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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
American Business Bk La Calif COM 02475L105 3,653 92,020 SH   SOLE   0 0 0
Amer Natl Bkshares COM 027745108 246 7,700 SH   SOLE   0 0 0
Associated Banc-Corp COM 045487105 5,058 251,885 SH   SOLE   0 0 0
Banner Corp COM 06652V208 5,949 100,702 SH   SOLE   0 0 0
Blue Foundry Bancorp COM 09549B104 7,556 677,665 SH   SOLE   0 0 0
Bank Of Marin Banc COM 063425102 7,984 266,571 SH   SOLE   0 0 0
Bank7 Corp COM 06652N107 780 35,177 SH   SOLE   0 0 0
Capital City Bank COM 139674105 1,809 58,136 SH   SOLE   0 0 0
Rbs Citizens Financial Group Inc COM 174610105 7,521 218,891 SH   SOLE   0 0 0
Comerica Incorporated COM 200340107 11,872 166,979 SH   SOLE   0 0 0
Columbia Banking System, Inc. COM 197236102 14,892 515,465 SH   SOLE   0 0 0
Cvb Financial COM 126600105 10,670 421,414 SH   SOLE   0 0 0
Ecb Bancorp Inc COM 26828M106 2,808 195,137 SH   SOLE   0 0 0
Exchange Bk Santa Rosa Calif COM 301227203 649 5,496 SH   SOLE   0 0 0
First Community Corporation COM 319835104 544 31,068 SH   SOLE   0 0 0
First Citizens Bancshares, Inc. COM 31946M103 6,135 7,693 SH   SOLE   0 0 0
First Horizon Corp COM 320517105 1,214 53,000 SH   SOLE   0 0 0
First Interstate B COM 32055Y201 12,798 317,165 SH   SOLE   0 0 0
1st Utd Corp COM 33741H107 639 38,597 SH   SOLE   0 0 0
Guaranty Bncsh Tex COM 400764106 3,056 88,357 SH   SOLE   0 0 0
Heritage Financial COM 42722X106 6,268 236,805 SH   SOLE   0 0 0
Heritage Commerce Corp COM 426927109 7,359 648,951 SH   SOLE   0 0 0
Hancock Whitney Corporation COM 410120109 8,442 184,273 SH   SOLE   0 0 0
Intl Bancshares Cp COM 459044103 6,805 160,121 SH   SOLE   0 0 0
Keycorp COM 493267108 1,544 96,399 SH   SOLE   0 0 0
Spdr S&P Regional Banking Etf COM 78464A698 9,774 166,000 SH   SOLE   0 0 0
Mercantile Bank Cp COM 587376104 1,923 64,711 SH   SOLE   0 0 0
Macatawa Bank Corp COM 554225102 10,042 1,084,486 SH   SOLE   0 0 0
M&T Bank Corp COM 55261F104 12,459 70,662 SH   SOLE   0 0 0
Oak Valley Bancorp COM 671807105 2,334 130,602 SH   SOLE   0 0 0
Ponce Financial Group Inc COM 732344106 4,674 510,225 SH   SOLE   0 0 0
Peoples Bancorp N C Inc COM 710577107 1,121 45,188 SH   SOLE   0 0 0
Riverview Bancorp COM 769397100 2,501 393,925 SH   SOLE   0 0 0
Sterling Bancorp Inc COM 85917W102 119 19,755 SH   SOLE   0 0 0
Synovus Financial Corp. COM 87161C501 4,206 112,137 SH   SOLE   0 0 0
1st Finl Corp Ind COM 320218100 12,979 287,214 SH   SOLE   0 0 0
Timberland Bancorp COM 887098101 6,369 230,361 SH   SOLE   0 0 0
United Security Bs COM 911460103 2,051 314,585 SH   SOLE   0 0 0
Umpqua Holdings Co COM 904214103 2,370 138,702 SH   SOLE   0 0 0
William Penn Bancorp Inc COM 96927A105 3,450 303,471 SH   SOLE   0 0 0
Zions Bancorporation N A COM 989701107 8,629 169,669 SH   SOLE   0 0 0