Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NIC	NICOLET BANKSHARES INC	58,648	$8.716M	1.7%	$143.63	0.0%	COM	65406E102
BUSE	FIRST BUSEY CORP	237,500	$6.002M	1.2%	$25.25	0.0%	COM NEW	319383204
BOH	BANK HAWAII CORP	41,500	$3.081M	0.6%	$74.55	0.0%	COM	062540109
MSBI	MIDLAND STATES BANCORP INC	87,500	$1.952M	0.4%	$22.59	0.0%	COM	597742105
CVBF	CVB FINL CORP	91,500	$1.774M	0.3%	$20.02	0.0%	COM	126600105
OBT	ORANGE CNTY BANCORP INC	52,573	$1.681M	0.3%	$31.80	0.0%	COM	68417L107
AMG	AFFILIATED MANAGERS GROUP	4,900	$1.356M	0.3%	$312.33	0.0%	COM	008252108
VCTR	VICTORY CAP HLDGS INC DEL	10,000	$655K	0.1%	$70.79	0.0%	COM CL A	92645B103
TROW	PRICE T ROWE GROUP INC	5,000	$451K	0.1%	$101.21	0.0%	COM	74144T108

Increased Positions (28)

USB US BANCORP 1.9%

Value $9.622M (+106.1%) Shares 185,000 (+111.4%) Est. Cost $51.59 Unrealized +9.8%

BAC BANK AMERICA CORP 2.4%

Value $12.17M (+46.4%) Shares 249,713 (+65.2%) Est. Cost $43.80 Unrealized +22.5%

NPB NORTHPOINTE BANCSHARES INC. 1.9%

Value $9.876M (+54.9%) Shares 572,175 (+50.6%) Est. Cost $15.43 Unrealized +14.3%

COLB COLUMBIA BKG SYS INC 1.8%

Value $9.384M (+37.0%) Shares 342,100 (+39.6%) Est. Cost $25.72 Unrealized +16.5%

HBAN HUNTINGTON BANCSHARES INC 1.1%

Value $5.771M (+72.6%) Shares 368,756 (+91.4%) Est. Cost $14.85 Unrealized +20.5%

MTB M & T BK CORP 2.0%

Value $10.19M (+24.9%) Shares 49,284 (+21.7%) Est. Cost $162.09 Unrealized +36.4%

BBT BEACON FINANCIAL CORP. 1.5%

Value $7.8M (+34.5%) Shares 260,000 (+18.2%) Est. Cost $27.19 Unrealized +6.3%

BEN FRANKLIN RESOURCES INC 0.4%

Value $2.024M (+747.3%) Shares 85,700 (+757.0%) Est. Cost $25.92 Unrealized +1.7%

CHYM CHIME FINL INC 1.5%

Value $7.485M (-19.2%) Shares 399,621 (+8.5%) Est. Cost $32.06 Unrealized -25.1%

FMBH FIRST MID BANCSHARES INC 0.8%

Value $4.222M (+54.7%) Shares 102,500 (+46.4%) Est. Cost $37.49 Unrealized +11.9%

PFBC PREFERRED BK LOS ANGELES CA 1.5%

Value $7.551M (+23.4%) Shares 83,263 (+28.5%) Est. Cost $65.03 Unrealized +40.6%

PCB PCB BANCORP 0.7%

Value $3.373M (+61.7%) Shares 150,000 (+55.7%) Est. Cost $19.59 Unrealized +14.9%

JCAP JEFFERSON CAPITAL INC 1.2%

Value $6.34M (+22.5%) Shares 329,700 (+42.3%) Est. Cost $19.46 Unrealized +11.8%

FFBC 1ST FINL BANCORP 1.3%

Value $6.831M (+19.8%) Shares 245,000 (+7.5%) Est. Cost $24.44 Unrealized +15.4%

CFG CITIZENS FINL GROUP INC 1.3%

Value $6.464M (+16.5%) Shares 107,779 (+13.5%) Est. Cost $43.43 Unrealized +45.3%

SSB SOUTHSTATE BK CORP 3.6%

Value $18.5M (+5.1%) Shares 200,004 (+7.0%) Est. Cost $95.90 Unrealized +5.2%

EWBC EAST WEST BANCORP INC 1.6%

Value $7.96M (+12.7%) Shares 74,563 (+18.7%) Est. Cost $81.80 Unrealized +42.1%

ACNB ACNB CORP 0.8%

Value $4.098M (+28.1%) Shares 85,600 (+29.4%) Est. Cost $44.92 Unrealized +12.0%

HOPE HOPE BANCORP INC 0.4%

Value $1.871M (+62.6%) Shares 167,500 (+59.5%) Est. Cost $11.48 Unrealized +3.5%

INDB INDEPENDENT BK CORP MASS 1.0%

Value $5.261M (+13.4%) Shares 69,950 (+10.2%) Est. Cost $64.80 Unrealized +23.3%

BCOW 1895 Bancorp Of Wisconsin, Inc. 0.6%

Value $3.124M (+23.5%) Shares 290,340 (+28.6%) Est. Cost $11.04 Unrealized +0.2%

JPM JPMORGAN CHASE & CO 1.1%

Value $5.385M (+11.3%) Shares 18,307 (+21.9%) Est. Cost $213.28 Unrealized +46.0%

SFST SOUTHERN FIRST BANCSHARES 0.4%

Value $1.909M (+29.4%) Shares 35,026 (+22.3%) Est. Cost $45.70 Unrealized +23.6%

NP NEPTUNE INS HLDGS INC 0.7%

Value $3.606M (-10.1%) Shares 149,090 (+8.4%) Est. Cost $21.90 Unrealized +9.6%

WRIV White River Bancshares Co 0.2%

Value $1.122M (+22.6%) Shares 21,179 (+14.5%) Est. Cost $28.12 Unrealized +88.8%

CBC CENTRAL BANCOMPANY 1.8%

Value $9.043M (+1.7%) Shares 377,583 (+2.4%) Est. Cost $23.45 Unrealized +3.2%

ECBK ECB BANCORP INC 0.2%

Value $923K (+16.7%) Shares 55,198 (+21.3%) Est. Cost $14.79 Unrealized +19.4%

FCCO FIRST CMNTY CORP S C 1.5%

Value $7.492M (+0.1%) Shares 256,325 (+1.5%) Est. Cost $19.10 Unrealized +55.3%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
USB	US BANCORP	185,000 (+111.4%)	$9.622M (+106.1%)	1.9%	$51.59	+9.8%	COM NEW	902973304
BAC	BANK AMERICA CORP	249,713 (+65.2%)	$12.17M (+46.4%)	2.4%	$43.80	+22.5%	COM	060505104
NPB	NORTHPOINTE BANCSHARES INC.	572,175 (+50.6%)	$9.876M (+54.9%)	1.9%	$15.43	+14.3%	COM SHS	66661N886
COLB	COLUMBIA BKG SYS INC	342,100 (+39.6%)	$9.384M (+37.0%)	1.8%	$25.72	+16.5%	COM	197236102
HBAN	HUNTINGTON BANCSHARES INC	368,756 (+91.4%)	$5.771M (+72.6%)	1.1%	$14.85	+20.5%	COM	446150104
MTB	M & T BK CORP	49,284 (+21.7%)	$10.19M (+24.9%)	2.0%	$162.09	+36.4%	COM	55261F104
BBT	BEACON FINANCIAL CORP.	260,000 (+18.2%)	$7.8M (+34.5%)	1.5%	$27.19	+6.3%	COM	084680107
BEN	FRANKLIN RESOURCES INC	85,700 (+757.0%)	$2.024M (+747.3%)	0.4%	$25.92	+1.7%	COM	354613101
CHYM	CHIME FINL INC	399,621 (+8.5%)	$7.485M (-19.2%)	1.5%	$32.06	-25.1%	COM SHS CL A	16935C109
FMBH	FIRST MID BANCSHARES INC	102,500 (+46.4%)	$4.222M (+54.7%)	0.8%	$37.49	+11.9%	COM	320866106
PFBC	PREFERRED BK LOS ANGELES CA	83,263 (+28.5%)	$7.551M (+23.4%)	1.5%	$65.03	+40.6%	COM NEW	740367404
PCB	PCB BANCORP	150,000 (+55.7%)	$3.373M (+61.7%)	0.7%	$19.59	+14.9%	COM	69320M109
JCAP	JEFFERSON CAPITAL INC	329,700 (+42.3%)	$6.34M (+22.5%)	1.2%	$19.46	+11.8%	COM	47248R103
FFBC	1ST FINL BANCORP	245,000 (+7.5%)	$6.831M (+19.8%)	1.3%	$24.44	+15.4%	COM	320209109
CFG	CITIZENS FINL GROUP INC	107,779 (+13.5%)	$6.464M (+16.5%)	1.3%	$43.43	+45.3%	COM	174610105
SSB	SOUTHSTATE BK CORP	200,004 (+7.0%)	$18.5M (+5.1%)	3.6%	$95.90	+5.2%	COM	84472E102
EWBC	EAST WEST BANCORP INC	74,563 (+18.7%)	$7.96M (+12.7%)	1.6%	$81.80	+42.1%	COM	27579R104
ACNB	ACNB CORP	85,600 (+29.4%)	$4.098M (+28.1%)	0.8%	$44.92	+12.0%	COM	000868109
HOPE	HOPE BANCORP INC	167,500 (+59.5%)	$1.871M (+62.6%)	0.4%	$11.48	+3.5%	COM	43940T109
INDB	INDEPENDENT BK CORP MASS	69,950 (+10.2%)	$5.261M (+13.4%)	1.0%	$64.80	+23.3%	COM	453836108
BCOW	1895 Bancorp Of Wisconsin, Inc.	290,340 (+28.6%)	$3.124M (+23.5%)	0.6%	$11.04	+0.2%	NON 13F SECURITY	28253R105
JPM	JPMORGAN CHASE & CO	18,307 (+21.9%)	$5.385M (+11.3%)	1.1%	$213.28	+46.0%	COM	46625H100
SFST	SOUTHERN FIRST BANCSHARES	35,026 (+22.3%)	$1.909M (+29.4%)	0.4%	$45.70	+23.6%	COM	842873101
NP	NEPTUNE INS HLDGS INC	149,090 (+8.4%)	$3.606M (-10.1%)	0.7%	$21.90	+9.6%	CL A	64073B103
WRIV	White River Bancshares Co	21,179 (+14.5%)	$1.122M (+22.6%)	0.2%	$28.12	+88.8%	NON 13F SECURITY	96445A108
CBC	CENTRAL BANCOMPANY	377,583 (+2.4%)	$9.043M (+1.7%)	1.8%	$23.45	+3.2%	COM CL A	152413100
ECBK	ECB BANCORP INC	55,198 (+21.3%)	$923K (+16.7%)	0.2%	$14.79	+19.4%	COM	26828M106
FCCO	FIRST CMNTY CORP S C	256,325 (+1.5%)	$7.492M (+0.1%)	1.5%	$19.10	+55.3%	COM	319835104

Exited Positions (12)

MOFG MIDWESTONE FINL GROUP INC NE 2.6%

Value $13.09M Shares 340,000 Est. Cost $27.24 Unrealized +66.0%

ZION ZIONS BANCORPORATION N A 1.2%

Value $6.147M Shares 105,000 Est. Cost $41.52 Unrealized +46.6%

WAL WESTERN ALLIANCE BANCORP 1.0%

Value $5.044M Shares 60,000 Est. Cost $58.31 Unrealized +54.2%

CIVB CIVISTA BANCSHARES INC 0.7%

Value $3.318M Shares 149,315 Est. Cost $19.34 Unrealized +20.9%

ONB OLD NATL BANCORP IND 0.6%

Value $3.012M Shares 135,000 Est. Cost $21.40 Unrealized +12.9%

RJF RAYMOND JAMES FINL INC 0.5%

Value $2.73M Shares 17,000 Est. Cost $160.93 Unrealized +2.8%

CADE CADENCE BANK 0.4%

Value $2.131M Shares 49,750 Est. Cost $37.12 Unrealized +18.4%

MIAX MIAMI INTL HLDGS INC 0.3%

Value $1.716M Shares 38,675 Est. Cost $36.58 Unrealized +14.8%

AFBI AFFINITY BANCSHARES INC 0.2%

Value $1.152M Shares 56,439 Est. Cost $17.85 Unrealized +14.2%

MRBK MERIDIAN CORPORATION 0.1%

Value $607K Shares 34,523 Est. Cost $15.29 Unrealized +23.8%

WT WISDOMTREE INC 0.1%

Value $427K Shares 35,000 Est. Cost $9.36 Unrealized +66.0%

FVCB FVCBANKCORP INC 0.1%

Value $254K Shares 18,287 Est. Cost $11.83 Unrealized +27.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MOFG	MIDWESTONE FINL GROUP INC NE	340,000	$13.09M	2.6%	$27.24	+66.0%	—	598511103
ZION	ZIONS BANCORPORATION N A	105,000	$6.147M	1.2%	$41.52	+46.6%	—	989701107
WAL	WESTERN ALLIANCE BANCORP	60,000	$5.044M	1.0%	$58.31	+54.2%	—	957638109
CIVB	CIVISTA BANCSHARES INC	149,315	$3.318M	0.7%	$19.34	+20.9%	—	178867107
ONB	OLD NATL BANCORP IND	135,000	$3.012M	0.6%	$21.40	+12.9%	—	680033107
RJF	RAYMOND JAMES FINL INC	17,000	$2.73M	0.5%	$160.93	+2.8%	—	754730109
CADE	CADENCE BANK	49,750	$2.131M	0.4%	$37.12	+18.4%	—	12740C103
MIAX	MIAMI INTL HLDGS INC	38,675	$1.716M	0.3%	$36.58	+14.8%	—	59356Q108
AFBI	AFFINITY BANCSHARES INC	56,439	$1.152M	0.2%	$17.85	+14.2%	—	00832E103
MRBK	MERIDIAN CORPORATION	34,523	$607K	0.1%	$15.29	+23.8%	—	58958P104
WT	WISDOMTREE INC	35,000	$427K	0.1%	$9.36	+66.0%	—	97717P104
FVCB	FVCBANKCORP INC	18,287	$254K	0.1%	$11.83	+27.0%	—	36120Q101

Decreased Positions (60)

WBS WEBSTER FINL CORP 0.9%

Value $4.515M (-68.8%) Shares 65,032 (-71.7%) Est. Cost $49.13 Unrealized +38.8%

FCNCA FIRST CTZNS BANCSHARES INC D 0.3%

Value $1.636M (-82.7%) Shares 868 (-80.3%) Est. Cost $1208.74 Unrealized +73.2%

WFC WELLS FARGO & CO 0.1%

Value $567K (-89.6%) Shares 7,124 (-87.8%) Est. Cost $59.54 Unrealized +51.2%

SF STIFEL FINL CORP 0.1%

Value $739K (-83.9%) Shares 10,000 (-72.7%) Est. Cost $92.04 Unrealized +36.3%

IBCP INDEPENDENT BK CORP MICH 0.4%

Value $2.264M (-58.7%) Shares 68,000 (-59.6%) Est. Cost $28.58 Unrealized +21.8%

UMBF UMB FINL CORP 0.9%

Value $4.386M (-41.3%) Shares 38,886 (-40.2%) Est. Cost $92.67 Unrealized +35.0%

AVBH AVIDBANK HLDGS INC 1.0%

Value $5.022M (-38.0%) Shares 176,200 (-42.2%) Est. Cost $24.28 Unrealized +17.0%

COF CAPITAL ONE FINL CORP 0.8%

Value $4.159M (-41.5%) Shares 22,800 (-22.3%) Est. Cost $185.52 Unrealized +20.3%

C CITIGROUP INC 2.5%

Value $12.91M (-16.5%) Shares 113,806 (-14.1%) Est. Cost $50.27 Unrealized +131.1%

MCHB MECHANICS BANCORP 1.5%

Value $7.857M (-21.9%) Shares 532,690 (-22.5%) Est. Cost $13.54 Unrealized +10.8%

FFWM FIRST FNDTN INC 2.6%

Value $13.06M (-14.2%) Shares 2,213,860 (-10.4%) Est. Cost $5.92 Unrealized +5.2%

IVZ INVESCO LTD 0.1%

Value $486K (-80.6%) Shares 20,000 (-79.0%) Est. Cost $17.94 Unrealized +53.0%

EQBK EQUITY BANCSHARES INC 2.5%

Value $12.7M (-13.6%) Shares 285,932 (-13.1%) Est. Cost $37.88 Unrealized +22.2%

FRST PRIMIS FINANCIAL CORP 2.5%

Value $12.55M (-12.1%) Shares 945,000 (-7.9%) Est. Cost $10.76 Unrealized +26.4%

NBHC NATIONAL BK HLDGS CORP 2.3%

Value $11.88M (-11.3%) Shares 303,379 (-13.9%) Est. Cost $35.36 Unrealized +15.1%

RNST RENASANT CORP 0.5%

Value $2.71M (-34.5%) Shares 75,000 (-36.2%) Est. Cost $33.23 Unrealized +15.6%

EFSI EAGLE FINL SVCS INC 0.7%

Value $3.748M (-27.1%) Shares 107,145 (-17.0%) Est. Cost $32.53 Unrealized +19.5%

WTFC WINTRUST FINL CORP 0.3%

Value $1.28M (-51.8%) Shares 9,214 (-51.5%) Est. Cost $104.03 Unrealized +44.2%

FSBC FIVE STAR BANCORP 0.9%

Value $4.628M (-19.2%) Shares 122,682 (-23.3%) Est. Cost $22.59 Unrealized +72.2%

ESQ ESQUIRE FINL HLDGS INC 0.2%

Value $992K (-51.4%) Shares 9,227 (-53.9%) Est. Cost $24.82 Unrealized +336.7%

FHN FIRST HORIZON CORPORATION 0.7%

Value $3.604M (-21.7%) Shares 158,344 (-17.7%) Est. Cost $13.34 Unrealized +85.3%

WSBC WESBANCO INC 1.6%

Value $8.205M (-10.2%) Shares 237,908 (-13.5%) Est. Cost $30.77 Unrealized +15.6%

UBSI UNITED BANKSHARES INC WEST V 0.9%

Value $4.556M (-16.7%) Shares 110,000 (-22.8%) Est. Cost $37.70 Unrealized +12.3%

FITB FIFTH THIRD BANCORP 0.7%

Value $3.495M (-20.7%) Shares 75,235 (-20.1%) Est. Cost $42.78 Unrealized +19.8%

HBNC HORIZON BANCORP IND 2.5%

Value $12.55M (-6.6%) Shares 757,287 (-4.4%) Est. Cost $13.11 Unrealized +34.6%

QCRH QCR HLDGS INC 2.0%

Value $10.04M (-7.5%) Shares 117,484 (-9.8%) Est. Cost $57.75 Unrealized +54.1%

FISI FINANCIAL INSTITUTIONS INC 0.7%

Value $3.709M (-17.9%) Shares 116,963 (-19.3%) Est. Cost $24.95 Unrealized +31.8%

WNEB WESTERN NEW ENG BANCORP INC 0.3%

Value $1.309M (-37.1%) Shares 101,224 (-38.6%) Est. Cost $8.93 Unrealized +48.8%

BY BYLINE BANCORP INC 1.4%

Value $6.965M (-9.8%) Shares 220,615 (-16.7%) Est. Cost $25.84 Unrealized +22.2%

SCHW SCHWAB CHARLES CORP 0.8%

Value $4.248M (-15.0%) Shares 45,200 (-9.6%) Est. Cost $84.11 Unrealized +19.0%

UNTY UNITY BANCORP INC 1.5%

Value $7.507M (-8.7%) Shares 144,832 (-8.9%) Est. Cost $33.18 Unrealized +61.9%

AMTB AMERANT BANCORP INC 2.1%

Value $10.85M (-6.1%) Shares 492,500 (-16.9%) Est. Cost $21.75 Unrealized -1.1%

IBOC INTERNATIONAL BANCSHARES COR 1.7%

Value $8.865M (-7.2%) Shares 131,739 (-8.4%) Est. Cost $48.52 Unrealized +44.2%

USCB USCB FINANCIAL HOLDINGS INC 0.5%

Value $2.488M (-19.5%) Shares 134,197 (-20.0%) Est. Cost $14.10 Unrealized +37.6%

FSUN FIRSTSUN CAP BANCORP 0.4%

Value $2.259M (-20.0%) Shares 61,946 (-17.4%) Est. Cost $39.73 Unrealized -2.0%

CTBI COMMUNITY TR BANCORP INC 0.5%

Value $2.551M (-17.9%) Shares 42,016 (-23.6%) Est. Cost $54.96 Unrealized +11.7%

CRBG COREBRIDGE FINL INC 0.3%

Value $1.611M (-23.7%) Shares 67,500 (-3.6%) Est. Cost $33.37 Unrealized -9.3%

ABCB AMERIS BANCORP 1.7%

Value $8.579M (-4.9%) Shares 110,000 (-9.5%) Est. Cost $36.66 Unrealized +121.0%

VLY VALLEY NATL BANCORP 0.9%

Value $4.669M (-7.9%) Shares 380,210 (-12.4%) Est. Cost $10.40 Unrealized +21.6%

EFSC ENTERPRISE FINL SVCS CORP 0.5%

Value $2.607M (-13.1%) Shares 48,175 (-13.3%) Est. Cost $42.19 Unrealized +36.5%

AVBC AVIDIA BANCORP INC 0.1%

Value $266K (-58.7%) Shares 13,500 (-64.7%) Est. Cost $15.09 Unrealized +18.7%

CBK COMMERCIAL BANCGROUP INC 0.7%

Value $3.565M (-8.3%) Shares 137,000 (-13.5%) Est. Cost $24.55 Unrealized +4.9%

ISTR INVESTAR HOLDING CORP 0.8%

Value $4.281M (-6.9%) Shares 157,000 (-8.8%) Est. Cost $13.69 Unrealized +107.3%

BK BANK NEW YORK MELLON CORP 0.4%

Value $1.957M (-13.5%) Shares 16,500 (-15.4%) Est. Cost $91.85 Unrealized +30.8%

LCNB LCNB CORP 0.0%

Value $117K (-65.3%) Shares 7,487 (-63.5%) Est. Cost $15.59 Unrealized +9.5%

CBNK CAPITAL BANCORP INC MD 0.4%

Value $2.259M (-8.7%) Shares 75,945 (-13.5%) Est. Cost $18.22 Unrealized +66.3%

KEY KEYCORP 0.7%

Value $3.606M (-5.6%) Shares 179,869 (-2.8%) Est. Cost $15.66 Unrealized +38.4%

BKU BANKUNITED INC 0.3%

Value $1.355M (-13.2%) Shares 30,000 (-14.3%) Est. Cost $21.81 Unrealized +119.3%

HOMB HOME BANCSHARES INC 0.2%

Value $1.225M (-14.2%) Shares 45,500 (-11.5%) Est. Cost $23.12 Unrealized +25.4%

— FLAGSTAR BANK NATIONAL ASSOC 0.3%

Value $1.688M (-10.6%) Shares 43,565 (-7.6%) Est. Cost $33.61 Unrealized —

SBCF SEACOAST BKG CORP FLA 0.2%

Value $1.227M (-13.2%) Shares 40,500 (-10.0%) Est. Cost $29.45 Unrealized +13.6%

HBCP HOMEBANCORP INC 0.4%

Value $2.011M (-8.0%) Shares 33,195 (-12.2%) Est. Cost $24.12 Unrealized +150.0%

— Banc of California 7.75 Non-Cumulative Perpetual Preferred Stock, Series A 0.3%

Value $1.341M (-11.3%) Shares 53,925 (-10.1%) Est. Cost $23.22 Unrealized —

CCNE CNB FINL CORP PA 2.6%

Value $13.02M (+1.2%) Shares 449,472 (-8.6%) Est. Cost $24.13 Unrealized +15.9%

WABC WESTAMERICA BANCORPORATION 0.6%

Value $3.105M (-4.5%) Shares 59,540 (-12.4%) Est. Cost $43.10 Unrealized +17.2%

TOWN TOWNEBANK PORTSMOUTH VA 0.8%

Value $4.291M (-2.9%) Shares 127,454 (-3.8%) Est. Cost $34.59 Unrealized +2.8%

BWB BRIDGEWATER BANCSHARES INC 0.6%

Value $2.956M (-4.2%) Shares 167,006 (-5.1%) Est. Cost $12.26 Unrealized +53.5%

CARE CARTER BANKSHARES INC 1.5%

Value $7.67M (-1.4%) Shares 328,888 (-16.9%) Est. Cost $17.63 Unrealized +18.7%

CCBG CAPITAL CITY BANK 0.4%

Value $2.034M (-4.4%) Shares 46,809 (-6.4%) Est. Cost $30.32 Unrealized +42.2%

MGYR MAGYAR BANCORP INC 0.8%

Value $4.098M (-2.2%) Shares 236,753 (-2.4%) Est. Cost $11.41 Unrealized +56.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WBS	WEBSTER FINL CORP	65,032 (-71.7%)	$4.515M (-68.8%)	0.9%	$49.13	+38.8%	COM	947890109
FCNCA	FIRST CTZNS BANCSHARES INC D	868 (-80.3%)	$1.636M (-82.7%)	0.3%	$1208.74	+73.2%	CL A	31946M103
WFC	WELLS FARGO & CO	7,124 (-87.8%)	$567K (-89.6%)	0.1%	$59.54	+51.2%	COM	949746101
SF	STIFEL FINL CORP	10,000 (-72.7%)	$739K (-83.9%)	0.1%	$92.04	+36.3%	COM	860630102
IBCP	INDEPENDENT BK CORP MICH	68,000 (-59.6%)	$2.264M (-58.7%)	0.4%	$28.58	+21.8%	COM NEW	453838609
UMBF	UMB FINL CORP	38,886 (-40.2%)	$4.386M (-41.3%)	0.9%	$92.67	+35.0%	COM	902788108
AVBH	AVIDBANK HLDGS INC	176,200 (-42.2%)	$5.022M (-38.0%)	1.0%	$24.28	+17.0%	COM	05368J103
COF	CAPITAL ONE FINL CORP	22,800 (-22.3%)	$4.159M (-41.5%)	0.8%	$185.52	+20.3%	COM	14040H105
C	CITIGROUP INC	113,806 (-14.1%)	$12.91M (-16.5%)	2.5%	$50.27	+131.1%	COM NEW	172967424
MCHB	MECHANICS BANCORP	532,690 (-22.5%)	$7.857M (-21.9%)	1.5%	$13.54	+10.8%	CL A	43785V102
FFWM	FIRST FNDTN INC	2,213,860 (-10.4%)	$13.06M (-14.2%)	2.6%	$5.92	+5.2%	COM	32026V104
IVZ	INVESCO LTD	20,000 (-79.0%)	$486K (-80.6%)	0.1%	$17.94	+53.0%	SHS	G491BT108
EQBK	EQUITY BANCSHARES INC	285,932 (-13.1%)	$12.7M (-13.6%)	2.5%	$37.88	+22.2%	COM CL A	29460X109
FRST	PRIMIS FINANCIAL CORP	945,000 (-7.9%)	$12.55M (-12.1%)	2.5%	$10.76	+26.4%	COM	74167B109
NBHC	NATIONAL BK HLDGS CORP	303,379 (-13.9%)	$11.88M (-11.3%)	2.3%	$35.36	+15.1%	CL A	633707104
RNST	RENASANT CORP	75,000 (-36.2%)	$2.71M (-34.5%)	0.5%	$33.23	+15.6%	COM	75970E107
EFSI	EAGLE FINL SVCS INC	107,145 (-17.0%)	$3.748M (-27.1%)	0.7%	$32.53	+19.5%	COM	26951R104
WTFC	WINTRUST FINL CORP	9,214 (-51.5%)	$1.28M (-51.8%)	0.3%	$104.03	+44.2%	COM	97650W108
FSBC	FIVE STAR BANCORP	122,682 (-23.3%)	$4.628M (-19.2%)	0.9%	$22.59	+72.2%	COM	33830T103
ESQ	ESQUIRE FINL HLDGS INC	9,227 (-53.9%)	$992K (-51.4%)	0.2%	$24.82	+336.7%	COM	29667J101
FHN	FIRST HORIZON CORPORATION	158,344 (-17.7%)	$3.604M (-21.7%)	0.7%	$13.34	+85.3%	COM	320517105
WSBC	WESBANCO INC	237,908 (-13.5%)	$8.205M (-10.2%)	1.6%	$30.77	+15.6%	COM	950810101
UBSI	UNITED BANKSHARES INC WEST V	110,000 (-22.8%)	$4.556M (-16.7%)	0.9%	$37.70	+12.3%	COM	909907107
FITB	FIFTH THIRD BANCORP	75,235 (-20.1%)	$3.495M (-20.7%)	0.7%	$42.78	+19.8%	COM	316773100
HBNC	HORIZON BANCORP IND	757,287 (-4.4%)	$12.55M (-6.6%)	2.5%	$13.11	+34.6%	COM	440407104
QCRH	QCR HLDGS INC	117,484 (-9.8%)	$10.04M (-7.5%)	2.0%	$57.75	+54.1%	COM	74727A104
FISI	FINANCIAL INSTITUTIONS INC	116,963 (-19.3%)	$3.709M (-17.9%)	0.7%	$24.95	+31.8%	COM	317585404
WNEB	WESTERN NEW ENG BANCORP INC	101,224 (-38.6%)	$1.309M (-37.1%)	0.3%	$8.93	+48.8%	COM	958892101
BY	BYLINE BANCORP INC	220,615 (-16.7%)	$6.965M (-9.8%)	1.4%	$25.84	+22.2%	COM	124411109
SCHW	SCHWAB CHARLES CORP	45,200 (-9.6%)	$4.248M (-15.0%)	0.8%	$84.11	+19.0%	COM	808513105
UNTY	UNITY BANCORP INC	144,832 (-8.9%)	$7.507M (-8.7%)	1.5%	$33.18	+61.9%	COM	913290102
AMTB	AMERANT BANCORP INC	492,500 (-16.9%)	$10.85M (-6.1%)	2.1%	$21.75	-1.1%	CL A	023576101
IBOC	INTERNATIONAL BANCSHARES COR	131,739 (-8.4%)	$8.865M (-7.2%)	1.7%	$48.52	+44.2%	COM	459044103
USCB	USCB FINANCIAL HOLDINGS INC	134,197 (-20.0%)	$2.488M (-19.5%)	0.5%	$14.10	+37.6%	CLASS A COM	90355N101
FSUN	FIRSTSUN CAP BANCORP	61,946 (-17.4%)	$2.259M (-20.0%)	0.4%	$39.73	-2.0%	COM	33767U107
CTBI	COMMUNITY TR BANCORP INC	42,016 (-23.6%)	$2.551M (-17.9%)	0.5%	$54.96	+11.7%	COM	204149108
CRBG	COREBRIDGE FINL INC	67,500 (-3.6%)	$1.611M (-23.7%)	0.3%	$33.37	-9.3%	COM	21871X109
ABCB	AMERIS BANCORP	110,000 (-9.5%)	$8.579M (-4.9%)	1.7%	$36.66	+121.0%	COM	03076K108
VLY	VALLEY NATL BANCORP	380,210 (-12.4%)	$4.669M (-7.9%)	0.9%	$10.40	+21.6%	COM	919794107
EFSC	ENTERPRISE FINL SVCS CORP	48,175 (-13.3%)	$2.607M (-13.1%)	0.5%	$42.19	+36.5%	COM	293712105
AVBC	AVIDIA BANCORP INC	13,500 (-64.7%)	$266K (-58.7%)	0.1%	$15.09	+18.7%	COMMON STOCK	05369T100
CBK	COMMERCIAL BANCGROUP INC	137,000 (-13.5%)	$3.565M (-8.3%)	0.7%	$24.55	+4.9%	COM	20112C106
ISTR	INVESTAR HOLDING CORP	157,000 (-8.8%)	$4.281M (-6.9%)	0.8%	$13.69	+107.3%	COM	46134L105
BK	BANK NEW YORK MELLON CORP	16,500 (-15.4%)	$1.957M (-13.5%)	0.4%	$91.85	+30.8%	COM	064058100
LCNB	LCNB CORP	7,487 (-63.5%)	$117K (-65.3%)	0.0%	$15.59	+9.5%	COM	50181P100
CBNK	CAPITAL BANCORP INC MD	75,945 (-13.5%)	$2.259M (-8.7%)	0.4%	$18.22	+66.3%	COM	139737100
KEY	KEYCORP	179,869 (-2.8%)	$3.606M (-5.6%)	0.7%	$15.66	+38.4%	COM	493267108
BKU	BANKUNITED INC	30,000 (-14.3%)	$1.355M (-13.2%)	0.3%	$21.81	+119.3%	COM	06652K103
HOMB	HOME BANCSHARES INC	45,500 (-11.5%)	$1.225M (-14.2%)	0.2%	$23.12	+25.4%	COM	436893200
—	FLAGSTAR BANK NATIONAL ASSOC	43,565 (-7.6%)	$1.688M (-10.6%)	0.3%	$33.61	—	UNIT 05/07/2051	64944P307
SBCF	SEACOAST BKG CORP FLA	40,500 (-10.0%)	$1.227M (-13.2%)	0.2%	$29.45	+13.6%	COM NEW	811707801
HBCP	HOMEBANCORP INC	33,195 (-12.2%)	$2.011M (-8.0%)	0.4%	$24.12	+150.0%	COM	43689E107
—	Banc of California 7.75 Non-Cumulative Perpetual Preferred Stock, Series A	53,925 (-10.1%)	$1.341M (-11.3%)	0.3%	$23.22	—	NON 13F SECURITY	05990K841
CCNE	CNB FINL CORP PA	449,472 (-8.6%)	$13.02M (+1.2%)	2.6%	$24.13	+15.9%	COM	126128107
WABC	WESTAMERICA BANCORPORATION	59,540 (-12.4%)	$3.105M (-4.5%)	0.6%	$43.10	+17.2%	COM	957090103
TOWN	TOWNEBANK PORTSMOUTH VA	127,454 (-3.8%)	$4.291M (-2.9%)	0.8%	$34.59	+2.8%	COM	89214P109
BWB	BRIDGEWATER BANCSHARES INC	167,006 (-5.1%)	$2.956M (-4.2%)	0.6%	$12.26	+53.5%	COM	108621103
CARE	CARTER BANKSHARES INC	328,888 (-16.9%)	$7.67M (-1.4%)	1.5%	$17.63	+18.7%	COM NEW	146103106
CCBG	CAPITAL CITY BANK	46,809 (-6.4%)	$2.034M (-4.4%)	0.4%	$30.32	+42.2%	COM	139674105
MGYR	MAGYAR BANCORP INC	236,753 (-2.4%)	$4.098M (-2.2%)	0.8%	$11.41	+56.7%	COM	55977T208

Unchanged Positions (7)

WLFC WILLIS LEASE FIN CORP 0.3%

Value $1.717M Shares 10,083 Est. Cost $14.76 Unrealized +1137.3%

SMBC SOUTHERN MO BANCORP INC 0.8%

Value $3.867M Shares 60,475 Est. Cost $55.04 Unrealized +13.6%

OPBK OP BANCORP 0.7%

Value $3.576M Shares 268,867 Est. Cost $10.30 Unrealized +37.1%

MBBC MARATHON BANCORP INC 0.4%

Value $1.963M Shares 145,100 Est. Cost $10.05 Unrealized +27.5%

EQFN Equitable Financial Corp. 0.5%

Value $2.397M Shares 147,513 Est. Cost $9.95 Unrealized +59.4%

PEBK PEOPLES BANCORP N C INC 0.4%

Value $1.956M Shares 49,958 Est. Cost $26.55 Unrealized +40.8%

— Investar Holding Corporation 6.5 Ser A Conv Pfd 1.3%

Value $6.493M Shares 238,093 Est. Cost $24.69 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WLFC	WILLIS LEASE FIN CORP	10,083	$1.717M	0.3%	$14.76	+1137.3%	COM	970646105
SMBC	SOUTHERN MO BANCORP INC	60,475	$3.867M	0.8%	$55.04	+13.6%	COM	843380106
OPBK	OP BANCORP	268,867	$3.576M	0.7%	$10.30	+37.1%	COM	67109R109
MBBC	MARATHON BANCORP INC	145,100	$1.963M	0.4%	$10.05	+27.5%	COM NEW	565759206
EQFN	Equitable Financial Corp.	147,513	$2.397M	0.5%	$9.95	+59.4%	NON 13F SECURITY	29448T105
PEBK	PEOPLES BANCORP N C INC	49,958	$1.956M	0.4%	$26.55	+40.8%	COM	710577107
—	Investar Holding Corporation 6.5 Ser A Conv Pfd	238,093	$6.493M	1.3%	$24.69	—	NON 13F SECURITY	46134L303