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 2,180 100,000 SH   SOLE NONE 100,000 0 0
AMERIPRISE FINL INC COM 03076C106 8,379 56,959 SH   SOLE NONE 4,277 0 52,682
ATHENE HLDG LTD CL A G0684D107 14,066 334,420 SH   SOLE NONE 33,042 0 301,378
BANK AMER CORP COM 060505104 14,525 497,960 SH   SOLE NONE 0 0 497,960
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 5,540 104,350 SH   SOLE NONE 9,404 0 94,946
BUSINESS FIRST BANCSHARES IN COM 12326C105 9,399 385,220 SH   SOLE NONE 385,220 0 0
BANK NEW YORK MELLON CORP COM 064058100 3,724 82,371 SH   SOLE NONE 7,527 0 74,844
BANK COMM HLDGS COM 06424J103 2,776 254,936 SH   SOLE NONE 254,936 0 0
BRIDGEWATER BANCSHARES INC COM ACCD INV 108621103 7,454 624,284 SH   SOLE NONE 624,284 0 0
BYLINE BANCORP INC COM 124411109 30,006 1,678,172 SH   SOLE NONE 899,127 0 779,045
CB FINL SVCS INC COM 12479G101 2,600 93,656 SH   SOLE NONE 93,656 0 0
COASTAL FINL CORP WA COM NEW 19046P209 3,556 235,336 SH   SOLE NONE 235,336 0 0
COLONY CAP INC NEW CL A COM 19626G108 12,097 2,009,416 SH   SOLE NONE 307,146 0 1,702,270
CONNECTONE BANCORP INC NEW COM 20786W107 17,545 790,299 SH   SOLE NONE 374,756 0 415,543
CENTERSTATE BK CORP COM 15201P109 21,540 898,060 SH   SOLE NONE 45,104 0 852,956
EVANS BANCORP INC COM NEW 29911Q208 248 6,627 SH   SOLE NONE 6,627 0 0
FGL HLDGS ORD SHS G3402M102 3,572 447,609 SH   SOLE NONE 33,172 0 414,437
FIDELITY NATL INFORMATION SV COM 31620M106 11,986 90,280 SH   SOLE NONE 7,030 0 83,250
FIRST MID BANCSHARES INC COM 320866106 1,611 46,548 SH   SOLE NONE 46,548 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 31,152 1,599,160 SH   SOLE NONE 420,501 0 1,178,659
FVCBANKCORP INC COM 36120Q101 1,652 94,093 SH   SOLE NONE 94,093 0 0
HOULIHAN LOKEY INC CL A 441593100 2,031 45,024 SH   SOLE NONE 3,968 0 41,056
HUDSON PAC PPTYS INC COM 444097109 9,991 298,590 SH   SOLE NONE 22,843 0 275,747
HAWTHORN BANCSHARES INC COM 420476103 5,791 243,020 SH   SOLE NONE 243,020 0 0
I3 VERTICALS INC COM CL A 46571Y107 3,427 170,334 SH   SOLE NONE 38,951 0 131,383
INTERXION HOLDING N.V SHS N47279109 12,541 153,958 SH   SOLE NONE 15,593 0 138,365
JPMORGAN CHASE & CO COM 46625H100 17,201 146,155 SH   SOLE NONE 3,341 0 142,814
LEVEL ONE BANCORP INC COM 52730D208 5,942 246,360 SH   SOLE NONE 246,360 0 0
MOELIS & CO CL A 60786M105 6,970 212,184 SH   SOLE NONE 18,896 0 193,288
MIDLAND STS BANCORP INC ILL COM 597742105 22,581 866,852 SH   SOLE NONE 432,510 0 434,342
MVB FINANCIAL CORP COM 553810102 1,421 71,611 SH   SOLE NONE 71,611 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 4,005 319,084 SH   SOLE NONE 319,084 0 0
ORIGIN BANCORP INC COM 68621T102 7,277 215,690 SH   SOLE NONE 200,374 0 15,316
OCEANFIRST FINL CORP COM 675234108 34,439 1,459,285 SH   SOLE NONE 384,075 0 1,075,210
OLD LINE BANCSHARES INC COM 67984M100 1,531 52,766 SH   SOLE NONE 52,766 0 0
OPUS BK IRVINE CALIF COM 684000102 22,385 1,028,268 SH   SOLE NONE 256,974 0 771,294
ORRSTOWN FINL SVCS INC COM 687380105 7,650 349,319 SH   SOLE NONE 349,319 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 14,505 1,931,359 SH   SOLE NONE 1,931,359 0 0
PNC FINL SVCS GROUP INC COM 693475105 18,326 130,752 SH   SOLE NONE 1,183 0 129,569
QCR HOLDINGS INC COM 74727A104 28,024 737,867 SH   SOLE NONE 389,860 0 348,007
RED RIVER BANCSHARES INC COM 75686R202 963 22,211 SH   SOLE NONE 22,211 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 28,045 235,235 SH   SOLE NONE 18,884 0 216,351
SELECT BANCORP INC NEW COM 81617L108 3,868 333,450 SH   SOLE NONE 333,450 0 0
SOUTH PLAINS FINANCIAL INC COM 83946P107 2,648 162,478 SH   SOLE NONE 162,478 0 0
TCF FINANCIAL CORPORATION NE COM 872307103 3,788 99,509 SH   SOLE NONE 8,704 0 90,805
UMPQUA HLDGS CORP COM 904214103 11,561 702,394 SH   SOLE NONE 63,205 0 639,189
UNIVEST FINANCIAL CORPORATIO COM 915271100 24,634 965,652 SH   SOLE NONE 295,055 0 670,597
VERITEX HLDGS INC COM 923451108 26,128 1,076,791 SH   SOLE NONE 319,185 0 757,606
WESTERN ALLIANCE BANCORP COM 957638109 35,110 761,942 SH   SOLE NONE 161,251 0 600,691
WEX INC COM 96208T104 13,905 68,812 SH   SOLE NONE 5,809 0 63,003
WSFS FINL CORP COM 929328102 24,935 565,427 SH   SOLE NONE 53,192 0 512,235
ZIONS BANCORPORATION N A COM 989701107 32,556 731,259 SH   SOLE NONE 109,492 0 621,767