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 13,451 805,922 SH   SOLE   805,922 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 61,040 4,000,000 SH   SOLE   4,000,000 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 5,725 500,000 SH   SOLE   500,000 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06740C188 518 25,000 SH Put SOLE   25,000 0 0
CBS CORP NEW CL B 124857202 48,870 1,000,000 SH   SOLE   1,000,000 0 0
CENTRAL PAC FINL CORP COM NEW 154760409 25,200 1,400,000 SH   SOLE   1,400,000 0 0
CLEVELAND BIOLABS INC COM 185860103 474 300,000 SH   SOLE   300,000 0 0
CUSTOMERS BANCORP INC COM 23204G100 29,446 1,812,079 SH   SOLE   1,812,079 0 0
CYS INVTS INC COM 12673A108 1,842 200,000 SH   SOLE   200,000 0 0
EXPRESS SCRIPTS HLDG CO COM 30219G108 37,044 600,000 SH Call SOLE   600,000 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 9,603 50,000 SH   SOLE   50,000 0 0
FIRST NBC BK HLDG CO COM 32115D106 4,880 200,000 SH   SOLE   200,000 0 0
GOLAR LNG LTD BERMUDA SHS G9456A100 48,632 1,525,000 SH   SOLE   1,525,000 0 0
HOME LN SERVICING SOLUTIONS ORD SHS G6648D109 13,483 562,487 SH   SOLE   562,487 0 0
HOMESTREET INC COM 43785V102 7,508 350,000 SH   SOLE   350,000 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 53,500 1,000,000 SH   SOLE   1,000,000 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 44,129 650,000 SH   SOLE   650,000 0 0
MBIA INC COM 55262C100 26,620 2,000,000 SH   SOLE   2,000,000 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 18,113 483,800 SH   SOLE   483,800 0 0
NAVIOS MARITIME ACQUIS CORP SHS Y62159101 6,942 2,047,742 SH   SOLE   2,047,742 0 0
NEW RESIDENTIAL INVT CORP COM 64828T102 31,678 4,700,000 SH   SOLE   4,700,000 0 0
NEWCASTLE INVT CORP COM 65105M108 27,196 5,200,000 SH   SOLE   5,200,000 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 11,830 1,300,000 SH   SOLE   1,300,000 0 0
PBF ENERGY INC CL A 69318G106 48,588 1,876,000 SH   SOLE   1,876,000 0 0
PENN NATL GAMING INC COM 707569109 19,849 375,506 SH   SOLE   375,506 0 0
PINNACLE ENTMT INC COM 723456109 31,472 1,600,000 SH   SOLE   1,600,000 0 0
PREFERRED APT CMNTYS INC COM 74039L103 9,514 1,057,142 SH   SOLE   1,057,142 0 0
QEP RES INC COM 74733V100 27,780 1,000,000 SH   SOLE   1,000,000 0 0
ROPER INDS INC NEW COM 776696106 49,688 400,000 SH   SOLE   400,000 0 0
SCORPIO TANKERS INC SHS Y7542C106 35,920 4,000,000 SH   SOLE   4,000,000 0 0
SEADRILL PARTNERS LLC COMUNIT REP LB Y7545W109 6,651 226,600 SH   SOLE   226,600 0 0
SIX FLAGS ENTMT CORP NEW COM 83001A102 161,007 4,579,252 SH   SOLE   4,579,252 0 0
TOWER GROUP INTL LTD COM G8988C105 42,558 2,075,000 SH   SOLE   2,075,000 0 0
TRADE STR RESIDENTIAL INC COM NEW 89255N203 4,840 550,000 SH   SOLE   550,000 0 0
TW TELECOM INC COM 87311L104 17,892 635,828 SH   SOLE   635,828 0 0
W P CAREY INC COM 92936U109 8,825 133,364 SH   SOLE   133,364 0 0
ZAIS FINL CORP COM 98886K108 1,817 100,000 SH   SOLE   100,000 0 0