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. Common Stock 31943X102 6,434 899,900 SH   SOLE   899,900 0 0
1st United Bancorp, Inc. Common Stock 33740N105 9,235 1,213,535 SH   SOLE   1,213,535 0 0
Access National Corporation Common Stock 004337101 1,857 124,200 SH   SOLE   124,200 0 0
AerCap Holdings NV SHS N00985106 12,464 325,000 SH   SOLE   325,000 0 0
Air Lease Corporation Class A Common Stock 00912X302 5,883 189,300 SH   SOLE   189,300 0 0
Alliance Bancorp, Inc. of Pennsylvania Common Stock 01890A108 3,020 196,100 SH   SOLE   196,100 0 0
Ambac Financial Group, Inc. Common Stock 023139884 14,874 605,600 SH   SOLE   605,600 0 0
Call - AMBC $16.67 Exp 4/30/2023 Warrant 023139116 875 58,600 SH Call SOLE   58,600 0 0
American Homes 4 Rent Class A Common Stock 02665T306 17,971 1,109,300 SH   SOLE   1,109,300 0 0
American International Group, Inc. Common Stock 026874784 18,725 366,800 SH   SOLE   366,800 0 0
American River Bankshares Common Stock 029326105 7,592 803,400 SH   SOLE   803,400 0 0
Ameriprise Financial, Inc. Common Stock 03076C106 2,301 20,000 SH   SOLE   20,000 0 0
Arthur J. Gallagher & Co. Common Stock 363576109 8,077 172,100 SH   SOLE   172,100 0 0
ASB Bancorp, Inc. Common Stock 00213T109 2,179 126,300 SH   SOLE   126,300 0 0
BancFirst Corporation Common Stock 05945F103 12,395 221,100 SH   SOLE   221,100 0 0
Bank Mutual Corporation Common Stock 063750103 3,155 450,000 SH   SOLE   450,000 0 0
Bank of Commerce Holdings Common Stock 06424J103 214 37,400 SH   SOLE   37,400 0 0
Bank of Marin Bancorp Common Stock 063425102 3,653 84,200 SH   SOLE   84,200 0 0
Bank of Montreal Common Stock 063671101 9,279 139,200 SH   SOLE   139,200 0 0
BankUnited, Inc. Common Stock 06652K103 7,177 218,000 SH   SOLE   218,000 0 0
Beneficial Mutual Bancorp, Inc. (MHC) Common Stock 08173R104 273 25,000 SH   SOLE   25,000 0 0
BOK Financial Corporation Common Stock 05561Q201 6,028 90,900 SH   SOLE   90,900 0 0
Boston Private Financial Holdings, Inc. Common Stock 101119105 7,674 608,100 SH   SOLE   608,100 0 0
Bridge Bancorp, Inc. Common Stock 108035106 6,040 232,300 SH   SOLE   232,300 0 0
Bridge Capital Holdings Common Stock 108030107 5,815 283,100 SH   SOLE   283,100 0 0
Brown & Brown, Inc. Common Stock 115236101 7,345 234,000 SH   SOLE   234,000 0 0
Camco Financial Corporation Common Stock 132618109 495 74,100 SH   SOLE   74,100 0 0
Camden National Corporation Common Stock 133034108 503 12,018 SH   SOLE   12,018 0 0
Capital Bank Financial Corporation Class A Common Stock 139794101 4,163 183,000 SH   SOLE   183,000 0 0
Capital One Financial Corporation Common Stock 14040H105 6,474 84,500 SH   SOLE   84,500 0 0
Century Bancorp, Inc. Class A Non-Vtg Common Stock 156432106 8,569 257,700 SH   SOLE   257,700 0 0
Charter Financial Corporation Common Stock 16122W108 6,350 589,600 SH   SOLE   589,600 0 0
Chemical Financial Corporation Common Stock 163731102 5,238 165,400 SH   SOLE   165,400 0 0
Cherry Hill Mortgage Investment Corporation Common Stock 164651101 1,463 82,200 SH   SOLE   82,200 0 0
Chicopee Bancorp, Inc. Common Stock 168565109 4,304 247,200 SH   SOLE   247,200 0 0
Citigroup Inc. Common Stock 172967424 32,569 625,000 SH   SOLE   625,000 0 0
Citizens & Northern Corporation Common Stock 172922106 3,992 193,500 SH   SOLE   193,500 0 0
Citizens Community Bancorp Inc. Common Stock 174903104 638 86,100 SH   SOLE   86,100 0 0
City National Corporation Common Stock 178566105 6,155 77,700 SH   SOLE   77,700 0 0
CoBiz Financial Inc. Common Stock 190897108 12,743 1,065,500 SH   SOLE   1,065,500 0 0
Colonial Financial Services, Inc. Common Stock 19566B101 2,302 173,100 SH   SOLE   173,100 0 0
Connectone Bancorp, Inc. Common Stock 20786U101 1,470 37,100 SH   SOLE   37,100 0 0
Cowen Group, Inc. Class A Common Stock 223622101 2,937 751,100 SH   SOLE   751,100 0 0
Dime Community Bancshares, Inc. Common Stock 253922108 1,387 82,000 SH   SOLE   82,000 0 0
DNB Financial Corporation Common Stock 233237106 355 17,100 SH   SOLE   17,100 0 0
ESSA Bancorp, Inc. Common Stock 29667D104 1,399 121,000 SH   SOLE   121,000 0 0
Evans Bancorp, Inc. Common Stock 29911Q208 6,471 306,700 SH   SOLE   306,700 0 0
F.N.B. Corporation Common Stock 302520101 3,849 305,000 SH   SOLE   305,000 0 0
Farmers National Banc Corp. Common Stock 309627107 647 98,800 SH   SOLE   98,800 0 0
FedFirst Financial Corporation Common Stock 31429C101 2,090 104,700 SH   SOLE   104,700 0 0
First Bancorp Common Stock 318910106 411 24,700 SH   SOLE   24,700 0 0
First Bancorp, Inc. Common Stock 31866P102 726 41,700 SH   SOLE   41,700 0 0
First Bancshares Inc. Common Stock 318916103 2,393 170,665 SH   SOLE   170,665 0 0
First Busey Corporation Common Stock 319383105 4,609 794,600 SH   SOLE   794,600 0 0
First Business Financial Services, Inc. Common Stock 319390100 4,444 118,100 SH   SOLE   118,100 0 0
First Capital Bancorp, Inc. Common Stock 319438107 71 15,400 SH   SOLE   15,400 0 0
First Citizens BancShares, Inc. Class A Common Stock 31946M103 18,352 82,431 SH   SOLE   82,431 0 0
First Community Corporation Common Stock 319835104 4,224 406,200 SH   SOLE   406,200 0 0
First Financial Bancorp. Common Stock 320209109 8,365 480,000 SH   SOLE   480,000 0 0
First Horizon National Corporation Common Stock 320517105 2,236 191,900 SH   SOLE   191,900 0 0
First Interstate BancSystem, Inc. Class A Common Stock 32055Y201 1,611 56,800 SH   SOLE   56,800 0 0
First Midwest Bancorp, Inc. Common Stock 320867104 13,176 751,600 SH   SOLE   751,600 0 0
First NBC Bank Holding Company Common Stock 32115D106 15,827 490,000 SH   SOLE   490,000 0 0
First South Bancorp, Inc. Common Stock 33646W100 234 30,000 SH   SOLE   30,000 0 0
Fly Leasing Ltd. Sponsored ADR Common Stock 34407D109 1,062 66,100 SH   SOLE   66,100 0 0
Fortegra Financial Corporation Common Stock 34954W104 417 50,472 SH   SOLE   50,472 0 0
Fox Chase Bancorp, Inc. Common Stock 35137T108 7,997 463,021 SH   SOLE   463,021 0 0
Franklin Resources, Inc. Common Stock 354613101 3,758 65,100 SH   SOLE   65,100 0 0
Georgetown Bancorp, Inc. Common Stock 372591107 1,976 124,287 SH   SOLE   124,287 0 0
Glacier Bancorp, Inc. Common Stock 37637Q105 596 20,000 SH   SOLE   20,000 0 0
Greenhill & Co., Inc. Common Stock 395259104 1,837 31,700 SH   SOLE   31,700 0 0
Guaranty Bancorp Common Stock 40075T607 4,305 306,405 SH   SOLE   306,405 0 0
Hamilton Bancorp Inc. Common Stock 407015106 5,178 364,900 SH   SOLE   364,900 0 0
Hancock Holding Company Common Stock 410120109 6,698 182,600 SH   SOLE   182,600 0 0
Heritage Commerce Corp Common Stock 426927109 5,175 628,000 SH   SOLE   628,000 0 0
Heritage Oaks Bancorp Common Stock 42724R107 6,409 854,495 SH   SOLE   854,495 0 0
HF Financial Corp. Common Stock 404172108 8,494 655,900 SH   SOLE   655,900 0 0
Hilltop Holdings Inc. Common Stock 432748101 2,535 109,600 SH   SOLE   109,600 0 0
Hingham Institution for Savings Common Stock 433323102 2,920 37,200 SH   SOLE   37,200 0 0
HMN Financial, Inc. Common Stock 40424G108 604 57,146 SH   SOLE   57,146 0 0
Home Federal Bancorp, Inc. of Louisiana Common Stock 43708L108 1,905 107,000 SH   SOLE   107,000 0 0
HomeTrust Bancshares, Inc. Common Stock 437872104 2,760 172,630 SH   SOLE   172,630 0 0
HopFed Bancorp, Inc. Common Stock 439734104 7,740 679,503 SH   SOLE   679,503 0 0
IF Bancorp, Inc. Common Stock 44951J105 6,857 410,600 SH   SOLE   410,600 0 0
Independent Bank Corporation Common Stock 453838609 13,800 1,150,000 SH   SOLE   1,150,000 0 0
Intermountain Community Bancorp Common Stock 45881M308 37 2,550 SH   SOLE   2,550 0 0
Invesco Ltd. SHS G491BT108 7,178 197,200 SH   SOLE   197,200 0 0
Jacksonville Bancorp, Inc. Common Stock 469249205 3,067 243,407 SH   SOLE   243,407 0 0
Jacksonville Bancorp, Inc. (IL) Common Stock 46924R106 972 49,700 SH   SOLE   49,700 0 0
JPMorgan Chase & Co. Common Stock 46625H100 21,632 369,900 SH   SOLE   369,900 0 0
Call - JPM $42.42 Exp 10/28/2018 Warrant 46634E114 1,086 55,985 SH Call SOLE   55,985 0 0
Laporte Bancorp Inc. Common Stock 516651106 5,338 480,000 SH   SOLE   480,000 0 0
Lazard Ltd SHS A G54050102 17,407 384,100 SH   SOLE   384,100 0 0
LNB Bancorp, Inc. Common Stock 502100100 3,159 315,000 SH   SOLE   315,000 0 0
Louisiana Bancorp, Inc. Common Stock 54619P104 3,394 186,300 SH   SOLE   186,300 0 0
MainSource Financial Group, Inc. Common Stock 56062Y102 3,999 221,800 SH   SOLE   221,800 0 0
Malvern Bancorp, Inc. Common Stock 561409103 7,047 640,675 SH   SOLE   640,675 0 0
Call - MTB $73.86 Exp 12/23/2018 Warrant 55261F112 7,194 167,300 SH Call SOLE   167,300 0 0
MB Financial, Inc. Common Stock 55264U108 9,782 305,100 SH   SOLE   305,100 0 0
Meetinghouse Bancorp, Inc. Common Stock 58514H109 461 38,400 SH   SOLE   38,400 0 0
Mercantile Bank Corporation Common Stock 587376104 1,096 50,800 SH   SOLE   50,800 0 0
MetLife, Inc. Common Stock 59156R108 19,611 363,700 SH   SOLE   363,700 0 0
MidWestOne Financial Group, Inc. Common Stock 598511103 3,626 133,300 SH   SOLE   133,300 0 0
Morgan Stanley Common Stock 617446448 11,233 358,200 SH   SOLE   358,200 0 0
MutualFirst Financial, Inc. Common Stock 62845B104 1,004 58,600 SH   SOLE   58,600 0 0
National Bank Holdings Corporation Class A Common Stock 633707104 4,280 200,000 SH   SOLE   200,000 0 0
NMI Holdings Class A Common Stock 629209305 6,658 523,000 SH   SOLE   523,000 0 0
North Valley Bancorp Common Stock 66304M204 11,492 607,700 SH   SOLE   607,700 0 0
Northrim BanCorp, Inc. Common Stock 666762109 6,038 230,119 SH   SOLE   230,119 0 0
Northwest Bancshares, Inc. Common Stock 667340103 1,138 77,000 SH   SOLE   77,000 0 0
Oak Valley Bancorp. Common Stock 671807105 141 16,800 SH   SOLE   16,800 0 0
OBA Financial Services, Inc. Common Stock 67424G101 3,820 209,900 SH   SOLE   209,900 0 0
Ocwen Financial Corporation Common Stock 675746309 5,822 105,000 SH   SOLE   105,000 0 0
Old Line Bancshares, Inc. Common Stock 67984M100 2,092 144,300 SH   SOLE   144,300 0 0
OmniAmerican Bancorp, Inc. Common Stock 68216R107 16,411 767,600 SH   SOLE   767,600 0 0
Oneida Financial Corp. Common Stock 682479100 295 23,300 SH   SOLE   23,300 0 0
Palmetto Bancshares, Inc. Common Stock 697062206 10,152 783,306 SH   SOLE   783,306 0 0
Park Sterling Corp Common Stock 70086Y105 4,998 700,000 SH   SOLE   700,000 0 0
Pathfinder Bancorp, Inc. Common Stock 70320A103 739 54,730 SH   SOLE   54,730 0 0
Peoples Federal Bancshares, Inc. Common Stock 711037101 4,002 225,600 SH   SOLE   225,600 0 0
PNC Financial Services Group, Inc. Common Stock 693475105 14,857 191,500 SH   SOLE   191,500 0 0
Poage Bankshares, Inc. Common Stock 730206109 3,316 236,700 SH   SOLE   236,700 0 0
Polonia Bancorp, Inc. Common Stock 73158Q109 3,161 319,600 SH   SOLE   319,600 0 0
Popular, Inc. Common Stock 733174700 1,574 54,800 SH   SOLE   54,800 0 0
Preferred Bank Common Stock 740367404 10,059 501,709 SH   SOLE   501,709 0 0
Premier Financial Bancorp, Inc. Common Stock 74050M105 1,322 93,400 SH   SOLE   93,400 0 0
Provident Financial Holdings, Inc. Common Stock 743868101 2,690 179,300 SH   SOLE   179,300 0 0
Prudential Bancorp, Inc. Common Stock 74431A101 4,823 447,000 SH   SOLE   447,000 0 0
Raymond James Financial, Inc. Common Stock 754730109 13,569 260,000 SH   SOLE   260,000 0 0
Riverview Bancorp, Inc. Common Stock 769397100 4,706 1,622,700 SH   SOLE   1,622,700 0 0
S&T Bancorp, Inc. Common Stock 783859101 607 24,000 SH   SOLE   24,000 0 0
Seacoast Banking Corporation of Florida Common Stock 811707801 8,005 656,171 SH   SOLE   656,171 0 0
SI Financial Group, Inc. Common Stock 78425V104 6,282 521,307 SH   SOLE   521,307 0 0
Sierra Bancorp Common Stock 82620P102 4,360 271,000 SH   SOLE   271,000 0 0
Silvercrest Asset Management Group Inc. Class A Common Stock 828359109 5,497 322,400 SH   SOLE   322,400 0 0
Simmons First National Corporation Class A $1 Par Common Stock 828730200 5,101 137,300 SH   SOLE   137,300 0 0
Simplicity Bancorp Inc. Common Stock 828867101 364 22,500 SH   SOLE   22,500 0 0
Southcoast Financial Corporation Common Stock 84129R100 122 21,100 SH   SOLE   21,100 0 0
Southern Missouri Bancorp, Inc. Common Stock 843380106 7,333 220,400 SH   SOLE   220,400 0 0
Southwest Bancorp, Inc. Common Stock 844767103 15,939 1,001,200 SH   SOLE   1,001,200 0 0
Standard Financial Corp. Common Stock 853393106 5,537 296,100 SH   SOLE   296,100 0 0
State Bank Financial Corporation Common Stock 856190103 40,655 2,235,000 SH   SOLE   2,235,000 0 0
State Investors Bancorp, Inc. Common Stock 857030100 3,489 232,300 SH   SOLE   232,300 0 0
State Street Corporation Common Stock 857477103 26,897 366,500 SH   SOLE   366,500 0 0
Stonegate Mortgage Corp Common Stock 86181Q300 6,085 368,111 SH   SOLE   368,111 0 0
Suffolk Bancorp Common Stock 864739107 3,915 188,200 SH   SOLE   188,200 0 0
Call - STI $33.70 Exp 12/31/2018 Warrant 867914129 1,378 139,860 SH Call SOLE   139,860 0 0
Synovus Financial Corp. Common Stock 87161C105 4,134 1,148,300 SH   SOLE   1,148,300 0 0
T. Rowe Price Group, Inc. Common Stock 74144T108 787 9,400 SH   SOLE   9,400 0 0
Territorial Bancorp Inc. Common Stock 88145X108 12,124 522,600 SH   SOLE   522,600 0 0
Texas Capital Bancshares, Inc. Common Stock 88224Q107 2,438 39,200 SH   SOLE   39,200 0 0
TF Financial Corporation Common Stock 872391107 287 10,200 SH   SOLE   10,200 0 0
Toronto-Dominion Bank Common Stock 891160509 2,865 30,400 SH   SOLE   30,400 0 0
U.S. Bancorp Common Stock 902973304 5,252 130,000 SH   SOLE   130,000 0 0
United Community Bancorp Common Stock 90984R101 2,920 271,900 SH   SOLE   271,900 0 0
United Community Banks, Inc. Common Stock 90984P303 5,914 333,200 SH   SOLE   333,200 0 0
United Community Financial Corp. Common Stock 909839102 9,176 2,570,200 SH   SOLE   2,570,200 0 0
Walker & Dunlop, Inc. Common Stock 93148P102 3,101 191,800 SH   SOLE   191,800 0 0
Walter Investment Management Corporation Common Stock 93317W102 1,735 49,071 SH   SOLE   49,071 0 0
Wells Fargo & Company Common Stock 949746101 7,468 164,500 SH   SOLE   164,500 0 0
West Bancorporation, Inc. Cap Stk Common Stock 95123P106 2,036 128,700 SH   SOLE   128,700 0 0
Western Alliance Bancorporation Common Stock 957638109 2,028 85,000 SH   SOLE   85,000 0 0
Westfield Financial, Inc. Common Stock 96008P104 1,109 148,600 SH   SOLE   148,600 0 0
Willis Lease Finance Corporation Common Stock 970646105 2,189 126,100 SH   SOLE   126,100 0 0
Wilshire Bancorp, Inc. Common Stock 97186T108 4,919 450,000 SH   SOLE   450,000 0 0
Wintrust Financial Corporation Common Stock 97650W108 6,577 142,600 SH   SOLE   142,600 0 0
Wolverine Bancorp, Inc. Common Stock 977880103 3,412 160,200 SH   SOLE   160,200 0 0
Xenith Bankshares, Inc. Common Stock 98410X105 5,807 985,900 SH   SOLE   985,900 0 0
XL Group PLC SHS G98290102 4,305 135,200 SH   SOLE   135,200 0 0
Yadkin Financial Corporation Common Stock 984305102 511 30,000 SH   SOLE   30,000 0 0
Call - ZION $36.27 Exp 11/14/2018 Warrant 989701131 7,990 1,911,500 SH Call SOLE   1,911,500 0 0