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
AFFILIATED MANAGERS GROUP COM 008252108 2,315 16,000 SH   SOLE   16,000 0 0
ALLIANCE DATA SYSTEMS CORP COM 018581108 1,094 5,100 SH   SOLE   5,100 0 0
AMERICAN FINL GROUP INC OHIO COM 025932104 2,325 31,000 SH   SOLE   31,000 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 208 7,459 SH   SOLE   7,459 0 0
AMERIPRISE FINL INC COM 03076C106 2,195 22,000 SH   SOLE   22,000 0 0
ASHFORD INC COM 044104107 1,048 22,000 SH   SOLE   22,000 0 0
BANCORP INC DEL COM 05969A105 2,141 333,501 SH   SOLE   333,501 0 0
BANK AMER CORP COM 060505104 4,695 300,000 SH   SOLE   300,000 0 0
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208 3,714 150,000 SH   SOLE   150,000 0 0
BANNER CORP COM NEW 06652V208 11,216 256,427 SH   DFND   256,427 0 0
BLUE HILLS BANCORP INC COM 095573101 526 35,000 SH   SOLE   35,000 0 0
CAPITAL BK FINL CORP CL A COM 139794101 21,165 659,134 SH   DFND   659,134 0 0
CASCADE BANCORP COM NEW 147154207 3,145 519,000 SH   SOLE   519,000 0 0
CIT GROUP INC COM NEW 125581801 4,356 120,000 SH   SOLE   120,000 0 0
CITIZENS FINL GROUP INC COM 174610105 2,718 110,000 SH   SOLE   110,000 0 0
COLONY CAP INC CL A 19624R106 4,138 227,000 SH   SOLE   227,000 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 2,097 72,000 SH   SOLE   72,000 0 0
EASTERN VA BANKSHARES INC COM 277196101 1,395 173,569 SH   SOLE   173,569 0 0
FB FINL CORP COM 30257X104 2,018 100,000 SH   SOLE   100,000 0 0
FCB FINL HLDGS INC CL A 30255G103 34,587 900,000 SH   DFND   900,000 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 2,067 56,000 SH   SOLE   56,000 0 0
FIRST BANCORP P R COM NEW 318672706 1,430 275,000 SH   SOLE   275,000 0 0
FIRST CMNTY BANCSHARES INC N COM 31983A103 550 22,179 SH   SOLE   22,179 0 0
FIRST FINL BANCORP OH COM 320209109 1,289 59,000 SH   SOLE   59,000 0 0
FIRST FNDTN INC COM 32026V104 1,502 60,886 SH   SOLE   60,886 0 0
GREAT AJAX CORP COM 38983D300 2,699 197,762 SH   SOLE   197,762 0 0
GREEN BANCORP INC COM 39260X100 2,131 195,000 SH   SOLE   195,000 0 0
HERITAGE FINL CORP WASH COM 42722X106 386 21,519 SH   SOLE   21,519 0 0
HERITAGE OAKS BANCORP COM 42724R107 1,349 164,500 SH   SOLE   164,500 0 0
HOMETRUST BANCSHARES INC COM 437872104 1,703 92,056 SH   SOLE   92,056 0 0
HOWARD HUGHES CORP COM 44267D107 2,961 25,863 SH   SOLE   25,863 0 0
INVESCO LTD SHS G491BT108 1,720 55,000 SH   SOLE   55,000 0 0
KCG HLDGS INC CL A 48244B100 978 63,000 SH   SOLE   63,000 0 0
LEGG MASON INC COM 524901105 2,076 62,000 SH   SOLE   62,000 0 0
LINCOLN NATL CORP IND COM 534187109 2,091 44,500 SH   SOLE   44,500 0 0
LYON WILLIAM HOMES CL A NEW 552074700 1,451 78,203 SH   SOLE   78,203 0 0
MIDDLEBURG FINANCIAL CORP COM 596094102 688 24,322 SH   SOLE   24,322 0 0
MORGAN STANLEY COM NEW 617446448 3,110 97,000 SH   SOLE   97,000 0 0
OFG BANCORP COM 67103X102 1,011 100,000 SH   SOLE   100,000 0 0
OLD SECOND BANCORP INC ILL COM 680277100 706 84,918 SH   SOLE   84,918 0 0
PACIFIC CONTINENTAL CORP COM 69412V108 454 26,999 SH   SOLE   26,999 0 0
PACWEST BANCORP DEL COM 695263103 1,030 24,000 SH   SOLE   24,000 0 0
QCR HOLDINGS INC COM 74727A104 2,349 74,000 SH   SOLE   74,000 0 0
SCHWAB CHARLES CORP NEW COM 808513105 2,368 75,000 SH   SOLE   75,000 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 998 62,000 SH   SOLE   62,000 0 0
SI FINL GROUP INC MD COM 78425V104 551 41,763 SH   SOLE   41,763 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 1,185 10,000 SH   SOLE   10,000 0 0
STONEGATE BK FT LAUDERDALE F COM 861811107 7,012 207,768 SH   DFND   207,768 0 0
SVB FINL GROUP COM 78486Q101 3,316 30,000 SH   SOLE   30,000 0 0
TD AMERITRADE HLDG CORP COM 87236Y108 1,128 32,000 SH   SOLE   32,000 0 0
TRI POINTE GROUP INC COM 87265H109 1,577 119,654 SH   SOLE   119,654 0 0
TRISTATE CAP HLDGS INC COM 89678F100 16,241 1,005,644 SH   DFND   1,005,644 0 0
WESTERN ALLIANCE BANCORP COM 957638109 1,084 28,866 SH   SOLE   28,866 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 500 65,301 SH   SOLE   65,301 0 0
XENITH BANKSHARES INC NEW COM 984102103 2,132 922,832 SH   SOLE   922,832 0 0