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
1347 PPTY INS HLDGS INC COM 68244P107 977 125,297 SH   SOLE   125,297 0 0
ALTISOURCE ASSET MGMT CORP COM 02153X108 22,906 33,934 SH   SOLE   33,934 0 0
ALTISOURCE PORTFOLIO SOLNS S REG SHS L0175J104 39,502 391,883 SH   SOLE   391,883 0 0
ALTISOURCE PORTFOLIO SOLNS S REG SHS L0175J104 806 8,000 SH Call SOLE   8,000 0 0
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 7,657 319,058 SH   SOLE   319,058 0 0
AMBAC FINL GROUP INC COM NEW 023139884 2,786 126,054 SH   SOLE   126,054 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 7,209 133,445 SH   SOLE   133,445 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 3,481 146,041 SH   SOLE   146,041 0 0
ATLAS ENERGY LP COM UNITS LP 04930A104 6,993 158,930 SH   SOLE   158,930 0 0
ATLAS FINANCIAL HOLDINGS INC SHS NEW G06207115 5,072 366,461 SH   SOLE   366,461 0 0
ATLAS RESOURCE PARTNERS LP COM UNT LTD PR 04941A101 1,649 84,734 SH   SOLE   84,734 0 0
BANC CALIF INC COM 05990K106 4,750 408,425 SH   SOLE   408,425 0 0
BANCORP INC DEL COM 05969A105 5,023 584,738 SH   SOLE   584,738 0 0
BANKUNITED INC COM 06652K103 2,446 80,227 SH   SOLE   80,227 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 6,262 198,924 SH   SOLE   198,924 0 0
CHERRY HILL MTG INVT CORP COM 164651101 251 13,433 SH   SOLE   13,433 0 0
COLONY FINL INC COM 19624R106 21,192 946,914 SH   SOLE   946,914 0 0
CUSTOMERS BANCORP INC COM 23204G100 7,423 413,296 SH   SOLE   413,296 0 0
FIFTH STR SR FLOATNG RATE CO COM 31679F101 3,392 287,000 SH   SOLE   287,000 0 0
FOREST CITY ENTERPRISES INC CL A 345550107 3,114 159,206 SH   SOLE   159,206 0 0
HERITAGE FINL GROUP INC COM 42726X102 719 35,603 SH   SOLE   35,603 0 0
HOME LN SERVICING SOLUTIONS ORD SHS G6648D109 10,600 500,222 SH   SOLE   500,222 0 0
HUDSON VALLEY HOLDING CORP COM 444172100 5,599 308,499 SH   SOLE   308,499 0 0
INTERACTIVE BROKERS GROUP IN COM 45841N107 10,617 425,534 SH   SOLE   425,534 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 79,826 730,000 SH Put SOLE   730,000 0 0
J G WENTWORTH CO CL A 46618D108 3,601 290,638 SH   SOLE   290,638 0 0
NATIONAL BK HLDGS CORP CL A 633707104 2,950 154,308 SH   SOLE   154,308 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 7,144 387,824 SH   SOLE   387,824 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 2,383 134,862 SH   SOLE   134,862 0 0
OCH ZIFF CAP MGMT GROUP CL A 67551U105 2,250 210,125 SH   SOLE   210,125 0 0
OCWEN FINL CORP COM NEW 675746309 21,599 824,992 SH   SOLE   824,992 0 0
OLD SECOND BANCORP INC ILL COM 680277100 151 31,450 SH   SOLE   31,450 0 0
RESOURCE AMERICA INC CL A 761195205 7,719 829,097 SH   SOLE   829,097 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 158,288 6,831,600 SH Put SOLE   6,831,600 0 0
SPDR INDEX SHS FDS EURO STOXX 50 78463X202 8,337 210,000 SH Put SOLE   210,000 0 0
VECTOR GROUP LTD COM 92240M108 6,765 305,002 SH   SOLE   305,002 0 0
XENITH BANKSHARES INC COM 98410X105 1,255 198,266 SH   SOLE   198,266 0 0