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
AIR LEASE CORP CL A 00912X302 4,591 100,060 SH   SOLE   100,060 0 0
ALLY FINL INC COM 02005N100 33,253 1,257,204 SH   SOLE   1,257,204 0 0
AMBAC FINL GROUP INC COM NEW 023139884 36,233 1,774,386 SH   SOLE   1,774,386 0 0
ARES CAP CORP COM 04010L103 344 20,000 SH   SOLE   20,000 0 0
ASSURED GUARANTY LTD COM G0585R106 21,492 508,921 SH   SOLE   508,921 0 0
BANC OF CALIFORNIA INC COM 05990K106 19,789 1,047,039 SH   SOLE   1,047,039 0 0
BANK COMM HLDGS COM 06424J103 10,761 882,012 SH   SOLE   882,012 0 0
BANK PRINCETON NEW JERSEY COM 064520109 13,896 455,000 SH   SOLE   455,000 0 0
BANK7 CORP COM 06652N107 7,449 386,955 SH   SOLE   386,955 0 0
BANKUNITED INC COM 06652K103 6,196 175,028 SH   SOLE   175,028 0 0
BAYCOM CORP COM 07272M107 20,071 752,273 SH   SOLE   752,273 0 0
BGC PARTNERS INC CL A 05541T101 32,928 2,785,783 SH   SOLE   2,785,783 0 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 343 35,000 SH   SOLE   35,000 0 0
BRIDGE BANCORP INC COM 108035106 7,838 236,089 SH   SOLE   236,089 0 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 17,141 1,316,551 SH   SOLE   1,316,551 0 0
BRIGHTHOUSE FINL INC COM 10922N103 71,044 1,605,878 SH   SOLE   1,605,878 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 17,099 644,019 SH   SOLE   644,019 0 0
CAPITAL BANCORP INC MD COM 139737100 5,311 417,564 SH   SOLE   417,564 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 4,917 351,181 SH   SOLE   351,181 0 0
CITIZENS FINL GROUP INC COM 174610105 117,929 3,057,530 SH   SOLE   3,057,530 0 0
CIVISTA BANCSHARES INC 6.50% PFD SER B 178867206 4,535 63,402 SH   SOLE   63,402 0 0
CNB FINL CORP PA COM 126128107 2,815 97,526 SH   SOLE   97,526 0 0
CNX MIDSTREAM PARTNERS LP COM UNIT REPST 12654A101 481 25,000 SH   SOLE   25,000 0 0
COASTAL FINL CORP WA COM NEW 19046P209 17,596 1,035,031 SH   SOLE   1,035,031 0 0
COLONY BANKCORP INC COM 19623P101 6,332 355,717 SH   SOLE   355,717 0 0
COLONY CAP INC NEW CL A COM 19626G108 152 25,000 SH   SOLE   25,000 0 0
COMERICA INC COM 200340107 1,353 15,000 SH   SOLE   15,000 0 0
COMMUNITY BANKERS TR CORP COM 203612106 3,362 382,056 SH   SOLE   382,056 0 0
COMMUNITY FINL CORP MD COM 20368X101 3,343 100,000 SH   SOLE   100,000 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 2,377 100,073 SH   SOLE   100,073 0 0
CONSOL COAL RES LP COM UNIT 20855T100 628 35,000 SH   SOLE   35,000 0 0
CYRUSONE INC COM 23283R100 634 10,000 SH   SOLE   10,000 0 0
EAGLE BANCORP MONT INC COM 26942G100 6,353 350,000 SH   SOLE   350,000 0 0
ENLINK MIDSTREAM PARTNERS LP COM UNIT REP LTD 29336U107 186 10,000 SH   SOLE   10,000 0 0
ENTEGRA FINL CORP COM 29363J108 6,639 250,038 SH   SOLE   250,038 0 0
EQUINIX INC COM PAR $0.001 29444U700 390 900 SH   SOLE   900 0 0
FIFTH THIRD BANCORP COM 316773100 7,261 260,070 SH   SOLE   260,070 0 0
FIRST BANCORP P R COM NEW 318672706 68,569 7,535,045 SH   SOLE   7,260,045 0 275,000
FIRST CTZNS BANCSHARES INC N CL A 31946M103 10,882 24,061 SH   SOLE   24,061 0 0
FIRST FNDTN INC COM 32026V104 5,470 350,175 SH   SOLE   350,175 0 0
FIRST HAWAIIAN INC COM 32051X108 8,187 301,422 SH   SOLE   301,422 0 0
FIRST HORIZON NATL CORP COM 320517105 63,134 3,657,814 SH   SOLE   3,657,814 0 0
FIRST SAVINGS FINL GROUP INC COM 33621E109 1,186 17,368 SH   SOLE   17,368 0 0
FIRST UTD CORP COM 33741H107 3,331 177,178 SH   SOLE   177,178 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 52,648 1,672,968 SH   SOLE   1,672,968 0 0
FNB CORP PA COM 302520101 16,845 1,324,330 SH   SOLE   1,324,330 0 0
FORD MTR CO DEL COM PAR $0.01 345370860 93 10,000 SH   SOLE   10,000 0 0
FS BANCORP INC COM 30263Y104 10,030 180,000 SH   SOLE   180,000 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 4,752 197,990 SH   SOLE   197,990 0 0
HAMILTON BANCORP INC MD COM 407015106 4,649 325,000 SH   SOLE   325,000 0 0
HMN FINL INC COM 40424G108 2,146 104,678 SH   SOLE   104,678 0 0
HOMETOWN BANKSHARES CORP COM 43787N108 4,745 354,100 SH   SOLE   354,100 0 0
HOPFED BANCORP INC COM 439734104 9,479 541,661 SH   SOLE   541,661 0 0
HUNTINGTON BANCSHARES INC COM 446150104 26,485 1,775,130 SH   SOLE   1,775,130 0 0
INVESTAR HLDG CORP COM 46134L105 15,686 584,224 SH   SOLE   584,224 0 0
JERNIGAN CAP INC COM 476405105 386 20,000 SH   SOLE   20,000 0 0
KEYCORP NEW COM 493267108 5,968 300,074 SH   SOLE   300,074 0 0
LEVEL ONE BANCORP INC COM 52730D208 2,781 100,027 SH   SOLE   100,027 0 0
LIMESTONE BANCORP INC COM 53262L105 4,497 290,100 SH   SOLE   290,100 0 0
MACKINAC FINL CORP COM 554571109 7,905 487,936 SH   SOLE   487,936 0 0
MALVERN BANCORP INC COM 561409103 15,342 640,587 SH   SOLE   640,587 0 0
MERIDIAN CORPORATION COM 58958P104 6,259 363,905 SH   SOLE   363,905 0 0
META FINL GROUP INC COM 59100U108 1,242 15,024 SH   SOLE   15,024 0 0
METROPOLITAN BK HLDG CORP COM 591774104 17,270 420,000 SH   SOLE   420,000 0 0
MVB FINANCIAL CORP COM 553810102 18,619 1,033,216 SH   SOLE   1,033,216 0 0
NEWMARK GROUP INC CL A 65158N102 280 25,000 SH   SOLE   25,000 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 425 30,000 SH   SOLE   30,000 0 0
OFG BANCORP COM 67103X102 4,764 295,000 SH   SOLE   285,000 0 10,000
ON DECK CAP INC COM 682163100 13,039 1,722,438 SH   SOLE   1,722,438 0 0
ONEMAIN HLDGS INC COM 68268W103 4,204 125,072 SH   SOLE   125,072 0 0
OP BANCORP COM 67109R109 8,639 744,781 SH   SOLE   744,781 0 0
ORRSTOWN FINL SVCS INC COM 687380105 2,390 100,432 SH   SOLE   100,432 0 0
PACIFIC CITY FINANCIAL CORP COM NEW 69406T408 13,057 675,104 SH   SOLE   675,104 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 14,990 1,603,251 SH   SOLE   1,603,251 0 0
PCSB FINL CORP COM 69324R104 10,591 520,681 SH   SOLE   520,681 0 0
PIONEER NAT RES CO COM 723787107 1,045 6,000 SH   SOLE   6,000 0 0
POPULAR INC COM NEW 733174700 24,323 474,602 SH   SOLE   454,602 0 20,000
RANDOLPH BANCORP INC COM 752378109 8,296 501,900 SH   SOLE   501,900 0 0
REDWOOD TR INC NOTE 5.625% 7/1 758075AD7 9,943 10,000,000 PRN   SOLE   10,000,000 0 0
REGIONS FINL CORP NEW COM 7591EP100 11,471 625,105 SH   SOLE   625,105 0 0
RIVERVIEW FINL CORP NEW COM 76940Q105 5,566 409,271 SH   SOLE   409,271 0 0
SANDY SPRING BANCORP INC COM 800363103 5,900 150,089 SH   SOLE   150,089 0 0
SB FINL GROUP INC COM 78408D105 10,686 525,100 SH   SOLE   525,100 0 0
SB ONE BANCORP COM 78413T103 4,576 181,588 SH   SOLE   181,588 0 0
SELECT BANCORP INC NEW COM 81617L108 1,801 145,219 SH   SOLE   145,219 0 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 11,584 1,182,000 SH   SOLE   1,182,000 0 0
SHORE BANCSHARES INC COM 825107105 4,456 250,055 SH   SOLE   250,055 0 0
SI FINL GROUP INC MD COM 78425V104 2,451 175,054 SH   SOLE   175,054 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 18,070 157,349 SH   SOLE   157,349 0 0
SIMON PPTY GROUP INC NEW COM 828806109 707 4,000 SH   SOLE   4,000 0 0
SMARTFINANCIAL INC COM NEW 83190L208 10,166 431,659 SH   SOLE   431,659 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 3,931 100,038 SH   SOLE   100,038 0 0
SPDR SERIES TRUST S&P BK ETF 78464A797 233 5,000 SH   SOLE   5,000 0 0
SPDR SERIES TRUST S&P REGL BKG 78464A698 594 10,000 SH   SOLE   10,000 0 0
STERLING BANCORP DEL COM 85917A100 65,826 2,992,079 SH   SOLE   2,992,079 0 0
STERLING BANCORP INC COM 85917W102 8,895 786,435 SH   SOLE   786,435 0 0
SUNPOWER CORP DBCV 0.875% 6/0 867652AJ8 4,096 5,000,000 PRN   SOLE   5,000,000 0 0
SVB FINL GROUP COM 78486Q101 37,526 120,727 SH   SOLE   120,727 0 0
SYNOVUS FINL CORP COM NEW 87161C501 61,291 1,338,523 SH   SOLE   1,338,523 0 0
TAYLOR MORRISON HOME CORP CL A 87724P106 397 22,000 SH   SOLE   22,000 0 0
TOLL BROTHERS INC COM 889478103 826 25,000 SH   SOLE   25,000 0 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 2,708 97,111 SH   SOLE   97,111 0 0
UNITY BANCORP INC COM 913290102 10,136 442,600 SH   SOLE   442,600 0 0
USD PARTNERS LP COM UT REP LTD 903318103 724 75,000 SH   SOLE   75,000 0 0
WELLS FARGO CO NEW COM 949746101 315 6,000 SH   SOLE   6,000 0 0
ZIONS BANCORPORATION COM 989701107 34,205 682,053 SH   SOLE   682,053 0 0