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
3M COMPANY Stock 88579Y101 362 2,666 SH   SOLE 0 2,666 0 0
AMERICAN AIRLS GROUP INC COM Stock 02376R102 3,660 100,000 SH   SOLE 0 100,000 0 0
AMGEN INC Stock 031162100 368 2,985 SH   SOLE 0 2,985 0 0
APOLLO GLOBAL MGMT LLC COM NPV CL A SHS MLP 037612306 6,318 198,680 SH   SOLE 0 198,680 0 0
AT&T INC COM Stock 00206R102 222 6,317 SH   SOLE 0 6,317 0 0
AUTOMATIC DATA PROCESSING INC Stock 053015103 399 5,161 SH   SOLE 0 5,161 0 0
BLACKSTONE GROUP LP MLP 09253U108 399 12,000 SH   SOLE 0 12,000 0 0
CHEVRON CORP Stock 166764100 410 3,448 SH   SOLE 0 3,448 0 0
CHUBB CORP Stock 171232101 368 4,122 SH   SOLE 0 4,122 0 0
CINCINNATI BELL INC Stock 171871106 42 12,059 SH   SOLE 0 12,059 0 0
COLONY FINL INC COM REIT 19624R106 14,622 666,136 SH   SOLE 0 666,136 0 0
CRESTWOOD EQUITY PARTNERS LP UNIT LTD PARTNER MLP 226344109 160 11,550 SH   SOLE 0 11,550 0 0
CULLEN FROST BANKERSINC Stock 229899109 959 12,364 SH   SOLE 0 12,364 0 0
DAVITA INC COM Stock 23918K108 5,977 86,816 SH   SOLE 0 86,816 0 0
DOW CHEMICAL CO Stock 260543103 498 10,250 SH   SOLE 0 10,250 0 0
ECHOSTAR HOLDING CORP Stock 278768106 1,272 26,735 SH   SOLE 0 26,735 0 0
ENERGY TRANSFER EQUITY L P COM UNIT LTD PARTNERSHIP MLP 29273V100 1,239 26,500 SH   SOLE 0 26,500 0 0
ENTERPRISE PRODS PARTNERS L P MLP 293792107 742 10,698 SH   SOLE 0 10,698 0 0
EXXON MOBIL CORP Stock 30231G102 572 5,853 SH   SOLE 0 5,853 0 0
FIDELITY NATL FINL INC Stock 31620R105 3,545 112,750 SH   SOLE 0 112,750 0 0
GRACE W R & CO NEW Stock 38388F108 6,083 61,336 SH   SOLE 0 61,336 0 0
HESS CORPORATION Stock 42809H107 22,844 275,631 SH   SOLE 0 275,631 0 0
HOWARD HUGHES CORP Stock 44267D107 7,885 55,250 SH   SOLE 0 55,250 0 0
HUNTSMAN CORP Stock 447011107 9,159 375,050 SH   SOLE 0 375,050 0 0
ILLINOIS TOOL WORKS Stock 452308109 305 3,750 SH   SOLE 0 3,750 0 0
INTL BUSINESS MACHINES Stock 459200101 658 3,418 SH   SOLE 0 3,418 0 0
JOHNSON & JOHNSON Stock 478160104 293 2,987 SH   SOLE 0 2,987 0 0
KINDER MORGAN MGMT LLC MLP 49455U100 244 3,401 SH   SOLE 0 3,400 0 0
KKR & CO LP MLP 48248M102 6,628 290,200 SH   SOLE 0 290,200 0 0
LIBERTY MEDIA CORP Stock 531229102 13,350 102,121 SH   SOLE 0 102,121 0 0
LIBERTY MEDIA HOLDING CP INTER A Stock 53071M104 2,991 103,600 SH   SOLE 0 103,600 0 0
LOWES COMPANIES Stock 548661107 244 5,000 SH   SOLE 0 5,000 0 0
MALVERN FED BANCORP INC Stock 561409103 256 25,047 SH   SOLE 0 25,047 0 0
MARATHON PETE CORP Stock 56585A102 3,359 38,597 SH   SOLE 0 38,597 0 0
MCDONALDS CORP Stock 580135101 314 3,200 SH   SOLE 0 3,200 0 0
MICROSOFT Stock 594918104 887 21,649 SH   SOLE 0 21,649 0 0
NEW MEDIA INV GRP INC Stock 64704V106 2,798 186,298 SH   SOLE 0 186,298 0 0
NEW RESIDENTIAL INVESTMENT CORP REIT 64828T102 10,944 1,691,525 SH   SOLE 0 1,691,525 0 0
NEWCASTLE INVT CORP REIT 65105M108 379 80,704 SH   SOLE 0 80,704 0 0
NORTHSTAR REALTY FINANCE CP REIT 66704R100 12,649 783,700 SH   SOLE 0 783,700 0 0
NUVEEN FLOATING RATEINCOME FD COM CEF 67072T108 191 16,000 SH   SOLE 0 16,000 0 0
OAKTREE CAP GROUP LLC UNITS CL A MLP 674001201 8,410 144,593 SH   SOLE 0 144,593 0 0
PBF ENERGY INC CL A Stock 69318G106 3,354 130,000 SH   SOLE 0 130,000 0 0
PEPSICO INC Stock 713448108 230 2,750 SH   SOLE 0 2,750 0 0
PHH CORP COM NEW Stock 693320202 7,748 299,839 SH   SOLE 0 299,839 0 0
PLAINS ALL AMERICAN PIPELINE LP MLP 726503105 220 4,000 SH   SOLE 0 4,000 0 0
PROCTER & GAMBLE CO Stock 742718109 250 3,105 SH   SOLE 0 3,105 0 0
TEEKAY OFFSHORE PRTNRS LP MLP Y8565J101 661 20,200 SH   SOLE 0 20,200 0 0
TEEKAY SHIPPING CORPISIN #MHY8564W1030 Stock Y8564W103 7,575 134,693 SH   SOLE 0 134,693 0 0
THE CARLYLE GROUP MLP 14309L102 6,926 197,100 SH   SOLE 0 197,100 0 0
WALTER INVT MGMT CORP COM Stock 93317W102 597 20,000 SH   SOLE 0 20,000 0 0
WILLIAMS COMPANIES INC Stock 969457100 6,379 157,195 SH   SOLE 0 157,195 0 0