Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	FB FINL CORP	1,282,870	$53.87M	5.1%	$30.67	—	COM	30257x104
IWM	ISHARES TR	305,000	$46.5M	4.4%	—	—	Put	464287655
—	PINNACLE FINL PARTNERS INC	641,264	$42.52M	4.1%	$66.95	—	COM	72346q104
—	TRIUMPH BANCORP INC	1,342,916	$42.3M	4.0%	$25.58	—	COM	89679e300
—	SOUTH ST CORP	460,447	$40.13M	3.8%	$87.15	—	COM	840441109
FBNC	FIRST BANCORP N C	918,654	$32.44M	3.1%	$23.94	+27.9%	COM	318910106
—	OPUS BK IRVINE CALIF	1,072,965	$29.29M	2.8%	$30.90	—	COM	684000102
—	LIVE OAK BANCSHARES INC	1,207,310	$28.79M	2.7%	$23.46	—	COM	53803x105
—	FIRST FNDTN INC	1,449,558	$26.88M	2.6%	$15.51	—	COM	32026v104
SBCF	SEACOAST BKG CORP FLA	1,063,240	$26.8M	2.6%	$19.16	+30.5%	COM NEW	811707801
—	ATLANTIC CAP BANCSHARES INC	1,471,890	$25.91M	2.5%	$15.10	—	COM	048269203
—	PACIFIC PREMIER BANCORP	636,700	$25.47M	2.4%	$37.44	—	COM	69478x105
—	FIDELITY SOUTHERN CORP NEW	883,682	$19.26M	1.8%	$20.17	—	COM	316394105
EEM	ISHARES TR	396,500	$18.68M	1.8%	—	—	Put	464287234
—	EQUITY BANCSHARES INC	489,889	$17.35M	1.7%	$26.33	—	COM CL A	29460x109
—	SELECT SECTOR SPDR TR	610,000	$17.03M	1.6%	—	—	Put	81369y605
SPY	SPDR S&P 500 ETF TR	61,000	$16.28M	1.6%	—	—	Put	78462F103
VLY	VALLEY NATL BANCORP	1,401,918	$15.73M	1.5%	$11.48	+1.0%	COM	919794107
—	FIRST BANCSHARES INC MS	453,544	$15.51M	1.5%	$21.14	—	COM	318916103
—	SPDR SERIES TRUST	263,500	$15.51M	1.5%	—	—	Put	78464a698
—	SUN BANCORP INC	632,784	$15.38M	1.5%	$24.09	—	COM NEW	86663b201
—	UNITED FINL BANCORP INC NEW	822,965	$14.52M	1.4%	$13.63	—	COM	910304104
BAC	BANK AMER CORP	450,600	$13.3M	1.3%	$14.17	+60.7%	COM	060505104
SFST	SOUTHERN FIRST BANCSHARES IN	318,874	$13.15M	1.3%	$24.08	+65.0%	COM	842873101
OCFC	OCEANFIRST FINL CORP	500,000	$13.13M	1.3%	$13.64	+45.7%	COM	675234108
—	BANKUNITED INC	300,908	$12.25M	1.2%	$35.57	—	COM	06652k103
AXP	AMERICAN EXPRESS CO	122,000	$12.12M	1.2%	—	—	Put	025816109
—	AMERIS BANCORP	251,217	$12.11M	1.2%	$48.20	—	COM	03076k108
—	VERITEX HLDGS INC	429,380	$11.85M	1.1%	$23.19	—	COM	923451108
—	XENITH BANKSHARES INC NEW	341,750	$11.56M	1.1%	$27.72	—	COM NEW	984102202
BY	BYLINE BANCORP INC	484,441	$11.13M	1.1%	$18.59	+2.3%	COM	124411109
HYG	ISHARES TR	122,000	$10.65M	1.0%	—	—	Put	464288513
HOMB	HOME BANCSHARES INC	457,560	$10.64M	1.0%	$21.32	+9.6%	COM	436893200
—	INDEPENDENT BK GROUP INC	151,426	$10.24M	1.0%	$67.60	—	COM	45384B106
—	PACWEST BANCORP DEL	200,000	$10.08M	1.0%	$50.40	—	COM	695263103
WNEB	WESTERN NEW ENG BANCORP INC	913,532	$9.958M	0.9%	$7.86	+7.9%	COM	958892101
SAMG	SILVERCREST ASSET MGMT GROUP	600,761	$9.642M	0.9%	$12.89	+18.4%	CL A	828359109
—	LAKELAND BANCORP INC	500,000	$9.625M	0.9%	$19.50	—	COM	511637100
—	CAROLINA FINL CORP NEW	257,092	$9.551M	0.9%	$32.06	—	COM	143873107
—	GUARANTY BANCORP DEL	336,204	$9.296M	0.9%	$24.33	—	COM NEW	40075T607
—	CURO GROUP HLDGS CORP	651,703	$9.176M	0.9%	$14.08	—	COM	23131L107
—	MIDSOUTH BANCORP INC	634,730	$8.41M	0.8%	$11.75	—	COM	598039105
—	SUNSHINE BANCORP INC	360,268	$8.265M	0.8%	$21.72	—	COM	86777J108
PGC	PEAPACK-GLADSTONE FINL CORP	229,770	$8.047M	0.8%	$28.83	+11.8%	COM	704699107
—	SIGNATURE BK NEW YORK N Y	56,710	$7.784M	0.7%	$137.26	—	COM	82669g104
—	BOSTON PRIVATE FINL HLDGS IN	500,000	$7.725M	0.7%	$11.57	—	COM	101119105
—	COWEN INC	539,970	$7.371M	0.7%	$15.50	—	CL A NEW	223622606
—	CADENCE BANCORPORATION	270,960	$7.348M	0.7%	$27.12	—	CL A	12739A100
—	VISA INC	61,000	$6.955M	0.7%	—	—	Put	92826c839
FCCO	FIRST CMNTY CORP S C	290,894	$6.575M	0.6%	$10.08	+82.7%	COM	319835104
—	ATLANTIC COAST FINL CORP	693,777	$6.542M	0.6%	$4.38	—	COM	048426100
USB	US BANCORP DEL	122,000	$6.537M	0.6%	—	—	Put	902973304
—	JPMORGAN CHASE & CO	61,000	$6.523M	0.6%	—	—	Put	46625h100
CNOB	CONNECTONE BANCORP INC NEW	253,091	$6.517M	0.6%	$19.64	+10.3%	COM	20786W107
MS	MORGAN STANLEY	122,000	$6.402M	0.6%	—	—	Put	617446448
—	BB&T CORP	122,000	$6.066M	0.6%	—	—	Put	054937107
—	BAY BANCORP INC	481,470	$5.922M	0.6%	$11.35	—	COM	07203T106
—	SUNTRUST BKS INC	91,500	$5.91M	0.6%	—	—	Put	867914103
—	OLD LINE BANCSHARES INC	200,000	$5.888M	0.6%	$18.00	—	COM	67984m100
—	IBERIABANK CORP	75,000	$5.812M	0.6%	$80.40	—	COM	450828108
WAL	WESTERN ALLIANCE BANCORP	100,000	$5.662M	0.5%	$30.48	+58.6%	COM	957638109
—	PCSB FINL CORP	291,630	$5.556M	0.5%	$17.06	—	COM	69324R104
FITB	FIFTH THIRD BANCORP	183,000	$5.552M	0.5%	—	—	Put	316773100
—	PARAGON COML CORP	100,000	$5.321M	0.5%	$53.21	—	COM NEW	69911u403
CMA	COMERICA INC	61,000	$5.295M	0.5%	—	—	Put	200340107
—	SOUTHERN NATL BANCORP OF VA	317,040	$5.082M	0.5%	$11.76	—	COM	843395104
—	E TRADE FINANCIAL CORP	100,000	$4.957M	0.5%	$32.39	—	COM NEW	269246401
—	SYNOVUS FINL CORP	100,000	$4.794M	0.5%	$46.06	—	COM NEW	87161c501
FHN	FIRST HORIZON NATL CORP	234,179	$4.681M	0.4%	$14.31	0.0%	COM	320517105
MA	MASTERCARD INCORPORATED	30,500	$4.616M	0.4%	—	—	Put	57636Q104
C	CITIGROUP INC	61,000	$4.539M	0.4%	—	—	Put	172967424
PNC	PNC FINL SVCS GROUP INC	30,500	$4.401M	0.4%	—	—	Put	693475105
NMRK	NEWMARK GROUP INC	273,240	$4.345M	0.4%	$13.46	0.0%	CL A	65158N102
CFG	CITIZENS FINL GROUP INC	100,000	$4.198M	0.4%	$16.42	+70.6%	COM	174610105
—	GREEN BANCORP INC	200,000	$4.06M	0.4%	$17.80	—	COM	39260x100
—	FIRST INTST BANCSYSTEM INC	100,000	$4.005M	0.4%	$40.05	—	COM CL A	32055y201
—	M & T BK CORP	40,000	$3.904M	0.4%	$37.91	—	*W EXP 12/23/201	55261F112
—	EVANS BANCORP INC	90,644	$3.798M	0.4%	$31.97	—	COM NEW	29911Q208
TFSL	TFS FINL CORP	248,860	$3.718M	0.4%	$8.62	+0.7%	COM	87240R107
WFC	WELLS FARGO CO NEW	61,000	$3.701M	0.4%	—	—	Put	949746101
HIG	HARTFORD FINL SVCS GROUP INC	61,000	$3.433M	0.3%	—	—	Put	416515104
—	MANNING & NAPIER INC	903,497	$3.253M	0.3%	$6.73	—	CL A	56382q102
—	SPDR SERIES TRUST	61,000	$2.888M	0.3%	—	—	Put	78464a797
BBT	BERKSHIRE HILLS BANCORP INC	75,000	$2.745M	0.3%	$27.79	+7.1%	COM	084680107
—	COBIZ FINANCIAL INC	125,782	$2.514M	0.2%	$10.93	—	COM	190897108
—	XL GROUP LTD	61,000	$2.145M	0.2%	—	—	Put	g98294104
—	REGIONS FINL CORP NEW	100,000	$1.728M	0.2%	$14.59	—	COM	7591ep100
—	SI FINL GROUP INC MD	98,761	$1.452M	0.1%	$16.10	—	COM	78425V104
CIVB	CIVISTA BANCSHARES INC	57,405	$1.263M	0.1%	$17.56	+1.3%	COM NO PAR	178867107
—	BANC OF CALIFORNIA INC	60,739	$1.254M	0.1%	$20.75	—	COM	05990k106
—	SELECT BANCORP INC NEW	96,369	$1.218M	0.1%	$10.16	—	COM	81617L108
—	BANCORP 34 INC	79,610	$1.174M	0.1%	$13.82	—	COM	05970v106
—	UNITED CMNTY BANCORP IND	55,000	$1.13M	0.1%	$20.55	—	COM	90984R101
—	COMMUNITY BANKERS TR CORP	137,509	$1.121M	0.1%	$8.15	—	COM	203612106
—	PERFORMANT FINL CORP	583,418	$963K	0.1%	$2.35	—	COM	71377e105
ESQ	ESQUIRE FINL HLDGS INC	44,327	$875K	0.1%	$14.50	+16.4%	COM	29667J101
—	GUARANTY BANCSHARES INC TEX	22,218	$681K	0.1%	$30.65	—	COM	400764106
—	CBTX INC	17,820	$529K	0.1%	$29.69	—	COM	12481V104
ISTR	INVESTAR HLDG CORP	14,152	$341K	0.0%	$20.32	+16.8%	COM	46134L105
—	FSB BANCORP INC	17,317	$294K	0.0%	$12.58	—	COM	30289C102
—	MELROSE BANCORP INC	11,851	$237K	0.0%	$19.92	—	COM	585553100