Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
—	First Bancshares Inc MS	188,399	$7.306M	7.0%	$38.78	$16.56	—	common	318916103
FFBB	Communities First Financial Corp	155,046	$7.287M	7.0%	$47.00	$25.69	+82.9%	common	20344D104
RVSB	Riverview Bancorp Inc	635,961	$4.623M	4.4%	$7.27 *	$6.06	+5.0%	common	769397100
—	Amerant Bancorp CL B	196,472	$4.566M	4.4%	$23.24	$17.41	—	common	023576200
UBAB	United Bancorporation Ala CL A	142,586	$4.349M	4.1%	$30.50 *	$19.02	+46.3%	common	90944R100
WAL	Western Alliance Bancorp	39,121	$4.257M	4.1%	$108.82 *	$55.02	+79.4%	common	957638109
—	US Metro Bank	950,073	$3.962M	3.8%	$4.17	$3.65	—	common	90343B102
—	Pacwest Bancorp DEL	82,000	$3.716M	3.5%	$45.32	$21.24	—	common	695263103
FBK	FB Financial Corp	86,125	$3.693M	3.5%	$42.88 *	$23.58	+69.8%	common	30257X104
FBNC	First Bancorp NC	85,353	$3.671M	3.5%	$43.01 *	$24.58	+58.8%	common	318910106
—	Southern Sts Bancshares Inc	189,218	$3.608M	3.4%	$19.07	$19.07	—	common	843878307
—	Pacific Premier Bancorp	79,945	$3.313M	3.2%	$41.44	$18.67	—	common	69478X105
—	Reliant Bancorp	102,171	$3.228M	3.1%	$31.59	$14.81	—	common	75956B101
—	Bancorpsouth Bk Tupelo Miss	105,600	$3.145M	3.0%	$29.78	$29.51	—	common	05971J102
—	Grandsouth Bancorporation	122,870	$2.928M	2.8%	$23.83	$14.00	—	common	386627301
NTB	Bank of NT Butterfield & Son	81,441	$2.892M	2.8%	$35.51 *	$29.33	-2.1%	common	G0772R208
ABCB	Ameris Bancorp	49,180	$2.551M	2.4%	$51.87 *	$36.79	+33.4%	common	03076K108
—	Pacific West Bank	162,590	$2.365M	2.3%	$14.55	$14.76	—	common	69506W202
MCB	Metropolitan Bk Hldg	24,000	$2.023M	1.9%	$84.29	$72.36	+15.7%	common	591774104
EBMT	Eagle Bancorp Montana Inc	89,407	$1.989M	1.9%	$22.25 *	$20.17	-5.6%	common	26942G100
FNWB	First Northwest Bancorp	112,905	$1.983M	1.9%	$17.56 *	$15.89	+2.0%	common	335834107
—	Intelligent Systems Corp New	41,552	$1.687M	1.6%	$40.60	$37.81	—	common	45816D100
HTBK	Heritage Commerce Corp	141,800	$1.649M	1.6%	$11.63 *	$8.45	+32.4%	common	426927109
—	McHenry Bancorp, Inc.	17,352,875	$1.628M	1.6%	$0.09	$0.11	—	common	580683100
—	Lakeland Bancorp Inc	87,162	$1.537M	1.5%	$17.63	$14.93	—	common	511637100
—	PAYA Holdings Inc CL A	138,314	$1.503M	1.4%	$10.87	$10.93	—	common	70434P103
PYPL	Paypal Holdings Inc	5,600	$1.457M	1.4%	$260.18	$251.93	+3.0%	common	70450Y103
—	Paysafe Limited Ord	180,500	$1.399M	1.3%	$7.75	$13.08	—	common	G6964L107
FFIC	Flushing Financial	60,000	$1.356M	1.3%	$22.60 *	$10.51	+64.5%	common	343873105
—	Citigroup Jan 20 2023 37.50	400	$1.32M	1.3%	$3300.00	—	—	Call	172967904
FSBC	Five Star Bancorp	54,257	$1.299M	1.2%	$23.94 *	$22.57	-6.5%	common	33830T103
—	Metro Phoenix Bank	73,667	$1.216M	1.2%	$16.51	$9.16	—	common	59165E106
FIBK	First Intst Bancsystem CL A	30,000	$1.208M	1.2%	$40.27 *	$30.14	+2.6%	common	32055Y201
CCB	Coastal Financial Corporation WA	37,127	$1.183M	1.1%	$31.86	$23.76	+34.1%	common	19046P209
MVBF	MVB Financial	24,548	$1.051M	1.0%	$42.81 *	$16.61	+128.6%	common	553810102
—	Cecil Bancorp, Inc.	367,500	$1.021M	1.0%	$2.78	$2.78	—	common	149841306
GWBK	Gateway Bank FSB	3,000,000	$1.02M	1.0%	$0.34	$0.49	-29.9%	common	36758P102
FOUR	Shift4 Pmts Inc	12,000	$930K	0.9%	$77.50	$90.31	-14.2%	common	82452J109
—	SPDR Ser Tr S&P Regl Bkg Oct 15 2021 65	9,000	$791K	0.8%	$87.89	—	—	Put	78464A958
—	Veritex Holdings Inc	15,000	$590K	0.6%	$39.33	$21.19	—	common	923451108
BANC	Banc of California Inc	26,000	$481K	0.5%	$18.50 *	$16.03	+4.2%	common	05990K106
—	Financial Select Sector SPDR ETF Jan 21 2022 40	10,000	$446K	0.4%	$44.60	—	—	Call	81369Y905
UCB	United Community Banks Blairsvle GA	13,000	$427K	0.4%	$32.85	$18.00	+82.4%	common	90984P303
—	New York Cmnty Bancorp Inc Jan 21 2022 11	2,000	$405K	0.4%	$202.50	—	—	Call	649445903
—	NCINO Inc Feb 18 2022 70	450	$367K	0.4%	$815.56	—	—	Call	63947U907
—	Financial Select Sector SPDR ETF Oct 15 2021 35	15,000	$285K	0.3%	$19.00	—	—	Put	81369Y955
—	NCINO Inc	3,000	$213K	0.2%	$71.00	$66.77	—	common	63947U107
ZION	ZIONS Bancorporation NA	3,000	$186K	0.2%	$62.00	$54.94	+12.7%	common	989701107
—	iShares Trust 20 plus Year Treasury Oct 15 2021 155	4,000	$142K	0.1%	$35.50	—	—	Call	464287902
—	Riverview Bancorp Inc Dec 17 2021 5	373	$90,000	0.1%	$241.29	—	—	Call	769397900
PAYS	Paysign Inc.	26,616	$72,000	0.1%	$2.71	$4.95	-45.5%	common	70451A104
—	Banc of California Inc Oct 15 2021 16	250	$71,000	0.1%	$284.00	—	—	Call	05990K906
—	Metropolitan Bk Hldg Dec 17 2021 70	40	$64,000	0.1%	$1600.00	—	—	Call	591774904
—	PAYA Holdings Inc CL A Feb 18 2022 10	242	$52,000	0.0%	$214.88	—	—	Call	70434P903
—	Royal Bk CDA Oct 15 2021 100	300	$48,000	0.0%	$160.00	—	—	Put	780087952
—	Payoneer Global Inc Feb 18 2022 7.50	250	$43,000	0.0%	$172.00	—	—	Call	70451X904
—	Affirm Holdings Inc Oct 15 2021 100	200	$33,000	0.0%	$165.00	—	—	Put	00827B956
TBBK	Bancorp Inc Del	1,200	$31,000	0.0%	$25.83	$23.67	+7.5%	common	05969A105
KRE	SPDR Ser Tr S&P Regl Bkg	400	$27,000	0.0%	$67.50	$64.30	+5.4%	common	78464A698
XYZ	Square Inc CL A	100	$24,000	0.0%	$240.00	$231.94	+3.4%	common	852234103
—	Paysign Inc. Jan 21 2022 5	1,880	$14,000	0.0%	$7.45	—	—	Call	70451A904
—	Paysafe Limited Jan 21 2022 12	420	$11,000	0.0%	$26.19	—	—	Call	G6964L907
C	Citigroup	100	$7,000	0.0%	$70.00 *	$41.02	+46.4%	common	172967424
TFIN	Triumph Bancorp Inc	15	$2,000	0.0%	$133.33 *	$85.19	+17.5%	common	89679E300