Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
NBTB	NBT BANCORP	73,030 (-64.9%)	$3.605M (-59.3%)	1.0%	$49.37	$41.63	—	COM	628778102
BANC	BANC OF CALIFORNIA	2,449,219 (-17.0%)	$50.04M (-3.5%)	13.9%	$20.43	$9.88	—	COM	05990K106
FNRN	FIRST NORTHERN COMMUNITY BANCORP	20,325 (-47.0%)	$365K (-40.1%)	0.1%	$17.94	$11.52	—	COM	335925103

Unchanged Positions (25)

FISI FINANCIAL INSTITUTIONS 19.7%

Value $70.77M Shares 1,816,102 Share Price $38.97 Est. Cost/Share $24.81 Unrealized @ Report Date —

EFSC ENTERPRISE FINL SERVICES 13.4%

Value $48.31M Shares 733,329 Share Price $65.88 Est. Cost/Share $23.96 Unrealized @ Report Date —

HBNC HORIZON BANCORP 10.1%

Value $36.22M Shares 1,812,825 Share Price $19.98 Est. Cost/Share $15.51 Unrealized @ Report Date —

FRME FIRST MERCHANTS 8.3%

Value $29.99M Shares 686,333 Share Price $43.69 Est. Cost/Share $16.18 Unrealized @ Report Date —

FNB F N B 5.3%

Value $18.94M Shares 992,765 Share Price $19.08 Est. Cost/Share $14.80 Unrealized @ Report Date —

CHMG CHEMUNG FINL 2.3%

Value $8.154M Shares 109,336 Share Price $74.58 Est. Cost/Share $51.82 Unrealized @ Report Date —

FLG FLAGSTAR BANK NATIONAL ASSOCIATION 3.5%

Value $12.48M Shares 835,335 Share Price $14.94 Est. Cost/Share $13.36 Unrealized @ Report Date —

CWBC COMMUNITY WEST BANCSHARES 2.5%

Value $8.852M Shares 329,551 Share Price $26.86 Est. Cost/Share $16.78 Unrealized @ Report Date —

ARBV AMERICAN RIVIERA BANCORP 4.1%

Value $14.58M Shares 569,500 Share Price $25.60 Est. Cost/Share $19.44 Unrealized @ Report Date —

IBCP INDEPENDENT BANK 3.2%

Value $11.51M Shares 318,985 Share Price $36.07 Est. Cost/Share $12.18 Unrealized @ Report Date —

FRBA FIRST BANK 2.4%

Value $8.491M Shares 478,887 Share Price $17.73 Est. Cost/Share $11.05 Unrealized @ Report Date —

FRST PRIMIS FINL 1.1%

Value $3.884M Shares 237,241 Share Price $16.37 Est. Cost/Share $11.54 Unrealized @ Report Date —

PGC PEAPACK-GLADSTONE FINL 0.6%

Value $2.154M Shares 45,500 Share Price $47.33 Est. Cost/Share $27.19 Unrealized @ Report Date —

ORRF ORRSTOWN FINL SERVICES 0.7%

Value $2.628M Shares 64,356 Share Price $40.83 Est. Cost/Share $31.53 Unrealized @ Report Date —

FHN FIRST HORIZON 0.7%

Value $2.564M Shares 100,000 Share Price $25.64 Est. Cost/Share $22.18 Unrealized @ Report Date —

FMBM F & M BANK 0.4%

Value $1.298M Shares 35,213 Share Price $36.86 Est. Cost/Share $24.87 Unrealized @ Report Date —

FNWD FINWARD BANCORP 4.0%

Value $14.55M Shares 395,716 Share Price $36.78 Est. Cost/Share $28.34 Unrealized @ Report Date —

RMBI RICHMOND MUTUAL BANCORPORATION 0.3%

Value $980K Shares 61,719 Share Price $15.88 Est. Cost/Share $14.10 Unrealized @ Report Date —

INBC INBANKSHARES 0.2%

Value $717K Shares 54,085 Share Price $13.25 Est. Cost/Share $9.34 Unrealized @ Report Date —

PBAM PRIVATE BANCORP OF AMERICA 0.1%

Value $518K Shares 7,000 Share Price $74.00 Est. Cost/Share $61.26 Unrealized @ Report Date —

CBAF CITBA FINL 0.1%

Value $431K Shares 11,502 Share Price $37.50 Est. Cost/Share $29.14 Unrealized @ Report Date —

MGYR MAGYAR BANCORP 0.9%

Value $3.199M Shares 183,317 Share Price $17.45 Est. Cost/Share $10.77 Unrealized @ Report Date —

PBNC PB FINL 0.1%

Value $486K Shares 7,102 Share Price $68.50 Est. Cost/Share $52.74 Unrealized @ Report Date —

FMBH FIRST MID BANCSHARES 0.0%

Value $161K Shares 3,344 Share Price $48.09 Est. Cost/Share $41.93 Unrealized @ Report Date —

MFGI MERCHANTS FINL GROUP 0.0%

Value $54,295 Shares 1,380 Share Price $39.34 Est. Cost/Share $32.59 Unrealized @ Report Date —

Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
FISI	FINANCIAL INSTITUTIONS	1,816,102	$70.77M	19.7%	$38.97	$24.81	—	COM	317585404
EFSC	ENTERPRISE FINL SERVICES	733,329	$48.31M	13.4%	$65.88	$23.96	—	COM	293712105
HBNC	HORIZON BANCORP	1,812,825	$36.22M	10.1%	$19.98	$15.51	—	COM	440407104
FRME	FIRST MERCHANTS	686,333	$29.99M	8.3%	$43.69	$16.18	—	COM	320817109
FNB	F N B	992,765	$18.94M	5.3%	$19.08	$14.80	—	COM	302520101
CHMG	CHEMUNG FINL	109,336	$8.154M	2.3%	$74.58	$51.82	—	COM	164024101
FLG	FLAGSTAR BANK NATIONAL ASSOCIATION	835,335	$12.48M	3.5%	$14.94	$13.36	—	COM	649445400
CWBC	COMMUNITY WEST BANCSHARES	329,551	$8.852M	2.5%	$26.86	$16.78	—	COM	203937107
ARBV	AMERICAN RIVIERA BANCORP	569,500	$14.58M	4.1%	$25.60	$19.44	—	COM	02933K103
IBCP	INDEPENDENT BANK	318,985	$11.51M	3.2%	$36.07	$12.18	—	COM	453838609
FRBA	FIRST BANK	478,887	$8.491M	2.4%	$17.73	$11.05	—	COM	31931U102
FRST	PRIMIS FINL	237,241	$3.884M	1.1%	$16.37	$11.54	—	COM	74167B109
PGC	PEAPACK-GLADSTONE FINL	45,500	$2.154M	0.6%	$47.33	$27.19	—	COM	704699107
ORRF	ORRSTOWN FINL SERVICES	64,356	$2.628M	0.7%	$40.83	$31.53	—	COM	687380105
FHN	FIRST HORIZON	100,000	$2.564M	0.7%	$25.64	$22.18	—	COM	320517105
FMBM	F & M BANK	35,213	$1.298M	0.4%	$36.86	$24.87	—	COM	30237P106
FNWD	FINWARD BANCORP	395,716	$14.55M	4.0%	$36.78	$28.34	—	COM	31812F109
RMBI	RICHMOND MUTUAL BANCORPORATION	61,719	$980K	0.3%	$15.88	$14.10	—	COM	76525P100
INBC	INBANKSHARES	54,085	$717K	0.2%	$13.25	$9.34	—	COM	45332V105
PBAM	PRIVATE BANCORP OF AMERICA	7,000	$518K	0.1%	$74.00	$61.26	—	COM	74274F100
CBAF	CITBA FINL	11,502	$431K	0.1%	$37.50	$29.14	—	COM	173024100
MGYR	MAGYAR BANCORP	183,317	$3.199M	0.9%	$17.45	$10.77	—	COM	55977T208
PBNC	PB FINL	7,102	$486K	0.1%	$68.50	$52.74	—	COM	69290N103
FMBH	FIRST MID BANCSHARES	3,344	$161K	0.0%	$48.09	$41.93	—	COM	320866106
MFGI	MERCHANTS FINL GROUP	1,380	$54,295	0.0%	$39.34	$32.59	—	COM	588538108