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 2,813 64,100 SH   SOLE   64,100 0 0
BANCORP DEL COM 05969A105 674 23,800 SH   SOLE   23,800 0 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 2,510 150,500 SH   SOLE   144,110 0 0
BYLINE BANCORP COM 124411109 1,974 74,000 SH   SOLE   77,800 0 0
CADENCE BANK COM 12740C103 468 16,000 SH   SOLE   16,000 0 0
CAPSTAR FINL HLDGS INC COM 14070T102 3,358 159,300 SH   SOLE   152,476 0 0
CITIZENS CMNTY BANCORP MD COM 174903104 1,573 104,088 SH   SOLE   104,800 0 0
COASTAL FINL WA COM NEW 19046P209 677 14,802 SH   SOLE   14,802 0 0
COMMUNITY WEST BANCSHARES COM 204157101 1,261 90,000 SH   SOLE   90,486 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 4,417 138,000 SH   SOLE   138,000 0 0
CVB FINL CORP COM 126600105 40 1,735 SH   SOLE   1,735 0 0
EAST WEST BANCORP INC COM 27579R104 1,865 23,600 SH   SOLE   23,600 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 3,269 69,100 SH   SOLE   63,300 0 0
FINANCIAL INSTNS COM 317585404 2,082 69,100 SH   SOLE   91,600 0 0
FIRST BUSINESS FINL SVCS W COM 319390100 4,124 125,700 SH   SOLE   120,853 0 0
FIRST FNDTN COM 32026V104 737 30,340 SH   SOLE   30,340 0 0
FIRST INTST BANCSYSTEM CL A COM CL A 32055Y201 2,820 76,700 SH   SOLE   77,000 0 0
FIRST NATL COM 32106V107 381 18,139 SH   SOLE   18,139 0 0
FIRST WESTN FINL COM 33751L105 1,422 45,499 SH   SOLE   46,000 0 0
FIVE STAR BANCORP COM 33830T103 349 12,347 SH   SOLE   10,500 0 0
FS BANCORP INC COM 30263Y104 768 24,770 SH   SOLE   24,000 0 0
GERMAN AMERN BANCORP COM 373865104 175 4,599 SH   SOLE   4,599 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 21 400 SH   SOLE   400 0 0
HAWTHORN BANCSHARES INC COM 420476103 556 22,000 SH   SOLE   22,602 0 0
INDEPENDENT BK GROUP INC COM 45384B106 228 3,200 SH   SOLE   4,060 0 0
INVESTAR HLDG COM 46134L105 947 49,600 SH   SOLE   92,918 0 0
LAKELAND BANCORP INC COM 511637100 1,253 75,000 SH   SOLE   75,000 0 0
LEVEL ONE BANCORP COM 52730D208 667 16,700 SH   SOLE   16,700 0 0
LIMESTONE BANCORP COM 53262L105 660 31,560 SH   SOLE   31,560 0 0
MERIDIAN CORPORATION COM 58958P104 3,896 121,409 SH   SOLE   121,997 0 0
METROPOLITAN BK HLDG COM 591774104 132 1,300 SH   SOLE   500 0 0
MID PENN BANCORP INC COM 59540G107 751 28,000 SH   SOLE   30,000 0 0
OLD SECOND BANCORP ILL COM 680277100 4,369 301,100 SH   SOLE   105,000 0 0
ORRSTOWN FINL SVCS COM 687380105 4,127 180,000 SH   SOLE   180,000 0 0
PACWEST BANCORP DEL COM 695263103 2,221 51,500 SH   SOLE   50,200 0 0
PEOPLES BANCORP N C INC COM 710577107 1,929 67,200 SH   SOLE   73,754 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 3,536 38,400 SH   SOLE   38,400 0 0
PLUMAS BANCORP COM 729273102 4,126 108,288 SH   SOLE   108,700 0 0
SERVISFIRST BANCSHARES INC COM 81768T108 5,136 53,900 SH   SOLE   55,600 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 323 1,100 SH   SOLE   1,100 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 6,208 122,100 SH   SOLE   122,100 0 0
SOUTHERN MO BANCORP INC COM 843380106 1,104 22,100 SH   SOLE   22,100 0 0
SOUTHSTATE CORPORATION COM 840441109 2,570 31,500 SH   SOLE   32,100 0 0
SPIRIT OF TEX BANCSHARES COM 84861D103 570 21,678 SH   SOLE   91,600 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 2,441 95,400 SH   SOLE   82,500 0 0
TOWNEBANK PORTSMOUTH VA COM 89214P109 1,497 50,000 SH   SOLE   50,900 0 0
UNITED BANKSHARES WEST VA COM 909907107 2,065 59,200 SH   SOLE   70,800 0 0
UNITY BANCORP COM 913290102 1,973 70,500 SH   SOLE   34,170 0 0
UNIVEST FINANCIAL CORPORATION COM 915271100 1,306 48,820 SH   SOLE   54,655 0 0
USCB FINANCIAL HOLDINGS CLASS A CLASS A COM 90355N101 554 38,665 SH   SOLE   38,665 0 0
VERITEX HLDGS INC COM 923451108 2,718 71,200 SH   SOLE   70,200 0 0
VILLAGE BK & TR FINANCIAL CO COM NEW 92705T200 1,737 32,665 SH   SOLE   32,665 0 0
WESTERN ALLIANCE BANCORP COM 957638109 5,541 66,900 SH   SOLE   66,900 0 0