Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
WAL	WESTERN ALLIANCE BANCORP	503,433	$31.63M	7.0%	$62.82 *	$40.75	+43.3%	COM	957638109
EWBC	EAST WEST BANCORP INC	328,314	$24.04M	5.3%	$73.23 *	$44.52	+59.0%	COM	27579R104
WBS	WEBSTER FINL CORP	515,788	$22.48M	5.0%	$43.59 *	$46.99	-5.2%	COM	947890109
WTFC	WINTRUST FINL CORP	213,060	$21M	4.7%	$98.56	$85.36	+14.8%	COM	97650W108
FCNCA	FIRST CTZNS BANCSHARES INC N	12,135	$20.43M	4.5%	$1683.61	$850.21	+95.5%	CL A	31946M103
HWC	HANCOCK WHITNEY CORPORATION	420,486	$20.11M	4.5%	$47.83 *	$42.44	+7.7%	COM	410120109
—	SYNOVUS FINL CORP	478,842	$19.24M	4.3%	$40.19	$37.60	—	COM NEW	87161C501
AX	AXOS FINANCIAL INC	328,433	$18.77M	4.2%	$57.15 *	$42.61	+27.7%	COM	05465C100
BPOP	POPULAR INC	187,343	$16.57M	3.7%	$88.43 *	$68.44	+21.4%	COM NEW	733174700
FNB	F N B CORP	1,173,891	$16.06M	3.6%	$13.68 *	$10.90	+17.2%	COM	302520101
CFG	CITIZENS FINL GROUP INC	389,580	$14.04M	3.1%	$36.03 *	$32.32	+1.5%	COM	174610105
TFC	TRUIST FINL CORP	357,000	$13.87M	3.1%	$38.85 *	$33.83	+3.3%	COM	89832Q109
PFBC	PREFERRED BK LOS ANGELES CA	177,435	$13.39M	3.0%	$75.49	$37.84	+99.8%	COM NEW	740367404
—	HEARTLAND FINL USA INC	267,628	$11.9M	2.6%	$44.45	$35.56	—	COM	42234Q102
BANR	BANNER CORP	230,256	$11.43M	2.5%	$49.64 *	$42.88	+1.1%	COM NEW	06652V208
TRMK	TRUSTMARK CORP	346,807	$10.42M	2.3%	$30.04 *	$23.19	+18.5%	COM	898402102
—	PINNACLE FINL PARTNERS INC	129,900	$10.4M	2.3%	$80.04	$83.18	—	COM	72346Q104
COLB	COLUMBIA BKG SYS INC	475,500	$9.458M	2.1%	$19.89 *	$17.32	0.0%	COM	197236102
RF	REGIONS FINANCIAL CORP NEW	457,982	$9.178M	2.0%	$20.04 *	$12.20	+48.0%	COM	7591EP100
OFG	OFG BANCORP	236,061	$8.84M	2.0%	$37.45 *	$29.01	+25.6%	COM	67103X102
FBP	FIRST BANCORP P R	467,510	$8.551M	1.9%	$18.29 *	$6.11	+173.5%	COM NEW	318672706
—	VERITEX HLDGS INC	404,065	$8.522M	1.9%	$21.09	$18.82	—	COM	923451108
HAFC	HANMI FINL CORP	473,553	$7.918M	1.8%	$16.72 *	$16.99	-8.3%	COM NEW	410495204
CADE	CADENCE BANK	277,904	$7.859M	1.7%	$28.28 *	$26.07	+2.2%	COM	12740C103
OSBC	OLD SECOND BANCORP INC ILL	526,485	$7.797M	1.7%	$14.81 *	$9.56	+43.5%	COM	680277100
VLY	VALLEY NATL BANCORP	1,100,066	$7.678M	1.7%	$6.98 *	$8.52	-14.3%	COM	919794107
CATY	CATHAY GEN BANCORP	184,104	$6.944M	1.5%	$37.72 *	$33.06	+4.4%	COM	149150104
EBC	EASTERN BANKSHARES INC	480,477	$6.717M	1.5%	$13.98 *	$12.65	0.0%	COM	27627N105
DCOM	DIME CMNTY BANCSHARES INC	298,345	$6.086M	1.3%	$20.40 *	$19.17	-7.8%	COM	25432X102
STEL	STELLAR BANCORP INC	255,243	$5.86M	1.3%	$22.96	$30.82	-26.4%	COM	858927106
OBK	ORIGIN BANCORP INC	177,698	$5.637M	1.2%	$31.72 *	$30.61	0.0%	COM	68621T102
NBBK	NB BANCORP INC	363,631	$5.484M	1.2%	$15.08 *	$13.97	+4.3%	COM	63945M107
WABC	WESTAMERICA BANCORPORATION	112,717	$5.47M	1.2%	$48.53 *	$45.12	-0.9%	COM	957090103
—	FIRST BANCSHARES INC MS	198,825	$5.165M	1.1%	$25.98	$24.45	—	COM	318916103
CCNE	CNB FINL CORP PA	219,678	$4.484M	1.0%	$20.41 *	$22.98	-19.6%	COM	126128107
BAC	BANK AMERICA CORP	106,837	$4.249M	0.9%	$39.77 *	$25.67	+43.5%	COM	060505104
BFST	BUSINESS FIRST BANCSHARES IN	162,220	$3.53M	0.8%	$21.76 *	$17.55	+13.9%	COM	12326C105
BWB	BRIDGEWATER BANCSHARES INC	290,437	$3.372M	0.7%	$11.61	$11.33	+0.8%	COM	108621103
ABX	ABACUS LIFE INC	325,000	$2.811M	0.6%	$8.65 *	$10.89	0.0%	CL A	00258Y104
OPBK	OP BANCORP	283,568	$2.719M	0.6%	$9.59	$11.36	-15.8%	COM	67109R109
MTB	M & T BK CORP	17,165	$2.598M	0.6%	$151.36 *	$126.34	+10.0%	COM	55261F104
INBK	FIRST INTERNET BANCORP	95,443	$2.579M	0.6%	$27.02 *	$28.31	+6.8%	COM	320557101
CCB	COASTAL FINL CORP WA	54,613	$2.52M	0.6%	$46.14 *	$43.41	-3.1%	COM NEW	19046P209
FULT	FULTON FINL CORP PA	139,900	$2.376M	0.5%	$16.98 *	$15.15	0.0%	COM	360271100
TBBK	BANCORP INC DEL	35,000	$1.322M	0.3%	$37.76 *	$33.02	0.0%	COM	05969A105