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 1,253 105,300 SH   SOLE   105,300 0 0
ALERUS FINL CORP COM 01446U103 472 24,085 SH   SOLE   24,085 0 0
ALTABANCORP COM 021347109 201 10,000 SH   SOLE   10,000 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 1,450 69,300 SH   SOLE   69,300 0 0
AMERICAN RIV BANKSHARES COM 029326105 5,229 525,000 SH   SOLE   525,000 0 0
AMERIS BANCORP COM 03076K108 12,168 534,151 SH   SOLE   534,151 0 0
ARES MANAGEMENT CORPORATION CL A COM STK 03990B101 8,569 212,000 SH   SOLE   212,000 0 0
ARTISAN PARTNERS ASSET MGMT CL A 04316A108 3,646 93,500 SH   SOLE   93,500 0 0
ASSOCIATED BANC CORP COM 045487105 1,497 118,583 SH   SOLE   118,583 0 0
BANC OF CALIFORNIA INC COM 05990K106 3,586 354,321 SH   SOLE   354,321 0 0
BANCORP 34 INC COM 05970V106 272 28,160 SH   SOLE   28,160 0 0
BANK OF THE JAMES FINL GP IN COM 470299108 1,630 167,200 SH   SOLE   167,200 0 0
BANK7 CORP COM 06652N107 1,139 121,167 SH   SOLE   121,167 0 0
BLACKROCK INC COM 09247X101 5,466 9,700 SH   SOLE   9,700 0 0
BOGOTA FINL CORP COM 097235105 457 60,000 SH   SOLE   60,000 0 0
BOK FINL CORP COM NEW 05561Q201 5,641 109,504 SH   SOLE   109,504 0 0
BOSTON PRIVATE FINL HLDGS IN COM 101119105 4,141 750,270 SH   SOLE   750,270 0 0
BRIDGE BANCORP INC COM 108035106 492 28,200 SH   SOLE   28,200 0 0
BRIGHTSPHERE INVT GROUP INC COM 10948W103 7,805 605,000 SH   SOLE   605,000 0 0
BROOKLINE BANCORP INC DEL COM 11373M107 1,739 201,195 SH   SOLE   201,195 0 0
Bay Banks of Virginia, Inc. Not 13-F Security 072035108 4,991 744,900 SH   SOLE   744,900 0 0
Blackhawk Bancorp, Inc. Not 13-F Security 09237E204 772 39,000 SH   SOLE   39,000 0 0
CADENCE BANCORPORATION CL A 12739A100 2,452 285,484 SH   SOLE   285,484 0 0
CAMBRIDGE BANCORP COM 132152109 4,340 81,646 SH   SOLE   81,646 0 0
CAPITAL BANCORP INC MD COM 139737100 1,372 145,000 SH   SOLE   145,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 359 5,000 SH   SOLE   5,000 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 3,734 56,799 SH   SOLE   56,799 0 0
CITIGROUP INC COM NEW 172967424 12,314 285,642 SH   SOLE   285,642 0 0
CITIZENS & NORTHN CORP COM 172922106 1,579 97,242 SH   SOLE   97,242 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 7,259 579,800 SH   SOLE   579,800 0 0
CODORUS VY BANCORP INC COM 192025104 5,155 393,489 SH   SOLE   393,489 0 0
COMMUNITY BANKERS TR CORP COM 203612106 6,781 1,334,805 SH   SOLE   1,334,805 0 0
COMMUNITY FIRST BANCSHARES I COM 20369M104 930 130,000 SH   SOLE   130,000 0 0
CONNECTONE BANCORP INC COM 20786W107 2,572 182,792 SH   SOLE   182,792 0 0
CULLEN FROST BANKERS INC COM 229899109 595 9,300 SH   SOLE   9,300 0 0
Citizens Financial Services, Inc. Not 13-F Security 174615104 1,131 26,149 SH   SOLE   26,149 0 0
Communities First Financial Corporation Not 13-F Security 20344D104 2,000 85,100 SH   SOLE   85,100 0 0
DISCOVER FINL SVCS COM 254709108 867 15,000 SH   SOLE   15,000 0 0
EAGLE BANCORP MONT INC COM 26942G100 4,415 250,545 SH   SOLE   250,545 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 1,972 72,308 SH   SOLE   72,308 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 224 14,450 SH   SOLE   14,450 0 0
ESQUIRE FINL HLDGS INC COM 29667J101 1,244 82,900 SH   SOLE   82,900 0 0
ESSA BANCORP INC COM 29667D104 8,847 717,481 SH   SOLE   717,481 0 0
EVANS BANCORP INC COM NEW 29911Q208 2,428 109,110 SH   SOLE   109,110 0 0
EVERCORE INC CLASS A 29977A105 3,469 53,000 SH   SOLE   53,000 0 0
Equitable Financial Corp. Not 13-F Security 29448T105 3,016 290,000 SH   SOLE   290,000 0 0
Eureka Homestead Bancorp, Inc. Not 13-F Security 298544107 1,308 140,000 SH   SOLE   140,000 0 0
FARMERS NATIONAL BANC CORP COM 309627107 5,554 508,600 SH   SOLE   508,600 0 0
FFBW INC MD COM 30260M103 4,161 444,500 SH   SOLE   444,500 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 2,944 20,000 SH   SOLE   20,000 0 0
FIFTH THIRD BANCORP COM 316773100 4,302 201,800 SH   SOLE   201,800 0 0
FIRST BANCSHARES INC MS COM 318916103 3,990 190,292 SH   SOLE   190,292 0 0
FIRST CMNTY CORP S C COM 319835104 2,109 154,740 SH   SOLE   154,740 0 0
FIRST FINL BANCORP OH COM 320209109 3,617 301,330 SH   SOLE   301,330 0 0
FIRST INTST BANCSYSTEM INC COM CL A 32055Y201 3,786 118,855 SH   SOLE   118,855 0 0
FIRST MID BANCSHARES INC COM 320866106 8,930 357,900 SH   SOLE   357,900 0 0
FISERV INC COM 337738108 3,452 33,500 SH   SOLE   33,500 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 3,715 890,900 SH   SOLE   890,900 0 0
FLUSHING FINL CORP COM 343873105 616 58,600 SH   SOLE   58,600 0 0
FORESTAR GROUP INC COM 346232101 5,661 319,858 SH   SOLE   319,858 0 0
First IC Corporation Not 13-F Security 32058J102 512 109,731 SH   SOLE   109,731 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 9,707 48,300 SH   SOLE   48,300 0 0
GUARANTY BANCSHARES INC TEX COM 400764106 3,611 145,091 SH   SOLE   145,091 0 0
HARBORONE BANCORP INC NEW COM NEW 41165Y100 7,505 930,000 SH   SOLE   930,000 0 0
HBT FINL INC. COM 404111106 6,057 539,801 SH   SOLE   539,801 0 0
HEARTLAND FINL USA INC COM 42234Q102 1,670 55,667 SH   SOLE   55,667 0 0
HILLTOP HOLDINGS INC COM 432748101 3,823 185,755 SH   SOLE   185,755 0 0
HMN FINL INC COM 40424G108 3,109 234,469 SH   SOLE   234,469 0 0
HOME BANCORP INC COM 43689E107 2,539 105,132 SH   SOLE   105,132 0 0
HOME BANCSHARES INC COM 436893200 6,006 396,162 SH   SOLE   396,162 0 0
HOMETRUST BANCSHARES INC COM 437872104 7,471 550,126 SH   SOLE   550,126 0 0
HOPE BANCORP INC COM 43940T109 711 93,716 SH   SOLE   93,716 0 0
HORIZON BANCORP INC COM 440407104 6,070 601,600 SH   SOLE   601,600 0 0
HOWARD HUGHES CORP COM 44267D107 2,592 45,000 SH   SOLE   45,000 0 0
Heritage Nola Bancorp, Inc. Not 13-F Security 42727P108 959 89,180 SH   SOLE   89,180 0 0
IF BANCORP INC COM 44951J105 5,008 323,700 SH   SOLE   323,700 0 0
INDEPENDENT BK CORP MICH COM NEW 453838609 11,127 885,207 SH   SOLE   885,207 0 0
INTERNATIONAL BANCSHARES COR COM 459044103 2,870 110,119 SH   SOLE   110,119 0 0
INVESTAR HLDG CORP COM 46134L105 9,495 740,661 SH   SOLE   740,661 0 0
INVESTORS BANCORP INC NEW COM 46146L101 6,036 831,395 SH   SOLE   831,395 0 0
JPMORGAN CHASE & CO COM 46625H100 5,690 59,100 SH   SOLE   59,100 0 0
KB HOME COM 48666K109 3,655 95,200 SH   SOLE   95,200 0 0
KEARNY FINL CORP MD COM 48716P108 324 45,000 SH   SOLE   45,000 0 0
KEYCORP COM 493267108 5,738 480,972 SH   SOLE   480,972 0 0
KKR & CO INC COM 48251W104 10,034 292,200 SH   SOLE   292,200 0 0
LAKELAND BANCORP INC COM 511637100 10,902 1,095,707 SH   SOLE   1,095,707 0 0
LAZARD LTD SHS A G54050102 2,148 65,000 SH   SOLE   65,000 0 0
LENNAR CORP CL B 526057302 24,491 373,000 SH   SOLE   373,000 0 0
LUTHER BURBANK CORP COM 550550107 7,995 957,473 SH   SOLE   957,473 0 0
M & T BK CORP COM 55261F104 2,306 25,044 SH   SOLE   25,044 0 0
MACATAWA BK CORP COM 554225102 867 132,787 SH   SOLE   132,787 0 0
MALVERN BANCORP INC COM 561409103 1,193 101,100 SH   SOLE   101,100 0 0
MASTERCARD INCORPORATED CL A 57636Q104 2,536 7,500 SH   SOLE   7,500 0 0
MERIDIAN BANCORP INC MD COM 58958U103 2,225 215,000 SH   SOLE   215,000 0 0
MERIDIAN CORPORATION COM 58958P104 1,694 105,000 SH   SOLE   105,000 0 0
META FINL GROUP INC COM 59100U108 3,460 180,000 SH   SOLE   180,000 0 0
MID SOUTHERN BANCORP INC COM 59548Q107 1,806 139,983 SH   SOLE   139,983 0 0
MORGAN STANLEY COM NEW 617446448 18,408 380,733 SH   SOLE   380,733 0 0
New Bancorp, Inc. Not 13-F Security 642142103 64 2,575 SH   SOLE   2,575 0 0
OCEANFIRST FINL CORP COM 675234108 1,237 90,373 SH   SOLE   90,373 0 0
OP BANCORP COM 67109R109 1,048 183,300 SH   SOLE   183,300 0 0
ORRSTOWN FINL SVCS INC COM 687380105 4,259 332,772 SH   SOLE   332,772 0 0
OTTAWA BANCORP INC COM 689195105 2,945 300,200 SH   SOLE   300,200 0 0
PAYPAL HLDGS INC COM 70450Y103 2,955 15,000 SH   SOLE   15,000 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 745 49,169 SH   SOLE   49,169 0 0
PEOPLES BANCORP N C INC COM 710577107 1,220 79,054 SH   SOLE   79,054 0 0
PIPER SANDLER COMPANIES COM 724078100 3,635 49,800 SH   SOLE   49,800 0 0
PLUMAS BANCORP COM 729273102 714 36,270 SH   SOLE   36,270 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 2,696 83,920 SH   SOLE   83,920 0 0
PREMIER FINANCIAL CORP COM 74052F108 7,079 454,511 SH   SOLE   454,511 0 0
PROVIDENT BANCORP INC COM NEW 74383L105 3,499 449,178 SH   SOLE   449,178 0 0
PROVIDENT FINL HLDGS INC COM 743868101 2,210 185,709 SH   SOLE   185,709 0 0
PROVIDENT FINL SVCS INC COM 74386T105 512 41,957 SH   SOLE   41,957 0 0
PRUDENTIAL BANCORP INC NEW COM 74431A101 1,359 128,900 SH   SOLE   128,900 0 0
PSB Holdings, Inc. Not 13-F Security 69360N108 1,766 98,100 SH   SOLE   98,100 0 0
Pioneer Bancshares, Inc. Not 13-F Security 72357G102 66 4,028 SH   SOLE   4,028 0 0
QCR HOLDINGS INC COM 74727A104 10,421 380,191 SH   SOLE   380,191 0 0
QNB Corporation Not 13-F Security 74726N107 8,617 313,908 SH   SOLE   313,908 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 2,363 190,100 SH   SOLE   190,100 0 0
REGIONS FINANCIAL CORP NEW COM 7591EP100 1,864 161,691 SH   SOLE   161,691 0 0
RHINEBECK BANCORP INC COM 762093102 1,259 199,166 SH   SOLE   199,166 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 5,510 228,900 SH Put SOLE   228,900 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 2,910 35,060 SH   SOLE   35,060 0 0
SOUND FINL BANCORP INC COM 83607A100 921 31,100 SH   SOLE   31,100 0 0
SOUTH PLAINS FINANCIAL INC COM 83946P107 4,316 347,759 SH   SOLE   347,759 0 0
SOUTH ST CORP COM 840441109 1,398 29,036 SH   SOLE   29,036 0 0
SOUTHERN MO BANCORP INC COM 843380106 2,187 92,735 SH   SOLE   92,735 0 0
SOUTHERN NATL BANCORP OF VA COM 843395104 1,253 144,400 SH   SOLE   144,400 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 6,530 19,500 SH Put SOLE   19,500 0 0
SPDR SER TR S&P REGL BKG 78464A698 1,923 53,900 SH Put SOLE   53,900 0 0
STERLING BANCORP DEL COM 85917A100 6,896 655,486 SH   SOLE   655,486 0 0
STERLING BANCORP INC COM 85917W102 1,521 505,397 SH   SOLE   505,397 0 0
SYNCHRONY FINANCIAL COM 87165B103 2,224 85,000 SH   SOLE   85,000 0 0
SouthCrest Financial Group, Inc. Not 13-F Security 84129X107 32 5,024 SH   SOLE   5,024 0 0
Sugar Creek Financial Corporation Not 13-F Security 86481Y102 522 77,375 SH   SOLE   77,375 0 0
Sunnyside Bancorp, Inc. Not 13-F Security 867475105 753 64,871 SH   SOLE   64,871 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 2,894 117,700 SH   SOLE   117,700 0 0
TCF FINL CORP COM 872307103 6,970 298,356 SH   SOLE   298,356 0 0
TERRITORIAL BANCORP INC COM 88145X108 3,459 170,973 SH   SOLE   170,973 0 0
TEXAS CAP BANCSHARES INC COM 88224Q107 1,560 50,103 SH   SOLE   50,103 0 0
TFS FINL CORP COM 87240R107 2,737 186,300 SH   SOLE   186,300 0 0
TRIUMPH BANCORP INC COM 89679E300 1,713 55,000 SH   SOLE   55,000 0 0
TRUSTCO BK CORP N Y COM 898349105 2,184 418,326 SH   SOLE   418,326 0 0
US BANCORP DEL COM NEW 902973304 4,302 120,000 SH   SOLE   120,000 0 0
VALLEY NATL BANCORP COM 919794107 7,988 1,166,200 SH   SOLE   1,166,200 0 0
VERITEX HLDGS INC COM 923451108 1,534 90,062 SH   SOLE   90,062 0 0
VICTORY CAP HLDGS INC COM CL A 92645B103 3,076 182,123 SH   SOLE   182,123 0 0
VISA INC COM CL A 92826C839 2,700 13,500 SH   SOLE   13,500 0 0
WADDELL & REED FINL INC CL A 930059100 2,492 167,800 SH   SOLE   167,800 0 0
WELLS FARGO CO NEW COM 949746101 2,116 90,000 SH   SOLE   90,000 0 0
WESTERN ALLIANCE BANCORP COM 957638109 634 20,057 SH   SOLE   20,057 0 0
WILLIS LEASE FINANCE CORP COM 970646105 241 13,083 SH   SOLE   13,083 0 0
WINTRUST FINL CORP COM 97650W108 11,815 295,000 SH   SOLE   295,000 0 0
White River Bancshares Company Not 13-F Security 96445A108 3,233 68,000 SH   SOLE   68,000 0 0
ZIONS BANCORPORATION N A COM 989701107 17,322 592,826 SH   SOLE   592,826 0 0