Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AAPL	APPLE	102,045	$11.26M	5.3%	$18.26	+31.9%	COM	037833100
—	COLONY FINANCIAL INC	438,748	$10.45M	4.9%	$23.12	—	COM	19624R106
—	AETNA	101,480	$9.014M	4.2%	$80.35	—	COM	00817Y108
—	WHITEWAVE FOODS COMPANY	251,790	$8.81M	4.1%	$22.65	—	COM	966244105
BAC	BANK OF AMERICA	459,950	$8.229M	3.9%	$11.35	+19.4%	COM	060505104
—	ACCESS MIDSTREAM PARTNERS LP U	147,825	$8.012M	3.8%	$47.70	—	COM	00434L109
DAL	DELTA AIRLINES INC	159,980	$7.869M	3.7%	$25.14	+46.5%	COM	247361702
—	NEW MEDIA INVESTMENT GROUP INC	284,125	$6.714M	3.2%	$16.29	—	COM	64704V106
—	WALGREENS BOOT ALLIANCE INC	86,825	$6.616M	3.1%	$76.20	—	COM	931427108
—	NEW YORK COMMUNITY BANCORP	408,750	$6.54M	3.1%	$14.72	—	COM	649445103
—	ANADARKO PETROLEUM	72,124	$5.95M	2.8%	$85.89	—	COM	032511107
MRK	MERCK & CO INC	102,800	$5.838M	2.7%	$30.29	+29.9%	COM	58933Y105
C	CITIGROUP INC.	103,958	$5.625M	2.6%	$36.49	+8.4%	COM	172967424
—	LEXINGTON REALTY TR	465,450	$5.111M	2.4%	$11.59	—	COM	529043101
STWD	STARWOOD PROPERTY TRUST INC	218,950	$5.088M	2.4%	$25.70	—	COM	85571B105
—	ATLAS RESOURCE PARTNERS LP	408,450	$4.37M	2.1%	$20.24	—	COM	04941A101
KMI	KINDER MORGAN INC	102,216	$4.325M	2.0%	$21.74	+3.3%	COM	49456B101
AIG	AMERICAN INTL GROUP INC. NEW	73,350	$4.108M	1.9%	$41.13	0.0%	COM	026874784
—	WESTERN GAS PARTNERS	55,000	$4.018M	1.9%	$64.89	—	COM	958254104
—	CIGNA CORP COM	35,375	$3.64M	1.7%	$72.49	—	COM	125509109
—	BGC PARTNERS INC	377,800	$3.457M	1.6%	$6.48	—	COM	05541T101
—	MYLAN	59,125	$3.333M	1.6%	$41.06	—	COM	628530107
WYNN	WYNN RESORTS	21,200	$3.154M	1.5%	$106.96	+36.9%	COM	983134107
—	SANDRIDGE ENERGY INC 8.5%	67,300	$2.867M	1.3%	$105.93	—	PFD	80007P604
—	DIRECT TV	32,892	$2.852M	1.3%	$61.64	—	COM	25490A309
—	ATLAS ENERGY LP	86,275	$2.687M	1.3%	$44.21	—	COM	04930A104
—	QEP RESOURCES	128,600	$2.6M	1.2%	$29.76	—	COM	74733V100
—	EXCEL	183,871	$2.462M	1.2%	$12.70	—	COM	30068C109
—	MEMORIAL PRODUCTION PARTNERS L	155,400	$2.267M	1.1%	$22.59	—	COM	586048100
PWR	QUANTA SERVICES INC	77,000	$2.186M	1.0%	$34.38	-10.4%	COM	74762E102
—	GOOGLE INC	4,135	$2.177M	1.0%	$526.48	—	COM	38259P706
—	EXCEL TR INC 8.125% CUM PRF	80,250	$2.147M	1.0%	$26.01	—	PFD	30068C307
—	SYMANTEC	72,350	$1.856M	0.9%	$25.65	—	COM	871503108
—	COLONY FINANCIAL INC SER A 8.5	68,100	$1.79M	0.8%	$26.19	—	PFD	19624R205
—	NORTHSTAR REALTY FINANCE PREF	69,550	$1.742M	0.8%	$24.81	—	PFD	66705V209
—	MEDLEY CAP	185,000	$1.709M	0.8%	$13.49	—	COM	58503F106
COF	CAPITAL ONE FINANCIAL	20,450	$1.688M	0.8%	$55.88	+19.1%	COM	14040H105
AAL	AMERICAN AIRLINES GROUP	31,055	$1.665M	0.8%	$35.64	+14.5%	COM	02376R102
—	KITE PHARMA INC	27,000	$1.557M	0.7%	$30.64	—	COM	49803L109
GNRC	GENERAC HOLDINGS INC	32,925	$1.54M	0.7%	$32.90	+33.0%	COM	368736104
—	THL CREDIT INC	108,800	$1.279M	0.6%	$14.50	—	COM	872438106
—	RESOURCE CAPITAL PERF B 8.25%	55,850	$1.233M	0.6%	$24.40	—	PFD	76120W500
—	CITY NATIONAL CORP PFD SER D 6	42,700	$1.188M	0.6%	$26.29	—	PFD	17800X400
—	AMERICAN CAPITAL AGENCY CORP	48,361	$1.056M	0.5%	$21.39	—	COM	02503X105
—	QEP MIDSTREAM PARTNERS LP	62,200	$1.044M	0.5%	$23.90	—	COM	74735R115
WFC	WELLS FARGO	18,975	$1.04M	0.5%	$27.36	+41.7%	COM	949746101
—	STRATEGIC HOTEL CAP INC PFD SE	41,600	$1.04M	0.5%	$25.00	—	PFD	86272T403
—	KKR & CO. LP	44,355	$1.029M	0.5%	$24.33	—	COM	48248M102
—	COLONY FINANCIAL INC SER B 7.5	38,950	$1.012M	0.5%	$25.98	—	PFD	19624R304
—	PRIVATEBANCORP 10%	37,465	$999K	0.5%	$25.84	—	PFD	74272L208
—	MORGAN STANLEY PRD G 6.625% 7-	38,100	$972K	0.5%	$25.53	—	PFD	61762V507
SAN	BANCO SANTANDER	105,543	$879K	0.4%	$9.50	—	COM	05964H105
STAG	STAG INDUSTRIAL INC	35,700	$875K	0.4%	$19.98	—	COM	85254J102
—	NORTHSTAR REALTY FINANCE PREF	32,350	$830K	0.4%	$25.21	—	PFD	66704R506
—	ATLAS PIPELINE PARTNERS LP 8.2	32,300	$819K	0.4%	$25.26	—	PFD	049392301
M	MACYS	12,050	$792K	0.4%	$46.44	+30.3%	COM	55616P104
—	STAG INDUSTRIAL PRF SER B 6.62	29,900	$768K	0.4%	$23.17	—	PFD	85254J300
—	BEAZER HOMES USA INC 7.5%	24,900	$740K	0.3%	$29.17	—	PFD	07556Q709
—	MORGAN STANLEY CAP 5.75%	29,200	$732K	0.3%	$24.45	—	PFD	617466206
OSUR	ORASURE TECHNOLOGIES	68,450	$694K	0.3%	$5.09	+76.1%	COM	68554V108
BRK/A	BERKSHIRE HATHAWAY DEL CL A	3	$678K	0.3%	$165023.42	+31.2%	COM	084670108
—	NORDIC AMERICAN OFFSHORE LTD	52,500	$645K	0.3%	$18.40	—	COM	Y6366T112
—	AMERICAN CAPITAL AGENCY CORP P	25,700	$641K	0.3%	$24.86	—	PFD	02503X303
—	NEW SENIOR INVESTMENT GROUP IN	36,766	$605K	0.3%	$16.46	—	COM	648691103
—	NORTHSTAR ASSET MANAGEMENT GRO	26,500	$598K	0.3%	$18.41	—	COM	66705Y104
XOM	EXXON	6,401	$592K	0.3%	$53.69	+8.0%	COM	30231G102
—	VIRGIN AMERICA INC	13,500	$584K	0.3%	$43.26	—	COM	92765X208
—	GRAMERCY PROPERTY TRUST B 7.12	22,500	$574K	0.3%	$25.51	—	PFD	38489R506
GLD	SPDR GOLD TRUST	5,000	$568K	0.3%	$119.11	—	COM	78463V107
—	LIBERTY INTERACTIVE CORPORATIO	18,544	$546K	0.3%	$23.03	—	COM	53071M104
—	CONSTELLIUM NV	33,100	$544K	0.3%	$31.39	—	COM	N22035104
FCX	FREEPORT MCMORAN, INC. CL B	22,000	$514K	0.2%	$25.41	-4.5%	COM	35671D857
HON	HONEYWELL INTL INC	5,050	$505K	0.2%	$54.18	+26.0%	COM	438516106
—	NORTHSTAR REALTY FINANCE	28,500	$501K	0.2%	$17.63	—	COM	66704R704
—	ALPHA NATURAL RESOURCES SR NT	500,000	$479K	0.2%	$0.91	—	CONV	02076XAA0
—	CITY NATIONAL	5,400	$436K	0.2%	$63.33	—	COM	178566105
—	STAG INDUSTRIAL INC 9%	15,700	$433K	0.2%	$27.04	—	PFD	85254J201
TEVA	TEVA PHARMACEUTICAL	7,500	$431K	0.2%	$39.20	—	COM	881624209
COST	COSTCO WHSL	3,000	$425K	0.2%	$86.56	+26.4%	COM	22160K105
DVN	DEVON ENERGY	6,650	$407K	0.2%	$50.29	-18.2%	COM	25179M103
—	RR DONNELLEY & SONS CO	24,000	$403K	0.2%	$14.45	—	COM	257867101
MS	MORGAN STANLEY	10,000	$388K	0.2%	$17.33	+52.1%	COM	617446448
—	YAHOO	7,000	$354K	0.2%	$43.59	—	COM	984332106
CAT	CATERPILLAR	3,825	$350K	0.2%	$61.86	+18.6%	COM	149123101
—	REALTY INCOME CORP PREF F 6.62	12,800	$336K	0.2%	$24.30	—	PFD	756109807
MGM	MGM MIRAGE	15,000	$321K	0.2%	$14.02	+46.3%	COM	552953101
ARI	APOLLO COMMERCIAL REAL ESTATE	19,038	$311K	0.1%	$16.30	—	COM	03762U105
VFC	VF CORP	4,000	$300K	0.1%	$52.11	+26.9%	COM	918204108
—	ASSOCIATED BANC-CORP PFD STK S	10,900	$291K	0.1%	$28.39	—	PFD	045488202
—	KKR FINL HLDGS LLC PFD SER A L	9,500	$253K	0.1%	$26.63	—	PFD	48248A603
—	ANNALY CAP MANAGEMENT	23,222	$251K	0.1%	$10.67	—	COM	035710409
OPK	OPKO HEALTH INC COM	25,000	$250K	0.1%	$6.91	+23.9%	COM	68375N103
—	LIBERTY MEDIA CORP CL. C	7,028	$246K	0.1%	$46.96	—	COM	531229300
JNJ	JOHNSON & JOHNSON	2,200	$230K	0.1%	$60.07	+28.7%	COM	478160104
—	NORTHSTAR REALTY FINANCE PREF	8,850	$223K	0.1%	$25.20	—	PFD	66704R605
—	GENERAL ELECTRIC	8,175	$207K	0.1%	$25.32	—	COM	369604103
—	INVESCO MORTGAGE CAPITAL INC	12,534	$194K	0.1%	$16.29	—	COM	46131B100
—	BREITBURN ENERGY PARTNERS	25,585	$179K	0.1%	$7.00	—	COM	106776107
—	LINC ENERGY	300,000	$168K	0.1%	$0.80	—	COM	Q5562Z103
—	NEWCASTLE INVESTMENT CORPORATI	35,766	$161K	0.1%	$12.68	—	COM	65105M603
—	LINN ENERGY	12,000	$122K	0.1%	$29.50	—	COM	536020100
ULBI	ULTRALIFE BATTERIES	30,600	$96,000	0.0%	$3.90	-21.3%	COM	903899102
—	RESOURCE CAPITAL	11,800	$59,000	0.0%	$6.01	—	COM	76120W302
—	GORDMANS STORES INC	11,000	$30,000	0.0%	$2.73	—	COM	38269P100
—	MONITISE PLC	55,000	$22,000	0.0%	$0.51	—	COM	G6258F105
BRCOQ	BEARD	13,800	$0	0.0%	$0.01	-80.5%	COM	07384R408
—	BLACKHAWK CAP GROUP BDC	24,000	$0	0.0%	$0.04	—	COM	09236T103