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
1st Century Bancshares, Inc. COM 31943X102 7,077 960,300 SH   SOLE   960,300 0 0
1st United Bancorp, Inc. COM 33740N105 3,834 450,000 SH   SOLE   450,000 0 0
Access National Corporation COM 004337101 2,564 158,000 SH   SOLE   158,000 0 0
AerCap Holdings NV SHS N00985106 8,503 207,900 SH   SOLE   207,900 0 0
Air Lease Corporation CLA 00912X302 2,441 75,100 SH   SOLE   75,100 0 0
AJS Bancorp, Inc. COM 001503101 2,301 171,100 SH   SOLE   171,100 0 0
Alliance Bancorp, Inc. of Pennsylvania COM 01890A108 3,557 222,300 SH   SOLE   222,300 0 0
Call - AMBC $16.67 Exp 4/30/2023 Warrant 023139116 1,319 94,911 SH   SOLE   94,911 0 0
American Express Company COM 025816109 2,145 24,500 SH   SOLE   24,500 0 0
American Homes 4 Rent CL A 02665T306 13,571 803,500 SH   SOLE   803,500 0 0
American River Bankshares COM 029326105 6,090 665,600 SH   SOLE   665,600 0 0
Astoria Financial Corporation COM 046265104 5,002 403,700 SH   SOLE   403,700 0 0
Avidbank Holdings, Inc. COM 05368J103 541 47,209 SH   SOLE   47,209 0 0
BancFirst Corporation COM 05945F103 6,125 97,900 SH   SOLE   97,900 0 0
Bank of the Carolinas Corporation COM 06425J102 2,224 22,240,896 SH   SOLE   22,240,896 0 0
BancorpSouth, Inc. COM 059692103 1,374 68,200 SH   SOLE   68,200 0 0
Bank of Commerce Holdings COM 06424J103 496 80,800 SH   SOLE   80,800 0 0
Bank of Marin Bancorp COM 063425102 5,030 109,600 SH   SOLE   109,600 0 0
BankUnited, Inc. COM 06652K103 9,052 296,900 SH   SOLE   296,900 0 0
Bay of Banks of Virginia; Inc. COM 072035108 2,524 476,200 SH   SOLE   476,200 0 0
BBCN Bancorp, Inc. COM 073295107 511 35,000 SH   SOLE   35,000 0 0
BlackRock, Inc. COM 09247X101 821 2,500 SH   SOLE   2,500 0 0
Blackstone Mortgage Trust, Inc. COM CL A 09257W100 4,854 179,100 SH   SOLE   179,100 0 0
Boston Private Financial Holdings, Inc. COM 101119105 6,584 531,400 SH   SOLE   531,400 0 0
Bridge Bancorp, Inc. COM 108035106 4,075 172,300 SH   SOLE   172,300 0 0
Bridge Capital Holdings COM 108030107 3,338 146,800 SH   SOLE   146,800 0 0
C1 Financial, Inc. COM 12591N109 12,218 673,900 SH   SOLE   673,900 0 0
Carroll Bancorp, Inc. COM 144702107 774 47,169 SH   SOLE   47,169 0 0
Capital Bank Financial Corporation CL A COM 139794101 1,841 77,100 SH   SOLE   77,100 0 0
Cardinal Financial Corporation COM 14149F109 418 24,500 SH   SOLE   24,500 0 0
CenterState Banks, Inc. COM 15201P109 4,699 454,000 SH   SOLE   454,000 0 0
Century Bancorp, Inc. CL A NON VTG 156432106 11,324 327,100 SH   SOLE   327,100 0 0
Century Communities, Inc. COM 156504300 2,202 126,900 SH   SOLE   126,900 0 0
Century Next Financial Corporation COM 156635104 667 39,248 SH   SOLE   39,248 0 0
Chemical Financial Corporation COM 163731102 9,944 369,800 SH   SOLE   369,800 0 0
Chicopee Bancorp, Inc. COM 168565109 3,137 210,000 SH   SOLE   210,000 0 0
Citigroup Inc. COM 172967424 11,530 222,500 SH   SOLE   222,500 0 0
Citizens & Northern Corporation COM 172922106 1,853 97,500 SH   SOLE   97,500 0 0
Citizens Community Bancorp, Inc. COM 174903104 700 79,100 SH   SOLE   79,100 0 0
Citizens Financial Group, Inc. COM 174610105 5,052 215,700 SH   SOLE   215,700 0 0
City National Corporation COM 178566105 11,630 153,700 SH   SOLE   153,700 0 0
CNB Financial Corporation COM 126128107 1,270 80,900 SH   SOLE   80,900 0 0
Coastway Bancorp, Inc. COM 190632109 5,215 486,000 SH   SOLE   486,000 0 0
CoBiz Financial Inc. COM 190897108 6,914 618,400 SH   SOLE   618,400 0 0
Colonial Financial Services, Inc. COM 19566B101 388 29,200 SH   SOLE   29,200 0 0
Colony Financial, Inc. COM 19624R106 3,919 175,100 SH   SOLE   175,100 0 0
Comerica Incorporated COM 200340107 9,279 186,100 SH   SOLE   186,100 0 0
Commercewest Bank, N.A. COM 20084T103 2,397 171,200 SH   SOLE   171,200 0 0
Community Bankers Trust Corporation COM 203612106 140 32,100 SH   SOLE   32,100 0 0
DCB Financial Corp. COM 233075100 1,468 197,325 SH   SOLE   197,325 0 0
Discover Financial Services COM 254709108 6,426 99,800 SH   SOLE   99,800 0 0
DNB Financial Corporation COM 233237106 1,090 50,810 SH   SOLE   50,810 0 0
E*TRADE Financial Corporation COM 269246401 3,256 144,116 SH   SOLE   144,116 0 0
East West Bancorp, Inc. COM 27579R104 1,302 38,300 SH   SOLE   38,300 0 0
ESSA Bancorp, Inc. COM 29667D104 2,465 218,100 SH   SOLE   218,100 0 0
Eureka Finacnial Corporation COM 29855C108 1,038 56,082 SH   SOLE   56,082 0 0
Evans Bancorp, Inc. COM 29911Q208 6,708 291,000 SH   SOLE   291,000 0 0
Fairmount Bancorp Inc. COM 305468100 639 29,156 SH   SOLE   29,156 0 0
Fidelity National Financial, Inc. CL A 31620R105 3,345 120,600 SH   SOLE   120,600 0 0
Fidelity Southern Corporation COM 316394105 286 20,900 SH   SOLE   20,900 0 0
Financial Institutions, Inc. COM 317585404 1,093 48,600 SH   SOLE   48,600 0 0
First Busey Corporation COM 319383105 3,229 579,800 SH   SOLE   579,800 0 0
First Business Financial Services, Inc. COM 319390100 1,440 32,800 SH   SOLE   32,800 0 0
First Capital Bancorp, Inc. COM 319438107 72 16,100 SH   SOLE   16,100 0 0
First Citizens Banc Corp, Inc. Series B Conv. Pfd. 6.50% PFD SER B 319459400 3,003 96,800 SH   SOLE   96,800 0 0
Call - FFBC $12.90 Exp 12/23/2018 Warrant 320209117 79 15,684 SH   SOLE   15,684 0 0
First Citizens BancShares, Inc. CL A 31946M103 10,138 46,800 SH   SOLE   46,800 0 0
First Community Corporation COM 319835104 5,006 470,500 SH   SOLE   470,500 0 0
First Financial Bancorp. COM 320209109 8,016 506,400 SH   SOLE   506,400 0 0
First Merchants Corporation COM 320817109 4,877 241,300 SH   SOLE   241,300 0 0
First Midwest Bancorp, Inc. COM 320867104 15,125 940,000 SH   SOLE   940,000 0 0
First NBC Bank Holding Company COM 32115D106 16,594 506,700 SH   SOLE   506,700 0 0
First South Bancorp, Inc. COM 33646W100 243 30,000 SH   SOLE   30,000 0 0
Flagstar Bancorp, Inc. COM 337930705 3,262 193,800 SH   SOLE   193,800 0 0
Fox Chase Bancorp, Inc. COM 35137T108 7,552 463,021 SH   SOLE   463,021 0 0
Franklin Resources, Inc. COM 354613101 694 12,700 SH   SOLE   12,700 0 0
Fraternity Community Bancorp, Inc. COM 35553P101 1,994 134,700 SH   SOLE   134,700 0 0
Georgetown Bancorp, Inc. COM 372591107 1,976 122,587 SH   SOLE   122,587 0 0
Green Bancorp, Inc. COM 39260X100 4,780 278,743 SH   SOLE   278,743 0 0
Greenhill & Co., Inc. COM 395259104 916 19,700 SH   SOLE   19,700 0 0
Guaranty Bancorp COM 40075T607 7,418 549,100 SH   SOLE   549,100 0 0
Hamilton Bancorp Inc. COM 407015106 4,456 335,000 SH   SOLE   335,000 0 0
Hancock Holding Company COM 410120109 2,859 89,200 SH   SOLE   89,200 0 0
Hanmi Financial Corporation COM 410495204 2,320 115,100 SH   SOLE   115,100 0 0
Heartland Financial USA, Inc. COM 42234Q102 2,786 116,650 SH   SOLE   116,650 0 0
Heritage Commerce Corp COM 426927109 9,168 1,116,700 SH   SOLE   1,116,700 0 0
Heritage Oaks Bancorp COM 42724R107 3,452 493,200 SH   SOLE   493,200 0 0
HF Financial Corp. COM 404172108 8,815 655,900 SH   SOLE   655,900 0 0
Hibernia Bancorp, Inc. COM 42866N104 141 8,127 SH   SOLE   8,127 0 0
Hilltop Holdings Inc. COM 432748101 12,473 622,100 SH   SOLE   622,100 0 0
Hingham Institution for Savings COM 433323102 2,210 27,098 SH   SOLE   27,098 0 0
HMN Financial, Inc. COM 40424G108 416 31,500 SH   SOLE   31,500 0 0
Home Federal Bancorp, Inc. of Louisiana COM 43708L108 1,540 80,000 SH   SOLE   80,000 0 0
HomeTrust Bancshares, Inc. COM 437872104 3,822 261,600 SH   SOLE   261,600 0 0
HopFed Bancorp, Inc. COM 439734104 6,508 565,943 SH   SOLE   565,943 0 0
Hudson City Bancorp, Inc. COM 443683107 8,599 884,656 SH   SOLE   884,656 0 0
Hudson Valley Holding Corp. COM 444172100 339 18,700 SH   SOLE   18,700 0 0
IBERIABANK Corporation COM 450828108 1,419 22,700 SH   SOLE   22,700 0 0
IF Bancorp, Inc. COM 44951J105 6,501 385,600 SH   SOLE   385,600 0 0
Independent Bank Corporation COM 453838609 15,496 1,300,000 SH   SOLE   1,300,000 0 0
Intervest Bancshares Corporation COM 460927106 451 47,200 SH   SOLE   47,200 0 0
Invesco Ltd. SHS G491BT108 7,122 180,400 SH   SOLE   180,400 0 0
Investar Holding Corporation COM 46134L105 4,267 320,800 SH   SOLE   320,800 0 0
Investors Bancorp, Inc. COM 46146L101 694 68,500 SH   SOLE   68,500 0 0
Jacksonville Bancorp, Inc. COM 469249205 3,374 312,707 SH   SOLE   312,707 0 0
Jacksonville Bancorp, Inc. (IL) COM 46924R106 1,306 60,000 SH   SOLE   60,000 0 0
JPMorgan Chase & Co. COM 46625H100 8,602 142,800 SH   SOLE   142,800 0 0
Call - JPM $42.42 Exp 10/28/2018 Warrant 46634E114 1,207 60,000 SH   SOLE   60,000 0 0
KeyCorp COM 493267108 651 48,800 SH   SOLE   48,800 0 0
La Porte Bancorp, Inc. COM 516651106 3,924 350,000 SH   SOLE   350,000 0 0
Lakeland Financial Corporation COM 511656100 1,830 48,800 SH   SOLE   48,800 0 0
Lazard Ltd SHS A G54050102 4,943 97,500 SH   SOLE   97,500 0 0
Louisiana Bancorp, Inc. COM 54619P104 2,885 145,200 SH   SOLE   145,200 0 0
MainSource Financial Group, Inc. COM 56062Y102 4,987 289,100 SH   SOLE   289,100 0 0
Malvern Bancorp, Inc. COM 561409103 7,297 640,675 SH   SOLE   640,675 0 0
Mercantile Bank Corporation COM 587376104 1,774 93,100 SH   SOLE   93,100 0 0
Meetinghouse Bancorp, Inc. COM 58514H109 622 47,500 SH   SOLE   47,500 0 0
Metro Bancorp Inc. COM 59161R101 1,276 52,600 SH   SOLE   52,600 0 0
MidWestOne Financial Group, Inc. COM 598511103 4,271 185,600 SH   SOLE   185,600 0 0
Minden Bancorp, Inc. COM 60255R106 378 19,917 SH   SOLE   19,917 0 0
Morgan Stanley COM 617446448 3,720 107,600 SH   SOLE   107,600 0 0
Call - MTB $73.86 Exp 12/23/2018 Warrant 55261F112 7,007 140,000 SH   SOLE   140,000 0 0
National Bank Holdings Corporation CL A 633707104 6,736 352,300 SH   SOLE   352,300 0 0
National Penn Bancshares, Inc. COM 637138108 243 25,000 SH   SOLE   25,000 0 0
NBT Bancorp Inc. COM 628778102 5,213 231,500 SH   SOLE   231,500 0 0
New Jersey Community Bank COM 64577U102 351 65,000 SH   SOLE   65,000 0 0
NMI Holdings, Inc. CL A 629209305 4,841 559,600 SH   SOLE   559,600 0 0
Northrim BanCorp, Inc. COM 666762109 4,242 160,500 SH   SOLE   160,500 0 0
Oak Valley Bancorp. COM 671807105 672 67,000 SH   SOLE   67,000 0 0
Old Line Bancshares, Inc. COM 67984M100 2,584 166,900 SH   SOLE   166,900 0 0
Old National Bancorp COM 680033107 890 68,600 SH   SOLE   68,600 0 0
Old Second Bancorp, Inc. COM 680277100 5,802 1,206,200 SH   SOLE   1,206,200 0 0
OmniAmerican Bancorp, Inc. COM 68216R107 260 10,000 SH   SOLE   10,000 0 0
Palmetto Bancshares, Inc. COM 697062206 11,284 797,995 SH   SOLE   797,995 0 0
Peoples Bancorp of North Carolina, Inc. COM 710577107 1,077 63,500 SH   SOLE   63,500 0 0
PHH Corporation COM 693320202 1,695 75,800 SH   SOLE   75,800 0 0
Poage Bankshares, Inc. COM 730206109 3,084 205,600 SH   SOLE   205,600 0 0
Polonia Bancorp, Inc. COM 73158Q109 3,413 331,000 SH   SOLE   331,000 0 0
Preferred Bank COM 740367404 3,331 147,900 SH   SOLE   147,900 0 0
Premier Financial Bancorp, Inc. COM 74050M105 1,183 80,800 SH   SOLE   80,800 0 0
Prosperity Bancshares, Inc. COM 743606105 2,801 49,000 SH   SOLE   49,000 0 0
Provident Financial Holdings, Inc. COM 743868101 947 64,900 SH   SOLE   64,900 0 0
Provident Financial Services, Inc. COM 74386T105 4,564 278,800 SH   SOLE   278,800 0 0
Prudential Bancorp, Inc. COM 74431A101 5,930 484,900 SH   SOLE   484,900 0 0
QNB Corporation COM 74726N107 13 468 SH   SOLE   468 0 0
Regions Financial Corporation COM 7591EP100 6,060 603,600 SH   SOLE   603,600 0 0
Riverview Bancorp, Inc. COM 769397100 3,040 761,800 SH   SOLE   761,800 0 0
Sandy Spring Bancorp, Inc. COM 800363103 1,749 76,400 SH   SOLE   76,400 0 0
Seacoast Banking Corporation of Florida COM 811707801 3,946 361,000 SH   SOLE   361,000 0 0
Shore Bancshares, Inc. COM 825107105 4,934 548,215 SH   SOLE   548,215 0 0
SI Financial Group, Inc. COM 78425V104 5,821 520,198 SH   SOLE   520,198 0 0
Sierra Bancorp COM 82620P102 3,223 192,300 SH   SOLE   192,300 0 0
Silver Bay Realty Trust Corp. COM 82735Q102 1,190 73,400 SH   SOLE   73,400 0 0
Silvercrest Asset Management Group Inc. CL A 828359109 3,067 225,200 SH   SOLE   225,200 0 0
Simmons First National Corporation CL A 828730200 4,526 117,500 SH   SOLE   117,500 0 0
South State Corporation COM 840441109 4,185 74,839 SH   SOLE   74,839 0 0
Southcoast Financial Corporation COM 84129R100 402 56,600 SH   SOLE   56,600 0 0
Southern Missouri Bancorp, Inc. COM 843380106 7,536 210,020 SH   SOLE   210,020 0 0
Southwest Bancorp, Inc. COM 844767103 13,956 851,000 SH   SOLE   851,000 0 0
Standard Financial Corp. COM 853393106 4,038 196,500 SH   SOLE   196,500 0 0
State Bank Financial Corporation COM 856190103 34,437 2,120,500 SH   SOLE   2,120,500 0 0
State Investors Bancorp, Inc. COM 857030100 3,202 200,100 SH   SOLE   200,100 0 0
Stonegate Mortgage Corp COM 86181Q300 4,344 334,434 SH   SOLE   334,434 0 0
Suffolk Bancorp COM 864739107 1,469 75,700 SH   SOLE   75,700 0 0
Sugar Creek Financial Corpotation COM 86481Y102 308 32,600 SH   SOLE   32,600 0 0
Sun Bancorp, Inc. COM 86663B201 8,150 450,000 SH   SOLE   450,000 0 0
Call - STI $33.70 Exp 12/31/2018 Warrant 867914129 1,400 151,356 SH   SOLE   151,356 0 0
Sunshine Bancorp, Inc. COM 86777J108 2,881 243,100 SH   SOLE   243,100 0 0
Sunshine Financial Inc. COM 86782T109 1,190 65,400 SH   SOLE   65,400 0 0
Sunnyside Bancorp, Inc. COM 867475105 347 35,000 SH   SOLE   35,000 0 0
Susquehanna Bancshares, Inc. COM 869099101 2,203 220,300 SH   SOLE   220,300 0 0
Synovus Financial Corp. COM 87161C501 4,281 181,100 SH   SOLE   181,100 0 0
T. Rowe Price Group, Inc. COM 74144T108 384 4,900 SH   SOLE   4,900 0 0
TD Ameritrade Holding Corporation COM 87236Y108 5,933 177,800 SH   SOLE   177,800 0 0
Territorial Bancorp Inc. COM 88145X108 11,117 547,900 SH   SOLE   547,900 0 0
The Charles Schwab Corporation COM 808513105 2,968 101,000 SH   SOLE   101,000 0 0
Umpqua Holdings Corporation COM 904214103 3,467 210,500 SH   SOLE   210,500 0 0
Union Bankshares Corp. COM 90539J109 2,525 109,300 SH   SOLE   109,300 0 0
United Community Bancorp COM 90984R101 3,614 302,400 SH   SOLE   302,400 0 0
United Community Banks, Inc. COM 90984P303 2,469 150,000 SH   SOLE   150,000 0 0
United Community Financial Corp. COM 909839102 16,851 3,600,700 SH   SOLE   3,600,700 0 0
United Financial Bancorp, Inc. COM 910304104 746 58,800 SH   SOLE   58,800 0 0
United Security Bancshares COM 911460103 375 67,316 SH   SOLE   67,316 0 0
ViewPoint Financial Group, Inc. COM 92672A101 3,143 131,300 SH   SOLE   131,300 0 0
Walker & Dunlop, Inc. COM 93148P102 3,309 249,000 SH   SOLE   249,000 0 0
Washington Federal, Inc. COM 938824109 3,902 191,662 SH   SOLE   191,662 0 0
Waterstone Financial Inc. COM 94188P101 4,632 401,000 SH   SOLE   401,000 0 0
Wells Fargo & Company COM 949746101 7,796 150,300 SH   SOLE   150,300 0 0
WesBanco, Inc. COM 950810101 1,530 50,000 SH   SOLE   50,000 0 0
West Bancorporation, Inc. CAP STK 95123P106 2,136 151,200 SH   SOLE   151,200 0 0
West End Indiana Bancshares, Inc. COM 952678100 2,577 130,500 SH   SOLE   130,500 0 0
Western Alliance Bancorporation COM 957638109 815 34,109 SH   SOLE   34,109 0 0
Willis Lease Finance Corporation COM 970646105 1,793 87,400 SH   SOLE   87,400 0 0
Wilshire Bancorp, Inc. COM 97186T108 3,745 405,700 SH   SOLE   405,700 0 0
Wolverine Bancorp, Inc. COM 977880103 3,954 174,100 SH   SOLE   174,100 0 0
WSFS Financial Corporation COM 929328102 6,600 92,163 SH   SOLE   92,163 0 0
WSFS Financial Corporation 6.25% Pfd. Stock PFD 929328409 4,865 183,596 SH   SOLE   183,596 0 0
Xenith Bankshares, Inc. COM 98410X105 4,356 688,100 SH   SOLE   688,100 0 0
Zions Bancorporation COM 989701107 10,831 372,700 SH   SOLE   372,700 0 0
Call - ZION $36.27 Exp 11/14/2018 Warrant 989701131 5,304 1,768,160 SH   SOLE   1,768,160 0 0