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 400 13,000 SH   SOLE   13,000 0 0
ALLEGIANCE BANCSHARES INC COM 01748H107 691 27,201 SH   SOLE   26,780 421 0
ALLY FINL INC COM 02005N100 2,721 137,235 SH   SOLE   136,012 1,223 0
AMBAC FINL GROUP INC COM NEW 023139884 28,381 1,981,933 SH   SOLE   1,981,552 381 0
AMERIS BANCORP COM 03076K108 2,476 104,976 SH   SOLE   104,304 672 0
ARBOR RLTY TR INC NOTE 5.250% 7/0 038923AH1 1,424 1,500,000 PRN   SOLE   1,500,000 0 0
ASSURED GUARANTY LTD COM G0585R106 1,583 64,848 SH   SOLE   64,311 537 0
AT&T INC COM 00206R102 227 7,500 SH   SOLE   7,500 0 0
BANK COMM HLDGS COM 06424J103 6,185 815,964 SH   SOLE   815,185 779 0
BANK PRINCETON NEW JERSEY COM 064520109 8,528 424,694 SH   SOLE   424,694 0 0
BANNER CORP COM NEW 06652V208 2,237 58,858 SH   SOLE   58,294 564 0
BAYCOM CORP COM 07272M107 8,392 650,000 SH   SOLE   650,000 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 361 15,000 SH   SOLE   15,000 0 0
BLUEROCK RESIDENTIAL GWT REI COM CL A 09627J102 283 35,000 SH   SOLE   35,000 0 0
BOK FINL CORP COM NEW 05561Q201 849 15,039 SH   SOLE   14,942 97 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 10,092 984,632 SH   SOLE   983,386 1,246 0
BRIGHTHOUSE FINL INC COM 10922N103 6,678 240,050 SH   SOLE   240,050 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 8,752 570,193 SH   SOLE   570,193 0 0
CALIFORNIA BANCORP COM 13005U101 2,138 143,484 SH   SOLE   143,484 0 0
CAPITAL ONE FINL CORP COM 14040H105 3,132 50,045 SH   SOLE   49,682 363 0
CITIZENS CMNTY BANCORP INC M COM 174903104 971 141,557 SH   SOLE   141,557 0 0
CITIZENS FINANCIAL GROUP INC COM 174610105 26,201 1,038,065 SH   SOLE   1,037,194 871 0
CNX MIDSTREAM PARTNERS LP COM UNIT REPST 12654A101 166 25,000 SH   SOLE   25,000 0 0
COASTAL FINL CORP WA COM NEW 19046P209 13,477 928,170 SH   SOLE   928,170 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 3,799 235,685 SH   SOLE   234,004 1,681 0
CONSOL COAL RES LP COM UNIT 20855T100 82 20,000 SH   SOLE   20,000 0 0
COSTAR GROUP INC COM 22160N109 497 700 SH   SOLE   700 0 0
CROSSFIRST BANKSHARES INC COM 22766M109 8,922 912,280 SH   SOLE   912,280 0 0
DISCOVER FINL SVCS COM 254709108 3,506 70,000 SH   SOLE   70,000 0 0
DRAFTKINGS INC COM CL A 26142R104 499 15,000 SH   SOLE   15,000 0 0
EAGLE BANCORP MONT INC COM 26942G100 6,083 350,000 SH   SOLE   350,000 0 0
ELLINGTON FINANCIAL INC COM 28852N109 295 25,000 SH   SOLE   25,000 0 0
ENABLE MIDSTREAM PARTNERS LP COM UNIT RP IN 292480100 59 12,500 SH   SOLE   12,500 0 0
ENERGY TRANSFER LP COM UT LTD PTN 29273V100 730 102,500 SH   SOLE   102,500 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 1,765 56,717 SH   SOLE   56,147 570 0
ENTERPRISE PRODS PARTNERS L COM 293792107 727 40,000 SH   SOLE   40,000 0 0
EOG RES INC COM 26875P101 329 6,500 SH   SOLE   6,500 0 0
F N B CORP COM 302520101 8,186 1,091,402 SH   SOLE   1,089,184 2,218 0
FB FINL CORP COM 30257X104 2,141 86,423 SH   SOLE   85,557 866 0
FIFTH THIRD BANCORP COM 316773100 25,504 1,322,828 SH   SOLE   1,321,925 903 0
FIRST BANCORP N C COM 318910106 2,897 115,507 SH   SOLE   114,768 739 0
FIRST BUSEY CORP COM NEW 319383204 1,807 96,912 SH   SOLE   95,978 934 0
FIRST FINL BANCORP OH COM 320209109 1,877 135,112 SH   SOLE   133,622 1,490 0
FIRST FINL CORP IND COM 320218100 257 6,988 SH   SOLE   6,988 0 0
FIRST HORIZON NATL CORP COM 320517105 7,968 800,000 SH   SOLE   800,000 0 0
FIRST LONG IS CORP COM 320734106 1,517 92,856 SH   SOLE   92,336 520 0
FIRST SAVINGS FINL GROUP INC COM 33621E109 1,871 43,191 SH   SOLE   43,191 0 0
FS BANCORP INC COM 30263Y104 6,268 162,500 SH   SOLE   162,500 0 0
FS KKR CAPITAL CORP COM 302635206 210 15,000 SH   SOLE   15,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 13,043 66,000 SH   SOLE   66,000 0 0
INDEPENDENCE HLDG CO NEW COM NEW 453440307 1,892 61,849 SH   SOLE   61,849 0 0
INDEPENDENT BK GROUP INC COM 45384B106 1,143 28,209 SH   SOLE   27,873 336 0
INVESTAR HLDG CORP COM 46134L105 8,335 574,800 SH   SOLE   574,800 0 0
INVESTORS BANCORP INC NEW COM 46146L101 1,700 200,000 SH   SOLE   200,000 0 0
ISTAR INC COM 45031U101 67,085 5,445,214 SH   SOLE   5,445,214 0 0
ISTAR INC NOTE 3.125% 9/1 45031UCB5 12,781 12,000,000 PRN   SOLE   12,000,000 0 0
JERNIGAN CAP INC COM 476405105 137 10,000 SH   SOLE   10,000 0 0
LANDCADIA HLDGS II INC CL A 51476X105 6,131 375,000 SH   SOLE   375,000 0 0
LANDCADIA HLDGS II INC *W EXP 05/09/202 51476X113 270 50,000 SH   SOLE   50,000 0 0
LEVEL ONE BANCORP INC COM 52730D208 1,149 68,609 SH   SOLE   68,109 500 0
LIMESTONE BANCORP INC COM 53262L105 3,959 301,100 SH   SOLE   301,100 0 0
MACKINAC FINL CORP COM 554571109 5,538 534,082 SH   SOLE   532,831 1,251 0
MAINSTREET BANCSHARES INC COM 56064Y100 5,310 402,288 SH   SOLE   402,288 0 0
MALVERN BANCORP INC COM 561409103 8,155 640,587 SH   SOLE   640,587 0 0
MBIA INC COM 55262C100 13,496 1,861,504 SH   SOLE   1,861,504 0 0
MERIDIAN BANCORP INC MD COM 58958U103 1,421 122,500 SH   SOLE   122,500 0 0
METROPOLITAN BK HLDG CORP COM 591774104 8,745 272,603 SH   SOLE   272,603 0 0
MFA FINL INC COM 55272X102 9,338 3,750,000 SH   SOLE   3,750,000 0 0
MGIC INVT CORP WIS COM 552848103 10,431 1,273,649 SH   SOLE   1,273,649 0 0
MID PENN BANCORP INC COM 59540G107 1,141 61,917 SH   SOLE   60,431 1,486 0
MORGAN STANLEY COM NEW 617446448 51,440 1,065,000 SH   SOLE   1,065,000 0 0
MVB FINL CORP COM 553810102 15,022 1,129,478 SH   SOLE   1,129,478 0 0
NEW YORK MTG TR INC COM PAR $.02 649604501 3,198 1,225,108 SH   SOLE   1,225,108 0 0
NEW YORK MTG TR INC NOTE 6.250% 1/1 649604AD7 45 50,000 PRN   SOLE   50,000 0 0
NEWMARK GROUP INC CL A 65158N102 11,729 2,413,369 SH   SOLE   2,413,369 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102 495 14,000 SH   SOLE   14,000 0 0
NMI HLDGS INC CL A 629209305 2,685 167,000 SH   SOLE   167,000 0 0
OCEANFIRST FINL CORP COM 675234108 3,042 172,545 SH   SOLE   171,386 1,159 0
ONEMAIN HLDGS INC COM 68268W103 1,848 75,311 SH   SOLE   74,630 681 0
OP BANCORP COM 67109R109 5,928 859,130 SH   SOLE   859,130 0 0
ORRSTOWN FINL SVCS INC COM 687380105 1,830 124,071 SH   SOLE   122,684 1,387 0
PACIFIC MERCANTILE BANCORP COM 694552100 5,868 1,603,251 SH   SOLE   1,603,251 0 0
PACIFIC PREMIER BANCORP COM 69478X105 3,252 150,000 SH   SOLE   150,000 0 0
PACWEST BANCORP DEL COM 695263103 3,515 178,332 SH   SOLE   177,077 1,255 0
PCB BANCORP COM 69320M109 10,632 1,032,263 SH   SOLE   1,032,263 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 2,755 147,096 SH   SOLE   146,140 956 0
PENNYMAC MTG INVT TR COM 70931T103 2,953 168,430 SH   SOLE   168,430 0 0
PIONEER NAT RES CO COM 723787107 489 5,000 SH   SOLE   5,000 0 0
PNC FINL SVCS GROUP INC COM 693475105 12,730 121,000 SH   SOLE   121,000 0 0
PREMIER FINANCIAL CORP COM 74052F108 3,739 211,580 SH   SOLE   210,160 1,420 0
PROFESSIONAL HLDG CORP CL A COM 743139107 6,940 499,981 SH   SOLE   499,981 0 0
RADIAN GROUP INC COM 750236101 9,768 629,800 SH   SOLE   629,800 0 0
REDWOOD TR INC NOTE 5.625% 7/1 758075AD7 4,287 5,000,000 PRN   SOLE   5,000,000 0 0
REGIONS FINANCIAL CORP NEW COM 7591EP100 4,448 400,000 SH   SOLE   400,000 0 0
RHINEBECK BANCORP INC COM 762093102 4,323 659,018 SH   SOLE   659,018 0 0
RIVERVIEW FINL CORP NEW COM 76940Q105 2,202 409,271 SH   SOLE   409,271 0 0
SB FINL GROUP INC COM 78408D105 10,456 629,151 SH   SOLE   629,151 0 0
SEVERN BANCORP INC ANNAPOLIS COM 81811M100 6,480 1,000,000 SH   SOLE   1,000,000 0 0
SHORE BANCSHARES INC COM 825107105 1,631 147,059 SH   SOLE   144,529 2,530 0
SILVERGATE CAP CORP CL A 82837P408 11,667 833,350 SH   SOLE   833,350 0 0
SIMON PPTY GROUP INC NEW COM 828806109 410 6,000 SH   SOLE   6,000 0 0
SIMON PPTY GROUP INC NEW COM 828806109 137 2,000 SH Call SOLE   2,000 0 0
SMARTFINANCIAL INC COM NEW 83190L208 4,450 275,000 SH   SOLE   275,000 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 1,663 60,023 SH   SOLE   59,086 937 0
SPIRIT RLTY CAP INC NEW NOTE 3.750% 5/1 84860WAB8 1,109 1,128,000 PRN   SOLE   1,128,000 0 0
STERLING BANCORP DEL COM 85917A100 2,081 177,577 SH   SOLE   176,418 1,159 0
SYNCHRONY FINANCIAL COM 87165B103 2,438 110,000 SH   SOLE   110,000 0 0
SYNOVUS FINL CORP COM NEW 87161C501 5,480 266,908 SH   SOLE   265,624 1,284 0
TAYLOR MORRISON HOME CORP COM 87724P106 482 25,000 SH   SOLE   25,000 0 0
TOLL BROTHERS INC COM 889478103 326 10,000 SH   SOLE   10,000 0 0
TRUIST FINL CORP COM 89832Q109 3,380 90,000 SH   SOLE   90,000 0 0
UMPQUA HLDGS CORP COM 904214103 3,944 370,691 SH   SOLE   367,598 3,093 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 1,863 92,606 SH   SOLE   91,586 1,020 0
UNITY BANCORP INC COM 913290102 4,290 300,000 SH   SOLE   300,000 0 0
USD PARTNERS LP COM UT REP LTD 903318103 175 55,000 SH   SOLE   55,000 0 0
VERITEX HLDGS INC COM 923451108 1,204 68,013 SH   SOLE   68,013 0 0
WESBANCO INC COM 950810101 2,669 131,415 SH   SOLE   130,553 862 0
WINTRUST FINL CORP COM 97650W108 3,410 78,166 SH   SOLE   77,409 757 0
WSFS FINL CORP COM 929328102 3,227 112,428 SH   SOLE   111,695 733 0
YANDEX N V SHS CLASS A N97284108 6,503 130,000 SH   SOLE   130,000 0 0
ZIONS BANCORPORATION N A COM 989701107 1,719 50,569 SH   SOLE   50,019 550 0