Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	FB FINL CORP	1,917,769	$60.91M	7.4%	$34.35	—	COM	30257x104
—	VERITEX HLDGS INC	2,188,735	$53.01M	6.4%	$23.56	—	COM	923451108
TFIN	TRIUMPH BANCORP INC	1,564,215	$45.97M	5.6%	$38.58	-19.1%	COM	89679E300
—	SPDR SERIES TRUST	686,000	$35.22M	4.3%	—	—	Put	78464a698
ABCB	AMERIS BANCORP	1,016,575	$34.92M	4.2%	$45.06	-25.4%	COM	03076K108
—	INDEPENDENT BK GROUP INC	594,026	$30.47M	3.7%	$65.56	—	COM	45384b106
SPY	SPDR S&P 500 ETF TR	98,000	$27.68M	3.4%	—	—	Put	78462F103
FBNC	FIRST BANCORP N C	794,337	$27.61M	3.4%	$24.21	+29.5%	COM	318910106
EEM	ISHARES TR	588,000	$25.24M	3.1%	—	—	Put	464287234
—	FIDELITY SOUTHERN CORP NEW	881,616	$24.15M	2.9%	$20.45	—	COM	316394105
EQBK	EQUITY BANCSHARES INC	803,230	$23.13M	2.8%	$30.60	0.0%	COM CL A	29460X109
—	CAROLINA FINL CORP NEW	637,438	$22.05M	2.7%	$34.65	—	COM	143873107
—	ATLANTIC CAP BANCSHARES INC	1,192,307	$21.26M	2.6%	$15.10	—	COM	048269203
—	SELECT SECTOR SPDR TR	735,000	$18.9M	2.3%	—	—	Put	81369y605
OBK	ORIGIN BANCORP INC	546,005	$18.59M	2.3%	$35.19	-1.0%	COM	68621T102
—	LIVE OAK BANCSHARES INC	1,209,232	$17.67M	2.1%	$21.22	—	COM	53803x105
FFWM	FIRST FNDTN INC	1,272,663	$17.27M	2.1%	$16.78	-21.1%	COM	32026V104
—	OLD LINE BANCSHARES INC	686,871	$17.12M	2.1%	$27.75	—	COM	67984m100
—	FIRST BANCSHARES INC MS	516,865	$15.97M	1.9%	$22.45	—	COM	318916103
BY	BYLINE BANCORP INC	859,365	$15.88M	1.9%	$19.06	-9.8%	COM	124411109
—	UNITED FINL BANCORP INC NEW	1,057,175	$15.17M	1.8%	$14.42	—	COM	910304104
—	PINNACLE FINL PARTNERS INC	270,000	$14.77M	1.8%	$60.15	—	COM	72346q104
—	FAR PT ACQUISITION CORP	1,378,850	$14.34M	1.7%	$10.19	—	UNIT 06/01/2025	30734W208
—	HOWARD BANCORP INC	781,043	$11.57M	1.4%	$18.41	—	COM	442496105
IWM	ISHARES TR	73,500	$11.25M	1.4%	—	—	Put	464287655
—	AMALGAMATED BK NEW YORK N Y	697,883	$10.92M	1.3%	$19.36	—	CLASS A	022663108
SFST	SOUTHERN FIRST BANCSHARES IN	287,242	$9.729M	1.2%	$24.08	+48.2%	COM	842873101
BANC	BANC OF CALIFORNIA INC	626,306	$8.668M	1.1%	$15.30	-16.1%	COM	05990K106
SBCF	SEACOAST BKG CORP FLA	328,936	$8.667M	1.1%	$22.30	+25.8%	COM NEW	811707801
—	MIDSOUTH BANCORP INC	666,359	$7.604M	0.9%	$11.81	—	COM	598039105
SAMG	SILVERCREST ASSET MGMT GROUP	503,656	$7.177M	0.9%	$12.89	+10.4%	CL A	828359109
—	COWEN INC	433,185	$6.277M	0.8%	$14.94	—	CL A NEW	223622606
CIVB	CIVISTA BANCSHARES INC	286,721	$6.259M	0.8%	$18.33	-12.0%	COM NO PAR	178867107
PGC	PEAPACK-GLADSTONE FINL CORP	229,770	$6.025M	0.7%	$28.83	-9.5%	COM	704699107
ISTR	INVESTAR HLDG CORP	260,491	$5.916M	0.7%	$24.75	-4.7%	COM	46134L105
MA	MASTERCARD INC	24,500	$5.769M	0.7%	—	—	Put	57636Q104
—	IBERIABANK CORP	80,000	$5.737M	0.7%	$77.33	—	COM	450828108
—	CBTX INC	175,738	$5.706M	0.7%	$29.46	—	COM	12481V104
BSVN	BANK7 CORP	318,532	$5.533M	0.7%	$13.15	-1.8%	COM	06652N107
BAC	BANK AMER CORP	200,000	$5.518M	0.7%	$14.17	+68.6%	COM	060505104
AXP	AMERICAN EXPRESS CO	49,000	$5.356M	0.7%	—	—	Put	025816109
FCCO	FIRST CMNTY CORP S C	262,482	$5.006M	0.6%	$10.08	+63.4%	COM	319835104
C	CITIGROUP INC	73,500	$4.573M	0.6%	—	—	Put	172967424
FIBK	FIRST INTST BANCSYSTEM INC	107,906	$4.297M	0.5%	$28.30	-3.0%	COM CL A	32055Y201
BCML	BAYCOM CORP	179,567	$4.065M	0.5%	$20.67	-0.8%	COM	07272M107
—	CADENCE BANCORPORATION	217,201	$4.029M	0.5%	$22.05	—	CL A	12739a100
—	OPUS BK IRVINE CALIF	198,833	$3.937M	0.5%	$30.90	—	COM	684000102
—	VISA INC	24,500	$3.827M	0.5%	—	—	Put	92826c839
BK	BANK NEW YORK MELLON CORP	73,500	$3.707M	0.5%	—	—	Put	064058100
—	EVANS BANCORP INC	99,247	$3.538M	0.4%	$32.02	—	COM NEW	29911Q208
—	BB&T CORP	73,500	$3.42M	0.4%	—	—	Put	054937107
—	ARES MANAGEMENT CORPORATION	140,000	$3.249M	0.4%	$17.78	—	CL A COM STK	03990b101
PNC	PNC FINL SVCS GROUP INC	24,500	$3.005M	0.4%	—	—	Put	693475105
—	UNITED CMNTY BKS BLAIRSVLE G	102,959	$2.567M	0.3%	$31.65	—	COM	90984p303
—	JPMORGAN CHASE & CO	24,500	$2.48M	0.3%	—	—	Put	46625h100
—	TD AMERITRADE HLDG CORP	49,000	$2.45M	0.3%	—	—	Put	87236y108
HIG	HARTFORD FINL SVCS GROUP INC	49,000	$2.436M	0.3%	—	—	Put	416515104
USB	US BANCORP DEL	49,000	$2.361M	0.3%	—	—	Put	902973304
—	REGIONS FINL CORP NEW	163,300	$2.311M	0.3%	—	—	Call	7591ep100
—	E TRADE FINANCIAL CORP	49,000	$2.275M	0.3%	—	—	Put	269246401
BAC	BANK AMER CORP	81,700	$2.254M	0.3%	$14.17	+68.6%	Call	060505104
AIG	AMERICAN INTL GROUP INC	49,000	$2.11M	0.3%	—	—	Put	026874784
—	SELECT SECTOR SPDR TR	81,600	$2.098M	0.3%	—	—	Call	81369y605
SCHW	THE CHARLES SCHWAB CORPORATI	49,000	$2.095M	0.3%	—	—	Put	808513105
—	METLIFE INC	49,000	$2.086M	0.3%	—	—	Put	59156r108
MS	MORGAN STANLEY	49,000	$2.068M	0.3%	—	—	Put	617446448
ZION	ZIONS BANCORPORATION N A	40,800	$1.853M	0.2%	—	—	Call	989701107
—	MANNING & NAPIER INC	853,878	$1.793M	0.2%	$5.22	—	CL A	56382q102
—	LUTHER BURBANK CORP	171,799	$1.735M	0.2%	$9.53	—	COM	550550107
—	SYNOVUS FINL CORP	50,000	$1.718M	0.2%	$31.98	—	COM NEW	87161c501
KEY	KEYCORP NEW	100,000	$1.575M	0.2%	$13.98	-14.4%	COM	493267108
—	SELECT BANCORP INC NEW	131,581	$1.497M	0.2%	$11.11	—	COM	81617L108
BCTF	BANCORP 34 INC	63,071	$956K	0.1%	$13.15	+6.9%	COM	05970V106
ESQ	ESQUIRE FINL HLDGS INC	33,691	$767K	0.1%	$14.50	+48.7%	COM	29667J101
—	SPIRIT OF TEX BANCSHARES INC	28,516	$605K	0.1%	$21.23	—	COM	84861D103
FHN	FIRST HORIZON NATL CORP	40,800	$570K	0.1%	—	—	Call	320517105
—	RELIANT BANCORP INC	23,638	$528K	0.1%	$23.05	—	COM	75956B101
—	GUARANTY BANCSHARES INC TEX	17,890	$523K	0.1%	$30.65	—	COM	400764106
MYFW	FIRST WESTN FINL INC	36,674	$481K	0.1%	$15.84	-15.2%	COM	33751L105
—	COMMUNITY BANKERS TR CORP	62,980	$461K	0.1%	$8.15	—	COM	203612106
—	CARTER BK & TR MARTINSVILLE	21,070	$404K	0.0%	$19.17	—	COM	146102108
AER	AERCAP HOLDINGS NV	6,938	$323K	0.0%	$44.45	0.0%	SHS	N00985106
—	FSB BANCORP INC	13,774	$235K	0.0%	$12.58	—	COM	30289C102