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
ACCESS NATL CORP COM STK COM 004337101 349 18,600 SH   SOLE 0 18,600 0 0
ALLY FINANCIAL INC COM 02005N100 472 22,500 SH   SOLE 0 22,500 0 0
ALLY FINANCIAL INC COM 02005N100 673 30,000 SH   SOLE 0 30,000 0 0
AMERIS BANCORP COM STK COM 03076K108 435 16,500 SH   SOLE 0 16,500 0 0
ANCHOR BANCORP WA COM STK COM 032838104 459 20,400 SH   SOLE 0 20,400 0 0
ANCHOR BANCORP WA COM STK COM 032838104 385 17,100 SH   SOLE 0 17,100 0 0
APOLLO INVT CORP COM STK COM 03761U106 537 70,000 SH   SOLE 0 70,000 0 0
APOLLO INVT CORP COM STK COM 03761U106 283 40,000 SH   SOLE 0 40,000 0 0
APOLLO RESIDENTIAL MORTGA COM 03763V102 798 50,000 SH   SOLE 0 50,000 0 0
APOLLO RESIDENTIAL MORTGA COM 03763V102 754 51,345 SH   SOLE 0 51,345 0 0
ARMOUR RESD REIT COM 042315101 165 51,900 SH   SOLE 0 51,900 0 0
ASSOCIATED BANC CORP COM COM 045487105 426 21,000 SH   SOLE 0 21,000 0 0
ASTORIA FINL CORP COM STK COM 046265104 453 35,000 SH   SOLE 0 35,000 0 0
ASTORIA FINL CORP COM STK COM 046265104 410 29,700 SH   SOLE 0 29,700 0 0
BAKER HUGHES INC COM 057224107 1,234 20,000 SH   SOLE 0 20,000 0 0
BANK OF COMMERCE HLDS COM COM 06424J103 229 40,000 SH   SOLE 0 40,000 0 0
BANKUNITED INC COM 06652K103 232 6,450 SH   SOLE 0 6,450 0 0
BAY COML BK WALNUT CREEK COM 072199102 295 25,000 SH   SOLE 0 25,000 0 0
BK OF MARIN BNCP COM 063425102 354 6,950 SH   SOLE 0 6,950 0 0
CAPE BANCORP INC COM COM 139209100 246 25,971 SH   SOLE 0 25,971 0 0
CAPITALA FINANCE COM 14054R106 493 31,600 SH   SOLE 0 31,600 0 0
CASCADE BANCORP COM STK COM 147154207 93 18,000 SH   SOLE 0 18,000 0 0
CENTERSTATE BKS FLA INC C COM 15201P109 267 19,800 SH   SOLE 0 19,800 0 0
CORNERSTONE BANCSHARES IN COM 218924108 63 16,473 SH   SOLE 0 16,473 0 0
EAST-WEST BANCORP INC COM COM 27579R104 403 9,000 SH   SOLE 0 9,000 0 0
ELLINGTON FINANCIAL LLC COM 288522303 648 35,000 SH   SOLE 0 35,000 0 0
FCB FINANCIAL HOLDINGS IN COM 30255G103 318 10,000 SH   SOLE 0 10,000 0 0
FLOTEK INDS INC DEL COM S COM 343389102 940 75,000 SH   SOLE 0 75,000 0 0
FLUSHING FINANCIAL CORP C COM 343873105 317 15,100 SH   SOLE 0 15,100 0 0
FOX CHASE BANCORP INC COM COM 35137T108 364 21,503 SH   SOLE 0 21,503 0 0
FRST CNT BNCP COM 319850103 230 14,474 SH   SOLE 0 14,474 0 0
GREEN BANCORP INC COM 39260X100 304 19,769 SH   SOLE 0 19,769 0 0
GUARANTY BANCORP DEL COM COM 40075T607 495 30,000 SH   SOLE 0 30,000 0 0
GUARANTY FEDERAL BANCSHAR COM 40108P101 149 10,100 SH   SOLE 0 10,100 0 0
HERCULES TECHNOLOGY GROWT COM 427096508 433 37,500 SH   SOLE 0 37,500 0 0
HERITAGE COMM CORP COM ST COM 426927109 262 27,300 SH   SOLE 0 27,300 0 0
HERITAGE OAKS BANCORP COM COM 42724R107 263 33,405 SH   SOLE 0 33,405 0 0
HILLTOP HLDGS INC COM STK COM 432748101 361 15,000 SH   SOLE 0 15,000 0 0
HOME BANCORP INC COM 43689E107 379 15,000 SH   SOLE 0 15,000 0 0
HOME TRST BNCSHR COM 437872104 212 12,624 SH   SOLE 0 12,624 0 0
INDEPENDENT BANK GROUP IN COM 45384B106 433 10,100 SH   SOLE 0 10,100 0 0
KCAP FINANCIAL INC COM ST COM 48668E101 284 47,502 SH   SOLE 0 47,502 0 0
KEARNY FINANCIAL CORP NJ COM 48716P108 391 35,000 SH   SOLE 0 35,000 0 0
KEG BOND 6.75 01MAR2021 COM 492914AS5 1,770 3,000,000 SH   SOLE 0 3,000,000 0 0
KEYCORP NY COM STK COM 493267108 451 30,000 SH   SOLE 0 30,000 0 0
MALVERN FEDERAL BANCORP I COM 561409103 267 18,000 SH   SOLE 0 18,000 0 0
MARATHON PETROLEUM CORP C COM 56585A102 1,046 20,000 SH   SOLE 0 20,000 0 0
MBT FINANCIAL CORP COM ST COM 578877102 170 29,600 SH   SOLE 0 29,600 0 0
MERCANTILE BANK CORP MI C COM 587376104 217 10,150 SH   SOLE 0 10,150 0 0
METRO BANCORP INC PA COM COM 59161R101 347 13,280 SH   SOLE 0 13,280 0 0
MUTUALFIRST FINANCIAL INC COM 62845B104 314 13,517 SH   SOLE 0 13,517 0 0
NEW WESTFIELD FINANCIAL I COM 96008P104 278 38,000 SH   SOLE 0 38,000 0 0
NOBLE ENERGY INC COM STK COM 655044105 534 12,500 SH   SOLE 0 12,500 0 0
OCEAN SHORE HOLDING CO CO COM 67501R103 301 20,300 SH   SOLE 0 20,300 0 0
PACWEST BANCORP COM STK COM 695263103 468 10,000 SH   SOLE 0 10,000 0 0
PINNACLE FINANCIAL PARTNE COM 72346Q104 201 3,700 SH   SOLE 0 3,700 0 0
POLONIA BANCORP (PA) COM COM 73158Q109 271 21,500 SH   SOLE 0 21,500 0 0
PROVIDENT FINANCIAL SERVI COM 74386T105 220 11,604 SH   SOLE 0 11,604 0 0
REGIONS FINANCIAL CORP NE COM 7591EP100 622 60,000 SH   SOLE 0 60,000 0 0
RENASANT CORP COM STK COM 75970E107 502 15,400 SH   SOLE 0 15,400 0 0
RIVERVIEW BANCORP INC COM COM 769397100 200 46,665 SH   SOLE 0 46,665 0 0
SCHWAB CHARLES CORP NEW C COM 808513105 490 15,000 SH   SOLE 0 15,000 0 0
SEACOAST BANKING CORP OF COM 811707801 221 14,000 SH   SOLE 0 14,000 0 0
SHORE BANCSHARES INC COM COM 825107105 232 24,600 SH   SOLE 0 24,600 0 0
SIGNATURE BANK COM 82669G104 512 3,500 SH   SOLE 0 3,500 0 0
SIMMONS FIRST NATIONAL CO COM 828730200 229 4,900 SH   SOLE 0 4,900 0 0
SOUTHCOAST FINANCIAL CORP COM 84129R100 205 24,142 SH   SOLE 0 24,142 0 0
SPDR S&P REGIONAL BANKING COM 78464A698 309 7,000 SH   SOLE 0 7,000 0 0
STANDARD FINANCIAL CORP COM 853393106 499 23,710 SH   SOLE 0 23,710 0 0
STONEGATE BANK (FL) COM S COM 861811107 467 15,749 SH   SOLE 0 15,749 0 0
SUFFOLK BANCORP COM STK COM 864739107 225 8,778 SH   SOLE 0 8,778 0 0
SVB FINANCIAL GROUP COM S COM 78486Q101 360 2,500 SH   SOLE 0 2,500 0 0
TCF FINL CORP COM STK COM 872275102 382 23,000 SH   SOLE 0 23,000 0 0
TRI COUNTY FINANCIAL CORP COM 20368X101 253 12,621 SH   SOLE 0 12,621 0 0
TRPLPNT VNT GRW COM 89677Y100 370 27,450 SH   SOLE 0 27,450 0 0
UNIT CORP COM STK COM 909218109 860 31,700 SH   SOLE 1 31,700 0 0
WEATHERFORD INTL LTD COM COM H27013103 982 80,000 SH   SOLE 1 80,000 0 0
WELLESLEY BANCRP COM 949485106 252 12,600 SH   SOLE 1 12,600 0 0
WESTERN ALLIANCE BANCORP COM 957638109 371 11,000 SH   SOLE 1 11,000 0 0
YADKIN VALLEY FINANCIAL C COM 984305102 438 20,900 SH   SOLE 1 20,900 0 0
ZIONS BANCORPORATION COM COM 989701107 600 18,900 SH   SOLE 1 18,900 0 0