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
ALERUS FINL CORP COM 01446U103 3,999 180,956 SH   SOLE NONE 180,956 0 0
APARTMENT INVT & MGMT CO CL A 03748R747 2,913 399,088 SH   SOLE NONE 399,088 0 0
BANC OF CALIFORNIA INC COM 05990K106 32,680 2,046,357 SH   SOLE NONE 2,046,357 0 0
BILL COM HLDGS INC COM 090043100 6,900 52,125 SH   SOLE NONE 52,125 0 0
BK OF AMERICA CORP COM 060505104 1,572 52,063 SH   SOLE NONE 52,063 0 0
BLUE OWL CAPITAL INC COM CL A 09581B103 3,780 409,529 SH   SOLE NONE 409,529 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 5,129 125,438 SH   SOLE NONE 125,438 0 0
BYLINE BANCORP INC COM 124411109 13,078 645,807 SH   SOLE NONE 645,807 0 0
CALIFORNIA BANCORP INC COM 13005U101 16,337 807,982 SH   SOLE NONE 807,982 0 0
CAMBRIDGE BANCORP COM 132152109 14,702 184,371 SH   SOLE NONE 184,371 0 0
CAMDEN PPTY TR SH BEN INT 133131102 4,350 36,421 SH   SOLE NONE 36,421 0 0
CB FINL SVCS INC COM 12479G101 2,415 110,973 SH   SOLE NONE 110,973 0 0
COASTAL FINL CORP WA COM NEW 19046P209 29,031 730,525 SH   SOLE NONE 730,525 0 0
CONNECTONE BANCORP INC COM 20786W107 9,214 399,582 SH   SOLE NONE 399,582 0 0
DIGITALBRIDGE GROUP INC CL A NEW 25401T603 8,393 670,922 SH   SOLE NONE 670,922 0 0
EQUITY RESIDENTIAL SH BEN INT 29476L107 2,772 41,244 SH   SOLE NONE 41,244 0 0
EVANS BANCORP INC COM NEW 29911Q208 5,800 158,264 SH   SOLE NONE 158,264 0 0
FINWARD BANCORP COM 31812F109 3,385 99,543 SH   SOLE NONE 99,543 0 0
FIRST BANCSHARES INC MS COM 318916103 7,987 267,394 SH   SOLE NONE 267,394 0 0
FLYWIRE CORPORATION COM VTG 302492103 5,214 227,103 SH   SOLE NONE 227,103 0 0
FVCBANKCORP INC COM 36120Q101 15,827 825,628 SH   SOLE NONE 825,628 0 0
HAWTHORN BANCSHARES INC COM 420476103 2,055 93,994 SH   SOLE NONE 93,994 0 0
HERITAGE COMM CORP COM 426927109 10,341 911,902 SH   SOLE NONE 911,902 0 0
INDEPENDENCE RLTY TR INC COM 45378A106 4,138 247,325 SH   SOLE NONE 247,325 0 0
INDUS REALTY TRUST INC COM 45580R103 2,467 47,104 SH   SOLE NONE 47,104 0 0
MARQETA INC CLASS A COM 57142B104 1,099 154,411 SH   SOLE NONE 154,411 0 0
MID PENN BANCORP INC COM 59540G107 3,329 115,874 SH   SOLE NONE 115,874 0 0
MVB FINL CORP COM 553810102 9,765 350,895 SH   SOLE NONE 350,895 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 2,445 286,594 SH   SOLE NONE 286,594 0 0
NEXPOINT RESIDENTIAL TR INC COM 65341D102 5,049 109,259 SH   SOLE NONE 109,259 0 0
NORTHEAST BK LEWISTON ME COM 66405S100 7,937 216,432 SH   SOLE NONE 216,432 0 0
OCEANFIRST FINL CORP COM 675234108 25,991 1,394,364 SH   SOLE NONE 1,394,364 0 0
ORIGIN BANCORP INC COM 68621T102 1,661 43,164 SH   SOLE NONE 43,164 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 844 10,412 SH   SOLE NONE 10,412 0 0
PROFESSIONAL HLDG CORP CL A COM 743139107 25,187 970,973 SH   SOLE NONE 970,973 0 0
PROLOGIS INC. COM 74340W103 469 4,612 SH   SOLE NONE 4,612 0 0
QCR HOLDINGS INC COM 74727A104 27,672 543,221 SH   SOLE NONE 543,221 0 0
RADIUS GLOBAL INFRASTRCTRE I COM CL A 750481103 11,330 1,202,795 SH   SOLE NONE 1,202,795 0 0
REXFORD INDL RLTY INC COM 76169C100 2,211 42,523 SH   SOLE NONE 42,523 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 19,600 129,803 SH   SOLE NONE 129,803 0 0
SOUTH PLAINS FINANCIAL INC COM 83946P107 3,853 139,805 SH   SOLE NONE 139,805 0 0
SOUTHERN FIRST BANCSHARES COM 842873101 17,860 428,707 SH   SOLE NONE 428,707 0 0
TERRENO RLTY CORP COM 88146M101 3,606 68,050 SH   SOLE NONE 68,050 0 0
UNIVEST FINANCIAL CORPORATIO COM 915271100 12,647 538,617 SH   SOLE NONE 538,617 0 0
USCB FINANCIAL HOLDINGS INC CLASS A COM 90355N101 4,527 345,283 SH   SOLE NONE 345,283 0 0
VALLEY NATL BANCORP COM 919794107 18,723 1,733,592 SH   SOLE NONE 1,733,592 0 0
VIRGINIA NATL BANKSHARES COR COM 928031103 6,308 194,465 SH   SOLE NONE 194,465 0 0
WELLTOWER INC COM 95040Q104 5,900 91,736 SH   SOLE NONE 91,736 0 0