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
AGREE REALTY CORP COM 008492100 685 25,000 SH   SOLE   25,000 0 0
AIR LEASE CORP CL A 00912X302 8,938 275,000 SH   SOLE   275,000 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 540 15,000 SH   SOLE   15,000 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 494 5,555 SH   SOLE   5,555 0 0
ALLY FINL INC COM 02005N100 237,031 10,243,338 SH   SOLE   10,243,338 0 0
AMERICAN CAP LTD COM 02503Y103 103,863 7,334,947 SH   SOLE   7,334,947 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 215,939 12,785,014 SH   SOLE   12,785,014 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 15,195 637,382 SH   SOLE   637,382 0 0
ARBOR RLTY TR INC COM 038923108 33,174 4,921,945 SH   SOLE   4,921,945 0 0
ARES CAP CORP COM 04010L103 646 40,000 SH   SOLE   40,000 0 0
ARES MGMT L P COM UNIT RP IN 04014Y101 4,961 283,500 SH   SOLE   283,500 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 1,022 100,000 SH   SOLE   100,000 0 0
BAIDU INC SPON ADR REP A 056752108 4,365 20,000 SH   SOLE   20,000 0 0
BANNER CORP COM NEW 06652V208 12,049 313,203 SH   SOLE   313,203 0 0
BENEFICIAL MUTUAL BANCORP IN COM 08173R104 11,930 933,499 SH   SOLE   933,499 0 0
BLUE HILLS BANCORP INC COM 095573101 12,364 942,402 SH   SOLE   942,402 0 0
BONA FILM GROUP LTD SPONSORED ADS 09777B107 412 68,629 SH   SOLE   68,629 0 0
C1 FINL INC COM 12591N109 10,060 554,891 SH   SOLE   554,891 0 0
CAPE BANCORP INC COM 139209100 4,715 500,000 SH   SOLE   500,000 0 0
CATCHMARK TIMBER TR INC CL A 14912Y202 384 35,000 SH   SOLE   35,000 0 0
CENTRAL FED CORP COM NEW 15346Q202 80 60,431 SH   SOLE   60,431 0 0
CENTRAL PAC FINL CORP COM NEW 154760409 16,994 947,807 SH   SOLE   947,807 0 0
CENTURY CMNTYS INC COM 156504300 2,225 128,250 SH   SOLE   128,250 0 0
CHENIERE ENERGY INC COM NEW 16411R208 800 10,000 SH   SOLE   10,000 0 0
CHENIERE ENERGY PARTNERS LP COM UNIT 16411Q101 376 11,500 SH   SOLE   11,500 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 292 10,000 SH   SOLE   10,000 0 0
CLIFFS NAT RES INC COM 18683K101 311 30,000 SH Put SOLE   30,000 0 0
CLIFTON BANCORP INC COM 186873105 9,230 733,153 SH   SOLE   733,153 0 0
COLONY FINL INC NOTE 3.875% 1/1 19624RAB2 36,515 37,000,000 PRN   SOLE   37,000,000 0 0
COLONY FINL INC COM 19624R106 223,181 9,972,348 SH   SOLE   9,972,348 0 0
COMMUNITY BANKERS TR CORP COM 203612106 4,632 1,060,000 SH   SOLE   1,060,000 0 0
COMMUNITY FINL CORP MD COM 20368X101 4,654 224,500 SH   SOLE   224,500 0 0
COMMUNITYONE BANCORP COM 20416Q108 7,342 832,390 SH   SOLE   832,390 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 15,240 800,000 SH   SOLE   800,000 0 0
CONSUMER PORTFOLIO SVCS INC COM 210502100 9,970 1,555,398 SH   SOLE   1,555,398 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 1,703 30,000 SH   SOLE   30,000 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 1,135 20,000 SH Call SOLE   20,000 0 0
CVR REFNG LP COMUNIT REP LT 12663P107 349 15,000 SH   SOLE   15,000 0 0
EASTERN VA BANKSHARES INC COM 277196101 4,173 670,940 SH   SOLE   670,940 0 0
ELLINGTON FINANCIAL LLC COM 288522303 2,444 110,000 SH   SOLE   110,000 0 0
ENCORE CAP GROUP INC COM 292554102 94,334 2,128,944 SH   SOLE   2,128,944 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 955 37,000 SH   SOLE   37,000 0 0
FELCOR LODGING TR INC COM 31430F101 328 35,000 SH   SOLE   35,000 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 9,524 695,165 SH   SOLE   695,165 0 0
FIRST BANCORP P R COM NEW 318672706 37,168 7,824,880 SH   SOLE   7,824,880 0 0
FIRST CTZNS BANC CORP 6.50% PFD SER B 319459400 6,866 221,331 SH   SOLE   221,331 0 0
FIRST MARBLEHEAD CORP COM NEW 320771207 1,532 539,379 SH   SOLE   539,379 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 10,655 633,087 SH   SOLE   633,087 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 8,131 590,902 SH   SOLE   590,902 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 296 20,000 SH   SOLE   20,000 0 0
GREEN BANCORP INC COM 39260X100 2,916 170,000 SH   SOLE   170,000 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 2,425 197,990 SH   SOLE   197,990 0 0
HAMPTON ROADS BANKSHARES INC COM NEW 409321502 6,048 3,953,098 SH   SOLE   3,953,098 0 0
HERITAGE FINL GROUP INC COM 42726X102 10,203 505,342 SH   SOLE   505,342 0 0
HI-CRUSH PARTNERS LP COM UNIT LTD 428337109 1,805 35,000 SH   SOLE   35,000 0 0
HOLLYSYS AUTOMATION TECHNOLO SHS G45667105 1,574 70,000 SH   SOLE   70,000 0 0
HOME LN SERVICING SOLUTIONS ORD SHS G6648D109 30,222 1,426,233 SH   SOLE   1,426,233 0 0
HUDSON VALLEY HOLDING CORP COM 444172100 1,109 61,110 SH   SOLE   61,110 0 0
IDREAMSKY TECHNOLOGY LIMITED SPONSORED ADS 45173K101 340 20,000 SH   SOLE   20,000 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 14,088 1,181,860 SH   SOLE   1,181,860 0 0
INVESTORS BANCORP INC NEW COM 46146L101 38,089 3,760,000 SH   SOLE   3,760,000 0 0
KEARNY FINL CORP COM 487169104 9,998 750,000 SH   SOLE   750,000 0 0
KINDER MORGAN INC DEL *W EXP 05/25/201 49456B119 372 102,151 SH   SOLE   102,151 0 0
KKR & CO L P DEL COM UNITS 48248M102 7,136 320,000 SH   SOLE   320,000 0 0
LORAL SPACE & COMMUNICATNS I COM 543881106 718 10,000 SH   SOLE   10,000 0 0
MERIDIAN BANCORP INC MD COM 58958U103 31,680 3,000,000 SH   SOLE   3,000,000 0 0
NAVIOS MARITIME HLDGS INC SPON ADR PFD H 63938Y308 734 30,000 SH   SOLE   30,000 0 0
NORTHERN TIER ENERGY LP COM UN REPR PART 665826103 1,168 50,000 SH   SOLE   50,000 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 216 11,739 SH   SOLE   11,739 0 0
NQ MOBILE INC ADR REPSTG CL A 64118U108 666 95,600 SH   SOLE   95,600 0 0
NQ MOBILE INC ADR REPSTG CL A 64118U108 697 100,000 SH Put SOLE   100,000 0 0
ORRSTOWN FINL SVCS INC COM 687380105 5,463 334,931 SH   SOLE   334,931 0 0
PATHFINDER BANCORP INC COM 70320A103 1 100 SH   SOLE   100 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 2,656 151,776 SH   SOLE   151,776 0 0
PENNYMAC MTG INVT TR COM 70931T103 105,029 4,901,014 SH   SOLE   4,901,014 0 0
PEOPLES BANCORP INC COM 709789101 4,630 194,964 SH   SOLE   194,964 0 0
PEOPLES BANCORP N C INC COM 710577107 1,178 69,456 SH   SOLE   69,456 0 0
PERFECT WORLD CO LTD SPON ADR REP B 71372U104 596 30,000 SH Put SOLE   30,000 0 0
PHH CORP COM NEW 693320202 97,645 4,366,934 SH   SOLE   4,366,934 0 0
PNC FINL SVCS GROUP INC COM 693475105 6,419 75,000 SH   SOLE   75,000 0 0
POPULAR INC COM NEW 733174700 8,095 275,000 SH   SOLE   275,000 0 0
PREFERRED APT CMNTYS INC COM 74039L103 1,040 125,000 SH   SOLE   125,000 0 0
PRUDENTIAL BANCORP INC NEW COM 74431A101 6,115 500,000 SH   SOLE   500,000 0 0
QIHOO 360 TECHNOLOGY CO LTD ADS 74734M109 1,349 20,000 SH   SOLE   20,000 0 0
QIHOO 360 TECHNOLOGY CO LTD ADS 74734M109 3,374 50,000 SH Call SOLE   50,000 0 0
RADIAN GROUP INC COM 750236101 1,711 120,000 SH   SOLE   120,000 0 0
RENTECH INC COM 760112102 1,112 650,000 SH   SOLE   650,000 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS R 780097747 17,274 724,900 SH   SOLE   724,900 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PFD SER P 780097762 7,508 313,763 SH   SOLE   313,763 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SER N 780097770 5,456 222,868 SH   SOLE   222,868 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 6,918 632,967 SH   SOLE   632,967 0 0
SI FINL GROUP INC MD COM 78425V104 9,926 887,051 SH   SOLE   887,051 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 37,986 2,343,386 SH   SOLE   2,343,386 0 0
SKY-MOBI LTD SPONSORED ADS 83084G109 1,999 245,892 SH   SOLE   245,892 0 0
SOUND FINL BANCORP INC COM 83607A100 1,336 75,000 SH   SOLE   75,000 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 6,619 475,000 SH   SOLE   475,000 0 0
STARWOOD PPTY TR INC COM 85571B105 217,270 9,893,889 SH   SOLE   9,893,889 0 0
SUFFOLK BANCORP COM 864739107 8,700 448,223 SH   SOLE   448,223 0 0
SUMMIT HOTEL PPTYS COM 866082100 701 65,000 SH   SOLE   65,000 0 0
SUN BANCORP INC COM NEW 86663B201 18,646 1,029,599 SH   SOLE   1,029,599 0 0
SUNCOKE ENERGY PARTNERS L P COMUNIT REP LT 86722Y101 610 20,723 SH   SOLE   20,723 0 0
SUNSTONE HOTEL INVS INC NEW COM 867892101 415 30,000 SH   SOLE   30,000 0 0
SYNOVUS FINL CORP COM NEW 87161C501 20,202 854,582 SH   SOLE   854,582 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 1,298 80,000 SH   SOLE   80,000 0 0
TERRAFORM PWR INC CL A COM 88104R100 6,693 231,929 SH   SOLE   231,929 0 0
TERRITORIAL BANCORP INC COM 88145X108 11,961 589,521 SH   SOLE   589,521 0 0
TFS FINL CORP COM 87240R107 24,062 1,680,300 SH   SOLE   1,680,300 0 0
TIMBERLAND BANCORP INC COM 887098101 2,140 203,043 SH   SOLE   203,043 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 8,012 1,711,945 SH   SOLE   1,711,945 0 0
UNITED FINL BANCORP INC NEW COM 910304104 15,278 1,203,944 SH   SOLE   1,203,944 0 0
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 3,780 20,000 SH   SOLE   20,000 0 0
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 945 5,000 SH Call SOLE   5,000 0 0
VOYA FINL INC COM 929089100 7,929 202,800 SH   SOLE   202,800 0 0
WATERSTONE FINL INC MD COM 94188P101 8,085 700,000 SH   SOLE   700,000 0 0
WESTLAKE CHEM PARTNERS LP COM UNIT RP LP 960417103 10,058 346,821 SH   SOLE   346,821 0 0
WHEELER REAL ESTATE INVT TR *W EXP 04/29/201 963025119 10 24,000 SH   SOLE   24,000 0 0
WHEELER REAL ESTATE INVT TR CV PFD SER B 963025309 237 10,000 SH   SOLE   10,000 0 0
YADKIN FINL CORP COM 984305102 8,596 473,334 SH   SOLE   473,334 0 0
YY INC ADS REPCOM CLA 98426T106 2,015 26,900 SH   SOLE   26,900 0 0
YY INC ADS REPCOM CLA 98426T106 2,996 40,000 SH Call SOLE   40,000 0 0
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 6,957 1,364,037 SH   SOLE   1,364,037 0 0
ZIONS BANCORPORATION COM 989701107 29,060 1,000,000 SH   SOLE   1,000,000 0 0