Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ZION	ZIONS BANCORPORATION N A	788,518	$21.1M	3.0%	$41.50	-0.7%	COM	989701107
C	CITIGROUP INC	485,000	$20.43M	2.9%	$46.23	+17.2%	COM NEW	172967424
MS	MORGAN STANLEY	520,000	$17.68M	2.5%	$33.26	+17.7%	COM NEW	617446448
—	TCF FINANCIAL CORPORATION NE	754,029	$17.09M	2.4%	$38.07	—	COM	872307103
LEN/B	LENNAR CORP	535,000	$15.47M	2.2%	$37.37	+6.1%	CL B	526057302
ABCB	AMERIS BANCORP	616,121	$14.64M	2.1%	$34.43	-5.2%	COM	03076K108
WTFC	WINTRUST FINL CORP	405,133	$13.31M	1.9%	$59.48	-6.7%	COM	97650W108
CIVB	CIVISTA BANCSHARES INC	781,700	$11.69M	1.7%	$17.65	-5.5%	COM NO PAR	178867107
VCTR	VICTORY CAP HLDGS INC	701,700	$11.48M	1.6%	$12.49	+33.4%	COM CL A	92645B103
—	HARBORONE BANCORP INC NEW	1,495,000	$11.26M	1.6%	$10.10	—	COM NEW	41165Y100
—	STERLING BANCORP DEL	1,042,435	$10.89M	1.6%	$22.52	—	COM	85917A100
—	LAKELAND BANCORP INC	1,000,293	$10.81M	1.5%	$17.00	—	COM	511637100
—	LUTHER BURBANK CORP	1,123,853	$10.31M	1.5%	$11.25	—	COM	550550107
FMBH	FIRST MID BANCSHARES INC	425,000	$10.09M	1.4%	$27.79	-8.4%	COM	320866106
—	ESSA BANCORP INC	730,820	$9.976M	1.4%	$13.94	—	COM	29667D104
ISTR	INVESTAR HLDG CORP	781,068	$9.974M	1.4%	$23.08	-11.9%	COM	46134L105
IBCP	INDEPENDENT BANK CORP MICH	731,734	$9.417M	1.3%	$11.52	+31.9%	COM NEW	453838609
KEY	KEYCORP	890,296	$9.232M	1.3%	$10.97	+13.4%	COM	493267108
QNBC	QNB Corporation	319,919	$8.99M	1.3%	$40.77	-14.1%	Not 13-F Security	74726N107
—	FIRST DEFIANCE FINL CORP	607,230	$8.951M	1.3%	$16.22	—	COM	32006W106
SPFI	SOUTH PLAINS FINANCIAL INC	548,750	$8.5M	1.2%	$17.73	+8.3%	COM	83946P107
ALRS	ALERUS FINL CORP	508,804	$8.405M	1.2%	$16.43	+0.0%	COM	01446U103
HTH	HILLTOP HOLDINGS INC	553,171	$8.364M	1.2%	$21.32	-0.7%	COM	432748101
FISV	FISERV INC	85,800	$8.15M	1.2%	$101.92	+9.0%	COM	337738108
—	INVESTORS BANCORP INC NEW	1,002,324	$8.009M	1.1%	$13.04	—	COM	46146L101
BKU	BANKUNITED INC	422,588	$7.902M	1.1%	$27.62	-11.7%	COM	06652K103
—	APOLLO GLOBAL MGMT INC	224,400	$7.517M	1.1%	$39.10	—	COM CL A	03768E105
VLY	VALLEY NATL BANCORP	1,001,500	$7.321M	1.0%	$11.62	-15.8%	COM	919794107
FOR	FORESTAR GROUP INC	698,667	$7.231M	1.0%	$19.43	-5.7%	COM	346232101
HOMB	HOME BANCSHARES INC	600,089	$7.195M	1.0%	$23.69	-26.8%	COM	436893200
—	CODORUS VY BANCORP INC	442,628	$7.126M	1.0%	$24.25	—	COM	192025104
FFBC	FIRST FINL BANCORP OH	476,300	$7.102M	1.0%	$20.82	-19.9%	COM	320209109
HTB	HOMETRUST BANCSHARES INC	445,303	$7.089M	1.0%	$20.79	+12.8%	COM	437872104
—	INDEPENDENT BK GROUP INC	290,230	$6.873M	1.0%	$28.20	—	COM	45384B106
TFIN	TRIUMPH BANCORP INC	260,000	$6.76M	1.0%	$32.19	+7.5%	COM	89679E300
PYPL	PAYPAL HLDGS INC	69,700	$6.673M	1.0%	$110.15	0.0%	COM	70450Y103
—	SANDY SPRING BANCORP INC	294,502	$6.668M	1.0%	$37.99	—	COM	800363103
—	COMMUNITY BANKERS TR CORP	1,335,332	$6.476M	0.9%	$6.77	—	COM	203612106
—	BOSTON PRIVATE FINL HLDGS IN	897,655	$6.418M	0.9%	$11.99	—	COM	101119105
—	HOWARD HUGHES CORP	122,500	$6.189M	0.9%	$109.03	—	COM	44267D107
FITB	FIFTH THIRD BANCORP	370,199	$5.497M	0.8%	$20.15	-2.5%	COM	316773100
HBT	HBT FINL INC.	513,400	$5.406M	0.8%	$17.00	-3.5%	COM	404111106
SBNY	SIGNATURE BK NEW YORK N Y	66,813	$5.371M	0.8%	$131.64	—	COM	82669G104
IROQ	IF BANCORP INC	325,174	$5.203M	0.7%	$16.60	+28.0%	COM	44951J105
—	TERRITORIAL BANCORP INC	210,700	$5.173M	0.7%	$26.58	—	COM	88145X108
SPY	SPDR S&P 500 ETF TR	20,000	$5.155M	0.7%	—	—	Put	78462F103
—	EVANS BANCORP INC	207,890	$5.054M	0.7%	$24.26	—	COM NEW	29911Q208
CNS	COHEN & STEERS INC	110,400	$5.018M	0.7%	$51.47	0.0%	COM	19247A100
FMNB	FARMERS NATIONAL BANC CORP	430,000	$5.001M	0.7%	$11.03	+2.8%	COM	309627107
XLF	SELECT SECTOR SPDR TR	235,000	$4.893M	0.7%	—	—	Put	81369Y605
—	HEARTLAND FINL USA INC	160,035	$4.833M	0.7%	$46.23	—	COM	42234Q102
—	Bay Banks of Virginia, Inc.	869,829	$4.749M	0.7%	$5.70	—	Not 13-F Security	072035108
—	CENTERSTATE BK CORP	275,000	$4.738M	0.7%	$20.01	—	COM	15201P109
ORRF	ORRSTOWN FINL SVCS INC	340,000	$4.682M	0.7%	$16.25	-4.6%	COM	687380105
BANC	BANC OF CALIFORNIA INC	585,000	$4.68M	0.7%	$14.41	-10.6%	COM	05990K106
—	CAMBRIDGE BANCORP	90,000	$4.68M	0.7%	$75.39	—	COM	132152109
FIS	FIDELITY NATL INFORMATION SV	38,100	$4.634M	0.7%	$103.29	+19.2%	COM	31620M106
—	PROFESSIONAL HLDG CORP	289,900	$4.624M	0.7%	$15.95	—	CL A COM	743139107
KKR	KKR & CO INC	195,000	$4.577M	0.7%	$21.69	+24.9%	CL A	48251W104
—	PROVIDENT BANCORP INC	530,000	$4.569M	0.7%	$11.44	—	COM NEW	74383L105
—	AMERICAN RIVER BANKSHARES	525,000	$4.526M	0.6%	$9.59	—	COM	029326105
—	FIRST BANCSHARES INC MS	225,000	$4.291M	0.6%	$28.69	—	COM	318916103
—	HMN FINL INC	237,176	$4.269M	0.6%	$17.85	—	COM	40424G108
—	STANDARD AVB FINL CORP	185,431	$3.924M	0.6%	$28.27	—	COM	85303B100
DHI	D R HORTON INC	115,000	$3.91M	0.6%	$50.08	-2.3%	COM	23331A109
TFSL	TFS FINL CORP	255,000	$3.894M	0.6%	$9.10	+37.1%	COM	87240R107
WSFS	WSFS FINL CORP	150,202	$3.743M	0.5%	$42.82	-15.6%	COM	929328102
WAL	WESTERN ALLIANCE BANCORP	120,000	$3.673M	0.5%	$43.86	-4.2%	COM	957638109
—	CENTURY BANCORP INC MASS	57,969	$3.608M	0.5%	$46.20	—	CL A NON VTG	156432106
HBNC	HORIZON BANCORP INC	365,000	$3.599M	0.5%	$15.32	0.0%	COM	440407104
GS	GOLDMAN SACHS GROUP INC	23,000	$3.556M	0.5%	$184.40	0.0%	COM	38141G104
PFBC	PREFERRED BK LOS ANGELES CA	104,333	$3.529M	0.5%	$35.88	+45.8%	COM NEW	740367404
CNNE	CANNAE HLDGS INC	105,000	$3.516M	0.5%	$19.00	+85.7%	COM	13765N107
—	AMERICAN NATL BANKSHARES INC	139,000	$3.322M	0.5%	$37.20	—	COM	027745108
CBNK	CAPITAL BANCORP INC MD	264,675	$3.314M	0.5%	$11.79	+6.9%	COM	139737100
—	WADDELL & REED FINL INC	291,000	$3.312M	0.5%	$11.38	—	CL A	930059100
OTTW	OTTAWA BANCORP INC	300,200	$3.292M	0.5%	$9.10	+16.2%	COM	689195105
TMHC	TAYLOR MORRISON HOME CORP	285,000	$3.135M	0.4%	$21.50	0.0%	COM	87724P106
EBMT	EAGLE BANCORP MONT INC	189,600	$3.073M	0.4%	$15.88	+1.3%	COM	26942G100
ASB	ASSOCIATED BANC CORP	240,253	$3.073M	0.4%	$14.13	0.0%	COM	045487105
WRIV	White River Bancshares Company	68,000	$3.06M	0.4%	$37.84	-13.9%	Not 13-F Security	96445A108
SKY	SKYLINE CHAMPION CORPORATION	195,000	$3.058M	0.4%	$26.70	0.0%	COM	830830105
—	PINNACLE FINL PARTNERS INC	80,000	$3.003M	0.4%	$37.54	—	COM	72346Q104
MRBK	MERIDIAN BK PAOLI PA	219,036	$2.996M	0.4%	$7.19	-0.3%	COM	58958P104
FCCO	FIRST CMNTY CORP S C	188,241	$2.959M	0.4%	$15.64	+3.0%	COM	319835104
EFSC	ENTERPRISE FINL SVCS CORP	105,678	$2.949M	0.4%	$36.48	-3.0%	COM	293712105
—	Revere Bank	125,285	$2.821M	0.4%	$31.42	—	Not 13-F Security	761402106
PIPR	PIPER SANDLER COMPANIES	55,000	$2.781M	0.4%	$76.42	-6.8%	COM	724078100
CFG	CITIZENS FINANCIAL GROUP INC	147,552	$2.775M	0.4%	$28.24	-11.2%	COM	174610105
RF	REGIONS FINANCIAL CORP NEW	295,114	$2.647M	0.4%	$12.00	-8.6%	COM	7591EP100
EQFN	Equitable Financial Corp.	305,300	$2.641M	0.4%	$8.46	+37.5%	Not 13-F Security	29448T105
—	DISCOVER FINL SVCS	73,800	$2.632M	0.4%	$35.66	—	COM	254709108
HWC	HANCOCK WHITNEY CORPORATION	134,819	$2.632M	0.4%	$40.34	-14.4%	COM	410120109
—	STERLING BANCORP INC	585,000	$2.516M	0.4%	$12.85	—	COM	85917W102
MSVB	MID SOUTHERN BANCORP INC	195,000	$2.496M	0.4%	$12.89	—	COM	59548Q107
—	MERIDIAN BANCORP INC MD	220,000	$2.468M	0.4%	$15.31	—	COM	58958U103
IEF	ISHARES TR	20,000	$2.43M	0.3%	$121.50	—	BARCLAYS 7 10 YR	464287440
V	VISA INC	15,000	$2.417M	0.3%	$156.33	+15.6%	COM CL A	92826C839
FFBW	FFBW INC MD	300,300	$2.387M	0.3%	$9.77	0.0%	COM	30260M103
CCNE	CNB FINL CORP PA	122,506	$2.312M	0.3%	$22.22	-1.1%	COM	126128107
HOPE	HOPE BANCORP INC	275,069	$2.261M	0.3%	$16.67	-25.1%	COM	43940T109
—	VERITEX HLDGS INC	150,202	$2.098M	0.3%	$24.62	—	COM	923451108
FPH	FIVE POINT HOLDINGS LLC	411,535	$2.086M	0.3%	$6.83	+6.2%	COM CL A	33833Q106
SHBI	SHORE BANCSHARES INC	189,482	$2.056M	0.3%	$17.64	-17.2%	COM	825107105
FFBB	Communities First Financial Corporation	88,578	$2.037M	0.3%	$20.10	+38.3%	Not 13-F Security	20344D104
RY	ROYAL BK CDA	33,000	$2.031M	0.3%	$74.21	0.0%	COM	780087102
CNOB	CONNECTONE BANCORP INC NEW	150,399	$2.021M	0.3%	$19.69	-8.9%	COM	20786W107
—	SOUTHERN NATL BANCORP OF VA	204,814	$2.015M	0.3%	$16.36	—	COM	843395104
—	Sussex Bancorp	115,486	$1.963M	0.3%	$17.00	—	Not 13-F Security	869245100
QCRH	QCR HOLDINGS INC	72,447	$1.961M	0.3%	$41.00	-9.8%	COM	74727A104
—	CORTLAND BANCORP	142,812	$1.928M	0.3%	$22.07	—	COM	220587109
OCFC	OCEANFIRST FINL CORP	120,000	$1.909M	0.3%	$16.55	-1.3%	COM	675234108
PLBC	PLUMAS BANCORP	101,775	$1.883M	0.3%	$22.62	+6.7%	COM	729273102
ARES	ARES MANAGEMENT CORPORATION	60,000	$1.856M	0.3%	$17.18	+68.6%	CL A COM STK	03990B101
—	GUARANTY BANCSHARES INC TEX	80,000	$1.851M	0.3%	$30.75	—	COM	400764106
—	PRUDENTIAL BANCORP INC NEW	125,000	$1.85M	0.3%	$17.77	—	COM	74431A101
PROV	PROVIDENT FINL HLDGS INC	117,000	$1.782M	0.3%	$17.80	+10.8%	COM	743868101
PEBK	PEOPLES BANCORP N C INC	86,351	$1.758M	0.3%	$28.05	-4.3%	COM	710577107
PSBQ	PSB Holdings, Inc.	70,000	$1.732M	0.2%	$26.49	0.0%	Not 13-F Security	69360N108
FUNC	FIRST UTD CORP	120,000	$1.715M	0.2%	$15.07	+13.4%	COM	33741H107
OPBK	OP BANCORP	220,000	$1.641M	0.2%	$10.36	-12.3%	COM	67109R109
RBKB	RHINEBECK BANCORP INC	250,000	$1.6M	0.2%	$11.36	-11.3%	COM	762093102
USB	US BANCORP DEL	45,600	$1.571M	0.2%	$37.23	0.0%	COM NEW	902973304
RVSB	RIVERVIEW BANCORP INC	306,975	$1.538M	0.2%	$5.83	-4.8%	COM	769397100
BOTJ	BANK OF THE ST JAMES FINL GP	167,800	$1.468M	0.2%	$8.74	+20.2%	COM	470299108
XYZ	SQUARE INC	25,000	$1.31M	0.2%	$68.39	0.0%	CL A	852234103
PJT	PJT PARTNERS INC	30,000	$1.302M	0.2%	$38.29	+5.0%	COM CL A	69343T107
—	BROOKLINE BANCORP INC DEL	110,000	$1.241M	0.2%	$11.28	—	COM	11373M107
ERKH	Eureka Homestead Bancorp, Inc.	140,000	$1.197M	0.2%	$12.16	-4.5%	Not 13-F Security	298544107
PBFS	PIONEER BANCORP INC	115,000	$1.194M	0.2%	$13.97	-2.6%	COM	723561106
—	Blackhawk Bancorp, Inc.	58,700	$1.189M	0.2%	$22.53	—	Not 13-F Security	09237E204
IWM	ISHARES TR	10,000	$1.145M	0.2%	—	—	Put	464287655
—	RANDOLPH BANCORP INC	113,317	$1.087M	0.2%	$13.86	—	COM	752378109
PNC	PNC FINL SVCS GROUP INC	10,700	$1.024M	0.1%	$108.33	0.0%	COM	693475105
ESQ	ESQUIRE FINL HLDGS INC	67,911	$1.022M	0.1%	$14.70	+43.5%	COM	29667J101
KRE	SPDR SER TR	30,000	$978K	0.1%	—	—	Put	78464A698
PB	PROSPERITY BANCSHARES INC	20,000	$965K	0.1%	$57.82	-7.2%	COM	743606105
—	COMMUNITY FIRST BANCSHARES I	141,019	$963K	0.1%	$10.55	—	COM	20369M104
PGC	PEAPACK-GLADSTONE FINL CORP	53,042	$952K	0.1%	$25.31	0.0%	COM	704699107
CCS	CENTURY CMNTYS INC	65,000	$943K	0.1%	$26.79	0.0%	COM	156504300
EVR	EVERCORE INC	20,000	$921K	0.1%	$72.25	-18.3%	CLASS A	29977A105
SFBC	SOUND FINL BANCORP INC	40,000	$840K	0.1%	$29.87	-1.3%	COM	83607A100
—	West End Indiana Bancshares, Inc.	25,237	$833K	0.1%	$26.82	—	Not 13-F Security	952678100
FBK	FB FINL CORP	40,162	$792K	0.1%	$29.29	0.0%	COM	30257X104
HRGG	Heritage Nola Bancorp, Inc.	71,900	$726K	0.1%	$12.17	+0.9%	Not 13-F Security	42727P108
FFIC	FLUSHING FINL CORP	50,000	$668K	0.1%	$15.21	-12.9%	COM	343873105
—	Sugar Creek Financial Corporation	77,375	$651K	0.1%	$10.13	—	Not 13-F Security	86481Y102
BFST	BUSINESS FIRST BANCSHARES IN	47,738	$644K	0.1%	$21.36	-11.7%	COM	12326C105
EWBC	EAST WEST BANCORP INC	25,000	$644K	0.1%	$49.15	-27.6%	COM	27579R104
FIEB	First IC Corporation	109,727	$576K	0.1%	$8.12	—	Not 13-F Security	32058J102
BSBK	BOGOTA FINL CORP	80,925	$558K	0.1%	$9.86	0.0%	COM	097235105
RBB	RBB BANCORP	37,995	$521K	0.1%	$22.15	-19.1%	COM	74930B105
PCB	PCB BANCORP	52,300	$511K	0.1%	$16.81	-17.9%	COM	69320M109
QNTO	Quaint Oak Bancorp, Inc.	36,250	$446K	0.1%	$14.17	+0.6%	Not 13-F Security	74732T106
—	Sunnyside Bancorp, Inc.	64,871	$409K	0.1%	$10.20	—	Not 13-F Security	867475105
SMBK	SMARTFINANCIAL INC	25,000	$380K	0.1%	$19.63	0.0%	COM NEW	83190L208
WLFC	WILLIS LEASE FINANCE CORP	13,083	$348K	0.0%	$14.76	+236.4%	COM	970646105
UVSP	UNIVEST FINANCIAL CORPORATIO	20,136	$329K	0.0%	$24.65	-7.2%	COM	915271100
—	New Bancorp, Inc.	15,000	$320K	0.0%	$13.00	—	Not 13-F Security	642142103
BCTF	BANCORP 34 INC	25,723	$280K	0.0%	$13.87	-2.7%	COM	05970V106
—	LIMESTONE BANCORP INC	23,297	$260K	0.0%	$15.21	—	COM	53262L105
FFWM	FIRST FNDTN INC	24,900	$254K	0.0%	$13.73	0.0%	COM	32026V104
FISI	FINANCIAL INSTNS INC	13,622	$247K	0.0%	$19.92	0.0%	COM	317585404
CZFS	Citizens Financial Services, Inc.	4,246	$210K	0.0%	$47.88	+0.1%	Not 13-F Security	174615104
CIZN	CITIZENS HLDG CO MISS	10,348	$208K	0.0%	$15.89	-2.0%	COM	174715102
SBCF	SEACOAST BKG CORP FLA	10,000	$183K	0.0%	$25.29	0.0%	COM NEW	811707801
—	1ST CONSTITUTION BANCORP	13,609	$180K	0.0%	$13.23	—	COM	31986N102
—	TRUSTCO BK CORP N Y	20,000	$108K	0.0%	$5.40	—	COM	898349105
—	Pioneer Bancshares, Inc.	4,028	$66,000	0.0%	$24.58	—	Not 13-F Security	72357G102
—	SouthCrest Financial Group, Inc.	5,024	$35,000	0.0%	$8.32	—	Not 13-F Security	84129X107
—	MACATAWA BK CORP	3,002	$21,000	0.0%	$10.97	—	COM	554225102