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 43,269 822,441 SH   SOLE   822,441 0 0
AIR LEASE CORP CL A 00912X302 35,226 732,507 SH   SOLE   732,507 0 0
ALLY FINL INC COM 02005N100 152,292 5,222,634 SH   SOLE   5,222,634 0 0
AMERICAN OUTDOOR BRANDS CORP COM 02874P103 1,878 146,248 SH   SOLE   146,248 0 0
AMERICAN RIVER BANKSHARES COM 029326105 9,689 635,735 SH   SOLE   635,735 0 0
APPLE INC COM 037833100 2,589 15,296 SH   SOLE   15,296 0 0
ASSOCIATED BANC CORP COM 045487105 5,620 221,244 SH   SOLE   221,244 0 0
ASTORIA FINL CORP COM 046265104 1,631 75,873 SH   SOLE   75,873 0 0
ATLANTIC CAP BANCSHARES INC COM 048269203 16,972 964,313 SH   SOLE   964,313 0 0
AV HOMES INC COM 00234P102 1,880 112,923 SH   SOLE   112,923 0 0
BANK AMER CORP COM 060505104 34,339 1,163,234 SH   SOLE   1,163,234 0 0
BANK NEW YORK MELLON CORP COM 064058100 8,613 159,912 SH   SOLE   159,912 0 0
BANK OF MARIN BANCORP COM 063425102 8,187 120,400 SH   SOLE   120,400 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 5,974 400,103 SH   SOLE   400,103 0 0
BANNER CORP COM NEW 06652V208 2,837 51,465 SH   SOLE   51,465 0 0
BAY BANCORP INC COM 07203T106 3,385 276,909 SH   SOLE   276,909 0 0
BEACON ROOFING SUPPLY INC COM 073685109 22,571 354,004 SH   SOLE   354,004 0 0
BELDEN INC COM 077454106 1,472 19,071 SH   SOLE   19,071 0 0
BLACK KNIGHT INC COM 09215C105 4,524 102,472 SH   SOLE   102,472 0 0
BOFI HLDG INC COM 05566U108 48,731 1,629,787 SH   SOLE   1,629,787 0 0
BRIDGE BANCORP INC COM 108035106 69,835 1,995,297 SH   SOLE   1,995,297 0 0
BRYN MAWR BK CORP COM 117665109 13,640 308,602 SH   SOLE   308,602 0 0
CALATLANTIC GROUP INC COM 128195104 7,271 128,944 SH   SOLE   128,944 0 0
CAMBRIDGE BANCORP COM 132152109 16,867 211,365 SH   SOLE   211,365 0 0
CAMDEN NATL CORP COM 133034108 13,703 325,260 SH   SOLE   325,260 0 0
CANNAE HLDGS INC COM 13765N107 1,897 111,383 SH   SOLE   111,383 0 0
CAPITAL ONE FINL CORP COM 14040H105 31,803 319,373 SH   SOLE   319,373 0 0
CARLISLE COS INC COM 142339100 38,398 337,866 SH   SOLE   337,866 0 0
CAROLINA FINL CORP NEW COM 143873107 1,738 46,787 SH   SOLE   46,787 0 0
CDN IMPERIAL BK COMM TORONTO COM 136069101 1,417 14,550 SH   SOLE   14,550 0 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 2,894 143,413 SH   SOLE   143,413 0 0
CENTURY CMNTYS INC COM 156504300 12,097 388,956 SH   SOLE   388,956 0 0
CHEMUNG FINL CORP COM 164024101 8,067 167,715 SH   SOLE   167,715 0 0
CITIGROUP INC COM NEW 172967424 18,289 245,792 SH   SOLE   245,792 0 0
CITIZENS FINL GROUP INC COM 174610105 20,849 496,637 SH   SOLE   496,637 0 0
CODORUS VY BANCORP INC COM 192025104 3,467 125,943 SH   SOLE   125,943 0 0
COMERICA INC COM 200340107 13,988 161,137 SH   SOLE   161,137 0 0
COMMUNITY FINL CORP MD COM 20368X101 15,782 412,072 SH   SOLE   412,072 0 0
COUSINS PPTYS INC COM 222795106 136 14,659 SH   SOLE   14,659 0 0
DANA INCORPORATED COM 235825205 5,201 162,469 SH   SOLE   162,469 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 5,257 93,878 SH   SOLE   93,878 0 0
EAGLE BANCORP INC MD COM 268948106 6,952 120,077 SH   SOLE   120,077 0 0
EAST WEST BANCORP INC COM 27579R104 2,311 37,989 SH   SOLE   37,989 0 0
EMCOR GROUP INC COM 29084Q100 13,187 161,305 SH   SOLE   161,305 0 0
ENSCO PLC SHS CLASS A G3157S106 47 7,986 SH   SOLE   7,986 0 0
ESQUIRE FINL HLDGS INC COM 29667J101 10,278 520,660 SH   SOLE   520,660 0 0
ESSENT GROUP LTD COM G3198U102 3,012 69,369 SH   SOLE   69,369 0 0
FARMERS CAP BK CORP COM 309562106 5,608 145,669 SH   SOLE   145,669 0 0
FAUQUIER BANKSHARES INC VA COM 312059108 509 23,254 SH   SOLE   23,254 0 0
FCB FINL HLDGS INC CL A 30255G103 2,732 53,788 SH   SOLE   53,788 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 13,113 334,183 SH   SOLE   334,183 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 13,820 146,883 SH   SOLE   146,883 0 0
FIFTH THIRD BANCORP COM 316773100 15,806 520,949 SH   SOLE   520,949 0 0
FINANCIAL INSTNS INC COM 317585404 5,805 186,653 SH   SOLE   186,653 0 0
FIRST AMERN FINL CORP COM 31847R102 7,529 134,358 SH   SOLE   134,358 0 0
FIRST BANCORP N C COM 318910106 4,353 123,266 SH   SOLE   123,266 0 0
FIRST BUSEY CORP COM NEW 319383204 3,509 117,193 SH   SOLE   117,193 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 6,056 15,028 SH   SOLE   15,028 0 0
FIRST FNDTN INC COM 32026V104 38,417 2,072,115 SH   SOLE   2,072,115 0 0
FIRST HAWAIIAN INC COM 32051X108 10,035 343,888 SH   SOLE   343,888 0 0
FIRST INDUSTRIAL REALTY TRUS COM 32054K103 661 21,003 SH   SOLE   21,003 0 0
FIRST INTST BANCSYSTEM INC COM CL A 32055Y201 13,468 336,274 SH   SOLE   336,274 0 0
FIRST LONG IS CORP COM 320734106 33,482 1,174,813 SH   SOLE   1,174,813 0 0
FIRST SAVINGS FINL GROUP INC COM 33621E109 559 9,810 SH   SOLE   9,810 0 0
FIRST UTD CORP COM 33741H107 1,235 70,999 SH   SOLE   70,999 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 15,606 417,060 SH   SOLE   417,060 0 0
FNB CORP PA COM 302520101 18,161 1,314,113 SH   SOLE   1,314,113 0 0
GENERAL CABLE CORP DEL NEW COM 369300108 4,580 154,738 SH   SOLE   154,738 0 0
GUARANTY BANCORP DEL COM NEW 40075T607 4,086 147,758 SH   SOLE   147,758 0 0
HARLEY DAVIDSON INC COM 412822108 23,110 454,214 SH   SOLE   454,214 0 0
HOME BANCSHARES INC COM 436893200 5,987 257,494 SH   SOLE   257,494 0 0
HONEYWELL INTL INC COM 438516106 25,021 163,150 SH   SOLE   163,150 0 0
HUNTINGTON BANCSHARES INC COM 446150104 5,606 385,003 SH   SOLE   385,003 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 10,244 458,325 SH   SOLE   458,325 0 0
INSTALLED BLDG PRODS INC COM 45780R101 12,462 164,076 SH   SOLE   164,076 0 0
J ALEXANDERS HLDGS INC COM 46609J106 187 19,238 SH   SOLE   19,238 0 0
JPMORGAN CHASE & CO COM 46625H100 78,388 733,012 SH   SOLE   733,012 0 0
KEYCORP NEW COM 493267108 6,175 306,164 SH   SOLE   306,164 0 0
KINDER MORGAN INC DEL COM 49456B101 2,280 126,163 SH   SOLE   126,163 0 0
KORN FERRY INTL COM NEW 500643200 1,774 42,870 SH   SOLE   42,870 0 0
LAKELAND BANCORP INC COM 511637100 3,575 185,729 SH   SOLE   185,729 0 0
LEAR CORP COM NEW 521865204 20,426 115,622 SH   SOLE   115,622 0 0
LENNAR CORP CL A 526057104 6,508 102,905 SH   SOLE   102,905 0 0
LYON WILLIAM HOMES CL A NEW 552074700 5,353 184,095 SH   SOLE   184,095 0 0
M & T BK CORP COM 55261F104 996 5,823 SH   SOLE   5,823 0 0
M D C HLDGS INC COM 552676108 2,018 63,295 SH   SOLE   63,295 0 0
M/I HOMES INC COM 55305B101 5,451 158,461 SH   SOLE   158,461 0 0
MARLIN BUSINESS SVCS CORP COM 571157106 16,841 751,839 SH   SOLE   751,839 0 0
MASCO CORP COM 574599106 7,670 174,565 SH   SOLE   174,565 0 0
MB FINANCIAL INC NEW COM 55264U108 6,768 152,017 SH   SOLE   152,017 0 0
MBT FINL CORP COM 578877102 2,233 210,701 SH   SOLE   210,701 0 0
MERCHANTS BANCORP IND COM 58844R108 33,907 1,722,932 SH   SOLE   1,722,932 0 0
MERIDIAN BK PAOLI PA COM 58958P104 10,744 537,742 SH   SOLE   537,742 0 0
META FINL GROUP INC COM 59100U108 8,797 94,944 SH   SOLE   94,944 0 0
METROPOLITAN BK HLDG CORP COM 591774104 8,272 196,493 SH   SOLE   196,493 0 0
MIDSOUTH BANCORP INC COM 598039105 15,137 1,142,420 SH   SOLE   1,142,420 0 0
NORWEGIAN CRUISE LINE HLDGS SHS G66721104 11,905 223,570 SH   SOLE   223,570 0 0
OAK VALLEY BANCORP OAKDALE C COM 671807105 622 31,827 SH   SOLE   31,827 0 0
OLD LINE BANCSHARES INC COM 67984M100 11,252 382,188 SH   SOLE   382,188 0 0
OLD NATL BANCORP IND COM 680033107 9,635 552,157 SH   SOLE   552,157 0 0
OLD POINT FINL CORP COM 680194107 303 10,188 SH   SOLE   10,188 0 0
ONEMAIN HLDGS INC COM 68268W103 71,885 2,765,855 SH   SOLE   2,765,855 0 0
ORRSTOWN FINL SVCS INC COM 687380105 13,304 526,900 SH   SOLE   526,900 0 0
OWENS CORNING NEW COM 690742101 34,666 377,054 SH   SOLE   377,054 0 0
PACIFIC PREMIER BANCORP COM 69478X105 16,511 412,763 SH   SOLE   412,763 0 0
PACWEST BANCORP DEL COM 695263103 26,962 534,965 SH   SOLE   534,965 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 31,943 912,140 SH   SOLE   912,140 0 0
PENNYMAC FINL SVCS INC CL A 70932B101 39,889 1,784,748 SH   SOLE   1,784,748 0 0
PEOPLES UNITED FINANCIAL INC COM 712704105 3,835 205,063 SH   SOLE   205,063 0 0
PNC FINL SVCS GROUP INC COM 693475105 4,585 31,778 SH   SOLE   31,778 0 0
POPULAR INC COM NEW 733174700 1,893 53,325 SH   SOLE   53,325 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 9,833 167,283 SH   SOLE   167,283 0 0
PREMIER FINL BANCORP INC COM 74050M105 5,941 295,865 SH   SOLE   295,865 0 0
PROVIDENT BANCORP INC COM 74383X109 7,574 286,359 SH   SOLE   286,359 0 0
PULTE GROUP INC COM 745867101 5,945 178,806 SH   SOLE   178,806 0 0
REGIONAL MGMT CORP COM 75902K106 40,458 1,537,760 SH   SOLE   1,537,760 0 0
REGIONS FINL CORP NEW COM 7591EP100 44,139 2,554,356 SH   SOLE   2,554,356 0 0
REPUBLIC FIRST BANCORP INC COM 760416107 3,895 460,937 SH   SOLE   460,937 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 2,650 32,456 SH   SOLE   32,456 0 0
SANDY SPRING BANCORP INC COM 800363103 18,600 476,689 SH   SOLE   476,689 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 29,874 1,185,023 SH   SOLE   1,185,023 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 537 19,223 SH Put SOLE   19,223 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1,505 53,921 SH Put SOLE   53,921 0 0
SHORE BANCSHARES INC COM 825107105 9,932 594,717 SH   SOLE   594,717 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 1,913 13,935 SH   SOLE   13,935 0 0
SOUTH ST CORP COM 840441109 4,614 52,946 SH   SOLE   52,946 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 949 23,000 SH   SOLE   23,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 80 300 SH Put SOLE   300 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 150 561 SH Put SOLE   561 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 446 1,672 SH Put SOLE   1,672 0 0
STATE STR CORP COM 857477103 4,380 44,868 SH   SOLE   44,868 0 0
STERLING BANCORP DEL COM 85917A100 53,534 2,176,197 SH   SOLE   2,176,197 0 0
STERLING BANCORP INC COM 85917W102 31,636 2,491,016 SH   SOLE   2,491,016 0 0
STEWARDSHIP FINL CORP COM 860326107 4,580 446,832 SH   SOLE   446,832 0 0
STEWART INFORMATION SVCS COR COM 860372101 6,273 148,300 SH   SOLE   148,300 0 0
SUSSEX BANCORP COM 869245100 15,953 594,167 SH   SOLE   594,167 0 0
SVB FINL GROUP COM 78486Q101 7,929 33,917 SH   SOLE   33,917 0 0
SYNOVUS FINL CORP COM NEW 87161C501 13,974 291,486 SH   SOLE   291,486 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 5,077 207,495 SH   SOLE   207,495 0 0
TOLL BROTHERS INC COM 889478103 4,997 104,068 SH   SOLE   104,068 0 0
TOPBUILD CORP COM 89055F103 1,469 19,396 SH   SOLE   19,396 0 0
TRICO BANCSHARES COM 896095106 5,224 137,982 SH   SOLE   137,982 0 0
TRIUMPH BANCORP INC COM 89679E300 325 10,331 SH   SOLE   10,331 0 0
UNITED BANKSHARES INC WEST V COM 909907107 6,261 180,165 SH   SOLE   180,165 0 0
US BANCORP DEL COM NEW 902973304 73,016 1,362,747 SH   SOLE   1,362,747 0 0
VALLEY NATL BANCORP COM 919794107 1,018 90,722 SH   SOLE   90,722 0 0
VERITEX HLDGS INC COM 923451108 31,266 1,133,244 SH   SOLE   1,133,244 0 0
WASHINGTONFIRST BANKSHARES I COM 940730104 18,624 543,611 SH   SOLE   543,611 0 0
WELLS FARGO CO NEW COM 949746101 80,662 1,329,516 SH   SOLE   1,329,516 0 0
WESTERN ALLIANCE BANCORP COM 957638109 4,263 75,297 SH   SOLE   75,297 0 0
WINTRUST FINL CORP COM 97650W108 12,889 156,477 SH   SOLE   156,477 0 0
ZIONS BANCORPORATION COM 989701107 15,809 311,022 SH   SOLE   311,022 0 0