Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	FB FINL CORP	1,510,038	$55.27M	8.7%	$34.35	—	COM	30257x104
—	VERITEX HLDGS INC	2,043,538	$53.03M	8.3%	$23.56	—	COM	923451108
TFIN	TRIUMPH BANCORP INC	1,026,982	$29.83M	4.7%	$38.58	-22.7%	COM	89679E300
ABCB	AMERIS BANCORP	759,429	$29.76M	4.7%	$45.06	-26.6%	COM	03076K108
—	FIDELITY SOUTHERN CORP NEW	847,786	$26.26M	4.1%	$20.45	—	COM	316394105
EQBK	EQUITY BANCSHARES INC	954,042	$25.43M	4.0%	$29.72	-15.7%	COM CL A	29460X109
FBNC	FIRST BANCORP N C	638,880	$23.27M	3.6%	$24.21	+29.7%	COM	318910106
—	INDEPENDENT BK GROUP INC	423,088	$23.25M	3.6%	$65.56	—	COM	45384b106
—	CAROLINA FINL CORP NEW	637,438	$22.37M	3.5%	$34.65	—	COM	143873107
—	LIVE OAK BANCSHARES INC	1,237,381	$21.22M	3.3%	$21.13	—	COM	53803x105
—	OLD LINE BANCSHARES INC	761,010	$20.25M	3.2%	$27.64	—	COM	67984m100
OBK	ORIGIN BANCORP INC	567,162	$18.72M	2.9%	$35.14	-3.3%	COM	68621T102
—	ATLANTIC CAP BANCSHARES INC	1,001,601	$17.15M	2.7%	$15.10	—	COM	048269203
—	FIRST BANCSHARES INC MS	546,291	$16.57M	2.6%	$22.87	—	COM	318916103
IWM	ISHARES TR	102,500	$15.94M	2.5%	—	—	Put	464287655
—	FAR PT ACQUISITION CORP	1,378,850	$14.94M	2.3%	$10.19	—	UNIT 06/01/2025	30734W208
SPY	SPDR S&P 500 ETF TR	47,800	$14.01M	2.2%	—	—	Put	78462F103
—	UNITED FINL BANCORP INC NEW	924,317	$13.11M	2.1%	$14.42	—	COM	910304104
—	AMALGAMATED BK NEW YORK N Y	712,577	$12.43M	1.9%	$19.32	—	CLASS A	022663108
—	SPDR SERIES TRUST	232,300	$12.41M	1.9%	—	—	Put	78464a698
BY	BYLINE BANCORP INC	636,059	$12.16M	1.9%	$19.06	-8.1%	COM	124411109
—	HOWARD BANCORP INC	757,683	$11.49M	1.8%	$18.41	—	COM	442496105
SFST	SOUTHERN FIRST BANCSHARES IN	266,987	$10.46M	1.6%	$24.08	+50.4%	COM	842873101
—	PINNACLE FINL PARTNERS INC	180,631	$10.38M	1.6%	$60.15	—	COM	72346q104
FFWM	FIRST FNDTN INC	750,000	$10.08M	1.6%	$16.78	-24.5%	COM	32026V104
BANC	BANC OF CALIFORNIA INC	619,439	$8.654M	1.4%	$15.30	-20.0%	COM	05990K106
SBCF	SEACOAST BKG CORP FLA	261,227	$6.646M	1.0%	$22.30	+16.5%	COM NEW	811707801
—	SELECT SECTOR SPDR TR	232,300	$6.412M	1.0%	—	—	Put	81369y605
SAMG	SILVERCREST ASSET MGMT GROUP	451,618	$6.336M	1.0%	$12.89	+8.3%	CL A	828359109
BSVN	BANK7 CORP	316,297	$5.848M	0.9%	$13.15	+7.8%	COM	06652N107
BAC	BANK AMER CORP	200,000	$5.8M	0.9%	$14.17	+72.8%	COM	060505104
ISTR	INVESTAR HLDG CORP	242,652	$5.787M	0.9%	$24.75	-5.9%	COM	46134L105
CIVB	CIVISTA BANCSHARES INC	250,689	$5.628M	0.9%	$18.33	-1.9%	COM NO PAR	178867107
—	CBTX INC	173,984	$4.895M	0.8%	$29.46	—	COM	12481V104
—	COWEN INC	283,185	$4.868M	0.8%	$14.94	—	CL A NEW	223622606
BCML	BAYCOM CORP	198,391	$4.345M	0.7%	$20.71	+1.6%	COM	07272M107
SPFI	SOUTH PLAINS FINANCIAL INC	252,076	$4.159M	0.7%	$17.65	0.0%	COM	83946P107
FIBK	FIRST INTST BANCSYSTEM INC	93,058	$3.686M	0.6%	$28.30	-2.5%	COM CL A	32055Y201
—	BLACKSTONE GROUP L P	82,000	$3.642M	0.6%	—	—	Put	09253U108
—	EVANS BANCORP INC	90,644	$3.42M	0.5%	$32.02	—	COM NEW	29911Q208
—	LUTHER BURBANK CORP	279,077	$3.039M	0.5%	$10.06	—	COM	550550107
—	UNITED CMNTY BKS BLAIRSVLE G	102,959	$2.941M	0.5%	$31.65	—	COM	90984p303
C	CITIGROUP INC	41,000	$2.871M	0.4%	—	—	Put	172967424
PNC	PNC FINL SVCS GROUP INC	20,500	$2.814M	0.4%	—	—	Put	693475105
CMA	COMERICA INC	37,500	$2.724M	0.4%	$53.72	0.0%	COM	200340107
—	JPMORGAN CHASE & CO	20,500	$2.292M	0.4%	—	—	Put	46625h100
USB	US BANCORP DEL	41,000	$2.148M	0.3%	—	—	Put	902973304
—	BB&T CORP	41,000	$2.014M	0.3%	—	—	Put	054937107
WFC	WELLS FARGO CO NEW	41,000	$1.94M	0.3%	—	—	Put	949746101
KEY	KEYCORP NEW	100,000	$1.775M	0.3%	$13.98	-12.2%	COM	493267108
—	MANNING & NAPIER INC	853,878	$1.494M	0.2%	$5.22	—	CL A	56382q102
—	SELECT BANCORP INC NEW	125,882	$1.44M	0.2%	$11.11	—	COM	81617L108
—	INVESTORS BANCORP INC NEW	95,000	$1.059M	0.2%	$11.15	—	COM	46146L101
RRBI	RED RIVER BANCSHARES INC	21,520	$1.043M	0.2%	$48.87	0.0%	COM	75686R202
—	KKR & CO INC	41,000	$1.036M	0.2%	—	—	Put	48251w104
FHN	FIRST HORIZON NATL CORP	68,400	$1.021M	0.2%	—	—	Call	320517105
PGC	PEAPACK-GLADSTONE FINL CORP	32,892	$925K	0.1%	$28.83	-8.5%	COM	704699107
BCTF	BANCORP 34 INC	58,812	$909K	0.1%	$13.15	+9.0%	COM	05970V106
UNM	UNUM GROUP	25,000	$839K	0.1%	$34.64	0.0%	COM	91529Y106
—	NEW YORK CMNTY BANCORP INC	68,400	$681K	0.1%	—	—	Call	649445103
ESQ	ESQUIRE FINL HLDGS INC	26,246	$660K	0.1%	$14.50	+56.6%	COM	29667J101
—	SPIRIT OF TEX BANCSHARES INC	25,785	$580K	0.1%	$21.23	—	COM	84861D103
—	GUARANTY BANCSHARES INC TEX	16,628	$518K	0.1%	$30.65	—	COM	400764106
MYFW	FIRST WESTN FINL INC	33,763	$448K	0.1%	$15.84	-16.0%	COM	33751L105
—	COMMUNITY BANKERS TR CORP	52,268	$443K	0.1%	$8.15	—	COM	203612106
—	CADENCE BANCORPORATION	15,200	$316K	0.0%	$22.05	—	Call	12739a100
—	FSB BANCORP INC	12,783	$230K	0.0%	$12.58	—	COM	30289C102