Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE	96,770	$9.75M	4.1%	$17.95	+20.5%	COM	037833100
—	ACCESS MIDSTREAM PARTNERS LP U	149,550	$9.517M	4.0%	$47.70	—	COM	00434L109
—	QEP RESOURCES	302,550	$9.312M	4.0%	$29.76	—	COM	74733V100
—	WHITEWAVE FOODS COMPANY	224,025	$8.139M	3.5%	$21.12	—	COM	966244105
—	ANADARKO PETROLEUM	79,005	$8.014M	3.4%	$85.89	—	COM	032511107
—	ATLAS RESOURCE PARTNERS LP	385,675	$7.505M	3.2%	$20.80	—	COM	04941A101
—	AETNA	91,550	$7.416M	3.2%	$79.43	—	COM	00817Y108
DAL	DELTA AIRLINES INC	199,375	$7.207M	3.1%	$25.14	+32.7%	COM	247361702
—	SANDRIDGE ENERGY INC 8.5%	69,300	$6.722M	2.9%	$105.93	—	PFD	80007P604
—	ATLAS ENERGY LP	146,700	$6.455M	2.7%	$44.21	—	COM	04930A104
DVN	DEVON ENERGY	88,400	$6.027M	2.6%	$50.29	0.0%	COM	25179M103
MRK	MERCK & CO INC NEW COM	100,675	$5.968M	2.5%	$30.10	+30.8%	COM	58933Y105
BAC	BANK OF AMERICA	309,700	$5.28M	2.2%	$10.28	+22.3%	COM	060505104
—	LEXINGTON REALTY TR	537,100	$5.258M	2.2%	$11.59	—	COM	529043101
—	APACHE	55,825	$5.24M	2.2%	$93.86	—	COM	037411105
—	WALGREEN	87,925	$5.211M	2.2%	$45.75	—	COM	931422109
—	COLONY FINANCIAL INC	223,123	$4.993M	2.1%	$22.45	—	COM	19624R106
—	NEW YORK COMMUNITY BANCORP	298,150	$4.732M	2.0%	$14.24	—	COM	649445103
—	QEP MIDSTREAM PARTNERS LP	196,225	$4.649M	2.0%	$23.90	—	COM	74735R115
C	CITIGROUP INC.	84,021	$4.354M	1.9%	$35.76	+4.6%	COM	172967424
—	WESTERN GAS PARTNERS	56,450	$4.234M	1.8%	$64.89	—	COM	958254104
PWR	QUANTA SERVICES INC	116,200	$4.217M	1.8%	$34.38	+1.5%	COM	74762E102
STWD	STARWOOD PROPERTY TRUST INC	190,353	$4.18M	1.8%	$26.07	—	COM	85571B105
WYNN	WYNN RESORTS	21,200	$3.966M	1.7%	$106.96	+55.8%	COM	983134107
—	AMERICAN INTERNATIONAL GROUP	73,325	$3.961M	1.7%	$48.63	—	COM	026874107
—	NEW MEDIA INVESTMENT GROUP INC	233,475	$3.883M	1.7%	$14.69	—	COM	64704V106
—	CONSTELLIUM NV	150,425	$3.702M	1.6%	$31.39	—	COM	N22035104
—	MEMORIAL PRODUCTION PARTNERS L	161,350	$3.55M	1.5%	$22.59	—	COM	586048100
—	EXCEL	291,921	$3.436M	1.5%	$12.70	—	COM	30068C109
—	MYLAN	75,400	$3.43M	1.5%	$41.06	—	COM	628530107
—	CIGNA CORP COM	35,500	$3.219M	1.4%	$72.49	—	COM	125509109
—	KINDER MORGAN MANAGEMENT LLC	32,421	$3.052M	1.3%	$71.66	—	COM	49455U100
—	DIRECT TV	33,632	$2.91M	1.2%	$61.64	—	COM	25490A309
FCX	FREEPORT MCMORAN, INC. CL B	79,850	$2.607M	1.1%	$25.41	+24.5%	COM	35671D857
—	BGC PARTNERS INC	328,200	$2.439M	1.0%	$6.08	—	COM	05541T101
—	MEDLEY CAP	200,950	$2.373M	1.0%	$13.49	—	COM	58503F106
—	PRIVATEBANCORP 10%	78,650	$2.084M	0.9%	$25.84	—	PFD	74272L208
—	KKR & CO. LP	87,678	$1.955M	0.8%	$24.33	—	COM	48248M102
—	COLONY FINANCIAL INC SER A 8.5	66,800	$1.8M	0.8%	$26.18	—	PFD	19624R205
—	AMERICAN CAPITAL AGENCY CORP	83,180	$1.768M	0.8%	$21.39	—	COM	02503X105
—	NORTHSTAR REALTY FINANCE PREF	67,550	$1.688M	0.7%	$24.80	—	PFD	66705V209
AAL	AMERICAN AIRLINES GROUP	46,475	$1.649M	0.7%	$35.64	+4.3%	COM	02376R102
COF	CAPITAL ONE FINANCIAL	19,950	$1.628M	0.7%	$55.61	+19.8%	COM	14040H105
—	EXCEL TR INC 8.125% CUM PRF	55,350	$1.458M	0.6%	$25.68	—	PFD	30068C307
—	NORDIC AMERICAN OFFSHORE LTD	81,725	$1.44M	0.6%	$18.40	—	COM	Y6366T112
—	THL CREDIT INC	106,600	$1.375M	0.6%	$14.56	—	COM	872438106
SAN	BANCO SANTANDER	141,680	$1.346M	0.6%	$9.50	—	COM	05964H105
GNRC	GENERAC HOLDINGS INC	33,025	$1.339M	0.6%	$32.90	+36.1%	COM	368736104
STAG	STAG INDUSTRIAL INC	64,100	$1.328M	0.6%	$19.98	—	COM	85254J102
—	RESOURCE CAPITAL PERF B 8.25%	55,400	$1.327M	0.6%	$24.40	—	PFD	76120W500
—	CITY NATIONAL CORP PFD SER D 6	42,900	$1.195M	0.5%	$26.29	—	PFD	17800X400
—	STRATEGIC HOTEL CAP INC PFD SE	40,800	$1.027M	0.4%	$25.00	—	PFD	86272T403
WFC	WELLS FARGO	19,175	$995K	0.4%	$27.36	+36.7%	COM	949746101
—	NEWCASTLE INVESTMENT CORPORATI	74,632	$946K	0.4%	$12.68	—	COM	65105M603
—	ATLAS PIPELINE PARTNERS LP 8.2	30,900	$794K	0.3%	$25.25	—	PFD	049392301
—	BEAZER HOMES USA INC 7.5%	29,000	$784K	0.3%	$29.17	—	PFD	07556Q709
KMI	KINDER MORGAN INC	20,119	$771K	0.3%	$18.81	+13.9%	COM	49456B101
—	NAVIOS MARITIME PARTNERS LP	43,128	$769K	0.3%	$19.50	—	COM	Y62267102
—	MORGAN STANLEY CAP 5.75%	29,200	$730K	0.3%	$24.45	—	PFD	617466206
—	STAG INDUSTRIAL PRF SER B 6.62	28,900	$717K	0.3%	$23.09	—	PFD	85254J300
—	KITE PHARMA INC	25,000	$712K	0.3%	$28.48	—	COM	49803L109
—	NORTHSTAR REALTY FINANCE PREF	27,750	$705K	0.3%	$25.14	—	PFD	66704R506
M	MACYS	12,100	$704K	0.3%	$46.44	+27.7%	COM	55616P104
XOM	EXXON	6,801	$640K	0.3%	$53.69	+14.6%	COM	30231G102
—	AMERICAN CAPITAL AGENCY CORP P	25,700	$628K	0.3%	$24.86	—	PFD	02503X303
—	LINN ENERGY	20,800	$627K	0.3%	$29.50	—	COM	536020100
BRK/A	BERKSHIRE HATHAWAY DEL CL A	3	$621K	0.3%	$165023.42	+21.1%	COM	084670108
—	MORGAN STANLEY PRD G 6.625% 7-	24,700	$617K	0.3%	$25.55	—	PFD	61762V507
GLD	SPDR GOLD TRUST	5,000	$581K	0.2%	$119.11	—	COM	78463V107
—	QR ENERGY LP	28,959	$562K	0.2%	$17.90	—	COM	74734R108
OSUR	ORASURE TECHNOLOGIES	75,300	$544K	0.2%	$5.09	+57.2%	COM	68554V108
—	LIBERTY INTERACTIVE CORPORATIO	18,544	$529K	0.2%	$23.03	—	COM	53071M104
—	RR DONNELLEY & SONS CO	31,500	$518K	0.2%	$14.45	—	COM	257867101
—	NORTHSTAR REALTY FINANCE	28,675	$507K	0.2%	$17.63	—	COM	66704R704
—	NORTHSTAR ASSET MANAGEMENT GRO	26,675	$491K	0.2%	$18.41	—	COM	66705Y104
—	ALPHA NATURAL RESOURCES SR NT	500,000	$480K	0.2%	$0.91	—	CONV	02076XAA0
TEVA	TEVA PHARMACEUTICAL	8,200	$441K	0.2%	$39.20	—	COM	881624209
HON	HONEYWELL INTL INC	4,700	$438K	0.2%	$53.13	+26.3%	COM	438516106
—	ATLAS PIPELINE L P UNIT LP PAR	11,300	$412K	0.2%	$34.85	—	COM	049392103
—	CITY NATIONAL	5,400	$409K	0.2%	$63.33	—	COM	178566105
ARI	APOLLO COMMERCIAL REAL ESTATE	25,524	$401K	0.2%	$16.30	—	COM	03762U105
MGM	MGM MIRAGE	17,500	$399K	0.2%	$14.02	+67.7%	COM	552953101
—	INVESCO MORTGAGE CAPITAL INC	24,410	$384K	0.2%	$16.29	—	COM	46131B100
COST	COSTCO WHSL	3,000	$376K	0.2%	$86.56	+12.2%	COM	22160K105
CAT	CATERPILLAR	3,725	$369K	0.2%	$61.55	+28.8%	COM	149123101
—	ANNALY CAP MANAGEMENT	33,179	$354K	0.2%	$10.67	—	COM	035710409
MS	MORGAN STANLEY	10,000	$346K	0.1%	$17.33	+42.1%	COM	617446448
—	LIBERTY MEDIA CORP CL. C	7,028	$330K	0.1%	$46.96	—	COM	531229300
—	REALTY INCOME CORP PREF F 6.62	12,300	$322K	0.1%	$24.22	—	PFD	756109807
—	ASSOCIATED BANC-CORP PFD STK S	10,900	$301K	0.1%	$28.39	—	PFD	045488202
—	STAG INDUSTRIAL INC 9%	10,200	$278K	0.1%	$26.75	—	PFD	85254J201
JNJ	JOHNSON & JOHNSON	2,600	$277K	0.1%	$60.07	+25.8%	COM	478160104
—	LINC ENERGY	300,000	$264K	0.1%	$0.80	—	COM	Q5562Z103
VFC	VF CORP	4,000	$264K	0.1%	$52.11	+14.8%	COM	918204108
BMY	BRISTOL MYERS SQUIBB	4,300	$220K	0.1%	$34.16	+0.2%	COM	110122108
OPK	OPKO HEALTH INC COM	25,000	$213K	0.1%	$6.91	+27.2%	COM	68375N103
—	YAHOO	5,000	$204K	0.1%	$40.80	—	COM	984332106
—	MONITISE PLC	338,000	$169K	0.1%	$0.51	—	COM	G6258F105
GNW	GENWORTH FINL INC CL A	12,500	$164K	0.1%	$14.72	-1.7%	COM	37247D106
ULBI	ULTRALIFE BATTERIES	37,500	$121K	0.1%	$3.90	-12.0%	COM	903899102
—	RESOURCE AMERICA INC	10,000	$93,000	0.0%	$8.08	—	COM	761195205
—	GASTAR EXPLORATION INC	15,000	$88,000	0.0%	$7.76	—	COM	36729W202
—	RESOURCE CAPITAL	15,300	$75,000	0.0%	$6.01	—	COM	76120W302
—	SANDRIDGE ENERGY	12,250	$53,000	0.0%	$5.20	—	COM	80007P307
GULTU	GULF COAST ULTRA DEEP ROYALTY	12,500	$25,000	0.0%	$2.00	—	COM	40222T104
BRCOQ	BEARD	13,800	$0	0.0%	$0.01	-78.6%	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