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
AGNICO EAGLE MINES LTD COM 008474108 142 4,688 SH   OTR   0 0 4,688
ALCATEL-LUCENT ADR 013904305 240 61,585 SH   OTR   0 0 61,585
ARBOR RLTY TR INC COM 038923108 302 43,674 SH   SOLE   43,674 0 0
ASHFORD HOSPITALITY TR INC 9% CUM PFD SER E 044103505 995 36,985 SH   SOLE   36,985 0 0
BAKER HUGHES INC COM 057224107 172 2,646 SH   OTR   0 0 2,646
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 1,125 9,000 SH   OTR   0 0 9,000
CVS CAREMARK CORPORATION COM 126650100 1,842 24,600 SH   OTR   0 0 24,600
CELANESE CORP DEL COM SER A 150870103 174 3,132 SH   OTR   0 0 3,132
CENTRAL FD CDA LTD CL A CL A 153501101 1,002 72,837 SH   OTR   0 0 72,837
COMERICA INC COM 200340107 154 2,974 SH   OTR   0 0 2,974
CROCS INC COM 227046109 780 50,000 SH   OTR   0 0 50,000
DIAMOND FOODS INC COM 252603105 349 10,000 SH   OTR   0 0 10,000
DISCOVER FINL SVCS COM 254709108 152 2,606 SH   OTR   0 0 2,606
ELDORADO GOLD CORP NEW COM 284902103 133 23,850 SH   OTR   0 0 23,850
FAMILY DLR STORES INC COM 307000109 452 7,800 SH   OTR   0 0 7,800
FIFTH THIRD BANCORP COM 316773100 171 7,442 SH   OTR   0 0 7,442
FRANCO NEVADA CORP COM 351858105 183 3,994 SH   OTR   0 0 3,994
GOLDCORP INC NEW COM 380956409 208 8,512 SH   OTR   0 0 8,512
GREENHAVEN CONT CMDTY INDEX FD UNIT BEN INT 395258106 60 2,123 SH   OTR   0 0 2,123
HALLIBURTON CO COM 406216101 199 3,375 SH   OTR   0 0 3,375
HANMI FINL CORP COM NEW 410495204 207 8,890 SH   OTR   0 0 8,890
HARRIS & HARRIS GROUP INC COM 413833104 14 3,955 SH   OTR   0 0 3,955
ISHARES IBOXX INV CP ETF ETF 464287242 62 533 SH   OTR   0 0 533
ISHARES MBS ETF ETF 464288588 78 735 SH   OTR   0 0 735
ISIS PHARMACEUTICALS INC COM 464330109 171 3,958 SH   OTR   0 0 3,958
KEYCORP NEW COM 493267108 153 10,738 SH   OTR   0 0 10,738
LENNAR CORP CL A 526057104 229 5,786 SH   OTR   0 0 5,786
MICROSOFT CORP COM 594918104 190 4,629 SH   OTR   0 0 4,629
NATIONAL OILWELL VARCO INC COM 637071101 137 1,757 SH   OTR   0 0 1,757
NEW GOLD INC CDA COM 644535106 135 27,632 SH   OTR   0 0 27,632
OWENS CORNING NEW COM 690742101 492 11,400 SH   OTR   0 0 11,400
PNC FINL SVCS GROUP INC COM 693475105 214 2,464 SH   OTR   0 0 2,464
PHILLIPS 66 COM 718546104 147 1,910 SH   OTR   0 0 1,910
PULTE GROUP INC COM 745867101 173 8,993 SH   OTR   0 0 8,993
QUALCOMM INC COM 747525103 320 4,056 SH   OTR   0 0 4,056
ROCKWELL AUTOMATION INC COM 773903109 193 1,546 SH   OTR   0 0 1,546
ROYAL GOLD INC COM 780287108 197 3,151 SH   OTR   0 0 3,151
RYLAND GROUP INC COM 783764103 152 3,813 SH   OTR   0 0 3,813
SAFEWAY INC COM NEW 786514208 3,694 100,000 SH   OTR   0 0 100,000
SCHLUMBERGER LTD COM 806857108 196 2,009 SH   OTR   0 0 2,009
SIGMA ALDRICH CORP COM 826552101 186 1,995 SH   OTR   0 0 1,995
SILVER WHEATON CORP COM 828336107 203 8,963 SH   OTR   0 0 8,963
SPECTRA ENERGY CORP COM 847560109 161 4,352 SH   OTR   0 0 4,352
SUNCOR ENERGY INC NEW COM 867224107 152 4,356 SH   OTR   0 0 4,356
SUNSTONE HOTEL INVS INC NEW CV 8% CUM PFD-D 867892507 24 920 SH   SOLE   920 0 0
TAUBMAN CTRS INC PFD SER K 876664707 674 29,375 SH   SOLE   29,375 0 0
TRINITY INDS INC COM 896522109 255 3,542 SH   OTR   0 0 3,542
WABTEC CORP COM 929740108 157 2,031 SH   OTR   0 0 2,031
WEYERHAEUSER CO COM 962166104 149 5,071 SH   OTR   0 0 5,071
WHITESTONE REIT COM 966084204 1,737 120,297 SH   SOLE   120,297 0 0
WILLIAMS COS INC DEL COM 969457100 199 4,915 SH   OTR   0 0 4,915
VERISIGN INC COM 92343E102 539 10,000 SH   OTR   0 0 10,000
TARGET CORP COM 87612E106 817 13,500 SH   OTR   0 0 13,500
ADVANCE AUTO PARTS INC COM 00751Y106 1,139 9,000 SH   OTR   0 0 9,000
ALNYLAM PHARMACEUTICALS INC COM 02043Q107 168 2,501 SH   OTR   0 0 2,501
AMERICA FIRST MULTIFAMILY INV BEN UNIT CTF 02364V107 1,055 174,631 SH   SOLE   174,631 0 0
AMERICAN CAPITAL AGENCY CORP C COM 02503X105 645 30,000 SH   SOLE   30,000 0 0
APOLLO COML REAL EST FIN INC C COM 03762U105 1,638 98,500 SH   SOLE   98,500 0 0
AURICO GOLD INC COM 05155C105 109 25,170 SH   OTR   0 0 25,170
BABCOCK & WILCOX CO NEW COM 05615F102 147 4,425 SH   OTR   0 0 4,425
BIOGEN IDEC INC COM 09062X103 200 654 SH   OTR   0 0 654
COMCAST CORP NEW CL A 20030N101 175 3,498 SH   OTR   0 0 3,498
D R HORTON INC COM 23331A109 194 8,948 SH   OTR   0 0 8,948
DIRECTV COM 25490A309 2,491 32,600 SH   OTR   0 0 32,600
EPR PPTYS CONV PFD 9% SR E 26884U307 963 31,373 SH   SOLE   31,373 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 802 32,265 SH   SOLE   32,265 0 0
FIRST MAJESTIC SILVER CORP COM 32076V103 70 7,246 SH   OTR   0 0 7,246
GENERAL MTRS CO COM 37045V100 1,033 30,000 SH   OTR   0 0 30,000
GLACIER BANCORP INC NEW COM 37637Q105 149 5,117 SH   OTR   0 0 5,117
GOOGLE INC CL A 38259P508 164 147 SH   OTR   0 0 147
INDEPENDENCE RLTY TR INC COM 45378A106 1,567 175,876 SH   SOLE   175,876 0 0
INVESCO MORTGAGE CAPITAL INC C COM 46131B100 433 26,298 SH   SOLE   26,298 0 0
ISHARES TR FLTG RATE BD ETF ETF 46429B655 81 1,591 SH   OTR   0 0 1,591
KINDER MORGAN INC DEL COM 49456B101 325 10,003 SH   OTR   0 0 10,003
MACYS INC COM 55616P104 201 3,390 SH   OTR   0 0 3,390
MARATHON PETE CORP COM 56585A102 140 1,603 SH   OTR   0 0 1,603
MERITAGE HOMES CORP COM 59001A102 80 1,906 SH   OTR   0 0 1,906
NOVAGOLD RES INC CALL 66987E206 142 39,244 SH   OTR   0 0 39,244
ORACLE CORP COM 68389X105 224 5,469 SH   OTR   0 0 5,469
PIMCO ETF TR TOTL RETN ETF ETF 72201R775 95 892 SH   OTR   0 0 892
POWERSHARES GLOBAL ETF FD S&P S&P 500 BUYWRT 73936G308 65 3,095 SH   OTR   0 0 3,095
POWERSHARES ETF TRUST II SENIO SENIOR LN PORT 73936Q769 64 2,581 SH   OTR   0 0 2,581
POWERSHARES GLOBAL ETF TRUST S SOVEREIGN DEBT 73936T573 74 2,651 SH   OTR   0 0 2,651
POWERSHARES ETF TR II S&P500 L S&P500 LOW VOL 73937B779 137 4,039 SH   OTR   0 0 4,039
PREFERRED APT CMNTYS INC COM 74039L103 1,207 149,933 SH   SOLE   149,933 0 0
PRETIUM RES INC COM 74139C102 90 15,594 SH   OTR   0 0 15,594
PROSHARES TR II VIX STRMFUT ET ETF 74347W361 281 10,000 SH   OTR   0 0 10,000
PROSHARES TR ULT R/EST NEW ULT R/EST NEW 74347X625 2,189 27,600 SH   SOLE   27,600 0 0
QUIKSILVER INC COM 74838C106 751 100,000 SH   OTR   0 0 100,000
RESOURCE CAP CORP COM 76120W302 678 121,700 SH   SOLE   121,700 0 0
SPDR SERIES TRUST DB INT GVT E ETF 78464A490 48 794 SH   OTR   0 0 794
SELECT INCOME REIT COM SH BEN INT 81618T100 30 1,000 SH   SOLE   1,000 0 0
SPROTT PHYSICAL GOLD TRUST UNI UNIT 85207H104 244 22,899 SH   OTR   0 0 22,899
SPROTT PHYSICAL SILVER TR TR U TR UNIT 85207K107 237 30,214 SH   OTR   0 0 30,214
SPROTT PHYSICAL PLAT PALLAD TS UNIT 85207Q104 607 63,121 SH   OTR   0 0 63,121
STANDARD PAC CORP NEW COM 85375C101 168 20,170 SH   OTR   0 0 20,170
STARWOOD PPTY TR INC COM 85571B105 472 20,000 SH   SOLE   20,000 0 0
STILLWATER MNG CO COM 86074Q102 199 13,438 SH   OTR   0 0 13,438
TEKMIRA PHARMACEUTICALS CORP C COM NEW 87911B209 162 7,530 SH   OTR   0 0 7,530
TIME WARNER CABLE INC COM 88732J207 181 1,316 SH   OTR   0 0 1,316
TRANSCANADA CORP COM 89353D107 167 3,679 SH   OTR   0 0 3,679
UNITED CMNTY BKS BLAIRSVLE GA COM 90984P303 236 12,150 SH   OTR   0 0 12,150
VALERO ENERGY CORP NEW COM 91913Y100 159 2,987 SH   OTR   0 0 2,987
WELLPOINT INC COM 94973V107 102 1,025 SH   OTR   0 0 1,025
XYLEM INC COM 98419M100 1,613 44,300 SH   OTR   0 0 44,300
YAMANA GOLD INC COM 98462Y100 185 21,017 SH   OTR   0 0 21,017
GASLOG LTD LTD SHS G37585109 242 10,384 SH   OTR   0 0 10,384
GOLAR LNG LTD BERMUDA SHS G9456A100 222 5,319 SH   OTR   0 0 5,319
COMPUGEN LTD ORD M25722105 197 18,791 SH   OTR   0 0 18,791