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
AGNC INVT CORP COM 00123Q104 BBG000TJ8XZ7 1,136,916 109,847 SH   SOLE   109,847 0 0
ALLSTATE CORP COM 020002101 BBG000BVMGF2 1,491,193 10,997 SH   SOLE   10,997 0 0
AMERICAN FINL GROUP INC OHIO COM 025932104 BBG000DPKKK0 759,708 5,534 SH   SOLE   5,534 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 BBG000BBDZG3 823,701 13,025 SH   SOLE   13,025 0 0
AMERICAN NATL BANKSHARES INC COM 027745108 BBG000BG8NR3 14,549,349 393,971 SH   SOLE   393,971 0 0
AMERICAN TOWER CORP NEW COM 03027X100 BBG000B9XYV2 824,135 3,890 SH   SOLE   3,890 0 0
ARES MANAGEMENT CORPORATION CL A COM STK 03990B101 BBG0068KVV91 398,115 5,817 SH   SOLE   5,817 0 0
AVIDXCHANGE HOLDINGS INC COM 05368X102 BBG012MBDFZ9 453,105 45,584 SH   SOLE   45,584 0 0
BANK7 CORP COM 06652N107 BBG00LV100N0 2,782,234 108,681 SH   SOLE   108,681 0 0
BAYCOM CORP COM 07272M107 BBG00FWKRBS2 1,230,587 64,836 SH   SOLE   64,836 0 0
BERKLEY W R CORP COM 084423102 BBG000BD1HP2 731,506 10,080 SH   SOLE   10,080 0 0
CAMBRIDGE BANCORP COM 132152109 BBG000C2D195 22,060,404 265,596 SH   SOLE   265,596 0 0
CAPSTAR FINL HLDGS INC COM 14070T102 BBG00CW88W83 7,016,654 397,319 SH   SOLE   397,319 0 0
CARLYLE GROUP INC COM 14316J108 BBG000BH3F20 200,913 6,733 SH   SOLE   6,733 0 0
CBOE GLOBAL MKTS INC COM 12503M108 BBG000QH56C1 565,995 4,511 SH   SOLE   4,511 0 0
CHEMUNG FINL CORP COM 164024101 BBG000BHQ7B3 4,243,204 92,505 SH   SOLE   92,505 0 0
CHUBB LIMITED COM H1467J104 BBG000BR14K5 573,560 2,600 SH   SOLE   2,600 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 BBG000NFKDB7 11,447,676 951,594 SH   SOLE   951,594 0 0
CNB FINL CORP PA COM 126128107 BBG000BKPZC4 13,777,217 579,118 SH   SOLE   579,118 0 0
CODORUS VY BANCORP INC COM 192025104 BBG000BRYD38 16,413,527 689,644 SH   SOLE   689,644 0 0
COMMUNITY WEST BANCSHARES COM 204157101 BBG000JF5K69 1,397,360 93,344 SH   SOLE   93,344 0 0
D R HORTON INC COM 23331A109 BBG000DQTXY6 594,475 6,669 SH   SOLE   6,669 0 0
DYNEX CAP INC COM 26817Q886 BBG000FBJQM6 530,946 41,741 SH   SOLE   41,741 0 0
EASTERN BANKSHARES INC COM 27627N105 BBG00W9KWXC4 27,055,642 1,568,443 SH   SOLE   1,568,443 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 BBG000QKJS40 33,715,211 1,031,993 SH   SOLE   1,031,993 0 0
ESSA BANCORP INC COM 29667D104 BBG000R3PVY0 21,559,754 1,033,050 SH   SOLE   1,033,050 0 0
ESSENT GROUP LTD COM G3198U102 BBG0058YL7G9 533,822 13,730 SH   SOLE   13,730 0 0
EVANS BANCORP INC COM NEW 29911Q208 BBG000CB1FM2 14,584,717 390,070 SH   SOLE   390,070 0 0
FIRST BANCSHARES INC MS COM 318916103 BBG000BHWFN5 48,704,687 1,521,546 SH   SOLE   1,521,546 0 0
FIRST SVGS FINL GROUP INC COM 33621E109 BBG000FPK736 6,250,200 312,510 SH   SOLE   312,510 0 0
FIRST WESTN FINL INC COM 33751L105 BBG000BK7L26 10,394,753 369,263 SH   SOLE   369,263 0 0
GALLAGHER ARTHUR J & CO COM 363576109 BBG000BBHXQ3 759,439 4,028 SH   SOLE   4,028 0 0
GOLUB CAP BDC INC COM 38173M102 BBG000PXNF64 694,624 52,783 SH   SOLE   52,783 0 0
HAWTHORN BANCSHARES INC COM 420476103 BBG000BHQP32 1,504,808 69,123 SH   SOLE   69,123 0 0
HERCULES CAPITAL INC COM 427096508 BBG000C2R8K2 586,532 44,367 SH   SOLE   44,367 0 0
HERITAGE COMM CORP COM 426927109 BBG000C48437 36,457,408 2,804,416 SH   SOLE   2,804,416 0 0
HMN FINL INC COM 40424G108 BBG000D93RD8 6,048,887 283,453 SH   SOLE   283,453 0 0
HOME BANCORP INC COM 43689E107 BBG000J31X35 26,581,001 664,027 SH   SOLE   664,027 0 0
HOMETRUST BANCSHARES INC COM 437872104 BBG002CV5W70 34,986,873 1,447,533 SH   SOLE   1,447,533 0 0
HORIZON BANCORP INC COM 440407104 BBG000BJ3LL2 8,834,392 585,835 SH   SOLE   585,835 0 0
INDEPENDENT BK CORP MICH COM NEW 453838609 BBG000BLN9N0 31,829,411 1,330,661 SH   SOLE   1,330,661 0 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107 BBG000LV0836 1,340,501 18,528 SH   SOLE   18,528 0 0
LADDER CAP CORP CL A 505743104 BBG005RVGZ41 1,116,900 111,245 SH   SOLE   111,245 0 0
LENNAR CORP CL A 526057104 BBG000BN5HF7 591,780 6,539 SH   SOLE   6,539 0 0
LIMESTONE BANCORP INC COM 53262L105 BBG000QD4533 9,382,262 384,204 SH   SOLE   384,204 0 0
LINKBANCORP INC COM 53578P105 BBG00M69LH40 12,463,952 1,333,043 SH   SOLE   1,333,043 0 0
M/I HOMES INC COM 55305B101 BBG000BL9MZ4 343,533 7,439 SH   SOLE   7,439 0 0
MAIN STR CAP CORP COM 56035L104 BBG000BXT422 760,209 20,574 SH   SOLE   20,574 0 0
MARKEL CORP COM 570535104 BBG000FC7366 747,017 567 SH   SOLE   567 0 0
MID PENN BANCORP INC COM 59540G107 BBG000BB7F65 16,133,510 538,322 SH   SOLE   538,322 0 0
MIDLAND STATES BANCORP INC COM 597742105 BBG000G2ZK31 36,259,768 1,362,125 SH   SOLE   1,362,125 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 BBG000BQVV88 4,272,312 134,561 SH   SOLE   134,561 0 0
NATIONAL BK HLDGS CORP CL A 633707104 BBG003D8Y833 6,818,874 162,084 SH   SOLE   162,084 0 0
OLD NATL BANCORP IND COM 680033107 BBG000KFW1C2 2,466,227 137,165 SH   SOLE   137,165 0 0
OLD POINT FINL CORP COM 680194107 BBG000BSBQ78 10,641,267 394,121 SH   SOLE   394,121 0 0
OLD SECOND BANCORP INC ILL COM 680277100 BBG000BLFSZ4 37,229,385 2,321,034 SH   SOLE   2,321,034 0 0
PAYPAL HLDGS INC COM 70450Y103 BBG0077VNXV6 367,780 5,164 SH   SOLE   5,164 0 0
PENNYMAC FINL SVCS INC NEW COM 70932M107 BBG00LMYX123 968,999 17,102 SH   SOLE   17,102 0 0
PHILLIPS EDISON & CO INC COMMON STOCK 71844V201 BBG011RJSSB1 445,887 14,004 SH   SOLE   14,004 0 0
PIONEER BANCORP INC MD COM 723561106 BBG00PFB4RR0 22,964,582 2,014,437 SH   SOLE   2,014,437 0 0
PREMIER FINANCIAL CORP COM 74052F108 BBG000BHZ4J2 11,029,301 408,947 SH   SOLE   408,947 0 0
PROGRESSIVE CORP COM 743315103 BBG000BR37X2 2,267,979 17,485 SH   SOLE   17,485 0 0
PROLOGIS INC. COM 74340W103 BBG000B9Z0J8 769,382 6,825 SH   SOLE   6,825 0 0
PULTE GROUP INC COM 745867101 BBG000BR54L0 662,279 14,546 SH   SOLE   14,546 0 0
Q2 HLDGS INC COM 74736L109 BBG005ZVK9P2 736,802 27,421 SH   SOLE   27,421 0 0
QCR HOLDINGS INC COM 74727A104 BBG000BYZSM8 34,892,601 702,913 SH   SOLE   702,913 0 0
RBB BANCORP COM 74930B105 BBG002537TC9 34,029,285 1,632,100 SH   SOLE   1,632,100 0 0
RICHMOND MUT BANCORPORATION COM 76525P100 BBG000KWLYL5 1,739,242 133,685 SH   SOLE   133,685 0 0
RIVERVIEW BANCORP INC COM 769397100 BBG000BGZL88 16,693,010 2,173,569 SH   SOLE   2,173,569 0 0
RUNWAY GROWTH FINANCE CORP COM 78163D100 BBG012QFW3F4 778,558 67,175 SH   SOLE   67,175 0 0
S&P GLOBAL INC COM 78409V104 BBG000BP1Q11 407,957 1,218 SH   SOLE   1,218 0 0
SALISBURY BANCORP INC COM 795226109 BBG000BF55Z8 12,075,498 384,570 SH   SOLE   384,570 0 0
SB FINL GROUP INC COM 78408D105 BBG000BJQTT2 6,331,181 373,521 SH   SOLE   373,521 0 0
SHORE BANCSHARES INC COM 825107105 BBG000BS3PL3 32,779,747 1,880,651 SH   SOLE   1,880,651 0 0
SIXTH STREET SPECIALTY LENDI COM 83012A109 BBG001DFW799 1,079,962 60,672 SH   SOLE   60,672 0 0
SOUND FINL BANCORP INC COM 83607A100 BBG000BD3F92 7,994,351 203,574 SH   SOLE   203,574 0 0
SOUTHERN FIRST BANCSHARES COM 842873101 BBG000C0C4Q5 13,154,909 287,539 SH   SOLE   287,539 0 0
SOUTHERN MO BANCORP INC COM 843380106 BBG000C3ZNH2 19,491,957 425,310 SH   SOLE   425,310 0 0
SOUTHSTATE CORPORATION COM 840441109 BBG000BNPYN9 237,021 3,104 SH   SOLE   3,104 0 0
SPDR SER TR S&P REGL BKG 78464A698 BBG000D82H52 10,503,553 3,120,000 SH Put SOLE   3,120,000 0 0
STEPSTONE GROUP INC COM CL A 85914M107 BBG00WXXV032 931,836 37,007 SH   SOLE   37,007 0 0
STERLING BANCORP INC COM 85917W102 BBG00328QCC5 12,919,898 2,121,494 SH   SOLE   2,121,494 0 0
TRADEWEB MKTS INC CL A 892672106 BBG00NK8H8T2 1,328,987 20,468 SH   SOLE   20,468 0 0
UNITED SEC BANCSHARES CALIF COM 911460103 BBG000G81WK0 4,495,884 615,032 SH   SOLE   615,032 0 0
VERITEX HLDGS INC COM 923451108 BBG000QG9SX8 24,871,298 885,730 SH   SOLE   885,730 0 0
VIRGINIA NATL BANKSHARES COR COM 928031103 BBG000C49RT7 1,520,217 41,468 SH   SOLE   41,468 0 0
VISA INC COM CL A 92826C839 BBG000PSKYX7 990,807 4,769 SH   SOLE   4,769 0 0
WELLTOWER INC COM 95040Q104 BBG000BKY1G5 272,622 4,159 SH   SOLE   4,159 0 0
ZIONS BANCORPORATION N A COM 989701107 BBG000BX9WL1 9,098,877 185,087 SH   SOLE   185,087 0 0