Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LEN/B	LENNAR CORP	344,958	$21.11M	3.3%	$37.37	+45.2%	CL B	526057302
MS	MORGAN STANLEY	303,770	$20.82M	3.2%	$33.26	+46.8%	COM NEW	617446448
GS	GOLDMAN SACHS GROUP INC	65,408	$17.25M	2.7%	$183.69	+7.3%	COM	38141G104
ABCB	AMERIS BANCORP	405,085	$15.42M	2.4%	$21.82	+38.6%	COM	03076K108
QCRH	QCR HOLDINGS INC	383,470	$15.18M	2.3%	$28.77	+18.7%	COM	74727A104
C	CITIGROUP INC	239,435	$14.76M	2.3%	$46.23	-8.3%	COM NEW	172967424
ZION	ZIONS BANCORPORATION N A	332,565	$14.45M	2.2%	$41.50	-10.9%	COM	989701107
IBCP	INDEPENDENT BK CORP MICH	766,125	$14.15M	2.2%	$11.40	+17.1%	COM NEW	453838609
—	LAKELAND BANCORP INC	1,017,810	$12.93M	2.0%	$16.02	—	COM	511637100
AAMI	BRIGHTSPHERE INVT GROUP INC	608,345	$11.73M	1.8%	$13.05	+27.8%	COM	10948W103
ISTR	INVESTAR HLDG CORP	685,797	$11.34M	1.8%	$13.65	+12.7%	COM	46134L105
FMBH	FIRST MID ILL BANCSHARES INC	316,221	$10.64M	1.6%	$27.79	-6.0%	COM	320866106
HTB	HOMETRUST BANCSHARES INC	534,803	$10.33M	1.6%	$19.65	-12.2%	COM	437872104
HBNC	HORIZON BANCORP INC	631,215	$10.01M	1.5%	$12.86	+6.4%	COM	440407104
—	HARBORONE BANCORP INC NEW	865,149	$9.396M	1.5%	$8.07	—	COM NEW	41165Y100
IBOC	INTERNATIONAL BANCSHARES COR	249,039	$9.324M	1.4%	$26.98	+2.4%	COM	459044103
USB	US BANCORP DEL	200,089	$9.322M	1.4%	$32.73	+3.4%	COM NEW	902973304
—	PREMIER FINANCIAL CORP	395,055	$9.086M	1.4%	$15.57	—	COM	74052F108
—	LUTHER BURBANK CORP	917,573	$8.992M	1.4%	$11.25	—	COM	550550107
CIVB	CIVISTA BANCSHARES INC	509,788	$8.937M	1.4%	$17.65	-24.0%	COM NO PAR	178867107
—	STERLING BANCORP DEL	480,075	$8.632M	1.3%	$10.52	—	COM	85917A100
FOR	FORESTAR GROUP INC	417,492	$8.425M	1.3%	$19.33	-1.7%	COM	346232101
HOMB	HOME BANCSHARES INC	426,345	$8.305M	1.3%	$23.29	-22.1%	COM	436893200
KKR	KKR & CO INC	204,205	$8.268M	1.3%	$33.29	+8.4%	COM	48251W104
—	INVESTORS BANCORP INC NEW	755,348	$7.976M	1.2%	$7.26	—	COM	46146L101
VLY	VALLEY NATL BANCORP	799,500	$7.795M	1.2%	$10.21	-14.8%	COM	919794107
—	ESSA BANCORP INC	497,500	$7.463M	1.2%	$12.33	—	COM	29667D104
—	COMMUNITY BANKERS TR CORP	1,102,266	$7.44M	1.1%	$6.77	—	COM	203612106
KEY	KEYCORP	450,095	$7.386M	1.1%	$10.97	+3.7%	COM	493267108
IROQ	IF BANCORP INC	320,000	$7.05M	1.1%	$16.35	+16.9%	COM	44951J105
ASB	ASSOCIATED BANC CORP	410,160	$6.993M	1.1%	$11.91	+4.2%	COM	045487105
WFC	WELLS FARGO CO NEW	230,080	$6.944M	1.1%	$22.56	+2.1%	COM	949746101
QNBC	QNB CORPORATION	216,790	$6.775M	1.0%	$27.83	+7.9%	Not 13-F Security	74726N107
FMNB	FARMERS NATIONAL BANC CORP	508,655	$6.75M	1.0%	$10.63	-7.4%	COM	309627107
APAM	ARTISAN PARTNERS ASSET MGMT	133,725	$6.732M	1.0%	$24.66	+17.0%	CL A	04316A108
WTFC	WINTRUST FINL CORP	110,000	$6.72M	1.0%	$42.78	+25.7%	COM	97650W108
FITB	FIFTH THIRD BANCORP	242,640	$6.69M	1.0%	$20.25	+2.5%	COM	316773100
—	BAY BANKS OF VIRGINIA, INC.	677,100	$5.992M	0.9%	$5.70	—	Not 13-F Security	072035108
CG	CARLYLE GROUP INC	179,020	$5.628M	0.9%	$23.81	0.0%	COM	14316J108
—	CAMBRIDGE BANCORP	79,856	$5.57M	0.9%	$72.52	—	COM	132152109
—	CODORUS VY BANCORP INC	316,055	$5.36M	0.8%	$24.25	—	COM	192025104
EBMT	EAGLE BANCORP MONT INC	250,545	$5.317M	0.8%	$14.14	+20.6%	COM	26942G100
XLF	SELECT SECTOR SPDR TR	180,200	$5.312M	0.8%	—	—	Put	81369Y605
ORRF	ORRSTOWN FINL SVCS INC	312,789	$5.177M	0.8%	$16.25	-20.2%	COM	687380105
SPFI	SOUTH PLAINS FINANCIAL INC	265,100	$5.024M	0.8%	$13.80	+20.7%	COM	83946P107
—	LAZARD LTD	109,400	$4.628M	0.7%	$36.80	—	SHS A	G54050102
FHN	FIRST HORIZON CORPORATION	355,075	$4.531M	0.7%	$9.76	0.0%	COM	320517105
FFBW	FFBW INC MD	444,500	$4.454M	0.7%	$8.63	+11.2%	COM	30260M103
—	SOUTHERN NATL BANCORP OF VA	365,000	$4.42M	0.7%	$13.79	—	COM	843395104
SBNY	SIGNATURE BK NEW YORK N Y	32,615	$4.412M	0.7%	$83.00	—	COM	82669G104
HTH	HILLTOP HOLDINGS INC	160,070	$4.404M	0.7%	$19.40	+23.7%	COM	432748101
—	CENTURY BANCORPORATION INC	56,799	$4.394M	0.7%	$46.20	—	CL A NON VTG	156432106
BOKF	BOK FINL CORP	63,520	$4.35M	0.7%	$47.83	+18.2%	COM NEW	05561Q201
—	FIRST BANCSHARES INC MS	140,000	$4.323M	0.7%	$28.69	—	COM	318916103
—	AMERICAN RIV BANKSHARES	322,261	$4.238M	0.7%	$9.59	—	COM	029326105
PFBC	PREFERRED BK LOS ANGELES CA	83,640	$4.221M	0.7%	$35.88	+8.8%	COM NEW	740367404
BBT	BERKSHIRE HILLS BANCORP INC	244,940	$4.193M	0.6%	$12.89	0.0%	COM	084680107
OTTW	OTTAWA BANCORP INC.	285,000	$4.152M	0.6%	$9.10	+12.8%	Not 13-F Security	689195105
WRIV	WHITE RIVER BANCSHARES COMPANY	68,000	$4.148M	0.6%	$24.10	+11.5%	Not 13-F Security	96445A108
—	BOSTON PRIVATE FINL HLDGS IN	488,000	$4.124M	0.6%	$11.99	—	COM	101119105
—	BLACKROCK INC	5,503	$3.971M	0.6%	$563.51	—	COM	09247X101
ARES	ARES MANAGEMENT CORPORATION	84,305	$3.967M	0.6%	$33.84	+14.4%	CL A COM STK	03990B101
PHM	PULTE GROUP INC	91,100	$3.928M	0.6%	$42.08	0.0%	COM	745867101
EFSC	ENTERPRISE FINL SVCS CORP	105,000	$3.67M	0.6%	$34.26	-14.3%	COM	293712105
—	FLAGSTAR BANCORP INC	90,025	$3.669M	0.6%	$40.76	—	COM PAR .001	337930705
CASH	META FINL GROUP INC	100,000	$3.656M	0.6%	$18.46	+61.8%	COM	59100U108
BANC	BANC OF CALIFORNIA INC	245,000	$3.604M	0.6%	$9.59	+21.6%	COM	05990K106
—	CADENCE BANCORPORATION	215,045	$3.531M	0.5%	$8.59	—	CL A	12739A100
FISV	FISERV INC	31,005	$3.53M	0.5%	$101.92	+5.7%	COM	337738108
—	UMPQUA HLDGS CORP	230,125	$3.484M	0.5%	$15.14	—	COM	904214103
EQFN	EQUITABLE FINANCIAL CORP.	290,000	$3.466M	0.5%	$9.95	+9.4%	Not 13-F Security	29448T105
FPH	FIVE POINT HOLDINGS LLC	630,000	$3.44M	0.5%	$4.85	+2.9%	COM CL A	33833Q106
—	PROVIDENT BANCORP INC	275,571	$3.307M	0.5%	$7.79	—	COM NEW	74383L105
—	TERRITORIAL BANCORP INC	132,876	$3.193M	0.5%	$20.23	—	COM	88145X108
—	BROOKLINE BANCORP INC DEL	265,190	$3.193M	0.5%	$9.46	—	COM	11373M107
TFSL	TFS FINL CORP	180,148	$3.176M	0.5%	$9.57	+16.4%	COM	87240R107
—	TCF FINL CORP	85,000	$3.147M	0.5%	$38.07	—	COM	872307103
—	FINTECH ACQUISITION CORP IV	275,000	$3.108M	0.5%	$11.30	—	CL A	31810N104
PROV	PROVIDENT FINL HLDGS INC	194,866	$3.061M	0.5%	$15.78	-11.0%	COM	743868101
—	PACWEST BANCORP DEL	115,000	$2.921M	0.5%	$25.40	—	COM	695263103
PIPR	PIPER SANDLER COMPANIES	28,700	$2.896M	0.4%	$76.42	+18.7%	COM	724078100
—	MERIDIAN BANCORP INC MD	192,284	$2.867M	0.4%	$10.35	—	COM	58958U103
HBCP	HOME BANCORP INC	101,314	$2.836M	0.4%	$21.42	+12.3%	COM	43689E107
MBIN	MERCHANTS BANCORP IND	101,555	$2.806M	0.4%	$15.68	0.0%	COM	58844R108
—	GUARANTY BANCSHARES INC TEX	92,500	$2.77M	0.4%	$28.30	—	COM	400764106
PYPL	PAYPAL HLDGS INC	11,505	$2.694M	0.4%	$187.90	+10.0%	COM	70450Y103
TFIN	TRIUMPH BANCORP INC	55,000	$2.67M	0.4%	$27.37	+64.4%	COM	89679E300
—	TRUSTCO BK CORP N Y	400,160	$2.669M	0.4%	$6.30	—	COM	898349105
FIS	FIDELITY NATL INFORMATION SV	18,504	$2.618M	0.4%	$128.81	-1.0%	COM	31620M106
FFBB	COMMUNITIES FIRST FINANCIAL CORPORATION	76,900	$2.388M	0.4%	$24.72	+15.5%	Not 13-F Security	20344D104
—	SANDY SPRING BANCORP INC	70,025	$2.254M	0.3%	$32.19	—	COM	800363103
CFR	CULLEN FROST BANKERS INC	25,820	$2.252M	0.3%	$64.74	+4.4%	COM	229899109
FCCO	FIRST CMNTY CORP S C	128,519	$2.184M	0.3%	$15.57	-11.0%	COM	319835104
CBNK	CAPITAL BANCORP INC MD	155,166	$2.161M	0.3%	$11.74	-6.7%	COM	139737100
CASS	CASS INFORMATION SYS INC	55,000	$2.14M	0.3%	$36.16	0.0%	COM	14808P109
TMHC	TAYLOR MORRISON HOME CORP	80,000	$2.052M	0.3%	$23.64	+7.8%	COM	87724P106
V	VISA INC	9,302	$2.035M	0.3%	$192.21	+2.6%	COM CL A	92826C839
CZNC	CITIZENS & NORTHN CORP	100,000	$1.984M	0.3%	$13.16	+6.0%	COM	172922106
MSVB	MID-SOUTHERN BANCORP INC	131,626	$1.897M	0.3%	$12.90	—	COM	59548Q107
—	PRUDENTIAL BANCORP INC NEW	133,900	$1.855M	0.3%	$10.67	—	COM	74431A101
—	HMN FINL INC	106,108	$1.825M	0.3%	$13.26	—	COM	40424G108
FFBC	FIRST FINL BANCORP OH	100,000	$1.753M	0.3%	$20.82	-38.7%	COM	320209109
PSBQ	PSB HOLDINGS, INC.	83,200	$1.711M	0.3%	$18.36	+7.8%	Not 13-F Security	69360N108
MA	MASTERCARD INCORPORATED	4,601	$1.642M	0.3%	$315.67	+2.4%	CL A	57636Q104
—	MALVERN BANCORP INC	103,832	$1.609M	0.2%	$11.90	—	COM	561409103
—	HOWARD HUGHES CORP	20,000	$1.579M	0.2%	$57.60	—	COM	44267D107
HBAN	HUNTINGTON BANCSHARES INC	123,810	$1.564M	0.2%	$9.01	0.0%	COM	446150104
BWB	BRIDGEWATER BANCSHARES INC	125,000	$1.561M	0.2%	$11.56	0.0%	COM ACCD INV	108621103
KRE	SPDR SER TR	29,200	$1.517M	0.2%	—	—	Put	78464A698
ESQ	ESQUIRE FINL HLDGS INC	78,103	$1.499M	0.2%	$15.39	+12.0%	COM	29667J101
CZFS	CITIZENS FINANCIAL SERVICES, INC.	26,149	$1.464M	0.2%	$42.71	-10.5%	Not 13-F Security	174615104
ERKH	EUREKA HOMESTEAD BANCORP, INC.	112,500	$1.44M	0.2%	$12.16	-10.4%	Not 13-F Security	298544107
BOTJ	BANK OF THE JAMES FINL GP IN	118,400	$1.435M	0.2%	$8.74	+1.5%	COM	470299108
OPBK	OP BANCORP	183,300	$1.411M	0.2%	$6.27	+10.8%	COM	67109R109
NVR	NVR INC	329	$1.342M	0.2%	$4157.18	0.0%	COM	62944T105
RBKB	RHINEBECK BANCORP INC	145,000	$1.24M	0.2%	$11.36	-32.4%	COM	762093102
BSVN	BANK7 CORP	86,838	$1.233M	0.2%	$8.72	+13.0%	COM	06652N107
HRGG	HERITAGE NOLA BANCORP, INC.	89,180	$1.088M	0.2%	$10.47	+11.9%	Not 13-F Security	42727P108
—	NEW YORK CMNTY BANCORP INC	102,500	$1.081M	0.2%	$10.55	—	COM	649445103
PEBK	PEOPLES BANCORP N C INC	45,500	$1.047M	0.2%	$28.05	-23.3%	COM	710577107
—	AMERICAN NATL BANKSHARES INC	39,000	$1.022M	0.2%	$37.20	—	COM	027745108
SFBC	SOUND FINL BANCORP INC	31,100	$987K	0.2%	$24.51	+11.2%	COM	83607A100
TCBI	TEXAS CAP BANCSHARES INC	15,000	$893K	0.1%	$31.54	+56.6%	COM	88224Q107
—	STERLING BANCORP INC	195,000	$885K	0.1%	$3.01	—	COM	85917W102
FCNCA	FIRST CTZNS BANCSHARES INC N	1,500	$861K	0.1%	$495.92	0.0%	CL A	31946M103
—	GREAT WESTN BANCORP INC	40,000	$836K	0.1%	$20.90	—	COM	391416104
—	SUNNYSIDE BANCORP, INC.	64,871	$806K	0.1%	$10.20	—	Not 13-F Security	867475105
NBTB	NBT BANCORP INC	25,000	$803K	0.1%	$29.94	0.0%	COM	628778102
KRNY	KEARNY FINL CORP MD	67,241	$710K	0.1%	$8.27	+14.3%	COM	48716P108
—	RANDOLPH BANCORP INC	32,000	$706K	0.1%	$12.32	—	COM	752378109
—	SUGAR CREEK FINANCIAL CORPORATION	72,900	$689K	0.1%	$6.75	—	Not 13-F Security	86481Y102
—	BRIDGE BANCORP INC	28,200	$682K	0.1%	$22.84	—	COM	108035106
QNTO	QUAINT OAK BANCORP, INC.	40,000	$580K	0.1%	$10.98	+11.6%	Not 13-F Security	74732T106
FIEB	FIRST IC CORPORATION	76,231	$431K	0.1%	$4.67	—	Not 13-F Security	32058J102
WLFC	WILLIS LEASE FINANCE CORP	13,083	$399K	0.1%	$14.76	+89.5%	COM	970646105
BCTF	BANCORP 34, INC.	21,777	$247K	0.0%	$9.83	+6.4%	Not 13-F Security	05970V106
—	CAPSTAR FINL HLDGS INC	13,644	$201K	0.0%	$14.73	—	COM	14070T102
—	1ST CONSTITUTION BANCORP	4,316	$68,000	0.0%	$11.90	—	COM	31986N102
—	SOUTHCREST FINANCIAL GROUP, INC.	5,024	$41,000	0.0%	$6.37	—	Not 13-F Security	84129X107
NIC	NICOLET BANKSHARES INC	561	$37,000	0.0%	$63.08	0.0%	COM	65406E102