SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934

                         LUMINENT MORTGAGE CAPITAL, INC.
              -----------------------------------------------------
                                (Name of Issuer)

                                  Common Stock
              -----------------------------------------------------
                         (Title of Class of Securities)

                                    550278303
              -----------------------------------------------------
                                 (CUSIP Number)

                                December 31, 2003
              -----------------------------------------------------
             (Date of Event Which Requires Filing of This Statement)

         Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:

        [x] Rule 13d-1(b)

        [x] Rule 13d-1(c)

        [ ] Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).



CUSIP No. 550278303

   1.   NAME OF REPORTING PERSON(S)
             Eubel Brady & Suttman Asset Management, Inc.
-------------------------------------------------------------------------------
   2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                  (a)  [ ]
                                                                  (b)  [X]
-------------------------------------------------------------------------------
   3.   SEC USE ONLY
-------------------------------------------------------------------------------
   4.   CITIZENSHIP OR PLACE OF ORGANIZATION
             Delaware
-------------------------------------------------------------------------------
   NUMBER OF      5.   SOLE VOTING POWER
     SHARES              0
  BENEFICIALLY    -------------------------------------------------------------
    OWNED BY      6.   SHARED VOTING POWER
      EACH                 1,716,170
   REPORTING      -------------------------------------------------------------
     PERSON       7.   SOLE DISPOSITIVE POWER
      WITH               0
                  -------------------------------------------------------------
                  8.   SHARED DISPOSITIVE POWER
                           1,716,170
-------------------------------------------------------------------------------
   9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
             1,716,170
-------------------------------------------------------------------------------
  10.   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
-------------------------------------------------------------------------------
  11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
             7.43%
-------------------------------------------------------------------------------
  12.   TYPE OF REPORTING PERSON*
             IA, CO

CUSIP No. 550278303

   1.   NAME OF REPORTING PERSON(S)
             Ronald L. Eubel
-------------------------------------------------------------------------------
   2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                  (a)  [ ]
                                                                  (b)  [X]
-------------------------------------------------------------------------------
   3.   SEC USE ONLY
-------------------------------------------------------------------------------
   4.   CITIZENSHIP OR PLACE OF ORGANIZATION
             United States of America
-------------------------------------------------------------------------------
   NUMBER OF      5.   SOLE VOTING POWER
     SHARES              460
  BENEFICIALLY    -------------------------------------------------------------



    OWNED BY      6.   SHARED VOTING POWER
      EACH                 1,744,070
   REPORTING      -------------------------------------------------------------
     PERSON       7.   SOLE DISPOSITIVE POWER
      WITH               460
                  -------------------------------------------------------------
                  8.   SHARED DISPOSITIVE POWER
                           1,744,070
-------------------------------------------------------------------------------
   9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
             1,744,530
-------------------------------------------------------------------------------
  10.   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
-------------------------------------------------------------------------------
  11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
             7.55%
-------------------------------------------------------------------------------
  12.   TYPE OF REPORTING PERSON*
             IN

CUSIP No. 550278303

   1.   NAME OF REPORTING PERSON(S)
             Mark E. Brady
-------------------------------------------------------------------------------
   2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                  (a)  [ ]
                                                                  (b)  [X]
-------------------------------------------------------------------------------
   3.   SEC USE ONLY
-------------------------------------------------------------------------------
   4.   CITIZENSHIP OR PLACE OF ORGANIZATION
             United States of America
-------------------------------------------------------------------------------
   NUMBER OF      5.   SOLE VOTING POWER
     SHARES              0
  BENEFICIALLY    -------------------------------------------------------------
    OWNED BY      6.   SHARED VOTING POWER
      EACH                 1,744,070
   REPORTING      -------------------------------------------------------------
     PERSON       7.   SOLE DISPOSITIVE POWER
      WITH               0
                  -------------------------------------------------------------
                  8.   SHARED DISPOSITIVE POWER
                           1,744,070
-------------------------------------------------------------------------------
   9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
             1,744,070
-------------------------------------------------------------------------------
  10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
-------------------------------------------------------------------------------
  11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
             7.55%
-------------------------------------------------------------------------------
  12.  TYPE OF REPORTING PERSON*
             IN



CUSIP No. 550278303

   1.   NAME OF REPORTING PERSON(S)
             Robert J. Suttman
-------------------------------------------------------------------------------
   2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                  (a)  [ ]
                                                                  (b)  [X]
-------------------------------------------------------------------------------
   3.   SEC USE ONLY
-------------------------------------------------------------------------------
   4.   CITIZENSHIP OR PLACE OF ORGANIZATION
             United States of America
-------------------------------------------------------------------------------
   NUMBER OF      5.   SOLE VOTING POWER
     SHARES              0
  BENEFICIALLY    -------------------------------------------------------------
    OWNED BY      6.   SHARED VOTING POWER
      EACH                 1,744,070
   REPORTING      -------------------------------------------------------------
     PERSON       7.   SOLE DISPOSITIVE POWER
      WITH               0
                  -------------------------------------------------------------
                  8.   SHARED DISPOSITIVE POWER
                           1,744,070
-------------------------------------------------------------------------------
   9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
             1,744,070
-------------------------------------------------------------------------------
  10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
-------------------------------------------------------------------------------
  11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
             7.55%
-------------------------------------------------------------------------------
  12.  TYPE OF REPORTING PERSON*
                  IN

CUSIP No. 550278303

   1.   NAME OF REPORTING PERSON(S)
                  William E. Hazel
-------------------------------------------------------------------------------
   2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                  (a)  [ ]
                                                                  (b)  [X]
-------------------------------------------------------------------------------
   3.   SEC USE ONLY
-------------------------------------------------------------------------------
   4.   CITIZENSHIP OR PLACE OF ORGANIZATION
             United States of America
-------------------------------------------------------------------------------
   NUMBER OF      5.   SOLE VOTING POWER
     SHARES              0
  BENEFICIALLY    -------------------------------------------------------------
    OWNED BY      6.   SHARED VOTING POWER
      EACH                 1,744,070



   REPORTING      -------------------------------------------------------------
     PERSON       7.   SOLE DISPOSITIVE POWER
      WITH               0
                  -------------------------------------------------------------
                  8.   SHARED DISPOSITIVE POWER
                           1,744,070
-------------------------------------------------------------------------------
   9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
             1,744,070
-------------------------------------------------------------------------------
  10.   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
-------------------------------------------------------------------------------
  11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
             7.55%
-------------------------------------------------------------------------------
  12.   TYPE OF REPORTING PERSON*
             IN

CUSIP No. 550278303

   1.   NAME OF REPORTING PERSON(S)
             Bernard J. Holtgreive
-------------------------------------------------------------------------------
   2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                  (a)  [ ]
                                                                  (b)  [X]
-------------------------------------------------------------------------------
   3.  SEC USE ONLY
-------------------------------------------------------------------------------
   4.  CITIZENSHIP OR PLACE OF ORGANIZATION
             United States of America
-------------------------------------------------------------------------------
   NUMBER OF      5.   SOLE VOTING POWER
     SHARES              0
  BENEFICIALLY    -------------------------------------------------------------
    OWNED BY      6.   SHARED VOTING POWER
      EACH                 1,744,070
   REPORTING      -------------------------------------------------------------
     PERSON       7.   SOLE DISPOSITIVE POWER
      WITH               0
                  -------------------------------------------------------------
                  8.   SHARED DISPOSITIVE POWER
                           1,744,070
-------------------------------------------------------------------------------
   9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
             1,744,070
-------------------------------------------------------------------------------
  10.   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
-------------------------------------------------------------------------------
  11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
             7.55%
-------------------------------------------------------------------------------
  12.   TYPE OF REPORTING PERSON*
             IN



Item 1.           (a)      Name of Issuer:
                                    Luminent Mortgage Capital, Inc.
                           ----------------------------------------------------
                  (b)      Address of Issuer's Principal Executive Offices:

                                    909 Montgomery Street, Suite 500
                                    San Francisco, CA  94133
                           ----------------------------------------------------
Item 2.           (a)      Name of Person Filing:
                                    Eubel Brady & Suttman Asset Management, Inc.
                                      ("EBS")
                                    Ronald L. Eubel*
                                    Mark E. Brady*
                                    Robert J. Suttman*
                                    William E. Hazel*
                                    Bernard J. Holtgreive*

                                    *These individuals may, as a result of their
                           ownership in and positions with EBS and other
                           affiliated entities, be deemed to be indirect
                           beneficial owners of the equity securities held by
                           EBS and one affiliated entity, EBS Partners, LP. The
                           filing of this statement shall not be deemed an
                           admission by Ronald L. Eubel, Mark E. Brady, Robert
                           J. Suttman, William E. Hazel or Bernard J. Holtgreive
                           that any of them beneficially own the securities for
                           which they report shared dispositive power and shared
                           voting power, regardless of whether they are acting
                           in concert or acting severally.
                           ----------------------------------------------------
                  (b)      Address of Principal Business Office, or if None,
                           Residence:
                                    7777 Washington Village Drive
                                    Suite 210
                                    Dayton, OH 45459
                           ----------------------------------------------------
                  (c)      Citizenship:
                                    Eubel Brady & Suttman Asset Management,
                                    Inc. - Delaware corporation
                                    Ronald L. Eubel, Mark E. Brady, Robert J.
                                    Suttman, William E. Hazel and Bernard J.
                                    Holtgreive - United States citizens
                           ----------------------------------------------------
                  (d)      Title of Class of Securities:
                                    Common Stock
                           ----------------------------------------------------
                  (e)      CUSIP Number:
                                    550278303
                           ----------------------------------------------------

Item 3.

(e)  (x)          Investment Adviser registered under Section 203 of the
                  Investment Advisers Act of 1940
If this statement is filed pursuant to Rule 13d-1(c), check this box (x)

Item 4.           Ownership.

        (a) Amount Beneficially Owned



                  Eubel Brady & Suttman Asset Management, Inc., 1,716,170
                  shares. Messrs. Eubel, Brady, Suttman, Hazel and Holtgreive
                  may, as a result of their ownership in and positions with EBS
                  and other affiliated entities, be deemed to be indirect
                  beneficial owners of the 1,744,530 shares held by EBS and one
                  affiliated entity, EBS Partners, LP. Mr. Eubel is the
                  beneficial owner of an additional 460 shares.

        (b) Percent of Class

                  Eubel Brady & Suttman Asset Management, Inc. 7.43%
                  Ronald L. Eubel                              7.55%
                  Messrs. Brady, Suttman, Hazel and Holtgreive 7.55%

        (c) Number of Shares as to which the Person has:

                  (i)  Sole power to vote or direct the vote
                           460 (Mr. Eubel only)

                  (ii)     Shared power to vote or direct the vote
                           1,744,530 (Messrs. Eubel, Brady, Suttman, Hazel and
                           Holtgreive)
                           1,716,170 (EBS)

                  (iii)    Sole power to dispose or to direct the disposition of
                           460 (Mr. Eubel only)

                  (iv) Shared power to dispose or to direct the disposition of
                           1,744,530 (Messrs. Eubel, Brady, Suttman, Hazel and
                           Holtgreive)
                           1,716,170 (EBS)

Item 5.           Ownership of Five Percent or Less of a Class.

                  Inapplicable

Item 6.           Ownership of More Than Five Percent on Behalf of Another
                  Person.

                  Inapplicable

Item 7.           Identification and Classification of the Subsidiary Which
                  Acquired the Security Being Reported on By the Parent Holding
                  Company or Control Person.

                  Inapplicable

Item 8.           Identification and Classification of Members of the Group.

                  Inapplicable

Item 9.           Notice of Dissolution of Group.

                  Inapplicable



Item 10.          Certification.

         With respect to Eubel Brady & Suttman Asset Management, Inc.:

         Certification for Rule 13d-1(b): By signing below, I certify that, to
the best of my knowledge and belief, the securities referred to above were
acquired and are held in the ordinary course of business and were not acquired
and are not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not acquired
and are not held in connection with or as a participant in any transaction
having that purpose or effect.

         With respect to Ronald L. Eubel, Mark E. Brady, Robert J. Suttman,
William E. Hazel and Bernard J. Holtgreive:

         Certification for Rule 13d-1(c): By signing below, I certify that, to
the best of my knowledge and belief, the securities referred to above were not
acquired and are not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were not acquired
and are not held in connection with or as a participant in any transaction
having that purpose or effect.

                                   SIGNATURES

         With respect to all reporting persons: After reasonable inquiry and to
the best of my knowledge and belief, I certify that the information set forth in
this statement is true, complete and correct.

Date: February 13, 2004

             EUBEL BRADY & SUTTMAN ASSET MANAGEMENT, INC.
Signature:   /s/ RONALD L. EUBEL
             -----------------------------------------------------------------
             By:  Ronald L. Eubel
             Title: Chief Executive Officer


Signature:   /s/ RONALD L. EUBEL
             -----------------------------------------------------------------
Name/Title   Ronald L. Eubel

Signature:   /s/ MARK E. BRADY
             -----------------------------------------------------------------
Name/Title   Mark E. Brady

Signature:   /s/ ROBERT J. SUTTMAN
             -----------------------------------------------------------------
Name/Title   Robert J. Suttman

Signature:   /s/ WILLIAM E. HAZEL
             -----------------------------------------------------------------
Name/Title   William E. Hazel

Signature:   /s/ BERNARD J. HOLTGREIVE
             -----------------------------------------------------------------
Name/Title   Bernard J. Holtgreive



*        Attention. Intentional misstatements or omissions of fact constitute
         federal criminal violations (see 18 U.S.C. 1001).

                                    AGREEMENT

         The undersigned agree that this Schedule 13G dated February 13, 2004
relating to the Common Stock of Luminent Mortgage Capital, Inc. shall be filed
on behalf of the undersigned.

                                    /s/ EUBEL BRADY & SUTTMAN ASSET
                                          MANAGEMENT, INC.
                                          By:  /s/ RONALD L. EUBEL
                                               ---------------------------------
                                          By:  Ronald L. Eubel
                                          Title: Chief Executive Officer

                                          /s/  RONALD L. EUBEL
                                               --------------------------------
                                               Ronald L. Eubel

                                          /s/  MARK E. BRADY
                                               --------------------------------
                                               Mark E. Brady

                                          /s/  ROBERT J. SUTTMAN
                                               --------------------------------
                                               Robert J. Suttman

                                          /s/  WILLIAM E. HAZEL
                                               --------------------------------
                                               William E. Hazel

                                          /s/  BERNARD J. HOLTGREIVE
                                               --------------------------------
                                               Bernard J. Holtgreive