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 |
ALLERGAN PLC SER A 5.5% | PFD | G0177J116 | 4,376 | 4,185 | SH | | SOLE | | 4,185 | 0 | 0 |
AMERICAN CAPITAL AGENCY CORP P | PFD | 02503X303 | 563 | 23,200 | SH | | SOLE | | 23,200 | 0 | 0 |
ASSOCIATED BANC-CORP PFD STK S | PFD | 045488202 | 289 | 10,900 | SH | | SOLE | | 10,900 | 0 | 0 |
BEAZER HOMES USA INC 7.5% | PFD | 07556Q709 | 700 | 24,700 | SH | | SOLE | | 24,700 | 0 | 0 |
CITY NATIONAL CORP PFD SER D 6 | PFD | 17800X400 | 958 | 33,600 | SH | | SOLE | | 33,600 | 0 | 0 |
COLONY FINANCIAL INC SER A 8.5 | PFD | 19624R205 | 1,757 | 67,925 | SH | | SOLE | | 67,925 | 0 | 0 |
COLONY FINANCIAL INC SER B 7.5 | PFD | 19624R304 | 1,095 | 44,050 | SH | | SOLE | | 44,050 | 0 | 0 |
EXCEL TR INC 8.125% CUM PRF | PFD | 30068C307 | 2,144 | 85,450 | SH | | SOLE | | 85,450 | 0 | 0 |
GMAC CAP TR I SER 2 CPN-8.125% | PFD | 361860208 | 655 | 25,200 | SH | | SOLE | | 25,200 | 0 | 0 |
GRAMERCY PROPERTY TRUST B 7.12 | PFD | 38489R506 | 628 | 23,700 | SH | | SOLE | | 23,700 | 0 | 0 |
KKR FINL HLDGS LLC PFD SER A L | PFD | 48248A603 | 293 | 11,200 | SH | | SOLE | | 11,200 | 0 | 0 |
MORGAN STANLEY CAP 5.75% | PFD | 617466206 | 738 | 29,200 | SH | | SOLE | | 29,200 | 0 | 0 |
MORGAN STANLEY PRD G 6.625% 7- | PFD | 61762V507 | 859 | 33,100 | SH | | SOLE | | 33,100 | 0 | 0 |
NORTHSTAR REALTY FINANCE PREF | PFD | 66704R506 | 780 | 30,775 | SH | | SOLE | | 30,775 | 0 | 0 |
NORTHSTAR REALTY FINANCE PREF | PFD | 66705V209 | 1,778 | 71,350 | SH | | SOLE | | 71,350 | 0 | 0 |
NORTHSTAR REALTY FINANCE PREF | PFD | 66704R605 | 248 | 9,850 | SH | | SOLE | | 9,850 | 0 | 0 |
PRIVATEBANCORP 10% | PFD | 74272L208 | 912 | 34,559 | SH | | SOLE | | 34,559 | 0 | 0 |
REALTY INCOME CORP PREF F 6.62 | PFD | 756109807 | 330 | 12,800 | SH | | SOLE | | 12,800 | 0 | 0 |
RESOURCE CAPITAL PERF B 8.25% | PFD | 76120W500 | 847 | 38,800 | SH | | SOLE | | 38,800 | 0 | 0 |
SANDRIDGE ENERGY INC 8.5% | PFD | 80007P604 | 226 | 10,525 | SH | | SOLE | | 10,525 | 0 | 0 |
STAG INDUSTRIAL INC 9% | PFD | 85254J201 | 459 | 16,900 | SH | | SOLE | | 16,900 | 0 | 0 |
STAG INDUSTRIAL PRF SER B 6.62 | PFD | 85254J300 | 673 | 26,900 | SH | | SOLE | | 26,900 | 0 | 0 |
AETNA | COM | 00817Y108 | 9,239 | 72,485 | SH | | SOLE | | 72,485 | 0 | 0 |
AGENUS INC | COM | 00847G705 | 131 | 15,200 | SH | | SOLE | | 15,200 | 0 | 0 |
ALLERGAN PLC | COM | G0177J108 | 6,321 | 20,830 | SH | | SOLE | | 20,830 | 0 | 0 |
AMERICAN AIRLINES GROUP | COM | 02376R102 | 327 | 8,200 | SH | | SOLE | | 8,200 | 0 | 0 |
AMERICAN INTERNATIONAL GROUP | COM | 026874107 | 3,343 | 54,075 | SH | | SOLE | | 54,075 | 0 | 0 |
ANADARKO PETROLEUM | COM | 032511107 | 3,101 | 39,725 | SH | | SOLE | | 39,725 | 0 | 0 |
APOLLO COMMERCIAL REAL ESTATE | COM | 03762U105 | 198 | 12,038 | SH | | SOLE | | 12,038 | 0 | 0 |
APPLE | COM | 037833100 | 13,737 | 109,520 | SH | | SOLE | | 109,520 | 0 | 0 |
ARAMARK | COM | 03852U106 | 1,720 | 55,550 | SH | | SOLE | | 55,550 | 0 | 0 |
ATLAS ENERGY GROUP, LLC | COM | 04929Q102 | 309 | 61,812 | SH | | SOLE | | 61,812 | 0 | 0 |
ATLAS RESOURCE PARTNERS LP | COM | 04941A101 | 866 | 138,300 | SH | | SOLE | | 138,300 | 0 | 0 |
BANK OF AMERICA | COM | 060505104 | 9,213 | 541,300 | SH | | SOLE | | 541,300 | 0 | 0 |
BERKSHIRE HATHAWAY DEL CL A | COM | 084670108 | 615 | 3 | SH | | SOLE | | 3 | 0 | 0 |
BGC PARTNERS INC | COM | 05541T101 | 3,862 | 441,350 | SH | | SOLE | | 441,350 | 0 | 0 |
BLACKHAWK CAP GROUP BDC | COM | 09236T103 | 0 | 24,000 | SH | | SOLE | | 24,000 | 0 | 0 |
BOEING | COM | 097023105 | 6,469 | 46,630 | SH | | SOLE | | 46,630 | 0 | 0 |
BREITBURN ENERGY PARTNERS | COM | 106776107 | 117 | 24,640 | SH | | SOLE | | 24,640 | 0 | 0 |
CAPITAL ONE FINANCIAL | COM | 14040H105 | 730 | 8,300 | SH | | SOLE | | 8,300 | 0 | 0 |
CBS CORP CL B | COM | 124857202 | 8,812 | 158,775 | SH | | SOLE | | 158,775 | 0 | 0 |
CIGNA CORP COM | COM | 125509109 | 3,852 | 23,775 | SH | | SOLE | | 23,775 | 0 | 0 |
CITIGROUP INC. | COM | 172967424 | 5,466 | 98,943 | SH | | SOLE | | 98,943 | 0 | 0 |
CITY NATIONAL | COM | 178566105 | 398 | 4,400 | SH | | SOLE | | 4,400 | 0 | 0 |
COLONY CAPITAL, INC. | COM | 19624R106 | 11,363 | 501,698 | SH | | SOLE | | 501,698 | 0 | 0 |
COSTCO WHSL | COM | 22160K105 | 405 | 3,000 | SH | | SOLE | | 3,000 | 0 | 0 |
DEERE & CO | COM | 244199105 | 214 | 2,200 | SH | | SOLE | | 2,200 | 0 | 0 |
DELTA AIRLINES INC | COM | 247361702 | 7,079 | 172,325 | SH | | SOLE | | 172,325 | 0 | 0 |
DIRECT TV | COM | 25490A309 | 2,515 | 27,107 | SH | | SOLE | | 27,107 | 0 | 0 |
DOLLAR GENERAL CORP | COM | 256677105 | 4,208 | 54,135 | SH | | SOLE | | 54,135 | 0 | 0 |
EXCEL | COM | 30068C109 | 1,060 | 67,221 | SH | | SOLE | | 67,221 | 0 | 0 |
EXXON | COM | 30231G102 | 275 | 3,300 | SH | | SOLE | | 3,300 | 0 | 0 |
FIRST SOLAR INC | COM | 336433107 | 235 | 5,000 | SH | | SOLE | | 5,000 | 0 | 0 |
FREEPORT MCMORAN, INC. CL B | COM | 35671D857 | 186 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |
GENERAC HOLDINGS INC | COM | 368736104 | 525 | 13,200 | SH | | SOLE | | 13,200 | 0 | 0 |
GILEAD SCIENCES | COM | 375558103 | 12,271 | 104,810 | SH | | SOLE | | 104,810 | 0 | 0 |
GOOGLE INC | COM | 38259P706 | 4,592 | 8,823 | SH | | SOLE | | 8,823 | 0 | 0 |
HCA HOLDINGS, INC. | COM | 40412C101 | 499 | 5,500 | SH | | SOLE | | 5,500 | 0 | 0 |
HONEYWELL INTL INC | COM | 438516106 | 467 | 4,575 | SH | | SOLE | | 4,575 | 0 | 0 |
JETBLUE AIRWAYS CORP | COM | 477143101 | 581 | 28,000 | SH | | SOLE | | 28,000 | 0 | 0 |
JOHNSON & JOHNSON | COM | 478160104 | 214 | 2,200 | SH | | SOLE | | 2,200 | 0 | 0 |
KINDER MORGAN INC | COM | 49456B101 | 2,831 | 73,750 | SH | | SOLE | | 73,750 | 0 | 0 |
KITE PHARMA INC | COM | 49803L109 | 1,951 | 32,000 | SH | | SOLE | | 32,000 | 0 | 0 |
LEXINGTON REALTY TR | COM | 529043101 | 4,817 | 568,050 | SH | | SOLE | | 568,050 | 0 | 0 |
LIBERTY INTERACTIVE CORPORATIO | COM | 53071M104 | 515 | 18,544 | SH | | SOLE | | 18,544 | 0 | 0 |
LIBERTY MEDIA CORP CL. C | COM | 531229300 | 252 | 7,028 | SH | | SOLE | | 7,028 | 0 | 0 |
LINC ENERGY | COM | Q5562Z103 | 45 | 300,000 | SH | | SOLE | | 300,000 | 0 | 0 |
LINN ENERGY | COM | 536020100 | 227 | 25,500 | SH | | SOLE | | 25,500 | 0 | 0 |
MACYS | COM | 55616P104 | 776 | 11,500 | SH | | SOLE | | 11,500 | 0 | 0 |
MEDLEY CAP | COM | 58503F106 | 1,564 | 175,500 | SH | | SOLE | | 175,500 | 0 | 0 |
MEMORIAL PRODUCTION PARTNERS L | COM | 586048100 | 944 | 63,600 | SH | | SOLE | | 63,600 | 0 | 0 |
MERCK & CO INC | COM | 58933Y105 | 3,599 | 63,225 | SH | | SOLE | | 63,225 | 0 | 0 |
MORGAN STANLEY | COM | 617446448 | 388 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |
NEW MEDIA INVESTMENT GROUP INC | COM | 64704V106 | 6,093 | 339,825 | SH | | SOLE | | 339,825 | 0 | 0 |
NEW SENIOR INVESTMENT GROUP IN | COM | 648691103 | 3,129 | 234,000 | SH | | SOLE | | 234,000 | 0 | 0 |
NEW YORK COMMUNITY BANCORP | COM | 649445103 | 5,487 | 298,550 | SH | | SOLE | | 298,550 | 0 | 0 |
NEWCASTLE INVESTMENT CORPORATI | COM | 65105M603 | 237 | 53,600 | SH | | SOLE | | 53,600 | 0 | 0 |
NORTHSTAR ASSET MANAGEMENT GRO | COM | 66705Y104 | 319 | 17,250 | SH | | SOLE | | 17,250 | 0 | 0 |
NORTHSTAR REALTY FINANCE | COM | 66704R704 | 394 | 24,750 | SH | | SOLE | | 24,750 | 0 | 0 |
OPKO HEALTH INC COM | COM | 68375N103 | 402 | 25,000 | SH | | SOLE | | 25,000 | 0 | 0 |
ORASURE TECHNOLOGIES | COM | 68554V108 | 181 | 33,500 | SH | | SOLE | | 33,500 | 0 | 0 |
PEP BOYS MANNY MOE & JACK | COM | 713278109 | 258 | 21,000 | SH | | SOLE | | 21,000 | 0 | 0 |
RESOURCE CAPITAL | COM | 76120W302 | 487 | 125,800 | SH | | SOLE | | 125,800 | 0 | 0 |
RR DONNELLEY & SONS CO | COM | 257867101 | 209 | 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 | 652 | 5,800 | SH | | SOLE | | 5,800 | 0 | 0 |
STAG INDUSTRIAL INC | COM | 85254J102 | 710 | 35,500 | SH | | SOLE | | 35,500 | 0 | 0 |
STARWOOD PROPERTY TRUST INC | COM | 85571B105 | 4,365 | 202,375 | SH | | SOLE | | 202,375 | 0 | 0 |
SYMANTEC | COM | 871503108 | 366 | 15,750 | SH | | SOLE | | 15,750 | 0 | 0 |
TEVA PHARMACEUTICAL | COM | 881624209 | 443 | 7,500 | SH | | SOLE | | 7,500 | 0 | 0 |
THL CREDIT INC | COM | 872438106 | 933 | 80,800 | SH | | SOLE | | 80,800 | 0 | 0 |
ULTRALIFE BATTERIES | COM | 903899102 | 84 | 20,000 | SH | | SOLE | | 20,000 | 0 | 0 |
UNIVERSAL AMERICAN | COM | 91338E101 | 115 | 11,350 | SH | | SOLE | | 11,350 | 0 | 0 |
VALEANT PHARMACEUTICALS INTERN | COM | 91911K102 | 6,951 | 31,290 | SH | | SOLE | | 31,290 | 0 | 0 |
VF CORP | COM | 918204108 | 279 | 4,000 | SH | | SOLE | | 4,000 | 0 | 0 |
WALGREENS BOOT ALLIANCE INC | COM | 931427108 | 6,698 | 79,325 | SH | | SOLE | | 79,325 | 0 | 0 |
WELLS FARGO | COM | 949746101 | 994 | 17,675 | SH | | SOLE | | 17,675 | 0 | 0 |
WESTERN GAS PARTNERS | COM | 958254104 | 1,808 | 28,525 | SH | | SOLE | | 28,525 | 0 | 0 |
WHITEWAVE FOODS COMPANY | COM | 966244105 | 11,196 | 229,060 | SH | | SOLE | | 229,060 | 0 | 0 |
WHOLE FOODS MARKET | COM | 966837106 | 217 | 5,500 | SH | | SOLE | | 5,500 | 0 | 0 |
WILLIAMS PARTNERS LP | COM | 96949L105 | 1,477 | 30,490 | SH | | SOLE | | 30,490 | 0 | 0 |