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 22,114 512,374 SH   SOLE   512,374 0 0
ASSURED GUARANTY LTD COM G0585R106 10,723 405,700 SH   SOLE   405,700 0 0
BANKFINANCIAL COPR COM 06643P104 4,352 344,568 SH   SOLE   344,568 0 0
BERKSHIRE HILLS BANCORP INC COM 084680107 5,086 174,706 SH   SOLE   174,706 0 0
CHIMERA INVT CORP COM NEW 16934Q208 8,331 610,759 SH   SOLE   610,759 0 0
CITIGROUP INC COM NEW 172967424 15,266 295,000 SH   SOLE   295,000 0 0
CITIZENS FINL GROUP INC COM 174610105 22,289 851,064 SH   SOLE   851,064 0 0
DEERE & CO COM 244199105 7,246 95,000 SH Put SOLE   95,000 0 0
DISCOVER FINL SVCS COM 254709108 9,085 169,428 SH   SOLE   169,428 0 0
EVERTEC INC COM 30040P103 4,026 240,500 SH   SOLE   240,500 0 0
FIFTH STREET FINANCE CORP COM 31678A103 2,278 357,000 SH   SOLE   357,000 0 0
FIRST FINL BANCORP OH COM 320209109 3,398 188,059 SH   SOLE   188,059 0 0
FIRST NBC BK HLDG CO COM 32115D106 9,269 247,895 SH   SOLE   247,895 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 4,162 180,085 SH   SOLE   180,085 0 0
FLEETCOR TECHNOLOGIES INC COM 339041105 3,573 25,000 SH Put SOLE   25,000 0 0
FLY LEASING LTD SPONSORED ADR 34407D109 32,102 2,351,799 SH   SOLE   2,351,799 0 0
FS INVT CORP COM 302635107 295 32,800 SH Put SOLE   32,800 0 0
FULL CIRCLE CAP CORP COM 359671104 1,227 496,785 SH   SOLE   496,785 0 0
HAMPTON ROADS BANKSHARES INC COM NEW 409321502 1,903 1,034,189 SH   SOLE   1,034,189 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 9,553 219,800 SH   SOLE   219,800 0 0
ICICI BK LTD ADR 45104G104 10,091 1,288,775 SH   SOLE   1,288,775 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 5,631 50,000 SH Put SOLE   50,000 0 0
KENNEDY-WILSON HLDGS INC COM 489398107 26,409 1,096,708 SH   SOLE   1,096,708 0 0
LPL FINL HLDGS INC COM 50212V100 8,104 190,000 SH Put SOLE   190,000 0 0
MAIN STREET CAPITAL CORP COM 56035L104 349 12,000 SH Put SOLE   12,000 0 0
MBIA INC COM 55262C100 1,028 158,700 SH Call SOLE   158,700 0 0
MGIC INVT CORP WIS COM 552848103 4,556 516,000 SH   SOLE   516,000 0 0
NELNET INC CL A 64031N108 18,893 562,790 SH   SOLE   562,790 0 0
NET 1 UEPS TECHNOLOGIES INC COM NEW 64107N206 2,580 191,000 SH Call SOLE   191,000 0 0
NET 1 UEPS TECHNOLOGIES INC COM NEW 64107N206 26,339 1,949,556 SH   SOLE   1,949,556 0 0
OFG BANCORP COM 67103X102 366 50,000 SH   SOLE   50,000 0 0
ONEBEACON INSURANCE GROUP LT CL A G67742109 3,124 251,700 SH   SOLE   251,700 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 2,988 194,551 SH   SOLE   194,551 0 0
PERFORMANT FINL CORP COM 71377E105 21 12,000 SH Call SOLE   12,000 0 0
PERFORMANT FINL CORP COM 71377E105 1,193 666,393 SH   SOLE   666,393 0 0
PHH CORP COM NEW 693320202 7,034 434,200 SH Call SOLE   434,200 0 0
PHH CORP COM NEW 693320202 30,580 1,887,672 SH   SOLE   1,887,672 0 0
POPULAR INC COM NEW 733174700 9,812 346,227 SH   SOLE   346,227 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 16,128 301,000 SH Put SOLE   301,000 0 0
SANTANDER CONSUMER USA HDG I COM 80283M101 4,785 301,900 SH   SOLE   301,900 0 0
STARWOOD PPTY TR INC COM 85571B105 5,712 277,800 SH   SOLE   277,800 0 0
SUNTRUST BKS INC COM 867914103 9,078 211,904 SH   SOLE   211,904 0 0
SYNCHRONY FINL COM 87165B103 10,799 355,100 SH   SOLE   355,100 0 0
TAL INTL GROUP INC COM 874083108 6,682 420,246 SH   SOLE   420,246 0 0
TD AMERITRADE HLDG CORP COM 87236Y108 20,826 600,000 SH Put SOLE   600,000 0 0
UNITED COMNTY BKS BLAIRSVLE G COM 90984P303 7,061 362,300 SH   SOLE   362,300 0 0
VISA INC COM CL A 92826C839 4,591 59,200 SH   SOLE   59,200 0 0
WALTER INVT MGMT CORP COM 93317W102 1,422 100,000 SH Call SOLE   100,000 0 0
XL GROUP PLC SHS G98290102 7,134 182,084 SH   SOLE   182,084 0 0