Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
UNTY	Unity Bancorp, Inc.	840,044	$28.61M	3.1%	$14.79	+115.7%	Common	913290102
OSBC	Old Second Bancorp, Inc.	1,754,288	$27.35M	3.0%	$8.10	+94.3%	Common	680277100
FRBA	First Bank	1,504,192	$22.86M	2.5%	$9.51	+49.3%	Common	31931U102
—	Southern States Bancshares, Inc.	717,213	$22.04M	2.4%	$22.46	—	Common	843878307
AMBZ	American Business Bank	570,335	$21.64M	2.3%	$29.00	+18.9%	Common	02475L105
TFIN	Triumph Bancorp, Inc.	264,243	$21.02M	2.3%	$25.53	+227.1%	Common	89679E300
BCAL	California BanCorp.	1,412,186	$20.89M	2.3%	$13.52	+7.0%	Common	84252A106
FRST	Primis Financial Corporation	1,713,963	$20.88M	2.3%	$11.38	-2.0%	Common	74167B109
FNBT	FineMark Holdings, Inc.	726,244	$19.25M	2.1%	$30.43	-15.7%	Common	31788B108
PBAM	Private Bancorp of America, Inc.	411,565	$18.52M	2.0%	$23.81	+75.7%	Common	74274F100
FBIZ	First Business Financial Services, Inc.	401,626	$18.31M	2.0%	$18.60	+119.0%	Common	319390100
WCCB	West Coast Community Bancorp	466,527	$18.19M	2.0%	$25.16	+48.2%	Common	952170108
MBIN	Merchants Bancorp	389,615	$17.52M	1.9%	$21.10	+107.0%	Common	58844R108
OBT	Orange County Bancorp, Inc.	287,872	$17.36M	1.9%	$15.53	+80.5%	Common	68417L107
PGC	Peapack-Gladstone Financial Corporation	602,799	$16.52M	1.8%	$19.83	+30.8%	Common	704699107
TCBI	Texas Capital Bancshares, Inc.	231,205	$16.52M	1.8%	$62.22	+5.2%	Common	88224Q107
—	CrossFirst Bankshares, Inc.	964,090	$16.09M	1.7%	$12.77	—	Common	22766M109
BANC	Banc of California, Inc.	1,053,629	$15.52M	1.7%	$15.93	-16.1%	Common	05990K106
CBAN	Colony Bankcorp Inc.	983,813	$15.27M	1.7%	$15.01	-9.3%	Common	19623P101
SMBK	SmartFinancial, Inc.	514,713	$15M	1.6%	$19.92	+38.2%	Common	83190L208
MYFW	First Western Financial, Inc.	722,320	$14.45M	1.6%	$16.79	+8.5%	Common	33751L105
AVBH	Avidbank Holdings, Inc.	713,197	$13.91M	1.5%	$19.55	-1.8%	Common	05368J103
MBWM	Mercantile Bank Corporation	305,847	$13.37M	1.5%	$14.28	+195.7%	Common	587376104
MCB	Metropolitan Bank Holding Corp.	240,254	$12.63M	1.4%	$44.91	+9.3%	Common	591774104
SFST	Southern First Bancshares, Inc.	370,243	$12.62M	1.4%	$28.37	+13.4%	Common	842873101
BPRN	Princeton Bancorp, Inc.	340,716	$12.6M	1.4%	$28.29	+20.5%	Common	74179A107
INBK	First Internet Bancorp	364,296	$12.48M	1.4%	$24.87	+36.0%	Common	320557101
ALRS	Alerus Financial Corporation	543,586	$12.44M	1.3%	$19.10	+5.6%	Common	01446U103
CNOB	ConnectOne Bancorp, Inc.	489,086	$12.25M	1.3%	$15.87	+38.3%	Common	20786W107
MCBI	Mountain Commerce Bancorp	572,510	$12.01M	1.3%	$21.02	-9.6%	Common	624004107
MNSB	MainStreet Bancshares, Inc.	651,014	$12.01M	1.3%	$14.23	+17.2%	Common	56064Y100
BFST	Business First Bancshares, Inc.	462,494	$11.87M	1.3%	$21.21	+8.1%	Common	12326C105
CCNE	CNB Financial Corporation	481,576	$11.59M	1.3%	$20.27	+10.4%	Common	126128107
TCBX	Third Coast Bancshares	432,745	$11.58M	1.3%	$23.38	+2.4%	Common	88422P109
—	Fentura Financial, Inc.	295,913	$11.56M	1.3%	$17.61	—	Common	314645102
BSVN	Bank7 Corp	305,136	$11.43M	1.2%	$21.61	+68.3%	Common	06652N107
ISTR	Investar Holding Corporation	583,925	$11.33M	1.2%	$18.55	-5.2%	Common	46134L105
MPB	Mid Penn Bank	362,552	$10.81M	1.2%	$24.11	+8.2%	Common	59540G107
BSRR	Sierra Bancorp	369,283	$10.66M	1.2%	$16.44	+60.3%	Common	82620P102
MRBK	Meridian Bank	829,153	$10.48M	1.1%	$10.30	+4.7%	Common	58958P104
ALPIB	Alpine Banks of Colorado	346,490	$10.19M	1.1%	$27.27	+2.3%	Common	020810107
FSUN	FirstSun Capital Bancorp	221,396	$9.431M	1.0%	$31.85	+26.8%	Common	33767U107
FNRN	First Northern Community Bancorp	840,537	$8.658M	0.9%	$7.83	+20.9%	Common	335925103
BWFG	Bankwell Financial Group, Inc.	282,623	$8.465M	0.9%	$21.43	+23.1%	Common	06654A103
FFWM	First Foundation Inc.	1,353,054	$8.443M	0.9%	$14.88	-57.0%	Common	32026V104
—	Veritex Holdings, Inc.	303,000	$7.975M	0.9%	$26.80	—	Common	923451108
CZWI	Citizens Community Bancorp, Inc.	559,970	$7.935M	0.9%	$8.62	+44.7%	Common	174903104
—	Traditions Bancorp, Inc.	251,895	$7.494M	0.8%	$21.29	—	Common	89269L102
UBAB	United Bancorporation of Alabama, Inc.	127,413	$6.485M	0.7%	$24.39	+95.6%	Common	90944R100
SHBI	Shore Bancshares, Inc.	461,954	$6.463M	0.7%	$12.93	+3.8%	Common	825107105
—	Bay Community Bancorp	480,244	$6.459M	0.7%	$5.87	—	Common	072205107
PSBQ	PSB Holdings, Inc.	250,956	$6.274M	0.7%	$22.97	+4.8%	Common	69360N108
RCBC	River City Bank	22,168	$6.207M	0.7%	$16.82	+70.9%	Common	76803X106
ARBV	American Riviera Bancorp	322,046	$6.164M	0.7%	$18.43	-4.7%	Common	02933K103
BRBS	Blue Ridge Bankshares, Inc.	2,130,722	$5.966M	0.6%	$4.61	-44.0%	Common	095825105
COSO	CoastalSouth Bancshares, Inc.	292,473	$5.756M	0.6%	$12.14	—	Common	19058X207
LNKB	LinkBancorp	864,241	$5.54M	0.6%	$6.75	-8.4%	Common	53578P105
PMHG	Prime Meridian Holding Company	215,076	$5.484M	0.6%	$19.09	+22.7%	Common	74164R107
FSRL	First Reliance Bancshares, Inc.	537,984	$5.455M	0.6%	$7.20	+25.4%	Common	33615Q100
SABK	South Atlantic Bancshares, Inc.	379,689	$5.331M	0.6%	$486.89	-97.2%	Common	83636T104
UBFO	United Security Bankshares	573,139	$4.992M	0.5%	$6.16	+19.0%	Common	911460103
ORPB	Oregon Pacific Bancorp	661,386	$4.987M	0.5%	$5.63	+31.8%	Common	686040205
FGFH	Foresight Financial Group, Inc.	142,598	$4.706M	0.5%	$22.21	+34.9%	Common	345526107
FSBC	Five Star Bancorp	148,919	$4.427M	0.5%	$22.58	+18.7%	Common	33830T103
CMHF	Community Heritage Financial Inc.	203,558	$4.275M	0.5%	$21.49	-9.5%	Common	20370L103
FCPB	First Capital Bancshares, Inc.	382,816	$4.192M	0.5%	$7.31	+34.2%	Common	31941G101
—	Bremer Financial Corporation	41,667	$4.167M	0.5%	$100.00	—	Common	107015109
—	Hanover Bancorp Inc.	228,440	$4.087M	0.4%	$20.15	—	Common	410710206
WRIV	White River Bancshares Company	137,422	$3.917M	0.4%	$32.69	-14.7%	Common	96445A108
SOUB	SouthPoint Bancshares, Inc.	109,704	$3.73M	0.4%	$18.75	+77.7%	Common	844647107
FVCB	FVCBankcorp Inc.	280,121	$3.656M	0.4%	$12.01	-3.5%	Common	36120Q101
SSBI	Summit State Bank	429,395	$3.628M	0.4%	$11.95	-25.1%	Common	866264203
—	1st Capital Bancorp	250,658	$3.509M	0.4%	$9.65	—	Common	319427100
STBK	Studio Bank	344,415	$3.444M	0.4%	$9.88	-0.4%	Common	864001102
AMTB	Amerant Bancorp Inc.	160,000	$3.419M	0.4%	$21.34	0.0%	Common	023576101
—	Enterprise Bancorp, Inc.	106,004	$3.388M	0.4%	$27.16	—	Common	293668109
—	Northway Financial, Inc.	103,158	$3.198M	0.3%	$25.26	—	Common	667270201
CCNB	Coastal Carolina Bancshares, Inc.	304,492	$3.024M	0.3%	$7.66	+27.4%	Common	190435107
FXNC	First National Corporation	172,291	$3.015M	0.3%	$16.37	-0.6%	Common	32106V107
FCCO	First Community Corporation	139,424	$2.989M	0.3%	$14.98	+32.9%	Common	319835104
CBWA	Commencement Bancorp, Inc.	256,860	$2.89M	0.3%	$9.89	+7.6%	Common	20051D107
HTBK	Heritage Commerce Corp	272,839	$2.696M	0.3%	$8.31	+17.4%	Common	426927109
MFGI	Merchants Financial Group, Inc.	104,401	$2.662M	0.3%	$22.25	+6.0%	Common	588538108
BY	Byline Bancorp, Inc.	96,890	$2.594M	0.3%	$16.13	+60.2%	Common	124411109
MVLY	Mission Valley Bancorp	163,742	$2.44M	0.3%	$8.26	+74.7%	Common	60520E104
TBBK	The Bancorp, Inc.	45,592	$2.439M	0.3%	$26.85	+80.0%	Common	05969A105
SBKO	Summit Bank Group, Inc.	190,501	$2.372M	0.3%	$12.00	+0.9%	Common	86603R100
PPBN	Pinnacle Bankshares Corporation	79,682	$2.369M	0.3%	$16.53	+68.5%	Common	72345E102
—	Sterling Bancorp, Inc.	502,061	$2.284M	0.2%	$7346.68	—	Common	85917W102
USCB	USCB Financial Holdings Inc.	149,230	$2.276M	0.2%	$13.82	+5.1%	Common	90355N101
TRCY	Tri City Bankshares Corporation	169,041	$2.274M	0.2%	$19.04	—	Common	895364107
GNRV	Grand River Commerce, Inc.	675,014	$2.194M	0.2%	$5.36	-47.9%	Common	386441109
DCOM	Dime Community Bancshares, Inc.	76,073	$2.191M	0.2%	$24.80	-7.1%	Common	25432X102
—	McHenry Bancorp, Inc.	60,000	$2.175M	0.2%	$34.50	—	Common	580683209
BLHK	Blueharbor Bank	106,602	$2.132M	0.2%	$12.52	+55.2%	Common	095613105
MVBF	MVB Financial Corp.	109,189	$2.114M	0.2%	$16.43	+20.7%	Common	553810102
WEX	WEX Inc.	9,955	$2.088M	0.2%	$167.38	+11.3%	Common	96208T104
BAFN	BayFirst Financial Corp.	150,272	$1.976M	0.2%	$22.90	-44.0%	Common	07279B104
FSBH	FSBH Corp (was First Southern Bank)	234,250	$1.874M	0.2%	$7.68	+2.2%	Common	30325F101
BCTF	Bancorp 34, Inc.	162,857	$1.821M	0.2%	$12.37	-15.7%	Common	05970V106
PBNK	Pinnacle Bank	92,128	$1.773M	0.2%	$8.23	+116.8%	Common	72346K107
BWB	Bridgewater Bancshares, Inc.	119,479	$1.693M	0.2%	$10.91	+22.7%	Common	108621103
FCOB	1st Colonial Bancorp	108,144	$1.664M	0.2%	$8.42	+84.7%	Common	319716106
HBT	HBT Financial, Inc.	72,544	$1.587M	0.2%	$15.65	+40.0%	Common	404111106
MLGF	Malaga Financial Corporation	68,304	$1.57M	0.2%	$18.44	+3.8%	Common	561046103
PWBK	Pacific West Bancorp	145,715	$1.53M	0.2%	$11.10	-17.5%	Common	69506J102
RNST	Renasant Corporation	46,875	$1.523M	0.2%	$33.20	0.0%	Common	75970E107
OBK	Origin Bancorp Inc.	47,142	$1.516M	0.2%	$38.81	-16.0%	Common	68621T102
SBNC	Southern BancShares (N.C.), Inc.	239	$1.458M	0.2%	$2433.28	+150.5%	Common	842243107
MOFG	MidWestOne Financial Group, Inc.	50,000	$1.427M	0.2%	$27.13	0.0%	Common	598511103
BORT	Bank of Botetourt	36,624	$1.19M	0.1%	$22.94	+28.5%	Common	063907208
OVLY	Oak Valley Bancorp	43,822	$1.164M	0.1%	$13.29	+95.6%	Common	671807105
—	Dogwood State Bank	79,721	$1.057M	0.1%	$13.26	—	Common	25660B103
BKOR	Oak Ridge Financial Services, Inc.	49,364	$944K	0.1%	$7.87	+125.8%	Common	671768109
CNBW	CNB Corporation	14,348	$933K	0.1%	$61.21	-9.2%	Common	12612R105
ESBS	ES Bancshares, Inc.	145,745	$925K	0.1%	$4.69	+30.2%	Common	296049109
EDVR	Endeavor Bancorp	83,891	$841K	0.1%	$10.07	-6.8%	Common	29260B109
FFMH	First Farmers and Merchants Corporation	20,092	$693K	0.1%	$27.67	+14.4%	Common	320148109
CBNK	Capital Bancorp, Inc.	24,022	$618K	0.1%	$12.02	+95.8%	Common	139737100
LOB	Live Oak Bancshares	12,750	$604K	0.1%	$61.92	-32.4%	Common	53803X105
RVSB	Riverview Bancorp, Inc.	126,344	$595K	0.1%	$4.89	-11.1%	Common	769397100
CSHX	Cashmere Valley Bank	9,587	$554K	0.1%	$34.79	+51.8%	Common	14756K102
PTBS	Potomac Bancshares, Inc.	33,492	$500K	0.1%	$11.64	+18.4%	Common	737643106
BCBP	BCB Bancorp, Inc.	36,437	$450K	0.0%	$8.19	+30.8%	Common	055298103
BOTJ	Bank of the James Financial Group, Inc.	23,029	$316K	0.0%	$9.32	+34.1%	Common	470299108