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 273 12,000 SH   SOLE   12,000 0 0
ALLEGIANCE BANCSHARES INC COM 01748H107 655 27,156 SH   SOLE   26,659 497 0
ALLY FINL INC COM 02005N100 2,171 150,446 SH   SOLE   148,718 1,728 0
AMBAC FINL GROUP INC COM NEW 023139884 25,251 2,046,305 SH   SOLE   2,045,013 1,292 0
ARES CAPITAL CORP COM 04010L103 108 10,000 SH   SOLE   10,000 0 0
ASSOCIATED BANC CORP COM 045487105 1,848 144,499 SH   SOLE   143,627 872 0
ASSURED GUARANTY LTD COM G0585R106 10,118 392,336 SH   SOLE   391,578 758 0
AT&T INC COM 00206R102 219 7,500 SH   SOLE   7,500 0 0
BANK COMM HLDGS COM 06424J103 6,416 815,234 SH   SOLE   814,135 1,099 0
BANK PRINCETON NEW JERSEY COM 064520109 9,874 424,694 SH   SOLE   424,694 0 0
BANNER CORP COM NEW 06652V208 1,731 52,382 SH   SOLE   51,644 738 0
BAYCOM CORP COM 07272M107 7,833 650,000 SH   SOLE   650,000 0 0
BERKSHIRE HILLS BANCORP INC COM 084680107 2,527 170,029 SH   SOLE   168,103 1,926 0
BLUEROCK RESIDENTIAL GRW REI COM CL A 09627J102 195 35,000 SH   SOLE   35,000 0 0
BOK FINL CORP COM NEW 05561Q201 537 12,621 SH   SOLE   12,484 137 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 9,330 956,889 SH   SOLE   955,763 1,126 0
BRIGHTHOUSE FINL INC COM 10922N103 9,979 412,880 SH   SOLE   412,880 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 7,698 570,193 SH   SOLE   570,193 0 0
CALIFORNIA BANCORP COM 13005U101 1,686 143,484 SH   SOLE   143,484 0 0
CAPITAL ONE FINL CORP COM 14040H105 1,625 32,220 SH   SOLE   31,725 495 0
CITIZENS CMNTY BANCORP INC M COM 174903104 913 141,557 SH   SOLE   141,557 0 0
CITIZENS FINANCIAL GROUP INC COM 174610105 3,081 163,780 SH   SOLE   161,655 2,125 0
CNX MIDSTREAM PARTNERS LP COM UNIT REPST 12654A101 122 15,000 SH   SOLE   15,000 0 0
COASTAL FINL CORP WA COM NEW 19046P209 10,732 1,021,165 SH   SOLE   1,021,165 0 0
COMERICA INC COM 200340107 1,451 49,454 SH   SOLE   49,026 428 0
COMMUNITY BANKERS TR CORP COM 203612106 495 102,041 SH   SOLE   102,041 0 0
CONSOL COAL RES LP COM UNIT 20855T100 114 20,000 SH   SOLE   20,000 0 0
CORTLAND BANCORP COM 220587109 943 69,874 SH   SOLE   67,262 2,612 0
CROSSFIRST BANKSHARES INC COM 22766M109 7,663 912,280 SH   SOLE   912,280 0 0
DIAMOND EAGLE ACQUISITION CO COM CL A 25258L109 62 5,000 SH   SOLE   5,000 0 0
DIAMOND EAGLE ACQUISITION CO UNIT 06/30/2026 25258L208 293 22,500 SH   SOLE   22,500 0 0
EAGLE BANCORP MONT INC COM 26942G100 5,674 350,000 SH   SOLE   350,000 0 0
ELLINGTON FINANCIAL INC COM 28852N109 86 15,000 SH   SOLE   15,000 0 0
ENABLE MIDSTREAM PARTNERS LP COM UNIT RP IN 292480100 32 12,500 SH   SOLE   12,500 0 0
ENERGY TRANSFER LP COM UT LTD PTN 29273V100 437 95,000 SH   SOLE   95,000 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 529 37,000 SH   SOLE   37,000 0 0
EOG RES INC COM 26875P101 233 6,500 SH   SOLE   6,500 0 0
F N B CORP COM 302520101 4,639 629,482 SH   SOLE   622,797 6,685 0
FIFTH THIRD BANCORP COM 316773100 3,296 221,951 SH   SOLE   219,195 2,756 0
FIRST BANCORP P R COM NEW 318672706 17,827 3,350,925 SH   SOLE   3,350,925 0 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103 811 2,435 SH   SOLE   2,384 51 0
FIRST FINL CORP IND COM 320218100 316 9,384 SH   SOLE   9,384 0 0
FIRST LONG IS CORP COM 320734106 970 55,881 SH   SOLE   54,381 1,500 0
FIRST NATL CORP COM 32106V107 443 29,560 SH   SOLE   28,557 1,003 0
FIRST SAVINGS FINL GROUP INC COM 33621E109 1,682 43,191 SH   SOLE   43,191 0 0
FS BANCORP INC COM 30263Y104 5,850 162,500 SH   SOLE   162,500 0 0
FS KKR CAPITAL CORP COM 302635107 180 60,000 SH   SOLE   60,000 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 1,560 104,864 SH   SOLE   103,770 1,094 0
INVESTAR HLDG CORP COM 46134L105 5,105 399,800 SH   SOLE   399,800 0 0
INVESTORS BANCORP INC NEW COM 46146L101 240 30,000 SH   SOLE   30,000 0 0
ISTAR INC COM 45031U101 59,863 5,642,120 SH   SOLE   5,642,120 0 0
ISTAR INC NOTE 3.125% 9/1 45031UCB5 11,601 12,000,000 PRN   SOLE   12,000,000 0 0
JERNIGAN CAP INC COM 476405105 110 10,000 SH   SOLE   10,000 0 0
KEYCORP COM 493267108 2,329 224,570 SH   SOLE   220,991 3,579 0
LIMESTONE BANCORP INC COM 53262L105 3,354 301,100 SH   SOLE   301,100 0 0
MACKINAC FINL CORP COM 554571109 5,569 532,919 SH   SOLE   531,151 1,768 0
MAINSTREET BANCSHARES INC COM 56064Y100 6,742 402,288 SH   SOLE   402,288 0 0
MALVERN BANCORP INC COM 561409103 7,847 640,587 SH   SOLE   640,587 0 0
MARLIN BUSINESS SVCS CORP COM 571157106 552 49,408 SH   SOLE   48,968 440 0
MBIA INC COM 55262C100 24,213 3,391,233 SH   SOLE   3,391,233 0 0
METROPOLITAN BK HLDG CORP COM 591774104 7,341 272,603 SH   SOLE   272,603 0 0
MGIC INVT CORP WIS COM 552848103 159 25,000 SH   SOLE   25,000 0 0
MID PENN BANCORP INC COM 59540G107 1,509 74,543 SH   SOLE   72,443 2,100 0
MIDWESTONE FINL GROUP INC NE COM 598511103 1,641 78,371 SH   SOLE   77,597 774 0
MVB FINL CORP COM 553810102 14,401 1,129,478 SH   SOLE   1,129,478 0 0
NEWMARK GROUP INC CL A 65158N102 13,127 3,088,781 SH   SOLE   3,088,781 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102 277 11,000 SH   SOLE   11,000 0 0
OASIS MIDSTREAM PARTNERS LP COM UNITS REPS 67420T206 72 14,600 SH   SOLE   14,600 0 0
OCEANFIRST FINL CORP COM 675234108 771 48,434 SH   SOLE   47,465 969 0
ON DECK CAP INC COM 682163100 5,898 3,829,820 SH   SOLE   3,829,820 0 0
ONEMAIN HLDGS INC COM 68268W103 797 41,679 SH   SOLE   40,884 795 0
OP BANCORP COM 67109R109 6,409 859,130 SH   SOLE   859,130 0 0
ORRSTOWN FINL SVCS INC COM 687380105 2,858 207,528 SH   SOLE   204,435 3,093 0
PACIFIC MERCANTILE BANCORP COM 694552100 7,551 1,603,251 SH   SOLE   1,603,251 0 0
PCB BANCORP COM 69320M109 10,399 1,063,260 SH   SOLE   1,063,260 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 2,597 144,670 SH   SOLE   143,319 1,351 0
PIONEER NAT RES CO COM 723787107 351 5,000 SH   SOLE   5,000 0 0
PREMIER FINL BANCORP INC COM 74050M105 455 36,702 SH   SOLE   35,193 1,509 0
PROFESSIONAL HLDG CORP CL A COM 743139107 8,282 519,229 SH   SOLE   519,229 0 0
RADIAN GROUP INC COM 750236101 16,628 1,284,000 SH   SOLE   1,284,000 0 0
REGIONS FINANCIAL CORP NEW COM 7591EP100 1,794 200,000 SH   SOLE   200,000 0 0
RHINEBECK BANCORP INC COM 762093102 4,218 659,018 SH   SOLE   659,018 0 0
RIVERVIEW FINL CORP NEW COM 76940Q105 2,648 409,271 SH   SOLE   409,271 0 0
SB FINL GROUP INC COM 78408D105 6,996 629,151 SH   SOLE   629,151 0 0
SEVERN BANCORP ANNAPOLIS MD COM 81811M100 6,420 1,000,000 SH   SOLE   1,000,000 0 0
SHORE BANCSHARES INC COM 825107105 3,526 325,015 SH   SOLE   321,441 3,574 0
SILVERGATE CAP CORP CL A 82837P408 8,051 843,961 SH   SOLE   843,961 0 0
SIMON PPTY GROUP INC NEW COM 828806109 439 8,000 SH   SOLE   8,000 0 0
SMARTFINANCIAL INC COM NEW 83190L208 4,183 275,000 SH   SOLE   275,000 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 3,181 112,120 SH   SOLE   110,794 1,326 0
STERLING BANCORP DEL COM 85917A100 3,308 316,511 SH   SOLE   313,266 3,245 0
STERLING BANCORP INC COM 85917W102 629 146,281 SH   SOLE   144,300 1,981 0
SYNOVUS FINL CORP COM NEW 87161C501 13,525 770,216 SH   SOLE   769,716 500 0
TAYLOR MORRISON HOME CORP COM 87724P106 275 25,000 SH   SOLE   25,000 0 0
TOLL BROTHERS INC COM 889478103 193 10,000 SH   SOLE   10,000 0 0
UMPQUA HLDGS CORP COM 904214103 4,740 434,822 SH   SOLE   430,453 4,369 0
UNITY BANCORP INC COM 913290102 3,510 300,000 SH   SOLE   300,000 0 0
USD PARTNERS LP COM UT REP LTD 903318103 158 55,000 SH   SOLE   55,000 0 0
VERITEX HLDGS INC COM 923451108 1,048 75,000 SH   SOLE   75,000 0 0
VILLAGE BK & TR FINANCIAL CO COM NEW 92705T200 248 9,799 SH   SOLE   8,739 1,060 0
WEINGARTEN RLTY INVS SH BEN INT 948741103 144 10,000 SH   SOLE   10,000 0 0
WINTRUST FINL CORP COM 97650W108 3,225 98,147 SH   SOLE   97,224 923 0
WSFS FINL CORP COM 929328102 1,684 67,562 SH   SOLE   67,004 558 0
ZIONS BANCORPORATION N A COM 989701107 803 30,012 SH   SOLE   29,239 773 0