Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	First Bancshares Inc MS	209,450	$7.668M	7.4%	$36.61	$16.56	—	common	318916103
FFBB	Communities First Financial Corp	161,913	$6.638M	6.4%	$41.00	$25.69	+59.6%	common	20344D104
FBK	FB Financial Corp	118,225	$5.256M	5.1%	$44.46 *	$23.58	+75.1%	common	30257X104
FBNC	First Bancorp NC	110,353	$4.8M	4.6%	$43.50 *	$24.58	+59.1%	common	318910106
UBAB	United Bancorporation Ala CL A	157,586	$4.57M	4.4%	$29.00 *	$19.02	+23.2%	common	90944R100
—	Pacific Premier Bancorp	89,945	$3.907M	3.8%	$43.44	$18.67	—	common	69478X105
—	Pacwest Bancorp DEL	97,000	$3.701M	3.6%	$38.15	$21.24	—	common	695263103
—	Reliant Bancorp	121,171	$3.48M	3.4%	$28.72	$14.81	—	common	75956B101
FIBK	First Intst Bancsystem CL A	68,531	$3.155M	3.1%	$46.04 *	$30.14	+15.3%	common	32055Y201
UCB	United Community Banks Inc	91,000	$3.105M	3.0%	$34.12	$18.00	+89.6%	common	90984P303
—	US Metro Bank	940,073	$3.055M	3.0%	$3.25	$3.61	—	common	90343B102
—	Amerant Bancorp CL B	185,488	$3.051M	3.0%	$16.45	$16.45	—	common	023576200
HTBK	Heritage Commerce Corp	231,000	$2.823M	2.7%	$12.22 *	$8.45	+18.5%	common	426927109
—	NCINO Inc	40,000	$2.669M	2.6%	$66.72	$68.14	—	common	63947U107
—	Grandsouth Bancorporation	131,118	$2.668M	2.6%	$20.35	$14.00	—	common	386627301
WAL	Western Alliance Bancorp	28,121	$2.656M	2.6%	$94.45 *	$41.54	+104.9%	common	957638109
—	Voyager Digital Ltd	98,000	$2.548M	2.5%	$26.00	$26.00	—	common	92919V108
ABCB	Ameris Bancorp	47,480	$2.493M	2.4%	$52.51 *	$35.52	+39.0%	common	03076K108
FFIC	Flushing Financial	110,000	$2.335M	2.3%	$21.23 *	$10.51	+51.0%	common	343873105
—	Pacific West Bank	162,590	$2.236M	2.2%	$13.75	$14.76	—	common	69506W202
—	Financial Select Sector SPDR ETF Jan 21 2022 30	13,500	$2.146M	2.1%	$158.96	—	—	Call	81369Y905
—	Veritex Holdings Inc	55,550	$1.818M	1.8%	$32.73	$21.19	—	common	923451108
—	McHenry Bancorp, Inc.	17,262,875	$1.782M	1.7%	$0.10	$0.11	—	common	580683100
—	Citigroup Jan 20 2023 37.50	500	$1.775M	1.7%	$3550.00	—	—	Call	172967904
—	Paysafe Limited Ord	125,500	$1.694M	1.6%	$13.50	$13.50	—	common	G6964L107
ORPB	Oregon Pacific Bancorp	258,334	$1.63M	1.6%	$6.31 *	$4.73	+29.7%	common	686040205
—	Southcrest Financial Group	148,140	$1.555M	1.5%	$10.50	$6.69	—	common	84129X107
—	Metro Phoenix Bank	116,667	$1.54M	1.5%	$13.20	$9.16	—	common	59165E106
—	Lakeland Bancorp Inc	87,162	$1.519M	1.5%	$17.43	$14.93	—	common	511637100
—	South State Corp	17,700	$1.39M	1.3%	$78.53	$48.16	—	common	840441109
PYPL	Paypal Holdings Inc	5,600	$1.36M	1.3%	$242.86	$251.93	-3.8%	common	70450Y103
UBSI	United Bankshares Inc West VA	34,000	$1.312M	1.3%	$38.59	$26.04	+48.2%	common	909907107
—	Intelligent Systems Corp New	31,052	$1.27M	1.2%	$40.90	$40.27	—	common	45816D100
—	Figure Acquisition Corp I	123,792	$1.253M	1.2%	$10.12	$10.12	—	Unit	302438205
—	Cecil Bancorp, Inc.	367,500	$1.243M	1.2%	$3.38	$4.00	—	common	149841306
GWBK	Gateway Bank FSB	3,000,000	$1.14M	1.1%	$0.38	$0.49	-20.4%	common	36758P102
—	Financial Select Sector SPDR ETF Apr 01 2021 32	109,500	$877K	0.8%	$8.01	—	—	Put	81369Y955
MVBF	MVB Financial	24,548	$830K	0.8%	$33.81 *	$16.61	+79.3%	common	553810102
ONB	Old Natl Bancorp IND	42,000	$812K	0.8%	$19.33	$12.65	+52.8%	common	680033107
—	Well Fargo & Co New Jun 18 2021 35	1,500	$758K	0.7%	$505.33	—	—	Call	949746901
PAYS	Paysign Inc.	116,410	$509K	0.5%	$4.37	$4.95	-11.8%	common	70451A104
CCB	Coastal Financial Corporation	18,700	$490K	0.5%	$26.20	$17.84	+47.0%	common	19046P209
NTB	Bank of NT Butterfield & Son	10,000	$382K	0.4%	$38.20 *	$27.66	+9.1%	common	G0772R208
—	ZIONS Bancorporation N A Jan 21 2022 35	150	$308K	0.3%	$2053.33	—	—	Call	989701907
C	Citigroup	3,400	$247K	0.2%	$72.65 *	$41.02	+49.6%	common	172967424
—	PAYA Holdings Inc CL A	14,014	$154K	0.1%	$10.99	$10.99	—	common	70434P103
—	Paysign Inc. Jan 21 2022 5	1,756	$149K	0.1%	$84.85	—	—	Call	70451A904
—	iShares Trust IBOXX HI YD ETF Apr 01 2021 85	5,000	$124K	0.1%	$24.80	—	—	Put	464288953
—	PAYA Holdings Inc CL A Aug 20 2021 10	623	$123K	0.1%	$197.43	—	—	Call	70434P903
—	iShares Trust 20 Plus Year Treas 04/16/21 145	10,000	$105K	0.1%	$10.50	—	—	Call	464287902
GSBC	Great Southn Bancorp	1,080	$61,000	0.1%	$56.48	$44.35	+27.8%	common	390905107
—	Popular Inc. July 16 2021 55	22	$35,000	0.0%	$1590.91	—	—	Call	733174900
—	SPDR S&P Regional Banking ETF Apr 01 2021 62	5,000	$15,000	0.0%	$3.00	—	—	Put	78464A958
—	Toronto Dominion BK ONT Apr 16 2021 62.50	500	$14,000	0.0%	$28.00	—	—	Put	891160959
—	Square Inc Apr 16 2021 260	100	$14,000	0.0%	$140.00	—	—	Call	852234903
RVSB	Riverview Bancorp Inc	1,500	$10,000	0.0%	$6.67 *	$5.30	+12.9%	common	769397100
—	NCINO Inc Apr 16 2021 55	200	$9,000	0.0%	$45.00	—	—	Put	63947U907
BBT	Berkshire Hill Bancorp	401	$9,000	0.0%	$22.44 *	$9.21	+111.6%	common	084680107
—	Canadian Imp BK COMM Apr 16 2021 95	300	$8,000	0.0%	$26.67	$92.50	—	Put	136069951
—	Bank of Nova Scotia Apr 16 2021 60	350	$8,000	0.0%	$22.86	—	—	Put	064149957
—	Texas Cap Bancshares Inc Apr 16 2021 80	100	$7,000	0.0%	$70.00	—	—	Call	88224Q907
—	iShares Trust IBOXX HI YD ETF Jun 18 2021 90	1,000	$4,000	0.0%	$4.00	—	—	Call	464288903
—	Royal BK CDA Montreal Apr 16 2021 80	300	$2,000	0.0%	$6.67	—	—	Put	780087952