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
AGNICO EAGLE MINES LTD COM 008474108 108 4,262 SH   OTR   0 0 4,262
AMGEN INC COM 031162100 98 709 SH   OTR   0 0 709
APPLE INC COM 037833100 184 1,671 SH   OTR   0 0 1,671
CBS CORP NEW CL B 124857202 117 2,936 SH   OTR   0 0 2,936
CVS HEALTH CORP COM 126650100 102 1,059 SH   OTR   0 0 1,059
CAL MAINE FOODS INC COM NEW 128030202 105 1,917 SH   OTR   0 0 1,917
COOPER TIRE & RUBR CO COM 216831107 100 2,524 SH   OTR   0 0 2,524
FLIR SYS INC COM 302445101 86 3,063 SH   OTR   0 0 3,063
F5 NETWORKS INC COM 315616102 69 594 SH   OTR   0 0 594
FOOT LOCKER INC COM 344849104 98 1,359 SH   OTR   0 0 1,359
GENERAL DYNAMICS CORP COM 369550108 107 778 SH   OTR   0 0 778
GILEAD SCIENCES INC COM 375558103 119 1,207 SH   OTR   0 0 1,207
GRAY TELEVISION INC COM 389375106 119 9,315 SH   OTR   0 0 9,315
HECLA MNG CO COM 422704106 23 11,513 SH   OTR   0 0 11,513
JOHNSON & JOHNSON COM 478160104 110 1,183 SH   OTR   0 0 1,183
NEWMONT MINING CORP COM 651639106 103 6,407 SH   OTR   0 0 6,407
NIKE INC CL B 654106103 80 654 SH   OTR   0 0 654
PRICELINE GRP INC COM NEW 741503403 118 95 SH   OTR   0 0 95
PRUDENTIAL FINL INC COM 744320102 94 1,234 SH   OTR   0 0 1,234
ROYAL GOLD INC COM 780287108 98 2,076 SH   OTR   0 0 2,076
RUBICON MINERALS CORP COM 780911103 26 34,118 SH   OTR   0 0 34,118
SCRIPPS E W CO OHIO CL A NEW 811054402 138 7,792 SH   OTR   0 0 7,792
SCRIPPS NETWORKS INTERACT IN CL A COM 811065101 95 1,938 SH   OTR   0 0 1,938
SINCLAIR BROADCAST GROUP INC CL A 829226109 153 6,046 SH   OTR   0 0 6,046
TESORO CORP COM 881609101 114 1,176 SH   OTR   0 0 1,176
TIME WARNER INC COM NEW 887317303 121 1,756 SH   OTR   0 0 1,756
UNITED STATES NATL GAS FUND UNIT PAR $0.001 912318201 248 21,396 SH   OTR   0 0 21,396
ACTIVISION BLIZZARD INC COM 00507V109 80 2,576 SH   OTR   0 0 2,576
CARDINAL HEALTH INC COM 14149Y108 103 1,342 SH   OTR   0 0 1,342
CISCO SYS INC COM 17275R102 66 2,521 SH   OTR   0 0 2,521
COMCAST CORP NEW CL A 20030N101 129 2,273 SH   OTR   0 0 2,273
FACEBOOK INC CL A 30303M102 99 1,096 SH   OTR   0 0 1,096
GOOGLE INC CL A 38259P508 116 181 SH   OTR   0 0 181
GOPRO INC CL A 38268T103 110 3,517 SH   OTR   0 0 3,517
HEALTH NET INC COM 42222G108 105 1,738 SH   OTR   0 0 1,738
MKS INSTRUMENT INC COM 55306N104 81 2,422 SH   OTR   0 0 2,422
MARATHON PETE CORP COM 56585A102 119 2,562 SH   OTR   0 0 2,562
MARRIOTT VACATIONS WRLDWDE C COM 57164Y107 79 1,161 SH   OTR   0 0 1,161
MATSON INC COM 57686G105 96 2,498 SH   OTR   0 0 2,498
MEDIA GEN INC NEW COM 58441K100 180 12,839 SH   OTR   0 0 12,839
MOLINA HEALTHCARE INC COM 60855R100 121 1,762 SH   OTR   0 0 1,762
NETEASE INC SPONSORED ADR 64110W102 100 832 SH   OTR   0 0 832
NEXSTAR BROADCASTING GROUP I CL A 65336K103 111 2,339 SH   OTR   0 0 2,339
NVIDIA CORP COM 67066G104 240 9,724 SH   OTR   0 0 9,724
PRICE T ROWE GROUP INC COM 74144T108 97 1,395 SH   OTR   0 0 1,395
PRINCIPAL FINL GROUP INC COM 74251V102 76 1,608 SH   OTR   0 0 1,608
SKYWORKS SOLUTIONS INC COM 83088M102 69 819 SH   OTR   0 0 819
TESSERA TECHNOLOGIES INC COM 88164L100 78 2,405 SH   OTR   0 0 2,405
USANA HEALTH SCIENCES INC COM 90328M107 98 734 SH   OTR   0 0 734
VALERO ENERGY CORP NEW COM 91913Y100 121 2,010 SH   OTR   0 0 2,010
VISA INC CL A 92826C839 113 1,628 SH   OTR   0 0 1,628
WISDOMTREE INVTS INC COM 97717P104 102 6,305 SH   OTR   0 0 6,305
WISDOMTREE TR JAPN HEDGE EQT 97717W851 142 2,927 SH   OTR   0 0 2,927
AMBARELLA INC SHS G037AX101 73 1,271 SH   OTR   0 0 1,271
EVEREST RE GROUP LTD COM G3223R108 93 538 SH   OTR   0 0 538
ICON PLC SHS G4705A100 63 892 SH   OTR   0 0 892
KING DIGITAL ENTMT PLC SHS G5258J109 74 5,498 SH   OTR   0 0 5,498
MEDTRONIC PLC SHS G5960L103 99 1,478 SH   OTR   0 0 1,478
NORDIC AMERICAN TANKERS LIMI COM G65773106 82 5,392 SH   OTR   0 0 5,392
CHECK POINT SOFTWARE TECH LT ORD M22465104 118 1,490 SH   OTR   0 0 1,490
ASHFORD HOSPITALITY PRIME IN COM 044102101 177 12,640 SH   SOLE   0 12,640 0
ASHFORD HOSPITALITY TR INC 9% CUM PFD SER E 044103505 1,366 53,141 SH   SOLE   0 53,141 0
EQUITY COMWLTH CUM PFD E 7.25% 294628409 2,744 107,695 SH   SOLE   0 107,695 0
GLOBAL NET LEASE INC COM 379378102 1,230 133,656 SH   SOLE   0 133,656 0
INLAND REAL ESTATE CORP REDM PFD SER B 457461507 509 20,000 SH   SOLE   0 20,000 0
ISHARES TR MRG RL ES CP ETF 464288539 1,491 150,000 SH   SOLE   0 150,000 0
JERNIGAN CAP INC COM 476405105 800 45,809 SH   SOLE   0 45,809 0
NEW SR INVT GROUP INC COM 648691103 1,175 112,288 SH   SOLE   0 112,288 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 828 41,758 SH   SOLE   0 41,758 0
RAIT FINANCIAL TRUST COM NEW 749227609 1,572 316,842 SH   SOLE   0 316,842 0
WHEELER REAL ESTATE INVT TR COM 963025101 2,655 1,397,394 SH   SOLE   0 1,397,394 0
WHITESTONE REIT COM 966084204 3,303 286,484 SH   SOLE   0 286,484 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 2,059 143,372 SH   SOLE   0 143,372 0
AMERICA FIRST MULTIFAMILY IN BEN UNIT CTF 02364V107 332 63,878 SH   SOLE   0 63,878 0
APOLLO COML REAL EST FIN INC COM 03762U105 2,787 177,398 SH   SOLE   0 177,398 0
BLUEROCK RESIDENT GR REIT IN CL A 09627J102 2,712 226,360 SH   SOLE   0 226,360 0
CAMPUS CREST CMNTYS INC COM 13466Y105 1,747 328,460 SH   SOLE   0 328,460 0
COLONY CAP INC CONV PFD-C 19624R403 2,812 128,637 SH   SOLE   0 128,637 0
CORENERGY INFRASTRUCTURE TR COM 21870U205 855 193,500 SH   SOLE   0 193,500 0
CORENERGY INFRASTRUCTURE TR DEP SHS REPSTG 21870U304 550 24,167 SH   SOLE   0 24,167 0
EPR PPTYS CONV PFD 9% SR E 26884U307 1,204 38,873 SH   SOLE   0 38,873 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 4,450 179,237 SH   SOLE   0 179,237 0
GOVERNMENT PPTYS INCOME TR COM SHS BEN INT 38376A103 971 60,700 SH   SOLE   0 60,700 0
HOSPITALITY PPTYS TR COM SH BEN INT 44106M102 939 36,700 SH   SOLE   0 36,700 0
INDEPENDENCE RLTY TR INC COM 45378A106 2,622 363,635 SH   SOLE   0 363,635 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 1,836 150,000 SH   SOLE   0 150,000 0
NEW YORK REIT INC COM 64976L109 2,865 284,835 SH   SOLE   0 284,835 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 2,587 209,500 SH   SOLE   0 209,500 0
NUVEEN PFD INCOME OPPRTNY FD COM 67073B106 629 70,000 SH   SOLE   0 70,000 0
PREFERRED APT CMNTYS INC COM 74039L103 17 1,591 SH   SOLE   0 1,591 0
RESOURCE CAP CORP NOTE 6.000%12/0 76120WAA2 2,760 3,000,000 SH   SOLE   0 3,000,000 0
SELECT INCOME REIT COM SH BEN INT 81618T100 2,661 140,000 SH   SOLE   0 140,000 0
STAG INDL INC COM 85254J102 2,341 128,567 SH   SOLE   0 128,567 0
TIER REIT INC COM NEW 88650V208 7 496 SH   SOLE   0 496 0
VEREIT INC COM 92339V100 988 128,000 SH   SOLE   0 128,000 0
ADEPT TECHNOLOGY INC COM NEW 006854202 90 6,914 SH   OTR   0 0 6,914
AMERICAN INTL GROUP INC COM NEW 026874784 216 3,800 SH   OTR   0 0 3,800
CON-WAY INC COM 205944101 1,163 24,500 SH   OTR   0 0 24,500
DARLING INGREDIENTS INC COM 237266101 398 35,394 SH   OTR   0 0 35,394
DEALERTRACK TECHNOLOGIES INC COM 242309102 1,130 17,898 SH   OTR   0 0 17,898
HOME PROPERTIES INC COM 437306103 1,666 22,286 SH   OTR   0 0 22,286
INVESTORS TITLE CO COM 461804106 218 3,010 SH   OTR   0 0 3,010
KYTHERA BIOPHARMACEUTICALS I COM 501570105 948 12,646 SH   OTR   0 0 12,646
LEUCADIA NATL CORP COM 527288104 239 11,800 SH   OTR   0 0 11,800
LORAL SPACE & COMMUNICATNS I COM 543881106 391 8,290 SH   OTR   0 0 8,290
MONSTER WORLDWIDE INC COM 611742107 424 66,000 SH   OTR   0 0 66,000
OCWEN FINL CORP COM NEW 675746309 272 40,450 SH   OTR   0 0 40,450
PERICOM SEMICONDUCTOR CORP COM 713831105 485 26,600 SH   OTR   0 0 26,600
SIGMA ALDRICH CORP COM 826552101 1,619 11,652 SH   OTR   0 0 11,652
THORATEC CORP COM NEW 885175307 678 10,712 SH   OTR   0 0 10,712
TOWER INTL INC COM 891826109 297 12,500 SH   OTR   0 0 12,500
AMERICAN CAP LTD COM 02503Y103 559 46,000 SH   OTR   0 0 46,000
CORENERGY INFRASTRUCTURE TR NOTE 7.000% 6/1 21870UAA4 520 585,000 SH   OTR   0 0 585,000
DOT HILL SYS CORP COM 25848T109 177 18,200 SH   OTR   0 0 18,200
ERA GROUP INC COM 26885G109 419 27,990 SH   OTR   0 0 27,990
FIFTH STREET FINANCE CORP COM 31678A103 201 32,673 SH   OTR   0 0 32,673
MEDLEY CAP CORP COM 58503F106 301 40,455 SH   OTR   0 0 40,455
PROSHARES TR PSHS SHRT S&P500 74347R503 209 9,295 SH   OTR   0 0 9,295
PROSHARES TR SHRT RUSSELL2000 74348A210 215 3,300 SH   OTR   0 0 3,300
SARATOGA INVT CORP COM NEW 80349A208 220 13,612 SH   OTR   0 0 13,612
SOLERA HOLDINGS INC COM 83421A104 105 1,952 SH   OTR   0 0 1,952
TIME WARNER CABLE INC COM 88732J207 171 955 SH   OTR   0 0 955
VISHAY PRECISION GROUP INC COM 92835K103 186 16,053 SH   OTR   0 0 16,053
WHITEHORSE FIN INC COM 96524V106 265 22,725 SH   OTR   0 0 22,725
XOOM CORP COM 98419Q101 771 30,972 SH   OTR   0 0 30,972