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
AMERICAN CAPITAL AGENCY CORP COM 02503X105 2,537 135,650 SH   SOLE   135,650 0 0
CITIGROUP INC COM NEW 172967424 4,722 95,173 SH   SOLE   95,173 0 0
COHEN & STEERS INC COM 19247A100 549 20,000 SH Call SOLE   0 0 0
DIAMONDROCK HOSPITALITY CO COM 252784301 186 16,800 SH   SOLE   16,800 0 0
DISCOVER FINL SVCS COM 254709108 9,246 177,835 SH   SOLE   177,835 0 0
FIFTH THIRD BANCORP COM 316773100 7,786 411,754 SH   SOLE   411,754 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 6,310 1,136,939 SH   SOLE   1,136,939 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 277 50,000 SH Call SOLE   0 0 0
FRANKLIN RES INC COM 354613101 1,490 40,000 SH Call SOLE   0 0 0
HOST HOTELS & RESORTS INC COM 44107P104 3,129 197,900 SH   SOLE   197,900 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 5,501 342,085 SH   SOLE   342,085 0 0
ING GROEP N V DBCV 6.000%12/2 456837AE3 14,109 14,500,000 PRN   SOLE   13,000,000 0 0
ING GROEP N V DBCV 6.500%12/2 456837AF0 20,583 21,600,000 PRN   SOLE   20,600,000 0 0
ISHARES TR MSCI EMG MKT ETF 464287234 4,917 150,000 SH Call SOLE   0 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 1,115 80,400 SH Call SOLE   0 0 0
JPMORGAN CHASE & CO COM 46625H100 4,199 68,875 SH   SOLE   68,875 0 0
JMP GROUP LLC COM 46629U107 589 94,780 SH   SOLE   94,780 0 0
KKR & CO L P DEL COM UNITS 48248M102 12,022 716,470 SH   SOLE   716,470 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 3,930 124,100 SH   SOLE   124,100 0 0
LEXINGTON REALTY TRUST COM 529043101 2,257 278,600 SH   SOLE   278,600 0 0
METLIFE INC COM 59156R108 12,567 266,530 SH   SOLE   266,530 0 0
METLIFE INC COM 59156R108 1,414 30,000 SH Call SOLE   0 0 0
MORGAN STANLEY COM NEW 617446448 1,013 32,150 SH   SOLE   32,150 0 0
OCH ZIFF CAP MGMT GROUP CL A 67551U105 959 109,850 SH   SOLE   109,850 0 0
PENNYMAC CORP NOTE 5.375% 5/0 70932AAB9 14,240 16,000,000 PRN   SOLE   16,000,000 0 0
PRUDENTIAL FINL INC COM 744320102 11,725 153,850 SH   SOLE   153,850 0 0
RLJ LODGING TR COM 74965L101 1,873 74,128 SH   SOLE   74,128 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF T 780097713 1,261 50,000 SH   SOLE   50,000 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 4,391 160,027 SH   SOLE   160,027 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 5,899 235,775 SH   SOLE   235,775 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS R 780097747 619 25,000 SH   SOLE   25,000 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1,813 80,000 SH Call SOLE   0 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 3,535 148,350 SH   SOLE   148,350 0 0
WELLS FARGO & CO NEW COM 949746101 9,270 180,525 SH   SOLE   180,525 0 0
ASPEN INSURANCE HOLDINGS LTD SHS G05384105 283 6,100 SH   SOLE   6,100 0 0
ACE LTD SHS H0023R105 362 3,500 SH   SOLE   3,500 0 0
ALLIED WRLD ASSUR COM HLDG A SHS H01531104 676 17,700 SH   SOLE   17,700 0 0
BOSTON PRIVATE FINL HLDGS IN COM 101119105 508 43,450 SH   SOLE   43,450 0 0
CAPITAL ONE FINL CORP COM 14040H105 2,854 39,359 SH   SOLE   39,359 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 12,021 715,564 SH   SOLE   715,564 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 840 50,000 SH Call SOLE   0 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 667 38,650 SH   SOLE   38,650 0 0
BANK AMER CORP COM 060505104 7,445 477,888 SH   SOLE   477,888 0 0
BERKLEY W R CORP COM 084423102 1,022 18,800 SH   SOLE   18,800 0 0
BERKLEY W R CORP COM 084423102 1,631 30,000 SH Call SOLE   0 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 235 2,200 SH Call SOLE   0 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 1,246 84,550 SH   SOLE   84,550 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 3,109 180,950 SH   SOLE   180,950 0 0
APOLLO INVT CORP COM 03761U106 1,947 355,232 SH   SOLE   355,232 0 0
HERCULES TECH GROWTH CAP INC COM 427096508 2,856 282,490 SH   SOLE   282,490 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 4,204 38,500 SH Put SOLE   38,500 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 687 50,000 SH Call SOLE   0 0 0
NORTHERN TR CORP COM 665859104 763 11,200 SH   SOLE   11,200 0 0
NUVEEN PFD INCOME OPPRTNY FD COM 67073B106 174 19,363 SH   SOLE   19,363 0 0
PNC FINL SVCS GROUP INC COM 693475105 647 7,250 SH   SOLE   7,250 0 0
PRUDENTIAL FINL INC COM 744320102 1,524 20,000 SH Call SOLE   0 0 0
STARWOOD PPTY TR INC COM 85571B105 4,059 197,825 SH   SOLE   197,825 0 0
KKR & CO L P DEL COM UNITS 48248M102 2,685 160,000 SH Call SOLE   0 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 1,341 7,000 SH Call SOLE   0 0 0
UBS GROUP AG SHS H42097107 10,030 541,975 SH   SOLE   541,975 0 0
CREDIT SUISSE INTERNATIONAL DEBT 6.500% 8/0 G2526SAB8 19,446 18,000,000 PRN   SOLE   18,000,000 0 0