Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ZION	ZIONS BANCORPORATION N A	920,537	$37.5M	3.1%	$40.86	+14.1%	COM	989701107
—	STERLING BANCORP DEL	1,770,090	$29.22M	2.4%	$22.69	—	COM	85917A100
C	CITIGROUP INC	560,000	$29.15M	2.4%	$46.23	+6.8%	COM NEW	172967424
KEY	KEYCORP NEW	1,850,371	$27.35M	2.3%	$10.97	+14.0%	COM	493267108
LEN/B	LENNAR CORP	810,000	$25.38M	2.1%	$37.42	-20.8%	CL B	526057302
MS	MORGAN STANLEY	625,000	$24.78M	2.1%	$33.12	+5.7%	COM NEW	617446448
SBNY	SIGNATURE BK NEW YORK N Y	240,013	$24.68M	2.1%	$131.64	—	COM	82669G104
—	CENTERSTATE BK CORP	1,165,145	$24.52M	2.0%	$19.97	—	COM	15201P109
BAC	BANK AMER CORP	925,000	$22.79M	1.9%	$19.50	+16.9%	COM	060505104
CMA	COMERICA INC	325,045	$22.33M	1.9%	$47.20	+19.7%	COM	200340107
IBCP	INDEPENDENT BANK CORP MICH	1,040,069	$21.86M	1.8%	$11.09	+52.5%	COM NEW	453838609
FFBC	FIRST FINL BANCORP OH	834,662	$19.8M	1.6%	$20.96	-6.5%	COM	320209109
—	SVB FINL GROUP	102,520	$19.47M	1.6%	$214.14	—	COM	78486Q101
HOMB	HOME BANCSHARES INC	1,145,229	$18.71M	1.6%	$23.69	-19.8%	COM	436893200
ABCB	AMERIS BANCORP	585,720	$18.55M	1.5%	$34.70	+5.8%	COM	03076K108
WAL	WESTERN ALLIANCE BANCORP	465,078	$18.37M	1.5%	$43.73	-6.2%	COM	957638109
FITB	FIFTH THIRD BANCORP	725,029	$17.06M	1.4%	$20.14	-1.4%	COM	316773100
TFSL	TFS FINL CORP	966,071	$15.58M	1.3%	$9.10	-0.0%	COM	87240R107
USB	US BANCORP DEL	315,000	$14.4M	1.2%	$39.59	-3.3%	COM NEW	902973304
—	PINNACLE FINL PARTNERS INC	300,032	$13.83M	1.2%	$58.49	—	COM	72346Q104
QCRH	QCR HOLDINGS INC	425,095	$13.64M	1.1%	$42.60	-18.4%	COM	74727A104
—	CADENCE BANCORPORATION	800,225	$13.43M	1.1%	$19.03	—	CL A	12739A100
—	ESSA BANCORP INC	817,721	$12.77M	1.1%	$13.73	—	COM	29667D104
RF	REGIONS FINL CORP NEW	880,241	$11.78M	1.0%	$12.33	-2.7%	COM	7591EP100
VLY	VALLEY NATL BANCORP	1,325,074	$11.77M	1.0%	$12.09	-16.5%	COM	919794107
—	UNITED CMNTY FINL CORP OHIO	1,315,000	$11.64M	1.0%	$6.36	—	COM	909839102
CFG	CITIZENS FINL GROUP INC	387,777	$11.53M	1.0%	$29.92	-14.1%	COM	174610105
FHB	FIRST HAWAIIAN INC	508,000	$11.44M	1.0%	$17.90	0.0%	COM	32051X108
FMBH	FIRST MID ILL BANCSHARES INC	353,700	$11.29M	0.9%	$30.87	-4.1%	COM	320866106
MTB	M & T BK CORP	75,504	$10.81M	0.9%	$132.78	-3.9%	COM	55261F104
BKU	BANKUNITED INC	355,025	$10.63M	0.9%	$27.61	-6.7%	COM	06652K103
—	INVESTORS BANCORP INC NEW	1,010,305	$10.51M	0.9%	$13.32	—	COM	46146L101
—	SANDY SPRING BANCORP INC	329,221	$10.32M	0.9%	$38.73	—	COM	800363103
V	VISA INC	77,500	$10.22M	0.9%	$105.22	+24.9%	COM CL A	92826C839
QNBC	QNB Corporation	259,600	$9.891M	0.8%	$42.01	+5.1%	Not 13-F Security	74726N107
—	HOWARD HUGHES CORP	100,000	$9.762M	0.8%	$127.57	—	COM	44267D107
—	LAKELAND BANCORP INC	650,097	$9.628M	0.8%	$18.50	—	COM	511637100
—	COMMUNITY BANKERS TR CORP	1,331,400	$9.613M	0.8%	$6.74	—	COM	203612106
—	CODORUS VY BANCORP INC	450,181	$9.566M	0.8%	$24.54	—	COM	192025104
FMNB	FARMERS NATL BANC CORP	730,800	$9.31M	0.8%	$11.02	-8.9%	COM	309627107
OSBC	OLD SECOND BANCORP INC ILL	700,000	$9.1M	0.8%	$9.72	+34.4%	COM	680277100
WSFS	WSFS FINL CORP	235,000	$8.909M	0.7%	$43.29	-2.8%	COM	929328102
—	LUTHER BURBANK CORP	980,100	$8.841M	0.7%	$11.58	—	COM	550550107
PFBC	PREFERRED BK LOS ANGELES CA	195,094	$8.457M	0.7%	$33.22	+53.7%	COM NEW	740367404
—	FIRST MIDWEST BANCORP DEL	425,075	$8.421M	0.7%	$19.81	—	COM	320867104
—	FCB FINL HLDGS INC	250,000	$8.395M	0.7%	$33.58	—	CL A	30255G103
TMHC	TAYLOR MORRISON HOME CORP	520,000	$8.268M	0.7%	$23.48	-30.5%	CL A	87724P106
MCHB	HOMESTREET INC	375,000	$7.961M	0.7%	$27.41	-7.7%	COM	43785V102
PIPR	PIPER JAFFRAY COS	120,000	$7.901M	0.7%	$76.80	-9.2%	COM	724078100
—	EVANS BANCORP INC	241,800	$7.861M	0.7%	$22.48	—	COM NEW	29911Q208
ARES	ARES MANAGEMENT CORPORATION	430,000	$7.645M	0.6%	$16.38	0.0%	CL A COM STK	03990B101
BANC	BANC OF CALIFORNIA INC	557,111	$7.415M	0.6%	$16.14	-14.3%	COM	05990K106
CZWI	CITIZENS CMNTY BANCORP INC M	673,189	$7.338M	0.6%	$11.92	-10.2%	COM	174903104
CNNE	CANNAE HLDGS INC	425,000	$7.276M	0.6%	$18.61	-7.9%	COM	13765N107
—	AMERICAN RIVER BANKSHARES	503,786	$7.028M	0.6%	$9.42	—	COM	029326105
—	OLD LINE BANCSHARES INC	265,700	$6.993M	0.6%	$32.32	—	COM	67984M100
MA	MASTERCARD INCORPORATED	37,000	$6.98M	0.6%	$129.11	+47.9%	CL A	57636Q104
—	FIRST DEFIANCE FINL CORP	281,300	$6.895M	0.6%	$40.74	—	COM	32006W106
—	HARBORONE BANCORP INC	430,000	$6.833M	0.6%	$17.25	—	COM	41165F101
HWC	HANCOCK WHITNEY CORPORATION	195,042	$6.758M	0.6%	$49.56	-18.3%	COM	410120109
PBHC	PATHFINDER BANCORP INC MD	427,010	$6.687M	0.6%	$9.94	+27.7%	COM	70319R109
IROQ	IF BANCORP INC	325,174	$6.543M	0.5%	$16.60	+31.2%	COM	44951J105
TFIN	TRIUMPH BANCORP INC	220,047	$6.535M	0.5%	$37.50	-5.9%	COM	89679E300
EWBC	EAST WEST BANCORP INC	150,075	$6.533M	0.5%	$52.63	-18.0%	COM	27579R104
OCFC	OCEANFIRST FINL CORP	288,814	$6.501M	0.5%	$19.86	-5.8%	COM	675234108
HOPE	HOPE BANCORP INC	545,448	$6.469M	0.5%	$17.60	-18.7%	COM	43940T109
UCB	UNITED CMNTY BKS BLAIRSVLE G	300,104	$6.44M	0.5%	$22.68	+8.9%	COM	90984P303
—	White River Bancshares Company	113,113	$6.416M	0.5%	$64.69	—	COM	9B999WRBC
—	Bay Banks of Virginia, Inc.	869,829	$6.393M	0.5%	$5.70	—	Not 13-F Security	072035108
—	CIVISTA BANCSHARES INC	122,210	$6.389M	0.5%	$36.71	—	6.50% PFD SER B	178867206
—	FIRST BANCSHARES INC MS	210,000	$6.353M	0.5%	$28.67	—	COM	318916103
HTB	HOMETRUST BANCSHARES INC	239,708	$6.276M	0.5%	$17.00	+57.0%	COM	437872104
SPY	SPDR S&P 500 ETF TR	25,000	$6.248M	0.5%	—	—	Put	78462F103
—	UNITED FINL BANCORP INC NEW	419,585	$6.168M	0.5%	$13.59	—	COM	910304104
—	E TRADE FINANCIAL CORP	140,400	$6.161M	0.5%	$42.60	—	COM NEW	269246401
—	BRIGHTSPHERE INVESTMNT GRP P	572,100	$6.11M	0.5%	$14.91	—	SHS	G1644T109
—	BRYN MAWR BK CORP	177,100	$6.092M	0.5%	$38.66	—	COM	117665109
—	STERLING BANCORP INC	862,300	$5.993M	0.5%	$12.85	—	COM	85917W102
ALRS	Alerus Financial Corp	304,810	$5.868M	0.5%	$16.53	+4.3%	Not 13-F Security	01446U103
—	STANDARD AVB FINL CORP	183,987	$5.498M	0.5%	$28.27	—	COM	85303B100
—	TWO RIV BANCORP	358,010	$5.463M	0.5%	$16.11	—	COM	90207C105
—	CENTURY BANCORP INC MASS	80,372	$5.444M	0.5%	$46.20	—	CL A NON VTG	156432106
RNST	RENASANT CORP	180,107	$5.436M	0.5%	$35.07	0.0%	COM	75970E107
MC	MOELIS & CO	155,000	$5.329M	0.4%	$25.64	0.0%	CL A	60786M105
AVBH	Avidbank Holdings, Inc.	251,958	$5.266M	0.4%	$16.06	+47.2%	Not 13-F Security	05368J103
FHN	FIRST HORIZON NATL CORP	400,000	$5.264M	0.4%	$14.02	-15.6%	COM	320517105
BFST	BUSINESS FIRST BANCSHARES IN	216,604	$5.248M	0.4%	$21.36	+0.5%	COM	12326C105
RJF	RAYMOND JAMES FINANCIAL INC	70,000	$5.209M	0.4%	$55.03	-13.5%	COM	754730109
—	PACIFIC CITY FINANCIAL CORP	325,600	$5.096M	0.4%	$19.34	—	COM NEW	69406T408
PJT	PJT PARTNERS INC	130,000	$5.039M	0.4%	$38.44	+6.4%	COM CL A	69343T107
—	HMN FINL INC	256,800	$5.038M	0.4%	$17.47	—	COM	40424G108
—	AMERICAN NATL BANKSHARES INC	159,808	$4.684M	0.4%	$37.73	—	COM	027745108
—	FIRST LONG IS CORP	230,000	$4.589M	0.4%	$24.22	—	COM	320734106
ISTR	INVESTAR HLDG CORP	179,435	$4.45M	0.4%	$20.26	+23.4%	COM	46134L105
BSVN	BANK7 CORP	316,244	$4.222M	0.4%	$15.59	-8.4%	COM	06652N107
—	TERRITORIAL BANCORP INC	155,224	$4.033M	0.3%	$26.10	—	COM	88145X108
OTTW	OTTAWA BANCORP INC	300,200	$4.002M	0.3%	$9.10	+12.1%	COM	689195105
FCNCA	FIRST CTZNS BANCSHARES INC N	10,000	$3.771M	0.3%	$422.19	-2.9%	CL A	31946M103
EQFN	Equitable Financial Corp.	331,400	$3.745M	0.3%	$8.46	+34.0%	Not 13-F Security	29448T105
—	PB BANCORP INC	340,447	$3.677M	0.3%	$8.72	—	COM	70454T100
MRBK	MERIDIAN CORPORATION	214,154	$3.677M	0.3%	$7.26	-9.8%	COM	58958P104
CBNK	CAPITAL BANCORP INC MD	320,000	$3.651M	0.3%	$11.94	-2.0%	COM	139737100
FBNC	FIRST BANCORP N C	108,500	$3.544M	0.3%	$34.10	-6.6%	COM	318910106
BWB	BRIDGEWATER BANCSHARES INC	335,000	$3.534M	0.3%	$12.93	-10.7%	COM ACCD INV	108621103
RBB	RBB BANCORP	199,841	$3.511M	0.3%	$22.15	-3.1%	COM	74930B105
WTFC	WINTRUST FINL CORP	52,500	$3.491M	0.3%	$75.98	0.0%	COM	97650W108
SHBI	SHORE BANCSHARES INC	235,000	$3.417M	0.3%	$17.71	-9.3%	COM	825107105
CNOB	CONNECTONE BANCORP INC NEW	181,065	$3.344M	0.3%	$20.07	-14.8%	COM	20786W107
MCBI	Mountain Commerce Bancorp, Inc.	187,500	$3.323M	0.3%	$12.83	+39.0%	Not 13-F Security	624004107
—	SOUTHERN NATL BANCORP OF VA	247,200	$3.268M	0.3%	$16.36	—	COM	843395104
FPH	FIVE POINT HOLDINGS LLC	468,694	$3.253M	0.3%	$13.54	-41.8%	COM CL A	33833Q106
HTH	HILLTOP HOLDINGS INC	180,087	$3.211M	0.3%	$21.66	-12.5%	COM	432748101
SBFG	SB FINL GROUP INC	195,152	$3.21M	0.3%	$17.73	-1.8%	COM	78408D105
HTBK	HERITAGE COMMERCE CORP	279,293	$3.167M	0.3%	$16.19	-14.3%	COM	426927109
PYPL	PAYPAL HLDGS INC	35,000	$2.943M	0.2%	$55.13	+50.7%	COM	70450Y103
ESQ	ESQUIRE FINL HLDGS INC	135,000	$2.93M	0.2%	$14.70	+55.2%	COM	29667J101
MTB	M & T BK CORP	20,000	$2.863M	0.2%	$132.78	-3.9%	Call	55261F104
—	Revere Bank	100,100	$2.853M	0.2%	$31.00	—	Not 13-F Security	761402106
FVCB	FVCBANKCORP INC	160,000	$2.818M	0.2%	$15.04	-1.4%	COM	36120Q101
ASB	ASSOCIATED BANC CORP	140,081	$2.772M	0.2%	$17.68	-2.2%	COM	045487105
FRME	FIRST MERCHANTS CORP	80,046	$2.743M	0.2%	$31.95	0.0%	COM	320817109
—	MB Bancorp, Inc.	188,500	$2.658M	0.2%	$11.06	—	Not 13-F Security	55280E104
—	MIDSOUTH BANCORP INC	245,000	$2.597M	0.2%	$14.80	—	COM	598039105
—	UNION BANKSHARES CORP NEW	90,026	$2.541M	0.2%	$36.71	—	COM	90539J109
—	HAMILTON BANCORP INC MD	180,200	$2.505M	0.2%	$13.40	—	COM	407015106
—	BLACK KNIGHT INC	55,000	$2.478M	0.2%	$45.60	—	COM	09215C105
—	EATON VANCE CORP	70,000	$2.463M	0.2%	$53.56	—	COM NON VTG	278265103
—	HOWARD BANCORP INC	164,300	$2.349M	0.2%	$18.91	—	COM	442496105
—	MELROSE BANCORP INC	129,132	$2.319M	0.2%	$13.31	—	COM	585553100
ORRF	ORRSTOWN FINL SVCS INC	123,500	$2.249M	0.2%	$16.60	0.0%	COM	687380105
CFR	CULLEN FROST BANKERS INC	25,000	$2.199M	0.2%	$70.69	+10.9%	COM	229899109
BOTJ	BANK OF THE ST JAMES FINL GP	167,800	$2.181M	0.2%	$8.74	+24.3%	COM	470299108
—	Central Federal Bancshares, Inc.	161,400	$2.147M	0.2%	$10.84	—	Not 13-F Security	15346T107
OVLY	OAK VALLEY BANCORP OAKDALE C	111,750	$2.045M	0.2%	$13.18	+39.0%	COM	671807105
—	NATIONAL COMM CORP	55,874	$2.011M	0.2%	$44.52	—	COM	63546L102
OPBK	OP BANCORP	218,800	$1.941M	0.2%	$10.62	-6.5%	COM	67109R109
—	Blackhawk Bancorp, Inc.	70,000	$1.866M	0.2%	$20.57	—	Not 13-F Security	09237E204
BFC	BANK FIRST NATL CORP	40,000	$1.864M	0.2%	$37.74	+16.6%	COM	06211J100
PLBC	PLUMAS BANCORP	81,527	$1.851M	0.2%	$21.81	+12.2%	COM	729273102
MSVB	MID SOUTHERN BANCORP INC	159,278	$1.843M	0.2%	$12.74	—	COM	59548Q107
—	GUARANTY FED BANCSHARES INC	83,500	$1.824M	0.2%	$15.25	—	COM	40108P101
—	OPUS BK IRVINE CALIF	90,000	$1.763M	0.1%	$19.59	—	COM	684000102
FBIZ	FIRST BUS FINL SVCS INC WIS	90,000	$1.756M	0.1%	$18.91	-10.3%	COM	319390100
BANF	BANCFIRST CORP	35,100	$1.751M	0.1%	$46.38	+3.1%	COM	05945F103
—	PRUDENTIAL BANCORP INC NEW	95,000	$1.672M	0.1%	$17.59	—	COM	74431A101
—	SB FINL GROUP INC	92,867	$1.609M	0.1%	$12.41	—	DEP SHS PFD 6.5%	78408D204
HNNA	HENNESSY ADVISORS INC	160,000	$1.602M	0.1%	$15.81	-23.2%	COM	425885100
—	CAROLINA FINL CORP NEW	52,850	$1.564M	0.1%	$42.26	—	COM	143873107
PROV	PROVIDENT FINL HLDGS INC	100,000	$1.55M	0.1%	$17.53	-1.6%	COM	743868101
CCNE	CNB FINL CORP PA	63,300	$1.453M	0.1%	$23.65	-11.7%	COM	126128107
CIVB	CIVISTA BANCSHARES INC	80,000	$1.394M	0.1%	$17.53	-2.2%	COM NO PAR	178867107
WFC	WELLS FARGO CO NEW	30,000	$1.382M	0.1%	$46.51	-9.6%	Call	949746101
SFBS	SERVISFIRST BANCSHARES INC	42,140	$1.343M	0.1%	$31.79	0.0%	COM	81768T108
—	TWO HBRS INVT CORP	100,212	$1.287M	0.1%	$16.26	—	COM NEW	90187B408
EBMT	EAGLE BANCORP MONT INC	75,444	$1.245M	0.1%	$15.95	-13.9%	COM	26942G100
PEBK	PEOPLES BANCORP N C INC	50,000	$1.223M	0.1%	$28.47	-3.6%	COM	710577107
FFBB	Communities First Financial Corporation	60,367	$1.195M	0.1%	$16.83	+40.3%	Not 13-F Security	20344D104
XLF	SELECT SECTOR SPDR TR	50,000	$1.191M	0.1%	—	—	Put	81369Y605
—	LEGACY TEX FINL GROUP INC	35,000	$1.123M	0.1%	$32.09	—	COM	52471Y106
AIZ	ASSURANT INC	12,500	$1.118M	0.1%	$85.64	0.0%	COM	04621X108
—	ATLANTIC CAP BANCSHARES INC	67,700	$1.108M	0.1%	$16.37	—	COM	048269203
UVSP	UNIVEST CORP PA	50,034	$1.079M	0.1%	$24.32	0.0%	COM	915271100
—	New Bancorp, Inc.	66,200	$1.051M	0.1%	$13.00	—	Not 13-F Security	642142103
SMBC	SOUTHERN MO BANCORP INC	29,400	$997K	0.1%	$18.38	+65.5%	COM	843380106
RVSB	RIVERVIEW BANCORP INC	129,800	$945K	0.1%	$7.26	-11.0%	COM	769397100
—	Best Hometown Bancorp, Inc.	80,000	$929K	0.1%	$11.42	—	Not 13-F Security	08652N103
—	Cortland Bancorp	45,000	$923K	0.1%	$22.50	—	Not 13-F Security	220587109
ATLO	AMES NATL CORP	34,748	$883K	0.1%	$21.59	-8.7%	COM	031001100
WNEB	WESTERN NEW ENG BANCORP INC	87,899	$883K	0.1%	$6.49	+23.4%	COM	958892101
WLFC	WILLIS LEASE FINANCE CORP	25,000	$865K	0.1%	$14.76	+140.8%	COM	970646105
PRK	PARK NATL CORP	9,700	$824K	0.1%	$92.86	0.0%	COM	700658107
INBK	FIRST INTERNET BANCORP	40,000	$818K	0.1%	$25.08	0.0%	COM	320557101
—	FFBW INC	80,000	$802K	0.1%	$11.00	—	COM	30258M107
FIEB	First IC Corporation	90,686	$794K	0.1%	$8.45	—	Not 13-F Security	32058J102
—	Sunnyside Bancorp, Inc.	64,871	$788K	0.1%	$10.20	—	Not 13-F Security	867475105
—	West End Indiana Bancshares, Inc.	30,000	$786K	0.1%	$22.11	—	Not 13-F Security	952678100
—	DIME CMNTY BANCSHARES	46,038	$782K	0.1%	$16.99	—	COM	253922108
—	Sugar Creek Financial Corporation	77,375	$781K	0.1%	$10.13	—	Not 13-F Security	86481Y102
MBWM	MERCANTILE BANK CORP	25,000	$707K	0.1%	$23.28	0.0%	COM	587376104
CCBG	CAPITAL CITY BK GROUP INC	30,000	$696K	0.1%	$20.45	-0.4%	COM	139674105
SMBK	SMARTFINANCIAL INC	35,000	$639K	0.1%	$20.95	-1.0%	COM NEW	83190L208
HRGG	Heritage Nola Bancorp, Inc.	46,053	$589K	0.0%	$12.08	+5.4%	Not 13-F Security	42727P108
—	COMMUNITY FIRST BANCSHARES I	43,881	$511K	0.0%	$11.69	—	COM	20369M104
CPKF	Chesapeake Financial Shares, Inc.	19,086	$469K	0.0%	$19.54	+5.5%	Not 13-F Security	16517A109
—	PDL CMNTY BANCORP	30,000	$382K	0.0%	$12.73	—	COM	69290X101
—	LIMESTONE BANCORP INC	25,918	$357K	0.0%	$15.24	—	COM	53262L105
—	COMMUNITY WEST BANCSHARES	23,800	$239K	0.0%	$10.04	—	COM	204157101
CIZN	CITIZENS HLDG CO MISS	10,348	$217K	0.0%	$15.89	-2.8%	COM	174715102
—	Pioneer Bancshares, Inc.	4,028	$109K	0.0%	$24.58	—	Not 13-F Security	72357G102
KRE	SPDR SERIES TRUST	2,038	$95,000	0.0%	$56.88	—	S&P REGL BKG	78464A698
—	SYNOVUS FINL CORP	125	$4,000	0.0%	$39.58	—	COM NEW	87161C501
HBAN	HUNTINGTON BANCSHARES INC	134	$2,000	0.0%	$9.38	+6.1%	COM	446150104