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 673 4,465 SH   SOLE   0 0 4,465
ABBVIE INC COM 00287Y109 320 5,400 SH   SOLE   0 0 5,400
ACHILLION PHARMACEUTICALS COM 00448Q201 4,969 460,550 SH   SOLE   0 0 460,550
AIR LEASE CORP COM 00912X302 1,378 41,150 SH   SOLE   0 0 41,150
AIR PRODUCTS & CHEMICALS INC COM 009158106 334 2,567 SH   SOLE   0 0 2,567
ALLERGAN INC COM 018490102 230 736 SH   SOLE   0 0 736
ALPHABET INC - CL A COM 02079k305 4,028 5,177 SH   SOLE   0 0 5,177
ALPHABET INC - CL C COM 02079K107 4,164 5,488 SH   SOLE   0 0 5,488
ALTRIA GROUP (fka Philip Morri COM 02209S103 934 16,040 SH   SOLE   0 0 16,040
AMERICAN EXPRESS CO. COM 025816109 240 3,447 SH   SOLE   0 0 3,447
AMGEN INC. COM 031162100 1,586 9,768 SH   SOLE   0 0 9,768
ANALOG DEVICES INC COM 032654105 955 17,267 SH   SOLE   0 0 17,267
ANNALY CAPITAL MANAGEMENT INC COM 035710409 188 20,000 SH   SOLE   0 0 20,000
ANWORTH MORTGAGE ASSET CORP COM 037347101 1,651 379,600 SH   SOLE   0 0 379,600
APPLE INC. COM 037833100 10,378 98,598 SH   SOLE   0 0 98,598
AT&T INC COM 00206R102 1,583 46,007 SH   SOLE   0 0 46,007
BERKSHIRE HATHAWAY INC - CLASS COM 084670702 690 5,225 SH   SOLE   0 0 5,225
BGC PARTNERS INC-CL A COM 05541T101 7,323 746,483 SH   SOLE   0 0 746,483
BJ'S RESTAURANTS INC COM 09180C106 319 7,333 SH   SOLE   0 0 7,333
BP P.L.C. ADR (fmly BP Amoco P COM 055622104 1,629 52,109 SH   SOLE   0 0 52,109
BRISTOL MYERS SQUIBB COM COM 110122108 3,535 51,395 SH   SOLE   0 0 51,395
CALLIDUS SOFTWARE INC COM 13123E500 4,582 246,725 SH   SOLE   0 0 246,725
CANADIAN NATL RAILWAY CO COM 136375102 2,109 37,750 SH   SOLE   0 0 37,750
CELGENE CORP COM 151020104 7,397 61,769 SH   SOLE   0 0 61,769
CELLDEX THERAPEUTICS INC COM 15117B103 922 58,790 SH   SOLE   0 0 58,790
CHECK POINT SOFTWARE TECH COM M22465104 6,797 83,519 SH   SOLE   0 0 83,519
CHEVRON CORP (fmly ChevronTexa COM 166764100 2,062 22,918 SH   SOLE   0 0 22,918
COCA COLA COMPANY COM 191216100 738 17,175 SH   SOLE   0 0 17,175
COMCAST CORP NEW CLASS A SPECI COM 20030N200 290 5,000 SH   SOLE   0 0 5,000
CONOCOPHILLIPS COM 20825C104 2,056 44,037 SH   SOLE   0 0 44,037
CVS HEALTH CORP COM 126650100 263 2,692 SH   SOLE   0 0 2,692
DUKE ENERGY CORP-NEW COM 26441C204 1,055 14,775 SH   SOLE   0 0 14,775
EAST WEST BANCORP INC COM 27579R104 1,383 33,275 SH   SOLE   0 0 33,275
ENERGOUS CORP COM 29272C103 7,761 981,150 SH   SOLE   0 0 981,150
EQUIFAX INC. COM 294429105 278 2,500 SH   SOLE   0 0 2,500
EQUITY RESIDENTIAL- fka Equity COM 29476L107 245 3,000 SH   SOLE   0 0 3,000
EURONAV NV COM B38564108 4,250 310,000 SH   SOLE   0 0 310,000
EURONET WORLDWIDE INC COM 298736109 235 3,250 SH   SOLE   0 0 3,250
EXPRESS SCRIPTS HOLDING COMPAN COM 30219G108 308 3,528 SH   SOLE   0 0 3,528
EXXON MOBIL CORPORATION COM 30231G102 1,403 17,999 SH   SOLE   0 0 17,999
FIRST NIAGARA FINANCIAL GROUP, COM 33582V108 126 11,652 SH   SOLE   0 0 11,652
FIRST POTOMAC REALTY TRUST COM 33610f109 3,908 342,800 SH   SOLE   0 0 342,800
FIVE PRIME THERAPEUTICS INC COM 33830X104 255 6,150 SH   SOLE   0 0 6,150
FRONTIER COMMUNICATIONS CORP COM 35906A108 4,270 914,360 SH   SOLE   0 0 914,360
GENERAL DYNAMICS CORP COM 369550108 275 2,000 SH   SOLE   0 0 2,000
GENERAL ELECTRIC CO COM 369604103 2,572 82,560 SH   SOLE   0 0 82,560
GILEAD SCIENCES INC. COM 375558103 7,841 77,486 SH   SOLE   0 0 77,486
HALLIBURTON CO. COM 406216101 2,000 58,762 SH   SOLE   0 0 58,762
HALOZYME THERAPEAUTICS INC COM 40637h109 899 51,850 SH   SOLE   0 0 51,850
HONEYWELL INTERNATIONAL INC COM 438516106 422 4,075 SH   SOLE   0 0 4,075
INTEL CORP COM COM 458140100 1,785 51,828 SH   SOLE   0 0 51,828
INTERNATIONAL BUSINESS MACHINE COM 459200101 993 7,219 SH   SOLE   0 0 7,219
J.P. MORGAN CHASE & CO COM 46625H100 261 3,952 SH   SOLE   0 0 3,952
JOHNSON & JOHNSON COM 478160104 4,765 46,389 SH   SOLE   0 0 46,389
KIMBERLY CLARK COM 494368103 766 6,020 SH   SOLE   0 0 6,020
LEXINGTON REALTY TRUST COM 529043101 4,379 547,401 SH   SOLE   0 0 547,401
LILLY ELI & CO COM COM 532457108 240 2,850 SH   SOLE   0 0 2,850
LOCKHEED MARTIN CORPORATION COM 539830109 1,357 6,250 SH   SOLE   0 0 6,250
LOWES COMPANIES INC. COM 548661107 400 5,254 SH   SOLE   0 0 5,254
MACROGENICS INC COM 556099109 909 29,350 SH   SOLE   0 0 29,350
MARATHON PETROLEUM CORP COM 56585A102 2,449 47,240 SH   SOLE   0 0 47,240
MERCK and CO INC COM 58933Y105 3,214 60,855 SH   SOLE   0 0 60,855
MICROCHIP TECHNOLOGY INC COM 595017104 5,432 116,720 SH   SOLE   0 0 116,720
MICROSOFT COM 594918104 390 7,021 SH   SOLE   0 0 7,021
MIDDLEBY CORP COM 596278101 388 3,600 SH   SOLE   0 0 3,600
MONDELEZ INTERNATIONAL -W/I COM 609207105 2,066 46,067 SH   SOLE   0 0 46,067
NESTLE SA - SPONS ADR FOR REG COM 641069406 298 4,000 SH   SOLE   0 0 4,000
NEW RESIDENTIAL COM 64828T201 2,253 185,296 SH   SOLE   0 0 185,296
NEW SENIOR INVESTMENT GROUP COM 648691103 4,400 446,200 SH   SOLE   0 0 446,200
NIKE INC CL B COM 654106103 843 13,496 SH   SOLE   0 0 13,496
NORDIC AMERICAN TANKERS LTD COM g65773106 4,557 293,250 SH   SOLE   0 0 293,250
NORTHROP GRUMMAN CORP COM 666807102 486 2,575 SH   SOLE   0 0 2,575
NOVARTIS AG-ADR COM 66987V109 398 4,625 SH   SOLE   0 0 4,625
PEPSICO INC COM COM 713448108 1,271 12,716 SH   SOLE   0 0 12,716
PFIZER INC. COM 717081103 1,913 59,258 SH   SOLE   0 0 59,258
PHILLIP MORRIS INTERNATIONAL COM 718172109 674 7,664 SH   SOLE   0 0 7,664
PHILLIPS 66 COM 718546104 3,131 38,280 SH   SOLE   0 0 38,280
PROCTER & GAMBLE CO. COM 742718109 1,001 12,610 SH   SOLE   0 0 12,610
PUBLIC STORAGE COM 74460D109 503 2,030 SH   SOLE   0 0 2,030
QUALCOMM INC COM 747525103 626 12,525 SH   SOLE   0 0 12,525
RAYTHEON COMPANY COM 755111507 274 2,198 SH   SOLE   0 0 2,198
REDWOOD TRUST INC COM 758075402 1,513 114,617 SH   SOLE   0 0 114,617
ROCHE HOLDINGS-SPONS ADR COM 771195104 242 7,000 SH   SOLE   0 0 7,000
SCHLUMBERGER LTD COM COM 806857108 467 6,689 SH   SOLE   0 0 6,689
SCHWAB (CHARLES) CORP COM 808513105 451 13,700 SH   SOLE   0 0 13,700
SHIP FINANCE INTL LTD COM G81075106 9,716 586,384 SH   SOLE   0 0 586,384
SPECTRA ENERGY CORP COM 847560109 768 32,067 SH   SOLE   0 0 32,067
SPRAGUE RESOURCES LP COM 849343108 3,202 158,750 SH   SOLE   0 0 158,750
STANLEY BLACK & DECKER INC COM 854502101 231 2,164 SH   SOLE   0 0 2,164
STARBUCKS CORP COM 855244109 5,074 84,528 SH   SOLE   0 0 84,528
STARWOOD PROPERTY TRUST INC COM 85571B105 206 10,000 SH   SOLE   0 0 10,000
T-MOBILE US INC COM 872590104 316 8,070 SH   SOLE   0 0 8,070
TEVA PHARMACEUTICAL-SP ADR COM 881624209 843 12,850 SH   SOLE   0 0 12,850
TEXAS INSTRUMENTS INC. COM 882508104 727 13,260 SH   SOLE   0 0 13,260
THE KRAFT HEINZ CO COM 500754106 1,677 23,048 SH   SOLE   0 0 23,048
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 790 18,525 SH   SOLE   0 0 18,525
VERIZON COMMUNICATIONS-fmly Be COM 92343V104 1,231 26,627 SH   SOLE   0 0 26,627
VERTEX PHARMACEUTICALS INC COM 92532F100 1,183 9,400 SH   SOLE   0 0 9,400
VF CORP COM 918204108 249 4,000 SH   SOLE   0 0 4,000
WABTEC CORP COM 929740108 284 4,000 SH   SOLE   0 0 4,000
WALT DISNEY COMPANY, THE COM 254687106 1,737 16,530 SH   SOLE   0 0 16,530
WELLS FARGO COMPANY COM 949746101 1,018 18,732 SH   SOLE   0 0 18,732
WYNN RESORTS LTD COM 983134107 313 4,525 SH   SOLE   0 0 4,525
XILINX INC COM 983919101 202 4,300 SH   SOLE   0 0 4,300
COUNTRYWIDE CAPITAL V PFD 222388209 2,511 97,976 SH   SOLE   0 0 97,976
MORGAN STANLEY CAP TR III 6.25 PFD 617460209 3,434 134,775 SH   SOLE   0 0 134,775
TRANSTEXAS GAS CORP SR PFD SER PFD 893895607 0 41,140 SH   SOLE   0 0 41,140