Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	FB FINL CORP	2,008,609	$70.34M	8.3%	$34.35	—	COM	30257x104
TFIN	TRIUMPH BANCORP INC	1,440,538	$42.78M	5.0%	$39.21	-10.0%	COM	89679E300
—	VERITEX HLDGS INC	1,591,930	$34.03M	4.0%	$23.31	—	COM	923451108
ABCB	AMERIS BANCORP	1,031,747	$32.67M	3.8%	$45.06	-18.5%	COM	03076K108
FBNC	FIRST BANCORP N C	956,133	$31.23M	3.7%	$24.21	+31.5%	COM	318910106
IWM	ISHARES TR	196,000	$26.25M	3.1%	—	—	Put	464287655
—	EQUITY BANCSHARES INC	737,281	$25.99M	3.1%	$29.70	—	COM CL A	29460x109
—	INDEPENDENT BK GROUP INC	564,641	$25.84M	3.0%	$66.30	—	COM	45384b106
—	FIDELITY SOUTHERN CORP NEW	848,019	$22.07M	2.6%	$20.17	—	COM	316394105
—	SPDR SERIES TRUST	441,000	$20.63M	2.4%	—	—	Put	78464a698
—	ATLANTIC CAP BANCSHARES INC	1,257,065	$20.58M	2.4%	$15.10	—	COM	048269203
FFWM	FIRST FNDTN INC	1,488,178	$19.14M	2.2%	$16.78	-17.7%	COM	32026V104
—	CAROLINA FINL CORP NEW	637,438	$18.86M	2.2%	$34.65	—	COM	143873107
SPY	SPDR S&P 500 ETF TR	73,500	$18.37M	2.2%	—	—	Put	78462F103
KBE	SPDR SERIES TRUST	490,100	$18.3M	2.1%	—	—	Put	78464A797
—	PINNACLE FINL PARTNERS INC	388,610	$17.91M	2.1%	$60.15	—	COM	72346q104
—	OLD LINE BANCSHARES INC	637,973	$16.79M	2.0%	$27.97	—	COM	67984m100
—	UNITED FINL BANCORP INC NEW	1,059,495	$15.57M	1.8%	$14.42	—	COM	910304104
—	LIVE OAK BANCSHARES INC	1,047,480	$15.51M	1.8%	$22.25	—	COM	53803x105
—	ARES MANAGEMENT CORPORATION	861,299	$15.31M	1.8%	$17.78	—	CL A COM STK	03990b101
SBCF	SEACOAST BKG CORP FLA	581,697	$15.14M	1.8%	$22.30	+20.1%	COM NEW	811707801
BY	BYLINE BANCORP INC	859,365	$14.32M	1.7%	$19.06	-3.2%	COM	124411109
—	OPUS BK IRVINE CALIF	720,397	$14.11M	1.7%	$30.90	—	COM	684000102
—	AMALGAMATED BK NEW YORK N Y	717,271	$13.99M	1.6%	$19.36	—	CLASS A	022663108
—	FIRST BANCSHARES INC MS	461,459	$13.96M	1.6%	$21.43	—	COM	318916103
—	FAR PT ACQUISITION CORP	1,378,850	$13.91M	1.6%	$10.19	—	UNIT 06/01/2025	30734W208
XLF	SELECT SECTOR SPDR TR	477,300	$11.37M	1.3%	—	—	Call	81369Y605
—	GREEN BANCORP INC	660,689	$11.32M	1.3%	$17.73	—	COM	39260x100
XLF	SELECT SECTOR SPDR TR	465,500	$11.09M	1.3%	—	—	Put	81369Y605
—	HOWARD BANCORP INC	739,511	$10.57M	1.2%	$18.61	—	COM	442496105
SFST	SOUTHERN FIRST BANCSHARES IN	287,242	$9.212M	1.1%	$24.08	+48.7%	COM	842873101
WNEB	WESTERN NEW ENG BANCORP INC	899,523	$9.031M	1.1%	$7.86	+1.9%	COM	958892101
—	IBERIABANK CORP	130,000	$8.356M	1.0%	$77.33	—	COM	450828108
—	COWEN INC	621,450	$8.29M	1.0%	$14.94	—	CL A NEW	223622606
HYG	ISHARES TR	98,000	$7.948M	0.9%	—	—	Put	464288513
—	MIDSOUTH BANCORP INC	669,503	$7.097M	0.8%	$11.81	—	COM	598039105
SAMG	SILVERCREST ASSET MGMT GROUP	514,329	$6.805M	0.8%	$12.89	+7.8%	CL A	828359109
ISTR	INVESTAR HLDG CORP	271,907	$6.743M	0.8%	$24.75	+1.0%	COM	46134L105
—	SPDR SERIES TRUST	137,900	$6.452M	0.8%	—	—	Call	78464a698
—	SB ONE BANCORP	308,860	$6.313M	0.7%	$26.67	—	COM	78413T103
—	GUARANTY BANCORP DEL	300,000	$6.225M	0.7%	$24.33	—	COM NEW	40075T607
BANC	BANC OF CALIFORNIA INC	441,306	$5.874M	0.7%	$16.34	-15.3%	COM	05990K106
PGC	PEAPACK-GLADSTONE FINL CORP	229,770	$5.786M	0.7%	$28.83	-9.3%	COM	704699107
FIBK	FIRST INTST BANCSYSTEM INC	147,412	$5.389M	0.6%	$28.30	0.0%	COM CL A	32055Y201
—	CBTX INC	177,982	$5.233M	0.6%	$29.46	—	COM	12481V104
FCCO	FIRST CMNTY CORP S C	264,595	$5.141M	0.6%	$10.08	+80.8%	COM	319835104
BAC	BANK AMER CORP	206,900	$5.098M	0.6%	$14.17	+60.8%	Call	060505104
BAC	BANK AMER CORP	200,000	$4.928M	0.6%	$14.17	+60.8%	COM	060505104
—	JPMORGAN CHASE & CO	49,000	$4.784M	0.6%	—	—	Put	46625h100
WFC	WELLS FARGO CO NEW	98,000	$4.516M	0.5%	—	—	Put	949746101
CIVB	CIVISTA BANCSHARES INC	248,113	$4.322M	0.5%	$18.67	-8.2%	COM NO PAR	178867107
—	CADENCE BANCORPORATION	256,655	$4.307M	0.5%	$22.05	—	CL A	12739a100
ZION	ZIONS BANCORPORATION N A	103,500	$4.217M	0.5%	—	—	Call	989701107
MET	METLIFE INC	98,000	$4.024M	0.5%	—	—	Put	59156R108
—	LAKELAND BANCORP INC	270,000	$3.999M	0.5%	$19.50	—	COM	511637100
OBK	ORIGIN BANCORP INC	116,419	$3.968M	0.5%	$36.53	0.0%	COM	68621T102
MS	MORGAN STANLEY	98,000	$3.886M	0.5%	—	—	Put	617446448
SYF	SYNCHRONY FINL	163,400	$3.834M	0.5%	—	—	Call	87165B103
C	CITIGROUP INC	73,500	$3.826M	0.4%	—	—	Put	172967424
—	REGIONS FINL CORP NEW	279,100	$3.734M	0.4%	$17.78	—	Call	7591ep100
—	TD AMERITRADE HLDG CORP	73,500	$3.599M	0.4%	—	—	Put	87236y108
—	EVANS BANCORP INC	99,876	$3.247M	0.4%	$32.02	—	COM NEW	29911Q208
—	CONNECTONE BANCORP INC NEW	172,571	$3.187M	0.4%	$24.90	—	COM	20786w107
—	M & T BK CORP	19,008	$2.721M	0.3%	$143.15	—	COM	55261f104
—	MANNING & NAPIER INC	1,508,448	$2.655M	0.3%	$5.22	—	CL A	56382q102
CMA	COMERICA INC	35,300	$2.425M	0.3%	—	—	Call	200340107
BK	BANK NEW YORK MELLON CORP	49,000	$2.306M	0.3%	—	—	Put	064058100
USB	US BANCORP DEL	49,000	$2.239M	0.3%	—	—	Put	902973304
—	UNITED CMNTY BKS BLAIRSVLE G	102,959	$2.21M	0.3%	$31.65	—	COM	90984p303
SCHW	SCHWAB CHARLES CORP NEW	49,000	$2.035M	0.2%	—	—	Put	808513105
—	SELECT BANCORP INC NEW	151,705	$1.878M	0.2%	$11.11	—	COM	81617L108
CFG	CITIZENS FINL GROUP INC	55,400	$1.647M	0.2%	$30.13	-14.7%	COM	174610105
—	SYNOVUS FINL CORP	50,000	$1.599M	0.2%	$31.98	—	COM NEW	87161c501
KEY	KEYCORP NEW	100,000	$1.478M	0.2%	$13.98	-10.5%	COM	493267108
BCTF	BANCORP 34 INC	68,157	$1.008M	0.1%	$13.15	+8.4%	COM	05970V106
—	KKR & CO INC	49,000	$962K	0.1%	—	—	Put	48251w104
FHN	FIRST HORIZON NATL CORP	70,600	$929K	0.1%	—	—	Call	320517105
—	COMMUNITY BANKERS TR CORP	118,722	$857K	0.1%	$8.15	—	COM	203612106
—	LUTHER BURBANK CORP	90,000	$812K	0.1%	$9.02	—	COM	550550107
ESQ	ESQUIRE FINL HLDGS INC	35,961	$780K	0.1%	$14.50	+57.4%	COM	29667J101
BCML	BAYCOM CORP	31,967	$738K	0.1%	$21.48	+2.4%	COM	07272M107
—	PERFORMANT FINL CORP	322,031	$725K	0.1%	$2.25	—	COM	71377E105
—	SPIRIT OF TEX BANCSHARES INC	30,617	$697K	0.1%	$21.23	—	COM	84861D103
—	RELIANT BANCORP INC	25,081	$578K	0.1%	$23.05	—	COM	75956B101
—	GUARANTY BANCSHARES INC TEX	19,217	$573K	0.1%	$30.65	—	COM	400764106
—	SOUTH ST CORP	6,720	$403K	0.0%	$87.15	—	COM	840441109
BSVN	BANK7 CORP	29,739	$397K	0.0%	$15.47	-7.7%	COM	06652N107
—	ARES MANAGEMENT CORPORATION	15,800	$281K	0.0%	$17.78	—	Call	03990b101
MYFW	FIRST WESTN FINL INC	23,203	$272K	0.0%	$17.23	-21.7%	COM	33751L105
—	MACKINAC FINL CORP	17,497	$239K	0.0%	$16.57	—	COM	554571109
—	FSB BANCORP INC	14,876	$238K	0.0%	$12.58	—	COM	30289C102
—	MELROSE BANCORP INC	10,194	$183K	0.0%	$19.92	—	COM	585553100
—	SOUTHERN NATL BANCORP OF VA	12,250	$162K	0.0%	$11.76	—	COM	843395104