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 |