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
ACCO BRANDS CORP COMMON 00081T108 4,970 739,656 SH   SOLE NONE 739,656 0 0
ACCURIDE CORP COMMON 00439T206 5,959 1,597,587 SH   SOLE NONE 1,597,587 0 0
AMERICAN AIRLINES GROUP INC COMMON 02376R102 2,778 110,004 SH   SOLE NONE 110,004 0 0
AMEX ENERGY SELECT INDEX 'SPDR' COMMON 81369Y506 16,404 185,331 SH   SOLE NONE 185,331 0 0
BALTIC TRADING LTD COMMON Y0553W103 10,498 1,630,171 SH   SOLE NONE 1,630,171 0 0
BANK OF AMERICA CORP 13.3000 EXP01/16/2019 COMMON 060505146 3,007 464,800 SH Call SOLE NONE 464,800 0 0
BANK OF AMERICA CORP 30.7900 EXP10/28/2018 COMMON 060505153 3,948 5,127,482 SH Call SOLE NONE 5,127,482 0 0
BEAZER HOMES USA, INC COMMON 07556Q881 3,421 140,113 SH   SOLE NONE 140,113 0 0
BLUELINX HOLDINGS INC COMMON 09624H109 4,996 2,561,941 SH   SOLE NONE 2,561,941 0 0
BUILDERS FIRSTSOURCE, INC COMMON 12008R107 12,886 1,807,302 SH   SOLE NONE 1,807,302 0 0
CITIGROUP INC 10.6100 EXP01/04/2019 COMMON 172967226 5,850 9,000,000 SH Call SOLE NONE 9,000,000 0 0
COMERICA INC 29.4000 EXP11/14/2018 COMMON 200340115 9,077 476,471 SH Call SOLE NONE 476,471 0 0
COOPER-STANDARD HOLDINGS INC COMMON 21676P103 12,818 261,006 SH   SOLE NONE 261,006 0 0
DELTA AIR LINES, INC COMMON 247361702 3,184 115,925 SH   SOLE NONE 115,925 0 0
DHT HOLDINGS INC COMMON Y2065G121 3,908 571,308 SH   SOLE NONE 571,308 0 0
DORAL FINL CORP COMMON 25811P852 3,947 252,020 SH   SOLE NONE 252,020 0 0
DRYSHIPS INC 5% 12/01/2014 CONV NOTE 262498AB4 2,880 2,850,000 PRN   SOLE NONE 2,850,000 0 0
DRYSHIPS INC COMMON Y2109Q101 8,800 1,872,240 SH   SOLE NONE 1,872,240 0 0
EUROSEAS LTD CMN COMMON Y23592200 3,380 2,331,206 SH   SOLE NONE 2,331,206 0 0
FAIRPOINT COMMUNICATIONS, INC COMMON 305560302 17,055 1,507,917 SH   SOLE NONE 1,507,917 0 0
FELCOR LODGING TRUST INC COMMON 31430F101 12,811 1,570,039 SH   SOLE NONE 1,570,039 0 0
GENCO SHIPPING & TRADING LTD 5% 08/15/2015 CONV NOTE 36869MAA3 3,640 7,000,000 PRN   SOLE NONE 7,000,000 0 0
GENERAL MOTORS CO 10.0000 EXP07/10/2016 COMMON 37045V118 10,326 331,587 SH Call SOLE NONE 331,587 0 0
GENERAL MOTORS CO 18.3300 EXP07/10/2019 COMMON 37045V126 12,620 545,855 SH Call SOLE NONE 545,855 0 0
GENERAL MOTORS CO COMMON 37045V100 473 11,582 SH   SOLE NONE 11,582 0 0
ISLE OF CAPRIS CASINO INC COMMON 464592104 1,015 112,772 SH   SOLE NONE 112,772 0 0
ISTAR FINANCIAL INC. 3.00000000 11/15/2016 CONV NOTE 45031UBR1 10,511 7,700,000 PRN   SOLE NONE 7,700,000 0 0
JPMORGAN CHASE & CO. 42.4200 EXP10/28/2018 COMMON 46634E114 8,897 458,861 SH Call SOLE NONE 458,861 0 0
LEAP WIRELESS INTL INC COMMON 521863308 6,837 392,950 SH   SOLE NONE 392,950 0 0
LEAR CORP COMMON 521865204 4,394 54,266 SH   SOLE NONE 54,266 0 0
LENNAR CORP CL A 526057104 2,876 72,700 SH   SOLE NONE 72,700 0 0
M T R GAMING GROUP INC COMMON 553769100 1,276 247,370 SH   SOLE NONE 247,370 0 0
M/I HOMES INC COMMON 55305B101 7,008 275,355 SH   SOLE NONE 275,355 0 0
MASONITE INTL CORP COMMON 575385109 3,189 53,142 SH   SOLE NONE 53,142 0 0
MGIC INVESTMENT CORP COMMON 552848103 13,021 1,542,736 SH   SOLE NONE 1,542,736 0 0
NAVIGATOR HOLDINGS LTD COMMON Y62132108 18,288 678,849 SH   SOLE NONE 678,849 0 0
OWENS CORNING COMMON 690742101 2,850 70,000 SH   SOLE NONE 70,000 0 0
PENNYMAC MTG INVT TR COMMON 70931T103 10,171 442,992 SH   SOLE NONE 442,992 0 0
PLY GEM HOLDINGS, INC COMMON 72941W100 3,111 172,560 SH   SOLE NONE 172,560 0 0
RADIAN GROUP INC COMMON 750236101 15,534 1,100,138 SH   SOLE NONE 1,100,138 0 0
REALOGY HLDGS CORP COMMON 75605Y106 4,147 83,835 SH   SOLE NONE 83,835 0 0
REGIONS FINANCIAL CORP COMMON 7591EP100 2,880 291,230 SH   SOLE NONE 291,230 0 0
SAFE BULKERS INC COMMON Y7388L103 10,928 1,050,779 SH   SOLE NONE 1,050,779 0 0
TEEKAY TANKERS LTD CL A Y8565N102 1,135 288,924 SH   SOLE NONE 288,924 0 0
THE PNC FINANCIAL SERVICES GROUP, INC. 67.3300 EXP12/31/2018 COMMON 693475121 9,129 514,318 SH Call SOLE NONE 514,318 0 0
TOWER GROUP INTL LTD COMMON G8988C105 2,474 732,000 SH   SOLE NONE 732,000 0 0
TSAKOS ENERGY NAVIGATION LTD COMMON G9108L108 2,893 481,400 SH   SOLE NONE 481,400 0 0
U.S. CONCRETE INC COMMON 90333L201 15,724 694,810 SH   SOLE NONE 694,810 0 0
WELLS FARGO & CO 34.0100 EXP10/28/2018 COMMON 949746119 7,186 451,941 SH Call SOLE NONE 451,941 0 0