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
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 28,368 1,234,449 SH   SOLE   1,234,449 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 50,334 3,116,667 SH   SOLE   3,116,667 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 84,571 6,932,062 SH   SOLE   6,932,062 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06740C188 367 25,000 SH Put SOLE   25,000 0 0
CBS CORP NEW CL B 124857202 57,918 1,050,000 SH   SOLE   1,050,000 0 0
CENTRAL PAC FINL CORP COM NEW 154760409 24,780 1,400,000 SH   SOLE   1,400,000 0 0
CLEVELAND BIOLABS INC COM 185860103 468 300,000 SH   SOLE   300,000 0 0
CUSTOMERS BANCORP INC COM 23204G100 22,330 1,386,950 SH   SOLE   1,386,950 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 18,540 300,000 SH Call SOLE   300,000 0 0
FIRST NBC BK HLDG CO COM 32115D106 4,632 190,000 SH   SOLE   190,000 0 0
GOLAR LNG LTD BERMUDA SHS G9456A100 66,864 1,775,000 SH   SOLE   1,775,000 0 0
HARBINGER GROUP INC COM 41146A106 3,630 350,000 SH   SOLE   350,000 0 0
HOME LN SERVICING SOLUTIONS ORD SHS G6648D109 11,872 539,388 SH   SOLE   539,388 0 0
HOMESTREET INC COM 43785V102 6,592 341,565 SH   SOLE   341,565 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 60,773 1,058,031 SH   SOLE   1,058,031 0 0
INTELSAT S A COM L5140P101 3,000 125,000 SH   SOLE   125,000 0 0
INTERXION HOLDING N.V SHS N47279109 8,896 400,000 SH   SOLE   400,000 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 52,801 700,000 SH   SOLE   700,000 0 0
MBIA INC COM 55262C100 12,788 1,250,000 SH   SOLE   1,250,000 0 0
MEADOWBROOK INS GROUP INC COM 58319P108 8,262 1,271,000 SH   SOLE   1,271,000 0 0
NAVIOS MARITIME ACQUIS CORP SHS Y62159101 10,010 2,712,742 SH   SOLE   2,712,742 0 0
NEW RESIDENTIAL INVT CORP COM 64828T102 29,625 4,475,100 SH   SOLE   4,475,100 0 0
NEWCASTLE INVT CORP COM 65105M108 29,224 5,200,000 SH   SOLE   5,200,000 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 11,136 1,200,000 SH   SOLE   1,200,000 0 0
PBF ENERGY INC CL A 69318G106 42,116 1,876,000 SH   SOLE   1,876,000 0 0
PENN NATL GAMING INC COM 707569109 26,324 475,506 SH   SOLE   475,506 0 0
PINNACLE ENTMT INC COM 723456109 2,505 100,000 SH   SOLE   100,000 0 0
PREFERRED APT CMNTYS INC COM 74039L103 8,584 1,057,142 SH   SOLE   1,057,142 0 0
QEP RES INC COM 74733V100 23,614 852,810 SH   SOLE   852,810 0 0
ROPER INDS INC NEW COM 776696106 56,470 425,000 SH   SOLE   425,000 0 0
SCORPIO TANKERS INC SHS Y7542C106 44,896 4,600,000 SH   SOLE   4,600,000 0 0
SEADRILL PARTNERS LLC COMUNIT REP LB Y7545W109 7,359 225,400 SH   SOLE   225,400 0 0
SIX FLAGS ENTMT CORP NEW COM 83001A102 143,608 4,250,000 SH   SOLE   4,250,000 0 0
SPECTRUM BRANDS HLDGS INC COM 84763R101 23,044 350,000 SH   SOLE   350,000 0 0
TOWER GROUP INTL LTD COM G8988C105 13,768 1,966,862 SH   SOLE   1,966,862 0 0
TRADE STR RESIDENTIAL INC COM NEW 89255N203 3,828 550,000 SH   SOLE   550,000 0 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 16,750 500,000 SH   SOLE   500,000 0 0
VALERO ENERGY CORP NEW COM 91913Y100 29,028 850,000 SH   SOLE   850,000 0 0
ZAIS FINL CORP COM 98886K108 1,735 100,000 SH   SOLE   100,000 0 0