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
1ST CONSTITUTION BANCORP COM 31986N102 180 13,609 SH   SOLE   13,609 0 0
ALERUS FINL CORP COM 01446U103 8,405 508,804 SH   SOLE   508,804 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 3,322 139,000 SH   SOLE   139,000 0 0
AMERICAN RIVER BANKSHARES COM 029326105 4,526 525,000 SH   SOLE   525,000 0 0
AMERIS BANCORP COM 03076K108 14,639 616,121 SH   SOLE   616,121 0 0
APOLLO GLOBAL MGMT INC COM CL A 03768E105 7,517 224,400 SH   SOLE   224,400 0 0
ARES MANAGEMENT CORPORATION CL A COM STK 03990B101 1,856 60,000 SH   SOLE   60,000 0 0
ASSOCIATED BANC CORP COM 045487105 3,073 240,253 SH   SOLE   240,253 0 0
BANC OF CALIFORNIA INC COM 05990K106 4,680 585,000 SH   SOLE   585,000 0 0
BANCORP 34 INC COM 05970V106 280 25,723 SH   SOLE   25,723 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 1,468 167,800 SH   SOLE   167,800 0 0
BANKUNITED INC COM 06652K103 7,902 422,588 SH   SOLE   422,588 0 0
Bay Banks of Virginia, Inc. Not 13-F Security 072035108 4,749 869,829 SH   SOLE   869,829 0 0
Blackhawk Bancorp, Inc. Not 13-F Security 09237E204 1,189 58,700 SH   SOLE   58,700 0 0
BOGOTA FINL CORP COM 097235105 558 80,925 SH   SOLE   80,925 0 0
BOSTON PRIVATE FINL HLDGS IN COM 101119105 6,418 897,655 SH   SOLE   897,655 0 0
BROOKLINE BANCORP INC DEL COM 11373M107 1,241 110,000 SH   SOLE   110,000 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 644 47,738 SH   SOLE   47,738 0 0
CAMBRIDGE BANCORP COM 132152109 4,680 90,000 SH   SOLE   90,000 0 0
CANNAE HLDGS INC COM 13765N107 3,516 105,000 SH   SOLE   105,000 0 0
CAPITAL BANCORP INC MD COM 139737100 3,314 264,675 SH   SOLE   264,675 0 0
CENTERSTATE BK CORP COM 15201P109 4,738 275,000 SH   SOLE   275,000 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 3,608 57,969 SH   SOLE   57,969 0 0
CENTURY CMNTYS INC COM 156504300 943 65,000 SH   SOLE   65,000 0 0
CITIGROUP INC COM NEW 172967424 20,428 485,000 SH   SOLE   485,000 0 0
CITIZENS FINANCIAL GROUP INC COM 174610105 2,775 147,552 SH   SOLE   147,552 0 0
Citizens Financial Services, Inc. Not 13-F Security 174615104 210 4,246 SH   SOLE   4,246 0 0
CITIZENS HLDG CO MISS COM 174715102 208 10,348 SH   SOLE   10,348 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 11,694 781,700 SH   SOLE   781,700 0 0
CNB FINL CORP PA COM 126128107 2,312 122,506 SH   SOLE   122,506 0 0
CODORUS VY BANCORP INC COM 192025104 7,126 442,628 SH   SOLE   442,628 0 0
COHEN & STEERS INC COM 19247A100 5,018 110,400 SH   SOLE   110,400 0 0
Communities First Financial Corporation Not 13-F Security 20344D104 2,037 88,578 SH   SOLE   88,578 0 0
COMMUNITY BANKERS TR CORP COM 203612106 6,476 1,335,332 SH   SOLE   1,335,332 0 0
COMMUNITY FIRST BANCSHARES I COM 20369M104 963 141,019 SH   SOLE   141,019 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 2,021 150,399 SH   SOLE   150,399 0 0
CORTLAND BANCORP COM 220587109 1,928 142,812 SH   SOLE   142,812 0 0
D R HORTON INC COM 23331A109 3,910 115,000 SH   SOLE   115,000 0 0
DISCOVER FINL SVCS COM 254709108 2,632 73,800 SH   SOLE   73,800 0 0
EAGLE BANCORP MONT INC COM 26942G100 3,073 189,600 SH   SOLE   189,600 0 0
EAST WEST BANCORP INC COM 27579R104 644 25,000 SH   SOLE   25,000 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 2,949 105,678 SH   SOLE   105,678 0 0
Equitable Financial Corp. Not 13-F Security 29448T105 2,641 305,300 SH   SOLE   305,300 0 0
ESQUIRE FINL HLDGS INC COM 29667J101 1,022 67,911 SH   SOLE   67,911 0 0
ESSA BANCORP INC COM 29667D104 9,976 730,820 SH   SOLE   730,820 0 0
Eureka Homestead Bancorp, Inc. Not 13-F Security 298544107 1,197 140,000 SH   SOLE   140,000 0 0
EVANS BANCORP INC COM NEW 29911Q208 5,054 207,890 SH   SOLE   207,890 0 0
EVERCORE INC CLASS A 29977A105 921 20,000 SH   SOLE   20,000 0 0
FARMERS NATIONAL BANC CORP COM 309627107 5,001 430,000 SH   SOLE   430,000 0 0
FB FINL CORP COM 30257X104 792 40,162 SH   SOLE   40,162 0 0
FFBW INC MD COM 30260M103 2,387 300,300 SH   SOLE   300,300 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 4,634 38,100 SH   SOLE   38,100 0 0
FIFTH THIRD BANCORP COM 316773100 5,497 370,199 SH   SOLE   370,199 0 0
FINANCIAL INSTNS INC COM 317585404 247 13,622 SH   SOLE   13,622 0 0
FIRST BANCSHARES INC MS COM 318916103 4,291 225,000 SH   SOLE   225,000 0 0
FIRST CMNTY CORP S C COM 319835104 2,959 188,241 SH   SOLE   188,241 0 0
FIRST DEFIANCE FINL CORP COM 32006W106 8,951 607,230 SH   SOLE   607,230 0 0
FIRST FINL BANCORP OH COM 320209109 7,102 476,300 SH   SOLE   476,300 0 0
FIRST FNDTN INC COM 32026V104 254 24,900 SH   SOLE   24,900 0 0
First IC Corporation Not 13-F Security 32058J102 576 109,727 SH   SOLE   109,727 0 0
FIRST MID BANCSHARES INC COM 320866106 10,090 425,000 SH   SOLE   425,000 0 0
FIRST UTD CORP COM 33741H107 1,715 120,000 SH   SOLE   120,000 0 0
FISERV INC COM 337738108 8,150 85,800 SH   SOLE   85,800 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 2,086 411,535 SH   SOLE   411,535 0 0
FLUSHING FINL CORP COM 343873105 668 50,000 SH   SOLE   50,000 0 0
FORESTAR GROUP INC COM 346232101 7,231 698,667 SH   SOLE   698,667 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 3,556 23,000 SH   SOLE   23,000 0 0
GUARANTY BANCSHARES INC TEX COM 400764106 1,851 80,000 SH   SOLE   80,000 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 2,632 134,819 SH   SOLE   134,819 0 0
HARBORONE BANCORP INC NEW COM NEW 41165Y100 11,257 1,495,000 SH   SOLE   1,495,000 0 0
HBT FINL INC. COM 404111106 5,406 513,400 SH   SOLE   513,400 0 0
HEARTLAND FINL USA INC COM 42234Q102 4,833 160,035 SH   SOLE   160,035 0 0
Heritage Nola Bancorp, Inc. Not 13-F Security 42727P108 726 71,900 SH   SOLE   71,900 0 0
HILLTOP HOLDINGS INC COM 432748101 8,364 553,171 SH   SOLE   553,171 0 0
HMN FINL INC COM 40424G108 4,269 237,176 SH   SOLE   237,176 0 0
HOME BANCSHARES INC COM 436893200 7,195 600,089 SH   SOLE   600,089 0 0
HOMETRUST BANCSHARES INC COM 437872104 7,089 445,303 SH   SOLE   445,303 0 0
HOPE BANCORP INC COM 43940T109 2,261 275,069 SH   SOLE   275,069 0 0
HORIZON BANCORP INC COM 440407104 3,599 365,000 SH   SOLE   365,000 0 0
HOWARD HUGHES CORP COM 44267D107 6,189 122,500 SH   SOLE   122,500 0 0
IF BANCORP INC COM 44951J105 5,203 325,174 SH   SOLE   325,174 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 9,417 731,734 SH   SOLE   731,734 0 0
INDEPENDENT BK GROUP INC COM 45384B106 6,873 290,230 SH   SOLE   290,230 0 0
INVESTAR HLDG CORP COM 46134L105 9,974 781,068 SH   SOLE   781,068 0 0
INVESTORS BANCORP INC NEW COM 46146L101 8,009 1,002,324 SH   SOLE   1,002,324 0 0
ISHARES TR BARCLAYS 7 10 YR 464287440 2,430 20,000 SH   SOLE   20,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 1,145 10,000 SH Put SOLE   10,000 0 0
KEYCORP COM 493267108 9,232 890,296 SH   SOLE   890,296 0 0
KKR & CO INC CL A 48251W104 4,577 195,000 SH   SOLE   195,000 0 0
LAKELAND BANCORP INC COM 511637100 10,813 1,000,293 SH   SOLE   1,000,293 0 0
LENNAR CORP CL B 526057302 15,472 535,000 SH   SOLE   535,000 0 0
LIMESTONE BANCORP INC COM 53262L105 260 23,297 SH   SOLE   23,297 0 0
LUTHER BURBANK CORP COM 550550107 10,306 1,123,853 SH   SOLE   1,123,853 0 0
MACATAWA BK CORP COM 554225102 21 3,002 SH   SOLE   3,002 0 0
MERIDIAN BANCORP INC MD COM 58958U103 2,468 220,000 SH   SOLE   220,000 0 0
MERIDIAN BK PAOLI PA COM 58958P104 2,996 219,036 SH   SOLE   219,036 0 0
MID SOUTHERN BANCORP INC COM 59548Q107 2,496 195,000 SH   SOLE   195,000 0 0
MORGAN STANLEY COM NEW 617446448 17,680 520,000 SH   SOLE   520,000 0 0
New Bancorp, Inc. Not 13-F Security 642142103 320 15,000 SH   SOLE   15,000 0 0
OCEANFIRST FINL CORP COM 675234108 1,909 120,000 SH   SOLE   120,000 0 0
OP BANCORP COM 67109R109 1,641 220,000 SH   SOLE   220,000 0 0
ORRSTOWN FINL SVCS INC COM 687380105 4,682 340,000 SH   SOLE   340,000 0 0
OTTAWA BANCORP INC COM 689195105 3,292 300,200 SH   SOLE   300,200 0 0
PAYPAL HLDGS INC COM 70450Y103 6,673 69,700 SH   SOLE   69,700 0 0
PCB BANCORP COM 69320M109 511 52,300 SH   SOLE   52,300 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 952 53,042 SH   SOLE   53,042 0 0
PEOPLES BANCORP N C INC COM 710577107 1,758 86,351 SH   SOLE   86,351 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 3,003 80,000 SH   SOLE   80,000 0 0
PIONEER BANCORP INC COM 723561106 1,194 115,000 SH   SOLE   115,000 0 0
Pioneer Bancshares, Inc. Not 13-F Security 72357G102 66 4,028 SH   SOLE   4,028 0 0
PIPER SANDLER COMPANIES COM 724078100 2,781 55,000 SH   SOLE   55,000 0 0
PJT PARTNERS INC COM CL A 69343T107 1,302 30,000 SH   SOLE   30,000 0 0
PLUMAS BANCORP COM 729273102 1,883 101,775 SH   SOLE   101,775 0 0
PNC FINL SVCS GROUP INC COM 693475105 1,024 10,700 SH   SOLE   10,700 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 3,529 104,333 SH   SOLE   104,333 0 0
PROFESSIONAL HLDG CORP CL A COM 743139107 4,624 289,900 SH   SOLE   289,900 0 0
PROSPERITY BANCSHARES INC COM 743606105 965 20,000 SH   SOLE   20,000 0 0
PROVIDENT BANCORP INC COM NEW 74383L105 4,569 530,000 SH   SOLE   530,000 0 0
PROVIDENT FINL HLDGS INC COM 743868101 1,782 117,000 SH   SOLE   117,000 0 0
PRUDENTIAL BANCORP INC NEW COM 74431A101 1,850 125,000 SH   SOLE   125,000 0 0
PSB Holdings, Inc. Not 13-F Security 69360N108 1,732 70,000 SH   SOLE   70,000 0 0
QCR HOLDINGS INC COM 74727A104 1,961 72,447 SH   SOLE   72,447 0 0
QNB Corporation Not 13-F Security 74726N107 8,990 319,919 SH   SOLE   319,919 0 0
Quaint Oak Bancorp, Inc. Not 13-F Security 74732T106 446 36,250 SH   SOLE   36,250 0 0
RANDOLPH BANCORP INC COM 752378109 1,087 113,317 SH   SOLE   113,317 0 0
RBB BANCORP COM 74930B105 521 37,995 SH   SOLE   37,995 0 0
REGIONS FINANCIAL CORP NEW COM 7591EP100 2,647 295,114 SH   SOLE   295,114 0 0
Revere Bank Not 13-F Security 761402106 2,821 125,285 SH   SOLE   125,285 0 0
RHINEBECK BANCORP INC COM 762093102 1,600 250,000 SH   SOLE   250,000 0 0
RIVERVIEW BANCORP INC COM 769397100 1,538 306,975 SH   SOLE   306,975 0 0
ROYAL BK CDA COM 780087102 2,031 33,000 SH   SOLE   33,000 0 0
SANDY SPRING BANCORP INC COM 800363103 6,668 294,502 SH   SOLE   294,502 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 183 10,000 SH   SOLE   10,000 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 4,893 235,000 SH Put SOLE   235,000 0 0
SHORE BANCSHARES INC COM 825107105 2,056 189,482 SH   SOLE   189,482 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 5,371 66,813 SH   SOLE   66,813 0 0
SKYLINE CHAMPION CORPORATION COM 830830105 3,058 195,000 SH   SOLE   195,000 0 0
SMARTFINANCIAL INC COM NEW 83190L208 380 25,000 SH   SOLE   25,000 0 0
SOUND FINL BANCORP INC COM 83607A100 840 40,000 SH   SOLE   40,000 0 0
SOUTH PLAINS FINANCIAL INC COM 83946P107 8,500 548,750 SH   SOLE   548,750 0 0
SouthCrest Financial Group, Inc. Not 13-F Security 84129X107 35 5,024 SH   SOLE   5,024 0 0
SOUTHERN NATL BANCORP OF VA COM 843395104 2,015 204,814 SH   SOLE   204,814 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 5,155 20,000 SH Put SOLE   20,000 0 0
SPDR SER TR S&P REGL BKG 78464A698 978 30,000 SH Put SOLE   30,000 0 0
SQUARE INC CL A 852234103 1,310 25,000 SH   SOLE   25,000 0 0
STANDARD AVB FINL CORP COM 85303B100 3,924 185,431 SH   SOLE   185,431 0 0
STERLING BANCORP DEL COM 85917A100 10,893 1,042,435 SH   SOLE   1,042,435 0 0
STERLING BANCORP INC COM 85917W102 2,516 585,000 SH   SOLE   585,000 0 0
Sugar Creek Financial Corporation Not 13-F Security 86481Y102 651 77,375 SH   SOLE   77,375 0 0
Sunnyside Bancorp, Inc. Not 13-F Security 867475105 409 64,871 SH   SOLE   64,871 0 0
Sussex Bancorp Not 13-F Security 869245100 1,963 115,486 SH   SOLE   115,486 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 3,135 285,000 SH   SOLE   285,000 0 0
TCF FINANCIAL CORPORATION NE COM 872307103 17,086 754,029 SH   SOLE   754,029 0 0
TERRITORIAL BANCORP INC COM 88145X108 5,173 210,700 SH   SOLE   210,700 0 0
TFS FINL CORP COM 87240R107 3,894 255,000 SH   SOLE   255,000 0 0
TRIUMPH BANCORP INC COM 89679E300 6,760 260,000 SH   SOLE   260,000 0 0
TRUSTCO BK CORP N Y COM 898349105 108 20,000 SH   SOLE   20,000 0 0
UNIVEST FINANCIAL CORPORATIO COM 915271100 329 20,136 SH   SOLE   20,136 0 0
US BANCORP DEL COM NEW 902973304 1,571 45,600 SH   SOLE   45,600 0 0
VALLEY NATL BANCORP COM 919794107 7,321 1,001,500 SH   SOLE   1,001,500 0 0
VERITEX HLDGS INC COM 923451108 2,098 150,202 SH   SOLE   150,202 0 0
VICTORY CAP HLDGS INC COM CL A 92645B103 11,480 701,700 SH   SOLE   701,700 0 0
VISA INC COM CL A 92826C839 2,417 15,000 SH   SOLE   15,000 0 0
WADDELL & REED FINL INC CL A 930059100 3,312 291,000 SH   SOLE   291,000 0 0
West End Indiana Bancshares, Inc. Not 13-F Security 952678100 833 25,237 SH   SOLE   25,237 0 0
WESTERN ALLIANCE BANCORP COM 957638109 3,673 120,000 SH   SOLE   120,000 0 0
White River Bancshares Company Not 13-F Security 96445A108 3,060 68,000 SH   SOLE   68,000 0 0
WILLIS LEASE FINANCE CORP COM 970646105 348 13,083 SH   SOLE   13,083 0 0
WINTRUST FINL CORP COM 97650W108 13,313 405,133 SH   SOLE   405,133 0 0
WSFS FINL CORP COM 929328102 3,743 150,202 SH   SOLE   150,202 0 0
ZIONS BANCORPORATION N A COM 989701107 21,101 788,518 SH   SOLE   788,518 0 0