Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
LEN/B	LENNAR CORP	780,000	$34.61M	3.0%	$44.37	—	—	CL B	526057302
C	CITIGROUP INC	497,500	$34.37M	2.9%	$69.08	—	—	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%	$42.67	—	—	COM NEW	617446448
ZION	ZIONS BANCORPORATION N A	630,036	$28.05M	2.4%	$44.52	—	—	COM	989701107
ABCB	AMERIS BANCORP	570,939	$22.98M	2.0%	$40.24	—	—	COM	03076K108
KEY	KEYCORP NEW	1,173,981	$20.94M	1.8%	$17.84	—	—	COM	493267108
—	STERLING BANCORP DEL	945,119	$18.96M	1.6%	$20.06	—	—	COM	85917A100
FFBC	FIRST FINL BANCORP OH	737,561	$18.05M	1.5%	$24.48	—	—	COM	320209109
FOR	FORESTAR GROUP INC	955,749	$17.47M	1.5%	$18.28	—	—	COM	346232101
—	CENTERSTATE BK CORP	695,000	$16.67M	1.4%	$23.99	—	—	COM	15201P109
FHB	FIRST HAWAIIAN INC	620,000	$16.55M	1.4%	$26.70	—	—	COM	32051X108
ARES	ARES MANAGEMENT CORPORATION	604,798	$16.21M	1.4%	$26.81	—	—	CL A COM STK	03990B101
FITB	FIFTH THIRD BANCORP	589,416	$16.14M	1.4%	$27.38	—	—	COM	316773100
IBCP	INDEPENDENT BANK CORP MICH	749,517	$15.98M	1.4%	$21.32	—	—	COM NEW	453838609
BKU	BANKUNITED INC	470,047	$15.8M	1.4%	$33.62	—	—	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%	$16.42	—	—	COM	29667D104
—	BOSTON PRIVATE FINL HLDGS IN	1,240,068	$14.45M	1.2%	$11.66	—	—	COM	101119105
RF	REGIONS FINL CORP NEW	900,152	$14.24M	1.2%	$15.82	—	—	COM	7591EP100
—	UNITED CMNTY FINL CORP OHIO	1,255,739	$13.54M	1.2%	$10.78	—	—	COM	909839102
VCTR	VICTORY CAP HLDGS INC	880,000	$13.53M	1.2%	$15.38	—	—	COM CL A	92645B103
—	HOWARD HUGHES CORP	101,500	$13.15M	1.1%	$129.60	—	—	COM	44267D107
HOMB	HOME BANCSHARES INC	693,884	$13.04M	1.1%	$18.80	—	—	COM	436893200
TFIN	TRIUMPH BANCORP INC	404,026	$12.88M	1.1%	$31.89	—	—	COM	89679E300
ISTR	INVESTAR HLDG CORP	532,678	$12.68M	1.1%	$23.80	—	—	COM	46134L105
QCRH	QCR HOLDINGS INC	330,047	$12.54M	1.1%	$37.98	—	—	COM	74727A104
—	INVESTORS BANCORP INC NEW	1,100,342	$12.5M	1.1%	$11.36	—	—	COM	46146L101
SBNY	SIGNATURE BK NEW YORK N Y	104,014	$12.4M	1.1%	$119.22	—	—	COM	82669G104
—	LUTHER BURBANK CORP	1,073,981	$12.17M	1.0%	$11.33	—	—	COM	550550107
—	COMMUNITY BANKERS TR CORP	1,370,647	$11.79M	1.0%	$8.60	—	—	COM	203612106
WSFS	WSFS FINL CORP	267,000	$11.78M	1.0%	$44.10	—	—	COM	929328102
CFG	CITIZENS FINL GROUP INC	330,290	$11.68M	1.0%	$35.37	—	—	COM	174610105
ALRS	ALERUS FINL CORP	535,000	$11.66M	1.0%	$21.80	—	—	COM	01446U103
KKR	KKR & CO INC	430,300	$11.55M	1.0%	$26.85	—	—	CL A	48251W104
—	LAKELAND BANCORP INC	705,655	$10.89M	0.9%	$15.43	—	—	COM	511637100
—	SANDY SPRING BANCORP INC	299,869	$10.11M	0.9%	$33.71	—	—	COM	800363103
—	EVANS BANCORP INC	269,571	$10.08M	0.9%	$37.40	—	—	COM NEW	29911Q208
QNBC	QNB Corporation	275,133	$10.06M	0.9%	$36.55	—	—	Not 13-F Security	74726N107
FMBH	FIRST MID BANCSHARES INC	290,000	$10.04M	0.9%	$34.62	—	—	COM	320866106
HTB	HOMETRUST BANCSHARES INC	384,173	$10.02M	0.9%	$26.07	—	—	COM	437872104
—	SYNOVUS FINL CORP	265,067	$9.479M	0.8%	$35.76	—	—	COM NEW	87161C501
EVR	EVERCORE INC	115,600	$9.26M	0.8%	$80.10	—	—	CLASS A	29977A105
CIVB	CIVISTA BANCSHARES INC	423,873	$9.211M	0.8%	$21.73	—	—	COM NO PAR	178867107
—	INDEPENDENT BK GROUP INC	171,560	$9.026M	0.8%	$52.61	—	—	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%	$14.48	—	—	COM	309627107
—	OLD LINE BANCSHARES INC	300,000	$8.703M	0.7%	$29.01	—	—	COM	67984M100
WAL	WESTERN ALLIANCE BANCORP	186,874	$8.611M	0.7%	$46.08	—	—	COM	957638109
—	BLACK KNIGHT INC	138,200	$8.438M	0.7%	$61.06	—	—	COM	09215C105
—	CODORUS VY BANCORP INC	359,121	$8.353M	0.7%	$23.26	—	—	COM	192025104
INBK	FIRST INTERNET BANCORP	385,000	$8.243M	0.7%	$21.41	—	—	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%	$40.75	—	—	COM	293712105
—	CIVISTA BANCSHARES INC	124,880	$7.644M	0.7%	$61.21	—	—	6.50% PFD SER B	178867206
—	FIRST MIDWEST BANCORP DEL	390,162	$7.6M	0.7%	$19.48	—	—	COM	320867104
—	STERLING BANCORP INC	773,254	$7.547M	0.6%	$9.76	—	—	COM	85917W102
BANC	BANC OF CALIFORNIA INC	532,514	$7.53M	0.6%	$14.14	—	—	COM	05990K106
OSBC	OLD SECOND BANCORP INC ILL	613,894	$7.502M	0.6%	$12.22	—	—	COM	680277100
—	Bay Banks of Virginia, Inc.	869,829	$7.159M	0.6%	$8.23	—	—	Not 13-F Security	072035108
MTB	M & T BK CORP	45,315	$7.158M	0.6%	$157.96	—	—	COM	55261F104
SPFI	SOUTH PLAINS FINANCIAL INC	438,514	$7.148M	0.6%	$16.30	—	—	COM	83946P107
—	AMERICAN RIVER BANKSHARES	525,000	$7.093M	0.6%	$13.51	—	—	COM	029326105
FIS	FIDELITY NATL INFORMATION SV	52,500	$6.97M	0.6%	$132.76	—	—	COM	31620M106
VLY	VALLEY NATL BANCORP	640,000	$6.957M	0.6%	$10.87	—	—	COM	919794107
IROQ	IF BANCORP INC	325,174	$6.829M	0.6%	$21.00	—	—	COM	44951J105
—	FIRST BANCSHARES INC MS	205,000	$6.622M	0.6%	$32.30	—	—	COM	318916103
CNNE	CANNAE HLDGS INC	240,400	$6.604M	0.6%	$27.47	—	—	COM	13765N107
—	SVB FINL GROUP	31,515	$6.585M	0.6%	$208.95	—	—	COM	78486Q101
WTFC	WINTRUST FINL CORP	100,050	$6.466M	0.6%	$64.63	—	—	COM	97650W108
CCNE	CNB FINL CORP PA	208,199	$5.975M	0.5%	$28.70	—	—	COM	126128107
CMA	COMERICA INC	90,037	$5.942M	0.5%	$66.00	—	—	COM	200340107
—	HMN FINL INC	259,226	$5.931M	0.5%	$22.88	—	—	COM	40424G108
—	CENTURY BANCORP INC MASS	66,594	$5.834M	0.5%	$87.61	—	—	CL A NON VTG	156432106
—	TERRITORIAL BANCORP INC	200,814	$5.739M	0.5%	$28.58	—	—	COM	88145X108
TFSL	TFS FINL CORP	312,674	$5.634M	0.5%	$18.02	—	—	COM	87240R107
—	AMERICAN NATL BANKSHARES INC	155,700	$5.523M	0.5%	$35.47	—	—	COM	027745108
CZWI	CITIZENS CMNTY BANCORP INC M	474,390	$5.251M	0.4%	$11.07	—	—	COM	174903104
ORRF	ORRSTOWN FINL SVCS INC	238,308	$5.219M	0.4%	$21.90	—	—	COM	687380105
EWBC	EAST WEST BANCORP INC	115,072	$5.097M	0.4%	$44.29	—	—	COM	27579R104
—	STANDARD AVB FINL CORP	183,987	$4.966M	0.4%	$26.99	—	—	COM	85303B100
MC	MOELIS & CO	150,000	$4.928M	0.4%	$32.85	—	—	CL A	60786M105
PFBC	PREFERRED BK LOS ANGELES CA	90,992	$4.766M	0.4%	$52.38	—	—	COM NEW	740367404
SFBS	SERVISFIRST BANCSHARES INC	143,673	$4.763M	0.4%	$33.15	—	—	COM	81768T108
—	TWO RIV BANCORP	225,000	$4.664M	0.4%	$20.73	—	—	COM	90207C105
—	E TRADE FINANCIAL CORP	105,700	$4.618M	0.4%	$43.69	—	—	COM NEW	269246401
FISV	FISERV INC	44,500	$4.61M	0.4%	$103.60	—	—	COM	337738108
WRIV	White River Bancshares Company	68,000	$4.505M	0.4%	$66.25	—	—	Not 13-F Security	96445A108
CBNK	CAPITAL BANCORP INC MD	328,824	$4.479M	0.4%	$13.62	—	—	COM	139737100
—	HEARTLAND FINL USA INC	100,035	$4.476M	0.4%	$44.74	—	—	COM	42234Q102
—	GUARANTY BANCSHARES INC TEX	145,000	$4.436M	0.4%	$30.59	—	—	COM	400764106
MRBK	MERIDIAN CORPORATION	245,976	$4.366M	0.4%	$17.75	—	—	COM	58958P104
—	Revere Bank	126,300	$4.326M	0.4%	$34.25	—	—	Not 13-F Security	761402106
BSVN	BANK7 CORP	229,100	$4.307M	0.4%	$18.80	—	—	COM	06652N107
FSFG	FIRST SAVINGS FINL GROUP INC	67,000	$4.236M	0.4%	$63.22	—	—	COM	33621E109
—	PB BANCORP INC	340,447	$3.925M	0.3%	$11.53	—	—	COM	70454T100
PIPR	PIPER JAFFRAY COS	51,200	$3.865M	0.3%	$75.49	—	—	COM	724078100
—	SOUTHERN NATL BANCORP OF VA	249,400	$3.838M	0.3%	$15.39	—	—	COM	843395104
EQFN	Equitable Financial Corp.	312,600	$3.823M	0.3%	$12.23	—	—	Not 13-F Security	29448T105
OTTW	OTTAWA BANCORP INC	300,200	$3.78M	0.3%	$12.59	—	—	COM	689195105
HOPE	HOPE BANCORP INC	260,000	$3.728M	0.3%	$14.34	—	—	COM	43940T109
V	VISA INC	21,300	$3.664M	0.3%	$172.02	—	—	COM CL A	92826C839
APAM	ARTISAN PARTNERS ASSET MGMT	120,000	$3.389M	0.3%	$28.24	—	—	CL A	04316A108
—	BRYN MAWR BK CORP	89,101	$3.253M	0.3%	$36.51	—	—	COM	117665109
—	HOWARD BANCORP INC	193,100	$3.223M	0.3%	$16.69	—	—	COM	442496105
FCCO	FIRST CMNTY CORP S C	165,379	$3.222M	0.3%	$19.48	—	—	COM	319835104
BFST	BUSINESS FIRST BANCSHARES IN	122,840	$2.997M	0.3%	$24.40	—	—	COM	12326C105
RBKB	RHINEBECK BANCORP INC	279,533	$2.991M	0.3%	$10.70	—	—	COM	762093102
—	White River Bancshares Company	45,113	$2.989M	0.3%	$66.26	—	—	Not 13-F Security	9B999WRBC
SMBC	SOUTHERN MO BANCORP INC	81,550	$2.971M	0.3%	$36.43	—	—	COM	843380106
SHBI	SHORE BANCSHARES INC	192,700	$2.97M	0.3%	$15.41	—	—	COM	825107105
—	MB Bancorp, Inc.	188,500	$2.958M	0.3%	$15.69	—	—	Not 13-F Security	55280E104
—	CORTLAND BANCORP	135,330	$2.943M	0.3%	$21.75	—	—	COM	220587109
—	MERIDIAN BANCORP INC MD	156,800	$2.94M	0.3%	$18.75	—	—	COM	58958U103
PJT	PJT PARTNERS INC	70,000	$2.849M	0.2%	$40.70	—	—	COM CL A	69343T107
MSVB	MID SOUTHERN BANCORP INC	211,900	$2.829M	0.2%	$13.35	—	—	COM	59548Q107
ESQ	ESQUIRE FINL HLDGS INC	112,239	$2.784M	0.2%	$24.80	—	—	COM	29667J101
CNOB	CONNECTONE BANCORP INC NEW	125,182	$2.779M	0.2%	$22.20	—	—	COM	20786W107
PROV	PROVIDENT FINL HLDGS INC	128,055	$2.657M	0.2%	$20.75	—	—	COM	743868101
PLBC	PLUMAS BANCORP	131,262	$2.65M	0.2%	$20.19	—	—	COM	729273102
BOKF	BOK FINL CORP	33,222	$2.63M	0.2%	$79.16	—	—	COM NEW	05561Q201
HTH	HILLTOP HOLDINGS INC	110,000	$2.628M	0.2%	$23.89	—	—	COM	432748101
WTBA	WEST BANCORPORATION INC	120,000	$2.609M	0.2%	$21.74	—	—	CAP STK	95123P106
RRBI	RED RIVER BANCSHARES INC	60,000	$2.602M	0.2%	$43.37	—	—	COM	75686R202
PEBK	PEOPLES BANCORP N C INC	85,000	$2.525M	0.2%	$29.71	—	—	COM	710577107
TOL	TOLL BROTHERS INC	60,600	$2.488M	0.2%	$41.06	—	—	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%	$26.72	—	—	Not 13-F Security	09237E204
BOTJ	BANK OF THE ST JAMES FINL GP	167,800	$2.4M	0.2%	$14.30	—	—	COM	470299108
UVSP	UNIVEST FINANCIAL CORPORATIO	92,794	$2.367M	0.2%	$25.51	—	—	COM	915271100
—	MELROSE BANCORP INC	129,132	$2.279M	0.2%	$17.65	—	—	COM	585553100
FFBB	Communities First Financial Corporation	90,000	$2.228M	0.2%	$24.76	—	—	Not 13-F Security	20344D104
—	UNITED FINL BANCORP INC NEW	156,534	$2.134M	0.2%	$13.63	—	—	COM	910304104
—	PRUDENTIAL BANCORP INC NEW	125,000	$2.126M	0.2%	$17.01	—	—	COM	74431A101
—	West End Indiana Bancshares, Inc.	61,993	$2.12M	0.2%	$34.20	—	—	Not 13-F Security	952678100
OPBK	OP BANCORP	213,200	$2.085M	0.2%	$9.78	—	—	COM	67109R109
—	BRIDGE BANCORP INC	70,000	$2.069M	0.2%	$29.56	—	—	COM	108035106
—	Central Federal Bancshares, Inc.	158,300	$2.067M	0.2%	$13.06	—	—	Not 13-F Security	15346T107
FVCB	FVCBANKCORP INC	115,100	$2.021M	0.2%	$17.56	—	—	COM	36120Q101
RBB	RBB BANCORP	100,000	$1.969M	0.2%	$19.69	—	—	COM	74930B105
—	PDL CMNTY BANCORP	139,732	$1.965M	0.2%	$14.06	—	—	COM	69290X101
FUNC	FIRST UTD CORP	86,600	$1.905M	0.2%	$22.00	—	—	COM	33741H107
—	New Bancorp, Inc.	66,200	$1.835M	0.2%	$27.72	—	—	Not 13-F Security	642142103
CBFV	CB FINL SVCS INC	62,500	$1.735M	0.1%	$27.76	—	—	COM	12479G101
—	PACIFIC CITY FINANCIAL CORP	96,400	$1.586M	0.1%	$16.45	—	—	COM NEW	69406T408
EBMT	EAGLE BANCORP MONT INC	88,300	$1.545M	0.1%	$17.50	—	—	COM	26942G100
RMBI	RICHMOND MUT BANCORPORATIN I	110,000	$1.539M	0.1%	$13.99	—	—	COM	76525P100
BAC	BANK AMER CORP	50,000	$1.459M	0.1%	$29.18	—	—	COM	060505104
HBCP	HOME BANCORP INC	37,200	$1.45M	0.1%	$38.98	—	—	COM	43689E107
—	COMMUNITY FIRST BANCSHARES I	141,430	$1.423M	0.1%	$10.06	—	—	COM	20369M104
XLF	SELECT SECTOR SPDR TR	50,000	$1.4M	0.1%	$28.00	—	—	Put	81369Y605
PBFS	PIONEER BANCORP INC	105,000	$1.311M	0.1%	$12.49	—	—	COM	723561106
MFGI	Merchants Financial Group Inc.	16,500	$1.205M	0.1%	$73.03	—	—	Not 13-F Security	588538108
WLFC	WILLIS LEASE FINANCE CORP	21,300	$1.18M	0.1%	$55.40	—	—	COM	970646105
ERKH	Eureka Homestead Bancorp, Inc.	94,050	$1.142M	0.1%	$12.14	—	—	Not 13-F Security	298544107
—	FNCB BANCORP INC	145,952	$1.14M	0.1%	$7.81	—	—	COM	302578109
WSBC	WESBANCO INC	25,200	$942K	0.1%	$37.38	—	—	COM	950810101
FIEB	First IC Corporation	99,754	$863K	0.1%	$8.65	—	—	Not 13-F Security	32058J102
—	Best Hometown Bancorp, Inc.	80,000	$806K	0.1%	$10.07	—	—	Not 13-F Security	08652N103
—	Sugar Creek Financial Corporation	77,375	$802K	0.1%	$10.37	—	—	Not 13-F Security	86481Y102
—	Sunnyside Bancorp, Inc.	64,871	$799K	0.1%	$12.32	—	—	Not 13-F Security	867475105
HRGG	Heritage Nola Bancorp, Inc.	46,053	$583K	0.0%	$12.66	—	—	Not 13-F Security	42727P108
CPKF	Chesapeake Financial Shares, Inc.	21,525	$535K	0.0%	$24.85	—	—	Not 13-F Security	16517A109
—	LIMESTONE BANCORP INC	29,154	$450K	0.0%	$15.44	—	—	COM	53262L105
OCFC	OCEANFIRST FINL CORP	18,400	$434K	0.0%	$23.59	—	—	COM	675234108
—	Choice Bancorp, Inc.	12,300	$407K	0.0%	$33.09	—	—	Not 13-F Security	17037X108
OVLY	OAK VALLEY BANCORP OAKDALE C	21,838	$366K	0.0%	$16.76	—	—	COM	671807105
MBIN	MERCHANTS BANCORP IND	19,739	$326K	0.0%	$16.52	—	—	COM	58844R108
—	MACATAWA BK CORP	30,000	$312K	0.0%	$10.40	—	—	COM	554225102
FCNCA	FIRST CTZNS BANCSHARES INC N	600	$283K	0.0%	$471.67	—	—	CL A	31946M103
—	SB FINL GROUP INC	13,829	$228K	0.0%	$16.49	—	—	DEP SHS PFD 6.5%	78408D204
CIZN	CITIZENS HLDG CO MISS	10,348	$211K	0.0%	$20.39	—	—	COM	174715102
LCNB	LCNB CORP	11,320	$201K	0.0%	$17.76	—	—	COM	50181P100
—	Pioneer Bancshares, Inc.	4,028	$108K	0.0%	$26.81	—	—	Not 13-F Security	72357G102
KRE	SPDR SERIES TRUST	1,810	$96,000	0.0%	$53.04	—	—	S&P REGL BKG	78464A698
—	CADENCE BANCORPORATION	182	$3,000	0.0%	$16.48	—	—	CL A	12739A100