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 342 12,400 SH   SOLE   12,400 0 0
BEAZER HOMES USA INC 7.5% PFD 07556Q709 1,090 29,150 SH   SOLE   29,150 0 0
CITY NATIONAL CORP PFD SER D 6 PFD 17800X400 1,164 44,300 SH   SOLE   44,300 0 0
CLIFFS NATURAL RESOURCES 7% PFD 18683K408 298 13,000 SH   SOLE   13,000 0 0
EXCEL TR INC 8.125% CUM PRF PFD 30068C307 1,397 53,850 SH   SOLE   53,850 0 0
M&T CAP TR IV 8.5% GTD ENHANC PFD 55292C203 2,880 110,759 SH   SOLE   110,759 0 0
MORGAN STANLEY 7.125% PFD 61762V200 527 20,200 SH   SOLE   20,200 0 0
MORGAN STANLEY CAP 5.75% PFD 617466206 676 30,200 SH   SOLE   30,200 0 0
NORTHSTAR REALTY FINANCE PREF PFD 66704R506 495 20,700 SH   SOLE   20,700 0 0
NORTHSTAR REALTY FINANCE PREF PFD 66705V209 1,551 66,550 SH   SOLE   66,550 0 0
PRIVATEBANCORP 10% PFD 74272L208 2,116 82,000 SH   SOLE   82,000 0 0
REALTY INCOME CORP PREF F 6.62 PFD 756109807 294 12,300 SH   SOLE   12,300 0 0
RESOURCE CAPITAL PERF B 8.25% PFD 76120W500 1,177 53,550 SH   SOLE   53,550 0 0
SANDRIDGE ENERGY INC 8.5% PFD 80007P604 5,337 49,575 SH   SOLE   49,575 0 0
STAG INDUSTRIAL INC 9% PFD 85254J201 242 9,100 SH   SOLE   9,100 0 0
STAG INDUSTRIAL PRF SER B 6.62 PFD 85254J300 512 24,600 SH   SOLE   24,600 0 0
STRATEGIC HOTEL CAP INC PFD SE PFD 86272T403 318 13,400 SH   SOLE   13,400 0 0
STRATEGIC HOTEL CAP INC PFD SE PFD 86272T502 278 11,700 SH   SOLE   11,700 0 0
ACCESS MIDSTREAM PARTNERS LP U COM 00434L109 9,558 168,925 SH   SOLE   168,925 0 0
ALCOA COM 013817101 345 32,500 SH   SOLE   32,500 0 0
AMERICAN INTERNATIONAL GROUP COM 026874107 4,284 83,925 SH   SOLE   83,925 0 0
ANADARKO PETROLEUM COM 032511107 6,840 86,230 SH   SOLE   86,230 0 0
APPLE COM 037833100 7,540 13,440 SH   SOLE   13,440 0 0
AT&T COM 00206R102 264 7,500 SH   SOLE   7,500 0 0
ATLAS RESOURCE PARTNERS LP COM 04941A101 4,698 229,400 SH   SOLE   229,400 0 0
BANCO SANTANDER COM 05964H105 544 60,000 SH   SOLE   60,000 0 0
BANK OF AMERICA COM 060505104 4,629 297,300 SH   SOLE   297,300 0 0
BAXTER INTERNATIONAL COM 071813109 1,315 18,910 SH   SOLE   18,910 0 0
BEARD COM 07384R408 0 13,800 SH   SOLE   13,800 0 0
BERKSHIRE HATHAWAY DEL CL A COM 084670108 534 3 SH   SOLE   3 0 0
BGC PARTNERS INC COM 05541T101 1,588 262,500 SH   SOLE   262,500 0 0
BLACKHAWK CAP GROUP BDC COM 09236T103 0 24,000 SH   SOLE   24,000 0 0
BRISTOL MYERS SQUIBB COM 110122108 229 4,300 SH   SOLE   4,300 0 0
CABLEVISION SYS COM 12686C109 179 10,000 SH   SOLE   10,000 0 0
CALLAWAY GOLF CO COM 131193104 428 50,750 SH   SOLE   50,750 0 0
CAPITAL ONE FINANCIAL COM 14040H105 4,095 53,450 SH   SOLE   53,450 0 0
CATERPILLAR COM 149123101 770 8,475 SH   SOLE   8,475 0 0
CHICAGO BRIDGE & IRON CO COM 167250109 5,198 62,525 SH   SOLE   62,525 0 0
CIGNA CORP COM COM 125509109 4,527 51,750 SH   SOLE   51,750 0 0
CITIGROUP INC. COM 172967424 4,690 89,992 SH   SOLE   89,992 0 0
CITY NATIONAL COM 178566105 428 5,400 SH   SOLE   5,400 0 0
COSTCO WHSL COM 22160K105 417 3,500 SH   SOLE   3,500 0 0
DELTA AIRLINES INC COM 247361702 2,544 92,600 SH   SOLE   92,600 0 0
DENBURY RES INC COM NEW COM 247916208 1,643 100,000 SH   SOLE   100,000 0 0
DIRECT TV COM 25490A309 4,317 62,512 SH   SOLE   62,512 0 0
EBAY COM 278642103 3,093 56,375 SH   SOLE   56,375 0 0
ENTERCOM COMMUNICATIONS CORP C COM 293639100 419 39,900 SH   SOLE   39,900 0 0
EXCEL COM 30068C109 2,448 214,900 SH   SOLE   214,900 0 0
EXXON COM 30231G102 850 8,400 SH   SOLE   8,400 0 0
FREEPORT MCMORAN COM 35671D857 4,694 124,375 SH   SOLE   124,375 0 0
GENERAC HOLDINGS INC COM 368736104 2,644 46,675 SH   SOLE   46,675 0 0
GENERAL MOTORS CO COM 37045V100 4,238 103,703 SH   SOLE   103,703 0 0
GENWORTH FINL INC CL A COM 37247D106 194 12,500 SH   SOLE   12,500 0 0
HOME LOAN SERVICING SOLUTIONS COM G6648D109 1,273 55,400 SH   SOLE   55,400 0 0
HONEYWELL INTL INC COM 438516106 4,772 52,225 SH   SOLE   52,225 0 0
INCYTE COM 45337C102 10,126 200,000 SH   SOLE   200,000 0 0
INTEL COM 458140100 204 7,860 SH   SOLE   7,860 0 0
JOHNSON & JOHNSON COM 478160104 256 2,800 SH   SOLE   2,800 0 0
JPMORGAN CHASE COM 46625H100 1,187 20,300 SH   SOLE   20,300 0 0
KKR FINANCIAL HLDGS LLC COM COM 48248A306 7,365 604,200 SH   SOLE   604,200 0 0
LEXINGTON REALTY TR COM 529043101 5,329 521,950 SH   SOLE   521,950 0 0
LIBERTY INTERACTIVE CORPORATIO COM 53071M104 544 18,544 SH   SOLE   18,544 0 0
LIBERTY MEDIA CORP. CL A COM 531229102 514 3,514 SH   SOLE   3,514 0 0
LINC ENERGY COM Q5562Z103 298 300,000 SH   SOLE   300,000 0 0
LINN ENERGY COM 536020100 317 10,300 SH   SOLE   10,300 0 0
MACYS COM 55616P104 700 13,100 SH   SOLE   13,100 0 0
MANITOWOC INC COM 563571108 417 17,900 SH   SOLE   17,900 0 0
MEDLEY CAP COM 58503F106 1,794 129,500 SH   SOLE   129,500 0 0
MERCK & CO INC NEW COM COM 58933Y105 5,370 107,300 SH   SOLE   107,300 0 0
MGM MIRAGE COM 552953101 602 25,600 SH   SOLE   25,600 0 0
MORGAN STANLEY COM 617446448 627 20,000 SH   SOLE   20,000 0 0
MYLAN COM 628530107 3,971 91,500 SH   SOLE   91,500 0 0
NEW YORK COMMUNITY BANCORP COM 649445103 5,949 353,050 SH   SOLE   353,050 0 0
NORTHSTAR REALTY FINANCE COM 66704R100 918 68,275 SH   SOLE   68,275 0 0
OPKO HEALTH INC COM COM 68375N103 308 36,500 SH   SOLE   36,500 0 0
ORACLE COM 68389X105 251 6,550 SH   SOLE   6,550 0 0
ORASURE TECHNOLOGIES COM 68554V108 660 105,000 SH   SOLE   105,000 0 0
PFIZER COM 717081103 7,047 230,075 SH   SOLE   230,075 0 0
PITNEY BOWES INC COM 724479100 474 20,350 SH   SOLE   20,350 0 0
QEP MIDSTREAM PARTNERS LP COM 74735R115 817 35,200 SH   SOLE   35,200 0 0
QEP RESOURCES COM 74733V100 2,809 91,650 SH   SOLE   91,650 0 0
RESOURCE AMERICA INC COM 761195205 172 18,360 SH   SOLE   18,360 0 0
RESOURCE CAPITAL COM 76120W302 1,444 243,500 SH   SOLE   243,500 0 0
RITE AID COM 767754104 51 10,000 SH   SOLE   10,000 0 0
RR DONNELLEY & SONS CO COM 257867101 1,287 63,450 SH   SOLE   63,450 0 0
RSTK CELLICON BIOTECH SER A COM 150990448 0 100,000 SH   SOLE   100,000 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 261 43,000 SH   SOLE   43,000 0 0
SPDR GOLD TRUST COM 78463V107 673 5,800 SH   SOLE   5,800 0 0
STAG INDUSTRIAL INC COM 85254J102 1,371 67,250 SH   SOLE   67,250 0 0
STAPLES COM 855030102 4,137 260,350 SH   SOLE   260,350 0 0
STARWOOD PROPERTY TRUST INC COM 85571B105 3,359 121,275 SH   SOLE   121,275 0 0
TEREX COM 880779103 506 12,050 SH   SOLE   12,050 0 0
TEVA PHARMACEUTICAL COM 881624209 830 20,700 SH   SOLE   20,700 0 0
THL CREDIT INC COM 872438106 1,176 71,300 SH   SOLE   71,300 0 0
TRIANGLE PETE COM 89600B201 104 12,500 SH   SOLE   12,500 0 0
ULTRALIFE BATTERIES COM 903899102 265 74,585 SH   SOLE   74,585 0 0
VF CORP COM 918204108 249 4,000 SH   SOLE   4,000 0 0
VIROPHARMA COM 928241108 6,107 122,500 SH   SOLE   122,500 0 0
VODAFONE GROUP PLC COM 92857W209 9,428 239,825 SH   SOLE   239,825 0 0
WALGREEN COM 931422109 4,839 84,250 SH   SOLE   84,250 0 0
WELLS FARGO COM 949746101 4,027 88,700 SH   SOLE   88,700 0 0
WESTERN GAS PARTNERS COM 958254104 3,733 60,510 SH   SOLE   60,510 0 0
WHITEWAVE FOODS COMPANY COM 966244105 5,356 233,468 SH   SOLE   233,468 0 0
WYNN RESORTS COM 983134107 4,117 21,200 SH   SOLE   21,200 0 0
ZIONS BANCORPORATION COM 989701107 300 10,000 SH   SOLE   10,000 0 0
ALPHA NATURAL RESOURCES SR NT CONV 02076XAA0 498 500,000 PRN   SOLE   500,000 0 0