Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TFIN	TRIUMPH BANCORP INC	1,303,583	$53.71M	4.9%	$39.16	0.0%	COM	89679E300
—	FB FINL CORP	1,282,870	$52.07M	4.7%	$30.67	—	COM	30257x104
SPY	SPDR S&P 500 ETF TR	159,500	$41.97M	3.8%	—	—	Put	78462F103
—	SOUTH ST CORP	456,331	$38.92M	3.5%	$87.15	—	COM	840441109
—	INDEPENDENT BK GROUP INC	538,083	$38.04M	3.5%	$69.83	—	COM	45384B106
—	LIVE OAK BANCSHARES INC	1,241,689	$34.52M	3.1%	$23.58	—	COM	53803x105
FBNC	FIRST BANCORP N C	945,019	$33.69M	3.1%	$24.12	+26.4%	COM	318910106
IWM	ISHARES TR	203,000	$30.82M	2.8%	—	—	Put	464287655
—	OPUS BK IRVINE CALIF	1,072,965	$30.04M	2.7%	$30.90	—	COM	684000102
OCFC	OCEANFIRST FINL CORP	1,088,613	$29.12M	2.6%	$16.97	+16.6%	COM	675234108
—	PINNACLE FINL PARTNERS INC	452,394	$29.04M	2.6%	$64.20	—	COM	72346Q104
—	SPDR SERIES TRUST	464,000	$28.02M	2.5%	—	—	Put	78464a698
—	ATLANTIC CAP BANCSHARES INC	1,471,890	$26.64M	2.4%	$15.10	—	COM	048269203
FFWM	FIRST FNDTN INC	1,359,866	$25.21M	2.3%	$17.15	0.0%	COM	32026V104
—	ARES MGMT LP	1,117,895	$23.92M	2.2%	$21.40	—	COM SHS REG INT	04014y101
—	EQUITY BANCSHARES INC	527,587	$20.66M	1.9%	$27.25	—	COM CL A	29460x109
—	FIDELITY SOUTHERN CORP NEW	888,277	$20.49M	1.9%	$20.17	—	COM	316394105
—	UNITED FINL BANCORP INC NEW	1,164,527	$18.87M	1.7%	$14.38	—	COM	910304104
—	CENTERSTATE BK CORP	696,804	$18.49M	1.7%	$26.53	—	COM	15201P109
SBCF	SEACOAST BKG CORP FLA	670,472	$17.75M	1.6%	$19.16	+37.9%	COM NEW	811707801
VLY	VALLEY NATL BANCORP	1,401,918	$17.47M	1.6%	$11.48	+8.6%	COM	919794107
XLF	SELECT SECTOR SPDR TR	565,500	$15.59M	1.4%	—	—	Put	81369Y605
—	FIRST BANCSHARES INC MS	453,544	$14.63M	1.3%	$21.14	—	COM	318916103
—	AMERIS BANCORP	251,217	$13.29M	1.2%	$48.20	—	COM	03076k108
SFST	SOUTHERN FIRST BANCSHARES IN	294,466	$13.1M	1.2%	$24.08	+81.9%	COM	842873101
HOMB	HOME BANCSHARES INC	540,111	$12.32M	1.1%	$21.72	+10.3%	COM	436893200
—	PACIFIC PREMIER BANCORP	300,000	$12.06M	1.1%	$37.44	—	COM	69478x105
BKU	BANKUNITED INC	300,908	$12.03M	1.1%	$32.14	0.0%	COM	06652K103
—	TD AMERITRADE HLDG CORP	203,000	$12.02M	1.1%	—	—	Put	87236Y108
—	VERITEX HLDGS INC	429,380	$11.88M	1.1%	$23.19	—	COM	923451108
—	OLD LINE BANCSHARES INC	321,750	$10.62M	1.0%	$23.68	—	COM	67984m100
EEM	ISHARES TR	217,500	$10.5M	1.0%	—	—	Put	464287234
BY	BYLINE BANCORP INC	436,101	$10M	0.9%	$18.59	+11.8%	COM	124411109
—	LAKELAND BANCORP INC	500,000	$9.925M	0.9%	$19.50	—	COM	511637100
—	PACWEST BANCORP DEL	200,000	$9.906M	0.9%	$50.40	—	COM	695263103
C	CITIGROUP INC	145,000	$9.787M	0.9%	—	—	Put	172967424
WNEB	WESTERN NEW ENG BANCORP INC	913,532	$9.729M	0.9%	$7.86	+7.4%	COM	958892101
—	GUARANTY BANCORP DEL	336,204	$9.531M	0.9%	$24.33	—	COM NEW	40075T607
MS	MORGAN STANLEY	174,000	$9.39M	0.9%	—	—	Put	617446448
—	COWEN INC	693,211	$9.15M	0.8%	$14.99	—	CL A NEW	223622606
WFC	WELLS FARGO CO NEW	174,000	$9.12M	0.8%	—	—	Put	949746101
—	CAROLINA FINL CORP NEW	228,273	$8.967M	0.8%	$32.06	—	COM	143873107
SAMG	SILVERCREST ASSET MGMT GROUP	589,808	$8.965M	0.8%	$12.89	+18.1%	CL A	828359109
USB	US BANCORP DEL	174,000	$8.786M	0.8%	—	—	Put	902973304
—	MIDSOUTH BANCORP INC	677,045	$8.564M	0.8%	$11.81	—	COM	598039105
PGC	PEAPACK-GLADSTONE FINL CORP	229,770	$7.672M	0.7%	$28.83	+14.4%	COM	704699107
MA	MASTERCARD INCORPORATED	43,500	$7.619M	0.7%	—	—	Put	57636Q104
CNOB	CONNECTONE BANCORP INC NEW	253,091	$7.289M	0.7%	$19.64	+22.6%	COM	20786W107
—	ATLANTIC COAST FINL CORP	691,242	$7.12M	0.6%	$4.38	—	COM	048426100
—	BANC OF CALIFORNIA INC	363,716	$7.02M	0.6%	$19.54	—	COM	05990k106
FCCO	FIRST CMNTY CORP S C	290,894	$6.662M	0.6%	$10.08	+76.7%	COM	319835104
—	BAY BANCORP INC	481,470	$6.476M	0.6%	$11.35	—	COM	07203T106
—	JPMORGAN CHASE & CO	58,000	$6.378M	0.6%	—	—	Put	46625h100
—	PCSB FINL CORP	291,630	$6.118M	0.6%	$17.06	—	COM	69324R104
ZION	ZIONS BANCORPORATION	116,000	$6.116M	0.6%	—	—	Put	989701107
SCHW	SCHWAB CHARLES CORP NEW	116,000	$6.058M	0.6%	—	—	Put	808513105
—	BB&T CORP	116,000	$6.036M	0.5%	—	—	Put	054937107
BAC	BANK AMER CORP	200,600	$6.016M	0.5%	$14.17	+83.9%	COM	060505104
BK	BANK NEW YORK MELLON CORP	116,000	$5.977M	0.5%	—	—	Put	064058100
—	SUNTRUST BKS INC	87,000	$5.919M	0.5%	—	—	Put	867914103
—	HOWARD BANCORP INC	285,716	$5.657M	0.5%	$19.80	—	COM	442496105
—	SOUTHERN NATL BANCORP OF VA	317,040	$5.022M	0.5%	$11.76	—	COM	843395104
—	SYNOVUS FINL CORP	100,000	$4.994M	0.5%	$46.06	—	COM NEW	87161c501
HYG	ISHARES TR	58,000	$4.968M	0.5%	—	—	Put	464288513
HIG	HARTFORD FINL SVCS GROUP INC	87,000	$4.482M	0.4%	—	—	Put	416515104
—	GREEN BANCORP INC	200,000	$4.45M	0.4%	$17.80	—	COM	39260x100
—	M & T BK CORP	40,000	$4.363M	0.4%	$37.91	—	*W EXP 12/23/201	55261F112
—	SPDR SERIES TRUST	87,000	$4.167M	0.4%	—	—	Put	78464a797
—	EVANS BANCORP INC	90,644	$4.102M	0.4%	$31.97	—	COM NEW	29911Q208
AXP	AMERICAN EXPRESS CO	43,500	$4.058M	0.4%	—	—	Put	025816109
—	FIRST INTST BANCSYSTEM INC	100,000	$3.955M	0.4%	$40.05	—	COM CL A	32055y201
—	IBERIABANK CORP	50,000	$3.9M	0.4%	$80.40	—	COM	450828108
SYF	SYNCHRONY FINL	116,000	$3.89M	0.4%	—	—	Put	87165B103
FITB	FIFTH THIRD BANCORP	116,000	$3.682M	0.3%	—	—	Put	316773100
—	TOWNEBANK PORTSMOUTH VA	126,000	$3.604M	0.3%	$28.60	—	COM	89214p109
—	VISA INC	29,000	$3.469M	0.3%	—	—	Put	92826c839
—	UNITED CMNTY BKS BLAIRSVLE G	101,946	$3.227M	0.3%	$31.65	—	COM	90984p303
CIVB	CIVISTA BANCSHARES INC	139,694	$3.193M	0.3%	$17.81	+1.0%	COM NO PAR	178867107
—	MANNING & NAPIER INC	903,497	$3.162M	0.3%	$6.73	—	CL A	56382q102
BBT	BERKSHIRE HILLS BANCORP INC	75,000	$2.846M	0.3%	$27.79	+7.4%	COM	084680107
CMA	COMERICA INC	29,000	$2.782M	0.3%	—	—	Put	200340107
COF	CAPITAL ONE FINL CORP	29,000	$2.779M	0.3%	—	—	Put	14040H105
—	E TRADE FINANCIAL CORP	50,000	$2.77M	0.3%	$32.39	—	COM NEW	269246401
AFL	AFLAC INC	58,000	$2.538M	0.2%	—	—	Put	001055102
—	COBIZ FINANCIAL INC	125,782	$2.465M	0.2%	$10.93	—	COM	190897108
—	SIGNATURE BK NEW YORK N Y	16,234	$2.304M	0.2%	$137.26	—	COM	82669g104
—	PERFORMANT FINL CORP	549,426	$1.648M	0.1%	$2.35	—	COM	71377e105
—	BANCORPSOUTH BK TUPELO MISS	50,395	$1.603M	0.1%	$31.81	—	COM	05971J102
—	SI FINL GROUP INC MD	98,761	$1.422M	0.1%	$16.10	—	COM	78425V104
—	UNITED CMNTY BANCORP IND	55,000	$1.386M	0.1%	$20.55	—	COM	90984R101
—	SELECT BANCORP INC NEW	96,369	$1.287M	0.1%	$10.16	—	COM	81617L108
—	COMMUNITY BANKERS TR CORP	137,509	$1.238M	0.1%	$8.15	—	COM	203612106
BCTF	BANCORP 34 INC	79,610	$1.194M	0.1%	$13.15	0.0%	COM	05970V106
—	LEGACY TEX FINL GROUP INC	27,837	$1.192M	0.1%	$42.82	—	COM	52471y106
—	CBTX INC	36,071	$1.062M	0.1%	$29.56	—	COM	12481V104
—	PB BANCORP INC	98,622	$1.04M	0.1%	$10.55	—	COM	70454T100
ESQ	ESQUIRE FINL HLDGS INC	40,871	$997K	0.1%	$14.50	+46.4%	COM	29667J101
—	GUARANTY BANCSHARES INC TEX	22,218	$740K	0.1%	$30.65	—	COM	400764106
—	INVESTORS BANCORP INC NEW	47,880	$653K	0.1%	$13.64	—	COM	46146L101
ISTR	INVESTAR HLDG CORP	22,913	$592K	0.1%	$22.02	+12.5%	COM	46134L105
—	FSB BANCORP INC	17,317	$297K	0.0%	$12.58	—	COM	30289C102
—	MELROSE BANCORP INC	11,851	$243K	0.0%	$19.92	—	COM	585553100