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
ALIGHT INC COM CL A 01626W101 789 79,343 SH   SOLE   79,343 0 0
AMERICAN FINL GROUP INC OHIO COM 025932104 2,838 19,488 SH   SOLE   19,488 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 15,133 401,618 SH   SOLE   401,618 0 0
ARBOR REALTY TRUST INC COM 038923108 971 56,896 SH   SOLE   56,896 0 0
ATLANTIC UN BANKSHARES CORP COM 04911A107 8,456 230,482 SH   SOLE   230,482 0 0
AVIDXCHANGE HOLDINGS INC COM 05368X102 399 49,623 SH   SOLE   49,623 0 0
BANC OF CALIFORNIA INC COM 05990K106 37,404 1,932,029 SH   SOLE   1,932,029 0 0
BANK7 CORP COM 06652N107 10,332 437,795 SH   SOLE   437,795 0 0
BAYCOM CORP COM 07272M107 11,572 531,569 SH   SOLE   531,569 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 1,608 50,589 SH   SOLE   50,589 0 0
CAMBRIDGE BANCORP COM 132152109 18,276 215,011 SH   SOLE   215,011 0 0
CAPSTAR FINL HLDGS INC COM 14070T102 14,609 693,036 SH   SOLE   693,036 0 0
CARLYLE GROUP INC COM 14316J108 1,691 34,575 SH   SOLE   34,575 0 0
CBTX INC COM 12481V104 45,065 1,453,716 SH   SOLE   1,453,716 0 0
CHEMUNG FINL CORP COM 164024101 15,102 323,443 SH   SOLE   323,443 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 14,379 951,594 SH   SOLE   951,594 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 4,278 177,523 SH   SOLE   177,523 0 0
COASTAL FINL CORP WA COM NEW 19046P209 2,037 44,530 SH   SOLE   44,530 0 0
COLONY BANKCORP INC COM 19623P101 7,525 403,031 SH   SOLE   403,031 0 0
COMMUNITY WEST BANCSHARES COM 204157101 1,308 93,344 SH   SOLE   93,344 0 0
COWEN INC CL A NEW 223622606 1,116 41,167 SH   SOLE   41,167 0 0
CUSHMAN WAKEFIELD PLC SHS G2717B108 1,187 57,866 SH   SOLE   57,866 0 0
EASTERN BANKSHARES INC COM 27627N105 59,428 2,758,973 SH   SOLE   2,758,973 0 0
ENFUSION INC CL A 292812104 280 21,990 SH   SOLE   21,990 0 0
ENVESTNET INC COM 29404K106 609 8,185 SH   SOLE   8,185 0 0
EQUITABLE HLDGS INC COM 29452E101 789 25,533 SH   SOLE   25,533 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 32,328 1,000,553 SH   SOLE   1,000,553 0 0
ESSA BANCORP INC COM 29667D104 15,776 878,905 SH   SOLE   878,905 0 0
EVANS BANCORP INC COM NEW 29911Q208 20,250 532,898 SH   SOLE   532,898 0 0
FARMERS NATIONAL BANC CORP COM 309627107 4,354 255,227 SH   SOLE   255,227 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 1,782 17,750 SH   SOLE   17,750 0 0
FIRST SVGS FINL GROUP INC COM 33621E109 8,309 338,595 SH   SOLE   338,595 0 0
FIRST WESTN FINL INC COM 33751L105 11,543 369,263 SH   SOLE   369,263 0 0
FRANKLIN BSP RLTY TR INC COMMON STOCK 35243J101 656 46,903 SH   SOLE   46,903 0 0
FS KKR CAP CORP COM 302635206 1,031 45,172 SH   SOLE   45,172 0 0
GALLAGHER ARTHUR J & CO COM 363576109 993 5,689 SH   SOLE   5,689 0 0
GCM GROSVENOR INC COM CL A 36831E108 1,215 125,096 SH   SOLE   125,096 0 0
GUARANTY FED BANCSHARES INC COM 40108P101 13,514 429,959 SH   SOLE   429,959 0 0
HAGERTY INC CL A COM 405166109 1,708 158,288 SH   SOLE   158,288 0 0
HAWTHORN BANCSHARES INC COM 420476103 1,680 66,465 SH   SOLE   66,465 0 0
HERITAGE COMM CORP COM 426927109 25,128 2,233,573 SH   SOLE   2,233,573 0 0
HMN FINL INC COM 40424G108 7,100 286,214 SH   SOLE   286,214 0 0
HOME BANCORP INC COM 43689E107 25,878 634,422 SH   SOLE   634,422 0 0
HOME FED BANCORP INC LA NEW COM 43708L108 4,634 223,306 SH   SOLE   223,306 0 0
HOMETRUST BANCSHARES INC COM 437872104 30,043 1,017,383 SH   SOLE   1,017,383 0 0
HUDSON PAC PPTYS INC COM 444097109 1,115 40,171 SH   SOLE   40,171 0 0
INDEPENDENT BK CORP MICH COM NEW 453838609 32,970 1,498,638 SH   SOLE   1,498,638 0 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107 1,453 22,050 SH   SOLE   22,050 0 0
KB HOME COM 48666K109 861 26,593 SH   SOLE   26,593 0 0
LAKELAND BANCORP INC COM 511637100 52,405 3,138,008 SH   SOLE   3,138,008 0 0
LIMESTONE BANCORP INC COM 53262L105 8,201 392,408 SH   SOLE   392,408 0 0
MARKEL CORP COM 570535104 870 590 SH   SOLE   590 0 0
METROPOLITAN BK HLDG CORP COM 591774104 15,458 151,895 SH   SOLE   151,895 0 0
MID PENN BANCORP INC COM 59540G107 15,166 565,700 SH   SOLE   565,700 0 0
MIDLAND STS BANCORP INC ILL COM 597742105 41,281 1,430,382 SH   SOLE   1,430,382 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 2,317 70,012 SH   SOLE   70,012 0 0
NATIONAL BK HLDGS CORP CL A 633707104 6,529 162,084 SH   SOLE   162,084 0 0
NMI HLDGS INC CL A 629209305 663 32,174 SH   SOLE   32,174 0 0
OLD NATL BANCORP IND COM 680033107 27,267 1,664,681 SH   SOLE   1,664,681 0 0
OLD POINT FINL CORP COM 680194107 12,547 512,121 SH   SOLE   512,121 0 0
OLD SECOND BANCORP INC ILL COM 680277100 38,085 2,624,717 SH   SOLE   2,624,717 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 20,764 597,524 SH   SOLE   597,524 0 0
PENNANTPARK INVT CORP COM 708062104 987 126,889 SH   SOLE   126,889 0 0
PENNYMAC FINL SVCS INC NEW COM 70932M107 992 18,642 SH   SOLE   18,642 0 0
PHILLIPS EDISON & CO INC COMMON STOCK 71844V201 1,375 39,996 SH   SOLE   39,996 0 0
PIONEER BANCORP INC MD COM 723561106 20,216 1,921,708 SH   SOLE   1,921,708 0 0
PJT PARTNERS INC COM CL A 69343T107 1,191 18,863 SH   SOLE   18,863 0 0
POPULAR INC COM NEW 733174700 13,809 168,942 SH   SOLE   168,942 0 0
PREMIER FINANCIAL CORP COM 74052F108 12,403 408,947 SH   SOLE   408,947 0 0
PROFESSIONAL HLDG CORP CL A COM 743139107 6,886 305,232 SH   SOLE   305,232 0 0
PROGRESSIVE CORP COM 743315103 2,164 18,982 SH   SOLE   18,982 0 0
PROLOGIS INC. COM 74340W103 1,470 9,103 SH   SOLE   9,103 0 0
QCR HOLDINGS INC COM 74727A104 21,893 386,872 SH   SOLE   386,872 0 0
RADIAN GROUP INC COM 750236101 831 37,425 SH   SOLE   37,425 0 0
RANDOLPH BANCORP INC COM 752378109 9,295 351,934 SH   SOLE   351,934 0 0
RBB BANCORP COM 74930B105 26,875 1,144,116 SH   SOLE   1,144,116 0 0
RED RIVER BANCSHARES INC COM 75686R202 1,436 27,143 SH   SOLE   27,143 0 0
RICHMOND MUT BANCORPORATION COM 76525P100 2,411 141,320 SH   SOLE   141,320 0 0
RIVERVIEW BANCORP INC COM 769397100 16,410 2,173,569 SH   SOLE   2,173,569 0 0
SALISBURY BANCORP INC COM 795226109 10,904 192,204 SH   SOLE   192,204 0 0
SB FINL GROUP INC COM 78408D105 3,265 164,002 SH   SOLE   164,002 0 0
SHORE BANCSHARES INC COM 825107105 40,226 1,964,159 SH   SOLE   1,964,159 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 11,755 40,054 SH   SOLE   40,054 0 0
SOUND FINL BANCORP INC COM 83607A100 8,321 218,402 SH   SOLE   218,402 0 0
SOUTHERN FIRST BANCSHARES COM 842873101 30,388 597,723 SH   SOLE   597,723 0 0
SOUTHERN MO BANCORP INC COM 843380106 17,548 351,304 SH   SOLE   351,304 0 0
SPDR SER TR S&P REGL BKG 78464A698 10,199 32,286 SH Put SOLE   32,286 0 0
STARWOOD PPTY TR INC COM 85571B105 1,012 41,883 SH   SOLE   41,883 0 0
STERLING BANCORP INC COM 85917W102 15,855 2,233,102 SH   SOLE   2,233,102 0 0
SVB FINANCIAL GROUP COM 78486Q101 5,047 9,022 SH   SOLE   9,022 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 771 28,331 SH   SOLE   28,331 0 0
TRINITY CAP INC COM 896442308 697 36,071 SH   SOLE   36,071 0 0
UNITED FIRE GROUP INC COM 910340108 423 13,610 SH   SOLE   13,610 0 0
UNITED SEC BANCSHARES CALIF COM 911460103 5,105 615,032 SH   SOLE   615,032 0 0
UNIVEST FINANCIAL CORPORATIO COM 915271100 16,207 605,648 SH   SOLE   605,648 0 0
VERITEX HLDGS INC COM 923451108 75,532 1,978,827 SH   SOLE   1,978,827 0 0
WALKER & DUNLOP INC COM 93148P102 1,437 11,102 SH   SOLE   11,102 0 0
WINTRUST FINL CORP COM 97650W108 16,784 180,614 SH   SOLE   180,614 0 0