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
AMERICAN NATL BANKSHARES INC COM 027745108 6,886 197,192 SH   SOLE   197,192 0 0
AMERICAN RIVER BANKSHARES COM 029326105 6,549 503,786 SH   SOLE   503,786 0 0
AMERIS BANCORP COM 03076K108 20,809 605,807 SH   SOLE   605,807 0 0
ARES MANAGEMENT CORPORATION CL A COM STK 03990B101 12,766 550,000 SH   SOLE   550,000 0 0
ARTISAN PARTNERS ASSET MGMT CL A 04316A108 8,054 320,000 SH   SOLE   320,000 0 0
ASSOCIATED BANC CORP COM 045487105 9,823 460,108 SH   SOLE   460,108 0 0
Alerus Financial Corp Not 13-F Security 01446U103 5,514 282,762 SH   SOLE   282,762 0 0
Avidbank Holdings, Inc. Not 13-F Security 05368J103 4,965 214,458 SH   SOLE   214,458 0 0
BANC OF CALIFORNIA INC COM 05990K106 692 50,000 SH Call SOLE   50,000 0 0
BANC OF CALIFORNIA INC COM 05990K106 4,915 355,112 SH   SOLE   355,112 0 0
BANK AMER CORP COM 060505104 5,104 185,000 SH   SOLE   185,000 0 0
BANK FIRST NATL CORP COM 06211J100 1,420 24,096 SH   SOLE   24,096 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 2,302 167,800 SH   SOLE   167,800 0 0
BANK7 CORP COM 06652N107 5,493 316,244 SH   SOLE   316,244 0 0
BANKUNITED INC COM 06652K103 16,535 495,069 SH   SOLE   495,069 0 0
BLACK KNIGHT INC COM 09215C105 1,635 30,000 SH   SOLE   30,000 0 0
BOK FINL CORP COM NEW 05561Q201 2,480 30,409 SH   SOLE   30,409 0 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 1,089 105,595 SH   SOLE   105,595 0 0
BRYN MAWR BK CORP COM 117665109 5,466 151,300 SH   SOLE   151,300 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 4,969 202,502 SH   SOLE   202,502 0 0
Bay Banks of Virginia, Inc. Not 13-F Security 072035108 6,698 869,829 SH   SOLE   869,829 0 0
Best Hometown Bancorp, Inc. Not 13-F Security 08652N103 940 80,000 SH   SOLE   80,000 0 0
Blackhawk Bancorp, Inc. Not 13-F Security 09237E204 1,979 70,000 SH   SOLE   70,000 0 0
CADENCE BANCORPORATION CL A 12739A100 10,763 580,208 SH   SOLE   580,208 0 0
CANNAE HLDGS INC COM 13765N107 14,270 588,200 SH   SOLE   588,200 0 0
CAPITAL BANCORP INC MD COM 139737100 4,146 356,835 SH   SOLE   356,835 0 0
CAPITAL ONE FINL CORP COM 14040H105 8,986 110,000 SH   SOLE   110,000 0 0
CARTER BK & TR MARTINSVILLE COM 146102108 1,928 100,455 SH   SOLE   100,455 0 0
CENTERSTATE BK CORP COM 15201P109 26,028 1,093,163 SH   SOLE   1,093,163 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 5,845 80,072 SH   SOLE   80,072 0 0
CITIGROUP INC COM NEW 172967424 32,647 524,700 SH   SOLE   524,700 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 7,862 659,026 SH   SOLE   659,026 0 0
CITIZENS FINL GROUP INC COM 174610105 18,021 554,491 SH   SOLE   554,491 0 0
CITIZENS HLDG CO MISS COM 174715102 227 10,348 SH   SOLE   10,348 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 5,706 261,372 SH   SOLE   261,372 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 8,111 124,740 SH   SOLE   124,740 0 0
CNB FINL CORP PA COM 126128107 3,043 120,400 SH   SOLE   120,400 0 0
CODORUS VY BANCORP INC COM 192025104 9,611 450,181 SH   SOLE   450,181 0 0
COMERICA INC COM 200340107 18,333 250,039 SH   SOLE   250,039 0 0
COMMUNITY BANKERS TR CORP COM 203612106 9,746 1,331,400 SH   SOLE   1,331,400 0 0
COMMUNITY FIRST BANCSHARES I COM 20369M104 558 54,457 SH   SOLE   54,457 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 3,789 192,355 SH   SOLE   192,355 0 0
COREPOINT LODGING INC COM 21872L104 1,396 125,000 SH   SOLE   125,000 0 0
CORTLAND BANCORP COM 220587109 1,168 49,521 SH   SOLE   49,521 0 0
Central Federal Bancshares, Inc. Not 13-F Security 15346T107 2,187 161,400 SH   SOLE   161,400 0 0
Chesapeake Financial Shares, Inc. Not 13-F Security 16517A109 508 19,086 SH   SOLE   19,086 0 0
Communities First Financial Corporation Not 13-F Security 20344D104 1,404 60,367 SH   SOLE   60,367 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 10,447 225,000 SH   SOLE   225,000 0 0
EAGLE BANCORP MONT INC COM 26942G100 1,278 75,444 SH   SOLE   75,444 0 0
EAST WEST BANCORP INC COM 27579R104 4,080 85,062 SH   SOLE   85,062 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 4,486 110,037 SH   SOLE   110,037 0 0
ESQUIRE FINL HLDGS INC COM 29667J101 3,073 135,000 SH   SOLE   135,000 0 0
ESSA BANCORP INC COM 29667D104 12,983 843,068 SH   SOLE   843,068 0 0
EVANS BANCORP INC COM NEW 29911Q208 8,843 248,051 SH   SOLE   248,051 0 0
EVERCORE INC CLASS A 29977A105 3,713 40,800 SH   SOLE   40,800 0 0
EVERTEC INC COM 30040P103 2,225 80,000 SH   SOLE   80,000 0 0
Equitable Financial Corp. Not 13-F Security 29448T105 3,657 312,600 SH   SOLE   312,600 0 0
FARMERS NATL BANC CORP COM 309627107 10,078 730,800 SH   SOLE   730,800 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 7,676 210,000 SH   SOLE   210,000 0 0
FIFTH THIRD BANCORP COM 316773100 19,579 776,330 SH   SOLE   776,330 0 0
FINANCIAL INSTNS INC COM 317585404 1,066 39,213 SH   SOLE   39,213 0 0
FIRST AMERN FINL CORP COM 31847R102 5,150 100,000 SH   SOLE   100,000 0 0
FIRST BANCSHARES INC MS COM 318916103 6,798 220,000 SH   SOLE   220,000 0 0
FIRST CMNTY CORP S C COM 319835104 334 17,502 SH   SOLE   17,502 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 3,868 9,500 SH   SOLE   9,500 0 0
FIRST FINL BANCORP OH COM 320209109 17,456 725,500 SH   SOLE   725,500 0 0
FIRST HAWAIIAN INC COM 32051X108 18,235 700,000 SH   SOLE   700,000 0 0
FIRST INTERNET BANCORP COM 320557101 6,572 340,000 SH   SOLE   340,000 0 0
FIRST MID ILL BANCSHARES INC COM 320866106 13,351 400,700 SH   SOLE   400,700 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 13,199 645,110 SH   SOLE   645,110 0 0
FIRST SAVINGS FINL GROUP INC COM 33621E109 1,462 27,043 SH   SOLE   27,043 0 0
FIRST UTD CORP COM 33741H107 1,495 86,600 SH   SOLE   86,600 0 0
FISERV INC COM 337738108 9,208 104,300 SH   SOLE   104,300 0 0
FNCB BANCORP INC COM 302578109 3,388 440,000 SH   SOLE   440,000 0 0
FVCBANKCORP INC COM 36120Q101 2,706 160,000 SH   SOLE   160,000 0 0
First IC Corporation Not 13-F Security 32058J102 788 99,753 SH   SOLE   99,753 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 7,680 40,000 SH   SOLE   40,000 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 960 42,764 SH   SOLE   42,764 0 0
HAMILTON BANCORP INC MD COM 407015106 2,549 182,054 SH   SOLE   182,054 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 7,919 196,019 SH   SOLE   196,019 0 0
HARBORONE BANCORP INC COM 41165F101 9,778 568,461 SH   SOLE   568,461 0 0
HEARTLAND FINL USA INC COM 42234Q102 1,921 45,035 SH   SOLE   45,035 0 0
HENNESSY ADVISORS INC COM 425885100 1,603 173,300 SH   SOLE   173,300 0 0
HERITAGE COMMERCE CORP COM 426927109 2,424 200,315 SH   SOLE   200,315 0 0
HILLTOP HOLDINGS INC COM 432748101 3,744 205,130 SH   SOLE   205,130 0 0
HMN FINL INC COM 40424G108 5,944 276,068 SH   SOLE   276,068 0 0
HOME BANCSHARES INC COM 436893200 17,813 1,013,823 SH   SOLE   1,013,823 0 0
HOMESTREET INC COM 43785V102 15,020 570,000 SH   SOLE   570,000 0 0
HOMETRUST BANCSHARES INC COM 437872104 6,829 271,000 SH   SOLE   271,000 0 0
HOPE BANCORP INC COM 43940T109 6,411 490,172 SH   SOLE   490,172 0 0
HOWARD BANCORP INC COM 442496105 2,962 200,000 SH   SOLE   200,000 0 0
HOWARD HUGHES CORP COM 44267D107 12,980 118,000 SH   SOLE   118,000 0 0
Heritage Nola Bancorp, Inc. Not 13-F Security 42727P108 590 46,053 SH   SOLE   46,053 0 0
IF BANCORP INC COM 44951J105 6,481 325,174 SH   SOLE   325,174 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 21,502 1,000,108 SH   SOLE   1,000,108 0 0
INDEPENDENT BK GROUP INC COM 45384B106 3,170 61,812 SH   SOLE   61,812 0 0
INVESTAR HLDG CORP COM 46134L105 4,996 220,000 SH   SOLE   220,000 0 0
INVESTORS BANCORP INC NEW COM 46146L101 12,136 1,024,164 SH   SOLE   1,024,164 0 0
JPMORGAN CHASE & CO COM 46625H100 12,968 128,100 SH   SOLE   128,100 0 0
KEYCORP NEW COM 493267108 26,565 1,686,693 SH   SOLE   1,686,693 0 0
KKR & CO INC CL A 48251W104 6,107 260,000 SH   SOLE   260,000 0 0
LAKELAND BANCORP INC COM 511637100 10,043 672,703 SH   SOLE   672,703 0 0
LCNB CORP COM 50181P100 1,372 80,000 SH   SOLE   80,000 0 0
LENNAR CORP CL B 526057302 31,687 810,000 SH   SOLE   810,000 0 0
LIMESTONE BANCORP INC COM 53262L105 436 29,154 SH   SOLE   29,154 0 0
LUTHER BURBANK CORP COM 550550107 12,200 1,207,900 SH   SOLE   1,207,900 0 0
M & T BK CORP COM 55261F104 13,158 83,800 SH   SOLE   83,800 0 0
MACKINAC FINL CORP COM 554571109 468 29,744 SH   SOLE   29,744 0 0
MB Bancorp, Inc. Not 13-F Security 55280E104 3,110 188,500 SH   SOLE   188,500 0 0
MELROSE BANCORP INC COM 585553100 2,434 129,132 SH   SOLE   129,132 0 0
MERIDIAN CORPORATION COM 58958P104 4,055 224,765 SH   SOLE   224,765 0 0
MID SOUTHERN BANCORP INC COM 59548Q107 1,980 159,278 SH   SOLE   159,278 0 0
MORGAN STANLEY COM NEW 617446448 29,093 689,400 SH   SOLE   689,400 0 0
Merchants Financial Group Inc. Not 13-F Security 588538108 1,213 16,500 SH   SOLE   16,500 0 0
Mountain Commerce Bancorp, Inc. Not 13-F Security 624004107 2,913 155,100 SH   SOLE   155,100 0 0
NATIONAL COMM CORP COM 63546L102 2,513 64,100 SH   SOLE   64,100 0 0
New Bancorp, Inc. Not 13-F Security 642142103 1,125 66,200 SH   SOLE   66,200 0 0
OAK VALLEY BANCORP OAKDALE C COM 671807105 970 55,000 SH   SOLE   55,000 0 0
OLD LINE BANCSHARES INC COM 67984M100 6,624 265,700 SH   SOLE   265,700 0 0
OLD SECOND BANCORP INC ILL COM 680277100 7,470 593,300 SH   SOLE   593,300 0 0
OP BANCORP COM 67109R109 1,915 218,800 SH   SOLE   218,800 0 0
OPUS BK IRVINE CALIF COM 684000102 3,499 176,694 SH   SOLE   176,694 0 0
ORRSTOWN FINL SVCS INC COM 687380105 2,696 145,000 SH   SOLE   145,000 0 0
OTTAWA BANCORP INC COM 689195105 3,984 300,200 SH   SOLE   300,200 0 0
PACIFIC CITY FINANCIAL CORP COM NEW 69406T408 5,488 314,515 SH   SOLE   314,515 0 0
PACIFIC PREMIER BANCORP COM 69478X105 3,452 130,116 SH   SOLE   130,116 0 0
PATHFINDER BANCORP INC MD COM 70319R109 5,572 427,010 SH   SOLE   427,010 0 0
PAYPAL HLDGS INC COM 70450Y103 6,750 65,000 SH   SOLE   65,000 0 0
PB BANCORP INC COM 70454T100 3,895 340,447 SH   SOLE   340,447 0 0
PDL CMNTY BANCORP COM 69290X101 1,186 85,000 SH   SOLE   85,000 0 0
PEOPLES BANCORP N C INC COM 710577107 1,596 60,000 SH   SOLE   60,000 0 0
PEOPLES UTAH BANCORP COM 712706209 2,637 100,000 SH   SOLE   100,000 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 5,153 94,200 SH   SOLE   94,200 0 0
PIPER JAFFRAY COS COM 724078100 7,465 102,500 SH   SOLE   102,500 0 0
PJT PARTNERS INC COM CL A 69343T107 5,225 125,000 SH   SOLE   125,000 0 0
PLUMAS BANCORP COM 729273102 2,421 106,217 SH   SOLE   106,217 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 7,342 163,270 SH   SOLE   163,270 0 0
PROVIDENT FINL HLDGS INC COM 743868101 2,804 140,759 SH   SOLE   140,759 0 0
PRUDENTIAL BANCORP INC NEW COM 74431A101 1,648 95,000 SH   SOLE   95,000 0 0
Pioneer Bancshares, Inc. Not 13-F Security 72357G102 106 4,028 SH   SOLE   4,028 0 0
QCR HOLDINGS INC COM 74727A104 12,892 380,069 SH   SOLE   380,069 0 0
QNB Corporation Not 13-F Security 74726N107 9,655 259,600 SH   SOLE   259,600 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 10,453 130,000 SH   SOLE   130,000 0 0
RBB BANCORP COM 74930B105 3,757 199,841 SH   SOLE   199,841 0 0
REGIONS FINL CORP NEW COM 7591EP100 9,909 700,273 SH   SOLE   700,273 0 0
RHINEBECK BANCORP INC COM 762093102 840 70,000 SH   SOLE   70,000 0 0
Revere Bank Not 13-F Security 761402106 2,908 100,100 SH   SOLE   100,100 0 0
SANDY SPRING BANCORP INC COM 800363103 11,046 353,147 SH   SOLE   353,147 0 0
SB FINL GROUP INC COM 78408D105 3,517 195,152 SH   SOLE   195,152 0 0
SB FINL GROUP INC DEP SHS PFD 6.5% 78408D204 1,672 92,867 SH   SOLE   92,867 0 0
SERVISFIRST BANCSHARES INC COM 81768T108 3,376 100,000 SH   SOLE   100,000 0 0
SHORE BANCSHARES INC COM 825107105 3,389 227,300 SH   SOLE   227,300 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 28,137 219,700 SH   SOLE   219,700 0 0
SIMMONS 1ST NATL CORP CL A $1 PAR 828730200 1,471 60,096 SH   SOLE   60,096 0 0
SOUTHERN MO BANCORP INC COM 843380106 906 29,400 SH   SOLE   29,400 0 0
SOUTHERN NATL BANCORP OF VA COM 843395104 3,654 249,400 SH   SOLE   249,400 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 21,186 75,000 SH Put SOLE   75,000 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 98 1,900 SH   SOLE   1,900 0 0
STANDARD AVB FINL CORP COM 85303B100 4,962 183,987 SH   SOLE   183,987 0 0
STERLING BANCORP DEL COM 85917A100 32,140 1,725,167 SH   SOLE   1,725,167 0 0
STERLING BANCORP INC COM 85917W102 7,901 779,200 SH   SOLE   779,200 0 0
SVB FINL GROUP COM 78486Q101 6,116 27,507 SH   SOLE   27,507 0 0
SYNCHRONY FINL COM 87165B103 9,570 300,000 SH   SOLE   300,000 0 0
SYNOVUS FINL CORP COM NEW 87161C501 14,472 421,186 SH   SOLE   421,186 0 0
Sugar Creek Financial Corporation Not 13-F Security 86481Y102 811 77,375 SH   SOLE   77,375 0 0
Sunnyside Bancorp, Inc. Not 13-F Security 867475105 827 64,871 SH   SOLE   64,871 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 1,686 95,000 SH   SOLE   95,000 0 0
TCF FINL CORP COM 872275102 6,310 305,000 SH   SOLE   305,000 0 0
TERRITORIAL BANCORP INC COM 88145X108 5,231 194,407 SH   SOLE   194,407 0 0
TFS FINL CORP COM 87240R107 9,388 570,000 SH   SOLE   570,000 0 0
TOTAL SYS SVCS INC COM 891906109 3,325 35,000 SH   SOLE   35,000 0 0
TRI POINTE GROUP INC COM 87265H109 2,654 210,000 SH   SOLE   210,000 0 0
TRIUMPH BANCORP INC COM 89679E300 11,013 374,705 SH   SOLE   374,705 0 0
TWO RIV BANCORP COM 90207C105 5,674 358,010 SH   SOLE   358,010 0 0
UNION BANKSHARES CORP NEW COM 90539J109 553 17,101 SH   SOLE   17,101 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 11,219 1,199,900 SH   SOLE   1,199,900 0 0
UNITED FINL BANCORP INC NEW COM 910304104 5,924 412,838 SH   SOLE   412,838 0 0
UNIVEST FINANCIAL CORPORATIO COM 915271100 1,545 63,163 SH   SOLE   63,163 0 0
VALLEY NATL BANCORP COM 919794107 10,053 1,049,380 SH   SOLE   1,049,380 0 0
VERITEX HLDGS INC COM 923451108 2,546 105,127 SH   SOLE   105,127 0 0
VICTORY CAP HLDGS INC COM CL A 92645B103 5,607 373,308 SH   SOLE   373,308 0 0
WELLS FARGO CO NEW COM 949746101 7,973 165,000 SH   SOLE   165,000 0 0
WESTERN ALLIANCE BANCORP COM 957638109 14,778 360,095 SH   SOLE   360,095 0 0
WILLIS LEASE FINANCE CORP COM 970646105 1,060 25,000 SH   SOLE   25,000 0 0
WORLDPAY INC CL A 981558109 9,080 80,000 SH   SOLE   80,000 0 0
WSFS FINL CORP COM 929328102 7,334 190,000 SH   SOLE   190,000 0 0
West End Indiana Bancshares, Inc. Not 13-F Security 952678100 788 30,000 SH   SOLE   30,000 0 0
White River Bancshares Company Not 13-F Security 96445A108 4,204 68,000 SH   SOLE   68,000 0 0
White River Bancshares Company- Non Voting Not 13-F Security 9B999WRBC 2,789 45,113 SH   SOLE   45,113 0 0
ZIONS BANCORPORATION N A COM 989701107 29,246 644,053 SH   SOLE   644,053 0 0