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
AMERICAN CAP LTD COM 02503Y103 3,481 286,245 SH   SOLE   286,245 0 0
AMERICAN FINL GROUP INC OHIO COM 025932104 3,121 45,295 SH   SOLE   45,295 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 5,975 105,151 SH   SOLE   105,151 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 349 14,880 SH   SOLE   14,880 0 0
ASHFORD INC COM 044104107 923 14,548 SH   SOLE   14,548 0 0
ASTORIA FINL CORP COM 046265104 2,232 138,664 SH   SOLE   138,664 0 0
BB&T CORP COM 054937107 5,079 142,655 SH   SOLE   142,655 0 0
BSB BANCORP INC MD COM 05573H108 415 19,652 SH   SOLE   19,652 0 0
CAPITAL BK FINL CORP CL A COM 139794101 19,926 659,134 SH   DFND 1 659,134 0 0
CENTURY CMNTYS INC COM 156504300 883 44,494 SH   SOLE   44,494 0 0
CHEVIOT FINL CORP NEW COM 16677X105 380 27,532 SH   SOLE   27,532 0 0
CITIGROUP INC COM NEW 172967424 6,381 128,616 SH   SOLE   128,616 0 0
CITIZENS FINL GROUP INC COM 174610105 2,161 90,590 SH   SOLE   90,590 0 0
COMMUNITY BANKERS TR CORP COM 203612106 2,846 568,000 SH   DFND 1 568,000 0 0
COWEN GROUP INC NEW CL A 223622101 4,547 997,194 SH   SOLE   997,194 0 0
EASTERN VA BANKSHARES INC COM 277196101 1,214 179,917 SH   SOLE   179,917 0 0
FCB FINL HLDGS INC CL A 30255G103 29,358 900,000 SH   DFND 1 900,000 0 0
FIFTH THIRD BANCORP COM 316773100 1,824 96,461 SH   SOLE   96,461 0 0
FIRST CMNTY BANCSHARES INC N COM 31983A103 763 42,606 SH   SOLE   42,606 0 0
FIRST FINL BANCORP OH COM 320209109 2,452 128,523 SH   SOLE   128,523 0 0
FIRST FNDTN INC COM 32026V104 4,210 184,885 SH   SOLE   184,885 0 0
FS BANCORP INC COM 30263Y104 525 22,214 SH   SOLE   22,214 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 3,923 22,577 SH   SOLE   22,577 0 0
GREAT AJAX CORP COM 38983D300 3,239 261,854 SH   SOLE   261,854 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 5,159 112,683 SH   SOLE   112,683 0 0
HOMESTREET INC COM 43785V102 2,310 100,000 SH   SOLE   100,000 0 0
HOMETRUST BANCSHARES INC COM 437872104 2,261 121,893 SH   SOLE   121,893 0 0
HOWARD HUGHES CORP COM 44267D107 2,562 22,329 SH   SOLE   22,329 0 0
JPMORGAN CHASE & CO COM 46625H100 9,871 161,893 SH   SOLE   161,893 0 0
KEYCORP NEW COM 493267108 1,733 133,209 SH   SOLE   133,209 0 0
LAKELAND BANCORP INC COM 511637100 921 82,888 SH   SOLE   82,888 0 0
LYON WILLIAM HOMES CL A NEW 552074700 2,133 103,544 SH   SOLE   103,544 0 0
MALVERN BANCORP INC COM 561409103 958 61,233 SH   SOLE   61,233 0 0
MIDDLEBURG FINANCIAL CORP COM 596094102 761 43,238 SH   SOLE   43,238 0 0
MORGAN STANLEY COM NEW 617446448 3,395 107,790 SH   SOLE   107,790 0 0
NATIONAL BK HLDGS CORP CL A 633707104 2,140 104,253 SH   SOLE   104,253 0 0
NEWBRIDGE BANCORP CL A NO PAR 65080T102 1,995 233,871 SH   SOLE   233,871 0 0
OM ASSET MGMT PLC SHS G67506108 4,403 285,541 SH   SOLE   285,541 0 0
OPUS BK IRVINE CALIF COM 684000102 1,851 48,409 SH   SOLE   48,409 0 0
PAYPAL HLDGS INC COM 70450Y103 3,065 98,742 SH   SOLE   98,742 0 0
PEOPLES BANCORP N C INC COM 710577107 1,203 68,729 SH   SOLE   68,729 0 0
PEOPLES UTAH BANCORP COM 712706209 1,552 95,180 SH   SOLE   95,180 0 0
RADIAN GROUP INC COM 750236101 4,312 271,027 SH   SOLE   271,027 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 2,272 45,780 SH   SOLE   45,780 0 0
SI FINL GROUP INC MD COM 78425V104 704 59,177 SH   SOLE   59,177 0 0
SQUARE 1 FINL INC CL A 85223W101 2,460 95,804 SH   SOLE   95,804 0 0
STARWOOD WAYPOINT RESIDENTL COM SHS 85571W109 1,095 45,934 SH   SOLE   45,934 0 0
STONEGATE BK FT LAUDERDALE F COM 861811107 23,519 739,350 SH   DFND 1 739,350 0 0
SUNTRUST BKS INC COM 867914103 4,580 119,766 SH   SOLE   119,766 0 0
SVB FINL GROUP COM 78486Q101 8,082 69,946 SH   SOLE   69,946 0 0
TRI POINTE GROUP INC COM 87265H109 1,381 105,465 SH   SOLE   105,465 0 0
TRISTATE CAP HLDGS INC COM 89678F100 12,540 1,005,644 SH   DFND 1 1,005,644 0 0
WCI CMNTYS INC COM PAR $0.01 92923C807 3,168 139,996 SH   SOLE   139,996 0 0
WELLS FARGO & CO NEW COM 949746101 5,677 110,553 SH   SOLE   110,553 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 1,132 147,921 SH   SOLE   147,921 0 0
WINTRUST FINL CORP COM 97650W108 920 17,212 SH   SOLE   17,212 0 0