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 30,596 986,000 SH   SOLE   986,000 0 0
AMERICAN AIRLS GROUP INC PFD A MAND CV 02376R409 117 4,384 SH   SOLE   4,384 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 14,928 407,861 SH   SOLE   407,861 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 694 37,000 SH   SOLE   37,000 0 0
ASSURED GUARANTY LTD COM G0585R106 5,950 235,000 SH   SOLE   235,000 0 0
CHC GROUP LTD SHS G07021101 140 19,000 SH   SOLE   19,000 0 0
CITIGROUP INC COM NEW 172967424 35,857 753,291 SH   SOLE   753,291 0 0
DFC GLOBAL CORP COM 23324T107 1,148 130,000 SH   SOLE   130,000 0 0
DIAMOND RESORTS INTL INC COM 25272T104 6,807 401,601 SH   SOLE   401,601 0 0
DIREXION SHS ETF TR 20YR TRES BEAR 25459Y678 5,748 101,000 SH   SOLE   101,000 0 0
HOME BANCSHARES INC COM 436893200 24,601 714,730 SH   SOLE   714,730 0 0
LIPOSCIENCE INC COM 53630M108 160 50,000 SH   SOLE   50,000 0 0
NEW RESIDENTIAL INVT CORP COM 64828T102 3,701 572,000 SH   SOLE   572,000 0 0
NEW YORK MTG TR INC COM PAR $.02 649604501 420 54,000 SH   SOLE   54,000 0 0
PENNYMAC MTG INVT TR COM 70931T103 2,952 123,500 SH   SOLE   123,500 0 0
SPRINGLEAF HLDGS INC COM 85172J101 126 5,000 SH   SOLE   5,000 0 0
THL CR INC COM 872438106 760 55,100 SH   SOLE   55,100 0 0
TWO HBRS INVT CORP COM 90187B101 308 30,000 SH   SOLE   30,000 0 0