Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ACCESS MIDSTREAM PARTNERS LP U	151,775	$9.645M	4.0%	$47.70	—	COM	00434L109
—	QEP RESOURCES	272,200	$9.391M	3.9%	$29.64	—	COM	74733V100
—	ANADARKO PETROLEUM	80,805	$8.846M	3.7%	$85.89	—	COM	032511107
AAPL	APPLE	94,895	$8.819M	3.6%	$17.87	+4.4%	COM	037833100
—	WHITEWAVE FOODS COMPANY	240,568	$7.787M	3.2%	$21.12	—	COM	966244105
DAL	DELTA AIRLINES INC	195,400	$7.566M	3.1%	$24.98	+31.6%	COM	247361702
—	ATLAS RESOURCE PARTNERS LP	367,275	$7.448M	3.1%	$20.87	—	COM	04941A101
—	SANDRIDGE ENERGY INC 8.5%	65,300	$7.379M	3.0%	$106.48	—	PFD	80007P604
—	KKR & CO. LP	269,820	$6.565M	2.7%	$24.33	—	COM	48248M102
—	AETNA	79,425	$6.44M	2.7%	$79.19	—	COM	00817Y108
—	WALGREEN	85,550	$6.342M	2.6%	$45.38	—	COM	931422109
MRK	MERCK & CO INC NEW COM	107,750	$6.233M	2.6%	$30.10	+26.1%	COM	58933Y105
—	LEXINGTON REALTY TR	539,300	$5.938M	2.5%	$11.59	—	COM	529043101
—	NEW YORK COMMUNITY BANCORP	321,650	$5.14M	2.1%	$14.24	—	COM	649445103
STWD	STARWOOD PROPERTY TRUST INC	202,550	$4.815M	2.0%	$26.07	—	COM	85571B105
—	MYLAN	92,800	$4.785M	2.0%	$41.06	—	COM	628530107
BAC	BANK OF AMERICA	302,800	$4.654M	1.9%	$10.23	+19.7%	COM	060505104
—	CONSTELLIUM NV	144,925	$4.646M	1.9%	$31.64	—	COM	N22035104
—	QEP MIDSTREAM PARTNERS LP	175,075	$4.508M	1.9%	$23.92	—	COM	74735R115
WYNN	WYNN RESORTS	21,200	$4.4M	1.8%	$106.96	+62.4%	COM	983134107
FCX	FREEPORT MCMORAN, INC. CL B	118,525	$4.326M	1.8%	$25.41	+16.3%	COM	35671D857
—	WESTERN GAS PARTNERS	56,550	$4.325M	1.8%	$64.89	—	COM	958254104
—	AMERICAN INTERNATIONAL GROUP	76,125	$4.155M	1.7%	$48.63	—	COM	026874107
—	EXCEL	300,221	$4.002M	1.7%	$12.70	—	COM	30068C109
C	CITIGROUP INC.	84,396	$3.975M	1.6%	$35.76	-1.0%	COM	172967424
—	CIGNA CORP COM	42,550	$3.913M	1.6%	$72.49	—	COM	125509109
—	DIRECT TV	45,707	$3.886M	1.6%	$61.64	—	COM	25490A309
PFE	PFIZER	116,950	$3.471M	1.4%	$16.59	+5.8%	COM	717081103
—	KINDER MORGAN MANAGEMENT LLC	41,729	$3.294M	1.4%	$71.66	—	COM	49455U100
—	MEDLEY CAP	222,150	$2.901M	1.2%	$13.49	—	COM	58503F106
AAL	AMERICAN AIRLINES GROUP	64,475	$2.77M	1.1%	$35.64	+3.2%	COM	02376R102
—	NEW MEDIA INVESTMENT GROUP INC	179,450	$2.532M	1.0%	$14.11	—	COM	64704V106
WFC	WELLS FARGO	47,350	$2.489M	1.0%	$27.36	+32.7%	COM	949746101
—	MEMORIAL PRODUCTION PARTNERS L	101,550	$2.462M	1.0%	$22.94	—	COM	586048100
—	BGC PARTNERS INC	326,350	$2.428M	1.0%	$6.08	—	COM	05541T101
PWR	QUANTA SERVICES INC	63,450	$2.194M	0.9%	$33.95	0.0%	COM	74762E102
GNRC	GENERAC HOLDINGS INC	43,375	$2.114M	0.9%	$32.90	+59.9%	COM	368736104
—	PRIVATEBANCORP 10%	78,650	$2.089M	0.9%	$25.84	—	PFD	74272L208
HON	HONEYWELL INTL INC	22,000	$2.045M	0.8%	$53.13	+23.7%	COM	438516106
—	THL CREDIT INC	143,200	$2.005M	0.8%	$14.56	—	COM	872438106
COF	CAPITAL ONE FINANCIAL	23,750	$1.962M	0.8%	$55.61	+13.4%	COM	14040H105
—	COLONY FINANCIAL INC	80,800	$1.876M	0.8%	$22.57	—	COM	19624R106
—	GRAMERCY PROPERTY TRUST SER A	73,800	$1.854M	0.8%	$25.12	—	PFD	38489R209
—	COLONY FINANCIAL INC SER A 8.5	66,050	$1.781M	0.7%	$26.18	—	PFD	19624R205
—	RESOURCE CAPITAL	306,350	$1.725M	0.7%	$6.01	—	COM	76120W302
—	NORTHSTAR REALTY FINANCE PREF	67,550	$1.716M	0.7%	$24.80	—	PFD	66705V209
—	ATLAS ENERGY LP	35,100	$1.575M	0.7%	$44.87	—	COM	04930A104
STAG	STAG INDUSTRIAL INC	64,250	$1.543M	0.6%	$19.98	—	COM	85254J102
—	EXCEL TR INC 8.125% CUM PRF	55,350	$1.451M	0.6%	$25.68	—	PFD	30068C307
SAN	BANCO SANTANDER	138,278	$1.441M	0.6%	$9.50	—	COM	05964H105
—	RESOURCE CAPITAL PERF B 8.25%	55,850	$1.347M	0.6%	$24.40	—	PFD	76120W500
—	CITY NATIONAL CORP PFD SER D 6	44,500	$1.236M	0.5%	$26.29	—	PFD	17800X400
—	AMERICAN CAPITAL AGENCY CORP	48,211	$1.129M	0.5%	$21.48	—	COM	02503X105
—	STRATEGIC HOTEL CAP INC PFD SE	40,800	$1.031M	0.4%	$25.00	—	PFD	86272T403
—	NORTHSTAR REALTY FINANCE	57,850	$1.02M	0.4%	$17.63	—	COM	66704R704
—	RR DONNELLEY & SONS CO	57,500	$975K	0.4%	$14.45	—	COM	257867101
—	BEAZER HOMES USA INC 7.5%	29,000	$945K	0.4%	$29.17	—	PFD	07556Q709
—	NAVIOS MARITIME PARTNERS LP	44,000	$855K	0.4%	$19.50	—	COM	Y62267102
—	NORDIC AMERICAN OFFSHORE LTD	41,950	$803K	0.3%	$19.14	—	COM	Y6366T112
GTN	GRAY TELEVISION INC	60,300	$792K	0.3%	$11.35	-1.1%	COM	389375106
XOM	EXXON	7,700	$775K	0.3%	$53.69	+15.2%	COM	30231G102
—	ATLAS PIPELINE PARTNERS LP 8.2	30,150	$772K	0.3%	$25.24	—	PFD	049392301
M	MACYS	12,900	$748K	0.3%	$46.44	+25.0%	COM	55616P104
—	MORGAN STANLEY CAP 5.75%	29,200	$731K	0.3%	$24.45	—	PFD	617466206
KMI	KINDER MORGAN INC	20,119	$730K	0.3%	$18.81	0.0%	COM	49456B101
CAT	CATERPILLAR	6,675	$725K	0.3%	$61.55	+26.8%	COM	149123101
—	STAG INDUSTRIAL PRF SER B 6.62	28,900	$710K	0.3%	$23.09	—	PFD	85254J300
—	NORTHSTAR REALTY FINANCE PREF	27,000	$693K	0.3%	$25.13	—	PFD	66704R506
—	NEW CASTLE INVESTMENT CORP	144,500	$692K	0.3%	$4.79	—	COM	65105M108
—	LINN ENERGY	20,800	$673K	0.3%	$29.50	—	COM	536020100
OSUR	ORASURE TECHNOLOGIES	76,300	$657K	0.3%	$5.09	+37.8%	COM	68554V108
CALY	CALLAWAY GOLF CO	78,300	$651K	0.3%	$8.20	+2.8%	COM	131193104
GLD	SPDR GOLD TRUST	5,000	$640K	0.3%	$119.11	—	COM	78463V107
—	AMERICAN CAPITAL AGENCY CORP P	25,700	$639K	0.3%	$24.86	—	PFD	02503X303
—	MORGAN STANLEY PRD G 6.625% 7-	24,700	$631K	0.3%	$25.55	—	PFD	61762V507
TEVA	TEVA PHARMACEUTICAL	11,200	$587K	0.2%	$39.20	—	COM	881624209
BRK/A	BERKSHIRE HATHAWAY DEL CL A	3	$570K	0.2%	$165023.42	+15.0%	COM	084670108
—	QR ENERGY LP	29,000	$551K	0.2%	$17.90	—	COM	74734R108
MGM	MGM MIRAGE	20,700	$546K	0.2%	$14.02	+68.2%	COM	552953101
—	LIBERTY INTERACTIVE CORPORATIO	18,544	$544K	0.2%	$23.03	—	COM	53071M104
—	ALPHA NATURAL RESOURCES SR NT	500,000	$495K	0.2%	$0.91	—	CONV	02076XAA0
—	LIBERTY MEDIA CORP. CL A	3,514	$480K	0.2%	$126.64	—	COM	531229102
JPM	JPMORGAN CHASE	7,600	$438K	0.2%	$36.24	+13.7%	COM	46625H100
—	WHOLE FOODS MARKET	11,000	$425K	0.2%	$38.64	—	COM	966837106
—	CITY NATIONAL	5,400	$409K	0.2%	$63.33	—	COM	178566105
—	STRATEGIC HOTEL CAP INC PFD SE	14,100	$352K	0.1%	$24.21	—	PFD	86272T502
—	CHICAGO BRIDGE & IRON CO	5,150	$351K	0.1%	$59.66	—	COM	167250109
COST	COSTCO WHSL	3,000	$345K	0.1%	$86.56	+6.1%	COM	22160K105
—	ENTERCOM COMMUNICATIONS CORP C	31,600	$339K	0.1%	$10.45	—	COM	293639100
MS	MORGAN STANLEY	10,000	$323K	0.1%	$17.33	+31.1%	COM	617446448
—	REALTY INCOME CORP PREF F 6.62	12,300	$322K	0.1%	$24.22	—	PFD	756109807
NWS	NEWS CORP	18,100	$316K	0.1%	$14.97	-0.9%	COM	65249B208
—	INVESCO MORTGAGE CAPITAL INC	18,000	$312K	0.1%	$16.49	—	COM	46131B100
PBI	PITNEY BOWES INC	11,200	$309K	0.1%	$16.40	+62.3%	COM	724479100
—	ASSOCIATED BANC-CORP PFD STK S	10,900	$301K	0.1%	$28.39	—	PFD	045488202
—	LINC ENERGY	300,000	$301K	0.1%	$0.80	—	COM	Q5562Z103
—	ATLAS PIPELINE L P UNIT LP PAR	8,700	$299K	0.1%	$34.37	—	COM	049392103
MET	METLIFE	5,135	$285K	0.1%	$31.19	+2.1%	COM	59156R108
—	STAG INDUSTRIAL INC 9%	10,200	$282K	0.1%	$26.75	—	PFD	85254J201
JNJ	JOHNSON & JOHNSON	2,700	$282K	0.1%	$60.07	+21.8%	COM	478160104
ARI	APOLLO COMMERCIAL REAL ESTATE	16,000	$264K	0.1%	$16.64	—	COM	03762U105
GNW	GENWORTH FINL INC CL A	15,000	$261K	0.1%	$14.72	+18.8%	COM	37247D106
ULBI	ULTRALIFE BATTERIES	65,600	$252K	0.1%	$3.90	-1.8%	COM	903899102
VFC	VF CORP	4,000	$252K	0.1%	$52.11	+11.5%	COM	918204108
EOG	EOG RES	2,000	$234K	0.1%	$76.67	0.0%	COM	26875P101
OPK	OPKO HEALTH INC COM	26,000	$230K	0.1%	$6.91	+26.4%	COM	68375N103
BMY	BRISTOL MYERS SQUIBB	4,300	$209K	0.1%	$34.16	-1.9%	COM	110122108
—	SANDRIDGE ENERGY	17,000	$122K	0.1%	$5.20	—	COM	80007P307
—	MONITISE PLC	221,500	$115K	0.0%	$0.52	—	COM	G6258F105
—	RESOURCE AMERICA INC	10,000	$93,000	0.0%	$8.08	—	COM	761195205
—	GASTAR EXPLORATION INC	10,000	$87,000	0.0%	$8.70	—	COM	36729W202
BRCOQ	BEARD	13,800	$0	0.0%	$0.01	-76.9%	COM	07384R408
—	BLACKHAWK CAP GROUP BDC	24,000	$0	0.0%	$0.04	—	COM	09236T103
—	100,000THS KINDER MORGAN MGMT	94,697	$0	0.0%	—	—	COM	EKE55U103
—	RSTK CELLICON BIOTECH SER A	100,000	$0	0.0%	—	—	COM	150990448
—	RSTK TRIAD BIOTECHNOLOGY	60,000	$0	0.0%	—	—	COM	898994108
—	RSTK FULCRUM PHARM	20,000	$0	0.0%	—	—	COM	359994217