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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALLSTATE CORP COM 020002101 BBG000BVMGF2 810,354 7,313 SH   SOLE   7,313 0 0
AMERICAN FINL GROUP INC OHIO COM 025932104 BBG000DPKKK0 756,945 6,230 SH   SOLE   6,230 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 BBG000BBDZG3 821,221 16,307 SH   SOLE   16,307 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 BBG000BG8NR3 13,951,994 440,126 SH   SOLE   440,126 0 0
ANNALY CAPITAL MANAGEMENT IN COM NEW 035710839 BBG000BJFJ98 243,576 12,746 SH   SOLE   12,746 0 0
ARCH CAP GROUP LTD ORD G0450A105 BBG000HXNN20 824,078 12,142 SH   SOLE   12,142 0 0
AVIDXCHANGE HOLDINGS INC COM 05368X102 BBG012MBDFZ9 266,900 34,218 SH   SOLE   34,218 0 0
BANNER CORP COM NEW 06652V208 BBG000MVZH28 7,051,572 129,696 SH   SOLE   129,696 0 0
BAYCOM CORP COM 07272M107 BBG00FWKRBS2 1,107,399 64,836 SH   SOLE   64,836 0 0
BERKLEY W R CORP COM 084423102 BBG000BD1HP2 677,202 10,877 SH   SOLE   10,877 0 0
CAMBRIDGE BANCORP COM 132152109 BBG000C2D195 13,816,649 213,187 SH   SOLE   213,187 0 0
CAPSTAR FINL HLDGS INC COM 14070T102 BBG00CW88W83 5,761,303 380,284 SH   SOLE   380,284 0 0
CBOE GLOBAL MKTS INC COM 12503M108 BBG000QH56C1 1,067,745 7,954 SH   SOLE   7,954 0 0
CBRE GROUP INC CL A 12504L109 BBG000C04224 673,056 9,244 SH   SOLE   9,244 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 BBG000NFKDB7 10,096,412 951,594 SH   SOLE   951,594 0 0
CNB FINL CORP PA COM 126128107 BBG000BKPZC4 11,119,066 579,118 SH   SOLE   579,118 0 0
CODORUS VY BANCORP INC COM 192025104 BBG000BRYD38 19,497,613 939,644 SH   SOLE   939,644 0 0
COLUMBIA BKG SYS INC COM 197236102 BBG000CTGXS2 20,597,172 961,586 SH   SOLE   961,586 0 0
COMMUNITY WEST BANCSHARES COM 204157101 BBG000JF5K69 1,180,802 93,344 SH   SOLE   93,344 0 0
EASTERN BANKSHARES INC COM 27627N105 BBG00W9KWXC4 15,614,398 1,237,274 SH   SOLE   1,237,274 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 BBG000DZN289 2,901,025 65,060 SH   SOLE   65,060 0 0
ENVESTNET INC COM 29404K106 BBG000Q4NZ54 635,337 10,829 SH   SOLE   10,829 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 BBG000QKJS40 25,049,338 1,027,876 SH   SOLE   1,027,876 0 0
ESSA BANCORP INC COM 29667D104 BBG000R3PVY0 16,239,546 1,033,050 SH   SOLE   1,033,050 0 0
EVANS BANCORP INC COM NEW 29911Q208 BBG000CB1FM2 18,132,921 540,233 SH   SOLE   540,233 0 0
EVEREST RE GROUP LTD COM G3223R108 BBG000C1XVK6 782,632 2,186 SH   SOLE   2,186 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 BBG006N7S6K9 561,255 16,068 SH   SOLE   16,068 0 0
FIRST BANCSHARES INC MS COM 318916103 BBG000BHWFN5 46,531,944 1,801,469 SH   SOLE   1,801,469 0 0
FIRST MERCHANTS CORP COM 320817109 BBG000BBSJ28 3,099,178 94,057 SH   SOLE   94,057 0 0
FIRST SVGS FINL GROUP INC COM 33621E109 BBG000FPK736 5,028,286 312,510 SH   SOLE   312,510 0 0
FIRST WESTN FINL INC COM 33751L105 BBG000BK7L26 7,311,407 369,263 SH   SOLE   369,263 0 0
FVCBANKCORP INC COM 36120Q101 BBG000DS5RF2 7,478,537 702,210 SH   SOLE   702,210 0 0
GALLAGHER ARTHUR J & CO COM 363576109 BBG000BBHXQ3 1,192,627 6,234 SH   SOLE   6,234 0 0
GCM GROSVENOR INC COM CL A 36831E108 BBG00Y73FFL8 1,008,482 129,127 SH   SOLE   129,127 0 0
GLOBAL PMTS INC COM 37940X102 BBG000CX0P89 1,340,231 12,735 SH   SOLE   12,735 0 0
GOOSEHEAD INS INC COM CL A 38267D109 BBG00KHHBMC5 882,389 16,904 SH   SOLE   16,904 0 0
HAWTHORN BANCSHARES INC COM 420476103 BBG000BHQP32 1,615,750 69,123 SH   SOLE   69,123 0 0
HCI GROUP INC COM 40416E103 BBG000F4DVC8 929,960 17,350 SH   SOLE   17,350 0 0
HERCULES CAPITAL INC COM 427096508 BBG000C2R8K2 969,960 75,249 SH   SOLE   75,249 0 0
HERITAGE COMM CORP COM 426927109 BBG000C48437 9,556,751 1,147,269 SH   SOLE   1,147,269 0 0
HMN FINL INC COM 40424G108 BBG000D93RD8 5,462,139 283,453 SH   SOLE   283,453 0 0
HOME BANCORP INC COM 43689E107 BBG000J31X35 25,002,488 756,963 SH   SOLE   756,963 0 0
HOMETRUST BANCSHARES INC COM 437872104 BBG002CV5W70 41,291,823 1,679,212 SH   SOLE   1,679,212 0 0
HORIZON BANCORP INC COM 440407104 BBG000BJ3LL2 4,102,397 370,922 SH   SOLE   370,922 0 0
INDEPENDENT BK CORP MICH COM NEW 453838609 BBG000BLN9N0 22,899,453 1,288,658 SH   SOLE   1,288,658 0 0
KEMPER CORP COM 488401100 BBG000H3GDJ8 824,327 15,081 SH   SOLE   15,081 0 0
LADDER CAP CORP CL A 505743104 BBG005RVGZ41 489,926 51,844 SH   SOLE   51,844 0 0
LINKBANCORP INC COM 53578P105 BBG00M69LH40 9,781,609 1,491,099 SH   SOLE   1,491,099 0 0
M/I HOMES INC COM 55305B101 BBG000BL9MZ4 748,752 11,868 SH   SOLE   11,868 0 0
MAIN STR CAP CORP COM 56035L104 BBG000BXT422 589,296 14,934 SH   SOLE   14,934 0 0
MERCHANTS BANCORP IND COM 58844R108 BBG000RMQZS5 4,864,012 186,790 SH   SOLE   186,790 0 0
MERITAGE HOMES CORP COM 59001A102 BBG000F4F1N0 486,539 4,167 SH   SOLE   4,167 0 0
MFA FINL INC COM 55272X607 BBG000BL6138 389,152 39,229 SH   SOLE   39,229 0 0
MGIC INVT CORP WIS COM 552848103 BBG000CBMH27 1,056,328 78,713 SH   SOLE   78,713 0 0
MID PENN BANCORP INC COM 59540G107 BBG000BB7F65 13,786,426 538,322 SH   SOLE   538,322 0 0
MIDLAND STATES BANCORP INC COM 597742105 BBG000G2ZK31 29,176,718 1,362,125 SH   SOLE   1,362,125 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 BBG000BQVV88 3,003,367 122,988 SH   SOLE   122,988 0 0
MR COOPER GROUP INC COM 62482R107 BBG002V098F7 1,220,660 29,794 SH   SOLE   29,794 0 0
NATIONAL BK HLDGS CORP CL A 633707104 BBG003D8Y833 5,423,331 162,084 SH   SOLE   162,084 0 0
OAKTREE SPECIALTY LENDING CO COM 67401P405 BBG000TKZRB3 668,944 35,639 SH   SOLE   35,639 0 0
OLD NATL BANCORP IND COM 680033107 BBG000KFW1C2 24,177,019 1,676,631 SH   SOLE   1,676,631 0 0
OLD POINT FINL CORP COM 680194107 BBG000BSBQ78 8,571,957 360,015 SH   SOLE   360,015 0 0
OLD SECOND BANCORP INC ILL COM 680277100 BBG000BLFSZ4 35,707,324 2,539,639 SH   SOLE   2,539,639 0 0
PARTNERS BANCORP COM 70213Q108 BBG000BPGVM1 1,142,640 145,931 SH   SOLE   145,931 0 0
PHILLIPS EDISON & CO INC COMMON STOCK 71844V201 BBG011RJSSB1 836,768 25,652 SH   SOLE   25,652 0 0
PIONEER BANCORP INC MD COM 723561106 BBG00PFB4RR0 19,855,979 2,013,791 SH   SOLE   2,013,791 0 0
POPULAR INC COM NEW 733174700 BBG000BDNB35 2,389,347 41,619 SH   SOLE   41,619 0 0
PREMIER FINANCIAL CORP COM 74052F108 BBG000BHZ4J2 8,477,471 408,947 SH   SOLE   408,947 0 0
PROGRESSIVE CORP COM 743315103 BBG000BR37X2 2,352,622 16,445 SH   SOLE   16,445 0 0
PROLOGIS INC. COM 74340W103 BBG000B9Z0J8 858,168 6,878 SH   SOLE   6,878 0 0
PULTE GROUP INC COM 745867101 BBG000BR54L0 1,151,788 19,763 SH   SOLE   19,763 0 0
QCR HOLDINGS INC COM 74727A104 BBG000BYZSM8 28,829,637 656,562 SH   SOLE   656,562 0 0
RBB BANCORP COM 74930B105 BBG002537TC9 25,502,259 1,645,307 SH   SOLE   1,645,307 0 0
REDWOOD TRUST INC COM 758075402 BBG000JNJPB0 735,664 109,149 SH   SOLE   109,149 0 0
REINSURANCE GRP OF AMERICA I COM NEW 759351604 BBG000BDLCQ0 962,908 7,253 SH   SOLE   7,253 0 0
RICHMOND MUT BANCORPORATION COM 76525P100 BBG000KWLYL5 1,386,313 133,685 SH   SOLE   133,685 0 0
RITHM CAPITAL CORP COM NEW 64828T201 BBG003T1GM03 628,704 78,588 SH   SOLE   78,588 0 0
RIVERVIEW BANCORP INC COM 769397100 BBG000BGZL88 11,606,858 2,173,569 SH   SOLE   2,173,569 0 0
S&P GLOBAL INC COM 78409V104 BBG000BP1Q11 577,490 1,675 SH   SOLE   1,675 0 0
SALISBURY BANCORP INC COM 795226109 BBG000BF55Z8 8,534,629 354,134 SH   SOLE   354,134 0 0
SB FINL GROUP INC COM 78408D105 BBG000BJQTT2 5,277,852 373,521 SH   SOLE   373,521 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 BBG000KK3464 26,810,933 1,131,263 SH   SOLE   1,131,263 0 0
SHORE BANCSHARES INC COM 825107105 BBG000BS3PL3 20,697,960 1,449,437 SH   SOLE   1,449,437 0 0
SIXTH STREET SPECIALTY LENDI COM 83012A109 BBG001DFW799 853,421 46,635 SH   SOLE   46,635 0 0
SOUND FINL BANCORP INC COM 83607A100 BBG000BD3F92 7,534,274 203,574 SH   SOLE   203,574 0 0
SOUTHERN FIRST BANCSHARES COM 842873101 BBG000C0C4Q5 14,067,538 458,226 SH   SOLE   458,226 0 0
SOUTHERN MO BANCORP INC COM 843380106 BBG000C3ZNH2 29,269,696 782,403 SH   SOLE   782,403 0 0
STELLAR BANCORP INC COM 858927106 BBG00HZ69KP9 13,462,531 547,035 SH   SOLE   547,035 0 0
STEPSTONE GROUP INC COM CL A 85914M107 BBG00WXXV032 919,372 37,881 SH   SOLE   37,881 0 0
STERLING BANCORP INC COM 85917W102 BBG00328QCC5 15,783,074 2,788,529 SH   SOLE   2,788,529 0 0
TEXAS CAP BANCSHARES INC COM 88224Q107 BBG000DN4ZT1 9,685,267 197,820 SH   SOLE   197,820 0 0
TOLL BROTHERS INC COM 889478103 BBG000BVHBM1 1,194,717 19,902 SH   SOLE   19,902 0 0
UNITED SEC BANCSHARES CALIF COM 911460103 BBG000G81WK0 3,923,904 615,032 SH   SOLE   615,032 0 0
VERISK ANALYTICS INC COM 92345Y106 BBG000BCZL41 554,475 2,890 SH   SOLE   2,890 0 0
VERITEX HLDGS INC COM 923451108 BBG000QG9SX8 9,676,102 529,907 SH   SOLE   529,907 0 0
VISA INC COM CL A 92826C839 BBG000PSKYX7 418,228 1,855 SH   SOLE   1,855 0 0
WELLTOWER INC COM 95040Q104 BBG000BKY1G5 400,890 5,592 SH   SOLE   5,592 0 0
WINTRUST FINL CORP COM 97650W108 BBG000HD3DW5 14,362,542 196,882 SH   SOLE   196,882 0 0