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 696 15,000 SH   SOLE _ 15,000 0 0
ALCENTRA CAP CORP COM 01374T102 272 20,000 SH   SOLE _ 20,000 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 100,587 2,430,816 SH   SOLE _ 2,430,816 0 0
ALLY FINL INC COM 02005N100 22,093 1,057,074 SH   SOLE _ 1,057,074 0 0
AMBAC FINL GROUP INC COM NEW 023139884 29,092 1,676,788 SH   SOLE _ 1,676,788 0 0
APPLE HOSPITALITY REIT INC COM NEW 03784Y200 468 25,000 SH   SOLE _ 25,000 0 0
ARES CAP CORP COM 04010L103 328 20,000 SH   SOLE _ 20,000 0 0
ARES MGMT L P COM UNIT RP IN 04014Y101 16,691 927,260 SH   SOLE _ 927,260 0 0
ATHENE HLDG LTD CL A G0684D107 15,960 321,700 SH   SOLE _ 321,700 0 0
ATLANTIC COAST FINL CORP COM 048426100 8,696 1,109,234 SH   SOLE _ 1,109,234 0 0
BANC OF CALIFORNIA INC COM 05990K106 22,038 1,025,000 SH   SOLE _ 1,025,000 0 0
BANK COMM HLDGS COM 06424J103 9,746 881,952 SH   SOLE _ 881,952 0 0
BAY BANCORP INC COM 07203T106 7,600 1,000,000 SH   SOLE _ 1,000,000 0 0
BENEFICIAL BANCORP INC COM 08171T102 9,750 650,000 SH   SOLE _ 650,000 0 0
BLUE HILLS BANCORP INC COM 095573101 17,900 1,000,000 SH   SOLE _ 1,000,000 0 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 902 70,000 SH   SOLE _ 70,000 0 0
BYLINE BANCORP INC COM 124411109 301 15,000 SH   SOLE _ 15,000 0 0
CADENCE BANCORPORATION CL A 12739A100 4,119 188,258 SH   SOLE _ 188,258 0 0
CHICAGO BRIDGE & IRON CO N V COM 167250109 395 20,000 SH   SOLE _ 20,000 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 4,910 351,181 SH   SOLE _ 351,181 0 0
CITIZENS FINL GROUP INC COM 174610105 43,262 1,212,500 SH   SOLE _ 1,212,500 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 14,165 221,331 SH   SOLE _ 221,331 0 0
CLIPPER RLTY INC COM 18885T306 2,765 224,044 SH   SOLE _ 224,044 0 0
CNX COAL RES LP COM UNIT RP LP 12592V100 673 45,000 SH   SOLE _ 45,000 0 0
COLONY NORTHSTAR INC CL A COM 19625W104 564 40,000 SH   SOLE _ 40,000 0 0
COMERICA INC COM 200340107 29,296 400,000 SH   SOLE _ 400,000 0 0
COMMUNITY BANKERS TR CORP COM 203612106 12,375 1,500,000 SH   SOLE _ 1,500,000 0 0
COMMUNITY FINL CORP MD COM 20368X101 5,749 149,327 SH   SOLE _ 149,327 0 0
CONE MIDSTREAM PARTNERS LP COM UNIT REPST 206812109 332 17,500 SH   SOLE _ 17,500 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 14,094 625,000 SH   SOLE _ 625,000 0 0
COSTCO WHSL CORP NEW COM 22160K105 240 1,500 SH   SOLE _ 1,500 0 0
CYRUSONE INC COM 23283R100 836 15,000 SH   SOLE _ 15,000 0 0
D R HORTON INC COM 23331A109 519 15,000 SH   SOLE _ 15,000 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 16,163 425,000 SH   SOLE _ 425,000 0 0
ENLINK MIDSTREAM PARTNERS LP COM UNIT REP LTD 29336U107 424 25,000 SH   SOLE _ 25,000 0 0
ENTEGRA FINL CORP COM 29363J108 13,149 577,989 SH   SOLE _ 577,989 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 406 15,000 SH   SOLE _ 15,000 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 16,566 540,666 SH   SOLE _ 540,666 0 0
FB FINL CORP COM 30257X104 16,286 450,000 SH   SOLE _ 450,000 0 0
FINANCIAL INSTNS INC COM 317585404 2,174 72,954 SH   SOLE _ 72,954 0 0
FIRST SAVINGS FINL GROUP INC COM 33621E109 917 17,368 SH   SOLE _ 17,368 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 23,115 750,000 SH   SOLE _ 750,000 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 4,005 197,990 SH   SOLE _ 197,990 0 0
HAMILTON BANCORP INC MD COM 407015106 4,875 325,000 SH   SOLE _ 325,000 0 0
HMN FINL INC COM 40424G108 668 38,058 SH   SOLE _ 38,058 0 0
HOME BANCORP INC COM 43689E107 21,260 500,000 SH   SOLE _ 500,000 0 0
HOMETOWN BANKSHARES CORP COM 43787N108 4,007 372,735 SH   SOLE _ 372,735 0 0
HOWARD BANCORP INC COM 442496105 16,595 862,059 SH   SOLE _ 862,059 0 0
IBERIABANK CORP COM 450828108 15,986 196,150 SH   SOLE _ 196,150 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 31,538 1,450,000 SH   SOLE _ 1,450,000 0 0
INVESTAR HLDG CORP COM 46134L105 13,379 584,224 SH   SOLE _ 584,224 0 0
LADDER CAP CORP CL A 505743104 134 10,000 SH   SOLE _ 10,000 0 0
MALVERN BANCORP INC COM 561409103 15,342 640,587 SH   SOLE _ 640,587 0 0
MBIA INC COM 55262C100 44,931 4,764,701 SH   SOLE _ 4,764,701 0 0
MERIDIAN BANCORP INC MD COM 58958U103 13,520 800,000 SH   SOLE _ 800,000 0 0
META FINL GROUP INC COM 59100U108 8,900 100,000 SH   SOLE _ 100,000 0 0
MIDLAND STS BANCORP INC ILL COM 597742105 6,599 196,870 SH   SOLE _ 196,870 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 11,334 334,435 SH   SOLE _ 334,435 0 0
NI HLDGS INC COM 65342T106 5,301 296,460 SH   SOLE _ 296,460 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 254 20,000 SH   SOLE _ 20,000 0 0
OCEANFIRST FINL CORP COM 675234108 13,560 500,000 SH   SOLE _ 500,000 0 0
ON DECK CAP INC COM 682163100 32,224 6,915,110 SH   SOLE _ 6,915,110 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 8,609 978,251 SH   SOLE _ 978,251 0 0
PARAGON COML CORP COM NEW 69911U403 3,796 72,352 SH   SOLE _ 72,352 0 0
PARKE BANCORP INC COM 700885106 3,696 165,000 SH   SOLE _ 165,000 0 0
PCSB FINL CORP COM 69324R104 8,883 520,681 SH   SOLE _ 520,681 0 0
PHH CORP COM NEW 693320202 67,926 4,932,870 SH   SOLE _ 4,932,870 0 0
RANDOLPH BANCORP INC COM 752378109 7,980 501,900 SH   SOLE _ 501,900 0 0
REGIONS FINL CORP NEW COM 7591EP100 22,692 1,550,000 SH   SOLE _ 1,550,000 0 0
ROYAL BK SCOTLAND GROUP PLC NOTE 8.625%12/3 780097BB6 8,720 8,000,000 PRN   SOLE _ 8,000,000 0 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 8,570 1,182,000 SH   SOLE _ 1,182,000 0 0
SI FINL GROUP INC MD COM 78425V104 7,916 491,700 SH   SOLE _ 491,700 0 0
SMARTFINANCIAL INC COM NEW 83190L208 10,308 431,659 SH   SOLE _ 431,659 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 9,263 250,000 SH   SOLE _ 250,000 0 0
SPDR SERIES TRUST S&P BK ETF 78464A797 65,280 1,500,000 SH   SOLE _ 1,500,000 0 0
STANDARD CHARTERED PLC DEBT 7.500%12/3 G84228CQ9 4,563 4,255,000 PRN   SOLE _ 4,255,000 0 0
STUDENT TRANSN INC COM 86388A108 303 50,000 SH   SOLE _ 50,000 0 0
SUN BANCORP INC COM NEW 86663B201 35,392 1,435,777 SH   SOLE _ 1,435,777 0 0
SUNSHINE BANCORP INC COM 86777J108 8,307 389,807 SH   SOLE _ 389,807 0 0
SUNTRUST BKS INC COM 867914103 11,628 205,000 SH   SOLE _ 205,000 0 0
SYNOVUS FINL CORP COM NEW 87161C501 26,544 600,002 SH   SOLE _ 600,002 0 0
TRI POINTE GROUP INC COM 87265H109 330 25,000 SH   SOLE _ 25,000 0 0
UNITY BANCORP INC COM 913290102 7,613 442,600 SH   SOLE _ 442,600 0 0
USD PARTNERS LP COM UT REP LTD 903318103 896 80,000 SH   SOLE _ 80,000 0 0
WELLS FARGO CO NEW COM 949746101 416 7,500 SH   SOLE _ 7,500 0 0
WESTERN NEW ENG BANCORP INC COM 958892101 11,850 1,167,517 SH   SOLE _ 1,167,517 0 0
WHEELER REAL ESTATE INVT TR COM NEW 963025705 715 70,000 SH   SOLE _ 70,000 0 0
ZIONS BANCORPORATION COM 989701107 77,468 1,764,243 SH   SOLE _ 1,764,243 0 0
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 12,870 1,000,000 SH   SOLE _ 1,000,000 0 0