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
ROYAL BK CDA MONTREAL QUE COM 780087102 37,099 480,000 SH Put SOLE   0 0 0
NVIDIA CORP COM 67066G104 115,795 500,000 SH Put SOLE   0 0 0
ARES CAP CORP COM 04010L103 5,126 323,000 SH   SOLE   323,000 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 43,451 1,359,972 SH   SOLE   1,359,972 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 8,029 526,474 SH   SOLE   526,474 0 0
CAMDEN PPTY TR SH BEN INT 133131102 3,603 42,800 SH   SOLE   42,800 0 0
CAPITAL ONE FINL CORP COM 14040H105 20,982 218,975 SH   SOLE   218,975 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 13,570 635,600 SH   SOLE   635,600 0 0
CITIGROUP INC COM NEW 172967424 22,561 334,234 SH   SOLE   334,234 0 0
CITIGROUP INC COM NEW 172967424 8,100 120,000 SH Call SOLE   0 0 0
COMERICA INC COM 200340107 9,593 100,000 SH Put SOLE   0 0 0
DISCOVER FINL SVCS COM 254709108 23,432 325,765 SH   SOLE   325,765 0 0
ENCORE CAP GROUP INC COM 292554102 1,046 23,150 SH   SOLE   23,150 0 0
FIRST HORIZON NATL CORP COM 320517105 5,605 297,671 SH   SOLE   297,671 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 2,845 115,700 SH   SOLE   115,700 0 0
IBERIABANK CORP COM 450828108 2,578 33,050 SH   SOLE   33,050 0 0
ICICI BK LTD ADR 45104G104 10,291 1,162,798 SH   SOLE   1,162,798 0 0
INVESTORS BANCORP INC NEW COM 46146L101 15,946 1,169,073 SH   SOLE   1,169,073 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 28,968 600,000 SH Call SOLE   0 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 15,691 325,000 SH Put SOLE   0 0 0
ISHARES TR IBOXX HI YD ETF 464288513 38,538 450,000 SH Put SOLE   0 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 2,340 150,000 SH Put SOLE   0 0 0
KKR & CO L P DEL COM UNITS 48248M102 36,640 1,804,910 SH   SOLE   1,804,910 0 0
KIMCO RLTY CORP COM 49446R109 8,045 558,694 SH   SOLE   558,694 0 0
LINCOLN NATL CORP IND COM 534187109 15,871 217,237 SH   SOLE   217,237 0 0
METLIFE INC COM 59156R108 12,486 272,090 SH   SOLE   272,090 0 0
MID AMER APT CMNTYS INC COM 59522J103 4,293 47,056 SH   SOLE   47,056 0 0
OCEANFIRST FINL CORP COM 675234108 2,448 91,500 SH   SOLE   91,500 0 0
OCH ZIFF CAP MGMT GROUP CL A 67551U105 5,489 2,055,800 SH   SOLE   2,055,800 0 0
ONEMAIN HLDGS INC COM 68268W103 1,704 56,925 SH   SOLE   56,925 0 0
PACWEST BANCORP DEL COM 695263103 11,006 222,210 SH   SOLE   222,210 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 101,683 635,000 SH Put SOLE   0 0 0
PRICE T ROWE GROUP INC COM 74144T108 8,098 75,000 SH Put SOLE   0 0 0
PRINCIPAL FINL GROUP INC COM 74251V102 18,882 310,000 SH   SOLE   310,000 0 0
PRUDENTIAL FINL INC COM 744320102 46,568 449,717 SH   SOLE   449,717 0 0
PRUDENTIAL FINL INC COM 744320102 9,112 88,000 SH Call SOLE   0 0 0
S&P GLOBAL INC COM 78409V104 11,464 60,000 SH Put SOLE   0 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 15,789 60,000 SH Put SOLE   0 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 9,059 150,000 SH Put SOLE   0 0 0
SQUARE INC CL A 852234103 5,953 121,000 SH Put SOLE   0 0 0
STARWOOD PPTY TR INC COM 85571B105 4,385 209,326 SH   SOLE   209,326 0 0
TESLA INC COM 88160R101 3,992 15,000 SH Put SOLE   0 0 0
TORCHMARK CORP COM 891027104 8,417 100,000 SH Put SOLE   0 0 0
US BANCORP DEL COM NEW 902973304 19,741 390,912 SH   SOLE   390,912 0 0
UNUM GROUP COM 91529Y106 19,099 401,161 SH   SOLE   401,161 0 0
VOYA FINL INC COM 929089100 22,317 441,919 SH   SOLE   441,919 0 0
WELLS FARGO CO NEW COM 949746101 31,981 610,210 SH   SOLE   610,210 0 0
WELLS FARGO CO NEW *W EXP 10/28/201 949746804 84,655 65,624 SH   SOLE   65,624 0 0
ATHENE HLDG LTD CL A G0684D107 10,274 214,900 SH   SOLE   214,900 0 0
PENNYMAC CORP NOTE 5.375% 5/0 70932AAB9 36,841 36,757,000 SH   SOLE   36,757,000 0 0
PENNYMAC MTG INVT TR COM 70931T103 5,779 227,000 SH   SOLE   227,000 0 0
AMERICAN EQTY INVT LIFE HLD COM 025676206 3,148 107,209 SH   SOLE   107,209 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 32,177 591,272 SH   SOLE   591,272 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 21,423 723,272 SH   SOLE   723,272 0 0