Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SFBS	SERVISFIRST BANCSHARES INC	45,593	$3.321M	5.1%	—	—	COM	81768T108
RKT	ROCKET COS INC	180,915	$2.578M	4.0%	—	—	COM CL A	77311W101
NU	NU HLDGS LTD	170,149	$2.445M	3.8%	—	—	ORD SHS CL A	G6683N103
TFIN	TRIUMPH FINANCIAL INC	37,988	$2.266M	3.5%	—	—	COM	89679E300
FIGR	FIGURE TECHNOLOGY SOLUTIO	48,614	$1.65M	2.5%	—	—	COM CL A	349381103
IBKR	INTERACTIVE BROKERS GROUP IN	24,307	$1.63M	2.5%	—	—	COM CL A	45841N107
JCAP	JEFFERSON CAPITAL INC	49,771	$957K	1.5%	—	—	COM	47248R103
UMBF	UMB FINL CORP	7,302	$824K	1.3%	—	—	COM	902788108
BBT	BEACON FINANCIAL CORP.	26,196	$786K	1.2%	—	—	COM	084680107
—	COINBASE GLOBAL INC	132	$270K	0.4%	—	—	PUT	19260Q957
—	APOLLO GLOBAL MGMT INC	852	$210K	0.3%	—	—	CALL	03769M906

Increased Positions (10)

AX AXOS FINANCIAL INC 7.8%

Value $5.044M (+794.1%) Shares 59,280 (+805.3%) Est. Cost — Unrealized —

ENVA ENOVA INTL INC 5.7%

Value $3.702M (+1281.2%) Shares 27,254 (+1498.5%) Est. Cost — Unrealized —

CVBF CVB FINL CORP 6.8%

Value $4.444M (+204.1%) Shares 229,213 (+191.7%) Est. Cost — Unrealized —

ABCB AMERIS BANCORP 4.7%

Value $3.064M (+43.4%) Shares 39,289 (+36.6%) Est. Cost — Unrealized —

NPB NORTHPOINTE BANCSHARES INC. 2.7%

Value $1.747M (+98.7%) Shares 101,227 (+93.2%) Est. Cost — Unrealized —

QCRH QCR HOLDINGS INC 4.3%

Value $2.798M (+42.5%) Shares 32,745 (+38.9%) Est. Cost — Unrealized —

COLB COLUMBIA BKG SYS INC 5.0%

Value $3.233M (+17.8%) Shares 117,879 (+20.0%) Est. Cost — Unrealized —

SSB SOUTHSTATE BK CORP 3.5%

Value $2.249M (+21.6%) Shares 24,307 (+23.7%) Est. Cost — Unrealized —

LOB LIVE OAK BANCSHARES INC 1.2%

Value $804K (+78.7%) Shares 24,307 (+85.6%) Est. Cost — Unrealized —

CCB COASTAL FINL CORP WA 7.4%

Value $4.841M (-2.3%) Shares 63,617 (+47.2%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AX	AXOS FINANCIAL INC	59,280 (+805.3%)	$5.044M (+794.1%)	7.8%	—	—	COM	05465C100
ENVA	ENOVA INTL INC	27,254 (+1498.5%)	$3.702M (+1281.2%)	5.7%	—	—	COM	29357K103
CVBF	CVB FINL CORP	229,213 (+191.7%)	$4.444M (+204.1%)	6.8%	—	—	COM	126600105
ABCB	AMERIS BANCORP	39,289 (+36.6%)	$3.064M (+43.4%)	4.7%	—	—	COM	03076K108
NPB	NORTHPOINTE BANCSHARES INC.	101,227 (+93.2%)	$1.747M (+98.7%)	2.7%	—	—	COM SHS	66661N886
QCRH	QCR HOLDINGS INC	32,745 (+38.9%)	$2.798M (+42.5%)	4.3%	—	—	COM	74727A104
COLB	COLUMBIA BKG SYS INC	117,879 (+20.0%)	$3.233M (+17.8%)	5.0%	—	—	COM	197236102
SSB	SOUTHSTATE BK CORP	24,307 (+23.7%)	$2.249M (+21.6%)	3.5%	—	—	COM	84472E102
LOB	LIVE OAK BANCSHARES INC	24,307 (+85.6%)	$804K (+78.7%)	1.2%	—	—	COM	53803X105
CCB	COASTAL FINL CORP WA	63,617 (+47.2%)	$4.841M (-2.3%)	7.4%	—	—	COM NEW	19046P209

Exited Positions (13)

TBBK BANCORP INC DEL 7.3%

Value $4.776M Shares 70,728 Est. Cost — Unrealized —

BAC BANK AMERICA CORP 5.0%

Value $3.242M Shares 58,939 Est. Cost — Unrealized —

TFC TRUIST FINL CORP 4.0%

Value $2.578M Shares 52,391 Est. Cost — Unrealized —

FBK FB FINL CORP 3.3%

Value $2.12M Shares 37,984 Est. Cost — Unrealized —

FCNCA FIRST CTZNS BANCSHARES INC D 3.0%

Value $1.968M Shares 917 Est. Cost — Unrealized —

CFG CITIZENS FINL GROUP INC 2.9%

Value $1.913M Shares 32,744 Est. Cost — Unrealized —

LNKB LINKBANCORP INC 2.7%

Value $1.751M Shares 211,940 Est. Cost — Unrealized —

SBCF SEACOAST BKG CORP FLA 2.2%

Value $1.44M Shares 45,842 Est. Cost — Unrealized —

LPLA LPL FINL HLDGS INC 2.2%

Value $1.403M Shares 3,929 Est. Cost — Unrealized —

GDOT GREEN DOT CORP 1.8%

Value $1.174M Shares 91,684 Est. Cost — Unrealized —

AVBH AVIDBANK HLDGS INC 1.6%

Value $1.044M Shares 39,293 Est. Cost — Unrealized —

PFSI PENNYMAC FINL SVCS INC NEW 1.3%

Value $863K Shares 6,548 Est. Cost — Unrealized —

AFRM AFFIRM HLDGS INC 0.7%

Value $487K Shares 6,548 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TBBK	BANCORP INC DEL	70,728	$4.776M	7.3%	—	—	—	05969A105
BAC	BANK AMERICA CORP	58,939	$3.242M	5.0%	—	—	—	060505104
TFC	TRUIST FINL CORP	52,391	$2.578M	4.0%	—	—	—	89832Q109
FBK	FB FINL CORP	37,984	$2.12M	3.3%	—	—	—	30257X104
FCNCA	FIRST CTZNS BANCSHARES INC D	917	$1.968M	3.0%	—	—	—	31946M103
CFG	CITIZENS FINL GROUP INC	32,744	$1.913M	2.9%	—	—	—	174610105
LNKB	LINKBANCORP INC	211,940	$1.751M	2.7%	—	—	—	53578P105
SBCF	SEACOAST BKG CORP FLA	45,842	$1.44M	2.2%	—	—	—	811707801
LPLA	LPL FINL HLDGS INC	3,929	$1.403M	2.2%	—	—	—	50212V100
GDOT	GREEN DOT CORP	91,684	$1.174M	1.8%	—	—	—	39304D102
AVBH	AVIDBANK HLDGS INC	39,293	$1.044M	1.6%	—	—	—	05368J103
PFSI	PENNYMAC FINL SVCS INC NEW	6,548	$863K	1.3%	—	—	—	70932M107
AFRM	AFFIRM HLDGS INC	6,548	$487K	0.7%	—	—	—	00827B106

Decreased Positions (8)

SF STIFEL FINL CORP 3.5%

Value $2.246M (-42.9%) Shares 30,384 (-3.3%) Est. Cost — Unrealized —

CNOB CONNECTONE BANCORP INC 1.3%

Value $877K (-63.7%) Shares 32,744 (-64.4%) Est. Cost — Unrealized —

NBN NORTHEAST BK PORTLAND ME 3.6%

Value $2.317M (-31.9%) Shares 20,618 (-37.0%) Est. Cost — Unrealized —

MYFW FIRST WESTN FINL INC 3.3%

Value $2.15M (-25.2%) Shares 87,487 (-18.4%) Est. Cost — Unrealized —

AMTB AMERANT BANCORP INC 2.0%

Value $1.288M (-34.7%) Shares 58,441 (-42.2%) Est. Cost — Unrealized —

C CITIGROUP INC 3.9%

Value $2.531M (-17.2%) Shares 22,313 (-14.8%) Est. Cost — Unrealized —

SII SPROTT INC 3.7%

Value $2.433M (+26.5%) Shares 17,028 (-13.3%) Est. Cost — Unrealized —

CASH PATHWARD FINANCIAL INC 3.6%

Value $2.337M (+14.2%) Shares 26,195 (-9.1%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SF	STIFEL FINL CORP	30,384 (-3.3%)	$2.246M (-42.9%)	3.5%	—	—	COM	860630102
CNOB	CONNECTONE BANCORP INC	32,744 (-64.4%)	$877K (-63.7%)	1.3%	—	—	COM	20786W107
NBN	NORTHEAST BK PORTLAND ME	20,618 (-37.0%)	$2.317M (-31.9%)	3.6%	—	—	COM	66405S100
MYFW	FIRST WESTN FINL INC	87,487 (-18.4%)	$2.15M (-25.2%)	3.3%	—	—	COM	33751L105
AMTB	AMERANT BANCORP INC	58,441 (-42.2%)	$1.288M (-34.7%)	2.0%	—	—	CL A	023576101
C	CITIGROUP INC	22,313 (-14.8%)	$2.531M (-17.2%)	3.9%	—	—	COM NEW	172967424
SII	SPROTT INC	17,028 (-13.3%)	$2.433M (+26.5%)	3.7%	—	—	COM NEW	852066208
CASH	PATHWARD FINANCIAL INC	26,195 (-9.1%)	$2.337M (+14.2%)	3.6%	—	—	COM	59100U108