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 2,011,875 43,500 SH   SOLE 0 43,500 0 0
Alerus Finacial Corp COM 01446U103 3,750,796 137,818 SH   SOLE 0 137,818 0 0
Bancorp Inc COM 05969A105 9,201,443 331,836 SH   SOLE 0 331,836 0 0
Banner Corporation COM 06652V208 2,324,986 39,723 SH   SOLE 0 39,723 0 0
BancFirst Corp COM 05945F103 5,072,064 60,955 SH   SOLE 0 60,955 0 0
Business First Bancshares Inc COM 12326C105 2,262,690 93,000 SH   SOLE 0 93,000 0 0
Bridgewater Bancshares Inc. COM 108621103 3,628,234 219,657 SH   SOLE 0 219,657 0 0
Cadence Bank COM 059692103 1,550,780 53,000 SH   SOLE 0 53,000 0 0
Cambridge Bancorp COM 132152109 245,130 3,000 SH   SOLE 0 3,000 0 0
Coastal Financial Corp COM 19046P209 1,819,567 40,750 SH   SOLE 0 40,750 0 0
Crossfirst Bankshares Inc COM 22766M109 1,156,784 73,400 SH   SOLE 0 73,400 0 0
CommerceWest Bank COM 20084T103 3,927,945 112,227 SH   SOLE 0 112,227 0 0
Connectone Bancorp Inc NEW COM 20786W107 880,275 27,500 SH   SOLE 0 27,500 0 0
Bridge Bancorp Inc COM 253922108 1,728,500 50,000 SH   SOLE 0 50,000 0 0
First Bus Finl Svcs Inc Wis COM 319390100 1,640,500 50,000 SH   SOLE 0 50,000 0 0
First Fndtn Inc COM 32026V104 2,714,626 111,759 SH   SOLE 0 111,759 0 0
Farmers National Banc Corp COM 309627107 350,630 21,427 SH   SOLE 0 21,427 0 0
Glacier Bancorp Inc NEW COM 37637Q105 1,613,987 32,100 SH   SOLE 0 32,100 0 0
German Amern Bancorp Inc COM 373865104 2,835,269 74,632 SH   SOLE 0 74,632 0 0
Horizon Bancorp Inc COM 440407104 2,427,100 130,000 SH   SOLE 0 130,000 0 0
Hancock Whitney Corp COM 410120109 2,998,625 57,500 SH   SOLE 0 57,500 0 0
Lakeland Bancorp Inc N.J. COM 511637100 1,756,121 105,157 SH   SOLE 0 105,157 0 0
Lakeland Finl Corp COM 511656100 6,175,362 84,594 SH   SOLE 0 84,594 0 0
Live Oak Bancshares Inc COM 53803X105 2,763,327 54,300 SH   SOLE 0 54,300 0 0
Merchants Bancorp Ind COM 58844R108 1,437,450 52,500 SH   SOLE 0 52,500 0 0
Mercantile Bank Corp COM 587376104 1,771,000 50,000 SH   SOLE 0 50,000 0 0
Northeast Community Bancorp Inc COM 664112109 613,088 50,048 SH   SOLE 0 50,048 0 0
Meta Finl Group Inc COM 59100U108 4,293,645 78,180 SH   SOLE 0 78,180 0 0
Origin Bancorp COM 68621T102 1,384,997 32,750 SH   SOLE 0 32,750 0 0
Ocean First Financial Corp COM 675234108 2,211,000 110,000 SH   SOLE 0 110,000 0 0
Pacific Premier Bancorp COM 69478X105 3,646,599 103,157 SH   SOLE 0 103,157 0 0
Pacwest Bancorp COM 695263103 2,005,545 46,500 SH   SOLE 0 46,500 0 0
Regions Financial Corp COM 7591EP100 3,992,219 179,345 SH   SOLE 0 179,345 0 0
Sandy Spring Bancorp Inc COM 800363103 1,657,548 36,900 SH   SOLE 0 36,900 0 0
Seacost BKG Corporation COM 811707306 3,509,204 103,161 SH   SOLE 0 103,161 0 0
SVB Finacial Group COM 78486Q101 6,545,564 11,700 SH   SOLE 0 11,700 0 0
Signature Bank COM 82669G104 4,392,077 14,965 SH   SOLE 0 14,965 0 0
Stock Yds Bancorp Inc COM 861025104 3,742,093 70,739 SH   SOLE 0 70,739 0 0
Triumph Bancorp Inc COM 89679e300 2,470,375 26,275 SH   SOLE 0 26,275 0 0
Trico Bancshares COM 896095106 281,625 7,500 SH   SOLE 0 7,500 0 0
TowneBank Portsmouth VA COM 89214P109 2,065,860 69,000 SH   SOLE 0 69,000 0 0
Versabank New COM 92512J106 798,000 70,000 SH   SOLE 0 70,000 0 0
Verotex Holdings Inc COM 923451108 2,099,350 55,000 SH   SOLE 0 55,000 0 0
West Bancorporation Inc CAP STK 95123P106 2,257,477 82,965 SH   SOLE 0 82,965 0 0
Wintrust Finacial Corp COM 97650W108 7,232,091 77,823 SH   SOLE 0 77,823 0 0
Zions Bancorporation COM 989701107 4,335,482 66,130 SH   SOLE 0 66,130 0 0