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
AMERIS BANCORP COM 03076K108   2,315,514 63,300 SH   SOLE   63,300 0 0
BANCORP DEL COM 05969A105   707,390 25,400 SH   SOLE   25,400 0 0
BANK HAWAII COM 062540109   203,112 3,900 SH   SOLE   3,900 0 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103   1,294,686 119,436 SH   SOLE   119,436 0 0
BYLINE BANCORP COM 124411109   1,638,580 75,790 SH   SOLE   75,790 0 0
CADENCE BANK COM 12740C103   689,232 33,200 SH   SOLE   33,200 0 0
CAPSTAR FINL HLDGS INC COM 14070T102   2,566,410 169,400 SH   SOLE   169,400 0 0
CITIZENS CMNTY BANCORP MD COM 174903104   1,188,320 112,000 SH   SOLE   112,000 0 0
COASTAL FINL WA COM NEW 19046P209   648,180 18,000 SH   SOLE   18,000 0 0
CONNECTONE BANCORP INC NEW COM 20786W107   647,088 36,600 SH   SOLE   36,600 0 0
EAST WEST BANCORP INC COM 27579R104   1,443,000 26,000 SH   SOLE   26,000 0 0
ENTERPRISE FINL SVCS CORP COM 293712105   3,136,773 70,347 SH   SOLE   70,347 0 0
FINANCIAL INSTNS COM 317585404   2,074,528 107,600 SH   SOLE   107,600 0 0
FIRST BUSINESS FINL SVCS W COM 319390100   3,359,151 110,100 SH   SOLE   110,100 0 0
FIRST INTST BANCSYSTEM CL A COM CL A 32055Y201   2,129,018 71,300 SH   SOLE   71,300 0 0
FIRST MERCHANTS COM 320817109   1,252,100 38,000 SH   SOLE   38,000 0 0
FIRST NATL COM 32106V107   761,362 48,157 SH   SOLE   48,157 0 0
FIVE STAR BANCORP COM 33830T103   34,144 1,600 SH   SOLE   1,600 0 0
FS BANCORP INC COM 30263Y104   885,295 29,500 SH   SOLE   29,500 0 0
GERMAN AMERN BANCORP COM 373865104   153,469 4,599 SH   SOLE   4,599 0 0
HANCOCK WHITNEY CORPORATION COM 410120109   291,200 8,000 SH   SOLE   8,000 0 0
INVESTAR HLDG COM 46134L105   425,361 30,470 SH   SOLE   30,470 0 0
LIMESTONE BANCORP COM 53262L105   599,581 26,875 SH   SOLE   26,875 0 0
MERIDIAN CORPORATION COM 58958P104   3,004,596 238,460 SH   SOLE   238,460 0 0
METROPOLITAN BK HLDG COM 591774104   203,340 6,000 SH   SOLE   6,000 0 0
MID PENN BANCORP INC COM 59540G107   381,589 14,900 SH   SOLE   14,900 0 0
OCEANFIRST FINL COM 675234108   286,440 15,500 SH   SOLE   15,500 0 0
OLD SECOND BANCORP ILL COM 680277100   5,470,746 389,100 SH   SOLE   389,100 0 0
ORRSTOWN FINL SVCS COM 687380105   3,341,882 168,272 SH   SOLE   168,272 0 0
PEOPLES BANCORP N C INC COM 710577107   128,510 4,045 SH   SOLE   4,045 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104   2,024,372 36,700 SH   SOLE   36,700 0 0
PLUMAS BANCORP COM 729273102   4,053,140 119,000 SH   SOLE   119,000 0 0
SERVISFIRST BANCSHARES INC COM 81768T108   327,780 6,000 SH   SOLE   6,000 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101   2,980,970 97,100 SH   SOLE   97,100 0 0
SOUTHERN MO BANCORP INC COM 843380106   739,483 19,767 SH   SOLE   19,767 0 0
SOUTHSTATE CORPORATION COM 840441109   2,700,754 37,900 SH   SOLE   37,900 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101   2,697,500 130,000 SH   SOLE   130,000 0 0
TOWNEBANK PORTSMOUTH VA COM 89214P109   1,255,215 47,100 SH   SOLE   47,100 0 0
TRUIS FINL COM 89832Q109   630,850 18,500 SH   SOLE   18,500 0 0
UNITED BANKSHARES WEST VA COM 909907107   2,031,040 57,700 SH   SOLE   57,700 0 0
UNITY BANCORP COM 913290102   2,192,041 96,100 SH   SOLE   96,100 0 0
UNIVEST FINANCIAL CORPORATION COM 915271100   90,212 3,800 SH   SOLE   3,800 0 0
US BANCORP DEL COM NEW 902973304   627,270 17,400 SH   SOLE   17,400 0 0
USCB FINANCIAL HOLDINGS CLASS A CLASS A COM 90355N101   2,121,810 214,541 SH   SOLE   214,541 0 0
VERITEX HLDGS INC COM 923451108   166,166 9,100 SH   SOLE   9,100 0 0
VILLAGE BK & TR FINANCIAL CO COM NEW 92705T200   1,752,080 31,856 SH   SOLE   31,856 0 0
WEBSTER FINL COM 947890109   2,239,056 56,800 SH   SOLE   56,800 0 0
WESTERN ALLIANCE BANCORP COM 957638109   1,549,544 43,600 SH   SOLE   43,600 0 0