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 21,032 550,000 SH   SOLE   550,000 0 0
AIR LEASE CORP CL A 00912X302 16,233 525,000 SH   SOLE   525,000 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 90,052 2,623,130 SH   SOLE   2,623,130 0 0
ALLY FINL INC COM 02005N100 264,600 12,983,302 SH   SOLE   12,983,302 0 0
AMERICAN CAPITAL LTD COM 02503Y103 103,783 8,534,770 SH   SOLE   8,534,770 0 0
ANCHOR BANCORP WIS INC DEL COM 03283P106 30,656 719,796 SH   SOLE   719,796 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 1,571 100,000 SH   SOLE   100,000 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 258 15,000 SH   SOLE   15,000 0 0
ARES CAP CORP COM 04010L103 1,014 70,000 SH   SOLE   70,000 0 0
ASHFORD HOSPITALITY TR INC COM SHS 044103109 488 80,000 SH   SOLE   80,000 0 0
AVENUE FINL HLDGS INC COM 05358K102 10,821 819,795 SH   SOLE   819,795 0 0
BANK AMER CORP COM 060505104 19,475 1,250,000 SH   SOLE   1,250,000 0 0
BANK OF THE OZARKS INC COM 063904106 5,466 124,919 SH   SOLE   124,919 0 0
BANNER CORP COM NEW 06652V208 22,691 475,000 SH   SOLE   475,000 0 0
BENEFICIAL BANCORP INC COM 08171T102 19,890 1,500,000 SH   SOLE   1,500,000 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 412 15,000 SH   SOLE   15,000 0 0
BLUE HILLS BANCORP INC COM 095573101 6,925 500,000 SH   SOLE   500,000 0 0
BLUEROCK RESIDENT GR REIT IN COM CL A 09627J102 1,617 135,000 SH   SOLE   135,000 0 0
BNC BANCORP COM 05566T101 6,250 281,172 SH   SOLE   281,172 0 0
C1 FINL INC COM 12591N109 5,413 284,126 SH   SOLE   284,126 0 0
CAROLINA BK HLDGS INC GREENS COM 143785103 1,667 128,300 SH   SOLE   128,300 0 0
CENTRAL PAC FINL CORP COM NEW 154760409 17,300 825,000 SH   SOLE   825,000 0 0
CHATHAM LODGING TR COM 16208T102 473 22,000 SH   SOLE   22,000 0 0
CITIZENS FINL GROUP INC COM 174610105 46,819 1,962,232 SH   SOLE   1,962,232 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 7,348 221,331 SH   SOLE   221,331 0 0
CNX COAL RES LP COM UNIT RP LP 12592V100 281 25,000 SH   SOLE   25,000 0 0
COLONY CAP INC CL A 19624R106 205,987 10,531,028 SH   SOLE   10,531,028 0 0
COMERICA INC COM 200340107 10,275 250,000 SH   SOLE   250,000 0 0
COMMUNITY BANKERS TR CORP COM 203612106 8,742 1,744,935 SH   SOLE   1,744,935 0 0
COMMUNITY FINL CORP MD COM 20368X101 6,895 293,395 SH   SOLE   293,395 0 0
COMMUNITYONE BANCORP COM 20416Q108 8,805 810,032 SH   SOLE   810,032 0 0
COUNTY BANCORP INC COM 221907108 5,742 300,000 SH   SOLE   300,000 0 0
CVR REFNG LP COMUNIT REP LT 12663P107 574 30,000 SH   SOLE   30,000 0 0
EASTERN VA BANKSHARES INC COM 277196101 4,460 660,784 SH   SOLE   660,784 0 0
ELLINGTON FINANCIAL LLC COM 288522303 1,341 75,000 SH   SOLE   75,000 0 0
ENTEGRA FINL CORP COM 29363J108 9,864 568,855 SH   SOLE   568,855 0 0
FELCOR LODGING TR INC COM 31430F101 778 110,000 SH   SOLE   110,000 0 0
FIRST BANCORP N C COM 318910106 8,495 499,678 SH   SOLE   499,678 0 0
FIRST BANCORP PR COM NEW 318672706 14,240 4,000,000 SH   SOLE   4,000,000 0 0
FIRST CONN BANCORP INC MD COM 319850103 8,771 544,089 SH   SOLE   544,089 0 0
FIRST FINANCIAL NORTHWEST IN COM 32022K102 3,895 322,169 SH   SOLE   322,169 0 0
FIRST FNDTN INC COM 32026V104 5,989 263,000 SH   SOLE   263,000 0 0
FIRST LONG IS CORP COM 320734106 10,507 388,732 SH   SOLE   388,732 0 0
FIRST NIAGARA FINL GP INC COM 33582V108 8,168 800,000 SH   SOLE   800,000 0 0
FIRST NORTHWEST BANCORP COM 335834107 7,605 614,278 SH   SOLE   614,278 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 1,018 75,000 SH   SOLE   75,000 0 0
FOX CHASE BANCORP INC NEW COM 35137T108 4,114 237,009 SH   SOLE   237,009 0 0
FRANKLIN FINL NETWORK INC COM 35352P104 8,493 380,000 SH   SOLE   380,000 0 0
GAMCO INVESTORS INC COM 361438104 1,098 20,000 SH   SOLE   20,000 0 0
GENERAL GROWTH PPTYS INC NEW COM 370023103 519 20,000 SH   SOLE   20,000 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 2,905 197,990 SH   SOLE   197,990 0 0
HAMPTON ROADS BANKSHARES INC COM NEW 409321502 14,697 7,735,077 SH   SOLE   7,735,077 0 0
HI-CRUSH PARTNERS LP COM UNIT LTD 428337109 75 10,000 SH   SOLE   10,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 298 13,000 SH   SOLE   13,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 229 10,000 SH Call SOLE   10,000 0 0
HOME BANCORP INC COM 43689E107 2,707 104,972 SH   SOLE   104,972 0 0
HOWARD BANCORP INC COM 442496105 6,174 434,782 SH   SOLE   434,782 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 21,402 1,450,000 SH   SOLE   1,450,000 0 0
INVESTORS BANCORP INC NEW COM 46146L101 37,020 3,000,000 SH   SOLE   3,000,000 0 0
ISHARES TR IBOXX HI YD ETF 464288513 833 10,000 SH Put SOLE   10,000 0 0
ISHARES TR U.S. REAL ES ETF 464287739 355 5,000 SH Put SOLE   5,000 0 0
JERNIGAN CAP INC COM 476405105 229 13,123 SH   SOLE   13,123 0 0
KEARNY FINL CORP MD COM 48716P108 14,179 1,236,192 SH   SOLE   1,236,192 0 0
KKR & CO L P DEL COM UNITS 48248M102 503 30,000 SH   SOLE   30,000 0 0
KKR & CO L P DEL COM UNITS 48248M102 41,950 2,500,000 SH Call SOLE   2,500,000 0 0
MEMORIAL PRODTN PARTNERS LP COM U REP LTD 586048100 144 30,000 SH   SOLE   30,000 0 0
MERIDIAN BANCORP INC MD COM 58958U103 30,074 2,199,999 SH   SOLE   2,199,999 0 0
MIDSOUTH BANCORP INC COM 598039105 2,764 236,277 SH   SOLE   236,277 0 0
NAVIOS MARITIME HLDGS INC SPON ADR PFD H 63938Y308 515 30,000 SH   SOLE   30,000 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 129,811 9,909,214 SH   SOLE   9,909,214 0 0
NEXPOINT CR STRATEGIES FD COM 65340G106 41 7,200 SH   SOLE   7,200 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102 1,069 80,000 SH   SOLE   80,000 0 0
NORTHERN TIER ENERGY LP COM UN REPR PART 665826103 570 25,000 SH   SOLE   25,000 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 144 10,000 SH   SOLE   10,000 0 0
NORTHSTAR RLTY FIN CORP COM NEW 66704R704 61,627 4,990,000 SH   SOLE   4,990,000 0 0
ORRSTOWN FINL SVCS INC COM 687380105 9,330 553,391 SH   SOLE   553,391 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 10,585 500,000 SH   SOLE   500,000 0 0
PHH CORP COM NEW 693320202 33,869 2,398,682 SH   SOLE   2,398,682 0 0
REGIONS FINL CORP NEW COM 7591EP100 18,966 2,105,000 SH   SOLE   2,105,000 0 0
ROYAL BANCSHARES PA INC CL A 780081105 2,053 968,170 SH   SOLE   968,170 0 0
SI FINL GROUP INC MD COM 78425V104 8,033 675,000 SH   SOLE   675,000 0 0
SOUND FINL BANCORP INC COM 83607A100 1,509 75,000 SH   SOLE   75,000 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 10,391 507,123 SH   SOLE   507,123 0 0
STARWOOD PPTY TR INC COM 85571B105 164,759 8,029,175 SH   SOLE   8,029,175 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 86,238 3,618,892 SH   SOLE   3,618,892 0 0
SUFFOLK BANCORP COM 864739107 12,587 460,717 SH   SOLE   460,717 0 0
SUN BANCORP INC COM NEW 86663B201 19,499 1,016,099 SH   SOLE   1,016,099 0 0
SUNTRUST BKS INC COM 867914103 35,762 935,208 SH   SOLE   935,208 0 0
SYNOVUS FINL CORP COM NEW 87161C501 45,288 1,530,002 SH   SOLE   1,530,002 0 0
TALMER BANCORP INC COM 87482X101 16,620 998,200 SH   SOLE   998,200 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 467 25,000 SH   SOLE   25,000 0 0
TERRITORIAL BANCORP INC COM 88145X108 8,880 341,030 SH   SOLE   341,030 0 0
TFS FINL CORP COM 87240R107 38,813 2,250,000 SH   SOLE   2,250,000 0 0
TIMBERLAND BANCORP INC COM 887098101 3,203 294,099 SH   SOLE   294,099 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 7,500 1,500,000 SH   SOLE   1,500,000 0 0
UNITED FINL BANCORP INC NEW COM 910304104 6,525 500,000 SH   SOLE   500,000 0 0
USD PARTNERS LP COM UT REP LTD 903318103 287 35,775 SH   SOLE   35,775 0 0
VIRTU FINL INC CL A 928254101 19,995 872,366 SH   SOLE   872,366 0 0
WALTER INVT MGMT CORP NOTE 4.500%11/0 93317WAA0 16,706 23,020,000 PRN   SOLE   23,020,000 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 8,970 1,172,607 SH   SOLE   1,172,607 0 0
WHEELER REAL ESTATE INVT TR COM 963025101 6,564 3,455,000 SH   SOLE   3,455,000 0 0
XUEDA ED GROUP SPONSORED ADR 98418W109 651 126,157 SH   SOLE   126,157 0 0
YADKIN FINL CORP COM 984305102 19,341 900,000 SH   SOLE   900,000 0 0
ZIONS BANCORPORATION COM 989701107 20,655 750,000 SH   SOLE   750,000 0 0
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 5,665 1,573,500 SH   SOLE   1,573,500 0 0