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 832 20,000 SH   SOLE _ 20,000 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 102,791 2,290,861 SH   SOLE _ 2,290,861 0 0
ALLY FINL INC COM 02005N100 97,212 5,111,015 SH   SOLE _ 5,111,015 0 0
AMBAC FINL GROUP INC COM NEW 023139884 16,601 737,826 SH   SOLE _ 737,826 0 0
ARES CAP CORP COM 04010L103 825 50,000 SH   SOLE _ 50,000 0 0
ASSOCIATED CAP GROUP INC CL A 045528106 1,026 31,230 SH   SOLE _ 31,230 0 0
ASSURED GUARANTY LTD COM G0585R106 45,812 1,212,931 SH   SOLE _ 1,212,931 0 0
ASTORIA FINL CORP COM 046265104 23,717 1,271,700 SH   SOLE _ 1,271,700 0 0
ATHENE HLDG LTD CL A G0684D107 22,145 461,445 SH   SOLE _ 461,445 0 0
ATLANTIC COAST FINL CORP COM 048426100 6,152 904,707 SH   SOLE _ 904,707 0 0
BAY BANCORP INC COM 07203T106 6,600 1,000,000 SH   SOLE _ 1,000,000 0 0
BLUE HILLS BANCORP INC COM 095573101 18,750 1,000,000 SH   SOLE _ 1,000,000 0 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 1,029 75,000 SH   SOLE _ 75,000 0 0
CENTRUE FINL CORP NEW COM NEW 15643B205 6,012 282,235 SH   SOLE _ 282,235 0 0
CIT GROUP INC COM NEW 125581801 18,125 424,666 SH   SOLE _ 424,666 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 2,213 178,057 SH   SOLE _ 178,057 0 0
CITIZENS FINL GROUP INC COM 174610105 64,797 1,818,619 SH   SOLE _ 1,818,619 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 12,403 221,331 SH   SOLE _ 221,331 0 0
CNX COAL RES LP COM UNIT RP LP 12592V100 913 50,000 SH   SOLE _ 50,000 0 0
COMERICA INC COM 200340107 52,134 765,444 SH   SOLE _ 765,444 0 0
COMMUNITY BANKERS TR CORP COM 203612106 12,651 1,744,935 SH   SOLE _ 1,744,935 0 0
COMMUNITY FINL CORP MD COM 20368X101 7,250 250,000 SH   SOLE _ 250,000 0 0
CONE MIDSTREAM PARTNERS LP COM UNIT REPST 206812109 353 15,000 SH   SOLE _ 15,000 0 0
CYRUSONE INC COM 23283R100 224 5,000 SH   SOLE _ 5,000 0 0
D R HORTON INC COM 23331A109 547 20,000 SH   SOLE _ 20,000 0 0
EASTERN VA BANKSHARES INC COM 277196101 6,905 660,784 SH   SOLE _ 660,784 0 0
ENLINK MIDSTREAM PARTNERS LP COM UNIT REP LTD 29336U107 461 25,000 SH   SOLE _ 25,000 0 0
ENTEGRA FINL CORP COM 29363J108 12,651 614,106 SH   SOLE _ 614,106 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 541 20,000 SH   SOLE _ 20,000 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 19,557 581,366 SH   SOLE _ 581,366 0 0
FB FINL CORP COM 30257X104 12,975 500,000 SH   SOLE _ 500,000 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 7,101 300,000 SH   SOLE _ 300,000 0 0
FIRST BANCORP N C COM 318910106 13,570 500,000 SH   SOLE _ 500,000 0 0
FIRST CONN BANCORP INC MD COM 319850103 11,325 500,000 SH   SOLE _ 500,000 0 0
FIRST LONG IS CORP COM 320734106 17,130 600,000 SH   SOLE _ 600,000 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 22,114 913,788 SH   SOLE _ 913,788 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 4,193 197,990 SH   SOLE _ 197,990 0 0
HAMILTON BANCORP INC MD COM 407015106 4,631 325,000 SH   SOLE _ 325,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 680 25,000 SH   SOLE _ 25,000 0 0
HMN FINL INC COM 40424G108 338 19,336 SH   SOLE _ 19,336 0 0
HOME BANCORP INC COM 43689E107 22,305 577,709 SH   SOLE _ 577,709 0 0
HOMETOWN BANKSHARES CORP COM 43787N108 3,448 372,735 SH   SOLE _ 372,735 0 0
HOWARD BANCORP INC COM 442496105 10,265 679,782 SH   SOLE _ 679,782 0 0
IBERIABANK CORP COM 450828108 2,221 26,518 SH   SOLE _ 26,518 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 31,465 1,450,000 SH   SOLE _ 1,450,000 0 0
LADDER CAP CORP CL A 505743104 16,818 1,225,800 SH   SOLE _ 1,225,800 0 0
LENNAR CORP CL A 526057104 215 5,000 SH   SOLE _ 5,000 0 0
MALVERN BANCORP INC COM 561409103 11,615 549,187 SH   SOLE _ 549,187 0 0
MBIA INC COM 55262C100 29,211 2,730,000 SH   SOLE _ 2,730,000 0 0
MERIDIAN BANCORP INC MD COM 58958U103 18,900 1,000,000 SH   SOLE _ 1,000,000 0 0
META FINL GROUP INC COM 59100U108 25,725 250,000 SH   SOLE _ 250,000 0 0
MIDLAND STS BANCORP INC ILL COM 597742105 18,090 500,000 SH   SOLE _ 500,000 0 0
NATIONAL BK HLDGS CORP CL A 633707104 19,134 600,000 SH   SOLE _ 600,000 0 0
NORTHSTAR ASSET MGMT GROUP I COM 66705Y104 746 50,000 SH   SOLE _ 50,000 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 314 25,000 SH   SOLE _ 25,000 0 0
NORTHSTAR RLTY FIN CORP COM 66704R803 530 35,000 SH   SOLE _ 35,000 0 0
OCEANFIRST FINL CORP COM 675234108 45,619 1,519,119 SH   SOLE _ 1,519,119 0 0
ON DECK CAP INC COM 682163100 14,763 3,188,480 SH   SOLE _ 3,188,480 0 0
ORRSTOWN FINL SVCS INC COM 687380105 8,960 400,000 SH   SOLE _ 400,000 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 7,100 972,648 SH   SOLE _ 972,648 0 0
PARAGON COML CORP COM NEW 69911U403 8,126 185,858 SH   SOLE _ 185,858 0 0
PARKE BANCORP INC COM 700885106 3,023 150,000 SH   SOLE _ 150,000 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 21,770 705,000 SH   SOLE _ 705,000 0 0
RANDOLPH BANCORP INC COM 752378109 8,091 501,900 SH   SOLE _ 501,900 0 0
ROYAL BANCSHARES PA INC CL A 780081105 5,687 1,370,471 SH   SOLE _ 1,370,471 0 0
ROYAL BK OF SCOTLAND PLC DEBT 7.500%12/3 780099CJ4 4,479 4,727,000 PRN   SOLE _ 4,727,000 0 0
ROYAL BK SCOTLAND GROUP PLC NOTE 8.625%12/3 780097BB6 14,288 14,054,000 PRN   SOLE _ 14,054,000 0 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 9,338 1,182,000 SH   SOLE _ 1,182,000 0 0
SI FINL GROUP INC MD COM 78425V104 10,395 675,000 SH   SOLE _ 675,000 0 0
SMARTFINANCIAL INC COM NEW 83190L208 2,118 114,111 SH   SOLE _ 114,111 0 0
SOUND FINL BANCORP INC COM 83607A100 2,100 75,000 SH   SOLE _ 75,000 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 18,540 514,988 SH   SOLE _ 514,988 0 0
STANDARD CHARTERED PLC DEBT 7.500%12/3 G84228CQ9 12,226 12,255,000 PRN   SOLE _ 12,255,000 0 0
STATE BK FINL CORP COM 856190103 26,860 1,000,000 SH   SOLE _ 1,000,000 0 0
SUN BANCORP INC COM NEW 86663B201 28,439 1,093,820 SH   SOLE _ 1,093,820 0 0
SUNSHINE BANCORP INC COM 86777J108 6,594 384,719 SH   SOLE _ 384,719 0 0
SUNTRUST BKS INC COM 867914103 27,545 502,188 SH   SOLE _ 502,188 0 0
SYNOVUS FINL CORP COM NEW 87161C501 34,768 846,355 SH   SOLE _ 846,355 0 0
TOLL BROTHERS INC COM 889478103 775 25,000 SH   SOLE _ 25,000 0 0
TRI POINTE GROUP INC COM 87265H109 344 30,000 SH   SOLE _ 30,000 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 13,410 1,500,000 SH   SOLE _ 1,500,000 0 0
UNITY BANCORP INC COM 913290102 6,949 442,600 SH   SOLE _ 442,600 0 0
USD PARTNERS LP COM UT REP LTD 903318103 474 30,000 SH   SOLE _ 30,000 0 0
VERITEX HLDGS INC COM 923451108 7,259 271,760 SH   SOLE _ 271,760 0 0
VIRTU FINL INC CL A 928254101 6,380 400,000 SH   SOLE _ 400,000 0 0
WELLS FARGO & CO NEW COM 949746101 276 5,000 SH   SOLE _ 5,000 0 0
WESTERN NEW ENG BANCORP INC COM 958892101 14,025 1,500,000 SH   SOLE _ 1,500,000 0 0
WHEELER REAL ESTATE INVT TR COM 963025101 5,987 3,521,737 SH   SOLE _ 3,521,737 0 0
XENITH BANKSHARES INC NEW COM NEW 984102202 11,280 400,000 SH   SOLE _ 400,000 0 0
ZIONS BANCORPORATION COM 989701107 70,370 1,635,000 SH   SOLE _ 1,635,000 0 0
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 11,750 1,000,000 SH   SOLE _ 1,000,000 0 0