Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KEY	KEYCORP	12,650,000	$254M	8.7%	—	—	COM	493267108
TRMK	TRUSTMARK CORP	1,952,930	$82.3M	2.8%	—	—	COM	898402102
PIPR	PIPER SANDLER COMPANIES	964,632	$73.84M	2.5%	—	—	COM NEW	724078209
FLG	FLAGSTAR BANK NATIONAL ASSOC	2,790,000	$36.74M	1.3%	—	—	COM NEW	649445400
FIS	FIDELITY NATL INFORMATION SV	775,000	$36.36M	1.3%	—	—	COM	31620M106
SCHW	SCHWAB CHARLES CORP	350,000	$32.89M	1.1%	—	—	COM	808513105
AMTB	AMERANT BANCORP INC	1,160,488	$25.58M	0.9%	—	—	CL A	023576101
RJF	RAYMOND JAMES FINL INC	159,162	$23.05M	0.8%	—	—	COM	754730109
PAY	PAYMENTUS HOLDINGS INC	734,551	$18.66M	0.6%	—	—	COM CL A	70439P108
AXP	AMERICAN EXPRESS CO	50,000	$15.12M	0.5%	—	—	COM	025816109
NBHC	NATIONAL BK HLDGS CORP	320,352	$12.54M	0.4%	—	—	CL A	633707104
BANR	BANNER CORP	195,449	$11.86M	0.4%	—	—	COM NEW	06652V208
PNFP	PINNACLE FINL PARTNERS INC	100,935	$8.695M	0.3%	—	—	COM	72348N109
GPN	GLOBAL PMTS INC	100,000	$6.73M	0.2%	—	—	COM	37940X102
SF	STIFEL FINL CORP	57,230	$4.23M	0.1%	—	—	COM	860630102
COF	CAPITAL ONE FINL CORP	18,659	$3.404M	0.1%	—	—	COM	14040H105
RBB	RBB BANCORP	64,150	$1.371M	0.0%	—	—	COM	74930B105
UWMC	UWM HOLDINGS CORPORATION	353,429	$1.279M	0.0%	—	—	COM CL A	91823B109

Increased Positions (22)

ALKT ALKAMI TECHNOLOGY INC 4.1%

Value $120M (+147.4%) Shares 7,650,000 (+264.3%) Est. Cost — Unrealized —

CBC CENTRAL BANCOMPANY 3.4%

Value $97.6M (+208.7%) Shares 4,075,000 (+210.9%) Est. Cost — Unrealized —

ABCB AMERIS BANCORP 9.2%

Value $267M (+31.3%) Shares 3,423,243 (+25.1%) Est. Cost — Unrealized —

FHN FIRST HORIZON CORPORATION 11.3%

Value $329M (+19.5%) Shares 14,453,208 (+25.5%) Est. Cost — Unrealized —

PB PROSPERITY BANCSHARES INC 2.6%

Value $74.43M (+142.0%) Shares 1,107,877 (+149.0%) Est. Cost — Unrealized —

IIIV I3 VERTICALS INC 0.8%

Value $22.92M (+1101.7%) Shares 1,025,000 (+1253.8%) Est. Cost — Unrealized —

MKTX MARKETAXESS HLDGS INC 10.6%

Value $309M (+6.0%) Shares 1,875,000 (+16.5%) Est. Cost — Unrealized —

V VISA INC 3.7%

Value $109M (+14.9%) Shares 360,000 (+33.3%) Est. Cost — Unrealized —

WLTH WEALTHFRONT CORP 0.9%

Value $26.69M (+60.1%) Shares 2,885,257 (+135.2%) Est. Cost — Unrealized —

TW TRADEWEB MKTS INC 1.4%

Value $39.66M (+16.7%) Shares 337,071 (+6.7%) Est. Cost — Unrealized —

JCAP JEFFERSON CAPITAL INC 0.4%

Value $10.23M (+91.3%) Shares 532,151 (+122.2%) Est. Cost — Unrealized —

FLYW FLYWIRE CORPORATION 0.4%

Value $12.8M (+50.7%) Shares 1,100,000 (+83.3%) Est. Cost — Unrealized —

BANC BANC OF CALIFORNIA INC 0.9%

Value $26.37M (+18.2%) Shares 1,500,000 (+29.7%) Est. Cost — Unrealized —

CRMT AMERICAS CAR-MART INC 0.1%

Value $3.292M (-46.2%) Shares 258,637 (+6.8%) Est. Cost — Unrealized —

ACIW ACI WORLDWIDE INC 3.1%

Value $91.45M (-2.9%) Shares 2,230,000 (+13.2%) Est. Cost — Unrealized —

COSO COASTALSOUTH BANCSHARES INC 0.3%

Value $7.893M (+28.6%) Shares 320,982 (+21.6%) Est. Cost — Unrealized —

KLAR KLARNA GROUP PLC 0.1%

Value $2.93M (-36.7%) Shares 223,820 (+39.9%) Est. Cost — Unrealized —

MQ MARQETA INC 1.0%

Value $30.19M (+5.9%) Shares 7,400,000 (+23.3%) Est. Cost — Unrealized —

MYFW FIRST WESTN FINL INC 0.6%

Value $17.61M (-4.2%) Shares 716,609 (+4.5%) Est. Cost — Unrealized —

GCMG GCM GROSVENOR INC 0.2%

Value $6.176M (-9.3%) Shares 630,179 (+4.8%) Est. Cost — Unrealized —

SMBK SMARTFINANCIAL INC 0.2%

Value $5.357M (+7.4%) Shares 137,088 (+1.6%) Est. Cost — Unrealized —

USCB USCB FINANCIAL HOLDINGS INC 0.1%

Value $2.375M (+4.2%) Shares 128,093 (+3.5%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ALKT	ALKAMI TECHNOLOGY INC	7,650,000 (+264.3%)	$120M (+147.4%)	4.1%	—	—	COM	01644J108
CBC	CENTRAL BANCOMPANY	4,075,000 (+210.9%)	$97.6M (+208.7%)	3.4%	—	—	COM CL A	152413100
ABCB	AMERIS BANCORP	3,423,243 (+25.1%)	$267M (+31.3%)	9.2%	—	—	COM	03076K108
FHN	FIRST HORIZON CORPORATION	14,453,208 (+25.5%)	$329M (+19.5%)	11.3%	—	—	COM	320517105
PB	PROSPERITY BANCSHARES INC	1,107,877 (+149.0%)	$74.43M (+142.0%)	2.6%	—	—	COM	743606105
IIIV	I3 VERTICALS INC	1,025,000 (+1253.8%)	$22.92M (+1101.7%)	0.8%	—	—	COM CL A	46571Y107
MKTX	MARKETAXESS HLDGS INC	1,875,000 (+16.5%)	$309M (+6.0%)	10.6%	—	—	COM	57060D108
V	VISA INC	360,000 (+33.3%)	$109M (+14.9%)	3.7%	—	—	COM CL A	92826C839
WLTH	WEALTHFRONT CORP	2,885,257 (+135.2%)	$26.69M (+60.1%)	0.9%	—	—	COM	947002101
TW	TRADEWEB MKTS INC	337,071 (+6.7%)	$39.66M (+16.7%)	1.4%	—	—	CL A	892672106
JCAP	JEFFERSON CAPITAL INC	532,151 (+122.2%)	$10.23M (+91.3%)	0.4%	—	—	COM	47248R103
FLYW	FLYWIRE CORPORATION	1,100,000 (+83.3%)	$12.8M (+50.7%)	0.4%	—	—	COM VTG	302492103
BANC	BANC OF CALIFORNIA INC	1,500,000 (+29.7%)	$26.37M (+18.2%)	0.9%	—	—	COM	05990K106
CRMT	AMERICAS CAR-MART INC	258,637 (+6.8%)	$3.292M (-46.2%)	0.1%	—	—	COM	03062T105
ACIW	ACI WORLDWIDE INC	2,230,000 (+13.2%)	$91.45M (-2.9%)	3.1%	—	—	COM	004498101
COSO	COASTALSOUTH BANCSHARES INC	320,982 (+21.6%)	$7.893M (+28.6%)	0.3%	—	—	COM NEW	19058X207
KLAR	KLARNA GROUP PLC	223,820 (+39.9%)	$2.93M (-36.7%)	0.1%	—	—	SHS	G5279N105
MQ	MARQETA INC	7,400,000 (+23.3%)	$30.19M (+5.9%)	1.0%	—	—	CLASS A COM	57142B104
MYFW	FIRST WESTN FINL INC	716,609 (+4.5%)	$17.61M (-4.2%)	0.6%	—	—	COM	33751L105
GCMG	GCM GROSVENOR INC	630,179 (+4.8%)	$6.176M (-9.3%)	0.2%	—	—	COM CL A	36831E108
SMBK	SMARTFINANCIAL INC	137,088 (+1.6%)	$5.357M (+7.4%)	0.2%	—	—	COM NEW	83190L208
USCB	USCB FINANCIAL HOLDINGS INC	128,093 (+3.5%)	$2.375M (+4.2%)	0.1%	—	—	CLASS A COM	90355N101

Exited Positions (14)

COLB COLUMBIA BKG SYS INC 3.6%

Value $103M Shares 3,700,000 Est. Cost — Unrealized —

STEL STELLAR BANCORP INC 3.1%

Value $88.96M Shares 2,875,245 Est. Cost — Unrealized —

PIPR PIPER SANDLER COMPANIES 2.4%

Value $69.61M Shares 204,900 Est. Cost — Unrealized —

FITB FIFTH THIRD BANCORP 1.4%

Value $39.79M Shares 850,000 Est. Cost — Unrealized —

TFC TRUIST FINL CORP 1.3%

Value $37.68M Shares 765,774 Est. Cost — Unrealized —

EBC EASTERN BANKSHARES INC 0.5%

Value $14.68M Shares 796,451 Est. Cost — Unrealized —

FOUR SHIFT4 PMTS INC 0.3%

Value $9.819M Shares 155,929 Est. Cost — Unrealized —

SSB SOUTHSTATE BK CORP 0.3%

Value $8.47M Shares 90,000 Est. Cost — Unrealized —

MRX MAREX GROUP PLC 0.3%

Value $7.288M Shares 190,000 Est. Cost — Unrealized —

JHG JANUS HENDERSON GROUP PLC 0.2%

Value $7.136M Shares 150,000 Est. Cost — Unrealized —

TCBI TEXAS CAP BANCSHARES INC 0.1%

Value $3.13M Shares 34,570 Est. Cost — Unrealized —

BLSH BULLISH 0.1%

Value $3.078M Shares 81,280 Est. Cost — Unrealized —

FFIC FLUSHING FINL CORP 0.1%

Value $2.048M Shares 135,000 Est. Cost — Unrealized —

BBT BEACON FINANCIAL CORP. 0.0%

Value $1.328M Shares 50,344 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
COLB	COLUMBIA BKG SYS INC	3,700,000	$103M	3.6%	—	—	—	197236102
STEL	STELLAR BANCORP INC	2,875,245	$88.96M	3.1%	—	—	—	858927106
PIPR	PIPER SANDLER COMPANIES	204,900	$69.61M	2.4%	—	—	—	724078100
FITB	FIFTH THIRD BANCORP	850,000	$39.79M	1.4%	—	—	—	316773100
TFC	TRUIST FINL CORP	765,774	$37.68M	1.3%	—	—	—	89832Q109
EBC	EASTERN BANKSHARES INC	796,451	$14.68M	0.5%	—	—	—	27627N105
FOUR	SHIFT4 PMTS INC	155,929	$9.819M	0.3%	—	—	—	82452J109
SSB	SOUTHSTATE BK CORP	90,000	$8.47M	0.3%	—	—	—	84472E102
MRX	MAREX GROUP PLC	190,000	$7.288M	0.3%	—	—	—	G5S37H101
JHG	JANUS HENDERSON GROUP PLC	150,000	$7.136M	0.2%	—	—	—	G4474Y214
TCBI	TEXAS CAP BANCSHARES INC	34,570	$3.13M	0.1%	—	—	—	88224Q107
BLSH	BULLISH	81,280	$3.078M	0.1%	—	—	—	G16910120
FFIC	FLUSHING FINL CORP	135,000	$2.048M	0.1%	—	—	—	343873105
BBT	BEACON FINANCIAL CORP.	50,344	$1.328M	0.0%	—	—	—	084680107

Decreased Positions (17)

QTWO Q2 HLDGS INC 1.0%

Value $29.36M (-66.5%) Shares 620,814 (-48.9%) Est. Cost — Unrealized —

FIBK FIRST INTST BANCSYSTEM INC 0.4%

Value $10.86M (-84.1%) Shares 325,157 (-83.5%) Est. Cost — Unrealized —

FBK FB FINL CORP 0.9%

Value $25.97M (-47.9%) Shares 500,000 (-44.0%) Est. Cost — Unrealized —

MIAX MIAMI INTL HLDGS INC 1.4%

Value $39.48M (-29.7%) Shares 1,014,274 (-19.8%) Est. Cost — Unrealized —

FFWM FIRST FNDTN INC 1.2%

Value $34.88M (-27.5%) Shares 5,911,778 (-24.3%) Est. Cost — Unrealized —

AAMI ACADIAN ASSET MANAGEMENT INC 0.4%

Value $11.99M (-42.6%) Shares 220,239 (-50.4%) Est. Cost — Unrealized —

AUB ATLANTIC UN BANKSHARES CORP 5.3%

Value $153M (-5.1%) Shares 4,285,000 (-6.3%) Est. Cost — Unrealized —

TCBK TRICO BANCSHARES 0.6%

Value $17.74M (-22.9%) Shares 373,141 (-23.1%) Est. Cost — Unrealized —

EGBN EAGLE BANCORPORATION INC 2.3%

Value $67.3M (+6.9%) Shares 2,706,025 (-8.0%) Est. Cost — Unrealized —

VYX NCR VOYIX CORPORATION 0.2%

Value $5.132M (-40.1%) Shares 810,732 (-3.5%) Est. Cost — Unrealized —

GEMI GEMINI SPACE STA INC 0.0%

Value $220K (-92.6%) Shares 49,738 (-83.4%) Est. Cost — Unrealized —

NEWT NEWTEKONE INC 0.1%

Value $2.179M (-50.4%) Shares 198,954 (-48.6%) Est. Cost — Unrealized —

FRST PRIMIS FINANCIAL CORP 0.5%

Value $15.08M (-9.9%) Shares 1,135,281 (-5.7%) Est. Cost — Unrealized —

FIGR FIGURE TECHNOLOGY SOLUTIO 0.1%

Value $4.054M (-20.6%) Shares 119,398 (-4.5%) Est. Cost — Unrealized —

NTRS NORTHERN TR CORP 1.4%

Value $41.67M (-1.8%) Shares 298,559 (-3.9%) Est. Cost — Unrealized —

NPB NORTHPOINTE BANCSHARES INC. 0.1%

Value $4.011M (-7.6%) Shares 232,396 (-10.2%) Est. Cost — Unrealized —

CVBF CVB FINL CORP 0.1%

Value $1.939M (+0.4%) Shares 100,000 (-3.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
QTWO	Q2 HLDGS INC	620,814 (-48.9%)	$29.36M (-66.5%)	1.0%	—	—	COM	74736L109
FIBK	FIRST INTST BANCSYSTEM INC	325,157 (-83.5%)	$10.86M (-84.1%)	0.4%	—	—	COM	32055Y201
FBK	FB FINL CORP	500,000 (-44.0%)	$25.97M (-47.9%)	0.9%	—	—	COM	30257X104
MIAX	MIAMI INTL HLDGS INC	1,014,274 (-19.8%)	$39.48M (-29.7%)	1.4%	—	—	COM	59356Q108
FFWM	FIRST FNDTN INC	5,911,778 (-24.3%)	$34.88M (-27.5%)	1.2%	—	—	COM	32026V104
AAMI	ACADIAN ASSET MANAGEMENT INC	220,239 (-50.4%)	$11.99M (-42.6%)	0.4%	—	—	COM	10948W103
AUB	ATLANTIC UN BANKSHARES CORP	4,285,000 (-6.3%)	$153M (-5.1%)	5.3%	—	—	COM	04911A107
TCBK	TRICO BANCSHARES	373,141 (-23.1%)	$17.74M (-22.9%)	0.6%	—	—	COM	896095106
EGBN	EAGLE BANCORPORATION INC	2,706,025 (-8.0%)	$67.3M (+6.9%)	2.3%	—	—	COM	268948106
VYX	NCR VOYIX CORPORATION	810,732 (-3.5%)	$5.132M (-40.1%)	0.2%	—	—	COM	62886E108
GEMI	GEMINI SPACE STA INC	49,738 (-83.4%)	$220K (-92.6%)	0.0%	—	—	CL A COM	36866J105
NEWT	NEWTEKONE INC	198,954 (-48.6%)	$2.179M (-50.4%)	0.1%	—	—	COM NEW	652526203
FRST	PRIMIS FINANCIAL CORP	1,135,281 (-5.7%)	$15.08M (-9.9%)	0.5%	—	—	COM	74167B109
FIGR	FIGURE TECHNOLOGY SOLUTIO	119,398 (-4.5%)	$4.054M (-20.6%)	0.1%	—	—	COM CL A	349381103
NTRS	NORTHERN TR CORP	298,559 (-3.9%)	$41.67M (-1.8%)	1.4%	—	—	COM	665859104
NPB	NORTHPOINTE BANCSHARES INC.	232,396 (-10.2%)	$4.011M (-7.6%)	0.1%	—	—	COM SHS	66661N886
CVBF	CVB FINL CORP	100,000 (-3.7%)	$1.939M (+0.4%)	0.1%	—	—	COM	126600105

Unchanged Positions (3)

SBCF SEACOAST BKG CORP FLA 6.1%

Value $176M Shares 5,825,000 Est. Cost — Unrealized —

AVBH AVIDBANK HLDGS INC 0.1%

Value $3.506M Shares 123,022 Est. Cost — Unrealized —

RNST RENASANT CORP 0.0%

Value $539K Shares 14,923 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SBCF	SEACOAST BKG CORP FLA	5,825,000	$176M	6.1%	—	—	COM NEW	811707801
AVBH	AVIDBANK HLDGS INC	123,022	$3.506M	0.1%	—	—	COM	05368J103
RNST	RENASANT CORP	14,923	$539K	0.0%	—	—	COM	75970E107