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 2,122 60,000 SH   SOLE   60,000 0 0
58 COM INC SPON ADR REP A 31680Q104 1,917 50,000 SH   SOLE   50,000 0 0
AGREE REALTY CORP COM 008492100 203 7,000 SH   SOLE   7,000 0 0
AMERICAN CAP LTD COM 02503Y103 13,294 850,000 SH   SOLE   850,000 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 189,658 11,707,258 SH   SOLE   11,707,258 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 15,315 300,000 SH   SOLE   300,000 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 3,951 230,240 SH   SOLE   230,240 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 7,537 463,787 SH   SOLE   463,787 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 8,705 275,389 SH   SOLE   275,389 0 0
ARBOR RLTY TR INC COM 038923108 29,413 4,416,407 SH   SOLE   4,416,407 0 0
ARC LOGISTICS PARTNERS LP COM UT REP LPN 03879N101 701 32,000 SH   SOLE   32,000 0 0
ARES CAP CORP COM 04010L103 3,554 200,000 SH   SOLE   200,000 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 116 14,000 SH   SOLE   14,000 0 0
AUTOHOME INC SP ADR RP CL A 05278C107 183 5,000 SH   SOLE   5,000 0 0
BALTIC TRADING LIMITED COM Y0553W103 929 144,185 SH   SOLE   144,185 0 0
BANK OF AMERICA CORPORATION COM 060505104 389 25,000 SH   SOLE   25,000 0 0
BANKUNITED INC COM 06652K103 9,876 300,000 SH   SOLE   300,000 0 0
BANNER CORP COM NEW 06652V208 7,986 178,172 SH   SOLE   178,172 0 0
BENEFICIAL MUTUAL BANCORP IN COM 08173R104 12,631 1,156,700 SH   SOLE   1,156,700 0 0
CAPE BANCORP INC COM 139209100 7,456 733,900 SH   SOLE   733,900 0 0
CENTRAL FED CORP COM NEW 15346Q202 799 600,468 SH   SOLE   600,468 0 0
CENTRAL PAC FINL CORP COM NEW 154760409 31,134 1,550,498 SH   SOLE   1,550,498 0 0
CHARTER FINL CORP MD COM 16122W108 11,622 1,079,115 SH   SOLE   1,079,115 0 0
CHENIERE ENERGY INC COM NEW 16411R208 1,134 26,300 SH   SOLE   26,300 0 0
CHENIERE ENERGY PARTNERS LP COM UNIT 16411Q101 1,146 40,000 SH   SOLE   40,000 0 0
CHINA YUCHAI INTL LTD COM G21082105 530 25,400 SH   SOLE   25,400 0 0
CIT GROUP INC COM NEW 125581801 10,426 200,000 SH   SOLE   200,000 0 0
CITIGROUP INC COM NEW 172967424 15,633 300,000 SH   SOLE   300,000 0 0
CLIFTON SVGS BANCORP INC COM 18712Q103 8,726 681,753 SH   SOLE   681,753 0 0
COLONY FINL INC COM 19624R106 87,078 4,291,658 SH   SOLE   4,291,658 0 0
COMMUNITY BANKERS TR CORP COM 203612106 3,986 1,060,000 SH   SOLE   1,060,000 0 0
COMMUNITY FINL CORP MD COM 20368X101 4,649 224,500 SH   SOLE   224,500 0 0
CONNECTONE BANCORP INC COM 20786U101 9,633 243,069 SH   SOLE   243,069 0 0
CONSUMER PORTFOLIO SVCS INC COM 210502100 20,081 2,138,600 SH   SOLE   2,138,600 0 0
CROCS INC COM 227046109 4,221 265,150 SH   SOLE   265,150 0 0
CVR REFNG LP COMUNIT REP LT 12663P107 1,810 80,000 SH   SOLE   80,000 0 0
DEAN FOODS CO NEW COM NEW 242370203 707 41,100 SH   SOLE   41,100 0 0
EASTERN VA BANKSHARES INC COM 277196101 3,513 501,840 SH   SOLE   501,840 0 0
E HOUSE CHINA HLDGS LTD ADR 26852W103 2,262 150,000 SH   SOLE   150,000 0 0
E HOUSE CHINA HLDGS LTD ADR 26852W103 754 50,000 SH Call SOLE   50,000 0 0
ELLINGTON FINANCIAL LLC COM 288522303 1,988 87,687 SH   SOLE   87,687 0 0
ENCORE CAP GROUP INC COM 292554102 31,007 616,934 SH   SOLE   616,934 0 0
FELCOR LODGING TR INC PFD CV A $1.95 31430F200 1,528 63,000 SH   SOLE   63,000 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 10,366 624,101 SH   SOLE   624,101 0 0
FIELDPOINT PETROLEUM CORP *W EXP 03/23/201 316570126 3 5,300 SH   SOLE   5,300 0 0
FIFTH THIRD BANCORP COM 316773100 542 30,000 SH   SOLE   30,000 0 0
FIRST BANCORP P R COM NEW 318672706 62,210 10,050,000 SH   SOLE   10,050,000 0 0
FIRST BANKSHARES INC MS COM 318916103 1,710 122,000 SH   SOLE   122,000 0 0
FIRST CMNTY CORP S C COM 319835104 520 50,000 SH   SOLE   50,000 0 0
FIRST MARBLEHEAD CORP COM NEW 320771207 5,096 621,458 SH   SOLE   621,458 0 0
FIRST SEC GROUP INC COM NEW 336312202 10,100 4,391,481 SH   SOLE   4,391,481 0 0
FIRST SOLAR INC COM 336433107 20 500 SH   SOLE   500 0 0
GIANT INTERACTIVE GROUP INC ADR 374511103 787 70,000 SH   SOLE   70,000 0 0
GT ADVANCED TECHNOLOGIES INC COM 36191U106 149 17,500 SH   SOLE   17,500 0 0
HAMILTON BANCORP INC MD COM 407015106 2,232 157,287 SH   SOLE   157,287 0 0
HERITAGE FINL GROUP INC COM 42726X102 7,322 380,342 SH   SOLE   380,342 0 0
HOLLYFRONTIER CORP COM 436106108 405 9,622 SH   SOLE   9,622 0 0
HOMETRUST BANCSHARES INC COM 437872104 13,429 839,834 SH   SOLE   839,834 0 0
IMPAC MTG HLDGS INC COM NEW 45254P508 964 161,174 SH   SOLE   161,174 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 12,279 1,023,215 SH   SOLE   1,023,215 0 0
INTERVEST BANCSHARES CORP COM 460927106 823 109,603 SH   SOLE   109,603 0 0
INVESTORS BANCORP INC COM 46146P102 14,026 548,316 SH   SOLE   548,316 0 0
ISOFTSTONE HLDGS LTD SPONSORED ADS 46489B108 995 194,372 SH   SOLE   194,372 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 81 5,750 SH   SOLE   5,750 0 0
JPMORGAN CHASE & CO COM 46625H100 16,082 275,000 SH   SOLE   275,000 0 0
KEARNY FINL CORP COM 487169104 10,689 919,047 SH   SOLE   919,047 0 0
KEYCORP NEW COM 493267108 57 5,000 SH   SOLE   5,000 0 0
KINDER MORGAN INC DEL COM 49456B101 3,062 95,000 SH   SOLE   95,000 0 0
LAS VEGAS SANDS CORP COM 517834107 1,577 20,000 SH   SOLE   20,000 0 0
LE GAGA HLDGS LTD SPONSORED ADR 521168104 162 50,000 SH   SOLE   50,000 0 0
LENNAR CORP CL B 526057302 1,028 30,500 SH   SOLE   30,500 0 0
LORAL SPACE & COMMUNICATNS I COM 543881106 972 12,000 SH   SOLE   12,000 0 0
MBIA INC COM 55262C100 37,922 3,176,007 SH   SOLE   3,176,007 0 0
MCDERMOTT INTL INC COM 580037109 4 481 SH   SOLE   481 0 0
MERIDIAN INTERSTAT BANCORP I COM 58964Q104 12,592 557,645 SH   SOLE   557,645 0 0
MET LIFE INC COM 59156R108 1,878 40,000 SH   SOLE   40,000 0 0
METROCORP BANCSHARES INC COM 591650106 13,337 884,988 SH   SOLE   884,988 0 0
MORGAN STANLEY COM NEW 617446448 12,544 400,000 SH   SOLE   400,000 0 0
MURPHY USA INC COM 626755102 1,247 30,000 SH   SOLE   30,000 0 0
NATIONAL OILWELL VARCO INC COM 637071101 1,562 20,000 SH   SOLE   20,000 0 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 551 17,500 SH   SOLE   17,500 0 0
NEWBRIDGE BANCORP CL A NO PAR 65080T102 3,801 511,931 SH   SOLE   511,931 0 0
NEWCASTLE INVT CORP COM 65105M108 5,740 1,000,000 SH   SOLE   1,000,000 0 0
NOAH HLDGS LTD SPONSORED ADS 65487X102 765 42,500 SH   SOLE   42,500 0 0
NORTHERN TIER ENERGY LP COM UN REPR PART 665826103 1,722 70,000 SH   SOLE   70,000 0 0
NORTHFIELD BANCORP INC DEL COM 66611T108 8,026 608,000 SH   SOLE   608,000 0 0
NORTHSTAR RLTY FIN CORP COM 66704R100 5,292 393,478 SH   SOLE   393,478 0 0
NUCOR CORP COM 670346105 245 5,000 SH   SOLE   5,000 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 3,274 35,000 SH   SOLE   35,000 0 0
OMNIAMERICAN BANCORP INC COM 68216R107 6,414 300,000 SH   SOLE   300,000 0 0
ORRSTOWN FINL SVCS INC COM 687380105 948 58,000 SH   SOLE   58,000 0 0
PACTERA TECHNOLOGY INTL LTD SPONSORED ADR 695255109 715 100,000 SH   SOLE   100,000 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 2,247 117,648 SH   SOLE   117,648 0 0
PERFECT WORLD CO LTD SPON ADR REP B 71372U104 1,965 110,535 SH   SOLE   110,535 0 0
PHH CORP COM NEW 693320202 120,854 4,963,198 SH   SOLE   4,963,198 0 0
PHOENIX NEW MEDIA LTD SPONSORED ADS 71910C103 963 100,000 SH   SOLE   100,000 0 0
PIONEER NAT RES CO COM 723787107 920 5,000 SH   SOLE   5,000 0 0
POPULAR INC COM NEW 733174700 5,746 200,000 SH   SOLE   200,000 0 0
PREFERRED APT CMNTYS INC COM 74039L103 6,698 833,086 SH   SOLE   833,086 0 0
PRUDENTIAL BANCORP INC NEW COM 74431A101 4,963 460,000 SH   SOLE   460,000 0 0
QIHOO 360 TECHNOLOGY CO LTD ADS 74734M109 821 10,000 SH   SOLE   10,000 0 0
RADIAN GROUP INC COM 750236101 12,002 850,000 SH   SOLE   850,000 0 0
REGIONAL MGMT CORP COM 75902K106 28,851 850,316 SH   SOLE   850,316 0 0
REGIONS FINL CORP NEW COM 7591EP100 14,835 1,500,000 SH   SOLE   1,500,000 0 0
RENTECH INC COM 760112102 1,460 834,000 SH   SOLE   834,000 0 0
REPUBLIC AWYS HLDGS INC COM 760276105 41 3,452 SH   SOLE   3,452 0 0
RESOURCE CAP CORP COM 76120W302 53,807 9,073,670 SH   SOLE   9,073,670 0 0
ROCKVILLE FINL INC NEW COM 774188106 10,220 719,182 SH   SOLE   719,182 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS Q 780097754 23,150 1,068,294 SH   SOLE   1,068,294 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS R 780097747 14,437 723,680 SH   SOLE   723,680 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PREF SER N 780097770 12,247 598,576 SH   SOLE   598,576 0 0
ROYAL BK SCOTLAND GROUP PLC ADR PFD SER P 780097762 10,014 494,773 SH   SOLE   494,773 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 6,100 500,000 SH   SOLE   500,000 0 0
SELECT SECTOR SPDR TR SBI INT- ENERGY 81369Y506 1,770 20,000 SH Put SOLE   20,000 0 0
SI FINL GROUP INC MD COM 78425V104 8,599 713,651 SH   SOLE   713,651 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 51,728 3,235,030 SH   SOLE   3,235,030 0 0
SIMON PPTY GROUP INC NEW COM 828806109 304 2,000 SH   SOLE   2,000 0 0
SLM CORP COM 78442P106 10,512 400,000 SH   SOLE   400,000 0 0
SOUFUN HLDGS LTD ADR 836034108 2,472 30,000 SH   SOLE   30,000 0 0
SOUND FINL BANCORP INC COM 83607A100 1,267 75,000 SH   SOLE   75,000 0 0
SOUTHWESTERN ENERGY CO COM 845467109 983 25,000 SH   SOLE   25,000 0 0
SPRINGLEAF HLDGS INC COM 85172J101 5,498 217,500 SH   SOLE   217,500 0 0
STARWOOD PPTY TR INC COM 85571B105 120,205 4,339,522 SH   SOLE   4,339,522 0 0
STARWOOD PPTY TR INC NOTE 4.000% 1/1 85571BAB1 22,059 20,000,000 PRN   SOLE   20,000,000 0 0
SUFFOLK BANCORP COM 864739107 9,323 448,223 SH   SOLE   448,223 0 0
SUMMIT HOTEL PPTYS COM 866082100 864 96,000 SH   SOLE   96,000 0 0
SUNCOKE ENERGY PARTNERS L P COMUNIT REP LT 86722Y101 1,355 50,000 SH   SOLE   50,000 0 0
SUNEDISON INC COM 86732Y109 605 46,386 SH   SOLE   46,386 0 0
SUNTRUST BKS INC COM 867914103 11,043 300,000 SH   SOLE   300,000 0 0
SUPERIOR ENERGY SVCS INC COM 868157108 376 15,000 SH   SOLE   15,000 0 0
SYNOVUS FINL CORP COM 87161C105 15,479 4,299,719 SH   SOLE   4,299,719 0 0
TERRITORIAL BANCORP INC COM 88145X108 7,788 335,700 SH   SOLE   335,700 0 0
TFS FINL CORP COM 87240R107 18,511 1,527,900 SH   SOLE   1,527,900 0 0
TIMBERLAND BANCORP INC COM 887098101 1,352 140,582 SH   SOLE   140,582 0 0
TWO HBRS INVT CORP COM 90187B101 269 29,000 SH   SOLE   29,000 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 8,621 2,414,757 SH   SOLE   2,414,757 0 0
VALERO ENERGY CORP NEW COM 91913Y100 9 253 SH   SOLE   253 0 0
VALERO ENERGY PARTNERS LP COM UNT REP LP 91914J102 1,034 30,000 SH   SOLE   30,000 0 0
VANTAGESOUTH BANCSHARES INC COM 92209W105 6,669 1,265,548 SH   SOLE   1,265,548 0 0
VESTIN REALTY MORTGAGE I INC COM 925490104 96 55,000 SH   SOLE   55,000 0 0
VESTIN RLTY MTG II INC COM NEW 92549X201 3 1,750 SH   SOLE   1,750 0 0
WESTERN REFNG LOGISTICS LP COM UNIT REP LTP 95931Q205 1,035 40,000 SH   SOLE   40,000 0 0
WORLD PT TERMS LP UNIT REP LTD PT 98159G107 1,786 92,779 SH   SOLE   92,779 0 0
WPX ENERGY INC COM 98212B103 644 31,578 SH   SOLE   31,578 0 0
YADKIN FINL CORP COM 984305102 3,711 217,804 SH   SOLE   217,804 0 0
YAHOO INC COM 984332106 2,819 69,700 SH   SOLE   69,700 0 0
YONGYE INTL INC COM 98607B106 1,383 216,143 SH   SOLE   216,143 0 0
YY INC ADS REPCOM CLA 98426T106 1,870 37,200 SH   SOLE   37,200 0 0