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 1,069 40,950 SH   SOLE   40,950 0 0
ALLERGAN PLC 5.5 PFD G0177J116 1,479 1,705 SH   SOLE   1,705 0 0
AMERICAN TOWER CORP B 5.5 PFD 03027X407 215 1,770 SH   SOLE   1,770 0 0
BGC PARTNERS INC SR NTS 8.125 PFD 05541T408 1,197 46,704 SH   SOLE   46,704 0 0
COLONY NORTHSTAR INC 7.5 PFD PFD 19625W807 1,176 44,600 SH   SOLE   44,600 0 0
COLONY NORTHSTAR INC PERP PFD PFD 19625W872 664 26,000 SH   SOLE   26,000 0 0
COLONY NORTHSTAR INC. 8.5 PFD PFD 19625W500 1,144 43,400 SH   SOLE   43,400 0 0
COLONY NORTHSTAR INC. 8.750 P PFD 19625W609 261 9,650 SH   SOLE   9,650 0 0
COLONY NORTHSTAR INC. 8.875 P PFD 19625W401 460 17,800 SH   SOLE   17,800 0 0
GMAC CAP TR I SER 2 CPN-8.125 PFD 361860208 3,261 124,450 SH   SOLE   124,450 0 0
GOLDMAN SACHS GROUP INC. PFD S PFD 38148B504 1,704 62,105 SH   SOLE   62,105 0 0
GRAMERCY PROPERTY TRUST SER A PFD 385002209 670 24,850 SH   SOLE   24,850 0 0
HERSHA HOSPITALITY TRUST SER D PFD 427825609 692 27,400 SH   SOLE   27,400 0 0
KKR FINL HLDGS LLC PFD SER A L PFD 48248A603 676 25,910 SH   SOLE   25,910 0 0
MORGAN STANLEY PRD G 6.625 7- PFD 61762V507 1,301 47,500 SH   SOLE   47,500 0 0
PEBBLEBROOK HOTEL TR PFD SER C PFD 70509V407 543 21,600 SH   SOLE   21,600 0 0
PRIVATEBANCORP 10 PFD 74272L208 591 23,418 SH   SOLE   23,418 0 0
STAG INDL INC CUM RED PRD SER PFD 85254J409 878 33,000 SH   SOLE   33,000 0 0
STAG INDUSTRIAL PRF SER B 6.62 PFD 85254J300 770 30,200 SH   SOLE   30,200 0 0
TEVA PHARMACEUTICAL 7 PFD M8769Q136 675 1,135 SH   SOLE   1,135 0 0
AETNA COM 00817Y108 5,639 37,140 SH   SOLE   37,140 0 0
AGENUS INC COM 00847G705 39 10,000 SH   SOLE   10,000 0 0
AK STEEL HLDG CORP COM 001547108 411 62,500 SH   SOLE   62,500 0 0
ALIBABA GROUP HOLDINGS LTD COM 01609W102 2,000 14,195 SH   SOLE   14,195 0 0
ALLY FINL INC COM COM 02005N100 6,826 326,625 SH   SOLE   326,625 0 0
ALPHABET INC CL C COM 02079K107 8,082 8,894 SH   SOLE   8,894 0 0
AMAZON.COM COM 023135106 12,137 12,538 SH   SOLE   12,538 0 0
ANADARKO PETROLEUM COM 032511107 3,541 78,100 SH   SOLE   78,100 0 0
APPLE COM 037833100 13,307 92,398 SH   SOLE   92,398 0 0
ARAMARK COM 03852U106 931 22,725 SH   SOLE   22,725 0 0
BANK OF AMERICA COM 060505104 7,202 296,874 SH   SOLE   296,874 0 0
BEARD COM 07384R408 0 13,800 SH   SOLE   13,800 0 0
BERKSHIRE HATHAWAY DEL CL A COM 084670108 764 3 SH   SOLE   3 0 0
BGC PARTNERS INC COM 05541T101 7,501 593,400 SH   SOLE   593,400 0 0
BLACKHAWK CAP GROUP BDC COM 09236T103 0 24,000 SH   SOLE   24,000 0 0
BRITISH AMERICAN TOB-SP ADR COM 110448107 240 3,500 SH   SOLE   3,500 0 0
CANADA GOOSE HOLDINGS INC COM 135086106 306 15,500 SH   SOLE   15,500 0 0
CARDINAL HEALTH COM 14149Y108 4,184 53,690 SH   SOLE   53,690 0 0
CBS CORP CL B COM 124857202 8,992 140,985 SH   SOLE   140,985 0 0
CHOCOLADEFABRIKEN LINDT COM H49983184 261 45 SH   SOLE   45 0 0
CIGNA CORP COM COM 125509109 1,594 9,525 SH   SOLE   9,525 0 0
CISCO SYSTEMS COM 17275R102 4,923 157,295 SH   SOLE   157,295 0 0
CITIGROUP INC COM NEW ISIN#US1 COM 172967424 6,804 101,739 SH   SOLE   101,739 0 0
COCA COLA COMPANY COM 191216100 4,133 92,156 SH   SOLE   92,156 0 0
COCA-COLA EUROPEAN PARTNERS PL COM G25839104 203 5,000 SH   SOLE   5,000 0 0
COLONY NORTHSTAR INC. CL A COM 19625W104 7,199 510,947 SH   SOLE   510,947 0 0
COMCAST CL A COM 20030N101 5,096 130,925 SH   SOLE   130,925 0 0
COSTCO WHSL COM 22160K105 536 3,350 SH   SOLE   3,350 0 0
DANAHER CORP COM 235851102 4,773 56,562 SH   SOLE   56,562 0 0
DANONE SPONSORED ADR COM 23636T100 307 20,427 SH   SOLE   20,427 0 0
DELTA AIR LINES INC COM 247361702 3,894 72,455 SH   SOLE   72,455 0 0
DIAGEO PLC COM 25243Q205 240 2,000 SH   SOLE   2,000 0 0
ENBRIDGE INC COM 29250N105 202 5,077 SH   SOLE   5,077 0 0
ENTERPRISE PRODUCTS PARTNERS L COM 293792107 230 8,500 SH   SOLE   8,500 0 0
ESSILOR INTERNATIONAL COM F31668100 254 2,000 SH   SOLE   2,000 0 0
EXXON COM 30231G102 307 3,805 SH   SOLE   3,805 0 0
FORTIVE CORP COM 34959J108 811 12,803 SH   SOLE   12,803 0 0
FREEPORT MCMORAN, INC. CL B COM 35671D857 1,199 99,850 SH   SOLE   99,850 0 0
FRESENIUS MEDICAL CARE-ADR COM 358029106 242 5,000 SH   SOLE   5,000 0 0
GAMING AND LEISURE PROPERTIES, COM 36467J108 1,235 32,795 SH   SOLE   32,795 0 0
GASTAR EXPLORATION INC COM 36729W202 19 20,000 SH   SOLE   20,000 0 0
GENERAL ELECTRIC COM 369604103 3,389 125,475 SH   SOLE   125,475 0 0
HONEYWELL INTL INC COM 438516106 831 6,235 SH   SOLE   6,235 0 0
INCYTE COM 45337C102 4,630 36,775 SH   SOLE   36,775 0 0
ISHARES MSCI EAFE MINIMUM VOLA COM 46429B689 229 3,313 SH   SOLE   3,313 0 0
ISHARES MSCI USA MINIMUM VOLAT COM 46429B697 318 6,499 SH   SOLE   6,499 0 0
ISHARES TR NATL MUN BD ETF FD COM 464288414 257 2,338 SH   SOLE   2,338 0 0
ISHARES TR SHORT-TERM NATL MUN COM 464288158 827 7,818 SH   SOLE   7,818 0 0
J C PENNEY INC COM 708160106 186 40,000 SH   SOLE   40,000 0 0
JOHNSON & JOHNSON COM 478160104 592 4,476 SH   SOLE   4,476 0 0
KINDER MORGAN INC COM 49456B101 475 24,810 SH   SOLE   24,810 0 0
KITE PHARMA INC COM 49803L109 3,898 37,600 SH   SOLE   37,600 0 0
LEXINGTON REALTY TR COM 529043101 5,706 575,800 SH   SOLE   575,800 0 0
LIBERTY INTERACTIVE CORPORATIO COM 53071M104 381 15,544 SH   SOLE   15,544 0 0
LIBERTY MEDIA CORP SIRIUSXM GR COM 531229607 293 7,028 SH   SOLE   7,028 0 0
MADRIGAL PHARMACEUTICALS INC COM 558868105 246 15,141 SH   SOLE   15,141 0 0
MARATHON PETROLEUM CORP COM 56585A102 6,462 123,480 SH   SOLE   123,480 0 0
MCDONALDS COM 580135101 284 1,852 SH   SOLE   1,852 0 0
MCKESSON CORP COM 58155Q103 3,030 18,415 SH   SOLE   18,415 0 0
MEDLEY CAP COM 58503F106 390 61,000 SH   SOLE   61,000 0 0
MERCK & CO INC COM 58933Y105 1,938 30,242 SH   SOLE   30,242 0 0
MICROSOFT COM 594918104 525 7,612 SH   SOLE   7,612 0 0
MPLX LP COM 55336V100 3,287 98,415 SH   SOLE   98,415 0 0
NESTLE SA COM 641069406 305 3,500 SH   SOLE   3,500 0 0
NEW MEDIA INVESTMENT GROUP INC COM 64704V106 4,332 321,400 SH   SOLE   321,400 0 0
NEW SENIOR INVESTMENT GROUP IN COM 648691103 2,019 200,850 SH   SOLE   200,850 0 0
NEW YORK COMMUNITY BANCORP COM 649445103 138 10,500 SH   SOLE   10,500 0 0
NOVO-NORDISK A/S-SPONS ADR COM 670100205 214 5,000 SH   SOLE   5,000 0 0
NVIDIA Corp COM 67066G104 5,965 41,260 SH   SOLE   41,260 0 0
OFS CAPITAL CORP COM 67103B100 357 24,950 SH   SOLE   24,950 0 0
OPKO HEALTH INC COM COM 68375N103 253 38,500 SH   SOLE   38,500 0 0
PAYPAL HOLDINGS INC COM 70450Y103 7,587 141,365 SH   SOLE   141,365 0 0
PFIZER COM 717081103 380 11,300 SH   SOLE   11,300 0 0
PHILIP MORRIS COM 718172109 235 2,000 SH   SOLE   2,000 0 0
PRAXAIR COM 74005p104 3,584 27,036 SH   SOLE   0 0 0
RAYTHEON COM 755111507 325 2,010 SH   SOLE   2,010 0 0
RECKITT BENCKISER-SPON ADR COM 756255204 207 10,000 SH   SOLE   10,000 0 0
RIO TINTO PLC COM 767204100 670 15,825 SH   SOLE   15,825 0 0
RITE AID COM 767754104 35 12,000 SH   SOLE   12,000 0 0
ROYAL BANK OF CANADA COM 780087102 503 6,931 SH   SOLE   6,931 0 0
SPDR GOLD TRUST COM 78463V107 248 2,100 SH   SOLE   2,100 0 0
SPDR SER BLOOMBERG BARCLAYS 1- COM 78464A680 217 4,750 SH   SOLE   4,750 0 0
STAG INDUSTRIAL INC COM 85254J102 558 20,200 SH   SOLE   20,200 0 0
STARWOOD PROPERTY TRUST INC COM 85571B105 2,843 126,970 SH   SOLE   126,970 0 0
THL CREDIT INC COM 872438106 3,167 318,325 SH   SOLE   318,325 0 0
ULTRALIFE BATTERIES COM 903899102 130 18,000 SH   SOLE   18,000 0 0
UNILEVER N V -NY SHARES COM 904784709 332 6,000 SH   SOLE   6,000 0 0
UNITED TECHNOLOGIES COM 913017109 7,179 58,795 SH   SOLE   58,795 0 0
VANECK VECTORS ETF TR HY MUN I COM 92189F361 217 7,032 SH   SOLE   7,032 0 0
VERIZON COMMUNICATIONS COM 92343V104 352 7,881 SH   SOLE   7,881 0 0
VODAFONE GROUP PLC COM 92857W308 3,371 117,325 SH   SOLE   117,325 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 635 8,115 SH   SOLE   8,115 0 0
WALT DISNEY COMPANY HOLDING COM 254687106 239 2,253 SH   SOLE   2,253 0 0
WESTERN GAS PARTNERS COM 958254104 1,226 21,925 SH   SOLE   21,925 0 0