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
ALLY FINL INC COM 02005N100 1,671 89,650 SH   SOLE   89,650 0 0
COMERICA INC COM 200340107 1,255 30,000 SH Call SOLE   0 0 0
DISCOVER FINL SVCS COM 254709108 10,934 203,920 SH   SOLE   203,920 0 0
FEDERATED INVS INC PA CL B 314211103 3,146 109,800 SH   SOLE   109,800 0 0
FIFTH THIRD BANCORP COM 316773100 2,714 135,013 SH   SOLE   135,013 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 7,135 1,401,840 SH   SOLE   1,401,840 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 509 100,000 SH Call SOLE   0 0 0
FRANKLIN RES INC COM 354613101 1,473 40,000 SH Call SOLE   0 0 0
ING GROEP N V DBCV 6.000%12/2 456837AE3 11,773 11,750,000 PRN   SOLE   11,750,000 0 0
ING GROEP N V DBCV 6.500%12/2 456837AF0 21,701 22,100,000 PRN   SOLE   22,100,000 0 0
ISHARES TR 20+ YR TR BD ETF 464287432 21,560 178,800 SH Call SOLE   0 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 5,810 335,050 SH   SOLE   335,050 0 0
JPMORGAN CHASE & CO COM 46625H100 3,965 60,049 SH   SOLE   60,049 0 0
JMP GROUP LLC COM 46629U107 203 37,123 SH   SOLE   37,123 0 0
KKR & CO L P DEL COM UNITS 48248M102 17,887 1,147,320 SH   SOLE   1,147,320 0 0
KKR & CO L P DEL COM UNITS 48248M102 1,559 100,000 SH Call SOLE   0 0 0
LEXINGTON REALTY TRUST COM 529043101 1,416 176,950 SH   SOLE   176,950 0 0
METLIFE INC COM 59156R108 11,764 244,010 SH   SOLE   244,010 0 0
OCH ZIFF CAP MGMT GROUP CL A 67551U105 2,411 387,000 SH   SOLE   387,000 0 0
OCH ZIFF CAP MGMT GROUP CL A 67551U105 312 50,000 SH Call SOLE   0 0 0
PENNYMAC CORP NOTE 5.375% 5/0 70932AAB9 14,660 16,000,000 PRN   SOLE   16,000,000 0 0
PRICE T ROWE GROUP INC COM 74144T108 622 8,700 SH   SOLE   8,700 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 851 29,100 SH   SOLE   29,100 0 0
PRUDENTIAL FINL INC COM 744320102 11,920 146,425 SH   SOLE   146,425 0 0
RLJ LODGING TR COM 74965L101 2,050 94,773 SH   SOLE   94,773 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF T 780097713 1,293 50,000 SH   SOLE   50,000 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 5,989 235,775 SH   SOLE   235,775 0 0
STATE STR CORP COM 857477103 1,404 21,150 SH   SOLE   21,150 0 0
US BANCORP DEL COM NEW 902973304 10,946 256,530 SH   SOLE   256,530 0 0
WP GLIMCHER IN COM 92939N102 1,368 128,950 SH   SOLE   128,950 0 0
WELLS FARGO & CO NEW COM 949746101 8,037 147,850 SH   SOLE   147,850 0 0
INVESCO LTD SHS G491BT108 4,669 139,450 SH   SOLE   139,450 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 5,033 188,077 SH   SOLE   188,077 0 0
CBL & ASSOC PPTYS INC COM 124830100 1,794 145,050 SH   SOLE   145,050 0 0
CAPITAL ONE FINL CORP COM 14040H105 2,599 36,009 SH   SOLE   36,009 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 17,509 1,120,927 SH   SOLE   1,120,927 0 0
CITIGROUP INC COM NEW 172967424 7,596 146,788 SH   SOLE   146,788 0 0
COMERICA INC COM 200340107 2,656 63,485 SH   SOLE   63,485 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 1,378 98,700 SH   SOLE   98,700 0 0
HERCULES TECH GROWTH CAP INC COM 427096508 2,229 182,831 SH   SOLE   182,831 0 0
METLIFE INC COM 59156R108 964 20,000 SH Call SOLE   0 0 0
MOODYS CORP COM 615369105 1,505 15,000 SH Put SOLE   0 0 0
NUVEEN PFD INCOME OPPRTNY FD COM 67073B106 177 19,363 SH   SOLE   19,363 0 0
POWERSHARES QQQ TRUST UNIT SER 1 73935A104 10 1,119,000 SH Put SOLE   0 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 3,058 15,000 SH Put SOLE   0 0 0
STARWOOD PPTY TR INC COM 85571B105 5,069 246,525 SH   SOLE   246,525 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 5,604 369,159 SH   SOLE   369,159 0 0
BANK AMER CORP COM 060505104 2,662 158,188 SH   SOLE   158,188 0 0
BANK NEW YORK MELLON CORP COM 064058100 1,871 45,390 SH   SOLE   45,390 0 0
BERKLEY W R CORP COM 084423102 1,139 20,800 SH   SOLE   20,800 0 0
BERKLEY W R CORP COM 084423102 1,643 30,000 SH Call SOLE   0 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS R 780097747 627 25,000 SH   SOLE   25,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 408 2,000 SH Call SOLE   0 0 0
GENERAL ELECTRIC CO COM 369604103 259 8,300 SH Put SOLE   0 0 0
ISHARES SILVER TRUST ISHARES 46428Q109 1,060 80,400 SH Call SOLE   0 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 686 50,000 SH Call SOLE   0 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 15,013 630,000 SH Call SOLE   0 0 0