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 694 3,965 SH   SOLE   0 0 3,965
ACHILLION PHARMACEUTICALS COM 00448Q201 826 105,850 SH   SOLE   0 0 105,850
AIR PRODUCTS & CHEMICALS INC COM 009158106 365 2,567 SH   SOLE   0 0 2,567
ALPHABET INC - CL A COM 02079k305 3,410 4,847 SH   SOLE   0 0 4,847
ALPHABET INC - CL C COM 02079K107 3,580 5,173 SH   SOLE   0 0 5,173
ALTRIA GROUP (fka Philip Morri COM 02209S103 1,106 16,040 SH   SOLE   0 0 16,040
AMERICAN EXPRESS CO. COM 025816109 216 3,547 SH   SOLE   0 0 3,547
AMGEN INC. COM 031162100 1,641 10,783 SH   SOLE   0 0 10,783
ANALOG DEVICES INC COM 032654105 978 17,267 SH   SOLE   0 0 17,267
ANNALY CAPITAL MANAGEMENT INC COM 035710409 332 30,000 SH   SOLE   0 0 30,000
ANWORTH MORTGAGE ASSET CORP COM 037347101 1,784 379,600 SH   SOLE   0 0 379,600
APPLE INC. COM 037833100 9,240 96,653 SH   SOLE   0 0 96,653
AT&T INC COM 00206R102 1,772 41,007 SH   SOLE   0 0 41,007
BERKSHIRE HATHAWAY INC - CLASS COM 084670702 757 5,225 SH   SOLE   0 0 5,225
BGC PARTNERS INC-CL A COM 05541T101 6,410 735,883 SH   SOLE   0 0 735,883
BJ'S RESTAURANTS INC COM 09180C106 321 7,333 SH   SOLE   0 0 7,333
BP P.L.C. ADR (fmly BP Amoco P COM 055622104 1,444 40,675 SH   SOLE   0 0 40,675
BRISTOL MYERS SQUIBB COM COM 110122108 3,729 50,695 SH   SOLE   0 0 50,695
CALLIDUS SOFTWARE INC COM 13123E500 4,087 204,575 SH   SOLE   0 0 204,575
CALLON PETROLEUM CO COM 13123X102 233 20,775 SH   SOLE   0 0 20,775
CANADIAN NATL RAILWAY CO COM 136375102 995 16,850 SH   SOLE   0 0 16,850
CAPSTEAD MORTGAGE CORP COM 14067E506 485 50,000 SH   SOLE   0 0 50,000
CELGENE CORP COM 151020104 5,486 55,619 SH   SOLE   0 0 55,619
CHECK POINT SOFTWARE TECH COM M22465104 6,320 79,319 SH   SOLE   0 0 79,319
CHEVRON CORP (fmly ChevronTexa COM 166764100 2,309 22,028 SH   SOLE   0 0 22,028
COCA COLA COMPANY COM 191216100 749 16,525 SH   SOLE   0 0 16,525
COMCAST CORP NEW CLASS A SPECI COM 20030N200 290 5,000 SH   SOLE   0 0 5,000
CONOCOPHILLIPS COM 20825C104 347 7,960 SH   SOLE   0 0 7,960
CYS INVESTMENTS INC COM 12673A108 372 44,450 SH   SOLE   0 0 44,450
DUKE ENERGY CORP-NEW COM 26441C204 1,268 14,775 SH   SOLE   0 0 14,775
EAST WEST BANCORP INC COM 27579R104 1,137 33,275 SH   SOLE   0 0 33,275
ENERGOUS CORP COM 29272C103 6,305 486,900 SH   SOLE   0 0 486,900
EQUIFAX INC. COM 294429105 321 2,500 SH   SOLE   0 0 2,500
EQUITY RESIDENTIAL- fka Equity COM 29476L107 207 3,000 SH   SOLE   0 0 3,000
EURONAV NV COM B38564108 9,177 1,000,750 SH   SOLE   0 0 1,000,750
EXAR CORP COM 300645108 5,064 629,075 SH   SOLE   0 0 629,075
EXXON MOBIL CORPORATION COM 30231G102 1,687 17,999 SH   SOLE   0 0 17,999
FIBROGEN INC COM 31572Q808 319 19,425 SH   SOLE   0 0 19,425
FIRST NIAGARA FINANCIAL GROUP/ COM 33582V108 113 11,652 SH   SOLE   0 0 11,652
FIVE PRIME THERAPEUTICS INC COM 33830X104 254 6,150 SH   SOLE   0 0 6,150
FRONTIER COMMUNICATIONS CORP COM 35906A108 4,470 904,860 SH   SOLE   0 0 904,860
GASTAR EXPLORATION, INC. COM 367299203 110 100,000 SH   SOLE   0 0 100,000
GENERAL DYNAMICS CORP COM 369550108 278 2,000 SH   SOLE   0 0 2,000
GENERAL ELECTRIC CO COM 369604103 2,494 79,210 SH   SOLE   0 0 79,210
GILEAD SCIENCES INC. COM 375558103 5,735 68,746 SH   SOLE   0 0 68,746
GW PHARMACEUTICALS - ADR COM 36197T103 250 2,725 SH   SOLE   0 0 2,725
HALLIBURTON CO. COM 406216101 2,581 56,987 SH   SOLE   0 0 56,987
HALOZYME THERAPEAUTICS INC COM 40637h109 931 107,900 SH   SOLE   0 0 107,900
HONEYWELL INTERNATIONAL INC COM 438516106 474 4,075 SH   SOLE   0 0 4,075
INTEL CORP COM COM 458140100 1,667 50,828 SH   SOLE   0 0 50,828
INTERNATIONAL BUSINESS MACHINE COM 459200101 978 6,444 SH   SOLE   0 0 6,444
J.P. MORGAN CHASE & CO COM 46625H100 205 3,302 SH   SOLE   0 0 3,302
JOHNSON & JOHNSON COM 478160104 5,506 45,389 SH   SOLE   0 0 45,389
KIMBERLY CLARK COM 494368103 807 5,870 SH   SOLE   0 0 5,870
LEXINGTON REALTY TRUST COM 529043101 7,032 695,534 SH   SOLE   0 0 695,534
LILLY ELI & CO COM COM 532457108 224 2,850 SH   SOLE   0 0 2,850
LOCKHEED MARTIN CORPORATION COM 539830109 1,489 6,000 SH   SOLE   0 0 6,000
LOWES COMPANIES INC. COM 548661107 337 4,254 SH   SOLE   0 0 4,254
MACROGENICS INC COM 556099109 626 23,200 SH   SOLE   0 0 23,200
MARATHON PETROLEUM CORP COM 56585A102 1,452 38,240 SH   SOLE   0 0 38,240
MERCK and CO INC COM 58933Y105 3,425 59,455 SH   SOLE   0 0 59,455
MICROCHIP TECHNOLOGY INC COM 595017104 6,024 118,670 SH   SOLE   0 0 118,670
MICROSOFT COM 594918104 359 7,021 SH   SOLE   0 0 7,021
MIDDLEBY CORP COM 596278101 415 3,600 SH   SOLE   0 0 3,600
MONDELEZ INTERNATIONAL -W/I COM 609207105 2,097 46,067 SH   SOLE   0 0 46,067
NESTLE SA - SPONS ADR FOR REG COM 641069406 309 4,000 SH   SOLE   0 0 4,000
NEW RESIDENTIAL COM 64828T201 5,853 422,896 SH   SOLE   0 0 422,896
NEW SENIOR INVESTMENT GROUP COM 648691103 6,004 562,200 SH   SOLE   0 0 562,200
NIKE INC CL B COM 654106103 927 16,796 SH   SOLE   0 0 16,796
NORDIC AMERICAN TANKERS LTD COM g65773106 4,600 331,150 SH   SOLE   0 0 331,150
NORTHROP GRUMMAN CORP COM 666807102 550 2,475 SH   SOLE   0 0 2,475
PARSLEY ENERGY INC-CLASS A COM 701877102 323 11,950 SH   SOLE   0 0 11,950
PEPSICO INC COM COM 713448108 1,347 12,716 SH   SOLE   0 0 12,716
PFIZER INC. COM 717081103 2,071 58,808 SH   SOLE   0 0 58,808
PHILLIP MORRIS INTERNATIONAL COM 718172109 780 7,664 SH   SOLE   0 0 7,664
PHILLIPS 66 COM 718546104 2,410 30,370 SH   SOLE   0 0 30,370
PROCTER & GAMBLE CO. COM 742718109 970 11,460 SH   SOLE   0 0 11,460
PUBLIC STORAGE COM 74460D109 519 2,030 SH   SOLE   0 0 2,030
QUALCOMM INC COM 747525103 612 11,425 SH   SOLE   0 0 11,425
RAYTHEON COMPANY COM 755111507 299 2,198 SH   SOLE   0 0 2,198
REDWOOD TRUST INC COM 758075402 1,873 135,617 SH   SOLE   0 0 135,617
ROCHE HOLDINGS-SPONS ADR COM 771195104 230 7,000 SH   SOLE   0 0 7,000
SCHLUMBERGER LTD COM COM 806857108 529 6,689 SH   SOLE   0 0 6,689
SCHWAB (CHARLES) CORP COM 808513105 347 13,700 SH   SOLE   0 0 13,700
SHIP FINANCE INTL LTD COM G81075106 8,488 575,834 SH   SOLE   0 0 575,834
SPECTRA ENERGY CORP COM 847560109 1,175 32,067 SH   SOLE   0 0 32,067
SPRAGUE RESOURCES LP COM 849343108 1,740 72,150 SH   SOLE   0 0 72,150
STANLEY BLACK & DECKER INC COM 854502101 241 2,164 SH   SOLE   0 0 2,164
STARBUCKS CORP COM 855244109 4,554 79,728 SH   SOLE   0 0 79,728
STARWOOD PROPERTY TRUST INC COM 85571B105 207 10,000 SH   SOLE   0 0 10,000
SYNERGY RESOURCES CORP COM 87164P103 227 34,050 SH   SOLE   0 0 34,050
T-MOBILE US INC COM 872590104 330 7,620 SH   SOLE   0 0 7,620
TEVA PHARMACEUTICAL-SP ADR COM 881624209 633 12,600 SH   SOLE   0 0 12,600
TEXAS INSTRUMENTS INC. COM 882508104 804 12,840 SH   SOLE   0 0 12,840
THE KRAFT HEINZ CO COM 500754106 2,008 22,698 SH   SOLE   0 0 22,698
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 657 16,290 SH   SOLE   0 0 16,290
VERIZON COMMUNICATIONS-fmly Be COM 92343V104 1,478 26,477 SH   SOLE   0 0 26,477
VF CORP COM 918204108 246 4,000 SH   SOLE   0 0 4,000
WABTEC CORP COM 929740108 281 4,000 SH   SOLE   0 0 4,000
WALT DISNEY COMPANY, THE COM 254687106 1,294 13,230 SH   SOLE   0 0 13,230
WELLS FARGO COMPANY COM 949746101 1,555 32,862 SH   SOLE   0 0 32,862
WYNN RESORTS LTD COM 983134107 652 7,195 SH   SOLE   0 0 7,195
COUNTRYWIDE CAPITAL V PFD 222388209 2,527 96,876 SH   SOLE   0 0 96,876
MORGAN STANLEY CAP TR III 6.25 PFD 617460209 3,438 134,175 SH   SOLE   0 0 134,175
TRANSTEXAS GAS CORP SR PFD SER PFD 893895607 0 41,140 SH   SOLE   0 0 41,140