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 2,663 105,475 SH   SOLE   104,575 0 0
AMERICAN HOMES 4 RENT G 5.875 PFD 02665T876 430 17,300 SH   SOLE   17,300 0 0
AT&T INC 5.35 PFD 00206R300 1,316 51,850 SH   SOLE   51,850 0 0
BANK OF AMERICA CORP SER Y 6.5 PFD 060505310 1,147 44,700 SH   SOLE   44,700 0 0
BANK OF AMERICA SER HH 5.875 PFD 060505195 703 27,125 SH   SOLE   26,925 0 0
CAI INTL INC RED PERP PFD SER PFD 12477X205 224 8,900 SH   SOLE   8,900 0 0
CAI INTL INC RED PFD SER B 8.5 PFD 12477X304 372 14,800 SH   SOLE   14,800 0 0
CITIGROUP INC PFD SER K 6.875 PFD 172967341 1,514 55,925 SH   SOLE   55,825 0 0
GMAC CAP TR I SER 2 CPN-8.125 PFD 361860208 4,166 159,990 SH   SOLE   158,650 0 0
GOLDMAN SACHS GROUP INC. PFD S PFD 38148B504 1,993 76,460 SH   SOLE   75,300 0 0
HERSHA HOSPITALITY TRUST SER D PFD 427825609 1,583 69,150 SH   SOLE   69,150 0 0
JP MORGAN CHASE & CO 6.15 09- PFD 48127V827 544 20,700 SH   SOLE   20,700 0 0
KEMPER CORP 7.375 PFD 488401209 1,468 58,200 SH   SOLE   57,400 0 0
KKR & CO INC SER A 6.75 PFD 48251W203 1,057 39,950 SH   SOLE   39,200 0 0
MORGAN STANLEY PRD G 6.625 7- PFD 61762V507 1,849 72,950 SH   SOLE   72,350 0 0
PEBBLEBROOK HOTEL TR PFD SER C PFD 70509V407 549 21,310 SH   SOLE   20,950 0 0
STAG INDL INC CUM RED PRD SER PFD 85254J409 940 35,940 SH   SOLE   35,700 0 0
TELEPHONE & DATA SYS INC PFD 7 PFD 879433837 803 32,200 SH   SOLE   31,000 0 0
VORNADO REALTY SER M 5.25 PFD 929042828 1,353 57,700 SH   SOLE   57,700 0 0
WELLS FARGO REAL EST INVT CORP PFD 94988N207 385 15,000 SH   SOLE   15,000 0 0
AK STEEL HLDG CORP COM 001547108 110 40,000 SH   SOLE   40,000 0 0
ALIBABA GROUP HOLDINGS LTD COM 01609W102 307 1,685 SH   SOLE   1,685 0 0
ALLOGENE THERAPEUTICS INC COM 019770106 1,497 51,785 SH   SOLE   51,785 0 0
ALLY FINANCIAL INC COM COM 02005N100 9,139 332,445 SH   SOLE   328,285 0 0
ALPHABET INC CL C COM 02079K107 9,598 8,180 SH   SOLE   8,095 0 0
AMAZON.COM COM 023135106 19,145 10,751 SH   SOLE   10,735 0 0
ANADARKO PETROLEUM COM 032511107 506 11,120 SH   SOLE   11,120 0 0
APPLE COM 037833100 19,044 100,259 SH   SOLE   100,159 0 0
ARAMARK COM 03852U106 1,941 65,670 SH   SOLE   65,670 0 0
ASHLAND GLOBAL HOLDINGS INC COM 044186104 5,640 72,185 SH   SOLE   72,185 0 0
AT&T COM 00206R102 7,780 248,080 SH   SOLE   244,280 0 0
ATLAS AIR WORLDWIDE HOLDINGS I COM 049164205 1,128 22,315 SH   SOLE   22,315 0 0
BANK OF AMERICA COM 060505104 6,944 251,689 SH   SOLE   250,749 0 0
BEARD COM 07384R408 0 13,800 SH   SOLE   13,800 0 0
BERKSHIRE HATHAWAY DEL CL A COM 084670108 904 3 SH   SOLE   3 0 0
BGC PARTNERS INC COM 05541T101 2,940 553,750 SH   SOLE   544,450 0 0
BLACKHAWK CAP GROUP BDC COM 09236T103 0 24,000 SH   SOLE   24,000 0 0
BOSTON SCIENTIFIC COM 101137107 468 12,200 SH   SOLE   12,200 0 0
CANADA GOOSE HOLDINGS INC COM 135086106 1,413 29,425 SH   SOLE   29,425 0 0
CELGENE COM 151020104 684 7,250 SH   SOLE   7,250 0 0
CIGNA CORP COM 125523100 627 3,900 SH   SOLE   3,900 0 0
CISCO SYSTEMS COM 17275R102 4,911 90,970 SH   SOLE   90,970 0 0
CITIGROUP INC COM 172967424 7,050 113,307 SH   SOLE   112,307 0 0
COMCAST CL A COM 20030N101 1,561 39,055 SH   SOLE   39,055 0 0
COSTCO WHSL COM 22160K105 811 3,350 SH   SOLE   3,350 0 0
DANAHER CORP COM COM 235851102 5,375 40,712 SH   SOLE   40,592 0 0
DANONE SPONSORED ADR COM 23636T100 5,786 375,060 SH   SOLE   368,710 0 0
DELTA AIR LINES INC COM 247361702 4,991 96,625 SH   SOLE   96,625 0 0
ENTERPRISE PRODUCTS PARTNERS L COM 293792107 247 8,500 SH   SOLE   8,500 0 0
FARFETCH LIMITED CLASS A COM 30744W107 242 9,000 SH   SOLE   9,000 0 0
FORTRESS BIOTECH INC COM 34960Q109 58 32,600 SH   SOLE   32,600 0 0
FREEPORT MCMORAN, INC. CL B COM 35671D857 651 50,500 SH   SOLE   50,500 0 0
GAMING AND LEISURE PROPERTIES, COM 36467J108 4,063 105,340 SH   SOLE   104,840 0 0
GENERAL ELECTRIC COM 369604103 195 19,500 SH   SOLE   19,500 0 0
GENERAL MILLS COM 370334104 3,429 66,270 SH   SOLE   64,870 0 0
GRIFFIN MINING LTD COM G31920104 19 15,000 SH   SOLE   15,000 0 0
HERSHA HOSPITALITY TRUST COM 427825500 1,238 72,200 SH   SOLE   72,200 0 0
HONEYWELL INTL INC COM 438516106 5,418 34,090 SH   SOLE   33,590 0 0
HUMANA INC COM 444859102 9,947 37,395 SH   SOLE   36,870 0 0
INCYTE COM 45337C102 2,881 33,500 SH   SOLE   117,500 0 0
J C PENNEY INC COM 708160106 15 10,000 SH   SOLE   10,000 0 0
JOHNSON & JOHNSON COM 478160104 549 3,926 SH   SOLE   3,926 0 0
LEXINGTON REALTY TRUST COM 529043101 7,490 826,725 SH   SOLE   820,825 0 0
LIBERTY MEDIA CORP SIRIUSXM GR COM 531229607 269 7,028 SH   SOLE   7,028 0 0
LINDE PLC COM G5494J103 4,486 25,500 SH   SOLE   25,500 0 0
MADRIGAL PHARMACEUTICALS INC COM 558868105 1,922 15,341 SH   SOLE   15,341 0 0
MARATHON PETROLEUM CORP COM 56585A102 3,959 66,150 SH   SOLE   66,150 0 0
MCDONALDS COM 580135101 351 1,850 SH   SOLE   1,850 0 0
MERCK & CO INC COM 58933Y105 1,098 13,200 SH   SOLE   13,200 0 0
MICROSOFT COM 594918104 890 7,550 SH   SOLE   7,550 0 0
MPLX LP COM 55336V100 2,277 69,240 SH   SOLE   69,240 0 0
NEW MEDIA INVESTMENT GROUP INC COM 64704V106 2,639 251,340 SH   SOLE   250,800 0 0
OPKO HEALTH INC COM COM 68375N103 29 11,000 SH   SOLE   11,000 0 0
PAYPAL HOLDINGS INC COM 70450Y103 10,346 99,630 SH   SOLE   99,630 0 0
QEP RESOURCES COM 74733V100 481 61,800 SH   SOLE   61,800 0 0
QURATE RETAIL INC QVC GROUP CO COM 74915M100 248 15,544 SH   SOLE   15,544 0 0
ROYAL BANK OF CANADA COM 780087102 524 6,931 SH   SOLE   6,931 0 0
SALESFORCE.COM INC COM 79466L302 8,394 53,000 SH   SOLE   53,000 0 0
SOLENO THERAPEUTICS INC COM COM 834203200 56 27,050 SH   SOLE   27,050 0 0
STARWOOD PROPERTY TRUST INC COM 85571B105 10,415 465,980 SH   SOLE   463,780 0 0
THL CREDIT INC COM 872438106 1,013 154,400 SH   SOLE   153,650 0 0
ULTRALIFE BATTERIES COM 903899102 169 16,500 SH   SOLE   16,500 0 0
UROGEN PHARMA LTD COM M96088105 2,966 80,300 SH   SOLE   80,200 0 0
VERIZON COMMUNICATIONS COM 92343V104 300 5,070 SH   SOLE   4,890 0 0
VICOR CORP COM 925815102 1,541 49,680 SH   SOLE   49,480 0 0
WALT DISNEY COMPANY HOLDING COM 254687106 233 2,103 SH   SOLE   2,103 0 0
WESTERN MIDSTREAM PARTNERS LP COM 958669103 371 11,819 SH   SOLE   11,819 0 0
XYLEM INC COM 98419M100 1,974 24,980 SH   SOLE   24,980 0 0