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 343 7,377 SH   DFND 1 7,377 0 0
EATON CORP PLC SHS G29183103 875 11,500 SH   DFND 1 11,500 0 0
ENSCO PLC SHS CLASS A G3157S106 600 10,500 SH   DFND 1 10,500 0 0
ACE LTD SHS H0023R105 6,522 63,000 SH   SOLE   63,000 0 0
AT&T INC COM 00206R102 721 20,500 SH   DFND 1 20,500 0 0
AZZ INC COM 002474104 234 4,788 SH   DFND 1 4,788 0 0
ABBVIE INC COM 00287Y109 481 9,100 SH   DFND 1 9,100 0 0
ALLIANCE RES PARTNER L P UT LTD PART 01877R108 1,085 14,090 SH   DFND 1 14,090 0 0
ALLIANCE RES PARTNER L P UT LTD PART 01877R108 3,936 51,119 SH   DFND 2 51,119 0 0
ALLIANCE RES PARTNER L P UT LTD PART 01877R108 1,919 24,927 SH   DFND   24,927 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 3,688 191,167 SH   DFND 1 191,167 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 6,379 330,666 SH   DFND 2 330,666 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 5,783 299,767 SH   DFND   299,767 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 7,005 401,185 SH   DFND 1 401,185 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 9,200 526,920 SH   DFND 2 526,920 0 0
AMERICAN CAP MTG INVT CORP COM 02504A104 5,339 305,795 SH   DFND   305,795 0 0
AMERICAN EQTY INVT LIFE HLD COM 025676206 353 13,394 SH   DFND 1 13,394 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 5,103 315,000 SH   DFND 1 315,000 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 9,720 600,000 SH   DFND 2 600,000 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 1,377 85,000 SH   DFND   85,000 0 0
AMERICAN RESIDENTIAL PPTYS I COM 02927E303 8,580 500,000 SH   DFND 2 500,000 0 0
ANNALY CAP MGMT INC COM 035710409 1,478 148,260 SH   DFND 2 148,260 0 0
ANWORTH MORTGAGE ASSET CP COM 037347101 2,855 678,200 SH   DFND 1 678,200 0 0
ANWORTH MORTGAGE ASSET CP COM 037347101 3,025 718,450 SH   DFND 2 718,450 0 0
ANWORTH MORTGAGE ASSET CP COM 037347101 3,203 760,802 SH   DFND   760,802 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 6,377 431,437 SH   DFND 1 431,437 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 4,037 273,157 SH   DFND 2 273,157 0 0
APOLLO RESIDENTIAL MTG INC COM 03763V102 2,867 194,000 SH   DFND   194,000 0 0
APPLE INC COM 037833100 12,903 23,000 SH   DFND 1 23,000 0 0
APPLE INC COM 037833100 11,613 20,700 SH   DFND 2 20,700 0 0
APPLE INC COM 037833100 1,290 2,300 SH   DFND   2,300 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 7,136 400,000 SH   DFND 1 400,000 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 7,136 400,000 SH   DFND 2 400,000 0 0
ARCH COAL INC COM 039380100 3,315 745,000 SH   DFND 1 745,000 0 0
ARCH COAL INC COM 039380100 490 110,000 SH   DFND   110,000 0 0
BP PLC SPONSORED ADR 055622104 4,010 82,500 SH   DFND 2 82,500 0 0
BP PLC SPONSORED ADR 055622104 2,187 45,000 SH   DFND   45,000 0 0
BANK OF AMERICA CORPORATION COM 060505104 10,325 663,120 SH   DFND 1 663,120 0 0
BANK OF AMERICA CORPORATION COM 060505104 1,222 78,480 SH   DFND   78,480 0 0
BASIC ENERGY SVCS INC NEW COM 06985P100 308 19,511 SH   DFND 1 19,511 0 0
BERKLEY W R CORP COM 084423102 5,077 117,000 SH   SOLE   117,000 0 0
BLDRS INDEX FDS TR EMER MK 50 ADR 09348R300 391 10,529 SH   DFND 1 10,529 0 0
CAI INTERNATIONAL INC COM 12477X106 243 10,316 SH   DFND 1 10,316 0 0
CYS INVTS INC COM 12673A108 8,199 1,106,500 SH   DFND 1 1,106,500 0 0
CYS INVTS INC COM 12673A108 8,655 1,168,000 SH   DFND 2 1,168,000 0 0
CYS INVTS INC COM 12673A108 8,562 1,155,500 SH   DFND   1,155,500 0 0
CAPITAL BK FINL CORP CL A COM 139794101 1,460 64,181 SH   DFND 1 64,181 0 0
CAPITAL BK FINL CORP CL A COM 139794101 2,227 97,900 SH   DFND 2 97,900 0 0
CAPITOL FED FINL INC COM 14057J101 436 36,000 SH   DFND 1 36,000 0 0
CARDINAL FINL CORP COM 14149F109 248 13,804 SH   DFND 1 13,804 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 588 16,500 SH   DFND 1 16,500 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 2,593 72,800 SH   DFND 2 72,800 0 0
CEDAR REALTY TRUST INC COM NEW 150602209 237 37,796 SH   DFND 1 37,796 0 0
CHEVRON CORP NEW COM 166764100 4,847 38,800 SH   DFND 1 38,800 0 0
CHUBB CORP COM 171232101 6,861 71,000 SH   SOLE   71,000 0 0
CISCO SYS INC COM 17275R102 2,467 110,000 SH   DFND 1 110,000 0 0
CISCO SYS INC COM 17275R102 5,608 250,000 SH   DFND 2 250,000 0 0
CITIGROUP INC COM NEW 172967424 10,683 205,000 SH   DFND 1 205,000 0 0
CITIGROUP INC COM NEW 172967424 5,211 100,000 SH   DFND 2 100,000 0 0
COACH INC COM 189754104 6,483 115,500 SH   DFND 1 115,500 0 0
COACH INC COM 189754104 7,269 129,500 SH   DFND   129,500 0 0
COLONY FINL INC COM 19624R106 568 28,000 SH   DFND 1 28,000 0 0
COLONY FINL INC COM 19624R106 852 42,000 SH   DFND   42,000 0 0
COMCAST CORP NEW CL A 20030N101 5,378 103,500 SH   DFND 1 103,500 0 0
CONOCOPHILLIPS COM 20825C104 495 7,000 SH   DFND 1 7,000 0 0
CORPORATE OFFICE PPTYS TR SH BEN INT 22002T108 264 11,159 SH   DFND 1 11,159 0 0
CUSTOMERS BANCORP INC COM 23204G100 4,019 196,429 SH   DFND 1 196,429 0 0
CUSTOMERS BANCORP INC COM 23204G100 8,184 400,000 SH   DFND 2 400,000 0 0
CYRUSONE INC COM 23283R100 238 10,643 SH   DFND 1 10,643 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 1,176 42,804 SH   DFND 1 42,804 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 866 31,512 SH   DFND 2 31,512 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 185 6,732 SH   DFND   6,732 0 0
DIGITAL GENERATION INC COM 25400B108 285 22,362 SH   DFND 1 22,362 0 0
DOMTAR CORP COM NEW 257559203 255 2,705 SH   DFND 1 2,705 0 0
DU PONT E I DE NEMOURS & CO COM 263534109 357 5,500 SH   DFND 1 5,500 0 0
E M C CORP MASS COM 268648102 4,904 195,000 SH   DFND 1 195,000 0 0
E M C CORP MASS COM 268648102 5,030 200,000 SH   DFND 2 200,000 0 0
E M C CORP MASS COM 268648102 1,383 55,000 SH   DFND   55,000 0 0
EBIX INC COM NEW 278715206 178 12,120 SH   DFND 1 12,120 0 0
ELLINGTON FINANCIAL LLC COM 288522303 7,089 312,700 SH   DFND 1 312,700 0 0
ELLINGTON FINANCIAL LLC COM 288522303 15,895 701,153 SH   DFND 2 701,153 0 0
ELLINGTON FINANCIAL LLC COM 288522303 907 40,000 SH   DFND   40,000 0 0
EMPLOYERS HOLDINGS INC COM 292218104 227 7,172 SH   DFND 1 7,172 0 0
ENERSYS COM 29275Y102 273 3,899 SH   DFND 1 3,899 0 0
FIRST FINL BANCORP OH COM 320209109 4,041 231,867 SH   DFND 1 231,867 0 0
FIRSTMERIT CORP COM 337915102 213 9,578 SH   DFND 1 9,578 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 6,534 333,010 SH   DFND 1 333,010 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 6,534 333,010 SH   DFND 2 333,010 0 0
FLUSHING FINL CORP COM 343873105 252 12,194 SH   DFND 1 12,194 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 7,925 210,000 SH   DFND 1 210,000 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 3,397 90,000 SH   DFND   90,000 0 0
FULL HOUSE RESORTS INC COM 359678109 99 35,331 SH   DFND 1 35,331 0 0
FULL HOUSE RESORTS INC COM 359678109 89 31,617 SH   DFND 2 31,617 0 0
GENERAL ELECTRIC CO COM 369604103 14,015 500,000 SH   DFND 1 500,000 0 0
GENERAL MLS INC COM 370334104 749 15,000 SH   DFND 1 15,000 0 0
GLOBAL CASH ACCESS HLDGS INC COM 378967103 154 15,413 SH   DFND 1 15,413 0 0
HEWLETT PACKARD CO COM 428236103 11,507 411,250 SH   DFND 1 411,250 0 0
HEWLETT PACKARD CO COM 428236103 2,819 100,750 SH   DFND 2 100,750 0 0
HEWLETT PACKARD CO COM 428236103 1,623 58,000 SH   DFND   58,000 0 0
HOMESTREET INC COM 43785V102 1,600 80,000 SH   DFND 1 80,000 0 0
HOMESTREET INC COM 43785V102 4,800 240,000 SH   DFND 2 240,000 0 0
HOMESTREET INC COM 43785V102 3,200 160,000 SH   DFND   160,000 0 0
IBERIABANK CORP COM 450828108 277 4,405 SH   DFND 1 4,405 0 0
INDEXIQ ETF TR IQ GLB RES ETF 45409B883 280 9,861 SH   DFND 1 9,861 0 0
INFINITY PHARMACEUTICALS INC COM 45665G303 276 20,000 SH   DFND 1 20,000 0 0
INFINITY PHARMACEUTICALS INC COM 45665G303 276 20,000 SH   DFND 2 20,000 0 0
INSTEEL INDUSTRIES INC COM 45774W108 559 24,609 SH   DFND 1 24,609 0 0
INSTEEL INDUSTRIES INC COM 45774W108 505 22,216 SH   DFND 2 22,216 0 0
INTEL CORP COM 458140100 13,730 529,000 SH   DFND 1 529,000 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 1,186 80,800 SH   DFND 1 80,800 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 1,497 102,000 SH   DFND 2 102,000 0 0
INVESCO MORTGAGE CAPITAL INC COM 46131B100 307 20,900 SH   DFND   20,900 0 0
ISHARES MSCI EAFE ETF 464287465 501 7,464 SH   DFND 1 7,464 0 0
JPMORGAN CHASE & CO COM 46625H100 15,205 260,000 SH   DFND 1 260,000 0 0
JOHNSON & JOHNSON COM 478160104 8,628 94,200 SH   DFND 1 94,200 0 0
KELLOGG CO COM 487836108 13,365 218,850 SH   DFND 1 218,850 0 0
KEY ENERGY SVCS INC COM 492914106 133 16,895 SH   DFND 1 16,895 0 0
KOHLS CORP COM 500255104 17,025 300,000 SH   DFND 1 300,000 0 0
KOHLS CORP COM 500255104 1,135 20,000 SH   DFND   20,000 0 0
LCNB CORP COM 50181P100 2,042 114,285 SH   DFND 1 114,285 0 0
LTX-CREDENCE CORP COM NEW 502403207 257 32,188 SH   DFND 1 32,188 0 0
LEUCADIA NATL CORP COM 527288104 224 7,896 SH   DFND 1 7,896 0 0
LEUCADIA NATL CORP COM 527288104 236 8,315 SH   DFND 2 8,315 0 0
LEUCADIA NATL CORP COM 527288104 7 263 SH   DFND   263 0 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 2,821 91,631 SH   DFND   91,631 0 0
MFA FINL INC COM 55272X102 177 25,000 SH   DFND 1 25,000 0 0
MFA FINL INC COM 55272X102 177 25,000 SH   DFND   25,000 0 0
MYR GROUP INC DEL COM 55405W104 9,646 384,615 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 6,989 198,000 SH   DFND 2 198,000 0 0
MEADOWBROOK INS GROUP INC COM 58319P108 229 32,873 SH   DFND 1 32,873 0 0
MEDTRONIC INC COM 585055106 5,739 100,000 SH   DFND 1 100,000 0 0
MERCK & CO INC NEW COM 58933Y105 12,563 251,000 SH   DFND 1 251,000 0 0
MERCK & CO INC NEW COM 58933Y105 1,001 20,000 SH   DFND   20,000 0 0
METLIFE INC COM 59156R108 5,904 109,500 SH   DFND 1 109,500 0 0
METLIFE INC COM 59156R108 6,508 120,700 SH   DFND 2 120,700 0 0
MICROSOFT CORP COM 594918104 16,704 446,500 SH   DFND 1 446,500 0 0
MICROSEMI CORP COM 595137100 260 10,411 SH   DFND 1 10,411 0 0
MONDELEZ INTL INC CL A 609207105 7,881 223,250 SH   DFND 1 223,250 0 0
NMI HLDGS INC CL A 629209305 5,512 433,000 SH   DFND 1 433,000 0 0
NMI HLDGS INC CL A 629209305 11,037 867,000 SH   DFND 2 867,000 0 0
NATIONAL BK HLDGS CORP CL A 633707104 931 43,500 SH   DFND 1 43,500 0 0
NATIONAL BK HLDGS CORP CL A 633707104 1,400 65,400 SH   DFND 2 65,400 0 0
NATIONAL INTERSTATE CORP COM 63654U100 234,600 10,200,000 SH   DFND 1 10,200,000 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 5,898 350,000 SH   DFND 1 350,000 0 0
OMNICELL INC COM 68213N109 238 9,329 SH   DFND 1 9,329 0 0
OMEROS CORP COM 682143102 1,152 102,040 SH   DFND 1 102,040 0 0
OMEROS CORP COM 682143102 1,728 153,061 SH   DFND 2 153,061 0 0
ORBITAL SCIENCES CORP COM 685564106 288 12,378 SH   DFND 1 12,378 0 0
ORGANOVO HLDGS INC COM 68620A104 1,013 91,500 SH   DFND 1 91,500 0 0
ORGANOVO HLDGS INC COM 68620A104 1,771 160,000 SH   DFND 2 160,000 0 0
PNC FINL SVCS GROUP INC COM 693475105 3,860 49,750 SH   DFND 1 49,750 0 0
PNC FINL SVCS GROUP INC COM 693475105 4,674 60,250 SH   DFND   60,250 0 0
PEABODY ENERGY CORP COM 704549104 7,031 360,000 SH   DFND 1 360,000 0 0
PEABODY ENERGY CORP COM 704549104 5,273 270,000 SH   DFND   270,000 0 0
PEOPLES UNITED FINANCIAL INC COM 712704105 9,526 630,000 SH   DFND 1 630,000 0 0
PEPSICO INC COM 713448108 17,836 215,050 SH   DFND 1 215,050 0 0
PETROQUEST ENERGY INC COM 716748108 292 67,534 SH   DFND 1 67,534 0 0
PHARMACYCLICS INC COM 716933106 2,116 20,000 SH   DFND 2 20,000 0 0
PFIZER INC COM 717081103 12,803 418,000 SH   DFND 1 418,000 0 0
PFIZER INC COM 717081103 613 20,000 SH   DFND   20,000 0 0
PHILIP MORRIS INTL INC COM 718172109 566 6,500 SH   DFND 1 6,500 0 0
POWERSHARES ETF TRUST DYNAMIC MKT PT 73935X104 1,801 26,391 SH   DFND 1 26,391 0 0
POWERSHARES ETF TRUST HI YLD EQ DVDN 73935X302 355 29,947 SH   DFND 1 29,947 0 0
PREMIERE GLOBAL SVCS INC COM 740585104 243 20,924 SH   DFND 1 20,924 0 0
PROCTER & GAMBLE CO COM 742718109 6,463 79,391 SH   DFND 1 79,391 0 0
PRUDENTIAL FINL INC COM 744320102 7,793 84,500 SH   DFND 1 84,500 0 0
PRUDENTIAL FINL INC COM 744320102 1,937 21,000 SH   DFND   21,000 0 0
RF MICRODEVICES INC COM 749941100 149 28,967 SH   DFND 1 28,967 0 0
RAMCO-GERSHENSON PPTYS TR COM SH BEN INT 751452202 273 17,345 SH   DFND 1 17,345 0 0
REVENUESHARES ETF TR SMALL CAP FD 761396308 239 4,443 SH   DFND 1 4,443 0 0
REVOLUTION LIGHTING TECHNOLO COM 76155G107 7,147 2,086,752 SH   DFND 1 2,086,752 0 0
REVOLUTION LIGHTING TECHNOLO COM 76155G107 7,147 2,086,752 SH   DFND 2 2,086,752 0 0
REXFORD INDL RLTY INC COM 76169C100 594 45,000 SH   DFND 1 45,000 0 0
REXFORD INDL RLTY INC COM 76169C100 1,386 105,000 SH   DFND 2 105,000 0 0
RUDOLPH TECHNOLOGIES INC COM 781270103 244 20,778 SH   DFND 1 20,778 0 0
STAPLES INC COM 855030102 3,973 250,000 SH   DFND 1 250,000 0 0
STARWOOD PPTY TR INC COM 85571B105 416 15,000 SH   DFND 1 15,000 0 0
STARWOOD PPTY TR INC COM 85571B105 416 15,000 SH   DFND   15,000 0 0
STEWART INFORMATION SVCS COR COM 860372101 264 8,187 SH   DFND 1 8,187 0 0
STONEGATE MTG CORP COM 86181Q300 5,786 350,000 SH   DFND 1 350,000 0 0
STONEGATE MTG CORP COM 86181Q300 5,207 315,000 SH   DFND 2 315,000 0 0
STONEGATE MTG CORP COM 86181Q300 579 35,000 SH   DFND   35,000 0 0
STONERIDGE INC COM 86183P102 210 16,507 SH   DFND 1 16,507 0 0
SYKES ENTERPRISES INC COM 871237103 227 10,392 SH   DFND 1 10,392 0 0
SYNAPTICS INC COM 87157D109 263 5,076 SH   DFND 1 5,076 0 0
SYSCO CORP COM 871829107 686 19,000 SH   DFND 1 19,000 0 0
TARGET CORP COM 87612E106 8,858 140,000 SH   DFND 1 140,000 0 0
TECK RESOURCES LTD CL B 878742204 1,927 74,100 SH   DFND 1 74,100 0 0
TECK RESOURCES LTD CL B 878742204 1,040 40,000 SH   DFND   40,000 0 0
THOMSON REUTERS CORP COM 884903105 681 18,000 SH   DFND 1 18,000 0 0
TORTOISE ENERGY CAP CORP COM 89147U100 842 25,800 SH   DFND 1 25,800 0 0
TORTOISE ENERGY CAP CORP COM 89147U100 2,805 85,900 SH   DFND 2 85,900 0 0
TWO HBRS INVT CORP COM 90187B101 4,269 460,000 SH   DFND 1 460,000 0 0
TWO HBRS INVT CORP COM 90187B101 14,421 1,554,000 SH   DFND 2 1,554,000 0 0
TWO HBRS INVT CORP COM 90187B101 5,670 611,000 SH   DFND   611,000 0 0
URS CORP NEW COM 903236107 265 4,994 SH   DFND 1 4,994 0 0
UNITED CONTL HLDGS INC COM 910047109 2,144 56,687 SH   DFND 1 56,687 0 0
UNITED CONTL HLDGS INC COM 910047109 2,283 60,336 SH   DFND 2 60,336 0 0
UNITED CONTL HLDGS INC COM 910047109 492 13,001 SH   DFND   13,001 0 0
VANGUARD INDEX FDS REIT ETF 922908553 303 4,694 SH   DFND 1 4,694 0 0
VERISK ANALYTICS INC CL A 92345Y106 12,236 186,191 SH   DFND 1 186,191 0 0
VIACOM INC NEW CL B 92553P201 6,114 70,000 SH   DFND   70,000 0 0
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 5,130 130,500 SH   DFND 2 130,500 0 0
VODAFONE GROUP PLC NEW SPONS ADR NEW 92857W209 3,715 94,500 SH   DFND   94,500 0 0
VOLTARI CORP COM NEW 92870X309 19 5,652 SH   DFND 1 5,652 0 0
VOLTARI CORP COM NEW 92870X309 29 8,478 SH   DFND 2 8,478 0 0
WABASH NATL CORP COM 929566107 278 22,547 SH   DFND 1 22,547 0 0
WAL-MART STORES INC COM 931142103 9,443 120,000 SH   DFND 1 120,000 0 0
WELLS FARGO & CO NEW COM 949746101 12,349 272,000 SH   DFND 1 272,000 0 0
WISCONSIN ENERGY CORP COM 976657106 661 16,000 SH   DFND 1 16,000 0 0