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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
APARTMENT INVT & MGMT CO CL A 03748R747   1,075,940 126,284 SH   SOLE NONE 126,284 0 0
ALERUS FINL CORP COM 01446U103   3,534,383 196,573 SH   SOLE NONE 196,573 0 0
BANC OF CALIFORNIA INC COM 05990K106   17,358,652 1,499,020 SH   SOLE NONE 1,499,020 0 0
SOUTHERN CALIF BANCORP COM 84252A106   15,104,924 1,100,942 SH   SOLE NONE 1,100,942 0 0
BILL HOLDINGS INC COM 090043100   1,273,198 10,896 SH   SOLE NONE 10,896 0 0
CALIFORNIA BANCORP INC COM 13005U101   12,119,730 807,982 SH   SOLE NONE 807,982 0 0
CAMBRIDGE BANCORP COM 132152109   9,240,195 170,138 SH   SOLE NONE 170,138 0 0
CB FINL SVCS INC COM 12479G101   2,300,288 111,125 SH   SOLE NONE 111,125 0 0
COASTAL FINL CORP WA COM NEW 19046P209   27,504,266 730,525 SH   SOLE NONE 730,525 0 0
CROWN CASTLE INC COM 22822V101   1,822,470 15,995 SH   SOLE NONE 15,995 0 0
CONNECTONE BANCORP INC COM 20786W107   2,848,304 171,688 SH   SOLE NONE 171,688 0 0
DIGITALBRIDGE GROUP INC CL A NEW 25401T603   2,291,553 155,782 SH   SOLE NONE 155,782 0 0
EASTERN BANKSHARES INC COM 27627N105   507,217 41,338 SH   SOLE NONE 41,338 0 0
EQUINIX INC COM 29444U700   1,000,307 1,276 SH   SOLE NONE 1,276 0 0
EVANS BANCORP INC COM NEW 29911Q208   3,955,020 158,645 SH   SOLE NONE 158,645 0 0
FIRST BANCSHARES INC MS COM 318916103   1,829,782 70,812 SH   SOLE NONE 70,812 0 0
FLYWIRE CORPORATION COM VTG 302492103   1,223,597 39,420 SH   SOLE NONE 39,420 0 0
FINWARD BANCORP COM 31812F109   2,189,946 99,543 SH   SOLE NONE 99,543 0 0
FIRST INDL RLTY TR INC COM 32054K103   971,261 18,451 SH   SOLE NONE 18,451 0 0
FVCBANKCORP INC COM 36120Q101   13,511,622 1,254,561 SH   SOLE NONE 1,254,561 0 0
HERITAGE COMM CORP COM 426927109   4,521,708 546,100 SH   SOLE NONE 546,100 0 0
I3 VERTICALS INC COM CL A 46571Y107   484,746 21,205 SH   SOLE NONE 21,205 0 0
INDEPENDENCE RLTY TR INC COM 45378A106   1,022,306 56,109 SH   SOLE NONE 56,109 0 0
MID PENN BANCORP INC COM 59540G107   2,385,766 108,051 SH   SOLE NONE 108,051 0 0
MVB FINL CORP COM 553810102   9,651,204 457,837 SH   SOLE NONE 457,837 0 0
NORTHEAST BK LEWISTON ME COM 66405S100   5,307,175 127,362 SH   SOLE NONE 127,362 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102   1,288,630 28,334 SH   SOLE NONE 28,334 0 0
NEW YORK CMNTY BANCORP INC COM 649445103   3,221,317 286,594 SH   SOLE NONE 286,594 0 0
OCEANFIRST FINL CORP COM 675234108   11,090,013 709,988 SH   SOLE NONE 709,988 0 0
PROLOGIS INC. COM 74340W103   961,664 7,842 SH   SOLE NONE 7,842 0 0
QCR HOLDINGS INC COM 74727A104   15,353,385 374,199 SH   SOLE NONE 374,199 0 0
REXFORD INDL RLTY INC COM 76169C100   717,137 13,733 SH   SOLE NONE 13,733 0 0
SEACOAST BKG CORP FLA COM NEW 811707801   7,813,742 353,563 SH   SOLE NONE 353,563 0 0
SOUTHERN FIRST BANCSHARES COM 842873101   11,352,974 458,706 SH   SOLE NONE 458,706 0 0
SOUTH PLAINS FINANCIAL INC COM 83946P107   545,642 24,240 SH   SOLE NONE 24,240 0 0
USCB FINANCIAL HOLDINGS INC CLASS A COM 90355N101   10,151,132 995,209 SH   SOLE NONE 995,209 0 0
UNIVEST FINANCIAL CORPORATIO COM 915271100   373,858 20,678 SH   SOLE NONE 20,678 0 0
VIRGINIA NATL BANKSHARES COR COM 928031103   6,571,042 204,387 SH   SOLE NONE 204,387 0 0
VALLEY NATL BANCORP COM 919794107   11,547,531 1,490,004 SH   SOLE NONE 1,490,004 0 0
WALKER & DUNLOP INC COM 93148P102   562,014 7,106 SH   SOLE NONE 7,106 0 0
WELLTOWER INC COM 95040Q104   2,049,753 25,340 SH   SOLE NONE 25,340 0 0