Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	Teekay Offshore Partners	663,669	$21.55M	13.0%	$32.47	$21.70	—	Prtnrshp Un	Y8565J101
—	Teekay Lng Partners LPF	413,908	$18.09M	10.9%	$43.70	$26.97	—	Prtnrshp Un	Y8564M105
—	Superior Energy Services	429,796	$11.15M	6.7%	$25.94	$20.40	—	Com	868157108
—	National Oilwell Varco	156,255	$10.77M	6.5%	$68.90	$46.74	—	Com	637071101
—	New Residential Inv Corp	1,521,261	$10.25M	6.2%	$6.74	$6.74	—	COM	64828T102
—	Seadrill Ltd	242,960	$9.898M	6.0%	$40.74	$35.31	—	SHS	G7945E105
—	Northstar Realty Fin Cp	1,056,967	$9.618M	5.8%	$9.10	$9.46	—	Com	66704R100
—	Teekay Tankers Ltd Cl Af	3,619,700	$9.52M	5.7%	$2.63	$4.45	—	CL A	Y8565N102
PBI	Pitney Bowes Inc	608,398	$8.931M	5.4%	$14.68	$14.77	0.0%	Com	724479100
—	Calumet Specialty Prod	242,365	$8.817M	5.3%	$36.38	$37.17	—	UT LTD Partner	131476103
—	Newcastle Investment Cp	1,564,661	$8.183M	4.9%	$5.23	$4.29	—	Com	65105M108
—	Earthlink Inc	1,134,095	$7.043M	4.2%	$6.21	$5.47	—	Com	270321102
—	Tronox Ltd Class A	347,716	$7.006M	4.2%	$20.15	$19.83	—	SHS CL A	Q9235V101
VALE	Companhia Vale Do Adr	383,776	$5.047M	3.0%	$13.15	$27.57	—	ADR	91912E105
—	Proshs Ultrashrt S&P	70,324	$2.873M	1.7%	$40.85	$40.85	—	PSHS Ulsht SP500	74347b30
—	Fortress Invt Gp Llc A	285,915	$1.876M	1.1%	$6.56	$6.56	—	CL A	34958B106
—	Acadia Pharmaceuticals	60,625	$1.1M	0.7%	$18.14	$14.81	—	Com	04225108
—	Promotora De Info Adr Bf	945,442	$1.087M	0.7%	$1.15	$3.84	—	ADR CL B Conv	74343G303
—	MFC Industrial LTD	120,514	$972K	0.6%	$8.07	$8.07	—	Com	55278T105
—	Nationstar Mortgage Holdings	25,200	$943K	0.6%	$37.42	$37.42	—	Com	63861C109
—	Gannett Co Inc Del	36,860	$902K	0.5%	$24.47	$21.87	—	Com	364730101
—	Kkr Financial Corp	82,270	$868K	0.5%	$10.55	$11.00	—	Com	482476306
STWD	Starwood Ppty TRUST Inc	30,725	$760K	0.5%	$24.74	$26.59	—	Com	85571B105
—	Navios Maritime	131,982	$739K	0.4%	$5.60	$4.75	—	COM	Y62196103
—	Hi-Crush Partners Lp	30,890	$727K	0.4%	$23.54	$19.99	—	Com Unit Ltd	428337109
BRK/B	Berkshire Hathaway Cl B	5,983	$670K	0.4%	$111.98	$110.02	0.0%	Cl B New	084670702
—	Royal Dutch Shell A Adrf	9,405	$600K	0.4%	$63.80	$64.94	—	Spons ADR A	780259206
ACRE	Ares Coml Real Estate	42,995	$551K	0.3%	$12.82	$15.30	—	Com	04013V108
—	Fifth Street Finance Cp	50,903	$532K	0.3%	$10.45	$10.88	—	Com	31678A103
AAPL	Apple Computer Inc	1,169	$464K	0.3%	$396.92 *	$667.38	-98.0%	Com	037833100
—	Navios Maritime Acqstn	135,935	$461K	0.3%	$3.39	$3.44	—	SHS	Y62159101
—	Solar Senior Capital	23,568	$434K	0.3%	$18.41	$19.00	—	Com	83416M105
SLRC	Solar Capital Ltd	18,620	$430K	0.3%	$23.09 *	$7.51	-2.0%	Com	83413U100
—	Two Harbors Investment	41,385	$424K	0.3%	$10.25	$11.99	—	Com	90187B101
—	Navios Maritime Ptnrs	28,680	$414K	0.2%	$14.44	$14.49	—	Unit LPI	Y62267102
XOM	Exxon Mobil Corporation	4,155	$375K	0.2%	$90.25 *	$68.22	-21.3%	Com	30231G102
—	Amarin Corp Plc New Adrf	64,705	$375K	0.2%	$5.80	$11.85	—	Com	023111206
GS	Goldman Sachs Group Inc	2,342	$354K	0.2%	$151.15 *	$122.97	-2.4%	Com	38141G104
—	Sigma Aldrich Corp	3,820	$307K	0.2%	$80.37	$60.47	—	Com	826552101
CVX	Chevrontexaco Corp	2,059	$244K	0.1%	$118.50 *	$67.90	+5.0%	Com	166764100
PFLT	Pennantpark Cap Ltd	15,993	$226K	0.1%	$14.13 *	$4.10	0.0%	COM	70806A106
PNNT	Pennantpark Invt Corp	19,980	$221K	0.1%	$11.06 *	$2.41	0.0%	COM	708062104
BAC	Bank Of America Corp	16,910	$217K	0.1%	$12.83 *	$11.44	-12.4%	Com	060505104
—	Promotora De Info Adr Af	146,347	$148K	0.1%	$1.01	$1.90	—	ADR Cl A Shs	74343G204