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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGNC INVT COM 00123Q104   593,372 5,464,956 SH   SOLE   5,464,956 0 0
ANNALY CAPITAL MGMT COM NEW 035710839   152,603 2,792,635 SH   SOLE   2,792,635 0 0
BANC OF CALIFORNIA COM 05990K106   3,024,219 46,754,426 SH   SOLE   46,754,426 0 0
BANKFINANCIAL COM 06643P104   89,955 1,141,979 SH   SOLE   1,141,979 0 0
CHEMUNG FINL COM 164024101   1,972 96,253 SH   SOLE   96,253 0 0
COMERICA COM 200340107   28,750 1,778,188 SH   SOLE   1,778,188 0 0
COMMUNITY WEST BANCSHARES COM 203937107   425,551 8,242,923 SH   SOLE   8,242,923 0 0
ENTERPRISE FINL SERVICES COM 293712105   703,829 39,695,956 SH   SOLE   39,695,956 0 0
EVANS BANCORP COM NEW 29911Q208   611,759 26,489,165 SH   SOLE   26,489,165 0 0
F N B COM 302520101   1,412,765 20,880,667 SH   SOLE   20,880,667 0 0
FIFTH THIRD BANCORP COM 316773100   44,000 1,860,320 SH   SOLE   1,860,320 0 0
FINANCIAL INSTITUTIONS COM 317585404   497,751 13,583,625 SH   SOLE   13,583,625 0 0
FINWARD BANCORP COM 31812F109   355,716 9,999,177 SH   SOLE   9,999,177 0 0
FIRST BANK COM 31931U102   478,887 6,737,940 SH   SOLE   6,737,940 0 0
FIRST MERCHANTS COM 320817109   686,333 27,377,823 SH   SOLE   27,377,823 0 0
FIRST NATIONAL COM 32106V107   3,400 78,234 SH   SOLE   78,234 0 0
FRANKLIN FINL SERVICES COM 353525108   12,883 385,202 SH   SOLE   385,202 0 0
HORIZON BANCORP COM 440407104   1,483,174 23,893,933 SH   SOLE   23,893,933 0 0
INDEPENDENT BANK COM 453838609   318,985 11,110,248 SH   SOLE   11,110,248 0 0
INVESCO MORTGAGE CAPITAL COM 46131B704   400,000 3,220,000 SH   SOLE   3,220,000 0 0
LUMENT FINANCE TR COM 55025L108   60,203 155,324 SH   SOLE   155,324 0 0
MAGYAR BANCORP COM 55977T208   254,557 3,716,532 SH   SOLE   3,716,532 0 0
MERCHANTS BANCORP COM 58844R108   188,294 6,867,082 SH   SOLE   6,867,082 0 0
OLD POINT FINL COM 680194107   720,861 18,785,638 SH   SOLE   18,785,638 0 0
ORRSTOWN FINL SERVICES COM 687380105   64,356 2,356,073 SH   SOLE   2,356,073 0 0
PRIMIS FINL COM 74167B109   475,241 5,541,310 SH   SOLE   5,541,310 0 0
PROVIDENT FINL SERVICES COM 74386T105   134,267 2,533,618 SH   SOLE   2,533,618 0 0
SB FINL GROUP COM 78408D105   28,159 588,805 SH   SOLE   588,805 0 0
VALLEY NATIONAL BANCORP COM 919794107   100,000 906,000 SH   SOLE   906,000 0 0