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 5,518 291,500 SH   SOLE   291,500 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 7,967 397,942 SH   SOLE   397,942 0 0
ANNALY CAP MGMT INC COM 035710409 3,463 303,000 SH   SOLE   303,000 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 11,003 658,090 SH   SOLE   658,090 0 0
ARENA PHARMACEUTICALS INC COM 040047102 5,085 867,700 SH Put SOLE   867,700 0 0
ASTA FDG INC COM 046220109 7,984 967,770 SH   SOLE   967,770 0 0
BONANZA CREEK ENERGY INC COM 097793103 13,501 236,069 SH   SOLE   236,069 0 0
BRIDGEPOINT ED INC COM 10807M105 10,401 783,173 SH   SOLE   783,173 0 0
CARRIZO OIL & GAS INC COM 144577103 8,154 117,732 SH   SOLE   117,732 0 0
CHERRY HILL MTG INVT CORP COM 164651101 2,942 146,725 SH   SOLE   146,725 0 0
CITIGROUP INC COM NEW 172967424 14,130 300,000 SH   SOLE   300,000 0 0
CLIFFS NAT RES INC COM 18683K101 1,552 103,100 SH Put SOLE   103,100 0 0
COMMONWEALTH REIT COM SH BEN INT 203233101 10,528 400,000 SH   SOLE   400,000 0 0
EQUINIX INC COM NEW 29444U502 12,605 60,000 SH   SOLE   60,000 0 0
HALLADOR ENERGY COMPANY COM 40609P105 1,193 125,733 SH   SOLE   125,733 0 0
HATTERAS FINL CORP COM 41902R103 12,001 605,800 SH   SOLE   605,800 0 0
INTEROIL CORP COM 460951106 9,796 153,200 SH Call SOLE   153,200 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 13,289 765,519 SH   SOLE   765,519 0 0
IRON MTN INC COM 462846106 24,797 699,500 SH Call SOLE   699,500 0 0
ITT EDUCATIONAL SERVICES INC COM 45068B109 5,925 354,978 SH   SOLE   354,978 0 0
LAMAR ADVERTISING CO CL A 512815101 7,367 139,002 SH   SOLE   139,002 0 0
MFA FINL INC COM 55272X102 154 18,700 SH   SOLE   18,700 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 6,258 172,400 SH   SOLE   172,400 0 0
NL INDS INC COM NEW 629156407 1,825 196,456 SH   SOLE   196,456 0 0
ORGANOVO HLDGS INC COM 68620A104 835 100,000 SH   SOLE   100,000 0 0
PARKERVISION INC COM 701354102 17 11,400 SH Put SOLE   11,400 0 0
RYMAN HOSPITALITY PPTYS INC COM 78377T107 11,653 242,015 SH   SOLE   242,015 0 0
SFX ENTMT INC COM 784178303 485 59,900 SH   SOLE   59,900 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107 7,058 422,888 SH   SOLE   422,888 0 0
TELEPHONE & DATA SYS INC COM NEW 879433829 5,678 217,479 SH   SOLE   217,479 0 0
TESLA MTRS INC NOTE 1.500% 6/0 88160RAA9 27,276 13,500 PRN   SOLE   13,500 0 0
TWO HBRS INVT CORP COM 90187B101 1,974 188,397 SH   SOLE   188,397 0 0
VIRNETX HLDG CORP COM 92823T108 20,968 1,190,700 SH Put SOLE   1,190,700 0 0
WALTER INVT MGMT CORP COM 93317W102 10,424 350,039 SH   SOLE   350,039 0 0
WINTHROP RLTY TR SH BEN INT NEW 976391300 6,962 453,572 SH   SOLE   453,572 0 0
WORLD ACCEP CORP DEL COM 981419104 11,058 145,575 SH   SOLE   145,575 0 0