The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 | 399 | 52,630 | SH | SOLE | 52,630 | 0 | 0 | ||
| AERCAP HOLDINGS NV | SHS | N00985106 | 5,861 | 134,280 | SH | SOLE | 134,280 | 0 | 0 | ||
| ALTISOURCE ASSET MGMT CORP | COM | 02153X108 | 12,957 | 69,989 | SH | SOLE | 69,989 | 0 | 0 | ||
| ALTISOURCE RESIDENTIAL CORP | CL B | 02153W100 | 7,936 | 380,455 | SH | SOLE | 380,455 | 0 | 0 | ||
| AMBAC FINL GROUP INC | COM NEW | 023139884 | 2,009 | 83,028 | SH | SOLE | 83,028 | 0 | 0 | ||
| AMERICAN INTL GROUP INC | COM NEW | 026874784 | 5,955 | 108,680 | SH | SOLE | 108,680 | 0 | 0 | ||
| AMERICAN RLTY CAP PPTYS INC | COM | 02917T104 | 3,329 | 337,968 | SH | SOLE | 337,968 | 0 | 0 | ||
| APOLLO GLOBAL MGMT LLC | CL A SHS | 037612306 | 1,752 | 81,109 | SH | SOLE | 81,109 | 0 | 0 | ||
| ASHFORD HOSPITALITY TR INC | COM SHS | 044103109 | 8,245 | 857,029 | SH | SOLE | 857,029 | 0 | 0 | ||
| ATLAS FINANCIAL HOLDINGS INC | SHS NEW | G06207115 | 3,249 | 183,861 | SH | SOLE | 183,861 | 0 | 0 | ||
| BANC CALIF INC | COM | 05990K106 | 2,339 | 190,000 | SH | SOLE | 190,000 | 0 | 0 | ||
| BANCORP INC DEL | COM | 05969A105 | 2,181 | 241,477 | SH | SOLE | 241,477 | 0 | 0 | ||
| BLACKSTONE GROUP L P | COM UNIT LTD | 09253U108 | 700 | 18,000 | SH | SOLE | 18,000 | 0 | 0 | ||
| BOB EVANS FARMS INC | COM | 096761101 | 3,884 | 83,959 | SH | SOLE | 83,959 | 0 | 0 | ||
| BOULDER GROWTH & INCOME FD I | COM | 101507101 | 852 | 99,402 | SH | SOLE | 99,402 | 0 | 0 | ||
| CONNS INC | COM | 208242107 | 3,667 | 121,100 | SH | SOLE | 121,100 | 0 | 0 | ||
| FIFTH STR SR FLOATNG RATE CO | COM | 31679F101 | 2,392 | 225,000 | SH | SOLE | 225,000 | 0 | 0 | ||
| GAIN CAP HLDGS INC | COM | 36268W100 | 2,202 | 225,350 | SH | SOLE | 225,350 | 0 | 0 | ||
| GREAT AJAX CORP | COM | 38983D300 | 2,906 | 200,000 | SH | SOLE | 200,000 | 0 | 0 | ||
| HRG GROUP INC | COM | 40434J100 | 6,053 | 485,000 | SH | SOLE | 485,000 | 0 | 0 | ||
| HUDSON VALLEY HOLDING CORP | COM | 444172100 | 6,125 | 239,627 | SH | SOLE | 239,627 | 0 | 0 | ||
| HURON CONSULTING GROUP INC | COM | 447462102 | 1,810 | 27,366 | SH | SOLE | 27,366 | 0 | 0 | ||
| INTERACTIVE BROKERS GROUP IN | COM | 45841N107 | 13,792 | 405,400 | SH | SOLE | 405,400 | 0 | 0 | ||
| ISHARES TR | RUSSELL 2000 ETF | 464287655 | 12,437 | 100,000 | SH | Put | SOLE | 100,000 | 0 | 0 | |
| KENNEDY-WILSON HLDGS INC | COM | 489398107 | 6,217 | 237,828 | SH | SOLE | 237,828 | 0 | 0 | ||
| LUXOFT HLDG INC | ORD SHS CL A | G57279104 | 5,691 | 110,000 | SH | SOLE | 110,000 | 0 | 0 | ||
| NATIONAL BK HLDGS CORP | CL A | 633707104 | 1,527 | 81,197 | SH | SOLE | 81,197 | 0 | 0 | ||
| NORTHSTAR ASSET MGMT GROUP I | COM | 66705Y104 | 9,335 | 399,943 | SH | SOLE | 399,943 | 0 | 0 | ||
| NORTHSTAR RLTY FIN CORP | COM NEW | 66704R704 | 14,791 | 816,281 | SH | SOLE | 816,281 | 0 | 0 | ||
| RESOURCE AMERICA INC | CL A | 761195205 | 4,013 | 440,998 | SH | SOLE | 440,998 | 0 | 0 | ||
| SELECT SECTOR SPDR TR | SBI INT-FINL | 81369Y605 | 50,631 | 2,100,000 | SH | Put | SOLE | 2,100,000 | 0 | 0 | |
| STARWOOD WAYPOINT RESIDENTL | COM SHS | 85571W109 | 4,390 | 169,825 | SH | SOLE | 169,825 | 0 | 0 | ||
| XENITH BANKSHARES INC | COM | 98410X105 | 1,219 | 200,487 | SH | SOLE | 200,487 | 0 | 0 | ||