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
1st Capital Bancorp Common 319427100 6,511 445,970 SH   SOLE   445,970 0 0
1st Colonial Bancorp Common 319716106 3,200 335,444 SH   SOLE   335,444 0 0
1st Constitution Bancorp Common 31986N102 11,336 442,138 SH   SOLE   442,138 0 0
Alerus Financial Corporation Common 01446U103 6,090 208,000 SH   SOLE   208,000 0 0
Allegiance Bancshares, Inc. Common 01748H107 8,124 192,475 SH   SOLE   192,475 0 0
AMB Financial Corp. Common 001984103 650 26,000 SH   SOLE   26,000 0 0
American Business Bank Common 02475L105 25,015 633,463 SH   SOLE   633,463 0 0
American National Bankshares Inc. Common 027745108 1,473 39,092 SH   SOLE   39,092 0 0
American Riviera Bank Common 02932A106 4,972 245,046 SH   SOLE   245,046 0 0
Avidbank Holdings, Inc. Common 05368J103 11,288 449,725 SH   SOLE   449,725 0 0
Banc of California, Inc. Common 05990K106 12,721 648,356 SH   SOLE   648,356 0 0
Bank of Botetourt Common 063907208 1,386 46,204 SH   SOLE   46,204 0 0
Bank of Marin Bancorp Common 063425102 3,729 100,169 SH   SOLE   100,169 0 0
Bank of Princeton Common 064520109 2,669 91,011 SH   SOLE   91,011 0 0
Bank of the James Financial Group, Inc. Common 470299108 3,016 195,074 SH   SOLE   195,074 0 0
Bank7 Corp Common 06652N107 8,625 375,000 SH   SOLE   375,000 0 0
Bankwell Financial Group, Inc. Common 06654A103 8,559 260,623 SH   SOLE   260,623 0 0
Bay Community Bancorp Common 072205107 6,093 834,706 SH   SOLE   834,706 0 0
BayFirst Financial Corp. Common 07279B104 3,042 133,593 SH   SOLE   133,593 0 0
BCB Bancorp, Inc. Common 055298103 4,284 277,648 SH   SOLE   277,648 0 0
Beach Bancorp, Inc. Common 07332T100 3,375 900,000 SH   SOLE   900,000 0 0
Blue Ridge Bankshares, Inc. Common 095825105 19,172 1,071,081 SH   SOLE   1,071,081 0 0
Blueharbor Bank Common 095613105 1,929 142,351 SH   SOLE   142,351 0 0
Bridgewater Bancshares, Inc. Common 108621103 3,673 207,652 SH   SOLE   207,652 0 0
BTRS Holdings Inc. Common 11778X104 621 79,400 SH   SOLE   79,400 0 0
Business First Bancshares, Inc. Common 12326C105 6,455 228,003 SH   SOLE   228,003 0 0
Byline Bancorp, Inc. Common 124411109 18,941 692,523 SH   SOLE   692,523 0 0
California BanCorp Common 13005U101 16,416 773,259 SH   SOLE   773,259 0 0
Cambridge Bancorp Common 132152109 8,842 94,472 SH   SOLE   94,472 0 0
Capital Bancorp, Inc. Common 139737100 1,287 49,122 SH   SOLE   49,122 0 0
CapStar Financial Holdings, Inc. Common 14070T102 300 14,268 SH   SOLE   14,268 0 0
Cashmere Valley Bank Common 14756K102 6,333 88,567 SH   SOLE   88,567 0 0
CBTX, Inc. Common 12481V104 948 32,700 SH   SOLE   32,700 0 0
CCB Financial Common 19046P209 4,653 91,922 SH   SOLE   91,922 0 0
Centric Financial Corporation Common 15641J101 7,867 811,073 SH   SOLE   811,073 0 0
Century Financial Corporation Common 15652L102 1,807 68,434 SH   SOLE   68,434 0 0
Chino Commercial Bancorp Common 16957L102 2,190 167,179 SH   SOLE   167,179 0 0
Citizens Bancorp Common 172950107 1,875 111,634 SH   SOLE   111,634 0 0
Citizens Community Bancorp, Inc. Common 174903104 13,103 951,531 SH   SOLE   951,531 0 0
CNB Corporation Common 12612R105 1,180 14,348 SH   SOLE   14,348 0 0
CNB Financial Corporation Common 126128107 6,338 239,160 SH   SOLE   239,160 0 0
Coastal Carolina Bancshares, Inc. Common 190435107 2,633 251,992 SH   SOLE   251,992 0 0
CoastalSouth Bancshares, Inc. Common 19058X207 3,525 204,249 SH   SOLE   204,249 0 0
Codorus Valley Bancorp, Inc. Common 192025104 5,215 242,321 SH   SOLE   242,321 0 0
Colony Bankcorp Inc. Common 19623P101 14,842 869,500 SH   SOLE   869,500 0 0
Columbia Banking System, Inc. Common 197236102 131 4,000 SH   SOLE   4,000 0 0
Commencement Bancorp, Inc. Common 20051D107 3,605 269,060 SH   SOLE   269,060 0 0
Community Bancorp of Santa Maria Common 20344R103 1,203 106,443 SH   SOLE   106,443 0 0
Community Financial Corporation Common 20368X101 1,051 26,732 SH   SOLE   26,732 0 0
Community First Bancorporation Common 203916101 904 113,744 SH   SOLE   113,744 0 0
Community Heritage Financial Inc. Common 20370L103 1,569 64,558 SH   SOLE   64,558 0 0
ConnectOne Bancorp, Inc. Common 20786W107 18,390 562,204 SH   SOLE   562,204 0 0
Cornerstone Financial Corporation Common 21925G201 1,575 150,000 SH   SOLE   150,000 0 0
CrossFirst Bankshares, Inc. Common 22766M109 24,512 1,570,289 SH   SOLE   1,570,289 0 0
Crystal Valley Financial Common 22941P100 1,344 20,600 SH   SOLE   20,600 0 0
Dime Community Bancshares, Inc Common 25432X102 9,165 260,662 SH   SOLE   260,662 0 0
Eagle Bancorp, Inc. Common 268948106 2,556 43,810 SH   SOLE   43,810 0 0
Eagle Financial Services Inc. Common 26951R104 1,615 46,620 SH   SOLE   46,620 0 0
ECN Capital Corporation Common 26829L107 285 53,300 SH   SOLE   53,300 0 0
Enova International, Inc. Common 29357K103 7,136 174,214 SH   SOLE   174,214 0 0
Enterprise Bancorp, Inc. Common 293668109 14,321 318,821 SH   SOLE   318,821 0 0
Enterprise Financial Services Corp Common 293712105 1,318 27,995 SH   SOLE   27,995 0 0
Equity Bancshares, Inc. Common 29460X109 5,867 172,926 SH   SOLE   172,926 0 0
ES Bancshares, Inc. Common 296049109 1,880 361,445 SH   SOLE   361,445 0 0
Farmers & Merchants Bancorp Common 307795104 2,191 2,283 SH   SOLE   2,283 0 0
FB Financial Corp. Common 30257X104 7,216 164,678 SH   SOLE   164,678 0 0
Fentura Financial, Inc. Common 314645102 7,937 280,649 SH   SOLE   280,649 0 0
FineMark Holdings, Inc. Common 31788B108 29,481 854,516 SH   SOLE   854,516 0 0
Finward Bancorp Common 31812F109 2,261 49,291 SH   SOLE   49,291 0 0
First Bancshares, Inc. Common 318916103 3,714 96,179 SH   SOLE   96,179 0 0
First Bank Common 31931U102 16,577 1,142,453 SH   SOLE   1,142,453 0 0
First Business Financial Services Common 319390100 12,853 440,610 SH   SOLE   440,610 0 0
First Capital Bancshares, Inc. Common 31941G101 2,286 240,600 SH   SOLE   240,600 0 0
First Citrus Bancorporation, Inc. Common 31959T102 1,686 54,401 SH   SOLE   54,401 0 0
First Community Corporation Common 319835104 7,527 360,504 SH   SOLE   360,504 0 0
First Farmers and Merchants Corporation Common 320148109 443 12,500 SH   SOLE   12,500 0 0
First Foundation Inc. Common 32026V104 29,401 1,182,667 SH   SOLE   1,182,667 0 0
First Internet Bancorp Common 320557101 17,050 362,460 SH   SOLE   362,460 0 0
First National Corporation Common 32106V107 5,131 223,120 SH   SOLE   223,120 0 0
First Northern Community Bancorp Common 335925103 8,562 835,350 SH   SOLE   835,350 0 0
First Reliance Bancshares, Inc. Common 33615Q100 8,427 826,166 SH   SOLE   826,166 0 0
First Southern Bank Common 33650R104 1,874 196,250 SH   SOLE   196,250 0 0
First Virginia Community Bank Common 36120Q101 3,633 184,606 SH   SOLE   184,606 0 0
First Western Financial, Inc. Common 33751L105 21,568 710,417 SH   SOLE   710,417 0 0
Five Star Bancorp Common 33830T103 5,250 175,000 SH   SOLE   175,000 0 0
Foresight Financial Group, Inc. Common 345526107 5,303 161,181 SH   SOLE   161,181 0 0
Franklin Financial Services Corp. Common 353525108 2,806 84,796 SH   SOLE   84,796 0 0
Galaxy Digital Common G37092106 3,772 211,910 SH   SOLE   211,910 0 0
Grand River Commerce, Inc. Common 386441109 3,733 497,738 SH   SOLE   497,738 0 0
GrandSouth Bancorporation Common 386627301 3,183 117,885 SH   SOLE   117,885 0 0
HBT Financial, Inc. Common 404111106 23,108 1,233,737 SH   SOLE   1,233,737 0 0
Heritage Commerce Corp Common 426927109 14,791 1,238,754 SH   SOLE   1,238,754 0 0
Heritage Southeast Bancorporation, Inc. Common 42727V105 37 1,401 SH   SOLE   1,401 0 0
Howard Bancorp, Inc. Common 442496105 393 18,037 SH   SOLE   18,037 0 0
i3 Verticals, Inc. Common 46571Y107 688 30,200 SH   SOLE   30,200 0 0
Investar Holding Corporation Common 46134L105 10,405 565,199 SH   SOLE   565,199 0 0
Lakeland Bancorp, Inc. Common 511637100 13,919 732,941 SH   SOLE   732,941 0 0
Ledyard Financial Group, Inc. Common 523338101 429 17,374 SH   SOLE   17,374 0 0
LendingClub Corp. Common 52603A208 1,984 82,053 SH   SOLE   82,053 0 0
Level One Bancorp, Inc. Common 52730D208 14,702 372,758 SH   SOLE   372,758 0 0
Lewis & Clark Bancorp Common 52757L109 2,768 79,888 SH   SOLE   79,888 0 0
Limestone Bancorp, Inc. Common 53262L105 8,001 428,777 SH   SOLE   428,777 0 0
Live Oak Bancshares Common 53803X105 768 8,800 SH   SOLE   8,800 0 0
MainStreet Bancshares, Inc. Common 56064Y100 14,605 593,930 SH   SOLE   593,930 0 0
Malvern Bancorp, Inc. Common 561409103 8,336 531,959 SH   SOLE   531,959 0 0
McHenry Bancorp, Inc. Common 580683100 1,949 60,000 SH   SOLE   60,000 0 0
Mercantile Bank Corporation Common 587376104 16,322 465,945 SH   SOLE   465,945 0 0
Merchants Bancorp Common 58844R108 9,389 198,378 SH   SOLE   198,378 0 0
Merchants Financial Group, Inc. Common 588538108 8,107 107,728 SH   SOLE   107,728 0 0
Meridian Bank Common 58958P104 15,953 433,857 SH   SOLE   433,857 0 0
Metropolitan Bank Holding Corp. Common 591774104 17,371 163,061 SH   SOLE   163,061 0 0
Mid Penn Bank Common 59540G107 14,731 464,127 SH   SOLE   464,127 0 0
Mission Valley Bancorp Common 60520E104 3,349 234,190 SH   SOLE   234,190 0 0
Mountain Commerce Bancorp Common 624004107 14,709 478,354 SH   SOLE   478,354 0 0
MPB BHC, Inc. Common 55317L105 4,384 207,767 SH   SOLE   207,767 0 0
MPB BHC, Inc. (arb) Common 55317L105 2,047 97,000 SH   SOLE   97,000 0 0
MVB Financial Corp. Common 553810102 3,560 85,733 SH   SOLE   85,733 0 0
nCino, Inc. Common 63947X101 395 7,200 SH   SOLE   7,200 0 0
Nicolet Bankshares, Inc. Common 65406E102 1,179 13,753 SH   SOLE   13,753 0 0
Northway Financial, Inc. Common 667270201 5,507 168,138 SH   SOLE   168,138 0 0
Nuvei Corp Common 67079A102 357 5,500 SH   SOLE   5,500 0 0
Oak Ridge Financial Services, Inc. Common 671768109 1,201 66,364 SH   SOLE   66,364 0 0
Oak Valley Bancorp Common 671807105 5,337 306,747 SH   SOLE   306,747 0 0
Old Second Bancorp, Inc. Common 680277100 24,544 1,949,456 SH   SOLE   1,949,456 0 0
Open Lending Corporation Common 68373J104 356 15,840 SH   SOLE   15,840 0 0
Orange County Bancorp Common 68417L107 17,212 428,164 SH   SOLE   428,164 0 0
Oregon Pacific Bancorp Common 686040205 4,980 677,586 SH   SOLE   677,586 0 0
Origin Bancorp Inc. Common 68621T102 9,766 227,542 SH   SOLE   227,542 0 0
Pacific Financial Corporation Common 694275108 6,922 607,205 SH   SOLE   607,205 0 0
Pacific West Bank Common 69506W202 2,444 185,715 SH   SOLE   185,715 0 0
Paya Holdings Inc. Common 70434P103 384 60,604 SH   SOLE   60,604 0 0
Payoneer Global Inc Common 70451X104 685 93,200 SH   SOLE   93,200 0 0
Peapack-Gladstone Financial Corporation Common 704699107 27,431 774,890 SH   SOLE   774,890 0 0
Peoples Bancorp Common 70979X107 3,242 14,737 SH   SOLE   14,737 0 0
Pilot Bancshares, Inc. Common 721530103 3,571 571,429 SH   SOLE   571,429 0 0
Pinnacle Bancshares, Inc. Common 722903101 963 24,065 SH   SOLE   24,065 0 0
Pinnacle Bank Common 72346K107 3,486 272,682 SH   SOLE   272,682 0 0
Pinnacle Bankshares Corporation Common 72345E102 1,739 70,393 SH   SOLE   70,393 0 0
Pioneer Bancshares, Inc Common 72357G102 2,910 97,000 SH   SOLE   97,000 0 0
Potomac Bancshares, Inc. Common 737643106 763 41,492 SH   SOLE   41,492 0 0
Prime Meridian Holding Company Common 74164R107 6,020 213,176 SH   SOLE   213,176 0 0
Primis Financial Corporation Common 74167B109 21,336 1,418,643 SH   SOLE   1,418,643 0 0
Private Bancorp of America, Inc. Common 74274F100 8,694 322,597 SH   SOLE   322,597 0 0
Professional Holding Corp. Common 743139107 3,427 178,887 SH   SOLE   178,887 0 0
Provident Financial Services, Inc. Common 74386T105 5,261 217,212 SH   SOLE   217,212 0 0
PSB Holdings, Inc. Common 69360N108 7,283 279,563 SH   SOLE   279,563 0 0
QNB Corp. Common 74726N107 4,361 121,135 SH   SOLE   121,135 0 0
Red River Bancshares, Inc. Common 75686R202 1,783 33,334 SH   SOLE   33,334 0 0
Reliant Bancorp, Inc. Common 75956B101 6,372 179,497 SH   SOLE   179,497 0 0
Republic First Bancorp, Inc. Common 760416107 3,731 1,003,081 SH   SOLE   1,003,081 0 0
River City Bank Common 76803X106 6,764 24,867 SH   SOLE   24,867 0 0
Riverview Bancorp, Inc. Common 769397100 1,102 143,288 SH   SOLE   143,288 0 0
Salisbury Bancorp, Inc. Common 795226109 2,382 43,336 SH   SOLE   43,336 0 0
Sandy Spring Bancorp Inc. Common 800363103 1,057 21,991 SH   SOLE   21,991 0 0
Santa Cruz County Bank Common 801827106 16,158 343,423 SH   SOLE   343,423 0 0
Seacoast Banking Corporation of Florida Common 811707801 2,622 74,095 SH   SOLE   74,095 0 0
Shore Bancshares, Inc. Common 825107105 8,707 417,591 SH   SOLE   417,591 0 0
Sierra Bancorp Common 82620P102 4,245 156,354 SH   SOLE   156,354 0 0
Signature Bank Common 82669G104 2,976 9,200 SH   SOLE   9,200 0 0
Silvercrest Asset Management Group Inc. Common 828359109 3,490 203,286 SH   SOLE   203,286 0 0
Silvergate Capital Corporation Common 82837P408 1,919 12,950 SH   SOLE   12,950 0 0
SmartFinancial, Inc. Common 83190L208 18,583 679,185 SH   SOLE   679,185 0 0
South Atlantic Bancshares, Inc. Common 83636T104 6,541 423,608 SH   SOLE   423,608 0 0
South Plains Financial, Inc. Common 83946P107 5,838 209,919 SH   SOLE   209,919 0 0
Southern BancShares (N.C.), Inc. Common 842243107 10,973 1,995 SH   SOLE   1,995 0 0
Southern California Bancorp Common 84252A106 10,978 732,351 SH   SOLE   732,351 0 0
Southern First Bancshares, Inc. Common 842873101 21,781 348,552 SH   SOLE   348,552 0 0
Southern States Bancshares, Inc. Common 843878307 8,343 426,322 SH   SOLE   426,322 0 0
SouthPoint Bancshares, Inc. Common 844647107 3,669 104,826 SH   SOLE   104,826 0 0
Spirit of Texas Bancshares, Inc. Common 84861D103 16,578 576,008 SH   SOLE   576,008 0 0
Sterling Bancorp, Inc. Common 85917W102 2,887 502,061 SH   SOLE   502,061 0 0
Summit Bank Group, Inc. Common 86603R100 256 17,375 SH   SOLE   17,375 0 0
Summit State Bank Common 866264203 3,189 205,850 SH   SOLE   205,850 0 0
Suncrest Bank Common 86723G109 11,010 626,271 SH   SOLE   626,271 0 0
Surrey Bancorp Common 86888W105 957 63,785 SH   SOLE   63,785 0 0
SVB Financial Group Common 78486Q101 6,421 9,467 SH   SOLE   9,467 0 0
Synovus Financial Corp. Common 87161C501 3,089 64,526 SH   SOLE   64,526 0 0
Texas Capital Bancshares, Inc. Common 88224Q107 8,989 149,200 SH   SOLE   149,200 0 0
The Bancorp, Inc. Common 05969A105 845 33,400 SH   SOLE   33,400 0 0
Third Coast Bancshares Common 88422P109 7,145 275,000 SH   SOLE   275,000 0 0
Town and Country Financial Corporation Common 892039108 297 10,914 SH   SOLE   10,914 0 0
Traditions Bancorp, Inc. Common 89269L102 3,873 177,235 SH   SOLE   177,235 0 0
Tri City Bankshares Corporation Common 895364107 3,680 172,141 SH   SOLE   172,141 0 0
TriState Capital Holdings, Inc. Common 89678F100 5,323 175,913 SH   SOLE   175,913 0 0
Triumph Bancorp, Inc. Common 89679E300 39,465 331,418 SH   SOLE   331,418 0 0
Two Rivers Financial Group, Inc. Common 90206L106 3,201 75,044 SH   SOLE   75,044 0 0
United Bancorporation of Alabama, Inc. Common 90944R100 3,289 111,200 SH   SOLE   111,200 0 0
United Bankshares Common 909907107 585 16,118 SH   SOLE   16,118 0 0
Unity Bancorp, Inc. Common 913290102 20,221 770,323 SH   SOLE   770,323 0 0
USCB Financial Holdings Inc. Common 90355N101 5,254 375,000 SH   SOLE   375,000 0 0
Veritex Holdings, Inc. Common 923451108 1,122 28,215 SH   SOLE   28,215 0 0
Village Bank and Trust Financial Corp. Common 92705T200 1,321 22,838 SH   SOLE   22,838 0 0
Virginia National Bankshares Corp. Common 928031103 1,832 48,357 SH   SOLE   48,357 0 0
Voyager Digital Common 92919V108 4,378 350,775 SH   SOLE   350,775 0 0
W.T.B. Financial Corporation Common 929334209 6,528 16,957 SH   SOLE   16,957 0 0
Westbury Bancorp, Inc. Common 95727P106 3,251 108,131 SH   SOLE   108,131 0 0
WEX Inc. Common 96208T104 1,398 9,955 SH   SOLE   9,955 0 0
White River Bancshares Company Common 96445A108 3,825 47,227 SH   SOLE   47,227 0 0