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
AMERCO COM 023586100 5,628 16,307 SH   SOLE   16,307 0 0
ASSURED GUARANTY LTD COM G0585R106 1,339 37,000 SH   SOLE   37,000 0 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 12,880 160,000 SH   SOLE   160,000 0 0
COLONY NORTHSTAR INC CL A COM 19625W104 5,281 939,726 SH   SOLE   939,726 0 0
ELLINGTON FINANCIAL LLC COM 288522303 2,040 137,754 SH   SOLE   137,754 0 0
FRONT YD RESIDENTIAL CORP COM 35904G107 7,756 771,730 SH   SOLE   771,730 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 17,285 175,000 SH   SOLE   175,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 649 262,900 SH Put SOLE   262,900 0 0
NEW YORK REIT INC COM NEW 64976L208 1,953 90,784 SH   SOLE   90,784 0 0
RESOURCE CAP CORP COM NEW 76120W708 4,328 455,088 SH   SOLE   455,088 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 4,151 33,000 SH   SOLE   33,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 575 110,000 SH Put SOLE   110,000 0 0
TECK RESOURCES LTD CL B 878742204 2,860 111,024 SH   SOLE   111,024 0 0
VULCAN MATLS CO COM 929160109 564 4,938 SH   SOLE   4,938 0 0
XILINX INC COM 983919101 4,637 64,195 SH   SOLE   64,195 0 0