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
SIRIUS XM HLDGS INC COM Stock 82968B103 75 21,500 SH   SOLE 0 21,500 0 0
ENTERPRISE PRODS PARTNERS L P MLP 293792107 701 19,396 SH   SOLE 0 19,396 0 0
HESS CORPORATION Stock 42809H107 9,778 132,462 SH   SOLE 0 132,462 0 0
LIBERTY MEDIA HOLDING CP INTER A Stock 53071M104 2,674 90,900 SH   SOLE 0 90,900 0 0
DAVITA INC COM Stock 23918K108 13,249 174,933 SH   SOLE 0 174,933 0 0
COLONY FINL INC COM REIT 19624R106 24,752 1,039,126 SH   SOLE 0 1,039,126 0 0
NORTHSTAR REALTY FINANCE CP REIT 66704R704 4,553 258,969 SH   SOLE 0 258,969 0 0
MICROSOFT Stock 594918104 1,103 23,740 SH   SOLE 0 23,740 0 0
TEEKAY OFFSHORE PARTNERS L P PARTNERSHIP UN MLP Y8565J101 560 20,900 SH   SOLE 0 20,900 0 0
HUNTSMAN CORP COM Stock 447011107 10,336 453,753 SH   SOLE 0 453,753 0 0
KKR & CO L P DEL COM UNITS MLP 48248M102 4,500 193,888 SH   SOLE 0 193,888 0 0
HOWARD HUGHES CORP COM Stock 44267D107 7,362 56,450 SH   SOLE 0 56,450 0 0
MALVERN BANCORP INC COM Stock 561409103 303 25,047 SH   SOLE 0 25,047 0 0
APOLLO GLOBAL MGMT LLC CL A SHS MLP 037612306 1,962 83,212 SH   SOLE 0 83,212 0 0
AMERICAN INTL GROUP INC WT EXP 011921 Stock 026874156 6,767 274,846 SH   SOLE 0 274,846 0 0
MARATHON PETE CORP Stock 56585A102 3,509 38,882 SH   SOLE 0 38,882 0 0
ENERGY TRANSFER EQUITY L P COM UNIT LTD PARTNERSHIP MLP 29273V100 1,521 26,500 SH   SOLE 0 26,500 0 0
OAKTREE CAP GROUP LLC UNIT CL A MLP 674001201 4,076 78,633 SH   SOLE 0 78,633 0 0
KINDER MORGAN INC DEL WT EXP 052517 Stock 49456B119 50 11,800 SH   SOLE 0 11,800 0 0
AMERICAN AIRLS GROUP INC COM Stock 02376R102 3,794 70,748 SH   SOLE 0 70,748 0 0
CARLYLE GROUP L P COM UTS LTD PTN MLP 14309L102 2,733 99,379 SH   SOLE 0 99,379 0 0
KINDER MORGAN INC Stock 49456B101 465 10,980 SH   SOLE 0 10,980 0 0
NUVEEN FLOATING RATE INCOME FD COM CEF 67072T108 253 23,000 SH   SOLE 0 23,000 0 0
LIBERTY MEDIA CORP Stock 531229102 7,557 214,257 SH   SOLE 0 214,257 0 0
TEEKAY CORPORATION COM Stock Y8564W103 12,191 239,561 SH   SOLE 0 239,561 0 0
PBF ENERGY INC CL A Stock 69318G106 3,571 134,033 SH   SOLE 0 134,033 0 0
BLACKSTONE GROUP L P COM UNIT LTD MLP 09253U108 1,015 30,000 SH   SOLE 0 30,000 0 0
CULLEN FROST BANKERS INC COM Stock 229899109 873 12,364 SH   SOLE 0 12,364 0 0
OCWEN FINL CORP COM NEW Stock 675746309 7,166 474,550 SH   SOLE 0 474,550 0 0
NEW RESIDENTIAL INVESTMENT CORP REIT 64828T201 9,943 778,588 SH   SOLE 0 778,588 0 0
NEW MEDIA INVT GROUP INC COM Stock 64704V106 4,729 200,147 SH   SOLE 0 200,147 0 0
WILLIAMS COMPANIES INC Stock 969457100 10,309 229,385 SH   SOLE 0 229,385 0 0
GRACE W R & CO DEL NEW COM Stock 38388F108 7,349 77,038 SH   SOLE 0 77,038 0 0
NORTHSTAR ASSET MGMT GROUP INC COM Stock 66705Y104 12,497 553,689 SH   SOLE 0 553,689 0 0
FIDELITY NATIONAL FINANCIAL IN FNF GROUP COM Stock 31620R303 3,884 112,750 SH   SOLE 0 112,750 0 0
FIDELITY NATIONAL FINANCIAL IN FNFV GROUP COM Stock 31620R402 592 37,613 SH   SOLE 0 37,613 0 0
ECHOSTAR CORP CL A Stock 278768106 1,172 22,330 SH   SOLE 0 22,330 0 0
LIBERTY MEDIA CORP SERIES C Stock 531229300 7,938 226,594 SH   SOLE 0 226,594 0 0
LIBERTY BROADBAND CORP COM SER A Stock 530307107 1,417 28,284 SH   SOLE 0 28,284 0 0
LIBERTY BROADBAND CORP COM SER C Stock 530307305 2,821 56,630 SH   SOLE 0 56,630 0 0
LIBERTY BROADBAND CORP RT PUR COM SER C Stock 530307115 162 17,062 SH   SOLE 0 17,062 0 0
DOW CHEMICAL CO Stock 260543103 468 10,250 SH   SOLE 0 10,250 0 0
PHH CORP COM NEW Stock 693320202 9,312 388,654 SH   SOLE 0 388,654 0 0
CINCINNATI BELL INC Stock 171871106 38 12,059 SH   SOLE 0 12,059 0 0