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 14,891 376,034 SH   DFND 1 376,034 0 0
AERCAP HOLDINGS NV SHS N00985106 5,405 136,500 SH   SOLE   136,500 0 0
AMERIS BANCORP COM 03076K108 25,336 800,000 SH   DFND 1 800,000 0 0
ARES CAP CORP COM 04010L103 6,232 400,000 SH   DFND 1 400,000 0 0
ATHENE HLDG LTD CL A G0684D107 29,625 743,795 SH   DFND 1 743,795 0 0
BERKSHIRE HILLS BANCORP INC COM 084680107 12,225 453,263 SH   DFND 1 453,263 0 0
BERKSHIRE HILLS BANCORP INC COM 084680107 1,334 49,448 SH   SOLE   49,448 0 0
BGC PARTNERS INC CL A 05541T101 5,758 1,113,757 SH   DFND 1 1,113,757 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 4,206 173,589 SH   DFND 1 173,589 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 9,808 404,806 SH   SOLE   404,806 0 0
CAROLINA FINL CORP NEW COM 143873107 8,885 300,271 SH   DFND 1 300,271 0 0
CENTERSTATE BK CORP COM 15201P109 9,401 446,800 SH   DFND 1 446,800 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 9,169 135,382 SH   DFND 1 135,382 0 0
CHERRY HILL MTG INVT CORP COM 164651101 6,486 369,785 SH   DFND 1 369,785 0 0
CIT GROUP INC COM NEW 125581801 25,354 662,500 SH   DFND 1 662,500 0 0
CIT GROUP INC COM NEW 125581801 8,963 234,211 SH   SOLE   234,211 0 0
CITIZENS FINL GROUP INC COM 174610105 19,325 650,000 SH   DFND 1 650,000 0 0
COMERICA INC COM 200340107 25,457 370,600 SH   DFND 1 370,600 0 0
COREPOINT LODGING INC COM 21872L104 6,125 500,000 SH   DFND 1 500,000 0 0
EAGLE BANCORP MONT INC COM 26942G100 3,641 220,646 SH   DFND 1 220,646 0 0
FB FINL CORP COM 30257X104 10,947 312,590 SH   DFND 1 312,590 0 0
FIRST BANCORP P R COM NEW 318672706 4,300 500,000 SH   DFND 1 500,000 0 0
FIRST BANCSHARES INC MS COM 318916103 8,390 277,352 SH   SOLE   277,352 0 0
FIRST FINL BANCORP OH COM 320209109 11,069 466,642 SH   DFND 1 466,642 0 0
FIRST MID ILL BANCSHARES INC COM 320866106 2,688 84,211 SH   DFND 1 84,211 0 0
GREAT WESTN BANCORP INC COM 391416104 8,281 264,986 SH   DFND 1 264,986 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 17,519 505,600 SH   DFND 1 505,600 0 0
HOME BANCORP INC COM 43689E107 10,804 305,186 SH   DFND 1 305,186 0 0
HORIZON BANCORP INC COM 440407104 4,107 260,295 SH   DFND 1 260,295 0 0
HORIZON BANCORP INC COM 440407104 3,653 231,474 SH   SOLE   231,474 0 0
IBERIABANK CORP COM 450828108 4,821 75,000 SH   DFND 1 75,000 0 0
KEYCORP NEW COM 493267108 327 22,100 SH   DFND 1 22,100 0 0
LADDER CAP CORP CL A 505743104 4,631 299,382 SH   DFND 1 299,382 0 0
LOEWS CORP COM 540424108 4,552 100,000 SH   DFND 1 100,000 0 0
MACKINAC FINL CORP COM 554571109 3,145 230,400 SH   DFND 1 230,400 0 0
MEDLEY MGMT INC CL A COM 58503T106 2,894 749,869 SH   DFND 1 749,869 0 0
MERCHANTS BANCORP IND COM 58844R108 1,751 87,745 SH   DFND 1 87,745 0 0
MGIC INVT CORP WIS COM 552848103 4,446 425,000 SH   DFND 1 425,000 0 0
MIDLAND STS BANCORP INC ILL COM 597742105 9,910 443,616 SH   DFND 1 443,616 0 0
MIDLAND STS BANCORP INC ILL COM 597742105 3,045 136,307 SH   SOLE   136,307 0 0
MIDSOUTH BANCORP INC COM 598039105 8,290 782,090 SH   DFND 1 782,090 0 0
MIDSOUTH BANCORP INC COM 598039105 4,074 384,367 SH   SOLE   384,367 0 0
NATIONAL COMM CORP COM 63546L102 4,500 125,000 SH   DFND 1 125,000 0 0
NEWMARK GROUP INC CL A 65158N102 3,719 463,680 SH   DFND 1 463,680 0 0
OAKTREE SPECIALTY LENDING CO COM 67401P108 4,336 1,025,000 SH   DFND 1 1,025,000 0 0
POPULAR INC COM NEW 733174700 16,522 349,900 SH   DFND 1 349,900 0 0
QCR HOLDINGS INC COM 74727A104 7,366 229,549 SH   DFND 1 229,549 0 0
QCR HOLDINGS INC COM 74727A104 3,952 123,140 SH   SOLE   123,140 0 0
SANTANDER CONSUMER USA HDG I COM 80283M101 11,873 675,000 SH   DFND 1 675,000 0 0
SB FINL GROUP INC COM 78408D105 2,742 166,667 SH   DFND 1 166,667 0 0
SERVISFIRST BANCSHARES INC COM 81768T108 6,654 208,794 SH   DFND 1 208,794 0 0
SI FINL GROUP INC MD COM 78425V104 2,362 185,559 SH   DFND 1 185,559 0 0
SOUTHERN MO BANCORP INC COM 843380106 10,077 297,248 SH   DFND 1 297,248 0 0
SOUTHERN MO BANCORP INC COM 843380106 8,032 236,920 SH   SOLE   236,920 0 0
STEWARDSHIP FINL CORP COM 860326107 3,697 406,214 SH   SOLE   406,214 0 0
SYNOVUS FINL CORP COM NEW 87161C501 8,909 278,500 SH   DFND 1 278,500 0 0
TCF FINL CORP COM 872275102 10,720 550,000 SH   DFND 1 550,000 0 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 2,810 55,000 SH   DFND 1 55,000 0 0
TRIUMPH BANCORP INC COM 89679E300 8,622 290,307 SH   DFND 1 290,307 0 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 13,798 642,948 SH   DFND 1 642,948 0 0
VERITEX HLDGS INC COM 923451108 9,888 462,500 SH   DFND 1 462,500 0 0