Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	637,500	$70.53M	9.0%	—	—	Put	464287655
—	YADKIN FINL CORP	2,272,075	$53.78M	6.8%	$22.39	—	COM	984305102
XLF	SELECT SECTOR SPDR TR	1,425,000	$32.06M	4.1%	—	—	Put	81369Y605
SPY	SPDR S&P 500 ETF TR	150,000	$30.83M	3.9%	—	—	Put	78462F103
—	BNC BANCORP	1,108,010	$23.4M	3.0%	$22.38	—	COM	05566T101
—	ATLANTIC CAP BANCSHARES INC	1,539,571	$21.46M	2.7%	$14.71	—	COM	048269203
KRE	SPDR SERIES TRUST	525,000	$19.76M	2.5%	—	—	Put	78464A698
COF	CAPITAL ONE FINL CORP	225,000	$15.59M	2.0%	—	—	Put	14040H105
—	SYNCHRONY FINL	530,000	$15.19M	1.9%	$30.41	—	COM	87165b103
—	OPUS BK IRVINE CALIF	446,540	$15.18M	1.9%	$36.97	—	COM	684000102
—	ASTORIA FINL CORP	875,000	$13.86M	1.8%	$15.71	—	COM	046265104
—	NEW YORK CMNTY BANCORP INC	850,000	$13.52M	1.7%	$16.32	—	COM	649445103
—	BOSTON PRIVATE FINL HLDGS IN	1,161,308	$13.3M	1.7%	$11.57	—	COM	101119105
TFIN	TRIUMPH BANCORP INC	817,524	$12.94M	1.6%	$13.54	+6.0%	COM	89679E300
—	COWEN GROUP INC NEW	3,345,699	$12.75M	1.6%	$3.81	—	CL A	223622101
—	DISCOVER FINL SVCS	250,000	$12.73M	1.6%	$52.94	—	COM	254709108
—	PARK STERLING CORP	1,824,827	$12.17M	1.5%	$6.67	—	COM	70086y105
FFWM	FIRST FNDTN INC	504,679	$11.32M	1.4%	$10.35	-2.7%	COM	32026V104
ABCB	AMERIS BANCORP	375,254	$11.1M	1.4%	$23.83	+4.6%	COM	03076K108
JPM	JPMORGAN CHASE & CO	187,000	$11.07M	1.4%	—	—	Put	46625H100
—	UNITED FINL BANCORP INC NEW	861,223	$10.84M	1.4%	$13.00	—	COM	910304104
HTB	HOMETRUST BANCSHARES INC	575,753	$10.55M	1.3%	$15.67	+16.7%	COM	437872104
ALL	ALLSTATE CORP	150,000	$10.11M	1.3%	—	—	Put	020002101
—	HERITAGE OAKS BANCORP	1,172,787	$9.136M	1.2%	$7.97	—	COM	42724R107
USB	US BANCORP DEL	225,000	$9.132M	1.2%	—	—	Put	902973304
KEY	KEYCORP NEW	800,000	$8.832M	1.1%	$8.08	-8.0%	COM	493267108
NBHC	NATIONAL BK HLDGS CORP	431,910	$8.807M	1.1%	$17.04	-6.3%	CL A	633707104
BAC	BANK AMER CORP	600,600	$8.12M	1.0%	$11.97	-9.3%	COM	060505104
—	STATE BK FINL CORP	406,394	$8.031M	1.0%	$19.68	—	COM	856190103
LOB	LIVE OAK BANCSHARES INC	531,200	$7.968M	1.0%	$16.02	-15.6%	COM	53803X105
—	SYNOVUS FINL CORP	275,000	$7.95M	1.0%	$28.69	—	COM NEW	87161C501
SAMG	SILVERCREST ASSET MGMT GROUP	600,761	$7.654M	1.0%	$12.89	-13.2%	CL A	828359109
WFC	WELLS FARGO & CO NEW	150,000	$7.254M	0.9%	—	—	Put	949746101
OCFC	OCEANFIRST FINL CORP	407,900	$7.212M	0.9%	$12.26	0.0%	COM	675234108
HIG	HARTFORD FINL SVCS GROUP INC	150,000	$6.912M	0.9%	$36.94	-8.0%	COM	416515104
KBE	SPDR SERIES TRUST	225,000	$6.834M	0.9%	—	—	Put	78464A797
STT	STATE STR CORP	112,500	$6.584M	0.8%	—	—	Put	857477103
—	CONNECTONE BANCORP INC NEW	383,890	$6.277M	0.8%	$16.35	—	COM	20786w107
HLI	HOULIHAN LOKEY INC	250,705	$6.243M	0.8%	$17.75	+11.0%	CL A	441593100
—	FRANKLIN FINL NETWORK INC	226,330	$6.111M	0.8%	$31.38	—	COM	35352p104
BK	BANK NEW YORK MELLON CORP	150,000	$5.524M	0.7%	—	—	Put	064058100
—	FIRST BANCSHARES INC MS	350,709	$5.482M	0.7%	$17.50	—	COM	318916103
CFG	CITIZENS FINL GROUP INC	250,000	$5.237M	0.7%	$17.37	-15.4%	COM	174610105
MS	MORGAN STANLEY	204,200	$5.107M	0.6%	$25.99	-25.7%	COM NEW	617446448
SBCF	SEACOAST BKG CORP FLA	318,207	$5.025M	0.6%	$11.38	+30.0%	COM NEW	811707801
—	BB&T CORP	150,000	$4.99M	0.6%	—	—	Put	054937107
NDAQ	NASDAQ INC	75,000	$4.978M	0.6%	—	—	Put	631103108
—	FIDELITY SOUTHERN CORP NEW	310,314	$4.977M	0.6%	$16.98	—	COM	316394105
—	SOUTHERN NATL BANCORP OF VA	411,120	$4.9M	0.6%	$10.84	—	COM	843395104
—	E TRADE FINANCIAL CORP	200,000	$4.898M	0.6%	$26.75	—	COM NEW	269246401
—	SOUTH ST CORP	75,000	$4.817M	0.6%	$61.00	—	COM	840441109
SHBI	SHORE BANCSHARES INC	384,817	$4.61M	0.6%	$9.70	+16.9%	COM	825107105
MRSH	MARSH & MCLENNAN COS INC	75,000	$4.559M	0.6%	—	—	Put	571748102
—	AVENUE FINL HLDGS INC	226,145	$4.38M	0.6%	$13.20	—	COM	05358K102
CMA	COMERICA INC	112,500	$4.26M	0.5%	—	—	Put	200340107
—	EQUITY BANCSHARES INC	201,442	$4.23M	0.5%	$22.46	—	COM CL A	29460x109
C	CITIGROUP INC	100,000	$4.175M	0.5%	$39.62	-21.2%	COM NEW	172967424
—	ATLANTIC COAST FINL CORP	689,729	$4.166M	0.5%	$4.36	—	COM	048426100
HOMB	HOME BANCSHARES INC	100,000	$4.095M	0.5%	$16.18	+21.5%	COM	436893200
—	MANNING & NAPIER INC	502,537	$4.055M	0.5%	$7.68	—	CL A	56382Q102
RNST	RENASANT CORP	117,962	$3.882M	0.5%	$33.11	-3.9%	COM	75970E107
—	AMERICAN CAP LTD	250,000	$3.81M	0.5%	$13.79	—	COM	02503y103
SFST	SOUTHERN FIRST BANCSHARES IN	155,152	$3.788M	0.5%	$19.73	+18.2%	COM	842873101
—	XL GROUP PLC	100,000	$3.68M	0.5%	$39.18	—	SHS	g98290102
ZION	ZIONS BANCORPORATION	150,000	$3.632M	0.5%	—	—	Put	989701107
WBS	WEBSTER FINL CORP CONN	100,000	$3.59M	0.5%	$37.56	-8.8%	COM	947890109
—	C1 FINL INC	147,736	$3.575M	0.5%	$24.21	—	COM	12591n109
—	HAMPTON ROADS BANKSHARES INC	1,995,061	$3.532M	0.4%	$1.98	—	COM NEW	409321502
FBNC	FIRST BANCORP N C	185,950	$3.505M	0.4%	$14.89	+3.3%	COM	318910106
—	ASB BANCORP INC N C	140,479	$3.405M	0.4%	$20.59	—	COM	00213T109
CAC	CAMDEN NATL CORP	80,000	$3.36M	0.4%	$19.89	-4.8%	COM	133034108
ACRE	ARES COML REAL ESTATE CORP	305,000	$3.34M	0.4%	$11.44	—	COM	04013V108
FCCO	FIRST CMNTY CORP S C	229,813	$3.314M	0.4%	$8.06	+32.4%	COM	319835104
FHN	FIRST HORIZON NATL CORP	250,000	$3.275M	0.4%	$10.68	-14.3%	COM	320517105
PNC	PNC FINL SVCS GROUP INC	37,500	$3.171M	0.4%	—	—	Put	693475105
—	M & T BK CORP	80,000	$3.033M	0.4%	$37.91	—	*W EXP 12/23/201	55261F112
—	SUN BANCORP INC	143,538	$2.973M	0.4%	$19.22	—	COM NEW	86663B201
SF	STIFEL FINL CORP	100,000	$2.96M	0.4%	$25.82	-26.9%	COM	860630102
NEWT	NEWTEK BUSINESS SVCS CORP	234,090	$2.926M	0.4%	$15.64	-26.9%	COM NEW	652526203
—	UNION BANKSHARES CORP NEW	111,610	$2.749M	0.3%	$24.63	—	COM	90539j109
—	WASHINGTONFIRST BANKSHARES I	115,173	$2.516M	0.3%	$22.53	—	COM	940730104
—	ALLEGIANCE BANCSHARES INC	131,440	$2.415M	0.3%	$23.65	—	COM	01748H107
AXP	AMERICAN EXPRESS CO	37,500	$2.303M	0.3%	—	—	Put	025816109
VOYA	VOYA FINL INC	75,000	$2.233M	0.3%	$35.47	-23.6%	COM	929089100
UCB	UNITED CMNTY BKS BLAIRSVLE G	119,156	$2.201M	0.3%	$20.44	-13.3%	COM	90984P303
NBTB	NBT BANCORP INC	81,670	$2.201M	0.3%	$21.18	+22.7%	COM	628778102
—	FIRST CONN BANCORP INC MD	130,000	$2.075M	0.3%	$17.41	—	COM	319850103
—	CAROLINA FINL CORP NEW	101,239	$1.879M	0.2%	$17.89	—	COM	143873107
OSBC	OLD SECOND BANCORP INC ILL	258,288	$1.852M	0.2%	$6.59	-4.4%	COM	680277100
FITB	FIFTH THIRD BANCORP	100,000	$1.669M	0.2%	$13.36	-13.1%	COM	316773100
—	SOUTHCOAST FINANCIAL CORP	122,576	$1.6M	0.2%	$7.51	—	COM	84129R100
—	REGIONS FINL CORP NEW	200,000	$1.57M	0.2%	$9.60	—	COM	7591ep100
—	TAL INTL GROUP INC	100,000	$1.544M	0.2%	$15.90	—	COM	874083108
—	GUARANTY BANCORP DEL	95,800	$1.481M	0.2%	$16.01	—	COM NEW	40075T607
—	SELECT BANCORP INC NEW	167,532	$1.34M	0.2%	$7.30	—	COM	81617L108
—	COBIZ FINANCIAL INC	100,000	$1.182M	0.2%	$9.41	—	COM	190897108
—	CAI INTERNATIONAL INC	119,150	$1.151M	0.1%	$10.08	—	COM	12477X106
TFSL	TFS FINL CORP	65,050	$1.13M	0.1%	$5.55	+64.4%	COM	87240R107
—	STONEGATE BK FT LAUDERDALE F	35,410	$1.061M	0.1%	$29.96	—	COM	861811107
—	EVANS BANCORP INC	43,004	$1.049M	0.1%	$24.44	—	COM NEW	29911Q208
—	PERFORMANT FINL CORP	583,418	$992K	0.1%	$3.37	—	COM	71377E105
—	AMERICAN EQTY INVT LIFE HLD	55,210	$928K	0.1%	$23.47	—	COM	025676206
UVSP	UNIVEST CORP PA	45,000	$878K	0.1%	$20.22	-4.2%	COM	915271100
—	OLD LINE BANCSHARES INC	48,151	$868K	0.1%	$17.60	—	COM	67984M100
—	SARATOGA INVT CORP	54,310	$852K	0.1%	$15.56	—	COM NEW	80349a208
—	CARDINAL FINL CORP	41,390	$842K	0.1%	$20.34	—	COM	14149f109
—	NATIONAL HOLDINGS CORP	286,084	$684K	0.1%	$2.75	—	COM NEW	636375206
PEBO	PEOPLES BANCORP INC	31,270	$611K	0.1%	$18.19	0.0%	COM	709789101
—	BSB BANCORP INC MD	18,474	$415K	0.1%	$22.12	—	COM	05573H108
HTBK	HERITAGE COMMERCE CORP	24,453	$245K	0.0%	$9.13	+7.6%	COM	426927109