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 21,444 560,774 SH   SOLE   560,774 0 0
ASSURED GUARANTY LTD COM G0585R106 12,388 495,500 SH   SOLE   495,500 0 0
BANKFINANCIAL CORP COM 06643P104 4,283 344,568 SH   SOLE   344,568 0 0
BERKSHIRE HILLS BANCORP INC COM 084680107 4,325 157,030 SH   SOLE   157,030 0 0
CENTERSTATE BANKS INC COM 15201P109 1,935 131,600 SH   SOLE   131,600 0 0
CHIMERA INVT CORP COM NEW 16934Q208 29,563 2,211,179 SH   SOLE   2,211,179 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 7,875 408,018 SH   SOLE   408,018 0 0
DISCOVER FINL SVCS COM 254709108 28,782 553,600 SH   SOLE   553,600 0 0
EVERTEC INC COM 30040P103 3,753 207,700 SH   SOLE   207,700 0 0
FIDELITY & GTY LIFE COM 315785105 5,449 222,056 SH   SOLE   222,056 0 0
FIRST FINL BANCORP OH COM 320209109 3,588 188,059 SH   SOLE   188,059 0 0
FIRST NBC BK HLDG CO COM 32115D106 12,839 366,408 SH   SOLE   366,408 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 12,900 627,451 SH   SOLE   627,451 0 0
FLY LEASING LTD SPONSORED ADR 34407D109 24,641 1,866,765 SH   SOLE   1,866,765 0 0
FULL CIRCLE CAP CORP COM 359671104 1,919 625,000 SH   SOLE   625,000 0 0
GREEN DOT CORP CL A 39304D102 7,018 398,767 SH   SOLE   398,767 0 0
HANMI FINL CORP COM NEW 410495204 3,216 127,605 SH   SOLE   127,605 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 9,307 203,300 SH   SOLE   203,300 0 0
ICICI BK LTD ADR 45104G104 4,190 500,000 SH Call SOLE   500,000 0 0
ICICI BK LTD ADR 45104G104 13,222 1,577,775 SH   SOLE   1,577,775 0 0
JAMES RIV GROUP LTD COM G5005R107 6,369 236,866 SH   SOLE   236,866 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 28,476 1,284,447 SH   SOLE   1,284,447 0 0
LEUCADIA NATL CORP COM 527288104 11,449 565,100 SH Put SOLE   565,100 0 0
MBIA INC COM 55262C100 8,132 1,337,554 SH   SOLE   1,337,554 0 0
NELNET INC CL A 64031N108 22,718 656,387 SH   SOLE   656,387 0 0
NET 1 UEPS TECHNOLOGIES INC COM NEW 64107N206 29,594 1,767,837 SH   SOLE   1,767,837 0 0
OFG BANCORP COM 67103X102 5,553 636,083 SH   SOLE   636,083 0 0
ONEBEACON INSURANCE GROUP LT CL A g67742109 3,534 251,700 SH   SOLE   251,700 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 3,113 194,551 SH   SOLE   194,551 0 0
PERFORMANT FINL CORP COM 71377E109 1,512 624,651 SH   SOLE   624,651 0 0
PERFORMANT FINL CORP COM 71377E109 29 12,000 SH Call SOLE   12,000 0 0
PHH CORP COM NEW 693320202 19,190 1,359,076 SH   SOLE   1,359,076 0 0
POPULAR INC COM NEW 733174700 20,186 667,733 SH   SOLE   667,733 0 0
PRA GROUP INC COM 69354N106 4,578 86,500 SH   SOLE   86,500 0 0
SUNTRUST BKS INC COM 867914103 6,952 181,800 SH   SOLE   181,800 0 0
WALKER & DUNLOP INC COM 93148P102 4,541 174,122 SH   SOLE   174,122 0 0
WORLD ACCEP CORP DEL COM 981419104 1,637 61,000 SH Call SOLE   61,000 0 0
XL GROUP PLC SHS G98290102 10,228 281,610 SH   SOLE   281,610 0 0