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
1ST CONSTITUTION BANCORP COM 31986N102 2,598 140,640 SH   SOLE   140,640 0 0
ALLEGIANCE BANCSHARES INC COM 01748H107 7,969 239,008 SH   SOLE   239,008 0 0
AXOS FINL INC COM 05465C100 7,747 284,297 SH   SOLE   284,297 0 0
BANK AMER CORP COM 060505104 15,332 528,700 SH   SOLE   528,700 0 0
BANK OZK COM 06417N103 9,024 299,900 SH   SOLE   299,900 0 0
BANNER CORP COM NEW 06652V208 8,148 150,470 SH   SOLE   150,470 0 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 1,665 144,283 SH   SOLE   144,283 0 0
CAMBRIDGE BANCORP COM 132152109 7,031 86,271 SH   SOLE   86,271 0 0
CAROLINA FINL CORP NEW COM 143873107 5,426 154,629 SH   SOLE   154,629 0 0
CHEMICAL FINL CORP COM 163731102 8,039 195,539 SH   SOLE   195,539 0 0
CITIGROUP INC COM NEW 172967424 20,722 295,900 SH   SOLE   295,900 0 0
CITIZENS FINL GROUP INC COM 174610105 21,235 600,536 SH   SOLE   600,536 0 0
COMMUNITY BANKERS TR CORP COM 203612106 6,806 803,506 SH   SOLE   803,506 0 0
COMMUNITY WEST BANCSHARES COM 204157101 4,388 454,760 SH   SOLE   454,760 0 0
CONDOR HOSPITALITY TR INC COM NEW 20676Y403 2,451 270,192 SH   SOLE   270,192 0 0
EAST WEST BANCORP INC COM 27579R104 10,936 233,835 SH   SOLE   233,835 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 8,465 69,000 SH   SOLE   69,000 0 0
FIFTH THIRD BANCORP COM 316773100 21,079 755,510 SH   SOLE   755,510 0 0
FIRST BANCORP P R COM NEW 318672706 8,896 805,786 SH   SOLE   805,786 0 0
FIRST BANCSHARES INC MS COM 318916103 16,986 559,871 SH   SOLE   559,871 0 0
FIRST BANK WILLIAMSTOWN NJ COM 31931U102 6,967 593,422 SH   SOLE   593,422 0 0
FIRST INTERNET BANCORP COM 320557101 17,591 816,676 SH   SOLE   816,676 0 0
FNB CORP PA COM 302520101 10,394 883,091 SH   SOLE   883,091 0 0
HANCOCK WHITNEY CORPORATION COM 410120109 14,111 352,238 SH   SOLE   352,238 0 0
HERITAGE FINL CORP WASH COM 42722X106 8,956 303,168 SH   SOLE   303,168 0 0
INDEPENDENT BANK CORP MICH COM NEW 453838609 5,003 229,620 SH   SOLE   229,620 0 0
INDEPENDENT BK GROUP INC COM 45384B106 13,076 237,911 SH   SOLE   237,911 0 0
INVESTAR HLDG CORP COM 46134L105 8,550 358,490 SH   SOLE   358,490 0 0
JEFFERIES FINL GROUP INC COM 47233W109 10,063 523,320 SH   SOLE   523,320 0 0
KEYCORP NEW COM 493267108 15,890 895,200 SH   SOLE   895,200 0 0
LAKELAND FINL CORP COM 511656100 6,168 131,707 SH   SOLE   131,707 0 0
MACKINAC FINL CORP COM 554571109 3,846 243,390 SH   SOLE   243,390 0 0
MASTERCARD INC CL A 57636Q104 10,713 40,500 SH   SOLE   40,500 0 0
MIDDLEFIELD BANC CORP COM NEW 596304204 2,871 70,025 SH   SOLE   70,025 0 0
OLD POINT FINL CORP COM 680194107 3,867 175,357 SH   SOLE   175,357 0 0
OLD SECOND BANCORP INC ILL COM 680277100 8,441 660,980 SH   SOLE   660,980 0 0
OP BANCORP COM 67109R109 6,315 582,584 SH   SOLE   582,584 0 0
OPUS BK IRVINE CALIF COM 684000102 8,416 398,679 SH   SOLE   398,679 0 0
ORIGIN BANCORP INC COM 68621T102 9,900 300,000 SH   SOLE   300,000 0 0
PACIFIC PREMIER BANCORP COM 69478X105 17,325 561,042 SH   SOLE   561,042 0 0
PACWEST BANCORP DEL COM 695263103 13,875 357,314 SH   SOLE   357,314 0 0
PAYPAL HLDGS INC COM 70450Y103 11,011 96,200 SH   SOLE   96,200 0 0
PREFERRED BK LOS ANGELES CA COM NEW 740367404 13,748 290,972 SH   SOLE   290,972 0 0
SB FINL GROUP INC COM 78408D105 4,458 270,860 SH   SOLE   270,860 0 0
SELECT BANCORP INC NEW COM 81617L108 2,568 224,499 SH   SOLE   224,499 0 0
SMARTFINANCIAL INC COM NEW 83190L208 4,764 219,658 SH   SOLE   219,658 0 0
SVB FINL GROUP COM 78486Q101 13,922 61,988 SH   SOLE   61,988 0 0
SYNOVUS FINL CORP COM NEW 87161C501 13,593 388,363 SH   SOLE   388,363 0 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 7,127 116,124 SH   SOLE   116,124 0 0
TFS FINL CORP COM 87240R107 19,875 1,099,882 SH   SOLE   1,099,882 0 0
TRICO BANCSHARES COM 896095106 1,184 31,321 SH   SOLE   31,321 0 0
UMPQUA HLDGS CORP COM 904214103 7,463 449,874 SH   SOLE   449,874 0 0
VERITEX HLDGS INC COM 923451108 12,510 482,070 SH   SOLE   482,070 0 0
VISA INC COM CL A 92826C839 10,673 61,500 SH   SOLE   61,500 0 0
WESTERN ALLIANCE BANCORP COM 957638109 16,815 376,000 SH   SOLE   376,000 0 0
WINTRUST FINL CORP COM 97650W108 5,329 72,837 SH   SOLE   72,837 0 0
ZIONS BANCORPORATION N A COM 989701107 16,996 369,629 SH   SOLE   369,629 0 0