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 675 12,782 SH   SOLE   9,575 0 3,207
AMERICAN CAP LTD COM 02503Y103 1,300 87,882 SH   SOLE   62,466 0 25,416
AMBAC FINL GROUP INC COM NEW 023139884 4,205 173,745 SH   SOLE   87,746 0 85,999
AMBAC FINL GROUP INC *W EXP 04/30/202 023139116 1,178 87,615 SH   SOLE   76,994 0 10,621
ARRIS GROUP INC NEW COM 04270V106 569 19,685 SH   SOLE   14,655 0 5,030
BANK AMER CORP COM 060505104 2,666 173,245 SH   SOLE   119,994 0 53,251
BANK AMER CORP *W EXP 10/28/201 060505153 407 782,320 SH   SOLE   576,430 0 205,890
BANC CALIF INC COM 05990K106 1,387 112,686 SH   SOLE   80,523 0 32,163
BBX CAP CORP CL A PAR $0.01 05540P100 1,279 68,746 SH   SOLE   43,406 0 25,340
BRIDGE BANCORP INC COM 108035106 1,317 51,005 SH   SOLE   36,142 0 14,863
BANKUNITED INC COM 06652K103 657 20,053 SH   SOLE   7,856 0 12,197
BOB EVANS FARMS INC COM 096761101 391 8,443 SH   SOLE   6,199 0 2,244
BOSTON PRIVATE FINL HLDGS IN COM 101119105 594 48,913 SH   SOLE   18,485 0 30,428
BOSTON PRIVATE FINL HLDGS IN *W EXP 11/21/201 101119113 420 76,852 SH   SOLE   72,572 0 4,280
POPULAR INC COM NEW 733174700 1,553 45,149 SH   SOLE   32,052 0 13,097
CITIGROUP INC COM NEW 172967424 2,804 54,434 SH   SOLE   37,912 0 16,522
CITIZENS FINL GROUP INC COM 174610105 330 13,661 SH   SOLE   10,756 0 2,905
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 2,016 74,401 SH   SOLE   53,455 0 20,946
CHICOS FAS INC COM 168615102 338 19,125 SH   SOLE   13,305 0 5,820
CIFC CORP COM 12547R105 2,174 284,232 SH   SOLE   195,755 0 88,477
COLONY FINL INC COM 19624R106 1,390 53,621 SH   SOLE   37,559 0 16,062
COMERICA INC *W EXP 11/14/201 200340115 1,539 94,960 SH   SOLE   69,565 0 25,395
CAPITAL ONE FINL CORP *W EXP 11/14/201 14040H139 2,222 59,986 SH   SOLE   42,702 0 17,284
DINEEQUITY INC COM 254423106 692 6,469 SH   SOLE   4,530 0 1,939
DOUBLELINE INCOME SOLUTIONS COM 258622109 277 13,934 SH   SOLE   0 0 13,934
ENLINK MIDSTREAM LLC COM UNIT REP LTD 29336T100 670 20,584 SH   SOLE   15,390 0 5,194
COMMUNITY BANKERS TR CORP COM 203612106 2,085 477,154 SH   SOLE   338,121 0 139,033
FEDERATED INVS INC PA CL B 314211103 1,504 44,382 SH   SOLE   31,618 0 12,764
FOSSIL GROUP INC COM 34988V106 476 5,776 SH   SOLE   3,955 0 1,821
FIFTH STR ASSET MGMT INC CL A COM 31679P109 531 47,080 SH   SOLE   32,876 0 14,204
FTD COS INC COM 30281V108 417 13,939 SH   SOLE   10,400 0 3,539
HUNTINGTON BANCSHARES INC COM 446150104 1,875 169,686 SH   SOLE   169,686 0 0
JANUS CAP GROUP INC COM 47102X105 445 25,862 SH   SOLE   20,850 0 5,012
KINGSTONE COS INC COM 496719105 2,304 305,927 SH   SOLE   200,395 0 105,532
KKR & CO L P DEL COM UNITS 48248M102 2,836 124,313 SH   SOLE   88,846 0 35,467
MORGAN STANLEY COM NEW 617446448 2,371 66,440 SH   SOLE   45,958 0 20,482
ONEOK INC NEW COM 682680103 292 6,057 SH   SOLE   4,510 0 1,547
OM ASSET MGMT PLC SHS G67506108 1,725 92,538 SH   SOLE   65,958 0 26,580
OPPENHEIMER HLDGS INC CL A NON VTG 683797104 1,609 68,570 SH   SOLE   48,349 0 20,221
PRESTIGE BRANDS HLDGS INC COM 74112D101 391 9,113 SH   SOLE   6,785 0 2,328
PENN NATL GAMING INC COM 707569109 527 33,665 SH   SOLE   22,860 0 10,805
PEAPACK-GLADSTONE FINL CORP COM 704699107 1,108 51,305 SH   SOLE   36,922 0 14,383
POWERSHARES ETF TRUST DYNA BUYBK ACH 73935X286 278 5,645 SH   SOLE   0 0 5,645
PRIMERICA INC COM 74164M108 465 9,135 SH   SOLE   6,830 0 2,305
RADIAN GROUP INC COM 750236101 1,428 85,030 SH   SOLE   61,523 0 23,507
RAYMOND JAMES FINANCIAL INC COM 754730109 344 6,065 SH   SOLE   4,530 0 1,535
RE MAX HLDGS INC CL A 75524W108 445 13,395 SH   SOLE   9,950 0 3,445
RYDEX ETF TRUST GUG S&P500 EQ WT 78355W106 259 3,198 SH   SOLE   0 0 3,198
RYLAND GROUP INC COM 783764103 618 12,674 SH   SOLE   10,300 0 2,374
SALLY BEAUTY HLDGS INC COM 79546E104 648 18,840 SH   SOLE   12,555 0 6,285
SUNTRUST BKS INC *W EXP 12/31/201 867914129 653 59,425 SH   SOLE   54,942 0 4,483
SUNTRUST BKS INC *W EXP 11/14/201 867914111 2,313 497,328 SH   SOLE   332,341 0 164,987
SUNCOKE ENERGY INC COM 86722A103 325 21,770 SH   SOLE   16,600 0 5,170
TEEKAY CORPORATION COM Y8564W103 293 6,294 SH   SOLE   4,731 0 1,563
TARGA RES CORP COM 87612G101 793 8,282 SH   SOLE   5,175 0 3,107
VOYA FINL INC COM 929089100 3,219 74,667 SH   SOLE   53,488 0 21,179
VIRTUS INVT PARTNERS INC COM 92828Q109 2,628 20,100 SH   SOLE   13,483 0 6,617
WELLCARE HEALTH PLANS INC COM 94946T106 407 4,447 SH   SOLE   3,295 0 1,152
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 1,498 390,237 SH   SOLE   223,400 0 166,837
ZIONS BANCORPORATION *W EXP 11/14/201 989701131 994 451,852 SH   SOLE   350,875 0 100,977