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 7,783 340,625 SH   SOLE   340,625 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 6,118 154,618 SH   SOLE   154,618 0 0
AMERICAN RIVER BANKSHARES COM 029326105 7,807 525,000 SH   SOLE   525,000 0 0
AMERIS BANCORP COM 03076K108 23,826 560,074 SH   SOLE   560,074 0 0
APOLLO GLOBAL MGMT INC COM CL A 03768E105 12,739 267,000 SH   SOLE   267,000 0 0
ARES MANAGEMENT CORPORATION CL A COM STK 03990B101 11,367 318,500 SH   SOLE   318,500 0 0
BANC OF CALIFORNIA INC COM 05990K106 13,273 772,599 SH   SOLE   772,599 0 0
BANCORP 34 INC COM 05970V106 289 18,923 SH   SOLE   18,923 0 0
BANK AMER CORP COM 060505104 1,532 43,500 SH   SOLE   43,500 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 2,562 167,800 SH   SOLE   167,800 0 0
BANK7 CORP COM 06652N107 3,508 185,000 SH   SOLE   185,000 0 0
BANKUNITED INC COM 06652K103 18,557 507,590 SH   SOLE   507,590 0 0
BLACK KNIGHT INC COM 09215C105 6,106 94,700 SH   SOLE   94,700 0 0
BOSTON PRIVATE FINL HLDGS IN COM 101119105 12,995 1,080,197 SH   SOLE   1,080,197 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 2,107 84,500 SH   SOLE   84,500 0 0
Bay Banks of Virginia, Inc. Not 13-F Security 072035108 7,524 869,829 SH   SOLE   869,829 0 0
Blackhawk Bancorp, Inc. Not 13-F Security 09237E204 2,785 100,000 SH   SOLE   100,000 0 0
Bremer Financial Corporation Not 13-F Security 9B999BREM 9,000 75,000 SH   SOLE   75,000 0 0
CADENCE BANCORPORATION CL A 12739A100 5,715 315,233 SH   SOLE   315,233 0 0
CAMBRIDGE BANCORP COM 132152109 5,995 74,800 SH   SOLE   74,800 0 0
CANNAE HLDGS INC COM 13765N107 5,950 160,000 SH   SOLE   160,000 0 0
CAPITAL BANCORP INC MD COM 139737100 4,393 295,000 SH   SOLE   295,000 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 3,208 100,000 SH Call SOLE   100,000 0 0
CB FINL SVCS INC COM 12479G101 1,218 40,424 SH   SOLE   40,424 0 0
CBTX INC COM 12481V104 1 26 SH   SOLE   26 0 0
CENTERSTATE BK CORP COM 15201P109 10,741 430,000 SH   SOLE   430,000 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 5,182 57,600 SH   SOLE   57,600 0 0
CITIGROUP INC COM NEW 172967424 38,547 482,500 SH   SOLE   482,500 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 3,286 268,887 SH   SOLE   268,887 0 0
CITIZENS FINL GROUP INC COM 174610105 7,311 180,041 SH   SOLE   180,041 0 0
CITIZENS HLDG CO MISS COM 174715102 226 10,348 SH   SOLE   10,348 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 19,680 820,000 SH   SOLE   820,000 0 0
CNB FINL CORP PA COM 126128107 3,595 110,000 SH   SOLE   110,000 0 0
CODORUS VY BANCORP INC COM 192025104 10,207 443,200 SH   SOLE   443,200 0 0
COMMUNITY BANKERS TR CORP COM 203612106 11,606 1,306,988 SH   SOLE   1,306,988 0 0
COMMUNITY FIRST BANCSHARES I COM 20369M104 1,615 141,019 SH   SOLE   141,019 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 3,410 132,596 SH   SOLE   132,596 0 0
CORTLAND BANCORP COM 220587109 3,143 144,100 SH   SOLE   144,100 0 0
Central Federal Bancshares, Inc. Not 13-F Security 15346T107 1,871 149,700 SH   SOLE   149,700 0 0
Chesapeake Financial Shares, Inc. Not 13-F Security 16517A109 517 21,525 SH   SOLE   21,525 0 0
Citizens Financial Services, Inc. Not 13-F Security 174615104 13 216 SH   SOLE   216 0 0
Communities First Financial Corporation Not 13-F Security 20344D104 2,372 82,500 SH   SOLE   82,500 0 0
D R HORTON INC COM 23331A109 8,044 152,500 SH   SOLE   152,500 0 0
EAGLE BANCORP MONT INC COM 26942G100 2,140 100,050 SH   SOLE   100,050 0 0
EAST WEST BANCORP INC COM 27579R104 3,655 75,051 SH   SOLE   75,051 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 3,859 80,054 SH   SOLE   80,054 0 0
ESQUIRE FINL HLDGS INC COM 29667J101 1,908 73,178 SH   SOLE   73,178 0 0
ESSA BANCORP INC COM 29667D104 13,396 790,300 SH   SOLE   790,300 0 0
EVANS BANCORP INC COM NEW 29911Q208 8,421 210,000 SH   SOLE   210,000 0 0
EVERCORE INC CLASS A 29977A105 5,981 80,000 SH   SOLE   80,000 0 0
Equitable Financial Corp. Not 13-F Security 29448T105 3,848 308,300 SH   SOLE   308,300 0 0
Eureka Homestead Bancorp, Inc. Not 13-F Security 298544107 1,701 140,000 SH   SOLE   140,000 0 0
FARMERS NATL BANC CORP COM 309627107 10,118 620,000 SH   SOLE   620,000 0 0
FFBW INC COM 30258M107 163 14,135 SH   SOLE   14,135 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 6,259 45,000 SH   SOLE   45,000 0 0
FIFTH THIRD BANCORP COM 316773100 11,760 382,550 SH   SOLE   382,550 0 0
FIRST BANCSHARES INC MS COM 318916103 7,637 215,000 SH   SOLE   215,000 0 0
FIRST CMNTY CORP S C COM 319835104 4,083 188,941 SH   SOLE   188,941 0 0
FIRST DEFIANCE FINL CORP COM 32006W106 1,988 63,131 SH   SOLE   63,131 0 0
FIRST FINL BANCORP OH COM 320209109 15,010 590,030 SH   SOLE   590,030 0 0
FIRST HAWAIIAN INC COM 32051X108 15,334 531,500 SH   SOLE   531,500 0 0
FIRST MERCHANTS CORP COM 320817109 1,667 40,075 SH   SOLE   40,075 0 0
FIRST MID BANCSHARES INC COM 320866106 6,860 194,600 SH   SOLE   194,600 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 11,899 516,000 SH   SOLE   516,000 0 0
FIRST SAVINGS FINL GROUP INC COM 33621E109 3,817 56,882 SH   SOLE   56,882 0 0
FIRST UTD CORP COM 33741H107 2,891 120,000 SH   SOLE   120,000 0 0
FISERV INC COM 337738108 3,180 27,500 SH   SOLE   27,500 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 6,296 905,911 SH   SOLE   905,911 0 0
FLUSHING FINL CORP COM 343873105 1,296 60,000 SH   SOLE   60,000 0 0
FNCB BANCORP INC COM 302578109 315 37,246 SH   SOLE   37,246 0 0
FORESTAR GROUP INC COM 346232101 17,326 830,979 SH   SOLE   830,979 0 0
FVCBANKCORP INC COM 36120Q101 504 28,823 SH   SOLE   28,823 0 0
First IC Corporation Not 13-F Security 32058J102 892 99,754 SH   SOLE   99,754 0 0
GREAT WESTN BANCORP INC COM 391416104 3,822 110,022 SH   SOLE   110,022 0 0
GUARANTY BANCSHARES INC TEX COM 400764106 4,603 140,000 SH   SOLE   140,000 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 5,708 130,077 SH   SOLE   130,077 0 0
HARBORONE BANCORP INC NEW COM NEW 41165Y100 17,364 1,580,000 SH   SOLE   1,580,000 0 0
HBT FINL INC COM 404111106 9,020 475,000 SH   SOLE   475,000 0 0
HEARTLAND FINL USA INC COM 42234Q102 8,438 169,649 SH   SOLE   169,649 0 0
HILLTOP HOLDINGS INC COM 432748101 3,616 145,060 SH   SOLE   145,060 0 0
HMN FINL INC COM 40424G108 5,202 247,618 SH   SOLE   247,618 0 0
HOME BANCSHARES INC COM 436893200 12,939 658,159 SH   SOLE   658,159 0 0
HOMETRUST BANCSHARES INC COM 437872104 9,793 365,000 SH   SOLE   365,000 0 0
HOPE BANCORP INC COM 43940T109 3,346 225,157 SH   SOLE   225,157 0 0
HOWARD BANCORP INC COM 442496105 1,688 100,000 SH   SOLE   100,000 0 0
HOWARD HUGHES CORP COM 44267D107 12,236 96,500 SH   SOLE   96,500 0 0
Heritage Nola Bancorp, Inc. Not 13-F Security 42727P108 634 49,553 SH   SOLE   49,553 0 0
IF BANCORP INC COM 44951J105 7,486 325,174 SH   SOLE   325,174 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 14,838 655,108 SH   SOLE   655,108 0 0
INDEPENDENT BK GROUP INC COM 45384B106 2,555 46,083 SH   SOLE   46,083 0 0
INVESTAR HLDG CORP COM 46134L105 18,466 781,904 SH   SOLE   781,904 0 0
INVESTORS BANCORP INC NEW COM 46146L101 14,672 1,231,418 SH   SOLE   1,231,418 0 0
KEYCORP NEW COM 493267108 18,218 900,122 SH   SOLE   900,122 0 0
KKR & CO INC CL A 48251W104 7,876 270,000 SH   SOLE   270,000 0 0
LAKELAND BANCORP INC COM 511637100 14,776 850,191 SH   SOLE   850,191 0 0
LENNAR CORP CL B 526057302 27,906 624,300 SH   SOLE   624,300 0 0
LIMESTONE BANCORP INC COM 53262L105 525 29,154 SH   SOLE   29,154 0 0
LUTHER BURBANK CORP COM 550550107 12,630 1,095,392 SH   SOLE   1,095,392 0 0
M & T BK CORP COM 55261F104 8,066 47,514 SH   SOLE   47,514 0 0
MACATAWA BK CORP COM 554225102 1,560 140,183 SH   SOLE   140,183 0 0
MERIDIAN BANCORP INC MD COM 58958U103 2,712 135,000 SH   SOLE   135,000 0 0
MERIDIAN BK PAOLI PA COM 58958P104 4,702 232,876 SH   SOLE   232,876 0 0
MID SOUTHERN BANCORP INC COM 59548Q107 2,619 195,000 SH   SOLE   195,000 0 0
MORGAN STANLEY COM NEW 617446448 27,727 542,400 SH   SOLE   542,400 0 0
New Bancorp, Inc. Not 13-F Security 642142103 1,867 66,200 SH   SOLE   66,200 0 0
OAK VALLEY BANCORP OAKDALE C COM 671807105 51 2,631 SH   SOLE   2,631 0 0
OCEANFIRST FINL CORP COM 675234108 470 18,400 SH   SOLE   18,400 0 0
OLD POINT FINL CORP COM 680194107 30 1,100 SH   SOLE   1,100 0 0
OP BANCORP COM 67109R109 1,918 185,000 SH   SOLE   185,000 0 0
OPUS BK IRVINE CALIF COM 684000102 6,730 260,148 SH   SOLE   260,148 0 0
ORRSTOWN FINL SVCS INC COM 687380105 5,763 254,758 SH   SOLE   254,758 0 0
OTTAWA BANCORP INC COM 689195105 4,152 300,200 SH   SOLE   300,200 0 0
PARKE BANCORP INC COM 700885106 207 8,144 SH   SOLE   8,144 0 0
PCB BANCORP COM 69320M109 1,123 65,000 SH   SOLE   65,000 0 0
PEOPLES BANCORP N C INC COM 710577107 2,745 83,566 SH   SOLE   83,566 0 0
PIONEER BANCORP INC COM 723561106 1,761 115,000 SH   SOLE   115,000 0 0
PIPER JAFFRAY COS COM 724078100 4,093 51,200 SH   SOLE   51,200 0 0
PJT PARTNERS INC COM CL A 69343T107 6,318 140,000 SH   SOLE   140,000 0 0
PLUMAS BANCORP COM 729273102 2,902 110,000 SH   SOLE   110,000 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 6,012 100,043 SH   SOLE   100,043 0 0
PROSPERITY BANCSHARES INC COM 743606105 8,088 112,500 SH   SOLE   112,500 0 0
PROVIDENT BANCORP INC COM NEW 74383L105 4,852 389,729 SH   SOLE   389,729 0 0
PROVIDENT FINL HLDGS INC COM 743868101 2,798 127,754 SH   SOLE   127,754 0 0
PRUDENTIAL BANCORP INC NEW COM 74431A101 2,316 125,000 SH   SOLE   125,000 0 0
Pioneer Bancshares, Inc. Not 13-F Security 72357G102 117 4,028 SH   SOLE   4,028 0 0
QCR HOLDINGS INC COM 74727A104 3,773 86,019 SH   SOLE   86,019 0 0
QNB Corporation Not 13-F Security 74726N107 11,413 295,291 SH   SOLE   295,291 0 0
Quaint Oak Bancorp, Inc. Not 13-F Security 74732T106 72 4,900 SH   SOLE   4,900 0 0
RANDOLPH BANCORP INC COM 752378109 1,059 60,000 SH   SOLE   60,000 0 0
RBB BANCORP COM 74930B105 804 37,995 SH   SOLE   37,995 0 0
REGIONS FINL CORP NEW COM 7591EP100 13,302 775,180 SH   SOLE   775,180 0 0
RHINEBECK BANCORP INC COM 762093102 2,828 250,000 SH   SOLE   250,000 0 0
RIVERVIEW BANCORP INC COM 769397100 1,149 140,000 SH   SOLE   140,000 0 0
Revere Bank Not 13-F Security 761402106 5,480 139,785 SH   SOLE   139,785 0 0
SANDY SPRING BANCORP INC COM 800363103 11,155 294,487 SH   SOLE   294,487 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 3,386 110,000 SH Put SOLE   110,000 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 770 25,000 SH Put SOLE   25,000 0 0
SERVISFIRST BANCSHARES INC COM 81768T108 4,655 123,542 SH   SOLE   123,542 0 0
SHORE BANCSHARES INC COM 825107105 3,212 185,000 SH   SOLE   185,000 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 13,115 96,006 SH   SOLE   96,006 0 0
SOUND FINL BANCORP INC COM 83607A100 287 7,961 SH   SOLE   7,961 0 0
SOUTH PLAINS FINANCIAL INC COM 83946P107 11,483 550,222 SH   SOLE   550,222 0 0
SOUTHERN NATL BANCORP OF VA COM 843395104 3,527 215,700 SH   SOLE   215,700 0 0
STANDARD AVB FINL CORP COM 85303B100 5,514 183,987 SH   SOLE   183,987 0 0
STERLING BANCORP DEL COM 85917A100 22,277 1,056,781 SH   SOLE   1,056,781 0 0
STERLING BANCORP INC COM 85917W102 5,409 667,800 SH   SOLE   667,800 0 0
SVB FINL GROUP COM 78486Q101 4,494 17,900 SH   SOLE   17,900 0 0
SYNOVUS FINL CORP COM NEW 87161C501 6,078 155,041 SH   SOLE   155,041 0 0
SouthCrest Financial Group, Inc. Not 13-F Security 84129X107 27 2,900 SH   SOLE   2,900 0 0
Sugar Creek Financial Corporation Not 13-F Security 86481Y102 798 77,375 SH   SOLE   77,375 0 0
Sunnyside Bancorp, Inc. Not 13-F Security 867475105 843 64,871 SH   SOLE   64,871 0 0
TCF FINANCIAL CORPORATION NE COM 872307103 35,102 750,034 SH   SOLE   750,034 0 0
TERRITORIAL BANCORP INC COM 88145X108 6,519 210,700 SH   SOLE   210,700 0 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 3,406 60,000 SH   SOLE   60,000 0 0
TFS FINL CORP COM 87240R107 5,196 264,000 SH   SOLE   264,000 0 0
TOLL BROTHERS INC COM 889478103 6,914 175,000 SH   SOLE   175,000 0 0
TRIUMPH BANCORP INC COM 89679E300 18,062 475,061 SH   SOLE   475,061 0 0
TWO RIV BANCORP COM 90207C105 4,301 192,000 SH   SOLE   192,000 0 0
UMPQUA HLDGS CORP COM 904214103 1,328 75,044 SH   SOLE   75,044 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 14,842 1,272,939 SH   SOLE   1,272,939 0 0
UNIVEST FINANCIAL CORPORATIO COM 915271100 2,506 93,592 SH   SOLE   93,592 0 0
VALLEY NATL BANCORP COM 919794107 9,736 850,268 SH   SOLE   850,268 0 0
VERITEX HLDGS INC COM 923451108 10,051 345,056 SH   SOLE   345,056 0 0
VICTORY CAP HLDGS INC COM CL A 92645B103 16,709 796,800 SH   SOLE   796,800 0 0
VISA INC COM CL A 92826C839 3,570 19,000 SH   SOLE   19,000 0 0
WESTERN ALLIANCE BANCORP COM 957638109 12,259 215,074 SH   SOLE   215,074 0 0
WILLIS LEASE FINANCE CORP COM 970646105 771 13,083 SH   SOLE   13,083 0 0
WINTRUST FINL CORP COM 97650W108 10,461 147,547 SH   SOLE   147,547 0 0
WSFS FINL CORP COM 929328102 10,118 230,000 SH   SOLE   230,000 0 0
West End Indiana Bancshares, Inc. Not 13-F Security 952678100 2,157 61,993 SH   SOLE   61,993 0 0
White River Bancshares Company Not 13-F Security 96445A108 4,552 68,000 SH   SOLE   68,000 0 0
White River Bancshares Company Not 13-F Security 9B999WRBC 3,020 45,113 SH   SOLE   45,113 0 0
ZIONS BANCORPORATION N A COM 989701107 31,824 612,948 SH   SOLE   612,948 0 0