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
Alerus Financial Corp Not 13-F Security 01446U103 4,914 260,000 SH   SOLE   260,000 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 7,022 181,200 SH   SOLE   181,200 0 0
AMERICAN RIVER BANKSHARES COM 029326105 6,176 503,786 SH   SOLE   503,786 0 0
AMERIS BANCORP COM 03076K108 24,497 625,091 SH   SOLE   625,091 0 0
ARES MANAGEMENT CORPORATION CL A COM STK 03990B101 17,099 653,400 SH   SOLE   653,400 0 0
ASSOCIATED BANC CORP COM 045487105 6,344 300,093 SH   SOLE   300,093 0 0
ATLANTIC UN BANKSHARES CORP COM 04911A107 604 17,101 SH   SOLE   17,101 0 0
BANC OF CALIFORNIA INC COM 05990K106 4,962 355,159 SH   SOLE   355,159 0 0
BANK AMER CORP COM 060505104 10,040 346,200 SH   SOLE   346,200 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 2,477 167,800 SH   SOLE   167,800 0 0
BANK7 CORP COM 06652N107 5,845 316,116 SH   SOLE   316,116 0 0
BANKUNITED INC COM 06652K103 16,871 500,020 SH   SOLE   500,020 0 0
Bay Banks of Virginia, Inc. Not 13-F Security 072035108 7,089 869,829 SH   SOLE   869,829 0 0
Best Hometown Bancorp, Inc. Not 13-F Security 08652N103 880 80,000 SH   SOLE   80,000 0 0
BLACK KNIGHT INC COM 09215C105 9,341 155,300 SH   SOLE   155,300 0 0
Blackhawk Bancorp, Inc. Not 13-F Security 09237E204 1,916 70,000 SH   SOLE   70,000 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 3,558 100,000 SH   SOLE   100,000 0 0
BOSTON PRIVATE FINL HLDGS IN COM 101119105 12,097 1,002,228 SH   SOLE   1,002,228 0 0
BRIDGE BANCORP INC COM 108035106 589 20,000 SH   SOLE   20,000 0 0
BRYN MAWR BK CORP COM 117665109 3,892 104,300 SH   SOLE   104,300 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 3,966 155,826 SH   SOLE   155,826 0 0
CADENCE BANCORPORATION CL A 12739A100 11,028 530,176 SH   SOLE   530,176 0 0
CANNAE HLDGS INC COM 13765N107 7,535 260,000 SH   SOLE   260,000 0 0
CAPITAL BANCORP INC MD COM 139737100 4,638 377,099 SH   SOLE   377,099 0 0
CAPITAL ONE FINL CORP COM 14040H105 13,057 143,900 SH   SOLE   143,900 0 0
CENTERSTATE BK CORP COM 15201P109 25,545 1,109,187 SH   SOLE   1,109,187 0 0
Central Federal Bancshares, Inc. Not 13-F Security 15346T107 2,058 158,300 SH   SOLE   158,300 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 6,029 68,594 SH   SOLE   68,594 0 0
Chesapeake Financial Shares, Inc. Not 13-F Security 16517A109 500 19,086 SH   SOLE   19,086 0 0
Choice Bancorp, Inc. Not 13-F Security 17037X108 189 6,100 SH   SOLE   6,100 0 0
CITIGROUP INC COM NEW 172967424 36,661 523,500 SH   SOLE   523,500 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 7,144 659,026 SH   SOLE   659,026 0 0
CITIZENS FINL GROUP INC COM 174610105 9,761 276,040 SH   SOLE   276,040 0 0
CITIZENS HLDG CO MISS COM 174715102 213 10,348 SH   SOLE   10,348 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 7,858 350,000 SH   SOLE   350,000 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 8,416 124,740 SH   SOLE   124,740 0 0
CNB FINL CORP PA COM 126128107 5,857 207,399 SH   SOLE   207,399 0 0
CODORUS VY BANCORP INC COM 192025104 9,114 396,281 SH   SOLE   396,281 0 0
COMERICA INC COM 200340107 6,076 83,650 SH   SOLE   83,650 0 0
Communities First Financial Corporation Not 13-F Security 20344D104 1,512 60,367 SH   SOLE   60,367 0 0
COMMUNITY BANKERS TR CORP COM 203612106 11,751 1,387,423 SH   SOLE   1,387,423 0 0
COMMUNITY FIRST BANCSHARES I COM 20369M104 919 92,523 SH   SOLE   92,523 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 4,406 194,429 SH   SOLE   194,429 0 0
COREPOINT LODGING INC COM 21872L104 1,530 123,500 SH   SOLE   123,500 0 0
CORTLAND BANCORP COM 220587109 1,216 52,638 SH   SOLE   52,638 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 8,545 191,600 SH   SOLE   191,600 0 0
EAGLE BANCORP MONT INC COM 26942G100 1,252 75,444 SH   SOLE   75,444 0 0
EAST WEST BANCORP INC COM 27579R104 5,536 118,365 SH   SOLE   118,365 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 7,075 170,072 SH   SOLE   170,072 0 0
Equitable Financial Corp. Not 13-F Security 29448T105 3,720 312,600 SH   SOLE   312,600 0 0
ESQUIRE FINL HLDGS INC COM 29667J101 3,237 128,700 SH   SOLE   128,700 0 0
ESSA BANCORP INC COM 29667D104 14,373 942,522 SH   SOLE   942,522 0 0
EVANS BANCORP INC COM NEW 29911Q208 10,364 274,691 SH   SOLE   274,691 0 0
EVERCORE INC CLASS A 29977A105 886 10,000 SH   SOLE   10,000 0 0
EVERTEC INC COM 30040P103 4,415 135,000 SH   SOLE   135,000 0 0
FARMERS NATL BANC CORP COM 309627107 10,725 723,200 SH   SOLE   723,200 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 8,784 71,600 SH   SOLE   71,600 0 0
FIFTH THIRD BANCORP COM 316773100 19,710 706,453 SH   SOLE   706,453 0 0
FINANCIAL INSTNS INC COM 317585404 4,664 160,000 SH   SOLE   160,000 0 0
FIRST BANCSHARES INC MS COM 318916103 6,930 228,400 SH   SOLE   228,400 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 2,612 5,800 SH   SOLE   5,800 0 0
FIRST CMNTY CORP S C COM 319835104 2,734 147,700 SH   SOLE   147,700 0 0
FIRST FINL BANCORP OH COM 320209109 18,531 765,092 SH   SOLE   765,092 0 0
FIRST HAWAIIAN INC COM 32051X108 13,892 537,000 SH   SOLE   537,000 0 0
First IC Corporation Not 13-F Security 32058J102 828 99,754 SH   SOLE   99,754 0 0
FIRST INTERNET BANCORP COM 320557101 7,166 332,700 SH   SOLE   332,700 0 0
FIRST MERCHANTS CORP COM 320817109 2,197 57,977 SH   SOLE   57,977 0 0
FIRST MID BANCSHARES INC COM 320866106 13,305 381,004 SH   SOLE   381,004 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 12,613 616,168 SH   SOLE   616,168 0 0
FIRST SAVINGS FINL GROUP INC COM 33621E109 2,409 40,156 SH   SOLE   40,156 0 0
FIRST UTD CORP COM 33741H107 1,707 86,600 SH   SOLE   86,600 0 0
FISERV INC COM 337738108 6,746 74,000 SH   SOLE   74,000 0 0
FNCB BANCORP INC COM 302578109 3,328 430,000 SH   SOLE   430,000 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 6,911 171,500 SH   SOLE   171,500 0 0
FORESTAR GROUP INC COM 346232101 2,682 137,173 SH   SOLE   137,173 0 0
FVCBANKCORP INC COM 36120Q101 3,107 160,000 SH   SOLE   160,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 11,396 55,700 SH   SOLE   55,700 0 0
GUARANTY BANCSHARES INC TEX COM 400764106 1,237 39,700 SH   SOLE   39,700 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 994 42,764 SH   SOLE   42,764 0 0
HARBORONE BANCORP INC COM 41165F101 12,026 642,065 SH   SOLE   642,065 0 0
HEARTLAND FINL USA INC COM 42234Q102 4,474 100,033 SH   SOLE   100,033 0 0
HERITAGE COMMERCE CORP COM 426927109 3,153 257,371 SH   SOLE   257,371 0 0
Heritage Nola Bancorp, Inc. Not 13-F Security 42727P108 589 46,053 SH   SOLE   46,053 0 0
HILLTOP HOLDINGS INC COM 432748101 7,150 336,139 SH   SOLE   336,139 0 0
HMN FINL INC COM 40424G108 5,344 254,491 SH   SOLE   254,491 0 0
HOME BANCORP INC COM 43689E107 962 25,000 SH   SOLE   25,000 0 0
HOME BANCSHARES INC COM 436893200 16,071 834,415 SH   SOLE   834,415 0 0
HOMETRUST BANCSHARES INC COM 437872104 9,431 375,157 SH   SOLE   375,157 0 0
HOPE BANCORP INC COM 43940T109 5,445 395,164 SH   SOLE   395,164 0 0
HOWARD BANCORP INC COM 442496105 3,034 200,000 SH   SOLE   200,000 0 0
HOWARD HUGHES CORP COM 44267D107 16,099 130,000 SH   SOLE   130,000 0 0
IF BANCORP INC COM 44951J105 6,799 325,174 SH   SOLE   325,174 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 19,614 900,134 SH   SOLE   900,134 0 0
INDEPENDENT BK GROUP INC COM 45384B106 3,315 60,310 SH   SOLE   60,310 0 0
INVESTAR HLDG CORP COM 46134L105 8,456 354,548 SH   SOLE   354,548 0 0
INVESTORS BANCORP INC NEW COM 46146L101 11,452 1,027,054 SH   SOLE   1,027,054 0 0
JPMORGAN CHASE & CO COM 46625H100 5,031 45,000 SH   SOLE   45,000 0 0
KEYCORP NEW COM 493267108 24,290 1,368,470 SH   SOLE   1,368,470 0 0
KKR & CO INC CL A 48251W104 13,335 527,700 SH   SOLE   527,700 0 0
LAKELAND BANCORP INC COM 511637100 10,865 672,729 SH   SOLE   672,729 0 0
LCNB CORP COM 50181P100 1,423 74,879 SH   SOLE   74,879 0 0
LENNAR CORP CL B 526057302 31,963 830,000 SH   SOLE   830,000 0 0
LIMESTONE BANCORP INC COM 53262L105 445 29,154 SH   SOLE   29,154 0 0
LUTHER BURBANK CORP COM 550550107 13,121 1,204,912 SH   SOLE   1,204,912 0 0
M & T BK CORP COM 55261F104 13,606 80,004 SH   SOLE   80,004 0 0
MASTERCARD INC CL A 57636Q104 1,428 5,400 SH   SOLE   5,400 0 0
MB Bancorp, Inc. Not 13-F Security 55280E104 2,997 188,500 SH   SOLE   188,500 0 0
MELROSE BANCORP INC COM 585553100 2,328 129,132 SH   SOLE   129,132 0 0
MERCHANTS BANCORP IND COM 58844R108 766 45,000 SH   SOLE   45,000 0 0
Merchants Financial Group Inc. Not 13-F Security 588538108 1,196 16,500 SH   SOLE   16,500 0 0
MERIDIAN BANCORP INC MD COM 58958U103 2,805 156,800 SH   SOLE   156,800 0 0
MERIDIAN CORPORATION COM 58958P104 4,157 245,976 SH   SOLE   245,976 0 0
MIDLAND STS BANCORP INC ILL COM 597742105 668 25,000 SH   SOLE   25,000 0 0
MID SOUTHERN BANCORP INC COM 59548Q107 2,008 159,278 SH   SOLE   159,278 0 0
MOELIS & CO CL A 60786M105 7,423 212,400 SH   SOLE   212,400 0 0
MORGAN STANLEY COM NEW 617446448 28,310 646,200 SH   SOLE   646,200 0 0
NCR CORP NEW COM 62886E108 2,616 84,100 SH   SOLE   84,100 0 0
New Bancorp, Inc. Not 13-F Security 642142103 1,841 66,200 SH   SOLE   66,200 0 0
OAK VALLEY BANCORP OAKDALE C COM 671807105 755 38,640 SH   SOLE   38,640 0 0
OLD LINE BANCSHARES INC COM 67984M100 7,451 280,000 SH   SOLE   280,000 0 0
OLD SECOND BANCORP INC ILL COM 680277100 8,860 693,802 SH   SOLE   693,802 0 0
OP BANCORP COM 67109R109 2,419 223,200 SH   SOLE   223,200 0 0
ORRSTOWN FINL SVCS INC COM 687380105 5,240 238,308 SH   SOLE   238,308 0 0
OTTAWA BANCORP INC COM 689195105 3,915 300,200 SH   SOLE   300,200 0 0
PACIFIC CITY FINANCIAL CORP COM NEW 69406T408 3,018 177,100 SH   SOLE   177,100 0 0
PACIFIC PREMIER BANCORP COM 69478X105 5,029 162,846 SH   SOLE   162,846 0 0
PAYPAL HLDGS INC COM 70450Y103 4,865 42,500 SH   SOLE   42,500 0 0
PB BANCORP INC COM 70454T100 4,034 340,447 SH   SOLE   340,447 0 0
PDL CMNTY BANCORP COM 69290X101 2,618 183,193 SH   SOLE   183,193 0 0
PEOPLES BANCORP N C INC COM 710577107 2,383 79,310 SH   SOLE   79,310 0 0
PEOPLES UTAH BANCORP COM 712706209 144 4,900 SH   SOLE   4,900 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 4,156 72,300 SH   SOLE   72,300 0 0
Pioneer Bancshares, Inc. Not 13-F Security 72357G102 107 4,028 SH   SOLE   4,028 0 0
PIPER JAFFRAY COS COM 724078100 3,803 51,200 SH   SOLE   51,200 0 0
PJT PARTNERS INC COM CL A 69343T107 2,318 57,200 SH   SOLE   57,200 0 0
PLUMAS BANCORP COM 729273102 2,899 119,311 SH   SOLE   119,311 0 0
PNC FINL SVCS GROUP INC COM 693475105 2,746 20,000 SH   SOLE   20,000 0 0
POPULAR INC COM NEW 733174700 1,627 30,000 SH   SOLE   30,000 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 6,750 142,848 SH   SOLE   142,848 0 0
PROVIDENT FINL HLDGS INC COM 743868101 2,688 128,055 SH   SOLE   128,055 0 0
PRUDENTIAL BANCORP INC NEW COM 74431A101 2,200 116,267 SH   SOLE   116,267 0 0
QCR HOLDINGS INC COM 74727A104 9,068 260,040 SH   SOLE   260,040 0 0
QNB Corporation Not 13-F Security 74726N107 9,250 250,000 SH   SOLE   250,000 0 0
RBB BANCORP COM 74930B105 3,755 194,141 SH   SOLE   194,141 0 0
RED RIVER BANCSHARES INC COM 75686R202 2,907 60,000 SH   SOLE   60,000 0 0
REGIONS FINL CORP NEW COM 7591EP100 14,794 990,246 SH   SOLE   990,246 0 0
Revere Bank Not 13-F Security 761402106 3,354 121,100 SH   SOLE   121,100 0 0
RHINEBECK BANCORP INC COM 762093102 2,528 229,383 SH   SOLE   229,383 0 0
SANDY SPRING BANCORP INC COM 800363103 13,256 380,043 SH   SOLE   380,043 0 0
SANTANDER CONSUMER USA HDG I COM 80283M101 3,273 136,600 SH   SOLE   136,600 0 0
SB FINL GROUP INC DEP SHS PFD 6.5% 78408D204 1,311 81,466 SH   SOLE   81,466 0 0
SERVISFIRST BANCSHARES INC COM 81768T108 4,113 120,067 SH   SOLE   120,067 0 0
SHORE BANCSHARES INC COM 825107105 3,714 227,300 SH   SOLE   227,300 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 13,972 115,623 SH   SOLE   115,623 0 0
SOUTH PLAINS FINANCIAL INC COM 83946P107 7,013 425,000 SH   SOLE   425,000 0 0
SOUTHERN MO BANCORP INC COM 843380106 1,240 35,600 SH   SOLE   35,600 0 0
SOUTHERN NATL BANCORP OF VA COM 843395104 3,818 249,400 SH   SOLE   249,400 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 99 1,856 SH   SOLE   1,856 0 0
STANDARD AVB FINL CORP COM 85303B100 5,049 183,987 SH   SOLE   183,987 0 0
STERLING BANCORP DEL COM 85917A100 23,409 1,100,066 SH   SOLE   1,100,066 0 0
STERLING BANCORP INC COM 85917W102 7,769 779,200 SH   SOLE   779,200 0 0
Sugar Creek Financial Corporation Not 13-F Security 86481Y102 809 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
SVB FINL GROUP COM 78486Q101 4,023 17,913 SH   SOLE   17,913 0 0
SYNCHRONY FINL COM 87165B103 7,152 206,300 SH   SOLE   206,300 0 0
SYNOVUS FINL CORP COM NEW 87161C501 14,494 414,105 SH   SOLE   414,105 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 3,821 182,300 SH   SOLE   182,300 0 0
TCF FINL CORP COM 872275102 28,674 1,379,200 SH   SOLE   1,379,200 0 0
TERRITORIAL BANCORP INC COM 88145X108 6,097 197,300 SH   SOLE   197,300 0 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 3 48 SH   SOLE   48 0 0
TFS FINL CORP COM 87240R107 6,868 380,100 SH   SOLE   380,100 0 0
TRI POINTE GROUP INC COM 87265H109 3,663 306,000 SH   SOLE   306,000 0 0
TRIUMPH BANCORP INC COM 89679E300 4,009 138,000 SH   SOLE   138,000 0 0
TWO RIV BANCORP COM 90207C105 5,141 358,010 SH   SOLE   358,010 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 11,354 1,186,400 SH   SOLE   1,186,400 0 0
UNITED FINL BANCORP INC NEW COM 910304104 14,500 1,022,600 SH   SOLE   1,022,600 0 0
UNIVEST FINANCIAL CORPORATIO COM 915271100 2,805 106,828 SH   SOLE   106,828 0 0
VALLEY NATL BANCORP COM 919794107 7,044 653,473 SH   SOLE   653,473 0 0
VERITEX HLDGS INC COM 923451108 1,044 40,249 SH   SOLE   40,249 0 0
VICTORY CAP HLDGS INC COM CL A 92645B103 12,393 721,349 SH   SOLE   721,349 0 0
VISA INC COM CL A 92826C839 8,209 47,300 SH   SOLE   47,300 0 0
WESBANCO INC COM 950810101 2,841 73,700 SH   SOLE   73,700 0 0
West End Indiana Bancshares, Inc. Not 13-F Security 952678100 1,081 41,585 SH   SOLE   41,585 0 0
WESTERN ALLIANCE BANCORP COM 957638109 14,721 329,178 SH   SOLE   329,178 0 0
White River Bancshares Company Not 13-F Security 96445A108 4,466 68,000 SH   SOLE   68,000 0 0
White River Bancshares Company- Non Voting Not 13-F Security 9B999WRBC 2,963 45,113 SH   SOLE   45,113 0 0
WILLIS LEASE FINANCE CORP COM 970646105 1,458 25,000 SH   SOLE   25,000 0 0
WSFS FINL CORP COM 929328102 9,943 240,751 SH   SOLE   240,751 0 0
ZIONS BANCORPORATION N A COM 989701107 34,184 743,461 SH   SOLE   743,461 0 0