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
ALERUS FINL CORP COM 01446U103 3,299 138,541 SH   SOLE NONE 138,541 0 0
BK OF AMERICA CORP COM 060505104 2,413 77,522 SH   SOLE NONE 77,522 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 9,358 210,425 SH   SOLE NONE 210,425 0 0
BANC OF CALIFORNIA INC COM 05990K106 38,657 2,193,899 SH   SOLE NONE 2,193,899 0 0
BILL COM HLDGS INC COM 090043100 13,328 121,227 SH   SOLE NONE 121,227 0 0
BYLINE BANCORP INC COM 124411109 20,308 853,265 SH   SOLE NONE 853,265 0 0
CALIFORNIA BANCORP INC COM 13005U101 15,570 807,982 SH   SOLE NONE 807,982 0 0
CAMBRIDGE BANCORP COM 132152109 15,356 185,683 SH   SOLE NONE 185,683 0 0
CB FINL SVCS INC COM 12479G101 2,536 110,926 SH   SOLE NONE 110,926 0 0
COASTAL FINL CORP WA COM NEW 19046P209 27,848 730,525 SH   SOLE NONE 730,525 0 0
CONNECTONE BANCORP INC COM 20786W107 11,124 454,985 SH   SOLE NONE 454,985 0 0
CAMDEN PPTY TR SH BEN INT 133131102 7,356 54,698 SH   SOLE NONE 54,698 0 0
DIGITALBRIDGE GROUP INC CL A COM 25401T108 16,314 3,343,131 SH   SOLE NONE 3,343,131 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 2,416 58,209 SH   SOLE NONE 58,209 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 4,570 63,277 SH   SOLE NONE 63,277 0 0
EVANS BANCORP INC COM NEW 29911Q208 5,379 158,264 SH   SOLE NONE 158,264 0 0
FLYWIRE CORPORATION COM VTG 302492103 9,365 531,197 SH   SOLE NONE 531,197 0 0
FINWARD BANCORP COM 31812F109 3,732 99,543 SH   SOLE NONE 99,543 0 0
FVCBANKCORP INC COM 36120Q101 15,547 825,628 SH   SOLE NONE 825,628 0 0
HUNTINGTON BANCSHARES INC COM 446150104 863 71,756 SH   SOLE NONE 71,756 0 0
HERITAGE COMM CORP COM 426927109 10,307 964,143 SH   SOLE NONE 964,143 0 0
HAWTHORN BANCSHARES INC COM 420476103 2,519 98,834 SH   SOLE NONE 98,834 0 0
INDUS REALTY TRUST INC COM 45580R103 1,148 19,332 SH   SOLE NONE 19,332 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 4,587 221,273 SH   SOLE NONE 221,273 0 0
LIVE OAK BANCSHARES INC COM 53803X105 1,154 34,062 SH   SOLE NONE 34,062 0 0
MID-AMER APT CMNTYS INC COM 59522J103 1,442 8,258 SH   SOLE NONE 8,258 0 0
MID PENN BANCORP INC COM 59540G107 3,125 115,874 SH   SOLE NONE 115,874 0 0
MARQETA INC CLASS A COM 57142B104 1,820 224,364 SH   SOLE NONE 224,364 0 0
MVB FINL CORP COM 553810102 10,760 345,870 SH   SOLE NONE 345,870 0 0
NORTHEAST BK LEWISTON ME COM 66405S100 10,599 290,149 SH   SOLE NONE 290,149 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102 2,819 45,092 SH   SOLE NONE 45,092 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 2,617 286,594 SH   SOLE NONE 286,594 0 0
ORIGIN BANCORP INC COM 68621T102 2,913 75,081 SH   SOLE NONE 75,081 0 0
OCEANFIRST FINL CORP COM 675234108 32,404 1,693,902 SH   SOLE NONE 1,693,902 0 0
OLD NATL BANCORP IND COM 680033107 4,630 313,049 SH   SOLE NONE 313,049 0 0
ORRSTOWN FINL SVCS INC COM 687380105 2,468 102,103 SH   SOLE NONE 102,103 0 0
BLUE OWL CAPITAL INC COM CL A 09581B103 7,218 719,612 SH   SOLE NONE 719,612 0 0
PROFESSIONAL HLDG CORP CL A COM 743139107 21,675 1,081,044 SH   SOLE NONE 1,081,044 0 0
PROLOGIS INC. COM 74340W103 865 7,356 SH   SOLE NONE 7,356 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 3,353 46,367 SH   SOLE NONE 46,367 0 0
QCR HOLDINGS INC COM 74727A104 34,087 631,353 SH   SOLE NONE 631,353 0 0
RADIUS GLOBAL INFRASTRCTRE I COM CL A 750481103 25,293 1,657,467 SH   SOLE NONE 1,657,467 0 0
REXFORD INDL RLTY INC COM 76169C100 3,668 63,698 SH   SOLE NONE 63,698 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 22,152 123,609 SH   SOLE NONE 123,609 0 0
SOUTHERN FIRST BANCSHARES COM 842873101 15,980 366,609 SH   SOLE NONE 366,609 0 0
SOUTH PLAINS FINANCIAL INC COM 83946P107 6,187 256,279 SH   SOLE NONE 256,279 0 0
TERRENO RLTY CORP COM 88146M101 5,415 97,164 SH   SOLE NONE 97,164 0 0
USCB FINANCIAL HOLDINGS INC CLASS A COM 90355N101 4,119 356,947 SH   SOLE NONE 356,947 0 0
UNIVEST FINANCIAL CORPORATIO COM 915271100 14,486 569,399 SH   SOLE NONE 569,399 0 0
VIRGINIA NATL BANKSHARES COR COM 928031103 6,124 194,465 SH   SOLE NONE 194,465 0 0
VALLEY NATL BANCORP COM 919794107 21,077 2,024,734 SH   SOLE NONE 2,024,734 0 0
WELLTOWER INC COM 95040Q104 2,768 33,610 SH   SOLE NONE 33,610 0 0
WSFS FINL CORP COM 929328102 2,961 73,862 SH   SOLE NONE 73,862 0 0