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   5,464,956 593,372 SH   SOLE   593,372 0 0
ANNALY CAPITAL MGMT COM NEW 035710839   2,792,635 152,603 SH   SOLE   152,603 0 0
BANC OF CALIFORNIA COM 05990K106   46,754,426 3,024,219 SH   SOLE   3,024,219 0 0
BANKFINANCIAL COM 06643P104   1,141,979 89,955 SH   SOLE   89,955 0 0
CHEMUNG FINL COM 164024101   96,253 1,972 SH   SOLE   1,972 0 0
COMERICA COM 200340107   1,778,188 28,750 SH   SOLE   28,750 0 0
COMMUNITY WEST BANCSHARES COM 203937107   8,242,923 425,551 SH   SOLE   425,551 0 0
ENTERPRISE FINL SERVICES COM 293712105   39,695,956 703,829 SH   SOLE   703,829 0 0
EVANS BANCORP COM NEW 29911Q208   26,489,165 611,759 SH   SOLE   611,759 0 0
F N B COM 302520101   20,880,667 1,412,765 SH   SOLE   1,412,765 0 0
FIFTH THIRD BANCORP COM 316773100   1,860,320 44,000 SH   SOLE   44,000 0 0
FINANCIAL INSTITUTIONS COM 317585404   13,583,625 497,751 SH   SOLE   497,751 0 0
FINWARD BANCORP COM 31812F109   9,999,177 355,716 SH   SOLE   355,716 0 0
FIRST BANK COM 31931U102   6,737,940 478,887 SH   SOLE   478,887 0 0
FIRST MERCHANTS COM 320817109   27,377,823 686,333 SH   SOLE   686,333 0 0
FIRST NATIONAL COM 32106V107   78,234 3,400 SH   SOLE   3,400 0 0
FRANKLIN FINL SERVICES COM 353525108   385,202 12,883 SH   SOLE   12,883 0 0
HORIZON BANCORP COM 440407104   23,893,933 1,483,174 SH   SOLE   1,483,174 0 0
INDEPENDENT BANK COM 453838609   11,110,248 318,985 SH   SOLE   318,985 0 0
INVESCO MORTGAGE CAPITAL COM 46131B704   3,220,000 400,000 SH   SOLE   400,000 0 0
LUMENT FINANCE TR COM 55025L108   155,324 60,203 SH   SOLE   60,203 0 0
MAGYAR BANCORP COM 55977T208   3,716,532 254,557 SH   SOLE   254,557 0 0
MERCHANTS BANCORP COM 58844R108   6,867,082 188,294 SH   SOLE   188,294 0 0
OLD POINT FINL COM 680194107   18,785,638 720,861 SH   SOLE   720,861 0 0
ORRSTOWN FINL SERVICES COM 687380105   2,356,073 64,356 SH   SOLE   64,356 0 0
PRIMIS FINL COM 74167B109   5,541,310 475,241 SH   SOLE   475,241 0 0
PROVIDENT FINL SERVICES COM 74386T105   2,533,618 134,267 SH   SOLE   134,267 0 0
SB FINL GROUP COM 78408D105   588,805 28,159 SH   SOLE   28,159 0 0
VALLEY NATIONAL BANCORP COM 919794107   906,000 100,000 SH   SOLE   100,000 0 0