Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MS	MORGAN STANLEY	506,400	$24.46M	3.3%	$33.26	+5.9%	COM NEW	617446448
C	CITIGROUP INC	465,500	$23.79M	3.2%	$46.23	-16.3%	COM NEW	172967424
LEN/B	LENNAR CORP	463,700	$21.37M	2.9%	$37.37	-8.0%	CL B	526057302
ZION	ZIONS BANCORPORATION N A	608,800	$20.7M	2.8%	$41.50	-23.7%	COM	989701107
—	INDEPENDENT BK GROUP INC	415,054	$16.82M	2.3%	$40.52	—	COM	45384b106
—	WINTRUST FINL CORP	368,538	$16.08M	2.2%	$43.62	—	COM	97650w108
—	LAKELAND BANCORP INC	1,213,523	$13.87M	1.9%	$16.02	—	COM	511637100
IBCP	INDEPENDENT BK CORP MICH	920,405	$13.67M	1.8%	$11.40	-4.0%	COM NEW	453838609
—	AMERIS BANCORP	574,668	$13.56M	1.8%	$23.59	—	COM	03076k108
—	TCF FINANCIAL CORPORATION NE	438,100	$12.89M	1.7%	$38.07	—	COM	872307103
VLY	VALLEY NATL BANCORP	1,557,450	$12.18M	1.6%	$10.21	-24.8%	COM	919794107
—	HARBORONE BANCORP INC NEW	1,351,500	$11.54M	1.6%	$8.54	—	COM NEW	41165y100
—	INVESTAR HLDG CORP	772,268	$11.2M	1.5%	$14.50	—	COM	46134l105
FMBH	FIRST MID BANCSHARES INC	423,144	$11.1M	1.5%	$27.79	-23.0%	COM	320866106
—	STERLING BANCORP DEL	927,977	$10.88M	1.5%	$11.72	—	COM	85917a100
—	BANCFIRST CORP	264,700	$10.74M	1.4%	$40.57	—	COM	05945f103
CIVB	CIVISTA BANCSHARES INC	683,448	$10.53M	1.4%	$17.65	-31.2%	COM NO PAR	178867107
—	LUTHER BURBANK CORP	1,013,253	$10.13M	1.4%	$11.25	—	COM	550550107
—	ESSA BANCORP INC	726,685	$10.12M	1.4%	$13.92	—	COM	29667d104
—	ARES MANAGEMENT CORPORATION	250,000	$9.925M	1.3%	$39.70	—	CL A COM STK	03990b101
—	PREMIER FINANCIAL CORP	555,030	$9.807M	1.3%	$17.67	—	COM	74052f108
—	BANKUNITED INC	480,600	$9.732M	1.3%	$20.25	—	COM	06652k103
—	BRIGHTSPHERE INVT GROUP INC	772,600	$9.627M	1.3%	$12.46	—	COM	10948w103
HBT	HBT FINL INC.	689,200	$9.187M	1.2%	$15.72	-23.8%	COM	404111106
—	QNB Corporation	317,896	$8.981M	1.2%	$28.25	—	Not 13-F Security	74726n107
HTB	HOMETRUST BANCSHARES INC	555,000	$8.88M	1.2%	$19.65	-23.5%	COM	437872104
—	KKR & CO INC	285,000	$8.801M	1.2%	$30.88	—	COM	48251w104
KEY	KEYCORP	685,875	$8.354M	1.1%	$10.97	-19.6%	COM	493267108
HOMB	HOME BANCSHARES INC	515,799	$7.933M	1.1%	$23.69	-40.7%	COM	436893200
—	VICTORY CAP HLDGS INC	458,700	$7.885M	1.1%	$17.19	—	COM CL A	92645b103
—	SIGNATURE BK NEW YORK N Y	73,733	$7.884M	1.1%	$106.93	—	COM	82669g104
—	SANDY SPRING BANCORP INC	316,048	$7.832M	1.1%	$37.09	—	COM	800363103
—	BLACKROCK INC	14,250	$7.753M	1.0%	$544.07	—	COM	09247x101
—	INVESTORS BANCORP INC NEW	906,124	$7.702M	1.0%	$8.50	—	COM	46146l101
HBNC	HORIZON BANCORP INC	712,000	$7.611M	1.0%	$12.82	-20.4%	COM	440407104
—	COMMUNITY BANKERS TR CORP	1,340,000	$7.37M	1.0%	$6.77	—	COM	203612106
FOR	FORESTAR GROUP INC	467,791	$7.054M	0.9%	$19.43	-29.1%	COM	346232101
—	QCR HOLDINGS INC	222,590	$6.94M	0.9%	$31.18	—	COM	74727a104
—	SOUTH PLAINS FINANCIAL INC	456,900	$6.506M	0.9%	$14.24	—	COM	83946p107
—	HEARTLAND FINL USA INC	188,846	$6.315M	0.8%	$33.44	—	COM	42234q102
PHM	PULTE GROUP INC	185,200	$6.302M	0.8%	$28.36	0.0%	COM	745867101
—	SPDR S&P 500 ETF TR	20,000	$6.167M	0.8%	—	—	Put	78462f103
—	VISA INC	30,800	$5.95M	0.8%	$193.18	—	COM CL A	92826c839
—	CODORUS VY BANCORP INC	425,239	$5.881M	0.8%	$24.25	—	COM	192025104
—	BOSTON PRIVATE FINL HLDGS IN	813,400	$5.596M	0.8%	$11.99	—	COM	101119105
—	AMERICAN RIVER BANKSHARES	525,000	$5.591M	0.8%	$9.59	—	COM	029326105
—	IF BANCORP INC	323,700	$5.584M	0.8%	$17.25	—	COM	44951j105
—	SELECT SECTOR SPDR TR	235,000	$5.438M	0.7%	—	—	Put	81369y605
FITB	FIFTH THIRD BANCORP	272,800	$5.26M	0.7%	$20.15	-26.4%	COM	316773100
—	Bay Banks of Virginia, Inc.	869,829	$5.219M	0.7%	$5.70	—	Not 13-F Security	072035108
FISV	FISERV INC	53,000	$5.174M	0.7%	$101.92	-1.2%	COM	337738108
ORRF	ORRSTOWN FINL SVCS INC	337,652	$4.98M	0.7%	$16.25	-32.6%	COM	687380105
—	BANC OF CALIFORNIA INC	457,700	$4.957M	0.7%	$10.83	—	COM	05990k106
FMNB	FARMERS NATIONAL BANC CORP	417,214	$4.948M	0.7%	$11.03	-19.0%	COM	309627107
FFBC	FIRST FINL BANCORP OH	351,800	$4.887M	0.7%	$20.82	-47.9%	COM	320209109
—	MASTERCARD INCORPORATED	15,500	$4.583M	0.6%	$295.68	—	CL A	57636q104
—	FIRST BANCSHARES INC MS	200,500	$4.511M	0.6%	$28.69	—	COM	318916103
—	CENTURY BANCORP INC MASS	57,869	$4.498M	0.6%	$46.20	—	CL A NON VTG	156432106
—	STANDARD AVB FINL CORP	186,492	$4.327M	0.6%	$23.20	—	COM	85303b100
—	TERRITORIAL BANCORP INC	178,043	$4.236M	0.6%	$23.79	—	COM	88145x108
—	CAMBRIDGE BANCORP	71,100	$4.212M	0.6%	$75.39	—	COM	132152109
—	FIDELITY NATL INFORMATION SV	31,100	$4.17M	0.6%	$134.08	—	COM	31620m106
BK	BANK NEW YORK MELLON CORP	104,500	$4.039M	0.5%	$31.07	0.0%	COM	064058100
—	PROVIDENT BANCORP INC	511,363	$4.019M	0.5%	$7.86	—	COM NEW	74383l105
—	TRUSTCO BK CORP N Y	634,611	$4.017M	0.5%	$6.30	—	COM	898349105
PFBC	PREFERRED BK LOS ANGELES CA	92,600	$3.968M	0.5%	$35.88	+2.5%	COM NEW	740367404
—	SOUTHSIDE BANCSHARES INC	139,427	$3.865M	0.5%	$27.72	—	COM	84470p109
—	HOWARD HUGHES CORP	73,600	$3.824M	0.5%	$51.96	—	COM	44267d107
—	FIVE POINT HOLDINGS LLC	827,800	$3.808M	0.5%	$4.60	—	COM CL A	33833q106
—	EAGLE BANCORP MONT INC	215,249	$3.741M	0.5%	$17.38	—	COM	26942g100
—	ALERUS FINL CORP	180,000	$3.557M	0.5%	$19.76	—	COM	01446u103
—	TFS FINL CORP	242,000	$3.463M	0.5%	$14.31	—	COM	87240r107
—	HMN FINL INC	235,557	$3.439M	0.5%	$14.60	—	COM	40424g108
—	FFBW INC MD	393,902	$3.388M	0.5%	$8.60	—	COM	30260m103
—	FIRST INTST BANCSYSTEM INC	105,400	$3.263M	0.4%	$30.96	—	COM CL A	32055y201
PIPR	PIPER SANDLER COMPANIES	55,000	$3.254M	0.4%	$76.42	-26.3%	COM	724078100
—	White River Bancshares Company	68,000	$3.231M	0.4%	$47.51	—	Not 13-F Security	96445a108
—	CAPITAL ONE FINL CORP	51,300	$3.211M	0.4%	$62.59	—	COM	14040h105
—	MERIDIAN BANCORP INC MD	270,900	$3.142M	0.4%	$11.60	—	COM	58958u103
OTTW	OTTAWA BANCORP INC	300,200	$3.137M	0.4%	$9.10	-3.3%	COM	689195105
—	EVANS BANCORP INC	134,784	$3.135M	0.4%	$23.26	—	COM NEW	29911q208
—	Equitable Financial Corp.	290,000	$3.132M	0.4%	$10.80	—	Not 13-F Security	29448t105
—	CONNECTONE BANCORP INC NEW	193,889	$3.125M	0.4%	$16.12	—	COM	20786w107
—	BOK FINL CORP	55,000	$3.104M	0.4%	$56.44	—	COM NEW	05561q201
—	DISCOVER FINL SVCS	59,500	$2.98M	0.4%	$35.66	—	COM	254709108
—	GOLDMAN SACHS GROUP INC	15,000	$2.964M	0.4%	$197.60	—	COM	38141g104
—	GUARANTY BANCSHARES INC TEX	107,276	$2.775M	0.4%	$29.51	—	COM	400764106
—	CANNAE HLDGS INC	67,500	$2.774M	0.4%	$41.10	—	COM	13765n107
EFSC	ENTERPRISE FINL SVCS CORP	83,644	$2.603M	0.4%	$36.48	-29.4%	COM	293712105
CBNK	CAPITAL BANCORP INC MD	238,262	$2.549M	0.3%	$11.79	-13.8%	COM	139737100
—	MERIDIAN BK PAOLI PA	155,365	$2.463M	0.3%	$15.85	—	COM	58958p104
IEF	ISHARES TR	20,000	$2.437M	0.3%	$121.50	—	BARCLAYS 7 10 YR	464287440
—	MID SOUTHERN BANCORP INC	195,000	$2.363M	0.3%	$12.12	—	COM	59548q107
—	JPMORGAN CHASE & CO	25,000	$2.352M	0.3%	$94.08	—	COM	46625h100
FCCO	FIRST CMNTY CORP S C	151,840	$2.3M	0.3%	$15.64	-18.4%	COM	319835104
OCFC	OCEANFIRST FINL CORP	128,600	$2.267M	0.3%	$16.28	-23.2%	COM	675234108
—	LPL FINL HLDGS INC	28,100	$2.203M	0.3%	$78.40	—	COM	50212v100
—	AMERICAN NATL BANKSHARES INC	86,600	$2.168M	0.3%	$37.20	—	COM	027745108
—	STERLING BANCORP INC	598,500	$2.143M	0.3%	$3.58	—	COM	85917w102
USB	US BANCORP DEL	56,700	$2.088M	0.3%	$35.39	-21.3%	COM NEW	902973304
—	BROOKLINE BANCORP INC DEL	203,901	$2.055M	0.3%	$10.08	—	COM	11373m107
—	Communities First Financial Corporation	90,100	$2.054M	0.3%	$22.80	—	Not 13-F Security	20344d104
—	ARTISAN PARTNERS ASSET MGMT	60,000	$1.95M	0.3%	$32.50	—	CL A	04316a108
PROV	PROVIDENT FINL HLDGS INC	145,000	$1.944M	0.3%	$16.88	-22.7%	COM	743868101
—	RANDOLPH BANCORP INC	190,100	$1.911M	0.3%	$12.32	—	COM	752378109
—	REGIONS FINANCIAL CORP NEW	160,384	$1.783M	0.2%	$11.12	—	COM	7591ep100
—	PSB Holdings, Inc.	96,000	$1.781M	0.2%	$18.55	—	Not 13-F Security	69360n108
—	SOUTHERN NATL BANCORP OF VA	182,700	$1.77M	0.2%	$16.36	—	COM	843395104
—	SOUTH ST CORP	36,717	$1.75M	0.2%	$47.66	—	COM	840441109
CFG	CITIZENS FINANCIAL GROUP INC	66,400	$1.676M	0.2%	$28.24	-37.2%	COM	174610105
RBKB	RHINEBECK BANCORP INC	250,000	$1.64M	0.2%	$11.36	-39.5%	COM	762093102
—	HOPE BANCORP INC	177,800	$1.639M	0.2%	$9.22	—	COM	43940t109
SHBI	SHORE BANCSHARES INC	144,695	$1.605M	0.2%	$17.64	-44.5%	COM	825107105
BOTJ	BANK OF THE ST JAMES FINL GP	167,800	$1.585M	0.2%	$8.74	-12.2%	COM	470299108
PB	PROSPERITY BANCSHARES INC	26,165	$1.554M	0.2%	$55.51	-13.5%	COM	743606105
—	PRUDENTIAL BANCORP INC NEW	125,000	$1.505M	0.2%	$12.04	—	COM	74431a101
SMBC	SOUTHERN MO BANCORP INC	60,000	$1.458M	0.2%	$20.78	0.0%	COM	843380106
IWM	ISHARES TR	10,000	$1.432M	0.2%	—	—	Put	464287655
PEBK	PEOPLES BANCORP N C INC	80,251	$1.418M	0.2%	$28.05	-36.6%	COM	710577107
—	OP BANCORP	200,700	$1.385M	0.2%	$6.90	—	COM	67109r109
ERKH	Eureka Homestead Bancorp, Inc.	140,000	$1.366M	0.2%	$12.16	-19.6%	Not 13-F Security	298544107
—	M & T BK CORP	13,143	$1.366M	0.2%	$103.93	—	COM	55261f104
—	ENVESTNET INC	18,540	$1.363M	0.2%	$73.52	—	COM	29404k106
—	FIRST UTD CORP	101,800	$1.358M	0.2%	$13.34	—	COM	33741h107
CZFS	Citizens Financial Services, Inc.	26,149	$1.301M	0.2%	$42.71	-2.4%	Not 13-F Security	174615104
PLBC	PLUMAS BANCORP	56,794	$1.256M	0.2%	$22.62	-14.5%	COM	729273102
—	MACATAWA BK CORP	151,151	$1.182M	0.2%	$7.88	—	COM	554225102
—	SPDR SER TR	30,000	$1.152M	0.2%	—	—	Put	78464a698
—	LAZARD LTD	40,000	$1.145M	0.2%	$28.63	—	SHS A	g54050102
—	Blackhawk Bancorp, Inc.	56,500	$1.138M	0.2%	$20.14	—	Not 13-F Security	09237e204
—	PROFESSIONAL HLDG CORP	81,423	$1.13M	0.2%	$15.95	—	CL A COM	743139107
PBFS	PIONEER BANCORP INC	117,436	$1.075M	0.1%	$13.88	-32.8%	COM	723561106
PGC	PEAPACK-GLADSTONE FINL CORP	57,292	$1.073M	0.1%	$24.69	-31.2%	COM	704699107
RY	ROYAL BK CDA	15,800	$1.071M	0.1%	$74.21	-14.3%	COM	780087102
—	COMMUNITY FIRST BANCSHARES I	130,000	$996K	0.1%	$7.66	—	COM	20369m104
—	SOUND FINL BANCORP INC	40,000	$966K	0.1%	$24.15	—	COM	83607a100
—	ESQUIRE FINL HLDGS INC	54,411	$920K	0.1%	$16.91	—	COM	29667j101
—	TRUIST FINL CORP	24,318	$913K	0.1%	$37.54	—	COM	89832q109
—	Heritage Nola Bancorp, Inc.	89,180	$896K	0.1%	$10.05	—	Not 13-F Security	42727p108
FFIC	FLUSHING FINL CORP	73,900	$851K	0.1%	$13.01	-35.5%	COM	343873105
WSBC	WESBANCO INC	40,000	$812K	0.1%	$21.88	0.0%	COM	950810101
—	BANK7 CORP	71,925	$781K	0.1%	$10.86	—	COM	06652n107
BSBK	BOGOTA FINL CORP	80,000	$699K	0.1%	$9.86	-15.0%	COM	097235105
—	BRIDGE BANCORP INC	29,600	$676K	0.1%	$22.84	—	COM	108035106
—	MERCHANTS BANCORP IND	36,400	$673K	0.1%	$18.49	—	COM	58844r108
—	PAYPAL HLDGS INC	3,750	$653K	0.1%	$174.13	—	COM	70450y103
HBCP	HOME BANCORP INC	23,675	$633K	0.1%	$21.05	0.0%	COM	43689E107
—	Sugar Creek Financial Corporation	77,375	$600K	0.1%	$7.75	—	Not 13-F Security	86481y102
—	Sunnyside Bancorp, Inc.	64,871	$560K	0.1%	$10.20	—	Not 13-F Security	867475105
FRME	FIRST MERCHANTS CORP	20,044	$553K	0.1%	$21.90	0.0%	COM	320817109
—	First IC Corporation	109,731	$533K	0.1%	$4.86	—	Not 13-F Security	32058j102
—	New Bancorp, Inc.	20,000	$500K	0.1%	$16.00	—	Not 13-F Security	642142103
—	1ST CONSTITUTION BANCORP	40,000	$496K	0.1%	$12.40	—	COM	31986n102
—	Quaint Oak Bancorp, Inc.	40,000	$440K	0.1%	$11.00	—	Not 13-F Security	74732t106
—	META FINL GROUP INC	20,000	$363K	0.0%	$18.15	—	COM	59100u108
—	PROVIDENT FINL SVCS INC	23,169	$335K	0.0%	$14.46	—	COM	74386t105
—	BANCORP 34 INC	28,160	$318K	0.0%	$11.29	—	COM	05970v106
WLFC	WILLIS LEASE FINANCE CORP	13,083	$318K	0.0%	$14.76	+44.9%	COM	970646105
—	LIMESTONE BANCORP INC	23,297	$306K	0.0%	$13.13	—	COM	53262l105
—	KEARNY FINL CORP MD	35,000	$286K	0.0%	$8.17	—	COM	48716p108
—	PCB BANCORP	14,900	$153K	0.0%	$10.27	—	COM	69320m109
—	Pioneer Bancshares, Inc.	4,028	$61,000	0.0%	$15.14	—	Not 13-F Security	72357g102
OVLY	OAK VALLEY BANCORP OAKDALE C	2,706	$34,000	0.0%	$13.33	0.0%	COM	671807105
—	SouthCrest Financial Group, Inc.	5,024	$30,000	0.0%	$5.97	—	Not 13-F Security	84129x107