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
1ST SOURCE CORP COM 336901103 2,652 83,300 SH   SOLE   83,300 0 0
ACCESS NATL CORP COM 004337101 1,388 70,000 SH   SOLE   70,000 0 0
AFFILIATED MANAGERS GROUP COM 008252108 3,735 23,000 SH   SOLE   23,000 0 0
AJS BANCORP INC. COM 001503101 2,106 140,400 SH   SOLE   140,400 0 0
AMERICAN CAPITAL AGENCY CORP COM 02503X105 932 50,000 SH   SOLE   50,000 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 12,748 801,750 SH   SOLE   801,750 0 0
AMERICAN RIVER BANKSHARES COM 029326105 7,032 692,100 SH   SOLE   692,100 0 0
AMERIS BANCORP COM 03076K108 14,090 476,339 SH   SOLE   476,339 0 0
AMES NATL CORP COM 031001100 908 36,683 SH   SOLE   36,683 0 0
ASSOCIATED BANC CORP COM 045487105 2,512 140,000 SH   SOLE   140,000 0 0
ASTORIA FINL CORP COM 046265104 792 50,000 SH   SOLE   50,000 0 0
AVIDBANK HOLDINGS INC COM 05368J103 1,685 120,353 SH   SOLE   120,353 0 0
B RILEY FINL INC COM 05580M108 8 746 SH   SOLE   746 0 0
BANCFIRST CORP COM 05945F103 5,903 103,500 SH   SOLE   103,500 0 0
BANK AMER CORP COM 060505104 10,546 780,000 SH   SOLE   780,000 0 0
BANK COMM HLDGS COM 06424J103 1,157 182,200 SH   SOLE   182,200 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 2,506 214,000 SH   SOLE   214,000 0 0
BAY BANKS OF VIRGINIA INC COM 072035108 2,652 472,700 SH   SOLE   472,700 0 0
BNCCORP, Inc. COM 055936108 532 35,455 SH   SOLE   35,455 0 0
BOSTON PRIVATE FINL HLDGS IN COM 101119105 11,278 985,000 SH   SOLE   985,000 0 0
BRIDGE BANCORP INC COM 108035106 5,439 178,500 SH   SOLE   178,500 0 0
BRYN MAWR BK CORP COM 117665109 1,119 43,500 SH   SOLE   43,500 0 0
C1 FINL INC COM 12591N109 4,235 175,000 SH   SOLE   175,000 0 0
CARDINAL FINL CORP COM 14149F109 6,007 295,200 SH   SOLE   295,200 0 0
CAROLINA FINL CORP NEW COM 143873107 2,890 155,700 SH   SOLE   155,700 0 0
CARROLL BANCORP INC WARRANT 144702107 0 12,169 SH   SOLE   12,169 0 0
CENTERSTATE BANKS INC COM 15201P109 7,743 520,000 SH   SOLE   520,000 0 0
CENTRAL FEDERAL BANCSHARES INC COM 15346T107 1,538 144,000 SH   SOLE   144,000 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 11,657 299,600 SH   SOLE   299,600 0 0
CHEMUNG FINL CORP COM 164024101 87 3,293 SH   SOLE   3,293 0 0
CHEVIOT FINL CORP NEW COM 16677X105 2,086 142,000 SH   SOLE   142,000 0 0
CHICOPEE BANCORP INC COM 168565109 4,126 233,900 SH   SOLE   233,900 0 0
CITIGROUP INC COM NEW 172967424 22,963 550,000 SH   SOLE   550,000 0 0
CITIZENS FINL GROUP INC COM 174610105 8,066 385,000 SH   SOLE   385,000 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 103 10,000 SH   SOLE   10,000 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 3,776 109,450 SH   SOLE   109,450 0 0
CNB FINL CORP PA COM 126128107 3,625 206,100 SH   SOLE   206,100 0 0
COASTWAY BANCORP INC COM 190632109 5,740 458,099 SH   SOLE   458,099 0 0
COBIZ FINANCIAL INC COM 190897108 3,428 290,000 SH   SOLE   290,000 0 0
CODORUS VY BANCORP INC COM 192025104 869 42,959 SH   SOLE   42,959 0 0
Colonial Bancgroup Inc. 6.375% Due 12/1/2015 Bond 195556AA3 0 3,952,000 SH   SOLE   3,952,000 0 0
COLONY STARWOOD HOMES COM 19625X102 1,238 50,000 SH   SOLE   50,000 0 0
COMERICA INC COM 200340107 15,337 405,000 SH   SOLE   405,000 0 0
COMMUNITY BANKERS TR CORP COM 203612106 875 175,000 SH   SOLE   175,000 0 0
COMMUNITY TR BANCORP INC COM 204149108 3,355 95,000 SH   SOLE   95,000 0 0
COMMUNITY WEST BANCSHARES COM 204157101 1,530 225,000 SH   SOLE   225,000 0 0
D R HORTON INC COM 23331A109 1,209 40,000 SH   SOLE   40,000 0 0
DCB Financial Corp COM 233075100 1,907 280,000 SH   SOLE   280,000 0 0
DIME CMNTY BANCSHARES COM 253922108 7,679 435,800 SH   SOLE   435,800 0 0
DNB FINL CORP COM 233237106 1,677 58,801 SH   SOLE   58,801 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 2,204 90,000 SH   SOLE   90,000 0 0
EAGLE BANCORP INC MD COM 268948106 9,418 196,200 SH   SOLE   196,200 0 0
Eagle Bancorp Inc. - Warrant $6.7636 Exp 12/05/2018 WARRANT 2699929B1 17,523 423,977 SH   SOLE   423,977 0 0
EAGLE BANCORP MONT INC COM 26942G100 255 21,000 SH   SOLE   21,000 0 0
EQUITABLE FINL CORP NEW COM 29448T105 2,292 277,158 SH   SOLE   277,158 0 0
ESSA BANCORP INC COM 29667D104 4,722 350,000 SH   SOLE   350,000 0 0
EVANS BANCORP INC COM NEW 29911Q208 6,838 280,239 SH   SOLE   280,239 0 0
EVERBANK FINL CORP COM 29977G102 5,131 340,000 SH   SOLE   340,000 0 0
FARMERS CAP BK CORP COM 309562106 528 20,000 SH   SOLE   20,000 0 0
FC HOLDINGS INC Equity 993029941 75 100,000 SH   SOLE   100,000 0 0
FCB FINL HLDGS INC CL A 30255G103 5,488 165,000 SH   SOLE   165,000 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 543 50,000 SH   SOLE   50,000 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 3,482 55,000 SH   SOLE   55,000 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 561 35,000 SH   SOLE   35,000 0 0
FIFTH THIRD BANCORP COM 316773100 5,257 315,000 SH   SOLE   315,000 0 0
FINANCIAL INSTNS INC COM 317585404 727 25,000 SH   SOLE   25,000 0 0
First American International Corp. COM 31849X107 2,525 168,880 SH   SOLE   168,880 0 0
FIRST BANCORP N C COM 318910106 377 20,000 SH   SOLE   20,000 0 0
FIRST BUSEY CORP COM NEW 319383204 2,970 145,000 SH   SOLE   145,000 0 0
FIRST CMNTY CORP S C COM 319835104 6,523 452,382 SH   SOLE   452,382 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 4,168 16,600 SH   SOLE   16,600 0 0
FIRST FINL BANCORP OH COM 320209109 2,909 160,000 SH   SOLE   160,000 0 0
FIRST HORIZON NATL CORP COM 320517105 2,161 165,000 SH   SOLE   165,000 0 0
First Intercontinental Bank COM 32056Y101 933 131,439 SH   SOLE   131,439 0 0
FIRST MID ILL BANCSHARES INC COM 320866106 498 20,646 SH   SOLE   20,646 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 5,857 325,000 SH   SOLE   325,000 0 0
FIRST NBC BK HLDG CO COM 32115D106 1,338 65,000 SH   SOLE   65,000 0 0
FIRST SOUTH BANCORP INC VA COM 33646W100 850 103,025 SH   SOLE   103,025 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 429 20,000 SH   SOLE   20,000 0 0
FNB Corporation - Warrant $3.243 Exp 1/30/2019 WARRANT 302520945 3,684 377,106 SH   SOLE   377,106 0 0
FOUR OAKS FINCORP INC COM 350891107 9 4,827 SH   SOLE   4,827 0 0
FOX CHASE BANCORP INC NEW COM 35137T108 14,322 741,300 SH   SOLE   741,300 0 0
Fraternity Community Bancorp, Inc. COM 35553P101 2,611 136,700 SH   SOLE   136,700 0 0
GEORGETOWN BANCORP INC MD COM 372591107 1,382 69,100 SH   SOLE   69,100 0 0
GERMAN AMERN BANCORP INC COM 373865104 460 14,300 SH   SOLE   14,300 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 5,494 35,000 SH   SOLE   35,000 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 12,368 800,000 SH   SOLE   800,000 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 1,234 82,400 SH   SOLE   82,400 0 0
HAMILTON BANCORP INC MD COM 407015106 2,662 200,000 SH   SOLE   200,000 0 0
HANCOCK HLDG CO COM 410120109 2,353 102,500 SH   SOLE   102,500 0 0
HANMI FINL CORP COM NEW 410495204 1,323 60,100 SH   SOLE   60,100 0 0
HENNESSY ADVISORS INC COM 425885100 1,736 65,000 SH   SOLE   65,000 0 0
HERITAGE COMMERCE CORP COM 426927109 6,044 603,800 SH   SOLE   603,800 0 0
HERITAGE OAKS BANCORP COM 42724R107 7,790 1,000,000 SH   SOLE   1,000,000 0 0
Hibernia Bancorp, Inc. COM 42866N104 307 15,000 SH   SOLE   15,000 0 0
HMN FINL INC COM 40424G108 787 69,858 SH   SOLE   69,858 0 0
HMN FINL INC WARRANT 40424G975 1,864 277,778 SH   SOLE   277,778 0 0
HOME BANCORP INC COM 43689E107 460 17,151 SH   SOLE   17,151 0 0
HOMESTREET INC COM 43785V102 1,353 65,000 SH   SOLE   65,000 0 0
HOMETRUST BANCSHARES INC COM 437872104 5,409 295,113 SH   SOLE   295,113 0 0
IF BANCORP INC COM 44951J105 4,723 255,000 SH   SOLE   255,000 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 11,058 760,000 SH   SOLE   760,000 0 0
INVESCO LTD SHS G491BT108 10,693 347,500 SH   SOLE   347,500 0 0
INVESTAR HLDG CORP COM 46134L105 4,402 300,100 SH   SOLE   300,100 0 0
JACKSONVILLE BANCORP INC MD COM 46924R106 1,546 60,645 SH   SOLE   60,645 0 0
KEARNY FINL CORP MD COM 48716P108 1,482 120,000 SH   SOLE   120,000 0 0
KEYCORP NEW COM 493267108 4,692 425,000 SH   SOLE   425,000 0 0
LAKELAND BANCORP INC COM 511637100 3,463 341,200 SH   SOLE   341,200 0 0
LENNAR CORP CL B 526057302 1,207 31,189 SH   SOLE   31,189 0 0
LPL FINL HLDGS INC COM 50212V100 2,418 97,500 SH   SOLE   97,500 0 0
M & T BK CORP *W EXP 12/23/201 55261F112 4,276 112,800 SH   SOLE   112,800 0 0
MAINSOURCE FINANCIAL GP INC COM 56062Y102 6,222 295,000 SH   SOLE   295,000 0 0
MALVERN BANCORP INC COM 561409103 1,282 80,000 SH   SOLE   80,000 0 0
MB Bancorp, Inc. COM 55280E104 2,317 183,900 SH   SOLE   183,900 0 0
MBT FINL CORP COM 578877102 564 70,000 SH   SOLE   70,000 0 0
Meetinghouse Bancorp, Inc. COM 58514H109 751 47,500 SH   SOLE   47,500 0 0
MELROSE BANCORP INC COM 585553100 2,874 191,600 SH   SOLE   191,600 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 3,020 110,000 SH   SOLE   110,000 0 0
Minden Bancorp, Inc. COM 60255R106 329 14,900 SH   SOLE   14,900 0 0
MONARCH FINANCIAL HOLDINGS I COM 60907Q100 199 12,000 SH   SOLE   12,000 0 0
MORGAN STANLEY COM NEW 617446448 3,376 135,000 SH   SOLE   135,000 0 0
MUTUALFIRST FINL INC COM 62845B104 5,232 207,600 SH   SOLE   207,600 0 0
New Bancorp, Inc. COM 642142103 822 65,000 SH   SOLE   65,000 0 0
New Jersey Community Bank COM 64577U102 743 150,000 SH   SOLE   150,000 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 407 35,000 SH   SOLE   35,000 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 2,385 150,000 SH   SOLE   150,000 0 0
NMI HLDGS INC CL A 629209305 3,106 615,000 SH   SOLE   615,000 0 0
Northeast Community Bancorp, Inc. COM 664112109 506 74,900 SH   SOLE   74,900 0 0
NORTHRIM BANCORP INC COM 666762109 2,542 106,300 SH   SOLE   106,300 0 0
NVR INC COM 62944T105 1,906 1,100 SH   SOLE   1,100 0 0
OAK VALLEY BANCORP OAKDALE C COM 671807105 520 56,100 SH   SOLE   56,100 0 0
OCEAN SHORE HLDG CO NEW COM 67501R103 350 20,000 SH   SOLE   20,000 0 0
OLD LINE BANCSHARES INC COM 67984M100 541 30,000 SH   SOLE   30,000 0 0
OLD SECOND BANCORP INC ILL COM 680277100 8,051 1,122,900 SH   SOLE   1,122,900 0 0
OPUS BK IRVINE CALIF COM 684000102 2,713 79,800 SH   SOLE   79,800 0 0
ORRSTOWN FINL SVCS INC COM 687380105 39 2,249 SH   SOLE   2,249 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 1,960 280,000 SH   SOLE   280,000 0 0
PARAGON COMMERCIAL CORPORATION COM 69911U403 19 700 SH   SOLE   700 0 0
PATHFINDER BANCORP INC MD COM 70319R109 3,086 280,000 SH   SOLE   280,000 0 0
PB BANCORP INC COM 70454T100 2,604 310,000 SH   SOLE   310,000 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 1,521 90,000 SH   SOLE   90,000 0 0
PEOPLES BANCORP INC COM 709789101 1,669 85,400 SH   SOLE   85,400 0 0
PEOPLES BANCORP N C INC COM 710577107 1,674 90,000 SH   SOLE   90,000 0 0
Pilgrim Bancshares, Inc. COM 72143J105 1,612 125,900 SH   SOLE   125,900 0 0
PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 2,742 135,000 SH   SOLE   135,000 0 0
POAGE BANKSHARES INC COM 730206109 3,484 210,000 SH   SOLE   210,000 0 0
Polonia Bancorp, Inc. COM 73158Q109 3,497 329,900 SH   SOLE   329,900 0 0
POPULAR INC COM NEW 733174700 760 26,550 SH   SOLE   26,550 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 5,143 170,000 SH   SOLE   170,000 0 0
PROVIDENT FINL HLDGS INC COM 743868101 1,364 80,000 SH   SOLE   80,000 0 0
PROVIDENT FINL SVCS INC COM 74386T105 1,514 75,000 SH   SOLE   75,000 0 0
PRUDENTIAL BANCORP INC NEW COM 74431A101 5,728 400,000 SH   SOLE   400,000 0 0
PULASKI FINL CORP COM 745548107 565 35,000 SH   SOLE   35,000 0 0
PULTE GROUP INC COM 745867101 4,397 235,000 SH   SOLE   235,000 0 0
QCR HOLDINGS INC COM 74727A104 4,205 176,300 SH   SOLE   176,300 0 0
QNB Corporation COM 74726N107 812 27,072 SH   SOLE   27,072 0 0
REGIONS FINL CORP NEW COM 7591EP100 7,693 980,000 SH   SOLE   980,000 0 0
RIVERVIEW BANCORP INC COM 769397100 2,648 630,400 SH   SOLE   630,400 0 0
S & T BANCORP INC COM 783859101 2,875 111,600 SH   SOLE   111,600 0 0
SB FINL GROUP INC DEP SHS PFD 6.5% 78408D204 1,406 125,000 SH   SOLE   125,000 0 0
SCHWAB CHARLES CORP NEW COM 808513105 4,763 170,000 SH   SOLE   170,000 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 13,991 886,042 SH   SOLE   886,042 0 0
SHORE BANCSHARES INC COM 825107105 6,153 513,575 SH   SOLE   513,575 0 0
SI FINL GROUP INC MD COM 78425V104 11,970 859,305 SH   SOLE   859,305 0 0
SIERRA BANCORP COM 82620P102 2,641 145,500 SH   SOLE   145,500 0 0
SILVER BAY RLTY TR CORP COM 82735Q102 1,782 120,000 SH   SOLE   120,000 0 0
SILVERCREST ASSET MGMT GROUP CL A 828359109 2,230 175,000 SH   SOLE   175,000 0 0
SOUTHERN MO BANCORP INC COM 843380106 5,537 230,500 SH   SOLE   230,500 0 0
SOUTHERN NATL BANCORP OF VA COM 843395104 298 25,000 SH   SOLE   25,000 0 0
SOUTHWEST BANCORP INC OKLA COM 844767103 2,859 190,000 SH   SOLE   190,000 0 0
Standard Financial Corp. COM 853393106 6,398 263,300 SH   SOLE   263,300 0 0
STATE BK FINL CORP COM 856190103 16,102 814,900 SH   SOLE   814,900 0 0
STONEGATE BK FT LAUDERDALE F COM 861811107 5,822 194,323 SH   SOLE   194,323 0 0
STONEGATE MTG CORP COM 86181Q300 2,337 407,186 SH   SOLE   407,186 0 0
Sugar Creek Financial Corporation COM 86481Y102 748 65,000 SH   SOLE   65,000 0 0
SUN BANCORP INC COM NEW 86663B201 11,496 555,100 SH   SOLE   555,100 0 0
Sunnyside Bancorp, Inc. COM 867475105 600 52,200 SH   SOLE   52,200 0 0
Sunshine Financial Inc. COM 86782T109 1,311 68,300 SH   SOLE   68,300 0 0
SUNTRUST BKS INC *W EXP 12/31/201 867914129 742 115,000 SH   SOLE   115,000 0 0
Sutherland Asset Management Corporation - 144a Equity 86933F107 1,728 164,600 SH   SOLE   164,600 0 0
Sutherland Asset Management Corporation - Reg D Equity 86933F305 372 35,400 SH   SOLE   35,400 0 0
SYNCHRONY FINL COM 87165B103 6,878 240,000 SH   SOLE   240,000 0 0
SYNOVUS FINL CORP COM NEW 87161C501 7,517 260,000 SH   SOLE   260,000 0 0
TERRITORIAL BANCORP INC COM 88145X108 7,452 285,951 SH   SOLE   285,951 0 0
The First Bancorp, Inc. - Warrant $16.533 Exp 1/9/2019 WARRANT 31866P979 746 226,819 SH   SOLE   226,819 0 0
TOWNEBANK PORTSMOUTH VA COM 89214P109 2,207 115,000 SH   SOLE   115,000 0 0
TRIUMPH BANCORP INC COM 89679E300 1,114 70,400 SH   SOLE   70,400 0 0
TWO RIV BANCORP COM 90207C105 1,188 125,000 SH   SOLE   125,000 0 0
UMPQUA HLDGS CORP COM 904214103 3,013 190,000 SH   SOLE   190,000 0 0
UNITED CMNTY BANCORP IND COM 90984R101 3,977 291,600 SH   SOLE   291,600 0 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 14,314 775,000 SH   SOLE   775,000 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 9,070 1,545,100 SH   SOLE   1,545,100 0 0
UNITED FINL BANCORP INC NEW COM 910304104 2,536 201,407 SH   SOLE   201,407 0 0
UNITED SECURITY BANCSHARES C COM 911460103 913 184,523 SH   SOLE   184,523 0 0
UNIVEST CORP PA COM 915271100 870 44,600 SH   SOLE   44,600 0 0
WASHINGTONFIRST BANKSHARES I COM 940730104 3,824 175,000 SH   SOLE   175,000 0 0
WCI CMNTYS INC COM PAR $0.01 92923C807 808 43,500 SH   SOLE   43,500 0 0
WELLS FARGO & CO NEW *W EXP 10/28/201 949746119 1,722 110,000 SH   SOLE   110,000 0 0
West End Indiana Bancshares, Inc. COM 952678100 582 27,000 SH   SOLE   27,000 0 0
WILLIS LEASE FINANCE CORP COM 970646105 1,246 57,700 SH   SOLE   57,700 0 0
WILSHIRE BANCORP INC COM 97186T108 3,142 305,000 SH   SOLE   305,000 0 0
WINTRUST FINL CORP COM 97650W108 9,311 210,000 SH   SOLE   210,000 0 0
WOLVERINE BANCORP INC COM 977880103 4,807 188,523 SH   SOLE   188,523 0 0
WSFS Financial Corporation 6.25% Pfd. Stock 6.50% PFD 929328409 3,108 117,596 SH   SOLE   117,596 0 0
WSFS FINL CORP COM 929328102 6,504 200,000 SH   SOLE   200,000 0 0
XENITH BANKSHARES INC COM 98410X105 5,670 750,000 SH   SOLE   750,000 0 0
YADKIN FINL CORP COM 984305102 5,042 213,000 SH   SOLE   213,000 0 0
ZIONS BANCORPORATION COM 989701107 11,984 495,000 SH   SOLE   495,000 0 0
ZIONS BANCORPORATION *W EXP 11/14/201 989701131 1,580 1,755,000 SH   SOLE   1,755,000 0 0