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
AG MTG INVT TR INC COM 001228105 3,131 200,200 SH   SOLE   200,200 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 10,064 197,141 SH   SOLE   197,141 0 0
ANNALY CAP MGMT INC COM 035710409 3,021 303,000 SH   SOLE   303,000 0 0
ANWORTH MORTGAGE ASSET CP COM 037347101 4,184 993,900 SH   SOLE   993,900 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 9,727 658,090 SH   SOLE   658,090 0 0
ARENA PHARMACEUTICALS INC COM 040047102 11,591 1,981,400 SH Put SOLE   1,981,400 0 0
ARMOUR RESIDENTIAL REIT INC COM 042315101 1,500 374,000 SH   SOLE   374,000 0 0
ASTA FDG INC COM 046220109 7,956 944,930 SH   SOLE   944,930 0 0
BONANZA CREEK ENERGY INC COM 097793103 12,234 281,446 SH   SOLE   281,446 0 0
BRIDGEPOINT ED INC COM 10807M105 1,849 104,395 SH   SOLE   104,395 0 0
CLEAN ENERGY FUELS CORP COM 184499101 6,101 473,700 SH Put SOLE   473,700 0 0
COPA HOLDINGS SA CL A P31076105 9,641 60,212 SH   SOLE   60,212 0 0
DENDREON CORP COM 24823Q107 3,859 1,290,500 SH Put SOLE   1,290,500 0 0
EQUINIX INC COM NEW 29444U502 7,098 40,000 SH   SOLE   40,000 0 0
HALLADOR ENERGY COMPANY COM 40609P105 788 97,759 SH   SOLE   97,759 0 0
HATTERAS FINL CORP COM 41902R103 8,650 529,400 SH   SOLE   529,400 0 0
INTEROIL CORP COM 460951106 5,576 108,300 SH   SOLE   108,300 0 0
INTEROIL CORP COM 460951106 5,149 100,000 SH Call SOLE   100,000 0 0
INTEROIL CORP COM 460951106 5,576 108,300 SH Put SOLE   108,300 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 5,327 362,900 SH   SOLE   362,900 0 0
IRON MTN INC COM 462846106 9,937 327,400 SH   SOLE   327,400 0 0
JGWPT HLDGS INC CL A 46617M109 7,695 442,489 SH   SOLE   442,489 0 0
LAMAR ADVERTISING CO CL A 512815101 12,484 238,919 SH   SOLE   238,919 0 0
LORILLARD INC COM 544147101 30,408 600,000 SH Put SOLE   600,000 0 0
PARKERVISION INC COM 701354102 551 121,000 SH Put SOLE   121,000 0 0
RUSH ENTERPRISES INC CL B 781846308 4,712 184,791 SH   SOLE   184,791 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 10,266 245,715 SH   SOLE   245,715 0 0
STAR SCIENTIFIC INC COM 85517P101 352 303,200 SH Put SOLE   303,200 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 7,337 422,888 SH   SOLE   422,888 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 6,056 234,900 SH   SOLE   234,900 0 0
TWO HBRS INVT CORP COM 90187B101 17,361 1,870,797 SH   SOLE   1,870,797 0 0
WALTER INVT MGMT CORP COM 93317W102 8,841 250,039 SH   SOLE   250,039 0 0