Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ALLY	ALLY FINL INC	12,202,070	$292M	13.4%	$18.86	0.0%	COM	02005N100
AMH	AMERICAN HOMES 4 RENT	12,110,429	$215M	9.8%	$16.19	—	CL A	02665T306
—	COLONY FINL INC	8,972,348	$208M	9.5%	$21.07	—	COM	19624R106
STWD	STARWOOD PPTY TR INC	8,027,194	$191M	8.7%	$24.14	—	COM	85571B105
—	PHH CORP	5,387,980	$124M	5.7%	$21.54	—	COM NEW	693320202
ECPG	ENCORE CAP GROUP INC	2,164,273	$98.3M	4.5%	$47.50	-6.9%	COM	292554102
—	AMERICAN CAP LTD	5,034,947	$76.98M	3.5%	$15.47	—	COM	02503Y103
—	HOME LN SERVICING SOLUTIONS	2,398,492	$54.52M	2.5%	$21.60	—	ORD SHS	G6648D109
FBP	FIRST BANCORP P R	8,807,038	$47.91M	2.2%	$5.77	-25.5%	COM NEW	318672706
—	INVESTORS BANCORP INC NEW	3,324,998	$36.74M	1.7%	$11.05	—	COM	46146L101
ABR	ARBOR RLTY TR INC	4,803,191	$33.38M	1.5%	$6.42	—	COM	038923108
PMT	PENNYMAC MTG INVT TR	1,497,049	$32.84M	1.5%	$21.94	—	COM	70931T103
—	SYNOVUS FINL CORP	983,682	$23.98M	1.1%	$24.38	—	COM NEW	87161C501
CPF	CENTRAL PAC FINL CORP	1,136,047	$22.55M	1.0%	$11.59	+8.9%	COM NEW	154760409
TFSL	TFS FINL CORP	1,527,900	$21.79M	1.0%	$5.74	+21.1%	COM	87240R107
—	FLAGSTAR BANCORP INC	1,089,703	$19.72M	0.9%	$18.10	—	COM PAR .001	337930705
—	CIT GROUP INC	425,000	$19.45M	0.9%	$47.97	—	COM NEW	125581801
—	MERIDIAN INTERSTAT BANCORP I	756,760	$19.43M	0.9%	$21.51	—	COM	58964Q104
ZION	ZIONS BANCORPORATION	650,000	$19.16M	0.9%	$29.40	0.0%	COM	989701107
—	ROYAL BK SCOTLAND GROUP PLC	780,007	$18.42M	0.8%	$20.78	—	ADR PREF SHS R	780097747
IBCP	INDEPENDENT BANK CORP MICH	1,398,215	$18M	0.8%	$6.58	+34.1%	COM NEW	453838609
FITB	FIFTH THIRD BANCORP	800,000	$17.08M	0.8%	$14.28	0.0%	COM	316773100
CPSS	CONSUMER PORTFOLIO SVCS INC	2,238,600	$17.06M	0.8%	$8.40	-12.3%	COM	210502100
—	SUNTRUST BKS INC	413,754	$16.57M	0.8%	$40.06	—	COM	867914103
—	FIDELITY NATIONAL FINANCIAL	500,000	$16.38M	0.8%	$32.76	—	CL A	31620R105
—	SILVER BAY RLTY TR CORP	970,552	$15.84M	0.7%	$16.44	—	COM	82735Q102
BANR	BANNER CORP	397,761	$15.76M	0.7%	$25.37	+7.2%	COM NEW	06652V208
—	BENEFICIAL MUTUAL BANCORP IN	1,156,700	$15.69M	0.7%	$8.40	—	COM	08173R104
—	ROYAL BK SCOTLAND GROUP PLC	632,576	$15.19M	0.7%	$21.20	—	ADR PREF SER N	780097770
—	APOLLO GLOBAL MGMT LLC	525,000	$14.55M	0.7%	$27.36	—	CL A SHS	037612306
—	SUN BANCORP INC	3,596,891	$14.42M	0.7%	$4.01	—	COM	86663B102
GNW	GENWORTH FINL INC	825,000	$14.36M	0.7%	$16.18	+8.1%	COM CL A	37247D106
—	KEARNY FINL CORP	880,429	$13.33M	0.6%	$10.94	—	COM	487169104
RM	REGIONAL MGMT CORP	854,170	$13.21M	0.6%	$20.06	-29.3%	COM	75902K106
—	SUNEDISON INC	582,229	$13.16M	0.6%	$19.09	—	COM	86732Y109
—	STANDARD PAC CORP NEW	1,500,000	$12.9M	0.6%	$8.50	—	COM	85375C101
RF	REGIONS FINL CORP NEW	1,200,000	$12.74M	0.6%	$7.03	0.0%	COM	7591EP100
—	TERRITORIAL BANCORP INC	589,521	$12.31M	0.6%	$21.80	—	COM	88145X108
—	ROYAL BK SCOTLAND GROUP PLC	517,665	$12.27M	0.6%	$21.02	—	ADR PFD SER P	780097762
—	CONNECTONE BANCORP INC	243,069	$12.13M	0.6%	$35.65	—	COM	20786U101
RDN	RADIAN GROUP INC	800,000	$11.85M	0.5%	$10.76	+11.7%	COM	750236101
—	UNITED FINL BANCORP INC	800,000	$10.84M	0.5%	$13.55	—	COM	910304104
—	SI FINL GROUP INC MD	887,051	$10.21M	0.5%	$11.13	—	COM	78425V104
—	HERITAGE FINL GROUP INC	505,342	$10.02M	0.5%	$17.45	—	COM	42726X102
—	SUFFOLK BANCORP	448,223	$10M	0.5%	$17.64	—	COM	864739107
—	ARES MGMT L P	506,800	$9.72M	0.4%	$19.18	—	COM UNIT RP IN	04014Y101
HTB	HOMETRUST BANCSHARES INC	539,834	$8.513M	0.4%	$16.20	-4.6%	COM	437872104
WSBF	WATERSTONE FINL INC MD	746,003	$8.512M	0.4%	$10.49	+2.2%	COM	94188P101
—	CLIFTON SVGS BANCORP INC	667,503	$8.457M	0.4%	$12.28	—	COM	18712Q103
AGO	ASSURED GUARANTY LTD	340,000	$8.33M	0.4%	$20.29	0.0%	COM	G0585R106
—	FIDELITY SOUTHERN CORP NEW	626,596	$8.139M	0.4%	$12.46	—	COM	316394105
—	COMMUNITYONE BANCORP	832,390	$8.074M	0.4%	$9.70	—	COM	20416Q108
AL	AIR LEASE CORP	200,000	$7.716M	0.4%	$28.82	+13.0%	CL A	00912X302
SBCF	SEACOAST BKG CORP FLA	704,417	$7.657M	0.4%	$11.02	-3.5%	COM NEW	811707801
—	VANTAGESOUTH BANCSHARES INC	1,257,048	$7.479M	0.3%	$5.31	—	COM	92209W105
MTG	MGIC INVT CORP WISC	800,000	$7.392M	0.3%	$8.68	0.0%	COM	552848103
—	FIRST CTZNS BANC CORP	221,331	$7.282M	0.3%	$29.75	—	6.50% PFD SER B	319459400
—	PREFERRED APT CMNTYS INC	800,229	$7.098M	0.3%	$8.95	—	COM	74039L103
—	HAMPTON ROADS BANKSHARES INC	4,077,032	$7.053M	0.3%	$1.73	—	COM NEW	409321502
FAF	FIRST AMERN FINL CORP	250,000	$6.948M	0.3%	$18.69	0.0%	COM	31847R102
—	BLACKSTONE GROUP L P	200,000	$6.688M	0.3%	$33.44	—	COM UNIT LTD	09253U108
—	PIONEER NAT RES CO	29,000	$6.664M	0.3%	$229.79	—	COM	723787107
—	PRUDENTIAL BANCORP INC NEW	560,000	$6.446M	0.3%	$10.76	—	COM	74431A101
—	CAPE BANCORP INC	600,000	$6.438M	0.3%	$9.59	—	COM	139209100
SFST	SOUTHERN FIRST BANCSHARES IN	475,000	$6.394M	0.3%	$13.47	+0.5%	COM	842873101
—	KINDER MORGAN INC DEL	160,000	$5.766M	0.3%	$32.49	—	*W EXP 05/25/201	49456B119
—	CHEMICAL FINL CORP	200,000	$5.616M	0.3%	$28.08	—	COM	163731102
—	INTERVEST BANCSHARES CORP	710,760	$5.501M	0.3%	$7.65	—	COM	460927106
—	UNITED CMNTY FINL CORP OHIO	1,322,854	$5.463M	0.3%	$4.59	—	COM	909839102
—	COMMUNITY FINL CORP MD	224,500	$5.332M	0.2%	$20.71	—	COM	20368X101
—	ZIONS BANCORPORATION	1,000,000	$5.26M	0.2%	$5.26	—	*W EXP 05/22/202	989701115
—	PENNYMAC CORP	51,715,000	$5.12M	0.2%	$0.10	—	NOTE 5.375% 5/0	70932AAB9
—	COMMUNITY BANKERS TR CORP	1,060,000	$4.643M	0.2%	$3.65	—	COM	203612106
—	KKR & CO L P DEL	150,000	$3.65M	0.2%	$24.33	—	COM UNITS	48248M102
—	CARLYLE GROUP L P	95,600	$3.247M	0.1%	$35.14	—	COM UTS LTD PTN	14309L102
—	EASTERN VA BANKSHARES INC	501,840	$3.212M	0.1%	$5.21	—	COM	277196101
—	FIRST MARBLEHEAD CORP	568,970	$2.987M	0.1%	$8.20	—	COM NEW	320771207
—	GUARANTY FED BANCSHARES INC	231,000	$2.888M	0.1%	$12.82	—	COM	40108P101
PGC	PEAPACK-GLADSTONE FINL CORP	122,270	$2.593M	0.1%	$16.63	+8.1%	COM	704699107
—	YAHOO INC	69,700	$2.449M	0.1%	$25.14	—	COM	984332106
—	NORTHSTAR RLTY FIN CORP	140,000	$2.433M	0.1%	$12.04	—	Call	66704R100
ORRF	ORRSTOWN FINL SVCS INC	139,178	$2.302M	0.1%	$11.72	+2.7%	COM	687380105
—	58 COM INC	40,000	$2.162M	0.1%	$39.10	—	SPON ADR REP A	31680Q104
VIPS	VIPSHOP HLDGS LTD	10,000	$1.877M	0.1%	$149.30	—	SPONSORED ADR	92763W103
BIDU	BAIDU INC	10,000	$1.868M	0.1%	$152.30	—	SPON ADR REP A	056752108
—	COLONY FINL INC	18,000,000	$1.847M	0.1%	$1.03	—	NOTE 3.875% 1/1	19624RAB2
—	QIHOO 360 TECHNOLOGY CO LTD	20,000	$1.841M	0.1%	$81.78	—	ADS	74734M109
—	SKY-MOBI LTD	219,400	$1.817M	0.1%	$8.80	—	SPONSORED ADS	83084G109
—	NORTHERN TIER ENERGY LP	65,000	$1.738M	0.1%	$23.84	—	COM UN REPR PART	665826103
—	FIRST BANCSHARES INC MS	122,000	$1.732M	0.1%	$14.00	—	COM	318916103
—	RENTECH INC	650,000	$1.684M	0.1%	$2.09	—	COM	760112102
—	ELLINGTON FINANCIAL LLC	70,000	$1.68M	0.1%	$22.98	—	COM	288522303
LNG	CHENIERE ENERGY INC	21,300	$1.527M	0.1%	$28.08	+116.3%	COM NEW	16411R208
TSBK	TIMBERLAND BANCORP INC	142,048	$1.497M	0.1%	$6.32	+19.1%	COM	887098101
WLK	WESTLAKE CHEMICAL CORP	16,023	$1.342M	0.1%	$63.36	0.0%	COM	960413102
SFBC	SOUND FINL BANCORP INC	75,000	$1.312M	0.1%	$10.49	+33.8%	COM	83607A100
PEBK	PEOPLES BANCORP N C INC	80,802	$1.293M	0.1%	$13.97	+7.4%	COM	710577107
—	HOLLYSYS AUTOMATION TECHNOLO	50,000	$1.225M	0.1%	$21.54	—	SHS	G45667105
NEE	NEXTERA ENERGY INC	10,000	$1.025M	0.0%	$17.92	0.0%	COM	65339F101
—	FELCOR LODGING TR INC	39,000	$1.018M	0.0%	$24.55	—	PFD CV A $1.95	31430F200
—	CVR REFNG LP	40,000	$1M	0.0%	$29.22	—	COMUNIT REP LT	12663P107
—	PERFECT WORLD CO LTD	50,535	$992K	0.0%	$17.42	—	SPON ADR REP B	71372U104
CQP	CHENIERE ENERGY PARTNERS LP	30,000	$991K	0.0%	$29.89	—	COM UNIT	16411Q101
—	ASHFORD HOSPITALITY TR INC	85,000	$981K	0.0%	$10.86	—	COM SHS	044103109
—	SUNCOKE ENERGY PARTNERS L P	30,723	$928K	0.0%	$22.10	—	COMUNIT REP LT	86722Y101
TMHC	TAYLOR MORRISON HOME CORP	35,000	$785K	0.0%	$21.84	-0.9%	CL A	87724P106
NTES	NETEASE INC	10,000	$784K	0.0%	$78.40	—	SPONSORED ADR	64110W102
—	LORAL SPACE & COMMUNICATNS I	10,000	$727K	0.0%	$68.75	—	COM	543881106
—	HI-CRUSH PARTNERS LP	11,000	$721K	0.0%	$65.55	—	COM UNIT LTD	428337109
ARCC	ARES CAP CORP	40,000	$714K	0.0%	$5.54	+2.0%	COM	04010L103
—	YY INC	8,701	$657K	0.0%	$34.73	—	ADS REPCOM CLA	98426T106
—	BONA FILM GROUP LTD	100,000	$620K	0.0%	$6.27	—	SPONSORED ADS	09777B107
—	AMERICAN RLTY CAP PPTYS INC	40,000	$501K	0.0%	$13.69	—	COM	02917T104
—	SINA CORP	10,000	$498K	0.0%	$49.80	—	ORD	G81477104
INN	SUMMIT HOTEL PPTYS	43,000	$456K	0.0%	$9.40	—	COM	866082100
—	CENTRAL FED CORP	306,715	$454K	0.0%	$1.31	—	COM NEW	15346Q202
—	MEADWESTVACO CORP	10,000	$443K	0.0%	$44.30	—	COM	583334107
—	NORTHSTAR RLTY FIN CORP	23,478	$408K	0.0%	$12.04	—	COM	66704R100
—	CIVEO CORP	16,000	$400K	0.0%	$25.00	—	COM	178787107
LEN/B	LENNAR CORP	10,734	$381K	0.0%	$24.74	+11.7%	CL B	526057302
—	ISOFTSTONE HLDGS LTD	56,957	$311K	0.0%	$5.02	—	SPONSORED ADS	46489B108
—	WHEELER REAL ESTATE INVT TR	10,000	$253K	0.0%	$25.30	—	CV PFD SER B	963025309
—	CHESAPEAKE LODGING TR	8,000	$242K	0.0%	$25.71	—	SH BEN INT	165240102
SHO	SUNSTONE HOTEL INVES INC NEW	14,000	$209K	0.0%	$14.93	—	COM	867892101
NOAH	NOAH HLDGS LTD	11,772	$166K	0.0%	$17.05	—	SPONSORED ADS	65487X102
—	LE GAGA HLDGS LTD	30,200	$105K	0.0%	$3.24	—	SPONSORED ADR	521168104
—	WHEELER REAL ESTATE INVT TR	24,000	$104K	0.0%	$4.33	—	*W EXP 04/29/2019	963025119
CRD/A	CRAWFORD & CO	10,100	$82,000	0.0%	$6.06	0.0%	CL A	224633206
—	VESTIN REALTY MORTGAGE I INC	55,000	$80,000	0.0%	$1.71	—	COM	925490104
—	IKANG HEALTHCARE GROUP INC	800	$14,000	0.0%	$17.50	—	SPONSORED ADR	45174L108
—	FIELDPOINT PETROLEUM CORP	5,300	$9,000	0.0%	$0.94	—	*W EXP 03/23/201	316570126
—	PATHFINDER BANCORP INC	100	$1,000	0.0%	$10.00	—	COM	70320A103