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 2,157,600 43,500 SH   SOLE 0 43,500 0 0
Alerus Finacial Corp COM 01446U103 4,035,310 137,818 SH   SOLE 0 137,818 0 0
Allegiance Bancshares Inc COM 01748H107 1,646,190 39,000 SH   SOLE 0 39,000 0 0
Bancorp Inc COM 05969A105 8,398,767 331,836 SH   SOLE 0 331,836 0 0
Banner Corporation COM 06652V208 2,409,992 39,723 SH   SOLE 0 39,723 0 0
BancFirst Corp COM 05945F103 4,300,984 60,955 SH   SOLE 0 60,955 0 0
Bank of Marin Bancorp COM 063425102 1,816,824 48,800 SH   SOLE 0 48,800 0 0
Bridgewater Bancshares Inc. COM 108621103 3,885,731 219,657 SH   SOLE 0 219,657 0 0
CommerceWest Bank COM 20084T103 3,327,530 112,227 SH   SOLE 0 112,227 0 0
Connectone Bancorp Inc NEW COM 20786W107 3,516,325 107,500 SH   SOLE 0 107,500 0 0
First Bus Finl Svcs Inc Wis COM 319390100 1,458,500 50,000 SH   SOLE 0 50,000 0 0
First Fndtn Inc COM 32026V104 3,032,920 122,000 SH   SOLE 0 122,000 0 0
First Mid Bancshares Inc. COM 320866106 1,069,536 24,995 SH   SOLE 0 24,995 0 0
Glacier Bancorp Inc NEW COM 37637Q105 1,820,069 32,100 SH   SOLE 0 32,100 0 0
German Amern Bancorp Inc COM 373865104 2,909,155 74,632 SH   SOLE 0 74,632 0 0
Horizon Bancorp Inc COM 440407104 2,710,500 130,000 SH   SOLE 0 130,000 0 0
Hancock Whitney Corp COM 410120109 2,876,150 57,500 SH   SOLE 0 57,500 0 0
Lakeland Bancorp Inc N.J. COM 511637100 1,996,931 105,157 SH   SOLE 0 105,157 0 0
Lakeland Finl Corp COM 511656100 7,340,823 91,600 SH   SOLE 0 91,600 0 0
Level One Bancorp Inc COM 52730D208 3,003,355 76,150 SH   SOLE 0 76,150 0 0
Live Oak Bancshares Inc COM 53803X105 5,324,690 61,000 SH   SOLE 0 61,000 0 0
Merchants Bancorp Ind COM 58844R108 1,656,550 35,000 SH   SOLE 0 35,000 0 0
Mercantile Bank Corp COM 587376104 1,751,500 50,000 SH   SOLE 0 50,000 0 0
Meta Finl Group Inc COM 59100U108 4,664,218 78,180 SH   SOLE 0 78,180 0 0
Origin Bancorp COM 68621T102 1,405,630 32,750 SH   SOLE 0 32,750 0 0
Pacific Premier Bancorp COM 69478X105 4,129,373 103,157 SH   SOLE 0 103,157 0 0
Pacwest Bancorp COM 695263103 2,755,370 61,000 SH   SOLE 0 61,000 0 0
Regions Financial Corp COM 7591EP100 4,781,720 219,345 SH   SOLE 0 219,345 0 0
Sandy Spring Bancorp Inc COM 800363103 1,774,152 36,900 SH   SOLE 0 36,900 0 0
Seacost BKG Corporation COM 811707306 3,650,866 103,161 SH   SOLE 0 103,161 0 0
SVB Finacial Group COM 78486Q101 7,935,407 11,700 SH   SOLE 0 11,700 0 0
Signature Bank COM 82669G104 4,840,728 14,965 SH   SOLE 0 14,965 0 0
Stock Yds Bancorp Inc COM 861025104 4,518,806 70,739 SH   SOLE 0 70,739 0 0
Triumph Bancorp Inc COM 89679e300 1,625,442 13,650 SH   SOLE 0 13,650 0 0
TowneBank Portsmouth VA COM 89214P109 2,179,710 69,000 SH   SOLE 0 69,000 0 0
Verotex Holdings Inc COM 923451108 2,187,900 55,000 SH   SOLE 0 55,000 0 0
West Bancorporation Inc CAP STK 95123P106 2,577,722 82,965 SH   SOLE 0 82,965 0 0
Wintrust Finacial Corp COM 97650W108 7,067,884 77,823 SH   SOLE 0 77,823 0 0
Zions Bancorporation COM 989701107 4,176,770 66,130 SH   SOLE 0 66,130 0 0