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
THE ADT CORPORATION COM 00101J106 2,890 82,700 SH   SOLE   82,700 0 0
ALLERGAN INC COM 018490102 20,239 119,600 SH   SOLE   119,600 0 0
AMER RLTY CAP HEALTHCAR TR I COM 02917R108 402 36,882 SH   SOLE   36,882 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 29,748 2,374,129 SH   SOLE   2,374,129 0 0
ANNALY CAP MGMT INC COM 035710409 1,715 150,000 SH   SOLE   150,000 0 0
ATLAS PIPELINE PARTNERS LP UNIT L P INT 049392103 1,682 48,900 SH   SOLE   48,900 0 0
BANCO SANTANDER SA ADR 05964H105 13,714 1,316,160 SH   SOLE   1,316,160 0 0
BANK NEW YORK MELLON CORP COM 064058100 2,667 71,161 SH   SOLE   71,161 0 0
BEAZER HOMES USA INC UNIT 99/99/9999 07556Q709 821 25,500 SH   SOLE   25,500 0 0
BEAZER HOMES USA INC COM NEW 07556Q881 7,194 342,876 SH   SOLE   342,876 0 0
BOFI HLDG INC COM 05566U108 6,309 85,876 SH   SOLE   85,876 0 0
BP PRUDHOE BAY RTY TR UNIT BEN INT 055630107 41,045 414,847 SH   SOLE   414,847 0 0
BPZ RESOURCES INC MTNF 6.500% 3/0 055639AB4 512 500,000 SH   SOLE   500,000 0 0
BPZ RESOURCES INC NOTE 8.500%10/0 055639AC2 6,018 5,095,000 SH   SOLE   5,095,000 0 0
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN G16249107 9,035 431,748 SH   SOLE   431,748 0 0
CATCHMARK TIMBER TR INC CL A 14912Y202 5,490 401,595 SH   SOLE   401,595 0 0
CELESTICA INC SUB VTG SHS 15101Q108 8,233 653,950 SH   SOLE   653,950 0 0
CENTRAL EUROPEAN MEDIA NOTE 5.000%11/1 153443AH9 16,802 16,950,000 SH   SOLE   16,950,000 0 0
CENTURYLINK INC COM 156700106 2,625 72,500 SH   SOLE   72,500 0 0
CHIQUITA BRANDS INTL INC NOTE 4.250% 8/1 170032AT3 506 500,000 SH   SOLE   500,000 0 0
CITIGROUP INC COM NEW 172967424 1,884 40,000 SH   SOLE   40,000 0 0
COVIDIEN PLC SHS G2554F113 26,928 298,600 SH   SOLE   298,600 0 0
CVR REFNG LP COMUNIT REP LT 12663P107 48,769 1,950,000 SH   SOLE   1,950,000 0 0
DARDEN RESTAURANTS INC COM 237194105 2,693 58,200 SH   SOLE   58,200 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 2,625 52,900 SH   SOLE   52,900 0 0
FIDELITY NATIONAL FINANCIAL CL A 31620R105 2,457 75,000 SH   SOLE   75,000 0 0
FOREST LABS INC COM 345838106 56,113 566,800 SH   SOLE   566,800 0 0
FUSION-IO INC COM 36112J107 283 25,000 SH   SOLE   25,000 0 0
GENWORTH FINL INC COM CL A 37247D106 19,558 1,124,000 SH   SOLE   1,124,000 0 0
GOODYEAR TIRE & RUBR CO COM 382550101 8,973 323,000 SH   SOLE   323,000 0 0
GREENLIGHT CAPITAL RE LTD CLASS A G4095J109 23,761 721,349 SH   SOLE   721,349 0 0
HENNESSY CAP ACQUISITION COR UNIT 99/99/9999 425886207 1,512 150,000 SH   SOLE   150,000 0 0
HENNESSY CAP ACQUISITION COR COM 425886108 487 50,000 SH   SOLE   50,000 0 0
HERCULES OFFSHORE INC COM 427093109 5,296 1,317,478 SH   SOLE   1,317,478 0 0
HILLSHIRE BRANDS CO COM 432589109 13,712 220,100 SH   SOLE   220,100 0 0
HOLOGIC INC FRNT 2.000%12/1 436440AB7 1,257 1,000,000 SH   SOLE   1,000,000 0 0
HOVNANIAN ENTERPRISES INC CL A 442487203 8,467 1,644,062 SH   SOLE   1,644,062 0 0
INTEL CORP SDCV 2.950%12/1 458140AD2 1,246 1,000,000 SH   SOLE   1,000,000 0 0
INTEL CORP COM 458140100 1,675 54,200 SH   SOLE   54,200 0 0
JABIL CIRCUIT INC COM 466313103 17,892 856,100 SH   SOLE   856,100 0 0
KEYCORP NEW COM 493267108 6,669 465,400 SH   SOLE   465,400 0 0
LIBERTY MEDIA CORP DELAWARE CL A 531229102 16,402 120,000 SH   SOLE   120,000 0 0
M D C HLDGS INC COM 552676108 3,308 109,200 SH   SOLE   109,200 0 0
MANULIFE FINL CORP COM 56501R106 2,609 131,015 SH   SOLE   131,015 0 0
MARTIN MARIETTA MATLS INC COM 573284106 7,478 56,630 SH   SOLE   56,630 0 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 2,508 175,000 SH   SOLE   175,000 0 0
MATTEL INC COM 577081102 15,358 394,100 SH   SOLE   394,100 0 0
MERCK & CO INC NEW COM 58933Y105 6,634 114,670 SH   SOLE   114,670 0 0
MICRON TECHNOLOGY INC COM 595112103 989 30,000 SH   SOLE   30,000 0 0
MIDWAY GOLD CORP COM 598153104 2,357 2,618,389 SH   SOLE   2,618,389 0 0
MONTPELIER RE HOLDINGS LTD SHS G62185106 17,735 555,078 SH   SOLE   555,078 0 0
NAVISTAR INTL CORP NEW NOTE 3.000%10/1 63934EAL2 1,013 1,000,000 SH   SOLE   1,000,000 0 0
NEW RESIDENTIAL INVT CORP COM 64828T102 29,906 4,747,000 SH   SOLE   4,747,000 0 0
NEWCASTLE INVT CORP COM 65105M108 23,728 4,953,600 SH   SOLE   4,953,600 0 0
NICHOLAS FINANCIAL INC COM NEW 65373J209 768 53,492 SH   SOLE   53,492 0 0
NMI HLDGS INC CL A 629209305 4,433 422,200 SH   SOLE   422,200 0 0
NORTH ATLANTIC DRILLING LTD COM G6613P202 14,807 1,394,300 SH   SOLE   1,394,300 0 0
NORTHERN TIER ENERGY LP COM UN REPR PART 665826103 63,414 2,371,500 SH   SOLE   2,371,500 0 0
OFFICE DEPOT INC COM 676220106 17,070 3,000,000 SH   SOLE   3,000,000 0 0
PACIFIC ETHANOL INC COM PAR $.001 69423U305 15,293 1,000,180 SH   SOLE   1,000,180 0 0
PARTNERRE LTD COM G6852T105 15,310 140,186 SH   SOLE   140,186 0 0
PDL BIOPHARMA INC NOTE 4.000% 2/0 69329YAF1 1,150 1,000,000 SH   SOLE   1,000,000 0 0
PENNYMAC CORP NOTE 5.375% 5/0 70932AAB9 995 1,000,000 SH   SOLE   1,000,000 0 0
PLATINUM UNDERWRITER HLDGS L COM G7127P100 16,825 259,449 SH   SOLE   259,449 0 0
PLUM CREEK TIMBER CO INC COM 729251108 5,074 112,500 SH   SOLE   112,500 0 0
PROTECTIVE LIFE CORP COM 743674103 8,382 120,900 SH   SOLE   120,900 0 0
QLT INC COM 746927102 969 160,334 SH   SOLE   160,334 0 0
QUESTCOR PHARMACEUTICALS INC COM 74835Y101 18,970 205,100 SH   SOLE   205,100 0 0
QUICKSILVER RESOURCES INC COM 74837R104 6,141 2,300,000 SH   SOLE   2,300,000 0 0
RAYONIER INC COM 754907103 2,792 78,543 SH   SOLE   78,543 0 0
REGIONS FINL CORP NEW COM 7591EP100 6,230 586,600 SH   SOLE   586,600 0 0
RESOURCE CAP CORP COM 76120W302 535 95,000 SH   SOLE   95,000 0 0
RF MICRODEVICES INC COM 749941100 5,691 593,400 SH   SOLE   593,400 0 0
ROYAL BK SCOTLAND GROUP PLC SPONS ADR 20 ORD 780097689 37,652 3,335,000 SH   SOLE   3,335,000 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 557 22,694 SH   SOLE   22,694 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS Q 780097754 785 31,500 SH   SOLE   31,500 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF T 780097713 19,986 791,509 SH   SOLE   791,509 0 0
SANDRIDGE ENERGY INC COM 80007P307 8,937 1,250,000 SH   SOLE   1,250,000 0 0
SEADRILL LIMITED SHS G7945E105 7,067 176,900 SH   SOLE   176,900 0 0
SHUTTERFLY INC NOTE 0.250% 5/1 82568PAB2 707 700,000 SH   SOLE   700,000 0 0
SIRIUS XM HLDGS INC COM 82968B103 7,962 2,301,150 SH   SOLE   2,301,150 0 0
SKYWORKS SOLUTIONS INC COM 83088M102 10,843 230,900 SH   SOLE   230,900 0 0
SPANISH BROADCASTING SYS INC CL A NEW 846425833 582 103,249 SH   SOLE   103,249 0 0
STARWOOD PPTY TR INC NOTE 4.550% 3/0 85571BAA3 283 250,000 SH   SOLE   250,000 0 0
SUN LIFE FINL INC COM 866796105 2,852 77,447 SH   SOLE   77,447 0 0
SUNTRUST BKS INC COM 867914103 4,407 110,000 SH   SOLE   110,000 0 0
SUSSER HLDGS CORP COM 869233106 10,897 135,000 SH   SOLE   135,000 0 0
SYNOVUS FINL CORP COM NEW 87161C501 16,825 690,131 SH   SOLE   690,131 0 0
TASEKO MINES LTD COM 876511106 7,118 2,850,300 SH   SOLE   2,850,300 0 0
TIME WARNER CABLE INC COM 88732J207 22,699 154,100 SH   SOLE   154,100 0 0
TITAN MACHY INC NOTE 3.750% 5/0 88830RAB7 878 1,000,000 SH   SOLE   1,000,000 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 1,188 23,030 SH   SOLE   23,030 0 0
TRI POINTE HOMES INC COM 87265H109 159 10,100 SH   SOLE   10,100 0 0
UNISYS CORP COM NEW 909214306 13,854 560,000 SH   SOLE   560,000 0 0
VALIDUS HOLDINGS LTD COM SHS G9319H102 4,089 106,936 SH   SOLE   106,936 0 0
WEBMD HEALTH CORP NOTE 2.500% 1/3 94770VAF9 1,056 1,000,000 SH   SOLE   1,000,000 0 0
WELLCARE HEALTH PLANS INC COM 94946T106 6,630 88,800 SH   SOLE   88,800 0 0
WELLS FARGO & CO NEW COM 949746101 3,191 60,719 SH   SOLE   60,719 0 0
WEYERHAEUSER CO PREF CONV SER A 962166872 1,986 35,000 SH   SOLE   35,000 0 0
WEYERHAEUSER CO COM 962166104 7,379 223,000 SH   SOLE   223,000 0 0
WINDSTREAM HLDGS INC COM 97382A101 6,474 650,000 SH   SOLE   650,000 0 0
WL ROSS HLDG CORP UNIT 99/99/9999 92939D203 1,526 148,200 SH   SOLE   148,200 0 0
XEROX CORP COM 984121103 7,749 622,900 SH   SOLE   622,900 0 0
XL GROUP PLC SHS G98290102 8,749 267,321 SH   SOLE   267,321 0 0
ZIONS BANCORPORATION COM 989701107 5,096 172,933 SH   SOLE   172,933 0 0