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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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 common 03076K108 7,959 187,100 SH   SOLE   187,100 0 0
Bank of Commerce Holdings common 06424J103 2,762 238,708 SH   SOLE   238,708 0 0
Bank of Fincastle common 062113105 1,572 491,336 SH   SOLE   491,336 0 0
CalWest Bancorp common 13169Q102 1,213 2,888,000 SH   SOLE   2,888,000 0 0
Cecil Bancorp, Inc. common 149841306 1,470 367,500 SH   SOLE   367,500 0 0
Citizens Commerce Bancshares, Inc. common 17452P101 1,371 195,913 SH   SOLE   195,913 0 0
Communities First Financial Corp common 20344D104 3,319 115,453 SH   SOLE   115,453 0 0
Evans Bancorp Inc common 29911Q208 2,867 71,499 SH   SOLE   71,499 0 0
First Bancorp NC common 318910106 5,188 130,000 SH   SOLE   130,000 0 0
First Bancshares Inc MS common 318916103 9,519 268,000 SH   SOLE   268,000 0 0
First Busey Corp common 319383204 3,714 135,062 SH   SOLE   135,062 0 0
First Intst Bancsystem CL A common 32055Y201 4,066 97,000 SH   SOLE   97,000 0 0
First Midwest Bancorp DEL common 320867104 3,744 162,349 SH   SOLE   162,349 0 0
Franklin Financial Network common 35352P104 4,291 125,000 SH   SOLE   125,000 0 0
Gateway Bank FSB common 36758P102 1,020 3,000,000 SH   SOLE   3,000,000 0 0
Grandsouth Bancorporation common 386627301 6,104 340,046 SH   SOLE   340,046 0 0
Heritage Commerce Corp common 426927109 2,630 205,000 SH   SOLE   205,000 0 0
Home Bancshares, Inc. common 436893200 1,394 70,916 SH   SOLE   70,916 0 0
Hope Bancorp Inc common 43940T109 806 54,238 SH   SOLE   54,238 0 0
Invesco Exchange Traded Sr Ln ETF Apr 17 2020 21 put 46138G958 16 3,225 PRN Put SOLE   3,225 0 0
Investar Holding Corp common 46134L105 2,065 86,022 SH   SOLE   86,022 0 0
iShares Trust IBOXX HI YD ETF Jan 17 2020 83 put 464288953 3 650 PRN Put SOLE   650 0 0
iShares Trust IBOXX HI YD ETF May 15 2020 83 put 464288953 22 407 PRN Put SOLE   407 0 0
iShares Trust Barclays 7-10 YR Jan 17 2020 116 call 464287900 1 280 PRN Call SOLE   280 0 0
iShares Trust Barclays 7-10 YR Mar 20 2020 111 call 464287900 30 400 PRN Call SOLE   400 0 0
Lakeland Bancorp Inc common 511637100 1,515 87,162 SH   SOLE   87,162 0 0
MainStreet Bancshares Inc common 56064Y100 6,424 279,297 SH   SOLE   279,297 0 0
McHenry Bancorp, Inc. common 580683100 1,557 15,000,000 SH   SOLE   15,000,000 0 0
Metro Phoenix Bank common 59165E106 2,588 176,667 SH   SOLE   176,667 0 0
MFA Financial Inc common 55272X102 2,333 305,000 SH   SOLE   305,000 0 0
Old Natl Bancorp IND common 680033107 2,744 150,000 SH   SOLE   150,000 0 0
OP Bancorp common 67109R109 3,485 336,080 SH   SOLE   336,080 0 0
Oregon Pacific Bancorp common 686040205 2,211 353,834 SH   SOLE   353,834 0 0
Pacific Premier Bancorp common 69478X105 5,934 182,000 SH   SOLE   182,000 0 0
Pacific West Bank common 69506W202 2,963 207,190 SH   SOLE   207,190 0 0
Pacwest Bancorp DEL common 695263103 5,224 136,501 SH   SOLE   136,501 0 0
Pioneer Bancshares, Inc. common 72357G102 2,320 80,000 SH   SOLE   80,000 0 0
Prime Meridian Holding Company common 74164R107 1,311 63,935 SH   SOLE   63,935 0 0
Redwood Trust Inc common 758075402 629 38,000 SH   SOLE   38,000 0 0
Select Bancorp Inc common 81617L108 4,463 362,871 SH   SOLE   362,871 0 0
Severn Bancorp Annapolis MD common 81811M100 1,756 188,661 SH   SOLE   188,661 0 0
SPDR Bloomberg BRCLYS HI YD Bond ETF Jun 19 2020 105 put 78468R952 17 150 PRN Put SOLE   150 0 0
Synovus Financial Corp common 87161C501 2,323 59,250 SH   SOLE   59,250 0 0
United Bancorporation Ala CL A common 90944R100 6,891 243,939 SH   SOLE   243,939 0 0
US Metro Bank common 90343B102 3,051 762,847 SH   SOLE   762,847 0 0
Veritex Holdings Inc common 923451108 1,611 55,300 SH   SOLE   55,300 0 0
Webster Financial Corp Conn common 947890109 800 15,000 SH   SOLE   15,000 0 0
Western Alliance Bancorp common 957638109 4,697 82,400 SH   SOLE   82,400 0 0