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
8POINT3 ENERGY PARTNERS LP CL A RPT LTDPT 282539105 240 14,900 SH   SOLE   14,900 0 0
AERCAP HOLDINGS NV SHS N00985106 1,079 25,000 SH   SOLE   25,000 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 100,626 2,849,799 SH   SOLE   2,849,799 0 0
ALLEGIANCE BANCSHARES INC COM 01748H107 3,342 141,292 SH   SOLE   141,292 0 0
ALLY FINL INC COM 02005N100 63,012 3,380,447 SH   SOLE   3,380,447 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 30,985 500,000 SH   SOLE   500,000 0 0
ANCHOR BANCORP WIS INC DEL COM 03283P106 31,326 719,796 SH   SOLE   719,796 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 861 50,000 SH   SOLE   50,000 0 0
ARES CAP CORP COM 04010L103 998 70,000 SH   SOLE   70,000 0 0
ASSOCIATED CAP GROUP INC CL A 045528106 1,909 62,580 SH   SOLE   62,580 0 0
AVENUE FINL HLDGS INC COM 05358K102 11,780 819,795 SH   SOLE   819,795 0 0
BANK AMER CORP COM 060505104 25,245 1,500,000 SH   SOLE   1,500,000 0 0
BANNER CORP COM NEW 06652V208 26,603 580,100 SH   SOLE   580,100 0 0
BENEFICIAL BANCORP INC COM 08171T102 13,320 1,000,000 SH   SOLE   1,000,000 0 0
BLACKSTONE GROUP L P COM UNIT LTD 09253U108 11,696 400,000 SH   SOLE   400,000 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 1,070 40,000 SH   SOLE   40,000 0 0
BLUE HILLS BANCORP INC COM 095573101 7,655 500,000 SH   SOLE   500,000 0 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 1,304 110,000 SH   SOLE   110,000 0 0
BNC BANCORP COM 05566T101 14,116 556,172 SH   SOLE   556,172 0 0
CANADIAN SOLAR INC COM 136635109 724 25,000 SH   SOLE   25,000 0 0
CAROLINA BK HLDGS INC GREENS COM 143785103 2,366 128,300 SH   SOLE   128,300 0 0
CAROLINA FINL CORP NEW COM 143873107 3,150 175,000 SH   SOLE   175,000 0 0
CARRIZO OIL & GAS INC COM 144577103 473 16,000 SH   SOLE   16,000 0 0
CENTRAL PAC FINL CORP COM NEW 154760409 17,616 800,000 SH   SOLE   800,000 0 0
CENTRUE FINL CORP NEW COM NEW 15643B205 3,944 237,000 SH   SOLE   237,000 0 0
CITIZENS FINL GROUP INC COM 174610105 65,475 2,500,000 SH   SOLE   2,500,000 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 8,840 221,331 PRN   SOLE   221,331 0 0
CNX COAL RES LP COM UNIT RP LP 12592V100 232 25,000 SH   SOLE   25,000 0 0
COLONY CAP INC CL A 19624R106 163,217 8,378,719 SH   SOLE   8,378,719 0 0
COMMUNITY BANKERS TR CORP COM 203612106 9,370 1,744,935 SH   SOLE   1,744,935 0 0
COMMUNITY FINL CORP MD COM 20368X101 6,150 293,395 SH   SOLE   293,395 0 0
COMMUNITYONE BANCORP COM 20416Q108 6,376 473,319 SH   SOLE   473,319 0 0
COUNTY BANCORP INC COM 221907108 5,850 300,000 SH   SOLE   300,000 0 0
CVR REFNG LP COMUNIT REP LT 12663P107 379 20,000 SH   SOLE   20,000 0 0
DEVON ENERGY CORP NEW COM 25179M103 448 14,000 SH   SOLE   14,000 0 0
EASTERN VA BANKSHARES INC COM 277196101 4,744 660,784 SH   SOLE   660,784 0 0
ELLINGTON FINANCIAL LLC COM 288522303 1,342 80,000 SH   SOLE   80,000 0 0
ENTEGRA FINL CORP COM 29363J108 11,888 614,106 SH   SOLE   614,106 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 8,913 381,066 SH   SOLE   381,066 0 0
FELCOR LODGING TR INC COM 31430F101 1,270 174,000 SH   SOLE   174,000 0 0
FIRST BANCORP N C COM 318910106 12,053 643,168 SH   SOLE   643,168 0 0
FIRST BANCORP P R COM NEW 318672706 4,681 1,440,187 SH   SOLE   1,440,187 0 0
FIRST CONN BANCORP INC MD COM 319850103 9,473 544,089 SH   SOLE   544,089 0 0
FIRST FNDTN INC COM 32026V104 6,204 263,000 SH   SOLE   263,000 0 0
FIRST HORIZON NATL CORP COM 320517105 29,040 2,000,000 SH   SOLE   2,000,000 0 0
FIRST LONG IS CORP COM 320734106 13,915 463,833 SH   SOLE   463,833 0 0
FIRST NORTHWEST BANCORP COM 335834107 8,704 615,158 SH   SOLE   615,158 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 986 70,000 SH   SOLE   70,000 0 0
FOX CHASE BANCORP INC NEW COM 35137T108 5,756 283,701 SH   SOLE   283,701 0 0
FRANKLIN FINL NETWORK INC COM 35352P104 8,562 272,836 SH   SOLE   272,836 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 3,019 197,990 SH   SOLE   197,990 0 0
HAMPTON ROADS BANKSHARES INC COM NEW 409321502 11,709 6,363,566 SH   SOLE   6,363,566 0 0
HOLLYFRONTIER CORP COM 436106108 399 10,000 SH   SOLE   10,000 0 0
HOME BANCORP INC COM 43689E107 18,053 694,885 SH   SOLE   694,885 0 0
HOWARD BANCORP INC COM 442496105 5,757 434,782 SH   SOLE   434,782 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 22,084 1,450,000 SH   SOLE   1,450,000 0 0
INVESTORS BANCORP INC NEW COM 46146L101 12,440 1,000,000 SH   SOLE   1,000,000 0 0
KEARNY FINL CORP MD COM 48716P108 14,806 1,168,587 SH   SOLE   1,168,587 0 0
MARRIOTT INTL INC NEW CL A 571903202 335 5,000 SH   SOLE   5,000 0 0
MERIDIAN BANCORP INC MD COM 58958U103 28,200 2,000,000 SH   SOLE   2,000,000 0 0
MIDSOUTH BANCORP INC COM 598039105 1,714 188,814 SH   SOLE   188,814 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 21,116 1,736,504 SH   SOLE   1,736,504 0 0
NEWFIELD EXPL CO COM 651290108 391 12,000 SH   SOLE   12,000 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102 916 70,000 SH   SOLE   70,000 0 0
NEXTERA ENERGY PARTNERS LP COM COM UNIT PART IN 65341B106 239 8,000 SH   SOLE   8,000 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 1,192 70,000 SH   SOLE   70,000 0 0
ORRSTOWN FINL SVCS INC COM 687380105 9,872 553,391 SH   SOLE   553,391 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 10,318 500,400 SH   SOLE   500,400 0 0
PHH CORP COM NEW 693320202 11,297 697,317 SH   SOLE   697,317 0 0
RANGE RES CORP COM 75281A109 492 20,000 SH   SOLE   20,000 0 0
ROYAL BANCSHARES PA INC CL A 780081105 2,894 1,384,521 SH   SOLE   1,384,521 0 0
SI FINL GROUP INC MD COM 78425V104 9,214 675,000 SH   SOLE   675,000 0 0
SOUND FINL BANCORP INC COM 83607A100 1,698 75,000 SH   SOLE   75,000 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 12,105 533,274 SH   SOLE   533,274 0 0
STARWOOD PPTY TR INC COM 85571B105 411 20,000 SH   SOLE   20,000 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 69,933 3,088,903 SH   SOLE   3,088,903 0 0
STATE BK FINL CORP COM 856190103 21,030 1,000,000 SH   SOLE   1,000,000 0 0
SUFFOLK BANCORP COM 864739107 14,281 503,728 SH   SOLE   503,728 0 0
SUN BANCORP INC COM NEW 86663B201 21,202 1,027,207 SH   SOLE   1,027,207 0 0
SUNPOWER CORP COM 867652406 360 12,000 SH   SOLE   12,000 0 0
SUNSHINE BANCORP INC COM 86777J108 3,435 225,986 SH   SOLE   225,986 0 0
SUNTRUST BKS INC COM 867914103 32,130 750,000 SH   SOLE   750,000 0 0
SYNOVUS FINL CORP COM NEW 87161C501 58,284 1,800,002 SH   SOLE   1,800,002 0 0
TALMER BANCORP INC COM 87482X101 21,185 1,169,823 SH   SOLE   1,169,823 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 480 30,000 SH   SOLE   30,000 0 0
TERRITORIAL BANCORP INC COM 88145X108 2,550 91,927 SH   SOLE   91,927 0 0
TFS FINL CORP COM 87240R107 28,245 1,500,000 SH   SOLE   1,500,000 0 0
TIMBERLAND BANCORP INC COM 887098101 3,650 294,099 SH   SOLE   294,099 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 8,850 1,500,000 SH   SOLE   1,500,000 0 0
USD PARTNERS LP COM UT REP LTD 903318103 290 40,000 SH   SOLE   40,000 0 0
VIRTU FINL INC CL A 928254101 7,924 350,000 SH   SOLE   350,000 0 0
WALTER INVT MGMT CORP NOTE 4.500%11/0 93317WAA0 14,762 23,020,000 PRN   SOLE   23,020,000 0 0
WASHINGTONFIRST BANKSHARES I COM 940730104 3,396 150,000 SH   SOLE   150,000 0 0
WESTERN REFNG INC COM 959319104 356 10,000 SH   SOLE   10,000 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 13,312 1,584,767 SH   SOLE   1,584,767 0 0
WHEELER REAL ESTATE INVT TR COM 963025101 6,668 3,455,000 SH   SOLE   3,455,000 0 0
WINTRUST FINL CORP COM 97650W108 31,625 651,798 SH   SOLE   651,798 0 0
YADKIN FINL CORP COM 984305102 20,070 797,382 SH   SOLE   797,382 0 0
ZIONS BANCORPORATION COM 989701107 27,300 1,000,000 SH   SOLE   1,000,000 0 0
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 6,775 1,998,500 SH   SOLE   1,998,500 0 0