Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LEN/B	LENNAR CORP	780,000	$34.61M	3.0%	$37.37	-7.9%	CL B	526057302
C	CITIGROUP INC	497,500	$34.37M	2.9%	$46.23	+17.1%	COM NEW	172967424
—	TCF FINANCIAL CORPORATION NE	827,704	$31.51M	2.7%	$38.07	—	COM	872307103
MS	MORGAN STANLEY	666,300	$28.43M	2.4%	$33.26	+5.3%	COM NEW	617446448
ZION	ZIONS BANCORPORATION N A	630,036	$28.05M	2.4%	$41.59	+3.9%	COM	989701107
ABCB	AMERIS BANCORP	570,939	$22.98M	2.0%	$34.61	-1.0%	COM	03076K108
KEY	KEYCORP NEW	1,173,981	$20.94M	1.8%	$10.97	+15.6%	COM	493267108
—	STERLING BANCORP DEL	945,119	$18.96M	1.6%	$22.69	—	COM	85917A100
FFBC	FIRST FINL BANCORP OH	737,561	$18.05M	1.5%	$20.82	-11.6%	COM	320209109
FOR	FORESTAR GROUP INC	955,749	$17.47M	1.5%	$19.43	+0.8%	COM	346232101
—	CENTERSTATE BK CORP	695,000	$16.67M	1.4%	$20.01	—	COM	15201P109
FHB	FIRST HAWAIIAN INC	620,000	$16.55M	1.4%	$18.33	+5.5%	COM	32051X108
ARES	ARES MANAGEMENT CORPORATION	604,798	$16.21M	1.4%	$17.18	+35.2%	CL A COM STK	03990B101
FITB	FIFTH THIRD BANCORP	589,416	$16.14M	1.4%	$20.15	+5.5%	COM	316773100
IBCP	INDEPENDENT BANK CORP MICH	749,517	$15.98M	1.4%	$11.09	+44.7%	COM NEW	453838609
BKU	BANKUNITED INC	470,047	$15.8M	1.4%	$27.56	-4.5%	COM	06652K103
—	HARBORONE BANCORP INC NEW	1,520,000	$15.3M	1.3%	$10.07	—	COM NEW	41165Y100
—	ESSA BANCORP INC	922,322	$15.14M	1.3%	$13.94	—	COM	29667D104
—	BOSTON PRIVATE FINL HLDGS IN	1,240,068	$14.45M	1.2%	$11.99	—	COM	101119105
RF	REGIONS FINL CORP NEW	900,152	$14.24M	1.2%	$12.00	-3.2%	COM	7591EP100
—	UNITED CMNTY FINL CORP OHIO	1,255,739	$13.54M	1.2%	$6.60	—	COM	909839102
VCTR	VICTORY CAP HLDGS INC	880,000	$13.53M	1.2%	$12.49	+15.8%	COM CL A	92645B103
—	HOWARD HUGHES CORP	101,500	$13.15M	1.1%	$124.79	—	COM	44267D107
HOMB	HOME BANCSHARES INC	693,884	$13.04M	1.1%	$23.69	-21.1%	COM	436893200
TFIN	TRIUMPH BANCORP INC	404,026	$12.88M	1.1%	$31.78	-5.1%	COM	89679E300
ISTR	INVESTAR HLDG CORP	532,678	$12.68M	1.1%	$22.36	+5.1%	COM	46134L105
QCRH	QCR HOLDINGS INC	330,047	$12.54M	1.1%	$41.00	-14.5%	COM	74727A104
—	INVESTORS BANCORP INC NEW	1,100,342	$12.5M	1.1%	$13.17	—	COM	46146L101
SBNY	SIGNATURE BK NEW YORK N Y	104,014	$12.4M	1.1%	$131.64	—	COM	82669G104
—	LUTHER BURBANK CORP	1,073,981	$12.17M	1.0%	$11.30	—	COM	550550107
—	COMMUNITY BANKERS TR CORP	1,370,647	$11.79M	1.0%	$6.81	—	COM	203612106
WSFS	WSFS FINL CORP	267,000	$11.78M	1.0%	$42.82	-1.8%	COM	929328102
CFG	CITIZENS FINL GROUP INC	330,290	$11.68M	1.0%	$28.24	-6.9%	COM	174610105
ALRS	ALERUS FINL CORP	535,000	$11.66M	1.0%	$16.43	-0.6%	COM	01446U103
KKR	KKR & CO INC	430,300	$11.55M	1.0%	$21.69	+13.8%	CL A	48251W104
—	LAKELAND BANCORP INC	705,655	$10.89M	0.9%	$18.24	—	COM	511637100
—	SANDY SPRING BANCORP INC	299,869	$10.11M	0.9%	$37.99	—	COM	800363103
—	EVANS BANCORP INC	269,571	$10.08M	0.9%	$24.26	—	COM NEW	29911Q208
QNBC	QNB Corporation	275,133	$10.06M	0.9%	$41.51	-12.0%	Not 13-F Security	74726N107
FMBH	FIRST MID BANCSHARES INC	290,000	$10.04M	0.9%	$30.55	-8.5%	COM	320866106
HTB	HOMETRUST BANCSHARES INC	384,173	$10.02M	0.9%	$20.20	+26.2%	COM	437872104
—	SYNOVUS FINL CORP	265,067	$9.479M	0.8%	$34.36	—	COM NEW	87161C501
EVR	EVERCORE INC	115,600	$9.26M	0.8%	$72.25	-0.4%	CLASS A	29977A105
CIVB	CIVISTA BANCSHARES INC	423,873	$9.211M	0.8%	$17.03	+3.1%	COM NO PAR	178867107
—	INDEPENDENT BK GROUP INC	171,560	$9.026M	0.8%	$52.14	—	COM	45384B106
—	APOLLO GLOBAL MGMT INC	232,500	$8.793M	0.8%	$37.82	—	COM CL A	03768E105
FMNB	FARMERS NATL BANC CORP	603,823	$8.743M	0.7%	$11.02	-2.3%	COM	309627107
—	OLD LINE BANCSHARES INC	300,000	$8.703M	0.7%	$31.82	—	COM	67984M100
WAL	WESTERN ALLIANCE BANCORP	186,874	$8.611M	0.7%	$43.73	-10.1%	COM	957638109
—	BLACK KNIGHT INC	138,200	$8.438M	0.7%	$57.34	—	COM	09215C105
—	CODORUS VY BANCORP INC	359,121	$8.353M	0.7%	$24.54	—	COM	192025104
INBK	FIRST INTERNET BANCORP	385,000	$8.243M	0.7%	$21.40	-3.9%	COM	320557101
—	VERITEX HLDGS INC	319,531	$7.753M	0.7%	$24.26	—	COM	923451108
EFSC	ENTERPRISE FINL SVCS CORP	188,699	$7.689M	0.7%	$36.82	-4.3%	COM	293712105
—	CIVISTA BANCSHARES INC	124,880	$7.644M	0.7%	$37.28	—	6.50% PFD SER B	178867206
—	FIRST MIDWEST BANCORP DEL	390,162	$7.6M	0.7%	$20.03	—	COM	320867104
—	STERLING BANCORP INC	773,254	$7.547M	0.6%	$12.85	—	COM	85917W102
BANC	BANC OF CALIFORNIA INC	532,514	$7.53M	0.6%	$14.95	-16.0%	COM	05990K106
OSBC	OLD SECOND BANCORP INC ILL	613,894	$7.502M	0.6%	$10.03	+14.3%	COM	680277100
—	Bay Banks of Virginia, Inc.	869,829	$7.159M	0.6%	$5.70	—	Not 13-F Security	072035108
MTB	M & T BK CORP	45,315	$7.158M	0.6%	$132.69	-3.6%	COM	55261F104
SPFI	SOUTH PLAINS FINANCIAL INC	438,514	$7.148M	0.6%	$17.63	-4.7%	COM	83946P107
—	AMERICAN RIVER BANKSHARES	525,000	$7.093M	0.6%	$9.59	—	COM	029326105
FIS	FIDELITY NATL INFORMATION SV	52,500	$6.97M	0.6%	$103.29	+13.4%	COM	31620M106
VLY	VALLEY NATL BANCORP	640,000	$6.957M	0.6%	$12.09	-11.5%	COM	919794107
IROQ	IF BANCORP INC	325,174	$6.829M	0.6%	$16.60	+29.2%	COM	44951J105
—	FIRST BANCSHARES INC MS	205,000	$6.622M	0.6%	$28.83	—	COM	318916103
CNNE	CANNAE HLDGS INC	240,400	$6.604M	0.6%	$19.00	+42.7%	COM	13765N107
—	SVB FINL GROUP	31,515	$6.585M	0.6%	$211.90	—	COM	78486Q101
WTFC	WINTRUST FINL CORP	100,050	$6.466M	0.6%	$66.31	0.0%	COM	97650W108
CCNE	CNB FINL CORP PA	208,199	$5.975M	0.5%	$22.25	+1.7%	COM	126128107
CMA	COMERICA INC	90,037	$5.942M	0.5%	$47.28	+2.2%	COM	200340107
—	HMN FINL INC	259,226	$5.931M	0.5%	$17.85	—	COM	40424G108
—	CENTURY BANCORP INC MASS	66,594	$5.834M	0.5%	$46.20	—	CL A NON VTG	156432106
—	TERRITORIAL BANCORP INC	200,814	$5.739M	0.5%	$26.37	—	COM	88145X108
TFSL	TFS FINL CORP	312,674	$5.634M	0.5%	$9.10	+22.1%	COM	87240R107
—	AMERICAN NATL BANKSHARES INC	155,700	$5.523M	0.5%	$37.20	—	COM	027745108
CZWI	CITIZENS CMNTY BANCORP INC M	474,390	$5.251M	0.4%	$11.92	-19.6%	COM	174903104
ORRF	ORRSTOWN FINL SVCS INC	238,308	$5.219M	0.4%	$16.42	+6.3%	COM	687380105
EWBC	EAST WEST BANCORP INC	115,072	$5.097M	0.4%	$49.15	-24.5%	COM	27579R104
—	STANDARD AVB FINL CORP	183,987	$4.966M	0.4%	$28.27	—	COM	85303B100
MC	MOELIS & CO	150,000	$4.928M	0.4%	$22.98	-4.8%	CL A	60786M105
PFBC	PREFERRED BK LOS ANGELES CA	90,992	$4.766M	0.4%	$33.22	+53.3%	COM NEW	740367404
SFBS	SERVISFIRST BANCSHARES INC	143,673	$4.763M	0.4%	$30.42	-5.0%	COM	81768T108
—	TWO RIV BANCORP	225,000	$4.664M	0.4%	$16.11	—	COM	90207C105
—	E TRADE FINANCIAL CORP	105,700	$4.618M	0.4%	$44.04	—	COM NEW	269246401
FISV	FISERV INC	44,500	$4.61M	0.4%	$82.51	+23.7%	COM	337738108
WRIV	White River Bancshares Company	68,000	$4.505M	0.4%	$37.84	-13.2%	Not 13-F Security	96445A108
CBNK	CAPITAL BANCORP INC MD	328,824	$4.479M	0.4%	$11.79	+0.4%	COM	139737100
—	HEARTLAND FINL USA INC	100,035	$4.476M	0.4%	$43.79	—	COM	42234Q102
—	GUARANTY BANCSHARES INC TEX	145,000	$4.436M	0.4%	$30.75	—	COM	400764106
MRBK	MERIDIAN CORPORATION	245,976	$4.366M	0.4%	$7.19	-6.2%	COM	58958P104
—	Revere Bank	126,300	$4.326M	0.4%	$30.58	—	Not 13-F Security	761402106
BSVN	BANK7 CORP	229,100	$4.307M	0.4%	$15.59	-6.2%	COM	06652N107
FSFG	FIRST SAVINGS FINL GROUP INC	67,000	$4.236M	0.4%	$16.17	+7.5%	COM	33621E109
—	PB BANCORP INC	340,447	$3.925M	0.3%	$8.72	—	COM	70454T100
PIPR	PIPER JAFFRAY COS	51,200	$3.865M	0.3%	$76.80	-2.9%	COM	724078100
—	SOUTHERN NATL BANCORP OF VA	249,400	$3.838M	0.3%	$16.36	—	COM	843395104
EQFN	Equitable Financial Corp.	312,600	$3.823M	0.3%	$8.46	+44.3%	Not 13-F Security	29448T105
OTTW	OTTAWA BANCORP INC	300,200	$3.78M	0.3%	$9.10	+11.3%	COM	689195105
HOPE	HOPE BANCORP INC	260,000	$3.728M	0.3%	$17.60	-20.3%	COM	43940T109
V	VISA INC	21,300	$3.664M	0.3%	$156.33	+8.9%	COM CL A	92826C839
APAM	ARTISAN PARTNERS ASSET MGMT	120,000	$3.389M	0.3%	$15.77	0.0%	CL A	04316A108
—	BRYN MAWR BK CORP	89,101	$3.253M	0.3%	$38.66	—	COM	117665109
—	HOWARD BANCORP INC	193,100	$3.223M	0.3%	$18.18	—	COM	442496105
FCCO	FIRST CMNTY CORP S C	165,379	$3.222M	0.3%	$15.46	+2.6%	COM	319835104
BFST	BUSINESS FIRST BANCSHARES IN	122,840	$2.997M	0.3%	$21.36	-1.5%	COM	12326C105
RBKB	RHINEBECK BANCORP INC	279,533	$2.991M	0.3%	$11.36	-5.3%	COM	762093102
—	White River Bancshares Company	45,113	$2.989M	0.3%	$64.69	—	Not 13-F Security	9B999WRBC
SMBC	SOUTHERN MO BANCORP INC	81,550	$2.971M	0.3%	$25.73	+16.6%	COM	843380106
SHBI	SHORE BANCSHARES INC	192,700	$2.97M	0.3%	$17.71	-10.9%	COM	825107105
—	MB Bancorp, Inc.	188,500	$2.958M	0.3%	$11.06	—	Not 13-F Security	55280E104
—	CORTLAND BANCORP	135,330	$2.943M	0.3%	$22.09	—	COM	220587109
—	MERIDIAN BANCORP INC MD	156,800	$2.94M	0.3%	$17.89	—	COM	58958U103
PJT	PJT PARTNERS INC	70,000	$2.849M	0.2%	$38.14	-3.5%	COM CL A	69343T107
MSVB	MID SOUTHERN BANCORP INC	211,900	$2.829M	0.2%	$12.89	—	COM	59548Q107
ESQ	ESQUIRE FINL HLDGS INC	112,239	$2.784M	0.2%	$14.70	+56.5%	COM	29667J101
CNOB	CONNECTONE BANCORP INC NEW	125,182	$2.779M	0.2%	$19.88	-7.7%	COM	20786W107
PROV	PROVIDENT FINL HLDGS INC	128,055	$2.657M	0.2%	$17.80	+16.6%	COM	743868101
PLBC	PLUMAS BANCORP	131,262	$2.65M	0.2%	$22.62	+1.6%	COM	729273102
BOKF	BOK FINL CORP	33,222	$2.63M	0.2%	$66.10	0.0%	COM NEW	05561Q201
HTH	HILLTOP HOLDINGS INC	110,000	$2.628M	0.2%	$20.85	+10.0%	COM	432748101
WTBA	WEST BANCORPORATION INC	120,000	$2.609M	0.2%	$21.22	0.0%	CAP STK	95123P106
RRBI	RED RIVER BANCSHARES INC	60,000	$2.602M	0.2%	$48.87	-6.5%	COM	75686R202
PEBK	PEOPLES BANCORP N C INC	85,000	$2.525M	0.2%	$28.09	-0.7%	COM	710577107
TOL	TOLL BROTHERS INC	60,600	$2.488M	0.2%	$36.87	0.0%	COM	889478103
—	FIRST DEFIANCE FINL CORP	85,100	$2.465M	0.2%	$28.97	—	COM	32006W106
—	Blackhawk Bancorp, Inc.	90,000	$2.405M	0.2%	$21.93	—	Not 13-F Security	09237E204
BOTJ	BANK OF THE ST JAMES FINL GP	167,800	$2.4M	0.2%	$8.74	+27.9%	COM	470299108
UVSP	UNIVEST FINANCIAL CORPORATIO	92,794	$2.367M	0.2%	$24.65	+5.0%	COM	915271100
—	MELROSE BANCORP INC	129,132	$2.279M	0.2%	$13.31	—	COM	585553100
FFBB	Communities First Financial Corporation	90,000	$2.228M	0.2%	$19.53	+28.1%	Not 13-F Security	20344D104
—	UNITED FINL BANCORP INC NEW	156,534	$2.134M	0.2%	$13.94	—	COM	910304104
—	PRUDENTIAL BANCORP INC NEW	125,000	$2.126M	0.2%	$17.77	—	COM	74431A101
—	West End Indiana Bancshares, Inc.	61,993	$2.12M	0.2%	$26.82	—	Not 13-F Security	952678100
OPBK	OP BANCORP	213,200	$2.085M	0.2%	$10.60	-9.8%	COM	67109R109
—	BRIDGE BANCORP INC	70,000	$2.069M	0.2%	$29.53	—	COM	108035106
—	Central Federal Bancshares, Inc.	158,300	$2.067M	0.2%	$10.84	—	Not 13-F Security	15346T107
FVCB	FVCBANKCORP INC	115,100	$2.021M	0.2%	$15.04	-6.4%	COM	36120Q101
RBB	RBB BANCORP	100,000	$1.969M	0.2%	$22.15	-13.7%	COM	74930B105
—	PDL CMNTY BANCORP	139,732	$1.965M	0.2%	$13.93	—	COM	69290X101
FUNC	FIRST UTD CORP	86,600	$1.905M	0.2%	$13.53	+24.9%	COM	33741H107
—	New Bancorp, Inc.	66,200	$1.835M	0.2%	$13.00	—	Not 13-F Security	642142103
CBFV	CB FINL SVCS INC	62,500	$1.735M	0.1%	$19.24	0.0%	COM	12479G101
—	PACIFIC CITY FINANCIAL CORP	96,400	$1.586M	0.1%	$19.34	—	COM NEW	69406T408
EBMT	EAGLE BANCORP MONT INC	88,300	$1.545M	0.1%	$15.62	-12.2%	COM	26942G100
RMBI	RICHMOND MUT BANCORPORATIN I	110,000	$1.539M	0.1%	$13.36	0.0%	COM	76525P100
BAC	BANK AMER CORP	50,000	$1.459M	0.1%	$21.83	+12.6%	COM	060505104
HBCP	HOME BANCORP INC	37,200	$1.45M	0.1%	$30.72	+2.7%	COM	43689E107
—	COMMUNITY FIRST BANCSHARES I	141,430	$1.423M	0.1%	$10.55	—	COM	20369M104
XLF	SELECT SECTOR SPDR TR	50,000	$1.4M	0.1%	—	—	Put	81369Y605
PBFS	PIONEER BANCORP INC	105,000	$1.311M	0.1%	$14.02	0.0%	COM	723561106
MFGI	Merchants Financial Group Inc.	16,500	$1.205M	0.1%	$19.96	+4.3%	Not 13-F Security	588538108
WLFC	WILLIS LEASE FINANCE CORP	21,300	$1.18M	0.1%	$14.76	+309.9%	COM	970646105
ERKH	Eureka Homestead Bancorp, Inc.	94,050	$1.142M	0.1%	$12.16	0.0%	Not 13-F Security	298544107
—	FNCB BANCORP INC	145,952	$1.14M	0.1%	$7.70	—	COM	302578109
WSBC	WESBANCO INC	25,200	$942K	0.1%	$38.50	-5.9%	COM	950810101
FIEB	First IC Corporation	99,754	$863K	0.1%	$8.40	—	Not 13-F Security	32058J102
—	Best Hometown Bancorp, Inc.	80,000	$806K	0.1%	$11.42	—	Not 13-F Security	08652N103
—	Sugar Creek Financial Corporation	77,375	$802K	0.1%	$10.13	—	Not 13-F Security	86481Y102
—	Sunnyside Bancorp, Inc.	64,871	$799K	0.1%	$10.20	—	Not 13-F Security	867475105
HRGG	Heritage Nola Bancorp, Inc.	46,053	$583K	0.0%	$12.08	+5.2%	Not 13-F Security	42727P108
CPKF	Chesapeake Financial Shares, Inc.	21,525	$535K	0.0%	$19.44	-3.7%	Not 13-F Security	16517A109
—	LIMESTONE BANCORP INC	29,154	$450K	0.0%	$15.21	—	COM	53262L105
OCFC	OCEANFIRST FINL CORP	18,400	$434K	0.0%	$17.73	0.0%	COM	675234108
—	Choice Bancorp, Inc.	12,300	$407K	0.0%	$32.05	—	Not 13-F Security	17037X108
OVLY	OAK VALLEY BANCORP OAKDALE C	21,838	$366K	0.0%	$13.18	+36.1%	COM	671807105
MBIN	MERCHANTS BANCORP IND	19,739	$326K	0.0%	$12.66	-18.7%	COM	58844R108
—	MACATAWA BK CORP	30,000	$312K	0.0%	$10.40	—	COM	554225102
FCNCA	FIRST CTZNS BANCSHARES INC N	600	$283K	0.0%	$422.19	+5.5%	CL A	31946M103
—	SB FINL GROUP INC	13,829	$228K	0.0%	$12.41	—	DEP SHS PFD 6.5%	78408D204
CIZN	CITIZENS HLDG CO MISS	10,348	$211K	0.0%	$15.89	-6.3%	COM	174715102
LCNB	LCNB CORP	11,320	$201K	0.0%	$11.79	+7.5%	COM	50181P100
—	Pioneer Bancshares, Inc.	4,028	$108K	0.0%	$24.58	—	Not 13-F Security	72357G102
KRE	SPDR SERIES TRUST	1,810	$96,000	0.0%	$56.88	—	S&P REGL BKG	78464A698
—	CADENCE BANCORPORATION	182	$3,000	0.0%	$19.03	—	CL A	12739A100