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
AERCAP HOLDINGS NV SHS N00985106   1,300,600 17,500 SH   SOLE   17,500 0 0
ALGOMA STL GROUP INC COM 015658107   376,245 37,512 SH   SOLE   37,512 0 0
ALPHABET INC CAP STK CL C 02079K107   281,860 2,000 SH   SOLE   2,000 0 0
AMERIS BANCORP COM 03076K108   2,340,778 44,124 SH   SOLE   41,431 2,693 0
ANTERO RESOURCES CORP COM 03674X106   226,800 10,000 SH   SOLE   10,000 0 0
APA CORPORATION COM 03743Q108   358,800 10,000 SH   SOLE   10,000 0 0
ASSURED GUARANTY LTD COM G0585R106   2,118,587 28,312 SH   SOLE   28,312 0 0
AXOS FINANCIAL INC COM 05465C100   5,244,002 96,044 SH   SOLE   91,150 4,894 0
BANC OF CALIFORNIA INC COM 05990K106   5,963,068 444,011 SH   SOLE   402,980 41,031 0
BLUE RIDGE BANKSHARES INC VA COM 095825105   3,030,000 1,000,000 SH   SOLE   1,000,000 0 0
BROADWAY FINL CORP DEL CL A NEW 111444709   550,883 81,171 SH   SOLE   81,171 0 0
BRIDGEWATER BANCSHARES INC COM 108621103   820,340 60,676 SH   SOLE   38,261 22,415 0
BRIGHTSPHERE INVT GROUP INC COM 10948W103   1,721,833 89,866 SH   SOLE   89,866 0 0
CAPITAL ONE FINL CORP COM 14040H105   2,076,810 15,839 SH   SOLE   12,568 3,271 0
CITIGROUP INC COM NEW 172967424   514,400 10,000 SH   SOLE   10,000 0 0
COASTAL FINL CORP WA COM NEW 19046P209   5,137,793 115,690 SH   SOLE   103,995 11,695 0
COLUMBIA BKG SYS INC COM 197236102   3,540,463 132,701 SH   SOLE   124,124 8,577 0
COMERICA INC COM 200340107   976,284 17,493 SH   SOLE   12,931 4,562 0
CONNECTONE BANCORP INC COM 20786W107   543,883 23,740 SH   SOLE   15,029 8,711 0
CUMULUS MEDIA INC COM CL A 231082801   473,017 88,913 SH   SOLE   88,913 0 0
CUSTOMERS BANCORP INC COM 23204G100   2,824,590 49,021 SH   SOLE   49,021 0 0
DESIGNER BRANDS INC CL A 250565108   726,151 82,051 SH   SOLE   82,051 0 0
DEVON ENERGY CORP NEW COM 25179M103   453,000 10,000 SH   SOLE   10,000 0 0
DIAMONDBACK ENERGY INC COM 25278X109   387,700 2,500 SH   SOLE   2,500 0 0
EAST WEST BANCORP INC COM 27579R104   6,055,456 84,162 SH   SOLE   76,735 7,427 0
ENCORE CAP GROUP INC COM 292554102   1,750,571 34,494 SH   SOLE   34,494 0 0
ENERGY TRANSFER L P COM UT LTD PTN 29273V100   414,000 30,000 SH   SOLE   30,000 0 0
ENTERPRISE FINL SVCS CORP COM 293712105   3,174,883 71,106 SH   SOLE   66,860 4,246 0
EQUITABLE HLDGS INC COM 29452E101   2,041,790 61,315 SH   SOLE   61,315 0 0
F N B CORP COM 302520101   3,458,873 251,189 SH   SOLE   251,189 0 0
FIDELIS INSURANCE HOLDINGS L COM G3398L118   170,386 13,448 SH   SOLE   13,448 0 0
FIFTH THIRD BANCORP COM 316773100   667,899 19,365 SH   SOLE   12,311 7,054 0
FIRST BANCSHARES INC MS COM 318916103   4,282,063 145,996 SH   SOLE   134,112 11,884 0
FIRST CTZNS BANCSHARES INC N CL A 31946M103   5,441,750 3,835 SH   SOLE   3,467 368 0
FIRST HORIZON CORPORATION COM 320517105   2,317,383 163,657 SH   SOLE   153,581 10,076 0
FIRST MERCHANTS CORP COM 320817109   3,549,854 95,735 SH   SOLE   89,942 5,793 0
FIRST UTD CORP COM 33741H107   5,118,903 217,733 SH   SOLE   217,733 0 0
GENWORTH FINL INC COM CL A 37247D106   2,987,089 447,169 SH   SOLE   447,169 0 0
HANCOCK WHITNEY CORPORATION COM 410120109   810,919 16,689 SH   SOLE   10,537 6,152 0
HEARTLAND FINL USA INC COM 42234Q102   2,844,858 75,641 SH   SOLE   75,641 0 0
HERITAGE FINL CORP WASH COM 42722X106   707,902 33,095 SH   SOLE   20,743 12,352 0
HILLTOP HOLDINGS INC COM 432748101   1,049,610 29,810 SH   SOLE   29,810 0 0
HOMETRUST BANCSHARES INC COM 437872104   1,099,278 40,835 SH   SOLE   40,835 0 0
INDEPENDENT BANK GROUP INC COM 45384B106   4,551,063 89,447 SH   SOLE   86,934 2,513 0
INTERDIGITAL INC COM 45867G101   960,579 8,850 SH   SOLE   8,850 0 0
JACKSON FINANCIAL INC COM CL A 46817M107   1,947,187 38,031 SH   SOLE   38,031 0 0
KEYCORP COM 493267108   2,960,640 205,600 SH   SOLE   205,600 0 0
LINKBANCORP INC COM 53578P105   1,206,961 151,438 SH   SOLE   151,438 0 0
MERCHANTS BANCORP IND COM 58844R108   2,514,945 59,064 SH   SOLE   55,453 3,611 0
METROPOLITAN BK HLDG CORP COM 591774104   6,987,295 126,170 SH   SOLE   115,082 11,088 0
NATIONAL BK HLDGS CORP CL A 633707104   398,454 10,714 SH   SOLE   6,774 3,940 0
NB BANCORP INC COM 63945M107   2,757,250 205,000 SH   SOLE   205,000 0 0
NEW YORK CMNTY BANCORP INC COM 649445103   2,998,699 293,128 SH   SOLE   272,530 20,598 0
NEXPOINT DIVERSIFIED REL ET COM NEW 65340G205   2,307,853 290,296 SH   SOLE   290,296 0 0
OCEANFIRST FINL CORP COM 675234108   608,590 35,057 SH   SOLE   22,087 12,970 0
OLD NATL BANCORP IND COM 680033107   2,809,432 166,337 SH   SOLE   149,327 17,010 0
OLD SECOND BANCORP INC ILL COM 680277100   3,512,971 227,524 SH   SOLE   209,380 18,144 0
ONEMAIN HLDGS INC COM 68268W103   1,813,315 36,856 SH   SOLE   36,856 0 0
ONESPAN INC COM 68287N100   1,179,200 110,000 SH   SOLE   110,000 0 0
OPPENHEIMER HLDGS INC CL A NON VTG 683797104   1,470,992 35,600 SH   SOLE   35,600 0 0
ORIGIN BANCORP INC COM 68621T102   776,315 21,825 SH   SOLE   13,909 7,916 0
PAGAYA TECHNOLOGIES LTD *W EXP 09/01/202 M7S64L107   1,135,633 5,166,667 SH   SOLE   5,166,667 0 0
PAGAYA TECHNOLOGIES LTD CL A SHS M7S64L115   7,666,492 5,555,429 SH   SOLE   5,555,429 0 0
PEABODY ENERGY CORP COM 704551100   729,600 30,000 SH   SOLE   30,000 0 0
PEOPLES BANCORP INC COM 709789101   866,788 25,675 SH   SOLE   16,542 9,133 0
PINNACLE FINL PARTNERS INC COM 72346Q104   3,791,890 43,475 SH   SOLE   39,087 4,388 0
POPULAR INC COM NEW 733174700   1,053,286 12,834 SH   SOLE   8,269 4,565 0
PREMIER FINANCIAL CORP COM 74052F108   647,085 26,850 SH   SOLE   17,067 9,783 0
PROLOGIS INC. COM 74340W103   266,600 2,000 SH   SOLE   2,000 0 0
PROVIDENT FINL SVCS INC COM 74386T105   1,674,644 92,881 SH   SOLE   92,881 0 0
QCR HOLDINGS INC COM 74727A104   541,159 9,268 SH   SOLE   5,979 3,289 0
RED ROCK RESORTS INC CL A 75700L108   1,038,762 19,478 SH   SOLE   19,478 0 0
SANDY SPRING BANCORP INC COM 800363103   1,705,224 62,600 SH   SOLE   62,600 0 0
SIMON PPTY GROUP INC NEW COM 828806109   570,560 4,000 SH   SOLE   4,000 0 0
SLM CORP COM 78442P106   2,588,905 135,403 SH   SOLE   135,403 0 0
SOUTHERN CALIF BANCORP COM 84252A106   1,809,900 104,317 SH   SOLE   104,317 0 0
SPDR SER TR S&P REGL BKG 78464A698   211,765 4,039 SH   SOLE   4,039 0 0
STEEL PARTNERS HLDGS L P LTD PRTRSHIP U 85814R107   800,200 20,005 SH   SOLE   20,005 0 0
STELLAR BANCORP INC COM 858927106   619,468 22,251 SH   SOLE   14,034 8,217 0
SUMMIT FINL GROUP INC COM 86606G101   4,543,869 148,057 SH   SOLE   148,057 0 0
SURO CAPITAL CORP COM NEW 86887Q109   140,272 35,602 SH   SOLE   35,602 0 0
SYNOVUS FINL CORP COM NEW 87161C501   3,431,383 91,139 SH   SOLE   82,149 8,990 0
THE ODP CORP COM 88337F105   1,187,423 21,091 SH   SOLE   21,091 0 0
TRANSOCEAN LTD REG SHS H8817H100   158,750 25,000 SH   SOLE   25,000 0 0
TRINITY CAP INC COM 896442308   363,250 25,000 SH   SOLE   25,000 0 0
TRIUMPH FINANCIAL INC COM 89679E300   664,291 8,285 SH   SOLE   8,285 0 0
TRUIST FINL CORP COM 89832Q109   4,135,483 112,012 SH   SOLE   105,536 6,476 0
UMB FINL CORP COM 902788108   2,886,151 34,544 SH   SOLE   31,356 3,188 0
VALLEY NATL BANCORP COM 919794107   475,049 43,743 SH   SOLE   27,552 16,191 0
WEBSTER FINL CORP COM 947890109   5,062,143 99,727 SH   SOLE   94,258 5,469 0
WEST FRASER TIMBER CO LTD COM 952845105   598,889 6,998 SH   SOLE   6,998 0 0
WESTERN ALLIANCE BANCORP COM 957638109   4,745,235 72,127 SH   SOLE   69,120 3,007 0
WINTRUST FINL CORP COM 97650W108   3,473,209 37,447 SH   SOLE   32,864 4,583 0