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
AGNC INVESTMENT CORP. SER B 7 PFD 00123Q302 708 28,200 SH   SOLE   28,200 0 0
ALLERGAN PLC 5.5 PFD G0177J116 4,743 6,220 SH   SOLE   6,220 0 0
BGC PARTNERS INC SR NTS 8.125 PFD 05541T408 700 27,254 SH   SOLE   27,254 0 0
COLONY FINANCIAL INC SER A 8.5 PFD 19624R205 1,282 50,750 SH   SOLE   50,750 0 0
COLONY FINANCIAL INC SER B 7.5 PFD 19624R304 1,124 45,550 SH   SOLE   45,550 0 0
CORPORATE OFFICE PPTYS TR PFD PFD 22002T884 255 10,100 SH   SOLE   10,100 0 0
GMAC CAP TR I SER 2 CPN-8.125 PFD 361860208 2,765 108,850 SH   SOLE   108,850 0 0
GOLDMAN SACHS GROUP INC. PFD S PFD 38148B504 1,500 57,505 SH   SOLE   57,505 0 0
GRAMERCY PROPERTY TRUST SER A PFD 385002209 675 25,500 SH   SOLE   25,500 0 0
HERSHA HOSPITALITY TRUST SER D PFD 427825609 444 19,850 SH   SOLE   19,850 0 0
KKR FINL HLDGS LLC PFD SER A L PFD 48248A603 527 20,310 SH   SOLE   20,310 0 0
MORGAN STANLEY PRD G 6.625 7- PFD 61762V507 1,124 44,000 SH   SOLE   44,000 0 0
NORTHSTAR REALTY FINANCE PREF PFD 66704R506 455 17,800 SH   SOLE   17,800 0 0
NORTHSTAR REALTY FINANCE PREF PFD 66705V209 1,105 43,400 SH   SOLE   43,400 0 0
PEBBLEBROOK HOTEL TR PFD SER C PFD 70509V407 468 19,300 SH   SOLE   19,300 0 0
PRIVATEBANCORP 10 PFD 74272L208 626 23,564 SH   SOLE   23,564 0 0
REALTY INCOME CORP PREF F 6.62 PFD 756109807 380 15,100 SH   SOLE   15,100 0 0
STAG INDL INC CUM RED PRD SER PFD 85254J409 847 33,000 SH   SOLE   33,000 0 0
STAG INDUSTRIAL PRF SER B 6.62 PFD 85254J300 731 29,300 SH   SOLE   29,300 0 0
TEVA PHARMACEUTICAL 7 PFD M8769Q136 1,245 1,930 SH   SOLE   1,930 0 0
AETNA COM 00817Y108 6,492 52,350 SH   SOLE   52,350 0 0
AIR LIQUIDE SA COM F01764103 334 3,000 SH   SOLE   3,000 0 0
AK STEEL HLDG CORP COM 001547108 467 45,700 SH   SOLE   45,700 0 0
ALPHABET INC CL C COM 02079K107 7,610 9,860 SH   SOLE   9,860 0 0
AMAZON.COM COM 023135106 9,555 12,742 SH   SOLE   12,742 0 0
ANADARKO PETROLEUM COM 032511107 6,477 92,880 SH   SOLE   92,880 0 0
ANHEUSER-BUSCH INBEV-SPN ADR COM 03524A108 211 2,000 SH   SOLE   2,000 0 0
APPLE COM 037833100 11,505 99,332 SH   SOLE   99,332 0 0
ARAMARK COM 03852U106 6,575 184,070 SH   SOLE   184,070 0 0
BANK OF AMERICA COM 060505104 7,729 349,724 SH   SOLE   349,724 0 0
BEARD COM 07384R408 0 13,800 SH   SOLE   13,800 0 0
BERKSHIRE HATHAWAY DEL CL A COM 084670108 732 3 SH   SOLE   3 0 0
BGC PARTNERS INC COM 05541T101 7,652 747,975 SH   SOLE   747,975 0 0
BLACKHAWK CAP GROUP BDC COM 09236T103 0 24,000 SH   SOLE   24,000 0 0
BRITISH AMERICAN TOB-SP ADR COM 110448107 394 3,500 SH   SOLE   3,500 0 0
CBS CORP CL B COM 124857202 11,227 176,474 SH   SOLE   176,474 0 0
CHANTICLEER HOLDINGS INC COM 15930P404 5 11,000 SH   SOLE   11,000 0 0
CHOCOLADEFABRIKEN LINDT COM H49983184 233 45 SH   SOLE   45 0 0
CIGNA CORP COM COM 125509109 1,557 11,675 SH   SOLE   11,675 0 0
CISCO SYSTEMS COM 17275R102 4,994 165,250 SH   SOLE   165,250 0 0
CITIGROUP INC. COM 172967424 6,012 101,164 SH   SOLE   101,164 0 0
COLONY CAPITAL, INC. COM 19624R106 10,871 536,849 SH   SOLE   536,849 0 0
COMCAST CL A COM 20030N101 5,043 73,040 SH   SOLE   73,040 0 0
COSTCO WHSL COM 22160K105 536 3,350 SH   SOLE   3,350 0 0
CVS CAREMARK COM 126650100 5,395 68,365 SH   SOLE   68,365 0 0
DANAHER CORP COM 235851102 4,855 62,372 SH   SOLE   62,372 0 0
DANONE SPONSORED ADR COM 23636T100 252 20,000 SH   SOLE   20,000 0 0
DEERE and CO COM 244199105 206 2,000 SH   SOLE   2,000 0 0
DELTA AIR LINES INC COM 247361702 6,506 132,255 SH   SOLE   132,255 0 0
DIAGEO PLC COM 25243Q205 416 4,000 SH   SOLE   4,000 0 0
DOLLAR GENERAL CORP COM 256677105 4,629 62,497 SH   SOLE   62,497 0 0
DRIVE SHACK INC COM 262077100 118 31,500 SH   SOLE   31,500 0 0
ENTERPRISE PRODUCTS PARTNERS L COM 293792107 230 8,500 SH   SOLE   8,500 0 0
ESSILOR INTERNATIONAL COM F31668100 340 3,000 SH   SOLE   3,000 0 0
EXXON COM 30231G102 352 3,905 SH   SOLE   3,905 0 0
FORTIVE CORP COM 34959J108 2,351 43,835 SH   SOLE   43,835 0 0
FREEPORT MCMORAN, INC. CL B COM 35671D857 1,268 96,100 SH   SOLE   96,100 0 0
FRESENIUS MEDICAL CARE-ADR COM 358029106 253 6,000 SH   SOLE   6,000 0 0
GENERAL ELECTRIC COM 369604103 237 7,500 SH   SOLE   7,500 0 0
GILEAD SCIENCES COM 375558103 1,733 24,200 SH   SOLE   24,200 0 0
GRIFOLS SA /EUR/ COM E8347C103 306 15,346 SH   SOLE   15,346 0 0
HONEYWELL INTL INC COM 438516106 971 8,385 SH   SOLE   8,385 0 0
INCYTE COM 45337C102 3,639 36,300 SH   SOLE   36,300 0 0
J C PENNEY INC COM 708160106 420 50,500 SH   SOLE   50,500 0 0
JOHNSON & JOHNSON COM 478160104 516 4,476 SH   SOLE   4,476 0 0
KINDER MORGAN INC COM 49456B101 1,400 67,587 SH   SOLE   67,587 0 0
KITE PHARMA INC COM 49803L109 2,090 46,600 SH   SOLE   46,600 0 0
LEXINGTON REALTY TR COM 529043101 8,003 740,975 SH   SOLE   740,975 0 0
LIBERTY INTERACTIVE CORPORATIO COM 53071M104 311 15,544 SH   SOLE   15,544 0 0
LIBERTY MEDIA CORP SIRIUSXM GR COM 531229607 238 7,028 SH   SOLE   7,028 0 0
MCDONALDS COM 580135101 250 2,052 SH   SOLE   2,052 0 0
MCKESSON CORP COM 58155Q103 3,968 28,255 SH   SOLE   28,255 0 0
MEDLEY CAP COM 58503F106 1,003 133,500 SH   SOLE   133,500 0 0
MERCK & CO INC COM 58933Y105 1,778 30,200 SH   SOLE   30,200 0 0
MICROSOFT COM 594918104 473 7,612 SH   SOLE   7,612 0 0
MOLSON COORS BREWING CO CLASS COM 60871R209 4,906 50,420 SH   SOLE   50,420 0 0
MONSANTO COM 61166W101 442 4,200 SH   SOLE   4,200 0 0
NESTLE SA ADR COM 641069406 395 5,500 SH   SOLE   5,500 0 0
NEW MEDIA INVESTMENT GROUP INC COM 64704V106 5,458 341,325 SH   SOLE   341,325 0 0
NEW SENIOR INVESTMENT GROUP IN COM 648691103 4,509 460,600 SH   SOLE   460,600 0 0
NEW YORK COMMUNITY BANCORP COM 649445103 1,236 77,700 SH   SOLE   77,700 0 0
NOVO-NORDISK A/S-SPONS ADR COM 670100205 430 12,000 SH   SOLE   12,000 0 0
OPKO HEALTH INC COM COM 68375N103 242 26,000 SH   SOLE   26,000 0 0
ORASURE TECHNOLOGIES COM 68554V108 132 15,000 SH   SOLE   15,000 0 0
PAYPAL HOLDINGS INC COM 70450Y103 201 5,100 SH   SOLE   5,100 0 0
PERNOD-RICARD SA-UNSPON ADR COM 714264207 216 10,000 SH   SOLE   10,000 0 0
PFIZER COM 717081103 513 15,800 SH   SOLE   15,800 0 0
PHILIP MORRIS COM 718172109 320 3,500 SH   SOLE   3,500 0 0
RECKITT BENCKISER-SPON ADR COM 756255204 336 20,000 SH   SOLE   20,000 0 0
ROCHE HOLDINGS LTD-SPONS ADR COM 771195104 428 15,000 SH   SOLE   15,000 0 0
ROYAL BANK OF CANADA COM 780087102 469 6,931 SH   SOLE   6,931 0 0
SGS SA COM 818800104 304 15,000 SH   SOLE   15,000 0 0
SPDR GOLD TRUST COM 78463V107 230 2,100 SH   SOLE   2,100 0 0
SPECTRA ENERGY CORP COM 847560109 212 5,160 SH   SOLE   5,160 0 0
STAG INDUSTRIAL INC COM 85254J102 602 25,200 SH   SOLE   25,200 0 0
STARWOOD PROPERTY TRUST INC COM 85571B105 3,733 170,075 SH   SOLE   170,075 0 0
TEVA PHARMACEUTICAL COM 881624209 219 6,045 SH   SOLE   6,045 0 0
THL CREDIT INC COM 872438106 3,160 315,700 SH   SOLE   315,700 0 0
ULTRALIFE BATTERIES COM 903899102 122 24,600 SH   SOLE   24,600 0 0
UNILEVER NV COM 904784709 308 7,500 SH   SOLE   7,500 0 0
VERIZON COMMUNICATIONS COM 92343V104 431 8,081 SH   SOLE   8,081 0 0
VODAFONE GROUP PLC COM 92857W308 5,537 226,665 SH   SOLE   226,665 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 2,650 32,015 SH   SOLE   32,015 0 0
WALT DISNEY COMPANY HOLDING COM 254687106 469 4,503 SH   SOLE   4,503 0 0
WESTERN GAS PARTNERS COM 958254104 1,374 23,375 SH   SOLE   23,375 0 0
WHITEWAVE FOODS COMPANY COM 966244105 6,246 112,335 SH   SOLE   112,335 0 0