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
ALLY FINL INC COM 02005N100 2,335 98,848 SH   DFND 1 98,848 0 0
ALLY FINL INC COM 02005N100 6,862 290,533 SH   SOLE   290,533 0 0
AMERICAN CAP LTD COM 02503Y103 3,081 210,877 SH   DFND 1 210,877 0 0
AMERICAN CAP LTD COM 02503Y103 9,046 619,142 SH   SOLE   619,142 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 132 5,329 SH   DFND 1 5,329 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 361 14,536 SH   SOLE   14,536 0 0
AMERIPRISE FINL INC COM 03076C106 523 3,954 SH   DFND 1 3,954 0 0
AMERIPRISE FINL INC COM 03076C106 1,537 11,621 SH   SOLE   11,621 0 0
AMERISERV FINL INC COM 03074A102 4,031 1,287,884 SH   DFND 1 1,287,884 0 0
ASHFORD INC COM 044104107 270 2,874 SH   DFND 1 2,874 0 0
ASHFORD INC COM 044104107 713 7,590 SH   SOLE   7,590 0 0
BANK AMER CORP COM 060505104 2,651 148,211 SH   DFND 1 148,211 0 0
BANK AMER CORP COM 060505104 7,793 435,621 SH   SOLE   435,621 0 0
BSB BANCORP INC MD COM 05573H108 416 22,336 SH   DFND 1 22,336 0 0
BSB BANCORP INC MD COM 05573H108 1,102 59,140 SH   SOLE   59,140 0 0
CAPE BANCORP INC COM 139209100 707 75,161 SH   DFND 1 75,161 0 0
CAPE BANCORP INC COM 139209100 1,939 206,082 SH   SOLE   206,082 0 0
CAPITAL BK FINL CORP CL A COM 139794101 18,177 678,256 SH   DFND 1 678,256 0 0
CENTURY CMNTYS INC COM 156504300 203 11,776 SH   DFND 1 11,776 0 0
CENTURY CMNTYS INC COM 156504300 595 34,434 SH   SOLE   34,434 0 0
CHEVIOT FINL CORP NEW COM 16677X105 140 9,871 SH   DFND 1 9,871 0 0
CHEVIOT FINL CORP NEW COM 16677X105 381 26,827 SH   SOLE   26,827 0 0
CLUBCORP HLDGS INC COM 18948M108 686 38,259 SH   DFND 1 38,259 0 0
CLUBCORP HLDGS INC COM 18948M108 2,016 112,451 SH   SOLE   112,451 0 0
COLONY FINL INC COM 19624R106 805 33,810 SH   DFND 1 33,810 0 0
COLONY FINL INC COM 19624R106 2,367 99,373 SH   SOLE   99,373 0 0
COMERICA INC COM 200340107 515 10,997 SH   DFND 1 10,997 0 0
COMERICA INC COM 200340107 1,514 32,322 SH   SOLE   32,322 0 0
COMMUNITY BANKERS TR CORP COM 203612106 2,511 568,000 SH   DFND 1 568,000 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 3,210 132,348 SH   DFND 1 132,348 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 9,435 388,996 SH   SOLE   388,996 0 0
EASTERN VA BANKSHARES INC COM 277196101 256 39,580 SH   DFND 1 39,580 0 0
EASTERN VA BANKSHARES INC COM 277196101 676 104,482 SH   SOLE   104,482 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 466 23,639 SH   DFND 1 23,639 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 1,364 69,123 SH   SOLE   69,123 0 0
FCB FINL HLDGS INC CL A 30255G103 22,176 900,000 SH   DFND 1 900,000 0 0
FIRST CMNTY BANCSHARES INC N COM 31983A103 234 14,229 SH   DFND 1 14,229 0 0
FIRST CMNTY BANCSHARES INC N COM 31983A103 685 41,609 SH   SOLE   41,609 0 0
FIRST FINL BANCORP OH COM 320209109 141 7,585 SH   DFND 1 7,585 0 0
FIRST FINL BANCORP OH COM 320209109 414 22,294 SH   SOLE   22,294 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 418 24,417 SH   DFND 1 24,417 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 1,228 71,766 SH   SOLE   71,766 0 0
GREEN BANCORP INC COM 39260X100 599 49,735 SH   DFND 1 49,735 0 0
GREEN BANCORP INC COM 39260X100 1,853 153,912 SH   SOLE   153,912 0 0
HOMETRUST BANCSHARES INC COM 437872104 368 22,074 SH   DFND 1 22,074 0 0
HOMETRUST BANCSHARES INC COM 437872104 1,075 64,548 SH   SOLE   64,548 0 0
HOWARD HUGHES CORP COM 44267D107 968 7,421 SH   DFND 1 7,421 0 0
HOWARD HUGHES CORP COM 44267D107 2,844 21,810 SH   SOLE   21,810 0 0
HUDSON VALLEY HOLDING CORP COM 444172100 469 17,260 SH   DFND 1 17,260 0 0
HUDSON VALLEY HOLDING CORP COM 444172100 1,371 50,472 SH   SOLE   50,472 0 0
JPMORGAN CHASE & CO COM 46625H100 1,036 16,557 SH   DFND 1 16,557 0 0
JPMORGAN CHASE & CO COM 46625H100 3,045 48,664 SH   SOLE   48,664 0 0
LADDER CAP CORP CL A 505743104 755 38,481 SH   DFND 1 38,481 0 0
LADDER CAP CORP CL A 505743104 2,218 113,102 SH   SOLE   113,102 0 0
LAKELAND BANCORP INC COM 511637100 347 29,681 SH   DFND 1 29,681 0 0
LAKELAND BANCORP INC COM 511637100 947 80,950 SH   SOLE   80,950 0 0
LYON WILLIAM HOMES CL A NEW 552074700 734 36,215 SH   DFND 1 36,215 0 0
LYON WILLIAM HOMES CL A NEW 552074700 2,158 106,443 SH   SOLE   106,443 0 0
MACKINAC FINL CORP COM 554571109 4,029 340,000 SH   DFND 1 340,000 0 0
MIDDLEBURG FINANCIAL CORP COM 596094102 37 2,042 SH   DFND 1 2,042 0 0
MIDDLEBURG FINANCIAL CORP COM 596094102 318 17,643 SH   SOLE   17,643 0 0
NAVIENT CORP COM 63938C108 1,729 80,008 SH   DFND 1 80,008 0 0
NAVIENT CORP COM 63938C108 5,082 235,161 SH   SOLE   235,161 0 0
NELNET INC CL A 64031N108 2,058 44,411 SH   DFND 1 44,411 0 0
NELNET INC CL A 64031N108 6,048 130,533 SH   SOLE   130,533 0 0
PACIFIC CONTINENTAL CORP COM 69412V108 249 17,539 SH   DFND 1 17,539 0 0
PACIFIC CONTINENTAL CORP COM 69412V108 709 50,016 SH   SOLE   50,016 0 0
PARAMOUNT GROUP INC COM 69924R108 906 48,709 SH   DFND 1 48,709 0 0
PARAMOUNT GROUP INC COM 69924R108 2,661 143,166 SH   SOLE   143,166 0 0
PEOPLES BANCORP N C INC COM 710577107 291 16,181 SH   DFND 1 16,181 0 0
PEOPLES BANCORP N C INC COM 710577107 801 44,528 SH   SOLE   44,528 0 0
PROSPERITY BANCSHARES INC COM 743606105 410 7,414 SH   DFND 1 7,414 0 0
PROSPERITY BANCSHARES INC COM 743606105 1,206 21,790 SH   SOLE   21,790 0 0
PROVIDENT FINL HLDGS INC COM 743868101 206 13,642 SH   DFND 1 13,642 0 0
PROVIDENT FINL HLDGS INC COM 743868101 1,784 117,887 SH   SOLE   117,887 0 0
SANTANDER CONSUMER USA HDG I COM 80283M101 615 31,384 SH   DFND 1 31,384 0 0
SANTANDER CONSUMER USA HDG I COM 80283M101 1,809 92,245 SH   SOLE   92,245 0 0
SCHWAB CHARLES CORP NEW COM 808513105 2,165 71,728 SH   DFND 1 71,728 0 0
SCHWAB CHARLES CORP NEW COM 808513105 6,365 210,820 SH   SOLE   210,820 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 1,648 119,858 SH   DFND 1 119,858 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 4,625 336,362 SH   SOLE   336,362 0 0
SI FINL GROUP INC MD COM 78425V104 223 19,664 SH   DFND 1 19,664 0 0
SI FINL GROUP INC MD COM 78425V104 653 57,660 SH   SOLE   57,660 0 0
SOTHEBYS COM 835898107 1,620 37,528 SH   DFND 1 37,528 0 0
SOTHEBYS COM 835898107 4,763 110,301 SH   SOLE   110,301 0 0
SOUTHERN NATL BANCORP OF VA COM 843395104 2,301 202,950 SH   DFND 1 202,950 0 0
SQUARE 1 FINL INC CL A 85223W101 1,688 68,344 SH   DFND 1 68,344 0 0
SQUARE 1 FINL INC CL A 85223W101 5,129 207,665 SH   SOLE   207,665 0 0
STONEGATE BK FT LAUDERDALE F COM 861811107 21,900 739,350 SH   DFND 1 739,350 0 0
SVB FINL GROUP COM 78486Q101 2,566 22,105 SH   DFND 1 22,105 0 0
SVB FINL GROUP COM 78486Q101 7,541 64,970 SH   SOLE   64,970 0 0
SYNCHRONY FINL COM 87165B103 625 21,005 SH   DFND 1 21,005 0 0
SYNCHRONY FINL COM 87165B103 1,837 61,738 SH   SOLE   61,738 0 0
TRI POINTE HOMES INC COM 87265H109 1,125 73,774 SH   DFND 1 73,774 0 0
TRI POINTE HOMES INC COM 87265H109 3,307 216,836 SH   SOLE   216,836 0 0
TRISTATE CAP HLDGS INC COM 89678F100 10,298 1,005,644 SH   DFND 1 1,005,644 0 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 2,412 127,353 SH   DFND 1 127,353 0 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 6,402 338,005 SH   SOLE   338,005 0 0
WCI CMNTYS INC COM PAR $0.01 92923C807 247 12,625 SH   DFND 1 12,625 0 0
WCI CMNTYS INC COM PAR $0.01 92923C807 723 36,918 SH   SOLE   36,918 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 241 32,884 SH   DFND 1 32,884 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 658 89,685 SH   SOLE   89,685 0 0
WISDOMTREE INVTS INC COM 97717P104 1,318 84,056 SH   DFND 1 84,056 0 0
WISDOMTREE INVTS INC COM 97717P104 3,873 247,050 SH   SOLE   247,050 0 0
YADKIN FINL CORP COM 984305102 710 36,112 SH   DFND 1 36,112 0 0
YADKIN FINL CORP COM 984305102 2,084 106,078 SH   SOLE   106,078 0 0