COLUMN 1 | COLUMN 2 | COLUMN 3 | COLUMN 4 | COLUMN 5 | COLUMN 6 | COLUMN 7 | COLUMN 8 |
| | | VALUE | SHRS OR | SH/ | PUT/ | INVESTMENT | OTHER | VOTING AUTHORITY |
NAME OF ISSUER | TITLE OF CLASS | CUSIP | (x$1000) | PRN AMT | PRN | CALL | DISCRETION | MANAGER | SOLE | SHARED | NONE |
AGNC INVESTMENT CORP. SER B 7. | PFD | 00123Q302 | 2,544 | 99,800 | SH | | SOLE | | 99,800 | 0 | 0 |
AMERICAN HOMES 4 RENT E 6.35 | PFD | 02665T801 | 354 | 13,300 | SH | | SOLE | | 13,300 | 0 | 0 |
AMERICAN HOMES 4 RENT G 5.875 | PFD | 02665T876 | 377 | 14,300 | SH | | SOLE | | 14,300 | 0 | 0 |
AT&T INC 5.35 | PFD | 00206R300 | 1,304 | 47,350 | SH | | SOLE | | 47,350 | 0 | 0 |
BANK OF AMERICA CORP SER Y 6.5 | PFD | 060505310 | 1,115 | 44,300 | SH | | SOLE | | 44,300 | 0 | 0 |
BANK OF AMERICA SER HH 5.875 | PFD | 060505195 | 628 | 22,800 | SH | | SOLE | | 22,800 | 0 | 0 |
CAI INTL INC RED PERP PFD SER | PFD | 12477X205 | 301 | 11,750 | SH | | SOLE | | 11,750 | 0 | 0 |
CAI INTL INC RED PFD SER B 8.5 | PFD | 12477X304 | 603 | 23,475 | SH | | SOLE | | 23,475 | 0 | 0 |
CITIGROUP INC PFD SER K 6.875 | PFD | 172967341 | 1,863 | 66,300 | SH | | SOLE | | 66,300 | 0 | 0 |
COLONY CAPITAL INC PFD SER I 7 | PFD | 19626G603 | 633 | 27,550 | SH | | SOLE | | 27,550 | 0 | 0 |
COLONY CAPITAL INC PFD SER J 7 | PFD | 19626G504 | 445 | 19,200 | SH | | SOLE | | 19,200 | 0 | 0 |
GMAC CAP TR SER A FLOATING RT | PFD | 361860208 | 4,231 | 161,415 | SH | | SOLE | | 161,415 | 0 | 0 |
GOLDMAN SACHS GROUP INC. PFD S | PFD | 38148B504 | 2,108 | 79,410 | SH | | SOLE | | 79,410 | 0 | 0 |
HERSHA HOSPITALITY TRUST SER D | PFD | 427825609 | 1,616 | 65,275 | SH | | SOLE | | 65,275 | 0 | 0 |
JP MORGAN CHASE & CO 6.15 09 | PFD | 48127V827 | 1,025 | 39,450 | SH | | SOLE | | 39,450 | 0 | 0 |
KKR & CO INC SER A 6.75 | PFD | 48251W203 | 1,574 | 58,900 | SH | | SOLE | | 58,900 | 0 | 0 |
MONMOUTH REAL ESTATE PFD SER C | PFD | 609720404 | 457 | 18,250 | SH | | SOLE | | 18,250 | 0 | 0 |
MORGAN STANLEY PFD SER G 6.625 | PFD | 61762V507 | 2,071 | 81,350 | SH | | SOLE | | 81,350 | 0 | 0 |
PEBBLEBROOK HOTEL TR PFD SER C | PFD | 70509V407 | 589 | 22,810 | SH | | SOLE | | 22,810 | 0 | 0 |
PLYMOUTH INDL REIT 7.5 QTLY 1 | PFD | 729640201 | 362 | 13,800 | SH | | SOLE | | 13,800 | 0 | 0 |
SL GREEN REALTY CORP PFD I 6.5 | PFD | 78440X507 | 333 | 12,800 | SH | | SOLE | | 12,800 | 0 | 0 |
STAG INDUSTRIAL PFD SER C 6.87 | PFD | 85254J409 | 1,030 | 39,415 | SH | | SOLE | | 39,475 | 0 | 0 |
TELEPHONE & DATA SYSTEMS INC P | PFD | 879433837 | 1,233 | 49,050 | SH | | SOLE | | 49,050 | 0 | 0 |
UNITED STATES CELLULAR CORP PF | PFD | 911684405 | 981 | 38,725 | SH | | SOLE | | 38,725 | 0 | 0 |
VORNADO REALTY SER M 5.25 | PFD | 929042828 | 1,511 | 58,450 | SH | | SOLE | | 58,450 | 0 | 0 |
WELLS FARGO REAL EST INVT CORP | PFD | 94988N207 | 564 | 22,200 | SH | | SOLE | | 22,200 | 0 | 0 |
AIR PRODUCTS & CHEMICALS | COM | 009158106 | 7,275 | 32,790 | SH | | SOLE | | 32,790 | 0 | 0 |
AK STEEL HLDG CORP | COM | 001547108 | 66 | 29,100 | SH | | SOLE | | 29,100 | 0 | 0 |
ALLOGENE THERAPEUTICS INC | COM | 019770106 | 954 | 34,995 | SH | | SOLE | | 34,995 | 0 | 0 |
ALLY FINANCIAL INC COM | COM | 02005N100 | 8,309 | 250,560 | SH | | SOLE | | 250,560 | 0 | 0 |
ALPHABET INC CL C | COM | 02079K107 | 7,449 | 6,111 | SH | | SOLE | | 6,111 | 0 | 0 |
AMAZON.COM | COM | 023135106 | 17,908 | 10,316 | SH | | SOLE | | 10,316 | 0 | 0 |
APPLE | COM | 037833100 | 22,763 | 101,634 | SH | | SOLE | | 101,634 | 0 | 0 |
AT&T | COM | 00206R102 | 12,413 | 328,030 | SH | | SOLE | | 328,030 | 0 | 0 |
ATLAS AIR WORLDWIDE HOLDINGS I | COM | 049164205 | 1,111 | 44,050 | SH | | SOLE | | 44,050 | 0 | 0 |
BANK OF AMERICA | COM | 060505104 | 7,562 | 259,239 | SH | | SOLE | | 259,239 | 0 | 0 |
BEARD | COM | 07384R408 | 0 | 13,800 | SH | | SOLE | | 13,800 | 0 | 0 |
BERKSHIRE HATHAWAY DEL CL A | COM | 084670108 | 624 | 2 | SH | | SOLE | | 2 | 0 | 0 |
BGC PARTNERS INC | COM | 05541T101 | 738 | 134,250 | SH | | SOLE | | 134,250 | 0 | 0 |
BLACKHAWK CAP GROUP BDC | COM | 09236T103 | 0 | 24,000 | SH | | SOLE | | 24,000 | 0 | 0 |
CANADA GOOSE HOLDINGS INC | COM | 135086106 | 571 | 12,975 | SH | | SOLE | | 12,975 | 0 | 0 |
CIGNA CORP | COM | 125523100 | 326 | 2,150 | SH | | SOLE | | 2,150 | 0 | 0 |
CISCO SYSTEMS | COM | 17275R102 | 2,583 | 52,275 | SH | | SOLE | | 52,275 | 0 | 0 |
CITIGROUP INC | COM | 172967424 | 7,739 | 112,027 | SH | | SOLE | | 112,027 | 0 | 0 |
COMCAST CL A | COM | 20030N101 | 1,154 | 25,600 | SH | | SOLE | | 25,600 | 0 | 0 |
COSTCO WHSL | COM | 22160K105 | 965 | 3,350 | SH | | SOLE | | 3,350 | 0 | 0 |
DANAHER CORP COM | COM | 235851102 | 4,855 | 33,612 | SH | | SOLE | | 33,612 | 0 | 0 |
DANONE SPONSORED ADR | COM | 23636T100 | 8,893 | 504,660 | SH | | SOLE | | 504,660 | 0 | 0 |
DELTA AIR LINES INC | COM | 247361702 | 5,847 | 101,515 | SH | | SOLE | | 101,515 | 0 | 0 |
DENBURY RES INC COM NEW | COM | 247916208 | 71 | 60,000 | SH | | SOLE | | 60,000 | 0 | 0 |
EASTERLY GOVERNMENT PROPERTIES | COM | 27616P103 | 2,268 | 106,475 | SH | | SOLE | | 106,475 | 0 | 0 |
ENTERPRISE PRODUCTS PARTNERS L | COM | 293792107 | 243 | 8,500 | SH | | SOLE | | 8,500 | 0 | 0 |
FARFETCH LIMITED CLASS A | COM | 30744W107 | 637 | 73,755 | SH | | SOLE | | 73,755 | 0 | 0 |
FORTRESS BIOTECH INC | COM | 34960Q109 | 250 | 177,500 | SH | | SOLE | | 177,500 | 0 | 0 |
FREEPORT MCMORAN, INC. CL B | COM | 35671D857 | 725 | 75,750 | SH | | SOLE | | 75,750 | 0 | 0 |
GAMING AND LEISURE PROPERTIES, | COM | 36467J108 | 5,002 | 130,815 | SH | | SOLE | | 130,815 | 0 | 0 |
GENERAL ELECTRIC | COM | 369604103 | 273 | 30,500 | SH | | SOLE | | 30,500 | 0 | 0 |
GRIFFIN MINING LTD | COM | G31920104 | 16 | 15,000 | SH | | SOLE | | 15,000 | 0 | 0 |
HERSHA HOSPITALITY TRUST | COM | 427825500 | 1,731 | 116,350 | SH | | SOLE | | 116,350 | 0 | 0 |
HONEYWELL INTL INC | COM | 438516106 | 8,981 | 53,080 | SH | | SOLE | | 53,080 | 0 | 0 |
HUMANA INC | COM | 444859102 | 5,978 | 23,380 | SH | | SOLE | | 23,380 | 0 | 0 |
INCYTE | COM | 45337C102 | 1,595 | 21,500 | SH | | SOLE | | 21,500 | 0 | 0 |
INDUSTRIAL LOGISTICS PPTYS | COM | 456237106 | 5,632 | 265,050 | SH | | SOLE | | 260,450 | 0 | 0 |
JOHNSON & JOHNSON | COM | 478160104 | 485 | 3,750 | SH | | SOLE | | 3,750 | 0 | 0 |
LEXINGTON REALTY TRUST | COM | 529043101 | 9,040 | 881,975 | SH | | SOLE | | 881,975 | 0 | 0 |
LIBERTY MEDIA CORP SIRIUSXM GR | COM | 531229607 | 295 | 7,028 | SH | | SOLE | | 7,028 | 0 | 0 |
LINDE PLC | COM | G5494J103 | 4,165 | 21,500 | SH | | SOLE | | 21,500 | 0 | 0 |
MADRIGAL PHARMACEUTICALS INC | COM | 558868105 | 1,409 | 16,341 | SH | | SOLE | | 16,341 | 0 | 0 |
MARATHON PETROLEUM CORP | COM | 56585A102 | 1,076 | 17,710 | SH | | SOLE | | 17,710 | 0 | 0 |
MCDONALDS | COM | 580135101 | 376 | 1,750 | SH | | SOLE | | 1,750 | 0 | 0 |
MERCK & CO INC | COM | 58933Y105 | 602 | 7,150 | SH | | SOLE | | 7,150 | 0 | 0 |
MICROSOFT | COM | 594918104 | 1,163 | 8,362 | SH | | SOLE | | 8,362 | 0 | 0 |
MPLX LP | COM | 55336V100 | 534 | 19,050 | SH | | SOLE | | 19,050 | 0 | 0 |
NEW MEDIA INVESTMENT GROUP INC | COM | 64704V106 | 1,007 | 114,350 | SH | | SOLE | | 114,350 | 0 | 0 |
NEXTERA ENERGY INC COM | COM | 65339F101 | 8,434 | 36,200 | SH | | SOLE | | 36,200 | 0 | 0 |
OPKO HEALTH INC COM | COM | 68375N103 | 23 | 11,000 | SH | | SOLE | | 11,000 | 0 | 0 |
PAYPAL HOLDINGS INC | COM | 70450Y103 | 8,644 | 83,440 | SH | | SOLE | | 83,440 | 0 | 0 |
QEP RESOURCES | COM | 74733V100 | 370 | 100,000 | SH | | SOLE | | 100,000 | 0 | 0 |
QURATE RETAIL INC QVC GROUP CO | COM | 74915M100 | 114 | 11,044 | SH | | SOLE | | 11,044 | 0 | 0 |
ROYAL BANK OF CANADA | COM | 780087102 | 563 | 6,931 | SH | | SOLE | | 6,931 | 0 | 0 |
SALESFORCE.COM INC | COM | 79466L302 | 6,295 | 42,405 | SH | | SOLE | | 42,405 | 0 | 0 |
SOLENO THERAPEUTICS INC COM | COM | 834203200 | 48 | 32,250 | SH | | SOLE | | 32,250 | 0 | 0 |
SPDR GOLD TRUST | COM | 78463V107 | 757 | 5,450 | SH | | SOLE | | 5,450 | 0 | 0 |
STARWOOD PROPERTY TRUST INC | COM | 85571B105 | 11,825 | 488,230 | SH | | SOLE | | 488,230 | 0 | 0 |
TAKE TWO INTERACTIVE SOFTWARE | COM | 874054109 | 7,827 | 62,450 | SH | | SOLE | | 62,450 | 0 | 0 |
THL CREDIT INC | COM | 872438106 | 1,390 | 204,419 | SH | | SOLE | | 204,419 | 0 | 0 |
ULTRALIFE BATTERIES | COM | 903899102 | 155 | 17,928 | SH | | SOLE | | 17,928 | 0 | 0 |
UROGEN PHARMA LTD | COM | M96088105 | 1,580 | 66,300 | SH | | SOLE | | 66,300 | 0 | 0 |
VERIZON COMMUNICATIONS | COM | 92343V104 | 289 | 4,790 | SH | | SOLE | | 4,790 | 0 | 0 |
VICOR CORP | COM | 925815102 | 728 | 24,655 | SH | | SOLE | | 24,655 | 0 | 0 |
WALT DISNEY COMPANY HOLDING | COM | 254687106 | 274 | 2,103 | SH | | SOLE | | 2,103 | 0 | 0 |