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
AMERIS BANCORP COM 03076K108 2,856 62,500 SH   SOLE   62,500 0 0
AXOS FINL INC. COM 05465C100 808 23,500 SH   SOLE   23,500 0 0
BANCORP NEW JERSEY INC NEW COM 059915108 759 44,361 SH   SOLE   44,361 0 0
BANK OF THE ST JAMES FINL GP COM 470299108 389 24,600 SH   SOLE   24,600 0 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 1,628 125,000 SH   SOLE   125,000 0 0
CADENCE BANCORPORATION CL A 12739A100 1,136 43,500 SH   SOLE   43,500 0 0
CAROLINA FINL CORP NEW COM 143873107 3,228 85,581 SH   SOLE   85,581 0 0
CENTERSTATE BK CORP COM 15201P109 7,313 260,700 SH   SOLE   260,700 0 0
CENTRAL VALLEY CMNTY BANCORP COM 155685100 629 29,100 SH   SOLE   29,100 0 0
CITIZENS FIRST CORP COM 17462Q107 2,514 95,789 SH   SOLE   95,789 0 0
COMMUNITY BANKERS TR CORP COM 203612106 2,642 300,200 SH   SOLE   300,200 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 2,173 91,500 SH   SOLE   91,500 0 0
EAST WEST BANCORP INC COM 27579R104 3,532 58,500 SH   SOLE   58,500 0 0
ENTERPRISE FINL SVCS CORP COM 293712105 5,422 102,200 SH   SOLE   102,200 0 0
FB FINL CORP COM 30257X104 98 2,500 SH   SOLE   2,500 0 0
FIRST BUS FINL SVCS INC WIS COM 319390100 1,650 71,200 SH   SOLE   71,200 0 0
FIRST FINL BANCORP OH COM 320209109 204 6,870 SH   SOLE   6,870 0 0
FIRST INTST BANCSYSTEM INC COM CL A 32055Y201 3,645 81,351 SH   SOLE   81,351 0 0
FLAGSTAR BANCORP PAR .001 COM PAR .001 337930705 299 9,500 SH   SOLE   9,500 0 0
FS BANCORP INC COM 30263Y104 677 12,156 SH   SOLE   12,156 0 0
GREAT WESTN BANCORP INC COM 391416104 1,181 28,000 SH   SOLE   28,000 0 0
GREEN BANCORP INC COM 39260X100 2,930 132,600 SH   SOLE   132,600 0 0
HAWTHORN BANCSHARES INC COM 420476103 2,096 92,110 SH   SOLE   92,110 0 0
HILLTOP HOLDINGS INC COM 432748101 379 18,800 SH   SOLE   18,800 0 0
HMN FINL INC COM 40424G108 3,863 188,424 SH   SOLE   188,424 0 0
HOME BANCSHARES INC COM 436893200 2,060 94,077 SH   SOLE   94,077 0 0
INDEPENDENT BK GROUP INC COM 45384B106 2,553 38,500 SH   SOLE   38,500 0 0
INVESTAR HLDG CORP COM 46134L105 4,026 149,960 SH   SOLE   149,960 0 0
JPMORGAN CHASE & CO COM 46625H100 282 2,500 SH   SOLE   2,500 0 0
LAKELAND BANCORP INC COM 511637100 1,233 68,299 SH   SOLE   68,299 0 0
LEGACY TEX FINL GROUP INC COM 52471Y106 1,414 33,200 SH   SOLE   33,200 0 0
MERIDIAN BK PAOLI PA COM 58958P104 430 25,000 SH   SOLE   25,000 0 0
MID PENN BANCORP INC COM 59540G107 1,164 39,927 SH   SOLE   39,927 0 0
PACWEST BANCORP DEL COM 695263103 4,327 90,800 SH   SOLE   90,800 0 0
PATRIOT NATL BANCORP INC COM NEW 70336F203 1,159 51,500 SH   SOLE   51,500 0 0
PEOPLES BANCORP N C INC COM 710577107 2,758 95,634 SH   SOLE   95,634 0 0
PINNACLE FINL PARTNERS INC COM 72346Q104 2,160 35,912 SH   SOLE   35,912 0 0
PLUMAS BANCORP COM 729273102 2,957 119,000 SH   SOLE   119,000 0 0
RENASANT CORP COM 75970E107 2,155 52,300 SH   SOLE   52,300 0 0
SERVISFIRST BANCSHARES INC COM 81768T108 3,555 90,800 SH   SOLE   90,800 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 6,464 164,473 SH   SOLE   164,473 0 0
SOUTHERN MO BANCORP INC COM 843380106 1,733 46,500 SH   SOLE   46,500 0 0
STERLING BANCORP INC COM 85917W102 1,846 163,257 SH   SOLE   163,257 0 0
STEWARDSHIP FINL CORP COM 860326107 700 66,000 SH   SOLE   66,000 0 0
SUMMIT FINANCIAL GROUP INC COM 86606G101 2,268 97,700 SH   SOLE   97,700 0 0
SVB FINL GROUP COM 78486Q101 4,569 14,700 SH   SOLE   14,700 0 0
TEXAS CAPITAL BANCSHARES INC COM 88224Q107 1,405 17,000 SH   SOLE   17,000 0 0
TOWNEBANK PORTSMOUTH VA COM 89214P109 4,668 151,300 SH   SOLE   151,300 0 0
UNIVEST CORP PA COM 915271100 1,341 50,700 SH   SOLE   50,700 0 0
VERITEX HLDGS INC COM 923451108 3,928 139,000 SH   SOLE   139,000 0 0
VILLAGE BK & TR FINANCIAL CO COM NEW 92705T200 144 4,314 SH   SOLE   4,314 0 0
WESTERN ALLIANCE BANCORP COM 957638109 2,418 42,500 SH   SOLE   42,500 0 0
ZIONS BANCORPORATION COM 989701107 1,013 20,200 SH   SOLE   20,200 0 0