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
AMBAC FINL GROUP INC COM NEW 023139884 8,994 495,810 SH   SOLE   495,810 0 0
AMERICAN CAP MTG INV CORP COM 02504A104 731 37,000 SH   SOLE   37,000 0 0
CITIGROUP INC. COM NEW 172967424 25,225 520,000 SH   SOLE   520,000 0 0
DFC GLOBAL CORP COM 23324T107 12,110 1,101,940 SH   SOLE   1,101,940 0 0
DIAMOND RESORTS INTL INC. COM 25272T104 3,141 167,000 SH   SOLE   167,000 0 0
DIREXION SHS ETF TR 20YR TRES BEAR 25459Y678 10,946 161,000 SH   SOLE   161,000 0 0
ELLINGTON FINANCIAL LLC COM 288522303 1,198 53,328 SH   SOLE   53,328 0 0
GENERAL COMMUNICATION INC CL A 369385109 38 4,000 SH   SOLE   4,000 0 0
HOME BANCSHARES INC COM 436893200 21,713 714,730 SH   SOLE   714,730 0 0
LAS VEGAS SANDS CORP COM 517834107 10,627 160,000 SH   SOLE   160,000 0 0
LIPOSCIENCE INC COM 53630M108 376 75,200 SH   SOLE   75,200 0 0
NEW RESIDENTIAL INVT CORP COM 64828T102 5,236 790,913 SH   SOLE   790,913 0 0
NEW YORK MTG TR INC COM PAR $.02 649604501 337 54,000 SH   SOLE   54,000 0 0
OPKO HEALTH INC COM 68375N103 1,062 120,600 SH   SOLE   120,600 0 0
PENNYMAC MTG INVT TR COM 70931T103 4,559 201,000 SH   SOLE   201,000 0 0
SLM CORP COM 78442P106 11,703 470,000 SH   SOLE   470,000 0 0
THL CR INC COM 872438106 860 55,100 SH   SOLE   55,100 0 0
TWO HBRS INVT CORP COM 90187B101 291 30,000 SH   SOLE   30,000 0 0
UNITED RENTALS INC COM 911363109 1,749 30,000 SH   SOLE   30,000 0 0