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 36,361 783,136 SH   SOLE   783,136 0 0
AIR LEASE CORP CL A 00912X302 37,192 995,510 SH   SOLE   995,510 0 0
ALLY FINL INC COM 02005N100 94,344 4,514,055 SH   SOLE   4,514,055 0 0
AMERICAN RIVER BANKSHARES COM 029326105 8,936 615,881 SH   SOLE   615,881 0 0
APPLE INC COM 037833100 2,203 15,296 SH   SOLE   15,296 0 0
ASTORIA FINL CORP COM 046265104 40,031 1,986,651 SH   SOLE   1,986,651 0 0
ATLANTIC CAP BANCSHARES INC COM 048269203 5,328 280,417 SH   SOLE   280,417 0 0
BANC OF CALIFORNIA INC COM 05990K106 19,512 907,516 SH   SOLE   907,516 0 0
BANK AMER CORP COM 060505104 41,169 1,696,992 SH   SOLE   1,696,992 0 0
BANK OF MARIN BANCORP COM 063425102 17,819 289,504 SH   SOLE   289,504 0 0
BANK NEW YORK MELLON CORP COM 064058100 8,159 159,912 SH   SOLE   159,912 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 5,674 379,261 SH   SOLE   379,261 0 0
BANNER CORP COM NEW 06652V208 2,908 51,465 SH   SOLE   51,465 0 0
BAY BANCORP INC COM 07203T106 4,156 546,783 SH   SOLE   546,783 0 0
BEACON ROOFING SUPPLY INC COM 073685109 17,346 354,004 SH   SOLE   354,004 0 0
BELDEN INC COM 077454106 55,313 733,307 SH   SOLE   733,307 0 0
BLACKROCK INC COM 09247X101 3,258 7,713 SH   SOLE   7,713 0 0
BOFI HLDG INC COM 05566U108 40,759 1,718,337 SH   SOLE   1,718,337 0 0
BRIDGE BANCORP INC COM 108035106 69,125 2,075,839 SH   SOLE   2,075,839 0 0
BRYN MAWR BK CORP COM 117665109 13,823 325,257 SH   SOLE   325,257 0 0
CALATLANTIC GROUP INC COM 128195104 8,906 251,947 SH   SOLE   251,947 0 0
CAMDEN NATL CORP COM 133034108 13,957 325,260 SH   SOLE   325,260 0 0
CDN IMPERIAL BK COMM TORONTO COM 136069101 3,709 45,694 SH   SOLE   45,694 0 0
CAPITAL CITY BK GROUP INC COM 139674105 3,620 177,274 SH   SOLE   177,274 0 0
CAPITAL ONE FINL CORP COM 14040H105 48,662 588,989 SH   SOLE   588,989 0 0
CARLISLE COS INC COM 142339100 32,232 337,866 SH   SOLE   337,866 0 0
CENTURY CMNTYS INC COM 156504300 8,335 336,092 SH   SOLE   336,092 0 0
CHEMUNG FINL CORP COM 164024101 3,302 80,767 SH   SOLE   80,767 0 0
CITIGROUP INC COM NEW 172967424 28,301 423,162 SH   SOLE   423,162 0 0
CITIZENS FINL GROUP INC COM 174610105 47,890 1,342,212 SH   SOLE   1,342,212 0 0
COBIZ FINANCIAL INC COM 190897108 2,963 170,277 SH   SOLE   170,277 0 0
CODORUS VY BANCORP INC COM 192025104 2,114 74,445 SH   SOLE   74,445 0 0
COMERICA INC COM 200340107 10,857 148,243 SH   SOLE   148,243 0 0
COUSINS PPTYS INC COM 222795106 129 14,659 SH   SOLE   14,659 0 0
COVENANT TRANSN GROUP INC CL A 22284P105 2,969 169,362 SH   SOLE   169,362 0 0
CU BANCORP CALIF COM 126534106 5,700 157,670 SH   SOLE   157,670 0 0
DANA INCORPORATED COM 235825205 5,052 226,250 SH   SOLE   226,250 0 0
DELPHI AUTOMOTIVE PLC SHS G27823106 2,191 25,001 SH   SOLE   25,001 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 5,579 103,816 SH   SOLE   103,816 0 0
DIAMOND OFFSHORE DRILLING IN COM 25271C102 91 8,417 SH   SOLE   8,417 0 0
DIEBOLD NXDF INC COM 253651103 3,228 115,299 SH   SOLE   115,299 0 0
EAGLE BANCORP INC MD COM 268948106 2,913 46,014 SH   SOLE   46,014 0 0
EAST WEST BANCORP INC COM 27579R104 2,225 37,989 SH   SOLE   37,989 0 0
ELMIRA SVGS BK ELMIRA N Y COM 289660102 1,819 89,587 SH   SOLE   89,587 0 0
EMCOR GROUP INC COM 29084Q100 10,546 161,305 SH   SOLE   161,305 0 0
ENSCO PLC SHS CLASS A G3157S106 41 7,986 SH   SOLE   7,986 0 0
ESQUIRE FINL HLDGS INC COM 29667J101 4,256 283,704 SH   SOLE   283,704 0 0
ESSENT GROUP LTD COM G3198U102 2,576 69,369 SH   SOLE   69,369 0 0
FARMERS CAP BK CORP COM 309562106 5,616 145,669 SH   SOLE   145,669 0 0
FAUQUIER BANKSHARES INC VA COM 312059108 439 23,082 SH   SOLE   23,082 0 0
FCB FINL HLDGS INC CL A 30255G103 2,568 53,788 SH   SOLE   53,788 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 14,981 334,183 SH   SOLE   334,183 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 12,544 146,883 SH   SOLE   146,883 0 0
FIFTH THIRD BANCORP COM 316773100 37,854 1,458,175 SH   SOLE   1,458,175 0 0
FIRST AMERN FINL CORP COM 31847R102 31,921 714,271 SH   SOLE   714,271 0 0
FIRST BANCORP N C COM 318910106 3,853 123,266 SH   SOLE   123,266 0 0
FIRST BUSEY CORP COM NEW 319383204 3,436 117,193 SH   SOLE   117,193 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 5,601 15,028 SH   SOLE   15,028 0 0
FIRST FNDTN INC COM 32026V104 29,592 1,801,092 SH   SOLE   1,801,092 0 0
FIRST HAWAIIAN INC COM 32051X108 4,668 152,447 SH   SOLE   152,447 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 601 21,003 SH   SOLE   21,003 0 0
FIRST INTST BANCSYSTEM INC COM CL A 32055Y201 1,526 41,018 SH   SOLE   41,018 0 0
FIRST SAVINGS FINL GROUP INC COM 33621E109 336 6,362 SH   SOLE   6,362 0 0
FIRST SOUTH BANCORP INC VA COM 33646W100 1,528 92,391 SH   SOLE   92,391 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 36,014 1,168,511 SH   SOLE   1,168,511 0 0
FNB CORP PA COM 302520101 8,937 631,123 SH   SOLE   631,123 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 1,760 111,383 SH   SOLE   111,383 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 4,019 147,758 SH   SOLE   147,758 0 0
HARLEY DAVIDSON INC COM 412822108 24,537 454,214 SH   SOLE   454,214 0 0
HONEYWELL INTL INC COM 438516106 21,746 163,150 SH   SOLE   163,150 0 0
HUNTINGTON BANCSHARES INC COM 446150104 6,537 483,528 SH   SOLE   483,528 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 5,911 271,780 SH   SOLE   271,780 0 0
INSTALLED BLDG PRODS INC COM 45780R101 8,688 164,076 SH   SOLE   164,076 0 0
J ALEXANDERS HLDGS INC COM 46609J106 236 19,238 SH   SOLE   19,238 0 0
JPMORGAN CHASE & CO COM 46625H100 66,997 733,012 SH   SOLE   733,012 0 0
KEYCORP NEW COM 493267108 4,399 234,720 SH   SOLE   234,720 0 0
KINDER MORGAN INC DEL COM 49456B101 2,417 126,163 SH   SOLE   126,163 0 0
KORN FERRY INTL COM NEW 500643200 1,480 42,870 SH   SOLE   42,870 0 0
LAKELAND BANCORP INC COM 511637100 3,492 185,729 SH   SOLE   185,729 0 0
LEAR CORP COM NEW 521865204 16,753 117,914 SH   SOLE   117,914 0 0
LENNAR CORP CL A 526057104 7,955 149,193 SH   SOLE   149,193 0 0
M & T BK CORP COM 55261F104 943 5,823 SH   SOLE   5,823 0 0
MARLIN BUSINESS SVCS CORP COM 571157106 19,224 764,363 SH   SOLE   764,363 0 0
MASCO CORP COM 574599106 6,670 174,565 SH   SOLE   174,565 0 0
MB FINANCIAL INC NEW COM 55264U108 6,695 152,017 SH   SOLE   152,017 0 0
MBT FINL CORP COM 578877102 2,044 210,701 SH   SOLE   210,701 0 0
NORWEGIAN CRUISE LINE HLDGS SHS G66721104 10,713 197,323 SH   SOLE   197,323 0 0
OLD LINE BANCSHARES INC COM 67984M100 5,010 177,770 SH   SOLE   177,770 0 0
OLD NATL BANCORP IND COM 680033107 9,525 552,157 SH   SOLE   552,157 0 0
OLD POINT FINL CORP COM 680194107 327 9,939 SH   SOLE   9,939 0 0
ONEMAIN HLDGS INC COM 68268W103 41,409 1,683,968 SH   SOLE   1,683,968 0 0
ORRSTOWN FINL SVCS INC COM 687380105 18,661 816,659 SH   SOLE   816,659 0 0
OWENS CORNING NEW COM 690742101 25,232 377,054 SH   SOLE   377,054 0 0
PACIFIC PREMIER BANCORP COM 69478X105 15,231 412,763 SH   SOLE   412,763 0 0
PACWEST BANCORP DEL COM 695263103 22,157 474,459 SH   SOLE   474,459 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 35,361 1,130,099 SH   SOLE   1,130,099 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 26,690 1,598,213 SH   SOLE   1,598,213 0 0
PEOPLES UNITED FINANCIAL INC COM 712704105 3,621 205,063 SH   SOLE   205,063 0 0
PNC FINL SVCS GROUP INC COM 693475105 3,968 31,778 SH   SOLE   31,778 0 0
POPULAR INC COM NEW 733174700 2,224 53,325 SH   SOLE   53,325 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 8,945 167,283 SH   SOLE   167,283 0 0
PREMIER FINL BANCORP INC COM 74050M105 6,545 317,560 SH   SOLE   317,560 0 0
PROVIDENT BANCORP INC COM 74383X109 5,910 262,672 SH   SOLE   262,672 0 0
PULTE GROUP INC COM 745867101 7,326 298,671 SH   SOLE   298,671 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 715 29,000 SH Put SOLE   29,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 247 1,022 SH Put SOLE   1,022 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 48 200 SH Put SOLE   200 0 0
REGIONAL MGMT CORP COM 75902K106 30,769 1,302,106 SH   SOLE   1,302,106 0 0
REGIONS FINL CORP NEW COM 7591EP100 48,044 3,281,664 SH   SOLE   3,281,664 0 0
REPUBLIC FIRST BANCORP INC COM 760416107 7,260 784,910 SH   SOLE   784,910 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 2,354 32,456 SH   SOLE   32,456 0 0
SANDY SPRING BANCORP INC COM 800363103 4,638 114,064 SH   SOLE   114,064 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 50,911 2,112,499 SH   SOLE   2,112,499 0 0
SHORE BANCSHARES INC COM 825107105 2,838 172,520 SH   SOLE   172,520 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 40,521 282,319 SH   SOLE   282,319 0 0
SVB FINL GROUP COM 78486Q101 5,962 33,917 SH   SOLE   33,917 0 0
SOUTH ST CORP COM 840441109 4,537 52,946 SH   SOLE   52,946 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 852 23,000 SH   SOLE   23,000 0 0
STATE STR CORP COM 857477103 6,226 69,388 SH   SOLE   69,388 0 0
STERLING BANCORP DEL COM 85917A100 12,589 541,457 SH   SOLE   541,457 0 0
STEWARDSHIP FINL CORP COM 860326107 3,889 413,753 SH   SOLE   413,753 0 0
STEWART INFORMATION SVCS COR COM 860372101 6,730 148,300 SH   SOLE   148,300 0 0
STONEGATE BK FT LAUDERDALE F COM 861811107 5,903 127,820 SH   SOLE   127,820 0 0
SUSSEX BANCORP COM 869245100 13,949 572,846 SH   SOLE   572,846 0 0
SWIFT TRANSN CO CL A 87074U101 2,249 84,884 SH   SOLE   84,884 0 0
SYNCHRONY FINL COM 87165B103 9,627 322,828 SH   SOLE   322,828 0 0
SYNOVUS FINL CORP COM NEW 87161C501 12,895 291,486 SH   SOLE   291,486 0 0
TCF FINL CORP COM 872275102 7,600 476,816 SH   SOLE   476,816 0 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 13,994 180,800 SH   SOLE   180,800 0 0
COMMUNITY FINL CORP MD COM 20368X101 17,620 457,658 SH   SOLE   457,658 0 0
FIRST LONG IS CORP COM 320734106 33,462 1,170,008 SH   SOLE   1,170,008 0 0
TOLL BROTHERS INC COM 889478103 6,773 171,417 SH   SOLE   171,417 0 0
TOPBUILD CORP COM 89055F103 1,029 19,396 SH   SOLE   19,396 0 0
TRI POINTE GROUP INC COM 87265H109 3,162 239,716 SH   SOLE   239,716 0 0
TRICO BANCSHARES COM 896095106 4,850 137,982 SH   SOLE   137,982 0 0
TRIUMPH BANCORP INC COM 89679E300 254 10,331 SH   SOLE   10,331 0 0
UNITED BANKSHARES INC WEST V COM 909907107 7,062 180,165 SH   SOLE   180,165 0 0
US BANCORP DEL COM NEW 902973304 59,815 1,152,064 SH   SOLE   1,152,064 0 0
VALLEY NATL BANCORP COM 919794107 3,854 326,307 SH   SOLE   326,307 0 0
VERITEX HLDGS INC COM 923451108 37,433 1,421,705 SH   SOLE   1,421,705 0 0
WASHINGTONFIRST BANKSHARES I COM 940730104 20,563 595,512 SH   SOLE   595,512 0 0
WELLS FARGO CO NEW COM 949746101 67,376 1,215,959 SH   SOLE   1,215,959 0 0
WESTERN ALLIANCE BANCORP COM 957638109 3,705 75,297 SH   SOLE   75,297 0 0
WINTRUST FINL CORP COM 97650W108 1,099 14,376 SH   SOLE   14,376 0 0
ZIONS BANCORPORATION COM 989701107 26,081 593,967 SH   SOLE   593,967 0 0