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

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COLUMN 1COLUMN 2COLUMN 3COLUMN 4COLUMN 5COLUMN 6COLUMN 7COLUMN 8
VALUESHRS ORSH/PUT/INVESTMENTOTHERVOTING AUTHORITY
NAME OF ISSUERTITLE OF CLASSCUSIP(x$1000)PRN AMTPRNCALLDISCRETIONMANAGERSOLESHAREDNONE
1ST CONSTITUTION BANCORPCOM31986N1021,253105,300SH SOLE 105,30000
ALERUS FINL CORPCOM01446U10347224,085SH SOLE 24,08500
ALTABANCORPCOM02134710920110,000SH SOLE 10,00000
AMERICAN NATL BANKSHARES INCCOM0277451081,45069,300SH SOLE 69,30000
AMERICAN RIV BANKSHARESCOM0293261055,229525,000SH SOLE 525,00000
AMERIS BANCORPCOM03076K10812,168534,151SH SOLE 534,15100
ARES MANAGEMENT CORPORATIONCL A COM STK03990B1018,569212,000SH SOLE 212,00000
ARTISAN PARTNERS ASSET MGMTCL A04316A1083,64693,500SH SOLE 93,50000
ASSOCIATED BANC CORPCOM0454871051,497118,583SH SOLE 118,58300
BANC OF CALIFORNIA INCCOM05990K1063,586354,321SH SOLE 354,32100
BANCORP 34 INCCOM05970V10627228,160SH SOLE 28,16000
BANK OF THE JAMES FINL GP INCOM4702991081,630167,200SH SOLE 167,20000
BANK7 CORPCOM06652N1071,139121,167SH SOLE 121,16700
BLACKROCK INCCOM09247X1015,4669,700SH SOLE 9,70000
BOGOTA FINL CORPCOM09723510545760,000SH SOLE 60,00000
BOK FINL CORPCOM NEW05561Q2015,641109,504SH SOLE 109,50400
BOSTON PRIVATE FINL HLDGS INCOM1011191054,141750,270SH SOLE 750,27000
BRIDGE BANCORP INCCOM10803510649228,200SH SOLE 28,20000
BRIGHTSPHERE INVT GROUP INCCOM10948W1037,805605,000SH SOLE 605,00000
BROOKLINE BANCORP INC DELCOM11373M1071,739201,195SH SOLE 201,19500
Bay Banks of Virginia, Inc.Not 13-F Security0720351084,991744,900SH SOLE 744,90000
Blackhawk Bancorp, Inc.Not 13-F Security09237E20477239,000SH SOLE 39,00000
CADENCE BANCORPORATIONCL A12739A1002,452285,484SH SOLE 285,48400
CAMBRIDGE BANCORPCOM1321521094,34081,646SH SOLE 81,64600
CAPITAL BANCORP INC MDCOM1397371001,372145,000SH SOLE 145,00000
CAPITAL ONE FINL CORPCOM14040H1053595,000SH SOLE 5,00000
CENTURY BANCORP INC MASSCL A NON VTG1564321063,73456,799SH SOLE 56,79900
CITIGROUP INCCOM NEW17296742412,314285,642SH SOLE 285,64200
CITIZENS & NORTHN CORPCOM1729221061,57997,242SH SOLE 97,24200
CIVISTA BANCSHARES INCCOM NO PAR1788671077,259579,800SH SOLE 579,80000
CODORUS VY BANCORP INCCOM1920251045,155393,489SH SOLE 393,48900
COMMUNITY BANKERS TR CORPCOM2036121066,7811,334,805SH SOLE 1,334,80500
COMMUNITY FIRST BANCSHARES ICOM20369M104930130,000SH SOLE 130,00000
CONNECTONE BANCORP INCCOM20786W1072,572182,792SH SOLE 182,79200
CULLEN FROST BANKERS INCCOM2298991095959,300SH SOLE 9,30000
Citizens Financial Services, Inc.Not 13-F Security1746151041,13126,149SH SOLE 26,14900
Communities First Financial CorporationNot 13-F Security20344D1042,00085,100SH SOLE 85,10000
DISCOVER FINL SVCSCOM25470910886715,000SH SOLE 15,00000
EAGLE BANCORP MONT INCCOM26942G1004,415250,545SH SOLE 250,54500
ENTERPRISE FINL SVCS CORPCOM2937121051,97272,308SH SOLE 72,30800
EQUITY BANCSHARES INCCOM CL A29460X10922414,450SH SOLE 14,45000
ESQUIRE FINL HLDGS INCCOM29667J1011,24482,900SH SOLE 82,90000
ESSA BANCORP INCCOM29667D1048,847717,481SH SOLE 717,48100
EVANS BANCORP INCCOM NEW29911Q2082,428109,110SH SOLE 109,11000
EVERCORE INCCLASS A29977A1053,46953,000SH SOLE 53,00000
Equitable Financial Corp.Not 13-F Security29448T1053,016290,000SH SOLE 290,00000
Eureka Homestead Bancorp, Inc.Not 13-F Security2985441071,308140,000SH SOLE 140,00000
FARMERS NATIONAL BANC CORPCOM3096271075,554508,600SH SOLE 508,60000
FFBW INC MDCOM30260M1034,161444,500SH SOLE 444,50000
FIDELITY NATL INFORMATION SVCOM31620M1062,94420,000SH SOLE 20,00000
FIFTH THIRD BANCORPCOM3167731004,302201,800SH SOLE 201,80000
FIRST BANCSHARES INC MSCOM3189161033,990190,292SH SOLE 190,29200
FIRST CMNTY CORP S CCOM3198351042,109154,740SH SOLE 154,74000
FIRST FINL BANCORP OHCOM3202091093,617301,330SH SOLE 301,33000
FIRST INTST BANCSYSTEM INCCOM CL A32055Y2013,786118,855SH SOLE 118,85500
FIRST MID BANCSHARES INCCOM3208661068,930357,900SH SOLE 357,90000
FISERV INCCOM3377381083,45233,500SH SOLE 33,50000
FIVE POINT HOLDINGS LLCCOM CL A33833Q1063,715890,900SH SOLE 890,90000
FLUSHING FINL CORPCOM34387310561658,600SH SOLE 58,60000
FORESTAR GROUP INCCOM3462321015,661319,858SH SOLE 319,85800
First IC CorporationNot 13-F Security32058J102512109,731SH SOLE 109,73100
GOLDMAN SACHS GROUP INCCOM38141G1049,70748,300SH SOLE 48,30000
GUARANTY BANCSHARES INC TEXCOM4007641063,611145,091SH SOLE 145,09100
HARBORONE BANCORP INC NEWCOM NEW41165Y1007,505930,000SH SOLE 930,00000
HBT FINL INC.COM4041111066,057539,801SH SOLE 539,80100
HEARTLAND FINL USA INCCOM42234Q1021,67055,667SH SOLE 55,66700
HILLTOP HOLDINGS INCCOM4327481013,823185,755SH SOLE 185,75500
HMN FINL INCCOM40424G1083,109234,469SH SOLE 234,46900
HOME BANCORP INCCOM43689E1072,539105,132SH SOLE 105,13200
HOME BANCSHARES INCCOM4368932006,006396,162SH SOLE 396,16200
HOMETRUST BANCSHARES INCCOM4378721047,471550,126SH SOLE 550,12600
HOPE BANCORP INCCOM43940T10971193,716SH SOLE 93,71600
HORIZON BANCORP INCCOM4404071046,070601,600SH SOLE 601,60000
HOWARD HUGHES CORPCOM44267D1072,59245,000SH SOLE 45,00000
Heritage Nola Bancorp, Inc.Not 13-F Security42727P10895989,180SH SOLE 89,18000
IF BANCORP INCCOM44951J1055,008323,700SH SOLE 323,70000
INDEPENDENT BK CORP MICHCOM NEW45383860911,127885,207SH SOLE 885,20700
INTERNATIONAL BANCSHARES CORCOM4590441032,870110,119SH SOLE 110,11900
INVESTAR HLDG CORPCOM46134L1059,495740,661SH SOLE 740,66100
INVESTORS BANCORP INC NEWCOM46146L1016,036831,395SH SOLE 831,39500
JPMORGAN CHASE & COCOM46625H1005,69059,100SH SOLE 59,10000
KB HOMECOM48666K1093,65595,200SH SOLE 95,20000
KEARNY FINL CORP MDCOM48716P10832445,000SH SOLE 45,00000
KEYCORPCOM4932671085,738480,972SH SOLE 480,97200
KKR & CO INCCOM48251W10410,034292,200SH SOLE 292,20000
LAKELAND BANCORP INCCOM51163710010,9021,095,707SH SOLE 1,095,70700
LAZARD LTDSHS AG540501022,14865,000SH SOLE 65,00000
LENNAR CORPCL B52605730224,491373,000SH SOLE 373,00000
LUTHER BURBANK CORPCOM5505501077,995957,473SH SOLE 957,47300
M & T BK CORPCOM55261F1042,30625,044SH SOLE 25,04400
MACATAWA BK CORPCOM554225102867132,787SH SOLE 132,78700
MALVERN BANCORP INCCOM5614091031,193101,100SH SOLE 101,10000
MASTERCARD INCORPORATEDCL A57636Q1042,5367,500SH SOLE 7,50000
MERIDIAN BANCORP INC MDCOM58958U1032,225215,000SH SOLE 215,00000
MERIDIAN CORPORATIONCOM58958P1041,694105,000SH SOLE 105,00000
META FINL GROUP INCCOM59100U1083,460180,000SH SOLE 180,00000
MID SOUTHERN BANCORP INCCOM59548Q1071,806139,983SH SOLE 139,98300
MORGAN STANLEYCOM NEW61744644818,408380,733SH SOLE 380,73300
New Bancorp, Inc.Not 13-F Security642142103642,575SH SOLE 2,57500
OCEANFIRST FINL CORPCOM6752341081,23790,373SH SOLE 90,37300
OP BANCORPCOM67109R1091,048183,300SH SOLE 183,30000
ORRSTOWN FINL SVCS INCCOM6873801054,259332,772SH SOLE 332,77200
OTTAWA BANCORP INCCOM6891951052,945300,200SH SOLE 300,20000
PAYPAL HLDGS INCCOM70450Y1032,95515,000SH SOLE 15,00000
PEAPACK-GLADSTONE FINL CORPCOM70469910774549,169SH SOLE 49,16900
PEOPLES BANCORP N C INCCOM7105771071,22079,054SH SOLE 79,05400
PIPER SANDLER COMPANIESCOM7240781003,63549,800SH SOLE 49,80000
PLUMAS BANCORPCOM72927310271436,270SH SOLE 36,27000
PREFERRED BK LOS ANGELES CACOM NEW7403674042,69683,920SH SOLE 83,92000
PREMIER FINANCIAL CORPCOM74052F1087,079454,511SH SOLE 454,51100
PROVIDENT BANCORP INCCOM NEW74383L1053,499449,178SH SOLE 449,17800
PROVIDENT FINL HLDGS INCCOM7438681012,210185,709SH SOLE 185,70900
PROVIDENT FINL SVCS INCCOM74386T10551241,957SH SOLE 41,95700
PRUDENTIAL BANCORP INC NEWCOM74431A1011,359128,900SH SOLE 128,90000
PSB Holdings, Inc.Not 13-F Security69360N1081,76698,100SH SOLE 98,10000
Pioneer Bancshares, Inc.Not 13-F Security72357G102664,028SH SOLE 4,02800
QCR HOLDINGS INCCOM74727A10410,421380,191SH SOLE 380,19100
QNB CorporationNot 13-F Security74726N1078,617313,908SH SOLE 313,90800
Quaint Oak Bancorp, Inc.Not 13-F Security74732T10644040,000SH SOLE 40,00000
RANDOLPH BANCORP INCCOM7523781092,363190,100SH SOLE 190,10000
REGIONS FINANCIAL CORP NEWCOM7591EP1001,864161,691SH SOLE 161,69100
RHINEBECK BANCORP INCCOM7620931021,259199,166SH SOLE 199,16600
SELECT SECTOR SPDR TRSBI INT-FINL81369Y6055,510228,900SHPutSOLE 228,90000
SIGNATURE BK NEW YORK N YCOM82669G1042,91035,060SH SOLE 35,06000
SOUND FINL BANCORP INCCOM83607A10092131,100SH SOLE 31,10000
SOUTH PLAINS FINANCIAL INCCOM83946P1074,316347,759SH SOLE 347,75900
SOUTH ST CORPCOM8404411091,39829,036SH SOLE 29,03600
SOUTHERN MO BANCORP INCCOM8433801062,18792,735SH SOLE 92,73500
SOUTHERN NATL BANCORP OF VACOM8433951041,253144,400SH SOLE 144,40000
SPDR S&P 500 ETF TRTR UNIT78462F1036,53019,500SHPutSOLE 19,50000
SPDR SER TRS&P REGL BKG78464A6981,92353,900SHPutSOLE 53,90000
STERLING BANCORP DELCOM85917A1006,896655,486SH SOLE 655,48600
STERLING BANCORP INCCOM85917W1021,521505,397SH SOLE 505,39700
SYNCHRONY FINANCIALCOM87165B1032,22485,000SH SOLE 85,00000
SouthCrest Financial Group, Inc.Not 13-F Security84129X107325,024SH SOLE 5,02400
Sugar Creek Financial CorporationNot 13-F Security86481Y10252277,375SH SOLE 77,37500
Sunnyside Bancorp, Inc.Not 13-F Security86747510575364,871SH SOLE 64,87100
TAYLOR MORRISON HOME CORPCOM87724P1062,894117,700SH SOLE 117,70000
TCF FINL CORPCOM8723071036,970298,356SH SOLE 298,35600
TERRITORIAL BANCORP INCCOM88145X1083,459170,973SH SOLE 170,97300
TEXAS CAP BANCSHARES INCCOM88224Q1071,56050,103SH SOLE 50,10300
TFS FINL CORPCOM87240R1072,737186,300SH SOLE 186,30000
TRIUMPH BANCORP INCCOM89679E3001,71355,000SH SOLE 55,00000
TRUSTCO BK CORP N YCOM8983491052,184418,326SH SOLE 418,32600
US BANCORP DELCOM NEW9029733044,302120,000SH SOLE 120,00000
VALLEY NATL BANCORPCOM9197941077,9881,166,200SH SOLE 1,166,20000
VERITEX HLDGS INCCOM9234511081,53490,062SH SOLE 90,06200
VICTORY CAP HLDGS INCCOM CL A92645B1033,076182,123SH SOLE 182,12300
VISA INCCOM CL A92826C8392,70013,500SH SOLE 13,50000
WADDELL & REED FINL INCCL A9300591002,492167,800SH SOLE 167,80000
WELLS FARGO CO NEWCOM9497461012,11690,000SH SOLE 90,00000
WESTERN ALLIANCE BANCORPCOM95763810963420,057SH SOLE 20,05700
WILLIS LEASE FINANCE CORPCOM97064610524113,083SH SOLE 13,08300
WINTRUST FINL CORPCOM97650W10811,815295,000SH SOLE 295,00000
White River Bancshares CompanyNot 13-F Security96445A1083,23368,000SH SOLE 68,00000
ZIONS BANCORPORATION N ACOM98970110717,322592,826SH SOLE 592,82600