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
AG MORTGAGE INVESTMENT TRUST COM 001228105 3,324 200,000 SH   SOLE NONE 200,000 0 0
ALTISOURCE PORTFOLIO SOL REG SHS L0175J104 142,317 1,016,478 SH   SOLE NONE 1,016,478 0 0
AMERICAN INTERNATIONAL GROUP COM NEW 026874784 282,375 5,806,600 SH   SOLE NONE 5,806,600 0 0
APOLLO INVESTMENT CORP COM 03761U106 1,223 150,000 SH   SOLE NONE 150,000 0 0
ATLAS ENERGY LP COM UNITS LP 04930A104 219,130 4,011,167 SH   SOLE NONE 4,011,167 0 0
ATLAS PIPELINE PARTNERS LP UNIT LP INT 049392103 166,978 4,303,569 SH   SOLE NONE 4,303,569 0 0
ATLAS RESOURCE PARTNERS LP COM UNT LTD PR 04941A101 81,119 3,873,883 SH   SOLE NONE 3,873,883 0 0
ATLAS RESOURCE PARTNERS LP COM UNT LTD PR 04941A101 20,295 969,200 SH   SOLE NONE 969,200 0 0
ATMEL CORP COM 049513104 67,318 9,048,095 SH   SOLE NONE 9,048,095 0 0
BOSTON SCIENTIFIC CORP COM 101137107 158,107 13,467,416 SH   SOLE NONE 13,467,416 0 0
CAESARS ENTERTAINMENT CORP COM 127686103 61,194 3,109,447 SH   SOLE NONE 3,109,447 0 0
CAPITAL ONE FINANCIAL CORP COM 14040H105 118,020 1,716,900 SH   SOLE NONE 1,716,900 0 0
CENTER BANCORP INC COM 151408101 7,761 545,000 SH   SOLE NONE 545,000 0 0
CHIMERA INVESTMENT CORP COM 16934Q109 187,971 61,832,671 SH   SOLE NONE 61,832,671 0 0
CITIGROUP INC COM NEW 172967424 185,905 3,832,300 SH   SOLE NONE 3,832,300 0 0
COMCAST CORP CL A SPL 20030N200 51,730 1,193,300 SH   SOLE NONE 1,193,300 0 0
CROSSTEX ENERGY LP COM 22765U102 460 23,100 SH   SOLE NONE 23,100 0 0
DENBURY RESOURCES INC COM NEW 247916208 90,535 4,917,727 SH   SOLE NONE 4,917,727 0 0
DISH NETWORK CORP CL A 25470M109 158,029 3,510,970 SH   SOLE NONE 3,510,970 0 0
E*TRADE FINANCIAL CORP COM NEW 269246401 126,733 7,680,786 SH   SOLE NONE 7,680,786 0 0
EASTMAN CHEMICAL CO COM 277432100 143,685 1,844,481 SH   SOLE NONE 1,844,481 0 0
ENERGY XXI BERMUDA USD UNRS SHS G10082140 72,048 2,384,912 SH   SOLE NONE 2,384,912 0 0
EXPRESS SCRIPTS HOLDING CO COM 30219G108 117,593 1,902,798 SH   SOLE NONE 1,902,798 0 0
FREEPORT-MCMORAN COPPER COM 35671D857 94,354 2,852,300 SH   SOLE NONE 2,852,300 0 0
HALLIBURTON CO COM 406216101 175,382 3,642,400 SH   SOLE NONE 3,642,400 0 0
HARBINGER GROUP INC COM 41146A106 51,850 5,000,000 SH   SOLE NONE 5,000,000 0 0
HARBINGER GROUP INC COM 41146A106 13,688 1,500,000 SH   SOLE NONE 1,500,000 0 0
HCA HOLDINGS INC COM 40412C101 81,888 1,915,500 SH   SOLE NONE 1,915,500 0 0
ISHARES MSCI CDA ETF 464286509 1,699 60,000 SH   SOLE NONE 60,000 0 0
JPMORGAN CHASE & CO COM 46625H100 2,476 47,900 SH   SOLE NONE 47,900 0 0
KINDER MORGAN INC COM 49456B101 134,161 3,771,759 SH   SOLE NONE 3,771,759 0 0
KKR & CO LP COM UNITS 48248M102 63,668 3,093,665 SH   SOLE NONE 3,093,665 0 0
KKR FINANCIAL HOLDINGS LLC COM 48248A306 155,580 15,061,010 SH   SOLE NONE 15,061,010 0 0
LENNAR CORP CL A 526057104 43,687 1,234,100 SH   SOLE NONE 1,234,100 0 0
LIN MEDIA LLC CL A COM 532771102 12,174 600,000 SH   SOLE NONE 600,000 0 0
LINN ENERGY LLC-UNITS UNIT LTD LIAB 536020100 76,764 2,961,583 SH   SOLE NONE 2,961,583 0 0
LINNCO LLC COMSHS LTD INT 535782106 17,481 472,453 SH   SOLE NONE 472,453 0 0
LORAL SPACE & COMMUNICATIONS COM 543881106 51,120 754,766 SH   SOLE NONE 754,766 0 0
LYONDELLBASELL INDU SHS - A - N53745100 138,634 1,893,133 SH   SOLE NONE 1,893,133 0 0
MCKESSON CORP COM 58155Q103 88,704 691,382 SH   SOLE NONE 691,382 0 0
MERCK & CO. INC. COM 58933Y105 9,674 203,200 SH   SOLE NONE 203,200 0 0
METLIFE INC COM 59156R108 138,549 2,950,985 SH   SOLE NONE 2,950,985 0 0
MOTOROLA SOLUTIONS INC COM NEW 620076307 217,432 3,661,701 SH   SOLE NONE 3,661,701 0 0
NEW RESIDENTIAL INVESTMENT COM 64828T102 37,850 5,717,478 SH   SOLE NONE 5,717,478 0 0
NEWCASTLE INVESTMENT CORP COM 65105M108 35,690 6,350,619 SH   SOLE NONE 6,350,619 0 0
NYSE EURONEXT COM 629491101 173,117 4,123,799 SH   SOLE NONE 4,123,799 0 0
OCWEN FINANCIAL CORP COM NEW 675746309 16,302 292,300 SH   SOLE NONE 292,300 0 0
ORIENT EXPRESS HOTELS LTD CL A G67743107 15,641 1,205,022 SH   SOLE NONE 1,205,022 0 0
PENN NATIONAL GAMING INC COM 707569109 86,222 1,557,487 SH   SOLE NONE 1,557,487 0 0
PENNYMAC FINANCIAL SERVICE CL A 70932B101 51,853 2,759,600 SH   SOLE NONE 2,759,600 0 0
PENNYMAC MORTGAGE INVESTMENT COM 70931T103 49,333 2,175,170 SH   SOLE NONE 2,175,170 0 0
POLYCOM INC COM 73172K104 102,916 9,424,548 SH   SOLE NONE 9,424,548 0 0
PVH CORP COM 693656100 88,661 747,000 SH   SOLE NONE 747,000 0 0
QUALCOMM INC COM 747525103 190,253 2,826,100 SH   SOLE NONE 2,826,100 0 0
REALOGY HOLDINGS CORP COM 75605Y106 67,430 1,567,420 SH   SOLE NONE 1,567,420 0 0
RESOURCE AMERICA INC CL A 761195205 9,570 1,191,733 SH   SOLE NONE 1,191,733 0 0
RESOURCE CAPITAL CORP COM 76120W302 5,940 1,000,000 SH   SOLE NONE 1,000,000 0 0
SANDRIDGE ENERGY INC COM 80007P307 200,741 34,256,163 SH   SOLE NONE 34,256,163 0 0
SELECT SECTOR SPDR SBI MATERIALS 81369Y100 1,512 36,000 SH   SOLE NONE 36,000 0 0
SELECT SECTOR SPDR SBI INT-FINL 81369Y605 1,493 75,000 SH   SOLE NONE 75,000 0 0
SILVER BAY REALTY TRUST CORP COM 82735Q102 76 4,882 SH   SOLE NONE 4,882 0 0
SIRIUS XM RADIO INC COM 82967N108 278,585 71,893,003 SH   SOLE NONE 71,893,003 0 0
SLM CORP COM 78442P106 321,639 12,917,228 SH   SOLE NONE 12,917,228 0 0
SPRINT CORP COM SER 1 85207U105 219,493 35,293,890 SH   SOLE NONE 35,293,890 0 0
SUPERVALU INC COM 868536103 41,570 5,051,019 SH   SOLE NONE 5,051,019 0 0
TEEKAY LNG PARTNERS LP PRTNRSP UNITS Y8564M105 882 20,000 SH   SOLE NONE 20,000 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 56,706 615,370 SH   SOLE NONE 615,370 0 0
THL CREDIT INC COM 872438106 23,121 1,481,384 SH   SOLE NONE 1,481,384 0 0
TRANSOCEAN LTD REG SHS H8817H100 155,018 3,483,545 SH   SOLE NONE 3,483,545 0 0
TWO HARBORS INVESTMENT CORP COM 90187B101 971 100,000 SH   SOLE NONE 100,000 0 0
UNITEDHEALTH GROUP INC COM 91324P102 87,717 1,224,933 SH   SOLE NONE 1,224,933 0 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 58,426 1,579,928 SH   SOLE NONE 1,579,928 0 0
WILLIAMS COS INC COM 969457100 43,724 1,202,538 SH   SOLE NONE 1,202,538 0 0
WISDOMTREE TR JAPN HEDGE EQT 97717W851 1,678 35,000 SH   SOLE NONE 35,000 0 0
WPX ENERGY INC COM 98212B103 40,706 2,113,524 SH   SOLE NONE 2,113,524 0 0
XL GROUP PLC SHS G98290102 112,494 3,650,037 SH   SOLE NONE 3,650,037 0 0