EJF Capital LLC Activity Q4 2005-Q2 2024

Q2 2024

			Value		Shares		↓ Weighting
FCNCA	New	FIRST CTZNS BANCSHARES INC Ncl a	$4,589,521	–	2,726	–	3.40%	–
FHN	New	FIRST HORIZON CORPORATION	$4,517,443	–	286,458	–	3.35%	–
	New	NB BANCORP INC	$4,071,540	–	269,996	–	3.02%	–
CCB	New	COASTAL FINL CORP WA	$4,027,238	–	87,283	–	2.98%	–
CNNE	New	CANNAE HLDGS INC	$3,973,295	–	219,035	–	2.94%	–
SASR	New	SANDY SPRING BANCORP INC	$3,843,034	–	157,760	–	2.85%	–
GNW	New	GENWORTH FINL INC	$3,538,232	–	585,800	–	2.62%	–
CARE	New	CARTER BANKSHARES INC	$3,226,820	–	213,414	–	2.39%	–
OSBC	New	OLD SECOND BANCORP INC ILL	$3,226,670	–	217,871	–	2.39%	–
BPOP	New	POPULAR INC	$3,205,941	–	36,254	–	2.38%	–
TFC	New	TRUIST FINL CORP	$3,083,641	–	79,373	–	2.28%	–
HTBI	New	HOMETRUST BANCSHARES INC	$3,076,814	–	102,458	–	2.28%	–
WTFC	New	WINTRUST FINL CORP	$3,069,158	–	31,140	–	2.27%	–
EFSC	New	ENTERPRISE FINL SVCS CORP	$3,064,445	–	74,907	–	2.27%	–
PFS	New	PROVIDENT FINL SVCS INC	$2,945,051	–	205,230	–	2.18%	–
FBMS	New	FIRST BANCSHARES INC MS	$2,869,621	–	110,455	–	2.13%	–
WAL	New	WESTERN ALLIANCE BANCORP	$2,840,469	–	45,216	–	2.10%	–
MBIN	New	MERCHANTS BANCORP IND	$2,780,031	–	68,575	–	2.06%	–
	New	BURKE HERBERT FINL SVCS CORP	$2,757,916	–	54,098	–	2.04%	–
PFC	New	PREMIER FINANCIAL CORP	$2,741,374	–	133,987	–	2.03%	–
SNV	New	SYNOVUS FINL CORP	$2,628,024	–	65,390	–	1.95%	–
BCS	New	BARCLAYS PLCadr	$2,409,750	–	225,000	–	1.78%	–
COF	New	CAPITAL ONE FINL CORP	$2,369,433	–	17,114	–	1.76%	–
BSIG	New	BRIGHTSPHERE INVT GROUP INC	$2,175,232	–	98,116	–	1.61%	–
IBTX	New	INDEPENDENT BANK GROUP INC	$2,071,479	–	45,507	–	1.54%	–
ONB	New	OLD NATL BANCORP IND	$2,059,603	–	119,814	–	1.53%	–
WBS	New	WEBSTER FINL CORP	$1,943,940	–	44,596	–	1.44%	–
OPY	New	OPPENHEIMER HLDGS INCcl a non vtg	$1,916,400	–	40,000	–	1.42%	–
HTBK	New	HERITAGE COMM CORP	$1,836,118	–	211,048	–	1.36%	–
UMBF	New	UMB FINL CORP	$1,833,655	–	21,981	–	1.36%	–
FSBC	New	FIVE STAR BANCORP	$1,824,574	–	77,149	–	1.35%	–
CUBI	New	CUSTOMERS BANCORP INC	$1,780,682	–	37,113	–	1.32%	–
AX	New	AXOS FINANCIAL INC	$1,768,392	–	30,943	–	1.31%	–
ECPG	New	ENCORE CAP GROUP INC	$1,744,064	–	41,794	–	1.29%	–
PPBI	New	PACIFIC PREMIER BANCORP	$1,650,326	–	71,847	–	1.22%	–
PNFP	New	PINNACLE FINL PARTNERS INC	$1,606,003	–	20,065	–	1.19%	–
OSPN	New	ONESPAN INC	$1,595,385	–	124,445	–	1.18%	–
KEY	New	KEYCORP	$1,377,503	–	96,939	–	1.02%	–
SLM	New	SLM CORP	$1,318,148	–	63,403	–	0.98%	–
COKE	New	COCA COLA CONS INC	$1,269,450	–	1,170	–	0.94%	–
EQH	New	EQUITABLE HLDGS INC	$1,246,843	–	30,515	–	0.92%	–
FNB	New	F N B CORP	$1,161,364	–	84,895	–	0.86%	–
OPHC	New	OPTIMUMBANK HLDGS INC	$1,102,563	–	256,410	–	0.82%	–
EWBC	New	EAST WEST BANCORP INC	$1,076,115	–	14,695	–	0.80%	–
	New	JACKSON FINANCIAL INC	$1,034,516	–	13,931	–	0.77%	–
ODP	New	THE ODP CORP	$942,480	–	24,000	–	0.70%	–
	New	PAGAYA TECHNOLOGIES LTDcl a new	$882,558	–	69,166	–	0.65%	–
LNKB	New	LINKBANCORP INC	$797,913	–	130,378	–	0.59%	–
SPLP	New	STEEL PARTNERS HLDGS L Pltd prtrship u	$753,509	–	20,240	–	0.56%	–
TBK	New	TRIUMPH FINANCIAL INC	$739,838	–	9,050	–	0.55%	–
FUNC	New	FIRST UTD CORP	$734,814	–	35,985	–	0.54%	–
BCAL	New	SOUTHERN CALIF BANCORP	$733,590	–	54,461	–	0.54%	–
	New	COREBRIDGE FINL INC	$728,000	–	25,000	–	0.54%	–
HTH	New	HILLTOP HOLDINGS INC	$669,392	–	21,400	–	0.50%	–
	New	SOUTHERN STS BANCSHARES INC	$665,744	–	24,530	–	0.49%	–
DBI	New	DESIGNER BRANDS INCcl a	$662,510	–	97,000	–	0.49%	–
HWC	New	HANCOCK WHITNEY CORPORATION	$649,053	–	13,570	–	0.48%	–
C	New	CITIGROUP INC	$634,600	–	10,000	–	0.47%	–
PEBO	New	PEOPLES BANCORP INC	$608,520	–	20,284	–	0.45%	–
WFG	New	WEST FRASER TIMBER CO LTD	$599,586	–	7,800	–	0.44%	–
RRR	New	RED ROCK RESORTS INCcl a	$590,772	–	10,755	–	0.44%	–
	New	PAGAYA TECHNOLOGIES LTD*w exp 99/99/999	$585,383	–	5,166,667	–	0.43%	–
MCB	New	METROPOLITAN BK HLDG CORP	$581,473	–	13,815	–	0.43%	–
BWB	New	BRIDGEWATER BANCSHARES INC	$576,181	–	49,628	–	0.43%	–
BANC	New	BANC OF CALIFORNIA INC	$574,410	–	44,946	–	0.43%	–
FITB	New	FIFTH THIRD BANCORP	$570,266	–	15,628	–	0.42%	–
OBNK	New	ORIGIN BANCORP INC	$555,576	–	17,515	–	0.41%	–
BTU	New	PEABODY ENERGY CORP	$553,000	–	25,000	–	0.41%	–
CMA	New	COMERICA INC	$499,120	–	9,779	–	0.37%	–
ET	New	ENERGY TRANSFER L P	$486,600	–	30,000	–	0.36%	–
HFWA	New	HERITAGE FINL CORP WASH	$486,269	–	26,970	–	0.36%	–
DVN	New	DEVON ENERGY CORP NEW	$474,000	–	10,000	–	0.35%	–
OCFC	New	OCEANFIRST FINL CORP	$456,361	–	28,720	–	0.34%	–
QCRH	New	QCR HOLDINGS INC	$439,020	–	7,317	–	0.32%	–
FRME	New	FIRST MERCHANTS CORP	$424,747	–	12,759	–	0.32%	–
	New	STELLAR BANCORP INC	$418,744	–	18,238	–	0.31%	–
CNOB	New	CONNECTONE BANCORP INC	$363,481	–	19,242	–	0.27%	–
NBHC	New	NATIONAL BK HLDGS CORPcl a	$343,952	–	8,808	–	0.26%	–
NVDA	New	NVIDIA CORPORATION	$308,850	–	2,500	–	0.23%	–
EFC	New	ELLINGTON FINANCIAL INC	$302,000	–	25,000	–	0.22%	–
ABCB	New	AMERIS BANCORP	$300,136	–	5,961	–	0.22%	–
SSSS	New	SURO CAPITAL CORP	$291,571	–	72,711	–	0.22%	–
AMZN	New	AMAZON COM INC	$289,875	–	1,500	–	0.22%	–
IDCC	New	INTERDIGITAL INC	$285,572	–	2,450	–	0.21%	–
GOOG	New	ALPHABET INCcap stk cl c	$275,130	–	1,500	–	0.20%	–
PTSI	New	P A M TRANSN SVCS INC	$260,550	–	15,000	–	0.19%	–
	New	TOAST INCcl a	$257,700	–	10,000	–	0.19%	–
VLY	New	VALLEY NATL BANCORP	$251,950	–	36,096	–	0.19%	–
SLB	New	SCHLUMBERGER LTD	$235,900	–	5,000	–	0.18%	–
SPG	New	SIMON PPTY GROUP INC NEW	$227,700	–	1,500	–	0.17%	–
PLD	New	PROLOGIS INC.	$224,620	–	2,000	–	0.17%	–
BXP	New	BOSTON PROPERTIES INC	$215,460	–	3,500	–	0.16%	–
TRIN	New	TRINITY CAP INC	$212,100	–	15,000	–	0.16%	–
LYFT	New	LYFT INC	$211,500	–	15,000	–	0.16%	–
	New	ALGOMA STL GROUP INC	$212,280	–	30,500	–	0.16%	–
SNOW	New	SNOWFLAKE INCcl a	$202,635	–	1,500	–	0.15%	–
CMLS	New	CUMULUS MEDIA INC	$172,396	–	84,508	–	0.13%	–
RIG	New	TRANSOCEAN LTD	$133,750	–	25,000	–	0.10%	–
BRBS	New	BLUE RIDGE BANKSHARES INC VA	$77,397	–	29,654	–	0.06%	–

Q4 2023

			Value		Shares		↓ Weighting
SSSS	Exit	SURO CAPITAL CORP	$0	–	-35,602	–	-0.06%	–
KEY	Exit	KEYCORP	$0	–	-15,000	–	-0.07%	–
	Exit	FIDELIS INSURANCE HOLDINGS L	$0	–	-13,099	–	-0.08%	–
PLD	Exit	PROLOGIS INC.	$0	–	-2,000	–	-0.10%	–
BSVN	Exit	BANK7 CORP	$0	–	-9,974	–	-0.10%	–
	Exit	ALGOMA STL GROUP INC	$0	–	-36,458	–	-0.11%	–
AR	Exit	ANTERO RESOURCES CORP	$0	–	-10,000	–	-0.11%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-2,000	–	-0.12%	–
TRIN	Exit	TRINITY CAP INC	$0	–	-25,000	–	-0.15%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-14,790	–	-0.17%	–
NBHC	Exit	NATIONAL BK HLDGS CORPcl a	$0	–	-13,635	–	-0.18%	–
APA	Exit	APA CORPORATION	$0	–	-10,000	–	-0.18%	–
C	Exit	CITIGROUP INC	$0	–	-10,000	–	-0.18%	–
ET	Exit	ENERGY TRANSFER L P	$0	–	-30,000	–	-0.18%	–
FRST	Exit	PRIMIS FINANCIAL CORP	$0	–	-52,851	–	-0.19%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-4,000	–	-0.19%	–
CMLS	Exit	CUMULUS MEDIA INC	$0	–	-86,768	–	-0.19%	–
VLY	Exit	VALLEY NATL BANCORP	$0	–	-55,403	–	-0.21%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-10,000	–	-0.21%	–
WFG	Exit	WEST FRASER TIMBER CO LTD	$0	–	-6,793	–	-0.22%	–
CNOB	Exit	CONNECTONE BANCORP INC	$0	–	-29,847	–	-0.23%	–
TBK	Exit	TRIUMPH FINANCIAL INC	$0	–	-8,349	–	-0.24%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-20,425	–	-0.24%	–
QCRH	Exit	QCR HOLDINGS INC	$0	–	-11,367	–	-0.24%	–
PFC	Exit	PREMIER FINANCIAL CORP	$0	–	-33,926	–	-0.25%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-75,000	–	-0.26%	–
	Exit	STELLAR BANCORP INC	$0	–	-28,315	–	-0.26%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-24,254	–	-0.27%	–
UBFO	Exit	UNITED SEC BANCSHARES CALIF	$0	–	-84,246	–	-0.28%	–
OCFC	Exit	OCEANFIRST FINL CORP	$0	–	-44,588	–	-0.28%	–
BTU	Exit	PEABODY ENERGY CORP	$0	–	-25,000	–	-0.28%	–
HFWA	Exit	HERITAGE FINL CORP WASH	$0	–	-42,051	–	-0.30%	–
IDCC	Exit	INTERDIGITAL INC	$0	–	-8,614	–	-0.30%	–
BWB	Exit	BRIDGEWATER BANCSHARES INC	$0	–	-77,140	–	-0.32%	–
RRR	Exit	RED ROCK RESORTS INCcl a	$0	–	-18,953	–	-0.34%	–
HWC	Exit	HANCOCK WHITNEY CORPORATION	$0	–	-21,157	–	-0.34%	–
OBNK	Exit	ORIGIN BANCORP INC	$0	–	-27,259	–	-0.35%	–
PEBO	Exit	PEOPLES BANCORP INC	$0	–	-31,479	–	-0.35%	–
SPLP	Exit	STEEL PARTNERS HLDGS L Pltd prtrship u	$0	–	-20,005	–	-0.37%	–
HTH	Exit	HILLTOP HOLDINGS INC	$0	–	-32,318	–	-0.40%	–
ODP	Exit	THE ODP CORP	$0	–	-20,480	–	-0.42%	–
BPOP	Exit	POPULAR INC	$0	–	-15,787	–	-0.44%	–
DBI	Exit	DESIGNER BRANDS INCcl a	$0	–	-79,844	–	-0.44%	–
BYFC	Exit	BROADWAY FINL CORP DEL	$0	–	-1,105,792	–	-0.48%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-11,183	–	-0.48%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-17,500	–	-0.48%	–
RBKB	Exit	RHINEBECK BANCORP INC	$0	–	-171,217	–	-0.51%	–
WTFC	Exit	WINTRUST FINL CORP	$0	–	-15,774	–	-0.52%	–
HTLF	Exit	HEARTLAND FINL USA INC	$0	–	-44,141	–	-0.57%	–
BSIG	Exit	BRIGHTSPHERE INVT GROUP INC	$0	–	-67,865	–	-0.58%	–
OPY	Exit	OPPENHEIMER HLDGS INCcl a non vtg	$0	–	-34,440	–	-0.58%	–
BCOR	Exit	AVANTAX INC	$0	–	-57,432	–	-0.64%	–
BCAL	Exit	SOUTHERN CALIF BANCORP	$0	–	-107,948	–	-0.66%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-33,563	–	-0.70%	–
PPBI	Exit	PACIFIC PREMIER BANCORP	$0	–	-75,000	–	-0.72%	–
MBIN	Exit	MERCHANTS BANCORP IND	$0	–	-62,932	–	-0.77%	–
	Exit	PAGAYA TECHNOLOGIES LTD*w exp 09/01/202	$0	–	-5,166,667	–	-0.77%	–
SLM	Exit	SLM CORP	$0	–	-131,597	–	-0.79%	–
CUBI	Exit	CUSTOMERS BANCORP INC	$0	–	-53,200	–	-0.80%	–
ABCB	Exit	AMERIS BANCORP	$0	–	-49,398	–	-0.83%	–
EQH	Exit	EQUITABLE HLDGS INC	$0	–	-73,781	–	-0.92%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-37,278	–	-0.99%	–
CCNE	Exit	CNB FINL CORP PA	$0	–	-126,550	–	-1.01%	–
UMBF	Exit	UMB FINL CORP	$0	–	-39,078	–	-1.06%	–
NHF	Exit	NEXPOINT DIVERSIFIED REL ET	$0	–	-286,673	–	-1.10%	–
FHN	Exit	FIRST HORIZON CORPORATION	$0	–	-227,887	–	-1.10%	–
FNB	Exit	F N B CORP	$0	–	-235,604	–	-1.12%	–
ONB	Exit	OLD NATL BANCORP IND	$0	–	-190,225	–	-1.22%	–
SMMF	Exit	SUMMIT FINL GROUP INC	$0	–	-124,389	–	-1.23%	–
SNV	Exit	SYNOVUS FINL CORP	$0	–	-103,701	–	-1.27%	–
FRME	Exit	FIRST MERCHANTS CORP	$0	–	-106,664	–	-1.30%	–
COLB	Exit	COLUMBIA BKG SYS INC	$0	–	-147,556	–	-1.32%	–
EFSC	Exit	ENTERPRISE FINL SVCS CORP	$0	–	-79,928	–	-1.32%	–
GNW	Exit	GENWORTH FINL INC	$0	–	-514,347	–	-1.32%	–
PNFP	Exit	PINNACLE FINL PARTNERS INC	$0	–	-45,607	–	-1.34%	–
CMA	Exit	COMERICA INC	$0	–	-84,502	–	-1.54%	–
FUNC	Exit	FIRST UTD CORP	$0	–	-224,872	–	-1.60%	–
WAL	Exit	WESTERN ALLIANCE BANCORP	$0	–	-80,090	–	-1.62%	–
WBS	Exit	WEBSTER FINL CORP	$0	–	-91,516	–	-1.62%	–
FBMS	Exit	FIRST BANCSHARES INC MS	$0	–	-138,016	–	-1.64%	–
OSBC	Exit	OLD SECOND BANCORP INC ILL	$0	–	-300,897	–	-1.80%	–
LNKB	Exit	LINKBANCORP INC	$0	–	-598,662	–	-1.81%	–
AX	Exit	AXOS FINANCIAL INC	$0	–	-111,763	–	-1.86%	–
NYCB	Exit	NEW YORK CMNTY BANCORP INC	$0	–	-411,176	–	-2.05%	–
CCB	Exit	COASTAL FINL CORP WA	$0	–	-131,370	–	-2.48%	–
EWBC	Exit	EAST WEST BANCORP INC	$0	–	-111,805	–	-2.59%	–
FCNCA	Exit	FIRST CTZNS BANCSHARES INC Ncl a	$0	–	-4,337	–	-2.63%	–
MCB	Exit	METROPOLITAN BK HLDG CORP	$0	–	-181,041	–	-2.88%	–
BANC	Exit	BANC OF CALIFORNIA INC	$0	–	-648,463	–	-3.53%	–
	Exit	PAGAYA TECHNOLOGIES LTD	$0	–	-13,681,142	–	-9.50%	–
	Exit	JACKSON FINANCIAL INC	$0	–	-1,317,983	–	-22.13%	–

Q3 2023

			Value		Shares		↓ Weighting
	Sell	JACKSON FINANCIAL INC	$50,373,310	+24.5%	1,317,983	-0.3%	22.13%	+19.9%
	Sell	PAGAYA TECHNOLOGIES LTD	$21,616,204	-1.7%	13,681,142	-12.9%	9.50%	-5.4%
BANC	Buy	BANC OF CALIFORNIA INC	$8,027,972	+87.4%	648,463	+75.3%	3.53%	+80.4%
MCB	Sell	METROPOLITAN BK HLDG CORP	$6,568,167	-12.5%	181,041	-16.2%	2.88%	-15.8%
FCNCA	Sell	FIRST CTZNS BANCSHARES INC Ncl a	$5,985,494	-1.9%	4,337	-8.8%	2.63%	-5.6%
EWBC	Buy	EAST WEST BANCORP INC	$5,893,242	+14.3%	111,805	+14.5%	2.59%	+10.0%
CCB	Sell	COASTAL FINL CORP WA	$5,637,087	-13.0%	131,370	-23.6%	2.48%	-16.2%
NYCB	Buy	NEW YORK CMNTY BANCORP INC	$4,662,736	+14.0%	411,176	+13.0%	2.05%	+9.7%
AX	Buy	AXOS FINANCIAL INC	$4,231,347	+219.2%	111,763	+232.5%	1.86%	+207.3%
LNKB	Sell	LINKBANCORP INC	$4,118,795	+12.1%	598,662	-2.2%	1.81%	+7.9%
OSBC	Sell	OLD SECOND BANCORP INC ILL	$4,095,208	-3.6%	300,897	-7.5%	1.80%	-7.2%
FBMS	Sell	FIRST BANCSHARES INC MS	$3,722,292	-4.6%	138,016	-8.6%	1.64%	-8.1%
WBS	Buy	WEBSTER FINL CORP	$3,689,010	+22.7%	91,516	+14.9%	1.62%	+18.1%
WAL	Buy	WESTERN ALLIANCE BANCORP	$3,681,737	+137.0%	80,090	+88.0%	1.62%	+128.1%
FUNC	Sell	FIRST UTD CORP	$3,648,548	+4.7%	224,872	-8.0%	1.60%	+0.8%
CMA	Buy	COMERICA INC	$3,511,058	+17.1%	84,502	+19.4%	1.54%	+12.7%
PNFP	Sell	PINNACLE FINL PARTNERS INC	$3,057,493	-13.2%	45,607	-26.6%	1.34%	-16.4%
GNW	Buy	GENWORTH FINL INC	$3,014,073	+54.6%	514,347	+31.9%	1.32%	+48.8%
EFSC	Sell	ENTERPRISE FINL SVCS CORP	$2,997,300	-10.8%	79,928	-7.0%	1.32%	-14.1%
COLB	Sell	COLUMBIA BKG SYS INC	$2,995,387	-38.2%	147,556	-38.2%	1.32%	-40.5%
FRME	Buy	FIRST MERCHANTS CORP	$2,967,392	+7.4%	106,664	+9.0%	1.30%	+3.4%
SNV	Sell	SYNOVUS FINL CORP	$2,882,888	-17.9%	103,701	-10.7%	1.27%	-21.1%
SMMF	New	SUMMIT FINL GROUP INC	$2,803,728	–	124,389	–	1.23%	–
ONB	Sell	OLD NATL BANCORP IND	$2,765,872	-4.5%	190,225	-8.4%	1.22%	-8.0%
FNB	New	F N B CORP	$2,542,167	–	235,604	–	1.12%	–
FHN	New	FIRST HORIZON CORPORATION	$2,511,315	–	227,887	–	1.10%	–
NHF	Buy	NEXPOINT DIVERSIFIED REL ET	$2,496,922	-18.9%	286,673	+16.5%	1.10%	-22.0%
UMBF	Sell	UMB FINL CORP	$2,424,790	-40.4%	39,078	-41.5%	1.06%	-42.6%
CCNE	Sell	CNB FINL CORP PA	$2,291,821	-2.5%	126,550	-5.0%	1.01%	-6.2%
AGO	Buy	ASSURED GUARANTY LTD	$2,256,065	+44.4%	37,278	+33.1%	0.99%	+39.0%
EQH	Buy	EQUITABLE HLDGS INC	$2,094,643	+39.0%	73,781	+32.9%	0.92%	+33.7%
ABCB	Sell	AMERIS BANCORP	$1,896,389	-18.5%	49,398	-27.4%	0.83%	-21.6%
CUBI	Buy	CUSTOMERS BANCORP INC	$1,832,740	+58.6%	53,200	+39.3%	0.80%	+52.5%
SLM	Buy	SLM CORP	$1,792,351	+9.9%	131,597	+31.7%	0.79%	+5.8%
MBIN	Sell	MERCHANTS BANCORP IND	$1,744,475	+0.5%	62,932	-7.3%	0.77%	-3.4%
PPBI	New	PACIFIC PREMIER BANCORP	$1,632,000	–	75,000	–	0.72%	–
ECPG	Buy	ENCORE CAP GROUP INC	$1,602,969	+30.7%	33,563	+33.1%	0.70%	+25.7%
BCAL	Sell	SOUTHERN CALIF BANCORP	$1,512,351	-3.0%	107,948	-5.0%	0.66%	-6.7%
BCOR	Buy	AVANTAX INC	$1,469,111	+93.1%	57,432	+68.9%	0.64%	+85.9%
OPY	Buy	OPPENHEIMER HLDGS INCcl a non vtg	$1,319,396	+36.8%	34,440	+43.5%	0.58%	+31.8%
BSIG	Buy	BRIGHTSPHERE INVT GROUP INC	$1,315,902	+23.8%	67,865	+33.8%	0.58%	+19.2%
HTLF	New	HEARTLAND FINL USA INC	$1,299,070	–	44,141	–	0.57%	–
WTFC	Sell	WINTRUST FINL CORP	$1,190,937	-65.8%	15,774	-67.1%	0.52%	-67.1%
RBKB	Sell	RHINEBECK BANCORP INC	$1,165,988	-54.7%	171,217	-55.2%	0.51%	-56.4%
AER	Buy	AERCAP HOLDINGS NV	$1,096,725	+15.1%	17,500	+16.7%	0.48%	+10.8%
COF	Sell	CAPITAL ONE FINL CORP	$1,085,310	-25.6%	11,183	-16.1%	0.48%	-28.4%
BYFC	Sell	BROADWAY FINL CORP DEL	$1,083,566	-11.9%	1,105,792	-12.8%	0.48%	-15.2%
DBI	Buy	DESIGNER BRANDS INCcl a	$1,010,825	+189.3%	79,844	+130.8%	0.44%	+179.2%
BPOP	Sell	POPULAR INC	$994,739	-11.8%	15,787	-15.3%	0.44%	-15.1%
ODP	Buy	THE ODP CORP	$945,152	+34.6%	20,480	+36.5%	0.42%	+29.3%
HTH	Buy	HILLTOP HOLDINGS INC	$916,538	+24.5%	32,318	+38.1%	0.40%	+19.9%
PEBO	Sell	PEOPLES BANCORP INC	$798,937	-19.0%	31,479	-15.3%	0.35%	-22.0%
OBNK	Sell	ORIGIN BANCORP INC	$786,967	-16.6%	27,259	-15.3%	0.35%	-19.5%
HWC	Sell	HANCOCK WHITNEY CORPORATION	$782,597	-78.1%	21,157	-77.3%	0.34%	-78.9%
RRR	Buy	RED ROCK RESORTS INCcl a	$777,073	+16.5%	18,953	+33.0%	0.34%	+12.2%
BWB	Sell	BRIDGEWATER BANCSHARES INC	$731,287	-18.6%	77,140	-15.4%	0.32%	-21.7%
IDCC	Buy	INTERDIGITAL INC	$691,187	+10.1%	8,614	+32.5%	0.30%	+6.3%
HFWA	Sell	HERITAGE FINL CORP WASH	$685,852	-14.4%	42,051	-15.1%	0.30%	-17.8%
BTU	Sell	PEABODY ENERGY CORP	$649,750	-14.3%	25,000	-28.6%	0.28%	-17.6%
OCFC	Sell	OCEANFIRST FINL CORP	$645,188	-21.5%	44,588	-15.2%	0.28%	-24.5%
UBFO	Sell	UNITED SEC BANCSHARES CALIF	$626,790	+2.6%	84,246	-8.2%	0.28%	-1.4%
FITB	Sell	FIFTH THIRD BANCORP	$614,354	-18.1%	24,254	-15.3%	0.27%	-21.1%
	Sell	STELLAR BANCORP INC	$603,676	-21.1%	28,315	-15.3%	0.26%	-24.1%
PACW	New	PACWEST BANCORP DEL	$593,250	–	75,000	–	0.26%	–
PFC	Sell	PREMIER FINANCIAL CORP	$578,778	-9.9%	33,926	-15.4%	0.25%	-13.3%
QCRH	Sell	QCR HOLDINGS INC	$551,527	+0.2%	11,367	-15.3%	0.24%	-3.6%
CFG	Sell	CITIZENS FINL GROUP INC	$547,390	-71.9%	20,425	-72.6%	0.24%	-73.0%
TBK	Buy	TRIUMPH FINANCIAL INC	$540,932	+42.5%	8,349	+33.6%	0.24%	+37.6%
CNOB	Sell	CONNECTONE BANCORP INC	$532,172	-8.9%	29,847	-15.3%	0.23%	-12.4%
WFG	Buy	WEST FRASER TIMBER CO LTD	$492,764	+14.6%	6,793	+35.9%	0.22%	+10.2%
DVN	Sell	DEVON ENERGY CORP NEW	$477,000	-34.2%	10,000	-33.3%	0.21%	-36.6%
VLY	Sell	VALLEY NATL BANCORP	$474,250	-72.9%	55,403	-75.4%	0.21%	-73.9%
CMLS	Buy	CUMULUS MEDIA INC	$441,649	+59.6%	86,768	+28.5%	0.19%	+54.0%
SPG	Sell	SIMON PPTY GROUP INC NEW	$432,120	-25.2%	4,000	-20.0%	0.19%	-28.0%
FRST	Sell	PRIMIS FINANCIAL CORP	$430,736	-76.2%	52,851	-75.4%	0.19%	-77.1%
ET	Sell	ENERGY TRANSFER L P	$420,900	-44.8%	30,000	-50.0%	0.18%	-46.8%
C	Buy	CITIGROUP INC	$411,300	+78.7%	10,000	+100.0%	0.18%	+72.4%
APA	Sell	APA CORPORATION	$411,000	-39.9%	10,000	-50.0%	0.18%	-42.0%
NBHC	Sell	NATIONAL BK HLDGS CORPcl a	$405,778	-61.3%	13,635	-62.2%	0.18%	-62.8%
PGC	Sell	PEAPACK-GLADSTONE FINL CORP	$379,364	-20.6%	14,790	-16.1%	0.17%	-23.4%
TRIN	Sell	TRINITY CAP INC	$348,000	-2.8%	25,000	-7.4%	0.15%	-6.1%
	Buy	ALGOMA STL GROUP INC	$247,914	+29.3%	36,458	+35.0%	0.11%	+25.3%
BSVN	New	BANK7 CORP	$224,515	–	9,974	–	0.10%	–
	Sell	FIDELIS INSURANCE HOLDINGS L	$192,293	-37.4%	13,099	-41.8%	0.08%	-40.0%
KEY	Sell	KEYCORP	$161,400	-30.1%	15,000	-40.0%	0.07%	-32.4%
SSSS	Buy	SURO CAPITAL CORP	$128,879	+34.5%	35,602	+18.7%	0.06%	+29.5%
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-5,000	–	-0.11%	–
FANG	Exit	DIAMONDBACK ENERGY INC	$0	–	-2,500	–	-0.15%	–
SNOW	Exit	SNOWFLAKE INCcl a	$0	–	-2,000	–	-0.16%	–
EBC	Exit	EASTERN BANKSHARES INC	$0	–	-32,388	–	-0.18%	–
EQBK	Exit	EQUITY BANCSHARES INC	$0	–	-22,649	–	-0.24%	–
TNET	Exit	TRINET GROUP INC	$0	–	-5,500	–	-0.24%	–
ALLY	Exit	ALLY FINL INC	$0	–	-20,685	–	-0.26%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES	$0	–	-23,341	–	-0.26%	–
MTB	Exit	M & T BK CORP	$0	–	-4,998	–	-0.28%	–
KRE	Exit	SPDR SER TRs&p regl bkg	$0	–	-16,124	–	-0.30%	–
PCB	Exit	PCB BANCORP	$0	–	-71,049	–	-0.48%	–
XLF	Exit	SELECT SECTOR SPDR TRput	$0	–	-48,700	–	-0.75%	–
	Exit	CADENCE BANK	$0	–	-83,575	–	-0.75%	–

Q2 2023

			Value		Shares		↓ Weighting
	New	JACKSON FINANCIAL INC	$40,455,400	–	1,321,640	–	18.46%	–
	New	PAGAYA TECHNOLOGIES LTD	$21,996,577	–	15,711,841	–	10.04%	–
MCB	New	METROPOLITAN BK HLDG CORP	$7,506,195	–	216,130	–	3.43%	–
CCB	New	COASTAL FINL CORP WA	$6,476,854	–	172,028	–	2.96%	–
FCNCA	New	FIRST CTZNS BANCSHARES INC Ncl a	$6,102,805	–	4,755	–	2.78%	–
EWBC	New	EAST WEST BANCORP INC	$5,156,105	–	97,672	–	2.35%	–
COLB	New	COLUMBIA BKG SYS INC	$4,844,831	–	238,897	–	2.21%	–
BANC	New	BANC OF CALIFORNIA INC	$4,283,778	–	369,929	–	1.96%	–
OSBC	New	OLD SECOND BANCORP INC ILL	$4,247,151	–	325,203	–	1.94%	–
NYCB	New	NEW YORK CMNTY BANCORP INC	$4,089,550	–	363,839	–	1.87%	–
UMBF	New	UMB FINL CORP	$4,068,242	–	66,802	–	1.86%	–
FBMS	New	FIRST BANCSHARES INC MS	$3,899,850	–	150,923	–	1.78%	–
LNKB	New	LINKBANCORP INC	$3,672,972	–	612,162	–	1.68%	–
HWC	New	HANCOCK WHITNEY CORPORATION	$3,577,400	–	93,210	–	1.63%	–
PNFP	New	PINNACLE FINL PARTNERS INC	$3,521,761	–	62,167	–	1.61%	–
SNV	New	SYNOVUS FINL CORP	$3,513,356	–	116,144	–	1.60%	–
FUNC	New	FIRST UTD CORP	$3,484,745	–	244,372	–	1.59%	–
WTFC	New	WINTRUST FINL CORP	$3,479,079	–	47,908	–	1.59%	–
EFSC	New	ENTERPRISE FINL SVCS CORP	$3,360,801	–	85,954	–	1.53%	–
NHF	New	NEXPOINT DIVERSIFIED REL ET	$3,080,433	–	246,041	–	1.41%	–
WBS	New	WEBSTER FINL CORP	$3,005,693	–	79,621	–	1.37%	–
CMA	New	COMERICA INC	$2,998,283	–	70,781	–	1.37%	–
ONB	New	OLD NATL BANCORP IND	$2,894,850	–	207,665	–	1.32%	–
FRME	New	FIRST MERCHANTS CORP	$2,763,124	–	97,879	–	1.26%	–
RBKB	New	RHINEBECK BANCORP INC	$2,573,606	–	382,408	–	1.18%	–
CCNE	New	CNB FINL CORP PA	$2,350,098	–	133,150	–	1.07%	–
ABCB	New	AMERIS BANCORP	$2,326,656	–	68,011	–	1.06%	–
GNW	New	GENWORTH FINL INC	$1,950,000	–	390,000	–	0.89%	–
CFG	New	CITIZENS FINL GROUP INC	$1,946,637	–	74,641	–	0.89%	–
FRST	New	PRIMIS FINANCIAL CORP	$1,810,603	–	215,036	–	0.83%	–
VLY	New	VALLEY NATL BANCORP	$1,748,013	–	225,550	–	0.80%	–
MBIN	New	MERCHANTS BANCORP IND	$1,736,524	–	67,886	–	0.79%	–
	New	CADENCE BANK	$1,641,413	–	83,575	–	0.75%	–
XLF	New	SELECT SECTOR SPDR TRput	$1,641,677	–	48,700	–	0.75%	–
SLM	New	SLM CORP	$1,630,270	–	99,894	–	0.74%	–
AGO	New	ASSURED GUARANTY LTD	$1,562,400	–	28,000	–	0.71%	–
BCAL	New	SOUTHERN CALIF BANCORP	$1,559,251	–	113,648	–	0.71%	–
WAL	New	WESTERN ALLIANCE BANCORP	$1,553,622	–	42,600	–	0.71%	–
EQH	New	EQUITABLE HLDGS INC	$1,507,380	–	55,500	–	0.69%	–
COF	New	CAPITAL ONE FINL CORP	$1,458,230	–	13,333	–	0.67%	–
	New	PAGAYA TECHNOLOGIES LTD*w exp 09/01/202	$1,369,167	–	5,166,667	–	0.62%	–
AX	New	AXOS FINANCIAL INC	$1,325,500	–	33,608	–	0.60%	–
BYFC	New	BROADWAY FINL CORP DEL	$1,229,621	–	1,267,651	–	0.56%	–
ECPG	New	ENCORE CAP GROUP INC	$1,226,196	–	25,220	–	0.56%	–
CUBI	New	CUSTOMERS BANCORP INC	$1,155,932	–	38,200	–	0.53%	–
BPOP	New	POPULAR INC	$1,127,730	–	18,634	–	0.52%	–
BSIG	New	BRIGHTSPHERE INVT GROUP INC	$1,062,542	–	50,718	–	0.48%	–
NBHC	New	NATIONAL BK HLDGS CORPcl a	$1,048,083	–	36,091	–	0.48%	–
PCB	New	PCB BANCORP	$1,045,131	–	71,049	–	0.48%	–
PEBO	New	PEOPLES BANCORP INC	$986,439	–	37,154	–	0.45%	–
OPY	New	OPPENHEIMER HLDGS INCcl a non vtg	$964,320	–	24,000	–	0.44%	–
AER	New	AERCAP HOLDINGS NV	$952,800	–	15,000	–	0.44%	–
SPLP	New	STEEL PARTNERS HLDGS L Pltd prtrship u	$950,238	–	20,005	–	0.43%	–
OBNK	New	ORIGIN BANCORP INC	$943,108	–	32,188	–	0.43%	–
BWB	New	BRIDGEWATER BANCSHARES INC	$898,093	–	91,177	–	0.41%	–
OCFC	New	OCEANFIRST FINL CORP	$821,737	–	52,608	–	0.38%	–
HFWA	New	HERITAGE FINL CORP WASH	$801,369	–	49,559	–	0.37%	–
	New	STELLAR BANCORP INC	$765,396	–	33,438	–	0.35%	–
ET	New	ENERGY TRANSFER L P	$762,000	–	60,000	–	0.35%	–
BCOR	New	AVANTAX INC	$760,920	–	34,000	–	0.35%	–
BTU	New	PEABODY ENERGY CORP	$758,100	–	35,000	–	0.35%	–
FITB	New	FIFTH THIRD BANCORP	$750,287	–	28,626	–	0.34%	–
HTH	New	HILLTOP HOLDINGS INC	$736,164	–	23,400	–	0.34%	–
DVN	New	DEVON ENERGY CORP NEW	$725,100	–	15,000	–	0.33%	–
ODP	New	THE ODP CORP	$702,300	–	15,000	–	0.32%	–
APA	New	APA CORPORATION	$683,400	–	20,000	–	0.31%	–
RRR	New	RED ROCK RESORTS INCcl a	$666,849	–	14,255	–	0.30%	–
KRE	New	SPDR SER TRs&p regl bkg	$658,343	–	16,124	–	0.30%	–
PFC	New	PREMIER FINANCIAL CORP	$642,402	–	40,100	–	0.29%	–
IDCC	New	INTERDIGITAL INC	$627,575	–	6,500	–	0.29%	–
MTB	New	M & T BK CORP	$618,552	–	4,998	–	0.28%	–
UBFO	New	UNITED SEC BANCSHARES CALIF	$611,028	–	91,746	–	0.28%	–
CNOB	New	CONNECTONE BANCORP INC	$584,366	–	35,224	–	0.27%	–
SFST	New	SOUTHERN FIRST BANCSHARES	$577,690	–	23,341	–	0.26%	–
SPG	New	SIMON PPTY GROUP INC NEW	$577,400	–	5,000	–	0.26%	–
ALLY	New	ALLY FINL INC	$558,702	–	20,685	–	0.26%	–
QCRH	New	QCR HOLDINGS INC	$550,541	–	13,418	–	0.25%	–
TNET	New	TRINET GROUP INC	$522,335	–	5,500	–	0.24%	–
EQBK	New	EQUITY BANCSHARES INC	$515,944	–	22,649	–	0.24%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$477,556	–	17,635	–	0.22%	–
WFG	New	WEST FRASER TIMBER CO LTD	$429,900	–	5,000	–	0.20%	–
EBC	New	EASTERN BANKSHARES INC	$397,401	–	32,388	–	0.18%	–
TBK	New	TRIUMPH FINANCIAL INC	$379,500	–	6,250	–	0.17%	–
TRIN	New	TRINITY CAP INC	$358,020	–	27,000	–	0.16%	–
SNOW	New	SNOWFLAKE INCcl a	$351,960	–	2,000	–	0.16%	–
DBI	New	DESIGNER BRANDS INCcl a	$349,460	–	34,600	–	0.16%	–
FANG	New	DIAMONDBACK ENERGY INC	$328,400	–	2,500	–	0.15%	–
	New	FIDELIS INSURANCE HOLDINGS L	$307,125	–	22,500	–	0.14%	–
CMLS	New	CUMULUS MEDIA INC	$276,750	–	67,500	–	0.13%	–
PLD	New	PROLOGIS INC.	$245,260	–	2,000	–	0.11%	–
GOOG	New	ALPHABET INCcap stk cl c	$241,940	–	2,000	–	0.11%	–
DAL	New	DELTA AIR LINES INC DEL	$237,700	–	5,000	–	0.11%	–
KEY	New	KEYCORP	$231,000	–	25,000	–	0.10%	–
C	New	CITIGROUP INC	$230,200	–	5,000	–	0.10%	–
AR	New	ANTERO RESOURCES CORP	$230,300	–	10,000	–	0.10%	–
	New	ALGOMA STL GROUP INC	$191,700	–	27,000	–	0.09%	–
SSSS	New	SURO CAPITAL CORP	$95,850	–	30,000	–	0.04%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	MONEYLION INC*w exp 09/22/202	$0	–	-50,000	–	-0.00%	–
GTIM	Exit	GOOD TIMES RESTAURANTS INC	$0	–	-31,464	–	-0.01%	–
USDP	Exit	USD PARTNERS LP	$0	–	-25,000	–	-0.02%	–
HPP	Exit	HUDSON PAC PPTYS INC	$0	–	-10,000	–	-0.02%	–
	Exit	ALGOMA STL GROUP INC	$0	–	-27,000	–	-0.03%	–
FB	Exit	META PLATFORMS INCcl a	$0	–	-1,500	–	-0.03%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-2,000	–	-0.03%	–
FANG	Exit	DIAMONDBACK ENERGY INC	$0	–	-2,500	–	-0.05%	–
MPC	Exit	MARATHON PETE CORP	$0	–	-3,039	–	-0.05%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-5,000	–	-0.05%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-1,500	–	-0.05%	–
TRIN	Exit	TRINITY CAP INC	$0	–	-27,000	–	-0.05%	–
WFG	Exit	WEST FRASER TIMBER CO LTD	$0	–	-5,000	–	-0.06%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-4,000	–	-0.06%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-15,000	–	-0.06%	–
	Exit	FORGEROCK INCcl a	$0	–	-30,000	–	-0.07%	–
CMLS	Exit	CUMULUS MEDIA INC	$0	–	-67,500	–	-0.07%	–
LTCH	Exit	LATCH INC	$0	–	-500,000	–	-0.07%	–
ODP	Exit	THE ODP CORP	$0	–	-15,000	–	-0.08%	–
SFE	Exit	SAFEGUARD SCIENTIFICS INC	$0	–	-155,123	–	-0.09%	–
EFC	Exit	ELLINGTON FINANCIAL INC	$0	–	-55,000	–	-0.10%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-15,000	–	-0.10%	–
APA	Exit	APA CORPORATION	$0	–	-20,000	–	-0.11%	–
RRR	Exit	RED ROCK RESORTS INCcl a	$0	–	-21,255	–	-0.11%	–
BTU	Exit	PEABODY ENGR CORP	$0	–	-30,000	–	-0.12%	–
SQ	Exit	BLOCK INCcl a	$0	–	-15,293	–	-0.13%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-10,234	–	-0.14%	–
CRAI	Exit	CRA INTL INC	$0	–	-10,177	–	-0.14%	–
NCR	Exit	NCR CORP NEW	$0	–	-50,000	–	-0.15%	–
LOB	Exit	LIVE OAK BANCSHARES INC	$0	–	-31,514	–	-0.15%	–
QTWO	Exit	Q2 HLDGS INC	$0	–	-32,500	–	-0.16%	–
ET	Exit	ENERGY TRANSFER L P	$0	–	-99,989	–	-0.17%	–
INTU	Exit	INTUIT	$0	–	-3,000	–	-0.18%	–
WAFD	Exit	WASHINGTON FED INC	$0	–	-41,293	–	-0.19%	–
	Exit	TOAST INCcl a	$0	–	-75,000	–	-0.19%	–
SIVB	Exit	SVB FINANCIAL GROUP	$0	–	-3,881	–	-0.20%	–
BILL	Exit	BILL COM HLDGS INC	$0	–	-10,000	–	-0.20%	–
SNOW	Exit	SNOWFLAKE INCcl a	$0	–	-8,000	–	-0.21%	–
IWM	Exit	ISHARES TRput	$0	–	-8,500	–	-0.22%	–
BSIG	Exit	BRIGHTSPHERE INVT GROUP INC	$0	–	-96,325	–	-0.22%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-15,752	–	-0.22%	–
BYFC	Exit	BROADWAY FINL CORP DEL	$0	–	-1,525,752	–	-0.27%	–
SPLP	Exit	STEEL PARTNERS HLDGS L Pltd prtrship u	$0	–	-42,304	–	-0.27%	–
UBFO	Exit	UNITED SEC BANCSHARES CALIF	$0	–	-269,479	–	-0.27%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-55,732	–	-0.28%	–
XLF	Exit	SELECT SECTOR SPDR TRput	$0	–	-60,000	–	-0.28%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-81,753	–	-0.29%	–
OCFC	Exit	OCEANFIRST FINL CORP	$0	–	-102,577	–	-0.30%	–
ABTX	Exit	ALLEGIANCE BANCSHARES INC	$0	–	-46,344	–	-0.30%	–
HTH	Exit	HILLTOP HOLDINGS INC	$0	–	-78,000	–	-0.30%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-42,590	–	-0.30%	–
	Exit	PAGAYA TECHNOLOGIES LTD*w exp 09/01/202	$0	–	-5,166,667	–	-0.30%	–
NBHC	Exit	NATIONAL BK HLDGS CORPcl a	$0	–	-53,885	–	-0.31%	–
OMF	Exit	ONEMAIN HLDGS INC	$0	–	-67,995	–	-0.31%	–
CCNE	Exit	CNB FINL CORP PA	$0	–	-85,106	–	-0.31%	–
PFC	Exit	PREMIER FINANCIAL CORP	$0	–	-78,664	–	-0.31%	–
PEBO	Exit	PEOPLES BANCORP INC	$0	–	-72,560	–	-0.32%	–
ALLY	Exit	ALLY FINL INC	$0	–	-77,442	–	-0.33%	–
MBIN	Exit	MERCHANTS BANCORP IND	$0	–	-95,582	–	-0.34%	–
FCNCA	Exit	FIRST CTZNS BANCSHARES INC Ncl a	$0	–	-2,910	–	-0.36%	–
OBNK	Exit	ORIGIN BANCORP INC	$0	–	-62,997	–	-0.38%	–
EQH	Exit	EQUITABLE HLDGS INC	$0	–	-96,821	–	-0.40%	–
OPBK	Exit	OP BANCORP	$0	–	-231,047	–	-0.40%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-55,641	–	-0.42%	–
SLM	Exit	SLM CORP	$0	–	-204,894	–	-0.44%	–
	Exit	PONCE FINANCIAL GROUP INC	$0	–	-313,494	–	-0.44%	–
CALB	Exit	CALIFORNIA BANCORP INC	$0	–	-143,484	–	-0.45%	–
WTFC	Exit	WINTRUST FINL CORP	$0	–	-36,434	–	-0.46%	–
EBC	Exit	EASTERN BANKSHARES INC	$0	–	-158,836	–	-0.48%	–
BHF	Exit	BRIGHTHOUSE FINL INC	$0	–	-73,544	–	-0.49%	–
LNKB	Exit	LINKBANCORP INC	$0	–	-445,500	–	-0.52%	–
	Exit	CADENCE BANK	$0	–	-133,677	–	-0.53%	–
FRME	Exit	FIRST MERCHANTS CORP	$0	–	-93,041	–	-0.56%	–
RBKB	Exit	RHINEBECK BANCORP INC	$0	–	-408,254	–	-0.62%	–
WAL	Exit	WESTERN ALLIANCE BANCORP	$0	–	-60,710	–	-0.62%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-27,859	–	-0.65%	–
FUNC	Exit	FIRST UTD CORP	$0	–	-255,473	–	-0.66%	–
MNSB	Exit	MAINSTREET BANCSHARES INC	$0	–	-207,633	–	-0.73%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-142,143	–	-0.74%	–
NHF	Exit	NEXPOINT DIVERSIFIED REL ET	$0	–	-384,673	–	-0.75%	–
FRST	Exit	PRIMIS FINANCIAL CORP	$0	–	-399,014	–	-0.75%	–
AFRM	Exit	AFFIRM HLDGS INC	$0	–	-295,000	–	-0.86%	–
PFBC	Exit	PREFERRED BK LOS ANGELES CA	$0	–	-87,110	–	-0.88%	–
LMST	Exit	LIMESTONE BANCORP INC	$0	–	-299,219	–	-0.91%	–
BWB	Exit	BRIDGEWATER BANCSHARES INC	$0	–	-363,186	–	-0.93%	–
CNOB	Exit	CONNECTONE BANCORP INC	$0	–	-262,898	–	-0.94%	–
WBS	Exit	WEBSTER FINL CORP	$0	–	-138,464	–	-0.97%	–
EQBK	Exit	EQUITY BANCSHARES INC	$0	–	-214,779	–	-0.99%	–
BE	Exit	BLOOM ENERGY CORP	$0	–	-320,000	–	-0.99%	–
PCB	Exit	PCB BANCORP	$0	–	-357,627	–	-1.00%	–
HFWA	Exit	HERITAGE FINL CORP WASH	$0	–	-245,926	–	-1.01%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES	$0	–	-162,487	–	-1.05%	–
EWBC	Exit	EAST WEST BANCORP INC	$0	–	-101,067	–	-1.05%	–
MVBF	Exit	MVB FINL CORP	$0	–	-250,000	–	-1.08%	–
ZION	Exit	ZIONS BANCORPORATION N A	$0	–	-145,248	–	-1.14%	–
MLVF	Exit	MALVERN BANCORP INC	$0	–	-519,446	–	-1.16%	–
MQ	Exit	MARQETA INC	$0	–	-1,050,000	–	-1.16%	–
CND	Exit	CONCORD ACQUISITION CORP	$0	–	-749,700	–	-1.17%	–
BPOP	Exit	POPULAR INC	$0	–	-108,013	–	-1.20%	–
SNV	Exit	SYNOVUS FINL CORP	$0	–	-215,789	–	-1.25%	–
BFST	Exit	BUSINESS FIRST BANCSHARES IN	$0	–	-379,031	–	-1.26%	–
HWC	Exit	HANCOCK WHITNEY CORPORATION	$0	–	-187,543	–	-1.33%	–
BANC	Exit	BANC OF CALIFORNIA INC	$0	–	-570,515	–	-1.41%	–
QCRH	Exit	QCR HOLDINGS INC	$0	–	-194,068	–	-1.53%	–
MTB	Exit	M & T BK CORP	$0	–	-56,917	–	-1.55%	–
OSBC	Exit	OLD SECOND BANCORP INC ILL	$0	–	-771,682	–	-1.56%	–
ONB	Exit	OLD NATL BANCORP IND	$0	–	-624,684	–	-1.59%	–
CCB	Exit	COASTAL FINL CORP WA	$0	–	-292,549	–	-1.80%	–
MCB	Exit	METROPOLITAN BK HLDG CORP	$0	–	-181,521	–	-1.81%	–
CFB	Exit	CROSSFIRST BANKSHARES INC	$0	–	-918,631	–	-1.86%	–
PLUG	Exit	PLUG POWER INC	$0	–	-625,000	–	-2.03%	–
FBMS	Exit	FIRST BANCSHARES INC MS	$0	–	-442,392	–	-2.05%	–
	Exit	PAGAYA TECHNOLOGIES LTD	$0	–	-17,892,500	–	-5.02%	–
	Exit	JACKSON FINANCIAL INC	$0	–	-1,343,446	–	-5.77%	–
SI	Exit	SILVERGATE CAP CORPcl a	$0	–	-635,737	–	-7.42%	–
QQQ	Exit	INVESCO QQQ TRcall	$0	–	-500,000	–	-20.69%	–

Q3 2022

			Value		Shares		↓ Weighting
QQQ	New	INVESCO QQQ TRcall	$133,630,000	–	500,000	–	20.69%	–
SI	Sell	SILVERGATE CAP CORPcl a	$47,903,000	+12.8%	635,737	-19.9%	7.42%	+4.6%
	Sell	JACKSON FINANCIAL INC	$37,281,000	-14.1%	1,343,446	-17.2%	5.77%	-20.4%
FBMS	Buy	FIRST BANCSHARES INC MS	$13,214,000	+593.3%	442,392	+564.0%	2.05%	+543.4%
PLUG	New	PLUG POWER INC	$13,131,000	–	625,000	–	2.03%	–
CFB	Sell	CROSSFIRST BANKSHARES INC	$11,988,000	-13.7%	918,631	-12.7%	1.86%	-20.0%
MCB	Sell	METROPOLITAN BK HLDG CORP	$11,683,000	-53.5%	181,521	-49.9%	1.81%	-56.9%
CCB	Sell	COASTAL FINL CORP WA	$11,626,000	-30.8%	292,549	-33.6%	1.80%	-35.8%
ONB	Sell	OLD NATL BANCORP IND	$10,289,000	+7.0%	624,684	-3.9%	1.59%	-0.7%
OSBC	Sell	OLD SECOND BANCORP INC ILL	$10,070,000	-2.6%	771,682	-0.1%	1.56%	-9.7%
MTB	Sell	M & T BK CORP	$10,036,000	-18.1%	56,917	-26.0%	1.55%	-24.1%
QCRH	Sell	QCR HOLDINGS INC	$9,886,000	-22.3%	194,068	-17.7%	1.53%	-28.0%
BANC	Buy	BANC OF CALIFORNIA INC	$9,111,000	+0.1%	570,515	+10.4%	1.41%	-7.2%
HWC	Sell	HANCOCK WHITNEY CORPORATION	$8,591,000	-1.2%	187,543	-4.4%	1.33%	-8.4%
BFST	Sell	BUSINESS FIRST BANCSHARES IN	$8,161,000	+0.2%	379,031	-0.8%	1.26%	-7.1%
SNV	Sell	SYNOVUS FINL CORP	$8,094,000	-1.6%	215,789	-5.4%	1.25%	-8.7%
BPOP	Sell	POPULAR INC	$7,783,000	-11.5%	108,013	-5.5%	1.20%	-17.9%
CND	New	CONCORD ACQUISITION CORP	$7,534,000	–	749,700	–	1.17%	–
MQ	New	MARQETA INC	$7,476,000	–	1,050,000	–	1.16%	–
MLVF	Sell	MALVERN BANCORP INC	$7,464,000	-25.6%	519,446	-16.8%	1.16%	-31.0%
ZION	Sell	ZIONS BANCORPORATION N A	$7,387,000	-13.5%	145,248	-13.4%	1.14%	-19.7%
MVBF	Sell	MVB FINL CORP	$6,958,000	-54.0%	250,000	-48.6%	1.08%	-57.3%
EWBC	Buy	EAST WEST BANCORP INC	$6,786,000	+90.2%	101,067	+83.6%	1.05%	+76.3%
SFST	Sell	SOUTHERN FIRST BANCSHARES	$6,769,000	-9.6%	162,487	-5.4%	1.05%	-16.2%
HFWA	New	HERITAGE FINL CORP WASH	$6,510,000	–	245,926	–	1.01%	–
PCB	Sell	PCB BANCORP	$6,462,000	-7.1%	357,627	-4.0%	1.00%	-13.9%
BE	New	BLOOM ENERGY CORP	$6,397,000	–	320,000	–	0.99%	–
EQBK	Sell	EQUITY BANCSHARES INC	$6,364,000	-5.7%	214,779	-7.2%	0.99%	-12.5%
WBS	Buy	WEBSTER FINL CORP	$6,259,000	+62.8%	138,464	+51.8%	0.97%	+50.9%
CNOB	Buy	CONNECTONE BANCORP INC	$6,062,000	+7.8%	262,898	+14.3%	0.94%	0.0%
BWB	Sell	BRIDGEWATER BANCSHARES INC	$5,982,000	-5.0%	363,186	-6.9%	0.93%	-12.0%
PFBC	Sell	PREFERRED BK LOS ANGELES CA	$5,682,000	-10.3%	87,110	-6.4%	0.88%	-16.7%
AFRM	Buy	AFFIRM HLDGS INC	$5,534,000	+206.4%	295,000	+195.0%	0.86%	+183.8%
FRST	Sell	PRIMIS FINANCIAL CORP	$4,840,000	-15.0%	399,014	-4.5%	0.75%	-21.1%
NHF	Sell	NEXPOINT DIVERSIFIED REL ET	$4,828,000	-34.6%	384,673	-14.0%	0.75%	-39.3%
PGC	Sell	PEAPACK-GLADSTONE FINL CORP	$4,783,000	-39.1%	142,143	-46.2%	0.74%	-43.5%
MNSB	Sell	MAINSTREET BANCSHARES INC	$4,736,000	-48.3%	207,633	-48.4%	0.73%	-52.1%
FUNC	Sell	FIRST UTD CORP	$4,228,000	-12.9%	255,473	-1.2%	0.66%	-19.1%
SBNY	Sell	SIGNATURE BK NEW YORK N Y	$4,207,000	-36.7%	27,859	-24.8%	0.65%	-41.2%
WAL	Sell	WESTERN ALLIANCE BANCORP	$3,991,000	-45.5%	60,710	-41.5%	0.62%	-49.5%
LNKB	New	LINKBANCORP INC	$3,341,000	–	445,500	–	0.52%	–
BHF	Sell	BRIGHTHOUSE FINL INC	$3,193,000	-56.1%	73,544	-58.5%	0.49%	-59.3%
EBC	Sell	EASTERN BANKSHARES INC	$3,120,000	-7.9%	158,836	-13.4%	0.48%	-14.7%
WTFC	Sell	WINTRUST FINL CORP	$2,971,000	-11.8%	36,434	-13.4%	0.46%	-18.3%
SLM	Sell	SLM CORP	$2,866,000	-28.2%	204,894	-18.2%	0.44%	-33.4%
AGO	Sell	ASSURED GUARANTY LTD	$2,696,000	-23.4%	55,641	-11.8%	0.42%	-28.9%
OPBK	Sell	OP BANCORP	$2,569,000	-24.3%	231,047	-28.5%	0.40%	-29.7%
EQH	Sell	EQUITABLE HLDGS INC	$2,551,000	-22.4%	96,821	-23.2%	0.40%	-28.1%
OBNK	Sell	ORIGIN BANCORP INC	$2,423,000	-14.2%	62,997	-13.4%	0.38%	-20.4%
FCNCA	Sell	FIRST CTZNS BANCSHARES INC Ncl a	$2,321,000	-64.6%	2,910	-71.0%	0.36%	-67.2%
ALLY	Sell	ALLY FINL INC	$2,155,000	-26.8%	77,442	-11.8%	0.33%	-32.0%
PEBO	Sell	PEOPLES BANCORP INC	$2,099,000	-5.7%	72,560	-13.3%	0.32%	-12.6%
PFC	Sell	PREMIER FINANCIAL CORP	$2,022,000	-40.6%	78,664	-41.5%	0.31%	-45.0%
OMF	Sell	ONEMAIN HLDGS INC	$2,007,000	-62.7%	67,995	-52.8%	0.31%	-65.4%
CCNE	New	CNB FINL CORP PA	$2,006,000	–	85,106	–	0.31%	–
NBHC	Sell	NATIONAL BK HLDGS CORPcl a	$1,993,000	-16.3%	53,885	-13.4%	0.31%	-22.4%
ECPG	Sell	ENCORE CAP GROUP INC	$1,937,000	-41.8%	42,590	-26.0%	0.30%	-46.0%
HTH	Sell	HILLTOP HOLDINGS INC	$1,938,000	-19.2%	78,000	-13.3%	0.30%	-25.2%
ABTX	Sell	ALLEGIANCE BANCSHARES INC	$1,929,000	-4.5%	46,344	-13.3%	0.30%	-11.3%
OCFC	Sell	OCEANFIRST FINL CORP	$1,912,000	-15.6%	102,577	-13.4%	0.30%	-21.7%
PACW	Sell	PACWEST BANCORP DEL	$1,848,000	-58.8%	81,753	-51.4%	0.29%	-61.8%
XLF	Sell	SELECT SECTOR SPDR TRput	$1,822,000	-19.5%	60,000	-16.7%	0.28%	-25.4%
FITB	Sell	FIFTH THIRD BANCORP	$1,781,000	-17.6%	55,732	-13.4%	0.28%	-23.5%
SPLP	Sell	STEEL PARTNERS HLDGS L Pltd prtrship u	$1,756,000	-9.1%	42,304	-8.0%	0.27%	-15.5%
BYFC	Buy	BROADWAY FINL CORP DEL	$1,724,000	+157.7%	1,525,752	+141.7%	0.27%	+138.4%
COF	Sell	CAPITAL ONE FINL CORP	$1,452,000	-23.2%	15,752	-13.2%	0.22%	-28.8%
BSIG	Sell	BRIGHTSPHERE INVT GROUP INC	$1,436,000	-28.8%	96,325	-14.0%	0.22%	-34.1%
IWM	Buy	ISHARES TRput	$1,402,000	+29.3%	8,500	+32.8%	0.22%	+19.9%
SNOW	Buy	SNOWFLAKE INCcl a	$1,360,000	+550.7%	8,000	+433.3%	0.21%	+502.9%
BILL	New	BILL COM HLDGS INC	$1,324,000	–	10,000	–	0.20%	–
SIVB	Sell	SVB FINANCIAL GROUP	$1,303,000	-69.4%	3,881	-64.0%	0.20%	-71.6%
	New	TOAST INCcl a	$1,254,000	–	75,000	–	0.19%	–
WAFD	Sell	WASHINGTON FED INC	$1,238,000	-31.1%	41,293	-31.0%	0.19%	-36.0%
INTU	New	INTUIT	$1,162,000	–	3,000	–	0.18%	–
ET	Buy	ENERGY TRANSFER L P	$1,103,000	+47.3%	99,989	+33.3%	0.17%	+36.8%
QTWO	New	Q2 HLDGS INC	$1,047,000	–	32,500	–	0.16%	–
LOB	Sell	LIVE OAK BANCSHARES INC	$964,000	-21.9%	31,514	-13.5%	0.15%	-27.7%
NCR	New	NCR CORP NEW	$951,000	–	50,000	–	0.15%	–
CRAI	Sell	CRA INTL INC	$903,000	-44.1%	10,177	-43.7%	0.14%	-48.1%
SQ	Buy	BLOCK INCcl a	$841,000	+7.0%	15,293	+19.5%	0.13%	-0.8%
BTU	Buy	PEABODY ENGR CORP	$745,000	+132.8%	30,000	+100.0%	0.12%	+117.0%
RRR	Sell	RED ROCK RESORTS INCcl a	$728,000	-33.4%	21,255	-35.1%	0.11%	-38.3%
APA	Sell	APA CORPORATION	$684,000	-21.6%	20,000	-20.0%	0.11%	-27.4%
EFC	Buy	ELLINGTON FINANCIAL INC	$625,000	-14.9%	55,000	+10.0%	0.10%	-21.1%
SFE	Sell	SAFEGUARD SCIENTIFICS INC	$579,000	-10.2%	155,123	-10.3%	0.09%	-16.7%
ODP	New	THE ODP CORP	$527,000	–	15,000	–	0.08%	–
LTCH	Sell	LATCH INC	$477,000	-35.6%	500,000	-23.1%	0.07%	-40.3%
CMLS	Buy	CUMULUS MEDIA INC	$475,000	+89.2%	67,500	+107.7%	0.07%	+76.2%
	Buy	FORGEROCK INCcl a	$436,000	-18.7%	30,000	+20.0%	0.07%	-24.4%
WFG	Sell	WEST FRASER TIMBER CO LTD	$362,000	-26.3%	5,000	-21.9%	0.06%	-31.7%
TRIN	Buy	TRINITY CAP INC	$338,000	+55.8%	27,000	+80.0%	0.05%	+44.4%
FANG	New	DIAMONDBACK ENERGY INC	$301,000	–	2,500	–	0.05%	–
DVN	Sell	DEVON ENERGY CORP NEW	$301,000	+7.1%	5,000	-2.0%	0.05%	0.0%
FB	New	META PLATFORMS INCcl a	$204,000	–	1,500	–	0.03%	–
	Exit	NEXTDOOR HOLDINGS INC	$0	–	-25,000	–	-0.01%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-10,000	–	-0.02%	–
	Exit	MONEYLION INCcl a	$0	–	-100,000	–	-0.02%	–
GNW	Exit	GENWORTH FINL INC	$0	–	-50,000	–	-0.03%	–
C	Exit	CITIGROUP INC	$0	–	-5,000	–	-0.04%	–
BGS	Exit	B & G FOODS INC NEW	$0	–	-10,000	–	-0.04%	–
KRE	Exit	SPDR SER TRs&p regl bkg	$0	–	-5,844	–	-0.06%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-15,000	–	-0.06%	–
FOA	Exit	FINANCE OF AMERICA COMPAN	$0	–	-351,377	–	-0.09%	–
SMMF	Exit	SUMMIT FINL GROUP INC	$0	–	-58,990	–	-0.27%	–
LBAI	Exit	LAKELAND BANCORP INC	$0	–	-120,506	–	-0.29%	–
TBK	Exit	TRIUMPH BANCORP INC	$0	–	-28,328	–	-0.30%	–
KEY	Exit	KEYCORP	$0	–	-104,000	–	-0.30%	–
HAFC	Exit	HANMI FINL CORP	$0	–	-83,437	–	-0.31%	–
HTBI	Exit	HOMETRUST BANCSHARES INC	$0	–	-97,368	–	-0.41%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-107,500	–	-0.56%	–
	Exit	PROFESSIONAL HLDG CORP	$0	–	-177,260	–	-0.59%	–
CUBI	Exit	CUSTOMERS BANCORP INC	$0	–	-110,000	–	-0.62%	–
	Exit	SOFI TECHNOLOGIES INCnote	$0	–	-6,000,000	–	-0.66%	–
BKU	Exit	BANKUNITED INC	$0	–	-132,791	–	-0.79%	–

Q2 2022

			Value		Shares		↓ Weighting
	New	PAGAYA TECHNOLOGIES LTD	$74,791,000	–	17,892,500	–	12.49%	–
	New	JACKSON FINANCIAL INC	$43,412,000	–	1,622,878	–	7.25%	–
SI	New	SILVERGATE CAP CORPcl a	$42,469,000	–	793,366	–	7.09%	–
MCB	New	METROPOLITAN BK HLDG CORP	$25,137,000	–	362,103	–	4.20%	–
CCB	New	COASTAL FINL CORP WA	$16,799,000	–	440,690	–	2.80%	–
MVBF	New	MVB FINL CORP	$15,130,000	–	486,325	–	2.53%	–
CFB	New	CROSSFIRST BANKSHARES INC	$13,897,000	–	1,052,827	–	2.32%	–
QCRH	New	QCR HOLDINGS INC	$12,731,000	–	235,808	–	2.13%	–
MTB	New	M & T BK CORP	$12,256,000	–	76,892	–	2.05%	–
OSBC	New	OLD SECOND BANCORP INC ILL	$10,338,000	–	772,618	–	1.73%	–
MLVF	New	MALVERN BANCORP INC	$10,036,000	–	624,487	–	1.68%	–
ONB	New	OLD NATL BANCORP IND	$9,613,000	–	649,979	–	1.60%	–
MNSB	New	MAINSTREET BANCSHARES INC	$9,160,000	–	402,288	–	1.53%	–
BANC	New	BANC OF CALIFORNIA INC	$9,106,000	–	516,778	–	1.52%	–
BPOP	New	POPULAR INC	$8,794,000	–	114,309	–	1.47%	–
HWC	New	HANCOCK WHITNEY CORPORATION	$8,694,000	–	196,127	–	1.45%	–
ZION	New	ZIONS BANCORPORATION N A	$8,535,000	–	167,674	–	1.42%	–
SNV	New	SYNOVUS FINL CORP	$8,224,000	–	228,135	–	1.37%	–
BFST	New	BUSINESS FIRST BANCSHARES IN	$8,142,000	–	382,060	–	1.36%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$7,852,000	–	264,374	–	1.31%	–
SFST	New	SOUTHERN FIRST BANCSHARES	$7,485,000	–	171,718	–	1.25%	–
NHF	New	NEXPOINT DIVERSIFIED REL ET	$7,377,000	–	447,359	–	1.23%	–
WAL	New	WESTERN ALLIANCE BANCORP	$7,321,000	–	103,698	–	1.22%	–
BHF	New	BRIGHTHOUSE FINL INC	$7,274,000	–	177,321	–	1.22%	–
PCB	New	PCB BANCORP	$6,958,000	–	372,461	–	1.16%	–
EQBK	New	EQUITY BANCSHARES INC	$6,749,000	–	231,435	–	1.13%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$6,643,000	–	37,071	–	1.11%	–
FCNCA	New	FIRST CTZNS BANCSHARES INC Ncl a	$6,563,000	–	10,038	–	1.10%	–
PFBC	New	PREFERRED BK LOS ANGELES CA	$6,332,000	–	93,086	–	1.06%	–
BWB	New	BRIDGEWATER BANCSHARES INC	$6,297,000	–	390,126	–	1.05%	–
FRST	New	PRIMIS FINANCIAL CORP	$5,697,000	–	417,987	–	0.95%	–
CNOB	New	CONNECTONE BANCORP INC	$5,623,000	–	229,987	–	0.94%	–
LMST	New	LIMESTONE BANCORP INC	$5,508,000	–	299,219	–	0.92%	–
OMF	New	ONEMAIN HLDGS INC	$5,384,000	–	144,033	–	0.90%	–
FUNC	New	FIRST UTD CORP	$4,853,000	–	258,673	–	0.81%	–
BKU	New	BANKUNITED INC	$4,723,000	–	132,791	–	0.79%	–
PACW	New	PACWEST BANCORP DEL	$4,482,000	–	168,114	–	0.75%	–
SIVB	New	SVB FINANCIAL GROUP	$4,258,000	–	10,780	–	0.71%	–
SLM	New	SLM CORP	$3,992,000	–	250,466	–	0.67%	–
	New	SOFI TECHNOLOGIES INCnote	$3,960,000	–	6,000,000	–	0.66%	–
WBS	New	WEBSTER FINL CORP	$3,844,000	–	91,200	–	0.64%	–
RBKB	New	RHINEBECK BANCORP INC	$3,776,000	–	408,254	–	0.63%	–
CUBI	New	CUSTOMERS BANCORP INC	$3,729,000	–	110,000	–	0.62%	–
EWBC	New	EAST WEST BANCORP INC	$3,568,000	–	55,061	–	0.60%	–
	New	PROFESSIONAL HLDG CORP	$3,554,000	–	177,260	–	0.59%	–
AGO	New	ASSURED GUARANTY LTD	$3,520,000	–	63,098	–	0.59%	–
PFC	New	PREMIER FINANCIAL CORP	$3,406,000	–	134,374	–	0.57%	–
OPBK	New	OP BANCORP	$3,392,000	–	323,368	–	0.57%	–
EBC	New	EASTERN BANKSHARES INC	$3,387,000	–	183,489	–	0.57%	–
WTFC	New	WINTRUST FINL CORP	$3,370,000	–	42,050	–	0.56%	–
BAC	New	BK OF AMERICA CORP	$3,346,000	–	107,500	–	0.56%	–
ECPG	New	ENCORE CAP GROUP INC	$3,327,000	–	57,590	–	0.56%	–
FRME	New	FIRST MERCHANTS CORP	$3,314,000	–	93,041	–	0.55%	–
EQH	New	EQUITABLE HLDGS INC	$3,287,000	–	126,066	–	0.55%	–
	New	CADENCE BANK	$3,139,000	–	133,677	–	0.52%	–
ALLY	New	ALLY FINL INC	$2,943,000	–	87,824	–	0.49%	–
	New	PONCE FINANCIAL GROUP INC	$2,897,000	–	313,494	–	0.48%	–
OBNK	New	ORIGIN BANCORP INC	$2,823,000	–	72,753	–	0.47%	–
CALB	New	CALIFORNIA BANCORP INC	$2,765,000	–	143,484	–	0.46%	–
HTBI	New	HOMETRUST BANCSHARES INC	$2,434,000	–	97,368	–	0.41%	–
HTH	New	HILLTOP HOLDINGS INC	$2,399,000	–	90,000	–	0.40%	–
NBHC	New	NATIONAL BK HLDGS CORPcl a	$2,381,000	–	62,222	–	0.40%	–
XLF	New	SELECT SECTOR SPDR TRput	$2,264,000	–	72,000	–	0.38%	–
OCFC	New	OCEANFIRST FINL CORP	$2,266,000	–	118,451	–	0.38%	–
PEBO	New	PEOPLES BANCORP INC	$2,225,000	–	83,656	–	0.37%	–
MBIN	New	MERCHANTS BANCORP IND	$2,167,000	–	95,582	–	0.36%	–
FITB	New	FIFTH THIRD BANCORP	$2,162,000	–	64,356	–	0.36%	–
UBFO	New	UNITED SEC BANCSHARES CALIF	$2,053,000	–	269,479	–	0.34%	–
BSIG	New	BRIGHTSPHERE INVT GROUP INC	$2,016,000	–	111,960	–	0.34%	–
ABTX	New	ALLEGIANCE BANCSHARES INC	$2,019,000	–	53,473	–	0.34%	–
	New	PAGAYA TECHNOLOGIES LTD*w exp 09/01/202	$1,963,000	–	5,166,667	–	0.33%	–
SPLP	New	STEEL PARTNERS HLDGS L Pltd prtrship u	$1,931,000	–	46,000	–	0.32%	–
FBMS	New	FIRST BANCSHARES INC MS	$1,906,000	–	66,627	–	0.32%	–
COF	New	CAPITAL ONE FINL CORP	$1,891,000	–	18,152	–	0.32%	–
HAFC	New	HANMI FINL CORP	$1,872,000	–	83,437	–	0.31%	–
AFRM	New	AFFIRM HLDGS INC	$1,806,000	–	100,000	–	0.30%	–
WAFD	New	WASHINGTON FED INC	$1,797,000	–	59,852	–	0.30%	–
KEY	New	KEYCORP	$1,792,000	–	104,000	–	0.30%	–
TBK	New	TRIUMPH BANCORP INC	$1,772,000	–	28,328	–	0.30%	–
LBAI	New	LAKELAND BANCORP INC	$1,762,000	–	120,506	–	0.29%	–
SMMF	New	SUMMIT FINL GROUP INC	$1,639,000	–	58,990	–	0.27%	–
CRAI	New	CRA INTL INC	$1,614,000	–	18,069	–	0.27%	–
LOB	New	LIVE OAK BANCSHARES INC	$1,234,000	–	36,424	–	0.21%	–
RRR	New	RED ROCK RESORTS INCcl a	$1,093,000	–	32,752	–	0.18%	–
IWM	New	ISHARES TRput	$1,084,000	–	6,400	–	0.18%	–
APA	New	APA CORPORATION	$873,000	–	25,000	–	0.15%	–
SQ	New	BLOCK INCcl a	$786,000	–	12,793	–	0.13%	–
ET	New	ENERGY TRANSFER L P	$749,000	–	75,000	–	0.12%	–
LTCH	New	LATCH INC	$741,000	–	650,000	–	0.12%	–
EFC	New	ELLINGTON FINANCIAL INC	$734,000	–	50,000	–	0.12%	–
PYPL	New	PAYPAL HLDGS INC	$715,000	–	10,234	–	0.12%	–
BYFC	New	BROADWAY FINL CORP DEL	$669,000	–	631,246	–	0.11%	–
SFE	New	SAFEGUARD SCIENTIFICS INC	$645,000	–	172,955	–	0.11%	–
AER	New	AERCAP HOLDINGS NV	$614,000	–	15,000	–	0.10%	–
FOA	New	FINANCE OF AMERICA COMPAN	$552,000	–	351,377	–	0.09%	–
	New	FORGEROCK INCcl a	$536,000	–	25,000	–	0.09%	–
WFG	New	WEST FRASER TIMBER CO LTD	$491,000	–	6,400	–	0.08%	–
DAL	New	DELTA AIR LINES INC DEL	$435,000	–	15,000	–	0.07%	–
SPG	New	SIMON PPTY GROUP INC NEW	$380,000	–	4,000	–	0.06%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$366,000	–	15,000	–	0.06%	–
KRE	New	SPDR SER TRs&p regl bkg	$339,000	–	5,844	–	0.06%	–
PXD	New	PIONEER NAT RES CO	$335,000	–	1,500	–	0.06%	–
BTU	New	PEABODY ENGR CORP	$320,000	–	15,000	–	0.05%	–
DVN	New	DEVON ENERGY CORP NEW	$281,000	–	5,100	–	0.05%	–
CMLS	New	CUMULUS MEDIA INC	$251,000	–	32,500	–	0.04%	–
MPC	New	MARATHON PETE CORP	$250,000	–	3,039	–	0.04%	–
	New	ALGOMA STL GROUP INC	$242,000	–	27,000	–	0.04%	–
BGS	New	B & G FOODS INC NEW	$238,000	–	10,000	–	0.04%	–
C	New	CITIGROUP INC	$230,000	–	5,000	–	0.04%	–
JPM	New	JPMORGAN CHASE & CO	$225,000	–	2,000	–	0.04%	–
TRIN	New	TRINITY CAP INC	$217,000	–	15,000	–	0.04%	–
SNOW	New	SNOWFLAKE INCcl a	$209,000	–	1,500	–	0.04%	–
GNW	New	GENWORTH FINL INC	$177,000	–	50,000	–	0.03%	–
HPP	New	HUDSON PAC PPTYS INC	$148,000	–	10,000	–	0.02%	–
USDP	New	USD PARTNERS LP	$130,000	–	25,000	–	0.02%	–
	New	MONEYLION INCcl a	$132,000	–	100,000	–	0.02%	–
AAL	New	AMERICAN AIRLS GROUP INC	$127,000	–	10,000	–	0.02%	–
GTIM	New	GOOD TIMES RESTAURANTS INC	$95,000	–	31,464	–	0.02%	–
	New	NEXTDOOR HOLDINGS INC	$83,000	–	25,000	–	0.01%	–
	New	MONEYLION INC*w exp 09/22/202	$9,000	–	50,000	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
DHBCW	Exit	DHB CAPITAL CORP*w exp 03/31/202	$0	–	-6,666	–	0.00%	–
DHCAW	Exit	DHC ACQUISITION CORP*w exp 02/25/202	$0	–	-6,666	–	0.00%	–
AACWS	Exit	ARES ACQUISITION CORPORATION*w exp 99/99/999	$0	–	-5,999	–	0.00%	–
KLAQW	Exit	KL ACQUISITION CORP*w exp 01/12/202	$0	–	-6,666	–	0.00%	–
TRCAWS	Exit	TWIN RIDGE CAPITAL ACQUIS CO*w exp 03/07/202	$0	–	-5,000	–	0.00%	–
ANACWS	Exit	ARCTOS NORTHSTAR ACQUIS CORP*w exp 99/99/999	$0	–	-4,658	–	0.00%	–
ATSPW	Exit	ARCHIMEDES TECH SPAC PARTNR*w exp 04/10/202	$0	–	-1,860	–	0.00%	–
ACTDW	Exit	ARCLIGHT CLEAN TRANSITION II*w exp 03/16/202	$0	–	-3,523	–	0.00%	–
CASWS	Exit	CASCADE ACQUISITION CORP*w exp 11/30/202	$0	–	-5,000	–	0.00%	–
PDOTWS	Exit	PERIDOT ACQUISITION CORP II*w exp 04/30/202	$0	–	-6,000	–	0.00%	–
KAIIW	Exit	KISMET ACQUISITION TWO CORP*w exp 06/30/202	$0	–	-6,000	–	0.00%	–
HIIIW	Exit	HUDSON EXECUTIVE INVES III*w exp 02/22/202	$0	–	-5,529	–	0.00%	–
OSTRW	Exit	OYSTER ENTERPRISES ACQ CORP*w exp 01/20/202	$0	–	-15,000	–	-0.00%	–
PMVCWS	Exit	PMV CONSUMER ACQUISITION COR*w exp 08/31/202	$0	–	-10,000	–	-0.00%	–
MACCWS	Exit	MISSION ADVANCEMENT CORP*w exp 03/05/202	$0	–	-16,000	–	-0.00%	–
ACIIWS	Exit	ATLAS CREST INVESTMENT CORP*w exp 02/03/202	$0	–	-10,100	–	-0.00%	–
CLAAWS	Exit	COLONNADE ACQUISITION CORP I*w exp 99/99/999	$0	–	-12,000	–	-0.00%	–
DNZWS	Exit	D AND Z MEDIA ACQUISITION CO*w exp 01/27/202	$0	–	-26,666	–	-0.00%	–
SNRHW	Exit	SENIOR CONNECT ACQUISITN COR*w exp 12/31/202	$0	–	-16,493	–	-0.00%	–
CPTKWS	Exit	CROWN PROPTECH ACQUISITIONS*w exp 99/99/999	$0	–	-18,000	–	-0.00%	–
TWNIWS	Exit	TAILWIND INTERNATNAL ACQ COR*w exp 03/01/202	$0	–	-10,666	–	-0.00%	–
CTAQW	Exit	CARNEY TECHNOLOGY ACQU CORP*w exp 11/30/202	$0	–	-10,000	–	-0.00%	–
KAIRW	Exit	KAIROS ACQUISITION CORP*w exp 11/30/202	$0	–	-15,000	–	-0.00%	–
GCACW	Exit	GROWTH CAP ACQUISITION CORP*w exp 06/01/202	$0	–	-15,000	–	-0.00%	–
PCPCWS	Exit	PERIPHAS CAPITAL PARTNERING*w exp 12/10/202	$0	–	-10,000	–	-0.00%	–
PMGMW	Exit	PRIVETERRA ACQUISITION CORP*w exp 02/28/202	$0	–	-10,000	–	-0.00%	–
BOASWS	Exit	BOA ACQUISITION CORP*w exp 02/22/202	$0	–	-9,999	–	-0.00%	–
GSEVW	Exit	GORES HOLDINGS VII INC*w exp 02/25/202	$0	–	-13,600	–	-0.00%	–
NSTCWS	Exit	NORTHERN STAR INVEST CORP II*w exp 02/25/202	$0	–	-9,959	–	-0.00%	–
RBACWS	Exit	REDBALL ACQUISITION CORP*w exp 08/17/202	$0	–	-20,000	–	-0.00%	–
ASAQWS	Exit	ATLANTIC AVE ACQUISITION COR*w exp 10/06/202	$0	–	-18,853	–	-0.00%	–
GTPAW	Exit	GORES TECHNOLOGY PARTNERS IN*w exp 03/16/202	$0	–	-15,000	–	-0.00%	–
IMPXWS	Exit	AEA-BRIDGES IMPACT CORP*w exp 09/19/202	$0	–	-10,000	–	-0.00%	–
LNFAWS	Exit	L&F ACQUISITION CORP*w exp 05/23/202	$0	–	-20,000	–	-0.00%	–
TBCPW	Exit	THUNDER BRIDGE CAP PRTNRS II*w exp 02/15/202	$0	–	-8,000	–	-0.00%	–
SCAQW	Exit	STRATIM CLOUD ACQUISITION CO*w exp 03/05/202	$0	–	-16,666	–	-0.00%	–
DWINWS	Exit	DELWINDS INS ACQUISITION COR*w exp 08/01/202	$0	–	-10,000	–	-0.00%	–
CHPMW	Exit	CHP MERGER CORP*w exp 11/22/202	$0	–	-20,000	–	-0.00%	–
RCLFW	Exit	ROSECLIFF ACQUISITION CORP I*w exp 02/11/202	$0	–	-11,750	–	-0.00%	–
HERAW	Exit	FTAC HERA ACQUISITION CORP*w exp 02/28/202	$0	–	-12,299	–	-0.00%	–
ANZUW	Exit	ANZU SPECIAL ACQUISITIN CORP*w exp 01/27/202	$0	–	-12,666	–	-0.00%	–
SBEAW	Exit	SILVERBOX ENGAGED MERGER CO*w exp 06/02/202	$0	–	-10,273	–	-0.00%	–
CVIIWS	Exit	CHURCHILL CAPITAL CORP VII*w exp 02/29/202	$0	–	-6,539	–	-0.00%	–
TSIBW	Exit	TISHMAN SPEYER INNOVATION CO*w exp 02/11/202	$0	–	-20,000	–	-0.00%	–
VELOW	Exit	VELOCITY ACQUISITION CORP*w exp 02/24/202	$0	–	-12,883	–	-0.00%	–
TLGAWS	Exit	TLG ACQUISITION ONE CORP*w exp 01/25/202	$0	–	-16,666	–	-0.00%	–
PIAIWS	Exit	PRIME IMPACT ACQUISITION I*w exp 10/01/203	$0	–	-9,149	–	-0.00%	–
SSAAW	Exit	SCIENCE STRATEGIC ACQ ALPHA*w exp 01/20/202	$0	–	-10,000	–	-0.00%	–
FVTWS	Exit	FORTRESS VALUE ACQUIS CORP I*w exp 12/31/202	$0	–	-19,038	–	-0.00%	–
CFIVW	Exit	CF ACQUISITION CORP IV*w exp 12/31/202	$0	–	-11,095	–	-0.00%	–
HYACW	Exit	HAYMAKER ACQUISITION CORP II*w exp 03/04/202	$0	–	-15,567	–	-0.00%	–
FTEVWS	Exit	FINTECH EVOLUTION ACQUIS GRO*w exp 03/31/202	$0	–	-19,999	–	-0.00%	–
PNTMWS	Exit	PONTEM CORPORATION*w exp 01/05/202	$0	–	-20,000	–	-0.00%	–
SNIIWS	Exit	SUPERNOVA PARTNERS ACQUISTN*w exp 99/99/999	$0	–	-10,000	–	-0.00%	–
FTAAW	Exit	FTAC ATHENA ACQUISITION CORP*w exp 03/01/202	$0	–	-10,000	–	-0.00%	–
FSSIW	Exit	FORTISTAR SUSTAINABLE SOL CO*w exp 01/14/202	$0	–	-10,000	–	-0.00%	–
SPTKW	Exit	SPORTSTEK ACQUISITION CORP*w exp 02/16/202	$0	–	-10,000	–	-0.00%	–
RCHGW	Exit	RECHARGE ACQUISITION CORP*w exp 10/05/202	$0	–	-9,154	–	-0.00%	–
NSTDWS	Exit	NORTHERN STAR INVEST CORP IV*w exp 02/25/202	$0	–	-9,999	–	-0.00%	–
MITWS	Exit	MASON INDUSTRIAL TECHNOLGY I*w exp 99/99/999	$0	–	-20,000	–	-0.00%	–
HPXWS	Exit	HPX CORP*w exp 07/14/202	$0	–	-10,000	–	-0.00%	–
FACTWS	Exit	FREEDOM ACQUISITION I CORP*w exp 99/99/999	$0	–	-20,942	–	-0.00%	–
ARRWW	Exit	ARROWROOT ACQUISITION CORP*w exp 03/02/202	$0	–	-13,550	–	-0.00%	–
OEPWW	Exit	ONE EQUITY PARTNERS OPEN WTR*w exp 01/14/202	$0	–	-10,000	–	-0.00%	–
MDHWS	Exit	MDH ACQUISITION CORP*w exp 02/02/202	$0	–	-25,050	–	-0.00%	–
FLMEWS	Exit	FLAME ACQUISITION CORP*w exp 02/26/202	$0	–	-15,000	–	-0.00%	–
AKICW	Exit	SPORTS VENTURES ACQUISIN COR*w exp 11/30/202	$0	–	-10,000	–	-0.00%	–
HCIIW	Exit	HUDSON EXECUTIVE INVS CORP I*w exp 01/31/202	$0	–	-20,000	–	-0.00%	–
JWSMWS	Exit	JAWS MUSTANG ACQUISITION COR*w exp 01/30/202	$0	–	-20,000	–	-0.00%	–
WPCBWS	Exit	WARBURG PINCUS CAPTAL CORP I*w exp 99/99/999	$0	–	-24,614	–	-0.00%	–
FCAXWS	Exit	FORTRESS CAPITAL ACQUISITION*w exp 99/99/999	$0	–	-20,770	–	-0.00%	–
AEACW	Exit	AUTHENTIC EQUITY ACQUISTN CO*w exp 01/20/202	$0	–	-36,423	–	-0.00%	–
ITHXW	Exit	ITHAX ACQUISITION CORP*w exp 02/01/202	$0	–	-43,175	–	-0.00%	–
ISLEW	Exit	ISLEWORTH HEALTHCARE ACQU CO*w exp 08/02/202	$0	–	-35,208	–	-0.00%	–
ASZWS	Exit	AUSTERLITZ ACQUISITION CORP*w exp 02/19/202	$0	–	-20,000	–	-0.00%	–
ATAQWS	Exit	ALTIMAR ACQUISITION CORP III*w exp 08/03/202	$0	–	-19,428	–	-0.00%	–
TSPQWS	Exit	TCW SPECIAL PURPOSE ACQU COR*w exp 99/99/999	$0	–	-29,876	–	-0.00%	–
ACQRW	Exit	INDEPENDENCE HOLDINGS CORP*w exp 03/31/202	$0	–	-19,640	–	-0.00%	–
FSNBWS	Exit	FUSION ACQUISITION CORP II*w exp 02/29/202	$0	–	-34,146	–	-0.00%	–
BSKYW	Exit	BIG SKY GROWTH PARTNERS INC*w exp 04/01/202	$0	–	-47,480	–	-0.00%	–
FCAX	Exit	FORTRESS CAPITAL ACQUISITION	$0	–	-3,854	–	-0.00%	–
SHACW	Exit	SCP & CO HEALTHCARE ACQUSTN*w exp 01/27/202	$0	–	-53,570	–	-0.00%	–
MBACWS	Exit	M3 BRIGADE ACQUISITION II CO*w exp 09/03/202	$0	–	-30,000	–	-0.00%	–
HIGAWS	Exit	H I G ACQUISITION CORP*w exp 99/99/999	$0	–	-46,570	–	-0.00%	–
JCICW	Exit	JACK CREEK INVESTMENT CORP*w exp 10/01/202	$0	–	-67,682	–	-0.00%	–
DNAB	Exit	SOCIAL CAP SUVRETTA HLDS CRP	$0	–	-5,000	–	-0.00%	–
NRACW	Exit	NOBLE ROCK ACQUISITION CORP*w exp 01/31/202	$0	–	-67,328	–	-0.00%	–
DNAA	Exit	SOCIAL CAP SUVRETTA HLDS CRP	$0	–	-5,000	–	-0.00%	–
KWACWS	Exit	KINGSWOOD ACQUISITION CORP*w exp 05/01/202	$0	–	-89,864	–	-0.00%	–
EACPW	Exit	EDIFY ACQUISITION CORP*w exp 11/25/202	$0	–	-125,628	–	-0.01%	–
ATSPT	Exit	ARCHIMEDES TECH SPAC PARTNRunit 99/99/9999	$0	–	-7,441	–	-0.01%	–
AKIC	Exit	SPORTS VENTURES ACQUISIN COR	$0	–	-8,827	–	-0.01%	–
LGAC	Exit	LAZARD GROWTH ACQUISITION CO	$0	–	-10,000	–	-0.01%	–
DGNU	Exit	DRAGONEER GROWTH OPT CORP II	$0	–	-10,000	–	-0.01%	–
PNTM	Exit	PONTEM CORPORATION	$0	–	-10,192	–	-0.01%	–
COOL	Exit	CORNER GROWTH ACQUISITION CO	$0	–	-10,000	–	-0.01%	–
VHAQ	Exit	VIVEON HEALTH ACQUISITION CO	$0	–	-10,000	–	-0.01%	–
JOFFW	Exit	JOFF FINTECH ACQUISITION COR*w exp 02/04/202	$0	–	-181,872	–	-0.01%	–
GTIM	Exit	GOOD TIMES RESTAURANTS INC	$0	–	-25,023	–	-0.01%	–
FSNBU	Exit	FUSION ACQUISITION CORP IIunit 02/29/2028	$0	–	-12,560	–	-0.01%	–
ATSPU	Exit	ARCHIMEDES TECH SPAC PARTNRunit 03/10/2026	$0	–	-12,559	–	-0.01%	–
TWLVU	Exit	TWELVE SEAS INVESTMENT CO IIunit 99/99/9999	$0	–	-13,849	–	-0.01%	–
ANACU	Exit	ARCTOS NORTHSTAR ACQUIS CORPunit 99/99/9999	$0	–	-14,241	–	-0.01%	–
SWETW	Exit	ATHLON ACQUISITION CORP*w exp 01/12/202	$0	–	-192,652	–	-0.01%	–
TRCA	Exit	TWIN RIDGE CAPITAL ACQUIS CO	$0	–	-15,000	–	-0.01%	–
ITAC	Exit	INDUSTRIAL TECH ACQU INC	$0	–	-15,800	–	-0.01%	–
ACTD	Exit	ARCLIGHT CLEAN TRANSITION II	$0	–	-17,616	–	-0.02%	–
KAII	Exit	KISMET ACQUISITION TWO CORP	$0	–	-18,000	–	-0.02%	–
ANAC	Exit	ARCTOS NORTHSTAR ACQUIS CORP	$0	–	-18,632	–	-0.02%	–
PMVC	Exit	PMV CONSUMER ACQUISITION COR	$0	–	-20,000	–	-0.02%	–
CVII	Exit	CHURCHILL CAPITAL CORP VII	$0	–	-20,000	–	-0.02%	–
PIAI	Exit	PRIME IMPACT ACQUISITION I	$0	–	-20,000	–	-0.02%	–
GFX	Exit	GOLDEN FALCON ACQUISITION COcl a	$0	–	-20,000	–	-0.02%	–
DHCA	Exit	DHC ACQUISITION CORP	$0	–	-20,000	–	-0.02%	–
	Exit	BILANDER ACQUISITION CORPunit 05/19/2026	$0	–	-20,000	–	-0.02%	–
FMAC	Exit	FIRSTMARK HORIZON ACQUISITIO	$0	–	-20,000	–	-0.02%	–
SBEA	Exit	SILVERBOX ENGAGED MERGER CO	$0	–	-20,000	–	-0.02%	–
ITHX	Exit	ITHAX ACQUISITION CORP	$0	–	-20,000	–	-0.02%	–
TEKK	Exit	TEKKORP DIGITAL ACQUISITN COcl a	$0	–	-20,000	–	-0.02%	–
SHAC	Exit	SCP & CO HEALTHCARE ACQUSTN	$0	–	-20,000	–	-0.02%	–
SVFC	Exit	SVF INVESTMENT CORP 3	$0	–	-20,000	–	-0.02%	–
STREU	Exit	SUPERNOVA PARTN ACQ CO III Lunit 99/99/9999	$0	–	-20,000	–	-0.02%	–
ACQR	Exit	INDEPENDENCE HOLDINGS CORP	$0	–	-20,000	–	-0.02%	–
ACII	Exit	ATLAS CREST INVESTMENT CORP	$0	–	-20,000	–	-0.02%	–
PIPP	Exit	PINE IS ACQUISITION CORPcl a	$0	–	-20,000	–	-0.02%	–
IGAC	Exit	IG ACQUISITION CORP	$0	–	-20,000	–	-0.02%	–
CRU	Exit	CRUCIBLE ACQUISITION CORP	$0	–	-20,000	–	-0.02%	–
CAS	Exit	CASCADE ACQUISITION CORP	$0	–	-20,000	–	-0.02%	–
CLAA	Exit	COLONNADE ACQUISITION CORP I	$0	–	-20,000	–	-0.02%	–
AGGRU	Exit	AGILE GROWTH CORPunit 03/09/2026	$0	–	-20,000	–	-0.02%	–
ETAC	Exit	E MERGE TECHNOLOGY ACQUISITI	$0	–	-20,000	–	-0.02%	–
AAC	Exit	ARES ACQUISITION CORPORATION	$0	–	-20,000	–	-0.02%	–
NSTD	Exit	NORTHERN STAR INVEST CORP IV	$0	–	-20,000	–	-0.02%	–
DHBC	Exit	DHB CAPITAL CORP	$0	–	-20,000	–	-0.02%	–
ERES	Exit	EAST RES ACQUISITION CO	$0	–	-20,000	–	-0.02%	–
SVFB	Exit	SVF INVESTMENT CORP 2	$0	–	-20,000	–	-0.02%	–
TLGA	Exit	TLG ACQUISITION ONE CORP	$0	–	-20,000	–	-0.02%	–
FACT	Exit	FREEDOM ACQUISITION I CORP	$0	–	-20,000	–	-0.02%	–
NSTC	Exit	NORTHERN STAR INVEST CORP II	$0	–	-20,000	–	-0.02%	–
FSNB	Exit	FUSION ACQUISITION CORP II	$0	–	-20,000	–	-0.02%	–
PHIC	Exit	POPULATION HEALTH INVS CO IN	$0	–	-20,000	–	-0.02%	–
MRAC	Exit	MARQUEE RAINE ACQUISITION CO	$0	–	-20,000	–	-0.02%	–
FZTU	Exit	FAST ACQUISITION CORP IIunit 03/16/2026	$0	–	-20,000	–	-0.02%	–
SPTK	Exit	SPORTSTEK ACQUISITION CORP	$0	–	-20,000	–	-0.02%	–
FVT	Exit	FORTRESS VALUE ACQUIS CORP I	$0	–	-20,000	–	-0.02%	–
FSSI	Exit	FORTISTAR SUSTAINABLE SOL CO	$0	–	-20,000	–	-0.02%	–
NMMC	Exit	NORTH MOUNTAIN MERGER CORP	$0	–	-20,000	–	-0.02%	–
PSAGU	Exit	PROPERTY SOLUTIONS ACQUISITIunit 03/01/2026	$0	–	-20,000	–	-0.02%	–
GOAC	Exit	GO ACQUISITION CORP	$0	–	-20,000	–	-0.02%	–
OACB	Exit	OAKTREE ACQUISITION CORP II	$0	–	-20,000	–	-0.02%	–
COIN	Exit	COINBASE GLOBAL INC	$0	–	-1,000	–	-0.02%	–
WPCB	Exit	WARBURG PINCUS CAPTAL CORP I	$0	–	-23,072	–	-0.02%	–
HYAC	Exit	HAYMAKER ACQUISITION CORP II	$0	–	-23,936	–	-0.02%	–
TRIN	Exit	TRINITY CAP INC	$0	–	-15,000	–	-0.02%	–
VIAC	Exit	VIACOMCBS INCcl b	$0	–	-6,000	–	-0.02%	–
VELO	Exit	VELOCITY ACQUISITION CORP	$0	–	-24,444	–	-0.02%	–
MPC	Exit	MARATHON PETE CORP	$0	–	-4,000	–	-0.02%	–
	Exit	AVISTA PUB ACQUISITION CORPunit 04/06/2026	$0	–	-25,000	–	-0.02%	–
OEPW	Exit	ONE EQUITY PARTNERS OPEN WTRcl a	$0	–	-26,244	–	-0.02%	–
PMGM	Exit	PRIVETERRA ACQUISITION CORPcl a	$0	–	-27,000	–	-0.02%	–
HIII	Exit	HUDSON EXECUTIVE INVES III	$0	–	-27,649	–	-0.02%	–
ARRW	Exit	ARROWROOT ACQUISITION CORP	$0	–	-27,100	–	-0.02%	–
GM	Exit	GENERAL MTRS CO	$0	–	-5,000	–	-0.02%	–
T	Exit	AT&T INC	$0	–	-10,000	–	-0.02%	–
SSAA	Exit	SCIENCE STRATEGIC ACQ ALPHA	$0	–	-30,000	–	-0.02%	–
BOAS	Exit	BOA ACQUISITION CORP	$0	–	-30,000	–	-0.02%	–
FANG	Exit	DIAMONDBACK ENERGY INC	$0	–	-3,000	–	-0.02%	–
PDOT	Exit	PERIDOT ACQUISITION CORP II	$0	–	-30,000	–	-0.02%	–
ADEX	Exit	ADIT EDTECH ACQUISITION CORP	$0	–	-30,000	–	-0.02%	–
KWAC	Exit	KINGSWOOD ACQUISITION CORP	$0	–	-30,000	–	-0.03%	–
CCAC	Exit	CITIC CAPITAL ACQUISITION CO	$0	–	-30,000	–	-0.03%	–
RCHG	Exit	RECHARGE ACQUISITION CORP	$0	–	-30,000	–	-0.03%	–
PRPB	Exit	CC NEUBERGER PRIN HLDGS II	$0	–	-29,800	–	-0.03%	–
CCV	Exit	CHURCHILL CAPITAL CORP V	$0	–	-30,000	–	-0.03%	–
KVSC	Exit	KHOSLA VENTURES ACQUT CO III	$0	–	-30,000	–	-0.03%	–
ASZ	Exit	AUSTERLITZ ACQUISITION CORP	$0	–	-30,000	–	-0.03%	–
HAAC	Exit	HEALTH ASSURN ACQUISITION CO	$0	–	-30,000	–	-0.03%	–
ENPC	Exit	EXECUTIVE NETWORK PARTNERINGcl a	$0	–	-30,000	–	-0.03%	–
TWNI	Exit	TAILWIND INTERNATNAL ACQ COR	$0	–	-32,000	–	-0.03%	–
IPOD	Exit	SOCIAL CAPITAL HEDOSOPHA HLD	$0	–	-30,000	–	-0.03%	–
ANZU	Exit	ANZU SPECIAL ACQUISITIN CORP	$0	–	-31,859	–	-0.03%	–
VAQC	Exit	VECTOR ACQUISITION CORP II	$0	–	-31,545	–	-0.03%	–
RCLF	Exit	ROSECLIFF ACQUISITION CORP I	$0	–	-35,250	–	-0.03%	–
MACC	Exit	MISSION ADVANCEMENT CORPcl a	$0	–	-35,818	–	-0.03%	–
MILE	Exit	METROMILE INC	$0	–	-100,000	–	-0.03%	–
HIGA	Exit	H I G ACQUISITION CORP	$0	–	-40,000	–	-0.03%	–
TSPQ	Exit	TCW SPECIAL PURPOSE ACQU COR	$0	–	-39,631	–	-0.03%	–
SVFA	Exit	SVF INVESTMENT CORP	$0	–	-40,000	–	-0.03%	–
AMPIU	Exit	ADVANCED MERGER PARTNERS INCunit 99/99/9999	$0	–	-40,000	–	-0.03%	–
NSTCU	Exit	NORTHERN STAR INVEST CORP IIunit 02/25/2028	$0	–	-40,000	–	-0.03%	–
TBCPU	Exit	THUNDER BRIDGE CAP PRTNRS IIunit 02/15/2028	$0	–	-40,000	–	-0.04%	–
BTAQ	Exit	BURGUNDY TECHNOLOGY ACQU CORcl a	$0	–	-40,000	–	-0.04%	–
JUGGU	Exit	JAWS JUGGERNAUT ACQUISITN COunit 06/17/2026	$0	–	-40,000	–	-0.04%	–
EOG	Exit	EOG RES INC	$0	–	-5,000	–	-0.04%	–
	Exit	TORTOISEECOFIN ACQUISITION Cunit 99/99/9999	$0	–	-40,000	–	-0.04%	–
	Exit	METALS ACQUISITION CORPunit 99/99/9999	$0	–	-40,000	–	-0.04%	–
VRS	Exit	VERSO CORPcl a	$0	–	-20,000	–	-0.04%	–
	Exit	XPAC ACQUISITION CORPunit 07/27/2021	$0	–	-45,000	–	-0.04%	–
	Exit	HIPPO HLDGS INC	$0	–	-100,000	–	-0.04%	–
KLAQ	Exit	KL ACQUISITION CORP	$0	–	-48,216	–	-0.04%	–
JCIC	Exit	JACK CREEK INVESTMENT CORP	$0	–	-49,471	–	-0.04%	–
FPAC	Exit	FAR PEAK ACQUISITION CORP	$0	–	-50,000	–	-0.04%	–
SCAQ	Exit	STRATIM CLOUD ACQUISITION CO	$0	–	-50,000	–	-0.04%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-3,000	–	-0.04%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-4,000	–	-0.04%	–
CPTK	Exit	CROWN PROPTECH ACQUISITIONS	$0	–	-54,000	–	-0.05%	–
PDLB	Exit	PDL CMNTY BANCORP	$0	–	-38,771	–	-0.05%	–
IPOF	Exit	SOCIAL CAPITAL HEDOSOPHA HLD	$0	–	-55,000	–	-0.05%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-10,000	–	-0.05%	–
FLME	Exit	FLAME ACQUISITION CORP	$0	–	-59,487	–	-0.05%	–
MIT	Exit	MASON INDUSTRIAL TECHNOLGY I	$0	–	-60,000	–	-0.05%	–
FTEV	Exit	FINTECH EVOLUTION ACQUIS GRO	$0	–	-60,000	–	-0.05%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-15,000	–	-0.06%	–
	Exit	MONEYLION INCcl a	$0	–	-100,000	–	-0.06%	–
PCPC	Exit	PERIPHAS CAPITAL PARTNERING	$0	–	-29,100	–	-0.06%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-20,000	–	-0.06%	–
BHLB	Exit	BERKSHIRE HILLS BANCORP INC	$0	–	-27,683	–	-0.06%	–
SFE	Exit	SAFEGUARD SCIENTIFICS INC	$0	–	-90,000	–	-0.07%	–
PSTH	Exit	PERSHING SQUARE TONTINE HLDG	$0	–	-43,900	–	-0.08%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-3,500	–	-0.08%	–
	Exit	BLEND LABS INCcl a	$0	–	-70,100	–	-0.08%	–
DKNG	Exit	DRAFTKINGS INC	$0	–	-20,000	–	-0.08%	–
ET	Exit	ENERGY TRANSFER L P	$0	–	-100,000	–	-0.08%	–
IACC	Exit	ION ACQUISITION CORP 3 LTD	$0	–	-100,000	–	-0.08%	–
C	Exit	CITIGROUP INC	$0	–	-15,000	–	-0.09%	–
TW	Exit	TRADEWEB MKTS INCcl a	$0	–	-13,323	–	-0.09%	–
WSBC	Exit	WESBANCO INC	$0	–	-32,471	–	-0.10%	–
IBCP	Exit	INDEPENDENT BK CORP MICH	$0	–	-53,315	–	-0.10%	–
	Exit	FORGEROCK INCcl a	$0	–	-30,000	–	-0.10%	–
HAFC	Exit	HANMI FINL CORP	$0	–	-62,157	–	-0.11%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-60,000	–	-0.11%	–
ISAA	Exit	IRON SPARK I INC	$0	–	-140,000	–	-0.12%	–
EGBN	Exit	EAGLE BANCORP INC MD	$0	–	-27,807	–	-0.14%	–
BOKF	Exit	BOK FINL CORP	$0	–	-18,066	–	-0.14%	–
CRAI	Exit	CRA INTL INC	$0	–	-17,000	–	-0.15%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-40,310	–	-0.15%	–
LBAI	Exit	LAKELAND BANCORP INC	$0	–	-100,103	–	-0.15%	–
MBCN	Exit	MIDDLEFIELD BANC CORP	$0	–	-76,657	–	-0.16%	–
TSBK	Exit	TIMBERLAND BANCORP INC	$0	–	-63,616	–	-0.16%	–
FISI	Exit	FINANCIAL INSTNS INC	$0	–	-62,124	–	-0.17%	–
UBFO	Exit	UNITED SEC BANCSHARES CALIF	$0	–	-239,715	–	-0.17%	–
HTBI	Exit	HOMETRUST BANCSHARES INC	$0	–	-68,840	–	-0.17%	–
WAFD	Exit	WASHINGTON FED INC	$0	–	-57,000	–	-0.17%	–
TCFC	Exit	COMMUNITY FINL CORP MD	$0	–	-56,284	–	-0.18%	–
PKBK	Exit	PARKE BANCORP INC	$0	–	-97,185	–	-0.19%	–
FGBI	Exit	FIRST GTY BANCSHARES INC	$0	–	-111,804	–	-0.20%	–
OCBI	Exit	ORANGE CNTY BANCORP INC	$0	–	-68,333	–	-0.21%	–
	Exit	WESTERN ASSET MORTGAGE CAPITnote 6.750%10/0	$0	–	-2,500,000	–	-0.22%	–
CALB	Exit	CALIFORNIA BANCORP INC	$0	–	-143,484	–	-0.22%	–
PNFP	Exit	PINNACLE FINL PARTNERS INC	$0	–	-27,130	–	-0.22%	–
KPLT	Exit	KATAPULT HOLDINGS INC	$0	–	-500,000	–	-0.24%	–
FRST	Exit	PRIMIS FINANCIAL CORP	$0	–	-190,000	–	-0.24%	–
	Exit	GRANITE PT MTG TR INCnote 6.375%10/0	$0	–	-2,743,000	–	-0.24%	–
CARV	Exit	CARVER BANCORP INC	$0	–	-155,337	–	-0.24%	–
RRBI	Exit	RED RIVER BANCSHARES INC	$0	–	-56,421	–	-0.25%	–
TCBI	Exit	TEXAS CAP BANCSHARES INC	$0	–	-48,390	–	-0.25%	–
NCNO	Exit	NCINO INC	$0	–	-40,992	–	-0.25%	–
FBNC	Exit	FIRST BANCORP N C	$0	–	-70,559	–	-0.26%	–
SHBI	Exit	SHORE BANCSHARES INC	$0	–	-173,398	–	-0.27%	–
	Exit	PENNYMAC CORPnote 5.500%11/0	$0	–	-3,025,000	–	-0.27%	–
DLPN	Exit	DOLPHIN ENTMT INC	$0	–	-261,547	–	-0.28%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-8,597	–	-0.28%	–
IHC	Exit	INDEPENDENCE HLDG CO NEW	$0	–	-69,309	–	-0.30%	–
FSBC	Exit	FIVE STAR BANCORP	$0	–	-144,798	–	-0.30%	–
WTFC	Exit	WINTRUST FINL CORP	$0	–	-45,325	–	-0.32%	–
MTG	Exit	MGIC INVT CORP WIS	$0	–	-250,000	–	-0.33%	–
PCSB	Exit	PCSB FINL CORP	$0	–	-211,204	–	-0.34%	–
FVCB	Exit	FVCBANKCORP INC	$0	–	-205,769	–	-0.36%	–
STAR	Exit	ISTAR INC	$0	–	-168,803	–	-0.37%	–
FUNC	Exit	FIRST UTD CORP	$0	–	-227,686	–	-0.37%	–
CCNE	Exit	CNB FINL CORP PA	$0	–	-177,150	–	-0.38%	–
FCEL	Exit	FUELCELL ENERGY INC	$0	–	-650,000	–	-0.38%	–
BSIG	Exit	BRIGHTSPHERE INVT GROUP INC	$0	–	-169,312	–	-0.39%	–
	Exit	U S CENTY BK DORAL FLA	$0	–	-403,500	–	-0.43%	–
PEBO	Exit	PEOPLES BANCORP INC	$0	–	-156,586	–	-0.43%	–
FCNCA	Exit	FIRST CTZNS BANCSHARES INC Ncl a	$0	–	-6,012	–	-0.44%	–
	Exit	TWO HBRS INVT CORPnote 6.250% 1/1	$0	–	-5,000,000	–	-0.45%	–
OFG	Exit	OFG BANCORP	$0	–	-205,818	–	-0.45%	–
BWB	Exit	BRIDGEWATER BANCSHARES INC	$0	–	-296,967	–	-0.45%	–
SLM	Exit	SLM CORP	$0	–	-299,000	–	-0.46%	–
IBOC	Exit	INTERNATIONAL BANCSHARES COR	$0	–	-129,780	–	-0.47%	–
LMST	Exit	LIMESTONE BANCORP INC	$0	–	-301,100	–	-0.47%	–
PFBC	Exit	PREFERRED BK LOS ANGELES CA	$0	–	-84,751	–	-0.49%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-35,059	–	-0.50%	–
	Exit	GREENLIGHT CAP RE LTDnote 4.000% 8/0	$0	–	-6,000,000	–	-0.50%	–
EBC	Exit	EASTERN BANKSHARES INC	$0	–	-299,182	–	-0.53%	–
OCFC	Exit	OCEANFIRST FINL CORP	$0	–	-287,579	–	-0.54%	–
NBHC	Exit	NATIONAL BK HLDGS CORPcl a	$0	–	-155,534	–	-0.55%	–
OBNK	Exit	ORIGIN BANCORP INC	$0	–	-154,166	–	-0.57%	–
ALLY	Exit	ALLY FINL INC	$0	–	-129,282	–	-0.58%	–
	Exit	SOUTHERN STS BANCSHARES INC	$0	–	-353,571	–	-0.59%	–
EBMT	Exit	EAGLE BANCORP MONT INC	$0	–	-303,466	–	-0.59%	–
SNV	Exit	SYNOVUS FINL CORP	$0	–	-161,129	–	-0.62%	–
BPOP	Exit	POPULAR INC	$0	–	-91,899	–	-0.62%	–
RBKB	Exit	RHINEBECK BANCORP INC	$0	–	-659,018	–	-0.63%	–
RMBL	Exit	RUMBLEON INC	$0	–	-185,938	–	-0.63%	–
TBK	Exit	TRIUMPH BANCORP INC	$0	–	-75,206	–	-0.66%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-225,772	–	-0.66%	–
OMF	Exit	ONEMAIN HLDGS INC	$0	–	-137,056	–	-0.66%	–
QCRH	Exit	QCR HOLDINGS INC	$0	–	-149,965	–	-0.67%	–
BANC	Exit	BANC OF CALIFORNIA INC	$0	–	-420,100	–	-0.68%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES	$0	–	-148,819	–	-0.70%	–
SBFG	Exit	SB FINL GROUP INC	$0	–	-455,767	–	-0.72%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-194,250	–	-0.77%	–
PFC	Exit	PREMIER FINANCIAL CORP	$0	–	-277,752	–	-0.77%	–
OPBK	Exit	OP BANCORP	$0	–	-859,130	–	-0.77%	–
SAFE	Exit	SAFEHOLD INC	$0	–	-126,346	–	-0.79%	–
OPRT	Exit	OPORTUN FINL CORP	$0	–	-398,848	–	-0.87%	–
BYFC	Exit	BROADWAY FINL CORP DEL	$0	–	-3,014,166	–	-0.87%	–
EQBK	Exit	EQUITY BANCSHARES INC	$0	–	-299,873	–	-0.87%	–
CNOB	Exit	CONNECTONE BANCORP INC	$0	–	-346,994	–	-0.91%	–
FBP	Exit	FIRST BANCORP P R	$0	–	-822,208	–	-0.94%	–
MLVF	Exit	MALVERN BANCORP INC	$0	–	-640,587	–	-0.95%	–
BCML	Exit	BAYCOM CORP	$0	–	-650,000	–	-1.06%	–
FSBW	Exit	FS BANCORP INC	$0	–	-364,412	–	-1.10%	–
	Exit	WESTERN ASSET MORTGAGE CAPITnote 6.750% 9/1	$0	–	-12,500,000	–	-1.11%	–
BPRN	Exit	BANK PRINCETON NEW JERSEY	$0	–	-424,694	–	-1.11%	–
BFST	Exit	BUSINESS FIRST BANCSHARES IN	$0	–	-570,193	–	-1.16%	–
MNSB	Exit	MAINSTREET BANCSHARES INC	$0	–	-563,006	–	-1.18%	–
PLUG	Exit	PLUG POWER INC	$0	–	-535,000	–	-1.19%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-967,808	–	-1.21%	–
LOB	Exit	LIVE OAK BANCSHARES INC	$0	–	-241,708	–	-1.34%	–
EQH	Exit	EQUITABLE HLDGS INC	$0	–	-520,000	–	-1.35%	–
	Exit	PROFESSIONAL HLDG CORP	$0	–	-824,373	–	-1.35%	–
CFB	Exit	CROSSFIRST BANKSHARES INC	$0	–	-1,223,516	–	-1.39%	–
CLNE	Exit	CLEAN ENERGY FUELS CORP	$0	–	-2,125,000	–	-1.51%	–
	Exit	ENACT HLDGS INC	$0	–	-1,161,136	–	-2.22%	–
PCB	Exit	PCB BANCORP	$0	–	-1,401,939	–	-2.44%	–
CCB	Exit	COASTAL FINL CORP WA	$0	–	-917,159	–	-2.55%	–
MVBF	Exit	MVB FINL CORP	$0	–	-879,578	–	-3.29%	–
MCB	Exit	METROPOLITAN BK HLDG CORP	$0	–	-537,542	–	-3.96%	–
SIVB	Exit	SVB FINANCIAL GROUP	$0	–	-71,064	–	-4.01%	–
BHF	Exit	BRIGHTHOUSE FINL INC	$0	–	-1,041,580	–	-4.11%	–
FBMS	Exit	FIRST BANCSHARES INC MS	$0	–	-1,302,397	–	-4.41%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-217,544	–	-5.17%	–
SI	Exit	SILVERGATE CAP CORPcl a	$0	–	-1,165,266	–	-11.75%	–

Q3 2021

			Value		Shares		↓ Weighting
SI	Sell	SILVERGATE CAP CORPcl a	$134,588,000	-20.2%	1,165,266	-21.7%	11.75%	-22.4%
SBNY	Buy	SIGNATURE BK NEW YORK N Y	$59,233,000	+14.6%	217,544	+3.4%	5.17%	+11.6%
FBMS	Buy	FIRST BANCSHARES INC MS	$50,507,000	+274.9%	1,302,397	+261.9%	4.41%	+265.1%
BHF	Sell	BRIGHTHOUSE FINL INC	$47,111,000	-15.8%	1,041,580	-15.2%	4.11%	-18.0%
SIVB	Buy	SVB FINANCIAL GROUP	$45,970,000	+107.2%	71,064	+78.2%	4.01%	+101.7%
MCB	Buy	METROPOLITAN BK HLDG CORP	$45,315,000	+65.3%	537,542	+18.1%	3.96%	+60.9%
CCB	Buy	COASTAL FINL CORP WA	$29,221,000	+15.9%	917,159	+3.9%	2.55%	+12.8%
PCB	Buy	PCB BANCORP	$27,913,000	+429.2%	1,401,939	+327.9%	2.44%	+415.2%
	New	ENACT HLDGS INC	$25,464,000	–	1,161,136	–	2.22%	–
CLNE	New	CLEAN ENERGY FUELS CORP	$17,319,000	–	2,125,000	–	1.51%	–
	Sell	PROFESSIONAL HLDG CORP	$15,498,000	-23.3%	824,373	-26.5%	1.35%	-25.3%
EQH	Sell	EQUITABLE HLDGS INC	$15,413,000	-20.3%	520,000	-18.2%	1.35%	-22.4%
LOB	Sell	LIVE OAK BANCSHARES INC	$15,380,000	-36.1%	241,708	-40.7%	1.34%	-37.8%
AMBC	Sell	AMBAC FINL GROUP INC	$13,859,000	-33.2%	967,808	-26.9%	1.21%	-35.0%
PLUG	New	PLUG POWER INC	$13,664,000	–	535,000	–	1.19%	–
	New	WESTERN ASSET MORTGAGE CAPITnote 6.750% 9/1	$12,663,000	–	12,500,000	–	1.11%	–
FSBW	Buy	FS BANCORP INC	$12,612,000	+8.9%	364,412	+124.3%	1.10%	+6.0%
FBP	Sell	FIRST BANCORP P R	$10,812,000	-76.8%	822,208	-79.0%	0.94%	-77.4%
CNOB	Buy	CONNECTONE BANCORP INC	$10,413,000	+21.9%	346,994	+6.3%	0.91%	+18.7%
EQBK	Buy	EQUITY BANCSHARES INC	$10,010,000	+17.3%	299,873	+7.1%	0.87%	+14.2%
BYFC	Buy	BROADWAY FINL CORP DEL	$10,007,000	+375.2%	3,014,166	+285.0%	0.87%	+362.4%
OPRT	Buy	OPORTUN FINL CORP	$9,983,000	+25.1%	398,848	+0.1%	0.87%	+21.8%
SAFE	New	SAFEHOLD INC	$9,083,000	–	126,346	–	0.79%	–
PFC	Buy	PREMIER FINANCIAL CORP	$8,844,000	+38.3%	277,752	+23.4%	0.77%	+34.5%
PACW	Buy	PACWEST BANCORP DEL	$8,803,000	+24.1%	194,250	+12.7%	0.77%	+20.9%
SFST	Buy	SOUTHERN FIRST BANCSHARES	$7,962,000	+6.2%	148,819	+1.5%	0.70%	+3.3%
BANC	Buy	BANC OF CALIFORNIA INC	$7,768,000	+47.1%	420,100	+39.5%	0.68%	+43.0%
QCRH	Buy	QCR HOLDINGS INC	$7,714,000	+16.8%	149,965	+9.2%	0.67%	+13.7%
OMF	Buy	ONEMAIN HLDGS INC	$7,583,000	+44.3%	137,056	+56.2%	0.66%	+40.6%
PGC	Sell	PEAPACK-GLADSTONE FINL CORP	$7,532,000	+2.0%	225,772	-5.0%	0.66%	-0.6%
TBK	Buy	TRIUMPH BANCORP INC	$7,530,000	+51.0%	75,206	+12.0%	0.66%	+47.0%
RMBL	New	RUMBLEON INC	$7,248,000	–	185,938	–	0.63%	–
BPOP	Buy	POPULAR INC	$7,138,000	+13.4%	91,899	+9.6%	0.62%	+10.3%
SNV	Sell	SYNOVUS FINL CORP	$7,072,000	-16.8%	161,129	-16.8%	0.62%	-19.1%
	New	SOUTHERN STS BANCSHARES INC	$6,743,000	–	353,571	–	0.59%	–
ALLY	Sell	ALLY FINL INC	$6,600,000	-5.7%	129,282	-7.9%	0.58%	-8.3%
OBNK	Buy	ORIGIN BANCORP INC	$6,529,000	+7.9%	154,166	+8.2%	0.57%	+5.0%
NBHC	Buy	NATIONAL BK HLDGS CORPcl a	$6,296,000	+14.6%	155,534	+6.9%	0.55%	+11.6%
OCFC	Buy	OCEANFIRST FINL CORP	$6,157,000	+10.0%	287,579	+7.1%	0.54%	+7.2%
EBC	New	EASTERN BANKSHARES INC	$6,073,000	–	299,182	–	0.53%	–
COF	Buy	CAPITAL ONE FINL CORP	$5,679,000	+44.8%	35,059	+38.2%	0.50%	+40.9%
PFBC	Buy	PREFERRED BK LOS ANGELES CA	$5,651,000	+15.0%	84,751	+9.1%	0.49%	+11.8%
IBOC	Buy	INTERNATIONAL BANCSHARES COR	$5,404,000	+62.3%	129,780	+67.4%	0.47%	+57.9%
SLM	Buy	SLM CORP	$5,262,000	-13.1%	299,000	+3.5%	0.46%	-15.5%
BWB	Buy	BRIDGEWATER BANCSHARES INC	$5,200,000	+26.0%	296,967	+16.2%	0.45%	+22.7%
OFG	Sell	OFG BANCORP	$5,191,000	-40.6%	205,818	-47.9%	0.45%	-42.2%
	Sell	TWO HBRS INVT CORPnote 6.250% 1/1	$5,136,000	-74.4%	5,000,000	-73.2%	0.45%	-75.1%
FCNCA	Sell	FIRST CTZNS BANCSHARES INC Ncl a	$5,069,000	-34.5%	6,012	-35.3%	0.44%	-36.2%
PEBO	Buy	PEOPLES BANCORP INC	$4,950,000	+16.7%	156,586	+9.4%	0.43%	+13.7%
	New	U S CENTY BK DORAL FLA	$4,923,000	–	403,500	–	0.43%	–
FCEL	New	FUELCELL ENERGY INC	$4,349,000	–	650,000	–	0.38%	–
CCNE	New	CNB FINL CORP PA	$4,312,000	–	177,150	–	0.38%	–
FVCB	Sell	FVCBANKCORP INC	$4,115,000	-15.1%	205,769	-26.7%	0.36%	-17.5%
WTFC	Sell	WINTRUST FINL CORP	$3,643,000	-32.2%	45,325	-36.2%	0.32%	-34.0%
FSBC	Buy	FIVE STAR BANCORP	$3,466,000	+178.8%	144,798	+181.2%	0.30%	+173.0%
GS	Sell	GOLDMAN SACHS GROUP INC	$3,250,000	-32.0%	8,597	-31.8%	0.28%	-33.8%
DLPN	New	DOLPHIN ENTMT INC	$3,180,000	–	261,547	–	0.28%	–
	Sell	PENNYMAC CORPnote 5.500%11/0	$3,099,000	-74.4%	3,025,000	-74.5%	0.27%	-75.0%
FBNC	New	FIRST BANCORP N C	$3,035,000	–	70,559	–	0.26%	–
TCBI	Sell	TEXAS CAP BANCSHARES INC	$2,904,000	-63.0%	48,390	-60.9%	0.25%	-63.9%
NCNO	Buy	NCINO INC	$2,912,000	+25.7%	40,992	+6.0%	0.25%	+22.1%
CARV	New	CARVER BANCORP INC	$2,765,000	–	155,337	–	0.24%	–
	Sell	GRANITE PT MTG TR INCnote 6.375%10/0	$2,750,000	-82.3%	2,743,000	-82.6%	0.24%	-82.8%
FRST	New	PRIMIS FINANCIAL CORP	$2,747,000	–	190,000	–	0.24%	–
KPLT	Buy	KATAPULT HOLDINGS INC	$2,715,000	-9.0%	500,000	+81.0%	0.24%	-11.6%
PNFP	Sell	PINNACLE FINL PARTNERS INC	$2,552,000	-47.0%	27,130	-50.2%	0.22%	-48.4%
	Sell	WESTERN ASSET MORTGAGE CAPITnote 6.750%10/0	$2,486,000	-82.8%	2,500,000	-83.2%	0.22%	-83.3%
OCBI	New	ORANGE CNTY BANCORP INC	$2,402,000	–	68,333	–	0.21%	–
FGBI	Buy	FIRST GTY BANCSHARES INC	$2,244,000	+6.8%	111,804	+3.6%	0.20%	+3.7%
TCFC	Buy	COMMUNITY FINL CORP MD	$2,075,000	+20.3%	56,284	+12.6%	0.18%	+16.8%
HTBI	Buy	HOMETRUST BANCSHARES INC	$1,926,000	+35.2%	68,840	+34.8%	0.17%	+31.2%
FISI	Buy	FINANCIAL INSTNS INC	$1,904,000	+37.4%	62,124	+34.5%	0.17%	+33.9%
MBCN	Sell	MIDDLEFIELD BANC CORP	$1,826,000	-19.9%	76,657	-20.7%	0.16%	-22.4%
LBAI	Sell	LAKELAND BANCORP INC	$1,765,000	-50.3%	100,103	-50.7%	0.15%	-51.6%
FITB	Sell	FIFTH THIRD BANCORP	$1,711,000	-52.4%	40,310	-57.2%	0.15%	-53.9%
BOKF	Buy	BOK FINL CORP	$1,618,000	+39.2%	18,066	+34.6%	0.14%	+35.6%
EGBN	Sell	EAGLE BANCORP INC MD	$1,599,000	-61.8%	27,807	-62.7%	0.14%	-62.7%
ISAA	Sell	IRON SPARK I INC	$1,400,000	-44.4%	140,000	-44.5%	0.12%	-46.0%
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$1,298,000	+7.5%	60,000	+20.0%	0.11%	+4.6%
HAFC	Sell	HANMI FINL CORP	$1,247,000	-77.0%	62,157	-78.1%	0.11%	-77.6%
	New	FORGEROCK INCcl a	$1,168,000	–	30,000	–	0.10%	–
IBCP	Buy	INDEPENDENT BK CORP MICH	$1,145,000	+33.1%	53,315	+34.6%	0.10%	+29.9%
WSBC	Buy	WESBANCO INC	$1,107,000	+28.3%	32,471	+34.1%	0.10%	+26.0%
IACC	Buy	ION ACQUISITION CORP 3 LTD	$977,000	+133.2%	100,000	+134.0%	0.08%	+123.7%
ET	Buy	ENERGY TRANSFER L P	$958,000	-5.1%	100,000	+5.3%	0.08%	-7.7%
DKNG	Buy	DRAFTKINGS INC	$963,000	+23.0%	20,000	+33.3%	0.08%	+20.0%
	New	BLEND LABS INCcl a	$945,000	–	70,100	–	0.08%	–
PYPL	Buy	PAYPAL HLDGS INC	$911,000	+108.5%	3,500	+133.3%	0.08%	+105.1%
PSTH	New	PERSHING SQUARE TONTINE HLDG	$865,000	–	43,900	–	0.08%	–
SFE	New	SAFEGUARD SCIENTIFICS INC	$799,000	–	90,000	–	0.07%	–
BHLB	Sell	BERKSHIRE HILLS BANCORP INC	$747,000	-80.1%	27,683	-79.8%	0.06%	-80.7%
PCPC	Buy	PERIPHAS CAPITAL PARTNERING	$708,000	+25.3%	29,100	+26.3%	0.06%	+21.6%
	New	MONEYLION INCcl a	$677,000	–	100,000	–	0.06%	–
DAL	Sell	DELTA AIR LINES INC DEL	$639,000	-26.1%	15,000	-25.0%	0.06%	-28.2%
FTEV	Buy	FINTECH EVOLUTION ACQUIS GRO	$581,000	+50.5%	60,000	+50.0%	0.05%	+45.7%
AER	Buy	AERCAP HOLDINGS NV	$578,000	+125.8%	10,000	+100.0%	0.05%	+117.4%
FLME	Buy	FLAME ACQUISITION CORP	$578,000	+102.8%	59,487	+101.7%	0.05%	+92.3%
PDLB	New	PDL CMNTY BANCORP	$559,000	–	38,771	–	0.05%	–
CPTK	Buy	CROWN PROPTECH ACQUISITIONS	$527,000	+81.7%	54,000	+80.0%	0.05%	+76.9%
PXD	New	PIONEER NAT RES CO	$500,000	–	3,000	–	0.04%	–
FPAC	New	FAR PEAK ACQUISITION CORP	$498,000	–	50,000	–	0.04%	–
SCAQ	Buy	STRATIM CLOUD ACQUISITION CO	$489,000	+68.6%	50,000	+66.7%	0.04%	+65.4%
	New	HIPPO HLDGS INC	$468,000	–	100,000	–	0.04%	–
	New	XPAC ACQUISITION CORPunit 07/27/2021	$442,000	–	45,000	–	0.04%	–
VRS	Buy	VERSO CORPcl a	$415,000	+95.8%	20,000	+66.7%	0.04%	+89.5%
BTAQ	Buy	BURGUNDY TECHNOLOGY ACQU CORcl a	$398,000	+102.0%	40,000	+100.0%	0.04%	+94.4%
	New	TORTOISEECOFIN ACQUISITION Cunit 99/99/9999	$398,000	–	40,000	–	0.04%	–
	New	METALS ACQUISITION CORPunit 99/99/9999	$396,000	–	40,000	–	0.04%	–
JUGGU	New	JAWS JUGGERNAUT ACQUISITN COunit 06/17/2026	$403,000	–	40,000	–	0.04%	–
TBCPU	New	THUNDER BRIDGE CAP PRTNRS IIunit 02/15/2028	$396,000	–	40,000	–	0.04%	–
TSPQ	Sell	TCW SPECIAL PURPOSE ACQU COR	$388,000	-55.5%	39,631	-55.8%	0.03%	-56.4%
NSTCU	New	NORTHERN STAR INVEST CORP IIunit 02/25/2028	$394,000	–	40,000	–	0.03%	–
AMPIU	Buy	ADVANCED MERGER PARTNERS INCunit 99/99/9999	$395,000	+97.5%	40,000	+100.0%	0.03%	+88.9%
SVFA	Buy	SVF INVESTMENT CORP	$390,000	+97.0%	40,000	+100.0%	0.03%	+88.9%
MILE	New	METROMILE INC	$355,000	–	100,000	–	0.03%	–
RCLF	Buy	ROSECLIFF ACQUISITION CORP I	$342,000	+74.5%	35,250	+74.1%	0.03%	+66.7%
MACC	Buy	MISSION ADVANCEMENT CORPcl a	$348,000	+202.6%	35,818	+203.1%	0.03%	+200.0%
VAQC	Buy	VECTOR ACQUISITION CORP II	$308,000	+8.5%	31,545	+10.4%	0.03%	+8.0%
ANZU	Buy	ANZU SPECIAL ACQUISITIN CORP	$309,000	+5.8%	31,859	+6.2%	0.03%	+3.8%
KVSC	Buy	KHOSLA VENTURES ACQUT CO III	$294,000	+49.2%	30,000	+50.0%	0.03%	+44.4%
FANG	Sell	DIAMONDBACK ENERGY INC	$284,000	-24.5%	3,000	-25.0%	0.02%	-26.5%
PDOT	New	PERIDOT ACQUISITION CORP II	$291,000	–	30,000	–	0.02%	–
ARRW	Buy	ARROWROOT ACQUISITION CORP	$263,000	+241.6%	27,100	+238.8%	0.02%	+228.6%
	New	AVISTA PUB ACQUISITION CORPunit 04/06/2026	$253,000	–	25,000	–	0.02%	–
TRIN	Sell	TRINITY CAP INC	$241,000	-44.5%	15,000	-50.0%	0.02%	-46.2%
VELO	Buy	VELOCITY ACQUISITION CORP	$241,000	+47.9%	24,444	+44.5%	0.02%	+40.0%
DHCA	New	DHC ACQUISITION CORP	$195,000	–	20,000	–	0.02%	–
NSTD	Sell	NORTHERN STAR INVEST CORP IV	$196,000	-66.8%	20,000	-66.7%	0.02%	-67.9%
ACQR	New	INDEPENDENCE HOLDINGS CORP	$195,000	–	20,000	–	0.02%	–
ITHX	Sell	ITHAX ACQUISITION CORP	$195,000	-58.3%	20,000	-58.4%	0.02%	-59.5%
FVT	New	FORTRESS VALUE ACQUIS CORP I	$195,000	–	20,000	–	0.02%	–
MRAC	New	MARQUEE RAINE ACQUISITION CO	$200,000	–	20,000	–	0.02%	–
DHBC	New	DHB CAPITAL CORP	$194,000	–	20,000	–	0.02%	–
SBEA	New	SILVERBOX ENGAGED MERGER CO	$196,000	–	20,000	–	0.02%	–
	New	BILANDER ACQUISITION CORPunit 05/19/2026	$200,000	–	20,000	–	0.02%	–
SHAC	Sell	SCP & CO HEALTHCARE ACQUSTN	$195,000	-59.7%	20,000	-60.0%	0.02%	-60.5%
CLAA	Sell	COLONNADE ACQUISITION CORP I	$196,000	-49.9%	20,000	-50.0%	0.02%	-51.4%
ACTD	New	ARCLIGHT CLEAN TRANSITION II	$172,000	–	17,616	–	0.02%	–
ITAC	New	INDUSTRIAL TECH ACQU INC	$157,000	–	15,800	–	0.01%	–
TRCA	New	TWIN RIDGE CAPITAL ACQUIS CO	$146,000	–	15,000	–	0.01%	–
SWETW	Sell	ATHLON ACQUISITION CORP*w exp 01/12/202	$135,000	-27.0%	192,652	-20.6%	0.01%	-29.4%
TWLVU	Sell	TWELVE SEAS INVESTMENT CO IIunit 99/99/9999	$137,000	-31.2%	13,849	-30.8%	0.01%	-33.3%
GTIM	New	GOOD TIMES RESTAURANTS INC	$128,000	–	25,023	–	0.01%	–
FSNBU	Sell	FUSION ACQUISITION CORP IIunit 02/29/2028	$122,000	-39.0%	12,560	-37.2%	0.01%	-38.9%
ATSPU	New	ARCHIMEDES TECH SPAC PARTNRunit 03/10/2026	$125,000	–	12,559	–	0.01%	–
ATSPT	New	ARCHIMEDES TECH SPAC PARTNRunit 99/99/9999	$73,000	–	7,441	–	0.01%	–
EACPW	Sell	EDIFY ACQUISITION CORP*w exp 11/25/202	$73,000	-38.7%	125,628	-26.0%	0.01%	-45.5%
DNAB	New	SOCIAL CAP SUVRETTA HLDS CRP	$49,000	–	5,000	–	0.00%	–
DNAA	New	SOCIAL CAP SUVRETTA HLDS CRP	$50,000	–	5,000	–	0.00%	–
FCAX	New	FORTRESS CAPITAL ACQUISITION	$38,000	–	3,854	–	0.00%	–
BSKYW	New	BIG SKY GROWTH PARTNERS INC*w exp 04/01/202	$38,000	–	47,480	–	0.00%	–
MBACWS	Buy	M3 BRIGADE ACQUISITION II CO*w exp 09/03/202	$40,000	+344.4%	30,000	+302.7%	0.00%	+200.0%
HIGAWS	Buy	H I G ACQUISITION CORP*w exp 99/99/999	$32,000	+28.0%	46,570	+114.9%	0.00%	+50.0%
FCAXWS	Buy	FORTRESS CAPITAL ACQUISITION*w exp 99/99/999	$18,000	+125.0%	20,770	+167.8%	0.00%	+100.0%
AEACW	Sell	AUTHENTIC EQUITY ACQUISTN CO*w exp 01/20/202	$25,000	-35.9%	36,423	-19.9%	0.00%	-33.3%
FSNBWS	Buy	FUSION ACQUISITION CORP II*w exp 02/29/202	$23,000	+228.6%	34,146	+412.2%	0.00%	+100.0%
ATAQWS	New	ALTIMAR ACQUISITION CORP III*w exp 08/03/202	$20,000	–	19,428	–	0.00%	–
ASZWS	Buy	AUSTERLITZ ACQUISITION CORP*w exp 02/19/202	$21,000	+133.3%	20,000	+166.7%	0.00%	+100.0%
HCIIW	New	HUDSON EXECUTIVE INVS CORP I*w exp 01/31/202	$19,000	–	20,000	–	0.00%	–
ACQRW	Buy	INDEPENDENCE HOLDINGS CORP*w exp 03/31/202	$21,000	+23.5%	19,640	+25.6%	0.00%	0.0%
WPCBWS	Buy	WARBURG PINCUS CAPTAL CORP I*w exp 99/99/999	$23,000	+283.3%	24,614	+433.5%	0.00%	+100.0%
JWSMWS	New	JAWS MUSTANG ACQUISITION COR*w exp 01/30/202	$23,000	–	20,000	–	0.00%	–
FVTWS	Buy	FORTRESS VALUE ACQUIS CORP I*w exp 12/31/202	$15,000	+1400.0%	19,038	+1929.6%	0.00%	–
RCLFW	Buy	ROSECLIFF ACQUISITION CORP I*w exp 02/11/202	$6,000	+20.0%	11,750	+74.1%	0.00%	–
MDHWS	Sell	MDH ACQUISITION CORP*w exp 02/02/202	$14,000	-87.5%	25,050	-81.5%	0.00%	-90.0%
SNRHW	Buy	SENIOR CONNECT ACQUISITN COR*w exp 12/31/202	$12,000	-14.3%	16,493	+3.7%	0.00%	0.0%
SBEAW	Buy	SILVERBOX ENGAGED MERGER CO*w exp 06/02/202	$7,000	+133.3%	10,273	+184.8%	0.00%	–
GSEVW	Buy	GORES HOLDINGS VII INC*w exp 02/25/202	$16,000	+6.7%	13,600	+20.4%	0.00%	0.0%
SCAQW	Buy	STRATIM CLOUD ACQUISITION CO*w exp 03/05/202	$10,000	+25.0%	16,666	+66.7%	0.00%	0.0%
MACCWS	Buy	MISSION ADVANCEMENT CORP*w exp 03/05/202	$9,000	+50.0%	16,000	+100.0%	0.00%	0.0%
TBCPW	New	THUNDER BRIDGE CAP PRTNRS II*w exp 02/15/202	$6,000	–	8,000	–	0.00%	–
FLMEWS	Buy	FLAME ACQUISITION CORP*w exp 02/26/202	$9,000	-43.8%	15,000	+1.7%	0.00%	0.0%
TSIBW	Buy	TISHMAN SPEYER INNOVATION CO*w exp 02/11/202	$17,000	+6.2%	20,000	+56.1%	0.00%	0.0%
VELOW	Buy	VELOCITY ACQUISITION CORP*w exp 02/24/202	$9,000	+80.0%	12,883	+128.4%	0.00%	–
CVIIWS	Buy	CHURCHILL CAPITAL CORP VII*w exp 02/29/202	$6,000	0.0%	6,539	+55.7%	0.00%	0.0%
CFIVW	New	CF ACQUISITION CORP IV*w exp 12/31/202	$10,000	–	11,095	–	0.00%	–
ACIIWS	Buy	ATLAS CREST INVESTMENT CORP*w exp 02/03/202	$9,000	+50.0%	10,100	+102.0%	0.00%	0.0%
CLAAWS	Buy	COLONNADE ACQUISITION CORP I*w exp 99/99/999	$10,000	+11.1%	12,000	+50.0%	0.00%	0.0%
ASAQWS	Buy	ATLANTIC AVE ACQUISITION COR*w exp 10/06/202	$13,000	-23.5%	18,853	+0.5%	0.00%	-50.0%
CPTKWS	Buy	CROWN PROPTECH ACQUISITIONS*w exp 99/99/999	$9,000	+12.5%	18,000	+80.0%	0.00%	0.0%
FACTWS	Buy	FREEDOM ACQUISITION I CORP*w exp 99/99/999	$14,000	+180.0%	20,942	+318.8%	0.00%	–
ARRWW	Buy	ARROWROOT ACQUISITION CORP*w exp 03/02/202	$8,000	+166.7%	13,550	+238.8%	0.00%	–
FTEVWS	Buy	FINTECH EVOLUTION ACQUIS GRO*w exp 03/31/202	$13,000	0.0%	19,999	+50.0%	0.00%	0.0%
KAIRW	New	KAIROS ACQUISITION CORP*w exp 11/30/202	$9,000	–	15,000	–	0.00%	–
RBACWS	New	REDBALL ACQUISITION CORP*w exp 08/17/202	$16,000	–	20,000	–	0.00%	–
SNIIWS	New	SUPERNOVA PARTNERS ACQUISTN*w exp 99/99/999	$8,000	–	10,000	–	0.00%	–
ANZUW	Buy	ANZU SPECIAL ACQUISITIN CORP*w exp 01/27/202	$8,000	-20.0%	12,666	+26.7%	0.00%	0.0%
NSTDWS	Sell	NORTHERN STAR INVEST CORP IV*w exp 02/25/202	$9,000	-47.1%	9,999	-12.2%	0.00%	-50.0%
ISOSWS	Exit	ISOS ACQUISITION CORPORATION*w exp 03/01/202	$0	–	-4,203	–	0.00%	–
AACWS	Sell	ARES ACQUISITION CORPORATION*w exp 99/99/999	$5,000	-89.1%	5,999	-83.5%	0.00%	-100.0%
TRCAWS	New	TWIN RIDGE CAPITAL ACQUIS CO*w exp 03/07/202	$3,000	–	5,000	–	0.00%	–
DHCAW	New	DHC ACQUISITION CORP*w exp 02/25/202	$5,000	–	6,666	–	0.00%	–
ACTDW	New	ARCLIGHT CLEAN TRANSITION II*w exp 03/16/202	$4,000	–	3,523	–	0.00%	–
ATSPW	New	ARCHIMEDES TECH SPAC PARTNR*w exp 04/10/202	$1,000	–	1,860	–	0.00%	–
DHBCW	New	DHB CAPITAL CORP*w exp 03/31/202	$4,000	–	6,666	–	0.00%	–
PDOTWS	New	PERIDOT ACQUISITION CORP II*w exp 04/30/202	$5,000	–	6,000	–	0.00%	–
KIIIW	Exit	KISMET ACQUISITION THREE COR*w exp 06/30/202	$0	–	-6,666	–	0.00%	–
IPVFWS	Exit	INTERPRIVATE III FINANCIAL P*w exp 99/99/999	$0	–	-4,000	–	0.00%	–
MACQW	Exit	MCAP ACQUISITION CORP*w exp 03/02/202	$0	–	-6,666	–	-0.00%	–
GLBLW	Exit	CARTESIAN GROWTH CORP*w exp 02/26/202	$0	–	-6,666	–	-0.00%	–
CONXW	Exit	CONX CORP*w exp 10/30/202	$0	–	-5,000	–	-0.00%	–
ATMRWS	Exit	ALTIMAR ACQUISITION CORP II*w exp 02/09/202	$0	–	-16,300	–	-0.00%	–
FCAXU	Exit	FORTRESS CAPITAL ACQUISITIONunit 99/99/9999	$0	–	-3,854	–	-0.00%	–
LATNW	Exit	UNION ACQUISITION CORP II*w exp 04/01/202	$0	–	-77,085	–	-0.01%	–
ISOS	Exit	ISOS ACQUISITION CORPORATIONshares cl a	$0	–	-7,920	–	-0.01%	–
ANZUU	Exit	ANZU SPECIAL ACQUISITIN CORPunit 01/27/2026	$0	–	-8,000	–	-0.01%	–
CAHCW	Exit	CA HEALTHCARE ACQUISITION CO*w exp 12/25/202	$0	–	-103,205	–	-0.01%	–
KVSB	Exit	KHOSLA VENTURES ACQUSTN CO I	$0	–	-10,000	–	-0.01%	–
DGNS	Exit	DRAGONEER GROWTH OPPTY CORP	$0	–	-10,000	–	-0.01%	–
SLCRW	Exit	SILVER CREST ACQUISITION COR*w exp 12/15/202	$0	–	-126,673	–	-0.01%	–
ENBL	Exit	ENABLE MIDSTREAM PARTNERS LP	$0	–	-15,000	–	-0.01%	–
TRCAU	Exit	TWIN RIDGE CAPITAL ACQUIS COunit 99/99/9999	$0	–	-15,000	–	-0.01%	–
RCLFU	Exit	ROSECLIFF ACQUISITION CORP Iunit 99/99/9999	$0	–	-15,000	–	-0.01%	–
MACQU	Exit	MCAP ACQUISITION CORPunit 02/18/2030	$0	–	-15,000	–	-0.01%	–
QELL	Exit	QELL ACQUISITION CORPcl a	$0	–	-15,000	–	-0.01%	–
TWCT	Exit	TWC TECH HLDGS II CORP	$0	–	-15,000	–	-0.01%	–
ACTDU	Exit	ARCLIGHT CLEAN TRANSITION IIunit 03/16/2028	$0	–	-17,000	–	-0.02%	–
EAC	Exit	EDIFY ACQUISITION CORPcl a	$0	–	-20,000	–	-0.02%	–
HERA	Exit	FTAC HERA ACQUISITION CORP	$0	–	-20,000	–	-0.02%	–
KIII	Exit	KISMET ACQUISITION THREE CORcl a shares	$0	–	-20,000	–	-0.02%	–
ATMR	Exit	ALTIMAR ACQUISITION CORP II	$0	–	-20,000	–	-0.02%	–
SWET	Exit	ATHLON ACQUISITION CORP	$0	–	-20,000	–	-0.02%	–
IPVF	Exit	INTERPRIVATE III FINANCIAL P	$0	–	-20,000	–	-0.02%	–
MBAC	Exit	M3 BRIGADE ACQUISITION II CO	$0	–	-19,700	–	-0.02%	–
GLBL	Exit	CARTESIAN GROWTH CORP	$0	–	-20,000	–	-0.02%	–
MACQ	Exit	MCAP ACQUISITION CORP	$0	–	-20,000	–	-0.02%	–
CPSR	Exit	CAPSTAR SPL PURP ACQUISITION	$0	–	-20,000	–	-0.02%	–
ARRWU	Exit	ARROWROOT ACQUISITION CORPunit 01/29/2026	$0	–	-19,500	–	-0.02%	–
ACQRU	Exit	INDEPENDENCE HOLDINGS CORPunit 03/02/2026	$0	–	-20,000	–	-0.02%	–
FTEVU	Exit	FINTECH EVOLUTION ACQUIS GROunit 99/99/9999	$0	–	-20,000	–	-0.02%	–
CONX	Exit	CONX CORP	$0	–	-20,000	–	-0.02%	–
CLAAU	Exit	COLONNADE ACQUISITION CORP Iunit 99/99/9999	$0	–	-20,000	–	-0.02%	–
DHBCU	Exit	DHB CAPITAL CORPunit 03/31/2028	$0	–	-20,000	–	-0.02%	–
SBEAU	Exit	SILVERBOX ENGAGED MERGER COunit 03/31/2028	$0	–	-20,000	–	-0.02%	–
SCAQU	Exit	STRATIM CLOUD ACQUISITION COunit 03/05/2026	$0	–	-20,000	–	-0.02%	–
ACIIU	Exit	ATLAS CREST INVESTMENT CORPunit 99/99/9999	$0	–	-20,000	–	-0.02%	–
DHCAU	Exit	DHC ACQUISITION CORPunit 02/25/2026	$0	–	-20,000	–	-0.02%	–
FVTU	Exit	FORTRESS VALUE ACQUIS CORP Iunit 12/31/2027	$0	–	-20,000	–	-0.02%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-10,000	–	-0.02%	–
CPTKU	Exit	CROWN PROPTECH ACQUISITIONSunit 99/99/9999	$0	–	-24,000	–	-0.02%	–
V	Exit	VISA INC	$0	–	-1,000	–	-0.02%	–
VELOU	Exit	VELOCITY ACQUISITION CORPunit 99/99/9999	$0	–	-24,444	–	-0.02%	–
MACCU	Exit	MISSION ADVANCEMENT CORPunit 99/99/9999	$0	–	-24,000	–	-0.02%	–
SLCR	Exit	SILVER CREST ACQUISITION COR	$0	–	-30,000	–	-0.03%	–
GCAC	Exit	GROWTH CAP ACQUISITION CORPcl a	$0	–	-30,000	–	-0.03%	–
OSTR	Exit	OYSTER ENTERPRISES ACQ CORP	$0	–	-30,000	–	-0.03%	–
PDOTU	Exit	PERIDOT ACQUISITION CORP IIunit 99/99/9999	$0	–	-30,000	–	-0.03%	–
FLMEU	Exit	FLAME ACQUISITION CORPunit 99/99/9999	$0	–	-30,000	–	-0.03%	–
EQIX	Exit	EQUINIX INC	$0	–	-400	–	-0.03%	–
GXGXW	Exit	GX ACQUISITION CORP*w exp 05/24/202	$0	–	-246,522	–	-0.03%	–
XLF	Exit	SELECT SECTOR SPDR TRfinancial	$0	–	-10,000	–	-0.03%	–
LVOXW	Exit	LIVEVOX HOLDING INC*w exp 06/18/202	$0	–	-501,411	–	-0.06%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-25,252	–	-0.10%	–
XELA	Exit	EXELA TECHNOLOGIES INC	$0	–	-500,000	–	-0.11%	–
HBAN	Exit	HUNTINGTON BANCSHARES INC	$0	–	-135,397	–	-0.17%	–
MDH	Exit	MDH ACQUISITION CORP	$0	–	-212,819	–	-0.18%	–
BPY	Exit	BROOKFIELD PROPERTY PARTRS Lunit ltd partn	$0	–	-109,400	–	-0.19%	–
CVCY	Exit	CENTRAL VY CMNTY BANCORP	$0	–	-115,448	–	-0.21%	–
CBTX	Exit	CBTX INC	$0	–	-92,367	–	-0.23%	–
LNC	Exit	LINCOLN NATL CORP IND	$0	–	-43,500	–	-0.24%	–
ARKOW	Exit	ARKO CORP*w exp 12/22/202	$0	–	-1,425,159	–	-0.25%	–
ISTR	Exit	INVESTAR HLDG CORP	$0	–	-133,637	–	-0.27%	–
RIVE	Exit	RIVERVIEW FINL CORP NEW	$0	–	-406,412	–	-0.42%	–
MPB	Exit	MID PENN BANCORP INC	$0	–	-173,807	–	-0.43%	–
CUBI	Exit	CUSTOMERS BANCORP INC	$0	–	-126,965	–	-0.44%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-165,818	–	-0.61%	–
HCIC	Exit	HENNESSY CAPITAL INVS CORP V	$0	–	-906,163	–	-0.82%	–
	Exit	RESOURCE CAP CORPnote 4.500% 8/1	$0	–	-17,915,000	–	-1.59%	–

Q2 2021

			Value		Shares		↓ Weighting
SI	New	SILVERGATE CAP CORPcl a	$168,749,000	–	1,489,135	–	15.14%	–
BHF	New	BRIGHTHOUSE FINL INC	$55,949,000	–	1,228,567	–	5.02%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$51,681,000	–	210,384	–	4.64%	–
FBP	New	FIRST BANCORP P R	$46,638,000	–	3,912,579	–	4.18%	–
MVBF	New	MVB FINL CORP	$37,523,000	–	879,578	–	3.37%	–
MCB	New	METROPOLITAN BK HLDG CORP	$27,416,000	–	455,258	–	2.46%	–
CCB	New	COASTAL FINL CORP WA	$25,208,000	–	882,634	–	2.26%	–
LOB	New	LIVE OAK BANCSHARES INC	$24,059,000	–	407,787	–	2.16%	–
SIVB	New	SVB FINANCIAL GROUP	$22,190,000	–	39,880	–	1.99%	–
AMBC	New	AMBAC FINL GROUP INC	$20,744,000	–	1,324,662	–	1.86%	–
	New	PROFESSIONAL HLDG CORP	$20,203,000	–	1,121,159	–	1.81%	–
	New	TWO HBRS INVT CORPnote 6.250% 1/1	$20,083,000	–	18,638,000	–	1.80%	–
EQH	New	EQUITABLE HLDGS INC	$19,346,000	–	635,327	–	1.74%	–
	New	RESOURCE CAP CORPnote 4.500% 8/1	$17,736,000	–	17,915,000	–	1.59%	–
CFB	New	CROSSFIRST BANKSHARES INC	$16,823,000	–	1,223,516	–	1.51%	–
	New	GRANITE PT MTG TR INCnote 6.375%10/0	$15,579,000	–	15,797,000	–	1.40%	–
	New	WESTERN ASSET MTG CAP CORPnote 6.750%10/0	$14,480,000	–	14,859,000	–	1.30%	–
FBMS	New	FIRST BANCSHARES INC MS	$13,471,000	–	359,893	–	1.21%	–
BFST	New	BUSINESS FIRST BANCSHARES IN	$13,086,000	–	570,193	–	1.17%	–
MNSB	New	MAINSTREET BANCSHARES INC	$12,713,000	–	563,006	–	1.14%	–
BPRN	New	BANK PRINCETON NEW JERSEY	$12,176,000	–	424,694	–	1.09%	–
	New	PENNYMAC CORPnote 5.500%11/0	$12,113,000	–	11,875,000	–	1.09%	–
MLVF	New	MALVERN BANCORP INC	$11,819,000	–	640,587	–	1.06%	–
BCML	New	BAYCOM CORP	$11,668,000	–	650,000	–	1.05%	–
FSBW	New	FS BANCORP INC	$11,581,000	–	162,500	–	1.04%	–
HCIC	New	HENNESSY CAPITAL INVS CORP V	$9,161,000	–	906,163	–	0.82%	–
OFG	New	OFG BANCORP	$8,745,000	–	395,328	–	0.78%	–
OPBK	New	OP BANCORP	$8,643,000	–	859,130	–	0.78%	–
CNOB	New	CONNECTONE BANCORP INC	$8,541,000	–	326,368	–	0.77%	–
EQBK	New	EQUITY BANCSHARES INC	$8,533,000	–	279,868	–	0.76%	–
SNV	New	SYNOVUS FINL CORP	$8,502,000	–	193,749	–	0.76%	–
SBFG	New	SB FINL GROUP INC	$8,432,000	–	455,767	–	0.76%	–
OPRT	New	OPORTUN FINL CORP	$7,983,000	–	398,552	–	0.72%	–
TCBI	New	TEXAS CAP BANCSHARES INC	$7,854,000	–	123,712	–	0.70%	–
FCNCA	New	FIRST CTZNS BANCSHARES INC Ncl a	$7,740,000	–	9,295	–	0.69%	–
SFST	New	SOUTHERN FIRST BANCSHARES	$7,498,000	–	146,557	–	0.67%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$7,381,000	–	237,547	–	0.66%	–
RBKB	New	RHINEBECK BANCORP INC	$7,216,000	–	659,018	–	0.65%	–
PACW	New	PACWEST BANCORP DEL	$7,092,000	–	172,299	–	0.64%	–
ALLY	New	ALLY FINL INC	$6,996,000	–	140,363	–	0.63%	–
EBMT	New	EAGLE BANCORP MONT INC	$6,980,000	–	303,466	–	0.63%	–
BAC	New	BK OF AMERICA CORP	$6,837,000	–	165,818	–	0.61%	–
QCRH	New	QCR HOLDINGS INC	$6,606,000	–	137,362	–	0.59%	–
PFC	New	PREMIER FINANCIAL CORP	$6,397,000	–	225,155	–	0.57%	–
BPOP	New	POPULAR INC	$6,295,000	–	83,878	–	0.56%	–
OBNK	New	ORIGIN BANCORP INC	$6,049,000	–	142,474	–	0.54%	–
SLM	New	SLM CORP	$6,052,000	–	289,000	–	0.54%	–
	New	GREENLIGHT CAP RE LTDnote 4.000% 8/0	$5,697,000	–	6,000,000	–	0.51%	–
OCFC	New	OCEANFIRST FINL CORP	$5,598,000	–	268,615	–	0.50%	–
NBHC	New	NATIONAL BK HLDGS CORPcl a	$5,492,000	–	145,535	–	0.49%	–
HAFC	New	HANMI FINL CORP	$5,415,000	–	284,103	–	0.49%	–
WTFC	New	WINTRUST FINL CORP	$5,373,000	–	71,040	–	0.48%	–
BANC	New	BANC OF CALIFORNIA INC	$5,280,000	–	301,046	–	0.47%	–
PCB	New	PCB BANCORP	$5,275,000	–	327,627	–	0.47%	–
OMF	New	ONEMAIN HLDGS INC	$5,256,000	–	87,738	–	0.47%	–
LMST	New	LIMESTONE BANCORP INC	$5,010,000	–	301,100	–	0.45%	–
TBK	New	TRIUMPH BANCORP INC	$4,987,000	–	67,163	–	0.45%	–
CUBI	New	CUSTOMERS BANCORP INC	$4,950,000	–	126,965	–	0.44%	–
PFBC	New	PREFERRED BK LOS ANGELES CA	$4,916,000	–	77,697	–	0.44%	–
FVCB	New	FVCBANKCORP INC	$4,846,000	–	280,769	–	0.44%	–
PNFP	New	PINNACLE FINL PARTNERS INC	$4,812,000	–	54,498	–	0.43%	–
GS	New	GOLDMAN SACHS GROUP INC	$4,781,000	–	12,597	–	0.43%	–
MPB	New	MID PENN BANCORP INC	$4,771,000	–	173,807	–	0.43%	–
RIVE	New	RIVERVIEW FINL CORP NEW	$4,645,000	–	406,412	–	0.42%	–
PEBO	New	PEOPLES BANCORP INC	$4,240,000	–	143,160	–	0.38%	–
EGBN	New	EAGLE BANCORP INC MD	$4,186,000	–	74,647	–	0.38%	–
BWB	New	BRIDGEWATER BANCSHARES INC	$4,127,000	–	255,538	–	0.37%	–
FUNC	New	FIRST UTD CORP	$3,969,000	–	227,686	–	0.36%	–
BSIG	New	BRIGHTSPHERE INVT GROUP INC	$3,967,000	–	169,312	–	0.36%	–
COF	New	CAPITAL ONE FINL CORP	$3,923,000	–	25,360	–	0.35%	–
PCSB	New	PCSB FINL CORP	$3,838,000	–	211,204	–	0.34%	–
BHLB	New	BERKSHIRE HILLS BANCORP INC	$3,751,000	–	136,856	–	0.34%	–
FITB	New	FIFTH THIRD BANCORP	$3,597,000	–	94,086	–	0.32%	–
LBAI	New	LAKELAND BANCORP INC	$3,549,000	–	203,013	–	0.32%	–
STAR	New	ISTAR INC	$3,499,000	–	168,803	–	0.31%	–
MTG	New	MGIC INVT CORP WIS	$3,400,000	–	250,000	–	0.30%	–
IBOC	New	INTERNATIONAL BANCSHARES COR	$3,330,000	–	77,541	–	0.30%	–
IHC	New	INDEPENDENCE HLDG CO NEW	$3,210,000	–	69,309	–	0.29%	–
ISTR	New	INVESTAR HLDG CORP	$3,059,000	–	133,637	–	0.27%	–
KPLT	New	KATAPULT HOLDINGS INC	$2,985,000	–	276,176	–	0.27%	–
SHBI	New	SHORE BANCSHARES INC	$2,904,000	–	173,398	–	0.26%	–
RRBI	New	RED RIVER BANCSHARES INC	$2,850,000	–	56,421	–	0.26%	–
ARKOW	New	ARKO CORP*w exp 12/22/202	$2,836,000	–	1,425,159	–	0.25%	–
LNC	New	LINCOLN NATL CORP IND	$2,734,000	–	43,500	–	0.24%	–
CALB	New	CALIFORNIA BANCORP INC	$2,683,000	–	143,484	–	0.24%	–
CBTX	New	CBTX INC	$2,523,000	–	92,367	–	0.23%	–
ISAA	New	IRON SPARK I INC	$2,519,000	–	252,416	–	0.23%	–
CVCY	New	CENTRAL VY CMNTY BANCORP	$2,326,000	–	115,448	–	0.21%	–
NCNO	New	NCINO INC	$2,316,000	–	38,654	–	0.21%	–
MBCN	New	MIDDLEFIELD BANC CORP	$2,281,000	–	96,657	–	0.20%	–
FGBI	New	FIRST GTY BANCSHARES INC	$2,102,000	–	107,914	–	0.19%	–
BYFC	New	BROADWAY FINL CORP DEL	$2,106,000	–	782,980	–	0.19%	–
BPY	New	BROOKFIELD PROPERTY PARTRS Lunit ltd partn	$2,073,000	–	109,400	–	0.19%	–
MDH	New	MDH ACQUISITION CORP	$2,052,000	–	212,819	–	0.18%	–
UBFO	New	UNITED SEC BANCSHARES CALIF	$1,958,000	–	239,715	–	0.18%	–
HBAN	New	HUNTINGTON BANCSHARES INC	$1,932,000	–	135,397	–	0.17%	–
PKBK	New	PARKE BANCORP INC	$1,901,000	–	97,185	–	0.17%	–
WAFD	New	WASHINGTON FED INC	$1,811,000	–	57,000	–	0.16%	–
TSBK	New	TIMBERLAND BANCORP INC	$1,789,000	–	63,616	–	0.16%	–
TCFC	New	COMMUNITY FINL CORP MD	$1,725,000	–	50,000	–	0.16%	–
CRAI	New	CRA INTL INC	$1,455,000	–	17,000	–	0.13%	–
HTBI	New	HOMETRUST BANCSHARES INC	$1,425,000	–	51,067	–	0.13%	–
FISI	New	FINANCIAL INSTNS INC	$1,386,000	–	46,187	–	0.12%	–
FSBC	New	FIVE STAR BANCORP	$1,243,000	–	51,489	–	0.11%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$1,207,000	–	50,000	–	0.11%	–
XELA	New	EXELA TECHNOLOGIES INC	$1,195,000	–	500,000	–	0.11%	–
BOKF	New	BOK FINL CORP	$1,162,000	–	13,422	–	0.10%	–
CFG	New	CITIZENS FINL GROUP INC	$1,158,000	–	25,252	–	0.10%	–
TW	New	TRADEWEB MKTS INCcl a	$1,127,000	–	13,323	–	0.10%	–
C	New	CITIGROUP INC	$1,061,000	–	15,000	–	0.10%	–
ET	New	ENERGY TRANSFER L P	$1,010,000	–	95,000	–	0.09%	–
DAL	New	DELTA AIR LINES INC DEL	$865,000	–	20,000	–	0.08%	–
TSPQ	New	TCW SPECIAL PURPOSE ACQU COR	$871,000	–	89,631	–	0.08%	–
WSBC	New	WESBANCO INC	$863,000	–	24,208	–	0.08%	–
IBCP	New	INDEPENDENT BK CORP MICH	$860,000	–	39,613	–	0.08%	–
DKNG	New	DRAFTKINGS INC	$783,000	–	15,000	–	0.07%	–
LVOXW	New	LIVEVOX HOLDING INC*w exp 06/18/202	$662,000	–	501,411	–	0.06%	–
NSTD	New	NORTHERN STAR INVEST CORP IV	$591,000	–	60,000	–	0.05%	–
DVN	New	DEVON ENERGY CORP NEW	$584,000	–	20,000	–	0.05%	–
MIT	New	MASON INDUSTRIAL TECHNOLGY I	$579,000	–	60,000	–	0.05%	–
PCPC	New	PERIPHAS CAPITAL PARTNERING	$565,000	–	23,035	–	0.05%	–
IPOF	New	SOCIAL CAPITAL HEDOSOPHA HLD	$561,000	–	55,000	–	0.05%	–
SPG	New	SIMON PPTY GROUP INC NEW	$522,000	–	4,000	–	0.05%	–
JCIC	New	JACK CREEK INVESTMENT CORP	$476,000	–	49,471	–	0.04%	–
SHAC	New	SCP & CO HEALTHCARE ACQUSTN	$484,000	–	50,000	–	0.04%	–
ITHX	New	ITHAX ACQUISITION CORP	$468,000	–	48,107	–	0.04%	–
KLAQ	New	KL ACQUISITION CORP	$468,000	–	48,216	–	0.04%	–
PYPL	New	PAYPAL HLDGS INC	$437,000	–	1,500	–	0.04%	–
TRIN	New	TRINITY CAP INC	$434,000	–	30,000	–	0.04%	–
IACC	New	ION ACQUISITION CORP 3 LTD	$419,000	–	42,734	–	0.04%	–
EOG	New	EOG RES INC	$417,000	–	5,000	–	0.04%	–
HIGA	New	H I G ACQUISITION CORP	$388,000	–	40,000	–	0.04%	–
FTEV	New	FINTECH EVOLUTION ACQUIS GRO	$386,000	–	40,000	–	0.04%	–
CLAA	New	COLONNADE ACQUISITION CORP I	$391,000	–	40,000	–	0.04%	–
FANG	New	DIAMONDBACK ENERGY INC	$376,000	–	4,000	–	0.03%	–
XLF	New	SELECT SECTOR SPDR TRfinancial	$367,000	–	10,000	–	0.03%	–
GXGXW	New	GX ACQUISITION CORP*w exp 05/24/202	$335,000	–	246,522	–	0.03%	–
EQIX	New	EQUINIX INC	$321,000	–	400	–	0.03%	–
TWNI	New	TAILWIND INTERNATNAL ACQ COR	$309,000	–	32,000	–	0.03%	–
IPOD	New	SOCIAL CAPITAL HEDOSOPHA HLD	$312,000	–	30,000	–	0.03%	–
HAAC	New	HEALTH ASSURN ACQUISITION CO	$300,000	–	30,000	–	0.03%	–
KWAC	New	KINGSWOOD ACQUISITION CORP	$301,000	–	30,000	–	0.03%	–
FLMEU	New	FLAME ACQUISITION CORPunit 99/99/9999	$305,000	–	30,000	–	0.03%	–
CCAC	New	CITIC CAPITAL ACQUISITION CO	$297,000	–	30,000	–	0.03%	–
GM	New	GENERAL MTRS CO	$296,000	–	5,000	–	0.03%	–
CCV	New	CHURCHILL CAPITAL CORP V	$302,000	–	30,000	–	0.03%	–
PDOTU	New	PERIDOT ACQUISITION CORP IIunit 99/99/9999	$300,000	–	30,000	–	0.03%	–
T	New	AT&T INC	$288,000	–	10,000	–	0.03%	–
ADEX	New	ADIT EDTECH ACQUISITION CORP	$291,000	–	30,000	–	0.03%	–
ANZU	New	ANZU SPECIAL ACQUISITIN CORP	$292,000	–	30,000	–	0.03%	–
BOAS	New	BOA ACQUISITION CORP	$290,000	–	30,000	–	0.03%	–
ENPC	New	EXECUTIVE NETWORK PARTNERINGcl a	$292,000	–	30,000	–	0.03%	–
FLME	New	FLAME ACQUISITION CORP	$285,000	–	29,487	–	0.03%	–
GCAC	New	GROWTH CAP ACQUISITION CORPcl a	$291,000	–	30,000	–	0.03%	–
OSTR	New	OYSTER ENTERPRISES ACQ CORP	$290,000	–	30,000	–	0.03%	–
RCHG	New	RECHARGE ACQUISITION CORP	$294,000	–	30,000	–	0.03%	–
SSAA	New	SCIENCE STRATEGIC ACQ ALPHA	$291,000	–	30,000	–	0.03%	–
SCAQ	New	STRATIM CLOUD ACQUISITION CO	$290,000	–	30,000	–	0.03%	–
ASZ	New	AUSTERLITZ ACQUISITION CORP	$292,000	–	30,000	–	0.03%	–
CPTK	New	CROWN PROPTECH ACQUISITIONS	$290,000	–	30,000	–	0.03%	–
PRPB	New	CC NEUBERGER PRIN HLDGS II	$295,000	–	29,800	–	0.03%	–
SLCR	New	SILVER CREST ACQUISITION COR	$290,000	–	30,000	–	0.03%	–
VAQC	New	VECTOR ACQUISITION CORP II	$284,000	–	28,571	–	0.02%	–
HIII	New	HUDSON EXECUTIVE INVES III	$270,000	–	27,649	–	0.02%	–
VIAC	New	VIACOMCBS INCcl b	$271,000	–	6,000	–	0.02%	–
OEPW	New	ONE EQUITY PARTNERS OPEN WTRcl a	$255,000	–	26,244	–	0.02%	–
AER	New	AERCAP HOLDINGS NV	$256,000	–	5,000	–	0.02%	–
COIN	New	COINBASE GLOBAL INC	$253,000	–	1,000	–	0.02%	–
PMGM	New	PRIVETERRA ACQUISITION CORPcl a	$260,000	–	27,000	–	0.02%	–
MACCU	New	MISSION ADVANCEMENT CORPunit 99/99/9999	$240,000	–	24,000	–	0.02%	–
MPC	New	MARATHON PETE CORP	$242,000	–	4,000	–	0.02%	–
VELOU	New	VELOCITY ACQUISITION CORPunit 99/99/9999	$243,000	–	24,444	–	0.02%	–
HYAC	New	HAYMAKER ACQUISITION CORP II	$232,000	–	23,936	–	0.02%	–
CPTKU	New	CROWN PROPTECH ACQUISITIONSunit 99/99/9999	$238,000	–	24,000	–	0.02%	–
V	New	VISA INC	$234,000	–	1,000	–	0.02%	–
WPCB	New	WARBURG PINCUS CAPTAL CORP I	$225,000	–	23,072	–	0.02%	–
VRS	New	VERSO CORPcl a	$212,000	–	12,000	–	0.02%	–
AAL	New	AMERICAN AIRLS GROUP INC	$212,000	–	10,000	–	0.02%	–
ACQRU	New	INDEPENDENCE HOLDINGS CORPunit 03/02/2026	$200,000	–	20,000	–	0.02%	–
CLAAU	New	COLONNADE ACQUISITION CORP Iunit 99/99/9999	$199,000	–	20,000	–	0.02%	–
DHCAU	New	DHC ACQUISITION CORPunit 02/25/2026	$201,000	–	20,000	–	0.02%	–
KVSC	New	KHOSLA VENTURES ACQUT CO III	$197,000	–	20,000	–	0.02%	–
AMPIU	New	ADVANCED MERGER PARTNERS INCunit 99/99/9999	$200,000	–	20,000	–	0.02%	–
SVFC	New	SVF INVESTMENT CORP 3	$199,000	–	20,000	–	0.02%	–
SVFB	New	SVF INVESTMENT CORP 2	$199,000	–	20,000	–	0.02%	–
SVFA	New	SVF INVESTMENT CORP	$198,000	–	20,000	–	0.02%	–
GOAC	New	GO ACQUISITION CORP	$196,000	–	20,000	–	0.02%	–
FSNBU	New	FUSION ACQUISITION CORP IIunit 02/29/2028	$200,000	–	20,000	–	0.02%	–
FVTU	New	FORTRESS VALUE ACQUIS CORP Iunit 12/31/2027	$199,000	–	20,000	–	0.02%	–
PSAGU	New	PROPERTY SOLUTIONS ACQUISITIunit 03/01/2026	$199,000	–	20,000	–	0.02%	–
STREU	New	SUPERNOVA PARTN ACQ CO III Lunit 99/99/9999	$199,000	–	20,000	–	0.02%	–
PHIC	New	POPULATION HEALTH INVS CO IN	$196,000	–	20,000	–	0.02%	–
FMAC	New	FIRSTMARK HORIZON ACQUISITIO	$199,000	–	20,000	–	0.02%	–
RCLF	New	ROSECLIFF ACQUISITION CORP I	$196,000	–	20,250	–	0.02%	–
FZTU	New	FAST ACQUISITION CORP IIunit 03/16/2026	$200,000	–	20,000	–	0.02%	–
OACB	New	OAKTREE ACQUISITION CORP II	$198,000	–	20,000	–	0.02%	–
SBEAU	New	SILVERBOX ENGAGED MERGER COunit 03/31/2028	$200,000	–	20,000	–	0.02%	–
NSTC	New	NORTHERN STAR INVEST CORP II	$196,000	–	20,000	–	0.02%	–
DHBCU	New	DHB CAPITAL CORPunit 03/31/2028	$200,000	–	20,000	–	0.02%	–
SCAQU	New	STRATIM CLOUD ACQUISITION COunit 03/05/2026	$200,000	–	20,000	–	0.02%	–
CONX	New	CONX CORP	$197,000	–	20,000	–	0.02%	–
ARRWU	New	ARROWROOT ACQUISITION CORPunit 01/29/2026	$196,000	–	19,500	–	0.02%	–
CAS	New	CASCADE ACQUISITION CORP	$198,000	–	20,000	–	0.02%	–
TWLVU	New	TWELVE SEAS INVESTMENT CO IIunit 99/99/9999	$199,000	–	20,000	–	0.02%	–
CPSR	New	CAPSTAR SPL PURP ACQUISITION	$196,000	–	20,000	–	0.02%	–
FTEVU	New	FINTECH EVOLUTION ACQUIS GROunit 99/99/9999	$200,000	–	20,000	–	0.02%	–
ACIIU	New	ATLAS CREST INVESTMENT CORPunit 99/99/9999	$201,000	–	20,000	–	0.02%	–
AGGRU	New	AGILE GROWTH CORPunit 03/09/2026	$199,000	–	20,000	–	0.02%	–
BTAQ	New	BURGUNDY TECHNOLOGY ACQU CORcl a	$197,000	–	20,000	–	0.02%	–
NMMC	New	NORTH MOUNTAIN MERGER CORP	$195,000	–	20,000	–	0.02%	–
EAC	New	EDIFY ACQUISITION CORPcl a	$193,000	–	20,000	–	0.02%	–
ATMR	New	ALTIMAR ACQUISITION CORP II	$194,000	–	20,000	–	0.02%	–
ERES	New	EAST RES ACQUISITION CO	$195,000	–	20,000	–	0.02%	–
ETAC	New	E MERGE TECHNOLOGY ACQUISITI	$195,000	–	20,000	–	0.02%	–
PIAI	New	PRIME IMPACT ACQUISITION I	$195,000	–	20,000	–	0.02%	–
CRU	New	CRUCIBLE ACQUISITION CORP	$194,000	–	20,000	–	0.02%	–
SPTK	New	SPORTSTEK ACQUISITION CORP	$192,000	–	20,000	–	0.02%	–
KIII	New	KISMET ACQUISITION THREE CORcl a shares	$193,000	–	20,000	–	0.02%	–
HERA	New	FTAC HERA ACQUISITION CORP	$195,000	–	20,000	–	0.02%	–
TLGA	New	TLG ACQUISITION ONE CORP	$193,000	–	20,000	–	0.02%	–
CVII	New	CHURCHILL CAPITAL CORP VII	$195,000	–	20,000	–	0.02%	–
FACT	New	FREEDOM ACQUISITION I CORP	$194,000	–	20,000	–	0.02%	–
AAC	New	ARES ACQUISITION CORPORATION	$195,000	–	20,000	–	0.02%	–
PMVC	New	PMV CONSUMER ACQUISITION COR	$195,000	–	20,000	–	0.02%	–
SWET	New	ATHLON ACQUISITION CORP	$193,000	–	20,000	–	0.02%	–
IGAC	New	IG ACQUISITION CORP	$195,000	–	20,000	–	0.02%	–
JOFFW	New	JOFF FINTECH ACQUISITION COR*w exp 02/04/202	$186,000	–	181,872	–	0.02%	–
TEKK	New	TEKKORP DIGITAL ACQUISITN COcl a	$195,000	–	20,000	–	0.02%	–
GFX	New	GOLDEN FALCON ACQUISITION COcl a	$194,000	–	20,000	–	0.02%	–
SWETW	New	ATHLON ACQUISITION CORP*w exp 01/12/202	$185,000	–	242,775	–	0.02%	–
PIPP	New	PINE IS ACQUISITION CORPcl a	$195,000	–	20,000	–	0.02%	–
IPVF	New	INTERPRIVATE III FINANCIAL P	$194,000	–	20,000	–	0.02%	–
FSNB	New	FUSION ACQUISITION CORP II	$193,000	–	20,000	–	0.02%	–
MBAC	New	M3 BRIGADE ACQUISITION II CO	$191,000	–	19,700	–	0.02%	–
MACQ	New	MCAP ACQUISITION CORP	$192,000	–	20,000	–	0.02%	–
ACII	New	ATLAS CREST INVESTMENT CORP	$195,000	–	20,000	–	0.02%	–
FSSI	New	FORTISTAR SUSTAINABLE SOL CO	$195,000	–	20,000	–	0.02%	–
GLBL	New	CARTESIAN GROWTH CORP	$193,000	–	20,000	–	0.02%	–
KAII	New	KISMET ACQUISITION TWO CORP	$174,000	–	18,000	–	0.02%	–
ANAC	New	ARCTOS NORTHSTAR ACQUIS CORP	$181,000	–	18,632	–	0.02%	–
VELO	New	VELOCITY ACQUISITION CORP	$163,000	–	16,922	–	0.02%	–
ACTDU	New	ARCLIGHT CLEAN TRANSITION IIunit 03/16/2028	$171,000	–	17,000	–	0.02%	–
TRCAU	New	TWIN RIDGE CAPITAL ACQUIS COunit 99/99/9999	$150,000	–	15,000	–	0.01%	–
RCLFU	New	ROSECLIFF ACQUISITION CORP Iunit 99/99/9999	$150,000	–	15,000	–	0.01%	–
QELL	New	QELL ACQUISITION CORPcl a	$149,000	–	15,000	–	0.01%	–
TWCT	New	TWC TECH HLDGS II CORP	$149,000	–	15,000	–	0.01%	–
MACQU	New	MCAP ACQUISITION CORPunit 02/18/2030	$150,000	–	15,000	–	0.01%	–
ANACU	New	ARCTOS NORTHSTAR ACQUIS CORPunit 99/99/9999	$142,000	–	14,241	–	0.01%	–
ENBL	New	ENABLE MIDSTREAM PARTNERS LP	$137,000	–	15,000	–	0.01%	–
EACPW	New	EDIFY ACQUISITION CORP*w exp 11/25/202	$119,000	–	169,858	–	0.01%	–
SLCRW	New	SILVER CREST ACQUISITION COR*w exp 12/15/202	$108,000	–	126,673	–	0.01%	–
MDHWS	New	MDH ACQUISITION CORP*w exp 02/02/202	$112,000	–	135,166	–	0.01%	–
MACC	New	MISSION ADVANCEMENT CORPcl a	$115,000	–	11,818	–	0.01%	–
DGNS	New	DRAGONEER GROWTH OPPTY CORP	$101,000	–	10,000	–	0.01%	–
VHAQ	New	VIVEON HEALTH ACQUISITION CO	$99,000	–	10,000	–	0.01%	–
COOL	New	CORNER GROWTH ACQUISITION CO	$97,000	–	10,000	–	0.01%	–
PNTM	New	PONTEM CORPORATION	$99,000	–	10,192	–	0.01%	–
LGAC	New	LAZARD GROWTH ACQUISITION CO	$98,000	–	10,000	–	0.01%	–
CAHCW	New	CA HEALTHCARE ACQUISITION CO*w exp 12/25/202	$100,000	–	103,205	–	0.01%	–
KVSB	New	KHOSLA VENTURES ACQUSTN CO I	$99,000	–	10,000	–	0.01%	–
DGNU	New	DRAGONEER GROWTH OPT CORP II	$100,000	–	10,000	–	0.01%	–
AKIC	New	SPORTS VENTURES ACQUISIN COR	$86,000	–	8,827	–	0.01%	–
ISOS	New	ISOS ACQUISITION CORPORATIONshares cl a	$78,000	–	7,920	–	0.01%	–
ANZUU	New	ANZU SPECIAL ACQUISITIN CORPunit 01/27/2026	$80,000	–	8,000	–	0.01%	–
ARRW	New	ARROWROOT ACQUISITION CORP	$77,000	–	8,000	–	0.01%	–
KWACWS	New	KINGSWOOD ACQUISITION CORP*w exp 05/01/202	$63,000	–	89,864	–	0.01%	–
LATNW	New	UNION ACQUISITION CORP II*w exp 04/01/202	$70,000	–	77,085	–	0.01%	–
NRACW	New	NOBLE ROCK ACQUISITION CORP*w exp 01/31/202	$57,000	–	67,328	–	0.01%	–
JCICW	New	JACK CREEK INVESTMENT CORP*w exp 10/01/202	$55,000	–	67,682	–	0.01%	–
AACWS	New	ARES ACQUISITION CORPORATION*w exp 99/99/999	$46,000	–	36,430	–	0.00%	–
SHACW	New	SCP & CO HEALTHCARE ACQUSTN*w exp 01/27/202	$46,000	–	53,570	–	0.00%	–
FCAXU	New	FORTRESS CAPITAL ACQUISITIONunit 99/99/9999	$39,000	–	3,854	–	0.00%	–
ITHXW	New	ITHAX ACQUISITION CORP*w exp 02/01/202	$29,000	–	43,175	–	0.00%	–
TSPQWS	New	TCW SPECIAL PURPOSE ACQU COR*w exp 99/99/999	$28,000	–	29,876	–	0.00%	–
AEACW	New	AUTHENTIC EQUITY ACQUISTN CO*w exp 01/20/202	$39,000	–	45,450	–	0.00%	–
ASAQWS	New	ATLANTIC AVE ACQUISITION COR*w exp 10/06/202	$17,000	–	18,753	–	0.00%	–
NSTDWS	New	NORTHERN STAR INVEST CORP IV*w exp 02/25/202	$17,000	–	11,382	–	0.00%	–
ISLEW	New	ISLEWORTH HEALTHCARE ACQU CO*w exp 08/02/202	$25,000	–	35,208	–	0.00%	–
GTPAW	New	GORES TECHNOLOGY PARTNERS IN*w exp 03/16/202	$19,000	–	15,000	–	0.00%	–
PCPCWS	New	PERIPHAS CAPITAL PARTNERING*w exp 12/10/202	$22,000	–	10,000	–	0.00%	–
DNZWS	New	D AND Z MEDIA ACQUISITION CO*w exp 01/27/202	$25,000	–	26,666	–	0.00%	–
CHPMW	New	CHP MERGER CORP*w exp 11/22/202	$18,000	–	20,000	–	0.00%	–
ATMRWS	New	ALTIMAR ACQUISITION CORP II*w exp 02/09/202	$19,000	–	16,300	–	0.00%	–
HIGAWS	New	H I G ACQUISITION CORP*w exp 99/99/999	$25,000	–	21,666	–	0.00%	–
ACQRW	New	INDEPENDENCE HOLDINGS CORP*w exp 03/31/202	$17,000	–	15,640	–	0.00%	–
LNFAWS	New	L&F ACQUISITION CORP*w exp 05/23/202	$17,000	–	20,000	–	0.00%	–
PNTMWS	New	PONTEM CORPORATION*w exp 01/05/202	$20,000	–	20,000	–	0.00%	–
MITWS	New	MASON INDUSTRIAL TECHNOLGY I*w exp 99/99/999	$18,000	–	20,000	–	0.00%	–
MACCWS	New	MISSION ADVANCEMENT CORP*w exp 03/05/202	$6,000	–	8,000	–	0.00%	–
ACIIWS	New	ATLAS CREST INVESTMENT CORP*w exp 02/03/202	$6,000	–	5,000	–	0.00%	–
FCAXWS	New	FORTRESS CAPITAL ACQUISITION*w exp 99/99/999	$8,000	–	7,755	–	0.00%	–
ASZWS	New	AUSTERLITZ ACQUISITION CORP*w exp 02/19/202	$9,000	–	7,500	–	0.00%	–
GCACW	New	GROWTH CAP ACQUISITION CORP*w exp 06/01/202	$9,000	–	15,000	–	0.00%	–
HYACW	New	HAYMAKER ACQUISITION CORP II*w exp 03/04/202	$16,000	–	15,567	–	0.00%	–
PMVCWS	New	PMV CONSUMER ACQUISITION COR*w exp 08/31/202	$9,000	–	10,000	–	0.00%	–
HIIIW	New	HUDSON EXECUTIVE INVES III*w exp 02/22/202	$6,000	–	5,529	–	0.00%	–
TWNIWS	New	TAILWIND INTERNATNAL ACQ COR*w exp 03/01/202	$10,000	–	10,666	–	0.00%	–
MBACWS	New	M3 BRIGADE ACQUISITION II CO*w exp 09/03/202	$9,000	–	7,449	–	0.00%	–
OSTRW	New	OYSTER ENTERPRISES ACQ CORP*w exp 01/20/202	$11,000	–	15,000	–	0.00%	–
CPTKWS	New	CROWN PROPTECH ACQUISITIONS*w exp 99/99/999	$8,000	–	10,000	–	0.00%	–
CLAAWS	New	COLONNADE ACQUISITION CORP I*w exp 99/99/999	$9,000	–	8,000	–	0.00%	–
WPCBWS	New	WARBURG PINCUS CAPTAL CORP I*w exp 99/99/999	$6,000	–	4,614	–	0.00%	–
HPXWS	New	HPX CORP*w exp 07/14/202	$9,000	–	10,000	–	0.00%	–
GLBLW	New	CARTESIAN GROWTH CORP*w exp 02/26/202	$6,000	–	6,666	–	0.00%	–
FTAAW	New	FTAC ATHENA ACQUISITION CORP*w exp 03/01/202	$15,000	–	10,000	–	0.00%	–
HERAW	New	FTAC HERA ACQUISITION CORP*w exp 02/28/202	$16,000	–	12,299	–	0.00%	–
IMPXWS	New	AEA-BRIDGES IMPACT CORP*w exp 09/19/202	$10,000	–	10,000	–	0.00%	–
BOASWS	New	BOA ACQUISITION CORP*w exp 02/22/202	$8,000	–	9,999	–	0.00%	–
FTEVWS	New	FINTECH EVOLUTION ACQUIS GRO*w exp 03/31/202	$13,000	–	13,333	–	0.00%	–
KLAQW	New	KL ACQUISITION CORP*w exp 01/12/202	$6,000	–	6,666	–	0.00%	–
CTAQW	New	CARNEY TECHNOLOGY ACQU CORP*w exp 11/30/202	$9,000	–	10,000	–	0.00%	–
OEPWW	New	ONE EQUITY PARTNERS OPEN WTR*w exp 01/14/202	$9,000	–	10,000	–	0.00%	–
TSIBW	New	TISHMAN SPEYER INNOVATION CO*w exp 02/11/202	$16,000	–	12,814	–	0.00%	–
CVIIWS	New	CHURCHILL CAPITAL CORP VII*w exp 02/29/202	$6,000	–	4,199	–	0.00%	–
TLGAWS	New	TLG ACQUISITION ONE CORP*w exp 01/25/202	$13,000	–	16,666	–	0.00%	–
CONXW	New	CONX CORP*w exp 10/30/202	$7,000	–	5,000	–	0.00%	–
SCAQW	New	STRATIM CLOUD ACQUISITION CO*w exp 03/05/202	$8,000	–	10,000	–	0.00%	–
SPTKW	New	SPORTSTEK ACQUISITION CORP*w exp 02/16/202	$8,000	–	10,000	–	0.00%	–
NSTCWS	New	NORTHERN STAR INVEST CORP II*w exp 02/25/202	$12,000	–	9,959	–	0.00%	–
DWINWS	New	DELWINDS INS ACQUISITION COR*w exp 08/01/202	$7,000	–	10,000	–	0.00%	–
PIAIWS	New	PRIME IMPACT ACQUISITION I*w exp 10/01/203	$9,000	–	9,149	–	0.00%	–
SNRHW	New	SENIOR CONNECT ACQUISITN COR*w exp 12/31/202	$14,000	–	15,900	–	0.00%	–
SSAAW	New	SCIENCE STRATEGIC ACQ ALPHA*w exp 01/20/202	$9,000	–	10,000	–	0.00%	–
FLMEWS	New	FLAME ACQUISITION CORP*w exp 02/26/202	$16,000	–	14,743	–	0.00%	–
MACQW	New	MCAP ACQUISITION CORP*w exp 03/02/202	$7,000	–	6,666	–	0.00%	–
FSSIW	New	FORTISTAR SUSTAINABLE SOL CO*w exp 01/14/202	$11,000	–	10,000	–	0.00%	–
RCHGW	New	RECHARGE ACQUISITION CORP*w exp 10/05/202	$8,000	–	9,154	–	0.00%	–
PMGMW	New	PRIVETERRA ACQUISITION CORP*w exp 02/28/202	$10,000	–	10,000	–	0.00%	–
ANZUW	New	ANZU SPECIAL ACQUISITIN CORP*w exp 01/27/202	$10,000	–	10,000	–	0.00%	–
FSNBWS	New	FUSION ACQUISITION CORP II*w exp 02/29/202	$7,000	–	6,666	–	0.00%	–
GSEVW	New	GORES HOLDINGS VII INC*w exp 02/25/202	$15,000	–	11,300	–	0.00%	–
AKICW	New	SPORTS VENTURES ACQUISIN COR*w exp 11/30/202	$10,000	–	10,000	–	0.00%	–
FACTWS	New	FREEDOM ACQUISITION I CORP*w exp 99/99/999	$5,000	–	5,000	–	0.00%	–
ISOSWS	New	ISOS ACQUISITION CORPORATION*w exp 03/01/202	$4,000	–	4,203	–	0.00%	–
ANACWS	New	ARCTOS NORTHSTAR ACQUIS CORP*w exp 99/99/999	$5,000	–	4,658	–	0.00%	–
RCLFW	New	ROSECLIFF ACQUISITION CORP I*w exp 02/11/202	$5,000	–	6,750	–	0.00%	–
ARRWW	New	ARROWROOT ACQUISITION CORP*w exp 03/02/202	$3,000	–	4,000	–	0.00%	–
KAIIW	New	KISMET ACQUISITION TWO CORP*w exp 06/30/202	$5,000	–	6,000	–	0.00%	–
FVTWS	New	FORTRESS VALUE ACQUIS CORP I*w exp 12/31/202	$1,000	–	938	–	0.00%	–
VELOW	New	VELOCITY ACQUISITION CORP*w exp 02/24/202	$5,000	–	5,640	–	0.00%	–
SBEAW	New	SILVERBOX ENGAGED MERGER CO*w exp 06/02/202	$3,000	–	3,607	–	0.00%	–
KIIIW	New	KISMET ACQUISITION THREE COR*w exp 06/30/202	$5,000	–	6,666	–	0.00%	–
IPVFWS	New	INTERPRIVATE III FINANCIAL P*w exp 99/99/999	$5,000	–	4,000	–	0.00%	–
CASWS	New	CASCADE ACQUISITION CORP*w exp 11/30/202	$5,000	–	5,000	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
ENBL	Exit	ENABLE MIDSTREAM PARTNERS LP	$0	–	-12,500	–	-0.00%	–
OMP	Exit	OASIS MIDSTREAM PARTNERS LP	$0	–	-10,000	–	-0.01%	–
GNW	Exit	GENWORTH FINL INCcall	$0	–	-20,000	–	-0.01%	–
CCR	Exit	CONSOL COAL RESOURCES LP	$0	–	-20,000	–	-0.01%	–
FTOCU	Exit	FTAC OLYMPUS ACQUISITION CORunit 08/24/2025	$0	–	-10,090	–	-0.01%	–
BY	Exit	BYLINE BANCORP INC	$0	–	-10,000	–	-0.01%	–
AAL	Exit	AMERICAN AIRLS GROUP INCcall	$0	–	-10,000	–	-0.01%	–
OPRT	Exit	OPORTUN FINL CORP	$0	–	-13,990	–	-0.01%	–
USDP	Exit	USD PARTNERS LP	$0	–	-55,000	–	-0.02%	–
VIHAU	Exit	VPC IMPACT ACQUISITION HLDNGunit 09/22/2025	$0	–	-20,000	–	-0.02%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-1,000	–	-0.02%	–
T	Exit	AT&T INC	$0	–	-7,500	–	-0.02%	–
THFF	Exit	FIRST FINL CORP IND	$0	–	-6,988	–	-0.02%	–
GM	Exit	GENERAL MTRS CO	$0	–	-7,500	–	-0.02%	–
FSK	Exit	FS KKR CAPITAL CORP	$0	–	-15,000	–	-0.02%	–
BRG	Exit	BLUEROCK RESIDENTIAL GWT REI	$0	–	-35,000	–	-0.02%	–
SAIIU	Exit	SOFTWARE ACQUISITN GRUP INCunit 99/99/9999	$0	–	-30,000	–	-0.02%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-13,000	–	-0.03%	–
BXMT	Exit	BLACKSTONE MTG TR INC	$0	–	-15,000	–	-0.03%	–
BYFC	Exit	BROADWAY FINL CORP DEL	$0	–	-200,000	–	-0.03%	–
RBB	Exit	RBB BANCORP	$0	–	-30,000	–	-0.03%	–
EOG	Exit	EOG RES INC	$0	–	-11,500	–	-0.03%	–
EFC	Exit	ELLINGTON FINANCIAL INC	$0	–	-35,000	–	-0.04%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-5,000	–	-0.04%	–
NXRT	Exit	NEXPOINT RESIDENTIAL TR INC	$0	–	-10,000	–	-0.04%	–
TMHC	Exit	TAYLOR MORRISON HOME CORP	$0	–	-20,000	–	-0.04%	–
ET	Exit	ENERGY TRANSFER LP	$0	–	-102,500	–	-0.05%	–
DKNG	Exit	DRAFTKINGS INC	$0	–	-10,000	–	-0.05%	–
FCRD	Exit	FIRST EAGLE ALTR CAP BDC INC	$0	–	-281,172	–	-0.06%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-45,000	–	-0.06%	–
COF	Exit	CAPITAL ONE FINL CORPcall	$0	–	-10,000	–	-0.06%	–
BSIG	Exit	BRIGHTSPHERE INVT GROUP INC	$0	–	-58,037	–	-0.06%	–
NCNO	Exit	NCINO INC	$0	–	-10,046	–	-0.07%	–
	Exit	NEW YORK MTG TR INCnote 6.250% 1/1	$0	–	-851,000	–	-0.07%	–
MPB	Exit	MID PENN BANCORP INC	$0	–	-48,857	–	-0.07%	–
CZWI	Exit	CITIZENS CMNTY BANCORP INC M	$0	–	-141,557	–	-0.08%	–
LEVL	Exit	LEVEL ONE BANCORP INC	$0	–	-65,000	–	-0.08%	–
BOKF	Exit	BOK FINL CORP	$0	–	-20,000	–	-0.09%	–
CCXWS	Exit	CHURCHILL CAP CORP II*w exp 07/02/202	$0	–	-575,000	–	-0.10%	–
EBSB	Exit	MERIDIAN BANCORP INC MD	$0	–	-122,895	–	-0.11%	–
ISBC	Exit	INVESTORS BANCORP INC NEW	$0	–	-200,000	–	-0.12%	–
BUSE	Exit	FIRST BUSEY CORP	$0	–	-96,048	–	-0.13%	–
STXB	Exit	SPIRIT OF TEX BANCSHARES INC	$0	–	-138,000	–	-0.13%	–
	Exit	ARBOR REALTY TRUST INCnote 5.250% 7/0	$0	–	-1,500,000	–	-0.13%	–
FCNCA	Exit	FIRST CTZNS BANCSHARES INC Ncl a	$0	–	-5,000	–	-0.13%	–
	Exit	REDWOOD TR INCnote 5.625% 7/1	$0	–	-1,750,000	–	-0.13%	–
CALB	Exit	CALIFORNIA BANCORP	$0	–	-143,484	–	-0.14%	–
HTH	Exit	HILLTOP HOLDINGS INC	$0	–	-80,000	–	-0.14%	–
FFBC	Exit	FIRST FINL BANCORP OH	$0	–	-138,106	–	-0.14%	–
	Exit	RESOURCE CAP CORPnote 4.500% 8/1	$0	–	-2,000,000	–	-0.15%	–
FBMS	Exit	FIRST BANCSHARES INC MS	$0	–	-88,484	–	-0.16%	–
IBTX	Exit	INDEPENDENT BK GROUP INC	$0	–	-42,292	–	-0.16%	–
BANR	Exit	BANNER CORP	$0	–	-59,172	–	-0.16%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-96,879	–	-0.17%	–
BPY	Exit	BROOKFIELD PROPERTY PARTRS Lunit ltd partn	$0	–	-173,400	–	-0.17%	–
VBTX	Exit	VERITEX HLDGS INC	$0	–	-123,260	–	-0.18%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-146,154	–	-0.18%	–
FBK	Exit	FB FINL CORP	$0	–	-88,556	–	-0.19%	–
IHC	Exit	INDEPENDENCE HLDG CO NEW	$0	–	-62,049	–	-0.20%	–
OCFC	Exit	OCEANFIRST FINL CORP	$0	–	-171,510	–	-0.20%	–
FSFG	Exit	FIRST SAVINGS FINL GROUP INC	$0	–	-43,191	–	-0.20%	–
UCBI	Exit	UNITED CMNTY BKS BLAIRSVLE G	$0	–	-146,732	–	-0.21%	–
SCHW	Exit	SCHWAB CHARLES CORP	$0	–	-71,424	–	-0.22%	–
SLG	Exit	SL GREEN RLTY CORP	$0	–	-56,776	–	-0.22%	–
EFSC	Exit	ENTERPRISE FINL SVCS CORP	$0	–	-98,317	–	-0.22%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-128,343	–	-0.23%	–
ALTA	Exit	ALTABANCORP	$0	–	-136,397	–	-0.23%	–
RIVE	Exit	RIVERVIEW FINL CORP NEW	$0	–	-409,271	–	-0.23%	–
OMF	Exit	ONEMAIN HLDGS INC	$0	–	-91,960	–	-0.24%	–
RCA	Exit	READY CAPITAL CORP7% cn sr nt 2023	$0	–	-126,518	–	-0.25%	–
LMST	Exit	LIMESTONE BANCORP INC	$0	–	-301,100	–	-0.26%	–
PPBI	Exit	PACIFIC PREMIER BANCORP	$0	–	-157,897	–	-0.26%	–
ABCB	Exit	AMERIS BANCORP	$0	–	-140,470	–	-0.27%	–
PFC	Exit	PREMIER FINANCIAL CORP	$0	–	-210,401	–	-0.27%	–
ALLY	Exit	ALLY FINL INC	$0	–	-136,676	–	-0.29%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-135,638	–	-0.29%	–
WTFC	Exit	WINTRUST FINL CORP	$0	–	-86,684	–	-0.29%	–
UNTY	Exit	UNITY BANCORP INC	$0	–	-300,000	–	-0.29%	–
FNB	Exit	F N B CORP	$0	–	-514,352	–	-0.29%	–
UMPQ	Exit	UMPQUA HLDGS CORP	$0	–	-334,795	–	-0.30%	–
IMAX	Exit	IMAX CORP	$0	–	-297,910	–	-0.30%	–
TIG	Exit	TREAN INS GROUP INC	$0	–	-245,174	–	-0.31%	–
FBNC	Exit	FIRST BANCORP N C	$0	–	-179,803	–	-0.31%	–
TFC	Exit	TRUIST FINL CORP	$0	–	-100,214	–	-0.32%	–
NMIH	Exit	NMI HLDGS INCcl a	$0	–	-213,833	–	-0.32%	–
SMBK	Exit	SMARTFINANCIAL INC	$0	–	-285,000	–	-0.32%	–
PACW	Exit	PACWEST BANCORP DEL	$0	–	-230,833	–	-0.33%	–
CNOB	Exit	CONNECTONE BANCORP INC	$0	–	-282,787	–	-0.33%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES IN	$0	–	-171,096	–	-0.34%	–
BXP	Exit	BOSTON PROPERTIES INC	$0	–	-51,500	–	-0.34%	–
WSFS	Exit	WSFS FINL CORP	$0	–	-153,765	–	-0.35%	–
RBKB	Exit	RHINEBECK BANCORP INC	$0	–	-659,018	–	-0.35%	–
OPBK	Exit	OP BANCORP	$0	–	-859,130	–	-0.41%	–
MNSB	Exit	MAINSTREET BANCSHARES INC	$0	–	-402,288	–	-0.41%	–
MFNC	Exit	MACKINAC FINL CORP	$0	–	-525,000	–	-0.42%	–
WSBC	Exit	WESBANCO INC	$0	–	-245,582	–	-0.44%	–
MTG	Exit	MGIC INVT CORP WIS	$0	–	-594,501	–	-0.44%	–
BOCH	Exit	BANK COMM HLDGS	$0	–	-810,235	–	-0.47%	–
PMBC	Exit	PACIFIC MERCANTILE BANCORP	$0	–	-1,603,251	–	-0.50%	–
KEY	Exit	KEYCORP	$0	–	-500,000	–	-0.50%	–
EBMT	Exit	EAGLE BANCORP MONT INC	$0	–	-350,000	–	-0.52%	–
HBAN	Exit	HUNTINGTON BANCSHARES INC	$0	–	-700,000	–	-0.54%	–
SVBI	Exit	SEVERN BANCORP INC ANNAPOLIS	$0	–	-1,000,000	–	-0.54%	–
FSBW	Exit	FS BANCORP INC	$0	–	-162,500	–	-0.56%	–
BCML	Exit	BAYCOM CORP	$0	–	-650,000	–	-0.56%	–
VNO	Exit	VORNADO RLTY TRsh ben int	$0	–	-200,000	–	-0.56%	–
SNV	Exit	SYNOVUS FINL CORP	$0	–	-320,808	–	-0.57%	–
SABR	Exit	SABRE CORP	$0	–	-1,085,000	–	-0.59%	–
SHYF	Exit	SHYFT GROUP INC	$0	–	-375,733	–	-0.59%	–
	Exit	PROFESSIONAL HLDG CORP	$0	–	-547,471	–	-0.61%	–
ISTR	Exit	INVESTAR HLDG CORP	$0	–	-575,127	–	-0.62%	–
MLVF	Exit	MALVERN BANCORP INC	$0	–	-640,587	–	-0.63%	–
MCB	Exit	METROPOLITAN BK HLDG CORP	$0	–	-272,603	–	-0.64%	–
BPRN	Exit	BANK PRINCETON NEW JERSEY	$0	–	-424,694	–	-0.64%	–
CFB	Exit	CROSSFIRST BANKSHARES INC	$0	–	-912,280	–	-0.66%	–
FHN	Exit	FIRST HORIZON NATL CORP	$0	–	-851,214	–	-0.67%	–
SBFG	Exit	SB FINL GROUP INC	$0	–	-629,151	–	-0.71%	–
BFST	Exit	BUSINESS FIRST BANCSHARES IN	$0	–	-570,193	–	-0.71%	–
NYMT	Exit	NEW YORK MTG TR INC	$0	–	-3,705,770	–	-0.79%	–
ATH	Exit	ATHENE HOLDING LTDcl a	$0	–	-280,000	–	-0.80%	–
MITT	Exit	AG MTG INVT TR INC	$0	–	-3,679,634	–	-0.85%	–
RF	Exit	REGIONS FINANCIAL CORP NEW	$0	–	-900,000	–	-0.87%	–
EQH	Exit	EQUITABLE HLDGS INC	$0	–	-610,074	–	-0.93%	–
BHF	Exit	BRIGHTHOUSE FINL INC	$0	–	-421,907	–	-0.95%	–
CCB	Exit	COASTAL FINL CORP WA	$0	–	-928,170	–	-0.95%	–
KCAC	Exit	KENSINGTON CAP ACQUISITION C	$0	–	-680,000	–	-0.95%	–
HLT	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-135,000	–	-0.96%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-161,215	–	-0.97%	–
SI	Exit	SILVERGATE CAP CORPcl a	$0	–	-833,350	–	-1.00%	–
BWB	Exit	BRIDGEWATER BANCSHARES INC	$0	–	-1,291,142	–	-1.02%	–
NRZ	Exit	NEW RESIDENTIAL INVT CORP	$0	–	-1,583,508	–	-1.05%	–
	Exit	ISTAR INCnote 3.125% 9/1	$0	–	-12,000,000	–	-1.06%	–
PCB	Exit	PCB BANCORP	$0	–	-1,515,141	–	-1.11%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-208,000	–	-1.12%	–
NMRK	Exit	NEWMARK GROUP INCcl a	$0	–	-3,333,234	–	-1.20%	–
FBC	Exit	FLAGSTAR BANCORP INC	$0	–	-520,734	–	-1.29%	–
XLF	Exit	SELECT SECTOR SPDR TRsbi int-finl	$0	–	-650,000	–	-1.30%	–
VOYA	Exit	VOYA FINANCIAL INC	$0	–	-358,750	–	-1.44%	–
	Exit	HOPE BANCORP INCnote 2.000% 5/1	$0	–	-21,500,000	–	-1.48%	–
MVBF	Exit	MVB FINL CORP	$0	–	-1,129,478	–	-1.50%	–
RKT	Exit	ROCKET COS INC	$0	–	-1,045,276	–	-1.74%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-194,000	–	-1.78%	–
H	Exit	HYATT HOTELS CORP	$0	–	-403,998	–	-1.80%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-1,906,628	–	-2.03%	–
MAR	Exit	MARRIOTT INTL INC NEWcl a	$0	–	-296,996	–	-2.29%	–
MS	Exit	MORGAN STANLEY	$0	–	-600,000	–	-2.42%	–
	Exit	WESTERN ASSET MTG CAP CORPnote 6.750%10/0	$0	–	-37,055,000	–	-2.66%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-1,500,000	–	-2.94%	–
	Exit	GRANITE PT MTG TR INCnote 6.375%10/0	$0	–	-39,390,000	–	-3.02%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-1,550,000	–	-3.12%	–
KBE	Exit	SPDR SER TRs&p bk etf	$0	–	-1,500,000	–	-3.69%	–
KRE	Exit	SPDR SER TRs&p regl bkg	$0	–	-1,300,000	–	-3.87%	–
C	Exit	CITIGROUP INC	$0	–	-1,189,000	–	-4.28%	–
STAR	Exit	ISTAR INC	$0	–	-5,346,347	–	-5.27%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-924,000	–	-7.42%	–

Q3 2020

			Value		Shares		↓ Weighting
JPM	New	JPMORGAN CHASE & CO	$88,953,000	–	924,000	–	7.42%	–
STAR	Sell	ISTAR INC	$63,140,000	-5.9%	5,346,347	-1.8%	5.27%	-48.0%
C	New	CITIGROUP INC	$51,258,000	–	1,189,000	–	4.28%	–
KRE	New	SPDR SER TRs&p regl bkg	$46,384,000	–	1,300,000	–	3.87%	–
KBE	New	SPDR SER TRs&p bk etf	$44,175,000	–	1,500,000	–	3.69%	–
BAC	New	BK OF AMERICA CORP	$37,340,000	–	1,550,000	–	3.12%	–
	New	GRANITE PT MTG TR INCnote 6.375%10/0	$36,190,000	–	39,390,000	–	3.02%	–
WFC	New	WELLS FARGO CO NEW	$35,265,000	–	1,500,000	–	2.94%	–
	New	WESTERN ASSET MTG CAP CORPnote 6.750%10/0	$31,907,000	–	37,055,000	–	2.66%	–
MS	Sell	MORGAN STANLEY	$29,010,000	-43.6%	600,000	-43.7%	2.42%	-68.9%
MAR	New	MARRIOTT INTL INC NEWcl a	$27,496,000	–	296,996	–	2.29%	–
AMBC	Sell	AMBAC FINL GROUP INC	$24,348,000	-14.2%	1,906,628	-3.8%	2.03%	-52.6%
H	New	HYATT HOTELS CORP	$21,561,000	–	403,998	–	1.80%	–
PNC	Buy	PNC FINL SVCS GROUP INC	$21,323,000	+67.5%	194,000	+60.3%	1.78%	-7.5%
RKT	New	ROCKET COS INC	$20,832,000	–	1,045,276	–	1.74%	–
	New	HOPE BANCORP INCnote 2.000% 5/1	$17,700,000	–	21,500,000	–	1.48%	–
VOYA	New	VOYA FINANCIAL INC	$17,195,000	–	358,750	–	1.44%	–
XLF	New	SELECT SECTOR SPDR TRsbi int-finl	$15,646,000	–	650,000	–	1.30%	–
FBC	New	FLAGSTAR BANCORP INC	$15,429,000	–	520,734	–	1.29%	–
NMRK	Buy	NEWMARK GROUP INCcl a	$14,400,000	+22.8%	3,333,234	+38.1%	1.20%	-32.3%
SPG	Buy	SIMON PPTY GROUP INC NEW	$13,453,000	+3181.2%	208,000	+3366.7%	1.12%	+1709.7%
PCB	Buy	PCB BANCORP	$13,318,000	+25.3%	1,515,141	+46.8%	1.11%	-30.9%
NRZ	New	NEW RESIDENTIAL INVT CORP	$12,589,000	–	1,583,508	–	1.05%	–
BWB	Buy	BRIDGEWATER BANCSHARES INC	$12,253,000	+21.4%	1,291,142	+31.1%	1.02%	-33.0%
COF	Buy	CAPITAL ONE FINL CORP	$11,585,000	+269.9%	161,215	+222.1%	0.97%	+104.4%
HLT	New	HILTON WORLDWIDE HLDGS INC	$11,518,000	–	135,000	–	0.96%	–
KCAC	New	KENSINGTON CAP ACQUISITION C	$11,390,000	–	680,000	–	0.95%	–
BHF	Buy	BRIGHTHOUSE FINL INC	$11,354,000	+70.0%	421,907	+75.8%	0.95%	-6.1%
EQH	New	EQUITABLE HLDGS INC	$11,128,000	–	610,074	–	0.93%	–
RF	Buy	REGIONS FINANCIAL CORP NEW	$10,377,000	+133.3%	900,000	+125.0%	0.87%	+28.9%
MITT	New	AG MTG INVT TR INC	$10,156,000	–	3,679,634	–	0.85%	–
ATH	New	ATHENE HOLDING LTDcl a	$9,542,000	–	280,000	–	0.80%	–
NYMT	Buy	NEW YORK MTG TR INC	$9,450,000	+195.5%	3,705,770	+202.5%	0.79%	+63.1%
FHN	Buy	FIRST HORIZON NATL CORP	$8,027,000	+0.7%	851,214	+6.4%	0.67%	-44.4%
ISTR	Buy	INVESTAR HLDG CORP	$7,373,000	-11.5%	575,127	+0.1%	0.62%	-51.2%
	Buy	PROFESSIONAL HLDG CORP	$7,342,000	+5.8%	547,471	+9.5%	0.61%	-41.6%
SHYF	New	SHYFT GROUP INC	$7,094,000	–	375,733	–	0.59%	–
SABR	New	SABRE CORP	$7,063,000	–	1,085,000	–	0.59%	–
SNV	Buy	SYNOVUS FINL CORP	$6,792,000	+23.9%	320,808	+20.2%	0.57%	-31.5%
VNO	New	VORNADO RLTY TRsh ben int	$6,742,000	–	200,000	–	0.56%	–
HBAN	New	HUNTINGTON BANCSHARES INC	$6,419,000	–	700,000	–	0.54%	–
KEY	New	KEYCORP	$5,965,000	–	500,000	–	0.50%	–
BOCH	Sell	BANK COMM HLDGS	$5,647,000	-8.7%	810,235	-0.7%	0.47%	-49.6%
MTG	Sell	MGIC INVT CORP WIS	$5,267,000	-49.5%	594,501	-53.3%	0.44%	-72.1%
WSBC	Buy	WESBANCO INC	$5,246,000	+96.6%	245,582	+86.9%	0.44%	+8.7%
MFNC	Sell	MACKINAC FINL CORP	$5,066,000	-8.5%	525,000	-1.7%	0.42%	-49.5%
WSFS	Buy	WSFS FINL CORP	$4,147,000	+28.5%	153,765	+36.8%	0.35%	-29.1%
BXP	New	BOSTON PROPERTIES INC	$4,135,000	–	51,500	–	0.34%	–
SFST	Buy	SOUTHERN FIRST BANCSHARES IN	$4,132,000	+148.5%	171,096	+185.1%	0.34%	+37.5%
CNOB	Buy	CONNECTONE BANCORP INC	$3,979,000	+4.7%	282,787	+20.0%	0.33%	-42.2%
PACW	Buy	PACWEST BANCORP DEL	$3,943,000	+12.2%	230,833	+29.4%	0.33%	-38.0%
SMBK	Buy	SMARTFINANCIAL INC	$3,873,000	-13.0%	285,000	+3.6%	0.32%	-52.0%
TFC	Buy	TRUIST FINL CORP	$3,813,000	+12.8%	100,214	+11.3%	0.32%	-37.8%
NMIH	Buy	NMI HLDGS INCcl a	$3,806,000	+41.8%	213,833	+28.0%	0.32%	-21.7%
FBNC	Buy	FIRST BANCORP N C	$3,763,000	+29.9%	179,803	+55.7%	0.31%	-28.3%
TIG	New	TREAN INS GROUP INC	$3,739,000	–	245,174	–	0.31%	–
IMAX	New	IMAX CORP	$3,563,000	–	297,910	–	0.30%	–
UMPQ	Sell	UMPQUA HLDGS CORP	$3,556,000	-9.8%	334,795	-9.7%	0.30%	-50.2%
FNB	Sell	F N B CORP	$3,487,000	-57.4%	514,352	-52.9%	0.29%	-76.5%
WTFC	Buy	WINTRUST FINL CORP	$3,472,000	+1.8%	86,684	+10.9%	0.29%	-43.7%
ALLY	Sell	ALLY FINL INC	$3,426,000	+25.9%	136,676	-0.4%	0.29%	-30.4%
CFG	Sell	CITIZENS FINL GROUP INC	$3,429,000	-86.9%	135,638	-86.9%	0.29%	-92.8%
PFC	Sell	PREMIER FINANCIAL CORP	$3,277,000	-12.4%	210,401	-0.6%	0.27%	-51.7%
ABCB	Buy	AMERIS BANCORP	$3,200,000	+29.2%	140,470	+33.8%	0.27%	-28.6%
PPBI	Buy	PACIFIC PREMIER BANCORP	$3,180,000	-2.2%	157,897	+5.3%	0.26%	-46.0%
RCA	New	READY CAPITAL CORP7% cn sr nt 2023	$3,010,000	–	126,518	–	0.25%	–
OMF	Buy	ONEMAIN HLDGS INC	$2,874,000	+55.5%	91,960	+22.1%	0.24%	-14.0%
ALTA	New	ALTABANCORP	$2,744,000	–	136,397	–	0.23%	–
FITB	Sell	FIFTH THIRD BANCORP	$2,736,000	-89.3%	128,343	-90.3%	0.23%	-94.1%
EFSC	Buy	ENTERPRISE FINL SVCS CORP	$2,681,000	+51.9%	98,317	+73.3%	0.22%	-16.1%
SLG	New	SL GREEN RLTY CORP	$2,633,000	–	56,776	–	0.22%	–
SCHW	New	SCHWAB CHARLES CORP	$2,588,000	–	71,424	–	0.22%	–
UCBI	Buy	UNITED CMNTY BKS BLAIRSVLE G	$2,484,000	+33.3%	146,732	+58.4%	0.21%	-26.6%
OCFC	Sell	OCEANFIRST FINL CORP	$2,348,000	-22.8%	171,510	-0.6%	0.20%	-57.4%
IHC	Buy	INDEPENDENCE HLDG CO NEW	$2,340,000	+23.7%	62,049	+0.3%	0.20%	-31.8%
FBK	Buy	FB FINL CORP	$2,225,000	+3.9%	88,556	+2.5%	0.19%	-42.6%
PGC	Sell	PEAPACK-GLADSTONE FINL CORP	$2,214,000	-19.6%	146,154	-0.6%	0.18%	-55.5%
VBTX	Buy	VERITEX HLDGS INC	$2,099,000	+74.3%	123,260	+81.2%	0.18%	-3.8%
BPY	New	BROOKFIELD PROPERTY PARTRS Lunit ltd partn	$2,086,000	–	173,400	–	0.17%	–
AGO	Buy	ASSURED GUARANTY LTD	$2,081,000	+31.5%	96,879	+49.4%	0.17%	-27.2%
BANR	Buy	BANNER CORP	$1,909,000	-14.7%	59,172	+0.5%	0.16%	-53.0%
IBTX	Buy	INDEPENDENT BK GROUP INC	$1,868,000	+63.4%	42,292	+49.9%	0.16%	-9.8%
FBMS	New	FIRST BANCSHARES INC MS	$1,856,000	–	88,484	–	0.16%	–
	New	RESOURCE CAP CORPnote 4.500% 8/1	$1,805,000	–	2,000,000	–	0.15%	–
FFBC	Buy	FIRST FINL BANCORP OH	$1,658,000	-11.7%	138,106	+2.2%	0.14%	-51.4%
HTH	New	HILLTOP HOLDINGS INC	$1,646,000	–	80,000	–	0.14%	–
	Sell	REDWOOD TR INCnote 5.625% 7/1	$1,604,000	-62.6%	1,750,000	-65.0%	0.13%	-79.3%
FCNCA	New	FIRST CTZNS BANCSHARES INC Ncl a	$1,594,000	–	5,000	–	0.13%	–
STXB	New	SPIRIT OF TEX BANCSHARES INC	$1,540,000	–	138,000	–	0.13%	–
BUSE	Sell	FIRST BUSEY CORP	$1,526,000	-15.6%	96,048	-0.9%	0.13%	-53.5%
EBSB	Buy	MERIDIAN BANCORP INC MD	$1,272,000	-10.5%	122,895	+0.3%	0.11%	-50.7%
CCXWS	New	CHURCHILL CAP CORP II*w exp 07/02/202	$1,255,000	–	575,000	–	0.10%	–
BOKF	Buy	BOK FINL CORP	$1,030,000	+21.3%	20,000	+33.0%	0.09%	-32.8%
LEVL	Sell	LEVEL ONE BANCORP INC	$1,014,000	-11.7%	65,000	-5.3%	0.08%	-51.1%
MPB	Sell	MID PENN BANCORP INC	$846,000	-25.9%	48,857	-21.1%	0.07%	-58.7%
	Buy	NEW YORK MTG TR INCnote 6.250% 1/1	$835,000	+1755.6%	851,000	+1602.0%	0.07%	+900.0%
NCNO	New	NCINO INC	$800,000	–	10,046	–	0.07%	–
BSIG	New	BRIGHTSPHERE INVT GROUP INC	$749,000	–	58,037	–	0.06%	–
COF	New	CAPITAL ONE FINL CORPcall	$719,000	–	10,000	–	0.06%	–
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$711,000	-2.2%	45,000	+12.5%	0.06%	-46.4%
FCRD	New	FIRST EAGLE ALTR CAP BDC INC	$697,000	–	281,172	–	0.06%	–
DKNG	Sell	DRAFTKINGS INC	$588,000	+17.8%	10,000	-33.3%	0.05%	-34.7%
TMHC	Sell	TAYLOR MORRISON HOME CORP	$492,000	+2.1%	20,000	-20.0%	0.04%	-43.8%
NXRT	Sell	NEXPOINT RESIDENTIAL TR INC	$444,000	-10.3%	10,000	-28.6%	0.04%	-50.7%
EFC	Buy	ELLINGTON FINANCIAL INC	$429,000	+45.4%	35,000	+40.0%	0.04%	-20.0%
EOG	Buy	EOG RES INC	$413,000	+25.5%	11,500	+76.9%	0.03%	-32.0%
BYFC	New	BROADWAY FINL CORP DEL	$336,000	–	200,000	–	0.03%	–
RBB	New	RBB BANCORP	$340,000	–	30,000	–	0.03%	–
SAIIU	New	SOFTWARE ACQUISITN GRUP INCunit 99/99/9999	$299,000	–	30,000	–	0.02%	–
GM	New	GENERAL MTRS CO	$222,000	–	7,500	–	0.02%	–
VIHAU	New	VPC IMPACT ACQUISITION HLDNGunit 09/22/2025	$200,000	–	20,000	–	0.02%	–
GS	Sell	GOLDMAN SACHS GROUP INC	$201,000	-98.5%	1,000	-98.5%	0.02%	-99.1%
OPRT	New	OPORTUN FINL CORP	$165,000	–	13,990	–	0.01%	–
AAL	New	AMERICAN AIRLS GROUP INCcall	$123,000	–	10,000	–	0.01%	–
BY	New	BYLINE BANCORP INC	$113,000	–	10,000	–	0.01%	–
FTOCU	New	FTAC OLYMPUS ACQUISITION CORunit 08/24/2025	$101,000	–	10,090	–	0.01%	–
GNW	New	GENWORTH FINL INCcall	$67,000	–	20,000	–	0.01%	–
OMP	New	OASIS MIDSTREAM PARTNERS LP	$62,000	–	10,000	–	0.01%	–
JCAP	Exit	JERNIGAN CAP INC	$0	–	-10,000	–	-0.02%	–
SPG	Exit	SIMON PPTY GROUP INC NEWcall	$0	–	-2,000	–	-0.02%	–
CNXM	Exit	CNX MIDSTREAM PARTNERS LP	$0	–	-25,000	–	-0.02%	–
LCAHW	Exit	LANDCADIA HLDGS II INC*w exp 05/09/202	$0	–	-50,000	–	-0.04%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-10,000	–	-0.05%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-700	–	-0.08%	–
ABTX	Exit	ALLEGIANCE BANCSHARES INC	$0	–	-27,201	–	-0.10%	–
	Exit	SPIRIT RLTY CAP INC NEWnote 3.750% 5/1	$0	–	-1,128,000	–	-0.17%	–
FLIC	Exit	FIRST LONG IS CORP	$0	–	-92,856	–	-0.23%	–
SHBI	Exit	SHORE BANCSHARES INC	$0	–	-147,059	–	-0.25%	–
ZION	Exit	ZIONS BANCORPORATION N A	$0	–	-50,569	–	-0.26%	–
ORRF	Exit	ORRSTOWN FINL SVCS INC	$0	–	-124,071	–	-0.28%	–
STL	Exit	STERLING BANCORP DEL	$0	–	-177,577	–	-0.31%	–
SYF	Exit	SYNCHRONY FINANCIAL	$0	–	-110,000	–	-0.37%	–
PMT	Exit	PENNYMAC MTG INVT TR	$0	–	-168,430	–	-0.45%	–
DFS	Exit	DISCOVER FINL SVCS	$0	–	-70,000	–	-0.53%	–
LCA	Exit	LANDCADIA HLDGS II INCcl a	$0	–	-375,000	–	-0.93%	–
YNDX	Exit	YANDEX N V	$0	–	-130,000	–	-0.98%	–
MFA	Exit	MFA FINL INC	$0	–	-3,750,000	–	-1.41%	–
RDN	Exit	RADIAN GROUP INC	$0	–	-629,800	–	-1.48%	–
MBI	Exit	MBIA INC	$0	–	-1,861,504	–	-2.04%	–

Q2 2020

			Value		Shares		↓ Weighting
STAR	New	ISTAR INC	$67,085,000	–	5,445,214	–	10.14%	–
MS	New	MORGAN STANLEY	$51,440,000	–	1,065,000	–	7.77%	–
AMBC	New	AMBAC FINL GROUP INC	$28,381,000	–	1,981,933	–	4.29%	–
CFG	New	CITIZENS FINANCIAL GROUP INC	$26,201,000	–	1,038,065	–	3.96%	–
FITB	New	FIFTH THIRD BANCORP	$25,504,000	–	1,322,828	–	3.85%	–
MVBF	New	MVB FINL CORP	$15,022,000	–	1,129,478	–	2.27%	–
MBI	New	MBIA INC	$13,496,000	–	1,861,504	–	2.04%	–
CCB	New	COASTAL FINL CORP WA	$13,477,000	–	928,170	–	2.04%	–
GS	New	GOLDMAN SACHS GROUP INC	$13,043,000	–	66,000	–	1.97%	–
	New	ISTAR INCnote 3.125% 9/1	$12,781,000	–	12,000,000	–	1.93%	–
PNC	New	PNC FINL SVCS GROUP INC	$12,730,000	–	121,000	–	1.92%	–
NMRK	New	NEWMARK GROUP INCcl a	$11,729,000	–	2,413,369	–	1.77%	–
SI	New	SILVERGATE CAP CORPcl a	$11,667,000	–	833,350	–	1.76%	–
PCB	New	PCB BANCORP	$10,632,000	–	1,032,263	–	1.61%	–
SBFG	New	SB FINL GROUP INC	$10,456,000	–	629,151	–	1.58%	–
MTG	New	MGIC INVT CORP WIS	$10,431,000	–	1,273,649	–	1.58%	–
BWB	New	BRIDGEWATER BANCSHARES INC	$10,092,000	–	984,632	–	1.52%	–
RDN	New	RADIAN GROUP INC	$9,768,000	–	629,800	–	1.48%	–
MFA	New	MFA FINL INC	$9,338,000	–	3,750,000	–	1.41%	–
CFB	New	CROSSFIRST BANKSHARES INC	$8,922,000	–	912,280	–	1.35%	–
BFST	New	BUSINESS FIRST BANCSHARES IN	$8,752,000	–	570,193	–	1.32%	–
MCB	New	METROPOLITAN BK HLDG CORP	$8,745,000	–	272,603	–	1.32%	–
BPRN	New	BANK PRINCETON NEW JERSEY	$8,528,000	–	424,694	–	1.29%	–
BCML	New	BAYCOM CORP	$8,392,000	–	650,000	–	1.27%	–
ISTR	New	INVESTAR HLDG CORP	$8,335,000	–	574,800	–	1.26%	–
FNB	New	F N B CORP	$8,186,000	–	1,091,402	–	1.24%	–
MLVF	New	MALVERN BANCORP INC	$8,155,000	–	640,587	–	1.23%	–
FHN	New	FIRST HORIZON NATL CORP	$7,968,000	–	800,000	–	1.20%	–
	New	PROFESSIONAL HLDG CORP	$6,940,000	–	499,981	–	1.05%	–
BHF	New	BRIGHTHOUSE FINL INC	$6,678,000	–	240,050	–	1.01%	–
YNDX	New	YANDEX N V	$6,503,000	–	130,000	–	0.98%	–
SVBI	New	SEVERN BANCORP INC ANNAPOLIS	$6,480,000	–	1,000,000	–	0.98%	–
FSBW	New	FS BANCORP INC	$6,268,000	–	162,500	–	0.95%	–
BOCH	New	BANK COMM HLDGS	$6,185,000	–	815,964	–	0.94%	–
LCA	New	LANDCADIA HLDGS II INCcl a	$6,131,000	–	375,000	–	0.93%	–
EBMT	New	EAGLE BANCORP MONT INC	$6,083,000	–	350,000	–	0.92%	–
OPBK	New	OP BANCORP	$5,928,000	–	859,130	–	0.90%	–
PMBC	New	PACIFIC MERCANTILE BANCORP	$5,868,000	–	1,603,251	–	0.89%	–
MFNC	New	MACKINAC FINL CORP	$5,538,000	–	534,082	–	0.84%	–
SNV	New	SYNOVUS FINL CORP	$5,480,000	–	266,908	–	0.83%	–
MNSB	New	MAINSTREET BANCSHARES INC	$5,310,000	–	402,288	–	0.80%	–
SMBK	New	SMARTFINANCIAL INC	$4,450,000	–	275,000	–	0.67%	–
RF	New	REGIONS FINANCIAL CORP NEW	$4,448,000	–	400,000	–	0.67%	–
RBKB	New	RHINEBECK BANCORP INC	$4,323,000	–	659,018	–	0.65%	–
	New	REDWOOD TR INCnote 5.625% 7/1	$4,287,000	–	5,000,000	–	0.65%	–
UNTY	New	UNITY BANCORP INC	$4,290,000	–	300,000	–	0.65%	–
LMST	New	LIMESTONE BANCORP INC	$3,959,000	–	301,100	–	0.60%	–
UMPQ	New	UMPQUA HLDGS CORP	$3,944,000	–	370,691	–	0.60%	–
CNOB	New	CONNECTONE BANCORP INC NEW	$3,799,000	–	235,685	–	0.57%	–
PFC	New	PREMIER FINANCIAL CORP	$3,739,000	–	211,580	–	0.56%	–
PACW	New	PACWEST BANCORP DEL	$3,515,000	–	178,332	–	0.53%	–
DFS	New	DISCOVER FINL SVCS	$3,506,000	–	70,000	–	0.53%	–
WTFC	New	WINTRUST FINL CORP	$3,410,000	–	78,166	–	0.52%	–
TFC	New	TRUIST FINL CORP	$3,380,000	–	90,000	–	0.51%	–
PPBI	New	PACIFIC PREMIER BANCORP	$3,252,000	–	150,000	–	0.49%	–
WSFS	New	WSFS FINL CORP	$3,227,000	–	112,428	–	0.49%	–
NYMT	New	NEW YORK MTG TR INC	$3,198,000	–	1,225,108	–	0.48%	–
COF	New	CAPITAL ONE FINL CORP	$3,132,000	–	50,045	–	0.47%	–
OCFC	New	OCEANFIRST FINL CORP	$3,042,000	–	172,545	–	0.46%	–
PMT	New	PENNYMAC MTG INVT TR	$2,953,000	–	168,430	–	0.45%	–
FBNC	New	FIRST BANCORP N C	$2,897,000	–	115,507	–	0.44%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$2,755,000	–	147,096	–	0.42%	–
ALLY	New	ALLY FINL INC	$2,721,000	–	137,235	–	0.41%	–
NMIH	New	NMI HLDGS INCcl a	$2,685,000	–	167,000	–	0.41%	–
WSBC	New	WESBANCO INC	$2,669,000	–	131,415	–	0.40%	–
ABCB	New	AMERIS BANCORP	$2,476,000	–	104,976	–	0.37%	–
SYF	New	SYNCHRONY FINANCIAL	$2,438,000	–	110,000	–	0.37%	–
BANR	New	BANNER CORP	$2,237,000	–	58,858	–	0.34%	–
RIVE	New	RIVERVIEW FINL CORP NEW	$2,202,000	–	409,271	–	0.33%	–
FBK	New	FB FINL CORP	$2,141,000	–	86,423	–	0.32%	–
CALB	New	CALIFORNIA BANCORP	$2,138,000	–	143,484	–	0.32%	–
STL	New	STERLING BANCORP DEL	$2,081,000	–	177,577	–	0.31%	–
IHC	New	INDEPENDENCE HLDG CO NEW	$1,892,000	–	61,849	–	0.29%	–
FFBC	New	FIRST FINL BANCORP OH	$1,877,000	–	135,112	–	0.28%	–
FSFG	New	FIRST SAVINGS FINL GROUP INC	$1,871,000	–	43,191	–	0.28%	–
UCBI	New	UNITED CMNTY BKS BLAIRSVLE G	$1,863,000	–	92,606	–	0.28%	–
OMF	New	ONEMAIN HLDGS INC	$1,848,000	–	75,311	–	0.28%	–
ORRF	New	ORRSTOWN FINL SVCS INC	$1,830,000	–	124,071	–	0.28%	–
BUSE	New	FIRST BUSEY CORP	$1,807,000	–	96,912	–	0.27%	–
EFSC	New	ENTERPRISE FINL SVCS CORP	$1,765,000	–	56,717	–	0.27%	–
ZION	New	ZIONS BANCORPORATION N A	$1,719,000	–	50,569	–	0.26%	–
ISBC	New	INVESTORS BANCORP INC NEW	$1,700,000	–	200,000	–	0.26%	–
SFST	New	SOUTHERN FIRST BANCSHARES IN	$1,663,000	–	60,023	–	0.25%	–
SHBI	New	SHORE BANCSHARES INC	$1,631,000	–	147,059	–	0.25%	–
AGO	New	ASSURED GUARANTY LTD	$1,583,000	–	64,848	–	0.24%	–
FLIC	New	FIRST LONG IS CORP	$1,517,000	–	92,856	–	0.23%	–
	New	ARBOR RLTY TR INCnote 5.250% 7/0	$1,424,000	–	1,500,000	–	0.22%	–
EBSB	New	MERIDIAN BANCORP INC MD	$1,421,000	–	122,500	–	0.22%	–
VBTX	New	VERITEX HLDGS INC	$1,204,000	–	68,013	–	0.18%	–
LEVL	New	LEVEL ONE BANCORP INC	$1,149,000	–	68,609	–	0.17%	–
IBTX	New	INDEPENDENT BK GROUP INC	$1,143,000	–	28,209	–	0.17%	–
MPB	New	MID PENN BANCORP INC	$1,141,000	–	61,917	–	0.17%	–
	New	SPIRIT RLTY CAP INC NEWnote 3.750% 5/1	$1,109,000	–	1,128,000	–	0.17%	–
CZWI	New	CITIZENS CMNTY BANCORP INC M	$971,000	–	141,557	–	0.15%	–
BOKF	New	BOK FINL CORP	$849,000	–	15,039	–	0.13%	–
ET	New	ENERGY TRANSFER LP	$730,000	–	102,500	–	0.11%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$727,000	–	40,000	–	0.11%	–
ABTX	New	ALLEGIANCE BANCSHARES INC	$691,000	–	27,201	–	0.10%	–
NXRT	New	NEXPOINT RESIDENTIAL TR INC	$495,000	–	14,000	–	0.08%	–
DKNG	New	DRAFTKINGS INC	$499,000	–	15,000	–	0.08%	–
CSGP	New	COSTAR GROUP INC	$497,000	–	700	–	0.08%	–
PXD	New	PIONEER NAT RES CO	$489,000	–	5,000	–	0.07%	–
TMHC	New	TAYLOR MORRISON HOME CORP	$482,000	–	25,000	–	0.07%	–
SPG	New	SIMON PPTY GROUP INC NEW	$410,000	–	6,000	–	0.06%	–
AER	New	AERCAP HOLDINGS NV	$400,000	–	13,000	–	0.06%	–
BXMT	New	BLACKSTONE MTG TR INC	$361,000	–	15,000	–	0.06%	–
EOG	New	EOG RES INC	$329,000	–	6,500	–	0.05%	–
TOL	New	TOLL BROTHERS INC	$326,000	–	10,000	–	0.05%	–
EFC	New	ELLINGTON FINANCIAL INC	$295,000	–	25,000	–	0.04%	–
BRG	New	BLUEROCK RESIDENTIAL GWT REI	$283,000	–	35,000	–	0.04%	–
LCAHW	New	LANDCADIA HLDGS II INC*w exp 05/09/202	$270,000	–	50,000	–	0.04%	–
THFF	New	FIRST FINL CORP IND	$257,000	–	6,988	–	0.04%	–
T	New	AT&T INC	$227,000	–	7,500	–	0.03%	–
FSK	New	FS KKR CAPITAL CORP	$210,000	–	15,000	–	0.03%	–
USDP	New	USD PARTNERS LP	$175,000	–	55,000	–	0.03%	–
CNXM	New	CNX MIDSTREAM PARTNERS LP	$166,000	–	25,000	–	0.02%	–
SPG	New	SIMON PPTY GROUP INC NEWcall	$137,000	–	2,000	–	0.02%	–
JCAP	New	JERNIGAN CAP INC	$137,000	–	10,000	–	0.02%	–
CCR	New	CONSOL COAL RES LP	$82,000	–	20,000	–	0.01%	–
ENBL	New	ENABLE MIDSTREAM PARTNERS LP	$59,000	–	12,500	–	0.01%	–
	New	NEW YORK MTG TR INCnote 6.250% 1/1	$45,000	–	50,000	–	0.01%	–

Q4 2019

			Value		Shares		↓ Weighting
SFBC	Exit	SOUND FINL BANCORP INC	$0	–	-5,892	–	-0.03%	–
BRG	Exit	BLUEROCK RESIDENTIAL GRW REI	$0	–	-20,000	–	-0.03%	–
OMP	Exit	OASIS MIDSTREAM PARTNERS LP	$0	–	-15,000	–	-0.03%	–
GM	Exit	GENERAL MTRS CO	$0	–	-7,500	–	-0.04%	–
JCAP	Exit	JERNIGAN CAP INC	$0	–	-15,000	–	-0.04%	–
BAC	Exit	BANK AMER CORP	$0	–	-10,000	–	-0.04%	–
FSK	Exit	FS KKR CAPITAL CORP	$0	–	-50,000	–	-0.04%	–
EOG	Exit	EOG RES INC	$0	–	-4,500	–	-0.04%	–
CCR	Exit	CONSOL COAL RES LP	$0	–	-25,000	–	-0.05%	–
WY	Exit	WEYERHAEUSER CO	$0	–	-12,500	–	-0.05%	–
EFC	Exit	ELLINGTON FINANCIAL INC	$0	–	-20,000	–	-0.05%	–
T	Exit	AT&T INC	$0	–	-10,000	–	-0.05%	–
STC	Exit	STEWART INFORMATION SVCS CORcall	$0	–	-10,000	–	-0.05%	–
MS	Exit	MORGAN STANLEY	$0	–	-10,000	–	-0.06%	–
CNXM	Exit	CNX MIDSTREAM PARTNERS LP	$0	–	-40,000	–	-0.08%	–
MOFG	Exit	MIDWESTONE FINL GROUP INC NE	$0	–	-19,782	–	-0.08%	–
RRBI	Exit	RED RIVER BANCSHARES INC	$0	–	-16,550	–	-0.10%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-6,000	–	-0.10%	–
USDP	Exit	USD PARTNERS LP	$0	–	-75,000	–	-0.11%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-20,000	–	-0.11%	–
ET	Exit	ENERGY TRANSFER LP	$0	–	-80,000	–	-0.14%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-7,000	–	-0.15%	–
PFBI	Exit	PREMIER FINL BANCORP INC	$0	–	-70,949	–	-0.17%	–
CLDB	Exit	CORTLAND BANCORP	$0	–	-58,000	–	-0.17%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-16,805	–	-0.21%	–
OMF	Exit	ONEMAIN HLDGS INC	$0	–	-43,837	–	-0.22%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-61,565	–	-0.24%	–
HBAN	Exit	HUNTINGTON BANCSHARES INC	$0	–	-131,889	–	-0.26%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-35,623	–	-0.27%	–
OPB	Exit	OPUS BK IRVINE CALIF	$0	–	-91,075	–	-0.27%	–
MPB	Exit	MID PENN BANCORP INC	$0	–	-78,214	–	-0.27%	–
GFED	Exit	GUARANTY FED BANCSHARES INC	$0	–	-100,000	–	-0.33%	–
ABTX	Exit	ALLEGIANCE BANCSHARES INC	$0	–	-75,848	–	-0.33%	–
BDGE	Exit	BRIDGE BANCORP INC	$0	–	-86,904	–	-0.35%	–
WLH	Exit	WILLIAM LYON HOMEScl a new	$0	–	-151,171	–	-0.42%	–
SBT	Exit	STERLING BANCORP INC	$0	–	-319,066	–	-0.42%	–
ZION	Exit	ZIONS BANCORPORATION N A	$0	–	-86,599	–	-0.52%	–
CZWI	Exit	CITIZENS CMNTY BANCORP INC M	$0	–	-351,181	–	-0.53%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-124,178	–	-0.56%	–
MRBK	Exit	MERIDIAN CORPORATION	$0	–	-242,828	–	-0.59%	–
FSFG	Exit	FIRST SAVINGS FINL GROUP INC	$0	–	-70,193	–	-0.60%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES IN	$0	–	-114,545	–	-0.62%	–
LMST	Exit	LIMESTONE BANCORP INC	$0	–	-301,100	–	-0.63%	–
SHBI	Exit	SHORE BANCSHARES INC	$0	–	-307,187	–	-0.64%	–
RIVE	Exit	RIVERVIEW FINL CORP NEW	$0	–	-409,271	–	-0.65%	–
ORRF	Exit	ORRSTOWN FINL SVCS INC	$0	–	-223,056	–	-0.66%	–
FUNC	Exit	FIRST UTD CORP	$0	–	-237,043	–	-0.71%	–
ALLY	Exit	ALLY FINL INC	$0	–	-165,206	–	-0.75%	–
WTFC	Exit	WINTRUST FINL CORP	$0	–	-85,201	–	-0.75%	–
RNDB	Exit	RANDOLPH BANCORP INC	$0	–	-381,470	–	-0.75%	–
SBBX	Exit	SB ONE BANCORP	$0	–	-251,452	–	-0.77%	–
ONDK	Exit	ON DECK CAP INC	$0	–	-1,743,403	–	-0.80%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-133,142	–	-0.81%	–
FCNCA	Exit	FIRST CTZNS BANCSHARES INC Ncl a	$0	–	-13,407	–	-0.86%	–
RBKB	Exit	RHINEBECK BANCORP INC	$0	–	-659,018	–	-0.96%	–
BHLB	Exit	BERKSHIRE HILLS BANCORP INC	$0	–	-241,160	–	-0.96%	–
UMPQ	Exit	UMPQUA HLDGS CORP	$0	–	-446,284	–	-1.00%	–
FNB	Exit	FNB CORP PA	$0	–	-643,394	–	-1.01%	–
EBMT	Exit	EAGLE BANCORP MONT INC	$0	–	-425,222	–	-1.01%	–
KEY	Exit	KEYCORP NEW	$0	–	-424,560	–	-1.03%	–
SVBI	Exit	SEVERN BANCORP ANNAPOLIS MD	$0	–	-1,000,000	–	-1.09%	–
MFNC	Exit	MACKINAC FINL CORP	$0	–	-525,000	–	-1.11%	–
OPBK	Exit	OP BANCORP	$0	–	-859,130	–	-1.14%	–
MNSB	Exit	MAINSTREET BANCSHARES INC	$0	–	-402,288	–	-1.15%	–
SMBK	Exit	SMARTFINANCIAL INC	$0	–	-407,774	–	-1.16%	–
UNTY	Exit	UNITY BANCORP INC	$0	–	-395,535	–	-1.19%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-331,615	–	-1.24%	–
ISTR	Exit	INVESTAR HLDG CORP	$0	–	-400,000	–	-1.30%	–
BOCH	Exit	BANK COMM HLDGS	$0	–	-886,261	–	-1.32%	–
SBFG	Exit	SB FINL GROUP INC	$0	–	-629,151	–	-1.43%	–
FSBW	Exit	FS BANCORP INC	$0	–	-201,573	–	-1.44%	–
PMBC	Exit	PACIFIC MERCANTILE BANCORP	$0	–	-1,603,251	–	-1.64%	–
FHN	Exit	FIRST HORIZON NATL CORP	$0	–	-770,190	–	-1.70%	–
	Exit	ISTAR INCnote 3.125% 9/1	$0	–	-12,000,000	–	-1.73%	–
CFB	Exit	CROSSFIRST BANKSHARES INC	$0	–	-912,280	–	-1.78%	–
BPRN	Exit	BANK PRINCETON NEW JERSEY	$0	–	-451,888	–	-1.79%	–
BHF	Exit	BRIGHTHOUSE FINL INC	$0	–	-337,925	–	-1.86%	–
MLVF	Exit	MALVERN BANCORP INC	$0	–	-640,587	–	-1.90%	–
BFST	Exit	BUSINESS FIRST BANCSHARES IN	$0	–	-576,506	–	-1.92%	–
BWB	Exit	BRIDGEWATER BANCSHARES INC	$0	–	-1,200,329	–	-1.95%	–
BCML	Exit	BAYCOM CORP	$0	–	-645,322	–	-2.00%	–
MCB	Exit	METROPOLITAN BK HLDG CORP	$0	–	-380,000	–	-2.04%	–
MBI	Exit	MBIA INC	$0	–	-1,696,682	–	-2.13%	–
CCB	Exit	COASTAL FINL CORP WA	$0	–	-1,037,308	–	-2.14%	–
RDN	Exit	RADIAN GROUP INC	$0	–	-710,000	–	-2.21%	–
MVBF	Exit	MVB FINANCIAL CORP	$0	–	-1,129,478	–	-3.05%	–
BANC	Exit	BANC OF CALIFORNIA INC	$0	–	-1,683,597	–	-3.24%	–
PCB	Exit	PCB BANCORP	$0	–	-1,515,859	–	-3.40%	–
NMRK	Exit	NEWMARK GROUP INCcl a	$0	–	-3,016,560	–	-3.72%	–
SNV	Exit	SYNOVUS FINL CORP	$0	–	-929,102	–	-4.52%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-2,072,681	–	-5.52%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-1,292,075	–	-6.22%	–
STL	Exit	STERLING BANCORP DEL	$0	–	-2,332,538	–	-6.37%	–

Q3 2019

			Value		Shares		↓ Weighting
STL	Buy	STERLING BANCORP DEL	$46,791,000	+12.1%	2,332,538	+18.9%	6.37%	+22.9%
CFG	Sell	CITIZENS FINL GROUP INC	$45,701,000	-26.5%	1,292,075	-26.6%	6.22%	-19.4%
AMBC	Buy	AMBAC FINL GROUP INC	$40,521,000	+16.5%	2,072,681	+0.4%	5.52%	+27.8%
SNV	Sell	SYNOVUS FINL CORP	$33,225,000	-36.8%	929,102	-38.1%	4.52%	-30.7%
NMRK	Sell	NEWMARK GROUP INCcl a	$27,330,000	-0.0%	3,016,560	-0.9%	3.72%	+9.7%
PCB	New	PCB BANCORP	$24,936,000	–	1,515,859	–	3.40%	–
BANC	Sell	BANC OF CALIFORNIA INC	$23,806,000	-14.8%	1,683,597	-15.8%	3.24%	-6.6%
RDN	Buy	RADIAN GROUP INC	$16,216,000	+373.0%	710,000	+373.3%	2.21%	+418.5%
CCB	Sell	COASTAL FINL CORP WA	$15,674,000	-2.4%	1,037,308	-0.0%	2.14%	+7.1%
MBI	New	MBIA INC	$15,660,000	–	1,696,682	–	2.13%	–
MCB	Sell	METROPOLITAN BK HLDG CORP	$14,945,000	-19.1%	380,000	-9.5%	2.04%	-11.3%
BWB	Sell	BRIDGEWATER BANCSHARES INC	$14,332,000	-45.3%	1,200,329	-47.1%	1.95%	-40.0%
BFST	Sell	BUSINESS FIRST BANCSHARES IN	$14,067,000	-14.2%	576,506	-10.5%	1.92%	-5.9%
BHF	New	BRIGHTHOUSE FINL INC	$13,676,000	–	337,925	–	1.86%	–
BPRN	Sell	BANK PRINCETON NEW JERSEY	$13,132,000	-3.8%	451,888	-0.7%	1.79%	+5.5%
CFB	New	CROSSFIRST BANKSHARES INC	$13,050,000	–	912,280	–	1.78%	–
FHN	Sell	FIRST HORIZON NATL CORP	$12,477,000	-69.1%	770,190	-71.5%	1.70%	-66.1%
BOCH	Sell	BANK COMM HLDGS	$9,651,000	+1.8%	886,261	-0.0%	1.32%	+11.7%
ISTR	Sell	INVESTAR HLDG CORP	$9,520,000	-31.7%	400,000	-31.5%	1.30%	-25.1%
FITB	Buy	FIFTH THIRD BANCORP	$9,080,000	+68.5%	331,615	+71.7%	1.24%	+84.9%
UNTY	Sell	UNITY BANCORP INC	$8,761,000	-12.8%	395,535	-10.6%	1.19%	-4.4%
SMBK	Sell	SMARTFINANCIAL INC	$8,494,000	-9.3%	407,774	-5.5%	1.16%	-0.5%
KEY	Buy	KEYCORP NEW	$7,574,000	+20.1%	424,560	+19.5%	1.03%	+31.8%
FNB	Sell	FNB CORP PA	$7,418,000	-55.6%	643,394	-54.7%	1.01%	-51.3%
UMPQ	Sell	UMPQUA HLDGS CORP	$7,346,000	-55.9%	446,284	-55.5%	1.00%	-51.6%
BHLB	Buy	BERKSHIRE HILLS BANCORP INC	$7,064,000	+15.0%	241,160	+23.2%	0.96%	+26.1%
FCNCA	Sell	FIRST CTZNS BANCSHARES INC Ncl a	$6,322,000	-5.1%	13,407	-9.4%	0.86%	+4.0%
AGO	Sell	ASSURED GUARANTY LTD	$5,919,000	-57.2%	133,142	-59.5%	0.81%	-53.1%
ONDK	Buy	ON DECK CAP INC	$5,858,000	+407.6%	1,743,403	+527.0%	0.80%	+458.0%
SBBX	Buy	SB ONE BANCORP	$5,673,000	+6.0%	251,452	+5.0%	0.77%	+16.2%
RNDB	Sell	RANDOLPH BANCORP INC	$5,539,000	-14.9%	381,470	-11.5%	0.75%	-6.8%
WTFC	Buy	WINTRUST FINL CORP	$5,507,000	+27.1%	85,201	+43.8%	0.75%	+39.4%
ALLY	Sell	ALLY FINL INC	$5,478,000	+3.0%	165,206	-3.8%	0.75%	+12.9%
FUNC	Sell	FIRST UTD CORP	$5,215,000	-40.2%	237,043	-46.5%	0.71%	-34.5%
ORRF	Sell	ORRSTOWN FINL SVCS INC	$4,885,000	-6.4%	223,056	-6.0%	0.66%	+2.6%
SHBI	Buy	SHORE BANCSHARES INC	$4,734,000	+1.3%	307,187	+7.4%	0.64%	+11.2%
SFST	Sell	SOUTHERN FIRST BANCSHARES IN	$4,565,000	-5.4%	114,545	-7.0%	0.62%	+3.8%
MRBK	Sell	MERIDIAN CORPORATION	$4,310,000	-14.0%	242,828	-18.1%	0.59%	-5.6%
ECPG	New	ENCORE CAP GROUP INC	$4,138,000	–	124,178	–	0.56%	–
ZION	Sell	ZIONS BANCORPORATION N A	$3,855,000	-48.0%	86,599	-46.3%	0.52%	-42.9%
SBT	Sell	STERLING BANCORP INC	$3,114,000	-13.9%	319,066	-12.0%	0.42%	-5.6%
WLH	New	WILLIAM LYON HOMEScl a new	$3,078,000	–	151,171	–	0.42%	–
BDGE	Buy	BRIDGE BANCORP INC	$2,569,000	+6.5%	86,904	+6.2%	0.35%	+16.7%
ABTX	New	ALLEGIANCE BANCSHARES INC	$2,434,000	–	75,848	–	0.33%	–
MPB	Buy	MID PENN BANCORP INC	$2,005,000	+370.7%	78,214	+358.0%	0.27%	+415.1%
OPB	New	OPUS BK IRVINE CALIF	$1,983,000	–	91,075	–	0.27%	–
AER	Buy	AERCAP HOLDINGS NV	$1,950,000	+12.3%	35,623	+6.6%	0.27%	+23.1%
HBAN	Sell	HUNTINGTON BANCSHARES INC	$1,882,000	-38.2%	131,889	-40.2%	0.26%	-32.3%
PGC	Buy	PEAPACK-GLADSTONE FINL CORP	$1,726,000	+36.7%	61,565	+37.1%	0.24%	+49.7%
OMF	Sell	ONEMAIN HLDGS INC	$1,608,000	-32.1%	43,837	-37.4%	0.22%	-25.5%
COF	Buy	CAPITAL ONE FINL CORP	$1,529,000	+157.4%	16,805	+156.6%	0.21%	+181.1%
PFBI	Buy	PREMIER FINL BANCORP INC	$1,218,000	+318.6%	70,949	+266.3%	0.17%	+361.1%
SPG	Buy	SIMON PPTY GROUP INC NEW	$1,090,000	+13.7%	7,000	+16.7%	0.15%	+24.4%
ET	Buy	ENERGY TRANSFER LP	$1,046,000	+23.8%	80,000	+33.3%	0.14%	+35.2%
TOL	Buy	TOLL BROTHERS INC	$821,000	+79.3%	20,000	+60.0%	0.11%	+96.5%
PXD	Buy	PIONEER NAT RES CO	$755,000	-10.8%	6,000	+9.1%	0.10%	-1.9%
RRBI	Buy	RED RIVER BANCSHARES INC	$718,000	+16.6%	16,550	+30.2%	0.10%	+27.3%
MOFG	Buy	MIDWESTONE FINL GROUP INC NE	$604,000	+36.7%	19,782	+25.3%	0.08%	+49.1%
STC	New	STEWART INFORMATION SVCS CORcall	$388,000	–	10,000	–	0.05%	–
T	Sell	AT&T INC	$378,000	-54.9%	10,000	-60.0%	0.05%	-51.0%
EFC	Buy	ELLINGTON FINANCIAL INC	$361,000	+100.6%	20,000	+100.0%	0.05%	+122.7%
WY	Sell	WEYERHAEUSER CO	$346,000	-12.4%	12,500	-16.7%	0.05%	-4.1%
CCR	Buy	CONSOL COAL RES LP	$338,000	+1.5%	25,000	+25.0%	0.05%	+12.2%
EOG	New	EOG RES INC	$334,000	–	4,500	–	0.04%	–
BAC	Sell	BANK AMER CORP	$292,000	-19.6%	10,000	-20.0%	0.04%	-11.1%
JCAP	Buy	JERNIGAN CAP INC	$289,000	+41.0%	15,000	+50.0%	0.04%	+56.0%
GM	New	GENERAL MTRS CO	$281,000	–	7,500	–	0.04%	–
OMP	Buy	OASIS MIDSTREAM PARTNERS LP	$240,000	+11.6%	15,000	+50.0%	0.03%	+22.2%
BRG	Sell	BLUEROCK RESIDENTIAL GRW REI	$235,000	-20.1%	20,000	-20.0%	0.03%	-13.5%
SFBC	Sell	SOUND FINL BANCORP INC	$213,000	+1.9%	5,892	-3.5%	0.03%	+11.5%
SNAP	Exit	SNAP INCput	$0	–	-10,000	–	-0.02%	–
ARCC	Exit	ARES CAP CORP	$0	–	-10,000	–	-0.02%	–
NBLX	Exit	NOBLE MIDSTREAM PARTNERS LP	$0	–	-7,500	–	-0.03%	–
HTGC	Exit	HERCULES CAPITAL INC	$0	–	-20,000	–	-0.03%	–
CHMG	Exit	CHEMUNG FINL CORP	$0	–	-6,338	–	-0.04%	–
EQIX	Exit	EQUINIX INC	$0	–	-600	–	-0.04%	–
TMHC	Exit	TAYLOR MORRISON HOME CORP	$0	–	-15,000	–	-0.04%	–
EQBK	Exit	EQUITY BANCSHARES INC	$0	–	-14,613	–	-0.05%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-2,500	–	-0.06%	–
LEVL	Exit	LEVEL ONE BANCORP INC	$0	–	-22,035	–	-0.07%	–
HWC	Exit	HANCOCK WHITNEY CORPORATION	$0	–	-17,032	–	-0.08%	–
PFSI	Exit	PENNYMAC FINL SVCS INC	$0	–	-49,904	–	-0.14%	–
CBAN	Exit	COLONY BANKCORP INC	$0	–	-72,821	–	-0.15%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-10,000	–	-0.15%	–
BPR	Exit	BROOKFIELD PROPERTY REIT INCcl a	$0	–	-100,000	–	-0.24%	–
PCSB	Exit	PCSB FINL CORP	$0	–	-113,677	–	-0.29%	–
AEL	Exit	AMERICAN EQTY INVT LIFE HLD	$0	–	-105,000	–	-0.35%	–
SASR	Exit	SANDY SPRING BANCORP INC	$0	–	-126,872	–	-0.55%	–
RF	Exit	REGIONS FINL CORP NEW	$0	–	-1,090,082	–	-2.02%	–
PCB	Exit	PACIFIC CITY FINANCIAL CORP	$0	–	-1,550,123	–	-3.28%	–

Q2 2019

			Value		Shares		↓ Weighting
CFG	New	CITIZENS FINL GROUP INC	$62,215,000	–	1,759,463	–	7.73%	–
SNV	New	SYNOVUS FINL CORP	$52,540,000	–	1,501,146	–	6.53%	–
STL	New	STERLING BANCORP DEL	$41,751,000	–	1,961,961	–	5.19%	–
FHN	New	FIRST HORIZON NATL CORP	$40,394,000	–	2,705,565	–	5.02%	–
AMBC	New	AMBAC FINL GROUP INC	$34,775,000	–	2,063,789	–	4.32%	–
BANC	New	BANC OF CALIFORNIA INC	$27,940,000	–	2,000,000	–	3.47%	–
NMRK	New	NEWMARK GROUP INCcl a	$27,331,000	–	3,043,530	–	3.40%	–
PCB	New	PACIFIC CITY FINANCIAL CORP	$26,414,000	–	1,550,123	–	3.28%	–
BWB	New	BRIDGEWATER BANCSHARES INC	$26,205,000	–	2,270,793	–	3.26%	–
MVBF	New	MVB FINANCIAL CORP	$19,156,000	–	1,129,478	–	2.38%	–
MCB	New	METROPOLITAN BK HLDG CORP	$18,480,000	–	420,000	–	2.30%	–
FNB	New	FNB CORP PA	$16,708,000	–	1,419,558	–	2.08%	–
UMPQ	New	UMPQUA HLDGS CORP	$16,646,000	–	1,003,392	–	2.07%	–
BFST	New	BUSINESS FIRST BANCSHARES IN	$16,390,000	–	644,000	–	2.04%	–
RF	New	REGIONS FINL CORP NEW	$16,286,000	–	1,090,082	–	2.02%	–
CCB	New	COASTAL FINL CORP WA	$16,055,000	–	1,037,795	–	1.99%	–
BCML	New	BAYCOM CORP	$14,133,000	–	645,322	–	1.76%	–
MLVF	New	MALVERN BANCORP INC	$14,099,000	–	640,587	–	1.75%	–
ISTR	New	INVESTAR HLDG CORP	$13,934,000	–	584,224	–	1.73%	–
AGO	New	ASSURED GUARANTY LTD	$13,842,000	–	328,939	–	1.72%	–
BPRN	New	BANK PRINCETON NEW JERSEY	$13,650,000	–	455,000	–	1.70%	–
PMBC	New	PACIFIC MERCANTILE BANCORP	$13,227,000	–	1,603,251	–	1.64%	–
	New	ISTAR INCnote 3.125% 9/1	$12,320,000	–	12,000,000	–	1.53%	–
FSBW	New	FS BANCORP INC	$10,456,000	–	201,573	–	1.30%	–
SBFG	New	SB FINL GROUP INC	$10,356,000	–	629,151	–	1.29%	–
UNTY	New	UNITY BANCORP INC	$10,047,000	–	442,600	–	1.25%	–
BOCH	New	BANK COMM HLDGS	$9,476,000	–	886,424	–	1.18%	–
SMBK	New	SMARTFINANCIAL INC	$9,363,000	–	431,659	–	1.16%	–
OPBK	New	OP BANCORP	$9,313,000	–	859,130	–	1.16%	–
MNSB	New	MAINSTREET BANCSHARES INC	$9,168,000	–	402,288	–	1.14%	–
FUNC	New	FIRST UTD CORP	$8,727,000	–	442,775	–	1.08%	–
SVBI	New	SEVERN BANCORP ANNAPOLIS MD	$8,690,000	–	1,000,000	–	1.08%	–
MFNC	New	MACKINAC FINL CORP	$8,295,000	–	525,000	–	1.03%	–
ZION	New	ZIONS BANCORPORATION N A	$7,408,000	–	161,122	–	0.92%	–
RBKB	New	RHINEBECK BANCORP INC	$7,262,000	–	659,018	–	0.90%	–
EBMT	New	EAGLE BANCORP MONT INC	$7,059,000	–	425,222	–	0.88%	–
FCNCA	New	FIRST CTZNS BANCSHARES INC Ncl a	$6,664,000	–	14,801	–	0.83%	–
RNDB	New	RANDOLPH BANCORP INC	$6,512,000	–	431,269	–	0.81%	–
KEY	New	KEYCORP NEW	$6,307,000	–	355,309	–	0.78%	–
BHLB	New	BERKSHIRE HILLS BANCORP INC	$6,143,000	–	195,697	–	0.76%	–
FITB	New	FIFTH THIRD BANCORP	$5,389,000	–	193,142	–	0.67%	–
SBBX	New	SB ONE BANCORP	$5,351,000	–	239,413	–	0.66%	–
ALLY	New	ALLY FINL INC	$5,321,000	–	171,690	–	0.66%	–
ORRF	New	ORRSTOWN FINL SVCS INC	$5,220,000	–	237,387	–	0.65%	–
MRBK	New	MERIDIAN CORPORATION	$5,010,000	–	296,426	–	0.62%	–
SFST	New	SOUTHERN FIRST BANCSHARES IN	$4,826,000	–	123,232	–	0.60%	–
SHBI	New	SHORE BANCSHARES INC	$4,673,000	–	285,964	–	0.58%	–
LMST	New	LIMESTONE BANCORP INC	$4,592,000	–	301,100	–	0.57%	–
SASR	New	SANDY SPRING BANCORP INC	$4,425,000	–	126,872	–	0.55%	–
WTFC	New	WINTRUST FINL CORP	$4,334,000	–	59,246	–	0.54%	–
RIVE	New	RIVERVIEW FINL CORP NEW	$4,297,000	–	409,271	–	0.53%	–
FSFG	New	FIRST SAVINGS FINL GROUP INC	$4,212,000	–	70,193	–	0.52%	–
CZWI	New	CITIZENS CMNTY BANCORP INC M	$3,807,000	–	351,181	–	0.47%	–
SBT	New	STERLING BANCORP INC	$3,616,000	–	362,695	–	0.45%	–
RDN	New	RADIAN GROUP INC	$3,428,000	–	150,000	–	0.43%	–
HBAN	New	HUNTINGTON BANCSHARES INC	$3,046,000	–	220,385	–	0.38%	–
AEL	New	AMERICAN EQTY INVT LIFE HLD	$2,852,000	–	105,000	–	0.35%	–
BDGE	New	BRIDGE BANCORP INC	$2,412,000	–	81,869	–	0.30%	–
OMF	New	ONEMAIN HLDGS INC	$2,369,000	–	70,066	–	0.29%	–
GFED	New	GUARANTY FED BANCSHARES INC	$2,325,000	–	100,000	–	0.29%	–
PCSB	New	PCSB FINL CORP	$2,302,000	–	113,677	–	0.29%	–
BPR	New	BROOKFIELD PROPERTY REIT INCcl a	$1,889,000	–	100,000	–	0.24%	–
AER	New	AERCAP HOLDINGS NV	$1,737,000	–	33,407	–	0.22%	–
CLDB	New	CORTLAND BANCORP	$1,340,000	–	58,000	–	0.17%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$1,263,000	–	44,914	–	0.16%	–
HHC	New	HOWARD HUGHES CORP	$1,238,000	–	10,000	–	0.15%	–
CBAN	New	COLONY BANKCORP INC	$1,234,000	–	72,821	–	0.15%	–
ONDK	New	ON DECK CAP INC	$1,154,000	–	278,041	–	0.14%	–
PFSI	New	PENNYMAC FINL SVCS INC	$1,107,000	–	49,904	–	0.14%	–
SPG	New	SIMON PPTY GROUP INC NEW	$959,000	–	6,000	–	0.12%	–
ET	New	ENERGY TRANSFER LP	$845,000	–	60,000	–	0.10%	–
PXD	New	PIONEER NAT RES CO	$846,000	–	5,500	–	0.10%	–
USDP	New	USD PARTNERS LP	$847,000	–	75,000	–	0.10%	–
T	New	AT&T INC	$838,000	–	25,000	–	0.10%	–
HWC	New	HANCOCK WHITNEY CORPORATION	$682,000	–	17,032	–	0.08%	–
RRBI	New	RED RIVER BANCSHARES INC	$616,000	–	12,712	–	0.08%	–
COF	New	CAPITAL ONE FINL CORP	$594,000	–	6,549	–	0.07%	–
CNXM	New	CNX MIDSTREAM PARTNERS LP	$562,000	–	40,000	–	0.07%	–
LEVL	New	LEVEL ONE BANCORP INC	$551,000	–	22,035	–	0.07%	–
GS	New	GOLDMAN SACHS GROUP INC	$512,000	–	2,500	–	0.06%	–
TOL	New	TOLL BROTHERS INC	$458,000	–	12,500	–	0.06%	–
MOFG	New	MIDWESTONE FINL GROUP INC NE	$442,000	–	15,792	–	0.06%	–
MS	New	MORGAN STANLEY	$438,000	–	10,000	–	0.05%	–
MPB	New	MID PENN BANCORP INC	$426,000	–	17,079	–	0.05%	–
WY	New	WEYERHAEUSER CO	$395,000	–	15,000	–	0.05%	–
EQBK	New	EQUITY BANCSHARES INC	$390,000	–	14,613	–	0.05%	–
BAC	New	BANK AMER CORP	$363,000	–	12,500	–	0.04%	–
CCR	New	CONSOL COAL RES LP	$333,000	–	20,000	–	0.04%	–
TMHC	New	TAYLOR MORRISON HOME CORP	$314,000	–	15,000	–	0.04%	–
CHMG	New	CHEMUNG FINL CORP	$306,000	–	6,338	–	0.04%	–
EQIX	New	EQUINIX INC	$303,000	–	600	–	0.04%	–
FSK	New	FS KKR CAPITAL CORP	$298,000	–	50,000	–	0.04%	–
BRG	New	BLUEROCK RESIDENTIAL GRW REI	$294,000	–	25,000	–	0.04%	–
PFBI	New	PREMIER FINL BANCORP INC	$291,000	–	19,367	–	0.04%	–
HTGC	New	HERCULES CAPITAL INC	$256,000	–	20,000	–	0.03%	–
NBLX	New	NOBLE MIDSTREAM PARTNERS LP	$249,000	–	7,500	–	0.03%	–
OMP	New	OASIS MIDSTREAM PARTNERS LP	$215,000	–	10,000	–	0.03%	–
SFBC	New	SOUND FINL BANCORP INC	$209,000	–	6,108	–	0.03%	–
JCAP	New	JERNIGAN CAP INC	$205,000	–	10,000	–	0.02%	–
ARCC	New	ARES CAP CORP	$179,000	–	10,000	–	0.02%	–
EFC	New	ELLINGTON FINANCIAL INC	$180,000	–	10,000	–	0.02%	–
SNAP	New	SNAP INCput	$143,000	–	10,000	–	0.02%	–

Q4 2018

			Value		Shares		↓ Weighting
F	Exit	FORD MTR CO DEL	$0	–	-10,000	–	-0.01%	–
CLNY	Exit	COLONY CAP INC NEW	$0	–	-25,000	–	-0.01%	–
ENLK	Exit	ENLINK MIDSTREAM PARTNERS LP	$0	–	-10,000	–	-0.01%	–
KBE	Exit	SPDR SERIES TRUSTs&p bk etf	$0	–	-5,000	–	-0.02%	–
NMRK	Exit	NEWMARK GROUP INCcl a	$0	–	-25,000	–	-0.02%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-6,000	–	-0.02%	–
BRG	Exit	BLUEROCK RESIDENTIAL GRW REI	$0	–	-35,000	–	-0.03%	–
ARCC	Exit	ARES CAP CORP	$0	–	-20,000	–	-0.03%	–
JCAP	Exit	JERNIGAN CAP INC	$0	–	-20,000	–	-0.03%	–
EQIX	Exit	EQUINIX INC	$0	–	-900	–	-0.03%	–
TMHC	Exit	TAYLOR MORRISON HOME CORPcl a	$0	–	-22,000	–	-0.03%	–
NRE	Exit	NORTHSTAR REALTY EUROPE CORP	$0	–	-30,000	–	-0.03%	–
CNXM	Exit	CNX MIDSTREAM PARTNERS LP	$0	–	-25,000	–	-0.04%	–
KRE	Exit	SPDR SERIES TRUSTs&p regl bkg	$0	–	-10,000	–	-0.04%	–
CONE	Exit	CYRUSONE INC	$0	–	-10,000	–	-0.05%	–
CCR	Exit	CONSOL COAL RES LP	$0	–	-35,000	–	-0.05%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-4,000	–	-0.05%	–
USDP	Exit	USD PARTNERS LP	$0	–	-75,000	–	-0.05%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-25,000	–	-0.06%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-6,000	–	-0.08%	–
FSFG	Exit	FIRST SAVINGS FINL GROUP INC	$0	–	-17,368	–	-0.09%	–
CASH	Exit	META FINL GROUP INC	$0	–	-15,024	–	-0.09%	–
CMA	Exit	COMERICA INC	$0	–	-15,000	–	-0.10%	–
SLCT	Exit	SELECT BANCORP INC NEW	$0	–	-145,219	–	-0.14%	–
HMNF	Exit	HMN FINL INC	$0	–	-104,678	–	-0.16%	–
CNOB	Exit	CONNECTONE BANCORP INC NEW	$0	–	-100,073	–	-0.18%	–
ORRF	Exit	ORRSTOWN FINL SVCS INC	$0	–	-100,432	–	-0.18%	–
SIFI	Exit	SI FINL GROUP INC MD	$0	–	-175,054	–	-0.18%	–
UCBI	Exit	UNITED CMNTY BKS BLAIRSVLE G	$0	–	-97,111	–	-0.20%	–
LEVL	Exit	LEVEL ONE BANCORP INC	$0	–	-100,027	–	-0.21%	–
CCNE	Exit	CNB FINL CORP PA	$0	–	-97,526	–	-0.21%	–
FUNC	Exit	FIRST UTD CORP	$0	–	-177,178	–	-0.25%	–
TCFC	Exit	COMMUNITY FINL CORP MD	$0	–	-100,000	–	-0.25%	–
ESXB	Exit	COMMUNITY BANKERS TR CORP	$0	–	-382,056	–	-0.25%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES IN	$0	–	-100,038	–	-0.29%	–
	Exit	SUNPOWER CORPdbcv 0.875% 6/0	$0	–	-5,000,000	–	-0.31%	–
OMF	Exit	ONEMAIN HLDGS INC	$0	–	-125,072	–	-0.31%	–
SHBI	Exit	SHORE BANCSHARES INC	$0	–	-250,055	–	-0.33%	–
LMST	Exit	LIMESTONE BANCORP INC	$0	–	-290,100	–	-0.34%	–
CIVBP	Exit	CIVISTA BANCSHARES INC6.50% pfd ser b	$0	–	-63,402	–	-0.34%	–
SBBX	Exit	SB ONE BANCORP	$0	–	-181,588	–	-0.34%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-100,060	–	-0.34%	–
HBK	Exit	HAMILTON BANCORP INC MD	$0	–	-325,000	–	-0.35%	–
	Exit	HOMETOWN BANKSHARES CORP	$0	–	-354,100	–	-0.36%	–
GFED	Exit	GUARANTY FED BANCSHARES INC	$0	–	-197,990	–	-0.36%	–
OFG	Exit	OFG BANCORP	$0	–	-295,000	–	-0.36%	–
CZWI	Exit	CITIZENS CMNTY BANCORP INC M	$0	–	-351,181	–	-0.37%	–
CBNK	Exit	CAPITAL BANCORP INC MD	$0	–	-417,564	–	-0.40%	–
FFWM	Exit	FIRST FNDTN INC	$0	–	-350,175	–	-0.41%	–
RIVE	Exit	RIVERVIEW FINL CORP NEW	$0	–	-409,271	–	-0.42%	–
SASR	Exit	SANDY SPRING BANCORP INC	$0	–	-150,089	–	-0.44%	–
KEY	Exit	KEYCORP NEW	$0	–	-300,074	–	-0.45%	–
BKU	Exit	BANKUNITED INC	$0	–	-175,028	–	-0.46%	–
MRBK	Exit	MERIDIAN CORPORATION	$0	–	-363,905	–	-0.47%	–
CBAN	Exit	COLONY BANKCORP INC	$0	–	-355,717	–	-0.47%	–
EBMT	Exit	EAGLE BANCORP MONT INC	$0	–	-350,000	–	-0.48%	–
ENFC	Exit	ENTEGRA FINL CORP	$0	–	-250,038	–	-0.50%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-260,070	–	-0.54%	–
BSVN	Exit	BANK7 CORP	$0	–	-386,955	–	-0.56%	–
BDGE	Exit	BRIDGE BANCORP INC	$0	–	-236,089	–	-0.59%	–
MFNC	Exit	MACKINAC FINL CORP	$0	–	-487,936	–	-0.59%	–
FHB	Exit	FIRST HAWAIIAN INC	$0	–	-301,422	–	-0.61%	–
RNDB	Exit	RANDOLPH BANCORP INC	$0	–	-501,900	–	-0.62%	–
OPBK	Exit	OP BANCORP	$0	–	-744,781	–	-0.65%	–
SBT	Exit	STERLING BANCORP INC	$0	–	-786,435	–	-0.66%	–
HFBC	Exit	HOPFED BANCORP INC	$0	–	-541,661	–	-0.71%	–
	Exit	REDWOOD TR INCnote 5.625% 7/1	$0	–	-10,000,000	–	-0.74%	–
FSBW	Exit	FS BANCORP INC	$0	–	-180,000	–	-0.75%	–
UNTY	Exit	UNITY BANCORP INC	$0	–	-442,600	–	-0.76%	–
SMBK	Exit	SMARTFINANCIAL INC	$0	–	-431,659	–	-0.76%	–
PCSB	Exit	PCSB FINL CORP	$0	–	-520,681	–	-0.79%	–
SBFG	Exit	SB FINL GROUP INC	$0	–	-525,100	–	-0.80%	–
BOCH	Exit	BANK COMM HLDGS	$0	–	-882,012	–	-0.80%	–
FCNCA	Exit	FIRST CTZNS BANCSHARES INC Ncl a	$0	–	-24,061	–	-0.81%	–
RF	Exit	REGIONS FINL CORP NEW	$0	–	-625,105	–	-0.86%	–
SVBI	Exit	SEVERN BANCORP ANNAPOLIS MD	$0	–	-1,182,000	–	-0.87%	–
ONDK	Exit	ON DECK CAP INC	$0	–	-1,722,438	–	-0.98%	–
PCB	Exit	PACIFIC CITY FINANCIAL CORP	$0	–	-675,104	–	-0.98%	–
BPRN	Exit	BANK PRINCETON NEW JERSEY	$0	–	-455,000	–	-1.04%	–
PMBC	Exit	PACIFIC MERCANTILE BANCORP	$0	–	-1,603,251	–	-1.12%	–
MLVF	Exit	MALVERN BANCORP INC	$0	–	-640,587	–	-1.15%	–
ISTR	Exit	INVESTAR HLDG CORP	$0	–	-584,224	–	-1.17%	–
FNB	Exit	FNB CORP PA	$0	–	-1,324,330	–	-1.26%	–
BFST	Exit	BUSINESS FIRST BANCSHARES IN	$0	–	-644,019	–	-1.28%	–
BWB	Exit	BRIDGEWATER BANCSHARES INC	$0	–	-1,316,551	–	-1.28%	–
MCB	Exit	METROPOLITAN BK HLDG CORP	$0	–	-420,000	–	-1.29%	–
CCB	Exit	COASTAL FINL CORP WA	$0	–	-1,035,031	–	-1.32%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-157,349	–	-1.35%	–
MVBF	Exit	MVB FINANCIAL CORP	$0	–	-1,033,216	–	-1.39%	–
BANC	Exit	BANC OF CALIFORNIA INC	$0	–	-1,047,039	–	-1.48%	–
BCML	Exit	BAYCOM CORP	$0	–	-752,273	–	-1.50%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-508,921	–	-1.61%	–
BPOP	Exit	POPULAR INC	$0	–	-474,602	–	-1.82%	–
HBAN	Exit	HUNTINGTON BANCSHARES INC	$0	–	-1,775,130	–	-1.98%	–
BGCP	Exit	BGC PARTNERS INCcl a	$0	–	-2,785,783	–	-2.46%	–
ALLY	Exit	ALLY FINL INC	$0	–	-1,257,204	–	-2.49%	–
ZION	Exit	ZIONS BANCORPORATION	$0	–	-682,053	–	-2.56%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-1,774,386	–	-2.71%	–
SIVB	Exit	SVB FINL GROUP	$0	–	-120,727	–	-2.81%	–
FBC	Exit	FLAGSTAR BANCORP INC	$0	–	-1,672,968	–	-3.94%	–
SNV	Exit	SYNOVUS FINL CORP	$0	–	-1,338,523	–	-4.58%	–
FHN	Exit	FIRST HORIZON NATL CORP	$0	–	-3,657,814	–	-4.72%	–
STL	Exit	STERLING BANCORP DEL	$0	–	-2,992,079	–	-4.92%	–
FBP	Exit	FIRST BANCORP P R	$0	–	-7,535,045	–	-5.13%	–
BHF	Exit	BRIGHTHOUSE FINL INC	$0	–	-1,605,878	–	-5.32%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-3,057,530	–	-8.82%	–

Q3 2018

			Value		Shares		↓ Weighting
CFG	Buy	CITIZENS FINL GROUP INC	$117,929,000	+5.7%	3,057,530	+6.6%	8.82%	-18.0%
BHF	Buy	BRIGHTHOUSE FINL INC	$71,044,000	+40.4%	1,605,878	+27.2%	5.32%	+8.9%
FBP	Buy	FIRST BANCORP P R	$68,569,000	+152.2%	7,535,045	+112.0%	5.13%	+95.6%
STL	Buy	STERLING BANCORP DEL	$65,826,000	+18.7%	2,992,079	+26.8%	4.92%	-7.9%
FHN	Buy	FIRST HORIZON NATL CORP	$63,134,000	+84.1%	3,657,814	+90.3%	4.72%	+42.8%
SNV	Buy	SYNOVUS FINL CORP	$61,291,000	+1499.9%	1,338,523	+1745.7%	4.58%	+1142.5%
FBC	Buy	FLAGSTAR BANCORP INC	$52,648,000	-2.3%	1,672,968	+6.4%	3.94%	-24.2%
SIVB	Buy	SVB FINL GROUP	$37,526,000	+326.4%	120,727	+296.2%	2.81%	+230.6%
AMBC	Buy	AMBAC FINL GROUP INC	$36,233,000	+12.4%	1,774,386	+9.2%	2.71%	-12.9%
ZION	Buy	ZIONS BANCORPORATION	$34,205,000	+148.9%	682,053	+161.5%	2.56%	+93.0%
ALLY	Sell	ALLY FINL INC	$33,253,000	-10.7%	1,257,204	-11.3%	2.49%	-30.7%
BGCP	Buy	BGC PARTNERS INCcl a	$32,928,000	+149.3%	2,785,783	+138.8%	2.46%	+93.3%
HBAN	Buy	HUNTINGTON BANCSHARES INC	$26,485,000	+125.4%	1,775,130	+123.0%	1.98%	+74.8%
BPOP	Buy	POPULAR INC	$24,323,000	+31.3%	474,602	+15.8%	1.82%	+1.8%
AGO	Buy	ASSURED GUARANTY LTD	$21,492,000	+65.8%	508,921	+40.3%	1.61%	+28.6%
BANC	Buy	BANC OF CALIFORNIA INC	$19,789,000	+3.0%	1,047,039	+6.6%	1.48%	-20.1%
MVBF	Buy	MVB FINANCIAL CORP	$18,619,000	+312.7%	1,033,216	+313.5%	1.39%	+220.2%
SBNY	Buy	SIGNATURE BK NEW YORK N Y	$18,070,000	+100.4%	157,349	+123.2%	1.35%	+55.4%
CCB	New	COASTAL FINL CORP WA	$17,596,000	–	1,035,031	–	1.32%	–
BWB	Buy	BRIDGEWATER BANCSHARES INC	$17,141,000	+2.4%	1,316,551	+0.0%	1.28%	-20.6%
BFST	Buy	BUSINESS FIRST BANCSHARES IN	$17,099,000	+0.8%	644,019	+0.0%	1.28%	-21.9%
FNB	Buy	FNB CORP PA	$16,845,000	+175.0%	1,324,330	+190.2%	1.26%	+113.2%
PMBC	Buy	PACIFIC MERCANTILE BANCORP	$14,990,000	+57.2%	1,603,251	+63.9%	1.12%	+21.8%
PCB	New	PACIFIC CITY FINANCIAL CORP	$13,057,000	–	675,104	–	0.98%	–
ONDK	Sell	ON DECK CAP INC	$13,039,000	-60.6%	1,722,438	-63.5%	0.98%	-69.4%
RF	Sell	REGIONS FINL CORP NEW	$11,471,000	-54.4%	625,105	-55.8%	0.86%	-64.6%
FCNCA	New	FIRST CTZNS BANCSHARES INC Ncl a	$10,882,000	–	24,061	–	0.81%	–
BOCH	Buy	BANK COMM HLDGS	$10,761,000	-4.3%	882,012	+0.0%	0.80%	-25.8%
FSBW	Buy	FS BANCORP INC	$10,030,000	+126.5%	180,000	+157.1%	0.75%	+75.6%
SBT	Buy	STERLING BANCORP INC	$8,895,000	+53.0%	786,435	+80.8%	0.66%	+18.5%
OPBK	Buy	OP BANCORP	$8,639,000	+21.6%	744,781	+33.4%	0.65%	-5.7%
FHB	New	FIRST HAWAIIAN INC	$8,187,000	–	301,422	–	0.61%	–
BDGE	Buy	BRIDGE BANCORP INC	$7,838,000	-7.6%	236,089	+0.0%	0.59%	-28.4%
BSVN	New	BANK7 CORP	$7,449,000	–	386,955	–	0.56%	–
FITB	Sell	FIFTH THIRD BANCORP	$7,261,000	-15.7%	260,070	-13.3%	0.54%	-34.6%
ENFC	Sell	ENTEGRA FINL CORP	$6,639,000	-37.6%	250,038	-31.1%	0.50%	-51.6%
BKU	Buy	BANKUNITED INC	$6,196,000	+74.1%	175,028	+100.9%	0.46%	+35.3%
KEY	Sell	KEYCORP NEW	$5,968,000	-70.1%	300,074	-70.7%	0.45%	-76.9%
SASR	Buy	SANDY SPRING BANCORP INC	$5,900,000	-4.1%	150,089	+0.1%	0.44%	-25.6%
RIVE	New	RIVERVIEW FINL CORP NEW	$5,566,000	–	409,271	–	0.42%	–
FFWM	New	FIRST FNDTN INC	$5,470,000	–	350,175	–	0.41%	–
CBNK	New	CAPITAL BANCORP INC MD	$5,311,000	–	417,564	–	0.40%	–
OFG	Buy	OFG BANCORP	$4,764,000	+215.5%	295,000	+174.4%	0.36%	+143.8%
	Sell	HOMETOWN BANKSHARES CORP	$4,745,000	-9.5%	354,100	-5.0%	0.36%	-29.8%
AL	Sell	AIR LEASE CORPcl a	$4,591,000	-52.4%	100,060	-56.5%	0.34%	-63.2%
SBBX	Buy	SB ONE BANCORP	$4,576,000	-4.6%	181,588	+12.4%	0.34%	-26.1%
SHBI	Buy	SHORE BANCSHARES INC	$4,456,000	-6.3%	250,055	+0.0%	0.33%	-27.5%
OMF	Buy	ONEMAIN HLDGS INC	$4,204,000	+1.0%	125,072	+0.1%	0.31%	-21.7%
	New	SUNPOWER CORPdbcv 0.875% 6/0	$4,096,000	–	5,000,000	–	0.31%	–
SFST	Buy	SOUTHERN FIRST BANCSHARES IN	$3,931,000	-11.1%	100,038	+0.0%	0.29%	-31.0%
ESXB	Buy	COMMUNITY BANKERS TR CORP	$3,362,000	-1.7%	382,056	+0.0%	0.25%	-23.6%
CCNE	Sell	CNB FINL CORP PA	$2,815,000	-11.6%	97,526	-8.0%	0.21%	-31.3%
LEVL	Buy	LEVEL ONE BANCORP INC	$2,781,000	+2.3%	100,027	+0.0%	0.21%	-20.6%
UCBI	New	UNITED CMNTY BKS BLAIRSVLE G	$2,708,000	–	97,111	–	0.20%	–
SIFI	Buy	SI FINL GROUP INC MD	$2,451,000	-5.0%	175,054	+0.0%	0.18%	-26.5%
ORRF	Buy	ORRSTOWN FINL SVCS INC	$2,390,000	+25.1%	100,432	+36.6%	0.18%	-2.7%
CNOB	Buy	CONNECTONE BANCORP INC NEW	$2,377,000	-4.5%	100,073	+0.1%	0.18%	-25.8%
SLCT	New	SELECT BANCORP INC NEW	$1,801,000	–	145,219	–	0.14%	–
CMA	Sell	COMERICA INC	$1,353,000	-90.6%	15,000	-90.6%	0.10%	-92.8%
CASH	New	META FINL GROUP INC	$1,242,000	–	15,024	–	0.09%	–
PXD	Buy	PIONEER NAT RES CO	$1,045,000	+38.0%	6,000	+50.0%	0.08%	+6.8%
TOL	Buy	TOLL BROTHERS INC	$826,000	+86.0%	25,000	+108.3%	0.06%	+44.2%
USDP	Buy	USD PARTNERS LP	$724,000	+22.5%	75,000	+36.4%	0.05%	-5.3%
SPG	Sell	SIMON PPTY GROUP INC NEW	$707,000	-16.9%	4,000	-20.0%	0.05%	-35.4%
KRE	New	SPDR SERIES TRUSTs&p regl bkg	$594,000	–	10,000	–	0.04%	–
CNXM	Sell	CNX MIDSTREAM PARTNERS LP	$481,000	-29.2%	25,000	-28.6%	0.04%	-44.6%
NRE	Buy	NORTHSTAR REALTY EUROPE CORP	$425,000	+17.4%	30,000	+20.0%	0.03%	-8.6%
TMHC	Buy	TAYLOR MORRISON HOME CORPcl a	$397,000	-8.9%	22,000	+4.8%	0.03%	-28.6%
EQIX	Sell	EQUINIX INC	$390,000	-9.3%	900	-10.0%	0.03%	-29.3%
ARCC	Sell	ARES CAP CORP	$344,000	-16.3%	20,000	-20.0%	0.03%	-35.0%
WFC	New	WELLS FARGO CO NEW	$315,000	–	6,000	–	0.02%	–
NMRK	New	NEWMARK GROUP INCcl a	$280,000	–	25,000	–	0.02%	–
KBE	Sell	SPDR SERIES TRUSTs&p bk etf	$233,000	-80.2%	5,000	-80.0%	0.02%	-85.1%
ENLK	Sell	ENLINK MIDSTREAM PARTNERS LP	$186,000	-20.2%	10,000	-33.3%	0.01%	-36.4%
F	Sell	FORD MTR CO DEL	$93,000	-57.9%	10,000	-50.0%	0.01%	-66.7%
TPH	Exit	TRI POINTE GROUP INC	$0	–	-11,000	–	-0.02%	–
GSKY	Exit	GREENSKY INCcl a	$0	–	-10,000	–	-0.02%	–
ILPT	Exit	INDUSTRIAL LOGISTICS PPTYS T	$0	–	-10,000	–	-0.02%	–
VIRT	Exit	VIRTU FINL INCcl a	$0	–	-10,000	–	-0.03%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-5,000	–	-0.03%	–
NXRT	Exit	NEXPOINT RESIDENTIAL TR INC	$0	–	-10,000	–	-0.03%	–
BAC	Exit	BANK AMER CORP	$0	–	-10,000	–	-0.03%	–
ETP	Exit	ENERGY TRANSFER PARTNERS LPunit ltd prt int	$0	–	-30,000	–	-0.06%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-10,000	–	-0.09%	–
NAVI	Exit	NAVIENT CORPORATION	$0	–	-100,000	–	-0.13%	–
ABTX	Exit	ALLEGIANCE BANCSHARES INC	$0	–	-50,000	–	-0.21%	–
CIT	Exit	CIT GROUP INC	$0	–	-309,947	–	-1.51%	–

Q2 2018

			Value		Shares		↓ Weighting
CFG	New	CITIZENS FINL GROUP INC	$111,579,000	–	2,868,364	–	10.76%	–
STL	New	STERLING BANCORP DEL	$55,437,000	–	2,359,000	–	5.35%	–
FBC	New	FLAGSTAR BANCORP INC	$53,880,000	–	1,572,675	–	5.20%	–
BHF	New	BRIGHTHOUSE FINL INC	$50,588,000	–	1,262,500	–	4.88%	–
ALLY	New	ALLY FINL INC	$37,223,000	–	1,416,938	–	3.59%	–
FHN	New	FIRST HORIZON NATL CORP	$34,297,000	–	1,922,500	–	3.31%	–
ONDK	New	ON DECK CAP INC	$33,075,000	–	4,725,000	–	3.19%	–
AMBC	New	AMBAC FINL GROUP INC	$32,246,000	–	1,624,490	–	3.11%	–
FBP	New	FIRST BANCORP P R	$27,189,000	–	3,554,150	–	2.62%	–
RF	New	REGIONS FINL CORP NEW	$25,141,000	–	1,414,000	–	2.42%	–
MCB	New	METROPOLITAN BK HLDG CORP	$22,042,000	–	420,000	–	2.13%	–
KEY	New	KEYCORP NEW	$19,987,000	–	1,022,871	–	1.93%	–
BANC	New	BANC OF CALIFORNIA INC	$19,208,000	–	982,512	–	1.85%	–
BCML	New	BAYCOM CORP	$18,619,000	–	752,273	–	1.80%	–
BPOP	New	POPULAR INC	$18,527,000	–	409,802	–	1.79%	–
BFST	New	BUSINESS FIRST BANCSHARES IN	$16,969,000	–	644,000	–	1.64%	–
BWB	New	BRIDGEWATER BANCSHARES INC	$16,745,000	–	1,316,456	–	1.62%	–
ISTR	New	INVESTAR HLDG CORP	$16,154,000	–	584,224	–	1.56%	–
CIT	New	CIT GROUP INC	$15,624,000	–	309,947	–	1.51%	–
MLVF	New	MALVERN BANCORP INC	$15,598,000	–	640,587	–	1.50%	–
BPRN	New	BANK PRINCETON NEW JERSEY	$15,129,000	–	455,000	–	1.46%	–
CMA	New	COMERICA INC	$14,452,000	–	158,950	–	1.39%	–
ZION	New	ZIONS BANCORPORATION	$13,745,000	–	260,872	–	1.33%	–
BGCP	New	BGC PARTNERS INCcl a	$13,207,000	–	1,166,700	–	1.27%	–
AGO	New	ASSURED GUARANTY LTD	$12,963,000	–	362,810	–	1.25%	–
HBAN	New	HUNTINGTON BANCSHARES INC	$11,751,000	–	796,132	–	1.13%	–
BOCH	New	BANK COMM HLDGS	$11,245,000	–	881,952	–	1.08%	–
SMBK	New	SMARTFINANCIAL INC	$11,120,000	–	431,659	–	1.07%	–
SBFG	New	SB FINL GROUP INC	$10,670,000	–	525,100	–	1.03%	–
ENFC	New	ENTEGRA FINL CORP	$10,637,000	–	363,023	–	1.03%	–
PCSB	New	PCSB FINL CORP	$10,346,000	–	520,681	–	1.00%	–
SVBI	New	SEVERN BANCORP ANNAPOLIS MD	$10,224,000	–	1,182,000	–	0.99%	–
UNTY	New	UNITY BANCORP INC	$10,069,000	–	442,600	–	0.97%	–
	New	REDWOOD TR INCnote 5.625% 7/1	$9,872,000	–	10,000,000	–	0.95%	–
AL	New	AIR LEASE CORPcl a	$9,653,000	–	230,000	–	0.93%	–
PMBC	New	PACIFIC MERCANTILE BANCORP	$9,538,000	–	978,251	–	0.92%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$9,016,000	–	70,500	–	0.87%	–
HFBC	New	HOPFED BANCORP INC	$8,981,000	–	541,661	–	0.87%	–
SIVB	New	SVB FINL GROUP	$8,800,000	–	30,475	–	0.85%	–
FITB	New	FIFTH THIRD BANCORP	$8,610,000	–	300,000	–	0.83%	–
BDGE	New	BRIDGE BANCORP INC	$8,484,000	–	236,000	–	0.82%	–
RNDB	New	RANDOLPH BANCORP INC	$8,432,000	–	501,900	–	0.81%	–
MFNC	New	MACKINAC FINL CORP	$8,090,000	–	487,936	–	0.78%	–
OPBK	New	OP BANCORP	$7,102,000	–	558,351	–	0.68%	–
EBMT	New	EAGLE BANCORP MONT INC	$6,755,000	–	350,000	–	0.65%	–
MRBK	New	MERIDIAN BK PAOLI PA	$6,619,000	–	363,905	–	0.64%	–
SASR	New	SANDY SPRING BANCORP INC	$6,152,000	–	150,000	–	0.59%	–
FNB	New	FNB CORP PA	$6,125,000	–	456,400	–	0.59%	–
CBAN	New	COLONY BANKCORP INC	$6,012,000	–	355,717	–	0.58%	–
SBT	New	STERLING BANCORP INC	$5,812,000	–	435,000	–	0.56%	–
	New	HOMETOWN BANKSHARES CORP	$5,242,000	–	372,735	–	0.51%	–
HBK	New	HAMILTON BANCORP INC MD	$5,103,000	–	325,000	–	0.49%	–
CZWI	New	CITIZENS CMNTY BANCORP INC M	$4,969,000	–	351,181	–	0.48%	–
GFED	New	GUARANTY FED BANCSHARES INC	$4,841,000	–	197,990	–	0.47%	–
SBBX	New	SB ONE BANCORP	$4,797,000	–	161,530	–	0.46%	–
SHBI	New	SHORE BANCSHARES INC	$4,755,000	–	250,000	–	0.46%	–
MVBF	New	MVB FINANCIAL CORP	$4,511,000	–	249,899	–	0.44%	–
CIVBP	New	CIVISTA BANCSHARES INC6.50% pfd ser b	$4,514,000	–	63,402	–	0.44%	–
FSBW	New	FS BANCORP INC	$4,428,000	–	70,000	–	0.43%	–
LMST	New	LIMESTONE BANCORP INC	$4,421,000	–	290,100	–	0.43%	–
SFST	New	SOUTHERN FIRST BANCSHARES IN	$4,420,000	–	100,000	–	0.43%	–
OMF	New	ONEMAIN HLDGS INC	$4,161,000	–	125,000	–	0.40%	–
SNV	New	SYNOVUS FINL CORP	$3,831,000	–	72,521	–	0.37%	–
FUNC	New	FIRST UTD CORP	$3,623,000	–	177,178	–	0.35%	–
BKU	New	BANKUNITED INC	$3,558,000	–	87,108	–	0.34%	–
TCFC	New	COMMUNITY FINL CORP MD	$3,536,000	–	100,000	–	0.34%	–
ESXB	New	COMMUNITY BANKERS TR CORP	$3,419,000	–	382,000	–	0.33%	–
CCNE	New	CNB FINL CORP PA	$3,186,000	–	105,984	–	0.31%	–
LEVL	New	LEVEL ONE BANCORP INC	$2,718,000	–	100,000	–	0.26%	–
SIFI	New	SI FINL GROUP INC MD	$2,581,000	–	175,000	–	0.25%	–
CNOB	New	CONNECTONE BANCORP INC NEW	$2,490,000	–	100,000	–	0.24%	–
ABTX	New	ALLEGIANCE BANCSHARES INC	$2,168,000	–	50,000	–	0.21%	–
HMNF	New	HMN FINL INC	$2,104,000	–	104,678	–	0.20%	–
ORRF	New	ORRSTOWN FINL SVCS INC	$1,911,000	–	73,500	–	0.18%	–
OFG	New	OFG BANCORP	$1,510,000	–	107,500	–	0.15%	–
NAVI	New	NAVIENT CORPORATION	$1,303,000	–	100,000	–	0.13%	–
FSFG	New	FIRST SAVINGS FINL GROUP INC	$1,276,000	–	17,368	–	0.12%	–
KBE	New	SPDR SERIES TRUSTs&p bk etf	$1,179,000	–	25,000	–	0.11%	–
COF	New	CAPITAL ONE FINL CORP	$919,000	–	10,000	–	0.09%	–
SPG	New	SIMON PPTY GROUP INC NEW	$851,000	–	5,000	–	0.08%	–
PXD	New	PIONEER NAT RES CO	$757,000	–	4,000	–	0.07%	–
CNXM	New	CNX MIDSTREAM PARTNERS LP	$679,000	–	35,000	–	0.06%	–
USDP	New	USD PARTNERS LP	$591,000	–	55,000	–	0.06%	–
CONE	New	CYRUSONE INC	$584,000	–	10,000	–	0.06%	–
ETP	New	ENERGY TRANSFER PARTNERS LPunit ltd prt int	$571,000	–	30,000	–	0.06%	–
CCR	New	CONSOL COAL RES LP	$527,000	–	35,000	–	0.05%	–
TOL	New	TOLL BROTHERS INC	$444,000	–	12,000	–	0.04%	–
TMHC	New	TAYLOR MORRISON HOME CORPcl a	$436,000	–	21,000	–	0.04%	–
EQIX	New	EQUINIX INC	$430,000	–	1,000	–	0.04%	–
ARCC	New	ARES CAP CORP	$411,000	–	25,000	–	0.04%	–
JCAP	New	JERNIGAN CAP INC	$381,000	–	20,000	–	0.04%	–
NRE	New	NORTHSTAR REALTY EUROPE CORP	$362,000	–	25,000	–	0.04%	–
BRG	New	BLUEROCK RESIDENTIAL GRW REI	$312,000	–	35,000	–	0.03%	–
NXRT	New	NEXPOINT RESIDENTIAL TR INC	$285,000	–	10,000	–	0.03%	–
BAC	New	BANK AMER CORP	$282,000	–	10,000	–	0.03%	–
AER	New	AERCAP HOLDINGS NV	$271,000	–	5,000	–	0.03%	–
VIRT	New	VIRTU FINL INCcl a	$266,000	–	10,000	–	0.03%	–
ILPT	New	INDUSTRIAL LOGISTICS PPTYS T	$224,000	–	10,000	–	0.02%	–
ENLK	New	ENLINK MIDSTREAM PARTNERS LP	$233,000	–	15,000	–	0.02%	–
F	New	FORD MTR CO DEL	$221,000	–	20,000	–	0.02%	–
GSKY	New	GREENSKY INCcl a	$212,000	–	10,000	–	0.02%	–
TPH	New	TRI POINTE GROUP INC	$180,000	–	11,000	–	0.02%	–
CLNY	New	COLONY CAP INC NEW	$156,000	–	25,000	–	0.02%	–

Q4 2017

			Value		Shares		↓ Weighting
OMP	Exit	OASIS MIDSTREAM PARTNERS LP	$0	–	-15,000	–	-0.03%	–
NRE	Exit	NORTHSTAR REALTY EUROPE CORP	$0	–	-20,000	–	-0.03%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-5,000	–	-0.03%	–
TPH	Exit	TRI POINTE GROUP INC	$0	–	-20,000	–	-0.03%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-5,000	–	-0.03%	–
ARCC	Exit	ARES CAP CORP	$0	–	-20,000	–	-0.03%	–
ETP	Exit	ENERGY TRANSFER PARTNERS LPunit ltd prt int	$0	–	-20,000	–	-0.04%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-2,500	–	-0.04%	–
STB	Exit	STUDENT TRANSN INC	$0	–	-75,000	–	-0.05%	–
CNNX	Exit	CONE MIDSTREAM PARTNERS LP	$0	–	-30,000	–	-0.05%	–
SPG	Exit	SIMON PPTY GROUP INC NEW	$0	–	-3,000	–	-0.05%	–
CLNS	Exit	COLONY NORTHSTAR INC	$0	–	-40,000	–	-0.05%	–
ENLK	Exit	ENLINK MIDSTREAM PARTNERS LP	$0	–	-30,000	–	-0.05%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-20,000	–	-0.05%	–
AMZN	Exit	AMAZON COM INC	$0	–	-600	–	-0.06%	–
CONE	Exit	CYRUSONE INC	$0	–	-10,000	–	-0.06%	–
CNXC	Exit	CNX COAL RES LP	$0	–	-40,000	–	-0.06%	–
WHLR	Exit	WHEELER REAL ESTATE INVT TR	$0	–	-59,210	–	-0.07%	–
USDP	Exit	USD PARTNERS LP	$0	–	-75,000	–	-0.09%	–
FSFG	Exit	FIRST SAVINGS FINL GROUP INC	$0	–	-17,368	–	-0.10%	–
BRG	Exit	BLUEROCK RESIDENTIAL GRW REI	$0	–	-85,000	–	-0.10%	–
HMNF	Exit	HMN FINL INC	$0	–	-73,792	–	-0.14%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-55,004	–	-0.25%	–
GHL	Exit	GREENHILL & CO INC	$0	–	-175,739	–	-0.30%	–
FSBW	Exit	FS BANCORP INC	$0	–	-70,000	–	-0.38%	–
PKBK	Exit	PARKE BANCORP INC	$0	–	-165,000	–	-0.38%	–
CASH	Exit	META FINL GROUP INC	$0	–	-50,000	–	-0.41%	–
	Exit	HOMETOWN BANKSHARES CORP	$0	–	-372,735	–	-0.42%	–
OCFC	Exit	OCEANFIRST FINL CORP	$0	–	-153,366	–	-0.44%	–
GFED	Exit	GUARANTY FED BANCSHARES INC	$0	–	-197,990	–	-0.44%	–
BHF	Exit	BRIGHTHOUSE FINL INC	$0	–	-70,000	–	-0.44%	–
TCFC	Exit	COMMUNITY FINL CORP MD	$0	–	-128,896	–	-0.48%	–
BBX	Exit	BBX CAP CORP NEWcl a	$0	–	-619,250	–	-0.48%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-75,000	–	-0.48%	–
HBK	Exit	HAMILTON BANCORP INC MD	$0	–	-325,000	–	-0.50%	–
CZWI	Exit	CITIZENS CMNTY BANCORP INC M	$0	–	-351,181	–	-0.51%	–
SIFI	Exit	SI FINL GROUP INC MD	$0	–	-355,220	–	-0.55%	–
ISBC	Exit	INVESTORS BANCORP INC NEW	$0	–	-500,000	–	-0.71%	–
RNDB	Exit	RANDOLPH BANCORP INC	$0	–	-501,900	–	-0.80%	–
SVBI	Exit	SEVERN BANCORP ANNAPOLIS MD	$0	–	-1,182,000	–	-0.86%	–
UNTY	Exit	UNITY BANCORP INC	$0	–	-442,600	–	-0.91%	–
PMBC	Exit	PACIFIC MERCANTILE BANCORP	$0	–	-978,251	–	-0.93%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES IN	$0	–	-250,000	–	-0.95%	–
EBSB	Exit	MERIDIAN BANCORP INC MD	$0	–	-500,000	–	-0.97%	–
ACFC	Exit	ATLANTIC COAST FINL CORP	$0	–	-1,109,234	–	-1.02%	–
PCSB	Exit	PCSB FINL CORP	$0	–	-520,681	–	-1.02%	–
BOCH	Exit	BANK COMM HLDGS	$0	–	-881,952	–	-1.06%	–
SMBK	Exit	SMARTFINANCIAL INC	$0	–	-431,659	–	-1.08%	–
WNEB	Exit	WESTERN NEW ENG BANCORP INC	$0	–	-1,000,000	–	-1.14%	–
RBB	Exit	RBB BANCORP	$0	–	-529,605	–	-1.26%	–
ENFC	Exit	ENTEGRA FINL CORP	$0	–	-500,000	–	-1.30%	–
CNOB	Exit	CONNECTONE BANCORP INC NEW	$0	–	-550,000	–	-1.41%	–
ESXB	Exit	COMMUNITY BANKERS TR CORP	$0	–	-1,500,000	–	-1.44%	–
ISTR	Exit	INVESTAR HLDG CORP	$0	–	-584,224	–	-1.47%	–
BPRN	Exit	BANK PRINCETON NEW JERSEY	$0	–	-455,000	–	-1.52%	–
ALEX	Exit	ALEXANDER & BALDWIN INC NEW	$0	–	-320,003	–	-1.54%	–
CIVBP	Exit	CIVISTA BANCSHARES INC6.50% pfd ser b	$0	–	-221,331	–	-1.54%	–
ZIONW	Exit	ZIONS BANCORPORATION*w exp 05/22/202	$0	–	-1,000,000	–	-1.58%	–
HBCP	Exit	HOME BANCORP INC	$0	–	-375,785	–	-1.64%	–
IBKC	Exit	IBERIABANK CORP	$0	–	-200,000	–	-1.71%	–
IBCP	Exit	INDEPENDENT BANK CORP MICH	$0	–	-750,000	–	-1.77%	–
MLVF	Exit	MALVERN BANCORP INC	$0	–	-640,587	–	-1.78%	–
WTM	Exit	WHITE MTNS INS GROUP LTD	$0	–	-20,625	–	-1.84%	–
HBMD	Exit	HOWARD BANCORP INC	$0	–	-862,059	–	-1.88%	–
BHBK	Exit	BLUE HILLS BANCORP INC	$0	–	-1,000,000	–	-2.00%	–
ARES	Exit	ARES MGMT L P	$0	–	-1,086,804	–	-2.11%	–
CMA	Exit	COMERICA INC	$0	–	-300,000	–	-2.38%	–
FDC	Exit	FIRST DATA CORP NEW	$0	–	-1,350,000	–	-2.54%	–
BANC	Exit	BANC OF CALIFORNIA INC	$0	–	-1,225,000	–	-2.65%	–
KEY	Exit	KEYCORP NEW	$0	–	-1,620,000	–	-3.18%	–
ONDK	Exit	ON DECK CAP INC	$0	–	-6,927,054	–	-3.37%	–
MBI	Exit	MBIA INC	$0	–	-3,915,500	–	-3.55%	–
SNBC	Exit	SUN BANCORP INC	$0	–	-1,435,777	–	-3.72%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-2,216,788	–	-3.99%	–
ALLY	Exit	ALLY FINL INC	$0	–	-1,707,074	–	-4.32%	–
SNV	Exit	SYNOVUS FINL CORP	$0	–	-900,002	–	-4.32%	–
FBC	Exit	FLAGSTAR BANCORP INC	$0	–	-1,183,841	–	-4.38%	–
STL	Exit	STERLING BANCORP DEL	$0	–	-1,790,160	–	-4.60%	–
ZION	Exit	ZIONS BANCORPORATION	$0	–	-962,339	–	-4.73%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-1,355,000	–	-5.35%	–

Q3 2017

			Value		Shares		↓ Weighting
CFG	Buy	CITIZENS FINL GROUP INC	$51,314,000	+18.6%	1,355,000	+11.8%	5.35%	+46.3%
ZION	Sell	ZIONS BANCORPORATION	$45,403,000	-41.4%	962,339	-45.5%	4.73%	-27.7%
STL	New	STERLING BANCORP DEL	$44,127,000	–	1,790,160	–	4.60%	–
FBC	Buy	FLAGSTAR BANCORP INC	$42,003,000	+81.7%	1,183,841	+57.8%	4.38%	+124.1%
SNV	Buy	SYNOVUS FINL CORP	$41,454,000	+56.2%	900,002	+50.0%	4.32%	+92.6%
ALLY	Buy	ALLY FINL INC	$41,414,000	+87.5%	1,707,074	+61.5%	4.32%	+131.1%
AMBC	Buy	AMBAC FINL GROUP INC	$38,262,000	+31.5%	2,216,788	+32.2%	3.99%	+62.2%
MBI	Sell	MBIA INC	$34,065,000	-24.2%	3,915,500	-17.8%	3.55%	-6.5%
ONDK	Buy	ON DECK CAP INC	$32,349,000	+0.4%	6,927,054	+0.2%	3.37%	+23.8%
KEY	New	KEYCORP NEW	$30,488,000	–	1,620,000	–	3.18%	–
BANC	Buy	BANC OF CALIFORNIA INC	$25,419,000	+15.3%	1,225,000	+19.5%	2.65%	+42.3%
FDC	New	FIRST DATA CORP NEW	$24,354,000	–	1,350,000	–	2.54%	–
CMA	Sell	COMERICA INC	$22,878,000	-21.9%	300,000	-25.0%	2.38%	-3.7%
ARES	Buy	ARES MGMT L P	$20,269,000	+21.4%	1,086,804	+17.2%	2.11%	+49.8%
WTM	New	WHITE MTNS INS GROUP LTD	$17,676,000	–	20,625	–	1.84%	–
IBCP	Sell	INDEPENDENT BANK CORP MICH	$16,988,000	-46.1%	750,000	-48.3%	1.77%	-33.6%
IBKC	Buy	IBERIABANK CORP	$16,430,000	+2.8%	200,000	+2.0%	1.71%	+26.7%
HBCP	Sell	HOME BANCORP INC	$15,715,000	-26.1%	375,785	-24.8%	1.64%	-8.9%
ALEX	Sell	ALEXANDER & BALDWIN INC NEW	$14,826,000	-85.3%	320,003	-86.8%	1.54%	-81.8%
BPRN	New	BANK PRINCETON NEW JERSEY	$14,555,000	–	455,000	–	1.52%	–
CNOB	Sell	CONNECTONE BANCORP INC NEW	$13,530,000	-4.0%	550,000	-12.0%	1.41%	+18.4%
ENFC	Sell	ENTEGRA FINL CORP	$12,475,000	-5.1%	500,000	-13.5%	1.30%	+17.0%
RBB	New	RBB BANCORP	$12,123,000	–	529,605	–	1.26%	–
WNEB	Sell	WESTERN NEW ENG BANCORP INC	$10,900,000	-8.0%	1,000,000	-14.3%	1.14%	+13.5%
EBSB	Sell	MERIDIAN BANCORP INC MD	$9,325,000	-31.0%	500,000	-37.5%	0.97%	-14.9%
ISBC	New	INVESTORS BANCORP INC NEW	$6,820,000	–	500,000	–	0.71%	–
SIFI	Sell	SI FINL GROUP INC MD	$5,311,000	-32.9%	355,220	-27.8%	0.55%	-17.3%
AIG	New	AMERICAN INTL GROUP INC	$4,604,000	–	75,000	–	0.48%	–
BBX	New	BBX CAP CORP NEWcl a	$4,564,000	–	619,250	–	0.48%	–
TCFC	Sell	COMMUNITY FINL CORP MD	$4,559,000	-20.7%	128,896	-13.7%	0.48%	-2.3%
BHF	New	BRIGHTHOUSE FINL INC	$4,256,000	–	70,000	–	0.44%	–
OCFC	Sell	OCEANFIRST FINL CORP	$4,216,000	-68.9%	153,366	-69.3%	0.44%	-61.7%
CASH	Sell	META FINL GROUP INC	$3,920,000	-56.0%	50,000	-50.0%	0.41%	-45.7%
FSBW	New	FS BANCORP INC	$3,616,000	–	70,000	–	0.38%	–
GHL	New	GREENHILL & CO INC	$2,917,000	–	175,739	–	0.30%	–
ECPG	New	ENCORE CAP GROUP INC	$2,437,000	–	55,004	–	0.25%	–
HMNF	Buy	HMN FINL INC	$1,317,000	+97.2%	73,792	+93.9%	0.14%	+144.6%
BRG	Buy	BLUEROCK RESIDENTIAL GRW REI	$940,000	+4.2%	85,000	+21.4%	0.10%	+28.9%
USDP	Sell	USD PARTNERS LP	$825,000	-7.9%	75,000	-6.2%	0.09%	+13.2%
WHLR	Sell	WHEELER REAL ESTATE INVT TR	$684,000	-4.3%	59,210	-15.4%	0.07%	+18.3%
CNXC	Sell	CNX COAL RES LP	$592,000	-12.0%	40,000	-11.1%	0.06%	+8.8%
CONE	Sell	CYRUSONE INC	$589,000	-29.5%	10,000	-33.3%	0.06%	-14.1%
AMZN	New	AMAZON COM INC	$577,000	–	600	–	0.06%	–
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$521,000	+28.3%	20,000	+33.3%	0.05%	+58.8%
ENLK	Buy	ENLINK MIDSTREAM PARTNERS LP	$503,000	+18.6%	30,000	+20.0%	0.05%	+44.4%
SPG	New	SIMON PPTY GROUP INC NEW	$483,000	–	3,000	–	0.05%	–
CNNX	Buy	CONE MIDSTREAM PARTNERS LP	$475,000	+43.1%	30,000	+71.4%	0.05%	+75.0%
STB	Buy	STUDENT TRANSN INC	$448,000	+47.9%	75,000	+50.0%	0.05%	+80.8%
ETP	New	ENERGY TRANSFER PARTNERS LPunit ltd prt int	$366,000	–	20,000	–	0.04%	–
PXD	New	PIONEER NAT RES CO	$369,000	–	2,500	–	0.04%	–
TPH	Sell	TRI POINTE GROUP INC	$276,000	-16.4%	20,000	-20.0%	0.03%	+3.6%
WFC	Sell	WELLS FARGO CO NEW	$276,000	-33.7%	5,000	-33.3%	0.03%	-17.1%
AER	Sell	AERCAP HOLDINGS NV	$256,000	-63.2%	5,000	-66.7%	0.03%	-54.2%
OMP	New	OASIS MIDSTREAM PARTNERS LP	$254,000	–	15,000	–	0.03%	–
LADR	Exit	LADDER CAP CORPcl a	$0	–	-10,000	–	-0.01%	–
COST	Exit	COSTCO WHSL CORP NEW	$0	–	-1,500	–	-0.02%	–
ABDC	Exit	ALCENTRA CAP CORP	$0	–	-20,000	–	-0.02%	–
BY	Exit	BYLINE BANCORP INC	$0	–	-15,000	–	-0.02%	–
CBI	Exit	CHICAGO BRIDGE & IRON CO N V	$0	–	-20,000	–	-0.03%	–
APLE	Exit	APPLE HOSPITALITY REIT INC	$0	–	-25,000	–	-0.04%	–
DHI	Exit	D R HORTON INC	$0	–	-15,000	–	-0.04%	–
FISI	Exit	FINANCIAL INSTNS INC	$0	–	-72,954	–	-0.18%	–
CLPR	Exit	CLIPPER RLTY INC	$0	–	-224,044	–	-0.23%	–
PBNC	Exit	PARAGON COML CORP	$0	–	-72,352	–	-0.32%	–
CADE	Exit	CADENCE BANCORPORATIONcl a	$0	–	-188,258	–	-0.35%	–
	Exit	STANDARD CHARTERED PLCdebt 7.500%12/3	$0	–	-4,255,000	–	-0.39%	–
NODK	Exit	NI HLDGS INC	$0	–	-296,460	–	-0.45%	–
MSBI	Exit	MIDLAND STS BANCORP INC ILL	$0	–	-196,870	–	-0.56%	–
BYBK	Exit	BAY BANCORP INC	$0	–	-1,000,000	–	-0.64%	–
SBCP	Exit	SUNSHINE BANCORP INC	$0	–	-389,807	–	-0.70%	–
	Exit	ROYAL BK SCOTLAND GROUP PLCnote 8.625%12/3	$0	–	-8,000,000	–	-0.74%	–
BNCL	Exit	BENEFICIAL BANCORP INC	$0	–	-650,000	–	-0.82%	–
MOFG	Exit	MIDWESTONE FINL GROUP INC NE	$0	–	-334,435	–	-0.96%	–
STI	Exit	SUNTRUST BKS INC	$0	–	-205,000	–	-0.98%	–
ATH	Exit	ATHENE HLDG LTDcl a	$0	–	-321,700	–	-1.35%	–
ETFC	Exit	E TRADE FINANCIAL CORP	$0	–	-425,000	–	-1.37%	–
FBK	Exit	FB FINL CORP	$0	–	-450,000	–	-1.38%	–
EQBK	Exit	EQUITY BANCSHARES INC	$0	–	-540,666	–	-1.40%	–
RF	Exit	REGIONS FINL CORP NEW	$0	–	-1,550,000	–	-1.92%	–
KBE	Exit	SPDR SERIES TRUSTs&p bk etf	$0	–	-1,500,000	–	-5.52%	–
PHH	Exit	PHH CORP	$0	–	-4,932,870	–	-5.74%	–

Q2 2017

			Value		Shares		↓ Weighting
ALEX	New	ALEXANDER & BALDWIN INC NEW	$100,587,000	–	2,430,816	–	8.50%	–
ZION	New	ZIONS BANCORPORATION	$77,468,000	–	1,764,243	–	6.54%	–
PHH	New	PHH CORP	$67,926,000	–	4,932,870	–	5.74%	–
KBE	New	SPDR SERIES TRUSTs&p bk etf	$65,280,000	–	1,500,000	–	5.52%	–
MBI	New	MBIA INC	$44,931,000	–	4,764,701	–	3.80%	–
CFG	New	CITIZENS FINL GROUP INC	$43,262,000	–	1,212,500	–	3.66%	–
SNBC	New	SUN BANCORP INC	$35,392,000	–	1,435,777	–	2.99%	–
ONDK	New	ON DECK CAP INC	$32,224,000	–	6,915,110	–	2.72%	–
IBCP	New	INDEPENDENT BANK CORP MICH	$31,538,000	–	1,450,000	–	2.66%	–
CMA	New	COMERICA INC	$29,296,000	–	400,000	–	2.48%	–
AMBC	New	AMBAC FINL GROUP INC	$29,092,000	–	1,676,788	–	2.46%	–
SNV	New	SYNOVUS FINL CORP	$26,544,000	–	600,002	–	2.24%	–
FBC	New	FLAGSTAR BANCORP INC	$23,115,000	–	750,000	–	1.95%	–
RF	New	REGIONS FINL CORP NEW	$22,692,000	–	1,550,000	–	1.92%	–
ALLY	New	ALLY FINL INC	$22,093,000	–	1,057,074	–	1.87%	–
BANC	New	BANC OF CALIFORNIA INC	$22,038,000	–	1,025,000	–	1.86%	–
HBCP	New	HOME BANCORP INC	$21,260,000	–	500,000	–	1.80%	–
BHBK	New	BLUE HILLS BANCORP INC	$17,900,000	–	1,000,000	–	1.51%	–
ARES	New	ARES MGMT L P	$16,691,000	–	927,260	–	1.41%	–
HBMD	New	HOWARD BANCORP INC	$16,595,000	–	862,059	–	1.40%	–
EQBK	New	EQUITY BANCSHARES INC	$16,566,000	–	540,666	–	1.40%	–
FBK	New	FB FINL CORP	$16,286,000	–	450,000	–	1.38%	–
ETFC	New	E TRADE FINANCIAL CORP	$16,163,000	–	425,000	–	1.37%	–
IBKC	New	IBERIABANK CORP	$15,986,000	–	196,150	–	1.35%	–
ATH	New	ATHENE HLDG LTDcl a	$15,960,000	–	321,700	–	1.35%	–
MLVF	New	MALVERN BANCORP INC	$15,342,000	–	640,587	–	1.30%	–
CIVBP	New	CIVISTA BANCSHARES INC6.50% pfd ser b	$14,165,000	–	221,331	–	1.20%	–
CNOB	New	CONNECTONE BANCORP INC NEW	$14,094,000	–	625,000	–	1.19%	–
OCFC	New	OCEANFIRST FINL CORP	$13,560,000	–	500,000	–	1.15%	–
EBSB	New	MERIDIAN BANCORP INC MD	$13,520,000	–	800,000	–	1.14%	–
ISTR	New	INVESTAR HLDG CORP	$13,379,000	–	584,224	–	1.13%	–
ENFC	New	ENTEGRA FINL CORP	$13,149,000	–	577,989	–	1.11%	–
ZIONW	New	ZIONS BANCORPORATION*w exp 05/22/202	$12,870,000	–	1,000,000	–	1.09%	–
ESXB	New	COMMUNITY BANKERS TR CORP	$12,375,000	–	1,500,000	–	1.05%	–
WNEB	New	WESTERN NEW ENG BANCORP INC	$11,850,000	–	1,167,517	–	1.00%	–
STI	New	SUNTRUST BKS INC	$11,628,000	–	205,000	–	0.98%	–
MOFG	New	MIDWESTONE FINL GROUP INC NE	$11,334,000	–	334,435	–	0.96%	–
SMBK	New	SMARTFINANCIAL INC	$10,308,000	–	431,659	–	0.87%	–
BNCL	New	BENEFICIAL BANCORP INC	$9,750,000	–	650,000	–	0.82%	–
BOCH	New	BANK COMM HLDGS	$9,746,000	–	881,952	–	0.82%	–
SFST	New	SOUTHERN FIRST BANCSHARES IN	$9,263,000	–	250,000	–	0.78%	–
CASH	New	META FINL GROUP INC	$8,900,000	–	100,000	–	0.75%	–
PCSB	New	PCSB FINL CORP	$8,883,000	–	520,681	–	0.75%	–
	New	ROYAL BK SCOTLAND GROUP PLCnote 8.625%12/3	$8,720,000	–	8,000,000	–	0.74%	–
ACFC	New	ATLANTIC COAST FINL CORP	$8,696,000	–	1,109,234	–	0.74%	–
PMBC	New	PACIFIC MERCANTILE BANCORP	$8,609,000	–	978,251	–	0.73%	–
SVBI	New	SEVERN BANCORP ANNAPOLIS MD	$8,570,000	–	1,182,000	–	0.72%	–
SBCP	New	SUNSHINE BANCORP INC	$8,307,000	–	389,807	–	0.70%	–
RNDB	New	RANDOLPH BANCORP INC	$7,980,000	–	501,900	–	0.67%	–
SIFI	New	SI FINL GROUP INC MD	$7,916,000	–	491,700	–	0.67%	–
UNTY	New	UNITY BANCORP INC	$7,613,000	–	442,600	–	0.64%	–
BYBK	New	BAY BANCORP INC	$7,600,000	–	1,000,000	–	0.64%	–
MSBI	New	MIDLAND STS BANCORP INC ILL	$6,599,000	–	196,870	–	0.56%	–
TCFC	New	COMMUNITY FINL CORP MD	$5,749,000	–	149,327	–	0.49%	–
NODK	New	NI HLDGS INC	$5,301,000	–	296,460	–	0.45%	–
CZWI	New	CITIZENS CMNTY BANCORP INC M	$4,910,000	–	351,181	–	0.42%	–
HBK	New	HAMILTON BANCORP INC MD	$4,875,000	–	325,000	–	0.41%	–
	New	STANDARD CHARTERED PLCdebt 7.500%12/3	$4,563,000	–	4,255,000	–	0.39%	–
CADE	New	CADENCE BANCORPORATIONcl a	$4,119,000	–	188,258	–	0.35%	–
	New	HOMETOWN BANKSHARES CORP	$4,007,000	–	372,735	–	0.34%	–
GFED	New	GUARANTY FED BANCSHARES INC	$4,005,000	–	197,990	–	0.34%	–
PBNC	New	PARAGON COML CORP	$3,796,000	–	72,352	–	0.32%	–
PKBK	New	PARKE BANCORP INC	$3,696,000	–	165,000	–	0.31%	–
CLPR	New	CLIPPER RLTY INC	$2,765,000	–	224,044	–	0.23%	–
FISI	New	FINANCIAL INSTNS INC	$2,174,000	–	72,954	–	0.18%	–
FSFG	New	FIRST SAVINGS FINL GROUP INC	$917,000	–	17,368	–	0.08%	–
BRG	New	BLUEROCK RESIDENTIAL GRW REI	$902,000	–	70,000	–	0.08%	–
USDP	New	USD PARTNERS LP	$896,000	–	80,000	–	0.08%	–
CONE	New	CYRUSONE INC	$836,000	–	15,000	–	0.07%	–
WHLR	New	WHEELER REAL ESTATE INVT TR	$715,000	–	70,000	–	0.06%	–
AER	New	AERCAP HOLDINGS NV	$696,000	–	15,000	–	0.06%	–
CNXC	New	CNX COAL RES LP	$673,000	–	45,000	–	0.06%	–
HMNF	New	HMN FINL INC	$668,000	–	38,058	–	0.06%	–
CLNS	New	COLONY NORTHSTAR INC	$564,000	–	40,000	–	0.05%	–
DHI	New	D R HORTON INC	$519,000	–	15,000	–	0.04%	–
APLE	New	APPLE HOSPITALITY REIT INC	$468,000	–	25,000	–	0.04%	–
ENLK	New	ENLINK MIDSTREAM PARTNERS LP	$424,000	–	25,000	–	0.04%	–
WFC	New	WELLS FARGO CO NEW	$416,000	–	7,500	–	0.04%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$406,000	–	15,000	–	0.03%	–
CBI	New	CHICAGO BRIDGE & IRON CO N V	$395,000	–	20,000	–	0.03%	–
ARCC	New	ARES CAP CORP	$328,000	–	20,000	–	0.03%	–
TPH	New	TRI POINTE GROUP INC	$330,000	–	25,000	–	0.03%	–
CNNX	New	CONE MIDSTREAM PARTNERS LP	$332,000	–	17,500	–	0.03%	–
STB	New	STUDENT TRANSN INC	$303,000	–	50,000	–	0.03%	–
BY	New	BYLINE BANCORP INC	$301,000	–	15,000	–	0.02%	–
ABDC	New	ALCENTRA CAP CORP	$272,000	–	20,000	–	0.02%	–
NRE	New	NORTHSTAR REALTY EUROPE CORP	$254,000	–	20,000	–	0.02%	–
COST	New	COSTCO WHSL CORP NEW	$240,000	–	1,500	–	0.02%	–
LADR	New	LADDER CAP CORPcl a	$134,000	–	10,000	–	0.01%	–

Q4 2016

			Value		Shares		↓ Weighting
LYG	Exit	LLOYDS BANKING GROUP PLCsponsored adr	$0	–	-75,000	–	-0.02%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-5,000	–	-0.02%	–
FCH	Exit	FELCOR LODGING TR INC	$0	–	-50,000	–	-0.03%	–
TPH	Exit	TRI POINTE GROUP INC	$0	–	-25,000	–	-0.03%	–
ENLK	Exit	ENLINK MIDSTREAM PARTNERS LP	$0	–	-20,000	–	-0.03%	–
A104PS	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-20,000	–	-0.04%	–
USDP	Exit	USD PARTNERS LP	$0	–	-40,000	–	-0.04%	–
TMHC	Exit	TAYLOR MORRISON HOME CORPcl a	$0	–	-30,000	–	-0.04%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-20,000	–	-0.04%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-20,000	–	-0.05%	–
NRE	Exit	NORTHSTAR REALTY EUROPE CORP	$0	–	-55,000	–	-0.05%	–
BAC	Exit	BANK AMER CORP	$0	–	-40,000	–	-0.05%	–
CLNY	Exit	COLONY CAP INCcl a	$0	–	-40,000	–	-0.06%	–
PKBK	Exit	PARKE BANCORP INC	$0	–	-49,109	–	-0.06%	–
ARCC	Exit	ARES CAP CORP	$0	–	-50,000	–	-0.06%	–
CNXC	Exit	CNX COAL RES LP	$0	–	-50,000	–	-0.06%	–
F	Exit	FORD MTR CO DEL	$0	–	-75,000	–	-0.07%	–
CAFD	Exit	8POINT3 ENERGY PARTNERS LPcl a rpt ltdpt	$0	–	-67,275	–	-0.08%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-25,000	–	-0.08%	–
BRG	Exit	BLUEROCK RESIDENTIAL GRW REI	$0	–	-100,000	–	-0.10%	–
KEY	Exit	KEYCORP NEW	$0	–	-150,000	–	-0.15%	–
SFBC	Exit	SOUND FINL BANCORP INC	$0	–	-75,000	–	-0.15%	–
SMBK	Exit	SMARTFINANCIAL INC	$0	–	-114,111	–	-0.15%	–
SLG	Exit	SL GREEN RLTY CORP	$0	–	-18,010	–	-0.16%	–
NRF	Exit	NORTHSTAR RLTY FIN CORP	$0	–	-150,000	–	-0.16%	–
IMH	Exit	IMPAC MTG HLDGS INC	$0	–	-150,655	–	-0.16%	–
BHLB	Exit	BERKSHIRE HILLS BANCORP INC	$0	–	-100,000	–	-0.22%	–
BPOP	Exit	POPULAR INC	$0	–	-81,556	–	-0.25%	–
GFED	Exit	GUARANTY FED BANCSHARES INC	$0	–	-197,990	–	-0.26%	–
RBPAA	Exit	ROYAL BANCSHARES PA INCcl a	$0	–	-1,370,471	–	-0.26%	–
TSBK	Exit	TIMBERLAND BANCORP INC	$0	–	-236,309	–	-0.30%	–
HBK	Exit	HAMILTON BANCORP INC MD	$0	–	-325,000	–	-0.36%	–
	Exit	ROYAL BK OF SCOTLAND PLCdebt 7.500%12/3	$0	–	-5,000,000	–	-0.37%	–
CFCB	Exit	CENTRUE FINL CORP NEW	$0	–	-275,289	–	-0.42%	–
EVBS	Exit	EASTERN VA BANKSHARES INC	$0	–	-660,784	–	-0.43%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-130,000	–	-0.44%	–
BYBK	Exit	BAY BANCORP INC	$0	–	-1,000,000	–	-0.44%	–
SBCP	Exit	SUNSHINE BANCORP INC	$0	–	-384,719	–	-0.46%	–
ACFC	Exit	ATLANTIC COAST FINL CORP	$0	–	-904,707	–	-0.46%	–
ABTX	Exit	ALLEGIANCE BANCSHARES INC	$0	–	-222,838	–	-0.49%	–
BNCN	Exit	BNC BANCORP	$0	–	-250,000	–	-0.49%	–
WHLR	Exit	WHEELER REAL ESTATE INVT TR	$0	–	-3,519,998	–	-0.50%	–
FIG	Exit	FORTRESS INVESTMENT GROUP LLcl a	$0	–	-1,250,000	–	-0.50%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-350,000	–	-0.52%	–
PBNC	Exit	PARAGON COML CORP	$0	–	-185,858	–	-0.54%	–
RNDB	Exit	RANDOLPH BANCORP INC	$0	–	-501,900	–	-0.55%	–
BRX	Exit	BRIXMOR PPTY GROUP INC	$0	–	-250,000	–	-0.56%	–
AC	Exit	ASSOCIATED CAP GROUP INCcl a	$0	–	-200,000	–	-0.57%	–
PMBC	Exit	PACIFIC MERCANTILE BANCORP	$0	–	-972,648	–	-0.58%	–
TCFC	Exit	COMMUNITY FINL CORP MD	$0	–	-311,566	–	-0.58%	–
PHH	Exit	PHH CORP	$0	–	-500,000	–	-0.58%	–
SVBI	Exit	SEVERN BANCORP ANNAPOLIS MD	$0	–	-1,182,000	–	-0.62%	–
ORRF	Exit	ORRSTOWN FINL SVCS INC	$0	–	-392,500	–	-0.63%	–
ZIONW	Exit	ZIONS BANCORPORATION*w exp 05/22/202	$0	–	-1,998,500	–	-0.65%	–
CARO	Exit	CAROLINA FINL CORP NEW	$0	–	-372,696	–	-0.67%	–
FNWB	Exit	FIRST NORTHWEST BANCORP	$0	–	-621,958	–	-0.68%	–
SIFI	Exit	SI FINL GROUP INC MD	$0	–	-675,000	–	-0.72%	–
HBMD	Exit	HOWARD BANCORP INC	$0	–	-679,782	–	-0.72%	–
MLVF	Exit	MALVERN BANCORP INC	$0	–	-549,187	–	-0.73%	–
ESXB	Exit	COMMUNITY BANKERS TR CORP	$0	–	-1,744,935	–	-0.76%	–
CIVBP	Exit	CIVISTA BANCSHARES INC6.50% pfd ser b	$0	–	-221,331	–	-0.76%	–
FBNK	Exit	FIRST CONN BANCORP INC MD	$0	–	-544,089	–	-0.78%	–
PHM	Exit	PULTE GROUP INC	$0	–	-500,000	–	-0.81%	–
EQBK	Exit	EQUITY BANCSHARES INC	$0	–	-406,366	–	-0.85%	–
UCFC	Exit	UNITED CMNTY FINL CORP OHIO	$0	–	-1,500,000	–	-0.86%	–
CIT	Exit	CIT GROUP INC	$0	–	-300,000	–	-0.88%	–
BANR	Exit	BANNER CORP	$0	–	-250,000	–	-0.88%	–
TFSL	Exit	TFS FINL CORP	$0	–	-630,433	–	-0.91%	–
ENFC	Exit	ENTEGRA FINL CORP	$0	–	-614,106	–	-0.91%	–
MBI	Exit	MBIA INC	$0	–	-1,500,000	–	-0.94%	–
FBK	Exit	FB FINL CORP	$0	–	-600,000	–	-0.98%	–
RDN	Exit	RADIAN GROUP INC	$0	–	-900,000	–	-0.98%	–
WFD	Exit	WESTFIELD FINANCIAL INC NEW	$0	–	-1,642,317	–	-1.01%	–
FBNC	Exit	FIRST BANCORP N C	$0	–	-643,168	–	-1.03%	–
	Exit	STANDARD CHARTERED PLCdebt 7.500%12/3	$0	–	-13,000,000	–	-1.04%	–
FLIC	Exit	FIRST LONG IS CORP	$0	–	-400,000	–	-1.07%	–
XBKS	Exit	XENITH BANKSHARES INC NEW	$0	–	-6,032,849	–	-1.12%	–
MSBI	Exit	MIDLAND STS BANCORP INC ILL	$0	–	-575,000	–	-1.18%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES IN	$0	–	-533,274	–	-1.19%	–
	Exit	ROYAL BK SCOTLAND GROUP PLCnote 8.625%12/3	$0	–	-15,000,000	–	-1.19%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-550,000	–	-1.23%	–
GBNK	Exit	GUARANTY BANCORP DEL	$0	–	-913,788	–	-1.32%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-750,000	–	-1.36%	–
HBCP	Exit	HOME BANCORP INC	$0	–	-639,492	–	-1.44%	–
LION	Exit	FIDELITY SOUTHERN CORP NEW	$0	–	-1,000,000	–	-1.48%	–
BHBK	Exit	BLUE HILLS BANCORP INC	$0	–	-1,234,873	–	-1.50%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-1,140,000	–	-1.88%	–
EBSB	Exit	MERIDIAN BANCORP INC MD	$0	–	-1,500,000	–	-1.88%	–
IBCP	Exit	INDEPENDENT BANK CORP MICH	$0	–	-1,450,000	–	-1.97%	–
CASH	Exit	META FINL GROUP INC	$0	–	-403,787	–	-1.98%	–
STBZ	Exit	STATE BK FINL CORP	$0	–	-1,086,550	–	-2.00%	–
SNBC	Exit	SUN BANCORP INC	$0	–	-1,093,820	–	-2.04%	–
SNV	Exit	SYNOVUS FINL CORP	$0	–	-800,002	–	-2.10%	–
NBHC	Exit	NATIONAL BK HLDGS CORPcl a	$0	–	-1,190,573	–	-2.24%	–
CMA	Exit	COMERICA INC	$0	–	-599,999	–	-2.29%	–
OCFC	Exit	OCEANFIRST FINL CORP	$0	–	-1,519,119	–	-2.36%	–
STI	Exit	SUNTRUST BKS INC	$0	–	-672,274	–	-2.38%	–
ZION	Exit	ZIONS BANCORPORATION	$0	–	-999,999	–	-2.50%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-1,550,000	–	-3.09%	–
NRZ	Exit	NEW RESIDENTIAL INVT CORP	$0	–	-3,167,603	–	-3.53%	–
ALLY	Exit	ALLY FINL INC	$0	–	-3,575,451	–	-5.62%	–
ALEX	Exit	ALEXANDER & BALDWIN INC NEW	$0	–	-2,383,144	–	-7.39%	–
XLF	Exit	SELECT SECTOR SPDR TRcall	$0	–	-5,000,000	–	-7.79%	–

Q3 2016

			Value		Shares		↓ Weighting
XLF	New	SELECT SECTOR SPDR TRcall	$96,500,000	–	5,000,000	–	7.79%	–
ALEX	Buy	ALEXANDER & BALDWIN INC NEW	$91,560,000	+10.7%	2,383,144	+4.1%	7.39%	-4.9%
ALLY	Sell	ALLY FINL INC	$69,614,000	+7.2%	3,575,451	-6.0%	5.62%	-7.9%
NRZ	New	NEW RESIDENTIAL INVT CORP	$43,745,000	–	3,167,603	–	3.53%	–
CFG	Buy	CITIZENS FINL GROUP INC	$38,301,000	+27.8%	1,550,000	+3.3%	3.09%	+9.8%
ZION	Sell	ZIONS BANCORPORATION	$31,020,000	-17.7%	999,999	-33.3%	2.50%	-29.3%
STI	Buy	SUNTRUST BKS INC	$29,446,000	+3482.2%	672,274	+3261.4%	2.38%	+2985.7%
OCFC	Buy	OCEANFIRST FINL CORP	$29,258,000	+49.9%	1,519,119	+41.4%	2.36%	+28.8%
CMA	New	COMERICA INC	$28,392,000	–	599,999	–	2.29%	–
NBHC	Buy	NATIONAL BK HLDGS CORPcl a	$27,824,000	+15.8%	1,190,573	+0.8%	2.24%	-0.6%
SNV	Buy	SYNOVUS FINL CORP	$26,024,000	+16.6%	800,002	+3.9%	2.10%	+0.1%
CASH	Sell	META FINL GROUP INC	$24,474,000	+18.3%	403,787	-0.5%	1.98%	+1.6%
EBSB	Sell	MERIDIAN BANCORP INC MD	$23,355,000	-21.0%	1,500,000	-25.0%	1.88%	-32.1%
FITB	New	FIFTH THIRD BANCORP	$23,324,000	–	1,140,000	–	1.88%	–
LION	Buy	FIDELITY SOUTHERN CORP NEW	$18,390,000	+134.7%	1,000,000	+100.0%	1.48%	+101.6%
HBCP	Sell	HOME BANCORP INC	$17,906,000	-2.2%	639,492	-4.0%	1.44%	-15.9%
GBNK	Buy	GUARANTY BANCORP DEL	$16,311,000	+43.8%	913,788	+34.5%	1.32%	+23.6%
AGO	Buy	ASSURED GUARANTY LTD	$15,263,000	+20.3%	550,000	+10.0%	1.23%	+3.4%
	New	ROYAL BK SCOTLAND GROUP PLCnote 8.625%12/3	$14,775,000	–	15,000,000	–	1.19%	–
XBKS	New	XENITH BANKSHARES INC NEW	$13,936,000	–	6,032,849	–	1.12%	–
FLIC	Sell	FIRST LONG IS CORP	$13,260,000	-21.7%	400,000	-32.3%	1.07%	-32.7%
	New	STANDARD CHARTERED PLCdebt 7.500%12/3	$12,935,000	–	13,000,000	–	1.04%	–
RDN	Sell	RADIAN GROUP INC	$12,195,000	-50.0%	900,000	-61.6%	0.98%	-57.1%
FBK	New	FB FINL CORP	$12,108,000	–	600,000	–	0.98%	–
MBI	Sell	MBIA INC	$11,685,000	-17.0%	1,500,000	-27.2%	0.94%	-28.7%
TFSL	Sell	TFS FINL CORP	$11,228,000	-34.8%	630,433	-37.0%	0.91%	-44.0%
BANR	Sell	BANNER CORP	$10,935,000	-67.6%	250,000	-68.5%	0.88%	-72.2%
CIT	New	CIT GROUP INC	$10,890,000	–	300,000	–	0.88%	–
PHM	New	PULTE GROUP INC	$10,020,000	–	500,000	–	0.81%	–
HBMD	Buy	HOWARD BANCORP INC	$8,980,000	+2.2%	679,782	+0.6%	0.72%	-12.1%
ORRF	Sell	ORRSTOWN FINL SVCS INC	$7,752,000	+1.5%	392,500	-7.2%	0.63%	-12.7%
PHH	Sell	PHH CORP	$7,225,000	-59.7%	500,000	-62.9%	0.58%	-65.4%
TCFC	Sell	COMMUNITY FINL CORP MD	$7,183,000	-4.2%	311,566	-8.0%	0.58%	-17.6%
PMBC	New	PACIFIC MERCANTILE BANCORP	$7,168,000	–	972,648	–	0.58%	–
BRX	New	BRIXMOR PPTY GROUP INC	$6,948,000	–	250,000	–	0.56%	–
RNDB	New	RANDOLPH BANCORP INC	$6,841,000	–	501,900	–	0.55%	–
PBNC	Buy	PARAGON COML CORP	$6,743,000	+4.3%	185,858	+0.7%	0.54%	-10.4%
FIG	Sell	FORTRESS INVESTMENT GROUP LLcl a	$6,175,000	-11.7%	1,250,000	-21.0%	0.50%	-24.2%
WHLR	Sell	WHEELER REAL ESTATE INVT TR	$6,160,000	+5.3%	3,519,998	-7.4%	0.50%	-9.6%
BNCN	New	BNC BANCORP	$6,080,000	–	250,000	–	0.49%	–
ACFC	Buy	ATLANTIC COAST FINL CORP	$5,727,000	+122.5%	904,707	+110.2%	0.46%	+90.9%
SBCP	Buy	SUNSHINE BANCORP INC	$5,686,000	+4.5%	384,719	+0.1%	0.46%	-10.2%
BYBK	New	BAY BANCORP INC	$5,510,000	–	1,000,000	–	0.44%	–
LEN	Buy	LENNAR CORPcl a	$5,504,000	+1093.9%	130,000	+1200.0%	0.44%	+932.6%
CFCB	Buy	CENTRUE FINL CORP NEW	$5,175,000	+8.6%	275,289	+0.5%	0.42%	-6.7%
	New	ROYAL BK OF SCOTLAND PLCdebt 7.500%12/3	$4,594,000	–	5,000,000	–	0.37%	–
TSBK	Sell	TIMBERLAND BANCORP INC	$3,722,000	+3.7%	236,309	-1.3%	0.30%	-11.0%
BPOP	Sell	POPULAR INC	$3,117,000	-83.9%	81,556	-87.6%	0.25%	-86.1%
BHLB	New	BERKSHIRE HILLS BANCORP INC	$2,771,000	–	100,000	–	0.22%	–
IMH	New	IMPAC MTG HLDGS INC	$1,987,000	–	150,655	–	0.16%	–
NRF	Sell	NORTHSTAR RLTY FIN CORP	$1,976,000	-90.7%	150,000	-91.9%	0.16%	-92.0%
SLG	New	SL GREEN RLTY CORP	$1,947,000	–	18,010	–	0.16%	–
SMBK	New	SMARTFINANCIAL INC	$1,859,000	–	114,111	–	0.15%	–
KEY	New	KEYCORP NEW	$1,826,000	–	150,000	–	0.15%	–
BRG	Sell	BLUEROCK RESIDENTIAL GRW REI	$1,300,000	-20.0%	100,000	-20.0%	0.10%	-31.4%
CAFD	New	8POINT3 ENERGY PARTNERS LPcl a rpt ltdpt	$969,000	–	67,275	–	0.08%	–
ARCC	Sell	ARES CAP CORP	$775,000	-31.8%	50,000	-37.5%	0.06%	-41.1%
CNXC	Buy	CNX COAL RES LP	$775,000	+134.8%	50,000	+40.4%	0.06%	+103.2%
CLNY	Sell	COLONY CAP INCcl a	$729,000	-96.3%	40,000	-96.9%	0.06%	-96.8%
BAC	Sell	BANK AMER CORP	$626,000	-93.4%	40,000	-94.4%	0.05%	-94.3%
NRE	Buy	NORTHSTAR REALTY EUROPE CORP	$602,000	+30.0%	55,000	+10.0%	0.05%	+14.0%
TOL	Sell	TOLL BROTHERS INC	$597,000	-26.0%	20,000	-33.3%	0.05%	-36.8%
TMHC	Sell	TAYLOR MORRISON HOME CORPcl a	$528,000	-52.6%	30,000	-60.0%	0.04%	-59.0%
USDP	Sell	USD PARTNERS LP	$495,000	-6.6%	40,000	-27.3%	0.04%	-20.0%
A104PS	Buy	HILTON WORLDWIDE HLDGS INC	$459,000	+35.8%	20,000	+33.3%	0.04%	+15.6%
ENLK	Buy	ENLINK MIDSTREAM PARTNERS LP	$354,000	+113.3%	20,000	+100.0%	0.03%	+81.2%
TPH	New	TRI POINTE GROUP INC	$330,000	–	25,000	–	0.03%	–
FCH	Sell	FELCOR LODGING TR INC	$322,000	-58.7%	50,000	-60.0%	0.03%	-64.4%
WFC	New	WELLS FARGO & CO NEW	$221,000	–	5,000	–	0.02%	–
LYG	Sell	LLOYDS BANKING GROUP PLCsponsored adr	$215,000	-27.6%	75,000	-25.0%	0.02%	-39.3%
SPNV	Exit	SUPERIOR ENERGY SVCS INC	$0	–	-10,000	–	-0.02%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP I	$0	–	-20,000	–	-0.02%	–
BXMT	Exit	BLACKSTONE MTG TR INC	$0	–	-10,000	–	-0.03%	–
NFG	Exit	NATIONAL FUEL GAS CO N J	$0	–	-5,000	–	-0.03%	–
CNQ	Exit	CANADIAN NAT RES LTD	$0	–	-10,000	–	-0.03%	–
GPORQ	Exit	GULFPORT ENERGY CORP	$0	–	-10,000	–	-0.03%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-15,000	–	-0.03%	–
AER	Exit	AERCAP HOLDINGS NVcall	$0	–	-10,000	–	-0.03%	–
AR	Exit	ANTERO RES CORP	$0	–	-15,000	–	-0.04%	–
EFC	Exit	ELLINGTON FINANCIAL LLC	$0	–	-23,771	–	-0.04%	–
NBL	Exit	NOBLE ENERGY INC	$0	–	-14,270	–	-0.05%	–
ISBC	Exit	INVESTORS BANCORP INC NEW	$0	–	-50,000	–	-0.05%	–
HPP	Exit	HUDSON PAC PPTYS INC	$0	–	-20,000	–	-0.06%	–
SPWR	Exit	SUNPOWER CORP	$0	–	-44,000	–	-0.06%	–
APC	Exit	ANADARKO PETE CORP	$0	–	-13,907	–	-0.07%	–
CXO	Exit	CONCHO RES INC	$0	–	-7,500	–	-0.08%	–
FBP	Exit	FIRST BANCORP P R	$0	–	-375,000	–	-0.14%	–
MOFG	Exit	MIDWESTONE FINL GROUP INC NE	$0	–	-56,521	–	-0.15%	–
ICBK	Exit	COUNTY BANCORP INC	$0	–	-143,187	–	-0.28%	–
FFWM	Exit	FIRST FNDTN INC	$0	–	-242,096	–	-0.49%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-230,000	–	-1.14%	–
HMPR	Exit	HAMPTON ROADS BANKSHARES INC	$0	–	-6,863,566	–	-1.15%	–
C	Exit	CITIGROUP INC	$0	–	-371,180	–	-1.48%	–
FDC	Exit	FIRST DATA CORP NEW	$0	–	-2,265,000	–	-2.36%	–
YDKN	Exit	YADKIN FINL CORP	$0	–	-1,000,000	–	-2.36%	–
MTG	Exit	MGIC INVT CORP WIS	$0	–	-4,558,489	–	-2.55%	–

Q2 2016

			Value		Shares		↓ Weighting
ALEX	New	ALEXANDER & BALDWIN INC NEW	$82,717,000	–	2,288,803	–	7.77%	–
ALLY	New	ALLY FINL INC	$64,924,000	–	3,803,402	–	6.10%	–
ZION	New	ZIONS BANCORPORATION	$37,695,000	–	1,500,000	–	3.54%	–
BANR	New	BANNER CORP	$33,715,000	–	792,553	–	3.17%	–
CFG	New	CITIZENS FINL GROUP INC	$29,970,000	–	1,500,000	–	2.82%	–
EBSB	New	MERIDIAN BANCORP INC MD	$29,560,000	–	2,000,000	–	2.78%	–
MTG	New	MGIC INVT CORP WIS	$27,123,000	–	4,558,489	–	2.55%	–
YDKN	New	YADKIN FINL CORP	$25,090,000	–	1,000,000	–	2.36%	–
FDC	New	FIRST DATA CORP NEW	$25,074,000	–	2,265,000	–	2.36%	–
RDN	New	RADIAN GROUP INC	$24,412,000	–	2,342,848	–	2.29%	–
NBHC	New	NATIONAL BK HLDGS CORPcl a	$24,036,000	–	1,180,573	–	2.26%	–
SNBC	New	SUN BANCORP INC	$22,598,000	–	1,093,820	–	2.12%	–
SNV	New	SYNOVUS FINL CORP	$22,322,000	–	770,002	–	2.10%	–
STBZ	New	STATE BK FINL CORP	$22,111,000	–	1,086,550	–	2.08%	–
NRF	New	NORTHSTAR RLTY FIN CORP	$21,203,000	–	1,855,000	–	1.99%	–
IBCP	New	INDEPENDENT BANK CORP MICH	$21,040,000	–	1,450,000	–	1.98%	–
CASH	New	META FINL GROUP INC	$20,684,000	–	405,887	–	1.94%	–
CLNY	New	COLONY CAP INCcl a	$19,787,000	–	1,289,043	–	1.86%	–
OCFC	New	OCEANFIRST FINL CORP	$19,517,000	–	1,074,119	–	1.83%	–
BPOP	New	POPULAR INC	$19,338,000	–	660,000	–	1.82%	–
HBCP	New	HOME BANCORP INC	$18,307,000	–	666,437	–	1.72%	–
BHBK	New	BLUE HILLS BANCORP INC	$18,227,000	–	1,234,873	–	1.71%	–
PHH	New	PHH CORP	$17,950,000	–	1,347,607	–	1.69%	–
TFSL	New	TFS FINL CORP	$17,220,000	–	1,000,000	–	1.62%	–
FLIC	New	FIRST LONG IS CORP	$16,928,000	–	590,455	–	1.59%	–
C	New	CITIGROUP INC	$15,734,000	–	371,180	–	1.48%	–
MBI	New	MBIA INC	$14,070,000	–	2,060,000	–	1.32%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$13,883,000	–	750,000	–	1.30%	–
SFST	New	SOUTHERN FIRST BANCSHARES IN	$12,852,000	–	533,274	–	1.21%	–
AGO	New	ASSURED GUARANTY LTD	$12,685,000	–	500,000	–	1.19%	–
WFD	New	WESTFIELD FINANCIAL INC NEW	$12,646,000	–	1,642,317	–	1.19%	–
MSBI	New	MIDLAND STS BANCORP INC ILL	$12,472,000	–	575,000	–	1.17%	–
HMPR	New	HAMPTON ROADS BANKSHARES INC	$12,286,000	–	6,863,566	–	1.15%	–
AIG	New	AMERICAN INTL GROUP INC	$12,165,000	–	230,000	–	1.14%	–
GBNK	New	GUARANTY BANCORP DEL	$11,343,000	–	679,241	–	1.06%	–
FBNC	New	FIRST BANCORP N C	$11,307,000	–	643,168	–	1.06%	–
ENFC	New	ENTEGRA FINL CORP	$10,741,000	–	614,106	–	1.01%	–
BAC	New	BANK AMER CORP	$9,542,000	–	719,100	–	0.90%	–
CIVBP	New	CIVISTA BANCSHARES INC6.50% pfd ser b	$9,296,000	–	221,331	–	0.87%	–
UCFC	New	UNITED CMNTY FINL CORP OHIO	$9,120,000	–	1,500,000	–	0.86%	–
ESXB	New	COMMUNITY BANKERS TR CORP	$9,039,000	–	1,744,935	–	0.85%	–
FBNK	New	FIRST CONN BANCORP INC MD	$9,010,000	–	544,089	–	0.85%	–
EQBK	New	EQUITY BANCSHARES INC	$8,997,000	–	406,366	–	0.84%	–
SIFI	New	SI FINL GROUP INC MD	$8,937,000	–	675,000	–	0.84%	–
HBMD	New	HOWARD BANCORP INC	$8,783,000	–	675,587	–	0.82%	–
MLVF	New	MALVERN BANCORP INC	$8,567,000	–	549,187	–	0.80%	–
FNWB	New	FIRST NORTHWEST BANCORP	$7,924,000	–	621,958	–	0.74%	–
LION	New	FIDELITY SOUTHERN CORP NEW	$7,835,000	–	500,000	–	0.74%	–
ORRF	New	ORRSTOWN FINL SVCS INC	$7,634,000	–	422,939	–	0.72%	–
TCFC	New	COMMUNITY FINL CORP MD	$7,495,000	–	338,506	–	0.70%	–
SVBI	New	SEVERN BANCORP ANNAPOLIS MD	$7,092,000	–	1,182,000	–	0.67%	–
FIG	New	FORTRESS INVESTMENT GROUP LLcl a	$6,991,000	–	1,581,700	–	0.66%	–
CARO	New	CAROLINA FINL CORP NEW	$6,962,000	–	372,696	–	0.65%	–
PBNC	New	PARAGON COML CORP	$6,462,000	–	184,631	–	0.61%	–
WHLR	New	WHEELER REAL ESTATE INVT TR	$5,852,000	–	3,800,000	–	0.55%	–
AMBC	New	AMBAC FINL GROUP INC	$5,761,000	–	350,000	–	0.54%	–
AC	New	ASSOCIATED CAP GROUP INCcl a	$5,736,000	–	200,000	–	0.54%	–
ABTX	New	ALLEGIANCE BANCSHARES INC	$5,544,000	–	222,838	–	0.52%	–
SBCP	New	SUNSHINE BANCORP INC	$5,441,000	–	384,279	–	0.51%	–
FFWM	New	FIRST FNDTN INC	$5,205,000	–	242,096	–	0.49%	–
EVBS	New	EASTERN VA BANKSHARES INC	$4,989,000	–	660,784	–	0.47%	–
CFCB	New	CENTRUE FINL CORP NEW	$4,766,000	–	273,886	–	0.45%	–
HBK	New	HAMILTON BANCORP INC MD	$4,521,000	–	325,000	–	0.42%	–
ZIONW	New	ZIONS BANCORPORATION*w exp 05/22/202	$4,317,000	–	1,998,500	–	0.40%	–
TSBK	New	TIMBERLAND BANCORP INC	$3,590,000	–	239,322	–	0.34%	–
GFED	New	GUARANTY FED BANCSHARES INC	$3,162,000	–	197,990	–	0.30%	–
RBPAA	New	ROYAL BANCSHARES PA INCcl a	$3,097,000	–	1,370,471	–	0.29%	–
ICBK	New	COUNTY BANCORP INC	$2,953,000	–	143,187	–	0.28%	–
ACFC	New	ATLANTIC COAST FINL CORP	$2,574,000	–	430,414	–	0.24%	–
SFBC	New	SOUND FINL BANCORP INC	$1,796,000	–	75,000	–	0.17%	–
BRG	New	BLUEROCK RESIDENTIAL GRW REI	$1,625,000	–	125,000	–	0.15%	–
MOFG	New	MIDWESTONE FINL GROUP INC NE	$1,614,000	–	56,521	–	0.15%	–
FBP	New	FIRST BANCORP P R	$1,489,000	–	375,000	–	0.14%	–
ARCC	New	ARES CAP CORP	$1,136,000	–	80,000	–	0.11%	–
TMHC	New	TAYLOR MORRISON HOME CORPcl a	$1,113,000	–	75,000	–	0.10%	–
F	New	FORD MTR CO DEL	$943,000	–	75,000	–	0.09%	–
CXO	New	CONCHO RES INC	$895,000	–	7,500	–	0.08%	–
AER	New	AERCAP HOLDINGS NV	$840,000	–	25,000	–	0.08%	–
STI	New	SUNTRUST BKS INC	$822,000	–	20,000	–	0.08%	–
TOL	New	TOLL BROTHERS INC	$807,000	–	30,000	–	0.08%	–
FCH	New	FELCOR LODGING TR INC	$779,000	–	125,000	–	0.07%	–
APC	New	ANADARKO PETE CORP	$741,000	–	13,907	–	0.07%	–
SPWR	New	SUNPOWER CORP	$682,000	–	44,000	–	0.06%	–
PKBK	New	PARKE BANCORP INC	$634,000	–	49,109	–	0.06%	–
HPP	New	HUDSON PAC PPTYS INC	$584,000	–	20,000	–	0.06%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$585,000	–	20,000	–	0.06%	–
ISBC	New	INVESTORS BANCORP INC NEW	$554,000	–	50,000	–	0.05%	–
USDP	New	USD PARTNERS LP	$530,000	–	55,000	–	0.05%	–
NBL	New	NOBLE ENERGY INC	$512,000	–	14,270	–	0.05%	–
LEN	New	LENNAR CORPcl a	$461,000	–	10,000	–	0.04%	–
NRE	New	NORTHSTAR REALTY EUROPE CORP	$463,000	–	50,000	–	0.04%	–
EFC	New	ELLINGTON FINANCIAL LLC	$407,000	–	23,771	–	0.04%	–
AR	New	ANTERO RES CORP	$390,000	–	15,000	–	0.04%	–
AER	New	AERCAP HOLDINGS NVcall	$336,000	–	10,000	–	0.03%	–
A104PS	New	HILTON WORLDWIDE HLDGS INC	$338,000	–	15,000	–	0.03%	–
CNXC	New	CNX COAL RES LP	$330,000	–	35,604	–	0.03%	–
STWD	New	STARWOOD PPTY TR INC	$311,000	–	15,000	–	0.03%	–
CNQ	New	CANADIAN NAT RES LTD	$308,000	–	10,000	–	0.03%	–
GPORQ	New	GULFPORT ENERGY CORP	$313,000	–	10,000	–	0.03%	–
LYG	New	LLOYDS BANKING GROUP PLCsponsored adr	$297,000	–	100,000	–	0.03%	–
NFG	New	NATIONAL FUEL GAS CO N J	$284,000	–	5,000	–	0.03%	–
BXMT	New	BLACKSTONE MTG TR INC	$277,000	–	10,000	–	0.03%	–
NSAM	New	NORTHSTAR ASSET MGMT GROUP I	$204,000	–	20,000	–	0.02%	–
SPNV	New	SUPERIOR ENERGY SVCS INC	$184,000	–	10,000	–	0.02%	–
ENLK	New	ENLINK MIDSTREAM PARTNERS LP	$166,000	–	10,000	–	0.02%	–

Q4 2015

			Value		Shares		↓ Weighting
NHF	Exit	NEXPOINT CR STRATEGIES FD	$0	–	-7,200	–	-0.00%	–
HCRSQ	Exit	HI-CRUSH PARTNERS LP	$0	–	-10,000	–	-0.00%	–
MEMPQ	Exit	MEMORIAL PRODTN PARTNERS LP	$0	–	-30,000	–	-0.01%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP I	$0	–	-10,000	–	-0.01%	–
A104PS	Exit	HILTON WORLDWIDE HLDGS INCcall	$0	–	-10,000	–	-0.01%	–
JCAP	Exit	JERNIGAN CAP INC	$0	–	-13,123	–	-0.01%	–
APO	Exit	APOLLO GLOBAL MGMT LLC	$0	–	-15,000	–	-0.01%	–
USDP	Exit	USD PARTNERS LP	$0	–	-35,775	–	-0.01%	–
A104PS	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-13,000	–	-0.01%	–
CNXC	Exit	CNX COAL RES LP	$0	–	-25,000	–	-0.01%	–
IYR	Exit	ISHARES TRput	$0	–	-5,000	–	-0.02%	–
BXMT	Exit	BLACKSTONE MTG TR INC	$0	–	-15,000	–	-0.02%	–
TMHC	Exit	TAYLOR MORRISON HOME CORPcl a	$0	–	-25,000	–	-0.02%	–
CLDT	Exit	CHATHAM LODGING TR	$0	–	-22,000	–	-0.02%	–
KKR	Exit	KKR & CO L P DEL	$0	–	-30,000	–	-0.02%	–
AHT	Exit	ASHFORD HOSPITALITY TR INC	$0	–	-80,000	–	-0.02%	–
NMPRH	Exit	NAVIOS MARITIME HLDGS INCspon adr pfd h	$0	–	-30,000	–	-0.02%	–
GGP	Exit	GENERAL GROWTH PPTYS INC NEW	$0	–	-20,000	–	-0.02%	–
CVRR	Exit	CVR REFNG LP	$0	–	-30,000	–	-0.03%	–
NTI	Exit	NORTHERN TIER ENERGY LP	$0	–	-25,000	–	-0.03%	–
XUE	Exit	XUEDA ED GROUPsponsored adr	$0	–	-126,157	–	-0.03%	–
FCH	Exit	FELCOR LODGING TR INC	$0	–	-110,000	–	-0.04%	–
HYG	Exit	ISHARES TRput	$0	–	-10,000	–	-0.04%	–
F	Exit	FORD MTR CO DEL	$0	–	-75,000	–	-0.05%	–
ARCC	Exit	ARES CAP CORP	$0	–	-70,000	–	-0.05%	–
NXRT	Exit	NEXPOINT RESIDENTIAL TR INC	$0	–	-80,000	–	-0.05%	–
GBL	Exit	GAMCO INVESTORS INC	$0	–	-20,000	–	-0.05%	–
EFC	Exit	ELLINGTON FINANCIAL LLC	$0	–	-75,000	–	-0.06%	–
SFBC	Exit	SOUND FINL BANCORP INC	$0	–	-75,000	–	-0.07%	–
ARI	Exit	APOLLO COML REAL EST FIN INC	$0	–	-100,000	–	-0.08%	–
BRG	Exit	BLUEROCK RESIDENT GR REIT IN	$0	–	-135,000	–	-0.08%	–
CLBH	Exit	CAROLINA BK HLDGS INC GREENS	$0	–	-128,300	–	-0.08%	–
RBPAA	Exit	ROYAL BANCSHARES PA INCcl a	$0	–	-968,170	–	-0.10%	–
HBCP	Exit	HOME BANCORP INC	$0	–	-104,972	–	-0.13%	–
MSL	Exit	MIDSOUTH BANCORP INC	$0	–	-236,277	–	-0.13%	–
GFED	Exit	GUARANTY FED BANCSHARES INC	$0	–	-197,990	–	-0.14%	–
TSBK	Exit	TIMBERLAND BANCORP INC	$0	–	-294,099	–	-0.16%	–
FFNW	Exit	FIRST FINANCIAL NORTHWEST IN	$0	–	-322,169	–	-0.19%	–
FXCB	Exit	FOX CHASE BANCORP INC NEW	$0	–	-237,009	–	-0.20%	–
EVBS	Exit	EASTERN VA BANKSHARES INC	$0	–	-660,784	–	-0.22%	–
BNK	Exit	C1 FINL INC	$0	–	-284,126	–	-0.26%	–
OZRK	Exit	BANK OF THE OZARKS INC	$0	–	-124,919	–	-0.26%	–
ZIONW	Exit	ZIONS BANCORPORATION*w exp 05/22/202	$0	–	-1,573,500	–	-0.28%	–
ICBK	Exit	COUNTY BANCORP INC	$0	–	-300,000	–	-0.28%	–
FFWM	Exit	FIRST FNDTN INC	$0	–	-263,000	–	-0.29%	–
HBMD	Exit	HOWARD BANCORP INC	$0	–	-434,782	–	-0.30%	–
BNCN	Exit	BNC BANCORP	$0	–	-281,172	–	-0.30%	–
UBNK	Exit	UNITED FINL BANCORP INC NEW	$0	–	-500,000	–	-0.32%	–
WHLR	Exit	WHEELER REAL ESTATE INVT TR	$0	–	-3,455,000	–	-0.32%	–
TCFC	Exit	COMMUNITY FINL CORP MD	$0	–	-293,395	–	-0.34%	–
BHBK	Exit	BLUE HILLS BANCORP INC	$0	–	-500,000	–	-0.34%	–
CIVBP	Exit	CIVISTA BANCSHARES INC6.50% pfd ser b	$0	–	-221,331	–	-0.36%	–
UCFC	Exit	UNITED CMNTY FINL CORP OHIO	$0	–	-1,500,000	–	-0.36%	–
FNWB	Exit	FIRST NORTHWEST BANCORP	$0	–	-614,278	–	-0.37%	–
SIFI	Exit	SI FINL GROUP INC MD	$0	–	-675,000	–	-0.39%	–
FNFG	Exit	FIRST NIAGARA FINL GP INC	$0	–	-800,000	–	-0.40%	–
FSB	Exit	FRANKLIN FINL NETWORK INC	$0	–	-380,000	–	-0.41%	–
FBNC	Exit	FIRST BANCORP N C	$0	–	-499,678	–	-0.41%	–
ESXB	Exit	COMMUNITY BANKERS TR CORP	$0	–	-1,744,935	–	-0.42%	–
FBNK	Exit	FIRST CONN BANCORP INC MD	$0	–	-544,089	–	-0.43%	–
COB	Exit	COMMUNITYONE BANCORP	$0	–	-810,032	–	-0.43%	–
TBNK	Exit	TERRITORIAL BANCORP INC	$0	–	-341,030	–	-0.43%	–
WFD	Exit	WESTFIELD FINANCIAL INC NEW	$0	–	-1,172,607	–	-0.44%	–
ORRF	Exit	ORRSTOWN FINL SVCS INC	$0	–	-553,391	–	-0.45%	–
ENFC	Exit	ENTEGRA FINL CORP	$0	–	-568,855	–	-0.48%	–
CMA	Exit	COMERICA INC	$0	–	-250,000	–	-0.50%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES IN	$0	–	-507,123	–	-0.50%	–
FLIC	Exit	FIRST LONG IS CORP	$0	–	-388,732	–	-0.51%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-500,000	–	-0.51%	–
AVNU	Exit	AVENUE FINL HLDGS INC	$0	–	-819,795	–	-0.53%	–
SCNB	Exit	SUFFOLK BANCORP	$0	–	-460,717	–	-0.61%	–
KRNY	Exit	KEARNY FINL CORP MD	$0	–	-1,236,192	–	-0.69%	–
FBP	Exit	FIRST BANCORP PR	$0	–	-4,000,000	–	-0.69%	–
HMPR	Exit	HAMPTON ROADS BANKSHARES INC	$0	–	-7,735,077	–	-0.71%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-525,000	–	-0.79%	–
TLMR	Exit	TALMER BANCORP INC	$0	–	-998,200	–	-0.81%	–
	Exit	WALTER INVT MGMT CORPnote 4.500%11/0	$0	–	-23,020,000	–	-0.81%	–
CPF	Exit	CENTRAL PAC FINL CORP	$0	–	-825,000	–	-0.84%	–
RF	Exit	REGIONS FINL CORP NEW	$0	–	-2,105,000	–	-0.92%	–
YDKN	Exit	YADKIN FINL CORP	$0	–	-900,000	–	-0.94%	–
BAC	Exit	BANK AMER CORP	$0	–	-1,250,000	–	-0.95%	–
SNBC	Exit	SUN BANCORP INC	$0	–	-1,016,099	–	-0.95%	–
BNCL	Exit	BENEFICIAL BANCORP INC	$0	–	-1,500,000	–	-0.97%	–
VIRT	Exit	VIRTU FINL INCcl a	$0	–	-872,366	–	-0.97%	–
ZION	Exit	ZIONS BANCORPORATION	$0	–	-750,000	–	-1.00%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-550,000	–	-1.02%	–
IBCP	Exit	INDEPENDENT BANK CORP MICH	$0	–	-1,450,000	–	-1.04%	–
BANR	Exit	BANNER CORP	$0	–	-475,000	–	-1.10%	–
EBSB	Exit	MERIDIAN BANCORP INC MD	$0	–	-2,199,999	–	-1.46%	–
ABCW	Exit	ANCHOR BANCORP WIS INC DEL	$0	–	-719,796	–	-1.49%	–
PHH	Exit	PHH CORP	$0	–	-2,398,682	–	-1.64%	–
STI	Exit	SUNTRUST BKS INC	$0	–	-935,208	–	-1.74%	–
ISBC	Exit	INVESTORS BANCORP INC NEW	$0	–	-3,000,000	–	-1.80%	–
TFSL	Exit	TFS FINL CORP	$0	–	-2,250,000	–	-1.88%	–
KKR	Exit	KKR & CO L P DELcall	$0	–	-2,500,000	–	-2.04%	–
SNV	Exit	SYNOVUS FINL CORP	$0	–	-1,530,002	–	-2.20%	–
CFG	Exit	CITIZENS FINL GROUP INC	$0	–	-1,962,232	–	-2.27%	–
NRF	Exit	NORTHSTAR RLTY FIN CORP	$0	–	-4,990,000	–	-2.99%	–
SWAY	Exit	STARWOOD WAYPOINT RESIDENTL	$0	–	-3,618,892	–	-4.19%	–
ALEX	Exit	ALEXANDER & BALDWIN INC NEW	$0	–	-2,623,130	–	-4.37%	–
ACAS	Exit	AMERICAN CAPITAL LTD	$0	–	-8,534,770	–	-5.04%	–
NRZ	Exit	NEW RESIDENTIAL INVT CORP	$0	–	-9,909,214	–	-6.30%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-8,029,175	–	-8.00%	–
CLNY	Exit	COLONY CAP INCcl a	$0	–	-10,531,028	–	-10.00%	–
ALLY	Exit	ALLY FINL INC	$0	–	-12,983,302	–	-12.85%	–

Q3 2015

			Value		Shares		↓ Weighting
ALLY	Sell	ALLY FINL INC	$264,600,000	-23.2%	12,983,302	-15.5%	12.85%	+1.1%
CLNY	Sell	COLONY CAP INCcl a	$205,987,000	-15.2%	10,531,028	-1.8%	10.00%	+11.8%
STWD	Sell	STARWOOD PPTY TR INC	$164,759,000	-38.3%	8,029,175	-35.1%	8.00%	-18.7%
NRZ	Buy	NEW RESIDENTIAL INVT CORP	$129,811,000	-7.6%	9,909,214	+7.5%	6.30%	+21.7%
ACAS	Sell	AMERICAN CAPITAL LTD	$103,783,000	-41.5%	8,534,770	-34.8%	5.04%	-23.0%
ALEX	Buy	ALEXANDER & BALDWIN INC NEW	$90,052,000	+15.8%	2,623,130	+32.9%	4.37%	+52.6%
NRF	Buy	NORTHSTAR RLTY FIN CORP	$61,627,000	+4458.2%	4,990,000	+5770.6%	2.99%	+5886.0%
CFG	Buy	CITIZENS FINL GROUP INC	$46,819,000	+80.5%	1,962,232	+106.6%	2.27%	+137.6%
SNV	Buy	SYNOVUS FINL CORP	$45,288,000	+193.9%	1,530,002	+206.0%	2.20%	+287.3%
KKR	New	KKR & CO L P DELcall	$41,950,000	–	2,500,000	–	2.04%	–
TFSL	Sell	TFS FINL CORP	$38,813,000	-7.7%	2,250,000	-10.0%	1.88%	+21.6%
ISBC	Sell	INVESTORS BANCORP INC NEW	$37,020,000	-7.4%	3,000,000	-7.7%	1.80%	+22.0%
STI	Buy	SUNTRUST BKS INC	$35,762,000	+454.2%	935,208	+523.5%	1.74%	+629.8%
PHH	Sell	PHH CORP	$33,869,000	-68.1%	2,398,682	-41.1%	1.64%	-57.9%
EBSB	Buy	MERIDIAN BANCORP INC MD	$30,074,000	+12.1%	2,199,999	+10.0%	1.46%	+47.7%
BANR	Buy	BANNER CORP	$22,691,000	+163.0%	475,000	+163.9%	1.10%	+246.5%
AER	Buy	AERCAP HOLDINGS NV	$21,032,000	+8.1%	550,000	+29.4%	1.02%	+42.2%
ZION	New	ZIONS BANCORPORATION	$20,655,000	–	750,000	–	1.00%	–
VIRT	Sell	VIRTU FINL INCcl a	$19,995,000	-12.7%	872,366	-10.5%	0.97%	+15.0%
BAC	Sell	BANK AMER CORP	$19,475,000	-42.8%	1,250,000	-37.5%	0.95%	-24.6%
YDKN	Buy	YADKIN FINL CORP	$19,341,000	+84.6%	900,000	+80.0%	0.94%	+143.3%
RF	New	REGIONS FINL CORP NEW	$18,966,000	–	2,105,000	–	0.92%	–
CPF	New	CENTRAL PAC FINL CORP	$17,300,000	–	825,000	–	0.84%	–
	Sell	WALTER INVT MGMT CORPnote 4.500%11/0	$16,706,000	-27.7%	23,020,000	-17.8%	0.81%	-4.8%
TLMR	Sell	TALMER BANCORP INC	$16,620,000	-0.8%	998,200	-0.2%	0.81%	+30.6%
AL	New	AIR LEASE CORPcl a	$16,233,000	–	525,000	–	0.79%	–
HMPR	Sell	HAMPTON ROADS BANKSHARES INC	$14,697,000	-8.8%	7,735,077	-0.1%	0.71%	+20.2%
FBP	Buy	FIRST BANCORP PR	$14,240,000	-9.1%	4,000,000	+23.1%	0.69%	+19.7%
KRNY	New	KEARNY FINL CORP MD	$14,179,000	–	1,236,192	–	0.69%	–
SCNB	Buy	SUFFOLK BANCORP	$12,587,000	+9.4%	460,717	+2.8%	0.61%	+44.1%
FLIC	Buy	FIRST LONG IS CORP	$10,507,000	+6.9%	388,732	+9.7%	0.51%	+40.9%
CMA	Buy	COMERICA INC	$10,275,000	+33.5%	250,000	+66.7%	0.50%	+75.7%
ORRF	Buy	ORRSTOWN FINL SVCS INC	$9,330,000	+46.7%	553,391	+40.8%	0.45%	+92.8%
WFD	Buy	WESTFIELD FINANCIAL INC NEW	$8,970,000	+169.0%	1,172,607	+157.1%	0.44%	+254.5%
ESXB	Buy	COMMUNITY BANKERS TR CORP	$8,742,000	+8.0%	1,744,935	+7.2%	0.42%	+42.6%
FBNC	New	FIRST BANCORP N C	$8,495,000	–	499,678	–	0.41%	–
FNFG	New	FIRST NIAGARA FINL GP INC	$8,168,000	–	800,000	–	0.40%	–
SIFI	Buy	SI FINL GROUP INC MD	$8,033,000	+38.0%	675,000	+35.0%	0.39%	+81.4%
FNWB	Buy	FIRST NORTHWEST BANCORP	$7,605,000	+1.6%	614,278	+2.4%	0.37%	+33.7%
WHLR	Buy	WHEELER REAL ESTATE INVT TR	$6,564,000	-3.4%	3,455,000	+3.2%	0.32%	+27.1%
UBNK	Sell	UNITED FINL BANCORP INC NEW	$6,525,000	-19.2%	500,000	-16.8%	0.32%	+6.4%
BNCN	Buy	BNC BANCORP	$6,250,000	+140.7%	281,172	+109.3%	0.30%	+216.7%
FFWM	New	FIRST FNDTN INC	$5,989,000	–	263,000	–	0.29%	–
OZRK	New	BANK OF THE OZARKS INC	$5,466,000	–	124,919	–	0.26%	–
BNK	Buy	C1 FINL INC	$5,413,000	+39.2%	284,126	+41.5%	0.26%	+83.9%
EVBS	Buy	EASTERN VA BANKSHARES INC	$4,460,000	+7.2%	660,784	+0.2%	0.22%	+41.8%
FXCB	New	FOX CHASE BANCORP INC NEW	$4,114,000	–	237,009	–	0.20%	–
FFNW	Buy	FIRST FINANCIAL NORTHWEST IN	$3,895,000	+2.9%	322,169	+6.0%	0.19%	+35.0%
MSL	Sell	MIDSOUTH BANCORP INC	$2,764,000	-45.5%	236,277	-28.9%	0.13%	-28.3%
HBCP	New	HOME BANCORP INC	$2,707,000	–	104,972	–	0.13%	–
RBPAA	Buy	ROYAL BANCSHARES PA INCcl a	$2,053,000	+22.9%	968,170	+15.9%	0.10%	+61.3%
BRG	New	BLUEROCK RESIDENT GR REIT IN	$1,617,000	–	135,000	–	0.08%	–
ARI	Buy	APOLLO COML REAL EST FIN INC	$1,571,000	+47.1%	100,000	+53.8%	0.08%	+94.9%
EFC	Sell	ELLINGTON FINANCIAL LLC	$1,341,000	-37.0%	75,000	-34.8%	0.06%	-17.7%
GBL	New	GAMCO INVESTORS INC	$1,098,000	–	20,000	–	0.05%	–
NXRT	Buy	NEXPOINT RESIDENTIAL TR INC	$1,069,000	+6.2%	80,000	+6.7%	0.05%	+40.5%
F	Buy	FORD MTR CO DEL	$1,018,000	+13.0%	75,000	+25.0%	0.05%	+48.5%
HYG	Sell	ISHARES TRput	$833,000	-73.2%	10,000	-71.4%	0.04%	-65.2%
FCH	Buy	FELCOR LODGING TR INC	$778,000	+6.4%	110,000	+48.6%	0.04%	+40.7%
XUE	New	XUEDA ED GROUPsponsored adr	$651,000	–	126,157	–	0.03%	–
NTI	Sell	NORTHERN TIER ENERGY LP	$570,000	-40.1%	25,000	-37.5%	0.03%	-20.0%
GGP	New	GENERAL GROWTH PPTYS INC NEW	$519,000	–	20,000	–	0.02%	–
KKR	Buy	KKR & CO L P DEL	$503,000	-11.9%	30,000	+20.0%	0.02%	+14.3%
AHT	Sell	ASHFORD HOSPITALITY TR INC	$488,000	-51.1%	80,000	-32.2%	0.02%	-35.1%
CLDT	Sell	CHATHAM LODGING TR	$473,000	-38.4%	22,000	-24.1%	0.02%	-17.9%
TMHC	Buy	TAYLOR MORRISON HOME CORPcl a	$467,000	+14.7%	25,000	+25.0%	0.02%	+53.3%
BXMT	Sell	BLACKSTONE MTG TR INC	$412,000	-97.5%	15,000	-97.4%	0.02%	-96.7%
IYR	Sell	ISHARES TRput	$355,000	-83.4%	5,000	-83.3%	0.02%	-78.5%
USDP	Buy	USD PARTNERS LP	$287,000	-18.5%	35,775	+19.8%	0.01%	+7.7%
CNXC	New	CNX COAL RES LP	$281,000	–	25,000	–	0.01%	–
A104PS	Sell	HILTON WORLDWIDE HLDGS INC	$298,000	-43.0%	13,000	-31.6%	0.01%	-26.3%
A104PS	New	HILTON WORLDWIDE HLDGS INCcall	$229,000	–	10,000	–	0.01%	–
JCAP	New	JERNIGAN CAP INC	$229,000	–	13,123	–	0.01%	–
NSAM	New	NORTHSTAR ASSET MGMT GROUP I	$144,000	–	10,000	–	0.01%	–
MEMPQ	Sell	MEMORIAL PRODTN PARTNERS LP	$144,000	-83.8%	30,000	-50.0%	0.01%	-78.8%
HCRSQ	Sell	HI-CRUSH PARTNERS LP	$75,000	-87.0%	10,000	-46.8%	0.00%	-81.0%
NHF	New	NEXPOINT CR STRATEGIES FD	$41,000	–	7,200	–	0.00%	–
QEP	Exit	QEP RES INC	$0	–	-5,000	–	-0.00%	–
ADC	Exit	AGREE REALTY CORP	$0	–	-5,000	–	-0.01%	–
UPLMQ	Exit	ULTRA PETROLEUM CORP	$0	–	-10,000	–	-0.01%	–
CNX	Exit	CONSOL ENERGY INC	$0	–	-10,000	–	-0.01%	–
EMESQ	Exit	EMERGE ENERGY SVCS LP	$0	–	-6,000	–	-0.01%	–
NVGS	Exit	NAVIGATOR HOLDINGS LTD	$0	–	-12,000	–	-0.01%	–
VISN	Exit	VISIONCHINA MEDIA INCspon adr new	$0	–	-20,000	–	-0.01%	–
CRZO	Exit	CARRIZO OIL & GAS INC	$0	–	-5,000	–	-0.01%	–
CONE	Exit	CYRUSONE INC	$0	–	-10,000	–	-0.01%	–
OGE	Exit	OGE ENERGY CORP	$0	–	-10,000	–	-0.01%	–
DVN	Exit	DEVON ENERGY CORP NEW	$0	–	-5,000	–	-0.01%	–
NFX	Exit	NEWFIELD EXPL CO	$0	–	-10,000	–	-0.01%	–
EQT	Exit	EQT CORP	$0	–	-5,000	–	-0.02%	–
HOT	Exit	STARWOOD HOTELS&RESORTS WRLDcall	$0	–	-5,000	–	-0.02%	–
DANG	Exit	E-COMMERCE CHINA DANGDANG INcall	$0	–	-50,000	–	-0.02%	–
TSO	Exit	TESORO CORP	$0	–	-5,000	–	-0.02%	–
H	Exit	HYATT HOTELS CORP	$0	–	-8,000	–	-0.02%	–
ETP	Exit	ENERGY TRANSFER PRTNRS L Punit ltd partn	$0	–	-10,000	–	-0.02%	–
MAC	Exit	MACERICH CO	$0	–	-7,500	–	-0.02%	–
SWN	Exit	SOUTHWESTERN ENERGY CO	$0	–	-25,000	–	-0.02%	–
XNET	Exit	XUNLEI LTDcall	$0	–	-50,000	–	-0.02%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-5,000	–	-0.03%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-10,000	–	-0.03%	–
ZPIN	Exit	ZHAOPIN LTDsponsored adr	$0	–	-50,000	–	-0.03%	–
APC	Exit	ANADARKO PETE CORP	$0	–	-10,000	–	-0.03%	–
CCIHY	Exit	CHINACACHE INTL HLDG LTDcall	$0	–	-50,000	–	-0.03%	–
DL	Exit	CHINA DISTANCE ED HLDGS LTDcall	$0	–	-50,000	–	-0.03%	–
DL	Exit	CHINA DISTANCE ED HLDGS LTDspons adr	$0	–	-50,000	–	-0.03%	–
WB	Exit	WEIBO CORPcall	$0	–	-50,000	–	-0.03%	–
EOG	Exit	EOG RES INC	$0	–	-10,000	–	-0.03%	–
CCS	Exit	CENTURY CMNTYS INC	$0	–	-44,300	–	-0.03%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-30,000	–	-0.03%	–
AMCN	Exit	AIRMEDIA GROUP INCsponsored adr	$0	–	-200,000	–	-0.04%	–
YOKU	Exit	YOUKU TUDOU INCcall	$0	–	-50,000	–	-0.04%	–
FENG	Exit	PHOENIX NEW MEDIA LTDsponsored ads	$0	–	-143,700	–	-0.04%	–
HOLI	Exit	HOLLYSYS AUTOMATION TECHNOLOcall	$0	–	-50,000	–	-0.04%	–
HOLI	Exit	HOLLYSYS AUTOMATION TECHNOLO	$0	–	-50,000	–	-0.04%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-28,573	–	-0.04%	–
QUNR	Exit	QUNAR CAYMAN IS LTDspns adr cl b	$0	–	-30,000	–	-0.05%	–
RRC	Exit	RANGE RES CORP	$0	–	-30,000	–	-0.06%	–
	Exit	TARENA INTL INCadr	$0	–	-130,000	–	-0.06%	–
BABA	Exit	ALIBABA GROUP HLDG LTDcall	$0	–	-20,000	–	-0.06%	–
SFUN	Exit	SOUFUN HLDGS LTDcall	$0	–	-200,000	–	-0.06%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-29,800	–	-0.07%	–
WUBA	Exit	58 COM INCcall	$0	–	-30,000	–	-0.07%	–
PBIP	Exit	PRUDENTIAL BANCORP INC NEW	$0	–	-135,346	–	-0.07%	–
SFUN	Exit	SOUFUN HLDGS LTDadr	$0	–	-250,000	–	-0.08%	–
VIPS	Exit	VIPSHOP HLDGS LTDcall	$0	–	-100,000	–	-0.09%	–
ACRE	Exit	ARES COML REAL ESTATE CORP	$0	–	-218,111	–	-0.09%	–
QIHU	Exit	QIHOO 360 TECHNOLOGY CO LTDcall	$0	–	-60,000	–	-0.15%	–
AVOL	Exit	AVOLON HLDGS LTD	$0	–	-177,420	–	-0.15%	–
JMEI	Exit	JUMEI INTL HLDG LTDsponsored adr	$0	–	-200,000	–	-0.17%	–
JMEI	Exit	JUMEI INTL HLDG LTDcall	$0	–	-300,000	–	-0.25%	–
LION	Exit	FIDELITY SOUTHERN CORP NEW	$0	–	-499,759	–	-0.32%	–
	Exit	COLONY CAP INCnote 3.875% 1/1	$0	–	-10,500,000	–	-0.39%	–
FXP	Exit	PROSHARES TRput	$0	–	-500,000	–	-0.54%	–
YY	Exit	YY INCcall	$0	–	-210,000	–	-0.56%	–
YANG	Exit	DIREXION SHS ETF TRput	$0	–	-310,000	–	-0.73%	–
KRE	Exit	SPDR SERIES TRUSTput	$0	–	-500,000	–	-0.81%	–
KEY	Exit	KEYCORP NEW	$0	–	-1,500,000	–	-0.83%	–
C	Exit	CITIGROUP INC	$0	–	-500,000	–	-1.02%	–
LEAF	Exit	SPRINGLEAF HLDGS INC	$0	–	-679,645	–	-1.15%	–
PMT	Exit	PENNYMAC MTG INVT TR	$0	–	-2,134,280	–	-1.37%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-7,239,691	–	-4.28%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-1,000,000	–	-7.59%	–

Q2 2015

			Value		Shares		↓ Weighting
ALLY	New	ALLY FINL INC	$344,735,000	–	15,369,369	–	12.71%	–
STWD	New	STARWOOD PPTY TR INC	$267,019,000	–	12,379,192	–	9.85%	–
CLNY	New	COLONY CAP INC	$242,816,000	–	10,720,352	–	8.95%	–
SPY	New	SPDR S&P 500 ETF TRput	$205,850,000	–	1,000,000	–	7.59%	–
ACAS	New	AMERICAN CAPITAL LTD	$177,502,000	–	13,099,800	–	6.54%	–
NRZ	New	NEW RESIDENTIAL INVT CORP	$140,457,000	–	9,216,368	–	5.18%	–
AMH	New	AMERICAN HOMES 4 RENTcl a	$116,125,000	–	7,239,691	–	4.28%	–
PHH	New	PHH CORP	$106,018,000	–	4,072,898	–	3.91%	–
SWAY	New	STARWOOD WAYPOINT RESIDENTL	$85,985,000	–	3,618,892	–	3.17%	–
ALEX	New	ALEXANDER & BALDWIN INC NEW	$77,741,000	–	1,973,130	–	2.87%	–
TFSL	New	TFS FINL CORP	$42,050,000	–	2,500,000	–	1.55%	–
ISBC	New	INVESTORS BANCORP INC NEW	$39,975,000	–	3,250,000	–	1.47%	–
PMT	New	PENNYMAC MTG INVT TR	$37,201,000	–	2,134,280	–	1.37%	–
BAC	New	BANK AMER CORP	$34,040,000	–	2,000,000	–	1.26%	–
LEAF	New	SPRINGLEAF HLDGS INC	$31,203,000	–	679,645	–	1.15%	–
C	New	CITIGROUP INC	$27,620,000	–	500,000	–	1.02%	–
ABCW	New	ANCHOR BANCORP WIS INC DEL	$27,338,000	–	719,796	–	1.01%	–
EBSB	New	MERIDIAN BANCORP INC MD	$26,820,000	–	1,999,999	–	0.99%	–
CFG	New	CITIZENS FINL GROUP INC	$25,944,000	–	950,000	–	0.96%	–
	New	WALTER INVT MGMT CORPnote 4.500%11/0	$23,103,000	–	28,020,000	–	0.85%	–
VIRT	New	VIRTU FINL INCcl a	$22,893,000	–	975,000	–	0.84%	–
KEY	New	KEYCORP NEW	$22,530,000	–	1,500,000	–	0.83%	–
KRE	New	SPDR SERIES TRUSTput	$22,080,000	–	500,000	–	0.81%	–
YANG	New	DIREXION SHS ETF TRput	$19,740,000	–	310,000	–	0.73%	–
IBCP	New	INDEPENDENT BANK CORP - MICH	$19,662,000	–	1,450,000	–	0.72%	–
SNBC	New	SUN BANCORP INC	$19,560,000	–	1,016,099	–	0.72%	–
AER	New	AERCAP HOLDINGS NV	$19,461,000	–	425,000	–	0.72%	–
BNCL	New	BENEFICIAL BANCORP INC	$18,735,000	–	1,500,000	–	0.69%	–
TLMR	New	TALMER BANCORP INC	$16,750,000	–	1,000,000	–	0.62%	–
BXMT	New	BLACKSTONE MTG TR INC	$16,275,000	–	585,000	–	0.60%	–
HMPR	New	HAMPTON ROADS BANKSHARES INC	$16,108,000	–	7,744,396	–	0.59%	–
FBP	New	FIRST BANCORP PR	$15,665,000	–	3,250,000	–	0.58%	–
SNV	New	SYNOVUS FINL CORP	$15,410,000	–	500,002	–	0.57%	–
YY	New	YY INCcall	$15,055,000	–	210,000	–	0.56%	–
FXP	New	PROSHARES TRput	$14,710,000	–	500,000	–	0.54%	–
SCNB	New	SUFFOLK BANCORP	$11,501,000	–	448,223	–	0.42%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$11,110,000	–	500,000	–	0.41%	–
	New	COLONY CAP INCnote 3.875% 1/1	$10,566,000	–	10,500,000	–	0.39%	–
YDKN	New	YADKIN FINL CORP	$10,475,000	–	500,000	–	0.39%	–
AVNU	New	AVENUE FINL HLDGS INC	$10,338,000	–	819,795	–	0.38%	–
ENFC	New	ENTEGRA FINL CORP	$9,983,000	–	568,855	–	0.37%	–
FLIC	New	FIRST LONG IS CORP	$9,825,000	–	354,437	–	0.36%	–
SFST	New	SOUTHERN FIRST BANCSHARES IN	$9,078,000	–	507,123	–	0.34%	–
COB	New	COMMUNITYONE BANCORP	$8,724,000	–	810,032	–	0.32%	–
LION	New	FIDELITY SOUTHERN CORP NEW	$8,716,000	–	499,759	–	0.32%	–
FSB	New	FRANKLIN FINL NETWORK INC	$8,717,000	–	380,000	–	0.32%	–
FBNK	New	FIRST CONN BANCORP INC MD	$8,635,000	–	544,089	–	0.32%	–
BANR	New	BANNER CORP	$8,627,000	–	180,000	–	0.32%	–
ZIONW	New	ZIONS BANCORPORATIONw exp 05/22/202	$8,497,000	–	1,573,500	–	0.31%	–
TBNK	New	TERRITORIAL BANCORP INC	$8,273,000	–	341,030	–	0.30%	–
UBNK	New	UNITED FINL BANCORP INC NEW	$8,080,000	–	600,741	–	0.30%	–
ESXB	New	COMMUNITY BANKERS TR CORP	$8,092,000	–	1,628,188	–	0.30%	–
UCFC	New	UNITED CMNTY FINL CORP OHIO	$8,025,000	–	1,500,000	–	0.30%	–
CIVBP	New	CIVISTA BANCSHARES INC6.50% pfd ser b	$7,720,000	–	221,331	–	0.28%	–
CMA	New	COMERICA INC	$7,698,000	–	150,000	–	0.28%	–
FNWB	New	FIRST NORTHWEST BANCORP	$7,482,000	–	600,000	–	0.28%	–
BHBK	New	BLUE HILLS BANCORP INC	$7,000,000	–	500,000	–	0.26%	–
JMEI	New	JUMEI INTL HLDG LTDcall	$6,852,000	–	300,000	–	0.25%	–
WHLR	New	WHEELER REAL ESTATE INVT TR	$6,798,000	–	3,348,943	–	0.25%	–
STI	New	SUNTRUST BKS INC	$6,453,000	–	150,000	–	0.24%	–
ORRF	New	ORRSTOWN FINL SVCS INC	$6,360,000	–	393,070	–	0.24%	–
TCFC	New	COMMUNITY FINL CORP MD	$6,308,000	–	293,395	–	0.23%	–
SIFI	New	SI FINL GROUP INC MD	$5,820,000	–	500,000	–	0.22%	–
HBMD	New	HOWARD BANCORP INC	$5,778,000	–	434,782	–	0.21%	–
ICBK	New	COUNTY BANCORP INC	$5,700,000	–	300,000	–	0.21%	–
MSL	New	MIDSOUTH BANCORP INC	$5,070,000	–	332,222	–	0.19%	–
JMEI	New	JUMEI INTL HLDG LTDsponsored adr	$4,568,000	–	200,000	–	0.17%	–
EVBS	New	EASTERN VA BANKSHARES INC	$4,162,000	–	659,584	–	0.15%	–
AVOL	New	AVOLON HLDGS LTD	$4,074,000	–	177,420	–	0.15%	–
QIHU	New	QIHOO 360 TECHNOLOGY CO LTDcall	$3,957,000	–	60,000	–	0.15%	–
BNK	New	C1 FINL INC	$3,890,000	–	200,734	–	0.14%	–
FFNW	New	FIRST FINANCIAL NORTHWEST IN	$3,786,000	–	303,889	–	0.14%	–
WFD	New	WESTFIELD FINANCIAL INC NEW	$3,334,000	–	456,082	–	0.12%	–
HYG	New	ISHARESput	$3,108,000	–	35,000	–	0.12%	–
TSBK	New	TIMBERLAND BANCORP INC	$2,947,000	–	294,099	–	0.11%	–
GFED	New	GUARANTY FED BANCSHARES INC	$2,914,000	–	197,990	–	0.11%	–
BNCN	New	BNC BANCORP	$2,597,000	–	134,330	–	0.10%	–
ACRE	New	ARES COML REAL ESTATE CORP	$2,484,000	–	218,111	–	0.09%	–
VIPS	New	VIPSHOP HLDGS LTDcall	$2,397,000	–	100,000	–	0.09%	–
EFC	New	ELLINGTON FINANCIAL LLC	$2,129,000	–	115,000	–	0.08%	–
IYR	New	ISHARES TRput	$2,139,000	–	30,000	–	0.08%	–
SFUN	New	SOUFUN HLDGS LTDadr	$2,102,000	–	250,000	–	0.08%	–
PBIP	New	PRUDENTIAL BANCORP INC NEW	$1,963,000	–	135,346	–	0.07%	–
WUBA	New	58 COM INCcall	$1,922,000	–	30,000	–	0.07%	–
WUBA	New	58 COM INCspon adr rep a	$1,909,000	–	29,800	–	0.07%	–
RBPAA	New	ROYAL BANCSHARES PA INCcl a	$1,670,000	–	835,211	–	0.06%	–
SFUN	New	SOUFUN HLDGS LTDcall	$1,682,000	–	200,000	–	0.06%	–
BABA	New	ALIBABA GROUP HLDG LTDcall	$1,647,000	–	20,000	–	0.06%	–
	New	TARENA INTL INCadr	$1,646,000	–	130,000	–	0.06%	–
SFBC	New	SOUND FINL BANCORP INC	$1,574,000	–	75,000	–	0.06%	–
CLBH	New	CAROLINA BK HLDGS INC GREENS	$1,554,000	–	128,300	–	0.06%	–
RRC	New	RANGE RES CORP	$1,481,000	–	30,000	–	0.06%	–
NRF	New	NORTHSTAR RLTY FIN CORP	$1,352,000	–	85,000	–	0.05%	–
QUNR	New	QUNAR CAYMAN IS LTDspns adr cl b	$1,286,000	–	30,000	–	0.05%	–
ECPG	New	ENCORE CAP GROUP INC	$1,221,000	–	28,573	–	0.04%	–
HOLI	New	HOLLYSYS AUTOMATION TECHNOLO	$1,202,000	–	50,000	–	0.04%	–
HOLI	New	HOLLYSYS AUTOMATION TECHNOLOcall	$1,202,000	–	50,000	–	0.04%	–
ARCC	New	ARES CAP CORP	$1,152,000	–	70,000	–	0.04%	–
YOKU	New	YOUKU TUDOU INCcall	$1,151,000	–	50,000	–	0.04%	–
FENG	New	PHOENIX NEW MEDIA LTDsponsored ads	$1,138,000	–	143,700	–	0.04%	–
ARI	New	APOLLO COML REAL EST FIN INC	$1,068,000	–	65,000	–	0.04%	–
AHT	New	ASHFORD HOSPITALITY TR INC	$998,000	–	118,000	–	0.04%	–
NXRT	New	NEXPOINT RESIDENTIAL TR INC	$1,007,000	–	75,000	–	0.04%	–
AMCN	New	AIRMEDIA GROUP INCsponsored adr	$972,000	–	200,000	–	0.04%	–
NTI	New	NORTHERN TIER ENERGY LP	$951,000	–	40,000	–	0.04%	–
MEMPQ	New	MEMORIAL PRODTN PARTNERS LP	$891,000	–	60,000	–	0.03%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$897,000	–	30,000	–	0.03%	–
CCS	New	CENTURY CMNTYS INC	$892,000	–	44,300	–	0.03%	–
F	New	FORD MTR CO DEL	$901,000	–	60,000	–	0.03%	–
EOG	New	EOG RES INC	$876,000	–	10,000	–	0.03%	–
WB	New	WEIBO CORPcall	$844,000	–	50,000	–	0.03%	–
CCIHY	New	CHINACACHE INTL HLDG LTDcall	$810,000	–	50,000	–	0.03%	–
DL	New	CHINA DISTANCE ED HLDGS LTDcall	$802,000	–	50,000	–	0.03%	–
DL	New	CHINA DISTANCE ED HLDGS LTDspons adr	$802,000	–	50,000	–	0.03%	–
APC	New	ANADARKO PETE CORP	$781,000	–	10,000	–	0.03%	–
ZPIN	New	ZHAOPIN LTDsponsored adr	$769,000	–	50,000	–	0.03%	–
CLDT	New	CHATHAM LODGING TR	$768,000	–	29,000	–	0.03%	–
CTRP	New	CTRIP COM INTL LTD	$726,000	–	10,000	–	0.03%	–
FCH	New	FELCOR LODGING TR INC	$731,000	–	74,000	–	0.03%	–
PXD	New	PIONEER NAT RES CO	$693,000	–	5,000	–	0.03%	–
XNET	New	XUNLEI LTDcall	$602,000	–	50,000	–	0.02%	–
MAC	New	MACERICH CO	$559,000	–	7,500	–	0.02%	–
HCRSQ	New	HI-CRUSH PARTNERS LP	$577,000	–	18,797	–	0.02%	–
NMPRH	New	NAVIOS MARITIME HLDGS INCspon adr pfd h	$572,000	–	30,000	–	0.02%	–
SWN	New	SOUTHWESTERN ENERGY CO	$568,000	–	25,000	–	0.02%	–
KKR	New	KKR & CO L P DEL	$571,000	–	25,000	–	0.02%	–
CVRR	New	CVR REFNG LP	$549,000	–	30,000	–	0.02%	–
A104PS	New	HILTON WORLDWIDE HLDGS INC	$523,000	–	19,000	–	0.02%	–
ETP	New	ENERGY TRANSFER PRTNRS L Punit ltd partn	$522,000	–	10,000	–	0.02%	–
H	New	HYATT HOTELS CORP	$454,000	–	8,000	–	0.02%	–
TSO	New	TESORO CORP	$422,000	–	5,000	–	0.02%	–
DANG	New	E-COMMERCE CHINA DANGDANG INcall	$445,000	–	50,000	–	0.02%	–
HOT	New	STARWOOD HOTELS&RESORTS WRLDcall	$419,000	–	5,000	–	0.02%	–
TMHC	New	TAYLOR MORRISON HOME CORPcl a	$407,000	–	20,000	–	0.02%	–
EQT	New	EQT CORP	$407,000	–	5,000	–	0.02%	–
NFX	New	NEWFIELD EXPL CO	$361,000	–	10,000	–	0.01%	–
USDP	New	USD PARTNERS LP	$352,000	–	29,860	–	0.01%	–
APO	New	APOLLO GLOBAL MGMT LLC	$332,000	–	15,000	–	0.01%	–
CONE	New	CYRUSONE INC	$295,000	–	10,000	–	0.01%	–
DVN	New	DEVON ENERGY CORP NEW	$297,000	–	5,000	–	0.01%	–
OGE	New	OGE ENERGY CORP	$286,000	–	10,000	–	0.01%	–
VISN	New	VISIONCHINA MEDIA INCspon adr new	$246,000	–	20,000	–	0.01%	–
CRZO	New	CARRIZO OIL & GAS INC	$246,000	–	5,000	–	0.01%	–
NVGS	New	NAVIGATOR HOLDINGS LTD	$227,000	–	12,000	–	0.01%	–
EMESQ	New	EMERGE ENERGY SVCS LP	$217,000	–	6,000	–	0.01%	–
CNX	New	CONSOL ENERGY INC	$217,000	–	10,000	–	0.01%	–
UPLMQ	New	ULTRA PETROLEUM CORP	$125,000	–	10,000	–	0.01%	–
ADC	New	AGREE REALTY CORP	$146,000	–	5,000	–	0.01%	–
QEP	New	QEP RES INC	$93,000	–	5,000	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
WHLRW	Exit	WHEELER REAL ESTATE INVT TR*w exp 04/29/201	$0	–	-24,000	–	0.00%	–
PBHC	Exit	PATHFINDER BANCORP INC	$0	–	-100	–	0.00%	–
CFBK	Exit	CENTRAL FED CORP	$0	–	-60,431	–	-0.00%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP I	$0	–	-11,739	–	-0.01%	–
WHLRP	Exit	WHEELER REAL ESTATE INVT TRcv pfd ser b	$0	–	-10,000	–	-0.01%	–
F	Exit	FORD MTR CO DEL	$0	–	-20,000	–	-0.01%	–
CHSP	Exit	CHESAPEAKE LODGING TRsh ben int	$0	–	-10,000	–	-0.01%	–
CLF	Exit	CLIFFS NAT RES INCput	$0	–	-30,000	–	-0.02%	–
DSKY	Exit	IDREAMSKY TECHNOLOGY LIMITEDsponsored ads	$0	–	-20,000	–	-0.02%	–
FCH	Exit	FELCOR LODGING TR INC	$0	–	-35,000	–	-0.02%	–
CVRR	Exit	CVR REFNG LP	$0	–	-15,000	–	-0.02%	–
KMIWS	Exit	KINDER MORGAN INC DEL*w exp 05/25/201	$0	–	-102,151	–	-0.02%	–
CTT	Exit	CATCHMARK TIMBER TR INCcl a	$0	–	-35,000	–	-0.02%	–
CQP	Exit	CHENIERE ENERGY PARTNERS LP	$0	–	-11,500	–	-0.02%	–
SHO	Exit	SUNSTONE HOTEL INVS INC NEW	$0	–	-30,000	–	-0.02%	–
BONA	Exit	BONA FILM GROUP LTDsponsored ads	$0	–	-68,629	–	-0.02%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-5,555	–	-0.02%	–
ALEX	Exit	ALEXANDER & BALDWIN INC NEW	$0	–	-15,000	–	-0.03%	–
U104PS	Exit	PERFECT WORLD CO LTDput	$0	–	-30,000	–	-0.03%	–
SXCP	Exit	SUNCOKE ENERGY PARTNERS L P	$0	–	-20,723	–	-0.03%	–
ARCC	Exit	ARES CAP CORP	$0	–	-40,000	–	-0.03%	–
ADC	Exit	AGREE REALTY CORP	$0	–	-25,000	–	-0.03%	–
NQ	Exit	NQ MOBILE INCadr repstg cl a	$0	–	-95,600	–	-0.03%	–
INN	Exit	SUMMIT HOTEL PPTYS	$0	–	-65,000	–	-0.03%	–
NQ	Exit	NQ MOBILE INCput	$0	–	-100,000	–	-0.03%	–
LORL	Exit	LORAL SPACE & COMMUNICATNS I	$0	–	-10,000	–	-0.03%	–
NMPRH	Exit	NAVIOS MARITIME HLDGS INCspon adr pfd h	$0	–	-30,000	–	-0.04%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-10,000	–	-0.04%	–
FCHPRA	Exit	FELCOR LODGING TR INCpfd cv a $1.95	$0	–	-37,000	–	-0.04%	–
VIPS	Exit	VIPSHOP HLDGS LTDcall	$0	–	-5,000	–	-0.04%	–
AHT	Exit	ASHFORD HOSPITALITY TR INC	$0	–	-100,000	–	-0.05%	–
APTS	Exit	PREFERRED APT CMNTYS INC	$0	–	-125,000	–	-0.05%	–
HVB	Exit	HUDSON VALLEY HOLDING CORP	$0	–	-61,110	–	-0.05%	–
RTK	Exit	RENTECH INC	$0	–	-650,000	–	-0.05%	–
CTRP	Exit	CTRIP COM INTL LTDcall	$0	–	-20,000	–	-0.05%	–
NTI	Exit	NORTHERN TIER ENERGY LP	$0	–	-50,000	–	-0.06%	–
PEBK	Exit	PEOPLES BANCORP N C INC	$0	–	-69,456	–	-0.06%	–
TMHC	Exit	TAYLOR MORRISON HOME CORPcl a	$0	–	-80,000	–	-0.06%	–
SFBC	Exit	SOUND FINL BANCORP INC	$0	–	-75,000	–	-0.06%	–
QIHU	Exit	QIHOO 360 TECHNOLOGY CO LTDads	$0	–	-20,000	–	-0.06%	–
FMD	Exit	FIRST MARBLEHEAD CORP	$0	–	-539,379	–	-0.07%	–
HOLI	Exit	HOLLYSYS AUTOMATION TECHNOLO	$0	–	-70,000	–	-0.08%	–
RDN	Exit	RADIAN GROUP INC	$0	–	-120,000	–	-0.08%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-30,000	–	-0.08%	–
HCRSQ	Exit	HI-CRUSH PARTNERS LP	$0	–	-35,000	–	-0.09%	–
MOBI	Exit	SKY-MOBI LTDsponsored ads	$0	–	-245,892	–	-0.10%	–
YY	Exit	YY INC	$0	–	-26,900	–	-0.10%	–
TSBK	Exit	TIMBERLAND BANCORP INC	$0	–	-203,043	–	-0.10%	–
CCS	Exit	CENTURY CMNTYS INC	$0	–	-128,250	–	-0.10%	–
GFED	Exit	GUARANTY FED BANCSHARES INC	$0	–	-197,990	–	-0.12%	–
EFC	Exit	ELLINGTON FINANCIAL LLC	$0	–	-110,000	–	-0.12%	–
PGC	Exit	PEAPACK-GLADSTONE FINL CORP	$0	–	-151,776	–	-0.13%	–
GNBC	Exit	GREEN BANCORP INC	$0	–	-170,000	–	-0.14%	–
YY	Exit	YY INCcall	$0	–	-40,000	–	-0.14%	–
QIHU	Exit	QIHOO 360 TECHNOLOGY CO LTDcall	$0	–	-50,000	–	-0.16%	–
VIPS	Exit	VIPSHOP HLDGS LTDsponsored adr	$0	–	-20,000	–	-0.18%	–
EVBS	Exit	EASTERN VA BANKSHARES INC	$0	–	-670,940	–	-0.20%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-20,000	–	-0.21%	–
PEBO	Exit	PEOPLES BANCORP INC	$0	–	-194,964	–	-0.22%	–
ESXB	Exit	COMMUNITY BANKERS TR CORP	$0	–	-1,060,000	–	-0.22%	–
TCFC	Exit	COMMUNITY FINL CORP MD	$0	–	-224,500	–	-0.22%	–
CBNJ	Exit	CAPE BANCORP INC	$0	–	-500,000	–	-0.22%	–
ARES	Exit	ARES MGMT L P	$0	–	-283,500	–	-0.24%	–
ORRF	Exit	ORRSTOWN FINL SVCS INC	$0	–	-334,931	–	-0.26%	–
RBSPRNCL	Exit	ROYAL BK SCOTLAND GROUP PLCadr pref ser n	$0	–	-222,868	–	-0.26%	–
HMPR	Exit	HAMPTON ROADS BANKSHARES INC	$0	–	-3,953,098	–	-0.29%	–
PBIP	Exit	PRUDENTIAL BANCORP INC NEW	$0	–	-500,000	–	-0.29%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-75,000	–	-0.30%	–
SFST	Exit	SOUTHERN FIRST BANCSHARES IN	$0	–	-475,000	–	-0.31%	–
TERP	Exit	TERRAFORM PWR INC	$0	–	-231,929	–	-0.32%	–
FCZAP	Exit	FIRST CTZNS BANC CORP6.50% pfd ser b	$0	–	-221,331	–	-0.32%	–
SBCF	Exit	SEACOAST BKG CORP FLA	$0	–	-632,967	–	-0.33%	–
ZIONW	Exit	ZIONS BANCORPORATION*w exp 05/22/202	$0	–	-1,364,037	–	-0.33%	–
KKR	Exit	KKR & CO L P DEL	$0	–	-320,000	–	-0.34%	–
COB	Exit	COMMUNITYONE BANCORP	$0	–	-832,390	–	-0.35%	–
RBSPRPCL	Exit	ROYAL BK SCOTLAND GROUP PLCadr pfd ser p	$0	–	-313,763	–	-0.36%	–
VOYA	Exit	VOYA FINL INC	$0	–	-202,800	–	-0.38%	–
UCFC	Exit	UNITED CMNTY FINL CORP OHIO	$0	–	-1,711,945	–	-0.38%	–
WSBF	Exit	WATERSTONE FINL INC MD	$0	–	-700,000	–	-0.38%	–
BPOP	Exit	POPULAR INC	$0	–	-275,000	–	-0.38%	–
FNFV	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-590,902	–	-0.38%	–
YDKN	Exit	YADKIN FINL CORP	$0	–	-473,334	–	-0.41%	–
SCNB	Exit	SUFFOLK BANCORP	$0	–	-448,223	–	-0.41%	–
AL	Exit	AIR LEASE CORPcl a	$0	–	-275,000	–	-0.42%	–
CSBK	Exit	CLIFTON BANCORP INC	$0	–	-733,153	–	-0.44%	–
LION	Exit	FIDELITY SOUTHERN CORP NEW	$0	–	-695,165	–	-0.45%	–
SIFI	Exit	SI FINL GROUP INC MD	$0	–	-887,051	–	-0.47%	–
CPSS	Exit	CONSUMER PORTFOLIO SVCS INC	$0	–	-1,555,398	–	-0.47%	–
KRNY	Exit	KEARNY FINL CORP	$0	–	-750,000	–	-0.47%	–
WLKP	Exit	WESTLAKE CHEM PARTNERS LP	$0	–	-346,821	–	-0.48%	–
BNK	Exit	C1 FINL INC	$0	–	-554,891	–	-0.48%	–
HBOS	Exit	HERITAGE FINL GROUP INC	$0	–	-505,342	–	-0.48%	–
FBC	Exit	FLAGSTAR BANCORP INC	$0	–	-633,087	–	-0.50%	–
BNCL	Exit	BENEFICIAL MUTUAL BANCORP IN	$0	–	-933,499	–	-0.56%	–
TBNK	Exit	TERRITORIAL BANCORP INC	$0	–	-589,521	–	-0.57%	–
BANR	Exit	BANNER CORP	$0	–	-313,203	–	-0.57%	–
BHBK	Exit	BLUE HILLS BANCORP INC	$0	–	-942,402	–	-0.59%	–
IBCP	Exit	INDEPENDENT BANK CORP MICH	$0	–	-1,181,860	–	-0.67%	–
APO	Exit	APOLLO GLOBAL MGMT LLC	$0	–	-637,382	–	-0.72%	–
CNOB	Exit	CONNECTONE BANCORP INC NEW	$0	–	-800,000	–	-0.72%	–
UBNK	Exit	UNITED FINL BANCORP INC NEW	$0	–	-1,203,944	–	-0.72%	–
CPF	Exit	CENTRAL PAC FINL CORP	$0	–	-947,807	–	-0.80%	–
RBSPRRCL	Exit	ROYAL BK SCOTLAND GROUP PLC	$0	–	-724,900	–	-0.82%	–
SNBC	Exit	SUN BANCORP INC	$0	–	-1,029,599	–	-0.88%	–
SNV	Exit	SYNOVUS FINL CORP	$0	–	-854,582	–	-0.96%	–
TFSL	Exit	TFS FINL CORP	$0	–	-1,680,300	–	-1.14%	–
ZION	Exit	ZIONS BANCORPORATION	$0	–	-1,000,000	–	-1.38%	–
HLSSF	Exit	HOME LN SERVICING SOLUTIONS	$0	–	-1,426,233	–	-1.43%	–
EBSB	Exit	MERIDIAN BANCORP INC MD	$0	–	-3,000,000	–	-1.50%	–
ABR	Exit	ARBOR RLTY TR INC	$0	–	-4,921,945	–	-1.57%	–
	Exit	COLONY FINL INCnote 3.875% 1/1	$0	–	-37,000,000	–	-1.73%	–
FBP	Exit	FIRST BANCORP P R	$0	–	-7,824,880	–	-1.76%	–
SBY	Exit	SILVER BAY RLTY TR CORP	$0	–	-2,343,386	–	-1.80%	–
ISBC	Exit	INVESTORS BANCORP INC NEW	$0	–	-3,760,000	–	-1.80%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-2,128,944	–	-4.47%	–
PHH	Exit	PHH CORP	$0	–	-4,366,934	–	-4.63%	–
ACAS	Exit	AMERICAN CAP LTD	$0	–	-7,334,947	–	-4.92%	–
PMT	Exit	PENNYMAC MTG INVT TR	$0	–	-4,901,014	–	-4.98%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-12,785,014	–	-10.23%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-9,893,889	–	-10.30%	–
CLNY	Exit	COLONY FINL INC	$0	–	-9,972,348	–	-10.58%	–
ALLY	Exit	ALLY FINL INC	$0	–	-10,243,338	–	-11.23%	–

Q3 2014

			Value		Shares		↓ Weighting
ALLY	Sell	ALLY FINL INC	$237,031,000	-18.8%	10,243,338	-16.1%	11.23%	-15.9%
CLNY	Buy	COLONY FINL INC	$223,181,000	+7.1%	9,972,348	+11.1%	10.58%	+10.8%
STWD	Buy	STARWOOD PPTY TR INC	$217,270,000	+13.9%	9,893,889	+23.3%	10.30%	+17.8%
AMH	Buy	AMERICAN HOMES 4 RENTcl a	$215,939,000	+0.4%	12,785,014	+5.6%	10.23%	+3.9%
PMT	Buy	PENNYMAC MTG INVT TR	$105,029,000	+219.8%	4,901,014	+227.4%	4.98%	+230.9%
ACAS	Buy	AMERICAN CAP LTD	$103,863,000	+34.9%	7,334,947	+45.7%	4.92%	+39.6%
PHH	Sell	PHH CORP	$97,645,000	-21.1%	4,366,934	-19.0%	4.63%	-18.4%
ECPG	Sell	ENCORE CAP GROUP INC	$94,334,000	-4.0%	2,128,944	-1.6%	4.47%	-0.7%
ISBC	Buy	INVESTORS BANCORP INC NEW	$38,089,000	+3.7%	3,760,000	+13.1%	1.80%	+7.3%
SBY	Buy	SILVER BAY RLTY TR CORP	$37,986,000	+139.8%	2,343,386	+141.4%	1.80%	+148.3%
FBP	Sell	FIRST BANCORP P R	$37,168,000	-22.4%	7,824,880	-11.2%	1.76%	-19.7%
	Buy	COLONY FINL INCnote 3.875% 1/1	$36,515,000	+1877.0%	37,000,000	+105.6%	1.73%	+1935.3%
ABR	Buy	ARBOR RLTY TR INC	$33,174,000	-0.6%	4,921,945	+2.5%	1.57%	+2.8%
EBSB	New	MERIDIAN BANCORP INC MD	$31,680,000	–	3,000,000	–	1.50%	–
HLSSF	Sell	HOME LN SERVICING SOLUTIONS	$30,222,000	-44.6%	1,426,233	-40.5%	1.43%	-42.6%
ZION	Buy	ZIONS BANCORPORATION	$29,060,000	+51.7%	1,000,000	+53.8%	1.38%	+57.0%
TFSL	Buy	TFS FINL CORP	$24,062,000	+10.4%	1,680,300	+10.0%	1.14%	+14.2%
SNV	Sell	SYNOVUS FINL CORP	$20,202,000	-15.8%	854,582	-13.1%	0.96%	-12.8%
SNBC	New	SUN BANCORP INC	$18,646,000	–	1,029,599	–	0.88%	–
RBSPRRCL	Sell	ROYAL BK SCOTLAND GROUP PLC	$17,274,000	-6.2%	724,900	-7.1%	0.82%	-3.0%
CPF	Sell	CENTRAL PAC FINL CORP	$16,994,000	-24.6%	947,807	-16.6%	0.80%	-22.1%
UBNK	Buy	UNITED FINL BANCORP INC NEW	$15,278,000	+40.9%	1,203,944	+50.5%	0.72%	+46.0%
CNOB	New	CONNECTONE BANCORP INC NEW	$15,240,000	–	800,000	–	0.72%	–
APO	Buy	APOLLO GLOBAL MGMT LLC	$15,195,000	+4.4%	637,382	+21.4%	0.72%	+8.1%
IBCP	Sell	INDEPENDENT BANK CORP MICH	$14,088,000	-21.7%	1,181,860	-15.5%	0.67%	-18.9%
BHBK	New	BLUE HILLS BANCORP INC	$12,364,000	–	942,402	–	0.59%	–
BANR	Sell	BANNER CORP	$12,049,000	-23.6%	313,203	-21.3%	0.57%	-20.9%
BNCL	Sell	BENEFICIAL MUTUAL BANCORP IN	$11,930,000	-23.9%	933,499	-19.3%	0.56%	-21.3%
FBC	Sell	FLAGSTAR BANCORP INC	$10,655,000	-46.0%	633,087	-41.9%	0.50%	-44.1%
BNK	New	C1 FINL INC	$10,060,000	–	554,891	–	0.48%	–
WLKP	New	WESTLAKE CHEM PARTNERS LP	$10,058,000	–	346,821	–	0.48%	–
KRNY	Sell	KEARNY FINL CORP	$9,998,000	-25.0%	750,000	-14.8%	0.47%	-22.3%
CPSS	Sell	CONSUMER PORTFOLIO SVCS INC	$9,970,000	-41.6%	1,555,398	-30.5%	0.47%	-39.6%
LION	Buy	FIDELITY SOUTHERN CORP NEW	$9,524,000	+17.0%	695,165	+10.9%	0.45%	+20.9%
CSBK	New	CLIFTON BANCORP INC	$9,230,000	–	733,153	–	0.44%	–
AL	Buy	AIR LEASE CORPcl a	$8,938,000	+15.8%	275,000	+37.5%	0.42%	+20.1%
YDKN	New	YADKIN FINL CORP	$8,596,000	–	473,334	–	0.41%	–
FNFV	New	FIDELITY NATIONAL FINANCIAL	$8,131,000	–	590,902	–	0.38%	–
BPOP	New	POPULAR INC	$8,095,000	–	275,000	–	0.38%	–
WSBF	Sell	WATERSTONE FINL INC MD	$8,085,000	-5.0%	700,000	-6.2%	0.38%	-1.8%
UCFC	Buy	UNITED CMNTY FINL CORP OHIO	$8,012,000	+46.7%	1,711,945	+29.4%	0.38%	+52.0%
VOYA	New	VOYA FINL INC	$7,929,000	–	202,800	–	0.38%	–
RBSPRPCL	Sell	ROYAL BK SCOTLAND GROUP PLCadr pfd ser p	$7,508,000	-38.8%	313,763	-39.4%	0.36%	-36.7%
KKR	Buy	KKR & CO L P DEL	$7,136,000	+95.5%	320,000	+113.3%	0.34%	+102.4%
ZIONW	Buy	ZIONS BANCORPORATION*w exp 05/22/202	$6,957,000	+32.3%	1,364,037	+36.4%	0.33%	+36.9%
SBCF	Sell	SEACOAST BKG CORP FLA	$6,918,000	-9.7%	632,967	-10.1%	0.33%	-6.6%
FCZAP	New	FIRST CTZNS BANC CORP6.50% pfd ser b	$6,866,000	–	221,331	–	0.32%	–
TERP	New	TERRAFORM PWR INC	$6,693,000	–	231,929	–	0.32%	–
PNC	New	PNC FINL SVCS GROUP INC	$6,419,000	–	75,000	–	0.30%	–
PBIP	Sell	PRUDENTIAL BANCORP INC NEW	$6,115,000	-5.1%	500,000	-10.7%	0.29%	-1.7%
HMPR	Sell	HAMPTON ROADS BANKSHARES INC	$6,048,000	-14.2%	3,953,098	-3.0%	0.29%	-11.1%
ORRF	Buy	ORRSTOWN FINL SVCS INC	$5,463,000	+137.3%	334,931	+140.6%	0.26%	+146.7%
RBSPRNCL	Sell	ROYAL BK SCOTLAND GROUP PLCadr pref ser n	$5,456,000	-64.1%	222,868	-64.8%	0.26%	-62.7%
ARES	Sell	ARES MGMT L P	$4,961,000	-49.0%	283,500	-44.1%	0.24%	-47.2%
CBNJ	Sell	CAPE BANCORP INC	$4,715,000	-26.8%	500,000	-16.7%	0.22%	-24.4%
PEBO	New	PEOPLES BANCORP INC	$4,630,000	–	194,964	–	0.22%	–
BIDU	Buy	BAIDU INCspon adr rep a	$4,365,000	+133.7%	20,000	+100.0%	0.21%	+140.7%
EVBS	Buy	EASTERN VA BANKSHARES INC	$4,173,000	+29.9%	670,940	+33.7%	0.20%	+34.7%
VIPS	Buy	VIPSHOP HLDGS LTDsponsored adr	$3,780,000	+101.4%	20,000	+100.0%	0.18%	+108.1%
QIHU	New	QIHOO 360 TECHNOLOGY CO LTDcall	$3,374,000	–	50,000	–	0.16%	–
YY	New	YY INCcall	$2,996,000	–	40,000	–	0.14%	–
GNBC	New	GREEN BANCORP INC	$2,916,000	–	170,000	–	0.14%	–
PGC	Buy	PEAPACK-GLADSTONE FINL CORP	$2,656,000	+2.4%	151,776	+24.1%	0.13%	+5.9%
EFC	Buy	ELLINGTON FINANCIAL LLC	$2,444,000	+45.5%	110,000	+57.1%	0.12%	+50.6%
GFED	Sell	GUARANTY FED BANCSHARES INC	$2,425,000	-16.0%	197,990	-14.3%	0.12%	-12.9%
CCS	New	CENTURY CMNTYS INC	$2,225,000	–	128,250	–	0.10%	–
TSBK	Buy	TIMBERLAND BANCORP INC	$2,140,000	+43.0%	203,043	+42.9%	0.10%	+46.4%
MOBI	Buy	SKY-MOBI LTDsponsored ads	$1,999,000	+10.0%	245,892	+12.1%	0.10%	+14.5%
YY	Buy	YY INC	$2,015,000	+206.7%	26,900	+209.2%	0.10%	+216.7%
HCRSQ	Buy	HI-CRUSH PARTNERS LP	$1,805,000	+150.3%	35,000	+218.2%	0.09%	+160.6%
RDN	Sell	RADIAN GROUP INC	$1,711,000	-85.6%	120,000	-85.0%	0.08%	-85.1%
CTRP	New	CTRIP COM INTL LTD	$1,703,000	–	30,000	–	0.08%	–
HOLI	Buy	HOLLYSYS AUTOMATION TECHNOLO	$1,574,000	+28.5%	70,000	+40.0%	0.08%	+33.9%
FMD	Sell	FIRST MARBLEHEAD CORP	$1,532,000	-48.7%	539,379	-5.2%	0.07%	-46.7%
TMHC	Buy	TAYLOR MORRISON HOME CORPcl a	$1,298,000	+65.4%	80,000	+128.6%	0.06%	+72.2%
PEBK	Sell	PEOPLES BANCORP N C INC	$1,178,000	-8.9%	69,456	-14.0%	0.06%	-5.1%
NTI	Sell	NORTHERN TIER ENERGY LP	$1,168,000	-32.8%	50,000	-23.1%	0.06%	-31.2%
CTRP	New	CTRIP COM INTL LTDcall	$1,135,000	–	20,000	–	0.05%	–
HVB	New	HUDSON VALLEY HOLDING CORP	$1,109,000	–	61,110	–	0.05%	–
APTS	Sell	PREFERRED APT CMNTYS INC	$1,040,000	-85.3%	125,000	-84.4%	0.05%	-84.9%
AHT	Buy	ASHFORD HOSPITALITY TR INC	$1,022,000	+4.2%	100,000	+17.6%	0.05%	+6.7%
VIPS	New	VIPSHOP HLDGS LTDcall	$945,000	–	5,000	–	0.04%	–
FCHPRA	Sell	FELCOR LODGING TR INCpfd cv a $1.95	$955,000	-6.2%	37,000	-5.1%	0.04%	-4.3%
LNG	Sell	CHENIERE ENERGY INC	$800,000	-47.6%	10,000	-53.1%	0.04%	-45.7%
NMPRH	New	NAVIOS MARITIME HLDGS INCspon adr pfd h	$734,000	–	30,000	–	0.04%	–
INN	Buy	SUMMIT HOTEL PPTYS	$701,000	+53.7%	65,000	+51.2%	0.03%	+57.1%
NQ	New	NQ MOBILE INCput	$697,000	–	100,000	–	0.03%	–
ADC	New	AGREE REALTY CORP	$685,000	–	25,000	–	0.03%	–
NQ	New	NQ MOBILE INCadr repstg cl a	$666,000	–	95,600	–	0.03%	–
SXCP	Sell	SUNCOKE ENERGY PARTNERS L P	$610,000	-34.3%	20,723	-32.5%	0.03%	-31.0%
U104PS	New	PERFECT WORLD CO LTDput	$596,000	–	30,000	–	0.03%	–
ALEX	New	ALEXANDER & BALDWIN INC NEW	$540,000	–	15,000	–	0.03%	–
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$494,000	–	5,555	–	0.02%	–
SHO	Buy	SUNSTONE HOTEL INVS INC NEW	$415,000	+98.6%	30,000	+114.3%	0.02%	+100.0%
BONA	Sell	BONA FILM GROUP LTDsponsored ads	$412,000	-33.5%	68,629	-31.4%	0.02%	-28.6%
CTT	New	CATCHMARK TIMBER TR INCcl a	$384,000	–	35,000	–	0.02%	–
KMIWS	Sell	KINDER MORGAN INC DEL*w exp 05/25/201	$372,000	-93.5%	102,151	-36.2%	0.02%	-93.2%
CQP	Sell	CHENIERE ENERGY PARTNERS LP	$376,000	-62.1%	11,500	-61.7%	0.02%	-60.0%
CVRR	Sell	CVR REFNG LP	$349,000	-65.1%	15,000	-62.5%	0.02%	-63.0%
FCH	New	FELCOR LODGING TR INC	$328,000	–	35,000	–	0.02%	–
DSKY	New	IDREAMSKY TECHNOLOGY LIMITEDsponsored ads	$340,000	–	20,000	–	0.02%	–
CLF	New	CLIFFS NAT RES INCput	$311,000	–	30,000	–	0.02%	–
CHSP	Buy	CHESAPEAKE LODGING TRsh ben int	$292,000	+20.7%	10,000	+25.0%	0.01%	+27.3%
F	New	FORD MTR CO DEL	$296,000	–	20,000	–	0.01%	–
NSAM	New	NORTHSTAR ASSET MGMT GROUP I	$216,000	–	11,739	–	0.01%	–
CFBK	Sell	CENTRAL FED CORP	$80,000	-82.4%	60,431	-80.3%	0.00%	-81.0%
FPPPW	Exit	FIELDPOINT PETROLEUM CORP*w exp 03/23/201	$0	–	-5,300	–	0.00%	–
KANG	Exit	IKANG HEALTHCARE GROUP INCsponsored adr	$0	–	-800	–	-0.00%	–
VRTA	Exit	VESTIN REALTY MORTGAGE I INC	$0	–	-55,000	–	-0.00%	–
CRDA	Exit	CRAWFORD & COcl a	$0	–	-10,100	–	-0.00%	–
GAGA	Exit	LE GAGA HLDGS LTDsponsored adr	$0	–	-30,200	–	-0.01%	–
NOAH	Exit	NOAH HLDGS LTDsponsored ads	$0	–	-11,772	–	-0.01%	–
ISS	Exit	ISOFTSTONE HLDGS LTDsponsored ads	$0	–	-56,957	–	-0.01%	–
LENB	Exit	LENNAR CORPcl b	$0	–	-10,734	–	-0.02%	–
CVEO	Exit	CIVEO CORP	$0	–	-16,000	–	-0.02%	–
NRF	Exit	NORTHSTAR RLTY FIN CORP	$0	–	-23,478	–	-0.02%	–
4107PS	Exit	MEADWESTVACO CORP	$0	–	-10,000	–	-0.02%	–
SINA	Exit	SINA CORPord	$0	–	-10,000	–	-0.02%	–
T104PS	Exit	AMERICAN RLTY CAP PPTYS INC	$0	–	-40,000	–	-0.02%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-10,000	–	-0.04%	–
U104PS	Exit	PERFECT WORLD CO LTDspon adr rep b	$0	–	-50,535	–	-0.04%	–
NEE	Exit	NEXTERA ENERGY INC	$0	–	-10,000	–	-0.05%	–
WLK	Exit	WESTLAKE CHEMICAL CORP	$0	–	-16,023	–	-0.06%	–
FBMS	Exit	FIRST BANCSHARES INC MS	$0	–	-122,000	–	-0.08%	–
WUBA	Exit	58 COM INCspon adr rep a	$0	–	-40,000	–	-0.10%	–
NRF	Exit	NORTHSTAR RLTY FIN CORPcall	$0	–	-140,000	–	-0.11%	–
YHOO	Exit	YAHOO INC	$0	–	-69,700	–	-0.11%	–
CG	Exit	CARLYLE GROUP L P	$0	–	-95,600	–	-0.15%	–
	Exit	PENNYMAC CORPnote 5.375% 5/0	$0	–	-51,715,000	–	-0.23%	–
IBCA	Exit	INTERVEST BANCSHARES CORP	$0	–	-710,760	–	-0.25%	–
CHFC	Exit	CHEMICAL FINL CORP	$0	–	-200,000	–	-0.26%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-29,000	–	-0.30%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-200,000	–	-0.31%	–
FAF	Exit	FIRST AMERN FINL CORP	$0	–	-250,000	–	-0.32%	–
FCZAP	Exit	FIRST CTZNS BANC CORP6.50% pfd ser b	$0	–	-221,331	–	-0.33%	–
MTG	Exit	MGIC INVT CORP WISC	$0	–	-800,000	–	-0.34%	–
VSB	Exit	VANTAGESOUTH BANCSHARES INC	$0	–	-1,257,048	–	-0.34%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-340,000	–	-0.38%	–
CSBK	Exit	CLIFTON SVGS BANCORP INC	$0	–	-667,503	–	-0.39%	–
HTBI	Exit	HOMETRUST BANCSHARES INC	$0	–	-539,834	–	-0.39%	–
CNOB	Exit	CONNECTONE BANCORP INC	$0	–	-243,069	–	-0.56%	–
RF	Exit	REGIONS FINL CORP NEW	$0	–	-1,200,000	–	-0.58%	–
SPF	Exit	STANDARD PAC CORP NEW	$0	–	-1,500,000	–	-0.59%	–
SUNEQ	Exit	SUNEDISON INC	$0	–	-582,229	–	-0.60%	–
RM	Exit	REGIONAL MGMT CORP	$0	–	-854,170	–	-0.60%	–
GNW	Exit	GENWORTH FINL INC	$0	–	-825,000	–	-0.66%	–
SNBC	Exit	SUN BANCORP INC	$0	–	-3,596,891	–	-0.66%	–
FNF	Exit	FIDELITY NATIONAL FINANCIALcl a	$0	–	-500,000	–	-0.75%	–
STI	Exit	SUNTRUST BKS INC	$0	–	-413,754	–	-0.76%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-800,000	–	-0.78%	–
EBSB	Exit	MERIDIAN INTERSTAT BANCORP I	$0	–	-756,760	–	-0.89%	–
CIT	Exit	CIT GROUP INC	$0	–	-425,000	–	-0.89%	–

Q2 2014

			Value		Shares		↓ Weighting
ALLY	New	ALLY FINL INC	$291,752,000	–	12,202,070	–	13.36%	–
AMH	New	AMERICAN HOMES 4 RENTcl a	$215,081,000	–	12,110,429	–	9.85%	–
CLNY	New	COLONY FINL INC	$208,338,000	–	8,972,348	–	9.54%	–
STWD	New	STARWOOD PPTY TR INC	$190,807,000	–	8,027,194	–	8.74%	–
PHH	New	PHH CORP	$123,816,000	–	5,387,980	–	5.67%	–
ECPG	New	ENCORE CAP GROUP INC	$98,301,000	–	2,164,273	–	4.50%	–
ACAS	New	AMERICAN CAP LTD	$76,984,000	–	5,034,947	–	3.52%	–
HLSSF	New	HOME LN SERVICING SOLUTIONS	$54,518,000	–	2,398,492	–	2.50%	–
FBP	New	FIRST BANCORP P R	$47,910,000	–	8,807,038	–	2.19%	–
ISBC	New	INVESTORS BANCORP INC NEW	$36,741,000	–	3,324,998	–	1.68%	–
ABR	New	ARBOR RLTY TR INC	$33,382,000	–	4,803,191	–	1.53%	–
PMT	New	PENNYMAC MTG INVT TR	$32,845,000	–	1,497,049	–	1.50%	–
SNV	New	SYNOVUS FINL CORP	$23,982,000	–	983,682	–	1.10%	–
CPF	New	CENTRAL PAC FINL CORP	$22,551,000	–	1,136,047	–	1.03%	–
TFSL	New	TFS FINL CORP	$21,788,000	–	1,527,900	–	1.00%	–
FBC	New	FLAGSTAR BANCORP INC	$19,724,000	–	1,089,703	–	0.90%	–
CIT	New	CIT GROUP INC	$19,448,000	–	425,000	–	0.89%	–
EBSB	New	MERIDIAN INTERSTAT BANCORP I	$19,434,000	–	756,760	–	0.89%	–
ZION	New	ZIONS BANCORPORATION	$19,156,000	–	650,000	–	0.88%	–
RBSPRRCL	New	ROYAL BK SCOTLAND GROUP PLC	$18,416,000	–	780,007	–	0.84%	–
IBCP	New	INDEPENDENT BANK CORP MICH	$17,995,000	–	1,398,215	–	0.82%	–
FITB	New	FIFTH THIRD BANCORP	$17,080,000	–	800,000	–	0.78%	–
CPSS	New	CONSUMER PORTFOLIO SVCS INC	$17,058,000	–	2,238,600	–	0.78%	–
STI	New	SUNTRUST BKS INC	$16,575,000	–	413,754	–	0.76%	–
FNF	New	FIDELITY NATIONAL FINANCIALcl a	$16,380,000	–	500,000	–	0.75%	–
SBY	New	SILVER BAY RLTY TR CORP	$15,839,000	–	970,552	–	0.72%	–
BANR	New	BANNER CORP	$15,763,000	–	397,761	–	0.72%	–
BNCL	New	BENEFICIAL MUTUAL BANCORP IN	$15,685,000	–	1,156,700	–	0.72%	–
RBSPRNCL	New	ROYAL BK SCOTLAND GROUP PLCadr pref ser n	$15,188,000	–	632,576	–	0.70%	–
APO	New	APOLLO GLOBAL MGMT LLC	$14,553,000	–	525,000	–	0.67%	–
SNBC	New	SUN BANCORP INC	$14,424,000	–	3,596,891	–	0.66%	–
GNW	New	GENWORTH FINL INC	$14,355,000	–	825,000	–	0.66%	–
KRNY	New	KEARNY FINL CORP	$13,330,000	–	880,429	–	0.61%	–
RM	New	REGIONAL MGMT CORP	$13,214,000	–	854,170	–	0.60%	–
SUNEQ	New	SUNEDISON INC	$13,158,000	–	582,229	–	0.60%	–
SPF	New	STANDARD PAC CORP NEW	$12,900,000	–	1,500,000	–	0.59%	–
RF	New	REGIONS FINL CORP NEW	$12,744,000	–	1,200,000	–	0.58%	–
TBNK	New	TERRITORIAL BANCORP INC	$12,309,000	–	589,521	–	0.56%	–
RBSPRPCL	New	ROYAL BK SCOTLAND GROUP PLCadr pfd ser p	$12,269,000	–	517,665	–	0.56%	–
CNOB	New	CONNECTONE BANCORP INC	$12,127,000	–	243,069	–	0.56%	–
RDN	New	RADIAN GROUP INC	$11,848,000	–	800,000	–	0.54%	–
UBNK	New	UNITED FINL BANCORP INC	$10,840,000	–	800,000	–	0.50%	–
SIFI	New	SI FINL GROUP INC MD	$10,210,000	–	887,051	–	0.47%	–
HBOS	New	HERITAGE FINL GROUP INC	$10,021,000	–	505,342	–	0.46%	–
SCNB	New	SUFFOLK BANCORP	$10,000,000	–	448,223	–	0.46%	–
ARES	New	ARES MGMT L P	$9,720,000	–	506,800	–	0.44%	–
WSBF	New	WATERSTONE FINL INC MD	$8,512,000	–	746,003	–	0.39%	–
HTBI	New	HOMETRUST BANCSHARES INC	$8,513,000	–	539,834	–	0.39%	–
CSBK	New	CLIFTON SVGS BANCORP INC	$8,457,000	–	667,503	–	0.39%	–
AGO	New	ASSURED GUARANTY LTD	$8,330,000	–	340,000	–	0.38%	–
LION	New	FIDELITY SOUTHERN CORP NEW	$8,139,000	–	626,596	–	0.37%	–
COB	New	COMMUNITYONE BANCORP	$8,074,000	–	832,390	–	0.37%	–
AL	New	AIR LEASE CORPcl a	$7,716,000	–	200,000	–	0.35%	–
SBCF	New	SEACOAST BKG CORP FLA	$7,657,000	–	704,417	–	0.35%	–
VSB	New	VANTAGESOUTH BANCSHARES INC	$7,479,000	–	1,257,048	–	0.34%	–
MTG	New	MGIC INVT CORP WISC	$7,392,000	–	800,000	–	0.34%	–
FCZAP	New	FIRST CTZNS BANC CORP6.50% pfd ser b	$7,282,000	–	221,331	–	0.33%	–
APTS	New	PREFERRED APT CMNTYS INC	$7,098,000	–	800,229	–	0.32%	–
HMPR	New	HAMPTON ROADS BANKSHARES INC	$7,053,000	–	4,077,032	–	0.32%	–
FAF	New	FIRST AMERN FINL CORP	$6,948,000	–	250,000	–	0.32%	–
BX	New	BLACKSTONE GROUP L P	$6,688,000	–	200,000	–	0.31%	–
PXD	New	PIONEER NAT RES CO	$6,664,000	–	29,000	–	0.30%	–
CBNJ	New	CAPE BANCORP INC	$6,438,000	–	600,000	–	0.30%	–
PBIP	New	PRUDENTIAL BANCORP INC NEW	$6,446,000	–	560,000	–	0.30%	–
SFST	New	SOUTHERN FIRST BANCSHARES IN	$6,394,000	–	475,000	–	0.29%	–
KMIWS	New	KINDER MORGAN INC DEL*w exp 05/25/201	$5,766,000	–	160,000	–	0.26%	–
CHFC	New	CHEMICAL FINL CORP	$5,616,000	–	200,000	–	0.26%	–
IBCA	New	INTERVEST BANCSHARES CORP	$5,501,000	–	710,760	–	0.25%	–
UCFC	New	UNITED CMNTY FINL CORP OHIO	$5,463,000	–	1,322,854	–	0.25%	–
TCFC	New	COMMUNITY FINL CORP MD	$5,332,000	–	224,500	–	0.24%	–
ZIONW	New	ZIONS BANCORPORATION*w exp 05/22/202	$5,260,000	–	1,000,000	–	0.24%	–
	New	PENNYMAC CORPnote 5.375% 5/0	$5,120,000	–	51,715,000	–	0.23%	–
ESXB	New	COMMUNITY BANKERS TR CORP	$4,643,000	–	1,060,000	–	0.21%	–
KKR	New	KKR & CO L P DEL	$3,650,000	–	150,000	–	0.17%	–
CG	New	CARLYLE GROUP L P	$3,247,000	–	95,600	–	0.15%	–
EVBS	New	EASTERN VA BANKSHARES INC	$3,212,000	–	501,840	–	0.15%	–
FMD	New	FIRST MARBLEHEAD CORP	$2,987,000	–	568,970	–	0.14%	–
GFED	New	GUARANTY FED BANCSHARES INC	$2,888,000	–	231,000	–	0.13%	–
PGC	New	PEAPACK-GLADSTONE FINL CORP	$2,593,000	–	122,270	–	0.12%	–
YHOO	New	YAHOO INC	$2,449,000	–	69,700	–	0.11%	–
NRF	New	NORTHSTAR RLTY FIN CORPcall	$2,433,000	–	140,000	–	0.11%	–
ORRF	New	ORRSTOWN FINL SVCS INC	$2,302,000	–	139,178	–	0.10%	–
WUBA	New	58 COM INCspon adr rep a	$2,162,000	–	40,000	–	0.10%	–
VIPS	New	VIPSHOP HLDGS LTDsponsored adr	$1,877,000	–	10,000	–	0.09%	–
BIDU	New	BAIDU INCspon adr rep a	$1,868,000	–	10,000	–	0.09%	–
	New	COLONY FINL INCnote 3.875% 1/1	$1,847,000	–	18,000,000	–	0.08%	–
QIHU	New	QIHOO 360 TECHNOLOGY CO LTDads	$1,841,000	–	20,000	–	0.08%	–
MOBI	New	SKY-MOBI LTDsponsored ads	$1,817,000	–	219,400	–	0.08%	–
NTI	New	NORTHERN TIER ENERGY LP	$1,738,000	–	65,000	–	0.08%	–
FBMS	New	FIRST BANCSHARES INC MS	$1,732,000	–	122,000	–	0.08%	–
RTK	New	RENTECH INC	$1,684,000	–	650,000	–	0.08%	–
EFC	New	ELLINGTON FINANCIAL LLC	$1,680,000	–	70,000	–	0.08%	–
LNG	New	CHENIERE ENERGY INC	$1,527,000	–	21,300	–	0.07%	–
TSBK	New	TIMBERLAND BANCORP INC	$1,497,000	–	142,048	–	0.07%	–
WLK	New	WESTLAKE CHEMICAL CORP	$1,342,000	–	16,023	–	0.06%	–
SFBC	New	SOUND FINL BANCORP INC	$1,312,000	–	75,000	–	0.06%	–
PEBK	New	PEOPLES BANCORP N C INC	$1,293,000	–	80,802	–	0.06%	–
HOLI	New	HOLLYSYS AUTOMATION TECHNOLO	$1,225,000	–	50,000	–	0.06%	–
FCHPRA	New	FELCOR LODGING TR INCpfd cv a $1.95	$1,018,000	–	39,000	–	0.05%	–
NEE	New	NEXTERA ENERGY INC	$1,025,000	–	10,000	–	0.05%	–
CVRR	New	CVR REFNG LP	$1,000,000	–	40,000	–	0.05%	–
CQP	New	CHENIERE ENERGY PARTNERS LP	$991,000	–	30,000	–	0.04%	–
AHT	New	ASHFORD HOSPITALITY TR INC	$981,000	–	85,000	–	0.04%	–
U104PS	New	PERFECT WORLD CO LTDspon adr rep b	$992,000	–	50,535	–	0.04%	–
SXCP	New	SUNCOKE ENERGY PARTNERS L P	$928,000	–	30,723	–	0.04%	–
NTES	New	NETEASE INCsponsored adr	$784,000	–	10,000	–	0.04%	–
TMHC	New	TAYLOR MORRISON HOME CORPcl a	$785,000	–	35,000	–	0.04%	–
HCRSQ	New	HI-CRUSH PARTNERS LP	$721,000	–	11,000	–	0.03%	–
ARCC	New	ARES CAP CORP	$714,000	–	40,000	–	0.03%	–
LORL	New	LORAL SPACE & COMMUNICATNS I	$727,000	–	10,000	–	0.03%	–
YY	New	YY INC	$657,000	–	8,701	–	0.03%	–
BONA	New	BONA FILM GROUP LTDsponsored ads	$620,000	–	100,000	–	0.03%	–
SINA	New	SINA CORPord	$498,000	–	10,000	–	0.02%	–
T104PS	New	AMERICAN RLTY CAP PPTYS INC	$501,000	–	40,000	–	0.02%	–
CFBK	New	CENTRAL FED CORP	$454,000	–	306,715	–	0.02%	–
INN	New	SUMMIT HOTEL PPTYS	$456,000	–	43,000	–	0.02%	–
4107PS	New	MEADWESTVACO CORP	$443,000	–	10,000	–	0.02%	–
NRF	New	NORTHSTAR RLTY FIN CORP	$408,000	–	23,478	–	0.02%	–
CVEO	New	CIVEO CORP	$400,000	–	16,000	–	0.02%	–
LENB	New	LENNAR CORPcl b	$381,000	–	10,734	–	0.02%	–
ISS	New	ISOFTSTONE HLDGS LTDsponsored ads	$311,000	–	56,957	–	0.01%	–
WHLRP	New	WHEELER REAL ESTATE INVT TRcv pfd ser b	$253,000	–	10,000	–	0.01%	–
CHSP	New	CHESAPEAKE LODGING TRsh ben int	$242,000	–	8,000	–	0.01%	–
SHO	New	SUNSTONE HOTEL INVES INC NEW	$209,000	–	14,000	–	0.01%	–
NOAH	New	NOAH HLDGS LTDsponsored ads	$166,000	–	11,772	–	0.01%	–
WHLRW	New	WHEELER REAL ESTATE INVT TR*w exp 04/29/2019	$104,000	–	24,000	–	0.01%	–
GAGA	New	LE GAGA HLDGS LTDsponsored adr	$105,000	–	30,200	–	0.01%	–
CRDA	New	CRAWFORD & COcl a	$82,000	–	10,100	–	0.00%	–
VRTA	New	VESTIN REALTY MORTGAGE I INC	$80,000	–	55,000	–	0.00%	–
KANG	New	IKANG HEALTHCARE GROUP INCsponsored adr	$14,000	–	800	–	0.00%	–
PBHC	New	PATHFINDER BANCORP INC	$1,000	–	100	–	0.00%	–
FPPPW	New	FIELDPOINT PETROLEUM CORP*w exp 03/23/201	$9,000	–	5,300	–	0.00%	–

Q4 2013

			Value		Shares		↓ Weighting
VRTB	Exit	VESTIN RLTY MOTG II INC	$0	–	-1,750	–	0.00%	–
FPPPW	Exit	FIELDPOINT PETROLEUM CORP*w exp 03/23/201	$0	–	-5,300	–	0.00%	–
TSBK	Exit	TIMBERLAND BANCORP INC	$0	–	-2,479	–	-0.00%	–
VRTA	Exit	VESTIN REALTY MORTGAGE I INC	$0	–	-55,000	–	-0.01%	–
TWO	Exit	TWO HBRS INVT CORP	$0	–	-34,000	–	-0.02%	–
GAME	Exit	SHANDA GAMES LTDsp adr reptg a	$0	–	-85,488	–	-0.02%	–
BAC	Exit	BANK OF AMERICA CORPORATION	$0	–	-25,000	–	-0.03%	–
WWAVB	Exit	WHITEWAVE FOODS CO	$0	–	-18,229	–	-0.03%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Ispon adr	$0	–	-17,500	–	-0.03%	–
SCR	Exit	SIMCERE PHARMACEUTICAL GROUPspon adr	$0	–	-48,994	–	-0.04%	–
LORL	Exit	LORAL SPACE & COMMUNICATNS I	$0	–	-7,000	–	-0.04%	–
ISS	Exit	ISOFTSTONE HLDGS LTDsponsored ads	$0	–	-100,000	–	-0.04%	–
NOAH	Exit	NOAH HLDGS LTDcall	$0	–	-30,000	–	-0.04%	–
FCCO	Exit	FIRST CMNTY CORP S C	$0	–	-50,000	–	-0.04%	–
FITB	Exit	FIFTH THIRD BANCORP	$0	–	-30,000	–	-0.04%	–
PACT	Exit	PACTERA TECHNOLOGY INTL LTDsponsored adr	$0	–	-100,000	–	-0.04%	–
CYD	Exit	CHINA YUCHAI INTL LTD	$0	–	-25,400	–	-0.04%	–
CNSI	Exit	COMVERSE INC	$0	–	-20,200	–	-0.05%	–
CST	Exit	CST BRANDS INC	$0	–	-23,000	–	-0.05%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-13,000	–	-0.05%	–
STSA	Exit	STERLING FINL CORP WASH	$0	–	-27,065	–	-0.06%	–
DFODQ	Exit	DEAN FOODS CO NEW	$0	–	-41,100	–	-0.06%	–
QIHU	Exit	QIHOO 360 TECHNOLOGY CO LTDads	$0	–	-10,000	–	-0.06%	–
QIHU	Exit	QIHOO 360 TECHNOLOGY CO LTDput	$0	–	-10,000	–	-0.06%	–
CFBK	Exit	CENTRAL FED CORP	$0	–	-600,468	–	-0.06%	–
GA	Exit	GIANT INTERACTIVE GROUP INCadr	$0	–	-100,000	–	-0.07%	–
INN	Exit	SUMMIT HOTEL PPTYS	$0	–	-100,000	–	-0.07%	–
YY	Exit	YY INCput	$0	–	-20,000	–	-0.07%	–
ROMA	Exit	ROMA FINANCIAL CORP	$0	–	-50,999	–	-0.07%	–
U104PS	Exit	PERFECT WORLD CO LTDcall	$0	–	-50,000	–	-0.07%	–
SFBC	Exit	SOUND FINL BANCORP INC	$0	–	-75,000	–	-0.08%	–
SXCP	Exit	SUNCOKE ENERGY PARTNERS L P	$0	–	-50,000	–	-0.09%	–
NRF	Exit	NORTHSTAR RLTY FIN CORP	$0	–	-130,000	–	-0.09%	–
MUSA	Exit	MURPHY USA INC	$0	–	-30,000	–	-0.09%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-20,000	–	-0.10%	–
NTI	Exit	NORTHERN TIER ENERGY LP	$0	–	-70,000	–	-0.10%	–
YY	Exit	YY INC	$0	–	-30,000	–	-0.10%	–
ORRF	Exit	ORRSTOWN FINL SVCS IN	$0	–	-82,100	–	-0.11%	–
FCHPRA	Exit	FELCOR LODGING TR INCpfd cv a $1.95	$0	–	-60,000	–	-0.11%	–
SFUN	Exit	SOUFUN HLDGS LTDadr	$0	–	-30,000	–	-0.12%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-46,300	–	-0.12%	–
YONG	Exit	YONGYE INTL INCcall	$0	–	-260,100	–	-0.12%	–
FBMS	Exit	FIRST BANKSHARES INC MS	$0	–	-122,000	–	-0.13%	–
NOAH	Exit	NOAH HLDGS LTDsponsored ads	$0	–	-102,500	–	-0.13%	–
CVRR	Exit	CVR REFNG LP	$0	–	-75,000	–	-0.14%	–
EFC	Exit	ELLINGTON FINANCIAL LLC	$0	–	-95,000	–	-0.16%	–
OABC	Exit	OMNIAMERICAN BANCORP INC	$0	–	-87,600	–	-0.16%	–
U104PS	Exit	PERFECT WORLD CO LTDspon adr rep b	$0	–	-110,535	–	-0.16%	–
YHOO	Exit	YAHOO INC	$0	–	-69,700	–	-0.17%	–
HBK	Exit	HAMILTON BANCORP INC MD	$0	–	-157,287	–	-0.18%	–
TSO	Exit	TESORO CORP	$0	–	-55,000	–	-0.18%	–
CAFI	Exit	CAMCO FINL CORP	$0	–	-659,645	–	-0.20%	–
YONG	Exit	YONGYE INTL INC	$0	–	-466,143	–	-0.22%	–
EVBS	Exit	EASTERN VA BANKSHARES INC	$0	–	-501,840	–	-0.23%	–
YHOO	Exit	YAHOO INCcall	$0	–	-100,000	–	-0.25%	–
RCKB	Exit	ROCKVILLE FINL INC NEW	$0	–	-273,887	–	-0.27%	–
YDKN	Exit	YADKIN FINL CORP	$0	–	-217,804	–	-0.28%	–
GNW	Exit	GENWORTH FINL INC	$0	–	-300,000	–	-0.29%	–
MBI	Exit	MBIA INC	$0	–	-380,000	–	-0.29%	–
ESXB	Exit	COMMUNITY BANKERS TR CORP	$0	–	-1,060,000	–	-0.29%	–
CNOB	Exit	CONNECTONE BANCORP INC	$0	–	-123,069	–	-0.32%	–
HBOS	Exit	HERITAGE FINL GROUP INC	$0	–	-252,042	–	-0.33%	–
NRZ	Exit	NEW RESIDENTIAL INVT CORP	$0	–	-679,291	–	-0.34%	–
CSBK	Exit	CLIFTON SVGS BANCORP INC	$0	–	-371,443	–	-0.34%	–
IMH	Exit	IMPAC MTG HLDGS INC	$0	–	-526,530	–	-0.38%	–
FMD	Exit	FIRST MARBLEHEAD CORP	$0	–	-6,324,462	–	-0.39%	–
KRNY	Exit	KEARNY FINL CORP	$0	–	-516,595	–	-0.40%	–
MS	Exit	MORGAN STANLEY	$0	–	-200,000	–	-0.40%	–
SCNB	Exit	SUFFOLK BANCORP	$0	–	-317,139	–	-0.42%	–
CBNJ	Exit	CAPE BANCORP INC	$0	–	-613,600	–	-0.42%	–
ACAS	Exit	AMERICAN CAPITAL LTD	$0	–	-408,100	–	-0.42%	–
APO	Exit	APOLLO GLOBAL MGMT LLC	$0	–	-200,000	–	-0.42%	–
BKU	Exit	BANKUNITED INC	$0	–	-200,000	–	-0.47%	–
KFN	Exit	KKR FINL HLDGS LLC	$0	–	-604,284	–	-0.47%	–
APTS	Exit	PREFERRED APT CMNTYS INC	$0	–	-793,186	–	-0.48%	–
FHN	Exit	FIRST HORIZON NATL CORP	$0	–	-600,000	–	-0.49%	–
VSB	Exit	VANTAGESOUTH BANCSHARES INC	$0	–	-1,265,548	–	-0.50%	–
NFBK	Exit	NORTHFIELD BANCORP INC DEL	$0	–	-608,001	–	-0.55%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-300,000	–	-0.56%	–
SLM	Exit	SLM CORP	$0	–	-300,000	–	-0.56%	–
NPBC	Exit	NATIONAL PENN BANCSHARES INC	$0	–	-750,000	–	-0.56%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-150,000	–	-0.58%	–
SIFI	Exit	SI FINL GROUP INC MD	$0	–	-713,651	–	-0.61%	–
C	Exit	CITIGROUP INC	$0	–	-170,000	–	-0.62%	–
EBSB	Exit	MERIDIAN INTERSTAT BANCORP I	$0	–	-409,245	–	-0.67%	–
RDN	Exit	RADIAN GROUP INC	$0	–	-650,000	–	-0.68%	–
UCFC	Exit	UNITED CMNTY FINL CORP OHIO	$0	–	-2,399,357	–	-0.70%	–
LION	Exit	FIDELITY SOUTHERN CORP NEW	$0	–	-611,146	–	-0.70%	–
RBSPRPCL	Exit	ROYAL BK SCOTLAND GROUP PLCadr pfd ser p	$0	–	-458,658	–	-0.70%	–
TBNK	Exit	TERRITORIAL BANCORP INC	$0	–	-439,200	–	-0.72%	–
RTK	Exit	RENTECH INC	$0	–	-5,024,000	–	-0.74%	–
IBCP	Exit	INDEPENDENT BANK CORP MICH	$0	–	-1,023,215	–	-0.76%	–
FSGI	Exit	FIRST SEC GROUP INC	$0	–	-5,035,000	–	-0.78%	–
BPOP	Exit	POPULAR INC	$0	–	-400,000	–	-0.78%	–
MCBI	Exit	METROCORP BANCSHARES INC	$0	–	-769,988	–	-0.79%	–
NBBC	Exit	NEWBRIDGE BANCORPcl a no par	$0	–	-1,502,043	–	-0.82%	–
RBSPRMCL	Exit	ROYAL BK SCOTLAND GROUP PLCsp adr pref m	$0	–	-535,334	–	-0.84%	–
ISBC	Exit	INVESTORS BANCORP INC	$0	–	-519,687	–	-0.85%	–
CHFN	Exit	CHARTER FINL CORP MD	$0	–	-1,079,115	–	-0.87%	–
CQP	Exit	CHENIERE ENERGY PARTNERS LP	$0	–	-454,341	–	-0.90%	–
BANR	Exit	BANNER CORP	$0	–	-319,072	–	-0.91%	–
CIT	Exit	CIT GROUP INC	$0	–	-250,000	–	-0.91%	–
ARI	Exit	APOLLO COML REAL EST FIN INC	$0	–	-806,008	–	-0.92%	–
BNCL	Exit	BENEFICIAL MUTUAL BANCORP IN	$0	–	-1,256,700	–	-0.94%	–
CPSS	Exit	CONSUMER PORTFOLIO SVCS INC	$0	–	-2,138,600	–	-0.95%	–
HTBI	Exit	HOMETRUST BANCSHARES INC	$0	–	-833,834	–	-1.03%	–
RBSPRRCL	Exit	ROYAL BK SCOTLAND GROUP PLC	$0	–	-687,080	–	-1.04%	–
SNV	Exit	SYNOVUS FINL CORP	$0	–	-4,743,572	–	-1.17%	–
RBSPRSCL	Exit	ROYAL BK SCOTLAND GROUP PLCsp adr pref s	$0	–	-759,593	–	-1.22%	–
TFSL	Exit	TFS FINL CORP	$0	–	-1,427,900	–	-1.28%	–
RBSPRNCL	Exit	ROYAL BK SCOTLAND GROUP PLCadr pref ser n	$0	–	-1,025,028	–	-1.60%	–
RBSPRQCL	Exit	ROYAL BK SCOTLAND GROUP PLC	$0	–	-1,003,387	–	-1.64%	–
ABR	Exit	ARBOR RLTY TR INC	$0	–	-3,741,757	–	-1.90%	–
NSM	Exit	NATIONSTAR MTG HLDGS INC	$0	–	-472,638	–	-1.99%	–
RM	Exit	REGIONAL MGMT CORP	$0	–	-862,371	–	-2.05%	–
OCN	Exit	OCWEN FINL CORP	$0	–	-683,889	–	-2.85%	–
SBY	Exit	SILVER BAY RLTY TR CORP	$0	–	-3,255,796	–	-3.81%	–
CPF	Exit	CENTRAL PAC FINL CORP	$0	–	-3,165,130	–	-4.19%	–
FBP	Exit	FIRST BANCORP P R	$0	–	-10,050,000	–	-4.27%	–
RSO	Exit	RESOURCE CAP CORP	$0	–	-10,040,845	–	-4.46%	–
CLNY	Exit	COLONY FINL INC	$0	–	-3,036,958	–	-4.54%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-4,369,203	–	-7.83%	–
PHH	Exit	PHH CORP	$0	–	-4,853,545	–	-8.62%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-8,574,864	–	-10.35%	–

Q3 2013

			Value		Shares		↓ Weighting
AMH	New	AMERICAN HOMES 4 RENTcl a	$138,484,000	–	8,574,864	–	10.35%	–
PHH	Buy	PHH CORP	$115,223,000	+45.9%	4,853,545	+25.2%	8.62%	+19.0%
STWD	Buy	STARWOOD PPTY TR INC	$104,730,000	+47.8%	4,369,203	+52.7%	7.83%	+20.6%
CLNY	Buy	COLONY FINL INC	$60,678,000	+99.1%	3,036,958	+98.2%	4.54%	+62.4%
RSO	Buy	RESOURCE CAP CORP	$59,643,000	+10.7%	10,040,845	+14.7%	4.46%	-9.7%
FBP	New	FIRST BANCORP P R	$57,084,000	–	10,050,000	–	4.27%	–
CPF	Buy	CENTRAL PAC FINL CORP	$56,023,000	+8.5%	3,165,130	+10.4%	4.19%	-11.5%
SBY	Buy	SILVER BAY RLTY TR CORP	$50,986,000	+8.9%	3,255,796	+15.2%	3.81%	-11.2%
RM	Sell	REGIONAL MGMT CORP	$27,423,000	+21.7%	862,371	-4.3%	2.05%	-0.8%
NSM	Sell	NATIONSTAR MTG HLDGS INC	$26,576,000	-64.8%	472,638	-76.6%	1.99%	-71.3%
ABR	Sell	ARBOR RLTY TR INC	$25,369,000	-5.3%	3,741,757	-12.3%	1.90%	-22.8%
RBSPRQCL	Sell	ROYAL BK SCOTLAND GROUP PLC	$21,964,000	-9.9%	1,003,387	-8.2%	1.64%	-26.5%
RBSPRNCL	Sell	ROYAL BK SCOTLAND GROUP PLCadr pref ser n	$21,382,000	-4.5%	1,025,028	-3.7%	1.60%	-22.1%
TFSL	Buy	TFS FINL CORP	$17,092,000	+46.7%	1,427,900	+37.2%	1.28%	+19.6%
RBSPRSCL	Sell	ROYAL BK SCOTLAND GROUP PLCsp adr pref s	$16,293,000	-47.6%	759,593	-46.8%	1.22%	-57.3%
SNV	Buy	SYNOVUS FINL CORP	$15,654,000	+122.4%	4,743,572	+96.8%	1.17%	+81.4%
RBSPRRCL	Buy	ROYAL BK SCOTLAND GROUP PLC	$13,838,000	+5.4%	687,080	+8.2%	1.04%	-14.0%
HTBI	Buy	HOMETRUST BANCSHARES INC	$13,758,000	+52.0%	833,834	+56.2%	1.03%	+24.0%
CPSS	Buy	CONSUMER PORTFOLIO SVCS INC	$12,682,000	-12.7%	2,138,600	+8.1%	0.95%	-28.8%
BNCL	Sell	BENEFICIAL MUTUAL BANCORP IN	$12,529,000	-36.6%	1,256,700	-46.6%	0.94%	-48.3%
ARI	New	APOLLO COML REAL EST FIN INC	$12,308,000	–	806,008	–	0.92%	–
CIT	Buy	CIT GROUP INC	$12,193,000	+192.5%	250,000	+179.6%	0.91%	+138.7%
BANR	Buy	BANNER CORP	$12,176,000	+88.3%	319,072	+66.7%	0.91%	+53.5%
CQP	Sell	CHENIERE ENERGY PARTNERS LP	$11,976,000	-46.1%	454,341	-38.9%	0.90%	-56.1%
CHFN	Buy	CHARTER FINL CORP MD	$11,654,000	+44.2%	1,079,115	+34.6%	0.87%	+17.5%
ISBC	Buy	INVESTORS BANCORP INC	$11,381,000	+70.6%	519,687	+64.2%	0.85%	+39.1%
RBSPRMCL	Sell	ROYAL BK SCOTLAND GROUP PLCsp adr pref m	$11,231,000	-45.7%	535,334	-45.1%	0.84%	-55.7%
NBBC	Buy	NEWBRIDGE BANCORPcl a no par	$10,950,000	+45.5%	1,502,043	+19.6%	0.82%	+18.7%
MCBI	Sell	METROCORP BANCSHARES INC	$10,580,000	-11.7%	769,988	-37.3%	0.79%	-28.0%
BPOP	Buy	POPULAR INC	$10,500,000	+80.6%	400,000	+109.0%	0.78%	+47.3%
FSGI	Sell	FIRST SEC GROUP INC	$10,473,000	-20.6%	5,035,000	-17.2%	0.78%	-35.3%
IBCP	New	INDEPENDENT BANK CORP MICH	$10,232,000	–	1,023,215	–	0.76%	–
TBNK	Buy	TERRITORIAL BANCORP INC	$9,649,000	+4.8%	439,200	+7.8%	0.72%	-14.6%
RBSPRPCL	Buy	ROYAL BK SCOTLAND GROUP PLCadr pfd ser p	$9,425,000	+0.2%	458,658	+2.6%	0.70%	-18.2%
LION	Buy	FIDELITY SOUTHERN CORP NEW	$9,375,000	+24.6%	611,146	+0.5%	0.70%	+1.6%
UCFC	Buy	UNITED CMNTY FINL CORP OHIO	$9,333,000	-9.1%	2,399,357	+8.6%	0.70%	-25.9%
RDN	Buy	RADIAN GROUP INC	$9,055,000	+55.9%	650,000	+30.0%	0.68%	+27.0%
EBSB	Buy	MERIDIAN INTERSTAT BANCORP I	$8,917,000	+27.0%	409,245	+9.8%	0.67%	+3.6%
C	Sell	CITIGROUP INC	$8,247,000	-4.5%	170,000	-5.6%	0.62%	-22.1%
SIFI	Buy	SI FINL GROUP INC MD	$8,100,000	+5.2%	713,651	+2.5%	0.61%	-14.2%
JPM	New	JPMORGAN CHASE & CO	$7,754,000	–	150,000	–	0.58%	–
NPBC	New	NATIONAL PENN BANCSHARES INC	$7,538,000	–	750,000	–	0.56%	–
SLM	Sell	SLM CORP	$7,470,000	-9.4%	300,000	-16.8%	0.56%	-26.1%
BX	New	BLACKSTONE GROUP L P	$7,467,000	–	300,000	–	0.56%	–
NFBK	Sell	NORTHFIELD BANCORP INC DEL	$7,381,000	-13.7%	608,001	-16.7%	0.55%	-29.6%
VSB	New	VANTAGESOUTH BANCSHARES INC	$6,720,000	–	1,265,548	–	0.50%	–
FHN	New	FIRST HORIZON NATL CORP	$6,594,000	–	600,000	–	0.49%	–
APTS	Sell	PREFERRED APT CMNTYS INC	$6,441,000	-32.3%	793,186	-25.0%	0.48%	-44.7%
KFN	Buy	KKR FINL HLDGS LLC	$6,242,000	+135.5%	604,284	+140.5%	0.47%	+92.2%
BKU	New	BANKUNITED INC	$6,238,000	–	200,000	–	0.47%	–
APO	Sell	APOLLO GLOBAL MGMT LLC	$5,652,000	+2.0%	200,000	-13.0%	0.42%	-16.7%
ACAS	New	AMERICAN CAPITAL LTD	$5,611,000	–	408,100	–	0.42%	–
CBNJ	Buy	CAPE BANCORP INC	$5,621,000	+1.3%	613,600	+5.0%	0.42%	-17.5%
SCNB	Sell	SUFFOLK BANCORP	$5,620,000	+1.8%	317,139	-6.2%	0.42%	-17.0%
MS	New	MORGAN STANLEY	$5,390,000	–	200,000	–	0.40%	–
KRNY	Buy	KEARNY FINL CORP	$5,280,000	+40.6%	516,595	+44.4%	0.40%	+14.8%
FMD	Sell	FIRST MARBLEHEAD CORP	$5,186,000	-40.6%	6,324,462	-14.6%	0.39%	-51.6%
IMH	Sell	IMPAC MTG HLDGS INC	$5,013,000	-9.6%	526,530	-3.7%	0.38%	-26.3%
CSBK	Sell	CLIFTON SVGS BANCORP INC	$4,602,000	-22.6%	371,443	-26.0%	0.34%	-36.9%
NRZ	New	NEW RESIDENTIAL INVT CORP	$4,497,000	–	679,291	–	0.34%	–
HBOS	Buy	HERITAGE FINL GROUP INC	$4,391,000	+52.4%	252,042	+29.1%	0.33%	+24.2%
CNOB	Buy	CONNECTONE BANCORP INC	$4,321,000	+49.0%	123,069	+30.4%	0.32%	+21.4%
ESXB	Buy	COMMUNITY BANKERS TR CORP	$3,901,000	+115.5%	1,060,000	+112.0%	0.29%	+75.9%
MBI	New	MBIA INC	$3,887,000	–	380,000	–	0.29%	–
GNW	Sell	GENWORTH FINL INC	$3,840,000	-21.3%	300,000	-29.9%	0.29%	-35.8%
YDKN	Sell	YADKIN FINL CORP	$3,753,000	-37.7%	217,804	-49.3%	0.28%	-49.2%
RCKB	Sell	ROCKVILLE FINL INC NEW	$3,561,000	-18.5%	273,887	-18.1%	0.27%	-33.7%
YHOO	New	YAHOO INCcall	$3,317,000	–	100,000	–	0.25%	–
EVBS	Buy	EASTERN VA BANKSHARES INC	$3,061,000	+50.6%	501,840	+23.4%	0.23%	+23.1%
YONG	Buy	YONGYE INTL INC	$2,885,000	+36.0%	466,143	+17.6%	0.22%	+11.3%
CAFI	Buy	CAMCO FINL CORP	$2,658,000	+67.3%	659,645	+36.1%	0.20%	+36.3%
TSO	Sell	TESORO CORP	$2,419,000	-55.5%	55,000	-47.1%	0.18%	-63.7%
EFC	Sell	ELLINGTON FINANCIAL LLC	$2,135,000	-78.3%	95,000	-78.0%	0.16%	-82.3%
OABC	New	OMNIAMERICAN BANCORP INC	$2,143,000	–	87,600	–	0.16%	–
CVRR	Sell	CVR REFNG LP	$1,871,000	-30.8%	75,000	-16.7%	0.14%	-43.5%
NOAH	New	NOAH HLDGS LTDsponsored ads	$1,748,000	–	102,500	–	0.13%	–
FBMS	New	FIRST BANKSHARES INC MS	$1,708,000	–	122,000	–	0.13%	–
YONG	Buy	YONGYE INTL INCcall	$1,610,000	+400.0%	260,100	+332.8%	0.12%	+300.0%
LNG	Sell	CHENIERE ENERGY INC	$1,581,000	-88.5%	46,300	-90.7%	0.12%	-90.7%
SFUN	Sell	SOUFUN HLDGS LTDadr	$1,549,000	+54.3%	30,000	-25.8%	0.12%	+26.1%
FCHPRA	Buy	FELCOR LODGING TR INCpfd cv a $1.95	$1,450,000	+7.2%	60,000	+9.1%	0.11%	-12.9%
ORRF	New	ORRSTOWN FINL SVCS IN	$1,433,000	–	82,100	–	0.11%	–
YY	Sell	YY INC	$1,403,000	+4.5%	30,000	-40.0%	0.10%	-14.6%
NTI	Buy	NORTHERN TIER ENERGY LP	$1,380,000	-11.6%	70,000	+7.7%	0.10%	-28.0%
MUSA	New	MURPHY USA INC	$1,212,000	–	30,000	–	0.09%	–
NRF	Buy	NORTHSTAR RLTY FIN CORP	$1,206,000	+120.9%	130,000	+116.7%	0.09%	+80.0%
U104PS	New	PERFECT WORLD CO LTDcall	$995,000	–	50,000	–	0.07%	–
ROMA	Sell	ROMA FINANCIAL CORP	$948,000	-15.1%	50,999	-17.1%	0.07%	-30.4%
YY	New	YY INCput	$936,000	–	20,000	–	0.07%	–
INN	Buy	SUMMIT HOTEL PPTYS	$919,000	+17.2%	100,000	+20.5%	0.07%	-4.2%
GA	Sell	GIANT INTERACTIVE GROUP INCadr	$912,000	-24.1%	100,000	-33.3%	0.07%	-38.2%
QIHU	New	QIHOO 360 TECHNOLOGY CO LTDput	$832,000	–	10,000	–	0.06%	–
DFODQ	New	DEAN FOODS CO NEW	$793,000	–	41,100	–	0.06%	–
STSA	Sell	STERLING FINL CORP WASH	$775,000	-83.1%	27,065	-85.9%	0.06%	-86.2%
DLR	Buy	DIGITAL RLTY TR INC	$690,000	+41.4%	13,000	+62.5%	0.05%	+15.6%
CST	New	CST BRANDS INC	$685,000	–	23,000	–	0.05%	–
CNSI	Sell	COMVERSE INC	$645,000	-9.4%	20,200	-15.8%	0.05%	-26.2%
PACT	New	PACTERA TECHNOLOGY INTL LTDsponsored adr	$589,000	–	100,000	–	0.04%	–
FCCO	Sell	FIRST CMNTY CORP S C	$522,000	+11.5%	50,000	-1.6%	0.04%	-9.3%
NOAH	New	NOAH HLDGS LTDcall	$512,000	–	30,000	–	0.04%	–
ISS	New	ISOFTSTONE HLDGS LTDsponsored ads	$492,000	–	100,000	–	0.04%	–
WWAVB	New	WHITEWAVE FOODS CO	$368,000	–	18,229	–	0.03%	–
TWO	Sell	TWO HBRS INVT CORP	$330,000	-8.1%	34,000	-2.9%	0.02%	-24.2%
GAME	New	SHANDA GAMES LTDsp adr reptg a	$334,000	–	85,488	–	0.02%	–
TSBK	New	TIMBERLAND BANCORP INC	$22,000	–	2,479	–	0.00%	–
VRTB	New	VESTIN RLTY MOTG II INC	$3,000	–	1,750	–	0.00%	–
CQP	Exit	CHENIERE ENERGY PARTNERS LPput	$0	–	-10,000	–	-0.03%	–
TOL	Exit	TOLL BROTHERS INCput	$0	–	-10,000	–	-0.03%	–
IYR	Exit	ISHARES TRput	$0	–	-5,000	–	-0.03%	–
DANG	Exit	E-COMMERCE CHINA DANGDANG IN	$0	–	-50,000	–	-0.03%	–
MEMPQ	Exit	MEMORIAL PRODTN PARTNERS LP	$0	–	-25,000	–	-0.04%	–
YOKU	Exit	YOUKU TUDOU INCcall	$0	–	-30,000	–	-0.05%	–
CYOU	Exit	CHANGYOU COM LTDads rep cl a	$0	–	-20,000	–	-0.06%	–
NTES	Exit	NETEASE INCsponsored adr	$0	–	-10,000	–	-0.06%	–
CTRP	Exit	CTRIP COM INTL LTD	$0	–	-20,000	–	-0.06%	–
EDU	Exit	NEW ORIENTAL ED & TECH GRP Iput	$0	–	-30,000	–	-0.06%	–
LVS	Exit	LAS VEGAS SANDS CORPcall	$0	–	-20,000	–	-0.10%	–
ASBB	Exit	ASB BANCORP INC N C	$0	–	-69,174	–	-0.10%	–
SOHU	Exit	SOHU COM INCcall	$0	–	-20,000	–	-0.11%	–
SOHU	Exit	SOHU COM INC	$0	–	-20,000	–	-0.11%	–
MEMS	Exit	MEMSIC INC	$0	–	-350,000	–	-0.13%	–
FXI	Exit	ISHARES TRcall	$0	–	-50,000	–	-0.15%	–
APOL	Exit	APOLLO GROUP INCcl a	$0	–	-100,000	–	-0.16%	–
BIDU	Exit	BAIDU INCput	$0	–	-20,000	–	-0.17%	–
SPRD	Exit	SPREADTRUM COMMUNICATIONS INput	$0	–	-80,000	–	-0.19%	–
AF	Exit	ASTORIA FINL CORP	$0	–	-200,000	–	-0.20%	–
WYNN	Exit	WYNN RESORTS LTDcall	$0	–	-20,000	–	-0.24%	–
EVER	Exit	EVERBANK FINL CORP	$0	–	-170,000	–	-0.26%	–
WPX	Exit	WPX ENERGY INC	$0	–	-156,849	–	-0.27%	–
DDD	Exit	3-D SYS CORP DEL	$0	–	-70,895	–	-0.28%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-100,000	–	-0.30%	–
EBAY	Exit	EBAY INC	$0	–	-65,000	–	-0.31%	–
ORIT	Exit	ORITANI FINL CORP DEL	$0	–	-220,000	–	-0.32%	–
DF	Exit	DEAN FOODS CO NEW	$0	–	-355,100	–	-0.33%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-99,100	–	-0.41%	–
WD	Exit	WALKER & DUNLOP INC	$0	–	-297,590	–	-0.48%	–
CRFN	Exit	CRESCENT FINL BANCSHARES INC	$0	–	-1,265,548	–	-0.51%	–
REXI	Exit	RESOURCE AMERICA INCcl a	$0	–	-699,763	–	-0.54%	–
STAR	Exit	ISTAR FINL INC	$0	–	-678,616	–	-0.70%	–
WAC	Exit	WALTER INVT MGMT CORP	$0	–	-1,060,438	–	-3.29%	–

Q2 2013

			Value		Shares		↓ Weighting
PHH	New	PHH CORP	$78,985,000	–	3,875,618	–	7.24%	–
NSM	New	NATIONSTAR MTG HLDGS INC	$75,534,000	–	2,017,458	–	6.93%	–
STWD	New	STARWOOD PPTY TR INC	$70,838,000	–	2,862,148	–	6.50%	–
RSO	New	RESOURCE CAP CORP	$53,859,000	–	8,757,584	–	4.94%	–
CPF	New	CENTRAL PAC FINL CORP	$51,615,000	–	2,867,492	–	4.73%	–
SBY	New	SILVER BAY RLTY TR CORP	$46,808,000	–	2,826,556	–	4.29%	–
WAC	New	WALTER INVT MGMT CORP	$35,853,000	–	1,060,438	–	3.29%	–
RBSPRSCL	New	ROYAL BK SCOTLAND GROUP PLCsp adr pref s	$31,105,000	–	1,426,855	–	2.85%	–
CLNY	New	COLONY FINL INC	$30,471,000	–	1,531,998	–	2.79%	–
OCN	New	OCWEN FINL CORP	$28,190,000	–	683,889	–	2.58%	–
ABR	New	ARBOR RLTY TR INC	$26,792,000	–	4,266,294	–	2.46%	–
RBSPRQCL	New	ROYAL BK SCOTLAND GROUP PLC	$24,380,000	–	1,093,266	–	2.24%	–
RM	New	REGIONAL MGMT CORP	$22,539,000	–	901,571	–	2.07%	–
RBSPRNCL	New	ROYAL BK SCOTLAND GROUP PLCadr pref ser n	$22,393,000	–	1,064,304	–	2.05%	–
CQP	New	CHENIERE ENERGY PARTNERS LP	$22,221,000	–	743,424	–	2.04%	–
RBSPRMCL	New	ROYAL BK SCOTLAND GROUP PLCsp adr pref m	$20,698,000	–	974,959	–	1.90%	–
BNCL	New	BENEFICIAL MUTUAL BANCORP IN	$19,765,000	–	2,353,029	–	1.81%	–
CPSS	New	CONSUMER PORTFOLIO SVCS INC	$14,523,000	–	1,978,600	–	1.33%	–
LNG	New	CHENIERE ENERGY INC	$13,777,000	–	496,300	–	1.26%	–
FSGI	New	FIRST SEC GROUP INC	$13,194,000	–	6,080,000	–	1.21%	–
RBSPRRCL	New	ROYAL BK SCOTLAND GROUP PLC	$13,128,000	–	635,112	–	1.20%	–
MCBI	New	METROCORP BANCSHARES INC	$11,988,000	–	1,228,286	–	1.10%	–
TFSL	New	TFS FINL CORP	$11,654,000	–	1,040,523	–	1.07%	–
RTK	New	RENTECH INC	$10,550,000	–	5,024,000	–	0.97%	–
UCFC	New	UNITED CMNTY FINL CORP OHIO	$10,270,000	–	2,208,620	–	0.94%	–
EFC	New	ELLINGTON FINANCIAL LLC	$9,854,000	–	431,998	–	0.90%	–
APTS	New	PREFERRED APT CMNTYS INC	$9,514,000	–	1,057,141	–	0.87%	–
RBSPRPCL	New	ROYAL BK SCOTLAND GROUP PLCadr pfd ser p	$9,404,000	–	446,971	–	0.86%	–
TBNK	New	TERRITORIAL BANCORP INC	$9,209,000	–	407,300	–	0.84%	–
HTBI	New	HOMETRUST BANCSHARES INC	$9,054,000	–	533,834	–	0.83%	–
FMD	New	FIRST MARBLEHEAD CORP	$8,736,000	–	7,402,987	–	0.80%	–
C	New	CITIGROUP INC	$8,635,000	–	180,000	–	0.79%	–
NFBK	New	NORTHFIELD BANCORP INC DEL	$8,554,000	–	729,861	–	0.78%	–
SLM	New	SLM CORP	$8,243,000	–	360,600	–	0.76%	–
CHFN	New	CHARTER FINL CORP MD	$8,084,000	–	802,000	–	0.74%	–
SIFI	New	SI FINL GROUP INC MD	$7,697,000	–	696,552	–	0.71%	–
STAR	New	ISTAR FINL INC	$7,662,000	–	678,616	–	0.70%	–
NBBC	New	NEWBRIDGE BANCORPcl a no par	$7,525,000	–	1,256,340	–	0.69%	–
LION	New	FIDELITY SOUTHERN CORP NEW	$7,523,000	–	608,174	–	0.69%	–
SNV	New	SYNOVUS FINL CORP	$7,040,000	–	2,410,856	–	0.64%	–
EBSB	New	MERIDIAN INTERSTAT BANCORP I	$7,021,000	–	372,861	–	0.64%	–
ISBC	New	INVESTORS BANCORP INC	$6,671,000	–	316,463	–	0.61%	–
BANR	New	BANNER CORP	$6,467,000	–	191,375	–	0.59%	–
YDKN	New	YADKIN FINL CORP	$6,026,000	–	429,228	–	0.55%	–
REXI	New	RESOURCE AMERICA INCcl a	$5,948,000	–	699,763	–	0.54%	–
CSBK	New	CLIFTON SVGS BANCORP INC	$5,949,000	–	502,003	–	0.54%	–
RDN	New	RADIAN GROUP INC	$5,810,000	–	500,000	–	0.53%	–
BPOP	New	POPULAR INC	$5,813,000	–	191,400	–	0.53%	–
CBNJ	New	CAPE BANCORP INC	$5,550,000	–	584,250	–	0.51%	–
IMH	New	IMPAC MTG HLDGS INC	$5,547,000	–	546,530	–	0.51%	–
CRFN	New	CRESCENT FINL BANCSHARES INC	$5,543,000	–	1,265,548	–	0.51%	–
APO	New	APOLLO GLOBAL MGMT LLC	$5,543,000	–	230,000	–	0.51%	–
SCNB	New	SUFFOLK BANCORP	$5,523,000	–	338,034	–	0.51%	–
TSO	New	TESORO CORP	$5,441,000	–	104,000	–	0.50%	–
WD	New	WALKER & DUNLOP INC	$5,208,000	–	297,590	–	0.48%	–
GNW	New	GENWORTH FINL INC	$4,880,000	–	427,681	–	0.45%	–
STSA	New	STERLING FINL CORP WASH	$4,573,000	–	192,323	–	0.42%	–
AIG	New	AMERICAN INTL GROUP INC	$4,430,000	–	99,100	–	0.41%	–
RCKB	New	ROCKVILLE FINL INC NEW	$4,372,000	–	334,251	–	0.40%	–
CIT	New	CIT GROUP INC	$4,169,000	–	89,400	–	0.38%	–
KRNY	New	KEARNY FINL CORP	$3,754,000	–	357,825	–	0.34%	–
DF	New	DEAN FOODS CO NEW	$3,558,000	–	355,100	–	0.33%	–
ORIT	New	ORITANI FINL CORP DEL	$3,450,000	–	220,000	–	0.32%	–
EBAY	New	EBAY INC	$3,362,000	–	65,000	–	0.31%	–
ECPG	New	ENCORE CAP GROUP INC	$3,311,000	–	100,000	–	0.30%	–
DDD	New	3-D SYS CORP DEL	$3,112,000	–	70,895	–	0.28%	–
WPX	New	WPX ENERGY INC	$2,971,000	–	156,849	–	0.27%	–
CNOB	New	CONNECTONE BANCORP INC	$2,900,000	–	94,344	–	0.27%	–
HBOS	New	HERITAGE FINL GROUP INC	$2,881,000	–	195,300	–	0.26%	–
EVER	New	EVERBANK FINL CORP	$2,815,000	–	170,000	–	0.26%	–
CVRR	New	CVR REFNG LP	$2,705,000	–	90,000	–	0.25%	–
KFN	New	KKR FINL HLDGS LLC	$2,651,000	–	251,300	–	0.24%	–
WYNN	New	WYNN RESORTS LTDcall	$2,559,000	–	20,000	–	0.24%	–
AF	New	ASTORIA FINL CORP	$2,156,000	–	200,000	–	0.20%	–
YONG	New	YONGYE INTL INC	$2,121,000	–	396,498	–	0.19%	–
SPRD	New	SPREADTRUM COMMUNICATIONS INput	$2,100,000	–	80,000	–	0.19%	–
HBK	New	HAMILTON BANCORP INC MD	$2,082,000	–	157,287	–	0.19%	–
EVBS	New	EASTERN VA BANKSHARES INC	$2,033,000	–	406,593	–	0.19%	–
U104PS	New	PERFECT WORLD CO LTDspon adr rep b	$1,926,000	–	110,535	–	0.18%	–
BIDU	New	BAIDU INCput	$1,892,000	–	20,000	–	0.17%	–
ESXB	New	COMMUNITY BANKERS TR CORP	$1,810,000	–	500,000	–	0.17%	–
APOL	New	APOLLO GROUP INCcl a	$1,772,000	–	100,000	–	0.16%	–
YHOO	New	YAHOO INC	$1,752,000	–	69,700	–	0.16%	–
FXI	New	ISHARES TRcall	$1,626,000	–	50,000	–	0.15%	–
CAFI	New	CAMCO FINL CORP	$1,589,000	–	484,545	–	0.15%	–
NTI	New	NORTHERN TIER ENERGY LP	$1,561,000	–	65,000	–	0.14%	–
MEMS	New	MEMSIC INC	$1,435,000	–	350,000	–	0.13%	–
FCHPRA	New	FELCOR LODGING TR INCpfd cv a $1.95	$1,353,000	–	55,000	–	0.12%	–
YY	New	YY INC	$1,342,000	–	50,000	–	0.12%	–
SOHU	New	SOHU COM INC	$1,232,000	–	20,000	–	0.11%	–
SOHU	New	SOHU COM INCcall	$1,232,000	–	20,000	–	0.11%	–
GA	New	GIANT INTERACTIVE GROUP INCadr	$1,202,000	–	150,000	–	0.11%	–
ASBB	New	ASB BANCORP INC N C	$1,135,000	–	69,174	–	0.10%	–
ROMA	New	ROMA FINANCIAL CORP	$1,117,000	–	61,536	–	0.10%	–
SXCP	New	SUNCOKE ENERGY PARTNERS L P	$1,105,000	–	50,000	–	0.10%	–
LVS	New	LAS VEGAS SANDS CORP	$1,059,000	–	20,000	–	0.10%	–
LVS	New	LAS VEGAS SANDS CORPcall	$1,059,000	–	20,000	–	0.10%	–
SFBC	New	SOUND FINL BANCORP INC	$1,032,000	–	75,000	–	0.10%	–
SFUN	New	SOUFUN HLDGS LTDadr	$1,004,000	–	40,445	–	0.09%	–
INN	New	SUMMIT HOTEL PPTYS	$784,000	–	83,000	–	0.07%	–
CFBK	New	CENTRAL FED CORP	$787,000	–	600,468	–	0.07%	–
CNSI	New	COMVERSE INC	$712,000	–	24,000	–	0.06%	–
EDU	New	NEW ORIENTAL ED & TECH GRP Iput	$665,000	–	30,000	–	0.06%	–
CTRP	New	CTRIP COM INTL LTD	$653,000	–	20,000	–	0.06%	–
NTES	New	NETEASE INCsponsored adr	$632,000	–	10,000	–	0.06%	–
CYOU	New	CHANGYOU COM LTDads rep cl a	$609,000	–	20,000	–	0.06%	–
YOKU	New	YOUKU TUDOU INCcall	$576,000	–	30,000	–	0.05%	–
FITB	New	FIFTH THIRD BANCORP	$542,000	–	30,000	–	0.05%	–
NRF	New	NORTHSTAR RLTY FIN CORP	$546,000	–	60,000	–	0.05%	–
DLR	New	DIGITAL RLTY TR INC	$488,000	–	8,000	–	0.04%	–
MEMPQ	New	MEMORIAL PRODTN PARTNERS LP	$490,000	–	25,000	–	0.04%	–
SCR	New	SIMCERE PHARMACEUTICAL GROUPspon adr	$464,000	–	48,994	–	0.04%	–
FCCO	New	FIRST CMNTY CORP S C	$468,000	–	50,830	–	0.04%	–
QIHU	New	QIHOO 360 TECHNOLOGY CO LTDads	$462,000	–	10,000	–	0.04%	–
CYD	New	CHINA YUCHAI INTL LTD	$448,000	–	25,400	–	0.04%	–
LORL	New	LORAL SPACE & COMMUNICATNS I	$420,000	–	7,000	–	0.04%	–
EDU	New	NEW ORIENTAL ED & TECH GRP Ispon adr	$388,000	–	17,500	–	0.04%	–
TWO	New	TWO HBRS INVT CORP	$359,000	–	35,000	–	0.03%	–
DANG	New	E-COMMERCE CHINA DANGDANG IN	$347,000	–	50,000	–	0.03%	–
TOL	New	TOLL BROTHERS INCput	$326,000	–	10,000	–	0.03%	–
BAC	New	BANK OF AMERICA CORPORATION	$322,000	–	25,000	–	0.03%	–
IYR	New	ISHARES TRput	$332,000	–	5,000	–	0.03%	–
YONG	New	YONGYE INTL INCcall	$322,000	–	60,100	–	0.03%	–
CQP	New	CHENIERE ENERGY PARTNERS LPput	$299,000	–	10,000	–	0.03%	–
VRTA	New	VESTIN REALTY MORTGAGE I INC	$94,000	–	55,000	–	0.01%	–
FPPPW	New	FIELDPOINT PETROLEUM CORP*w exp 03/23/201	$5,000	–	5,300	–	0.00%	–

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