Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SFST	SOUTHERN FIRST BANCSHARES	892,223	$54.51M	7.1%	—	—	COM	842873101
EQBK	EQUITY BANCSHARES	961,492	$47.1M	6.1%	—	—	COM CL A	29460X109
NIC	NICOLET BANKSHARES	277,243	$45.85M	6.0%	—	—	COM	65406E102
SSB	SOUTHSTATE BANK	438,973	$43.85M	5.7%	—	—	COM	84472E102
BCAL	CALIFORNIA BANCORP	2,054,534	$42.82M	5.6%	—	—	COM	84252A106
HTB	HOMETRUST BANCSHARES	839,115	$41.86M	5.4%	—	—	COM	437872104
TOWN	TOWNEBANK	1,008,071	$36.53M	4.7%	—	—	COM	89214P109
OSBC	OLD SECOND BANCORP INC DEL	1,460,413	$34.06M	4.4%	—	—	COM	680277100
SBCF	SEACOAST BANKING OF FLORIDA	1,006,363	$33.46M	4.3%	—	—	COM	811707801
FRME	FIRST MERCHANTS	711,425	$31.08M	4.0%	—	—	COM	320817109
CVBF	CVB FINL CORP	1,295,322	$29.21M	3.8%	—	—	COM	126600105
BOH	BANK OF HAWAII CORP	312,693	$25.48M	3.3%	—	—	COM	062540109
HBNC	HORIZON BANCORP	1,246,550	$24.91M	3.2%	—	—	COM	440407104
HBAN	HUNTINGTON BANCSHARES	1,364,029	$24.18M	3.1%	—	—	COM	446150104
TFC	TRUIST FINL CORP	446,477	$22.24M	2.9%	—	—	COM	89832Q109
UMBF	UMB FINL	127,486	$18.2M	2.4%	—	—	COM	902788108
CBNA	CHAIN BRIDGE BANCORP	293,788	$12.35M	1.6%	—	—	COM CL A	15746L100
AVBC	AVIDIA BANCORP INC	497,258	$10.44M	1.4%	—	—	COMMON STOCK	05369T100
LPLA	LPL FINL HLDGS INC	29,967	$8.441M	1.1%	—	—	COM	50212V100
HWBK	HAWTHORN BANCSHARES	190,710	$7.495M	1.0%	—	—	COM	420476103
IBCP	INDEPENDENT BANK MICH	203,607	$7.344M	1.0%	—	—	COM NEW	453838609
WFC	WELLS FARGO & CO	80,810	$6.678M	0.9%	—	—	COM	949746101
AHR	AMERICAN HEALTHCARE REIT	127,389	$6.643M	0.9%	—	—	COM	398182303
FAF	FIRST AMERICAN FINL CORP	91,643	$6.286M	0.8%	—	—	COM	31847R102
SYBT	STOCK YARDS BANCORP	81,359	$6.222M	0.8%	—	—	COM	861025104
JLL	JONES LANG LASALLE	18,851	$5.843M	0.8%	—	—	COM	48020Q107
FCFS	FIRSTCASH HLDGS	22,683	$4.907M	0.6%	—	—	COM	33768G107
NLY	ANNALY CAPITAL MGMT IN ⚠	210,786	$4.713M	0.6%	—	—	COM NEW	035710839
SKY	CHAMPION HOMES INC	50,348	$4.437M	0.6%	—	—	COM	830830105
MIAX	MIAMI INTL HLDGS INC	119,299	$4.433M	0.6%	—	—	COM	59356Q108
HYNE	HOYNE BANCORP	261,000	$4.369M	0.6%	—	—	COM	44326H107
WELL	WELLTOWER	19,095	$4.334M	0.6%	—	—	COM SH BEN INT	95040Q104
MKTX	MARKETAXESS HLDGS INC	37,237	$4.226M	0.5%	—	—	COM	57060D108
CNO	CNO FINL GROUP	82,078	$4.184M	0.5%	—	—	COM	12621E103
HTGC	HERCULES CAPITAL INC	249,039	$3.927M	0.5%	—	—	COM	427096508
CME	CME GROUP INC	17,754	$3.921M	0.5%	—	—	COM	12572Q105
XZO	EXZEO GROUP	223,788	$3.775M	0.5%	—	—	COM	30234F101
ECPG	ENCORE CAPITAL GROUP INC	38,144	$3.558M	0.5%	—	—	COM	292554102
NLY	ANNALY CAPITAL MGMT ⚠	165,250	$3.495M	0.5%	—	—	COM	035710839
RGA	REINSURANCE GROUP OF AMERICA	16,077	$3.419M	0.4%	—	—	COM	759351604
TOL	TOLL BROTHERS	19,047	$3.138M	0.4%	—	—	COM	889478103
ETOR	ETORO GROUP LTD	73,077	$2.884M	0.4%	—	—	SHS CL A	G32089107
MAIN	MAIN STREET CAPITAL	53,085	$2.754M	0.4%	—	—	COM	56035L104
FR	FIRST INDL RLTY TR	44,161	$2.708M	0.4%	—	—	COM SH BEN INT	32054K103
AJG	ARTHUR J GALLAGHER & CO	11,571	$2.656M	0.3%	—	—	COM	363576109
CTO	CTO RLTY GROWTH INC NEW	120,922	$2.601M	0.3%	—	—	COM	22948Q101
MSIF	MSC INCOME FUND	206,254	$2.386M	0.3%	—	—	COM	55374X208
ABCB	AMERIS BANCORP	26,377	$2.381M	0.3%	—	—	COM	03076K108
UDR	UDR INC	59,259	$2.366M	0.3%	—	—	COM	902653104
IVT	INVENTRUST PPTYS	66,542	$2.356M	0.3%	—	—	COM	46124J201
HLI	HOULIHAN LOKEY	17,497	$2.347M	0.3%	—	—	CL A	441593100
BRX	BRIXMOR PPTY GROUP INC	71,166	$2.244M	0.3%	—	—	COM	11120U105
SKWD	SKYWARD SPECIALTY INSURANCE GROUP	36,966	$2.157M	0.3%	—	—	COM	830940102
TRTX	TPG RE FINANCE TR INC	249,738	$2.09M	0.3%	—	—	COM	87266M107
FHI	FEDERATED HERMES	37,556	$2.074M	0.3%	—	—	COM CL B	314211103
GL	GLOBE LIFE INC	11,558	$2.065M	0.3%	—	—	COM	37959E102
ALLY	ALLY FINL INC	42,195	$1.939M	0.3%	—	—	COM	02005N100
EGP	EASTGROUP PPTYS INC	9,402	$1.904M	0.2%	—	—	COM	277276101
DAVE	DAVE INC	3,900	$1.453M	0.2%	—	—	COM CL A	23834J201
RWT	REDWOOD TR	304,416	$1.443M	0.2%	—	—	COM	758075402
HCI	HCI GROUP	7,787	$1.365M	0.2%	—	—	COM	40416E103
SYF	SYNCHRONY FINL	16,838	$1.281M	0.2%	—	—	COM	87165B103
XYZ	BLOCK INC	16,318	$1.24M	0.2%	—	—	CL A	852234103
BEN	FRANKLIN RES	33,415	$1.112M	0.1%	—	—	COM	354613101
COF	CAPITAL ONE FINL	4,718	$947K	0.1%	—	—	COM	14040H105
MA	MASTERCARD INCORPORATED	1,810	$930K	0.1%	—	—	COM CL A	57636Q104
PDM	PIEDMONT RLTY TR INC	100,262	$917K	0.1%	—	—	COM CL A	720190206
DRH	DIAMONDROCK HOSPITALITY CO	69,618	$848K	0.1%	—	—	COM	252784301
THG	HANOVER INSURANCE GROUP	3,957	$847K	0.1%	—	—	COM	410867105
AFRM	AFFIRM HLDGS INC	10,378	$846K	0.1%	—	—	COM CL A	00827B106
PSTL	POSTAL RLTY TR	33,921	$836K	0.1%	—	—	COM CL A	73757R102
RKT	ROCKET COS INC	49,765	$784K	0.1%	—	—	COM CL A	77311W101
SLDE	SLIDE INSURANCE HLDGS INC	39,757	$770K	0.1%	—	—	COM	831349105
EG	EVEREST GROUP	2,147	$767K	0.1%	—	—	COM	G3223R108
CHYM	CHIME FINL INC	36,618	$750K	0.1%	—	—	COM SHS CL A	16935C109
NP	NEPTUNE INSURANCE HLDGS	22,993	$724K	0.1%	—	—	COM CL A	64073B103
V	VISA INC	2,020	$693K	0.1%	—	—	COM CL A	92826C839
AMH	AMERICAN HOMES 4 RENT	20,264	$679K	0.1%	—	—	CL A	02665T306
SPNT	SIRIUSPOINT LTD	28,197	$677K	0.1%	—	—	COM	G8192H106
EFSC	ENTERPRISE FINL SERVICES	10,182	$671K	0.1%	—	—	COM	293712105
AFG	AMERICAN FINL GROUP	4,782	$669K	0.1%	—	—	COM	025932104
JAN	JANUS LIVING INC	21,522	$619K	0.1%	—	—	CL A-1	471024109
ACIW	ACI WORLDWIDE INC	11,949	$601K	0.1%	—	—	COM	004498101
ELV	ELEVANCE HEALTH INC FORMERLY	1,433	$554K	0.1%	—	—	COM	036752103
BFH	BREAD FINL HLDGS	5,007	$543K	0.1%	—	—	COM	018581108
XHR	XENIA HOTELS & RESORTS	26,301	$535K	0.1%	—	—	COM	984017103
RPC	RIDGEPOST CAPITAL	66,926	$527K	0.1%	—	—	COM CL A	69376K106
RHP	RYMAN HOSPITALITY PPTYS	4,078	$524K	0.1%	—	—	COM SH BEN INT	78377T107
CPT	CAMDEN PPTY TR	4,539	$520K	0.1%	—	—	SH BEN INT	133131102
CG	CARLYLE GROUP	12,149	$512K	0.1%	—	—	COM	14316J108
CDP	COPT DEFENSE PPTYS	13,900	$506K	0.1%	—	—	SHS BEN INT	22002T108
MCY	MERCURY GENERAL CORP NEW	4,682	$499K	0.1%	—	—	COM	589400100
KLAR	KLARNA GROUP PLC	24,539	$497K	0.1%	—	—	SHS	G5279N105
LXP	LXP INDL TR	9,150	$493K	0.1%	—	—	COM	529043408
RLJ	RLJ LODGING TR	41,508	$492K	0.1%	—	—	COM	74965L101
MKL	MARKEL GROUP	251	$490K	0.1%	—	—	COM	570535104
IRM	IRON MOUNTAIN INC DEL	3,814	$482K	0.1%	—	—	COM	46284V101
TRU	TRANSUNION	6,113	$441K	0.1%	—	—	COM	89400J107
AIZ	ASSURANT INC	1,576	$423K	0.1%	—	—	COM	04621X108
UHT	UNIVERSAL HEALTH RLTY INCOME TR	9,409	$413K	0.1%	—	—	COM SH BEN INT	91359E105
GSHD	GOOSEHEAD INSURANCE INC	7,925	$384K	0.0%	—	—	COM CL A	38267D109
JHG	JANUS HENDERSON GROUP PLC	7,224	$375K	0.0%	—	—	ORD	G4474Y214
FVR	FRONTVIEW REIT INC	18,489	$374K	0.0%	—	—	COM	35922N100
OSG	OCTAVE SPECIALTY GROUP INC	57,937	$362K	0.0%	—	—	COM NEW	023139884
CURB	CURBLINE PPTYS CORP	11,806	$359K	0.0%	—	—	COM	23128Q101
SHO	SUNSTONE HOTEL INVESTORS	28,835	$330K	0.0%	—	—	COM	867892101
EPRT	ESSENTIAL PPTYS RLTY TR	10,539	$315K	0.0%	—	—	COM SH BEN INT	29670E107
BNL	BROADSTONE NET LEASE	14,817	$306K	0.0%	—	—	COM	11135E203
BOW	BOWHEAD SPECIALTY HLDGS INC	8,405	$252K	0.0%	—	—	COM SHS	10240L102
MAC	MACERICH CO	9,738	$245K	0.0%	—	—	COM	554382101
CB	CHUBB LIMITED	712	$243K	0.0%	—	—	COM	H1467J104
MAA	MID-AMERICA APARTMENT COMMUNITIES	1,713	$238K	0.0%	—	—	COM SH BEN INT	59522J103
PFG	PRINCIPAL FINL GROUP INC	2,181	$235K	0.0%	—	—	COM	74251V102
BXP	BXP INC	3,533	$234K	0.0%	—	—	COM	101121101
CUBE	CUBESMART	5,806	$231K	0.0%	—	—	COM SH BEN INT	229663109
CNC	CENTENE CORP DEL	3,497	$224K	0.0%	—	—	COM	15135B101
PK	PARK HOTELS & RESORTS INC	15,559	$222K	0.0%	—	—	COM	700517105
JXN	JACKSON FINL	2,148	$220K	0.0%	—	—	COM CL A	46817M107
GEN	GEN DIGITAL INC	8,661	$216K	0.0%	—	—	COM	668771108
SBAC	SBA COMMUNICATIONS CORP	1,200	$212K	0.0%	—	—	CL A	78410G104
BHR	BRAEMAR HOTELS & RESORTS	44,916	$97,019	0.0%	—	—	COM	10482B101