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
ASSOCIATED BANC-CORP PFD STK S PFD 045488202 335 12,400 SH   SOLE   12,400 0 0
BEAZER HOMES USA INC 7.5% PFD 07556Q709 971 33,150 SH   SOLE   33,150 0 0
CLIFFS NATURAL RESOURCES 7% PFD 18683K408 257 13,000 SH   SOLE   13,000 0 0
EXCEL TR INC 8.125% CUM PRF PFD 30068C307 1,326 52,250 SH   SOLE   52,250 0 0
M&T CAP TR IV 8.5% GTD ENHANC PFD 55292C203 2,910 113,459 SH   SOLE   113,459 0 0
MORGAN STANLEY 7.125% PFD 61762V200 504 20,000 SH   SOLE   20,000 0 0
MORGAN STANLEY CAP 5.75% PFD 617466206 783 33,350 SH   SOLE   33,350 0 0
NORTHSTAR REALTY FINANCE PREF PFD 66704R506 411 16,700 SH   SOLE   16,700 0 0
NORTHSTAR REALTY FINANCE PREF PFD 66705V209 1,613 66,700 SH   SOLE   66,700 0 0
PRIVATEBANCORP 10% PFD 74272L208 2,158 84,600 SH   SOLE   84,600 0 0
REALTY INCOME CORP PREF F 6.62 PFD 756109807 274 11,300 SH   SOLE   11,300 0 0
RESOURCE CAPITAL PERF B 8.25% PFD 76120W500 1,264 55,000 SH   SOLE   55,000 0 0
SANDRIDGE ENERGY INC 8.5% PFD 80007P604 1,212 12,000 SH   SOLE   12,000 0 0
STAG INDUSTRIAL INC 9% PFD 85254J201 222 8,300 SH   SOLE   8,300 0 0
STAG INDUSTRIAL PRF SER B 6.62 PFD 85254J300 381 17,300 SH   SOLE   17,300 0 0
STRATEGIC HOTEL CAP INC PFD SE PFD 86272T403 372 16,200 SH   SOLE   16,200 0 0
STRATEGIC HOTEL CAP INC PFD SE PFD 86272T502 267 11,700 SH   SOLE   11,700 0 0
ALPHA NATURAL RESOURCES SR NT CONV 02076XAA0 469 500,000 PRN   SOLE   500,000 0 0
ACCESS MIDSTREAM PARTNERS LP U COM 00434L109 8,757 181,275 SH   SOLE   181,275 0 0
ALCOA COM 013817101 311 38,300 SH   SOLE   38,300 0 0
AMERICAN INTERNATIONAL GROUP COM 026874107 4,086 84,025 SH   SOLE   84,025 0 0
ANADARKO PETROLEUM COM 032511107 8,142 87,555 SH   SOLE   87,555 0 0
APPLE COM 037833100 6,670 13,990 SH   SOLE   13,990 0 0
AT&T COM 00206R102 812 24,000 SH   SOLE   24,000 0 0
ATLAS RESOURCE PARTNERS LP COM 04941A101 3,346 159,800 SH   SOLE   159,800 0 0
BANK OF AMERICA COM 060505104 4,005 290,200 SH   SOLE   290,200 0 0
BAXTER INTERNATIONAL COM 071813109 4,024 61,260 SH   SOLE   61,260 0 0
BEARD COM 07384R408 0 13,800 SH   SOLE   13,800 0 0
BERKSHIRE HATHAWAY DEL CL A COM 084670108 511 3 SH   SOLE   3 0 0
BGC PARTNERS INC COM 05541T101 1,306 231,500 SH   SOLE   231,500 0 0
BLACKHAWK CAP GROUP BDC COM 09236T103 0 24,000 SH   SOLE   24,000 0 0
BREITBURN ENERGY PARTNERS COM 106776107 304 16,600 SH   SOLE   16,600 0 0
CAPITAL ONE FINANCIAL COM 14040H105 1,863 27,100 SH   SOLE   27,100 0 0
CATERPILLAR COM 149123101 1,497 17,950 SH   SOLE   17,950 0 0
CELLFOR CL C VTG SHS COM 151999950 0 100,000 SH   SOLE   100,000 0 0
CHICAGO BRIDGE & IRON CO COM 167250109 5,256 77,550 SH   SOLE   77,550 0 0
CIGNA CORP COM COM 125509109 4,625 60,175 SH   SOLE   60,175 0 0
CITIGROUP INC. COM 172967424 4,352 89,718 SH   SOLE   89,718 0 0
CITY NATIONAL COM 178566105 360 5,400 SH   SOLE   5,400 0 0
COSTCO WHSL COM 22160K105 403 3,500 SH   SOLE   3,500 0 0
DELTA AIRLINES INC COM 247361702 1,783 75,600 SH   SOLE   75,600 0 0
DENBURY RES INC COM NEW COM 247916208 3,533 191,900 SH   SOLE   191,900 0 0
DIRECT TV COM 25490A309 4,073 68,137 SH   SOLE   68,137 0 0
EBAY COM 278642103 3,408 61,075 SH   SOLE   61,075 0 0
EV ENERGY PARTNERS LP COM 26926V107 1,133 30,550 SH   SOLE   30,550 0 0
EXCEL COM 30068C109 2,351 195,900 SH   SOLE   195,900 0 0
EXXON COM 30231G102 723 8,400 SH   SOLE   8,400 0 0
FIFTH STREET FINANCE CORP COM 31678A103 103 10,000 SH   SOLE   10,000 0 0
FREEPORT MCMORAN COM 35671D857 3,750 113,350 SH   SOLE   113,350 0 0
GENERAC HOLDINGS INC COM 368736104 1,999 46,875 SH   SOLE   46,875 0 0
GLOBAL ECOLOGY CORP COM COM 37950A109 2 250,000 SH   SOLE   250,000 0 0
HOME LOAN SERVICING SOLUTIONS COM G6648D109 1,077 48,950 SH   SOLE   48,950 0 0
HONEYWELL INTL INC COM 438516106 4,445 53,525 SH   SOLE   53,525 0 0
INCYTE COM 45337C102 7,630 200,000 SH   SOLE   200,000 0 0
J C PENNEY INC COM 708160106 203 23,100 SH   SOLE   23,100 0 0
JOHNSON & JOHNSON COM 478160104 243 2,800 SH   SOLE   2,800 0 0
JPMORGAN CHASE COM 46625H100 1,049 20,300 SH   SOLE   20,300 0 0
KKR FINANCIAL HLDGS LLC COM COM 48248A306 6,032 583,975 SH   SOLE   583,975 0 0
LEXINGTON REALTY TR COM 529043101 5,578 496,700 SH   SOLE   496,700 0 0
LIBERTY INTERACTIVE CORPORATIO COM 53071M104 435 18,544 SH   SOLE   18,544 0 0
LIBERTY MEDIA CORP. CL A COM 531229102 517 3,514 SH   SOLE   3,514 0 0
LINC ENERGY COM Q5562Z103 421 300,000 SH   SOLE   300,000 0 0
LINN ENERGY COM 536020100 454 17,500 SH   SOLE   17,500 0 0
MACYS COM 55616P104 584 13,500 SH   SOLE   13,500 0 0
MANITOWOC INC COM 563571108 350 17,900 SH   SOLE   17,900 0 0
MEDLEY CAP COM 58503F106 1,551 112,500 SH   SOLE   112,500 0 0
MERCK & CO INC NEW COM COM 58933Y105 5,077 106,650 SH   SOLE   106,650 0 0
MGM MIRAGE COM 552953101 468 22,900 SH   SOLE   22,900 0 0
MORGAN STANLEY COM 617446448 539 20,000 SH   SOLE   20,000 0 0
MYLAN COM 628530107 2,128 55,750 SH   SOLE   55,750 0 0
NEW YORK COMMUNITY BANCORP COM 649445103 5,455 361,050 SH   SOLE   361,050 0 0
NORTHSTAR REALTY FINANCE COM 66704R100 738 79,500 SH   SOLE   79,500 0 0
OPKO HEALTH INC COM COM 68375N103 405 46,000 SH   SOLE   46,000 0 0
ORACLE COM 68389X105 234 7,050 SH   SOLE   7,050 0 0
ORASURE TECHNOLOGIES COM 68554V108 508 84,500 SH   SOLE   84,500 0 0
PFIZER COM 717081103 6,549 228,000 SH   SOLE   228,000 0 0
PITNEY BOWES INC COM 724479100 440 24,200 SH   SOLE   24,200 0 0
QEP RESOURCES COM 74733V100 2,300 83,050 SH   SOLE   83,050 0 0
RESOURCE AMERICA INC COM 761195205 144 17,890 SH   SOLE   17,890 0 0
RESOURCE CAPITAL COM 76120W302 1,281 215,600 SH   SOLE   215,600 0 0
RITE AID COM 767754104 48 10,000 SH   SOLE   10,000 0 0
RR DONNELLEY & SONS CO COM 257867101 1,151 72,950 SH   SOLE   72,950 0 0
RSTK FULCRUM PHARM COM 359994217 0 20,000 SH   SOLE   20,000 0 0
RSTK TRIAD BIOTECHNOLOGY COM 898994108 0 60,000 SH   SOLE   60,000 0 0
SANDRIDGE ENERGY COM 80007P307 167 28,500 SH   SOLE   28,500 0 0
SPDR GOLD TRUST COM 78463V107 1,671 13,040 SH   SOLE   13,040 0 0
STAG INDUSTRIAL INC COM 85254J102 1,468 72,950 SH   SOLE   72,950 0 0
STAPLES COM 855030102 4,336 295,950 SH   SOLE   295,950 0 0
TEREX COM 880779103 438 13,050 SH   SOLE   13,050 0 0
TETRAGON FINANCIAL GROUP LTD COM G8766R134 124 12,500 SH   SOLE   12,500 0 0
TEVA PHARMACEUTICAL COM 881624209 1,385 36,650 SH   SOLE   36,650 0 0
THL CREDIT INC COM 872438106 1,288 82,500 SH   SOLE   82,500 0 0
ULTRALIFE BATTERIES COM 903899102 302 75,400 SH   SOLE   75,400 0 0
VIROPHARMA COM 928241108 5,143 131,000 SH   SOLE   131,000 0 0
VODAFONE GROUP PLC COM 92857W209 8,486 241,225 SH   SOLE   241,225 0 0
WALGREEN COM 931422109 4,307 80,050 SH   SOLE   80,050 0 0
WELLS FARGO COM 949746101 4,396 106,400 SH   SOLE   106,400 0 0
WESTERN GAS PARTNERS COM 958254104 3,717 61,810 SH   SOLE   61,810 0 0
WHITEWAVE FOODS COMPANY COM 966244105 2,988 149,603 SH   SOLE   149,603 0 0
WYNN RESORTS COM 983134107 3,350 21,200 SH   SOLE   21,200 0 0
ZIONS BANCORPORATION COM 989701107 274 10,000 SH   SOLE   10,000 0 0