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
58 COM INC SPON ADR REP A 31680Q104 1,909 29,800 SH   SOLE   29,800 0 0
58 COM INC SPON ADR REP A 31680Q104 1,922 30,000 SH Call SOLE   30,000 0 0
AERCAP HOLDINGS NV SHS N00985106 19,461 425,000 SH   SOLE   425,000 0 0
AGREE REALTY CORP COM 008492100 146 5,000 SH   SOLE   5,000 0 0
AIRMEDIA GROUP INC SPONSORED ADR 009411109 972 200,000 SH   SOLE   200,000 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 77,741 1,973,130 SH   SOLE   1,973,130 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 1,647 20,000 SH Call SOLE   20,000 0 0
ALLY FINL INC COM 02005N100 344,735 15,369,369 SH   SOLE   15,369,369 0 0
AMERICAN CAPITAL LTD COM 02503Y103 177,502 13,099,800 SH   SOLE   13,099,800 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 116,125 7,239,691 SH   SOLE   7,239,691 0 0
ANADARKO PETE CORP COM 032511107 781 10,000 SH   SOLE   10,000 0 0
ANCHOR BANCORP WIS INC DEL COM 03283P106 27,338 719,796 SH   SOLE   719,796 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 1,068 65,000 SH   SOLE   65,000 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 332 15,000 SH   SOLE   15,000 0 0
ARES CAP CORP COM 04010L103 1,152 70,000 SH   SOLE   70,000 0 0
ARES COML REAL ESTATE CORP COM 04013V108 2,484 218,111 SH   SOLE   218,111 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 998 118,000 SH   SOLE   118,000 0 0
AVENUE FINL HLDGS INC COM 05358K102 10,338 819,795 SH   SOLE   819,795 0 0
AVOLON HLDGS LTD COM G52237107 4,074 177,420 SH   SOLE   177,420 0 0
BANK AMER CORP COM 060505104 34,040 2,000,000 SH   SOLE   2,000,000 0 0
BANNER CORP COM NEW 06652V208 8,627 180,000 SH   SOLE   180,000 0 0
BENEFICIAL BANCORP INC COM 08171T102 18,735 1,500,000 SH   SOLE   1,500,000 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 16,275 585,000 SH   SOLE   585,000 0 0
BLUE HILLS BANCORP INC COM 095573101 7,000 500,000 SH   SOLE   500,000 0 0
BNC BANCORP COM 05566T101 2,597 134,330 SH   SOLE   134,330 0 0
C1 FINL INC COM 12591N109 3,890 200,734 SH   SOLE   200,734 0 0
CAROLINA BK HLDGS INC GREENS COM 143785103 1,554 128,300 SH   SOLE   128,300 0 0
CARRIZO OIL & GAS INC COM 144577103 246 5,000 SH   SOLE   5,000 0 0
CENTURY CMNTYS INC COM 156504300 892 44,300 SH   SOLE   44,300 0 0
CHATHAM LODGING TR COM 16208T102 768 29,000 SH   SOLE   29,000 0 0
CHINA DISTANCE ED HLDGS LTD SPONS ADR 16944W104 802 50,000 SH   SOLE   50,000 0 0
CHINA DISTANCE ED HLDGS LTD SPONS ADR 16944W104 802 50,000 SH Call SOLE   50,000 0 0
CHINACACHE INTL HLDG LTD SPON ADR 16950M107 810 50,000 SH Call SOLE   50,000 0 0
CITIGROUP INC COM NEW 172967424 27,620 500,000 SH   SOLE   500,000 0 0
CITIZENS FINL GROUP INC COM 174610105 25,944 950,000 SH   SOLE   950,000 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 7,720 221,331 SH   SOLE   221,331 0 0
COLONY CAP INC COM 19624R106 242,816 10,720,352 SH   SOLE   10,720,352 0 0
COLONY CAP INC NOTE 3.875% 1/1 19624RAB2 10,566 10,500,000 PRN   SOLE   10,500,000 0 0
COMERICA INC COM 200340107 7,698 150,000 SH   SOLE   150,000 0 0
COMMUNITY BANKERS TR CORP COM 203612106 8,092 1,628,188 SH   SOLE   1,628,188 0 0
COMMUNITY FINL CORP MD COM 20368X101 6,308 293,395 SH   SOLE   293,395 0 0
COMMUNITYONE BANCORP COM 20416Q108 8,724 810,032 SH   SOLE   810,032 0 0
CONSOL ENERGY INC COM 20854P109 217 10,000 SH   SOLE   10,000 0 0
COUNTY BANCORP INC COM 221907108 5,700 300,000 SH   SOLE   300,000 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 726 10,000 SH   SOLE   10,000 0 0
CVR REFNG LP COMUNIT REP LT 12663P107 549 30,000 SH   SOLE   30,000 0 0
CYRUSONE INC COM 23283R100 295 10,000 SH   SOLE   10,000 0 0
DEVON ENERGY CORP NEW COM 25179M103 297 5,000 SH   SOLE   5,000 0 0
DIREXION SHS ETF TR FTSE CHIN BEAR 25490K836 19,740 310,000 SH Put SOLE   310,000 0 0
EASTERN VA BANKSHARES INC COM 277196101 4,162 659,584 SH   SOLE   659,584 0 0
E-COMMERCE CHINA DANGDANG IN SPN ADS COM A 26833A105 445 50,000 SH Call SOLE   50,000 0 0
ELLINGTON FINANCIAL LLC COM 288522303 2,129 115,000 SH   SOLE   115,000 0 0
EMERGE ENERGY SVCS LP COM REP PARTN 29102H108 217 6,000 SH   SOLE   6,000 0 0
ENCORE CAP GROUP INC COM 292554102 1,221 28,573 SH   SOLE   28,573 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 522 10,000 SH   SOLE   10,000 0 0
ENTEGRA FINL CORP COM 29363J108 9,983 568,855 SH   SOLE   568,855 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 897 30,000 SH   SOLE   30,000 0 0
EOG RES INC COM 26875P101 876 10,000 SH   SOLE   10,000 0 0
EQT CORP COM 26884L109 407 5,000 SH   SOLE   5,000 0 0
FELCOR LODGING TR INC COM 31430F101 731 74,000 SH   SOLE   74,000 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 8,716 499,759 SH   SOLE   499,759 0 0
FIRST BANCORP PR COM NEW 318672706 15,665 3,250,000 SH   SOLE   3,250,000 0 0
FIRST CONN BANCORP INC MD COM 319850103 8,635 544,089 SH   SOLE   544,089 0 0
FIRST FINANCIAL NORTHWEST IN COM 32022K102 3,786 303,889 SH   SOLE   303,889 0 0
FIRST LONG IS CORP COM 320734106 9,825 354,437 SH   SOLE   354,437 0 0
FIRST NORTHWEST BANCORP COM 335834107 7,482 600,000 SH   SOLE   600,000 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 901 60,000 SH   SOLE   60,000 0 0
FRANKLIN FINL NETWORK INC COM 35352P104 8,717 380,000 SH   SOLE   380,000 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 2,914 197,990 SH   SOLE   197,990 0 0
HAMPTON ROADS BANKSHARES INC COM NEW 409321502 16,108 7,744,396 SH   SOLE   7,744,396 0 0
HI-CRUSH PARTNERS LP COM UNIT LTD 428337109 577 18,797 SH   SOLE   18,797 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 523 19,000 SH   SOLE   19,000 0 0
HOLLYSYS AUTOMATION TECHNOLO SHS G45667105 1,202 50,000 SH   SOLE   50,000 0 0
HOLLYSYS AUTOMATION TECHNOLO SHS G45667105 1,202 50,000 SH Call SOLE   50,000 0 0
HOWARD BANCORP INC COM 442496105 5,778 434,782 SH   SOLE   434,782 0 0
HYATT HOTELS CORP COM CL A 448579102 454 8,000 SH   SOLE   8,000 0 0
INDEPENDENT BANK CORP - MICH COM NEW 453838609 19,662 1,450,000 SH   SOLE   1,450,000 0 0
INVESTORS BANCORP INC NEW COM 46146L101 39,975 3,250,000 SH   SOLE   3,250,000 0 0
ISHARES IBOXX HI YD ETF 464288513 3,108 35,000 SH Put SOLE   35,000 0 0
ISHARES TR U.S REAL ES ETF 464287739 2,139 30,000 SH Put SOLE   30,000 0 0
JUMEI INTL HLDG LTD SPONSORED ADR 48138L107 4,568 200,000 SH   SOLE   200,000 0 0
JUMEI INTL HLDG LTD SPONSORED ADR 48138L107 6,852 300,000 SH Call SOLE   300,000 0 0
KEYCORP NEW COM 493267108 22,530 1,500,000 SH   SOLE   1,500,000 0 0
KKR & CO L P DEL COM UNITS 48248M102 571 25,000 SH   SOLE   25,000 0 0
MACERICH CO COM 554382101 559 7,500 SH   SOLE   7,500 0 0
MEMORIAL PRODTN PARTNERS LP COM U REP LTD 586048100 891 60,000 SH   SOLE   60,000 0 0
MERIDIAN BANCORP INC MD COM 58958U103 26,820 1,999,999 SH   SOLE   1,999,999 0 0
MIDSOUTH BANCORP INC COM 598039105 5,070 332,222 SH   SOLE   332,222 0 0
NAVIGATOR HOLDINGS LTD SHS Y62132108 227 12,000 SH   SOLE   12,000 0 0
NAVIOS MARITIME HLDGS INC SPON ADR PFD H 63938Y308 572 30,000 SH   SOLE   30,000 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 140,457 9,216,368 SH   SOLE   9,216,368 0 0
NEWFIELD EXPL CO COM 651290108 361 10,000 SH   SOLE   10,000 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102 1,007 75,000 SH   SOLE   75,000 0 0
NORTHERN TIER ENERGY LP COM UN REPR PART 665826103 951 40,000 SH   SOLE   40,000 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 1,352 85,000 SH   SOLE   85,000 0 0
OGE ENERGY CORP COM 670837103 286 10,000 SH   SOLE   10,000 0 0
ORRSTOWN FINL SVCS INC COM 687380105 6,360 393,070 SH   SOLE   393,070 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 11,110 500,000 SH   SOLE   500,000 0 0
PENNYMAC MTG INVT TR COM 70931T103 37,201 2,134,280 SH   SOLE   2,134,280 0 0
PHH CORP COM NEW 693320202 106,018 4,072,898 SH   SOLE   4,072,898 0 0
PHOENIX NEW MEDIA LTD SPONSORED ADS 71910C103 1,138 143,700 SH   SOLE   143,700 0 0
PIONEER NAT RES CO COM 723787107 693 5,000 SH   SOLE   5,000 0 0
PROSHARES TR ULTSHT FT CH 50 74348A350 14,710 500,000 SH Put SOLE   500,000 0 0
PRUDENTIAL BANCORP INC NEW COM 74431A101 1,963 135,346 SH   SOLE   135,346 0 0
QEP RES INC COM 74733V100 93 5,000 SH   SOLE   5,000 0 0
QIHOO 360 TECHNOLOGY CO LTD ADS 74734M109 3,957 60,000 SH Call SOLE   60,000 0 0
QUNAR CAYMAN IS LTD SPNS ADR CL B 74906P104 1,286 30,000 SH   SOLE   30,000 0 0
RANGE RES CORP COM 75281A109 1,481 30,000 SH   SOLE   30,000 0 0
ROYAL BANCSHARES PA INC CL A 780081105 1,670 835,211 SH   SOLE   835,211 0 0
SI FINL GROUP INC MD COM 78425V104 5,820 500,000 SH   SOLE   500,000 0 0
SOUFUN HLDGS LTD ADR 836034108 2,102 250,000 SH   SOLE   250,000 0 0
SOUFUN HLDGS LTD ADR 836034108 1,682 200,000 SH Call SOLE   200,000 0 0
SOUND FINL BANCORP INC COM 83607A100 1,574 75,000 SH   SOLE   75,000 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 9,078 507,123 SH   SOLE   507,123 0 0
SOUTHWESTERN ENERGY CO COM 845467109 568 25,000 SH   SOLE   25,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 205,850 1,000,000 SH Put SOLE   1,000,000 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 22,080 500,000 SH Put SOLE   500,000 0 0
SPRINGLEAF HLDGS INC COM 85172J101 31,203 679,645 SH   SOLE   679,645 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 419 5,000 SH Call SOLE   5,000 0 0
STARWOOD PPTY TR INC COM 85571B105 267,019 12,379,192 SH   SOLE   12,379,192 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 85,985 3,618,892 SH   SOLE   3,618,892 0 0
SUFFOLK BANCORP COM 864739107 11,501 448,223 SH   SOLE   448,223 0 0
SUN BANCORP INC COM NEW 86663B201 19,560 1,016,099 SH   SOLE   1,016,099 0 0
SUNTRUST BKS INC COM 867914103 6,453 150,000 SH   SOLE   150,000 0 0
SYNOVUS FINL CORP COM NEW 87161C501 15,410 500,002 SH   SOLE   500,002 0 0
TALMER BANCORP INC COM 87482X101 16,750 1,000,000 SH   SOLE   1,000,000 0 0
TARENA INTL INC ADR 876108101 1,646 130,000 SH   SOLE   130,000 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 407 20,000 SH   SOLE   20,000 0 0
TERRITORIAL BANCORP INC COM 88145X108 8,273 341,030 SH   SOLE   341,030 0 0
TESORO CORP COM 881609101 422 5,000 SH   SOLE   5,000 0 0
TFS FINL CORP COM 87240R107 42,050 2,500,000 SH   SOLE   2,500,000 0 0
TIMBERLAND BANCORP INC COM 887098101 2,947 294,099 SH   SOLE   294,099 0 0
ULTRA PETROLEUM CORP COM 903914109 125 10,000 SH   SOLE   10,000 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 8,025 1,500,000 SH   SOLE   1,500,000 0 0
UNITED FINL BANCORP INC NEW COM 910304104 8,080 600,741 SH   SOLE   600,741 0 0
USD PARTNERS LP COM UT REP LTD 903318103 352 29,860 SH   SOLE   29,860 0 0
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 2,397 100,000 SH Call SOLE   100,000 0 0
VIRTU FINL INC CL A 928254101 22,893 975,000 SH   SOLE   975,000 0 0
VISIONCHINA MEDIA INC SPON ADR NEW 92833U202 246 20,000 SH   SOLE   20,000 0 0
WALTER INVT MGMT CORP NOTE 4.500%11/0 93317WAA0 23,103 28,020,000 PRN   SOLE   28,020,000 0 0
WEIBO CORP SPONSORED ADR 948596101 844 50,000 SH Call SOLE   50,000 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 3,334 456,082 SH   SOLE   456,082 0 0
WHEELER REAL ESTATE INVT TR COM 963025101 6,798 3,348,943 SH   SOLE   3,348,943 0 0
XUNLEI LTD SPONSORED ADR 98419E108 602 50,000 SH Call SOLE   50,000 0 0
YADKIN FINL CORP COM 984305102 10,475 500,000 SH   SOLE   500,000 0 0
YOUKU TUDOU INC SPONSORED ADR 98742U100 1,151 50,000 SH Call SOLE   50,000 0 0
YY INC ADS REPCOM CLA 98426T106 15,055 210,000 SH Call SOLE   210,000 0 0
ZHAOPIN LTD SPONSORED ADR 98954L103 769 50,000 SH   SOLE   50,000 0 0
ZIONS BANCORPORATION W EXP 05/22/202 989701115 8,497 1,573,500 SH   SOLE   1,573,500 0 0