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 AIRLS GROUP INC COM 02376R102 504 12,628 SH   SOLE   9,575 0 3,053
AMBAC FINL GROUP INC COM NEW 023139884 3,595 216,022 SH   SOLE   132,286 0 83,736
AMBAC FINL GROUP INC *W EXP 04/30/202 023139116 292 38,356 SH   SOLE   29,511 0 8,845
ARES MGMT L P COM UNIT RP IN 04014Y101 825 44,599 SH   SOLE   38,888 0 5,711
ARRIS GROUP INC NEW COM 04270V106 595 19,440 SH   SOLE   14,655 0 4,785
BANK AMER CORP COM 060505104 1,271 74,670 SH   SOLE   53,097 0 21,573
BANK AMER CORP *W EXP 10/28/201 060505153 390 757,236 SH   SOLE   569,246 0 187,990
BANC CALIF INC COM 05990K106 1,405 102,150 SH   SOLE   72,891 0 29,259
BBX CAP CORP CL A PAR $0.01 05540P100 1,737 106,982 SH   SOLE   68,090 0 38,892
BRIDGE BANCORP INC COM 108035106 1,493 55,945 SH   SOLE   39,813 0 16,132
BOB EVANS FARMS INC COM 096761101 425 8,333 SH   SOLE   6,199 0 2,134
BOSTON PRIVATE FINL HLDGS IN COM 101119105 656 48,913 SH   SOLE   18,485 0 30,428
BOSTON PRIVATE FINL HLDGS IN *W EXP 11/21/201 101119113 461 70,885 SH   SOLE   70,885 0 0
POPULAR INC COM NEW 733174700 1,235 42,804 SH   SOLE   30,820 0 11,984
CITIGROUP INC COM NEW 172967424 2,798 50,651 SH   SOLE   35,576 0 15,075
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 2,464 87,523 SH   SOLE   62,674 0 24,849
CHICOS FAS INC COM 168615102 314 18,905 SH   SOLE   13,305 0 5,600
CIFC CORP COM 12547R105 2,113 266,490 SH   SOLE   195,748 0 70,742
COLONY CAP INC CL A 19624R106 1,802 79,539 SH   SOLE   56,052 0 23,487
COMERICA INC *W EXP 11/14/201 200340115 987 44,607 SH   SOLE   31,915 0 12,692
CAPITAL ONE FINL CORP *W EXP 11/14/201 14040H139 2,553 55,484 SH   SOLE   39,840 0 15,644
CORENERGY INFRASTRUCTURE TR COM 21870U205 2,147 339,648 SH   SOLE   230,196 0 109,452
DINEEQUITY INC COM 254423106 634 6,394 SH   SOLE   4,530 0 1,864
DOUBLELINE INCOME SOLUTIONS COM 258622109 292 14,749 SH   SOLE   0 0 14,749
ENLINK MIDSTREAM LLC COM UNIT REP LTD 29336T100 632 20,324 SH   SOLE   15,390 0 4,934
COMMUNITY BANKERS TR CORP COM 203612106 2,149 432,351 SH   SOLE   304,432 0 127,919
FEDERATED INVS INC PA CL B 314211103 1,400 41,818 SH   SOLE   30,130 0 11,688
FIRST NBC BK HLDG CO COM 32115D106 684 19,010 SH   SOLE   13,836 0 5,174
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 423 27,504 SH   SOLE   21,600 0 5,904
FOSSIL GROUP INC COM 34988V106 396 5,710 SH   SOLE   3,955 0 1,755
FIFTH STR ASSET MGMT INC CL A COM 31679P109 464 45,098 SH   SOLE   32,296 0 12,802
FTD COS INC COM 30281V108 388 13,759 SH   SOLE   10,400 0 3,359
JOURNAL MEDIA GROUP INC COM 48114A109 410 49,434 SH   SOLE   38,150 0 11,284
JANUS CAP GROUP INC COM 47102X105 443 25,862 SH   SOLE   20,850 0 5,012
KINGSTONE COS INC COM 496719105 2,126 279,726 SH   SOLE   189,290 0 90,436
KKR & CO L P DEL COM UNITS 48248M102 2,639 115,484 SH   SOLE   83,015 0 32,469
MORGAN STANLEY COM NEW 617446448 2,489 64,172 SH   SOLE   45,301 0 18,871
NMI HLDGS INC CL A 629209305 1,284 160,045 SH   SOLE   114,876 0 45,169
OM ASSET MGMT PLC SHS G67506108 1,182 66,462 SH   SOLE   47,860 0 18,602
OPPENHEIMER HLDGS INC CL A NON VTG 683797104 2,342 89,131 SH   SOLE   64,663 0 24,468
PRESTIGE BRANDS HLDGS INC COM 74112D101 416 8,998 SH   SOLE   6,785 0 2,213
PIMCO DYNAMIC CR INCOME FD COM SHS 72202D106 279 13,825 SH   SOLE   0 0 13,825
PENN NATL GAMING INC COM 707569109 611 33,280 SH   SOLE   22,860 0 10,420
PEAPACK-GLADSTONE FINL CORP COM 704699107 1,344 60,465 SH   SOLE   43,144 0 17,321
POWERSHARES ETF TRUST DYNA BUYBK ACH 73935X286 285 5,865 SH   SOLE   0 0 5,865
PHOENIX COS INC NEW COM NEW 71902E604 1,417 77,668 SH   SOLE   52,811 0 24,857
PRIMERICA INC COM 74164M108 412 9,020 SH   SOLE   6,830 0 2,190
RADIAN GROUP INC COM 750236101 1,474 78,555 SH   SOLE   57,025 0 21,530
REAL IND INC COM 75601W104 730 64,357 SH   SOLE   45,900 0 18,457
RAYMOND JAMES FINANCIAL INC COM 754730109 357 5,990 SH   SOLE   4,530 0 1,460
RE MAX HLDGS INC CL A 75524W108 472 13,280 SH   SOLE   9,950 0 3,330
RYDEX ETF TRUST GUG S&P500 EQ WT 78355W106 379 4,749 SH   SOLE   0 0 4,749
RYLAND GROUP INC COM 783764103 580 12,504 SH   SOLE   10,300 0 2,204
SUNTRUST BKS INC *W EXP 12/31/201 867914129 593 55,190 SH   SOLE   54,175 0 1,015
SUNTRUST BKS INC *W EXP 11/14/201 867914111 2,675 486,406 SH   SOLE   331,463 0 154,943
SUNCOKE ENERGY INC COM 86722A103 280 21,516 SH   SOLE   16,600 0 4,916
TEEKAY LNG PARTNERS L P PRTNRSP UNITS Y8564M105 266 6,219 SH   SOLE   4,731 0 1,488
TARGA RES CORP COM 87612G101 730 8,187 SH   SOLE   5,175 0 3,012
VOYA FINL INC COM 929089100 2,932 63,094 SH   SOLE   45,244 0 17,850
VIRTUS INVT PARTNERS INC COM 92828Q109 2,512 18,993 SH   SOLE   12,781 0 6,212
WELLCARE HEALTH PLANS INC COM 94946T106 372 4,387 SH   SOLE   3,295 0 1,092
ZIONS BANCORPORATION *W EXP 05/22/202 989701115 2,045 378,770 SH   SOLE   212,945 0 165,825
ZIONS BANCORPORATION *W EXP 11/14/201 989701131 1,420 414,717 SH   SOLE   340,760 0 73,957