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
ARGO GROUP INTL HLDGS LTD COM G0464B107 316 7,377 SH   DFND 1 7,377 0 0
EATON CORP PLC SHS G29183103 792 11,500 SH   DFND 1 11,500 0 0
ENSCO PLC SHS CLASS A G3157S106 564 10,500 SH   DFND 1 10,500 0 0
ACE LTD SHS H0023R105 5,894 63,000 SH   SOLE   63,000 0 0
AT&T INC COM 00206R102 693 20,500 SH   DFND 1 20,500 0 0
AZZ INC COM 002474104 200 4,788 SH   DFND 1 4,788 0 0
ABBVIE INC COM 00287Y109 407 9,100 SH   DFND 1 9,100 0 0
AIR PRODS & CHEMS INC COM 009158106 4,538 42,584 SH   DFND 1 42,584 0 0
ALLIANCE RES PARTNER L P UT LTD PART 01877R108 1,044 14,090 SH   DFND 1 14,090 0 0
ALLIANCE RES PARTNER L P UT LTD PART 01877R108 3,789 51,119 SH   DFND 2 51,119 0 0
ALLIANCE RES PARTNER L P UT LTD PART 01877R108 1,848 24,927 SH   DFND   24,927 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 2,574 114,000 SH   DFND 1 114,000 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 4,109 182,000 SH   DFND 2 182,000 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 4,381 194,000 SH   DFND   194,000 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 3,535 178,800 SH   DFND 1 178,800 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 5,437 275,000 SH   DFND 2 275,000 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 5,615 284,000 SH   DFND   284,000 0 0
AMERICAN EQTY INVT LIFE HLD COM 025676206 376 17,734 SH   DFND 1 17,734 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 5,088 315,000 SH   DFND 1 315,000 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 9,690 600,000 SH   DFND 2 600,000 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 1,373 85,000 SH   DFND   85,000 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 8,805 500,000 SH   DFND 2 500,000 0 0
ANNALY CAP MGMT INC COM 035710409 926 80,000 SH   DFND 2 80,000 0 0
ANWORTH MORTGAGE ASSET CP COM 037347101 1,891 391,550 SH   DFND 1 391,550 0 0
ANWORTH MORTGAGE ASSET CP COM 037347101 1,904 394,200 SH   DFND 2 394,200 0 0
ANWORTH MORTGAGE ASSET CP COM 037347101 2,232 461,902 SH   DFND   461,902 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 5,259 360,437 SH   DFND 1 360,437 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 2,979 204,157 SH   DFND 2 204,157 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 2,830 194,000 SH   DFND   194,000 0 0
APPLE INC COM 037833100 10,966 23,000 SH   DFND 1 23,000 0 0
APPLE INC COM 037833100 9,869 20,700 SH   DFND 2 20,700 0 0
APPLE INC COM 037833100 1,097 2,300 SH   DFND   2,300 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 5,468 400,000 SH   DFND 1 400,000 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 5,468 400,000 SH   DFND 2 400,000 0 0
ARCH COAL INC COM 039380100 3,062 745,000 SH   DFND 1 745,000 0 0
ARCH COAL INC COM 039380100 452 110,000 SH   DFND   110,000 0 0
BP PLC SPONSORED ADR 055622104 11,138 265,000 SH   DFND 2 265,000 0 0
BP PLC SPONSORED ADR 055622104 1,891 45,000 SH   DFND   45,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 10,324 748,120 SH   DFND 1 748,120 0 0
BANK OF AMERICA CORPORATION COM 060505104 1,290 93,480 SH   DFND   93,480 0 0
BASIC ENERGY SVCS INC NEW COM 06985P100 212 16,763 SH   DFND 1 16,763 0 0
BERKLEY W R CORP COM 084423102 5,015 117,000 SH   SOLE   117,000 0 0
BLDRS INDEX FDS TR EMER MK 50 ADR 09348R300 389 10,529 SH   DFND 1 10,529 0 0
CYS INVTS INC COM 12673A108 7,459 917,500 SH   DFND 1 917,500 0 0
CYS INVTS INC COM 12673A108 7,252 892,000 SH   DFND 2 892,000 0 0
CYS INVTS INC COM 12673A108 8,297 1,020,500 SH   DFND   1,020,500 0 0
CAPITAL BK FINL CORP CL A COM 139794101 2,344 106,810 SH   DFND 1 106,810 0 0
CAPITAL BK FINL CORP CL A COM 139794101 3,620 164,900 SH   DFND 2 164,900 0 0
CAPLEASE INC COM 140288101 271 31,880 SH   DFND 1 31,880 0 0
CAPITOL FED FINL INC COM 14057J101 446 36,000 SH   DFND 1 36,000 0 0
CARDINAL FINL CORP COM 14149F109 228 13,804 SH   DFND 1 13,804 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 424 16,500 SH   DFND 1 16,500 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 1,872 72,800 SH   DFND 2 72,800 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 169 32,616 SH   DFND 1 32,616 0 0
CHEVRON CORP NEW COM 166764100 4,714 38,800 SH   DFND 1 38,800 0 0
CHUBB CORP COM 171232101 6,337 71,000 SH   SOLE   71,000 0 0
CISCO SYS INC COM 17275R102 5,858 250,000 SH   DFND 2 250,000 0 0
CITIGROUP INC COM NEW 172967424 13,340 275,000 SH   DFND 1 275,000 0 0
CITIGROUP INC COM NEW 172967424 6,306 130,000 SH   DFND 2 130,000 0 0
COACH INC COM 189754104 6,298 115,500 SH   DFND 1 115,500 0 0
COACH INC COM 189754104 7,061 129,500 SH   DFND   129,500 0 0
COLONY FINL INC COM 19624R106 559 28,000 SH   DFND 1 28,000 0 0
COLONY FINL INC COM 19624R106 839 42,000 SH   DFND   42,000 0 0
COMCAST CORP NEW CL A 20030N101 9,181 203,500 SH   DFND 1 203,500 0 0
CONOCOPHILLIPS COM 20825C104 487 7,000 SH   DFND 1 7,000 0 0
CUSTOMERS BANCORP INC COM 23204G100 3,163 196,429 SH   DFND 1 196,429 0 0
CUSTOMERS BANCORP INC COM 23204G100 6,440 400,000 SH   DFND 2 400,000 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 1,009 42,804 SH   DFND 1 42,804 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 743 31,512 SH   DFND 2 31,512 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 159 6,732 SH   DFND   6,732 0 0
DIGITAL GENERATION INC COM 25400B108 233 18,054 SH   DFND 1 18,054 0 0
DOMTAR CORP COM NEW 257559203 215 2,705 SH   DFND 1 2,705 0 0
DU PONT E I DE NEMOURS & CO COM 263534109 322 5,500 SH   DFND 1 5,500 0 0
E M C CORP MASS COM 268648102 3,706 145,000 SH   DFND 1 145,000 0 0
E M C CORP MASS COM 268648102 5,112 200,000 SH   DFND 2 200,000 0 0
E M C CORP MASS COM 268648102 1,405 55,000 SH   DFND   55,000 0 0
EBIX INC COM NEW 278715206 200 20,170 SH   DFND 1 20,170 0 0
ELLINGTON FINANCIAL LLC COM 288522303 7,026 312,700 SH   DFND 1 312,700 0 0
ELLINGTON FINANCIAL LLC COM 288522303 15,755 701,153 SH   DFND 2 701,153 0 0
ELLINGTON FINANCIAL LLC COM 288522303 899 40,000 SH   DFND   40,000 0 0
EMPLOYERS HOLDINGS INC COM 292218104 213 7,172 SH   DFND 1 7,172 0 0
ENERSYS COM 29275Y102 236 3,899 SH   DFND 1 3,899 0 0
EXONE CO COM 302104104 199 4,655 SH   DFND 1 4,655 0 0
EXONE CO COM 302104104 368 8,630 SH   DFND 2 8,630 0 0
FIRST FINL BANCORP OH COM 320209109 3,517 231,867 SH   DFND 1 231,867 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 4,915 333,010 SH   DFND 1 333,010 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 4,915 333,010 SH   DFND 2 333,010 0 0
FLUSHING FINL CORP COM 343873105 225 12,194 SH   DFND 1 12,194 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 6,947 210,000 SH   DFND 1 210,000 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 2,976 90,000 SH   DFND   90,000 0 0
FULL HOUSE RESORTS INC COM 359678109 98 35,331 SH   DFND 1 35,331 0 0
FULL HOUSE RESORTS INC COM 359678109 88 31,617 SH   DFND 2 31,617 0 0
GENERAL ELECTRIC CO COM 369604103 11,945 500,000 SH   DFND 1 500,000 0 0
GENERAL MLS INC COM 370334104 719 15,000 SH   DFND 1 15,000 0 0
GENERAL MTRS CO COM 37045V100 1,277 35,500 SH   DFND 1 35,500 0 0
GENERAL MTRS CO COM 37045V100 1,277 35,500 SH   DFND 2 35,500 0 0
GLOBAL CASH ACCESS HLDGS INC COM 378967103 240 30,757 SH   DFND 1 30,757 0 0
HANMI FINL CORP COM NEW 410495204 1,747 105,413 SH   DFND 1 105,413 0 0
HANMI FINL CORP COM NEW 410495204 2,852 172,115 SH   DFND 2 172,115 0 0
HEWLETT PACKARD CO COM 428236103 8,632 411,250 SH   DFND 1 411,250 0 0
HEWLETT PACKARD CO COM 428236103 2,115 100,750 SH   DFND 2 100,750 0 0
HEWLETT PACKARD CO COM 428236103 1,217 58,000 SH   DFND   58,000 0 0
HOMESTREET INC COM 43785V102 1,544 80,000 SH   DFND 1 80,000 0 0
HOMESTREET INC COM 43785V102 4,632 240,000 SH   DFND 2 240,000 0 0
HOMESTREET INC COM 43785V102 3,088 160,000 SH   DFND   160,000 0 0
IBERIABANK CORP COM 450828108 229 4,405 SH   DFND 1 4,405 0 0
INDEXIQ ETF TR IQ GLB RES ETF 45409B883 279 9,861 SH   DFND 1 9,861 0 0
INFINITY PHARMACEUTICALS INC COM 45665G303 349 20,000 SH   DFND 1 20,000 0 0
INFINITY PHARMACEUTICALS INC COM 45665G303 349 20,000 SH   DFND 2 20,000 0 0
INSTEEL INDUSTRIES INC COM 45774W108 396 24,609 SH   DFND 1 24,609 0 0
INSTEEL INDUSTRIES INC COM 45774W108 358 22,216 SH   DFND 2 22,216 0 0
INTEL CORP COM 458140100 12,125 529,000 SH   DFND 1 529,000 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 1,244 80,800 SH   DFND 1 80,800 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 1,570 102,000 SH   DFND 2 102,000 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 322 20,900 SH   DFND   20,900 0 0
ISHARES MSCI EAFE ETF 464287465 476 7,464 SH   DFND 1 7,464 0 0
JPMORGAN CHASE & CO COM 46625H100 17,575 340,000 SH   DFND 1 340,000 0 0
JOHNSON & JOHNSON COM 478160104 15,535 179,200 SH   DFND 1 179,200 0 0
KELLOGG CO COM 487836108 12,853 218,850 SH   DFND 1 218,850 0 0
KEY ENERGY SVCS INC COM 492914106 223 30,619 SH   DFND 1 30,619 0 0
KOHLS CORP COM 500255104 15,526 300,000 SH   DFND 1 300,000 0 0
KOHLS CORP COM 500255104 1,036 20,000 SH   DFND   20,000 0 0
LTX-CREDENCE CORP COM NEW 502403207 230 34,976 SH   DFND 1 34,976 0 0
LEUCADIA NATL CORP COM 527288104 215 7,896 SH   DFND 1 7,896 0 0
LEUCADIA NATL CORP COM 527288104 227 8,315 SH   DFND 2 8,315 0 0
LEUCADIA NATL CORP COM 527288104 7 263 SH   DFND   263 0 0
LINCOLN NATL CORP IND COM 534187109 2,100 50,000 SH   DFND 1 50,000 0 0
LINCOLN NATL CORP IND COM 534187109 7,138 170,000 SH   DFND 2 170,000 0 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 2,375 91,631 SH   DFND   91,631 0 0
MFA FINL INC COM 55272X102 186 25,000 SH   DFND 1 25,000 0 0
MFA FINL INC COM 55272X102 186 25,000 SH   DFND   25,000 0 0
MYR GROUP INC DEL COM 55405W104 9,346 384,615 SH   DFND 1 384,615 0 0
MAGELLAN HEALTH SVCS INC COM NEW 559079207 234 3,907 SH   DFND 1 3,907 0 0
MANAGED HIGH YIELD PLUS FD I COM 561911108 20 10,000 SH   DFND 1 10,000 0 0
MARATHON OIL CORP COM 565849106 6,906 198,000 SH   DFND 2 198,000 0 0
MEADOWBROOK INS GROUP INC COM 58319P108 175 26,855 SH   DFND 1 26,855 0 0
MEDTRONIC INC COM 585055106 5,325 100,000 SH   DFND 1 100,000 0 0
MERCK & CO INC NEW COM 58933Y105 11,950 251,000 SH   DFND 1 251,000 0 0
MERCK & CO INC NEW COM 58933Y105 952 20,000 SH   DFND   20,000 0 0
METLIFE INC COM 59156R108 8,568 182,500 SH   DFND 1 182,500 0 0
METLIFE INC COM 59156R108 13,977 297,700 SH   DFND 2 297,700 0 0
MICROSOFT CORP COM 594918104 22,181 666,500 SH   DFND 1 666,500 0 0
MICROSEMI CORP COM 595137100 252 10,411 SH   DFND 1 10,411 0 0
MONDELEZ INTL INC CL A 609207105 7,015 223,250 SH   DFND 1 223,250 0 0
NATIONAL BK HLDGS CORP CL A 633707104 2,054 100,000 SH   DFND 1 100,000 0 0
NATIONAL BK HLDGS CORP CL A 633707104 3,081 150,000 SH   DFND 2 150,000 0 0
NATIONAL INTERSTATE CORP COM 63654U100 283,662 10,200,000 SH   DFND 1 10,200,000 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 5,289 350,000 SH   DFND 1 350,000 0 0
OMNICOM GROUP INC COM 681919106 3,616 57,000 SH   DFND 1 57,000 0 0
OMNICOM GROUP INC COM 681919106 825 13,000 SH   DFND   13,000 0 0
OMNICELL INC COM 68213N109 221 9,329 SH   DFND 1 9,329 0 0
OMEROS CORP COM 682143102 995 102,040 SH   DFND 1 102,040 0 0
OMEROS CORP COM 682143102 1,492 153,061 SH   DFND 2 153,061 0 0
ORBITAL SCIENCES CORP COM 685564106 262 12,378 SH   DFND 1 12,378 0 0
ORGANOVO HLDGS INC COM 68620A104 2,403 416,500 SH   DFND 1 416,500 0 0
ORGANOVO HLDGS INC COM 68620A104 4,847 840,000 SH   DFND 2 840,000 0 0
PNC FINL SVCS GROUP INC COM 693475105 3,604 49,750 SH   DFND 1 49,750 0 0
PNC FINL SVCS GROUP INC COM 693475105 4,365 60,250 SH   DFND   60,250 0 0
PEABODY ENERGY CORP COM 704549104 6,210 360,000 SH   DFND 1 360,000 0 0
PEABODY ENERGY CORP COM 704549104 4,659 270,000 SH   DFND   270,000 0 0
PEOPLES UNITED FINANCIAL INC COM 712704105 9,059 630,000 SH   DFND 1 630,000 0 0
PEPSICO INC COM 713448108 17,096 215,050 SH   DFND 1 215,050 0 0
PETROQUEST ENERGY INC COM 716748108 240 59,938 SH   DFND 1 59,938 0 0
PHARMACYCLICS INC COM 716933106 2,765 20,000 SH   DFND 2 20,000 0 0
PFIZER INC COM 717081103 12,007 418,000 SH   DFND 1 418,000 0 0
PFIZER INC COM 717081103 575 20,000 SH   DFND   20,000 0 0
PHILIP MORRIS INTL INC COM 718172109 563 6,500 SH   DFND 1 6,500 0 0
POWERSHARES ETF TRUST DYNAMIC MKT PT 73935X104 1,600 26,391 SH   DFND 1 26,391 0 0
POWERSHARES ETF TRUST HI YLD EQ DVDN 73935X302 331 29,947 SH   DFND 1 29,947 0 0
PROCTER & GAMBLE CO COM 742718109 6,001 79,391 SH   DFND 1 79,391 0 0
PRUDENTIAL FINL INC COM 744320102 6,590 84,500 SH   DFND 1 84,500 0 0
PRUDENTIAL FINL INC COM 744320102 13,997 179,500 SH   DFND 2 179,500 0 0
PRUDENTIAL FINL INC COM 744320102 1,638 21,000 SH   DFND   21,000 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 267 17,345 SH   DFND 1 17,345 0 0
RAYTHEON CO COM NEW 755111507 5,819 75,500 SH   DFND 1 75,500 0 0
REVENUESHARES ETF TR SMALL CAP FD 761396308 217 4,443 SH   DFND 1 4,443 0 0
REVOLUTION LIGHTING TECHNOLO COM 76155G107 5,449 2,136,752 SH   DFND 1 2,136,752 0 0
REVOLUTION LIGHTING TECHNOLO COM 76155G107 5,449 2,136,752 SH   DFND 2 2,136,752 0 0
REXFORD INDL RLTY INC COM 76169C100 608 45,000 SH   DFND 1 45,000 0 0
REXFORD INDL RLTY INC COM 76169C100 1,419 105,000 SH   DFND 2 105,000 0 0
RUDOLPH TECHNOLOGIES INC COM 781270103 205 17,986 SH   DFND 1 17,986 0 0
SOUTHWEST AIRLS CO COM 844741108 2,111 145,000 SH   DFND 2 145,000 0 0
STAPLES INC COM 855030102 3,663 250,000 SH   DFND 1 250,000 0 0
STARWOOD PPTY TR INC COM 85571B105 360 15,000 SH   DFND 1 15,000 0 0
STARWOOD PPTY TR INC COM 85571B105 360 15,000 SH   DFND   15,000 0 0
STEWART INFORMATION SVCS COR COM 860372101 262 8,187 SH   DFND 1 8,187 0 0
STONERIDGE INC COM 86183P102 178 16,507 SH   DFND 1 16,507 0 0
SYKES ENTERPRISES INC COM 871237103 186 10,392 SH   DFND 1 10,392 0 0
SYNAPTICS INC COM 87157D109 203 4,592 SH   DFND 1 4,592 0 0
SYSCO CORP COM 871829107 605 19,000 SH   DFND 1 19,000 0 0
TARGET CORP COM 87612E106 8,957 140,000 SH   DFND 1 140,000 0 0
TECK RESOURCES LTD CL B 878742204 1,989 74,100 SH   DFND 1 74,100 0 0
TECK RESOURCES LTD CL B 878742204 1,074 40,000 SH   DFND   40,000 0 0
THOMSON REUTERS CORP COM 884903105 630 18,000 SH   DFND 1 18,000 0 0
TORTOISE ENERGY CAP CORP COM 89147U100 815 25,800 SH   DFND 1 25,800 0 0
TORTOISE ENERGY CAP CORP COM 89147U100 2,712 85,900 SH   DFND 2 85,900 0 0
TWO HBRS INVT CORP COM 90187B101 2,816 290,000 SH   DFND 1 290,000 0 0
TWO HBRS INVT CORP COM 90187B101 8,583 884,000 SH   DFND 2 884,000 0 0
TWO HBRS INVT CORP COM 90187B101 4,380 451,000 SH   DFND   451,000 0 0
URS CORP NEW COM 903236107 268 4,994 SH   DFND 1 4,994 0 0
UNITED CONTL HLDGS INC COM 910047109 3,061 99,687 SH   DFND 1 99,687 0 0
UNITED CONTL HLDGS INC COM 910047109 3,297 107,336 SH   DFND 2 107,336 0 0
UNITED CONTL HLDGS INC COM 910047109 706 23,001 SH   DFND   23,001 0 0
VANGUARD INDEX FDS REIT ETF 922908553 310 4,694 SH   DFND 1 4,694 0 0
VERISK ANALYTICS INC CL A 92345Y106 12,095 186,191 SH   DFND 1 186,191 0 0
VIACOM INC NEW CL B 92553P201 5,850 70,000 SH   DFND   70,000 0 0
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 12,858 365,500 SH   DFND 2 365,500 0 0
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 3,325 94,500 SH   DFND   94,500 0 0
VOLTARI CORP COM NEW 92870X309 30 5,652 SH   DFND 1 5,652 0 0
VOLTARI CORP COM NEW 92870X309 45 8,478 SH   DFND 2 8,478 0 0
WABASH NATL CORP COM 929566107 263 22,547 SH   DFND 1 22,547 0 0
WAL-MART STORES INC COM 931142103 8,875 120,000 SH   DFND 1 120,000 0 0
WASTE MGMT INC DEL COM 94106L109 18,966 459,900 SH   DFND 1 459,900 0 0
WELLS FARGO & CO NEW COM 949746101 11,239 272,000 SH   DFND 1 272,000 0 0
WISCONSIN ENERGY CORP COM 976657106 646 16,000 SH   DFND 1 16,000 0 0