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 10,281 75,200 SH   SOLE   75,200 0 0
ALLY FINL INC COM 02005N100 3,968 150,000 SH   SOLE   150,000 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 5,686 145,800 SH   SOLE   145,800 0 0
AMERICAN RIVER BANKSHARES COM 029326105 7,718 503,786 SH   SOLE   503,786 0 0
AMERIPRISE FINL INC COM 03076C106 5,906 40,000 SH   SOLE   40,000 0 0
AMERIS BANCORP COM 03076K108 24,248 530,585 SH   SOLE   530,585 0 0
AMES NATL CORP COM 031001100 952 34,920 SH   SOLE   34,920 0 0
ARES MGMT LP COM SHS REG INT 04014Y101 9,920 427,600 SH   SOLE   427,600 0 0
ARROW FINL CORP COM 042744102 346 9,345 SH   SOLE   9,345 0 0
ASSOCIATED BANC CORP COM 045487105 9,362 360,062 SH   SOLE   360,062 0 0
Alerus Financial Corp Not 13-F Security 01446U103 7,392 304,810 SH   SOLE   304,810 0 0
Avidbank Holdings, Inc. COM 05368J103 6,400 251,958 SH   SOLE   251,958 0 0
BANC OF CALIFORNIA INC COM 05990K106 9,416 498,215 SH   SOLE   498,215 0 0
BANCFIRST CORP COM 05945F103 2,956 49,300 SH   SOLE   49,300 0 0
BANK AMER CORP COM 060505104 26,219 890,000 SH   SOLE   890,000 0 0
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208 5,705 110,000 SH   SOLE   110,000 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 2,653 167,800 SH   SOLE   167,800 0 0
BANK OZK COM 06417N103 6,795 179,006 SH   SOLE   179,006 0 0
BANK7 CORP COM 06652N107 5,775 300,000 SH   SOLE   300,000 0 0
BANKUNITED INC COM 06652K103 6,727 190,042 SH   SOLE   190,042 0 0
BLACK KNIGHT INC COM 09215C105 3,637 70,000 SH   SOLE   70,000 0 0
BOSTON PRIVATE FINL HLDGS IN COM 101119105 2,495 182,758 SH   SOLE   182,758 0 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 6,436 494,290 SH   SOLE   494,290 0 0
BRIGHTSPHERE INVESTMNT GRP P SHS G1644T109 6,767 545,700 SH   SOLE   545,700 0 0
BRYN MAWR BK CORP COM 117665109 7,926 169,000 SH   SOLE   169,000 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 6,228 234,564 SH   SOLE   234,564 0 0
Bank First National Corp. Not 13-F Security 06211J100 2,190 40,000 SH   SOLE   40,000 0 0
Bay Banks of Virginia, Inc. Not 13-F Security 072035108 8,220 869,829 SH   SOLE   869,829 0 0
Best Hometown Bancorp, Inc. Not 13-F Security 08652N103 1,120 80,000 SH   SOLE   80,000 0 0
Blackhawk Bancorp, Inc. Not 13-F Security 09237E204 2,030 70,000 SH   SOLE   70,000 0 0
CADENCE BANCORPORATION CL A 12739A100 4,313 165,125 SH   SOLE   165,125 0 0
CANNAE HLDGS INC COM 13765N107 9,979 476,316 SH   SOLE   476,316 0 0
CAPITAL BANCORP INC MD COM 139737100 3,116 245,000 SH   SOLE   245,000 0 0
CAPITAL CITY BK GROUP INC COM 139674105 450 19,295 SH   SOLE   19,295 0 0
CAPITAL ONE FINL CORP COM 14040H105 4,841 51,000 SH   SOLE   51,000 0 0
CAROLINA FINL CORP NEW COM 143873107 1,993 52,842 SH   SOLE   52,842 0 0
CENTERSTATE BK CORP COM 15201P109 32,374 1,154,155 SH   SOLE   1,154,155 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 6,093 84,332 SH   SOLE   84,332 0 0
CITIGROUP INC COM NEW 172967424 17,576 245,000 SH   SOLE   245,000 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 8,185 58,461 SH   SOLE   58,461 0 0
CITIZENS FINL GROUP INC COM 174610105 12,076 313,100 SH   SOLE   313,100 0 0
CITIZENS HLDG CO MISS COM 174715102 243 10,348 SH   SOLE   10,348 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 8,275 115,700 SH   SOLE   115,700 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 1,927 80,000 SH   SOLE   80,000 0 0
CNB FINL CORP PA COM 126128107 1,443 50,000 SH   SOLE   50,000 0 0
CODORUS VY BANCORP INC COM 192025104 12,204 390,652 SH   SOLE   390,652 0 0
COMERICA INC COM 200340107 26,160 290,025 SH   SOLE   290,025 0 0
COMMUNITY BANKERS TR CORP COM 203612106 10,692 1,215,000 SH   SOLE   1,215,000 0 0
COMMUNITY FIRST BANCSHARES I COM 20369M104 293 25,000 SH   SOLE   25,000 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 4,297 180,934 SH   SOLE   180,934 0 0
CULLEN FROST BANKERS INC COM 229899109 19,385 185,607 SH   SOLE   185,607 0 0
Central Federal Bancshares, Inc. Not 13-F Security 15346T107 2,138 162,000 SH   SOLE   162,000 0 0
Chesapeake Financial Shares, Inc. Not 13-F Security 16517A109 601 19,086 SH   SOLE   19,086 0 0
Communities First Financial Corporation Not 13-F Security 20344D104 1,515 60,367 SH   SOLE   60,367 0 0
Cortland Bancorp Not 13-F Security 220587109 778 32,018 SH   SOLE   32,018 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 4,715 90,000 SH   SOLE   90,000 0 0
EAGLE BANCORP MONT INC COM 26942G100 1,369 75,444 SH   SOLE   75,444 0 0
EAST WEST BANCORP INC COM 27579R104 9,059 150,053 SH   SOLE   150,053 0 0
EATON VANCE CORP COM NON VTG 278265103 7,243 137,800 SH   SOLE   137,800 0 0
ECN Capital Corp. Not 13-F Security 26829L107 1,168 400,000 SH   SOLE   400,000 0 0
EQUITABLE FINL CORP NEW COM 29448T105 3,960 331,400 SH   SOLE   331,400 0 0
ESQUIRE FINL HLDGS INC COM 29667J101 3,370 135,000 SH   SOLE   135,000 0 0
ESSA BANCORP INC COM 29667D104 11,050 679,557 SH   SOLE   679,557 0 0
EVANS BANCORP INC COM NEW 29911Q208 11,585 246,748 SH   SOLE   246,748 0 0
FARMERS NATL BANC CORP COM 309627107 10,098 660,000 SH   SOLE   660,000 0 0
FFBW INC COM 30258M107 908 80,000 SH   SOLE   80,000 0 0
FIFTH THIRD BANCORP COM 316773100 2,732 97,842 SH   SOLE   97,842 0 0
FIRST AMERN FINL CORP COM 31847R102 2,322 45,000 SH   SOLE   45,000 0 0
FIRST BANCORP N C COM 318910106 4,395 108,500 SH   SOLE   108,500 0 0
FIRST BANCSHARES INC MS COM 318916103 7,374 188,830 SH   SOLE   188,830 0 0
FIRST BUS FINL SVCS INC WIS COM 319390100 1,854 80,000 SH   SOLE   80,000 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 5,156 11,400 SH   SOLE   11,400 0 0
FIRST DEFIANCE FINL CORP COM 32006W106 7,877 261,600 SH   SOLE   261,600 0 0
FIRST FINL BANCORP OH COM 320209109 21,061 709,119 SH   SOLE   709,119 0 0
FIRST HORIZON NATL CORP COM 320517105 13,541 784,545 SH   SOLE   784,545 0 0
FIRST LONG IS CORP COM 320734106 5,124 235,600 SH   SOLE   235,600 0 0
FIRST MID ILL BANCSHARES INC COM 320866106 10,990 272,492 SH   SOLE   272,492 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 7,322 778,100 SH   SOLE   778,100 0 0
FVCBANKCORP INC COM 36120Q101 3,168 160,000 SH   SOLE   160,000 0 0
First American International Corp. COM 31849X107 2,582 54,070 SH   SOLE   54,070 0 0
First IC Corporation COM 32058J102 1,027 90,686 SH   SOLE   90,686 0 0
GREAT WESTN BANCORP INC COM 391416104 2,531 60,000 SH   SOLE   60,000 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 2,014 83,900 SH   SOLE   83,900 0 0
HAMILTON BANCORP INC MD COM 407015106 1,974 138,000 SH   SOLE   138,000 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 8,217 172,806 SH   SOLE   172,806 0 0
HARBORONE BANCORP INC COM 41165F101 3,633 190,000 SH   SOLE   190,000 0 0
HENNESSY ADVISORS INC COM 425885100 2,222 160,418 SH   SOLE   160,418 0 0
HERC HLDGS INC COM 42704L104 1,536 30,000 SH   SOLE   30,000 0 0
HERITAGE COMMERCE CORP COM 426927109 4,164 279,100 SH   SOLE   279,100 0 0
HILLTOP HOLDINGS INC COM 432748101 3,633 180,119 SH   SOLE   180,119 0 0
HMN FINL INC COM 40424G108 1,664 81,189 SH   SOLE   81,189 0 0
HMN FINL INC *W $4.68 EXP 12/23/2018 40424G975 4,403 277,778 SH   SOLE   277,778 0 0
HOME BANCSHARES INC COM 436893200 25,348 1,157,443 SH   SOLE   1,157,443 0 0
HOMESTREET INC COM 43785V102 9,365 353,393 SH   SOLE   353,393 0 0
HOMETRUST BANCSHARES INC COM 437872104 6,987 239,708 SH   SOLE   239,708 0 0
HOPE BANCORP INC COM 43940T109 8,429 521,300 SH   SOLE   521,300 0 0
HOWARD BANCORP INC COM 442496105 2,908 164,300 SH   SOLE   164,300 0 0
HOWARD HUGHES CORP COM 44267D107 10,621 85,500 SH   SOLE   85,500 0 0
HUNTINGTON BANCSHARES INC COM 446150104 12,970 869,300 SH   SOLE   869,300 0 0
Heritage Nola Bancorp, Inc. Not 13-F Security 42727P108 578 46,053 SH   SOLE   46,053 0 0
IBERIABANK CORP COM 450828108 578 7,100 SH   SOLE   7,100 0 0
IF BANCORP INC COM 44951J105 7,150 310,174 SH   SOLE   310,174 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 23,643 999,704 SH   SOLE   999,704 0 0
INVESTAR HLDG CORP COM 46134L105 4,240 157,900 SH   SOLE   157,900 0 0
INVESTORS BANCORP INC NEW COM 46146L101 16,379 1,334,845 SH   SOLE   1,334,845 0 0
JEFFERIES FINL GROUP INC COM 47233W109 2,855 130,000 SH   SOLE   130,000 0 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 545 7,500 SH   SOLE   7,500 0 0
KEYCORP NEW COM 493267108 37,796 1,900,261 SH   SOLE   1,900,261 0 0
LADDER CAP CORP CL A 505743104 2,202 130,000 SH   SOLE   130,000 0 0
LAKELAND BANCORP INC COM 511637100 9,799 542,882 SH   SOLE   542,882 0 0
LAZARD LTD SHS A G54050102 8,947 185,900 SH   SOLE   185,900 0 0
LENNAR CORP CL B 526057302 31,185 810,000 SH   SOLE   810,000 0 0
LIMESTONE BANCORP INC COM 53262L105 402 25,918 SH   SOLE   25,918 0 0
LUTHER BURBANK CORP COM 550550107 9,585 881,000 SH   SOLE   881,000 0 0
M & T BK CORP COM 55261F104 6,403 38,915 SH   SOLE   38,915 0 0
MASTERCARD INCORPORATED CL A 57636Q104 8,303 37,300 SH   SOLE   37,300 0 0
MB Bancorp, Inc. COM 55280E104 3,365 188,500 SH   SOLE   188,500 0 0
MELROSE BANCORP INC COM 585553100 2,550 129,132 SH   SOLE   129,132 0 0
MERIDIAN CORPORATION COM 58958P104 3,661 212,854 SH   SOLE   212,854 0 0
MID SOUTHERN BANCORP INC COM 59548Q107 1,750 135,100 SH   SOLE   135,100 0 0
MIDSOUTH BANCORP INC COM 598039105 3,619 235,000 SH   SOLE   235,000 0 0
MORGAN STANLEY COM NEW 617446448 26,545 570,000 SH   SOLE   570,000 0 0
Mountain Commerce Bancorp, Inc. Not 13-F Security 624004107 3,863 187,500 SH   SOLE   187,500 0 0
NATIONAL COMM CORP COM 63546L102 3,717 90,000 SH   SOLE   90,000 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 3,111 300,000 SH   SOLE   300,000 0 0
New Bancorp, Inc. COM 642142103 1,311 66,200 SH   SOLE   66,200 0 0
OAK VALLEY BANCORP OAKDALE C COM 671807105 2,283 116,188 SH   SOLE   116,188 0 0
OCEANFIRST FINL CORP COM 675234108 16,740 615,000 SH   SOLE   615,000 0 0
OLD LINE BANCSHARES INC COM 67984M100 8,407 265,700 SH   SOLE   265,700 0 0
OLD SECOND BANCORP INC ILL COM 680277100 11,747 760,300 SH   SOLE   760,300 0 0
ONEMAIN HLDGS INC COM 68268W103 2,185 65,000 SH   SOLE   65,000 0 0
OP BANCORP COM 67109R109 2,625 226,300 SH   SOLE   226,300 0 0
OTTAWA BANCORP INC COM 689195105 4,158 300,200 SH   SOLE   300,200 0 0
PACIFIC CITY FINANCIAL CORP COM NEW 69406T408 6,400 330,900 SH   SOLE   330,900 0 0
PATHFINDER BANCORP INC MD COM 70319R109 4,857 322,698 SH   SOLE   322,698 0 0
PAYPAL HLDGS INC COM 70450Y103 7,730 88,000 SH   SOLE   88,000 0 0
PB BANCORP INC COM 70454T100 3,773 321,115 SH   SOLE   321,115 0 0
PEOPLES BANCORP N C INC COM 710577107 577 20,000 SH   SOLE   20,000 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 13,841 230,116 SH   SOLE   230,116 0 0
PIPER JAFFRAY COS COM 724078100 10,629 139,209 SH   SOLE   139,209 0 0
PJT PARTNERS INC COM CL A 69343T107 8,902 170,042 SH   SOLE   170,042 0 0
PLUMAS BANCORP COM 729273102 854 34,376 SH   SOLE   34,376 0 0
PNC FINL SVCS GROUP INC COM 693475105 4,427 32,506 SH   SOLE   32,506 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 10,768 184,069 SH   SOLE   184,069 0 0
PROVIDENT FINL HLDGS INC COM 743868101 458 25,000 SH   SOLE   25,000 0 0
PRUDENTIAL BANCORP INC NEW COM 74431A101 64 3,700 SH   SOLE   3,700 0 0
Pioneer Bancshares, Inc. Not 13-F Security 72357G102 124 4,028 SH   SOLE   4,028 0 0
QCR HOLDINGS INC COM 74727A104 14,101 345,200 SH   SOLE   345,200 0 0
QNB Corporation COM 74726N107 11,612 252,983 SH   SOLE   252,983 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 19,809 215,200 SH   SOLE   215,200 0 0
RBB BANCORP COM 74930B105 3,112 127,000 SH   SOLE   127,000 0 0
REGIONS FINL CORP NEW COM 7591EP100 2,753 150,000 SH   SOLE   150,000 0 0
RIVERVIEW BANCORP INC COM 769397100 2,040 230,800 SH   SOLE   230,800 0 0
Revere Bank Not 13-F Security 761402106 3,103 100,100 SH   SOLE   100,100 0 0
SANDY SPRING BANCORP INC COM 800363103 12,761 324,615 SH   SOLE   324,615 0 0
SB FINL GROUP INC COM 78408D105 3,971 195,152 SH   SOLE   195,152 0 0
SB FINL GROUP INC DEP SHS PFD 6.5% 78408D204 1,881 92,867 SH   SOLE   92,867 0 0
SHORE BANCSHARES INC COM 825107105 3,519 197,500 SH   SOLE   197,500 0 0
SI FINL GROUP INC MD COM 78425V104 10,569 754,943 SH   SOLE   754,943 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 25,636 223,234 SH   SOLE   223,234 0 0
SIMMONS 1ST NATL CORP CL A $1 PAR 828730200 2,141 72,713 SH   SOLE   72,713 0 0
SMARTFINANCIAL INC COM NEW 83190L208 42 1,771 SH   SOLE   1,771 0 0
SOUTHERN MO BANCORP INC COM 843380106 1,096 29,400 SH   SOLE   29,400 0 0
SOUTHERN NATL BANCORP OF VA COM 843395104 4,049 249,961 SH   SOLE   249,961 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 97 1,632 SH   SOLE   1,632 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 19,312 325,000 SH Put SOLE   325,000 0 0
STANDARD AVB FINL CORP COM 85303B100 5,648 181,600 SH   SOLE   181,600 0 0
STATE BK FINL CORP COM 856190103 9,959 330,000 SH   SOLE   330,000 0 0
STATE STR CORP COM 857477103 3,770 45,000 SH   SOLE   45,000 0 0
STERLING BANCORP DEL COM 85917A100 35,071 1,594,145 SH   SOLE   1,594,145 0 0
STERLING BANCORP INC COM 85917W102 9,753 862,300 SH   SOLE   862,300 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 1,186 51,100 SH   SOLE   51,100 0 0
SUNTRUST BKS INC COM 867914103 5,010 75,012 SH   SOLE   75,012 0 0
SVB FINL GROUP COM 78486Q101 13,210 42,500 SH   SOLE   42,500 0 0
SYNOVUS FINL CORP COM NEW 87161C501 15,343 335,068 SH   SOLE   335,068 0 0
Sugar Creek Financial Corporation COM 86481Y102 959 77,375 SH   SOLE   77,375 0 0
Sunnyside Bancorp, Inc. COM 867475105 893 64,871 SH   SOLE   64,871 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 12,222 677,500 SH   SOLE   677,500 0 0
TERRITORIAL BANCORP INC COM 88145X108 149 5,052 SH   SOLE   5,052 0 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 827 10,009 SH   SOLE   10,009 0 0
TFS FINL CORP COM 87240R107 5,092 339,221 SH   SOLE   339,221 0 0
TOLL BROTHERS INC COM 889478103 1,817 55,000 SH   SOLE   55,000 0 0
TRIUMPH BANCORP INC COM 89679E300 3,629 95,000 SH   SOLE   95,000 0 0
TWO HBRS INVT CORP COM NEW 90187B408 1,616 108,250 SH   SOLE   108,250 0 0
TWO RIV BANCORP COM 90207C105 3,902 225,000 SH   SOLE   225,000 0 0
UMPQUA HLDGS CORP COM 904214103 1,456 70,000 SH   SOLE   70,000 0 0
UNION BANKSHARES CORP NEW COM 90539J109 3,468 90,000 SH   SOLE   90,000 0 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 9,340 334,881 SH   SOLE   334,881 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 11,964 1,237,200 SH   SOLE   1,237,200 0 0
UNITED FINL BANCORP INC NEW COM 910304104 5,461 324,500 SH   SOLE   324,500 0 0
UNITED SECURITY BANCSHARES C COM 911460103 665 59,900 SH   SOLE   59,900 0 0
US BANCORP DEL COM NEW 902973304 15,642 296,200 SH   SOLE   296,200 0 0
VALLEY NATL BANCORP COM 919794107 16,655 1,480,443 SH   SOLE   1,480,443 0 0
VISA INC COM CL A 92826C839 7,730 51,500 SH   SOLE   51,500 0 0
WELLS FARGO CO NEW COM 949746101 2,628 50,000 SH   SOLE   50,000 0 0
WESTERN ALLIANCE BANCORP COM 957638109 16,501 290,056 SH   SOLE   290,056 0 0
WESTERN NEW ENG BANCORP INC COM 958892101 949 87,899 SH   SOLE   87,899 0 0
WILLIS LEASE FINANCE CORP COM 970646105 863 25,000 SH   SOLE   25,000 0 0
WORLDPAY INC CL A 981558109 5,064 50,000 SH   SOLE   50,000 0 0
WSFS FINL CORP COM 929328102 1,415 30,000 SH   SOLE   30,000 0 0
West End Indiana Bancshares, Inc. COM 952678100 899 30,000 SH   SOLE   30,000 0 0
White River Bancshares Company COM 9B999WRBC 4,566 68,000 SH   SOLE   68,000 0 0
White River Bancshares Company PFD CONV 9B999WRBC 3,029 45,113 SH   SOLE   45,113 0 0
ZIONS BANCORPORATION COM 989701107 38,864 774,948 SH   SOLE   774,948 0 0
ZIONS BANCORPORATION *W EXP 11/14/201 989701131 8,367 603,700 SH   SOLE   603,700 0 0