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
ALLIANCEBERNSTEIN HOLDING LP UNIT LTD PARTN 01881G106 208 10,000 SH   SOLE   10,000 0 0
ALPINE TOTAL DYNAMIC DIVID F COM SBI 021060108 411 105,000 SH   SOLE   105,000 0 0
ARES CAP CORP COM 04010l103 3,971 230,864 SH   SOLE   230,864 0 0
ARES COML REAL ESTATE CORP COM 04013v108 3,262 254,614 SH   SOLE   254,614 0 0
ATLAS FINANCIAL HOLDINGS INC SHS NEW G06207115 361 40,301 SH   SOLE   40,301 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06740C188 371 17,900 SH   SOLE   17,900 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253u108 2,688 127,620 SH   SOLE   127,620 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 716 29,000 SH   SOLE   29,000 0 0
BLUCORA INC COM 095229100 3,647 196,714 SH   SOLE   196,714 0 0
BROOKFIELD INFRAST PARTNERS LP INT UNIT g16252101 329 9,000 SH   SOLE   9,000 0 0
CANADIAN NAT RES LTD COM 136385101 1,906 67,452 SH   SOLE   67,452 0 0
CHICOPEE BANCORP INC COM 168565109 177 10,501 SH   SOLE   10,501 0 0
CIT GROUP INC COM NEW 125581801 5,446 116,800 SH   SOLE   116,800 0 0
COMCAST CORP NEW CL A SPL 20030n200 2,681 67,579 SH   SOLE   67,579 0 0
CONNECTONE BANCORP INC COM 20786U101 787 25,600 SH   SOLE   25,600 0 0
CRANE CO COM 224399105 6,945 115,913 SH   SOLE   115,913 0 0
CSX CORP COM 126408103 4,234 182,590 SH   SOLE   182,590 0 0
CVS CAREMARK CORPORATION COM 126650100 2,446 42,773 SH   SOLE   42,773 0 0
CYRUSONE INC COM 23283R100 380 18,300 SH   SOLE   18,300 0 0
DOMINION DIAMOND CORP COM 257287102 541 38,300 SH   SOLE   38,300 0 0
DOUBLELINE OPPORTUNISTIC CR COM 258623107 200 8,000 SH   SOLE   8,000 0 0
DYNEX CAP INC COM NEW 26817q506 3,327 326,506 SH   SOLE   326,506 0 0
ENDURANCE SPECIALTY HLDGS LT SHS g30397106 2,697 52,433 SH   SOLE   52,433 0 0
EXAR CORP COM 300645108 454 42,119 SH   SOLE   42,119 0 0
FIRST BUS FINL SVCS INC WIS COM 319390100 381 12,701 SH   SOLE   12,701 0 0
GLOBAL X FDS GLB X SUPERDIV 37950e549 1,092 51,000 SH   SOLE   51,000 0 0
HALCON RES CORP COM NEW 40537Q209 532 93,900 SH   SOLE   93,900 0 0
HARBINGER GROUP INC COM 41146a106 2,963 392,898 SH   SOLE   392,898 0 0
HAWAIIAN TELCOM HOLDCO INC COM 420031106 711 28,256 SH   SOLE   28,256 0 0
HCA HOLDINGS INC COM 40412c101 2,741 76,030 SH   SOLE   76,030 0 0
HF FINL CORP COM 404172108 906 69,631 SH   SOLE   69,631 0 0
ISHARES GOLD TRUST ISHARES 464285105 321 26,800 SH   SOLE   26,800 0 0
KKR & CO L P DEL COM UNITS 48248m102 2,469 125,560 SH   SOLE   125,560 0 0
KKR FINL HLDGS LLC COM 48248a306 6,123 580,434 SH   SOLE   580,434 0 0
MAIDEN HOLDINGS LTD SHS g5753u112 3,180 283,560 SH   SOLE   283,560 0 0
MICROSOFT CORP COM 594918104 2,074 60,043 SH   SOLE   60,043 0 0
NEW MTN FIN CORP COM 647551100 736 52,000 SH   SOLE   52,000 0 0
PENNANTPARK INVT CORP COM 708062104 4,038 365,454 SH   SOLE   365,454 0 0
PFIZER INC COM 717081103 1,926 68,780 SH   SOLE   68,780 0 0
PIMCO DYNAMIC INCOME FD SHS 72201Y101 243 8,300 SH   SOLE   8,300 0 0
PROSHARES TR PSHS SHTRUSS2000 74347R826 1,630 79,000 SH   SOLE   79,000 0 0
SCHLUMBERGER LTD COM 806857108 1,755 24,495 SH   SOLE   24,495 0 0
SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP 78467y107 256 1,220 SH   SOLE   1,220 0 0
SUSSER HLDGS CORP COM 869233106 5,155 107,672 SH   SOLE   107,672 0 0
TANDY LEATHER FACTORY INC COM 87538X105 346 44,487 SH   SOLE   44,487 0 0
TE CONNECTIVITY LTD REG SHS h84989104 1,905 41,820 SH   SOLE   41,820 0 0
TECUMSEH PRODS CO CL B 878895101 383 34,590 SH   SOLE   34,590 0 0
TECUMSEH PRODS CO CL A 878895200 117 10,712 SH   SOLE   10,712 0 0
THL CR INC COM 872438106 4,266 280,758 SH   SOLE   280,758 0 0
TOWER GROUP INTL LTD COM G8988C105 410 20,000 SH   SOLE   20,000 0 0
WALKER & DUNLOP INC COM 93148p102 3,274 187,062 SH   SOLE   187,062 0 0
WISDOMTREE TRUST JAPN HEDGE EQT 97717W851 602 13,200 SH   SOLE   13,200 0 0
WPX ENERGY INC COM 98212b103 3,288 173,607 SH   SOLE   173,607 0 0
XO GROUP INC COM 983772104 3,618 323,033 SH   SOLE   323,033 0 0