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
AMERICAN CAPITAL AGENCY CORP P PFD 02503X303 641 25,700 SH   SOLE   25,700 0 0
ASSOCIATED BANC-CORP PFD STK S PFD 045488202 291 10,900 SH   SOLE   10,900 0 0
ATLAS PIPELINE PARTNERS LP 8.2 PFD 049392301 819 32,300 SH   SOLE   32,300 0 0
BEAZER HOMES USA INC 7.5% PFD 07556Q709 740 24,900 SH   SOLE   24,900 0 0
CITY NATIONAL CORP PFD SER D 6 PFD 17800X400 1,188 42,700 SH   SOLE   42,700 0 0
COLONY FINANCIAL INC SER A 8.5 PFD 19624R205 1,790 68,100 SH   SOLE   68,100 0 0
COLONY FINANCIAL INC SER B 7.5 PFD 19624R304 1,012 38,950 SH   SOLE   38,950 0 0
EXCEL TR INC 8.125% CUM PRF PFD 30068C307 2,147 80,250 SH   SOLE   80,250 0 0
GRAMERCY PROPERTY TRUST B 7.12 PFD 38489R506 574 22,500 SH   SOLE   22,500 0 0
KKR FINL HLDGS LLC PFD SER A L PFD 48248A603 253 9,500 SH   SOLE   9,500 0 0
MORGAN STANLEY CAP 5.75% PFD 617466206 732 29,200 SH   SOLE   29,200 0 0
MORGAN STANLEY PRD G 6.625% 7- PFD 61762V507 972 38,100 SH   SOLE   38,100 0 0
NORTHSTAR REALTY FINANCE PREF PFD 66704R506 830 32,350 SH   SOLE   32,350 0 0
NORTHSTAR REALTY FINANCE PREF PFD 66705V209 1,742 69,550 SH   SOLE   69,550 0 0
NORTHSTAR REALTY FINANCE PREF PFD 66704R605 223 8,850 SH   SOLE   8,850 0 0
PRIVATEBANCORP 10% PFD 74272L208 999 37,465 SH   SOLE   37,465 0 0
REALTY INCOME CORP PREF F 6.62 PFD 756109807 336 12,800 SH   SOLE   12,800 0 0
RESOURCE CAPITAL PERF B 8.25% PFD 76120W500 1,233 55,850 SH   SOLE   55,850 0 0
SANDRIDGE ENERGY INC 8.5% PFD 80007P604 2,867 67,300 SH   SOLE   67,300 0 0
STAG INDUSTRIAL INC 9% PFD 85254J201 433 15,700 SH   SOLE   15,700 0 0
STAG INDUSTRIAL PRF SER B 6.62 PFD 85254J300 768 29,900 SH   SOLE   29,900 0 0
STRATEGIC HOTEL CAP INC PFD SE PFD 86272T403 1,040 41,600 SH   SOLE   41,600 0 0
ACCESS MIDSTREAM PARTNERS LP U COM 00434L109 8,012 147,825 SH   SOLE   147,825 0 0
AETNA COM 00817Y108 9,014 101,480 SH   SOLE   101,480 0 0
AMERICAN AIRLINES GROUP COM 02376R102 1,665 31,055 SH   SOLE   31,055 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 1,056 48,361 SH   SOLE   48,361 0 0
AMERICAN INTL GROUP INC. NEW COM 026874784 4,108 73,350 SH   SOLE   73,350 0 0
ANADARKO PETROLEUM COM 032511107 5,950 72,124 SH   SOLE   72,124 0 0
ANNALY CAP MANAGEMENT COM 035710409 251 23,222 SH   SOLE   23,222 0 0
APOLLO COMMERCIAL REAL ESTATE COM 03762U105 311 19,038 SH   SOLE   19,038 0 0
APPLE COM 037833100 11,264 102,045 SH   SOLE   102,045 0 0
ATLAS ENERGY LP COM 04930A104 2,687 86,275 SH   SOLE   86,275 0 0
ATLAS RESOURCE PARTNERS LP COM 04941A101 4,370 408,450 SH   SOLE   408,450 0 0
BANCO SANTANDER COM 05964H105 879 105,543 SH   SOLE   105,543 0 0
BANK OF AMERICA COM 060505104 8,229 459,950 SH   SOLE   459,950 0 0
BEARD COM 07384R408 0 13,800 SH   SOLE   13,800 0 0
BERKSHIRE HATHAWAY DEL CL A COM 084670108 678 3 SH   SOLE   3 0 0
BGC PARTNERS INC COM 05541T101 3,457 377,800 SH   SOLE   377,800 0 0
BLACKHAWK CAP GROUP BDC COM 09236T103 0 24,000 SH   SOLE   24,000 0 0
BREITBURN ENERGY PARTNERS COM 106776107 179 25,585 SH   SOLE   25,585 0 0
CAPITAL ONE FINANCIAL COM 14040H105 1,688 20,450 SH   SOLE   20,450 0 0
CATERPILLAR COM 149123101 350 3,825 SH   SOLE   3,825 0 0
CIGNA CORP COM COM 125509109 3,640 35,375 SH   SOLE   35,375 0 0
CITIGROUP INC. COM 172967424 5,625 103,958 SH   SOLE   103,958 0 0
CITY NATIONAL COM 178566105 436 5,400 SH   SOLE   5,400 0 0
COLONY FINANCIAL INC COM 19624R106 10,451 438,748 SH   SOLE   438,748 0 0
CONSTELLIUM NV COM N22035104 544 33,100 SH   SOLE   33,100 0 0
COSTCO WHSL COM 22160K105 425 3,000 SH   SOLE   3,000 0 0
DELTA AIRLINES INC COM 247361702 7,869 159,980 SH   SOLE   159,980 0 0
DEVON ENERGY COM 25179M103 407 6,650 SH   SOLE   6,650 0 0
DIRECT TV COM 25490A309 2,852 32,892 SH   SOLE   32,892 0 0
EXCEL COM 30068C109 2,462 183,871 SH   SOLE   183,871 0 0
EXXON COM 30231G102 592 6,401 SH   SOLE   6,401 0 0
FREEPORT MCMORAN, INC. CL B COM 35671D857 514 22,000 SH   SOLE   22,000 0 0
GENERAC HOLDINGS INC COM 368736104 1,540 32,925 SH   SOLE   32,925 0 0
GENERAL ELECTRIC COM 369604103 207 8,175 SH   SOLE   8,175 0 0
GOOGLE INC COM 38259P706 2,177 4,135 SH   SOLE   4,135 0 0
GORDMANS STORES INC COM 38269P100 30 11,000 SH   SOLE   11,000 0 0
HONEYWELL INTL INC COM 438516106 505 5,050 SH   SOLE   5,050 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 194 12,534 SH   SOLE   12,534 0 0
JOHNSON & JOHNSON COM 478160104 230 2,200 SH   SOLE   2,200 0 0
KINDER MORGAN INC COM 49456B101 4,325 102,216 SH   SOLE   102,216 0 0
KITE PHARMA INC COM 49803L109 1,557 27,000 SH   SOLE   27,000 0 0
KKR & CO. LP COM 48248M102 1,029 44,355 SH   SOLE   44,355 0 0
LEXINGTON REALTY TR COM 529043101 5,111 465,450 SH   SOLE   465,450 0 0
LIBERTY INTERACTIVE CORPORATIO COM 53071M104 546 18,544 SH   SOLE   18,544 0 0
LIBERTY MEDIA CORP CL. C COM 531229300 246 7,028 SH   SOLE   7,028 0 0
LINC ENERGY COM Q5562Z103 168 300,000 SH   SOLE   300,000 0 0
LINN ENERGY COM 536020100 122 12,000 SH   SOLE   12,000 0 0
MACYS COM 55616P104 792 12,050 SH   SOLE   12,050 0 0
MEDLEY CAP COM 58503F106 1,709 185,000 SH   SOLE   185,000 0 0
MEMORIAL PRODUCTION PARTNERS L COM 586048100 2,267 155,400 SH   SOLE   155,400 0 0
MERCK & CO INC COM 58933Y105 5,838 102,800 SH   SOLE   102,800 0 0
MGM MIRAGE COM 552953101 321 15,000 SH   SOLE   15,000 0 0
MONITISE PLC COM G6258F105 22 55,000 SH   SOLE   55,000 0 0
MORGAN STANLEY COM 617446448 388 10,000 SH   SOLE   10,000 0 0
MYLAN COM 628530107 3,333 59,125 SH   SOLE   59,125 0 0
NEW MEDIA INVESTMENT GROUP INC COM 64704V106 6,714 284,125 SH   SOLE   284,125 0 0
NEW SENIOR INVESTMENT GROUP IN COM 648691103 605 36,766 SH   SOLE   36,766 0 0
NEW YORK COMMUNITY BANCORP COM 649445103 6,540 408,750 SH   SOLE   408,750 0 0
NEWCASTLE INVESTMENT CORPORATI COM 65105M603 161 35,766 SH   SOLE   35,766 0 0
NORDIC AMERICAN OFFSHORE LTD COM Y6366T112 645 52,500 SH   SOLE   52,500 0 0
NORTHSTAR ASSET MANAGEMENT GRO COM 66705Y104 598 26,500 SH   SOLE   26,500 0 0
NORTHSTAR REALTY FINANCE COM 66704R704 501 28,500 SH   SOLE   28,500 0 0
OPKO HEALTH INC COM COM 68375N103 250 25,000 SH   SOLE   25,000 0 0
ORASURE TECHNOLOGIES COM 68554V108 694 68,450 SH   SOLE   68,450 0 0
QEP MIDSTREAM PARTNERS LP COM 74735R115 1,044 62,200 SH   SOLE   62,200 0 0
QEP RESOURCES COM 74733V100 2,600 128,600 SH   SOLE   128,600 0 0
QUANTA SERVICES INC COM 74762E102 2,186 77,000 SH   SOLE   77,000 0 0
RESOURCE CAPITAL COM 76120W302 59 11,800 SH   SOLE   11,800 0 0
RR DONNELLEY & SONS CO COM 257867101 403 24,000 SH   SOLE   24,000 0 0
SPDR GOLD TRUST COM 78463V107 568 5,000 SH   SOLE   5,000 0 0
STAG INDUSTRIAL INC COM 85254J102 875 35,700 SH   SOLE   35,700 0 0
STARWOOD PROPERTY TRUST INC COM 85571B105 5,088 218,950 SH   SOLE   218,950 0 0
SYMANTEC COM 871503108 1,856 72,350 SH   SOLE   72,350 0 0
TEVA PHARMACEUTICAL COM 881624209 431 7,500 SH   SOLE   7,500 0 0
THL CREDIT INC COM 872438106 1,279 108,800 SH   SOLE   108,800 0 0
ULTRALIFE BATTERIES COM 903899102 96 30,600 SH   SOLE   30,600 0 0
VF CORP COM 918204108 300 4,000 SH   SOLE   4,000 0 0
VIRGIN AMERICA INC COM 92765X208 584 13,500 SH   SOLE   13,500 0 0
WALGREENS BOOT ALLIANCE INC COM 931427108 6,616 86,825 SH   SOLE   86,825 0 0
WELLS FARGO COM 949746101 1,040 18,975 SH   SOLE   18,975 0 0
WESTERN GAS PARTNERS COM 958254104 4,018 55,000 SH   SOLE   55,000 0 0
WHITEWAVE FOODS COMPANY COM 966244105 8,810 251,790 SH   SOLE   251,790 0 0
WYNN RESORTS COM 983134107 3,154 21,200 SH   SOLE   21,200 0 0
YAHOO COM 984332106 354 7,000 SH   SOLE   7,000 0 0
ALPHA NATURAL RESOURCES SR NT CONV 02076XAA0 479 500,000 PRN   SOLE   500,000 0 0