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
AMPIO PHARMACEUTICALS INC COM 03209T109 11,515 1,379,099 SH   SOLE   1,379,099 0 0
CENTURY COMMUNITIES INC COM 156504300 2,658 120,000 SH   SOLE   120,000 0 0
CYS INVESTMENTS INC COM 12673A108 6,288 697,148 SH   SOLE   697,148 0 0
DYNEX CAPITAL INC COM 26817Q506 11,550 1,305,083 SH   SOLE   1,305,083 0 0
FIVE OAKS INV CORP COM 33830W106 1,215 107,600 SH   SOLE   107,600 0 0
GREEN DOT CORP CL A 39304D102 1,898 100,000 SH   SOLE   100,000 0 0
GREEN DOT CORP CL A 39304D102 1,898 100,000 SH Put SOLE   100,000 0 0
HATTERAS FINANCIAL CORP COM 41902R103 16,442 830,000 SH   SOLE   830,000 0 0
IMPERIAL HOLDINGS INC COM 452834104 2,660 390,000 SH   SOLE   390,000 0 0
INVESCO MTG CAPITAL COM 46131B100 25,297 1,457,204 SH   SOLE   1,457,204 0 0
NATIONAL GEN HLDGS CORP COM 636220303 19,871 1,142,000 SH   SOLE   1,142,000 0 0
NMI HOLDINGS INC CL A 629209305 12,075 1,150,000 SH   SOLE   1,150,000 0 0
RESOLUTE ENERGY CORP COM 76116A108 9,490 1,098,407 SH   SOLE   1,098,407 0 0
ROCK CREEK PHARM INC COM 772081105 250 423,961 SH   SOLE   423,961 0 0
SEABRIDGE GOLD INC COM 811916105 2,645 281,982 SH   SOLE   281,982 0 0
SORRENTO THERAPEUTICS INC COM 83587F202 4,697 695,809 SH   SOLE   695,809 0 0
TOWER GROUP INTL LTD COM G8988C105 540 300,000 SH   SOLE   300,000 0 0
WALKER DUNLOP INC COM 93148P102 16,290 1,154,473 SH   SOLE   1,154,473 0 0