Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
KRE	SPDR S&P Regional Banking ETF	249,000	$8.884M	10.8%	$35.68	$37.69	-5.3%	common	78464A698
UBAB	United Bancorporation Ala CL A	281,348	$5.423M	6.6%	$19.28 *	$19.02	-2.2%	common	90944R100
—	Grandsouth Bancorporation	321,847	$4.47M	5.4%	$13.89	$14.00	—	common	386627301
—	First Bancshares Inc MS	209,450	$4.392M	5.3%	$20.97	$16.56	—	common	318916103
FFBB	Communities First Financial Corp	173,647	$4.155M	5.1%	$23.93	$25.61	-8.2%	common	20344D104
FBK	FB Financial Corp	130,625	$3.281M	4.0%	$25.12 *	$23.58	-1.6%	common	30257X104
WAL	Western Alliance Bancorp	97,621	$3.087M	3.8%	$31.62 *	$41.54	-31.9%	common	957638109
—	Pacific Premier Bancorp	137,000	$2.759M	3.4%	$20.14	$18.67	—	common	69478X105
—	Seacoast Commerce Banc Holdings	172,000	$2.382M	2.9%	$13.85	$12.26	—	common	81171B108
MNSB	MainStreet Bancshares Inc	192,663	$2.358M	2.9%	$12.24 *	$19.23	-41.1%	common	56064Y100
FBNC	First Bancorp NC	110,353	$2.31M	2.8%	$20.93 *	$24.58	-24.2%	common	318910106
—	US Metro Bank	1,059,015	$2.224M	2.7%	$2.10	$3.65	—	common	90343B102
FIBK	First Intst Bancsystem CL A	68,531	$2.183M	2.7%	$31.85 *	$30.14	-21.9%	common	32055Y201
ISTR	Investar Holding Corp	156,747	$2.009M	2.4%	$12.82	$21.54	-40.5%	common	46134L105
C	Citigroup	45,400	$1.957M	2.4%	$43.11 *	$41.02	-13.2%	common	172967424
—	Reliant Bancorp	121,171	$1.757M	2.1%	$14.50	$14.50	—	common	75956B101
—	Metro Phoenix Bank	176,667	$1.737M	2.1%	$9.83	$9.16	—	common	59165E106
—	Pacific West Bank	164,390	$1.71M	2.1%	$10.40	$14.76	—	common	69506W202
ABCB	Ameris Bancorp	74,980	$1.708M	2.1%	$22.78 *	$35.52	-40.1%	common	03076K108
HTBK	Heritage Commerce Corp	255,000	$1.697M	2.1%	$6.65 *	$8.45	-18.4%	common	426927109
UCB	United Community Banks Inc	100,000	$1.693M	2.1%	$16.93	$18.00	-5.9%	common	90984P303
—	Veritex Holdings Inc	97,550	$1.661M	2.0%	$17.03	$21.19	—	common	923451108
—	First Midwest Bancorp DEL	147,333	$1.588M	1.9%	$10.78	$19.73	—	common	320867104
ORPB	Oregon Pacific Bancorp	358,334	$1.398M	1.7%	$3.90 *	$4.73	-14.0%	common	686040205
ONB	Old Natl Bancorp IND	100,000	$1.256M	1.5%	$12.56	$12.65	-0.7%	common	680033107
—	South State Corp	25,000	$1.204M	1.5%	$48.16	$48.16	—	common	840441109
—	Bank of Fincastle	563,917	$1.162M	1.4%	$2.06	$2.16	—	common	062113105
GWBK	Gateway Bank FSB	3,000,000	$1.11M	1.4%	$0.37 *	$0.49	-12.2%	common	36758P102
—	McHenry Bancorp, Inc.	15,000,000	$1.107M	1.3%	$0.07	$0.11	—	common	580683100
—	Southcrest Financial Group	147,840	$970K	1.2%	$6.56	$6.69	—	common	84129X107
—	Cecil Bancorp, Inc.	367,500	$945K	1.2%	$2.57	$4.00	—	common	149841306
—	Lakeland Bancorp Inc	87,162	$867K	1.1%	$9.95	$14.93	—	common	511637100
COF	Capital One Financial	12,000	$862K	1.0%	$71.83 *	$61.00	+7.6%	common	14040H105
UBSI	United Bankshares Inc	40,000	$859K	1.0%	$21.48	$26.04	-17.5%	common	909907107
—	Pacwest Bancorp DEL	50,000	$854K	1.0%	$17.08	$17.08	—	common	695263103
—	Altabancorp	42,100	$847K	1.0%	$20.12	$20.12	—	common	021347109
BBT	Berkshire Hill Bancorp	74,401	$752K	0.9%	$10.11 *	$8.40	+3.8%	common	084680107
BPOP	Popular Inc	20,000	$725K	0.9%	$36.25 *	$31.61	-1.3%	common	733174700
—	Boston Private Financial Holdings	100,000	$552K	0.7%	$5.52	$5.52	—	common	101119105
BUSE	First Busey Corp	30,000	$477K	0.6%	$15.90 *	$14.66	-13.5%	common	319383204
—	iShares Trust IBOXX HI YD ETF Mar 19 2021 78	2,500	$417K	0.5%	$166.80	—	—	Put	464288953
—	Financial Select Sector SPDR ETF Jan 1 2022 35	27,134	$332K	0.4%	$12.24	—	—	Call	81369Y905
—	iShares Trust 20plus TRSY Oct 16 2020 155	800	$13,000	0.0%	$16.25	—	—	Put	464287952
—	SPDR S&P Regional Banking ETF Oct 16 2020 45	2,000	$10,000	0.0%	$5.00	—	—	Call	78464A908
—	Invesco Exchange Traded Sr Ln ETF Oct 16 2020 17	300	$1,000	0.0%	$3.33	—	—	Put	46138G958