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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
8POINT3 ENERGY PARTNERS LPCL A RPT LTDPT28253910524014,900SH SOLE 14,90000
AERCAP HOLDINGS NVSHSN009851061,07925,000SH SOLE 25,00000
ALEXANDER & BALDWIN INC NEWCOM014491104100,6262,849,799SH SOLE 2,849,79900
ALLEGIANCE BANCSHARES INCCOM01748H1073,342141,292SH SOLE 141,29200
ALLY FINL INCCOM02005N10063,0123,380,447SH SOLE 3,380,44700
AMERICAN INTL GROUP INCCOM NEW02687478430,985500,000SH SOLE 500,00000
ANCHOR BANCORP WIS INC DELCOM03283P10631,326719,796SH SOLE 719,79600
APOLLO COML REAL EST FIN INCCOM03762U10586150,000SH SOLE 50,00000
ARES CAP CORPCOM04010L10399870,000SH SOLE 70,00000
ASSOCIATED CAP GROUP INCCL A0455281061,90962,580SH SOLE 62,58000
AVENUE FINL HLDGS INCCOM05358K10211,780819,795SH SOLE 819,79500
BANK AMER CORPCOM06050510425,2451,500,000SH SOLE 1,500,00000
BANNER CORPCOM NEW06652V20826,603580,100SH SOLE 580,10000
BENEFICIAL BANCORP INCCOM08171T10213,3201,000,000SH SOLE 1,000,00000
BLACKSTONE GROUP L PCOM UNIT LTD09253U10811,696400,000SH SOLE 400,00000
BLACKSTONE MTG TR INCCOM CL A09257W1001,07040,000SH SOLE 40,00000
BLUE HILLS BANCORP INCCOM0955731017,655500,000SH SOLE 500,00000
BLUEROCK RESIDENTIAL GRW REICOM CL A09627J1021,304110,000SH SOLE 110,00000
BNC BANCORPCOM05566T10114,116556,172SH SOLE 556,17200
CANADIAN SOLAR INCCOM13663510972425,000SH SOLE 25,00000
CAROLINA BK HLDGS INC GREENSCOM1437851032,366128,300SH SOLE 128,30000
CAROLINA FINL CORP NEWCOM1438731073,150175,000SH SOLE 175,00000
CARRIZO OIL & GAS INCCOM14457710347316,000SH SOLE 16,00000
CENTRAL PAC FINL CORPCOM NEW15476040917,616800,000SH SOLE 800,00000
CENTRUE FINL CORP NEWCOM NEW15643B2053,944237,000SH SOLE 237,00000
CITIZENS FINL GROUP INCCOM17461010565,4752,500,000SH SOLE 2,500,00000
CIVISTA BANCSHARES INC6.50% PFD SER B1788672068,840221,331PRN SOLE 221,33100
CNX COAL RES LPCOM UNIT RP LP12592V10023225,000SH SOLE 25,00000
COLONY CAP INCCL A19624R106163,2178,378,719SH SOLE 8,378,71900
COMMUNITY BANKERS TR CORPCOM2036121069,3701,744,935SH SOLE 1,744,93500
COMMUNITY FINL CORP MDCOM20368X1016,150293,395SH SOLE 293,39500
COMMUNITYONE BANCORPCOM20416Q1086,376473,319SH SOLE 473,31900
COUNTY BANCORP INCCOM2219071085,850300,000SH SOLE 300,00000
CVR REFNG LPCOMUNIT REP LT12663P10737920,000SH SOLE 20,00000
DEVON ENERGY CORP NEWCOM25179M10344814,000SH SOLE 14,00000
EASTERN VA BANKSHARES INCCOM2771961014,744660,784SH SOLE 660,78400
ELLINGTON FINANCIAL LLCCOM2885223031,34280,000SH SOLE 80,00000
ENTEGRA FINL CORPCOM29363J10811,888614,106SH SOLE 614,10600
EQUITY BANCSHARES INCCOM CL A29460X1098,913381,066SH SOLE 381,06600
FELCOR LODGING TR INCCOM31430F1011,270174,000SH SOLE 174,00000
FIRST BANCORP N CCOM31891010612,053643,168SH SOLE 643,16800
FIRST BANCORP P RCOM NEW3186727064,6811,440,187SH SOLE 1,440,18700
FIRST CONN BANCORP INC MDCOM3198501039,473544,089SH SOLE 544,08900
FIRST FNDTN INCCOM32026V1046,204263,000SH SOLE 263,00000
FIRST HORIZON NATL CORPCOM32051710529,0402,000,000SH SOLE 2,000,00000
FIRST LONG IS CORPCOM32073410613,915463,833SH SOLE 463,83300
FIRST NORTHWEST BANCORPCOM3358341078,704615,158SH SOLE 615,15800
FORD MTR CO DELCOM PAR $0.0134537086098670,000SH SOLE 70,00000
FOX CHASE BANCORP INC NEWCOM35137T1085,756283,701SH SOLE 283,70100
FRANKLIN FINL NETWORK INCCOM35352P1048,562272,836SH SOLE 272,83600
GUARANTY FED BANCSHARES INCCOM40108P1013,019197,990SH SOLE 197,99000
HAMPTON ROADS BANKSHARES INCCOM NEW40932150211,7096,363,566SH SOLE 6,363,56600
HOLLYFRONTIER CORPCOM43610610839910,000SH SOLE 10,00000
HOME BANCORP INCCOM43689E10718,053694,885SH SOLE 694,88500
HOWARD BANCORP INCCOM4424961055,757434,782SH SOLE 434,78200
INDEPENDENT BANK CORP MICHCOM NEW45383860922,0841,450,000SH SOLE 1,450,00000
INVESTORS BANCORP INC NEWCOM46146L10112,4401,000,000SH SOLE 1,000,00000
KEARNY FINL CORP MDCOM48716P10814,8061,168,587SH SOLE 1,168,58700
MARRIOTT INTL INC NEWCL A5719032023355,000SH SOLE 5,00000
MERIDIAN BANCORP INC MDCOM58958U10328,2002,000,000SH SOLE 2,000,00000
MIDSOUTH BANCORP INCCOM5980391051,714188,814SH SOLE 188,81400
NEW RESIDENTIAL INVT CORPCOM NEW64828T20121,1161,736,504SH SOLE 1,736,50400
NEWFIELD EXPL COCOM65129010839112,000SH SOLE 12,00000
NEXPOINT RESIDENTIAL TR INCCOM65341D10291670,000SH SOLE 70,00000
NEXTERA ENERGY PARTNERS LP COMCOM UNIT PART IN65341B1062398,000SH SOLE 8,00000
NORTHSTAR RLTY FIN CORPCOM NEW66704R7041,19270,000SH SOLE 70,00000
ORRSTOWN FINL SVCS INCCOM6873801059,872553,391SH SOLE 553,39100
PEAPACK-GLADSTONE FINL CORPCOM70469910710,318500,400SH SOLE 500,40000
PHH CORPCOM NEW69332020211,297697,317SH SOLE 697,31700
RANGE RES CORPCOM75281A10949220,000SH SOLE 20,00000
ROYAL BANCSHARES PA INCCL A7800811052,8941,384,521SH SOLE 1,384,52100
SI FINL GROUP INC MDCOM78425V1049,214675,000SH SOLE 675,00000
SOUND FINL BANCORP INCCOM83607A1001,69875,000SH SOLE 75,00000
SOUTHERN FIRST BANCSHARES INCOM84287310112,105533,274SH SOLE 533,27400
STARWOOD PPTY TR INCCOM85571B10541120,000SH SOLE 20,00000
STARWOOD WAYPOINT RESIDENTLCOM SHS85571W10969,9333,088,903SH SOLE 3,088,90300
STATE BK FINL CORPCOM85619010321,0301,000,000SH SOLE 1,000,00000
SUFFOLK BANCORPCOM86473910714,281503,728SH SOLE 503,72800
SUN BANCORP INCCOM NEW86663B20121,2021,027,207SH SOLE 1,027,20700
SUNPOWER CORPCOM86765240636012,000SH SOLE 12,00000
SUNSHINE BANCORP INCCOM86777J1083,435225,986SH SOLE 225,98600
SUNTRUST BKS INCCOM86791410332,130750,000SH SOLE 750,00000
SYNOVUS FINL CORPCOM NEW87161C50158,2841,800,002SH SOLE 1,800,00200
TALMER BANCORP INCCOM87482X10121,1851,169,823SH SOLE 1,169,82300
TAYLOR MORRISON HOME CORPCL A87724P10648030,000SH SOLE 30,00000
TERRITORIAL BANCORP INCCOM88145X1082,55091,927SH SOLE 91,92700
TFS FINL CORPCOM87240R10728,2451,500,000SH SOLE 1,500,00000
TIMBERLAND BANCORP INCCOM8870981013,650294,099SH SOLE 294,09900
UNITED CMNTY FINL CORP OHIOCOM9098391028,8501,500,000SH SOLE 1,500,00000
USD PARTNERS LPCOM UT REP LTD90331810329040,000SH SOLE 40,00000
VIRTU FINL INCCL A9282541017,924350,000SH SOLE 350,00000
WALTER INVT MGMT CORPNOTE 4.500%11/093317WAA014,76223,020,000PRN SOLE 23,020,00000
WASHINGTONFIRST BANKSHARES ICOM9407301043,396150,000SH SOLE 150,00000
WESTERN REFNG INCCOM95931910435610,000SH SOLE 10,00000
WESTFIELD FINANCIAL INC NEWCOM96008P10413,3121,584,767SH SOLE 1,584,76700
WHEELER REAL ESTATE INVT TRCOM9630251016,6683,455,000SH SOLE 3,455,00000
WINTRUST FINL CORPCOM97650W10831,625651,798SH SOLE 651,79800
YADKIN FINL CORPCOM98430510220,070797,382SH SOLE 797,38200
ZIONS BANCORPORATIONCOM98970110727,3001,000,000SH SOLE 1,000,00000
ZIONS BANCORPORATION*W EXP 05/22/2029897011156,7751,998,500SH SOLE 1,998,50000