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 2,543 63,300 SH   SOLE   63,300 0 0
BANCORP DEL COM 05969A105 465 23,800 SH   SOLE   23,800 0 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 2,429 150,500 SH   SOLE   150,500 0 0
BYLINE BANCORP COM 124411109 1,809 76,000 SH   SOLE   76,000 0 0
CADENCE BANK COM 12740C103 376 16,000 SH   SOLE   16,000 0 0
CAPSTAR FINL HLDGS INC COM 14070T102 3,402 173,400 SH   SOLE   173,400 0 0
CITIZENS CMNTY BANCORP MD COM 174903104 1,440 104,088 SH   SOLE   104,088 0 0
COASTAL FINL WA COM NEW 19046P209 686 18,000 SH   SOLE   18,000 0 0
COMMUNITY WEST BANCSHARES COM 204157101 1,288 90,000 SH   SOLE   90,000 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 3,139 128,403 SH   SOLE   128,403 0 0
CVB FINL CORP COM 126600105 43 1,735 SH   SOLE   1,735 0 0
EAST WEST BANCORP INC COM 27579R104 1,607 24,800 SH   SOLE   24,800 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 2,868 69,100 SH   SOLE   69,100 0 0
FINANCIAL INSTNS COM 317585404 1,806 69,400 SH   SOLE   69,400 0 0
FIRST BUSINESS FINL SVCS W COM 319390100 3,967 127,200 SH   SOLE   127,200 0 0
FIRST FNDTN COM 32026V104 621 30,340 SH   SOLE   30,340 0 0
FIRST INTST BANCSYSTEM CL A COM CL A 32055Y201 3,175 83,300 SH   SOLE   83,300 0 0
FIRST MERCHANTS COM 320817109 426 11,968 SH   SOLE   11,968 0 0
FIRST NATL COM 32106V107 331 18,139 SH   SOLE   18,139 0 0
FIRST WESTN FINL COM 33751L105 1,122 41,277 SH   SOLE   41,277 0 0
FIVE STAR BANCORP COM 33830T103 326 12,347 SH   SOLE   12,347 0 0
FS BANCORP INC COM 30263Y104 752 26,200 SH   SOLE   26,200 0 0
GERMAN AMERN BANCORP COM 373865104 157 4,599 SH   SOLE   4,599 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 18 400 SH   SOLE   400 0 0
HAWTHORN BANCSHARES INC COM 420476103 431 16,921 SH   SOLE   16,921 0 0
INVESTAR HLDG COM 46134L105 962 43,924 SH   SOLE   43,924 0 0
LAKELAND BANCORP INC COM 511637100 1,136 77,700 SH   SOLE   77,700 0 0
LIMESTONE BANCORP COM 53262L105 574 30,800 SH   SOLE   30,800 0 0
MERIDIAN CORPORATION COM 58958P104 3,679 121,409 SH   SOLE   121,409 0 0
METROPOLITAN BK HLDG COM 591774104 90 1,300 SH   SOLE   1,300 0 0
MID PENN BANCORP INC COM 59540G107 755 28,000 SH   SOLE   28,000 0 0
OLD SECOND BANCORP ILL COM 680277100 5,302 396,300 SH   SOLE   396,300 0 0
ORRSTOWN FINL SVCS COM 687380105 4,351 180,000 SH   SOLE   180,000 0 0
PACWEST BANCORP DEL COM 695263103 1,586 59,500 SH   SOLE   59,500 0 0
PEOPLES BANCORP N C INC COM 710577107 1,722 63,395 SH   SOLE   63,395 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 2,697 37,300 SH   SOLE   37,300 0 0
PLUMAS BANCORP COM 729273102 3,091 108,288 SH   SOLE   108,288 0 0
SERVISFIRST BANCSHARES INC COM 81768T108 4,049 51,300 SH   SOLE   51,300 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 215 1,200 SH   SOLE   1,200 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 5,322 122,100 SH   SOLE   122,100 0 0
SOUTHERN MO BANCORP INC COM 843380106 1,000 22,100 SH   SOLE   22,100 0 0
SOUTHSTATE CORPORATION COM 840441109 2,430 31,500 SH   SOLE   31,500 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 3,125 112,500 SH   SOLE   112,500 0 0
TOWNEBANK PORTSMOUTH VA COM 89214P109 1,358 50,000 SH   SOLE   50,000 0 0
UNITED BANKSHARES WEST VA COM 909907107 2,024 57,700 SH   SOLE   57,700 0 0
UNITY BANCORP COM 913290102 2,500 94,400 SH   SOLE   94,400 0 0
UNIVEST FINANCIAL CORPORATION COM 915271100 1,242 48,820 SH   SOLE   48,820 0 0
USCB FINANCIAL HOLDINGS CLASS A CLASS A COM 90355N101 683 59,200 SH   SOLE   59,200 0 0
VERITEX HLDGS INC COM 923451108 2,063 70,500 SH   SOLE   70,500 0 0
VILLAGE BK & TR FINANCIAL CO COM NEW 92705T200 1,466 31,861 SH   SOLE   31,861 0 0
WESTERN ALLIANCE BANCORP COM 957638109 4,525 64,100 SH   SOLE   64,100 0 0