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
ALERUS FINL CORP COM 01446U103 2,331 102,011 SH   SOLE NONE 102,011 0 0
AMERICAN EXPRESS CO COM 025816109 8,832 70,949 SH   SOLE NONE 2,884 0 68,065
BANK AMER CORP COM 060505104 10,090 286,492 SH   SOLE NONE 0 0 286,492
BLUE RIDGE BANKSHARES INC VA COM 095825105 5,447 260,000 SH   SOLE NONE 260,000 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 6,031 104,350 SH   SOLE NONE 9,404 0 94,946
BUSINESS FIRST BANCSHARES IN COM 12326C105 9,452 379,142 SH   SOLE NONE 379,142 0 0
BANK NEW YORK MELLON CORP COM 064058100 9,614 191,029 SH   SOLE NONE 17,345 0 173,684
BANK COMM HLDGS COM 06424J103 2,950 254,936 SH   SOLE NONE 254,936 0 0
BYLINE BANCORP INC COM 124411109 38,018 1,942,666 SH   SOLE NONE 1,000,574 0 942,092
CAMBRIDGE BANCORP COM 132152109 2,405 30,000 SH   SOLE NONE 30,000 0 0
CB FINL SVCS INC COM 12479G101 2,823 93,656 SH   SOLE NONE 93,656 0 0
COASTAL FINL CORP WA COM NEW 19046P209 3,876 235,336 SH   SOLE NONE 235,336 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 367 11,429 SH   SOLE NONE 11,429 0 0
COLONY CAP INC NEW CL A COM 19626G108 15,921 3,351,860 SH   SOLE NONE 399,273 0 2,952,587
CONNECTONE BANCORP INC NEW COM 20786W107 20,470 795,898 SH   SOLE NONE 374,756 0 421,142
CYRUSONE INC COM 23283R100 13,490 206,167 SH   SOLE NONE 17,771 0 188,396
CENTERSTATE BK CORP COM 15201P109 9,025 361,287 SH   SOLE NONE 8,120 0 353,167
EURONET WORLDWIDE INC COM 298736109 4,104 26,048 SH   SOLE NONE 2,377 0 23,671
EVANS BANCORP INC COM NEW 29911Q208 266 6,627 SH   SOLE NONE 6,627 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 15,141 108,855 SH   SOLE NONE 8,845 0 100,010
FIRST MID BANCSHARES INC COM 320866106 1,641 46,548 SH   SOLE NONE 46,548 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 36,677 1,590,523 SH   SOLE NONE 411,864 0 1,178,659
FVCBANKCORP INC COM 36120Q101 6,796 389,031 SH   SOLE NONE 389,031 0 0
HBT FINL INC COM 404111106 6,976 367,363 SH   SOLE NONE 367,363 0 0
HUDSON PAC PPTYS INC COM 444097109 14,977 397,805 SH   SOLE NONE 30,769 0 367,036
HERITAGE COMMERCE CORP COM 426927109 10,632 828,676 SH   SOLE NONE 828,676 0 0
HAWTHORN BANCSHARES INC COM 420476103 5,487 215,160 SH   SOLE NONE 215,160 0 0
I3 VERTICALS INC COM CL A 46571Y107 5,361 189,756 SH   SOLE NONE 24,256 0 165,500
JPMORGAN CHASE & CO COM 46625H100 19,165 137,481 SH   SOLE NONE 2,802 0 134,679
LEVEL ONE BANCORP INC COM 52730D208 6,198 246,360 SH   SOLE NONE 246,360 0 0
MOELIS & CO CL A 60786M105 12,106 379,261 SH   SOLE NONE 32,685 0 346,576
MIDLAND STS BANCORP INC ILL COM 597742105 14,893 514,269 SH   SOLE NONE 168,723 0 345,546
NEW YORK CMNTY BANCORP INC COM 649445103 3,835 319,084 SH   SOLE NONE 319,084 0 0
ORIGIN BANCORP INC COM 68621T102 7,627 201,558 SH   SOLE NONE 186,242 0 15,316
OCEANFIRST FINL CORP COM 675234108 36,935 1,446,145 SH   SOLE NONE 341,220 0 1,104,925
OPUS BK IRVINE CALIF COM 684000102 8,669 335,099 SH   SOLE NONE 11,541 0 323,558
ORRSTOWN FINL SVCS INC COM 687380105 8,000 353,677 SH   SOLE NONE 353,677 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 17,663 2,175,223 SH   SOLE NONE 2,175,223 0 0
PNC FINL SVCS GROUP INC COM 693475105 10,465 65,557 SH   SOLE NONE 1,183 0 64,374
QCR HOLDINGS INC COM 74727A104 32,363 737,867 SH   SOLE NONE 389,860 0 348,007
SIGNATURE BK NEW YORK N Y COM 82669G104 27,062 198,095 SH   SOLE NONE 14,265 0 183,830
SELECT BANCORP INC NEW COM 81617L108 4,625 376,049 SH   SOLE NONE 376,049 0 0
SOUTH PLAINS FINANCIAL INC COM 83946P107 2,465 118,123 SH   SOLE NONE 118,123 0 0
TCF FINANCIAL CORPORATION NE COM 872307103 7,890 168,596 SH   SOLE NONE 14,876 0 153,720
UMPQUA HLDGS CORP COM 904214103 10,954 618,883 SH   SOLE NONE 43,908 0 574,975
UNIVEST FINANCIAL CORPORATIO COM 915271100 25,860 965,652 SH   SOLE NONE 295,055 0 670,597
VERITEX HLDGS INC COM 923451108 24,565 843,281 SH   SOLE NONE 205,107 0 638,174
WESTERN ALLIANCE BANCORP COM 957638109 31,550 553,517 SH   SOLE NONE 46,162 0 507,355
WEX INC COM 96208T104 17,340 82,784 SH   SOLE NONE 7,389 0 75,395
WSFS FINL CORP COM 929328102 19,983 454,264 SH   SOLE NONE 30,725 0 423,539
ZIONS BANCORPORATION N A COM 989701107 19,646 378,381 SH   SOLE NONE 17,674 0 360,707