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
AMERIS BANCORP COM 03076K108 3,184 64,100 SH   SOLE   64,100 0 0
BANCORP DEL COM 05969A105 602 23,800 SH   SOLE   23,800 0 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 2,549 144,110 SH   SOLE   144,110 0 0
BYLINE BANCORP COM 124411109 2,128 77,800 SH   SOLE   77,800 0 0
CADENCE BANK COM 12740C103 477 16,000 SH   SOLE   16,000 0 0
CAPSTAR FINL HLDGS INC COM 14070T102 3,207 152,476 SH   SOLE   152,476 0 0
CITIZENS CMNTY BANCORP MD COM 174903104 1,443 104,800 SH   SOLE   104,800 0 0
COASTAL FINL WA COM NEW 19046P209 749 14,802 SH   SOLE   14,802 0 0
COMMUNITY WEST BANCSHARES COM 204157101 1,213 90,486 SH   SOLE   90,486 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 4,514 138,000 SH   SOLE   138,000 0 0
EAST WEST BANCORP INC COM 27579R104 1,857 23,600 SH   SOLE   23,600 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 2,981 63,300 SH   SOLE   63,300 0 0
FINANCIAL INSTNS COM 317585404 2,913 91,600 SH   SOLE   91,600 0 0
FIRST BUSINESS FINL SVCS W COM 319390100 3,525 120,853 SH   SOLE   120,853 0 0
FIRST FINANCIAL NORTHWEST COM 32022K102 31 1,900 SH   SOLE   1,900 0 0
FIRST FNDTN COM 32026V104 754 30,340 SH   SOLE   30,340 0 0
FIRST INTST BANCSYSTEM CL A COM CL A 32055Y201 3,132 77,000 SH   SOLE   77,000 0 0
FIRST NATL COM 32106V107 417 18,139 SH   SOLE   18,139 0 0
FIRST WESTN FINL COM 33751L105 1,397 46,000 SH   SOLE   46,000 0 0
FIVE STAR BANCORP COM 33830T103 315 10,500 SH   SOLE   10,500 0 0
FS BANCORP INC COM 30263Y104 807 24,000 SH   SOLE   24,000 0 0
GERMAN AMERN BANCORP COM 373865104 179 4,599 SH   SOLE   4,599 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 20 400 SH   SOLE   400 0 0
HAWTHORN BANCSHARES INC COM 420476103 586 22,602 SH   SOLE   22,602 0 0
HMN FINL INC COM 40424G108 819 33,195 SH   SOLE   33,195 0 0
INDEPENDENT BK GROUP INC COM 45384B106 293 4,060 SH   SOLE   4,060 0 0
INVESTAR HLDG COM 46134L105 1,711 92,918 SH   SOLE   92,918 0 0
LAKELAND BANCORP INC COM 511637100 1,424 75,000 SH   SOLE   75,000 0 0
LEVEL ONE BANCORP COM 52730D208 659 16,700 SH   SOLE   16,700 0 0
LIMESTONE BANCORP COM 53262L105 589 31,560 SH   SOLE   31,560 0 0
MERIDIAN CORPORATION COM 58958P104 4,486 121,997 SH   SOLE   121,997 0 0
METROPOLITAN BK HLDG COM 591774104 53 500 SH   SOLE   500 0 0
MID PENN BANCORP INC COM 59540G107 952 30,000 SH   SOLE   30,000 0 0
OLD SECOND BANCORP ILL COM 680277100 1,322 105,000 SH   SOLE   105,000 0 0
ORRSTOWN FINL SVCS COM 687380105 4,536 180,000 SH   SOLE   180,000 0 0
PACWEST BANCORP DEL COM 695263103 2,268 50,200 SH   SOLE   50,200 0 0
PEOPLES BANCORP COM 709789101 130 4,091 SH   SOLE   4,091 0 0
PEOPLES BANCORP N C INC COM 710577107 2,035 73,754 SH   SOLE   73,754 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 3,667 38,400 SH   SOLE   38,400 0 0
PLUMAS BANCORP COM 729273102 3,673 108,700 SH   SOLE   108,700 0 0
SERVISFIRST BANCSHARES INC COM 81768T108 4,723 55,600 SH   SOLE   55,600 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 356 1,100 SH   SOLE   1,100 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 7,630 122,100 SH   SOLE   122,100 0 0
SOUTHERN MO BANCORP INC COM 843380106 1,153 22,100 SH   SOLE   22,100 0 0
SOUTHSTATE CORPORATION COM 840441109 2,572 32,100 SH   SOLE   32,100 0 0
SPIRIT OF TEX BANCSHARES COM 84861D103 2,636 91,600 SH   SOLE   91,600 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 2,265 82,500 SH   SOLE   82,500 0 0
TOWNEBANK PORTSMOUTH VA COM 89214P109 1,608 50,900 SH   SOLE   50,900 0 0
UNITED BANKSHARES WEST VA COM 909907107 2,569 70,800 SH   SOLE   70,800 0 0
UNITY BANCORP COM 913290102 897 34,170 SH   SOLE   34,170 0 0
UNIVEST FINANCIAL CORPORATION COM 915271100 1,635 54,655 SH   SOLE   54,655 0 0
USCB FINANCIAL HOLDINGS CLASS A CLASS A COM 90355N101 542 38,665 SH   SOLE   38,665 0 0
VERITEX HLDGS INC COM 923451108 2,793 70,200 SH   SOLE   70,200 0 0
VILLAGE BK & TR FINANCIAL CO COM NEW 92705T200 1,890 32,665 SH   SOLE   32,665 0 0
WESTERN ALLIANCE BANCORP COM 957638109 7,202 66,900 SH   SOLE   66,900 0 0