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 107 3,758 SH   OTR   0 0 3,758
APPLE INC COM 037833100 91 726 SH   OTR   0 0 726
BANK AMER CORP COM 060505104 117 6,854 SH   OTR   0 0 6,854
CVS HEALTH CORP COM 126650100 151 1,444 SH   OTR   0 0 1,444
CITIGROUP INC COM NEW 172967424 76 1,368 SH   OTR   0 0 1,368
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 80 1,315 SH   OTR   0 0 1,315
CORNING INC COM 219350105 74 3,744 SH   OTR   0 0 3,744
EBAY INC COM 278642103 113 1,878 SH   OTR   0 0 1,878
ELECTRONIC ARTS INC COM 285512109 117 1,766 SH   OTR   0 0 1,766
F5 NETWORKS INC COM 315616102 71 594 SH   OTR   0 0 594
FOOT LOCKER INC COM 344849104 126 1,880 SH   OTR   0 0 1,880
GENERAL DYNAMICS CORP COM 369550108 110 778 SH   OTR   0 0 778
GILEAD SCIENCES INC COM 375558103 122 1,045 SH   OTR   0 0 1,045
HECLA MNG CO COM 422704106 30 11,513 SH   OTR   0 0 11,513
ISHARES INDIA 50 ETF 464289529 122 4,089 SH   OTR   0 0 4,089
JOHNSON & JOHNSON COM 478160104 115 1,183 SH   OTR   0 0 1,183
MICROSOFT CORP COM 594918104 67 1,527 SH   OTR   0 0 1,527
NEWMONT MINING CORP COM 651639106 134 5,722 SH   OTR   0 0 5,722
NIKE INC CL B 654106103 121 1,124 SH   OTR   0 0 1,124
PRICELINE GRP INC COM NEW 741503403 109 95 SH   OTR   0 0 95
PRUDENTIAL FINL INC COM 744320102 108 1,234 SH   OTR   0 0 1,234
ROYAL GOLD INC COM 780287108 128 2,084 SH   OTR   0 0 2,084
RUBICON MINERALS CORP COM 780911103 36 34,118 SH   OTR   0 0 34,118
STARBUCKS CORP COM 855244109 139 2,600 SH   OTR   0 0 2,600
UNITED STATES NATL GAS FUND UNIT PAR $0.001 912318201 290 21,396 SH   OTR   0 0 21,396
WELLS FARGO & CO NEW NEW COM 949746101 75 1,332 SH   OTR   0 0 1,332
WESTERN REFNG INC COM 959319104 92 2,101 SH   OTR   0 0 2,101
NOVAGOLD RES INC COM NEW 66987E206 57 16,616 SH   OTR   0 0 16,616
BIOGEN INC COM 09062X103 113 279 SH   OTR   0 0 279
CENTENE CORP DEL COM 15135B101 151 1,875 SH   OTR   0 0 1,875
CISCO SYS INC COM 17275R102 69 2,521 SH   OTR   0 0 2,521
EVERCORE PARTNERS INC CLASS A 29977A105 104 1,925 SH   OTR   0 0 1,925
GOLDMAN SACHS GROUP INC COM 38141G104 75 361 SH   OTR   0 0 361
HEALTH NET INC COM 42222G108 111 1,738 SH   OTR   0 0 1,738
MB FINANCIAL INC NEW NEW COM 55264U108 79 2,298 SH   OTR   0 0 2,298
MARRIOTT VACATIONS WRLDWDE C COM 57164Y107 107 1,161 SH   OTR   0 0 1,161
MOLINA HEALTHCARE INC COM 60855R100 114 1,622 SH   OTR   0 0 1,622
NVIDIA CORP COM 67066G104 142 7,051 SH   OTR   0 0 7,051
PRICE T ROWE GROUP INC COM 74144T108 108 1,395 SH   OTR   0 0 1,395
SPDR SERIES TRUST S&P REGL BKG 78464A698 366 8,289 SH   OTR   0 0 8,289
SPDR SERIES TRUST S&P BK ETF 78464A797 544 15,007 SH   OTR   0 0 15,007
TASER INTL INC COM 87651B104 75 2,244 SH   OTR   0 0 2,244
VALERO ENERGY CORP NEW NEW COM 91913Y100 139 2,227 SH   OTR   0 0 2,227
WISDOMTREE INVTS INC COM 97717P104 100 4,551 SH   OTR   0 0 4,551
WISDOMTREE TR INDIA ERNGS FD 97717W422 157 7,226 SH   OTR   0 0 7,226
EVEREST RE GROUP LTD COM G3223R108 155 850 SH   OTR   0 0 850
ICON PLC SHS G4705A100 60 892 SH   OTR   0 0 892
MEDTRONIC PLC SHS G5960L103 110 1,478 SH   OTR   0 0 1,478
NORDIC AMERICAN TANKERS LIMI COM G65773106 77 5,392 SH   OTR   0 0 5,392
CHECK POINT SOFTWARE TECH LT ORD M22465104 119 1,490 SH   OTR   0 0 1,490
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 148 1,429 SH   OTR   0 0 1,429
ASHFORD HOSPITALITY TR INC 9% CUM PFD SER E 044103505 952 36,141 SH   SOLE   36,141 0 0
EQUITY COMWLTH CUM PFD E 7.25% 294628409 2,590 101,515 SH   SOLE   101,515 0 0
GLOBAL NET LEASE INC COM 379378102 1,366 154,510 SH   SOLE   154,510 0 0
HOME PROPERTIES INC COM 437306103 5,004 68,500 SH   SOLE   68,500 0 0
INLAND REAL ESTATE CORP REDM PFD SER B 457461507 520 20,000 SH   SOLE   20,000 0 0
JERNIGAN CAP INC COM 476405105 784 38,569 SH   SOLE   38,569 0 0
NATIONAL STORAGE AFFILIATES COM SHS BEN IN 637870106 124 10,000 SH   SOLE   10,000 0 0
OXFORD LANE CAP CORP COM 691543102 869 61,126 SH   SOLE   61,126 0 0
PENNSYLVANIA RL ESTATE INVT SH BEN INT 709102107 882 41,333 SH   SOLE   41,333 0 0
RAIT FINANCIAL TRUST COM NEW 749227609 2,123 347,542 SH   SOLE   347,542 0 0
WHEELER REAL ESTATE INVT TR COM 963025101 2,659 1,310,065 SH   SOLE   1,310,065 0 0
WHITESTONE REIT COM 966084204 2,709 208,086 SH   SOLE   208,086 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 2,563 169,202 SH   SOLE   169,202 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 1,226 66,274 SH   SOLE   66,274 0 0
AMERICA FIRST MULTIFAMILY IN BEN UNIT CTF 02364V107 974 175,423 SH   SOLE   175,423 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 564 30,700 SH   SOLE   30,700 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 5,046 307,138 SH   SOLE   307,138 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06742E711 1,205 59,952 SH   SOLE   59,952 0 0
BLUEROCK RESIDENT GR REIT IN CL A 09627J102 1,970 155,620 SH   SOLE   155,620 0 0
CAMPUS CREST CMNTYS INC COM 13466Y105 1,470 265,287 SH   SOLE   265,287 0 0
CAPSTEAD MTG CORP COM NO PAR 14067E506 1,080 97,272 SH   SOLE   97,272 0 0
CORENERGY INFRASTRUCTURE TR COM 21870U205 928 146,905 SH   SOLE   146,905 0 0
CORENERGY INFRASTRUCTURE TR DEP SHS REPSTG 21870U304 538 22,292 SH   SOLE   22,292 0 0
EPR PPTYS CONV PFD 9% SR E 26884U307 1,263 38,873 SH   SOLE   38,873 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 4,162 168,687 SH   SOLE   168,687 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 1,927 255,949 SH   SOLE   255,949 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 2,667 175,000 SH   SOLE   175,000 0 0
NEW YORK REIT INC COM 64976L109 1,680 168,835 SH   SOLE   168,835 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 2,496 157,000 SH   SOLE   157,000 0 0
NUVEEN PFD INCOME OPPRTNY FD COM 67073B106 1,294 141,238 SH   SOLE   141,238 0 0
PEAK RESORTS INC COM 70469L100 72 10,000 SH   SOLE   10,000 0 0
PREFERRED APT CMNTYS INC COM 74039L103 212 21,316 SH   SOLE   21,316 0 0
RESOURCE CAP CORP COM 76120W302 2,082 538,111 SH   SOLE   538,111 0 0
SELECT INCOME REIT COM SH BEN INT 81618T100 1,452 70,349 SH   SOLE   70,349 0 0
STARWOOD PPTY TR INC COM 85571B105 2,584 119,797 SH   SOLE   119,797 0 0
ANN INC COM 035623107 883 18,294 SH   OTR   0 0 18,294
ASSOCIATED ESTATES RLTY CORP COM 045604105 304 10,618 SH   OTR   0 0 10,618
CATAMARAN CORP COM 148887102 1,222 20,000 SH   OTR   0 0 20,000
DEALERTRACK TECHNOLOGIES INC COM 242309102 628 10,000 SH   OTR   0 0 10,000
FAMILY DLR STORES INC COM 307000109 1,432 18,172 SH   OTR   0 0 18,172
OMNICARE INC COM 681904108 217 2,300 SH   OTR   0 0 2,300
SIGMA ALDRICH CORP COM 826552101 1,554 11,152 SH   OTR   0 0 11,152
DIRECTV COM 25490A309 2,209 23,810 SH   OTR   0 0 23,810
GEEKNET INC COM NEW 36846Q203 684 34,291 SH   OTR   0 0 34,291
IGATE CORP COM 45169U105 544 11,400 SH   OTR   0 0 11,400
INFORMATICA CORP COM 45666Q102 965 19,900 SH   OTR   0 0 19,900
PMFG INC COM 69345P103 92 14,332 SH   OTR   0 0 14,332
POLYPORE INTL INC COM 73179V103 790 13,200 SH   OTR   0 0 13,200
QUALITY DISTR INC FLA COM 74756M102 580 37,547 SH   OTR   0 0 37,547
ALLIANCE HEALTHCARE SRVCS IN COM PAR $0.01 018606301 630 33,695 SH   OTR   0 0 33,695
AMERICAN INTL GROUP INC COM NEW 026874784 837 13,550 SH   OTR   0 0 13,550
BLACKROCK CAPITAL INVESTMENT COM 092533108 627 68,531 SH   OTR   0 0 68,531
DARLING INGREDIENTS INC COM 237266101 662 45,170 SH   OTR   0 0 45,170
INVESTORS TITLE CO COM 461804106 479 6,759 SH   OTR   0 0 6,759
LEUCADIA NATL CORP COM 527288104 756 31,116 SH   OTR   0 0 31,116
OCWEN FINL CORP COM NEW 675746309 413 40,450 SH   OTR   0 0 40,450
AMERICAN CAP LTD COM 02503Y103 1,639 121,000 SH   OTR   0 0 121,000
ERA GROUP INC COM 26885G109 573 27,990 SH   OTR   0 0 27,990
FIFTH STREET FINANCE CORP COM 31678A103 194 29,673 SH   OTR   0 0 29,673
PROSHARES TR PSHS SHRT S&P500 74347R503 758 35,486 SH   OTR   0 0 35,486
PROSHARES TR SHRT RUSSELL2000 74348A210 1,065 18,365 SH   OTR   0 0 18,365
SARATOGA INVT CORP COM NEW 80349A208 204 11,917 SH   OTR   0 0 11,917
SHUTTERFLY INC COM 82568P304 674 14,100 SH   OTR   0 0 14,100
WHITEHORSE FIN INC COM 96524V106 810 63,961 SH   OTR   0 0 63,961