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 MTG INVT CORP COM 02504A104 4,545 264,417 SH   SOLE   264,417 0 0
ANWORTH MORTGAGE ASSET CP COM 037347101 4,920 1,000,000 SH   SOLE   1,000,000 0 0
B2GOLD CORP COM 11777Q209 1,578 600,000 SH   SOLE   600,000 0 0
COMPUTER SCIENCES CORP COM 205363104 2,611 50,000 SH   SOLE   50,000 0 0
DIGITAL TURBINE INC COM 25400W102 656 625,000 SH   SOLE   625,000 0 0
DYNEX CAPITAL INC COM 26817Q506 3,199 431,112 SH   SOLE   431,112 0 0
EMERGENT CAPITAL INC COM 29102N105 879 300,000 SH   SOLE   300,000 0 0
ENPRO INDUSTRIES INC COM 29355X107 2,815 49,550 SH   SOLE   49,550 0 0
EVERI HOLDINGS INC COM 30034T103 741 300,000 SH   SOLE   300,000 0 0
ICAD INC COM 44934S206 910 175,000 SH   SOLE   175,000 0 0
IMPAC MTG HLDGS INC COM 45254P508 3,627 275,000 SH   SOLE   275,000 0 0
ISHARES TR IBOXX HI YD ETF 464288513 8,726 100,000 SH Put SOLE   100,000 0 0
ISHARES TR 20 YR TR BD ETF 464287432 13,751 100,000 SH   SOLE   100,000 0 0
NATIONAL GEN HLDGS CORP COM 636220303 14,456 650,000 SH   SOLE   650,000 0 0
SEABRIDGE GOLD INC COM 811916105 1,103 100,000 SH   SOLE   100,000 0 0
VANECK VECTORS ETF TR GOLD MINERS ETF 92189F106 1,322 50,000 SH   SOLE   50,000 0 0
WALKER DUNLOP INC COM 93148P102 7,831 310,000 SH   SOLE   310,000 0 0