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 1,737 33,407 SH   SOLE   32,986 421 0
ALLY FINL INC COM 02005N100 5,321 171,690 SH   SOLE   167,933 3,757 0
AMBAC FINL GROUP INC COM NEW 023139884 34,775 2,063,789 SH   SOLE   2,061,353 2,436 0
AMERICAN EQTY INVT LIFE HLD COM 025676206 2,852 105,000 SH   SOLE   105,000 0 0
ARES CAP CORP COM 04010L103 179 10,000 SH   SOLE   10,000 0 0
ASSURED GUARANTY LTD COM G0585R106 13,842 328,939 SH   SOLE   327,506 1,433 0
AT&T INC COM 00206R102 838 25,000 SH   SOLE   25,000 0 0
BANC OF CALIFORNIA INC COM 05990K106 27,940 2,000,000 SH   SOLE   2,000,000 0 0
BANK AMER CORP COM 060505104 363 12,500 SH   SOLE   12,500 0 0
BANK COMM HLDGS COM 06424J103 9,476 886,424 SH   SOLE   884,354 2,070 0
BANK PRINCETON NEW JERSEY COM 064520109 13,650 455,000 SH   SOLE   455,000 0 0
BAYCOM CORP COM 07272M107 14,133 645,322 SH   SOLE   645,322 0 0
BERKSHIRE HILLS BANCORP INC COM 084680107 6,143 195,697 SH   SOLE   192,101 3,596 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 294 25,000 SH   SOLE   25,000 0 0
BRIDGE BANCORP INC COM 108035106 2,412 81,869 SH   SOLE   80,344 1,525 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 26,205 2,270,793 SH   SOLE   2,267,559 3,234 0
BROOKFIELD PROPERTY REIT INC CL A 11282X103 1,889 100,000 SH   SOLE   100,000 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 16,390 644,000 SH   SOLE   644,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 594 6,549 SH   SOLE   6,549 0 0
CHEMUNG FINL CORP COM 164024101 306 6,338 SH   SOLE   5,841 497 0
CITIZENS CMNTY BANCORP INC M COM 174903104 3,807 351,181 SH   SOLE   351,181 0 0
CITIZENS FINL GROUP INC COM 174610105 62,215 1,759,463 SH   SOLE   1,755,484 3,979 0
CNX MIDSTREAM PARTNERS LP COM UNIT REPST 12654A101 562 40,000 SH   SOLE   40,000 0 0
COASTAL FINL CORP WA COM NEW 19046P209 16,055 1,037,795 SH   SOLE   1,035,892 1,903 0
COLONY BANKCORP INC COM 19623P101 1,234 72,821 SH   SOLE   72,821 0 0
CONSOL COAL RES LP COM UNIT 20855T100 333 20,000 SH   SOLE   20,000 0 0
CORTLAND BANCORP COM 220587109 1,340 58,000 SH   SOLE   58,000 0 0
EAGLE BANCORP MONT INC COM 26942G100 7,059 425,222 SH   SOLE   425,222 0 0
ELLINGTON FINANCIAL INC COM 28852N109 180 10,000 SH   SOLE   10,000 0 0
ENERGY TRANSFER LP COM UT LTD PTN 29273V100 845 60,000 SH   SOLE   60,000 0 0
EQUINIX INC COM 29444U700 303 600 SH   SOLE   600 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 390 14,613 SH   SOLE   14,613 0 0
FIFTH THIRD BANCORP COM 316773100 5,389 193,142 SH   SOLE   190,041 3,101 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 6,664 14,801 SH   SOLE   14,522 279 0
FIRST HORIZON NATL CORP COM 320517105 40,394 2,705,565 SH   SOLE   2,705,565 0 0
FIRST SAVINGS FINL GROUP INC COM 33621E109 4,212 70,193 SH   SOLE   70,193 0 0
FIRST UTD CORP COM 33741H107 8,727 442,775 SH   SOLE   442,775 0 0
FNB CORP PA COM 302520101 16,708 1,419,558 SH   SOLE   1,410,589 8,969 0
FS BANCORP INC COM 30263Y104 10,456 201,573 SH   SOLE   201,573 0 0
FS KKR CAPITAL CORP COM 302635107 298 50,000 SH   SOLE   50,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 512 2,500 SH   SOLE   2,500 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 2,325 100,000 SH   SOLE   100,000 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 682 17,032 SH   SOLE   16,289 743 0
HERCULES CAPITAL INC COM 427096508 256 20,000 SH   SOLE   20,000 0 0
HOWARD HUGHES CORP COM 44267D107 1,238 10,000 SH   SOLE   10,000 0 0
HUNTINGTON BANCSHARES INC COM 446150104 3,046 220,385 SH   SOLE   211,837 8,548 0
INVESTAR HLDG CORP COM 46134L105 13,934 584,224 SH   SOLE   584,224 0 0
ISTAR INC NOTE 3.125% 9/1 45031UCB5 12,320 12,000,000 PRN   SOLE   12,000,000 0 0
JERNIGAN CAP INC COM 476405105 205 10,000 SH   SOLE   10,000 0 0
KEYCORP NEW COM 493267108 6,307 355,309 SH   SOLE   348,644 6,665 0
LEVEL ONE BANCORP INC COM 52730D208 551 22,035 SH   SOLE   21,090 945 0
LIMESTONE BANCORP INC COM 53262L105 4,592 301,100 SH   SOLE   301,100 0 0
MACKINAC FINL CORP COM 554571109 8,295 525,000 SH   SOLE   525,000 0 0
MAINSTREET BANCSHARES INC COM 56064Y100 9,168 402,288 SH   SOLE   402,288 0 0
MALVERN BANCORP INC COM 561409103 14,099 640,587 SH   SOLE   640,587 0 0
MERIDIAN CORPORATION COM 58958P104 5,010 296,426 SH   SOLE   296,426 0 0
METROPOLITAN BK HLDG CORP COM 591774104 18,480 420,000 SH   SOLE   420,000 0 0
MID PENN BANCORP INC COM 59540G107 426 17,079 SH   SOLE   14,424 2,655 0
MIDWESTONE FINL GROUP INC NE COM 598511103 442 15,792 SH   SOLE   14,768 1,024 0
MORGAN STANLEY COM NEW 617446448 438 10,000 SH   SOLE   10,000 0 0
MVB FINANCIAL CORP COM 553810102 19,156 1,129,478 SH   SOLE   1,129,478 0 0
NEWMARK GROUP INC CL A 65158N102 27,331 3,043,530 SH   SOLE   3,043,530 0 0
NOBLE MIDSTREAM PARTNERS LP COM UNIT REPST 65506L105 249 7,500 SH   SOLE   7,500 0 0
OASIS MIDSTREAM PARTNERS LP COM UNITS REPS 67420T206 215 10,000 SH   SOLE   10,000 0 0
ON DECK CAP INC COM 682163100 1,154 278,041 SH   SOLE   278,041 0 0
ONEMAIN HLDGS INC COM 68268W103 2,369 70,066 SH   SOLE   68,126 1,940 0
OP BANCORP COM 67109R109 9,313 859,130 SH   SOLE   859,130 0 0
ORRSTOWN FINL SVCS INC COM 687380105 5,220 237,387 SH   SOLE   231,545 5,842 0
PACIFIC CITY FINANCIAL CORP COM NEW 69406T408 26,414 1,550,123 SH   SOLE   1,550,123 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 13,227 1,603,251 SH   SOLE   1,603,251 0 0
PCSB FINL CORP COM 69324R104 2,302 113,677 SH   SOLE   113,677 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 1,263 44,914 SH   SOLE   42,400 2,514 0
PENNYMAC FINL SVCS INC COM 70932M107 1,107 49,904 SH   SOLE   47,855 2,049 0
PIONEER NAT RES CO COM 723787107 846 5,500 SH   SOLE   5,500 0 0
PREMIER FINL BANCORP INC COM 74050M105 291 19,367 SH   SOLE   17,284 2,083 0
RADIAN GROUP INC COM 750236101 3,428 150,000 SH   SOLE   150,000 0 0
RANDOLPH BANCORP INC COM 752378109 6,512 431,269 SH   SOLE   431,269 0 0
RED RIVER BANCSHARES INC COM 75686R202 616 12,712 SH   SOLE   12,712 0 0
REGIONS FINL CORP NEW COM 7591EP100 16,286 1,090,082 SH   SOLE   1,082,713 7,369 0
RHINEBECK BANCORP INC COM 762093102 7,262 659,018 SH   SOLE   659,018 0 0
RIVERVIEW FINL CORP NEW COM 76940Q105 4,297 409,271 SH   SOLE   409,271 0 0
SANDY SPRING BANCORP INC COM 800363103 4,425 126,872 SH   SOLE   124,954 1,918 0
SB FINL GROUP INC COM 78408D105 10,356 629,151 SH   SOLE   629,151 0 0
SB ONE BANCORP COM 78413T103 5,351 239,413 SH   SOLE   236,065 3,348 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 8,690 1,000,000 SH   SOLE   1,000,000 0 0
SHORE BANCSHARES INC COM 825107105 4,673 285,964 SH   SOLE   280,904 5,060 0
SIMON PPTY GROUP INC NEW COM 828806109 959 6,000 SH   SOLE   6,000 0 0
SMARTFINANCIAL INC COM NEW 83190L208 9,363 431,659 SH   SOLE   431,659 0 0
SNAP INC CL A 83304A106 143 10,000 SH Put SOLE   10,000 0 0
SOUND FINL BANCORP INC COM 83607A100 209 6,108 SH   SOLE   3,276 2,832 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 4,826 123,232 SH   SOLE   120,728 2,504 0
STERLING BANCORP DEL COM 85917A100 41,751 1,961,961 SH   SOLE   1,957,166 4,795 0
STERLING BANCORP INC COM 85917W102 3,616 362,695 SH   SOLE   352,007 10,688 0
SYNOVUS FINL CORP COM NEW 87161C501 52,540 1,501,146 SH   SOLE   1,501,146 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 314 15,000 SH   SOLE   15,000 0 0
TOLL BROTHERS INC COM 889478103 458 12,500 SH   SOLE   12,500 0 0
UMPQUA HLDGS CORP COM 904214103 16,646 1,003,392 SH   SOLE   994,985 8,407 0
UNITY BANCORP INC COM 913290102 10,047 442,600 SH   SOLE   442,600 0 0
USD PARTNERS LP COM UT REP LTD 903318103 847 75,000 SH   SOLE   75,000 0 0
WEYERHAEUSER CO COM 962166104 395 15,000 SH   SOLE   15,000 0 0
WINTRUST FINL CORP COM 97650W108 4,334 59,246 SH   SOLE   57,573 1,673 0
ZIONS BANCORPORATION N A COM 989701107 7,408 161,122 SH   SOLE   157,903 3,219 0