Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SPY	SPDR S&P 500 ETF TR	220,000	$53.2M	4.2%	—	—	Put	78462F103
—	PINNACLE FINL PARTNERS INC	841,264	$52.83M	4.2%	$62.94	—	COM	72346Q104
—	SELECT SECTOR SPDR TR	1,760,000	$43.42M	3.5%	—	—	Put	81369y605
—	PARK STERLING CORP	3,266,478	$38.81M	3.1%	$10.24	—	COM	70086Y105
IWM	ISHARES TR	264,000	$37.2M	3.0%	—	—	Put	464287655
—	FB FINL CORP	1,004,855	$36.37M	2.9%	$28.72	—	COM	30257x104
—	PACIFIC PREMIER BANCORP	928,557	$34.26M	2.7%	$37.44	—	COM	69478x105
HYG	ISHARES TR	352,000	$31.11M	2.5%	—	—	Put	464288513
—	SPDR SERIES TRUST	528,000	$29.02M	2.3%	—	—	Put	78464a698
—	TRIUMPH BANCORP INC	1,163,180	$28.56M	2.3%	$24.55	—	COM	89679e300
—	OPUS BK IRVINE CALIF	1,178,420	$28.52M	2.3%	$30.90	—	COM	684000102
—	ATLANTIC CAP BANCSHARES INC	1,453,304	$27.61M	2.2%	$15.06	—	COM	048269203
SBCF	SEACOAST BKG CORP FLA	1,063,240	$25.62M	2.0%	$19.16	+24.2%	COM NEW	811707801
FBNC	FIRST BANCORP N C	784,180	$24.51M	1.9%	$22.61	+9.9%	COM	318910106
—	FIRST FNDTN INC	1,450,482	$23.83M	1.9%	$15.51	—	COM	32026v104
—	AMERIS BANCORP	396,000	$19.09M	1.5%	$48.20	—	COM	03076k108
—	XENITH BANKSHARES INC NEW	589,776	$18.32M	1.5%	$27.72	—	COM NEW	984102202
—	GUARANTY BANCORP DEL	647,812	$17.62M	1.4%	$24.33	—	COM NEW	40075T607
FIBK	FIRST INTST BANCSYSTEM INC	466,231	$17.34M	1.4%	$24.61	0.0%	COM CL A	32055Y201
BKU	BANKUNITED INC	500,000	$16.86M	1.3%	$26.40	0.0%	COM	06652K103
—	UNITED FINL BANCORP INC NEW	974,935	$16.27M	1.3%	$13.51	—	COM	910304104
VLY	VALLEY NATL BANCORP	1,355,390	$16.01M	1.3%	$11.48	+2.0%	COM	919794107
—	BB&T CORP	352,000	$15.98M	1.3%	—	—	Put	054937107
OCFC	OCEANFIRST FINL CORP	578,860	$15.7M	1.2%	$13.64	+44.6%	COM	675234108
ALL	ALLSTATE CORP	176,000	$15.57M	1.2%	—	—	Put	020002101
AXP	AMERICAN EXPRESS CO	176,000	$14.83M	1.2%	—	—	Put	025816109
EEM	ISHARES TR	352,000	$14.57M	1.2%	—	—	Put	464287234
—	IBERIABANK CORP	175,000	$14.26M	1.1%	$80.40	—	COM	450828108
—	BOSTON PRIVATE FINL HLDGS IN	922,986	$14.17M	1.1%	$11.57	—	COM	101119105
—	COWEN INC	868,146	$14.11M	1.1%	$15.50	—	CL A NEW	223622606
—	STATE BK FINL CORP	515,716	$13.99M	1.1%	$20.72	—	COM	856190103
—	EQUITY BANCSHARES INC	446,480	$13.68M	1.1%	$25.45	—	COM CL A	29460x109
—	XL GROUP LTD	308,000	$13.49M	1.1%	—	—	Put	g98294104
—	ASTORIA FINL CORP	650,000	$13.1M	1.0%	$15.77	—	COM	046265104
SFST	SOUTHERN FIRST BANCSHARES IN	343,227	$12.72M	1.0%	$24.08	+42.6%	COM	842873101
WAL	WESTERN ALLIANCE BANCORP	250,000	$12.3M	1.0%	$30.48	+35.5%	COM	957638109
HFWA	HERITAGE FINL CORP WASH	455,407	$12.07M	1.0%	$25.05	+0.1%	COM	42722X106
USB	US BANCORP DEL	220,000	$11.42M	0.9%	—	—	Put	902973304
AIG	AMERICAN INTL GROUP INC	176,000	$11M	0.9%	—	—	Put	026874784
BAC	BANK AMER CORP	450,600	$10.93M	0.9%	$14.17	+34.8%	COM	060505104
—	FIRST BANCSHARES INC MS	392,934	$10.85M	0.9%	$19.13	—	COM	318916103
MA	MASTERCARD INCORPORATED	88,000	$10.69M	0.8%	—	—	Put	57636Q104
—	FIDELITY SOUTHERN CORP NEW	459,501	$10.5M	0.8%	$17.66	—	COM	316394105
WFC	WELLS FARGO CO NEW	176,000	$9.752M	0.8%	—	—	Put	949746101
HOMB	HOME BANCSHARES INC	386,250	$9.618M	0.8%	$20.58	+21.1%	COM	436893200
—	TD AMERITRADE HLDG CORP	220,000	$9.458M	0.8%	—	—	Put	87236Y108
—	LAKELAND BANCORP INC	500,000	$9.425M	0.7%	$19.50	—	COM	511637100
WNEB	WESTERN NEW ENG BANCORP INC	866,658	$8.797M	0.7%	$7.82	+4.2%	COM	958892101
—	CAPITAL BK FINL CORP	225,000	$8.572M	0.7%	$39.25	—	CL A COM	139794101
—	VISA INC	88,000	$8.253M	0.7%	$88.87	—	Put	92826c839
SAMG	SILVERCREST ASSET MGMT GROUP	600,761	$8.08M	0.6%	$12.89	+1.1%	CL A	828359109
—	JPMORGAN CHASE & CO	88,000	$8.043M	0.6%	—	—	Put	46625h100
—	VERITEX HLDGS INC	300,060	$7.901M	0.6%	$21.56	—	COM	923451108
STT	STATE STR CORP	88,000	$7.896M	0.6%	—	—	Put	857477103
—	MIDSOUTH BANCORP INC	669,839	$7.871M	0.6%	$11.75	—	COM	598039105
—	E TRADE FINANCIAL CORP	200,000	$7.606M	0.6%	$32.39	—	COM NEW	269246401
COF	CAPITAL ONE FINL CORP	88,000	$7.271M	0.6%	—	—	Put	14040H105
—	HOMESTREET INC	262,670	$7.269M	0.6%	$27.95	—	COM	43785v102
PGC	PEAPACK-GLADSTONE FINL CORP	229,770	$7.19M	0.6%	$28.83	0.0%	COM	704699107
CFG	CITIZENS FINL GROUP INC	200,000	$7.136M	0.6%	$16.42	+53.2%	COM	174610105
FITB	FIFTH THIRD BANCORP	264,000	$6.853M	0.5%	—	—	Put	316773100
AFL	AFLAC INC	88,000	$6.836M	0.5%	—	—	Put	001055102
BBT	BERKSHIRE HILLS BANCORP INC	190,830	$6.708M	0.5%	$27.79	0.0%	COM	084680107
—	REGIONS FINL CORP NEW	450,000	$6.588M	0.5%	$14.59	—	COM	7591ep100
—	PARAGON COML CORP	117,275	$6.153M	0.5%	$36.36	—	COM NEW	69911U403
FCCO	FIRST CMNTY CORP S C	292,490	$6.142M	0.5%	$10.08	+65.0%	COM	319835104
HTB	HOMETRUST BANCSHARES INC	248,939	$6.074M	0.5%	$15.70	+56.5%	COM	437872104
BY	BYLINE BANCORP INC	293,830	$5.891M	0.5%	$18.32	0.0%	COM	124411109
—	CAROLINA FINL CORP NEW	182,040	$5.883M	0.5%	$30.00	—	COM	143873107
—	SUNSHINE BANCORP INC	271,897	$5.794M	0.5%	$21.22	—	COM	86777J108
SCHW	SCHWAB CHARLES CORP NEW	132,000	$5.671M	0.5%	—	—	Put	808513105
—	OLD LINE BANCSHARES INC	200,000	$5.636M	0.4%	$18.00	—	COM	67984m100
—	SOUTHERN NATL BANCORP OF VA	319,417	$5.622M	0.4%	$11.01	—	COM	843395104
—	TRAVELERS COMPANIES INC	44,000	$5.567M	0.4%	—	—	Put	89417e109
—	PCSB FINL CORP	322,160	$5.496M	0.4%	$17.06	—	COM	69324R104
—	ATLANTIC COAST FINL CORP	696,437	$5.46M	0.4%	$4.38	—	COM	048426100
—	BROOKLINE BANCORP INC DEL	354,795	$5.18M	0.4%	$14.60	—	COM	11373m107
CAC	CAMDEN NATL CORP	120,000	$5.149M	0.4%	$22.06	+39.0%	COM	133034108
—	GREEN BANCORP INC	251,620	$4.881M	0.4%	$17.80	—	COM	39260x100
—	FIRST CONN BANCORP INC MD	185,854	$4.767M	0.4%	$18.95	—	COM	319850103
—	ASB BANCORP INC N C	105,823	$4.651M	0.4%	$20.80	—	COM	00213T109
AER	AERCAP HOLDINGS NV	100,000	$4.643M	0.4%	$42.37	+4.7%	SHS	N00985106
—	FIRST SOUTH BANCORP INC VA	273,536	$4.524M	0.4%	$16.54	—	COM	33646W100
BK	BANK NEW YORK MELLON CORP	88,000	$4.49M	0.4%	—	—	Put	064058100
—	SYNOVUS FINL CORP	100,000	$4.424M	0.4%	$28.74	—	COM NEW	87161C501
—	SOUTH ST CORP	50,000	$4.285M	0.3%	$85.70	—	COM	840441109
—	MANNING & NAPIER INC	903,497	$3.93M	0.3%	$6.73	—	CL A	56382q102
MS	MORGAN STANLEY	88,000	$3.921M	0.3%	—	—	Put	617446448
PGR	PROGRESSIVE CORP OHIO	88,000	$3.88M	0.3%	—	—	Put	743315103
—	SPDR SERIES TRUST	88,000	$3.83M	0.3%	—	—	Put	78464a797
—	EVANS BANCORP INC	90,644	$3.621M	0.3%	$31.97	—	COM NEW	29911Q208
—	M & T BK CORP	40,000	$3.523M	0.3%	$37.91	—	*W EXP 12/23/201	55261F112
—	FIRST MIDWEST BANCORP DEL	150,000	$3.496M	0.3%	$23.68	—	COM	320867104
FHN	FIRST HORIZON NATL CORP	200,000	$3.484M	0.3%	$13.06	0.0%	COM	320517105
—	SUN BANCORP INC	133,688	$3.295M	0.3%	$23.29	—	COM NEW	86663b201
SHBI	SHORE BANCSHARES INC	200,000	$3.29M	0.3%	$9.89	+67.7%	COM	825107105
OSBC	OLD SECOND BANCORP INC ILL	283,288	$3.272M	0.3%	$6.75	+58.4%	COM	680277100
PFS	PROVIDENT FINL SVCS INC	125,000	$3.172M	0.3%	$16.35	0.0%	COM	74386T105
—	INDEPENDENT BK GROUP INC	45,820	$2.726M	0.2%	$63.61	—	COM	45384b106
—	BANCORPSOUTH INC	83,360	$2.542M	0.2%	$30.25	—	COM	059692103
—	DISCOVER FINL SVCS	37,500	$2.332M	0.2%	$52.94	—	COM	254709108
—	COBIZ FINANCIAL INC	125,782	$2.189M	0.2%	$10.93	—	COM	190897108
—	KEARNY FINL CORP MD	113,212	$1.681M	0.1%	$13.61	—	COM	48716p108
—	SI FINL GROUP INC MD	100,000	$1.61M	0.1%	$16.10	—	COM	78425V104
—	PERFORMANT FINL CORP	583,418	$1.219M	0.1%	$2.35	—	COM	71377e105
—	SELECT BANCORP INC NEW	97,066	$1.187M	0.1%	$10.16	—	COM	81617L108
ESQ	ESQUIRE FINL HLDGS INC	44,400	$666K	0.1%	$14.50	0.0%	COM	29667J101
—	BSB BANCORP INC MD	21,408	$626K	0.0%	$22.53	—	COM	05573H108
—	NATIONAL COMM CORP	15,070	$596K	0.0%	$39.55	—	COM	63546l102
—	BANCORP 34 INC	34,489	$484K	0.0%	$12.60	—	COM	05970v106
CIVB	CIVISTA BANCSHARES INC	21,860	$456K	0.0%	$17.18	-2.6%	COM NO PAR	178867107
—	HOWARD BANCORP INC	20,180	$388K	0.0%	$18.72	—	COM	442496105
ISTR	INVESTAR HLDG CORP	14,330	$328K	0.0%	$20.32	+10.4%	COM	46134L105
—	FSB BANCORP INC	17,550	$259K	0.0%	$12.58	—	COM	30289C102