SHIKIAR ASSET MANAGEMENT INC Activity Q4 1999-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE	$53,861	-12.7%	314,588	-1.1%	18.73%	-5.9%
AMZN	Sell	AMAZON.COM	$17,364	-3.4%	136,595	-1.0%	6.04%	+4.2%
GOOG	Sell	ALPHABET INC CL C	$15,774	+7.9%	119,635	-1.0%	5.49%	+16.4%
MSFT	Sell	MICROSOFT	$13,519	-8.0%	42,816	-0.7%	4.70%	-0.7%
	Buy	BLACKSTONE SECURED LENDING FUN	$11,867	+43.2%	433,735	+43.2%	4.13%	+54.5%
BA	Sell	BOEING	$10,711	-9.9%	55,878	-0.8%	3.72%	-2.8%
AMD	Sell	ADVANCED MICRO DEVICES INC COM	$10,102	-14.9%	98,254	-5.7%	3.51%	-8.1%
NVO	Buy	NOVO-NORDISK A/S-SPONS ADR	$9,832	+143.3%	108,119	+333.0%	3.42%	+162.5%
CI	Sell	CIGNA GROUP	$8,696	-17.0%	30,399	-18.6%	3.02%	-10.4%
NEE	Buy	NEXTERA ENERGY INC COM	$8,358	-12.3%	145,894	+13.6%	2.91%	-5.4%
MGM	Sell	MGM RESORTS INTERNATIONAL	$7,917	-16.6%	215,370	-0.4%	2.75%	-10.1%
CB	Buy	CHUBB LTD	$7,877	+100.8%	37,836	+85.7%	2.74%	+116.6%
BAC	Sell	BANK OF AMERICA	$6,164	-12.0%	225,119	-7.8%	2.14%	-5.0%
AMLP	Buy	ALERIAN MLP ETF	$6,067	+9.8%	143,775	+2.0%	2.11%	+18.4%
LVMUY	Sell	LVMH MOET HENNESSY LOUIS VUITT	$5,518	-20.3%	36,374	-1.1%	1.92%	-14.0%
FCX	Sell	FREEPORT MCMORAN, INC. CL B	$5,285	-10.4%	141,735	-3.9%	1.84%	-3.4%
GSBD	Buy	GOLDMAN SACHS BDC INC	$4,842	+64.0%	332,550	+56.1%	1.68%	+76.9%
ARMK	New	ARAMARK	$4,137	–	119,220	–	1.44%	–
GLPI	Sell	GAMING AND LEISURE PROPERTIES,	$4,011	-12.4%	88,050	-6.8%	1.40%	-5.6%
BXMT	Sell	BLACKSTONE MORTGAGE TRUST INC	$3,038	-60.5%	139,690	-62.2%	1.06%	-57.4%
LXP	Sell	LXP INDUSTRIAL TRUST	$2,966	-25.7%	333,210	-18.7%	1.03%	-19.9%
COTY	Sell	COTY INC	$2,882	-13.0%	262,750	-2.5%	1.00%	-6.2%
GLD	Sell	SPDR GOLD TRUST	$2,486	-4.5%	14,502	-0.7%	0.86%	+3.1%
TGHPRA	Sell	TEXTAINER GROUP HOLDINGS SER Apfd	$2,373	-8.6%	100,000	-7.4%	0.82%	-1.4%
DHR	Sell	DANAHER CORP COM	$2,199	-8.3%	8,863	-11.3%	0.76%	-1.0%
CODIPRB	Sell	COMPASS DIVERSIFIED HLDGS PFDpfd	$2,141	-18.0%	89,191	-10.3%	0.74%	-11.5%
CODIPRC	Sell	COMPASS DIVERSIFIED HLDGS PFDpfd	$2,055	-9.9%	84,800	-4.4%	0.72%	-2.9%
PYPL	Sell	PAYPAL HOLDINGS INC	$1,936	-48.0%	33,115	-40.6%	0.67%	-43.9%
ZS	Buy	ZSCALER	$1,888	+8.3%	12,135	+1.8%	0.66%	+16.9%
UNTC	New	UNIT CORP	$1,847	–	33,765	–	0.64%	–
GBDC	Buy	GOLUB CAPITAL BDC INC	$1,747	+34.8%	119,080	+24.0%	0.61%	+45.5%
SLMBP	New	SLM CORP PFD SER Bpfd	$1,626	–	26,343	–	0.57%	–
REGN	Sell	REGENERON PHARMACEUTICALS	$1,570	-3.6%	1,908	-15.8%	0.55%	+4.0%
	Buy	GREEN BRICK PARTNERS PFD SER Apfd	$1,399	-1.4%	74,550	+0.9%	0.49%	+6.3%
COST	Sell	COSTCO WHOLESALE CORP	$1,390	+4.4%	2,460	-0.6%	0.48%	+12.6%
	Sell	PEBBLEBROOK HOTEL TR PFD SER Hpfd	$1,334	+2.0%	72,425	-3.7%	0.46%	+10.0%
	Buy	LINCOLN NATIONAL CO PFD SER CLpfd	$1,271	+41.2%	47,900	+43.0%	0.44%	+52.4%
PEBPRG	Buy	PEBBLEBROOK HOTEL TR PFD SER Gpfd	$942	+24.3%	47,850	+18.0%	0.33%	+34.4%
LH	Sell	LAB CORP OF AMERICA	$921	-60.6%	4,580	-52.7%	0.32%	-57.5%
RLJPRA	Sell	RLJ LODGING TRUST PFD SER A 7.pfd	$885	-14.0%	36,800	-13.8%	0.31%	-7.2%
NYCB	Sell	NEW YORK COMMUNITY BANCORP	$832	-65.8%	73,400	-66.1%	0.29%	-63.2%
PFE	Sell	PFIZER	$780	-84.4%	23,530	-82.8%	0.27%	-83.2%
C	Sell	CITIGROUP INC	$758	-27.6%	18,438	-18.9%	0.26%	-21.9%
MDGL	Sell	MADRIGAL PHARMACEUTICALS INC	$730	-51.4%	5,000	-23.1%	0.25%	-47.5%
CPRK	Sell	CITIGROUP INC PFD SER K 6.875pfd	$652	-7.3%	25,870	-6.8%	0.23%	0.0%
CRM	Sell	SALESFORCE INC.	$625	-42.4%	3,080	-40.1%	0.22%	-38.0%
	Buy	ENHABIT INC	$614	+86.1%	54,600	+90.2%	0.21%	+101.9%
	Buy	JACKSON FINANCIAL SER A 8pfd	$594	+148.5%	23,700	+146.9%	0.21%	+168.8%
	Sell	TEXTAINER GROUP HOLDINGS SER Bpfd	$583	-31.7%	31,100	-25.3%	0.20%	-26.2%
UZD	Sell	UNITED STATES CELLULAR CORP SEpfd	$480	+1.9%	26,425	-6.0%	0.17%	+9.9%
BHRPRD	Sell	BRAEMAR HOTELS & RESORTS PFD Spfd	$441	-35.1%	23,900	-12.5%	0.15%	-30.1%
	New	FORTRESS BIOTECH INC	$333	–	1,145,500	–	0.12%	–
BACPRK	Sell	BANK OF AMERICA SER HH 5.875pfd	$261	-10.3%	11,280	-4.2%	0.09%	-3.2%
GOOGL	New	GOOGLE	$263	–	2,010	–	0.09%	–
CDLX	New	CARDLYTICS INC	$247	–	15,000	–	0.09%	–
RTX	Sell	RTX CORP	$231	-96.4%	3,213	-95.1%	0.08%	-96.1%
CLDTPRA	Sell	CHATHAM LODGING TRUST SER A 6.pfd	$227	-5.8%	11,100	-12.6%	0.08%	+1.3%
BHR	Sell	BRAEMAR HOTELS & RESORTS INC C	$28	-80.4%	10,000	-71.8%	0.01%	-78.3%
	New	AVENUE THERAPEUTICS	$9	–	12,500	–	0.00%	–
DSGT	Exit	DSG GLOBAL INC	$0	–	-100,000	–	-0.00%	–
ATXI	Exit	AVENUE THERAPEUTICS INC	$0	–	-25,000	–	-0.01%	–
QRTEP	Exit	QURATE RETAIL INC PFD SER A 8pfd	$0	–	-5,500	–	-0.07%	–
ITCI	Exit	INTRA-CELLULAR THERAPIES INC.	$0	–	-3,500	–	-0.07%	–
GOOGL	Exit	ALPHABET INC CAP STK CL A	$0	–	-2,131	–	-0.08%	–
FBIOP	Exit	FORTRESS BIOTECH PFD SER A 9.3pfd	$0	–	-15,000	–	-0.08%	–
FBIO	Exit	FORTRESS BIOTECH INC	$0	–	-1,164,500	–	-0.21%	–
NEEPRQ	Exit	NEXTERA ENERGY INC CORPORATE Upfd	$0	–	-24,685	–	-0.39%	–

Q2 2023

			Value		Shares		↓ Weighting
AAPL	New	APPLE	$61,723	–	318,211	–	19.90%	–
AMZN	New	AMAZON.COM	$17,981	–	137,935	–	5.80%	–
RY	New	ROYAL BANK OF CANADA	$14,819	–	155,157	–	4.78%	–
MSFT	New	MICROSOFT	$14,690	–	43,137	–	4.74%	–
GOOG	New	ALPHABET INC CL C	$14,623	–	120,885	–	4.72%	–
BA	New	BOEING	$11,891	–	56,313	–	3.83%	–
AMD	New	ADVANCED MICRO DEVICES INC COM	$11,864	–	104,155	–	3.82%	–
CI	New	CIGNA GROUP	$10,475	–	37,329	–	3.38%	–
NEE	New	NEXTERA ENERGY INC COM	$9,526	–	128,380	–	3.07%	–
MGM	New	MGM RESORTS INTERNATIONAL	$9,496	–	216,220	–	3.06%	–
	New	BLACKSTONE SECURED LENDING FUN	$8,288	–	302,940	–	2.67%	–
	New	LINDE PLC NEW	$7,715	–	20,246	–	2.49%	–
BXMT	New	BLACKSTONE MORTGAGE TRUST INC	$7,692	–	369,625	–	2.48%	–
BAC	New	BANK OF AMERICA	$7,003	–	244,094	–	2.26%	–
LVMUY	New	LVMH MOET HENNESSY LOUIS VUITT	$6,923	–	36,764	–	2.23%	–
RTX	New	RTX CORP	$6,387	–	65,203	–	2.06%	–
FCX	New	FREEPORT MCMORAN, INC. CL B	$5,898	–	147,450	–	1.90%	–
AMLP	New	ALERIAN MLP ETF	$5,527	–	140,955	–	1.78%	–
PFE	New	PFIZER	$5,009	–	136,555	–	1.62%	–
GLPI	New	GAMING AND LEISURE PROPERTIES,	$4,580	–	94,513	–	1.48%	–
NVO	New	NOVO-NORDISK A/S-SPONS ADR	$4,041	–	24,970	–	1.30%	–
LXP	New	LXP INDUSTRIAL TRUST	$3,994	–	409,660	–	1.29%	–
CB	New	CHUBB LTD	$3,923	–	20,374	–	1.26%	–
PYPL	New	PAYPAL HOLDINGS INC	$3,723	–	55,790	–	1.20%	–
COTY	New	COTY INC	$3,312	–	269,500	–	1.07%	–
GSBD	New	GOLDMAN SACHS BDC INC	$2,953	–	213,075	–	0.95%	–
CODIPRB	New	COMPASS DIVERSIFIED HLDGS PFDpfd	$2,611	–	99,441	–	0.84%	–
GLD	New	SPDR GOLD TRUST	$2,603	–	14,602	–	0.84%	–
TGHPRA	New	TEXTAINER GROUP HOLDINGS SER Apfd	$2,597	–	108,000	–	0.84%	–
NYCB	New	NEW YORK COMMUNITY BANCORP	$2,434	–	216,550	–	0.78%	–
DHR	New	DANAHER CORP COM	$2,398	–	9,993	–	0.77%	–
LH	New	LAB CORP OF AMERICA	$2,336	–	9,678	–	0.75%	–
CODIPRC	New	COMPASS DIVERSIFIED HLDGS PFDpfd	$2,282	–	88,700	–	0.74%	–
ZS	New	ZSCALER	$1,744	–	11,920	–	0.56%	–
VONG	New	VANGUARD RUSSELL 1000 GROWTH I	$1,663	–	23,500	–	0.54%	–
REGN	New	REGENERON PHARMACEUTICALS	$1,628	–	2,266	–	0.52%	–
MDGL	New	MADRIGAL PHARMACEUTICALS INC	$1,501	–	6,500	–	0.48%	–
	New	GREEN BRICK PARTNERS PFD SER Apfd	$1,419	–	73,900	–	0.46%	–
COST	New	COSTCO WHOLESALE CORP	$1,332	–	2,475	–	0.43%	–
	New	PEBBLEBROOK HOTEL TR PFD SER Hpfd	$1,308	–	75,200	–	0.42%	–
GBDC	New	GOLUB CAPITAL BDC INC	$1,296	–	96,030	–	0.42%	–
NEEPRQ	New	NEXTERA ENERGY INC CORPORATE Upfd	$1,210	–	24,685	–	0.39%	–
CRM	New	SALESFORCE INC.	$1,086	–	5,140	–	0.35%	–
C	New	CITIGROUP INC	$1,047	–	22,738	–	0.34%	–
RLJPRA	New	RLJ LODGING TRUST PFD SER A 7.pfd	$1,029	–	42,700	–	0.33%	–
	New	LINCOLN NATIONAL CO PFD SER CLpfd	$900	–	33,500	–	0.29%	–
	New	TEXTAINER GROUP HOLDINGS SER Bpfd	$853	–	41,650	–	0.28%	–
PEBPRG	New	PEBBLEBROOK HOTEL TR PFD SER Gpfd	$758	–	40,550	–	0.24%	–
CPRK	New	CITIGROUP INC PFD SER K 6.875pfd	$703	–	27,770	–	0.23%	–
BHRPRD	New	BRAEMAR HOTELS & RESORTS PFD Spfd	$679	–	27,300	–	0.22%	–
FBIO	New	FORTRESS BIOTECH INC	$640	–	1,164,500	–	0.21%	–
AXON	New	AXON ENTERPRISE INC	$585	–	3,000	–	0.19%	–
JNJ	New	JOHNSON & JOHNSON	$537	–	3,246	–	0.17%	–
MCD	New	MCDONALDS	$530	–	1,776	–	0.17%	–
BRKA	New	BERKSHIRE HATHAWAY DEL CL A	$518	–	1	–	0.17%	–
UZD	New	UNITED STATES CELLULAR CORP SEpfd	$471	–	28,100	–	0.15%	–
INCY	New	INCYTE	$405	–	6,500	–	0.13%	–
HUM	New	HUMANA INC	$391	–	875	–	0.13%	–
PEP	New	PEPSICO INC	$380	–	2,050	–	0.12%	–
HON	New	HONEYWELL INTL INC	$364	–	1,756	–	0.12%	–
URGN	New	UROGEN PHARMA LTD	$344	–	33,250	–	0.11%	–
	New	ENHABIT INC	$330	–	28,700	–	0.11%	–
JPM	New	JP MORGAN CHASE & CO	$300	–	2,063	–	0.10%	–
BACPRK	New	BANK OF AMERICA SER HH 5.875pfd	$291	–	11,780	–	0.09%	–
FBIOP	New	FORTRESS BIOTECH PFD SER A 9.3pfd	$262	–	15,000	–	0.08%	–
VNOPRN	New	VORNADO REALTY SER N 5.25pfd	$262	–	17,500	–	0.08%	–
PG	New	PROCTER & GAMBLE	$256	–	1,690	–	0.08%	–
GOOGL	New	ALPHABET INC CAP STK CL A	$255	–	2,131	–	0.08%	–
CLDTPRA	New	CHATHAM LODGING TRUST SER A 6.pfd	$241	–	12,700	–	0.08%	–
	New	JACKSON FINANCIAL 8 PREFERREDpfd	$239	–	9,600	–	0.08%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS L	$224	–	8,500	–	0.07%	–
ITCI	New	INTRA-CELLULAR THERAPIES INC.	$222	–	3,500	–	0.07%	–
QRTEP	New	QURATE RETAIL INC PFD SER A 8pfd	$206	–	5,500	–	0.07%	–
BHR	New	BRAEMAR HOTELS & RESORTS INC C	$143	–	35,500	–	0.05%	–
	New	GALAXY DIGITAL HLDGS	$104	–	24,000	–	0.03%	–
ALLO	New	ALLOGENE THERAPEUTICS INC	$78	–	15,750	–	0.02%	–
ULBI	New	ULTRALIFE BATTERIES	$48	–	10,000	–	0.02%	–
ATXI	New	AVENUE THERAPEUTICS INC	$29	–	25,000	–	0.01%	–
DSGT	New	DSG GLOBAL INC	$2	–	100,000	–	0.00%	–

Q4 2022

			Value		Shares		↓ Weighting
BHCG	Exit	BLACKHAWK CAP GROUP BDC	$0	–	-24,000	–	0.00%	–
DSGT	Exit	DSG GLOBAL INC	$0	–	-100,000	–	-0.00%	–
ULBI	Exit	ULTRALIFE BATTERIES	$0	–	-17,500	–	-0.03%	–
	Exit	GALAXY DIGITAL HLDGS	$0	–	-41,000	–	-0.07%	–
CAH	Exit	CARDINAL HEALTH INC	$0	–	-3,000	–	-0.08%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS L	$0	–	-8,500	–	-0.08%	–
OSUR	Exit	ORASURE TECHNOLOGIES	$0	–	-55,400	–	-0.08%	–
PEBPRG	Exit	PEBBLEBROOK HOTEL TR PFD SER Gpfd	$0	–	-11,700	–	-0.09%	–
SLGPRI	Exit	SL GREEN REALTY CORP PFD I 6.5pfd	$0	–	-10,400	–	-0.09%	–
STWD	Exit	STARWOOD PROPERTY TRUST INC	$0	–	-12,500	–	-0.09%	–
FCRD	Exit	FIRST EAGLE ALTERNATIVE CAP BD	$0	–	-80,000	–	-0.09%	–
VEEV	Exit	VEEVA SYSTEMS INC	$0	–	-1,499	–	-0.10%	–
ALLO	Exit	ALLOGENE THERAPEUTICS INC	$0	–	-23,250	–	-0.10%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-2,090	–	-0.11%	–
OGE	Exit	OGE ENERGY CORP	$0	–	-7,500	–	-0.11%	–
URGN	Exit	UROGEN PHARMA LTD	$0	–	-33,250	–	-0.11%	–
	Exit	WARBY PARKER INC	$0	–	-22,800	–	-0.12%	–
STAG	Exit	STAG INDUSTRIAL INC	$0	–	-10,800	–	-0.12%	–
PEP	Exit	PEPSICO INC	$0	–	-2,050	–	-0.14%	–
CLDTPRA	Exit	CHATHAM LODGING TRUST SER A 6.pfd	$0	–	-16,150	–	-0.14%	–
AXON	Exit	AXON ENTERPRISE INC	$0	–	-3,000	–	-0.14%	–
CTOPRA	Exit	CTO REALTY GROWTH SER A 6.375pfd	$0	–	-17,550	–	-0.16%	–
BACPRK	Exit	BANK OF AMERICA SER HH 5.875pfd	$0	–	-16,875	–	-0.16%	–
	Exit	GREEN BRICK PARTNERS PFD SER Apfd	$0	–	-19,300	–	-0.16%	–
BRKA	Exit	BERKSHIRE HATHAWAY DEL CL A	$0	–	-1	–	-0.16%	–
MCD	Exit	MCDONALDS	$0	–	-1,776	–	-0.16%	–
MDGL	Exit	MADRIGAL PHARMACEUTICALS INC	$0	–	-6,500	–	-0.17%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-2,554	–	-0.17%	–
BHR	Exit	BRAEMAR HOTELS & RESORTS INC C	$0	–	-101,700	–	-0.18%	–
RY	Exit	ROYAL BANK OF CANADA	$0	–	-5,157	–	-0.19%	–
HUM	Exit	HUMANA INC	$0	–	-975	–	-0.19%	–
INCY	Exit	INCYTE	$0	–	-8,000	–	-0.21%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,363	–	-0.22%	–
QRTEP	Exit	QURATE RETAIL INC PFD SER A 8pfd	$0	–	-13,500	–	-0.25%	–
SO	Exit	SOUTHERN COMPANY	$0	–	-9,200	–	-0.25%	–
CARR	Exit	CARRIER GLOBAL CORP	$0	–	-18,690	–	-0.27%	–
BHRPRD	Exit	BRAEMAR HOTELS & RESORTS PFD Spfd	$0	–	-28,075	–	-0.28%	–
FBIO	Exit	FORTRESS BIOTECH INC	$0	–	-841,500	–	-0.29%	–
UZD	Exit	UNITED STATES CELLULAR CORP SEpfd	$0	–	-36,650	–	-0.31%	–
DEA	Exit	EASTERLY GOVERNMENT PROPERTIES	$0	–	-49,975	–	-0.32%	–
FPRB	Exit	FORD MOTOR COMPANY SER B 6.20pfd	$0	–	-34,800	–	-0.34%	–
	Exit	TEXTAINER GROUP HOLDINGS SER Bpfd	$0	–	-44,575	–	-0.36%	–
CPRK	Exit	CITIGROUP INC PFD SER K 6.875pfd	$0	–	-43,545	–	-0.45%	–
	Exit	PEBBLEBROOK HOTEL TR PFD SER Hpfd	$0	–	-67,400	–	-0.46%	–
FBIOP	Exit	FORTRESS BIOTECH PFD SER A 9.3pfd	$0	–	-62,000	–	-0.47%	–
COST	Exit	COSTCO WHOLESALE CORP	$0	–	-2,480	–	-0.47%	–
NEEPRQ	Exit	NEXTERA ENERGY INC CORPORATE Upfd	$0	–	-25,685	–	-0.50%	–
VONG	Exit	VANGUARD RUSSELL 1000 GROWTH I	$0	–	-23,500	–	-0.51%	–
C	Exit	CITIGROUP INC	$0	–	-32,188	–	-0.54%	–
GBDC	Exit	GOLUB CAPITAL BDC INC	$0	–	-120,640	–	-0.60%	–
RLJPRA	Exit	RLJ LODGING TRUST PFD SER A 7.pfd	$0	–	-63,600	–	-0.63%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-2,382	–	-0.66%	–
GSBD	Exit	GOLDMAN SACHS BDC INC	$0	–	-120,400	–	-0.70%	–
CODIPRB	Exit	COMPASS DIVERSIFIED HLDGS PFDpfd	$0	–	-70,040	–	-0.70%	–
TDSPRU	Exit	TELEPHONE & DATA SYSTEMS SER Upfd	$0	–	-90,760	–	-0.73%	–
CODIPRC	Exit	COMPASS DIVERSIFIED HLDGS PFDpfd	$0	–	-83,550	–	-0.83%	–
BXMT	Exit	BLACKSTONE MORTGAGE TRUST INC	$0	–	-90,200	–	-0.85%	–
COTY	Exit	COTY INC	$0	–	-392,550	–	-1.00%	–
NYCB	Exit	NEW YORK COMMUNITY BANCORP	$0	–	-302,475	–	-1.04%	–
TGHPRA	Exit	TEXTAINER GROUP HOLDINGS SER Apfd	$0	–	-114,650	–	-1.04%	–
DHR	Exit	DANAHER CORP COM	$0	–	-10,535	–	-1.10%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-17,602	–	-1.10%	–
TTWO	Exit	TAKE TWO INTERACTIVE SOFTWARE	$0	–	-27,935	–	-1.22%	–
	Exit	SL GREEN REALTY CORP	$0	–	-75,920	–	-1.23%	–
	Exit	BLACKSTONE SECURED LENDING FUN	$0	–	-137,680	–	-1.26%	–
CRM	Exit	SALESFORCE INC.	$0	–	-26,350	–	-1.52%	–
AMD	Exit	ADVANCED MICRO DEVICES INC COM	$0	–	-60,710	–	-1.55%	–
LVMUY	Exit	LVMH MOET HENNESSY LOUIS VUITT	$0	–	-38,969	–	-1.88%	–
FCX	Exit	FREEPORT MCMORAN, INC. CL B	$0	–	-183,195	–	-2.01%	–
AMLP	Exit	ALERIAN MLP ETF	$0	–	-137,175	–	-2.02%	–
LIN	Exit	LINDE PLC	$0	–	-20,246	–	-2.20%	–
GLPI	Exit	GAMING AND LEISURE PROPERTIES,	$0	–	-124,012	–	-2.21%	–
LXP	Exit	LXP INDUSTRIAL TRUST	$0	–	-644,360	–	-2.38%	–
PYPL	Exit	PAYPAL HOLDINGS INC	$0	–	-69,545	–	-2.41%	–
ZS	Exit	ZSCALER	$0	–	-38,635	–	-2.56%	–
BAC	Exit	BANK OF AMERICA	$0	–	-273,004	–	-3.32%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-284,725	–	-3.40%	–
LH	Exit	LAB CORP OF AMERICA	$0	–	-42,470	–	-3.50%	–
NEE	Exit	NEXTERA ENERGY INC COM	$0	–	-118,056	–	-3.72%	–
CI	Exit	CIGNA CORP	$0	–	-35,415	–	-3.95%	–
GOOG	Exit	ALPHABET INC CL C	$0	–	-128,795	–	-4.98%	–
MSFT	Exit	MICROSOFT	$0	–	-53,456	–	-5.01%	–
AMZN	Exit	AMAZON.COM	$0	–	-166,930	–	-7.59%	–
AAPL	Exit	APPLE	$0	–	-342,300	–	-19.03%	–

Q3 2022

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE	$47,306,000	-1.5%	342,300	-2.6%	19.03%	+3.1%
AMZN	Sell	AMAZON.COM	$18,863,000	+1.2%	166,930	-4.9%	7.59%	+5.9%
MSFT	Sell	MICROSOFT	$12,450,000	-10.0%	53,456	-0.8%	5.01%	-5.8%
GOOG	Buy	ALPHABET INC CL C	$12,384,000	-11.8%	128,795	+1906.5%	4.98%	-7.7%
CI	Sell	CIGNA CORP	$9,827,000	+2.3%	35,415	-2.8%	3.95%	+7.1%
NEE	Sell	NEXTERA ENERGY INC COM	$9,257,000	-1.6%	118,056	-2.8%	3.72%	+3.0%
LH	Buy	LAB CORP OF AMERICA	$8,698,000	-9.7%	42,470	+3.3%	3.50%	-5.5%
MGM	Buy	MGM RESORTS INTERNATIONAL	$8,462,000	+17.9%	284,725	+14.8%	3.40%	+23.3%
BAC	Buy	BANK OF AMERICA	$8,245,000	+4.1%	273,004	+7.3%	3.32%	+9.0%
ZS	Buy	ZSCALER	$6,350,000	+13.1%	38,635	+2.9%	2.56%	+18.4%
PYPL	Sell	PAYPAL HOLDINGS INC	$5,986,000	-2.7%	69,545	-21.1%	2.41%	+1.8%
LXP	Buy	LXP INDUSTRIAL TRUST	$5,902,000	-12.4%	644,360	+2.7%	2.38%	-8.3%
GLPI	Buy	GAMING AND LEISURE PROPERTIES,	$5,486,000	-3.1%	124,012	+0.4%	2.21%	+1.4%
LIN	Buy	LINDE PLC	$5,458,000	-6.1%	20,246	+0.2%	2.20%	-1.7%
AMLP	Buy	ALERIAN MLP ETF	$5,015,000	+7.8%	137,175	+1.6%	2.02%	+12.9%
FCX	Buy	FREEPORT MCMORAN, INC. CL B	$5,007,000	-3.6%	183,195	+3.2%	2.01%	+0.9%
LVMUY	Sell	LVMH MOET HENNESSY LOUIS VUITT	$4,661,000	-15.3%	38,969	-13.9%	1.88%	-11.3%
AMD	Sell	ADVANCED MICRO DEVICES INC COM	$3,847,000	-39.3%	60,710	-26.8%	1.55%	-36.5%
CRM	Sell	SALESFORCE INC.	$3,790,000	-13.5%	26,350	-0.8%	1.52%	-9.4%
	Buy	BLACKSTONE SECURED LENDING FUN	$3,131,000	+108.5%	137,680	+116.7%	1.26%	+118.4%
	New	SL GREEN REALTY CORP	$3,049,000	–	75,920	–	1.23%	–
TTWO	Sell	TAKE TWO INTERACTIVE SOFTWARE	$3,045,000	-24.7%	27,935	-15.3%	1.22%	-21.2%
GLD	Sell	SPDR GOLD TRUST	$2,723,000	-9.4%	17,602	-1.4%	1.10%	-5.2%
DHR	Buy	DANAHER CORP COM	$2,721,000	+2.7%	10,535	+0.8%	1.10%	+7.6%
TGHPRA	Buy	TEXTAINER GROUP HOLDINGS SER Apfd	$2,591,000	+7.2%	114,650	+12.2%	1.04%	+12.2%
NYCB	Sell	NEW YORK COMMUNITY BANCORP	$2,580,000	-8.1%	302,475	-1.6%	1.04%	-3.7%
COTY	Buy	COTY INC	$2,481,000	-4.2%	392,550	+21.4%	1.00%	+0.3%
BXMT	Buy	BLACKSTONE MORTGAGE TRUST INC	$2,105,000	+112.6%	90,200	+152.1%	0.85%	+122.9%
CODIPRC	Buy	COMPASS DIVERSIFIED HLDGS PFDpfd	$2,062,000	-1.9%	83,550	+0.8%	0.83%	+2.7%
TDSPRU	Buy	TELEPHONE & DATA SYSTEMS SER Upfd	$1,811,000	+7.9%	90,760	+9.4%	0.73%	+13.0%
CODIPRB	Sell	COMPASS DIVERSIFIED HLDGS PFDpfd	$1,747,000	-5.4%	70,040	-0.8%	0.70%	-1.0%
GSBD	Buy	GOLDMAN SACHS BDC INC	$1,740,000	-12.8%	120,400	+1.4%	0.70%	-8.7%
REGN	Sell	REGENERON PHARMACEUTICALS	$1,641,000	-6.4%	2,382	-19.7%	0.66%	-2.1%
RLJPRA	Sell	RLJ LODGING TRUST PFD SER A 7.pfd	$1,563,000	-12.9%	63,600	-8.1%	0.63%	-8.8%
GBDC	Sell	GOLUB CAPITAL BDC INC	$1,495,000	-18.5%	120,640	-14.7%	0.60%	-14.8%
C	Buy	CITIGROUP INC	$1,341,000	+0.2%	32,188	+10.7%	0.54%	+5.1%
VONG	New	VANGUARD RUSSELL 1000 GROWTH I	$1,274,000	–	23,500	–	0.51%	–
NEEPRQ	Sell	NEXTERA ENERGY INC CORPORATE Upfd	$1,247,000	-18.5%	25,685	-17.5%	0.50%	-14.6%
COST	Sell	COSTCO WHOLESALE CORP	$1,171,000	-8.8%	2,480	-7.5%	0.47%	-4.5%
FBIOP	Sell	FORTRESS BIOTECH PFD SER A 9.3pfd	$1,164,000	-15.0%	62,000	-17.3%	0.47%	-11.0%
	Buy	PEBBLEBROOK HOTEL TR PFD SER Hpfd	$1,136,000	+22.2%	67,400	+36.2%	0.46%	+28.0%
CPRK	Sell	CITIGROUP INC PFD SER K 6.875pfd	$1,116,000	-14.4%	43,545	-14.0%	0.45%	-10.4%
	Buy	TEXTAINER GROUP HOLDINGS SER Bpfd	$891,000	+5.9%	44,575	+15.0%	0.36%	+10.8%
FPRB	Sell	FORD MOTOR COMPANY SER B 6.20pfd	$848,000	-37.3%	34,800	-36.2%	0.34%	-34.4%
DEA	Sell	EASTERLY GOVERNMENT PROPERTIES	$788,000	-76.1%	49,975	-71.2%	0.32%	-75.0%
UZD	Buy	UNITED STATES CELLULAR CORP SEpfd	$760,000	+26.0%	36,650	+24.7%	0.31%	+31.9%
FBIO	Buy	FORTRESS BIOTECH INC	$724,000	+7.7%	841,500	+5.2%	0.29%	+12.8%
BHRPRD	Buy	BRAEMAR HOTELS & RESORTS PFD Spfd	$698,000	+3.7%	28,075	+5.5%	0.28%	+8.5%
CARR	Sell	CARRIER GLOBAL CORP	$665,000	-41.4%	18,690	-41.2%	0.27%	-38.5%
SO	Sell	SOUTHERN COMPANY	$626,000	-15.2%	9,200	-11.1%	0.25%	-11.3%
QRTEP	Buy	QURATE RETAIL INC PFD SER A 8pfd	$615,000	+67.1%	13,500	+114.3%	0.25%	+75.2%
JNJ	Sell	JOHNSON & JOHNSON	$549,000	-8.3%	3,363	-0.4%	0.22%	-3.9%
BHR	Buy	BRAEMAR HOTELS & RESORTS INC C	$437,000	+8.2%	101,700	+8.0%	0.18%	+13.5%
MCD	Buy	MCDONALDS	$410,000	-5.1%	1,776	+1.5%	0.16%	-0.6%
	New	GREEN BRICK PARTNERS PFD SER Apfd	$396,000	–	19,300	–	0.16%	–
BACPRK	Sell	BANK OF AMERICA SER HH 5.875pfd	$394,000	-11.5%	16,875	-6.2%	0.16%	-7.0%
CTOPRA	Sell	CTO REALTY GROWTH SER A 6.375pfd	$385,000	-18.9%	17,550	-15.0%	0.16%	-15.3%
CLDTPRA	Sell	CHATHAM LODGING TRUST SER A 6.pfd	$335,000	-26.7%	16,150	-22.5%	0.14%	-23.3%
STAG	Sell	STAG INDUSTRIAL INC	$307,000	-29.3%	10,800	-23.1%	0.12%	-25.7%
	Buy	WARBY PARKER INC	$304,000	+23.1%	22,800	+4.1%	0.12%	+28.4%
OGE	Sell	OGE ENERGY CORP	$273,000	-26.6%	7,500	-22.3%	0.11%	-23.1%
PG	Buy	PROCTER & GAMBLE	$264,000	-9.3%	2,090	+3.2%	0.11%	-5.4%
VEEV	Sell	VEEVA SYSTEMS INC	$247,000	-72.3%	1,499	-66.7%	0.10%	-71.1%
FCRD	Sell	FIRST EAGLE ALTERNATIVE CAP BD	$229,000	-23.9%	80,000	-5.9%	0.09%	-20.7%
STWD	Sell	STARWOOD PROPERTY TRUST INC	$228,000	-13.3%	12,500	-0.8%	0.09%	-8.9%
SLGPRI	Sell	SL GREEN REALTY CORP PFD I 6.5pfd	$226,000	-20.7%	10,400	-8.8%	0.09%	-17.3%
PEBPRG	Sell	PEBBLEBROOK HOTEL TR PFD SER Gpfd	$219,000	-32.0%	11,700	-25.5%	0.09%	-29.0%
CAH	New	CARDINAL HEALTH INC	$200,000	–	3,000	–	0.08%	–
	Buy	GALAXY DIGITAL HLDGS	$175,000	+173.4%	41,000	+141.2%	0.07%	+180.0%
ULBI	Buy	ULTRALIFE BATTERIES	$84,000	+86.7%	17,500	+75.0%	0.03%	+100.0%
JPM	Exit	JP MORGAN CHASE & CO	$0	–	-1,820	–	-0.08%	–
CMCSA	Exit	COMCAST CL A	$0	–	-5,800	–	-0.09%	–
WMT	Exit	WALMART	$0	–	-2,240	–	-0.10%	–
PNM	Exit	PNM RESOURCES INC	$0	–	-7,500	–	-0.14%	–
AGR	Exit	AVANGRID INC	$0	–	-8,550	–	-0.15%	–
CSX	Exit	CSX CORP	$0	–	-17,145	–	-0.19%	–
UNP	Exit	UNION PACIFIC	$0	–	-2,465	–	-0.20%	–
ILPT	Exit	INDUSTRIAL LOGISTICS PPTYS	$0	–	-40,575	–	-0.22%	–
SLG	Exit	SL GREEN REALTY CORP	$0	–	-16,000	–	-0.28%	–
GM	Exit	GENERAL MOTORS CO	$0	–	-27,170	–	-0.33%	–

Q2 2022

			Value		Shares		↓ Weighting
AAPL	New	APPLE	$48,040,000	–	351,377	–	18.46%	–
AMZN	New	AMAZON.COM	$18,647,000	–	175,570	–	7.17%	–
GOOG	New	ALPHABET INC CL C	$14,041,000	–	6,419	–	5.40%	–
MSFT	New	MICROSOFT	$13,834,000	–	53,866	–	5.32%	–
LH	New	LAB CORP OF AMERICA	$9,631,000	–	41,095	–	3.70%	–
CI	New	CIGNA CORP	$9,605,000	–	36,450	–	3.69%	–
NEE	New	NEXTERA ENERGY INC COM	$9,411,000	–	121,500	–	3.62%	–
BAC	New	BANK OF AMERICA	$7,918,000	–	254,364	–	3.04%	–
MGM	New	MGM RESORTS INTERNATIONAL	$7,180,000	–	248,020	–	2.76%	–
LXP	New	LXP INDUSTRIAL TRUST	$6,737,000	–	627,235	–	2.59%	–
AMD	New	ADVANCED MICRO DEVICES INC COM	$6,339,000	–	82,895	–	2.44%	–
PYPL	New	PAYPAL HOLDINGS INC	$6,155,000	–	88,132	–	2.37%	–
LIN	New	LINDE PLC	$5,812,000	–	20,215	–	2.23%	–
GLPI	New	GAMING AND LEISURE PROPERTIES,	$5,664,000	–	123,510	–	2.18%	–
ZS	New	ZSCALER	$5,614,000	–	37,550	–	2.16%	–
LVMUY	New	LVMH MOET HENNESSY LOUIS VUITT	$5,502,000	–	45,234	–	2.12%	–
FCX	New	FREEPORT MCMORAN, INC. CL B	$5,196,000	–	177,595	–	2.00%	–
AMLP	New	ALERIAN MLP ETF	$4,650,000	–	134,985	–	1.79%	–
CRM	New	SALESFORCE INC.	$4,382,000	–	26,553	–	1.68%	–
TTWO	New	TAKE TWO INTERACTIVE SOFTWARE	$4,042,000	–	32,985	–	1.55%	–
DEA	New	EASTERLY GOVERNMENT PROPERTIES	$3,299,000	–	173,250	–	1.27%	–
GLD	New	SPDR GOLD TRUST	$3,007,000	–	17,852	–	1.16%	–
NYCB	New	NEW YORK COMMUNITY BANCORP	$2,806,000	–	307,325	–	1.08%	–
DHR	New	DANAHER CORP COM	$2,649,000	–	10,450	–	1.02%	–
COTY	New	COTY INC	$2,590,000	–	323,400	–	1.00%	–
TGHPRA	New	TEXTAINER GROUP HOLDINGS SER Apfd	$2,417,000	–	102,200	–	0.93%	–
CODIPRC	New	COMPASS DIVERSIFIED HLDGS PFDpfd	$2,101,000	–	82,875	–	0.81%	–
GSBD	New	GOLDMAN SACHS BDC INC	$1,995,000	–	118,725	–	0.77%	–
CODIPRB	New	COMPASS DIVERSIFIED HLDGS PFDpfd	$1,847,000	–	70,640	–	0.71%	–
GBDC	New	GOLUB CAPITAL BDC INC	$1,834,000	–	141,490	–	0.70%	–
RLJPRA	New	RLJ LODGING TRUST PFD SER A 7.pfd	$1,794,000	–	69,200	–	0.69%	–
REGN	New	REGENERON PHARMACEUTICALS	$1,753,000	–	2,966	–	0.67%	–
TDSPRU	New	TELEPHONE & DATA SYSTEMS SER Upfd	$1,679,000	–	82,950	–	0.64%	–
NEEPRQ	New	NEXTERA ENERGY IN CORPORATE UNpfd	$1,531,000	–	31,145	–	0.59%	–
	New	BLACKSTONE SECURED LENDING FUN	$1,502,000	–	63,530	–	0.58%	–
FBIOP	New	FORTRESS BIOTECH PFD SER A 9.3pfd	$1,369,000	–	75,000	–	0.53%	–
FPRB	New	FORD MOTOR COMPANY SER B 6.20pfd	$1,352,000	–	54,550	–	0.52%	–
C	New	CITIGROUP INC	$1,338,000	–	29,088	–	0.51%	–
CPRK	New	CITIGROUP INC PFD SER K 6.875pfd	$1,303,000	–	50,625	–	0.50%	–
COST	New	COSTCO WHOLESALE CORP	$1,284,000	–	2,680	–	0.49%	–
CARR	New	CARRIER GLOBAL CORP	$1,134,000	–	31,790	–	0.44%	–
BXMT	New	BLACKSTONE MORTGAGE TRUST INC	$990,000	–	35,775	–	0.38%	–
	New	PEBBLEBROOK HOTEL TR PFD SER Hpfd	$930,000	–	49,475	–	0.36%	–
VEEV	New	VEEVA SYSTEMS INC	$891,000	–	4,499	–	0.34%	–
GM	New	GENERAL MOTORS CO	$863,000	–	27,170	–	0.33%	–
	New	TEXTAINER GROUP HOLDINGS SER Bpfd	$841,000	–	38,775	–	0.32%	–
SLG	New	SL GREEN REALTY CORP	$738,000	–	16,000	–	0.28%	–
SO	New	SOUTHERN COMPANY	$738,000	–	10,350	–	0.28%	–
BHRPRD	New	BRAEMAR HOTELS & RESORTS PFD Spfd	$673,000	–	26,600	–	0.26%	–
FBIO	New	FORTRESS BIOTECH INC	$672,000	–	800,000	–	0.26%	–
INCY	New	INCYTE	$608,000	–	8,000	–	0.23%	–
UZD	New	UNITED STATES CELLULAR CORP SEpfd	$603,000	–	29,400	–	0.23%	–
JNJ	New	JOHNSON & JOHNSON	$599,000	–	3,375	–	0.23%	–
ILPT	New	INDUSTRIAL LOGISTICS PPTYS	$571,000	–	40,575	–	0.22%	–
UNP	New	UNION PACIFIC	$526,000	–	2,465	–	0.20%	–
RY	New	ROYAL BANK OF CANADA	$499,000	–	5,157	–	0.19%	–
CSX	New	CSX CORP	$498,000	–	17,145	–	0.19%	–
CTOPRA	New	CTO REALTY GROWTH SER A 6.375pfd	$475,000	–	20,650	–	0.18%	–
MDGL	New	MADRIGAL PHARMACEUTICALS INC	$465,000	–	6,500	–	0.18%	–
CLDTPRA	New	CHATHAM LODGING TRUST SER A 6.pfd	$457,000	–	20,850	–	0.18%	–
HUM	New	HUMANA INC	$456,000	–	975	–	0.18%	–
HON	New	HONEYWELL INTL INC	$444,000	–	2,554	–	0.17%	–
BACPRK	New	BANK OF AMERICA SER HH 5.875pfd	$445,000	–	18,000	–	0.17%	–
STAG	New	STAG INDUSTRIAL INC	$434,000	–	14,050	–	0.17%	–
MCD	New	MCDONALDS	$432,000	–	1,750	–	0.17%	–
BRKA	New	BERKSHIRE HATHAWAY DEL CL A	$409,000	–	1	–	0.16%	–
BHR	New	BRAEMAR HOTELS & RESORTS INC C	$404,000	–	94,200	–	0.16%	–
AGR	New	AVANGRID INC	$394,000	–	8,550	–	0.15%	–
OGE	New	OGE ENERGY CORP	$372,000	–	9,650	–	0.14%	–
QRTEP	New	QURATE RETAIL INC PFD SER A 8pfd	$368,000	–	6,300	–	0.14%	–
PNM	New	PNM RESOURCES INC	$358,000	–	7,500	–	0.14%	–
PEP	New	PEPSICO INC	$342,000	–	2,050	–	0.13%	–
PEBPRG	New	PEBBLEBROOK HOTEL TR PFD SER Gpfd	$322,000	–	15,700	–	0.12%	–
FCRD	New	FIRST EAGLE ALTERNATIVE CAP BD	$301,000	–	85,000	–	0.12%	–
PG	New	PROCTER & GAMBLE	$291,000	–	2,025	–	0.11%	–
SLGPRI	New	SL GREEN REALTY CORP PFD I 6.5pfd	$285,000	–	11,400	–	0.11%	–
AXON	New	AXON ENTERPRISE INC	$280,000	–	3,000	–	0.11%	–
URGN	New	UROGEN PHARMA LTD	$272,000	–	33,250	–	0.10%	–
WMT	New	WALMART	$272,000	–	2,240	–	0.10%	–
ALLO	New	ALLOGENE THERAPEUTICS INC	$265,000	–	23,250	–	0.10%	–
STWD	New	STARWOOD PROPERTY TRUST INC	$263,000	–	12,600	–	0.10%	–
	New	WARBY PARKER INC	$247,000	–	21,900	–	0.10%	–
CMCSA	New	COMCAST CL A	$228,000	–	5,800	–	0.09%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS L	$207,000	–	8,500	–	0.08%	–
JPM	New	JP MORGAN CHASE & CO	$205,000	–	1,820	–	0.08%	–
OSUR	New	ORASURE TECHNOLOGIES	$150,000	–	55,400	–	0.06%	–
	New	GALAXY DIGITAL HLDGS	$64,000	–	17,000	–	0.02%	–
ULBI	New	ULTRALIFE BATTERIES	$45,000	–	10,000	–	0.02%	–
DSGT	New	DSG GLOBAL INC	$8,000	–	100,000	–	0.00%	–
BHCG	New	BLACKHAWK CAP GROUP BDC	$0	–	24,000	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
BHCG	Exit	BLACKHAWK CAP GROUP BDC	$0	–	-24,000	–	0.00%	–
	Exit	GENTECH HOLDINGS INC	$0	–	-1,000,000	–	0.00%	–
	Exit	HEALTHIER CHOICES MGMT CORP	$0	–	-2,500,000	–	0.00%	–
OZSC	Exit	OZOP ENERGY SOLUTIONS INC	$0	–	-100,000	–	-0.00%	–
	Exit	CYBERLUX CORP COM NEW	$0	–	-250,000	–	-0.00%	–
DSGT	Exit	DSG GLOBAL INC	$0	–	-100,000	–	-0.01%	–
ULBI	Exit	ULTRALIFE BATTERIES	$0	–	-16,000	–	-0.03%	–
FCRD	Exit	FIRST EAGLE ALTERNATIVE CAP BD	$0	–	-40,000	–	-0.05%	–
FB	Exit	FACEBOOK INC CL A	$0	–	-590	–	-0.06%	–
DIS	Exit	WALT DISNEY COMPANY	$0	–	-1,203	–	-0.06%	–
VNO	Exit	VORNADO REALTY TRUST	$0	–	-5,000	–	-0.06%	–
PLTR	Exit	PALANTIR TECHNOLOGIES INC CL A	$0	–	-9,000	–	-0.06%	–
HD	Exit	HOME DEPOT	$0	–	-690	–	-0.06%	–
MBUU	Exit	MALIBU BOATS INC	$0	–	-3,300	–	-0.06%	–
PEBPRG	Exit	PEBBLEBROOK HOTEL TR PFD SER Gpfd	$0	–	-9,200	–	-0.07%	–
LLY	Exit	ELI LILLY & CO	$0	–	-1,079	–	-0.07%	–
GOOGL	Exit	GOOGLE	$0	–	-93	–	-0.07%	–
AMHPRG	Exit	AMERICAN HOMES 4 RENT G 5.875pfd	$0	–	-9,700	–	-0.07%	–
	Exit	GENERAL ELEC CO	$0	–	-2,495	–	-0.07%	–
SLGPRI	Exit	SL GREEN REALTY CORP PFD I 6.5pfd	$0	–	-10,900	–	-0.08%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-2,025	–	-0.08%	–
GRBK	Exit	GREEN BRICK PARTNERS INC	$0	–	-14,300	–	-0.08%	–
SPB	Exit	SPECTRUM BRAND HOLDINGS INC	$0	–	-3,200	–	-0.09%	–
PEP	Exit	PEPSICO INC	$0	–	-2,050	–	-0.09%	–
STWD	Exit	STARWOOD PROPERTY TRUST INC	$0	–	-12,600	–	-0.09%	–
TBB	Exit	AT&T INC 5.35pfd	$0	–	-12,000	–	-0.09%	–
AGNCM	Exit	AGNC INVESTMENT CORP PFD SER Dpfd	$0	–	-12,750	–	-0.09%	–
GCI	Exit	GANNETT CO INC	$0	–	-50,000	–	-0.09%	–
JPM	Exit	JP MORGAN CHASE & CO	$0	–	-2,070	–	-0.10%	–
CMCSA	Exit	COMCAST CL A	$0	–	-6,000	–	-0.10%	–
ABBV	Exit	ABBVIE INC COM	$0	–	-3,150	–	-0.10%	–
OGE	Exit	OGE ENERGY CORP	$0	–	-11,800	–	-0.11%	–
BRKA	Exit	BERKSHIRE HATHAWAY DEL CL A	$0	–	-1	–	-0.12%	–
MCD	Exit	MCDONALDS	$0	–	-1,750	–	-0.12%	–
CTOPRA	Exit	CTO REALTY GROWTH 6.375 SER Apfd	$0	–	-19,350	–	-0.14%	–
WMT	Exit	WALMART	$0	–	-3,575	–	-0.14%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-9,300	–	-0.14%	–
RY	Exit	ROYAL BANK OF CANADA	$0	–	-5,157	–	-0.14%	–
BACPRK	Exit	BANK OF AMERICA SER HH 5.875pfd	$0	–	-19,300	–	-0.15%	–
AXON	Exit	AXON ENTERPRISE INC	$0	–	-3,000	–	-0.15%	–
URGN	Exit	UROGEN PHARMA LTD	$0	–	-33,350	–	-0.16%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,575	–	-0.16%	–
CLDTPRA	Exit	CHATHAM LODGING 6.625 SER Apfd	$0	–	-24,550	–	-0.18%	–
	Exit	PEBBLEBROOK HOTEL TR PFD SER Hpfd	$0	–	-25,500	–	-0.18%	–
ALLO	Exit	ALLOGENE THERAPEUTICS INC	$0	–	-24,785	–	-0.18%	–
CAIPRB	Exit	CAI INTL INC RED PFD SER B 8.5pfd	$0	–	-29,775	–	-0.22%	–
GSBD	Exit	GOLDMAN SACHS BDC INC	$0	–	-41,750	–	-0.22%	–
	Exit	TEXTAINER GROUP HOLDINGS SER Bpfd	$0	–	-30,550	–	-0.22%	–
MNRPRC	Exit	MONMOUTH REAL ESTATE PFD SER Cpfd	$0	–	-34,325	–	-0.24%	–
AGR	Exit	AVANGRID INC	$0	–	-18,050	–	-0.25%	–
SO	Exit	SOUTHERN COMPANY	$0	–	-14,750	–	-0.26%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-4,338	–	-0.26%	–
MDGL	Exit	MADRIGAL PHARMACEUTICALS INC	$0	–	-12,500	–	-0.28%	–
CODIPRC	Exit	COMPASS DIVERSIFIED HLDGS PFDpfd	$0	–	-43,300	–	-0.33%	–
UZD	Exit	UNITED STATES CELLULAR CORP SEpfd	$0	–	-42,950	–	-0.33%	–
COTY	Exit	COTY INC	$0	–	-163,650	–	-0.36%	–
HUM	Exit	HUMANA INC	$0	–	-3,357	–	-0.37%	–
GBDC	Exit	GOLUB CAPITAL BDC INC	$0	–	-88,900	–	-0.40%	–
WFCPRA	Exit	WELLS FARGO & CO PFD SER CL Apfd	$0	–	-54,900	–	-0.41%	–
INCY	Exit	INCYTE	$0	–	-21,240	–	-0.41%	–
AGNCP	Exit	AGNC INVESTMENT CORP SER F 6.1pfd	$0	–	-61,400	–	-0.44%	–
COST	Exit	COSTCO WHSL	$0	–	-3,540	–	-0.45%	–
CPRK	Exit	CITIGROUP INC PFD SER K 6.875pfd	$0	–	-57,150	–	-0.45%	–
CAIPRA	Exit	CAI INTL INC RED PERP PFD SERpfd	$0	–	-64,690	–	-0.46%	–
NEEPRQ	Exit	NEXTERA ENERGY IN CORPORATE UNpfd	$0	–	-33,770	–	-0.49%	–
TGHPRA	Exit	TEXTAINER GROUP HOLDINGS SER Apfd	$0	–	-68,450	–	-0.51%	–
T	Exit	AT&T	$0	–	-69,242	–	-0.53%	–
OAKPRA	Exit	OAKTREE CAPITAL GROUP LLC SERpfd	$0	–	-72,775	–	-0.55%	–
FDX	Exit	FEDEX CORP COM	$0	–	-9,690	–	-0.60%	–
FPRB	Exit	FORD MOTOR COMPANY SER B 6.20pfd	$0	–	-80,400	–	-0.60%	–
FBIO	Exit	FORTRESS BIOTECH INC	$0	–	-694,500	–	-0.63%	–
STAG	Exit	STAG INDUSTRIAL INC	$0	–	-57,160	–	-0.63%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-3,927	–	-0.67%	–
ZG	Exit	ZILLOW GROUP INC CL A	$0	–	-28,490	–	-0.71%	–
TDSPRU	Exit	TELEPHONE & DATA SYS INC PFD 6pfd	$0	–	-111,100	–	-0.83%	–
CARR	Exit	CARRIER GLOBAL CORP	$0	–	-57,505	–	-0.84%	–
FBIOP	Exit	FORTRESS BIOTECH PFD SER A 9.3pfd	$0	–	-120,810	–	-0.88%	–
C	Exit	CITIGROUP INC	$0	–	-45,706	–	-0.90%	–
ILPT	Exit	INDUSTRIAL LOGISTICS PPTYS	$0	–	-140,125	–	-1.00%	–
DHR	Exit	DANAHER CORP COM	$0	–	-11,827	–	-1.01%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-22,400	–	-1.04%	–
NYCB	Exit	NEW YORK COMMUNITY BANCORP	$0	–	-291,875	–	-1.06%	–
AMLP	Exit	ALERIAN MLP ETF	$0	–	-144,675	–	-1.36%	–
VRT	Exit	VERTIV HOLDINGS LLC	$0	–	-203,925	–	-1.38%	–
VEEV	Exit	VEEVA SYSTEMS INC	$0	–	-17,131	–	-1.39%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-93,420	–	-1.45%	–
FCX	Exit	FREEPORT MCMORAN, INC. CL B	$0	–	-161,100	–	-1.48%	–
TTWO	Exit	TAKE TWO INTERACTIVE SOFTWARE	$0	–	-34,092	–	-1.48%	–
SE	Exit	SEA LTD	$0	–	-17,710	–	-1.59%	–
LIN	Exit	LINDE PLC	$0	–	-20,215	–	-1.67%	–
GLPI	Exit	GAMING AND LEISURE PROPERTIES,	$0	–	-130,546	–	-1.70%	–
CRM	Exit	SALESFORCE.COM INC	$0	–	-23,730	–	-1.81%	–
DEA	Exit	EASTERLY GOVERNMENT PROPERTIES	$0	–	-329,365	–	-1.92%	–
LXP	Exit	LEXINGTON REALTY TRUST	$0	–	-535,585	–	-1.92%	–
CI	Exit	CIGNA CORP	$0	–	-40,315	–	-2.27%	–
MGM	Exit	MGM RESORTS INTERNATIONAL	$0	–	-194,550	–	-2.36%	–
NEE	Exit	NEXTERA ENERGY INC COM	$0	–	-107,850	–	-2.38%	–
LVMUY	Exit	LVMH MOET HENNESSY LOUIS VUITT	$0	–	-61,320	–	-2.47%	–
BAC	Exit	BANK OF AMERICA	$0	–	-241,849	–	-2.89%	–
AMD	Exit	ADVANCED MICRO DEVICES INC COM	$0	–	-102,465	–	-2.97%	–
PYPL	Exit	PAYPAL HOLDINGS INC	$0	–	-43,632	–	-3.20%	–
ZS	Exit	ZSCALER	$0	–	-44,351	–	-3.27%	–
LH	Exit	LABORATORY CORP AMER HLDS	$0	–	-42,211	–	-3.34%	–
MSFT	Exit	MICROSOFT	$0	–	-53,917	–	-4.28%	–
GOOG	Exit	ALPHABET INC CL C	$0	–	-5,844	–	-4.38%	–
AMZN	Exit	AMAZON.COM	$0	–	-8,775	–	-8.11%	–
AAPL	Exit	APPLE	$0	–	-381,961	–	-15.21%	–

Q3 2021

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE	$54,047,000	+4.2%	381,961	+0.8%	15.21%	+3.8%
AMZN	Buy	AMAZON.COM	$28,826,000	-2.8%	8,775	+1.8%	8.11%	-3.2%
GOOG	Buy	ALPHABET INC CL C	$15,576,000	+7.2%	5,844	+0.8%	4.38%	+6.8%
MSFT	Buy	MICROSOFT	$15,200,000	+6.0%	53,917	+1.8%	4.28%	+5.6%
LH	Buy	LABORATORY CORP AMER HLDS	$11,880,000	+9.7%	42,211	+7.6%	3.34%	+9.3%
ZS	Buy	ZSCALER	$11,630,000	+29.7%	44,351	+6.9%	3.27%	+29.2%
PYPL	Buy	PAYPAL HOLDINGS INC	$11,353,000	-9.6%	43,632	+1.3%	3.20%	-9.9%
AMD	Buy	ADVANCED MICRO DEVICES INC COM	$10,544,000	+19.2%	102,465	+8.8%	2.97%	+18.8%
BAC	Sell	BANK OF AMERICA	$10,266,000	+1.5%	241,849	-1.4%	2.89%	+1.1%
LVMUY	Buy	LVMH MOET HENNESSY LOUIS VUITT	$8,786,000	+34.0%	61,320	+46.6%	2.47%	+33.5%
NEE	Buy	NEXTERA ENERGY INC COM	$8,468,000	+9.4%	107,850	+2.1%	2.38%	+9.0%
MGM	Buy	MGM RESORTS INTERNATIONAL	$8,395,000	+13.4%	194,550	+12.1%	2.36%	+13.0%
CI	Sell	CIGNA CORP	$8,069,000	-27.3%	40,315	-13.8%	2.27%	-27.5%
LXP	Sell	LEXINGTON REALTY TRUST	$6,829,000	+6.2%	535,585	-0.5%	1.92%	+5.8%
DEA	Buy	EASTERLY GOVERNMENT PROPERTIES	$6,805,000	+5.4%	329,365	+7.6%	1.92%	+5.0%
CRM	Buy	SALESFORCE.COM INC	$6,436,000	+22.6%	23,730	+10.4%	1.81%	+22.1%
GLPI	Buy	GAMING AND LEISURE PROPERTIES,	$6,047,000	+17.5%	130,546	+17.5%	1.70%	+17.1%
SE	Buy	SEA LTD	$5,645,000	+32.0%	17,710	+13.7%	1.59%	+31.5%
TTWO	Buy	TAKE TWO INTERACTIVE SOFTWARE	$5,253,000	-7.3%	34,092	+6.5%	1.48%	-7.7%
FCX	Sell	FREEPORT MCMORAN, INC. CL B	$5,241,000	-16.6%	161,100	-4.8%	1.48%	-16.9%
TOL	Sell	TOLL BROTHERS INC	$5,165,000	-39.1%	93,420	-36.3%	1.45%	-39.3%
VEEV	Buy	VEEVA SYSTEMS INC	$4,937,000	+0.9%	17,131	+8.8%	1.39%	+0.5%
VRT	Sell	VERTIV HOLDINGS LLC	$4,913,000	-19.7%	203,925	-9.0%	1.38%	-20.0%
AMLP	Buy	ALERIAN MLP ETF	$4,822,000	+1.4%	144,675	+10.8%	1.36%	+1.0%
NYCB	Buy	NEW YORK COMMUNITY BANCORP	$3,756,000	+45.2%	291,875	+24.4%	1.06%	+44.8%
GLD	Buy	SPDR GOLD TRUST	$3,679,000	+9.4%	22,400	+10.3%	1.04%	+8.9%
DHR	Buy	DANAHER CORP COM	$3,601,000	+14.7%	11,827	+1.1%	1.01%	+14.2%
ILPT	Sell	INDUSTRIAL LOGISTICS PPTYS	$3,561,000	-7.8%	140,125	-5.2%	1.00%	-8.2%
C	Sell	CITIGROUP INC	$3,208,000	-5.9%	45,706	-5.2%	0.90%	-6.2%
FBIOP	Sell	FORTRESS BIOTECH PFD SER A 9.3pfd	$3,133,000	-2.9%	120,810	-2.8%	0.88%	-3.2%
CARR	Buy	CARRIER GLOBAL CORP	$2,976,000	+67.8%	57,505	+57.5%	0.84%	+67.1%
TDSPRU	Buy	TELEPHONE & DATA SYS INC PFD 6pfd	$2,954,000	+6.3%	111,100	+16.5%	0.83%	+5.9%
ZG	Sell	ZILLOW GROUP INC CL A	$2,524,000	-57.5%	28,490	-41.2%	0.71%	-57.7%
REGN	Buy	REGENERON PHARMACEUTICALS	$2,377,000	+111.7%	3,927	+95.4%	0.67%	+111.0%
STAG	Sell	STAG INDUSTRIAL INC	$2,244,000	+2.9%	57,160	-1.9%	0.63%	+2.4%
FBIO	Buy	FORTRESS BIOTECH INC	$2,236,000	-4.3%	694,500	+6.1%	0.63%	-4.7%
FPRB	Buy	FORD MOTOR COMPANY SER B 6.20pfd	$2,143,000	+17.6%	80,400	+20.2%	0.60%	+17.1%
FDX	Sell	FEDEX CORP COM	$2,125,000	-66.1%	9,690	-53.9%	0.60%	-66.2%
OAKPRA	Buy	OAKTREE CAPITAL GROUP LLC SERpfd	$1,946,000	-2.5%	72,775	+1.0%	0.55%	-2.7%
T	Sell	AT&T	$1,870,000	-45.4%	69,242	-41.8%	0.53%	-45.7%
TGHPRA	New	TEXTAINER GROUP HOLDINGS SER Apfd	$1,828,000	–	68,450	–	0.51%	–
NEEPRQ	Buy	NEXTERA ENERGY IN CORPORATE UNpfd	$1,726,000	+13.7%	33,770	+9.9%	0.49%	+13.3%
CAIPRA	Sell	CAI INTL INC RED PERP PFD SERpfd	$1,633,000	-1.4%	64,690	-0.2%	0.46%	-1.9%
AGNCP	Buy	AGNC INVESTMENT CORP SER F 6.1pfd	$1,550,000	+9.4%	61,400	+8.6%	0.44%	+9.0%
INCY	Sell	INCYTE	$1,460,000	-32.0%	21,240	-16.8%	0.41%	-32.3%
WFCPRA	Buy	WELLS FARGO & CO PFD SER CL Apfd	$1,443,000	+4.4%	54,900	+3.9%	0.41%	+4.1%
GBDC	Buy	GOLUB CAPITAL BDC INC	$1,406,000	+299.4%	88,900	+289.1%	0.40%	+300.0%
HUM	Sell	HUMANA INC	$1,306,000	-14.6%	3,357	-2.9%	0.37%	-15.0%
COTY	Sell	COTY INC	$1,286,000	-26.4%	163,650	-12.6%	0.36%	-26.7%
UZD	New	UNITED STATES CELLULAR CORP SEpfd	$1,164,000	–	42,950	–	0.33%	–
CODIPRC	New	COMPASS DIVERSIFIED HLDGS PFDpfd	$1,160,000	–	43,300	–	0.33%	–
MDGL	Sell	MADRIGAL PHARMACEUTICALS INC	$997,000	-26.9%	12,500	-10.7%	0.28%	-27.0%
HON	Sell	HONEYWELL INTL INC	$921,000	-9.4%	4,338	-6.5%	0.26%	-9.8%
SO	Buy	SOUTHERN COMPANY	$914,000	+112.6%	14,750	+107.7%	0.26%	+112.4%
AGR	Buy	AVANGRID INC	$877,000	+20.5%	18,050	+27.6%	0.25%	+19.9%
MNRPRC	Sell	MONMOUTH REAL ESTATE PFD SER Cpfd	$866,000	-22.1%	34,325	-21.9%	0.24%	-22.3%
	New	TEXTAINER GROUP HOLDINGS SER Bpfd	$779,000	–	30,550	–	0.22%	–
GSBD	Buy	GOLDMAN SACHS BDC INC	$766,000	+101.0%	41,750	+114.7%	0.22%	+100.0%
CAIPRB	Sell	CAI INTL INC RED PFD SER B 8.5pfd	$764,000	-14.4%	29,775	-15.4%	0.22%	-14.7%
ALLO	Sell	ALLOGENE THERAPEUTICS INC	$637,000	-12.4%	24,785	-11.1%	0.18%	-12.7%
	New	PEBBLEBROOK HOTEL TR PFD SER Hpfd	$637,000	–	25,500	–	0.18%	–
CLDTPRA	New	CHATHAM LODGING 6.625 SER Apfd	$625,000	–	24,550	–	0.18%	–
URGN	Sell	UROGEN PHARMA LTD	$561,000	-31.2%	33,350	-37.5%	0.16%	-31.3%
VZ	Buy	VERIZON COMMUNICATIONS	$502,000	+75.5%	9,300	+82.4%	0.14%	+74.1%
WMT	Sell	WALMART	$498,000	-45.0%	3,575	-44.3%	0.14%	-45.3%
CTOPRA	New	CTO REALTY GROWTH 6.375 SER Apfd	$497,000	–	19,350	–	0.14%	–
OGE	New	OGE ENERGY CORP	$389,000	–	11,800	–	0.11%	–
ABBV	Buy	ABBVIE INC COM	$340,000	-1.2%	3,150	+3.3%	0.10%	-1.0%
GCI	Buy	GANNETT CO INC	$334,000	+51.8%	50,000	+25.0%	0.09%	+51.6%
AGNCM	Buy	AGNC INVESTMENT CORP PFD SER Dpfd	$329,000	-0.3%	12,750	+0.8%	0.09%	0.0%
SPB	New	SPECTRUM BRAND HOLDINGS INC	$306,000	–	3,200	–	0.09%	–
GRBK	Sell	GREEN BRICK PARTNERS INC	$293,000	-49.6%	14,300	-44.0%	0.08%	-50.0%
	New	GENERAL ELEC CO	$257,000	–	2,495	–	0.07%	–
AMHPRG	New	AMERICAN HOMES 4 RENT G 5.875pfd	$252,000	–	9,700	–	0.07%	–
GOOGL	Buy	GOOGLE	$249,000	+18.6%	93	+8.1%	0.07%	+18.6%
PEBPRG	New	PEBBLEBROOK HOTEL TR PFD SER Gpfd	$235,000	–	9,200	–	0.07%	–
MBUU	New	MALIBU BOATS INC	$231,000	–	3,300	–	0.06%	–
PLTR	Buy	PALANTIR TECHNOLOGIES INC CL A	$216,000	+2.4%	9,000	+12.5%	0.06%	+1.7%
VNO	New	VORNADO REALTY TRUST	$210,000	–	5,000	–	0.06%	–
FCRD	Buy	FIRST EAGLE ALTERNATIVE CAP BD	$176,000	+93.4%	40,000	+100.0%	0.05%	+92.3%
DSGT	New	DSG GLOBAL INC	$27,000	–	100,000	–	0.01%	–
	New	CYBERLUX CORP COM NEW	$13,000	–	250,000	–	0.00%	–
DBRG	Exit	DIGITALBRIDGE GROUP INC CL A C	$0	–	-15,000	–	-0.03%	–
RKT	Exit	ROCKET COMPANIES INC	$0	–	-10,000	–	-0.06%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-500	–	-0.06%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS L	$0	–	-8,500	–	-0.06%	–
RFL	Exit	RAFAEL HLDGS INC CL B	$0	–	-4,100	–	-0.06%	–
DIDI	Exit	DIDI GLOBAL INC	$0	–	-15,000	–	-0.06%	–
APD	Exit	AIR PRODUCTS & CHEMICALS	$0	–	-795	–	-0.06%	–
DOCU	Exit	DOCUSIGN INC	$0	–	-860	–	-0.07%	–
FTCH	Exit	FARFETCH LIMITED CLASS A	$0	–	-5,000	–	-0.07%	–
PEBPRC	Exit	PEBBLEBROOK HOTEL TR PFD SER Cpfd	$0	–	-11,900	–	-0.08%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-24,238	–	-0.09%	–
PEBPRD	Exit	PEBBLEBROOK HOTEL TR PFD 6.375pfd	$0	–	-20,700	–	-0.15%	–
ALLYPRA	Exit	GMAC CAP TR SER A FLOATING RTpfd	$0	–	-60,353	–	-0.43%	–
UZA	Exit	UNITED STATES CELLULAR CORP PFpfd	$0	–	-75,937	–	-0.55%	–
DISCA	Exit	DISCOVERY INC COM SER A	$0	–	-84,700	–	-0.73%	–

Q2 2021

			Value		Shares		↓ Weighting
AAPL	New	APPLE	$51,876,000	–	378,766	–	14.65%	–
AMZN	New	AMAZON.COM	$29,664,000	–	8,623	–	8.38%	–
GOOG	New	ALPHABET INC CL C	$14,529,000	–	5,797	–	4.10%	–
MSFT	New	MICROSOFT	$14,346,000	–	52,957	–	4.05%	–
PYPL	New	PAYPAL HOLDINGS INC	$12,558,000	–	43,084	–	3.55%	–
CI	New	CIGNA CORP	$11,093,000	–	46,790	–	3.13%	–
LH	New	LABORATORY CORP AMER HLDS	$10,826,000	–	39,246	–	3.06%	–
BAC	New	BANK OF AMERICA	$10,117,000	–	245,384	–	2.86%	–
ZS	New	ZSCALER	$8,967,000	–	41,501	–	2.53%	–
AMD	New	ADVANCED MICRO DEVICES INC COM	$8,844,000	–	94,160	–	2.50%	–
TOL	New	TOLL BROTHERS INC	$8,476,000	–	146,615	–	2.39%	–
NEE	New	NEXTERA ENERGY INC COM	$7,741,000	–	105,640	–	2.19%	–
MGM	New	MGM RESORTS INTERNATIONAL	$7,402,000	–	173,550	–	2.09%	–
LVMUY	New	LVMH MOET HENNESSY LOUIS VUITT	$6,559,000	–	41,815	–	1.85%	–
DEA	New	EASTERLY GOVERNMENT PROPERTIES	$6,456,000	–	306,240	–	1.82%	–
LXP	New	LEXINGTON REALTY TRUST	$6,433,000	–	538,285	–	1.82%	–
FCX	New	FREEPORT MCMORAN, INC. CL B	$6,283,000	–	169,300	–	1.78%	–
FDX	New	FEDEX CORP COM	$6,272,000	–	21,025	–	1.77%	–
VRT	New	VERTIV HOLDINGS LLC	$6,118,000	–	224,100	–	1.73%	–
ZG	New	ZILLOW GROUP INC CL A	$5,938,000	–	48,460	–	1.68%	–
LIN	New	LINDE PLC	$5,844,000	–	20,215	–	1.65%	–
TTWO	New	TAKE TWO INTERACTIVE SOFTWARE	$5,668,000	–	32,018	–	1.60%	–
CRM	New	SALESFORCE.COM INC	$5,251,000	–	21,497	–	1.48%	–
GLPI	New	GAMING AND LEISURE PROPERTIES,	$5,145,000	–	111,060	–	1.45%	–
VEEV	New	VEEVA SYSTEMS INC	$4,895,000	–	15,741	–	1.38%	–
AMLP	New	ALERIAN MLP ETF	$4,754,000	–	130,575	–	1.34%	–
SE	New	SEA LTD	$4,277,000	–	15,575	–	1.21%	–
ILPT	New	INDUSTRIAL LOGISTICS PPTYS	$3,864,000	–	147,825	–	1.09%	–
T	New	AT&T	$3,426,000	–	119,052	–	0.97%	–
C	New	CITIGROUP INC	$3,410,000	–	48,196	–	0.96%	–
GLD	New	SPDR GOLD TRUST	$3,362,000	–	20,300	–	0.95%	–
FBIOP	New	FORTRESS BIOTECH PFD SER A 9.3pfd	$3,226,000	–	124,310	–	0.91%	–
DHR	New	DANAHER CORP COM	$3,139,000	–	11,697	–	0.89%	–
TDSPRU	New	TELEPHONE & DATA SYS INC PFD 6pfd	$2,778,000	–	95,350	–	0.78%	–
DISCA	New	DISCOVERY INC COM SER A	$2,599,000	–	84,700	–	0.73%	–
NYCB	New	NEW YORK COMMUNITY BANCORP	$2,586,000	–	234,625	–	0.73%	–
FBIO	New	FORTRESS BIOTECH INC	$2,337,000	–	654,550	–	0.66%	–
STAG	New	STAG INDUSTRIAL INC	$2,181,000	–	58,260	–	0.62%	–
INCY	New	INCYTE	$2,148,000	–	25,530	–	0.61%	–
OAKPRA	New	OAKTREE CAPITAL GROUP LLC SERpfd	$1,995,000	–	72,025	–	0.56%	–
UZA	New	UNITED STATES CELLULAR CORP PFpfd	$1,958,000	–	75,937	–	0.55%	–
FPRB	New	FORD MOTOR COMPANY SER B 6.20pfd	$1,823,000	–	66,900	–	0.52%	–
CARR	New	CARRIER GLOBAL CORP	$1,774,000	–	36,500	–	0.50%	–
COTY	New	COTY INC	$1,748,000	–	187,150	–	0.49%	–
CAIPRA	New	CAI INTL INC RED PERP PFD SERpfd	$1,657,000	–	64,790	–	0.47%	–
CPRK	New	CITIGROUP INC PFD SER K 6.875pfd	$1,637,000	–	57,150	–	0.46%	–
HUM	New	HUMANA INC	$1,530,000	–	3,457	–	0.43%	–
ALLYPRA	New	GMAC CAP TR SER A FLOATING RTpfd	$1,528,000	–	60,353	–	0.43%	–
NEEPRQ	New	NEXTERA ENERGY INC CORPORATE Upfd	$1,518,000	–	30,720	–	0.43%	–
AGNCP	New	AGNC INVESTMENT CORP SER F 6.1pfd	$1,417,000	–	56,550	–	0.40%	–
COST	New	COSTCO WHSL	$1,401,000	–	3,540	–	0.40%	–
WFCPRA	New	WELLS FARGO & CO PFD SER CL Apfd	$1,382,000	–	52,850	–	0.39%	–
MDGL	New	MADRIGAL PHARMACEUTICALS INC	$1,364,000	–	14,000	–	0.38%	–
REGN	New	REGENERON PHARMACEUTICALS	$1,123,000	–	2,010	–	0.32%	–
MNRPRC	New	MONMOUTH REAL ESTATE PFD SER Cpfd	$1,111,000	–	43,975	–	0.31%	–
HON	New	HONEYWELL INTL INC	$1,017,000	–	4,638	–	0.29%	–
WMT	New	WALMART	$905,000	–	6,415	–	0.26%	–
CAIPRB	New	CAI INTL INC RED PFD SER B 8.5pfd	$893,000	–	35,175	–	0.25%	–
URGN	New	UROGEN PHARMA LTD	$815,000	–	53,350	–	0.23%	–
AGR	New	AVANGRID INC	$728,000	–	14,150	–	0.21%	–
ALLO	New	ALLOGENE THERAPEUTICS INC	$727,000	–	27,885	–	0.20%	–
JNJ	New	JOHNSON & JOHNSON	$589,000	–	3,575	–	0.17%	–
GRBK	New	GREEN BRICK PARTNERS INC	$581,000	–	25,550	–	0.16%	–
AXON	New	AXON ENTERPRISE INC	$530,000	–	3,000	–	0.15%	–
BACPRK	New	BANK OF AMERICA SER HH 5.875pfd	$530,000	–	19,300	–	0.15%	–
RY	New	ROYAL BANK OF CANADA	$522,000	–	5,157	–	0.15%	–
PEBPRD	New	PEBBLEBROOK HOTEL TR PFD 6.375pfd	$522,000	–	20,700	–	0.15%	–
SO	New	SOUTHERN COMPANY	$430,000	–	7,100	–	0.12%	–
BRKA	New	BERKSHIRE HATHAWAY DEL CL A	$419,000	–	1	–	0.12%	–
MCD	New	MCDONALDS	$404,000	–	1,750	–	0.11%	–
GSBD	New	GOLDMAN SACHS BDC INC	$381,000	–	19,450	–	0.11%	–
GBDC	New	GOLUB CAPITAL BDC INC	$352,000	–	22,850	–	0.10%	–
CMCSA	New	COMCAST CL A	$342,000	–	6,000	–	0.10%	–
ABBV	New	ABBVIE INC COM	$344,000	–	3,050	–	0.10%	–
AGNCM	New	AGNC INVESTMENT CORP PFD SER Dpfd	$330,000	–	12,650	–	0.09%	–
STWD	New	STARWOOD PROPERTY TRUST INC	$330,000	–	12,600	–	0.09%	–
GE	New	GENERAL ELECTRIC	$326,000	–	24,238	–	0.09%	–
TBB	New	AT&T INC 5.35pfd	$321,000	–	12,000	–	0.09%	–
JPM	New	JP MORGAN CHASE & CO	$322,000	–	2,070	–	0.09%	–
PEP	New	PEPSICO INC	$304,000	–	2,050	–	0.09%	–
PEBPRC	New	PEBBLEBROOK HOTEL TR PFD SER Cpfd	$298,000	–	11,900	–	0.08%	–
VZ	New	VERIZON COMMUNICATIONS	$286,000	–	5,100	–	0.08%	–
SLGPRI	New	SL GREEN REALTY CORP PFD I 6.5pfd	$277,000	–	10,900	–	0.08%	–
PG	New	PROCTER & GAMBLE	$273,000	–	2,025	–	0.08%	–
FTCH	New	FARFETCH LIMITED CLASS A	$252,000	–	5,000	–	0.07%	–
LLY	New	ELI LILLY & CO	$248,000	–	1,079	–	0.07%	–
DOCU	New	DOCUSIGN INC	$240,000	–	860	–	0.07%	–
APD	New	AIR PRODUCTS & CHEMICALS	$229,000	–	795	–	0.06%	–
GCI	New	GANNETT CO INC	$220,000	–	40,000	–	0.06%	–
HD	New	HOME DEPOT	$220,000	–	690	–	0.06%	–
PLTR	New	PALANTIR TECHNOLOGIES INC CL A	$211,000	–	8,000	–	0.06%	–
DIDI	New	DIDI GLOBAL INC	$212,000	–	15,000	–	0.06%	–
DIS	New	WALT DISNEY COMPANY	$211,000	–	1,203	–	0.06%	–
GOOGL	New	GOOGLE	$210,000	–	86	–	0.06%	–
RFL	New	RAFAEL HLDGS INC CL B	$209,000	–	4,100	–	0.06%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS L	$205,000	–	8,500	–	0.06%	–
FB	New	FACEBOOK INC CL A	$205,000	–	590	–	0.06%	–
UNH	New	UNITEDHEALTH GROUP INC	$200,000	–	500	–	0.06%	–
RKT	New	ROCKET COMPANIES INC	$193,000	–	10,000	–	0.06%	–
ULBI	New	ULTRALIFE BATTERIES	$134,000	–	16,000	–	0.04%	–
DBRG	New	DIGITALBRIDGE GROUP INC CL A C	$118,000	–	15,000	–	0.03%	–
FCRD	New	FIRST EAGLE ALTERNATIVE CAP BD	$91,000	–	20,000	–	0.03%	–
OZSC	New	OZOP ENERGY SOLUTIONS INC	$7,000	–	100,000	–	0.00%	–
	New	HEALTHIER CHOICES MGMT CORP	$3,000	–	2,500,000	–	0.00%	–
	New	GENTECH HOLDINGS INC	$1,000	–	1,000,000	–	0.00%	–
BHCG	New	BLACKHAWK CAP GROUP BDC	$0	–	24,000	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
BHCG	Exit	BLACKHAWK CAP GROUP BDC	$0	–	-24,000	–	0.00%	–
QEP	Exit	QEP RESOURCES	$0	–	-25,000	–	-0.01%	–
OPK	Exit	OPKO HEALTH INC COM	$0	–	-11,000	–	-0.02%	–
COTY	Exit	COTY INC	$0	–	-22,500	–	-0.02%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-20,850	–	-0.05%	–
SAMG	Exit	SILVERCREST ASSET MGMT GROUP I	$0	–	-15,169	–	-0.06%	–
OSUR	Exit	ORASURE TECHNOLOGIES	$0	–	-15,500	–	-0.07%	–
DIS	Exit	WALT DISNEY COMPANY	$0	–	-1,753	–	-0.08%	–
STAG	Exit	STAG INDUSTRIAL INC	$0	–	-7,500	–	-0.09%	–
HD	Exit	HOME DEPOT	$0	–	-940	–	-0.10%	–
AXON	Exit	AXON ENTERPRISE INC	$0	–	-3,000	–	-0.10%	–
CMCSA	Exit	COMCAST CL A	$0	–	-6,200	–	-0.11%	–
TBB	Exit	AT&T INC 5.35pfd	$0	–	-11,175	–	-0.11%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-4,990	–	-0.11%	–
CI	Exit	CIGNA CORP	$0	–	-1,775	–	-0.12%	–
TRNE	Exit	TRINE ACQUISITION CORP	$0	–	-28,600	–	-0.12%	–
BRKA	Exit	BERKSHIRE HATHAWAY DEL CL A	$0	–	-1	–	-0.12%	–
PEP	Exit	PEPSICO INC	$0	–	-2,300	–	-0.12%	–
BACPRK	Exit	BANK OF AMERICA SER HH 5.875pfd	$0	–	-13,150	–	-0.14%	–
GRBK	Exit	GREEN BRICK PARTNERS INC	$0	–	-22,500	–	-0.14%	–
MCD	Exit	MCDONALDS	$0	–	-1,750	–	-0.15%	–
CAIPRA	Exit	CAI INTL INC RED PERP PFD SERpfd	$0	–	-16,000	–	-0.15%	–
MNRPRC	Exit	MONMOUTH REAL ESTATE PFD SER Cpfd	$0	–	-15,900	–	-0.15%	–
NEEPRO	Exit	NEXTERA ENERGY INC CONV PFD 4.pfd	$0	–	-7,915	–	-0.16%	–
MRK	Exit	MERCK & CO INC	$0	–	-5,200	–	-0.17%	–
DANOY	Exit	DANONE SPONSORED ADR	$0	–	-34,675	–	-0.17%	–
LLY	Exit	ELI LILLY & CO	$0	–	-3,074	–	-0.18%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-3,350	–	-0.18%	–
RY	Exit	ROYAL BANK OF CANADA	$0	–	-6,931	–	-0.19%	–
NEEPRQ	Exit	NEXTERA ENERGY IN CORPORATE UNpfd	$0	–	-10,500	–	-0.19%	–
STAGPRC	Exit	STAG INDUSTRIAL PFD SER C 6.87pfd	$0	–	-19,640	–	-0.20%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,575	–	-0.20%	–
CAIPRB	Exit	CAI INTL INC RED PFD SER B 8.5pfd	$0	–	-22,450	–	-0.21%	–
DHRPRB	Exit	DANAHER CORP PFD CONV SER B QTpfd	$0	–	-471	–	-0.23%	–
VIAC	Exit	VIACOMCBS INC	$0	–	-22,300	–	-0.24%	–
JPMPRH	Exit	JP MORGAN CHASE & CO 6.15 09-pfd	$0	–	-31,350	–	-0.31%	–
URGN	Exit	UROGEN PHARMA LTD	$0	–	-44,550	–	-0.33%	–
UZA	Exit	UNITED STATES CELLULAR CORP PFpfd	$0	–	-32,850	–	-0.33%	–
TDJ	Exit	TELEPHONE & DATA SYSTEMS INC Ppfd	$0	–	-34,250	–	-0.34%	–
VRT	Exit	VERTIV HOLDINGS LLC	$0	–	-54,100	–	-0.36%	–
KKRPRA	Exit	KKR & CO INC SER A 6.75pfd	$0	–	-43,600	–	-0.43%	–
STWD	Exit	STARWOOD PROPERTY TRUST INC	$0	–	-74,880	–	-0.43%	–
ALLO	Exit	ALLOGENE THERAPEUTICS INC	$0	–	-30,225	–	-0.44%	–
OAKPRA	Exit	OAKTREE CAPITAL GROUP LLC SERpfd	$0	–	-47,150	–	-0.48%	–
COST	Exit	COSTCO WHSL	$0	–	-3,665	–	-0.50%	–
MDGL	Exit	MADRIGAL PHARMACEUTICALS INC	$0	–	-12,000	–	-0.55%	–
CPRK	Exit	CITIGROUP INC PFD SER K 6.875pfd	$0	–	-55,850	–	-0.59%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-9,818	–	-0.62%	–
APD	Exit	AIR PRODUCTS & CHEMICALS	$0	–	-5,522	–	-0.63%	–
GSPRN	Exit	GOLDMAN SACHS GROUP INC. PFD Spfd	$0	–	-67,960	–	-0.68%	–
SE	Exit	SEA LTD	$0	–	-11,846	–	-0.70%	–
FBIO	Exit	FORTRESS BIOTECH INC	$0	–	-455,250	–	-0.71%	–
FCX	Exit	FREEPORT MCMORAN, INC. CL B	$0	–	-123,550	–	-0.74%	–
FBIOP	Exit	FORTRESS BIOTECH PFD SER A 9.3pfd	$0	–	-104,510	–	-0.76%	–
HUM	Exit	HUMANA INC	$0	–	-4,850	–	-0.77%	–
GLPI	Exit	GAMING AND LEISURE PROPERTIES,	$0	–	-74,197	–	-1.05%	–
C	Exit	CITIGROUP INC	$0	–	-67,373	–	-1.12%	–
WMT	Exit	WALMART	$0	–	-22,955	–	-1.23%	–
FDX	Exit	FEDEX CORP COM	$0	–	-12,880	–	-1.24%	–
TTWO	Exit	TAKE TWO INTERACTIVE SOFTWARE	$0	–	-20,178	–	-1.28%	–
VEEV	Exit	VEEVA SYSTEMS INC	$0	–	-12,265	–	-1.32%	–
ALLYPRA	Exit	GMAC CAP TR SER A FLOATING RTpfd	$0	–	-139,200	–	-1.34%	–
DHR	Exit	DANAHER CORP COM	$0	–	-16,573	–	-1.37%	–
DEA	Exit	EASTERLY GOVERNMENT PROPERTIES	$0	–	-199,840	–	-1.72%	–
LIN	Exit	LINDE PLC	$0	–	-20,215	–	-1.85%	–
CRM	Exit	SALESFORCE.COM INC	$0	–	-20,690	–	-2.00%	–
LXP	Exit	LEXINGTON REALTY TRUST	$0	–	-511,810	–	-2.05%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-32,700	–	-2.22%	–
ILPT	Exit	INDUSTRIAL LOGISTICS PPTYS	$0	–	-268,900	–	-2.26%	–
T	Exit	AT&T	$0	–	-211,012	–	-2.31%	–
ZS	Exit	ZSCALER	$0	–	-42,885	–	-2.32%	–
LH	Exit	LABORATORY CORP AMER HLDS	$0	–	-32,425	–	-2.34%	–
BAC	Exit	BANK OF AMERICA	$0	–	-269,804	–	-2.50%	–
REGN	Exit	REGENERON PHARMACEUTICALS	$0	–	-12,270	–	-2.64%	–
LVGO	Exit	LIVONGO HEALTH INC	$0	–	-51,065	–	-2.75%	–
NEE	Exit	NEXTERA ENERGY INC COM	$0	–	-25,925	–	-2.76%	–
ZG	Exit	ZILLOW GROUP INC CL A	$0	–	-78,865	–	-3.08%	–
INCY	Exit	INCYTE	$0	–	-90,930	–	-3.13%	–
PYPL	Exit	PAYPAL HOLDINGS INC	$0	–	-45,944	–	-3.48%	–
GOOG	Exit	ALPHABET INC CL C	$0	–	-6,693	–	-3.78%	–
MSFT	Exit	MICROSOFT	$0	–	-51,362	–	-4.15%	–
AMZN	Exit	AMAZON.COM	$0	–	-9,775	–	-11.82%	–
AAPL	Exit	APPLE	$0	–	-353,836	–	-15.74%	–

Q3 2020

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE	$40,978,000	+26.1%	353,836	+297.1%	15.74%	+6.2%
AMZN	Sell	AMAZON.COM	$30,779,000	+10.5%	9,775	-3.2%	11.82%	-6.9%
MSFT	Buy	MICROSOFT	$10,803,000	+11.0%	51,362	+7.4%	4.15%	-6.4%
GOOG	Buy	ALPHABET INC CL C	$9,836,000	+5.8%	6,693	+1.8%	3.78%	-10.8%
PYPL	Sell	PAYPAL HOLDINGS INC	$9,052,000	+9.7%	45,944	-3.0%	3.48%	-7.5%
INCY	Buy	INCYTE	$8,160,000	+565.6%	90,930	+671.2%	3.13%	+460.6%
ZG	Buy	ZILLOW GROUP INC CL A	$8,008,000	+564.6%	78,865	+276.1%	3.08%	+460.3%
NEE	Buy	NEXTERA ENERGY INC COM	$7,196,000	+16.9%	25,925	+1.2%	2.76%	-1.5%
LVGO	Sell	LIVONGO HEALTH INC	$7,152,000	+21.8%	51,065	-34.6%	2.75%	+2.6%
REGN	Buy	REGENERON PHARMACEUTICALS	$6,869,000	+22.7%	12,270	+36.7%	2.64%	+3.4%
BAC	Buy	BANK OF AMERICA	$6,500,000	+2.1%	269,804	+0.7%	2.50%	-14.0%
LH	Sell	LABORATORY CORP AMER HLDS	$6,105,000	+6.4%	32,425	-6.1%	2.34%	-10.3%
ZS	Buy	ZSCALER	$6,033,000	+299.8%	42,885	+211.2%	2.32%	+236.8%
T	Buy	AT&T	$6,016,000	+143.9%	211,012	+158.5%	2.31%	+105.6%
ILPT	Sell	INDUSTRIAL LOGISTICS PPTYS	$5,881,000	+5.4%	268,900	-1.0%	2.26%	-11.2%
LXP	Sell	LEXINGTON REALTY TRUST	$5,348,000	-5.6%	511,810	-4.7%	2.05%	-20.4%
CRM	Sell	SALESFORCE.COM INC	$5,200,000	+16.4%	20,690	-13.2%	2.00%	-1.9%
LIN	Sell	LINDE PLC	$4,814,000	+6.4%	20,215	-5.3%	1.85%	-10.4%
DEA	Buy	EASTERLY GOVERNMENT PROPERTIES	$4,478,000	+5.9%	199,840	+9.3%	1.72%	-10.7%
DHR	Sell	DANAHER CORP COM	$3,569,000	+10.0%	16,573	-9.7%	1.37%	-7.3%
ALLYPRA	Sell	GMAC CAP TR SER A FLOATING RTpfd	$3,476,000	+8.8%	139,200	-2.3%	1.34%	-8.3%
VEEV	Buy	VEEVA SYSTEMS INC	$3,449,000	+194.0%	12,265	+145.1%	1.32%	+147.7%
TTWO	Sell	TAKE TWO INTERACTIVE SOFTWARE	$3,334,000	+14.0%	20,178	-3.7%	1.28%	-4.0%
FDX	New	FEDEX CORP COM	$3,240,000	–	12,880	–	1.24%	–
WMT	New	WALMART	$3,212,000	–	22,955	–	1.23%	–
C	Sell	CITIGROUP INC	$2,904,000	-33.6%	67,373	-21.2%	1.12%	-44.0%
GLPI	Buy	GAMING AND LEISURE PROPERTIES,	$2,740,000	+37.3%	74,197	+28.7%	1.05%	+15.7%
HUM	Sell	HUMANA INC	$2,007,000	-9.1%	4,850	-14.8%	0.77%	-23.4%
FBIOP	Buy	FORTRESS BIOTECH PFD SER A 9.3pfd	$1,970,000	+34.1%	104,510	+27.0%	0.76%	+13.0%
FCX	Buy	FREEPORT MCMORAN, INC. CL B	$1,932,000	+234.3%	123,550	+147.1%	0.74%	+182.1%
FBIO	Buy	FORTRESS BIOTECH INC	$1,839,000	+98.6%	455,250	+31.8%	0.71%	+67.3%
SE	New	SEA LTD	$1,825,000	–	11,846	–	0.70%	–
GSPRN	Sell	GOLDMAN SACHS GROUP INC. PFD Spfd	$1,763,000	-0.8%	67,960	-0.8%	0.68%	-16.4%
APD	Sell	AIR PRODUCTS & CHEMICALS	$1,645,000	-12.8%	5,522	-29.4%	0.63%	-26.5%
HON	Sell	HONEYWELL INTL INC	$1,616,000	-61.0%	9,818	-65.8%	0.62%	-67.1%
CPRK	Buy	CITIGROUP INC PFD SER K 6.875pfd	$1,543,000	+22.0%	55,850	+16.6%	0.59%	+2.8%
COST	Buy	COSTCO WHSL	$1,301,000	+18.1%	3,665	+0.8%	0.50%	-0.4%
OAKPRA	Buy	OAKTREE CAPITAL GROUP LLC SERpfd	$1,251,000	+262.6%	47,150	+245.4%	0.48%	+205.7%
ALLO	Sell	ALLOGENE THERAPEUTICS INC	$1,140,000	-12.2%	30,225	-0.3%	0.44%	-26.0%
STWD	Sell	STARWOOD PROPERTY TRUST INC	$1,130,000	-65.6%	74,880	-65.9%	0.43%	-71.0%
KKRPRA	Buy	KKR & CO INC SER A 6.75pfd	$1,120,000	+15.5%	43,600	+16.0%	0.43%	-2.7%
VRT	Sell	VERTIV HOLDINGS LLC	$937,000	+2.6%	54,100	-19.6%	0.36%	-13.5%
TDJ	Sell	TELEPHONE & DATA SYSTEMS INC Ppfd	$876,000	+1.2%	34,250	-2.8%	0.34%	-14.9%
UZA	Sell	UNITED STATES CELLULAR CORP PFpfd	$863,000	-5.3%	32,850	-11.7%	0.33%	-20.2%
URGN	Sell	UROGEN PHARMA LTD	$859,000	-35.8%	44,550	-12.9%	0.33%	-45.8%
JPMPRH	Buy	JP MORGAN CHASE & CO 6.15 09-pfd	$796,000	+1.5%	31,350	+1.6%	0.31%	-14.3%
VIAC	Sell	VIACOMCBS INC	$625,000	-68.6%	22,300	-73.9%	0.24%	-73.6%
DHRPRB	Sell	DANAHER CORP PFD CONV SER B QTpfd	$602,000	+17.8%	471	-1.1%	0.23%	-0.9%
CAIPRB	Sell	CAI INTL INC RED PFD SER B 8.5pfd	$539,000	+2.5%	22,450	-3.4%	0.21%	-13.8%
JNJ	Sell	JOHNSON & JOHNSON	$532,000	-0.9%	3,575	-6.3%	0.20%	-16.7%
STAGPRC	Buy	STAG INDUSTRIAL PFD SER C 6.87pfd	$507,000	+2.0%	19,640	+2.3%	0.20%	-14.1%
NEEPRQ	New	NEXTERA ENERGY IN CORPORATE UNpfd	$501,000	–	10,500	–	0.19%	–
PG	Buy	PROCTER & GAMBLE	$466,000	+38.7%	3,350	+19.0%	0.18%	+17.0%
LLY	Sell	ELI LILLY & CO	$455,000	-23.3%	3,074	-14.9%	0.18%	-35.2%
DANOY	Sell	DANONE SPONSORED ADR	$447,000	-80.3%	34,675	-78.8%	0.17%	-83.3%
NEEPRO	Buy	NEXTERA ENERGY INC CONV PFD 4.pfd	$429,000	+15.6%	7,915	+3.5%	0.16%	-2.4%
MNRPRC	Sell	MONMOUTH REAL ESTATE PFD SER Cpfd	$394,000	-6.4%	15,900	-7.6%	0.15%	-21.4%
CAIPRA	Sell	CAI INTL INC RED PERP PFD SERpfd	$382,000	-7.1%	16,000	-10.1%	0.15%	-21.4%
GRBK	New	GREEN BRICK PARTNERS INC	$362,000	–	22,500	–	0.14%	–
BACPRK	Buy	BANK OF AMERICA SER HH 5.875pfd	$359,000	+7.8%	13,150	+4.0%	0.14%	-9.2%
TRNE	New	TRINE ACQUISITION CORP	$309,000	–	28,600	–	0.12%	–
CI	Sell	CIGNA CORP	$301,000	-94.5%	1,775	-94.0%	0.12%	-95.4%
CMCSA	Sell	COMCAST CL A	$287,000	-25.3%	6,200	-37.1%	0.11%	-37.1%
DIS	New	WALT DISNEY COMPANY	$218,000	–	1,753	–	0.08%	–
OSUR	New	ORASURE TECHNOLOGIES	$189,000	–	15,500	–	0.07%	–
SAMG	New	SILVERCREST ASSET MGMT GROUP I	$159,000	–	15,169	–	0.06%	–
GE	Sell	GENERAL ELECTRIC	$130,000	-78.1%	20,850	-76.0%	0.05%	-81.5%
COTY	New	COTY INC	$61,000	–	22,500	–	0.02%	–
QEP	Sell	QEP RESOURCES	$23,000	-41.0%	25,000	-16.7%	0.01%	-50.0%
IMMP	Exit	IMMUTEP LTD SPONSORED ADR	$0	–	-19,250	–	-0.01%	–
CLF	Exit	CLIFFS NATURAL RESOURCES	$0	–	-11,640	–	-0.03%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-5,087	–	-0.11%	–
UNH	Exit	UNITEDHEALTH	$0	–	-800	–	-0.11%	–
PEBPRC	Exit	PEBBLEBROOK HOTEL TR PFD SER Cpfd	$0	–	-15,810	–	-0.14%	–
HTPRD	Exit	HERSHA HOSPITALITY TRUST SER Dpfd	$0	–	-37,300	–	-0.19%	–
GILD	Exit	GILEAD SCIENCES	$0	–	-5,965	–	-0.21%	–
LHX	Exit	L3HARRIS TECHNOLOGIES INC	$0	–	-6,904	–	-0.53%	–

Q2 2020

			Value		Shares		↓ Weighting
AAPL	New	APPLE	$32,505,000	–	89,104	–	14.82%	–
AMZN	New	AMAZON.COM	$27,861,000	–	10,099	–	12.70%	–
MSFT	New	MICROSOFT	$9,730,000	–	47,809	–	4.44%	–
GOOG	New	ALPHABET INC CL C	$9,296,000	–	6,576	–	4.24%	–
PYPL	New	PAYPAL HOLDINGS INC	$8,249,000	–	47,345	–	3.76%	–
BAC	New	BANK OF AMERICA	$6,366,000	–	268,024	–	2.90%	–
NEE	New	NEXTERA ENERGY INC COM	$6,154,000	–	25,625	–	2.80%	–
LVGO	New	LIVONGO HEALTH INC	$5,873,000	–	78,105	–	2.68%	–
LH	New	LABORATORY CORP AMER HLDS	$5,736,000	–	34,530	–	2.61%	–
LXP	New	LEXINGTON REALTY TRUST	$5,664,000	–	536,910	–	2.58%	–
REGN	New	REGENERON PHARMACEUTICALS	$5,597,000	–	8,975	–	2.55%	–
ILPT	New	INDUSTRIAL LOGISTICS PPTYS	$5,581,000	–	271,600	–	2.54%	–
CI	New	CIGNA CORP	$5,511,000	–	29,370	–	2.51%	–
GLD	New	SPDR GOLD TRUST	$5,473,000	–	32,700	–	2.49%	–
LIN	New	LINDE PLC	$4,526,000	–	21,340	–	2.06%	–
CRM	New	SALESFORCE.COM INC	$4,468,000	–	23,850	–	2.04%	–
C	New	CITIGROUP INC	$4,371,000	–	85,543	–	1.99%	–
DEA	New	EASTERLY GOVERNMENT PROPERTIES	$4,228,000	–	182,890	–	1.93%	–
HON	New	HONEYWELL INTL INC	$4,147,000	–	28,683	–	1.89%	–
STWD	New	STARWOOD PROPERTY TRUST INC	$3,284,000	–	219,500	–	1.50%	–
DHR	New	DANAHER CORP COM	$3,244,000	–	18,347	–	1.48%	–
ALLYPRA	New	GMAC CAP TR SER A FLOATING RTpfd	$3,194,000	–	142,450	–	1.46%	–
TTWO	New	TAKE TWO INTERACTIVE SOFTWARE	$2,925,000	–	20,955	–	1.33%	–
T	New	AT&T	$2,467,000	–	81,614	–	1.12%	–
DANOY	New	DANONE SPONSORED ADR	$2,264,000	–	163,725	–	1.03%	–
HUM	New	HUMANA INC	$2,208,000	–	5,695	–	1.01%	–
GLPI	New	GAMING AND LEISURE PROPERTIES,	$1,995,000	–	57,668	–	0.91%	–
VIAC	New	VIACOMCBS INC	$1,992,000	–	85,440	–	0.91%	–
APD	New	AIR PRODUCTS & CHEMICALS	$1,887,000	–	7,817	–	0.86%	–
GSPRN	New	GOLDMAN SACHS GROUP INC. PFD Spfd	$1,778,000	–	68,535	–	0.81%	–
ZS	New	ZSCALER	$1,509,000	–	13,780	–	0.69%	–
FBIOP	New	FORTRESS BIOTECH PFD SER A 9.3pfd	$1,469,000	–	82,310	–	0.67%	–
MDGL	New	MADRIGAL PHARMACEUTICALS INC	$1,359,000	–	12,000	–	0.62%	–
URGN	New	UROGEN PHARMA LTD	$1,337,000	–	51,175	–	0.61%	–
ALLO	New	ALLOGENE THERAPEUTICS INC	$1,299,000	–	30,325	–	0.59%	–
CPRK	New	CITIGROUP INC PFD SER K 6.875pfd	$1,265,000	–	47,898	–	0.58%	–
INCY	New	INCYTE	$1,226,000	–	11,790	–	0.56%	–
ZG	New	ZILLOW GROUP INC CL A	$1,205,000	–	20,970	–	0.55%	–
VEEV	New	VEEVA SYS INC CL A	$1,173,000	–	5,004	–	0.54%	–
LHX	New	L3HARRIS TECHNOLOGIES INC	$1,171,000	–	6,904	–	0.53%	–
COST	New	COSTCO WHSL	$1,102,000	–	3,635	–	0.50%	–
KKRPRA	New	KKR & CO INC SER A 6.75pfd	$970,000	–	37,600	–	0.44%	–
FBIO	New	FORTRESS BIOTECH INC	$926,000	–	345,500	–	0.42%	–
VRT	New	VERTIV HOLDINGS LLC	$913,000	–	67,330	–	0.42%	–
UZA	New	UNITED STATES CELLULAR CORP PFpfd	$911,000	–	37,200	–	0.42%	–
TDJ	New	TELEPHONE & DATA SYSTEMS INC Ppfd	$866,000	–	35,250	–	0.40%	–
JPMPRH	New	JP MORGAN CHASE & CO 6.15 09-pfd	$784,000	–	30,850	–	0.36%	–
GE	New	GENERAL ELECTRIC	$594,000	–	86,925	–	0.27%	–
LLY	New	ELI LILLY & CO	$593,000	–	3,613	–	0.27%	–
FCX	New	FREEPORT MCMORAN, INC. CL B	$578,000	–	50,000	–	0.26%	–
JNJ	New	JOHNSON & JOHNSON	$537,000	–	3,816	–	0.24%	–
CAIPRB	New	CAI INTL INC RED PFD SER B 8.5pfd	$526,000	–	23,250	–	0.24%	–
DHRPRB	New	DANAHER CORP PFD CONV SER B QTpfd	$511,000	–	476	–	0.23%	–
STAGPRC	New	STAG INDUSTRIAL PFD SER C 6.87pfd	$497,000	–	19,190	–	0.23%	–
RY	New	ROYAL BANK OF CANADA	$470,000	–	6,931	–	0.21%	–
GILD	New	GILEAD SCIENCES	$459,000	–	5,965	–	0.21%	–
HTPRD	New	HERSHA HOSPITALITY TRUST SER Dpfd	$423,000	–	37,300	–	0.19%	–
MNRPRC	New	MONMOUTH REAL ESTATE PFD SER Cpfd	$421,000	–	17,200	–	0.19%	–
CAIPRA	New	CAI INTL INC RED PERP PFD SERpfd	$411,000	–	17,800	–	0.19%	–
MRK	New	MERCK & CO INC	$402,000	–	5,200	–	0.18%	–
CMCSA	New	COMCAST CL A	$384,000	–	9,850	–	0.18%	–
NEEPRO	New	NEXTERA ENERGY INC CONV PFD 4.pfd	$371,000	–	7,645	–	0.17%	–
OAKPRA	New	OAKTREE CAPITAL GROUP LLC SERpfd	$345,000	–	13,650	–	0.16%	–
PG	New	PROCTER & GAMBLE	$336,000	–	2,814	–	0.15%	–
BACPRK	New	BANK OF AMERICA SER HH 5.875pfd	$333,000	–	12,650	–	0.15%	–
MCD	New	MCDONALDS	$323,000	–	1,750	–	0.15%	–
PEBPRC	New	PEBBLEBROOK HOTEL TR PFD SER Cpfd	$315,000	–	15,810	–	0.14%	–
PEP	New	PEPSICO INC	$304,000	–	2,300	–	0.14%	–
AXON	New	AXON ENTERPRISE INC	$294,000	–	3,000	–	0.13%	–
TBB	New	AT&T INC 5.35pfd	$290,000	–	11,175	–	0.13%	–
VZ	New	VERIZON COMMUNICATIONS	$275,000	–	4,990	–	0.12%	–
BRKA	New	BERKSHIRE HATHAWAY DEL CL A	$267,000	–	1	–	0.12%	–
UNH	New	UNITEDHEALTH	$236,000	–	800	–	0.11%	–
CSCO	New	CISCO SYSTEMS	$237,000	–	5,087	–	0.11%	–
HD	New	HOME DEPOT	$235,000	–	940	–	0.11%	–
STAG	New	STAG INDUSTRIAL INC	$220,000	–	7,500	–	0.10%	–
CLF	New	CLIFFS NATURAL RESOURCES	$64,000	–	11,640	–	0.03%	–
QEP	New	QEP RESOURCES	$39,000	–	30,000	–	0.02%	–
OPK	New	OPKO HEALTH INC COM	$38,000	–	11,000	–	0.02%	–
IMMP	New	IMMUTEP LTD SPONSORED ADR	$21,000	–	19,250	–	0.01%	–
BHCG	New	BLACKHAWK CAP GROUP BDC	$0	–	24,000	–	0.00%	–

Q4 2019

			Value		Shares		↓ Weighting
BRCOQ	Exit	BEARD	$0	–	-13,800	–	0.00%	–
BHCG	Exit	BLACKHAWK CAP GROUP BDC	$0	–	-24,000	–	0.00%	–
	Exit	GRIFFIN MINING LTD	$0	–	-15,000	–	-0.01%	–
OPK	Exit	OPKO HEALTH INC COM	$0	–	-11,000	–	-0.01%	–
SLNO	Exit	SOLENO THERAPEUTICS INC COM	$0	–	-32,250	–	-0.02%	–
AKS	Exit	AK STEEL HLDG CORP	$0	–	-29,100	–	-0.03%	–
DNRCQ	Exit	DENBURY RES INC COM NEW	$0	–	-60,000	–	-0.03%	–
QRTEA	Exit	QURATE RETAIL INC QVC GROUP CO	$0	–	-11,044	–	-0.04%	–
ULBI	Exit	ULTRALIFE BATTERIES	$0	–	-17,928	–	-0.06%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS L	$0	–	-8,500	–	-0.10%	–
FBIO	Exit	FORTRESS BIOTECH INC	$0	–	-177,500	–	-0.10%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-30,500	–	-0.11%	–
DIS	Exit	WALT DISNEY COMPANY HOLDING	$0	–	-2,103	–	-0.11%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-4,790	–	-0.11%	–
LSXMK	Exit	LIBERTY MEDIA CORP SIRIUSXM GR	$0	–	-7,028	–	-0.12%	–
CAIPRA	Exit	CAI INTL INC RED PERP PFD SERpfd	$0	–	-11,750	–	-0.12%	–
CI	Exit	CIGNA CORP	$0	–	-2,150	–	-0.13%	–
SLGPRI	Exit	SL GREEN REALTY CORP PFD I 6.5pfd	$0	–	-12,800	–	-0.13%	–
AMHPRE	Exit	AMERICAN HOMES 4 RENT E 6.35pfd	$0	–	-13,300	–	-0.14%	–
PLYMPRA	Exit	PLYMOUTH INDL REIT 7.5 QTLY 1pfd	$0	–	-13,800	–	-0.14%	–
QEP	Exit	QEP RESOURCES	$0	–	-100,000	–	-0.15%	–
AMHPRG	Exit	AMERICAN HOMES 4 RENT G 5.875pfd	$0	–	-14,300	–	-0.15%	–
MCD	Exit	MCDONALDS	$0	–	-1,750	–	-0.15%	–
CLNYPRJ	Exit	COLONY CAPITAL INC PFD SER J 7pfd	$0	–	-19,200	–	-0.18%	–
MNRPRC	Exit	MONMOUTH REAL ESTATE PFD SER Cpfd	$0	–	-18,250	–	-0.18%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,750	–	-0.19%	–
MPLX	Exit	MPLX LP	$0	–	-19,050	–	-0.21%	–
RY	Exit	ROYAL BANK OF CANADA	$0	–	-6,931	–	-0.22%	–
WFEPRACL	Exit	WELLS FARGO REAL EST INVT CORPpfd	$0	–	-22,200	–	-0.22%	–
GOOS	Exit	CANADA GOOSE HOLDINGS INC	$0	–	-12,975	–	-0.23%	–
PEBPRC	Exit	PEBBLEBROOK HOTEL TR PFD SER Cpfd	$0	–	-22,810	–	-0.23%	–
MRK	Exit	MERCK & CO INC	$0	–	-7,150	–	-0.24%	–
CAIPRB	Exit	CAI INTL INC RED PFD SER B 8.5pfd	$0	–	-23,475	–	-0.24%	–
BRKA	Exit	BERKSHIRE HATHAWAY DEL CL A	$0	–	-2	–	-0.25%	–
BACPRK	Exit	BANK OF AMERICA SER HH 5.875pfd	$0	–	-22,800	–	-0.25%	–
CLNYPRI	Exit	COLONY CAPITAL INC PFD SER I 7pfd	$0	–	-27,550	–	-0.25%	–
FTCH	Exit	FARFETCH LIMITED CLASS A	$0	–	-73,755	–	-0.25%	–
FCX	Exit	FREEPORT MCMORAN, INC. CL B	$0	–	-75,750	–	-0.29%	–
VICR	Exit	VICOR CORP	$0	–	-24,655	–	-0.29%	–
BGCP	Exit	BGC PARTNERS INC	$0	–	-134,250	–	-0.29%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-5,450	–	-0.30%	–
ALLO	Exit	ALLOGENE THERAPEUTICS INC	$0	–	-34,995	–	-0.38%	–
COST	Exit	COSTCO WHSL	$0	–	-3,350	–	-0.38%	–
UZA	Exit	UNITED STATES CELLULAR CORP PFpfd	$0	–	-38,725	–	-0.39%	–
NEWM	Exit	NEW MEDIA INVESTMENT GROUP INC	$0	–	-114,350	–	-0.40%	–
JPMPRH	Exit	JP MORGAN CHASE & CO 6.15 09pfd	$0	–	-39,450	–	-0.40%	–
STAGPRC	Exit	STAG INDUSTRIAL PFD SER C 6.87pfd	$0	–	-39,415	–	-0.41%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-17,710	–	-0.43%	–
AAWW	Exit	ATLAS AIR WORLDWIDE HOLDINGS I	$0	–	-44,050	–	-0.44%	–
BACPRYCL	Exit	BANK OF AMERICA CORP SER Y 6.5pfd	$0	–	-44,300	–	-0.44%	–
CMCSA	Exit	COMCAST CL A	$0	–	-25,600	–	-0.46%	–
MSFT	Exit	MICROSOFT	$0	–	-8,362	–	-0.46%	–
TDJ	Exit	TELEPHONE & DATA SYSTEMS INC Ppfd	$0	–	-49,050	–	-0.49%	–
TBB	Exit	AT&T INC 5.35pfd	$0	–	-47,350	–	-0.52%	–
TCRD	Exit	THL CREDIT INC	$0	–	-204,419	–	-0.55%	–
MDGL	Exit	MADRIGAL PHARMACEUTICALS INC	$0	–	-16,341	–	-0.56%	–
VNOPRM	Exit	VORNADO REALTY SER M 5.25pfd	$0	–	-58,450	–	-0.60%	–
KKRPRA	Exit	KKR & CO INC SER A 6.75pfd	$0	–	-58,900	–	-0.62%	–
URGN	Exit	UROGEN PHARMA LTD	$0	–	-66,300	–	-0.62%	–
INCY	Exit	INCYTE	$0	–	-21,500	–	-0.63%	–
HTPRD	Exit	HERSHA HOSPITALITY TRUST SER Dpfd	$0	–	-65,275	–	-0.64%	–
HT	Exit	HERSHA HOSPITALITY TRUST	$0	–	-116,350	–	-0.68%	–
CPRK	Exit	CITIGROUP INC PFD SER K 6.875pfd	$0	–	-66,300	–	-0.74%	–
MSPRGCL	Exit	MORGAN STANLEY PFD SER G 6.625pfd	$0	–	-81,350	–	-0.82%	–
GSPRN	Exit	GOLDMAN SACHS GROUP INC. PFD Spfd	$0	–	-79,410	–	-0.83%	–
DEA	Exit	EASTERLY GOVERNMENT PROPERTIES	$0	–	-106,475	–	-0.90%	–
AGNCB	Exit	AGNC INVESTMENT CORP. SER B 7.pfd	$0	–	-99,800	–	-1.01%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-52,275	–	-1.02%	–
LIN	Exit	LINDE PLC	$0	–	-21,500	–	-1.65%	–
ALLYPRA	Exit	GMAC CAP TR SER A FLOATING RTpfd	$0	–	-161,415	–	-1.67%	–
DHR	Exit	DANAHER CORP COM	$0	–	-33,612	–	-1.92%	–
GLPI	Exit	GAMING AND LEISURE PROPERTIES,	$0	–	-130,815	–	-1.98%	–
ILPT	Exit	INDUSTRIAL LOGISTICS PPTYS	$0	–	-265,050	–	-2.23%	–
DAL	Exit	DELTA AIR LINES INC	$0	–	-101,515	–	-2.31%	–
HUM	Exit	HUMANA INC	$0	–	-23,380	–	-2.36%	–
CRM	Exit	SALESFORCE.COM INC	$0	–	-42,405	–	-2.49%	–
APD	Exit	AIR PRODUCTS & CHEMICALS	$0	–	-32,790	–	-2.88%	–
GOOG	Exit	ALPHABET INC CL C	$0	–	-6,111	–	-2.95%	–
BAC	Exit	BANK OF AMERICA	$0	–	-259,239	–	-2.99%	–
C	Exit	CITIGROUP INC	$0	–	-112,027	–	-3.06%	–
TTWO	Exit	TAKE TWO INTERACTIVE SOFTWARE	$0	–	-62,450	–	-3.10%	–
ALLY	Exit	ALLY FINANCIAL INC COM	$0	–	-250,560	–	-3.29%	–
NEE	Exit	NEXTERA ENERGY INC COM	$0	–	-36,200	–	-3.34%	–
PYPL	Exit	PAYPAL HOLDINGS INC	$0	–	-83,440	–	-3.42%	–
DANOY	Exit	DANONE SPONSORED ADR	$0	–	-504,660	–	-3.52%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-53,080	–	-3.55%	–
LXP	Exit	LEXINGTON REALTY TRUST	$0	–	-881,975	–	-3.58%	–
STWD	Exit	STARWOOD PROPERTY TRUST INC	$0	–	-488,230	–	-4.68%	–
T	Exit	AT&T	$0	–	-328,030	–	-4.91%	–
AMZN	Exit	AMAZON.COM	$0	–	-10,316	–	-7.08%	–
AAPL	Exit	APPLE	$0	–	-101,634	–	-9.00%	–

Q3 2019

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE	$22,763,000	+13.8%	101,634	+0.6%	9.00%	+15.1%
AMZN	Sell	AMAZON.COM	$17,908,000	-10.2%	10,316	-2.0%	7.08%	-9.2%
T	Buy	AT&T	$12,413,000	+26.7%	328,030	+12.2%	4.91%	+28.2%
STWD	Buy	STARWOOD PROPERTY TRUST INC	$11,825,000	+9.9%	488,230	+3.1%	4.68%	+11.1%
LXP	Buy	LEXINGTON REALTY TRUST	$9,040,000	+15.0%	881,975	+5.6%	3.58%	+16.3%
HON	Sell	HONEYWELL INTL INC	$8,981,000	-10.1%	53,080	-7.2%	3.55%	-9.1%
DANOY	Buy	DANONE SPONSORED ADR	$8,893,000	+4.9%	504,660	+1.0%	3.52%	+6.1%
PYPL	Sell	PAYPAL HOLDINGS INC	$8,644,000	-22.6%	83,440	-14.5%	3.42%	-21.7%
NEE	New	NEXTERA ENERGY INC COM	$8,434,000	–	36,200	–	3.34%	–
ALLY	Sell	ALLY FINANCIAL INC COM	$8,309,000	-6.8%	250,560	-12.9%	3.29%	-5.8%
TTWO	Buy	TAKE TWO INTERACTIVE SOFTWARE	$7,827,000	+68.1%	62,450	+52.3%	3.10%	+70.0%
C	Buy	CITIGROUP INC	$7,739,000	+2.7%	112,027	+4.1%	3.06%	+3.8%
BAC	Sell	BANK OF AMERICA	$7,562,000	+0.2%	259,239	-0.4%	2.99%	+1.3%
GOOG	Sell	ALPHABET INC CL C	$7,449,000	-8.0%	6,111	-18.4%	2.95%	-7.0%
APD	Buy	AIR PRODUCTS & CHEMICALS	$7,275,000	+3.3%	32,790	+5.3%	2.88%	+4.4%
CRM	Sell	SALESFORCE.COM INC	$6,295,000	-25.7%	42,405	-24.0%	2.49%	-24.9%
HUM	Sell	HUMANA INC	$5,978,000	-37.6%	23,380	-35.2%	2.36%	-36.9%
DAL	Buy	DELTA AIR LINES INC	$5,847,000	+5.1%	101,515	+3.6%	2.31%	+6.3%
ILPT	Buy	INDUSTRIAL LOGISTICS PPTYS	$5,632,000	+283.1%	265,050	+275.4%	2.23%	+287.5%
GLPI	Buy	GAMING AND LEISURE PROPERTIES,	$5,002,000	+12.1%	130,815	+14.3%	1.98%	+13.4%
DHR	Sell	DANAHER CORP COM	$4,855,000	-14.5%	33,612	-15.4%	1.92%	-13.5%
CSCO	Sell	CISCO SYSTEMS	$2,583,000	-42.6%	52,275	-36.4%	1.02%	-42.0%
AGNCB	Sell	AGNC INVESTMENT CORP. SER B 7.pfd	$2,544,000	-0.8%	99,800	-0.5%	1.01%	+0.3%
DEA	New	EASTERLY GOVERNMENT PROPERTIES	$2,268,000	–	106,475	–	0.90%	–
GSPRN	Buy	GOLDMAN SACHS GROUP INC. PFD Spfd	$2,108,000	+2.0%	79,410	+1.8%	0.83%	+3.1%
CPRK	Buy	CITIGROUP INC PFD SER K 6.875pfd	$1,863,000	+5.0%	66,300	+2.4%	0.74%	+6.2%
HT	Sell	HERSHA HOSPITALITY TRUST	$1,731,000	-28.4%	116,350	-20.4%	0.68%	-27.5%
HTPRD	Buy	HERSHA HOSPITALITY TRUST SER Dpfd	$1,616,000	+3.8%	65,275	+0.2%	0.64%	+4.9%
INCY	Sell	INCYTE	$1,595,000	-16.5%	21,500	-4.4%	0.63%	-15.6%
URGN	Buy	UROGEN PHARMA LTD	$1,580,000	-31.8%	66,300	+2.8%	0.62%	-31.1%
KKRPRA	Buy	KKR & CO INC SER A 6.75pfd	$1,574,000	+9.4%	58,900	+9.1%	0.62%	+10.7%
VNOPRM	Sell	VORNADO REALTY SER M 5.25pfd	$1,511,000	+3.9%	58,450	-1.4%	0.60%	+5.1%
MDGL	Buy	MADRIGAL PHARMACEUTICALS INC	$1,409,000	-12.4%	16,341	+6.5%	0.56%	-11.4%
TCRD	Buy	THL CREDIT INC	$1,390,000	+14.0%	204,419	+11.3%	0.55%	+15.3%
TBB	Buy	AT&T INC 5.35pfd	$1,304,000	+8.8%	47,350	+4.4%	0.52%	+10.0%
MSFT	Buy	MICROSOFT	$1,163,000	+7.9%	8,362	+3.9%	0.46%	+9.0%
CMCSA	Sell	COMCAST CL A	$1,154,000	-20.7%	25,600	-25.6%	0.46%	-19.9%
AAWW	Buy	ATLAS AIR WORLDWIDE HOLDINGS I	$1,111,000	-16.1%	44,050	+48.5%	0.44%	-15.3%
MPC	Sell	MARATHON PETROLEUM CORP	$1,076,000	-58.4%	17,710	-61.8%	0.43%	-57.9%
STAGPRC	Buy	STAG INDUSTRIAL PFD SER C 6.87pfd	$1,030,000	+6.2%	39,415	+8.2%	0.41%	+7.4%
JPMPRH	Buy	JP MORGAN CHASE & CO 6.15 09pfd	$1,025,000	+4.5%	39,450	+5.3%	0.40%	+5.5%
NEWM	Sell	NEW MEDIA INVESTMENT GROUP INC	$1,007,000	-15.2%	114,350	-9.1%	0.40%	-14.4%
UZA	New	UNITED STATES CELLULAR CORP PFpfd	$981,000	–	38,725	–	0.39%	–
ALLO	Sell	ALLOGENE THERAPEUTICS INC	$954,000	-18.1%	34,995	-19.4%	0.38%	-17.3%
GLD	Buy	SPDR GOLD TRUST	$757,000	+127.3%	5,450	+118.0%	0.30%	+130.0%
BGCP	Sell	BGC PARTNERS INC	$738,000	-47.0%	134,250	-49.6%	0.29%	-46.4%
VICR	Buy	VICOR CORP	$728,000	-4.1%	24,655	+0.8%	0.29%	-3.0%
FCX	Buy	FREEPORT MCMORAN, INC. CL B	$725,000	+8.2%	75,750	+31.2%	0.29%	+9.5%
FTCH	Sell	FARFETCH LIMITED CLASS A	$637,000	-76.4%	73,755	-43.1%	0.25%	-76.1%
CLNYPRI	New	COLONY CAPITAL INC PFD SER I 7pfd	$633,000	–	27,550	–	0.25%	–
BACPRK	Buy	BANK OF AMERICA SER HH 5.875pfd	$628,000	+12.5%	22,800	+6.7%	0.25%	+13.8%
BRKA	Sell	BERKSHIRE HATHAWAY DEL CL A	$624,000	-34.7%	2	-33.3%	0.25%	-34.0%
CAIPRB	Buy	CAI INTL INC RED PFD SER B 8.5pfd	$603,000	+18.2%	23,475	+15.1%	0.24%	+19.5%
MRK	Sell	MERCK & CO INC	$602,000	-37.3%	7,150	-37.6%	0.24%	-36.7%
PEBPRC	Buy	PEBBLEBROOK HOTEL TR PFD SER Cpfd	$589,000	+10.7%	22,810	+9.1%	0.23%	+12.0%
GOOS	Sell	CANADA GOOSE HOLDINGS INC	$571,000	-63.8%	12,975	-68.2%	0.23%	-63.4%
WFEPRACL	Buy	WELLS FARGO REAL EST INVT CORPpfd	$564,000	-0.4%	22,200	+0.9%	0.22%	+0.9%
MPLX	Sell	MPLX LP	$534,000	-69.6%	19,050	-65.1%	0.21%	-69.3%
JNJ	Sell	JOHNSON & JOHNSON	$485,000	-10.7%	3,750	-3.8%	0.19%	-9.4%
MNRPRC	Buy	MONMOUTH REAL ESTATE PFD SER Cpfd	$457,000	+89.6%	18,250	+80.7%	0.18%	+92.6%
CLNYPRJ	New	COLONY CAPITAL INC PFD SER J 7pfd	$445,000	–	19,200	–	0.18%	–
MCD	Sell	MCDONALDS	$376,000	-2.1%	1,750	-5.4%	0.15%	-0.7%
QEP	Buy	QEP RESOURCES	$370,000	-17.2%	100,000	+61.8%	0.15%	-16.6%
PLYMPRA	Buy	PLYMOUTH INDL REIT 7.5 QTLY 1pfd	$362,000	+29.3%	13,800	+25.5%	0.14%	+30.0%
AMHPRE	Buy	AMERICAN HOMES 4 RENT E 6.35pfd	$354,000	+45.7%	13,300	+47.8%	0.14%	+47.4%
SLGPRI	New	SL GREEN REALTY CORP PFD I 6.5pfd	$333,000	–	12,800	–	0.13%	–
CI	Sell	CIGNA CORP	$326,000	-34.3%	2,150	-31.7%	0.13%	-33.5%
CAIPRA	New	CAI INTL INC RED PERP PFD SERpfd	$301,000	–	11,750	–	0.12%	–
VZ	Sell	VERIZON COMMUNICATIONS	$289,000	-7.7%	4,790	-12.4%	0.11%	-6.6%
GE	Buy	GENERAL ELECTRIC	$273,000	-13.3%	30,500	+1.7%	0.11%	-12.2%
FBIO	Buy	FORTRESS BIOTECH INC	$250,000	+410.2%	177,500	+444.5%	0.10%	+421.1%
ULBI	Sell	ULTRALIFE BATTERIES	$155,000	-16.2%	17,928	-22.8%	0.06%	-15.3%
QRTEA	Sell	QURATE RETAIL INC QVC GROUP CO	$114,000	-40.9%	11,044	-29.0%	0.04%	-40.0%
DNRCQ	Sell	DENBURY RES INC COM NEW	$71,000	-71.4%	60,000	-70.0%	0.03%	-71.1%
SLNO	Buy	SOLENO THERAPEUTICS INC COM	$48,000	-41.5%	32,250	+10.3%	0.02%	-40.6%
JCPNQ	Exit	J C PENNEY INC	$0	–	-15,000	–	-0.01%	–
WES	Exit	WESTERN MIDSTREAM PARTNERS LP	$0	–	-7,244	–	-0.09%	–
GIS	Exit	GENERAL MILLS	$0	–	-5,875	–	-0.12%	–
PLYM	Exit	PLYMOUTH INDL REIT, Inc.	$0	–	-23,900	–	-0.18%	–
BSX	Exit	BOSTON SCIENTIFIC	$0	–	-12,500	–	-0.21%	–
WLL	Exit	WHITING PETE CORP	$0	–	-30,000	–	-0.22%	–
XYL	Exit	XYLEM INC	$0	–	-9,405	–	-0.31%	–
KMPA	Exit	KEMPER CORP 7.375pfd	$0	–	-77,625	–	-0.76%	–
ASH	Exit	ASHLAND GLOBAL HOLDINGS INC	$0	–	-50,495	–	-1.58%	–

Q2 2019

			Value		Shares		↓ Weighting
AAPL	New	APPLE	$20,002,000	–	101,059	–	7.82%	–
AMZN	New	AMAZON.COM	$19,942,000	–	10,531	–	7.80%	–
PYPL	New	PAYPAL HOLDINGS INC	$11,167,000	–	97,560	–	4.37%	–
STWD	New	STARWOOD PROPERTY TRUST INC	$10,758,000	–	473,505	–	4.21%	–
HON	New	HONEYWELL INTL INC	$9,990,000	–	57,220	–	3.91%	–
T	New	AT&T	$9,794,000	–	292,280	–	3.83%	–
HUM	New	HUMANA INC	$9,573,000	–	36,085	–	3.74%	–
ALLY	New	ALLY FINANCIAL INC COM	$8,917,000	–	287,745	–	3.49%	–
DANOY	New	DANONE SPONSORED ADR	$8,477,000	–	499,585	–	3.32%	–
CRM	New	SALESFORCE.COM INC	$8,471,000	–	55,830	–	3.31%	–
GOOG	New	ALPHABET INC CL C	$8,098,000	–	7,492	–	3.17%	–
LXP	New	LEXINGTON REALTY TRUST	$7,861,000	–	835,425	–	3.08%	–
BAC	New	BANK OF AMERICA	$7,549,000	–	260,314	–	2.95%	–
C	New	CITIGROUP INC	$7,539,000	–	107,652	–	2.95%	–
APD	New	AIR PRODUCTS & CHEMICALS	$7,046,000	–	31,125	–	2.76%	–
DHR	New	DANAHER CORP COM	$5,676,000	–	39,712	–	2.22%	–
DAL	New	DELTA AIR LINES INC	$5,561,000	–	97,995	–	2.18%	–
TTWO	New	TAKE TWO INTERACTIVE SOFTWARE	$4,656,000	–	41,015	–	1.82%	–
CSCO	New	CISCO SYSTEMS	$4,502,000	–	82,255	–	1.76%	–
GLPI	New	GAMING AND LEISURE PROPERTIES,	$4,461,000	–	114,440	–	1.74%	–
LIN	New	LINDE PLC	$4,317,000	–	21,500	–	1.69%	–
ALLYPRA	New	GMAC CAP TR SER A FLOATING RTpfd	$4,218,000	–	161,415	–	1.65%	–
ASH	New	ASHLAND GLOBAL HOLDINGS INC	$4,038,000	–	50,495	–	1.58%	–
FTCH	New	FARFETCH LIMITED CLASS A	$2,694,000	–	129,515	–	1.05%	–
MPC	New	MARATHON PETROLEUM CORP	$2,589,000	–	46,330	–	1.01%	–
AGNCB	New	AGNC INVESTMENT CORP. SER B 7.pfd	$2,565,000	–	100,275	–	1.00%	–
HT	New	HERSHA HOSPITALITY TRUST	$2,416,000	–	146,100	–	0.94%	–
URGN	New	UROGEN PHARMA LTD	$2,318,000	–	64,500	–	0.91%	–
GSPRN	New	GOLDMAN SACHS GROUP INC. PFD Spfd	$2,067,000	–	78,010	–	0.81%	–
MSPRGCL	New	MORGAN STANLEY PFD SER G 6.625pfd	$2,063,000	–	81,350	–	0.81%	–
KMPA	New	KEMPER CORP 7.375pfd	$1,955,000	–	77,625	–	0.76%	–
INCY	New	INCYTE	$1,911,000	–	22,500	–	0.75%	–
CPRK	New	CITIGROUP INC PFD SER K 6.875pfd	$1,775,000	–	64,775	–	0.69%	–
MPLX	New	MPLX LP	$1,756,000	–	54,540	–	0.69%	–
MDGL	New	MADRIGAL PHARMACEUTICALS INC	$1,608,000	–	15,341	–	0.63%	–
GOOS	New	CANADA GOOSE HOLDINGS INC	$1,579,000	–	40,775	–	0.62%	–
HTPRD	New	HERSHA HOSPITALITY TRUST SER Dpfd	$1,557,000	–	65,125	–	0.61%	–
ILPT	New	INDUSTRIAL LOGISTICS PPTYS	$1,470,000	–	70,600	–	0.58%	–
VNOPRM	New	VORNADO REALTY SER M 5.25pfd	$1,454,000	–	59,300	–	0.57%	–
CMCSA	New	COMCAST CL A	$1,455,000	–	34,405	–	0.57%	–
KKRPRA	New	KKR & CO INC SER A 6.75pfd	$1,439,000	–	54,000	–	0.56%	–
BGCP	New	BGC PARTNERS INC	$1,393,000	–	266,300	–	0.54%	–
AAWW	New	ATLAS AIR WORLDWIDE HOLDINGS I	$1,324,000	–	29,665	–	0.52%	–
TDJ	New	TELEPHONE & DATA SYSTEMS INC Ppfd	$1,231,000	–	49,050	–	0.48%	–
TCRD	New	THL CREDIT INC	$1,219,000	–	183,600	–	0.48%	–
TBB	New	AT&T INC 5.35pfd	$1,198,000	–	45,350	–	0.47%	–
NEWM	New	NEW MEDIA INVESTMENT GROUP INC	$1,188,000	–	125,815	–	0.46%	–
ALLO	New	ALLOGENE THERAPEUTICS INC	$1,165,000	–	43,395	–	0.46%	–
BACPRYCL	New	BANK OF AMERICA CORP SER Y 6.5pfd	$1,131,000	–	44,300	–	0.44%	–
MSFT	New	MICROSOFT	$1,078,000	–	8,050	–	0.42%	–
JPMPRH	New	JP MORGAN CHASE & CO 6.15 09pfd	$981,000	–	37,450	–	0.38%	–
STAGPRC	New	STAG INDUSTRIAL PFD SER C 6.87pfd	$970,000	–	36,415	–	0.38%	–
MRK	New	MERCK & CO INC	$960,000	–	11,450	–	0.38%	–
BRKA	New	BERKSHIRE HATHAWAY DEL CL A	$955,000	–	3	–	0.37%	–
COST	New	COSTCO WHSL	$885,000	–	3,350	–	0.35%	–
XYL	New	XYLEM INC	$787,000	–	9,405	–	0.31%	–
VICR	New	VICOR CORP	$759,000	–	24,455	–	0.30%	–
FCX	New	FREEPORT MCMORAN, INC. CL B	$670,000	–	57,750	–	0.26%	–
WFEPRACL	New	WELLS FARGO REAL EST INVT CORPpfd	$566,000	–	22,000	–	0.22%	–
WLL	New	WHITING PETE CORP	$560,000	–	30,000	–	0.22%	–
BACPRK	New	BANK OF AMERICA SER HH 5.875pfd	$558,000	–	21,375	–	0.22%	–
RY	New	ROYAL BANK OF CANADA	$550,000	–	6,931	–	0.22%	–
JNJ	New	JOHNSON & JOHNSON	$543,000	–	3,900	–	0.21%	–
BSX	New	BOSTON SCIENTIFIC	$537,000	–	12,500	–	0.21%	–
PEBPRC	New	PEBBLEBROOK HOTEL TR PFD SER Cpfd	$532,000	–	20,910	–	0.21%	–
CAIPRB	New	CAI INTL INC RED PFD SER B 8.5pfd	$510,000	–	20,400	–	0.20%	–
CI	New	CIGNA CORP	$496,000	–	3,150	–	0.19%	–
PLYM	New	PLYMOUTH INDL REIT, Inc.	$453,000	–	23,900	–	0.18%	–
QEP	New	QEP RESOURCES	$447,000	–	61,800	–	0.18%	–
MCD	New	MCDONALDS	$384,000	–	1,850	–	0.15%	–
AMHPRG	New	AMERICAN HOMES 4 RENT G 5.875pfd	$367,000	–	14,300	–	0.14%	–
GLD	New	SPDR GOLD TRUST	$333,000	–	2,500	–	0.13%	–
GE	New	GENERAL ELECTRIC	$315,000	–	30,000	–	0.12%	–
VZ	New	VERIZON COMMUNICATIONS	$313,000	–	5,470	–	0.12%	–
GIS	New	GENERAL MILLS	$309,000	–	5,875	–	0.12%	–
DIS	New	WALT DISNEY COMPANY HOLDING	$294,000	–	2,103	–	0.12%	–
PLYMPRA	New	PLYMOUTH INDL REIT 7.5 QTLY 1pfd	$280,000	–	11,000	–	0.11%	–
LSXMK	New	LIBERTY MEDIA CORP SIRIUSXM GR	$267,000	–	7,028	–	0.10%	–
DNRCQ	New	DENBURY RES INC COM NEW	$248,000	–	200,000	–	0.10%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS L	$245,000	–	8,500	–	0.10%	–
AMHPRE	New	AMERICAN HOMES 4 RENT E 6.35pfd	$243,000	–	9,000	–	0.10%	–
MNRPRC	New	MONMOUTH REAL ESTATE PFD SER Cpfd	$241,000	–	10,100	–	0.09%	–
WES	New	WESTERN MIDSTREAM PARTNERS LP	$223,000	–	7,244	–	0.09%	–
QRTEA	New	QURATE RETAIL INC QVC GROUP CO	$193,000	–	15,544	–	0.08%	–
ULBI	New	ULTRALIFE BATTERIES	$185,000	–	23,228	–	0.07%	–
SLNO	New	SOLENO THERAPEUTICS INC COM	$82,000	–	29,250	–	0.03%	–
AKS	New	AK STEEL HLDG CORP	$69,000	–	29,100	–	0.03%	–
FBIO	New	FORTRESS BIOTECH INC	$49,000	–	32,600	–	0.02%	–
OPK	New	OPKO HEALTH INC COM	$27,000	–	11,000	–	0.01%	–
JCPNQ	New	J C PENNEY INC	$17,000	–	15,000	–	0.01%	–
	New	GRIFFIN MINING LTD	$18,000	–	15,000	–	0.01%	–
BRCOQ	New	BEARD	$0	–	13,800	–	0.00%	–
BHCG	New	BLACKHAWK CAP GROUP BDC	$0	–	24,000	–	0.00%	–

Q4 2018

			Value		Shares		↓ Weighting
BRCOQ	Exit	BEARD	$0	–	-13,800	–	0.00%	–
BHCG	Exit	BLACKHAWK CAP GROUP BDC	$0	–	-24,000	–	0.00%	–
	Exit	GRIFFIN MINING LTD	$0	–	-15,000	–	-0.01%	–
FBIO	Exit	FORTRESS BIOTECH INC	$0	–	-12,600	–	-0.01%	–
OPK	Exit	OPKO HEALTH INC COM	$0	–	-16,000	–	-0.02%	–
ADMA	Exit	ADMA BIOLOGICS INC	$0	–	-10,150	–	-0.02%	–
SLNO	Exit	SOLENO THERAPEUTICS INC COM	$0	–	-30,300	–	-0.02%	–
OFS	Exit	OFS CAPITAL CORP	$0	–	-10,000	–	-0.05%	–
GRBK	Exit	GREEN BRICK PARTNERS INC	$0	–	-17,200	–	-0.07%	–
AXON	Exit	AXON ENTERPRISE INC	$0	–	-3,000	–	-0.08%	–
ULBI	Exit	ULTRALIFE BATTERIES	$0	–	-26,000	–	-0.08%	–
QEP	Exit	QEP RESOURCES	$0	–	-21,300	–	-0.09%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS L	$0	–	-8,500	–	-0.10%	–
DIS	Exit	WALT DISNEY COMPANY HOLDING	$0	–	-2,303	–	-0.10%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-5,070	–	-0.11%	–
AGN	Exit	ALLERGAN INC	$0	–	-1,500	–	-0.11%	–
AKS	Exit	AK STEEL HLDG CORP	$0	–	-59,000	–	-0.11%	–
LSXMK	Exit	LIBERTY MEDIA CORP SIRIUSXM GR	$0	–	-7,028	–	-0.12%	–
MCD	Exit	MCDONALDS	$0	–	-1,850	–	-0.12%	–
QRTEA	Exit	QURATE RETAIL INC QVC GROUP CO	$0	–	-15,544	–	-0.13%	–
WFEPRACL	Exit	WELLS FARGO REAL EST INVT CORPpfd	$0	–	-13,750	–	-0.14%	–
DLPH	Exit	DELPHI TECHNOLOGIES PLC	$0	–	-13,150	–	-0.16%	–
FTCH	Exit	FARFETCH LIMITED CLASS A	$0	–	-16,000	–	-0.17%	–
CDLX	Exit	CARDLYTICS INC	$0	–	-18,500	–	-0.18%	–
WES	Exit	WESTERN GAS PARTNERS	$0	–	-10,725	–	-0.18%	–
JPMPRH	Exit	JP MORGAN CHASE & CO 6.15 09-pfd	$0	–	-19,200	–	-0.19%	–
PEBPRC	Exit	PEBBLEBROOK HOTEL TR PFD SER Cpfd	$0	–	-21,310	–	-0.20%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,976	–	-0.21%	–
RY	Exit	ROYAL BANK OF CANADA	$0	–	-6,931	–	-0.22%	–
BACPRK	Exit	BANK OF AMERICA SER HH 5.875pfd	$0	–	-24,150	–	-0.24%	–
TDJ	Exit	TELEPHONE & DATA SYS INC PFD 7pfd	$0	–	-27,600	–	-0.27%	–
APC	Exit	ANADARKO PETROLEUM	$0	–	-11,120	–	-0.29%	–
KKRPRA	Exit	KKR & CO INC SER A 6.75pfd	$0	–	-28,550	–	-0.29%	–
GPTPRA	Exit	GRAMERCY PROPERTY TRUST SER Apfd	$0	–	-31,350	–	-0.30%	–
COST	Exit	COSTCO WHSL	$0	–	-3,350	–	-0.31%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-4,800	–	-0.31%	–
STAGPRC	Exit	STAG INDL INC CUM RED PRD SERpfd	$0	–	-31,740	–	-0.32%	–
FCX	Exit	FREEPORT MCMORAN, INC. CL B	$0	–	-59,950	–	-0.32%	–
MSFT	Exit	MICROSOFT	$0	–	-7,412	–	-0.33%	–
VNOPRM	Exit	VORNADO REALTY SER M 5.25pfd	$0	–	-41,050	–	-0.36%	–
BRKA	Exit	BERKSHIRE HATHAWAY DEL CL A	$0	–	-3	–	-0.37%	–
GOOS	Exit	CANADA GOOSE HOLDINGS INC	$0	–	-15,100	–	-0.38%	–
MRK	Exit	MERCK & CO INC	$0	–	-14,200	–	-0.39%	–
CI	Exit	CIGNA CORP COM	$0	–	-4,875	–	-0.40%	–
TBB	Exit	AT&T INC 5.35pfd	$0	–	-41,800	–	-0.41%	–
HTPRD	Exit	HERSHA HOSPITALITY TRUST SER Dpfd	$0	–	-45,900	–	-0.41%	–
BACPRYCL	Exit	BANK OF AMERICA CORP SER Y 6.5pfd	$0	–	-44,000	–	-0.45%	–
CPRK	Exit	CITIGROUP INC PFD SER K 6.875pfd	$0	–	-46,900	–	-0.51%	–
KMPA	Exit	KEMPER CORP 7.375pfd	$0	–	-52,300	–	-0.52%	–
TCRD	Exit	THL CREDIT INC	$0	–	-179,175	–	-0.56%	–
MSPRGCL	Exit	MORGAN STANLEY PRD G 6.625 7-pfd	$0	–	-71,750	–	-0.72%	–
GSPRN	Exit	GOLDMAN SACHS GROUP INC. PFD Spfd	$0	–	-76,660	–	-0.78%	–
INCY	Exit	INCYTE	$0	–	-30,200	–	-0.81%	–
AGNCB	Exit	AGNC INVESTMENT CORP. SER B 7.pfd	$0	–	-92,850	–	-0.92%	–
GLPI	Exit	GAMING AND LEISURE PROPERTIES,	$0	–	-69,035	–	-0.95%	–
XYL	Exit	XYLEM INC	$0	–	-36,520	–	-1.14%	–
MPLX	Exit	MPLX LP	$0	–	-87,640	–	-1.18%	–
MDGL	Exit	MADRIGAL PHARMACEUTICALS INC	$0	–	-15,341	–	-1.28%	–
CMCSA	Exit	COMCAST CL A	$0	–	-95,105	–	-1.31%	–
NEWM	Exit	NEW MEDIA INVESTMENT GROUP INC	$0	–	-218,640	–	-1.34%	–
URGN	Exit	UROGEN PHARMA LTD	$0	–	-78,425	–	-1.44%	–
ALLYPRA	Exit	GMAC CAP TR I SER 2 CPN-8.125pfd	$0	–	-148,390	–	-1.52%	–
PX	Exit	PRAXAIR	$0	–	-25,500	–	-1.60%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-55,325	–	-1.72%	–
DHR	Exit	DANAHER CORP	$0	–	-42,852	–	-1.81%	–
BABA	Exit	ALIBABA GROUP HOLDINGS LTD	$0	–	-28,910	–	-1.86%	–
DAL	Exit	DELTA AIR LINES INC	$0	–	-82,605	–	-1.86%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-105,645	–	-2.00%	–
BGCP	Exit	BGC PARTNERS INC	$0	–	-565,750	–	-2.60%	–
LXP	Exit	LEXINGTON REALTY TRUST	$0	–	-829,875	–	-2.68%	–
BAC	Exit	BANK OF AMERICA	$0	–	-258,139	–	-2.96%	–
C	Exit	CITIGROUP INC	$0	–	-106,545	–	-2.98%	–
ASH	Exit	ASHLAND GLOBAL HOLDINGS INC	$0	–	-91,225	–	-2.98%	–
VICR	Exit	VICOR CORP	$0	–	-171,275	–	-3.07%	–
NVDA	Exit	NVIDIA Corp	$0	–	-29,730	–	-3.25%	–
STWD	Exit	STARWOOD PROPERTY TRUST INC	$0	–	-397,755	–	-3.33%	–
ALLY	Exit	ALLY FINANCIAL INC COM	$0	–	-333,860	–	-3.44%	–
CRM	Exit	SALESFORCE.COM INC	$0	–	-60,740	–	-3.76%	–
PYPL	Exit	PAYPAL HOLDINGS INC	$0	–	-113,170	–	-3.87%	–
AAWW	Exit	ATLAS AIR WORLDWIDE HOLDINGS I	$0	–	-164,630	–	-4.09%	–
GOOG	Exit	ALPHABET INC CL C	$0	–	-9,816	–	-4.56%	–
HUM	Exit	HUMANA INC	$0	–	-35,075	–	-4.62%	–
AAPL	Exit	APPLE	$0	–	-89,879	–	-7.90%	–
AMZN	Exit	AMAZON.COM	$0	–	-11,384	–	-8.88%	–

Q3 2018

			Value		Shares		↓ Weighting
AMZN	Buy	AMAZON.COM	$22,802,000	+18.1%	11,384	+0.2%	8.88%	+9.9%
AAPL	Sell	APPLE	$20,289,000	+21.9%	89,879	-0.1%	7.90%	+13.4%
HUM	Buy	HUMANA INC	$11,874,000	+14.0%	35,075	+0.2%	4.62%	+6.1%
GOOG	Buy	ALPHABET INC CL C	$11,715,000	+16.7%	9,816	+9.1%	4.56%	+8.6%
AAWW	Buy	ATLAS AIR WORLDWIDE HOLDINGS I	$10,495,000	+4.0%	164,630	+16.9%	4.09%	-3.3%
PYPL	Sell	PAYPAL HOLDINGS INC	$9,941,000	+5.0%	113,170	-0.4%	3.87%	-2.2%
CRM	Buy	SALESFORCE.COM INC	$9,659,000	+20.0%	60,740	+2.9%	3.76%	+11.7%
ALLY	Buy	ALLY FINANCIAL INC COM	$8,831,000	+3.3%	333,860	+2.6%	3.44%	-3.8%
STWD	Buy	STARWOOD PROPERTY TRUST INC	$8,560,000	+3.7%	397,755	+4.6%	3.33%	-3.5%
NVDA	Sell	NVIDIA Corp	$8,355,000	+17.9%	29,730	-0.6%	3.25%	+9.7%
VICR	Buy	VICOR CORP	$7,879,000	+28.9%	171,275	+22.0%	3.07%	+19.9%
ASH	New	ASHLAND GLOBAL HOLDINGS INC	$7,650,000	–	91,225	–	2.98%	–
C	Sell	CITIGROUP INC	$7,644,000	+6.4%	106,545	-0.7%	2.98%	-1.0%
BAC	Sell	BANK OF AMERICA	$7,605,000	+3.7%	258,139	-0.8%	2.96%	-3.5%
LXP	Buy	LEXINGTON REALTY TRUST	$6,888,000	+3.1%	829,875	+8.4%	2.68%	-4.0%
BGCP	Buy	BGC PARTNERS INC	$6,687,000	+14.7%	565,750	+9.8%	2.60%	+6.7%
CSCO	Sell	CISCO SYSTEMS	$5,140,000	+7.5%	105,645	-4.9%	2.00%	+0.0%
DAL	Buy	DELTA AIR LINES INC	$4,777,000	+28.3%	82,605	+9.9%	1.86%	+19.4%
BABA	Sell	ALIBABA GROUP HOLDINGS LTD	$4,763,000	-27.7%	28,910	-18.6%	1.86%	-32.7%
DHR	Sell	DANAHER CORP	$4,656,000	+4.0%	42,852	-5.6%	1.81%	-3.3%
MPC	Buy	MARATHON PETROLEUM CORP	$4,424,000	+15.5%	55,325	+1.4%	1.72%	+7.5%
ALLYPRA	Buy	GMAC CAP TR I SER 2 CPN-8.125pfd	$3,903,000	+6.6%	148,390	+6.5%	1.52%	-0.8%
URGN	Buy	UROGEN PHARMA LTD	$3,704,000	+54.7%	78,425	+63.0%	1.44%	+44.0%
NEWM	Buy	NEW MEDIA INVESTMENT GROUP INC	$3,430,000	-9.4%	218,640	+6.8%	1.34%	-15.7%
CMCSA	Sell	COMCAST CL A	$3,368,000	-21.7%	95,105	-27.5%	1.31%	-27.2%
MDGL	Sell	MADRIGAL PHARMACEUTICALS INC	$3,285,000	-33.0%	15,341	-12.5%	1.28%	-37.7%
MPLX	Buy	MPLX LP	$3,039,000	+18.8%	87,640	+16.9%	1.18%	+10.6%
XYL	New	XYLEM INC	$2,917,000	–	36,520	–	1.14%	–
GLPI	Buy	GAMING AND LEISURE PROPERTIES,	$2,433,000	+29.5%	69,035	+31.6%	0.95%	+20.6%
AGNCB	Buy	AGNC INVESTMENT CORP. SER B 7.pfd	$2,370,000	+8.7%	92,850	+9.3%	0.92%	+1.1%
INCY	Sell	INCYTE	$2,086,000	-72.5%	30,200	-73.3%	0.81%	-74.4%
GSPRN	Sell	GOLDMAN SACHS GROUP INC. PFD Spfd	$1,998,000	-3.6%	76,660	-1.4%	0.78%	-10.3%
MSPRGCL	Sell	MORGAN STANLEY PRD G 6.625 7-pfd	$1,841,000	-4.2%	71,750	-1.4%	0.72%	-10.8%
TCRD	Buy	THL CREDIT INC	$1,446,000	+14.9%	179,175	+11.4%	0.56%	+6.8%
KMPA	Buy	KEMPER CORP 7.375pfd	$1,339,000	+13.7%	52,300	+15.5%	0.52%	+5.9%
CPRK	Buy	CITIGROUP INC PFD SER K 6.875pfd	$1,301,000	+23.7%	46,900	+22.5%	0.51%	+15.2%
BACPRYCL	Buy	BANK OF AMERICA CORP SER Y 6.5pfd	$1,146,000	+11.6%	44,000	+12.8%	0.45%	+3.7%
HTPRD	Buy	HERSHA HOSPITALITY TRUST SER Dpfd	$1,064,000	+37.3%	45,900	+42.1%	0.41%	+27.8%
TBB	New	AT&T INC 5.35pfd	$1,044,000	–	41,800	–	0.41%	–
CI	Sell	CIGNA CORP COM	$1,015,000	+14.3%	4,875	-6.7%	0.40%	+6.2%
GOOS	Buy	CANADA GOOSE HOLDINGS INC	$975,000	+56.2%	15,100	+42.5%	0.38%	+45.6%
VNOPRM	Buy	VORNADO REALTY SER M 5.25pfd	$914,000	+189.2%	41,050	+201.8%	0.36%	+169.7%
FCX	Buy	FREEPORT MCMORAN, INC. CL B	$835,000	-11.9%	59,950	+9.1%	0.32%	-18.1%
STAGPRC	Buy	STAG INDL INC CUM RED PRD SERpfd	$825,000	+8.3%	31,740	+6.7%	0.32%	+0.6%
KKRPRA	Buy	KKR & CO INC SER A 6.75pfd	$751,000	+88.2%	28,550	+92.3%	0.29%	+75.4%
APC	Buy	ANADARKO PETROLEUM	$750,000	-0.8%	11,120	+7.8%	0.29%	-7.6%
TDJ	Buy	TELEPHONE & DATA SYS INC PFD 7pfd	$693,000	+26.2%	27,600	+26.6%	0.27%	+17.4%
BACPRK	New	BANK OF AMERICA SER HH 5.875pfd	$616,000	–	24,150	–	0.24%	–
JPMPRH	New	JP MORGAN CHASE & CO 6.15 09-pfd	$496,000	–	19,200	–	0.19%	–
WES	Sell	WESTERN GAS PARTNERS	$468,000	-13.8%	10,725	-4.5%	0.18%	-19.8%
CDLX	New	CARDLYTICS INC	$463,000	–	18,500	–	0.18%	–
FTCH	New	FARFETCH LIMITED CLASS A	$436,000	–	16,000	–	0.17%	–
DLPH	Sell	DELPHI TECHNOLOGIES PLC	$412,000	-91.5%	13,150	-87.7%	0.16%	-92.1%
WFEPRACL	Buy	WELLS FARGO REAL EST INVT CORPpfd	$352,000	+39.1%	13,750	+41.0%	0.14%	+29.2%
AKS	Sell	AK STEEL HLDG CORP	$289,000	+12.0%	59,000	-0.8%	0.11%	+4.6%
AGN	Sell	ALLERGAN INC	$286,000	-43.9%	1,500	-51.0%	0.11%	-47.9%
AXON	New	AXON ENTERPRISE INC	$205,000	–	3,000	–	0.08%	–
GRBK	Buy	GREEN BRICK PARTNERS INC	$174,000	+45.0%	17,200	+41.0%	0.07%	+36.0%
OFS	Sell	OFS CAPITAL CORP	$119,000	+1.7%	10,000	-2.4%	0.05%	-6.1%
ADMA	New	ADMA BIOLOGICS INC	$63,000	–	10,150	–	0.02%	–
SLNO	Buy	SOLENO THERAPEUTICS INC COM	$65,000	+182.6%	30,300	+203.0%	0.02%	+150.0%
OPK	Sell	OPKO HEALTH INC COM	$55,000	-69.6%	16,000	-58.4%	0.02%	-72.4%
FBIO	New	FORTRESS BIOTECH INC	$20,000	–	12,600	–	0.01%	–
	New	GRIFFIN MINING LTD	$18,000	–	15,000	–	0.01%	–
BHCG	New	BLACKHAWK CAP GROUP BDC	$0	–	24,000	–	0.00%	–
BRCOQ	New	BEARD	$0	–	13,800	–	0.00%	–
GSTCQ	Exit	GASTAR EXPLORATION INC	$0	–	-20,000	–	-0.01%	–
SGYPQ	Exit	SYNERGY PHARMACEUTICALS	$0	–	-17,500	–	-0.01%	–
JCPNQ	Exit	J C PENNEY INC	$0	–	-25,000	–	-0.02%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-2,100	–	-0.10%	–
CLNYPRI	Exit	COLONY CAPITAL INC 7.15 PFD Spfd	$0	–	-12,400	–	-0.12%	–
TCEHY	Exit	TENCENT HOLDINGS LTD	$0	–	-6,600	–	-0.14%	–
KO	Exit	COCA COLA COMPANY	$0	–	-8,941	–	-0.16%	–
CLNYPRG	Exit	COLONY CAPITAL INC 7.5 PFD SEpfd	$0	–	-16,150	–	-0.16%	–
CLNSPRDCL	Exit	COLONY NORTHSTAR INC. 8.5 PFDpfd	$0	–	-24,700	–	-0.26%	–
STAGPRBCL	Exit	STAG INDUSTRIAL PRF SER B 6.62pfd	$0	–	-33,700	–	-0.35%	–
VOD	Exit	VODAFONE GROUP PLC	$0	–	-38,700	–	-0.39%	–
BGCACL	Exit	BGC PARTNERS INC SR NTS 8.125pfd	$0	–	-51,744	–	-0.56%	–
CBS	Exit	CBS CORP CL B	$0	–	-34,775	–	-0.82%	–

Q2 2018

			Value		Shares		↓ Weighting
AMZN	New	AMAZON.COM	$19,311,000	–	11,361	–	8.08%	–
AAPL	New	APPLE	$16,650,000	–	89,944	–	6.97%	–
HUM	New	HUMANA INC	$10,419,000	–	35,005	–	4.36%	–
AAWW	New	ATLAS AIR WORLDWIDE HOLDINGS I	$10,096,000	–	140,815	–	4.23%	–
GOOG	New	ALPHABET INC CL C	$10,035,000	–	8,995	–	4.20%	–
PYPL	New	PAYPAL HOLDINGS INC	$9,464,000	–	113,660	–	3.96%	–
ALLY	New	ALLY FINANCIAL INC COM	$8,547,000	–	325,360	–	3.58%	–
STWD	New	STARWOOD PROPERTY TRUST INC	$8,252,000	–	380,095	–	3.45%	–
CRM	New	SALESFORCE.COM INC	$8,050,000	–	59,015	–	3.37%	–
INCY	New	INCYTE	$7,584,000	–	113,200	–	3.17%	–
BAC	New	BANK OF AMERICA	$7,333,000	–	260,139	–	3.07%	–
C	New	CITIGROUP INC	$7,183,000	–	107,339	–	3.01%	–
NVDA	New	NVIDIA Corp	$7,084,000	–	29,905	–	2.96%	–
LXP	New	LEXINGTON REALTY TRUST	$6,681,000	–	765,300	–	2.80%	–
BABA	New	ALIBABA GROUP HOLDINGS LTD	$6,587,000	–	35,505	–	2.76%	–
VICR	New	VICOR CORP	$6,114,000	–	140,400	–	2.56%	–
BGCP	New	BGC PARTNERS INC	$5,830,000	–	515,050	–	2.44%	–
MDGL	New	MADRIGAL PHARMACEUTICALS INC	$4,906,000	–	17,541	–	2.05%	–
DLPH	New	DELPHI TECHNOLOGIES PLC	$4,859,000	–	106,895	–	2.03%	–
CSCO	New	CISCO SYSTEMS	$4,780,000	–	111,095	–	2.00%	–
DHR	New	DANAHER CORP	$4,477,000	–	45,372	–	1.87%	–
CMCSA	New	COMCAST CL A	$4,303,000	–	131,155	–	1.80%	–
PX	New	PRAXAIR	$4,033,000	–	25,500	–	1.69%	–
MPC	New	MARATHON PETROLEUM CORP	$3,829,000	–	54,575	–	1.60%	–
NEWM	New	NEW MEDIA INVESTMENT GROUP INC	$3,785,000	–	204,790	–	1.58%	–
DAL	New	DELTA AIR LINES INC	$3,724,000	–	75,180	–	1.56%	–
ALLYPRA	New	GMAC CAP TR I SER 2 CPN-8.125pfd	$3,663,000	–	139,290	–	1.53%	–
MPLX	New	MPLX LP	$2,558,000	–	74,940	–	1.07%	–
URGN	New	UROGEN PHARMA LTD	$2,395,000	–	48,125	–	1.00%	–
AGNCB	New	AGNC INVESTMENT CORP. SER B 7.pfd	$2,181,000	–	84,950	–	0.91%	–
GSPRN	New	GOLDMAN SACHS GROUP INC. PFD Spfd	$2,072,000	–	77,765	–	0.87%	–
CBS	New	CBS CORP CL B	$1,955,000	–	34,775	–	0.82%	–
MSPRGCL	New	MORGAN STANLEY PRD G 6.625 7-pfd	$1,922,000	–	72,750	–	0.80%	–
GLPI	New	GAMING AND LEISURE PROPERTIES,	$1,879,000	–	52,475	–	0.79%	–
BGCACL	New	BGC PARTNERS INC SR NTS 8.125pfd	$1,330,000	–	51,744	–	0.56%	–
TCRD	New	THL CREDIT INC	$1,258,000	–	160,875	–	0.53%	–
KMPA	New	JP MORGAN CHASE & CO 6.15 09-pfd	$1,178,000	–	45,300	–	0.49%	–
CPRK	New	CITIGROUP INC PFD SER K 6.875pfd	$1,052,000	–	38,300	–	0.44%	–
BACPRYCL	New	BANK OF AMERICA CORP SER Y 6.5pfd	$1,027,000	–	39,000	–	0.43%	–
FCX	New	FREEPORT MCMORAN, INC. CL B	$948,000	–	54,950	–	0.40%	–
VOD	New	VODAFONE GROUP PLC	$941,000	–	38,700	–	0.39%	–
CI	New	CIGNA CORP COM	$888,000	–	5,225	–	0.37%	–
MRK	New	MERCK & CO INC	$862,000	–	14,200	–	0.36%	–
BRKA	New	BERKSHIRE HATHAWAY DEL CL A	$846,000	–	3	–	0.35%	–
STAGPRBCL	New	STAG INDUSTRIAL PRF SER B 6.62pfd	$844,000	–	33,700	–	0.35%	–
GPTPRA	New	GRAMERCY PROPERTY TRUST SER Apfd	$797,000	–	31,350	–	0.33%	–
HTPRD	New	HERSHA HOSPITALITY TRUST SER Dpfd	$775,000	–	32,300	–	0.32%	–
STAGPRC	New	STAG INDL INC CUM RED PRD SERpfd	$762,000	–	29,740	–	0.32%	–
APC	New	ANADARKO PETROLEUM	$756,000	–	10,320	–	0.32%	–
MSFT	New	MICROSOFT	$731,000	–	7,412	–	0.31%	–
COST	New	COSTCO WHSL	$700,000	–	3,350	–	0.29%	–
HON	New	HONEYWELL INTL INC	$691,000	–	4,800	–	0.29%	–
CLNSPRDCL	New	COLONY NORTHSTAR INC. 8.5 PFDpfd	$624,000	–	24,700	–	0.26%	–
GOOS	New	CANADA GOOSE HOLDINGS INC	$624,000	–	10,600	–	0.26%	–
TDJ	New	TELEPHONE & DATA SYS INC PFD 7pfd	$549,000	–	21,800	–	0.23%	–
WES	New	WESTERN GAS PARTNERS	$543,000	–	11,225	–	0.23%	–
PEBPRC	New	PEBBLEBROOK HOTEL TR PFD SER Cpfd	$543,000	–	21,310	–	0.23%	–
RY	New	ROYAL BANK OF CANADA	$522,000	–	6,931	–	0.22%	–
AGN	New	ALLERGAN INC	$510,000	–	3,059	–	0.21%	–
JNJ	New	JOHNSON & JOHNSON	$482,000	–	3,976	–	0.20%	–
KKRPRA	New	KKR & CO INC SER A 6.75pfd	$399,000	–	14,850	–	0.17%	–
KO	New	COCA COLA COMPANY	$392,000	–	8,941	–	0.16%	–
CLNYPRG	New	COLONY CAPITAL INC 7.5 PFD SEpfd	$392,000	–	16,150	–	0.16%	–
TCEHY	New	TENCENT HOLDINGS LTD	$332,000	–	6,600	–	0.14%	–
QRTEA	New	QURATE RETAIL INC QVC GROUP CO	$330,000	–	15,544	–	0.14%	–
LSXMK	New	LIBERTY MEDIA CORP SIRIUSXM GR	$319,000	–	7,028	–	0.13%	–
VNOPRM	New	VORNADO REALTY SER M 5.25pfd	$316,000	–	13,600	–	0.13%	–
MCD	New	MCDONALDS	$290,000	–	1,850	–	0.12%	–
CLNYPRI	New	COLONY CAPITAL INC 7.15 PFD Spfd	$287,000	–	12,400	–	0.12%	–
QEP	New	QEP RESOURCES	$261,000	–	21,300	–	0.11%	–
AKS	New	AK STEEL HLDG CORP	$258,000	–	59,500	–	0.11%	–
VZ	New	VERIZON COMMUNICATIONS	$255,000	–	5,070	–	0.11%	–
WFEPRACL	New	WELLS FARGO REAL EST INVT CORPpfd	$253,000	–	9,750	–	0.11%	–
ULBI	New	ULTRALIFE BATTERIES	$250,000	–	26,000	–	0.10%	–
GLD	New	SPDR GOLD TRUST	$249,000	–	2,100	–	0.10%	–
DIS	New	WALT DISNEY COMPANY HOLDING	$241,000	–	2,303	–	0.10%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS L	$235,000	–	8,500	–	0.10%	–
OPK	New	OPKO HEALTH INC COM	$181,000	–	38,500	–	0.08%	–
GRBK	New	GREEN BRICK PARTNERS INC	$120,000	–	12,200	–	0.05%	–
OFS	New	OFS CAPITAL CORP	$117,000	–	10,250	–	0.05%	–
JCPNQ	New	J C PENNEY INC	$58,000	–	25,000	–	0.02%	–
SGYPQ	New	SYNERGY PHARMACEUTICALS	$30,000	–	17,500	–	0.01%	–
SLNO	New	SOLENO THERAPEUTICS INC COM	$23,000	–	10,000	–	0.01%	–
GSTCQ	New	GASTAR EXPLORATION INC	$11,000	–	20,000	–	0.01%	–

Q4 2017

			Value		Shares		↓ Weighting
GSTCQ	Exit	GASTAR EXPLORATION INC	$0	–	-20,000	–	-0.01%	–
JCPNQ	Exit	J C PENNEY INC	$0	–	-29,000	–	-0.05%	–
ULBI	Exit	ULTRALIFE BATTERIES	$0	–	-18,000	–	-0.05%	–
CCEP	Exit	COCA-COLA EUROPEAN PARTNERS PL	$0	–	-5,000	–	-0.09%	–
ENB	Exit	ENBRIDGE INC	$0	–	-5,077	–	-0.09%	–
PFE	Exit	PFIZER	$0	–	-6,000	–	-0.09%	–
NVS	Exit	NOVARTIS AG	$0	–	-2,500	–	-0.09%	–
AMTPRB	Exit	AMERICAN TOWER CORP B 5.5pfd	$0	–	-1,770	–	-0.09%	–
BIL	Exit	SPDR SER BLOOMBERG BARCLAYS 1	$0	–	-4,750	–	-0.09%	–
CELG	Exit	CELGENE	$0	–	-1,500	–	-0.10%	–
HYD	Exit	VANECK VECTORS ETF TR HY MUN I	$0	–	-7,032	–	-0.10%	–
EPD	Exit	ENTERPRISE PRODUCTS PARTNERS L	$0	–	-8,500	–	-0.10%	–
DIS	Exit	WALT DISNEY COMPANY HOLDING	$0	–	-2,283	–	-0.10%	–
FMS	Exit	FRESENIUS MEDICAL CARE-ADR	$0	–	-5,000	–	-0.11%	–
	Exit	ESSILOR INTERNATIONAL	$0	–	-2,000	–	-0.11%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-2,100	–	-0.11%	–
	Exit	CHOCOLADEFABRIKEN LINDT	$0	–	-45	–	-0.11%	–
CLNSPRE	Exit	COLONY NORTHSTAR INC. 8.750pfd	$0	–	-9,650	–	-0.11%	–
DEO	Exit	DIAGEO PLC	$0	–	-2,000	–	-0.12%	–
OPK	Exit	OPKO HEALTH INC COM	$0	–	-38,500	–	-0.12%	–
MCD	Exit	MCDONALDS	$0	–	-1,852	–	-0.13%	–
LSXMK	Exit	LIBERTY MEDIA CORP SIRIUSXM GR	$0	–	-7,028	–	-0.13%	–
NSRGY	Exit	NESTLE SA ADR	$0	–	-3,500	–	-0.13%	–
TDJ	Exit	TELEPHONE & DATA SYS INC PFD 7pfd	$0	–	-11,600	–	-0.13%	–
RTN	Exit	RAYTHEON	$0	–	-1,635	–	-0.13%	–
KMPA	Exit	KEMPER CORP 7.375pfd	$0	–	-11,800	–	-0.14%	–
XOM	Exit	EXXON	$0	–	-3,805	–	-0.14%	–
GOOS	Exit	CANADA GOOSE HOLDINGS INC	$0	–	-15,500	–	-0.14%	–
DANOY	Exit	DANONE SPONSORED ADR	$0	–	-20,427	–	-0.14%	–
OFS	Exit	OFS CAPITAL CORP	$0	–	-24,950	–	-0.14%	–
RIO	Exit	RIO TINTO PLC	$0	–	-7,075	–	-0.14%	–
UN	Exit	UNILEVER N V -NY SHARES	$0	–	-6,000	–	-0.15%	–
MCC	Exit	MEDLEY CAP	$0	–	-60,600	–	-0.16%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-15,544	–	-0.16%	–
TEVVF	Exit	TEVA PHARMACEUTICAL 7pfd	$0	–	-1,114	–	-0.17%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-7,761	–	-0.17%	–
AKS	Exit	AK STEEL HLDG CORP	$0	–	-72,500	–	-0.18%	–
FTV	Exit	FORTIVE CORP	$0	–	-5,849	–	-0.18%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-5,690	–	-0.19%	–
CLNSPRCCL	Exit	COLONY NORTHSTAR INC. 8.875pfd	$0	–	-17,560	–	-0.19%	–
AGNPRA	Exit	ALLERGAN PLC 5.5pfd	$0	–	-715	–	-0.23%	–
RY	Exit	ROYAL BANK OF CANADA	$0	–	-6,931	–	-0.23%	–
COST	Exit	COSTCO WHSL	$0	–	-3,350	–	-0.24%	–
STAG	Exit	STAG INDUSTRIAL INC	$0	–	-20,200	–	-0.24%	–
MSFT	Exit	MICROSOFT	$0	–	-7,612	–	-0.25%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-4,476	–	-0.25%	–
PEBPRC	Exit	PEBBLEBROOK HOTEL TR PFD SER Cpfd	$0	–	-24,860	–	-0.28%	–
GPTPRA	Exit	GRAMERCY PROPERTY TRUST SER Apfd	$0	–	-24,850	–	-0.29%	–
URGN	Exit	UROGEN PHARMA LTD	$0	–	-21,100	–	-0.29%	–
ARMK	Exit	ARAMARK	$0	–	-17,075	–	-0.30%	–
HTPRD	Exit	HERSHA HOSPITALITY TRUST SER Dpfd	$0	–	-29,600	–	-0.33%	–
KFNPRCL	Exit	KKR FINL HLDGS LLC PFD SER A Lpfd	$0	–	-29,310	–	-0.33%	–
BRKA	Exit	BERKSHIRE HATHAWAY DEL CL A	$0	–	-3	–	-0.36%	–
STAGPRBCL	Exit	STAG INDUSTRIAL PRF SER B 6.62pfd	$0	–	-33,000	–	-0.37%	–
CLNSPRI	Exit	COLONY NORTHSTAR INC 7.15pfd	$0	–	-33,400	–	-0.37%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-6,010	–	-0.37%	–
SHLM	Exit	A SCHULMAN INC	$0	–	-25,000	–	-0.37%	–
STAGPRC	Exit	STAG INDL INC CUM RED PRD SERpfd	$0	–	-33,040	–	-0.39%	–
MCK	Exit	MCKESSON CORP	$0	–	-6,025	–	-0.40%	–
MDGL	Exit	MADRIGAL PHARMACEUTICALS INC	$0	–	-23,141	–	-0.45%	–
WES	Exit	WESTERN GAS PARTNERS	$0	–	-20,725	–	-0.46%	–
CLNSPRDCL	Exit	COLONY NORTHSTAR INC. 8.5pfd	$0	–	-43,320	–	-0.49%	–
CLNSPRG	Exit	COLONY NORTHSTAR INC 7.5pfd	$0	–	-44,600	–	-0.50%	–
GLPI	Exit	GAMING AND LEISURE PROPERTIES,	$0	–	-32,910	–	-0.53%	–
CAH	Exit	CARDINAL HEALTH	$0	–	-20,960	–	-0.61%	–
MSPRGCL	Exit	MORGAN STANLEY PRD G 6.625 7pfd	$0	–	-52,700	–	-0.62%	–
SNR	Exit	NEW SENIOR INVESTMENT GROUP	$0	–	-160,750	–	-0.64%	–
BGCACL	Exit	BGC PARTNERS INC SR NTS 8.125pfd	$0	–	-59,894	–	-0.68%	–
APC	Exit	ANADARKO PETROLEUM	$0	–	-32,100	–	-0.68%	–
FCX	Exit	FREEPORT MCMORAN, INC. CL B	$0	–	-112,350	–	-0.68%	–
AGNCB	Exit	AGNC INVESTMENT CORP. SER B 7.pfd	$0	–	-60,550	–	-0.68%	–
CI	Exit	CIGNA CORP COM	$0	–	-9,350	–	-0.76%	–
GSPRN	Exit	GOLDMAN SACHS GROUP INC. PFD Spfd	$0	–	-68,315	–	-0.82%	–
MRK	Exit	MERCK & CO INC	$0	–	-29,942	–	-0.83%	–
TCRD	Exit	THL CREDIT INC	$0	–	-282,505	–	-1.15%	–
KITE	Exit	KITE PHARMA INC	$0	–	-15,600	–	-1.22%	–
VOD	Exit	VODAFONE GROUP PLC	$0	–	-101,955	–	-1.26%	–
DAL	Exit	DELTA AIR LINES INC	$0	–	-70,575	–	-1.48%	–
INCY	Exit	INCYTE	$0	–	-30,350	–	-1.54%	–
ALLYPRA	Exit	GMAC CAP TR I SER 2 CPN-8.125pfd	$0	–	-135,340	–	-1.55%	–
MPLX	Exit	MPLX LP	$0	–	-106,690	–	-1.62%	–
PX	Exit	PRAXAIR	$0	–	-27,036	–	-1.64%	–
NEWM	Exit	NEW MEDIA INVESTMENT GROUP INC	$0	–	-271,715	–	-1.75%	–
STWD	Exit	STARWOOD PROPERTY TRUST INC	$0	–	-194,550	–	-1.84%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-136,935	–	-2.00%	–
CLNS	Exit	COLONY NORTHSTAR INC. CL A	$0	–	-369,518	–	-2.02%	–
DHR	Exit	DANAHER CORP	$0	–	-57,272	–	-2.14%	–
CMCSA	Exit	COMCAST CL A	$0	–	-128,735	–	-2.15%	–
AET	Exit	AETNA	$0	–	-35,915	–	-2.48%	–
BABA	Exit	ALIBABA GROUP HOLDINGS LTD	$0	–	-34,980	–	-2.62%	–
LXP	Exit	LEXINGTON REALTY TR	$0	–	-598,575	–	-2.66%	–
NVDA	Exit	NVIDIA Corp	$0	–	-34,300	–	-2.66%	–
KO	Exit	COCA COLA COMPANY	$0	–	-141,456	–	-2.77%	–
GE	Exit	GENERAL ELECTRIC	$0	–	-281,480	–	-2.96%	–
MPC	Exit	MARATHON PETROLEUM CORP	$0	–	-126,345	–	-3.08%	–
BAC	Exit	BANK OF AMERICA	$0	–	-297,414	–	-3.28%	–
CBS	Exit	CBS CORP CL B	$0	–	-141,010	–	-3.56%	–
BGCP	Exit	BGC PARTNERS INC	$0	–	-567,800	–	-3.57%	–
C	Exit	CITIGROUP INC	$0	–	-114,414	–	-3.62%	–
GOOG	Exit	ALPHABET INC CL C	$0	–	-8,890	–	-3.70%	–
PYPL	Exit	PAYPAL HOLDINGS INC	$0	–	-140,065	–	-3.90%	–
ALLY	Exit	ALLY FINL INC COM	$0	–	-385,860	–	-4.07%	–
AMZN	Exit	AMAZON.COM	$0	–	-12,619	–	-5.27%	–
AAPL	Exit	APPLE	$0	–	-93,758	–	-6.28%	–

Q3 2017

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE	$14,450,000	+8.6%	93,758	+1.5%	6.28%	+9.5%
AMZN	Buy	AMAZON.COM	$12,131,000	-0.0%	12,619	+0.6%	5.27%	+0.8%
ALLY	Buy	ALLY FINL INC COM	$9,361,000	+37.1%	385,860	+18.1%	4.07%	+38.3%
PYPL	Sell	PAYPAL HOLDINGS INC	$8,968,000	+18.2%	140,065	-0.9%	3.90%	+19.2%
GOOG	Sell	ALPHABET INC CL C	$8,526,000	+5.5%	8,890	-0.0%	3.70%	+6.3%
C	Buy	CITIGROUP INC	$8,322,000	+22.3%	114,414	+12.5%	3.62%	+23.3%
BGCP	Sell	BGC PARTNERS INC	$8,216,000	+9.5%	567,800	-4.3%	3.57%	+10.5%
CBS	Buy	CBS CORP CL B	$8,179,000	-9.0%	141,010	+0.0%	3.56%	-8.3%
BAC	Buy	BANK OF AMERICA	$7,536,000	+4.6%	297,414	+0.2%	3.28%	+5.5%
MPC	Buy	MARATHON PETROLEUM CORP	$7,085,000	+9.6%	126,345	+2.3%	3.08%	+10.5%
GE	Buy	GENERAL ELECTRIC	$6,806,000	+100.8%	281,480	+124.3%	2.96%	+102.5%
KO	Buy	COCA COLA COMPANY	$6,367,000	+54.1%	141,456	+53.5%	2.77%	+55.3%
NVDA	Sell	NVIDIA Corp	$6,132,000	+2.8%	34,300	-16.9%	2.66%	+3.7%
LXP	Buy	LEXINGTON REALTY TR	$6,117,000	+7.2%	598,575	+4.0%	2.66%	+8.0%
BABA	Buy	ALIBABA GROUP HOLDINGS LTD	$6,041,000	+202.0%	34,980	+146.4%	2.62%	+204.5%
AET	Sell	AETNA	$5,711,000	+1.3%	35,915	-3.3%	2.48%	+2.1%
CMCSA	Sell	COMCAST CL A	$4,954,000	-2.8%	128,735	-1.7%	2.15%	-2.0%
DHR	Buy	DANAHER CORP	$4,913,000	+2.9%	57,272	+1.3%	2.14%	+3.8%
CLNS	Sell	COLONY NORTHSTAR INC. CL A	$4,641,000	-35.5%	369,518	-27.7%	2.02%	-35.0%
CSCO	Sell	CISCO SYSTEMS	$4,605,000	-6.5%	136,935	-12.9%	2.00%	-5.7%
STWD	Buy	STARWOOD PROPERTY TRUST INC	$4,226,000	+48.6%	194,550	+53.2%	1.84%	+50.0%
NEWM	Sell	NEW MEDIA INVESTMENT GROUP INC	$4,019,000	-7.2%	271,715	-15.5%	1.75%	-6.4%
MPLX	Buy	MPLX LP	$3,735,000	+13.6%	106,690	+8.4%	1.62%	+14.5%
ALLYPRA	Buy	GMAC CAP TR I SER 2 CPN-8.125pfd	$3,573,000	+9.6%	135,340	+8.8%	1.55%	+10.5%
INCY	Sell	INCYTE	$3,544,000	-23.5%	30,350	-17.5%	1.54%	-22.8%
DAL	Sell	DELTA AIR LINES INC	$3,403,000	-12.6%	70,575	-2.6%	1.48%	-11.9%
VOD	Sell	VODAFONE GROUP PLC	$2,902,000	-13.9%	101,955	-13.1%	1.26%	-13.2%
KITE	Sell	KITE PHARMA INC	$2,805,000	-28.0%	15,600	-58.5%	1.22%	-27.4%
TCRD	Sell	THL CREDIT INC	$2,636,000	-16.8%	282,505	-11.3%	1.15%	-16.0%
MRK	Sell	MERCK & CO INC	$1,917,000	-1.1%	29,942	-1.0%	0.83%	-0.2%
GSPRN	Buy	GOLDMAN SACHS GROUP INC. PFD Spfd	$1,879,000	+10.3%	68,315	+10.0%	0.82%	+11.2%
CI	Sell	CIGNA CORP COM	$1,748,000	+9.7%	9,350	-1.8%	0.76%	+10.6%
FCX	Buy	FREEPORT MCMORAN, INC. CL B	$1,577,000	+31.5%	112,350	+12.5%	0.68%	+32.5%
AGNCB	Buy	AGNC INVESTMENT CORP. SER B 7.pfd	$1,577,000	+47.5%	60,550	+47.9%	0.68%	+48.6%
APC	Sell	ANADARKO PETROLEUM	$1,568,000	-55.7%	32,100	-58.9%	0.68%	-55.4%
BGCACL	Buy	BGC PARTNERS INC SR NTS 8.125pfd	$1,557,000	+30.1%	59,894	+28.2%	0.68%	+31.2%
SNR	Sell	NEW SENIOR INVESTMENT GROUP	$1,471,000	-27.1%	160,750	-20.0%	0.64%	-26.6%
MSPRGCL	Buy	MORGAN STANLEY PRD G 6.625 7pfd	$1,422,000	+9.3%	52,700	+10.9%	0.62%	+10.2%
CAH	Sell	CARDINAL HEALTH	$1,403,000	-66.5%	20,960	-61.0%	0.61%	-66.2%
GLPI	Buy	GAMING AND LEISURE PROPERTIES,	$1,214,000	-1.7%	32,910	+0.4%	0.53%	-0.8%
CLNSPRDCL	Sell	COLONY NORTHSTAR INC. 8.5pfd	$1,118,000	-2.3%	43,320	-0.2%	0.49%	-1.4%
WES	Sell	WESTERN GAS PARTNERS	$1,063,000	-13.3%	20,725	-5.5%	0.46%	-12.5%
MDGL	Buy	MADRIGAL PHARMACEUTICALS INC	$1,041,000	+323.2%	23,141	+52.8%	0.45%	+326.4%
MCK	Sell	MCKESSON CORP	$926,000	-69.4%	6,025	-67.3%	0.40%	-69.2%
STAGPRC	Buy	STAG INDL INC CUM RED PRD SERpfd	$890,000	+1.4%	33,040	+0.1%	0.39%	+2.4%
SHLM	New	A SCHULMAN INC	$854,000	–	25,000	–	0.37%	–
HON	Sell	HONEYWELL INTL INC	$852,000	+2.5%	6,010	-3.6%	0.37%	+3.4%
CLNSPRI	Buy	COLONY NORTHSTAR INC 7.15pfd	$850,000	+28.0%	33,400	+28.5%	0.37%	+29.0%
STAGPRBCL	Buy	STAG INDUSTRIAL PRF SER B 6.62pfd	$849,000	+10.3%	33,000	+9.3%	0.37%	+11.1%
HTPRD	Buy	HERSHA HOSPITALITY TRUST SER Dpfd	$757,000	+9.4%	29,600	+8.0%	0.33%	+10.4%
KFNPRCL	Buy	KKR FINL HLDGS LLC PFD SER A Lpfd	$756,000	+11.8%	29,310	+13.1%	0.33%	+13.1%
ARMK	Sell	ARAMARK	$693,000	-25.6%	17,075	-24.9%	0.30%	-24.9%
URGN	New	UROGEN PHARMA LTD	$665,000	–	21,100	–	0.29%	–
PEBPRC	Buy	PEBBLEBROOK HOTEL TR PFD SER Cpfd	$641,000	+18.0%	24,860	+15.1%	0.28%	+19.2%
AGNPRA	Sell	ALLERGAN PLC 5.5pfd	$528,000	-64.3%	715	-58.1%	0.23%	-64.1%
CLNSPRCCL	Sell	COLONY NORTHSTAR INC. 8.875pfd	$445,000	-3.3%	17,560	-1.3%	0.19%	-2.5%
WBA	Sell	WALGREENS BOOTS ALLIANCE INC	$439,000	-30.9%	5,690	-29.9%	0.19%	-30.3%
FTV	Sell	FORTIVE CORP	$414,000	-49.0%	5,849	-54.3%	0.18%	-48.6%
AKS	Buy	AK STEEL HLDG CORP	$405,000	-1.5%	72,500	+16.0%	0.18%	-0.6%
TEVVF	Sell	TEVA PHARMACEUTICAL 7pfd	$384,000	-43.1%	1,114	-1.9%	0.17%	-42.6%
VZ	Sell	VERIZON COMMUNICATIONS	$384,000	+9.1%	7,761	-1.5%	0.17%	+9.9%
MCC	Sell	MEDLEY CAP	$362,000	-7.2%	60,600	-0.7%	0.16%	-6.5%
RIO	Sell	RIO TINTO PLC	$334,000	-50.1%	7,075	-55.3%	0.14%	-49.8%
KMPA	New	KEMPER CORP 7.375pfd	$313,000	–	11,800	–	0.14%	–
RTN	Sell	RAYTHEON	$305,000	-6.2%	1,635	-18.7%	0.13%	-5.0%
TDJ	New	TELEPHONE & DATA SYS INC PFD 7pfd	$300,000	–	11,600	–	0.13%	–
DIS	Buy	WALT DISNEY COMPANY HOLDING	$225,000	-5.9%	2,283	+1.3%	0.10%	-4.9%
CELG	New	CELGENE	$219,000	–	1,500	–	0.10%	–
NVS	New	NOVARTIS AG	$215,000	–	2,500	–	0.09%	–
PFE	Sell	PFIZER	$214,000	-43.7%	6,000	-46.9%	0.09%	-43.3%
JCPNQ	Sell	J C PENNEY INC	$110,000	-40.9%	29,000	-27.5%	0.05%	-40.0%
BRCOQ	Exit	BEARD	$0	–	-13,800	–	0.00%	–
BHCG	Exit	BLACKHAWK CAP GROUP BDC	$0	–	-24,000	–	0.00%	–
RAD	Exit	RITE AID	$0	–	-12,000	–	-0.02%	–
AGEN	Exit	AGENUS INC	$0	–	-10,000	–	-0.02%	–
NYCB	Exit	NEW YORK COMMUNITY BANCORP	$0	–	-10,500	–	-0.06%	–
RBGLY	Exit	RECKITT BENCKISER-SPON ADR	$0	–	-10,000	–	-0.09%	–
NVO	Exit	NOVO-NORDISK A/S-SPONS ADR	$0	–	-5,000	–	-0.09%	–
EFAV	Exit	ISHARES MSCI EAFE MINIMUM VOLA	$0	–	-3,313	–	-0.10%	–
PM	Exit	PHILIP MORRIS	$0	–	-2,000	–	-0.10%	–
BTI	Exit	BRITISH AMERICAN TOB-SP ADR	$0	–	-3,500	–	-0.10%	–
MUB	Exit	ISHARES TR NATL MUN BD ETF FD	$0	–	-2,338	–	-0.11%	–
USMV	Exit	ISHARES MSCI USA MINIMUM VOLAT	$0	–	-6,499	–	-0.14%	–
KMI	Exit	KINDER MORGAN INC	$0	–	-24,810	–	-0.20%	–
PVTBP	Exit	PRIVATEBANCORP 10pfd	$0	–	-23,418	–	-0.26%	–
SUB	Exit	ISHARES TR SHORT-TERM NATL MUN	$0	–	-7,818	–	-0.36%	–
UTX	Exit	UNITED TECHNOLOGIES	$0	–	-58,795	–	-3.10%	–

Q2 2017

			Value		Shares		↓ Weighting
AAPL	New	APPLE	$13,307,000	–	92,398	–	5.74%	–
AMZN	New	AMAZON.COM	$12,137,000	–	12,538	–	5.23%	–
CBS	New	CBS CORP CL B	$8,992,000	–	140,985	–	3.88%	–
GOOG	New	ALPHABET INC CL C	$8,082,000	–	8,894	–	3.48%	–
PYPL	New	PAYPAL HOLDINGS INC	$7,587,000	–	141,365	–	3.27%	–
BGCP	New	BGC PARTNERS INC	$7,501,000	–	593,400	–	3.23%	–
BAC	New	BANK OF AMERICA	$7,202,000	–	296,874	–	3.10%	–
CLNS	New	COLONY NORTHSTAR INC. CL A	$7,199,000	–	510,947	–	3.10%	–
UTX	New	UNITED TECHNOLOGIES	$7,179,000	–	58,795	–	3.10%	–
ALLY	New	ALLY FINL INC COM	$6,826,000	–	326,625	–	2.94%	–
C	New	CITIGROUP INC COM NEW ISIN#US1	$6,804,000	–	101,739	–	2.93%	–
MPC	New	MARATHON PETROLEUM CORP	$6,462,000	–	123,480	–	2.79%	–
NVDA	New	NVIDIA Corp	$5,965,000	–	41,260	–	2.57%	–
LXP	New	LEXINGTON REALTY TR	$5,706,000	–	575,800	–	2.46%	–
AET	New	AETNA	$5,639,000	–	37,140	–	2.43%	–
CMCSA	New	COMCAST CL A	$5,096,000	–	130,925	–	2.20%	–
CSCO	New	CISCO SYSTEMS	$4,923,000	–	157,295	–	2.12%	–
DHR	New	DANAHER CORP	$4,773,000	–	56,562	–	2.06%	–
INCY	New	INCYTE	$4,630,000	–	36,775	–	2.00%	–
NEWM	New	NEW MEDIA INVESTMENT GROUP INC	$4,332,000	–	321,400	–	1.87%	–
CAH	New	CARDINAL HEALTH	$4,184,000	–	53,690	–	1.80%	–
KO	New	COCA COLA COMPANY	$4,133,000	–	92,156	–	1.78%	–
KITE	New	KITE PHARMA INC	$3,898,000	–	37,600	–	1.68%	–
DAL	New	DELTA AIR LINES INC	$3,894,000	–	72,455	–	1.68%	–
PX	New	PRAXAIR	$3,584,000	–	27,036	–	1.54%	–
APC	New	ANADARKO PETROLEUM	$3,541,000	–	78,100	–	1.53%	–
GE	New	GENERAL ELECTRIC	$3,389,000	–	125,475	–	1.46%	–
VOD	New	VODAFONE GROUP PLC	$3,371,000	–	117,325	–	1.45%	–
MPLX	New	MPLX LP	$3,287,000	–	98,415	–	1.42%	–
ALLYPRA	New	GMAC CAP TR I SER 2 CPN-8.125pfd	$3,261,000	–	124,450	–	1.41%	–
TCRD	New	THL CREDIT INC	$3,167,000	–	318,325	–	1.36%	–
MCK	New	MCKESSON CORP	$3,030,000	–	18,415	–	1.31%	–
STWD	New	STARWOOD PROPERTY TRUST INC	$2,843,000	–	126,970	–	1.22%	–
SNR	New	NEW SENIOR INVESTMENT GROUP IN	$2,019,000	–	200,850	–	0.87%	–
BABA	New	ALIBABA GROUP HOLDINGS LTD	$2,000,000	–	14,195	–	0.86%	–
MRK	New	MERCK & CO INC	$1,938,000	–	30,242	–	0.84%	–
GSPRN	New	GOLDMAN SACHS GROUP INC. PFD Spfd	$1,704,000	–	62,105	–	0.74%	–
CI	New	CIGNA CORP COM	$1,594,000	–	9,525	–	0.69%	–
AGNPRA	New	ALLERGAN PLC 5.5pfd	$1,479,000	–	1,705	–	0.64%	–
MSPRGCL	New	MORGAN STANLEY PRD G 6.625 7-pfd	$1,301,000	–	47,500	–	0.56%	–
GLPI	New	GAMING AND LEISURE PROPERTIES,	$1,235,000	–	32,795	–	0.53%	–
WES	New	WESTERN GAS PARTNERS	$1,226,000	–	21,925	–	0.53%	–
FCX	New	FREEPORT MCMORAN, INC. CL B	$1,199,000	–	99,850	–	0.52%	–
BGCACL	New	BGC PARTNERS INC SR NTS 8.125pfd	$1,197,000	–	46,704	–	0.52%	–
CLNSPRG	New	COLONY NORTHSTAR INC 7.5 PFDpfd	$1,176,000	–	44,600	–	0.51%	–
CLNSPRDCL	New	COLONY NORTHSTAR INC. 8.5 PFDpfd	$1,144,000	–	43,400	–	0.49%	–
AGNCB	New	AGNC INVESTMENT CORP. SER B 7.pfd	$1,069,000	–	40,950	–	0.46%	–
ARMK	New	ARAMARK	$931,000	–	22,725	–	0.40%	–
STAGPRC	New	STAG INDL INC CUM RED PRD SERpfd	$878,000	–	33,000	–	0.38%	–
HON	New	HONEYWELL INTL INC	$831,000	–	6,235	–	0.36%	–
SUB	New	ISHARES TR SHORT-TERM NATL MUN	$827,000	–	7,818	–	0.36%	–
FTV	New	FORTIVE CORP	$811,000	–	12,803	–	0.35%	–
STAGPRBCL	New	STAG INDUSTRIAL PRF SER B 6.62pfd	$770,000	–	30,200	–	0.33%	–
BRKA	New	BERKSHIRE HATHAWAY DEL CL A	$764,000	–	3	–	0.33%	–
HTPRD	New	HERSHA HOSPITALITY TRUST SER Dpfd	$692,000	–	27,400	–	0.30%	–
KFNPRCL	New	KKR FINL HLDGS LLC PFD SER A Lpfd	$676,000	–	25,910	–	0.29%	–
TEVVF	New	TEVA PHARMACEUTICAL 7pfd	$675,000	–	1,135	–	0.29%	–
GPTPRA	New	GRAMERCY PROPERTY TRUST SER Apfd	$670,000	–	24,850	–	0.29%	–
RIO	New	RIO TINTO PLC	$670,000	–	15,825	–	0.29%	–
CLNSPRI	New	COLONY NORTHSTAR INC PERP PFDpfd	$664,000	–	26,000	–	0.29%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$635,000	–	8,115	–	0.27%	–
JNJ	New	JOHNSON & JOHNSON	$592,000	–	4,476	–	0.26%	–
PVTBP	New	PRIVATEBANCORP 10pfd	$591,000	–	23,418	–	0.26%	–
STAG	New	STAG INDUSTRIAL INC	$558,000	–	20,200	–	0.24%	–
PEBPRC	New	PEBBLEBROOK HOTEL TR PFD SER Cpfd	$543,000	–	21,600	–	0.23%	–
COST	New	COSTCO WHSL	$536,000	–	3,350	–	0.23%	–
MSFT	New	MICROSOFT	$525,000	–	7,612	–	0.23%	–
RY	New	ROYAL BANK OF CANADA	$503,000	–	6,931	–	0.22%	–
KMI	New	KINDER MORGAN INC	$475,000	–	24,810	–	0.20%	–
CLNSPRCCL	New	COLONY NORTHSTAR INC. 8.875 Ppfd	$460,000	–	17,800	–	0.20%	–
AKS	New	AK STEEL HLDG CORP	$411,000	–	62,500	–	0.18%	–
MCC	New	MEDLEY CAP	$390,000	–	61,000	–	0.17%	–
PFE	New	PFIZER	$380,000	–	11,300	–	0.16%	–
QRTEA	New	LIBERTY INTERACTIVE CORPORATIO	$381,000	–	15,544	–	0.16%	–
OFS	New	OFS CAPITAL CORP	$357,000	–	24,950	–	0.15%	–
VZ	New	VERIZON COMMUNICATIONS	$352,000	–	7,881	–	0.15%	–
UN	New	UNILEVER N V -NY SHARES	$332,000	–	6,000	–	0.14%	–
RTN	New	RAYTHEON	$325,000	–	2,010	–	0.14%	–
USMV	New	ISHARES MSCI USA MINIMUM VOLAT	$318,000	–	6,499	–	0.14%	–
XOM	New	EXXON	$307,000	–	3,805	–	0.13%	–
DANOY	New	DANONE SPONSORED ADR	$307,000	–	20,427	–	0.13%	–
GOOS	New	CANADA GOOSE HOLDINGS INC	$306,000	–	15,500	–	0.13%	–
NSRGY	New	NESTLE SA	$305,000	–	3,500	–	0.13%	–
LSXMK	New	LIBERTY MEDIA CORP SIRIUSXM GR	$293,000	–	7,028	–	0.13%	–
MCD	New	MCDONALDS	$284,000	–	1,852	–	0.12%	–
	New	CHOCOLADEFABRIKEN LINDT	$261,000	–	45	–	0.11%	–
CLNSPRE	New	COLONY NORTHSTAR INC. 8.750 Ppfd	$261,000	–	9,650	–	0.11%	–
MUB	New	ISHARES TR NATL MUN BD ETF FD	$257,000	–	2,338	–	0.11%	–
OPK	New	OPKO HEALTH INC COM	$253,000	–	38,500	–	0.11%	–
	New	ESSILOR INTERNATIONAL	$254,000	–	2,000	–	0.11%	–
GLD	New	SPDR GOLD TRUST	$248,000	–	2,100	–	0.11%	–
MDGL	New	MADRIGAL PHARMACEUTICALS INC	$246,000	–	15,141	–	0.11%	–
FMS	New	FRESENIUS MEDICAL CARE-ADR	$242,000	–	5,000	–	0.10%	–
DIS	New	WALT DISNEY COMPANY HOLDING	$239,000	–	2,253	–	0.10%	–
BTI	New	BRITISH AMERICAN TOB-SP ADR	$240,000	–	3,500	–	0.10%	–
DEO	New	DIAGEO PLC	$240,000	–	2,000	–	0.10%	–
PM	New	PHILIP MORRIS	$235,000	–	2,000	–	0.10%	–
EFAV	New	ISHARES MSCI EAFE MINIMUM VOLA	$229,000	–	3,313	–	0.10%	–
EPD	New	ENTERPRISE PRODUCTS PARTNERS L	$230,000	–	8,500	–	0.10%	–
BIL	New	SPDR SER BLOOMBERG BARCLAYS 1-	$217,000	–	4,750	–	0.09%	–
HYD	New	VANECK VECTORS ETF TR HY MUN I	$217,000	–	7,032	–	0.09%	–
AMTPRB	New	AMERICAN TOWER CORP B 5.5pfd	$215,000	–	1,770	–	0.09%	–
NVO	New	NOVO-NORDISK A/S-SPONS ADR	$214,000	–	5,000	–	0.09%	–
RBGLY	New	RECKITT BENCKISER-SPON ADR	$207,000	–	10,000	–	0.09%	–
CCEP	New	COCA-COLA EUROPEAN PARTNERS PL	$203,000	–	5,000	–	0.09%	–
ENB	New	ENBRIDGE INC	$202,000	–	5,077	–	0.09%	–
JCPNQ	New	J C PENNEY INC	$186,000	–	40,000	–	0.08%	–
NYCB	New	NEW YORK COMMUNITY BANCORP	$138,000	–	10,500	–	0.06%	–
ULBI	New	ULTRALIFE BATTERIES	$130,000	–	18,000	–	0.06%	–
AGEN	New	AGENUS INC	$39,000	–	10,000	–	0.02%	–
RAD	New	RITE AID	$35,000	–	12,000	–	0.02%	–
GSTCQ	New	GASTAR EXPLORATION INC	$19,000	–	20,000	–	0.01%	–
BRCOQ	New	BEARD	$0	–	13,800	–	0.00%	–
BHCG	New	BLACKHAWK CAP GROUP BDC	$0	–	24,000	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
BHCG	Exit	BLACKHAWK CAP GROUP BDC	$0	–	-24,000	–	0.00%	–
	Exit	RSTK CELLICON BIOTECH SER A	$0	–	-100,000	–	0.00%	–
BRCOQ	Exit	BEARD	$0	–	-13,800	–	0.00%	–
	Exit	RSTK TRIAD BIOTECHNOLOGY	$0	–	-60,000	–	0.00%	–
	Exit	RSTK FULCRUM PHARM	$0	–	-20,000	–	0.00%	–
MEMPQ	Exit	MEMORIAL PRODUCTION PARTNERS L	$0	–	-25,000	–	-0.02%	–
ULBI	Exit	ULTRALIFE BATTERIES	$0	–	-24,600	–	-0.04%	–
OSUR	Exit	ORASURE TECHNOLOGIES	$0	–	-15,000	–	-0.05%	–
DANOY	Exit	DANONE SPONSORED ADR	$0	–	-10,000	–	-0.07%	–
PYPL	Exit	PAYPAL HOLDINGS INC	$0	–	-5,100	–	-0.09%	–
NCT	Exit	NEWCASTLE INVESTMENT CORPORATI	$0	–	-47,900	–	-0.10%	–
RSO	Exit	RESOURCE CAPITAL	$0	–	-16,875	–	-0.10%	–
SE	Exit	SPECTRA ENERGY CORP	$0	–	-5,160	–	-0.10%	–
	Exit	PADDY POWER PLC	$0	–	-2,000	–	-0.10%	–
AKS	Exit	AK STEEL HLDG CORP	$0	–	-47,500	–	-0.10%	–
EPD	Exit	ENTERPRISE PRODUCTION PARTNERS	$0	–	-8,500	–	-0.10%	–
LSXMK	Exit	LIBERTY MEDIA CORP SIRIUSXM GR	$0	–	-7,028	–	-0.10%	–
MCD	Exit	MCDONALDS	$0	–	-2,052	–	-0.10%	–
AIG	Exit	AMERICAN INTL GROUP INC. NEW	$0	–	-4,000	–	-0.10%	–
	Exit	CHOCOLADEFABRIKEN LINDT	$0	–	-45	–	-0.12%	–
OFCPRL	Exit	CORPORATE OFFICE PPTYS TR PFDpfd	$0	–	-10,100	–	-0.12%	–
PDRDY	Exit	PERNOD-RICARD SA-UNSPON ADR	$0	–	-11,200	–	-0.12%	–
OPK	Exit	OPKO HEALTH INC COM	$0	–	-26,000	–	-0.12%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORPORATIO	$0	–	-15,544	–	-0.14%	–
NVO	Exit	NOVO-NORDISK A/S-SPONS ADR	$0	–	-7,500	–	-0.14%	–
XOM	Exit	EXXON	$0	–	-3,605	–	-0.14%	–
	Exit	BUREAU VERITAS SA	$0	–	-15,000	–	-0.14%	–
BA	Exit	BOEING	$0	–	-2,500	–	-0.15%	–
DIS	Exit	WALT DISNEY COMPANY HOLDING	$0	–	-3,703	–	-0.15%	–
TTEN	Exit	TITAN ENERGY LLC	$0	–	-11,763	–	-0.15%	–
MSFT	Exit	MICROSOFT	$0	–	-6,212	–	-0.16%	–
FMS	Exit	FRESENIUS MEDICAL CARE-ADR	$0	–	-8,200	–	-0.16%	–
STAGPRACL	Exit	STAG INDUSTRIAL INC 9%pfd	$0	–	-15,500	–	-0.17%	–
JCPNQ	Exit	J C PENNEY INC	$0	–	-42,700	–	-0.18%	–
OPRFCL	Exit	REALTY INCOME CORP PREF F 6.62pfd	$0	–	-15,800	–	-0.18%	–
SGSOY	Exit	SGS SA	$0	–	-18,700	–	-0.18%	–
RY	Exit	ROYAL BANK OF CANADA	$0	–	-6,931	–	-0.19%	–
MON	Exit	MONSANTO	$0	–	-4,200	–	-0.19%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-8,381	–	-0.19%	–
	Exit	GRIFOLS SA /EUR/	$0	–	-20,346	–	-0.19%	–
BUD	Exit	ANHEUSER-BUSCH INBEV-SPN ADR	$0	–	-3,400	–	-0.20%	–
NRFPRC	Exit	NORTHSTAR REALTY FINANCE PREFpfd	$0	–	-17,800	–	-0.20%	–
T	Exit	AT&T	$0	–	-11,379	–	-0.20%	–
NSRGY	Exit	NESTLE SA	$0	–	-6,000	–	-0.21%	–
RBGLY	Exit	RECKITT BENCKISER-SPON ADR	$0	–	-25,000	–	-0.21%	–
COST	Exit	COSTCO WHSL	$0	–	-3,150	–	-0.21%	–
PM	Exit	PHILIP MORRIS	$0	–	-5,000	–	-0.22%	–
HTPRD	Exit	HERSHA HOSPITALITY TRUST SER Dpfd	$0	–	-19,650	–	-0.22%	–
PEBPRC	Exit	PEBBLEBROOK HOTEL TR PFD SER Cpfd	$0	–	-19,300	–	-0.22%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-4,276	–	-0.22%	–
WFC	Exit	WELLS FARGO	$0	–	-11,500	–	-0.23%	–
DEO	Exit	DIAGEO PLC	$0	–	-4,550	–	-0.23%	–
KFNPRCL	Exit	KKR FINL HLDGS LLC PFD SER A Lpfd	$0	–	-20,310	–	-0.24%	–
PFE	Exit	PFIZER	$0	–	-16,300	–	-0.24%	–
RHHBY	Exit	ROCHE HOLDINGS LTD-SPONS ADR	$0	–	-18,500	–	-0.25%	–
SBMRY	Exit	SABMILLER PLC-SPONS ADR	$0	–	-10,000	–	-0.26%	–
UN	Exit	UNILEVER N V -NY SHARES	$0	–	-13,000	–	-0.27%	–
	Exit	AIR LIQUIDE SA	$0	–	-5,684	–	-0.27%	–
	Exit	ESSILOR INTERNATIONAL	$0	–	-4,749	–	-0.27%	–
BTI	Exit	BRITISH AMERICAN TOB-SP ADR	$0	–	-5,000	–	-0.28%	–
BRKA	Exit	BERKSHIRE HATHAWAY DEL CL A	$0	–	-3	–	-0.29%	–
STAG	Exit	STAG INDUSTRIAL INC	$0	–	-27,400	–	-0.30%	–
GPTPRA	Exit	GRAMERCY PROPERTY TRUST SER Apfd	$0	–	-25,500	–	-0.30%	–
PVTBP	Exit	PRIVATEBANCORP 10%pfd	$0	–	-26,126	–	-0.30%	–
BGCACL	Exit	BGC PARTNERS INC SR NTS 8.125%pfd	$0	–	-27,254	–	-0.31%	–
AGNCB	Exit	AMERICAN CAPITAL AGENCY CORP Ppfd	$0	–	-28,200	–	-0.32%	–
FCX	Exit	FREEPORT MCMORAN, INC. CL B	$0	–	-67,000	–	-0.32%	–
STAGPRBCL	Exit	STAG INDUSTRIAL PRF SER B 6.62pfd	$0	–	-30,500	–	-0.35%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-7,100	–	-0.40%	–
STAGPRC	Exit	STAG INDL INC CUM RED PRD SERpfd	$0	–	-36,000	–	-0.43%	–
TEVA	Exit	TEVA PHARMACEUTICAL	$0	–	-21,370	–	-0.44%	–
CLNYPRB	Exit	COLONY FINANCIAL INC SER B 7.5pfd	$0	–	-45,550	–	-0.51%	–
NRFPRD	Exit	NORTHSTAR REALTY FINANCE PREFpfd	$0	–	-45,000	–	-0.51%	–
MCC	Exit	MEDLEY CAP	$0	–	-153,500	–	-0.52%	–
MSPRGCL	Exit	MORGAN STANLEY PRD G 6.625% 7-pfd	$0	–	-44,700	–	-0.55%	–
KMI	Exit	KINDER MORGAN INC	$0	–	-57,848	–	-0.59%	–
CLNYPRA	Exit	COLONY FINANCIAL INC SER A 8.5pfd	$0	–	-55,450	–	-0.63%	–
GSPRN	Exit	GOLDMAN SACHS GROUP INC. PFD Spfd	$0	–	-56,605	–	-0.68%	–
NYCB	Exit	NEW YORK COMMUNITY BANCORP	$0	–	-112,800	–	-0.71%	–
WES	Exit	WESTERN GAS PARTNERS	$0	–	-30,525	–	-0.74%	–
CI	Exit	CIGNA CORP COM	$0	–	-13,500	–	-0.78%	–
FTV	Exit	FORTIVE CORP	$0	–	-37,837	–	-0.85%	–
KITE	Exit	KITE PHARMA INC	$0	–	-39,100	–	-0.97%	–
TCRD	Exit	THL CREDIT INC	$0	–	-239,350	–	-1.01%	–
MRK	Exit	MERCK & CO INC	$0	–	-37,100	–	-1.03%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-20,885	–	-1.08%	–
VOD	Exit	VODAFONE GROUP PLC	$0	–	-93,160	–	-1.20%	–
ALLYPRA	Exit	GMAC CAP TR I SER 2 CPN-8.125%pfd	$0	–	-108,400	–	-1.22%	–
APC	Exit	ANADARKO PETROLEUM	$0	–	-45,650	–	-1.28%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-40,915	–	-1.46%	–
TEVVF	Exit	TEVA PHARMACEUTICAL 7%pfd	$0	–	-4,093	–	-1.48%	–
INCY	Exit	INCYTE	$0	–	-39,650	–	-1.66%	–
DHR	Exit	DANAHER CORP	$0	–	-48,667	–	-1.69%	–
CVS	Exit	CVS CAREMARK	$0	–	-43,180	–	-1.70%	–
STWD	Exit	STARWOOD PROPERTY TRUST INC	$0	–	-176,875	–	-1.77%	–
DG	Exit	DOLLAR GENERAL CORP	$0	–	-59,572	–	-1.85%	–
CMCSA	Exit	COMCAST CL A	$0	–	-69,990	–	-2.06%	–
NEWM	Exit	NEW MEDIA INVESTMENT GROUP INC	$0	–	-311,075	–	-2.14%	–
C	Exit	CITIGROUP INC.	$0	–	-106,205	–	-2.22%	–
GILD	Exit	GILEAD SCIENCES	$0	–	-65,640	–	-2.30%	–
DAL	Exit	DELTA AIR LINES INC	$0	–	-136,755	–	-2.39%	–
AGNPRA	Exit	ALLERGAN PLC 5.5%pfd	$0	–	-6,605	–	-2.41%	–
SNR	Exit	NEW SENIOR INVESTMENT GROUP IN	$0	–	-487,850	–	-2.50%	–
CSCO	Exit	CISCO SYSTEMS	$0	–	-195,820	–	-2.76%	–
BGCP	Exit	BGC PARTNERS INC	$0	–	-713,725	–	-2.77%	–
AET	Exit	AETNA	$0	–	-57,860	–	-2.96%	–
BAC	Exit	BANK OF AMERICA	$0	–	-454,350	–	-3.16%	–
GOOG	Exit	ALPHABET INC CL C	$0	–	-9,836	–	-3.39%	–
ARMK	Exit	ARAMARK	$0	–	-203,120	–	-3.43%	–
WWAV	Exit	WHITEWAVE FOODS COMPANY	$0	–	-147,860	–	-3.57%	–
LXP	Exit	LEXINGTON REALTY TR	$0	–	-834,825	–	-3.82%	–
CLNY	Exit	COLONY CAPITAL, INC.	$0	–	-549,898	–	-4.45%	–
CBS	Exit	CBS CORP CL B	$0	–	-185,799	–	-4.51%	–
AMZN	Exit	AMAZON.COM	$0	–	-13,016	–	-4.84%	–
AAPL	Exit	APPLE	$0	–	-98,388	–	-4.93%	–

Q3 2016

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE	$11,123,000	+18.2%	98,388	-0.0%	4.93%	+17.6%
AMZN	Buy	AMAZON.COM	$10,898,000	+19.1%	13,016	+1.8%	4.84%	+18.5%
CBS	Sell	CBS CORP CL B	$10,171,000	-4.5%	185,799	-5.0%	4.51%	-5.0%
CLNY	Sell	COLONY CAPITAL, INC.	$10,025,000	+17.1%	549,898	-1.4%	4.45%	+16.4%
LXP	Sell	LEXINGTON REALTY TR	$8,599,000	-10.4%	834,825	-12.0%	3.82%	-10.8%
WWAV	Sell	WHITEWAVE FOODS COMPANY	$8,048,000	-7.6%	147,860	-20.3%	3.57%	-8.1%
ARMK	Sell	ARAMARK	$7,725,000	+0.9%	203,120	-11.3%	3.43%	+0.4%
GOOG	Sell	ALPHABET INC CL C	$7,645,000	+8.5%	9,836	-3.4%	3.39%	+8.0%
BAC	Sell	BANK OF AMERICA	$7,111,000	-16.2%	454,350	-28.9%	3.16%	-16.6%
AET	Sell	AETNA	$6,680,000	-21.6%	57,860	-17.0%	2.96%	-22.0%
BGCP	Buy	BGC PARTNERS INC	$6,245,000	+9.0%	713,725	+8.5%	2.77%	+8.4%
CSCO	Buy	CISCO SYSTEMS	$6,211,000	+102.2%	195,820	+82.9%	2.76%	+101.1%
SNR	Sell	NEW SENIOR INVESTMENT GROUP IN	$5,630,000	-5.8%	487,850	-12.8%	2.50%	-6.2%
AGNPRA	Buy	ALLERGAN PLC 5.5%pfd	$5,426,000	+7.0%	6,605	+8.5%	2.41%	+6.4%
DAL	Sell	DELTA AIR LINES INC	$5,383,000	-10.7%	136,755	-17.3%	2.39%	-11.2%
GILD	Sell	GILEAD SCIENCES	$5,193,000	-32.6%	65,640	-28.9%	2.30%	-33.0%
C	Sell	CITIGROUP INC.	$5,016,000	-1.6%	106,205	-11.7%	2.22%	-2.1%
NEWM	Buy	NEW MEDIA INVESTMENT GROUP INC	$4,822,000	-11.8%	311,075	+2.8%	2.14%	-12.2%
CMCSA	Buy	COMCAST CL A	$4,643,000	+19.8%	69,990	+17.7%	2.06%	+19.2%
DG	Sell	DOLLAR GENERAL CORP	$4,169,000	-27.8%	59,572	-3.0%	1.85%	-28.2%
STWD	Sell	STARWOOD PROPERTY TRUST INC	$3,983,000	-4.9%	176,875	-12.5%	1.77%	-5.4%
CVS	Sell	CVS CAREMARK	$3,843,000	-12.9%	43,180	-6.3%	1.70%	-13.3%
DHR	Buy	DANAHER CORP	$3,815,000	+16.8%	48,667	+50.5%	1.69%	+16.2%
INCY	New	INCYTE	$3,738,000	–	39,650	–	1.66%	–
TEVVF	Sell	TEVA PHARMACEUTICAL 7%pfd	$3,329,000	-2.9%	4,093	-1.3%	1.48%	-3.4%
WBA	Buy	WALGREENS BOOTS ALLIANCE INC	$3,299,000	-1.8%	40,915	+1.4%	1.46%	-2.3%
APC	Buy	ANADARKO PETROLEUM	$2,892,000	+19.2%	45,650	+0.2%	1.28%	+18.6%
ALLYPRA	Buy	GMAC CAP TR I SER 2 CPN-8.125%pfd	$2,754,000	+19.7%	108,400	+16.9%	1.22%	+19.1%
VOD	New	VODAFONE GROUP PLC	$2,716,000	–	93,160	–	1.20%	–
HON	Sell	HONEYWELL INTL INC	$2,435,000	-63.2%	20,885	-63.3%	1.08%	-63.4%
MRK	Sell	MERCK & CO INC	$2,315,000	-5.2%	37,100	-12.5%	1.03%	-5.7%
TCRD	Sell	THL CREDIT INC	$2,281,000	-25.3%	239,350	-12.8%	1.01%	-25.7%
KITE	Sell	KITE PHARMA INC	$2,184,000	+10.6%	39,100	-1.0%	0.97%	+10.0%
FTV	New	FORTIVE CORP	$1,926,000	–	37,837	–	0.85%	–
CI	Sell	CIGNA CORP COM	$1,759,000	-13.3%	13,500	-14.8%	0.78%	-13.8%
WES	Sell	WESTERN GAS PARTNERS	$1,680,000	-1.9%	30,525	-10.2%	0.74%	-2.4%
NYCB	Sell	NEW YORK COMMUNITY BANCORP	$1,605,000	-39.3%	112,800	-36.1%	0.71%	-39.7%
GSPRN	Buy	GOLDMAN SACHS GROUP INC. PFD Spfd	$1,534,000	+19.5%	56,605	+18.9%	0.68%	+18.8%
CLNYPRA	Sell	COLONY FINANCIAL INC SER A 8.5pfd	$1,422,000	-18.3%	55,450	-18.7%	0.63%	-18.7%
KMI	Sell	KINDER MORGAN INC	$1,338,000	+19.6%	57,848	-3.2%	0.59%	+19.0%
MSPRGCL	Sell	MORGAN STANLEY PRD G 6.625% 7-pfd	$1,248,000	-2.3%	44,700	-4.3%	0.55%	-2.6%
MCC	Buy	MEDLEY CAP	$1,171,000	+125.6%	153,500	+98.1%	0.52%	+124.7%
NRFPRD	Sell	NORTHSTAR REALTY FINANCE PREFpfd	$1,158,000	-10.3%	45,000	-13.6%	0.51%	-10.8%
CLNYPRB	Sell	COLONY FINANCIAL INC SER B 7.5pfd	$1,146,000	-0.1%	45,550	-1.1%	0.51%	-0.6%
TEVA	Buy	TEVA PHARMACEUTICAL	$983,000	+15.8%	21,370	+26.5%	0.44%	+15.0%
STAGPRC	Sell	STAG INDL INC CUM RED PRD SERpfd	$969,000	+0.9%	36,000	-1.6%	0.43%	+0.5%
GLD	Buy	SPDR GOLD TRUST	$892,000	+21.5%	7,100	+22.4%	0.40%	+21.1%
STAGPRBCL	Buy	STAG INDUSTRIAL PRF SER B 6.62pfd	$783,000	-0.3%	30,500	+0.3%	0.35%	-0.9%
BGCACL	Buy	BGC PARTNERS INC SR NTS 8.125%pfd	$707,000	-2.8%	27,254	+0.9%	0.31%	-3.1%
PVTBP	Sell	PRIVATEBANCORP 10%pfd	$688,000	-18.4%	26,126	-20.0%	0.30%	-18.9%
STAG	Sell	STAG INDUSTRIAL INC	$672,000	-5.0%	27,400	-7.7%	0.30%	-5.4%
BTI	Sell	BRITISH AMERICAN TOB-SP ADR	$638,000	-10.4%	5,000	-9.1%	0.28%	-10.7%
	Buy	AIR LIQUIDE SA	$609,000	+16.0%	5,684	+12.5%	0.27%	+15.4%
UN	Sell	UNILEVER N V -NY SHARES	$599,000	-18.2%	13,000	-16.7%	0.27%	-18.4%
PFE	Buy	PFIZER	$552,000	+52.1%	16,300	+58.3%	0.24%	+51.2%
WFC	Sell	WELLS FARGO	$509,000	-46.8%	11,500	-43.1%	0.23%	-47.1%
HTPRD	Sell	HERSHA HOSPITALITY TRUST SER Dpfd	$499,000	-1.4%	19,650	-1.8%	0.22%	-2.2%
COST	Buy	COSTCO WHSL	$480,000	+1.9%	3,150	+5.0%	0.21%	+1.4%
RBGLY	Sell	RECKITT BENCKISER-SPON ADR	$479,000	-21.5%	25,000	-16.7%	0.21%	-22.1%
T	Buy	AT&T	$462,000	+1.3%	11,379	+7.7%	0.20%	+1.0%
NRFPRC	Sell	NORTHSTAR REALTY FINANCE PREFpfd	$454,000	-3.6%	17,800	-5.7%	0.20%	-4.3%
VZ	New	VERIZON COMMUNICATIONS	$436,000	–	8,381	–	0.19%	–
MON	New	MONSANTO	$429,000	–	4,200	–	0.19%	–
JCPNQ	Sell	J C PENNEY INC	$394,000	-15.8%	42,700	-19.0%	0.18%	-16.3%
STAGPRACL	Sell	STAG INDUSTRIAL INC 9%pfd	$390,000	-8.2%	15,500	-6.1%	0.17%	-8.9%
MSFT	Sell	MICROSOFT	$358,000	+9.1%	6,212	-3.1%	0.16%	+8.9%
TTEN	New	TITAN ENERGY LLC	$347,000	–	11,763	–	0.15%	–
DIS	Buy	WALT DISNEY COMPANY HOLDING	$344,000	+23.3%	3,703	+29.8%	0.15%	+23.4%
BA	Sell	BOEING	$329,000	-19.6%	2,500	-20.6%	0.15%	-19.8%
XOM	Buy	EXXON	$315,000	+1.6%	3,605	+9.1%	0.14%	+1.4%
OFCPRL	New	CORPORATE OFFICE PPTYS TR PFDpfd	$262,000	–	10,100	–	0.12%	–
MCD	Buy	MCDONALDS	$237,000	+12.3%	2,052	+17.1%	0.10%	+11.7%
AIG	Sell	AMERICAN INTL GROUP INC. NEW	$237,000	-31.1%	4,000	-38.5%	0.10%	-31.4%
	Sell	PADDY POWER PLC	$226,000	-48.8%	2,000	-52.7%	0.10%	-49.2%
SE	New	SPECTRA ENERGY CORP	$221,000	–	5,160	–	0.10%	–
NCT	Buy	NEWCASTLE INVESTMENT CORPORATI	$217,000	+1.9%	47,900	+3.0%	0.10%	+1.1%
PYPL	New	PAYPAL HOLDINGS INC	$209,000	–	5,100	–	0.09%	–
DANOY	New	DANONE SPONSORED ADR	$148,000	–	10,000	–	0.07%	–
OSUR	Sell	ORASURE TECHNOLOGIES	$120,000	-9.8%	15,000	-33.3%	0.05%	-10.2%
MEMPQ	Sell	MEMORIAL PRODUCTION PARTNERS L	$44,000	-64.2%	25,000	-61.5%	0.02%	-63.6%
	New	RSTK CELLICON BIOTECH SER A	$0	–	100,000	–	0.00%	–
	Exit	CELLFOR CL C VTG SHS	$0	–	-100,000	–	0.00%	–
AGEN	Exit	AGENUS INC	$0	–	-10,000	–	-0.02%	–
TRNC	Exit	TRONC INC.	$0	–	-10,000	–	-0.06%	–
NRFPRE	Exit	NORTHSTAR REALTY FINANCE PREFpfd	$0	–	-8,150	–	-0.09%	–
PG	Exit	PROCTER & GAMBLE	$0	–	-2,831	–	-0.11%	–
ASBPRBCL	Exit	ASSOCIATED BANC-CORP PFD STK Spfd	$0	–	-10,900	–	-0.12%	–
NKE	Exit	NIKE	$0	–	-11,595	–	-0.28%	–
MWOCL	Exit	MORGAN STANLEY CAP 5.75%pfd	$0	–	-29,000	–	-0.33%	–

Q2 2016

			Value		Shares		↓ Weighting
CBS	New	CBS CORP CL B	$10,647,000	–	195,569	–	4.75%	–
LXP	New	LEXINGTON REALTY TR	$9,594,000	–	948,975	–	4.28%	–
AAPL	New	APPLE	$9,409,000	–	98,423	–	4.20%	–
AMZN	New	AMAZON.COM	$9,149,000	–	12,785	–	4.08%	–
WWAV	New	WHITEWAVE FOODS COMPANY	$8,714,000	–	185,635	–	3.89%	–
CLNY	New	COLONY CAPITAL, INC.	$8,564,000	–	557,898	–	3.82%	–
AET	New	AETNA	$8,516,000	–	69,730	–	3.80%	–
BAC	New	BANK OF AMERICA	$8,481,000	–	639,100	–	3.78%	–
GILD	New	GILEAD SCIENCES	$7,707,000	–	92,385	–	3.44%	–
ARMK	New	ARAMARK	$7,656,000	–	229,085	–	3.41%	–
GOOG	New	ALPHABET INC CL C	$7,045,000	–	10,179	–	3.14%	–
HON	New	HONEYWELL INTL INC	$6,623,000	–	56,940	–	2.95%	–
DAL	New	DELTA AIRLINES INC	$6,028,000	–	165,455	–	2.69%	–
SNR	New	NEW SENIOR INVESTMENT GROUP IN	$5,975,000	–	559,449	–	2.66%	–
DG	New	DOLLAR GENERAL CORP	$5,773,000	–	61,410	–	2.57%	–
BGCP	New	BGC PARTNERS INC	$5,730,000	–	657,850	–	2.56%	–
NEWM	New	NEW MEDIA INVESTMENT GROUP INC	$5,466,000	–	302,475	–	2.44%	–
C	New	CITIGROUP INC.	$5,097,000	–	120,239	–	2.27%	–
AGNPRA	New	ALLERGAN PLC 5.5%pfd	$5,072,000	–	6,085	–	2.26%	–
CVS	New	CVS CAREMARK	$4,412,000	–	46,080	–	1.97%	–
STWD	New	STARWOOD PROPERTY TRUST INC	$4,189,000	–	202,175	–	1.87%	–
CMCSA	New	COMCAST CL A	$3,876,000	–	59,450	–	1.73%	–
TEVVF	New	TEVA PHARMACEUTICAL 7%pfd	$3,430,000	–	4,148	–	1.53%	–
WBA	New	WALGREENS BOOTS ALLIANCE INC	$3,360,000	–	40,345	–	1.50%	–
DHR	New	DANAHER CORP	$3,265,000	–	32,330	–	1.46%	–
CSCO	New	CISCO SYSTEMS	$3,072,000	–	107,070	–	1.37%	–
TCRD	New	THL CREDIT INC	$3,054,000	–	274,400	–	1.36%	–
NYCB	New	NEW YORK COMMUNITY BANCORP	$2,646,000	–	176,500	–	1.18%	–
MRK	New	MERCK & CO INC	$2,443,000	–	42,400	–	1.09%	–
APC	New	ANADARKO PETROLEUM	$2,426,000	–	45,550	–	1.08%	–
ALLYPRA	New	GMAC CAP TR I SER 2 CPN-8.125%pfd	$2,301,000	–	92,700	–	1.03%	–
CI	New	CIGNA CORP COM	$2,029,000	–	15,850	–	0.90%	–
KITE	New	KITE PHARMA INC	$1,975,000	–	39,500	–	0.88%	–
CLNYPRA	New	COLONY FINANCIAL INC SER A 8.5pfd	$1,740,000	–	68,225	–	0.78%	–
WES	New	WESTERN GAS PARTNERS	$1,712,000	–	33,975	–	0.76%	–
NRFPRD	New	NORTHSTAR REALTY FINANCE PREFpfd	$1,291,000	–	52,100	–	0.58%	–
GSPRN	New	GOLDMAN SACHS GROUP INC. PFD Spfd	$1,284,000	–	47,605	–	0.57%	–
MSPRGCL	New	MORGAN STANLEY PRD G 6.625% 7-pfd	$1,277,000	–	46,700	–	0.57%	–
CLNYPRB	New	COLONY FINANCIAL INC SER B 7.5pfd	$1,147,000	–	46,050	–	0.51%	–
KMI	New	KINDER MORGAN INC	$1,119,000	–	59,778	–	0.50%	–
STAGPRC	New	STAG INDL INC CUM RED PRD SERpfd	$960,000	–	36,600	–	0.43%	–
WFC	New	WELLS FARGO	$957,000	–	20,225	–	0.43%	–
TEVA	New	TEVA PHARMACEUTICAL	$849,000	–	16,895	–	0.38%	–
PVTBP	New	PRIVATEBANCORP 10%pfd	$843,000	–	32,669	–	0.38%	–
STAGPRBCL	New	STAG INDUSTRIAL PRF SER B 6.62pfd	$785,000	–	30,400	–	0.35%	–
FCX	New	FREEPORT MCMORAN, INC. CL B	$746,000	–	67,000	–	0.33%	–
MWOCL	New	MORGAN STANLEY CAP 5.75%pfd	$737,000	–	29,000	–	0.33%	–
GLD	New	SPDR GOLD TRUST	$734,000	–	5,800	–	0.33%	–
UN	New	UNILEVER N V -NY SHARES	$732,000	–	15,600	–	0.33%	–
BGCACL	New	BGC PARTNERS INC SR NTS 8.125%pfd	$727,000	–	27,000	–	0.32%	–
AGNCB	New	AMERICAN CAPITAL AGENCY CORP Ppfd	$720,000	–	28,200	–	0.32%	–
BTI	New	BRITISH AMERICAN TOB-SP ADR	$712,000	–	5,500	–	0.32%	–
STAG	New	STAG INDUSTRIAL INC	$707,000	–	29,700	–	0.32%	–
GPTPRA	New	GRAMERCY PROPERTY TRUST SER Apfd	$673,000	–	25,500	–	0.30%	–
BRKA	New	BERKSHIRE HATHAWAY DEL CL A	$651,000	–	3	–	0.29%	–
NKE	New	NIKE	$640,000	–	11,595	–	0.28%	–
	New	ESSILOR INTERNATIONAL	$623,000	–	4,749	–	0.28%	–
RHHBY	New	ROCHE HOLDINGS LTD-SPONS ADR	$610,000	–	18,500	–	0.27%	–
RBGLY	New	RECKITT BENCKISER-SPON ADR	$610,000	–	30,000	–	0.27%	–
SBMRY	New	SABMILLER PLC-SPONS ADR	$585,000	–	10,000	–	0.26%	–
KFNPRCL	New	KKR FINL HLDGS LLC PFD SER A Lpfd	$560,000	–	20,310	–	0.25%	–
	New	AIR LIQUIDE SA	$525,000	–	5,053	–	0.23%	–
MCC	New	MEDLEY CAP	$519,000	–	77,500	–	0.23%	–
JNJ	New	JOHNSON & JOHNSON	$519,000	–	4,276	–	0.23%	–
DEO	New	DIAGEO PLC	$514,000	–	4,550	–	0.23%	–
PM	New	PHILIP MORRIS	$509,000	–	5,000	–	0.23%	–
HTPRD	New	HERSHA HOSPITALITY TRUST SER Dpfd	$506,000	–	20,000	–	0.23%	–
PEBPRC	New	PEBBLEBROOK HOTEL TR PFD SER Cpfd	$499,000	–	19,300	–	0.22%	–
NRFPRC	New	NORTHSTAR REALTY FINANCE PREFpfd	$471,000	–	18,875	–	0.21%	–
COST	New	COSTCO WHSL	$471,000	–	3,000	–	0.21%	–
JCPNQ	New	J C PENNEY INC	$468,000	–	52,700	–	0.21%	–
NSRGY	New	NESTLE SA	$464,000	–	6,000	–	0.21%	–
T	New	AT&T	$456,000	–	10,561	–	0.20%	–
	New	GRIFOLS SA /EUR/	$455,000	–	20,346	–	0.20%	–
BUD	New	ANHEUSER-BUSCH INBEV-SPN ADR	$448,000	–	3,400	–	0.20%	–
	New	PADDY POWER PLC	$441,000	–	4,224	–	0.20%	–
SGSOY	New	SGS SA	$428,000	–	18,700	–	0.19%	–
STAGPRACL	New	STAG INDUSTRIAL INC 9%pfd	$425,000	–	16,500	–	0.19%	–
OPRFCL	New	REALTY INCOME CORP PREF F 6.62pfd	$414,000	–	15,800	–	0.18%	–
RY	New	ROYAL BANK OF CANADA	$410,000	–	6,931	–	0.18%	–
BA	New	BOEING	$409,000	–	3,150	–	0.18%	–
NVO	New	NOVO-NORDISK A/S-SPONS ADR	$403,000	–	7,500	–	0.18%	–
QRTEA	New	LIBERTY INTERACTIVE CORPORATIO	$394,000	–	15,544	–	0.18%	–
PFE	New	PFIZER	$363,000	–	10,300	–	0.16%	–
FMS	New	FRESENIUS MEDICAL CARE-ADR	$357,000	–	8,200	–	0.16%	–
AIG	New	AMERICAN INTL GROUP INC. NEW	$344,000	–	6,500	–	0.15%	–
MSFT	New	MICROSOFT	$328,000	–	6,412	–	0.15%	–
	New	BUREAU VERITAS SA	$315,000	–	15,000	–	0.14%	–
XOM	New	EXXON	$310,000	–	3,305	–	0.14%	–
ASBPRBCL	New	ASSOCIATED BANC-CORP PFD STK Spfd	$278,000	–	10,900	–	0.12%	–
DIS	New	WALT DISNEY COMPANY HOLDING	$279,000	–	2,853	–	0.12%	–
	New	CHOCOLADEFABRIKEN LINDT	$267,000	–	45	–	0.12%	–
EPD	New	ENTERPRISE PRODUCTION PARTNERS	$249,000	–	8,500	–	0.11%	–
PDRDY	New	PERNOD-RICARD SA-UNSPON ADR	$249,000	–	11,200	–	0.11%	–
OPK	New	OPKO HEALTH INC COM	$243,000	–	26,000	–	0.11%	–
PG	New	PROCTER & GAMBLE	$240,000	–	2,831	–	0.11%	–
AKS	New	AK STEEL HLDG CORP	$221,000	–	47,500	–	0.10%	–
RSO	New	RESOURCE CAPITAL	$217,000	–	16,875	–	0.10%	–
LSXMK	New	LIBERTY MEDIA CORP SIRIUSXM GR	$217,000	–	7,028	–	0.10%	–
NCT	New	NEWCASTLE INVESTMENT CORPORATI	$213,000	–	46,500	–	0.10%	–
MCD	New	MCDONALDS	$211,000	–	1,752	–	0.09%	–
NRFPRE	New	NORTHSTAR REALTY FINANCE PREFpfd	$204,000	–	8,150	–	0.09%	–
TRNC	New	TRONC INC.	$138,000	–	10,000	–	0.06%	–
OSUR	New	ORASURE TECHNOLOGIES	$133,000	–	22,500	–	0.06%	–
ULBI	New	ULTRALIFE BATTERIES	$123,000	–	24,600	–	0.06%	–
MEMPQ	New	MEMORIAL PRODUCTION PARTNERS L	$123,000	–	65,000	–	0.06%	–
AGEN	New	AGENUS INC	$40,000	–	10,000	–	0.02%	–
	New	RSTK FULCRUM PHARM	$0	–	20,000	–	0.00%	–
BHCG	New	BLACKHAWK CAP GROUP BDC	$0	–	24,000	–	0.00%	–
	New	CELLFOR CL C VTG SHS	$0	–	100,000	–	0.00%	–
BRCOQ	New	BEARD	$0	–	13,800	–	0.00%	–
	New	RSTK TRIAD BIOTECHNOLOGY	$0	–	60,000	–	0.00%	–

Q4 2015

			Value		Shares		↓ Weighting
BRCOQ	Exit	BEARD	$0	–	-13,800	–	0.00%	–
BHCG	Exit	BLACKHAWK CAP GROUP BDC	$0	–	-24,000	–	0.00%	–
	Exit	LINC ENERGY	$0	–	-300,000	–	-0.01%	–
AGEN	Exit	AGENUS INC	$0	–	-10,500	–	-0.02%	–
BBEPQ	Exit	BREITBURN ENERGY PARTNERS	$0	–	-24,640	–	-0.03%	–
UAM	Exit	UNIVERSAL AMERICAN	$0	–	-11,350	–	-0.04%	–
ATLS	Exit	ATLAS ENERGY GROUP, LLC	$0	–	-55,212	–	-0.06%	–
OSUR	Exit	ORASURE TECHNOLOGIES	$0	–	-33,500	–	-0.08%	–
ARI	Exit	APOLLO COMMERCIAL REAL ESTATE	$0	–	-11,038	–	-0.09%	–
BGCACL	Exit	BGC PARTNERS INC SR NTS 8.125%pfd	$0	–	-7,800	–	-0.11%	–
ULBI	Exit	ULTRALIFE BATTERIES	$0	–	-36,300	–	-0.11%	–
NRFPRE	Exit	NORTHSTAR REALTY FINANCE PREFpfd	$0	–	-9,850	–	-0.12%	–
LMCK	Exit	LIBERTY MEDIA CORP CL. C	$0	–	-7,028	–	-0.12%	–
XOM	Exit	EXXON	$0	–	-3,304	–	-0.13%	–
FCX	Exit	FREEPORT MCMORAN, INC. CL B	$0	–	-26,750	–	-0.13%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,800	–	-0.14%	–
NCT	Exit	NEWCASTLE INVESTMENT CORPORATI	$0	–	-61,100	–	-0.14%	–
OPK	Exit	OPKO HEALTH INC COM	$0	–	-32,500	–	-0.14%	–
AAL	Exit	AMERICAN AIRLINES GROUP	$0	–	-7,200	–	-0.14%	–
ASBPRBCL	Exit	ASSOCIATED BANC-CORP PFD STK Spfd	$0	–	-10,900	–	-0.15%	–
DIS	Exit	WALT DISNEY COMPANY HOLDING	$0	–	-2,797	–	-0.15%	–
KFNPRCL	Exit	KKR FINL HLDGS LLC PFD SER A Lpfd	$0	–	-11,200	–	-0.15%	–
TEVA	Exit	TEVA PHARMACEUTICAL	$0	–	-5,500	–	-0.16%	–
WPZ	Exit	WILLIAMS PARTNERS LP	$0	–	-9,742	–	-0.16%	–
RSO	Exit	RESOURCE CAPITAL	$0	–	-28,125	–	-0.16%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-3,350	–	-0.16%	–
ARPJQ	Exit	ATLAS RESOURCE PARTNERS LP	$0	–	-115,000	–	-0.17%	–
OPRFCL	Exit	REALTY INCOME CORP PREF F 6.62pfd	$0	–	-12,800	–	-0.17%	–
MEMPQ	Exit	MEMORIAL PRODUCTION PARTNERS L	$0	–	-80,500	–	-0.20%	–
CYN	Exit	CITY NATIONAL	$0	–	-4,400	–	-0.20%	–
PBY	Exit	PEP BOYS MANNY MOE & JACK	$0	–	-33,000	–	-0.21%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORPORATIO	$0	–	-15,544	–	-0.21%	–
COF	Exit	CAPITAL ONE FINANCIAL	$0	–	-5,650	–	-0.21%	–
HCA	Exit	HCA HOLDINGS, INC.	$0	–	-5,500	–	-0.22%	–
COST	Exit	COSTCO WHSL	$0	–	-3,000	–	-0.22%	–
M	Exit	MACYS	$0	–	-8,750	–	-0.23%	–
STAGPRACL	Exit	STAG INDUSTRIAL INC 9%pfd	$0	–	-17,800	–	-0.24%	–
BRKA	Exit	BERKSHIRE HATHAWAY DEL CL A	$0	–	-3	–	-0.30%	–
STAG	Exit	STAG INDUSTRIAL INC	$0	–	-33,400	–	-0.31%	–
ALLYPRA	Exit	GMAC CAP TR I SER 2 CPN-8.125%pfd	$0	–	-23,900	–	-0.32%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-5,800	–	-0.32%	–
GPTPRB	Exit	GRAMERCY PROPERTY TRUST B 7.12pfd	$0	–	-24,900	–	-0.33%	–
AGNCB	Exit	AMERICAN CAPITAL AGENCY CORP Ppfd	$0	–	-27,200	–	-0.34%	–
JBLU	Exit	JETBLUE AIRWAYS CORP	$0	–	-28,000	–	-0.37%	–
MWOCL	Exit	MORGAN STANLEY CAP 5.75%pfd	$0	–	-29,200	–	-0.38%	–
STAGPRBCL	Exit	STAG INDUSTRIAL PRF SER B 6.62pfd	$0	–	-30,900	–	-0.39%	–
T	Exit	AT&T	$0	–	-23,432	–	-0.39%	–
NRFPRC	Exit	NORTHSTAR REALTY FINANCE PREFpfd	$0	–	-32,275	–	-0.40%	–
WFC	Exit	WELLS FARGO	$0	–	-15,725	–	-0.42%	–
CYNPRD	Exit	CITY NATIONAL CORP PFD SER D 6pfd	$0	–	-31,700	–	-0.47%	–
PVTBP	Exit	PRIVATEBANCORP 10%pfd	$0	–	-34,559	–	-0.48%	–
MSPRGCL	Exit	MORGAN STANLEY PRD G 6.625% 7-pfd	$0	–	-37,300	–	-0.50%	–
KMI	Exit	KINDER MORGAN INC	$0	–	-35,198	–	-0.50%	–
WES	Exit	WESTERN GAS PARTNERS	$0	–	-22,825	–	-0.55%	–
CLNYPRB	Exit	COLONY FINANCIAL INC SER B 7.5pfd	$0	–	-47,550	–	-0.61%	–
NRFPRD	Exit	NORTHSTAR REALTY FINANCE PREFpfd	$0	–	-71,050	–	-0.88%	–
CLNYPRA	Exit	COLONY FINANCIAL INC SER A 8.5pfd	$0	–	-67,725	–	-0.89%	–
MCC	Exit	MEDLEY CAP	$0	–	-237,900	–	-0.91%	–
KITE	Exit	KITE PHARMA INC	$0	–	-32,000	–	-0.92%	–
TCRD	Exit	THL CREDIT INC	$0	–	-167,800	–	-0.95%	–
APC	Exit	ANADARKO PETROLEUM	$0	–	-31,325	–	-0.98%	–
ARMK	Exit	ARAMARK	$0	–	-70,600	–	-1.08%	–
MRK	Exit	MERCK & CO INC	$0	–	-50,259	–	-1.28%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTERN	$0	–	-15,690	–	-1.44%	–
CI	Exit	CIGNA CORP COM	$0	–	-21,175	–	-1.48%	–
AIG	Exit	AMERICAN INTL GROUP INC. NEW	$0	–	-54,250	–	-1.59%	–
NYCB	Exit	NEW YORK COMMUNITY BANCORP	$0	–	-188,150	–	-1.75%	–
AGNPRA	Exit	ALLERGAN PLC SER A 5.5%pfd	$0	–	-3,795	–	-1.85%	–
BA	Exit	BOEING	$0	–	-27,385	–	-1.85%	–
SNR	Exit	NEW SENIOR INVESTMENT GROUP IN	$0	–	-346,300	–	-1.87%	–
STWD	Exit	STARWOOD PROPERTY TRUST INC	$0	–	-195,625	–	-2.07%	–
DG	Exit	DOLLAR GENERAL CORP	$0	–	-60,485	–	-2.26%	–
BGCP	Exit	BGC PARTNERS INC	$0	–	-538,200	–	-2.28%	–
C	Exit	CITIGROUP INC.	$0	–	-97,313	–	-2.49%	–
NEWM	Exit	NEW MEDIA INVESTMENT GROUP INC	$0	–	-358,950	–	-2.86%	–
LXP	Exit	LEXINGTON REALTY TR	$0	–	-696,025	–	-2.91%	–
GOOG	Exit	ALPHABET INC.	$0	–	-9,450	–	-2.97%	–
WBA	Exit	WALGREENS BOOTS ALLIANCE INC	$0	–	-77,305	–	-3.32%	–
CBS	Exit	CBS CORP CL B	$0	–	-180,895	–	-3.73%	–
DAL	Exit	DELTA AIRLINES INC	$0	–	-163,250	–	-3.78%	–
AET	Exit	AETNA	$0	–	-71,485	–	-4.04%	–
INCY	Exit	INCYTE	$0	–	-74,040	–	-4.22%	–
WWAV	Exit	WHITEWAVE FOODS COMPANY	$0	–	-223,360	–	-4.63%	–
BAC	Exit	BANK OF AMERICA	$0	–	-577,800	–	-4.65%	–
AGN	Exit	ALLERGAN PLC	$0	–	-34,025	–	-4.78%	–
CLNY	Exit	COLONY CAPITAL, INC.	$0	–	-517,173	–	-5.22%	–
GILD	Exit	GILEAD SCIENCES	$0	–	-108,825	–	-5.52%	–
AAPL	Exit	APPLE	$0	–	-108,300	–	-6.17%	–

Q3 2015

			Value		Shares		↓ Weighting
AAPL	Sell	APPLE	$11,945,000	-13.0%	108,300	-1.1%	6.17%	-1.6%
GILD	Buy	GILEAD SCIENCES	$10,686,000	-12.9%	108,825	+3.8%	5.52%	-1.4%
CLNY	Buy	COLONY CAPITAL, INC.	$10,116,000	-11.0%	517,173	+3.1%	5.22%	+0.8%
AGN	Buy	ALLERGAN PLC	$9,248,000	+46.3%	34,025	+63.3%	4.78%	+65.6%
BAC	Buy	BANK OF AMERICA	$9,002,000	-2.3%	577,800	+6.7%	4.65%	+10.6%
WWAV	Sell	WHITEWAVE FOODS COMPANY	$8,968,000	-19.9%	223,360	-2.5%	4.63%	-9.3%
INCY	New	INCYTE	$8,168,000	–	74,040	–	4.22%	–
AET	Sell	AETNA	$7,821,000	-15.3%	71,485	-1.4%	4.04%	-4.2%
DAL	Sell	DELTA AIRLINES INC	$7,325,000	+3.5%	163,250	-5.3%	3.78%	+17.1%
CBS	Buy	CBS CORP CL B	$7,218,000	-18.1%	180,895	+13.9%	3.73%	-7.3%
WBA	Sell	WALGREENS BOOTS ALLIANCE INC	$6,424,000	-4.1%	77,305	-2.5%	3.32%	+8.6%
GOOG	New	ALPHABET INC.	$5,750,000	–	9,450	–	2.97%	–
LXP	Buy	LEXINGTON REALTY TR	$5,638,000	+17.0%	696,025	+22.5%	2.91%	+32.5%
NEWM	Buy	NEW MEDIA INVESTMENT GROUP INC	$5,549,000	-8.9%	358,950	+5.6%	2.86%	+3.1%
C	Sell	CITIGROUP INC.	$4,828,000	-11.7%	97,313	-1.6%	2.49%	0.0%
BGCP	Buy	BGC PARTNERS INC	$4,424,000	+14.6%	538,200	+21.9%	2.28%	+29.6%
DG	Buy	DOLLAR GENERAL CORP	$4,382,000	+4.1%	60,485	+11.7%	2.26%	+17.8%
STWD	Sell	STARWOOD PROPERTY TRUST INC	$4,014,000	-8.0%	195,625	-3.3%	2.07%	+4.1%
SNR	Buy	NEW SENIOR INVESTMENT GROUP IN	$3,622,000	+15.8%	346,300	+48.0%	1.87%	+31.0%
BA	Sell	BOEING	$3,586,000	-44.6%	27,385	-41.3%	1.85%	-37.3%
AGNPRA	Sell	ALLERGAN PLC SER A 5.5%pfd	$3,580,000	-18.2%	3,795	-9.3%	1.85%	-7.4%
NYCB	Sell	NEW YORK COMMUNITY BANCORP	$3,398,000	-38.1%	188,150	-37.0%	1.75%	-29.9%
AIG	New	AMERICAN INTL GROUP INC. NEW	$3,082,000	–	54,250	–	1.59%	–
CI	Sell	CIGNA CORP COM	$2,859,000	-25.8%	21,175	-10.9%	1.48%	-16.0%
VRX	Sell	VALEANT PHARMACEUTICALS INTERN	$2,799,000	-59.7%	15,690	-49.9%	1.44%	-54.4%
MRK	Sell	MERCK & CO INC	$2,482,000	-31.0%	50,259	-20.5%	1.28%	-22.0%
ARMK	Buy	ARAMARK	$2,093,000	+21.7%	70,600	+27.1%	1.08%	+37.7%
APC	Sell	ANADARKO PETROLEUM	$1,892,000	-39.0%	31,325	-21.1%	0.98%	-31.0%
TCRD	Buy	THL CREDIT INC	$1,832,000	+96.4%	167,800	+107.7%	0.95%	+122.1%
MCC	Buy	MEDLEY CAP	$1,770,000	+13.2%	237,900	+35.6%	0.91%	+28.2%
CLNYPRA	Sell	COLONY FINANCIAL INC SER A 8.5pfd	$1,730,000	-1.5%	67,725	-0.3%	0.89%	+11.5%
NRFPRD	Sell	NORTHSTAR REALTY FINANCE PREFpfd	$1,705,000	-4.1%	71,050	-0.4%	0.88%	+8.5%
CLNYPRB	Buy	COLONY FINANCIAL INC SER B 7.5pfd	$1,176,000	+7.4%	47,550	+7.9%	0.61%	+21.4%
WES	Sell	WESTERN GAS PARTNERS	$1,069,000	-40.9%	22,825	-20.0%	0.55%	-33.1%
KMI	Sell	KINDER MORGAN INC	$974,000	-65.6%	35,198	-52.3%	0.50%	-61.0%
MSPRGCL	Buy	MORGAN STANLEY PRD G 6.625% 7-pfd	$963,000	+12.1%	37,300	+12.7%	0.50%	+26.8%
CYNPRD	Sell	CITY NATIONAL CORP PFD SER D 6pfd	$907,000	-5.3%	31,700	-5.7%	0.47%	+7.1%
WFC	Sell	WELLS FARGO	$807,000	-18.8%	15,725	-11.0%	0.42%	-7.9%
NRFPRC	Buy	NORTHSTAR REALTY FINANCE PREFpfd	$785,000	+0.6%	32,275	+4.9%	0.40%	+13.8%
T	New	AT&T	$763,000	–	23,432	–	0.39%	–
STAGPRBCL	Buy	STAG INDUSTRIAL PRF SER B 6.62pfd	$749,000	+11.3%	30,900	+14.9%	0.39%	+26.1%
AGNCB	Buy	AMERICAN CAPITAL AGENCY CORP Ppfd	$662,000	+17.6%	27,200	+17.2%	0.34%	+33.1%
GPTPRB	Buy	GRAMERCY PROPERTY TRUST B 7.12pfd	$635,000	+1.1%	24,900	+5.1%	0.33%	+14.7%
ALLYPRA	Sell	GMAC CAP TR I SER 2 CPN-8.125%pfd	$610,000	-6.9%	23,900	-5.2%	0.32%	+5.4%
STAG	Sell	STAG INDUSTRIAL INC	$608,000	-14.4%	33,400	-5.9%	0.31%	-3.1%
STAGPRACL	Buy	STAG INDUSTRIAL INC 9%pfd	$472,000	+2.8%	17,800	+5.3%	0.24%	+16.7%
M	Sell	MACYS	$449,000	-42.1%	8,750	-23.9%	0.23%	-34.5%
COF	Sell	CAPITAL ONE FINANCIAL	$410,000	-43.8%	5,650	-31.9%	0.21%	-36.3%
QRTEA	Sell	LIBERTY INTERACTIVE CORPORATIO	$408,000	-20.8%	15,544	-16.2%	0.21%	-10.2%
PBY	Buy	PEP BOYS MANNY MOE & JACK	$402,000	+55.8%	33,000	+57.1%	0.21%	+76.3%
MEMPQ	Buy	MEMORIAL PRODUCTION PARTNERS L	$387,000	-59.0%	80,500	+26.6%	0.20%	-53.6%
ARPJQ	Sell	ATLAS RESOURCE PARTNERS LP	$322,000	-62.8%	115,000	-16.8%	0.17%	-58.0%
HON	Sell	HONEYWELL INTL INC	$317,000	-32.1%	3,350	-26.8%	0.16%	-23.0%
RSO	New	RESOURCE CAPITAL	$314,000	–	28,125	–	0.16%	–
TEVA	Sell	TEVA PHARMACEUTICAL	$311,000	-29.8%	5,500	-26.7%	0.16%	-20.3%
WPZ	Sell	WILLIAMS PARTNERS LP	$311,000	-78.9%	9,742	-68.0%	0.16%	-76.1%
DIS	New	WALT DISNEY COMPANY HOLDING	$286,000	–	2,797	–	0.15%	–
AAL	Sell	AMERICAN AIRLINES GROUP	$280,000	-14.4%	7,200	-12.2%	0.14%	-2.7%
OPK	Buy	OPKO HEALTH INC COM	$273,000	-32.1%	32,500	+30.0%	0.14%	-23.0%
NCT	Buy	NEWCASTLE INVESTMENT CORPORATI	$268,000	+13.1%	61,100	+14.0%	0.14%	+27.8%
JNJ	Buy	JOHNSON & JOHNSON	$261,000	+22.0%	2,800	+27.3%	0.14%	+37.8%
FCX	Buy	FREEPORT MCMORAN, INC. CL B	$259,000	+39.2%	26,750	+167.5%	0.13%	+57.6%
XOM	Buy	EXXON	$246,000	-10.5%	3,304	+0.1%	0.13%	+1.6%
ULBI	Buy	ULTRALIFE BATTERIES	$214,000	+154.8%	36,300	+81.5%	0.11%	+189.5%
BGCACL	New	BGC PARTNERS INC SR NTS 8.125%pfd	$210,000	–	7,800	–	0.11%	–
ARI	Sell	APOLLO COMMERCIAL REAL ESTATE	$173,000	-12.6%	11,038	-8.3%	0.09%	-1.1%
ATLS	Sell	ATLAS ENERGY GROUP, LLC	$123,000	-60.2%	55,212	-10.7%	0.06%	-54.6%
AGEN	Sell	AGENUS INC	$48,000	-63.4%	10,500	-30.9%	0.02%	-58.3%
	Exit	RSTK FULCRUM PHARM	$0	–	-20,000	–	0.00%	–
BRCOQ	New	BEARD	$0	–	13,800	–	0.00%	–
	Exit	RSTK CELLICON BIOTECH SER A	$0	–	-100,000	–	0.00%	–
	Exit	RSTK TRIAD BIOTECHNOLOGY	$0	–	-60,000	–	0.00%	–
RRD	Exit	RR DONNELLEY & SONS CO	$0	–	-12,000	–	-0.10%	–
DE	Exit	DEERE & CO	$0	–	-2,200	–	-0.10%	–
WFM	Exit	WHOLE FOODS MARKET	$0	–	-5,500	–	-0.10%	–
SDRPQ	Exit	SANDRIDGE ENERGY INC 8.5%pfd	$0	–	-10,525	–	-0.10%	–
LINEQ	Exit	LINN ENERGY	$0	–	-25,500	–	-0.10%	–
FSLR	Exit	FIRST SOLAR INC	$0	–	-5,000	–	-0.11%	–
VFC	Exit	VF CORP	$0	–	-4,000	–	-0.13%	–
NSAM	Exit	NORTHSTAR ASSET MANAGEMENT GRO	$0	–	-17,250	–	-0.15%	–
SYMC	Exit	SYMANTEC	$0	–	-15,750	–	-0.17%	–
MS	Exit	MORGAN STANLEY	$0	–	-10,000	–	-0.18%	–
NRF	Exit	NORTHSTAR REALTY FINANCE	$0	–	-24,750	–	-0.18%	–
RSO	Exit	RESOURCE CAPITAL	$0	–	-125,800	–	-0.22%	–
GNRC	Exit	GENERAC HOLDINGS INC	$0	–	-13,200	–	-0.24%	–
BZT	Exit	BEAZER HOMES USA INC 7.5%pfd	$0	–	-24,700	–	-0.32%	–
RSOPRBCL	Exit	RESOURCE CAPITAL PERF B 8.25%pfd	$0	–	-38,800	–	-0.39%	–
EXL	Exit	EXCEL	$0	–	-67,221	–	-0.48%	–
EXLPRB	Exit	EXCEL TR INC 8.125% CUM PRFpfd	$0	–	-85,450	–	-0.98%	–
A309PS	Exit	DIRECT TV	$0	–	-27,107	–	-1.15%	–
AIG	Exit	AMERICAN INTERNATIONAL GROUP	$0	–	-54,075	–	-1.52%	–
GOOG	Exit	GOOGLE INC	$0	–	-8,823	–	-2.10%	–

Q2 2015

			Value		Shares		↓ Weighting
AAPL	New	APPLE	$13,737,000	–	109,520	–	6.27%	–
GILD	New	GILEAD SCIENCES	$12,271,000	–	104,810	–	5.60%	–
CLNY	New	COLONY CAPITAL, INC.	$11,363,000	–	501,698	–	5.18%	–
WWAV	New	WHITEWAVE FOODS COMPANY	$11,196,000	–	229,060	–	5.11%	–
AET	New	AETNA	$9,239,000	–	72,485	–	4.22%	–
BAC	New	BANK OF AMERICA	$9,213,000	–	541,300	–	4.20%	–
CBS	New	CBS CORP CL B	$8,812,000	–	158,775	–	4.02%	–
DAL	New	DELTA AIRLINES INC	$7,079,000	–	172,325	–	3.23%	–
VRX	New	VALEANT PHARMACEUTICALS INTERN	$6,951,000	–	31,290	–	3.17%	–
WBA	New	WALGREENS BOOT ALLIANCE INC	$6,698,000	–	79,325	–	3.06%	–
BA	New	BOEING	$6,469,000	–	46,630	–	2.95%	–
AGN	New	ALLERGAN PLC	$6,321,000	–	20,830	–	2.88%	–
NEWM	New	NEW MEDIA INVESTMENT GROUP INC	$6,093,000	–	339,825	–	2.78%	–
NYCB	New	NEW YORK COMMUNITY BANCORP	$5,487,000	–	298,550	–	2.50%	–
C	New	CITIGROUP INC.	$5,466,000	–	98,943	–	2.49%	–
LXP	New	LEXINGTON REALTY TR	$4,817,000	–	568,050	–	2.20%	–
GOOG	New	GOOGLE INC	$4,592,000	–	8,823	–	2.10%	–
AGNPRA	New	ALLERGAN PLC SER A 5.5%pfd	$4,376,000	–	4,185	–	2.00%	–
STWD	New	STARWOOD PROPERTY TRUST INC	$4,365,000	–	202,375	–	1.99%	–
DG	New	DOLLAR GENERAL CORP	$4,208,000	–	54,135	–	1.92%	–
BGCP	New	BGC PARTNERS INC	$3,862,000	–	441,350	–	1.76%	–
CI	New	CIGNA CORP COM	$3,852,000	–	23,775	–	1.76%	–
MRK	New	MERCK & CO INC	$3,599,000	–	63,225	–	1.64%	–
AIG	New	AMERICAN INTERNATIONAL GROUP	$3,343,000	–	54,075	–	1.52%	–
SNR	New	NEW SENIOR INVESTMENT GROUP IN	$3,129,000	–	234,000	–	1.43%	–
APC	New	ANADARKO PETROLEUM	$3,101,000	–	39,725	–	1.42%	–
KMI	New	KINDER MORGAN INC	$2,831,000	–	73,750	–	1.29%	–
A309PS	New	DIRECT TV	$2,515,000	–	27,107	–	1.15%	–
EXLPRB	New	EXCEL TR INC 8.125% CUM PRFpfd	$2,144,000	–	85,450	–	0.98%	–
KITE	New	KITE PHARMA INC	$1,951,000	–	32,000	–	0.89%	–
WES	New	WESTERN GAS PARTNERS	$1,808,000	–	28,525	–	0.82%	–
NRFPRD	New	NORTHSTAR REALTY FINANCE PREFpfd	$1,778,000	–	71,350	–	0.81%	–
CLNYPRA	New	COLONY FINANCIAL INC SER A 8.5pfd	$1,757,000	–	67,925	–	0.80%	–
ARMK	New	ARAMARK	$1,720,000	–	55,550	–	0.78%	–
MCC	New	MEDLEY CAP	$1,564,000	–	175,500	–	0.71%	–
WPZ	New	WILLIAMS PARTNERS LP	$1,477,000	–	30,490	–	0.67%	–
CLNYPRB	New	COLONY FINANCIAL INC SER B 7.5pfd	$1,095,000	–	44,050	–	0.50%	–
EXL	New	EXCEL	$1,060,000	–	67,221	–	0.48%	–
WFC	New	WELLS FARGO	$994,000	–	17,675	–	0.45%	–
CYNPRD	New	CITY NATIONAL CORP PFD SER D 6pfd	$958,000	–	33,600	–	0.44%	–
MEMPQ	New	MEMORIAL PRODUCTION PARTNERS L	$944,000	–	63,600	–	0.43%	–
TCRD	New	THL CREDIT INC	$933,000	–	80,800	–	0.43%	–
PVTBP	New	PRIVATEBANCORP 10%pfd	$912,000	–	34,559	–	0.42%	–
ARPJQ	New	ATLAS RESOURCE PARTNERS LP	$866,000	–	138,300	–	0.40%	–
MSPRGCL	New	MORGAN STANLEY PRD G 6.625% 7-pfd	$859,000	–	33,100	–	0.39%	–
RSOPRBCL	New	RESOURCE CAPITAL PERF B 8.25%pfd	$847,000	–	38,800	–	0.39%	–
NRFPRC	New	NORTHSTAR REALTY FINANCE PREFpfd	$780,000	–	30,775	–	0.36%	–
M	New	MACYS	$776,000	–	11,500	–	0.35%	–
MWOCL	New	MORGAN STANLEY CAP 5.75%pfd	$738,000	–	29,200	–	0.34%	–
COF	New	CAPITAL ONE FINANCIAL	$730,000	–	8,300	–	0.33%	–
STAG	New	STAG INDUSTRIAL INC	$710,000	–	35,500	–	0.32%	–
BZT	New	BEAZER HOMES USA INC 7.5%pfd	$700,000	–	24,700	–	0.32%	–
STAGPRBCL	New	STAG INDUSTRIAL PRF SER B 6.62pfd	$673,000	–	26,900	–	0.31%	–
ALLYPRA	New	GMAC CAP TR I SER 2 CPN-8.125%pfd	$655,000	–	25,200	–	0.30%	–
GLD	New	SPDR GOLD TRUST	$652,000	–	5,800	–	0.30%	–
GPTPRB	New	GRAMERCY PROPERTY TRUST B 7.12pfd	$628,000	–	23,700	–	0.29%	–
BRKA	New	BERKSHIRE HATHAWAY DEL CL A	$615,000	–	3	–	0.28%	–
JBLU	New	JETBLUE AIRWAYS CORP	$581,000	–	28,000	–	0.26%	–
AGNCB	New	AMERICAN CAPITAL AGENCY CORP Ppfd	$563,000	–	23,200	–	0.26%	–
GNRC	New	GENERAC HOLDINGS INC	$525,000	–	13,200	–	0.24%	–
QRTEA	New	LIBERTY INTERACTIVE CORPORATIO	$515,000	–	18,544	–	0.24%	–
HCA	New	HCA HOLDINGS, INC.	$499,000	–	5,500	–	0.23%	–
RSO	New	RESOURCE CAPITAL	$487,000	–	125,800	–	0.22%	–
HON	New	HONEYWELL INTL INC	$467,000	–	4,575	–	0.21%	–
STAGPRACL	New	STAG INDUSTRIAL INC 9%pfd	$459,000	–	16,900	–	0.21%	–
TEVA	New	TEVA PHARMACEUTICAL	$443,000	–	7,500	–	0.20%	–
COST	New	COSTCO WHSL	$405,000	–	3,000	–	0.18%	–
OPK	New	OPKO HEALTH INC COM	$402,000	–	25,000	–	0.18%	–
CYN	New	CITY NATIONAL	$398,000	–	4,400	–	0.18%	–
NRF	New	NORTHSTAR REALTY FINANCE	$394,000	–	24,750	–	0.18%	–
MS	New	MORGAN STANLEY	$388,000	–	10,000	–	0.18%	–
SYMC	New	SYMANTEC	$366,000	–	15,750	–	0.17%	–
OPRFCL	New	REALTY INCOME CORP PREF F 6.62pfd	$330,000	–	12,800	–	0.15%	–
AAL	New	AMERICAN AIRLINES GROUP	$327,000	–	8,200	–	0.15%	–
NSAM	New	NORTHSTAR ASSET MANAGEMENT GRO	$319,000	–	17,250	–	0.15%	–
ATLS	New	ATLAS ENERGY GROUP, LLC	$309,000	–	61,812	–	0.14%	–
KFNPRCL	New	KKR FINL HLDGS LLC PFD SER A Lpfd	$293,000	–	11,200	–	0.13%	–
ASBPRBCL	New	ASSOCIATED BANC-CORP PFD STK Spfd	$289,000	–	10,900	–	0.13%	–
VFC	New	VF CORP	$279,000	–	4,000	–	0.13%	–
XOM	New	EXXON	$275,000	–	3,300	–	0.12%	–
PBY	New	PEP BOYS MANNY MOE & JACK	$258,000	–	21,000	–	0.12%	–
LMCK	New	LIBERTY MEDIA CORP CL. C	$252,000	–	7,028	–	0.12%	–
NRFPRE	New	NORTHSTAR REALTY FINANCE PREFpfd	$248,000	–	9,850	–	0.11%	–
NCT	New	NEWCASTLE INVESTMENT CORPORATI	$237,000	–	53,600	–	0.11%	–
FSLR	New	FIRST SOLAR INC	$235,000	–	5,000	–	0.11%	–
LINEQ	New	LINN ENERGY	$227,000	–	25,500	–	0.10%	–
SDRPQ	New	SANDRIDGE ENERGY INC 8.5%pfd	$226,000	–	10,525	–	0.10%	–
WFM	New	WHOLE FOODS MARKET	$217,000	–	5,500	–	0.10%	–
DE	New	DEERE & CO	$214,000	–	2,200	–	0.10%	–
JNJ	New	JOHNSON & JOHNSON	$214,000	–	2,200	–	0.10%	–
RRD	New	RR DONNELLEY & SONS CO	$209,000	–	12,000	–	0.10%	–
ARI	New	APOLLO COMMERCIAL REAL ESTATE	$198,000	–	12,038	–	0.09%	–
FCX	New	FREEPORT MCMORAN, INC. CL B	$186,000	–	10,000	–	0.08%	–
OSUR	New	ORASURE TECHNOLOGIES	$181,000	–	33,500	–	0.08%	–
AGEN	New	AGENUS INC	$131,000	–	15,200	–	0.06%	–
BBEPQ	New	BREITBURN ENERGY PARTNERS	$117,000	–	24,640	–	0.05%	–
UAM	New	UNIVERSAL AMERICAN	$115,000	–	11,350	–	0.05%	–
ULBI	New	ULTRALIFE BATTERIES	$84,000	–	20,000	–	0.04%	–
	New	LINC ENERGY	$45,000	–	300,000	–	0.02%	–
	New	RSTK FULCRUM PHARM	$0	–	20,000	–	0.00%	–
	New	RSTK TRIAD BIOTECHNOLOGY	$0	–	60,000	–	0.00%	–
BHCG	New	BLACKHAWK CAP GROUP BDC	$0	–	24,000	–	0.00%	–
	New	RSTK CELLICON BIOTECH SER A	$0	–	100,000	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
	Exit	100,000THS KINDER MORGAN MGMT	$0	–	-94,697	–	0.00%	–
BHCG	Exit	BLACKHAWK CAP GROUP BDC	$0	–	-24,000	–	0.00%	–
BRCOQ	Exit	BEARD	$0	–	-13,800	–	0.00%	–
GULTU	Exit	GULF COAST ULTRA DEEP ROYALTY	$0	–	-12,500	–	-0.01%	–
SDOCQ	Exit	SANDRIDGE ENERGY	$0	–	-12,250	–	-0.02%	–
RSO	Exit	RESOURCE CAPITAL	$0	–	-15,300	–	-0.03%	–
GSTCQ	Exit	GASTAR EXPLORATION INC	$0	–	-15,000	–	-0.04%	–
REXI	Exit	RESOURCE AMERICA INC	$0	–	-10,000	–	-0.04%	–
ULBI	Exit	ULTRALIFE BATTERIES	$0	–	-37,500	–	-0.05%	–
GNW	Exit	GENWORTH FINL INC CL A	$0	–	-12,500	–	-0.07%	–
	Exit	MONITISE PLC	$0	–	-338,000	–	-0.07%	–
YHOO	Exit	YAHOO	$0	–	-5,000	–	-0.09%	–
OPK	Exit	OPKO HEALTH INC COM	$0	–	-25,000	–	-0.09%	–
BMY	Exit	BRISTOL MYERS SQUIBB	$0	–	-4,300	–	-0.09%	–
VFC	Exit	VF CORP	$0	–	-4,000	–	-0.11%	–
	Exit	LINC ENERGY	$0	–	-300,000	–	-0.11%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,600	–	-0.12%	–
STAGPRACL	Exit	STAG INDUSTRIAL INC 9%pfd	$0	–	-10,200	–	-0.12%	–
ASBPRBCL	Exit	ASSOCIATED BANC-CORP PFD STK Spfd	$0	–	-10,900	–	-0.13%	–
OPRFCL	Exit	REALTY INCOME CORP PREF F 6.62pfd	$0	–	-12,300	–	-0.14%	–
LMCK	Exit	LIBERTY MEDIA CORP CL. C	$0	–	-7,028	–	-0.14%	–
MS	Exit	MORGAN STANLEY	$0	–	-10,000	–	-0.15%	–
NLY	Exit	ANNALY CAP MANAGEMENT	$0	–	-33,179	–	-0.15%	–
CAT	Exit	CATERPILLAR	$0	–	-3,725	–	-0.16%	–
COST	Exit	COSTCO WHSL	$0	–	-3,000	–	-0.16%	–
IVR	Exit	INVESCO MORTGAGE CAPITAL INC	$0	–	-24,410	–	-0.16%	–
MGM	Exit	MGM MIRAGE	$0	–	-17,500	–	-0.17%	–
ARI	Exit	APOLLO COMMERCIAL REAL ESTATE	$0	–	-25,524	–	-0.17%	–
CYN	Exit	CITY NATIONAL	$0	–	-5,400	–	-0.17%	–
APL	Exit	ATLAS PIPELINE L P UNIT LP PAR	$0	–	-11,300	–	-0.18%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-4,700	–	-0.19%	–
TEVA	Exit	TEVA PHARMACEUTICAL	$0	–	-8,200	–	-0.19%	–
	Exit	ALPHA NATURAL RESOURCES SR NTconv	$0	–	-500,000	–	-0.20%	–
NSAM	Exit	NORTHSTAR ASSET MANAGEMENT GRO	$0	–	-26,675	–	-0.21%	–
NRF	Exit	NORTHSTAR REALTY FINANCE	$0	–	-28,675	–	-0.22%	–
RRD	Exit	RR DONNELLEY & SONS CO	$0	–	-31,500	–	-0.22%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORPORATIO	$0	–	-18,544	–	-0.22%	–
OSUR	Exit	ORASURE TECHNOLOGIES	$0	–	-75,300	–	-0.23%	–
QRE	Exit	QR ENERGY LP	$0	–	-28,959	–	-0.24%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-5,000	–	-0.25%	–
MSPRGCL	Exit	MORGAN STANLEY PRD G 6.625% 7-pfd	$0	–	-24,700	–	-0.26%	–
BRKA	Exit	BERKSHIRE HATHAWAY DEL CL A	$0	–	-3	–	-0.26%	–
LINEQ	Exit	LINN ENERGY	$0	–	-20,800	–	-0.27%	–
AGNCB	Exit	AMERICAN CAPITAL AGENCY CORP Ppfd	$0	–	-25,700	–	-0.27%	–
XOM	Exit	EXXON	$0	–	-6,801	–	-0.27%	–
M	Exit	MACYS	$0	–	-12,100	–	-0.30%	–
NRFPRC	Exit	NORTHSTAR REALTY FINANCE PREFpfd	$0	–	-27,750	–	-0.30%	–
KITE	Exit	KITE PHARMA INC	$0	–	-25,000	–	-0.30%	–
STAGPRBCL	Exit	STAG INDUSTRIAL PRF SER B 6.62pfd	$0	–	-28,900	–	-0.30%	–
MWOCL	Exit	MORGAN STANLEY CAP 5.75%pfd	$0	–	-29,200	–	-0.31%	–
NMM	Exit	NAVIOS MARITIME PARTNERS LP	$0	–	-43,128	–	-0.33%	–
KMI	Exit	KINDER MORGAN INC	$0	–	-20,119	–	-0.33%	–
BZT	Exit	BEAZER HOMES USA INC 7.5%pfd	$0	–	-29,000	–	-0.33%	–
APLPRECL	Exit	ATLAS PIPELINE PARTNERS LP 8.2pfd	$0	–	-30,900	–	-0.34%	–
NCT	Exit	NEWCASTLE INVESTMENT CORPORATI	$0	–	-74,632	–	-0.40%	–
WFC	Exit	WELLS FARGO	$0	–	-19,175	–	-0.42%	–
BEEPRBCL	Exit	STRATEGIC HOTEL CAP INC PFD SEpfd	$0	–	-40,800	–	-0.44%	–
CYNPRD	Exit	CITY NATIONAL CORP PFD SER D 6pfd	$0	–	-42,900	–	-0.51%	–
RSOPRBCL	Exit	RESOURCE CAPITAL PERF B 8.25%pfd	$0	–	-55,400	–	-0.56%	–
STAG	Exit	STAG INDUSTRIAL INC	$0	–	-64,100	–	-0.56%	–
GNRC	Exit	GENERAC HOLDINGS INC	$0	–	-33,025	–	-0.57%	–
SAN	Exit	BANCO SANTANDER	$0	–	-141,680	–	-0.57%	–
TCRD	Exit	THL CREDIT INC	$0	–	-106,600	–	-0.58%	–
NAO	Exit	NORDIC AMERICAN OFFSHORE LTD	$0	–	-81,725	–	-0.61%	–
EXLPRB	Exit	EXCEL TR INC 8.125% CUM PRFpfd	$0	–	-55,350	–	-0.62%	–
COF	Exit	CAPITAL ONE FINANCIAL	$0	–	-19,950	–	-0.69%	–
AAL	Exit	AMERICAN AIRLINES GROUP	$0	–	-46,475	–	-0.70%	–
NRFPRD	Exit	NORTHSTAR REALTY FINANCE PREFpfd	$0	–	-67,550	–	-0.72%	–
AGNC	Exit	AMERICAN CAPITAL AGENCY CORP	$0	–	-83,180	–	-0.75%	–
CLNYPRA	Exit	COLONY FINANCIAL INC SER A 8.5pfd	$0	–	-66,800	–	-0.77%	–
KKR	Exit	KKR & CO. LP	$0	–	-87,678	–	-0.83%	–
PVTBP	Exit	PRIVATEBANCORP 10%pfd	$0	–	-78,650	–	-0.89%	–
MCC	Exit	MEDLEY CAP	$0	–	-200,950	–	-1.01%	–
BGCP	Exit	BGC PARTNERS INC	$0	–	-328,200	–	-1.04%	–
FCX	Exit	FREEPORT MCMORAN, INC. CL B	$0	–	-79,850	–	-1.11%	–
A309PS	Exit	DIRECT TV	$0	–	-33,632	–	-1.24%	–
KMR	Exit	KINDER MORGAN MANAGEMENT LLC	$0	–	-32,421	–	-1.30%	–
CI	Exit	CIGNA CORP COM	$0	–	-35,500	–	-1.37%	–
MYL	Exit	MYLAN	$0	–	-75,400	–	-1.46%	–
EXL	Exit	EXCEL	$0	–	-291,921	–	-1.46%	–
MEMPQ	Exit	MEMORIAL PRODUCTION PARTNERS L	$0	–	-161,350	–	-1.51%	–
CSTM	Exit	CONSTELLIUM NV	$0	–	-150,425	–	-1.58%	–
NEWM	Exit	NEW MEDIA INVESTMENT GROUP INC	$0	–	-233,475	–	-1.65%	–
AIG	Exit	AMERICAN INTERNATIONAL GROUP	$0	–	-73,325	–	-1.68%	–
WYNN	Exit	WYNN RESORTS	$0	–	-21,200	–	-1.69%	–
STWD	Exit	STARWOOD PROPERTY TRUST INC	$0	–	-190,353	–	-1.78%	–
PWR	Exit	QUANTA SERVICES INC	$0	–	-116,200	–	-1.79%	–
WES	Exit	WESTERN GAS PARTNERS	$0	–	-56,450	–	-1.80%	–
C	Exit	CITIGROUP INC.	$0	–	-84,021	–	-1.85%	–
QEPM	Exit	QEP MIDSTREAM PARTNERS LP	$0	–	-196,225	–	-1.98%	–
NYCB	Exit	NEW YORK COMMUNITY BANCORP	$0	–	-298,150	–	-2.01%	–
CLNY	Exit	COLONY FINANCIAL INC	$0	–	-223,123	–	-2.12%	–
WAG	Exit	WALGREEN	$0	–	-87,925	–	-2.22%	–
APA	Exit	APACHE	$0	–	-55,825	–	-2.23%	–
LXP	Exit	LEXINGTON REALTY TR	$0	–	-537,100	–	-2.24%	–
BAC	Exit	BANK OF AMERICA	$0	–	-309,700	–	-2.25%	–
MRK	Exit	MERCK & CO INC NEW COM	$0	–	-100,675	–	-2.54%	–
DVN	Exit	DEVON ENERGY	$0	–	-88,400	–	-2.56%	–
ATLS	Exit	ATLAS ENERGY LP	$0	–	-146,700	–	-2.75%	–
SDRPQ	Exit	SANDRIDGE ENERGY INC 8.5%pfd	$0	–	-69,300	–	-2.86%	–
DAL	Exit	DELTA AIRLINES INC	$0	–	-199,375	–	-3.07%	–
AET	Exit	AETNA	$0	–	-91,550	–	-3.16%	–
ARPJQ	Exit	ATLAS RESOURCE PARTNERS LP	$0	–	-385,675	–	-3.19%	–
APC	Exit	ANADARKO PETROLEUM	$0	–	-79,005	–	-3.41%	–
WWAV	Exit	WHITEWAVE FOODS COMPANY	$0	–	-224,025	–	-3.46%	–
QEP	Exit	QEP RESOURCES	$0	–	-302,550	–	-3.96%	–
L109PS	Exit	ACCESS MIDSTREAM PARTNERS LP U	$0	–	-149,550	–	-4.05%	–
AAPL	Exit	APPLE	$0	–	-96,770	–	-4.15%	–

Q3 2014

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE	$9,750,000	+10.6%	96,770	+2.0%	4.15%	+13.9%
L109PS	Sell	ACCESS MIDSTREAM PARTNERS LP U	$9,517,000	-1.3%	149,550	-1.5%	4.05%	+1.6%
QEP	Buy	QEP RESOURCES	$9,312,000	-0.8%	302,550	+11.1%	3.96%	+2.1%
WWAV	Sell	WHITEWAVE FOODS COMPANY	$8,139,000	+4.5%	224,025	-6.9%	3.46%	+7.6%
APC	Sell	ANADARKO PETROLEUM	$8,014,000	-9.4%	79,005	-2.2%	3.41%	-6.7%
ARPJQ	Buy	ATLAS RESOURCE PARTNERS LP	$7,505,000	+0.8%	385,675	+5.0%	3.19%	+3.8%
AET	Buy	AETNA	$7,416,000	+15.2%	91,550	+15.3%	3.16%	+18.6%
DAL	Buy	DELTA AIRLINES INC	$7,207,000	-4.7%	199,375	+2.0%	3.07%	-1.9%
SDRPQ	Buy	SANDRIDGE ENERGY INC 8.5%pfd	$6,722,000	-8.9%	69,300	+6.1%	2.86%	-6.2%
ATLS	Buy	ATLAS ENERGY LP	$6,455,000	+309.8%	146,700	+317.9%	2.75%	+322.5%
DVN	New	DEVON ENERGY	$6,027,000	–	88,400	–	2.56%	–
MRK	Sell	MERCK & CO INC NEW COM	$5,968,000	-4.3%	100,675	-6.6%	2.54%	-1.4%
BAC	Buy	BANK OF AMERICA	$5,280,000	+13.5%	309,700	+2.3%	2.25%	+16.9%
LXP	Sell	LEXINGTON REALTY TR	$5,258,000	-11.5%	537,100	-0.4%	2.24%	-8.8%
APA	New	APACHE	$5,240,000	–	55,825	–	2.23%	–
WAG	Buy	WALGREEN	$5,211,000	-17.8%	87,925	+2.8%	2.22%	-15.3%
CLNY	Buy	COLONY FINANCIAL INC	$4,993,000	+166.2%	223,123	+176.1%	2.12%	+174.1%
NYCB	Sell	NEW YORK COMMUNITY BANCORP	$4,732,000	-7.9%	298,150	-7.3%	2.01%	-5.2%
QEPM	Buy	QEP MIDSTREAM PARTNERS LP	$4,649,000	+3.1%	196,225	+12.1%	1.98%	+6.2%
C	Sell	CITIGROUP INC.	$4,354,000	+9.5%	84,021	-0.4%	1.85%	+12.8%
WES	Sell	WESTERN GAS PARTNERS	$4,234,000	-2.1%	56,450	-0.2%	1.80%	+0.8%
PWR	Buy	QUANTA SERVICES INC	$4,217,000	+92.2%	116,200	+83.1%	1.79%	+98.0%
STWD	Sell	STARWOOD PROPERTY TRUST INC	$4,180,000	-13.2%	190,353	-6.0%	1.78%	-10.6%
AIG	Sell	AMERICAN INTERNATIONAL GROUP	$3,961,000	-4.7%	73,325	-3.7%	1.68%	-1.8%
NEWM	Buy	NEW MEDIA INVESTMENT GROUP INC	$3,883,000	+53.4%	233,475	+30.1%	1.65%	+57.9%
CSTM	Buy	CONSTELLIUM NV	$3,702,000	-20.3%	150,425	+3.8%	1.58%	-17.9%
MEMPQ	Buy	MEMORIAL PRODUCTION PARTNERS L	$3,550,000	+44.2%	161,350	+58.9%	1.51%	+48.5%
EXL	Sell	EXCEL	$3,436,000	-14.1%	291,921	-2.8%	1.46%	-11.6%
MYL	Sell	MYLAN	$3,430,000	-28.3%	75,400	-18.8%	1.46%	-26.2%
CI	Sell	CIGNA CORP COM	$3,219,000	-17.7%	35,500	-16.6%	1.37%	-15.3%
KMR	Sell	KINDER MORGAN MANAGEMENT LLC	$3,052,000	-7.3%	32,421	-22.3%	1.30%	-4.6%
A309PS	Sell	DIRECT TV	$2,910,000	-25.1%	33,632	-26.4%	1.24%	-22.9%
FCX	Sell	FREEPORT MCMORAN, INC. CL B	$2,607,000	-39.7%	79,850	-32.6%	1.11%	-37.9%
BGCP	Buy	BGC PARTNERS INC	$2,439,000	+0.5%	328,200	+0.6%	1.04%	+3.5%
MCC	Sell	MEDLEY CAP	$2,373,000	-18.2%	200,950	-9.5%	1.01%	-15.8%
KKR	Sell	KKR & CO. LP	$1,955,000	-70.2%	87,678	-67.5%	0.83%	-69.3%
CLNYPRA	Buy	COLONY FINANCIAL INC SER A 8.5pfd	$1,800,000	+1.1%	66,800	+1.1%	0.77%	+4.1%
AGNC	Buy	AMERICAN CAPITAL AGENCY CORP	$1,768,000	+56.6%	83,180	+72.5%	0.75%	+61.4%
AAL	Sell	AMERICAN AIRLINES GROUP	$1,649,000	-40.5%	46,475	-27.9%	0.70%	-38.7%
COF	Sell	CAPITAL ONE FINANCIAL	$1,628,000	-17.0%	19,950	-16.0%	0.69%	-14.4%
NAO	Buy	NORDIC AMERICAN OFFSHORE LTD	$1,440,000	+79.3%	81,725	+94.8%	0.61%	+84.6%
TCRD	Sell	THL CREDIT INC	$1,375,000	-31.4%	106,600	-25.6%	0.58%	-29.3%
SAN	Buy	BANCO SANTANDER	$1,346,000	-6.6%	141,680	+2.5%	0.57%	-3.7%
GNRC	Sell	GENERAC HOLDINGS INC	$1,339,000	-36.7%	33,025	-23.9%	0.57%	-34.7%
STAG	Sell	STAG INDUSTRIAL INC	$1,328,000	-13.9%	64,100	-0.2%	0.56%	-11.3%
RSOPRBCL	Sell	RESOURCE CAPITAL PERF B 8.25%pfd	$1,327,000	-1.5%	55,400	-0.8%	0.56%	+1.4%
CYNPRD	Sell	CITY NATIONAL CORP PFD SER D 6pfd	$1,195,000	-3.3%	42,900	-3.6%	0.51%	-0.4%
WFC	Sell	WELLS FARGO	$995,000	-60.0%	19,175	-59.5%	0.42%	-58.9%
NCT	New	NEWCASTLE INVESTMENT CORPORATI	$946,000	–	74,632	–	0.40%	–
APLPRECL	Buy	ATLAS PIPELINE PARTNERS LP 8.2pfd	$794,000	+2.8%	30,900	+2.5%	0.34%	+6.0%
NMM	Sell	NAVIOS MARITIME PARTNERS LP	$769,000	-10.1%	43,128	-2.0%	0.33%	-7.4%
KITE	New	KITE PHARMA INC	$712,000	–	25,000	–	0.30%	–
NRFPRC	Buy	NORTHSTAR REALTY FINANCE PREFpfd	$705,000	+1.7%	27,750	+2.8%	0.30%	+4.9%
M	Sell	MACYS	$704,000	-5.9%	12,100	-6.2%	0.30%	-3.2%
XOM	Sell	EXXON	$640,000	-17.4%	6,801	-11.7%	0.27%	-15.0%
QRE	Sell	QR ENERGY LP	$562,000	+2.0%	28,959	-0.1%	0.24%	+4.8%
OSUR	Sell	ORASURE TECHNOLOGIES	$544,000	-17.2%	75,300	-1.3%	0.23%	-14.8%
RRD	Sell	RR DONNELLEY & SONS CO	$518,000	-46.9%	31,500	-45.2%	0.22%	-45.4%
NRF	Sell	NORTHSTAR REALTY FINANCE	$507,000	-50.3%	28,675	-50.4%	0.22%	-48.7%
NSAM	New	NORTHSTAR ASSET MANAGEMENT GRO	$491,000	–	26,675	–	0.21%	–
TEVA	Sell	TEVA PHARMACEUTICAL	$441,000	-24.9%	8,200	-26.8%	0.19%	-22.3%
HON	Sell	HONEYWELL INTL INC	$438,000	-78.6%	4,700	-78.6%	0.19%	-78.0%
APL	Buy	ATLAS PIPELINE L P UNIT LP PAR	$412,000	+37.8%	11,300	+29.9%	0.18%	+42.3%
ARI	Buy	APOLLO COMMERCIAL REAL ESTATE	$401,000	+51.9%	25,524	+59.5%	0.17%	+56.9%
MGM	Sell	MGM MIRAGE	$399,000	-26.9%	17,500	-15.5%	0.17%	-24.4%
IVR	Buy	INVESCO MORTGAGE CAPITAL INC	$384,000	+23.1%	24,410	+35.6%	0.16%	+26.4%
CAT	Sell	CATERPILLAR	$369,000	-49.1%	3,725	-44.2%	0.16%	-47.5%
NLY	New	ANNALY CAP MANAGEMENT	$354,000	–	33,179	–	0.15%	–
LMCK	New	LIBERTY MEDIA CORP CL. C	$330,000	–	7,028	–	0.14%	–
JNJ	Sell	JOHNSON & JOHNSON	$277,000	-1.8%	2,600	-3.7%	0.12%	+1.7%
OPK	Sell	OPKO HEALTH INC COM	$213,000	-7.4%	25,000	-3.8%	0.09%	-4.2%
YHOO	New	YAHOO	$204,000	–	5,000	–	0.09%	–
	Buy	MONITISE PLC	$169,000	+47.0%	338,000	+52.6%	0.07%	+53.2%
GNW	Sell	GENWORTH FINL INC CL A	$164,000	-37.2%	12,500	-16.7%	0.07%	-35.2%
ULBI	Sell	ULTRALIFE BATTERIES	$121,000	-52.0%	37,500	-42.8%	0.05%	-51.0%
GSTCQ	Buy	GASTAR EXPLORATION INC	$88,000	+1.1%	15,000	+50.0%	0.04%	+2.8%
RSO	Sell	RESOURCE CAPITAL	$75,000	-95.7%	15,300	-95.0%	0.03%	-95.5%
SDOCQ	Sell	SANDRIDGE ENERGY	$53,000	-56.6%	12,250	-27.9%	0.02%	-54.0%
GULTU	New	GULF COAST ULTRA DEEP ROYALTY	$25,000	–	12,500	–	0.01%	–
	Exit	RSTK FULCRUM PHARM	$0	–	-20,000	–	0.00%	–
	Exit	RSTK CELLICON BIOTECH SER A	$0	–	-100,000	–	0.00%	–
	Exit	RSTK TRIAD BIOTECHNOLOGY	$0	–	-60,000	–	0.00%	–
EOG	Exit	EOG RES	$0	–	-2,000	–	-0.10%	–
MET	Exit	METLIFE	$0	–	-5,135	–	-0.12%	–
PBI	Exit	PITNEY BOWES INC	$0	–	-11,200	–	-0.13%	–
NWS	Exit	NEWS CORP	$0	–	-18,100	–	-0.13%	–
ETM	Exit	ENTERCOM COMMUNICATIONS CORP C	$0	–	-31,600	–	-0.14%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO	$0	–	-5,150	–	-0.14%	–
BEEPRCCL	Exit	STRATEGIC HOTEL CAP INC PFD SEpfd	$0	–	-14,100	–	-0.14%	–
WFM	Exit	WHOLE FOODS MARKET	$0	–	-11,000	–	-0.18%	–
JPM	Exit	JPMORGAN CHASE	$0	–	-7,600	–	-0.18%	–
LMCA	Exit	LIBERTY MEDIA CORP. CL A	$0	–	-3,514	–	-0.20%	–
ELY	Exit	CALLAWAY GOLF CO	$0	–	-78,300	–	-0.27%	–
NCT	Exit	NEW CASTLE INVESTMENT CORP	$0	–	-144,500	–	-0.29%	–
GTN	Exit	GRAY TELEVISION INC	$0	–	-60,300	–	-0.33%	–
GPTPRA	Exit	GRAMERCY PROPERTY TRUST SER Apfd	$0	–	-73,800	–	-0.77%	–
PFE	Exit	PFIZER	$0	–	-116,950	–	-1.43%	–

Q2 2014

			Value		Shares		↓ Weighting
L109PS	New	ACCESS MIDSTREAM PARTNERS LP U	$9,645,000	–	151,775	–	3.98%	–
QEP	New	QEP RESOURCES	$9,391,000	–	272,200	–	3.88%	–
APC	New	ANADARKO PETROLEUM	$8,846,000	–	80,805	–	3.65%	–
AAPL	New	APPLE	$8,819,000	–	94,895	–	3.64%	–
WWAV	New	WHITEWAVE FOODS COMPANY	$7,787,000	–	240,568	–	3.22%	–
DAL	New	DELTA AIRLINES INC	$7,566,000	–	195,400	–	3.12%	–
ARPJQ	New	ATLAS RESOURCE PARTNERS LP	$7,448,000	–	367,275	–	3.08%	–
SDRPQ	New	SANDRIDGE ENERGY INC 8.5%pfd	$7,379,000	–	65,300	–	3.05%	–
KKR	New	KKR & CO. LP	$6,565,000	–	269,820	–	2.71%	–
AET	New	AETNA	$6,440,000	–	79,425	–	2.66%	–
WAG	New	WALGREEN	$6,342,000	–	85,550	–	2.62%	–
MRK	New	MERCK & CO INC NEW COM	$6,233,000	–	107,750	–	2.57%	–
LXP	New	LEXINGTON REALTY TR	$5,938,000	–	539,300	–	2.45%	–
NYCB	New	NEW YORK COMMUNITY BANCORP	$5,140,000	–	321,650	–	2.12%	–
STWD	New	STARWOOD PROPERTY TRUST INC	$4,815,000	–	202,550	–	1.99%	–
MYL	New	MYLAN	$4,785,000	–	92,800	–	1.98%	–
BAC	New	BANK OF AMERICA	$4,654,000	–	302,800	–	1.92%	–
CSTM	New	CONSTELLIUM NV	$4,646,000	–	144,925	–	1.92%	–
QEPM	New	QEP MIDSTREAM PARTNERS LP	$4,508,000	–	175,075	–	1.86%	–
WYNN	New	WYNN RESORTS	$4,400,000	–	21,200	–	1.82%	–
FCX	New	FREEPORT MCMORAN, INC. CL B	$4,326,000	–	118,525	–	1.79%	–
WES	New	WESTERN GAS PARTNERS	$4,325,000	–	56,550	–	1.79%	–
AIG	New	AMERICAN INTERNATIONAL GROUP	$4,155,000	–	76,125	–	1.72%	–
EXL	New	EXCEL	$4,002,000	–	300,221	–	1.65%	–
C	New	CITIGROUP INC.	$3,975,000	–	84,396	–	1.64%	–
CI	New	CIGNA CORP COM	$3,913,000	–	42,550	–	1.62%	–
A309PS	New	DIRECT TV	$3,886,000	–	45,707	–	1.60%	–
PFE	New	PFIZER	$3,471,000	–	116,950	–	1.43%	–
KMR	New	KINDER MORGAN MANAGEMENT LLC	$3,294,000	–	41,729	–	1.36%	–
MCC	New	MEDLEY CAP	$2,901,000	–	222,150	–	1.20%	–
AAL	New	AMERICAN AIRLINES GROUP	$2,770,000	–	64,475	–	1.14%	–
NEWM	New	NEW MEDIA INVESTMENT GROUP INC	$2,532,000	–	179,450	–	1.05%	–
WFC	New	WELLS FARGO	$2,489,000	–	47,350	–	1.03%	–
MEMPQ	New	MEMORIAL PRODUCTION PARTNERS L	$2,462,000	–	101,550	–	1.02%	–
BGCP	New	BGC PARTNERS INC	$2,428,000	–	326,350	–	1.00%	–
PWR	New	QUANTA SERVICES INC	$2,194,000	–	63,450	–	0.91%	–
GNRC	New	GENERAC HOLDINGS INC	$2,114,000	–	43,375	–	0.87%	–
PVTBP	New	PRIVATEBANCORP 10%pfd	$2,089,000	–	78,650	–	0.86%	–
HON	New	HONEYWELL INTL INC	$2,045,000	–	22,000	–	0.84%	–
TCRD	New	THL CREDIT INC	$2,005,000	–	143,200	–	0.83%	–
COF	New	CAPITAL ONE FINANCIAL	$1,962,000	–	23,750	–	0.81%	–
CLNY	New	COLONY FINANCIAL INC	$1,876,000	–	80,800	–	0.78%	–
GPTPRA	New	GRAMERCY PROPERTY TRUST SER Apfd	$1,854,000	–	73,800	–	0.77%	–
CLNYPRA	New	COLONY FINANCIAL INC SER A 8.5pfd	$1,781,000	–	66,050	–	0.74%	–
RSO	New	RESOURCE CAPITAL	$1,725,000	–	306,350	–	0.71%	–
NRFPRD	New	NORTHSTAR REALTY FINANCE PREFpfd	$1,716,000	–	67,550	–	0.71%	–
ATLS	New	ATLAS ENERGY LP	$1,575,000	–	35,100	–	0.65%	–
STAG	New	STAG INDUSTRIAL INC	$1,543,000	–	64,250	–	0.64%	–
EXLPRB	New	EXCEL TR INC 8.125% CUM PRFpfd	$1,451,000	–	55,350	–	0.60%	–
SAN	New	BANCO SANTANDER	$1,441,000	–	138,278	–	0.60%	–
RSOPRBCL	New	RESOURCE CAPITAL PERF B 8.25%pfd	$1,347,000	–	55,850	–	0.56%	–
CYNPRD	New	CITY NATIONAL CORP PFD SER D 6pfd	$1,236,000	–	44,500	–	0.51%	–
AGNC	New	AMERICAN CAPITAL AGENCY CORP	$1,129,000	–	48,211	–	0.47%	–
BEEPRBCL	New	STRATEGIC HOTEL CAP INC PFD SEpfd	$1,031,000	–	40,800	–	0.43%	–
NRF	New	NORTHSTAR REALTY FINANCE	$1,020,000	–	57,850	–	0.42%	–
RRD	New	RR DONNELLEY & SONS CO	$975,000	–	57,500	–	0.40%	–
BZT	New	BEAZER HOMES USA INC 7.5%pfd	$945,000	–	29,000	–	0.39%	–
NMM	New	NAVIOS MARITIME PARTNERS LP	$855,000	–	44,000	–	0.35%	–
NAO	New	NORDIC AMERICAN OFFSHORE LTD	$803,000	–	41,950	–	0.33%	–
GTN	New	GRAY TELEVISION INC	$792,000	–	60,300	–	0.33%	–
XOM	New	EXXON	$775,000	–	7,700	–	0.32%	–
APLPRECL	New	ATLAS PIPELINE PARTNERS LP 8.2pfd	$772,000	–	30,150	–	0.32%	–
M	New	MACYS	$748,000	–	12,900	–	0.31%	–
MWOCL	New	MORGAN STANLEY CAP 5.75%pfd	$731,000	–	29,200	–	0.30%	–
KMI	New	KINDER MORGAN INC	$730,000	–	20,119	–	0.30%	–
CAT	New	CATERPILLAR	$725,000	–	6,675	–	0.30%	–
STAGPRBCL	New	STAG INDUSTRIAL PRF SER B 6.62pfd	$710,000	–	28,900	–	0.29%	–
NRFPRC	New	NORTHSTAR REALTY FINANCE PREFpfd	$693,000	–	27,000	–	0.29%	–
NCT	New	NEW CASTLE INVESTMENT CORP	$692,000	–	144,500	–	0.29%	–
LINEQ	New	LINN ENERGY	$673,000	–	20,800	–	0.28%	–
OSUR	New	ORASURE TECHNOLOGIES	$657,000	–	76,300	–	0.27%	–
ELY	New	CALLAWAY GOLF CO	$651,000	–	78,300	–	0.27%	–
GLD	New	SPDR GOLD TRUST	$640,000	–	5,000	–	0.26%	–
AGNCB	New	AMERICAN CAPITAL AGENCY CORP Ppfd	$639,000	–	25,700	–	0.26%	–
MSPRGCL	New	MORGAN STANLEY PRD G 6.625% 7-pfd	$631,000	–	24,700	–	0.26%	–
TEVA	New	TEVA PHARMACEUTICAL	$587,000	–	11,200	–	0.24%	–
BRKA	New	BERKSHIRE HATHAWAY DEL CL A	$570,000	–	3	–	0.24%	–
QRE	New	QR ENERGY LP	$551,000	–	29,000	–	0.23%	–
QRTEA	New	LIBERTY INTERACTIVE CORPORATIO	$544,000	–	18,544	–	0.22%	–
MGM	New	MGM MIRAGE	$546,000	–	20,700	–	0.22%	–
	New	ALPHA NATURAL RESOURCES SR NTconv	$495,000	–	500,000	–	0.20%	–
LMCA	New	LIBERTY MEDIA CORP. CL A	$480,000	–	3,514	–	0.20%	–
JPM	New	JPMORGAN CHASE	$438,000	–	7,600	–	0.18%	–
WFM	New	WHOLE FOODS MARKET	$425,000	–	11,000	–	0.18%	–
CYN	New	CITY NATIONAL	$409,000	–	5,400	–	0.17%	–
CBI	New	CHICAGO BRIDGE & IRON CO	$351,000	–	5,150	–	0.14%	–
BEEPRCCL	New	STRATEGIC HOTEL CAP INC PFD SEpfd	$352,000	–	14,100	–	0.14%	–
COST	New	COSTCO WHSL	$345,000	–	3,000	–	0.14%	–
ETM	New	ENTERCOM COMMUNICATIONS CORP C	$339,000	–	31,600	–	0.14%	–
OPRFCL	New	REALTY INCOME CORP PREF F 6.62pfd	$322,000	–	12,300	–	0.13%	–
MS	New	MORGAN STANLEY	$323,000	–	10,000	–	0.13%	–
NWS	New	NEWS CORP	$316,000	–	18,100	–	0.13%	–
IVR	New	INVESCO MORTGAGE CAPITAL INC	$312,000	–	18,000	–	0.13%	–
PBI	New	PITNEY BOWES INC	$309,000	–	11,200	–	0.13%	–
ASBPRBCL	New	ASSOCIATED BANC-CORP PFD STK Spfd	$301,000	–	10,900	–	0.12%	–
	New	LINC ENERGY	$301,000	–	300,000	–	0.12%	–
APL	New	ATLAS PIPELINE L P UNIT LP PAR	$299,000	–	8,700	–	0.12%	–
MET	New	METLIFE	$285,000	–	5,135	–	0.12%	–
JNJ	New	JOHNSON & JOHNSON	$282,000	–	2,700	–	0.12%	–
STAGPRACL	New	STAG INDUSTRIAL INC 9%pfd	$282,000	–	10,200	–	0.12%	–
ARI	New	APOLLO COMMERCIAL REAL ESTATE	$264,000	–	16,000	–	0.11%	–
GNW	New	GENWORTH FINL INC CL A	$261,000	–	15,000	–	0.11%	–
ULBI	New	ULTRALIFE BATTERIES	$252,000	–	65,600	–	0.10%	–
VFC	New	VF CORP	$252,000	–	4,000	–	0.10%	–
EOG	New	EOG RES	$234,000	–	2,000	–	0.10%	–
OPK	New	OPKO HEALTH INC COM	$230,000	–	26,000	–	0.10%	–
BMY	New	BRISTOL MYERS SQUIBB	$209,000	–	4,300	–	0.09%	–
SDOCQ	New	SANDRIDGE ENERGY	$122,000	–	17,000	–	0.05%	–
	New	MONITISE PLC	$115,000	–	221,500	–	0.05%	–
REXI	New	RESOURCE AMERICA INC	$93,000	–	10,000	–	0.04%	–
GSTCQ	New	GASTAR EXPLORATION INC	$87,000	–	10,000	–	0.04%	–
	New	100,000THS KINDER MORGAN MGMT	$0	–	94,697	–	0.00%	–
BHCG	New	BLACKHAWK CAP GROUP BDC	$0	–	24,000	–	0.00%	–
BRCOQ	New	BEARD	$0	–	13,800	–	0.00%	–
	New	RSTK TRIAD BIOTECHNOLOGY	$0	–	60,000	–	0.00%	–
	New	RSTK FULCRUM PHARM	$0	–	20,000	–	0.00%	–
	New	RSTK CELLICON BIOTECH SER A	$0	–	100,000	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
	Exit	RSTK TRIAD BIOTECHNOLOGY	$0	–	-60,000	–	0.00%	–
BHCG	Exit	BLACKHAWK CAP GROUP BDC	$0	–	-24,000	–	0.00%	–
	Exit	CELLFOR CL C VTG SHS	$0	–	-100,000	–	0.00%	–
BRCOQ	Exit	BEARD	$0	–	-13,800	–	0.00%	–
	Exit	RSTK FULCRUM PHARM	$0	–	-20,000	–	0.00%	–
GLEC	Exit	GLOBAL ECOLOGY CORP COM	$0	–	-250,000	–	-0.00%	–
RAD	Exit	RITE AID	$0	–	-10,000	–	-0.02%	–
FSC	Exit	FIFTH STREET FINANCE CORP	$0	–	-10,000	–	-0.05%	–
	Exit	TETRAGON FINANCIAL GROUP LTD	$0	–	-12,500	–	-0.06%	–
REXI	Exit	RESOURCE AMERICA INC	$0	–	-17,890	–	-0.07%	–
SDOCQ	Exit	SANDRIDGE ENERGY	$0	–	-28,500	–	-0.08%	–
JCPNQ	Exit	J C PENNEY INC	$0	–	-23,100	–	-0.10%	–
STAGPRACL	Exit	STAG INDUSTRIAL INC 9%pfd	$0	–	-8,300	–	-0.11%	–
ORCL	Exit	ORACLE	$0	–	-7,050	–	-0.12%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-2,800	–	-0.12%	–
	Exit	CLIFFS NATURAL RESOURCES 7%pfd	$0	–	-13,000	–	-0.13%	–
BEEPRCCL	Exit	STRATEGIC HOTEL CAP INC PFD SEpfd	$0	–	-11,700	–	-0.13%	–
OPRFCL	Exit	REALTY INCOME CORP PREF F 6.62pfd	$0	–	-11,300	–	-0.14%	–
ZION	Exit	ZIONS BANCORPORATION	$0	–	-10,000	–	-0.14%	–
ULBI	Exit	ULTRALIFE BATTERIES	$0	–	-75,400	–	-0.15%	–
BBEPQ	Exit	BREITBURN ENERGY PARTNERS	$0	–	-16,600	–	-0.15%	–
AA	Exit	ALCOA	$0	–	-38,300	–	-0.16%	–
ASBPRBCL	Exit	ASSOCIATED BANC-CORP PFD STK Spfd	$0	–	-12,400	–	-0.17%	–
MTW	Exit	MANITOWOC INC	$0	–	-17,900	–	-0.17%	–
CYN	Exit	CITY NATIONAL	$0	–	-5,400	–	-0.18%	–
BEEPRBCL	Exit	STRATEGIC HOTEL CAP INC PFD SEpfd	$0	–	-16,200	–	-0.18%	–
STAGPRBCL	Exit	STAG INDUSTRIAL PRF SER B 6.62pfd	$0	–	-17,300	–	-0.19%	–
COST	Exit	COSTCO WHSL	$0	–	-3,500	–	-0.20%	–
OPK	Exit	OPKO HEALTH INC COM	$0	–	-46,000	–	-0.20%	–
NRFPRC	Exit	NORTHSTAR REALTY FINANCE PREFpfd	$0	–	-16,700	–	-0.20%	–
	Exit	LINC ENERGY	$0	–	-300,000	–	-0.21%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORPORATIO	$0	–	-18,544	–	-0.22%	–
TEX	Exit	TEREX	$0	–	-13,050	–	-0.22%	–
PBI	Exit	PITNEY BOWES INC	$0	–	-24,200	–	-0.22%	–
LINEQ	Exit	LINN ENERGY	$0	–	-17,500	–	-0.23%	–
MGM	Exit	MGM MIRAGE	$0	–	-22,900	–	-0.23%	–
	Exit	ALPHA NATURAL RESOURCES SR NTconv	$0	–	-500,000	–	-0.23%	–
MSPRE	Exit	MORGAN STANLEY 7.125%pfd	$0	–	-20,000	–	-0.25%	–
OSUR	Exit	ORASURE TECHNOLOGIES	$0	–	-84,500	–	-0.25%	–
BRKA	Exit	BERKSHIRE HATHAWAY DEL CL A	$0	–	-3	–	-0.25%	–
LMCA	Exit	LIBERTY MEDIA CORP. CL A	$0	–	-3,514	–	-0.26%	–
MS	Exit	MORGAN STANLEY	$0	–	-20,000	–	-0.27%	–
M	Exit	MACYS	$0	–	-13,500	–	-0.29%	–
XOM	Exit	EXXON	$0	–	-8,400	–	-0.36%	–
NRF	Exit	NORTHSTAR REALTY FINANCE	$0	–	-79,500	–	-0.37%	–
MWOCL	Exit	MORGAN STANLEY CAP 5.75%pfd	$0	–	-33,350	–	-0.39%	–
T	Exit	AT&T	$0	–	-24,000	–	-0.40%	–
BZT	Exit	BEAZER HOMES USA INC 7.5%pfd	$0	–	-33,150	–	-0.48%	–
JPM	Exit	JPMORGAN CHASE	$0	–	-20,300	–	-0.52%	–
HLSSF	Exit	HOME LOAN SERVICING SOLUTIONS	$0	–	-48,950	–	-0.54%	–
EVEPQ	Exit	EV ENERGY PARTNERS LP	$0	–	-30,550	–	-0.56%	–
RRD	Exit	RR DONNELLEY & SONS CO	$0	–	-72,950	–	-0.57%	–
SDRPQ	Exit	SANDRIDGE ENERGY INC 8.5%pfd	$0	–	-12,000	–	-0.60%	–
RSOPRBCL	Exit	RESOURCE CAPITAL PERF B 8.25%pfd	$0	–	-55,000	–	-0.63%	–
RSO	Exit	RESOURCE CAPITAL	$0	–	-215,600	–	-0.64%	–
TCRD	Exit	THL CREDIT INC	$0	–	-82,500	–	-0.64%	–
BGCP	Exit	BGC PARTNERS INC	$0	–	-231,500	–	-0.65%	–
EXLPRB	Exit	EXCEL TR INC 8.125% CUM PRFpfd	$0	–	-52,250	–	-0.66%	–
TEVA	Exit	TEVA PHARMACEUTICAL	$0	–	-36,650	–	-0.69%	–
STAG	Exit	STAG INDUSTRIAL INC	$0	–	-72,950	–	-0.73%	–
CAT	Exit	CATERPILLAR	$0	–	-17,950	–	-0.74%	–
MCC	Exit	MEDLEY CAP	$0	–	-112,500	–	-0.77%	–
NRFPRD	Exit	NORTHSTAR REALTY FINANCE PREFpfd	$0	–	-66,700	–	-0.80%	–
GLD	Exit	SPDR GOLD TRUST	$0	–	-13,040	–	-0.83%	–
DAL	Exit	DELTA AIRLINES INC	$0	–	-75,600	–	-0.89%	–
COF	Exit	CAPITAL ONE FINANCIAL	$0	–	-27,100	–	-0.93%	–
GNRC	Exit	GENERAC HOLDINGS INC	$0	–	-46,875	–	-0.99%	–
MYL	Exit	MYLAN	$0	–	-55,750	–	-1.06%	–
PVTBP	Exit	PRIVATEBANCORP 10%pfd	$0	–	-84,600	–	-1.07%	–
QEP	Exit	QEP RESOURCES	$0	–	-83,050	–	-1.14%	–
EXL	Exit	EXCEL	$0	–	-195,900	–	-1.17%	–
MTBPRACL	Exit	M&T CAP TR IV 8.5% GTD ENHANCpfd	$0	–	-113,459	–	-1.45%	–
WWAV	Exit	WHITEWAVE FOODS COMPANY	$0	–	-149,603	–	-1.49%	–
ARPJQ	Exit	ATLAS RESOURCE PARTNERS LP	$0	–	-159,800	–	-1.66%	–
WYNN	Exit	WYNN RESORTS	$0	–	-21,200	–	-1.67%	–
EBAY	Exit	EBAY	$0	–	-61,075	–	-1.70%	–
DNRCQ	Exit	DENBURY RES INC COM NEW	$0	–	-191,900	–	-1.76%	–
WES	Exit	WESTERN GAS PARTNERS	$0	–	-61,810	–	-1.85%	–
FCX	Exit	FREEPORT MCMORAN	$0	–	-113,350	–	-1.86%	–
BAC	Exit	BANK OF AMERICA	$0	–	-290,200	–	-1.99%	–
BAX	Exit	BAXTER INTERNATIONAL	$0	–	-61,260	–	-2.00%	–
A309PS	Exit	DIRECT TV	$0	–	-68,137	–	-2.02%	–
AIG	Exit	AMERICAN INTERNATIONAL GROUP	$0	–	-84,025	–	-2.03%	–
WAG	Exit	WALGREEN	$0	–	-80,050	–	-2.14%	–
SPLS	Exit	STAPLES	$0	–	-295,950	–	-2.16%	–
C	Exit	CITIGROUP INC.	$0	–	-89,718	–	-2.16%	–
WFC	Exit	WELLS FARGO	$0	–	-106,400	–	-2.19%	–
HON	Exit	HONEYWELL INTL INC	$0	–	-53,525	–	-2.21%	–
CI	Exit	CIGNA CORP COM	$0	–	-60,175	–	-2.30%	–
MRK	Exit	MERCK & CO INC NEW COM	$0	–	-106,650	–	-2.52%	–
VPHM	Exit	VIROPHARMA	$0	–	-131,000	–	-2.56%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO	$0	–	-77,550	–	-2.61%	–
NYCB	Exit	NEW YORK COMMUNITY BANCORP	$0	–	-361,050	–	-2.71%	–
LXP	Exit	LEXINGTON REALTY TR	$0	–	-496,700	–	-2.77%	–
KFN	Exit	KKR FINANCIAL HLDGS LLC COM	$0	–	-583,975	–	-3.00%	–
PFE	Exit	PFIZER	$0	–	-228,000	–	-3.26%	–
AAPL	Exit	APPLE	$0	–	-13,990	–	-3.32%	–
INCY	Exit	INCYTE	$0	–	-200,000	–	-3.79%	–
APC	Exit	ANADARKO PETROLEUM	$0	–	-87,555	–	-4.05%	–
VOD	Exit	VODAFONE GROUP PLC	$0	–	-241,225	–	-4.22%	–
L109PS	Exit	ACCESS MIDSTREAM PARTNERS LP U	$0	–	-181,275	–	-4.36%	–

Q3 2013

			Value		Shares		↓ Weighting
L109PS	Sell	ACCESS MIDSTREAM PARTNERS LP U	$8,757,000	-9.2%	181,275	-10.4%	4.36%	-9.3%
VOD	Buy	VODAFONE GROUP PLC	$8,486,000	+35.2%	241,225	+10.5%	4.22%	+35.1%
APC	Sell	ANADARKO PETROLEUM	$8,142,000	+1.9%	87,555	-5.8%	4.05%	+1.8%
INCY	Sell	INCYTE	$7,630,000	+70.0%	200,000	-2.0%	3.79%	+69.9%
AAPL	Sell	APPLE	$6,670,000	+3.3%	13,990	-14.1%	3.32%	+3.3%
PFE	Buy	PFIZER	$6,549,000	+15.4%	228,000	+12.6%	3.26%	+15.4%
KFN	Buy	KKR FINANCIAL HLDGS LLC COM	$6,032,000	+2.1%	583,975	+4.3%	3.00%	+2.1%
LXP	Sell	LEXINGTON REALTY TR	$5,578,000	-4.4%	496,700	-0.6%	2.77%	-4.5%
NYCB	Buy	NEW YORK COMMUNITY BANCORP	$5,455,000	+37.8%	361,050	+27.6%	2.71%	+37.7%
CBI	Sell	CHICAGO BRIDGE & IRON CO	$5,256,000	+6.4%	77,550	-6.3%	2.61%	+6.3%
VPHM	Buy	VIROPHARMA	$5,143,000	+47.7%	131,000	+7.8%	2.56%	+47.7%
MRK	Sell	MERCK & CO INC NEW COM	$5,077,000	-6.7%	106,650	-9.0%	2.52%	-6.8%
CI	Sell	CIGNA CORP COM	$4,625,000	-27.0%	60,175	-31.1%	2.30%	-27.1%
HON	Sell	HONEYWELL INTL INC	$4,445,000	-18.8%	53,525	-22.4%	2.21%	-18.8%
WFC	Sell	WELLS FARGO	$4,396,000	-8.1%	106,400	-8.2%	2.19%	-8.2%
C	Sell	CITIGROUP INC.	$4,352,000	-6.7%	89,718	-7.8%	2.16%	-6.8%
SPLS	Buy	STAPLES	$4,336,000	-7.5%	295,950	+0.2%	2.16%	-7.6%
WAG	Buy	WALGREEN	$4,307,000	+22.6%	80,050	+0.8%	2.14%	+22.5%
AIG	New	AMERICAN INTERNATIONAL GROUP	$4,086,000	–	84,025	–	2.03%	–
A309PS	Sell	DIRECT TV	$4,073,000	-13.9%	68,137	-11.2%	2.02%	-14.0%
BAX	New	BAXTER INTERNATIONAL	$4,024,000	–	61,260	–	2.00%	–
BAC	Buy	BANK OF AMERICA	$4,005,000	+20.2%	290,200	+12.0%	1.99%	+20.1%
FCX	Sell	FREEPORT MCMORAN	$3,750,000	-13.7%	113,350	-28.0%	1.86%	-13.8%
WES	Sell	WESTERN GAS PARTNERS	$3,717,000	-14.1%	61,810	-7.3%	1.85%	-14.2%
DNRCQ	Sell	DENBURY RES INC COM NEW	$3,533,000	-2.0%	191,900	-7.8%	1.76%	-2.0%
EBAY	Sell	EBAY	$3,408,000	-24.2%	61,075	-29.8%	1.70%	-24.3%
ARPJQ	Buy	ATLAS RESOURCE PARTNERS LP	$3,346,000	+262.1%	159,800	+278.7%	1.66%	+261.7%
WWAV	Buy	WHITEWAVE FOODS COMPANY	$2,988,000	+1515.1%	149,603	+1211.7%	1.49%	+1515.2%
MTBPRACL	Sell	M&T CAP TR IV 8.5% GTD ENHANCpfd	$2,910,000	-7.8%	113,459	-7.1%	1.45%	-7.8%
EXL	Buy	EXCEL	$2,351,000	-5.4%	195,900	+0.9%	1.17%	-5.5%
QEP	Sell	QEP RESOURCES	$2,300,000	-28.9%	83,050	-28.7%	1.14%	-28.9%
PVTBP	Sell	PRIVATEBANCORP 10%pfd	$2,158,000	-8.8%	84,600	-7.6%	1.07%	-8.9%
MYL	New	MYLAN	$2,128,000	–	55,750	–	1.06%	–
GNRC	Sell	GENERAC HOLDINGS INC	$1,999,000	-9.1%	46,875	-21.2%	0.99%	-9.2%
COF	New	CAPITAL ONE FINANCIAL	$1,863,000	–	27,100	–	0.93%	–
DAL	Buy	DELTA AIRLINES INC	$1,783,000	+100.3%	75,600	+59.0%	0.89%	+100.2%
GLD	Sell	SPDR GOLD TRUST	$1,671,000	-47.0%	13,040	-50.7%	0.83%	-47.0%
NRFPRD	Sell	NORTHSTAR REALTY FINANCE PREFpfd	$1,613,000	-8.2%	66,700	-5.9%	0.80%	-8.3%
MCC	Buy	MEDLEY CAP	$1,551,000	+39.6%	112,500	+37.5%	0.77%	+39.4%
CAT	Sell	CATERPILLAR	$1,497,000	-64.0%	17,950	-64.3%	0.74%	-64.0%
STAG	Buy	STAG INDUSTRIAL INC	$1,468,000	+26.6%	72,950	+25.5%	0.73%	+26.5%
TEVA	Sell	TEVA PHARMACEUTICAL	$1,385,000	-23.6%	36,650	-20.8%	0.69%	-23.6%
EXLPRB	Sell	EXCEL TR INC 8.125% CUM PRFpfd	$1,326,000	-2.9%	52,250	-1.8%	0.66%	-3.1%
BGCP	Buy	BGC PARTNERS INC	$1,306,000	+10.6%	231,500	+15.5%	0.65%	+10.4%
TCRD	Buy	THL CREDIT INC	$1,288,000	+11.5%	82,500	+8.5%	0.64%	+11.5%
RSO	Buy	RESOURCE CAPITAL	$1,281,000	+2.1%	215,600	+5.6%	0.64%	+2.1%
RSOPRBCL	Sell	RESOURCE CAPITAL PERF B 8.25%pfd	$1,264,000	-23.5%	55,000	-18.6%	0.63%	-23.6%
SDRPQ	New	SANDRIDGE ENERGY INC 8.5%pfd	$1,212,000	–	12,000	–	0.60%	–
RRD	Sell	RR DONNELLEY & SONS CO	$1,151,000	-22.3%	72,950	-31.0%	0.57%	-22.4%
EVEPQ	Sell	EV ENERGY PARTNERS LP	$1,133,000	-56.2%	30,550	-55.8%	0.56%	-56.2%
HLSSF	Buy	HOME LOAN SERVICING SOLUTIONS	$1,077,000	+262.6%	48,950	+294.8%	0.54%	+262.2%
JPM	Sell	JPMORGAN CHASE	$1,049,000	-3.5%	20,300	-1.5%	0.52%	-3.5%
BZT	Sell	BEAZER HOMES USA INC 7.5%pfd	$971,000	-6.1%	33,150	-6.5%	0.48%	-6.0%
T	Sell	AT&T	$812,000	-31.5%	24,000	-28.4%	0.40%	-31.5%
MWOCL	Sell	MORGAN STANLEY CAP 5.75%pfd	$783,000	-26.1%	33,350	-23.1%	0.39%	-26.2%
NRF	Buy	NORTHSTAR REALTY FINANCE	$738,000	+8.5%	79,500	+6.4%	0.37%	+8.6%
XOM	Sell	EXXON	$723,000	-13.0%	8,400	-8.7%	0.36%	-12.8%
M	Sell	MACYS	$584,000	-23.5%	13,500	-15.1%	0.29%	-23.7%
OSUR	Buy	ORASURE TECHNOLOGIES	$508,000	+309.7%	84,500	+164.1%	0.25%	+308.1%
MSPRE	New	MORGAN STANLEY 7.125%pfd	$504,000	–	20,000	–	0.25%	–
MGM	Buy	MGM MIRAGE	$468,000	+40.5%	22,900	+1.8%	0.23%	+40.4%
LINEQ	Sell	LINN ENERGY	$454,000	-92.4%	17,500	-90.2%	0.23%	-92.4%
PBI	New	PITNEY BOWES INC	$440,000	–	24,200	–	0.22%	–
TEX	Sell	TEREX	$438,000	-22.9%	13,050	-39.6%	0.22%	-23.0%
NRFPRC	Buy	NORTHSTAR REALTY FINANCE PREFpfd	$411,000	0.0%	16,700	+3.1%	0.20%	-0.5%
STAGPRBCL	Buy	STAG INDUSTRIAL PRF SER B 6.62pfd	$381,000	+1.9%	17,300	+11.6%	0.19%	+1.6%
BEEPRBCL	Sell	STRATEGIC HOTEL CAP INC PFD SEpfd	$372,000	-38.0%	16,200	-34.9%	0.18%	-38.1%
MTW	Sell	MANITOWOC INC	$350,000	-30.7%	17,900	-36.5%	0.17%	-30.7%
AA	Sell	ALCOA	$311,000	-49.4%	38,300	-51.3%	0.16%	-49.3%
BBEPQ	Sell	BREITBURN ENERGY PARTNERS	$304,000	-19.1%	16,600	-19.4%	0.15%	-19.3%
ULBI	Sell	ULTRALIFE BATTERIES	$302,000	-5.3%	75,400	-15.8%	0.15%	-5.7%
OPRFCL	New	REALTY INCOME CORP PREF F 6.62pfd	$274,000	–	11,300	–	0.14%	–
BEEPRCCL	Sell	STRATEGIC HOTEL CAP INC PFD SEpfd	$267,000	-31.4%	11,700	-27.8%	0.13%	-31.4%
	Sell	CLIFFS NATURAL RESOURCES 7%pfd	$257,000	-6.5%	13,000	-16.1%	0.13%	-6.6%
JNJ	Buy	JOHNSON & JOHNSON	$243,000	+13.0%	2,800	+12.0%	0.12%	+13.1%
STAGPRACL	New	STAG INDUSTRIAL INC 9%pfd	$222,000	–	8,300	–	0.11%	–
JCPNQ	Sell	J C PENNEY INC	$203,000	-57.5%	23,100	-17.5%	0.10%	-57.6%
SDOCQ	Sell	SANDRIDGE ENERGY	$167,000	-29.8%	28,500	-43.0%	0.08%	-29.7%
REXI	New	RESOURCE AMERICA INC	$144,000	–	17,890	–	0.07%	–
	Sell	TETRAGON FINANCIAL GROUP LTD	$124,000	-75.8%	12,500	-73.7%	0.06%	-75.7%
RAD	Sell	RITE AID	$48,000	+54.8%	10,000	-9.1%	0.02%	+60.0%
	New	CELLFOR CL C VTG SHS	$0	–	100,000	–	0.00%	–
	Exit	RSTK CELLICON BIOTECH SER A	$0	–	-100,000	–	0.00%	–
	Exit	RSTK RXKINETIX INC	$0	–	-12,500	–	0.00%	–
	Exit	RSTK MEDIVANCE INC SER Apfd	$0	–	-16,500	–	0.00%	–
CIM	Exit	CHIMERA INVESTMENT CORP	$0	–	-30,000	–	-0.04%	–
HBAN	Exit	HUNTINGTON BANCSHARES	$0	–	-15,000	–	-0.06%	–
WWAVB	Exit	WHITEWAVE FOODS CO COM CL B	$0	–	-10,548	–	-0.08%	–
S	Exit	SPRINT	$0	–	-27,500	–	-0.10%	–
DF	Exit	DEAN FOODS CO	$0	–	-27,000	–	-0.14%	–
EPD	Exit	ENTERPRISE PRDS PARTNERS LP	$0	–	-5,000	–	-0.16%	–
BPL	Exit	BUCKEYE PARTNERS L.P	$0	–	-5,000	–	-0.18%	–
VZ	Exit	VERIZON COMMUNICATIONS	$0	–	-7,400	–	-0.19%	–
4945SC	Exit	KINDER MORGAN ENERGY PARTNERS	$0	–	-5,500	–	-0.23%	–
BEEPRACL	Exit	STRATEGIC HOTEL CAP INC PRF SEpfd	$0	–	-47,135	–	-0.56%	–
ZBPRCCL	Exit	ZIONS BANCORP PREFERRED 9.5%pfd	$0	–	-132,075	–	-1.67%	–
AIG	Exit	AMERICAN INTL GROUP INC. NEW	$0	–	-88,125	–	-1.96%	–

Q2 2013

			Value		Shares		↓ Weighting
L109PS	New	ACCESS MIDSTREAM PARTNERS LP U	$9,646,000	–	202,225	–	4.80%	–
APC	New	ANADARKO PETROLEUM	$7,991,000	–	92,990	–	3.98%	–
AAPL	New	APPLE	$6,456,000	–	16,280	–	3.21%	–
CI	New	CIGNA CORP COM	$6,336,000	–	87,400	–	3.15%	–
VOD	New	VODAFONE GROUP PLC	$6,276,000	–	218,325	–	3.12%	–
LINEQ	New	LINN ENERGY	$5,953,000	–	179,425	–	2.96%	–
KFN	New	KKR FINANCIAL HLDGS LLC COM	$5,907,000	–	559,875	–	2.94%	–
LXP	New	LEXINGTON REALTY TR	$5,836,000	–	499,700	–	2.90%	–
PFE	New	PFIZER	$5,673,000	–	202,550	–	2.82%	–
HON	New	HONEYWELL INTL INC	$5,472,000	–	68,975	–	2.72%	–
MRK	New	MERCK & CO INC NEW COM	$5,444,000	–	117,200	–	2.71%	–
CBI	New	CHICAGO BRIDGE & IRON CO	$4,940,000	–	82,800	–	2.46%	–
WFC	New	WELLS FARGO	$4,783,000	–	115,900	–	2.38%	–
A309PS	New	DIRECT TV	$4,730,000	–	76,732	–	2.35%	–
SPLS	New	STAPLES	$4,688,000	–	295,425	–	2.33%	–
C	New	CITIGROUP INC.	$4,666,000	–	97,273	–	2.32%	–
EBAY	New	EBAY	$4,498,000	–	86,975	–	2.24%	–
INCY	New	INCYTE	$4,488,000	–	204,000	–	2.23%	–
FCX	New	FREEPORT MCMORAN	$4,347,000	–	157,450	–	2.16%	–
WES	New	WESTERN GAS PARTNERS	$4,329,000	–	66,710	–	2.15%	–
CAT	New	CATERPILLAR	$4,153,000	–	50,350	–	2.07%	–
NYCB	New	NEW YORK COMMUNITY BANCORP	$3,960,000	–	282,850	–	1.97%	–
AIG	New	AMERICAN INTL GROUP INC. NEW	$3,939,000	–	88,125	–	1.96%	–
DNRCQ	New	DENBURY RES INC COM NEW	$3,604,000	–	208,100	–	1.79%	–
WAG	New	WALGREEN	$3,512,000	–	79,450	–	1.75%	–
VPHM	New	VIROPHARMA	$3,481,000	–	121,500	–	1.73%	–
ZBPRCCL	New	ZIONS BANCORP PREFERRED 9.5%pfd	$3,355,000	–	132,075	–	1.67%	–
BAC	New	BANK OF AMERICA	$3,333,000	–	259,200	–	1.66%	–
QEP	New	QEP RESOURCES	$3,235,000	–	116,450	–	1.61%	–
MTBPRACL	New	M&T CAP TR IV 8.5% GTD ENHANCpfd	$3,155,000	–	122,159	–	1.57%	–
GLD	New	SPDR GOLD TRUST	$3,151,000	–	26,455	–	1.57%	–
WYNN	New	WYNN RESORTS	$2,713,000	–	21,200	–	1.35%	–
EVEPQ	New	EV ENERGY PARTNERS LP	$2,584,000	–	69,150	–	1.29%	–
EXL	New	EXCEL	$2,486,000	–	194,100	–	1.24%	–
PVTBP	New	PRIVATEBANCORP 10%pfd	$2,367,000	–	91,600	–	1.18%	–
GNRC	New	GENERAC HOLDINGS INC	$2,200,000	–	59,450	–	1.10%	–
TEVA	New	TEVA PHARMACEUTICAL	$1,813,000	–	46,250	–	0.90%	–
NRFPRD	New	NORTHSTAR REALTY FINANCE PREFpfd	$1,758,000	–	70,900	–	0.88%	–
RSOPRBCL	New	RESOURCE CAPITAL PERF B 8.25%pfd	$1,653,000	–	67,600	–	0.82%	–
RRD	New	RR DONNELLEY & SONS CO	$1,482,000	–	105,775	–	0.74%	–
EXLPRB	New	EXCEL TR INC 8.125% CUM PRFpfd	$1,366,000	–	53,225	–	0.68%	–
RSO	New	RESOURCE CAPITAL	$1,255,000	–	204,100	–	0.62%	–
T	New	AT&T	$1,186,000	–	33,500	–	0.59%	–
BGCP	New	BGC PARTNERS INC	$1,181,000	–	200,500	–	0.59%	–
STAG	New	STAG INDUSTRIAL INC	$1,160,000	–	58,150	–	0.58%	–
TCRD	New	THL CREDIT INC	$1,155,000	–	76,050	–	0.58%	–
BEEPRACL	New	STRATEGIC HOTEL CAP INC PRF SEpfd	$1,131,000	–	47,135	–	0.56%	–
MCC	New	MEDLEY CAP	$1,111,000	–	81,800	–	0.55%	–
JPM	New	JPMORGAN CHASE	$1,087,000	–	20,600	–	0.54%	–
MWOCL	New	MORGAN STANLEY CAP 5.75%pfd	$1,060,000	–	43,350	–	0.53%	–
BZT	New	BEAZER HOMES USA INC 7.5%pfd	$1,034,000	–	35,450	–	0.51%	–
ARPJQ	New	ATLAS RESOURCE PARTNERS LP	$924,000	–	42,200	–	0.46%	–
DAL	New	DELTA AIRLINES INC	$890,000	–	47,550	–	0.44%	–
XOM	New	EXXON	$831,000	–	9,200	–	0.41%	–
M	New	MACYS	$763,000	–	15,900	–	0.38%	–
NRF	New	NORTHSTAR REALTY FINANCE	$680,000	–	74,750	–	0.34%	–
AA	New	ALCOA	$615,000	–	78,600	–	0.31%	–
BEEPRBCL	New	STRATEGIC HOTEL CAP INC PFD SEpfd	$600,000	–	24,900	–	0.30%	–
TEX	New	TEREX	$568,000	–	21,600	–	0.28%	–
	New	TETRAGON FINANCIAL GROUP LTD	$513,000	–	47,500	–	0.26%	–
BRKA	New	BERKSHIRE HATHAWAY DEL CL A	$506,000	–	3	–	0.25%	–
MTW	New	MANITOWOC INC	$505,000	–	28,200	–	0.25%	–
MS	New	MORGAN STANLEY	$489,000	–	20,000	–	0.24%	–
JCPNQ	New	J C PENNEY INC	$478,000	–	28,000	–	0.24%	–
4945SC	New	KINDER MORGAN ENERGY PARTNERS	$470,000	–	5,500	–	0.23%	–
	New	ALPHA NATURAL RESOURCES SR NTconv	$455,000	–	500,000	–	0.23%	–
LMCA	New	LIBERTY MEDIA CORP. CL A	$445,000	–	3,514	–	0.22%	–
QRTEA	New	LIBERTY INTERACTIVE CORPORATIO	$427,000	–	18,544	–	0.21%	–
NRFPRC	New	NORTHSTAR REALTY FINANCE PREFpfd	$411,000	–	16,200	–	0.20%	–
BEEPRCCL	New	STRATEGIC HOTEL CAP INC PFD SEpfd	$389,000	–	16,200	–	0.19%	–
COST	New	COSTCO WHSL	$387,000	–	3,500	–	0.19%	–
BBEPQ	New	BREITBURN ENERGY PARTNERS	$376,000	–	20,600	–	0.19%	–
STAGPRBCL	New	STAG INDUSTRIAL PRF SER B 6.62pfd	$374,000	–	15,500	–	0.19%	–
VZ	New	VERIZON COMMUNICATIONS	$373,000	–	7,400	–	0.19%	–
BPL	New	BUCKEYE PARTNERS L.P	$351,000	–	5,000	–	0.18%	–
ASBPRBCL	New	ASSOCIATED BANC-CORP PFD STK Spfd	$352,000	–	12,400	–	0.18%	–
CYN	New	CITY NATIONAL	$342,000	–	5,400	–	0.17%	–
MGM	New	MGM MIRAGE	$333,000	–	22,500	–	0.17%	–
OPK	New	OPKO HEALTH INC COM	$327,000	–	46,000	–	0.16%	–
ULBI	New	ULTRALIFE BATTERIES	$319,000	–	89,500	–	0.16%	–
EPD	New	ENTERPRISE PRDS PARTNERS LP	$311,000	–	5,000	–	0.16%	–
HLSSF	New	HOME LOAN SERVICING SOLUTIONS	$297,000	–	12,400	–	0.15%	–
ZION	New	ZIONS BANCORPORATION	$289,000	–	10,000	–	0.14%	–
	New	CLIFFS NATURAL RESOURCES 7%pfd	$275,000	–	15,500	–	0.14%	–
DF	New	DEAN FOODS CO	$271,000	–	27,000	–	0.14%	–
	New	LINC ENERGY	$241,000	–	300,000	–	0.12%	–
SDOCQ	New	SANDRIDGE ENERGY	$238,000	–	50,000	–	0.12%	–
ORCL	New	ORACLE	$217,000	–	7,050	–	0.11%	–
JNJ	New	JOHNSON & JOHNSON	$215,000	–	2,500	–	0.11%	–
S	New	SPRINT	$193,000	–	27,500	–	0.10%	–
WWAV	New	WHITEWAVE FOODS COMPANY	$185,000	–	11,405	–	0.09%	–
WWAVB	New	WHITEWAVE FOODS CO COM CL B	$160,000	–	10,548	–	0.08%	–
OSUR	New	ORASURE TECHNOLOGIES	$124,000	–	32,000	–	0.06%	–
HBAN	New	HUNTINGTON BANCSHARES	$118,000	–	15,000	–	0.06%	–
FSC	New	FIFTH STREET FINANCE CORP	$104,000	–	10,000	–	0.05%	–
CIM	New	CHIMERA INVESTMENT CORP	$90,000	–	30,000	–	0.04%	–
RAD	New	RITE AID	$31,000	–	11,000	–	0.02%	–
	New	RSTK CELLICON BIOTECH SER A	$0	–	100,000	–	0.00%	–
GLEC	New	GLOBAL ECOLOGY CORP COM	$0	–	250,000	–	0.00%	–
	New	RSTK TRIAD BIOTECHNOLOGY	$0	–	60,000	–	0.00%	–
	New	RSTK FULCRUM PHARM	$0	–	20,000	–	0.00%	–
	New	RSTK RXKINETIX INC	$0	–	12,500	–	0.00%	–
BHCG	New	BLACKHAWK CAP GROUP BDC	$1,000	–	24,000	–	0.00%	–
BRCOQ	New	BEARD	$0	–	13,800	–	0.00%	–
	New	RSTK MEDIVANCE INC SER Apfd	$0	–	16,500	–	0.00%	–

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