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
ALLIANCEBERNSTEIN HOLDING LP UNIT LTD PARTN 01881G106 4,025 176,164 SH   SOLE   176,164 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 16,816 566,200 SH   SOLE   566,200 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 2,227 75,000 SH Call SOLE   0 0 0
BROOKLINE BANCORP INC DEL COM 11373M107 563 36,000 SH   SOLE   36,000 0 0
CBL & ASSOC PPTYS INC COM 124830100 531 55,700 SH   SOLE   55,700 0 0
CNO FINL GROUP INC COM 12621E103 1,499 73,100 SH   SOLE   73,100 0 0
CDN IMPERIAL BK COMM TORONTO COM 136069101 12,918 150,000 SH Put SOLE   0 0 0
CAPITAL ONE FINL CORP COM 14040H105 4,025 46,450 SH   SOLE   46,450 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 5,712 358,097 SH   SOLE   358,097 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 1,595 100,000 SH Call SOLE   0 0 0
AMERICAN EXPRESS CO COM 025816109 1,820 23,000 SH   SOLE   23,000 0 0
CITIGROUP INC COM NEW 172967424 23,170 387,323 SH   SOLE   387,323 0 0
CITIGROUP INC COM NEW 172967424 8,016 134,000 SH Call SOLE   0 0 0
COHEN & STEERS INC COM 19247A100 2,614 65,393 SH   SOLE   65,393 0 0
CREDIT ACCEP CORP MICH COM 225310101 2,493 12,500 SH Put SOLE   0 0 0
DISCOVER FINL SVCS COM 254709108 11,548 168,850 SH   SOLE   168,850 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 7,760 222,400 SH   SOLE   222,400 0 0
ENCORE CAP GROUP INC NOTE 2.875% 3/1 292554AH5 7,132 8,000,000 PRN   SOLE   8,000,000 0 0
FIFTH THIRD BANCORP COM 316773100 8,428 331,800 SH   SOLE   331,800 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 2,550 11,100 SH Call SOLE   0 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 1,149 5,000 SH Put SOLE   0 0 0
BANC OF CALIFORNIA INC COM 05990K106 1,035 50,000 SH Put SOLE   0 0 0
HSBC HLDGS PLC NOTE 6.875%12/3 404280BC2 62,857 59,000,000 PRN   SOLE   59,000,000 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 4,326 90,000 SH Call SOLE   0 0 0
HUNTINGTON BANCSHARES INC COM 446150104 7,603 567,800 SH   SOLE   567,800 0 0
ING GROEP N V DBCV 6.000%12/3 456837AE3 2,245 2,250,000 PRN   SOLE   2,250,000 0 0
ING GROEP N V DBCV 6.500%12/3 456837AF0 29,618 29,750,000 PRN   SOLE   29,750,000 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 19,695 500,000 SH Put SOLE   0 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 130,606 950,000 SH Put SOLE   0 0 0
ISHARES TR MIN VOL USA ETF 46429B697 7,826 164,000 SH Put SOLE   0 0 0
JPMORGAN CHASE & CO COM 46625H100 6,096 69,400 SH   SOLE   69,400 0 0
BANK AMER CORP COM 060505104 6,551 277,688 SH   SOLE   277,688 0 0
JPMORGAN CHASE & CO COM 46625H100 4,989 56,800 SH Call SOLE   0 0 0
LEGG MASON INC COM 524901105 3,598 99,650 SH   SOLE   99,650 0 0
LINCOLN NATL CORP IND COM 534187109 3,472 53,050 SH   SOLE   53,050 0 0
MGIC INVT CORP WIS COM 552848103 5,612 554,000 SH   SOLE   554,000 0 0
MANULIFE FINL CORP COM 56501R106 4,463 251,900 SH   SOLE   251,900 0 0
MASTERCARD INCORPORATED CL A 57636Q104 1,046 9,300 SH   SOLE   9,300 0 0
METLIFE INC COM 59156R108 13,529 256,130 SH   SOLE   256,130 0 0
METLIFE INC COM 59156R108 5,282 100,000 SH Call SOLE   0 0 0
PENNYMAC CORP NOTE 5.375% 5/0 70932AAB9 26,107 26,997,000 PRN   SOLE   26,997,000 0 0
POPULAR INC COM NEW 733174700 3,324 81,616 SH   SOLE   81,616 0 0
BANK AMER CORP COM 060505104 11,087 470,000 SH Call SOLE   0 0 0
REGIONS FINL CORP NEW COM 7591EP100 6,152 423,400 SH   SOLE   423,400 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 16,584 228,000 SH Put SOLE   0 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 16,885 666,080 SH   SOLE   666,080 0 0
ROYAL BK SCOTLAND GROUP PLC NOTE 8.625%12/3 780097BB6 101,304 96,950,000 PRN   SOLE   96,950,000 0 0
ROYAL BK OF SCOTLAND PLC DEBT 7.500%12/3 780099CJ4 46,202 46,800,000 PRN   SOLE   46,800,000 0 0
ROYAL BK OF SCOTLAND PLC NOTE 8.000%12/3 780099CK1 34,146 34,200,000 PRN   SOLE   34,200,000 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 4,882 89,400 SH   SOLE   89,400 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 3,277 60,000 SH Put SOLE   0 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 14,881 272,500 SH Call SOLE   0 0 0
SCHWAB CHARLES CORP NEW COM 808513105 1,814 44,450 SH   SOLE   44,450 0 0
BANK NEW YORK MELLON CORP COM 064058100 6,943 147,000 SH   SOLE   147,000 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 51,541 2,172,000 SH Put SOLE   0 0 0
SIMON PPTY GROUP INC NEW COM 828806109 1,514 8,800 SH   SOLE   8,800 0 0
STATE STR CORP COM 857477103 2,989 37,550 SH   SOLE   37,550 0 0
TCF FINL CORP COM 872275102 1,521 89,350 SH   SOLE   89,350 0 0
VISA INC COM CL A 92826C839 982 11,050 SH   SOLE   11,050 0 0
WASHINGTONFIRST BANKSHARES I COM 940730104 476 17,000 SH   SOLE   17,000 0 0
WELLS FARGO & CO NEW COM 949746101 25,712 461,950 SH   SOLE   461,950 0 0
WELLS FARGO & CO NEW COM 949746101 4,453 80,000 SH Call SOLE   0 0 0
WELLS FARGO & CO NEW *W EXP 10/28/201 949746804 18,957 15,300 SH   SOLE   15,300 0 0
SOCIETE GENERALE DEBT 8.250%12/3 F849BQAA2 26,816 25,590,000 PRN   SOLE   25,590,000 0 0
BARCLAYS PLC NOTE 8.250%12/3 06738EAA3 25,081 23,800,000 PRN   SOLE   23,800,000 0 0
BARCLAYS PLC NOTE 6.625%12/3 06738EAB1 11,482 11,500,000 PRN   SOLE   11,500,000 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 4,167 25,000 SH Put SOLE   0 0 0
ABB LTD SPONSORED ADR 000375204 3,978 170,000 SH Call SOLE   0 0 0
PENNYMAC MTG INVT TR COM 70931T103 6,037 225,000 SH   SOLE   225,000 0 0