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 2,178 55,000 SH   SOLE   55,000 0 0
AIR LEASE CORP CL A 00912X302 478 15,835 SH   SOLE   13,258 2,577 0
ALLY FINL INC COM 02005N100 20,890 921,875 SH   SOLE   917,399 4,476 0
AMAZON COM INC COM 023135106 601 400 SH   SOLE   400 0 0
AMBAC FINL GROUP INC COM NEW 023139884 36,072 2,092,365 SH   SOLE   2,090,068 2,297 0
ARES CAP CORP COM 04010L103 234 15,000 SH   SOLE   15,000 0 0
ASSURED GUARANTY LTD COM G0585R106 2,165 56,549 SH   SOLE   55,165 1,384 0
AT&T INC COM 00206R102 342 12,000 SH   SOLE   12,000 0 0
BANC OF CALIFORNIA INC COM 05990K106 27,324 2,052,893 SH   SOLE   2,052,893 0 0
BANK COMM HLDGS COM 06424J103 9,701 885,153 SH   SOLE   883,168 1,985 0
BANK PRINCETON NEW JERSEY COM 064520109 12,695 455,000 SH   SOLE   455,000 0 0
BANK7 CORP COM 06652N107 4,653 348,553 SH   SOLE   348,553 0 0
BAYCOM CORP COM 07272M107 14,900 645,322 SH   SOLE   645,322 0 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 451 50,000 SH   SOLE   50,000 0 0
BRIDGE BANCORP INC COM 108035106 3,248 127,416 SH   SOLE   124,503 2,913 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 23,845 2,260,193 SH   SOLE   2,257,073 3,120 0
BRIGHTHOUSE FINL INC COM 10922N103 21,042 690,342 SH   SOLE   690,342 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 15,604 644,000 SH   SOLE   644,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 312 4,131 SH   SOLE   4,131 0 0
CHEMICAL FINL CORP COM 163731102 560 15,306 SH   SOLE   13,878 1,428 0
CHEMUNG FINL CORP COM 164024101 201 4,860 SH   SOLE   4,281 579 0
CITIZENS CMNTY BANCORP INC M COM 174903104 3,828 351,181 SH   SOLE   351,181 0 0
CITIZENS FINL GROUP INC COM 174610105 35,764 1,202,957 SH   SOLE   1,199,227 3,730 0
CNB FINL CORP PA COM 126128107 1,332 58,041 SH   SOLE   57,194 847 0
CNX MIDSTREAM PARTNERS LP COM UNIT REPST 12654A101 488 30,000 SH   SOLE   30,000 0 0
COASTAL FINL CORP WA COM NEW 19046P209 14,658 962,453 SH   SOLE   960,971 1,482 0
COLONY BANKCORP INC COM 19623P101 5,193 355,717 SH   SOLE   355,717 0 0
COMMUNITY BANKERS TR CORP COM 203612106 168 23,201 SH   SOLE   21,330 1,871 0
CONSOL COAL RES LP COM UNIT 20855T100 492 30,000 SH   SOLE   30,000 0 0
CYRUSONE INC COM 23283R100 529 10,000 SH   SOLE   10,000 0 0
D R HORTON INC COM 23331A109 347 10,000 SH   SOLE   10,000 0 0
EAGLE BANCORP MONT INC COM 26942G100 5,779 350,222 SH   SOLE   350,222 0 0
ENERGY TRANSFER LP COM UT LTD PTN 29273V100 225 17,000 SH   SOLE   17,000 0 0
ENTEGRA FINL CORP COM 29363J108 5,410 260,703 SH   SOLE   258,751 1,952 0
EQUINIX INC COM PAR $0.001 29444U700 353 1,000 SH   SOLE   1,000 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 325 9,218 SH   SOLE   9,218 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 10,000 26,522 SH   SOLE   26,256 266 0
FIRST FNDTN INC COM 32026V104 3,000 233,298 SH   SOLE   227,540 5,758 0
FIRST HORIZON NATL CORP COM 320517105 70,376 5,347,700 SH   SOLE   5,347,700 0 0
FIRST SAVINGS FINL GROUP INC COM 33621E109 902 17,368 SH   SOLE   17,368 0 0
FIRST UTD CORP COM 33741H107 4,518 283,803 SH   SOLE   283,803 0 0
FLAGSTAR BANCORP INC COM PAR .001 337930705 36,022 1,364,487 SH   SOLE   1,362,524 1,963 0
FNB CORP PA COM 302520101 25,388 2,580,063 SH   SOLE   2,571,453 8,610 0
FS BANCORP INC COM 30263Y104 8,643 201,573 SH   SOLE   201,573 0 0
GENERAL MTRS CO COM 37045V100 335 10,000 SH   SOLE   10,000 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 4,296 196,711 SH   SOLE   196,711 0 0
HAMILTON BANCORP INC MD COM 407015106 4,518 325,000 SH   SOLE   325,000 0 0
HERCULES CAPITAL INC COM 427096508 111 10,000 SH   SOLE   10,000 0 0
HOPFED BANCORP INC COM 439734104 7,199 541,661 SH   SOLE   541,661 0 0
HUNTINGTON BANCSHARES INC COM 446150104 3,938 330,371 SH   SOLE   327,038 3,333 0
IBERIABANK CORP COM 450828108 1,607 25,000 SH   SOLE   25,000 0 0
INVESTAR HLDG CORP COM 46134L105 14,489 584,224 SH   SOLE   584,224 0 0
ISTAR INC NOTE 3.125% 9/1 45031UCB5 10,878 12,000,000 PRN   SOLE   12,000,000 0 0
JERNIGAN CAP INC COM 476405105 198 10,000 SH   SOLE   10,000 0 0
JPMORGAN CHASE & CO COM 46625H100 244 2,500 SH   SOLE   2,500 0 0
KEYCORP NEW COM 493267108 5,874 397,440 SH   SOLE   394,263 3,177 0
LENNAR CORP CL A 526057104 392 10,000 SH   SOLE   10,000 0 0
LEVEL ONE BANCORP INC COM 52730D208 481 21,454 SH   SOLE   20,549 905 0
LIMESTONE BANCORP INC COM 53262L105 3,992 290,100 SH   SOLE   290,100 0 0
MACKINAC FINL CORP COM 554571109 6,660 487,936 SH   SOLE   487,936 0 0
MALVERN BANCORP INC COM 561409103 12,639 640,587 SH   SOLE   640,587 0 0
MERCANTIL BK HLDG CORP CL B NEW 58734F404 154 15,395 SH   SOLE   15,395 0 0
MERIDIAN CORPORATION COM 58958P104 6,248 363,905 SH   SOLE   363,905 0 0
METROPOLITAN BK HLDG CORP COM 591774104 12,957 420,000 SH   SOLE   420,000 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 252 10,152 SH   SOLE   9,169 983 0
MORGAN STANLEY COM NEW 617446448 496 12,500 SH   SOLE   12,500 0 0
MVB FINANCIAL CORP COM 553810102 20,376 1,129,478 SH   SOLE   1,129,478 0 0
NAVIENT CORPORATION COM 63938C108 171 19,462 SH   SOLE   16,496 2,966 0
NEWMARK GROUP INC CL A 65158N102 19,739 2,461,160 SH   SOLE   2,461,160 0 0
NOBLE MIDSTREAM PARTNERS LP COM UNIT REPST 65506L105 260 9,000 SH   SOLE   9,000 0 0
NORTHSTAR REALTY EUROPE CORP COM 66706L101 218 15,000 SH   SOLE   15,000 0 0
OLD LINE BANCSHARES INC COM 67984M100 1,673 63,580 SH   SOLE   62,538 1,042 0
ONEMAIN HLDGS INC COM 68268W103 2,302 94,791 SH   SOLE   91,864 2,927 0
OP BANCORP COM 67109R109 7,620 859,130 SH   SOLE   859,130 0 0
ORRSTOWN FINL SVCS INC COM 687380105 3,045 167,235 SH   SOLE   164,140 3,095 0
PACIFIC CITY FINANCIAL CORP COM NEW 69406T408 11,395 728,098 SH   SOLE   728,098 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 11,463 1,603,251 SH   SOLE   1,603,251 0 0
PCSB FINL CORP COM 69324R104 10,185 520,681 SH   SOLE   520,681 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 408 16,192 SH   SOLE   13,778 2,414 0
PIONEER NAT RES CO COM 723787107 789 6,000 SH   SOLE   6,000 0 0
PREMIER FINL BANCORP INC COM 74050M105 161 10,796 SH   SOLE   9,924 872 0
RANDOLPH BANCORP INC COM 752378109 7,102 501,900 SH   SOLE   501,900 0 0
REDWOOD TR INC NOTE 5.625% 7/1 758075AD7 9,411 10,000,000 PRN   SOLE   10,000,000 0 0
REGIONS FINL CORP NEW COM 7591EP100 5,982 447,064 SH   SOLE   441,035 6,029 0
RIVERVIEW FINL CORP NEW COM 76940Q105 4,461 409,271 SH   SOLE   409,271 0 0
SANDY SPRING BANCORP INC COM 800363103 3,134 100,015 SH   SOLE   96,655 3,360 0
SB FINL GROUP INC COM 78408D105 8,638 525,100 SH   SOLE   525,100 0 0
SB ONE BANCORP COM 78413T103 8,526 417,111 SH   SOLE   413,882 3,229 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 9,432 1,182,000 SH   SOLE   1,182,000 0 0
SHORE BANCSHARES INC COM 825107105 5,070 348,689 SH   SOLE   343,796 4,893 0
SIGNATURE BK NEW YORK N Y COM 82669G104 1,339 13,020 SH   SOLE   12,528 492 0
SIMON PPTY GROUP INC NEW COM 828806109 840 5,000 SH   SOLE   5,000 0 0
SMARTFINANCIAL INC COM NEW 83190L208 7,886 431,659 SH   SOLE   431,659 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 3,537 110,303 SH   SOLE   108,220 2,083 0
STERLING BANCORP DEL COM 85917A100 55,795 3,379,453 SH   SOLE   3,372,806 6,647 0
STERLING BANCORP INC COM 85917W102 5,149 740,833 SH   SOLE   733,042 7,791 0
SUNPOWER CORP DBCV 0.875% 6/0 867652AJ8 6,546 8,600,000 PRN   SOLE   8,600,000 0 0
SYNOVUS FINL CORP COM NEW 87161C501 57,462 1,796,253 SH   SOLE   1,796,253 0 0
TARGA RES CORP COM 87612G101 216 6,000 SH   SOLE   6,000 0 0
TOLL BROTHERS INC COM 889478103 494 15,000 SH   SOLE   15,000 0 0
UMPQUA HLDGS CORP COM 904214103 378 23,773 SH   SOLE   21,323 2,450 0
UNION BANKSHARES CORP NEW COM 90539J109 648 22,967 SH   SOLE   21,107 1,860 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 240 11,181 SH   SOLE   8,730 2,451 0
UNITED CMNTY FINL CORP OHIO COM 909839102 311 35,190 SH   SOLE   30,094 5,096 0
UNITY BANCORP INC COM 913290102 9,188 442,600 SH   SOLE   442,600 0 0
USD PARTNERS LP COM UT REP LTD 903318103 784 75,000 SH   SOLE   75,000 0 0
WELLS FARGO CO NEW COM 949746101 6,589 143,000 SH   SOLE   143,000 0 0
ZIONS BANCORPORATION N A COM 989701107 21,682 532,202 SH   SOLE   529,107 3,095 0