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 8,837 296,734 SH   SOLE NONE 296,734 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 34,713 780,077 SH   SOLE NONE 780,077 0 0
BANC OF CALIFORNIA INC COM 05990K106 8,584 474,790 SH   SOLE NONE 474,790 0 0
BUSINESS FIRST BANCSHARES IN COM 12326C105 4,925 205,800 SH   SOLE NONE 205,800 0 0
BILL COM HLDGS INC COM 090043100 8,039 55,254 SH   SOLE NONE 55,254 0 0
BANK COMM HLDGS COM 06424J103 3,892 305,258 SH   SOLE NONE 305,258 0 0
BLUE RIDGE BANKSHARES INC VA COM 095825105 2,790 127,181 SH   SOLE NONE 127,181 0 0
BYLINE BANCORP INC COM 124411109 33,521 1,584,938 SH   SOLE NONE 1,584,938 0 0
CALIFORNIA BANCORP INC COM 13005U101 14,390 807,982 SH   SOLE NONE 807,982 0 0
CAMBRIDGE BANCORP COM 132152109 13,498 160,077 SH   SOLE NONE 160,077 0 0
CHUBB LIMITED COM H1467J104 7,015 44,409 SH   SOLE NONE 44,409 0 0
CB FINL SVCS INC COM 12479G101 1,672 75,564 SH   SOLE NONE 75,564 0 0
COASTAL FINL CORP WA COM NEW 19046P209 18,714 713,742 SH   SOLE NONE 713,742 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 16,256 94,440 SH   SOLE NONE 94,440 0 0
COLONY CAP INC NEW CL A COM 19626G108 24,717 3,814,383 SH   SOLE NONE 3,814,383 0 0
CONNECTONE BANCORP INC COM 20786W107 21,575 851,077 SH   SOLE NONE 851,077 0 0
CYRUSONE INC COM 23283R100 17,436 257,468 SH   SOLE NONE 257,468 0 0
BOTTOMLINE TECH DEL INC COM 101388106 17,639 389,820 SH   SOLE NONE 389,820 0 0
ESSEX PPTY TR INC COM 297178105 1,766 6,496 SH   SOLE NONE 6,496 0 0
EVANS BANCORP INC COM NEW 29911Q208 4,833 142,600 SH   SOLE NONE 142,600 0 0
FAUQUIER BANKSHARES INC COM 312059108 704 33,060 SH   SOLE NONE 33,060 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 32,834 233,514 SH   SOLE NONE 233,514 0 0
FIRST MID ILL BANCSHARES INC COM 320866106 4,376 99,611 SH   SOLE NONE 99,611 0 0
FIRST MIDWEST BANCORP DEL COM 320867104 22,804 1,040,793 SH   SOLE NONE 1,040,793 0 0
FINTECH ACQUISITION CORP IV CL A 31810N104 7,040 629,689 SH   SOLE NONE 629,689 0 0
FVCBANKCORP INC COM 36120Q101 14,800 854,523 SH   SOLE NONE 854,523 0 0
GLOBAL PMTS INC COM 37940X102 17,544 87,031 SH   SOLE NONE 87,031 0 0
HBT FINL INC. COM 404111106 7,840 457,928 SH   SOLE NONE 457,928 0 0
HERITAGE COMM CORP COM 426927109 12,056 986,589 SH   SOLE NONE 986,589 0 0
HAWTHORN BANCSHARES INC COM 420476103 3,994 187,578 SH   SOLE NONE 187,578 0 0
INDEPENDENT BK GROUP INC COM 45384B106 24,956 345,466 SH   SOLE NONE 345,466 0 0
I3 VERTICALS INC COM CL A 46571Y107 2,383 76,576 SH   SOLE NONE 76,576 0 0
LEVEL ONE BANCORP INC COM 52730D208 8,871 344,095 SH   SOLE NONE 344,095 0 0
MASTERCARD INCORPORATED CL A 57636Q104 6,214 17,453 SH   SOLE NONE 17,453 0 0
MID-AMER APT CMNTYS INC COM 59522J103 8,142 56,400 SH   SOLE NONE 56,400 0 0
MVB FINL CORP COM 553810102 11,086 327,980 SH   SOLE NONE 327,980 0 0
NEW YORK CMNTY BANCORP INC COM 649445103 3,995 316,594 SH   SOLE NONE 316,594 0 0
ORIGIN BANCORP INC COM 68621T102 9,000 212,205 SH   SOLE NONE 212,205 0 0
OCEANFIRST FINL CORP COM 675234108 44,540 1,860,464 SH   SOLE NONE 1,860,464 0 0
ORRSTOWN FINL SVCS INC COM 687380105 6,442 288,895 SH   SOLE NONE 288,895 0 0
PAYA HOLDINGS INC COM CL A 70434P103 6,606 602,766 SH   SOLE NONE 602,766 0 0
PROFESSIONAL HLDG CORP CL A COM 743139107 19,502 1,061,608 SH   SOLE NONE 1,061,608 0 0
PROLOGIS INC. COM 74340W103 8,780 82,831 SH   SOLE NONE 82,831 0 0
PACIFIC MERCANTILE BANCORP COM 694552100 18,546 2,083,844 SH   SOLE NONE 2,083,844 0 0
PAYSAFE LIMITED ORD G6964L107 4,761 352,664 SH   SOLE NONE 352,664 0 0
QCR HOLDINGS INC COM 74727A104 32,382 685,765 SH   SOLE NONE 685,765 0 0
REXFORD INDL RLTY INC COM 76169C100 2,408 47,771 SH   SOLE NONE 47,771 0 0
REPAY HLDGS CORP COM CL A 76029L100 24,258 1,033,119 SH   SOLE NONE 1,033,119 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 10,951 39,457 SH   SOLE NONE 39,457 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 57,995 256,501 SH   SOLE NONE 256,501 0 0
SOUTHERN FIRST BANCSHARES IN COM 842873101 14,787 315,416 SH   SOLE NONE 315,416 0 0
SELECT BANCORP INC NEW COM 81617L108 9,256 836,144 SH   SOLE NONE 836,144 0 0
SOUTH PLAINS FINANCIAL INC COM 83946P107 2,511 110,500 SH   SOLE NONE 110,500 0 0
TERRENO RLTY CORP COM 88146M101 4,411 76,351 SH   SOLE NONE 76,351 0 0
UMPQUA HLDGS CORP COM 904214103 27,753 1,581,366 SH   SOLE NONE 1,581,366 0 0
UNIVEST FINANCIAL CORPORATIO COM 915271100 19,306 675,256 SH   SOLE NONE 675,256 0 0
VERITEX HLDGS INC COM 923451108 12,615 385,558 SH   SOLE NONE 385,558 0 0
VALLEY NATL BANCORP COM 919794107 11,496 836,713 SH   SOLE NONE 836,713 0 0
WSFS FINL CORP COM 929328102 3,369 67,656 SH   SOLE NONE 67,656 0 0
ZIONS BANCORPORATION N A COM 989701107 2,864 52,108 SH   SOLE NONE 52,108 0 0