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
500 COM LTD SPON ADR REP A 33829R100 1,079 100,000 SH Put SOLE   100,000 0 0
AIR LEASE CORP CL A 00912X302 3,772 99,940 SH   SOLE   99,940 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 57,851 1,339,765 SH   SOLE   1,339,765 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 1,665 20,000 SH   SOLE   20,000 0 0
ALLY FINL INC COM 02005N100 396,173 18,883,366 SH   SOLE   18,883,366 0 0
AMERICAN CAP LTD COM 02503Y103 151,973 10,275,389 SH   SOLE   10,275,389 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 140,192 8,470,808 SH   SOLE   8,470,808 0 0
ANCHOR BANCORP WIS INC DEL COM 03283P106 30,486 877,800 SH   SOLE   877,800 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 18,297 1,065,001 SH   SOLE   1,065,001 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 324 15,000 SH   SOLE   15,000 0 0
ARBOR RLTY TR INC COM 038923108 34,503 4,943,132 SH   SOLE   4,943,132 0 0
ARES CAP CORP COM 04010L103 1,202 70,000 SH   SOLE   70,000 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 1,251 130,000 SH   SOLE   130,000 0 0
AVENUE FINL HLDGS INC COM 05358K102 7,208 576,217 SH   SOLE   576,217 0 0
AVOLON HLDGS LTD COM G52237107 10,645 500,000 SH   SOLE   500,000 0 0
BANK NEW YORK MELLON CORP COM 064058100 8,048 200,000 SH   SOLE   200,000 0 0
BANNER CORP COM NEW 06652V208 11,475 250,000 SH   SOLE   250,000 0 0
BENEFICIAL BANCORP INC COM 08171T102 39,515 3,500,000 SH   SOLE   3,500,000 0 0
BLUE HILLS BANCORP INC COM 095573101 7,879 596,010 SH   SOLE   596,010 0 0
BLUEROCK RESIDENT GR REIT IN COM CL A 09627J102 533 40,000 SH   SOLE   40,000 0 0
BOSTON PRIVATE FINL HLDGS IN COM 101119105 3,038 250,000 SH   SOLE   250,000 0 0
C1 FINL INC COM 12591N109 4,844 258,336 SH   SOLE   258,336 0 0
CAPE BANCORP INC COM 139209100 4,780 500,000 SH   SOLE   500,000 0 0
CENTRAL PAC FINL CORP COM NEW 154760409 9,188 400,000 SH   SOLE   400,000 0 0
CENTURY CMNTYS INC COM 156504300 7,732 400,000 SH   SOLE   400,000 0 0
CHATHAM LODGING TR COM 16208T102 735 25,000 SH   SOLE   25,000 0 0
CITIGROUP INC COM NEW 172967424 12,880 250,000 SH   SOLE   250,000 0 0
CITIZENS FINL GROUP INC COM 174610105 27,548 1,141,667 SH   SOLE   1,141,667 0 0
CITY OFFICE REIT INC COM 178587101 509 40,000 SH   SOLE   40,000 0 0
CLIFTON BANCORP INC COM 186873105 7,055 500,000 SH   SOLE   500,000 0 0
COLONY FINL INC COM 19624R106 264,463 10,203,036 SH   SOLE   10,203,036 0 0
COMMUNITY BANKERS TR CORP COM 203612106 4,632 1,060,000 SH   SOLE   1,060,000 0 0
COMMUNITY BK SHS IND INC COM 203599105 4,964 190,000 SH   SOLE   190,000 0 0
COMMUNITY FINL CORP MD COM 20368X101 5,656 282,795 SH   SOLE   282,795 0 0
COMMUNITYONE BANCORP COM 20416Q108 8,136 826,859 SH   SOLE   826,859 0 0
CONSUMER PORTFOLIO SVCS INC COM 210502100 1,957 280,000 SH   SOLE   280,000 0 0
COUNTY BANCORP INC COM 221907108 5,904 300,000 SH   SOLE   300,000 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 1,172 20,000 SH   SOLE   20,000 0 0
CVR REFNG LP COMUNIT REP LT 12663P107 519 25,000 SH   SOLE   25,000 0 0
DBX ETF TR DBXTR HAR CS 300 233051879 2,027 50,000 SH Call SOLE   50,000 0 0
EASTERN VA BANKSHARES INC COM 277196101 4,003 639,451 SH   SOLE   639,451 0 0
ELLINGTON FINANCIAL LLC COM 288522303 2,290 115,000 SH   SOLE   115,000 0 0
EMERGE ENERGY SVCS LP COM REP PARTN 29102H108 237 5,000 SH   SOLE   5,000 0 0
ENCORE CAP GROUP INC COM 292554102 56,481 1,358,046 SH   SOLE   1,358,046 0 0
ENTEGRA FINL CORP COM 29363J108 5,045 325,256 SH   SOLE   325,256 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 968 37,000 SH   SOLE   37,000 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 10,128 600,000 SH   SOLE   600,000 0 0
FIRST BANCORP P R COM NEW 318672706 20,462 3,300,356 SH   SOLE   3,300,356 0 0
FIRST CONN BANCORP INC MD COM 319850103 9,102 592,200 SH   SOLE   592,200 0 0
FIRST CTZNS BANC CORP 6.50% PFD SER B 319459400 7,638 221,331 SH   SOLE   221,331 0 0
FIRST LONG IS CORP COM 320734106 8,923 349,931 SH   SOLE   349,931 0 0
FIRST NORTHWEST BANCORP COM 335834107 7,488 600,000 SH   SOLE   600,000 0 0
FRANKLIN FINL NETWORK INC COM 35352P104 10,682 508,666 SH   SOLE   508,666 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 2,873 197,990 SH   SOLE   197,990 0 0
HAMPTON ROADS BANKSHARES INC COM NEW 409321502 7,264 3,843,525 SH   SOLE   3,843,525 0 0
HI-CRUSH PARTNERS LP COM UNIT LTD 428337109 659 18,797 SH   SOLE   18,797 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 444 15,000 SH   SOLE   15,000 0 0
HOLLYSYS AUTOMATION TECHNOLO SHS G45667105 1,391 70,000 SH   SOLE   70,000 0 0
HYATT HOTELS CORP COM CL A 448579102 888 15,000 SH   SOLE   15,000 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 16,038 1,250,000 SH   SOLE   1,250,000 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 1,564 10,000 SH Put SOLE   10,000 0 0
INVESTORS BANCORP INC NEW COM 46146L101 41,020 3,500,000 SH   SOLE   3,500,000 0 0
ISHARES TR U.S. REAL ES ETF 464287739 793 10,000 SH Put SOLE   10,000 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 17,336 400,000 SH Call SOLE   400,000 0 0
JD COM INC SPON ADR CL A 47215P106 881 30,000 SH   SOLE   30,000 0 0
JD COM INC SPON ADR CL A 47215P106 1,469 50,000 SH Call SOLE   50,000 0 0
JERNIGAN CAP INC COM 476405105 623 30,000 SH   SOLE   30,000 0 0
KEARNY FINL CORP COM 487169104 9,631 709,230 SH   SOLE   709,230 0 0
KEYCORP NEW COM 493267108 7,080 500,000 SH   SOLE   500,000 0 0
KKR & CO L P DEL COM UNITS 48248M102 570 25,000 SH   SOLE   25,000 0 0
LAS VEGAS SANDS CORP COM 517834107 1,651 30,000 SH Put SOLE   30,000 0 0
MARRIOTT INTL INC NEW CL A 571903202 80 1,000 SH   SOLE   1,000 0 0
MBIA INC COM 55262C100 6,241 671,062 SH   SOLE   671,062 0 0
MELCO CROWN ENTMT LTD ADR 585464100 1,073 50,000 SH Put SOLE   50,000 0 0
MEMORIAL PRODTN PARTNERS LP COM U REP LTD 586048100 405 25,000 SH   SOLE   25,000 0 0
MERCHANTS BANCSHARES COM 588448100 1,024 35,099 SH   SOLE   35,099 0 0
MERIDIAN BANCORP INC MD COM 58958U103 26,340 1,999,999 SH   SOLE   1,999,999 0 0
MORGAN STANLEY COM NEW 617446448 17,845 500,000 SH   SOLE   500,000 0 0
MORGAN STANLEY CHINA A SH FD COM 617468103 2,890 87,800 SH   SOLE   87,800 0 0
NAVIOS MARITIME HLDGS INC SPON ADR PFD H 63938Y308 633 30,000 SH   SOLE   30,000 0 0
NETEASE INC SPONSORED ADR 64110W102 1,053 10,000 SH   SOLE   10,000 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 19,097 1,270,588 SH   SOLE   1,270,588 0 0
NEXPOINT CR STRATEGIES FD COM 65340G106 340 27,920 SH   SOLE   27,920 0 0
NEXPOINT CR STRATEGIES FD EX DISTRIB WI 65340G114 38 5,000 SH   SOLE   5,000 0 0
NORTHERN TIER ENERGY LP COM UN REPR PART 665826103 760 30,000 SH   SOLE   30,000 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 10,328 570,000 SH   SOLE   570,000 0 0
ORRSTOWN FINL SVCS INC COM 687380105 6,308 368,877 SH   SOLE   368,877 0 0
PEABODY ENERGY CORP COM 704549104 984 200,000 SH Put SOLE   200,000 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 10,800 500,000 SH   SOLE   500,000 0 0
PENNYMAC MTG INVT TR COM 70931T103 90,028 4,228,632 SH   SOLE   4,228,632 0 0
PEOPLES BANCORP N C INC COM 710577107 1,283 69,456 SH   SOLE   69,456 0 0
PERFECT WORLD CO LTD SPON ADR REP B 71372U104 929 50,000 SH   SOLE   50,000 0 0
PHH CORP COM NEW 693320202 105,549 4,366,934 SH   SOLE   4,366,934 0 0
PREFERRED APT CMNTYS INC COM 74039L103 639 59,100 SH   SOLE   59,100 0 0
PRUDENTIAL BANCORP INC NEW COM 74431A101 6,350 500,000 SH   SOLE   500,000 0 0
RADIAN GROUP INC COM 750236101 11,921 710,000 SH   SOLE   710,000 0 0
ROYAL BANCSHARES PA INC CL A 780081105 1,091 637,952 SH   SOLE   637,952 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SER N 780097770 625 25,000 SH   SOLE   25,000 0 0
SI FINL GROUP INC MD COM 78425V104 8,066 663,900 SH   SOLE   663,900 0 0
SOUFUN HLDGS LTD ADR 836034108 600 100,000 SH   SOLE   100,000 0 0
SOUND FINL BANCORP INC COM 83607A100 1,474 75,000 SH   SOLE   75,000 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 8,621 507,123 SH   SOLE   507,123 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 309,645 1,500,000 SH Put SOLE   1,500,000 0 0
SPDR SERIES TRUST S&P METALS MNG 78464A755 1,332 50,000 SH Put SOLE   50,000 0 0
STARWOOD PPTY TR INC COM 85571B105 358,783 14,764,730 SH   SOLE   14,764,730 0 0
STARWOOD PPTY TR INC NOTE 3.750%10/1 85571BAC9 15,644 15,000,000 PRN   SOLE   15,000,000 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 94,058 3,638,611 SH   SOLE   3,638,611 0 0
STATE NATL COS INC COM 85711T305 3,932 395,185 SH   SOLE   395,185 0 0
SUFFOLK BANCORP COM 864739107 10,650 448,223 SH   SOLE   448,223 0 0
SUMMIT HOTEL PPTYS COM 866082100 281 20,000 SH   SOLE   20,000 0 0
SUN BANCORP INC COM NEW 86663B201 19,470 1,029,599 SH   SOLE   1,029,599 0 0
SYNOVUS FINL CORP COM NEW 87161C501 14,005 500,002 SH   SOLE   500,002 0 0
TALMER BANCORP INC COM 87482X101 22,973 1,500,000 SH   SOLE   1,500,000 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 521 25,000 SH   SOLE   25,000 0 0
TERRAFORM PWR INC CL A COM 88104R100 3,655 100,100 SH   SOLE   100,100 0 0
TERRITORIAL BANCORP INC COM 88145X108 9,504 400,000 SH   SOLE   400,000 0 0
TFS FINL CORP COM 87240R107 36,700 2,500,000 SH   SOLE   2,500,000 0 0
TIMBERLAND BANCORP INC COM 887098101 3,129 294,099 SH   SOLE   294,099 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 8,190 1,500,000 SH   SOLE   1,500,000 0 0
UNITED FINL BANCORP INC NEW COM 910304104 7,794 627,000 SH   SOLE   627,000 0 0
VALE S A ADR 91912E105 1,252 200,000 SH Put SOLE   200,000 0 0
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 736 25,000 SH   SOLE   25,000 0 0
VOYA FINL INC COM 929089100 10,778 250,000 SH   SOLE   250,000 0 0
WALTER INVT MGMT CORP NOTE 4.500%11/0 93317WAA0 23,291 30,020,000 PRN   SOLE   30,020,000 0 0
WATERSTONE FINL INC MD COM 94188P101 9,162 713,513 SH   SOLE   713,513 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 3,865 500,000 SH   SOLE   500,000 0 0
WESTLAKE CHEM PARTNERS LP COM UNIT RP LP 960417103 8,314 310,000 SH   SOLE   310,000 0 0
WHEELER REAL ESTATE INVT TR CV PFD SER B 963025309 433 18,111 SH   SOLE   18,111 0 0
YADKIN FINL CORP COM 984305102 9,118 449,187 SH   SOLE   449,187 0 0
YY INC ADS REPCOM CLA 98426T106 1,108 20,000 SH Call SOLE   20,000 0 0
ZIONS BANCORPORATION COM 989701107 10,800 400,000 SH   SOLE   400,000 0 0
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 6,038 1,573,500 SH   SOLE   1,573,500 0 0