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
AMERICAN CAP AGY CORP COM 02503X105 1,929 100,000 SH   SOLE   100,000 0 0
AMPIO PHARMACEUTICALS INC COM 03209T109 10,468 1,468,102 SH   SOLE   1,468,102 0 0
ASSURED GUARANTY LTD COM G0585R106 9,443 400,300 SH   SOLE   400,300 0 0
CHERRY HILL MTG INVT COM 164651101 1,338 75,176 SH   SOLE   75,176 0 0
CYS INVESTMENTS INC COM 12673A108 251 33,900 SH   SOLE   33,900 0 0
DYNEX CAPITAL INC COM 26817Q506 10,441 1,305,083 SH   SOLE   1,305,083 0 0
GOLD STANDARD VENTURES CORP COM 380738104 37 60,057 SH   SOLE   60,057 0 0
HATTERAS FINANCIAL CORP COM 41902R103 16,657 1,019,430 SH   SOLE   1,019,430 0 0
IMPERIAL HOLDINGS INC COM 452834104 722 110,454 SH   SOLE   110,454 0 0
INVESCO MTG CAPITAL COM 46131B100 680 46,300 SH   SOLE   46,300 0 0
MARKET VECTORS JR GOLD MINER ETF COM 57061R544 1,211 39,000 SH   SOLE   39,000 0 0
MFA FINANCIAL INC COM 55272X102 3,503 496,200 SH   SOLE   496,200 0 0
NEW RESIDENTIAL INVT CORP COM 64828T102 3,637 544,400 SH   SOLE   544,400 0 0
NMI HOLDINGS INC CL A 629209305 6,110 480,000 SH   SOLE   480,000 0 0
NORTHSTAR REALTY FINANCE CORP COM 66704R100 8,507 632,500 SH   SOLE   632,500 0 0
PHOENIX COMPANIES INC COM 71902E604 5,544 90,292 SH   SOLE   90,292 0 0
PARAMOUNT GOLD AND SILVER COM 69924P102 363 386,000 SH   SOLE   386,000 0 0
RESOLUTE ENERGY CORP COM 76116A108 4,989 552,472 SH   SOLE   552,472 0 0
RESOURCE CAPITAL CORP COM 76120W302 7,512 1,266,698 SH   SOLE   1,266,698 0 0
SANDSTORM GOLD LTD COM 80013R206 64 15,000 SH   SOLE   15,000 0 0
SEABRIDGE GOLD INC COM 811916105 3,952 541,305 SH   SOLE   541,305 0 0
STAR SCIENTIFIC INC COM 85517P101 1,418 1,222,000 SH   SOLE   1,222,000 0 0
STONEGATE MTG CORP COM 86181Q300 1,116 67,500 SH   SOLE   67,500 0 0
TWO HARBORS INVT CORP COM 90187B101 11,939 1,286,500 SH   SOLE   1,286,500 0 0
ING US INC COM 45685E106 896 25,500 SH   SOLE   25,500 0 0
WALKER DUNLOP INC COM 93148P102 19,644 1,214,835 SH   SOLE   1,214,835 0 0