Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
BANC	BANC OF CALIFORNIA	3,401,719	$54.19M	14.9%	$15.93 *	$9.88	+51.5%	COM	05990K106
EFSC	ENTERPRISE FINL SVCS	780,829	$39.06M	10.7%	$50.03 *	$22.44	+105.9%	COM	293712105
FRME	FIRST MERCHANTS	763,333	$31.38M	8.6%	$41.11 *	$16.18	+130.8%	COM	320817109
HBNC	HORIZON BANCORP	1,715,206	$25.87M	7.1%	$15.08 *	$15.72	+4.9%	COM	440407104
FNB	F N B	1,884,765	$24.6M	6.8%	$13.05 *	$8.08	+48.5%	COM	302520101
—	EVANS BANCORP	543,649	$20.33M	5.6%	$37.39	$36.26	—	COM NEW	29911Q208
—	OLD POINT FINL	625,246	$16.88M	4.6%	$27.00	$18.49	—	COM	680194107
—	MALVERN BANCORP	753,961	$13.38M	3.7%	$17.75	$11.94	—	COM	561409103
CFG	CITIZENS FINL GROUP	304,553	$11.99M	3.3%	$39.37 *	$20.74	+63.6%	COM	174610105
ABCB	AMERIS BANCORP	242,297	$11.43M	3.1%	$47.18	$41.41	+15.9%	COM	03076K108
—	COMMUNITY WEST BANCSHARES	632,075	$9.462M	2.6%	$14.97	$11.41	—	COM	204157101
COF	CAPITAL ONE FINL	95,050	$8.836M	2.4%	$92.96	$68.58	+35.7%	COM	14040H105
IBCP	INDEPENDENT BK MICH	359,985	$8.611M	2.4%	$23.92 *	$12.18	+65.1%	COM	453838609
SYF	SYNCHRONY FINANCIAL	258,600	$8.498M	2.3%	$32.86 *	$23.12	+37.9%	COM	87165B103
HWBK	HAWTHORN BANCSHARES	355,448	$7.738M	2.1%	$21.77	$20.50	+5.9%	COM	420476103
FRST	PRIMIS FINANCIAL	541,259	$6.414M	1.8%	$11.85 *	$11.54	-6.1%	COM	74167B109
CMA	COMERICA	84,000	$5.615M	1.5%	$66.85 *	$52.21	+12.3%	COM	200340107
FISI	FINANCIAL INSTNS	228,800	$5.574M	1.5%	$24.36 *	$22.11	-6.7%	COM	317585404
MBIN	MERCHANTS BANCORP IND	214,794	$5.224M	1.4%	$24.32 *	$27.53	-14.5%	COM	58844R108
—	NEW YORK CMNTY BANCORP	538,900	$4.635M	1.3%	$8.60	$10.04	—	COM	649445103
MGYR	MAGYAR BANCORP	318,557	$4.084M	1.1%	$12.82	$10.77	+17.9%	COM	55977T208
KEY	KEYCORP	225,000	$3.92M	1.1%	$17.42 *	$10.85	+36.3%	COM	493267108
—	LAKELAND BANCORP	215,000	$3.786M	1.0%	$17.61	$16.32	—	COM	511637100
HBAN	HUNTINGTON BANCSHARES	265,000	$3.736M	1.0%	$14.10 *	$6.82	+83.3%	COM	446150104
FNWD	FINWARD BANCORP	99,227	$3.592M	1.0%	$36.20 *	$41.86	-26.8%	COM	31812F109
FITB	FIFTH THIRD BANCORP	100,075	$3.283M	0.9%	$32.81 *	$18.49	+61.8%	COM	316773100
LFT	LUMENT FINANCE TRUST	1,576,518	$2.995M	0.8%	$1.90	$2.85	—	COM	55025L108
—	CODORUS VY BANCORP	97,102	$2.311M	0.6%	$23.80	$22540.00	—	COM	192025104
WBS	WEBSTER FINL	45,202	$2.14M	0.6%	$47.34 *	$57.48	-12.9%	COM	947890109
NLY	ANNALY CAPITAL MANAGEMENT	100,000	$2.108M	0.6%	$21.08	$21.08	—	COM NEW	035710839
WAL	WESTERN ALLIANCE BANCORP	35,000	$2.085M	0.6%	$59.56	$59.81	0.0%	COM	957638109
AGNC	AGNC INVT	200,000	$2.07M	0.6%	$10.35	$10.35	—	COM	00123Q104
IVR	INVESCO MORTGAGE CAPITAL	135,494	$1.725M	0.5%	$12.73	$12.73	—	COM	46131B704
BCML	BAYCOM	80,000	$1.518M	0.4%	$18.98 *	$16.02	+9.0%	COM	07272M107
ZION	ZIONS BANCORPORATION N A	29,000	$1.426M	0.4%	$49.16	$54.69	-8.5%	COM	989701107
SFST	SOUTHERN FIRST BANCSHARES INC	13,000	$595K	0.2%	$45.75	$43.77	+3.7%	COM	842873101
VLY	VALLEY NATIONAL BANCORP	48,000	$543K	0.1%	$11.31 *	$11.77	0.0%	COM	919794107
INBK	FIRST INTERNET BANCORP	18,000	$437K	0.1%	$24.28 *	$25.08	+5.4%	COM	320557101
—	UMPQUA HLDGS	25,000	$427K	0.1%	$17.09	$13.10	—	COM	904214103
MSBI	MIDLAND STATES BANCORP INC	16,000	$426K	0.1%	$26.62 *	$21.87	0.0%	COM	597742105
—	HARBORONE BANCORP INC.	30,000	$417K	0.1%	$13.90	$14.03	—	COM NEW	41165Y100
MFIN	MEDALLION FINL	50,000	$357K	0.1%	$7.14 *	$6.11	-1.0%	COM	583928106
—	PARTNERS BANCORP	28,189	$250K	0.1%	$8.86	$8.86	—	COM	70213Q108