Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
JXN	JACKSON FINANCIAL INC	1,317,983	$50.37M	22.1%	$38.22 *	$34.16	-7.0%	COM CL A	46817M107
—	PAGAYA TECHNOLOGIES LTD	13,681,142	$21.62M	9.5%	$1.58	$4.18	—	CL A SHS	M7S64L115
BANC	BANC OF CALIFORNIA INC	648,463	$8.028M	3.5%	$12.38 *	$14.50	-18.0%	COM	05990K106
MCB	METROPOLITAN BK HLDG CORP	181,041	$6.568M	2.9%	$36.28 *	$45.50	-10.7%	COM	591774104
FCNCA	FIRST CTZNS BANCSHARES INC N	4,337	$5.985M	2.6%	$1380.10	$711.06	+91.5%	CL A	31946M103
EWBC	EAST WEST BANCORP INC	111,805	$5.893M	2.6%	$52.71	$47.61	+10.1%	COM	27579R104
CCB	COASTAL FINL CORP WA	131,370	$5.637M	2.5%	$42.91	$21.91	+98.1%	COM NEW	19046P209
—	NEW YORK CMNTY BANCORP INC	411,176	$4.663M	2.0%	$11.34	$8.93	—	COM	649445103
AX	AXOS FINANCIAL INC	111,763	$4.231M	1.9%	$37.86 *	$41.23	+2.6%	COM	05465C100
LNKB	LINKBANCORP INC	598,662	$4.119M	1.8%	$6.88 *	$6.65	-10.3%	COM	53578P105
OSBC	OLD SECOND BANCORP INC ILL	300,897	$4.095M	1.8%	$13.61 *	$12.87	+9.5%	COM	680277100
—	FIRST BANCSHARES INC MS	138,016	$3.722M	1.6%	$26.97	$26.97	—	COM	318916103
WBS	WEBSTER FINL CORP	91,516	$3.689M	1.6%	$40.31 *	$46.88	-9.3%	COM	947890109
WAL	WESTERN ALLIANCE BANCORP	80,090	$3.682M	1.6%	$45.97 *	$38.22	+17.0%	COM	957638109
FUNC	FIRST UTD CORP	224,872	$3.649M	1.6%	$16.22 *	$15.71	-5.0%	COM	33741H107
CMA	COMERICA INC	84,502	$3.511M	1.5%	$41.55	$52.77	-20.5%	COM	200340107
—	PINNACLE FINL PARTNERS INC	45,607	$3.057M	1.3%	$67.04	$55.16	—	COM	72346Q104
GNW	GENWORTH FINL INC	514,347	$3.014M	1.3%	$5.86	$5.58	+3.5%	COM CL A	37247D106
EFSC	ENTERPRISE FINL SVCS CORP	79,928	$2.997M	1.3%	$37.50	$47.06	-19.8%	COM	293712105
COLB	COLUMBIA BKG SYS INC	147,556	$2.995M	1.3%	$20.30 *	$17.89	+0.6%	COM	197236102
FRME	FIRST MERCHANTS CORP	106,664	$2.967M	1.3%	$27.82 *	$35.29	-22.7%	COM	320817109
—	SYNOVUS FINL CORP	103,701	$2.883M	1.3%	$27.80	$41.28	—	COM NEW	87161C501
—	SUMMIT FINL GROUP INC	124,389	$2.804M	1.2%	$22.54	$22.54	—	COM	86606G101
ONB	OLD NATL BANCORP IND	190,225	$2.766M	1.2%	$14.54 *	$17.25	-10.3%	COM	680033107
FNB	F N B CORP	235,604	$2.542M	1.1%	$10.79	$10.85	0.0%	COM	302520101
FHN	FIRST HORIZON CORPORATION	227,887	$2.511M	1.1%	$11.02 *	$11.34	0.0%	COM	320517105
NXDT	NEXPOINT DIVERSIFIED REL ET	286,673	$2.497M	1.1%	$8.71	$14.38	—	COM NEW	65340G205
UMBF	UMB FINL CORP	39,078	$2.425M	1.1%	$62.05 *	$59.67	+8.9%	COM	902788108
CCNE	CNB FINL CORP PA	126,550	$2.292M	1.0%	$18.11 *	$22.04	-22.0%	COM	126128107
AGO	ASSURED GUARANTY LTD	37,278	$2.256M	1.0%	$60.52 *	$50.70	+13.8%	COM	G0585R106
EQH	EQUITABLE HLDGS INC	73,781	$2.095M	0.9%	$28.39 *	$27.27	-2.0%	COM	29452E101
ABCB	AMERIS BANCORP	49,398	$1.896M	0.8%	$38.39	$32.02	+20.4%	COM	03076K108
CUBI	CUSTOMERS BANCORP INC	53,200	$1.833M	0.8%	$34.45 *	$26.28	+37.5%	COM	23204G100
SLM	SLM CORP	131,597	$1.792M	0.8%	$13.62 *	$15.31	-1.7%	COM	78442P106
PGYWW	PAGAYA TECHNOLOGIES LTD	5,166,667	$1.746M	0.8%	$0.34	$0.38	—	*W EXP 09/01/202	M7S64L107
MBIN	MERCHANTS BANCORP IND	62,932	$1.744M	0.8%	$27.72	$23.44	+20.1%	COM	58844R108
—	PACIFIC PREMIER BANCORP	75,000	$1.632M	0.7%	$21.76	$21.76	—	COM	69478X105
ECPG	ENCORE CAP GROUP INC	33,563	$1.603M	0.7%	$47.76 *	$54.51	-10.0%	COM	292554102
BCAL	SOUTHERN CALIF BANCORP	107,948	$1.512M	0.7%	$14.01 *	$14.16	+3.4%	COM	84252A106
—	AVANTAX INC	57,432	$1.469M	0.6%	$25.58	$26.02	—	COM	095229100
OPY	OPPENHEIMER HLDGS INC	34,440	$1.319M	0.6%	$38.31	$38.43	+1.3%	CL A NON VTG	683797104
AAMI	BRIGHTSPHERE INVT GROUP INC	67,865	$1.316M	0.6%	$19.39 *	$22.24	-7.4%	COM	10948W103
—	HEARTLAND FINL USA INC	44,141	$1.299M	0.6%	$29.43	$29.43	—	COM	42234Q102
WTFC	WINTRUST FINL CORP	15,774	$1.191M	0.5%	$75.50 *	$73.94	+6.4%	COM	97650W108
RBKB	RHINEBECK BANCORP INC	171,217	$1.166M	0.5%	$6.81	$11.68	-40.9%	COM	762093102
AER	AERCAP HOLDINGS NV	17,500	$1.097M	0.5%	$62.67	$56.23	+10.2%	SHS	N00985106
COF	CAPITAL ONE FINL CORP	11,183	$1.085M	0.5%	$97.05 *	$97.83	+5.3%	COM	14040H105
—	BROADWAY FINL CORP DEL	1,105,792	$1.084M	0.5%	$0.98	$1.49	—	COM	111444105
DBI	DESIGNER BRANDS INC	79,844	$1.011M	0.4%	$12.66 *	$8.82	+11.1%	CL A	250565108
BPOP	POPULAR INC	15,787	$995K	0.4%	$63.01 *	$55.15	+11.9%	COM NEW	733174700
—	THE ODP CORP	20,480	$945K	0.4%	$46.15	$38.08	—	COM	88337F105
HTH	HILLTOP HOLDINGS INC	32,318	$917K	0.4%	$28.36 *	$28.96	+4.2%	COM	432748101
—	STEEL PARTNERS HLDGS L P	20,005	$851K	0.4%	$42.52	$41.98	—	LTD PRTRSHIP U	85814R107
PEBO	PEOPLES BANCORP INC	31,479	$799K	0.4%	$25.38 *	$32.36	-17.9%	COM	709789101
OBK	ORIGIN BANCORP INC	27,259	$787K	0.3%	$28.87 *	$38.94	-21.5%	COM	68621T102
HWC	HANCOCK WHITNEY CORPORATION	21,157	$783K	0.3%	$36.99 *	$51.95	-21.4%	COM	410120109
RRR	RED ROCK RESORTS INC	18,953	$777K	0.3%	$41.00 *	$50.31	-10.1%	CL A	75700L108
BWB	BRIDGEWATER BANCSHARES INC	77,140	$731K	0.3%	$9.48 *	$15.26	-32.4%	COM	108621103
IDCC	INTERDIGITAL INC	8,614	$691K	0.3%	$80.24 *	$73.86	+17.7%	COM	45867G101
HFWA	HERITAGE FINL CORP WASH	42,051	$686K	0.3%	$16.31 *	$26.38	-33.9%	COM	42722X106
BTU	PEABODY ENERGY CORP	25,000	$650K	0.3%	$25.99 *	$22.42	-3.5%	COM	704551100
OCFC	OCEANFIRST FINL CORP	44,588	$645K	0.3%	$14.47 *	$15.64	-5.0%	COM	675234108
UBFO	UNITED SEC BANCSHARES CALIF	84,246	$627K	0.3%	$7.44 *	$6.03	+2.1%	COM	911460103
FITB	FIFTH THIRD BANCORP	24,254	$614K	0.3%	$25.33 *	$29.02	-15.6%	COM	316773100
STEL	STELLAR BANCORP INC	28,315	$604K	0.3%	$21.32 *	$30.96	-26.3%	COM	858927106
—	PACWEST BANCORP DEL	75,000	$593K	0.3%	$7.91	$7.91	—	COM	695263103
—	PREMIER FINANCIAL CORP	33,926	$579K	0.3%	$17.06	$25.02	—	COM	74052F108
QCRH	QCR HOLDINGS INC	11,367	$552K	0.2%	$48.52	$46.45	+5.5%	COM	74727A104
CFG	CITIZENS FINL GROUP INC	20,425	$547K	0.2%	$26.80 *	$34.37	-25.0%	COM	174610105
TFIN	TRIUMPH FINANCIAL INC	8,349	$541K	0.2%	$64.79	$59.51	+10.9%	COM	89679E300
CNOB	CONNECTONE BANCORP INC	29,847	$532K	0.2%	$17.83 *	$19.07	-9.5%	COM	20786W107
WFG	WEST FRASER TIMBER CO LTD	6,793	$493K	0.2%	$72.54 *	$82.77	-5.0%	COM	952845105
DVN	DEVON ENERGY CORP NEW	10,000	$477K	0.2%	$47.70 *	$43.39	+6.3%	COM	25179M103
VLY	VALLEY NATL BANCORP	55,403	$474K	0.2%	$8.56 *	$11.06	-18.0%	COM	919794107
CMLS	CUMULUS MEDIA INC	86,768	$442K	0.2%	$5.09 *	$8.87	-46.5%	COM CL A	231082801
SPG	SIMON PPTY GROUP INC NEW	4,000	$432K	0.2%	$108.03 *	$60.51	+70.6%	COM	828806109
FRST	PRIMIS FINANCIAL CORP	52,851	$431K	0.2%	$8.15	$12.85	-37.5%	COM	74167B109
ET	ENERGY TRANSFER L P	30,000	$421K	0.2%	$14.03	$9.83	—	COM UT LTD PTN	29273V100
C	CITIGROUP INC	10,000	$411K	0.2%	$41.13	$42.37	-4.5%	COM NEW	172967424
APA	APA CORPORATION	10,000	$411K	0.2%	$41.10 *	$34.97	+7.3%	COM	03743Q108
NBHC	NATIONAL BK HLDGS CORP	13,635	$406K	0.2%	$29.76	$35.20	-15.4%	CL A	633707104
PGC	PEAPACK-GLADSTONE FINL CORP	14,790	$379K	0.2%	$25.65 *	$27.61	-1.7%	COM	704699107
TRIN	TRINITY CAP INC	25,000	$348K	0.2%	$13.92 *	$8.23	+21.6%	COM	896442308
GOOG	ALPHABET INC	2,000	$264K	0.1%	$131.85 *	$95.84	+34.7%	CAP STK CL C	02079K107
AR	ANTERO RESOURCES CORP	10,000	$254K	0.1%	$25.38	$26.35	-2.1%	COM	03674X106
ASTL	ALGOMA STL GROUP INC	36,458	$248K	0.1%	$6.80	$8.26	-17.3%	COM	015658107
BSVN	BANK7 CORP	9,974	$225K	0.1%	$22.51 *	$23.46	0.0%	COM	06652N107
PLD	PROLOGIS INC.	2,000	$224K	0.1%	$112.21	$104.11	+8.5%	COM	74340W103
FIHL	FIDELIS INSURANCE HOLDINGS L	13,099	$192K	0.1%	$14.68 *	$12.81	+5.8%	COM	G3398L118
KEY	KEYCORP	15,000	$161K	0.1%	$10.76 *	$14.35	-32.1%	COM	493267108
SSSS	SURO CAPITAL CORP	35,602	$129K	0.1%	$3.62 *	$3.92	-5.3%	COM NEW	86887Q109