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 2,206 35,892 SH   SOLE   35,557 335 0
ALLEGIANCE BANCSHARES INC COM 01748H107 983 26,156 SH   SOLE   25,905 251 0
ALLY FINL INC COM 02005N100 6,739 220,530 SH   SOLE   218,408 2,122 0
AMBAC FINL GROUP INC COM NEW 023139884 44,148 2,046,721 SH   SOLE   2,045,429 1,292 0
AMERIS BANCORP COM 03076K108 15,533 365,144 SH   SOLE   365,144 0 0
ASSURED GUARANTY LTD COM G0585R106 5,096 103,966 SH   SOLE   103,208 758 0
BANK COMM HLDGS COM 06424J103 9,435 815,483 SH   SOLE   814,384 1,099 0
BANK PRINCETON NEW JERSEY COM 064520109 13,374 424,694 SH   SOLE   424,694 0 0
BAYCOM CORP COM 07272M107 14,781 650,000 SH   SOLE   650,000 0 0
BERKSHIRE HILLS BANCORP INC COM 084680107 10,902 331,565 SH   SOLE   329,342 2,223 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 301 25,000 SH   SOLE   25,000 0 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 13,782 1,000,151 SH   SOLE   998,766 1,385 0
BRIGHTHOUSE FINL INC COM 10922N103 31,580 805,000 SH   SOLE   805,000 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 14,215 570,193 SH   SOLE   570,193 0 0
CAPITAL ONE FINL CORP COM 14040H105 4,631 45,002 SH   SOLE   44,507 495 0
CITIZENS CMNTY BANCORP INC M COM 174903104 1,970 161,177 SH   SOLE   161,177 0 0
CITIZENS FINL GROUP INC COM 174610105 11,488 282,881 SH   SOLE   280,776 2,105 0
CNX MIDSTREAM PARTNERS LP COM UNIT REPST 12654A101 494 30,000 SH   SOLE   30,000 0 0
COASTAL FINL CORP WA COM NEW 19046P209 17,029 1,033,942 SH   SOLE   1,033,942 0 0
COMMUNITY BANKERS TR CORP COM 203612106 1,321 148,769 SH   SOLE   144,454 4,315 0
CONSOL COAL RES LP COM UNIT 20855T100 188 20,000 SH   SOLE   20,000 0 0
CORTLAND BANCORP COM 220587109 1,534 70,358 SH   SOLE   67,746 2,612 0
CROSSFIRST BANKSHARES INC COM 22766M109 13,155 912,280 SH   SOLE   912,280 0 0
CYRUSONE INC COM 23283R100 327 5,000 SH   SOLE   5,000 0 0
DIAMOND EAGLE ACQUISITION CO UNIT 06/30/2026 25258L208 235 20,000 SH   SOLE   20,000 0 0
E TRADE FINANCIAL CORP COM NEW 269246401 30,035 662,005 SH   SOLE   662,005 0 0
EAGLE BANCORP MONT INC COM 26942G100 7,487 350,000 SH   SOLE   350,000 0 0
ELLINGTON FINANCIAL INC COM 28852N109 443 24,195 SH   SOLE   24,195 0 0
ENERGY TRANSFER LP COM UT LTD PTN 29273V100 1,091 85,000 SH   SOLE   85,000 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 282 10,000 SH   SOLE   10,000 0 0
EOG RES INC COM 26875P101 503 6,000 SH   SOLE   6,000 0 0
FIFTH THIRD BANCORP COM 316773100 10,805 351,482 SH   SOLE   348,726 2,756 0
FIRST BANCORP P R COM NEW 318672706 17,259 1,629,737 SH   SOLE   1,629,737 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 3,332 6,260 SH   SOLE   6,225 35 0
FIRST FINL CORP IND COM 320218100 2,062 45,103 SH   SOLE   44,684 419 0
FIRST HORIZON NATL CORP COM 320517105 26,485 1,599,313 SH   SOLE   1,599,313 0 0
FIRST SAVINGS FINL GROUP INC COM 33621E109 3,509 52,291 SH   SOLE   52,291 0 0
FNB CORP PA COM 302520101 11,230 884,228 SH   SOLE   877,847 6,381 0
FS BANCORP INC COM 30263Y104 10,366 162,500 SH   SOLE   162,500 0 0
FS KKR CAPITAL CORP COM 302635107 368 60,000 SH   SOLE   60,000 0 0
GENERAL MTRS CO COM 37045V100 275 7,500 SH   SOLE   7,500 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 2,647 105,050 SH   SOLE   103,956 1,094 0
HANCOCK WHITNEY CORPORATION COM 410120109 8,300 189,147 SH   SOLE   189,147 0 0
HUNTINGTON BANCSHARES INC COM 446150104 2,238 148,409 SH   SOLE   147,173 1,236 0
IBERIABANK CORP COM 450828108 374 5,000 SH   SOLE   5,000 0 0
INVESTAR HLDG CORP COM 46134L105 9,595 399,800 SH   SOLE   399,800 0 0
ISTAR INC COM 45031U101 69,706 4,803,980 SH   SOLE   4,803,980 0 0
ISTAR INC NOTE 3.125% 9/1 45031UCB5 13,559 12,000,000 PRN   SOLE   12,000,000 0 0
JERNIGAN CAP INC COM 476405105 191 10,000 SH   SOLE   10,000 0 0
KEYCORP NEW COM 493267108 8,040 397,239 SH   SOLE   393,660 3,579 0
LIMESTONE BANCORP INC COM 53262L105 5,420 301,100 SH   SOLE   301,100 0 0
MACKINAC FINL CORP COM 554571109 9,310 533,211 SH   SOLE   531,443 1,768 0
MAINSTREET BANCSHARES INC COM 56064Y100 9,253 402,288 SH   SOLE   402,288 0 0
MALVERN BANCORP INC COM 561409103 14,791 640,587 SH   SOLE   640,587 0 0
MBIA INC COM 55262C100 25,981 2,793,671 SH   SOLE   2,793,671 0 0
MERIDIAN BK PAOLI PA COM 58958P104 429 21,232 SH   SOLE   21,232 0 0
METROCITY BANKSHARES INC COM 59165J105 263 15,000 SH   SOLE   15,000 0 0
METROPOLITAN BK HLDG CORP COM 591774104 13,152 272,703 SH   SOLE   272,703 0 0
MID PENN BANCORP INC COM 59540G107 2,302 79,942 SH   SOLE   77,842 2,100 0
MIDWESTONE FINL GROUP INC NE COM 598511103 3,207 88,505 SH   SOLE   87,731 774 0
MVB FINANCIAL CORP COM 553810102 28,147 1,129,478 SH   SOLE   1,129,478 0 0
NEWMARK GROUP INC CL A 65158N102 34,347 2,552,757 SH   SOLE   2,552,757 0 0
OASIS MIDSTREAM PARTNERS LP COM UNITS REPS 67420T206 242 14,600 SH   SOLE   14,600 0 0
ON DECK CAP INC COM 682163100 11,758 2,840,114 SH   SOLE   2,840,114 0 0
ONEMAIN HLDGS INC COM 68268W103 2,083 49,418 SH   SOLE   48,209 1,209 0
OP BANCORP COM 67109R109 8,909 859,130 SH   SOLE   859,130 0 0
ORRSTOWN FINL SVCS INC COM 687380105 5,140 227,239 SH   SOLE   224,146 3,093 0
PACIFIC MERCANTILE BANCORP COM 694552100 13,018 1,603,251 SH   SOLE   1,603,251 0 0
PCB BANCORP COM 69320M109 25,552 1,478,695 SH   SOLE   1,478,695 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 4,889 158,225 SH   SOLE   156,587 1,638 0
PINNACLE FINL PARTNERS INC COM 72346Q104 11,120 173,746 SH   SOLE   173,746 0 0
PIONEER NAT RES CO COM 723787107 757 5,000 SH   SOLE   5,000 0 0
PREMIER FINL BANCORP INC COM 74050M105 558 30,736 SH   SOLE   29,758 978 0
RADIAN GROUP INC COM 750236101 25,536 1,014,934 SH   SOLE   1,014,934 0 0
REGIONS FINL CORP NEW COM 7591EP100 43,758 2,550,000 SH   SOLE   2,550,000 0 0
RENASANT CORP COM 75970E107 6,021 169,977 SH   SOLE   169,977 0 0
RHINEBECK BANCORP INC COM 762093102 7,453 659,018 SH   SOLE   659,018 0 0
RITE AID CORP COM 767754872 155 10,000 SH Put SOLE   10,000 0 0
RIVERVIEW FINL CORP NEW COM 76940Q105 5,112 409,271 SH   SOLE   409,271 0 0
SB FINL GROUP INC COM 78408D105 12,388 629,151 SH   SOLE   629,151 0 0
SB ONE BANCORP COM 78413T103 6,758 271,176 SH   SOLE   268,112 3,064 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 9,310 1,000,000 SH   SOLE   1,000,000 0 0
SHORE BANCSHARES INC COM 825107105 5,371 309,388 SH   SOLE   306,703 2,685 0
SILVERGATE CAP CORP CL A 82837P408 14,850 933,350 SH   SOLE   933,350 0 0
SIMON PPTY GROUP INC NEW COM 828806109 1,043 7,000 SH   SOLE   7,000 0 0
SMARTFINANCIAL INC COM NEW 83190L208 6,504 275,000 SH   SOLE   275,000 0 0
SOUND FINL BANCORP INC COM 83607A100 258 7,168 SH   SOLE   5,668 1,500 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 4,914 115,660 SH   SOLE   114,334 1,326 0
STERLING BANCORP DEL COM 85917A100 8,587 407,366 SH   SOLE   404,482 2,884 0
STERLING BANCORP INC COM 85917W102 1,600 197,567 SH   SOLE   195,586 1,981 0
SYNOVUS FINL CORP COM NEW 87161C501 83,092 2,119,702 SH   SOLE   2,119,352 350 0
TAYLOR MORRISON HOME CORP COM 87724P106 328 15,000 SH   SOLE   15,000 0 0
UMPQUA HLDGS CORP COM 904214103 23,383 1,321,092 SH   SOLE   1,317,023 4,069 0
UNITY BANCORP INC COM 913290102 6,771 300,000 SH   SOLE   300,000 0 0
USD PARTNERS LP COM UT REP LTD 903318103 644 65,000 SH   SOLE   65,000 0 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 312 10,000 SH   SOLE   10,000 0 0
WINTRUST FINL CORP COM 97650W108 10,159 143,283 SH   SOLE   142,459 824 0
ZIONS BANCORPORATION N A COM 989701107 5,866 112,972 SH   SOLE   112,576 396 0