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
AEGEAN MARINE PETE NETWORK I NOTE 4.000%11/0 Y0020QAA9 239 200,000 PRN   SOLE N/A 200,000 0 0
AEGEAN MARINE PETROLEUM NETW SHS Y0017S102 4,373 304,292 SH   SOLE N/A 304,292 0 0
AMERICAN RLTY CAP PPTYS INC NOTE 3.750%12/1 02917TAB0 1,760 1,800,000 PRN   SOLE N/A 1,800,000 0 0
APOLLO GROUP INC CL A 037604105 851 45,000 SH   SOLE N/A 45,000 0 0
ARDMORE SHIPPING CORP COM Y0207T100 1,085 107,700 SH   SOLE N/A 107,700 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 2,946 306,200 SH   SOLE N/A 306,200 0 0
ASHFORD INC COM 044104107 1,257 10,583 SH   SOLE N/A 10,583 0 0
ASSURED GUARANTY LTD COM G0585R106 13,285 503,400 SH   SOLE N/A 503,400 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06742E711 2,307 90,000 SH Put SOLE N/A 90,000 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 6,705 708,000 SH   SOLE N/A 708,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 9,891 220,000 SH   SOLE N/A 220,000 0 0
DHT HOLDINGS INC SHS NEW Y2065G121 1,813 259,708 SH   SOLE N/A 259,708 0 0
FIRST MARBLEHEAD CORP COM NEW 320771207 748 120,000 SH   SOLE N/A 120,000 0 0
HOWARD HUGHES CORP COM 44267D107 5,914 38,150 SH   SOLE N/A 38,150 0 0
IMPERIAL HLDGS INC COM 452834104 981 140,800 SH   SOLE N/A 140,800 0 0
MORGANS HOTEL GROUP CO COM 61748W108 1,289 166,379 SH   SOLE N/A 166,379 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 4,706 190,000 SH   SOLE N/A 190,000 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 7,632 326,975 SH   SOLE N/A 326,975 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 25,360 1,399,570 SH   SOLE N/A 1,399,570 0 0
RAIT FINANCIAL TRUST COM NEW 749227609 2,397 349,463 SH   SOLE N/A 349,463 0 0
SCIENTIFIC GAMES CORP CL A 80874P109 1,699 162,300 SH   SOLE N/A 162,300 0 0
SCORPIO TANKERS INC SHS Y7542C106 6,197 657,871 SH   SOLE N/A 657,871 0 0
TALISMAN ENERGY INC COM 87425E103 8,294 1,080,000 SH   SOLE N/A 1,080,000 0 0
VTTI ENERGY PARTNERS LP COM UNIT RP LT Y9384M101 1,085 43,700 SH   SOLE N/A 43,700 0 0
WEBSTER FINL CORP CONN COM 947890109 3,297 89,000 SH   SOLE N/A 89,000 0 0