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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMERIS BANCORP COM 03076K108   2,144,967 62,700 SH   SOLE   62,700 0 0
BANCORP DEL COM 05969A105   829,310 25,400 SH   SOLE   25,400 0 0
BANK HAWAII COM 062540109   309,225 7,500 SH   SOLE   7,500 0 0
BANKUNITED COM 06652K103   614,175 28,500 SH   SOLE   28,500 0 0
BRIDGEWATER BANCSHARES INC COM 108621103   828,168 84,078 SH   SOLE   84,078 0 0
BYLINE BANCORP COM 124411109   1,335,042 73,800 SH   SOLE   73,800 0 0
CADENCE BANK COM 12740C103   408,512 20,800 SH   SOLE   20,800 0 0
CAPSTAR FINL HLDGS INC COM 14070T102   1,920,292 156,503 SH   SOLE   156,503 0 0
CITIZENS CMNTY BANCORP MD COM 174903104   1,162,009 131,299 SH   SOLE   131,299 0 0
COASTAL FINL WA COM NEW 19046P209   677,700 18,000 SH   SOLE   18,000 0 0
COLUMBIA BKG SYS COM 197236102   567,840 28,000 SH   SOLE   28,000 0 0
CONNECTONE BANCORP INC NEW COM 20786W107   607,194 36,600 SH   SOLE   36,600 0 0
CVB FINL COM 126600105   467,456 35,200 SH   SOLE   35,200 0 0
EAST WEST BANCORP INC COM 27579R104   1,393,656 26,400 SH   SOLE   26,400 0 0
ENTERPRISE FINL SVCS CORP COM 293712105   2,713,540 69,400 SH   SOLE   69,400 0 0
FINANCIAL INSTNS COM 317585404   2,135,918 135,700 SH   SOLE   135,700 0 0
FIRST BUSINESS FINL SVCS W COM 319390100   2,865,927 97,183 SH   SOLE   97,183 0 0
FIRST INTST BANCSYSTEM CL A COM CL A 32055Y201   691,360 29,000 SH   SOLE   29,000 0 0
FIRST MERCHANTS COM 320817109   1,431,826 50,720 SH   SOLE   50,720 0 0
FIRST NATL COM 32106V107   794,399 48,058 SH   SOLE   48,058 0 0
FS BANCORP INC COM 30263Y104   953,640 31,714 SH   SOLE   31,714 0 0
HANCOCK WHITNEY CORPORATION COM 410120109   395,314 10,300 SH   SOLE   10,300 0 0
INVESTAR HLDG COM 46134L105   282,163 23,300 SH   SOLE   23,300 0 0
MERIDIAN CORPORATION COM 58958P104   2,390,945 243,974 SH   SOLE   243,974 0 0
MID PENN BANCORP INC COM 59540G107   167,808 7,600 SH   SOLE   7,600 0 0
OCEANFIRST FINL COM 675234108   62,480 4,000 SH   SOLE   4,000 0 0
OLD SECOND BANCORP ILL COM 680277100   4,995,424 382,498 SH   SOLE   382,498 0 0
ORRSTOWN FINL SVCS COM 687380105   3,210,095 167,629 SH   SOLE   167,629 0 0
PEOPLES BANCORP COM 709789101   623,925 23,500 SH   SOLE   23,500 0 0
PEOPLES BANCORP N C INC COM 710577107   12,719 700 SH   SOLE   700 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104   1,926,100 34,000 SH   SOLE   34,000 0 0
PLUMAS BANCORP COM 729273102   3,915,621 109,712 SH   SOLE   109,712 0 0
SOUTHERN CALIF BANCORP COM 84252A106   832,804 60,700 SH   SOLE   60,700 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101   2,376,000 96,000 SH   SOLE   96,000 0 0
SOUTHERN MO BANCORP INC COM 843380106   442,175 11,500 SH   SOLE   11,500 0 0
SOUTHSTATE CORPORATION COM 840441109   2,579,360 39,200 SH   SOLE   39,200 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101   2,769,618 134,057 SH   SOLE   134,057 0 0
TOWNEBANK PORTSMOUTH VA COM 89214P109   669,312 28,800 SH   SOLE   28,800 0 0
TRUIS FINL COM 89832Q109   858,905 28,300 SH   SOLE   28,300 0 0
UNITED BANKSHARES WEST VA COM 909907107   718,014 24,200 SH   SOLE   24,200 0 0
UNITY BANCORP COM 913290102   2,240,413 94,973 SH   SOLE   94,973 0 0
US BANCORP DEL COM NEW 902973304   1,473,584 44,600 SH   SOLE   44,600 0 0
USCB FINANCIAL HOLDINGS CLASS A CLASS A COM 90355N101   2,392,920 234,600 SH   SOLE   234,600 0 0
VERITEX HLDGS INC COM 923451108   163,163 9,100 SH   SOLE   9,100 0 0
VILLAGE BK & TR FINANCIAL CO COM NEW 92705T200   1,356,233 31,500 SH   SOLE   31,500 0 0
WEBSTER FINL COM 947890109   2,846,350 75,400 SH   SOLE   75,400 0 0
WESTERN ALLIANCE BANCORP COM 957638109   1,043,042 28,600 SH   SOLE   28,600 0 0