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
ALLSTATE CORP COM 020002101 BBG000BVMGF2 1,426,605 12,805 SH   SOLE   12,805 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 BBG000BBDZG3 633,937 10,461 SH   SOLE   10,461 0 0
AMERICOLD REALTY TRUST INC COM 03064D108 BBG000QF05R6 1,158,347 38,091 SH   SOLE   38,091 0 0
AMERIS BANCORP COM 03076K108 BBG000CDY3H5 33,385,364 869,637 SH   SOLE   869,637 0 0
ARBOR REALTY TRUST INC COM 038923108 BBG00MYZFZG5 884,114 58,242 SH   SOLE   58,242 0 0
ARCH CAP GROUP LTD ORD G0450A105 BBG000HXNN20 1,266,751 15,892 SH   SOLE   15,892 0 0
ASSURED GUARANTY LTD COM G0585R106 BBG000CQB185 1,510,761 24,963 SH   SOLE   24,963 0 0
AVALONBAY CMNTYS INC COM 053484101 BBG000BLPBL5 621,527 3,619 SH   SOLE   3,619 0 0
AXOS FINANCIAL INC COM 05465C100 BBG000QPHD08 8,534,439 225,421 SH   SOLE   225,421 0 0
BANC OF CALIFORNIA INC COM 05990K106 BBG000F7VG25 16,933,228 1,367,789 SH   SOLE   1,367,789 0 0
BANNER CORP COM NEW 06652V208 BBG000MVZH28 15,392,162 363,194 SH   SOLE   363,194 0 0
BAYCOM CORP COM 07272M107 BBG00FWKRBS2 1,245,500 64,836 SH   SOLE   64,836 0 0
BLACKROCK INC COM 09247X101 BBG000C2PW58 334,882 518 SH   SOLE   518 0 0
BLACKSTONE SECD LENDING FD COMMON STOCK 09261X102 BBG00MS80PM3 1,273,635 46,551 SH   SOLE   46,551 0 0
BLUE OWL CAPITAL CORPORATION COM 69121K104 BBG00DB0XYC4 628,070 45,348 SH   SOLE   45,348 0 0
BROWN & BROWN INC COM 115236101 BBG000BWSGF4 1,492,411 21,369 SH   SOLE   21,369 0 0
CAMBRIDGE BANCORP COM 132152109 BBG000C2D195 5,574,394 89,491 SH   SOLE   89,491 0 0
CAPITAL BANCORP INC MD COM 139737100 BBG000G2Z909 197,039 10,300 SH   SOLE   10,300 0 0
CAPSTAR FINL HLDGS INC COM 14070T102 BBG00CW88W83 8,415,067 593,028 SH   SOLE   593,028 0 0
CINCINNATI FINL CORP COM 172062101 BBG000BFPK65 1,564,219 15,292 SH   SOLE   15,292 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 BBG000NFKDB7 9,135,302 951,594 SH   SOLE   951,594 0 0
CNB FINL CORP PA COM 126128107 BBG000BKPZC4 9,743,470 538,016 SH   SOLE   538,016 0 0
CODORUS VY BANCORP INC COM 192025104 BBG000BRYD38 15,939,642 855,131 SH   SOLE   855,131 0 0
COLUMBIA BKG SYS INC COM 197236102 BBG000CTGXS2 32,032,324 1,577,947 SH   SOLE   1,577,947 0 0
COMMUNITY WEST BANCSHARES COM 204157101 BBG000JF5K69 1,212,539 93,344 SH   SOLE   93,344 0 0
DYNEX CAP INC COM 26817Q886 BBG000FBJQM6 1,381,446 115,699 SH   SOLE   115,699 0 0
EASTERN BANKSHARES INC COM 27627N105 BBG00W9KWXC4 14,140,480 1,127,630 SH   SOLE   1,127,630 0 0
ENVESTNET INC COM 29404K106 BBG000Q4NZ54 2,694,196 61,190 SH   SOLE   61,190 0 0
EQUINIX INC COM 29444U700 BBG000MBDGM6 2,046,601 2,818 SH   SOLE   2,818 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 BBG000QKJS40 24,740,975 1,027,876 SH   SOLE   1,027,876 0 0
ESSA BANCORP INC COM 29667D104 BBG000R3PVY0 15,506,081 1,033,050 SH   SOLE   1,033,050 0 0
EVANS BANCORP INC COM NEW 29911Q208 BBG000CB1FM2 14,478,244 540,233 SH   SOLE   540,233 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 BBG006N7S6K9 801,261 19,401 SH   SOLE   19,401 0 0
FIFTH THIRD BANCORP COM 316773100 BBG000BJL3N0 1,078,197 42,566 SH   SOLE   42,566 0 0
FIRST BANCSHARES INC MS COM 318916103 BBG000BHWFN5 45,075,554 1,671,322 SH   SOLE   1,671,322 0 0
FIRST MERCHANTS CORP COM 320817109 BBG000BBSJ28 3,042,451 109,362 SH   SOLE   109,362 0 0
FIRST SVGS FINL GROUP INC COM 33621E109 BBG000FPK736 5,808,679 394,472 SH   SOLE   394,472 0 0
FIRST WESTN FINL INC COM 33751L105 BBG000BK7L26 6,702,123 369,263 SH   SOLE   369,263 0 0
FVCBANKCORP INC COM 36120Q101 BBG000DS5RF2 14,904,038 1,163,469 SH   SOLE   1,163,469 0 0
GALLAGHER ARTHUR J & CO COM 363576109 BBG000BBHXQ3 1,601,664 7,027 SH   SOLE   7,027 0 0
GOLUB CAP BDC INC COM 38173M102 BBG000PXNF64 1,469,068 100,141 SH   SOLE   100,141 0 0
GOOSEHEAD INS INC COM CL A 38267D109 BBG00KHHBMC5 1,045,432 14,027 SH   SOLE   14,027 0 0
HANOVER INS GROUP INC COM 410867105 BBG000FJH8W0 542,026 4,884 SH   SOLE   4,884 0 0
HAWTHORN BANCSHARES INC COM 420476103 BBG000BHQP32 1,168,164 71,887 SH   SOLE   71,887 0 0
HCI GROUP INC COM 40416E103 BBG000F4DVC8 2,257,704 41,586 SH   SOLE   41,586 0 0
HERCULES CAPITAL INC COM 427096508 BBG000C2R8K2 998,435 60,806 SH   SOLE   60,806 0 0
HERITAGE COMM CORP COM 426927109 BBG000C48437 13,214,428 1,560,145 SH   SOLE   1,560,145 0 0
HMN FINL INC COM 40424G108 BBG000D93RD8 5,422,456 283,453 SH   SOLE   283,453 0 0
HOME BANCORP INC COM 43689E107 BBG000J31X35 25,116,938 788,106 SH   SOLE   788,106 0 0
HOMETRUST BANCSHARES INC COM 437872104 BBG002CV5W70 36,388,524 1,679,212 SH   SOLE   1,679,212 0 0
HUNTINGTON BANCSHARES INC COM 446150104 BBG000BKWSR6 2,531,360 243,400 SH   SOLE   243,400 0 0
INDEPENDENT BANK GROUP INC COM 45384B106 BBG003981NS4 16,456,162 416,085 SH   SOLE   416,085 0 0
INDEPENDENT BK CORP MICH COM NEW 453838609 BBG000BLN9N0 23,633,988 1,288,658 SH   SOLE   1,288,658 0 0
JANUS HENDERSON GROUP PLC ORD SHS G4474Y214 BBG00GSNPM07 342,270 13,256 SH   SOLE   13,256 0 0
JOHN MARSHALL BANCORP INC COM 47805L101 BBG000LM3ZW1 1,900,632 106,478 SH   SOLE   106,478 0 0
KEMPER CORP COM 488401100 BBG000H3GDJ8 911,463 21,686 SH   SOLE   21,686 0 0
LANDSEA HOMES CORP COM 51509P103 BBG00L99PRQ9 1,738,540 193,386 SH   SOLE   193,386 0 0
LINKBANCORP INC COM 53578P105 BBG00M69LH40 10,214,028 1,491,099 SH   SOLE   1,491,099 0 0
MASTERCARD INCORPORATED CL A 57636Q104 BBG000F1ZSQ2 881,692 2,227 SH   SOLE   2,227 0 0
MERCHANTS BANCORP IND COM 58844R108 BBG000RMQZS5 8,568,280 309,101 SH   SOLE   309,101 0 0
MIDLAND STATES BANCORP INC COM 597742105 BBG000G2ZK31 27,053,501 1,317,113 SH   SOLE   1,317,113 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 BBG000BQVV88 2,577,417 126,779 SH   SOLE   126,779 0 0
MR COOPER GROUP INC COM 62482R107 BBG002V098F7 2,696,960 50,354 SH   SOLE   50,354 0 0
NASDAQ INC COM 631103108 BBG000F5VVB6 3,369,036 69,336 SH   SOLE   69,336 0 0
NATIONAL BK HLDGS CORP CL A 633707104 BBG003D8Y833 4,823,620 162,084 SH   SOLE   162,084 0 0
NEWMARK GROUP INC CL A 65158N102 BBG00J24S765 1,792,575 278,783 SH   SOLE   278,783 0 0
OCEANFIRST FINL CORP COM 675234108 BBG000GYLFT9 5,988,757 413,874 SH   SOLE   413,874 0 0
OLD NATL BANCORP IND COM 680033107 BBG000KFW1C2 20,175,428 1,387,581 SH   SOLE   1,387,581 0 0
OLD POINT FINL CORP COM 680194107 BBG000BSBQ78 6,577,474 360,015 SH   SOLE   360,015 0 0
OLD SECOND BANCORP INC ILL COM 680277100 BBG000BLFSZ4 36,035,537 2,647,725 SH   SOLE   2,647,725 0 0
P10 INC COM CL A 69376K106 BBG012QFRJQ3 1,444,111 123,958 SH   SOLE   123,958 0 0
PARTNERS BANCORP COM 70213Q108 BBG000BPGVM1 8,153,667 1,052,086 SH   SOLE   1,052,086 0 0
PAYLOCITY HLDG CORP COM 70438V106 BBG006598YS8 1,529,732 8,419 SH   SOLE   8,419 0 0
PEOPLES BANCORP INC COM 709789101 BBG000BDPPR6 1,225,956 48,304 SH   SOLE   48,304 0 0
PHILLIPS EDISON & CO INC COMMON STOCK 71844V201 BBG011RJSSB1 1,384,900 41,291 SH   SOLE   41,291 0 0
PIONEER BANCORP INC MD COM 723561106 BBG00PFB4RR0 15,344,732 1,796,807 SH   SOLE   1,796,807 0 0
PIPER SANDLER COMPANIES COM 724078100 BBG000FQXC75 1,778,304 12,238 SH   SOLE   12,238 0 0
POPULAR INC COM NEW 733174700 BBG000BDNB35 263,886 4,188 SH   SOLE   4,188 0 0
PREMIER FINANCIAL CORP COM 74052F108 BBG000BHZ4J2 6,976,636 408,947 SH   SOLE   408,947 0 0
PROGRESSIVE CORP COM 743315103 BBG000BR37X2 1,208,845 8,678 SH   SOLE   8,678 0 0
PROLOGIS INC. COM 74340W103 BBG000B9Z0J8 1,272,686 11,342 SH   SOLE   11,342 0 0
PULTE GROUP INC COM 745867101 BBG000BR54L0 1,986,910 26,832 SH   SOLE   26,832 0 0
QCR HOLDINGS INC COM 74727A104 BBG000BYZSM8 31,856,388 656,562 SH   SOLE   656,562 0 0
RBB BANCORP COM 74930B105 BBG002537TC9 21,027,023 1,645,307 SH   SOLE   1,645,307 0 0
REINSURANCE GRP OF AMERICA I COM NEW 759351604 BBG000BDLCQ0 3,088,917 21,275 SH   SOLE   21,275 0 0
RICHMOND MUT BANCORPORATION COM 76525P100 BBG000KWLYL5 1,490,588 133,685 SH   SOLE   133,685 0 0
RIVERVIEW BANCORP INC COM 769397100 BBG000BGZL88 12,085,044 2,173,569 SH   SOLE   2,173,569 0 0
SB FINL GROUP INC COM 78408D105 BBG000BJQTT2 5,042,534 373,521 SH   SOLE   373,521 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 BBG000KK3464 2,882,162 131,246 SH   SOLE   131,246 0 0
SHORE BANCSHARES INC COM 825107105 BBG000BS3PL3 1,605,783 152,641 SH   SOLE   152,641 0 0
SOUND FINL BANCORP INC COM 83607A100 BBG000BD3F92 7,526,131 203,574 SH   SOLE   203,574 0 0
SOUTHERN CALIF BANCORP COM 84252A106 BBG000QJ8KD2 7,836,115 559,323 SH   SOLE   559,323 0 0
SOUTHERN FIRST BANCSHARES COM 842873101 BBG000C0C4Q5 21,309,782 791,009 SH   SOLE   791,009 0 0
SOUTHERN MO BANCORP INC COM 843380106 BBG000C3ZNH2 28,567,574 738,371 SH   SOLE   738,371 0 0
STAG INDL INC COM 85254J102 BBG000BGLFP7 858,367 24,873 SH   SOLE   24,873 0 0
STELLAR BANCORP INC COM 858927106 BBG00HZ69KP9 9,347,392 438,433 SH   SOLE   438,433 0 0
STERLING BANCORP INC COM 85917W102 BBG00328QCC5 23,588,636 4,039,150 SH   SOLE   4,039,150 0 0
TEXAS CAP BANCSHARES INC COM 88224Q107 BBG000DN4ZT1 8,084,850 137,264 SH   SOLE   137,264 0 0
TOLL BROTHERS INC COM 889478103 BBG000BVHBM1 1,823,114 24,650 SH   SOLE   24,650 0 0
TRI POINTE HOMES INC COM 87265H109 BBG0016YQTR5 1,661,567 60,752 SH   SOLE   60,752 0 0
TRINITY CAP INC COM 896442308 BBG00T6WFZ96 1,856,970 133,403 SH   SOLE   133,403 0 0
UNITED SEC BANCSHARES CALIF COM 911460103 BBG000G81WK0 4,575,838 615,032 SH   SOLE   615,032 0 0
URBAN EDGE PPTYS COM 91704F104 BBG006BFYQN0 160,337 10,507 SH   SOLE   10,507 0 0
VERITEX HLDGS INC COM 923451108 BBG000QG9SX8 9,511,831 529,907 SH   SOLE   529,907 0 0
WELLTOWER INC COM 95040Q104 BBG000BKY1G5 642,253 7,840 SH   SOLE   7,840 0 0
WESTERN ALLIANCE BANCORP COM 957638109 BBG000Q1KFH4 19,298,160 419,799 SH   SOLE   419,799 0 0
WINTRUST FINL CORP COM 97650W108 BBG000HD3DW5 22,525,878 298,356 SH   SOLE   298,356 0 0
ZILLOW GROUP INC CL C CAP STK 98954M200 BBG009NRSWJ4 2,366,900 51,276 SH   SOLE   51,276 0 0