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 271 5,000 SH   SOLE   5,000 0 0
AIR LEASE CORP CL A 00912X302 9,653 230,000 SH   SOLE   230,000 0 0
ALLEGIANCE BANCSHARES INC COM 01748H107 2,168 50,000 SH   SOLE   50,000 0 0
ALLY FINL INC COM 02005N100 37,223 1,416,938 SH   SOLE   1,416,938 0 0
AMBAC FINL GROUP INC COM NEW 023139884 32,246 1,624,490 SH   SOLE   1,624,490 0 0
ARES CAP CORP COM 04010L103 411 25,000 SH   SOLE   25,000 0 0
ASSURED GUARANTY LTD COM G0585R106 12,963 362,810 SH   SOLE   362,810 0 0
BANC OF CALIFORNIA INC COM 05990K106 19,208 982,512 SH   SOLE   982,512 0 0
BANK AMER CORP COM 060505104 282 10,000 SH   SOLE   10,000 0 0
BANK COMM HLDGS COM 06424J103 11,245 881,952 SH   SOLE   881,952 0 0
BANK PRINCETON NEW JERSEY COM 064520109 15,129 455,000 SH   SOLE   455,000 0 0
BANKUNITED INC COM 06652K103 3,558 87,108 SH   SOLE   87,108 0 0
BAYCOM CORP COM 07272M107 18,619 752,273 SH   SOLE   752,273 0 0
BGC PARTNERS INC CL A 05541T101 13,207 1,166,700 SH   SOLE   1,166,700 0 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 312 35,000 SH   SOLE   35,000 0 0
BRIDGE BANCORP INC COM 108035106 8,484 236,000 SH   SOLE   236,000 0 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 16,745 1,316,456 SH   SOLE   1,316,456 0 0
BRIGHTHOUSE FINL INC COM 10922N103 50,588 1,262,500 SH   SOLE   1,262,500 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 16,969 644,000 SH   SOLE   644,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 919 10,000 SH   SOLE   10,000 0 0
CIT GROUP INC COM NEW 125581801 15,624 309,947 SH   SOLE   309,947 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 4,969 351,181 SH   SOLE   351,181 0 0
CITIZENS FINL GROUP INC COM 174610105 111,579 2,868,364 SH   SOLE   2,868,364 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 4,514 63,402 SH   SOLE   63,402 0 0
CNB FINL CORP PA COM 126128107 3,186 105,984 SH   SOLE   105,984 0 0
CNX MIDSTREAM PARTNERS LP COM UNIT REPST 12654A101 679 35,000 SH   SOLE   35,000 0 0
COLONY BANKCORP INC COM 19623P101 6,012 355,717 SH   SOLE   355,717 0 0
COLONY CAP INC NEW CL A COM 19626G108 156 25,000 SH   SOLE   25,000 0 0
COMERICA INC COM 200340107 14,452 158,950 SH   SOLE   158,950 0 0
COMMUNITY BANKERS TR CORP COM 203612106 3,419 382,000 SH   SOLE   382,000 0 0
COMMUNITY FINL CORP MD COM 20368X101 3,536 100,000 SH   SOLE   100,000 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 2,490 100,000 SH   SOLE   100,000 0 0
CONSOL COAL RES LP COM UNIT 20855T100 527 35,000 SH   SOLE   35,000 0 0
CYRUSONE INC COM 23283R100 584 10,000 SH   SOLE   10,000 0 0
EAGLE BANCORP MONT INC COM 26942G100 6,755 350,000 SH   SOLE   350,000 0 0
ENERGY TRANSFER PARTNERS LP UNIT LTD PRT INT 29278N103 571 30,000 SH   SOLE   30,000 0 0
ENLINK MIDSTREAM PARTNERS LP COM UNIT REP LTD 29336U107 233 15,000 SH   SOLE   15,000 0 0
ENTEGRA FINL CORP COM 29363J108 10,637 363,023 SH   SOLE   363,023 0 0
EQUINIX INC COM PAR $0.001 29444U700 430 1,000 SH   SOLE   1,000 0 0
FIFTH THIRD BANCORP COM 316773100 8,610 300,000 SH   SOLE   300,000 0 0
FIRST BANCORP P R COM NEW 318672706 27,189 3,554,150 SH   SOLE   3,554,150 0 0
FIRST HORIZON NATL CORP COM 320517105 34,297 1,922,500 SH   SOLE   1,922,500 0 0
FIRST SAVINGS FINL GROUP INC COM 33621E109 1,276 17,368 SH   SOLE   17,368 0 0
FIRST UTD CORP COM 33741H107 3,623 177,178 SH   SOLE   177,178 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 53,880 1,572,675 SH   SOLE   1,572,675 0 0
FNB CORP PA COM 302520101 6,125 456,400 SH   SOLE   456,400 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 221 20,000 SH   SOLE   20,000 0 0
FS BANCORP INC COM 30263Y104 4,428 70,000 SH   SOLE   70,000 0 0
GREENSKY INC CL A 39572G100 212 10,000 SH   SOLE   10,000 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 4,841 197,990 SH   SOLE   197,990 0 0
HAMILTON BANCORP INC MD COM 407015106 5,103 325,000 SH   SOLE   325,000 0 0
HMN FINL INC COM 40424G108 2,104 104,678 SH   SOLE   104,678 0 0
HOMETOWN BANKSHARES CORP COM 43787N108 5,242 372,735 SH   SOLE   372,735 0 0
HOPFED BANCORP INC COM 439734104 8,981 541,661 SH   SOLE   541,661 0 0
HUNTINGTON BANCSHARES INC COM 446150104 11,751 796,132 SH   SOLE   796,132 0 0
INDUSTRIAL LOGISTICS PPTYS T COM SHS BEN INT 456237106 224 10,000 SH   SOLE   10,000 0 0
INVESTAR HLDG CORP COM 46134L105 16,154 584,224 SH   SOLE   584,224 0 0
JERNIGAN CAP INC COM 476405105 381 20,000 SH   SOLE   20,000 0 0
KEYCORP NEW COM 493267108 19,987 1,022,871 SH   SOLE   1,022,871 0 0
LEVEL ONE BANCORP INC COM 52730D208 2,718 100,000 SH   SOLE   100,000 0 0
LIMESTONE BANCORP INC COM 53262L105 4,421 290,100 SH   SOLE   290,100 0 0
MACKINAC FINL CORP COM 554571109 8,090 487,936 SH   SOLE   487,936 0 0
MALVERN BANCORP INC COM 561409103 15,598 640,587 SH   SOLE   640,587 0 0
MERIDIAN BK PAOLI PA COM 58958P104 6,619 363,905 SH   SOLE   363,905 0 0
METROPOLITAN BK HLDG CORP COM 591774104 22,042 420,000 SH   SOLE   420,000 0 0
MVB FINANCIAL CORP COM 553810102 4,511 249,899 SH   SOLE   249,899 0 0
NAVIENT CORPORATION COM 63938C108 1,303 100,000 SH   SOLE   100,000 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102 285 10,000 SH   SOLE   10,000 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 362 25,000 SH   SOLE   25,000 0 0
OFG BANCORP COM 67103X102 1,510 107,500 SH   SOLE   107,500 0 0
ON DECK CAP INC COM 682163100 33,075 4,725,000 SH   SOLE   4,725,000 0 0
ONEMAIN HLDGS INC COM 68268W103 4,161 125,000 SH   SOLE   125,000 0 0
OP BANCORP COM 67109R109 7,102 558,351 SH   SOLE   558,351 0 0
ORRSTOWN FINL SVCS INC COM 687380105 1,911 73,500 SH   SOLE   73,500 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 9,538 978,251 SH   SOLE   978,251 0 0
PCSB FINL CORP COM 69324R104 10,346 520,681 SH   SOLE   520,681 0 0
PIONEER NAT RES CO COM 723787107 757 4,000 SH   SOLE   4,000 0 0
POPULAR INC COM NEW 733174700 18,527 409,802 SH   SOLE   409,802 0 0
RANDOLPH BANCORP INC COM 752378109 8,432 501,900 SH   SOLE   501,900 0 0
REDWOOD TR INC NOTE 5.625% 7/1 758075AD7 9,872 10,000,000 PRN   SOLE   10,000,000 0 0
REGIONS FINL CORP NEW COM 7591EP100 25,141 1,414,000 SH   SOLE   1,414,000 0 0
SANDY SPRING BANCORP INC COM 800363103 6,152 150,000 SH   SOLE   150,000 0 0
SB FINL GROUP INC COM 78408D105 10,670 525,100 SH   SOLE   525,100 0 0
SB ONE BANCORP COM 78413T103 4,797 161,530 SH   SOLE   161,530 0 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 10,224 1,182,000 SH   SOLE   1,182,000 0 0
SHORE BANCSHARES INC COM 825107105 4,755 250,000 SH   SOLE   250,000 0 0
SI FINL GROUP INC MD COM 78425V104 2,581 175,000 SH   SOLE   175,000 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 9,016 70,500 SH   SOLE   70,500 0 0
SIMON PPTY GROUP INC NEW COM 828806109 851 5,000 SH   SOLE   5,000 0 0
SMARTFINANCIAL INC COM NEW 83190L208 11,120 431,659 SH   SOLE   431,659 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 4,420 100,000 SH   SOLE   100,000 0 0
SPDR SERIES TRUST S&P BK ETF 78464A797 1,179 25,000 SH   SOLE   25,000 0 0
STERLING BANCORP DEL COM 85917A100 55,437 2,359,000 SH   SOLE   2,359,000 0 0
STERLING BANCORP INC COM 85917W102 5,812 435,000 SH   SOLE   435,000 0 0
SVB FINL GROUP COM 78486Q101 8,800 30,475 SH   SOLE   30,475 0 0
SYNOVUS FINL CORP COM NEW 87161C501 3,831 72,521 SH   SOLE   72,521 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 436 21,000 SH   SOLE   21,000 0 0
TOLL BROTHERS INC COM 889478103 444 12,000 SH   SOLE   12,000 0 0
TRI POINTE GROUP INC COM 87265H109 180 11,000 SH   SOLE   11,000 0 0
UNITY BANCORP INC COM 913290102 10,069 442,600 SH   SOLE   442,600 0 0
USD PARTNERS LP COM UT REP LTD 903318103 591 55,000 SH   SOLE   55,000 0 0
VIRTU FINL INC CL A 928254101 266 10,000 SH   SOLE   10,000 0 0
ZIONS BANCORPORATION COM 989701107 13,745 260,872 SH   SOLE   260,872 0 0