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
AFFILIATED MANAGERS GROUP COM 008252108 10,719 72,100 SH   SOLE   72,100 0 0
AJS Bancorp, Inc. COM 001503101 2,799 199,192 SH   SOLE   199,192 0 0
Alerus Financial Corp Not 13-F Security 01446U103 7,610 291,008 SH   SOLE   291,008 0 0
AMERICAN EXPRESS CO COM 025816109 7,350 75,000 SH   SOLE   75,000 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 5,640 141,000 SH   SOLE   141,000 0 0
AMERICAN RIVER BANKSHARES COM 029326105 7,987 503,886 SH   SOLE   503,886 0 0
AMERIS BANCORP COM 03076K108 17,606 330,018 SH   SOLE   330,018 0 0
ARES CAP CORP COM 04010L103 13,983 850,000 SH   SOLE   850,000 0 0
ARES MGMT LP COM SHS REG INT 04014Y101 6,448 311,500 SH   SOLE   311,500 0 0
ARROW FINL CORP COM 042744102 826 22,700 SH   SOLE   22,700 0 0
ASSOCIATED BANC CORP COM 045487105 13,514 495,000 SH   SOLE   495,000 0 0
ASSURANT INC COM 04621X108 8,538 82,500 SH   SOLE   82,500 0 0
Avidbank Holdings, Inc. COM 05368J103 6,375 254,998 SH   SOLE   254,998 0 0
BANC OF CALIFORNIA INC COM 05990K106 14,085 720,465 SH   SOLE   720,465 0 0
BANCFIRST CORP COM 05945F103 3,055 51,600 SH   SOLE   51,600 0 0
Bank First National Corp. Not 13-F Security 06211J100 2,132 40,000 SH   SOLE   40,000 0 0
BANK AMER CORP COM 060505104 17,430 618,300 SH   SOLE   618,300 0 0
BANK COMM HLDGS COM 06424J103 1,020 80,000 SH   SOLE   80,000 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 2,777 167,800 SH   SOLE   167,800 0 0
BANKUNITED INC COM 06652K103 4,739 116,000 SH   SOLE   116,000 0 0
BANNER CORP COM NEW 06652V208 655 10,900 SH   SOLE   10,900 0 0
Bay Banks of Virginia, Inc. Not 13-F Security 072035108 8,481 869,829 SH   SOLE   869,829 0 0
BENEFICIAL BANCORP INC COM 08171T102 2,106 130,000 SH   SOLE   130,000 0 0
Best Hometown Bancorp, Inc. Not 13-F Security 08652N103 1,088 80,000 SH   SOLE   80,000 0 0
BLACK KNIGHT INC COM 09215C105 6,962 130,000 SH   SOLE   130,000 0 0
Blackhawk Bancorp, Inc. Not 13-F Security 09237E204 3,142 107,797 SH   SOLE   107,797 0 0
BLACKROCK INC COM 09247X101 8,384 16,800 SH   SOLE   16,800 0 0
BOSTON PRIVATE FINL HLDGS IN COM 101119105 3,012 189,461 SH   SOLE   189,461 0 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 7,356 578,328 SH   SOLE   578,328 0 0
BRIGHTSPHERE INVESTMNT GRP P SHS G1644T109 6,560 460,000 SH   SOLE   460,000 0 0
BRYN MAWR BK CORP COM 117665109 9,089 196,300 SH   SOLE   196,300 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 12,458 472,800 SH   SOLE   472,800 0 0
CADENCE BANCORPORATION CL A 12739A100 2,746 95,102 SH   SOLE   95,102 0 0
CAPITAL ONE FINL CORP COM 14040H105 9,190 100,000 SH   SOLE   100,000 0 0
CAROLINA FINL CORP NEW COM 143873107 2,361 55,000 SH   SOLE   55,000 0 0
CENTERSTATE BK CORP COM 15201P109 31,733 1,064,166 SH   SOLE   1,064,166 0 0
Central Federal Bancshares, Inc. Not 13-F Security 15346T107 2,386 165,700 SH   SOLE   165,700 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 4,584 60,000 SH   SOLE   60,000 0 0
Chesapeake Financial Shares, Inc. Not 13-F Security 16517A109 543 19,086 SH   SOLE   19,086 0 0
CITIGROUP INC COM NEW 172967424 17,399 260,000 SH   SOLE   260,000 0 0
Citizens Community Bancorp, Inc. PFD SER A 174903102 7,445 58,461 SH   SOLE   58,461 0 0
CITIZENS FINL GROUP INC COM 174610105 13,421 345,000 SH   SOLE   345,000 0 0
CITIZENS HLDG CO MISS COM 174715102 246 10,348 SH   SOLE   10,348 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 1,674 69,063 SH   SOLE   69,063 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 8,238 115,700 SH   SOLE   115,700 0 0
CNB FINL CORP PA COM 126128107 651 21,650 SH   SOLE   21,650 0 0
CODORUS VY BANCORP INC COM 192025104 11,985 390,652 SH   SOLE   390,652 0 0
COMERICA INC COM 200340107 37,663 414,244 SH   SOLE   414,244 0 0
Communities First Financial Corporation Not 13-F Security 20344D104 1,443 62,592 SH   SOLE   62,592 0 0
COMMUNITY BANKERS TR CORP COM 203612106 10,874 1,215,000 SH   SOLE   1,215,000 0 0
COMMUNITY WEST BANCSHARES COM 204157101 654 55,444 SH   SOLE   55,444 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 4,014 161,198 SH   SOLE   161,198 0 0
Cortland Bancorp Not 13-F Security 220587109 427 17,896 SH   SOLE   17,896 0 0
CULLEN FROST BANKERS INC COM 229899109 17,145 158,400 SH   SOLE   158,400 0 0
D R HORTON INC COM 23331A109 4,850 118,300 SH   SOLE   118,300 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 12,844 210,000 SH   SOLE   210,000 0 0
EAGLE BANCORP MONT INC COM 26942G100 1,736 89,951 SH   SOLE   89,951 0 0
EAST WEST BANCORP INC COM 27579R104 535 8,200 SH   SOLE   8,200 0 0
EATON VANCE CORP COM NON VTG 278265103 5,527 105,900 SH   SOLE   105,900 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 2,045 37,900 SH   SOLE   37,900 0 0
EQUITABLE FINL CORP NEW COM 29448T105 3,567 331,400 SH   SOLE   331,400 0 0
ESQUIRE FINL HLDGS INC COM 29667J101 3,563 135,000 SH   SOLE   135,000 0 0
ESSA BANCORP INC COM 29667D104 10,372 655,200 SH   SOLE   655,200 0 0
EVANS BANCORP INC COM NEW 29911Q208 11,653 252,777 SH   SOLE   252,777 0 0
FARMERS NATL BANC CORP COM 309627107 7,307 458,100 SH   SOLE   458,100 0 0
FB FINL CORP COM 30257X104 963 23,650 SH   SOLE   23,650 0 0
FFBW INC COM 30258M107 887 80,000 SH   SOLE   80,000 0 0
FINANCIAL INSTNS INC COM 317585404 2,268 68,940 SH   SOLE   68,940 0 0
FIRST AMERN FINL CORP COM 31847R102 1,810 35,000 SH   SOLE   35,000 0 0
First American International Corp. COM 31849X107 3,096 54,070 SH   SOLE   54,070 0 0
FIRST BANCORP N C COM 318910106 3,068 75,000 SH   SOLE   75,000 0 0
FIRST BANCSHARES INC MS COM 318916103 7,038 195,772 SH   SOLE   195,772 0 0
FIRST BUSEY CORP COM NEW 319383204 3,965 125,000 SH   SOLE   125,000 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 3,428 8,500 SH   SOLE   8,500 0 0
FIRST CMNTY CORP S C COM 319835104 1,441 57,394 SH   SOLE   57,394 0 0
FIRST DEFIANCE FINL CORP COM 32006W106 8,986 134,000 SH   SOLE   134,000 0 0
FIRST FINL BANCORP OH COM 320209109 21,006 685,341 SH   SOLE   685,341 0 0
FIRST HORIZON NATL CORP COM 320517105 17,308 970,162 SH   SOLE   970,162 0 0
First IC Corporation COM 32058J102 975 90,686 SH   SOLE   90,686 0 0
FIRST MERCHANTS CORP COM 320817109 3 67 SH   SOLE   67 0 0
FIRST MID ILL BANCSHARES INC COM 320866106 8,892 226,262 SH   SOLE   226,262 0 0
FIRST LONG IS CORP COM 320734106 4,664 187,700 SH   SOLE   187,700 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 10,913 970,000 SH   SOLE   970,000 0 0
FULTON FINL CORP PA COM 360271100 3,383 205,060 SH   SOLE   205,060 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 8,315 37,700 SH   SOLE   37,700 0 0
GRANITE PT MTG TR INC COM 38741L107 1,835 100,000 SH   SOLE   100,000 0 0
GREAT WESTN BANCORP INC COM 391416104 6,090 145,024 SH   SOLE   145,024 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 2,051 83,900 SH   SOLE   83,900 0 0
HAMILTON BANCORP INC MD COM 407015106 2,167 138,000 SH   SOLE   138,000 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 8,121 174,084 SH   SOLE   174,084 0 0
HARBORONE BANCORP INC COM 41165F101 1,515 80,000 SH   SOLE   80,000 0 0
HENNESSY ADVISORS INC COM 425885100 2,325 133,978 SH   SOLE   133,978 0 0
HERITAGE COMMERCE CORP COM 426927109 5,897 347,100 SH   SOLE   347,100 0 0
Heritage Nola Bancorp, Inc. Not 13-F Security 42727P108 437 35,000 SH   SOLE   35,000 0 0
HILLTOP HOLDINGS INC COM 432748101 555 25,134 SH   SOLE   25,134 0 0
HMN FINL INC COM 40424G108 2,010 100,000 SH   SOLE   100,000 0 0
HMN FINL INC *W $4.68 EXP 12/23/2018 40424G975 4,297 277,778 SH   SOLE   277,778 0 0
HOME BANCSHARES INC COM 436893200 25,789 1,143,126 SH   SOLE   1,143,126 0 0
HOMESTREET INC COM 43785V102 9,164 340,027 SH   SOLE   340,027 0 0
HOMETRUST BANCSHARES INC COM 437872104 6,846 243,208 SH   SOLE   243,208 0 0
HOPE BANCORP INC COM 43940T109 9,187 515,280 SH   SOLE   515,280 0 0
HOWARD BANCORP INC COM 442496105 3,082 171,200 SH   SOLE   171,200 0 0
HOWARD HUGHES CORP COM 44267D107 9,010 68,000 SH   SOLE   68,000 0 0
HUNTINGTON BANCSHARES INC COM 446150104 12,251 830,000 SH   SOLE   830,000 0 0
IBERIABANK CORP COM 450828108 13,752 181,425 SH   SOLE   181,425 0 0
IF BANCORP INC COM 44951J105 7,502 313,877 SH   SOLE   313,877 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 21,392 838,900 SH   SOLE   838,900 0 0
INVESTAR HLDG CORP COM 46134L105 4,424 160,000 SH   SOLE   160,000 0 0
INVESTORS BANCORP INC NEW COM 46146L101 15,608 1,220,305 SH   SOLE   1,220,305 0 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 5,709 90,000 SH   SOLE   90,000 0 0
KEYCORP NEW COM 493267108 34,700 1,775,850 SH   SOLE   1,775,850 0 0
LAKELAND BANCORP INC COM 511637100 7,046 354,952 SH   SOLE   354,952 0 0
LAZARD LTD SHS A G54050102 12,961 265,000 SH   SOLE   265,000 0 0
LEGG MASON INC COM 524901105 4,341 125,000 SH   SOLE   125,000 0 0
LENNAR CORP CL B 526057302 34,289 803,200 SH   SOLE   803,200 0 0
LIMESTONE BANCORP INC COM 53262L105 395 25,918 SH   SOLE   25,918 0 0
LUTHER BURBANK CORP COM 550550107 9,415 818,300 SH   SOLE   818,300 0 0
MASTERCARD INCORPORATED CL A 57636Q104 8,843 45,000 SH   SOLE   45,000 0 0
MB Bancorp, Inc. COM 55280E104 3,148 188,500 SH   SOLE   188,500 0 0
MELROSE BANCORP INC COM 585553100 2,537 129,132 SH   SOLE   129,132 0 0
MERIDIAN BK PAOLI PA COM 58958P104 4,690 257,854 SH   SOLE   257,854 0 0
MIDSOUTH BANCORP INC COM 598039105 611 46,078 SH   SOLE   46,078 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 2,027 60,000 SH   SOLE   60,000 0 0
MORGAN STANLEY COM NEW 617446448 24,411 515,000 SH   SOLE   515,000 0 0
Mountain Commerce Bancorp, Inc. Not 13-F Security 624004107 3,630 187,500 SH   SOLE   187,500 0 0
NATIONAL COMM CORP COM 63546L102 2,681 57,900 SH   SOLE   57,900 0 0
New Bancorp, Inc. COM 642142103 1,274 66,200 SH   SOLE   66,200 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 3,312 300,000 SH   SOLE   300,000 0 0
NORTHERN TR CORP COM 665859104 3,601 35,000 SH   SOLE   35,000 0 0
OAK VALLEY BANCORP OAKDALE C COM 671807105 2,173 95,000 SH   SOLE   95,000 0 0
OCEANFIRST FINL CORP COM 675234108 18,222 608,200 SH   SOLE   608,200 0 0
OLD LINE BANCSHARES INC COM 67984M100 11,869 340,000 SH   SOLE   340,000 0 0
OLD SECOND BANCORP INC ILL COM 680277100 11,808 820,000 SH   SOLE   820,000 0 0
ONEMAIN HLDGS INC COM 68268W103 2,830 85,000 SH   SOLE   85,000 0 0
OP BANCORP COM 67109R109 3,170 249,200 SH   SOLE   249,200 0 0
OTTAWA BANCORP INC COM 689195105 4,167 300,200 SH   SOLE   300,200 0 0
PACIFIC PREMIER BANCORP COM 69478X105 954 25,000 SH   SOLE   25,000 0 0
PATHFINDER BANCORP INC MD COM 70319R109 4,418 276,661 SH   SOLE   276,661 0 0
PAYPAL HLDGS INC COM 70450Y103 7,586 91,100 SH   SOLE   91,100 0 0
PB BANCORP INC COM 70454T100 3,517 309,854 SH   SOLE   309,854 0 0
PEOPLES BANCORP N C INC COM 710577107 489 15,263 SH   SOLE   15,263 0 0
Pilgrim Bancshares, Inc. COM 72143J105 2,434 120,800 SH   SOLE   120,800 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 11,045 180,032 SH   SOLE   180,032 0 0
Pioneer Bancshares, Inc. Not 13-F Security 72357G102 123 4,028 SH   SOLE   4,028 0 0
PJT PARTNERS INC COM CL A 69343T107 7,475 140,000 SH   SOLE   140,000 0 0
PLUMAS BANCORP COM 729273102 1,825 64,700 SH   SOLE   64,700 0 0
PNC FINL SVCS GROUP INC COM 693475105 5,405 40,007 SH   SOLE   40,007 0 0
POAGE BANKSHARES INC COM 730206109 6,344 322,696 SH   SOLE   322,696 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 10,558 171,780 SH   SOLE   171,780 0 0
PROSPERITY BANCSHARES INC COM 743606105 1,368 20,014 SH   SOLE   20,014 0 0
QCR HOLDINGS INC COM 74727A104 10,306 217,200 SH   SOLE   217,200 0 0
QNB Corporation COM 74726N107 9,607 205,935 SH   SOLE   205,935 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 12,509 140,000 SH   SOLE   140,000 0 0
RBB BANCORP COM 74930B105 4,176 130,000 SH   SOLE   130,000 0 0
RIVERVIEW BANCORP INC COM 769397100 717 85,000 SH   SOLE   85,000 0 0
S & T BANCORP INC COM 783859101 6,270 145,000 SH   SOLE   145,000 0 0
SANDY SPRING BANCORP INC COM 800363103 13,569 330,873 SH   SOLE   330,873 0 0
SANTANDER CONSUMER USA HDG I COM 80283M101 3,054 160,000 SH   SOLE   160,000 0 0
SB FINL GROUP INC COM 78408D105 3,965 195,152 SH   SOLE   195,152 0 0
SB FINL GROUP INC DEP SHS PFD 6.5% 78408D204 1,841 92,867 SH   SOLE   92,867 0 0
SHORE BANCSHARES INC COM 825107105 3,756 197,500 SH   SOLE   197,500 0 0
SI FINL GROUP INC MD COM 78425V104 10,826 733,963 SH   SOLE   733,963 0 0
SIERRA BANCORP COM 82620P102 2,207 78,160 SH   SOLE   78,160 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 23,816 186,239 SH   SOLE   186,239 0 0
SIMMONS 1ST NATL CORP CL A $1 PAR 828730200 9,857 329,665 SH   SOLE   329,665 0 0
SOUTH ST CORP COM 840441109 1,265 14,671 SH   SOLE   14,671 0 0
SOUTHERN MO BANCORP INC COM 843380106 1,561 40,000 SH   SOLE   40,000 0 0
SOUTHERN NATL BANCORP OF VA COM 843395104 5,020 281,400 SH   SOLE   281,400 0 0
STANDARD AVB FINL CORP COM 85303B100 5,502 181,600 SH   SOLE   181,600 0 0
STATE BK FINL CORP COM 856190103 6,012 180,000 SH   SOLE   180,000 0 0
STATE STR CORP COM 857477103 7,717 82,900 SH   SOLE   82,900 0 0
STERLING BANCORP DEL COM 85917A100 32,388 1,378,214 SH   SOLE   1,378,214 0 0
STERLING BANCORP INC COM 85917W102 11,657 872,500 SH   SOLE   872,500 0 0
STIFEL FINL CORP COM 860630102 7,315 140,000 SH   SOLE   140,000 0 0
Sugar Creek Financial Corporation COM 86481Y102 975 77,375 SH   SOLE   77,375 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 1,326 49,400 SH   SOLE   49,400 0 0
Sunnyside Bancorp, Inc. COM 867475105 1,046 64,871 SH   SOLE   64,871 0 0
SUNTRUST BKS INC COM 867914103 4,291 65,000 SH   SOLE   65,000 0 0
SUNTRUST BKS INC *W EXP 12/31/201 867914129 1,762 53,803 SH   SOLE   53,803 0 0
SVB FINL GROUP COM 78486Q101 10,829 37,500 SH   SOLE   37,500 0 0
SYNOVUS FINL CORP COM NEW 87161C501 17,171 325,019 SH   SOLE   325,019 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 14,031 675,200 SH   SOLE   675,200 0 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 4,119 45,011 SH   SOLE   45,011 0 0
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208 7,087 155,000 SH   SOLE   155,000 0 0
TOWNEBANK PORTSMOUTH VA COM 89214P109 2,247 70,000 SH   SOLE   70,000 0 0
TRIUMPH BANCORP INC COM 89679E300 7,062 173,300 SH   SOLE   173,300 0 0
TWO HBRS INVT CORP COM NEW 90187B408 1,709 108,150 SH   SOLE   108,150 0 0
TWO RIV BANCORP COM 90207C105 1,112 58,154 SH   SOLE   58,154 0 0
UNION BANKSHARES CORP NEW COM 90539J109 3,499 90,000 SH   SOLE   90,000 0 0
US BANCORP DEL COM NEW 902973304 33,103 661,800 SH   SOLE   661,800 0 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 10,736 350,063 SH   SOLE   350,063 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 13,207 1,201,740 SH   SOLE   1,201,740 0 0
UNITED FINL BANCORP INC NEW COM 910304104 5,820 332,200 SH   SOLE   332,200 0 0
UNITED SECURITY BANCSHARES C COM 911460103 1,400 125,000 SH   SOLE   125,000 0 0
VALLEY NATL BANCORP COM 919794107 14,047 1,155,180 SH   SOLE   1,155,180 0 0
VISA INC COM CL A 92826C839 7,947 60,000 SH   SOLE   60,000 0 0
VOYA FINL INC COM 929089100 4,940 105,100 SH   SOLE   105,100 0 0
West End Indiana Bancshares, Inc. COM 952678100 745 25,700 SH   SOLE   25,700 0 0
WESTERN ALLIANCE BANCORP COM 957638109 12,543 221,568 SH   SOLE   221,568 0 0
WESTERN NEW ENG BANCORP INC COM 958892101 1,100 100,000 SH   SOLE   100,000 0 0
White River Bancshares Company COM 9B999WRBC 4,718 68,000 SH   SOLE   68,000 0 0
White River Bancshares Company PFD CONV 9B999WRBC 3,130 45,113 SH   SOLE   45,113 0 0
WILLIS LEASE FINANCE CORP COM 970646105 790 25,000 SH   SOLE   25,000 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 26,590 1,000,000 SH   SOLE   1,000,000 0 0
ZIONS BANCORPORATION COM 989701107 36,671 695,974 SH   SOLE   695,974 0 0
ZIONS BANCORPORATION *W EXP 11/14/201 989701131 10,978 611,600 SH   SOLE   611,600 0 0