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 1,950 35,623 SH   SOLE   35,092 531 0
ALLEGIANCE BANCSHARES INC COM 01748H107 2,434 75,848 SH   SOLE   73,458 2,390 0
ALLY FINL INC COM 02005N100 5,478 165,206 SH   SOLE   162,048 3,158 0
AMBAC FINL GROUP INC COM NEW 023139884 40,521 2,072,681 SH   SOLE   2,070,646 2,035 0
ASSURED GUARANTY LTD COM G0585R106 5,919 133,142 SH   SOLE   131,937 1,205 0
AT&T INC COM 00206R102 378 10,000 SH   SOLE   10,000 0 0
BANC OF CALIFORNIA INC COM 05990K106 23,806 1,683,597 SH   SOLE   1,683,597 0 0
BANK AMER CORP COM 060505104 292 10,000 SH   SOLE   10,000 0 0
BANK COMM HLDGS COM 06424J103 9,651 886,261 SH   SOLE   884,525 1,736 0
BANK PRINCETON NEW JERSEY COM 064520109 13,132 451,888 SH   SOLE   451,888 0 0
BAYCOM CORP COM 07272M107 14,655 645,322 SH   SOLE   645,322 0 0
BERKSHIRE HILLS BANCORP INC COM 084680107 7,064 241,160 SH   SOLE   237,632 3,528 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 235 20,000 SH   SOLE   20,000 0 0
BRIDGE BANCORP INC COM 108035106 2,569 86,904 SH   SOLE   85,622 1,282 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 14,332 1,200,329 SH   SOLE   1,197,603 2,726 0
BRIGHTHOUSE FINL INC COM 10922N103 13,676 337,925 SH   SOLE   337,925 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 14,067 576,506 SH   SOLE   576,506 0 0
CAPITAL ONE FINL CORP COM 14040H105 1,529 16,805 SH   SOLE   16,507 298 0
CITIZENS CMNTY BANCORP INC M COM 174903104 3,888 351,181 SH   SOLE   351,181 0 0
CITIZENS FINL GROUP INC COM 174610105 45,701 1,292,075 SH   SOLE   1,288,737 3,338 0
CNX MIDSTREAM PARTNERS LP COM UNIT REPST 12654A101 564 40,000 SH   SOLE   40,000 0 0
COASTAL FINL CORP WA COM NEW 19046P209 15,674 1,037,308 SH   SOLE   1,035,732 1,576 0
CONSOL COAL RES LP COM UNIT 20855T100 338 25,000 SH   SOLE   25,000 0 0
CORTLAND BANCORP COM 220587109 1,270 58,000 SH   SOLE   58,000 0 0
CROSSFIRST BANKSHARES INC COM 22766M109 13,050 912,280 SH   SOLE   912,280 0 0
EAGLE BANCORP MONT INC COM 26942G100 7,441 425,222 SH   SOLE   425,222 0 0
ELLINGTON FINANCIAL INC COM 28852N109 361 20,000 SH   SOLE   20,000 0 0
ENCORE CAP GROUP INC COM 292554102 4,138 124,178 SH   SOLE   124,178 0 0
ENERGY TRANSFER LP COM UT LTD PTN 29273V100 1,046 80,000 SH   SOLE   80,000 0 0
EOG RES INC COM 26875P101 334 4,500 SH   SOLE   4,500 0 0
FIFTH THIRD BANCORP COM 316773100 9,080 331,615 SH   SOLE   326,651 4,964 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 6,322 13,407 SH   SOLE   13,173 234 0
FIRST HORIZON NATL CORP COM 320517105 12,477 770,190 SH   SOLE   770,190 0 0
FIRST SAVINGS FINL GROUP INC COM 33621E109 4,438 70,193 SH   SOLE   70,193 0 0
FIRST UTD CORP COM 33741H107 5,215 237,043 SH   SOLE   237,043 0 0
FNB CORP PA COM 302520101 7,418 643,394 SH   SOLE   634,588 8,806 0
FS BANCORP INC COM 30263Y104 10,583 201,573 SH   SOLE   201,573 0 0
FS KKR CAPITAL CORP COM 302635107 292 50,000 SH   SOLE   50,000 0 0
GENERAL MTRS CO COM 37045V100 281 7,500 SH   SOLE   7,500 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 2,430 100,000 SH   SOLE   100,000 0 0
HUNTINGTON BANCSHARES INC COM 446150104 1,882 131,889 SH   SOLE   129,015 2,874 0
INVESTAR HLDG CORP COM 46134L105 9,520 400,000 SH   SOLE   400,000 0 0
ISTAR INC NOTE 3.125% 9/1 45031UCB5 12,710 12,000,000 PRN   SOLE   12,000,000 0 0
JERNIGAN CAP INC COM 476405105 289 15,000 SH   SOLE   15,000 0 0
KEYCORP NEW COM 493267108 7,574 424,560 SH   SOLE   418,386 6,174 0
LIMESTONE BANCORP INC COM 53262L105 4,646 301,100 SH   SOLE   301,100 0 0
MACKINAC FINL CORP COM 554571109 8,117 525,000 SH   SOLE   525,000 0 0
MAINSTREET BANCSHARES INC COM 56064Y100 8,468 402,288 SH   SOLE   402,288 0 0
MALVERN BANCORP INC COM 561409103 13,984 640,587 SH   SOLE   640,587 0 0
MBIA INC COM 55262C100 15,660 1,696,682 SH   SOLE   1,696,682 0 0
MERIDIAN CORPORATION COM 58958P104 4,310 242,828 SH   SOLE   242,828 0 0
METROPOLITAN BK HLDG CORP COM 591774104 14,945 380,000 SH   SOLE   380,000 0 0
MID PENN BANCORP INC COM 59540G107 2,005 78,214 SH   SOLE   74,881 3,333 0
MIDWESTONE FINL GROUP INC NE COM 598511103 604 19,782 SH   SOLE   18,920 862 0
MORGAN STANLEY COM NEW 617446448 427 10,000 SH   SOLE   10,000 0 0
MVB FINANCIAL CORP COM 553810102 22,420 1,129,478 SH   SOLE   1,129,478 0 0
NEWMARK GROUP INC CL A 65158N102 27,330 3,016,560 SH   SOLE   3,016,560 0 0
OASIS MIDSTREAM PARTNERS LP COM UNITS REPS 67420T206 240 15,000 SH   SOLE   15,000 0 0
ON DECK CAP INC COM 682163100 5,858 1,743,403 SH   SOLE   1,743,403 0 0
ONEMAIN HLDGS INC COM 68268W103 1,608 43,837 SH   SOLE   42,238 1,599 0
OP BANCORP COM 67109R109 8,402 859,130 SH   SOLE   859,130 0 0
OPUS BK IRVINE CALIF COM 684000102 1,983 91,075 SH   SOLE   89,826 1,249 0
ORRSTOWN FINL SVCS INC COM 687380105 4,885 223,056 SH   SOLE   218,145 4,911 0
PACIFIC MERCANTILE BANCORP COM 694552100 12,040 1,603,251 SH   SOLE   1,603,251 0 0
PCB BANCORP COM 69320M109 24,936 1,515,859 SH   SOLE   1,515,859 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 1,726 61,565 SH   SOLE   59,445 2,120 0
PIONEER NAT RES CO COM 723787107 755 6,000 SH   SOLE   6,000 0 0
PREMIER FINL BANCORP INC COM 74050M105 1,218 70,949 SH   SOLE   69,397 1,552 0
RADIAN GROUP INC COM 750236101 16,216 710,000 SH   SOLE   710,000 0 0
RANDOLPH BANCORP INC COM 752378109 5,539 381,470 SH   SOLE   381,470 0 0
RED RIVER BANCSHARES INC COM 75686R202 718 16,550 SH   SOLE   16,550 0 0
RHINEBECK BANCORP INC COM 762093102 7,051 659,018 SH   SOLE   659,018 0 0
RIVERVIEW FINL CORP NEW COM 76940Q105 4,780 409,271 SH   SOLE   409,271 0 0
SB FINL GROUP INC COM 78408D105 10,516 629,151 SH   SOLE   629,151 0 0
SB ONE BANCORP COM 78413T103 5,673 251,452 SH   SOLE   248,084 3,368 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 8,000 1,000,000 SH   SOLE   1,000,000 0 0
SHORE BANCSHARES INC COM 825107105 4,734 307,187 SH   SOLE   302,919 4,268 0
SIMON PPTY GROUP INC NEW COM 828806109 1,090 7,000 SH   SOLE   7,000 0 0
SMARTFINANCIAL INC COM NEW 83190L208 8,494 407,774 SH   SOLE   407,774 0 0
SOUND FINL BANCORP INC COM 83607A100 213 5,892 SH   SOLE   3,511 2,381 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 4,565 114,545 SH   SOLE   112,444 2,101 0
STERLING BANCORP DEL COM 85917A100 46,791 2,332,538 SH   SOLE   2,328,506 4,032 0
STERLING BANCORP INC COM 85917W102 3,114 319,066 SH   SOLE   315,023 4,043 0
STEWART INFORMATION SVCS COR COM 860372101 388 10,000 SH Call SOLE   10,000 0 0
SYNOVUS FINL CORP COM NEW 87161C501 33,225 929,102 SH   SOLE   928,547 555 0
TOLL BROTHERS INC COM 889478103 821 20,000 SH   SOLE   20,000 0 0
UMPQUA HLDGS CORP COM 904214103 7,346 446,284 SH   SOLE   439,815 6,469 0
UNITY BANCORP INC COM 913290102 8,761 395,535 SH   SOLE   395,535 0 0
USD PARTNERS LP COM UT REP LTD 903318103 784 75,000 SH   SOLE   75,000 0 0
WEYERHAEUSER CO COM 962166104 346 12,500 SH   SOLE   12,500 0 0
WILLIAM LYON HOMES CL A NEW 552074700 3,078 151,171 SH   SOLE   151,171 0 0
WINTRUST FINL CORP COM 97650W108 5,507 85,201 SH   SOLE   83,795 1,406 0
ZIONS BANCORPORATION N A COM 989701107 3,855 86,599 SH   SOLE   85,970 629 0