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 2,349 92,850 SH   SOLE   91,950 0 0
AMERICAN HOMES 4 RENT G 5.875 PFD 02665T876 287 14,000 SH   SOLE   14,000 0 0
AT&T INC 5.35 PFD 00206R300 986 44,300 SH   SOLE   44,300 0 0
BANK OF AMERICA CORP SER Y 6.5 PFD 060505310 1,117 44,000 SH   SOLE   44,000 0 0
BANK OF AMERICA SER HH 5.875 PFD 060505195 603 24,350 SH   SOLE   24,150 0 0
CITIGROUP INC PFD SER K 6.875 PFD 172967341 1,335 50,900 SH   SOLE   50,800 0 0
GMAC CAP TR I SER 2 CPN-8.125 PFD 361860208 3,769 148,690 SH   SOLE   147,350 0 0
GOLDMAN SACHS GROUP INC. PFD S PFD 38148B504 1,963 77,410 SH   SOLE   76,250 0 0
HERSHA HOSPITALITY TRUST SER D PFD 427825609 1,043 51,650 SH   SOLE   51,650 0 0
JP MORGAN CHASE & CO 6.15 09- PFD 48127V827 495 19,200 SH   SOLE   19,200 0 0
KEMPER CORP 7.375 PFD 488401209 1,342 53,300 SH   SOLE   52,500 0 0
KKR & CO INC SER A 6.75 PFD 48251W203 764 29,550 SH   SOLE   28,800 0 0
MORGAN STANLEY PRD G 6.625 7- PFD 61762V507 1,810 71,750 SH   SOLE   71,150 0 0
PEBBLEBROOK HOTEL TR PFD SER C PFD 70509V407 501 21,310 SH   SOLE   20,950 0 0
STAG INDL INC CUM RED PRD SER PFD 85254J409 834 32,440 SH   SOLE   32,200 0 0
TELEPHONE & DATA SYS INC PFD 7 PFD 879433837 643 27,600 SH   SOLE   26,400 0 0
VORNADO REALTY SER M 5.25 PFD 929042828 1,029 50,050 SH   SOLE   50,050 0 0
WELLS FARGO REAL EST INVT CORP PFD 94988N207 344 13,750 SH   SOLE   13,750 0 0
AK STEEL HLDG CORP COM 001547108 90 40,000 SH   SOLE   40,000 0 0
ALIBABA GROUP HOLDINGS LTD COM 01609W102 358 2,610 SH   SOLE   2,610 0 0
ALLOGENE THERAPEUTICS INC COM 019770106 1,056 39,200 SH   SOLE   39,200 0 0
ALLY FINANCIAL INC COM COM 02005N100 7,445 328,560 SH   SOLE   325,400 0 0
ALPHABET INC CL C COM 02079K107 8,874 8,569 SH   SOLE   8,484 0 0
AMAZON.COM COM 023135106 16,212 10,794 SH   SOLE   10,778 0 0
ANADARKO PETROLEUM COM 032511107 433 9,870 SH   SOLE   9,870 0 0
APPLE COM 037833100 17,007 107,818 SH   SOLE   107,718 0 0
ASHLAND GLOBAL HOLDINGS INC COM 044186104 4,213 59,370 SH   SOLE   59,370 0 0
ATLAS AIR WORLDWIDE HOLDINGS I COM 049164205 2,804 66,455 SH   SOLE   66,355 0 0
BANK OF AMERICA COM 060505104 6,239 253,209 SH   SOLE   252,469 0 0
BEARD COM 07384R408 0 13,800 SH   SOLE   13,800 0 0
BERKSHIRE HATHAWAY DEL CL A COM 084670108 918 3 SH   SOLE   3 0 0
BGC PARTNERS INC COM 05541T101 2,965 573,450 SH   SOLE   564,150 0 0
BLACKHAWK CAP GROUP BDC COM 09236T103 0 24,000 SH   SOLE   24,000 0 0
CANADA GOOSE HOLDINGS INC COM 135086106 590 13,500 SH   SOLE   13,500 0 0
CIGNA CORP COM 125523100 883 4,650 SH   SOLE   4,650 0 0
CISCO SYSTEMS COM 17275R102 4,175 96,345 SH   SOLE   96,345 0 0
CITIGROUP INC COM 172967424 5,668 108,867 SH   SOLE   107,867 0 0
COMCAST CL A COM 20030N101 1,502 44,105 SH   SOLE   44,105 0 0
COSTCO WHSL COM 22160K105 682 3,350 SH   SOLE   3,350 0 0
DANAHER CORP COM 235851102 4,285 41,557 SH   SOLE   41,437 0 0
DELTA AIR LINES INC COM 247361702 4,315 86,480 SH   SOLE   86,480 0 0
ENTERPRISE PRODUCTS PARTNERS L COM 293792107 209 8,500 SH   SOLE   8,500 0 0
FORTRESS BIOTECH INC COM 34960Q109 28 32,600 SH   SOLE   32,600 0 0
FREEPORT MCMORAN, INC. CL B COM 35671D857 495 48,000 SH   SOLE   48,000 0 0
GAMING AND LEISURE PROPERTIES, COM 36467J108 2,516 77,885 SH   SOLE   77,385 0 0
GRIFFIN MINING LTD COM G31920104 16 15,000 SH   SOLE   15,000 0 0
HONEYWELL INTL INC COM 438516106 608 4,600 SH   SOLE   4,600 0 0
HUMANA INC COM 444859102 9,521 33,235 SH   SOLE   32,710 0 0
INCYTE COM 45337C102 1,456 22,900 SH   SOLE   22,900 0 0
JOHNSON & JOHNSON COM 478160104 507 3,926 SH   SOLE   3,926 0 0
LEXINGTON REALTY TRUST COM 529043101 7,055 859,275 SH   SOLE   853,375 0 0
LIBERTY MEDIA CORP SIRIUSXM GR COM 531229607 260 7,028 SH   SOLE   7,028 0 0
LINDE PLC COM G5494J103 3,979 25,500 SH   SOLE   25,500 0 0
MADRIGAL PHARMACEUTICALS INC COM 558868105 1,617 14,341 SH   SOLE   14,341 0 0
MARATHON PETROLEUM CORP COM 56585A102 3,573 60,550 SH   SOLE   60,550 0 0
MCDONALDS COM 580135101 329 1,850 SH   SOLE   1,850 0 0
MERCK & CO INC COM 58933Y105 1,009 13,200 SH   SOLE   13,200 0 0
MICROSOFT COM 594918104 807 7,950 SH   SOLE   7,950 0 0
MPLX LP COM 55336V100 2,210 72,940 SH   SOLE   72,940 0 0
NEW MEDIA INVESTMENT GROUP INC COM 64704V106 2,776 239,965 SH   SOLE   239,425 0 0
NEWMARK GROUP INC COM 65158N102 2,025 252,443 SH   SOLE   251,608 0 0
NVIDIA Corp COM 67066G104 1,638 12,270 SH   SOLE   12,270 0 0
OPKO HEALTH INC COM COM 68375N103 33 11,000 SH   SOLE   11,000 0 0
PAYPAL HOLDINGS INC COM 70450Y103 8,928 106,170 SH   SOLE   106,170 0 0
QEP RESOURCES COM 74733V100 204 36,300 SH   SOLE   36,300 0 0
QURATE RETAIL INC QVC GROUP CO COM 74915M100 303 15,544 SH   SOLE   15,544 0 0
ROYAL BANK OF CANADA COM 780087102 475 6,931 SH   SOLE   6,931 0 0
SALESFORCE.COM INC COM 79466L302 7,353 53,680 SH   SOLE   53,680 0 0
SOLENO THERAPEUTICS INC COM COM 834203200 44 25,550 SH   SOLE   25,550 0 0
STARWOOD PROPERTY TRUST INC COM 85571B105 8,695 441,165 SH   SOLE   439,265 0 0
THL CREDIT INC COM 872438106 942 154,975 SH   SOLE   154,225 0 0
ULTRALIFE BATTERIES COM 903899102 175 26,000 SH   SOLE   26,000 0 0
UROGEN PHARMA LTD COM M96088105 3,206 74,450 SH   SOLE   74,350 0 0
VERIZON COMMUNICATIONS COM 92343V104 285 5,070 SH   SOLE   4,890 0 0
VICOR CORP COM 925815102 3,827 101,280 SH   SOLE   101,080 0 0
WALT DISNEY COMPANY HOLDING COM 254687106 253 2,303 SH   SOLE   2,303 0 0
WESTERN GAS PARTNERS COM 958254104 411 9,725 SH   SOLE   9,725 0 0
XYLEM INC COM 98419M100 1,665 24,960 SH   SOLE   24,960 0 0