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 8,045 175,000 SH   SOLE _ 175,000 0 0
AIR LEASE CORP CL A 00912X302 8,126 209,716 SH   SOLE _ 209,716 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 102,223 2,296,117 SH   SOLE _ 2,296,117 0 0
ALLY FINL INC COM 02005N100 21,490 1,057,074 SH   SOLE _ 1,057,074 0 0
AMBAC FINL GROUP INC COM NEW 023139884 23,790 1,261,376 SH   SOLE _ 1,261,376 0 0
ARES CAP CORP COM 04010L103 261 15,000 SH   SOLE _ 15,000 0 0
ARES MGMT L P COM UNIT RP IN 04014Y101 14,551 767,870 SH   SOLE _ 767,870 0 0
ATLANTIC COAST FINL CORP COM 048426100 6,964 913,960 SH   SOLE _ 913,960 0 0
BANC OF CALIFORNIA INC COM 05990K106 21,011 1,015,000 SH   SOLE _ 1,015,000 0 0
BAY BANCORP INC COM 07203T106 7,850 1,000,000 SH   SOLE _ 1,000,000 0 0
BENEFICIAL BANCORP INC COM 08171T102 7,501 468,804 SH   SOLE _ 468,804 0 0
BGC PARTNERS INC CL A 05541T101 6,191 545,000 SH   SOLE _ 545,000 0 0
BLUE HILLS BANCORP INC COM 095573101 17,850 1,000,000 SH   SOLE _ 1,000,000 0 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 923 75,000 SH   SOLE _ 75,000 0 0
CENTRUE FINL CORP NEW COM NEW 15643B205 7,361 282,235 SH   SOLE _ 282,235 0 0
CIT GROUP INC COM NEW 125581801 10,733 250,000 SH   SOLE _ 250,000 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 4,864 351,181 SH   SOLE _ 351,181 0 0
CITIZENS FINL GROUP INC COM 174610105 53,898 1,560,000 SH   SOLE _ 1,560,000 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 1,001 45,157 SH   SOLE _ 45,157 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 14,444 221,331 SH   SOLE _ 221,331 0 0
CLIPPER RLTY INC COM 18885T306 4,414 344,325 SH   SOLE _ 344,325 0 0
CNX COAL RES LP COM UNIT RP LP 12592V100 848 50,000 SH   SOLE _ 50,000 0 0
COLONY NORTHSTAR INC CL A COM 19625W104 775 60,000 SH   SOLE _ 60,000 0 0
COMERICA INC COM 200340107 43,728 637,617 SH   SOLE _ 637,617 0 0
COMMUNITY BANKERS TR CORP COM 203612106 13,254 1,656,718 SH   SOLE _ 1,656,718 0 0
COMMUNITY FINL CORP MD COM 20368X101 9,000 250,000 SH   SOLE _ 250,000 0 0
CONDOR HOSPITALITY TR INC COM NEW 20676Y403 1,325 125,000 SH   SOLE _ 125,000 0 0
CYRUSONE INC COM 23283R100 515 10,000 SH   SOLE _ 10,000 0 0
D R HORTON INC COM 23331A109 333 10,000 SH   SOLE _ 10,000 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 17,183 492,500 SH   SOLE _ 492,500 0 0
ENLINK MIDSTREAM PARTNERS LP COM UNIT REP LTD 29336U107 366 20,000 SH   SOLE _ 20,000 0 0
ENTEGRA FINL CORP COM 29363J108 14,190 600,000 SH   SOLE _ 600,000 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 690 25,000 SH   SOLE _ 25,000 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 18,470 581,366 SH   SOLE _ 581,366 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 6,247 279,147 SH   SOLE _ 279,147 0 0
FIRST BANCORP N C COM 318910106 14,645 500,000 SH   SOLE _ 500,000 0 0
FIRST BANCORP P R COM NEW 318672706 8,475 1,500,000 SH   SOLE _ 1,500,000 0 0
FIRST CONN BANCORP INC MD COM 319850103 12,400 500,000 SH   SOLE _ 500,000 0 0
FIRST LONG IS CORP COM 320734106 13,525 500,000 SH   SOLE _ 500,000 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 22,251 913,788 SH   SOLE _ 913,788 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 3,774 197,990 SH   SOLE _ 197,990 0 0
HAMILTON BANCORP INC MD COM 407015106 4,989 325,000 SH   SOLE _ 325,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203 292 5,000 SH   SOLE _ 5,000 0 0
HMN FINL INC COM 40424G108 349 19,336 SH   SOLE _ 19,336 0 0
HOME BANCORP INC COM 43689E107 18,616 551,585 SH   SOLE _ 551,585 0 0
HOMETOWN BANKSHARES CORP COM 43787N108 3,616 372,735 SH   SOLE _ 372,735 0 0
HOWARD BANCORP INC COM 442496105 16,452 879,782 SH   SOLE _ 879,782 0 0
IBERIABANK CORP COM 450828108 73,241 925,925 SH   SOLE _ 925,925 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 30,015 1,450,000 SH   SOLE _ 1,450,000 0 0
INVESTAR HLDG CORP COM 46134L105 11,990 547,485 SH   SOLE _ 547,485 0 0
KEYCORP NEW COM 493267108 23,114 1,300,000 SH   SOLE _ 1,300,000 0 0
MALVERN BANCORP INC COM 561409103 13,488 640,587 SH   SOLE _ 640,587 0 0
MBIA INC COM 55262C100 29,476 3,480,000 SH   SOLE _ 3,480,000 0 0
MBIA INC COM 55262C100 169 20,000 SH Call SOLE _ 20,000 0 0
MERIDIAN BANCORP INC MD COM 58958U103 18,300 1,000,000 SH   SOLE _ 1,000,000 0 0
META FINL GROUP INC COM 59100U108 17,700 200,000 SH   SOLE _ 200,000 0 0
MIDLAND STS BANCORP INC ILL COM 597742105 17,195 500,000 SH   SOLE _ 500,000 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 12,859 375,000 SH   SOLE _ 375,000 0 0
NATIONAL BK HLDGS CORP CL A 633707104 8,125 250,000 SH   SOLE _ 250,000 0 0
NI HLDGS INC COM 65342T106 7,465 500,000 SH   SOLE _ 500,000 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 290 25,000 SH   SOLE _ 25,000 0 0
OCEANFIRST FINL CORP COM 675234108 35,219 1,250,000 SH   SOLE _ 1,250,000 0 0
ON DECK CAP INC COM 682163100 29,116 5,777,030 SH   SOLE _ 5,777,030 0 0
ORRSTOWN FINL SVCS INC COM 687380105 8,940 400,000 SH   SOLE _ 400,000 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 7,343 972,648 SH   SOLE _ 972,648 0 0
PARAGON COML CORP COM NEW 69911U403 9,942 185,858 SH   SOLE _ 185,858 0 0
PARKE BANCORP INC COM 700885106 3,203 150,000 SH   SOLE _ 150,000 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 15,335 518,254 SH   SOLE _ 518,254 0 0
PHH CORP COM NEW 693320202 67,371 5,292,329 SH   SOLE _ 5,292,329 0 0
RANDOLPH BANCORP INC COM 752378109 7,779 501,900 SH   SOLE _ 501,900 0 0
REGIONS FINL CORP NEW COM 7591EP100 21,795 1,500,000 SH   SOLE _ 1,500,000 0 0
ROYAL BK SCOTLAND GROUP PLC NOTE 8.625%12/3 780097BB6 19,864 19,054,000 PRN   SOLE _ 19,054,000 0 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 8,510 1,182,000 SH   SOLE _ 1,182,000 0 0
SI FINL GROUP INC MD COM 78425V104 9,484 675,000 SH   SOLE _ 675,000 0 0
SMARTFINANCIAL INC COM NEW 83190L208 9,082 431,659 SH   SOLE _ 431,659 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 15,550 476,261 SH   SOLE _ 476,261 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 176,805 750,000 SH Put SOLE _ 750,000 0 0
SPDR SERIES TRUST S&P BK ETF 78464A797 21,490 500,000 SH   SOLE _ 500,000 0 0
STANDARD CHARTERED PLC DEBT 7.500%12/3 G84228CQ9 12,646 12,255,000 PRN   SOLE _ 12,255,000 0 0
STUDENT TRANSN INC COM 86388A108 292 50,000 SH   SOLE _ 50,000 0 0
SUN BANCORP INC COM NEW 86663B201 36,449 1,493,820 SH   SOLE _ 1,493,820 0 0
SUNSHINE BANCORP INC COM 86777J108 8,056 384,719 SH   SOLE _ 384,719 0 0
SUNTRUST BKS INC COM 867914103 33,180 600,000 SH   SOLE _ 600,000 0 0
SYNOVUS FINL CORP COM NEW 87161C501 41,020 1,000,002 SH   SOLE _ 1,000,002 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 320 15,000 SH   SOLE _ 15,000 0 0
TOLL BROTHERS INC COM 889478103 542 15,000 SH   SOLE _ 15,000 0 0
TRI POINTE GROUP INC COM 87265H109 564 45,000 SH   SOLE _ 45,000 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 8,639 1,035,878 SH   SOLE _ 1,035,878 0 0
UNITY BANCORP INC COM 913290102 7,502 442,600 SH   SOLE _ 442,600 0 0
USD PARTNERS LP COM UT REP LTD 903318103 615 50,000 SH   SOLE _ 50,000 0 0
VERITEX HLDGS INC COM 923451108 9,173 326,197 SH   SOLE _ 326,197 0 0
WELLS FARGO & CO NEW COM 949746101 278 5,000 SH   SOLE _ 5,000 0 0
WESTERN NEW ENG BANCORP INC COM 958892101 15,750 1,500,000 SH   SOLE _ 1,500,000 0 0
WHEELER REAL ESTATE INVT TR COM 963025101 476 275,000 SH   SOLE _ 275,000 0 0
ZIONS BANCORPORATION COM 989701107 72,507 1,726,346 SH   SOLE _ 1,726,346 0 0
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 11,510 1,000,000 SH   SOLE _ 1,000,000 0 0