The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABBVIE INC COM 00287Y109 287 2,925 SH   SOLE   2,925 0 0
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 211 982 SH   SOLE   982 0 0
ACUITY BRANDS INC COM 00508Y102 287 3,001 SH   SOLE   3,001 0 0
ALCON AG ORD SHS H01301128 480 8,360 SH   SOLE   8,360 0 0
ALTICE USA INC CL A 02156K103 1,752 77,720 SH   SOLE   77,720 0 0
AMAZON COM INC COM 023135106 303 110 SH   SOLE   110 0 0
AMBAC FINL GROUP INC COM NEW 023139884 24,336 1,699,431 SH   SOLE   1,699,431 0 0
AMERICAN TOWER CORP NEW COM 03027X100 2,901 11,219 SH   SOLE   11,219 0 0
ANALOG DEVICES INC COM 032654105 780 6,357 SH   SOLE   6,357 0 0
ANNALY CAPITAL MANAGEMENT IN COM 035710409 144 21,892 SH   SOLE   21,892 0 0
APPLIED MATLS INC COM 038222105 826 13,661 SH   SOLE   13,661 0 0
AT&T INC COM 00206R102 1,039 34,356 SH   SOLE   34,356 0 0
ATHENE HLDG LTD CL A G0684D107 216 6,923 SH   SOLE   6,923 0 0
ATLASSIAN CORP PLC CL A G06242104 212 1,175 SH   SOLE   1,175 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 637 3,566 SH   SOLE   3,566 0 0
BGC PARTNERS INC CL A 05541T101 38,624 12,811,667 SH   SOLE   12,811,667 0 0
BIOGEN INC COM 09062X103 256 957 SH   SOLE   957 0 0
BK OF AMERICA CORP COM 060505104 7,048 157,410 SH   SOLE   157,410 0 0
BOSTON PPTYS LTD PARTNERSHIP COM 101121101 1,001 11,080 SH   SOLE   11,080 0 0
BRISTOL-MYERS SQUIBB CO COM 110122108 357 6,074 SH   SOLE   6,074 0 0
BROADCOM INC COM 11135F101 423 1,340 SH   SOLE   1,340 0 0
CENTENE CORP DEL COM 15135B101 357 5,623 SH   SOLE   5,623 0 0
CENTURYLINK INC COM 156700106 608 60,600 SH   SOLE   60,600 0 0
CF INDS HLDGS INC COM 125269100 224 7,960 SH   SOLE   7,960 0 0
CHEVRON CORP NEW COM 166764100 376 4,211 SH   SOLE   4,211 0 0
CHUBB LIMITED COM H1467J104 15,251 60,225 SH   SOLE   60,225 0 0
CISCO SYS INC COM 17275R102 1,086 23,289 SH   SOLE   23,289 0 0
CME GROUP INC COM 12572Q105 504 3,101 SH   SOLE   3,101 0 0
COCA COLA EUROPEAN PARTNERS SHS G25839104 6,304 166,939 SH   SOLE   166,939 0 0
COMCAST CORP NEW CL A 20030N101 469 12,044 SH   SOLE   12,044 0 0
COSTCO WHSL CORP NEW COM 22160K105 243 800 SH   SOLE   800 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 2,898 17,318 SH   SOLE   17,318 0 0
DANAHER CORPORATION COM 235851102 313 1,768 SH   SOLE   1,768 0 0
DEXCOM INC COM 252131107 275 678 SH   SOLE   678 0 0
DHT HOLDINGS INC SHS NEW Y2065G121 1,026 200,000 SH   SOLE   200,000 0 0
DIGITAL RLTY TR INC COM 253868103 3,233 22,753 SH   SOLE   22,753 0 0
DOLLAR GEN CORP NEW COM 256677105 594 3,120 SH   SOLE   3,120 0 0
DUKE REALTY CORP COM NEW 264411505 1,154 32,614 SH   SOLE   32,614 0 0
EASTMAN CHEM CO COM 277432100 212 3,046 SH   SOLE   3,046 0 0
EBAY INC. COM 278642103 327 6,225 SH   SOLE   6,225 0 0
EDISON INTL COM 281020107 401 7,388 SH   SOLE   7,388 0 0
ENTEGRIS INC COM 29362U104 419 7,089 SH   SOLE   7,089 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 2,470 42,000 SH   SOLE   42,000 0 0
ESSEX PPTY TR INC COM 297178105 2,452 10,700 SH   SOLE   10,700 0 0
EURONAV NV ANTWERPEN SHS B38564108 1,630 200,000 SH   SOLE   200,000 0 0
EXELON CORP COM 30161N101 296 8,165 SH   SOLE   8,165 0 0
EXTRA SPACE STORAGE INC COM 30225T102 1,016 10,998 SH   SOLE   10,998 0 0
FEDERAL REALTY INVT TR SH BEN INT NEW 313747206 366 4,298 SH   SOLE   4,298 0 0
FEDEX CORP COM 31428X106 598 4,267 SH   SOLE   4,267 0 0
FERRARI N V COM N3167Y103 597 3,500 SH   SOLE   3,500 0 0
FIAT CHRYSLER AUTOMOBILES N SHS N31738102 837 83,303 SH   SOLE   83,303 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 336 2,505 SH   SOLE   2,505 0 0
FIRST AMERN FINL CORP COM 31847R102 2,147 44,704 SH   SOLE   44,704 0 0
FIRST BANCORP P R COM NEW 318672706 38,456 6,879,412 SH   SOLE   6,879,412 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 217 2,047 SH   SOLE   2,047 0 0
FIRST TR EXCHANGE-TRADED FD NO AMER ENERGY 33738D101 672 33,680 SH   SOLE   33,680 0 0
FIRSTENERGY CORP COM 337932107 226 5,820 SH   SOLE   5,820 0 0
FISERV INC COM 337738108 866 8,874 SH   SOLE   8,874 0 0
FLEX LNG LTD SHS G35947202 1,471 319,460 SH   SOLE   319,460 0 0
FORD MTR CO DEL COM 345370860 158 26,000 SH   SOLE   26,000 0 0
FORTRESS TRANS INFRST INVS L COM REP LTD LIAB 34960P101 6,128 6,930 SH Call SOLE   6,930 0 0
FORTUNA SILVER MINES INC COM 349915108 102 20,100 SH   SOLE   20,100 0 0
GILEAD SCIENCES INC COM 375558103 351 4,567 SH   SOLE   4,567 0 0
GLOBAL PMTS INC COM 37940X102 5,735 18,868 SH   SOLE   18,868 0 0
GLOBAL X FDS GLOBAL X SILVER 37954Y848 768 20,741 SH   SOLE   20,741 0 0
GOLAR LNG LTD SHS G9456A100 1,492 206,089 SH   SOLE   206,089 0 0
GOLDEN OCEAN GROUP LTD SHS NEW G39637205 1,245 322,128 SH   SOLE   322,128 0 0
HANESBRANDS INC COM 410345102 344 30,457 SH   SOLE   30,457 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 4,742 62,208 SH   SOLE   62,208 0 0
HASBRO INC COM 418056107 302 4,030 SH   SOLE   4,030 0 0
HEWLETT PACKARD ENTERPRISE C COM 42824C109 265 27,260 SH   SOLE   27,260 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 211 2,879 SH   SOLE   2,879 0 0
HOME DEPOT INC COM 437076102 225 900 SH   SOLE   900 0 0
HONEYWELL INTL INC COM 438516106 524 3,622 SH   SOLE   3,622 0 0
HP INC COM 40434L105 364 16,761 SH   SOLE   16,761 0 0
IDEX CORP COM 45167R104 312 1,972 SH   SOLE   1,972 0 0
IDEXX LABS INC COM 45168D104 300 908 SH   SOLE   908 0 0
INTEL CORP COM 458140100 1,485 24,819 SH   SOLE   24,819 0 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 2,637 28,791 SH   SOLE   28,791 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 431 3,569 SH   SOLE   3,569 0 0
INTERPUBLIC GROUP COS INC COM 460690100 5,298 308,729 SH   SOLE   308,729 0 0
ISHARES TR US AER DEF ETF 464288760 554 3,362 SH   SOLE   3,362 0 0
ISHARES TR U.S. MED DVC ETF 464288810 915 3,454 SH   SOLE   3,454 0 0
ISHARES TR U.S. REAL ES ETF 464287739 2,923 37,085 SH   SOLE   37,085 0 0
JOHNSON & JOHNSON COM 478160104 588 4,178 SH   SOLE   4,178 0 0
JPMORGAN CHASE & CO COM 46625H100 8,762 50,725 SH   SOLE   50,725 0 0
KRAFT HEINZ CO COM 500754106 315 9,868 SH   SOLE   9,868 0 0
L3HARRIS TECHNOLOGIES INC COM 502431109 564 3,323 SH   SOLE   3,323 0 0
LAM RESEARCH CORP COM 512807108 1,178 3,643 SH   SOLE   3,643 0 0
LATAM AIRLS GROUP S A SPONSORED ADR 51817R106 364 269,942 SH   SOLE   269,942 0 0
LAUDER ESTEE COS INC CL A 518439104 2,269 12,025 SH   SOLE   12,025 0 0
LENNAR CORP CL A 526057104 236 3,836 SH   SOLE   3,836 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 1,004 45,935 SH   SOLE   45,935 0 0
LINCOLN NATL CORP IND COM 534187109 2,226 30,721 SH   SOLE   30,721 0 0
LINDE PLC SHS G5494J103 612 2,883 SH   SOLE   2,883 0 0
LOMA NEGRA CORP SPONSORED ADS 54150E104 819 192,311 SH   SOLE   192,311 0 0
MARSH & MCLENNAN COS INC COM 571748102 738 6,871 SH   SOLE   6,871 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 677 19,307 SH   SOLE   19,307 0 0
MCCORMICK & CO INC COM NON VTG 579780206 306 1,706 SH   SOLE   1,706 0 0
MCDONALDS CORP COM 580135101 457 2,480 SH   SOLE   2,480 0 0
MEDTRONIC PLC SHS G5960L103 416 4,534 SH   SOLE   4,534 0 0
MGIC INVT CORP WIS COM 552848103 86 10,473 SH   SOLE   10,473 0 0
MICRON TECHNOLOGY INC COM 595112103 1,179 22,887 SH   SOLE   22,887 0 0
MICROSOFT CORP COM 594918104 791 3,886 SH   SOLE   3,886 0 0
MKS INSTRS INC COM 55306N104 752 6,645 SH   SOLE   6,645 0 0
MOBILE MINI INC COM 60740F105 4,016 136,150 SH   SOLE   136,150 0 0
MORGAN STANLEY COM NEW 617446448 8,254 87,710 SH   SOLE   87,710 0 0
MVC CAPITAL INC COM 553829102 1,563 239,358 SH   SOLE   239,358 0 0
NETAPP INC COM 64110D104 231 5,196 SH   SOLE   5,196 0 0
NEW GOLD INC CDA COM 644535106 100 74,070 SH   SOLE   74,070 0 0
NEWELL BRANDS INC COM 651229106 344 21,693 SH   SOLE   21,693 0 0
NEWMONT CORP COM 651639106 311 5,040 SH   SOLE   5,040 0 0
NEXTERA ENERGY INC COM 65339F101 227 945 SH   SOLE   945 0 0
NORTHERN DYNASTY MINERALS LT COM NEW 66510M204 50 34,900 SH   SOLE   34,900 0 0
NUCOR CORP COM 670346105 202 4,880 SH   SOLE   4,880 0 0
OFG BANCORP COM 67103X102 24,050 1,798,800 SH   SOLE   1,798,800 0 0
PAYCHEX INC COM 704326107 320 4,231 SH   SOLE   4,231 0 0
PAYPAL HLDGS INC COM 70450Y103 12,150 35,413 SH   SOLE   35,413 0 0
PEOPLES UNITED FINANCIAL INC COM 712704105 119 10,253 SH   SOLE   10,253 0 0
PFIZER INC COM 717081103 309 9,435 SH   SOLE   9,435 0 0
PROCTER AND GAMBLE CO COM 742718109 541 4,524 SH   SOLE   4,524 0 0
PROLOGIS INC. COM 74340W103 4,256 45,598 SH   SOLE   45,598 0 0
PUBLIC STORAGE COM 74460D109 2,307 12,020 SH   SOLE   12,020 0 0
RAYTHEON TECHNOLOGIES CORP COM 75513E101 242 3,920 SH   SOLE   3,920 0 0
REGENCY CTRS CORP COM 758849103 386 8,412 SH   SOLE   8,412 0 0
RENAISSANCERE HOLDINGS LTD COM G7496G103 4,791 16,238 SH   SOLE   16,238 0 0
ROYAL GOLD INC COM 780287108 212 1,704 SH   SOLE   1,704 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 407 1,365 SH   SOLE   1,365 0 0
SCHWAB STRATEGIC TR US REIT ETF 808524847 6,382 181,200 SH   SOLE   181,200 0 0
SEAGATE TECHNOLOGY PLC SHS G7945M107 416 8,599 SH   SOLE   8,599 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y308 1,411 24,060 SH   SOLE   24,060 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 305 13,160 SH   SOLE   13,160 0 0
SELECT SECTOR SPDR TR SBI INT-INDS 81369Y704 2,001 29,120 SH   SOLE   29,120 0 0
SEMPRA ENERGY COM 816851109 373 3,186 SH   SOLE   3,186 0 0
SEMTECH CORP COM 816850101 265 5,080 SH   SOLE   5,080 0 0
SHAW COMMUNICATIONS INC CL B CONV 82028K200 3,265 200,355 SH   SOLE   200,355 0 0
SIMON PPTY GROUP INC NEW COM 828806109 2,414 35,301 SH   SOLE   35,301 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 35,911 3,300 SH Put SOLE   3,300 0 0
SPDR SER TR S&P RETAIL ETF 78464A714 765 17,850 SH   SOLE   17,850 0 0
SPDR SER TR S&P INS ETF 78464A789 875 32,000 SH   SOLE   32,000 0 0
STAR BULK CARRIERS CORP. SHS PAR Y8162K204 4,436 651,446 SH   SOLE   651,446 0 0
STATE STR CORP COM 857477103 269 4,229 SH   SOLE   4,229 0 0
STRYKER CORPORATION COM 863667101 357 1,979 SH   SOLE   1,979 0 0
SYNCHRONY FINANCIAL COM 87165B103 2,049 47,094 SH   SOLE   47,094 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 447 7,875 SH   SOLE   7,875 0 0
TELUS CORPORATION COM 87971M103 5,160 307,889 SH   SOLE   307,889 0 0
TIM PARTICIPACOES S A SPONSORED ADR 88706P205 2,101 162,327 SH   SOLE   162,327 0 0
TRANE TECHNOLOGIES PLC SHS G8994E103 200 2,243 SH   SOLE   2,243 0 0
TRAVELERS COMPANIES INC COM 89417E109 8,508 40,380 SH   SOLE   40,380 0 0
TRUIST FINL CORP COM 89832Q109 7,593 101,478 SH   SOLE   101,478 0 0
TYLER TECHNOLOGIES INC COM 902252105 241 695 SH   SOLE   695 0 0
VALLEY NATL BANCORP COM 919794107 218 27,918 SH   SOLE   27,918 0 0
VANECK VECTORS ETF TR JR GOLD MINERS E 92189F791 8,828 178,057 SH   SOLE   178,057 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 4,024 109,700 SH   SOLE   109,700 0 0
VENTAS INC COM 92276F100 796 21,744 SH   SOLE   21,744 0 0
VEREIT INC COM 92339V100 151 23,444 SH   SOLE   23,444 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 481 8,722 SH   SOLE   8,722 0 0
VISA INC COM CL A 92826C839 3,828 10,249 SH   SOLE   10,249 0 0
VODAFONE GROUP PLC NEW SPONSORED ADR 92857W308 7,745 485,872 SH   SOLE   485,872 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 222 5,240 SH   SOLE   5,240 0 0
WELLTOWER INC COM 95040Q104 2,312 44,680 SH   SOLE   44,680 0 0
WESTERN UN CO COM 959802109 248 11,480 SH   SOLE   11,480 0 0
WEYERHAEUSER CO MTN BE COM NEW 962166104 214 9,547 SH   SOLE   9,547 0 0
ZYNGA INC CL A 98986T108 100 10,516 SH   SOLE   10,516 0 0