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
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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
ACADIA RLTY TR COM SH BEN INT 004239109 BBG000BJGD54 1,858,513 109,260 SH   SOLE   109,260 0 0
AGNC INVT CORP COM 00123Q104 BBG000TJ8XZ7 3,800,303 383,869 SH   SOLE   383,869 0 0
ALLSTATE CORP COM 020002101 BBG000BVMGF2 2,305,704 13,327 SH   SOLE   13,327 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 BBG000BBDZG3 592,450 7,579 SH   SOLE   7,579 0 0
AMERICOLD REALTY TRUST INC COM 03064D108 BBG000QF05R6 517,887 20,782 SH   SOLE   20,782 0 0
AMERIS BANCORP COM 03076K108 BBG000CDY3H5 34,809,168 719,495 SH   SOLE   719,495 0 0
ARCH CAP GROUP LTD ORD G0450A105 BBG000HXNN20 1,820,328 19,692 SH   SOLE   19,692 0 0
BANC OF CALIFORNIA INC COM 05990K106 BBG000F7VG25 33,556,424 2,206,208 SH   SOLE   2,206,208 0 0
BANNER CORP COM NEW 06652V208 BBG000MVZH28 11,172,000 232,750 SH   SOLE   232,750 0 0
BAYCOM CORP COM 07272M107 BBG00FWKRBS2 1,336,270 64,836 SH   SOLE   64,836 0 0
BLUE OWL CAPITAL INC COM CL A 09581B103 BBG00XV417R8 520,121 27,578 SH   SOLE   27,578 0 0
BROWN & BROWN INC COM 115236101 BBG000BWSGF4 2,667,606 30,473 SH   SOLE   30,473 0 0
CAPITAL BANCORP INC MD COM 139737100 BBG000G2Z909 614,652 29,508 SH   SOLE   29,508 0 0
CAPITAL SOUTHWEST CORP COM 140501107 BBG000BGJ661 2,051,837 82,205 SH   SOLE   82,205 0 0
CARLYLE GROUP INC COM 14316J108 BBG000BH3F20 1,165,667 24,849 SH   SOLE   24,849 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 BBG000NFKDB7 11,561,867 951,594 SH   SOLE   951,594 0 0
CLEARWATER ANALYTICS HLDGS I CL A 185123106 BBG012C765L4 1,575,295 89,050 SH   SOLE   89,050 0 0
CODORUS VY BANCORP INC COM 192025104 BBG000BRYD38 19,462,782 855,131 SH   SOLE   855,131 0 0
COMMUNITY WEST BANCSHARES COM 204157101 BBG000MZYM65 1,444,965 93,344 SH   SOLE   93,344 0 0
COREBRIDGE FINL INC COM 21871X109 BBG016HJ8729 344,128 11,978 SH   SOLE   11,978 0 0
EASTERN BANKSHARES INC COM 27627N105 BBG00W9KWXC4 25,162,597 1,826,023 SH   SOLE   1,826,023 0 0
ELEVANCE HEALTH INC COM 036752103 BBG000BCG930 1,962,155 3,784 SH   SOLE   3,784 0 0
EQUINIX INC COM 29444U700 BBG000MBDGM6 983,793 1,192 SH   SOLE   1,192 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 BBG000QKJS40 31,646,074 920,747 SH   SOLE   920,747 0 0
ESSA BANCORP INC COM 29667D104 BBG000R3PVY0 17,172,514 941,992 SH   SOLE   941,992 0 0
EVANS BANCORP INC COM NEW 29911Q208 BBG000CB1FM2 16,131,357 540,233 SH   SOLE   540,233 0 0
EVERQUOTE INC COM CL A 30041R108 BBG00F17NDH7 659,864 35,553 SH   SOLE   35,553 0 0
FIDUS INVT CORP COM 316500107 BBG001K9JH07 2,053,039 104,004 SH   SOLE   104,004 0 0
FIRST BANCSHARES INC MS COM 318916103 BBG000BHWFN5 39,506,799 1,522,420 SH   SOLE   1,522,420 0 0
FIRST HORIZON CORPORATION COM 320517105 BBG000GHZSZ6 500,423 32,495 SH   SOLE   32,495 0 0
FIRST SVGS FINL GROUP INC COM 33621E109 BBG000FPK736 6,607,406 394,472 SH   SOLE   394,472 0 0
FIRST WESTN FINL INC COM 33751L105 BBG000BK7L26 5,383,855 369,263 SH   SOLE   369,263 0 0
FIVE STAR BANCORP COM 33830T103 BBG000QJZ0P3 10,804,860 480,216 SH   SOLE   480,216 0 0
FRANKLIN BSP RLTY TR INC COMMON STOCK 35243J101 BBG0131739J2 2,440,084 182,641 SH   SOLE   182,641 0 0
FVCBANKCORP INC COM 36120Q101 BBG000DS5RF2 17,609,491 1,445,771 SH   SOLE   1,445,771 0 0
GOOSEHEAD INS INC COM CL A 38267D109 BBG00KHHBMC5 1,019,686 15,306 SH   SOLE   15,306 0 0
HAWTHORN BANCSHARES INC COM 420476103 BBG000BHQP32 9,600,098 469,902 SH   SOLE   469,902 0 0
HCI GROUP INC COM 40416E103 BBG000F4DVC8 5,180,070 44,625 SH   SOLE   44,625 0 0
HEARTLAND FINL USA INC COM 42234Q102 BBG000GKFKW1 1,265,752 36,010 SH   SOLE   36,010 0 0
HERITAGE COMM CORP COM 426927109 BBG000C48437 36,297,252 4,230,449 SH   SOLE   4,230,449 0 0
HMN FINL INC COM 40424G108 BBG000D93RD8 5,980,858 283,453 SH   SOLE   283,453 0 0
HOME BANCORP INC COM 43689E107 BBG000J31X35 30,192,341 788,106 SH   SOLE   788,106 0 0
HOME FED BANCORP INC LA NEW COM 43708L108 BBG000QSM8F1 180,563 14,855 SH   SOLE   14,855 0 0
HOMETRUST BANCSHARES INC COM 437872104 BBG002CV5W70 45,613,728 1,668,388 SH   SOLE   1,668,388 0 0
HOVNANIAN ENTERPRISES INC CL A NEW 442487401 BBG000BLCBN7 1,543,662 9,836 SH   SOLE   9,836 0 0
HUNTINGTON BANCSHARES INC COM 446150104 BBG000BKWSR6 1,439,347 103,179 SH   SOLE   103,179 0 0
INDEPENDENT BANK GROUP INC COM 45384B106 BBG003981NS4 52,430,440 1,148,531 SH   SOLE   1,148,531 0 0
INDEPENDENT BK CORP MICH COM NEW 453838609 BBG000BLN9N0 39,024,474 1,539,427 SH   SOLE   1,539,427 0 0
JOHN MARSHALL BANCORP INC COM 47805L101 BBG000LM3ZW1 3,864,538 215,655 SH   SOLE   215,655 0 0
JONES LANG LASALLE INC COM 48020Q107 BBG000C2L2L0 2,655,565 13,612 SH   SOLE   13,612 0 0
KEMPER CORP COM 488401100 BBG000H3GDJ8 1,958,096 31,623 SH   SOLE   31,623 0 0
LADDER CAP CORP CL A 505743104 BBG005RVGZ41 1,861,147 167,219 SH   SOLE   167,219 0 0
LAZARD INC COM 52110M109 BBG000BT4C39 1,628,743 38,900 SH   SOLE   38,900 0 0
LINKBANCORP INC COM 53578P105 BBG00M69LH40 21,421,983 3,086,741 SH   SOLE   3,086,741 0 0
M/I HOMES INC COM 55305B101 BBG000BL9MZ4 2,074,606 15,222 SH   SOLE   15,222 0 0
MERITAGE HOMES CORP COM 59001A102 BBG000F4F1N0 2,033,055 11,587 SH   SOLE   11,587 0 0
MIDLAND STATES BANCORP INC COM 597742105 BBG000G2ZK31 32,809,049 1,305,573 SH   SOLE   1,305,573 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 BBG000BQVV88 3,189,856 136,086 SH   SOLE   136,086 0 0
MR COOPER GROUP INC COM 62482R107 BBG002V098F7 2,723,729 34,942 SH   SOLE   34,942 0 0
NMI HLDGS INC CL A 629209305 BBG005DLMMZ6 2,818,916 87,165 SH   SOLE   87,165 0 0
OLD POINT FINL CORP COM 680194107 BBG000BSBQ78 6,390,266 360,015 SH   SOLE   360,015 0 0
OLD SECOND BANCORP INC ILL COM 680277100 BBG000BLFSZ4 31,686,334 2,289,475 SH   SOLE   2,289,475 0 0
PAGAYA TECHNOLOGIES LTD CL A NEW M7S64L123 BBG00VJFX5J9 303,000 30,000 SH   SOLE   30,000 0 0
PARK HOTELS & RESORTS INC COM 700517105 BBG00FGXCJX5 424,447 24,268 SH   SOLE   24,268 0 0
PENNYMAC FINL SVCS INC NEW COM 70932M107 BBG00LMYX123 2,471,909 27,137 SH   SOLE   27,137 0 0
PHILLIPS EDISON & CO INC COMMON STOCK 71844V201 BBG011RJSSB1 1,746,726 48,696 SH   SOLE   48,696 0 0
PIONEER BANCORP INC MD COM 723561106 BBG00PFB4RR0 15,768,192 1,607,359 SH   SOLE   1,607,359 0 0
PREMIER FINANCIAL CORP COM 74052F108 BBG000BHZ4J2 8,301,624 408,947 SH   SOLE   408,947 0 0
PROGRESSIVE CORP COM 743315103 BBG000BR37X2 2,650,812 12,817 SH   SOLE   12,817 0 0
PROLOGIS INC. COM 74340W103 BBG000B9Z0J8 1,643,637 12,622 SH   SOLE   12,622 0 0
QCR HOLDINGS INC COM 74727A104 BBG000BYZSM8 29,458,475 484,993 SH   SOLE   484,993 0 0
RBB BANCORP COM 74930B105 BBG002537TC9 31,804,814 1,765,953 SH   SOLE   1,765,953 0 0
REINSURANCE GRP OF AMERICA I COM NEW 759351604 BBG000BDLCQ0 4,568,941 23,688 SH   SOLE   23,688 0 0
RIVERVIEW BANCORP INC COM 769397100 BBG000BGZL88 10,259,246 2,173,569 SH   SOLE   2,173,569 0 0
SB FINL GROUP INC COM 78408D105 BBG000BJQTT2 5,147,119 373,521 SH   SOLE   373,521 0 0
SHORE BANCSHARES INC COM 825107105 BBG000BS3PL3 1,755,372 152,641 SH   SOLE   152,641 0 0
SIRIUSPOINT LTD COM G8192H106 BBG004TYNXX1 419,379 32,996 SH   SOLE   32,996 0 0
SIXTH STREET SPECIALTY LENDI COM 83012A109 BBG001DFW799 2,808,016 131,032 SH   SOLE   131,032 0 0
SOUND FINL BANCORP INC COM 83607A100 BBG000BD3F92 8,283,426 203,574 SH   SOLE   203,574 0 0
SOUTHERN CALIF BANCORP COM 84252A106 BBG000QJ8KD2 8,084,977 542,252 SH   SOLE   542,252 0 0
SOUTHERN FIRST BANCSHARES COM 842873101 BBG000C0C4Q5 25,637,402 807,223 SH   SOLE   807,223 0 0
SOUTHERN MO BANCORP INC COM 843380106 BBG000C3ZNH2 26,444,244 604,993 SH   SOLE   604,993 0 0
SS&C TECHNOLOGIES HLDGS INC COM 78467J100 BBG000RJ2J04 3,287,376 51,070 SH   SOLE   51,070 0 0
STATE STR CORP COM 857477103 BBG000BKFBD7 1,959,057 25,337 SH   SOLE   25,337 0 0
STELLAR BANCORP INC COM 858927106 BBG00HZ69KP9 6,006,202 246,560 SH   SOLE   246,560 0 0
STERLING BANCORP INC COM 85917W102 BBG00328QCC5 21,629,900 4,191,841 SH   SOLE   4,191,841 0 0
SYNCHRONY FINANCIAL COM 87165B103 BBG00658F3P3 500,839 11,615 SH   SOLE   11,615 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 BBG003PGJHP5 2,052,045 33,007 SH   SOLE   33,007 0 0
TFS FINL CORP COM 87240R107 BBG000F7GST7 797,472 63,493 SH   SOLE   63,493 0 0
TRINITY CAP INC COM 896442308 BBG00T6WFZ96 1,959,002 133,447 SH   SOLE   133,447 0 0
UMB FINL CORP COM 902788108 BBG000DD8WX1 1,157,054 13,301 SH   SOLE   13,301 0 0
UNITED SEC BANCSHARES CALIF COM 911460103 BBG000G81WK0 4,741,897 615,032 SH   SOLE   615,032 0 0
VERITEX HLDGS INC COM 923451108 BBG000QG9SX8 10,857,794 529,907 SH   SOLE   529,907 0 0
WALKER & DUNLOP INC COM 93148P102 BBG000K8K0L3 2,780,666 27,515 SH   SOLE   27,515 0 0
WELLTOWER INC COM 95040Q104 BBG000BKY1G5 1,863,754 19,946 SH   SOLE   19,946 0 0
WESTERN ALLIANCE BANCORP COM 957638109 BBG000Q1KFH4 37,900,408 590,441 SH   SOLE   590,441 0 0
WINTRUST FINL CORP COM 97650W108 BBG000HD3DW5 37,387,383 358,151 SH   SOLE   358,151 0 0
ZILLOW GROUP INC CL C CAP STK 98954M200 BBG009NRSWJ4 1,464,278 30,018 SH   SOLE   30,018 0 0