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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
FLEXSHOPPER INC COM NEW 33939J303   2,428,025 1,629,547 SH   SOLE   1,629,547 0 0
PENNYMAC CORP NOTE 5.500% 3/1 70932AAF0   18,601,254 19,792,000 PRN   SOLE   19,792,000 0 0
READY CAPITAL CORP COM 75574U101   35,689,015 3,908,983 SH   SOLE   3,908,983 0 0
REDWOOD TRUST INC NOTE 7.750% 6/1 758075AF2   44,864,055 47,423,000 PRN   SOLE   47,423,000 0 0
TWO HARBORS INVENTMENT CORPO NOTE 6.250% 1/1 90187BAB7   44,072,103 46,789,000 PRN   SOLE   46,789,000 0 0