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
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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   2,407,053 62,700 SH   SOLE   62,700 0 0
BANCORP DEL COM 05969A105   876,300 25,400 SH   SOLE   25,400 0 0
BANK HAWAII COM 062540109   372,675 7,500 SH   SOLE   7,500 0 0
BANKUNITED COM 06652K103   783,150 34,500 SH   SOLE   34,500 0 0
BRIDGEWATER BANCSHARES INC COM 108621103   761,206 80,296 SH   SOLE   80,296 0 0
BYLINE BANCORP COM 124411109   1,454,598 73,800 SH   SOLE   73,800 0 0
CADENCE BANK COM 12740C103   152,784 7,200 SH   SOLE   7,200 0 0
CAPSTAR FINL HLDGS INC COM 14070T102   1,964,535 138,445 SH   SOLE   138,445 0 0
CITIZENS CMNTY BANCORP MD COM 174903104   1,260,470 131,299 SH   SOLE   131,299 0 0
COASTAL FINL WA COM NEW 19046P209   772,380 18,000 SH   SOLE   18,000 0 0
COLUMBIA BKG SYS COM 197236102   1,678,810 82,700 SH   SOLE   82,700 0 0
CONNECTONE BANCORP INC NEW COM 20786W107   652,578 36,600 SH   SOLE   36,600 0 0
CVB FINL COM 126600105   561,723 33,900 SH   SOLE   33,900 0 0
EAST WEST BANCORP INC COM 27579R104   1,391,544 26,400 SH   SOLE   26,400 0 0
ENTERPRISE FINL SVCS CORP COM 293712105   2,602,500 69,400 SH   SOLE   69,400 0 0
FINANCIAL INSTNS COM 317585404   2,339,370 139,000 SH   SOLE   139,000 0 0
FIRST BUSINESS FINL SVCS W COM 319390100   2,838,946 94,600 SH   SOLE   94,600 0 0
FIRST INTST BANCSYSTEM CL A COM CL A 32055Y201   715,778 28,700 SH   SOLE   28,700 0 0
FIRST MERCHANTS COM 320817109   1,683,110 60,500 SH   SOLE   60,500 0 0
FIRST NATL COM 32106V107   846,284 48,057 SH   SOLE   48,057 0 0
FS BANCORP INC COM 30263Y104   935,563 31,714 SH   SOLE   31,714 0 0
HANCOCK WHITNEY CORPORATION COM 410120109   59,184 1,600 SH   SOLE   1,600 0 0
INVESTAR HLDG COM 46134L105   213,389 20,150 SH   SOLE   20,150 0 0
MERIDIAN CORPORATION COM 58958P104   2,389,725 243,974 SH   SOLE   243,974 0 0
MID PENN BANCORP INC COM 59540G107   152,988 7,600 SH   SOLE   7,600 0 0
OLD SECOND BANCORP ILL COM 680277100   5,186,771 381,100 SH   SOLE   381,100 0 0
ORRSTOWN FINL SVCS COM 687380105   3,246,045 154,500 SH   SOLE   154,500 0 0
PEOPLES BANCORP COM 709789101   2,779,110 109,500 SH   SOLE   109,500 0 0
PEOPLES BANCORP N C INC COM 710577107   15,397 700 SH   SOLE   700 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104   2,279,360 34,000 SH   SOLE   34,000 0 0
PLUMAS BANCORP COM 729273102   3,657,111 107,121 SH   SOLE   107,121 0 0
SOUTHERN CALIF BANCORP COM 84252A106   850,407 60,700 SH   SOLE   60,700 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101   2,556,579 94,899 SH   SOLE   94,899 0 0
SOUTHERN MO BANCORP INC COM 843380106   416,653 10,769 SH   SOLE   10,769 0 0
SOUTHSTATE CORPORATION COM 840441109   2,640,512 39,200 SH   SOLE   39,200 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101   594,740 26,386 SH   SOLE   26,386 0 0
TOWNEBANK PORTSMOUTH VA COM 89214P109   660,384 28,800 SH   SOLE   28,800 0 0
TRUIS FINL COM 89832Q109   434,872 15,200 SH   SOLE   15,200 0 0
UNITED BANKSHARES WEST VA COM 909907107   515,933 18,700 SH   SOLE   18,700 0 0
UNITY BANCORP COM 913290102   2,225,217 94,973 SH   SOLE   94,973 0 0
US BANCORP DEL COM NEW 902973304   1,484,394 44,900 SH   SOLE   44,900 0 0
USCB FINANCIAL HOLDINGS CLASS A CLASS A COM 90355N101   2,465,646 234,600 SH   SOLE   234,600 0 0
VERITEX HLDGS INC COM 923451108   87,955 4,900 SH   SOLE   4,900 0 0
VILLAGE BK & TR FINANCIAL CO COM NEW 92705T200   1,431,886 31,401 SH   SOLE   31,401 0 0
WEBSTER FINL COM 947890109   3,204,645 79,500 SH   SOLE   79,500 0 0
WESTERN ALLIANCE BANCORP COM 957638109   1,314,742 28,600 SH   SOLE   28,600 0 0