Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMH	AMERICAN HOMES 4 RENT	12,307,258	$206M	12.3%	$16.19	—	CL A	02665T306
—	COLONY FINL INC	8,708,590	$191M	11.4%	$21.01	—	COM	19624R106
STWD	STARWOOD PPTY TR INC	5,195,891	$123M	7.3%	$24.33	—	COM	85571B105
—	PHH CORP	4,185,886	$108M	6.5%	$21.13	—	COM NEW	693320202
ECPG	ENCORE CAP GROUP INC	1,857,148	$84.87M	5.1%	$48.04	+0.5%	COM	292554102
—	AMERICAN CAP LTD	3,568,103	$56.36M	3.4%	$15.54	—	COM	02503Y103
—	HOME LN SERVICING SOLUTIONS	2,580,326	$55.73M	3.3%	$21.60	—	ORD SHS	G6648D109
FBP	FIRST BANCORP P R	10,050,000	$54.67M	3.3%	$5.77	-25.1%	COM NEW	318672706
ABR	ARBOR RLTY TR INC	4,178,191	$28.91M	1.7%	$6.34	—	COM	038923108
—	RESOURCE CAP CORP	4,961,954	$27.64M	1.7%	$6.12	—	COM	76120W302
—	ROYAL BK SCOTLAND GROUP PLC	1,090,722	$25.74M	1.5%	$22.29	—	ADR PREF SHS Q	780097754
RM	REGIONAL MGMT CORP	1,015,191	$25.04M	1.5%	$20.06	+29.0%	COM	75902K106
—	SILVER BAY RLTY TR CORP	1,500,000	$23.28M	1.4%	$16.44	—	COM	82735Q102
TFSL	TFS FINL CORP	1,527,900	$18.99M	1.1%	$5.74	+7.2%	COM	87240R107
—	COLONY FINL INC	18,000,000	$18.6M	1.1%	$1.03	—	NOTE 3.875% 1/1	19624RAB2
C	CITIGROUP INC	375,000	$17.85M	1.1%	$36.68	+1.1%	COM NEW	172967424
BK	BANK NEW YORK MELLON CORP	500,000	$17.64M	1.1%	$24.75	0.0%	COM	064058100
—	CIT GROUP INC	350,000	$17.16M	1.0%	$48.44	—	COM NEW	125581801
—	ROYAL BK SCOTLAND GROUP PLC	741,212	$16.34M	1.0%	$20.63	—	ADR PREF SHS R	780097747
—	SYNOVUS FINL CORP	4,610,291	$15.63M	0.9%	$3.13	—	COM	87161C105
—	INVESTORS BANCORP INC	555,672	$15.36M	0.9%	$21.70	—	COM	46146P102
CPF	CENTRAL PAC FINL CORP	755,794	$15.27M	0.9%	$11.07	+15.5%	COM NEW	154760409
—	BENEFICIAL MUTUAL BANCORP IN	1,156,700	$15.26M	0.9%	$8.40	—	COM	08173R104
AL	AIR LEASE CORP	400,000	$14.92M	0.9%	$28.82	0.0%	CL A	00912X302
CPSS	CONSUMER PORTFOLIO SVCS INC	2,138,600	$14.63M	0.9%	$8.45	-3.8%	COM	210502100
—	MERIDIAN INTERSTAT BANCORP I	557,645	$14.26M	0.9%	$20.02	—	COM	58964Q104
—	KEARNY FINL CORP	918,947	$13.58M	0.8%	$10.94	—	COM	487169104
—	ROYAL BK SCOTLAND GROUP PLC	597,576	$13.52M	0.8%	$21.04	—	ADR PREF SER N	780097770
GNW	GENWORTH FINL INC	750,000	$13.3M	0.8%	$16.05	0.0%	COM CL A	37247D106
IBCP	INDEPENDENT BANK CORP MICH	1,023,215	$13.28M	0.8%	$5.76	+53.4%	COM NEW	453838609
HTB	HOMETRUST BANCSHARES INC	839,834	$13.25M	0.8%	$16.20	-2.8%	COM	437872104
—	CONNECTONE BANCORP INC	243,069	$11.9M	0.7%	$35.65	—	COM	20786U101
—	CHARTER FINL CORP MD	1,079,115	$11.66M	0.7%	$10.26	—	COM	16122W108
—	ROYAL BK SCOTLAND GROUP PLC	517,665	$11.49M	0.7%	$21.02	—	ADR PFD SER P	780097762
—	ROCKVILLE FINL INC NEW	800,000	$10.87M	0.7%	$13.76	—	COM	774188106
—	APOLLO GLOBAL MGMT LLC	335,000	$10.65M	0.6%	$27.16	—	CL A SHS	037612306
BANR	BANNER CORP	253,772	$10.46M	0.6%	$24.34	+13.6%	COM NEW	06652V208
RDN	RADIAN GROUP INC	675,000	$10.14M	0.6%	$10.53	+19.6%	COM	750236101
—	SUFFOLK BANCORP	448,223	$9.995M	0.6%	$17.64	—	COM	864739107
—	SUNEDISON INC	520,000	$9.994M	0.6%	$18.67	—	COM	86732Y109
BCS	BARCLAYS PLC	604,762	$9.495M	0.6%	$15.70	—	ADR	06738E204
—	CARLYLE GROUP L P	270,000	$9.488M	0.6%	$35.14	—	COM UTS LTD PTN	14309L102
—	UNITED CMNTY FINL CORP OHIO	2,414,757	$9.466M	0.6%	$4.59	—	COM	909839102
MS	MORGAN STANLEY	300,000	$9.351M	0.6%	$20.72	+9.5%	COM NEW	617446448
—	VANTAGESOUTH BANCSHARES INC	1,257,048	$8.837M	0.5%	$5.31	—	COM	92209W105
—	FIDELITY SOUTHERN CORP NEW	626,596	$8.754M	0.5%	$12.46	—	COM	316394105
—	SI FINL GROUP INC MD	773,651	$8.719M	0.5%	$11.07	—	COM	78425V104
—	CLIFTON SVGS BANCORP INC	681,753	$8.161M	0.5%	$12.28	—	COM	18712Q103
—	HERITAGE FINL GROUP INC	380,342	$7.474M	0.4%	$16.67	—	COM	42726X102
WSBF	WATERSTONE FINL INC MD	677,651	$7.041M	0.4%	$10.47	0.0%	COM	94188P101
—	NATIONAL GEN HLDGS CORP	500,000	$7M	0.4%	$14.00	—	COM	636220303
BKU	BANKUNITED INC	200,000	$6.954M	0.4%	$21.20	+8.6%	COM	06652K103
—	TERRITORIAL BANCORP INC	320,776	$6.929M	0.4%	$22.56	—	COM	88145X108
—	FIRST SEC GROUP INC	3,307,881	$6.88M	0.4%	$2.17	—	COM NEW	336312202
—	OMNIAMERICAN BANCORP INC	300,000	$6.837M	0.4%	$22.28	—	COM	68216R107
—	PREFERRED APT CMNTYS INC	833,086	$6.711M	0.4%	$8.95	—	COM	74039L103
—	CAPE BANCORP INC	600,000	$6.6M	0.4%	$9.59	—	COM	139209100
SFST	SOUTHERN FIRST BANCSHARES IN	475,000	$6.588M	0.4%	$13.47	0.0%	COM	842873101
—	FIRST CTZNS BANC CORP	221,331	$6.585M	0.4%	$29.75	—	6.50% PFD SER B	319459400
—	PRUDENTIAL BANCORP INC NEW	560,000	$5.964M	0.4%	$10.76	—	COM	74431A101
SBCF	SEACOAST BKG CORP FLA	500,000	$5.5M	0.3%	$11.18	+1.9%	COM NEW	811707801
—	KINDER MORGAN INC DEL	160,000	$5.198M	0.3%	$32.49	—	*W EXP 05/25/201	49456B119
CTRA	CABOT OIL & GAS CORP	140,000	$4.743M	0.3%	$26.72	0.0%	COM	127097103
—	COMMUNITY FINL CORP MD	224,500	$4.715M	0.3%	$20.71	—	COM	20368X101
—	COMMUNITY BANKERS TR CORP	1,060,000	$4.261M	0.3%	$3.65	—	COM	203612106
—	STANDARD PAC CORP NEW	500,000	$4.155M	0.2%	$8.31	—	COM	85375C101
—	HERTZ GLOBAL HOLDINGS INC	150,000	$3.996M	0.2%	$26.64	—	COM	42805T105
LEN	LENNAR CORP	100,000	$3.962M	0.2%	$34.54	0.0%	CL A	526057104
—	FIRST MARBLEHEAD CORP	621,458	$3.754M	0.2%	$8.20	—	COM NEW	320771207
—	SWS GROUP INC	500,000	$3.74M	0.2%	$7.48	—	COM	78503N107
—	NEWBRIDGE BANCORP	511,931	$3.655M	0.2%	$6.20	—	CL A NO PAR	65080T102
—	EASTERN VA BANKSHARES INC	501,840	$3.237M	0.2%	$5.21	—	COM	277196101
—	TALMER BANCORP INC	209,852	$3.072M	0.2%	$14.64	—	COM	87482X101
—	YY INC	40,200	$3.07M	0.2%	$34.73	—	ADS REPCOM CLA	98426T106
—	QIHOO 360 TECHNOLOGY CO LTD	30,000	$2.987M	0.2%	$81.78	—	ADS	74734M109
VIPS	VIPSHOP HLDGS LTD	20,000	$2.986M	0.2%	$149.30	—	SPONSORED ADR	92763W103
—	GUARANTY FED BANCSHARES INC	231,000	$2.961M	0.2%	$12.82	—	COM	40108P101
—	SKY-MOBI LTD	310,000	$2.728M	0.2%	$8.80	—	SPONSORED ADS	83084G109
—	58 COM INC	65,000	$2.706M	0.2%	$39.10	—	SPON ADR REP A	31680Q104
PGC	PEAPACK-GLADSTONE FINL CORP	117,648	$2.588M	0.2%	$16.58	+5.4%	COM	704699107
—	YAHOO INC	69,700	$2.502M	0.1%	$25.14	—	COM	984332106
SLM	SLM CORP	100,000	$2.448M	0.1%	$8.15	+7.1%	COM	78442P106
—	PERFECT WORLD CO LTD	110,535	$2.285M	0.1%	$17.42	—	SPON ADR REP B	71372U104
—	NORTHSTAR REALTY FIN CORP	140,000	$2.26M	0.1%	$12.04	—	Call	66704R100
—	HAMILTON BANCORP INC MD	157,287	$2.202M	0.1%	$13.24	—	COM	407015106
—	SOUFUN HLDGS LTD	30,000	$2.053M	0.1%	$24.82	—	ADR	836034108
—	CVR REFNG LP	85,000	$1.979M	0.1%	$29.22	—	COMUNIT REP LT	12663P107
—	NORTHERN TIER ENERGY LP	75,000	$1.929M	0.1%	$23.84	—	COM UN REPR PART	665826103
—	INTERVEST BANCSHARES CORP	240,000	$1.788M	0.1%	$7.48	—	COM	460927106
—	FIRST BANCSHARES INC MS	122,000	$1.768M	0.1%	$14.00	—	COM	318916103
—	RENTECH INC	884,600	$1.681M	0.1%	$2.09	—	COM	760112102
LVS	LAS VEGAS SANDS CORP	20,000	$1.616M	0.1%	$38.99	+46.1%	COM	517834107
BIDU	BAIDU INC	10,000	$1.523M	0.1%	$152.30	—	SPON ADR REP A	056752108
TSBK	TIMBERLAND BANCORP INC	140,582	$1.499M	0.1%	$6.31	+18.8%	COM	887098101
—	YONGYE INTL INC	216,143	$1.472M	0.1%	$5.47	—	COM	98607B106
LNG	CHENIERE ENERGY INC	26,300	$1.456M	0.1%	$28.08	+70.7%	COM NEW	16411R208
—	ELLINGTON FINANCIAL LLC	60,000	$1.429M	0.1%	$22.81	—	COM	288522303
—	SUNCOKE ENERGY PARTNERS L P	45,723	$1.337M	0.1%	$22.10	—	COMUNIT REP LT	86722Y101
SFBC	SOUND FINL BANCORP INC	75,000	$1.298M	0.1%	$10.49	+32.0%	COM	83607A100
PEBK	PEOPLES BANCORP N C INC	80,100	$1.25M	0.1%	$13.97	0.0%	COM	710577107
MUSA	MURPHY USA INC	30,000	$1.218M	0.1%	$38.02	+3.4%	COM	626755102
CQP	CHENIERE ENERGY PARTNERS LP	40,000	$1.2M	0.1%	$29.89	—	COM UNIT	16411Q101
LEN/B	LENNAR CORP	35,500	$1.159M	0.1%	$24.74	+10.7%	CL B	526057302
—	YY INC	15,000	$1.145M	0.1%	$34.73	—	Call	98426T106
—	HOLLYSYS AUTOMATION TECHNOLO	50,000	$1.077M	0.1%	$21.54	—	SHS	G45667105
ORRF	ORRSTOWN FINL SVCS INC	60,507	$997K	0.1%	$11.32	+5.9%	COM	687380105
—	FELCOR LODGING TR INC	40,000	$994K	0.1%	$24.55	—	PFD CV A $1.95	31430F200
—	ISOFTSTONE HLDGS LTD	194,372	$984K	0.1%	$5.02	—	SPONSORED ADS	46489B108
—	CENTRAL FED CORP	600,468	$930K	0.1%	$1.31	—	COM NEW	15346Q202
—	SONUS NETWORKS INC	270,000	$910K	0.1%	$3.37	—	COM	835916107
F	FORD MTR CO DEL	55,000	$858K	0.1%	$8.37	0.0%	COM PAR $0.01	345370860
—	LORAL SPACE & COMMUNICATNS I	12,000	$849K	0.1%	$68.75	—	COM	543881106
—	YOUKU TUDOU INC	29,300	$822K	0.0%	$28.05	—	SPONSORED ADR	98742U100
OIS	OIL STS INTL INC	8,000	$789K	0.0%	$55.40	0.0%	COM	678026105
INN	SUMMIT HOTEL PPTYS	80,000	$742K	0.0%	$9.40	—	COM	866082100
—	CHESAPEAKE LODGING TR	28,000	$720K	0.0%	$25.71	—	SH BEN INT	165240102
—	ASHFORD HOSPITALITY TR INC	60,000	$676K	0.0%	$10.57	—	COM SHS	044103109
—	MARKWEST ENERGY PARTNERS L P	10,000	$653K	0.0%	$65.30	—	UNIT LTD PARTN	570759100
FCCO	FIRST CMNTY CORP S C	57,110	$638K	0.0%	$6.89	+17.7%	COM	319835104
—	BONA FILM GROUP LTD	100,000	$627K	0.0%	$6.27	—	SPONSORED ADS	09777B107
ARCC	ARES CAP CORP	35,000	$617K	0.0%	$5.52	+3.8%	COM	04010L103
NOAH	NOAH HLDGS LTD	42,500	$613K	0.0%	$17.05	—	SPONSORED ADS	65487X102
HELE	HELEN OF TROY CORP LTD	7,500	$519K	0.0%	$60.81	0.0%	COM	G4388N106
—	MORGAN STANLEY EM MKTS DM DE	38,000	$499K	0.0%	$13.13	—	COM	617477104
—	AMERICAN RLTY CAP PPTYS INC	31,000	$435K	0.0%	$14.03	—	COM	02917T104
EXAS	EXACT SCIENCES CORP	30,000	$425K	0.0%	$13.51	0.0%	COM	30063P105
—	NORTHSTAR RLTY FIN CORP	23,478	$379K	0.0%	$12.04	—	COM	66704R100
ESS	ESSEX PPTY TR INC	2,000	$340K	0.0%	$110.41	0.0%	COM	297178105
—	SPLUNK INC	4,000	$286K	0.0%	$71.50	—	COM	848637104
—	VALERO ENERGY PARTNERS LP	5,224	$207K	0.0%	$34.47	—	COM UNT REP LP	91914J102
—	LE GAGA HLDGS LTD	50,000	$183K	0.0%	$3.24	—	SPONSORED ADR	521168104
TMHC	TAYLOR MORRISON HOME CORP	7,500	$176K	0.0%	$22.58	0.0%	CL A	87724P106
—	VESTIN REALTY MORTGAGE I INC	55,000	$85,000	0.0%	$1.71	—	COM	925490104
—	FIELDPOINT PETROLEUM CORP	5,300	$5,000	0.0%	$0.94	—	*W EXP 03/23/201	316570126