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
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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
Ameris Bancorp Oct 18 2019 35 call 03076K908 99 170 PRN Call SOLE   0 0 0
Ameris Bancorp common 03076K108 7,529 187,100 SH   SOLE   0 0 0
Bank of Commerce Holdings common 06424J103 3,263 299,652 SH   SOLE   0 0 0
Bank of Fincastle common 062113105 1,231 486,486 SH   SOLE   0 0 0
BankFinancial Corp common 06643P104 867 72,865 SH   SOLE   0 0 0
Cadence Bancorporation CL A, Dec 20 2019 17.50 call 12739A900 13 120 PRN Call SOLE   0 0 0
Cadence Bancorporation CL A common 12739A100 2 100 SH   SOLE   0 0 0
CalWest Bancorp common 13169Q102 1,127 2,883,000 SH   SOLE   0 0 0
Cecil Bancorp, Inc. common 149841306 1,470 367,500 SH   SOLE   0 0 0
Citizens Commerce Bancshares, Inc. common 17452P101 1,221 193,746 SH   SOLE   0 0 0
Communities First Financial Corp common 20344D104 2,012 81,062 SH   SOLE   0 0 0
Evans Bancorp Inc common 29911Q208 3,536 94,550 SH   SOLE   0 0 0
First Bancorp NC common 318910106 5,026 140,000 SH   SOLE   0 0 0
First Bancshares Inc MS common 318916103 8,656 268,000 SH   SOLE   0 0 0
First Busey Corp common 319383204 3,667 145,062 SH   SOLE   0 0 0
First Intst Bancsystem CL A common 32055Y201 4,153 103,199 SH   SOLE   0 0 0
First Midwest Bancorp DEL Nov 15 2019 17.50 call 320867904 18 80 PRN Call SOLE   0 0 0
First Midwest Bancorp DEL common 320867104 2,851 146,349 SH   SOLE   0 0 0
Franklin Financial Network common 35352P104 3,776 125,000 SH   SOLE   0 0 0
Grandsouth Bancorporation common 386627301 5,548 339,346 SH   SOLE   0 0 0
Heritage Commerce Corp common 426927109 2,410 205,000 SH   SOLE   0 0 0
Home Bancshares, Inc. common 436893200 1,333 70,916 SH   SOLE   0 0 0
Hope Bancorp Inc common 43940T109 778 54,238 SH   SOLE   0 0 0
Invesco Exchange Traded Sr Ln ETF Oct 18 2019 22 put 46138G958 8 3,100 PRN Put SOLE   0 0 0
iShares Trust IBOXX HI YD ETF Sep 20 2019 82 put 464288953 39 650 PRN Put SOLE   0 0 0
iShares Trust Barclays 7-10 YR Jan 17 2020 116 call 464287900 78 330 PRN Call SOLE   0 0 0
Lakeland Bancorp Inc common 511637100 1,345 87,162 SH   SOLE   0 0 0
MainStreet Bancshares Inc common 56064Y100 5,743 272,845 SH   SOLE   0 0 0
McHenry Bancorp, Inc. common 580683100 1,543 15,000,000 SH   SOLE   0 0 0
Metro Phoenix Bank common 59165E106 2,374 176,667 SH   SOLE   0 0 0
MFA Financial Inc common 55272X102 1,435 195,000 SH   SOLE   0 0 0
Old Natl Bancorp IND common 680033107 3,785 220,000 SH   SOLE   0 0 0
OP Bancorp common 67109R109 3,287 336,080 SH   SOLE   0 0 0
Oregon Pacific Bancorp common 686040205 2,042 353,834 SH   SOLE   0 0 0
Pacific Premier Bancorp common 69478X105 7,330 235,000 SH   SOLE   0 0 0
Pacific West Bank common 69506W202 2,241 157,457 SH   SOLE   0 0 0
Pacwest Bancorp DEL common 695263103 4,960 136,501 SH   SOLE   0 0 0
Pioneer Bancshares, Inc. common 72357G102 2,575 95,000 SH   SOLE   0 0 0
Prime Meridian Holding Company common 74164R107 1,279 63,375 SH   SOLE   0 0 0
Redwood Trust Inc common 758075402 624 38,000 SH   SOLE   0 0 0
Select Bancorp Inc common 81617L108 4,787 412,652 SH   SOLE   0 0 0
Severn Bancorp Annapolis MD common 81811M100 1,298 162,308 SH   SOLE   0 0 0
SVB Financial Group common 78486Q101 84 400 SH   SOLE   0 0 0
Synovus Financial Corp common 87161C501 5,695 159,250 SH   SOLE   0 0 0
Synovus Financial Corp Nov 15 2019 34 call 87161C901 33 122 PRN Call SOLE   0 0 0
Triumph Bancorp Inc common 89679E300 1,595 50,000 SH   SOLE   0 0 0
United Bancorporation Ala CL A common 90944R100 4,684 232,454 SH   SOLE   0 0 0
US Metro Bank common 90343B102 2,765 759,573 SH   SOLE   0 0 0
Veritex Holdings Inc common 923451108 1,342 55,300 SH   SOLE   0 0 0
Webster Financial Corp Conn common 947890109 703 15,000 SH   SOLE   0 0 0
Western Alliance Bancorp common 957638109 3,474 75,400 SH   SOLE   0 0 0
Western Alliance Bancorp Dec 20 2019 35 call 957638909 78 70 PRN Call SOLE   0 0 0