Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PNFP	PINNACLE FINL PARTNERS INC	148,566	$14.99M	5.1%	$100.88	—	COM	72348N109
C	CITIGROUP INC	408,900	$13.05M	4.5%	$111.53	—	CALL	172967424
BAC	BANK OF AMER CORP	476,000	$4.457M	1.5%	$46.85	—	CALL	060505104
CFG	CITIZENS FINL GROUP INC	100,000	$780K	0.3%	$59.55	—	CALL	174610105
WFC	WELLS FARGO & CO	60,000	$756K	0.3%	$69.17	—	CALL	949746101
KEY	KEYCORP	160,400	$618K	0.2%	$19.85	—	CALL	493267108
BANC	BANC OF CALIFORNIA INC	200,000	$350K	0.1%	$15.38	—	CALL	05990K106
GDOT	GREEN DOT CORP	23,205	$314K	0.1%	$13.51	—	CL A	39304D102
BKH	BLACK HILLS CORP	3,900	$290K	0.1%	$74.40	—	COM	092113109
KNTK	KINETIK HOLDINGS INC	5,300	$256K	0.1%	$48.34	—	COM NEW CL A	02215L209
FHN	FIRST HORIZON CORPORATION	150,000	$240K	0.1%	$22.85	—	CALL	320517105
CSCO	CISCO SYS INC	2,000	$235K	0.1%	$117.46	—	COM	17275R102
SPHR	SPHERE ENTERTAINMENT CO	1,314	$227K	0.1%	$173.03	—	CL A	55826T102
CBAN	COLONY BANKCORP INC	10,000	$201K	0.1%	$20.09	—	COM	19623P101
BRBS	BLUE RIDGE BANKSHARES INC VA	56,000	$198K	0.1%	$3.53	—	COM	095825105
UWMC	UWM HOLDINGS CORPORATION	725,000	$139K	0.0%	$5.12	—	CALL	91823B109
AIG	AMERICAN INTL GROUP INC	30,000	$108K	0.0%	$74.81	—	CALL	026874784
VLY	VALLEY NATL BANCORP	50,000	$52,500	0.0%	$12.65	—	CALL	919794107
AIG	AMERICAN INTL GROUP INC	130	$9,725	0.0%	$74.81	—	COM NEW	026874784

Increased Positions (8)

COF CAPITAL ONE FINL CORP 3.4%

Value $10.03M (+291.7%) Shares 49,996 (+256.1%) Est. Cost $196.29 Unrealized —

BHRB BURKE HERBERT FINL SVCS CORP 0.5%

Value $1.453M (+303.3%) Shares 20,219 (+249.6%) Est. Cost $70.02 Unrealized —

TCBX THIRD COAST BANCSHARES INC 0.9%

Value $2.501M (+62.2%) Shares 61,899 (+51.9%) Est. Cost $28.56 Unrealized —

AMTB AMERANT BANCORP INC 0.4%

Value $1.276M (+189.5%) Shares 50,000 (+150.0%) Est. Cost $22.71 Unrealized —

FITB FIFTH THIRD BANCORP 1.0%

Value $2.829M (+24.3%) Shares 50,194 (+2.4%) Est. Cost $51.39 Unrealized —

UNTY UNITY BANCORP INC 0.5%

Value $1.507M (+49.7%) Shares 25,674 (+32.2%) Est. Cost $53.46 Unrealized —

USCB USCB FINANCIAL HOLDINGS INC 0.4%

Value $1.281M (+31.3%) Shares 62,629 (+19.0%) Est. Cost $15.48 Unrealized —

SPFI SOUTH PLAINS FINANCIAL INC 0.4%

Value $1.139M (+20.6%) Shares 26,431 (+17.2%) Est. Cost $30.70 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
COF	CAPITAL ONE FINL CORP	49,996 (+256.1%)	$10.03M (+291.7%)	3.4%	$196.29	—	COM	14040H105
BHRB	BURKE HERBERT FINL SVCS CORP	20,219 (+249.6%)	$1.453M (+303.3%)	0.5%	$70.02	—	COM	12135Y108
TCBX	THIRD COAST BANCSHARES INC	61,899 (+51.9%)	$2.501M (+62.2%)	0.9%	$28.56	—	COM	88422P109
AMTB	AMERANT BANCORP INC	50,000 (+150.0%)	$1.276M (+189.5%)	0.4%	$22.71	—	CL A	023576101
FITB	FIFTH THIRD BANCORP	50,194 (+2.4%)	$2.829M (+24.3%)	1.0%	$51.39	—	COM	316773100
UNTY	UNITY BANCORP INC	25,674 (+32.2%)	$1.507M (+49.7%)	0.5%	$53.46	—	COM	913290102
USCB	USCB FINANCIAL HOLDINGS INC	62,629 (+19.0%)	$1.281M (+31.3%)	0.4%	$15.48	—	CLASS A COM	90355N101
SPFI	SOUTH PLAINS FINANCIAL INC	26,431 (+17.2%)	$1.139M (+20.6%)	0.4%	$30.70	—	COM	83946P107

Exited Positions (5)

LNKB LINKBANCORP INC 0.2%

Value $681K Shares 81,685 Est. Cost $7.92 Unrealized —

SCHL SCHOLASTIC CORP 0.1%

Value $342K Shares 8,761 Est. Cost $28.45 Unrealized —

BAFN BAYFIRST FINANCIAL CORP 0.1%

Value $220K Shares 34,606 Est. Cost $19.26 Unrealized —

PFE PFIZER INC 0.1%

Value $200K Shares 7,135 Est. Cost $26.18 Unrealized —

BMNR BITMINE IMMERSION TECNOLOGIE 0.0%

Value $525 Shares 10,500 Est. Cost $38.16 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
LNKB	LINKBANCORP INC	81,685	$681K	0.2%	$7.92	—	—	53578P105
SCHL	SCHOLASTIC CORP	8,761	$342K	0.1%	$28.45	—	—	807066105
BAFN	BAYFIRST FINANCIAL CORP	34,606	$220K	0.1%	$19.26	—	—	07279B104
PFE	PFIZER INC	7,135	$200K	0.1%	$26.18	—	—	717081103
BMNR	BITMINE IMMERSION TECNOLOGIE	10,500	$525	0.0%	$38.16	—	—	09175A206

Decreased Positions (19)

BAC BANK OF AMER CORP 29.1%

Value $85.22M (+49.9%) Shares 1,495,610 (-29.1%) Est. Cost $46.85 Unrealized —

C CITIGROUP INC 7.6%

Value $22.17M (-24.5%) Shares 158,427 (-78.2%) Est. Cost $111.53 Unrealized —

BANC BANC OF CALIFORNIA INC 3.3%

Value $9.573M (+35.7%) Shares 468,559 (-20.4%) Est. Cost $15.38 Unrealized —

FRST PRIMIS FINANCIAL CORP 2.6%

Value $7.723M (-15.7%) Shares 471,795 (-31.6%) Est. Cost $11.54 Unrealized —

PGC PEAPACK-GLADSTONE FINL CORP 3.5%

Value $10.25M (+13.9%) Shares 216,632 (-15.3%) Est. Cost $25.80 Unrealized —

SBCF SEACOAST BKG CORP FLA 2.2%

Value $6.38M (+8.1%) Shares 191,867 (-1.5%) Est. Cost $25.02 Unrealized —

CNOB CONNECTONE BANCORP INC 0.8%

Value $2.23M (+23.5%) Shares 66,680 (-1.1%) Est. Cost $18.38 Unrealized —

KEY KEYCORP 0.2%

Value $496K (-40.8%) Shares 21,514 (-89.3%) Est. Cost $19.85 Unrealized —

WFC WELLS FARGO & CO 2.4%

Value $6.966M (-4.6%) Shares 84,289 (-41.0%) Est. Cost $69.17 Unrealized —

FHN FIRST HORIZON CORPORATION 1.2%

Value $3.37M (+6.3%) Shares 131,446 (-53.4%) Est. Cost $22.85 Unrealized —

HAFC HANMI FINL CORP 0.4%

Value $1.238M (-13.3%) Shares 38,201 (-29.5%) Est. Cost $20.28 Unrealized —

MS MORGAN STANLEY 0.3%

Value $853K (+25.5%) Shares 4,081 (-1.2%) Est. Cost $70.85 Unrealized —

VLY VALLEY NATL BANCORP 0.2%

Value $501K (+38.1%) Shares 34,200 (-78.6%) Est. Cost $12.65 Unrealized —

QCRH QCR HLDGS INC 0.4%

Value $1.176M (+12.4%) Shares 12,083 (-1.4%) Est. Cost $64.47 Unrealized —

CFG CITIZENS FINL GROUP INC 0.5%

Value $1.499M (-7.6%) Shares 21,391 (-82.4%) Est. Cost $59.55 Unrealized —

UWMC UWM HOLDINGS CORPORATION 0.1%

Value $420K (+36.5%) Shares 183,375 (-67.5%) Est. Cost $5.12 Unrealized —

DCOM DIME COML BANCSHARES INC 0.8%

Value $2.203M (+4.7%) Shares 54,202 (-12.9%) Est. Cost $21.58 Unrealized —

BMY BRISTOL-MYERS SQUIBB CO 0.1%

Value $349K (-7.2%) Shares 6,053 (-48.9%) Est. Cost $50.39 Unrealized —

INDB INDEPENDENT BK CORP MASS 0.1%

Value $290K (+9.2%) Shares 3,462 (-1.9%) Est. Cost $55.74 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BAC	BANK OF AMER CORP	1,495,610 (-29.1%)	$85.22M (+49.9%)	29.1%	$46.85	—	COM	060505104
C	CITIGROUP INC	158,427 (-78.2%)	$22.17M (-24.5%)	7.6%	$111.53	—	COM NEW	172967424
BANC	BANC OF CALIFORNIA INC	468,559 (-20.4%)	$9.573M (+35.7%)	3.3%	$15.38	—	COM	05990K106
FRST	PRIMIS FINANCIAL CORP	471,795 (-31.6%)	$7.723M (-15.7%)	2.6%	$11.54	—	COM	74167B109
PGC	PEAPACK-GLADSTONE FINL CORP	216,632 (-15.3%)	$10.25M (+13.9%)	3.5%	$25.80	—	COM	704699107
SBCF	SEACOAST BKG CORP FLA	191,867 (-1.5%)	$6.38M (+8.1%)	2.2%	$25.02	—	COM NEW	811707801
CNOB	CONNECTONE BANCORP INC	66,680 (-1.1%)	$2.23M (+23.5%)	0.8%	$18.38	—	COM	20786W107
KEY	KEYCORP	21,514 (-89.3%)	$496K (-40.8%)	0.2%	$19.85	—	COM	493267108
WFC	WELLS FARGO & CO	84,289 (-41.0%)	$6.966M (-4.6%)	2.4%	$69.17	—	COM	949746101
FHN	FIRST HORIZON CORPORATION	131,446 (-53.4%)	$3.37M (+6.3%)	1.2%	$22.85	—	COM	320517105
HAFC	HANMI FINL CORP	38,201 (-29.5%)	$1.238M (-13.3%)	0.4%	$20.28	—	COM NEW	410495204
MS	MORGAN STANLEY	4,081 (-1.2%)	$853K (+25.5%)	0.3%	$70.85	—	COM NEW	617446448
VLY	VALLEY NATL BANCORP	34,200 (-78.6%)	$501K (+38.1%)	0.2%	$12.65	—	COM	919794107
QCRH	QCR HLDGS INC	12,083 (-1.4%)	$1.176M (+12.4%)	0.4%	$64.47	—	COM	74727A104
CFG	CITIZENS FINL GROUP INC	21,391 (-82.4%)	$1.499M (-7.6%)	0.5%	$59.55	—	COM	174610105
UWMC	UWM HOLDINGS CORPORATION	183,375 (-67.5%)	$420K (+36.5%)	0.1%	$5.12	—	COM CL A	91823B109
DCOM	DIME COML BANCSHARES INC	54,202 (-12.9%)	$2.203M (+4.7%)	0.8%	$21.58	—	COM	25432X102
BMY	BRISTOL-MYERS SQUIBB CO	6,053 (-48.9%)	$349K (-7.2%)	0.1%	$50.39	—	COM	110122108
INDB	INDEPENDENT BK CORP MASS	3,462 (-1.9%)	$290K (+9.2%)	0.1%	$55.74	—	COM	453836108

Unchanged Positions (43)

SMBK SMARTFINANCIAL INC 3.4%

Value $9.901M Shares 211,013 Est. Cost $22.88 Unrealized —

WAL WESTERN ALLIANCE BANCORP 1.5%

Value $4.498M Shares 54,721 Est. Cost $69.75 Unrealized —

HTB HOMETRUST BANCSHARES INC 1.3%

Value $3.928M Shares 78,725 Est. Cost $33.53 Unrealized —

PFS PROVIDENT FINL SVCS INC 1.2%

Value $3.598M Shares 152,203 Est. Cost $16.52 Unrealized —

CBSH COMMERCE BANCSHARES INC 0.8%

Value $2.478M Shares 42,916 Est. Cost $53.64 Unrealized —

PNC PNC FINL SVCS GROUP INC 0.8%

Value $2.363M Shares 9,598 Est. Cost $79.23 Unrealized —

FSUN FIRSTSUN CAP BANCORP 1.9%

Value $5.467M Shares 140,987 Est. Cost $37.61 Unrealized —

SHBI SHORE BANCSHARES INC 0.6%

Value $1.661M Shares 72,357 Est. Cost $16.49 Unrealized —

MCB METROPOLITAN BK HLDG CORP 0.6%

Value $1.775M Shares 17,974 Est. Cost $45.18 Unrealized —

VABK VIRGINIA NATL BK CHRLOTSVLE 0.7%

Value $2.027M Shares 45,672 Est. Cost $34.57 Unrealized —

RF REGIONS FINANCIAL CORP NEW 0.7%

Value $2.007M Shares 66,450 Est. Cost $15.60 Unrealized —

HWC HANCOCK WHITNEY CORPORATION 0.6%

Value $1.811M Shares 24,232 Est. Cost $50.69 Unrealized —

HBAN HUNTINGTON BANCSHARES INC 0.7%

Value $2.112M Shares 119,107 Est. Cost $15.81 Unrealized —

SSB SOUTHSTATE BK CORP 1.1%

Value $3.155M Shares 31,581 Est. Cost $96.71 Unrealized —

WSFS WSFS FINL CORP 0.5%

Value $1.483M Shares 19,329 Est. Cost $40.03 Unrealized —

TFC TRUIST FINL CORP 0.9%

Value $2.687M Shares 53,937 Est. Cost $37.78 Unrealized —

CFBK CF BANKSHARES INC 0.4%

Value $1.278M Shares 39,003 Est. Cost $22.55 Unrealized —

FBK FB FINL CORP 1.1%

Value $3.081M Shares 55,665 Est. Cost $36.01 Unrealized —

T AT&T INC 0.1%

Value $404K Shares 19,498 Est. Cost $25.56 Unrealized —

BPOP POPULAR INC 0.3%

Value $856K Shares 5,215 Est. Cost $51.04 Unrealized —

AAPL APPLE INC 0.3%

Value $989K Shares 3,418 Est. Cost $103.57 Unrealized —

TOWN TOWNEBANK PORTSMOUTH VA 0.6%

Value $1.708M Shares 47,121 Est. Cost $29.04 Unrealized —

AUB ATLANTIC UN BANKSHARES CORP 0.2%

Value $701K Shares 16,578 Est. Cost $26.54 Unrealized —

JPM JPMORGAN CHASE & CO 0.4%

Value $1.052M Shares 3,215 Est. Cost $96.57 Unrealized —

CIVB CIVISTA BANCSHARES INC 0.2%

Value $548K Shares 19,420 Est. Cost $19.66 Unrealized —

COLB COLUMBIA BKG SYS INC 0.2%

Value $727K Shares 22,686 Est. Cost $25.80 Unrealized —

MET METLIFE INC 0.2%

Value $583K Shares 6,886 Est. Cost $54.34 Unrealized —

ABCB AMERIS BANCORP 0.2%

Value $666K Shares 7,376 Est. Cost $40.92 Unrealized —

ZION ZIONS BANCORPORATION NATL AS 0.2%

Value $498K Shares 7,200 Est. Cost $36.94 Unrealized —

MSGS MADISON SQUARE GRDN SPRT COR 0.1%

Value $399K Shares 992 Est. Cost $192.61 Unrealized —

COSO COASTALSOUTH BANCSHARES INC 0.3%

Value $887K Shares 33,046 Est. Cost $21.58 Unrealized —

CBFV CB FINL SVCS INC 0.2%

Value $716K Shares 18,903 Est. Cost $18.20 Unrealized —

ORRF ORRSTOWN FINL SVCS INC 0.2%

Value $561K Shares 13,734 Est. Cost $31.53 Unrealized —

UCB UNITED CMNTY BKS BLAIRSVLE G 0.2%

Value $598K Shares 17,032 Est. Cost $23.67 Unrealized —

VZ VERIZON COMMUNICATIONS INC 0.1%

Value $319K Shares 7,528 Est. Cost $41.99 Unrealized —

ALL ALLSTATE CORP 0.1%

Value $306K Shares 1,287 Est. Cost $151.93 Unrealized —

V VISA INC 0.1%

Value $274K Shares 800 Est. Cost $242.67 Unrealized —

TRV TRAVELERS COMPANIES INC 0.1%

Value $231K Shares 700 Est. Cost $265.92 Unrealized —

CRESY CRESUD S A C I F Y A 0.0%

Value $112K Shares 10,000 Est. Cost $12.63 Unrealized —

SSBI SUMMIT ST BK SANTA ROSA CALI 0.3%

Value $984K Shares 72,575 Est. Cost $10.00 Unrealized —

CB CHUBB LIMITED 0.1%

Value $281K Shares 824 Est. Cost $241.21 Unrealized —

FDL FIRST TR EXCHANGE-TRADED FD 0.1%

Value $231K Shares 4,753 Est. Cost $43.41 Unrealized —

HIG HARTFORD INSURANCE GROUP INC 0.1%

Value $298K Shares 2,246 Est. Cost $88.72 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SMBK	SMARTFINANCIAL INC	211,013	$9.901M	3.4%	$22.88	—	COM NEW	83190L208
WAL	WESTERN ALLIANCE BANCORP	54,721	$4.498M	1.5%	$69.75	—	COM	957638109
HTB	HOMETRUST BANCSHARES INC	78,725	$3.928M	1.3%	$33.53	—	COM	437872104
PFS	PROVIDENT FINL SVCS INC	152,203	$3.598M	1.2%	$16.52	—	COM	74386T105
CBSH	COMMERCE BANCSHARES INC	42,916	$2.478M	0.8%	$53.64	—	COM	200525103
PNC	PNC FINL SVCS GROUP INC	9,598	$2.363M	0.8%	$79.23	—	COM	693475105
FSUN	FIRSTSUN CAP BANCORP	140,987	$5.467M	1.9%	$37.61	—	COM	33767U107
SHBI	SHORE BANCSHARES INC	72,357	$1.661M	0.6%	$16.49	—	COM	825107105
MCB	METROPOLITAN BK HLDG CORP	17,974	$1.775M	0.6%	$45.18	—	COM	591774104
VABK	VIRGINIA NATL BK CHRLOTSVLE	45,672	$2.027M	0.7%	$34.57	—	COM	928031103
RF	REGIONS FINANCIAL CORP NEW	66,450	$2.007M	0.7%	$15.60	—	COM	7591EP100
HWC	HANCOCK WHITNEY CORPORATION	24,232	$1.811M	0.6%	$50.69	—	COM	410120109
HBAN	HUNTINGTON BANCSHARES INC	119,107	$2.112M	0.7%	$15.81	—	COM	446150104
SSB	SOUTHSTATE BK CORP	31,581	$3.155M	1.1%	$96.71	—	COM	84472E102
WSFS	WSFS FINL CORP	19,329	$1.483M	0.5%	$40.03	—	COM	929328102
TFC	TRUIST FINL CORP	53,937	$2.687M	0.9%	$37.78	—	COM	89832Q109
CFBK	CF BANKSHARES INC	39,003	$1.278M	0.4%	$22.55	—	COM	12520L109
FBK	FB FINL CORP	55,665	$3.081M	1.1%	$36.01	—	COM	30257X104
T	AT&T INC	19,498	$404K	0.1%	$25.56	—	COM	00206R102
BPOP	POPULAR INC	5,215	$856K	0.3%	$51.04	—	COM NEW	733174700
AAPL	APPLE INC	3,418	$989K	0.3%	$103.57	—	COM	037833100
TOWN	TOWNEBANK PORTSMOUTH VA	47,121	$1.708M	0.6%	$29.04	—	COM	89214P109
AUB	ATLANTIC UN BANKSHARES CORP	16,578	$701K	0.2%	$26.54	—	COM	04911A107
JPM	JPMORGAN CHASE & CO	3,215	$1.052M	0.4%	$96.57	—	COM	46625H100
CIVB	CIVISTA BANCSHARES INC	19,420	$548K	0.2%	$19.66	—	COM NO PAR	178867107
COLB	COLUMBIA BKG SYS INC	22,686	$727K	0.2%	$25.80	—	COM	197236102
MET	METLIFE INC	6,886	$583K	0.2%	$54.34	—	COM	59156R108
ABCB	AMERIS BANCORP	7,376	$666K	0.2%	$40.92	—	COM	03076K108
ZION	ZIONS BANCORPORATION NATL AS	7,200	$498K	0.2%	$36.94	—	COM	989701107
MSGS	MADISON SQUARE GRDN SPRT COR	992	$399K	0.1%	$192.61	—	CL A	55825T103
COSO	COASTALSOUTH BANCSHARES INC	33,046	$887K	0.3%	$21.58	—	COM NEW	19058X207
CBFV	CB FINL SVCS INC	18,903	$716K	0.2%	$18.20	—	COM	12479G101
ORRF	ORRSTOWN FINL SVCS INC	13,734	$561K	0.2%	$31.53	—	COM	687380105
UCB	UNITED CMNTY BKS BLAIRSVLE G	17,032	$598K	0.2%	$23.67	—	COM	90984P303
VZ	VERIZON COMMUNICATIONS INC	7,528	$319K	0.1%	$41.99	—	COM	92343V104
ALL	ALLSTATE CORP	1,287	$306K	0.1%	$151.93	—	COM	020002101
V	VISA INC	800	$274K	0.1%	$242.67	—	COM CL A	92826C839
TRV	TRAVELERS COMPANIES INC	700	$231K	0.1%	$265.92	—	COM	89417E109
CRESY	CRESUD S A C I F Y A	10,000	$112K	0.0%	$12.63	—	SPONSORED ADR	226406106
SSBI	SUMMIT ST BK SANTA ROSA CALI	72,575	$984K	0.3%	$10.00	—	COM	866264203
CB	CHUBB LIMITED	824	$281K	0.1%	$241.21	—	COM	H1467J104
FDL	FIRST TR EXCHANGE-TRADED FD	4,753	$231K	0.1%	$43.41	—	SHS	336917109
HIG	HARTFORD INSURANCE GROUP INC	2,246	$298K	0.1%	$88.72	—	COM	416515104