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
AMERICAN CAP LTD COM 02503Y103 4,248 300,000 SH   SOLE   300,000 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 8,445 448,700 SH   SOLE   448,700 0 0
ANNALY CAP MGMT INC COM 035710409 3,001 280,980 SH   SOLE   280,980 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 10,578 685,524 SH   SOLE   685,524 0 0
ARENA PHARMACEUTICALS INC COM 040047102 884 210,900 SH   SOLE   210,900 0 0
ARENA PHARMACEUTICALS INC COM 040047102 3,636 867,700 SH Put SOLE   867,700 0 0
ASTA FDG INC COM 046220109 7,945 967,770 SH   SOLE   967,770 0 0
BONANZA CREEK ENERGY INC COM 097793103 13,438 236,169 SH   SOLE   236,169 0 0
BRIDGEPOINT ED INC COM 10807M105 8,949 801,867 SH   SOLE   801,867 0 0
CARRIZO OIL & GAS INC COM 144577103 14,409 267,732 SH   SOLE   267,732 0 0
CHERRY HILL MTG INVT CORP COM 164651101 2,744 146,725 SH   SOLE   146,725 0 0
CITIGROUP INC COM NEW 172967424 18,163 350,506 SH   SOLE   350,506 0 0
COVIDIEN PLC SHS G2554F113 22,109 255,562 SH   SOLE   255,562 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 10,284 400,000 SH   SOLE   400,000 0 0
GOL LINHAS AEREAS INTLG S A SP ADR REP PFD 38045R107 8,106 1,685,203 SH   SOLE   1,685,203 0 0
HATTERAS FINL CORP COM 41902R103 10,880 605,800 SH   SOLE   605,800 0 0
INTEROIL CORP COM 460951106 8,313 153,200 SH Call SOLE   153,200 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 12,034 765,519 SH   SOLE   765,519 0 0
LAMAR ADVERTISING CO CL A 512815101 9,308 189,002 SH   SOLE   189,002 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 13,694 399,954 SH   SOLE   399,954 0 0
NL INDS INC COM NEW 629156407 2,026 275,208 SH   SOLE   275,208 0 0
ORGANOVO HLDGS INC COM 68620A104 637 100,000 SH   SOLE   100,000 0 0
PARKERVISION INC COM 701354102 13 11,400 SH Put SOLE   11,400 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 11,447 242,015 SH   SOLE   242,015 0 0
SHIRE PLC SPONSORED ADR 82481R106 14,652 56,561 SH   SOLE   56,561 0 0
SOLARCITY CORP NOTE 2.750%11/0 83416TAA8 5,972 5,000 PRN   SOLE   5,000 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 7,024 422,888 SH   SOLE   422,888 0 0
SUNCOKE ENERGY INC COM 86722A103 2,910 129,605 SH   SOLE   129,605 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 10,018 418,113 SH   SOLE   418,113 0 0
TESLA MTRS INC NOTE 1.500% 6/0 88160RAA9 27,262 13,500 PRN   SOLE   13,500 0 0
TIM HORTONS INC COM 88706M103 32,432 411,527 SH   SOLE   411,527 0 0
TWO HBRS INVT CORP COM 90187B101 3,733 386,000 SH   SOLE   386,000 0 0
VIRNETX HLDG CORP COM 92823T108 2,257 376,200 SH Put SOLE   376,200 0 0
WALTER INVT MGMT CORP COM 93317W102 7,005 319,139 SH   SOLE   319,139 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 13,307 883,014 SH   SOLE   883,014 0 0
WORLD ACCEP CORP DEL COM 981419104 9,826 145,575 SH   SOLE   145,575 0 0
ZAIS FINL CORP COM 98886K108 3,762 217,984 SH   SOLE   217,984 0 0