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 5,855 334,400 SH   SOLE   334,400 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 2,252 120,000 SH   SOLE   120,000 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 12,360 247,141 SH   SOLE   247,141 0 0
ANNALY CAP MGMT INC COM 035710409 3,324 303,000 SH   SOLE   303,000 0 0
ANWORTH MORTGAGE ASSET CP COM 037347101 2,948 594,400 SH   SOLE   594,400 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 10,681 658,090 SH   SOLE   658,090 0 0
ARENA PHARMACEUTICALS INC COM 040047102 9,877 1,567,700 SH Put SOLE   1,567,700 0 0
ASTA FDG INC COM 046220109 8,003 967,770 SH   SOLE   967,770 0 0
BONANZA CREEK ENERGY INC COM 097793103 12,982 292,398 SH   SOLE   292,398 0 0
BRIDGEPOINT ED INC COM 10807M105 8,467 568,629 SH   SOLE   568,629 0 0
CHERRY HILL MTG INVT CORP COM 164651101 1,202 64,086 SH   SOLE   64,086 0 0
CLIFFS NAT RES INC COM 18683K101 2,109 103,100 SH Put SOLE   103,100 0 0
COMMONWEALTH REIT COM SH BEN INT 203233101 10,520 400,000 SH   SOLE   400,000 0 0
DENDREON CORP COM 24823Q107 3,261 1,090,500 SH Put SOLE   1,090,500 0 0
EQUINIX INC COM NEW 29444U502 11,090 60,000 SH   SOLE   60,000 0 0
GALECTIN THERAPEUTICS INC COM NEW 363225202 3,062 200,000 SH   SOLE   200,000 0 0
GOL LINHAS AEREAS INTLG S A SP ADR REP PFD 38045R107 231 47,616 SH   SOLE   47,616 0 0
HALLADOR ENERGY COMPANY COM 40609P105 1,075 125,733 SH   SOLE   125,733 0 0
HATTERAS FINL CORP COM 41902R103 9,979 529,400 SH   SOLE   529,400 0 0
INTEROIL CORP COM 460951106 9,921 153,200 SH Call SOLE   153,200 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 12,608 765,519 SH   SOLE   765,519 0 0
IRON MTN INC COM 462846106 320 11,600 SH   SOLE   11,600 0 0
IRON MTN INC COM 462846106 14,287 518,200 SH Call SOLE   518,200 0 0
ITT EDUCATIONAL SERVICES INC COM 45068B109 8,545 297,945 SH   SOLE   297,945 0 0
LAMAR ADVERTISING CO CL A 512815101 15,300 300,000 SH   SOLE   300,000 0 0
LORILLARD INC COM 544147101 27,500 508,500 SH Put SOLE   508,500 0 0
MANNKIND CORP COM 56400P201 1,271 316,200 SH Put SOLE   316,200 0 0
MFA FINL INC COM 55272X102 849 109,600 SH   SOLE   109,600 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 5,596 172,400 SH   SOLE   172,400 0 0
NL INDS INC COM NEW 629156407 1,158 106,826 SH   SOLE   106,826 0 0
PARKERVISION INC COM 701354102 636 132,400 SH Put SOLE   132,400 0 0
PRANA BIOTECHNOLOGY LTD SPONSORED ADR 739727105 206 73,600 SH Put SOLE   73,600 0 0
RUSH ENTERPRISES INC CL B 781846308 2,387 84,791 SH   SOLE   84,791 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 10,448 245,715 SH   SOLE   245,715 0 0
SFX ENTMT INC COM 784178303 422 59,900 SH   SOLE   59,900 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 7,176 422,888 SH   SOLE   422,888 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 8,418 321,179 SH   SOLE   321,179 0 0
TESLA MTRS INC NOTE 1.500% 6/0 88160RAA9 24,231 13,500 PRN   SOLE   13,500 0 0
TWO HBRS INVT CORP COM 90187B101 7,189 701,360 SH   SOLE   701,360 0 0
VIRNETX HLDG CORP COM 92823T108 3,829 270,000 SH Put SOLE   270,000 0 0
WALTER INVT MGMT CORP COM 93317W102 10,442 350,039 SH   SOLE   350,039 0 0
WORLD ACCEP CORP DEL COM 981419104 7,927 105,575 SH   SOLE   105,575 0 0