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 12,645 66,700 SH   SOLE   66,700 0 0
AJS Bancorp, Inc. COM 001503101 2,809 199,192 SH   SOLE   199,192 0 0
Alerus Financial Corp Not 13-F Security 01446U103 5,845 247,480 SH   SOLE   247,480 0 0
American Business Bank Not 13-F Security 02475L105 1,020 25,507 SH   SOLE   25,507 0 0
AMERICAN HOMES 4 RENT CL A 02665T306 930 46,310 SH   SOLE   46,310 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 2,721 50,000 SH   SOLE   50,000 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 5,293 140,782 SH   SOLE   140,782 0 0
AMERICAN RIVER BANKSHARES COM 029326105 7,838 505,354 SH   SOLE   505,354 0 0
AMERIPRISE FINL INC COM 03076C106 2,959 20,000 SH   SOLE   20,000 0 0
AMERIS BANCORP COM 03076K108 19,927 376,700 SH   SOLE   376,700 0 0
AMES NATL CORP COM 031001100 418 15,188 SH   SOLE   15,188 0 0
ARES CAP CORP COM 04010L103 13,172 830,000 SH   SOLE   830,000 0 0
ARES MGMT LP COM SHS REG INT 04014Y101 6,326 295,600 SH   SOLE   295,600 0 0
ARROW FINL CORP COM 042744102 509 15,000 SH   SOLE   15,000 0 0
ASSOCIATED BANC CORP COM 045487105 22,615 910,042 SH   SOLE   910,042 0 0
ASSURANT INC COM 04621X108 5,028 55,000 SH   SOLE   55,000 0 0
ATLANTIC CAP BANCSHARES INC COM 048269203 20 1,105 SH   SOLE   1,105 0 0
Avidbank Holdings, Inc. COM 05368J103 5,995 254,998 SH   SOLE   254,998 0 0
BANC OF CALIFORNIA INC COM 05990K106 14,672 760,221 SH   SOLE   760,221 0 0
BANCFIRST CORP COM 05945F103 4,248 80,000 SH   SOLE   80,000 0 0
BANK AMER CORP COM 060505104 31,253 1,042,100 SH   SOLE   1,042,100 0 0
BANK COMM HLDGS COM 06424J103 932 80,000 SH   SOLE   80,000 0 0
Bank First National Corp. Not 13-F Security 06211J100 1,672 36,142 SH   SOLE   36,142 0 0
BANK OF NT BUTTERFIELD&SON L SHS NEW G0772R208 12,903 287,500 SH   SOLE   287,500 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 2,566 167,800 SH   SOLE   167,800 0 0
BANKUNITED INC COM 06652K103 3,858 96,500 SH   SOLE   96,500 0 0
Bay Banks of Virginia, Inc. Not 13-F Security 072035108 8,437 869,829 SH   SOLE   869,829 0 0
BENEFICIAL BANCORP INC COM 08171T102 933 60,000 SH   SOLE   60,000 0 0
Best Hometown Bancorp, Inc. Not 13-F Security 08652N103 904 80,000 SH   SOLE   80,000 0 0
BLACK KNIGHT INC COM 09215C105 5,181 110,000 SH   SOLE   110,000 0 0
Blackhawk Bancorp, Inc. Not 13-F Security 09237E204 2,975 107,797 SH   SOLE   107,797 0 0
BLACKROCK INC COM 09247X101 5,796 10,700 SH   SOLE   10,700 0 0
BOSTON PRIVATE FINL HLDGS IN COM 101119105 7,001 465,180 SH   SOLE   465,180 0 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 4,575 350,000 SH   SOLE   350,000 0 0
BRIGHTSPHERE INVESTMNT GRP P SHS G1644T109 6,602 418,900 SH   SOLE   418,900 0 0
BRYN MAWR BK CORP COM 117665109 6,553 149,100 SH   SOLE   149,100 0 0
Business First Bankshares Inc. COM 9B999BFBI 10,102 500,000 SH   SOLE   500,000 0 0
CADENCE BANCORPORATION CL A 12739A100 103 3,800 SH   SOLE   3,800 0 0
CAMDEN NATL CORP COM 133034108 454 10,200 SH   SOLE   10,200 0 0
CANNAE HLDGS INC COM 13765N107 2,999 159,000 SH   SOLE   159,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 6,439 67,200 SH   SOLE   67,200 0 0
CAROLINA FINL CORP NEW COM 143873107 396 10,083 SH   SOLE   10,083 0 0
CENTERSTATE BK CORP COM 15201P109 27,460 1,035,061 SH   SOLE   1,035,061 0 0
Central Federal Bancshares, Inc. Not 13-F Security 15346T107 2,405 166,200 SH   SOLE   166,200 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 5,455 68,700 SH   SOLE   68,700 0 0
CITIGROUP INC COM NEW 172967424 11,475 170,000 SH   SOLE   170,000 0 0
CITIZENS FINL GROUP INC COM 174610105 5,248 125,000 SH   SOLE   125,000 0 0
CITIZENS HLDG CO MISS COM 174715102 219 10,041 SH   SOLE   10,041 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 8,388 115,700 SH   SOLE   115,700 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 1,579 69,063 SH   SOLE   69,063 0 0
CODORUS VY BANCORP INC COM 192025104 12,639 449,462 SH   SOLE   449,462 0 0
COMERICA INC COM 200340107 38,952 406,045 SH   SOLE   406,045 0 0
Communities First Financial Corporation Not 13-F Security 20344D104 1,311 62,592 SH   SOLE   62,592 0 0
COMMUNITY BANKERS TR CORP COM 203612106 10,935 1,215,000 SH   SOLE   1,215,000 0 0
COMMUNITY WEST BANCSHARES COM 204157101 2,655 233,945 SH   SOLE   233,945 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 4,640 161,109 SH   SOLE   161,109 0 0
Cortland Bancorp Not 13-F Security 220587109 161 6,998 SH   SOLE   6,998 0 0
CULLEN FROST BANKERS INC COM 229899109 16,738 157,800 SH   SOLE   157,800 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 12,467 225,000 SH   SOLE   225,000 0 0
EAGLE BANCORP MONT INC COM 26942G100 4,150 200,000 SH   SOLE   200,000 0 0
EAST WEST BANCORP INC COM 27579R104 5,506 88,035 SH   SOLE   88,035 0 0
EATON VANCE CORP COM NON VTG 278265103 4,292 77,100 SH   SOLE   77,100 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 9,897 211,023 SH   SOLE   211,023 0 0
EQUITABLE FINL CORP NEW COM 29448T105 3,525 335,721 SH   SOLE   335,721 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 4,699 120,000 SH   SOLE   120,000 0 0
ESQUIRE FINL HLDGS INC COM 29667J101 3,469 142,166 SH   SOLE   142,166 0 0
ESSA BANCORP INC COM 29667D104 8,847 603,090 SH   SOLE   603,090 0 0
EVANS BANCORP INC COM NEW 29911Q208 12,051 266,320 SH   SOLE   266,320 0 0
FARMERS NATL BANC CORP COM 309627107 3,367 243,069 SH   SOLE   243,069 0 0
FFBW INC COM 30258M107 485 45,156 SH   SOLE   45,156 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 2,401 60,000 SH   SOLE   60,000 0 0
FIFTH THIRD BANCORP COM 316773100 6,245 196,700 SH   SOLE   196,700 0 0
FINANCIAL INSTNS INC COM 317585404 2,371 80,100 SH   SOLE   80,100 0 0
First American International Corp. COM 31849X107 5,218 168,880 SH   SOLE   168,880 0 0
FIRST BANCSHARES INC MS COM 318916103 9,998 310,000 SH   SOLE   310,000 0 0
FIRST BUSEY CORP COM NEW 319383204 4,904 165,000 SH   SOLE   165,000 0 0
FIRST CMNTY CORP S C COM 319835104 3,208 140,080 SH   SOLE   140,080 0 0
FIRST DEFIANCE FINL CORP COM 32006W106 9,206 160,600 SH   SOLE   160,600 0 0
FIRST FINL BANCORP OH COM 320209109 11,154 380,038 SH   SOLE   380,038 0 0
FIRST HORIZON NATL CORP COM 320517105 13,561 720,172 SH   SOLE   720,172 0 0
First IC Corporation COM 32058J102 988 90,685 SH   SOLE   90,685 0 0
FIRST MERCHANTS CORP COM 320817109 2,506 60,102 SH   SOLE   60,102 0 0
FIRST MID ILL BANCSHARES INC COM 320866106 2,843 78,010 SH   SOLE   78,010 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 11,038 774,037 SH   SOLE   774,037 0 0
FNB CORP PA *W $3.116 EXP 1/30/2019 302520945 4,192 402,287 SH   SOLE   402,287 0 0
FS BANCORP INC COM 30263Y104 2,140 40,000 SH   SOLE   40,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 9,445 37,500 SH   SOLE   37,500 0 0
GRANITE PT MTG TR INC COM 38741L107 1,708 103,261 SH   SOLE   103,261 0 0
GREAT WESTN BANCORP INC COM 391416104 6,647 165,054 SH   SOLE   165,054 0 0
GREENHILL & CO INC COM 395259104 2,683 145,000 SH   SOLE   145,000 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 1,972 83,900 SH   SOLE   83,900 0 0
HAMILTON BANCORP INC MD COM 407015106 1,967 138,000 SH   SOLE   138,000 0 0
HARBORONE BANCORP INC COM 41165F101 228 12,918 SH   SOLE   12,918 0 0
HENNESSY ADVISORS INC COM 425885100 2,425 125,662 SH   SOLE   125,662 0 0
HERITAGE COMMERCE CORP COM 426927109 6,098 370,000 SH   SOLE   370,000 0 0
Heritage Nola Bancorp, Inc. Not 13-F Security 42727P108 347 28,935 SH   SOLE   28,935 0 0
HILLTOP HOLDINGS INC COM 432748101 1,880 80,132 SH   SOLE   80,132 0 0
HMN FINL INC COM 40424G108 1,855 100,000 SH   SOLE   100,000 0 0
HMN FINL INC *W $4.68 EXP 12/23/2018 40424G975 3,875 277,778 SH   SOLE   277,778 0 0
HOME BANCSHARES INC COM 436893200 20,647 905,188 SH   SOLE   905,188 0 0
HOMESTREET INC COM 43785V102 3,323 116,000 SH   SOLE   116,000 0 0
HOMETRUST BANCSHARES INC COM 437872104 6,445 247,404 SH   SOLE   247,404 0 0
HOPE BANCORP INC COM 43940T109 6,007 330,237 SH   SOLE   330,237 0 0
HORIZON BANCORP IND COM 440407104 3,601 120,000 SH   SOLE   120,000 0 0
HOWARD BANCORP INC COM 442496105 3,518 177,700 SH   SOLE   177,700 0 0
HOWARD HUGHES CORP COM 44267D107 4,522 32,500 SH   SOLE   32,500 0 0
HUNTINGTON BANCSHARES INC COM 446150104 12,083 800,200 SH   SOLE   800,200 0 0
IBERIABANK CORP COM 450828108 14,044 180,054 SH   SOLE   180,054 0 0
IF BANCORP INC COM 44951J105 6,040 302,000 SH   SOLE   302,000 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 21,755 950,000 SH   SOLE   950,000 0 0
INVESCO LTD SHS G491BT108 6,373 199,100 SH   SOLE   199,100 0 0
INVESTAR HLDG CORP COM 46134L105 5,403 209,001 SH   SOLE   209,001 0 0
INVESTORS BANCORP INC NEW COM 46146L101 11,080 812,339 SH   SOLE   812,339 0 0
JPMORGAN CHASE & CO *W EXP 10/28/201 46634E114 9,132 131,300 SH   SOLE   131,300 0 0
JPMORGAN CHASE & CO COM 46625H100 10,447 95,000 SH   SOLE   95,000 0 0
KEYCORP NEW COM 493267108 35,106 1,795,714 SH   SOLE   1,795,714 0 0
LAZARD LTD SHS A G54050102 12,357 235,100 SH   SOLE   235,100 0 0
LEGACY TEX FINL GROUP INC COM 52471Y106 2,785 65,051 SH   SOLE   65,051 0 0
LEGG MASON INC COM 524901105 3,305 81,300 SH   SOLE   81,300 0 0
LENNAR CORP CL B 526057302 37,675 790,000 SH   SOLE   790,000 0 0
LUTHER BURBANK CORP COM 550550107 7,966 663,300 SH   SOLE   663,300 0 0
MAINSOURCE FINANCIAL GP INC COM 56062Y102 8,943 220,000 SH   SOLE   220,000 0 0
MASTERCARD INCORPORATED CL A 57636Q104 10,510 60,000 SH   SOLE   60,000 0 0
MB Bancorp, Inc. COM 55280E104 3,176 188,500 SH   SOLE   188,500 0 0
MELROSE BANCORP INC COM 585553100 2,647 129,132 SH   SOLE   129,132 0 0
MERIDIAN BK PAOLI PA COM 58958P104 5,273 307,800 SH   SOLE   307,800 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 7,823 235,000 SH   SOLE   235,000 0 0
MOELIS & CO CL A 60786M105 509 10,000 SH   SOLE   10,000 0 0
MORGAN STANLEY COM NEW 617446448 28,264 523,800 SH   SOLE   523,800 0 0
Mountain Commerce Bancorp, Inc. Not 13-F Security 624004107 2,489 187,500 SH   SOLE   187,500 0 0
New Bancorp, Inc. COM 642142103 1,364 66,200 SH   SOLE   66,200 0 0
NMI HLDGS INC CL A 629209305 1,407 85,000 SH   SOLE   85,000 0 0
NORTHERN TR CORP COM 665859104 11,860 115,000 SH   SOLE   115,000 0 0
NORTHRIM BANCORP INC COM 666762109 3,801 110,000 SH   SOLE   110,000 0 0
NVR INC COM 62944T105 3,242 1,158 SH   SOLE   1,158 0 0
OAK VALLEY BANCORP OAKDALE C COM 671807105 2,688 120,547 SH   SOLE   120,547 0 0
OCEANFIRST FINL CORP COM 675234108 15,649 585,000 SH   SOLE   585,000 0 0
OLD LINE BANCSHARES INC COM 67984M100 10,956 332,000 SH   SOLE   332,000 0 0
OLD SECOND BANCORP INC ILL COM 680277100 11,398 820,000 SH   SOLE   820,000 0 0
OP BANCORP COM 67109R109 2,801 225,000 SH   SOLE   225,000 0 0
OTTAWA BANCORP INC COM 689195105 4,119 300,200 SH   SOLE   300,200 0 0
PATHFINDER BANCORP INC MD COM 70319R109 4,166 269,561 SH   SOLE   269,561 0 0
PAYPAL HLDGS INC COM 70450Y103 6,828 90,000 SH   SOLE   90,000 0 0
PB BANCORP INC COM 70454T100 3,180 301,430 SH   SOLE   301,430 0 0
PEOPLES BANCORP N C INC COM 710577107 469 15,263 SH   SOLE   15,263 0 0
Pilgrim Bancshares, Inc. COM 72143J105 2,386 120,800 SH   SOLE   120,800 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 5,779 90,017 SH   SOLE   90,017 0 0
Pioneer Bancshares, Inc. Not 13-F Security 72357G102 117 4,028 SH   SOLE   4,028 0 0
PJT PARTNERS INC COM CL A 69343T107 11,037 220,301 SH   SOLE   220,301 0 0
PLUMAS BANCORP COM 729273102 1,868 75,000 SH   SOLE   75,000 0 0
PNC FINL SVCS GROUP INC *W EXP 12/31/201 693475121 1,386 16,500 SH   SOLE   16,500 0 0
PNC FINL SVCS GROUP INC COM 693475105 9,831 65,000 SH   SOLE   65,000 0 0
POAGE BANKSHARES INC COM 730206109 6,023 316,981 SH   SOLE   316,981 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 12,843 200,050 SH   SOLE   200,050 0 0
PROVIDENT FINL HLDGS INC COM 743868101 181 10,000 SH   SOLE   10,000 0 0
QNB Corporation COM 74726N107 7,626 173,130 SH   SOLE   173,130 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 14,753 165,000 SH   SOLE   165,000 0 0
RBB BANCORP COM 74930B105 7,006 265,673 SH   SOLE   265,673 0 0
REGIONS FINL CORP NEW COM 7591EP100 7,153 385,000 SH   SOLE   385,000 0 0
S & T BANCORP INC COM 783859101 9,502 237,900 SH   SOLE   237,900 0 0
SANDY SPRING BANCORP INC COM 800363103 12,818 330,712 SH   SOLE   330,712 0 0
SANTANDER CONSUMER USA HDG I COM 80283M101 1,304 80,000 SH   SOLE   80,000 0 0
SB FINL GROUP INC COM 78408D105 3,353 181,203 SH   SOLE   181,203 0 0
SB FINL GROUP INC DEP SHS PFD 6.5% 78408D204 1,465 80,300 SH   SOLE   80,300 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 3,421 129,240 SH   SOLE   129,240 0 0
SHORE BANCSHARES INC COM 825107105 3,301 175,000 SH   SOLE   175,000 0 0
SI FINL GROUP INC MD COM 78425V104 10,680 741,663 SH   SOLE   741,663 0 0
SIERRA BANCORP COM 82620P102 1,759 66,027 SH   SOLE   66,027 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 23,072 162,537 SH   SOLE   162,537 0 0
SIMMONS 1ST NATL CORP CL A $1 PAR 828730200 7,255 255,010 SH   SOLE   255,010 0 0
SOUTH ST CORP COM 840441109 3,335 39,100 SH   SOLE   39,100 0 0
SOUTHERN MO BANCORP INC COM 843380106 2,196 60,000 SH   SOLE   60,000 0 0
SOUTHERN NATL BANCORP OF VA COM 843395104 3,292 207,800 SH   SOLE   207,800 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 106 1,760 SH   SOLE   1,760 0 0
Standard AVB Financial Corp. COM 85303B100 5,430 181,600 SH   SOLE   181,600 0 0
State Bank Corporation Not 13-F Security 856121108 10 800 SH   SOLE   800 0 0
STATE BK FINL CORP COM 856190103 300 10,000 SH   SOLE   10,000 0 0
STERLING BANCORP DEL COM 85917A100 28,982 1,285,228 SH   SOLE   1,285,228 0 0
STERLING BANCORP INC COM 85917W102 10,230 757,245 SH   SOLE   757,245 0 0
Sugar Creek Financial Corporation COM 86481Y102 953 78,575 SH   SOLE   78,575 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 1,376 55,000 SH   SOLE   55,000 0 0
Sunnyside Bancorp, Inc. COM 867475105 1,051 64,871 SH   SOLE   64,871 0 0
SUNTRUST BKS INC *W EXP 12/31/201 867914129 1,882 53,402 SH   SOLE   53,402 0 0
SUNTRUST BKS INC COM 867914103 12,928 190,000 SH   SOLE   190,000 0 0
SVB FINL GROUP COM 78486Q101 11,136 46,400 SH   SOLE   46,400 0 0
SYNOVUS FINL CORP COM NEW 87161C501 17,482 350,064 SH   SOLE   350,064 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 12,862 552,500 SH   SOLE   552,500 0 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 5,845 65,012 SH   SOLE   65,012 0 0
TOMPKINS FINANCIAL CORPORATI COM 890110109 1,136 15,000 SH   SOLE   15,000 0 0
TOWNEBANK PORTSMOUTH VA COM 89214P109 715 25,000 SH   SOLE   25,000 0 0
TRI POINTE GROUP INC COM 87265H109 4,663 283,800 SH   SOLE   283,800 0 0
TWO HBRS INVT CORP COM NEW 90187B408 1,844 120,000 SH   SOLE   120,000 0 0
TWO RIV BANCORP COM 90207C105 516 28,610 SH   SOLE   28,610 0 0
UNION BANKSHARES CORP NEW COM 90539J109 3,304 90,000 SH   SOLE   90,000 0 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 14,154 447,200 SH   SOLE   447,200 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 13,390 1,357,964 SH   SOLE   1,357,964 0 0
UNITED FINL BANCORP INC NEW COM 910304104 5,382 332,200 SH   SOLE   332,200 0 0
UNITED SECURITY BANCSHARES C COM 911460103 1,344 125,000 SH   SOLE   125,000 0 0
US BANCORP DEL COM NEW 902973304 30,300 600,000 SH   SOLE   600,000 0 0
VALLEY NATL BANCORP COM 919794107 13,395 1,075,000 SH   SOLE   1,075,000 0 0
VISA INC COM CL A 92826C839 9,665 80,800 SH   SOLE   80,800 0 0
VOYA FINL INC COM 929089100 3,788 75,000 SH   SOLE   75,000 0 0
West End Indiana Bancshares, Inc. COM 952678100 657 22,800 SH   SOLE   22,800 0 0
WESTERN ALLIANCE BANCORP COM 957638109 11,918 205,095 SH   SOLE   205,095 0 0
WESTERN NEW ENG BANCORP INC COM 958892101 1,385 130,000 SH   SOLE   130,000 0 0
White River Bancshares Company COM 9B999WRBC 4,494 68,000 SH   SOLE   68,000 0 0
White River Bancshares Company PFD CONV 9B999WRBC 2,982 45,113 SH   SOLE   45,113 0 0
WILLIS LEASE FINANCE CORP COM 970646105 857 25,000 SH   SOLE   25,000 0 0
WISDOMTREE INVTS INC COM 97717P104 183 20,000 SH   SOLE   20,000 0 0
ZIONS BANCORPORATION *W EXP 11/14/201 989701131 11,223 680,200 SH   SOLE   680,200 0 0
ZIONS BANCORPORATION COM 989701107 32,855 623,085 SH   SOLE   623,085 0 0