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
AFFILIATED MANAGERS GROUP COM 008252108 12,984 68,400 SH   SOLE   68,400 0 0
AJS Bancorp, Inc. COM 001503101 2,799 199,192 SH   SOLE   199,192 0 0
Alerus Financial Corp COM 01446U103 4,094 200,700 SH   SOLE   200,700 0 0
American Business Bank COM 02475L105 2,072 54,250 SH   SOLE   54,250 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 997 24,200 SH   SOLE   24,200 0 0
AMERICAN RIVER BANKSHARES COM 029326105 6,904 498,813 SH   SOLE   498,813 0 0
AMERIS BANCORP COM 03076K108 27,893 581,101 SH   SOLE   581,101 0 0
AMES NATL CORP COM 031001100 574 19,232 SH   SOLE   19,232 0 0
ARES CAP CORP COM 04010L103 9,015 550,000 SH   SOLE   550,000 0 0
ASSOCIATED BANC CORP COM 045487105 11,034 455,000 SH   SOLE   455,000 0 0
ATLANTIC CAP BANCSHARES INC COM 048269203 373 20,524 SH   SOLE   20,524 0 0
Avidbank Holdings, Inc. COM 05368J103 4,693 254,998 SH   SOLE   254,998 0 0
BANC OF CALIFORNIA INC COM 05990K106 15,770 760,000 SH   SOLE   760,000 0 0
BANCORP 34 INC COM 05970V106 867 61,906 SH   SOLE   61,906 0 0
Bank First National Corp. COM 06211J100 227 5,900 SH   SOLE   5,900 0 0
BANK AMER CORP COM 060505104 21,929 865,400 SH   SOLE   865,400 0 0
BANK NEW YORK MELLON CORP COM 064058100 5,037 95,000 SH   SOLE   95,000 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 2,433 167,800 SH   SOLE   167,800 0 0
BANKUNITED INC COM 06652K103 5,453 153,300 SH   SOLE   153,300 0 0
Bay Banks of Virginia, Inc. COM 072035108 4,679 869,829 SH   SOLE   869,829 0 0
BB&T CORP COM 054937107 2,347 50,000 SH   SOLE   50,000 0 0
Blackhawk Bancorp, Inc. COM 09237E204 2,378 107,797 SH   SOLE   107,797 0 0
BOSTON PRIVATE FINL HLDGS IN COM 101119105 6,449 389,658 SH   SOLE   389,658 0 0
BRYN MAWR BK CORP COM 117665109 6,351 145,000 SH   SOLE   145,000 0 0
CALATLANTIC GROUP INC COM 128195104 5,795 158,200 SH   SOLE   158,200 0 0
CAPITAL ONE FINL CORP COM 14040H105 9,668 114,200 SH   SOLE   114,200 0 0
CENTERSTATE BK CORP COM 15201P109 20,381 760,500 SH   SOLE   760,500 0 0
Central Federal Bancshares, Inc. COM 15346T107 2,294 166,200 SH   SOLE   166,200 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 12,816 160,000 SH   SOLE   160,000 0 0
CF CORP SHS CL A G20307107 1,417 126,500 SH   SOLE   126,500 0 0
CITIGROUP INC COM NEW 172967424 20,731 285,000 SH   SOLE   285,000 0 0
CITIZENS HLDG CO MISS COM 174715102 260 10,441 SH   SOLE   10,441 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 2,415 108,094 SH   SOLE   108,094 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 7,752 115,700 SH   SOLE   115,700 0 0
CNB FINL CORP PA COM 126128107 6,908 252,837 SH   SOLE   252,837 0 0
COASTWAY BANCORP INC COM 190632109 8,139 410,000 SH   SOLE   410,000 0 0
CODORUS VY BANCORP INC COM 192025104 12,301 400,540 SH   SOLE   400,540 0 0
COMERICA INC COM 200340107 15,702 205,900 SH   SOLE   205,900 0 0
COMERICA INC COM 200340107 1,907 25,000 SH Call SOLE   25,000 0 0
Communities First Financial Corporation COM 20344D104 824 46,800 SH   SOLE   46,800 0 0
COMMUNITY BANKERS TR CORP COM 203612106 9,187 998,582 SH   SOLE   998,582 0 0
COMMUNITY TR BANCORP INC COM 204149108 4,308 92,650 SH   SOLE   92,650 0 0
COMMUNITY WEST BANCSHARES COM 204157101 2,660 257,044 SH   SOLE   257,044 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 2,753 111,900 SH   SOLE   111,900 0 0
CULLEN FROST BANKERS INC COM 229899109 11,134 117,300 SH   SOLE   117,300 0 0
CYS INVTS INC COM 12673A108 1,728 200,000 SH   SOLE   200,000 0 0
D R HORTON INC COM 23331A109 1,797 45,000 SH   SOLE   45,000 0 0
DIME CMNTY BANCSHARES COM 253922108 4,300 200,000 SH   SOLE   200,000 0 0
DISCOVER FINL SVCS COM 254709108 2,579 40,000 SH   SOLE   40,000 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 5,015 115,000 SH   SOLE   115,000 0 0
EAST WEST BANCORP INC COM 27579R104 4,938 82,600 SH   SOLE   82,600 0 0
EATON VANCE CORP COM NON VTG 278265103 987 20,000 SH   SOLE   20,000 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 7,911 186,806 SH   SOLE   186,806 0 0
EQUITABLE FINL CORP NEW COM 29448T105 3,252 314,175 SH   SOLE   314,175 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 6,013 169,000 SH   SOLE   169,000 0 0
ESQUIRE FINL HLDGS INC COM 29667J101 2,171 134,935 SH   SOLE   134,935 0 0
ESSA BANCORP INC COM 29667D104 7,980 508,290 SH   SOLE   508,290 0 0
EVANS BANCORP INC COM NEW 29911Q208 10,243 237,100 SH   SOLE   237,100 0 0
EZCORP INC CL A NON VTG 302301106 950 100,000 SH   SOLE   100,000 0 0
FNB CORP PA COM 302520101 4,630 330,000 SH   SOLE   330,000 0 0
FARMERS NATL BANC CORP COM 309627107 924 61,400 SH   SOLE   61,400 0 0
FB FINL CORP COM 30257X104 6,591 174,735 SH   SOLE   174,735 0 0
FIDELITY NATIONAL FINANCIAL FNFV GROUP COM 31620R402 8,371 488,089 SH   SOLE   488,089 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 5,370 57,500 SH   SOLE   57,500 0 0
FIFTH THIRD BANCORP COM 316773100 24,706 883,000 SH   SOLE   883,000 0 0
FINANCIAL INSTNS INC COM 317585404 608 21,100 SH   SOLE   21,100 0 0
First American International Corp. COM 31849X107 4,864 168,880 SH   SOLE   168,880 0 0
FIRST BANCSHARES INC MS COM 318916103 8,180 271,325 SH   SOLE   271,325 0 0
FIRST BUS FINL SVCS INC WIS COM 319390100 387 17,000 SH   SOLE   17,000 0 0
FIRST CMNTY CORP S C COM 319835104 3,278 160,269 SH   SOLE   160,269 0 0
FIRST DEFIANCE FINL CORP COM 32006W106 4,525 86,200 SH   SOLE   86,200 0 0
FIRST FINL BANCORP OH COM 320209109 1,831 70,000 SH   SOLE   70,000 0 0
FIRST HORIZON NATL CORP COM 320517105 6,607 345,000 SH   SOLE   345,000 0 0
First IC Corporation COM 32058J102 1,146 124,597 SH   SOLE   124,597 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 1,541 65,800 SH   SOLE   65,800 0 0
FIRST SOUTH BANCORP INC VA COM 33646W100 2,455 132,471 SH   SOLE   132,471 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 3,819 280,000 SH   SOLE   280,000 0 0
FNB CORP PA *W $3.116 EXP 1/30/2019 302520945 4,286 392,475 SH   SOLE   392,475 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 5,743 121,000 SH   SOLE   121,000 0 0
Four Oaks Fincorp, Inc. COM 350891206 251 12,896 SH   SOLE   12,896 0 0
FS BANCORP INC COM 30263Y104 3,616 70,000 SH   SOLE   70,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 2,372 10,000 SH   SOLE   10,000 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 1,795 83,900 SH   SOLE   83,900 0 0
HAMILTON BANCORP INC MD COM 407015106 2,071 140,882 SH   SOLE   140,882 0 0
HANCOCK HLDG CO COM 410120109 3,280 67,700 SH   SOLE   67,700 0 0
HENNESSY ADVISORS INC COM 425885100 1,961 127,000 SH   SOLE   127,000 0 0
Hibernia Bancorp, Inc. COM 42866N104 326 17,300 SH   SOLE   17,300 0 0
HILLTOP HOLDINGS INC COM 432748101 2,990 115,000 SH   SOLE   115,000 0 0
HMN FINL INC COM 40424G108 2,297 128,684 SH   SOLE   128,684 0 0
HMN FINL INC *W $4.68 EXP 12/23/2018 40424G975 3,683 277,778 SH   SOLE   277,778 0 0
HOME BANCORP INC COM 43689E107 360 8,609 SH   SOLE   8,609 0 0
HOME BANCSHARES INC COM 436893200 6,557 260,000 SH   SOLE   260,000 0 0
HOMESTREET INC COM 43785V102 2,565 95,000 SH   SOLE   95,000 0 0
HOMETRUST BANCSHARES INC COM 437872104 8,062 314,291 SH   SOLE   314,291 0 0
HOPE BANCORP INC COM 43940T109 2,692 152,000 SH   SOLE   152,000 0 0
HOWARD BANCORP INC COM 442496105 3,844 183,900 SH   SOLE   183,900 0 0
HUNTINGTON BANCSHARES INC COM 446150104 15,496 1,110,000 SH   SOLE   1,110,000 0 0
IBERIABANK CORP COM 450828108 19,511 237,500 SH   SOLE   237,500 0 0
ICF INTL INC COM 44925C103 7,014 130,000 SH   SOLE   130,000 0 0
IF BANCORP INC COM 44951J105 4,947 255,000 SH   SOLE   255,000 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 20,028 884,260 SH   SOLE   884,260 0 0
INVESCO LTD SHS G491BT108 9,128 260,500 SH   SOLE   260,500 0 0
INVESTAR HLDG CORP COM 46134L105 2,728 113,200 SH   SOLE   113,200 0 0
INVESTORS BANCORP INC NEW COM 46146L101 6,304 462,200 SH   SOLE   462,200 0 0
JACKSONVILLE BANCORP INC MD COM 46924R106 1,261 40,869 SH   SOLE   40,869 0 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 7,731 143,000 SH   SOLE   143,000 0 0
KEYCORP NEW COM 493267108 26,841 1,426,200 SH   SOLE   1,426,200 0 0
LAKELAND BANCORP INC COM 511637100 3,380 165,700 SH   SOLE   165,700 0 0
LEGACY TEX FINL GROUP INC COM 52471Y106 1,397 35,000 SH   SOLE   35,000 0 0
LEGG MASON INC COM 524901105 590 15,000 SH   SOLE   15,000 0 0
LENNAR CORP CL B 526057302 18,460 409,500 SH   SOLE   409,500 0 0
MAINSOURCE FINANCIAL GP INC COM 56062Y102 8,965 250,000 SH   SOLE   250,000 0 0
MASTERCARD INCORPORATED CL A 57636Q104 4,942 35,000 SH   SOLE   35,000 0 0
MB Bancorp, Inc. COM 55280E104 2,884 188,500 SH   SOLE   188,500 0 0
MELROSE BANCORP INC COM 585553100 2,568 129,132 SH   SOLE   129,132 0 0
MIDLAND STS BANCORP INC ILL COM 597742105 6,019 190,000 SH   SOLE   190,000 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 8,011 237,300 SH   SOLE   237,300 0 0
Minden Bancorp, Inc. COM 60255R106 387 14,900 SH   SOLE   14,900 0 0
MORGAN STANLEY COM NEW 617446448 20,453 424,600 SH   SOLE   424,600 0 0
Mountain Commerce Bancorp, Inc. COM 624004107 2,213 187,500 SH   SOLE   187,500 0 0
NATIONAL COMM CORP COM 63546L102 3,424 80,000 SH   SOLE   80,000 0 0
New Bancorp, Inc. COM 642142103 1,043 66,200 SH   SOLE   66,200 0 0
New Jersey Community Bank COM 64577U102 483 160,488 SH   SOLE   160,488 0 0
NMI HLDGS INC CL A 629209305 2,123 171,182 SH   SOLE   171,182 0 0
NORTHERN TR CORP COM 665859104 4,137 45,000 SH   SOLE   45,000 0 0
NORTHRIM BANCORP INC COM 666762109 5,699 163,073 SH   SOLE   163,073 0 0
OAK VALLEY BANCORP OAKDALE C COM 671807105 1,800 107,200 SH   SOLE   107,200 0 0
OCEANFIRST FINL CORP COM 675234108 8 300 SH   SOLE   300 0 0
OLD LINE BANCSHARES INC COM 67984M100 748 26,700 SH   SOLE   26,700 0 0
OLD SECOND BANCORP INC ILL COM 680277100 4,506 335,000 SH   SOLE   335,000 0 0
OM ASSET MGMT PLC SHS G67506108 3,405 228,200 SH   SOLE   228,200 0 0
OTTAWA BANCORP INC COM 689195105 3,770 269,685 SH   SOLE   269,685 0 0
PACIFIC PREMIER BANCORP COM 69478X105 2,204 58,379 SH   SOLE   58,379 0 0
PARAGON COML CORP COM NEW 69911U403 395 7,000 SH   SOLE   7,000 0 0
PARK STERLING CORP COM 70086Y105 3,099 249,500 SH   SOLE   249,500 0 0
PATHFINDER BANCORP INC MD COM 70319R109 3,886 253,961 SH   SOLE   253,961 0 0
PAYPAL HLDGS INC COM 70450Y103 7,018 109,600 SH   SOLE   109,600 0 0
PB BANCORP INC COM 70454T100 3,165 301,430 SH   SOLE   301,430 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 337 10,000 SH   SOLE   10,000 0 0
PEOPLES BANCORP N C INC COM 710577107 438 12,300 SH   SOLE   12,300 0 0
Pilgrim Bancshares, Inc. COM 72143J105 2,319 120,800 SH   SOLE   120,800 0 0
Pioneer Bancshares, Inc. COM 72357G102 99 4,028 SH   SOLE   4,028 0 0
PJT PARTNERS INC COM CL A 69343T107 7,826 204,292 SH   SOLE   204,292 0 0
PLUMAS BANCORP COM 729273102 1,150 55,000 SH   SOLE   55,000 0 0
PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 1,367 20,300 SH   SOLE   20,300 0 0
POAGE BANKSHARES INC COM 730206109 5,575 308,005 SH   SOLE   308,005 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 10,954 181,500 SH   SOLE   181,500 0 0
PROSPERITY BANCSHARES INC COM 743606105 11,299 171,900 SH   SOLE   171,900 0 0
QCR HOLDINGS INC COM 74727A104 15,720 345,500 SH   SOLE   345,500 0 0
QNB Corporation COM 74726N107 3,045 75,100 SH   SOLE   75,100 0 0
RBB BANCORP COM 74930B105 8,591 375,300 SH   SOLE   375,300 0 0
REGIONS FINL CORP NEW COM 7591EP100 16,601 1,090,000 SH   SOLE   1,090,000 0 0
RIVERVIEW BANCORP INC COM 769397100 3,779 449,834 SH   SOLE   449,834 0 0
S & T BANCORP INC COM 783859101 5,139 129,837 SH   SOLE   129,837 0 0
SB FINL GROUP INC DEP SHS PFD 6.5% 78408D204 1,316 80,000 SH   SOLE   80,000 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 11,228 470,000 SH   SOLE   470,000 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1,164 45,000 SH Put SOLE   45,000 0 0
SHORE BANCSHARES INC COM 825107105 668 40,100 SH   SOLE   40,100 0 0
SI FINL GROUP INC MD COM 78425V104 11,189 748,437 SH   SOLE   748,437 0 0
SIMMONS 1ST NATL CORP CL A $1 PAR 828730200 3,642 62,900 SH   SOLE   62,900 0 0
SOUTHERN MO BANCORP INC COM 843380106 4,251 116,507 SH   SOLE   116,507 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 7,537 30,000 SH Put SOLE   30,000 0 0
Standard AVB Financial Corp. COM 85303B100 5,357 181,600 SH   SOLE   181,600 0 0
STATE BK FINL CORP COM 856190103 13,085 456,716 SH   SOLE   456,716 0 0
STERLING BANCORP DEL COM 85917A100 863 35,000 SH   SOLE   35,000 0 0
Sugar Creek Financial Corporation COM 86481Y102 966 78,575 SH   SOLE   78,575 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 695 27,100 SH   SOLE   27,100 0 0
SUN BANCORP INC COM NEW 86663B201 9,398 378,200 SH   SOLE   378,200 0 0
Sunnyside Bancorp, Inc. COM 867475105 1,006 64,871 SH   SOLE   64,871 0 0
SUNSHINE BANCORP INC COM 86777J108 2,087 89,800 SH   SOLE   89,800 0 0
Sunshine Financial Inc. COM 86782T109 1,502 66,000 SH   SOLE   66,000 0 0
SUNTRUST BKS INC COM 867914103 21,338 357,000 SH   SOLE   357,000 0 0
SUNTRUST BKS INC *W EXP 12/31/201 867914129 1,220 46,400 SH   SOLE   46,400 0 0
SVB FINL GROUP COM 78486Q101 6,099 32,600 SH   SOLE   32,600 0 0
SYNOVUS FINL CORP COM NEW 87161C501 18,608 404,000 SH   SOLE   404,000 0 0
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208 15,755 430,000 SH   SOLE   430,000 0 0
SCHWAB CHARLES CORP NEW COM 808513105 7,042 161,000 SH   SOLE   161,000 0 0
TRI POINTE GROUP INC COM 87265H109 5,662 410,000 SH   SOLE   410,000 0 0
TWO HBRS INVT CORP COM 90187B101 6,624 657,100 SH   SOLE   657,100 0 0
TWO RIV BANCORP COM 90207C105 2,944 148,533 SH   SOLE   148,533 0 0
UNION BANKSHARES CORP NEW COM 90539J109 353 10,000 SH   SOLE   10,000 0 0
UNITED CMNTY BANCORP IND COM 90984R101 5,760 296,886 SH   SOLE   296,886 0 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 16,753 587,000 SH   SOLE   587,000 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 11,433 1,190,959 SH   SOLE   1,190,959 0 0
UNITED FINL BANCORP INC NEW COM 910304104 8,527 466,200 SH   SOLE   466,200 0 0
UNITED SECURITY BANCSHARES C COM 911460103 1,520 160,000 SH   SOLE   160,000 0 0
UNIVEST CORP PA COM 915271100 7,203 225,101 SH   SOLE   225,101 0 0
VISA INC COM CL A 92826C839 6,346 60,300 SH   SOLE   60,300 0 0
WASHINGTONFIRST BANKSHARES I COM 940730104 3,747 105,285 SH   SOLE   105,285 0 0
West End Indiana Bancshares, Inc. COM 952678100 667 22,800 SH   SOLE   22,800 0 0
WESTERN ALLIANCE BANCORP COM 957638109 11,412 215,000 SH   SOLE   215,000 0 0
WESTERN NEW ENG BANCORP INC COM 958892101 3,379 310,000 SH   SOLE   310,000 0 0
White River Bancshares Company COM 9B999WRBC 4,004 68,000 SH   SOLE   68,000 0 0
LYON WILLIAM HOMES CL A NEW 552074700 2,674 116,300 SH   SOLE   116,300 0 0
WILLIS LEASE FINANCE CORP COM 970646105 615 25,000 SH   SOLE   25,000 0 0
WOLVERINE BANCORP INC COM 977880103 7,525 175,000 SH   SOLE   175,000 0 0
XENITH BANKSHARES INC NEW COM NEW 984102202 4,063 125,000 SH   SOLE   125,000 0 0
ZIONS BANCORPORATION COM 989701107 22,524 477,400 SH   SOLE   477,400 0 0
ZIONS BANCORPORATION *W EXP 11/14/201 989701131 15,983 1,376,700 SH   SOLE   1,376,700 0 0