Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	LEVEL 3 COMMUNICATIONS INC	2,849,911	$130M	27.2%	$45.73	$22.20	—	COM NEW	52729N308
—	CHIMERA INVT CORP	15,938,854	$48.45M	10.1%	$3.04	$3.01	—	COM	16934Q109
EPD	ENTERPRISE PRODS PARTNERS L	679,022	$27.36M	5.7%	$40.30	$51.23	—	COM	293792107
BKD	BROOKDALE SR LIVING INC	603,940	$19.46M	4.1%	$32.22 *	$27.55	+23.7%	COM	112463104
—	CYS INVTS INC	2,060,310	$16.98M	3.5%	$8.24	$8.50	—	COM	12673A108
GS	GOLDMAN SACHS GROUP INC	79,400	$14.57M	3.0%	$183.56 *	$120.06	+17.1%	COM	38141G104
—	ANNALY CAP MGMT INC	1,361,822	$14.54M	3.0%	$10.68	$12.54	—	COM	035710409
—	TWO HBRS INVT CORP	1,272,654	$12.31M	2.6%	$9.67	$10.11	—	COM	90187B101
—	GENERAL ELECTRIC CO	427,069	$10.94M	2.3%	$25.62	$23.19	—	COM	369604103
SYK	STRYKER CORP	131,220	$10.6M	2.2%	$80.75 *	$56.92	+26.4%	COM	863667101
—	ELLINGTON FINANCIAL LLC	442,344	$9.829M	2.1%	$22.22	$22.62	—	COM	288522303
—	MFA FINL INC	1,218,300	$9.478M	2.0%	$7.78	$7.97	—	COM	55272X102
—	MVC CAPITAL INC	700,474	$7.537M	1.6%	$10.76	$12.31	—	COM	553829102
ARI	APOLLO COML REAL EST FIN INC	393,084	$6.175M	1.3%	$15.71	$15.82	—	COM	03762U105
—	ALLIED WRLD ASSUR COM HLDG A	160,440	$5.911M	1.2%	$36.84	$55.85	—	SHS	H01531104
—	HOME LN SERVICING SOLUTIONS	267,382	$5.666M	1.2%	$21.19	$22.65	—	ORD SHS	G6648D109
—	TARGA RESOURCES PARTNERS LP	76,095	$5.505M	1.1%	$72.34	$50.45	—	COM UNIT	87611X105
—	TRANSATLANTIC PETROLEUM LTD	603,142	$5.422M	1.1%	$8.99	$8.76	—	SHS NEW	G89982113
—	ZAIS FINL CORP	309,811	$5.347M	1.1%	$17.26	$17.81	—	COM	98886K108
NMFC	NEW MTN FIN CORP	337,800	$4.962M	1.0%	$14.69 *	$3.91	+14.8%	COM	647551100
—	REGENCY ENERGY PARTNERS L P	148,835	$4.855M	1.0%	$32.62	$26.97	—	COM UNITS L P	75885Y107
—	BARRICK GOLD CORP	329,250	$4.827M	1.0%	$14.66	$17.73	—	COM	067901108
—	NUSTAR ENERGY LP	70,406	$4.643M	1.0%	$65.95	$45.65	—	UNIT COM	67058H102
PNNT	PENNANTPARK INVT CORP	355,374	$3.877M	0.8%	$10.91 *	$2.46	+13.8%	COM	708062104
AAPL	APPLE INC	2,875	$3.713M	0.8%	$1291.48	—	—	Call	037833100
—	SOLAR SR CAP LTD	231,979	$3.57M	0.7%	$15.39	$17.20	—	COM	83416M105
—	WEST CORP	113,347	$3.339M	0.7%	$29.46	$23.93	—	COM	952355204
SLRC	SOLAR CAP LTD	174,431	$3.258M	0.7%	$18.68 *	$7.25	-3.5%	COM	83413U100
—	COMCAST CORP NEW	60,000	$3.21M	0.7%	$53.50	$39.67	—	CL A SPL	20030N200
CSCO	CISCO SYS INC	120,000	$3.02M	0.6%	$25.17 *	$15.24	+16.2%	COM	17275R102
RIG	TRANSOCEAN LTD	91,138	$2.914M	0.6%	$31.97 *	$50.97	-23.2%	REG SHS	H8817H100
GM	GENERAL MTRS CO	87,178	$2.784M	0.6%	$31.93 *	$26.02	+1.8%	COM	37045V100
ZBH	ZIMMER HLDGS INC	27,100	$2.725M	0.6%	$100.55 *	$67.30	+33.1%	COM	98956P102
—	TC PIPELINES LP	38,000	$2.573M	0.5%	$67.71	$48.29	—	UT COM LTD PRT	87233Q108
PFE	PFIZER INC	84,247	$2.491M	0.5%	$29.57 *	$16.46	+6.0%	COM	717081103
STWD	STARWOOD PPTY TR INC	111,753	$2.454M	0.5%	$21.96	$24.75	—	COM	85571B105
EXC	EXELON CORP	70,000	$2.386M	0.5%	$34.09 *	$15.41	+1.5%	COM	30161N101
NEM	NEWMONT MINING CORP	98,000	$2.259M	0.5%	$23.05 *	$18.43	+7.8%	COM	651639106
—	JPMORGAN CHASE & CO	108,800	$2.188M	0.5%	$20.11	$19.33	—	*W EXP 10/28/201	46634E114
XOM	EXXON MOBIL CORP	23,240	$2.186M	0.5%	$94.06 *	$53.69	+14.6%	COM	30231G102
—	BUCKEYE PARTNERS L P	26,963	$2.147M	0.4%	$79.63	$69.06	—	UNIT LTD PARTN	118230101
—	MAGELLAN MIDSTREAM PRTNRS LP	24,600	$2.071M	0.4%	$84.19	$54.51	—	COM UNIT RP LP	559080106
MSFT	MICROSOFT CORP	42,400	$1.966M	0.4%	$46.37 *	$26.70	+41.0%	COM	594918104
—	CALUMET SPECIALTY PRODS PTNR	69,547	$1.909M	0.4%	$27.45	$36.38	—	UT LTD PARTNER	131476103
TR	TOOTSIE ROLL INDS INC	54,708	$1.531M	0.3%	$27.98 *	$22.01	-2.6%	COM	890516107
KGC	KINROSS GOLD CORP	463,352	$1.529M	0.3%	$3.30 *	$4.62	-15.1%	COM NO PAR	496902404
PFLT	PENNANTPARK FLOATING RATE CA	103,024	$1.42M	0.3%	$13.78 *	$4.11	+8.4%	COM	70806A106
—	MB FINANCIAL INC NEW	50,000	$1.384M	0.3%	$27.68	$26.80	—	COM	55264U108
—	TRAVELCENTERS OF AMERICA LLC	137,400	$1.358M	0.3%	$9.88	$10.94	—	COM	894174101
PBR	PETROLEO BRASILEIRO SA PETRO	95,000	$1.348M	0.3%	$14.19	$13.41	—	SPONSORED ADR	71654V408
ABBV	ABBVIE INC	22,000	$1.271M	0.3%	$57.77 *	$26.55	+32.5%	COM	00287Y109
—	MEDLEY CAP CORP	104,711	$1.237M	0.3%	$11.81	$13.58	—	COM	58503F106
—	MAXWELL TECHNOLOGIES INC	137,100	$1.196M	0.2%	$8.72	$11.24	—	COM	577767106
—	E M C CORP MASS	40,000	$1.17M	0.2%	$29.25	$23.63	—	COM	268648102
LLY	LILLY ELI & CO	18,000	$1.167M	0.2%	$64.83 *	$42.21	+21.7%	COM	532457108
VALE	VALE S A	105,600	$1.163M	0.2%	$11.01	$13.15	—	ADR	91912E105
—	AMERICAN CAPITAL AGENCY CORP	49,600	$1.054M	0.2%	$21.25	$21.53	—	COM	02503X105
—	ISTAR FINL INC	75,000	$1.013M	0.2%	$13.51	$11.29	—	COM	45031U101
BXMT	BLACKSTONE MTG TR INC	36,200	$981K	0.2%	$27.10	$27.10	—	COM CL A	09257W100
—	INVESCO MORTGAGE CAPITAL INC	60,834	$956K	0.2%	$15.71	$16.57	—	COM	46131B100
—	OCWEN FINL CORP	36,400	$953K	0.2%	$26.18	$26.18	—	COM NEW	675746309
—	BOARDWALK PIPELINE PARTNERS	49,796	$931K	0.2%	$18.70	$30.20	—	UT LTD PARTNER	096627104
ABT	ABBOTT LABS	22,000	$915K	0.2%	$41.59 *	$28.85	+18.3%	COM	002824100
—	TOTAL S A	12,500	$806K	0.2%	$64.48	$48.70	—	SPONSORED ADR	89151E109
ZTS	ZOETIS INC	21,174	$782K	0.2%	$36.93 *	$29.32	+6.9%	CL A	98978V103
—	APOLLO INVT CORP	84,800	$693K	0.1%	$8.17	$8.48	—	COM	03761U106
MDLZ	MONDELEZ INTL INC	20,000	$685K	0.1%	$34.25 *	$23.16	+22.3%	CL A	609207105
—	THL CR INC	52,100	$672K	0.1%	$12.90	$13.93	—	COM	872438106
—	SILVER BAY RLTY TR CORP	36,791	$596K	0.1%	$16.20	$16.55	—	COM	82735Q102
—	STARWOOD WAYPOINT RESIDENTL	22,350	$581K	0.1%	$26.00	$28.77	—	COM SHS	85571W109
COP	CONOCOPHILLIPS	7,200	$551K	0.1%	$76.53 *	$39.96	+41.9%	COM	20825C104
EARN	ELLINGTON RESIDENTIAL MTG RE	33,607	$544K	0.1%	$16.19	$15.93	—	COM SHS BEN INT	288578107
KBR	KBR INC	27,000	$508K	0.1%	$18.81 *	$26.54	-31.0%	COM	48242W106
ESNT	ESSENT GROUP LTD	23,600	$505K	0.1%	$21.40 *	$19.64	-8.0%	COM	G3198U102
—	NUVEEN PREM INCOME MUN FD	37,251	$499K	0.1%	$13.40	$12.32	—	COM	67062T100
—	GENERAL GROWTH PPTYS INC NEW	20,719	$488K	0.1%	$23.55	$19.87	—	COM	370023103
—	KRAFT FOODS GROUP INC	6,666	$376K	0.1%	$56.41	$55.81	—	COM	50076Q106
—	INVESCO QUALITY MUNI INC TRS	30,674	$372K	0.1%	$12.13	$11.12	—	COM	46133G107
—	VALE S A	37,500	$364K	0.1%	$9.71	$12.16	—	ADR REPSTG PFD	91912E204
—	INVESCO MUN OPPORTUNITY TR	27,800	$348K	0.1%	$12.52	$11.73	—	COM	46132C107
—	INVESCO MUN TR	26,900	$338K	0.1%	$12.57	$11.60	—	COM	46131J103
—	INVESCO ADVANTAGE MUNICIPAL	28,300	$322K	0.1%	$11.38	$10.53	—	SH BEN INT	46132E103
—	INVESCO TR INVT GRADE MUNS	24,400	$320K	0.1%	$13.11	$12.17	—	COM	46131M106
—	EATON VANCE MUN BD FD	25,500	$319K	0.1%	$12.51	$11.29	—	COM	27827X101
KMI	KINDER MORGAN INC DEL	7,600	$291K	0.1%	$38.29 *	$20.66	+3.7%	COM	49456B101
—	SANDRIDGE ENERGY INC	61,162	$262K	0.1%	$4.28	$4.76	—	COM	80007P307
—	LEVEL 3 COMMUNICATIONS INC	6,090	$257K	0.1%	$42.20	$22.20	—	Put	52729N308
—	PENNEY J C INC	25,000	$251K	0.1%	$10.04	$8.62	—	COM	708160106
—	PUTNAM MANAGED MUN INCOM TR	32,800	$232K	0.0%	$7.07	$6.65	—	COM	746823103
—	GENERAL ELECTRIC CO	2,760	$201K	0.0%	$72.83	$23.19	—	Put	369604103
FSLR	FIRST SOLAR INC	2,500	$165K	0.0%	$66.00 *	$54.68	+23.8%	COM	336433107
—	AEROPOSTALE	50,000	$165K	0.0%	$3.30	$5.02	—	COM	007865108
BKD	BROOKDALE SR LIVING INC	400	$156K	0.0%	$390.00 *	$27.55	+23.7%	Put	112463104
C	CITIGROUP INC	250	$145K	0.0%	$580.00	—	—	Call	172967424
—	INTREPID POTASH INC	9,100	$141K	0.0%	$15.49	$19.01	—	COM	46121Y102
HRZN	HORIZON TECHNOLOGY FIN CORP	9,314	$125K	0.0%	$13.42 *	$3.38	+13.9%	COM	44045A102
MDLZ	MONDELEZ INTL INC	1,000	$95,000	0.0%	$95.00 *	$23.16	+22.3%	Call	609207105
—	NEW RESIDENTIAL INVT CORP	12,000	$70,000	0.0%	$5.83	$6.75	—	COM	64828T102
—	INVESCO CALIF VALUE MUN INC	5,000	$61,000	0.0%	$12.20	$11.40	—	COM	46132H106
—	NEWCASTLE INVT CORP NEW	4,000	$51,000	0.0%	$12.75	$12.75	—	COM NEW	65105M504
—	TPG SPECIALTY LENDING INC	3,000	$48,000	0.0%	$16.00	$16.00	—	COM	87265K102
SONY	SONY CORP	2,000	$36,000	0.0%	$18.00	$21.00	—	ADR NEW	835699307
—	YUME INC	5,700	$29,000	0.0%	$5.09	$7.37	—	COM	98872B104
—	CLUBCORP HLDGS INC	800	$20,000	0.0%	$25.00	—	—	Put	18948M108
—	NEW MEDIA INVT GROUP INC	866	$14,000	0.0%	$16.17	$15.01	—	COM	64704V106
—	AMERICAN CAP SR FLOATING LTD	500	$7,000	0.0%	$14.00	$14.00	—	COM	02504D108