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
AERCAP HOLDINGS NV SHS N00985106 930 24,000 SH   SOLE   24,000 0 0
ALEXANDER & BALDWIN INC NEW COM 014491104 86,768 2,365,542 SH   SOLE   2,365,542 0 0
ALLY FINL INC COM 02005N100 58,321 3,115,447 SH   SOLE   3,115,447 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 5,405 100,000 SH   SOLE   100,000 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 54,050 1,000,000 SH Call SOLE   1,000,000 0 0
AMERIS BANCORP COM 03076K108 14,790 500,000 SH   SOLE   500,000 0 0
ANADARKO PETE CORP COM 032511107 648 13,907 SH   SOLE   13,907 0 0
ANTERO RES CORP COM 03674X106 249 10,000 SH   SOLE   10,000 0 0
ARC LOGISTICS PARTNERS LP COM UT REP LPN 03879N101 197 19,271 SH   SOLE   19,271 0 0
ARDMORE SHIPPING CORP COM Y0207T100 127 15,000 SH   SOLE   15,000 0 0
ARES CAP CORP COM 04010L103 890 60,000 SH   SOLE   60,000 0 0
ASSOCIATED CAP GROUP INC CL A 045528106 5,604 200,000 SH   SOLE   200,000 0 0
ATLANTIC CAP BANCSHARES INC COM 048269203 3,485 250,000 SH   SOLE   250,000 0 0
ATLANTIC COAST FINL CORP COM 048426100 1,434 237,414 SH   SOLE   237,414 0 0
BANK AMER CORP COM 060505104 29,068 2,150,000 SH   SOLE   2,150,000 0 0
BANK AMER CORP COM 060505104 27,040 2,000,000 SH Call SOLE   2,000,000 0 0
BANNER CORP COM NEW 06652V208 35,734 850,000 SH   SOLE   850,000 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 5,245 195,284 SH   SOLE   195,284 0 0
BLUE HILLS BANCORP INC COM 095573101 15,543 1,137,000 SH   SOLE   1,137,000 0 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 1,197 110,000 SH   SOLE   110,000 0 0
BNC BANCORP COM 05566T101 10,560 500,000 SH   SOLE   500,000 0 0
CAROLINA BK HLDGS INC GREENS COM 143785103 2,155 128,300 SH   SOLE   128,300 0 0
CAROLINA FINL CORP NEW COM 143873107 6,032 325,000 SH   SOLE   325,000 0 0
CENTRAL PAC FINL CORP COM NEW 154760409 20,036 920,331 SH   SOLE   920,331 0 0
CENTRUE FINL CORP NEW COM NEW 15643B205 4,124 237,000 SH   SOLE   237,000 0 0
CITIGROUP INC COM NEW 172967424 62,625 1,500,000 SH Call SOLE   1,500,000 0 0
CITIZENS FINL GROUP INC COM 174610105 41,900 2,000,000 SH   SOLE   2,000,000 0 0
CITY OFFICE REIT INC COM 178587101 513 45,000 SH   SOLE   45,000 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 7,636 221,331 SH   SOLE   221,331 0 0
CNX COAL RES LP COM UNIT RP LP 12592V100 180 25,000 SH   SOLE   25,000 0 0
COLONY CAP INC CL A 19624R106 22,388 1,335,000 SH   SOLE   1,335,000 0 0
COMMUNITY BANKERS TR CORP COM 203612106 8,725 1,744,935 SH   SOLE   1,744,935 0 0
COMMUNITY FINL CORP MD COM 20368X101 7,193 338,506 SH   SOLE   338,506 0 0
COUNTY BANCORP INC COM 221907108 6,024 300,000 SH   SOLE   300,000 0 0
DELEK US HLDGS INC COM 246647101 283 18,543 SH   SOLE   18,543 0 0
EASTERN VA BANKSHARES INC COM 277196101 4,421 660,784 SH   SOLE   660,784 0 0
ELLINGTON FINANCIAL LLC COM 288522303 1,045 60,000 SH   SOLE   60,000 0 0
ENTEGRA FINL CORP COM 29363J108 10,667 614,106 SH   SOLE   614,106 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 369 15,000 SH   SOLE   15,000 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 8,534 406,366 SH   SOLE   406,366 0 0
FELCOR LODGING TR INC COM 31430F101 853 105,000 SH   SOLE   105,000 0 0
FIDELITY SOUTHERN CORP NEW COM 316394105 8,020 500,000 SH   SOLE   500,000 0 0
FIRST BANCORP N C COM 318910106 12,124 643,168 SH   SOLE   643,168 0 0
FIRST BANCORP PR COM NEW 318672706 8,760 3,000,000 SH   SOLE   3,000,000 0 0
FIRST CONN BANCORP INC MD COM 319850103 8,684 544,089 SH   SOLE   544,089 0 0
FIRST FNDTN INC COM 32026V104 5,899 263,000 SH   SOLE   263,000 0 0
FIRST LONG IS CORP COM 320734106 13,785 483,672 SH   SOLE   483,672 0 0
FIRST NORTHWEST BANCORP COM 335834107 8,005 621,958 SH   SOLE   621,958 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 540 40,000 SH   SOLE   40,000 0 0
FORTRESS INVESTMENT GROUP LL CL A 34958B106 7,170 1,500,000 SH   SOLE   1,500,000 0 0
FRANKLIN FINL NETWORK INC COM 35352P104 6,104 226,063 SH   SOLE   226,063 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 2,964 197,990 SH   SOLE   197,990 0 0
GULFPORT ENERGY CORP COM NEW 402635304 273 9,636 SH   SOLE   9,636 0 0
HALLIBURTON CO COM 406216101 357 10,000 SH   SOLE   10,000 0 0
HAMILTON BANCORP INC MD COM 407015106 4,326 325,000 SH   SOLE   325,000 0 0
HAMPTON ROADS BANKSHARES INC COM NEW 409321502 11,264 6,363,566 SH   SOLE   6,363,566 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A104 225 10,000 SH   SOLE   10,000 0 0
HOME BANCORP INC COM 43689E107 18,630 694,885 SH   SOLE   694,885 0 0
HOWARD BANCORP INC COM 442496105 5,230 434,782 SH   SOLE   434,782 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 21,098 1,450,000 SH   SOLE   1,450,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 88,504 800,000 SH Put SOLE   800,000 0 0
LENNAR CORP CL A 526057104 363 7,500 SH   SOLE   7,500 0 0
MALVERN BANCORP INC COM 561409103 8,798 549,187 SH   SOLE   549,187 0 0
MARATHON OIL CORP COM 565849106 155 13,906 SH   SOLE   13,906 0 0
MEMORIAL RESOURCE DEV CORP COM 58605Q109 102 10,000 SH   SOLE   10,000 0 0
MERIDIAN BANCORP INC MD COM 58958U103 27,840 2,000,000 SH   SOLE   2,000,000 0 0
META FINL GROUP INC COM 59100U108 3,095 67,868 SH   SOLE   67,868 0 0
MGIC INVT CORP WIS COM 552848103 15,340 2,000,000 SH   SOLE   2,000,000 0 0
NABORS INDUSTRIES LTD SHS G6359F103 174 18,907 SH   SOLE   18,907 0 0
NATIONAL GEN HLDGS CORP COM 636220303 9,500 440,000 SH   SOLE   440,000 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102 916 70,000 SH   SOLE   70,000 0 0
NOBLE ENERGY INC COM 655044105 605 19,270 SH   SOLE   19,270 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 580 50,000 SH   SOLE   50,000 0 0
NORTHSTAR RLTY FIN CORP COM 66704R803 21,320 1,625,000 SH   SOLE   1,625,000 0 0
ORRSTOWN FINL SVCS INC COM 687380105 9,585 553,391 SH   SOLE   553,391 0 0
PARKE BANCORP INC COM 700885106 592 44,645 SH   SOLE   44,645 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 12,675 750,000 SH   SOLE   750,000 0 0
PHH CORP COM NEW 693320202 26,334 2,100,000 SH   SOLE   2,100,000 0 0
RADIAN GROUP INC COM 750236101 24,800 2,000,000 SH   SOLE   2,000,000 0 0
ROYAL BANCSHARES PA INC CL A 780081105 2,949 1,384,521 SH   SOLE   1,384,521 0 0
SI FINL GROUP INC MD COM 78425V104 9,403 675,000 SH   SOLE   675,000 0 0
SOUND FINL BANCORP INC COM 83607A100 1,717 75,000 SH   SOLE   75,000 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 13,017 533,274 SH   SOLE   533,274 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 256,900 1,250,000 SH Put SOLE   1,250,000 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 112,920 3,000,000 SH Put SOLE   3,000,000 0 0
STARWOOD PPTY TR INC COM 85571B105 10,128 535,000 SH   SOLE   535,000 0 0
STATE BK FINL CORP COM 856190103 23,638 1,196,261 SH   SOLE   1,196,261 0 0
SUFFOLK BANCORP COM 864739107 14,427 571,584 SH   SOLE   571,584 0 0
SUN BANCORP INC COM NEW 86663B201 21,365 1,031,608 SH   SOLE   1,031,608 0 0
SUNPOWER CORP COM 867652406 371 16,594 SH   SOLE   16,594 0 0
SUNSHINE BANCORP INC COM 86777J108 5,242 360,489 SH   SOLE   360,489 0 0
SUNTRUST BKS INC COM 867914103 1,804 50,000 SH   SOLE   50,000 0 0
SYNOVUS FINL CORP COM NEW 87161C501 36,138 1,250,002 SH   SOLE   1,250,002 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 565 40,000 SH   SOLE   40,000 0 0
TFS FINL CORP COM 87240R107 34,740 2,000,000 SH   SOLE   2,000,000 0 0
TIMBERLAND BANCORP INC COM 887098101 3,259 257,862 SH   SOLE   257,862 0 0
TOLL BROTHERS INC COM 889478103 443 15,000 SH   SOLE   15,000 0 0
U S SILICA HLDGS INC COM 90346E103 316 13,905 SH   SOLE   13,905 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 8,805 1,500,000 SH   SOLE   1,500,000 0 0
USD PARTNERS LP COM UT REP LTD 903318103 332 40,000 SH   SOLE   40,000 0 0
WEATHERFORD INTL PLC ORD SHS G48833100 252 32,448 SH   SOLE   32,448 0 0
WESTFIELD FINANCIAL INC NEW COM 96008P104 13,845 1,642,317 SH   SOLE   1,642,317 0 0
WHEELER REAL ESTATE INVT TR COM 963025101 4,750 3,800,000 SH   SOLE   3,800,000 0 0
YADKIN FINL CORP COM 984305102 23,670 1,000,000 SH   SOLE   1,000,000 0 0
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 4,736 1,998,500 SH   SOLE   1,998,500 0 0
ZIONS BANCORPORATION COM 989701107 24,210 1,000,000 SH   SOLE   1,000,000 0 0