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 FINL CORP COM 01446U103 11,663 535,000 SH   SOLE   535,000 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 5,523 155,700 SH   SOLE   155,700 0 0
AMERICAN RIVER BANKSHARES COM 029326105 7,093 525,000 SH   SOLE   525,000 0 0
AMERIS BANCORP COM 03076K108 22,975 570,939 SH   SOLE   570,939 0 0
APOLLO GLOBAL MGMT INC COM CL A 03768E105 8,793 232,500 SH   SOLE   232,500 0 0
ARES MANAGEMENT CORPORATION CL A COM STK 03990B101 16,215 604,798 SH   SOLE   604,798 0 0
ARTISAN PARTNERS ASSET MGMT CL A 04316A108 3,389 120,000 SH   SOLE   120,000 0 0
BOK FINL CORP COM NEW 05561Q201 2,630 33,222 SH   SOLE   33,222 0 0
BANC OF CALIFORNIA INC COM 05990K106 7,530 532,514 SH   SOLE   532,514 0 0
BANK AMER CORP COM 060505104 1,459 50,000 SH   SOLE   50,000 0 0
BANKUNITED INC COM 06652K103 15,803 470,047 SH   SOLE   470,047 0 0
BANK7 CORP COM 06652N107 4,307 229,100 SH   SOLE   229,100 0 0
Bay Banks of Virginia, Inc. Not 13-F Security 072035108 7,159 869,829 SH   SOLE   869,829 0 0
Best Hometown Bancorp, Inc. Not 13-F Security 08652N103 806 80,000 SH   SOLE   80,000 0 0
BLACK KNIGHT INC COM 09215C105 8,438 138,200 SH   SOLE   138,200 0 0
Blackhawk Bancorp, Inc. Not 13-F Security 09237E204 2,405 90,000 SH   SOLE   90,000 0 0
BOSTON PRIVATE FINL HLDGS IN COM 101119105 14,453 1,240,068 SH   SOLE   1,240,068 0 0
BRIDGE BANCORP INC COM 108035106 2,069 70,000 SH   SOLE   70,000 0 0
BRYN MAWR BK CORP COM 117665109 3,253 89,101 SH   SOLE   89,101 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 2,997 122,840 SH   SOLE   122,840 0 0
CB FINL SVCS INC COM 12479G101 1,735 62,500 SH   SOLE   62,500 0 0
CNB FINL CORP PA COM 126128107 5,975 208,199 SH   SOLE   208,199 0 0
CADENCE BANCORPORATION CL A 12739A100 3 182 SH   SOLE   182 0 0
CANNAE HLDGS INC COM 13765N107 6,604 240,400 SH   SOLE   240,400 0 0
CAPITAL BANCORP INC MD COM 139737100 4,479 328,824 SH   SOLE   328,824 0 0
CENTERSTATE BK CORP COM 15201P109 16,670 695,000 SH   SOLE   695,000 0 0
Central Federal Bancshares, Inc. Not 13-F Security 15346T107 2,067 158,300 SH   SOLE   158,300 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 5,834 66,594 SH   SOLE   66,594 0 0
Chesapeake Financial Shares, Inc. Not 13-F Security 16517A109 535 21,525 SH   SOLE   21,525 0 0
Choice Bancorp, Inc. Not 13-F Security 17037X108 407 12,300 SH   SOLE   12,300 0 0
CITIGROUP INC COM NEW 172967424 34,367 497,500 SH   SOLE   497,500 0 0
CITIZENS FINL GROUP INC COM 174610105 11,682 330,290 SH   SOLE   330,290 0 0
CITIZENS HLDG CO MISS COM 174715102 211 10,348 SH   SOLE   10,348 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 5,251 474,390 SH   SOLE   474,390 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 9,211 423,873 SH   SOLE   423,873 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 7,644 124,880 SH   SOLE   124,880 0 0
CODORUS VY BANCORP INC COM 192025104 8,353 359,121 SH   SOLE   359,121 0 0
COMERICA INC COM 200340107 5,942 90,037 SH   SOLE   90,037 0 0
Communities First Financial Corporation Not 13-F Security 20344D104 2,228 90,000 SH   SOLE   90,000 0 0
COMMUNITY BANKERS TR CORP COM 203612106 11,788 1,370,647 SH   SOLE   1,370,647 0 0
COMMUNITY FIRST BANCSHARES I COM 20369M104 1,423 141,430 SH   SOLE   141,430 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 2,779 125,182 SH   SOLE   125,182 0 0
CORTLAND BANCORP COM 220587109 2,943 135,330 SH   SOLE   135,330 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 4,618 105,700 SH   SOLE   105,700 0 0
EAGLE BANCORP MONT INC COM 26942G100 1,545 88,300 SH   SOLE   88,300 0 0
EAST WEST BANCORP INC COM 27579R104 5,097 115,072 SH   SOLE   115,072 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 7,689 188,699 SH   SOLE   188,699 0 0
Equitable Financial Corp. Not 13-F Security 29448T105 3,823 312,600 SH   SOLE   312,600 0 0
ESSA BANCORP INC COM 29667D104 15,145 922,322 SH   SOLE   922,322 0 0
ESQUIRE FINL HLDGS INC COM 29667J101 2,784 112,239 SH   SOLE   112,239 0 0
Eureka Homestead Bancorp, Inc. Not 13-F Security 298544107 1,142 94,050 SH   SOLE   94,050 0 0
EVANS BANCORP INC COM NEW 29911Q208 10,082 269,571 SH   SOLE   269,571 0 0
EVERCORE INC CLASS A 29977A105 9,260 115,600 SH   SOLE   115,600 0 0
FNCB BANCORP INC COM 302578109 1,140 145,952 SH   SOLE   145,952 0 0
FARMERS NATL BANC CORP COM 309627107 8,743 603,823 SH   SOLE   603,823 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 6,970 52,500 SH   SOLE   52,500 0 0
FIFTH THIRD BANCORP COM 316773100 16,138 589,416 SH   SOLE   589,416 0 0
FIRST BANCSHARES INC MS COM 318916103 6,622 205,000 SH   SOLE   205,000 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 283 600 SH   SOLE   600 0 0
FIRST CMNTY CORP S C COM 319835104 3,222 165,379 SH   SOLE   165,379 0 0
FIRST DEFIANCE FINL CORP COM 32006W106 2,465 85,100 SH   SOLE   85,100 0 0
FIRST FINL BANCORP OH COM 320209109 18,052 737,561 SH   SOLE   737,561 0 0
FIRST HAWAIIAN INC COM 32051X108 16,554 620,000 SH   SOLE   620,000 0 0
FIRST INTERNET BANCORP COM 320557101 8,243 385,000 SH   SOLE   385,000 0 0
First IC Corporation Not 13-F Security 32058J102 863 99,754 SH   SOLE   99,754 0 0
FIRST MID BANCSHARES INC COM 320866106 10,040 290,000 SH   SOLE   290,000 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 7,600 390,162 SH   SOLE   390,162 0 0
FIRST SAVINGS FINL GROUP INC COM 33621E109 4,236 67,000 SH   SOLE   67,000 0 0
FIRST UTD CORP COM 33741H107 1,905 86,600 SH   SOLE   86,600 0 0
FISERV INC COM 337738108 4,610 44,500 SH   SOLE   44,500 0 0
FORESTAR GROUP INC COM 346232101 17,471 955,749 SH   SOLE   955,749 0 0
FVCBANKCORP INC COM 36120Q101 2,021 115,100 SH   SOLE   115,100 0 0
GUARANTY BANCSHARES INC TEX COM 400764106 4,436 145,000 SH   SOLE   145,000 0 0
HMN FINL INC COM 40424G108 5,931 259,226 SH   SOLE   259,226 0 0
HARBORONE BANCORP INC NEW COM NEW 41165Y100 15,299 1,520,000 SH   SOLE   1,520,000 0 0
HEARTLAND FINL USA INC COM 42234Q102 4,476 100,035 SH   SOLE   100,035 0 0
Heritage Nola Bancorp, Inc. Not 13-F Security 42727P108 583 46,053 SH   SOLE   46,053 0 0
HILLTOP HOLDINGS INC COM 432748101 2,628 110,000 SH   SOLE   110,000 0 0
HOME BANCSHARES INC COM 436893200 13,042 693,884 SH   SOLE   693,884 0 0
HOME BANCORP INC COM 43689E107 1,450 37,200 SH   SOLE   37,200 0 0
HOMETRUST BANCSHARES INC COM 437872104 10,015 384,173 SH   SOLE   384,173 0 0
HOPE BANCORP INC COM 43940T109 3,728 260,000 SH   SOLE   260,000 0 0
HOWARD BANCORP INC COM 442496105 3,223 193,100 SH   SOLE   193,100 0 0
HOWARD HUGHES CORP COM 44267D107 13,154 101,500 SH   SOLE   101,500 0 0
IF BANCORP INC COM 44951J105 6,829 325,174 SH   SOLE   325,174 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 15,976 749,517 SH   SOLE   749,517 0 0
INDEPENDENT BK GROUP INC COM 45384B106 9,026 171,560 SH   SOLE   171,560 0 0
INVESTAR HLDG CORP COM 46134L105 12,678 532,678 SH   SOLE   532,678 0 0
INVESTORS BANCORP INC NEW COM 46146L101 12,500 1,100,342 SH   SOLE   1,100,342 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 2,400 167,800 SH   SOLE   167,800 0 0
KKR & CO INC CL A 48251W104 11,554 430,300 SH   SOLE   430,300 0 0
KEYCORP NEW COM 493267108 20,944 1,173,981 SH   SOLE   1,173,981 0 0
LCNB CORP COM 50181P100 201 11,320 SH   SOLE   11,320 0 0
LAKELAND BANCORP INC COM 511637100 10,888 705,655 SH   SOLE   705,655 0 0
LENNAR CORP CL B 526057302 34,609 780,000 SH   SOLE   780,000 0 0
LIMESTONE BANCORP INC COM 53262L105 450 29,154 SH   SOLE   29,154 0 0
LUTHER BURBANK CORP COM 550550107 12,168 1,073,981 SH   SOLE   1,073,981 0 0
M & T BK CORP COM 55261F104 7,158 45,315 SH   SOLE   45,315 0 0
MB Bancorp, Inc. Not 13-F Security 55280E104 2,958 188,500 SH   SOLE   188,500 0 0
MACATAWA BK CORP COM 554225102 312 30,000 SH   SOLE   30,000 0 0
MELROSE BANCORP INC COM 585553100 2,279 129,132 SH   SOLE   129,132 0 0
MERCHANTS BANCORP IND COM 58844R108 326 19,739 SH   SOLE   19,739 0 0
Merchants Financial Group Inc. Not 13-F Security 588538108 1,205 16,500 SH   SOLE   16,500 0 0
MERIDIAN CORPORATION COM 58958P104 4,366 245,976 SH   SOLE   245,976 0 0
MERIDIAN BANCORP INC MD COM 58958U103 2,940 156,800 SH   SOLE   156,800 0 0
MID SOUTHERN BANCORP INC COM 59548Q107 2,829 211,900 SH   SOLE   211,900 0 0
MOELIS & CO CL A 60786M105 4,928 150,000 SH   SOLE   150,000 0 0
MORGAN STANLEY COM NEW 617446448 28,431 666,300 SH   SOLE   666,300 0 0
New Bancorp, Inc. Not 13-F Security 642142103 1,835 66,200 SH   SOLE   66,200 0 0
OP BANCORP COM 67109R109 2,085 213,200 SH   SOLE   213,200 0 0
OAK VALLEY BANCORP OAKDALE C COM 671807105 366 21,838 SH   SOLE   21,838 0 0
OCEANFIRST FINL CORP COM 675234108 434 18,400 SH   SOLE   18,400 0 0
OLD LINE BANCSHARES INC COM 67984M100 8,703 300,000 SH   SOLE   300,000 0 0
OLD SECOND BANCORP INC ILL COM 680277100 7,502 613,894 SH   SOLE   613,894 0 0
ORRSTOWN FINL SVCS INC COM 687380105 5,219 238,308 SH   SOLE   238,308 0 0
OTTAWA BANCORP INC COM 689195105 3,780 300,200 SH   SOLE   300,200 0 0
PDL CMNTY BANCORP COM 69290X101 1,965 139,732 SH   SOLE   139,732 0 0
PJT PARTNERS INC COM CL A 69343T107 2,849 70,000 SH   SOLE   70,000 0 0
PACIFIC CITY FINANCIAL CORP COM NEW 69406T408 1,586 96,400 SH   SOLE   96,400 0 0
PB BANCORP INC COM 70454T100 3,925 340,447 SH   SOLE   340,447 0 0
PEOPLES BANCORP N C INC COM 710577107 2,525 85,000 SH   SOLE   85,000 0 0
PIONEER BANCORP INC COM 723561106 1,311 105,000 SH   SOLE   105,000 0 0
Pioneer Bancshares, Inc. Not 13-F Security 72357G102 108 4,028 SH   SOLE   4,028 0 0
PIPER JAFFRAY COS COM 724078100 3,865 51,200 SH   SOLE   51,200 0 0
PLUMAS BANCORP COM 729273102 2,650 131,262 SH   SOLE   131,262 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 4,766 90,992 SH   SOLE   90,992 0 0
PROVIDENT FINL HLDGS INC COM 743868101 2,657 128,055 SH   SOLE   128,055 0 0
PRUDENTIAL BANCORP INC NEW COM 74431A101 2,126 125,000 SH   SOLE   125,000 0 0
QNB Corporation Not 13-F Security 74726N107 10,056 275,133 SH   SOLE   275,133 0 0
QCR HOLDINGS INC COM 74727A104 12,535 330,047 SH   SOLE   330,047 0 0
RBB BANCORP COM 74930B105 1,969 100,000 SH   SOLE   100,000 0 0
RED RIVER BANCSHARES INC COM 75686R202 2,602 60,000 SH   SOLE   60,000 0 0
REGIONS FINL CORP NEW COM 7591EP100 14,240 900,152 SH   SOLE   900,152 0 0
Revere Bank Not 13-F Security 761402106 4,326 126,300 SH   SOLE   126,300 0 0
RHINEBECK BANCORP INC COM 762093102 2,991 279,533 SH   SOLE   279,533 0 0
RICHMOND MUT BANCORPORATIN I COM 76525P100 1,539 110,000 SH   SOLE   110,000 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 96 1,810 SH   SOLE   1,810 0 0
SB FINL GROUP INC DEP SHS PFD 6.5% 78408D204 228 13,829 SH   SOLE   13,829 0 0
SVB FINL GROUP COM 78486Q101 6,585 31,515 SH   SOLE   31,515 0 0
SANDY SPRING BANCORP INC COM 800363103 10,109 299,869 SH   SOLE   299,869 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1,400 50,000 SH Put SOLE   50,000 0 0
SERVISFIRST BANCSHARES INC COM 81768T108 4,763 143,673 SH   SOLE   143,673 0 0
SHORE BANCSHARES INC COM 825107105 2,970 192,700 SH   SOLE   192,700 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 12,401 104,014 SH   SOLE   104,014 0 0
SOUTH PLAINS FINANCIAL INC COM 83946P107 7,148 438,514 SH   SOLE   438,514 0 0
SOUTHERN MO BANCORP INC COM 843380106 2,971 81,550 SH   SOLE   81,550 0 0
SOUTHERN NATL BANCORP OF VA COM 843395104 3,838 249,400 SH   SOLE   249,400 0 0
STANDARD AVB FINL CORP COM 85303B100 4,966 183,987 SH   SOLE   183,987 0 0
STERLING BANCORP DEL COM 85917A100 18,959 945,119 SH   SOLE   945,119 0 0
STERLING BANCORP INC COM 85917W102 7,547 773,254 SH   SOLE   773,254 0 0
Sugar Creek Financial Corporation Not 13-F Security 86481Y102 802 77,375 SH   SOLE   77,375 0 0
Sunnyside Bancorp, Inc. Not 13-F Security 867475105 799 64,871 SH   SOLE   64,871 0 0
SYNOVUS FINL CORP COM NEW 87161C501 9,479 265,067 SH   SOLE   265,067 0 0
TCF FINANCIAL CORPORATION NE COM 872307103 31,511 827,704 SH   SOLE   827,704 0 0
TFS FINL CORP COM 87240R107 5,634 312,674 SH   SOLE   312,674 0 0
TERRITORIAL BANCORP INC COM 88145X108 5,739 200,814 SH   SOLE   200,814 0 0
TOLL BROTHERS INC COM 889478103 2,488 60,600 SH   SOLE   60,600 0 0
TRIUMPH BANCORP INC COM 89679E300 12,884 404,026 SH   SOLE   404,026 0 0
TWO RIV BANCORP COM 90207C105 4,664 225,000 SH   SOLE   225,000 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 13,537 1,255,739 SH   SOLE   1,255,739 0 0
UNITED FINL BANCORP INC NEW COM 910304104 2,134 156,534 SH   SOLE   156,534 0 0
UNIVEST FINANCIAL CORPORATIO COM 915271100 2,367 92,794 SH   SOLE   92,794 0 0
VALLEY NATL BANCORP COM 919794107 6,957 640,000 SH   SOLE   640,000 0 0
VERITEX HLDGS INC COM 923451108 7,753 319,531 SH   SOLE   319,531 0 0
VICTORY CAP HLDGS INC COM CL A 92645B103 13,534 880,000 SH   SOLE   880,000 0 0
VISA INC COM CL A 92826C839 3,664 21,300 SH   SOLE   21,300 0 0
WSFS FINL CORP COM 929328102 11,775 267,000 SH   SOLE   267,000 0 0
WESBANCO INC COM 950810101 942 25,200 SH   SOLE   25,200 0 0
WEST BANCORPORATION INC CAP STK 95123P106 2,609 120,000 SH   SOLE   120,000 0 0
West End Indiana Bancshares, Inc. Not 13-F Security 952678100 2,120 61,993 SH   SOLE   61,993 0 0
WESTERN ALLIANCE BANCORP COM 957638109 8,611 186,874 SH   SOLE   186,874 0 0
White River Bancshares Company Not 13-F Security 96445A108 4,505 68,000 SH   SOLE   68,000 0 0
White River Bancshares Company Not 13-F Security 9B999WRBC 2,989 45,113 SH   SOLE   45,113 0 0
WILLIS LEASE FINANCE CORP COM 970646105 1,180 21,300 SH   SOLE   21,300 0 0
WINTRUST FINL CORP COM 97650W108 6,466 100,050 SH   SOLE   100,050 0 0
ZIONS BANCORPORATION N A COM 989701107 28,049 630,036 SH   SOLE   630,036 0 0