Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
HBAN	HUNTINGTON BANCSHARES	1,116,816	$17.48M	2.0%	$17.89	0.0%	COM	446150104
BKU	BANKUNITED	380,554	$17.19M	1.9%	$47.82	0.0%	COM	06652K103
NTRS	NORTHERN TR	79,026	$11.03M	1.2%	$146.90	0.0%	COM	665859104
ABCB	AMERIS BANCORP	134,868	$10.52M	1.2%	$81.04	0.0%	COM	03076K108
BAC	BANK OF AMERICA	189,376	$9.232M	1.0%	$53.66	0.0%	COM	060505104
CFG	CITIZENS FINL GROUP	125,939	$7.553M	0.9%	$63.11	0.0%	COM	174610105
SFBS	SERVISFIRST BANCSHARES	79,906	$5.82M	0.7%	$81.81	0.0%	COM	81768T108
SCHW	CHARLES SCHWAB	61,883	$5.816M	0.7%	$100.12	0.0%	COM	808513105
VIRT	VIRTU FINL CL A	125,790	$5.532M	0.6%	$37.41	0.0%	COM CL A	928254101
AMTB	AMERANT BANCORP CL A	245,913	$5.42M	0.6%	$21.50	0.0%	COM CL A	023576101
ESNT	ESSENT GROUP	75,024	$4.384M	0.5%	$62.56	0.0%	COM	G3198U102
OMF	ONEMAIN HLDGS	75,795	$4.054M	0.5%	$63.23	0.0%	COM	68268W103
NDAQ	NASDAQ	42,372	$3.597M	0.4%	$91.74	0.0%	COM	631103108
MAIN	MAIN STREET CAPITAL	67,667	$3.584M	0.4%	$61.52	0.0%	COM	56035L104
EQIX	EQUINIX	3,563	$3.493M	0.4%	$764.11	0.0%	COM	29444U700
EGBN	EAGLE BANCORP	126,895	$3.156M	0.4%	$25.04	0.0%	COM	268948106
ECPG	ENCORE CAPITAL GROUP	40,732	$2.856M	0.3%	$56.63	0.0%	COM	292554102
PNC	PNC FINL SERVICES GROUP	12,467	$2.594M	0.3%	$224.93	0.0%	COM	693475105
AUB	ATLANTIC UNION BANKSHARES	72,243	$2.582M	0.3%	$38.77	0.0%	COM	04911A107
MSIF	MSC INCOME FUND	171,058	$2.083M	0.2%	$13.06	0.0%	COM	55374X208
HOOD	ROBINHOOD MARKETS CL A	29,263	$2.028M	0.2%	$95.75	0.0%	COM CL A	770700102
BEN	FRANKLIN RES	85,724	$2.025M	0.2%	$26.36	0.0%	COM	354613101
UNM	UNUM GROUP	26,346	$1.924M	0.2%	$75.56	0.0%	COM	91529Y106
TOL	TOLL BROTHERS	11,874	$1.62M	0.2%	$149.96	0.0%	COM	889478103
SNDA	SONIDA SENIOR LIVING	45,472	$1.466M	0.2%	$32.91	0.0%	COM	140475203
BRX	BRIXMOR PPTY GROUP	46,798	$1.348M	0.2%	$28.80	—	COM	11120U105
FCFS	FIRSTCASH HLDGS	5,491	$1.032M	0.1%	$173.44	0.0%	COM	33768G107
EFC	ELLINGTON FINL	81,687	$968K	0.1%	$11.85	—	COM	28852N109
TRU	TRANSUNION	12,424	$860K	0.1%	$78.92	0.0%	COM	89400J107
ELS	EQUITY LIFESTYLE PPTYS	13,239	$826K	0.1%	$62.42	—	COM SH BEN INT	29472R108
SBRA	SABRA HEALTH CARE REIT	38,225	$735K	0.1%	$19.23	—	COM SH BEN INT	78573L106
EFSC	ENTERPRISE FINL SERVICES	10,182	$551K	0.1%	$57.58	0.0%	COM	293712105
SPG	SIMON PPTY GROUP	2,639	$492K	0.1%	$183.97	0.0%	COM SH BEN INT	828806109
RHP	RYMAN HOSPITALITY PPTYS	5,333	$492K	0.1%	$92.27	—	COM SH BEN INT	78377T107
VRE	VERIS RESIDENTIAL	24,246	$458K	0.1%	$18.87	—	COM	554489104
CUBE	CUBESMART	12,089	$443K	0.0%	$36.65	—	COM SH BEN INT	229663109
SIGI	SELECTIVE INSURANCE GROUP	5,663	$427K	0.0%	$84.23	0.0%	COM	816300107
CDP	COPT DEFENSE PPTYS	13,900	$425K	0.0%	$30.60	—	COM	22002T108
MKL	MARKEL GROUP	202	$387K	0.0%	$2077.98	0.0%	COM	570535104
GNW	GENWORTH FINL	46,118	$374K	0.0%	$8.65	0.0%	COM	37247D106
HLNE	HAMILTON LANE CL A	3,634	$361K	0.0%	$135.66	0.0%	COM CL A	407497106
XHR	XENIA HOTELS & RESORTS	23,462	$348K	0.0%	$14.83	—	COM	984017103
CG	CARLYLE GROUP	7,055	$341K	0.0%	$58.97	0.0%	COM	14316J108
PYPL	PAYPAL HLDGS	4,977	$225K	0.0%	$50.08	0.0%	COM	70450Y103
TRV	TRAVELERS COMPANIES	754	$220K	0.0%	$288.51	0.0%	COM NEW	89417E109
GPN	GLOBAL PAYMENTS	3,046	$205K	0.0%	$74.91	0.0%	COM	37940X102
GCMG	GCM GROSVENOR CL A	17,747	$174K	0.0%	$11.39	0.0%	COM CL A	36831E108
SVC	SERVICE PPTYS TR	94,090	$127K	0.0%	$1.36	—	COM SH BEN INT	81761L102
SHO	SUNSTONE HOTEL INVESTORS	13,200	$119K	0.0%	$9.01	—	COM	867892101
BHR	BRAEMAR HOTELS & RESORTS	41,436	$97,789	0.0%	$2.36	—	COM	10482B101

Increased Positions (32)

NIC NICOLET BANKSHARES 5.1%

Value $45.53M (+1738.2%) Shares 306,381 (+1400.3%) Est. Cost $142.77 Unrealized +0.6%

EBC EASTERN BANKSHARES 3.8%

Value $34.07M (+99.5%) Shares 1,741,864 (+87.9%) Est. Cost $18.24 Unrealized +12.1%

TOWN TOWNEBANK 2.1%

Value $18.85M (+209.3%) Shares 559,772 (+206.6%) Est. Cost $34.85 Unrealized +2.1%

BCAL CALIFORNIA BANCORP 4.1%

Value $36.41M (+53.3%) Shares 2,054,534 (+61.6%) Est. Cost $16.48 Unrealized +13.2%

CVBF CVB FINL 1.9%

Value $16.51M (+222.6%) Shares 851,426 (+209.5%) Est. Cost $19.67 Unrealized +1.8%

SYBT STOCK YARDS BANCORP 0.7%

Value $6.155M (+1392.1%) Shares 92,849 (+1362.0%) Est. Cost $68.09 Unrealized +0.1%

JLL JONES LANG LASALLE 1.1%

Value $9.702M (+144.9%) Shares 31,881 (+170.8%) Est. Cost $286.88 Unrealized +17.1%

PLMR PALOMAR HLDGS 0.6%

Value $5.429M (+942.7%) Shares 45,433 (+1075.8%) Est. Cost $126.46 Unrealized +0.3%

XZO EXZEO GROUP 1.1%

Value $10.01M (+73.6%) Shares 682,440 (+186.9%) Est. Cost $19.20 Unrealized +0.5%

FRME FIRST MERCHANTS 3.1%

Value $27.55M (+16.0%) Shares 711,425 (+12.3%) Est. Cost $38.15 Unrealized +4.5%

CNO CNO FINL GROUP 0.6%

Value $5.407M (+225.9%) Shares 131,679 (+237.1%) Est. Cost $41.06 Unrealized +3.2%

HBNC HORIZON BANCORP 2.4%

Value $21.4M (+16.4%) Shares 1,291,208 (+19.1%) Est. Cost $16.62 Unrealized +6.2%

DLR DIGITAL RLTY TR 0.4%

Value $3.754M (+350.0%) Shares 20,829 (+286.4%) Est. Cost $157.13 Unrealized -1.3%

BXMT BLACKSTONE MORTGAGE TR CL A 0.3%

Value $3.075M (+407.4%) Shares 160,596 (+406.9%) Est. Cost $19.15 Unrealized —

HCI HCI GROUP 0.6%

Value $5.765M (+58.1%) Shares 37,287 (+96.1%) Est. Cost $148.32 Unrealized +11.3%

UMBF UMB FINL 0.6%

Value $4.933M (+61.5%) Shares 43,740 (+64.8%) Est. Cost $119.11 Unrealized +5.0%

NLY ANNALY CAPITAL MGMT 0.4%

Value $3.495M (+115.6%) Shares 165,250 (+128.0%) Est. Cost $20.56 Unrealized —

AXS AXIS CAPITAL HLDGS 0.2%

Value $2.01M (+282.0%) Shares 19,825 (+303.4%) Est. Cost $102.20 Unrealized +0.9%

DAVE DAVE CL A 0.2%

Value $1.441M (+257.7%) Shares 8,280 (+354.9%) Est. Cost $186.80 Unrealized +0.7%

HTGC HERCULES CAPITAL 0.5%

Value $4.101M (+28.2%) Shares 277,666 (+63.3%) Est. Cost $18.45 Unrealized -5.1%

EGP EASTGROUP PPTYS 0.2%

Value $1.468M (+72.0%) Shares 7,930 (+65.6%) Est. Cost $180.89 Unrealized —

PHM PULTEGROUP 0.5%

Value $4.201M (+15.3%) Shares 35,719 (+14.9%) Est. Cost $123.61 Unrealized +6.3%

CTO CTO RLTY GROWTH 0.2%

Value $2.151M (+30.3%) Shares 116,343 (+29.7%) Est. Cost $18.43 Unrealized —

COF CAPITAL ONE FINL 0.1%

Value $780K (+170.0%) Shares 4,276 (+258.7%) Est. Cost $222.95 Unrealized +0.1%

AHR AMERICAN HEALTHCARE REIT 0.3%

Value $2.763M (+15.6%) Shares 58,592 (+15.3%) Est. Cost $31.70 Unrealized —

FHI FEDERATED HERMES CL B 0.1%

Value $587K (+157.4%) Shares 10,359 (+136.3%) Est. Cost $52.00 Unrealized +3.0%

PSTL POSTAL RLTY TR CL A 0.1%

Value $630K (+66.1%) Shares 33,921 (+44.5%) Est. Cost $16.88 Unrealized —

NP NEPTUNE INSURANCE HLDGS CL A 0.1%

Value $527K (+82.0%) Shares 21,769 (+119.4%) Est. Cost $25.05 Unrealized -4.2%

SYF SYNCHRONY FINL 0.1%

Value $584K (+48.8%) Shares 8,591 (+82.6%) Est. Cost $65.19 Unrealized +17.0%

MA MASTERCARD CL A 0.1%

Value $758K (+24.9%) Shares 1,518 (+42.7%) Est. Cost $563.17 Unrealized -4.3%

V VISA CL A 0.1%

Value $611K (-11.4%) Shares 2,020 (+2.8%) Est. Cost $334.84 Unrealized -1.7%

BFH BREAD FINL HLDGS 0.0%

Value $260K (+29.0%) Shares 3,466 (+27.6%) Est. Cost $67.42 Unrealized +9.6%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NIC	NICOLET BANKSHARES	306,381 (+1400.3%)	$45.53M (+1738.2%)	5.1%	$142.77	+0.6%	COM	65406E102
EBC	EASTERN BANKSHARES	1,741,864 (+87.9%)	$34.07M (+99.5%)	3.8%	$18.24	+12.1%	COM	27627N105
TOWN	TOWNEBANK	559,772 (+206.6%)	$18.85M (+209.3%)	2.1%	$34.85	+2.1%	COM	89214P109
BCAL	CALIFORNIA BANCORP	2,054,534 (+61.6%)	$36.41M (+53.3%)	4.1%	$16.48	+13.2%	COM	84252A106
CVBF	CVB FINL	851,426 (+209.5%)	$16.51M (+222.6%)	1.9%	$19.67	+1.8%	COM	126600105
SYBT	STOCK YARDS BANCORP	92,849 (+1362.0%)	$6.155M (+1392.1%)	0.7%	$68.09	+0.1%	COM	861025104
JLL	JONES LANG LASALLE	31,881 (+170.8%)	$9.702M (+144.9%)	1.1%	$286.88	+17.1%	COM	48020Q107
PLMR	PALOMAR HLDGS	45,433 (+1075.8%)	$5.429M (+942.7%)	0.6%	$126.46	+0.3%	COM	69753M105
XZO	EXZEO GROUP	682,440 (+186.9%)	$10.01M (+73.6%)	1.1%	$19.20	+0.5%	COM	30234F101
FRME	FIRST MERCHANTS	711,425 (+12.3%)	$27.55M (+16.0%)	3.1%	$38.15	+4.5%	COM	320817109
CNO	CNO FINL GROUP	131,679 (+237.1%)	$5.407M (+225.9%)	0.6%	$41.06	+3.2%	COM	12621E103
HBNC	HORIZON BANCORP	1,291,208 (+19.1%)	$21.4M (+16.4%)	2.4%	$16.62	+6.2%	COM	440407104
DLR	DIGITAL RLTY TR	20,829 (+286.4%)	$3.754M (+350.0%)	0.4%	$157.13	-1.3%	COM	253868103
BXMT	BLACKSTONE MORTGAGE TR CL A	160,596 (+406.9%)	$3.075M (+407.4%)	0.3%	$19.15	—	COM CL A	09257W100
HCI	HCI GROUP	37,287 (+96.1%)	$5.765M (+58.1%)	0.6%	$148.32	+11.3%	COM	40416E103
UMBF	UMB FINL	43,740 (+64.8%)	$4.933M (+61.5%)	0.6%	$119.11	+5.0%	COM	902788108
NLY	ANNALY CAPITAL MGMT	165,250 (+128.0%)	$3.495M (+115.6%)	0.4%	$20.56	—	COM	035710839
AXS	AXIS CAPITAL HLDGS	19,825 (+303.4%)	$2.01M (+282.0%)	0.2%	$102.20	+0.9%	COM	G0692U109
DAVE	DAVE CL A	8,280 (+354.9%)	$1.441M (+257.7%)	0.2%	$186.80	+0.7%	COM CL A	23834J201
HTGC	HERCULES CAPITAL	277,666 (+63.3%)	$4.101M (+28.2%)	0.5%	$18.45	-5.1%	COM	427096508
EGP	EASTGROUP PPTYS	7,930 (+65.6%)	$1.468M (+72.0%)	0.2%	$180.89	—	COM	277276101
PHM	PULTEGROUP	35,719 (+14.9%)	$4.201M (+15.3%)	0.5%	$123.61	+6.3%	COM	745867101
CTO	CTO RLTY GROWTH	116,343 (+29.7%)	$2.151M (+30.3%)	0.2%	$18.43	—	COM	22948Q101
COF	CAPITAL ONE FINL	4,276 (+258.7%)	$780K (+170.0%)	0.1%	$222.95	+0.1%	COM	14040H105
AHR	AMERICAN HEALTHCARE REIT	58,592 (+15.3%)	$2.763M (+15.6%)	0.3%	$31.70	—	COM	398182303
FHI	FEDERATED HERMES CL B	10,359 (+136.3%)	$587K (+157.4%)	0.1%	$52.00	+3.0%	COM CL B	314211103
PSTL	POSTAL RLTY TR CL A	33,921 (+44.5%)	$630K (+66.1%)	0.1%	$16.88	—	COM CL A	73757R102
NP	NEPTUNE INSURANCE HLDGS CL A	21,769 (+119.4%)	$527K (+82.0%)	0.1%	$25.05	-4.2%	COM CL A	64073B103
SYF	SYNCHRONY FINL	8,591 (+82.6%)	$584K (+48.8%)	0.1%	$65.19	+17.0%	COM	87165B103
MA	MASTERCARD CL A	1,518 (+42.7%)	$758K (+24.9%)	0.1%	$563.17	-4.3%	COM CL A	57636Q104
V	VISA CL A	2,020 (+2.8%)	$611K (-11.4%)	0.1%	$334.84	-1.7%	COM CL A	92826C839
BFH	BREAD FINL HLDGS	3,466 (+27.6%)	$260K (+29.0%)	0.0%	$67.42	+9.6%	COM	018581108

Exited Positions (52)

WAL WESTERN ALLIANCE BANCORP 4.1%

Value $36.37M Shares 432,672 Est. Cost $79.12 Unrealized +13.7%

MOFG MIDWESTONE FINL GROUP INC NE 3.5%

Value $30.72M Shares 797,816 Est. Cost $28.46 Unrealized +58.9%

WBS WEBSTER FINL CORP 2.7%

Value $24.22M Shares 384,743 Est. Cost $54.78 Unrealized +24.5%

ZION ZIONS BANCORPORATION N A 1.6%

Value $14M Shares 239,124 Est. Cost $53.63 Unrealized +13.5%

SF STIFEL FINL CORP 0.8%

Value $7.325M Shares 58,497 Est. Cost $116.03 Unrealized +8.1%

NMRK NEWMARK GROUP INC 0.8%

Value $7.265M Shares 418,973 Est. Cost $17.24 Unrealized -4.1%

CINF CINCINNATI FINL CORP 0.6%

Value $5.363M Shares 32,836 Est. Cost $144.97 Unrealized +12.3%

CME CME GROUP INC 0.6%

Value $5.24M Shares 19,187 Est. Cost $270.10 Unrealized +7.1%

LNKB LINKBANCORP INC 0.6%

Value $4.931M Shares 596,930 Est. Cost $6.43 Unrealized +37.2%

TCBK TRICO BANCSHARES 0.5%

Value $4.381M Shares 92,492 Est. Cost $45.89 Unrealized +8.6%

GABC GERMAN AMERN BANCORP INC 0.5%

Value $4.271M Shares 109,019 Est. Cost $39.43 Unrealized +5.4%

WLTH WEALTHFRONT CORP 0.5%

Value $4.27M Shares 314,187 Est. Cost $13.20 Unrealized -27.4%

LXP LXP INDUSTRIAL TRUST 0.5%

Value $4.14M Shares 83,499 Est. Cost $49.58 Unrealized —

PFSI PENNYMAC FINL SVCS INC NEW 0.4%

Value $3.766M Shares 28,562 Est. Cost $107.45 Unrealized +11.3%

ETOR ETORO GROUP LTD 0.4%

Value $3.684M Shares 104,861 Est. Cost $38.62 Unrealized -20.7%

MKTX MARKETAXESS HLDGS INC 0.4%

Value $3.671M Shares 20,252 Est. Cost $169.50 Unrealized +2.0%

AII AMERICAN INTEGRITY INS GROUP 0.4%

Value $3.197M Shares 153,491 Est. Cost $22.00 Unrealized -14.6%

MRX MAREX GROUP PLC 0.4%

Value $3.115M Shares 81,199 Est. Cost $39.35 Unrealized +1.9%

SKY CHAMPION HOMES INC 0.3%

Value $2.997M Shares 35,462 Est. Cost $78.80 Unrealized +14.6%

FSFG FIRST SVGS FINL GROUP INC 0.3%

Value $2.915M Shares 91,479 Est. Cost $16.95 Unrealized +92.7%

EZPW EZCORP INC 0.3%

Value $2.593M Shares 133,526 Est. Cost $18.85 Unrealized +20.9%

CSWC CAPITAL SOUTHWEST CORP 0.2%

Value $2.053M Shares 92,685 Est. Cost $20.45 Unrealized +11.8%

MRP MILLROSE PPTYS INC 0.2%

Value $1.612M Shares 53,978 Est. Cost $29.13 Unrealized —

ALRS ALERUS FINL CORP 0.2%

Value $1.512M Shares 67,134 Est. Cost $21.62 Unrealized +13.2%

FBP FIRST BANCORP P R 0.2%

Value $1.381M Shares 66,625 Est. Cost $20.61 Unrealized +6.5%

KINS KINGSTONE COS INC 0.1%

Value $1.317M Shares 78,256 Est. Cost $14.83 Unrealized +7.8%

TSLX SIXTH STREET SPECIALTY LENDI 0.1%

Value $1.269M Shares 58,423 Est. Cost $24.05 Unrealized -13.4%

BOW BOWHEAD SPECIALTY HLDGS INC 0.1%

Value $1.122M Shares 39,317 Est. Cost $26.53 Unrealized -5.5%

APAM ARTISAN PARTNERS ASSET MGMT 0.1%

Value $1.024M Shares 25,129 Est. Cost $38.79 Unrealized +8.6%

ELME ELME COMMUNITIES 0.1%

Value $940K Shares 54,049 Est. Cost $17.10 Unrealized —

SKT TANGER INC 0.1%

Value $929K Shares 27,829 Est. Cost $33.37 Unrealized —

DX DYNEX CAP INC 0.1%

Value $884K Shares 63,085 Est. Cost $14.01 Unrealized —

AMG AFFILIATED MANAGERS GROUP IN 0.1%

Value $737K Shares 2,557 Est. Cost $220.39 Unrealized +41.7%

LADR LADDER CAP CORP 0.1%

Value $732K Shares 66,561 Est. Cost $10.99 Unrealized —

PLD PROLOGIS INC. 0.1%

Value $730K Shares 5,722 Est. Cost $108.29 Unrealized +19.2%

FICO FAIR ISAAC CORP 0.1%

Value $715K Shares 423 Est. Cost $1721.38 Unrealized -14.8%

KKR KKR & CO INC 0.1%

Value $549K Shares 4,308 Est. Cost $124.29 Unrealized -7.7%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.1%

Value $523K Shares 1,041 Est. Cost $497.53 Unrealized -0.8%

PGR PROGRESSIVE CORP 0.1%

Value $502K Shares 2,204 Est. Cost $212.34 Unrealized -2.7%

SHOP SHOPIFY INC 0.1%

Value $489K Shares 3,036 Est. Cost $160.56 Unrealized -15.0%

WPC WP CAREY INC 0.1%

Value $456K Shares 7,091 Est. Cost $66.58 Unrealized —

FIS FIDELITY NATL INFORMATION SV 0.0%

Value $373K Shares 5,609 Est. Cost $73.18 Unrealized -23.0%

BX BLACKSTONE INC 0.0%

Value $317K Shares 2,057 Est. Cost $151.46 Unrealized -7.0%

ARX ACCELERANT HOLDINGS 0.0%

Value $294K Shares 17,973 Est. Cost $14.08 Unrealized -6.8%

ARES ARES MANAGEMENT CORPORATION 0.0%

Value $252K Shares 1,557 Est. Cost $159.10 Unrealized -6.6%

BWIN THE BALDWIN INSURANCE GRP IN 0.0%

Value $251K Shares 10,454 Est. Cost $25.47 Unrealized -15.1%

EXR EXTRA SPACE STORAGE INC 0.0%

Value $245K Shares 1,884 Est. Cost $140.76 Unrealized -7.0%

GEN GEN DIGITAL INC 0.0%

Value $235K Shares 8,661 Est. Cost $29.71 Unrealized -17.9%

FVCB FVCBANKCORP INC 0.0%

Value $224K Shares 16,116 Est. Cost $12.01 Unrealized +25.1%

TPG TPG INC 0.0%

Value $217K Shares 3,405 Est. Cost $59.03 Unrealized -3.0%

FOUR SHIFT4 PMTS INC 0.0%

Value $215K Shares 3,409 Est. Cost $92.96 Unrealized -34.6%

HPP HUDSON PAC PPTYS INC 0.0%

Value $157K Shares 14,534 Est. Cost $10.83 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WAL	WESTERN ALLIANCE BANCORP	432,672	$36.37M	4.1%	$79.12	+13.7%	—	957638109
MOFG	MIDWESTONE FINL GROUP INC NE	797,816	$30.72M	3.5%	$28.46	+58.9%	—	598511103
WBS	WEBSTER FINL CORP	384,743	$24.22M	2.7%	$54.78	+24.5%	—	947890109
ZION	ZIONS BANCORPORATION N A	239,124	$14M	1.6%	$53.63	+13.5%	—	989701107
SF	STIFEL FINL CORP	58,497	$7.325M	0.8%	$116.03	+8.1%	—	860630102
NMRK	NEWMARK GROUP INC	418,973	$7.265M	0.8%	$17.24	-4.1%	—	65158N102
CINF	CINCINNATI FINL CORP	32,836	$5.363M	0.6%	$144.97	+12.3%	—	172062101
CME	CME GROUP INC	19,187	$5.24M	0.6%	$270.10	+7.1%	—	12572Q105
LNKB	LINKBANCORP INC	596,930	$4.931M	0.6%	$6.43	+37.2%	—	53578P105
TCBK	TRICO BANCSHARES	92,492	$4.381M	0.5%	$45.89	+8.6%	—	896095106
GABC	GERMAN AMERN BANCORP INC	109,019	$4.271M	0.5%	$39.43	+5.4%	—	373865104
WLTH	WEALTHFRONT CORP	314,187	$4.27M	0.5%	$13.20	-27.4%	—	947002101
LXP	LXP INDUSTRIAL TRUST	83,499	$4.14M	0.5%	$49.58	—	—	529043408
PFSI	PENNYMAC FINL SVCS INC NEW	28,562	$3.766M	0.4%	$107.45	+11.3%	—	70932M107
ETOR	ETORO GROUP LTD	104,861	$3.684M	0.4%	$38.62	-20.7%	—	G32089107
MKTX	MARKETAXESS HLDGS INC	20,252	$3.671M	0.4%	$169.50	+2.0%	—	57060D108
AII	AMERICAN INTEGRITY INS GROUP	153,491	$3.197M	0.4%	$22.00	-14.6%	—	026948109
MRX	MAREX GROUP PLC	81,199	$3.115M	0.4%	$39.35	+1.9%	—	G5S37H101
SKY	CHAMPION HOMES INC	35,462	$2.997M	0.3%	$78.80	+14.6%	—	830830105
FSFG	FIRST SVGS FINL GROUP INC	91,479	$2.915M	0.3%	$16.95	+92.7%	—	33621E109
EZPW	EZCORP INC	133,526	$2.593M	0.3%	$18.85	+20.9%	—	302301106
CSWC	CAPITAL SOUTHWEST CORP	92,685	$2.053M	0.2%	$20.45	+11.8%	—	140501107
MRP	MILLROSE PPTYS INC	53,978	$1.612M	0.2%	$29.13	—	—	601137102
ALRS	ALERUS FINL CORP	67,134	$1.512M	0.2%	$21.62	+13.2%	—	01446U103
FBP	FIRST BANCORP P R	66,625	$1.381M	0.2%	$20.61	+6.5%	—	318672706
KINS	KINGSTONE COS INC	78,256	$1.317M	0.1%	$14.83	+7.8%	—	496719105
TSLX	SIXTH STREET SPECIALTY LENDI	58,423	$1.269M	0.1%	$24.05	-13.4%	—	83012A109
BOW	BOWHEAD SPECIALTY HLDGS INC	39,317	$1.122M	0.1%	$26.53	-5.5%	—	10240L102
APAM	ARTISAN PARTNERS ASSET MGMT	25,129	$1.024M	0.1%	$38.79	+8.6%	—	04316A108
ELME	ELME COMMUNITIES	54,049	$940K	0.1%	$17.10	—	—	939653101
SKT	TANGER INC	27,829	$929K	0.1%	$33.37	—	—	875465106
DX	DYNEX CAP INC	63,085	$884K	0.1%	$14.01	—	—	26817Q886
AMG	AFFILIATED MANAGERS GROUP IN	2,557	$737K	0.1%	$220.39	+41.7%	—	008252108
LADR	LADDER CAP CORP	66,561	$732K	0.1%	$10.99	—	—	505743104
PLD	PROLOGIS INC.	5,722	$730K	0.1%	$108.29	+19.2%	—	74340W103
FICO	FAIR ISAAC CORP	423	$715K	0.1%	$1721.38	-14.8%	—	303250104
KKR	KKR & CO INC	4,308	$549K	0.1%	$124.29	-7.7%	—	48251W104
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,041	$523K	0.1%	$497.53	-0.8%	—	084670702
PGR	PROGRESSIVE CORP	2,204	$502K	0.1%	$212.34	-2.7%	—	743315103
SHOP	SHOPIFY INC	3,036	$489K	0.1%	$160.56	-15.0%	—	82509L107
WPC	WP CAREY INC	7,091	$456K	0.1%	$66.58	—	—	92936U109
FIS	FIDELITY NATL INFORMATION SV	5,609	$373K	0.0%	$73.18	-23.0%	—	31620M106
BX	BLACKSTONE INC	2,057	$317K	0.0%	$151.46	-7.0%	—	09260D107
ARX	ACCELERANT HOLDINGS	17,973	$294K	0.0%	$14.08	-6.8%	—	G00894108
ARES	ARES MANAGEMENT CORPORATION	1,557	$252K	0.0%	$159.10	-6.6%	—	03990B101
BWIN	THE BALDWIN INSURANCE GRP IN	10,454	$251K	0.0%	$25.47	-15.1%	—	05589G102
EXR	EXTRA SPACE STORAGE INC	1,884	$245K	0.0%	$140.76	-7.0%	—	30225T102
GEN	GEN DIGITAL INC	8,661	$235K	0.0%	$29.71	-17.9%	—	668771108
FVCB	FVCBANKCORP INC	16,116	$224K	0.0%	$12.01	+25.1%	—	36120Q101
TPG	TPG INC	3,405	$217K	0.0%	$59.03	-3.0%	—	872657101
FOUR	SHIFT4 PMTS INC	3,409	$215K	0.0%	$92.96	-34.6%	—	82452J109
HPP	HUDSON PAC PPTYS INC	14,534	$157K	0.0%	$10.83	—	—	444097406

Decreased Positions (33)

SBCF SEACOAST BANKING OF FLORIDA 3.1%

Value $27.44M (-35.9%) Shares 906,053 (-33.5%) Est. Cost $26.37 Unrealized +26.8%

USB U S BANCORP 0.6%

Value $5.103M (-74.4%) Shares 98,115 (-73.7%) Est. Cost $45.61 Unrealized +24.2%

EQBK EQUITY BANCSHARES CL A 4.6%

Value $40.9M (-25.3%) Shares 921,074 (-24.9%) Est. Cost $32.25 Unrealized +43.6%

QCRH QCR HLDGS 0.3%

Value $2.786M (-74.8%) Shares 32,601 (-75.5%) Est. Cost $52.78 Unrealized +68.5%

HTB HOMETRUST BANCSHARES 7.5%

Value $66.3M (-8.8%) Shares 1,554,425 (-8.2%) Est. Cost $25.96 Unrealized +67.9%

IBCP INDEPENDENT BANK MICH 0.8%

Value $6.78M (-45.9%) Shares 203,607 (-47.1%) Est. Cost $15.30 Unrealized +127.5%

OSBC OLD SECOND BANCORP 3.4%

Value $30.34M (-15.0%) Shares 1,505,102 (-17.7%) Est. Cost $11.90 Unrealized +70.4%

SMBC SOUTHERN MISSOURI BANCORP 1.5%

Value $12.94M (-27.3%) Shares 202,427 (-32.7%) Est. Cost $35.34 Unrealized +76.9%

SSB SOUTHSTATE BANK 8.1%

Value $72.04M (-5.8%) Shares 778,627 (-4.2%) Est. Cost $95.00 Unrealized +6.2%

RPC RIDGEPOST CAPITAL CL A 0.0%

Value $80,637 (-98.2%) Shares 11,107 (-97.6%) Est. Cost $10.65 Unrealized -6.1%

INDB INDEPENDENT BANK GROUP MA 1.4%

Value $12.46M (-26.0%) Shares 165,653 (-28.1%) Est. Cost $62.60 Unrealized +27.7%

MS MORGAN STANLEY 1.0%

Value $9.231M (-30.5%) Shares 56,089 (-25.0%) Est. Cost $166.47 Unrealized +7.9%

GL GLOBE LIFE 0.2%

Value $1.44M (-70.6%) Shares 10,347 (-70.5%) Est. Cost $129.99 Unrealized +9.1%

SKWD SKYWARD SPECIALTY INSURANCE GROUP 0.5%

Value $4.122M (-44.3%) Shares 94,379 (-34.8%) Est. Cost $47.44 Unrealized -3.6%

WSBC WESBANCO 0.9%

Value $8.41M (-27.1%) Shares 243,843 (-29.8%) Est. Cost $31.81 Unrealized +11.8%

AKR ACADIA RLTY TR 0.2%

Value $2.04M (-59.9%) Shares 106,677 (-56.9%) Est. Cost $19.68 Unrealized —

THG HANOVER INSURANCE GROUP 0.4%

Value $3.906M (-42.9%) Shares 22,535 (-39.8%) Est. Cost $165.64 Unrealized +4.9%

RGA REINSURANCE GROUP OF AMERICA 0.2%

Value $1.985M (-58.2%) Shares 9,722 (-58.4%) Est. Cost $185.79 Unrealized +11.8%

VOYA VOYA FINL 0.0%

Value $239K (-90.9%) Shares 3,501 (-90.1%) Est. Cost $71.68 Unrealized +5.1%

EQR EQUITY RESIDENTIAL 0.0%

Value $223K (-80.3%) Shares 3,770 (-79.0%) Est. Cost $64.02 Unrealized -3.1%

SPNT SIRIUSPOINT 0.1%

Value $951K (-38.7%) Shares 44,143 (-37.7%) Est. Cost $18.78 Unrealized +9.0%

CURB CURBLINE PPTYS 0.1%

Value $636K (-43.4%) Shares 24,653 (-49.0%) Est. Cost $22.70 Unrealized —

ACIW ACI WORLDWIDE 0.1%

Value $490K (-43.1%) Shares 11,949 (-33.6%) Est. Cost $48.44 Unrealized -11.5%

NTST NETSTREIT 0.0%

Value $206K (-59.9%) Shares 10,966 (-62.4%) Est. Cost $17.64 Unrealized —

HQY HEALTHEQUITY 0.1%

Value $937K (-24.6%) Shares 11,210 (-17.3%) Est. Cost $94.73 Unrealized -12.2%

VTR VENTAS 0.0%

Value $232K (-53.0%) Shares 2,842 (-55.5%) Est. Cost $74.98 Unrealized +3.1%

MAA MID-AMERICA APARTMENT COMMUNITIES 0.2%

Value $1.335M (-13.5%) Shares 10,932 (-1.6%) Est. Cost $152.37 Unrealized -8.7%

JHG JANUS HENDERSON GROUP PLC 0.0%

Value $371K (-35.5%) Shares 7,224 (-40.2%) Est. Cost $39.28 Unrealized +23.4%

FR FIRST INDL RLTY TR 0.3%

Value $2.459M (-7.5%) Shares 42,501 (-8.4%) Est. Cost $53.07 Unrealized —

ADC AGREE RLTY 0.3%

Value $2.389M (-7.5%) Shares 31,696 (-11.6%) Est. Cost $73.51 Unrealized —

IVT INVENTRUST PPTYS 0.4%

Value $3.41M (-2.8%) Shares 111,953 (-10.0%) Est. Cost $28.62 Unrealized —

WELL WELLTOWER 0.4%

Value $3.811M (-2.1%) Shares 19,277 (-8.1%) Est. Cost $103.96 Unrealized +79.8%

JXN JACKSON FINL CL A 0.0%

Value $227K (-22.2%) Shares 2,148 (-21.5%) Est. Cost $92.07 Unrealized +24.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SBCF	SEACOAST BANKING OF FLORIDA	906,053 (-33.5%)	$27.44M (-35.9%)	3.1%	$26.37	+26.8%	COM	811707801
USB	U S BANCORP	98,115 (-73.7%)	$5.103M (-74.4%)	0.6%	$45.61	+24.2%	COM	902973304
EQBK	EQUITY BANCSHARES CL A	921,074 (-24.9%)	$40.9M (-25.3%)	4.6%	$32.25	+43.6%	COM CL A	29460X109
QCRH	QCR HLDGS	32,601 (-75.5%)	$2.786M (-74.8%)	0.3%	$52.78	+68.5%	COM	74727A104
HTB	HOMETRUST BANCSHARES	1,554,425 (-8.2%)	$66.3M (-8.8%)	7.5%	$25.96	+67.9%	COM	437872104
IBCP	INDEPENDENT BANK MICH	203,607 (-47.1%)	$6.78M (-45.9%)	0.8%	$15.30	+127.5%	COM	453838609
OSBC	OLD SECOND BANCORP	1,505,102 (-17.7%)	$30.34M (-15.0%)	3.4%	$11.90	+70.4%	COM	680277100
SMBC	SOUTHERN MISSOURI BANCORP	202,427 (-32.7%)	$12.94M (-27.3%)	1.5%	$35.34	+76.9%	COM	843380106
SSB	SOUTHSTATE BANK	778,627 (-4.2%)	$72.04M (-5.8%)	8.1%	$95.00	+6.2%	COM	84472E102
RPC	RIDGEPOST CAPITAL CL A	11,107 (-97.6%)	$80,637 (-98.2%)	0.0%	$10.65	-6.1%	COM CL A	69376K106
INDB	INDEPENDENT BANK GROUP MA	165,653 (-28.1%)	$12.46M (-26.0%)	1.4%	$62.60	+27.7%	COM	453836108
MS	MORGAN STANLEY	56,089 (-25.0%)	$9.231M (-30.5%)	1.0%	$166.47	+7.9%	COM	617446448
GL	GLOBE LIFE	10,347 (-70.5%)	$1.44M (-70.6%)	0.2%	$129.99	+9.1%	COM	37959E102
SKWD	SKYWARD SPECIALTY INSURANCE GROUP	94,379 (-34.8%)	$4.122M (-44.3%)	0.5%	$47.44	-3.6%	COM	830940102
WSBC	WESBANCO	243,843 (-29.8%)	$8.41M (-27.1%)	0.9%	$31.81	+11.8%	COM	950810101
AKR	ACADIA RLTY TR	106,677 (-56.9%)	$2.04M (-59.9%)	0.2%	$19.68	—	COM SH BEN INT	004239109
THG	HANOVER INSURANCE GROUP	22,535 (-39.8%)	$3.906M (-42.9%)	0.4%	$165.64	+4.9%	COM	410867105
RGA	REINSURANCE GROUP OF AMERICA	9,722 (-58.4%)	$1.985M (-58.2%)	0.2%	$185.79	+11.8%	COM	759351604
VOYA	VOYA FINL	3,501 (-90.1%)	$239K (-90.9%)	0.0%	$71.68	+5.1%	COM	929089100
EQR	EQUITY RESIDENTIAL	3,770 (-79.0%)	$223K (-80.3%)	0.0%	$64.02	-3.1%	COM SH BEN INT	29476L107
SPNT	SIRIUSPOINT	44,143 (-37.7%)	$951K (-38.7%)	0.1%	$18.78	+9.0%	COM	G8192H106
CURB	CURBLINE PPTYS	24,653 (-49.0%)	$636K (-43.4%)	0.1%	$22.70	—	COM	23128Q101
ACIW	ACI WORLDWIDE	11,949 (-33.6%)	$490K (-43.1%)	0.1%	$48.44	-11.5%	COM	004498101
NTST	NETSTREIT	10,966 (-62.4%)	$206K (-59.9%)	0.0%	$17.64	—	COM	64119V303
HQY	HEALTHEQUITY	11,210 (-17.3%)	$937K (-24.6%)	0.1%	$94.73	-12.2%	COM	42226A107
VTR	VENTAS	2,842 (-55.5%)	$232K (-53.0%)	0.0%	$74.98	+3.1%	COM SH BEN INT	92276F100
MAA	MID-AMERICA APARTMENT COMMUNITIES	10,932 (-1.6%)	$1.335M (-13.5%)	0.2%	$152.37	-8.7%	COM SH BEN INT	59522J103
JHG	JANUS HENDERSON GROUP PLC	7,224 (-40.2%)	$371K (-35.5%)	0.0%	$39.28	+23.4%	ORD	G4474Y214
FR	FIRST INDL RLTY TR	42,501 (-8.4%)	$2.459M (-7.5%)	0.3%	$53.07	—	COM SH BEN INT	32054K103
ADC	AGREE RLTY	31,696 (-11.6%)	$2.389M (-7.5%)	0.3%	$73.51	—	COM	008492100
IVT	INVENTRUST PPTYS	111,953 (-10.0%)	$3.41M (-2.8%)	0.4%	$28.62	—	COM	46124J201
WELL	WELLTOWER	19,277 (-8.1%)	$3.811M (-2.1%)	0.4%	$103.96	+79.8%	COM SH BEN INT	95040Q104
JXN	JACKSON FINL CL A	2,148 (-21.5%)	$227K (-22.2%)	0.0%	$92.07	+24.8%	COM CL A	46817M107

Unchanged Positions (11)

SFST SOUTHERN FIRST BANCSHARES 5.0%

Value $43.99M Shares 807,223 Est. Cost $36.36 Unrealized +55.4%

AVBC AVIDIA BANCORP 1.1%

Value $9.781M Shares 497,258 Est. Cost $15.09 Unrealized +18.7%

RBB RBB BANCORP 3.6%

Value $32.3M Shares 1,511,408 Est. Cost $21.76 Unrealized -0.8%

HWBK HAWTHORN BANCSHARES 0.7%

Value $6.425M Shares 190,710 Est. Cost $22.02 Unrealized +53.2%

ONB OLD NATIONAL BANCORP 1.8%

Value $15.85M Shares 717,018 Est. Cost $20.78 Unrealized +16.3%

JMSB JOHN MARSHALL BANCORP 0.9%

Value $8.361M Shares 412,273 Est. Cost $18.70 Unrealized +7.9%

CBNA CHAIN BRIDGE BANCORP CL A 1.2%

Value $10.25M Shares 293,788 Est. Cost $23.85 Unrealized +45.4%

BNL BROADSTONE NET LEASE 0.0%

Value $271K Shares 14,817 Est. Cost $17.09 Unrealized —

EPRT ESSENTIAL PPTYS RLTY TR 0.1%

Value $536K Shares 17,665 Est. Cost $30.19 Unrealized —

UHT UNIVERSAL HEALTH RLTY INCOME TR 0.0%

Value $381K Shares 9,409 Est. Cost $39.87 Unrealized —

HYNE HOYNE BANCORP 0.4%

Value $3.778M Shares 261,000 Est. Cost $13.87 Unrealized +3.7%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SFST	SOUTHERN FIRST BANCSHARES	807,223	$43.99M	5.0%	$36.36	+55.4%	COM	842873101
AVBC	AVIDIA BANCORP	497,258	$9.781M	1.1%	$15.09	+18.7%	COM	05369T100
RBB	RBB BANCORP	1,511,408	$32.3M	3.6%	$21.76	-0.8%	COM	74930B105
HWBK	HAWTHORN BANCSHARES	190,710	$6.425M	0.7%	$22.02	+53.2%	COM	420476103
ONB	OLD NATIONAL BANCORP	717,018	$15.85M	1.8%	$20.78	+16.3%	COM	680033107
JMSB	JOHN MARSHALL BANCORP	412,273	$8.361M	0.9%	$18.70	+7.9%	COM	47805L101
CBNA	CHAIN BRIDGE BANCORP CL A	293,788	$10.25M	1.2%	$23.85	+45.4%	COM CL A	15746L100
BNL	BROADSTONE NET LEASE	14,817	$271K	0.0%	$17.09	—	COM	11135E203
EPRT	ESSENTIAL PPTYS RLTY TR	17,665	$536K	0.1%	$30.19	—	COM SH BEN INT	29670E107
UHT	UNIVERSAL HEALTH RLTY INCOME TR	9,409	$381K	0.0%	$39.87	—	COM SH BEN INT	91359E105
HYNE	HOYNE BANCORP	261,000	$3.778M	0.4%	$13.87	+3.7%	COM	44326H107