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 496 40,000 SH   SOLE   40,000 0 0
ESQUIRE FINL HLDGS INC COM 29667j101 920 54,411 SH   SOLE   54,411 0 0
ESSA BANCORP INC COM 29667d104 10,115 726,685 SH   SOLE   726,685 0 0
EVANS BANCORP INC COM NEW 29911q208 3,135 134,784 SH   SOLE   134,784 0 0
ALERUS FINL CORP COM 01446u103 3,557 180,000 SH   SOLE   180,000 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 2,168 86,600 SH   SOLE   86,600 0 0
AMERICAN RIVER BANKSHARES COM 029326105 5,591 525,000 SH   SOLE   525,000 0 0
AMERIS BANCORP COM 03076k108 13,556 574,668 SH   SOLE   574,668 0 0
ARES MANAGEMENT CORPORATION CL A COM STK 03990b101 9,925 250,000 SH   SOLE   250,000 0 0
ARTISAN PARTNERS ASSET MGMT CL A 04316a108 1,950 60,000 SH   SOLE   60,000 0 0
BANC OF CALIFORNIA INC COM 05990k106 4,957 457,700 SH   SOLE   457,700 0 0
BANCFIRST CORP COM 05945f103 10,739 264,700 SH   SOLE   264,700 0 0
BANCORP 34 INC COM 05970v106 318 28,160 SH   SOLE   28,160 0 0
BANK NEW YORK MELLON CORP COM 064058100 4,039 104,500 SH   SOLE   104,500 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 1,585 167,800 SH   SOLE   167,800 0 0
BANK7 CORP COM 06652n107 781 71,925 SH   SOLE   71,925 0 0
BANKUNITED INC COM 06652k103 9,732 480,600 SH   SOLE   480,600 0 0
Bay Banks of Virginia, Inc. Not 13-F Security 072035108 5,219 869,829 SH   SOLE   869,829 0 0
Blackhawk Bancorp, Inc. Not 13-F Security 09237e204 1,138 56,500 SH   SOLE   56,500 0 0
BLACKROCK INC COM 09247x101 7,753 14,250 SH   SOLE   14,250 0 0
BOGOTA FINL CORP COM 097235105 699 80,000 SH   SOLE   80,000 0 0
BOK FINL CORP COM NEW 05561q201 3,104 55,000 SH   SOLE   55,000 0 0
BOSTON PRIVATE FINL HLDGS IN COM 101119105 5,596 813,400 SH   SOLE   813,400 0 0
BRIDGE BANCORP INC COM 108035106 676 29,600 SH   SOLE   29,600 0 0
BRIGHTSPHERE INVT GROUP INC COM 10948w103 9,627 772,600 SH   SOLE   772,600 0 0
BROOKLINE BANCORP INC DEL COM 11373m107 2,055 203,901 SH   SOLE   203,901 0 0
CAMBRIDGE BANCORP COM 132152109 4,212 71,100 SH   SOLE   71,100 0 0
CANNAE HLDGS INC COM 13765n107 2,774 67,500 SH   SOLE   67,500 0 0
CAPITAL BANCORP INC MD COM 139737100 2,549 238,262 SH   SOLE   238,262 0 0
CAPITAL ONE FINL CORP COM 14040h105 3,211 51,300 SH   SOLE   51,300 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 4,498 57,869 SH   SOLE   57,869 0 0
CITIGROUP INC COM NEW 172967424 23,787 465,500 SH   SOLE   465,500 0 0
CITIZENS FINANCIAL GROUP INC COM 174610105 1,676 66,400 SH   SOLE   66,400 0 0
Citizens Financial Services, Inc. Not 13-F Security 174615104 1,301 26,149 SH   SOLE   26,149 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 10,525 683,448 SH   SOLE   683,448 0 0
CODORUS VY BANCORP INC COM 192025104 5,881 425,239 SH   SOLE   425,239 0 0
Communities First Financial Corporation Not 13-F Security 20344d104 2,054 90,100 SH   SOLE   90,100 0 0
COMMUNITY BANKERS TR CORP COM 203612106 7,370 1,340,000 SH   SOLE   1,340,000 0 0
COMMUNITY FIRST BANCSHARES I COM 20369m104 996 130,000 SH   SOLE   130,000 0 0
CONNECTONE BANCORP INC NEW COM 20786w107 3,125 193,889 SH   SOLE   193,889 0 0
DISCOVER FINL SVCS COM 254709108 2,980 59,500 SH   SOLE   59,500 0 0
EAGLE BANCORP MONT INC COM 26942g100 3,741 215,249 SH   SOLE   215,249 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 2,603 83,644 SH   SOLE   83,644 0 0
ENVESTNET INC COM 29404k106 1,363 18,540 SH   SOLE   18,540 0 0
Equitable Financial Corp. Not 13-F Security 29448t105 3,132 290,000 SH   SOLE   290,000 0 0
Eureka Homestead Bancorp, Inc. Not 13-F Security 298544107 1,366 140,000 SH   SOLE   140,000 0 0
FARMERS NATIONAL BANC CORP COM 309627107 4,948 417,214 SH   SOLE   417,214 0 0
FFBW INC MD COM 30260m103 3,388 393,902 SH   SOLE   393,902 0 0
FIDELITY NATL INFORMATION SV COM 31620m106 4,170 31,100 SH   SOLE   31,100 0 0
FIFTH THIRD BANCORP COM 316773100 5,260 272,800 SH   SOLE   272,800 0 0
FIRST BANCSHARES INC MS COM 318916103 4,511 200,500 SH   SOLE   200,500 0 0
FIRST CMNTY CORP S C COM 319835104 2,300 151,840 SH   SOLE   151,840 0 0
FIRST FINL BANCORP OH COM 320209109 4,887 351,800 SH   SOLE   351,800 0 0
First IC Corporation Not 13-F Security 32058j102 533 109,731 SH   SOLE   109,731 0 0
FIRST INTST BANCSYSTEM INC COM CL A 32055y201 3,263 105,400 SH   SOLE   105,400 0 0
FIRST MERCHANTS CORP COM 320817109 553 20,044 SH   SOLE   20,044 0 0
FIRST MID BANCSHARES INC COM 320866106 11,099 423,144 SH   SOLE   423,144 0 0
FIRST UTD CORP COM 33741h107 1,358 101,800 SH   SOLE   101,800 0 0
FISERV INC COM 337738108 5,174 53,000 SH   SOLE   53,000 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833q106 3,808 827,800 SH   SOLE   827,800 0 0
FLUSHING FINL CORP COM 343873105 851 73,900 SH   SOLE   73,900 0 0
FORESTAR GROUP INC COM 346232101 7,054 467,791 SH   SOLE   467,791 0 0
GOLDMAN SACHS GROUP INC COM 38141g104 2,964 15,000 SH   SOLE   15,000 0 0
GUARANTY BANCSHARES INC TEX COM 400764106 2,775 107,276 SH   SOLE   107,276 0 0
HARBORONE BANCORP INC NEW COM NEW 41165y100 11,542 1,351,500 SH   SOLE   1,351,500 0 0
HBT FINL INC. COM 404111106 9,187 689,200 SH   SOLE   689,200 0 0
HEARTLAND FINL USA INC COM 42234q102 6,315 188,846 SH   SOLE   188,846 0 0
Heritage Nola Bancorp, Inc. Not 13-F Security 42727p108 896 89,180 SH   SOLE   89,180 0 0
HMN FINL INC COM 40424g108 3,439 235,557 SH   SOLE   235,557 0 0
HOME BANCORP INC COM 43689E107 633 23,675 SH   SOLE   23,675 0 0
HOME BANCSHARES INC COM 436893200 7,933 515,799 SH   SOLE   515,799 0 0
HOMETRUST BANCSHARES INC COM 437872104 8,880 555,000 SH   SOLE   555,000 0 0
HOPE BANCORP INC COM 43940t109 1,639 177,800 SH   SOLE   177,800 0 0
HORIZON BANCORP INC COM 440407104 7,611 712,000 SH   SOLE   712,000 0 0
HOWARD HUGHES CORP COM 44267d107 3,824 73,600 SH   SOLE   73,600 0 0
IF BANCORP INC COM 44951j105 5,584 323,700 SH   SOLE   323,700 0 0
INDEPENDENT BK GROUP INC COM 45384b106 16,818 415,054 SH   SOLE   415,054 0 0
INDEPENDENT BK CORP MICH COM NEW 453838609 13,668 920,405 SH   SOLE   920,405 0 0
INVESTAR HLDG CORP COM 46134l105 11,198 772,268 SH   SOLE   772,268 0 0
INVESTORS BANCORP INC NEW COM 46146l101 7,702 906,124 SH   SOLE   906,124 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 1,432 10,000 SH Put SOLE   10,000 0 0
ISHARES TR BARCLAYS 7 10 YR 464287440 2,437 20,000 SH   SOLE   20,000 0 0
JPMORGAN CHASE & CO COM 46625h100 2,352 25,000 SH   SOLE   25,000 0 0
KEARNY FINL CORP MD COM 48716p108 286 35,000 SH   SOLE   35,000 0 0
KEYCORP COM 493267108 8,354 685,875 SH   SOLE   685,875 0 0
KKR & CO INC COM 48251w104 8,801 285,000 SH   SOLE   285,000 0 0
LAKELAND BANCORP INC COM 511637100 13,871 1,213,523 SH   SOLE   1,213,523 0 0
LAZARD LTD SHS A g54050102 1,145 40,000 SH   SOLE   40,000 0 0
LENNAR CORP CL B 526057302 21,372 463,700 SH   SOLE   463,700 0 0
LIMESTONE BANCORP INC COM 53262l105 306 23,297 SH   SOLE   23,297 0 0
LPL FINL HLDGS INC COM 50212v100 2,203 28,100 SH   SOLE   28,100 0 0
LUTHER BURBANK CORP COM 550550107 10,133 1,013,253 SH   SOLE   1,013,253 0 0
M & T BK CORP COM 55261f104 1,366 13,143 SH   SOLE   13,143 0 0
MACATAWA BK CORP COM 554225102 1,182 151,151 SH   SOLE   151,151 0 0
MASTERCARD INCORPORATED CL A 57636q104 4,583 15,500 SH   SOLE   15,500 0 0
MERCHANTS BANCORP IND COM 58844r108 673 36,400 SH   SOLE   36,400 0 0
MERIDIAN BANCORP INC MD COM 58958u103 3,142 270,900 SH   SOLE   270,900 0 0
MERIDIAN BK PAOLI PA COM 58958p104 2,463 155,365 SH   SOLE   155,365 0 0
META FINL GROUP INC COM 59100u108 363 20,000 SH   SOLE   20,000 0 0
MID SOUTHERN BANCORP INC COM 59548q107 2,363 195,000 SH   SOLE   195,000 0 0
MORGAN STANLEY COM NEW 617446448 24,459 506,400 SH   SOLE   506,400 0 0
New Bancorp, Inc. Not 13-F Security 642142103 500 20,000 SH   SOLE   20,000 0 0
OAK VALLEY BANCORP OAKDALE C COM 671807105 34 2,706 SH   SOLE   2,706 0 0
OCEANFIRST FINL CORP COM 675234108 2,267 128,600 SH   SOLE   128,600 0 0
OP BANCORP COM 67109r109 1,385 200,700 SH   SOLE   200,700 0 0
ORRSTOWN FINL SVCS INC COM 687380105 4,980 337,652 SH   SOLE   337,652 0 0
OTTAWA BANCORP INC COM 689195105 3,137 300,200 SH   SOLE   300,200 0 0
PAYPAL HLDGS INC COM 70450y103 653 3,750 SH   SOLE   3,750 0 0
PCB BANCORP COM 69320m109 153 14,900 SH   SOLE   14,900 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 1,073 57,292 SH   SOLE   57,292 0 0
PEOPLES BANCORP N C INC COM 710577107 1,418 80,251 SH   SOLE   80,251 0 0
PIONEER BANCORP INC COM 723561106 1,075 117,436 SH   SOLE   117,436 0 0
Pioneer Bancshares, Inc. Not 13-F Security 72357g102 61 4,028 SH   SOLE   4,028 0 0
PIPER SANDLER COMPANIES COM 724078100 3,254 55,000 SH   SOLE   55,000 0 0
PLUMAS BANCORP COM 729273102 1,256 56,794 SH   SOLE   56,794 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 3,968 92,600 SH   SOLE   92,600 0 0
PREMIER FINANCIAL CORP COM 74052f108 9,807 555,030 SH   SOLE   555,030 0 0
PROFESSIONAL HLDG CORP CL A COM 743139107 1,130 81,423 SH   SOLE   81,423 0 0
PROSPERITY BANCSHARES INC COM 743606105 1,554 26,165 SH   SOLE   26,165 0 0
PROVIDENT BANCORP INC COM NEW 74383l105 4,019 511,363 SH   SOLE   511,363 0 0
PROVIDENT FINL SVCS INC COM 74386t105 335 23,169 SH   SOLE   23,169 0 0
PROVIDENT FINL HLDGS INC COM 743868101 1,944 145,000 SH   SOLE   145,000 0 0
PRUDENTIAL BANCORP INC NEW COM 74431a101 1,505 125,000 SH   SOLE   125,000 0 0
PSB Holdings, Inc. Not 13-F Security 69360n108 1,781 96,000 SH   SOLE   96,000 0 0
PULTE GROUP INC COM 745867101 6,302 185,200 SH   SOLE   185,200 0 0
QCR HOLDINGS INC COM 74727a104 6,940 222,590 SH   SOLE   222,590 0 0
QNB Corporation Not 13-F Security 74726n107 8,981 317,896 SH   SOLE   317,896 0 0
Quaint Oak Bancorp, Inc. Not 13-F Security 74732t106 440 40,000 SH   SOLE   40,000 0 0
RANDOLPH BANCORP INC COM 752378109 1,911 190,100 SH   SOLE   190,100 0 0
REGIONS FINANCIAL CORP NEW COM 7591ep100 1,783 160,384 SH   SOLE   160,384 0 0
RHINEBECK BANCORP INC COM 762093102 1,640 250,000 SH   SOLE   250,000 0 0
ROYAL BK CDA COM 780087102 1,071 15,800 SH   SOLE   15,800 0 0
SANDY SPRING BANCORP INC COM 800363103 7,832 316,048 SH   SOLE   316,048 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369y605 5,438 235,000 SH Put SOLE   235,000 0 0
SHORE BANCSHARES INC COM 825107105 1,605 144,695 SH   SOLE   144,695 0 0
SIGNATURE BK NEW YORK N Y COM 82669g104 7,884 73,733 SH   SOLE   73,733 0 0
SOUND FINL BANCORP INC COM 83607a100 966 40,000 SH   SOLE   40,000 0 0
SOUTH PLAINS FINANCIAL INC COM 83946p107 6,506 456,900 SH   SOLE   456,900 0 0
SOUTH ST CORP COM 840441109 1,750 36,717 SH   SOLE   36,717 0 0
SouthCrest Financial Group, Inc. Not 13-F Security 84129x107 30 5,024 SH   SOLE   5,024 0 0
SOUTHERN MO BANCORP INC COM 843380106 1,458 60,000 SH   SOLE   60,000 0 0
SOUTHERN NATL BANCORP OF VA COM 843395104 1,770 182,700 SH   SOLE   182,700 0 0
SOUTHSIDE BANCSHARES INC COM 84470p109 3,865 139,427 SH   SOLE   139,427 0 0
SPDR S&P 500 ETF TR TR UNIT 78462f103 6,167 20,000 SH Put SOLE   20,000 0 0
SPDR SER TR S&P REGL BKG 78464a698 1,152 30,000 SH Put SOLE   30,000 0 0
STANDARD AVB FINL CORP COM 85303b100 4,327 186,492 SH   SOLE   186,492 0 0
STERLING BANCORP DEL COM 85917a100 10,876 927,977 SH   SOLE   927,977 0 0
STERLING BANCORP INC COM 85917w102 2,143 598,500 SH   SOLE   598,500 0 0
Sugar Creek Financial Corporation Not 13-F Security 86481y102 600 77,375 SH   SOLE   77,375 0 0
Sunnyside Bancorp, Inc. Not 13-F Security 867475105 560 64,871 SH   SOLE   64,871 0 0
TCF FINANCIAL CORPORATION NE COM 872307103 12,889 438,100 SH   SOLE   438,100 0 0
TERRITORIAL BANCORP INC COM 88145x108 4,236 178,043 SH   SOLE   178,043 0 0
TFS FINL CORP COM 87240r107 3,463 242,000 SH   SOLE   242,000 0 0
TRUIST FINL CORP COM 89832q109 913 24,318 SH   SOLE   24,318 0 0
TRUSTCO BK CORP N Y COM 898349105 4,017 634,611 SH   SOLE   634,611 0 0
US BANCORP DEL COM NEW 902973304 2,088 56,700 SH   SOLE   56,700 0 0
VALLEY NATL BANCORP COM 919794107 12,179 1,557,450 SH   SOLE   1,557,450 0 0
VICTORY CAP HLDGS INC COM CL A 92645b103 7,885 458,700 SH   SOLE   458,700 0 0
VISA INC COM CL A 92826c839 5,950 30,800 SH   SOLE   30,800 0 0
WESBANCO INC COM 950810101 812 40,000 SH   SOLE   40,000 0 0
White River Bancshares Company Not 13-F Security 96445a108 3,231 68,000 SH   SOLE   68,000 0 0
WILLIS LEASE FINANCE CORP COM 970646105 318 13,083 SH   SOLE   13,083 0 0
WINTRUST FINL CORP COM 97650w108 16,076 368,538 SH   SOLE   368,538 0 0
ZIONS BANCORPORATION N A COM 989701107 20,699 608,800 SH   SOLE   608,800 0 0