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 FINL GROUP INC OHIO COM 025932104 2,372 22,927 SH   SOLE   22,927 0 0
ATHENE HLDG LTD CL A G0684D107 2,683 49,840 SH   SOLE   49,840 0 0
BANC OF CALIFORNIA INC COM 05990K106 886 42,720 SH   SOLE   42,720 0 0
BANK AMER CORP COM 060505104 5,078 200,380 SH   SOLE   200,380 0 0
BANK OF MARIN BANCORP COM 063425102 2,442 35,652 SH   SOLE   35,652 0 0
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208 7,337 200,250 SH   SOLE   200,250 0 0
BANK PRINCETON NEW JERSEY COM 064520109 3,199 100,000 SH   SOLE   100,000 0 0
BANKUNITED INC COM 06652K103 1,899 53,400 SH   SOLE   53,400 0 0
CAPITAL BK FINL CORP CL A COM 139794101 27,057 659,134 SH   DFND 1 659,134 0 0
CHUBB LIMITED COM H1467J104 1,056 7,405 SH   SOLE   7,405 0 0
CITIZENS FINL GROUP INC COM 174610105 6,121 161,620 SH   SOLE   161,620 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 6,676 153,080 SH   SOLE   153,080 0 0
FB FINL CORP COM 30257X104 6,477 171,700 SH   SOLE   171,700 0 0
FCB FINL HLDGS INC CL A 30255G103 484 15,856 SH   DFND 1 15,856 0 0
FIRST BANCORP N C COM 318910106 4,287 124,600 SH   SOLE   124,600 0 0
FIRST INTERNET BANCORP COM 320557101 796 24,643 SH   SOLE   24,643 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 6,315 178,000 SH   SOLE   178,000 0 0
FNB CORP PA COM 302520101 3,746 267,000 SH   SOLE   267,000 0 0
HOME BANCSHARES INC COM 436893200 2,245 89,000 SH   SOLE   89,000 0 0
HOME BANCSHARES INC COM 436893200 10,009 396,856 SH   DFND 1 396,856 0 0
HOMETRUST BANCSHARES INC COM 437872104 2,572 100,290 SH   SOLE   100,290 0 0
HOWARD HUGHES CORP COM 44267D107 2,256 19,129 SH   SOLE   19,129 0 0
HUNTINGTON BANCSHARES INC COM 446150104 5,793 414,960 SH   SOLE   414,960 0 0
IBERIABANK CORP COM 450828108 2,054 25,000 SH   SOLE   25,000 0 0
KEYCORP NEW COM 493267108 4,700 249,744 SH   SOLE   249,744 0 0
LEGACY TEX FINL GROUP INC COM 52471Y106 995 24,920 SH   SOLE   24,920 0 0
LEUCADIA NATL CORP COM 527288104 1,798 71,200 SH   SOLE   71,200 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 2,132 63,200 SH   SOLE   63,200 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 2,815 42,050 SH   SOLE   42,050 0 0
REPUBLIC FIRST BANCORP INC COM 760416107 3,437 371,587 SH   SOLE   371,587 0 0
SHORE BANCSHARES INC COM 825107105 500 30,000 SH   SOLE   30,000 0 0
SOUTHERN NATL BANCORP OF VA COM 843395104 1,657 97,524 SH   SOLE   97,524 0 0
STERLING BANCORP DEL COM 85917A100 1,974 80,100 SH   SOLE   80,100 0 0
SUNTRUST BKS INC COM 867914103 1,609 26,920 SH   SOLE   26,920 0 0
TRICO BANCSHARES COM 896095106 2,212 54,290 SH   SOLE   54,290 0 0
VISA INC COM CL A 92826C839 3,035 28,840 SH   SOLE   28,840 0 0
WMIH CORP COM 92936P100 416 438,306 SH   SOLE   438,306 0 0