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
ACTIVISION BLIZZARD INC COM 00507V109 116 5,578 SH   OTR   0 0 5,578
ADVANCE AUTO PARTS INC COM 00751Y106 1,173 9,000 SH   OTR   0 0 9,000
AEGION CORP COM 00770F104 118 5,287 SH   OTR   0 0 5,287
AG MTG INVT TR INC COM 001228105 427 24,000 SH   SOLE   24,000 0 0
AGNICO EAGLE MINES LTD COM 008474108 161 5,538 SH   OTR   0 0 5,538
AKAMAI TECHNOLOGIES INC COM 00971T101 188 3,139 SH   OTR   0 0 3,139
AMERICA FIRST MULTIFAMILY IN BEN UNIT CTF 02364V107 1,062 177,631 SH   SOLE   177,631 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 170 8,000 SH   SOLE   8,000 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 1,568 130,000 SH   SOLE   130,000 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 136 1,229 SH   OTR   0 0 1,229
ANNALY CAP MGMT INC COM 035710409 2,435 228,000 SH   SOLE   228,000 0 0
APOLLOL REAL EST FIN INC COM 03762U105 3,762 239,481 SH   SOLE   239,481 0 0
ARES CAP CORP COM 04010L103 1,616 100,000 SH   SOLE   100,000 0 0
ARMOUR RESIDENTIAL REIT INC COM 042315101 1,275 331,159 SH   SOLE   331,159 0 0
ASHFORD HOSPITALITY TR INC 9% CUM PFD SER E 044103505 832 30,667 SH   SOLE   30,667 0 0
BANK AMER CORP COM 060505104 171 10,018 SH   OTR   0 0 10,018
BARCLAYS BK PLC IPATH S&P500 VIX IPATH S&P500 VIX 06742E711 187 6,000 SH   SOLE   6,000 0 0
BARD C R INC COM 067383109 118 828 SH   OTR   0 0 828
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 1,243 9,000 SH   OTR   0 0 9,000
BIOGEN IDEC INC COM 09062X103 146 440 SH   OTR   0 0 440
BUNGE LIMITED COM G16962105 129 1,534 SH   OTR   0 0 1,534
CAMPUS CREST CMNTYS INC COM 13466Y105 973 152,030 SH   SOLE   152,030 0 0
CELANESE CORP DEL COM SER A 150870103 163 2,790 SH   OTR   0 0 2,790
CENTRAL FD CDA LTD CL A 153501101 217 17,634 SH   OTR   0 0 17,634
CHARLES RIV LABS INTL INC COM 159864107 185 3,098 SH   OTR   0 0 3,098
CHECK POINT SOFTWARE TECH LT ORD M22465104 167 2,408 SH   OTR   0 0 2,408
CISCO SYS INC COM 17275R102 136 5,389 SH   OTR   0 0 5,389
COACH INC COM 189754104 356 10,000 SH   OTR   0 0 10,000
CORNING INC COM 219350105 181 9,342 SH   OTR   0 0 9,342
CROCS INC COM 227046109 629 50,000 SH   OTR   0 0 50,000
CVS HEALTH CORP COM 126650100 1,958 24,600 SH   OTR   0 0 24,600
DIRECTV COM 25490A309 2,821 32,600 SH   OTR   0 0 32,600
DIREXION SHS ETF TR 20YR TRES BEAR 20YR TRES BEAR 25459Y678 1,318 30,800 SH   SOLE   30,800 0 0
DISCOVER FINL SVCS COM 254709108 150 2,323 SH   OTR   0 0 2,323
ELLINGTON FINANCIAL LLC COM 288522303 400 18,000 SH   SOLE   18,000 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 965 31,373 SH   SOLE   31,373 0 0
EQUITY COMWLTH CUM PFD E 7.25% 294628409 2,090 81,225 SH   SOLE   81,225 0 0
F5 NETWORKS INC COM 315616102 172 1,446 SH   OTR   0 0 1,446
FELCOR LODGING TR INC PFD CV A $1.95 PFD CV A $1.95 31430F200 1,866 72,296 SH   SOLE   72,296 0 0
FRANCO NEVADA CORP COM 351858105 141 2,894 SH   OTR   0 0 2,894
GAMESTOP CORP NEW CL A 36467W109 125 3,023 SH   OTR   0 0 3,023
GENERAL DYNAMICS CORP COM 369550108 127 999 SH   OTR   0 0 999
GENERAL MTRS CO COM 37045V100 958 30,000 SH   OTR   0 0 30,000
GILEAD SCIENCES INC COM 375558103 152 1,430 SH   OTR   0 0 1,430
GOLDCORP INC NEW COM 380956409 104 4,532 SH   OTR   0 0 4,532
GREENHAVEN CONT CMDTY INDEX UNIT BEN INT 395258106 53 2,123 SH   OTR   0 0 2,123
HALLIBURTON CO COM 406216101 138 2,138 SH   OTR   0 0 2,138
HANMI FINL CORP COM NEW 410495204 126 6,249 SH   OTR   0 0 6,249
HARRIS & HARRIS GROUP INC COM 413833104 61 20,528 SH   OTR   0 0 20,528
HATTERAS FINL CORP COM 41902R103 388 21,576 SH   SOLE   21,576 0 0
HDFC BANK LTD ADR REPS 3 SHS ADR REPS 3 SHS 40415F101 91 1,956 SH   OTR   0 0 1,956
HEALTH CARE REIT INC COM 42217K106 699 11,200 SH   SOLE   11,200 0 0
ICICI BK LTD ADR 45104G104 80 1,634 SH   OTR   0 0 1,634
INDEPENDENCE RLTY TR INC COM 45378A106 2,486 256,772 SH   SOLE   256,772 0 0
ISHARES INDIA 50 ETF 464289529 255 8,603 SH   OTR   0 0 8,603
ISHARES MBS ETF 464288588 79 735 SH   OTR   0 0 735
FLTG RATE BD ETF ISHARES TR 46429B655 81 1,591 SH   OTR   0 0 1,591
ISHARES TR IBOXX INV CP ETF 464287242 63 533 SH   OTR   0 0 533
ISIS PHARMACEUTICALS INC COM 464330109 102 2,620 SH   OTR   0 0 2,620
JOHNSON & JOHNSON COM 478160104 139 1,302 SH   OTR   0 0 1,302
JUNIPER NETWORKS INC COM 48203R104 124 5,584 SH   OTR   0 0 5,584
LOCKHEED MARTIN CORP COM 539830109 128 702 SH   OTR   0 0 702
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 127 1,173 SH   OTR   0 0 1,173
MARATHON PETE CORP COM 56585A102 121 1,426 SH   OTR   0 0 1,426
MARKET VECTORS ETF TR INDIA SMALL CP 57061R551 240 5,443 SH   OTR   0 0 5,443
MICROSOFT CORP COM 594918104 177 3,823 SH   OTR   0 0 3,823
NEW GOLD INC CDA COM 644535106 102 20,145 SH   OTR   0 0 20,145
NEW RESIDENTIAL INVT CORP COM 64828T102 1,698 291,300 SH   SOLE   291,300 0 0
NORTHROP GRUMMAN CORP COM 666807102 135 1,028 SH   OTR   0 0 1,028
NVIDIA CORP COM 67066G104 242 13,117 SH   OTR   0 0 13,117
OCCIDENTAL PETE CORP DEL COM 674599105 128 1,333 SH   OTR   0 0 1,333
ORACLE CORP COM 68389X105 189 4,944 SH   OTR   0 0 4,944
PIMCO ETF TR TOTL RETN ETF 72201R775 97 892 SH   OTR   0 0 892
POWERSHARES ETF TR II S&P500 LOW VOL 73937B779 141 4,039 SH   OTR   0 0 4,039
POWERSHARES ETF TRUST II SENIOR LN PORT 73936Q769 63 2,581 SH   OTR   0 0 2,581
POWERSHARES GLOBAL ETF FD S&P 500 BUYWRT 73936G308 66 3,095 SH   OTR   0 0 3,095
POWERSHARES GLOBAL ETF TRUST SOVEREIGN DEBT 73936T573 75 2,651 SH   OTR   0 0 2,651
PREFERRED APT CMNTYS INC COM 74039L103 1,271 152,772 SH   SOLE   152,772 0 0
PROSHARES TR II VIX STRMFUT ETF 74347W361 312 15,000 SH   OTR   0 0 15,000
QUALCOMM INC COM 747525103 170 2,279 SH   OTR   0 0 2,279
RAIT FINANCIAL TRUST COM NEW 749227609 1,052 141,565 SH   SOLE   141,565 0 0
RAYTHEON CO COM NEW 755111507 140 1,379 SH   OTR   0 0 1,379
RESOURCE CAP CORP COM 76120W302 122 25,000 SH   SOLE   25,000 0 0
ROYAL GOLD INC COM 780287108 163 2,510 SH   OTR   0 0 2,510
SELECT INCOME REIT COM SH BEN INT 81618T100 481 20,000 SH   SOLE   20,000 0 0
SIGMA ALDRICH CORP COM 826552101 225 1,651 SH   OTR   0 0 1,651
SKYWORKS SOLUTIONS INC COM 83088M102 141 2,435 SH   OTR   0 0 2,435
SPDR SERIES TRUST DB INT GVT ETF 78464A490 47 794 SH   OTR   0 0 794
SPDR SERIES TRUST S&P BK ETF 78464A797 248 7,768 SH   OTR   0 0 7,768
SPDR SERIES TRUST S&P REGL BKG 78464A698 249 6,578 SH   OTR   0 0 6,578
SPROTT PHYSICAL GOLD TRUST UNIT 85207H104 441 44,196 SH   OTR   0 0 44,196
SPROTT PHYSICAL PLAT PALLAD UNIT 85207Q104 443 50,058 SH   OTR   0 0 50,058
SPROTT PHYSICAL SILVER TR TR UNIT 85207K107 245 35,610 SH   OTR   0 0 35,610
STARWOOD PPTY TR INC COM 85571B105 4,933 224,643 SH   SOLE   224,643 0 0
SVB FINL GROUP COM 78486Q101 180 1,604 SH   OTR   0 0 1,604
TEKMIRA PHARMACEUTICALS CORP COM NEW 87911B209 143 6,755 SH   OTR   0 0 6,755
UGI CORP NEW COM 902681105 131 3,843 SH   OTR   0 0 3,843
UNITED STATES NATL GAS FUND UNIT PAR $0.001 912318201 341 15,413 SH   OTR   0 0 15,413
UNITED STATES STL CORP NEW COM 912909108 180 4,596 SH   OTR   0 0 4,596
VALERO ENERGY CORP NEW COM 91913Y100 114 2,459 SH   OTR   0 0 2,459
VENTAS INC COM 92276F100 2,168 35,000 SH   SOLE   35,000 0 0
WHITESTONE REIT COM 966084204 2,560 183,637 SH   SOLE   183,637 0 0
WISDOMTREE TR INDIA ERNGS FD 97717W422 250 11,417 SH   OTR   0 0 11,417
XYLEM INC COM 98419M100 1,572 44,300 SH   OTR   0 0 44,300
ZUMIEZ INC COM 989817101 111 3,953 SH   OTR   0 0 3,953