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
AFFINITY BANCSHARES INC COM 00832E103 2,899 188,000 SH   SOLE   188,000 0 0
ALIGHT INC COM CL A 01626W101 1,509 140,000 SH   SOLE   140,000 0 0
AMERICAN EQTY INVT LIFE HLD COM 025676206 995 26,000 SH   SOLE   26,000 0 0
AMERICAN FINL GROUP INC OHIO COM 025932104 1,575 11,000 SH   SOLE   11,000 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 15,133 402,000 SH   SOLE   402,000 0 0
ARBOR REALTY TRUST INC COM 038923108 1,481 81,000 SH   SOLE   81,000 0 0
ARES CAPITAL CORP COM 04010L103 1,065 50,000 SH   SOLE   50,000 0 0
ARGO GROUP INTL HLDGS LTD COM G0464B107 1,019 18,000 SH   SOLE   18,000 0 0
ATLANTIC UN BANKSHARES CORP COM 04911A107 11,095 298,000 SH   SOLE   298,000 0 0
AXIS CAP HLDGS LTD SHS G0692U109 903 17,000 SH   SOLE   17,000 0 0
BANC OF CALIFORNIA INC COM 05990K106 35,835 1,826,000 SH   SOLE   1,826,000 0 0
BANK7 CORP COM 06652N107 10,069 438,000 SH   SOLE   438,000 0 0
BANKFINANCIAL CORP COM 06643P104 9,262 868,000 SH   SOLE   868,000 0 0
BAYCOM CORP COM 07272M107 3,908 208,000 SH   SOLE   208,000 0 0
BERKLEY W R CORP COM 084423102 892 11,000 SH   SOLE   11,000 0 0
BROOKLINE BANCORP INC DEL COM 11373M107 36,353 2,245,000 SH   SOLE   2,245,000 0 0
CAMBRIDGE BANCORP COM 132152109 20,123 215,000 SH   SOLE   215,000 0 0
CAPSTAR FINL HLDGS INC COM 14070T102 2,114 101,000 SH   SOLE   101,000 0 0
CBTX INC COM 12481V104 37,856 1,305,000 SH   SOLE   1,305,000 0 0
CHEMUNG FINL CORP COM 164024101 16,393 353,000 SH   SOLE   353,000 0 0
CHICAGO ATLANTIC REAL ESTATE COM 167239102 917 55,000 SH   SOLE   55,000 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 13,103 952,000 SH   SOLE   952,000 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 4,332 178,000 SH   SOLE   178,000 0 0
COASTAL FINL CORP WA COM NEW 19046P209 2,531 50,000 SH   SOLE   50,000 0 0
COMMUNITY WEST BANCSHARES COM 204157101 1,252 93,000 SH   SOLE   93,000 0 0
CRYPTO 1 ACQUISITION CORP UNIT 04/30/2028 G3168A128 3,030 300,000 SH   SOLE   300,000 0 0
EASTERN BANKSHARES INC COM 27627N105 56,457 2,799,000 SH   SOLE   2,799,000 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 35,731 1,053,000 SH   SOLE   1,053,000 0 0
ESSA BANCORP INC COM 29667D104 17,368 1,002,000 SH   SOLE   1,002,000 0 0
EVANS BANCORP INC COM NEW 29911Q208 21,476 533,000 SH   SOLE   533,000 0 0
FARMERS NATIONAL BANC CORP COM 309627107 4,734 255,000 SH   SOLE   255,000 0 0
FEDERATED HERMES INC CL B 314211103 1,182 31,000 SH   SOLE   31,000 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 1,644 15,000 SH   SOLE   15,000 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 2,478 121,000 SH   SOLE   121,000 0 0
FIRST SVGS FINL GROUP INC COM 33621E109 8,939 339,000 SH   SOLE   339,000 0 0
FIRST WESTN FINL INC COM 33751L105 11,211 369,000 SH   SOLE   369,000 0 0
FLUSHING FINL CORP COM 343873105 5,553 229,000 SH   SOLE   229,000 0 0
FRANKLIN BSP RLTY TR INC COMMON STOCK 35243J101 1,172 78,000 SH   SOLE   78,000 0 0
GALLAGHER ARTHUR J & CO COM 363576109 1,221 7,000 SH   SOLE   7,000 0 0
GCM GROSVENOR INC COM CL A 36831E108 1,314 125,000 SH   SOLE   125,000 0 0
GENERATIONS BANCORP NY INC COM 37149G108 542 45,000 SH   SOLE   45,000 0 0
GREAT SOUTHN BANCORP INC COM 390905107 11,383 192,000 SH   SOLE   192,000 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 13,978 430,000 SH   SOLE   430,000 0 0
HAGERTY INC CL A COM 405166109 4,219 300,000 SH   SOLE   300,000 0 0
HAWTHORN BANCSHARES INC COM 420476103 1,724 66,000 SH   SOLE   66,000 0 0
HERITAGE COMM CORP COM 426927109 19,108 1,600,000 SH   SOLE   1,600,000 0 0
HMN FINL INC COM 40424G108 7,061 286,000 SH   SOLE   286,000 0 0
HOME BANCORP INC COM 43689E107 26,335 634,000 SH   SOLE   634,000 0 0
HOME FED BANCORP INC LA NEW COM 43708L108 4,480 223,000 SH   SOLE   223,000 0 0
HOMETRUST BANCSHARES INC COM 437872104 31,519 1,017,000 SH   SOLE   1,017,000 0 0
INDEPENDENT BK CORP MICH COM NEW 453838609 35,800 1,500,000 SH   SOLE   1,500,000 0 0
JPMORGAN CHASE & CO COM 46625H100 1,175 7,000 SH   SOLE   7,000 0 0
LAKELAND BANCORP INC COM 511637100 59,591 3,138,000 SH   SOLE   3,138,000 0 0
LENNAR CORP CL A 526057104 1,529 13,000 SH   SOLE   13,000 0 0
LIMESTONE BANCORP INC COM 53262L105 4,620 248,000 SH   SOLE   248,000 0 0
M/I HOMES INC COM 55305B101 1,238 20,000 SH   SOLE   20,000 0 0
METROPOLITAN BK HLDG CORP COM 591774104 16,181 152,000 SH   SOLE   152,000 0 0
MFA FINL INC COM 55272X102 901 198,000 SH   SOLE   198,000 0 0
MID PENN BANCORP INC COM 59540G107 18,779 592,000 SH   SOLE   592,000 0 0
MIDLAND STS BANCORP INC ILL COM 597742105 34,558 1,394,000 SH   SOLE   1,394,000 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 1,169 36,000 SH   SOLE   36,000 0 0
NATIONAL BK HLDGS CORP CL A 633707104 7,122 162,000 SH   SOLE   162,000 0 0
NEWMARK GROUP INC CL A 65158N102 1,914 102,000 SH   SOLE   102,000 0 0
OLD NATL BANCORP IND COM 680033107 10,153 560,000 SH   SOLE   560,000 0 0
OLD POINT FINL CORP COM 680194107 11,968 512,000 SH   SOLE   512,000 0 0
OLD SECOND BANCORP INC ILL COM 680277100 33,045 2,625,000 SH   SOLE   2,625,000 0 0
PACWEST BANCORP DEL COM 695263103 34,869 772,000 SH   SOLE   772,000 0 0
PAYPAL HLDGS INC COM 70450Y103 1,396 7,000 SH   SOLE   7,000 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 21,152 598,000 SH   SOLE   598,000 0 0
PENNANTPARK INVT CORP COM 708062104 1,289 186,000 SH   SOLE   186,000 0 0
PENNYMAC FINL SVCS INC NEW COM 70932M107 1,355 19,000 SH   SOLE   19,000 0 0
PHILLIPS EDISON & CO INC COMMON STOCK 71844V201 843 26,000 SH   SOLE   26,000 0 0
PIONEER BANCORP INC MD COM 723561106 22,790 2,013,000 SH   SOLE   2,013,000 0 0
PJT PARTNERS INC COM CL A 69343T107 1,053 14,000 SH   SOLE   14,000 0 0
POPULAR INC COM NEW 733174700 15,584 190,000 SH   SOLE   190,000 0 0
PREMIER FINANCIAL CORP COM 74052F108 12,641 409,000 SH   SOLE   409,000 0 0
PROFESSIONAL HLDG CORP CL A COM 743139107 5,848 305,000 SH   SOLE   305,000 0 0
PROGRESSIVE CORP COM 743315103 927 9,000 SH   SOLE   9,000 0 0
PROLOGIS INC. COM 74340W103 825 5,000 SH   SOLE   5,000 0 0
QCR HOLDINGS INC COM 74727A104 21,665 387,000 SH   SOLE   387,000 0 0
RANDOLPH BANCORP INC COM 752378109 13,162 542,000 SH   SOLE   542,000 0 0
RBB BANCORP COM 74930B105 30,917 1,180,000 SH   SOLE   1,180,000 0 0
REDWOOD TR INC COM 758075402 1,309 99,000 SH   SOLE   99,000 0 0
RENAISSANCERE HLDGS LTD COM G7496G103 800 5,000 SH   SOLE   5,000 0 0
RICHMOND MUT BANCORPORATION COM 76525P100 172 11,000 SH   SOLE   11,000 0 0
RIVERVIEW BANCORP INC COM 769397100 16,715 2,174,000 SH   SOLE   2,174,000 0 0
SALISBURY BANCORP INC COM 795226109 10,055 183,000 SH   SOLE   183,000 0 0
SHORE BANCSHARES INC COM 825107105 31,776 1,524,000 SH   SOLE   1,524,000 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 1,330 4,000 SH   SOLE   4,000 0 0
SOUND FINL BANCORP INC COM 83607A100 9,610 218,000 SH   SOLE   218,000 0 0
SOUTHERN FIRST BANCSHARES COM 842873101 37,512 600,000 SH   SOLE   600,000 0 0
SOUTHERN MO BANCORP INC COM 843380106 18,328 351,000 SH   SOLE   351,000 0 0
SPDR SER TR S&P REGL BKG 78464A698 9,083 37,000 PRN Put SOLE   37,000 0 0
STARWOOD PPTY TR INC COM 85571B105 1,199 49,000 SH   SOLE   49,000 0 0
STERLING BANCORP INC COM 85917W102 15,220 2,647,000 SH   SOLE   2,647,000 0 0
TELOS CORP MD COM 87969B101 1,395 90,000 SH   SOLE   90,000 0 0
TOLL BROTHERS INC COM 889478103 793 11,000 SH   SOLE   11,000 0 0
TRINITY CAP INC COM 896442308 1,391 79,000 SH   SOLE   79,000 0 0
UNITED SEC BANCSHARES CALIF COM 911460103 4,994 615,000 SH   SOLE   615,000 0 0
UNIVEST FINANCIAL CORPORATIO COM 915271100 16,006 535,000 SH   SOLE   535,000 0 0
VERITEX HLDGS INC COM 923451108 57,658 1,449,000 SH   SOLE   1,449,000 0 0
WEBSTER FINL CORP CONN COM 947890109 2,054 37,000 SH   SOLE   37,000 0 0
WINTRUST FINL CORP COM 97650W108 11,328 125,000 SH   SOLE   125,000 0 0