The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
3M COMPANY Stock 88579Y101 296 2,113 SH   SOLE 0 2,113 0 0
AMER INTL GROUP INC Stock 026874784 255 5,000 SH   SOLE 0 5,000 0 0
AMERICAN AIRLS GROUP INC COM Stock 02376R102 2,146 85,000 SH   SOLE 0 85,000 0 0
AMGEN INC Stock 031162100 337 2,951 SH   SOLE 0 2,951 0 0
APOLLO COMMERCIAL REAL ESTATE REIT 03762U105 211 13,000 SH   SOLE 0 13,000 0 0
APOLLO GLOBAL MGMT LLC COM NPV CL A SHS MLP 037612306 5,623 177,887 SH   SOLE 0 177,887 0 0
ASCENT MEDIA CORP COM SER A Stock 043632108 1,034 12,080 SH   SOLE 0 12,080 0 0
ASPEN TECHNOLOGY INC Stock 045327103 1,013 24,223 SH   SOLE 0 24,223 0 0
BROOKFIELD INFRASTRUCTURE PARTNERS LPISIN #BMG162521014 SEDOL #B2NHY98 MLP G16252101 314 8,000 SH   SOLE 0 8,000 0 0
COLONY FINL INC COM REIT 19624R106 8,549 421,330 SH   SOLE 0 421,330 0 0
CULLEN FROST BANKERSINC Stock 229899109 298 4,000 SH   SOLE 0 4,000 0 0
DAVITA INC COM Stock 23918K108 2,231 35,200 SH   SOLE 0 35,200 0 0
DOW CHEMICAL CO Stock 260543103 455 10,250 SH   SOLE 0 10,250 0 0
EASTERN VIRGINIA BANKSHARESINC Stock 277196101 105 14,960 SH   SOLE 0 14,960 0 0
ECHOSTAR HOLDING CORP Stock 278768106 939 18,895 SH   SOLE 0 18,895 0 0
ENERGY TRANSFER EQUITY L P COM UNIT LTD PARTNERSHIP MLP 29273V100 654 8,000 SH   SOLE 0 8,000 0 0
FIDELITY NATL FINL INC Stock 31620R105 1,622 50,000 SH   SOLE 0 50,000 0 0
FLAGSTAR BANCORP INC Stock 337930705 467 23,825 SH   SOLE 0 23,825 0 0
GRACE W R & CO NEW Stock 38388F108 4,113 41,600 SH   SOLE 0 41,600 0 0
HESS CORPORATION Stock 42809H107 15,467 186,355 SH   SOLE 0 186,355 0 0
HOWARD HUGHES CORP Stock 44267D107 3,975 33,100 SH   SOLE 0 33,100 0 0
HUDSON TECHNOLOGIES INC COM Stock 444144109 154 41,625 SH   SOLE 0 41,625 0 0
HUNTSMAN CORP Stock 447011107 3,382 137,500 SH   SOLE 0 137,500 0 0
KINDER MORGAN INC Stock 49456B101 3,099 86,093 SH   SOLE 0 86,093 0 0
KINDER MORGAN INC DEL WARRANT EXPIRES 02/15/2017 Stock 49456B119 2,450 603,568 SH   SOLE 0 603,568 0 0
KKR & CO LP MLP 48248M102 2,517 103,400 SH   SOLE 0 103,400 0 0
LIBERTY MEDIA CORP Stock 531229102 7,371 50,384 SH   SOLE 0 50,384 0 0
LIBERTY MEDIA HOLDING CP INTER A Stock 53071M104 1,840 62,700 SH   SOLE 0 62,700 0 0
MALVERN FED BANCORP INC Stock 561409103 276 25,047 SH   SOLE 0 25,047 0 0
MARATHON PETE CORP Stock 56585A102 1,926 20,995 SH   SOLE 0 20,995 0 0
MICROSOFT Stock 594918104 641 17,136 SH   SOLE 0 17,136 0 0
MURPHY OIL CORP Stock 626717102 766 11,800 SH   SOLE 0 11,800 0 0
MURPHY USA INC COM Stock 626755102 552 13,275 SH   SOLE 0 13,275 0 0
NEW RESIDENTIAL INVESTMENT CORP REIT 64828T102 6,811 1,019,683 SH   SOLE 0 1,019,683 0 0
NEWCASTLE INVT CORP REIT 65105M108 9,756 1,699,633 SH   SOLE 0 1,699,633 0 0
OAKTREE CAP GROUP LLC UNITS CL A MLP 674001201 8,539 145,123 SH   SOLE 0 145,123 0 0
PBF ENERGY INC CL A Stock 69318G106 2,360 75,000 SH   SOLE 0 75,000 0 0
PHH CORP COM NEW Stock 693320202 7,506 308,252 SH   SOLE 0 308,252 0 0
PHILIP MORRIS INTL INC Stock 718172109 218 2,500 SH   SOLE 0 2,500 0 0
PLAINS ALL AMERICAN PIPELINE LP MLP 726503105 207 4,000 SH   SOLE 0 4,000 0 0
SIRIUS XM RADIO INC Stock 82968B103 447 127,940 SH   SOLE 0 127,940 0 0
STANLEY FURNITURE NEW Stock 854305208 78 20,346 SH   SOLE 0 20,346 0 0
STARZ LIBERTY CAPITAL CL A Stock 85571Q102 682 23,324 SH   SOLE 0 23,324 0 0
STEIN MART INC Stock 858375108 255 18,925 SH   SOLE 0 18,925 0 0
TEEKAY OFFSHORE PRTNRS LP MLP Y8565J101 1,191 36,000 SH   SOLE 0 36,000 0 0
TEEKAY SHIPPING CORPISIN #MHY8564W1030 Stock Y8564W103 4,804 100,063 SH   SOLE 0 100,063 0 0
THE CARLYLE GROUP MLP 14309L102 2,693 75,600 SH   SOLE 0 75,600 0 0
VIASAT INC Stock 92552V100 1,256 20,044 SH   SOLE 0 20,044 0 0
WILLIAMS COMPANIES INC Stock 969457100 3,526 91,425 SH   SOLE 0 91,425 0 0