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 744 4,465 SH   SOLE   0 0 4,465
ACHILLION PHARMACEUTICALS COM 00448Q201 862 111,650 SH   SOLE   0 0 111,650
AIR PRODUCTS & CHEMICALS INC COM 009158106 370 2,567 SH   SOLE   0 0 2,567
ALPHABET INC - CL A COM 02079k305 3,938 5,162 SH   SOLE   0 0 5,162
ALPHABET INC - CL C COM 02079K107 4,088 5,488 SH   SOLE   0 0 5,488
ALTRIA GROUP (fka Philip Morri COM 02209S103 1,005 16,040 SH   SOLE   0 0 16,040
AMERICAN EXPRESS CO. COM 025816109 218 3,547 SH   SOLE   0 0 3,547
AMGEN INC. COM 031162100 1,487 9,918 SH   SOLE   0 0 9,918
ANALOG DEVICES INC COM 032654105 1,022 17,267 SH   SOLE   0 0 17,267
ANNALY CAPITAL MANAGEMENT INC COM 035710409 308 30,000 SH   SOLE   0 0 30,000
ANWORTH MORTGAGE ASSET CORP COM 037347101 1,816 389,600 SH   SOLE   0 0 389,600
APPLE INC. COM 037833100 10,607 97,318 SH   SOLE   0 0 97,318
AT&T INC COM 00206R102 1,802 46,007 SH   SOLE   0 0 46,007
BERKSHIRE HATHAWAY INC - CLASS COM 084670702 741 5,225 SH   SOLE   0 0 5,225
BGC PARTNERS INC-CL A COM 05541T101 6,765 747,483 SH   SOLE   0 0 747,483
BJ'S RESTAURANTS INC COM 09180C106 305 7,333 SH   SOLE   0 0 7,333
BP P.L.C. ADR (fmly BP Amoco P COM 055622104 1,479 49,009 SH   SOLE   0 0 49,009
BRISTOL MYERS SQUIBB COM COM 110122108 3,283 51,395 SH   SOLE   0 0 51,395
CALLIDUS SOFTWARE INC COM 13123E500 4,196 251,575 SH   SOLE   0 0 251,575
CALLON PETROLEUM CO COM 13123X102 184 20,775 SH   SOLE   0 0 20,775
CANADIAN NATL RAILWAY CO COM 136375102 2,358 37,750 SH   SOLE   0 0 37,750
CELGENE CORP COM 151020104 5,642 56,369 SH   SOLE   0 0 56,369
CHECK POINT SOFTWARE TECH COM M22465104 7,279 83,219 SH   SOLE   0 0 83,219
CHEVRON CORP (fmly ChevronTexa COM 166764100 2,186 22,918 SH   SOLE   0 0 22,918
COCA COLA COMPANY COM 191216100 785 16,925 SH   SOLE   0 0 16,925
COMCAST CORP NEW CLASS A SPECI COM 20030N200 290 5,000 SH   SOLE   0 0 5,000
CONOCOPHILLIPS COM 20825C104 321 7,960 SH   SOLE   0 0 7,960
CVS HEALTH CORP COM 126650100 279 2,692 SH   SOLE   0 0 2,692
DUKE ENERGY CORP-NEW COM 26441C204 1,192 14,775 SH   SOLE   0 0 14,775
EAST WEST BANCORP INC COM 27579R104 1,081 33,275 SH   SOLE   0 0 33,275
ENERGOUS CORP COM 29272C103 7,449 737,500 SH   SOLE   0 0 737,500
EQUIFAX INC. COM 294429105 286 2,500 SH   SOLE   0 0 2,500
EQUITY RESIDENTIAL- fka Equity COM 29476L107 225 3,000 SH   SOLE   0 0 3,000
EURONAV NV COM B38564108 7,397 722,400 SH   SOLE   0 0 722,400
EXXON MOBIL CORPORATION COM 30231G102 1,505 17,999 SH   SOLE   0 0 17,999
FIRST NIAGARA FINANCIAL GROUP, COM 33582V108 113 11,652 SH   SOLE   0 0 11,652
FIRST POTOMAC REALTY TRUST COM 33610f109 229 25,300 SH   SOLE   0 0 25,300
FIVE PRIME THERAPEUTICS INC COM 33830X104 250 6,150 SH   SOLE   0 0 6,150
FRONTIER COMMUNICATIONS CORP COM 35906A108 5,097 911,860 SH   SOLE   0 0 911,860
GENERAL DYNAMICS CORP COM 369550108 263 2,000 SH   SOLE   0 0 2,000
GENERAL ELECTRIC CO COM 369604103 2,625 82,560 SH   SOLE   0 0 82,560
GILEAD SCIENCES INC. COM 375558103 6,386 69,521 SH   SOLE   0 0 69,521
HALLIBURTON CO. COM 406216101 2,099 58,762 SH   SOLE   0 0 58,762
HALOZYME THERAPEAUTICS INC COM 40637h109 1,027 108,400 SH   SOLE   0 0 108,400
HONEYWELL INTERNATIONAL INC COM 438516106 457 4,075 SH   SOLE   0 0 4,075
INTEL CORP COM COM 458140100 1,677 51,828 SH   SOLE   0 0 51,828
INTERNATIONAL BUSINESS MACHINE COM 459200101 976 6,444 SH   SOLE   0 0 6,444
J.P. MORGAN CHASE & CO COM 46625H100 234 3,952 SH   SOLE   0 0 3,952
JOHNSON & JOHNSON COM 478160104 4,965 45,889 SH   SOLE   0 0 45,889
KIMBERLY CLARK COM 494368103 810 6,020 SH   SOLE   0 0 6,020
LEXINGTON REALTY TRUST COM 529043101 6,115 711,034 SH   SOLE   0 0 711,034
LILLY ELI & CO COM COM 532457108 205 2,850 SH   SOLE   0 0 2,850
LOCKHEED MARTIN CORPORATION COM 539830109 1,384 6,250 SH   SOLE   0 0 6,250
LOWES COMPANIES INC. COM 548661107 398 5,254 SH   SOLE   0 0 5,254
MACROGENICS INC COM 556099109 435 23,200 SH   SOLE   0 0 23,200
MARATHON PETROLEUM CORP COM 56585A102 1,422 38,240 SH   SOLE   0 0 38,240
MERCK and CO INC COM 58933Y105 3,188 60,255 SH   SOLE   0 0 60,255
MICROCHIP TECHNOLOGY INC COM 595017104 5,626 116,720 SH   SOLE   0 0 116,720
MICROSOFT COM 594918104 388 7,021 SH   SOLE   0 0 7,021
MIDDLEBY CORP COM 596278101 384 3,600 SH   SOLE   0 0 3,600
MONDELEZ INTERNATIONAL -W/I COM 609207105 1,848 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
NETFLIX INC COM 64110L106 286 2,800 SH   SOLE   0 0 2,800
NEW RESIDENTIAL COM 64828T201 5,000 429,896 SH   SOLE   0 0 429,896
NEW SENIOR INVESTMENT GROUP COM 648691103 5,808 563,900 SH   SOLE   0 0 563,900
NIKE INC CL B COM 654106103 1,045 16,996 SH   SOLE   0 0 16,996
NORDIC AMERICAN TANKERS LTD COM g65773106 3,168 224,850 SH   SOLE   0 0 224,850
NORTHROP GRUMMAN CORP COM 666807102 490 2,475 SH   SOLE   0 0 2,475
PARSLEY ENERGY INC-CLASS A COM 701877102 270 11,950 SH   SOLE   0 0 11,950
PEPSICO INC COM COM 713448108 1,303 12,716 SH   SOLE   0 0 12,716
PFIZER INC. COM 717081103 1,756 59,258 SH   SOLE   0 0 59,258
PHILLIP MORRIS INTERNATIONAL COM 718172109 752 7,664 SH   SOLE   0 0 7,664
PHILLIPS 66 COM 718546104 3,291 38,005 SH   SOLE   0 0 38,005
PROCTER & GAMBLE CO. COM 742718109 1,038 12,610 SH   SOLE   0 0 12,610
PUBLIC STORAGE COM 74460D109 560 2,030 SH   SOLE   0 0 2,030
QUALCOMM INC COM 747525103 635 12,425 SH   SOLE   0 0 12,425
RAYTHEON COMPANY COM 755111507 270 2,198 SH   SOLE   0 0 2,198
REDWOOD TRUST INC COM 758075402 1,793 137,117 SH   SOLE   0 0 137,117
ROCHE HOLDINGS-SPONS ADR COM 771195104 216 7,000 SH   SOLE   0 0 7,000
SCHLUMBERGER LTD COM COM 806857108 493 6,689 SH   SOLE   0 0 6,689
SCHWAB (CHARLES) CORP COM 808513105 384 13,700 SH   SOLE   0 0 13,700
SHIP FINANCE INTL LTD COM G81075106 8,007 576,484 SH   SOLE   0 0 576,484
SPECTRA ENERGY CORP COM 847560109 981 32,067 SH   SOLE   0 0 32,067
SPRAGUE RESOURCES LP COM 849343108 2,641 129,150 SH   SOLE   0 0 129,150
STANLEY BLACK & DECKER INC COM 854502101 228 2,164 SH   SOLE   0 0 2,164
STARBUCKS CORP COM 855244109 5,058 84,728 SH   SOLE   0 0 84,728
STARWOOD PROPERTY TRUST INC COM 85571B105 189 10,000 SH   SOLE   0 0 10,000
T-MOBILE US INC COM 872590104 309 8,070 SH   SOLE   0 0 8,070
TEVA PHARMACEUTICAL-SP ADR COM 881624209 688 12,850 SH   SOLE   0 0 12,850
TEXAS INSTRUMENTS INC. COM 882508104 737 12,840 SH   SOLE   0 0 12,840
THE KRAFT HEINZ CO COM 500754106 1,811 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 740 18,225 SH   SOLE   0 0 18,225
VERIZON COMMUNICATIONS-fmly Be COM 92343V104 1,432 26,477 SH   SOLE   0 0 26,477
VERTEX PHARMACEUTICALS INC COM 92532F100 747 9,400 SH   SOLE   0 0 9,400
VF CORP COM 918204108 259 4,000 SH   SOLE   0 0 4,000
WABTEC CORP COM 929740108 317 4,000 SH   SOLE   0 0 4,000
WALT DISNEY COMPANY, THE COM 254687106 1,324 13,330 SH   SOLE   0 0 13,330
WELLS FARGO COMPANY COM 949746101 906 18,732 SH   SOLE   0 0 18,732
WYNN RESORTS LTD COM 983134107 441 4,725 SH   SOLE   0 0 4,725
XILINX INC COM 983919101 204 4,300 SH   SOLE   0 0 4,300
COUNTRYWIDE CAPITAL V PFD 222388209 2,510 97,476 SH   SOLE   0 0 97,476
MORGAN STANLEY CAP TR III 6.25 PFD 617460209 3,444 134,175 SH   SOLE   0 0 134,175
TRANSTEXAS GAS CORP SR PFD SER PFD 893895607 0 41,140 SH   SOLE   0 0 41,140