Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
JXN	JACKSON FINANCIAL INC	1,290,796	$44.91M	13.9%	$34.79 *	$33.90	-11.6%	COM CL A	46817M107
—	PAGAYA TECHNOLOGIES LTD	15,861,841	$19.67M	6.1%	$1.24	$4.18	—	CL A SHS	M7S64L115
CCB	COASTAL FINL CORP WA	242,990	$11.55M	3.6%	$47.52 *	$19.30	+140.1%	COM NEW	19046P209
OSBC	OLD SECOND BANCORP INC ILL	693,216	$11.12M	3.4%	$16.04 *	$12.87	+18.6%	COM	680277100
HWC	HANCOCK WHITNEY CORPORATION	214,698	$10.39M	3.2%	$48.39 *	$51.95	-0.5%	COM	410120109
BANC	BANC OF CALIFORNIA INC	588,652	$9.377M	2.9%	$15.93 *	$16.46	-9.1%	COM	05990K106
—	SYNOVUS FINL CORP	248,474	$9.33M	2.9%	$37.55	$41.28	—	COM NEW	87161C501
MTB	M & T BK CORP	60,050	$8.711M	2.7%	$145.06	$149.99	-1.5%	COM	55261F104
—	CROSSFIRST BANKSHARES INC	695,535	$8.632M	2.7%	$12.41	$14.16	—	COM	22766M109
MCB	METROPOLITAN BK HLDG CORP	136,977	$8.036M	2.5%	$58.67 *	$46.82	+34.3%	COM	591774104
ONB	OLD NATL BANCORP IND	414,142	$7.446M	2.3%	$17.98 *	$17.25	+6.4%	COM	680033107
HFWA	HERITAGE FINL CORP WASH	235,230	$7.207M	2.2%	$30.64 *	$26.38	+18.6%	COM	42722X106
SFST	SOUTHERN FIRST BANCSHARES	155,519	$7.115M	2.2%	$45.75	$33.35	+36.1%	COM	842873101
PCB	PCB BANCORP	351,404	$6.216M	1.9%	$17.69 *	$17.82	+4.5%	COM	69320M109
BWB	BRIDGEWATER BANCSHARES INC	344,505	$6.112M	1.9%	$17.74 *	$15.26	+20.1%	COM ACCD INV	108621103
CNOB	CONNECTONE BANCORP INC	247,599	$5.994M	1.9%	$24.21 *	$19.07	+15.7%	COM	20786W107
MVBF	MVB FINL CORP	250,000	$5.505M	1.7%	$22.02	$15.30	+44.4%	COM	553810102
WBS	WEBSTER FINL CORP	111,989	$5.302M	1.6%	$47.34 *	$47.52	+5.4%	COM	947890109
FUNC	FIRST UTD CORP	264,073	$5.189M	1.6%	$19.65 *	$15.58	+7.0%	COM	33741H107
EQBK	EQUITY BANCSHARES INC	145,683	$4.759M	1.5%	$32.67	$22.54	+45.7%	COM CL A	29460X109
FRST	PRIMIS FINANCIAL CORP	382,080	$4.528M	1.4%	$11.85 *	$12.85	-15.7%	COM	74167B109
PDLB	PONCE FINANCIAL GROUP INC	476,794	$4.444M	1.4%	$9.32 *	$10.24	-7.0%	COMMON STOCK	732344106
LNKB	LINKBANCORP INC	445,500	$4.165M	1.3%	$9.35 *	$6.53	+11.0%	COM	53578P105
EBC	EASTERN BANKSHARES INC	237,279	$4.093M	1.3%	$17.25	$17.57	-1.0%	COM	27627N105
—	NEW YORK CMNTY BANCORP INC	450,000	$3.87M	1.2%	$8.60	$8.60	—	COM	649445103
RBKB	RHINEBECK BANCORP INC	401,177	$3.655M	1.1%	$9.11 *	$11.68	-17.7%	COM	762093102
FRME	FIRST MERCHANTS CORP	76,200	$3.133M	1.0%	$41.11 *	$36.61	+2.0%	COM	320817109
—	SVB FINANCIAL GROUP	13,376	$3.078M	1.0%	$230.14	$325.99	—	COM	78486Q101
EFSC	ENTERPRISE FINL SVCS CORP	60,800	$2.977M	0.9%	$48.96 *	$46.20	0.0%	COM	293712105
QCRH	QCR HOLDINGS INC	57,711	$2.865M	0.9%	$49.64 *	$46.45	+9.5%	COM	74727A104
PGC	PEAPACK-GLADSTONE FINL CORP	75,297	$2.803M	0.9%	$37.22	$27.61	+35.0%	COM	704699107
BAC	BANK AMERICA CORP	81,200	$2.689M	0.8%	$33.12 *	$31.71	0.0%	COM	060505104
—	BROADWAY FINL CORP DEL	2,652,000	$2.679M	0.8%	$1.01	$1.49	—	COM	111444105
WTFC	WINTRUST FINL CORP	31,356	$2.65M	0.8%	$84.52 *	$80.27	+10.0%	COM	97650W108
PFBC	PREFERRED BK LOS ANGELES CA	33,362	$2.489M	0.8%	$74.62 *	$52.43	+39.0%	COM NEW	740367404
NXDT	NEXPOINT DIVERSIFIED REL ET	221,114	$2.479M	0.8%	$11.21	$15.82	—	COM NEW	65340G205
MBIN	MERCHANTS BANCORP IND	95,582	$2.325M	0.7%	$24.32 *	$23.44	+0.4%	COM	58844R108
XLF	SELECT SECTOR SPDR TR	65,000	$2.223M	0.7%	$34.20	—	—	Put	81369Y605
KRE	SPDR SER TR	34,969	$2.054M	0.6%	$58.74	$58.74	—	S&P REGL BKG	78464A698
CCNE	CNB FINL CORP PA	85,106	$2.025M	0.6%	$23.79 *	$22.98	-2.6%	COM	126128107
UBFO	UNITED SEC BANCSHARES CALIF	274,979	$2.01M	0.6%	$7.31 *	$6.14	-6.7%	COM	911460103
BPOP	POPULAR INC	30,222	$2.004M	0.6%	$66.32 *	$55.15	+14.4%	COM NEW	733174700
NBHC	NATIONAL BK HLDGS CORP	47,177	$1.985M	0.6%	$42.07 *	$35.64	+10.3%	CL A	633707104
OBK	ORIGIN BANCORP INC	53,744	$1.972M	0.6%	$36.70 *	$38.94	+2.0%	COM	68621T102
OCFC	OCEANFIRST FINL CORP	89,988	$1.912M	0.6%	$21.25 *	$15.64	+19.3%	COM	675234108
FCNCA	FIRST CTZNS BANCSHARES INC N	2,509	$1.903M	0.6%	$758.36 *	$587.15	+35.6%	CL A	31946M103
CADE	CADENCE BANK	76,000	$1.874M	0.6%	$24.66 *	$24.83	-3.5%	COM	12740C103
—	PREMIER FINANCIAL CORP	67,169	$1.812M	0.6%	$26.97	$25.02	—	COM	74052F108
AGO	ASSURED GUARANTY LTD	28,641	$1.783M	0.6%	$62.26 *	$48.39	+17.2%	COM	G0585R106
PEBO	PEOPLES BANCORP INC	62,167	$1.756M	0.5%	$28.25 *	$32.36	-9.1%	COM	709789101
IWM	ISHARES TR	10,000	$1.744M	0.5%	$174.36	—	—	Put	464287655
STEL	STELLAR BANCORP INC	57,181	$1.685M	0.5%	$29.46 *	$30.96	0.0%	COM	858927106
SLM	SLM CORP	99,894	$1.658M	0.5%	$16.60	$15.43	+6.2%	COM	78442P106
EQH	EQUITABLE HLDGS INC	56,821	$1.631M	0.5%	$28.70 *	$27.82	-1.7%	COM	29452E101
—	FIRST BANCSHARES INC MS	49,703	$1.591M	0.5%	$32.01	$30.98	—	COM	318916103
EWBC	EAST WEST BANCORP INC	24,120	$1.59M	0.5%	$65.90 *	$64.59	-3.4%	COM	27579R104
—	PACWEST BANCORP DEL	68,284	$1.567M	0.5%	$22.95	$28.28	—	COM	695263103
FITB	FIFTH THIRD BANCORP	46,437	$1.524M	0.5%	$32.81 *	$27.58	+8.5%	COM	316773100
INTU	INTUIT	3,600	$1.401M	0.4%	$389.22	$417.02	-6.7%	COM	461202103
WAL	WESTERN ALLIANCE BANCORP	23,050	$1.373M	0.4%	$59.56	$70.02	-14.6%	COM	957638109
AAMI	BRIGHTSPHERE INVT GROUP INC	65,718	$1.352M	0.4%	$20.58 *	$22.80	-17.6%	COM	10948W103
COF	CAPITAL ONE FINL CORP	13,335	$1.24M	0.4%	$92.96	$97.44	-4.5%	COM	14040H105
ECPG	ENCORE CAP GROUP INC	25,220	$1.209M	0.4%	$47.94	$56.31	-14.3%	COM	292554102
ZION	ZIONS BANCORPORATION N A	23,497	$1.155M	0.4%	$49.16	$56.83	-12.0%	COM	989701107
HTH	HILLTOP HOLDINGS INC	38,000	$1.14M	0.4%	$30.01 *	$28.49	-0.2%	COM	432748101
SBNY	SIGNATURE BK NEW YORK N Y	9,657	$1.113M	0.3%	$115.22	$267.30	—	COM	82669G104
OMF	ONEMAIN HLDGS INC	33,072	$1.102M	0.3%	$33.31 *	$51.94	-31.7%	COM	68268W103
BILL	BILL COM HLDGS INC	10,000	$1.09M	0.3%	$108.96 *	$143.68	-16.4%	COM	090043100
CRAI	CRA INTL INC	8,062	$987K	0.3%	$122.43 *	$59.13	+79.4%	COM	12618T105
APA	APA CORPORATION	20,000	$934K	0.3%	$46.68 *	$34.97	+14.5%	COM	03743Q108
—	STEEL PARTNERS HLDGS L P	20,005	$856K	0.3%	$42.80	$41.98	—	LTD PRTRSHIP U	85814R107
ALLY	ALLY FINL INC	33,446	$818K	0.3%	$24.45 *	$36.88	-35.9%	COM	02005N100
BTU	PEABODY ENERGY CORP	30,000	$793K	0.2%	$26.42	$22.60	+17.0%	COM	704551100
LOB	LIVE OAK BANCSHARES INC	25,821	$780K	0.2%	$30.20 *	$46.82	-31.8%	COM	53803X105
AER	AERCAP HOLDINGS NV	12,500	$729K	0.2%	$58.32 *	$53.81	+1.1%	SHS	N00985106
ET	ENERGY TRANSFER L P	60,000	$712K	0.2%	$11.87	$9.83	—	COM UT LTD PTN	29273V100
—	SPRUCE POWER HOLDING CORP	774,015	$711K	0.2%	$0.92	$0.92	—	COM CL A	9837FR100
—	THE ODP CORP	15,000	$683K	0.2%	$45.54	$35.13	—	COM	88337F105
DVN	DEVON ENERGY CORP NEW	10,000	$615K	0.2%	$61.51 *	$39.80	+49.1%	COM	25179M103
SICPQ	SILVERGATE CAP CORP	34,245	$596K	0.2%	$17.40 *	$109.74	-63.8%	CL A	82837P408
RRR	RED ROCK RESORTS INC	14,255	$570K	0.2%	$40.01 *	$51.99	-21.0%	CL A	75700L108
EFC	ELLINGTON FINANCIAL INC	45,000	$557K	0.2%	$12.37	$14.38	—	COM	28852N109
PGYWW	PAGAYA TECHNOLOGIES LTD	5,166,667	$490K	0.2%	$0.09	$0.38	—	*W EXP 09/01/202	M7S64L107
SPG	SIMON PPTY GROUP INC NEW	4,000	$470K	0.1%	$117.48 *	$50.16	+86.4%	COM	828806109
SNOW	SNOWFLAKE INC	3,000	$431K	0.1%	$143.54 *	$182.99	-16.6%	CL A	833445109
CMLS	CUMULUS MEDIA INC	67,500	$419K	0.1%	$6.21 *	$10.05	-28.9%	COM CL A	231082801
TNET	TRINET GROUP INC	5,500	$373K	0.1%	$67.80	$67.23	0.0%	COM	896288107
OPBK	OP BANCORP	32,565	$363K	0.1%	$11.16 *	$10.88	+5.4%	COM	67109R109
WFG	WEST FRASER TIMBER CO LTD	5,000	$361K	0.1%	$72.29 *	$84.26	-9.5%	COM	952845105
LTCH	LATCH INC	500,000	$355K	0.1%	$0.71	$1.14	—	COM	51818V106
—	PIONEER NAT RES CO	1,500	$343K	0.1%	$228.39	$166.67	—	COM	723787107
DAL	DELTA AIR LINES INC DEL	10,000	$329K	0.1%	$32.86	$36.91	-12.7%	COM NEW	247361702
TRIN	TRINITY CAP INC	27,000	$295K	0.1%	$10.93 *	$8.23	-14.3%	COM	896442308
—	SAFEGUARD SCIENTIFICS INC	83,886	$260K	0.1%	$3.10	$8.03	—	COM NEW	786449207
PLD	PROLOGIS INC.	2,000	$225K	0.1%	$112.73 *	$100.19	0.0%	COM	74340W103
ASTL	ALGOMA STL GROUP INC	27,000	$171K	0.1%	$6.34 *	$8.77	-30.6%	COM	015658107
SSSS	SURO CAPITAL CORP	30,000	$114K	0.0%	$3.80 *	$3.95	0.0%	COM NEW	86887Q109