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
AGNC INVT CORP COM 00123Q104 13,493 1,046,000 SH   DFND 1 1,046,000 0 0
AMBAC FINL GROUP INC COM NEW 023139884 9,552 667,069 SH   DFND 1 667,069 0 0
AMERIS BANCORP COM 03076K108 9,141 387,500 SH   DFND 1 387,500 0 0
BERKSHIRE HILLS BANCORP INC COM 084680107 5,285 479,577 SH   DFND 1 479,577 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 2,767 180,285 SH   DFND 1 180,285 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 4,824 314,275 SH   SOLE   314,275 0 0
CALIFORNIA BANCORP COM 13005U101 2,588 173,710 SH   DFND 1 173,710 0 0
CENTURY BANCORP INC MASS CL A NON VTG 156432106 10,354 133,225 SH   DFND 1 133,225 0 0
EAGLE BANCORP MONT INC COM 26942G100 1,882 108,258 SH   DFND 1 108,258 0 0
ENCORE CAP GROUP INC COM 292554102 8,354 244,400 SH   DFND 1 244,400 0 0
FIRST AMERN FINL CORP COM 31847R102 5,362 111,659 SH   DFND 1 111,659 0 0
FIRST BANCORP P R COM NEW 318672706 11,485 2,054,592 SH   DFND 1 2,054,592 0 0
FIRST BANCSHARES INC MS COM 318916103 1,952 86,749 SH   SOLE   86,749 0 0
FIRST BANCSHARES INC MS COM 318916103 1,300 57,761 SH   DFND 1 57,761 0 0
FIRST MID BANCSHARES INC COM 320866106 3,012 114,837 SH   DFND 1 114,837 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 15,362 724,629 SH   DFND 1 724,629 0 0
HARBORONE BANCORP INC NEW COM NEW 41165Y100 2,803 328,243 SH   DFND 1 328,243 0 0
HILLTOP HOLDINGS INC COM 432748101 7,721 418,469 SH   DFND 1 418,469 0 0
HMN FINL INC COM 40424G108 704 48,204 SH   DFND 1 48,204 0 0
HOME BANCORP INC COM 43689E107 7,227 270,186 SH   DFND 1 270,186 0 0
KEARNY FINL CORP MD COM 48716P108 6,911 844,805 SH   DFND 1 844,805 0 0
LGI HOMES INC COM 50187T106 440 5,000 SH   DFND 1 5,000 0 0
LOEWS CORP COM 540424108 5,144 150,000 SH   DFND 1 150,000 0 0
MACKINAC FINL CORP COM 554571109 1,997 192,529 SH   DFND 1 192,529 0 0
MGIC INVT CORP WIS COM 552848103 11,057 1,350,000 SH   DFND 1 1,350,000 0 0
NAVIENT CORPORATION COM 63938C108 2,398 341,100 SH   DFND 1 341,100 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 5,100 500,000 SH   DFND 1 500,000 0 0
OAKTREE SPECIALTY LENDING CO COM 67401P108 1,594 356,524 SH   DFND 1 356,524 0 0
OFG BANCORP COM 67103X102 1,337 100,000 SH   DFND 1 100,000 0 0
PENNYMAC FINL SVCS INC NEW COM 70932M107 24,401 583,900 SH   DFND 1 583,900 0 0
PENNYMAC MTG INVT TR COM 70931T103 1,135 64,731 SH   DFND 1 64,731 0 0
PJT PARTNERS INC COM CL A 69343T107 10,260 199,847 SH   DFND 1 199,847 0 0
POPULAR INC COM NEW 733174700 21,490 578,166 SH   DFND 1 578,166 0 0
PRA GROUP INC COM 69354N106 9,608 248,523 SH   DFND 1 248,523 0 0
PROVIDENT FINL HLDGS INC COM 743868101 593 44,191 SH   DFND 1 44,191 0 0
PROVIDENT FINL SVCS INC COM 74386T105 7,035 486,830 SH   DFND 1 486,830 0 0
QCR HOLDINGS INC COM 74727A104 2,416 77,500 SH   SOLE   77,500 0 0
QCR HOLDINGS INC COM 74727A104 7,731 247,939 SH   DFND 1 247,939 0 0
SANTANDER CONSUMER USA HDG I COM 80283M101 3,853 209,279 SH   DFND 1 209,279 0 0
SLM CORP COM 78442P106 4,394 625,000 SH   DFND 1 625,000 0 0
SOUTHERN MO BANCORP INC COM 843380106 5,023 206,691 SH   SOLE   206,691 0 0
SOUTHERN MO BANCORP INC COM 843380106 8,739 359,638 SH   DFND 1 359,638 0 0
TCF FINANCIAL CORPORATION NE COM 872307103 2,942 100,000 SH   DFND 1 100,000 0 0
TFS FINL CORP COM 87240R107 2,778 194,160 SH   DFND 1 194,160 0 0