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
AERCAP HOLDINGS NV SHS N00985106 10,398 205,000 SH   SOLE   205,000 0 0
AIR LEASE CORP CL A 00912X302 16,409 385,000 SH   SOLE   385,000 0 0
ALLEGIANCE BANCSHARES INC COM 01748H107 3,915 100,000 SH   SOLE   100,000 0 0
ALLY FINL INC COM 02005N100 53,542 1,972,074 SH   SOLE   1,972,074 0 0
AMAZON COM INC COM 023135106 362 250 SH   SOLE   250 0 0
AMBAC FINL GROUP INC COM NEW 023139884 34,759 2,216,788 SH   SOLE   2,216,788 0 0
ARES CAP CORP COM 04010L103 555 35,000 SH   SOLE   35,000 0 0
BANC OF CALIFORNIA INC COM 05990K106 11,731 607,800 SH   SOLE   607,800 0 0
BANK COMM HLDGS COM 06424J103 10,275 881,952 SH   SOLE   881,952 0 0
BANK PRINCETON NEW JERSEY COM 064520109 15,698 455,000 SH   SOLE   455,000 0 0
BGC PARTNERS INC CL A 05541T101 12,509 930,000 SH   SOLE   930,000 0 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 298 35,000 SH   SOLE   35,000 0 0
BRIDGE BANCORP INC COM 108035106 11,072 330,000 SH   SOLE   330,000 0 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 21,102 1,614,556 SH   SOLE   1,614,556 0 0
BRIGHTHOUSE FINL INC COM 10922N103 25,186 490,000 SH   SOLE   490,000 0 0
BYLINE BANCORP INC COM 124411109 5,733 250,000 SH   SOLE   250,000 0 0
CBTX INC COM 12481V104 7,360 250,000 SH   SOLE   250,000 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 4,921 351,181 SH   SOLE   351,181 0 0
CITIZENS FINL GROUP INC COM 174610105 87,279 2,079,068 SH   SOLE   2,079,068 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 16,046 221,331 SH   SOLE   221,331 0 0
CNB FINL CORP PA COM 126128107 3,942 135,500 SH   SOLE   135,500 0 0
COLONY BANKCORP INC COM 19623P101 6,047 355,717 SH   SOLE   355,717 0 0
COLONY NORTHSTAR INC CL A COM 19625W104 141 25,000 SH   SOLE   25,000 0 0
COLONY STARWOOD HOMES NOTE 3.500% 1/1 19625XAB8 16,268 14,551,000 PRN   SOLE   14,551,000 0 0
COMERICA INC COM 200340107 36,981 385,500 SH   SOLE   385,500 0 0
COMMUNITY BANKERS TR CORP COM 203612106 13,500 1,500,000 SH   SOLE   1,500,000 0 0
COMMUNITY FINL CORP MD COM 20368X101 4,503 120,981 SH   SOLE   120,981 0 0
CONE MIDSTREAM PARTNERS LP COM UNIT REPST 12654A101 460 25,000 SH   SOLE   25,000 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 14,400 500,000 SH   SOLE   500,000 0 0
CONSOL COAL RES LP COM UNIT 20855T100 605 43,382 SH   SOLE   43,382 0 0
CYRUSONE INC COM 23283R100 512 10,000 SH   SOLE   10,000 0 0
EAGLE BANCORP MONT INC COM 26942G100 7,263 350,000 SH   SOLE   350,000 0 0
ENERGY TRANSFER PARTNERS LP UNIT LTD PRT INT 29278N103 487 30,000 SH   SOLE   30,000 0 0
ENLINK MIDSTREAM PARTNERS LP COM UNIT REP LTD 29336U107 273 20,000 SH   SOLE   20,000 0 0
ENTEGRA FINL CORP COM 29363J108 14,500 500,000 SH   SOLE   500,000 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 245 10,000 SH   SOLE   10,000 0 0
EQUINIX INC COM PAR $0.001 29444U700 418 1,000 SH   SOLE   1,000 0 0
FACEBOOK INC CL A 30303M102 320 2,000 SH Call SOLE   2,000 0 0
FIFTH THIRD BANCORP COM 316773100 22,225 700,000 SH   SOLE   700,000 0 0
FIRST HORIZON NATL CORP COM 320517105 20,901 1,110,000 SH   SOLE   1,110,000 0 0
FIRST SAVINGS FINL GROUP INC COM 33621E109 1,207 17,368 SH   SOLE   17,368 0 0
FIRST UTD CORP COM 33741H107 3,402 177,178 SH   SOLE   177,178 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 37,418 1,056,997 SH   SOLE   1,056,997 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 277 25,000 SH   SOLE   25,000 0 0
FS BANCORP INC COM 30263Y104 3,745 70,000 SH   SOLE   70,000 0 0
GREENHILL & CO INC COM 395259104 7,058 381,512 SH   SOLE   381,512 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 4,653 197,990 SH   SOLE   197,990 0 0
HAMILTON BANCORP INC MD COM 407015106 4,631 325,000 SH   SOLE   325,000 0 0
HMN FINL INC COM 40424G108 1,378 74,292 SH   SOLE   74,292 0 0
HOMETOWN BANKSHARES CORP COM 43787N108 4,450 372,735 SH   SOLE   372,735 0 0
HOPFED BANCORP INC COM 439734104 7,881 541,661 SH   SOLE   541,661 0 0
HOWARD BANCORP INC COM 442496105 16,798 848,359 SH   SOLE   848,359 0 0
HUNTINGTON BANCSHARES INC COM 446150104 38,203 2,530,000 SH   SOLE   2,530,000 0 0
INDUSTRIAL LOGISTICS PPTYS T COM SHS BEN INT 456237106 407 20,000 SH   SOLE   20,000 0 0
INVESTAR HLDG CORP COM 46134L105 15,102 584,224 SH   SOLE   584,224 0 0
KEYCORP NEW COM 493267108 63,649 3,255,700 SH   SOLE   3,255,700 0 0
MALVERN BANCORP INC COM 561409103 16,655 640,587 SH   SOLE   640,587 0 0
MBIA INC COM 55262C100 93 10,000 SH   SOLE   10,000 0 0
MERCHANTS BANCORP IND COM 58844R108 6,450 300,000 SH   SOLE   300,000 0 0
MERIDIAN BK PAOLI PA COM 58958P104 6,415 363,905 SH   SOLE   363,905 0 0
METROPOLITAN BK HLDG CORP COM 591774104 17,686 420,000 SH   SOLE   420,000 0 0
MVB FINANCIAL CORP COM 553810102 4,936 249,899 SH   SOLE   249,899 0 0
NAVIENT CORPORATION COM 63938C108 17,360 1,323,170 SH   SOLE   1,323,170 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102 373 15,000 SH   SOLE   15,000 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 521 40,000 SH   SOLE   40,000 0 0
OCEANFIRST FINL CORP COM 675234108 9,363 350,000 SH   SOLE   350,000 0 0
ON DECK CAP INC COM 682163100 40,164 7,185,000 SH   SOLE   7,185,000 0 0
ONEMAIN HLDGS INC COM 68268W103 5,988 200,000 SH   SOLE   200,000 0 0
OP BANCORP COM 67109R109 6,593 529,585 SH   SOLE   529,585 0 0
ORRSTOWN FINL SVCS INC COM 687380105 3,048 126,229 SH   SOLE   126,229 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 9,342 978,251 SH   SOLE   978,251 0 0
PARKE BANCORP INC COM 700885106 3,432 165,000 SH   SOLE   165,000 0 0
PCSB FINL CORP COM 69324R104 10,924 520,681 SH   SOLE   520,681 0 0
PIONEER NAT RES CO COM 723787107 1,031 6,000 SH   SOLE   6,000 0 0
PORTER BANCORP INC COM NEW 736233206 3,973 290,000 SH   SOLE   290,000 0 0
RANDOLPH BANCORP INC COM 752378109 8,148 501,900 SH   SOLE   501,900 0 0
REGIONS FINL CORP NEW COM 7591EP100 28,335 1,525,000 SH   SOLE   1,525,000 0 0
SANDY SPRING BANCORP INC COM 800363103 21,512 555,000 SH   SOLE   555,000 0 0
SB FINL GROUP INC COM 78408D105 9,717 525,100 SH   SOLE   525,100 0 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 8,510 1,182,000 SH   SOLE   1,182,000 0 0
SI FINL GROUP INC MD COM 78425V104 5,115 355,220 SH   SOLE   355,220 0 0
SIMON PPTY GROUP INC NEW COM 828806109 1,235 8,000 SH   SOLE   8,000 0 0
SLM CORP COM 78442P106 3,924 350,000 SH   SOLE   350,000 0 0
SMARTFINANCIAL INC COM NEW 83190L208 10,170 431,659 SH   SOLE   431,659 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 8,900 200,000 SH   SOLE   200,000 0 0
SPDR SERIES TRUST S&P BK ETF 78464A797 35,918 750,000 SH   SOLE   750,000 0 0
STERLING BANCORP DEL COM 85917A100 45,777 2,030,000 SH   SOLE   2,030,000 0 0
STERLING BANCORP INC COM 85917W102 11,540 854,210 SH   SOLE   854,210 0 0
SUSSEX BANCORP COM 869245100 4,911 161,530 SH   SOLE   161,530 0 0
SVB FINL GROUP COM 78486Q101 7,488 31,200 SH   SOLE   31,200 0 0
SYNOVUS FINL CORP COM NEW 87161C501 18,478 370,000 SH   SOLE   370,000 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 24,037 1,032,500 SH   SOLE   1,032,500 0 0
TOLL BROTHERS INC COM 889478103 303 7,000 SH   SOLE   7,000 0 0
TRI POINTE GROUP INC COM 87265H109 329 20,000 SH   SOLE   20,000 0 0
UNITED CMNTY FINL CORP OHIO COM 909839102 2,958 300,000 SH   SOLE   300,000 0 0
UNITY BANCORP INC COM 913290102 9,737 442,600 SH   SOLE   442,600 0 0
USD PARTNERS LP COM UT REP LTD 903318103 673 65,000 SH   SOLE   65,000 0 0
ZIONS BANCORPORATION COM 989701107 87,054 1,650,943 SH   SOLE   1,650,943 0 0