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
AMERICAN AIRLS GROUP INC COM 02376R102 1,037 19,330 SH   SOLE   14,400 0 4,930
AMBAC FINL GROUP INC COM NEW 023139884 4,243 173,334 SH   SOLE   64,186 0 109,148
AMBAC FINL GROUP INC *W EXP 04/30/202 023139116 1,630 112,410 SH   SOLE   82,649 0 29,761
ARRIS GROUP INC NEW COM 04270V106 597 19,767 SH   SOLE   14,655 0 5,112
BANK AMER CORP COM 060505104 465 26,530 SH   SOLE   0 0 26,530
BANK AMER CORP *W EXP 01/16/201 060505146 1,777 252,201 SH   SOLE   140,710 0 111,491
BANK AMER CORP *W EXP 10/28/201 060505153 590 824,598 SH   SOLE   492,355 0 332,243
BANC CALIF INC COM 05990K106 1,903 165,557 SH   SOLE   89,514 0 76,043
BBX CAP CORP CL A PAR $0.01 05540P100 1,145 69,134 SH   SOLE   39,848 0 29,286
BRIDGE BANCORP INC COM 108035106 1,605 60,133 SH   SOLE   33,574 0 26,559
BANKUNITED INC COM 06652K103 664 22,686 SH   SOLE   7,856 0 14,830
BOB EVANS FARMS INC COM 096761101 404 7,898 SH   SOLE   6,199 0 1,699
BOSTON PRIVATE FINL HLDGS IN COM 101119105 577 43,222 SH   SOLE   12,439 0 30,783
BOSTON PRIVATE FINL HLDGS IN *W EXP 11/21/201 101119113 495 76,852 SH   SOLE   59,012 0 17,840
POPULAR INC COM NEW 733174700 1,718 50,602 SH   SOLE   29,200 0 21,402
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 1,422 42,250 SH   SOLE   28,553 0 13,697
CITIGROUP INC COM NEW 172967424 2,318 42,927 SH   SOLE   22,380 0 20,547
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 1,095 39,427 SH   SOLE   25,600 0 13,827
CHICOS FAS INC COM 168615102 312 19,222 SH   SOLE   13,305 0 5,917
CIFC CORP COM 12547R105 2,432 293,061 SH   SOLE   170,929 0 122,132
COMERICA INC *W EXP 11/14/201 200340115 2,051 114,896 SH   SOLE   67,997 0 46,899
CUMULUS MEDIA INC CL A 231082108 361 85,440 SH   SOLE   58,590 0 26,850
CAPITAL ONE FINL CORP *W EXP 11/14/201 14040H139 2,521 61,422 SH   SOLE   35,264 0 26,158
DINEEQUITY INC COM 254423106 674 6,505 SH   SOLE   4,530 0 1,975
DOUBLELINE INCOME SOLUTIONS COM 258622109 376 18,903 SH   SOLE   0 0 18,903
ENLINK MIDSTREAM LLC COM UNIT REP LTD 29336T100 737 20,712 SH   SOLE   15,390 0 5,322
COMMUNITY BANKERS TR CORP COM 203612106 2,277 515,205 SH   SOLE   289,453 0 225,752
FEDERATED INVS INC PA CL B 314211103 1,638 50,016 SH   SOLE   28,721 0 21,295
FOSSIL GROUP INC COM 34988V106 643 5,802 SH   SOLE   3,955 0 1,847
FTD COS INC COM 30281V108 489 14,044 SH   SOLE   10,400 0 3,644
HUNTINGTON BANCSHARES INC COM 446150104 1,813 172,346 SH   SOLE   147,459 0 24,887
JANUS CAP GROUP INC COM 47102X105 4,535 281,665 SH   SOLE   166,155 0 115,510
KINGSTONE COS INC COM 496719105 2,614 321,481 SH   SOLE   166,143 0 155,338
KKR & CO L P DEL COM UNITS 48248M102 2,714 117,126 SH   SOLE   75,771 0 41,355
MORGAN STANLEY COM NEW 617446448 2,735 70,813 SH   SOLE   38,423 0 32,390
ONEOK INC NEW COM 682680103 303 6,088 SH   SOLE   4,510 0 1,578
OM ASSET MGMT PLC SHS G67506108 1,691 104,687 SH   SOLE   59,877 0 44,810
OPPENHEIMER HLDGS INC CL A NON VTG 683797104 1,738 74,760 SH   SOLE   42,701 0 32,059
PLAINS GP HLDGS L P SHS A REP LTPN 72651A108 2,089 80,704 SH   SOLE   45,984 0 34,720
PRESTIGE BRANDS HLDGS INC COM 74112D101 318 9,161 SH   SOLE   6,785 0 2,376
PENN NATL GAMING INC COM 707569109 464 33,830 SH   SOLE   22,860 0 10,970
PEAPACK-GLADSTONE FINL CORP COM 704699107 996 53,672 SH   SOLE   30,589 0 23,083
PRIMERICA INC COM 74164M108 498 9,178 SH   SOLE   6,830 0 2,348
RADIAN GROUP INC COM 750236101 1,324 79,305 SH   SOLE   50,930 0 28,375
RAYMOND JAMES FINANCIAL INC COM 754730109 349 6,096 SH   SOLE   4,530 0 1,566
RE MAX HLDGS INC CL A 75524W108 458 13,380 SH   SOLE   9,950 0 3,430
RYLAND GROUP INC COM 783764103 491 12,745 SH   SOLE   10,300 0 2,445
SALLY BEAUTY HLDGS INC COM 79546E104 582 18,922 SH   SOLE   12,555 0 6,367
SUNTRUST BKS INC *W EXP 12/31/201 867914129 719 60,512 SH   SOLE   42,446 0 18,066
SUNTRUST BKS INC *W EXP 11/14/201 867914111 3,065 516,196 SH   SOLE   273,433 0 242,763
SUNCOKE ENERGY INC COM 86722A103 424 21,910 SH   SOLE   16,600 0 5,310
TEEKAY CORPORATION COM Y8564W103 322 6,326 SH   SOLE   4,731 0 1,595
TARGA RES CORP COM 87612G101 880 8,301 SH   SOLE   5,175 0 3,126
VOYA FINL INC COM 929089100 3,368 79,779 SH   SOLE   44,508 0 35,271
VIRTUS INVT PARTNERS INC COM 92828Q109 3,670 21,357 SH   SOLE   11,681 0 9,676
WELLCARE HEALTH PLANS INC COM 94946T106 367 4,472 SH   SOLE   3,295 0 1,177
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 1,698 412,250 SH   SOLE   190,865 0 221,385
ZIONS BANCORPORATION *W EXP 11/14/201 989701131 1,345 458,702 SH   SOLE   273,058 0 185,644