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
ALLERGAN PLC 5.5% PFD G0177J116 5,426 6,605 SH   SOLE   6,605 0 0
AMERICAN CAPITAL AGENCY CORP P PFD 02503X303 724 28,200 SH   SOLE   28,200 0 0
BGC PARTNERS INC SR NTS 8.125% PFD 05541T408 707 27,254 SH   SOLE   27,254 0 0
COLONY FINANCIAL INC SER A 8.5 PFD 19624R205 1,422 55,450 SH   SOLE   55,450 0 0
COLONY FINANCIAL INC SER B 7.5 PFD 19624R304 1,146 45,550 SH   SOLE   45,550 0 0
CORPORATE OFFICE PPTYS TR PFD PFD 22002T884 262 10,100 SH   SOLE   10,100 0 0
GMAC CAP TR I SER 2 CPN-8.125% PFD 361860208 2,754 108,400 SH   SOLE   108,400 0 0
GOLDMAN SACHS GROUP INC. PFD S PFD 38148B504 1,534 56,605 SH   SOLE   56,605 0 0
GRAMERCY PROPERTY TRUST SER A PFD 385002209 683 25,500 SH   SOLE   25,500 0 0
HERSHA HOSPITALITY TRUST SER D PFD 427825609 499 19,650 SH   SOLE   19,650 0 0
KKR FINL HLDGS LLC PFD SER A L PFD 48248A603 543 20,310 SH   SOLE   20,310 0 0
MORGAN STANLEY PRD G 6.625% 7- PFD 61762V507 1,248 44,700 SH   SOLE   44,700 0 0
NORTHSTAR REALTY FINANCE PREF PFD 66704R506 454 17,800 SH   SOLE   17,800 0 0
NORTHSTAR REALTY FINANCE PREF PFD 66705V209 1,158 45,000 SH   SOLE   45,000 0 0
PEBBLEBROOK HOTEL TR PFD SER C PFD 70509V407 500 19,300 SH   SOLE   19,300 0 0
PRIVATEBANCORP 10% PFD 74272L208 688 26,126 SH   SOLE   26,126 0 0
REALTY INCOME CORP PREF F 6.62 PFD 756109807 412 15,800 SH   SOLE   15,800 0 0
STAG INDL INC CUM RED PRD SER PFD 85254J409 969 36,000 SH   SOLE   36,000 0 0
STAG INDUSTRIAL INC 9% PFD 85254J201 390 15,500 SH   SOLE   15,500 0 0
STAG INDUSTRIAL PRF SER B 6.62 PFD 85254J300 783 30,500 SH   SOLE   30,500 0 0
TEVA PHARMACEUTICAL 7% PFD M8769Q136 3,329 4,093 SH   SOLE   4,093 0 0
AETNA COM 00817Y108 6,680 57,860 SH   SOLE   57,860 0 0
AIR LIQUIDE SA COM F01764103 609 5,684 SH   SOLE   5,684 0 0
AK STEEL HLDG CORP COM 001547108 229 47,500 SH   SOLE   47,500 0 0
ALPHABET INC CL C COM 02079K107 7,645 9,836 SH   SOLE   9,836 0 0
AMAZON.COM COM 023135106 10,898 13,016 SH   SOLE   13,016 0 0
AMERICAN INTL GROUP INC. NEW COM 026874784 237 4,000 SH   SOLE   4,000 0 0
ANADARKO PETROLEUM COM 032511107 2,892 45,650 SH   SOLE   45,650 0 0
ANHEUSER-BUSCH INBEV-SPN ADR COM 03524A108 447 3,400 SH   SOLE   3,400 0 0
APPLE COM 037833100 11,123 98,388 SH   SOLE   98,388 0 0
ARAMARK COM 03852U106 7,725 203,120 SH   SOLE   203,120 0 0
AT&T COM 00206R102 462 11,379 SH   SOLE   11,379 0 0
BANK OF AMERICA COM 060505104 7,111 454,350 SH   SOLE   454,350 0 0
BEARD COM 07384R408 0 13,800 SH   SOLE   13,800 0 0
BERKSHIRE HATHAWAY DEL CL A COM 084670108 649 3 SH   SOLE   3 0 0
BGC PARTNERS INC COM 05541T101 6,245 713,725 SH   SOLE   713,725 0 0
BLACKHAWK CAP GROUP BDC COM 09236T103 0 24,000 SH   SOLE   24,000 0 0
BOEING COM 097023105 329 2,500 SH   SOLE   2,500 0 0
BRITISH AMERICAN TOB-SP ADR COM 110448107 638 5,000 SH   SOLE   5,000 0 0
BUREAU VERITAS SA COM F96888114 322 15,000 SH   SOLE   15,000 0 0
CBS CORP CL B COM 124857202 10,171 185,799 SH   SOLE   185,799 0 0
CHOCOLADEFABRIKEN LINDT COM H49983184 260 45 SH   SOLE   45 0 0
CIGNA CORP COM COM 125509109 1,759 13,500 SH   SOLE   13,500 0 0
CISCO SYSTEMS COM 17275R102 6,211 195,820 SH   SOLE   195,820 0 0
CITIGROUP INC. COM 172967424 5,016 106,205 SH   SOLE   106,205 0 0
COLONY CAPITAL, INC. COM 19624R106 10,025 549,898 SH   SOLE   549,898 0 0
COMCAST CL A COM 20030N101 4,643 69,990 SH   SOLE   69,990 0 0
COSTCO WHSL COM 22160K105 480 3,150 SH   SOLE   3,150 0 0
CVS CAREMARK COM 126650100 3,843 43,180 SH   SOLE   43,180 0 0
DANAHER CORP COM 235851102 3,815 48,667 SH   SOLE   48,667 0 0
DANONE SPONSORED ADR COM 23636T100 148 10,000 SH   SOLE   10,000 0 0
DELTA AIR LINES INC COM 247361702 5,383 136,755 SH   SOLE   136,755 0 0
DIAGEO PLC COM 25243Q205 528 4,550 SH   SOLE   4,550 0 0
DOLLAR GENERAL CORP COM 256677105 4,169 59,572 SH   SOLE   59,572 0 0
ENTERPRISE PRODUCTION PARTNERS COM 293792107 235 8,500 SH   SOLE   8,500 0 0
ESSILOR INTERNATIONAL COM F31668100 612 4,749 SH   SOLE   4,749 0 0
EXXON COM 30231G102 315 3,605 SH   SOLE   3,605 0 0
FORTIVE CORP COM 34959J108 1,926 37,837 SH   SOLE   37,837 0 0
FREEPORT MCMORAN, INC. CL B COM 35671D857 728 67,000 SH   SOLE   67,000 0 0
FRESENIUS MEDICAL CARE-ADR COM 358029106 359 8,200 SH   SOLE   8,200 0 0
GILEAD SCIENCES COM 375558103 5,193 65,640 SH   SOLE   65,640 0 0
GRIFOLS SA /EUR/ COM E8347C103 438 20,346 SH   SOLE   20,346 0 0
HONEYWELL INTL INC COM 438516106 2,435 20,885 SH   SOLE   20,885 0 0
INCYTE COM 45337C102 3,738 39,650 SH   SOLE   39,650 0 0
J C PENNEY INC COM 708160106 394 42,700 SH   SOLE   42,700 0 0
JOHNSON & JOHNSON COM 478160104 505 4,276 SH   SOLE   4,276 0 0
KINDER MORGAN INC COM 49456B101 1,338 57,848 SH   SOLE   57,848 0 0
KITE PHARMA INC COM 49803L109 2,184 39,100 SH   SOLE   39,100 0 0
LEXINGTON REALTY TR COM 529043101 8,599 834,825 SH   SOLE   834,825 0 0
LIBERTY INTERACTIVE CORPORATIO COM 53071M104 311 15,544 SH   SOLE   15,544 0 0
LIBERTY MEDIA CORP SIRIUSXM GR COM 531229607 235 7,028 SH   SOLE   7,028 0 0
MCDONALDS COM 580135101 237 2,052 SH   SOLE   2,052 0 0
MEDLEY CAP COM 58503F106 1,171 153,500 SH   SOLE   153,500 0 0
MEMORIAL PRODUCTION PARTNERS L COM 586048100 44 25,000 SH   SOLE   25,000 0 0
MERCK & CO INC COM 58933Y105 2,315 37,100 SH   SOLE   37,100 0 0
MICROSOFT COM 594918104 358 6,212 SH   SOLE   6,212 0 0
MONSANTO COM 61166W101 429 4,200 SH   SOLE   4,200 0 0
NESTLE SA COM 641069406 474 6,000 SH   SOLE   6,000 0 0
NEW MEDIA INVESTMENT GROUP INC COM 64704V106 4,822 311,075 SH   SOLE   311,075 0 0
NEW SENIOR INVESTMENT GROUP IN COM 648691103 5,630 487,850 SH   SOLE   487,850 0 0
NEW YORK COMMUNITY BANCORP COM 649445103 1,605 112,800 SH   SOLE   112,800 0 0
NEWCASTLE INVESTMENT CORPORATI COM 65105M603 217 47,900 SH   SOLE   47,900 0 0
NOVO-NORDISK A/S-SPONS ADR COM 670100205 312 7,500 SH   SOLE   7,500 0 0
OPKO HEALTH INC COM COM 68375N103 275 26,000 SH   SOLE   26,000 0 0
ORASURE TECHNOLOGIES COM 68554V108 120 15,000 SH   SOLE   15,000 0 0
PADDY POWER PLC COM G68673113 226 2,000 SH   SOLE   2,000 0 0
PAYPAL HOLDINGS INC COM 70450Y103 209 5,100 SH   SOLE   5,100 0 0
PERNOD-RICARD SA-UNSPON ADR COM 714264207 264 11,200 SH   SOLE   11,200 0 0
PFIZER COM 717081103 552 16,300 SH   SOLE   16,300 0 0
PHILIP MORRIS COM 718172109 486 5,000 SH   SOLE   5,000 0 0
RECKITT BENCKISER-SPON ADR COM 756255204 479 25,000 SH   SOLE   25,000 0 0
RESOURCE CAPITAL COM 76120W708 216 16,875 SH   SOLE   16,875 0 0
ROCHE HOLDINGS LTD-SPONS ADR COM 771195104 573 18,500 SH   SOLE   18,500 0 0
ROYAL BANK OF CANADA COM 780087102 429 6,931 SH   SOLE   6,931 0 0
RSTK CELLICON BIOTECH SER A COM 150990448 0 100,000 SH   SOLE   100,000 0 0
RSTK FULCRUM PHARM COM 359994217 0 20,000 SH   SOLE   20,000 0 0
RSTK TRIAD BIOTECHNOLOGY COM 898994108 0 60,000 SH   SOLE   60,000 0 0
SABMILLER PLC-SPONS ADR COM 78572M105 581 10,000 SH   SOLE   10,000 0 0
SGS SA COM 818800104 417 18,700 SH   SOLE   18,700 0 0
SPDR GOLD TRUST COM 78463V107 892 7,100 SH   SOLE   7,100 0 0
SPECTRA ENERGY CORP COM 847560109 221 5,160 SH   SOLE   5,160 0 0
STAG INDUSTRIAL INC COM 85254J102 672 27,400 SH   SOLE   27,400 0 0
STARWOOD PROPERTY TRUST INC COM 85571B105 3,983 176,875 SH   SOLE   176,875 0 0
TEVA PHARMACEUTICAL COM 881624209 983 21,370 SH   SOLE   21,370 0 0
THL CREDIT INC COM 872438106 2,281 239,350 SH   SOLE   239,350 0 0
TITAN ENERGY LLC COM 88829M105 347 11,763 SH   SOLE   11,763 0 0
ULTRALIFE BATTERIES COM 903899102 101 24,600 SH   SOLE   24,600 0 0
UNILEVER N V -NY SHARES COM 904784709 599 13,000 SH   SOLE   13,000 0 0
VERIZON COMMUNICATIONS COM 92343V104 436 8,381 SH   SOLE   8,381 0 0
VODAFONE GROUP PLC COM 92857W308 2,716 93,160 SH   SOLE   93,160 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 3,299 40,915 SH   SOLE   40,915 0 0
WALT DISNEY COMPANY HOLDING COM 254687106 344 3,703 SH   SOLE   3,703 0 0
WELLS FARGO COM 949746101 509 11,500 SH   SOLE   11,500 0 0
WESTERN GAS PARTNERS COM 958254104 1,680 30,525 SH   SOLE   30,525 0 0
WHITEWAVE FOODS COMPANY COM 966244105 8,048 147,860 SH   SOLE   147,860 0 0