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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AMERIS BANCORP COM 03076K108   2,984 63,300 SH   SOLE   63,300 0 0
BANCORP DEL COM 05969A105   721 25,400 SH   SOLE   25,400 0 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103   2,516 141,800 SH   SOLE   141,800 0 0
BYLINE BANCORP COM 124411109   1,741 75,790 SH   SOLE   75,790 0 0
CADENCE BANK COM 12740C103   1,001 40,600 SH   SOLE   40,600 0 0
CAPSTAR FINL HLDGS INC COM 14070T102   3,068 173,700 SH   SOLE   173,700 0 0
CITIZENS CMNTY BANCORP MD COM 174903104   897 74,566 SH   SOLE   74,566 0 0
COASTAL FINL WA COM NEW 19046P209   855 18,000 SH   SOLE   18,000 0 0
CONNECTONE BANCORP INC NEW COM 20786W107   2,084 86,100 SH   SOLE   86,100 0 0
EAST WEST BANCORP INC COM 27579R104   1,713 26,000 SH   SOLE   26,000 0 0
ENTERPRISE FINL SVCS CORP COM 293712105   3,427 70,000 SH   SOLE   70,000 0 0
FINANCIAL INSTNS COM 317585404   1,754 72,000 SH   SOLE   72,000 0 0
FIRST BUSINESS FINL SVCS W COM 319390100   4,452 121,800 SH   SOLE   121,800 0 0
FIRST INTST BANCSYSTEM CL A COM CL A 32055Y201   3,262 84,400 SH   SOLE   84,400 0 0
FIRST MERCHANTS COM 320817109   1,052 25,583 SH   SOLE   25,583 0 0
FIRST NATL COM 32106V107   825 48,157 SH   SOLE   48,157 0 0
FIVE STAR BANCORP COM 33830T103   336 12,347 SH   SOLE   12,347 0 0
FS BANCORP INC COM 30263Y104   906 27,100 SH   SOLE   27,100 0 0
GERMAN AMERN BANCORP COM 373865104   172 4,599 SH   SOLE   4,599 0 0
HANCOCK WHITNEY CORPORATION COM 410120109   53 1,100 SH   SOLE   1,100 0 0
HAWTHORN BANCSHARES INC COM 420476103   327 15,040 SH   SOLE   15,040 0 0
INVESTAR HLDG COM 46134L105   677 31,444 SH   SOLE   31,444 0 0
LAKELAND BANCORP INC COM 511637100   402 22,800 SH   SOLE   22,800 0 0
LIMESTONE BANCORP COM 53262L105   656 26,875 SH   SOLE   26,875 0 0
MERIDIAN CORPORATION COM 58958P104   3,671 121,204 SH   SOLE   121,204 0 0
METROPOLITAN BK HLDG COM 591774104   117 2,000 SH   SOLE   2,000 0 0
MID PENN BANCORP INC COM 59540G107   447 14,900 SH   SOLE   14,900 0 0
OLD SECOND BANCORP ILL COM 680277100   6,241 389,100 SH   SOLE   389,100 0 0
ORRSTOWN FINL SVCS COM 687380105   3,897 168,272 SH   SOLE   168,272 0 0
PACWEST BANCORP DEL COM 695263103   606 26,400 SH   SOLE   26,400 0 0
PEOPLES BANCORP N C INC COM 710577107   538 16,515 SH   SOLE   16,515 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104   2,694 36,700 SH   SOLE   36,700 0 0
PLUMAS BANCORP COM 729273102   4,454 120,211 SH   SOLE   120,211 0 0
SERVISFIRST BANCSHARES INC COM 81768T108   2,998 43,500 SH   SOLE   43,500 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104   346 3,000 SH   SOLE   3,000 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101   4,593 100,400 SH   SOLE   100,400 0 0
SOUTHERN MO BANCORP INC COM 843380106   906 19,767 SH   SOLE   19,767 0 0
SOUTHSTATE CORPORATION COM 840441109   2,421 31,700 SH   SOLE   31,700 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101   2,800 112,500 SH   SOLE   112,500 0 0
TOWNEBANK PORTSMOUTH VA COM 89214P109   1,542 50,000 SH   SOLE   50,000 0 0
UNITED BANKSHARES WEST VA COM 909907107   2,336 57,700 SH   SOLE   57,700 0 0
UNITY BANCORP COM 913290102   2,624 96,000 SH   SOLE   96,000 0 0
UNIVEST FINANCIAL CORPORATION COM 915271100   455 17,400 SH   SOLE   17,400 0 0
USCB FINANCIAL HOLDINGS CLASS A CLASS A COM 90355N101   1,352 110,797 SH   SOLE   110,797 0 0
VERITEX HLDGS INC COM 923451108   1,674 59,600 SH   SOLE   59,600 0 0
VILLAGE BK & TR FINANCIAL CO COM NEW 92705T200   1,663 31,856 SH   SOLE   31,856 0 0
WESTERN ALLIANCE BANCORP COM 957638109   3,574 60,000 SH   SOLE   60,000 0 0