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
ACADIA RLTY TR COM SH BEN INT 004239109 BBG000BJGD54 1,666,453 89,739 SH   SOLE   89,739 0 0
ACI WORLDWIDE INC COM 004498101 BBG000PMBV39 427,238 9,306 SH   SOLE   9,306 0 0
AGREE RLTY CORP COM 008492100 BBG000BC9DK0 2,200,129 30,114 SH   SOLE   30,114 0 0
ALLSTATE CORP COM 020002101 BBG000BVMGF2 284,652 1,414 SH   SOLE   1,414 0 0
ALLY FINL INC COM 02005N100 BBG000BC2R71 930,321 23,885 SH   SOLE   23,885 0 0
AMBAC FINL GROUP INC COM NEW 023139884 BBG004HQHKK0 175,207 24,677 SH   SOLE   24,677 0 0
AMERICAN HEALTHCARE REIT INC COM SHS 398182303 BBG01L820CZ4 2,314,400 62,994 SH   SOLE   62,994 0 0
AMERICAN TOWER CORP NEW COM 03027X100 BBG000B9XYV2 388,553 1,758 SH   SOLE   1,758 0 0
AMERIPRISE FINL INC COM 03076C106 BBG000G3QLY3 804,865 1,508 SH   SOLE   1,508 0 0
AMERIS BANCORP COM 03076K108 BBG000CDY3H5 38,970,104 602,320 SH   SOLE   602,320 0 0
ANNALY CAPITAL MANAGEMENT IN COM NEW 035710839 BBG000BJFJ98 993,621 52,796 SH   SOLE   52,796 0 0
APOLLO COML REAL EST FIN INC COM 03762U105 BBG000NFPF36 1,600,269 165,317 SH   SOLE   165,317 0 0
ARES MANAGEMENT CORPORATION CL A COM STK 03990B101 BBG0068KVV91 1,196,985 6,911 SH   SOLE   6,911 0 0
ARTISAN PARTNERS ASSET MGMT CL A 04316A108 BBG001M6CZY1 777,548 17,540 SH   SOLE   17,540 0 0
BANC OF CALIFORNIA INC COM 05990K106 BBG000F7VG25 19,184,432 1,365,440 SH   SOLE   1,365,440 0 0
BLACKROCK INC COM 09290D101 BBG01PSW2WN4 292,741 279 SH   SOLE   279 0 0
BLUE OWL CAPITAL INC COM CL A 09581B103 BBG00XV417R8 386,697 20,130 SH   SOLE   20,130 0 0
BRIGHTHOUSE FINL INC COM 10922N103 BBG00DYPZ4T0 683,901 12,719 SH   SOLE   12,719 0 0
BROADSTONE NET LEASE INC COM 11135E203 BBG000PWD2R3 204,702 12,754 SH   SOLE   12,754 0 0
BROWN & BROWN INC COM 115236101 BBG000BWSGF4 3,986,663 35,958 SH   SOLE   35,958 0 0
CALIFORNIA BANCORP COM 84252A106 BBG000QJ8KD2 20,040,983 1,271,636 SH   SOLE   1,271,636 0 0
CAMDEN PPTY TR SH BEN INT 133131102 BBG000BB0V03 612,808 5,438 SH   SOLE   5,438 0 0
CAPITAL SOUTHWEST CORP COM 140501107 BBG000BGJ661 772,877 35,067 SH   SOLE   35,067 0 0
CARLYLE GROUP INC COM 14316J108 BBG000BH3F20 202,824 3,946 SH   SOLE   3,946 0 0
CHAIN BRIDGE BANCORP INC CL A 15746L100 BBG000V8CRG7 7,570,917 293,788 SH   SOLE   293,788 0 0
CINCINNATI FINL CORP COM 172062101 BBG000BFPK65 3,373,932 22,656 SH   SOLE   22,656 0 0
CITIZENS CMNTY BANCORP INC M COM 174903104 BBG000NFKDB7 5,294,453 383,656 SH   SOLE   383,656 0 0
CME GROUP INC COM 12572Q105 BBG000BHLYP4 2,148,458 7,795 SH   SOLE   7,795 0 0
CNB FINL CORP PA COM 126128107 BBG000BKPZC4 317,983 13,910 SH   SOLE   13,910 0 0
COMMUNITY FINANCIAL SYSTEM I COM 203607106 BBG000BF4D19 15,366,103 270,197 SH   SOLE   270,197 0 0
COUSINS PPTYS INC COM NEW 222795502 BBG000CW9BM7 658,888 21,941 SH   SOLE   21,941 0 0
CRESCENT CAP BDC INC COM 225655109 BBG009NX1JT8 530,724 37,640 SH   SOLE   37,640 0 0
DAVE INC CLASS A COM NEW 23834J201 BBG00Z483VQ0 280,757 1,046 SH   SOLE   1,046 0 0
DIGITAL RLTY TR INC COM 253868103 BBG000Q5ZRM7 391,720 2,247 SH   SOLE   2,247 0 0
EQUITY BANCSHARES INC COM CL A 29460X109 BBG000QKJS40 45,944,717 1,126,096 SH   SOLE   1,126,096 0 0
ESSA BANCORP INC COM 29667D104   13,288,593 684,979 SH   SOLE   684,979 0 0
ESSENTIAL PPTYS RLTY TR INC COM 29670E107 BBG00L17LGJ7 239,963 7,520 SH   SOLE   7,520 0 0
EXTRA SPACE STORAGE INC COM 30225T102 BBG000PV27K3 770,374 5,225 SH   SOLE   5,225 0 0
EZCORP INC CL A NON VTG 302301106 BBG000C93HM1 1,160,021 83,575 SH   SOLE   83,575 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 BBG000BK2F42 293,076 3,600 SH   SOLE   3,600 0 0
FIFTH DIST BANCORP INC COM 316926104 BBG01P1ZYS41 3,058,984 247,691 SH   SOLE   247,691 0 0
FIRST BUSEY CORP COM NEW 319383204 BBG000JNCBF4 9,387,107 410,186 SH   SOLE   410,186 0 0
FIRST FNDTN INC COM 32026V104 BBG001V9VY04 7,540,727 1,478,574 SH   SOLE   1,478,574 0 0
FIRST SVGS FINL GROUP INC COM 33621E109 BBG000FPK736 7,082,915 282,864 SH   SOLE   282,864 0 0
FISERV INC COM 337738108 BBG000BJKPG0 361,716 2,098 SH   SOLE   2,098 0 0
FRANKLIN RESOURCES INC COM 354613101 BBG000BD0TF8 390,544 16,375 SH   SOLE   16,375 0 0
FVCBANKCORP INC COM 36120Q101 BBG000DS5RF2 7,468,244 632,902 SH   SOLE   632,902 0 0
GERMAN AMERN BANCORP INC COM 373865104 BBG000BH7CW0 227,864 5,917 SH   SOLE   5,917 0 0
GLOBE LIFE INC COM 37959E102 BBG000BVD6X4 1,336,242 10,751 SH   SOLE   10,751 0 0
GOOSEHEAD INS INC COM CL A 38267D109 BBG00KHHBMC5 2,290,095 21,705 SH   SOLE   21,705 0 0
HANOVER INS GROUP INC COM 410867105 BBG000FJH8W0 4,675,332 27,523 SH   SOLE   27,523 0 0
HAWTHORN BANCSHARES INC COM 420476103 BBG000BHQP32 6,444,486 221,156 SH   SOLE   221,156 0 0
HCI GROUP INC COM 40416E103 BBG000F4DVC8 1,706,314 11,211 SH   SOLE   11,211 0 0
HERCULES CAPITAL INC COM 427096508 BBG000C2R8K2 2,749,952 150,435 SH   SOLE   150,435 0 0
HERITAGE COMM CORP COM 426927109 BBG000C48437 23,283,089 2,344,722 SH   SOLE   2,344,722 0 0
HIGHWOODS PPTYS INC COM 431284108 BBG000C43744 616,608 19,833 SH   SOLE   19,833 0 0
HOME BANCORP INC COM 43689E107 BBG000J31X35 1,256,649 24,269 SH   SOLE   24,269 0 0
HOME FED BANCORP INC LA NEW COM 43708L108 BBG000QSM8F1 338,178 24,866 SH   SOLE   24,866 0 0
HOMETRUST BANCSHARES INC COM 437872104 BBG002CV5W70 64,826,929 1,732,877 SH   SOLE   1,732,877 0 0
HOULIHAN LOKEY INC CL A 441593100 BBG000CZTB66 2,174,156 12,082 SH   SOLE   12,082 0 0
INDEPENDENT BK CORP MASS COM 453836108 BBG000BM0597 40,832,488 649,320 SH   SOLE   649,320 0 0
INDEPENDENT BK CORP MICH COM NEW 453838609 BBG000BLN9N0 21,542,279 664,680 SH   SOLE   664,680 0 0
JANUS HENDERSON GROUP PLC ORD SHS G4474Y214 BBG00GSNPM07 850,091 21,887 SH   SOLE   21,887 0 0
JEFFERSON CAPITAL INC COM 47248R103 BBG01V5CXDX7 1,593,840 86,387 SH   SOLE   86,387 0 0
JOHN MARSHALL BANCORP INC COM 47805L101 BBG000LM3ZW1 7,659,431 413,353 SH   SOLE   413,353 0 0
JONES LANG LASALLE INC COM 48020Q107 BBG000C2L2L0 5,717,195 22,352 SH   SOLE   22,352 0 0
KKR & CO INC COM 48251W104 BBG000BCQ6J8 234,266 1,761 SH   SOLE   1,761 0 0
LADDER CAP CORP CL A 505743104 BBG005RVGZ41 2,454,687 228,343 SH   SOLE   228,343 0 0
LAKELAND FINL CORP COM 511656100 BBG000BHR1R8 1,339,180 21,793 SH   SOLE   21,793 0 0
LINKBANCORP INC COM 53578P105 BBG00M69LH40 27,256,505 3,728,660 SH   SOLE   3,728,660 0 0
MAREX GROUP PLC ORD G5S37H101 BBG001VHP597 2,474,611 62,696 SH   SOLE   62,696 0 0
MERCHANTS BANCORP IND COM 58844R108 BBG000RMQZS5 7,889,841 238,580 SH   SOLE   238,580 0 0
MERCURY GENL CORP NEW COM 589400100 BBG000F1C7F5 2,563,903 38,074 SH   SOLE   38,074 0 0
MID PENN BANCORP INC COM 59540G107 BBG000BB7F65 9,269,481 328,705 SH   SOLE   328,705 0 0
MID-AMER APT CMNTYS INC COM 59522J103 BBG000BLMY92 2,453,118 16,574 SH   SOLE   16,574 0 0
MIDWESTONE FINL GROUP INC NE COM 598511103 BBG000BQVV88 22,043,632 766,202 SH   SOLE   766,202 0 0
MILLROSE PPTYS INC COM CL A 601137102 BBG01RQYH2X7 1,894,318 66,444 SH   SOLE   66,444 0 0
MORGAN STANLEY COM NEW 617446448 BBG000BLZRJ2 8,127,059 57,696 SH   SOLE   57,696 0 0
MSCI INC COM 55354G100 BBG000RTDY25 262,993 456 SH   SOLE   456 0 0
NASDAQ INC COM 631103108 BBG000F5VVB6 2,486,144 27,803 SH   SOLE   27,803 0 0
NETSTREIT CORP COM 64119V303 BBG00W5FQPV2 232,737 13,747 SH   SOLE   13,747 0 0
NMI HLDGS INC COM 629209305 BBG005DLMMZ6 2,683,706 63,610 SH   SOLE   63,610 0 0
NORTHPOINTE BANCSHARES INC. COM SHS 66661N886 BBG000QKT8D3 2,125,050 155,000 SH   SOLE   155,000 0 0
OLD NATL BANCORP IND COM 680033107 BBG000KFW1C2 13,171,603 617,226 SH   SOLE   617,226 0 0
OLD SECOND BANCORP INC ILL COM 680277100 BBG000BLFSZ4 32,594,287 1,837,333 SH   SOLE   1,837,333 0 0
P10 INC COM CL A 69376K106 BBG012QFRJQ3 3,737,015 365,657 SH   SOLE   365,657 0 0
PALOMAR HLDGS INC COM 69753M105 BBG00NLMRY30 2,438,693 15,810 SH   SOLE   15,810 0 0
PHILLIPS EDISON & CO INC COMMON STOCK 71844V201 BBG011RJSSB1 1,732,724 49,464 SH   SOLE   49,464 0 0
PULTE GROUP INC COM 745867101   4,259,635 40,391 SH   SOLE   40,391 0 0
Q2 HLDGS INC COM 74736L109 BBG005ZVK9P2 396,447 4,236 SH   SOLE   4,236 0 0
QCR HOLDINGS INC COM 74727A104 BBG000BYZSM8 20,134,387 296,530 SH   SOLE   296,530 0 0
RBB BANCORP COM 74930B105 BBG002537TC9 30,394,288 1,766,083 SH   SOLE   1,766,083 0 0
REDWOOD TRUST INC COM 758075402 BBG000JNJPB0 549,181 92,924 SH   SOLE   92,924 0 0
REINSURANCE GRP OF AMERICA I COM NEW 759351604 BBG000BDLCQ0 3,270,560 16,488 SH   SOLE   16,488 0 0
RITHM CAPITAL CORP COM NEW 64828T201 BBG003T1GM03 2,780,479 246,278 SH   SOLE   246,278 0 0
RIVERVIEW BANCORP INC COM 769397100 BBG000BGZL88 3,336,487 606,634 SH   SOLE   606,634 0 0
SABRA HEALTH CARE REIT INC COM 78573L106 BBG000MTDW24 650,637 35,284 SH   SOLE   35,284 0 0
SB FINL GROUP INC COM 78408D105 BBG000BJQTT2 5,076,608 265,791 SH   SOLE   265,791 0 0
SEACOAST BKG CORP FLA COM NEW 811707801 BBG000KK3464 31,885,467 1,154,434 SH   SOLE   1,154,434 0 0
SKYWARD SPECIALTY INS GROUP COM 830940102 BBG002QHKLM6 1,541,722 26,678 SH   SOLE   26,678 0 0
SL GREEN RLTY CORP COM 78440X887 BBG000BVP5P2 267,965 4,329 SH   SOLE   4,329 0 0
SMARTSTOP SELF STORAG REIT I COMMON STOCK 83192D402 BBG01T1Z99G0 758,004 20,922 SH   SOLE   20,922 0 0
SOUND FINL BANCORP INC COM 83607A100 BBG000BD3F92 285,154 6,199 SH   SOLE   6,199 0 0
SOUTHERN FIRST BANCSHARES COM 842873101 BBG000C0C4Q5 30,698,691 807,223 SH   SOLE   807,223 0 0
SOUTHERN MO BANCORP INC COM 843380106 BBG000C3ZNH2 15,499,563 282,942 SH   SOLE   282,942 0 0
SOUTHSTATE CORPORATION COM 840441109 BBG000BNPYN9 64,637,731 702,355 SH   SOLE   702,355 0 0
STEPSTONE GROUP INC COM CL A 85914M107 BBG00WXXV032 258,131 4,651 SH   SOLE   4,651 0 0
SYNCHRONY FINANCIAL COM 87165B103 BBG00658F3P3 3,623,648 54,295 SH   SOLE   54,295 0 0
TAYLOR MORRISON HOME CORP COM 87724P106 BBG003PGJHP5 4,274,463 69,594 SH   SOLE   69,594 0 0
TOAST INC CL A 888787108 BBG00BTJVK94 275,218 6,214 SH   SOLE   6,214 0 0
TOWNEBANK PORTSMOUTH VA COM 89214P109   10,296,076 301,231 SH   SOLE   301,231 0 0
TRAVELERS COMPANIES INC COM 89417E109 BBG000BJ81C1 588,320 2,199 SH   SOLE   2,199 0 0
UNITED CMNTY BKS BLAIRSVLE G COM 90984P303 BBG000BL7GB5 2,016,634 67,695 SH   SOLE   67,695 0 0
UNITEDHEALTH GROUP INC COM 91324P102 BBG000CH5208 260,495 835 SH   SOLE   835 0 0
UNIVERSAL HEALTH RLTY INCOME SH BEN INT 91359E105 BBG000BW0BB9 330,832 8,277 SH   SOLE   8,277 0 0
UNUM GROUP COM 91529Y106 BBG000BW2QX0 387,567 4,799 SH   SOLE   4,799 0 0
US BANCORP DEL COM NEW 902973304 BBG000FFDM15 6,814,107 150,588 SH   SOLE   150,588 0 0
VISA INC COM CL A 92826C839 BBG000PSKYX7 641,220 1,806 SH   SOLE   1,806 0 0
VORNADO RLTY TR SH BEN INT 929042109 BBG000BWHD54 898,334 23,492 SH   SOLE   23,492 0 0
VOYA FINANCIAL INC COM 929089100 BBG000BCWKD6 400,440 5,640 SH   SOLE   5,640 0 0
WEBSTER FINL CORP COM 947890109 BBG000BWMX63 37,123,304 679,914 SH   SOLE   679,914 0 0
WELLS FARGO CO NEW COM 949746101 BBG000BWQFY7 8,417,968 105,067 SH   SOLE   105,067 0 0
WELLTOWER INC COM 95040Q104 BBG000BKY1G5 4,374,233 28,454 SH   SOLE   28,454 0 0
WESBANCO INC COM 950810101 BBG000BX0BJ9 2,374,939 75,085 SH   SOLE   75,085 0 0
WESTERN ALLIANCE BANCORP COM 957638109 BBG000Q1KFH4 42,822,405 549,146 SH   SOLE   549,146 0 0
WINTRUST FINL CORP COM 97650W108 BBG000HD3DW5 5,569,182 44,920 SH   SOLE   44,920 0 0
WP CAREY INC COM 92936U109 BBG000BCQM58 216,833 3,476 SH   SOLE   3,476 0 0
ZIONS BANCORPORATION N A COM 989701107 BBG000BX9WL1 22,985,995 442,549 SH   SOLE   442,549 0 0