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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALIGHT INC COM CL A 01626W101 1,169 159,000 SH   SOLE   159,000 0 0
ALLSTATE CORP COM 020002101 809 6,000 SH   SOLE   6,000 0 0
AMERICAN FINL GROUP INC OHIO COM 025932104 1,101 9,000 SH   SOLE   9,000 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 708 15,000 SH   SOLE   15,000 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 12,587 394,000 SH   SOLE   394,000 0 0
AMERICAN TOWER CORP NEW COM 03027X100 686 3,000 SH   SOLE   3,000 0 0
ASSURANT INC COM 04621X108 514 4,000 SH   SOLE   4,000 0 0
AVIDXCHANGE HOLDINGS INC COM 05368X102 929 110,000 SH   SOLE   110,000 0 0
BANC OF CALIFORNIA INC COM 05990K106 13,491 845,000 SH   SOLE   845,000 0 0
BANK7 CORP COM 06652N107 5,441 245,000 SH   SOLE   245,000 0 0
BAYCOM CORP COM 07272M107 1,999 114,000 SH   SOLE   114,000 0 0
BERKLEY W R CORP COM 084423102 860 13,000 SH   SOLE   13,000 0 0
BLACKSTONE MTG TR INC COM CL A 09257W100 598 26,000 SH   SOLE   26,000 0 0
BLACKSTONE SECD LENDING FD COMMON STOCK 09261X102 545 24,000 SH   SOLE   24,000 0 0
CAMBRIDGE BANCORP COM 132152109 19,334 242,000 SH   SOLE   242,000 0 0
CAPSTAR FINL HLDGS INC COM 14070T102 10,521 568,000 SH   SOLE   568,000 0 0
CARLYLE GROUP INC COM 14316J108 1,334 52,000 SH   SOLE   52,000 0 0
CBOE GLOBAL MKTS INC COM 12503M108 1,164 10,000 SH   SOLE   10,000 0 0
CBRE GROUP INC CL A 12504L109 950 14,000 SH   SOLE   14,000 0 0
CBTX INC COM 12481V104 12,032 411,000 SH   SOLE   411,000 0 0
CHEMUNG FINL CORP COM 164024101 12,013 287,000 SH   SOLE   287,000 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 11,581 952,000 SH   SOLE   952,000 0 0
CNB FINL CORP PA COM 126128107 12,036 511,000 SH   SOLE   511,000 0 0
COMMUNITY WEST BANCSHARES COM 204157101 1,302 93,000 SH   SOLE   93,000 0 0
COREBRIDGE FINL INC COM 21871X109 706 36,000 SH   SOLE   36,000 0 0
D R HORTON INC COM 23331A109 468 7,000 SH   SOLE   7,000 0 0
DYNEX CAP INC COM 26817Q886 694 60,000 SH   SOLE   60,000 0 0
EASTERN BANKSHARES INC COM 27627N105 36,709 1,869,000 SH   SOLE   1,869,000 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 32,066 1,082,000 SH   SOLE   1,082,000 0 0
ESSA BANCORP INC COM 29667D104 20,031 1,033,000 SH   SOLE   1,033,000 0 0
ESSENT GROUP LTD COM G3198U102 863 25,000 SH   SOLE   25,000 0 0
EVANS BANCORP INC COM NEW 29911Q208 10,991 300,000 SH   SOLE   300,000 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 665 9,000 SH   SOLE   9,000 0 0
FIRST BANCSHARES INC MS COM 318916103 32,640 1,093,000 SH   SOLE   1,093,000 0 0
FIRST SVGS FINL GROUP INC COM 33621E109 7,181 313,000 SH   SOLE   313,000 0 0
FIRST WESTN FINL INC COM 33751L105 9,102 369,000 SH   SOLE   369,000 0 0
GALLAGHER ARTHUR J & CO COM 363576109 744 4,000 SH   SOLE   4,000 0 0
GCM GROSVENOR INC COM CL A 36831E108 534 68,000 SH   SOLE   68,000 0 0
HAWTHORN BANCSHARES INC COM 420476103 1,511 69,000 SH   SOLE   69,000 0 0
HERITAGE COMM CORP COM 426927109 32,837 2,896,000 SH   SOLE   2,896,000 0 0
HMN FINL INC COM 40424G108 6,349 283,000 SH   SOLE   283,000 0 0
HOME BANCORP INC COM 43689E107 25,058 643,000 SH   SOLE   643,000 0 0
HOMETRUST BANCSHARES INC COM 437872104 27,679 1,252,000 SH   SOLE   1,252,000 0 0
INDEPENDENT BK CORP MICH COM NEW 453838609 25,416 1,331,000 SH   SOLE   1,331,000 0 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107 1,032 16,000 SH   SOLE   16,000 0 0
LADDER CAP CORP CL A 505743104 1,042 116,000 SH   SOLE   116,000 0 0
LAKELAND BANCORP INC COM 511637100 13,820 863,000 SH   SOLE   863,000 0 0
LIMESTONE BANCORP INC COM 53262L105 7,680 391,000 SH   SOLE   391,000 0 0
LINKBANCORP INC COM 53578P105 10,654 1,421,000 SH   SOLE   1,421,000 0 0
MID PENN BANCORP INC COM 59540G107 15,466 538,000 SH   SOLE   538,000 0 0
MIDLAND STATES BANCORP INC COM 597742105 32,105 1,362,000 SH   SOLE   1,362,000 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 1,815 67,000 SH   SOLE   67,000 0 0
MR COOPER GROUP INC COM 62482R107 1,334 33,000 SH   SOLE   33,000 0 0
NATIONAL BK HLDGS CORP CL A 633707104 5,995 162,000 SH   SOLE   162,000 0 0
NUVEI CORPORATION SUB VTG SHS 67079A102 928 34,000 SH   SOLE   34,000 0 0
OLD NATL BANCORP IND COM 680033107 2,259 137,000 SH   SOLE   137,000 0 0
OLD POINT FINL CORP COM 680194107 12,593 454,000 SH   SOLE   454,000 0 0
OLD SECOND BANCORP INC ILL COM 680277100 31,697 2,429,000 SH   SOLE   2,429,000 0 0
PAYMENTUS HOLDINGS INC COM CL A 70439P108 422 43,000 SH   SOLE   43,000 0 0
PEAPACK-GLADSTONE FINL CORP COM 704699107 21,950 652,000 SH   SOLE   652,000 0 0
PENNANTPARK INVT CORP COM 708062104 553 101,000 SH   SOLE   101,000 0 0
PERELLA WEINBERG PARTNERS CLASS A COM 71367G102 191 30,000 SH   SOLE   30,000 0 0
PHILLIPS EDISON & CO INC COMMON STOCK 71844V201 649 23,000 SH   SOLE   23,000 0 0
PIONEER BANCORP INC MD COM 723561106 17,846 1,875,000 SH   SOLE   1,875,000 0 0
POPULAR INC COM NEW 733174700 509 7,000 SH   SOLE   7,000 0 0
PREMIER FINANCIAL CORP COM 74052F108 10,510 409,000 SH   SOLE   409,000 0 0
PROGRESSIVE CORP COM 743315103 2,516 22,000 SH   SOLE   22,000 0 0
PROLOGIS INC. COM 74340W103 709 7,000 SH   SOLE   7,000 0 0
QCR HOLDINGS INC COM 74727A104 30,346 596,000 SH   SOLE   596,000 0 0
RBB BANCORP COM 74930B105 28,544 1,374,000 SH   SOLE   1,374,000 0 0
RED RIVER BANCSHARES INC COM 75686R202 1,269 26,000 SH   SOLE   26,000 0 0
RICHMOND MUT BANCORPORATION COM 76525P100 1,795 134,000 SH   SOLE   134,000 0 0
RIVERVIEW BANCORP INC COM 769397100 13,802 2,174,000 SH   SOLE   2,174,000 0 0
RLI CORP COM 749607107 1,062 10,000 SH   SOLE   10,000 0 0
SALISBURY BANCORP INC COM 795226109 8,662 362,000 SH   SOLE   362,000 0 0
SB FINL GROUP INC COM 78408D105 6,294 374,000 SH   SOLE   374,000 0 0
SHORE BANCSHARES INC COM 825107105 32,398 1,871,000 SH   SOLE   1,871,000 0 0
SIXTH STREET SPECIALTY LENDI COM 83012A109 1,176 72,000 SH   SOLE   72,000 0 0
SOUND FINL BANCORP INC COM 83607A100 8,249 204,000 SH   SOLE   204,000 0 0
SOUTHERN FIRST BANCSHARES COM 842873101 13,713 329,000 SH   SOLE   329,000 0 0
SOUTHERN MO BANCORP INC COM 843380106 17,635 346,000 SH   SOLE   346,000 0 0
SPDR SER TR S&P REGL BKG 78464A698 8,343 34,000 SH Put SOLE   34,000 0 0
STARWOOD PPTY TR INC COM 85571B105 827 45,000 SH   SOLE   45,000 0 0
STERLING BANCORP INC COM 85917W102 12,494 2,072,000 SH   SOLE   2,072,000 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 311 13,000 SH   SOLE   13,000 0 0
TRANSUNION COM 89400J107 1,463 25,000 SH   SOLE   25,000 0 0
TRINITY CAP INC COM 896442308 1,424 114,000 SH   SOLE   114,000 0 0
UNITED FIRE GROUP INC COM 910340108 1,024 36,000 SH   SOLE   36,000 0 0
UNITED SEC BANCSHARES CALIF COM 911460103 4,010 615,000 SH   SOLE   615,000 0 0
UNIVEST FINANCIAL CORPORATIO COM 915271100 14,252 607,000 SH   SOLE   607,000 0 0
VERITEX HLDGS INC COM 923451108 35,072 1,319,000 SH   SOLE   1,319,000 0 0
VISA INC COM CL A 92826C839 1,260 7,000 SH   SOLE   7,000 0 0
WALKER & DUNLOP INC COM 93148P102 557 7,000 SH   SOLE   7,000 0 0