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 633 4,465 SH   SOLE   0 0 4,465
ABBVIE INC COM 00287Y109 348 6,400 SH   SOLE   0 0 6,400
ACHILLION PHARMACEUTICALS COM 00448Q201 3,525 510,125 SH   SOLE   0 0 510,125
AIR LEASE CORP COM 00912X302 1,480 47,850 SH   SOLE   0 0 47,850
AIR PRODUCTS & CHEMICALS INC COM 009158106 359 2,817 SH   SOLE   0 0 2,817
ALLERGAN INC COM 018490102 212 780 SH   SOLE   0 0 780
ALPHABET INC - CL A COM 02079k305 3,533 5,534 SH   SOLE   0 0 5,534
ALPHABET INC - CL C COM 02079K107 3,556 5,845 SH   SOLE   0 0 5,845
ALTRIA GROUP (fka Philip Morri COM 02209S103 873 16,040 SH   SOLE   0 0 16,040
AMERICAN EXPRESS CO. COM 025816109 256 3,447 SH   SOLE   0 0 3,447
AMGEN INC. COM 031162100 1,372 9,918 SH   SOLE   0 0 9,918
ANALOG DEVICES INC COM 032654105 1,042 18,467 SH   SOLE   0 0 18,467
ANNALY CAPITAL MANAGEMENT INC COM 035710409 197 20,000 SH   SOLE   0 0 20,000
ANWORTH MORTGAGE ASSET CORP COM 037347101 2,153 435,750 SH   SOLE   0 0 435,750
APPLE INC. COM 037833100 12,399 112,408 SH   SOLE   0 0 112,408
AT&T INC COM 00206R102 1,431 43,927 SH   SOLE   0 0 43,927
BERKSHIRE HATHAWAY INC - CLASS COM 084670702 681 5,225 SH   SOLE   0 0 5,225
BGC PARTNERS INC-CL A COM 05541T101 5,968 726,073 SH   SOLE   0 0 726,073
BJ'S RESTAURANTS INC COM 09180C106 316 7,333 SH   SOLE   0 0 7,333
BP P.L.C. ADR (fmly BP Amoco P COM 055622104 931 30,459 SH   SOLE   0 0 30,459
BRISTOL MYERS SQUIBB COM COM 110122108 2,982 50,365 SH   SOLE   0 0 50,365
CALLIDUS SOFTWARE INC COM 13123E500 5,255 309,325 SH   SOLE   0 0 309,325
CANADIAN NATL RAILWAY CO COM 136375102 2,784 49,050 SH   SOLE   0 0 49,050
CELGENE CORP COM 151020104 6,784 62,719 SH   SOLE   0 0 62,719
CELLDEX THERAPEUTICS INC COM 15117B103 457 43,345 SH   SOLE   0 0 43,345
CHECK POINT SOFTWARE TECH COM M22465104 6,743 84,994 SH   SOLE   0 0 84,994
CHEVRON CORP (fmly ChevronTexa COM 166764100 1,808 22,918 SH   SOLE   0 0 22,918
COCA COLA COMPANY COM 191216100 690 17,195 SH   SOLE   0 0 17,195
COMCAST CORP NEW CLASS A SPECI COM 20030N200 286 5,000 SH   SOLE   0 0 5,000
CONOCOPHILLIPS COM 20825C104 2,099 43,759 SH   SOLE   0 0 43,759
CVS HEALTH CORP COM 126650100 217 2,250 SH   SOLE   0 0 2,250
DUKE ENERGY CORP-NEW COM 26441C204 1,166 16,207 SH   SOLE   0 0 16,207
EAST WEST BANCORP INC COM 27579R104 1,278 33,275 SH   SOLE   0 0 33,275
ENERGOUS CORP COM 29272C103 5,989 868,025 SH   SOLE   0 0 868,025
EPIZYME INC COM 29428V104 142 11,050 SH   SOLE   0 0 11,050
EQUIFAX INC. COM 294429105 243 2,500 SH   SOLE   0 0 2,500
EQUITY RESIDENTIAL- fka Equity COM 29476L107 225 3,000 SH   SOLE   0 0 3,000
EURONET WORLDWIDE INC COM 298736109 241 3,250 SH   SOLE   0 0 3,250
EXPRESS SCRIPTS HOLDING COMPAN COM 30219G108 286 3,528 SH   SOLE   0 0 3,528
EXXON MOBIL CORPORATION COM 30231G102 1,342 18,049 SH   SOLE   0 0 18,049
FIRST NIAGARA FINANCIAL GROUP, COM 33582V108 119 11,652 SH   SOLE   0 0 11,652
FIRST POTOMAC REALTY TRUST COM 33610f109 3,787 344,300 SH   SOLE   0 0 344,300
FRONTIER COMMUNICATIONS CORP COM 35906A108 4,945 1,041,049 SH   SOLE   0 0 1,041,049
GENERAL DYNAMICS CORP COM 369550108 276 2,000 SH   SOLE   0 0 2,000
GENERAL ELECTRIC CO COM 369604103 2,082 82,560 SH   SOLE   0 0 82,560
GILEAD SCIENCES INC. COM 375558103 7,591 77,306 SH   SOLE   0 0 77,306
GOLAR LNG LTD COM G9456A100 3,243 116,330 SH   SOLE   0 0 116,330
HALLIBURTON CO. COM 406216101 2,119 59,942 SH   SOLE   0 0 59,942
HALOZYME THERAPEAUTICS INC COM 40637h109 691 51,415 SH   SOLE   0 0 51,415
HONEYWELL INTERNATIONAL INC COM 438516106 386 4,075 SH   SOLE   0 0 4,075
INTEL CORP COM COM 458140100 1,564 51,878 SH   SOLE   0 0 51,878
INTERNATIONAL BUSINESS MACHINE COM 459200101 1,050 7,243 SH   SOLE   0 0 7,243
J.P. MORGAN CHASE & CO COM 46625H100 241 3,952 SH   SOLE   0 0 3,952
JOHNSON & JOHNSON COM 478160104 4,330 46,389 SH   SOLE   0 0 46,389
KIMBERLY CLARK COM 494368103 656 6,020 SH   SOLE   0 0 6,020
LEXINGTON REALTY TRUST COM 529043101 4,380 540,701 SH   SOLE   0 0 540,701
LILLY ELI & CO COM COM 532457108 239 2,850 SH   SOLE   0 0 2,850
LOCKHEED MARTIN CORPORATION COM 539830109 974 4,700 SH   SOLE   0 0 4,700
LOWES COMPANIES INC. COM 548661107 376 5,454 SH   SOLE   0 0 5,454
MARATHON OIL CORP COM 565849106 220 14,258 SH   SOLE   0 0 14,258
MARATHON PETROLEUM CORP COM 56585A102 2,189 47,240 SH   SOLE   0 0 47,240
MERCK and CO INC COM 58933Y105 3,030 61,355 SH   SOLE   0 0 61,355
MICROCHIP TECHNOLOGY INC COM 595017104 5,025 116,620 SH   SOLE   0 0 116,620
MICROSOFT COM 594918104 311 7,021 SH   SOLE   0 0 7,021
MIDDLEBY CORP COM 596278101 379 3,600 SH   SOLE   0 0 3,600
MONDELEZ INTERNATIONAL -W/I COM 609207105 1,929 46,067 SH   SOLE   0 0 46,067
NESTLE SA - SPONS ADR FOR REG COM 641069406 300 4,000 SH   SOLE   0 0 4,000
NEW RESIDENTIAL COM 64828T201 3,184 243,036 SH   SOLE   0 0 243,036
NEW SENIOR INVESTMENT GROUP COM 648691103 881 84,242 SH   SOLE   0 0 84,242
NIKE INC CL B COM 654106103 824 6,698 SH   SOLE   0 0 6,698
NORDIC AMERICAN TANKERS LTD COM g65773106 1,414 93,000 SH   SOLE   0 0 93,000
NORTHROP GRUMMAN CORP COM 666807102 427 2,575 SH   SOLE   0 0 2,575
NOVARTIS AG-ADR COM 66987V109 432 4,700 SH   SOLE   0 0 4,700
PEPSICO INC COM COM 713448108 1,199 12,716 SH   SOLE   0 0 12,716
PFIZER INC. COM 717081103 1,861 59,258 SH   SOLE   0 0 59,258
PHILLIP MORRIS INTERNATIONAL COM 718172109 608 7,664 SH   SOLE   0 0 7,664
PHILLIPS 66 COM 718546104 3,018 39,275 SH   SOLE   0 0 39,275
PROCTER & GAMBLE CO. COM 742718109 907 12,610 SH   SOLE   0 0 12,610
PUBLIC STORAGE COM 74460D109 461 2,180 SH   SOLE   0 0 2,180
QUALCOMM INC COM 747525103 503 9,353 SH   SOLE   0 0 9,353
RAYTHEON COMPANY COM 755111507 243 2,223 SH   SOLE   0 0 2,223
REDWOOD TRUST INC COM 758075402 1,586 114,617 SH   SOLE   0 0 114,617
ROCHE HOLDINGS-SPONS ADR COM 771195104 230 7,000 SH   SOLE   0 0 7,000
SCHLUMBERGER LTD COM COM 806857108 461 6,689 SH   SOLE   0 0 6,689
SCHWAB (CHARLES) CORP COM 808513105 394 13,800 SH   SOLE   0 0 13,800
SHIP FINANCE INTL LTD COM G81075106 9,859 606,724 SH   SOLE   0 0 606,724
SPECTRA ENERGY CORP COM 847560109 1,657 63,067 SH   SOLE   0 0 63,067
SPRAGUE RESOURCES LP COM 849343108 3,166 166,350 SH   SOLE   0 0 166,350
STANLEY BLACK & DECKER INC COM 854502101 247 2,546 SH   SOLE   0 0 2,546
STARBUCKS CORP COM 855244109 4,659 81,968 SH   SOLE   0 0 81,968
STARWOOD PROPERTY TRUST INC COM 85571B105 205 10,000 SH   SOLE   0 0 10,000
T-MOBILE US INC COM 872590104 346 8,690 SH   SOLE   0 0 8,690
TEVA PHARMACEUTICAL-SP ADR COM 881624209 727 12,875 SH   SOLE   0 0 12,875
TEXAS INSTRUMENTS INC. COM 882508104 671 13,560 SH   SOLE   0 0 13,560
THE KRAFT HEINZ CO COM 500754106 1,641 23,247 SH   SOLE   0 0 23,247
TRANSENTERIX INC COM 89366M201 88 39,000 SH   SOLE   0 0 39,000
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
US BANCORP - NEW COM 902973304 760 18,535 SH   SOLE   0 0 18,535
VERIZON COMMUNICATIONS-fmly Be COM 92343V104 1,156 26,577 SH   SOLE   0 0 26,577
VERTEX PHARMACEUTICALS INC COM 92532F100 1,240 11,910 SH   SOLE   0 0 11,910
VF CORP COM 918204108 273 4,000 SH   SOLE   0 0 4,000
WABTEC CORP COM 929740108 352 4,000 SH   SOLE   0 0 4,000
WALT DISNEY COMPANY, THE COM 254687106 1,715 16,785 SH   SOLE   0 0 16,785
WELLS FARGO COMPANY COM 949746101 1,013 19,732 SH   SOLE   0 0 19,732
COUNTRYWIDE CAPITAL V PFD 222388209 2,582 100,576 SH   SOLE   0 0 100,576
GASTAR EXPLORAT 8.6250% SERIES PFD 36729P207 3,718 376,351 SH   SOLE   0 0 376,351
MORGAN STANLEY CAP TR III 6.25 PFD 617460209 3,536 139,275 SH   SOLE   0 0 139,275
TRANSTEXAS GAS CORP SR PFD SER PFD 893895607 0 41,140 SH   SOLE   0 0 41,140