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
AMERICAN CAPITAL LTD COM 02503Y103 5,611 408,100 SH   SOLE   408,100 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 138,484 8,574,864 SH   SOLE   8,574,864 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 12,308 806,008 SH   SOLE   806,008 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 5,652 200,000 SH   SOLE   200,000 0 0
ARBOR RLTY TR INC COM 038923108 25,369 3,741,757 SH   SOLE   3,741,757 0 0
BANK OF AMERICA CORPORATION COM 060505104 345 25,000 SH   SOLE   25,000 0 0
BANKUNITED INC COM 06652K103 6,238 200,000 SH   SOLE   200,000 0 0
BANNER CORP COM NEW 06652V208 12,176 319,072 SH   SOLE   319,072 0 0
BENEFICIAL MUTUAL BANCORP IN COM 08173R104 12,529 1,256,700 SH   SOLE   1,256,700 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 7,467 300,000 SH   SOLE   300,000 0 0
CAMCO FINL CORP COM 132618109 2,658 659,645 SH   SOLE   659,645 0 0
CAPE BANCORP INC COM 139209100 5,621 613,600 SH   SOLE   613,600 0 0
CENTRAL FED CORP COM NEW 15346Q202 847 600,468 SH   SOLE   600,468 0 0
CENTRAL PAC FINL CORP COM NEW 154760409 56,023 3,165,130 SH   SOLE   3,165,130 0 0
CHARTER FINL CORP MD COM 16122W108 11,654 1,079,115 SH   SOLE   1,079,115 0 0
CHENIERE ENERGY INC COM NEW 16411R208 1,581 46,300 SH   SOLE   46,300 0 0
CHENIERE ENERGY PARTNERS LP COM UNIT 16411Q101 11,976 454,341 SH   SOLE   454,341 0 0
CHINA YUCHAI INTL LTD COM G21082105 604 25,400 SH   SOLE   25,400 0 0
CIT GROUP INC COM NEW 125581801 12,193 250,000 SH   SOLE   250,000 0 0
CITIGROUP INC COM NEW 172967424 8,247 170,000 SH   SOLE   170,000 0 0
CLIFTON SVGS BANCORP INC COM 18712Q103 4,602 371,443 SH   SOLE   371,443 0 0
COLONY FINL INC COM 19624R106 60,678 3,036,958 SH   SOLE   3,036,958 0 0
COMMUNITY BANKERS TR CORP COM 203612106 3,901 1,060,000 SH   SOLE   1,060,000 0 0
COMVERSE INC COM 20585P105 645 20,200 SH   SOLE   20,200 0 0
CONNECTONE BANCORP INC COM 20786U101 4,321 123,069 SH   SOLE   123,069 0 0
CONSUMER PORTFOLIO SVCS INC COM 210502100 12,682 2,138,600 SH   SOLE   2,138,600 0 0
CST BRANDS INC COM 12646R105 685 23,000 SH   SOLE   23,000 0 0
CVR REFNG LP COMUNIT REP LT 12663P107 1,871 75,000 SH   SOLE   75,000 0 0
DEAN FOODS CO NEW COM NEW 242370203 793 41,100 SH   SOLE   41,100 0 0
DIGITAL RLTY TR INC COM 253868103 690 13,000 SH   SOLE   13,000 0 0
EASTERN VA BANKSHARES INC COM 277196101 3,061 501,840 SH   SOLE   501,840 0 0
ELLINGTON FINANCIAL LLC COM 288522303 2,135 95,000 SH   SOLE   95,000 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 1,450 60,000 SH   SOLE   60,000 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 9,375 611,146 SH   SOLE   611,146 0 0
FIELDPOINT PETROLEUM CORP *W EXP 03/23/201 316570126 4 5,300 SH   SOLE   5,300 0 0
FIFTH THIRD BANCORP COM 316773100 542 30,000 SH   SOLE   30,000 0 0
FIRST BANCORP P R COM NEW 318672706 57,084 10,050,000 SH   SOLE   10,050,000 0 0
FIRST BANKSHARES INC MS COM 318916103 1,708 122,000 SH   SOLE   122,000 0 0
FIRST CMNTY CORP S C COM 319835104 522 50,000 SH   SOLE   50,000 0 0
FIRST HORIZON NATL CORP COM 320517105 6,594 600,000 SH   SOLE   600,000 0 0
FIRST MARBLEHEAD CORP COM 320771108 5,186 6,324,462 SH   SOLE   6,324,462 0 0
FIRST SEC GROUP INC COM NEW 336312202 10,473 5,035,000 SH   SOLE   5,035,000 0 0
GENWORTH FINL INC COM CL A 37247D106 3,840 300,000 SH   SOLE   300,000 0 0
GIANT INTERACTIVE GROUP INC ADR 374511103 912 100,000 SH   SOLE   100,000 0 0
HAMILTON BANCORP INC MD COM 407015106 2,336 157,287 SH   SOLE   157,287 0 0
HERITAGE FINL GROUP INC COM 42726X102 4,391 252,042 SH   SOLE   252,042 0 0
HOMETRUST BANCSHARES INC COM 437872104 13,758 833,834 SH   SOLE   833,834 0 0
IMPAC MTG HLDGS INC COM NEW 45254P508 5,013 526,530 SH   SOLE   526,530 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 10,232 1,023,215 SH   SOLE   1,023,215 0 0
INVESTORS BANCORP INC COM 46146P102 11,381 519,687 SH   SOLE   519,687 0 0
ISOFTSTONE HLDGS LTD SPONSORED ADS 46489B108 492 100,000 SH   SOLE   100,000 0 0
JPMORGAN CHASE & CO COM 46625H100 7,754 150,000 SH   SOLE   150,000 0 0
KEARNY FINL CORP COM 487169104 5,280 516,595 SH   SOLE   516,595 0 0
KKR FINL HLDGS LLC COM 48248A306 6,242 604,284 SH   SOLE   604,284 0 0
LAS VEGAS SANDS CORP COM 517834107 1,328 20,000 SH   SOLE   20,000 0 0
LORAL SPACE & COMMUNICATNS I COM 543881106 474 7,000 SH   SOLE   7,000 0 0
MBIA INC COM 55262C100 3,887 380,000 SH   SOLE   380,000 0 0
MERIDIAN INTERSTAT BANCORP I COM 58964Q104 8,917 409,245 SH   SOLE   409,245 0 0
METROCORP BANCSHARES INC COM 591650106 10,580 769,988 SH   SOLE   769,988 0 0
MORGAN STANLEY COM NEW 617446448 5,390 200,000 SH   SOLE   200,000 0 0
MURPHY USA INC COM 626755102 1,212 30,000 SH   SOLE   30,000 0 0
NATIONSTAR MTG HLDGS INC COM 63861C109 26,576 472,638 SH   SOLE   472,638 0 0
NATIONAL PENN BANCSHARES INC COM 637138108 7,538 750,000 SH   SOLE   750,000 0 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 436 17,500 SH   SOLE   17,500 0 0
NEW RESIDENTIAL INVT CORP COM 64828T102 4,497 679,291 SH   SOLE   679,291 0 0
NEWBRIDGE BANCORP CL A NO PAR 65080T102 10,950 1,502,043 SH   SOLE   1,502,043 0 0
NOAH HLDGS LTD SPONSORED ADS 65487X102 1,748 102,500 SH   SOLE   102,500 0 0
NOAH HLDGS LTD SPONSORED ADS 65487X102 512 30,000 SH Call SOLE   30,000 0 0
NORTHERN TIER ENERGY LP COM UN REPR PART 665826103 1,380 70,000 SH   SOLE   70,000 0 0
NORTHFIELD BANCORP INC DEL COM 66611T108 7,381 608,001 SH   SOLE   608,001 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 1,206 130,000 SH   SOLE   130,000 0 0
OCWEN FINL CORP COM NEW 675746309 38,140 683,889 SH   SOLE   683,889 0 0
OMNIAMERICAN BANCORP INC COM 68216R107 2,143 87,600 SH   SOLE   87,600 0 0
ORRSTOWN FINL SVCS IN COM 687380105 1,433 82,100 SH   SOLE   82,100 0 0
PACTERA TECHNOLOGY INTL LTD SPONSORED ADR 695255109 589 100,000 SH   SOLE   100,000 0 0
PERFECT WORLD CO LTD SPON ADR REP B 71372U104 2,200 110,535 SH   SOLE   110,535 0 0
PERFECT WORLD CO LTD SPON ADR REP B 71372U104 995 50,000 SH Call SOLE   50,000 0 0
PHH CORP COM NEW 693320202 115,223 4,853,545 SH   SOLE   4,853,545 0 0
POPULAR INC COM NEW 733174700 10,500 400,000 SH   SOLE   400,000 0 0
PREFERRED APT CMNTYS INC COM 74039L103 6,441 793,186 SH   SOLE   793,186 0 0
QIHOO 360 TECHNOLOGY CO LTD ADS 74734M109 832 10,000 SH   SOLE   10,000 0 0
QIHOO 360 TECHNOLOGY CO LTD ADS 74734M109 832 10,000 SH Put SOLE   10,000 0 0
RADIAN GROUP INC COM 750236101 9,055 650,000 SH   SOLE   650,000 0 0
REGIONAL MGMT CORP COM 75902K106 27,423 862,371 SH   SOLE   862,371 0 0
RENTECH INC COM 760112102 9,948 5,024,000 SH   SOLE   5,024,000 0 0
RESOURCE CAP CORP COM 76120W302 59,643 10,040,845 SH   SOLE   10,040,845 0 0
ROCKVILLE FINL INC NEW COM 774188106 3,561 273,887 SH   SOLE   273,887 0 0
ROMA FINANCIAL CORP COM 77581P109 948 50,999 SH   SOLE   50,999 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS Q 780097754 21,964 1,003,387 SH   SOLE   1,003,387 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SER N 780097770 21,382 1,025,028 SH   SOLE   1,025,028 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF S 780097739 16,293 759,593 SH   SOLE   759,593 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS R 780097747 13,838 687,080 SH   SOLE   687,080 0 0
ROYAL BK SCOTLAND GROUP PLC SP ADR PREF M 780097796 11,231 535,334 SH   SOLE   535,334 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PFD SER P 780097762 9,425 458,658 SH   SOLE   458,658 0 0
SHANDA GAMES LTD SP ADR REPTG A 81941U105 334 85,488 SH   SOLE   85,488 0 0
SI FINL GROUP INC MD COM 78425V104 8,100 713,651 SH   SOLE   713,651 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 50,986 3,255,796 SH   SOLE   3,255,796 0 0
SIMCERE PHARMACEUTICAL GROUP SPON ADR 82859P104 463 48,994 SH   SOLE   48,994 0 0
SLM CORP COM 78442P106 7,470 300,000 SH   SOLE   300,000 0 0
SOUFUN HLDGS LTD ADR 836034108 1,549 30,000 SH   SOLE   30,000 0 0
SOUND FINL BANCORP INC COM 83607A100 1,133 75,000 SH   SOLE   75,000 0 0
STARWOOD PPTY TR INC COM 85571B105 104,730 4,369,203 SH   SOLE   4,369,203 0 0
STERLING FINL CORP WASH COM NEW 859319303 775 27,065 SH   SOLE   27,065 0 0
SUFFOLK BANCORP COM 864739107 5,620 317,139 SH   SOLE   317,139 0 0
SUMMIT HOTEL PPTYS COM 866082100 919 100,000 SH   SOLE   100,000 0 0
SUNCOKE ENERGY PARTNERS L P COMUNIT REP LT 86722Y101 1,190 50,000 SH   SOLE   50,000 0 0
SYNOVUS FINL CORP COM 87161C105 15,654 4,743,572 SH   SOLE   4,743,572 0 0
TERRITORIAL BANCORP INC COM 88145X108 9,649 439,200 SH   SOLE   439,200 0 0
TESORO CORP COM 881609101 2,419 55,000 SH   SOLE   55,000 0 0
TFS FINL CORP COM 87240R107 17,092 1,427,900 SH   SOLE   1,427,900 0 0
TIMBERLAND BANCORP INC COM 887098101 22 2,479 SH   SOLE   2,479 0 0
TWO HBRS INVT CORP COM 90187B101 330 34,000 SH   SOLE   34,000 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 9,333 2,399,357 SH   SOLE   2,399,357 0 0
VANTAGESOUTH BANCSHARES INC COM 92209W105 6,720 1,265,548 SH   SOLE   1,265,548 0 0
VESTIN REALTY MORTGAGE I INC COM 925490104 104 55,000 SH   SOLE   55,000 0 0
VESTIN RLTY MOTG II INC COM NEW 92549X201 3 1,750 SH   SOLE   1,750 0 0
WHITEWAVE FOODS CO COM CL B 966244204 368 18,229 SH   SOLE   18,229 0 0
YADKIN FINL CORP COM 984305102 3,753 217,804 SH   SOLE   217,804 0 0
YAHOO INC COM 984332106 2,312 69,700 SH   SOLE   69,700 0 0
YAHOO INC COM 984332106 3,317 100,000 SH Call SOLE   100,000 0 0
YONGYE INTL INC COM 98607B106 2,885 466,143 SH   SOLE   466,143 0 0
YONGYE INTL INC COM 98607B106 1,610 260,100 SH Call SOLE   260,100 0 0
YY INC ADS REPCOM CLA 98426T106 1,403 30,000 SH   SOLE   30,000 0 0
YY INC ADS REPCOM CLA 98426T106 936 20,000 SH Put SOLE   20,000 0 0