Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
IBKR	INTERACTIVE BROKERS GROUP IN	51,700	$4.5M	0.8%	—	—	COM CL A	45841N107
MBWM	MERCANTILE BK CORP	60,000	$3.445M	0.6%	—	—	COM	587376104
FHI	FEDERATED HERMES INC	50,400	$2.783M	0.5%	—	—	CL B	314211103
WT	WISDOMTREE INC	150,000	$2.541M	0.5%	—	—	COM	97717P104
BCBP	BCB BANCORP INC	224,702	$2.409M	0.4%	—	—	COM	055298103
PTACU	PATRIOT ACQUISITION CORP	200,000	$1.998M	0.4%	—	—	UNIT 05/11/2031	G6951A122
VOYA	VOYA FINANCIAL INC	20,000	$1.811M	0.3%	—	—	COM	929089100
FBLA	FB BANCORP INC	57,500	$866K	0.2%	—	—	COM	31425A109

Increased Positions (32)

FSUN FIRSTSUN CAP BANCORP 2.9%

Value $15.74M (+597.0%) Shares 405,946 (+555.3%) Est. Cost — Unrealized —

USB US BANCORP 3.0%

Value $16.69M (+73.4%) Shares 276,300 (+49.4%) Est. Cost — Unrealized —

SFST SOUTHERN FIRST BANCSHARES 1.4%

Value $7.454M (+290.5%) Shares 122,000 (+248.3%) Est. Cost — Unrealized —

CRBG COREBRIDGE FINL INC 1.0%

Value $5.614M (+248.6%) Shares 196,100 (+190.5%) Est. Cost — Unrealized —

MSBI MIDLAND STATES BANCORP INC 0.9%

Value $5.017M (+157.0%) Shares 161,100 (+84.1%) Est. Cost — Unrealized —

COLB COLUMBIA BKG SYS INC 2.3%

Value $12.4M (+32.2%) Shares 387,000 (+13.1%) Est. Cost — Unrealized —

PCB PCB BANCORP 1.1%

Value $5.874M (+74.1%) Shares 207,050 (+38.0%) Est. Cost — Unrealized —

NBHC NATIONAL BK HLDGS CORP 2.6%

Value $14.33M (+20.6%) Shares 322,500 (+6.3%) Est. Cost — Unrealized —

CFG CITIZENS FINL GROUP INC 1.6%

Value $8.85M (+36.9%) Shares 126,300 (+17.2%) Est. Cost — Unrealized —

BCOW 1895 Bancorp Of Wisconsin, Inc. 1.0%

Value $5.475M (+75.2%) Shares 310,000 (+6.8%) Est. Cost — Unrealized —

HBAN HUNTINGTON BANCSHARES INC 1.4%

Value $7.89M (+36.7%) Shares 445,000 (+20.7%) Est. Cost — Unrealized —

JPM JPMORGAN CHASE & CO 1.3%

Value $7.365M (+36.8%) Shares 22,500 (+22.9%) Est. Cost — Unrealized —

KEY KEYCORP 1.0%

Value $5.573M (+54.5%) Shares 241,800 (+34.4%) Est. Cost — Unrealized —

INDB INDEPENDENT BK CORP MASS 1.3%

Value $7.116M (+35.3%) Shares 85,000 (+21.5%) Est. Cost — Unrealized —

CVBF CVB FINL CORP 0.7%

Value $3.608M (+103.4%) Shares 160,000 (+74.9%) Est. Cost — Unrealized —

BUSE FIRST BUSEY CORP 1.4%

Value $7.67M (+27.8%) Shares 260,000 (+9.5%) Est. Cost — Unrealized —

IBCP INDEPENDENT BK CORP MICH 0.7%

Value $3.859M (+70.4%) Shares 107,000 (+57.4%) Est. Cost — Unrealized —

FITB FIFTH THIRD BANCORP 0.9%

Value $4.791M (+37.1%) Shares 85,000 (+13.0%) Est. Cost — Unrealized —

NIC NICOLET BANKSHARES INC 1.8%

Value $9.923M (+13.8%) Shares 60,000 (+2.3%) Est. Cost — Unrealized —

BK BANK OF NY MELLON CORP 0.5%

Value $2.936M (+50.0%) Shares 20,300 (+23.0%) Est. Cost — Unrealized —

HOPE HOPE BANCORP INC 0.5%

Value $2.776M (+48.4%) Shares 202,900 (+21.1%) Est. Cost — Unrealized —

FMBH FIRST MID BANCSHARES INC 0.9%

Value $5.083M (+20.4%) Shares 105,700 (+3.1%) Est. Cost — Unrealized —

COF CAPITAL ONE FINL CORP 0.9%

Value $4.915M (+18.2%) Shares 24,500 (+7.5%) Est. Cost — Unrealized —

TOWN TOWNEBANK PORTSMOUTH VA 0.9%

Value $4.983M (+16.1%) Shares 137,500 (+7.9%) Est. Cost — Unrealized —

BWB BRIDGEWATER BANCSHARES INC 0.6%

Value $3.56M (+20.4%) Shares 169,195 (+1.3%) Est. Cost — Unrealized —

ISTR INVESTAR HOLDING CORP 0.9%

Value $4.821M (+12.6%) Shares 160,900 (+2.5%) Est. Cost — Unrealized —

OPBK OP BANCORP 0.7%

Value $4.107M (+14.8%) Shares 273,967 (+1.9%) Est. Cost — Unrealized —

FHN FIRST HORIZON CORPORATION 0.8%

Value $4.122M (+14.4%) Shares 160,782 (+1.5%) Est. Cost — Unrealized —

IVZ INVESCO LTD 0.2%

Value $990K (+103.7%) Shares 37,500 (+87.5%) Est. Cost — Unrealized —

PEBK PEOPLES BANCORP N C INC 0.4%

Value $2.37M (+21.1%) Shares 55,000 (+10.1%) Est. Cost — Unrealized —

MGYR MAGYAR BANCORP INC 0.8%

Value $4.486M (+9.5%) Shares 257,078 (+8.6%) Est. Cost — Unrealized —

SBCF SEACOAST BKG CORP FLA 0.3%

Value $1.496M (+22.0%) Shares 45,000 (+11.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FSUN	FIRSTSUN CAP BANCORP	405,946 (+555.3%)	$15.74M (+597.0%)	2.9%	—	—	COM	33767U107
USB	US BANCORP	276,300 (+49.4%)	$16.69M (+73.4%)	3.0%	—	—	COM NEW	902973304
SFST	SOUTHERN FIRST BANCSHARES	122,000 (+248.3%)	$7.454M (+290.5%)	1.4%	—	—	COM	842873101
CRBG	COREBRIDGE FINL INC	196,100 (+190.5%)	$5.614M (+248.6%)	1.0%	—	—	COM	21871X109
MSBI	MIDLAND STATES BANCORP INC	161,100 (+84.1%)	$5.017M (+157.0%)	0.9%	—	—	COM	597742105
COLB	COLUMBIA BKG SYS INC	387,000 (+13.1%)	$12.4M (+32.2%)	2.3%	—	—	COM	197236102
PCB	PCB BANCORP	207,050 (+38.0%)	$5.874M (+74.1%)	1.1%	—	—	COM	69320M109
NBHC	NATIONAL BK HLDGS CORP	322,500 (+6.3%)	$14.33M (+20.6%)	2.6%	—	—	CL A	633707104
CFG	CITIZENS FINL GROUP INC	126,300 (+17.2%)	$8.85M (+36.9%)	1.6%	—	—	COM	174610105
BCOW	1895 Bancorp Of Wisconsin, Inc.	310,000 (+6.8%)	$5.475M (+75.2%)	1.0%	—	—	NON 13F SECURITY	28253R105
HBAN	HUNTINGTON BANCSHARES INC	445,000 (+20.7%)	$7.89M (+36.7%)	1.4%	—	—	COM	446150104
JPM	JPMORGAN CHASE & CO	22,500 (+22.9%)	$7.365M (+36.8%)	1.3%	—	—	COM	46625H100
KEY	KEYCORP	241,800 (+34.4%)	$5.573M (+54.5%)	1.0%	—	—	COM	493267108
INDB	INDEPENDENT BK CORP MASS	85,000 (+21.5%)	$7.116M (+35.3%)	1.3%	—	—	COM	453836108
CVBF	CVB FINL CORP	160,000 (+74.9%)	$3.608M (+103.4%)	0.7%	—	—	COM	126600105
BUSE	FIRST BUSEY CORP	260,000 (+9.5%)	$7.67M (+27.8%)	1.4%	—	—	COM NEW	319383204
IBCP	INDEPENDENT BK CORP MICH	107,000 (+57.4%)	$3.859M (+70.4%)	0.7%	—	—	COM NEW	453838609
FITB	FIFTH THIRD BANCORP	85,000 (+13.0%)	$4.791M (+37.1%)	0.9%	—	—	COM	316773100
NIC	NICOLET BANKSHARES INC	60,000 (+2.3%)	$9.923M (+13.8%)	1.8%	—	—	COM	65406E102
BK	BANK OF NY MELLON CORP	20,300 (+23.0%)	$2.936M (+50.0%)	0.5%	—	—	COM	064058100
HOPE	HOPE BANCORP INC	202,900 (+21.1%)	$2.776M (+48.4%)	0.5%	—	—	COM	43940T109
FMBH	FIRST MID BANCSHARES INC	105,700 (+3.1%)	$5.083M (+20.4%)	0.9%	—	—	COM	320866106
COF	CAPITAL ONE FINL CORP	24,500 (+7.5%)	$4.915M (+18.2%)	0.9%	—	—	COM	14040H105
TOWN	TOWNEBANK PORTSMOUTH VA	137,500 (+7.9%)	$4.983M (+16.1%)	0.9%	—	—	COM	89214P109
BWB	BRIDGEWATER BANCSHARES INC	169,195 (+1.3%)	$3.56M (+20.4%)	0.6%	—	—	COM	108621103
ISTR	INVESTAR HOLDING CORP	160,900 (+2.5%)	$4.821M (+12.6%)	0.9%	—	—	COM	46134L105
OPBK	OP BANCORP	273,967 (+1.9%)	$4.107M (+14.8%)	0.7%	—	—	COM	67109R109
FHN	FIRST HORIZON CORPORATION	160,782 (+1.5%)	$4.122M (+14.4%)	0.8%	—	—	COM	320517105
IVZ	INVESCO LTD	37,500 (+87.5%)	$990K (+103.7%)	0.2%	—	—	SHS	G491BT108
PEBK	PEOPLES BANCORP N C INC	55,000 (+10.1%)	$2.37M (+21.1%)	0.4%	—	—	COM	710577107
MGYR	MAGYAR BANCORP INC	257,078 (+8.6%)	$4.486M (+9.5%)	0.8%	—	—	COM	55977T208
SBCF	SEACOAST BKG CORP FLA	45,000 (+11.1%)	$1.496M (+22.0%)	0.3%	—	—	COM NEW	811707801

Exited Positions (12)

FFWM FIRST FNDTN INC 2.4%

Value $13.06M Shares 2,213,860 Est. Cost — Unrealized —

SCHW SCHWAB CHARLES CORP 0.8%

Value $4.248M Shares 45,200 Est. Cost — Unrealized —

CCBG CAPITAL CITY BANK 0.4%

Value $2.034M Shares 46,809 Est. Cost — Unrealized —

AMG AFFILIATED MANAGERS GROUP 0.2%

Value $1.356M Shares 4,900 Est. Cost — Unrealized —

WTFC WINTRUST FINL CORP 0.2%

Value $1.28M Shares 9,214 Est. Cost — Unrealized —

WRIV White River Bancshares Co 0.2%

Value $1.122M Shares 21,179 Est. Cost — Unrealized —

SF STIFEL FINL CORP 0.1%

Value $739K Shares 10,000 Est. Cost — Unrealized —

VCTR VICTORY CAP HLDGS INC DEL 0.1%

Value $655K Shares 10,000 Est. Cost — Unrealized —

WFC WELLS FARGO & CO 0.1%

Value $567K Shares 7,124 Est. Cost — Unrealized —

TROW PRICE T ROWE GROUP INC 0.1%

Value $451K Shares 5,000 Est. Cost — Unrealized —

AVBC AVIDIA BANCORP INC 0.0%

Value $266K Shares 13,500 Est. Cost — Unrealized —

LCNB LCNB CORP 0.0%

Value $117K Shares 7,487 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FFWM	FIRST FNDTN INC	2,213,860	$13.06M	2.4%	—	—	—	32026V104
SCHW	SCHWAB CHARLES CORP	45,200	$4.248M	0.8%	—	—	—	808513105
CCBG	CAPITAL CITY BANK	46,809	$2.034M	0.4%	—	—	—	139674105
AMG	AFFILIATED MANAGERS GROUP	4,900	$1.356M	0.2%	—	—	—	008252108
WTFC	WINTRUST FINL CORP	9,214	$1.28M	0.2%	—	—	—	97650W108
WRIV	White River Bancshares Co	21,179	$1.122M	0.2%	—	—	—	96445A108
SF	STIFEL FINL CORP	10,000	$739K	0.1%	—	—	—	860630102
VCTR	VICTORY CAP HLDGS INC DEL	10,000	$655K	0.1%	—	—	—	92645B103
WFC	WELLS FARGO & CO	7,124	$567K	0.1%	—	—	—	949746101
TROW	PRICE T ROWE GROUP INC	5,000	$451K	0.1%	—	—	—	74144T108
AVBC	AVIDIA BANCORP INC	13,500	$266K	0.0%	—	—	—	05369T100
LCNB	LCNB CORP	7,487	$117K	0.0%	—	—	—	50181P100

Decreased Positions (52)

MCHB MECHANICS BANCORP 0.5%

Value $2.783M (-64.6%) Shares 175,000 (-67.1%) Est. Cost — Unrealized —

WSBC WESBANCO INC 0.7%

Value $3.903M (-52.4%) Shares 100,000 (-58.0%) Est. Cost — Unrealized —

WBS WEBSTER FINL CORP 0.1%

Value $350K (-92.3%) Shares 4,575 (-93.0%) Est. Cost — Unrealized —

CARE CARTER BANKSHARES INC 0.7%

Value $3.571M (-53.4%) Shares 105,000 (-68.1%) Est. Cost — Unrealized —

QCRH QCR HLDGS INC 1.3%

Value $7.301M (-27.3%) Shares 75,000 (-36.2%) Est. Cost — Unrealized —

ABCB AMERIS BANCORP 1.1%

Value $5.867M (-31.6%) Shares 65,000 (-40.9%) Est. Cost — Unrealized —

AVBH AVIDBANK HLDGS INC 0.5%

Value $2.642M (-47.4%) Shares 80,000 (-54.6%) Est. Cost — Unrealized —

EWBC EAST WEST BANCORP INC 1.1%

Value $5.809M (-27.0%) Shares 45,000 (-39.6%) Est. Cost — Unrealized —

FRST PRIMIS FINANCIAL CORP 2.7%

Value $14.69M (+17.0%) Shares 897,100 (-5.1%) Est. Cost — Unrealized —

BY BYLINE BANCORP INC 0.9%

Value $4.896M (-29.7%) Shares 130,000 (-41.1%) Est. Cost — Unrealized —

C CITIGROUP INC 2.0%

Value $11.01M (-14.7%) Shares 78,700 (-30.8%) Est. Cost — Unrealized —

JCAP JEFFERSON CAPITAL INC 0.8%

Value $4.505M (-28.9%) Shares 231,385 (-29.8%) Est. Cost — Unrealized —

HBNC HORIZON BANCORP IND 2.6%

Value $14.19M (+13.1%) Shares 710,000 (-6.2%) Est. Cost — Unrealized —

FFBC 1ST FINL BANCORP 1.5%

Value $8.177M (+19.7%) Shares 241,700 (-1.3%) Est. Cost — Unrealized —

WNEB WESTERN NEW ENG BANCORP INC 0.0%

Value $21,894 (-98.3%) Shares 1,531 (-98.5%) Est. Cost — Unrealized —

CCNE CNB FINL CORP PA 2.6%

Value $14.23M (+9.3%) Shares 422,100 (-6.1%) Est. Cost — Unrealized —

EQBK EQUITY BANCSHARES INC 2.5%

Value $13.84M (+9.0%) Shares 282,502 (-1.2%) Est. Cost — Unrealized —

EFSI EAGLE FINL SVCS INC 0.5%

Value $2.724M (-27.3%) Shares 65,700 (-38.7%) Est. Cost — Unrealized —

SSB SOUTHSTATE BK CORP 3.6%

Value $19.48M (+5.3%) Shares 195,000 (-2.5%) Est. Cost — Unrealized —

SMBC SOUTHERN MO BANCORP INC 0.5%

Value $2.964M (-23.4%) Shares 38,887 (-35.7%) Est. Cost — Unrealized —

UNTY UNITY BANCORP INC 1.5%

Value $8.353M (+11.3%) Shares 142,332 (-1.7%) Est. Cost — Unrealized —

IBOC INTERNATIONAL BANCSHARES COR 1.8%

Value $9.654M (+8.9%) Shares 127,113 (-3.5%) Est. Cost — Unrealized —

NP NEPTUNE INS HLDGS INC 0.5%

Value $2.835M (-21.4%) Shares 90,000 (-39.6%) Est. Cost — Unrealized —

BEN FRANKLIN RESOURCES INC 0.5%

Value $2.771M (+36.9%) Shares 83,300 (-2.8%) Est. Cost — Unrealized —

FCCO FIRST CMNTY CORP S C 1.5%

Value $8.184M (+9.2%) Shares 250,433 (-2.3%) Est. Cost — Unrealized —

OBT ORANGE CNTY BANCORP INC 0.2%

Value $993K (-40.9%) Shares 27,000 (-48.6%) Est. Cost — Unrealized —

BBT BEACON FINANCIAL CORP. 1.3%

Value $7.153M (-8.3%) Shares 234,900 (-9.7%) Est. Cost — Unrealized —

BAC BANK OF AMER CORP 2.3%

Value $12.82M (+5.3%) Shares 225,000 (-9.9%) Est. Cost — Unrealized —

UMBF UMB FINL CORP 0.9%

Value $4.997M (+13.9%) Shares 35,000 (-10.0%) Est. Cost — Unrealized —

PFBC PREFERRED BK LOS ANGELES CA 1.5%

Value $8.15M (+7.9%) Shares 76,700 (-7.9%) Est. Cost — Unrealized —

CBK COMMERCIAL BANCGROUP INC 0.7%

Value $4.036M (+13.2%) Shares 125,000 (-8.8%) Est. Cost — Unrealized —

ESQ ESQUIRE FINL HLDGS INC 0.1%

Value $596K (-40.0%) Shares 5,000 (-45.8%) Est. Cost — Unrealized —

EFSC ENTERPRISE FINL SVCS CORP 0.5%

Value $2.965M (+13.7%) Shares 45,000 (-6.6%) Est. Cost — Unrealized —

CTBI COMMUNITY TR BANCORP INC 0.5%

Value $2.894M (+13.5%) Shares 40,000 (-4.8%) Est. Cost — Unrealized —

NPB NORTHPOINTE BANCSHARES INC. 1.7%

Value $9.544M (-3.4%) Shares 497,600 (-13.0%) Est. Cost — Unrealized —

WABC WESTAMERICA BANCORPORATION 0.5%

Value $2.787M (-10.2%) Shares 47,500 (-20.2%) Est. Cost — Unrealized —

MTB M & T BK CORP 1.9%

Value $10.5M (+3.0%) Shares 44,100 (-10.5%) Est. Cost — Unrealized —

HBCP HOMEBANCORP INC 0.3%

Value $1.713M (-14.8%) Shares 25,000 (-24.7%) Est. Cost — Unrealized —

HOMB HOME BANCSHARES INC 0.2%

Value $928K (-24.3%) Shares 32,500 (-28.6%) Est. Cost — Unrealized —

CBNK CAPITAL BANCORP INC MD 0.5%

Value $2.546M (+12.7%) Shares 72,500 (-4.5%) Est. Cost — Unrealized —

RNST RENASANT CORP 0.4%

Value $2.455M (-9.4%) Shares 57,700 (-23.1%) Est. Cost — Unrealized —

FSBC FIVE STAR BANCORP 0.8%

Value $4.382M (-5.3%) Shares 90,000 (-26.6%) Est. Cost — Unrealized —

ACNB ACNB CORP 0.7%

Value $3.86M (-5.8%) Shares 65,000 (-24.1%) Est. Cost — Unrealized —

CHYM CHIME FINL INC 1.4%

Value $7.721M (+3.2%) Shares 377,000 (-5.7%) Est. Cost — Unrealized —

FISI FINANCIAL INSTITUTIONS INC 0.7%

Value $3.897M (+5.1%) Shares 100,000 (-14.5%) Est. Cost — Unrealized —

USCB USCB FINANCIAL HOLDINGS INC 0.5%

Value $2.66M (+6.9%) Shares 130,000 (-3.1%) Est. Cost — Unrealized —

CBC CENTRAL BANCOMPANY 1.6%

Value $8.883M (-1.8%) Shares 292,400 (-22.6%) Est. Cost — Unrealized —

VLY VALLEY NATL BANCORP 0.9%

Value $4.827M (+3.4%) Shares 329,522 (-13.3%) Est. Cost — Unrealized —

AMTB AMERANT BANCORP INC 2.0%

Value $10.72M (-1.3%) Shares 420,000 (-14.7%) Est. Cost — Unrealized —

FCNCA FIRST CTZNS BANCSHARES INC D 0.3%

Value $1.769M (+8.1%) Shares 850 (-2.1%) Est. Cost — Unrealized —

BKU BANKUNITED INC 0.2%

Value $1.269M (-6.3%) Shares 26,200 (-12.7%) Est. Cost — Unrealized —

UBSI UNITED BANKSHARES INC WEST V 0.8%

Value $4.583M (+0.6%) Shares 100,000 (-9.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MCHB	MECHANICS BANCORP	175,000 (-67.1%)	$2.783M (-64.6%)	0.5%	—	—	CL A	43785V102
WSBC	WESBANCO INC	100,000 (-58.0%)	$3.903M (-52.4%)	0.7%	—	—	COM	950810101
WBS	WEBSTER FINL CORP	4,575 (-93.0%)	$350K (-92.3%)	0.1%	—	—	COM	947890109
CARE	CARTER BANKSHARES INC	105,000 (-68.1%)	$3.571M (-53.4%)	0.7%	—	—	COM NEW	146103106
QCRH	QCR HLDGS INC	75,000 (-36.2%)	$7.301M (-27.3%)	1.3%	—	—	COM	74727A104
ABCB	AMERIS BANCORP	65,000 (-40.9%)	$5.867M (-31.6%)	1.1%	—	—	COM	03076K108
AVBH	AVIDBANK HLDGS INC	80,000 (-54.6%)	$2.642M (-47.4%)	0.5%	—	—	COM	05368J103
EWBC	EAST WEST BANCORP INC	45,000 (-39.6%)	$5.809M (-27.0%)	1.1%	—	—	COM	27579R104
FRST	PRIMIS FINANCIAL CORP	897,100 (-5.1%)	$14.69M (+17.0%)	2.7%	—	—	COM	74167B109
BY	BYLINE BANCORP INC	130,000 (-41.1%)	$4.896M (-29.7%)	0.9%	—	—	COM	124411109
C	CITIGROUP INC	78,700 (-30.8%)	$11.01M (-14.7%)	2.0%	—	—	COM NEW	172967424
JCAP	JEFFERSON CAPITAL INC	231,385 (-29.8%)	$4.505M (-28.9%)	0.8%	—	—	COM	47248R103
HBNC	HORIZON BANCORP IND	710,000 (-6.2%)	$14.19M (+13.1%)	2.6%	—	—	COM	440407104
FFBC	1ST FINL BANCORP	241,700 (-1.3%)	$8.177M (+19.7%)	1.5%	—	—	COM	320209109
WNEB	WESTERN NEW ENG BANCORP INC	1,531 (-98.5%)	$21,894 (-98.3%)	0.0%	—	—	COM	958892101
CCNE	CNB FINL CORP PA	422,100 (-6.1%)	$14.23M (+9.3%)	2.6%	—	—	COM	126128107
EQBK	EQUITY BANCSHARES INC	282,502 (-1.2%)	$13.84M (+9.0%)	2.5%	—	—	COM CL A	29460X109
EFSI	EAGLE FINL SVCS INC	65,700 (-38.7%)	$2.724M (-27.3%)	0.5%	—	—	COM	26951R104
SSB	SOUTHSTATE BK CORP	195,000 (-2.5%)	$19.48M (+5.3%)	3.6%	—	—	COM	84472E102
SMBC	SOUTHERN MO BANCORP INC	38,887 (-35.7%)	$2.964M (-23.4%)	0.5%	—	—	COM	843380106
UNTY	UNITY BANCORP INC	142,332 (-1.7%)	$8.353M (+11.3%)	1.5%	—	—	COM	913290102
IBOC	INTERNATIONAL BANCSHARES COR	127,113 (-3.5%)	$9.654M (+8.9%)	1.8%	—	—	COM	459044103
NP	NEPTUNE INS HLDGS INC	90,000 (-39.6%)	$2.835M (-21.4%)	0.5%	—	—	CL A	64073B103
BEN	FRANKLIN RESOURCES INC	83,300 (-2.8%)	$2.771M (+36.9%)	0.5%	—	—	COM	354613101
FCCO	FIRST CMNTY CORP S C	250,433 (-2.3%)	$8.184M (+9.2%)	1.5%	—	—	COM	319835104
OBT	ORANGE CNTY BANCORP INC	27,000 (-48.6%)	$993K (-40.9%)	0.2%	—	—	COM	68417L107
BBT	BEACON FINANCIAL CORP.	234,900 (-9.7%)	$7.153M (-8.3%)	1.3%	—	—	COM	084680107
BAC	BANK OF AMER CORP	225,000 (-9.9%)	$12.82M (+5.3%)	2.3%	—	—	COM	060505104
UMBF	UMB FINL CORP	35,000 (-10.0%)	$4.997M (+13.9%)	0.9%	—	—	COM	902788108
PFBC	PREFERRED BK LOS ANGELES CA	76,700 (-7.9%)	$8.15M (+7.9%)	1.5%	—	—	COM NEW	740367404
CBK	COMMERCIAL BANCGROUP INC	125,000 (-8.8%)	$4.036M (+13.2%)	0.7%	—	—	COM	20112C106
ESQ	ESQUIRE FINL HLDGS INC	5,000 (-45.8%)	$596K (-40.0%)	0.1%	—	—	COM	29667J101
EFSC	ENTERPRISE FINL SVCS CORP	45,000 (-6.6%)	$2.965M (+13.7%)	0.5%	—	—	COM	293712105
CTBI	COMMUNITY TR BANCORP INC	40,000 (-4.8%)	$2.894M (+13.5%)	0.5%	—	—	COM	204149108
NPB	NORTHPOINTE BANCSHARES INC.	497,600 (-13.0%)	$9.544M (-3.4%)	1.7%	—	—	COM SHS	66661N886
WABC	WESTAMERICA BANCORPORATION	47,500 (-20.2%)	$2.787M (-10.2%)	0.5%	—	—	COM	957090103
MTB	M & T BK CORP	44,100 (-10.5%)	$10.5M (+3.0%)	1.9%	—	—	COM	55261F104
HBCP	HOMEBANCORP INC	25,000 (-24.7%)	$1.713M (-14.8%)	0.3%	—	—	COM	43689E107
HOMB	HOME BANCSHARES INC	32,500 (-28.6%)	$928K (-24.3%)	0.2%	—	—	COM	436893200
CBNK	CAPITAL BANCORP INC MD	72,500 (-4.5%)	$2.546M (+12.7%)	0.5%	—	—	COM	139737100
RNST	RENASANT CORP	57,700 (-23.1%)	$2.455M (-9.4%)	0.4%	—	—	COM	75970E107
FSBC	FIVE STAR BANCORP	90,000 (-26.6%)	$4.382M (-5.3%)	0.8%	—	—	COM	33830T103
ACNB	ACNB CORP	65,000 (-24.1%)	$3.86M (-5.8%)	0.7%	—	—	COM	000868109
CHYM	CHIME FINL INC	377,000 (-5.7%)	$7.721M (+3.2%)	1.4%	—	—	COM SHS CL A	16935C109
FISI	FINANCIAL INSTITUTIONS INC	100,000 (-14.5%)	$3.897M (+5.1%)	0.7%	—	—	COM	317585404
USCB	USCB FINANCIAL HOLDINGS INC	130,000 (-3.1%)	$2.66M (+6.9%)	0.5%	—	—	CLASS A COM	90355N101
CBC	CENTRAL BANCOMPANY	292,400 (-22.6%)	$8.883M (-1.8%)	1.6%	—	—	COM CL A	152413100
VLY	VALLEY NATL BANCORP	329,522 (-13.3%)	$4.827M (+3.4%)	0.9%	—	—	COM	919794107
AMTB	AMERANT BANCORP INC	420,000 (-14.7%)	$10.72M (-1.3%)	2.0%	—	—	CL A	023576101
FCNCA	FIRST CTZNS BANCSHARES INC D	850 (-2.1%)	$1.769M (+8.1%)	0.3%	—	—	CL A	31946M103
BKU	BANKUNITED INC	26,200 (-12.7%)	$1.269M (-6.3%)	0.2%	—	—	COM	06652K103
UBSI	UNITED BANKSHARES INC WEST V	100,000 (-9.1%)	$4.583M (+0.6%)	0.8%	—	—	COM	909907107

Unchanged Positions (8)

— Investar Holding Corporation 6.5 Ser A Conv Pfd 1.3%

Value $7.133M Shares 238,093 Est. Cost — Unrealized —

WLFC WILLIS LEASE FIN CORP 0.4%

Value $2.307M Shares 10,083 Est. Cost — Unrealized —

BOH BANK HAWAII CORP 0.6%

Value $3.382M Shares 41,500 Est. Cost — Unrealized —

EQFN Equitable Financial Corp. 0.5%

Value $2.655M Shares 147,513 Est. Cost — Unrealized —

MBBC MARATHON BANCORP INC 0.4%

Value $2.22M Shares 145,298 Est. Cost — Unrealized —

ECBK ECB BANCORP INC 0.2%

Value $1.108M Shares 55,198 Est. Cost — Unrealized —

— FLAGSTAR BANK NATIONAL ASSOC 0.3%

Value $1.787M Shares 43,565 Est. Cost — Unrealized —

— Banc of California 7.75 Non-Cumulative Perpetual Preferred Stock, Series A 0.2%

Value $1.352M Shares 53,925 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Investar Holding Corporation 6.5 Ser A Conv Pfd	238,093	$7.133M	1.3%	—	—	NON 13F SECURITY	46134L303
WLFC	WILLIS LEASE FIN CORP	10,083	$2.307M	0.4%	—	—	COM	970646105
BOH	BANK HAWAII CORP	41,500	$3.382M	0.6%	—	—	COM	062540109
EQFN	Equitable Financial Corp.	147,513	$2.655M	0.5%	—	—	NON 13F SECURITY	29448T105
MBBC	MARATHON BANCORP INC	145,298	$2.22M	0.4%	—	—	COM NEW	565759206
ECBK	ECB BANCORP INC	55,198	$1.108M	0.2%	—	—	COM	26828M106
—	FLAGSTAR BANK NATIONAL ASSOC	43,565	$1.787M	0.3%	—	—	UNIT 05/07/2051	64944P307
—	Banc of California 7.75 Non-Cumulative Perpetual Preferred Stock, Series A	53,925	$1.352M	0.2%	—	—	NON 13F SECURITY	05990K841