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
ALLEGIANCE BANCSHARES INC COM 01748H107 8,336 224,074 SH   SOLE NONE 224,074 0 0
ATLANTIC CAP BANCSHARES INC COM 048269203 2,489 131,347 SH   SOLE NONE 131,347 0 0
ARCH CAP GROUP LTD ORD G0450A105 1,369 14,442 SH   SOLE NONE 14,442 0 0
ASSURANT INC COM 04621X108 634 6,627 SH   SOLE NONE 6,627 0 0
ALLSTATE CORP COM 020002101 1,112 13,642 SH   SOLE NONE 13,642 0 0
APOLLO GLOBAL MGMT LLC CL A SHS 037612306 2,324 95,569 SH   SOLE NONE 95,569 0 0
ATHENE HLDG LTD CL A G0684D107 893 17,861 SH   SOLE NONE 17,861 0 0
BANNER CORP COM NEW 06652V208 2,441 43,873 SH   SOLE NONE 43,873 0 0
BERKSHIRE HILLS BANCORP INC COM 084680107 295 8,174 SH   SOLE NONE 8,174 0 0
BSB BANCORP INC MD COM 05573H108 4,072 144,143 SH   SOLE NONE 144,143 0 0
BRYN MAWR BK CORP COM 117665109 958 24,252 SH   SOLE NONE 24,252 0 0
CITIGROUP INC COM NEW 172967424 184 3,084 SH   SOLE NONE 3,084 0 0
CAMDEN NATL CORP COM 133034108 5,922 134,476 SH   SOLE NONE 134,476 0 0
CBOE HLDGS INC COM 12503M108 1,451 17,892 SH   SOLE NONE 17,892 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 863 54,109 SH   SOLE NONE 54,109 0 0
CME GROUP INC COM 12572Q105 1,298 10,923 SH   SOLE NONE 10,923 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 16,104 664,073 SH   SOLE NONE 664,073 0 0
CAPSTAR FINL HLDGS INC COM 14070T102 657 34,431 SH   SOLE NONE 34,431 0 0
CU BANCORP CALIF COM 126534106 2,853 71,955 SH   SOLE NONE 71,955 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 12,221 384,657 SH   SOLE NONE 384,657 0 0
FIRST BANCSHARES INC MS COM 318916103 6,669 234,012 SH   SOLE NONE 234,012 0 0
FIFTH THIRD BANCORP COM 316773100 231 9,084 SH   SOLE NONE 9,084 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 10,190 430,313 SH   SOLE NONE 430,313 0 0
REPUBLIC FIRST BANCORP INC COM 760416107 4,332 521,905 SH   SOLE NONE 521,905 0 0
HOWARD BANCORP INC COM 442496105 6,914 369,713 SH   SOLE NONE 369,713 0 0
HARTFORD FINL SVCS GROUP INC COM 416515104 1,065 22,149 SH   SOLE NONE 22,149 0 0
HOULIHAN LOKEY INC CL A 441593100 1,148 33,310 SH   SOLE NONE 33,310 0 0
INTERACTIVE BROKERS GROUP IN COM 45841N107 873 25,141 SH   SOLE NONE 25,141 0 0
ICC HLDGS INC COM 44931Q104 246 15,000 SH   SOLE NONE 15,000 0 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 1,661 27,750 SH   SOLE NONE 27,750 0 0
INVESTAR HLDG CORP COM 46134L105 9,124 416,626 SH   SOLE NONE 416,626 0 0
JPMORGAN CHASE & CO COM 46625H100 220 2,508 SH   SOLE NONE 2,508 0 0
KEYCORP NEW COM 493267108 133 7,460 SH   SOLE NONE 7,460 0 0
METLIFE INC COM 59156R108 872 16,503 SH   SOLE NONE 16,503 0 0
MIDLAND STS BANCORP INC ILL COM 597742105 11,512 334,755 SH   SOLE NONE 334,755 0 0
MGIC INVT CORP WIS COM 552848103 1,454 143,552 SH   SOLE NONE 143,552 0 0
NASDAQ INC COM 631103108 1,710 24,617 SH   SOLE NONE 24,617 0 0
NI HLDGS INC COM 65342T106 523 35,032 SH   SOLE NONE 35,032 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 5,445 389,748 SH   SOLE NONE 389,748 0 0
SOUTHWEST BANCORP INC OKLA COM 844767103 20,032 766,041 SH   SOLE NONE 766,041 0 0
OLD LINE BANCSHARES INC COM 67984M100 11,110 390,096 SH   SOLE NONE 390,096 0 0
OPUS BK IRVINE CALIF COM 684000102 12,539 622,279 SH   SOLE NONE 622,279 0 0
PARAGON COML CORP COM NEW 69911U403 4,021 75,165 SH   SOLE NONE 75,165 0 0
PROGRESSIVE CORP OHIO COM 743315103 2,005 51,180 SH   SOLE NONE 51,180 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 15,053 1,993,809 SH   SOLE NONE 1,993,809 0 0
QCR HOLDINGS INC COM 74727A104 6,861 162,017 SH   SOLE NONE 162,017 0 0
RADIAN GROUP INC COM 750236101 629 35,009 SH   SOLE NONE 35,009 0 0
SUN BANCORP INC COM NEW 86663B201 11,346 465,014 SH   SOLE NONE 465,014 0 0
SUNTRUST BKS INC COM 867914103 868 15,701 SH   SOLE NONE 15,701 0 0
UNIVEST CORP PA COM 915271100 306 11,819 SH   SOLE NONE 11,819 0 0
VERITEX HLDGS INC COM 923451108 5,136 182,648 SH   SOLE NONE 182,648 0 0
ZIONS BANCORPORATION COM 989701107 397 9,460 SH   SOLE NONE 9,460 0 0