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 | 990 | 22,000 | SH | | SOLE | 0 | 22,000 | 0 | 0 |
ABBVIE INC | COM | 00287Y109 | 1,440 | 22,000 | SH | | SOLE | 0 | 22,000 | 0 | 0 |
AEROPOSTALE | COM | 007865108 | 116 | 50,000 | SH | | SOLE | 0 | 50,000 | 0 | 0 |
ALLIED WRLD ASSUR COM HLDG A | SHS | H01531104 | 6,084 | 160,440 | SH | | SOLE | 0 | 160,440 | 0 | 0 |
AMERICAN CAPITAL AGENCY CORP | COM | 02503X105 | 1,083 | 49,600 | SH | | SOLE | 0 | 49,600 | 0 | 0 |
ANNALY CAP MGMT INC | COM | 035710409 | 14,721 | 1,361,822 | SH | | SOLE | 0 | 1,361,822 | 0 | 0 |
APOLLO INVT CORP | COM | 03761U106 | 629 | 84,800 | SH | | SOLE | 0 | 84,800 | 0 | 0 |
APOLLO COML REAL EST FIN INC | COM | 03762U105 | 6,431 | 393,084 | SH | | SOLE | 0 | 393,084 | 0 | 0 |
APPLE INC | COM | 037833100 | 3,049 | 2,099 | SH | Call | SOLE | 0 | 0 | 0 | 0 |
BARRICK GOLD CORP | COM | 067901108 | 6,109 | 568,250 | SH | | SOLE | 0 | 568,250 | 0 | 0 |
BLACKSTONE MTG TR INC | COM CL A | 09257W100 | 2,388 | 81,949 | SH | | SOLE | 0 | 81,949 | 0 | 0 |
BOARDWALK PIPELINE PARTNERS | UT LTD PARTNER | 096627104 | 885 | 49,796 | SH | | SOLE | 0 | 49,796 | 0 | 0 |
BROOKDALE SR LIVING INC | COM | 112463104 | 22,146 | 603,940 | SH | | SOLE | 0 | 603,940 | 0 | 0 |
BROOKDALE SR LIVING INC | COM | 112463104 | 52 | 400 | SH | Put | SOLE | 0 | 400 | 0 | 0 |
BUCKEYE PARTNERS L P | UNIT LTD PARTN | 118230101 | 2,040 | 26,963 | SH | | SOLE | 0 | 26,963 | 0 | 0 |
CALUMET SPECIALTY PRODS PTNR | UT LTD PARTNER | 131476103 | 1,559 | 69,547 | SH | | SOLE | 0 | 69,547 | 0 | 0 |
CHENIERE ENERGY PARTNERS LP | COM UNIT | 16411Q101 | 282 | 8,816 | SH | | SOLE | 0 | 8,816 | 0 | 0 |
CHIMERA INVT CORP | COM | 16934Q109 | 50,686 | 15,938,854 | SH | | SOLE | 0 | 15,938,854 | 0 | 0 |
CISCO SYS INC | COM | 17275R102 | 3,338 | 120,000 | SH | | SOLE | 0 | 120,000 | 0 | 0 |
CITIGROUP INC | COM NEW | 172967424 | 181 | 250 | SH | Call | SOLE | 0 | 0 | 0 | 0 |
COMCAST CORP NEW | CL A SPL | 20030N200 | 3,454 | 60,000 | SH | | SOLE | 0 | 60,000 | 0 | 0 |
CONOCOPHILLIPS | COM | 20825C104 | 497 | 7,200 | SH | | SOLE | 0 | 7,200 | 0 | 0 |
CYS INVTS INC | COM | 12673A108 | 17,965 | 2,060,310 | SH | | SOLE | 0 | 2,060,310 | 0 | 0 |
DOW CHEM CO | COM | 260543103 | 238 | 500 | SH | Call | SOLE | 0 | 0 | 0 | 0 |
EATON VANCE MUN BD FD | COM | 27827X101 | 327 | 25,500 | SH | | SOLE | 0 | 25,500 | 0 | 0 |
ELLINGTON FINANCIAL LLC | COM | 288522303 | 8,829 | 442,344 | SH | | SOLE | 0 | 442,344 | 0 | 0 |
ELLINGTON RESIDENTIAL MTG RE | COM SHS BEN INT | 288578107 | 547 | 33,607 | SH | | SOLE | 0 | 33,607 | 0 | 0 |
E M C CORP MASS | COM | 268648102 | 1,190 | 40,000 | SH | | SOLE | 0 | 40,000 | 0 | 0 |
EPR PPTYS | COM SH BEN INT | 26884U109 | 259 | 4,500 | SH | | SOLE | 0 | 4,500 | 0 | 0 |
ENTERPRISE PRODS PARTNERS L | COM | 293792107 | 24,526 | 679,022 | SH | | SOLE | 0 | 679,022 | 0 | 0 |
ESSENT GROUP LTD | COM | G3198U102 | 607 | 23,600 | SH | | SOLE | 0 | 23,600 | 0 | 0 |
EXELON CORP | COM | 30161N101 | 2,596 | 70,000 | SH | | SOLE | 0 | 70,000 | 0 | 0 |
EXXON MOBIL CORP | COM | 30231G102 | 2,149 | 23,240 | SH | | SOLE | 0 | 23,240 | 0 | 0 |
FACTORSHARES TR | ISE CYBER SEC | 30304R407 | 1,717 | 64,800 | SH | | SOLE | 0 | 64,800 | 0 | 0 |
FIDUS INVT CORP | COM | 316500107 | 198 | 13,328 | SH | | SOLE | 0 | 13,328 | 0 | 0 |
GENERAL ELECTRIC CO | COM | 369604103 | 10,792 | 427,069 | SH | | SOLE | 0 | 427,069 | 0 | 0 |
GENERAL ELECTRIC CO | COM | 369604103 | 55 | 2,260 | SH | Put | SOLE | 0 | 2,260 | 0 | 0 |
GENERAL GROWTH PPTYS INC NEW | COM | 370023103 | 583 | 20,719 | SH | | SOLE | 0 | 20,719 | 0 | 0 |
GENERAL MTRS CO | COM | 37045V100 | 3,079 | 88,211 | SH | | SOLE | 0 | 88,211 | 0 | 0 |
GENERAL MTRS CO | COM | 37045V100 | 39 | 1,876 | SH | Call | SOLE | 0 | 0 | 0 | 0 |
GOLDMAN SACHS GROUP INC | COM | 38141G104 | 15,391 | 79,400 | SH | | SOLE | 0 | 79,400 | 0 | 0 |
HOME LN SERVICING SOLUTIONS | ORD SHS | G6648D109 | 6,275 | 321,482 | SH | | SOLE | 0 | 321,482 | 0 | 0 |
HORIZON TECHNOLOGY FIN CORP | COM | 44045A102 | 340 | 24,294 | SH | | SOLE | 0 | 24,294 | 0 | 0 |
INTERNATIONAL BUSINESS MACHS | COM | 459200101 | 377 | 300 | SH | Call | SOLE | 0 | 0 | 0 | 0 |
ISTAR FINL INC | COM | 45031U101 | 1,024 | 75,000 | SH | | SOLE | 0 | 75,000 | 0 | 0 |
INVESCO MORTGAGE CAPITAL INC | COM | 46131B100 | 940 | 60,834 | SH | | SOLE | 0 | 60,834 | 0 | 0 |
INVESCO MUN TR | COM | 46131J103 | 341 | 26,900 | SH | | SOLE | 0 | 26,900 | 0 | 0 |
INVESCO TR INVT GRADE MUNS | COM | 46131M106 | 324 | 24,400 | SH | | SOLE | 0 | 24,400 | 0 | 0 |
INVESCO MUN OPPORTUNITY TR | COM | 46132C107 | 358 | 27,800 | SH | | SOLE | 0 | 27,800 | 0 | 0 |
INVESCO ADVANTAGE MUNICIPAL | SH BEN INT | 46132E103 | 328 | 28,300 | SH | | SOLE | 0 | 28,300 | 0 | 0 |
INVESCO QUALITY MUNI INC TRS | COM | 46133G107 | 383 | 30,674 | SH | | SOLE | 0 | 30,674 | 0 | 0 |
JPMORGAN CHASE & CO | *W EXP 10/28/201 | 46634E114 | 2,263 | 108,800 | SH | Call | SOLE | 0 | 0 | 0 | 0 |
KBR INC | COM | 48242W106 | 458 | 27,000 | SH | | SOLE | 0 | 27,000 | 0 | 0 |
KINDER MORGAN INC DEL | COM | 49456B101 | 322 | 7,600 | SH | | SOLE | 0 | 7,600 | 0 | 0 |
KINROSS GOLD CORP | COM NO PAR | 496902404 | 1,307 | 463,352 | SH | | SOLE | 0 | 463,352 | 0 | 0 |
KRAFT FOODS GROUP INC | COM | 50076Q106 | 418 | 6,666 | SH | | SOLE | 0 | 6,666 | 0 | 0 |
LEVEL 3 COMMUNICATIONS INC | COM NEW | 52729N308 | 139,672 | 2,828,511 | SH | | SOLE | 0 | 2,828,511 | 0 | 0 |
LEVEL 3 COMMUNICATIONS INC | COM NEW | 52729N308 | 31 | 5,957 | SH | Put | SOLE | 0 | 5,957 | 0 | 0 |
LILLY ELI & CO | COM | 532457108 | 1,242 | 18,000 | SH | | SOLE | 0 | 18,000 | 0 | 0 |
MAGELLAN MIDSTREAM PRTNRS LP | COM UNIT RP LP | 559080106 | 2,033 | 24,600 | SH | | SOLE | 0 | 24,600 | 0 | 0 |
MAXWELL TECHNOLOGIES INC | COM | 577767106 | 840 | 92,100 | SH | | SOLE | 0 | 92,100 | 0 | 0 |
MB FINANCIAL INC NEW | COM | 55264U108 | 1,643 | 50,000 | SH | | SOLE | 0 | 50,000 | 0 | 0 |
MCDONALDS CORP | COM | 580135101 | 1,005 | 1,500 | SH | Call | SOLE | 0 | 0 | 0 | 0 |
MEDLEY CAP CORP | COM | 58503F106 | 1,140 | 123,334 | SH | | SOLE | 0 | 123,334 | 0 | 0 |
MFA FINL INC | COM | 55272X102 | 9,735 | 1,218,300 | SH | | SOLE | 0 | 1,218,300 | 0 | 0 |
MVC CAPITAL INC | COM | 553829102 | 8,472 | 861,868 | SH | | SOLE | 0 | 861,868 | 0 | 0 |
MICROSOFT CORP | COM | 594918104 | 1,969 | 42,400 | SH | | SOLE | 0 | 42,400 | 0 | 0 |
MONDELEZ INTL INC | CL A | 609207105 | 727 | 20,000 | SH | | SOLE | 0 | 20,000 | 0 | 0 |
MONDELEZ INTL INC | CL A | 609207105 | 157 | 1,000 | SH | Call | SOLE | 0 | 0 | 0 | 0 |
NEW MTN FIN CORP | COM | 647551100 | 5,047 | 337,800 | SH | | SOLE | 0 | 337,800 | 0 | 0 |
NEWMONT MINING CORP | COM | 651639106 | 3,643 | 192,763 | SH | | SOLE | 0 | 192,763 | 0 | 0 |
NEWTEK BUSINESS SVCS CORP | COM NEW | 652526203 | 872 | 59,100 | SH | | SOLE | 0 | 59,100 | 0 | 0 |
NUSTAR ENERGY LP | UNIT COM | 67058H102 | 4,066 | 70,406 | SH | | SOLE | 0 | 70,406 | 0 | 0 |
NUVEEN PREM INCOME MUN FD | COM | 67062T100 | 516 | 37,251 | SH | | SOLE | 0 | 37,251 | 0 | 0 |
OCWEN FINL CORP | COM NEW | 675746309 | 550 | 36,400 | SH | | SOLE | 0 | 36,400 | 0 | 0 |
OCWEN FINL CORP | COM NEW | 675746309 | 90 | 1,000 | SH | Call | SOLE | 0 | 0 | 0 | 0 |
PENNANTPARK INVT CORP | COM | 708062104 | 4,628 | 485,654 | SH | | SOLE | 0 | 485,654 | 0 | 0 |
PENNANTPARK FLOATING RATE CA | COM | 70806A106 | 1,757 | 127,994 | SH | | SOLE | 0 | 127,994 | 0 | 0 |
PENNEY J C INC | COM | 708160106 | 162 | 25,000 | SH | | SOLE | 0 | 25,000 | 0 | 0 |
PETROLEO BRASILEIRO SA PETRO | SPONSORED ADR | 71654V408 | 694 | 95,000 | SH | | SOLE | 0 | 95,000 | 0 | 0 |
PFIZER INC | COM | 717081103 | 2,624 | 84,247 | SH | | SOLE | 0 | 84,247 | 0 | 0 |
PLAINS GP HLDGS L P | SHS A REP LTPN | 72651A108 | 822 | 32,000 | SH | | SOLE | 0 | 32,000 | 0 | 0 |
PLAINS GP HLDGS L P | SHS A REP LTPN | 72651A108 | 75 | 500 | SH | Call | SOLE | 0 | 0 | 0 | 0 |
PUTNAM MANAGED MUN INCOM TR | COM | 746823103 | 238 | 32,800 | SH | | SOLE | 0 | 32,800 | 0 | 0 |
REGENCY ENERGY PARTNERS L P | COM UNITS L P | 75885Y107 | 3,572 | 148,835 | SH | | SOLE | 0 | 148,835 | 0 | 0 |
SANDRIDGE ENERGY INC | COM | 80007P307 | 111 | 61,162 | SH | | SOLE | 0 | 61,162 | 0 | 0 |
SILVER BAY RLTY TR CORP | COM | 82735Q102 | 609 | 36,791 | SH | | SOLE | 0 | 36,791 | 0 | 0 |
SOLAR CAP LTD | COM | 83413U100 | 5,776 | 320,713 | SH | | SOLE | 0 | 320,713 | 0 | 0 |
SOLAR SR CAP LTD | COM | 83416M105 | 6,522 | 435,659 | SH | | SOLE | 0 | 435,659 | 0 | 0 |
STARWOOD PPTY TR INC | COM | 85571B105 | 2,597 | 111,753 | SH | | SOLE | 0 | 111,753 | 0 | 0 |
STARWOOD WAYPOINT RESIDENTL | COM SHS | 85571W109 | 589 | 22,350 | SH | | SOLE | 0 | 22,350 | 0 | 0 |
STRYKER CORP | COM | 863667101 | 12,378 | 131,220 | SH | | SOLE | 0 | 131,220 | 0 | 0 |
SYNAPTICS INC | COM | 87157D109 | 1,726 | 25,073 | SH | | SOLE | 0 | 25,073 | 0 | 0 |
SYNAPTICS INC | COM | 87157D109 | 328 | 250 | SH | Call | SOLE | 0 | 0 | 0 | 0 |
TARGA RESOURCES PARTNERS LP | COM UNIT | 87611X105 | 3,643 | 76,095 | SH | | SOLE | 0 | 76,095 | 0 | 0 |
TC PIPELINES LP | UT COM LTD PRT | 87233Q108 | 2,706 | 38,000 | SH | | SOLE | 0 | 38,000 | 0 | 0 |
TENET HEALTHCARE CORP | COM NEW | 88033G407 | 592 | 750 | SH | Call | SOLE | 0 | 0 | 0 | 0 |
THL CR INC | COM | 872438106 | 1,778 | 151,172 | SH | | SOLE | 0 | 151,172 | 0 | 0 |
TOOTSIE ROLL INDS INC | COM | 890516107 | 1,677 | 54,708 | SH | | SOLE | 0 | 54,708 | 0 | 0 |
TOTAL S A | SPONSORED ADR | 89151E109 | 640 | 12,500 | SH | | SOLE | 0 | 12,500 | 0 | 0 |
TRAVELCENTERS OF AMERICA LLC | COM | 894174101 | 472 | 37,400 | SH | | SOLE | 0 | 37,400 | 0 | 0 |
TRANSATLANTIC PETROLEUM LTD | SHS NEW | G89982113 | 3,700 | 686,528 | SH | | SOLE | 0 | 686,528 | 0 | 0 |
TRANSOCEAN LTD | REG SHS | H8817H100 | 547 | 29,838 | SH | | SOLE | 0 | 29,838 | 0 | 0 |
TRANSOCEAN LTD | REG SHS | H8817H100 | 1,674 | 91,300 | SH | Call | SOLE | 0 | 0 | 0 | 0 |
TWO HBRS INVT CORP | COM | 90187B101 | 12,752 | 1,272,654 | SH | | SOLE | 0 | 1,272,654 | 0 | 0 |
VALE S A | ADR | 91912E105 | 864 | 105,600 | SH | | SOLE | 0 | 105,600 | 0 | 0 |
VALE S A | ADR REPSTG PFD | 91912E204 | 272 | 37,500 | SH | | SOLE | 0 | 37,500 | 0 | 0 |
WEST CORP | COM | 952355204 | 3,740 | 113,347 | SH | | SOLE | 0 | 15,111,431 | 0 | 0 |
ZAIS FINL CORP | COM | 98886K108 | 5,344 | 309,811 | SH | | SOLE | 0 | 309,811 | 0 | 0 |
ZIMMER HLDGS INC | COM | 98956P102 | 3,074 | 27,100 | SH | | SOLE | 0 | 27,100 | 0 | 0 |
ZOETIS INC | CL A | 98978V103 | 911 | 21,174 | SH | | SOLE | 0 | 21,174 | 0 | 0 |