Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	LEVEL 3 COMMUNICATIONS INC	1,930,211	$84.33M	17.4%	$22.20	—	COM NEW	52729N308
—	CHIMERA INVT CORP	4,209,375	$56.28M	11.6%	$13.69	—	COM NEW	16934Q208
CSCO	CISCO SYS INC	120,000	$31.15M	6.4%	$15.24	+28.5%	COM	17275R102
—	WEST CORP	876,422	$19.63M	4.1%	$23.83	—	COM	952355204
SUI	SUN CMNTYS INC	270,148	$18.3M	3.8%	$67.76	—	COM	866674104
EPD	ENTERPRISE PRODS PARTNERS L	679,022	$16.91M	3.5%	$51.23	—	COM	293792107
—	CYS INVTS INC	2,120,310	$15.39M	3.2%	$8.46	—	COM	12673A108
—	ANNALY CAP MGMT INC	1,361,822	$13.44M	2.8%	$12.54	—	COM	035710409
BKD	BROOKDALE SR LIVING INC	568,940	$13.06M	2.7%	$27.55	+7.2%	COM	112463104
SYK	STRYKER CORP	131,220	$12.35M	2.6%	$56.92	+54.4%	COM	863667101
GS	GOLDMAN SACHS GROUP INC	69,400	$12.06M	2.5%	$120.06	+32.3%	COM	38141G104
—	TWO HBRS INVT CORP	1,307,654	$11.53M	2.4%	$10.07	—	COM	90187B101
—	GENERAL ELECTRIC CO	427,069	$10.77M	2.2%	$23.19	—	COM	369604103
—	MFA FINL INC	1,218,300	$8.297M	1.7%	$7.97	—	COM	55272X102
—	ELLINGTON FINANCIAL LLC	442,344	$7.909M	1.6%	$22.62	—	COM	288522303
—	MVC CAPITAL INC	943,994	$7.75M	1.6%	$11.58	—	COM	553829102
SLRC	SOLAR CAP LTD	479,013	$7.578M	1.6%	$6.98	-4.6%	COM	83413U100
—	SOLAR SR CAP LTD	462,645	$6.579M	1.4%	$16.13	—	COM	83416M105
ARI	APOLLO COML REAL EST FIN INC	389,285	$6.116M	1.3%	$15.82	—	COM	03762U105
—	ALLIED WRLD ASSUR COM HLDG A	150,440	$5.742M	1.2%	$55.85	—	SHS	H01531104
NMFC	NEW MTN FIN CORP	360,100	$4.894M	1.0%	$3.97	+21.5%	COM	647551100
—	ZAIS FINL CORP	343,168	$4.598M	1.0%	$17.49	—	COM	98886K108
—	THL CR INC	392,893	$4.29M	0.9%	$11.95	—	COM	872438106
GSBD	GOLDMAN SACHS BDC INC	228,702	$4.21M	0.9%	$22.86	0.0%	SHS	38147U107
PNNT	PENNANTPARK INVT CORP	647,056	$4.186M	0.9%	$2.47	-14.7%	COM	708062104
—	BARRICK GOLD CORP	582,197	$3.703M	0.8%	$14.59	—	COM	067901108
—	COMCAST CORP NEW	60,000	$3.434M	0.7%	$39.67	—	CL A SPL	20030N200
—	NUSTAR ENERGY LP	70,406	$3.156M	0.7%	$45.65	—	UNIT COM	67058H102
NEM	NEWMONT MINING CORP	192,763	$3.098M	0.6%	$17.09	-18.0%	COM	651639106
GM	GENERAL MTRS CO	88,211	$2.648M	0.5%	$26.01	-7.1%	COM	37045V100
PFE	PFIZER INC	84,247	$2.646M	0.5%	$16.46	+25.2%	COM	717081103
STWD	STARWOOD PPTY TR INC	126,853	$2.603M	0.5%	$24.25	—	COM	85571B105
ZBH	ZIMMER BIOMET HLDGS INC	27,100	$2.546M	0.5%	$67.30	+36.7%	COM	98956P102
—	ENERGY TRANSFER PRTNRS L P	61,380	$2.521M	0.5%	$52.20	—	UNIT LTD PARTN	29273R109
BXMT	BLACKSTONE MTG TR INC	81,949	$2.249M	0.5%	$28.24	—	COM CL A	09257W100
—	TARGA RESOURCES PARTNERS LP	76,095	$2.21M	0.5%	$50.45	—	COM UNIT	87611X105
PFLT	PENNANTPARK FLOATING RATE CA	178,384	$2.13M	0.4%	$4.26	+4.7%	COM	70806A106
EXC	EXELON CORP	70,000	$2.079M	0.4%	$15.41	+1.0%	COM	30161N101
AAPL	APPLE INC	2,400	$2.072M	0.4%	—	—	Call	037833100
SYNA	SYNAPTICS INC	25,073	$2.068M	0.4%	$66.96	+12.9%	COM	87157D109
BKD	BROOKDALE SR LIVING INC	1,300	$1.918M	0.4%	$27.55	+7.2%	Put	112463104
—	FACTORSHARES TR	75,000	$1.894M	0.4%	$26.70	—	ISE CYBER SEC	30304R407
MSFT	MICROSOFT CORP	42,400	$1.877M	0.4%	$26.70	+45.8%	COM	594918104
HRZN	HORIZON TECHNOLOGY FIN CORP	202,554	$1.833M	0.4%	$3.32	-2.3%	COM	44045A102
—	MEDLEY CAP CORP	245,497	$1.826M	0.4%	$10.20	—	COM	58503F106
—	TC PIPELINES LP	38,000	$1.809M	0.4%	$48.29	—	UT COM LTD PRT	87233Q108
XOM	EXXON MOBIL CORP	23,240	$1.728M	0.4%	$53.69	-8.6%	COM	30231G102
—	CALUMET SPECIALTY PRODS PTNR	69,547	$1.689M	0.3%	$36.38	—	UT LTD PARTNER	131476103
—	TRANSATLANTIC PETROLEUM LTD	686,528	$1.676M	0.3%	$8.35	—	SHS NEW	G89982113
—	AMERICAN CAPITAL AGENCY CORP	87,633	$1.639M	0.3%	$20.16	—	COM	02503X105
—	MB FINANCIAL INC NEW	50,000	$1.632M	0.3%	$26.80	—	COM	55264U108
—	BUCKEYE PARTNERS L P	26,963	$1.598M	0.3%	$69.06	—	UNIT LTD PARTN	118230101
RIG	TRANSOCEAN LTD	121,138	$1.565M	0.3%	$24.77	-44.0%	REG SHS	H8817H100
FDUS	FIDUS INVT CORP	109,784	$1.513M	0.3%	$4.66	-0.7%	COM	316500107
LLY	LILLY ELI & CO	18,000	$1.506M	0.3%	$42.21	+66.9%	COM	532457108
—	MAGELLAN MIDSTREAM PRTNRS LP	24,600	$1.479M	0.3%	$54.51	—	COM UNIT RP LP	559080106
—	PLAINS GP HLDGS L P	82,000	$1.435M	0.3%	$25.78	—	SHS A REP LTPN	72651A108
—	JPMORGAN CHASE & CO	70,200	$1.398M	0.3%	—	—	Call	46634E114
MCD	MCDONALDS CORP	1,750	$1.388M	0.3%	—	—	Call	580135101
TR	TOOTSIE ROLL INDS INC	38,736	$1.212M	0.3%	$22.10	+13.8%	COM	890516107
ABBV	ABBVIE INC	22,000	$1.197M	0.2%	$26.55	+60.2%	COM	00287Y109
CFG	CITIZENS FINL GROUP INC	44,000	$1.05M	0.2%	$17.55	0.0%	COM	174610105
—	OCWEN FINL CORP	151,400	$1.016M	0.2%	$13.85	—	COM NEW	675746309
NEWT	NEWTEK BUSINESS SVCS CORP	59,100	$971K	0.2%	$13.70	+28.9%	COM NEW	652526203
—	E M C CORP MASS	40,000	$966K	0.2%	$23.63	—	COM	268648102
—	ISTAR INC	75,000	$944K	0.2%	$11.29	—	COM	45031U101
ABT	ABBOTT LABS	22,000	$885K	0.2%	$28.85	+34.5%	COM	002824100
ZTS	ZOETIS INC	21,174	$872K	0.2%	$29.32	+45.8%	CL A	98978V103
MDLZ	MONDELEZ INTL INC	20,000	$837K	0.2%	$23.16	+47.0%	CL A	609207105
KGC	KINROSS GOLD CORP	463,352	$797K	0.2%	$4.62	-60.5%	COM NO PAR	496902404
HTGC	HERCULES TECH GROWTH CAP INC	77,982	$788K	0.2%	$11.34	0.0%	COM	427096508
—	ZAIS GROUP HLDGS INC	80,992	$763K	0.2%	$9.16	—	COM	98887G106
—	INVESCO MORTGAGE CAPITAL INC	60,834	$745K	0.2%	$16.57	—	COM	46131B100
—	LAYNE CHRISTENSEN CO	1,000,000	$733K	0.2%	$0.68	—	NOTE 4.250%11/1	521050AB0
—	SILVER BAY RLTY TR CORP	36,791	$589K	0.1%	$16.55	—	COM	82735Q102
—	BOARDWALK PIPELINE PARTNERS	49,796	$586K	0.1%	$30.20	—	UT LTD PARTNER	096627104
—	TOTAL S A	12,500	$559K	0.1%	$48.70	—	SPONSORED ADR	89151E109
PMT	PENNYMAC MTG INVT TR	35,500	$549K	0.1%	$15.46	—	COM	70931T103
—	GENERAL GROWTH PPTYS INC NEW	20,719	$538K	0.1%	$19.87	—	COM	370023103
—	STARWOOD WAYPOINT RESIDENTL	22,350	$533K	0.1%	$28.77	—	COM SHS	85571W109
—	NUVEEN PREM INCOME MUN FD	37,251	$499K	0.1%	$12.32	—	COM	67062T100
—	ALTISOURCE PORTFOLIO SOLNS S	20,000	$477K	0.1%	$30.80	—	REG SHS	L0175J104
—	AMERICAN CAP LTD	38,000	$462K	0.1%	$14.79	—	COM	02503Y103
KBR	KBR INC	27,000	$450K	0.1%	$26.54	-43.0%	COM	48242W106
VALE	VALE S A	105,600	$444K	0.1%	$13.15	—	ADR	91912E105
EARN	ELLINGTON RESIDENTIAL MTG RE	36,573	$444K	0.1%	$15.62	—	COM SHS BEN INT	288578107
—	APOLLO INVT CORP	80,800	$443K	0.1%	$8.48	—	COM	03761U106
SYNA	SYNAPTICS INC	250	$443K	0.1%	$66.96	+12.9%	Call	87157D109
—	FS INVT CORP	42,200	$393K	0.1%	$9.31	—	COM	302635107
—	INVESCO QUALITY MUNI INC TRS	30,674	$373K	0.1%	$11.12	—	COM	46133G107
—	INVESCO MUN OPPORTUNITY TR	27,800	$350K	0.1%	$11.73	—	COM	46132C107
COP	CONOCOPHILLIPS	7,200	$345K	0.1%	$39.96	-7.9%	COM	20825C104
—	INVESCO MUN TR	26,900	$330K	0.1%	$11.60	—	COM	46131J103
—	INVESCO ADVANTAGE MUNICIPAL	28,300	$321K	0.1%	$10.53	—	SH BEN INT	46132E103
—	EATON VANCE MUN BD FD	25,500	$319K	0.1%	$11.29	—	COM	27827X101
—	INVESCO TR INVT GRADE MUNS	24,400	$315K	0.1%	$12.17	—	COM	46131M106
—	CONCHO RES INC	150	$313K	0.1%	—	—	Put	20605P101
RITM	NEW RESIDENTIAL INVT CORP	19,646	$257K	0.1%	$15.02	—	COM NEW	64828T201
—	PUTNAM MANAGED MUN INCOM TR	32,800	$235K	0.0%	$6.65	—	COM	746823103
—	PENNEY J C INC	25,000	$232K	0.0%	$8.62	—	COM	708160106
EPR	EPR PPTYS	4,400	$227K	0.0%	$57.56	—	COM SH BEN INT	26884U109
KMI	KINDER MORGAN INC DEL	7,600	$210K	0.0%	$20.66	-5.4%	COM	49456B101
—	LEVEL 3 COMMUNICATIONS INC	500	$203K	0.0%	$22.20	—	Call	52729N308
GM	GENERAL MTRS CO	750	$196K	0.0%	$26.01	-7.1%	Call	37045V100
—	AMERICAN CAP LTD	2,300	$146K	0.0%	$14.79	—	Call	02503Y103
—	VALE S A	37,500	$126K	0.0%	$12.16	—	ADR REPSTG PFD	91912E204
—	HI-CRUSH PARTNERS LP	10,000	$75,000	0.0%	$35.10	—	COM UNIT LTD	428337109
—	OCWEN FINL CORP	400	$41,000	0.0%	$13.85	—	Call	675746309
—	FACTORSHARES TR	416	$40,000	0.0%	$26.70	—	Call	30304R407
—	GENERAL MTRS CO	938	$19,000	0.0%	—	—	Call	37045V118
—	SANDRIDGE ENERGY INC	61,162	$17,000	0.0%	$4.76	—	COM	80007P307
—	GENERAL MTRS CO.	938	$12,000	0.0%	—	—	Call	34045V126
BKD	BROOKDALE SR LIVING INC	750	$9,000	0.0%	$27.55	+7.2%	Call	112463104