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
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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
ANNALY CAP MGMT INC COM 035710409 3,013 250,000 SH Put SOLE   0 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 5,436 275,247 SH   SOLE   275,247 0 0
CITIGROUP INC COM NEW 172967424 29,432 440,079 SH   SOLE   440,079 0 0
DEUTSCHE BANK A G NOTE 7.500%12/3 251525AN1 13,592 13,200,000 PRN   SOLE   13,200,000 0 0
DISCOVER FINL SVCS COM 254709108 30,168 485,100 SH   SOLE   485,100 0 0
DISCOVER FINL SVCS COM 254709108 6,219 100,000 SH Call SOLE   0 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 20,454 537,845 SH   SOLE   537,845 0 0
ELLIE MAE INC COM 28849P100 5,496 50,000 SH Put SOLE   0 0 0
ENCORE CAP GROUP INC NOTE 2.875% 3/1 292554AH5 9,052 9,526,000 PRN   SOLE   9,526,000 0 0
FNB CORP PA COM 302520101 2,278 160,900 SH   SOLE   160,900 0 0
FIFTH THIRD BANCORP COM 316773100 15,812 609,101 SH   SOLE   609,101 0 0
BB&T CORP COM 054937107 10,167 223,889 SH   SOLE   223,889 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 2,363 10,650 SH   SOLE   10,650 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 1,354 6,100 SH Call SOLE   0 0 0
HSBC HLDGS PLC DBCV 6.375%12/3 404280AS8 9,021 8,600,000 PRN   SOLE   8,600,000 0 0
HSBC HLDGS PLC NOTE 6.875%12/3 404280BC2 63,952 59,000,000 PRN   SOLE   59,000,000 0 0
HSBC HLDGS PLC NOTE 6.000%12/3 404280BL2 61,563 59,500,000 PRN   SOLE   59,500,000 0 0
HUNTINGTON BANCSHARES INC COM 446150104 15,929 1,178,217 SH   SOLE   1,178,217 0 0
ING GROEP N V DBCV 6.000%12/3 456837AE3 2,308 2,250,000 PRN   SOLE   2,250,000 0 0
ING GROEP N V DBCV 6.500%12/3 456837AF0 28,739 27,300,000 PRN   SOLE   27,300,000 0 0
ISHARES MSCI STH KOR ETF 464286772 27,124 400,000 SH Put SOLE   0 0 0
ISHARES TR U.S. REAL ES ETF 464287739 27,122 340,000 SH Put SOLE   0 0 0
BANK AMER CORP COM 060505104 22,047 908,788 SH   SOLE   908,788 0 0
JPMORGAN CHASE & CO COM 46625H100 12,389 135,550 SH   SOLE   135,550 0 0
JPMORGAN CHASE & CO COM 46625H100 1,874 20,500 SH Call SOLE   0 0 0
KKR & CO L P DEL COM UNITS 48248M102 2,408 129,450 SH   SOLE   129,450 0 0
KIMCO RLTY CORP COM 49446R109 6,167 336,075 SH   SOLE   336,075 0 0
LINCOLN NATL CORP IND COM 534187109 3,818 56,500 SH   SOLE   56,500 0 0
MGIC INVT CORP WIS COM 552848103 7,741 691,200 SH   SOLE   691,200 0 0
MACERICH CO COM 554382101 3,945 67,950 SH   SOLE   67,950 0 0
METLIFE INC COM 59156R108 5,139 93,530 SH   SOLE   93,530 0 0
OCH ZIFF CAP MGMT GROUP CL A 67551U105 1,013 395,700 SH   SOLE   395,700 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 66,618 484,000 SH Put SOLE   0 0 0
BANK AMER CORP COM 060505104 7,001 288,600 SH Call SOLE   0 0 0
REGIONS FINL CORP NEW COM 7591EP100 5,602 382,650 SH   SOLE   382,650 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 6,085 84,000 SH Put SOLE   0 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 7,664 296,016 SH   SOLE   296,016 0 0
ROYAL BK SCOTLAND GROUP PLC NOTE 8.625%12/3 780097BB6 135,369 124,150,000 PRN   SOLE   124,150,000 0 0
ROYAL BK OF SCOTLAND PLC DEBT 7.500%12/3 780099CJ4 48,397 46,800,000 PRN   SOLE   46,800,000 0 0
ROYAL BK OF SCOTLAND PLC NOTE 8.000%12/3 780099CK1 37,214 34,200,000 PRN   SOLE   34,200,000 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 4,591 83,550 SH   SOLE   83,550 0 0
SANTANDER CONSUMER USA HDG I COM 80283M101 8,639 677,046 SH   SOLE   677,046 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 12,335 500,000 SH Put SOLE   0 0 0
TESLA INC COM 88160R101 1,808 5,000 SH Put SOLE   0 0 0
BARCLAYS PLC NOTE 6.625%12/3 06738EAB1 15,366 15,045,000 PRN   SOLE   15,045,000 0 0
WELLS FARGO CO NEW COM 949746101 38,970 703,310 SH   SOLE   703,310 0 0
WELLS FARGO CO NEW *W EXP 10/28/201 949746804 20,060 15,300 SH   SOLE   15,300 0 0
BNP PARIBAS DEBT 12/3 F1R15XK69 5,312 5,000,000 PRN   SOLE   5,000,000 0 0
SOCIETE GENERALE DEBT 8.250%12/3 F849BQAA2 10,092 9,490,000 PRN   SOLE   9,490,000 0 0
LAZARD LTD SHS A G54050102 3,894 84,050 SH   SOLE   84,050 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 23,052 691,200 SH   SOLE   691,200 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 2,501 75,000 SH Call SOLE   0 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 6,822 381,540 SH   SOLE   381,540 0 0
CAPITAL ONE FINL CORP COM 14040H105 5,622 68,050 SH   SOLE   68,050 0 0
PENNYMAC CORP NOTE 5.375% 5/0 70932AAB9 26,809 26,997,000 PRN   SOLE   26,997,000 0 0
VOYA FINL INC COM 929089100 23,060 625,125 SH   SOLE   625,125 0 0