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 1,531 227,000 SH   SOLE   227,000 0 0
ALKAMI TECHNOLOGY INC COM 01644J108 342 25,000 SH   SOLE   25,000 0 0
ALLSTATE CORP COM 020002101 876 7,000 SH   SOLE   7,000 0 0
AMERICAN FINL GROUP INC OHIO COM 025932104 1,639 12,000 SH   SOLE   12,000 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 762 15,000 SH   SOLE   15,000 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 13,635 394,000 SH   SOLE   394,000 0 0
AVIDXCHANGE HOLDINGS INC COM 05368X102 941 153,000 SH   SOLE   153,000 0 0
BANC OF CALIFORNIA INC COM 05990K106 30,866 1,752,000 SH   SOLE   1,752,000 0 0
BANK7 CORP COM 06652N107 9,504 416,000 SH   SOLE   416,000 0 0
BARINGS BDC INC COM 06759L103 767 82,000 SH   SOLE   82,000 0 0
BAYCOM CORP COM 07272M107 8,537 413,000 SH   SOLE   413,000 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 1,154 42,000 SH   SOLE   42,000 0 0
CAMBRIDGE BANCORP COM 132152109 20,052 242,000 SH   SOLE   242,000 0 0
CAPSTAR FINL HLDGS INC COM 14070T102 12,513 638,000 SH   SOLE   638,000 0 0
CARLYLE GROUP INC COM 14316J108 1,394 44,000 SH   SOLE   44,000 0 0
CBOE GLOBAL MKTS INC COM 12503M108 1,619 14,000 SH   SOLE   14,000 0 0
CBRE GROUP INC CL A 12504L109 1,074 15,000 SH   SOLE   15,000 0 0
CBTX INC COM 12481V104 39,260 1,476,000 SH   SOLE   1,476,000 0 0
CHEMUNG FINL CORP COM 164024101 14,455 308,000 SH   SOLE   308,000 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 13,161 952,000 SH   SOLE   952,000 0 0
CIVISTA BANCSHARES INC COM NO PAR 178867107 436 20,000 SH   SOLE   20,000 0 0
COLONY BANKCORP INC COM 19623P101 3,619 240,000 SH   SOLE   240,000 0 0
COMMUNITY WEST BANCSHARES COM 204157101 1,336 93,000 SH   SOLE   93,000 0 0
COWEN INC CL A NEW 223622606 238 10,000 SH   SOLE   10,000 0 0
D R HORTON INC COM 23331A109 833 13,000 SH   SOLE   13,000 0 0
DYNEX CAP INC COM 26817Q886 942 59,000 SH   SOLE   59,000 0 0
EASTERN BANKSHARES INC COM 27627N105 35,851 1,942,000 SH   SOLE   1,942,000 0 0
EQUITABLE HLDGS INC COM 29452E101 823 32,000 SH   SOLE   32,000 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 28,601 981,000 SH   SOLE   981,000 0 0
ESSA BANCORP INC COM 29667D104 14,766 879,000 SH   SOLE   879,000 0 0
EVANS BANCORP INC COM NEW 29911Q208 17,157 505,000 SH   SOLE   505,000 0 0
FARMERS NATIONAL BANC CORP COM 309627107 3,655 244,000 SH   SOLE   244,000 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 1,398 15,000 SH   SOLE   15,000 0 0
FIRST BANCSHARES INC MS COM 318916103 3,703 129,000 SH   SOLE   129,000 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 9,505 66,000 SH   SOLE   66,000 0 0
FIRST SVGS FINL GROUP INC COM 33621E109 7,481 313,000 SH   SOLE   313,000 0 0
FIRST WESTN FINL INC COM 33751L105 10,040 369,000 SH   SOLE   369,000 0 0
FLYWIRE CORPORATION COM VTG 302492103 694 39,000 SH   SOLE   39,000 0 0
GALLAGHER ARTHUR J & CO COM 363576109 826 5,000 SH   SOLE   5,000 0 0
GCM GROSVENOR INC COM CL A 36831E108 470 69,000 SH   SOLE   69,000 0 0
HAWTHORN BANCSHARES INC COM 420476103 1,762 69,000 SH   SOLE   69,000 0 0
HERITAGE COMM CORP COM 426927109 32,165 3,009,000 SH   SOLE   3,009,000 0 0
HMN FINL INC COM 40424G108 6,542 283,000 SH   SOLE   283,000 0 0
HOME BANCORP INC COM 43689E107 21,292 624,000 SH   SOLE   624,000 0 0
HOME FED BANCORP INC LA NEW COM 43708L108 4,390 223,000 SH   SOLE   223,000 0 0
HOMETRUST BANCSHARES INC COM 437872104 23,969 959,000 SH   SOLE   959,000 0 0
HUDSON PAC PPTYS INC COM 444097109 734 49,000 SH   SOLE   49,000 0 0
INDEPENDENT BK CORP MICH COM NEW 453838609 25,655 1,331,000 SH   SOLE   1,331,000 0 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107 1,227 22,000 SH   SOLE   22,000 0 0
LADDER CAP CORP CL A 505743104 1,106 105,000 SH   SOLE   105,000 0 0
LAKELAND BANCORP INC COM 511637100 44,793 3,064,000 SH   SOLE   3,064,000 0 0
LIMESTONE BANCORP INC COM 53262L105 7,497 402,000 SH   SOLE   402,000 0 0
MAINSTREET BANCSHARES INC COM 56064Y100 3,811 167,000 SH   SOLE   167,000 0 0
METROPOLITAN BK HLDG CORP COM 591774104 14,592 210,000 SH   SOLE   210,000 0 0
MID PENN BANCORP INC COM 59540G107 14,519 538,000 SH   SOLE   538,000 0 0
MIDLAND STS BANCORP INC ILL COM 597742105 32,745 1,362,000 SH   SOLE   1,362,000 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 1,977 67,000 SH   SOLE   67,000 0 0
NATIONAL BK HLDGS CORP CL A 633707104 6,203 162,000 SH   SOLE   162,000 0 0
OLD NATL BANCORP IND COM 680033107 27,279 1,844,000 SH   SOLE   1,844,000 0 0
OLD POINT FINL CORP COM 680194107 12,567 497,000 SH   SOLE   497,000 0 0
OLD SECOND BANCORP INC ILL COM 680277100 31,055 2,321,000 SH   SOLE   2,321,000 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 19,374 652,000 SH   SOLE   652,000 0 0
PENNANTPARK INVT CORP COM 708062104 761 123,000 SH   SOLE   123,000 0 0
PHILLIPS EDISON & CO INC COMMON STOCK 71844V201 1,081 32,000 SH   SOLE   32,000 0 0
PIONEER BANCORP INC MD COM 723561106 18,370 1,875,000 SH   SOLE   1,875,000 0 0
PREMIER FINANCIAL CORP COM 74052F108 10,367 409,000 SH   SOLE   409,000 0 0
PROFESSIONAL HLDG CORP CL A COM 743139107 6,120 305,000 SH   SOLE   305,000 0 0
PROGRESSIVE CORP COM 743315103 2,970 26,000 SH   SOLE   26,000 0 0
PROLOGIS INC. COM 74340W103 1,553 13,000 SH   SOLE   13,000 0 0
QCR HOLDINGS INC COM 74727A104 32,163 596,000 SH   SOLE   596,000 0 0
RBB BANCORP COM 74930B105 24,462 1,183,000 SH   SOLE   1,183,000 0 0
RED RIVER BANCSHARES INC COM 75686R202 1,388 26,000 SH   SOLE   26,000 0 0
RICHMOND MUT BANCORPORATION COM 76525P100 1,869 134,000 SH   SOLE   134,000 0 0
RIVERVIEW BANCORP INC COM 769397100 14,302 2,174,000 SH   SOLE   2,174,000 0 0
RLI CORP COM 749607107 943 8,000 SH   SOLE   8,000 0 0
SALISBURY BANCORP INC COM 795226109 9,006 191,000 SH   SOLE   191,000 0 0
SB FINL GROUP INC COM 78408D105 6,574 381,000 SH   SOLE   381,000 0 0
SHORE BANCSHARES INC COM 825107105 34,605 1,871,000 SH   SOLE   1,871,000 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 6,519 36,000 SH   SOLE   36,000 0 0
SOUND FINL BANCORP INC COM 83607A100 7,726 204,000 SH   SOLE   204,000 0 0
SOUTHERN FIRST BANCSHARES COM 842873101 22,916 526,000 SH   SOLE   526,000 0 0
SOUTHERN MO BANCORP INC COM 843380106 15,641 346,000 SH   SOLE   346,000 0 0
SPDR SER TR S&P REGL BKG 78464A698 38,308 87,000 SH Put SOLE   87,000 0 0
STARWOOD PPTY TR INC COM 85571B105 1,037 50,000 SH   SOLE   50,000 0 0
STERLING BANCORP INC COM 85917W102 8,857 1,554,000 SH   SOLE   1,554,000 0 0
TELOS CORP MD COM 87969B101 1,356 168,000 SH   SOLE   168,000 0 0
TRINITY CAP INC COM 896442308 1,139 79,000 SH   SOLE   79,000 0 0
UNITED FIRE GROUP INC COM 910340108 1,953 57,000 SH   SOLE   57,000 0 0
UNITED SEC BANCSHARES CALIF COM 911460103 4,687 615,000 SH   SOLE   615,000 0 0
UNIVEST FINANCIAL CORPORATIO COM 915271100 16,329 642,000 SH   SOLE   642,000 0 0
VERITEX HLDGS INC COM 923451108 49,997 1,709,000 SH   SOLE   1,709,000 0 0
VISA INC COM CL A 92826C839 1,494 8,000 SH   SOLE   8,000 0 0
WALKER & DUNLOP INC COM 93148P102 812 8,000 SH   SOLE   8,000 0 0
WESTERN ALLIANCE BANCORP COM 957638109 15,629 221,000 SH   SOLE   221,000 0 0
WINTRUST FINL CORP COM 97650W108 28,675 358,000 SH   SOLE   358,000 0 0