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
3M Co (fmly Minnesota Mining & COM 88579Y101 557 3,930 SH   SOLE   0 0 3,930
ACHILLION PHARMACEUTICALS COM 00448Q201 5,412 542,325 SH   SOLE   0 0 542,325
AIR LEASE CORP COM 00912X302 1,068 32,850 SH   SOLE   0 0 32,850
AIR PRODUCTS & CHEMICALS INC COM 009158106 367 2,817 SH   SOLE   0 0 2,817
ALTRIA GROUP (fka Philip Morri COM 02209S103 737 16,040 SH   SOLE   0 0 16,040
AMARIN CORP COM 023111206 16 15,000 SH   SOLE   0 0 15,000
AMERICAN EXPRESS CO. COM 025816109 219 2,500 SH   SOLE   0 0 2,500
AMGEN INC. COM 031162100 1,159 8,255 SH   SOLE   0 0 8,255
ANALOG DEVICES INC COM 032654105 926 18,717 SH   SOLE   0 0 18,717
ANWORTH MORTGAGE ASSET CORP COM 037347101 1,294 270,125 SH   SOLE   0 0 270,125
APPLE INC. COM 037833100 11,512 114,260 SH   SOLE   0 0 114,260
ASSOCIATED ESTATES REALTY CP COM 045604105 1,306 74,600 SH   SOLE   0 0 74,600
AT&T INC COM 00206R102 733 20,807 SH   SOLE   0 0 20,807
BELDEN INC. COM 077454106 210 3,275 SH   SOLE   0 0 3,275
BERKSHIRE HATHAWAY INC - CLASS COM 084670702 307 2,225 SH   SOLE   0 0 2,225
BGC PARTNERS INC-CL A COM 05541T101 4,867 655,113 SH   SOLE   0 0 655,113
BJ'S RESTAURANTS INC COM 09180C106 345 9,583 SH   SOLE   0 0 9,583
BP P.L.C. ADR (fmly BP Amoco P COM 055622104 2,454 55,834 SH   SOLE   0 0 55,834
BRISTOL MYERS SQUIBB COM COM 110122108 1,581 30,890 SH   SOLE   0 0 30,890
CALLIDUS SOFTWARE INC COM 13123E500 4,356 362,375 SH   SOLE   0 0 362,375
CANADIAN NATL RAILWAY CO COM 136375102 3,076 43,350 SH   SOLE   0 0 43,350
CATERPILLAR INC. COM 149123101 218 2,200 SH   SOLE   0 0 2,200
CELGENE CORP COM 151020104 5,756 60,734 SH   SOLE   0 0 60,734
CELLDEX THERAPEUTICS INC COM 15117B103 873 67,330 SH   SOLE   0 0 67,330
CHECK POINT SOFTWARE TECH COM M22465104 6,032 87,119 SH   SOLE   0 0 87,119
CHEVRON CORP (fmly ChevronTexa COM 166764100 2,415 20,243 SH   SOLE   0 0 20,243
COCA COLA COMPANY COM 191216100 739 17,315 SH   SOLE   0 0 17,315
CONOCOPHILLIPS COM 20825C104 3,471 45,359 SH   SOLE   0 0 45,359
DOW CHEMICAL COMPANY COM 260543103 703 13,415 SH   SOLE   0 0 13,415
DUKE ENERGY CORP-NEW COM 26441C204 1,242 16,606 SH   SOLE   0 0 16,606
EAST WEST BANCORP INC COM 27579R104 1,284 37,775 SH   SOLE   0 0 37,775
ENERGOUS CORP COM 29272C103 3,043 268,375 SH   SOLE   0 0 268,375
EXPRESS SCRIPTS HOLDING COMPAN COM 30219G108 256 3,628 SH   SOLE   0 0 3,628
EXXON MOBIL CORPORATION COM 30231G102 1,562 16,610 SH   SOLE   0 0 16,610
FIRST NIAGARA FINANCIAL GROUP, COM 33582V108 102 12,220 SH   SOLE   0 0 12,220
FIRST POTOMAC REALTY TRUST COM 33610f109 2,038 173,450 SH   SOLE   0 0 173,450
FREEPORT-MCMORAN,INC. COM 35671D857 250 7,650 SH   SOLE   0 0 7,650
FRONTIER COMMUNICATIONS CORP COM 35906A108 3,019 463,682 SH   SOLE   0 0 463,682
GENERAL ELECTRIC CO COM 369604103 1,816 70,879 SH   SOLE   0 0 70,879
GERON CORP COM 374163103 1,413 706,400 SH   SOLE   0 0 706,400
GFI GROUP INC. COM 361652209 3,316 613,000 SH   SOLE   0 0 613,000
GILEAD SCIENCES INC. COM 375558103 8,329 78,246 SH   SOLE   0 0 78,246
GLAXOSMITHKLINE PLC COM 37733W105 257 5,600 SH   SOLE   0 0 5,600
GOLAR LNG LTD COM G9456A100 7,644 115,125 SH   SOLE   0 0 115,125
GOOGLE INC - CL A COM 38259P508 3,515 5,973 SH   SOLE   0 0 5,973
GOOGLE INC - CL C COM 38259P706 3,570 6,183 SH   SOLE   0 0 6,183
HALLIBURTON CO. COM 406216101 3,945 61,157 SH   SOLE   0 0 61,157
HALOZYME THERAPEAUTICS INC COM 40637h109 733 80,555 SH   SOLE   0 0 80,555
HESS CORP (fmly Amerada Hess C COM 42809H107 2,026 21,485 SH   SOLE   0 0 21,485
INTEL CORP COM COM 458140100 1,802 51,744 SH   SOLE   0 0 51,744
INTERNATIONAL BUSINESS MACHINE COM 459200101 1,153 6,074 SH   SOLE   0 0 6,074
JASON INDUSTRIES, INC COM 471172106 1,143 110,400 SH   SOLE   0 0 110,400
JOHNSON & JOHNSON COM 478160104 4,887 45,846 SH   SOLE   0 0 45,846
KIMBERLY CLARK COM 494368103 648 6,020 SH   SOLE   0 0 6,020
KINDER MORGAN ENERGY PARTNERS COM 494550106 916 9,825 SH   SOLE   0 0 9,825
KNIGHTSBRIDGE SHIPPING LIMITED COM G5299G106 4,292 484,985 SH   SOLE   0 0 484,985
KRAFT FOODS GROUP INC COM 50076Q106 1,319 23,380 SH   SOLE   0 0 23,380
LEXINGTON REALTY TRUST COM 529043101 4,244 433,501 SH   SOLE   0 0 433,501
LOCKHEED MARTIN CORPORATION COM 539830109 841 4,600 SH   SOLE   0 0 4,600
LOWES COMPANIES INC. COM 548661107 286 5,400 SH   SOLE   0 0 5,400
MARATHON OIL CORP COM 565849106 3,166 84,228 SH   SOLE   0 0 84,228
MARATHON PETROLEUM CORP COM 56585A102 2,051 24,220 SH   SOLE   0 0 24,220
MERCK and CO INC COM 58933Y105 3,271 55,180 SH   SOLE   0 0 55,180
MICROCHIP TECHNOLOGY INC COM 595017104 5,385 114,020 SH   SOLE   0 0 114,020
MONDELEZ INTERNATIONAL -W/I COM 609207105 1,811 52,867 SH   SOLE   0 0 52,867
NEW RESIDENTIAL COM 64828T201 1,541 264,336 SH   SOLE   0 0 264,336
NEWCASTLE INVESTMENT CORP COM 65105M603 149 11,766 SH   SOLE   0 0 11,766
NIKE INC CL B COM 654106103 284 3,185 SH   SOLE   0 0 3,185
NORDIC AMERICAN TANKERS LTD COM g65773106 1,546 194,500 SH   SOLE   0 0 194,500
NORTHROP GRUMMAN CORP COM 666807102 362 2,750 SH   SOLE   0 0 2,750
OCCIDENTAL PETE CP DEL COM COM 674599105 673 7,000 SH   SOLE   0 0 7,000
ORACLE CORP COM 68389X105 417 10,900 SH   SOLE   0 0 10,900
PEOPLE'S UNITED FINANCIAL INC. COM 712704105 215 14,833 SH   SOLE   0 0 14,833
PEPSICO INC COM COM 713448108 724 7,777 SH   SOLE   0 0 7,777
PFIZER INC. COM 717081103 1,735 58,686 SH   SOLE   0 0 58,686
PHILLIP MORRIS INTERNATIONAL COM 718172109 630 7,550 SH   SOLE   0 0 7,550
PHILLIPS 66 COM 718546104 2,901 35,675 SH   SOLE   0 0 35,675
POWER SHARES DB GOLD DOUBLE LO COM BBG000BB2 500 20,300 SH   SOLE   0 0 20,300
PROCTER & GAMBLE CO. COM 742718109 1,049 12,530 SH   SOLE   0 0 12,530
PUBLIC STORAGE COM 74460D109 357 2,150 SH   SOLE   0 0 2,150
PUMA BIOTECHNOLOGY INC COM 74587V107 734 3,075 SH   SOLE   0 0 3,075
QUALCOMM INC COM 747525103 881 11,788 SH   SOLE   0 0 11,788
RAYTHEON COMPANY COM 755111507 226 2,223 SH   SOLE   0 0 2,223
REDWOOD TRUST INC COM 758075402 1,948 117,467 SH   SOLE   0 0 117,467
SCHLUMBERGER LTD COM COM 806857108 682 6,702 SH   SOLE   0 0 6,702
SCHWAB (CHARLES) CORP COM 808513105 344 11,700 SH   SOLE   0 0 11,700
SHIP FINANCE INTL LTD COM G81075106 9,841 581,594 SH   SOLE   0 0 581,594
SPECTRA ENERGY CORP COM 847560109 2,588 65,917 SH   SOLE   0 0 65,917
STANLEY BLACK & DECKER INC COM 854502101 230 2,587 SH   SOLE   0 0 2,587
STARBUCKS CORP COM 855244109 2,798 37,075 SH   SOLE   0 0 37,075
T-MOBILE US INC COM 872590104 260 9,010 SH   SOLE   0 0 9,010
TEVA PHARMACEUTICAL-SP ADR COM 881624209 693 12,900 SH   SOLE   0 0 12,900
TEXAS INSTRUMENTS INC. COM 882508104 647 13,560 SH   SOLE   0 0 13,560
TRANSTEXAS GAS CORP - CLASS A COM 893895201 0 15,041 SH   SOLE   0 0 15,041
TVI CORP COM 872916101 0 17,500 SH   SOLE   0 0 17,500
VERIZON COMMUNICATIONS-fmly Be COM 92343V104 623 12,461 SH   SOLE   0 0 12,461
WALT DISNEY COMPANY, THE COM 254687106 561 6,300 SH   SOLE   0 0 6,300
WELLS FARGO COMPANY COM 949746101 275 5,305 SH   SOLE   0 0 5,305
WHOLE FOODS MARKET INC COM 966837106 1,005 26,380 SH   SOLE   0 0 26,380
WYNN RESORTS LTD COM 983134107 262 1,400 SH   SOLE   0 0 1,400
COUNTRYWIDE CAPITAL V PFD 222388209 2,790 108,576 SH   SOLE   0 0 108,576
GASTAR EXPLORAT 8.6250% SERIES PFD 36729P207 6,649 263,217 SH   SOLE   0 0 263,217
MORGAN STANLEY CAP TR III 6.25 PFD 617460209 3,531 139,525 SH   SOLE   0 0 139,525
TRANSTEXAS GAS CORP SR PFD SER PFD 893895607 0 41,140 SH   SOLE   0 0 41,140