Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
C	CITIGROUP INC	482,500	$38.55M	3.3%	$46.23	+28.2%	COM NEW	172967424
—	TCF FINANCIAL CORPORATION NE	750,034	$35.1M	3.0%	$38.07	—	COM	872307103
ZION	ZIONS BANCORPORATION N A	612,948	$31.82M	2.7%	$41.59	+16.7%	COM	989701107
LEN/B	LENNAR CORP	624,300	$27.91M	2.4%	$37.37	+7.6%	CL B	526057302
MS	MORGAN STANLEY	542,400	$27.73M	2.3%	$33.26	+17.5%	COM NEW	617446448
ABCB	AMERIS BANCORP	560,074	$23.83M	2.0%	$34.61	+12.5%	COM	03076K108
—	STERLING BANCORP DEL	1,056,781	$22.28M	1.9%	$22.52	—	COM	85917A100
CIVB	CIVISTA BANCSHARES INC	820,000	$19.68M	1.7%	$17.65	+3.8%	COM NO PAR	178867107
BKU	BANKUNITED INC	507,590	$18.56M	1.6%	$27.62	+2.4%	COM	06652K103
ISTR	INVESTAR HLDG CORP	781,904	$18.47M	1.6%	$23.08	+6.6%	COM	46134L105
KEY	KEYCORP NEW	900,122	$18.22M	1.5%	$10.97	+27.4%	COM	493267108
TFIN	TRIUMPH BANCORP INC	475,061	$18.06M	1.5%	$32.19	+7.2%	COM	89679E300
—	HARBORONE BANCORP INC NEW	1,580,000	$17.36M	1.5%	$10.10	—	COM NEW	41165Y100
FOR	FORESTAR GROUP INC	830,979	$17.33M	1.5%	$19.43	+0.5%	COM	346232101
VCTR	VICTORY CAP HLDGS INC	796,800	$16.71M	1.4%	$12.49	+23.2%	COM CL A	92645B103
FHB	FIRST HAWAIIAN INC	531,500	$15.33M	1.3%	$18.33	+15.5%	COM	32051X108
FFBC	FIRST FINL BANCORP OH	590,030	$15.01M	1.3%	$20.82	-9.8%	COM	320209109
—	UNITED CMNTY FINL CORP OHIO	1,272,939	$14.84M	1.3%	$6.67	—	COM	909839102
IBCP	INDEPENDENT BANK CORP MICH	655,108	$14.84M	1.3%	$11.09	+55.0%	COM NEW	453838609
—	LAKELAND BANCORP INC	850,191	$14.78M	1.2%	$18.09	—	COM	511637100
—	INVESTORS BANCORP INC NEW	1,231,418	$14.67M	1.2%	$13.04	—	COM	46146L101
—	ESSA BANCORP INC	790,300	$13.4M	1.1%	$13.94	—	COM	29667D104
RF	REGIONS FINL CORP NEW	775,180	$13.3M	1.1%	$12.00	+6.5%	COM	7591EP100
BANC	BANC OF CALIFORNIA INC	772,599	$13.27M	1.1%	$14.41	-8.3%	COM	05990K106
SBNY	SIGNATURE BK NEW YORK N Y	96,006	$13.12M	1.1%	$131.64	—	COM	82669G104
—	BOSTON PRIVATE FINL HLDGS IN	1,080,197	$12.99M	1.1%	$11.99	—	COM	101119105
HOMB	HOME BANCSHARES INC	658,159	$12.94M	1.1%	$23.69	-20.4%	COM	436893200
—	APOLLO GLOBAL MGMT INC	267,000	$12.74M	1.1%	$39.10	—	COM CL A	03768E105
—	LUTHER BURBANK CORP	1,095,392	$12.63M	1.1%	$11.30	—	COM	550550107
WAL	WESTERN ALLIANCE BANCORP	215,074	$12.26M	1.0%	$43.86	+2.0%	COM	957638109
—	HOWARD HUGHES CORP	96,500	$12.24M	1.0%	$124.79	—	COM	44267D107
—	FIRST MIDWEST BANCORP DEL	516,000	$11.9M	1.0%	$20.77	—	COM	320867104
FITB	FIFTH THIRD BANCORP	382,550	$11.76M	1.0%	$20.15	+13.8%	COM	316773100
—	COMMUNITY BANKERS TR CORP	1,306,988	$11.61M	1.0%	$6.81	—	COM	203612106
SPFI	SOUTH PLAINS FINANCIAL INC	550,222	$11.48M	1.0%	$17.73	+2.4%	COM	83946P107
QNBC	QNB Corporation	295,291	$11.41M	1.0%	$41.25	-8.7%	Not 13-F Security	74726N107
ARES	ARES MANAGEMENT CORPORATION	318,500	$11.37M	1.0%	$17.18	+48.4%	CL A COM STK	03990B101
—	SANDY SPRING BANCORP INC	294,487	$11.15M	0.9%	$37.99	—	COM	800363103
—	CENTERSTATE BK CORP	430,000	$10.74M	0.9%	$20.01	—	COM	15201P109
WTFC	WINTRUST FINL CORP	147,547	$10.46M	0.9%	$66.42	+0.3%	COM	97650W108
—	CODORUS VY BANCORP INC	443,200	$10.21M	0.9%	$24.25	—	COM	192025104
WSFS	WSFS FINL CORP	230,000	$10.12M	0.9%	$42.82	+2.1%	COM	929328102
FMNB	FARMERS NATL BANC CORP	620,000	$10.12M	0.9%	$11.03	+5.1%	COM	309627107
—	VERITEX HLDGS INC	345,056	$10.05M	0.9%	$24.62	—	COM	923451108
HTB	HOMETRUST BANCSHARES INC	365,000	$9.793M	0.8%	$20.20	+30.2%	COM	437872104
VLY	VALLEY NATL BANCORP	850,268	$9.736M	0.8%	$11.95	-3.7%	COM	919794107
HBT	HBT FINL INC	475,000	$9.02M	0.8%	$17.05	0.0%	COM	404111106
—	Bremer Financial Corporation	75,000	$9M	0.8%	$120.00	—	Not 13-F Security	9B999BREM
—	HEARTLAND FINL USA INC	169,649	$8.438M	0.7%	$46.23	—	COM	42234Q102
—	EVANS BANCORP INC	210,000	$8.421M	0.7%	$24.26	—	COM NEW	29911Q208
PB	PROSPERITY BANCSHARES INC	112,500	$8.088M	0.7%	$57.82	0.0%	COM	743606105
MTB	M & T BK CORP	47,514	$8.066M	0.7%	$132.69	+0.1%	COM	55261F104
DHI	D R HORTON INC	152,500	$8.044M	0.7%	$50.08	0.0%	COM	23331A109
KKR	KKR & CO INC	270,000	$7.876M	0.7%	$21.69	+23.4%	CL A	48251W104
—	AMERICAN RIVER BANKSHARES	525,000	$7.807M	0.7%	$9.59	—	COM	029326105
ALRS	ALERUS FINL CORP	340,625	$7.783M	0.7%	$16.43	+9.1%	COM	01446U103
—	FIRST BANCSHARES INC MS	215,000	$7.637M	0.6%	$29.14	—	COM	318916103
—	Bay Banks of Virginia, Inc.	869,829	$7.524M	0.6%	$5.70	—	Not 13-F Security	072035108
IROQ	IF BANCORP INC	325,174	$7.486M	0.6%	$16.60	+33.3%	COM	44951J105
CFG	CITIZENS FINL GROUP INC	180,041	$7.311M	0.6%	$28.24	+0.9%	COM	174610105
TOL	TOLL BROTHERS INC	175,000	$6.914M	0.6%	$38.89	+2.7%	COM	889478103
FMBH	FIRST MID BANCSHARES INC	194,600	$6.86M	0.6%	$30.55	-3.6%	COM	320866106
—	OPUS BK IRVINE CALIF	260,148	$6.73M	0.6%	$25.87	—	COM	684000102
—	TERRITORIAL BANCORP INC	210,700	$6.519M	0.6%	$26.58	—	COM	88145X108
PJT	PJT PARTNERS INC	140,000	$6.318M	0.5%	$38.29	+0.4%	COM CL A	69343T107
FPH	FIVE POINT HOLDINGS LLC	905,911	$6.296M	0.5%	$6.83	0.0%	COM CL A	33833Q106
FIS	FIDELITY NATL INFORMATION SV	45,000	$6.259M	0.5%	$103.29	+14.8%	COM	31620M106
—	AMERICAN NATL BANKSHARES INC	154,618	$6.118M	0.5%	$37.20	—	COM	027745108
—	BLACK KNIGHT INC	94,700	$6.106M	0.5%	$57.34	—	COM	09215C105
—	SYNOVUS FINL CORP	155,041	$6.078M	0.5%	$34.36	—	COM NEW	87161C501
PFBC	PREFERRED BK LOS ANGELES CA	100,043	$6.012M	0.5%	$35.18	+56.1%	COM NEW	740367404
—	CAMBRIDGE BANCORP	74,800	$5.995M	0.5%	$80.15	—	COM	132152109
EVR	EVERCORE INC	80,000	$5.981M	0.5%	$72.25	-7.7%	CLASS A	29977A105
CNNE	CANNAE HLDGS INC	160,000	$5.95M	0.5%	$19.00	+64.5%	COM	13765N107
ORRF	ORRSTOWN FINL SVCS INC	254,758	$5.763M	0.5%	$16.50	+7.4%	COM	687380105
—	CADENCE BANCORPORATION	315,233	$5.715M	0.5%	$18.13	—	CL A	12739A100
HWC	HANCOCK WHITNEY CORPORATION	130,077	$5.708M	0.5%	$40.55	0.0%	COM	410120109
—	STANDARD AVB FINL CORP	183,987	$5.514M	0.5%	$28.27	—	COM	85303B100
—	Revere Bank	139,785	$5.48M	0.5%	$31.42	—	Not 13-F Security	761402106
—	STERLING BANCORP INC	667,800	$5.409M	0.5%	$12.85	—	COM	85917W102
—	HMN FINL INC	247,618	$5.202M	0.4%	$17.85	—	COM	40424G108
TFSL	TFS FINL CORP	264,000	$5.196M	0.4%	$9.10	+33.5%	COM	87240R107
—	CENTURY BANCORP INC MASS	57,600	$5.182M	0.4%	$46.20	—	CL A NON VTG	156432106
—	PROVIDENT BANCORP INC	389,729	$4.852M	0.4%	$12.45	—	COM NEW	74383L105
MRBK	MERIDIAN BK PAOLI PA	232,876	$4.702M	0.4%	$7.19	-0.6%	COM	58958P104
SFBS	SERVISFIRST BANCSHARES INC	123,542	$4.655M	0.4%	$30.42	+5.7%	COM	81768T108
—	GUARANTY BANCSHARES INC TEX	140,000	$4.603M	0.4%	$30.75	—	COM	400764106
WRIV	White River Bancshares Company	68,000	$4.552M	0.4%	$37.84	-12.1%	Not 13-F Security	96445A108
—	SVB FINL GROUP	17,900	$4.494M	0.4%	$211.90	—	COM	78486Q101
CBNK	CAPITAL BANCORP INC MD	295,000	$4.393M	0.4%	$11.79	+13.1%	COM	139737100
—	TWO RIV BANCORP	192,000	$4.301M	0.4%	$16.11	—	COM	90207C105
XLF	SELECT SECTOR SPDR TR	135,000	$4.156M	0.4%	—	—	Put	81369Y605
OTTW	OTTAWA BANCORP INC	300,200	$4.152M	0.4%	$9.10	+17.5%	COM	689195105
PIPR	PIPER JAFFRAY COS	51,200	$4.093M	0.3%	$76.80	+0.9%	COM	724078100
FCCO	FIRST CMNTY CORP S C	188,941	$4.083M	0.3%	$15.64	+8.2%	COM	319835104
EFSC	ENTERPRISE FINL SVCS CORP	80,054	$3.859M	0.3%	$36.82	+5.8%	COM	293712105
EQFN	Equitable Financial Corp.	308,300	$3.848M	0.3%	$8.46	+44.9%	Not 13-F Security	29448T105
—	GREAT WESTN BANCORP INC	110,022	$3.822M	0.3%	$34.74	—	COM	391416104
FSFG	FIRST SAVINGS FINL GROUP INC	56,882	$3.817M	0.3%	$16.17	+15.1%	COM	33621E109
QCRH	QCR HOLDINGS INC	86,019	$3.773M	0.3%	$41.00	-3.3%	COM	74727A104
EWBC	EAST WEST BANCORP INC	75,051	$3.655M	0.3%	$49.15	-22.0%	COM	27579R104
HTH	HILLTOP HOLDINGS INC	145,060	$3.616M	0.3%	$21.71	+12.5%	COM	432748101
CCNE	CNB FINL CORP PA	110,000	$3.595M	0.3%	$22.25	+16.3%	COM	126128107
V	VISA INC	19,000	$3.57M	0.3%	$156.33	+10.4%	COM CL A	92826C839
—	SOUTHERN NATL BANCORP OF VA	215,700	$3.527M	0.3%	$16.36	—	COM	843395104
BSVN	BANK7 CORP	185,000	$3.508M	0.3%	$15.59	-1.1%	COM	06652N107
CNOB	CONNECTONE BANCORP INC NEW	132,596	$3.41M	0.3%	$19.93	+3.7%	COM	20786W107
TCBI	TEXAS CAPITAL BANCSHARES INC	60,000	$3.406M	0.3%	$56.99	0.0%	COM	88224Q107
HOPE	HOPE BANCORP INC	225,157	$3.346M	0.3%	$17.60	-17.5%	COM	43940T109
CZWI	CITIZENS CMNTY BANCORP INC M	268,887	$3.286M	0.3%	$11.92	-14.8%	COM	174903104
SHBI	SHORE BANCSHARES INC	185,000	$3.212M	0.3%	$17.71	-7.7%	COM	825107105
—	CARLYLE GROUP L P	100,000	$3.208M	0.3%	—	—	Call	14309L102
FISV	FISERV INC	27,500	$3.18M	0.3%	$82.51	+33.8%	COM	337738108
—	CORTLAND BANCORP	144,100	$3.143M	0.3%	$22.07	—	COM	220587109
—	White River Bancshares Company	45,113	$3.02M	0.3%	$64.69	—	Not 13-F Security	9B999WRBC
PLBC	PLUMAS BANCORP	110,000	$2.902M	0.2%	$22.62	+3.9%	COM	729273102
FUNC	FIRST UTD CORP	120,000	$2.891M	0.2%	$15.07	+26.6%	COM	33741H107
RBKB	RHINEBECK BANCORP INC	250,000	$2.828M	0.2%	$11.36	-5.4%	COM	762093102
PROV	PROVIDENT FINL HLDGS INC	127,754	$2.798M	0.2%	$17.80	+19.2%	COM	743868101
—	Blackhawk Bancorp, Inc.	100,000	$2.785M	0.2%	$22.53	—	Not 13-F Security	09237E204
PEBK	PEOPLES BANCORP N C INC	83,566	$2.745M	0.2%	$28.09	+8.6%	COM	710577107
—	MERIDIAN BANCORP INC MD	135,000	$2.712M	0.2%	$17.89	—	COM	58958U103
MSVB	MID SOUTHERN BANCORP INC	195,000	$2.619M	0.2%	$12.89	—	COM	59548Q107
BOTJ	BANK OF THE ST JAMES FINL GP	167,800	$2.562M	0.2%	$8.74	+30.2%	COM	470299108
—	INDEPENDENT BK GROUP INC	46,083	$2.555M	0.2%	$52.14	—	COM	45384B106
UVSP	UNIVEST FINANCIAL CORPORATIO	93,592	$2.506M	0.2%	$24.65	+5.0%	COM	915271100
FFBB	Communities First Financial Corporation	82,500	$2.372M	0.2%	$19.53	+37.3%	Not 13-F Security	20344D104
—	PRUDENTIAL BANCORP INC NEW	125,000	$2.316M	0.2%	$17.77	—	COM	74431A101
—	West End Indiana Bancshares, Inc.	61,993	$2.157M	0.2%	$26.82	—	Not 13-F Security	952678100
EBMT	EAGLE BANCORP MONT INC	100,050	$2.14M	0.2%	$15.70	+3.6%	COM	26942G100
BFST	BUSINESS FIRST BANCSHARES IN	84,500	$2.107M	0.2%	$21.36	-0.5%	COM	12326C105
—	FIRST DEFIANCE FINL CORP	63,131	$1.988M	0.2%	$28.97	—	COM	32006W106
OPBK	OP BANCORP	185,000	$1.918M	0.2%	$10.60	-7.3%	COM	67109R109
ESQ	ESQUIRE FINL HLDGS INC	73,178	$1.908M	0.2%	$14.70	+59.9%	COM	29667J101
—	Central Federal Bancshares, Inc.	149,700	$1.871M	0.2%	$10.84	—	Not 13-F Security	15346T107
—	New Bancorp, Inc.	66,200	$1.867M	0.2%	$13.00	—	Not 13-F Security	642142103
PBFS	PIONEER BANCORP INC	115,000	$1.761M	0.1%	$13.97	-3.2%	COM	723561106
ERKH	Eureka Homestead Bancorp, Inc.	140,000	$1.701M	0.1%	$12.16	-0.1%	Not 13-F Security	298544107
—	HOWARD BANCORP INC	100,000	$1.688M	0.1%	$18.18	—	COM	442496105
FRME	FIRST MERCHANTS CORP	40,075	$1.667M	0.1%	$32.25	0.0%	COM	320817109
—	COMMUNITY FIRST BANCSHARES I	141,019	$1.615M	0.1%	$10.55	—	COM	20369M104
—	MACATAWA BK CORP	140,183	$1.56M	0.1%	$10.97	—	COM	554225102
BAC	BANK AMER CORP	43,500	$1.532M	0.1%	$21.83	+27.3%	COM	060505104
—	UMPQUA HLDGS CORP	75,044	$1.328M	0.1%	$17.70	—	COM	904214103
FFIC	FLUSHING FINL CORP	60,000	$1.296M	0.1%	$15.21	0.0%	COM	343873105
CBFV	CB FINL SVCS INC	40,424	$1.218M	0.1%	$19.24	+13.3%	COM	12479G101
RVSB	RIVERVIEW BANCORP INC	140,000	$1.149M	0.1%	$6.17	0.0%	COM	769397100
PCB	PCB BANCORP	65,000	$1.123M	0.1%	$16.81	0.0%	COM	69320M109
—	RANDOLPH BANCORP INC	60,000	$1.059M	0.1%	$17.65	—	COM	752378109
FIEB	First IC Corporation	99,754	$892K	0.1%	$8.40	—	Not 13-F Security	32058J102
—	Sunnyside Bancorp, Inc.	64,871	$843K	0.1%	$10.20	—	Not 13-F Security	867475105
RBB	RBB BANCORP	37,995	$804K	0.1%	$22.15	-8.2%	COM	74930B105
—	Sugar Creek Financial Corporation	77,375	$798K	0.1%	$10.13	—	Not 13-F Security	86481Y102
WLFC	WILLIS LEASE FINANCE CORP	13,083	$771K	0.1%	$14.76	+296.0%	COM	970646105
HRGG	Heritage Nola Bancorp, Inc.	49,553	$634K	0.1%	$12.12	+4.7%	Not 13-F Security	42727P108
—	LIMESTONE BANCORP INC	29,154	$525K	0.0%	$15.21	—	COM	53262L105
CPKF	Chesapeake Financial Shares, Inc.	21,525	$517K	0.0%	$19.44	+2.7%	Not 13-F Security	16517A109
FVCB	FVCBANKCORP INC	28,823	$504K	0.0%	$15.04	-9.2%	COM	36120Q101
OCFC	OCEANFIRST FINL CORP	18,400	$470K	0.0%	$17.73	+4.2%	COM	675234108
—	FNCB BANCORP INC	37,246	$315K	0.0%	$7.70	—	COM	302578109
BCTF	BANCORP 34 INC	18,923	$289K	0.0%	$14.00	0.0%	COM	05970V106
SFBC	SOUND FINL BANCORP INC	7,961	$287K	0.0%	$31.48	0.0%	COM	83607A100
CIZN	CITIZENS HLDG CO MISS	10,348	$226K	0.0%	$15.89	-1.8%	COM	174715102
PKBK	PARKE BANCORP INC	8,144	$207K	0.0%	$17.05	0.0%	COM	700885106
—	FFBW INC	14,135	$163K	0.0%	$11.53	—	COM	30258M107
—	Pioneer Bancshares, Inc.	4,028	$117K	0.0%	$24.58	—	Not 13-F Security	72357G102
QNTO	Quaint Oak Bancorp, Inc.	4,900	$72,000	0.0%	$13.66	0.0%	Not 13-F Security	74732T106
OVLY	OAK VALLEY BANCORP OAKDALE C	2,631	$51,000	0.0%	$13.18	+34.4%	COM	671807105
—	OLD POINT FINL CORP	1,100	$30,000	0.0%	$27.27	—	COM	680194107
—	SouthCrest Financial Group, Inc.	2,900	$27,000	0.0%	$9.31	—	Not 13-F Security	84129X107
CZFS	Citizens Financial Services, Inc.	216	$13,000	0.0%	$47.21	0.0%	Not 13-F Security	174615104
—	CBTX INC	26	$1,000	0.0%	$38.46	—	COM	12481V104