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
MACQUARIE INFRASTRUCTURE Convertible Bonds 55608BAA3 118 100,000 PRN   SOLE 0 0 0 100,000
APPLE COMPUTER INC Common Stocks 037833100 961 7,472 SH   SOLE 0 45 0 7,427
AMERICAN MIDSTREAM PARTNERS LLP Common Stocks 02752P100 322 17,750 SH   SOLE 0 0 0 17,750
AMERIPRISE FINL INC Common Stocks 03076C106 316 2,400 SH   SOLE 0 0 0 2,400
AMAZON COM INC Common Stocks 023135106 3,385 8,683 SH   SOLE 0 1,500 0 7,183
AMERICAN EXPRESS CO Common Stocks 025816109 981 12,500 SH   SOLE 0 0 0 12,500
BREITBURN ENERGY PARTNERS LPCOM UT LTD PTN Common Stocks 106776107 163 25,500 SH   SOLE 0 0 0 25,500
B & G FOODS INC NEW CL A Common Stocks 05508R106 7,946 266,924 SH   SOLE 0 106,310 0 160,614
BRYN MAWR BANK CORP Common Stocks 117665109 5,947 188,736 SH   SOLE 0 65,382 0 123,354
BUCKEYE PARTNERS L P Common Stocks 118230101 207 2,648 SH   SOLE 0 0 0 2,648
BOARDWALK PIPELINE PARTNER Common Stocks 096627104 8,128 485,809 SH   SOLE 0 186,499 0 299,310
CELGENE CORP Common Stocks 151020104 798 6,905 SH   SOLE 0 0 0 6,905
COSI INC COM NEW Common Stocks 22122P200 482 173,464 SH   SOLE 0 173,464 0 0
COSTCO WHOLESALE CORP Common Stocks 22160K105 294 2,000 SH   SOLE 0 0 0 2,000
CROSSROADS SYSTEMS INC. Common Stocks 22765D209 491 198,726 SH   SOLE 0 198,726 0 0
DISNEY WALT PRODTNS Common Stocks 254687106 1,075 9,955 SH   SOLE 0 0 0 9,955
DOLLAR TREE INC Common Stocks 256746108 806 10,000 SH   SOLE 0 0 0 10,000
PROSHARES SHORT DOW 30 Equity ETFs 74347R701 204 9,000 PRN   SOLE 0 0 0 9,000
WISDOMTREE GERMANY HEDGED EQUITY Equity ETFs 97717W448 7,777 247,355 PRN   SOLE 0 63,950 0 183,405
ENLINK MIDSTREAM PARTNERS LP Common Stocks 29336U107 219 8,500 SH   SOLE 0 0 0 8,500
ENTERPRISE PRODS PARTNERS L COM UNIT Common Stocks 293792107 23,045 691,002 SH   SOLE 0 165,178 0 525,824
ENERGY TRANSFER EQUITY L P UT LTD PTN Common Stocks 29273V100 909 14,000 SH   SOLE 0 0 0 14,000
EV ENERGY PARTNERS LP Common Stocks 26926V107 224 13,500 SH   SOLE 0 0 0 13,500
FACEBOOK INC Common Stocks 30303M102 381 4,500 SH   SOLE 0 0 0 4,500
FIAT CHRYSLER AUTOMOBILES N V SHS ISIN#NL001087764 Common Stocks N31738102 494 30,000 SH   SOLE 0 30,000 0 0
FEDERATED INVESTORS INC-CL B Common Stocks 314211103 8,562 248,182 SH   SOLE 0 95,301 0 152,881
WINTHROP REALTY TRUST Common Stocks 976391300 16,733 1,020,948 SH   SOLE 0 352,250 0 668,698
GENESIS ENERGY LP Common Stocks 371927104 287 6,030 SH   SOLE 0 0 0 6,030
GENERAL MTRS CO Common Stocks 37045V100 673 18,123 SH   SOLE 0 17,000 0 1,123
GOOGLE INC CL C Common Stocks 38259P706 2,213 4,103 SH   SOLE 0 0 0 4,103
GOOGLE INC Common Stocks 38259P508 364 663 SH   SOLE 0 0 0 663
GROUP I AUTOMOTIVE INC COM Common Stocks 398905109 432 5,000 SH   SOLE 0 5,000 0 0
GRAMERCY PROPERTY TRUST INC Common Stocks 38489R100 11,118 395,372 SH   SOLE 0 132,425 0 262,947
GLOBAL X MSCI COLOMBIA ETF Equity ETFs 37950E200 238 20,775 PRN   SOLE 0 0 0 20,775
HOWARD BANCORP Common Stocks 442496105 1,660 122,300 SH   SOLE 0 0 0 122,300
ISHARES HEDGED MSCI GERMANY Equity ETFs 46434V704 689 24,191 PRN   SOLE 0 16,320 0 7,871
HERITAGE FINANCIAL CORP Common Stocks 42722X106 6,074 350,479 SH   SOLE 0 126,497 0 223,982
HARLAN HEALTH I Common Stocks 40650V100 479 9,635 SH   SOLE 0 9,635 0 0
I B M Common Stocks 459200101 212 1,285 SH   SOLE 0 0 0 1,285
INTELLICHECK MOBILISA INC COM SHS Common Stocks 45817G201 35 20,000 SH   SOLE 0 20,000 0 0
IMAX CORP COM Common Stocks 45245E109 742 20,500 SH   SOLE 0 20,500 0 0
INDEPENDENCE REALTY TRUST Common Stocks 45378A106 6,920 740,158 SH   SOLE 0 258,882 0 481,276
ISHARES TR US HOME CONSTRUCTION ETF FD Equity ETFs 464288752 1,128 40,000 PRN   SOLE 0 40,000 0 0
JOHNSON & JOHNSON Common Stocks 478160104 936 9,320 SH   SOLE 0 0 0 9,320
KINDER MORGAN INC Common Stocks 49456B101 1,332 30,226 SH   SOLE 0 0 0 30,226
LIONS GATE ENTMT CP NEWF Common Stocks 535919203 758 24,266 SH   SOLE 0 24,000 0 266
MEDLEY CAP CORP Common Stocks 58503F106 7,776 854,455 SH   SOLE 0 308,643 0 545,812
MCDONALDS CORP Common Stocks 580135101 11,497 117,509 SH   SOLE 0 47,540 0 69,969
MONDELEZ INTERNATIONAL INC Common Stocks 609207105 640 17,374 SH   SOLE 0 0 0 17,374
MAGELLAN MIDSTREAM PARTNERS LP Common Stocks 559080106 17,747 218,398 SH   SOLE 0 59,887 0 158,511
MERCK & COMPANY Common Stocks 58933Y105 278 4,812 SH   SOLE 0 2,100 0 2,712
MARKWEST ENERGY PARTNERS L PUNIT LTD PARTN Common Stocks 570759100 434 6,500 SH   SOLE 0 0 0 6,500
TARGA RESOURCES PARTNERS LP COM UNIT Common Stocks 87611X105 7,378 161,836 SH   SOLE 0 9,050 0 152,786
NUSTAR GP HOLDINGS LLC UNITS Common Stocks 67059L102 218 5,869 SH   SOLE 0 0 0 5,869
NOVARTIS AG SPONSORED ADR Common Stocks 66987V109 9,833 95,046 SH   SOLE 0 32,712 0 62,334
PLAINS ALL AMERN PIPELINE L UNIT L P INT Common Stocks 726503105 7,071 138,861 SH   SOLE 0 7,800 0 131,061
Pure Cycle Corp Common Stocks 746228303 1,003 194,690 SH   SOLE 0 194,690 0 0
PFIZER INC Common Stocks 717081103 6,518 186,597 SH   SOLE 0 87,315 0 99,282
PROCTER & GAMBLE COMPANY Common Stocks 742718109 301 3,617 SH   SOLE 0 0 0 3,617
RITE AID CORP Common Stocks 767754104 125 15,000 SH   SOLE 0 0 0 15,000
RAIT FINANCIAL TRUST Common Stocks 749227609 318 47,000 SH   SOLE 0 0 0 47,000
REEDS INC COM Common Stocks 758338107 176 32,647 SH   SOLE 0 32,647 0 0
REMY INTERNATIO Common Stocks 75971M108 699 31,000 SH   SOLE 0 31,000 0 0
REGENCY ENERGY PARTNERS LP Common Stocks 75885Y107 400 17,911 SH   SOLE 0 0 0 17,911
REALD INC COM Common Stocks 75604L105 542 43,385 SH   SOLE 0 43,385 0 0
REPUBLIC SERVICES, INC. Common Stocks 760759100 8,177 205,702 SH   SOLE 0 79,147 0 126,555
PROSHARES TR PSHS SHRT S&P5 Equity ETFs 74347R503 3,750 178,308 PRN   SOLE 0 50,390 0 127,918
INVENTURE FOODS INC COM Common Stocks 461212102 409 34,500 SH   SOLE 0 34,500 0 0
STERLING BANCORP Common Stocks 85917A100 12,379 927,265 SH   SOLE 0 324,975 0 602,290
CONSTELLATION BRANDS INC-A Common Stocks 21036P108 6,022 51,919 SH   SOLE 0 25,059 0 26,860
A T & T INC (NEW) Common Stocks 00206R102 225 6,843 SH   SOLE 0 0 0 6,843
TALLGRASS ENERGY PARTNERS LP Common Stocks 874697105 1,375 27,715 SH   SOLE 0 0 0 27,715
TIFFANY & COMPANY Common Stocks 886547108 716 8,000 SH   SOLE 0 8,000 0 0
TOOTSIE ROLL INDUSTRIES, INC. Common Stocks 890516107 4,422 136,450 SH   SOLE 0 51,867 0 84,583
TWO HBRS INVT CORP Common Stocks 90187B101 8,847 829,185 SH   SOLE 0 306,757 0 522,428
VECTOR GROUP LTD. Common Stocks 92240M108 8,326 370,062 SH   SOLE 0 143,938 0 226,124
VERIZON COMMUNICATIONS Common Stocks 92343V104 500 10,088 SH   SOLE 0 500 0 9,588
WESTERN GAS PARTNERS LP UNIT LP IN Common Stocks 958254104 5,733 80,900 SH   SOLE 0 500 0 80,400
WESTWOOD HOLDINGS GROUP, INC. Common Stocks 961765104 4,814 77,193 SH   SOLE 0 27,540 0 49,653
WAL MART STORES INC Common Stocks 931142103 14,612 186,306 SH   SOLE 0 63,986 0 122,320
WILLIAMS PARTNERS LP Common Stocks 96949L105 1,124 22,492 SH   SOLE 0 0 0 22,492
EXXON MOBIL CORP Common Stocks 30231G102 593 6,775 SH   SOLE 0 0 0 6,775