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
AERCAP HOLDINGS NV SHS N00985106 3,256 85,142 SH   SOLE   85,142 0 0
ALLY FINL INC COM 02005N100 815 40,000 SH   SOLE   40,000 0 0
ALTISOURCE ASSET MGMT CORP COM 02153X108 576 24,068 SH   SOLE   24,068 0 0
ALTISOURCE PORTFOLIO SOLNS S REG SHS L0175J104 15,538 651,763 SH   SOLE   651,763 0 0
ALTISOURCE RESIDENTIAL CORP CL B 02153W100 8,051 578,393 SH   SOLE   578,393 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 8,486 149,350 SH   SOLE   149,350 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 2,180 126,865 SH   SOLE   126,865 0 0
ASHFORD HOSPITALITY PRIME IN COM 044102101 340 24,251 SH   SOLE   24,251 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 279 45,736 SH   SOLE   45,736 0 0
ASTORIA FINL CORP COM 046265104 821 51,000 SH   SOLE   51,000 0 0
ATLAS FINANCIAL HOLDINGS INC SHS NEW G06207115 440 23,800 SH   SOLE   23,800 0 0
BOFI HLDG INC COM 05566U108 2,112 16,400 SH Put SOLE   16,400 0 0
BOULDER GROWTH & INCOME FD I COM 101507101 558 74,936 SH   SOLE   74,936 0 0
BRIDGE BANCORP INC COM 108035106 537 20,090 SH   SOLE   20,090 0 0
CENTERSTATE BANKS INC COM 15201P109 147 10,000 SH   SOLE   10,000 0 0
CITIGROUP INC COM NEW 172967424 8,355 168,420 SH   SOLE   168,420 0 0
COLONY CAP INC CL A 19624R106 391 20,000 SH   SOLE   20,000 0 0
DISCOVER FINL SVCS COM 254709108 7,738 148,832 SH   SOLE   148,832 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 3,412 129,582 SH   SOLE   129,582 0 0
FIRST NBC BK HLDG CO COM 32115D106 350 10,000 SH   SOLE   10,000 0 0
GAIN CAP HLDGS INC COM 36268W100 346 47,536 SH   SOLE   47,536 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 3,298 18,978 SH   SOLE   18,978 0 0
GREAT AJAX CORP COM 38983D300 746 60,284 SH   SOLE   60,284 0 0
INTERACTIVE BROKERS GROUP IN COM 45841N107 4,926 124,808 SH   SOLE   124,808 0 0
KCG HLDGS INC CL A 48244B100 1,164 106,067 SH   SOLE   106,067 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 910 41,026 SH   SOLE   41,026 0 0
LEGG MASON INC COM 524901105 1,156 27,771 SH   SOLE   27,771 0 0
NEWBRIDGE BANCORP CL A NO PAR 65080T102 171 20,000 SH   SOLE   20,000 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 1,099 76,566 SH   SOLE   76,566 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 1,761 142,618 SH   SOLE   142,618 0 0
OCEANFIRST FINL CORP COM 675234108 396 23,000 SH   SOLE   23,000 0 0
OCWEN FINL CORP COM NEW 675746309 336 50,000 SH   SOLE   50,000 0 0
PACIFIC PREMIER BANCORP COM 69478X105 951 46,800 SH   SOLE   46,800 0 0
PENNYMAC MTG INVT TR COM 70931T103 387 25,000 SH   SOLE   25,000 0 0
REALOGY HLDGS CORP COM 75605Y106 2,010 53,405 SH   SOLE   53,405 0 0
REGIONS FINL CORP NEW COM 7591EP100 3,470 385,081 SH   SOLE   385,081 0 0
REPUBLIC FIRST BANCORP INC COM 760416107 149 40,000 SH   SOLE   40,000 0 0
RESOURCE AMERICA INC CL A 761195205 486 73,107 SH   SOLE   73,107 0 0
SCHWAB CHARLES CORP NEW COM 808513105 1,714 59,999 SH   SOLE   59,999 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 13,596 600,000 SH Put SOLE   600,000 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 2,673 112,182 SH   SOLE   112,182 0 0
TAUBMAN CTRS INC COM 876664103 2,383 34,499 SH   SOLE   34,499 0 0
TD AMERITRADE HLDG CORP COM 87236Y108 1,700 53,397 SH   SOLE   53,397 0 0
VEREIT INC COM 92339V100 3,097 401,199 SH   SOLE   401,199 0 0
VERITEX HLDGS INC COM 923451108 172 11,000 SH   SOLE   11,000 0 0
XENITH BANKSHARES INC COM 98410X105 533 83,387 SH   SOLE   83,387 0 0
ZIONS BANCORPORATION COM 989701107 3,317 120,437 SH   SOLE   120,437 0 0