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
1347 PPTY INS HLDGS INC COM 68244P107 1,114 125,000 SH   SOLE   125,000 0 0
ALTISOURCE ASSET MGMT CORP COM 02153X108 20,226 27,973 SH   SOLE   27,973 0 0
ALTISOURCE PORTFOLIO SOLNS S REG SHS L0175J104 37,679 328,844 SH   SOLE   328,844 0 0
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 10,922 419,582 SH   SOLE   419,582 0 0
AMBAC FINL GROUP INC COM NEW 023139884 8,068 295,427 SH   SOLE   295,427 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 1,826 65,883 SH   SOLE   65,883 0 0
ATLAS ENERGY LP COM UNITS LP 04930A104 6,625 147,612 SH   SOLE   147,612 0 0
ATLAS FINANCIAL HOLDINGS INC SHS NEW G06207115 5,724 377,544 SH   SOLE   377,544 0 0
ATLAS RESOURCE PARTNERS LP COM UNT LTD PR 04941A101 5,573 274,817 SH   SOLE   274,817 0 0
BANC CALIF INC COM 05990K106 9,962 913,935 SH   SOLE   913,935 0 0
BANCORP INC DEL COM 05969A105 7,376 619,336 SH   SOLE   619,336 0 0
BANKUNITED INC COM 06652K103 2,680 80,058 SH   SOLE   80,058 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 6,638 198,503 SH   SOLE   198,503 0 0
CENTERSTATE BANKS INC COM 15201P109 369 32,951 SH   SOLE   32,951 0 0
CHERRY HILL MTG INVT CORP COM 164651101 6,031 300,803 SH   SOLE   300,803 0 0
CIT GROUP INC COM NEW 125581801 2,788 60,935 SH   SOLE   60,935 0 0
CUSTOMERS BANCORP INC COM 23204G100 8,116 405,608 SH   SOLE   405,608 0 0
FEDERAL AGRIC MTG CORP CL C 313148306 670 21,554 SH   SOLE   21,554 0 0
HERITAGE FINL GROUP INC COM 42726X102 919 46,348 SH   SOLE   46,348 0 0
HF FINL CORP COM 404172108 840 60,469 SH   SOLE   60,469 0 0
HOME LN SERVICING SOLUTIONS ORD SHS G6648D109 11,346 499,163 SH   SOLE   499,163 0 0
HUDSON VALLEY HOLDING CORP COM 444172100 3,192 176,850 SH   SOLE   176,850 0 0
ISHARES RUSSELL 2000 ETF 464287655 96,237 810,000 SH Put SOLE   810,000 0 0
JGWPT HLDGS INC CL A 46617M109 4,333 384,779 SH   SOLE   384,779 0 0
LADDER CAP CORP CL A 505743104 5,740 317,672 SH   SOLE   317,672 0 0
NATIONAL BK HLDGS CORP CL A 633707104 3,170 158,971 SH   SOLE   158,971 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 17,792 1,023,725 SH   SOLE   1,023,725 0 0
OCWEN FINL CORP COM NEW 675746309 30,542 823,245 SH   SOLE   823,245 0 0
OLD SECOND BANCORP INC ILL COM 680277100 156 31,450 SH   SOLE   31,450 0 0
RAIT FINANCIAL TRUST COM NEW 749227609 1,851 223,845 SH   SOLE   223,845 0 0
RESOURCE AMERICA INC CL A 761195205 8,576 917,197 SH   SOLE   917,197 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 128,063 5,631,600 SH Put SOLE   5,631,600 0 0
STEWART INFORMATION SVCS COR COM 860372101 5,484 176,856 SH   SOLE   176,856 0 0
VECTOR GROUP LTD COM 92240M108 8,161 394,609 SH   SOLE   394,609 0 0
XENITH BANKSHARES INC COM 98410X105 1,252 197,846 SH   SOLE   197,846 0 0