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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
3M COMPANYStock88579Y1012962,113SH SOLE02,11300
AMER INTL GROUP INCStock0268747842555,000SH SOLE05,00000
AMERICAN AIRLS GROUP INC COMStock02376R1022,14685,000SH SOLE085,00000
AMGEN INCStock0311621003372,951SH SOLE02,95100
APOLLO COMMERCIAL REAL ESTATEREIT03762U10521113,000SH SOLE013,00000
APOLLO GLOBAL MGMT LLC COM NPV CL A SHSMLP0376123065,623177,887SH SOLE0177,88700
ASCENT MEDIA CORP COM SER AStock0436321081,03412,080SH SOLE012,08000
ASPEN TECHNOLOGY INCStock0453271031,01324,223SH SOLE024,22300
BROOKFIELD INFRASTRUCTURE PARTNERS LPISIN #BMG162521014 SEDOL #B2NHY98MLPG162521013148,000SH SOLE08,00000
COLONY FINL INC COMREIT19624R1068,549421,330SH SOLE0421,33000
CULLEN FROST BANKERSINCStock2298991092984,000SH SOLE04,00000
DAVITA INC COMStock23918K1082,23135,200SH SOLE035,20000
DOW CHEMICAL COStock26054310345510,250SH SOLE010,25000
EASTERN VIRGINIA BANKSHARESINCStock27719610110514,960SH SOLE014,96000
ECHOSTAR HOLDING CORP Stock27876810693918,895SH SOLE018,89500
ENERGY TRANSFER EQUITY L P COM UNIT LTD PARTNERSHIPMLP29273V1006548,000SH SOLE08,00000
FIDELITY NATL FINL INCStock31620R1051,62250,000SH SOLE050,00000
FLAGSTAR BANCORP INCStock33793070546723,825SH SOLE023,82500
GRACE W R & CO NEW Stock38388F1084,11341,600SH SOLE041,60000
HESS CORPORATION Stock42809H10715,467186,355SH SOLE0186,35500
HOWARD HUGHES CORP Stock44267D1073,97533,100SH SOLE033,10000
HUDSON TECHNOLOGIES INC COMStock44414410915441,625SH SOLE041,62500
HUNTSMAN CORPStock4470111073,382137,500SH SOLE0137,50000
KINDER MORGAN INCStock49456B1013,09986,093SH SOLE086,09300
KINDER MORGAN INC DEL WARRANT EXPIRES 02/15/2017Stock49456B1192,450603,568SH SOLE0603,56800
KKR & CO LP MLP48248M1022,517103,400SH SOLE0103,40000
LIBERTY MEDIA CORPStock5312291027,37150,384SH SOLE050,38400
LIBERTY MEDIA HOLDING CP INTER AStock53071M1041,84062,700SH SOLE062,70000
MALVERN FED BANCORP INC Stock56140910327625,047SH SOLE025,04700
MARATHON PETE CORPStock56585A1021,92620,995SH SOLE020,99500
MICROSOFTStock59491810464117,136SH SOLE017,13600
MURPHY OIL CORPStock62671710276611,800SH SOLE011,80000
MURPHY USA INC COMStock62675510255213,275SH SOLE013,27500
NEW RESIDENTIAL INVESTMENT CORPREIT64828T1026,8111,019,683SH SOLE01,019,68300
NEWCASTLE INVT CORPREIT65105M1089,7561,699,633SH SOLE01,699,63300
OAKTREE CAP GROUP LLC UNITS CL AMLP6740012018,539145,123SH SOLE0145,12300
PBF ENERGY INC CL AStock69318G1062,36075,000SH SOLE075,00000
PHH CORP COM NEWStock6933202027,506308,252SH SOLE0308,25200
PHILIP MORRIS INTL INCStock7181721092182,500SH SOLE02,50000
PLAINS ALL AMERICAN PIPELINE LPMLP7265031052074,000SH SOLE04,00000
SIRIUS XM RADIO INC Stock82968B103447127,940SH SOLE0127,94000
STANLEY FURNITURE NEW Stock8543052087820,346SH SOLE020,34600
STARZ LIBERTY CAPITAL CL AStock85571Q10268223,324SH SOLE023,32400
STEIN MART INC Stock85837510825518,925SH SOLE018,92500
TEEKAY OFFSHORE PRTNRS LPMLPY8565J1011,19136,000SH SOLE036,00000
TEEKAY SHIPPING CORPISIN #MHY8564W1030StockY8564W1034,804100,063SH SOLE0100,06300
THE CARLYLE GROUPMLP14309L1022,69375,600SH SOLE075,60000
VIASAT INC Stock92552V1001,25620,044SH SOLE020,04400
WILLIAMS COMPANIES INCStock9694571003,52691,425SH SOLE091,42500