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
ACCESS NATL CORP COM 004337101 89 3,200 SH   SOLE   3,200 0 0
AFFILIATED MANAGERS GROUP COM 008252108 15,907 77,500 SH   SOLE   77,500 0 0
AJS Bancorp, Inc. COM 001503101 2,968 199,192 SH   SOLE   199,192 0 0
Alerus Financial Corp COM 01446U103 4,472 218,657 SH   SOLE   218,657 0 0
American Business Bank COM 02475L105 2,177 55,250 SH   SOLE   55,250 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 3,256 85,000 SH   SOLE   85,000 0 0
AMERICAN RIVER BANKSHARES COM 029326105 7,702 505,354 SH   SOLE   505,354 0 0
AMERIPRISE FINL INC COM 03076C106 3,271 19,300 SH   SOLE   19,300 0 0
AMERIS BANCORP COM 03076K108 28,566 592,663 SH   SOLE   592,663 0 0
AMES NATL CORP COM 031001100 82 2,946 SH   SOLE   2,946 0 0
ARES CAP CORP COM 04010L103 11,446 728,100 SH   SOLE   728,100 0 0
ASSOCIATED BANC CORP COM 045487105 18,924 745,038 SH   SOLE   745,038 0 0
Avidbank Holdings, Inc. COM 05368J103 5,648 254,998 SH   SOLE   254,998 0 0
BANC OF CALIFORNIA INC COM 05990K106 17,762 860,141 SH   SOLE   860,141 0 0
BANCFIRST CORP COM 05945F103 512 10,000 SH   SOLE   10,000 0 0
Bank First National Corp. COM 06211J100 825 18,460 SH   SOLE   18,460 0 0
BANK AMER CORP COM 060505104 28,192 955,000 SH   SOLE   955,000 0 0
BANK OF MARIN BANCORP COM 063425102 340 5,000 SH   SOLE   5,000 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 2,505 167,800 SH   SOLE   167,800 0 0
BANKUNITED INC COM 06652K103 6,312 155,000 SH   SOLE   155,000 0 0
Bay Banks of Virginia, Inc. COM 072035108 8,611 869,829 SH   SOLE   869,829 0 0
Best Hometown Bancorp, Inc. Not 13-F Security 08652N103 264 22,500 SH   SOLE   22,500 0 0
BLACK KNIGHT INC COM 09215C105 4,857 110,000 SH   SOLE   110,000 0 0
Blackhawk Bancorp, Inc. COM 09237E204 2,624 107,797 SH   SOLE   107,797 0 0
BLACKROCK INC COM 09247X101 3,801 7,400 SH   SOLE   7,400 0 0
BOK FINL CORP COM NEW 05561Q201 1 11 SH   SOLE   11 0 0
BOSTON PRIVATE FINL HLDGS IN COM 101119105 5,926 383,530 SH   SOLE   383,530 0 0
BRYN MAWR BK CORP COM 117665109 6,581 148,900 SH   SOLE   148,900 0 0
Business First Bankshares Inc. COM 9B999BFBI 10,462 500,000 SH   SOLE   500,000 0 0
CANNAE HLDGS INC COM 13765N107 4,258 250,000 SH   SOLE   250,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 9,958 100,000 SH   SOLE   100,000 0 0
CBTX INC COM 12481V104 2,818 95,000 SH   SOLE   95,000 0 0
CENTERSTATE BK CORP COM 15201P109 20,201 785,113 SH   SOLE   785,113 0 0
Central Federal Bancshares, Inc. COM 15346T107 2,385 166,200 SH   SOLE   166,200 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 7,498 95,827 SH   SOLE   95,827 0 0
CITIGROUP INC COM NEW 172967424 15,998 215,000 SH   SOLE   215,000 0 0
CITIZENS HLDG CO MISS COM 174715102 232 10,041 SH   SOLE   10,041 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 1,519 69,063 SH   SOLE   69,063 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 8,556 115,700 SH   SOLE   115,700 0 0
CNB FINL CORP PA COM 126128107 21 800 SH   SOLE   800 0 0
COASTWAY BANCORP INC COM 190632109 8,692 410,000 SH   SOLE   410,000 0 0
CODORUS VY BANCORP INC COM 192025104 12,374 449,462 SH   SOLE   449,462 0 0
COMERICA INC COM 200340107 28,650 330,035 SH   SOLE   330,035 0 0
COMERICA INC COM 200340107 2,170 25,000 SH Call SOLE   25,000 0 0
Communities First Financial Corporation COM 20344D104 1,173 60,000 SH   SOLE   60,000 0 0
COMMUNITY BANKERS TR CORP COM 203612106 8,681 1,065,147 SH   SOLE   1,065,147 0 0
COMMUNITY WEST BANCSHARES COM 204157101 2,904 272,696 SH   SOLE   272,696 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 3,480 135,152 SH   SOLE   135,152 0 0
Cortland Bancorp COM 220587109 143 6,998 SH   SOLE   6,998 0 0
CULLEN FROST BANKERS INC COM 229899109 14,530 153,510 SH   SOLE   153,510 0 0
CYS INVTS INC COM 12673A108 1,405 175,000 SH   SOLE   175,000 0 0
DIME CMNTY BANCSHARES COM 253922108 3,325 158,727 SH   SOLE   158,727 0 0
DISCOVER FINL SVCS COM 254709108 7,715 100,300 SH   SOLE   100,300 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 8,923 180,000 SH   SOLE   180,000 0 0
EAGLE BANCORP MONT INC COM 26942G100 3,666 175,000 SH   SOLE   175,000 0 0
EAGLE BANCORP INC MD COM 268948106 1,737 30,000 SH   SOLE   30,000 0 0
EAST WEST BANCORP INC COM 27579R104 4,751 78,100 SH   SOLE   78,100 0 0
EATON VANCE CORP COM NON VTG 278265103 3,835 68,000 SH   SOLE   68,000 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 10,391 230,144 SH   SOLE   230,144 0 0
EQUITABLE FINL CORP NEW COM 29448T105 3,441 315,721 SH   SOLE   315,721 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 5,382 152,000 SH   SOLE   152,000 0 0
ESQUIRE FINL HLDGS INC COM 29667J101 2,770 140,335 SH   SOLE   140,335 0 0
ESSA BANCORP INC COM 29667D104 7,965 508,290 SH   SOLE   508,290 0 0
EVANS BANCORP INC COM NEW 29911Q208 10,903 260,220 SH   SOLE   260,220 0 0
FARMERS NATL BANC CORP COM 309627107 926 62,800 SH   SOLE   62,800 0 0
FFBW INC COM 30258M107 331 30,000 SH   SOLE   30,000 0 0
FNB CORP PA *W $3.116 EXP 1/30/2019 302520945 4,299 399,136 SH   SOLE   399,136 0 0
FGL HLDGS ORD SHS G3402M102 1,007 100,000 SH   SOLE   100,000 0 0
FIFTH THIRD BANCORP COM 316773100 7,434 245,032 SH   SOLE   245,032 0 0
FINANCIAL INSTNS INC COM 317585404 2,177 70,000 SH   SOLE   70,000 0 0
FIRST AMERN FINL CORP COM 31847R102 3,643 65,000 SH   SOLE   65,000 0 0
First American International Corp. COM 31849X107 5,058 168,880 SH   SOLE   168,880 0 0
FIRST BANCSHARES INC MS COM 318916103 10,891 318,444 SH   SOLE   318,444 0 0
FIRST CMNTY CORP S C COM 319835104 3,437 152,072 SH   SOLE   152,072 0 0
FIRST DEFIANCE FINL CORP COM 32006W106 6,496 125,000 SH   SOLE   125,000 0 0
FIRST FINL BANCORP OH COM 320209109 7,380 280,073 SH   SOLE   280,073 0 0
FIRST HORIZON NATL CORP COM 320517105 11,628 581,698 SH   SOLE   581,698 0 0
First IC Corporation COM 32058J102 834 83,797 SH   SOLE   83,797 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 1,402 58,400 SH   SOLE   58,400 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 11,364 805,950 SH   SOLE   805,950 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 5,886 150,000 SH   SOLE   150,000 0 0
FS BANCORP INC COM 30263Y104 2,456 45,000 SH   SOLE   45,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 13,757 54,000 SH   SOLE   54,000 0 0
GRANITE PT MTG TR INC COM 38741L107 1,832 103,261 SH   SOLE   103,261 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 1,884 83,900 SH   SOLE   83,900 0 0
HAMILTON BANCORP INC MD COM 407015106 2,170 140,882 SH   SOLE   140,882 0 0
HANCOCK HLDG CO COM 410120109 5,695 115,059 SH   SOLE   115,059 0 0
HEARTLAND FINL USA INC COM 42234Q102 1,878 35,000 SH   SOLE   35,000 0 0
HENNESSY ADVISORS INC COM 425885100 2,164 130,862 SH   SOLE   130,862 0 0
Heritage Nola Bancorp, Inc. COM 42727P108 57 4,800 SH   SOLE   4,800 0 0
HILLTOP HOLDINGS INC COM 432748101 6,462 255,118 SH   SOLE   255,118 0 0
HMN FINL INC COM 40424G108 2,290 119,900 SH   SOLE   119,900 0 0
HMN FINL INC *W $4.68 EXP 12/23/2018 40424G975 4,028 277,778 SH   SOLE   277,778 0 0
HOME BANCSHARES INC COM 436893200 10,930 470,127 SH   SOLE   470,127 0 0
HOMESTREET INC COM 43785V102 2,183 75,400 SH   SOLE   75,400 0 0
HOMETRUST BANCSHARES INC COM 437872104 6,278 243,804 SH   SOLE   243,804 0 0
HOPE BANCORP INC COM 43940T109 3,222 176,568 SH   SOLE   176,568 0 0
HORIZON BANCORP IND COM 440407104 1,251 45,000 SH   SOLE   45,000 0 0
HOWARD BANCORP INC COM 442496105 3,520 160,000 SH   SOLE   160,000 0 0
HOWARD HUGHES CORP COM 44267D107 985 7,500 SH   SOLE   7,500 0 0
HUNTINGTON BANCSHARES INC COM 446150104 21,226 1,457,837 SH   SOLE   1,457,837 0 0
IBERIABANK CORP COM 450828108 21,316 275,051 SH   SOLE   275,051 0 0
IF BANCORP INC COM 44951J105 5,014 255,000 SH   SOLE   255,000 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 22,202 993,365 SH   SOLE   993,365 0 0
INVESCO LTD SHS G491BT108 8,587 235,000 SH   SOLE   235,000 0 0
INVESTAR HLDG CORP COM 46134L105 4,459 185,000 SH   SOLE   185,000 0 0
INVESTORS BANCORP INC NEW COM 46146L101 7,851 565,614 SH   SOLE   565,614 0 0
JACKSONVILLE BANCORP INC MD COM 46924R106 1,309 40,869 SH   SOLE   40,869 0 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 7,972 120,000 SH   SOLE   120,000 0 0
KEYCORP NEW COM 493267108 30,660 1,520,097 SH   SOLE   1,520,097 0 0
LAZARD LTD SHS A G54050102 5,513 105,000 SH   SOLE   105,000 0 0
LEGACY TEX FINL GROUP INC COM 52471Y106 4,645 110,047 SH   SOLE   110,047 0 0
LEGG MASON INC COM 524901105 3,086 73,500 SH   SOLE   73,500 0 0
LENNAR CORP CL B 526057302 29,974 580,000 SH   SOLE   580,000 0 0
LUTHER BURBANK CORP COM 550550107 7,826 650,000 SH   SOLE   650,000 0 0
MAINSOURCE FINANCIAL GP INC COM 56062Y102 8,219 226,363 SH   SOLE   226,363 0 0
MASTERCARD INCORPORATED CL A 57636Q104 9,460 62,500 SH   SOLE   62,500 0 0
MB Bancorp, Inc. COM 55280E104 2,997 188,500 SH   SOLE   188,500 0 0
MELROSE BANCORP INC COM 585553100 2,583 129,132 SH   SOLE   129,132 0 0
MERIDIAN BK PAOLI PA COM 58958P104 6,194 310,000 SH   SOLE   310,000 0 0
MIDLAND STS BANCORP INC ILL COM 597742105 5,522 170,000 SH   SOLE   170,000 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 6,887 205,400 SH   SOLE   205,400 0 0
MORGAN STANLEY COM NEW 617446448 25,710 490,000 SH   SOLE   490,000 0 0
Mountain Commerce Bancorp, Inc. COM 624004107 2,504 187,500 SH   SOLE   187,500 0 0
New Bancorp, Inc. COM 642142103 1,278 66,200 SH   SOLE   66,200 0 0
NORTHERN TR CORP COM 665859104 8,491 85,000 SH   SOLE   85,000 0 0
NORTHRIM BANCORP INC COM 666762109 5,520 163,073 SH   SOLE   163,073 0 0
OAK VALLEY BANCORP OAKDALE C COM 671807105 2,347 120,100 SH   SOLE   120,100 0 0
OCEANFIRST FINL CORP COM 675234108 8 300 SH   SOLE   300 0 0
OLD LINE BANCSHARES INC COM 67984M100 1,766 60,000 SH   SOLE   60,000 0 0
OLD SECOND BANCORP INC ILL COM 680277100 4,986 365,300 SH   SOLE   365,300 0 0
OM ASSET MGMT PLC SHS G67506108 6,030 360,000 SH   SOLE   360,000 0 0
OTTAWA BANCORP INC COM 689195105 4,335 300,200 SH   SOLE   300,200 0 0
PARAGON COML CORP COM NEW 69911U403 372 7,000 SH   SOLE   7,000 0 0
PATHFINDER BANCORP INC MD COM 70319R109 3,911 253,961 SH   SOLE   253,961 0 0
PAYPAL HLDGS INC COM 70450Y103 7,178 97,500 SH   SOLE   97,500 0 0
PB BANCORP INC COM 70454T100 3,240 301,430 SH   SOLE   301,430 0 0
PEOPLES BANCORP N C INC COM 710577107 12 400 SH   SOLE   400 0 0
Pilgrim Bancshares, Inc. COM 72143J105 2,301 120,800 SH   SOLE   120,800 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 332 5,000 SH   SOLE   5,000 0 0
Pioneer Bancshares, Inc. COM 72357G102 109 4,028 SH   SOLE   4,028 0 0
PJT PARTNERS INC COM CL A 69343T107 10,260 225,000 SH   SOLE   225,000 0 0
PLUMAS BANCORP COM 729273102 1,399 60,300 SH   SOLE   60,300 0 0
PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 987 12,700 SH   SOLE   12,700 0 0
POAGE BANKSHARES INC COM 730206109 6,626 315,535 SH   SOLE   315,535 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 10,930 185,948 SH   SOLE   185,948 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 27,910 1,000,000 SH Put SOLE   1,000,000 0 0
QCR HOLDINGS INC COM 74727A104 16,497 385,000 SH   SOLE   385,000 0 0
QNB Corporation COM 74726N107 3,660 82,522 SH   SOLE   82,522 0 0
RBB BANCORP COM 74930B105 8,098 295,882 SH   SOLE   295,882 0 0
REGIONS FINL CORP NEW COM 7591EP100 22,464 1,300,000 SH   SOLE   1,300,000 0 0
S & T BANCORP INC COM 783859101 5,666 142,337 SH   SOLE   142,337 0 0
SANDY SPRING BANCORP INC COM 800363103 3,906 100,101 SH   SOLE   100,101 0 0
SB FINL GROUP INC DEP SHS PFD 6.5% 78408D204 1,432 80,000 SH   SOLE   80,000 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 11,093 440,040 SH   SOLE   440,040 0 0
SI FINL GROUP INC MD COM 78425V104 11,002 748,437 SH   SOLE   748,437 0 0
SIERRA BANCORP COM 82620P102 531 20,000 SH   SOLE   20,000 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 14,074 102,536 SH   SOLE   102,536 0 0
SIMMONS 1ST NATL CORP CL A $1 PAR 828730200 3,427 60,017 SH   SOLE   60,017 0 0
SOUTH ST CORP COM 840441109 4,359 50,022 SH   SOLE   50,022 0 0
SOUTHERN MO BANCORP INC COM 843380106 2,311 61,476 SH   SOLE   61,476 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 102 1,735 SH   SOLE   1,735 0 0
Standard AVB Financial Corp. COM 85303B100 5,463 181,600 SH   SOLE   181,600 0 0
STATE BK FINL CORP COM 856190103 4,530 151,800 SH   SOLE   151,800 0 0
STERLING BANCORP DEL COM 85917A100 15,994 650,156 SH   SOLE   650,156 0 0
STERLING BANCORP INC COM 85917W102 8,700 685,000 SH   SOLE   685,000 0 0
Sugar Creek Financial Corporation COM 86481Y102 1,025 78,575 SH   SOLE   78,575 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 713 27,100 SH   SOLE   27,100 0 0
SUN BANCORP INC COM NEW 86663B201 9,190 378,200 SH   SOLE   378,200 0 0
Sunnyside Bancorp, Inc. COM 867475105 1,088 64,871 SH   SOLE   64,871 0 0
SUNSHINE BANCORP INC COM 86777J108 1,787 77,900 SH   SOLE   77,900 0 0
Sunshine Financial Inc. COM 86782T109 1,960 66,000 SH   SOLE   66,000 0 0
SUNTRUST BKS INC COM 867914103 23,902 370,060 SH   SOLE   370,060 0 0
SUNTRUST BKS INC *W EXP 12/31/201 867914129 1,664 53,402 SH   SOLE   53,402 0 0
SYNOVUS FINL CORP COM NEW 87161C501 19,419 405,065 SH   SOLE   405,065 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 10,400 425,000 SH   SOLE   425,000 0 0
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208 11,250 310,000 SH   SOLE   310,000 0 0
TRI POINTE GROUP INC COM 87265H109 5,824 325,000 SH   SOLE   325,000 0 0
TWO HBRS INVT CORP COM NEW 90187B408 3,111 191,300 SH   SOLE   191,300 0 0
TWO RIV BANCORP COM 90207C105 617 34,056 SH   SOLE   34,056 0 0
UNITED CMNTY BANCORP IND COM 90984R101 6,101 296,886 SH   SOLE   296,886 0 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 17,673 628,038 SH   SOLE   628,038 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 10,656 1,167,159 SH   SOLE   1,167,159 0 0
UNITED FINL BANCORP INC NEW COM 910304104 6,439 365,000 SH   SOLE   365,000 0 0
UNITED SECURITY BANCSHARES C COM 911460103 1,650 150,000 SH   SOLE   150,000 0 0
UNIVEST CORP PA COM 915271100 16,132 575,106 SH   SOLE   575,106 0 0
VALLEY NATL BANCORP COM 919794107 5,615 500,436 SH   SOLE   500,436 0 0
VISA INC COM CL A 92826C839 9,407 82,500 SH   SOLE   82,500 0 0
WASHINGTONFIRST BANKSHARES I COM 940730104 3,607 105,285 SH   SOLE   105,285 0 0
West End Indiana Bancshares, Inc. COM 952678100 659 22,800 SH   SOLE   22,800 0 0
WESTERN ALLIANCE BANCORP COM 957638109 10,208 180,286 SH   SOLE   180,286 0 0
WESTERN NEW ENG BANCORP INC COM 958892101 1,526 140,000 SH   SOLE   140,000 0 0
White River Bancshares Company COM 9B999WRBC 4,501 68,000 SH   SOLE   68,000 0 0
White River Bancshares Company PFD CONV 9B999WRBC 2,986 45,113 SH   SOLE   45,113 0 0
WILLIS LEASE FINANCE CORP COM 970646105 624 25,000 SH   SOLE   25,000 0 0
ZIONS BANCORPORATION COM 989701107 27,958 550,039 SH   SOLE   550,039 0 0
ZIONS BANCORPORATION *W EXP 11/14/201 989701131 12,278 832,400 SH   SOLE   832,400 0 0