Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
FFWM	First Foundation Inc.	1,097,260	$14.34M	1.9%	$14.06	+1.5%	Common	32026V104
PGC	Peapack-Gladstone Financial Corporation	902,391	$13.67M	1.8%	$17.83	-9.6%	Common	704699107
—	Sandy Spring Bancorp Inc.	584,259	$13.48M	1.8%	$26.83	—	Common	800363103
AMBZ	American Business Bank	585,371	$13.29M	1.7%	$28.28	-18.8%	Common	02475L105
PFS	Provident Financial Services, Inc.	1,057,271	$12.9M	1.7%	$10.18	0.0%	Common	74386T105
—	CrossFirst Bankshares, Inc.	1,470,289	$12.78M	1.7%	$12.72	—	Common	22766M109
—	Southern National Bancorp of Virginia,Inc.	1,422,994	$12.35M	1.6%	$451.90	—	Common	843395104
SFST	Southern First Bancshares, Inc.	494,835	$11.95M	1.6%	$23.77	+6.5%	Common	842873101
BY	Byline Bancorp, Inc.	1,050,360	$11.85M	1.5%	$16.17	-28.9%	Common	124411109
WTBFB	W.T.B. Financial Corporation	39,694	$11.11M	1.4%	$189.23	+46.4%	Common	929334209
—	Lakeland Bancorp, Inc.	1,111,486	$11.06M	1.4%	$12.36	—	Common	511637100
—	Boston Private Financial Holdings, Inc.	1,981,454	$10.94M	1.4%	$10.38	—	Common	101119105
FBIZ	First Business Financial Services	762,029	$10.89M	1.4%	$15.27	-12.2%	Common	319390100
OSBC	Old Second Bancorp, Inc.	1,429,900	$10.72M	1.4%	$5.69	+30.5%	Common	680277100
TFIN	Triumph Bancorp, Inc.	326,818	$10.18M	1.3%	$24.76	+10.5%	Common	89679E300
ISTR	Investar Holding Corporation	757,594	$9.712M	1.3%	$18.98	-28.1%	Common	46134L105
HBT	HBT Financial, Inc.	791,614	$8.882M	1.2%	$15.72	-22.2%	Common	404111106
—	TriState Capital Holdings, Inc.	670,843	$8.882M	1.2%	$11.45	—	Common	89678F100
MRBK	Meridian Bank	543,284	$8.763M	1.1%	$7.09	-18.1%	Common	58958P104
MBWM	Mercantile Bank Corporation	484,484	$8.73M	1.1%	$12.42	+37.7%	Common	587376104
—	First Choice Bancorp	650,905	$8.651M	1.1%	$20248.48	—	Common	31948P104
—	Codorus Valley Bancorp, Inc.	655,167	$8.583M	1.1%	$1537.30	—	Common	192025104
MNSB	MainStreet Bancshares, Inc.	688,832	$8.431M	1.1%	$13.61	-10.7%	Common	56064Y100
MYFW	First Western Financial, Inc.	638,207	$8.265M	1.1%	$15.18	-9.8%	Common	33751L105
—	California BanCorp	728,075	$8.249M	1.1%	$319.28	—	Common	13005U101
—	Malvern Bancorp, Inc.	698,699	$8.245M	1.1%	$16.27	—	Common	561409103
—	First Bancshares, Inc.	392,768	$8.236M	1.1%	$2289.58	—	Common	318916103
UNTY	Unity Bancorp, Inc.	709,596	$8.217M	1.1%	$9.86	+21.7%	Common	913290102
CNOB	ConnectOne Bancorp, Inc.	574,857	$8.088M	1.1%	$15.10	-17.1%	Common	20786W107
BFST	Business First Bancshares, Inc.	519,349	$7.79M	1.0%	$21.33	-41.0%	Common	12326C105
FRBA	First Bank	1,240,264	$7.69M	1.0%	$8.32	-27.0%	Common	31931U102
—	1st Constitution Bancorp	639,978	$7.616M	1.0%	$11.91	—	Common	31986N102
AVBH	Avidbank Holdings, Inc.	570,904	$7.536M	1.0%	$18.12	-22.1%	Common	05368J103
SMBK	SmartFinancial, Inc.	551,430	$7.494M	1.0%	$18.68	-24.3%	Common	83190L208
—	Spirit of Texas Bancshares, Inc.	660,705	$7.373M	1.0%	$20.19	—	Common	84861D103
—	Reliant Bancorp, Inc.	502,561	$7.287M	0.9%	$13181.67	—	Common	75956B101
PBAM	Private Bancorp of America, Inc.	540,909	$7.167M	0.9%	$19.28	-34.6%	Common	74274F100
—	Veritex Holdings, Inc.	419,412	$7.143M	0.9%	$24.39	—	Common	923451108
SBNC	Southern BancShares (N.C.), Inc.	2,096	$7.126M	0.9%	$1948.99	+70.0%	Common	842243107
FNRN	First Northern Community Bancorp	863,872	$7.084M	0.9%	$7.77	-16.0%	Common	335925103
CZWI	Citizens Community Bancorp, Inc.	1,022,468	$7.045M	0.9%	$8.63	-29.3%	Common	174903104
MFGI	Merchants Financial Group, Inc.	130,013	$7.021M	0.9%	$14.65	+6.4%	Common	588538108
BCAL	Southern California Bancorp	820,301	$6.891M	0.9%	$8.92	+0.4%	Common	84252A106
OBK	Origin Bancorp Inc.	319,453	$6.824M	0.9%	$38.81	-42.3%	Common	68621T102
—	Suncrest Bank	831,052	$6.74M	0.9%	$2340.43	—	Common	86723G109
—	Enterprise Bancorp, Inc.	314,955	$6.62M	0.9%	$25.42	—	Common	293668109
—	Level One Bancorp, Inc.	415,959	$6.489M	0.8%	$26.88	—	Common	52730D208
SHBI	Shore Bancshares, Inc.	568,916	$6.247M	0.8%	$10.28	-2.6%	Common	825107105
—	Synovus Financial Corp.	291,320	$6.167M	0.8%	$31.92	—	Common	87161C501
—	Cambridge Bancorp	109,196	$5.805M	0.8%	$48.33	—	Common	132152109
—	Fentura Financial, Inc.	340,470	$5.764M	0.7%	$15.84	—	Common	314645102
SAMG	Silvercrest Asset Management Group Inc.	517,858	$5.417M	0.7%	$14.11	-16.6%	Common	828359109
MBIN	Merchants Bancorp	268,915	$5.3M	0.7%	$11.14	+7.2%	Common	58844R108
PFLC	Pacific Financial Corporation	687,096	$5.256M	0.7%	$5.42	+1.3%	Common	694275108
—	Centric Financial Corporation	691,956	$5.19M	0.7%	$10.05	—	Common	15641J101
—	Bank of Princeton	281,821	$5.121M	0.7%	$10373.38	—	Common	064520109
INBK	First Internet Bancorp	338,747	$4.99M	0.6%	$23.70	-35.7%	Common	320557101
EGBN	Eagle Bancorp, Inc.	185,087	$4.958M	0.6%	$21.10	+12.0%	Common	268948106
HTBK	Heritage Commerce Corp	737,144	$4.909M	0.6%	$7.24	-4.8%	Common	426927109
MCBI	Mountain Commerce Bancorp	307,553	$4.736M	0.6%	$17.63	-21.9%	Common	624004107
—	Allegiance Bancshares, Inc.	199,399	$4.66M	0.6%	$28.49	—	Common	01748H107
MCB	Metropolitan Bank Holding Corp.	161,161	$4.513M	0.6%	$41.83	-28.8%	Common	591774104
—	Bay Banks of Virginia, Inc.	635,322	$4.257M	0.6%	$7.87	—	Common	072035108
FRBKQ	Republic First Bancorp, Inc.	2,145,576	$4.248M	0.6%	$4.91	-55.7%	Common	760416107
ALRS	Alerus Financial Corporation	215,000	$4.214M	0.5%	$16.34	+3.6%	Common	01446U103
—	1st Capital Bancorp	444,251	$4.172M	0.5%	$9.39	—	Common	319427100
—	Community Bank of the Bay	826,007	$4.105M	0.5%	$6.58	—	Common	203485107
FNBT	FineMark Holdings, Inc.	205,330	$4.076M	0.5%	$26.07	-20.2%	Common	31788B108
—	Pacific Mercantile Bancorp	1,075,521	$4.001M	0.5%	$8.03	—	Common	694552100
—	Northway Financial, Inc.	179,294	$3.9M	0.5%	$24.53	—	Common	667270201
—	Riverview Financial Corporation	565,848	$3.825M	0.5%	$4576.26	—	Common	76940Q105
CSHX	Cashmere Valley Bank	84,706	$3.809M	0.5%	$32.38	+11.7%	Common	14756K102
BWFG	Bankwell Financial Group, Inc.	265,193	$3.752M	0.5%	$20.73	-35.6%	Common	06654A103
—	TGR Financial, Inc.	451,195	$3.745M	0.5%	$12.44	—	Common	87243P108
—	Community Financial Corporation	174,532	$3.726M	0.5%	$20.63	—	Common	20368X101
QNBC	QNB Corp.	134,364	$3.688M	0.5%	$32.09	-13.3%	Common	74726N107
EQBK	Equity Bancshares, Inc.	237,637	$3.683M	0.5%	$22.28	-35.4%	Common	29460X109
—	Limestone Bancorp, Inc.	348,846	$3.67M	0.5%	$15.06	—	Common	53262L105
—	Santa Cruz County Bank	99,718	$3.63M	0.5%	$3137.20	—	Common	801827106
OBT	Orange County Bancorp	152,383	$3.619M	0.5%	$12.94	-8.4%	Common	68417L107
WBBW	Westbury Bancorp, Inc.	178,631	$3.555M	0.5%	$17.98	+8.0%	Common	95727P106
SABK	South Atlantic Bancshares, Inc.	423,608	$3.55M	0.5%	$494.12	-98.3%	Common	83636T104
CBWA	Commencement Bancorp, Inc.	354,233	$3.539M	0.5%	$9.80	+4.3%	Common	20051D107
—	County Bancorp, Inc.	181,961	$3.421M	0.4%	$22.80	—	Common	221907108
RCBC	River City Bank	22,181	$3.387M	0.4%	$16.34	-6.4%	Common	76803X106
—	Beach Community Bancshares, Inc.	900,000	$3.375M	0.4%	$3.65	—	Common	07332T100
FBK	FB Financial Corp.	134,178	$3.371M	0.4%	$21.47	+11.0%	Common	30257X104
—	Dime Community Bancshares, Inc.	297,976	$3.37M	0.4%	$20.71	—	Common	253922108
PSBQ	PSB Holdings, Inc.	185,975	$3.348M	0.4%	$21.68	-15.3%	Common	69360N108
—	Sevier County Bancshares, Inc.	217,675	$3.343M	0.4%	$12.65	—	Common	81817P206
—	York Traditions Bank	240,599	$3.287M	0.4%	$278.99	—	Common	987159100
FGFH	Foresight Financial Group, Inc.	139,524	$3.202M	0.4%	$20.17	+11.6%	Common	345526107
—	Southern States Bancshares, Inc.	232,143	$3.134M	0.4%	$14.50	—	Common	843878109
BRBS	Blue Ridge Bankshares, Inc.	225,000	$3.049M	0.4%	$9.47	-12.8%	Common	095825105
—	American Riviera Bank	248,377	$3.005M	0.4%	$3028.06	—	Common	02932A106
BSRR	Sierra Bancorp	172,783	$2.901M	0.4%	$10.30	+40.0%	Common	82620P102
OVLY	Oak Valley Bancorp	249,464	$2.859M	0.4%	$8.63	+50.8%	Common	671807105
—	Bank of Commerce Holdings	409,285	$2.853M	0.4%	$7.08	—	Common	06424J103
—	NorthWest Indiana Bancorp	91,584	$2.839M	0.4%	$29.89	—	Common	667516108
PBNK	Pinnacle Bank	395,179	$2.766M	0.4%	$7.76	-5.7%	Common	72346K107
SBCF	Seacoast Banking Corporation of Florida	149,042	$2.687M	0.3%	$14.90	+30.1%	Common	811707801
ORPB	Oregon Pacific Bancorp	677,586	$2.643M	0.3%	$5.50	-26.1%	Common	686040205
—	Bridge Bancorp Inc.	151,370	$2.638M	0.3%	$29.60	—	Common	108035106
FCOB	1st Colonial Bancorp	478,658	$2.633M	0.3%	$8.42	-34.4%	Common	319716106
FSRL	First Reliance Bancshares, Inc.	433,766	$2.624M	0.3%	$5.69	-2.6%	Common	33615Q100
SPFI	South Plains Financial, Inc.	209,919	$2.605M	0.3%	$17.65	-21.8%	Common	83946P107
BKOR	Oak Ridge Financial Services, Inc.	231,341	$2.563M	0.3%	$7.87	—	Common	671768109
UBSI	United Bankshares	118,018	$2.534M	0.3%	$26.85	-3.0%	Common	909907107
PPBB	Peoples Bancorp	14,737	$2.52M	0.3%	$201.41	-19.5%	Common	70979X107
—	Meridian Interstate Bancorp	232,570	$2.407M	0.3%	$16.56	—	Common	58958U103
CCNE	CNB Financial Corporation	159,822	$2.377M	0.3%	$16.50	-15.9%	Common	126128107
GNRV	Grand River Commerce, Inc.	479,538	$2.374M	0.3%	$5.15	-2.9%	Common	386441109
MVLY	Mission Valley Bancorp	308,252	$2.361M	0.3%	$8.24	+1.3%	Common	60520E104
—	Pilot Bancshares, Inc.	846,429	$2.302M	0.3%	$3.17	—	Common	721530103
BWB	Bridgewater Bancshares, Inc.	237,652	$2.255M	0.3%	$11.64	-17.8%	Common	108621103
COSO	CoastalSouth Bancshares, Inc.	204,249	$2.247M	0.3%	$10.11	—	Common	19058X207
BCBP	BCB Bancorp, Inc.	275,560	$2.204M	0.3%	$7.61	-17.8%	Common	055298103
BOTJ	Bank of the James Financial Group, Inc.	215,934	$2.105M	0.3%	$8.66	-8.3%	Common	470299108
—	Metro Phoenix Bank	212,767	$2.087M	0.3%	$11.72	—	Common	59165E106
—	American River Bankshares	207,602	$2.068M	0.3%	$10.43	—	Common	029326105
—	West Suburban Bancorp, Inc.	6,020	$2.041M	0.3%	$44437.55	—	Common	956152409
SSBI	Summit State Bank	182,901	$2.039M	0.3%	$7.62	+3.4%	Common	866264203
—	Professional Holding Corp.	150,000	$2.012M	0.3%	$15.10	—	Common	743139107
TRVR	Two Rivers Financial Group, Inc.	79,828	$1.956M	0.3%	$17.93	+28.6%	Common	90206L106
FRAF	Franklin Financial Services Corp.	90,901	$1.943M	0.3%	$26.52	-27.2%	Common	353525108
—	Kentucky Bancshares, Inc.	120,424	$1.939M	0.3%	$28.85	—	Common	491203105
WRIV	White River Bancshares Company	40,625	$1.932M	0.3%	$46.06	-47.7%	Common	96445A108
CYFL	Century Financial Corporation	104,346	$1.904M	0.2%	$11.64	+34.4%	Common	15652L102
—	Pacific West Bank	185,715	$1.857M	0.2%	$16.00	—	Common	69506W202
PMHG	Prime Meridian Holding Company	131,717	$1.844M	0.2%	$16.76	-21.9%	Common	74164R107
—	Bank of Fincastle	892,972	$1.84M	0.2%	$2.09	—	Common	062113105
—	South State Corporation	37,732	$1.817M	0.2%	$47.66	—	Common	840441109
SOUB	SouthPoint Bancshares, Inc.	104,826	$1.813M	0.2%	$18.32	—	Common	844647107
—	First Home Bancorp, Inc.	89,062	$1.781M	0.2%	$27.81	—	Common	32050L105
CZBC	Citizens Bancorp	122,749	$1.737M	0.2%	$11.25	+9.3%	Common	172950107
—	Sterling Bancorp, Inc.	566,637	$1.706M	0.2%	$9145.59	—	Common	85917W102
—	SouthCrest Financial Group, Inc.	267,161	$1.683M	0.2%	$5.99	—	Common	84129X107
—	FNS Bancshares, Inc.	23,950	$1.677M	0.2%	$72.99	—	Common	30253F107
PPBN	Pinnacle Bankshares Corporation	87,030	$1.675M	0.2%	$15.23	+11.2%	Common	72345E102
—	Pioneer Bancshares, Inc	97,000	$1.586M	0.2%	$18.79	—	Common	72357G102
FHN	First Horizon National Corporation	163,505	$1.542M	0.2%	$7.71	0.0%	Common	320517105
CYSM	Community Bancorp of Santa Maria	179,048	$1.54M	0.2%	$9.46	-17.5%	Common	20344R103
CCNB	Coastal Carolina Bancshares, Inc.	288,461	$1.532M	0.2%	$7.08	-20.6%	Common	190435107
CCBC	Chino Commercial Bancorp	149,733	$1.46M	0.2%	$9.96	-33.3%	Common	16957L102
RRBI	Red River Bancshares, Inc.	33,334	$1.433M	0.2%	$48.87	-11.9%	Common	75686R202
ESBS	ES Bancshares, Inc.	361,445	$1.428M	0.2%	$4.67	-15.5%	Common	296049109
TRCY	Tri City Bankshares Corporation	89,223	$1.337M	0.2%	$17.59	—	Common	895364107
CMHF	Community Heritage Financial Inc.	79,474	$1.315M	0.2%	$22.42	-30.1%	Common	20370L103
MPB	Mid Penn Bank	75,222	$1.302M	0.2%	$22.05	-27.5%	Common	59540G107
—	First Southern Bank	162,500	$1.3M	0.2%	$8.00	—	Common	33650R104
—	McHenry Bancorp, Inc.	15,000,000	$1.275M	0.2%	$0.10	—	Common	580683100
UVSP	Univest Financial Corporation	85,952	$1.235M	0.2%	$27.49	-43.4%	Common	915271100
CCB	CCB Financial	100,000	$1.225M	0.2%	$16.55	-16.5%	Common	19046P209
FVCB	First Virginia Community Bank	121,687	$1.217M	0.2%	$7.77	+5.5%	Common	36120Q101
LWCL	Lewis & Clark Bancorp	59,388	$1.179M	0.2%	$3.56	0.0%	Common	52757L109
MVBF	MVB Financial Corp.	72,145	$1.152M	0.1%	$10.99	+12.2%	Common	553810102
—	GrandSouth Bancorporation	78,200	$1.086M	0.1%	$10.44	—	Common	386627301
EFSI	Eagle Financial Services Inc.	42,633	$1.074M	0.1%	$19.45	+8.3%	Common	26951R104
UCB	United Community Banks, Inc.	62,700	$1.062M	0.1%	$18.00	0.0%	Common	90984P303
PCLB	Pinnacle Bancshares, Inc.	36,367	$1.055M	0.1%	$18.54	+26.5%	Common	722903101
MBCN	Middlefield Banc Corp.	51,748	$999K	0.1%	$17.81	-12.5%	Common	596304204
CNBW	CNB Corporation	12,551	$951K	0.1%	$61.50	-18.1%	Common	12612R105
AMFC	AMB Financial Corp.	78,750	$941K	0.1%	$8.50	+40.1%	Common	001984103
BORT	Bank of Botetourt	42,005	$939K	0.1%	$22.47	-20.6%	Common	063907208
FMCB	Farmers & Merchants Bancorp	1,222	$886K	0.1%	$680.05	-4.6%	Common	307795104
UBAB	United Bancorporation of Alabama, Inc.	40,000	$780K	0.1%	$18.79	-0.9%	Common	90944R100
—	Surrey Bancorp	63,785	$702K	0.1%	$11.40	—	Common	86888W105
—	Village Bank and Trust Financial Corp.	22,838	$685K	0.1%	$21.38	—	Common	92705T200
WSBC	WesBanco, Inc.	31,934	$682K	0.1%	$37.35	-43.1%	Common	950810101
CBNK	Capital Bancorp, Inc.	69,222	$655K	0.1%	$12.02	-18.2%	Common	139737100
MOFG	MidWestOne Financial Group, Inc.	36,600	$654K	0.1%	$34.18	-44.8%	Common	598511103
—	Fauquier Bancshares, Inc.	42,061	$633K	0.1%	$13.15	—	Common	312059108
CYVF	Crystal Valley Financial	13,000	$608K	0.1%	$44.83	-12.8%	Common	22941P100
RVSB	Riverview Bancorp, Inc.	146,288	$607K	0.1%	$3.45	+10.0%	Common	769397100
PTBS	Potomac Bancshares, Inc.	57,405	$557K	0.1%	$11.64	-25.7%	Common	737643106
—	Empire Bancorp Inc.	49,188	$521K	0.1%	$13.99	—	Common	291617108
—	First Citrus Bancorporation, Inc.	27,695	$500K	0.1%	$17.86	—	Common	31959T102
LFGP	Ledyard Financial Group, Inc.	28,249	$466K	0.1%	$18.50	-8.4%	Common	523338101
FCCO	First Community Corporation	31,813	$434K	0.1%	$11.76	0.0%	Common	319835104
—	CBTX, Inc.	26,200	$428K	0.1%	$16.34	—	Common	12481V104
VABK	Virginia National Bankshares Corp.	17,662	$426K	0.1%	$24.91	+0.4%	Common	928031103
FFMH	First Farmers and Merchants Corporation	12,500	$341K	0.0%	$30.90	-21.3%	Common	320148109
—	Community First Bancorporation	41,744	$248K	0.0%	$7.50	—	Common	203916101
—	Town and Country Financial Corporation	10,914	$214K	0.0%	$10.82	—	Common	892039108
FXNC	First National Corporation	13,385	$189K	0.0%	$5.34	+123.5%	Common	32106V107
—	Howard Bancorp, Inc.	18,037	$162K	0.0%	$18.68	—	Common	442496105
—	Summit Bank	13,900	$143K	0.0%	$11.97	—	Common	86601L105
—	People's Bank of Commerce	8,848	$93,000	0.0%	$9.91	—	Common	710311101
BLHK	Blueharbor bank	10,800	$92,000	0.0%	$11.65	-28.5%	Common	095613105