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 2,706 65,000 SH   SOLE   65,000 0 0
AIR LEASE CORP CL A 00912X302 14,916 400,000 SH   SOLE   400,000 0 0
AMERICAN CAP LTD COM 02503Y103 56,358 3,568,103 SH   SOLE   3,568,103 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 205,654 12,307,258 SH   SOLE   12,307,258 0 0
AMERICAN RLTY CAP PPTYS INC COM 02917T104 435 31,000 SH   SOLE   31,000 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 10,653 335,000 SH   SOLE   335,000 0 0
ARBOR RLTY TR INC COM 038923108 28,913 4,178,191 SH   SOLE   4,178,191 0 0
ARES CAP CORP COM 04010L103 617 35,000 SH   SOLE   35,000 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 676 60,000 SH   SOLE   60,000 0 0
BAIDU INC SPON ADR REP A 056752108 1,523 10,000 SH   SOLE   10,000 0 0
BANK NEW YORK MELLON CORP COM 064058100 17,645 500,000 SH   SOLE   500,000 0 0
BANKUNITED INC COM 06652K103 6,954 200,000 SH   SOLE   200,000 0 0
BANNER CORP COM NEW 06652V208 10,458 253,772 SH   SOLE   253,772 0 0
BARCLAYS PLC ADR 06738E204 9,495 604,762 SH   SOLE   604,762 0 0
BENEFICIAL MUTUAL BANCORP IN COM 08173R104 15,257 1,156,700 SH   SOLE   1,156,700 0 0
BONA FILM GROUP LTD SPONSORED ADS 09777B107 627 100,000 SH   SOLE   100,000 0 0
CABOT OIL & GAS CORP COM 127097103 4,743 140,000 SH   SOLE   140,000 0 0
CAPE BANCORP INC COM 139209100 6,600 600,000 SH   SOLE   600,000 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 9,488 270,000 SH   SOLE   270,000 0 0
CENTRAL FED CORP COM NEW 15346Q202 930 600,468 SH   SOLE   600,468 0 0
CENTRAL PAC FINL CORP COM NEW 154760409 15,267 755,794 SH   SOLE   755,794 0 0
CHARTER FINL CORP MD COM 16122W108 11,665 1,079,115 SH   SOLE   1,079,115 0 0
CHENIERE ENERGY INC COM NEW 16411R208 1,456 26,300 SH   SOLE   26,300 0 0
CHENIERE ENERGY PARTNERS LP COM UNIT 16411Q101 1,200 40,000 SH   SOLE   40,000 0 0
CHESAPEAKE LODGING TR SH BEN INT 165240102 720 28,000 SH   SOLE   28,000 0 0
CIT GROUP INC COM NEW 125581801 17,157 350,000 SH   SOLE   350,000 0 0
CITIGROUP INC COM NEW 172967424 17,850 375,000 SH   SOLE   375,000 0 0
CLIFTON SVGS BANCORP INC COM 18712Q103 8,161 681,753 SH   SOLE   681,753 0 0
COLONY FINL INC COM 19624R106 191,154 8,708,590 SH   SOLE   8,708,590 0 0
COLONY FINL INC NOTE 3.875% 1/1 19624RAB2 18,602 18,000,000 PRN   SOLE   18,000,000 0 0
COMMUNITY BANKERS TR CORP COM 203612106 4,261 1,060,000 SH   SOLE   1,060,000 0 0
COMMUNITY FINL CORP MD COM 20368X101 4,715 224,500 SH   SOLE   224,500 0 0
CONNECTONE BANCORP INC COM 20786U101 11,901 243,069 SH   SOLE   243,069 0 0
CONSUMER PORTFOLIO SVCS INC COM 210502100 14,628 2,138,600 SH   SOLE   2,138,600 0 0
CVR REFNG LP COMUNIT REP LT 12663P107 1,979 85,000 SH   SOLE   85,000 0 0
EASTERN VA BANKSHARES INC COM 277196101 3,237 501,840 SH   SOLE   501,840 0 0
ELLINGTON FINANCIAL LLC COM 288522303 1,429 60,000 SH   SOLE   60,000 0 0
ENCORE CAP GROUP INC COM 292554102 84,872 1,857,148 SH   SOLE   1,857,148 0 0
ESSEX PPTY TR INC COM 297178105 340 2,000 SH   SOLE   2,000 0 0
EXACT SCIENCES CORP COM 30063P105 425 30,000 SH   SOLE   30,000 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 994 40,000 SH   SOLE   40,000 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 8,754 626,596 SH   SOLE   626,596 0 0
FIELDPOINT PETROLEUM CORP *W EXP 03/23/201 316570126 5 5,300 SH   SOLE   5,300 0 0
FIRST BANCORP P R COM NEW 318672706 54,672 10,050,000 SH   SOLE   10,050,000 0 0
FIRST BANCSHARES INC MS COM 318916103 1,768 122,000 SH   SOLE   122,000 0 0
FIRST CTZNS BANC CORP 6.50% PFD SER B 319459400 6,585 221,331 PRN   SOLE   221,331 0 0
FIRST CMNTY CORP S C COM 319835104 638 57,110 SH   SOLE   57,110 0 0
FIRST MARBLEHEAD CORP COM NEW 320771207 3,754 621,458 SH   SOLE   621,458 0 0
FIRST SEC GROUP INC COM NEW 336312202 6,880 3,307,881 SH   SOLE   3,307,881 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 858 55,000 SH   SOLE   55,000 0 0
GENWORTH FINL INC COM CL A 37247D106 13,298 750,000 SH   SOLE   750,000 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 2,961 231,000 SH   SOLE   231,000 0 0
HAMILTON BANCORP INC MD COM 407015106 2,202 157,287 SH   SOLE   157,287 0 0
HELEN OF TROY CORP LTD COM G4388N106 519 7,500 SH   SOLE   7,500 0 0
HERITAGE FINL GROUP INC COM 42726X102 7,474 380,342 SH   SOLE   380,342 0 0
HERTZ GLOBAL HOLDINGS INC COM 42805T105 3,996 150,000 SH   SOLE   150,000 0 0
HOLLYSYS AUTOMATION TECHNOLO SHS G45667105 1,077 50,000 SH   SOLE   50,000 0 0
HOME LN SERVICING SOLUTIONS ORD SHS G6648D109 55,735 2,580,326 SH   SOLE   2,580,326 0 0
HOMETRUST BANCSHARES INC COM 437872104 13,253 839,834 SH   SOLE   839,834 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 13,281 1,023,215 SH   SOLE   1,023,215 0 0
INTERVEST BANCSHARES CORP COM 460927106 1,788 240,000 SH   SOLE   240,000 0 0
INVESTORS BANCORP INC COM 46146P102 15,359 555,672 SH   SOLE   555,672 0 0
ISOFTSTONE HLDGS LTD SPONSORED ADS 46489B108 984 194,372 SH   SOLE   194,372 0 0
KEARNY FINL CORP COM 487169104 13,582 918,947 SH   SOLE   918,947 0 0
KINDER MORGAN INC DEL *W EXP 05/25/201 49456B119 5,198 160,000 SH   SOLE   160,000 0 0
LAS VEGAS SANDS CORP COM 517834107 1,616 20,000 SH   SOLE   20,000 0 0
LE GAGA HLDGS LTD SPONSORED ADR 521168104 183 50,000 SH   SOLE   50,000 0 0
LENNAR CORP CL B 526057302 1,159 35,500 SH   SOLE   35,500 0 0
LENNAR CORP CL A 526057104 3,962 100,000 SH   SOLE   100,000 0 0
LORAL SPACE & COMMUNICATNS I COM 543881106 849 12,000 SH   SOLE   12,000 0 0
MARKWEST ENERGY PARTNERS L P UNIT LTD PARTN 570759100 653 10,000 SH   SOLE   10,000 0 0
MERIDIAN INTERSTAT BANCORP I COM 58964Q104 14,259 557,645 SH   SOLE   557,645 0 0
MORGAN STANLEY COM NEW 617446448 9,351 300,000 SH   SOLE   300,000 0 0
MORGAN STANLEY EM MKTS DM DE COM 617477104 499 38,000 SH   SOLE   38,000 0 0
MURPHY USA INC COM 626755102 1,218 30,000 SH   SOLE   30,000 0 0
NATIONAL GEN HLDGS CORP COM 636220303 7,000 500,000 SH   SOLE   500,000 0 0
NEWBRIDGE BANCORP CL A NO PAR 65080T102 3,655 511,931 SH   SOLE   511,931 0 0
NOAH HLDGS LTD SPONSORED ADS 65487X102 613 42,500 SH   SOLE   42,500 0 0
NORTHERN TIER ENERGY LP COM UN REPR PART 665826103 1,929 75,000 SH   SOLE   75,000 0 0
NORTHSTAR REALTY FIN CORP COM 66704R100 2,260 140,000 SH Call SOLE   140,000 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 379 23,478 SH   SOLE   23,478 0 0
OIL STS INTL INC COM 678026105 789 8,000 SH   SOLE   8,000 0 0
OMNIAMERICAN BANCORP INC COM 68216R107 6,837 300,000 SH   SOLE   300,000 0 0
ORRSTOWN FINL SVCS INC COM 687380105 997 60,507 SH   SOLE   60,507 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 2,588 117,648 SH   SOLE   117,648 0 0
PEOPLES BANCORP N C INC COM 710577107 1,250 80,100 SH   SOLE   80,100 0 0
PERFECT WORLD CO LTD SPON ADR REP B 71372U104 2,285 110,535 SH   SOLE   110,535 0 0
PHH CORP COM NEW 693320202 108,163 4,185,886 SH   SOLE   4,185,886 0 0
PREFERRED APT CMNTYS INC COM 74039L103 6,711 833,086 SH   SOLE   833,086 0 0
PRUDENTIAL BANCORP INC NEW COM 74431A101 5,964 560,000 SH   SOLE   560,000 0 0
QIHOO 360 TECHNOLOGY CO LTD ADS 74734M109 2,987 30,000 SH   SOLE   30,000 0 0
RADIAN GROUP INC COM 750236101 10,145 675,000 SH   SOLE   675,000 0 0
REGIONAL MGMT CORP COM 75902K106 25,035 1,015,191 SH   SOLE   1,015,191 0 0
RENTECH INC COM 760112102 1,681 884,600 SH   SOLE   884,600 0 0
RESOURCE CAP CORP COM 76120W302 27,638 4,961,954 SH   SOLE   4,961,954 0 0
ROCKVILLE FINL INC NEW COM 774188106 10,872 800,000 SH   SOLE   800,000 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PFD SER P 780097762 11,492 517,665 SH   SOLE   517,665 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS R 780097747 16,344 741,212 SH   SOLE   741,212 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SER N 780097770 13,517 597,576 SH   SOLE   597,576 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS Q 780097754 25,741 1,090,722 SH   SOLE   1,090,722 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 5,500 500,000 SH   SOLE   500,000 0 0
SI FINL GROUP INC MD COM 78425V104 8,719 773,651 SH   SOLE   773,651 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 23,280 1,500,000 SH   SOLE   1,500,000 0 0
SKY-MOBI LTD SPONSORED ADS 83084G109 2,728 310,000 SH   SOLE   310,000 0 0
SLM CORP COM 78442P106 2,448 100,000 SH   SOLE   100,000 0 0
SONUS NETWORKS INC COM 835916107 910 270,000 SH   SOLE   270,000 0 0
SOUFUN HLDGS LTD ADR 836034108 2,053 30,000 SH   SOLE   30,000 0 0
SOUND FINL BANCORP INC COM 83607A100 1,298 75,000 SH   SOLE   75,000 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 6,588 475,000 SH   SOLE   475,000 0 0
SPLUNK INC COM 848637104 286 4,000 SH   SOLE   4,000 0 0
STANDARD PAC CORP NEW COM 85375C101 4,155 500,000 SH   SOLE   500,000 0 0
STARWOOD PPTY TR INC COM 85571B105 122,571 5,195,891 SH   SOLE   5,195,891 0 0
SUFFOLK BANCORP COM 864739107 9,995 448,223 SH   SOLE   448,223 0 0
SUMMIT HOTEL PPTYS COM 866082100 742 80,000 SH   SOLE   80,000 0 0
SUNCOKE ENERGY PARTNERS L P COMUNIT REP LT 86722Y101 1,337 45,723 SH   SOLE   45,723 0 0
SUNEDISON INC COM 86732Y109 9,994 520,000 SH   SOLE   520,000 0 0
SWS GROUP INC COM 78503N107 3,740 500,000 SH   SOLE   500,000 0 0
SYNOVUS FINL CORP COM 87161C105 15,629 4,610,291 SH   SOLE   4,610,291 0 0
TALMER BANCORP INC COM 87482X101 3,072 209,852 SH   SOLE   209,852 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 176 7,500 SH   SOLE   7,500 0 0
TERRITORIAL BANCORP INC COM 88145X108 6,929 320,776 SH   SOLE   320,776 0 0
TFS FINL CORP COM 87240R107 18,992 1,527,900 SH   SOLE   1,527,900 0 0
TIMBERLAND BANCORP INC COM 887098101 1,499 140,582 SH   SOLE   140,582 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 9,466 2,414,757 SH   SOLE   2,414,757 0 0
VALERO ENERGY PARTNERS LP COM UNT REP LP 91914J102 207 5,224 SH   SOLE   5,224 0 0
VANTAGESOUTH BANCSHARES INC COM 92209W105 8,837 1,257,048 SH   SOLE   1,257,048 0 0
VESTIN REALTY MORTGAGE I INC COM 925490104 85 55,000 SH   SOLE   55,000 0 0
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 2,986 20,000 SH   SOLE   20,000 0 0
WATERSTONE FINL INC MD COM 94188P101 7,041 677,651 SH   SOLE   677,651 0 0
YAHOO INC COM 984332106 2,502 69,700 SH   SOLE   69,700 0 0
YONGYE INTL INC COM 98607B106 1,472 216,143 SH   SOLE   216,143 0 0
YOUKU TUDOU INC SPONSORED ADR 98742U100 822 29,300 SH   SOLE   29,300 0 0
YY INC ADS REPCOM CLA 98426T106 3,070 40,200 SH   SOLE   40,200 0 0
YY INC ADS REPCOM CLA 98426T106 1,145 15,000 SH Call SOLE   15,000 0 0