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 37,687 737,372 SH   SOLE   737,372 0 0
AIR LEASE CORP CL A 00912X302 39,185 919,405 SH   SOLE   919,405 0 0
ALLY FINL INC COM 02005N100 141,701 5,840,934 SH   SOLE   5,840,934 0 0
AMERICAN OUTDOOR BRANDS CORP COM 02874P103 3,988 261,534 SH   SOLE   261,534 0 0
AMERICAN RIVER BANKSHARES COM 029326105 8,807 636,319 SH   SOLE   636,319 0 0
APPLE INC COM 037833100 2,357 15,296 SH   SOLE   15,296 0 0
ASTORIA FINL CORP COM 046265104 42,713 1,986,651 SH   SOLE   1,986,651 0 0
ATLANTIC CAP BANCSHARES INC COM 048269203 6,561 361,489 SH   SOLE   361,489 0 0
BANC OF CALIFORNIA INC COM 05990K106 4,043 194,847 SH   SOLE   194,847 0 0
BANK AMER CORP COM 060505104 37,434 1,477,275 SH   SOLE   1,477,275 0 0
BANK OF MARIN BANCORP COM 063425102 16,539 241,445 SH   SOLE   241,445 0 0
BANK NEW YORK MELLON CORP COM 064058100 8,479 159,912 SH   SOLE   159,912 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 5,576 384,540 SH   SOLE   384,540 0 0
BANNER CORP COM NEW 06652V208 3,154 51,465 SH   SOLE   51,465 0 0
BAY BANCORP INC COM 07203T106 3,416 300,949 SH   SOLE   300,949 0 0
BEACON ROOFING SUPPLY INC COM 073685109 18,143 354,004 SH   SOLE   354,004 0 0
BELDEN INC COM 077454106 59,340 736,872 SH   SOLE   736,872 0 0
BLACKROCK INC COM 09247X101 3,448 7,713 SH   SOLE   7,713 0 0
BOFI HLDG INC COM 05566U108 39,883 1,400,875 SH   SOLE   1,400,875 0 0
BRIDGE BANCORP INC COM 108035106 70,475 2,075,839 SH   SOLE   2,075,839 0 0
BRYN MAWR BK CORP COM 117665109 9,819 224,170 SH   SOLE   224,170 0 0
CALATLANTIC GROUP INC COM 128195104 9,916 270,701 SH   SOLE   270,701 0 0
CAMDEN NATL CORP COM 133034108 14,194 325,260 SH   SOLE   325,260 0 0
CDN IMPERIAL BK COMM TORONTO COM 136069101 3,999 45,694 SH   SOLE   45,694 0 0
CAPITAL CITY BK GROUP INC COM 139674105 946 39,386 SH   SOLE   39,386 0 0
CAPITAL ONE FINL CORP COM 14040H105 52,005 614,277 SH   SOLE   614,277 0 0
CARLISLE COS INC COM 142339100 33,885 337,866 SH   SOLE   337,866 0 0
CENTURY CMNTYS INC COM 156504300 9,687 392,189 SH   SOLE   392,189 0 0
CHEMUNG FINL CORP COM 164024101 7,276 154,480 SH   SOLE   154,480 0 0
CITIGROUP INC COM NEW 172967424 28,697 394,517 SH   SOLE   394,517 0 0
CITIZENS FINL GROUP INC COM 174610105 48,798 1,288,555 SH   SOLE   1,288,555 0 0
COBIZ FINANCIAL INC COM 190897108 2,722 138,594 SH   SOLE   138,594 0 0
CODORUS VY BANCORP INC COM 192025104 2,496 81,268 SH   SOLE   81,268 0 0
COMERICA INC COM 200340107 17,858 234,176 SH   SOLE   234,176 0 0
COUSINS PPTYS INC COM 222795106 137 14,659 SH   SOLE   14,659 0 0
COVENANT TRANSN GROUP INC CL A 22284P105 2,690 92,831 SH   SOLE   92,831 0 0
CU BANCORP CALIF COM 126534106 6,114 157,670 SH   SOLE   157,670 0 0
DANA INCORPORATED COM 235825205 4,543 162,469 SH   SOLE   162,469 0 0
DELPHI AUTOMOTIVE PLC SHS G27823106 2,460 25,001 SH   SOLE   25,001 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 5,650 117,161 SH   SOLE   117,161 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 122 8,417 SH   SOLE   8,417 0 0
EAGLE BANCORP INC MD COM 268948106 3,085 46,014 SH   SOLE   46,014 0 0
EAST WEST BANCORP INC COM 27579R104 2,271 37,989 SH   SOLE   37,989 0 0
EMCOR GROUP INC COM 29084Q100 11,191 161,305 SH   SOLE   161,305 0 0
ENSCO PLC SHS CLASS A G3157S106 48 7,986 SH   SOLE   7,986 0 0
ESQUIRE FINL HLDGS INC COM 29667J101 8,121 504,718 SH   SOLE   504,718 0 0
ESSENT GROUP LTD COM G3198U102 2,809 69,369 SH   SOLE   69,369 0 0
FARMERS CAP BK CORP COM 309562106 6,125 145,669 SH   SOLE   145,669 0 0
FAUQUIER BANKSHARES INC VA COM 312059108 467 23,504 SH   SOLE   23,504 0 0
FCB FINL HLDGS INC CL A 30255G103 2,598 53,788 SH   SOLE   53,788 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 15,860 334,183 SH   SOLE   334,183 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 13,717 146,883 SH   SOLE   146,883 0 0
FIFTH THIRD BANCORP COM 316773100 17,164 613,452 SH   SOLE   613,452 0 0
FINANCIAL INSTNS INC COM 317585404 9,002 312,580 SH   SOLE   312,580 0 0
FIRST AMERN FINL CORP COM 31847R102 18,501 370,243 SH   SOLE   370,243 0 0
FIRST BANCORP N C COM 318910106 4,242 123,266 SH   SOLE   123,266 0 0
FIRST BUSEY CORP COM NEW 319383204 3,675 117,193 SH   SOLE   117,193 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 5,619 15,028 SH   SOLE   15,028 0 0
FIRST FNDTN INC COM 32026V104 34,957 1,954,007 SH   SOLE   1,954,007 0 0
FIRST HAWAIIAN INC COM 32051X108 5,445 179,749 SH   SOLE   179,749 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 632 21,003 SH   SOLE   21,003 0 0
FIRST INTST BANCSYSTEM INC COM CL A 32055Y201 12,936 338,190 SH   SOLE   338,190 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 8,818 376,527 SH   SOLE   376,527 0 0
FIRST SAVINGS FINL GROUP INC COM 33621E109 502 9,402 SH   SOLE   9,402 0 0
FIRST SOUTH BANCORP INC VA COM 33646W100 1,712 92,391 SH   SOLE   92,391 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 33,031 930,988 SH   SOLE   930,988 0 0
FNB CORP PA COM 302520101 14,596 1,040,307 SH   SOLE   1,040,307 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 1,910 111,383 SH   SOLE   111,383 0 0
GENERAL CABLE CORP DEL NEW COM 369300108 2,414 128,081 SH   SOLE   128,081 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 4,108 147,758 SH   SOLE   147,758 0 0
HARLEY DAVIDSON INC COM 412822108 21,898 454,214 SH   SOLE   454,214 0 0
HOME BANCSHARES INC COM 436893200 6,494 257,494 SH   SOLE   257,494 0 0
HONEYWELL INTL INC COM 438516106 23,125 163,150 SH   SOLE   163,150 0 0
HUNTINGTON BANCSHARES INC COM 446150104 8,296 594,292 SH   SOLE   594,292 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 7,306 322,571 SH   SOLE   322,571 0 0
INSTALLED BLDG PRODS INC COM 45780R101 10,632 164,076 SH   SOLE   164,076 0 0
J ALEXANDERS HLDGS INC COM 46609J106 223 19,238 SH   SOLE   19,238 0 0
JPMORGAN CHASE & CO COM 46625H100 70,010 733,012 SH   SOLE   733,012 0 0
KEYCORP NEW COM 493267108 4,417 234,720 SH   SOLE   234,720 0 0
KINDER MORGAN INC DEL COM 49456B101 2,420 126,163 SH   SOLE   126,163 0 0
KNIGHT TRANSN INC COM 499064103 2,539 61,116 SH   SOLE   61,116 0 0
KORN FERRY INTL COM NEW 500643200 1,690 42,870 SH   SOLE   42,870 0 0
LAKELAND BANCORP INC COM 511637100 3,789 185,729 SH   SOLE   185,729 0 0
LEAR CORP COM NEW 521865204 18,529 107,056 SH   SOLE   107,056 0 0
LENNAR CORP CL A 526057104 7,918 149,958 SH   SOLE   149,958 0 0
M & T BK CORP COM 55261F104 938 5,823 SH   SOLE   5,823 0 0
M/I HOMES INC COM 55305B101 4,828 180,610 SH   SOLE   180,610 0 0
MARLIN BUSINESS SVCS CORP COM 571157106 22,432 780,235 SH   SOLE   780,235 0 0
MASCO CORP COM 574599106 6,810 174,565 SH   SOLE   174,565 0 0
MB FINANCIAL INC NEW COM 55264U108 6,844 152,017 SH   SOLE   152,017 0 0
MBT FINL CORP COM 578877102 2,307 210,701 SH   SOLE   210,701 0 0
MIDSOUTH BANCORP INC COM 598039105 9,399 779,980 SH   SOLE   779,980 0 0
NCR CORP NEW COM 62886E108 5,115 136,331 SH   SOLE   136,331 0 0
NORWEGIAN CRUISE LINE HLDGS SHS G66721104 12,382 229,092 SH   SOLE   229,092 0 0
OLD LINE BANCSHARES INC COM 67984M100 4,983 177,959 SH   SOLE   177,959 0 0
OLD NATL BANCORP IND COM 680033107 10,104 552,157 SH   SOLE   552,157 0 0
OLD POINT FINL CORP COM 680194107 322 9,939 SH   SOLE   9,939 0 0
ONEMAIN HLDGS INC COM 68268W103 47,857 1,697,652 SH   SOLE   1,697,652 0 0
ORRSTOWN FINL SVCS INC COM 687380105 16,551 664,691 SH   SOLE   664,691 0 0
OWENS CORNING NEW COM 690742101 29,165 377,054 SH   SOLE   377,054 0 0
PACIFIC PREMIER BANCORP COM 69478X105 15,582 412,763 SH   SOLE   412,763 0 0
PACWEST BANCORP DEL COM 695263103 23,965 474,459 SH   SOLE   474,459 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 39,776 1,178,912 SH   SOLE   1,178,912 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 28,417 1,596,439 SH   SOLE   1,596,439 0 0
PEOPLES UNITED FINANCIAL INC COM 712704105 3,720 205,063 SH   SOLE   205,063 0 0
PNC FINL SVCS GROUP INC COM 693475105 4,283 31,778 SH   SOLE   31,778 0 0
POPULAR INC COM NEW 733174700 1,917 53,325 SH   SOLE   53,325 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 10,096 167,283 SH   SOLE   167,283 0 0
PREMIER FINL BANCORP INC COM 74050M105 6,860 314,801 SH   SOLE   314,801 0 0
PROVIDENT BANCORP INC COM 74383X109 6,414 277,050 SH   SOLE   277,050 0 0
PULTE GROUP INC COM 745867101 6,893 252,218 SH   SOLE   252,218 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 957 37,020 SH Put SOLE   37,020 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 126 501 SH Put SOLE   501 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 70 280 SH Put SOLE   280 0 0
REGIONAL MGMT CORP COM 75902K106 34,826 1,438,485 SH   SOLE   1,438,485 0 0
REGIONS FINL CORP NEW COM 7591EP100 45,889 3,013,092 SH   SOLE   3,013,092 0 0
REPUBLIC FIRST BANCORP INC COM 760416107 5,976 646,046 SH   SOLE   646,046 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 2,510 32,456 SH   SOLE   32,456 0 0
SANDY SPRING BANCORP INC COM 800363103 5,608 135,318 SH   SOLE   135,318 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 51,046 2,136,699 SH   SOLE   2,136,699 0 0
SHORE BANCSHARES INC COM 825107105 2,806 168,512 SH   SOLE   168,512 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 42,610 332,784 SH   SOLE   332,784 0 0
SVB FINL GROUP COM 78486Q101 6,346 33,917 SH   SOLE   33,917 0 0
SOUTH ST CORP COM 840441109 4,768 52,946 SH   SOLE   52,946 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 836 23,000 SH   SOLE   23,000 0 0
STATE STR CORP COM 857477103 6,629 69,388 SH   SOLE   69,388 0 0
STERLING BANCORP DEL COM 85917A100 13,347 541,457 SH   SOLE   541,457 0 0
STEWARDSHIP FINL CORP COM 860326107 4,351 443,963 SH   SOLE   443,963 0 0
STEWART INFORMATION SVCS COR COM 860372101 5,600 148,300 SH   SOLE   148,300 0 0
SUSSEX BANCORP COM 869245100 13,623 574,826 SH   SOLE   574,826 0 0
SYNCHRONY FINL COM 87165B103 1,842 59,331 SH   SOLE   59,331 0 0
SYNOVUS FINL CORP COM NEW 87161C501 13,426 291,486 SH   SOLE   291,486 0 0
COMMUNITY FINL CORP MD COM 20368X101 16,187 457,658 SH   SOLE   457,658 0 0
FIRST LONG IS CORP COM 320734106 40,715 1,337,107 SH   SOLE   1,337,107 0 0
TOLL BROTHERS INC COM 889478103 6,063 146,210 SH   SOLE   146,210 0 0
TOPBUILD CORP COM 89055F103 1,264 19,396 SH   SOLE   19,396 0 0
TRI POINTE GROUP INC COM 87265H109 2,994 216,815 SH   SOLE   216,815 0 0
TRICO BANCSHARES COM 896095106 5,623 137,982 SH   SOLE   137,982 0 0
TRIUMPH BANCORP INC COM 89679E300 333 10,331 SH   SOLE   10,331 0 0
UNITED BANKSHARES INC WEST V COM 909907107 6,693 180,165 SH   SOLE   180,165 0 0
US BANCORP DEL COM NEW 902973304 61,739 1,152,064 SH   SOLE   1,152,064 0 0
VALLEY NATL BANCORP COM 919794107 3,932 326,307 SH   SOLE   326,307 0 0
VERITEX HLDGS INC COM 923451108 43,959 1,630,531 SH   SOLE   1,630,531 0 0
WASHINGTONFIRST BANKSHARES I COM 940730104 22,658 636,651 SH   SOLE   636,651 0 0
WELLS FARGO CO NEW COM 949746101 83,647 1,516,715 SH   SOLE   1,516,715 0 0
WESTERN ALLIANCE BANCORP COM 957638109 3,997 75,297 SH   SOLE   75,297 0 0
LYON WILLIAM HOMES CL A NEW 552074700 1,590 69,155 SH   SOLE   69,155 0 0
WINTRUST FINL CORP COM 97650W108 14,063 179,587 SH   SOLE   179,587 0 0
ZIONS BANCORPORATION COM 989701107 17,395 368,695 SH   SOLE   368,695 0 0