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
AIR LEASE CORP CL A 00912X302 13,724 400,000 SH   SOLE   400,000 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 1,039 10,000 SH   SOLE   10,000 0 0
ALLY FINL INC COM 02005N100 390,620 16,537,663 SH   SOLE   16,537,663 0 0
AMERICAN CAP LTD COM 02503Y103 128,120 8,769,327 SH   SOLE   8,769,327 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 181,802 10,675,369 SH   SOLE   10,675,369 0 0
ANCHOR BANCORP WIS INC DEL COM 03283P106 30,231 877,800 SH   SOLE   877,800 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 590 25,000 SH   SOLE   25,000 0 0
ARBOR RLTY TR INC COM 038923108 33,457 4,941,945 SH   SOLE   4,941,945 0 0
ARES CAP CORP COM 04010L103 1,170 75,000 SH   SOLE   75,000 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 1,048 100,000 SH   SOLE   100,000 0 0
AVOLON HLDGS LTD COM G52237107 13,606 687,160 SH   SOLE   687,160 0 0
BAIDU INC SPON ADR REP A 056752108 2,342 10,275 SH   SOLE   10,275 0 0
BANNER CORP COM NEW 06652V208 14,729 342,378 SH   SOLE   342,378 0 0
BENEFICIAL MUTUAL BANCORP IN COM 08173R104 9,816 800,002 SH   SOLE   800,002 0 0
BITAUTO HLDGS LTD SPONSORED ADS 091727107 1,408 20,000 SH   SOLE   20,000 0 0
BLUE HILLS BANCORP INC COM 095573101 10,864 800,000 SH   SOLE   800,000 0 0
BONA FILM GROUP LTD SPONSORED ADS 09777B107 486 68,629 SH   SOLE   68,629 0 0
C1 FINL INC COM 12591N109 9,145 500,000 SH   SOLE   500,000 0 0
CAPE BANCORP INC COM 139209100 4,705 500,000 SH   SOLE   500,000 0 0
CENTRAL PAC FINL CORP COM NEW 154760409 11,054 514,140 SH   SOLE   514,140 0 0
CENTURY CMNTYS INC COM 156504300 8,640 500,000 SH   SOLE   500,000 0 0
CHINA LIFE INS CO LTD SPON ADR REP H 16939P106 1,761 30,000 SH   SOLE   30,000 0 0
CHINA PETE & CHEM CORP SPON ADR H SHS 16941R108 810 10,000 SH   SOLE   10,000 0 0
CITIGROUP INC COM NEW 172967424 13,528 250,000 SH   SOLE   250,000 0 0
CITY OFFICE REIT INC COM 178587101 364 28,400 SH   SOLE   28,400 0 0
CLIFTON BANCORP INC COM 186873105 12,379 910,925 SH   SOLE   910,925 0 0
COLONY FINL INC COM 19624R106 255,516 10,726,936 SH   SOLE   10,726,936 0 0
COLONY FINL INC NOTE 3.875% 1/1 19624RAB2 48,786 47,856,000 PRN   SOLE   47,856,000 0 0
COMMUNITY BANKERS TR CORP COM 203612106 4,685 1,060,000 SH   SOLE   1,060,000 0 0
COMMUNITY FINL CORP MD COM 20368X101 4,506 224,500 SH   SOLE   224,500 0 0
COMMUNITYONE BANCORP COM 20416Q108 9,531 832,390 SH   SOLE   832,390 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 17,100 900,000 SH   SOLE   900,000 0 0
CONSUMER PORTFOLIO SVCS INC COM 210502100 8,391 1,140,130 SH   SOLE   1,140,130 0 0
CVR REFNG LP COMUNIT REP LT 12663P107 336 20,000 SH   SOLE   20,000 0 0
DBX ETF TR DBXTR HAR CS 300 233051879 2,605 70,000 SH   SOLE   70,000 0 0
DBX ETF TR DBXTR HAR CS 300 233051879 930 25,000 SH Call SOLE   25,000 0 0
DIREXION SHS ETF TR DL RUSSIA BEAR 25459W284 281 10,000 SH   SOLE   10,000 0 0
E HOUSE CHINA HLDGS LTD ADR 26852W103 724 100,000 SH   SOLE   100,000 0 0
EASTERN VA BANKSHARES INC COM 277196101 4,341 670,940 SH   SOLE   670,940 0 0
ELLINGTON FINANCIAL LLC COM 288522303 2,295 115,000 SH   SOLE   115,000 0 0
EMERGE ENERGY SVCS LP COM REP PARTN 29102H108 162 3,000 SH   SOLE   3,000 0 0
ENCORE CAP GROUP INC COM 292554102 75,254 1,694,911 SH   SOLE   1,694,911 0 0
ENTEGRA FINL CORP COM 29363J108 4,605 320,000 SH   SOLE   320,000 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 945 37,000 SH   SOLE   37,000 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 9,666 600,000 SH   SOLE   600,000 0 0
FIRST BANCORP P R COM NEW 318672706 26,985 4,597,054 SH   SOLE   4,597,054 0 0
FIRST CONN BANCORP INC MD COM 319850103 7,265 445,146 SH   SOLE   445,146 0 0
FIRST CTZNS BANC CORP 6.50% PFD SER B 319459400 7,282 221,331 SH   SOLE   221,331 0 0
GREEN BANCORP INC COM 39260X100 1,138 94,492 SH   SOLE   94,492 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 2,608 197,990 SH   SOLE   197,990 0 0
HAMPTON ROADS BANKSHARES INC COM NEW 409321502 6,272 3,733,271 SH   SOLE   3,733,271 0 0
HERITAGE FINL GROUP INC COM 42726X102 13,088 505,342 SH   SOLE   505,342 0 0
HI-CRUSH PARTNERS LP COM UNIT LTD 428337109 776 25,000 SH   SOLE   25,000 0 0
HOLLYSYS AUTOMATION TECHNOLO SHS G45667105 1,710 70,000 SH   SOLE   70,000 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 17,915 1,372,785 SH   SOLE   1,372,785 0 0
INVESTORS BANCORP INC NEW COM 46146L101 84,188 7,500,000 SH   SOLE   7,500,000 0 0
ISHARES TR S&P 500 GRWT ETF 464287309 768 10,000 SH Put SOLE   10,000 0 0
JAMES RIV GROUP LTD COM G5005R107 3,476 152,728 SH   SOLE   152,728 0 0
KEARNY FINL CORP COM 487169104 9,752 709,230 SH   SOLE   709,230 0 0
KKR & CO L P DEL COM UNITS 48248M102 580 25,000 SH   SOLE   25,000 0 0
LEJU HLDGS LTD SPONSORED ADS 50187J108 1,062 98,655 SH   SOLE   98,655 0 0
MEMORIAL PRODTN PARTNERS LP COM U REP LTD 586048100 336 23,000 SH   SOLE   23,000 0 0
MERIDIAN BANCORP INC MD COM 58958U103 30,294 2,699,999 SH   SOLE   2,699,999 0 0
MORGAN STANLEY CHINA A SH FD COM 617468103 6,007 197,800 SH   SOLE   197,800 0 0
NAVIOS MARITIME HLDGS INC SPON ADR PFD H 63938Y308 554 30,000 SH   SOLE   30,000 0 0
NOAH HLDGS LTD SPONSORED ADS 65487X102 1,254 60,000 SH   SOLE   60,000 0 0
NORTHERN TIER ENERGY LP COM UN REPR PART 665826103 775 35,000 SH   SOLE   35,000 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 13,361 760,000 SH   SOLE   760,000 0 0
ORRSTOWN FINL SVCS INC COM 687380105 5,932 348,928 SH   SOLE   348,928 0 0
PARAMOUNT GROUP INC COM 69924R108 372 20,000 SH   SOLE   20,000 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 13,920 750,000 SH   SOLE   750,000 0 0
PENNYMAC MTG INVT TR COM 70931T103 64,085 3,038,632 SH   SOLE   3,038,632 0 0
PEOPLES BANCORP INC COM 709789101 4,538 175,000 SH   SOLE   175,000 0 0
PEOPLES BANCORP N C INC COM 710577107 1,250 69,456 SH   SOLE   69,456 0 0
PERFECT WORLD CO LTD SPON ADR REP B 71372U104 788 50,000 SH   SOLE   50,000 0 0
PHH CORP COM NEW 693320202 104,632 4,366,934 SH   SOLE   4,366,934 0 0
PREFERRED APT CMNTYS INC COM 74039L103 1,456 160,000 SH   SOLE   160,000 0 0
PRUDENTIAL BANCORP INC NEW COM 74431A101 6,250 500,000 SH   SOLE   500,000 0 0
RADIAN GROUP INC COM 750236101 8,360 500,000 SH   SOLE   500,000 0 0
ROYAL BANCSHARES PA INC CL A 780081105 129 79,878 SH   SOLE   79,878 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS R 780097747 18,862 792,193 SH   SOLE   792,193 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PFD SER P 780097762 924 38,367 SH   SOLE   38,367 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SER N 780097770 2,475 100,000 SH   SOLE   100,000 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 2,186 159,000 SH   SOLE   159,000 0 0
SI FINL GROUP INC MD COM 78425V104 10,050 887,051 SH   SOLE   887,051 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 38,685 2,336,024 SH   SOLE   2,336,024 0 0
SOUFUN HLDGS LTD ADR 836034108 739 100,000 SH   SOLE   100,000 0 0
SOUND FINL BANCORP INC COM 83607A100 1,414 75,000 SH   SOLE   75,000 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 9,787 575,000 SH   SOLE   575,000 0 0
STARWOOD PPTY TR INC COM 85571B105 266,085 11,449,444 SH   SOLE   11,449,444 0 0
STARWOOD PPTY TR INC NOTE 3.750%10/1 85571BAC9 20,294 20,000,000 PRN   SOLE   20,000,000 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 26,370 1,000,000 SH   SOLE   1,000,000 0 0
STATE NATL COS INC COM 85711T305 1,198 100,000 SH   SOLE   100,000 0 0
STRATEGIC HOTELS & RESORTS I COM 86272T106 265 20,000 SH   SOLE   20,000 0 0
SUFFOLK BANCORP COM 864739107 10,179 448,223 SH   SOLE   448,223 0 0
SUMMIT HOTEL PPTYS COM 866082100 498 40,000 SH   SOLE   40,000 0 0
SUN BANCORP INC COM NEW 86663B201 19,974 1,029,599 SH   SOLE   1,029,599 0 0
SYNOVUS FINL CORP COM NEW 87161C501 21,601 797,375 SH   SOLE   797,375 0 0
TALMER BANCORP INC COM 87482X101 16,645 1,185,511 SH   SOLE   1,185,511 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 1,228 65,000 SH   SOLE   65,000 0 0
TERRAFORM PWR INC CL A COM 88104R100 9,264 300,000 SH   SOLE   300,000 0 0
TERRITORIAL BANCORP INC COM 88145X108 11,477 532,588 SH   SOLE   532,588 0 0
TFS FINL CORP COM 87240R107 29,770 2,000,000 SH   SOLE   2,000,000 0 0
TIMBERLAND BANCORP INC COM 887098101 3,335 314,578 SH   SOLE   314,578 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 9,193 1,711,945 SH   SOLE   1,711,945 0 0
UNITED FINL BANCORP INC NEW COM 910304104 7,180 500,000 SH   SOLE   500,000 0 0
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 1,954 100,000 SH   SOLE   100,000 0 0
VOYA FINL INC COM 929089100 12,714 300,000 SH   SOLE   300,000 0 0
WALTER INVT MGMT CORP NOTE 4.500%11/0 93317WAA0 14,966 19,855,000 PRN   SOLE   19,855,000 0 0
WATERSTONE FINL INC MD COM 94188P101 9,383 713,513 SH   SOLE   713,513 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 2,994 407,884 SH   SOLE   407,884 0 0
WESTLAKE CHEM PARTNERS LP COM UNIT RP LP 960417103 8,990 310,000 SH   SOLE   310,000 0 0
WHEELER REAL ESTATE INVT TR *W EXP 04/29/201 963025119 104 24,000 SH   SOLE   24,000 0 0
WHEELER REAL ESTATE INVT TR CV PFD SER B 963025309 223 10,000 SH   SOLE   10,000 0 0
YADKIN FINL CORP COM 984305102 9,301 473,334 SH   SOLE   473,334 0 0
YY INC ADS REPCOM CLA 98426T106 623 10,000 SH   SOLE   10,000 0 0
ZIONS BANCORPORATION COM 989701107 21,383 750,000 SH   SOLE   750,000 0 0
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 5,524 1,364,037 SH   SOLE   1,364,037 0 0