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
AMERICAN NATL BANKSHARES INC COM 027745108 4,684 159,808 SH   SOLE   159,808 0 0
AMERICAN RIVER BANKSHARES COM 029326105 7,028 503,786 SH   SOLE   503,786 0 0
AMERIS BANCORP COM 03076K108 18,550 585,720 SH   SOLE   585,720 0 0
AMES NATL CORP COM 031001100 883 34,748 SH   SOLE   34,748 0 0
ARES MANAGEMENT CORPORATION CL A COM STK 03990B101 7,645 430,000 SH   SOLE   430,000 0 0
ASSOCIATED BANC CORP COM 045487105 2,772 140,081 SH   SOLE   140,081 0 0
ASSURANT INC COM 04621X108 1,118 12,500 SH   SOLE   12,500 0 0
ATLANTIC CAP BANCSHARES INC COM 048269203 1,108 67,700 SH   SOLE   67,700 0 0
Alerus Financial Corp Not 13-F Security 01446U103 5,868 304,810 SH   SOLE   304,810 0 0
Avidbank Holdings, Inc. Not 13-F Security 05368J103 5,266 251,958 SH   SOLE   251,958 0 0
BANC OF CALIFORNIA INC COM 05990K106 7,415 557,111 SH   SOLE   557,111 0 0
BANCFIRST CORP COM 05945F103 1,751 35,100 SH   SOLE   35,100 0 0
BANK AMER CORP COM 060505104 22,792 925,000 SH   SOLE   925,000 0 0
BANK FIRST NATL CORP COM 06211J100 1,864 40,000 SH   SOLE   40,000 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 2,181 167,800 SH   SOLE   167,800 0 0
BANK7 CORP COM 06652N107 4,222 316,244 SH   SOLE   316,244 0 0
BANKUNITED INC COM 06652K103 10,629 355,025 SH   SOLE   355,025 0 0
BLACK KNIGHT INC COM 09215C105 2,478 55,000 SH   SOLE   55,000 0 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 3,534 335,000 SH   SOLE   335,000 0 0
BRIGHTSPHERE INVESTMNT GRP P SHS G1644T109 6,110 572,100 SH   SOLE   572,100 0 0
BRYN MAWR BK CORP COM 117665109 6,092 177,100 SH   SOLE   177,100 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 5,248 216,604 SH   SOLE   216,604 0 0
Bay Banks of Virginia, Inc. Not 13-F Security 072035108 6,393 869,829 SH   SOLE   869,829 0 0
Best Hometown Bancorp, Inc. Not 13-F Security 08652N103 929 80,000 SH   SOLE   80,000 0 0
Blackhawk Bancorp, Inc. Not 13-F Security 09237E204 1,866 70,000 SH   SOLE   70,000 0 0
CADENCE BANCORPORATION CL A 12739A100 13,428 800,225 SH   SOLE   800,225 0 0
CANNAE HLDGS INC COM 13765N107 7,276 425,000 SH   SOLE   425,000 0 0
CAPITAL BANCORP INC MD COM 139737100 3,651 320,000 SH   SOLE   320,000 0 0
CAPITAL CITY BK GROUP INC COM 139674105 696 30,000 SH   SOLE   30,000 0 0
CAROLINA FINL CORP NEW COM 143873107 1,564 52,850 SH   SOLE   52,850 0 0
CENTERSTATE BK CORP COM 15201P109 24,515 1,165,145 SH   SOLE   1,165,145 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 5,444 80,372 SH   SOLE   80,372 0 0
CITIGROUP INC COM NEW 172967424 29,154 560,000 SH   SOLE   560,000 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 7,338 673,189 SH   SOLE   673,189 0 0
CITIZENS FINL GROUP INC COM 174610105 11,529 387,777 SH   SOLE   387,777 0 0
CITIZENS HLDG CO MISS COM 174715102 217 10,348 SH   SOLE   10,348 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 1,394 80,000 SH   SOLE   80,000 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 6,389 122,210 SH   SOLE   122,210 0 0
CNB FINL CORP PA COM 126128107 1,453 63,300 SH   SOLE   63,300 0 0
CODORUS VY BANCORP INC COM 192025104 9,566 450,181 SH   SOLE   450,181 0 0
COMERICA INC COM 200340107 22,327 325,045 SH   SOLE   325,045 0 0
COMMUNITY BANKERS TR CORP COM 203612106 9,613 1,331,400 SH   SOLE   1,331,400 0 0
COMMUNITY FIRST BANCSHARES I COM 20369M104 511 43,881 SH   SOLE   43,881 0 0
COMMUNITY WEST BANCSHARES COM 204157101 239 23,800 SH   SOLE   23,800 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 3,344 181,065 SH   SOLE   181,065 0 0
CULLEN FROST BANKERS INC COM 229899109 2,199 25,000 SH   SOLE   25,000 0 0
Central Federal Bancshares, Inc. Not 13-F Security 15346T107 2,147 161,400 SH   SOLE   161,400 0 0
Chesapeake Financial Shares, Inc. Not 13-F Security 16517A109 469 19,086 SH   SOLE   19,086 0 0
Communities First Financial Corporation Not 13-F Security 20344D104 1,195 60,367 SH   SOLE   60,367 0 0
Cortland Bancorp Not 13-F Security 220587109 923 45,000 SH   SOLE   45,000 0 0
DIME CMNTY BANCSHARES COM 253922108 782 46,038 SH   SOLE   46,038 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 6,161 140,400 SH   SOLE   140,400 0 0
EAGLE BANCORP MONT INC COM 26942G100 1,245 75,444 SH   SOLE   75,444 0 0
EAST WEST BANCORP INC COM 27579R104 6,533 150,075 SH   SOLE   150,075 0 0
EATON VANCE CORP COM NON VTG 278265103 2,463 70,000 SH   SOLE   70,000 0 0
ESQUIRE FINL HLDGS INC COM 29667J101 2,930 135,000 SH   SOLE   135,000 0 0
ESSA BANCORP INC COM 29667D104 12,765 817,721 SH   SOLE   817,721 0 0
EVANS BANCORP INC COM NEW 29911Q208 7,861 241,800 SH   SOLE   241,800 0 0
Equitable Financial Corp. Not 13-F Security 29448T105 3,745 331,400 SH   SOLE   331,400 0 0
FARMERS NATL BANC CORP COM 309627107 9,310 730,800 SH   SOLE   730,800 0 0
FCB FINL HLDGS INC CL A 30255G103 8,395 250,000 SH   SOLE   250,000 0 0
FFBW INC COM 30258M107 802 80,000 SH   SOLE   80,000 0 0
FIFTH THIRD BANCORP COM 316773100 17,060 725,029 SH   SOLE   725,029 0 0
FIRST BANCORP N C COM 318910106 3,544 108,500 SH   SOLE   108,500 0 0
FIRST BANCSHARES INC MS COM 318916103 6,353 210,000 SH   SOLE   210,000 0 0
FIRST BUS FINL SVCS INC WIS COM 319390100 1,756 90,000 SH   SOLE   90,000 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 3,771 10,000 SH   SOLE   10,000 0 0
FIRST DEFIANCE FINL CORP COM 32006W106 6,895 281,300 SH   SOLE   281,300 0 0
FIRST FINL BANCORP OH COM 320209109 19,798 834,662 SH   SOLE   834,662 0 0
FIRST HAWAIIAN INC COM 32051X108 11,435 508,000 SH   SOLE   508,000 0 0
FIRST HORIZON NATL CORP COM 320517105 5,264 400,000 SH   SOLE   400,000 0 0
FIRST INTERNET BANCORP COM 320557101 818 40,000 SH   SOLE   40,000 0 0
FIRST LONG IS CORP COM 320734106 4,589 230,000 SH   SOLE   230,000 0 0
FIRST MERCHANTS CORP COM 320817109 2,743 80,046 SH   SOLE   80,046 0 0
FIRST MID ILL BANCSHARES INC COM 320866106 11,290 353,700 SH   SOLE   353,700 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 8,421 425,075 SH   SOLE   425,075 0 0
FIVE POINT HOLDINGS LLC COM CL A 33833Q106 3,253 468,694 SH   SOLE   468,694 0 0
FVCBANKCORP INC COM 36120Q101 2,818 160,000 SH   SOLE   160,000 0 0
First IC Corporation Not 13-F Security 32058J102 794 90,686 SH   SOLE   90,686 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 1,824 83,500 SH   SOLE   83,500 0 0
HAMILTON BANCORP INC MD COM 407015106 2,505 180,200 SH   SOLE   180,200 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 6,758 195,042 SH   SOLE   195,042 0 0
HARBORONE BANCORP INC COM 41165F101 6,833 430,000 SH   SOLE   430,000 0 0
HENNESSY ADVISORS INC COM 425885100 1,602 160,000 SH   SOLE   160,000 0 0
HERITAGE COMMERCE CORP COM 426927109 3,167 279,293 SH   SOLE   279,293 0 0
HILLTOP HOLDINGS INC COM 432748101 3,211 180,087 SH   SOLE   180,087 0 0
HMN FINL INC COM 40424G108 5,038 256,800 SH   SOLE   256,800 0 0
HOME BANCSHARES INC COM 436893200 18,713 1,145,229 SH   SOLE   1,145,229 0 0
HOMESTREET INC COM 43785V102 7,961 375,000 SH   SOLE   375,000 0 0
HOMETRUST BANCSHARES INC COM 437872104 6,276 239,708 SH   SOLE   239,708 0 0
HOPE BANCORP INC COM 43940T109 6,469 545,448 SH   SOLE   545,448 0 0
HOWARD BANCORP INC COM 442496105 2,349 164,300 SH   SOLE   164,300 0 0
HOWARD HUGHES CORP COM 44267D107 9,762 100,000 SH   SOLE   100,000 0 0
HUNTINGTON BANCSHARES INC COM 446150104 2 134 SH   SOLE   134 0 0
Heritage Nola Bancorp, Inc. Not 13-F Security 42727P108 589 46,053 SH   SOLE   46,053 0 0
IF BANCORP INC COM 44951J105 6,543 325,174 SH   SOLE   325,174 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 21,862 1,040,069 SH   SOLE   1,040,069 0 0
INVESTAR HLDG CORP COM 46134L105 4,450 179,435 SH   SOLE   179,435 0 0
INVESTORS BANCORP INC NEW COM 46146L101 10,507 1,010,305 SH   SOLE   1,010,305 0 0
KEYCORP NEW COM 493267108 27,348 1,850,371 SH   SOLE   1,850,371 0 0
LAKELAND BANCORP INC COM 511637100 9,628 650,097 SH   SOLE   650,097 0 0
LEGACY TEX FINL GROUP INC COM 52471Y106 1,123 35,000 SH   SOLE   35,000 0 0
LENNAR CORP CL B 526057302 25,377 810,000 SH   SOLE   810,000 0 0
LIMESTONE BANCORP INC COM 53262L105 357 25,918 SH   SOLE   25,918 0 0
LUTHER BURBANK CORP COM 550550107 8,841 980,100 SH   SOLE   980,100 0 0
M & T BK CORP COM 55261F104 2,863 20,000 SH Call SOLE   20,000 0 0
M & T BK CORP COM 55261F104 10,807 75,504 SH   SOLE   75,504 0 0
MASTERCARD INCORPORATED CL A 57636Q104 6,980 37,000 SH   SOLE   37,000 0 0
MB Bancorp, Inc. Not 13-F Security 55280E104 2,658 188,500 SH   SOLE   188,500 0 0
MELROSE BANCORP INC COM 585553100 2,319 129,132 SH   SOLE   129,132 0 0
MERCANTILE BANK CORP COM 587376104 707 25,000 SH   SOLE   25,000 0 0
MERIDIAN CORPORATION COM 58958P104 3,677 214,154 SH   SOLE   214,154 0 0
MID SOUTHERN BANCORP INC COM 59548Q107 1,843 159,278 SH   SOLE   159,278 0 0
MIDSOUTH BANCORP INC COM 598039105 2,597 245,000 SH   SOLE   245,000 0 0
MOELIS & CO CL A 60786M105 5,329 155,000 SH   SOLE   155,000 0 0
MORGAN STANLEY COM NEW 617446448 24,781 625,000 SH   SOLE   625,000 0 0
Mountain Commerce Bancorp, Inc. Not 13-F Security 624004107 3,323 187,500 SH   SOLE   187,500 0 0
NATIONAL COMM CORP COM 63546L102 2,011 55,874 SH   SOLE   55,874 0 0
New Bancorp, Inc. Not 13-F Security 642142103 1,051 66,200 SH   SOLE   66,200 0 0
OAK VALLEY BANCORP OAKDALE C COM 671807105 2,045 111,750 SH   SOLE   111,750 0 0
OCEANFIRST FINL CORP COM 675234108 6,501 288,814 SH   SOLE   288,814 0 0
OLD LINE BANCSHARES INC COM 67984M100 6,993 265,700 SH   SOLE   265,700 0 0
OLD SECOND BANCORP INC ILL COM 680277100 9,100 700,000 SH   SOLE   700,000 0 0
OP BANCORP COM 67109R109 1,941 218,800 SH   SOLE   218,800 0 0
OPUS BK IRVINE CALIF COM 684000102 1,763 90,000 SH   SOLE   90,000 0 0
ORRSTOWN FINL SVCS INC COM 687380105 2,249 123,500 SH   SOLE   123,500 0 0
OTTAWA BANCORP INC COM 689195105 4,002 300,200 SH   SOLE   300,200 0 0
PACIFIC CITY FINANCIAL CORP COM NEW 69406T408 5,096 325,600 SH   SOLE   325,600 0 0
PARK NATL CORP COM 700658107 824 9,700 SH   SOLE   9,700 0 0
PATHFINDER BANCORP INC MD COM 70319R109 6,687 427,010 SH   SOLE   427,010 0 0
PAYPAL HLDGS INC COM 70450Y103 2,943 35,000 SH   SOLE   35,000 0 0
PB BANCORP INC COM 70454T100 3,677 340,447 SH   SOLE   340,447 0 0
PDL CMNTY BANCORP COM 69290X101 382 30,000 SH   SOLE   30,000 0 0
PEOPLES BANCORP N C INC COM 710577107 1,223 50,000 SH   SOLE   50,000 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 13,831 300,032 SH   SOLE   300,032 0 0
PIPER JAFFRAY COS COM 724078100 7,901 120,000 SH   SOLE   120,000 0 0
PJT PARTNERS INC COM CL A 69343T107 5,039 130,000 SH   SOLE   130,000 0 0
PLUMAS BANCORP COM 729273102 1,851 81,527 SH   SOLE   81,527 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 8,457 195,094 SH   SOLE   195,094 0 0
PROVIDENT FINL HLDGS INC COM 743868101 1,550 100,000 SH   SOLE   100,000 0 0
PRUDENTIAL BANCORP INC NEW COM 74431A101 1,672 95,000 SH   SOLE   95,000 0 0
Pioneer Bancshares, Inc. Not 13-F Security 72357G102 109 4,028 SH   SOLE   4,028 0 0
QCR HOLDINGS INC COM 74727A104 13,641 425,095 SH   SOLE   425,095 0 0
QNB Corporation Not 13-F Security 74726N107 9,891 259,600 SH   SOLE   259,600 0 0
RAYMOND JAMES FINANCIAL INC COM 754730109 5,209 70,000 SH   SOLE   70,000 0 0
RBB BANCORP COM 74930B105 3,511 199,841 SH   SOLE   199,841 0 0
REGIONS FINL CORP NEW COM 7591EP100 11,778 880,241 SH   SOLE   880,241 0 0
RENASANT CORP COM 75970E107 5,436 180,107 SH   SOLE   180,107 0 0
RIVERVIEW BANCORP INC COM 769397100 945 129,800 SH   SOLE   129,800 0 0
Revere Bank Not 13-F Security 761402106 2,853 100,100 SH   SOLE   100,100 0 0
SANDY SPRING BANCORP INC COM 800363103 10,318 329,221 SH   SOLE   329,221 0 0
SB FINL GROUP INC DEP SHS PFD 6.5% 78408D204 1,609 92,867 SH   SOLE   92,867 0 0
SB FINL GROUP INC COM 78408D105 3,210 195,152 SH   SOLE   195,152 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1,191 50,000 SH Put SOLE   50,000 0 0
SERVISFIRST BANCSHARES INC COM 81768T108 1,343 42,140 SH   SOLE   42,140 0 0
SHORE BANCSHARES INC COM 825107105 3,417 235,000 SH   SOLE   235,000 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 24,676 240,013 SH   SOLE   240,013 0 0
SMARTFINANCIAL INC COM NEW 83190L208 639 35,000 SH   SOLE   35,000 0 0
SOUTHERN MO BANCORP INC COM 843380106 997 29,400 SH   SOLE   29,400 0 0
SOUTHERN NATL BANCORP OF VA COM 843395104 3,268 247,200 SH   SOLE   247,200 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 6,248 25,000 SH Put SOLE   25,000 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 95 2,038 SH   SOLE   2,038 0 0
STANDARD AVB FINL CORP COM 85303B100 5,498 183,987 SH   SOLE   183,987 0 0
STERLING BANCORP DEL COM 85917A100 29,224 1,770,090 SH   SOLE   1,770,090 0 0
STERLING BANCORP INC COM 85917W102 5,993 862,300 SH   SOLE   862,300 0 0
SVB FINL GROUP COM 78486Q101 19,471 102,520 SH   SOLE   102,520 0 0
SYNOVUS FINL CORP COM NEW 87161C501 4 125 SH   SOLE   125 0 0
Sugar Creek Financial Corporation Not 13-F Security 86481Y102 781 77,375 SH   SOLE   77,375 0 0
Sunnyside Bancorp, Inc. Not 13-F Security 867475105 788 64,871 SH   SOLE   64,871 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 8,268 520,000 SH   SOLE   520,000 0 0
TERRITORIAL BANCORP INC COM 88145X108 4,033 155,224 SH   SOLE   155,224 0 0
TFS FINL CORP COM 87240R107 15,583 966,071 SH   SOLE   966,071 0 0
TRIUMPH BANCORP INC COM 89679E300 6,535 220,047 SH   SOLE   220,047 0 0
TWO HBRS INVT CORP COM NEW 90187B408 1,287 100,212 SH   SOLE   100,212 0 0
TWO RIV BANCORP COM 90207C105 5,463 358,010 SH   SOLE   358,010 0 0
UNION BANKSHARES CORP NEW COM 90539J109 2,541 90,026 SH   SOLE   90,026 0 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 6,440 300,104 SH   SOLE   300,104 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 11,638 1,315,000 SH   SOLE   1,315,000 0 0
UNITED FINL BANCORP INC NEW COM 910304104 6,168 419,585 SH   SOLE   419,585 0 0
UNIVEST CORP PA COM 915271100 1,079 50,034 SH   SOLE   50,034 0 0
US BANCORP DEL COM NEW 902973304 14,396 315,000 SH   SOLE   315,000 0 0
VALLEY NATL BANCORP COM 919794107 11,767 1,325,074 SH   SOLE   1,325,074 0 0
VISA INC COM CL A 92826C839 10,225 77,500 SH   SOLE   77,500 0 0
WELLS FARGO CO NEW COM 949746101 1,382 30,000 SH Call SOLE   30,000 0 0
WESTERN ALLIANCE BANCORP COM 957638109 18,366 465,078 SH   SOLE   465,078 0 0
WESTERN NEW ENG BANCORP INC COM 958892101 883 87,899 SH   SOLE   87,899 0 0
WILLIS LEASE FINANCE CORP COM 970646105 865 25,000 SH   SOLE   25,000 0 0
WINTRUST FINL CORP COM 97650W108 3,491 52,500 SH   SOLE   52,500 0 0
WSFS FINL CORP COM 929328102 8,909 235,000 SH   SOLE   235,000 0 0
West End Indiana Bancshares, Inc. Not 13-F Security 952678100 786 30,000 SH   SOLE   30,000 0 0
White River Bancshares Company COM 9B999WRBC 3,857 68,000 SH   SOLE   68,000 0 0
White River Bancshares Company PFD CONV 9B999WRBC 2,559 45,113 SH   SOLE   45,113 0 0
ZIONS BANCORPORATION N A COM 989701107 37,503 920,537 SH   SOLE   920,537 0 0