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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGNC INVT COM 00123Q104   6,369,383 643,372 SH   SOLE   643,372 0 0
AMERIS BANCORP COM 03076K108   3,797,685 78,497 SH   SOLE   78,497 0 0
ANNALY CAPITAL MANAGEMENT COM NEW 035710839   3,004,753 152,603 SH   SOLE   152,603 0 0
BANC OF CALIFORNIA COM 05990K106   49,040,371 3,224,219 SH   SOLE   3,224,219 0 0
CF BANKSHARES COM 12520L109   744,701 37,291 SH   SOLE   37,291 0 0
CITIZENS FINL GROUP COM 174610105   2,903,200 80,000 SH   SOLE   80,000 0 0
CODORUS VALLEY BANCORP COM 192025104   1,674,044 73,552 SH   SOLE   73,552 0 0
COMERICA COM 200340107   349,187 6,350 SH   SOLE   6,350 0 0
COMMUNITY WEST BANCSHARES COM 204157101   8,338,689 538,675 SH   SOLE   538,675 0 0
ENTERPRISE FINL SERVICES COM 293712105   28,547,304 703,829 SH   SOLE   703,829 0 0
EVANS BANCORP COM NEW 29911Q208   16,077,729 538,437 SH   SOLE   538,437 0 0
F N B COM 302520101   22,796,387 1,616,765 SH   SOLE   1,616,765 0 0
FIFTH THIRD BANCORP COM 316773100   1,637,240 44,000 SH   SOLE   44,000 0 0
FINANCIAL INSTITUTIONS COM 317585404   5,670,108 301,281 SH   SOLE   301,281 0 0
FINWARD BANCORP COM 31812F109   8,728,621 354,822 SH   SOLE   354,822 0 0
FIRST BANK COM 31931U102   6,579,907 478,887 SH   SOLE   478,887 0 0
FIRST MERCHANTS COM 320817109   23,953,022 686,333 SH   SOLE   686,333 0 0
HORIZON BANCORP COM 440407104   20,825,322 1,623,174 SH   SOLE   1,623,174 0 0
INDEPENDENT BANK COM 453838609   8,086,270 318,985 SH   SOLE   318,985 0 0
INVESCO MORTGAGE CAPITAL COM 46131B704   1,936,000 200,000 SH   SOLE   200,000 0 0
LAKELAND BANCORP COM 511637100   1,952,940 161,400 SH   SOLE   161,400 0 0
LUMENT FINANCE TRUST COM 55025L108   3,568,558 1,433,156 SH   SOLE   1,433,156 0 0
MAGYAR BANCORP COM 55977T208   2,830,674 254,557 SH   SOLE   254,557 0 0
MERCHANTS BANCORP COM 58844R108   7,914,635 183,294 SH   SOLE   183,294 0 0
NEW YORK COMMUNITY BANCORP COM 649445103   3,026,800 940,000 SH   SOLE   940,000 0 0
OLD POINT FINL COM 680194107   10,736,017 604,846 SH   SOLE   604,846 0 0
OLD SECOND BANCORP COM 680277100   110,720 8,000 SH   SOLE   8,000 0 0
PRIMIS FINANCIAL COM 74167B109   5,783,683 475,241 SH   SOLE   475,241 0 0
SB FINL GROUP COM 78408D105   388,031 28,159 SH   SOLE   28,159 0 0
VALLEY NATIONAL BANCORP COM 919794107   796,000 100,000 SH   SOLE   100,000 0 0
ZIONS BANCORPORATION N A COM 989701107   4,340,000 100,000 SH   SOLE   100,000 0 0