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 |
ACTAVIS PLC SER A 5.5% | PFD | G0083B116 | 4,169 | 4,120 | SH | | SOLE | | 4,120 | 0 | 0 |
AMERICAN CAPITAL AGENCY CORP P | PFD | 02503X303 | 644 | 25,700 | SH | | SOLE | | 25,700 | 0 | 0 |
ASSOCIATED BANC-CORP PFD STK S | PFD | 045488202 | 293 | 10,900 | SH | | SOLE | | 10,900 | 0 | 0 |
BEAZER HOMES USA INC 7.5% | PFD | 07556Q709 | 664 | 24,700 | SH | | SOLE | | 24,700 | 0 | 0 |
CITY NATIONAL CORP PFD SER D 6 | PFD | 17800X400 | 1,241 | 42,600 | SH | | SOLE | | 42,600 | 0 | 0 |
COLONY FINANCIAL INC SER A 8.5 | PFD | 19624R205 | 1,805 | 67,850 | SH | | SOLE | | 67,850 | 0 | 0 |
COLONY FINANCIAL INC SER B 7.5 | PFD | 19624R304 | 1,190 | 46,050 | SH | | SOLE | | 46,050 | 0 | 0 |
EXCEL TR INC 8.125% CUM PRF | PFD | 30068C307 | 2,381 | 88,450 | SH | | SOLE | | 88,450 | 0 | 0 |
GRAMERCY PROPERTY TRUST B 7.12 | PFD | 38489R506 | 626 | 23,700 | SH | | SOLE | | 23,700 | 0 | 0 |
KKR FINL HLDGS LLC PFD SER A L | PFD | 48248A603 | 300 | 11,200 | SH | | SOLE | | 11,200 | 0 | 0 |
MORGAN STANLEY CAP 5.75% | PFD | 617466206 | 739 | 29,200 | SH | | SOLE | | 29,200 | 0 | 0 |
MORGAN STANLEY PRD G 6.625% 7- | PFD | 61762V507 | 995 | 38,300 | SH | | SOLE | | 38,300 | 0 | 0 |
NORTHSTAR REALTY FINANCE PREF | PFD | 66704R506 | 863 | 32,650 | SH | | SOLE | | 32,650 | 0 | 0 |
NORTHSTAR REALTY FINANCE PREF | PFD | 66705V209 | 1,816 | 69,650 | SH | | SOLE | | 69,650 | 0 | 0 |
NORTHSTAR REALTY FINANCE PREF | PFD | 66704R605 | 234 | 8,850 | SH | | SOLE | | 8,850 | 0 | 0 |
PRIVATEBANCORP 10% | PFD | 74272L208 | 927 | 34,559 | SH | | SOLE | | 34,559 | 0 | 0 |
REALTY INCOME CORP PREF F 6.62 | PFD | 756109807 | 338 | 12,800 | SH | | SOLE | | 12,800 | 0 | 0 |
RESOURCE CAPITAL PERF B 8.25% | PFD | 76120W500 | 1,064 | 46,800 | SH | | SOLE | | 46,800 | 0 | 0 |
SANDRIDGE ENERGY INC 8.5% | PFD | 80007P604 | 2,085 | 51,800 | SH | | SOLE | | 51,800 | 0 | 0 |
STAG INDUSTRIAL INC 9% | PFD | 85254J201 | 465 | 16,900 | SH | | SOLE | | 16,900 | 0 | 0 |
STAG INDUSTRIAL PRF SER B 6.62 | PFD | 85254J300 | 765 | 29,900 | SH | | SOLE | | 29,900 | 0 | 0 |
AETNA | COM | 00817Y108 | 9,847 | 92,430 | SH | | SOLE | | 92,430 | 0 | 0 |
AGENUS INC | COM | 00847G705 | 103 | 20,000 | SH | | SOLE | | 20,000 | 0 | 0 |
AMERICAN AIRLINES GROUP | COM | 02376R102 | 1,174 | 22,250 | SH | | SOLE | | 22,250 | 0 | 0 |
AMERICAN CAPITAL AGENCY CORP | COM | 02503X105 | 698 | 32,721 | SH | | SOLE | | 32,721 | 0 | 0 |
AMERICAN INTERNATIONAL GROUP | COM | 026874107 | 3,202 | 58,450 | SH | | SOLE | | 58,450 | 0 | 0 |
ANADARKO PETROLEUM | COM | 032511107 | 3,387 | 40,900 | SH | | SOLE | | 40,900 | 0 | 0 |
APOLLO COMMERCIAL REAL ESTATE | COM | 03762U105 | 276 | 16,038 | SH | | SOLE | | 16,038 | 0 | 0 |
APPLE | COM | 037833100 | 13,640 | 109,620 | SH | | SOLE | | 109,620 | 0 | 0 |
ATLAS ENERGY GROUP, LLC | COM | 04929Q102 | 95 | 15,862 | SH | | SOLE | | 15,862 | 0 | 0 |
ATLAS RESOURCE PARTNERS LP | COM | 04941A101 | 2,374 | 307,850 | SH | | SOLE | | 307,850 | 0 | 0 |
BANCO SANTANDER | COM | 05964H105 | 177 | 23,772 | SH | | SOLE | | 23,772 | 0 | 0 |
BANK OF AMERICA | COM | 060505104 | 7,621 | 495,200 | SH | | SOLE | | 495,200 | 0 | 0 |
BEARD | COM | 07384R408 | 0 | 13,800 | SH | | SOLE | | 13,800 | 0 | 0 |
BERKSHIRE HATHAWAY DEL CL A | COM | 084670108 | 652 | 3 | SH | | SOLE | | 3 | 0 | 0 |
BGC PARTNERS INC | COM | 05541T101 | 4,041 | 427,650 | SH | | SOLE | | 427,650 | 0 | 0 |
BLACKHAWK CAP GROUP BDC | COM | 09236T103 | 0 | 24,000 | SH | | SOLE | | 24,000 | 0 | 0 |
BOEING | COM | 097023105 | 7,466 | 49,745 | SH | | SOLE | | 49,745 | 0 | 0 |
BREITBURN ENERGY PARTNERS | COM | 106776107 | 135 | 24,640 | SH | | SOLE | | 24,640 | 0 | 0 |
CAPITAL ONE FINANCIAL | COM | 14040H105 | 670 | 8,500 | SH | | SOLE | | 8,500 | 0 | 0 |
CATERPILLAR | COM | 149123101 | 226 | 2,825 | SH | | SOLE | | 2,825 | 0 | 0 |
CBS CORP CL B | COM | 124857202 | 8,164 | 134,650 | SH | | SOLE | | 134,650 | 0 | 0 |
CIGNA CORP COM | COM | 125509109 | 3,938 | 30,425 | SH | | SOLE | | 30,425 | 0 | 0 |
CITIGROUP INC. | COM | 172967424 | 4,854 | 94,209 | SH | | SOLE | | 94,209 | 0 | 0 |
CITY NATIONAL | COM | 178566105 | 481 | 5,400 | SH | | SOLE | | 5,400 | 0 | 0 |
COLONY CAPITAL, INC. | COM | 19624R106 | 12,659 | 488,398 | SH | | SOLE | | 488,398 | 0 | 0 |
COSTCO WHSL | COM | 22160K105 | 454 | 3,000 | SH | | SOLE | | 3,000 | 0 | 0 |
DELTA AIRLINES INC | COM | 247361702 | 7,605 | 169,150 | SH | | SOLE | | 169,150 | 0 | 0 |
DIRECT TV | COM | 25490A309 | 2,586 | 30,382 | SH | | SOLE | | 30,382 | 0 | 0 |
EXCEL | COM | 30068C109 | 2,571 | 183,371 | SH | | SOLE | | 183,371 | 0 | 0 |
EXXON | COM | 30231G102 | 434 | 5,101 | SH | | SOLE | | 5,101 | 0 | 0 |
FREEPORT MCMORAN, INC. CL B | COM | 35671D857 | 189 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |
GENERAC HOLDINGS INC | COM | 368736104 | 1,116 | 22,925 | SH | | SOLE | | 22,925 | 0 | 0 |
GILEAD SCIENCES | COM | 375558103 | 7,591 | 77,355 | SH | | SOLE | | 77,355 | 0 | 0 |
GOOGLE INC | COM | 38259P706 | 8,675 | 15,830 | SH | | SOLE | | 15,830 | 0 | 0 |
GORDMANS STORES INC | COM | 38269P100 | 305 | 36,750 | SH | | SOLE | | 36,750 | 0 | 0 |
HCA HOLDINGS, INC. | COM | 40412C101 | 354 | 4,700 | SH | | SOLE | | 4,700 | 0 | 0 |
HONEYWELL INTL INC | COM | 438516106 | 514 | 4,925 | SH | | SOLE | | 4,925 | 0 | 0 |
INVESCO MORTGAGE CAPITAL INC | COM | 46131B100 | 155 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |
JETBLUE AIRWAYS CORP | COM | 477143101 | 539 | 28,000 | SH | | SOLE | | 28,000 | 0 | 0 |
JOHNSON & JOHNSON | COM | 478160104 | 221 | 2,200 | SH | | SOLE | | 2,200 | 0 | 0 |
KINDER MORGAN INC | COM | 49456B101 | 4,136 | 98,341 | SH | | SOLE | | 98,341 | 0 | 0 |
KITE PHARMA INC | COM | 49803L109 | 2,423 | 42,000 | SH | | SOLE | | 42,000 | 0 | 0 |
KKR & CO. LP | COM | 48248M102 | 966 | 42,340 | SH | | SOLE | | 42,340 | 0 | 0 |
LEXINGTON REALTY TR | COM | 529043101 | 4,953 | 503,850 | SH | | SOLE | | 503,850 | 0 | 0 |
LIBERTY INTERACTIVE CORPORATIO | COM | 53071M104 | 541 | 18,544 | SH | | SOLE | | 18,544 | 0 | 0 |
LIBERTY MEDIA CORP CL. C | COM | 531229300 | 268 | 7,028 | SH | | SOLE | | 7,028 | 0 | 0 |
LIBERTY VENTURES SERIES A | COM | 53071M880 | 205 | 4,874 | SH | | SOLE | | 4,874 | 0 | 0 |
LINC ENERGY | COM | Q5562Z103 | 117 | 300,000 | SH | | SOLE | | 300,000 | 0 | 0 |
LINN ENERGY | COM | 536020100 | 459 | 41,500 | SH | | SOLE | | 41,500 | 0 | 0 |
MACYS | COM | 55616P104 | 750 | 11,550 | SH | | SOLE | | 11,550 | 0 | 0 |
MEDLEY CAP | COM | 58503F106 | 1,648 | 180,100 | SH | | SOLE | | 180,100 | 0 | 0 |
MEMORIAL PRODUCTION PARTNERS L | COM | 586048100 | 1,649 | 101,750 | SH | | SOLE | | 101,750 | 0 | 0 |
MERCK & CO INC | COM | 58933Y105 | 4,117 | 71,625 | SH | | SOLE | | 71,625 | 0 | 0 |
MGM MIRAGE | COM | 552953101 | 278 | 13,200 | SH | | SOLE | | 13,200 | 0 | 0 |
MORGAN STANLEY | COM | 617446448 | 357 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |
NEW MEDIA INVESTMENT GROUP INC | COM | 64704V106 | 7,016 | 293,175 | SH | | SOLE | | 293,175 | 0 | 0 |
NEW SENIOR INVESTMENT GROUP IN | COM | 648691103 | 519 | 31,200 | SH | | SOLE | | 31,200 | 0 | 0 |
NEW YORK COMMUNITY BANCORP | COM | 649445103 | 6,731 | 402,350 | SH | | SOLE | | 402,350 | 0 | 0 |
NEWCASTLE INVESTMENT CORPORATI | COM | 65105M603 | 148 | 30,600 | SH | | SOLE | | 30,600 | 0 | 0 |
NORTHSTAR ASSET MANAGEMENT GRO | COM | 66705Y104 | 619 | 26,500 | SH | | SOLE | | 26,500 | 0 | 0 |
NORTHSTAR REALTY FINANCE | COM | 66704R704 | 516 | 28,500 | SH | | SOLE | | 28,500 | 0 | 0 |
OPKO HEALTH INC COM | COM | 68375N103 | 354 | 25,000 | SH | | SOLE | | 25,000 | 0 | 0 |
ORASURE TECHNOLOGIES | COM | 68554V108 | 458 | 70,100 | SH | | SOLE | | 70,100 | 0 | 0 |
QEP RESOURCES | COM | 74733V100 | 323 | 15,500 | SH | | SOLE | | 15,500 | 0 | 0 |
QUANTA SERVICES INC | COM | 74762E102 | 546 | 19,150 | SH | | SOLE | | 19,150 | 0 | 0 |
RESOURCE CAPITAL | COM | 76120W302 | 435 | 95,800 | SH | | SOLE | | 95,800 | 0 | 0 |
RR DONNELLEY & SONS CO | COM | 257867101 | 230 | 12,000 | SH | | SOLE | | 12,000 | 0 | 0 |
RSTK CELLICON BIOTECH SER A | COM | 150990448 | 0 | 100,000 | SH | | SOLE | | 100,000 | 0 | 0 |
RSTK FULCRUM PHARM | COM | 359994217 | 0 | 20,000 | SH | | SOLE | | 20,000 | 0 | 0 |
RSTK TRIAD BIOTECHNOLOGY | COM | 898994108 | 0 | 60,000 | SH | | SOLE | | 60,000 | 0 | 0 |
SPDR GOLD TRUST | COM | 78463V107 | 568 | 5,000 | SH | | SOLE | | 5,000 | 0 | 0 |
STAG INDUSTRIAL INC | COM | 85254J102 | 800 | 34,000 | SH | | SOLE | | 34,000 | 0 | 0 |
STARWOOD PROPERTY TRUST INC | COM | 85571B105 | 5,649 | 232,475 | SH | | SOLE | | 232,475 | 0 | 0 |
SYMANTEC | COM | 871503108 | 1,784 | 76,350 | SH | | SOLE | | 76,350 | 0 | 0 |
TEVA PHARMACEUTICAL | COM | 881624209 | 467 | 7,500 | SH | | SOLE | | 7,500 | 0 | 0 |
THL CREDIT INC | COM | 872438106 | 1,111 | 90,400 | SH | | SOLE | | 90,400 | 0 | 0 |
ULTRALIFE BATTERIES | COM | 903899102 | 120 | 30,600 | SH | | SOLE | | 30,600 | 0 | 0 |
VALEANT PHARMACEUTICALS INTERN | COM | 91911x104 | 6,968 | 35,080 | SH | | SOLE | | 35,080 | 0 | 0 |
VF CORP | COM | 918204108 | 301 | 4,000 | SH | | SOLE | | 4,000 | 0 | 0 |
VIRGIN AMERICA INC | COM | 92765X208 | 395 | 13,000 | SH | | SOLE | | 13,000 | 0 | 0 |
WALGREENS BOOT ALLIANCE INC | COM | 931427108 | 7,103 | 83,875 | SH | | SOLE | | 83,875 | 0 | 0 |
WELLS FARGO | COM | 949746101 | 964 | 17,725 | SH | | SOLE | | 17,725 | 0 | 0 |
WESTERN GAS PARTNERS | COM | 958254104 | 2,089 | 31,725 | SH | | SOLE | | 31,725 | 0 | 0 |
WHITEWAVE FOODS COMPANY | COM | 966244105 | 10,755 | 242,560 | SH | | SOLE | | 242,560 | 0 | 0 |
WHOLE FOODS MARKET | COM | 966837106 | 271 | 5,200 | SH | | SOLE | | 5,200 | 0 | 0 |
WILLIAMS PARTNERS LP | COM | 96949L105 | 3,811 | 77,431 | SH | | SOLE | | 77,431 | 0 | 0 |
WYNN RESORTS | COM | 983134107 | 2,669 | 21,200 | SH | | SOLE | | 21,200 | 0 | 0 |
YAHOO | COM | 984332106 | 444 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |