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 10,048 367,111 SH   SOLE NONE 367,111 0 0
AVALONBAY CMNTYS INC COM 053484101 3,869 24,114 SH   SOLE NONE 24,114 0 0
BK OF AMERICA CORP COM 060505104 2,586 85,306 SH   SOLE NONE 85,306 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 33,605 814,264 SH   SOLE NONE 814,264 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 4,728 232,196 SH   SOLE NONE 232,196 0 0
BANK COMM HLDGS COM 06424J103 3,022 305,258 SH   SOLE NONE 305,258 0 0
BLUE RIDGE BANKSHARES INC VA COM 095825105 2,530 142,053 SH   SOLE NONE 142,053 0 0
BYLINE BANCORP INC COM 124411109 27,826 1,801,048 SH   SOLE NONE 1,801,048 0 0
CALIFORNIA BANCORP COM 13005U101 12,476 801,782 SH   SOLE NONE 801,782 0 0
CAMBRIDGE BANCORP COM 132152109 11,165 160,077 SH   SOLE NONE 160,077 0 0
CHUBB LIMITED COM H1467J104 10,605 68,898 SH   SOLE NONE 68,898 0 0
CB FINL SVCS INC COM 12479G101 1,514 75,650 SH   SOLE NONE 75,650 0 0
COASTAL FINL CORP WA COM NEW 19046P209 14,989 713,742 SH   SOLE NONE 713,742 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 1,008 6,330 SH   SOLE NONE 6,330 0 0
COLONY CAP INC NEW CL A COM 19626G108 19,689 4,093,280 SH   SOLE NONE 4,093,280 0 0
CONNECTONE BANCORP INC COM 20786W107 17,596 889,142 SH   SOLE NONE 889,142 0 0
CYRUSONE INC COM 23283R100 14,634 200,048 SH   SOLE NONE 200,048 0 0
EASTERN BANKSHARES INC COM 27627N105 11,625 712,730 SH   SOLE NONE 712,730 0 0
BOTTOMLINE TECH DEL INC COM 101388106 12,477 236,585 SH   SOLE NONE 236,585 0 0
ESSEX PPTY TR INC COM 297178105 3,490 14,699 SH   SOLE NONE 14,699 0 0
EVANS BANCORP INC COM NEW 29911Q208 3,918 142,258 SH   SOLE NONE 142,258 0 0
FAUQUIER BANKSHARES INC COM 312059108 575 33,060 SH   SOLE NONE 33,060 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 35,642 251,961 SH   SOLE NONE 251,961 0 0
FIRST MID ILL BANCSHARES INC COM 320866106 3,353 99,611 SH   SOLE NONE 99,611 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 20,145 1,265,408 SH   SOLE NONE 1,265,408 0 0
FIRST MERCHANTS CORP COM 320817109 5,736 153,321 SH   SOLE NONE 153,321 0 0
FVCBANKCORP INC COM 36120Q101 12,182 828,682 SH   SOLE NONE 828,682 0 0
GLOBAL PMTS INC COM 37940X102 20,195 93,745 SH   SOLE NONE 93,745 0 0
HBT FINL INC. COM 404111106 8,020 529,401 SH   SOLE NONE 529,401 0 0
HERITAGE COMM CORP COM 426927109 8,751 986,589 SH   SOLE NONE 986,589 0 0
HAWTHORN BANCSHARES INC COM 420476103 4,138 188,960 SH   SOLE NONE 188,960 0 0
INDEPENDENT BK GROUP INC COM 45384B106 27,809 444,805 SH   SOLE NONE 444,805 0 0
I3 VERTICALS INC COM CL A 46571Y107 2,863 86,245 SH   SOLE NONE 86,245 0 0
LEVEL ONE BANCORP INC COM 52730D208 4,389 216,976 SH   SOLE NONE 216,976 0 0
MASTERCARD INCORPORATED CL A 57636Q104 584 1,635 SH   SOLE NONE 1,635 0 0
MID-AMER APT CMNTYS INC COM 59522J103 7,696 60,747 SH   SOLE NONE 60,747 0 0
MVB FINL CORP COM 553810102 7,439 327,980 SH   SOLE NONE 327,980 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 3,340 316,594 SH   SOLE NONE 316,594 0 0
ORIGIN BANCORP INC COM 68621T102 6,836 246,155 SH   SOLE NONE 246,155 0 0
OCEANFIRST FINL CORP COM 675234108 36,554 1,962,120 SH   SOLE NONE 1,962,120 0 0
ORRSTOWN FINL SVCS INC COM 687380105 4,690 283,373 SH   SOLE NONE 283,373 0 0
PROFESSIONAL HLDG CORP CL A COM 743139107 16,381 1,061,608 SH   SOLE NONE 1,061,608 0 0
PROLOGIS INC. COM 74340W103 3,902 39,158 SH   SOLE NONE 39,158 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 10,711 2,083,844 SH   SOLE NONE 2,083,844 0 0
QCR HOLDINGS INC COM 74727A104 28,185 711,912 SH   SOLE NONE 711,912 0 0
REXFORD INDL RLTY INC COM 76169C100 1,446 29,446 SH   SOLE NONE 29,446 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 54,592 403,515 SH   SOLE NONE 403,515 0 0
SOUTHERN FIRST BANCSHARES COM 842873101 11,150 315,416 SH   SOLE NONE 315,416 0 0
SELECT BANCORP INC NEW COM 81617L108 7,364 777,588 SH   SOLE NONE 777,588 0 0
SOUTH PLAINS FINANCIAL INC COM 83946P107 1,972 104,082 SH   SOLE NONE 104,082 0 0
TERRENO RLTY CORP COM 88146M101 1,479 25,275 SH   SOLE NONE 25,275 0 0
UMPQUA HLDGS CORP COM 904214103 21,814 1,440,793 SH   SOLE NONE 1,440,793 0 0
UNIVEST FINANCIAL CORPORATIO COM 915271100 18,996 923,049 SH   SOLE NONE 923,049 0 0
VERITEX HLDGS INC COM 923451108 18,584 724,245 SH   SOLE NONE 724,245 0 0
VALLEY NATL BANCORP COM 919794107 11,014 1,129,651 SH   SOLE NONE 1,129,651 0 0
WSFS FINL CORP COM 929328102 15,501 345,396 SH   SOLE NONE 345,396 0 0
ZIONS BANCORPORATION N A COM 989701107 4,160 95,767 SH   SOLE NONE 95,767 0 0