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 2,162 40,000 SH   SOLE   40,000 0 0
AIR LEASE CORP CL A 00912X302 7,716 200,000 SH   SOLE   200,000 0 0
ALLY FINL INC COM 02005N100 291,752 12,202,070 SH   SOLE   12,202,070 0 0
AMERICAN CAP LTD COM 02503Y103 76,984 5,034,947 SH   SOLE   5,034,947 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 215,081 12,110,429 SH   SOLE   12,110,429 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 501 40,000 SH   SOLE   40,000 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 14,553 525,000 SH   SOLE   525,000 0 0
ARBOR RLTY TR INC COM 038923108 33,382 4,803,191 SH   SOLE   4,803,191 0 0
ARES CAP CORP COM 04010L103 714 40,000 SH   SOLE   40,000 0 0
ARES MGMT L P COM UNIT RP IN 04014Y101 9,720 506,800 SH   SOLE   506,800 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 981 85,000 SH   SOLE   85,000 0 0
ASSURED GUARANTY LTD COM G0585R106 8,330 340,000 SH   SOLE   340,000 0 0
BAIDU INC SPON ADR REP A 056752108 1,868 10,000 SH   SOLE   10,000 0 0
BANNER CORP COM NEW 06652V208 15,763 397,761 SH   SOLE   397,761 0 0
BENEFICIAL MUTUAL BANCORP IN COM 08173R104 15,685 1,156,700 SH   SOLE   1,156,700 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 6,688 200,000 SH   SOLE   200,000 0 0
BONA FILM GROUP LTD SPONSORED ADS 09777B107 620 100,000 SH   SOLE   100,000 0 0
CAPE BANCORP INC COM 139209100 6,438 600,000 SH   SOLE   600,000 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 3,247 95,600 SH   SOLE   95,600 0 0
CENTRAL FED CORP COM NEW 15346Q202 454 306,715 SH   SOLE   306,715 0 0
CENTRAL PAC FINL CORP COM NEW 154760409 22,551 1,136,047 SH   SOLE   1,136,047 0 0
CHEMICAL FINL CORP COM 163731102 5,616 200,000 SH   SOLE   200,000 0 0
CHENIERE ENERGY INC COM NEW 16411R208 1,527 21,300 SH   SOLE   21,300 0 0
CHENIERE ENERGY PARTNERS LP COM UNIT 16411Q101 991 30,000 SH   SOLE   30,000 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 242 8,000 SH   SOLE   8,000 0 0
CIT GROUP INC COM NEW 125581801 19,448 425,000 SH   SOLE   425,000 0 0
CIVEO CORP COM 178787107 400 16,000 SH   SOLE   16,000 0 0
CLIFTON SVGS BANCORP INC COM 18712Q103 8,457 667,503 SH   SOLE   667,503 0 0
COLONY FINL INC COM 19624R106 208,338 8,972,348 SH   SOLE   8,972,348 0 0
COLONY FINL INC NOTE 3.875% 1/1 19624RAB2 1,847 18,000,000 PRN   SOLE   18,000,000 0 0
COMMUNITY BANKERS TR CORP COM 203612106 4,643 1,060,000 SH   SOLE   1,060,000 0 0
COMMUNITY FINL CORP MD COM 20368X101 5,332 224,500 SH   SOLE   224,500 0 0
COMMUNITYONE BANCORP COM 20416Q108 8,074 832,390 SH   SOLE   832,390 0 0
CONNECTONE BANCORP INC COM 20786U101 12,127 243,069 SH   SOLE   243,069 0 0
CONSUMER PORTFOLIO SVCS INC COM 210502100 17,058 2,238,600 SH   SOLE   2,238,600 0 0
CRAWFORD & CO CL A 224633206 82 10,100 SH   SOLE   10,100 0 0
CVR REFNG LP COMUNIT REP LT 12663P107 1,000 40,000 SH   SOLE   40,000 0 0
EASTERN VA BANKSHARES INC COM 277196101 3,212 501,840 SH   SOLE   501,840 0 0
ELLINGTON FINANCIAL LLC COM 288522303 1,680 70,000 SH   SOLE   70,000 0 0
ENCORE CAP GROUP INC COM 292554102 98,301 2,164,273 SH   SOLE   2,164,273 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 1,018 39,000 SH   SOLE   39,000 0 0
FIDELITY NATIONAL FINANCIAL CL A 31620R105 16,380 500,000 SH   SOLE   500,000 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 8,139 626,596 SH   SOLE   626,596 0 0
FIELDPOINT PETROLEUM CORP *W EXP 03/23/201 316570126 9 5,300 SH   SOLE   5,300 0 0
FIFTH THIRD BANCORP COM 316773100 17,080 800,000 SH   SOLE   800,000 0 0
FIRST AMERN FINL CORP COM 31847R102 6,948 250,000 SH   SOLE   250,000 0 0
FIRST BANCORP P R COM NEW 318672706 47,910 8,807,038 SH   SOLE   8,807,038 0 0
FIRST BANCSHARES INC MS COM 318916103 1,732 122,000 SH   SOLE   122,000 0 0
FIRST CTZNS BANC CORP 6.50% PFD SER B 319459400 7,282 221,331 PRN   SOLE   221,331 0 0
FIRST MARBLEHEAD CORP COM NEW 320771207 2,987 568,970 SH   SOLE   568,970 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 19,724 1,089,703 SH   SOLE   1,089,703 0 0
GENWORTH FINL INC COM CL A 37247D106 14,355 825,000 SH   SOLE   825,000 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 2,888 231,000 SH   SOLE   231,000 0 0
HAMPTON ROADS BANKSHARES INC COM NEW 409321502 7,053 4,077,032 SH   SOLE   4,077,032 0 0
HERITAGE FINL GROUP INC COM 42726X102 10,021 505,342 SH   SOLE   505,342 0 0
HI-CRUSH PARTNERS LP COM UNIT LTD 428337109 721 11,000 SH   SOLE   11,000 0 0
HOLLYSYS AUTOMATION TECHNOLO SHS G45667105 1,225 50,000 SH   SOLE   50,000 0 0
HOME LN SERVICING SOLUTIONS ORD SHS G6648D109 54,518 2,398,492 SH   SOLE   2,398,492 0 0
HOMETRUST BANCSHARES INC COM 437872104 8,513 539,834 SH   SOLE   539,834 0 0
IKANG HEALTHCARE GROUP INC SPONSORED ADR 45174L108 14 800 SH   SOLE   800 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 17,995 1,398,215 SH   SOLE   1,398,215 0 0
INTERVEST BANCSHARES CORP COM 460927106 5,501 710,760 SH   SOLE   710,760 0 0
INVESTORS BANCORP INC NEW COM 46146L101 36,741 3,324,998 SH   SOLE   3,324,998 0 0
ISOFTSTONE HLDGS LTD SPONSORED ADS 46489B108 311 56,957 SH   SOLE   56,957 0 0
KEARNY FINL CORP COM 487169104 13,330 880,429 SH   SOLE   880,429 0 0
KINDER MORGAN INC DEL *W EXP 05/25/201 49456B119 5,766 160,000 SH   SOLE   160,000 0 0
KKR & CO L P DEL COM UNITS 48248M102 3,650 150,000 SH   SOLE   150,000 0 0
LE GAGA HLDGS LTD SPONSORED ADR 521168104 105 30,200 SH   SOLE   30,200 0 0
LENNAR CORP CL B 526057302 381 10,734 SH   SOLE   10,734 0 0
LORAL SPACE & COMMUNICATNS I COM 543881106 727 10,000 SH   SOLE   10,000 0 0
MEADWESTVACO CORP COM 583334107 443 10,000 SH   SOLE   10,000 0 0
MERIDIAN INTERSTAT BANCORP I COM 58964Q104 19,434 756,760 SH   SOLE   756,760 0 0
MGIC INVT CORP WISC COM 552848103 7,392 800,000 SH   SOLE   800,000 0 0
NETEASE INC SPONSORED ADR 64110W102 784 10,000 SH   SOLE   10,000 0 0
NEXTERA ENERGY INC COM 65339F101 1,025 10,000 SH   SOLE   10,000 0 0
NOAH HLDGS LTD SPONSORED ADS 65487X102 166 11,772 SH   SOLE   11,772 0 0
NORTHERN TIER ENERGY LP COM UN REPR PART 665826103 1,738 65,000 SH   SOLE   65,000 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 2,433 140,000 SH Call SOLE   140,000 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 408 23,478 SH   SOLE   23,478 0 0
ORRSTOWN FINL SVCS INC COM 687380105 2,302 139,178 SH   SOLE   139,178 0 0
PATHFINDER BANCORP INC COM 70320A103 1 100 SH   SOLE   100 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 2,593 122,270 SH   SOLE   122,270 0 0
PENNYMAC CORP NOTE 5.375% 5/0 70932AAB9 5,120 51,715,000 PRN   SOLE   51,715,000 0 0
PENNYMAC MTG INVT TR COM 70931T103 32,845 1,497,049 SH   SOLE   1,497,049 0 0
PEOPLES BANCORP N C INC COM 710577107 1,293 80,802 SH   SOLE   80,802 0 0
PERFECT WORLD CO LTD SPON ADR REP B 71372U104 992 50,535 SH   SOLE   50,535 0 0
PHH CORP COM NEW 693320202 123,816 5,387,980 SH   SOLE   5,387,980 0 0
PIONEER NAT RES CO COM 723787107 6,664 29,000 SH   SOLE   29,000 0 0
PREFERRED APT CMNTYS INC COM 74039L103 7,098 800,229 SH   SOLE   800,229 0 0
PRUDENTIAL BANCORP INC NEW COM 74431A101 6,446 560,000 SH   SOLE   560,000 0 0
QIHOO 360 TECHNOLOGY CO LTD ADS 74734M109 1,841 20,000 SH   SOLE   20,000 0 0
RADIAN GROUP INC COM 750236101 11,848 800,000 SH   SOLE   800,000 0 0
REGIONAL MGMT CORP COM 75902K106 13,214 854,170 SH   SOLE   854,170 0 0
REGIONS FINL CORP NEW COM 7591EP100 12,744 1,200,000 SH   SOLE   1,200,000 0 0
RENTECH INC COM 760112102 1,684 650,000 SH   SOLE   650,000 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PFD SER P 780097762 12,269 517,665 SH   SOLE   517,665 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS R 780097747 18,416 780,007 SH   SOLE   780,007 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SER N 780097770 15,188 632,576 SH   SOLE   632,576 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 7,657 704,417 SH   SOLE   704,417 0 0
SI FINL GROUP INC MD COM 78425V104 10,210 887,051 SH   SOLE   887,051 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 15,839 970,552 SH   SOLE   970,552 0 0
SINA CORP ORD G81477104 498 10,000 SH   SOLE   10,000 0 0
SKY-MOBI LTD SPONSORED ADS 83084G109 1,817 219,400 SH   SOLE   219,400 0 0
SOUND FINL BANCORP INC COM 83607A100 1,312 75,000 SH   SOLE   75,000 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 6,394 475,000 SH   SOLE   475,000 0 0
STANDARD PAC CORP NEW COM 85375C101 12,900 1,500,000 SH   SOLE   1,500,000 0 0
STARWOOD PPTY TR INC COM 85571B105 190,807 8,027,194 SH   SOLE   8,027,194 0 0
SUFFOLK BANCORP COM 864739107 10,000 448,223 SH   SOLE   448,223 0 0
SUMMIT HOTEL PPTYS COM 866082100 456 43,000 SH   SOLE   43,000 0 0
SUN BANCORP INC COM 86663B102 14,424 3,596,891 SH   SOLE   3,596,891 0 0
SUNCOKE ENERGY PARTNERS L P COMUNIT REP LT 86722Y101 928 30,723 SH   SOLE   30,723 0 0
SUNEDISON INC COM 86732Y109 13,158 582,229 SH   SOLE   582,229 0 0
SUNSTONE HOTEL INVES INC NEW COM 867892101 209 14,000 SH   SOLE   14,000 0 0
SUNTRUST BKS INC COM 867914103 16,575 413,754 SH   SOLE   413,754 0 0
SYNOVUS FINL CORP COM NEW 87161C501 23,982 983,682 SH   SOLE   983,682 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 785 35,000 SH   SOLE   35,000 0 0
TERRITORIAL BANCORP INC COM 88145X108 12,309 589,521 SH   SOLE   589,521 0 0
TFS FINL CORP COM 87240R107 21,788 1,527,900 SH   SOLE   1,527,900 0 0
TIMBERLAND BANCORP INC COM 887098101 1,497 142,048 SH   SOLE   142,048 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 5,463 1,322,854 SH   SOLE   1,322,854 0 0
UNITED FINL BANCORP INC COM 910304104 10,840 800,000 SH   SOLE   800,000 0 0
VANTAGESOUTH BANCSHARES INC COM 92209W105 7,479 1,257,048 SH   SOLE   1,257,048 0 0
VESTIN REALTY MORTGAGE I INC COM 925490104 80 55,000 SH   SOLE   55,000 0 0
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 1,877 10,000 SH   SOLE   10,000 0 0
WATERSTONE FINL INC MD COM 94188P101 8,512 746,003 SH   SOLE   746,003 0 0
WESTLAKE CHEMICAL CORP COM 960413102 1,342 16,023 SH   SOLE   16,023 0 0
WHEELER REAL ESTATE INVT TR *W EXP 04/29/2019 963025119 104 24,000 SH   SOLE   24,000 0 0
WHEELER REAL ESTATE INVT TR CV PFD SER B 963025309 253 10,000 SH   SOLE   10,000 0 0
YAHOO INC COM 984332106 2,449 69,700 SH   SOLE   69,700 0 0
YY INC ADS REPCOM CLA 98426T106 657 8,701 SH   SOLE   8,701 0 0
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 5,260 1,000,000 SH   SOLE   1,000,000 0 0
ZIONS BANCORPORATION COM 989701107 19,156 650,000 SH   SOLE   650,000 0 0