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 299 3,069 SH   SOLE NONE 3,069 0 0
ALERUS FINL CORP COM 01446U103 8,792 444,938 SH   SOLE NONE 444,938 0 0
AMERICAN EXPRESS CO COM 025816109 980 10,292 SH   SOLE NONE 10,292 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 1,255 38,160 SH   SOLE NONE 38,160 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 6,444 419,821 SH   SOLE NONE 419,821 0 0
BANK NEW YORK MELLON CORP COM 064058100 800 20,686 SH   SOLE NONE 20,686 0 0
BANK COMM HLDGS COM 06424J103 2,287 301,696 SH   SOLE NONE 301,696 0 0
BLUE RIDGE BANKSHARES INC VA COM 095825105 3,843 252,671 SH   SOLE NONE 252,671 0 0
BYLINE BANCORP INC COM 124411109 24,011 1,832,905 SH   SOLE NONE 1,832,905 0 0
CALIFORNIA BANCORP COM 13005U101 11,947 801,782 SH   SOLE NONE 801,782 0 0
CAMBRIDGE BANCORP COM 132152109 9,203 155,350 SH   SOLE NONE 155,350 0 0
CB FINL SVCS INC COM 12479G101 2,160 99,006 SH   SOLE NONE 99,006 0 0
COASTAL FINL CORP WA COM NEW 19046P209 10,131 697,693 SH   SOLE NONE 697,693 0 0
COLONY CAP INC NEW CL A COM 19626G108 668 278,193 SH   SOLE NONE 278,193 0 0
CONNECTONE BANCORP INC NEW COM 20786W107 13,763 853,783 SH   SOLE NONE 853,783 0 0
CYRUSONE INC COM 23283R100 427 5,875 SH   SOLE NONE 5,875 0 0
EQUINIX INC COM 29444U700 534 761 SH   SOLE NONE 761 0 0
EVANS BANCORP INC COM NEW 29911Q208 2,719 116,902 SH   SOLE NONE 116,902 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 1,369 10,211 SH   SOLE NONE 10,211 0 0
FLEETCOR TECHNOLOGIES INC COM 339041105 214 851 SH   SOLE NONE 851 0 0
FIRST MID BANCSHARES INC COM 320866106 2,490 94,920 SH   SOLE NONE 94,920 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 5,611 420,336 SH   SOLE NONE 420,336 0 0
FVCBANKCORP INC COM 36120Q101 8,611 800,316 SH   SOLE NONE 800,316 0 0
GLOBAL PMTS INC COM 37940X102 1,095 6,454 SH   SOLE NONE 6,454 0 0
HBT FINL INC. COM 404111106 7,797 584,908 SH   SOLE NONE 584,908 0 0
HUDSON PAC PPTYS INC COM 444097109 465 18,473 SH   SOLE NONE 18,473 0 0
HERITAGE COMMERCE CORP COM 426927109 6,751 899,577 SH   SOLE NONE 899,577 0 0
HAWTHORN BANCSHARES INC COM 420476103 4,218 214,232 SH   SOLE NONE 214,232 0 0
INDEPENDENT BK GROUP INC COM 45384B106 22,793 562,508 SH   SOLE NONE 562,508 0 0
LEVEL ONE BANCORP INC COM 52730D208 3,675 219,546 SH   SOLE NONE 219,546 0 0
MASTERCARD INCORPORATED CL A 57636Q104 642 2,171 SH   SOLE NONE 2,171 0 0
MVB FINL CORP COM 553810102 3,162 237,740 SH   SOLE NONE 237,740 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 3,255 319,084 SH   SOLE NONE 319,084 0 0
ORIGIN BANCORP INC COM 68621T102 4,102 186,448 SH   SOLE NONE 186,448 0 0
OCEANFIRST FINL CORP COM 675234108 31,913 1,810,172 SH   SOLE NONE 1,810,172 0 0
ORRSTOWN FINL SVCS INC COM 687380105 4,146 281,118 SH   SOLE NONE 281,118 0 0
PROFESSIONAL HLDG CORP CL A COM 743139107 10,137 730,328 SH   SOLE NONE 730,328 0 0
PROGRESSIVE CORP OHIO COM 743315103 529 6,603 SH   SOLE NONE 6,603 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 7,524 2,055,611 SH   SOLE NONE 2,055,611 0 0
PNC FINL SVCS GROUP INC COM 693475105 1,999 19,004 SH   SOLE NONE 19,004 0 0
QCR HOLDINGS INC COM 74727A104 21,836 700,307 SH   SOLE NONE 700,307 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 8,690 81,273 SH   SOLE NONE 81,273 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 6,287 226,878 SH   SOLE NONE 226,878 0 0
SELECT BANCORP INC NEW COM 81617L108 6,250 767,837 SH   SOLE NONE 767,837 0 0
SOUTH PLAINS FINANCIAL INC COM 83946P107 1,461 102,632 SH   SOLE NONE 102,632 0 0
SS&C TECHNOLOGIES HLDGS INC COM 78467J100 760 13,448 SH   SOLE NONE 13,448 0 0
UMPQUA HLDGS CORP COM 904214103 1,894 178,022 SH   SOLE NONE 178,022 0 0
UNIVEST FINANCIAL CORPORATIO COM 915271100 14,962 927,034 SH   SOLE NONE 927,034 0 0
VERITEX HLDGS INC COM 923451108 2,910 164,380 SH   SOLE NONE 164,380 0 0
VALLEY NATL BANCORP COM 919794107 675 86,353 SH   SOLE NONE 86,353 0 0
WSFS FINL CORP COM 929328102 823 28,676 SH   SOLE NONE 28,676 0 0