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 1,430 30,728 SH   SOLE   30,381 347 0
AIR LEASE CORP CL A 00912X302 1,049 30,534 SH   SOLE   29,804 730 0
ALLY FINL INC COM 02005N100 4,676 170,113 SH   SOLE   167,016 3,097 0
AMBAC FINL GROUP INC COM NEW 023139884 37,377 2,062,721 SH   SOLE   2,060,731 1,990 0
AMERICAN EQTY INVT LIFE HLD COM 025676206 1,486 55,000 SH   SOLE   55,000 0 0
ARES CAP CORP COM 04010L103 343 20,000 SH   SOLE   20,000 0 0
ASSURED GUARANTY LTD COM G0585R106 10,964 246,781 SH   SOLE   245,595 1,186 0
AT&T INC COM 00206R102 470 15,000 SH   SOLE   15,000 0 0
BANC OF CALIFORNIA INC COM 05990K106 27,680 2,000,000 SH   SOLE   2,000,000 0 0
BANK COMM HLDGS COM 06424J103 9,343 885,549 SH   SOLE   883,843 1,706 0
BANK PRINCETON NEW JERSEY COM 064520109 14,437 455,000 SH   SOLE   455,000 0 0
BANNER CORP COM NEW 06652V208 293 5,408 SH   SOLE   5,408 0 0
BAYCOM CORP COM 07272M107 14,610 645,322 SH   SOLE   645,322 0 0
BB&T CORP COM 054937107 2,094 45,000 SH   SOLE   45,000 0 0
BERKSHIRE HILLS BANCORP INC COM 084680107 14,219 521,973 SH   SOLE   519,159 2,814 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 377 35,000 SH   SOLE   35,000 0 0
BRIDGE BANCORP INC COM 108035106 3,135 107,009 SH   SOLE   105,386 1,623 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 23,398 2,269,428 SH   SOLE   2,266,763 2,665 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 16,956 690,945 SH   SOLE   690,945 0 0
CAPITAL ONE FINL CORP COM 14040H105 535 6,549 SH   SOLE   6,549 0 0
CHEMUNG FINL CORP COM 164024101 341 7,273 SH   SOLE   6,776 497 0
CITIZENS CMNTY BANCORP INC M COM 174903104 4,190 351,181 SH   SOLE   351,181 0 0
CITIZENS FINL GROUP INC COM 174610105 38,297 1,178,382 SH   SOLE   1,175,104 3,278 0
CNB FINL CORP PA COM 126128107 1,042 41,221 SH   SOLE   41,221 0 0
CNX MIDSTREAM PARTNERS LP COM UNIT REPST 12654A101 532 35,000 SH   SOLE   35,000 0 0
COASTAL FINL CORP WA COM NEW 19046P209 18,647 1,097,527 SH   SOLE   1,095,818 1,709 0
COLONY BANKCORP INC COM 19623P101 6,083 355,717 SH   SOLE   355,717 0 0
CONSOL COAL RES LP COM UNIT 20855T100 353 20,000 SH   SOLE   20,000 0 0
CORTLAND BANCORP COM 220587109 1,380 58,000 SH   SOLE   58,000 0 0
CYRUSONE INC COM 23283R100 262 5,000 SH   SOLE   5,000 0 0
DYCOM INDS INC COM 267475101 1,387 30,200 SH   SOLE   30,200 0 0
EAGLE BANCORP MONT INC COM 26942G100 5,933 350,222 SH   SOLE   350,222 0 0
ELLINGTON FINANCIAL INC COM 28852N109 358 20,000 SH   SOLE   20,000 0 0
ENCORE CAP GROUP INC COM 292554102 7,352 270,000 SH   SOLE   270,000 0 0
ENERGY TRANSFER LP COM UT LTD PTN 29273V100 461 30,000 SH   SOLE   30,000 0 0
EQUINIX INC COM 29444U700 453 1,000 SH   SOLE   1,000 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 421 14,613 SH   SOLE   14,613 0 0
FIFTH THIRD BANCORP COM 316773100 4,839 191,866 SH   SOLE   189,303 2,563 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 5,979 14,682 SH   SOLE   14,453 229 0
FIRST FNDTN INC COM 32026V104 3,373 248,532 SH   SOLE   243,575 4,957 0
FIRST HORIZON NATL CORP COM 320517105 56,936 4,072,700 SH   SOLE   4,072,700 0 0
FIRST SAVINGS FINL GROUP INC COM 33621E109 1,704 31,523 SH   SOLE   31,523 0 0
FIRST UTD CORP COM 33741H107 4,898 283,803 SH   SOLE   283,803 0 0
FNB CORP PA COM 302520101 14,743 1,390,839 SH   SOLE   1,383,440 7,399 0
FS BANCORP INC COM 30263Y104 10,175 201,573 SH   SOLE   201,573 0 0
FS KKR CAPITAL CORP COM 302635107 303 50,000 SH   SOLE   50,000 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 2,244 100,000 SH   SOLE   100,000 0 0
HAMILTON BANCORP INC MD COM 407015106 4,843 325,000 SH   SOLE   325,000 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 675 16,715 SH   SOLE   16,104 611 0
HUNTINGTON BANCSHARES INC COM 446150104 4,017 316,769 SH   SOLE   309,731 7,038 0
INVESTAR HLDG CORP COM 46134L105 13,268 584,224 SH   SOLE   584,224 0 0
ISTAR INC NOTE 3.125% 9/1 45031UCB5 11,046 12,000,000 PRN   SOLE   12,000,000 0 0
JERNIGAN CAP INC COM 476405105 210 10,000 SH   SOLE   10,000 0 0
JPMORGAN CHASE & CO COM 46625H100 202 2,000 SH   SOLE   2,000 0 0
KEYCORP NEW COM 493267108 6,100 387,329 SH   SOLE   381,895 5,434 0
LENNAR CORP CL A 526057104 368 7,500 SH   SOLE   7,500 0 0
LEVEL ONE BANCORP INC COM 52730D208 503 21,631 SH   SOLE   20,852 779 0
LIMESTONE BANCORP INC COM 53262L105 4,334 290,100 SH   SOLE   290,100 0 0
LYFT INC CL A COM 55087P104 391 5,000 SH   SOLE   5,000 0 0
MACKINAC FINL CORP COM 554571109 7,680 487,936 SH   SOLE   487,936 0 0
MALVERN BANCORP INC COM 561409103 12,889 640,587 SH   SOLE   640,587 0 0
MERCANTIL BK HLDG CORP CL B NEW 58734F404 191 15,395 SH   SOLE   15,395 0 0
MERIDIAN CORPORATION COM 58958P104 6,559 363,605 SH   SOLE   363,605 0 0
METROPOLITAN BK HLDG CORP COM 591774104 14,612 420,000 SH   SOLE   420,000 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 419 15,360 SH   SOLE   14,515 845 0
MORGAN STANLEY COM NEW 617446448 422 10,000 SH   SOLE   10,000 0 0
MR COOPER GROUP INC COM 62482R107 4,547 474,110 SH   SOLE   474,110 0 0
MVB FINANCIAL CORP COM 553810102 17,225 1,129,478 SH   SOLE   1,129,478 0 0
NEWMARK GROUP INC CL A 65158N102 24,140 2,894,520 SH   SOLE   2,894,520 0 0
NOBLE MIDSTREAM PARTNERS LP COM UNIT REPST 65506L105 270 7,500 SH   SOLE   7,500 0 0
OLD LINE BANCSHARES INC COM 67984M100 1,764 70,757 SH   SOLE   69,858 899 0
ONEMAIN HLDGS INC COM 68268W103 2,196 69,173 SH   SOLE   67,604 1,569 0
OP BANCORP COM 67109R109 7,517 859,130 SH   SOLE   859,130 0 0
ORRSTOWN FINL SVCS INC COM 687380105 3,399 182,858 SH   SOLE   178,533 4,325 0
PACIFIC CITY FINANCIAL CORP COM NEW 69406T408 25,545 1,463,896 SH   SOLE   1,463,896 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 12,217 1,603,251 SH   SOLE   1,603,251 0 0
PCSB FINL CORP COM 69324R104 2,759 140,992 SH   SOLE   140,992 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 1,150 43,864 SH   SOLE   41,791 2,073 0
PENNYMAC FINL SVCS INC COM 70932M107 1,066 47,950 SH   SOLE   46,786 1,164 0
PIONEER NAT RES CO COM 723787107 914 6,000 SH   SOLE   6,000 0 0
POPULAR INC COM NEW 733174700 3,388 65,000 SH   SOLE   65,000 0 0
PREMIER FINL BANCORP INC COM 74050M105 291 18,493 SH   SOLE   16,776 1,717 0
PROVIDENT FINL HLDGS INC COM 743868101 212 10,661 SH   SOLE   9,885 776 0
QCR HOLDINGS INC COM 74727A104 259 7,626 SH   SOLE   7,626 0 0
RANDOLPH BANCORP INC COM 752378109 7,436 492,123 SH   SOLE   492,123 0 0
REDWOOD TR INC NOTE 5.625% 7/1 758075AD7 9,756 10,000,000 PRN   SOLE   10,000,000 0 0
REGIONS FINL CORP NEW COM 7591EP100 7,794 550,802 SH   SOLE   544,794 6,008 0
RHINEBECK BANCORP INC COM 762093102 6,678 556,473 SH   SOLE   556,473 0 0
RIVERVIEW FINL CORP NEW COM 76940Q105 4,707 409,271 SH   SOLE   409,271 0 0
SANDY SPRING BANCORP INC COM 800363103 4,506 144,068 SH   SOLE   142,488 1,580 0
SB FINL GROUP INC COM 78408D105 9,535 529,151 SH   SOLE   529,151 0 0
SB ONE BANCORP COM 78413T103 5,976 275,125 SH   SOLE   272,364 2,761 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 9,475 1,000,000 SH   SOLE   1,000,000 0 0
SHORE BANCSHARES INC COM 825107105 4,232 283,851 SH   SOLE   279,674 4,177 0
SIMON PPTY GROUP INC NEW COM 828806109 911 5,000 SH   SOLE   5,000 0 0
SMARTFINANCIAL INC COM NEW 83190L208 9,735 514,800 SH   SOLE   513,419 1,381 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 4,138 122,170 SH   SOLE   120,110 2,060 0
SPDR SERIES TRUST S&P BK ETF 78464A797 15,873 380,000 SH   SOLE   380,000 0 0
STERLING BANCORP DEL COM 85917A100 48,624 2,609,964 SH   SOLE   2,606,012 3,952 0
STERLING BANCORP INC COM 85917W102 6,167 608,157 SH   SOLE   599,369 8,788 0
SUNPOWER CORP DBCV 0.875% 6/0 867652AJ8 7,287 8,600,000 PRN   SOLE   8,600,000 0 0
SYNOVUS FINL CORP COM NEW 87161C501 56,921 1,656,613 SH   SOLE   1,655,909 704 0
TARGA RES CORP COM 87612G101 291 7,000 SH   SOLE   7,000 0 0
TOLL BROTHERS INC COM 889478103 272 7,500 SH   SOLE   7,500 0 0
UMPQUA HLDGS CORP COM 904214103 13,502 818,319 SH   SOLE   812,147 6,172 0
UNION BANKSHARES CORP NEW COM 90539J109 3,373 104,317 SH   SOLE   102,209 2,108 0
UNITY BANCORP INC COM 913290102 8,356 442,600 SH   SOLE   442,600 0 0
USD PARTNERS LP COM UT REP LTD 903318103 812 75,000 SH   SOLE   75,000 0 0
WAGEWORKS INC COM 930427109 378 10,000 SH   SOLE   10,000 0 0
WELLS FARGO CO NEW COM 949746101 483 10,000 SH   SOLE   10,000 0 0
WEYERHAEUSER CO COM 962166104 211 8,000 SH   SOLE   8,000 0 0
WINTRUST FINL CORP COM 97650W108 4,710 69,956 SH   SOLE   68,858 1,098 0
ZIONS BANCORPORATION N A COM 989701107 10,429 229,663 SH   SOLE   227,010 2,653 0