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
ALLERGAN PLC 5.5% PFD G0177J116 4,466 4,340 SH   SOLE   4,340 0 0
AMERICAN CAPITAL AGENCY CORP P PFD 02503X303 644 27,200 SH   SOLE   27,200 0 0
ASSOCIATED BANC-CORP PFD STK S PFD 045488202 281 10,700 SH   SOLE   10,700 0 0
BGC PARTNERS INC SR NTS 8.125% PFD 05541T408 347 12,900 SH   SOLE   12,900 0 0
COLONY FINANCIAL INC SER A 8.5 PFD 19624R205 1,704 68,225 SH   SOLE   68,225 0 0
COLONY FINANCIAL INC SER B 7.5 PFD 19624R304 1,139 46,550 SH   SOLE   46,550 0 0
GMAC CAP TR I SER 2 CPN-8.125% PFD 361860208 857 33,800 SH   SOLE   33,800 0 0
GRAMERCY PROPERTY TRUST SER A PFD 385002209 658 26,100 SH   SOLE   26,100 0 0
KKR FINL HLDGS LLC PFD SER A L PFD 48248A603 343 12,900 SH   SOLE   12,900 0 0
MORGAN STANLEY CAP 5.75% PFD 617466206 735 29,200 SH   SOLE   29,200 0 0
MORGAN STANLEY PRD G 6.625% 7- PFD 61762V507 1,024 38,000 SH   SOLE   38,000 0 0
NORTHSTAR REALTY FINANCE PREF PFD 66704R506 590 24,875 SH   SOLE   24,875 0 0
NORTHSTAR REALTY FINANCE PREF PFD 66705V209 1,294 56,400 SH   SOLE   56,400 0 0
NORTHSTAR REALTY FINANCE PREF PFD 66704R605 237 10,050 SH   SOLE   10,050 0 0
PRIVATEBANCORP 10% PFD 74272L208 900 33,106 SH   SOLE   33,106 0 0
REALTY INCOME CORP PREF F 6.62 PFD 756109807 339 12,800 SH   SOLE   12,800 0 0
ROYAL BANK OF CANADA 6.75% PR PFD 78013G501 983 33,558 SH   SOLE   33,558 0 0
STAG INDUSTRIAL INC 9% PFD 85254J201 443 17,000 SH   SOLE   17,000 0 0
STAG INDUSTRIAL PRF SER B 6.62 PFD 85254J300 773 30,500 SH   SOLE   30,500 0 0
AETNA COM 00817Y108 8,167 75,535 SH   SOLE   75,535 0 0
AGENUS INC COM 00847G705 48 10,500 SH   SOLE   10,500 0 0
ALLERGAN INC COM G0177J108 1,566 5,010 SH   SOLE   5,010 0 0
ALPHABET INC CL C COM 02079K107 7,364 9,704 SH   SOLE   9,704 0 0
AMERICAN AIRLINES GROUP COM 02376R102 212 5,000 SH   SOLE   5,000 0 0
AMERICAN INTERNATIONAL GROUP COM 026874107 3,359 54,200 SH   SOLE   54,200 0 0
ANADARKO PETROLEUM COM 032511107 1,608 33,100 SH   SOLE   33,100 0 0
APOLLO COMMERCIAL REAL ESTATE COM 03762U105 190 11,038 SH   SOLE   11,038 0 0
APPLE COM 037833100 11,532 109,560 SH   SOLE   109,560 0 0
ARAMARK COM 03852U106 6,226 193,050 SH   SOLE   193,050 0 0
AT&T COM 00206R102 539 15,657 SH   SOLE   15,657 0 0
ATLAS ENERGY GROUP, LLC COM 04929Q102 81 85,212 SH   SOLE   85,212 0 0
ATLAS RESOURCE PARTNERS LP COM 04941A101 165 160,000 SH   SOLE   160,000 0 0
BANK OF AMERICA COM 060505104 9,710 576,950 SH   SOLE   576,950 0 0
BEARD COM 07384R408 0 13,800 SH   SOLE   13,800 0 0
BERKSHIRE HATHAWAY DEL CL A COM 084670108 593 3 SH   SOLE   3 0 0
BGC PARTNERS INC COM 05541T101 6,151 627,000 SH   SOLE   627,000 0 0
BLACKHAWK CAP GROUP BDC COM 09236T103 0 24,000 SH   SOLE   24,000 0 0
BOEING COM 097023105 3,747 25,915 SH   SOLE   25,915 0 0
CAPITAL ONE FINANCIAL COM 14040H105 249 3,450 SH   SOLE   3,450 0 0
CBS CORP CL B COM 124857202 10,906 231,405 SH   SOLE   231,405 0 0
CELLFOR CL C VTG SHS COM 151999950 0 100,000 SH   SOLE   100,000 0 0
CIGNA CORP COM COM 125509109 3,186 21,775 SH   SOLE   21,775 0 0
CITIGROUP INC. COM 172967424 4,974 96,112 SH   SOLE   96,112 0 0
COLONY CAPITAL, INC. COM 19624R106 10,115 519,273 SH   SOLE   519,273 0 0
COSTCO WHSL COM 22160K105 484 3,000 SH   SOLE   3,000 0 0
DELTA AIRLINES INC COM 247361702 7,881 155,475 SH   SOLE   155,475 0 0
DISNEY WALT COMPANY HOLDING COM 254687106 310 2,947 SH   SOLE   2,947 0 0
DOLLAR GENERAL CORP COM 256677105 5,937 82,610 SH   SOLE   82,610 0 0
EXXON COM 30231G102 258 3,304 SH   SOLE   3,304 0 0
FREEPORT MCMORAN, INC. CL B COM 35671D857 309 45,600 SH   SOLE   45,600 0 0
GILEAD SCIENCES COM 375558103 10,489 103,660 SH   SOLE   103,660 0 0
HCA HOLDINGS, INC. COM 40412C101 446 6,600 SH   SOLE   6,600 0 0
HONEYWELL INTL INC COM 438516106 347 3,350 SH   SOLE   3,350 0 0
INCYTE COM 45337C102 7,994 73,714 SH   SOLE   258,714 0 0
J C PENNEY INC COM 708160106 83 12,500 SH   SOLE   12,500 0 0
JETBLUE AIRWAYS CORP COM 477143101 464 20,500 SH   SOLE   20,500 0 0
JOHNSON & JOHNSON COM 478160104 288 2,800 SH   SOLE   2,800 0 0
KINDER MORGAN INC COM 49456B101 604 40,456 SH   SOLE   40,456 0 0
KITE PHARMA INC COM 49803L109 1,972 32,000 SH   SOLE   32,000 0 0
LEXINGTON REALTY TR COM 529043101 7,908 988,500 SH   SOLE   988,500 0 0
LIBERTY INTERACTIVE CORPORATIO COM 53071M104 425 15,544 SH   SOLE   15,544 0 0
LIBERTY MEDIA CORP CL. C COM 531229300 268 7,028 SH   SOLE   7,028 0 0
LINC ENERGY COM Q5562Z103 28 300,000 SH   SOLE   300,000 0 0
MACYS COM 55616P104 2,538 72,560 SH   SOLE   72,560 0 0
MEDLEY CAP COM 58503F106 1,738 231,100 SH   SOLE   231,100 0 0
MEMORIAL PRODUCTION PARTNERS L COM 586048100 218 82,500 SH   SOLE   82,500 0 0
MERCK & CO INC COM 58933Y105 2,657 50,309 SH   SOLE   50,309 0 0
NEW MEDIA INVESTMENT GROUP INC COM 64704V106 7,059 362,750 SH   SOLE   362,750 0 0
NEW SENIOR INVESTMENT GROUP IN COM 648691103 5,804 588,649 SH   SOLE   588,649 0 0
NEW YORK COMMUNITY BANCORP COM 649445103 3,038 186,150 SH   SOLE   186,150 0 0
NEWCASTLE INVESTMENT CORPORATI COM 65105M603 262 64,099 SH   SOLE   64,099 0 0
NIKE COM 654106103 3,591 57,450 SH   SOLE   57,450 0 0
OPKO HEALTH INC COM COM 68375N103 337 33,500 SH   SOLE   33,500 0 0
ORASURE TECHNOLOGIES COM 68554V108 161 25,000 SH   SOLE   25,000 0 0
RESOURCE CAPITAL COM 76120W708 215 16,875 SH   SOLE   16,875 0 0
ROYAL BANK OF CANADA COM 780087102 371 6,931 SH   SOLE   6,931 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
SPDR GOLD TRUST COM 78463V107 588 5,800 SH   SOLE   5,800 0 0
STAG INDUSTRIAL INC COM 85254J102 616 33,400 SH   SOLE   33,400 0 0
STARWOOD PROPERTY TRUST INC COM 85571B105 2,892 140,675 SH   SOLE   140,675 0 0
TEVA PHARMACEUTICAL COM 881624209 361 5,500 SH   SOLE   5,500 0 0
THL CREDIT INC COM 872438106 2,304 215,300 SH   SOLE   215,300 0 0
ULTRALIFE BATTERIES COM 903899102 159 24,600 SH   SOLE   24,600 0 0
UNIVERSAL AMERICAN COM 91338E101 79 11,350 SH   SOLE   11,350 0 0
WALGREENS BOOT ALLIANCE INC COM 931427108 6,382 74,945 SH   SOLE   74,945 0 0
WELLS FARGO COM 949746101 1,029 18,925 SH   SOLE   18,925 0 0
WESTERN GAS PARTNERS COM 958254104 1,180 24,825 SH   SOLE   24,825 0 0
WHITEWAVE FOODS COMPANY COM 966244105 7,708 198,105 SH   SOLE   198,105 0 0
WILLIAMS PARTNERS LP COM 96949L105 222 7,962 SH   SOLE   7,962 0 0