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
ACTAVIS PLC SHS G0083B108 21,715 90,000 SH   SOLE   90,000 0 0
ASSURED GUARANTY LTD COM G0585R106 1,330 60,000 SH   SOLE   50,000 0 10,000
EVEREST RE GROUP LTD COM G3223R108 4,860 30,000 SH   SOLE   30,000 0 0
NORTH ATLANTIC DRILLING LTD COM G6613P202 3,596 540,000 SH   SOLE   540,000 0 0
COSTAMARE INC SHS Y1771G102 9,048 412,000 SH   SOLE   412,000 0 0
NAVIOS MARITIME HOLDINGS INC COM Y62196103 5,364 894,000 SH   SOLE   849,000 0 45,000
SCORPIO TANKERS INC SHS Y7542C106 4,787 576,000 SH   SOLE   576,000 0 0
AIR LEASE CORP CL A 00912X302 17,160 528,000 SH   SOLE   514,000 0 14,000
ALLIANCE HOLDINGS GP LP COM UNITS LP 01861G100 1,774 26,000 SH   SOLE   26,000 0 0
ALLIANCE RES PARTNER L P UT LTD PART 01877R108 7,351 171,600 SH   SOLE   171,600 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 10,928 308,000 SH   SOLE   308,000 0 0
ANNALY CAP MGMT INC NOTE 4.0% 2/15/15 035710AA0 2,079 2,000,000 PRN   SOLE   2,000,000 0 0
ATLAS ENERGY LP COM UNITS LP 04930A104 1,050 23,873 SH   SOLE   23,873 0 0
BARNES & NOBLE INC COM 067774109 5,764 292,000 SH   SOLE   292,000 0 0
BOARDWALK PIPELINE PARTNERS UT LTD PARTNER 096627104 1,384 74,000 SH   SOLE   74,000 0 0
BOULDER BRANDS INC COM 101405108 3,653 268,000 SH   SOLE   268,000 0 0
CHICAGO BRIDGE & IRON CO N V COM 167250109 5,785 100,000 SH   SOLE   100,000 0 0
CUMULUS MEDIA INC CL A 231082108 7,254 1,800,000 SH   SOLE   1,730,000 0 70,000
DELTA AIR LINES INC DEL COM NEW 247361702 10,484 290,000 SH   SOLE   290,000 0 0
DICKS SPORTING GOODS INC COM 253393102 1,316 30,000 SH   SOLE   30,000 0 0
ENLINK MIDSTREAM PARTNERS LP COM UNIT REP LTD 29336U107 3,928 129,000 SH   SOLE   129,000 0 0
GENERAL MTRS CO *W EXP 07/10/201 37045V126 1,063 73,500 SH   SOLE   58,500 0 15,000
GENESIS ENERGY L P UNIT LTD PARTN 371927104 12,634 240,000 SH   SOLE   220,000 0 20,000
GILEAD SCIENCES INC COM 375558103 21,290 200,000 SH   SOLE   200,000 0 0
ISHARES TR R2000 GRW ETF Nov 145 464287648 1,918 130,000 SH   SOLE   130,000 0 0
ISHARES TR R2000 ETF Jan 125 464287655 3,306 200,000 SH   SOLE   200,000 0 0
KINDER MORGAN MANAGEMENT LLC SHS 49455U100 7,946 84,402 SH   SOLE   84,402 0 0
KINDER MORGAN ENERGY PARTNER UT LTD PARTNER 494550106 6,768 72,551 SH   SOLE   72,551 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 2,972 63,000 SH   SOLE   63,000 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C 531229300 5,921 126,000 SH   SOLE   126,000 0 0
MACQUARIE INFRASTR CO LLC MEMBERSHIP INT 55608B105 38,846 582,405 SH   SOLE   582,405 0 0
MAGELLAN MIDSTREAM PRTNRS LP COM UNIT RP LP 559080106 23,739 282,000 SH   SOLE   282,000 0 0
MILLENNIAL MEDIA INC COM 60040N105 372 200,000 SH   SOLE   200,000 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 5,769 326,500 SH   SOLE   326,500 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 6,014 326,500 SH   SOLE   326,500 0 0
NU SKIN ENTERPRISES INC CL A 67018T105 2,702 60,000 SH   SOLE   60,000 0 0
NUSTAR GP HOLDINGS LLC UNIT RESTG LLC 67059L102 3,219 74,000 SH   SOLE   74,000 0 0
NUVEEN FLTNG RTE INCM OPP FD COM SHS 6706EN100 285 25,000 SH   SOLE   0 0 25,000
OCI PARTNERS LP COM UNIT REP LP 67091N108 2,946 137,133 SH   SOLE   134,000 0 3,133
OUTERWALL INC COM 690070107 1,290 23,000 SH   SOLE   23,000 0 0
OXFORD LANE CAP CORP COM 691543102 1,578 102,941 SH   SOLE   62,571 0 40,370
RENTECH INC COM 760112102 1,197 700,000 SH   SOLE   700,000 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 11,116 235,000 SH   SOLE   225,000 0 10,000
SPDR SERIES TRUST S&P RETAIL ETF Jan 90 78464A714 296 50,000 SH   SOLE   50,000 0 0
SPDR SERIES TRUST S&P RETAIL ETF Dec 81 78464A714 39 30,000 SH   SOLE   30,000 0 0
SINCLAIR BROADCAST GROUP INC CL A 829226109 2,870 110,000 SH   SOLE   110,000 0 0
SUNOPTA INC COM 8676EP108 1,208 100,000 SH   SOLE   100,000 0 0
TANGOE INC COM 87582Y108 5,420 400,000 SH   SOLE   400,000 0 0
TWO HBRS INVT CORP COM 90187B101 2,853 295,000 SH   SOLE   265,000 0 30,000
WALGREEN CO COM 931422109 830 14,000 SH   SOLE   14,000 0 0
WILLIAMS PARTNERS L P COM UNIT L P 96950F104 796 15,000 SH   SOLE   15,000 0 0