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
1st Source Corp COM 336901103 2,054,940 43,500 SH   SOLE 0 43,500 0 0
Altabancorp COM 021347109 1,725,816 39,081 SH   SOLE 0 39,081 0 0
Alerus Finacial Corp COM 01446U103 4,070,192 136,218 SH   SOLE 0 136,218 0 0
Allegiance Bancshares Inc COM 01748H107 1,487,850 39,000 SH   SOLE 0 39,000 0 0
Bancorp Inc COM 05969A105 8,363,785 299,062 SH   SOLE 0 299,062 0 0
Banner Corporation COM 06652V208 2,689,995 48,723 SH   SOLE 0 48,723 0 0
BancFirst Corp COM 05945F103 3,627,039 60,330 SH   SOLE 0 60,330 0 0
Bank of Marin Bancorp COM 063425102 1,842,200 48,800 SH   SOLE 0 48,800 0 0
Bridgewater Bancshares Inc. COM 108621103 3,811,173 217,657 SH   SOLE 0 217,657 0 0
Cambridge Bancorp COM 132152109 440,000 5,000 SH   SOLE 0 5,000 0 0
CommerceWest Bank COM 20084T103 4,009,685 127,697 SH   SOLE 0 127,697 0 0
Connectone Bancorp Inc NEW COM 20786W107 3,226,075 107,500 SH   SOLE 0 107,500 0 0
Central Pacific Finacial Corp COM 154760409 342,391 13,333 SH   SOLE 0 13,333 0 0
First Bus Finl Svcs Inc Wis COM 319390100 1,435,500 50,000 SH   SOLE 0 50,000 0 0
First Fndtn Inc COM 32026V104 3,208,600 122,000 SH   SOLE 0 122,000 0 0
First Horizon Corp COM 320517105 1,629,000 100,000 SH   SOLE 0 100,000 0 0
Farmers National Banc Corp COM 309627107 338,629 21,555 SH   SOLE 0 21,555 0 0
First Mid Bancshares Inc. COM 320866106 821,200 20,000 SH   SOLE 0 20,000 0 0
German Amern Bancorp Inc COM 373865104 2,844,403 73,632 SH   SOLE 0 73,632 0 0
Horizon Bancorp Inc COM 440407104 2,089,550 115,000 SH   SOLE 0 115,000 0 0
Hancock Whitney Corp COM 410120109 2,709,400 57,500 SH   SOLE 0 57,500 0 0
Lakeland Bancorp Inc N.J. COM 511637100 1,853,917 105,157 SH   SOLE 0 105,157 0 0
Lakeland Finl Corp COM 511656100 6,525,583 91,600 SH   SOLE 0 91,600 0 0
Level One Bancorp Inc COM 52730D208 2,175,608 73,950 SH   SOLE 0 73,950 0 0
Live Oak Bancshares Inc COM 53803X105 3,455,109 54,300 SH   SOLE 0 54,300 0 0
Merchants Bancorp Ind COM 58844R108 493,375 12,500 SH   SOLE 0 12,500 0 0
Mercantile Bank Corp COM 587376104 1,601,500 50,000 SH   SOLE 0 50,000 0 0
Meridian Bancorp Incorporated COM 58958U103 259,500 12,500 SH   SOLE 0 12,500 0 0
Meta Finl Group Inc COM 59100U108 9,854,694 187,780 SH   SOLE 0 187,780 0 0
Primis Financial Corp COM 74167B109 289,200 20,000 SH   SOLE 0 20,000 0 0
Northeast Community Bancorp Inc COM 664112109 206,910 19,000 SH   SOLE 0 19,000 0 0
Northrim BanCorp Inc COM 666762109 263,562 6,200 SH   SOLE 0 6,200 0 0
Origin Bancorp COM 68621T102 978,285 23,100 SH   SOLE 0 23,100 0 0
Pacific Premier Bancorp COM 69478X105 4,204,377 101,457 SH   SOLE 0 101,457 0 0
Pacwest Bancorp COM 695263103 2,764,520 61,000 SH   SOLE 0 61,000 0 0
Regions Financial Corp COM 7591EP100 4,589,001 215,345 SH   SOLE 0 215,345 0 0
Riverview Bancorp Incorporated COM 769397100 290,800 40,000 SH   SOLE 0 40,000 0 0
Sandy Spring Bancorp Inc COM 800363103 1,690,758 36,900 SH   SOLE 0 36,900 0 0
Seacost BKG Corporation COM 811707306 3,443,917 101,861 SH   SOLE 0 101,861 0 0
SVB Finacial Group COM 78486Q101 7,513,510 11,615 SH   SOLE 0 11,615 0 0
Signature Bank COM 82669G104 4,016,130 14,750 SH   SOLE 0 14,750 0 0
Stock Yds Bancorp Inc COM 861025104 4,148,842 70,739 SH   SOLE 0 70,739 0 0
Summit St Bk Santa Rosa Cali COM 866264203 316,800 16,000 SH   SOLE 0 16,000 0 0
TowneBank Portsmouth VA COM 89214P109 2,146,590 69,000 SH   SOLE 0 69,000 0 0
Trico Bancshares COM 896095106 312,480 7,200 SH   SOLE 0 7,200 0 0
Verotex Holdings Inc COM 923451108 2,164,800 55,000 SH   SOLE 0 55,000 0 0
West Bancorporation Inc CAP STK 95123P106 2,722,669 90,665 SH   SOLE 0 90,665 0 0
Wintrust Finacial Corp COM 97650W108 6,632,372 82,523 SH   SOLE 0 82,523 0 0
Zions Bancorporation COM 989701107 4,570,575 73,850 SH   SOLE 0 73,850 0 0