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 2,830 63,300 SH   SOLE   63,300 0 0
BANCORP DEL COM 05969A105 558 25,400 SH   SOLE   25,400 0 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 2,459 149,300 SH   SOLE   149,300 0 0
BYLINE BANCORP COM 124411109 1,539 76,000 SH   SOLE   76,000 0 0
CADENCE BANK COM 12740C103 803 31,600 SH   SOLE   31,600 0 0
CAPSTAR FINL HLDGS INC COM 14070T102 3,213 173,400 SH   SOLE   173,400 0 0
CITIZENS CMNTY BANCORP MD COM 174903104 1,267 104,088 SH   SOLE   104,088 0 0
COASTAL FINL WA COM NEW 19046P209 715 18,000 SH   SOLE   18,000 0 0
COMMUNITY WEST BANCSHARES COM 204157101 523 37,500 SH   SOLE   37,500 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 2,945 127,703 SH   SOLE   127,703 0 0
CVB FINL CORP COM 126600105 44 1,735 SH   SOLE   1,735 0 0
EAST WEST BANCORP INC COM 27579R104 1,746 26,000 SH   SOLE   26,000 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 3,083 70,000 SH   SOLE   70,000 0 0
FINANCIAL INSTNS COM 317585404 1,672 69,469 SH   SOLE   69,469 0 0
FIRST BUSINESS FINL SVCS W COM 319390100 4,110 127,200 SH   SOLE   127,200 0 0
FIRST FNDTN COM 32026V104 457 25,200 SH   SOLE   25,200 0 0
FIRST INTST BANCSYSTEM CL A COM CL A 32055Y201 3,361 83,300 SH   SOLE   83,300 0 0
FIRST MERCHANTS COM 320817109 940 24,300 SH   SOLE   24,300 0 0
FIRST NATL COM 32106V107 362 23,655 SH   SOLE   23,655 0 0
FIRST WESTN FINL COM 33751L105 813 32,997 SH   SOLE   32,997 0 0
FIVE STAR BANCORP COM 33830T103 350 12,347 SH   SOLE   12,347 0 0
FS BANCORP INC COM 30263Y104 714 26,200 SH   SOLE   26,200 0 0
GERMAN AMERN BANCORP COM 373865104 164 4,599 SH   SOLE   4,599 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 32 700 SH   SOLE   700 0 0
HAWTHORN BANCSHARES INC COM 420476103 366 16,725 SH   SOLE   16,725 0 0
INVESTAR HLDG COM 46134L105 746 37,500 SH   SOLE   37,500 0 0
LAKELAND BANCORP INC COM 511637100 1,222 76,323 SH   SOLE   76,323 0 0
LIMESTONE BANCORP COM 53262L105 553 28,209 SH   SOLE   28,209 0 0
MERIDIAN CORPORATION COM 58958P104 3,542 121,409 SH   SOLE   121,409 0 0
METROPOLITAN BK HLDG COM 591774104 129 2,000 SH   SOLE   2,000 0 0
MID PENN BANCORP INC COM 59540G107 804 28,000 SH   SOLE   28,000 0 0
OLD SECOND BANCORP ILL COM 680277100 5,220 400,000 SH   SOLE   400,000 0 0
ORRSTOWN FINL SVCS COM 687380105 4,306 180,000 SH   SOLE   180,000 0 0
PACWEST BANCORP DEL COM 695263103 1,356 60,000 SH   SOLE   60,000 0 0
PEOPLES BANCORP N C INC COM 710577107 952 38,400 SH   SOLE   38,400 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 2,976 36,700 SH   SOLE   36,700 0 0
PLUMAS BANCORP COM 729273102 3,370 118,800 SH   SOLE   118,800 0 0
SERVISFIRST BANCSHARES INC COM 81768T108 3,984 49,800 SH   SOLE   49,800 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 242 1,600 SH   SOLE   1,600 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 4,741 113,800 SH   SOLE   113,800 0 0
SOUTHERN MO BANCORP INC COM 843380106 1,112 21,800 SH   SOLE   21,800 0 0
SOUTHSTATE CORPORATION COM 840441109 2,492 31,500 SH   SOLE   31,500 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 3,031 112,500 SH   SOLE   112,500 0 0
TOWNEBANK PORTSMOUTH VA COM 89214P109 1,342 50,000 SH   SOLE   50,000 0 0
UNITED BANKSHARES WEST VA COM 909907107 2,063 57,700 SH   SOLE   57,700 0 0
UNITY BANCORP COM 913290102 2,385 95,000 SH   SOLE   95,000 0 0
UNIVEST FINANCIAL CORPORATION COM 915271100 1,000 42,600 SH   SOLE   42,600 0 0
USCB FINANCIAL HOLDINGS CLASS A CLASS A COM 90355N101 1,404 107,072 SH   SOLE   107,072 0 0
VERITEX HLDGS INC COM 923451108 1,795 67,500 SH   SOLE   67,500 0 0
VILLAGE BK & TR FINANCIAL CO COM NEW 92705T200 1,478 31,859 SH   SOLE   31,859 0 0
WESTERN ALLIANCE BANCORP COM 957638109 4,214 64,100 SH   SOLE   64,100 0 0