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 |
ABBOTT LABS | COM | 002824100 | 915 | 22,000 | SH | | SOLE | 0 | 22,000 | 0 | 0 |
ABBVIE INC | COM | 00287Y109 | 1,271 | 22,000 | SH | | SOLE | 0 | 22,000 | 0 | 0 |
AEROPOSTALE | COM | 007865108 | 165 | 50,000 | SH | | SOLE | 0 | 50,000 | 0 | 0 |
ALLIED WRLD ASSUR COM HLDG A | SHS | H01531104 | 5,911 | 160,440 | SH | | SOLE | 0 | 160,440 | 0 | 0 |
AMERICAN CAP SR FLOATING LTD | COM | 02504D108 | 7 | 500 | SH | | SOLE | 0 | 500 | 0 | 0 |
AMERICAN CAPITAL AGENCY CORP | COM | 02503X105 | 1,054 | 49,600 | SH | | SOLE | 0 | 49,600 | 0 | 0 |
ANNALY CAP MGMT INC | COM | 035710409 | 14,544 | 1,361,822 | SH | | SOLE | 0 | 1,361,822 | 0 | 0 |
APOLLO COML REAL EST FIN INC | COM | 03762U105 | 6,175 | 393,084 | SH | | SOLE | 0 | 393,084 | 0 | 0 |
APOLLO INVT CORP | COM | 03761U106 | 693 | 84,800 | SH | | SOLE | 0 | 84,800 | 0 | 0 |
APPLE INC | COM | 037833100 | 3,713 | 2,875 | SH | Call | SOLE | 0 | 0 | 0 | 0 |
BARRICK GOLD CORP | COM | 067901108 | 4,827 | 329,250 | SH | | SOLE | 0 | 329,250 | 0 | 0 |
BLACKSTONE MTG TR INC | COM CL A | 09257W100 | 981 | 36,200 | SH | | SOLE | 0 | 36,200 | 0 | 0 |
BOARDWALK PIPELINE PARTNERS | UT LTD PARTNER | 096627104 | 931 | 49,796 | SH | | SOLE | 0 | 49,796 | 0 | 0 |
BROOKDALE SR LIVING INC | COM | 112463104 | 19,459 | 603,940 | SH | | SOLE | 0 | 603,940 | 0 | 0 |
BROOKDALE SR LIVING INC | COM | 112463104 | 156 | 400 | SH | Put | SOLE | 0 | 400 | 0 | 0 |
BUCKEYE PARTNERS L P | UNIT LTD PARTN | 118230101 | 2,147 | 26,963 | SH | | SOLE | 0 | 26,963 | 0 | 0 |
CALUMET SPECIALTY PRODS PTNR | UT LTD PARTNER | 131476103 | 1,909 | 69,547 | SH | | SOLE | 0 | 69,547 | 0 | 0 |
CHIMERA INVT CORP | COM | 16934Q109 | 48,454 | 15,938,854 | SH | | SOLE | 0 | 15,938,854 | 0 | 0 |
CISCO SYS INC | COM | 17275R102 | 3,020 | 120,000 | SH | | SOLE | 0 | 120,000 | 0 | 0 |
CITIGROUP INC | COM NEW | 172967424 | 145 | 250 | SH | Call | SOLE | 0 | 0 | 0 | 0 |
CLUBCORP HLDGS INC | COM | 18948M108 | 20 | 800 | SH | Put | SOLE | 0 | 800 | 0 | 0 |
COMCAST CORP NEW | CL A SPL | 20030N200 | 3,210 | 60,000 | SH | | SOLE | 0 | 60,000 | 0 | 0 |
CONOCOPHILLIPS | COM | 20825C104 | 551 | 7,200 | SH | | SOLE | 0 | 7,200 | 0 | 0 |
CYS INVTS INC | COM | 12673A108 | 16,977 | 2,060,310 | SH | | SOLE | 0 | 2,060,310 | 0 | 0 |
E M C CORP MASS | COM | 268648102 | 1,170 | 40,000 | SH | | SOLE | 0 | 40,000 | 0 | 0 |
EATON VANCE MUN BD FD | COM | 27827X101 | 319 | 25,500 | SH | | SOLE | 0 | 25,500 | 0 | 0 |
ELLINGTON FINANCIAL LLC | COM | 288522303 | 9,829 | 442,344 | SH | | SOLE | 0 | 442,344 | 0 | 0 |
ELLINGTON RESIDENTIAL MTG RE | COM SHS BEN INT | 288578107 | 544 | 33,607 | SH | | SOLE | 0 | 33,607 | 0 | 0 |
ENTERPRISE PRODS PARTNERS L | COM | 293792107 | 27,365 | 679,022 | SH | | SOLE | 0 | 679,022 | 0 | 0 |
ESSENT GROUP LTD | COM | G3198U102 | 505 | 23,600 | SH | | SOLE | 0 | 23,600 | 0 | 0 |
EXELON CORP | COM | 30161N101 | 2,386 | 70,000 | SH | | SOLE | 0 | 70,000 | 0 | 0 |
EXXON MOBIL CORP | COM | 30231G102 | 2,186 | 23,240 | SH | | SOLE | 0 | 23,240 | 0 | 0 |
FIRST SOLAR INC | COM | 336433107 | 165 | 2,500 | SH | | SOLE | 0 | 2,500 | 0 | 0 |
GENERAL ELECTRIC CO | COM | 369604103 | 10,942 | 427,069 | SH | | SOLE | 0 | 427,069 | 0 | 0 |
GENERAL ELECTRIC CO | COM | 369604103 | 201 | 2,760 | SH | Put | SOLE | 0 | 2,760 | 0 | 0 |
GENERAL GROWTH PPTYS INC NEW | COM | 370023103 | 488 | 20,719 | SH | | SOLE | 0 | 20,719 | 0 | 0 |
GENERAL MTRS CO | COM | 37045V100 | 2,784 | 87,178 | SH | | SOLE | 0 | 87,178 | 0 | 0 |
GOLDMAN SACHS GROUP INC | COM | 38141G104 | 14,575 | 79,400 | SH | | SOLE | 0 | 79,400 | 0 | 0 |
HOME LN SERVICING SOLUTIONS | ORD SHS | G6648D109 | 5,666 | 267,382 | SH | | SOLE | 0 | 267,382 | 0 | 0 |
HORIZON TECHNOLOGY FIN CORP | COM | 44045A102 | 125 | 9,314 | SH | | SOLE | 0 | 9,314 | 0 | 0 |
INTREPID POTASH INC | COM | 46121Y102 | 141 | 9,100 | SH | | SOLE | 0 | 9,100 | 0 | 0 |
INVESCO ADVANTAGE MUNICIPAL | SH BEN INT | 46132E103 | 322 | 28,300 | SH | | SOLE | 0 | 28,300 | 0 | 0 |
INVESCO CALIF VALUE MUN INC | COM | 46132H106 | 61 | 5,000 | SH | | SOLE | 0 | 5,000 | 0 | 0 |
INVESCO MORTGAGE CAPITAL INC | COM | 46131B100 | 956 | 60,834 | SH | | SOLE | 0 | 60,834 | 0 | 0 |
INVESCO MUN OPPORTUNITY TR | COM | 46132C107 | 348 | 27,800 | SH | | SOLE | 0 | 27,800 | 0 | 0 |
INVESCO MUN TR | COM | 46131J103 | 338 | 26,900 | SH | | SOLE | 0 | 26,900 | 0 | 0 |
INVESCO QUALITY MUNI INC TRS | COM | 46133G107 | 372 | 30,674 | SH | | SOLE | 0 | 30,674 | 0 | 0 |
INVESCO TR INVT GRADE MUNS | COM | 46131M106 | 320 | 24,400 | SH | | SOLE | 0 | 24,400 | 0 | 0 |
ISTAR FINL INC | COM | 45031U101 | 1,013 | 75,000 | SH | | SOLE | 0 | 75,000 | 0 | 0 |
JPMORGAN CHASE & CO | *W EXP 10/28/201 | 46634E114 | 2,188 | 108,800 | SH | | SOLE | 0 | 108,800 | 0 | 0 |
KBR INC | COM | 48242W106 | 508 | 27,000 | SH | | SOLE | 0 | 27,000 | 0 | 0 |
KINDER MORGAN INC DEL | COM | 49456B101 | 291 | 7,600 | SH | | SOLE | 0 | 7,600 | 0 | 0 |
KINROSS GOLD CORP | COM NO PAR | 496902404 | 1,529 | 463,352 | SH | | SOLE | 0 | 463,352 | 0 | 0 |
KRAFT FOODS GROUP INC | COM | 50076Q106 | 376 | 6,666 | SH | | SOLE | 0 | 6,666 | 0 | 0 |
LEVEL 3 COMMUNICATIONS INC | COM NEW | 52729N308 | 130,326 | 2,849,911 | SH | | SOLE | 0 | 2,849,911 | 0 | 0 |
LEVEL 3 COMMUNICATIONS INC | COM NEW | 52729N308 | 257 | 6,090 | SH | Put | SOLE | 0 | 690 | 0 | 0 |
LILLY ELI & CO | COM | 532457108 | 1,167 | 18,000 | SH | | SOLE | 0 | 18,000 | 0 | 0 |
MAGELLAN MIDSTREAM PRTNRS LP | COM UNIT RP LP | 559080106 | 2,071 | 24,600 | SH | | SOLE | 0 | 24,600 | 0 | 0 |
MAXWELL TECHNOLOGIES INC | COM | 577767106 | 1,196 | 137,100 | SH | | SOLE | 0 | 137,100 | 0 | 0 |
MB FINANCIAL INC NEW | COM | 55264U108 | 1,384 | 50,000 | SH | | SOLE | 0 | 50,000 | 0 | 0 |
MEDLEY CAP CORP | COM | 58503F106 | 1,237 | 104,711 | SH | | SOLE | 0 | 104,711 | 0 | 0 |
MFA FINL INC | COM | 55272X102 | 9,478 | 1,218,300 | SH | | SOLE | 0 | 1,218,300 | 0 | 0 |
MICROSOFT CORP | COM | 594918104 | 1,966 | 42,400 | SH | | SOLE | 0 | 42,400 | 0 | 0 |
MONDELEZ INTL INC | CL A | 609207105 | 685 | 20,000 | SH | | SOLE | 0 | 20,000 | 0 | 0 |
MONDELEZ INTL INC | CL A | 609207105 | 95 | 1,000 | SH | Call | SOLE | 0 | 0 | 0 | 0 |
MVC CAPITAL INC | COM | 553829102 | 7,537 | 700,474 | SH | | SOLE | 0 | 700,474 | 0 | 0 |
NEW MEDIA INVT GROUP INC | COM | 64704V106 | 14 | 866 | SH | | SOLE | 0 | 866 | 0 | 0 |
NEW MTN FIN CORP | COM | 647551100 | 4,962 | 337,800 | SH | | SOLE | 0 | 337,800 | 0 | 0 |
NEW RESIDENTIAL INVT CORP | COM | 64828T102 | 70 | 12,000 | SH | | SOLE | 0 | 12,000 | 0 | 0 |
NEWCASTLE INVT CORP NEW | COM NEW | 65105M504 | 51 | 4,000 | SH | | SOLE | 0 | 4,000 | 0 | 0 |
NEWMONT MINING CORP | COM | 651639106 | 2,259 | 98,000 | SH | | SOLE | 0 | 98,000 | 0 | 0 |
NUSTAR ENERGY LP | UNIT COM | 67058H102 | 4,643 | 70,406 | SH | | SOLE | 0 | 70,406 | 0 | 0 |
NUVEEN PREM INCOME MUN FD | COM | 67062T100 | 499 | 37,251 | SH | | SOLE | 0 | 37,251 | 0 | 0 |
OCWEN FINL CORP | COM NEW | 675746309 | 953 | 36,400 | SH | | SOLE | 0 | 36,400 | 0 | 0 |
PENNANTPARK FLOATING RATE CA | COM | 70806A106 | 1,420 | 103,024 | SH | | SOLE | 0 | 103,024 | 0 | 0 |
PENNANTPARK INVT CORP | COM | 708062104 | 3,877 | 355,374 | SH | | SOLE | 0 | 355,374 | 0 | 0 |
PENNEY J C INC | COM | 708160106 | 251 | 25,000 | SH | | SOLE | 0 | 25,000 | 0 | 0 |
PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 | 1,348 | 95,000 | SH | | SOLE | 0 | 95,000 | 0 | 0 |
PFIZER INC | COM | 717081103 | 2,491 | 84,247 | SH | | SOLE | 0 | 84,247 | 0 | 0 |
PUTNAM MANAGED MUN INCOM TR | COM | 746823103 | 232 | 32,800 | SH | | SOLE | 0 | 32,800 | 0 | 0 |
REGENCY ENERGY PARTNERS L P | COM UNITS L P | 75885Y107 | 4,855 | 148,835 | SH | | SOLE | 0 | 148,835 | 0 | 0 |
SANDRIDGE ENERGY INC | COM | 80007P307 | 262 | 61,162 | SH | | SOLE | 0 | 61,162 | 0 | 0 |
SILVER BAY RLTY TR CORP | COM | 82735Q102 | 596 | 36,791 | SH | | SOLE | 0 | 36,791 | 0 | 0 |
SOLAR CAP LTD | COM | 83413U100 | 3,258 | 174,431 | SH | | SOLE | 0 | 174,431 | 0 | 0 |
SOLAR SR CAP LTD | COM | 83416M105 | 3,570 | 231,979 | SH | | SOLE | 0 | 231,979 | 0 | 0 |
SONY CORP | ADR NEW | 835699307 | 36 | 2,000 | SH | | SOLE | 0 | 2,000 | 0 | 0 |
STARWOOD PPTY TR INC | COM | 85571B105 | 2,454 | 111,753 | SH | | SOLE | 0 | 111,753 | 0 | 0 |
STARWOOD WAYPOINT RESIDENTL | COM SHS | 85571W109 | 581 | 22,350 | SH | | SOLE | 0 | 22,350 | 0 | 0 |
STRYKER CORP | COM | 863667101 | 10,596 | 131,220 | SH | | SOLE | 0 | 131,220 | 0 | 0 |
TARGA RESOURCES PARTNERS LP | COM UNIT | 87611X105 | 5,505 | 76,095 | SH | | SOLE | 0 | 76,095 | 0 | 0 |
TC PIPELINES LP | UT COM LTD PRT | 87233Q108 | 2,573 | 38,000 | SH | | SOLE | 0 | 38,000 | 0 | 0 |
THL CR INC | COM | 872438106 | 672 | 52,100 | SH | | SOLE | 0 | 52,100 | 0 | 0 |
TOOTSIE ROLL INDS INC | COM | 890516107 | 1,531 | 54,708 | SH | | SOLE | 0 | 54,708 | 0 | 0 |
TOTAL S A | SPONSORED ADR | 89151E109 | 806 | 12,500 | SH | | SOLE | 0 | 12,500 | 0 | 0 |
TPG SPECIALTY LENDING INC | COM | 87265K102 | 48 | 3,000 | SH | | SOLE | 0 | 3,000 | 0 | 0 |
TRANSATLANTIC PETROLEUM LTD | SHS NEW | G89982113 | 5,422 | 603,142 | SH | | SOLE | 0 | 603,142 | 0 | 0 |
TRANSOCEAN LTD | REG SHS | H8817H100 | 2,914 | 91,138 | SH | | SOLE | 0 | 91,138 | 0 | 0 |
TRAVELCENTERS OF AMERICA LLC | COM | 894174101 | 1,358 | 137,400 | SH | | SOLE | 0 | 137,400 | 0 | 0 |
TWO HBRS INVT CORP | COM | 90187B101 | 12,307 | 1,272,654 | SH | | SOLE | 0 | 1,272,654 | 0 | 0 |
VALE S A | ADR | 91912E105 | 1,163 | 105,600 | SH | | SOLE | 0 | 105,600 | 0 | 0 |
VALE S A | ADR REPSTG PFD | 91912E204 | 364 | 37,500 | SH | | SOLE | 0 | 37,500 | 0 | 0 |
WEST CORP | COM | 952355204 | 3,339 | 113,347 | SH | | SOLE | 0 | 113,347 | 0 | 0 |
YUME INC | COM | 98872B104 | 29 | 5,700 | SH | | SOLE | 0 | 5,700 | 0 | 0 |
ZAIS FINL CORP | COM | 98886K108 | 5,347 | 309,811 | SH | | SOLE | 0 | 309,811 | 0 | 0 |
ZIMMER HLDGS INC | COM | 98956P102 | 2,725 | 27,100 | SH | | SOLE | 0 | 27,100 | 0 | 0 |
ZOETIS INC | CL A | 98978V103 | 782 | 21,174 | SH | | SOLE | 0 | 21,174 | 0 | 0 |