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
ALLY FINL INC COM 02005N100 957 51,100 SH   SOLE   51,100 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 3,400 126,577 SH   SOLE   126,577 0 0
CAPITAL ONE FINL CORP COM 14040H105 2,267 32,709 SH   SOLE   32,709 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 15,518 919,306 SH   SOLE   919,306 0 0
CITIGROUP INC COM NEW 172967424 12,052 288,668 SH   SOLE   288,668 0 0
CITIGROUP INC COM NEW 172967424 4,175 100,000 SH Call SOLE   0 0 0
CITIZENS FINL GROUP INC COM 174610105 1,825 87,100 SH   SOLE   87,100 0 0
COMERICA INC COM 200340107 736 19,435 SH   SOLE   19,435 0 0
DISCOVER FINL SVCS COM 254709108 8,965 176,055 SH   SOLE   176,055 0 0
FIFTH THIRD BANCORP COM 316773100 4,624 277,063 SH   SOLE   277,063 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 6,027 1,260,940 SH   SOLE   1,260,940 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 1,231 66,100 SH   SOLE   66,100 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 816 5,200 SH   SOLE   5,200 0 0
HERCULES CAPITAL INC COM 427096508 386 32,112 SH   SOLE   32,112 0 0
HUNTINGTON BANCSHARES INC COM 446150104 4,283 449,000 SH   SOLE   449,000 0 0
ING GROEP N V DBCV 6.000%12/2 456837AE3 9,183 9,750,000 PRN   SOLE   9,750,000 0 0
ING GROEP N V DBCV 6.500%12/2 456837AF0 34,236 37,100,000 PRN   SOLE   37,100,000 0 0
ISHARES TR U.S. REAL ES ETF 464287739 9,966 128,000 SH Put SOLE   0 0 0
JPMORGAN CHASE & CO COM 46625H100 7,850 132,549 SH   SOLE   132,549 0 0
JPMORGAN CHASE & CO COM 46625H100 5,999 101,300 SH Call SOLE   0 0 0
KKR & CO L P DEL COM UNITS 48248M102 15,208 1,035,270 SH   SOLE   1,035,270 0 0
KEYCORP NEW COM 493267108 5,535 501,400 SH   SOLE   501,400 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 812 55,300 SH   SOLE   55,300 0 0
LINCOLN NATL CORP IND COM 534187109 3,128 79,800 SH   SOLE   79,800 0 0
METLIFE INC COM 59156R108 10,107 230,010 SH   SOLE   230,010 0 0
MORGAN STANLEY COM NEW 617446448 2,500 99,950 SH   SOLE   99,950 0 0
OCH ZIFF CAP MGMT GROUP CL A 67551U105 1,045 240,250 SH   SOLE   240,250 0 0
OCH ZIFF CAP MGMT GROUP CL A 67551U105 217 50,000 SH Call SOLE   0 0 0
PENNYMAC CORP NOTE 5.375% 5/0 70932AAB9 15,127 16,997,000 PRN   SOLE   16,997,000 0 0
PRINCIPAL FINL GROUP INC COM 74251V102 1,085 27,500 SH Call SOLE   0 0 0
PRUDENTIAL FINL INC COM 744320102 10,511 145,545 SH   SOLE   145,545 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 4,603 80,000 SH Put SOLE   0 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF T 780097713 3,334 131,000 SH   SOLE   131,000 0 0
AMERIPRISE FINL INC COM 03076C106 2,971 31,600 SH   SOLE   31,600 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 9,812 394,204 SH   SOLE   394,204 0 0
SPDR SERIES TRUST S&P BK ETF 78464A797 2,130 70,125 SH   SOLE   70,125 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 2,250 100,000 SH Put SOLE   0 0 0
STARWOOD PPTY TR INC COM 85571B105 3,493 184,525 SH   SOLE   184,525 0 0
STATE STR CORP COM 857477103 398 6,800 SH   SOLE   6,800 0 0
TWITTER INC COM 90184L102 190 11,500 SH   SOLE   11,500 0 0
US BANCORP DEL COM NEW 902973304 3,682 90,700 SH   SOLE   90,700 0 0
WP GLIMCHER IN COM 92939N102 381 40,100 SH   SOLE   40,100 0 0
WELLS FARGO & CO NEW COM 949746101 7,577 156,670 SH   SOLE   156,670 0 0
INVESCO LTD SHS G491BT108 1,808 58,750 SH   SOLE   58,750 0 0
BANK AMER CORP COM 060505104 12,070 892,738 SH   SOLE   892,738 0 0
BANK AMER CORP *W EXP 01/16/201 060505146 215 55,200 SH   SOLE   55,200 0 0
BANK NEW YORK MELLON CORP COM 064058100 586 15,900 SH   SOLE   15,900 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 7,094 50,000 SH Put SOLE   0 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 2,889 103,000 SH   SOLE   103,000 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS R 780097747 611 25,000 SH   SOLE   25,000 0 0
VOYA FINL INC COM 929089100 6,994 234,950 SH   SOLE   234,950 0 0