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
GALLAGHER ARTHUR J & CO COM 363576109 877 10,758 SH   SOLE NONE 10,758 0 0
ALERUS FINL CORP COM 01446U103 8,080 489,096 SH   SOLE NONE 489,096 0 0
AMERICAN EXPRESS CO COM 025816109 2,276 26,582 SH   SOLE NONE 26,582 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 2,180 49,265 SH   SOLE NONE 49,265 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 5,966 441,961 SH   SOLE NONE 441,961 0 0
BANK NEW YORK MELLON CORP COM 064058100 1,609 47,781 SH   SOLE NONE 47,781 0 0
BANK COMM HLDGS COM 06424J103 2,819 358,175 SH   SOLE NONE 358,175 0 0
BLUE RIDGE BANKSHARES INC VA COM 095825105 4,147 260,000 SH   SOLE NONE 260,000 0 0
BYLINE BANCORP INC COM 124411109 19,364 1,867,348 SH   SOLE NONE 1,867,348 0 0
CALIFORNIA BANCORP COM 13005U101 9,151 778,782 SH   SOLE NONE 778,782 0 0
CAMBRIDGE BANCORP COM 132152109 5,123 98,517 SH   SOLE NONE 98,517 0 0
CB FINL SVCS INC COM 12479G101 1,912 99,006 SH   SOLE NONE 99,006 0 0
COASTAL FINL CORP WA COM NEW 19046P209 6,405 609,452 SH   SOLE NONE 609,452 0 0
COLONY CAP INC NEW CL A COM 19626G108 724 413,608 SH   SOLE NONE 413,608 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 11,656 867,254 SH   SOLE NONE 867,254 0 0
CYRUSONE INC COM 23283R100 2,416 39,128 SH   SOLE NONE 39,128 0 0
EURONET WORLDWIDE INC COM 298736109 986 11,498 SH   SOLE NONE 11,498 0 0
EVANS BANCORP INC COM NEW 29911Q208 2,077 85,453 SH   SOLE NONE 85,453 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 2,591 21,301 SH   SOLE NONE 21,301 0 0
FLEETCOR TECHNOLOGIES INC COM 339041105 948 5,081 SH   SOLE NONE 5,081 0 0
FIRST MID BANCSHARES INC COM 320866106 2,490 104,878 SH   SOLE NONE 104,878 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 6,137 463,724 SH   SOLE NONE 463,724 0 0
FVCBANKCORP INC COM 36120Q101 9,077 681,450 SH   SOLE NONE 681,450 0 0
HBT FINL INC. COM 404111106 6,172 586,094 SH   SOLE NONE 586,094 0 0
HUDSON PAC PPTYS INC COM 444097109 831 32,760 SH   SOLE NONE 32,760 0 0
HERITAGE COMMERCE CORP COM 426927109 7,254 945,814 SH   SOLE NONE 945,814 0 0
HAWTHORN BANCSHARES INC COM 420476103 3,877 211,260 SH   SOLE NONE 211,260 0 0
INDEPENDENT BK GROUP INC COM 45384B106 15,895 671,249 SH   SOLE NONE 671,249 0 0
I3 VERTICALS INC COM CL A 46571Y107 513 26,897 SH   SOLE NONE 26,897 0 0
LEVEL ONE BANCORP INC COM 52730D208 3,971 220,597 SH   SOLE NONE 220,597 0 0
MASTERCARD INC CL A 57636Q104 1,312 5,431 SH   SOLE NONE 5,431 0 0
MIDLAND STS BANCORP INC ILL COM 597742105 2,622 149,910 SH   SOLE NONE 149,910 0 0
MVB FINL CORP COM 553810102 2,835 222,317 SH   SOLE NONE 222,317 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 2,996 319,084 SH   SOLE NONE 319,084 0 0
ORIGIN BANCORP INC COM 68621T102 4,285 211,629 SH   SOLE NONE 211,629 0 0
OCEANFIRST FINL CORP COM 675234108 28,403 1,785,248 SH   SOLE NONE 1,785,248 0 0
ORRSTOWN FINL SVCS INC COM 687380105 4,671 339,194 SH   SOLE NONE 339,194 0 0
PROFESSIONAL HLDG CORP CL A COM 743139107 9,858 618,063 SH   SOLE NONE 618,063 0 0
PROGRESSIVE CORP OHIO COM 743315103 432 5,855 SH   SOLE NONE 5,855 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 10,245 2,175,223 SH   SOLE NONE 2,175,223 0 0
PNC FINL SVCS GROUP INC COM 693475105 2,680 27,994 SH   SOLE NONE 27,994 0 0
QCR HOLDINGS INC COM 74727A104 19,309 713,301 SH   SOLE NONE 713,301 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 7,313 90,966 SH   SOLE NONE 90,966 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 6,333 223,235 SH   SOLE NONE 223,235 0 0
SELECT BANCORP INC NEW COM 81617L108 5,401 707,837 SH   SOLE NONE 707,837 0 0
SOUTH PLAINS FINANCIAL INC COM 83946P107 1,329 85,774 SH   SOLE NONE 85,774 0 0
UMPQUA HLDGS CORP COM 904214103 1,254 115,066 SH   SOLE NONE 115,066 0 0
UNIVEST FINANCIAL CORPORATIO COM 915271100 14,716 901,736 SH   SOLE NONE 901,736 0 0
VERITEX HLDGS INC COM 923451108 2,682 191,982 SH   SOLE NONE 191,982 0 0
VALLEY NATL BANCORP COM 919794107 1,082 147,983 SH   SOLE NONE 147,983 0 0
WESTERN ALLIANCE BANCORP COM 957638109 7,498 244,943 SH   SOLE NONE 244,943 0 0
WELLESLEY BANCORP INC COM 949485106 229 8,327 SH   SOLE NONE 8,327 0 0
WSFS FINL CORP COM 929328102 1,831 73,466 SH   SOLE NONE 73,466 0 0
ZIONS BANCORPORATION N A COM 989701107 380 14,216 SH   SOLE NONE 14,216 0 0