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
Acadia Pharmaceuticals Com 04225108 1,100 60,625 SH   SOLE   0 0 60,625
Amarin Corp Plc New Adrf Com 023111206 375 64,705 SH   SOLE   0 0 64,705
Apple Computer Inc Com 037833100 464 1,169 SH   SOLE   0 0 1,169
Ares Coml Real Estate Com 04013V108 551 42,995 SH   SOLE   0 0 42,995
Bank Of America Corp Com 060505104 217 16,910 SH   SOLE   0 0 16,910
Berkshire Hathaway Cl B Cl B New 084670702 670 5,983 SH   SOLE   0 0 5,983
Calumet Specialty Prod UT LTD Partner 131476103 8,817 242,365 SH   SOLE   0 0 242,365
Chevrontexaco Corp Com 166764100 244 2,059 SH   SOLE   0 0 2,059
Companhia Vale Do Adr ADR 91912E105 5,047 383,776 SH   SOLE   0 0 383,776
Earthlink Inc Com 270321102 7,043 1,134,095 SH   SOLE   0 0 1,134,095
Exxon Mobil Corporation Com 30231G102 375 4,155 SH   SOLE   0 0 4,155
Fifth Street Finance Cp Com 31678A103 532 50,903 SH   SOLE   0 0 50,903
Fortress Invt Gp Llc A CL A 34958B106 1,876 285,915 SH   SOLE   0 0 285,915
Gannett Co Inc Del Com 364730101 902 36,860 SH   SOLE   0 0 36,860
Goldman Sachs Group Inc Com 38141G104 354 2,342 SH   SOLE   0 0 2,342
Hi-Crush Partners Lp Com Unit Ltd 428337109 727 30,890 SH   SOLE   0 0 30,890
Kkr Financial Corp Com 482476306 868 82,270 SH   SOLE   0 0 82,270
MFC Industrial LTD Com 55278T105 486 60,257 SH   SOLE   0 0 60,257
National Oilwell Varco Com 637071101 10,766 156,255 SH   SOLE   0 0 156,255
Nationstar Mortgage Holdings Com 63861C109 943 25,200 SH   SOLE   0 0 25,200
Navios Maritime COM Y62196103 739 131,982 SH   SOLE   0 0 131,982
Navios Maritime Acqstn SHS Y62159101 461 135,935 SH   SOLE   0 0 135,935
Navios Maritime Ptnrs Unit LPI Y62267102 414 28,680 SH   SOLE   0 0 28,680
New Residential Inv Corp COM 64828T102 10,253 1,521,261 SH   SOLE   0 0 1,521,261
Newcastle Investment Cp Com 65105M108 8,183 1,564,661 SH   SOLE   0 0 1,564,661
Northstar Realty Fin Cp Com 66704R100 9,618 1,056,967 SH   SOLE   0 0 1,056,967
Pennantpark Cap Ltd COM 70806A106 226 15,993 SH   SOLE   0 0 15,993
Pennantpark Invt Corp COM 708062104 221 19,980 SH   SOLE   0 0 19,980
Pitney Bowes Inc Com 724479100 8,931 608,398 SH   SOLE   0 0 608,398
Promotora De Info Adr Af ADR Cl A Shs 74343G204 148 146,347 SH   SOLE   0 0 146,347
Promotora De Info Adr Bf ADR CL B Conv 74343G303 1,087 945,442 SH   SOLE   0 0 945,442
Proshs Ultrashrt S&P PSHS Ulsht SP500 74347b30 2,873 70,324 SH   SOLE   0 0 70,324
Royal Dutch Shell A Adrf Spons ADR A 780259206 600 9,405 SH   SOLE   0 0 9,405
Seadrill Ltd SHS G7945E105 9,898 242,960 SH   SOLE   0 0 242,960
Sigma Aldrich Corp Com 826552101 307 3,820 SH   SOLE   0 0 3,820
Solar Capital Ltd Com 83413U100 430 18,620 SH   SOLE   0 0 18,620
Solar Senior Capital Com 83416M105 434 23,568 SH   SOLE   0 0 23,568
Starwood Ppty TRUST Inc Com 85571B105 760 30,725 SH   SOLE   0 0 30,725
Superior Energy Services Com 868157108 11,149 429,796 SH   SOLE   0 0 429,796
Teekay Lng Partners LPF Prtnrshp Un Y8564M105 18,088 413,908 SH   SOLE   0 0 413,908
Teekay Offshore Partners Prtnrshp Un Y8565J101 21,549 663,669 SH   SOLE   0 0 663,669
Teekay Tankers Ltd Cl Af CL A Y8565N102 9,520 3,619,700 SH   SOLE   0 0 3,619,700
Tronox Ltd Class A SHS CL A Q9235V101 7,006 347,716 SH   SOLE   0 0 347,716
Two Harbors Investment Com 90187B101 424 41,385 SH   SOLE   0 0 41,385
MFC Industrial LTD COM 55278T105 486 60,257 SH   SOLE   0 0 60,257