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 17,294 1,134,785 SH   SOLE   1,134,785 0 0
ANWORTH MORTGAGE ASSET CP COM 037347101 4,693 1,007,005 SH   SOLE   1,007,005 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 12,020 895,669 SH   SOLE   895,669 0 0
ASTA FDG INC COM 046220109 21,277 2,102,427 SH   SOLE   2,102,427 0 0
ATLANTIC PWR CORP COM NEW 04878Q863 17,112 6,956,258 SH   SOLE   6,956,258 0 0
BRIDGEPOINT ED INC COM 10807M105 17,013 1,687,842 SH   SOLE   1,687,842 0 0
CAESARS ACQUISITION CO CL A 12768T103 503 82,184 SH   SOLE   82,184 0 0
CALAMOS ASSET MGMT INC CL A 12811R104 8,976 1,057,192 SH   SOLE   1,057,192 0 0
CAREER EDUCATION CORP COM 141665109 14,827 3,265,779 SH   SOLE   3,265,779 0 0
CHERRY HILL MTG INVT CORP COM 164651101 5,095 359,846 SH   SOLE   359,846 0 0
ECHOSTAR CORP CL A 278768106 41,770 943,092 SH   SOLE   943,092 0 0
EQUITY COMWLTH COM SH BEN INT 294628102 16,932 600,000 SH   SOLE   600,000 0 0
FIFTH STR ASSET MGMT INC CL A COM 31679P109 2,132 696,738 SH   SOLE   696,738 0 0
FIFTH STREET FINANCE CORP COM 31678A103 6,826 1,359,757 SH   SOLE   1,359,757 0 0
FIFTH STR SR FLOATNG RATE CO COM 31679F101 8,039 1,013,753 SH   SOLE   1,013,753 0 0
HATTERAS FINL CORP COM 41902R103 55,868 3,906,833 SH   SOLE   3,906,833 0 0
ICONIX BRAND GROUP INC NOTE 1.500% 3/1 451055AF4 7,432 11,000 PRN   SOLE   11,000 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 38,127 3,130,270 SH   SOLE   3,130,270 0 0
KLX INC COM 482539103 12,848 399,742 SH   SOLE   399,742 0 0
KRATON PERFORMANCE POLYMERS COM 50077C106 2,696 155,821 SH   SOLE   155,821 0 0
MEDLEY CAP CORP COM 58503F106 2,503 379,264 SH   SOLE   379,264 0 0
MEDLEY MGMT INC CL A COM 58503T106 3,620 658,178 SH   SOLE   658,178 0 0
NEWFIELD EXPL CO COM 651290108 4,908 147,600 SH   SOLE   147,600 0 0
NL INDS INC COM NEW 629156407 549 242,935 SH   SOLE   242,935 0 0
OM ASSET MGMT PLC SHS G67506108 4,535 339,689 SH   SOLE   339,689 0 0
ORGANOVO HLDGS INC COM 68620A104 217 100,000 SH   SOLE   100,000 0 0
PEABODY ENERGY CORP COM NEW 704549203 4,190 1,806,200 SH Put SOLE   1,806,200 0 0
PEABODY ENERGY CORP SDCV 4.750%12/1 704549AG9 611 64,779 PRN   SOLE   64,779 0 0
PDC ENERGY INC COM 69327R101 5,416 91,100 SH   SOLE   91,100 0 0
RPX CORP COM 74972G103 29,062 2,580,986 SH   SOLE   2,580,986 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 9,037 175,540 SH   SOLE   175,540 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP UNIT 85814R107 6,449 422,888 SH   SOLE   422,888 0 0
SUNCOKE ENERGY INC COM 86722A103 49,579 7,627,496 SH   SOLE   7,627,496 0 0
SUNEDISON INC COM 86732Y109 421 779,800 SH Put SOLE   779,800 0 0
SUNEDISON INC NOTE 2.375% 4/1 86732YAH2 96 2,500 PRN   SOLE   2,500 0 0
SUNEDISON INC NOTE 2.750% 1/0 86732YAD1 725 16,135 PRN   SOLE   16,135 0 0
TICC CAPITAL CORP COM 87244T109 4,543 946,491 SH   SOLE   946,491 0 0
WESTMORELAND COAL CO COM 960878106 13,660 1,894,608 SH   SOLE   1,894,608 0 0
TESLA MTRS INC NOTE 1.500% 6/0 88160RAA9 34,804 18,800 PRN   SOLE   18,800 0 0