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
AERCAP HOLDINGS NV SHS N00985106 336 10,000 SH Call SOLE _ 10,000 0 0
AERCAP HOLDINGS NV SHS N00985106 840 25,000 SH   SOLE _ 25,000 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 82,717 2,288,803 SH   SOLE _ 2,288,803 0 0
ALLEGIANCE BANCSHARES INC COM 01748H107 5,544 222,838 SH   SOLE _ 222,838 0 0
ALLY FINL INC COM 02005N100 64,924 3,803,402 SH   SOLE _ 3,803,402 0 0
AMBAC FINL GROUP INC COM NEW 023139884 5,761 350,000 SH   SOLE _ 350,000 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 12,165 230,000 SH   SOLE _ 230,000 0 0
ANADARKO PETE CORP COM 032511107 741 13,907 SH   SOLE _ 13,907 0 0
ANTERO RES CORP COM 03674X106 390 15,000 SH   SOLE _ 15,000 0 0
ARES CAP CORP COM 04010L103 1,136 80,000 SH   SOLE _ 80,000 0 0
ASSOCIATED CAP GROUP INC CL A 045528106 5,736 200,000 SH   SOLE _ 200,000 0 0
ASSURED GUARANTY LTD COM G0585R106 12,685 500,000 SH   SOLE _ 500,000 0 0
ATLANTIC COAST FINL CORP COM 048426100 2,574 430,414 SH   SOLE _ 430,414 0 0
BANK AMER CORP COM 060505104 9,542 719,100 SH   SOLE _ 719,100 0 0
BANNER CORP COM NEW 06652V208 33,715 792,553 SH   SOLE _ 792,553 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 277 10,000 SH   SOLE _ 10,000 0 0
BLUE HILLS BANCORP INC COM 095573101 18,227 1,234,873 SH   SOLE _ 1,234,873 0 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 1,625 125,000 SH   SOLE _ 125,000 0 0
CANADIAN NAT RES LTD COM 136385101 308 10,000 SH   SOLE _ 10,000 0 0
CAROLINA FINL CORP NEW COM 143873107 6,962 372,696 SH   SOLE _ 372,696 0 0
CENTRUE FINL CORP NEW COM NEW 15643B205 4,766 273,886 SH   SOLE _ 273,886 0 0
CITIGROUP INC COM NEW 172967424 15,734 371,180 SH   SOLE _ 371,180 0 0
CITIZENS FINL GROUP INC COM 174610105 29,970 1,500,000 SH   SOLE _ 1,500,000 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 9,296 221,331 SH   SOLE _ 221,331 0 0
CNX COAL RES LP COM UNIT RP LP 12592V100 330 35,604 SH   SOLE _ 35,604 0 0
COLONY CAP INC CL A 19624R106 19,787 1,289,043 SH   SOLE _ 1,289,043 0 0
COMMUNITY BANKERS TR CORP COM 203612106 9,039 1,744,935 SH   SOLE _ 1,744,935 0 0
COMMUNITY FINL CORP MD COM 20368X101 7,495 338,506 SH   SOLE _ 338,506 0 0
CONCHO RES INC COM 20605P101 895 7,500 SH   SOLE _ 7,500 0 0
COUNTY BANCORP INC COM 221907108 2,953 143,187 SH   SOLE _ 143,187 0 0
EASTERN VA BANKSHARES INC COM 277196101 4,989 660,784 SH   SOLE _ 660,784 0 0
ELLINGTON FINANCIAL LLC COM 288522303 407 23,771 SH   SOLE _ 23,771 0 0
ENLINK MIDSTREAM PARTNERS LP COM UNIT REP LTD 29336U107 166 10,000 SH   SOLE _ 10,000 0 0
ENTEGRA FINL CORP COM 29363J108 10,741 614,106 SH   SOLE _ 614,106 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 585 20,000 SH   SOLE _ 20,000 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 8,997 406,366 SH   SOLE _ 406,366 0 0
FELCOR LODGING TR INC COM 31430F101 779 125,000 SH   SOLE _ 125,000 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 7,835 500,000 SH   SOLE _ 500,000 0 0
FIRST BANCORP N C COM 318910106 11,307 643,168 SH   SOLE _ 643,168 0 0
FIRST BANCORP P R COM NEW 318672706 1,489 375,000 SH   SOLE _ 375,000 0 0
FIRST CONN BANCORP INC MD COM 319850103 9,010 544,089 SH   SOLE _ 544,089 0 0
FIRST DATA CORP NEW COM CL A 32008D106 25,074 2,265,000 SH   SOLE _ 2,265,000 0 0
FIRST FNDTN INC COM 32026V104 5,205 242,096 SH   SOLE _ 242,096 0 0
FIRST LONG IS CORP COM 320734106 16,928 590,455 SH   SOLE _ 590,455 0 0
FIRST NORTHWEST BANCORP COM 335834107 7,924 621,958 SH   SOLE _ 621,958 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 943 75,000 SH   SOLE _ 75,000 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 6,991 1,581,700 SH   SOLE _ 1,581,700 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 11,343 679,241 SH   SOLE _ 679,241 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 3,162 197,990 SH   SOLE _ 197,990 0 0
GULFPORT ENERGY CORP COM NEW 402635304 313 10,000 SH   SOLE _ 10,000 0 0
HAMILTON BANCORP INC MD COM 407015106 4,521 325,000 SH   SOLE _ 325,000 0 0
HAMPTON ROADS BANKSHARES INC COM NEW 409321502 12,286 6,863,566 SH   SOLE _ 6,863,566 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 338 15,000 SH   SOLE _ 15,000 0 0
HOME BANCORP INC COM 43689E107 18,307 666,437 SH   SOLE _ 666,437 0 0
HOWARD BANCORP INC COM 442496105 8,783 675,587 SH   SOLE _ 675,587 0 0
HUDSON PAC PPTYS INC COM 444097109 584 20,000 SH   SOLE _ 20,000 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 21,040 1,450,000 SH   SOLE _ 1,450,000 0 0
INVESTORS BANCORP INC NEW COM 46146L101 554 50,000 SH   SOLE _ 50,000 0 0
LENNAR CORP CL A 526057104 461 10,000 SH   SOLE _ 10,000 0 0
LLOYDS BANKING GROUP PLC SPONSORED ADR 539439109 297 100,000 SH   SOLE _ 100,000 0 0
MALVERN BANCORP INC COM 561409103 8,567 549,187 SH   SOLE _ 549,187 0 0
MBIA INC COM 55262C100 14,070 2,060,000 SH   SOLE _ 2,060,000 0 0
MERIDIAN BANCORP INC MD COM 58958U103 29,560 2,000,000 SH   SOLE _ 2,000,000 0 0
META FINL GROUP INC COM 59100U108 20,684 405,887 SH   SOLE _ 405,887 0 0
MGIC INVT CORP WIS COM 552848103 27,123 4,558,489 SH   SOLE _ 4,558,489 0 0
MIDLAND STS BANCORP INC ILL COM 597742105 12,472 575,000 SH   SOLE _ 575,000 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 1,614 56,521 SH   SOLE _ 56,521 0 0
NATIONAL BK HLDGS CORP CL A 633707104 24,036 1,180,573 SH   SOLE _ 1,180,573 0 0
NATIONAL FUEL GAS CO N J COM 636180101 284 5,000 SH   SOLE _ 5,000 0 0
NOBLE ENERGY INC COM 655044105 512 14,270 SH   SOLE _ 14,270 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 204 20,000 SH   SOLE _ 20,000 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 463 50,000 SH   SOLE _ 50,000 0 0
NORTHSTAR RLTY FIN CORP COM 66704R803 21,203 1,855,000 SH   SOLE _ 1,855,000 0 0
OCEANFIRST FINL CORP COM 675234108 19,517 1,074,119 SH   SOLE _ 1,074,119 0 0
ORRSTOWN FINL SVCS INC COM 687380105 7,634 422,939 SH   SOLE _ 422,939 0 0
PARAGON COML CORP COM NEW 69911U403 6,462 184,631 SH   SOLE _ 184,631 0 0
PARKE BANCORP INC COM 700885106 634 49,109 SH   SOLE _ 49,109 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 13,883 750,000 SH   SOLE _ 750,000 0 0
PHH CORP COM NEW 693320202 17,950 1,347,607 SH   SOLE _ 1,347,607 0 0
POPULAR INC COM NEW 733174700 19,338 660,000 SH   SOLE _ 660,000 0 0
RADIAN GROUP INC COM 750236101 24,412 2,342,848 SH   SOLE _ 2,342,848 0 0
ROYAL BANCSHARES PA INC CL A 780081105 3,097 1,370,471 SH   SOLE _ 1,370,471 0 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 7,092 1,182,000 SH   SOLE _ 1,182,000 0 0
SI FINL GROUP INC MD COM 78425V104 8,937 675,000 SH   SOLE _ 675,000 0 0
SOUND FINL BANCORP INC COM 83607A100 1,796 75,000 SH   SOLE _ 75,000 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 12,852 533,274 SH   SOLE _ 533,274 0 0
STARWOOD PPTY TR INC COM 85571B105 311 15,000 SH   SOLE _ 15,000 0 0
STATE BK FINL CORP COM 856190103 22,111 1,086,550 SH   SOLE _ 1,086,550 0 0
SUN BANCORP INC COM NEW 86663B201 22,598 1,093,820 SH   SOLE _ 1,093,820 0 0
SUNPOWER CORP COM 867652406 682 44,000 SH   SOLE _ 44,000 0 0
SUNSHINE BANCORP INC COM 86777J108 5,441 384,279 SH   SOLE _ 384,279 0 0
SUNTRUST BKS INC COM 867914103 822 20,000 SH   SOLE _ 20,000 0 0
SUPERIOR ENERGY SVCS INC COM 868157108 184 10,000 SH   SOLE _ 10,000 0 0
SYNOVUS FINL CORP COM NEW 87161C501 22,322 770,002 SH   SOLE _ 770,002 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 1,113 75,000 SH   SOLE _ 75,000 0 0
TFS FINL CORP COM 87240R107 17,220 1,000,000 SH   SOLE _ 1,000,000 0 0
TIMBERLAND BANCORP INC COM 887098101 3,590 239,322 SH   SOLE _ 239,322 0 0
TOLL BROTHERS INC COM 889478103 807 30,000 SH   SOLE _ 30,000 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 9,120 1,500,000 SH   SOLE _ 1,500,000 0 0
USD PARTNERS LP COM UT REP LTD 903318103 530 55,000 SH   SOLE _ 55,000 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 12,646 1,642,317 SH   SOLE _ 1,642,317 0 0
WHEELER REAL ESTATE INVT TR COM 963025101 5,852 3,800,000 SH   SOLE _ 3,800,000 0 0
YADKIN FINL CORP COM 984305102 25,090 1,000,000 SH   SOLE _ 1,000,000 0 0
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 4,317 1,998,500 SH   SOLE _ 1,998,500 0 0
ZIONS BANCORPORATION COM 989701107 37,695 1,500,000 SH   SOLE _ 1,500,000 0 0