Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	Southern National Bancorp of Virginia,Inc.	1,918,357	$23.23M	2.2%	$338.33	—	Common	843395104
PGC	Peapack-Gladstone Financial Corporation	1,014,374	$23.09M	2.2%	$17.97	+6.3%	Common	704699107
FFWM	First Foundation Inc.	1,097,260	$21.95M	2.1%	$14.06	+14.4%	Common	32026V104
AMBZ	American Business Bank	638,185	$20.31M	1.9%	$28.22	-2.4%	Common	02475L105
SFST	Southern First Bancshares, Inc.	520,186	$18.39M	1.7%	$24.12	+27.7%	Common	842873101
PFS	Provident Financial Services, Inc.	997,271	$17.91M	1.7%	$10.18	+15.1%	Common	74386T105
—	Boston Private Financial Holdings, Inc.	2,101,454	$17.76M	1.7%	$10.27	—	Common	101119105
BY	Byline Bancorp, Inc.	1,065,360	$16.46M	1.6%	$16.13	-16.7%	Common	124411109
TFIN	Triumph Bancorp, Inc.	326,818	$15.87M	1.5%	$24.76	+81.8%	Common	89679E300
—	CrossFirst Bankshares, Inc.	1,470,289	$15.81M	1.5%	$12.72	—	Common	22766M109
OSBC	Old Second Bancorp, Inc.	1,550,994	$15.66M	1.5%	$5.94	+48.6%	Common	680277100
—	Sandy Spring Bancorp Inc.	484,172	$15.59M	1.5%	$26.83	—	Common	800363103
MBWM	Mercantile Bank Corporation	553,971	$15.05M	1.4%	$13.34	+48.0%	Common	587376104
—	Lakeland Bancorp, Inc.	1,130,086	$14.35M	1.4%	$12.36	—	Common	511637100
FBIZ	First Business Financial Services	772,628	$14.22M	1.3%	$15.28	+3.2%	Common	319390100
CNOB	ConnectOne Bancorp, Inc.	698,327	$13.82M	1.3%	$15.11	+0.4%	Common	20786W107
WTBFB	W.T.B. Financial Corporation	41,357	$13.81M	1.3%	$193.72	+55.4%	Common	929334209
HBT	HBT Financial, Inc.	908,014	$13.76M	1.3%	$15.44	-12.1%	Common	404111106
—	Level One Bancorp, Inc.	672,563	$13.61M	1.3%	$24.34	—	Common	52730D208
FRBA	First Bank	1,425,564	$13.37M	1.3%	$8.26	-5.0%	Common	31931U102
BCAL	Southern California Bancorp	1,011,061	$12.89M	1.2%	$9.27	+16.1%	Common	84252A106
MYFW	First Western Financial, Inc.	650,607	$12.73M	1.2%	$15.20	+6.9%	Common	33751L105
ISTR	Investar Holding Corporation	757,594	$12.53M	1.2%	$18.98	-18.9%	Common	46134L105
MNSB	MainStreet Bancshares, Inc.	734,266	$12.42M	1.2%	$13.66	+5.3%	Common	56064Y100
UNTY	Unity Bancorp, Inc.	695,915	$12.21M	1.2%	$9.86	+47.6%	Common	913290102
—	First Choice Bancorp	650,905	$12.04M	1.1%	$20248.48	—	Common	31948P104
CZWI	Citizens Community Bancorp, Inc.	1,041,618	$11.34M	1.1%	$8.62	-9.8%	Common	174903104
—	Codorus Valley Bancorp, Inc.	655,167	$11.11M	1.1%	$1537.30	—	Common	192025104
—	Spirit of Texas Bancshares, Inc.	660,705	$11.1M	1.0%	$20.19	—	Common	84861D103
—	California BanCorp	710,113	$11.05M	1.0%	$319.28	—	Common	13005U101
—	Malvern Bancorp, Inc.	698,699	$10.83M	1.0%	$16.27	—	Common	561409103
MRBK	Meridian Bank	515,155	$10.71M	1.0%	$7.09	+4.9%	Common	58958P104
—	1st Constitution Bancorp	653,169	$10.37M	1.0%	$11.99	—	Common	31986N102
—	TriState Capital Holdings, Inc.	588,721	$10.24M	1.0%	$11.45	—	Common	89678F100
INBK	First Internet Bancorp	353,247	$10.15M	1.0%	$23.71	+1.1%	Common	320557101
AVBH	Avidbank Holdings, Inc.	575,904	$10.08M	1.0%	$18.12	-13.1%	Common	05368J103
PBAM	Private Bancorp of America, Inc.	540,909	$10.01M	0.9%	$19.28	-17.1%	Common	74274F100
SMBK	SmartFinancial, Inc.	551,430	$10M	0.9%	$18.68	-11.8%	Common	83190L208
—	Reliant Bancorp, Inc.	511,761	$9.529M	0.9%	$12945.04	—	Common	75956B101
—	Synovus Financial Corp.	291,320	$9.43M	0.9%	$31.92	—	Common	87161C501
BFST	Business First Bancshares, Inc.	463,055	$9.428M	0.9%	$21.33	-23.2%	Common	12326C105
—	First Bancshares, Inc.	300,201	$9.27M	0.9%	$2289.58	—	Common	318916103
FNRN	First Northern Community Bancorp	890,217	$8.991M	0.9%	$7.77	-3.6%	Common	335925103
—	Suncrest Bank	848,640	$8.707M	0.8%	$2292.14	—	Common	86723G109
MFGI	Merchants Financial Group, Inc.	130,013	$8.353M	0.8%	$14.65	+15.9%	Common	588538108
SHBI	Shore Bancshares, Inc.	568,916	$8.306M	0.8%	$10.28	+24.9%	Common	825107105
SBNC	Southern BancShares (N.C.), Inc.	2,111	$8.232M	0.8%	$1948.99	+85.7%	Common	842243107
HTBK	Heritage Commerce Corp	919,030	$8.152M	0.8%	$7.41	+9.4%	Common	426927109
—	Enterprise Bancorp, Inc.	314,955	$8.047M	0.8%	$25.42	—	Common	293668109
OBK	Origin Bancorp Inc.	289,426	$8.037M	0.8%	$38.81	-34.4%	Common	68621T102
EGBN	Eagle Bancorp, Inc.	185,087	$7.644M	0.7%	$21.10	+34.2%	Common	268948106
—	Santa Cruz County Bank	184,971	$7.493M	0.7%	$1709.94	—	Common	801827106
—	Fentura Financial, Inc.	337,470	$7.424M	0.7%	$15.84	—	Common	314645102
—	Pacific Mercantile Bancorp	1,407,512	$7.235M	0.7%	$7.35	—	Common	694552100
MCBI	Mountain Commerce Bancorp	347,813	$7.13M	0.7%	$17.41	-9.4%	Common	624004107
—	Centric Financial Corporation	801,343	$6.876M	0.7%	$9.85	—	Common	15641J101
SAMG	Silvercrest Asset Management Group Inc.	488,984	$6.792M	0.6%	$14.11	-9.8%	Common	828359109
—	Bank of Princeton	281,821	$6.597M	0.6%	$10373.38	—	Common	064520109
—	Allegiance Bancshares, Inc.	192,475	$6.569M	0.6%	$28.49	—	Common	01748H107
PFLC	Pacific Financial Corporation	681,096	$6.395M	0.6%	$5.42	+20.9%	Common	694275108
—	Cambridge Bancorp	90,596	$6.319M	0.6%	$48.33	—	Common	132152109
FRBKQ	Republic First Bancorp, Inc.	2,145,576	$6.115M	0.6%	$4.91	-46.1%	Common	760416107
—	Bay Banks of Virginia, Inc.	688,884	$6.097M	0.6%	$7.95	—	Common	072035108
MCB	Metropolitan Bank Holding Corp.	161,161	$5.845M	0.6%	$41.83	-23.1%	Common	591774104
MBIN	Merchants Bancorp	207,478	$5.733M	0.5%	$11.14	+40.7%	Common	58844R108
ALRS	Alerus Financial Corporation	208,000	$5.693M	0.5%	$16.34	+23.9%	Common	01446U103
—	1st Capital Bancorp	480,503	$5.67M	0.5%	$9.57	—	Common	319427100
EQBK	Equity Bancshares, Inc.	261,172	$5.639M	0.5%	$21.92	-16.7%	Common	29460X109
OBT	Orange County Bancorp	204,371	$5.569M	0.5%	$12.77	-4.0%	Common	68417L107
—	Riverview Financial Corporation	588,263	$5.383M	0.5%	$4402.24	—	Common	76940Q105
SABK	South Atlantic Bancshares, Inc.	423,608	$5.189M	0.5%	$494.12	-97.9%	Common	83636T104
BWFG	Bankwell Financial Group, Inc.	257,193	$5.028M	0.5%	$20.73	-26.9%	Common	06654A103
FNBT	FineMark Holdings, Inc.	213,330	$4.994M	0.5%	$25.89	-18.2%	Common	31788B108
—	Bay Community Bancorp	826,007	$4.832M	0.5%	$5.85	—	Common	072205107
—	Northway Financial, Inc.	169,294	$4.74M	0.4%	$24.53	—	Common	667270201
—	Dime Community Bancshares, Inc	297,976	$4.699M	0.4%	$20.71	—	Common	253922108
BSRR	Sierra Bancorp	195,532	$4.677M	0.4%	$11.13	+56.7%	Common	82620P102
—	Limestone Bancorp, Inc.	366,452	$4.603M	0.4%	$14.94	—	Common	53262L105
CSHX	Cashmere Valley Bank	84,706	$4.456M	0.4%	$32.38	+30.7%	Common	14756K102
—	TGR Financial, Inc.	445,195	$4.429M	0.4%	$12.44	—	Common	87243P108
QNBC	QNB Corp.	136,464	$4.374M	0.4%	$32.05	-6.3%	Common	74726N107
WBBW	Westbury Bancorp, Inc.	178,631	$4.289M	0.4%	$17.98	+23.3%	Common	95727P106
—	York Traditions Bank	240,599	$4.271M	0.4%	$278.99	—	Common	987159100
PSBQ	PSB Holdings, Inc.	203,795	$4.192M	0.4%	$21.51	-8.0%	Common	69360N108
FCCO	First Community Corporation	245,290	$4.167M	0.4%	$13.58	+2.0%	Common	319835104
CCNE	CNB Financial Corporation	195,160	$4.155M	0.4%	$16.49	-0.3%	Common	126128107
FGFH	Foresight Financial Group, Inc.	138,798	$4.147M	0.4%	$20.17	+13.7%	Common	345526107
SBCF	Seacoast Banking Corporation of Florida	139,042	$4.095M	0.4%	$14.90	+62.5%	Common	811707801
—	Community Financial Corporation	154,532	$4.092M	0.4%	$20.63	—	Common	20368X101
—	American Riviera Bank	244,377	$4.032M	0.4%	$3028.06	—	Common	02932A106
BRBS	Blue Ridge Bankshares, Inc.	225,000	$4.007M	0.4%	$9.47	-7.1%	Common	095825105
—	Bank of Commerce Holdings	402,859	$3.988M	0.4%	$7.08	—	Common	06424J103
SPFI	South Plains Financial, Inc.	209,919	$3.978M	0.4%	$17.65	-5.6%	Common	83946P107
RCBC	River City Bank	24,347	$3.969M	0.4%	$16.27	-4.0%	Common	76803X106
OVLY	Oak Valley Bancorp	238,339	$3.961M	0.4%	$8.63	+90.3%	Common	671807105
FBK	FB Financial Corp.	109,178	$3.792M	0.4%	$21.47	+35.4%	Common	30257X104
CBWA	Commencement Bancorp, Inc.	333,733	$3.791M	0.4%	$9.80	+8.5%	Common	20051D107
FCOB	1st Colonial Bancorp	483,658	$3.753M	0.4%	$8.40	-19.1%	Common	319716106
—	Bridge Bancorp Inc.	151,370	$3.66M	0.3%	$29.60	—	Common	108035106
—	County Bancorp, Inc.	165,715	$3.659M	0.3%	$22.80	—	Common	221907108
ORPB	Oregon Pacific Bancorp	677,586	$3.523M	0.3%	$5.50	-16.1%	Common	686040205
—	Meridian Interstate Bancorp	232,570	$3.468M	0.3%	$16.56	—	Common	58958U103
BCBP	BCB Bancorp, Inc.	309,634	$3.428M	0.3%	$7.61	-0.7%	Common	055298103
PBNK	Pinnacle Bank	395,179	$3.406M	0.3%	$7.76	-0.4%	Common	72346K107
FSRL	First Reliance Bancshares, Inc.	438,266	$3.397M	0.3%	$5.70	+22.6%	Common	33615Q100
—	Beach Bancorp, Inc.	900,000	$3.375M	0.3%	$3.65	—	Common	07332T100
MVLY	Mission Valley Bancorp	319,542	$3.371M	0.3%	$8.26	+4.3%	Common	60520E104
—	Sevier County Bancshares, Inc.	217,675	$3.343M	0.3%	$12.65	—	Common	81817P206
—	NorthWest Indiana Bancorp	91,584	$3.306M	0.3%	$29.89	—	Common	667516108
—	Southern States Bancshares, Inc.	232,143	$3.134M	0.3%	$14.50	—	Common	843878109
BKOR	Oak Ridge Financial Services, Inc.	231,341	$3.077M	0.3%	$7.87	—	Common	671768109
BWB	Bridgewater Bancshares, Inc.	237,652	$2.968M	0.3%	$11.64	-0.7%	Common	108621103
—	Veritex Holdings, Inc.	114,306	$2.933M	0.3%	$24.39	—	Common	923451108
—	American River Bankshares	217,688	$2.863M	0.3%	$10.56	—	Common	029326105
FRAF	Franklin Financial Services Corp.	102,179	$2.762M	0.3%	$25.90	-19.5%	Common	353525108
—	Pilot Bancshares, Inc.	846,429	$2.726M	0.3%	$3.17	—	Common	721530103
FVCB	First Virginia Community Bank	184,606	$2.714M	0.3%	$8.58	+18.3%	Common	36120Q101
WRIV	White River Bancshares Company	44,025	$2.714M	0.3%	$44.58	-39.8%	Common	96445A108
—	West Suburban Bancorp, Inc.	6,020	$2.679M	0.3%	$44437.55	—	Common	956152409
PMHG	Prime Meridian Holding Company	147,043	$2.647M	0.3%	$16.55	-10.9%	Common	74164R107
BOTJ	Bank of the James Financial Group, Inc.	215,934	$2.617M	0.2%	$8.66	+2.4%	Common	470299108
MPB	Mid Penn Bank	118,172	$2.588M	0.2%	$20.71	-11.3%	Common	59540G107
—	SouthCrest Financial Group, Inc.	302,161	$2.493M	0.2%	$6.25	—	Common	84129X107
GNRV	Grand River Commerce, Inc.	490,538	$2.477M	0.2%	$5.14	-4.7%	Common	386441109
UBAB	United Bancorporation of Alabama, Inc.	111,200	$2.474M	0.2%	$19.25	+1.4%	Common	90944R100
COSO	CoastalSouth Bancshares, Inc.	204,249	$2.471M	0.2%	$10.11	—	Common	19058X207
—	Metro Phoenix Bank	212,767	$2.445M	0.2%	$11.72	—	Common	59165E106
CYFL	Century Financial Corporation	104,346	$2.395M	0.2%	$11.64	+49.8%	Common	15652L102
—	Kentucky Bancshares, Inc.	115,424	$2.389M	0.2%	$28.85	—	Common	491203105
—	Pioneer Bancshares, Inc	97,000	$2.352M	0.2%	$18.79	—	Common	72357G102
PPBB	Peoples Bancorp	14,737	$2.34M	0.2%	$201.41	-22.2%	Common	70979X107
—	Professional Holding Corp.	150,000	$2.315M	0.2%	$15.10	—	Common	743139107
PPBN	Pinnacle Bankshares Corporation	99,386	$2.286M	0.2%	$15.56	+14.9%	Common	72345E102
SOUB	SouthPoint Bancshares, Inc.	104,826	$2.238M	0.2%	$18.32	—	Common	844647107
SSBI	Summit State Bank	164,063	$2.212M	0.2%	$7.62	+31.6%	Common	866264203
TRVR	Two Rivers Financial Group, Inc.	79,828	$2.199M	0.2%	$17.93	+29.0%	Common	90206L106
TRCY	Tri City Bankshares Corporation	124,223	$2.174M	0.2%	$17.57	—	Common	895364107
CCNB	Coastal Carolina Bancshares, Inc.	285,461	$2.141M	0.2%	$7.08	-12.2%	Common	190435107
FHN	First Horizon National Corporation	163,505	$2.086M	0.2%	$7.71	+26.5%	Common	320517105
—	Pacific West Bank	185,715	$2.028M	0.2%	$16.00	—	Common	69506W202
—	Bank of Fincastle	892,972	$2.018M	0.2%	$2.09	—	Common	062113105
—	Sterling Bancorp, Inc.	444,002	$2.016M	0.2%	$9145.59	—	Common	85917W102
UBSI	United Bankshares	60,018	$1.945M	0.2%	$26.85	+5.2%	Common	909907107
CZBC	Citizens Bancorp	122,749	$1.903M	0.2%	$11.25	+11.1%	Common	172950107
—	First Home Bancorp, Inc.	89,062	$1.848M	0.2%	$27.81	—	Common	32050L105
UVSP	Univest Financial Corporation	85,952	$1.769M	0.2%	$27.49	-34.8%	Common	915271100
—	FNS Bancshares, Inc.	23,950	$1.748M	0.2%	$72.99	—	Common	30253F107
CCBC	Chino Commercial Bancorp	149,733	$1.714M	0.2%	$9.96	-25.4%	Common	16957L102
CYSM	Community Bancorp of Santa Maria	164,048	$1.667M	0.2%	$9.46	-12.8%	Common	20344R103
RRBI	Red River Bancshares, Inc.	33,334	$1.652M	0.2%	$48.87	-1.2%	Common	75686R202
MVBF	MVB Financial Corp.	72,145	$1.636M	0.2%	$10.99	+51.2%	Common	553810102
ESBS	ES Bancshares, Inc.	361,445	$1.572M	0.1%	$4.67	-9.9%	Common	296049109
FCPB	First Capital Bancshares, Inc.	240,600	$1.564M	0.1%	$5.86	0.0%	Common	31941G101
LWCL	Lewis & Clark Bancorp	59,388	$1.559M	0.1%	$3.56	+15.3%	Common	52757L109
CMHF	Community Heritage Financial Inc.	79,474	$1.49M	0.1%	$22.42	-26.9%	Common	20370L103
—	First Southern Bank	196,250	$1.452M	0.1%	$7.90	—	Common	33650R104
AMFC	AMB Financial Corp.	78,750	$1.26M	0.1%	$8.50	+55.6%	Common	001984103
EFSI	Eagle Financial Services Inc.	42,633	$1.258M	0.1%	$19.45	+15.2%	Common	26951R104
CCB	CCB Financial	59,672	$1.253M	0.1%	$16.55	+7.8%	Common	19046P209
—	GrandSouth Bancorporation	77,267	$1.175M	0.1%	$10.44	—	Common	386627301
MBCN	Middlefield Banc Corp.	50,159	$1.129M	0.1%	$17.81	+0.7%	Common	596304204
PCLB	Pinnacle Bancshares, Inc.	36,367	$1.067M	0.1%	$18.54	+29.2%	Common	722903101
—	McHenry Bancorp, Inc.	15,000,000	$1.065M	0.1%	$0.10	—	Common	580683100
BORT	Bank of Botetourt	42,005	$1.027M	0.1%	$22.47	-17.0%	Common	063907208
CBNK	Capital Bancorp, Inc.	69,222	$964K	0.1%	$12.02	-8.9%	Common	139737100
WSBC	WesBanco, Inc.	31,934	$957K	0.1%	$37.35	-27.7%	Common	950810101
FMCB	Farmers & Merchants Bancorp	1,222	$929K	0.1%	$680.05	-3.2%	Common	307795104
CNBW	CNB Corporation	12,551	$929K	0.1%	$61.50	-10.5%	Common	12612R105
MOFG	MidWestOne Financial Group, Inc.	36,600	$897K	0.1%	$34.18	-33.2%	Common	598511103
—	Fauquier Bancshares, Inc.	51,615	$897K	0.1%	$13.93	—	Common	312059108
VABK	Virginia National Bankshares Corp.	30,962	$841K	0.1%	$25.07	+0.8%	Common	928031103
—	CBTX, Inc.	32,700	$834K	0.1%	$18.16	—	Common	12481V104
RVSB	Riverview Bancorp, Inc.	158,288	$833K	0.1%	$3.52	+25.5%	Common	769397100
—	Village Bank and Trust Financial Corp.	22,838	$785K	0.1%	$21.38	—	Common	92705T200
—	Surrey Bancorp	63,785	$741K	0.1%	$11.40	—	Common	86888W105
PTBS	Potomac Bancshares, Inc.	57,405	$707K	0.1%	$11.64	-17.6%	Common	737643106
CYVF	Crystal Valley Financial	13,000	$680K	0.1%	$44.83	-3.2%	Common	22941P100
UCB	United Community Banks, Inc.	22,700	$646K	0.1%	$18.00	+31.2%	Common	90984P303
—	First Citrus Bancorporation, Inc.	27,695	$630K	0.1%	$17.86	—	Common	31959T102
—	Community First Bancorporation	91,744	$548K	0.1%	$6.67	—	Common	203916101
LFGP	Ledyard Financial Group, Inc.	23,249	$441K	0.0%	$18.50	-2.3%	Common	523338101
—	South State Corporation	6,002	$434K	0.0%	$47.66	—	Common	840441109
FFMH	First Farmers and Merchants Corporation	12,500	$400K	0.0%	$30.90	-20.1%	Common	320148109
FXNC	First National Corporation	13,385	$226K	0.0%	$5.34	+141.2%	Common	32106V107
—	Town and Country Financial Corporation	10,914	$224K	0.0%	$10.82	—	Common	892039108
FFIC	Flushing Financial Corporation	12,877	$214K	0.0%	$10.51	0.0%	Common	343873105
—	Howard Bancorp, Inc.	18,037	$213K	0.0%	$18.68	—	Common	442496105
—	Summit Bank Group, Inc.	13,900	$164K	0.0%	$11.97	—	Common	86601L105
—	CapStar Financial Holdings, Inc.	9,268	$137K	0.0%	$14.78	—	Common	14070T102
BLHK	Blueharbor bank	13,300	$136K	0.0%	$11.18	-18.2%	Common	095613105