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 969 67,275 SH   SOLE _ 67,275 0 0
AERCAP HOLDINGS NV SHS N00985106 962 25,000 SH   SOLE _ 25,000 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 91,560 2,383,144 SH   SOLE _ 2,383,144 0 0
ALLEGIANCE BANCSHARES INC COM 01748H107 6,017 222,838 SH   SOLE _ 222,838 0 0
ALLY FINL INC COM 02005N100 69,614 3,575,451 SH   SOLE _ 3,575,451 0 0
AMBAC FINL GROUP INC COM NEW 023139884 6,437 350,000 SH   SOLE _ 350,000 0 0
ARES CAP CORP COM 04010L103 775 50,000 SH   SOLE _ 50,000 0 0
ASSOCIATED CAP GROUP INC CL A 045528106 7,092 200,000 SH   SOLE _ 200,000 0 0
ASSURED GUARANTY LTD COM G0585R106 15,263 550,000 SH   SOLE _ 550,000 0 0
ATLANTIC COAST FINL CORP COM 048426100 5,727 904,707 SH   SOLE _ 904,707 0 0
BANK AMER CORP COM 060505104 626 40,000 SH   SOLE _ 40,000 0 0
BANNER CORP COM NEW 06652V208 10,935 250,000 SH   SOLE _ 250,000 0 0
BAY BANCORP INC COM 07203T106 5,510 1,000,000 SH   SOLE _ 1,000,000 0 0
BERKSHIRE HILLS BANCORP INC COM 084680107 2,771 100,000 SH   SOLE _ 100,000 0 0
BLUE HILLS BANCORP INC COM 095573101 18,548 1,234,873 SH   SOLE _ 1,234,873 0 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 1,300 100,000 SH   SOLE _ 100,000 0 0
BNC BANCORP COM 05566T101 6,080 250,000 SH   SOLE _ 250,000 0 0
BRIXMOR PPTY GROUP INC COM 11120U105 6,948 250,000 SH   SOLE _ 250,000 0 0
CAROLINA FINL CORP NEW COM 143873107 8,326 372,696 SH   SOLE _ 372,696 0 0
CENTRUE FINL CORP NEW COM NEW 15643B205 5,175 275,289 SH   SOLE _ 275,289 0 0
CIT GROUP INC COM NEW 125581801 10,890 300,000 SH   SOLE _ 300,000 0 0
CITIZENS FINL GROUP INC COM 174610105 38,301 1,550,000 SH   SOLE _ 1,550,000 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 9,480 221,331 SH   SOLE _ 221,331 0 0
CNX COAL RES LP COM UNIT RP LP 12592V100 775 50,000 SH   SOLE _ 50,000 0 0
COLONY CAP INC CL A 19624R106 729 40,000 SH   SOLE _ 40,000 0 0
COMERICA INC COM 200340107 28,392 599,999 SH   SOLE _ 599,999 0 0
COMMUNITY BANKERS TR CORP COM 203612106 9,455 1,744,935 SH   SOLE _ 1,744,935 0 0
COMMUNITY FINL CORP MD COM 20368X101 7,183 311,566 SH   SOLE _ 311,566 0 0
EASTERN VA BANKSHARES INC COM 277196101 5,313 660,784 SH   SOLE _ 660,784 0 0
ENLINK MIDSTREAM PARTNERS LP COM UNIT REP LTD 29336U107 354 20,000 SH   SOLE _ 20,000 0 0
ENTEGRA FINL CORP COM 29363J108 11,287 614,106 SH   SOLE _ 614,106 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 553 20,000 SH   SOLE _ 20,000 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 10,541 406,366 SH   SOLE _ 406,366 0 0
FB FINL CORP COM 30257X104 12,108 600,000 SH   SOLE _ 600,000 0 0
FELCOR LODGING TR INC COM 31430F101 322 50,000 SH   SOLE _ 50,000 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 18,390 1,000,000 SH   SOLE _ 1,000,000 0 0
FIFTH THIRD BANCORP COM 316773100 23,324 1,140,000 SH   SOLE _ 1,140,000 0 0
FIRST BANCORP N C COM 318910106 12,728 643,168 SH   SOLE _ 643,168 0 0
FIRST CONN BANCORP INC MD COM 319850103 9,679 544,089 SH   SOLE _ 544,089 0 0
FIRST LONG IS CORP COM 320734106 13,260 400,000 SH   SOLE _ 400,000 0 0
FIRST NORTHWEST BANCORP COM 335834107 8,390 621,958 SH   SOLE _ 621,958 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 905 75,000 SH   SOLE _ 75,000 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 6,175 1,250,000 SH   SOLE _ 1,250,000 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 16,311 913,788 SH   SOLE _ 913,788 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 3,198 197,990 SH   SOLE _ 197,990 0 0
HAMILTON BANCORP INC MD COM 407015106 4,420 325,000 SH   SOLE _ 325,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 459 20,000 SH   SOLE _ 20,000 0 0
HOME BANCORP INC COM 43689E107 17,906 639,492 SH   SOLE _ 639,492 0 0
HOWARD BANCORP INC COM 442496105 8,980 679,782 SH   SOLE _ 679,782 0 0
IMPAC MTG HLDGS INC COM NEW 45254P508 1,987 150,655 SH   SOLE _ 150,655 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 24,404 1,450,000 SH   SOLE _ 1,450,000 0 0
KEYCORP NEW COM 493267108 1,826 150,000 SH   SOLE _ 150,000 0 0
LENNAR CORP CL A 526057104 5,504 130,000 SH   SOLE _ 130,000 0 0
LLOYDS BANKING GROUP PLC SPONSORED ADR 539439109 215 75,000 SH   SOLE _ 75,000 0 0
MALVERN BANCORP INC COM 561409103 9,007 549,187 SH   SOLE _ 549,187 0 0
MBIA INC COM 55262C100 11,685 1,500,000 SH   SOLE _ 1,500,000 0 0
MERIDIAN BANCORP INC MD COM 58958U103 23,355 1,500,000 SH   SOLE _ 1,500,000 0 0
META FINL GROUP INC COM 59100U108 24,474 403,787 SH   SOLE _ 403,787 0 0
MIDLAND STS BANCORP INC ILL COM 597742105 14,571 575,000 SH   SOLE _ 575,000 0 0
NATIONAL BK HLDGS CORP CL A 633707104 27,824 1,190,573 SH   SOLE _ 1,190,573 0 0
NEW RESIDENTIAL INVT CORP COM NEW 64828T201 43,745 3,167,603 SH   SOLE _ 3,167,603 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 602 55,000 SH   SOLE _ 55,000 0 0
NORTHSTAR RLTY FIN CORP COM 66704R803 1,976 150,000 SH   SOLE _ 150,000 0 0
OCEANFIRST FINL CORP COM 675234108 29,258 1,519,119 SH   SOLE _ 1,519,119 0 0
ORRSTOWN FINL SVCS INC COM 687380105 7,752 392,500 SH   SOLE _ 392,500 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 7,168 972,648 SH   SOLE _ 972,648 0 0
PARAGON COML CORP COM NEW 69911U403 6,743 185,858 SH   SOLE _ 185,858 0 0
PARKE BANCORP INC COM 700885106 741 49,109 SH   SOLE _ 49,109 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 16,808 750,000 SH   SOLE _ 750,000 0 0
PHH CORP COM NEW 693320202 7,225 500,000 SH   SOLE _ 500,000 0 0
POPULAR INC COM NEW 733174700 3,117 81,556 SH   SOLE _ 81,556 0 0
PULTE GROUP INC COM 745867101 10,020 500,000 SH   SOLE _ 500,000 0 0
RADIAN GROUP INC COM 750236101 12,195 900,000 SH   SOLE _ 900,000 0 0
RANDOLPH BANCORP INC COM 752378109 6,841 501,900 SH   SOLE _ 501,900 0 0
ROYAL BANCSHARES PA INC CL A 780081105 3,234 1,370,471 SH   SOLE _ 1,370,471 0 0
ROYAL BK OF SCOTLAND PLC DEBT 7.500%12/3 780099CJ4 4,594 5,000,000 PRN   SOLE _ 5,000,000 0 0
ROYAL BK SCOTLAND GROUP PLC NOTE 8.625%12/3 780097BB6 14,775 15,000,000 PRN   SOLE _ 15,000,000 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 96,500 5,000,000 SH Call SOLE _ 5,000,000 0 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 7,695 1,182,000 SH   SOLE _ 1,182,000 0 0
SI FINL GROUP INC MD COM 78425V104 8,910 675,000 SH   SOLE _ 675,000 0 0
SL GREEN RLTY CORP COM 78440X101 1,947 18,010 SH   SOLE _ 18,010 0 0
SMARTFINANCIAL INC COM NEW 83190L208 1,859 114,111 SH   SOLE _ 114,111 0 0
SOUND FINL BANCORP INC COM 83607A100 1,836 75,000 SH   SOLE _ 75,000 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 14,708 533,274 SH   SOLE _ 533,274 0 0
STANDARD CHARTERED PLC DEBT 7.500%12/3 G84228CQ9 12,935 13,000,000 PRN   SOLE _ 13,000,000 0 0
STATE BK FINL CORP COM 856190103 24,795 1,086,550 SH   SOLE _ 1,086,550 0 0
SUN BANCORP INC COM NEW 86663B201 25,223 1,093,820 SH   SOLE _ 1,093,820 0 0
SUNSHINE BANCORP INC COM 86777J108 5,686 384,719 SH   SOLE _ 384,719 0 0
SUNTRUST BKS INC COM 867914103 29,446 672,274 SH   SOLE _ 672,274 0 0
SYNOVUS FINL CORP COM NEW 87161C501 26,024 800,002 SH   SOLE _ 800,002 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 528 30,000 SH   SOLE _ 30,000 0 0
TFS FINL CORP COM 87240R107 11,228 630,433 SH   SOLE _ 630,433 0 0
TIMBERLAND BANCORP INC COM 887098101 3,722 236,309 SH   SOLE _ 236,309 0 0
TOLL BROTHERS INC COM 889478103 597 20,000 SH   SOLE _ 20,000 0 0
TRI POINTE GROUP INC COM 87265H109 330 25,000 SH   SOLE _ 25,000 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 10,665 1,500,000 SH   SOLE _ 1,500,000 0 0
USD PARTNERS LP COM UT REP LTD 903318103 495 40,000 SH   SOLE _ 40,000 0 0
WELLS FARGO & CO NEW COM 949746101 221 5,000 SH   SOLE _ 5,000 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 12,564 1,642,317 SH   SOLE _ 1,642,317 0 0
WHEELER REAL ESTATE INVT TR COM 963025101 6,160 3,519,998 SH   SOLE _ 3,519,998 0 0
XENITH BANKSHARES INC NEW COM 984102103 13,936 6,032,849 SH   SOLE _ 6,032,849 0 0
ZIONS BANCORPORATION COM 989701107 31,020 999,999 SH   SOLE _ 999,999 0 0
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 8,094 1,998,500 SH   SOLE _ 1,998,500 0 0