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
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 7,737 597,878 SH   SOLE   597,878 0 0
AMERCO COM 023586100 8,886 24,276 SH   SOLE   24,276 0 0
ASSURED GUARANTY LTD COM G0585R106 1,690 40,488 SH   SOLE   40,488 0 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 10,624 160,000 SH   SOLE   160,000 0 0
ELLINGTON FINANCIAL LLC COM 288522303 1,972 121,645 SH   SOLE   121,645 0 0
GOLDCORP INC NEW COM 380956409 2,301 178,200 SH   SOLE   178,200 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 30,440 350,000 SH   SOLE   350,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 521 650,800 SH Put SOLE   650,800 0 0
KINDER MORGAN INC DEL COM 49456B101 3,723 194,337 SH   SOLE   194,337 0 0
MBIA INC COM 55262C100 700 74,186 SH   SOLE   74,186 0 0
NEW YORK REIT INC COM 64976L109 7,347 850,330 SH   SOLE   850,330 0 0
PENNYMAC MTG INVT TR COM 70931T103 1,052 57,518 SH   SOLE   57,518 0 0
RESOURCE CAP CORP COM NEW 76120W708 4,291 421,901 SH   SOLE   421,901 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 7,101 60,166 SH   SOLE   60,166 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 165 160,000 SH Put SOLE   160,000 0 0
TELADOC INC COM 87918A105 562 16,200 SH   SOLE   16,200 0 0
XILINX INC COM 983919101 5,146 80,000 SH   SOLE   80,000 0 0