Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	First Bancshares Inc MS	268,000	$8.656M	6.8%	$16.56	—	common	318916103
ABCB	Ameris Bancorp	187,100	$7.529M	5.9%	$36.01	-4.9%	common	03076K108
—	Pacific Premier Bancorp	235,000	$7.33M	5.7%	$18.67	—	common	69478X105
MNSB	MainStreet Bancshares Inc	272,845	$5.743M	4.5%	$19.40	+3.8%	common	56064Y100
—	Synovus Financial Corp	159,250	$5.695M	4.5%	$34.79	—	common	87161C501
—	Grandsouth Bancorporation	339,346	$5.548M	4.3%	$14.00	—	common	386627301
FBNC	First Bancorp NC	140,000	$5.026M	3.9%	$24.85	+24.4%	common	318910106
—	Pacwest Bancorp DEL	136,501	$4.96M	3.9%	$41.03	—	common	695263103
—	Select Bancorp Inc	412,652	$4.787M	3.7%	$12.40	—	common	81617L108
UBAB	United Bancorporation Ala CL A	232,454	$4.684M	3.7%	$18.41	-1.4%	common	90944R100
FIBK	First Intst Bancsystem CL A	103,199	$4.153M	3.2%	$30.14	-9.1%	common	32055Y201
ONB	Old Natl Bancorp IND	220,000	$3.785M	3.0%	$12.65	+34.9%	common	680033107
—	Franklin Financial Network	125,000	$3.776M	3.0%	$25.12	—	common	35352P104
BUSE	First Busey Corp	145,062	$3.667M	2.9%	$14.66	+33.5%	common	319383204
—	Evans Bancorp Inc	94,550	$3.536M	2.8%	$29.28	—	common	29911Q208
WAL	Western Alliance Bancorp	75,400	$3.474M	2.7%	$40.55	-3.1%	common	957638109
OPBK	OP Bancorp	336,080	$3.287M	2.6%	$9.29	+2.9%	common	67109R109
—	Bank of Commerce Holdings	299,652	$3.263M	2.6%	$9.43	—	common	06424J103
—	First Midwest Bancorp DEL	146,349	$2.851M	2.2%	$19.81	—	common	320867104
—	US Metro Bank	759,573	$2.765M	2.2%	$4.20	—	common	90343B102
—	Pioneer Bancshares, Inc.	95,000	$2.575M	2.0%	$36.56	—	common	72357G102
HTBK	Heritage Commerce Corp	205,000	$2.41M	1.9%	$8.77	+35.4%	common	426927109
—	Metro Phoenix Bank	176,667	$2.374M	1.9%	$9.16	—	common	59165E106
—	Pacific West Bank	157,457	$2.241M	1.8%	$14.98	—	common	69506W202
ORPB	Oregon Pacific Bancorp	353,834	$2.042M	1.6%	$4.72	+21.3%	common	686040205
FFBB	Communities First Financial Corp	81,062	$2.012M	1.6%	$25.02	0.0%	common	20344D104
TFIN	Triumph Bancorp Inc	50,000	$1.595M	1.2%	$14.05	+114.7%	common	89679E300
—	McHenry Bancorp, Inc.	15,000,000	$1.543M	1.2%	$0.11	—	common	580683100
—	Cecil Bancorp, Inc.	367,500	$1.47M	1.2%	$4.00	—	common	149841306
—	MFA Financial Inc	195,000	$1.435M	1.1%	$7.36	—	common	55272X102
—	Lakeland Bancorp Inc	87,162	$1.345M	1.1%	$14.93	—	common	511637100
—	Veritex Holdings Inc	55,300	$1.342M	1.0%	$24.21	—	common	923451108
HOMB	Home Bancshares, Inc.	70,916	$1.333M	1.0%	$23.97	-22.0%	common	436893200
—	Severn Bancorp Annapolis MD	162,308	$1.298M	1.0%	$8.52	—	common	81811M100
PMHG	Prime Meridian Holding Company	63,375	$1.279M	1.0%	$19.02	-3.5%	common	74164R107
—	Bank of Fincastle	486,486	$1.231M	1.0%	$2.17	—	common	062113105
—	Citizens Commerce Bancshares, Inc.	193,746	$1.221M	1.0%	$0.64	—	common	17452P101
—	CalWest Bancorp	2,883,000	$1.127M	0.9%	$0.39	—	common	13169Q102
—	BankFinancial Corp	72,865	$867K	0.7%	$11.90	—	common	06643P104
HOPE	Hope Bancorp Inc	54,238	$778K	0.6%	$16.20	-13.5%	common	43940T109
WBS	Webster Financial Corp Conn	15,000	$703K	0.6%	$30.92	+52.9%	common	947890109
RWT	Redwood Trust Inc	38,000	$624K	0.5%	$16.42	—	common	758075402
—	Ameris Bancorp Oct 18 2019 35	170	$99,000	0.1%	—	—	Call	03076K908
—	SVB Financial Group	400	$84,000	0.1%	$202.99	—	common	78486Q101
—	Western Alliance Bancorp Dec 20 2019 35	70	$78,000	0.1%	—	—	Call	957638909
—	iShares Trust Barclays 7-10 YR Jan 17 2020 116	330	$78,000	0.1%	—	—	Call	464287900
—	iShares Trust IBOXX HI YD ETF Sep 20 2019 82	650	$39,000	0.0%	—	—	Put	464288953
—	Synovus Financial Corp Nov 15 2019 34	122	$33,000	0.0%	—	—	Call	87161C901
—	First Midwest Bancorp DEL Nov 15 2019 17.50	80	$18,000	0.0%	—	—	Call	320867904
—	Cadence Bancorporation CL A, Dec 20 2019 17.50	120	$13,000	0.0%	—	—	Call	12739A900
—	Invesco Exchange Traded Sr Ln ETF Oct 18 2019 22	3,100	$8,000	0.0%	—	—	Put	46138G958
—	Cadence Bancorporation CL A	100	$2,000	0.0%	$17.74	—	common	12739A100