Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
C	CITIGROUP INC	524,700	$32.65M	2.5%	$46.23	+5.5%	COM NEW	172967424
—	STERLING BANCORP DEL	1,725,167	$32.14M	2.5%	$22.69	—	COM	85917A100
LEN/B	LENNAR CORP	810,000	$31.69M	2.4%	$37.42	-13.9%	CL B	526057302
ZION	ZIONS BANCORPORATION N A	644,053	$29.25M	2.2%	$40.86	+16.7%	COM	989701107
MS	MORGAN STANLEY	689,400	$29.09M	2.2%	$33.21	+2.4%	COM NEW	617446448
SBNY	SIGNATURE BK NEW YORK N Y	219,700	$28.14M	2.2%	$131.64	—	COM	82669G104
KEY	KEYCORP NEW	1,686,693	$26.57M	2.0%	$10.97	+9.1%	COM	493267108
—	CENTERSTATE BK CORP	1,093,163	$26.03M	2.0%	$19.97	—	COM	15201P109
IBCP	INDEPENDENT BANK CORP MICH	1,000,108	$21.5M	1.6%	$11.09	+53.5%	COM NEW	453838609
SPY	SPDR S&P 500 ETF TR	75,000	$21.19M	1.6%	—	—	Put	78462F103
ABCB	AMERIS BANCORP	605,807	$20.81M	1.6%	$34.66	-3.0%	COM	03076K108
FITB	FIFTH THIRD BANCORP	776,330	$19.58M	1.5%	$20.15	+0.7%	COM	316773100
CMA	COMERICA INC	250,039	$18.33M	1.4%	$47.20	+21.8%	COM	200340107
FHB	FIRST HAWAIIAN INC	700,000	$18.23M	1.4%	$18.18	+4.1%	COM	32051X108
CFG	CITIZENS FINL GROUP INC	554,491	$18.02M	1.4%	$28.63	-10.5%	COM	174610105
HOMB	HOME BANCSHARES INC	1,013,823	$17.81M	1.4%	$23.69	-21.7%	COM	436893200
FFBC	FIRST FINL BANCORP OH	725,500	$17.46M	1.3%	$20.96	-7.4%	COM	320209109
BKU	BANKUNITED INC	495,069	$16.54M	1.3%	$27.56	-0.4%	COM	06652K103
MCHB	HOMESTREET INC	570,000	$15.02M	1.2%	$26.91	-3.6%	COM	43785V102
WAL	WESTERN ALLIANCE BANCORP	360,095	$14.78M	1.1%	$43.73	-12.5%	COM	957638109
—	SYNOVUS FINL CORP	421,186	$14.47M	1.1%	$34.36	—	COM NEW	87161C501
CNNE	CANNAE HLDGS INC	588,200	$14.27M	1.1%	$19.00	+5.3%	COM	13765N107
FMBH	FIRST MID ILL BANCSHARES INC	400,700	$13.35M	1.0%	$30.55	-7.9%	COM	320866106
—	FIRST MIDWEST BANCORP DEL	645,110	$13.2M	1.0%	$20.03	—	COM	320867104
MTB	M & T BK CORP	83,800	$13.16M	1.0%	$132.69	-0.6%	COM	55261F104
—	ESSA BANCORP INC	843,068	$12.98M	1.0%	$13.78	—	COM	29667D104
—	HOWARD HUGHES CORP	118,000	$12.98M	1.0%	$124.89	—	COM	44267D107
JPM	JPMORGAN CHASE & CO	128,100	$12.97M	1.0%	$85.34	0.0%	COM	46625H100
QCRH	QCR HOLDINGS INC	380,069	$12.89M	1.0%	$42.60	-22.1%	COM	74727A104
ARES	ARES MANAGEMENT CORPORATION	550,000	$12.77M	1.0%	$16.58	+4.3%	CL A COM STK	03990B101
—	LUTHER BURBANK CORP	1,207,900	$12.2M	0.9%	$11.30	—	COM	550550107
—	INVESTORS BANCORP INC NEW	1,024,164	$12.14M	0.9%	$13.30	—	COM	46146L101
—	UNITED CMNTY FINL CORP OHIO	1,199,900	$11.22M	0.9%	$6.36	—	COM	909839102
—	SANDY SPRING BANCORP INC	353,147	$11.05M	0.8%	$38.23	—	COM	800363103
TFIN	TRIUMPH BANCORP INC	374,705	$11.01M	0.8%	$34.90	-10.6%	COM	89679E300
—	CADENCE BANCORPORATION	580,208	$10.76M	0.8%	$19.03	—	CL A	12739A100
RJF	RAYMOND JAMES FINANCIAL INC	130,000	$10.45M	0.8%	$51.83	-7.2%	COM	754730109
—	E TRADE FINANCIAL CORP	225,000	$10.45M	0.8%	$44.04	—	COM NEW	269246401
FMNB	FARMERS NATL BANC CORP	730,800	$10.08M	0.8%	$11.02	-6.6%	COM	309627107
VLY	VALLEY NATL BANCORP	1,049,380	$10.05M	0.8%	$12.09	-15.8%	COM	919794107
—	LAKELAND BANCORP INC	672,703	$10.04M	0.8%	$18.38	—	COM	511637100
RF	REGIONS FINL CORP NEW	700,273	$9.909M	0.8%	$12.33	-6.4%	COM	7591EP100
ASB	ASSOCIATED BANC CORP	460,108	$9.823M	0.8%	$17.05	-1.6%	COM	045487105
—	HARBORONE BANCORP INC	568,461	$9.778M	0.7%	$17.23	—	COM	41165F101
—	COMMUNITY BANKERS TR CORP	1,331,400	$9.746M	0.7%	$6.74	—	COM	203612106
QNBC	QNB Corporation	259,600	$9.655M	0.7%	$42.01	-10.4%	Not 13-F Security	74726N107
—	CODORUS VY BANCORP INC	450,181	$9.611M	0.7%	$24.54	—	COM	192025104
SYF	SYNCHRONY FINL	300,000	$9.57M	0.7%	$25.35	0.0%	COM	87165B103
TFSL	TFS FINL CORP	570,000	$9.388M	0.7%	$9.10	+10.6%	COM	87240R107
FISV	FISERV INC	104,300	$9.208M	0.7%	$82.51	0.0%	COM	337738108
—	WORLDPAY INC	80,000	$9.08M	0.7%	$113.50	—	CL A	981558109
COF	CAPITAL ONE FINL CORP	110,000	$8.986M	0.7%	$72.22	0.0%	COM	14040H105
—	EVANS BANCORP INC	248,051	$8.843M	0.7%	$22.81	—	COM NEW	29911Q208
—	CIVISTA BANCSHARES INC	124,740	$8.111M	0.6%	$37.28	—	6.50% PFD SER B	178867206
APAM	ARTISAN PARTNERS ASSET MGMT	320,000	$8.054M	0.6%	$12.95	0.0%	CL A	04316A108
WFC	WELLS FARGO CO NEW	165,000	$7.973M	0.6%	$40.76	0.0%	COM	949746101
HWC	HANCOCK WHITNEY CORPORATION	196,019	$7.919M	0.6%	$49.56	-17.3%	COM	410120109
—	STERLING BANCORP INC	779,200	$7.901M	0.6%	$12.85	—	COM	85917W102
CZWI	CITIZENS CMNTY BANCORP INC M	659,026	$7.862M	0.6%	$11.92	-14.3%	COM	174903104
GS	GOLDMAN SACHS GROUP INC	40,000	$7.68M	0.6%	$164.16	0.0%	COM	38141G104
FNF	FIDELITY NATIONAL FINANCIAL	210,000	$7.676M	0.6%	$24.83	0.0%	FNF GROUP COM	31620R303
OSBC	OLD SECOND BANCORP INC ILL	593,300	$7.47M	0.6%	$9.72	+31.6%	COM	680277100
PIPR	PIPER JAFFRAY COS	102,500	$7.465M	0.6%	$76.80	-7.6%	COM	724078100
PFBC	PREFERRED BK LOS ANGELES CA	163,270	$7.342M	0.6%	$33.22	+43.4%	COM NEW	740367404
WSFS	WSFS FINL CORP	190,000	$7.334M	0.6%	$43.29	-3.9%	COM	929328102
—	AMERICAN NATL BANKSHARES INC	197,192	$6.886M	0.5%	$37.20	—	COM	027745108
HTB	HOMETRUST BANCSHARES INC	271,000	$6.829M	0.5%	$18.12	+47.4%	COM	437872104
—	FIRST BANCSHARES INC MS	220,000	$6.798M	0.5%	$28.77	—	COM	318916103
PYPL	PAYPAL HLDGS INC	65,000	$6.75M	0.5%	$73.28	+28.9%	COM	70450Y103
—	Bay Banks of Virginia, Inc.	869,829	$6.698M	0.5%	$5.70	—	Not 13-F Security	072035108
—	OLD LINE BANCSHARES INC	265,700	$6.624M	0.5%	$32.32	—	COM	67984M100
INBK	FIRST INTERNET BANCORP	340,000	$6.572M	0.5%	$21.53	-2.2%	COM	320557101
—	AMERICAN RIVER BANKSHARES	503,786	$6.549M	0.5%	$9.42	—	COM	029326105
IROQ	IF BANCORP INC	325,174	$6.481M	0.5%	$16.60	+24.5%	COM	44951J105
HOPE	HOPE BANCORP INC	490,172	$6.411M	0.5%	$17.60	-20.7%	COM	43940T109
—	TCF FINL CORP	305,000	$6.31M	0.5%	$20.69	—	COM	872275102
—	SVB FINL GROUP	27,507	$6.116M	0.5%	$214.14	—	COM	78486Q101
KKR	KKR & CO INC	260,000	$6.107M	0.5%	$21.08	0.0%	CL A	48251W104
—	HMN FINL INC	276,068	$5.944M	0.5%	$17.76	—	COM	40424G108
—	UNITED FINL BANCORP INC NEW	412,838	$5.924M	0.5%	$13.59	—	COM	910304104
—	CENTURY BANCORP INC MASS	80,072	$5.845M	0.4%	$46.20	—	CL A NON VTG	156432106
CIVB	CIVISTA BANCSHARES INC	261,372	$5.706M	0.4%	$16.56	-2.6%	COM NO PAR	178867107
—	TWO RIV BANCORP	358,010	$5.674M	0.4%	$16.11	—	COM	90207C105
VCTR	VICTORY CAP HLDGS INC	373,308	$5.607M	0.4%	$10.30	0.0%	COM CL A	92645B103
PBHC	PATHFINDER BANCORP INC MD	427,010	$5.572M	0.4%	$9.94	+21.7%	COM	70319R109
ALRS	Alerus Financial Corp	282,762	$5.514M	0.4%	$16.53	-4.2%	Not 13-F Security	01446U103
BSVN	BANK7 CORP	316,244	$5.493M	0.4%	$15.59	-17.2%	COM	06652N107
—	PACIFIC CITY FINANCIAL CORP	314,515	$5.488M	0.4%	$19.34	—	COM NEW	69406T408
—	BRYN MAWR BK CORP	151,300	$5.466M	0.4%	$38.66	—	COM	117665109
—	TERRITORIAL BANCORP INC	194,407	$5.231M	0.4%	$26.26	—	COM	88145X108
PJT	PJT PARTNERS INC	125,000	$5.225M	0.4%	$38.44	+1.8%	COM CL A	69343T107
—	PINNACLE FINL PARTNERS INC	94,200	$5.153M	0.4%	$58.49	—	COM	72346Q104
FAF	FIRST AMERN FINL CORP	100,000	$5.15M	0.4%	$39.24	0.0%	COM	31847R102
BAC	BANK AMER CORP	185,000	$5.104M	0.4%	$19.50	+22.5%	COM	060505104
ISTR	INVESTAR HLDG CORP	220,000	$4.996M	0.4%	$20.87	+13.0%	COM	46134L105
BFST	BUSINESS FIRST BANCSHARES IN	202,502	$4.969M	0.4%	$21.36	-3.7%	COM	12326C105
AVBH	Avidbank Holdings, Inc.	214,458	$4.965M	0.4%	$16.06	+39.3%	Not 13-F Security	05368J103
—	STANDARD AVB FINL CORP	183,987	$4.962M	0.4%	$28.27	—	COM	85303B100
BANC	BANC OF CALIFORNIA INC	355,112	$4.915M	0.4%	$16.14	-20.5%	COM	05990K106
EFSC	ENTERPRISE FINL SVCS CORP	110,037	$4.486M	0.3%	$37.31	0.0%	COM	293712105
WRIV	White River Bancshares Company	68,000	$4.204M	0.3%	$37.84	0.0%	Not 13-F Security	96445A108
CBNK	CAPITAL BANCORP INC MD	356,835	$4.146M	0.3%	$11.83	-8.2%	COM	139737100
EWBC	EAST WEST BANCORP INC	85,062	$4.08M	0.3%	$52.63	-18.8%	COM	27579R104
MRBK	MERIDIAN CORPORATION	224,765	$4.055M	0.3%	$7.24	-7.2%	COM	58958P104
OTTW	OTTAWA BANCORP INC	300,200	$3.984M	0.3%	$9.10	+13.5%	COM	689195105
—	PB BANCORP INC	340,447	$3.895M	0.3%	$8.72	—	COM	70454T100
FCNCA	FIRST CTZNS BANCSHARES INC N	9,500	$3.868M	0.3%	$422.19	-4.0%	CL A	31946M103
CNOB	CONNECTONE BANCORP INC NEW	192,355	$3.789M	0.3%	$19.90	-13.8%	COM	20786W107
RBB	RBB BANCORP	199,841	$3.757M	0.3%	$22.15	-11.0%	COM	74930B105
HTH	HILLTOP HOLDINGS INC	205,130	$3.744M	0.3%	$21.29	-12.7%	COM	432748101
EVR	EVERCORE INC	40,800	$3.713M	0.3%	$75.30	0.0%	CLASS A	29977A105
EQFN	Equitable Financial Corp.	312,600	$3.657M	0.3%	$8.46	+35.4%	Not 13-F Security	29448T105
—	SOUTHERN NATL BANCORP OF VA	249,400	$3.654M	0.3%	$16.36	—	COM	843395104
SBFG	SB FINL GROUP INC	195,152	$3.517M	0.3%	$17.73	-2.0%	COM	78408D105
—	OPUS BK IRVINE CALIF	176,694	$3.499M	0.3%	$19.69	—	COM	684000102
—	PACIFIC PREMIER BANCORP	130,116	$3.452M	0.3%	$26.53	—	COM	69478X105
SHBI	SHORE BANCSHARES INC	227,300	$3.389M	0.3%	$17.71	-14.2%	COM	825107105
—	FNCB BANCORP INC	440,000	$3.388M	0.3%	$7.70	—	COM	302578109
SFBS	SERVISFIRST BANCSHARES INC	100,000	$3.376M	0.3%	$30.91	-2.1%	COM	81768T108
—	TOTAL SYS SVCS INC	35,000	$3.325M	0.3%	$95.00	—	COM	891906109
—	INDEPENDENT BK GROUP INC	61,812	$3.17M	0.2%	$51.28	—	COM	45384B106
—	MB Bancorp, Inc.	188,500	$3.11M	0.2%	$11.06	—	Not 13-F Security	55280E104
ESQ	ESQUIRE FINL HLDGS INC	135,000	$3.073M	0.2%	$14.70	+46.6%	COM	29667J101
CCNE	CNB FINL CORP PA	120,400	$3.043M	0.2%	$22.45	-5.9%	COM	126128107
—	HOWARD BANCORP INC	200,000	$2.962M	0.2%	$18.18	—	COM	442496105
MCBI	Mountain Commerce Bancorp, Inc.	155,100	$2.913M	0.2%	$12.83	+31.2%	Not 13-F Security	624004107
—	Revere Bank	100,100	$2.908M	0.2%	$31.00	—	Not 13-F Security	761402106
PROV	PROVIDENT FINL HLDGS INC	140,759	$2.804M	0.2%	$17.80	+3.7%	COM	743868101
—	White River Bancshares Company- Non Voting	45,113	$2.789M	0.2%	$64.69	—	Not 13-F Security	9B999WRBC
FVCB	FVCBANKCORP INC	160,000	$2.706M	0.2%	$15.04	-8.2%	COM	36120Q101
ORRF	ORRSTOWN FINL SVCS INC	145,000	$2.696M	0.2%	$16.42	-6.1%	COM	687380105
TPH	TRI POINTE GROUP INC	210,000	$2.654M	0.2%	$12.72	0.0%	COM	87265H109
—	PEOPLES UTAH BANCORP	100,000	$2.637M	0.2%	$26.37	—	COM	712706209
—	HAMILTON BANCORP INC MD	182,054	$2.549M	0.2%	$13.40	—	COM	407015106
—	VERITEX HLDGS INC	105,127	$2.546M	0.2%	$24.22	—	COM	923451108
—	NATIONAL COMM CORP	64,100	$2.513M	0.2%	$43.84	—	COM	63546L102
BOKF	BOK FINL CORP	30,409	$2.48M	0.2%	$70.07	0.0%	COM NEW	05561Q201
—	MELROSE BANCORP INC	129,132	$2.434M	0.2%	$13.31	—	COM	585553100
HTBK	HERITAGE COMMERCE CORP	200,315	$2.424M	0.2%	$16.19	-19.3%	COM	426927109
PLBC	PLUMAS BANCORP	106,217	$2.421M	0.2%	$22.33	+7.7%	COM	729273102
BOTJ	BANK OF THE ST JAMES FINL GP	167,800	$2.302M	0.2%	$8.74	+23.0%	COM	470299108
EVTC	EVERTEC INC	80,000	$2.225M	0.2%	$27.23	0.0%	COM	30040P103
—	Central Federal Bancshares, Inc.	161,400	$2.187M	0.2%	$10.84	—	Not 13-F Security	15346T107
MSVB	MID SOUTHERN BANCORP INC	159,278	$1.98M	0.2%	$12.74	—	COM	59548Q107
—	Blackhawk Bancorp, Inc.	70,000	$1.979M	0.2%	$20.57	—	Not 13-F Security	09237E204
—	CARTER BK & TR MARTINSVILLE	100,455	$1.928M	0.1%	$19.19	—	COM	146102108
—	HEARTLAND FINL USA INC	45,035	$1.921M	0.1%	$42.66	—	COM	42234Q102
OPBK	OP BANCORP	218,800	$1.915M	0.1%	$10.62	-14.4%	COM	67109R109
TMHC	TAYLOR MORRISON HOME CORP	95,000	$1.686M	0.1%	$23.48	-24.0%	CL A	87724P106
—	SB FINL GROUP INC	92,867	$1.672M	0.1%	$12.41	—	DEP SHS PFD 6.5%	78408D204
—	PRUDENTIAL BANCORP INC NEW	95,000	$1.648M	0.1%	$17.59	—	COM	74431A101
—	BLACK KNIGHT INC	30,000	$1.635M	0.1%	$45.60	—	COM	09215C105
HNNA	HENNESSY ADVISORS INC	173,300	$1.603M	0.1%	$15.39	-32.3%	COM	425885100
PEBK	PEOPLES BANCORP N C INC	60,000	$1.596M	0.1%	$28.25	-3.9%	COM	710577107
UVSP	UNIVEST FINANCIAL CORPORATIO	63,163	$1.545M	0.1%	$24.34	+0.3%	COM	915271100
FUNC	FIRST UTD CORP	86,600	$1.495M	0.1%	$13.53	0.0%	COM	33741H107
SFNC	SIMMONS 1ST NATL CORP	60,096	$1.471M	0.1%	$25.64	0.0%	CL A $1 PAR	828730200
FSFG	FIRST SAVINGS FINL GROUP INC	27,043	$1.462M	0.1%	$14.87	0.0%	COM	33621E109
BFC	BANK FIRST NATL CORP	24,096	$1.42M	0.1%	$37.74	+24.1%	COM	06211J100
FFBB	Communities First Financial Corporation	60,367	$1.404M	0.1%	$16.83	+33.8%	Not 13-F Security	20344D104
—	COREPOINT LODGING INC	125,000	$1.396M	0.1%	$11.17	—	COM	21872L104
LCNB	LCNB CORP	80,000	$1.372M	0.1%	$11.79	0.0%	COM	50181P100
EBMT	EAGLE BANCORP MONT INC	75,444	$1.278M	0.1%	$15.95	-11.6%	COM	26942G100
MFGI	Merchants Financial Group Inc.	16,500	$1.213M	0.1%	$19.96	0.0%	Not 13-F Security	588538108
—	PDL CMNTY BANCORP	85,000	$1.186M	0.1%	$13.52	—	COM	69290X101
—	CORTLAND BANCORP	49,521	$1.168M	0.1%	$22.60	—	COM	220587109
—	New Bancorp, Inc.	66,200	$1.125M	0.1%	$13.00	—	Not 13-F Security	642142103
BWB	BRIDGEWATER BANCSHARES INC	105,595	$1.089M	0.1%	$12.93	-15.4%	COM ACCD INV	108621103
FISI	FINANCIAL INSTNS INC	39,213	$1.066M	0.1%	$20.23	0.0%	COM	317585404
WLFC	WILLIS LEASE FINANCE CORP	25,000	$1.06M	0.1%	$14.76	+169.7%	COM	970646105
OVLY	OAK VALLEY BANCORP OAKDALE C	55,000	$970K	0.1%	$13.18	+36.7%	COM	671807105
—	GUARANTY FED BANCSHARES INC	42,764	$960K	0.1%	$15.25	—	COM	40108P101
—	Best Hometown Bancorp, Inc.	80,000	$940K	0.1%	$11.42	—	Not 13-F Security	08652N103
SMBC	SOUTHERN MO BANCORP INC	29,400	$906K	0.1%	$18.38	+64.5%	COM	843380106
RBKB	RHINEBECK BANCORP INC	70,000	$840K	0.1%	$11.74	0.0%	COM	762093102
—	Sunnyside Bancorp, Inc.	64,871	$827K	0.1%	$10.20	—	Not 13-F Security	867475105
—	Sugar Creek Financial Corporation	77,375	$811K	0.1%	$10.13	—	Not 13-F Security	86481Y102
—	West End Indiana Bancshares, Inc.	30,000	$788K	0.1%	$22.11	—	Not 13-F Security	952678100
FIEB	First IC Corporation	99,753	$788K	0.1%	$8.40	—	Not 13-F Security	32058J102
BANC	BANC OF CALIFORNIA INC	50,000	$692K	0.1%	$16.14	-20.5%	Call	05990K106
HRGG	Heritage Nola Bancorp, Inc.	46,053	$590K	0.0%	$12.08	+5.8%	Not 13-F Security	42727P108
—	COMMUNITY FIRST BANCSHARES I	54,457	$558K	0.0%	$11.41	—	COM	20369M104
—	UNION BANKSHARES CORP NEW	17,101	$553K	0.0%	$36.71	—	COM	90539J109
CPKF	Chesapeake Financial Shares, Inc.	19,086	$508K	0.0%	$19.54	-4.9%	Not 13-F Security	16517A109
—	MACKINAC FINL CORP	29,744	$468K	0.0%	$15.73	—	COM	554571109
—	LIMESTONE BANCORP INC	29,154	$436K	0.0%	$15.21	—	COM	53262L105
FCCO	FIRST CMNTY CORP S C	17,502	$334K	0.0%	$16.47	0.0%	COM	319835104
CIZN	CITIZENS HLDG CO MISS	10,348	$227K	0.0%	$15.89	-5.0%	COM	174715102
—	Pioneer Bancshares, Inc.	4,028	$106K	0.0%	$24.58	—	Not 13-F Security	72357G102
KRE	SPDR SERIES TRUST	1,900	$98,000	0.0%	$56.88	—	S&P REGL BKG	78464A698