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
3-D SYS CORP DEL COM NEW 88554D205 3,112 70,895 SH   SOLE   70,895 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 4,430 99,100 SH   SOLE   99,100 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 5,543 230,000 SH   SOLE   230,000 0 0
APOLLO GROUP INC CL A 037604105 1,772 100,000 SH   SOLE   100,000 0 0
ARBOR RLTY TR INC COM 038923108 26,792 4,266,294 SH   SOLE   4,266,294 0 0
ASB BANCORP INC N C COM 00213T109 1,135 69,174 SH   SOLE   69,174 0 0
ASTORIA FINL CORP COM 046265104 2,156 200,000 SH   SOLE   200,000 0 0
BAIDU INC SPON ADR REP A 056752108 1,892 20,000 SH Put SOLE   20,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 322 25,000 SH   SOLE   25,000 0 0
BANNER CORP COM NEW 06652V208 6,467 191,375 SH   SOLE   191,375 0 0
BENEFICIAL MUTUAL BANCORP IN COM 08173R104 19,765 2,353,029 SH   SOLE   2,353,029 0 0
CAMCO FINL CORP COM 132618109 1,589 484,545 SH   SOLE   484,545 0 0
CAPE BANCORP INC COM 139209100 5,550 584,250 SH   SOLE   584,250 0 0
CENTRAL FED CORP COM NEW 15346Q202 787 600,468 SH   SOLE   600,468 0 0
CENTRAL PAC FINL CORP COM NEW 154760409 51,615 2,867,492 SH   SOLE   2,867,492 0 0
CHANGYOU COM LTD ADS REP CL A 15911M107 609 20,000 SH   SOLE   20,000 0 0
CHARTER FINL CORP MD COM 16122W108 8,084 802,000 SH   SOLE   802,000 0 0
CHENIERE ENERGY INC COM NEW 16411R208 13,777 496,300 SH   SOLE   496,300 0 0
CHENIERE ENERGY PARTNERS LP COM UNIT 16411Q101 22,221 743,424 SH   SOLE   743,424 0 0
CHENIERE ENERGY PARTNERS LP COM UNIT 16411Q101 299 10,000 SH Put SOLE   10,000 0 0
CHINA YUCHAI INTL LTD COM G21082105 448 25,400 SH   SOLE   25,400 0 0
CIT GROUP INC COM NEW 125581801 4,169 89,400 SH   SOLE   89,400 0 0
CITIGROUP INC COM NEW 172967424 8,635 180,000 SH   SOLE   180,000 0 0
CLIFTON SVGS BANCORP INC COM 18712Q103 5,949 502,003 SH   SOLE   502,003 0 0
COLONY FINL INC COM 19624R106 30,471 1,531,998 SH   SOLE   1,531,998 0 0
COMMUNITY BANKERS TR CORP COM 203612106 1,810 500,000 SH   SOLE   500,000 0 0
COMVERSE INC COM 20585P105 712 24,000 SH   SOLE   24,000 0 0
CONNECTONE BANCORP INC COM 20786U101 2,900 94,344 SH   SOLE   94,344 0 0
CONSUMER PORTFOLIO SVCS INC COM 210502100 14,523 1,978,600 SH   SOLE   1,978,600 0 0
CRESCENT FINL BANCSHARES INC COM 225743103 5,543 1,265,548 SH   SOLE   1,265,548 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 653 20,000 SH   SOLE   20,000 0 0
CVR REFNG LP COMUNIT REP LT 12663P107 2,705 90,000 SH   SOLE   90,000 0 0
DEAN FOODS CO NEW COM 242370104 3,558 355,100 SH   SOLE   355,100 0 0
DIGITAL RLTY TR INC COM 253868103 488 8,000 SH   SOLE   8,000 0 0
EASTERN VA BANKSHARES INC COM 277196101 2,033 406,593 SH   SOLE   406,593 0 0
EBAY INC COM 278642103 3,362 65,000 SH   SOLE   65,000 0 0
E-COMMERCE CHINA DANGDANG IN SPN ADS COM A 26833A105 347 50,000 SH   SOLE   50,000 0 0
ELLINGTON FINANCIAL LLC COM 288522303 9,854 431,998 SH   SOLE   431,998 0 0
ENCORE CAP GROUP INC COM 292554102 3,311 100,000 SH   SOLE   100,000 0 0
EVERBANK FINL CORP COM 29977G102 2,815 170,000 SH   SOLE   170,000 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 1,353 55,000 SH   SOLE   55,000 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 7,523 608,174 SH   SOLE   608,174 0 0
FIELDPOINT PETROLEUM CORP *W EXP 03/23/201 316570126 5 5,300 SH   SOLE   5,300 0 0
FIFTH THIRD BANCORP COM 316773100 542 30,000 SH   SOLE   30,000 0 0
FIRST CMNTY CORP S C COM 319835104 468 50,830 SH   SOLE   50,830 0 0
FIRST MARBLEHEAD CORP COM 320771108 8,736 7,402,987 SH   SOLE   7,402,987 0 0
FIRST SEC GROUP INC COM NEW 336312202 13,194 6,080,000 SH   SOLE   6,080,000 0 0
GENWORTH FINL INC COM CL A 37247D106 4,880 427,681 SH   SOLE   427,681 0 0
GIANT INTERACTIVE GROUP INC ADR 374511103 1,202 150,000 SH   SOLE   150,000 0 0
HAMILTON BANCORP INC MD COM 407015106 2,082 157,287 SH   SOLE   157,287 0 0
HERITAGE FINL GROUP INC COM 42726X102 2,881 195,300 SH   SOLE   195,300 0 0
HOMETRUST BANCSHARES INC COM 437872104 9,054 533,834 SH   SOLE   533,834 0 0
IMPAC MTG HLDGS INC COM NEW 45254P508 5,547 546,530 SH   SOLE   546,530 0 0
INVESTORS BANCORP INC COM 46146P102 6,671 316,463 SH   SOLE   316,463 0 0
ISHARES TR FTSE CHINA25 IDX 464287184 1,626 50,000 SH Call SOLE   50,000 0 0
ISHARES TR DJ US REAL EST 464287739 332 5,000 SH Put SOLE   5,000 0 0
ISTAR FINL INC COM 45031U101 7,662 678,616 SH   SOLE   678,616 0 0
KEARNY FINL CORP COM 487169104 3,754 357,825 SH   SOLE   357,825 0 0
KKR FINL HLDGS LLC COM 48248A306 2,651 251,300 SH   SOLE   251,300 0 0
LAS VEGAS SANDS CORP COM 517834107 1,059 20,000 SH   SOLE   20,000 0 0
LAS VEGAS SANDS CORP COM 517834107 1,059 20,000 SH Call SOLE   20,000 0 0
LORAL SPACE & COMMUNICATNS I COM 543881106 420 7,000 SH   SOLE   7,000 0 0
MEMORIAL PRODTN PARTNERS LP COM U REP LTD 586048100 490 25,000 SH   SOLE   25,000 0 0
MEMSIC INC COM 586264103 1,435 350,000 SH   SOLE   350,000 0 0
MERIDIAN INTERSTAT BANCORP I COM 58964Q104 7,021 372,861 SH   SOLE   372,861 0 0
METROCORP BANCSHARES INC COM 591650106 11,988 1,228,286 SH   SOLE   1,228,286 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 75,534 2,017,458 SH   SOLE   2,017,458 0 0
NETEASE INC SPONSORED ADR 64110W102 632 10,000 SH   SOLE   10,000 0 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 388 17,500 SH   SOLE   17,500 0 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 665 30,000 SH Put SOLE   30,000 0 0
NEWBRIDGE BANCORP CL A NO PAR 65080T102 7,525 1,256,340 SH   SOLE   1,256,340 0 0
NORTHERN TIER ENERGY LP COM UN REPR PART 665826103 1,561 65,000 SH   SOLE   65,000 0 0
NORTHFIELD BANCORP INC DEL COM 66611T108 8,554 729,861 SH   SOLE   729,861 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 546 60,000 SH   SOLE   60,000 0 0
OCWEN FINL CORP COM NEW 675746309 28,190 683,889 SH   SOLE   683,889 0 0
ORITANI FINL CORP DEL COM 68633D103 3,450 220,000 SH   SOLE   220,000 0 0
PERFECT WORLD CO LTD SPON ADR REP B 71372U104 1,926 110,535 SH   SOLE   110,535 0 0
PHH CORP COM NEW 693320202 78,985 3,875,618 SH   SOLE   3,875,618 0 0
POPULAR INC COM NEW 733174700 5,813 191,400 SH   SOLE   191,400 0 0
PREFERRED APT CMNTYS INC COM 74039L103 9,514 1,057,141 SH   SOLE   1,057,141 0 0
QIHOO 360 TECHNOLOGY CO LTD ADS 74734M109 462 10,000 SH   SOLE   10,000 0 0
RADIAN GROUP INC COM 750236101 5,810 500,000 SH   SOLE   500,000 0 0
REGIONAL MGMT CORP COM 75902K106 22,539 901,571 SH   SOLE   901,571 0 0
RENTECH INC COM 760112102 10,550 5,024,000 SH   SOLE   5,024,000 0 0
RESOURCE AMERICA INC CL A 761195205 5,948 699,763 SH   SOLE   699,763 0 0
RESOURCE CAP CORP COM 76120W302 53,859 8,757,584 SH   SOLE   8,757,584 0 0
ROCKVILLE FINL INC NEW COM 774188106 4,372 334,251 SH   SOLE   334,251 0 0
ROMA FINANCIAL CORP COM 77581P109 1,117 61,536 SH   SOLE   61,536 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PFD SER P 780097762 9,404 446,971 SH   SOLE   446,971 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS R 780097747 13,128 635,112 SH   SOLE   635,112 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 31,105 1,426,855 SH   SOLE   1,426,855 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SER N 780097770 22,393 1,064,304 SH   SOLE   1,064,304 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF M 780097796 20,698 974,959 SH   SOLE   974,959 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS Q 780097754 24,380 1,093,266 SH   SOLE   1,093,266 0 0
SI FINL GROUP INC MD COM 78425V104 7,697 696,552 SH   SOLE   696,552 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 46,808 2,826,556 SH   SOLE   2,826,556 0 0
SIMCERE PHARMACEUTICAL GROUP SPON ADR 82859P104 464 48,994 SH   SOLE   48,994 0 0
SLM CORP COM 78442P106 8,243 360,600 SH   SOLE   360,600 0 0
SOHU COM INC COM 83408W103 1,232 20,000 SH   SOLE   20,000 0 0
SOHU COM INC COM 83408W103 1,232 20,000 SH Call SOLE   20,000 0 0
SOUFUN HLDGS LTD ADR 836034108 1,004 40,445 SH   SOLE   40,445 0 0
SOUND FINL BANCORP INC COM 83607A100 1,032 75,000 SH   SOLE   75,000 0 0
SPREADTRUM COMMUNICATIONS IN ADR 849415203 2,100 80,000 SH Put SOLE   80,000 0 0
STARWOOD PPTY TR INC COM 85571B105 70,838 2,862,148 SH   SOLE   2,862,148 0 0
STERLING FINL CORP WASH COM NEW 859319303 4,573 192,323 SH   SOLE   192,323 0 0
SUFFOLK BANCORP COM 864739107 5,523 338,034 SH   SOLE   338,034 0 0
SUMMIT HOTEL PPTYS COM 866082100 784 83,000 SH   SOLE   83,000 0 0
SUNCOKE ENERGY PARTNERS L P COMUNIT REP LT 86722Y101 1,105 50,000 SH   SOLE   50,000 0 0
SYNOVUS FINL CORP COM 87161C105 7,040 2,410,856 SH   SOLE   2,410,856 0 0
TERRITORIAL BANCORP INC COM 88145X108 9,209 407,300 SH   SOLE   407,300 0 0
TESORO CORP COM 881609101 5,441 104,000 SH   SOLE   104,000 0 0
TFS FINL CORP COM 87240R107 11,654 1,040,523 SH   SOLE   1,040,523 0 0
TOLL BROTHERS INC COM 889478103 326 10,000 SH Put SOLE   10,000 0 0
TWO HBRS INVT CORP COM 90187B101 359 35,000 SH   SOLE   35,000 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 10,270 2,208,620 SH   SOLE   2,208,620 0 0
VESTIN REALTY MORTGAGE I INC COM 925490104 94 55,000 SH   SOLE   55,000 0 0
WALKER & DUNLOP INC COM 93148P102 5,208 297,590 SH   SOLE   297,590 0 0
WALTER INVT MGMT CORP COM 93317W102 35,853 1,060,438 SH   SOLE   1,060,438 0 0
WPX ENERGY INC COM 98212B103 2,971 156,849 SH   SOLE   156,849 0 0
WYNN RESORTS LTD COM 983134107 2,559 20,000 SH Call SOLE   20,000 0 0
YADKIN FINL CORP COM 984305102 6,026 429,228 SH   SOLE   429,228 0 0
YAHOO INC COM 984332106 1,752 69,700 SH   SOLE   69,700 0 0
YONGYE INTL INC COM 98607B106 2,121 396,498 SH   SOLE   396,498 0 0
YONGYE INTL INC COM 98607B106 322 60,100 SH Call SOLE   60,100 0 0
YOUKU TUDOU INC SPONSORED ADR 98742U100 576 30,000 SH Call SOLE   30,000 0 0
YY INC ADS REPCOM CLA 98426T106 1,342 50,000 SH   SOLE   50,000 0 0