 SH   SOLE   42,200 0 0
COLONY NORTHSTAR INC. 8.750 P PFD 19625W609 203 7,650 SH   SOLE   7,650 0 0
GMAC CAP TR I SER 2 CPN-8.125 PFD 361860208 3,591 138,390 SH   SOLE   137,050 0 0
GOLDMAN SACHS GROUP INC. PFD S PFD 38148B504 2,107 75,665 SH   SOLE   74,505 0 0
GRAMERCY PROPERTY TRUST SER A PFD 385002209 906 33,650 SH   SOLE   33,650 0 0
HERSHA HOSPITALITY TRUST SER D PFD 427825609 760 30,800 SH   SOLE   30,800 0 0
KEMPER CORP 7.375 PFD 488401209 885 33,950 SH   SOLE   33,150 0 0
KKR FINL HLDGS LLC PFD SER A L PFD 48248A603 778 30,610 SH   SOLE   30,610 0 0
MORGAN STANLEY PRD G 6.625 7- PFD 61762V507 1,844 69,050 SH   SOLE   68,450 0 0
PEBBLEBROOK HOTEL TR PFD SER C PFD 70509V407 541 21,410 SH   SOLE   21,050 0 0
STAG INDL INC CUM RED PRD SER PFD 85254J409 831 31,740 SH   SOLE   31,500 0 0
STAG INDUSTRIAL PRF SER B 6.62 PFD 85254J300 848 33,600 SH   SOLE   32,800 0 0
TELEPHONE & DATA SYS INC PFD 7 PFD 879433837 544 21,500 SH   SOLE   20,700 0 0
A SCHULMAN INC COM 808194104 1,309 35,150 SH   SOLE   35,150 0 0
AETNA COM 00817Y108 2,483 13,765 SH   SOLE   13,765 0 0
AK STEEL HLDG CORP COM 001547108 524 92,500 SH   SOLE   92,500 0 0
ALIBABA GROUP HOLDINGS LTD COM 01609W102 6,219 36,065 SH   SOLE   36,040 0 0
ALLY FINL INC COM COM 02005N100 9,631 330,270 SH   SOLE   329,210 0 0
ALPHABET INC CL C COM 02079K107 8,334 7,964 SH   SOLE   7,964 0 0
AMAZON.COM COM 023135106 13,739 11,748 SH   SOLE   11,732 0 0
ANADARKO PETROLEUM COM 032511107 855 15,945 SH   SOLE   15,945 0 0
APPLE COM 037833100 15,109 89,278 SH   SOLE   89,243 0 0
ARAMARK COM 03852U106 617 14,425 SH   SOLE   14,425 0 0
ATLAS AIR WORLDWIDE HOLDINGS I COM 049164205 677 11,550 SH   SOLE   11,550 0 0
BANK OF AMERICA COM 060505104 7,725 261,679 SH   SOLE   260,939 0 0
BERKSHIRE HATHAWAY DEL CL A COM 084670108 893 3 SH   SOLE   3 0 0
BGC PARTNERS INC COM 05541T101 7,171 474,570 SH   SOLE   472,270 0 0
CANADA GOOSE HOLDINGS INC COM 135086106 489 15,500 SH   SOLE   15,500 0 0
CBS CORP CL B COM 124857202 9,825 166,520 SH   SOLE   165,770 0 0
CIGNA CORP COM COM 125509109 1,838 9,050 SH   SOLE   9,050 0 0
CISCO SYSTEMS COM 17275R102 4,479 116,950 SH   SOLE   116,950 0 0
CITIGROUP INC COM 172967424 7,956 106,919 SH   SOLE   106,419 0 0
COCA COLA COMPANY COM 191216100 5,944 129,546 SH   SOLE   129,396 0 0
COMCAST CL A COM 20030N101 7,113 177,600 SH   SOLE   176,940 0 0
COSTCO WHSL COM 22160K105 624 3,350 SH   SOLE   3,350 0 0
CREDIT SUISSE GROUP COM 225401108 184 10,315 SH   SOLE   10,315 0 0
DANAHER CORP COM 235851102 4,788 51,582 SH   SOLE   51,462 0 0
DELTA AIR LINES INC COM 247361702 3,547 63,345 SH   SOLE   63,345 0 0
ENTERPRISE PRODUCTS PARTNERS L COM 293792107 225 8,500 SH   SOLE   8,500 0 0
EXXON COM 30231G102 293 3,505 SH   SOLE   3,505 0 0
FREEPORT MCMORAN, INC. CL B COM 35671D857 1,040 54,850 SH   SOLE   54,850 0 0
GAMING AND LEISURE PROPERTIES, COM 36467J108 1,645 44,455 SH   SOLE   44,135 0 0
GASTAR EXPLORATION INC COM 36729W202 21 20,000 SH   SOLE   20,000 0 0
GENERAL ELECTRIC COM 369604103 689 39,500 SH   SOLE   39,500 0 0
HONEYWELL INTL INC COM 438516106 840 5,475 SH   SOLE   5,475 0 0
INCYTE COM 45337C102 1,785 18,850 SH   SOLE   18,850 0 0
J C PENNEY INC COM 708160106 79 25,000 SH   SOLE   25,000 0 0
JOHNSON & JOHNSON COM 478160104 727 5,201 SH   SOLE   5,201 0 0
LEXINGTON REALTY TR COM 529043101 5,215 540,450 SH   SOLE   539,050 0 0
LIBERTY INTERACTIVE CORPORATIO COM 53071M104 380 15,544 SH   SOLE   15,544 0 0
LIBERTY MEDIA CORP SIRIUSXM GR COM 531229607 279 7,028 SH   SOLE   7,028 0 0
MADRIGAL PHARMACEUTICALS INC COM 558868105 2,124 23,141 SH   SOLE   23,141 0 0
MARATHON PETROLEUM CORP COM 56585A102 6,913 104,780 SH   SOLE   104,780 0 0
MCDONALDS COM 580135101 319 1,852 SH   SOLE   1,852 0 0
MEDLEY CAP COM 58503F106 52 10,000 SH   SOLE   10,000 0 0
MERCK & CO INC COM 58933Y105 1,657 29,442 SH   SOLE   29,442 0 0
MICROSOFT COM 594918104 634 7,412 SH   SOLE   7,412 0 0
MPLX LP COM 55336V100 3,403 95,940 SH   SOLE   95,940 0 0
NEW MEDIA INVESTMENT GROUP INC COM 64704V106 3,150 187,715 SH   SOLE   187,175 0 0
NEWMARK GROUP INC COM 65158N102 795 50,000 SH   SOLE   50,000 0 0
NVIDIA Corp COM 67066G104 6,293 32,520 SH   SOLE   32,520 0 0
NXP SEMICONDUCTORS NV COM N6596X109 211 1,800 SH   SOLE   1,800 0 0
OFS CAPITAL CORP COM 67103B100 300 25,250 SH   SOLE   25,250 0 0
OPKO HEALTH INC COM COM 68375N103 189 38,500 SH   SOLE   38,500 0 0
ORASURE TECHNOLOGIES COM 68554V108 207 10,950 SH   SOLE   10,950 0 0
PAYPAL HOLDINGS INC COM 70450Y103 8,971 121,860 SH   SOLE   121,860 0 0
PFIZER COM 717081103 217 6,000 SH   SOLE   6,000 0 0
PRAXAIR COM 74005P104 4,182 27,036 SH   SOLE   27,036 0 0
ROYAL BANK OF CANADA COM 780087102 566 6,931 SH   SOLE   6,931 0 0
SPDR GOLD TRUST COM 78463V107 260 2,100 SH   SOLE   2,100 0 0
STAG INDUSTRIAL INC COM 85254J102 314 11,500 SH   SOLE   11,500 0 0
STARWOOD PROPERTY TRUST INC COM 85571B105 7,265 340,295 SH   SOLE   339,395 0 0
SWITCH INC CL A COM 87105L104 1,157 63,600 SH   SOLE   63,600 0 0
SYNERGY PHARMACEUTICALS COM 871639308 39 17,500 SH   SOLE   17,500 0 0
THL CREDIT INC COM 872438106 2,139 236,375 SH   SOLE   235,625 0 0
ULTRALIFE BATTERIES COM 903899102 180 27,500 SH   SOLE   27,500 0 0
UROGEN PHARMA LTD COM M96088105 782 21,025 SH   SOLE   21,025 0 0
VANECK VECTORS ETF TR HY MUN I COM 92189F361 219 7,032 SH   SOLE   7,032 0 0
VERIZON COMMUNICATIONS COM 92343V104 414 7,831 SH   SOLE   7,651 0 0
VODAFONE GROUP PLC COM 92857W308 2,640 82,755 SH   SOLE   82,375 0 0
WALT DISNEY COMPANY HOLDING COM 254687106 245 2,283 SH   SOLE   2,283 0 0
WESTERN GAS PARTNERS COM 958254104 821 17,075 SH   SOLE   17,075 0 0