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 68 4,316 SH   SOLE   4,316 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 1,022 39,000 SH   SOLE   39,000 0 0
AMERICAN RIV BANKSHARES COM 029326105 4,238 322,261 SH   SOLE   322,261 0 0
AMERIS BANCORP COM 03076K108 15,422 405,085 SH   SOLE   405,085 0 0
ARES MANAGEMENT CORPORATION CL A COM STK 03990B101 3,967 84,305 SH   SOLE   84,305 0 0
ARTISAN PARTNERS ASSET MGMT CL A 04316A108 6,732 133,725 SH   SOLE   133,725 0 0
ASSOCIATED BANC CORP COM 045487105 6,993 410,160 SH   SOLE   410,160 0 0
BANC OF CALIFORNIA INC COM 05990K106 3,604 245,000 SH   SOLE   245,000 0 0
BANCORP 34, INC. Not 13-F Security 05970V106 247 21,777 SH   SOLE   21,777 0 0
BANK OF THE JAMES FINL GP IN COM 470299108 1,435 118,400 SH   SOLE   118,400 0 0
BANK7 CORP COM 06652N107 1,233 86,838 SH   SOLE   86,838 0 0
BAY BANKS OF VIRGINIA, INC. Not 13-F Security 072035108 5,992 677,100 SH   SOLE   677,100 0 0
BERKSHIRE HILLS BANCORP INC COM 084680107 4,193 244,940 SH   SOLE   244,940 0 0
BLACKROCK INC COM 09247X101 3,971 5,503 SH   SOLE   5,503 0 0
BOK FINL CORP COM NEW 05561Q201 4,350 63,520 SH   SOLE   63,520 0 0
BOSTON PRIVATE FINL HLDGS IN COM 101119105 4,124 488,000 SH   SOLE   488,000 0 0
BRIDGE BANCORP INC COM 108035106 682 28,200 SH   SOLE   28,200 0 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 1,561 125,000 SH   SOLE   125,000 0 0
BRIGHTSPHERE INVT GROUP INC COM 10948W103 11,729 608,345 SH   SOLE   608,345 0 0
BROOKLINE BANCORP INC DEL COM 11373M107 3,193 265,190 SH   SOLE   265,190 0 0
CADENCE BANCORPORATION CL A 12739A100 3,531 215,045 SH   SOLE   215,045 0 0
CAMBRIDGE BANCORP COM 132152109 5,570 79,856 SH   SOLE   79,856 0 0
CAPITAL BANCORP INC MD COM 139737100 2,161 155,166 SH   SOLE   155,166 0 0
CAPSTAR FINL HLDGS INC COM 14070T102 201 13,644 SH   SOLE   13,644 0 0
CARLYLE GROUP INC COM 14316J108 5,628 179,020 SH   SOLE   179,020 0 0
CASS INFORMATION SYS INC COM 14808P109 2,140 55,000 SH   SOLE   55,000 0 0
CENTURY BANCORPORATION INC CL A NON VTG 156432106 4,394 56,799 SH   SOLE   56,799 0 0
CITIGROUP INC COM NEW 172967424 14,764 239,435 SH   SOLE   239,435 0 0
CITIZENS & NORTHN CORP COM 172922106 1,984 100,000 SH   SOLE   100,000 0 0
CITIZENS FINANCIAL SERVICES, INC. Not 13-F Security 174615104 1,464 26,149 SH   SOLE   26,149 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 8,937 509,788 SH   SOLE   509,788 0 0
CODORUS VY BANCORP INC COM 192025104 5,360 316,055 SH   SOLE   316,055 0 0
COMMUNITIES FIRST FINANCIAL CORPORATION Not 13-F Security 20344D104 2,388 76,900 SH   SOLE   76,900 0 0
COMMUNITY BANKERS TR CORP COM 203612106 7,440 1,102,266 SH   SOLE   1,102,266 0 0
CULLEN FROST BANKERS INC COM 229899109 2,252 25,820 SH   SOLE   25,820 0 0
EAGLE BANCORP MONT INC COM 26942G100 5,317 250,545 SH   SOLE   250,545 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 3,670 105,000 SH   SOLE   105,000 0 0
EQUITABLE FINANCIAL CORP. Not 13-F Security 29448T105 3,466 290,000 SH   SOLE   290,000 0 0
ESQUIRE FINL HLDGS INC COM 29667J101 1,499 78,103 SH   SOLE   78,103 0 0
ESSA BANCORP INC COM 29667D104 7,463 497,500 SH   SOLE   497,500 0 0
EUREKA HOMESTEAD BANCORP, INC. Not 13-F Security 298544107 1,440 112,500 SH   SOLE   112,500 0 0
FARMERS NATIONAL BANC CORP COM 309627107 6,750 508,655 SH   SOLE   508,655 0 0
FFBW INC MD COM 30260M103 4,454 444,500 SH   SOLE   444,500 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 2,618 18,504 SH   SOLE   18,504 0 0
FIFTH THIRD BANCORP COM 316773100 6,690 242,640 SH   SOLE   242,640 0 0
FINTECH ACQUISITION CORP IV CL A 31810N104 3,108 275,000 SH   SOLE   275,000 0 0
FIRST BANCSHARES INC MS COM 318916103 4,323 140,000 SH   SOLE   140,000 0 0
FIRST CMNTY CORP S C COM 319835104 2,184 128,519 SH   SOLE   128,519 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 861 1,500 SH   SOLE   1,500 0 0
FIRST FINL BANCORP OH COM 320209109 1,753 100,000 SH   SOLE   100,000 0 0
FIRST HORIZON CORPORATION COM 320517105 4,531 355,075 SH   SOLE   355,075 0 0
FIRST IC CORPORATION Not 13-F Security 32058J102 431 76,231 SH   SOLE   76,231 0 0
FIRST MID ILL BANCSHARES INC COM 320866106 10,644 316,221 SH   SOLE   316,221 0 0
FISERV INC COM 337738108 3,530 31,005 SH   SOLE   31,005 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 3,440 630,000 SH   SOLE   630,000 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 3,669 90,025 SH   SOLE   90,025 0 0
FORESTAR GROUP INC COM 346232101 8,425 417,492 SH   SOLE   417,492 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 17,249 65,408 SH   SOLE   65,408 0 0
GREAT WESTN BANCORP INC COM 391416104 836 40,000 SH   SOLE   40,000 0 0
GUARANTY BANCSHARES INC TEX COM 400764106 2,770 92,500 SH   SOLE   92,500 0 0
HARBORONE BANCORP INC NEW COM NEW 41165Y100 9,396 865,149 SH   SOLE   865,149 0 0
HERITAGE NOLA BANCORP, INC. Not 13-F Security 42727P108 1,088 89,180 SH   SOLE   89,180 0 0
HILLTOP HOLDINGS INC COM 432748101 4,404 160,070 SH   SOLE   160,070 0 0
HMN FINL INC COM 40424G108 1,825 106,108 SH   SOLE   106,108 0 0
HOME BANCORP INC COM 43689E107 2,836 101,314 SH   SOLE   101,314 0 0
HOME BANCSHARES INC COM 436893200 8,305 426,345 SH   SOLE   426,345 0 0
HOMETRUST BANCSHARES INC COM 437872104 10,327 534,803 SH   SOLE   534,803 0 0
HORIZON BANCORP INC COM 440407104 10,011 631,215 SH   SOLE   631,215 0 0
HOWARD HUGHES CORP COM 44267D107 1,579 20,000 SH   SOLE   20,000 0 0
HUNTINGTON BANCSHARES INC COM 446150104 1,564 123,810 SH   SOLE   123,810 0 0
IF BANCORP INC COM 44951J105 7,050 320,000 SH   SOLE   320,000 0 0
INDEPENDENT BK CORP MICH COM NEW 453838609 14,150 766,125 SH   SOLE   766,125 0 0
INTERNATIONAL BANCSHARES COR COM 459044103 9,324 249,039 SH   SOLE   249,039 0 0
INVESTAR HLDG CORP COM 46134L105 11,343 685,797 SH   SOLE   685,797 0 0
INVESTORS BANCORP INC NEW COM 46146L101 7,976 755,348 SH   SOLE   755,348 0 0
KEARNY FINL CORP MD COM 48716P108 710 67,241 SH   SOLE   67,241 0 0
KEYCORP COM 493267108 7,386 450,095 SH   SOLE   450,095 0 0
KKR & CO INC COM 48251W104 8,268 204,205 SH   SOLE   204,205 0 0
LAKELAND BANCORP INC COM 511637100 12,926 1,017,810 SH   SOLE   1,017,810 0 0
LAZARD LTD SHS A G54050102 4,628 109,400 SH   SOLE   109,400 0 0
LENNAR CORP CL B 526057302 21,111 344,958 SH   SOLE   344,958 0 0
LUTHER BURBANK CORP COM 550550107 8,992 917,573 SH   SOLE   917,573 0 0
MALVERN BANCORP INC COM 561409103 1,609 103,832 SH   SOLE   103,832 0 0
MASTERCARD INCORPORATED CL A 57636Q104 1,642 4,601 SH   SOLE   4,601 0 0
MERCHANTS BANCORP IND COM 58844R108 2,806 101,555 SH   SOLE   101,555 0 0
MERIDIAN BANCORP INC MD COM 58958U103 2,867 192,284 SH   SOLE   192,284 0 0
META FINL GROUP INC COM 59100U108 3,656 100,000 SH   SOLE   100,000 0 0
MID-SOUTHERN BANCORP INC COM 59548Q107 1,897 131,626 SH   SOLE   131,626 0 0
MORGAN STANLEY COM NEW 617446448 20,817 303,770 SH   SOLE   303,770 0 0
NBT BANCORP INC COM 628778102 803 25,000 SH   SOLE   25,000 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 1,081 102,500 SH   SOLE   102,500 0 0
NICOLET BANKSHARES INC COM 65406E102 37 561 SH   SOLE   561 0 0
NVR INC COM 62944T105 1,342 329 SH   SOLE   329 0 0
OP BANCORP COM 67109R109 1,411 183,300 SH   SOLE   183,300 0 0
ORRSTOWN FINL SVCS INC COM 687380105 5,177 312,789 SH   SOLE   312,789 0 0
OTTAWA BANCORP INC. Not 13-F Security 689195105 4,152 285,000 SH   SOLE   285,000 0 0
PACWEST BANCORP DEL COM 695263103 2,921 115,000 SH   SOLE   115,000 0 0
PAYPAL HLDGS INC COM 70450Y103 2,694 11,505 SH   SOLE   11,505 0 0
PEOPLES BANCORP N C INC COM 710577107 1,047 45,500 SH   SOLE   45,500 0 0
PIPER SANDLER COMPANIES COM 724078100 2,896 28,700 SH   SOLE   28,700 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 4,221 83,640 SH   SOLE   83,640 0 0
PREMIER FINANCIAL CORP COM 74052F108 9,086 395,055 SH   SOLE   395,055 0 0
PROVIDENT BANCORP INC COM NEW 74383L105 3,307 275,571 SH   SOLE   275,571 0 0
PROVIDENT FINL HLDGS INC COM 743868101 3,061 194,866 SH   SOLE   194,866 0 0
PRUDENTIAL BANCORP INC NEW COM 74431A101 1,855 133,900 SH   SOLE   133,900 0 0
PSB HOLDINGS, INC. Not 13-F Security 69360N108 1,711 83,200 SH   SOLE   83,200 0 0
PULTE GROUP INC COM 745867101 3,928 91,100 SH   SOLE   91,100 0 0
QCR HOLDINGS INC COM 74727A104 15,182 383,470 SH   SOLE   383,470 0 0
QNB CORPORATION Not 13-F Security 74726N107 6,775 216,790 SH   SOLE   216,790 0 0
QUAINT OAK BANCORP, INC. Not 13-F Security 74732T106 580 40,000 SH   SOLE   40,000 0 0
RANDOLPH BANCORP INC COM 752378109 706 32,000 SH   SOLE   32,000 0 0
RHINEBECK BANCORP INC COM 762093102 1,240 145,000 SH   SOLE   145,000 0 0
SANDY SPRING BANCORP INC COM 800363103 2,254 70,025 SH   SOLE   70,025 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 5,312 180,200 SH Put SOLE   180,200 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 4,412 32,615 SH   SOLE   32,615 0 0
SOUND FINL BANCORP INC COM 83607A100 987 31,100 SH   SOLE   31,100 0 0
SOUTH PLAINS FINANCIAL INC COM 83946P107 5,024 265,100 SH   SOLE   265,100 0 0
SOUTHCREST FINANCIAL GROUP, INC. Not 13-F Security 84129X107 41 5,024 SH   SOLE   5,024 0 0
SOUTHERN NATL BANCORP OF VA COM 843395104 4,420 365,000 SH   SOLE   365,000 0 0
SPDR SER TR S&P REGL BKG 78464A698 1,517 29,200 SH Put SOLE   29,200 0 0
STERLING BANCORP DEL COM 85917A100 8,632 480,075 SH   SOLE   480,075 0 0
STERLING BANCORP INC COM 85917W102 885 195,000 SH   SOLE   195,000 0 0
SUGAR CREEK FINANCIAL CORPORATION Not 13-F Security 86481Y102 689 72,900 SH   SOLE   72,900 0 0
SUNNYSIDE BANCORP, INC. Not 13-F Security 867475105 806 64,871 SH   SOLE   64,871 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 2,052 80,000 SH   SOLE   80,000 0 0
TCF FINL CORP COM 872307103 3,147 85,000 SH   SOLE   85,000 0 0
TERRITORIAL BANCORP INC COM 88145X108 3,193 132,876 SH   SOLE   132,876 0 0
TEXAS CAP BANCSHARES INC COM 88224Q107 893 15,000 SH   SOLE   15,000 0 0
TFS FINL CORP COM 87240R107 3,176 180,148 SH   SOLE   180,148 0 0
TRIUMPH BANCORP INC COM 89679E300 2,670 55,000 SH   SOLE   55,000 0 0
TRUSTCO BK CORP N Y COM 898349105 2,669 400,160 SH   SOLE   400,160 0 0
UMPQUA HLDGS CORP COM 904214103 3,484 230,125 SH   SOLE   230,125 0 0
US BANCORP DEL COM NEW 902973304 9,322 200,089 SH   SOLE   200,089 0 0
VALLEY NATL BANCORP COM 919794107 7,795 799,500 SH   SOLE   799,500 0 0
VISA INC COM CL A 92826C839 2,035 9,302 SH   SOLE   9,302 0 0
WELLS FARGO CO NEW COM 949746101 6,944 230,080 SH   SOLE   230,080 0 0
WHITE RIVER BANCSHARES COMPANY Not 13-F Security 96445A108 4,148 68,000 SH   SOLE   68,000 0 0
WILLIS LEASE FINANCE CORP COM 970646105 399 13,083 SH   SOLE   13,083 0 0
WINTRUST FINL CORP COM 97650W108 6,720 110,000 SH   SOLE   110,000 0 0
ZIONS BANCORPORATION N A COM 989701107 14,447 332,565 SH   SOLE   332,565 0 0