Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	SPDR S&P 500 ETF TR	300,000	$64.89M	7.4%	—	—	Put	78462f103
IWM	ISHARES TR	375,000	$46.58M	5.3%	—	—	Put	464287655
—	BNC BANCORP	1,579,458	$38.41M	4.4%	$22.76	—	COM	05566T101
—	YADKIN FINL CORP	1,365,574	$35.9M	4.1%	$22.39	—	COM	984305102
—	OPUS BK IRVINE CALIF	620,840	$21.96M	2.5%	$36.47	—	COM	684000102
—	SELECT SECTOR SPDR TR	1,050,000	$20.27M	2.3%	—	—	Put	81369y605
—	ATLANTIC CAP BANCSHARES INC	1,349,955	$20.22M	2.3%	$14.76	—	COM	048269203
TFIN	TRIUMPH BANCORP INC	923,223	$18.32M	2.1%	$13.85	+30.7%	COM	89679E300
FFWM	FIRST FNDTN INC	720,158	$17.77M	2.0%	$10.49	+4.0%	COM	32026V104
SYF	SYNCHRONY FINL	575,000	$16.1M	1.8%	$23.23	-5.4%	COM	87165B103
—	UNITED FINL BANCORP INC NEW	1,074,843	$14.88M	1.7%	$13.09	—	COM	910304104
ABCB	AMERIS BANCORP	420,004	$14.68M	1.7%	$24.16	+21.9%	COM	03076K108
KEY	KEYCORP NEW	1,200,000	$14.6M	1.7%	$8.07	+0.4%	COM	493267108
—	NEW YORK CMNTY BANCORP INC	1,000,000	$14.23M	1.6%	$16.01	—	COM	649445103
—	COWEN GROUP INC NEW	3,731,849	$13.55M	1.5%	$3.71	—	CL A	223622101
PNC	PNC FINL SVCS GROUP INC	150,000	$13.51M	1.5%	—	—	Put	693475105
—	ASTORIA FINL CORP	860,000	$12.56M	1.4%	$15.53	—	COM	046265104
BAC	BANK AMER CORP	800,600	$12.53M	1.4%	$11.72	+3.0%	COM	060505104
—	JPMORGAN CHASE & CO	187,500	$12.48M	1.4%	—	—	Put	46625h100
CFG	CITIZENS FINL GROUP INC	500,000	$12.36M	1.4%	$16.42	-1.9%	COM	174610105
—	BOSTON PRIVATE FINL HLDGS IN	958,220	$12.29M	1.4%	$11.57	—	COM	101119105
HOMB	HOME BANCSHARES INC	577,500	$12.02M	1.4%	$20.58	+4.5%	COM	436893200
WAL	WESTERN ALLIANCE BANCORP	300,000	$11.26M	1.3%	$30.48	+1.3%	COM	957638109
—	SPDR SERIES TRUST	262,500	$11.1M	1.3%	—	—	Put	78464a698
—	CAPITAL ONE FINL CORP	150,000	$10.77M	1.2%	—	—	Put	14040h105
HTB	HOMETRUST BANCSHARES INC	577,562	$10.69M	1.2%	$15.70	+20.1%	COM	437872104
CMA	COMERICA INC	225,000	$10.65M	1.2%	—	—	Put	200340107
—	FIDELITY SOUTHERN CORP NEW	575,694	$10.59M	1.2%	$17.53	—	COM	316394105
—	SYNOVUS FINL CORP	325,000	$10.57M	1.2%	$28.74	—	COM NEW	87161C501
—	STATE BK FINL CORP	456,042	$10.41M	1.2%	$19.81	—	COM	856190103
ALL	ALLSTATE CORP	150,000	$10.38M	1.2%	—	—	Put	020002101
USB	US BANCORP DEL	225,000	$9.651M	1.1%	—	—	Put	902973304
AXP	AMERICAN EXPRESS CO	150,000	$9.606M	1.1%	—	—	Put	025816109
C	CITIGROUP INC	200,000	$9.446M	1.1%	$36.36	-6.1%	COM NEW	172967424
BK	BANK NEW YORK MELLON CORP	225,000	$8.973M	1.0%	—	—	Put	064058100
OCFC	OCEANFIRST FINL CORP	457,850	$8.818M	1.0%	$12.86	+5.1%	COM	675234108
—	SUNTRUST BKS INC	200,000	$8.76M	1.0%	$41.08	—	COM	867914103
—	FB FINL CORP	409,984	$8.274M	0.9%	$20.18	—	COM	30257x104
—	EQUITY BANCSHARES INC	309,877	$8.038M	0.9%	$22.66	—	COM CL A	29460x109
SFST	SOUTHERN FIRST BANCSHARES IN	288,636	$7.961M	0.9%	$22.19	+24.0%	COM	842873101
—	TD AMERITRADE HLDG CORP	225,000	$7.929M	0.9%	—	—	Put	87236Y108
—	PARK STERLING CORP	935,845	$7.599M	0.9%	$7.09	—	COM	70086Y105
SBCF	SEACOAST BKG CORP FLA	445,158	$7.162M	0.8%	$12.76	+28.5%	COM NEW	811707801
SAMG	SILVERCREST ASSET MGMT GROUP	600,761	$7.131M	0.8%	$12.89	-6.0%	CL A	828359109
SCHW	SCHWAB CHARLES CORP NEW	225,000	$7.104M	0.8%	—	—	Put	808513105
—	BB&T CORP	187,500	$7.072M	0.8%	—	—	Put	054937107
ZION	ZIONS BANCORPORATION	225,000	$6.978M	0.8%	—	—	Put	989701107
—	CONNECTONE BANCORP INC NEW	383,890	$6.933M	0.8%	$16.35	—	COM	20786w107
WFC	WELLS FARGO & CO NEW	150,000	$6.642M	0.8%	—	—	Put	949746101
MS	MORGAN STANLEY	204,200	$6.547M	0.7%	$25.99	-12.1%	COM NEW	617446448
—	FIRST BANCSHARES INC MS	331,945	$6.34M	0.7%	$17.49	—	COM	318916103
—	SOUTHERN NATL BANCORP OF VA	470,993	$6.146M	0.7%	$11.01	—	COM	843395104
—	BANKUNITED INC	200,000	$6.04M	0.7%	$30.72	—	COM	06652k103
—	E TRADE FINANCIAL CORP	200,000	$5.824M	0.7%	$26.75	—	COM NEW	269246401
—	SELECT SECTOR SPDR TR	300,000	$5.79M	0.7%	—	—	Call	81369y605
—	DISCOVER FINL SVCS	100,000	$5.655M	0.6%	$52.94	—	COM	254709108
—	XL GROUP LTD	150,000	$5.044M	0.6%	—	—	Put	g98294104
SHBI	SHORE BANCSHARES INC	426,055	$5.019M	0.6%	$9.89	+18.3%	COM	825107105
KBE	SPDR SERIES TRUST	150,000	$5.006M	0.6%	—	—	Put	78464A797
HLI	HOULIHAN LOKEY INC	189,895	$4.757M	0.5%	$17.75	+11.6%	CL A	441593100
—	OLD LINE BANCSHARES INC	229,211	$4.522M	0.5%	$18.00	—	COM	67984m100
AIG	AMERICAN INTL GROUP INC	75,000	$4.45M	0.5%	—	—	Put	026874784
—	ATLANTIC COAST FINL CORP	697,029	$4.412M	0.5%	$4.38	—	COM	048426100
—	XENITH BANKSHARES INC NEW	1,890,463	$4.367M	0.5%	$2.31	—	COM	984102103
—	PARAGON COML CORP	113,942	$4.134M	0.5%	$35.79	—	COM NEW	69911U403
CHCT	COMMUNITY HEALTHCARE TR INC	178,956	$3.923M	0.4%	$21.14	—	COM	20369C106
CAC	CAMDEN NATL CORP	80,000	$3.819M	0.4%	$19.89	+8.8%	COM	133034108
FHN	FIRST HORIZON NATL CORP	250,000	$3.807M	0.4%	$10.68	+0.6%	COM	320517105
—	ASB BANCORP INC N C	139,779	$3.669M	0.4%	$20.59	—	COM	00213T109
—	LAZARD LTD	100,000	$3.636M	0.4%	$29.78	—	SHS A	g54050102
FCCO	FIRST CMNTY CORP S C	222,941	$3.511M	0.4%	$8.15	+44.6%	COM	319835104
HRB	BLOCK H & R INC	150,000	$3.472M	0.4%	—	—	Put	093671105
—	M & T BK CORP	80,000	$3.384M	0.4%	$37.91	—	*W EXP 12/23/201	55261F112
—	LIVE OAK BANCSHARES INC	230,460	$3.323M	0.4%	$14.11	—	COM	53803x105
HIG	HARTFORD FINL SVCS GROUP INC	75,000	$3.211M	0.4%	—	—	Put	416515104
FBNC	FIRST BANCORP N C	159,250	$3.152M	0.4%	$14.89	+6.7%	COM	318910106
—	WASHINGTONFIRST BANKSHARES I	116,045	$2.856M	0.3%	$22.53	—	COM	940730104
—	VERITEX HLDGS INC	164,110	$2.854M	0.3%	$16.02	—	COM	923451108
—	PINNACLE FINL PARTNERS INC	50,000	$2.704M	0.3%	$54.08	—	COM	72346Q104
BEN	FRANKLIN RES INC	75,000	$2.668M	0.3%	—	—	Put	354613101
STT	STATE STR CORP	37,500	$2.611M	0.3%	—	—	Put	857477103
—	FIRST CONN BANCORP INC MD	145,411	$2.587M	0.3%	$17.32	—	COM	319850103
NDAQ	NASDAQ INC	37,500	$2.533M	0.3%	—	—	Put	631103108
—	BANK OF THE OZARKS INC	65,500	$2.515M	0.3%	$38.40	—	COM	063904106
—	PRICE T ROWE GROUP INC	37,500	$2.494M	0.3%	—	—	Put	74144t108
—	CAROLINA FINL CORP NEW	102,995	$2.301M	0.3%	$17.97	—	COM	143873107
FHI	FEDERATED INVS INC PA	75,000	$2.222M	0.3%	—	—	Put	314211103
VOYA	VOYA FINL INC	75,000	$2.161M	0.2%	$35.47	-30.9%	COM	929089100
OSBC	OLD SECOND BANCORP INC ILL	258,288	$2.146M	0.2%	$6.59	+6.4%	COM	680277100
—	SELECT BANCORP INC NEW	262,009	$2.096M	0.2%	$7.57	—	COM	81617L108
FITB	FIFTH THIRD BANCORP	100,000	$2.046M	0.2%	$13.36	+3.6%	COM	316773100
—	REGIONS FINL CORP NEW	200,000	$1.974M	0.2%	$9.60	—	COM	7591ep100
—	MANNING & NAPIER INC	245,477	$1.74M	0.2%	$9.50	—	CL A	56382q102
—	PERFORMANT FINL CORP	583,418	$1.721M	0.2%	$3.37	—	COM	71377E105
—	GUARANTY BANCORP DEL	95,800	$1.71M	0.2%	$16.70	—	COM NEW	40075t607
—	KEARNY FINL CORP MD	113,212	$1.541M	0.2%	$13.61	—	COM	48716p108
—	COBIZ FINANCIAL INC	100,000	$1.331M	0.2%	$9.41	—	COM	190897108
FMNB	FARMERS NATL BANC CORP	109,785	$1.183M	0.1%	$6.98	0.0%	COM	309627107
—	EVANS BANCORP INC	43,004	$1.176M	0.1%	$24.44	—	COM NEW	29911Q208
UNTY	UNITY BANCORP INC	90,501	$1.16M	0.1%	$9.48	+6.6%	COM	913290102
UVSP	UNIVEST CORP PA	45,000	$1.051M	0.1%	$20.22	+10.3%	COM	915271100
—	SUN BANCORP INC	42,338	$976K	0.1%	$20.67	—	COM NEW	86663b201
—	CAI INTERNATIONAL INC	113,350	$937K	0.1%	$7.50	—	COM	12477x106
—	BSB BANCORP INC MD	20,717	$485K	0.1%	$22.26	—	COM	05573H108
—	FSB BANCORP INC	16,580	$207K	0.0%	$12.48	—	COM	30289C102